REXFORD INDUSTRIAL REALTY, INC.

SCHEDULE III – REAL ESTATE AND ACCUMULATED DEPRECIATION

(Dollars in thousands)



				Initial Cost				Costs Capitalized Subsequent to Acquisition			Gross Amounts at Which Carried at Close of Period
Property Address	Location	Encumbrances		Land		Building and Improvements		Building and Improvements			Land ⁽¹⁾		Building & Improvements ⁽¹⁾		Total		Accumulated Depreciation ⁽²⁾			Year Build / Year Renovated	Year Acquired
15241 - 15277, 15317 - 15339 Don Julian Rd.	City of Industry, CA	--	⁽³⁾	$	3,875	$	2,407	$	9,493		$	3,875	$	11,900	$	15,775	$	(5,405	)	1965, 2005 / 2003	2002
300 South Lewis Rd.	Camarillo, CA	--	⁽³⁾	4,150		3,050		6,921			4,150		9,971		14,121		(5,072		)	1960-1963 / 2006	2003
1400 South Shamrock	Monrovia, CA	--		2,317		2,534		675			2,317		3,209		5,526		(1,963		)	1957, 1962 / 2004	2003
2220-2260 Camino del Sol	Oxnard, CA	--	⁽³⁾	868		—		4,143			868		4,143		5,011		(1,306		)	2005	2003
14250-14278 Valley Blvd.	La Puente, CA	--		2,539		2,020		2,271			2,539		4,291		6,830		(2,101		)	1974 / 2007	2003
2300-2386 East Walnut Ave.	Fullerton, CA	--	⁽³⁾	6,817		6,089		760			6,817		6,849		13,666		(3,279		)	1985-1986 / 2005	2004
15140 & 15148 Bledsoe St., 13065 - 13081 Bradley Ave.	Sylmar, CA	--		2,525		3,380		6,045			2,525		9,425		11,950		(3,081		)	1969, 2008 / 2006 / 2016	2004
28340 - 28400 Avenue Crocker	Valencia, CA	--		2,666		3,343		3,339			2,666		6,682		9,348		(2,465		)	1987 / 2006 / 2015	2004
21-29 West Easy St.	Simi Valley, CA	--		2,346		4,522		1,992			2,346		6,514		8,860		(2,600		)	1991 / 2006	2004
10439-10477 Roselle St.	San Diego, CA	--		4,711		3,199		1,065			4,711		4,264		8,975		(504		)	1970 / 2007	2013
12345 First American Way	Poway, CA	--		2,469		2,489		2,818			800		3,776		4,576		(1,481		)	2002 / 2007	2005
1631 N. Placentia Ave., 2350 - 2384 E. Orangethorpe Ave.	Anaheim, CA	--		4,893		1,386		1,185			4,893		2,571		7,464		(1,082		)	1973 / 2007	2005
2575 Pioneer Ave.	Vista, CA	--		1,784		2,974		1,824			1,784		4,798		6,582		(2,020		)	1988 / 2006	2004
311, 319 & 329 157th St.	Gardena, CA	--		2,508		529		1,314			2,508		1,843		4,351		(738		)	1960-1971 / 2006-2011	2006
9641 - 9657 Santa Fe Springs Rd.	Santa Fe Springs, CA	--		3,740		260		6,897			3,740		7,157		10,897		(1,696		)	1982 / 2009	2006
28159 Avenue Stanford	Valencia, CA	--		1,849		6,776		3,562			1,849		10,338		12,187		(3,768		)	1987 / 2008 / 2015	2006
15715 Arrow Highway	Irwindale, CA	--	⁽³⁾	3,604		5,056		(86		)	3,604		4,970		8,574		(2,021		)	1989	2006
2431-2465 Impala Dr.	Carlsbad, CA	--		5,470		7,308		3,547			5,470		10,855		16,325		(3,968		)	1983 / 2006	2006
6200 & 6300 Yarrow Dr.	Carlsbad, CA	--		5,001		7,658		3,441			5,001		11,099		16,100		(4,758		)	1977-1988 / 2006	2005



			Initial Cost		Costs Capitalized Subsequent to Acquisition	Gross Amounts at Which Carried at Close of Period
Property Address	Location	Encumbrances	Land	Building and Improvements	Building and Improvements	Land ⁽¹⁾	Building & Improvements ⁽¹⁾	Total	Accumulated Depreciation ⁽²⁾		Year Build / Year Renovated	Year Acquired
6231 & 6241 Yarrow Dr.	Carlsbad, CA	--	3,473	5,119	1,050	3,473	6,169	9,642	(2,689	)	1977 / 2006	2006
9160 - 9220 Cleveland Ave., 10860 6th St.	Rancho Cucamonga, CA	--	3,647	11,867	2,354	3,647	14,221	17,868	(6,653	)	1988-1989 / 2006	2006
9375 Archibald Ave.	Rancho Cucamonga, CA	--	3,572	3,239	2,001	1,808	3,817	5,625	(1,640	)	1980 / 2007	2007
18118-18120 S. Broadway	Carson, CA	--	3,013	2,161	324	3,013	2,485	5,498	(438	)	1957 / 1989	2013
901 W. Alameda Ave.	Burbank, CA	--	6,304	2,996	5,175	6,304	8,171	14,475	(3,178	)	1969 / 2009	2007
1938-1946 E. 46th St.	Vernon, CA	--	7,015	7,078	1,589	7,015	8,667	15,682	(2,893	)	1961, 1983 / 2008-2010	2007
700 Allen Ave., & 1830 Flower	Glendale, CA	--	3,386	666	1,359	3,386	2,025	5,411	(351	)	1949, 1961 / 2011-2012	2008
89-91 N. San Gabriel Blvd., 2670-2674 Walnut Ave., 2675 Nina St.	Pasadena, CA	--	1,759	2,834	1,892	1,759	4,726	6,485	(1,399	)	1947, 1985 / 2009	2008
9220-9268 Hall Rd.	Downey, CA	--	6,974	2,902	131	6,974	3,033	10,007	(1,075	)	2008	2009
131 W. 33rd St.	National City, CA	--	2,390	5,029	333	2,390	5,362	7,752	(2,181	)	1969 / 2008	2006
5803 Newton Dr.	Carlsbad, CA	--	3,152	7,155	1,664	1,692	5,697	7,391	(2,431	)	1997-1999 / 2009	2007
929, 935, 939 & 951 Poinsettia Ave.	Vista, CA	--	4,453	5,900	703	2,830	4,641	7,471	(1,775	)	1989 / 2007	2008
200-220 South Grand Ave.	Santa Ana, CA	--	2,579	667	259	2,371	880	3,251	(318	)	1973 / 2008	2007
3720-3750 W. Warner Ave.	Santa Ana, CA	--	3,028	1,058	744	3,028	1,802	4,830	(665	)	1973 / 2008	2007
6750 Unit B-C - 6780 Central Ave.	Riverside, CA	--	3,323	1,118	1,184	1,441	1,780	3,219	(839	)	1978	2007
77-700 Enfield Lane	Palm Desert, CA	--	1,110	1,189	324	397	806	1,203	(341	)	1990	2007
1050 Arroyo Ave.	San Fernando, CA	--	3,092	1,900	399	3,092	2,299	5,391	(351	)	1969 / 2012	2010
600-650 South Grand Ave.	Santa Ana, CA	--	4,298	5,075	669	4,298	5,744	10,042	(816	)	1988	2010
121-125 N. Vinedo Ave.	Pasadena, CA	--	3,481	3,530	1	3,481	3,531	7,012	(699	)	1953 / 1993	2011
3441 West MacArthur Blvd.	Santa Ana, CA	--	4,179	5,358	5	4,179	5,363	9,542	(731	)	1973	2011
6701 & 6711 Odessa Ave.	Van Nuys, CA	--	1,582	1,856	99	1,582	1,955	3,537	(252	)	1970-1972 / 2012	2011
13914-13932 Valley Blvd.	La Puente, CA	--	2,372	2,431	313	2,372	2,744	5,116	(391	)	1978, 1988 / 2012	2011



				Initial Cost		Costs Capitalized Subsequent to Acquisition	Gross Amounts at Which Carried at Close of Period
Property Address	Location	Encumbrances		Land	Building and Improvements	Building and Improvements	Land ⁽¹⁾	Building & Improvements ⁽¹⁾	Total	Accumulated Depreciation ⁽²⁾		Year Build / Year Renovated	Year Acquired
10700 Jersey Blvd.	Rancho Cucamonga, CA	--		3,158	4,860	360	3,158	5,220	8,378	(804	)	1988-1989	2011
15705, 15709 Arrow Highway & 5220 Fourth St.	Irwindale, CA	--		3,608	2,699	171	3,608	2,870	6,478	(440	)	1987	2011
20920-20950 Normandie Ave.	Torrance, CA	--		3,253	1,605	254	3,253	1,859	5,112	(279	)	1989	2011
14944, 14946, 14948 Shoemaker Ave.	Santa Fe Springs, CA	--		3,720	2,641	307	3,720	2,948	6,668	(466	)	1978 / 2012	2011
6423-6431 & 6407-6119 Alondra Blvd.	Paramount, CA	--		1,396	925	15	1,396	940	2,336	(153	)	1986	2011
1400 S. Campus Ave.	Ontario, CA	--		3,266	2,961	2	3,266	2,963	6,229	(1,331	)	1964-1966, 1973, 1987	2012
15041 Calvert St.	Van Nuys, CA	--		4,096	1,570	2	4,096	1,572	5,668	(243	)	1971	2012
701 Del Norte Blvd.	Oxnard, CA	--		3,082	6,230	101	3,082	6,331	9,413	(935	)	2000	2012
3350 Tyburn St., 3332, 3334, 3360, 3368, 3370, 3378, 3380, 3410, 3424 N. San Fernando Rd.	Los Angeles, CA	--		17,978	39,471	2,083	17,978	41,554	59,532	(5,595	)	1966, 1992, 1993, 1994	2013
8900-8980 Benson Ave., 5637 Arrow Highway	Montclair, CA	--		2,285	4,778	709	2,285	5,487	7,772	(858	)	1974	2013
1661 240th St.	Los Angeles, CA	--		3,043	2,550	3,614	3,043	6,164	9,207	(742	)	1975 / 1995	2013
8101-8117 Orion Ave.	Van Nuys, CA	--		1,389	3,872	246	1,389	4,118	5,507	(584	)	1978	2013
18310-18330 Oxnard St.	Tarzana, CA	--		2,497	5,494	710	2,497	6,204	8,701	(904	)	1973	2013
1100-1170 Gilbert St. & 2353-2373 La Palma Ave.	Anaheim, CA	2,764	⁽⁴⁾	4,582	5,135	200	4,582	5,335	9,917	(887	)	1972 / 1990 / 2013	2013
280 Bonita Ave., 2743 Thompson Creek Rd.	Pomona, CA	--		8,001	17,734	9	8,001	17,743	25,744	(2,037	)	1983	2013
2950 Madera Rd.	Simi Valley, CA	--	⁽³⁾	3,601	8,033	2	3,601	8,035	11,636	(918	)	1988 / 2005	2013
10635 Vanowen St.	Burbank, CA	--		1,517	1,833	618	1,517	2,451	3,968	(286	)	1977	2013
7110 Rosecrans Ave.	Paramount, CA	--		3,117	1,894	870	3,117	2,764	5,881	(280	)	1972 / 2015	2014
14723-14825 Oxnard St.	Van Nuys, CA	--		4,458	3,948	1,083	4,458	5,031	9,489	(560	)	1964 / 1968	2014
845, 855, 865 S Milliken Ave & 4317, 4319 Santa Ana St.	Ontario, CA	--		2,260	6,043	226	2,260	6,269	8,529	(923	)	1985	2014
1500-1510 W. 228th St.	Torrance, CA	--		2,428	4,271	2,093	2,428	6,364	8,792	(523	)	1963 / 1968	2014



			Initial Cost		Costs Capitalized Subsequent to Acquisition	Gross Amounts at Which Carried at Close of Period
Property Address	Location	Encumbrances	Land	Building and Improvements	Building and Improvements	Land ⁽¹⁾	Building & Improvements ⁽¹⁾	Total	Accumulated Depreciation ⁽²⁾		Year Build / Year Renovated	Year Acquired
24105 Frampton Ave.	Torrance, CA	--	2,315	1,553	1,875	2,315	3,428	5,743	(75	)	1974 / 2016	2014
1700 Saturn Way	Seal Beach, CA	--	7,935	10,525	—	7,935	10,525	18,460	(1,124	)	2006	2014
2980 & 2990 N San Fernando Road	Burbank, CA	--	6,373	7,356	257	6,373	7,613	13,986	(1,012	)	1950 / 2004	2014
20531 Crescent Bay Dr.	Lake Forest, CA	--	2,181	4,012	242	2,181	4,254	6,435	(479	)	1998	2014
2610 & 2701 S. Birch Street	Santa Ana, CA	--	9,305	2,115	3,894	9,305	6,009	15,314	(216	)	1965 / 2016	2014
710 South Dupont Avenue & 4051 Santa Ana Street	Ontario, CA	--	3,725	6,145	42	3,725	6,187	9,912	(669	)	2001	2014
9755 Distribution Ave.	San Diego, CA	--	1,863	3,211	172	1,863	3,383	5,246	(521	)	1974	2014
9855 Distribution Ave	San Diego, CA	--	2,733	5,041	13	2,733	5,054	7,787	(566	)	1983	2014
9340 Cabot Drive	San Diego, CA	--	4,311	6,126	163	4,311	6,289	10,600	(702	)	1975 / 1976	2014
9404 Cabot Drive	San Diego, CA	--	2,413	3,451	18	2,413	3,469	5,882	(393	)	1975 / 1976	2014
9455 Cabot Drive	San Diego, CA	--	4,423	6,799	238	4,423	7,037	11,460	(828	)	1975 / 1976	2014
14955-14971 E Salt Lake Ave	City of Industry, CA	--	5,125	5,009	744	5,125	5,753	10,878	(632	)	1979	2014
5235 East Hunter Ave.	Anaheim, CA	--	5,240	5,065	85	5,240	5,150	10,390	(943	)	1987	2014
3880 West Valley Blvd.	Pomona, CA	--	3,982	4,796	65	3,982	4,861	8,843	(966	)	1980	2014
1601 Alton Pkwy.	Irvine, CA	--	7,638	4,946	4,944	7,638	9,890	17,528	(516	)	1974	2014
3116 W. Avenue 32	Los Angeles, CA	--	3,761	6,729	1,029	3,761	7,758	11,519	(682	)	1974	2014
21040 Nordoff Street; 9035 Independence Avenue; 21019 - 21045 Osborne Street	Chatsworth, CA	--	7,230	9,058	743	7,230	9,801	17,031	(1,073	)	1979 / 1980	2014
24935 & 24955 Avenue Kearny	Santa Clarita, CA	--	4,773	5,970	469	4,773	6,439	11,212	(853	)	1988	2014
605 8th Street	San Fernando, CA	--	2,393	2,742	1,744	2,393	4,486	6,879	(202	)	1991 / 2015	2014
9120 Mason Ave.	Chatsworth, CA	--	9,224	19,346	—	9,224	19,346	28,570	(1,746	)	1967 / 1999	2014
7900 Nelson Rd.	Los Angeles, CA	--	8,495	15,948	1,918	8,495	17,866	26,361	(1,290	)	1998 / 2015	2014
679-691 S Anderson St.	Los Angeles, CA	--	1,723	4,767	1,056	1,723	5,823	7,546	(253	)	1992	2014



				Initial Cost		Costs Capitalized Subsequent to Acquisition	Gross Amounts at Which Carried at Close of Period
Property Address	Location	Encumbrances		Land	Building and Improvements	Building and Improvements	Land ⁽¹⁾	Building & Improvements ⁽¹⁾	Total	Accumulated Depreciation ⁽²⁾		Year Build / Year Renovated	Year Acquired
10509 Business Drive	Fontana, CA	--		3,505	5,237	136	3,505	5,373	8,878	(500	)	1989	2014
13231 Slover Avenue	Fontana, CA	--		2,812	4,739	159	2,812	4,898	7,710	(449	)	1990	2014
240 W Ivy Avenue	Inglewood, CA	--		2,064	3,675	844	2,064	4,519	6,583	(334	)	1981	2014
3000 Paseo Mercado, 3120-3150 Paseo Mercado	Oxnard, CA	--		2,616	8,311	277	2,616	8,588	11,204	(821	)	1988	2014
2350-2380 Eastman Ave	Oxnard, CA	--		1,805	3,856	59	1,805	3,915	5,720	(473	)	2003	2014
1800 Eastman Ave	Oxnard, CA	--		842	2,209	—	842	2,209	3,051	(294	)	2009	2014
2360-2364 E. Sturgis Road	Oxnard, CA	--		1,128	2,726	308	1,128	3,034	4,162	(297	)	1989	2014
201 Rice Ave. & 2400-2420 Celsius	Oxnard, CA	--		3,487	9,589	90	3,487	9,679	13,166	(928	)	2008	2014
11120, 11160, 11200 Hindry Ave	Los Angeles, CA	--		3,478	7,834	167	3,478	8,001	11,479	(708	)	1992 / 1994	2014
6970-7170 & 7310-7374 Convoy Ct.	San Diego, CA	--		10,805	18,426	697	10,805	19,123	29,928	(1,825	)	1971	2014
12907 Imperial Highway	Santa Fe Springs, CA	5,362	⁽⁵⁾	5,462	6,678	—	5,462	6,678	12,140	(523	)	1997	2015
8902-8940 Activity Rd	San Diego, CA	--		9,427	8,103	290	9,427	8,393	17,820	(768	)	1987 / 1997	2015
1210 N Red Gum St	Anaheim, CA	--		3,326	4,020	111	3,326	4,131	7,457	(378	)	1985	2015
9401 De Soto Ave	Chatsworth, CA	--		6,352	7,764	3,695	6,352	11,459	17,811	(137	)	1983	2015
9615 Norwalk Blvd.	Santa Fe Springs, CA	--		8,508	1,134	205	8,508	1,339	9,847	(135	)	1975	2015
16221 Arthur St.	Cerritos, CA	--		2,979	3,204	143	2,979	3,347	6,326	(234	)	1979	2015
2588 & 2605 Industry Way	Lynwood, CA	--		8,738	9,415	—	8,738	9,415	18,153	(677	)	1969 / 1971	2015
425 S. Hacienda Blvd.	City of Industry, CA	--		4,010	3,050	—	4,010	3,050	7,060	(226	)	1997	2015
6700 S Alameda St.	Huntington Park, CA	--		3,502	9,279	258	3,502	9,537	13,039	(732	)	1990 / 2008	2015
12720-12860 Danielson Ct.	Poway, CA	--		6,902	8,949	124	6,902	9,073	15,975	(896	)	1999	2015
10950 Norwalk Blvd & 12241 Lakeland Rd.	Santa Fe Springs, CA	--		3,446	1,241	84	3,446	1,325	4,771	(116	)	1982	2015
610-760 W Hueneme Rd & 5651-5721 Perkins Rd	Oxnard, CA	--		3,310	5,806	575	3,310	6,381	9,691	(492	)	1985	2015
10701-10719 Norwalk Blvd.	Santa Fe Springs, CA	--		3,357	3,527	31	3,357	3,558	6,915	(225	)	2004	2015
6020 Sheila St.	Commerce, CA	--		4,590	7,772	581	4,590	8,353	12,943	(399	)	2000	2015



				Initial Cost		Costs Capitalized Subsequent to Acquisition	Gross Amounts at Which Carried at Close of Period
Property Address	Location	Encumbrances		Land	Building and Improvements	Building and Improvements	Land ⁽¹⁾	Building & Improvements ⁽¹⁾	Total	Accumulated Depreciation ⁽²⁾		Year Build / Year Renovated	Year Acquired
9805 6th St.	Rancho Cucamonga, CA	--		3,503	3,204	422	3,503	3,626	7,129	(202	)	1986	2015
16321 Arrow Hwy.	Irwindale, CA	--		3,087	4,081	86	3,087	4,167	7,254	(222	)	1955 / 2001	2015
2535 Midway Dr.	San Diego, CA	--		17,175	3,141	1,715	17,175	4,856	22,031	(47	)	1972	2015
601-605 S. Milliken Ave.	Ontario, CA	--		5,479	7,036	413	5,479	7,449	12,928	(464	)	1987 / 1988	2015
1065 E. Walnut Ave.	Carson, CA	9,903	⁽⁶⁾	10,038	4,380	436	10,038	4,816	14,854	(448	)	1974	2015
12247 Lakeland Rd.	Santa Fe Springs, CA	--		3,481	776	755	3,481	1,531	5,012	(25	)	1971 / 2016	2015
17311 Nichols Ln.	Huntington Beach, CA	--		7,988	8,728	—	7,988	8,728	16,716	(379	)	1993 / 2014	2015
8525 Camino Santa Fe	San Diego, CA	--		4,038	4,055	73	4,038	4,128	8,166	(135	)	1986	2016
28454 Livingston Avenue	Valencia, CA	--		5,150	9,666	—	5,150	9,666	14,816	(320	)	2007	2016
20 Icon	Lake Forest, CA	--		12,576	8,817	—	12,576	8,817	21,393	(369	)	1999 / 2015	2016
16425 Gale Avenue	City of Industry, CA	--		18,803	6,029	—	18,803	6,029	24,832	(198	)	1976	2016
2700_2722 Fairview Street	Santa Ana, CA	--		10,144	5,989	—	10,144	5,989	16,133	(196	)	1964 / 1984	2016
12131 Western Avenue	Garden Grove, CA	--		15,077	11,149	293	15,077	11,442	26,519	(365	)	1987 / 2007	2016
9 Holland	Irvine, CA	--		13,724	9,365	45	13,724	9,410	23,134	(292	)	1980 / 2013	2016
2811 Harbor Boulevard	Santa Ana, CA	--		8,663	7,919	—	8,663	7,919	16,582	(237	)	1977 / 2015	2016
15996 Jurupa Avenue	Fontana, CA	--		7,855	12,056	—	7,855	12,056	19,911	(340	)	2015	2016
11127 Catawba Avenue	Fontana, CA	--		5,562	8,094	—	5,562	8,094	13,656	(230	)	2015	2016
13550 Stowe Drive	Poway, CA	--		9,126	8,043	—	9,126	8,043	17,169	(289	)	1991	2016
10750-10826 Lower Azusa Road	El Monte, CA	--		4,433	2,961	141	4,433	3,102	7,535	(113	)	1975	2016
525 Park Avenue	San Fernando, CA	--		3,830	3,887	—	3,830	3,887	7,717	(92	)	2003	2016
3233 Mission Oaks Blvd	Camarillo, CA	--		13,791	10,017	560	13,791	10,577	24,368	(293	)	1980-1982 / 2014	2016
1600 Orangethorpe & 1335-1375 Acacia	Fullerton, CA	--		26,659	12,673	152	26,659	12,825	39,484	(273	)	1968 / 1985	2016
14742-14750 Nelson Avenue	City of Industry, CA	--		13,463	1,680	346	13,463	2,026	15,489	—		1969	2016



				Initial Cost				Costs Capitalized Subsequent to Acquisition		Gross Amounts at Which Carried at Close of Period
Property Address	Location	Encumbrances		Land		Building and Improvements		Building and Improvements		Land ⁽¹⁾		Building & Improvements ⁽¹⁾		Total		Accumulated Depreciation ⁽²⁾			Year Build / Year Renovated	Year Acquired
3927 Oceanic Drive	Oceanside, CA	--		2,667		4,581		—		2,667		4,581		7,248		(32		)	2004	2016
301-445 Figueroa Street	Wilmington, CA	--		7,126		5,728		35		7,126		5,763		12,889		(52		)	1972	2016
12320 4th Street	Rancho Cucamonga, CA	--		12,642		14,179		—		12,642		14,179		26,821		(57		)	1997 / 2003	2016
9190 Activity Road	San Diego, CA	--		8,497		5,622		—		8,497		5,622		14,119		—			1986	2016
Investments in real estate		$	18,029	$	693,238	$	745,765	$	131,470	$	683,919	$	867,922	$	1,551,841	$	(135,140	)

Note: As of December 31, 2016, the aggregate cost for federal income tax purposes of investments in real estate was approximately $1.5 billion.

(1)

During 2009, we recorded impairment charges totaling $19.6 million in continuing operations (of which $18.6 million relates to properties still owned by us) to write down our investments in real estate to fair value. Of the $18.6 million, $9.3 million is included as a reduction of “Land” in the table above, with the remaining $9.3 million included as a reduction of “Buildings and Improvements”.


(2)	The depreciable life for buildings and improvements ranges from 10-30 years for buildings, 5-20 years for site improvements, and the shorter of the estimated useful life or respective lease term for tenant improvements.


(3)	These six properties secure a term loan that had a balance of $59.7 million as of December 31, 2016.


(4)	Includes unamortized discount and deferred loan costs of $0.1 million.


(5)	Includes unamortized premium and deferred loan costs of $0.2 million.


(6)	Includes unamortized premium of $0.2 million.

The following table reconciles total investments in real estate per Schedule III to the Consolidated Balance Sheet at December 31, 2016 (in thousands):



Total per Schedule III	$	1,551,841
Other real estate investments ⁽¹⁾	288
Total per consolidated balance sheet	$	1,552,129


(1)	Other real estate investments represent costs related to a future development project associated with a ground lease of land located in Corona, California. See Note 10.

The following table reconciles the historical cost of total real estate held for investment from January 1, 2014 to December 31, 2016 (in thousands):



	Year Ended December 31,
	2016			2015			2014
Balance, Beginning of Year	$	1,188,766		$	930,462		$	555,433
Acquisition of Investment in Real Estate	356,336			235,948			375,422
Construction Costs and Improvements	31,565			22,841			14,485
Disposition of Investment in Real Estate	(24,331		)	—			(14,816		)
Write-off of Fully Depreciated Assets	(207		)	(485		)	(62		)
Balance, End of Year	$	1,552,129		$	1,188,766		$	930,462

The following table reconciles accumulated depreciation from January 1, 2014 to December 31, 2016 (in thousands):



	Year Ended Year Ended December 31,
	2016			2015			2014
Balance, Beginning of Year	$	(103,623	)	$	(76,884	)	$	(60,898	)
Depreciation of Investment in Real Estate	(34,779		)	(27,224		)	(18,042		)
Disposition of Investment in Real Estate	3,055			—			1,994
Write-off of Fully Depreciated Assets	207			485			62
Balance, End of Year	$	(135,140	)	$	(103,623	)	$	(76,884	)