SCHEDULE III — REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION

12 Months Ended

Dec. 31, 2019

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

SCHEDULE III - REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION

SCHEDULE III — REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION

										Gross Amount at
				Initial Costs to Company				Total		Which Carried		Accumulated
						Buildings &		Adjustment		At December 31, 2019		Depreciation		Date	Date
Description (a)		Encumbrances		Land		Improvements		to Basis		(b) (c) (d)		(e) (f)		Acquired	Constructed
Real Estate Held for Investment:
Siemens
	Milford, OH	(g)		$	2,307,312	$	26,971,327	$	—	$	29,278,639	$	3,525,094	9/23/2016	1991
Actuant
	Columbus, WI	(g)		937,691		14,287,443		—		15,225,134		803,848		11/6/2017	2014
TOTAL:		$	—	$	3,245,003	$	41,258,770	$	—	$	44,503,773	$	4,328,942

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(a) As of December 31, 2019, the Company owned one office property and one industrial property.

(b) Gross intangible lease assets of $5.1 million and the associated accumulated amortization of $1.4 million are not reflected in the table above.

(c) The aggregate cost for federal income tax purposes was $45.3 million.

(d) The following is a reconciliation of total real estate carrying value for the years ended December 31, 2019, 2018 and 2017:

			Year Ended December 31,
			2019		2018		2017
Balance, beginning of period			$	44,503,773	$	44,503,773	$	29,278,639
	Additions
		Acquisitions	—		—		15,225,134
		Improvements	—		—		—
	Total additions		—		—		15,225,134
		Deductions	—		—		—
		Cost of real estate sold	—		—		—
	Total deductions		—		—		—
Balance, end of period			$	44,503,773	$	44,503,773	$	44,503,773

(e) The following is a reconciliation of accumulated depreciation for the years ended December 31, 2019, 2018 and 2017:

			Year Ended December 31,
			2019		2018		2017
Balance, beginning of period			$	2,879,746	$	1,430,550	$	312,350
	Additions
		Acquisitions - Depreciation Expense for Building & Tenant Improvements Acquired	1,449,196		1,449,196		1,118,200
		Improvements - Depreciation Expense for Tenant Improvements & Building Equipment	—		—		—
	Total additions		1,449,196		1,449,196		1,118,200
		Deductions	—		—		—
		Cost of real estate sold	—		—		—
	Total deductions		—		—		—
Balance, end of period			$	4,328,942	$	2,879,746	$	1,430,550

(f) The Company’s assets are depreciated or amortized using the straight-line method over the useful lives of the assets by class. Generally, buildings are depreciated over 40 years, site improvements are amortized over 15 years, and tenant improvements are amortized over the remaining life of the lease or the useful life, whichever is shorter.

(g) Part of the Credit Facility’s unencumbered borrowing base. As of December 31, 2019, the Company had $24.2 million outstanding under the Credit Facility.