

			Initial Cost to Company				Costs Capitalized Subsequent to Acquisition							Gross Amount At Which Carried at September 30, 2017										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.	$	1,448	—		$	4,000	—		$	320		—		—		$	4,320	$	4,320	$	1,837	(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	46,176		16,260		43,132		—		4,560			—		16,260		47,692		63,952		9,921		1970	Mar-2012	30 years
Melbourne, FL	9,033		1,150		8,680		—		1,471			—		1,150		10,151		11,301		2,332		1987	Mar-2012	30 years
North Charleston, SC	16,793		2,436		18,970		—		1,112			—		2,436		20,082		22,518		3,547		2010	Oct-2012	30 years
Decatur, GA	15,094		1,698		8,676		—		1,574			—		1,698		10,250		11,948		1,804		1954	Nov-2012	30 years
Houston, TX (Stonecrossing)	12,659		5,143		11,524		—		464			—		5,143		11,988		17,131		1,937		1978	April-2013	30 years
Houston, TX (Stonecrossing East)	7,270		3,044		5,463		—		930			—		3,044		6,393		9,437		984		1979	April-2013	30 years
Huntsville, AL	12,064		1,047		10,942		—		1,599			—		1,047		12,541		13,588		1,824		1985	Oct-2013	30 years
Columbus, OH	9,957		1,372		12,678				469			—		1,372		13,147		14,519		1,950		1999	Nov-2013	30 years
Indianapolis, IN	14,375		4,477		14,240		—		2,476			—		4,477		16,716		21,193		2,276		2007	Jan-2014	30 years
Nashville, TN	23,181		4,565		22,054				2,744			—		4,565		24,798		29,363		2,921		1985	April-2014	30 years
Houston, TX (Kendall Manor)	15,242		1,849		13,346		—		2,009			—		1,849		15,355		17,204		1,869		1981	July-2014	30 years
Pensacola, FL	19,349		2,758		25,192		—		584			—		2,758		25,776		28,534		2,669		2008	Dec-2014	30 years
Valley, AL	28,990		1,040		42,710		—		907			—		1,040		43,617		44,657		3,722		2009	July-2014	30 years
San Marcos, TX	17,158		2,163		19,562		—		218			—		2,163		19,780		21,943		1,706		2014	Sept-2015	30 years
Lake St. Louis, MO	26,814		2,752		33,248		—		746			—		2,752		33,994		36,746		2,627		1986	Sept-2015	30 years
North Charleston, SC	29,592		5,538		—				35,105			318		5,538		35,423		40,961		727		2016	Oct-15	30 years
LaGrange, GA	15,452		832		21,968		—		429			—		832		22,397		23,229		1,532		2009	Nov-15	30 years
Katy, TX	30,750		4,194		36,056				(3,517		)	—		4,194		32,539		36,733		2,345		2008	Jan-16	30 years
Macon, GA	11,200		1,876		12,649		—		399			—		1,876		13,048		14,924		937		1988	Feb-16	30 years
Southaven, MS (Civic Center I)	28,000		2,090		32,910		—		1,831			—		2,090		34,741		36,831		2,154		2002	Feb-16	30 years
San Antonio, TX	26,400		5,540		29,610		—		699			—		5,540		30,309		35,849		2,283		2013	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
Dallas, TX	27,938		13,073		23,927		—		2,128			—		13,073		26,055		39,128		1,539		1986	May-16	30 years
Columbia, SC	12,934		2,233		14,767		—		751			—		2,233		15,518		17,751		1,050		1996	May-16	30 years
Atlanta, GA	27,375		10,347		28,777		—		888			—		10,347		29,665		40,012		1,918		1989	Aug-16	30 years
Southaven, MS (Civic Center II)	30,564		2,077		36,128		—		609			—		2,077		36,737		38,814		2,101		2005	Sep-16	30 years
San Antonio, TX	27,000		4,620		31,380		—		680			—		4,620		32,060		36,680		1,775		2015	Sep-16	30 years
Fredericksburg, VA	29,441		6,985		32,148		—		550			—		6,985		32,698		39,683		1,368		2005	Nov-16	30 years
St. Louis, MO (Tower at OPOP)	20,000		192		27,231		—		3			—		192		27,234		27,426		693		2014	Feb-17	30 years
St. Louis, MO (Lofts at OPOP)	6,197		329		7,805		—		12			—		329		7,817		8,146		280		2014	Feb-17	30 years
Creve Coeur, MO	29,000		2,270		37,899		—		48			—		2,270		37,947		40,217		832		2016	Apr-17	30 years
West Nashville, TN	—		5,228		—		—		5,219			—		5,228		5,219		10,447		—		2017	June-17	30 years
Farmers Branch, TX	55,200		7,343		79,347		—		24			—		7,343		79,371		86,714		1,046		2016	June-17	30 years
Tallahassee, FL	21,524		3,553		24,372		—		27			—		3,553		24,399		27,952		116		1996	Aug-17	30 years
Total	$	704,170	$	140,511	$	771,391	$	49	$	68,068		$	318	$	138,095	$	839,777	$	977,872	$	66,622
																		(a)		(b)

Notes to the schedule:




(a)	Total real estate properties	$	977,872
	Less: Accumulated depreciation and amortization	(66,622		)
	Net real estate properties	$	911,250
(b)	Amortization of the Company'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:



	2017		2016		2015
Balance at beginning of year	$	793,572	$	757,027	$	635,612
Additions:
Acquisitions	239,923		318,680		129,425
Capital improvements	9,298		19,649		8,442
Capitalized development expenses and carrying costs	16,069		27,194		55,623
	265,290		365,523		193,490
Deductions:
Sales	113,552		150,786		51,394
Depreciation/amortization/paydowns	30,489		24,328		20,681
Other dispositions	3,571		—		—
Reconciliation of partnership interest	—		153,864		—
	147,612		328,978		72,075
Balance at end of year	$	911,250	$	793,572	$	757,027