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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