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SCHEDULE III - REAL ESTATE PROPERTIES AND ACCUMULATED DEPRECIATION
12 Months Ended
Sep. 30, 2016
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure [Abstract]  
SCHEDULE III - REAL ESTATE PROPERTIES AND ACCUMULATED DEPRECIATION
 
 
 
 
Initial Cost to
Company
 
Costs Capitalized Subsequent to
Acquisition
 
Gross Amount At Which Carried
at September 30, 2016
 
 
 
 
 
 
 
Depreciation
Life For
Latest
Income
Statement
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Description
Encumbrances
 
Land
 
Buildings and
Improvements
 
Land
 
Improvements
 
Carrying
Costs
 
Land
 
Buildings and
Improvements
 
Total
 
Accumulated
Depreciation
 
Date of
Construction
 
Date
Acquired
 
Commercial
 
 
 
 

 
 
 
 
 

 
 
 

 
 
 
 
 

 
 

 
 

 
 

 
 
 
 
 
 
Yonkers, NY. 
$
1,560
 
 

 
$
4,000
 
 

 
$
194
 
 
 
 

 
$
4,194

 
$
4,194

 
$
1,727

 
(c)
 
Aug-2000
 
39 years
South Daytona, FL. 
 
 
$
10,437

 
 
 
49

 
 
 
 
 
$
8,021

 

 
8,021

 

 
N/A
 
Feb-2008
 
N/A
Multi-Family Residential
 
 
 
 

 
 
 
 
 

 
 
 
 
 
 
 
 

 
 
 
 
 
 

 
 
 
 
 
 
Palm Beach Gardens, FL
47,125
 
 
16,260

 
43,132
 
 

 
4,420
 
 
 
 
16,260

 
47,552

 
63,812

 
8,054

 
1970
 
Mar-2012
 
30 years
Melbourne, FL
9,211
 
 
1,150

 
8,680
 
 

 
1,414
 
 
 
 
1,150

 
10,094

 
11,244

 
1,900

 
1987
 
Mar-2012
 
30 years
North Charleston, SC
17,130
 
 
2,436

 
18,970
 
 

 
1,002
 
 
 
 
2,436

 
19,972

 
22,408

 
2,871

 
2010
 
Oct-2012
 
30 years
Decatur, GA
10,352
 
 
1,697

 
8,676
 
 

 
1,413
 
 
 
 
1,697

 
10,089

 
11,786

 
1,379

 
1954
 
Nov-2012
 
30 years
Panama City, FL
5,336
 
 
1,411

 
5,745
 
 

 
716
 
 
 
 
1,411

 
6,461

 
7,872

 
952

 
1987
 
Jan-2013
 
30 years
Houston, TX (Stone)
12,899
 
 
5,143

 
11,524
 
 

 
400
 
 
 
 
5,143

 
11,924

 
17,067

 
1,503

 
1978
 
April-2013
 
30 years
Houston, TX (Pathways)
7,398
 
 
3,044

 
5,463
 
 

 
838
 
 
 
 
3,044

 
6,301

 
9,345

 
753

 
1979
 
April-2013
 
30 years
Hixon, TN
8,117
 
 
1,231

 
9,561
 
 

 
298
 
 
 
 
1,231

 
9,859

 
11,090

 
1,137

 
1989
 
May-2013
 
30 years
Pasadena, TX (Ashwood)
3,988
 
 
1,513

 
3,864
 
 

 
429
 
 
 
 
1,513

 
4,293

 
5,806

 
502

 
1984
 
Oct-2013
 
30 years
Humble, TX (Parkside)
4,930
 
 
1,113

 
5,534
 
 

 
467
 
 
 
 
1,113

 
6,001

 
7,114

 
677

 
1983
 
Oct-2013
 
30 years
Humble, TX (Meadowbrook)
7,726
 
 
1,996

 
8,425
 
 

 
794
 
 
 
 
1,996

 
9,219

 
11,215

 
1,003

 
1982
 
Oct-2013
 
30 years
Huntsville, AL
12,212
 
 
1,047

 
10,942
 
 

 
1,439
 
 
 
 
1,047

 
12,381

 
13,428

 
1,339

 
1985
 
Oct-2013
 
30 years
Columbus, OH
10,164
 
 
2,810

 
11,240
 
 

 
315
 
 
 
 
2,810

 
11,555

 
14,365

 
1,450

 
1999
 
Nov-2013
 
30 years
Indianapolis, IN
14,500
 
 
4,477

 
14,240
 
 

 
1,997
 
 
 
 
4,477

 
16,237

 
20,714

 
1,573

 
2007
 
Jan-2014
 
30 years
Greenville, SC
37,961
 
 
7,487

 
 
 

 
41,680
 
 
608
 
 
7,487

 
42,288

 
49,775

 
1,665

 
2014
 
Jan-2014
 
30 years
Nashville, TN
23,623
 
 
4,565

 
22,054
 
 

 
2,239
 
 
 
 
4,565

 
24,293

 
28,858

 
2,001

 
1985
 
April-2014
 
30 years
Atlanta, GA
27,052
 
 
2,283

 
25,921
 
 

 
670
 
 
 
 
2,283

 
26,591

 
28,874

 
1,799

 
2009
 
June-2014
 
30 years
Houston, TX (Kendall)
15,314
 
 
1,849

 
13,346
 
 

 
1,557
 
 
 
 
1,849

 
14,903

 
16,752

 
1,264

 
1981
 
July-2014
 
30 years
Pensacola, FL
19,750
 
 
2,758

 
25,192
 
 

 
521
 
 
 
 
2,758

 
25,713

 
28,471

 
1,826

 
2008
 
Dec-2014
 
30 years
Valley, AL
28,990
 
 
1,040

 
42,710
 
 

 
455
 
 
 
 
1,040

 
43,165

 
44,205

 
2,130

 
2009
 
July-2014
 
30 years
San Marcos, TX
17,158
 
 
2,163

 
19,562
 
 

 
183
 
 
 
 
2,163

 
19,745

 
21,908

 
974

 
2014
 
Sept-2015
 
30 years
Lake St. Louis, MO
27,397
 
 
2,752

 
33,248
 
 

 
421
 
 
 
 
2,752

 
33,669

 
36,421

 
1,360

 
1986
 
Sept-2015
 
30 years
North Charleston, SC
13,544
 
 
3,704

 
 
 

 
21,131
 
 
55
 
 
3,704

 
21,186

 
24,890

 

 
2016
 
Oct-15
 
30 years
LaGrange, GA
15,786
 
 
832

 
21,968
 
 

 
389
 
 
 
 
832

 
22,357

 
23,189

 
770

 
2009
 
Nov-15
 
30 years
Katy, TX
30,750
 
 
4,194

 
36,056
 
 

 
240
 
 
 
 
4,194

 
36,296

 
40,490

 
1,149

 
2008
 
Jan-16
 
30 years
Macon, GA
11,200
 
 
1,876

 
12,649
 
 

 
180
 
 
 
 
1,876

 
12,829

 
14,705

 
389

 
1988
 
Feb-16
 
30 years
Southaven, MS
28,000
 
 
2,090

 
32,910
 
 

 
1,286
 
 
 
 
2,090

 
34,196

 
36,286

 
812

 
2002
 
Feb-16
 
30 years
San Antonio, TX
26,400
 
 
5,540

 
29,610
 
 

 
443
 
 
 
 
5,540

 
30,053

 
35,593

 
728

 
2013
 
May-16
 
30 years
Dallas, TX
27,937
 
 
13,073

 
23,927
 
 

 
917
 
 
 
 
13,073

 
24,844

 
37,917

 
409

 
1986
 
May-16
 
30 years
Columbia, SC
12,934
 
 
2,233

 
14,767
 
 

 
93
 
 
 
 
2,233

 
14,860

 
17,093

 
284

 
1996
 
May-16
 
30 years
 
 
 
 
Initial Cost to
Company
 
Costs Capitalized Subsequent to
Acquisition
 
Gross Amount At Which Carried
at September 30, 2016
 
 
 
 
 
 
 
Depreciation
Life For
Latest
Income
Statement
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Description
Encumbrances
 
Land
 
Buildings and
Improvements
 
Land
 
Improvements
 
Carrying
Costs
 
Land
 
Buildings and
Improvements
 
Total
 
Accumulated
Depreciation
 
Date of
Construction
 
Date
Acquired
 
 
 
 
 
 

 
 
 
 
 

 
 
 

 
 
 
 
 

 
 

 
 

 
 

 
 
 
 
 
 
Atlanta, GA
27,375
 
 
9,491

 
29,634
 
 

 
7
 
 
 
 
9,491

 
29,641

 
39,132

 
155

 
1989
 
Aug-16
 
30 years
Southaven, MS
30,563
 
 
2,100

 
36,105
 
 

 
14
 
 
 
 
2,100

 
36,119

 
38,219

 
100

 
2005
 
Sep-16
 
30 years
San Antonio, TX
27,000
 
 
5,030

 
30,970
 
 

 
 
 
 
 
5,030

 
30,970

 
36,000

 
52

 
2015
 
Sep-16
 
30 years
Total
$
621,382
 
 
$
130,825

 
$
620,625
 
 
$
49

 
$
88,562
 
 
$
663
 
 
$
128,409

 
$
709,850

 
$
838,259

 
$
44,687

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(a)

 
(b)

 
 
 
 
 
 

Notes to the schedule:
 

 
(a)
Total real estate properties
$
838,259

 
Less: Accumulated depreciation and amortization
(44,687
)
 
Net real estate properties
$
793,572

(b)
Amortization of the Trust's leasehold interests is over the shorter of estimated useful life or the term of the respective land lease.
 

(c)
Information not readily obtainable.
 

A reconciliation of real estate properties is as follows:
 
 
2016
 
2015
 
2014
Balance at beginning of year
 
$
757,027

 
$
635,612

 
$
402,896

Additions:
 
 
 
 
 
 
Acquisitions
 
318,680

 
129,425

 
205,220

Capital improvements
 
19,649

 
8,442

 
8,273

Capitalized development expenses and carrying costs
 
27,194

 
55,623

 
34,857

 
 
365,523

 
193,490

 
248,350

Deductions:
 
 
 
 
 
 
Sales
 
150,786

 
51,394

 
80

Depreciation/amortization/paydowns
 
24,328

 
20,681

 
15,554

Reconciliation of partnership interest
 
153,864

 

 

 
 
328,978

 
72,075

 
15,634

Balance at end of year
 
$
793,572

 
$
757,027

 
635,612