SCHEDULE III

REAL ESTATE AND ACCUMULATED DEPRECIATION

FOR THE YEAR ENDED DECEMBER 31, 2018



				Costs Capitalized
		Initial Cost to Company		Subsequent to 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	—	—
Aspen Core, Aspen, CO	—	11,983,263	14,958,877	—	—
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	82,264	—
Big Lots, Germantown, MD	3,300,000	1,781,918	2,951,231	6,750	—
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	11,140	—
Cheddar's, Jacksonville, FL	—	2,599,048	—	—	—
Chuy's, Jacksonville, FL	—	5,504,039	—	—	—
Cocina214, Daytona Beach, FL	—	5,835,939	4,249,199	—	—
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	—	—
Fidelity, Albuquerque, NM	—	5,751,131	29,537,069	—	—
Firebirds, Jacksonville, FL	—	4,202,924	—	—	—
Harris Teeter Supermarket, Charlotte, NC	6,600,000	5,601,837	3,409,338	—	—
Hilton Grand Vacations (Office), Orlando, FL	—	2,810,942	6,590,681	20,188	—
Hilton Grand Vacations (Office), Orlando, FL	—	1,210,138	2,453,690	282,099	—
Joann's, Saugus, MA	—	1,574,594	4,769,946	—	—
JPMorgan Chase Bank, Jacksonville, FL	—	4,516,486	—	—	—
LA Fitness, Brandon, FL	—	3,208,889	9,677,636	—	—
LandShark Bar & Grill, Daytona Beach, FL	—	5,835,939	4,578,168	—	—
Lowe's, Katy, TX	8,500,000	9,412,181	3,480,650	—	—
Macaroni Grill, Arlington, TX	—	956,685	1,069,700	—	—
Maple Ave Land, Dallas, TX	—	359,116	—	—	—
Moe's, Jacksonville, FL	—	1,862,284	—	—	—
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	—	—
PDQ, Jacksonville, FL	—	2,205,539	—	—	—
Rite Aid, Renton, WA	4,700,000	2,036,235	4,148,415	—	—
Riverside, Jacksonville, FL	—	6,019,815	14,239,515	685,114	—
Scrubbles Car Wash, Jacksonville, FL	—	2,140,459	—	—	—
Staples, Sarasota, FL	—	2,728,083	1,145,137	—	—
The Grove, Winter Park, FL	—	1,240,000	1,860,000	9,202,368	—
Walgreens, Alpharetta, GA	—	3,265,623	1,406,160	69,987	—
Walgreens, Clermont, FL	3,500,000	3,021,665	1,269,449	—	—
Wawa, Jacksonville, FL	—	6,252,632	—	—	—
Wawa, Winter Park, FL	—	436,400	—	2,122	—
Wells Fargo, Hillsboro, OR	—	10,005,650	25,902,632	—	—
Wells Fargo, Raleigh, NC	24,557,468	8,680,056	59,166,753	570,259	—
Westcliff, Fort Worth, TX	—	10,520,822	4,196,359	9,702	—
Whole Foods Market Centre, Sarasota, FL	—	4,497,825	13,104,352	281,585	—
	54,557,468	190,543,541	261,936,554	11,223,578	—

Gross Amount at Which

Carried at Close of Period

December 31, 2018


	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		1,293,341	N/A	10/14/16	30 Yrs.
7-Eleven, Inc., Dallas, TX	974,862	1,550,744	2,525,606		109,844	N/A	02/18/16	40 Yrs.
Aspen Core, Aspen, CO	11,983,263	14,958,877	26,942,140		265,442	N/A	02/21/18	52 Yrs.
At Home, Raleigh, NC	2,118,420	5,774,284	7,892,704		773,460	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		1,711,350	N/A	12/15/05	40 Yrs.
Best Buy, McDonough, GA	2,622,682	3,232,264	5,854,946		977,578	N/A	06/15/06	40 Yrs.
Big Lots, Germantown, MD	1,781,918	2,957,981	4,739,899		393,947	N/A	09/13/13	40 Yrs.
Big Lots, Phoenix, AZ	1,715,717	3,050,164	4,765,881		451,170	N/A	01/23/13	40 Yrs.
Carrabba's Italian Grill, Austin, TX	1,160,925	1,305,117	2,466,042		154,046	N/A	09/15/16	25 Yrs.
Century Theatre, Reno, NV	1,669,377	4,496,078	6,165,455		501,592	N/A	11/30/16	23 Yrs.
Cheddar's, Jacksonville, FL	2,599,048	—	2,599,048		—	N/A	10/10/18	N/A
Chuy's, Jacksonville, FL	5,504,039	—	5,504,039		—	N/A	10/10/18	N/A
Cocina214, Daytona Beach, FL	5,835,939	4,249,199	10,085,138		178,620	01/25/18	N/A	40 Yrs.
Container Store, Glendale, AZ	1,968,398	5,493,102	7,461,500		464,736	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		1,507,307	N/A	06/15/06	40 Yrs.
Fidelity, Albuquerque, NM	5,751,131	29,537,069	35,288,200		281,047	N/A	10/04/18	45 Yrs.
Firebirds, Jacksonville, FL	4,202,924	—	4,202,924		—	N/A	10/10/18	N/A
Harris Teeter Supermarket, Charlotte, NC	5,601,837	3,409,338	9,011,175		916,260	N/A	04/17/08	40 Yrs.
Hilton Grand Vacations (Office), Orlando, FL	2,810,942	6,610,869	9,421,811		1,046,384	N/A	01/30/13	40 Yrs.
Hilton Grand Vacations (Office), Orlando, FL	1,210,138	2,735,789	3,945,927		327,139	N/A	01/30/13	40 Yrs.
Joann's, Saugus, MA	1,574,594	4,769,946	6,344,540		227,948	N/A	04/06/17	50 Yrs.
JPMorgan Chase Bank, Jacksonville, FL	4,516,486	—	4,516,486		—	N/A	10/10/18	N/A
LA Fitness, Brandon, FL	3,208,889	9,677,636	12,886,525		678,275	N/A	04/28/17	30 Yrs.
LandShark Bar & Grill, Daytona Beach, FL	5,835,939	4,578,168	10,414,107		199,828	01/25/18	N/A	40 Yrs.
Lowe's, Katy, TX	9,412,181	3,480,650	12,892,831		625,171	N/A	04/22/14	30 Yrs.
Macaroni Grill, Arlington, TX	956,685	1,069,700	2,026,385		—	N/A	12/20/18	30 Yrs.
Maple Ave Land, Dallas, TX	359,116	—	359,116		—	N/A	03/17/17	N/A
Moe's, Jacksonville, FL	1,862,284	—	1,862,284		—	N/A	10/10/18	N/A
Outback Steakhouse, Austin, TX	1,376,793	1,585,791	2,962,584		159,723	N/A	09/15/16	30 Yrs.
Outback Steakhouse, Charlottesville, VA	1,308,881	3,135,515	4,444,396		283,094	N/A	09/15/16	30 Yrs.
Outback Steakhouse, Huntersville, NC	1,987,831	1,299,017	3,286,848		190,830	N/A	09/15/16	20 Yrs.
PDQ, Jacksonville, FL	2,205,539	—	2,205,539		—	N/A	10/10/18	N/A
Rite Aid, Renton, WA	2,036,235	4,148,415	6,184,650		561,765	N/A	07/25/13	40 Yrs.
Riverside, Jacksonville, FL	6,019,815	14,924,629	20,944,444		2,206,489	N/A	07/16/15	43 Yrs.
Scrubbles Car Wash, Jacksonville, FL	2,140,459	—	2,140,459		—	N/A	10/10/18	N/A
Staples, Sarasota, FL	2,728,083	1,145,137	3,873,220		109,948	N/A	01/27/17	40 Yrs.
The Grove, Winter Park, FL	1,240,000	11,062,368	12,302,368		1,100,865	N/A	12/30/14	40 Yrs.
Walgreens, Alpharetta, GA	3,265,623	1,476,147	4,741,770		521,146	N/A	03/31/04	40 Yrs.
Walgreens, Clermont, FL	3,021,665	1,269,449	4,291,114		462,820	N/A	05/27/04	40 Yrs.
Wawa, Jacksonville, FL	6,252,632	—	6,252,632		—	N/A	10/10/18	N/A
Wawa, Winter Park, FL	436,400	2,122	438,522		—	N/A	05/28/15	N/A
Wells Fargo, Hillsboro, OR	10,005,650	25,902,632	35,908,282		1,583,426	N/A	10/27/17	35 Yrs.
Wells Fargo, Raleigh, NC	8,680,056	59,737,012	68,417,068		6,242,456	N/A	11/18/15	45 Yrs.
Westcliff, Fort Worth, TX	10,520,822	4,206,061	14,726,883		768,923	N/A	03/01/17	10 Yrs.
Whole Foods Market Centre, Sarasota, FL	4,497,825	13,385,937	17,883,762		1,456,534	N/A	10/07/14	40 Yrs.
	190,543,541	273,160,132	463,703,673	(1)	28,732,504

(1)

The aggregate cost, net of deferred tax liabilities, of Income Properties, Land, Buildings, and Improvements for Federal income tax purposes at December 31, 2018 is approximately $231.0 million.

REAL ESTATE AND ACCUMULATED DEPRECIATION

FOR THE YEAR ENDED DECEMBER 31, 2018


	2018	2017	2016
	$	$	$
Cost:
Balance at Beginning of Year	358,130,350	274,334,139	268,970,875
Additions and Improvements	104,043,734	83,796,211	68,274,211
Cost of Real Estate Sold	(10,142,289)	—	(62,910,947)
Reclassification from Land and Development Costs	11,671,878	—	—
Balance at End of Year	463,703,673	358,130,350	274,334,139

	$	$	$
Accumulated Depreciation:
Balance at Beginning of Year	21,878,465	14,391,567	14,374,079
Depreciation and Amortization	9,827,154	7,486,898	5,346,538
Depreciation on Real Estate Sold	(2,973,115)	—	(5,329,050)
Balance at End of Year	28,732,504	21,878,465	14,391,567

(1) Reconciliation to Consolidated Balance Sheet at December 31, 2018
Income Properties, Land, Buildings, and Improvements			392,520,783
			392,520,783
(2) Cost Basis of Assets Classified as Held for Sale on Balance Sheet			71,182,890
Total Per Schedule			463,703,673