Schedule III - Real Estate and Accumulated Depreciation

12 Months Ended

Dec. 31, 2015

SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure [Abstract]

Schedule III - Real Estate and Accumulated Depreciation

Schedule III – Real Estate and Accumulated Depreciation 

As at December 31, 2015

		Encumbrances				Initial Cost to Company				Costs Capitalized Subsequent to Acquisitions				Total Cost
Market Location	Number of Properties Owned	Number of Encumbered Properties		Encumbrances(1)		Land		Building		Land Improvements		Building Improvements		Land and Land Improvements		Building and Improvements		Total		Accumulated Depreciation(2)	Date of Construction Range	Date Acquired
Anthem, AZ	17	17	$	1,694,967	$	2,623,014	$	667,058	$	—	$	98,022	$	2,623,014	$	765,080	$	3,388,094	$	71,473	1999 - 2006	2011 – 2015
Avondale, AZ	1	1		86,163		86,400		21,600		—		13,952		86,400		35,552		121,952		1,740	1991	2014
Las Vegas, NV	1	—		—		68,913		139,915		—		2,372		68,913		142,287		211,200		4,981	2014	2014
Mesa, AZ	1	1		105,490		232,000		58,000		—		6,872		232,000		64,872		296,872		5,910	1987	2013
New River, AZ	1	1		93,385		192,000		48,000		—		11,171		192,000		59,171		251,171		4,035	2007	2014
Peoria, AZ	2	2		165,326		298,400		74,650		—		2,300		298,400		76,950		375,350		10,739	1994 - 2004	2012
Phoenix, AZ	6	3		240,927		581,760		145,440		—		798,668		581,760		944,108		1,525,868		46,676	1964 - 2014	2011 – 2015
Prescott, AZ	1	1		172,857		240,000		60,000		—		2,657		240,000		62,657		302,657		1,605	1983	2015
Scottsdale, AZ	3	2		220,077		361,843		90,461		—		44,622		361,843		135,083		496,926		11,662	1974 - 1998	2012 – 2015
Sun City West, AZ	1	1		99,991		96,000		24,000		—		28,869		96,000		52,869		148,869		2,664	1987	2014
Tucson, AZ	5	5		506,501		254,298		593,363		—		—		254,298		593,363		847,661		11,457	1972 - 2006	2015
Vail, AZ	4	4		682,637		266,422		621,650		—		—		266,422		621,650		888,072		12,004	2001 – 2006	2015
Willis, TX	3	3		203,344		238,827		81,859		—		45,000		238,827		126,860		365,687		38,504	1985	2014
	46	41	$	4,271,665	$	5,539,877	$	2,625,996	$	—	$	1,054,505	$	5,539,877	$	3,680,502	$	9,220,379	$	223,450

(1) Encumbrances include the number of properties collateralized by deeds of trust as well as the aggregate value of outstanding debt attributable to such properties.

(2) Depreciation of building and improvements is computed on a straight-line basis over the estimated useful life of 27 years, with no salvage value.

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

		2015			2014
Balance, beginning of year	$	5,291,868		$	3,808,442
Acquisition of real estate		3,665,362			1,960,787
Improvements		654,668			335,564
Disposition and other		(391,519	)		(812,925	)
Balance, end of year	$	9,220,379		$	5,291,868

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

		2015			2014
Balance, beginning of year	$	119,398		$	57,075
Depreciation expense		105,863			74,670
Disposition and other		(1,811	)		(12,347	)
Balance, end of year	$	223,450		$	119,398