SCHEDULE III

REAL ESTATE AND ACCUMULATED DEPRECIATION

FOR THE YEAR ENDED DECEMBER 31, 2019



				Costs Capitalized
		Initial Cost to Company		Subsequent to Acquisition
			Buildings &		Carrying
Description	Encumbrances	Land	Improvements	Improvements	Costs
	$	$	$	$	$
Income Properties:
24 Hour Fitness USA, Inc., Falls Church, VA	—	7,308,225	11,559,506	—	—
7-Eleven, Dallas, TX	—	974,862	1,550,744	—	—
Aspen Development, Aspen, CO	—	11,973,930	14,968,210	—	—
Bank of America, Monterey, CA	—	4,458,840	—	—	—
Wawa (formerly Barnes & Noble), Daytona Beach, FL	—	1,798,600	3,803,000	—	—
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	—	—
Burlington Stores, Inc., N. Richland Hills, TX	—	3,915,679	7,028,945	—	—
Carrabba's Italian Grill, Austin, TX	—	1,160,925	1,305,117	—	—
Chuy's Restaurant & Bar, Jacksonville, FL	—	5,504,039	—	—	—
Crabby's Restaurant (formerly Cocina 214), Daytona Beach, FL	—	5,835,939	4,249,199	8,662	—
General Dynamics Corporation, Reston, VA	—	7,530,432	9,068,274	—	—
CVS, Dallas, TX	—	7,535,013	—	—	—
Fidelity Investments (affiliate of), Albuquerque, NM	—	5,751,131	29,537,069	—	—
Firebirds Woodfired Grill, Jacksonville, FL	—	4,202,924	—	—	—
Harris Teeter, Charlotte, NC	6,600,000	5,601,837	3,409,338	—	—
JPMorgan Chase Bank, Jacksonville, FL	—	4,516,486	—	—	—
LandShark Bar & Grill, Daytona Beach, FL	—	5,835,939	4,578,168	8,662	—
Lowe's Corporation, 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 Southwest Grill, Jacksonville, FL	—	1,862,284	—	—	—
Outback Steakhouse, Austin, TX	—	1,376,793	1,585,791	—	—
Party City Corporation, Oceanside, NY	—	2,964,507	3,288,786	—	—
PDQ, Jacksonville, FL	—	2,205,539	—	—	—
Rite Aid Corp., Renton, WA	4,700,000	2,036,235	4,148,415	—	—
Riverside Avenue, Jacksonville, FL	—	6,019,815	14,239,515	767,532	—
Staples, Sarasota, FL	—	2,728,083	1,145,137	—	—
The Strand, Jacksonville, FL	—	13,886,294	38,832,707	—	—
Walgreens, Clermont, FL	3,500,000	3,021,665	1,269,449	—	—
Wawa, Jacksonville, FL	—	6,252,632	—	—	—
Wells Fargo, Raleigh, NC	23,884,373	8,680,056	59,166,753	1,186,118	—
Westcliff Shopping Center, Fort Worth, TX	—	10,520,822	4,196,359	95,464	—
World of Beer/Fuzzy's Taco Shop, Brandon, FL	—	416,663	1,184,678	—	—
	53,884,373	160,101,806	230,666,905	2,073,188	—

Gross Amount at Which

Carried at Close of Period

December 31, 2019


	Land	Buildings	Total		Accumulated Depreciation	Date of Completion of Construction	Date Acquired	Life
	$	$	$		$
Income Properties:
24 Hour Fitness USA, Inc., Falls Church, VA	7,308,225	11,559,506	18,867,731		201,852	N/A	10/14/16	30 Yrs.
7-Eleven, Dallas, TX	974,862	1,550,744	2,525,606		148,613	N/A	02/18/16	40 Yrs.
Aspen Development, Aspen, CO	11,973,930	14,968,210	26,942,140		583,973	N/A	02/21/18	52 Yrs.
Bank of America, Monterey, CA	4,458,840	—	4,458,840		—	N/A	08/17/16	N/A
Wawa (formerly Barnes & Noble), Daytona Beach, FL	1,798,600	3,803,000	5,601,600		1,806,425	N/A	12/15/05	40 Yrs.
Big Lots, Germantown, MD	1,781,918	2,957,981	4,739,899		468,403	N/A	09/13/13	40 Yrs.
Big Lots, Phoenix, AZ	1,715,717	3,050,164	4,765,881		527,424	N/A	01/23/13	40 Yrs.
Burlington Stores, Inc., N. Richland Hills, TX	3,915,679	7,028,945	10,944,624		57,361	N/A	10/28/19	30 Yrs.
Carrabba's Italian Grill, Austin, TX	1,160,925	1,305,117	2,466,042		220,066	N/A	09/15/16	25 Yrs.
Chuy's Restaurant & Bar, Jacksonville, FL	5,504,039	—	5,504,039		—	N/A	10/10/18	N/A
Crabby's Restaurant (formerly Cocina 214), Daytona Beach, FL	5,835,939	4,257,861	10,093,800		434,517	01/25/18	N/A	40 Yrs.
General Dynamics Corporation, Reston, VA	7,530,432	9,068,274	16,598,706		243,267	N/A	07/12/19	35 Yrs.
CVS, Dallas, TX	7,535,013	—	7,535,013		—	N/A	09/22/16	N/A
Fidelity Investments (affiliate of), Albuquerque, NM	5,751,131	29,537,069	35,288,200		1,405,493	N/A	10/04/18	45 Yrs.
Firebirds Woodfired Grill, Jacksonville, FL	4,202,924	—	4,202,924		—	N/A	10/10/18	N/A
Harris Teeter, Charlotte, NC	5,601,837	3,409,338	9,011,175		1,001,493	N/A	04/17/08	40 Yrs.
JPMorgan Chase Bank, Jacksonville, FL	4,516,486	—	4,516,486		—	N/A	10/10/18	N/A
LandShark Bar & Grill, Daytona Beach, FL	5,835,939	4,586,830	10,422,769		422,800	01/25/18	N/A	40 Yrs.
Lowe's Corporation, Katy, TX	9,412,181	3,480,650	12,892,831		758,345	N/A	04/22/14	30 Yrs.
Macaroni Grill, Arlington, TX	956,685	1,069,700	2,026,385		54,714	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 Southwest Grill, 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		228,176	N/A	09/15/16	30 Yrs.
Party City Corporation, Oceanside, NY	2,964,507	3,288,786	6,253,293		26,376	N/A	09/24/19	35 Yrs.
PDQ, Jacksonville, FL	2,205,539	—	2,205,539		—	N/A	10/10/18	N/A
Rite Aid Corp., Renton, WA	2,036,235	4,148,415	6,184,650		665,475	N/A	07/25/13	40 Yrs.
Riverside Avenue, Jacksonville, FL	6,019,815	15,007,047	21,026,862		2,866,175	N/A	07/16/15	43 Yrs.
Staples, Sarasota, FL	2,728,083	1,145,137	3,873,220		167,313	N/A	01/27/17	40 Yrs.
The Strand, Jacksonville, FL	13,886,294	38,832,707	52,719,001		123,295	N/A	12/09/19	48 Yrs.
Walgreens, Clermont, FL	3,021,665	1,269,449	4,291,114		494,556	N/A	05/27/04	40 Yrs.
Wawa, Jacksonville, FL	6,252,632	—	6,252,632		—	N/A	10/10/18	N/A
Wells Fargo, Raleigh, NC	8,680,056	60,352,871	69,032,927		8,309,888	N/A	11/18/15	45 Yrs.
Westcliff Shopping Center, Fort Worth, TX	10,520,822	4,291,823	14,812,645		1,203,607	N/A	03/01/17	10 Yrs.
World of Beer/Fuzzy's Taco Shop, Brandon, FL	416,663	1,184,678	1,601,341		132,109	N/A	04/28/17	30 Yrs.
	160,101,806	232,740,093	392,841,899	(1)	22,551,716

⁽¹⁾

The aggregate cost, net of deferred tax liabilities, of Income Properties, Land, Buildings, and Improvements for Federal income tax purposes at December 31, 2019 is approximately $231.0 million.

REAL ESTATE AND ACCUMULATED DEPRECIATION

FOR THE YEAR ENDED DECEMBER 31, 2019


	2019	2018	2017
	$	$	$
Cost:
Balance at Beginning of Year	463,703,673	358,130,350	274,334,139
Additions and Improvements	130,004,868	104,043,734	83,796,211
Cost of Real Estate Sold	(200,866,642)	(10,142,289)	—
Reclassification from Land and Development Costs	—	11,671,878	—
Balance at End of Year	392,841,899	463,703,673	358,130,350

	$	$	$
Accumulated Depreciation:
Balance at Beginning of Year	28,732,504	21,878,465	14,391,567
Depreciation and Amortization	9,891,813	9,827,154	7,486,898
Depreciation on Real Estate Sold	(16,072,601)	(2,973,115)	—
Balance at End of Year	22,551,716	28,732,504	21,878,465

(1) Reconciliation to Consolidated Balance Sheet at December 31, 2019
Income Properties, Land, Buildings, and Improvements			392,841,899
			392,841,899
(2) Cost Basis of Assets Classified as Held for Sale on Balance Sheet			—
Total Per Schedule			392,841,899