At December 31, 2017

(amounts in thousands)


					Initial Cost to Company				Gross Amounts at Which Carried at Close of Period
	Location		Encumbrance		Land		Building and Improvements		Land		Building and Improvements		Accumulated Depreciation (2)			Net Liquidation Adjustment (1)		Total		Date Acquired		Life
Office	Plantation	FL	$	10,091	$	—	$	8,915	$	4,000	$	8,935	$	(2,169	)			$	10,766		11/2004		40 yrs
Office	Lisle	IL		5,216		780		2,803		780		3,521		(690	)				3,611		2/2006		40 yrs
Other	Churchill	PA		4,356		—		23,834		—		11,705		(4,301	)				7,404		11/2004		40 yrs
	Net Liquidation Adjustment (1)																11,195		11,195

	Total		$	19,663	$	780	$	35,552	$	4,780	$	24,161	$	(7,160	)	$	11,195	$	32,976

The changes in total real estate for the period January 1, 2017 thru December 31, 2017 are as follows:


Balance as of January 1, 2017	$	186,652,000
Capital expenditures		(313,000	)
Liquidation adjustment, net		(12,442,000	)
Disposals		(138,060,000	)
Impairments		(2,861,000	)

Balance as of December 31, 2017 (liquidation basis)	$	32,976,000

(1)	Under the liquidation basis of accounting, our real estate holding are now carried at their estimated value, as a result the net liquidation adjustment is the net adjustment that we have made to the carrying value of the property in order to reflect its fair value.

(2)	Depreciation expense will not be recorded subsequent to July 31, 2014 as a result of the adoption of our plan of liquidation.

The tax basis of the above properties was $25,616 as of December 31, 2017.

SCHEDULE III

REAL ESTATE AND ACCUMULATED DEPRECIATION

(amounts in thousands, unaudited)

The following is a reconciliation of real estate assets and accumulated depreciation:


	Year Ended December 31,
	2017			2016			2015
Real Estate
Balance at beginning of period	$	200,675		$	377,446		$	587,952
Additions during the period:
Improvements, etc.		(313	)		3,301			3,632
Consolidation of property		—			15,082			—
Deductions during this period:
Cost of real estate sold		(144,923	)		(138,656	)		(82,793	)
Asset impairments		(2,861	)		(3,908	)		—
Deconsolidation of property		—			—			(118,765	)
Liquidation adjustment		(12,442	)		(52,590	)		(12,580	)

Balance at end of period	$	40,136		$	200,675		$	377,446

Accumulated Depreciation
Balance at beginning of period	$	14,023		$	23,584		$	30,627
Disposal of properties		(6,863	)		(9,561	)		(2,227	)
Deconsolidation of property		—			—			(4,816	)

Balance at end of period	$	7,160		$	14,023		$	23,584