Real Estate Investment Properties, net

9 Months Ended

Sep. 30, 2014

Real Estate Investment Properties, net

3. Real Estate Investment Properties, net

As of September 30, 2014 and December 31, 2013, real estate investment properties consisted of the following:

	September 30, 2014			December 31, 2013
Land and land improvements	$	13,754,350		$	13,746,451
Building and improvements		52,557,179			52,557,179
Tenant improvements		4,918,600			4,918,600
Equipment		52,143			14,202
Less: accumulated depreciation		(6,391,551	)		(4,605,393	)
	$	64,890,721		$	66,631,039

Depreciation expense on the Company’s real estate investment properties was approximately $0.6 million and $1.8 million for each of the quarters and nine months ended September 30, 2014 and 2013, respectively.