SCHEDULE III

REAL ESTATE AND ACCUMULATED DEPRECIATION

FOR THE YEAR ENDED DECEMBER 31, 2016


				Costs Capitalized
				Subsequent to
	Initial Cost to Company			Acquisition
			Buildings &		Carrying
Description	Encumbrances	Land	Improvements	Improvements	Costs
	$	$	$	$	$
Income Properties:
3600 Peterson, Santa Clara, CA	—	17,855,023	8,414,925	—	—
7-Eleven, Inc., Dallas, TX	—	974,862	1,550,744	—	—
At Home, Raleigh, NC	—	2,118,420	5,774,284	—	—
Bank of America, Monterey, CA	—	4,458,840	—	—	—
Barnes & Noble, Daytona Beach, FL	—	1,798,600	3,803,000	—	—
Best Buy, McDonough, GA	—	2,622,682	3,150,000	—	—
Big Lots, Germantown, MD	3,300,000	1,781,918	2,951,231	—	—
Big Lots, Phoenix, AZ	3,400,000	1,715,717	3,050,164	—	—
Carrabba's Italian Grill, Austin, TX	—	1,160,925	1,305,117	—	—
Century Theatre, Reno, NV	—	1,669,377	4,484,938	—	—
Container Store, Glendale, AZ	—	1,968,398	5,493,102	—	—
CVS, Dallas, TX	—	7,535,013	—	—	—
Dick's Sporting Goods, McDonough, GA	—	3,934,022	4,725,000	—	—
Harris Teeter Supermarket, Charlotte, NC	6,600,000	5,601,837	3,409,338	—	—
Hilton Grand Vacations (Office), Orlando, FL	5,145,126	2,810,942	6,590,681	—	—
Hilton Grand Vacations (Office), Orlando, FL	2,154,874	1,210,138	2,453,690	273,745	—
Lowe's, Katy, TX	8,500,000	9,412,181	3,480,650	—	—
Outback Steakhouse, Austin, TX	—	1,376,793	1,585,791	—	—
Outback Steakhouse, Charlottesville, VA	—	1,308,881	3,135,515	—	—
Outback Steakhouse, Huntersville, NC	—	1,987,831	1,299,017	—	—
Rite Aid, Renton, WA	4,700,000	2,036,235	4,148,415	—	—
Riverside, Jacksonville, FL	—	6,019,815	14,239,515	126,617	—
The Grove, Winter Park, FL	—	1,240,000	1,860,000	23,177	—
Walgreens, Alpharetta, GA	—	3,265,623	1,406,160	—	—
Walgreens, Clermont, FL	3,500,000	3,021,665	1,269,449	—	—
Wells Fargo, Raleigh, NC	25,000,000	8,680,056	59,166,753	—	—
Whole Foods Market Centre, Sarasota, FL	—	4,497,825	13,104,352	274,085	—
Mason Commerce Center-Bldg 1, Daytona Beach, FL	—	66,304	1,277,027	1,057,679	—
Mason Commerce Center-Bldg 2, Daytona Beach, FL	—	66,304	1,277,027	913,032	—
Williamson Business Park-Bldg 3, Daytona Beach, FL	—	110,509	1,008,784	194,459	—
Concierge Office Building, Daytona Beach, FL	—	293,872	2,862,171	157,497	—
Vacant Pad Site, Winter Park, FL	—	436,400	—	—	—
	62,300,000	103,037,008	168,276,840	3,020,291	—

Gross Amount at Which

Carried at Close of Period

December 31, 2016


	Land	Buildings	Total	Accumulated Depreciation	Date of Completion of Construction	Date Acquired	Life
	$	$	$	$
Income Properties:
3600 Peterson, Santa Clara, CA	17,855,023	8,414,925	26,269,948	143,276	N/A	10/14/16	30 Yrs.
7-Eleven, Inc., Dallas, TX	974,862	1,550,744	2,525,606	32,307	N/A	02/18/16	40 Yrs.
At Home, Raleigh, NC	2,118,420	5,774,284	7,892,704	85,940	N/A	09/29/16	20 Yrs.
Bank of America, Monterey, CA	4,458,840	—	4,458,840	—	N/A	08/17/16	N/A
Barnes & Noble, Daytona Beach, FL	1,798,600	3,803,000	5,601,600	1,521,200	N/A	12/15/05	40 Yrs.
Best Buy, McDonough, GA	2,622,682	3,150,000	5,772,682	833,437	N/A	06/15/06	40 Yrs.
Big Lots, Germantown, MD	1,781,918	2,951,231	4,733,149	245,936	N/A	09/13/13	40 Yrs.
Big Lots, Phoenix, AZ	1,715,717	3,050,164	4,765,881	298,662	N/A	01/23/13	40 Yrs.
Carrabba's Italian Grill, Austin, TX	1,160,925	1,305,117	2,466,042	22,007	N/A	09/15/16	25 Yrs.
Century Theatre, Reno, NV	1,669,377	4,484,938	6,154,315	19,787	N/A	11/30/16	23 Yrs.
Container Store, Glendale, AZ	1,968,398	5,493,102	7,461,500	205,349	N/A	05/18/15	55 Yrs.
CVS, Dallas, TX	7,535,013	—	7,535,013	—	N/A	09/22/16	N/A
Dick's Sporting Goods, McDonough, GA	3,934,022	4,725,000	8,659,022	1,250,156	N/A	06/15/06	40 Yrs.
Harris Teeter Supermarket, Charlotte, NC	5,601,837	3,409,338	9,011,175	745,793	N/A	04/17/08	40 Yrs.
Hilton Grand Vacations (Office), Orlando, FL	2,810,942	6,590,681	9,401,623	634,905	N/A	01/30/13	40 Yrs.
Hilton Grand Vacations (Office), Orlando, FL	1,210,138	2,727,435	3,937,573	259,328	N/A	01/30/13	40 Yrs.
Lowe's, Katy, TX	9,412,181	3,480,650	12,892,831	358,822	N/A	04/22/14	30 Yrs.
Outback Steakhouse, Austin, TX	1,376,793	1,585,791	2,962,584	22,818	N/A	09/15/16	30 Yrs.
Outback Steakhouse, Charlottesville, VA	1,308,881	3,135,515	4,444,396	40,442	N/A	09/15/16	30 Yrs.
Outback steakhouse, Huntersville, NC	1,987,831	1,299,017	3,286,848	27,261	N/A	09/15/16	20 Yrs.
Rite Aid, Renton, WA	2,036,235	4,148,415	6,184,650	354,343	N/A	07/25/13	40 Yrs.
Riverside, Jacksonville, FL	6,019,815	14,366,132	20,385,947	950,758	N/A	07/16/15	43 Yrs.
The Grove, Winter Park, FL	1,240,000	1,883,177	3,123,177	94,783	N/A	12/30/14	40 Yrs.
Walgreens, Alpharetta, GA	3,265,623	1,406,160	4,671,783	448,213	N/A	03/31/04	40 Yrs.
Walgreens, Clermont, FL	3,021,665	1,269,449	4,291,114	399,347	N/A	05/27/04	40 Yrs.
Wells Fargo, Raleigh, NC	8,680,056	59,166,753	67,846,809	2,174,127	N/A	11/18/15	45 Yrs.
Whole Foods Market Centre, Sarasota, FL	4,497,825	13,378,437	17,876,262	743,438	N/A	10/07/14	40 Yrs.
Mason Commerce Center-Bldg 1, Daytona Beach, FL	66,304	2,334,706	2,401,010	819,035	09/01/08	N/A	40 Yrs.
Mason Commerce Center-Bldg 2, Daytona Beach, FL	66,304	2,190,059	2,256,363	756,154	09/01/08	N/A	40 Yrs.
Williamson Business Park-Bldg 3, Daytona Beach, FL	110,509	1,203,243	1,313,752	101,780	05/01/14	N/A	40 Yrs.
Concierge Office Building, Daytona Beach, FL	293,872	3,019,668	3,313,540	802,163	07/01/09	N/A	40 Yrs.
Vacant Pad Site, Winter Park, FL	436,400	—	436,400	—	N/A	05/28/15	N/A
	103,037,008	171,297,131	274,334,139	14,391,567

REAL ESTATE AND ACCUMULATED DEPRECIATION

FOR THE YEAR ENDED DECEMBER 31, 2016


	2016	2015	2014
	$	$	$
Cost:
Balance at Beginning of Year	268,970,875	209,294,277	170,194,285
Additions and Improvements	68,274,211	97,767,725	42,908,366
Adjust to Fair Value	—	(2,343,013)	—
Cost of Real Estate Sold	(62,910,947)	(20,431,548)	(3,808,374)
Reclassification to Land and Development Costs	—	(15,316,566)	—
Balance at End of Year	274,334,139	268,970,875	209,294,277

	$	$	$
Accumulated Depreciation:
Balance at Beginning of Year	14,374,079	14,073,096	11,986,949
Depreciation and Amortization	5,346,538	3,224,227	2,441,593
Depreciation on Real Estate Sold	(5,329,050)	(2,472,192)	(355,446)
Reclassification to Land and Development Costs	—	(451,052)	—
Balance at End of Year	14,391,567	14,374,079	14,073,096

(1) Reconciliation to Consolidated Balance Sheet at December 31, 2016
Income Properties, Land, Buildings, and Improvements			274,334,139
			274,334,139
(2) Cost Basis of Assets Classified as Held for Sale on Balance Sheet			—
Total Per Schedule			274,334,139