
																					Life on
																					which
								Costs													depreciation
								capitalized												Date of	on latest
				Initial cost				subsequent				Gross Amount at which								Construction	income
Industrial				to company				to acquisition (a)				carried at close of period								or	statement is
Property	Physical Location	Encumbrances		Land		Buildings		Land		Buildings		Land		Buildings		Total		Depreciation		Acquisition	computed
Guardian Building Products	Fargo, ND	$	2,043	$	820	$	2,554	$	9	$	(94)	$	829	$	2,460	$	3,289	$	273	08/29/2012		40
Titan Machinery	Bismarck, ND		2,444		950		1,395		7		—		957		1,395		2,352		70	01/28/2015		40
Titan Machinery	Dickinson, ND		896		354		1,096		400		—		754		1,096		1,850		132	07/30/2012		40
Titan Machinery	Fargo, ND		1,060		781		1,947		510		—		1,291		1,947		3,238		207	10/30/2012		40
Titan Machinery	Marshall, MN		2,071		300		3,648		81		—		381		3,648		4,029		479	11/01/2011		40
Titan Machinery	Minot, ND		1,537		618		1,654		—		—		618		1,654		2,272		183	08/01/2012		40
Titan Machinery	North Platte, NE		—		325		1,269		—		—		325		1,269		1,594		33	01/29/2016		40
Titan Machinery	Redwood Falls, MN		1,565		333		3,568		—		—		333		3,568		3,901		349	01/31/2013		40
Titan Machinery	Sioux City, IA		1,474		315		2,472		—		—		315		2,472		2,787		201	10/25/2013		40
Total		$	13,090	$	4,796	$	19,603	$	1,007	$	(94)	$	5,803	$	19,509	$	25,312	$	1,927


																					Life on
																					which
								Costs													depreciation
								capitalized												Date of	on latest
				Initial cost				subsequent				Gross Amount at which								Construction	income
Land				to company				to acquisition (a)				carried at close of period								or	statement is
Property	Physical Location	Encumbrances		Land		Buildings		Land		Buildings		Land		Buildings		Total		Depreciation		Acquisition	computed
Taco Bell	Denver, CO	$	459	$	669	$	—	$	—	$	—	$	669		—		669	$	—	06/14/2011
West 80	Rochester, MN		—		1,364		—		—		—		1,364		—		1,364		—	08/29/2016
Total		$	459	$	2,033	$	—	$	—	$	—	$	2,033	$	—	$	2,033	$	—


																					Life on
																					which
								Costs													depreciation
								capitalized												Date of	on latest
				Initial cost				subsequent				Gross Amount at which								Construction	income
Medical				to company				to acquisition (a)				carried at close of period								or	statement is
Property	Physical Location	Encumbrances		Land		Buildings		Land		Buildings		Land		Buildings		Total		Depreciation		Acquisition	computed
Bio-Life Plasma Center	Bismarck, ND	$	1,232	$	306	$	2,255	$	11	$	123	$	317		2,378		2,695	$	568	01/03/2008	9	-	40
Bio-Life Plasma Center	Grand Forks, ND		1,232		457		2,230		1		158		458		2,388		2,846		590	01/03/2008	10	-	40
Bio-Life Plasma Center	Janesville, WI		1,232		250		1,857		—		123		250		1,980		2,230		476	01/03/2008	9	-	40
Bio-Life Plasma Center	Mankato, MN		1,232		390		2,111		263		1,154		653		3,265		3,918		704	01/03/2008	11	-	40
Bio-Life Plasma Center	Marquette, MI		—		213		2,793		—		123		213		2,916		3,129		685	01/03/2008	9	-	40
Bio-Life Plasma Center	Onalaska, WI		1,232		208		1,853		—		323		208		2,176		2,384		502	01/03/2008	11	-	40
Bio-Life Plasma Center	Oshkosh, WI		1,232		293		1,705		—		146		293		1,851		2,144		465	01/03/2008	10	-	40
Bio-Life Plasma Center	Sheboygan, WI		1,232		645		1,611		—		248		645		1,859		2,504		437	01/03/2008	10	-	40
Bio-Life Plasma Center	Stevens Point, WI		1,232		119		2,184		—		123		119		2,307		2,426		549	01/03/2008	9	-	40
Total		$	9,856	$	2,881	$	18,599	$	275	$	2,521	$	3,156	$	21,120	$	24,276	$	4,976


																					Life on
																					which
								Costs													depreciation
								capitalized												Date of	on latest
				Initial cost				subsequent				Gross Amount at which								Construction	income
Residential				to company				to acquisition (a)				carried at close of period								or	statement is
Property	Physical Location	Encumbrances		Land		Buildings		Land		Buildings		Land		Buildings		Total		Depreciation		Acquisition	computed

Amberwood	Grand Forks, ND	$	—	$	426	$	3,304	$	—	$	21	$	426		3,325		3,751	$	28	09/13/2016	20	-	40
Arbor I/400	Bismarck, ND		428		73		516		4		—		77		516		593		46	06/04/2013		40
Arbor II/404	Bismarck, ND		438		73		538		6		14		79		552		631		43	11/01/2013		40
Arbor III/406	Bismarck, ND		435		71		536		7		14		78		550		628		43	11/01/2013		40
Ashbury	Fargo, ND		—		314		3,774		—		—		314		3,774		4,088		8	12/19/2016		40
Auburn II	Fargo, ND		587		105		883		12		64		117		947		1,064		228	03/23/2007	20	-	40
Autumn Ridge	Grand Forks, ND		5,887		1,072		8,875		44		19		1,116		8,894		10,010		2,352	08/16/2004	9	-	40
Barrett Arms	Crookston, MN		914		37		1,001		—		11		37		1,012		1,049		76	01/02/2014		40
Bayview	Fargo, ND		3,226		284		4,077		6		65		290		4,142		4,432		931	12/31/2007	20	-	40
Berkshire	Fargo, ND		261		31		406		4		6		35		412		447		91	03/31/2008	20	-	40
Betty Ann	Fargo, ND		548		74		738		1		60		75		798		873		142	08/31/2009		40
Bridgeport	Fargo, ND		—		613		7,676		—		—		613		7,676		8,289		16	12/19/2016		40
Brighton Village	New Brighton, MN		10,709		2,520		13,985		—		371		2,520		14,356		16,876		737	12/19/2014	5	-	40
Bristol Park	Grand Forks, ND		3,348		985		3,976		—		192		985		4,168		5,153		93	02/01/2016		40
Brookfield	Fargo, ND		885		228		1,958		3		157		231		2,115		2,346		426	08/01/2008	20	-	40
Cambridge (FKA 44th Street)	Fargo, ND		1,715		333		1,845		3		41		336		1,886		2,222		181	02/06/2013		40
Candlelight	Fargo, ND		2,092		613		1,221		(337)		392		276		1,613		1,889		164	11/30/2012		40
Carling Manor	Grand Forks, ND		493		69		656		—		3		69		659		728		144	03/31/2008		40
Carlton Place	Fargo, ND		7,171		703		7,207		14		197		717		7,404		8,121		1,515	09/01/2008	20	-	40
Chandler 1802	Grand Forks, ND		694		133		1,114		—		12		133		1,126		1,259		84	01/02/2014		40
Chandler 1866	Grand Forks, ND		347		31		270		—		28		31		298		329		84	01/03/2005	20	-	40
Cherry Creek (FKA Village)	Grand Forks, ND		993		173		1,435		1		60		174		1,495		1,669		301	11/01/2008		40
Columbia West	Grand Forks, ND		3,186		294		3,406		1		148		295		3,554		3,849		734	09/01/2008	20	-	40
Country Club	Fargo, ND		295		252		1,252		—		97		252		1,349		1,601		186	05/02/2011	20	-	40
Countryside	Fargo, ND		181		135		677		—		14		135		691		826		94	05/02/2011		40
Courtyard	St. Louis Park, MN		4,000		2,270		5,681		—		583		2,270		6,264		8,534		484	09/03/2013	5	-	40
Dakota Manor	Fargo, ND		1,823		249		2,236		—		31		249		2,267		2,516		136	08/07/2014		40
Danbury	Fargo, ND		2,789		381		6,020		9		107		390		6,127		6,517		1,373	12/31/2007	20	-	40
Dellwood Estates	Anoka, MN		7,576		844		9,966		—		324		844		10,290		11,134		908	05/31/2013		40
Eagle Run	West Fargo, ND		4,306		576		5,787		75		61		651		5,848		6,499		930	08/12/2010		40
Eagle Sky I	Bismarck, ND		963		115		1,322		—		(30)		115		1,292		1,407		27	03/01/2016		40
Eagle Sky II	Bismarck, ND		963		135		1,303		—		(24)		135		1,279		1,414		27	03/01/2016		40
Echo Manor	Hutchinson, MN		987		141		875		—		32		141		907		1,048		68	01/02/2014	20	-	40
Emerald Court	Fargo, ND		534		66		830		1		66		67		896		963		194	03/31/2008	20	-	40
Fairview	Bismarck, ND		3,032		267		3,978		35		27		302		4,005		4,307		799	12/31/2008	20	-	40
Flickertail	Fargo, ND		5,607		426		5,652		8		106		434		5,758		6,192		1,142	12/31/2008		40
Forest Avenue	Fargo, ND		433		61		637		—		6		61		643		704		63	02/06/2013		40
Galleria III	Fargo, ND		577		118		681		1		—		119		681		800		105	11/09/2010		40
Garden Grove	Bismarck, ND		4,646		606		6,073		—		54		606		6,127		6,733		102	05/04/2016	5	-	40
Georgetown on the River	Fridley, MN		19,008		4,620		25,263		—		490		4,620		25,753		30,373		1,333	12/19/2014	5	-	40
Glen Pond	Eagan, MN		15,330		3,761		20,833		—		200		3,761		21,033		24,794		2,633	12/02/2011	20	-	40
Granger Court I	Fargo, ND		2,389		279		2,619		—		14		279		2,633		2,912		235	06/04/2013		40
Griffin Court	Moorhead, MN		3,461		652		3,914		20		267		672		4,181		4,853		267	06/09/2014	5	-	40
Hannifin	Bismarck, ND		492		81		607		5		28		86		635		721		49	11/01/2013		40
Hunter's Run I	Fargo, ND		282		50		419		2		(2)		52		417		469		100	03/23/2007		40
Hunter's Run II	Fargo, ND		569		44		441		2		—		46		441		487		94	07/01/2008		40
Huntington	Fargo, ND		—		86		309		—		15		86		324		410		11	08/04/2015		40
Islander	Fargo, ND		893		98		884		—		53		98		937		1,035		123	07/01/2011		40
Kennedy	Fargo, ND		473		84		588		1		47		85		635		720		56	02/06/2013	20	-	40
Library Lane	Grand Forks, ND		1,799		301		2,401		12		121		313		2,522		2,835		575	10/01/2007	20	-	40
Madison	Grand Forks, ND		264		95		497		—		52		95		549		644		17	09/01/2015		40
Maple Ridge	Omaha, NE		4,151		766		5,608		—		831		766		6,439		7,205		1,262	08/01/2008	20	-	40
Maplewood	Maplewood, MN		9,844		3,120		12,122		—		244		3,120		12,366		15,486		640	12/19/2014	5	-	40
Maplewood Bend I, II, III. IV, V, VI, VII, VIII & Royale	Fargo, ND		5,192		783		5,839		—		192		783		6,031		6,814		956	01/01/2009	20	-	40
Martha Alice	Fargo, ND		548		74		738		1		83		75		821		896		149	08/31/2009	20	-	40
Mayfair	Grand Forks, ND		735		80		1,043		—		20		80		1,063		1,143		225	07/01/2008	20	-	40
Monticello	Fargo, ND		720		60		752		7		32		67		784		851		61	11/08/2013	20	-	40
Montreal Courts	Little Canada, MN		19,072		5,809		19,687		15		458		5,824		20,145		25,969		1,644	10/02/2013	5	-	40
Oak Court	Fargo, ND		1,762		270		2,354		13		213		283		2,567		2,850		539	04/30/2008	28	-	40
Pacific Park I	Fargo, ND		703		95		777		—		42		95		819		914		79	02/06/2013		40
Pacific Park II	Fargo, ND		602		111		865		—		37		111		902		1,013		88	02/06/2013		40
Pacific South	Fargo, ND		371		58		459		—		—		58		459		517		45	02/06/2013		40
Parkview Arms	Bismarck, ND		143		373		3,845		—		78		373		3,923		4,296		164	05/13/2015	5	-	40
Parkwest Gardens	West Fargo, ND		4,011		713		5,825		—		427		713		6,252		6,965		392	06/30/2014	20	-	40
Parkwood	Fargo, ND		1,079		126		1,143		7		16		133		1,159		1,292		232	08/01/2008		40
Pebble Creek	Bismarck, ND		4,380		260		3,704		—		(300)		260		3,404		3,664		756	03/19/2008	20	-	40
Prairiewood Courts	Fargo, ND		1,289		308		1,815		28		43		336		1,858		2,194		466	09/01/2006	20	-	40
Prairiewood Meadows	Fargo, ND		2,242		736		2,514		8		10		744		2,524		3,268		273	09/30/2012		40
Quail Creek	Springfield, MO		7,164		1,529		8,717		—		67		1,529		8,784		10,313		421	02/03/2015	5	-	40
Richfield/Harrison	Grand Forks, ND		6,028		756		6,346		3		285		759		6,631		7,390		1,560	07/01/2007	5	-	40
Robinwood	Coon Rapids, MN		4,751		1,138		6,133		242		277		1,380		6,410		7,790		318	12/19/2014		40
Rosedale Estates	Roseville, MN		16,103		4,680		20,591		—		321		4,680		20,912		25,592		1,082	12/19/2014	5	-	40
Rosegate	Fargo, ND		2,244		251		2,978		5		84		256		3,062		3,318		676	04/30/2008	20	-	40
Roughrider	Grand Forks, ND		—		100		448		—		7		100		455		555		5	08/01/2016	5	-	40
Saddlebrook	West Fargo, ND		1,014		148		1,262		13		89		161		1,351		1,512		256	12/31/2008		40
Schrock	Fargo, ND		527		71		626		3		6		74		632		706		56	06/04/2013		40
Sheridan Pointe	Fargo, ND		2,090		292		2,424		21		16		313		2,440		2,753		198	10/01/2013		40
Sierra Ridge	Bismarck, ND		5,597		754		8,795		151		2		905		8,797		9,702		1,633	09/01/2006		40
Somerset	Fargo, ND		3,131		300		3,431		7		—		307		3,431		3,738		729	07/01/2008		40
Southgate	Fargo, ND		2,811		803		5,299		—		(96)		803		5,203		6,006		1,231	07/01/2007	20	-	40
Southview III	Grand Forks, ND		217		99		522		—		68		99		590		689		78	08/01/2011		40
Southview Villages	Fargo, ND		1,967		268		2,519		15		122		283		2,641		2,924		604	10/01/2007	20	-	40
Spring	Fargo, ND		574		76		822		5		15		81		837		918		82	02/06/2013	20	-	40
Stanford Court	Grand Forks, ND		—		291		3,866		—		83		291		3,949		4,240		384	02/06/2013	20	-	40
Stonefield-Clubhouse	Bismarck, ND		—		34		1,147		—		—		34		1,147		1,181		14	07/31/2016		40
Stonefield-Phase I	Bismarck, ND		9,001		2,804		13,353		207		(216)		3,011		13,137		16,148		670	08/01/2014	20	-	40
Stonefield-Phase II	Bismarck, ND		—		1,167		1,181		278		1,275		1,445		2,456		3,901		15	10/23/2014		40
Stonefield-Phase III	Bismarck, ND		—		1,079		—		216		—		1,295		—		1,295		—	10/23/2014		n/a
Stonybrook	Omaha, NE		7,487		1,439		8,003		—		1,344		1,439		9,347		10,786		1,656	01/20/2009	20	-	40
Summerfield	Fargo, ND		123		129		599		1		39		130		638		768		22	08/04/2015		40
Summit Point	Fargo, ND		3,917		681		5,510		21		63		702		5,573		6,275		174	10/01/2015	20	-	40
Sunset Ridge	Bismarck, ND		8,641		1,759		11,012		36		14		1,795		11,026		12,821		2,095	06/06/2008	9	-	40
Sunview	Grand Forks, ND		1,126		144		1,614		1		42		145		1,656		1,801		331	12/31/2008	20	-	40
Sunwood	Fargo, ND		2,875		358		3,520		7		21		365		3,541		3,906		837	07/01/2007	20	-	40
Terrace on the Green	Moorhead, MN		2,063		697		2,588		—		—		697		2,588		3,285		280	09/30/2012		40
Twin Oaks	Hutchinson, MN		940		816		3,245		—		93		816		3,338		4,154		185	10/01/2014		40
Twin Parks	Fargo, ND		2,226		119		2,072		17		56		136		2,128		2,264		435	10/01/2008	20	-	40
Valley Homes Duplexes	Grand Forks, ND		1,066		356		1,668		—		69		356		1,737		2,093		84	01/22/2015		40
Valley View	Golden Valley, MN		4,709		1,190		6,217		—		59		1,190		6,276		7,466		324	12/19/2014	5	-	40
Village Park	Fargo, ND		799		219		1,932		23		34		242		1,966		2,208		424	04/30/2008		40
Village West	Fargo, ND		2,585		357		2,274		24		31		381		2,305		2,686		496	04/30/2008		40
Washington	Grand Forks, ND		459		74		592		—		14		74		606		680		10	05/04/2016		40
Westcourt	Fargo, ND		2,426		287		3,028		—		41		287		3,069		3,356		240	01/02/2014	5	-	40
Westside	Hawley, MN		563		59		360		—		37		59		397		456		64	02/01/2010		40
Westwind	Fargo, ND		297		49		455		1		83		50		538		588		117	04/30/2008	20	-	40
Westwood	Fargo, ND		4,442		597		6,455		13		183		610		6,638		7,248		1,415	06/05/2008	20	-	40
Willow Park	Fargo, ND		4,075		288		5,298		7		323		295		5,621		5,916		1,080	12/31/2008		40
Total		$	298,911	$	66,048	$	407,134	$	1,336	$	11,991	$	67,384	$	419,125	$	486,509	$	48,850


																					Life on
																					which
								Costs													depreciation
								capitalized												Date of	on latest
				Initial cost				subsequent				Gross Amount at which								Construction	income
Office				to company				to acquisition (a)				carried at close of period								or	statement is
Property	Physical Location	Encumbrances		Land		Buildings		Land		Buildings		Land		Buildings		Total		Depreciation		Acquisition	computed
32nd Avenue	Fargo, ND	$	2,099	$	635	$	3,300	$	9	$	82	$	644		3,382		4,026	$	1,064	03/16/2004	3	-	40
Aetna	Bismarck, ND		6,535		1,291		7,372		30		946		1,321		8,318		9,639		1,926	12/06/2006	20	-	40
Bell Plaza (FKA Northland Plaza)	Bloomington, MN		34,855		6,912		36,520		—		656		6,912		37,176		44,088		3,135	08/13/2015	1	-	40
First International Bank & Trust	Moorhead, MN		—		210		712		3		88		213		800		1,013		135	05/13/2011	10	-	40
Four Points	Fargo, ND		—		70		1,238		—		11		70		1,249		1,319		286	10/18/2007		40
Gate City	Grand Forks, ND		938		382		917		1		131		383		1,048		1,431		201	03/31/2008		40
Goldmark Office Park	Fargo, ND		2,796		1,160		14,796		62		1,181		1,222		15,977		17,199		3,779	07/01/2007	1	-	40
Great American Building	Fargo, ND		957		511		1,290		1		362		512		1,652		2,164		434	02/01/2005	28	-	40
Midtown Plaza	Minot, ND		1,283		30		1,213		—		—		30		1,213		1,243		354	01/01/2004		40
Parkway office building (FKA Echelon)	Fargo, ND		1,015		278		1,491		2		29		280		1,520		1,800		363	05/15/2007	20	-	40
Redpath	White Bear Lake, MN		2,755		1,195		1,787		—		—		1,195		1,787		2,982		41	02/01/2016		40
Regis	Edina, MN		—		2,991		7,633		—		—		2,991		7,633		10,624		1,533	01/01/2009		40
SSA	St Cloud, MN		—		100		2,793		—		18		100		2,811		2,911		685	03/20/2007	20	-	40
Wells Fargo Center	Duluth, MN		—		600		7,270		(115)		1,159		485		8,429		8,914		1,789	07/11/2007	4	-	40
Total		$	53,233	$	16,365	$	88,332	$	(7)	$	4,663	$	16,358	$	92,995	$	109,353	$	15,725


																					Life on
																					which
								Costs													depreciation
								capitalized												Date of	on latest
				Initial cost				subsequent				Gross Amount at which								Construction	income
Retail				to company				to acquisition (a)				carried at close of period								or	statement is
Property	Physical Location	Encumbrances		Land		Buildings		Land		Buildings		Land		Buildings		Total		Depreciation		Acquisition	computed
Applebee's	Apple Valley, MN	$	—	$	560	$	1,235	$	—	$	—	$	560		1,235		1,795	$	185	01/27/2011		40
Applebee's	Bloomington, MN		—		1,000		474		11		—		1,011		474		1,485		81	03/22/2010		40
Applebee's	Coon Rapids, MN		—		750		875		—		—		750		875		1,625		149	03/09/2010		40
Applebee's	Savage, MN		—		690		424		—		—		690		424		1,114		72	01/01/2010		40
Becker Furniture	Waite Park, MN		—		150		2,065		—		(637)		150		1,428		1,578		542	07/12/2006		40
Buffalo Wild Wings	Austin, TX		—		575		1,664		—		—		575		1,664		2,239		270	07/30/2010		40
Dairy Queen	Dickinson, ND		593		329		658		—		—		329		658		987		82	01/19/2012		40
Dairy Queen	Moorhead, MN		—		243		787		1		—		244		787		1,031		112	05/13/2011		20
Family Dollar	Mandan, ND		—		167		649		—		—		167		649		816		99	12/14/2010		40
O'Reilly	Mandan, ND		—		115		449		—		—		115		449		564		68	12/14/2010		40
Walgreen's	Alexandria, LA		1,666		1,090		2,973		—		—		1,090		2,973		4,063		522	12/18/2009	28	-	40
Walgreen's	Batesville, AR		5,968		473		6,405		—		—		473		6,405		6,878		1,201	07/09/2009		40
Walgreen's	Denver, CO		3,524		2,349		2,358		—		—		2,349		2,358		4,707		329	06/14/2011		40
Walgreen's	Fayetteville, AR		4,563		636		4,732		—		—		636		4,732		5,368		887	07/09/2009		40
Walgreen's	Laurel, MS		1,648		1,280		2,984		—		—		1,280		2,984		4,264		485	07/30/2010		40
Total		$	17,962	$	10,407	$	28,732	$	12	$	(637)	$	10,419	$	28,095	$	38,514	$	5,084
Grand Totals		$	393,511	$	102,530	$	562,400	$	2,623	$	18,444	$	105,153	$	580,844	$	685,997	$	76,562


Investments in Unconsolidated Affiliates:																					Life on
																					which
								Costs													depreciation
								capitalized												Date of	on latest
				Initial cost				subsequent				Gross Amount at which								Construction	income
				to company				to acquisition (a)				carried at close of period								or	statement is
Property	Physical Location	Encumbrances		Land		Buildings		Land		Buildings		Land		Buildings		Total		Depreciation		Acquisition	computed
Banner	Fargo, ND	$	6,936	$	750	$	8,016	$	22	$	311	$	772		8,327		9,099	$	1,985	03/15/2007		40
GF Marketplace	Grand Forks, ND		10,891		4,259		15,801		208		108		4,467		15,909		20,376		5,042	07/01/2003	8	-	40
Highland Meadows	Bismarck, ND		2,190		624		2,591		335		40		959		2,631		3,590		1,476	07/31/2011	15	-	40

Notes:

(a)

The costs capitalized subsequent to acquisition is net of dispositions.

(b)

The changes in total real estate investments for the years ended December 31, 2016, 2015 and 2014 are as follows (in thousands):


	2016		2015		2014
Balance at January 1,	$	669,484	$	591,136	$	450,250
Purchase of real estate investments		48,305		82,111		143,141
Sale and disposal of real estate investment		(1,766)		(1,325)		(2,255)
Property held for sale		(3,234)		(2,058)		—
Provision for asset impairment		—		(412)		—
Construction in progress not yet placed in service		2,511		—
Reallocation to intangible assets		—		32		—
Balance at December 31,	$	715,300	$	669,484	$	591,136

(c)

The changes in accumulated depreciation for the years ended December 31, 2016, 2015 and 2014 are as follows (in thousands):


	2016		2015		2014
Balance at January 1,	$	74,975	$	58,873	$	47,058
Depreciation expense		18,507		16,466		12,116
Property held for sale		(867)		(342)		—
Sale and disposal of real estate investment		(290)		(22)		(301)
Balance at December 31,	$	92,325	$	74,975	$	58,873

(d)

The aggregate cost of our real estate for federal income tax purposes is $624,433.