SCHEDULE III - Real Estate 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 and Accumulated Depreciation

Schedule III - Real Estate and Accumulated Depreciation

As of December 31, 2019

					Initial Cost to Company				Costs Capitalized		Gross Amount Carried at Close of Period (2)
State	Number of Properties		Encumbrances		Land		Buildings & Improvements		Subsequent to Acquisition		Land		Buildings & Improvements		Total		Accumulated Depreciation		Date Acquired (Year)		Depreciable Life (Yrs) (1)
Alaska		1	$	-	$	15,133	$	50,688		-	$	15,133	$	50,688	$	65,821	$	2,663		2018		40
Alabama		5		-		153,642		793,281		13,250		153,642		806,531		960,173		60,295		2013-2019		40
Arkansas		14		-		1,093,855		3,509,451		-		1,093,855		3,509,451		4,603,306		346,388		2013-2019		40
California		5		-		2,754,136		3,785,709		-		2,754,136		3,785,709		6,539,845		27,920		2019		40
Colorado		2		-		369,867		805,659		-		369,867		805,659		1,175,526		15,011		2019		40
Connecticut		2		-		310,748		1,648,461		-		310,748		1,648,461		1,959,209		72,162		2013-2019		40
Florida		5		-		992,024		1,544,031		11,835		992,024		1,551,494		2,543,518		33,912		2013-2019		40
Georgia		18		-		479,566		2,776,985		-		479,566		2,776,985		3,256,551		81,895		2013-2019		40
Iowa		12		-		297,025		2,268,470		16,302		297,025		2,284,772		2,581,797		49,664		2013-2019		40
Idaho		9		-		60,886		749,215		-		60,886		749,215		810,101		187,698		2013		40
Illinois		30		-		706,442		3,695,874		20,200		706,442		3,716,074		4,422,516		65,080		2013-2019		40
Indiana		9		-		480,163		2,564,569		-		480,163		2,564,569		3,044,732		48,787		2019		40
Kansas		6		-		212,212		1,358,761		-		212,212		1,358,761		1,570,973		12,430		2013-2019		40
Kentucky		5		-		161,553		1,322,286		-		161,553		1,322,286		1,483,839		78,683		2013-2019		40
Louisiana		19		-		1,086,895		3,325,483		18,167		1,086,895		3,343,650		4,430,545		328,714		2013-2019		40
Massachusetts		10		-		1,799,604		4,776,143		-		1,799,604		4,776,143		6,575,747		1,387,502		2007-2019		40
Maryland		2		-		191,099		431,082		-		191,099		431,082		622,181		35,453		2013-2019		40
Maine		3		-		187,134		1,084,622		-		187,134		1,084,622		1,271,756		55,575		2013-2019		40
Michigan		17		-		1,291,882		2,256,886		15,141		1,291,882		2,272,027		3,563,909		333,894		2011-2019		40
Minnesota		12		378,005		72,474		1,009,586		-		72,474		1,009,586		1,082,060		141,426		2013-2019		40
Missouri		24		-		638,684		2,632,427		-		638,684		2,632,427		3,271,111		92,574		2013-2019		40
Mississippi		7		-		531,795		1,661,161		-		531,795		1,661,161		2,192,956		154,730		2013-2019		40
Montana		6		-		57,796		669,974		-		57,796		669,974		727,770		64,694		2013-2019		40
North Carolina		23		-		963,349		5,843,610		-		963,349		5,843,610		6,806,959		65,572		2013-2019		40
North Dakota		12		-		161,529		1,413,490		-		161,529		1,413,490		1,575,019		60,301		2013-2019		40
Nebraska		9		-		45,106		850,530		-		45,106		850,530		895,636		19,901		2013-2019		40
New Hampshire		3		-		192,303		529,929		-		192,303		529,929		722,232		5,279		2019		40
New Jersey		2		-		76,592		499,301		-		76,592		499,301		575,893		1,562		2019		40
New Mexico		3		-		321,585		535,517		-		321,585		535,517		857,102		5,373		2019		40
Nevada		2		-		19,603		314,931		-		19,603		314,931		334,534		28,477		2013-2019		40
New York		9		-		594,257		2,007,450		16,275		594,257		2,023,725		2,617,982		29,572		2019		40
Ohio		10		900,385		1,562,339		4,280,827		45,625		1,562,339		4,326,452		5,888,791		306,552		2006-2019		40
Oklahoma		26		-		791,332		3,964,988		27,208		791,332		3,977,630		4,768,962		621,826		2013-2019		40
Pennsylvania		51		1,522,672		1,909,472		8,232,551		11,541		1,909,472		8,244,092		10,153,564		988,240		2005-2019		40
South Carolina		4		445,000		142,779		1,043,725		13,200		142,779		1,051,822		1,194,601		11,940		2019		40
South Dakota		7		-		37,595		480,613		-		37,595		480,613		518,208		78,895		2013-2019		40
Tennessee		12		-		1,097,418		3,481,889		-		1,097,418		3,481,889		4,579,307		279,925		2013-2019		40
Texas		33		-		1,358,639		7,902,666		-		1,358,639		7,902,666		9,261,305		1,646,499		2005-2019		40
Virginia		4		-		475,590		1,619,746		-		475,590		1,619,746		2,095,336		18,745		2019		40
Vermont		8		-		451,873		1,194,169		-		451,873		1,194,169		1,646,042		21,376		2019		40
Washington		3		-		119,365		661,901		-		119,365		661,901		781,266		42,022		2013-2019		40
Wisconsin		15		-		798,707		4,745,895		46,900		798,707		4,792,795		5,591,502		857,552		2005-2019		40
West Virginia		5		-		62,901		720,222		-		62,901		720,222		783,123		7,533		2019		40
Wyoming		2		-		20,783		159,573		-		20,783		159,573		180,356		39,287		2013		40
Corporate				54,000,000		-		-		-		-		-		-		-
		466	$	57,246,062	$	25,147,732	$	95,204,327	$	255,644	$	25,147,732	$	95,435,930	$	120,583,662	$	8,813,579

Explanatory Notes:

(1) Estimated useful life for buildings.

(2) The aggregate cost for Federal Income Tax purposes was approximately $132.9 million as of December 31, 2019.

The following table reconciles real estate for the years ended December 31, 2019 and 2018:

	For the Years Ended December 31,
	2019			2018
				Predecessor
Beginning Balance	$	38,435,504		$	35,115,802
Acquisitions		82,021,291			2,885,769
Capital Improvements		151,582			104,062
Write-offs		(24,041	)		-
Other		(674	)		329,871
Ending Balance	$	120,583,662		$	38,435,504

Explanatory Note:

(1) Other includes reclassification adjustments.

The following table reconciles accumulated depreciation for the years ended December 31, 2019 and December 31, 2018:

	For the Years Ended December 31,
	2019			2018
				Predecessor
Beginning Balance	$	(7,121,532	)	$	(6,118,071	)
Depreciation expense		(1,716,088	)		(1,003,461	)
Write-offs		24,041			–
Ending Balance	$	(8,813,579	)	$	(7,121,532	)