Clipper Realty Inc. and Predecessor

Schedule III – Real Estate and Accumulated Depreciation

(In thousands)

Encumbrances at December 31, 201 9					Initial Costs								Gross Amounts at Which Carried at December 31, 2019
Property	Location	Description	Encum- brances		Land		Building and Improv- ements		Real Estate Under Develop.		Cost Capitalized Subsequent to Acquisition		Land		Building and Improv- ements		Real Estate Under Develop.		Total		Accumu- lated Deprecia- tion		Date Acquired
Tribeca House	Manhattan, NY	Residential/Commercial	$	360,000	$	273,103	$	283,137	$	—	$	23,634	$	273,103	$	306,771		—	$	579,874	$	42,194	Dec-14
Aspen	Manhattan, NY	Residential/Commercial		66,862		49,230		43,080		—		1,633		49,230		44,713		—		93,943		3,850	June-16
Flatbush Gardens	Brooklyn, NY	Residential		246,000		89,965		49,607		—		41,509		90,051		91,030		—		181,081		41,706	Oct-05
Clover House	Brooklyn, NY	Residential		82,000		43,516		44,100		—		57,847		43,516		101,947		—		145,463		693	May-17
10 West 65 th St.	Manhattan, NY	Residential		34,295		63,677		15,337		—		5,256		63,677		20,593		—		84,270		1,492	Oct-17
1010 Pacific St.	Brooklyn, NY	Residential		19,457		—		—		31,129		658		—		—		31,787		31,787		—	Nov-19
250 Livingston St.	Brooklyn, NY	Commercial/Residential		125,000		10,452		20,204		—		12,981		10,452		33,185		—		43,637		12,508	May-02
141 Livingston St.	Brooklyn, NY	Commercial		75,817		10,830		12,079		—		6,987		10,830		19,066		—		29,896		6,975	May-02
			$	1,009,431	$	540,773	$	467,544	$	31,129	$	150,505	$	540,859	$	617,305	$	31,787	$	1,189,951	$	109,418

____________

(

)

December 31, 2019,

the aggregate cost for Federal tax purposes of our real estate assets was

$826,050.

(

)

The following summarizes activity for real estate and accumulated depreciation, for the years ended

December 31, 2019,

2018

and

2017:

	2019		2018			2017
Investment in real estate:
Balance at beginning of period	$	1,116,199	$	1,070,606		$	881,251
Acquisition of real estate		31,129		—			166,630
Additions during period		42,623		45,642			22,725
Write-off of assets as a result of involuntary conversion		—		(49	)		—
Balance at end of period	$	1,189,951	$	1,116,199		$	1,070,606

Accumulated depreciation:
Balance at beginning of period	$	90,462	$	73,714		$	58,174
Depreciation expense		18,956		16,765			15,540
Write-off of assets as a result of involuntary conversion		—		(17	)		—
Balance at end of period	$	109,418	$	90,462		$	73,714