SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION

12 Months Ended

Dec. 31, 2021

SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION

SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION

SCHEDULE III

REAL ESTATE AND ACCUMULATED DEPRECIATION

FOR THE YEAR ENDED DECEMBER 31, 2021

(In thousands)

							Costs Capitalized
			Initial Cost to Company				Subsequent to Acquisition
Description	Encumbrances		Land		Buildings & Improvements		Improvements		Carrying Costs
Income Properties:	$		$		$		$		$
245 Riverside, Jacksonville, FL		—		6,020		14,240		2,033		—
Westcliff Shopping Center, Fort Worth, TX		—		10,521		4,196		287		—
Crabby's Oceanside, Daytona Beach, FL		—		5,836		4,249		45		—
LandShark Bar & Grill, Daytona Beach, FL		—		5,836		4,577		10		—
Chuy's, Jacksonville, FL		—		5,504		—		—		—
Fidelity, Albuquerque, NM		—		5,739		29,537		12		—
Firebirds Wood Fired Grill, Jacksonville, FL		—		4,203		—		—		—
General Dynamics, Reston, VA		—		7,530		9,068		—		—
Party City Corporation, Oceanside, NY		—		2,965		3,289		—		—
The Strand at St. Johns Town Center, Jacksonville, FL		—		12,551		36,431		204		—
Crossroads Towne Center, Chandler, AZ		—		9,592		41,717		199		—
Ashford Lane, Atlanta, GA		—		37,717		33,422		825		—
Sabal Pavilion, Tampa, FL		—		3,265		20,629		—		—
Jordan Landing, West Jordan, UT		—		10,529		5,752		—		—
Eastern Commons, Henderson, NV		—		7,894		8,575		—		—
The Shops at Legacy, Plano, TX		—		22,008		27,192		87		—
Beaver Creek Crossings, Apex, NC		—		21,383		39,194		—		—
125 Lincoln & 150 Washington, Santa Fe, NM		—		459		12,525		—		—
369 N. New York Ave., Winter Park, FL		—		8,524		5,139		—		—
The Exchange at Gwinnett, Buford, GA		—		4,450		25,300		—		—
	$	—	$	192,526	$	325,032	$	3,702	$	—

(1) The aggregate cost, net of deferred tax liabilities, of Income Properties, Land, Buildings, and Improvements for Federal income tax purposes at December 31, 2021 is approximately $290.8 million.

(2) The company also owns two commercial properties whose leases are classified as a commercial loan and master lease investment pursuant to U.S. GAAP and, accordingly, are included on Schedule IV, Mortgage Loans on Real Estate.

Gross Amount at Which

Carried at Close of Period

December 31, 2021

(In thousands) 

	Land		Buildings		Total		Accumulated Depreciation		Date of Completion of Construction	Date Acquired	Life
Income Properties:
245 Riverside, Jacksonville, FL	$	6,020	$	16,273	$	22,293	$	4,177	N/A	07/16/15	43 Yrs.
Westcliff Shopping Center, Fort Worth, TX		10,521		4,483		15,004		2,086	N/A	03/01/17	10 Yrs.
Crabby's Oceanside, Daytona Beach, FL		5,836		4,294		10,130		919	01/25/18	N/A	40 Yrs.
LandShark Bar & Grill, Daytona Beach, FL		5,836		4,587		10,423		869	01/25/18	N/A	40 Yrs.
Chuy's, Jacksonville, FL		5,504		—		5,504		—	N/A	10/10/18	N/A
Fidelity, Albuquerque, NM		5,739		29,549		35,288		3,655	N/A	10/04/18	45 Yrs.
Firebirds Wood Fired Grill, Jacksonville, FL		4,203		—		4,203		—	N/A	10/10/18	N/A
General Dynamics, Reston, VA		7,530		9,068		16,598		1,216	N/A	7/12/2019	35 Yrs.
Party City Corporation, Oceanside, NY		2,965		3,289		6,254		237	N/A	9/24/2019	35 Yrs.
The Strand at St. Johns Town Center, Jacksonville, FL		12,551		36,635		49,186		2,906	N/A	12/9/2019	48 Yrs
Crossroads Towne Center, Chandler, AZ		9,592		41,916		51,508		2,766	N/A	1/24/2020	35 Yrs.
Ashford Lane, Atlanta, GA		37,717		34,247		71,964		2,181	N/A	2/21/2020	36 Yrs.
Sabal Pavilion, Tampa, FL		3,265		20,629		23,894		1,248	N/A	8/21/2020	40 Yrs.
Jordan Landing, West Jordan, UT		10,529		5,752		16,281		250	N/A	3/2/2021	30 Yrs.
Eastern Commons, Henderson, NV		7,894		8,575		16,469		325	N/A	3/10/2021	35 Yrs.
The Shops at Legacy, Plano, TX		22,008		27,279		49,287		918	N/A	6/23/2021	32 Yrs.
Beaver Creek Crossings, Apex, NC		21,383		39,194		60,577		149	N/A	12/2/2021	30 Yrs.
125 Lincoln & 150 Washington, Santa Fe, NM		459		12,525		12,984		20	N/A	12/20/2021	30 Yrs.
369 N. New York Ave., Winter Park, FL		8,524		5,139		13,663		10	N/A	12/20/2021	30 Yrs.
The Exchange at Gwinnett, Buford, GA		4,450		25,300		29,750		4	N/A	12/30/2021	45 Yrs.
	$	192,526	$	328,734	$	521,260	$	23,936

REAL ESTATE AND ACCUMULATED DEPRECIATION

FOR THE YEAR ENDED DECEMBER 31, 2021

(In thousands)

	2021		2020		2019
Cost:
Balance at Beginning of Year	$	472,126	$	392,842	$	463,704
Additions and Improvements		206,646		147,359		130,005
Cost of Real Estate Sold		(157,512)		(68,075)		(200,867)
Balance at End of Year	$	521,260	$	472,126	$	392,842
Accumulated Depreciation:
Balance at Beginning of Year		30,316		22,552		28,733
Depreciation and Amortization		12,270		11,207		9,892
Depreciation on Real Estate Sold		(18,650)		(3,443)		(16,073)
Balance at End of Year	$	23,936	$	30,316	$	22,552
Reconciliation to Consolidated Balance Sheet at December 31, 2021:
Income Properties, Land, Buildings, and Improvements					$	515,007
						515,007
Cost Basis of Assets Classified as Held for Sale on Balance Sheet						6,253
Total Per Schedule					$	521,260