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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]

SEC Schedule III, Real Estate and Accumulated Depreciation

Schedule III—Real Estate and Accumulated Depreciation

As of December 31, 2021

($ in thousands)


								Cost		Gross Amount Carried
				Initial Cost to Company				Capitalized		at Close of Period									Depreciable
						Building and		Subsequent to				Building and				Accumulated		Date	Life
Location	Encumbrances			Land		Improvements		Acquisition		Land		Improvements		Total⁽¹⁾		Depreciation		Acquired	(Years)
Detroit, MI	$	31,961	⁽²⁾	$	29,086	$	—	$	—	$	29,086	$	—	$	29,086	$	—	2017	N/A
Dallas, TX		3,736	⁽²⁾		1,954		—		—		1,954		—		1,954		—	2017	N/A
Dallas, TX		4,151	⁽²⁾		2,751		—		—		2,751		—		2,751		—	2017	N/A
Atlanta, GA		7,577	⁽²⁾		4,097		—		—		4,097		—		4,097		—	2017	N/A
Milwaukee, WI		3,633	⁽²⁾		4,638		51,323		—		4,638		51,323		55,961		6,085	2017	40	⁽³⁾
Washington, DC		5,190	⁽²⁾		1,484		—		—		1,484		—		1,484		—	2017	N/A
Minneapolis, MN		1,452	⁽²⁾		716		—		—		716		—		716		—	2017	N/A
Durango, CO		16,604	⁽²⁾		1,415		17,080		—		1,415		17,080		18,495		2,574	2017	35	⁽³⁾
Rohnert Park, CA		19,300	⁽²⁾		5,869		13,752		—		5,869		13,752		19,621		2,574	2017	32	⁽³⁾
Salt Lake City, UT		55,312	⁽²⁾		8,573		40,583		—		8,573		40,583		49,156		5,632	2017	34	⁽³⁾
San Diego, CA		38,084	⁽²⁾		5,077		24,096		—		5,077		24,096		29,173		3,533	2017	33	⁽³⁾
Seattle, WA		40,000	⁽²⁾		7,813		45,562		—		7,813		45,562		53,375		7,872	2017	30	⁽³⁾
Los Angeles, CA		57,936	⁽²⁾		72,836		—		—		72,836		—		72,836		—	2017	N/A
Los Angeles, CA		62,764	⁽²⁾		68,140		—		—		68,140		—		68,140		—	2017	N/A
Atlanta, GA		—			6,300		—		—		6,300		—		6,300		—	2017	N/A
Washington, DC		23,100	⁽²⁾		27,354		—		—		27,354		—		27,354		—	2018	N/A
Orlando, FL		7,800	⁽²⁾		6,626		—		—		6,626		—		6,626		—	2018	N/A
Raleigh-Durham, NC		11,940	⁽²⁾		4,502		—		—		4,502		—		4,502		—	2018	N/A
Atlanta, GA		9,882	⁽²⁾		8,478		—		—		8,478		—		8,478		—	2018	N/A
San Diego, CA		—			8,168		—		—		8,168		—		8,168		—	2018	N/A
Washington, DC		10,000	⁽²⁾		15,217		—		—		15,217		—		15,217		—	2018	N/A
Phoenix, AZ		—			5,996		—		—		5,996		—		5,996		—	2018	N/A
Washington, DC		—			21,478		—		—		21,478		—		21,478		—	2018	N/A
Miami, FL		6,000	⁽²⁾		9,170		—		—		9,170		—		9,170		—	2018	N/A
Miami, FL		2,471	⁽²⁾		3,735		—		—		3,735		—		3,735		—	2018	N/A
Washington, DC		95,000	⁽²⁾		121,100		—		—		121,100		—		121,100		—	2018	N/A
Nashville, TN		17,500	⁽²⁾		13,505		—		—		13,505		—		13,505		—	2018	N/A
Portland, OR		—	—		3,641		—		—		3,641		—		3,641		—	2019	N/A
San Antonio, TX		10,000	⁽²⁾		2,103		836		—		2,103		836		2,939		73	2019	40
Riverside, CA		—			11,399		—		—		11,399		—		11,399		—	2019	N/A
San Ramon, CA		—			19,635		—		—		19,635		—		19,635		—	2020	N/A
Washington, DC		—			44,883		—		—		44,883		—		44,883		—	2020	N/A
Total	$	541,393		$	547,739	$	193,232	$	—	$	547,739	$	193,232	$	740,971	$	28,343

(1)	The aggregate cost for Federal income tax purposes was approximately $1.0 billion as of December 31, 2021.

(2)	Pledged as collateral under mortgages.

(3)	These properties have land improvements with depreciable lives from 7 to 12 years.

The following table reconciles real estate for the years ended December 31, 2021, 2020 and 2019:


	For the Years Ended December 31,
	2021		2020		2019
Beginning balance	$	752,420	$	687,902	$	669,923
Acquisitions		—		64,518		17,979
Transfer to net investment in sales-type lease		(11,449)		—		—
Ending balance	$	740,971	$	752,420	$	687,902

The following table reconciles accumulated depreciation for the years ended December 31, 2021, 2020 and 2019:


	For the Years Ended December 31,
	2021		2020		2019
Beginning balance	$	22,314	$	16,286	$	10,257
Additions		6,029		6,028		6,029
Ending balance	$	28,343	$	22,314	$	16,286