Schedule III-Real Estate and Accumulated Depreciation (STAG Predecessor Group)

12 Months Ended

Dec. 31, 2010

STAG Predecessor Group

Real Estate and Accumulated Depreciation

STAG Predecessor Group

Schedule III—Real Estate and Accumulated Depreciation as of December 31, 2010

(dollars in thousands)

SCHEDULE III

REAL ESTATE AND ACCUMULATED DEPRECIATION

									Gross Amount Carried at Close of Period 12/31/10

				Initial Cost					Gross Amount Carried at Close of Period 12/31/10
				Initial Cost					Building and Improvements						Accumulated Depreciation 12/31/10		Year Acquired
Building Address	City/State	Encumbrances		Building		Land			Building and Improvements		Land		Total		Accumulated Depreciation 12/31/10		Year Acquired
1515 East State Road 8	Albion, IN		9,118		8,245		1,065	—		8,245		1,065		9,310		813		2006
37 Hunt Road	Amesbury, MA		5,126		3,523		1,022	—		3,523		1,022		4,545		286		2007
2111 N. Sandra Street	Appleton, WI		4,509		3,916		495	333		4,249		495		4,744		464		2007
3311 Pinewood Drive	Arlington, TX		2,820		2,455		413	—		2,455		413		2,868		242		2007
365 McClurg Road	Boardman, OH		3,840		3,482		282	596		4,078		282		4,360		304		2007
8401 Southern Blvd	Boardman, OH		2,026		1,980		192	—		1,980		192		2,172		157		2007
818 Mulberry Street	Canton, OH		5,871		5,078		586	85		5,163		586		5,749		501		2007
50501/50371/50271/50900 E. Russell Schmidt	Chesterfield, MI		9,588		8,073		1,449	604		8,677		1,449		10,126		1,082		2007
1011 Glendale Milford Road	Cincinnati, OH		5,222		5,172		384	31		5,203		384		5,587		485		2007
4646 Needmore Road	Dayton, OH		4,056		3,650		391	—		3,650		391		4,041		596		2007
530 Fentress Boulevard	Daytona Beach, FL		5,920		875		1,237	42		917		1,237		2,154		221		2007
53105 Marina Drive/23590 CR6	Elkhart, IN		4,080		3,777		447	161		3,938		447		4,385		343		2007
6051/2311 North Lee Highway	Fairfield, VA/Lexington, VA		3,284		2,719		354	177		2,896		354		3,250		276		2007
5786 Collett Road	Farmington, NY		5,489		5,342		410	—		5,342		410		5,752		488		2007
One Fuller Way	Great Bend, KS		7,987		7,222		1,065	—		7,222		1,065		8,287		689		2007
900 Brooks Avenue	Holland, MI		5,833		5,235		489	497		5,732		489		6,221		579		2007
414 E. 40th Street	Holland, MI		4,417		4,046		497	—		4,046		497		4,543		434		2007
1102 Chastain Drive/4795 I-55 North	Jackson, MS		4,754		4,068		968	565		4,633		968		5,601		372		2007
165 American Way	Jefferson, NC		2,960		2,875		119	—		2,875		119		2,994		257		2007
19 Mollison Way	Lewiston, ME		5,232		5,515		173	238		5,753		173		5,926		581		2007
243/219 Medford Street	Malden, MA		7,425		6,778		873	—		6,778		873		7,651		622		2007
800 Pennsylvania Avenue	Salem, OH		7,332		6,849		858	—		6,849		858		7,707		614		2006
605 Fourth Street	Mayville, WI		4,718		4,118		547	—		4,118		547		4,665		371		2007
8900 N. 55th Street	Milwaukee, WI		4,495		4,090		456	—		4,090		456		4,546		352		2007
200 West Capitol Drive	Milwaukee, WI		6,046		5,283		1,048	5		5,288		1,048		6,336		635		2007
111/113 Pencader Drive	Newark, DE		4,700		3,957		527	137		4,094		527		4,621		421		2007
3100 West Fairfield Drive	Pensacola, FL		230		206		42	83		289		42		331		24		2007
1301 North Palafox Street	Pensacola, FL		5,164		4,705		282	61		4,766		282		5,048		413		2007
805 North Main Street	Pocatello, ID		3,673		3,472		399	—		3,472		399		3,871		404		2007
1400 Turbine Drive	Rapid City, SD		13,669		11,957		2,306	—		11,957		2,306		14,263		1,624		2007
2550 N. Mays Street	Round Rock, TX		3,763		3,399		394	76		3,475		394		3,869		426		2007
102 Sergeant Square Drive	Sergeant Bluff, IA		12,792		11,675		736	24		11,699		736		12,435		1,480		2007
15 Loveton Circle	Sparks, MD		4,205		3,577		790	—		3,577		790		4,367		386		2007
8950 & 8970 Pershall Road	Hazelwood, MO		7,394		5,436		1,960	—		5,436		1,960		7,396		487		2006
476 Southridge Industrial Drive	Tavares, FL		6,761		6,339		722	—		6,339		722		7,061		754		2006
7990 Bavaria Road	Twinsburg, OH		6,912		6,497		590	—		6,497		590		7,087		521		2007
300 Spencer Mattingly Lane	Bardstown, KY		2,733		2,399		379	—		2,399		379		2,778		230		2007
1100 Performance Place	Youngstown, OH		3,406		3,400		139	—		3,400		139		3,539		327		2007

Total			207,550		181,385		25,086	3,715		185,100		25,086		210,186		19,261

Reconciliation of Real Estate Investments

			2010			2009			2008

Balance at beginning of period			$	210,009		$	208,948		$	212,688
	Additions during period
		Other acquisitions		—			—			—
		Improvements, etc.		1,500			1,295			384
		Other additions		—			—			—
	Deductions during period
		Cost of real estate sold		—			(50	)		—
		Write-off of tenant improvements		(1,323	)		(184	)		(396	)
		Asset Impairments		—			—			(3,728	)

Balance at close of period			$	210,186		$	210,009		$	208,948

The unaudited aggregate cost of real estate properties for federal tax purposes as of December 31, 2010 was $227,119.

Reconciliation of Accumulated Depreciation

			2010			2009			2008

Balance at beginning of period			$	14,626		$	8,680		$	2,395
	Additions during period
		Depreciation and amortization expense		5,747			5,979			6,307
		Other additions		—			—			—
	Reductions during period
		Disposals		(1,112	)		(33	)		(22	)
		Other reductions		—			—			—

Balance at close of period			$	19,261		$	14,626		$	8,680

- Definition

The entire disclosure for real estate and accumulated depreciation. This may include a schedule that describes the property and lists the initial cost of land, buildings and improvements, improvements and carrying costs capitalized after acquisition, and the total carrying cost for land, buildings and improvements for each property and in aggregate. The schedule also lists the accumulated depreciation for each property and in aggregate, the date each property was constructed and acquired, the useful life used to calculate depreciation and any encumbrances on the properties. The entity provides a reconciliation of the carrying amount of real estate from the beginning of the period to the end of the period. Any real estate investments that have been written down or reserved against are described, including the basis of the write-down. A material amount of intercompany profit in the total carrying amount of real estate is disclosed. The aggregate cost of all real estate investments for federal income tax purposes is also disclosed.

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