Schedule III—Real Estate and Accumulated Depreciation as of December 31, 2012



Col. A	Col. B		Col. C				Col. D						Col. E
Description	Encumbrances		Initial Cost				Costs Capitalized Subsequent to Acquisition (1)						Gross Amounts at which Carried at the Close of Period				Total
			Land		Building and Equipment		Land		Building and Equipment			Carrying Costs	Land		Building and Equipment
Office Properties:
Monument IV at Worldgate—Herndon, VA	$	35,195	$	5,186	$	57,013	—		$	(1,260	)	—	$	5,186	$	55,753	$	60,939
111 Sutter Street—San Francisco, CA	66,061		39,919		72,712		—		18			—	39,919		72,730		112,649
300 Old River Road—Bakersville, CA	3,653		—		5,943		—		292			—	—		6,235		6,235
500 West Thomas Road—Phoenix, AZ	18,114		—		25,789		—		2,359			—	—		28,148		28,148
500 Old River Road—Bakersville, CA	2,887		—		4,396		—		490			—	—		4,886		4,886
1500 S. Central Ave—Glendale, CA	4,165		—		5,253		—		1,466			—	—		6,719		6,719
14600 Sherman Way—Van Nuys, CA	5,198		—		6,348		—		1,244			—	—		7,592		7,592
14624 Sherman Way—Van Nuys, CA	4,498		—		7,685		—		1,088			—	—		8,773		8,773
18350 Roscoe Blvd—Northridge, CA	7,915		—		10,584		—		1,137			—	—		11,721		11,721
18460 Roscoe Blvd—Northridge, CA	1,340		—		2,940		—		3			—	—		2,943		2,943
18546 Roscoe Blvd—Northridge, CA	3,190		—		5,580		—		939			—	—		6,519		6,519
4545 East Chandler--Chandler, AZ	4,993		—		5,345		—		473			—	—		5,818		5,818
485 South Dobson--Chandler, AZ	4,831		—		6,785		—		604			—	—		7,389		7,389
1501 N. Gilbert—Gilbert, AZ	4,358		—		4,750		—		773			—	—		5,523		5,523
116 South Palisade--Santa Maria, CA	2,304		—		3,190		—		317			—	—		3,507		3,507
525 East Plaza--Santa Maria, CA	4,469		—		7,511		—		1,369			—	—		8,880		8,880
10440 East Riggs--Chandler, AZ	3,652		—		3,017		—		336			—	—		3,353		3,353
4 Research Park Drive—St. Charles, MO	6,419		1,830		6,743		—		(2		)	—	1,830		6,741		8,571
36 Research Park Drive—St. Charles, MO	10,682		2,655		11,089		—		(2		)	—	2,655		11,087		13,742
Canyon Plaza—San Diego, CA	29,001		14,959		32,909		—		1,120			—	14,959		34,029		48,988
Railway Street Corporate Centre—Calgary, Canada	29,614		6,022		35,441		(44	)	1,213			—	5,978		36,654		42,632
Sherman Way Land	—		4,010		—		—		—			—	4,010		—		4,010
Total Office Properties	252,539		74,581		321,023		(44	)	13,977			—	74,537		335,000		409,537



																	—
Retail Properties:
Stirling Slidell Shopping Centre—Slidell, LA	12,483		5,442		16,843		—			967			—		5,442		17,810		23,252
The District at Howell Mill—Atlanta, GA	44,525		10,000		56,040		—			785			—		10,000		56,825		66,825
Total Retail Properties	57,008		15,442		72,883		—			1,752			—		15,442		74,635		90,077
																	—
Industrial Properties:
105 Kendall Park Lane—Atlanta, GA, Industrial	—		2,656		12,836		(293		)	(1,185		)	—		2,363		11,651		14,014
4001 North Norfleet Road—Kansas City, MO, Industrial	—		2,134		31,397		(205		)	(2,649		)	—		1,929		28,748		30,677
Total Industrial Properties	—		4,790		44,233		(498		)	(3,834		)	—		4,292		40,399		44,691
																	—
Apartment Properties:
Station Nine Apartments—Durham, NC, Apartment	36,885		9,690		43,400		—			868			—		9,690		44,268		53,958
Cabana Beach San Marcos--San Marcos, TX, Apartment	18,872		2,530		24,421		—			(1,906		)	—		2,530		22,515		25,045
Cabana Beach Gainesville--Gainesville, FL, Apartment	47,163		7,244		60,548		—			(2,613		)	—		7,244		57,935		65,179
Campus Lodge Columbia--Columbia, MO, Apartment	15,694		2,079		20,838		—			(1,075		)	—		2,079		19,763		21,842
Campus Lodge Athens--Athens, GA, Apartment	13,180		1,754		17,311		—			(156		)	—		1,754		17,155		18,909
Campus Edge Lafayette--Lafayette, LA, Apartment	16,812		1,782		23,266		—			524			—		1,782		23,790		25,572
Campus Lodge Tampa--Tampa, FL, Apartment	33,053		7,205		33,310		—			1,131			—		7,205		34,441		41,646
Total Apartment Properties	181,659		32,284		223,094		—			(3,227		)	—		32,284		219,867		252,151

Total Consolidated Properties:	$	491,206	$	127,097	$	661,233	$	(542	)	$	8,668		$	—	$	126,555	$	669,901	$	796,456

The unaudited aggregate cost and accumulated depreciation for tax purposes was approximately $886,859 and $139,398, respectively.


(1)	Includes net provisions for impairment of real estate taken since acquisition of property.



Col. A	Col. F			Col. G	Col. H	Col. I
Description	Accumulated Depreciation			Date of Construction	Date of Acquisition	Life on which depreciation in latest income statement is computed
Office Properties:
Monument IV at Worldgate—Herndon, VA	$	(9,116	)	2001	8/27/2004	50 years
111 Sutter Street—San Francisco, CA	(151		)	1926	12/4/2012	40 years
300 Old River Road—Bakersville, CA	(1,106		)	1992	12/21/2005	40 years
500 West Thomas Road—Phoenix, AZ	(4,935		)	1994	12/21/2005	40 years
500 Old River Road—Bakersville, CA	(965		)	1992	12/21/2005	40 years
1500 S. Central Ave—Glendale, CA	(1,135		)	1980	12/21/2005	40 years
14600 Sherman Way—Van Nuys, CA	(1,584		)	1991	12/21/2005	40 years
14624 Sherman Way—Van Nuys, CA	(1,591		)	1981	12/21/2005	40 years
18350 Roscoe Blvd—Northridge, CA	(2,121		)	1979	12/21/2005	40 years
18460 Roscoe Blvd—Northridge, CA	(515		)	1991	12/21/2005	40 years
18546 Roscoe Blvd—Northridge, CA	(1,217		)	1991	12/21/2005	40 years
4545 East Chandler--Chandler, AZ	(1,043		)	1994	12/21/2005	40 years
485 South Dobson--Chandler, AZ	(1,263		)	1984	12/21/2005	40 years
1501 N. Gilbert—Gilbert, AZ	(1,194		)	1997	12/21/2005	40 years
116 South Palisade--Santa Maria, CA	(608		)	1995	12/21/2005	40 years
525 East Plaza--Santa Maria, CA	(1,975		)	1995	12/21/2005	40 years
10440 East Riggs--Chandler, AZ	(617		)	1996	12/21/2005	40 years
4 Research Park Drive—St. Charles, MO	(753		)	2000/2004	6/14/2007	50 years
36 Research Park Drive—St. Charles, MO	(1,238		)	2007	6/15/2007	50 years
Canyon Plaza—San Diego, CA	(4,828		)	1986/1993	6/26/2007	40 years
Railway Street Corporate Centre—Calgary, Canada	(3,823		)	2007	8/30/2007	50 years
Total Office Properties	(41,778		)

Retail Properties:
Stirling Slidell Shopping Centre—Slidell, LA	(2,079		)	2003	12/14/2006	50 years
The District at Howell Mill—Atlanta, GA	(6,348		)	2006	6/15/2007	50 years
Total Retail Properties	(8,427		)



Industrial Properties:
105 Kendall Park Lane—Atlanta, GA	(1,810		)	2002	6/30/2005	50 years
4001 North Norfleet Road—Kansas City, MO	(3,365		)	2007	2/27/2007	50 years
Total Industrial Properties	(5,175		)

Apartment Properties:
Station Nine Apartments—Durham, NC	(5,369		)	2005	4/16/2007	50 years
Cabana Beach San Marcos--San Marcos, TX	(2,467		)	2006	11/21/2007	50 years
Cabana Beach Gainesville--Gainesville, FL	(6,177		)	2005/2007	11/21/2007	50 years
Campus Lodge Columbia--Columbia, MO	(2,132		)	2005	11/21/2007	50 years
Campus Lodge Athens--Athens, GA	(1,867		)	2003	11/21/2007	50 years
Campus Edge Lafayette--Lafayette, LA	(4,526		)	2007	1/15/2008	50 years
Campus Lodge Tampa--Tampa, FL	(4,510		)	2001	2/29/2008	40 years
Total Apartment Properties	(27,048		)

Total Consolidated Properties:	$	(82,428	)

Reconciliation of Real Estate



Consolidated Properties	2012			2011			2010
Balance at beginning of year	$	798,628		$	819,740		$	875,527
Additions	120,996			4,076			4,665
Assets sold/ written off	(122,255		)	(10,254		)	(34,813		)
Write-downs for impairment charges	(913		)	(14,934		)	(25,639		)
Balance at close of year	$	796,456		$	798,628		$	819,740

Reconciliation of Accumulated Depreciation



Consolidated Properties	2012			2011			2010
Balance at beginning of year	$	83,137		$	76,028		$	60,307
Additions	16,054			17,194			19,520
Assets sold/ written off	(16,763		)	(10,085		)	(3,799		)
Balance at close of year	$	82,428		$	83,137		$	76,028