Schedule III - Real Estate and Accumulated Depreciation

12 Months Ended

Dec. 31, 2021

SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract]

Schedule III - Real Estate and Accumulated Depreciation

SCHEDULE III — REAL ESTATE AND ACCUMULATED DEPRECIATION

December 31, 2021

(in thousands) 

			Initial Cost to Company				Cost  Capitalized Subsequent to Acquisition (a)		Increase  (Decrease) in Net Investments (b)		Gross Amount at which  Carried at Close of Period (c) (d)						Accumulated Depreciation (d)		Date of Construction	Date Acquired	Life on which Depreciation in Latest Statement of  Income is Computed
Description	Encumbrances		Land		Buildings						Land		Buildings		Total
Real Estate Under Operating Leases
Office facility in Austin, TX	$	72,763	$	29,215	$	67,993	$	—	$	—	$	29,215	$	67,993	$	97,208	$	17,650	1993	Aug. 2013	40 yrs.
Retail facility in Zagreb, Croatia	5,561		—		10,828		—		(1,889)		—		8,939		8,939		2,116		2005	Dec. 2013	34 yrs.
Retail facility in Zagreb, Croatia	5,370		—		10,576		—		(1,918)		—		8,658		8,658		1,936		2006	Dec. 2013	36 yrs.
Retail facility in Zagreb, Croatia	5,265		2,264		10,676		—		(2,335)		1,863		8,742		10,605		2,136		2006	Dec. 2013	34 yrs.
Retail facility in Split, Croatia	244		—		3,161		—		(580)		—		2,581		2,581		770		2001	Dec. 2013	27 yrs.
Industrial facility in Streetsboro, OH	2,683		1,163		3,393		4,123		(535)		1,163		6,981		8,144		2,230		1993	Jan. 2014	21 yrs.
Warehouse facility in University Park, IL	47,221		13,748		52,135		—		—		13,748		52,135		65,883		14,837		2003	Feb. 2014	34 - 36 yrs.
Office facility in Norcross, GA	3,044		1,044		3,361		—		—		1,044		3,361		4,405		777		1999	Feb. 2014	40 yrs.
Office facility in Oslo, Norway	43,987		14,362		59,219		47		(23,104)		9,852		40,672		50,524		8,009		2013	Feb. 2014	40 yrs.
Office facility in Warsaw, Poland	52,573		—		112,676		—		(43,442)		—		69,234		69,234		18,120		2008	Mar. 2014	40 yrs.
Industrial facility in Columbus, GA	—		448		5,841		—		—		448		5,841		6,289		1,631		1995	Apr. 2014	30 yrs.
Office facility in Farmington Hills, MI	6,498		2,251		3,390		672		47		2,251		4,109		6,360		1,140		2001	May 2014	40 yrs.
Industrial facility in Surprise, AZ	2,000		298		2,347		1,699		—		298		4,046		4,344		983		1998	May 2014	35 yrs.
Industrial facility in Temple, GA	5,783		381		6,469		—		—		381		6,469		6,850		1,690		2007	May 2014	33 yrs.
Industrial facility in Houston, TX	2,154		1,675		—		—		1,837		1,675		1,837		3,512		—		1973	May 2014	25 yrs.
Land in Chicago, IL	1,515		3,036		—		—		—		3,036		—		3,036		—		N/A	May 2014	N/A
Warehouse facility in Jonesville, SC	27,192		2,995		14,644		19,389		—		2,995		34,033		37,028		9,448		1997	Jun. 2014	28 yrs.
Office facility in Warstein, Germany	9,440		281		15,671		—		(1,711)		251		13,990		14,241		2,657		2011	Sep. 2014	40 yrs.
Warehouse facility in Albany, GA	5,591		1,141		5,997		4,690		—		1,141		10,687		11,828		2,131		1977	Oct. 2014	14 yrs.
Office facility in Stavanger, Norway	40,593		8,276		80,475		—		(22,420)		6,232		60,099		66,331		10,905		2012	Oct. 2014	40 yrs.
Office facility in Eagan, MN	9,440		1,189		11,279		—		—		1,189		11,279		12,468		2,164		2013	Nov. 2014	40 yrs.
Office facility in Plymouth, MN	26,710		3,990		30,320		646		—		3,990		30,966		34,956		5,858		1982	Nov. 2014	40 yrs.
Industrial facility in Dallas, TX	1,449		512		1,283		2		—		512		1,285		1,797		412		1990	Nov. 2014	26 yrs.
Industrial facility in Dallas, TX	682		509		340		2		—		509		342		851		181		1990	Nov. 2014	20 yrs.
Industrial facility in Dallas, TX	242		128		204		2		—		128		206		334		91		1990	Nov. 2014	21 yrs.
Industrial facility in Dallas, TX	1,050		360		1,120		1		—		360		1,121		1,481		338		1990	Nov. 2014	29 yrs.
Industrial facility in Fort Worth, TX	1,063		809		671		1		—		809		672		1,481		295		2008	Nov. 2014	30 yrs.
Industrial and warehouse facility in Byron Center, MI	6,855		625		1,005		9,515		—		625		10,520		11,145		1,688		2015	Nov. 2014	40 yrs.
Office facility in Rotterdam, Netherlands	36,121		2,247		27,150		—		(5,488)		1,480		22,429		23,909		3,991		1960	Dec. 2014	40 yrs.

SCHEDULE III — REAL ESTATE AND ACCUMULATED DEPRECIATION (Continued)

December 31, 2021

(in thousands) 

			Initial Cost to Company				Cost  Capitalized Subsequent to Acquisition (a)		Increase  (Decrease) in Net Investments (b)		Gross Amount at which  Carried at Close of Period (c) (d)						Accumulated Depreciation (d)		Date of Construction	Date Acquired	Life on which Depreciation in Latest Statement of  Income is Computed
Description	Encumbrances		Land		Buildings						Land		Buildings		Total
Office facility in Rotterdam, Netherlands	—		2,246		27,136		—		48		2,597		26,833		29,430		4,792		1960	Dec. 2014	40 yrs.
Hotel in Albion, Mauritius	15,290		4,047		54,927		243		(4,148)		3,766		51,303		55,069		10,849		2007	Dec. 2014	40 yrs.
Office facility in Eindhoven, Netherlands	53,956		8,736		14,493		78,956		879		13,553		89,511		103,064		10,805		2017	Mar. 2015	40 yrs.
Office facility in Plano, TX	21,867		3,180		26,926		—		—		3,180		26,926		30,106		4,714		2001	Apr. 2015	40 yrs.
Hotel in Munich, Germany	47,620		8,497		41,883		42,982		(5,962)		10,164		77,236		87,400		8,284		2017	May 2015	40 yrs.
Warehouse facility in Plymouth, MN	10,466		2,537		9,731		1,019		—		2,537		10,750		13,287		2,742		1975	May 2015	32 yrs.
Retail facility in Oslo, Norway	61,722		61,607		34,183		985		(13,869)		52,658		30,248		82,906		8,795		1971	May 2015	30 yrs.
Hotel in Hamburg, Germany	17,092		5,719		1,530		21,713		(245)		5,879		22,838		28,717		2,519		2017	Jun. 2015	40 yrs.
Office facility in Jacksonville, FL	10,377		1,688		10,082		—		—		1,688		10,082		11,770		1,858		2001	Jul. 2015	40 yrs.
Office facility in Warrenville, IL	21,956		2,222		25,449		1,574		—		2,222		27,023		29,245		4,957		2001	Sep. 2015	40 yrs.
Office facility in Coralville, IA	34,619		1,937		31,093		5,048		—		1,937		36,141		38,078		5,823		2015	Oct. 2015	40 yrs.
Industrial facility in Michalovce, Slovakia	12,681		1,055		10,808		13,978		124		1,386		24,579		25,965		3,713		2006	Oct. 2015	40 yrs.
Hotel in Stuttgart, Germany	14,532		—		25,717		1,175		1,053		—		27,945		27,945		4,806		1965	Dec. 2015	35 yrs.
Industrial facility in Menomonee Falls, WI	12,728		1,680		19,600		—		—		1,680		19,600		21,280		732		1974	Dec. 2015	35 yrs.
Warehouse facility in Iowa City, IA	6,173		913		5,785		—		—		913		5,785		6,698		1,138		2001	Mar. 2017	28 yrs.
Net-lease student housing facility in Malaga, Spain	25,433		3,293		4,044		43,638		(4,105)		4,103		42,767		46,870		1,705		2020	Oct. 2017	40 yrs.
Net-lease student housing facility in Barcelona, Spain	13,142		7,453		3,574		20,084		639		8,596		23,154		31,750		1,760		2019	Mar. 2018	40 yrs.
Net-lease student housing facility in Coimbra, Portugal	14,874		6,963		3,341		24,793		(1,594)		6,632		26,871		33,503		467		2021	Jun. 2018	40 yrs.
Net-lease student housing facility in San Sebastian, Spain	22,127		4,891		8,235		25,013		(1,689)		5,441		31,009		36,450		1,407		2020	Jun. 2018	40 yrs.
Net-lease student housing facility in Barcelona, Spain	18,908		9,491		3,596		20,436		(1,251)		10,671		21,601		32,272		1,015		2020	Jun. 2018	40 yrs.
Net-lease student housing facility in Seville, Spain	24,096		12,027		2,120		32,446		(2,267)		11,383		32,943		44,326		524		2021	Nov. 2018	40 yrs.
Net-lease student housing facility in Bilbao, Spain	30,733		11,796		4,667		40,256		(2,310)		11,289		43,120		54,409		550		2021	Dec. 2018	40 yrs.
Net-lease student housing facility in Porto, Portugal	14,992		5,229		956		22,683		(920)		5,203		22,745		27,948		1,147		2020	Dec. 2018	40 yrs.
Net-lease student housing facility in Pamplona, Spain	18,629		10,492		2,375		19,913		(1,417)		9,994		21,369		31,363		377		2021	Feb. 2019	40 yrs.
Industrial facility in Houston, TX	—		1,923		7,058		—		—		1,923		7,058		8,981		1		2011	Dec. 2021	40 yrs.
	$	947,102	$	272,569	$	921,533	$	457,724	$	(138,572)	$	264,590	$	1,248,664	$	1,513,254	$	199,664

SCHEDULE III — REAL ESTATE AND ACCUMULATED DEPRECIATION (Continued)

December 31, 2021

(in thousands) 

			Initial Cost to Company				Cost Capitalized Subsequent to Acquisition (a)		Increase  (Decrease) in Net Investments (b)		Gross Amount at which Carried at Close of Period Total		Date of Construction	Date Acquired
Description	Encumbrances		Land		Buildings
Direct Financing Method
Warehouse facility in Chicago, IL	$	5,709	$	—	$	8,564	$	1,381	$	1,504	$	11,449	1942	May 2014
	$	5,709	$	—	$	8,564	$	1,381	$	1,504	$	11,449

			Initial Cost to Company						Costs  Capitalized Subsequent to Acquisition (a)		Increase  (Decrease) in Net Investments (b)		Gross Amount at which Carried  at Close of Period (c) (d)												Life on which Depreciation in Latest Statement of Income is Computed
Description	Encumbrances		Land		Buildings		Personal Property						Land		Buildings		Personal Property		Total		Accumulated Depreciation (d)		Date of Construction	Date Acquired
Operating Real Estate – Student Housing Facility
Austin, TX	$	51,299	$	10,623	$	3,043	$	—	$	65,760	$	—	$	10,624	$	67,476	$	1,326	$	79,426	$	2,627	2020	Sep. 2018	40 yrs.
Operating Real Estate – Self-Storage Facilities
Kissimmee, FL	6,450		3,306		7,190		—		158		(18)		3,306		7,235		95		10,636		1,724		2005	Jan. 2014	38 yrs.
St. Petersburg, FL	6,911		3,258		7,128		—		167		4		3,258		7,252		47		10,557		1,627		2007	Jan. 2014	40 yrs.
Corpus Christi, TX	2,623		340		3,428		—		399		4		340		3,695		136		4,171		1,224		1998	Jul. 2014	28 yrs.
Kailua-Kona, HI	3,628		1,356		3,699		—		335		13		1,356		3,987		60		5,403		1,125		1991	Jul. 2014	32 yrs.
Miami, FL	2,920		1,915		1,894		—		237		7		1,915		2,063		75		4,053		574		1986	Aug. 2014	33 yrs.
Palm Desert, CA	6,631		669		8,899		—		96		4		669		8,951		48		9,668		1,812		2006	Aug. 2014	40 yrs.
Columbia, SC	2,941		1,065		2,742		—		242		15		1,065		2,879		120		4,064		956		1988	Sep. 2014	27 - 30 yrs.
Kailua-Kona, HI	3,393		2,263		2,704		—		110		4		2,263		2,754		64		5,081		776		2004	Oct. 2014	32 yrs.
Pompano Beach, FL	2,926		700		3,436		—		826		2		700		4,183		81		4,964		1,310		1992	Oct. 2014	28 yrs.
Jensen Beach, FL	5,400		1,596		5,963		—		343		—		1,596		6,229		77		7,902		1,412		1989	Nov. 2014	37 yrs.
Dickinson, TX	6,237		1,680		7,165		—		228		2		1,680		7,255		140		9,075		1,842		2001	Dec. 2014	35 yrs.
Humble, TX	4,882		341		6,582		—		40		3		341		6,586		39		6,966		1,355		2009	Dec. 2014	39 yrs.
Temecula, CA	6,299		449		8,574		—		55		(6)		449		8,590		33		9,072		1,790		2006	Dec. 2014	37 yrs.
Cumming, GA	2,767		300		3,531		—		163		—		300		3,620		74		3,994		1,169		1994	Dec. 2014	27 yrs.
Naples, FL	10,367		3,073		10,677		—		1,519		19		3,073		12,046		169		15,288		3,474		1974	Jan. 2015	31 yrs.
Valrico, FL	5,812		695		7,558		—		307		(200)		695		7,637		28		8,360		1,375		2009	Jan. 2015	40 yrs.
Tallahassee, FL	4,900		1,796		4,782		—		222		2		1,795		4,892		115		6,802		1,186		1999	Feb. 2015	24 yrs.
Sebastian, FL	1,873		474		2,031		—		417		—		474		2,377		71		2,922		941		1986	Feb. 2015	20 yrs.
Lady Lake, FL	3,929		522		4,809		—		242		—		522		5,040		11		5,573		1,004		2010	Feb. 2015	40 yrs.

SCHEDULE III — REAL ESTATE AND ACCUMULATED DEPRECIATION (Continued)

December 31, 2021

(in thousands) 

		Initial Cost to Company			Costs  Capitalized Subsequent to Acquisition (a)	Increase  (Decrease) in Net Investments (b)	Gross Amount at which Carried   at Close of Period (c) (d)							Life on which Depreciation in Latest Statement of Income is Computed
Description	Encumbrances	Land	Buildings	Personal Property			Land	Buildings	Personal Property	Total	Accumulated Depreciation (d)	Date of Construction	Date Acquired
Panama City Beach, FL	2,610	706	2,864	—	64	5	706	2,892	41	3,639	718	1997	Mar. 2015	36 yrs.
Hesperia, CA	—	779	5,504	—	134	—	779	5,572	66	6,417	1,805	2004	Apr. 2015	27 yrs.
Hesperia, CA	—	335	1,999	—	112	—	335	2,102	9	2,446	723	2007	Apr. 2015	28 yrs.
Hesperia, CA	—	384	3,042	—	318	—	384	3,317	43	3,744	1,328	1985	Apr. 2015	20 yrs.
Highland, CA	—	1,056	3,366	—	52	—	1,056	3,400	18	4,474	822	2003	Apr. 2015	36 yrs.
Lancaster, CA	—	217	4,355	—	86	—	217	4,390	51	4,658	1,117	1989	Apr. 2015	31 yrs.
Rialto, CA	—	1,905	3,642	—	72	—	1,905	3,676	38	5,619	1,026	2007	Apr. 2015	30 yrs.
Thousand Palms, CA	—	1,115	5,802	—	110	2	1,115	5,883	31	7,029	1,601	2007	Apr. 2015	31 yrs.
Louisville, KY	6,593	2,973	6,056	—	198	—	2,973	6,183	71	9,227	1,757	1998	Apr. 2015	32 yrs.
Lilburn, GA	2,332	1,499	1,658	—	122	—	1,499	1,726	54	3,279	865	1998	Apr. 2015	18 yrs.
Stockbridge GA	1,620	170	1,996	—	253	—	170	2,196	53	2,419	754	2003	Apr. 2015	34 yrs.
Crystal Lake, IL	2,627	811	2,723	—	83	—	811	2,791	15	3,617	878	1977	May 2015	24 yrs.
Las Vegas, NV	6,357	450	8,381	—	163	—	450	8,488	56	8,994	1,672	1996	May 2015	38 yrs.
Panama City Beach, FL	6,145	347	8,233	5	99	1	347	8,293	45	8,685	1,460	2008	May 2015	40 yrs.
Sarasota, FL	5,169	835	6,193	—	157	—	835	6,317	33	7,185	1,232	2003	Jun. 2015	40 yrs.
Sarasota, FL	3,779	465	4,576	—	100	—	465	4,633	43	5,141	878	2001	Jun. 2015	39 yrs.
St. Peters, MO	2,298	199	2,888	—	217	—	199	3,021	84	3,304	665	1991	Jun. 2015	35 yrs.
Leesburg, FL	2,391	731	2,480	—	122	—	731	2,565	37	3,333	893	1988	Jul. 2015	23 yrs.
Palm Bay, FL	7,105	2,179	7,367	—	293	—	2,179	7,555	105	9,839	1,836	2000	Jul. 2015	34 yrs.
Houston, TX	4,594	1,067	4,965	—	653	—	1,067	5,589	29	6,685	1,622	1971	Aug. 2015	27 yrs.
Ithaca, NY	2,276	454	2,211	—	40	—	454	2,240	11	2,705	661	1988	Sep. 2015	26 yrs.
Las Vegas, NV	2,333	783	2,417	—	384	—	783	2,784	17	3,584	1,184	1984	Sep. 2015	14 yrs.
Las Vegas, NV	2,204	664	2,762	1	613	—	664	3,333	43	4,040	1,257	1987	Sep. 2015	17 yrs.
Hudson, FL	3,232	364	4,188	—	28	—	364	4,192	24	4,580	767	2008	Sep. 2015	40 yrs.
Kissimmee, FL	—	407	8,027	—	89	—	407	8,087	29	8,523	1,328	2015	Oct. 2015	40 yrs.
El Paso, TX	3,698	1,275	3,339	—	321	—	1,275	3,646	14	4,935	741	1983	Oct. 2015	35 yrs.
El Paso, TX	2,538	921	2,764	—	82	—	921	2,845	1	3,767	614	1980	Oct. 2015	35 yrs.
El Paso, TX	3,605	594	4,154	—	29	—	594	4,154	29	4,777	826	1980	Oct. 2015	35 yrs.
El Paso, TX	3,622	594	3,867	—	153	—	594	3,982	38	4,614	831	1986	Oct. 2015	35 yrs.
El Paso, TX	1,426	337	2,024	—	110	—	337	2,124	10	2,471	427	1985	Oct. 2015	35 yrs.
El Paso, TX	3,711	782	3,825	—	32	—	782	3,836	21	4,639	1,000	1980	Oct. 2015	35 yrs.
Fernandina Beach, FL	7,248	1,785	7,133	—	266	—	1,785	7,310	89	9,184	1,440	1986	Oct. 2015	25 yrs.
Kissimmee, FL	3,437	1,371	3,020	3	327	—	1,371	3,315	35	4,721	946	1981	Oct. 2015	24 yrs.

SCHEDULE III — REAL ESTATE AND ACCUMULATED DEPRECIATION (Continued)

December 31, 2021

(in thousands)

			Initial Cost to Company						Costs  Capitalized Subsequent to Acquisition (a)		Increase  (Decrease) in Net Investments (b)		Gross Amount at which Carried   at Close of Period (c) (d)												Life on which Depreciation in Latest Statement of Income is Computed
Description	Encumbrances		Land		Buildings		Personal Property						Land		Buildings		Personal Property		Total		Accumulated Depreciation (d)		Date of Construction	Date Acquired
Houston, TX	2,751		817		3,438		—		80		(2)		817		3,473		43		4,333		845		1998	Oct. 2015	30 yrs.
Houston, TX	2,950		708		3,778		—		171		—		708		3,849		100		4,657		970		2001	Nov. 2015	30 yrs.
Greensboro, NC	4,035		716		4,108		—		1,465		—		716		5,475		98		6,289		1,633		1953	Dec. 2015	20 yrs.
Portland, OR	6,347		897		8,831		—		155		(6)		897		8,922		58		9,877		1,405		2000	Dec. 2015	40 yrs.
Kissimmee, FL	—		1,094		4,298		—		78		—		1,094		4,338		38		5,470		1,036		2000	Jan. 2016	32 yrs.
Avondale, LA	3,418		808		4,245		—		10		(11)		808		4,237		7		5,052		764		2008	Jan. 2016	40 yrs.
Gilroy, California	—		2,704		7,451		—		101		—		2,704		7,499		53		10,256		1,691		1999	Feb. 2016	35 yrs.
Washington, D.C.	6,621		3,185		8,177		—		31		—		3,185		8,203		5		11,393		1,409		1962	Apr. 2016	34 yrs.
Milford, MA	—		751		6,290		—		8		—		751		6,290		8		7,049		1,148		2003	Apr. 2016	37 yrs.
Millsboro, DE	—		807		5,152		—		33		—		807		5,174		11		5,992		982		2001	Apr. 2016	35 yrs.
New Castle, DE	4,466		994		5,673		—		31		—		994		5,680		24		6,698		916		2005	Apr. 2016	38 yrs.
Rehoboth, DE	8,347		1,229		9,945		—		29		—		1,229		9,952		22		11,203		1,764		1999	Apr. 2016	38 yrs.
Chicago, IL	—		796		2,112		—		160		—		796		2,214		58		3,068		495		1990	Nov. 2016	25 yrs.
	$	274,073	$	80,481	$	317,154	$	9	$	80,100	$	(156)	$	80,481	$	392,490	$	4,617	$	477,588	$	80,035

___________

(a)Consists of the cost of improvements subsequent to purchase and acquisition costs, including construction costs on development project transactions, legal fees, appraisal fees, title costs, and other related professional fees. For business combinations, transaction costs are excluded.

(b)The increase (decrease) in net investment was primarily due to (i) changes in foreign currency exchange rates, (ii) the amortization of unearned income from net investments in direct financing leases, which produces a periodic rate of return that at times may be greater or less than lease payments received, (iii) reclassifications from net investments in direct financing leases to real estate subject to operating leases, and (iv) allowance for credit losses.

(c)Excludes (i) gross lease intangible assets of $250.7 million and the related accumulated amortization of $168.6 million, (ii) gross lease intangible liabilities of $14.7 million and the related accumulated amortization of $8.8 million, and (iii) real estate under construction of $103.3 million.

(d)A reconciliation of real estate and accumulated depreciation follows:

NOTES TO SCHEDULE III — REAL ESTATE AND ACCUMULATED DEPRECIATION

(in thousands)

	Reconciliation of Real Estate Subject to Operating Leases
	Years Ended December 31,
	2021		2020		2019
Beginning balance	$	1,440,354	$	1,200,645	$	1,210,776
Reclassification from real estate under construction	170,919		157,996		58
Foreign currency translation adjustment	(72,745)		62,373		(11,893)
Impairment charges	(23,551)		—		—
Dispositions	(13,417)		(3,391)		(29,974)
Acquisitions	8,981		—		—
Reclassification from direct financing leases	1,837		21,280		—
Capital improvements	876		1,451		892
Reclassification from operating real estate	—		—		30,786
Ending balance	$	1,513,254	$	1,440,354	$	1,200,645

	Reconciliation of Accumulated Depreciation  for Real Estate Subject to Operating Leases
	Years Ended December 31,
	2021		2020		2019
Beginning balance	$	172,319	$	135,922	$	112,061
Depreciation expense	37,051		30,449		29,339
Foreign currency translation adjustment	(7,400)		6,889		(924)
Dispositions	(2,306)		(941)		(4,554)
Ending balance	$	199,664	$	172,319	$	135,922

	Reconciliation of Operating Real Estate
	Years Ended December 31,
	2021		2020		2019
Beginning balance	$	596,998	$	512,485	$	503,149
Dispositions	(123,319)		—		(48)
Capital improvements	1,800		1,620		2,270
Foreign currency translation adjustment	1,615		3,966		3,014
Reclassification from real estate under construction	494		78,927		34,886
Reclassification to real estate	—		—		(30,786)
Ending balance	$	477,588	$	596,998	$	512,485

	Reconciliation of Accumulated  Depreciation for Operating Real Estate
	Years Ended December 31,
	2021		2020		2019
Beginning balance	$	73,569	$	57,237	$	41,969
Depreciation expense	16,217		16,013		15,163
Dispositions	(9,842)		—		(22)
Foreign currency translation adjustment	91		319		127
Ending balance	$	80,035	$	73,569	$	57,237

As of December 31, 2021, the aggregate cost of real estate we and our consolidated subsidiaries own for federal income tax purposes was $2.3 billion.