SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION

12 Months Ended

Dec. 31, 2024

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, 2024

(In thousands)

							Costs Capitalized
			Initial Cost to Company				Subsequent to Acquisition
Description	Encumbrances		Land		Buildings & Improvements		Improvements		Carrying Costs
Income Properties:
Crabby's Oceanside, Daytona Beach, FL		—		5,836		4,249		260		—
LandShark Bar & Grill, Daytona Beach, FL		—		5,836		4,577		10		—
Fidelity, Albuquerque, NM		—		5,739		29,537		12		—
The Strand at St. Johns Town Center, Jacksonville, FL		—		12,551		36,431		1,324		—
Crossroads Towne Center, Chandler, AZ		—		5,842		38,881		157		—
Ashford Lane, Atlanta, GA		—		37,717		33,422		28,595		—
The Shops at Legacy, Plano, TX		—		22,008		39,001		1,264		—
Beaver Creek Crossings, Apex, NC		—		21,391		39,194		888		—
369 N. New York Ave., Winter Park, FL		—		8,537		6,023		2,497		—
The Exchange at Gwinnett, Buford, GA		—		6,980		38,100		59		—
Price Plaza, Katy, TX		—		15,633		17,978		1,114		—
Madison Yards, Atlanta, GA		—		19,780		47,938		615		—
West Broad Village, Glen Allen, VA		—		13,647		65,829		3,296		—
Collection at Forsyth, Cummings, GA		—		13,329		75,286		4,180		—
MainStreet Portfolio, Daytona Beach, FL		—		3,504		1,422		257		—
Plaza at Rockwall, Rockwall, TX		—		14,793		42,391		539		—
Marketplace at Seminole Towne Center, Sanford, FL		—		12,555		50,336		98		—
Carolina Pavilion, Charlotte, NC		—		18,666		64,106		19		—
Lake Brandon Village, Brandon, FL		—		4,426		9,718		—		—
Millenia Crossing, Orlando, FL		—		4,971		18,957		—		—
Granada Plaza, Dunedin, FL		—		4,007		11,921		—		—
	$	—	$	257,748	$	675,297	$	45,183	$	—

(1) The aggregate cost, net of deferred tax liabilities, of Income Properties, Land, Buildings, and Improvements for Federal income tax purposes at December 31, 2024 is approximately $760.5 million.

Gross Amount at Which

Carried at Close of Period

December 31, 2024

(In thousands) 

	Land		Buildings		Total		Accumulated Depreciation		Date of Completion of Construction	Date Acquired	Life
Income Properties:
Crabby's Oceanside, Daytona Beach, FL		5,836		4,509		10,345		1,567	01/25/18	N/A	40 Yrs.
LandShark Bar & Grill, Daytona Beach, FL		5,836		4,587		10,423		1,567	01/25/18	N/A	40 Yrs.
Fidelity, Albuquerque, NM		5,739		29,549		35,288		7,028	N/A	10/4/2018	45 Yrs.
The Strand at St. Johns Town Center, Jacksonville, FL		12,551		37,755		50,306		7,602	N/A	12/9/2019	48 Yrs.
Crossroads Towne Center, Chandler, AZ		5,842		39,038		44,880		6,646	N/A	1/24/2020	35 Yrs.
Ashford Lane, Atlanta, GA		37,717		62,017		99,733		8,326	N/A	3/18/2020	36 Yrs.
The Shops at Legacy, Plano, TX		22,008		40,265		62,273		9,882	N/A	6/23/2021	32 Yrs.
Beaver Creek Crossings, Apex, NC		21,391		40,082		61,473		6,205	N/A	12/2/2021	30 Yrs.
369 N. New York Ave., Winter Park, FL		8,537		8,520		17,057		890	N/A	12/20/2021	30 Yrs.
The Exchange at Gwinnett, Buford, GA		6,980		38,159		45,139		3,116	N/A	12/30/2021	45 Yrs.
Price Plaza, Katy, TX		15,633		19,092		34,725		3,157	N/A	3/3/2022	25 Yrs.
Madison Yards, Atlanta, GA		19,780		48,553		68,333		3,488	N/A	7/8/2022	42 Yrs.
West Broad Village, Glen Allen, VA		13,647		69,125		82,772		6,819	N/A	10/14/2022	40 Yrs.
Collection at Forsyth, Cummings, GA		13,329		79,466		92,795		8,884	N/A	12/29/2022	31 Yrs.
MainStreet Portfolio, Daytona Beach, FL		3,504		1,679		5,183		230	N/A	12/29/2022	25 Yrs.
Plaza at Rockwall, Rockwall, TX		14,793		42,930		57,723		3,435	N/A	6/9/2023	40 Yrs.
Marketplace at Seminole Towne Center, Sanford, FL		12,555		50,434		62,989		1,408	N/A	3/20/2024	45 Yrs.
Carolina Pavilion, Charlotte, NC		18,666		64,125		82,791		1,927	N/A	8/20/2024	25 Yrs.
Lake Brandon Village, Brandon, FL		4,426		9,718		14,144		296	N/A	8/20/2024	20 Yrs.
Millenia Crossing, Orlando, FL		4,971		18,957		23,928		359	N/A	8/20/2024	40 Yrs.
Granada Plaza, Dunedin, FL		4,007		11,921		15,928		32	N/A	12/16/2024	35 Yrs.
	$	257,748	$	720,480	$	978,228	$	82,864

REAL ESTATE AND ACCUMULATED DEPRECIATION

FOR THE YEAR ENDED DECEMBER 31, 2024

(In thousands)

	2024		2023		2022
Cost:
Balance at Beginning of Year	$	781,621	$	763,959	$	521,260
Additions and Improvements		227,843		97,772		281,562
Cost of Real Estate Sold		(31,236)		(80,110)		(38,863)
Balance at End of Year	$	978,228	$	781,621	$	763,959
Accumulated Depreciation:
Balance at Beginning of Year		51,425		35,512		23,936
Depreciation and Amortization		34,063		25,664		16,262
Depreciation on Real Estate Sold		(2,624)		(9,751)		(4,686)
Balance at End of Year	$	82,864	$	51,425	$	35,512
Reconciliation to Consolidated Balance Sheet at December 31, 2024:
Income Properties, Land, Buildings, and Improvements	$	978,228	$	781,621
		978,228		781,621
Cost Basis of Assets Classified as Held for Sale on Balance Sheet		—		—
Total Per Schedule	$	978,228	$	781,621