SCHEDULE III

12 Months Ended

Dec. 31, 2014

SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure [Abstract]

SCHEDULE III

SCHEDULE III
REAL ESTATE PROPERTIES AND ACCUMULATED DEPRECIATION
DECEMBER 31, 2014 (In thousands, except footnotes)
Description	Encumbrances		Initial Cost to the Company		Costs Capitalized Subsequent to Acquisition	Gross Amount Carried at Close of Period			Accumulated Depreciation	Year Acquired	Year Constructed
			Land	Buildings and Improvements		Land	Buildings and Improvements	Total
Real Estate Properties (c):
Industrial:
FLORIDA
Tampa
56th Street Commerce Park	$	—	843	3,567	4,146	843	7,713	8,556	5,278	1993	1981/86/97
Jetport Commerce Park	—		1,575	6,591	5,029	1,575	11,620	13,195	7,202	1993-99	1974-85
Westport Commerce Center	—		980	3,800	2,509	980	6,309	7,289	4,099	1994	1983/87
Benjamin Distribution Center I & II	—		843	3,963	1,478	883	5,401	6,284	3,323	1997	1996
Benjamin Distribution Center III	—		407	1,503	471	407	1,974	2,381	1,452	1999	1988
Palm River Center	—		1,190	4,625	2,405	1,190	7,030	8,220	4,102	1997/98	1990/97/98
Palm River North I & III	—		1,005	4,688	2,275	1,005	6,963	7,968	3,705	1998	2000
Palm River North II	—		634	4,418	381	634	4,799	5,433	3,146	1997/98	1999
Palm River South I	—		655	3,187	570	655	3,757	4,412	1,504	2000	2005
Palm River South II	—		655	—	4,360	655	4,360	5,015	1,848	2000	2006
Walden Distribution Center I	—		337	3,318	450	337	3,768	4,105	1,818	1997/98	2001
Walden Distribution Center II	—		465	3,738	932	465	4,670	5,135	2,385	1998	1998
Oak Creek Distribution Center I	—		1,109	6,126	1,364	1,109	7,490	8,599	3,237	1998	1998
Oak Creek Distribution Center II	—		647	3,603	1,046	647	4,649	5,296	2,000	2003	2001
Oak Creek Distribution Center III	—		439	—	3,178	556	3,061	3,617	941	2005	2007
Oak Creek Distribution Center IV	—		805	6,472	660	805	7,132	7,937	2,064	2005	2001
Oak Creek Distribution Center V	—		724	—	5,816	916	5,624	6,540	1,764	2005	2007
Oak Creek Distribution Center VI	—		642	—	5,039	812	4,869	5,681	1,160	2005	2008
Oak Creek Distribution Center IX	—		618	—	4,925	780	4,763	5,543	917	2005	2009
Oak Creek Distribution Center A	—		185	—	1,428	185	1,428	1,613	346	2005	2008
Oak Creek Distribution Center B	—		227	—	1,485	227	1,485	1,712	334	2005	2008
Airport Commerce Center	—		1,257	4,012	846	1,257	4,858	6,115	2,327	1998	1998
Westlake Distribution Center	—		1,333	6,998	2,122	1,333	9,120	10,453	4,577	1998	1998/99
Expressway Commerce Center I	—		915	5,346	1,028	915	6,374	7,289	2,785	2002	2004
Expressway Commerce Center II	—		1,013	3,247	383	1,013	3,630	4,643	1,643	2003	2001
Silo Bend Distribution Center	—		4,131	27,497	954	4,131	28,451	32,582	3,305	2011	1987/90
Tampa East Distribution Center	—		791	4,758	53	791	4,811	5,602	736	2011	1984

SCHEDULE III
REAL ESTATE PROPERTIES AND ACCUMULATED DEPRECIATION
DECEMBER 31, 2014 (In thousands, except footnotes)
Description	Encumbrances	Initial Cost to the Company		Costs Capitalized Subsequent to Acquisition	Gross Amount Carried at Close of Period			Accumulated Depreciation	Year Acquired	Year Constructed
		Land	Buildings and Improvements		Land	Buildings and Improvements	Total
Tampa West Distribution Center	—	2,139	8,502	866	2,139	9,368	11,507	1,245	2011	1975/93/94
Madison Distribution Center	—	495	2,779	254	495	3,033	3,528	389	2012	2007
Orlando
Chancellor Center	—	291	1,711	241	291	1,952	2,243	1,064	1996/97	1996/97
Exchange Distribution Center I	—	603	2,414	2,049	603	4,463	5,066	2,944	1994	1975
Exchange Distribution Center II	—	300	945	298	300	1,243	1,543	612	2002	1976
Exchange Distribution Center III	—	320	997	399	320	1,396	1,716	741	2002	1980
Sunbelt Distribution Center	—	1,474	5,745	5,368	1,474	11,113	12,587	7,361	1989/97/98	1974/87/97/98
John Young Commerce Center I	—	497	2,444	870	497	3,314	3,811	1,690	1997/98	1997/98
John Young Commerce Center II	—	512	3,613	399	512	4,012	4,524	2,312	1998	1999
Altamonte Commerce Center I	—	1,498	2,661	2,474	1,498	5,135	6,633	3,366	1999	1980/82
Altamonte Commerce Center II	—	745	2,618	1,140	745	3,758	4,503	1,776	2003	1975
Sunport Center I	—	555	1,977	671	555	2,648	3,203	1,297	1999	1999
Sunport Center II	—	597	3,271	1,460	597	4,731	5,328	3,071	1999	2001
Sunport Center III	—	642	3,121	769	642	3,890	4,532	1,814	1999	2002
Sunport Center IV	—	642	2,917	1,426	642	4,343	4,985	1,742	1999	2004
Sunport Center V	—	750	2,509	2,145	750	4,654	5,404	2,374	1999	2005
Sunport Center VI	—	672	—	3,434	672	3,434	4,106	1,095	1999	2006
Southridge Commerce Park I	—	373	—	4,708	373	4,708	5,081	2,421	2003	2006
Southridge Commerce Park II	—	342	—	4,417	342	4,417	4,759	1,887	2003	2007
Southridge Commerce Park III	—	547	—	5,424	547	5,424	5,971	1,630	2003	2007
Southridge Commerce Park IV (h)	3,274	506	—	4,561	506	4,561	5,067	1,448	2003	2006
Southridge Commerce Park V (h)	3,015	382	—	4,284	382	4,284	4,666	1,696	2003	2006
Southridge Commerce Park VI	—	571	—	5,182	571	5,182	5,753	1,347	2003	2007
Southridge Commerce Park VII	—	520	—	6,333	520	6,333	6,853	1,736	2003	2008
Southridge Commerce Park VIII	—	531	—	6,343	531	6,343	6,874	1,413	2003	2008
Southridge Commerce Park IX	—	468	—	6,401	468	6,401	6,869	601	2003	2012
Southridge Commerce Park X	—	414	—	4,826	414	4,826	5,240	231	2003	2012
Southridge Commerce Park XI	—	513	—	5,870	513	5,870	6,383	398	2003	2012
Southridge Commerce Park XII	—	2,025	—	16,930	2,025	16,930	18,955	3,268	2005	2008

SCHEDULE III
REAL ESTATE PROPERTIES AND ACCUMULATED DEPRECIATION
DECEMBER 31, 2014 (In thousands, except footnotes)
Description	Encumbrances	Initial Cost to the Company		Costs Capitalized Subsequent to Acquisition	Gross Amount Carried at Close of Period			Accumulated Depreciation	Year Acquired	Year Constructed
		Land	Buildings and Improvements		Land	Buildings and Improvements	Total
Jacksonville
Deerwood Distribution Center	—	1,147	1,799	2,886	1,147	4,685	5,832	2,333	1989	1978
Phillips Distribution Center	—	1,375	2,961	4,283	1,375	7,244	8,619	4,686	1994	1984/95
Lake Pointe Business Park (i)	12,218	3,442	6,450	7,366	3,442	13,816	17,258	9,289	1993	1986/87
Ellis Distribution Center	—	540	7,513	1,087	540	8,600	9,140	4,027	1997	1977
Westside Distribution Center	—	1,170	12,400	4,889	1,170	17,289	18,459	9,114	1997	1984
12th Street Distribution Center	—	841	2,974	1,455	841	4,429	5,270	906	2008	1985
Beach Commerce Center	—	476	1,899	615	476	2,514	2,990	1,203	2000	2000
Interstate Distribution Center	—	1,879	5,700	1,563	1,879	7,263	9,142	3,144	2005	1990
Fort Lauderdale/Palm Beach area
Linpro Commerce Center	—	613	2,243	1,597	616	3,837	4,453	2,885	1996	1986
Cypress Creek Business Park	—	—	2,465	1,700	—	4,165	4,165	2,565	1997	1986
Lockhart Distribution Center	—	—	3,489	2,655	—	6,144	6,144	3,577	1997	1986
Interstate Commerce Center	—	485	2,652	783	485	3,435	3,920	2,038	1998	1988
Executive Airport Commerce Ctr (m)	8,419	1,991	4,857	5,101	1,991	9,958	11,949	3,981	2001	2004/06
Sample 95 Business Park	—	2,202	8,785	3,040	2,202	11,825	14,027	6,857	1996/98	1990/99
Blue Heron Distribution Center	—	975	3,626	1,751	975	5,377	6,352	3,084	1999	1986
Blue Heron Distribution Center II	884	1,385	4,222	809	1,385	5,031	6,416	2,121	2004	1988
Blue Heron Distribution Center III	—	450	—	2,663	450	2,663	3,113	633	2004	2009
Fort Myers
SunCoast Commerce Center I	—	911	—	4,768	928	4,751	5,679	1,346	2005	2008
SunCoast Commerce Center II	—	911	—	4,952	928	4,935	5,863	1,547	2005	2007
SunCoast Commerce Center III	—	1,720	—	6,376	1,763	6,333	8,096	1,462	2006	2008
CALIFORNIA
San Francisco area
Wiegman Distribution Center I (j)	10,163	2,197	8,788	1,836	2,308	10,513	12,821	5,234	1996	1986/87
Wiegman Distribution Center II	—	2,579	4,316	2	2,579	4,318	6,897	303	2012	1998
Huntwood Distribution Center (j)	17,083	3,842	15,368	2,324	3,842	17,692	21,534	9,007	1996	1988
San Clemente Distribution Center	—	893	2,004	852	893	2,856	3,749	1,489	1997	1978
Yosemite Distribution Center	—	259	7,058	1,022	259	8,080	8,339	4,003	1999	1974/87

SCHEDULE III
REAL ESTATE PROPERTIES AND ACCUMULATED DEPRECIATION
DECEMBER 31, 2014 (In thousands, except footnotes)
Description	Encumbrances	Initial Cost to the Company		Costs Capitalized Subsequent to Acquisition		Gross Amount Carried at Close of Period			Accumulated Depreciation	Year Acquired	Year Constructed
		Land	Buildings and Improvements			Land	Buildings and Improvements	Total
Los Angeles area
Kingsview Industrial Center (e)	2,812	643	2,573	615		643	3,188	3,831	1,652	1996	1980
Dominguez Distribution Center (e)	8,222	2,006	8,025	1,170		2,006	9,195	11,201	4,930	1996	1977
Main Street Distribution Center	—	1,606	4,103	787		1,606	4,890	6,496	2,401	1999	1999
Walnut Business Center (e)	6,848	2,885	5,274	1,170		2,885	6,444	9,329	3,294	1996	1966/90
Washington Distribution Center (e)	5,281	1,636	4,900	658		1,636	5,558	7,194	2,688	1997	1996/97
Chino Distribution Center (f)	9,489	2,544	10,175	1,623		2,544	11,798	14,342	6,509	1998	1980
Industry Distribution Center I (e)	18,039	10,230	12,373	1,970		10,230	14,343	24,573	7,013	1998	1959
Industry Distribution Center III (e)	2,096	—	3,012	(157	)	—	2,855	2,855	2,854	2007	1992
Chestnut Business Center	—	1,674	3,465	209		1,674	3,674	5,348	1,630	1998	1999
Los Angeles Corporate Center	—	1,363	5,453	2,940		1,363	8,393	9,756	4,837	1996	1986
Ramona Distribution Center	2,846	3,761	5,751	—		3,761	5,751	9,512	13	2014	1984
Santa Barbara
University Business Center	—	5,517	22,067	5,095		5,519	27,160	32,679	14,436	1996	1987/88
Castilian Research Center	—	2,719	1,410	4,840		2,719	6,250	8,969	1,264	2005	2007
Fresno
Shaw Commerce Center (e)	13,672	2,465	11,627	4,532		2,465	16,159	18,624	9,101	1998	1978/81/87
San Diego
Eastlake Distribution Center (l)	7,160	3,046	6,888	1,732		3,046	8,620	11,666	4,567	1997	1989
Ocean View Corporate Center (m)	10,019	6,577	7,105	539		6,577	7,644	14,221	1,881	2010	2005
TEXAS
Dallas
Interstate Distribution Center  I & II (g)	6,019	1,746	4,941	2,403		1,746	7,344	9,090	5,312	1988	1978
Interstate Distribution Center III (g)	2,322	519	2,008	980		519	2,988	3,507	1,528	2000	1979
Interstate Distribution Center IV	—	416	2,481	405		416	2,886	3,302	1,217	2004	2002
Interstate Distribution Center V, VI & VII (h)	4,667	1,824	4,106	1,294		1,824	5,400	7,224	1,903	2009	1979/80/81
Venture Warehouses (g)	5,041	1,452	3,762	2,399		1,452	6,161	7,613	4,354	1988	1979
Stemmons Circle (g)	1,998	363	2,014	640		363	2,654	3,017	1,612	1998	1977
Ambassador Row Warehouses	—	675	2,701	1,340		675	4,041	4,716	2,689	1998	1958/65
North Stemmons II	—	150	583	435		150	1,018	1,168	460	2002	1971

SCHEDULE III
REAL ESTATE PROPERTIES AND ACCUMULATED DEPRECIATION
DECEMBER 31, 2014 (In thousands, except footnotes)
Description	Encumbrances	Initial Cost to the Company		Costs Capitalized Subsequent to Acquisition	Gross Amount Carried at Close of Period			Accumulated Depreciation	Year Acquired	Year Constructed
		Land	Buildings and Improvements		Land	Buildings and Improvements	Total
North Stemmons III	—	380	2,066	48	380	2,114	2,494	507	2007	1974
Shady Trail Distribution Center	—	635	3,621	857	635	4,478	5,113	1,816	2003	1998
Valwood Distribution Center	—	4,361	34,405	1,364	4,361	35,769	40,130	3,300	2012	1986/87/97/98
Northfield Distribution Center	—	12,471	50,713	377	12,471	51,090	63,561	4,542	2013	1999-2001/03/04/08
Houston
Northwest Point Business Park	—	1,243	5,640	4,659	1,243	10,299	11,542	6,519	1994	1984/85
Lockwood Distribution Center	—	749	5,444	1,985	749	7,429	8,178	4,004	1997	1968/69
West Loop Distribution Center (g)	5,040	905	4,383	2,324	905	6,707	7,612	3,942	1997/2000	1980
World Houston Int'l Business Ctr 1 & 2 (f)	5,186	660	5,893	1,285	660	7,178	7,838	4,008	1998	1996
World Houston Int'l Business Ctr 3, 4 & 5 (g)	5,669	1,025	6,413	1,123	1,025	7,536	8,561	3,860	1998	1998
World Houston Int'l Business Ctr 6 (g)	2,179	425	2,423	442	425	2,865	3,290	1,598	1998	1998
World Houston Int'l Business Ctr 7 & 8 (g)	6,227	680	4,584	4,139	680	8,723	9,403	4,661	1998	1998
World Houston Int'l Business Ctr 9 (g)	4,462	800	4,355	1,584	800	5,939	6,739	2,364	1998	1998
World Houston Int'l Business Ctr 10	—	933	4,779	327	933	5,106	6,039	2,074	2001	1999
World Houston Int'l Business Ctr 11	—	638	3,764	1,191	638	4,955	5,593	2,344	1999	1999
World Houston Int'l Business Ctr 12	—	340	2,419	387	340	2,806	3,146	1,413	2000	2002
World Houston Int'l Business Ctr 13	—	282	2,569	350	282	2,919	3,201	1,718	2000	2002
World Houston Int'l Business Ctr 14	—	722	2,629	535	722	3,164	3,886	1,528	2000	2003
World Houston Int'l Business Ctr 15 (l)	4,047	731	—	5,863	731	5,863	6,594	2,756	2000	2007
World Houston Int'l Business Ctr 16 (k)	3,659	519	4,248	1,144	519	5,392	5,911	2,531	2000	2005
World Houston Int'l Business Ctr 17	—	373	1,945	785	373	2,730	3,103	1,074	2000	2004
World Houston Int'l Business Ctr 18	—	323	1,512	251	323	1,763	2,086	690	2005	1995
World Houston Int'l Business Ctr 19 (i)	2,511	373	2,256	916	373	3,172	3,545	1,706	2000	2004
World Houston Int'l Business Ctr 20 (i)	3,017	1,008	1,948	1,307	1,008	3,255	4,263	1,657	2000	2004
World Houston Int'l Business Ctr 21 (f)	2,587	436	—	3,474	436	3,474	3,910	1,093	2000/03	2006
World Houston Int'l Business Ctr 22 (l)	2,945	436	—	4,362	436	4,362	4,798	1,549	2000	2007
World Houston Int'l Business Ctr 23 (f)	5,251	910	—	7,026	910	7,026	7,936	2,187	2000	2007
World Houston Int'l Business Ctr 24	—	837	—	5,473	837	5,473	6,310	1,911	2005	2008
World Houston Int'l Business Ctr 25	—	508	—	3,676	508	3,676	4,184	1,036	2005	2008

SCHEDULE III
REAL ESTATE PROPERTIES AND ACCUMULATED DEPRECIATION
DECEMBER 31, 2014 (In thousands, except footnotes)
Description	Encumbrances	Initial Cost to the Company		Costs Capitalized Subsequent to Acquisition	Gross Amount Carried at Close of Period			Accumulated Depreciation	Year Acquired	Year Constructed
		Land	Buildings and Improvements		Land	Buildings and Improvements	Total
World Houston Int'l Business Ctr 26 (m)	2,564	445	—	3,194	445	3,194	3,639	898	2005	2008
World Houston Int'l Business Ctr 27	—	837	—	4,964	837	4,964	5,801	1,181	2005	2008
World Houston Int'l Business Ctr 28 (m)	3,259	550	—	4,075	550	4,075	4,625	960	2005	2009
World Houston Int'l Business Ctr 29 (m)	3,466	782	—	4,138	974	3,946	4,920	934	2007	2009
World Houston Int'l Business Ctr 30 (m)	4,702	981	—	5,693	1,222	5,452	6,674	1,532	2007	2009
World Houston Int'l Business Ctr 31A	—	684	—	3,910	684	3,910	4,594	774	2008	2011
World Houston Int'l Business Ctr 31B	—	546	—	3,344	546	3,344	3,890	310	2008	2012
World Houston Int'l Business Ctr 32 (h)	4,357	1,225	—	5,519	1,526	5,218	6,744	618	2007	2012
World Houston Int'l Business Ctr 33	—	1,166	—	7,860	1,166	7,860	9,026	543	2011	2013
World Houston Int'l Business Ctr 34	—	439	—	3,338	439	3,338	3,777	219	2005	2012
World Houston Int'l Business Ctr 35	—	340	—	2,475	340	2,475	2,815	131	2005	2012
World Houston Int'l Business Ctr 36	—	685	—	4,851	685	4,851	5,536	274	2011	2013
World Houston Int'l Business Ctr 37	—	759	—	6,051	759	6,051	6,810	188	2011	2013
World Houston Int'l Business Ctr 38	—	1,053	—	7,246	1,053	7,246	8,299	383	2011	2013
World Houston Int'l Business Ctr 40	—	1,072	—	9,213	1,072	9,213	10,285	83	2011	2014
America Plaza (g)	4,177	662	4,660	987	662	5,647	6,309	2,973	1998	1996
Central Green Distribution Center (g)	3,130	566	4,031	130	566	4,161	4,727	2,091	1999	1998
Glenmont Business Park (g)	6,359	936	6,161	2,506	936	8,667	9,603	4,592	1998	1999/2000
Techway Southwest I	—	729	3,765	2,280	729	6,045	6,774	3,024	2000	2001
Techway Southwest II (i)	3,908	550	3,689	1,282	550	4,971	5,521	2,065	2000	2004
Techway Southwest III (l)	3,785	597	—	5,570	751	5,416	6,167	2,241	1999	2006
Techway Southwest IV (m)	4,372	535	—	5,670	674	5,531	6,205	1,532	1999	2008
Beltway Crossing I	—	458	5,712	1,686	458	7,398	7,856	3,406	2002	2001
Beltway Crossing II (l)	1,973	415	—	2,799	415	2,799	3,214	1,019	2005	2007
Beltway Crossing III (l)	2,181	460	—	3,093	460	3,093	3,553	1,140	2005	2008
Beltway Crossing IV (l)	2,144	460	—	3,034	460	3,034	3,494	1,127	2005	2008
Beltway Crossing V (m)	3,835	701	—	4,742	701	4,742	5,443	1,567	2005	2008
Beltway Crossing VI (h)	4,287	618	—	6,017	618	6,017	6,635	1,311	2005	2008
Beltway Crossing VII (h)	4,279	765	—	5,859	765	5,859	6,624	1,649	2005	2009
Beltway Crossing VIII	—	721	—	4,576	721	4,576	5,297	703	2005	2011
Beltway Crossing IX	—	418	—	2,113	418	2,113	2,531	193	2007	2012

SCHEDULE III
REAL ESTATE PROPERTIES AND ACCUMULATED DEPRECIATION
DECEMBER 31, 2014 (In thousands, except footnotes)
Description	Encumbrances	Initial Cost to the Company		Costs Capitalized Subsequent to Acquisition	Gross Amount Carried at Close of Period			Accumulated Depreciation	Year Acquired	Year Constructed
		Land	Buildings and Improvements		Land	Buildings and Improvements	Total
Beltway Crossing X	—	733	—	3,871	733	3,871	4,604	329	2007	2012
Beltway Crossing XI	—	690	—	4,101	690	4,101	4,791	208	2007	2013
Ten West Crossing 1	—	566	—	2,980	566	2,980	3,546	197	2012	2013
Ten West Crossing 2	—	829	—	4,384	833	4,380	5,213	191	2012	2013
Ten West Crossing 3	—	609	—	4,349	613	4,345	4,958	212	2012	2013
Ten West Crossing 4	—	694	—	4,390	699	4,385	5,084	111	2012	2014
Ten West Crossing 5	—	933	—	5,829	940	5,822	6,762	73	2012	2014
West Road II	—	981	—	5,217	981	5,217	6,198	46	2012	2014
El Paso
Butterfield Trail	—	—	20,725	7,629	—	28,354	28,354	15,891	1997/2000	1987/95
Rojas Commerce Park (g)	4,956	900	3,659	2,925	900	6,584	7,484	4,544	1999	1986
Americas Ten Business Center I	—	526	2,778	1,159	526	3,937	4,463	2,034	2001	2003
San Antonio
Alamo Downs Distribution Center (k)	5,495	1,342	6,338	1,197	1,342	7,535	8,877	3,745	2004	1986/2002
Arion Business Park (k)	25,391	4,143	31,432	5,445	4,143	36,877	41,020	14,727	2005	1988-2000/06
Arion 14 (k)	2,364	423	—	3,397	423	3,397	3,820	1,133	2005	2006
Arion 16 (f)	2,594	427	—	3,493	427	3,493	3,920	944	2005	2007
Arion 17 (k)	2,835	616	—	3,964	616	3,964	4,580	1,774	2005	2007
Arion 18 (h)	1,771	418	—	2,324	418	2,324	2,742	886	2005	2008
Wetmore Business Center (l)	9,288	1,494	10,804	2,835	1,494	13,639	15,133	5,877	2005	1998/99
Wetmore Phase II, Building A (m)	2,671	412	—	3,379	412	3,379	3,791	1,267	2006	2008
Wetmore Phase II, Building B (m)	2,874	505	—	3,574	505	3,574	4,079	1,126	2006	2008
Wetmore Phase II, Building C (m)	3,089	546	—	3,838	546	3,838	4,384	621	2006	2008
Wetmore Phase II, Building D (m)	6,045	1,056	—	7,524	1,056	7,524	8,580	1,767	2006	2008
Fairgrounds Business Park (l)	7,273	1,644	8,209	1,997	1,644	10,206	11,850	3,996	2007	1985/86
Rittiman Distribution Center	—	1,083	6,649	275	1,083	6,924	8,007	722	2011	2000
Thousand Oaks 1	—	607	—	4,286	607	4,286	4,893	398	2008	2012
Thousand Oaks 2	—	794	—	4,719	794	4,719	5,513	405	2008	2012
Thousand Oaks 3	—	772	—	4,457	772	4,457	5,229	149	2008	2013
Austin
Colorado Crossing Distribution Center	—	4,602	19,757	61	4,602	19,818	24,420	625	2014	2009

SCHEDULE III
REAL ESTATE PROPERTIES AND ACCUMULATED DEPRECIATION
DECEMBER 31, 2014 (In thousands, except footnotes)
Description	Encumbrances	Initial Cost to the Company		Costs Capitalized Subsequent to Acquisition	Gross Amount Carried at Close of Period			Accumulated Depreciation	Year Acquired	Year Constructed
		Land	Buildings and Improvements		Land	Buildings and Improvements	Total
ARIZONA
Phoenix area
Broadway Industrial Park I	—	837	3,349	895	837	4,244	5,081	2,395	1996	1971
Broadway Industrial Park II	—	455	482	161	455	643	1,098	395	1999	1971
Broadway Industrial Park III	—	775	1,742	531	775	2,273	3,048	1,189	2000	1983
Broadway Industrial Park IV	—	380	1,652	783	380	2,435	2,815	1,310	2000	1986
Broadway Industrial Park V	—	353	1,090	120	353	1,210	1,563	607	2002	1980
Broadway Industrial Park VI (f)	2,044	599	1,855	636	599	2,491	3,090	1,289	2002	1979
Broadway Industrial Park VII	—	450	650	120	450	770	1,220	96	2011	1999
Kyrene Distribution Center	—	1,490	4,453	1,387	1,490	5,840	7,330	3,344	1999	1981/2001
Southpark Distribution Center	—	918	2,738	621	918	3,359	4,277	1,395	2001	2000
Santan 10 Distribution Center I (k)	2,336	846	2,647	282	846	2,929	3,775	1,239	2001	2005
Santan 10 Distribution Center II (f)	4,106	1,088	—	5,119	1,088	5,119	6,207	1,813	2004	2007
Metro Business Park	—	1,927	7,708	6,085	1,927	13,793	15,720	8,645	1996	1977/79
35th Avenue Distribution Center	—	418	2,381	412	418	2,793	3,211	1,360	1997	1967
51st Avenue Distribution Center	—	300	2,029	805	300	2,834	3,134	1,684	1998	1987
East University Distribution Center I & II (f)	4,600	1,120	4,482	1,350	1,120	5,832	6,952	3,229	1998	1987/89
East University Distribution Center III	—	444	698	99	444	797	1,241	156	2010	1981
55th Avenue Distribution Center (f)	3,671	912	3,717	919	917	4,631	5,548	2,652	1998	1987
Interstate Commons Dist Ctr I	—	798	3,632	1,663	798	5,295	6,093	2,619	1999	1988
Interstate Commons Dist Ctr II	—	320	2,448	421	320	2,869	3,189	1,292	1999	2000
Interstate Commons Dist Ctr III	—	242	—	2,977	242	2,977	3,219	779	2000	2008
Airport Commons	—	1,000	1,510	1,240	1,000	2,750	3,750	1,309	2003	1971
40th Avenue Distribution Center (m)	4,742	703	—	6,028	703	6,028	6,731	1,470	2004	2008
Sky Harbor Business Park	—	5,839	—	21,205	5,839	21,205	27,044	4,974	2006	2008
Chandler Freeways	—	1,525	—	7,381	1,525	7,381	8,906	212	2012	2013
Tucson
Country Club I (i)	4,420	506	3,564	2,173	693	5,550	6,243	2,177	1997/2003	1994/2003
Country Club II	—	442	3,381	37	442	3,418	3,860	978	2007	2000
Country Club III & IV	—	1,407	—	11,771	1,575	11,603	13,178	2,864	2007	2009

SCHEDULE III
REAL ESTATE PROPERTIES AND ACCUMULATED DEPRECIATION
DECEMBER 31, 2014 (In thousands, except footnotes)
Description	Encumbrances	Initial Cost to the Company		Costs Capitalized Subsequent to Acquisition	Gross Amount Carried at Close of Period			Accumulated Depreciation	Year Acquired	Year Constructed
		Land	Buildings and Improvements		Land	Buildings and Improvements	Total
Airport Distribution Center	—	1,103	4,672	1,549	1,103	6,221	7,324	3,395	1998	1995
Southpointe Distribution Center	—	—	3,982	2,950	—	6,932	6,932	3,752	1999	1989
Benan Distribution Center	—	707	1,842	626	707	2,468	3,175	1,212	2005	2001
NORTH CAROLINA
Charlotte area
NorthPark Business Park (f)	14,731	2,758	15,932	3,578	2,758	19,510	22,268	7,072	2006	1987-89
Lindbergh Business Park	—	470	3,401	332	470	3,733	4,203	1,261	2007	2001/03
Commerce Park 1 (l)	3,522	765	4,303	671	765	4,974	5,739	1,541	2007	1983
Commerce Park 2 (h)	1,424	335	1,603	266	335	1,869	2,204	396	2010	1987
Commerce Park 3 (h)	2,344	558	2,225	845	558	3,070	3,628	593	2010	1981
Nations Ford Business Park (l)	13,944	3,924	16,171	2,627	3,924	18,798	22,722	6,962	2007	1989/94
Airport Commerce Center	—	1,454	10,136	1,248	1,454	11,384	12,838	2,948	2008	2001/02
Interchange Park I	—	986	7,949	472	986	8,421	9,407	1,988	2008	1989
Interchange Park II	—	746	1,456	55	746	1,511	2,257	70	2013	2000
Ridge Creek Distribution Center I	—	1,284	13,163	779	1,284	13,942	15,226	2,933	2008	2006
Ridge Creek Distribution Center II (h)	10,753	3,033	11,497	2,115	3,033	13,612	16,645	1,183	2011	2003
Ridge Creek Distribution Center III	—	2,459	11,147	380	2,459	11,527	13,986	265	2014	2013
Waterford Distribution Center	—	654	3,392	470	654	3,862	4,516	751	2008	2000
Lakeview Business Center (h)	4,391	1,392	5,068	336	1,392	5,404	6,796	739	2011	1996
Steele Creek I	—	993	—	4,301	1,010	4,284	5,294	174	2013	2014
LOUISIANA
New Orleans
Elmwood Business Park	—	2,861	6,337	4,085	2,861	10,422	13,283	6,802	1997	1979
Riverbend Business Park	—	2,592	17,623	5,669	2,592	23,292	25,884	11,855	1997	1984
COLORADO
Denver
Rampart Distribution Center I (k)	3,913	1,023	3,861	1,438	1,023	5,299	6,322	3,717	1988	1987
Rampart Distribution Center II (k)	2,704	230	2,977	1,162	230	4,139	4,369	2,524	1996/97	1996/97
Rampart Distribution Center III (k)	3,948	1,098	3,884	1,396	1,098	5,280	6,378	2,581	1997/98	1999
Concord Distribution Center (h)	4,030	1,051	4,773	414	1,051	5,187	6,238	1,641	2007	2000
Centennial Park (m)	4,062	750	3,319	1,697	750	5,016	5,766	1,393	2007	1990

REAL ESTATE PROPERTIES AND ACCUMULATED DEPRECIATION
DECEMBER 31, 2014 (In thousands, except footnotes)
Description	Encumbrances	Initial Cost to the Company		Costs Capitalized Subsequent to Acquisition	Gross Amount Carried at Close of Period				Accumulated Depreciation	Year Acquired	Year Constructed
		Land	Buildings and Improvements		Land	Buildings and Improvements		Total
NEVADA
Las Vegas
Arville Distribution Center	—	4,933	5,094	314	4,933	5,408		10,341	1,354	2009	1997
MISSISSIPPI
Jackson area
Interchange Business Park	—	343	5,007	2,786	343	7,793		8,136	4,576	1997	1981
Tower Automotive	—	—	9,958	1,215	17	11,156		11,173	4,034	2001	2002
Metro Airport Commerce Center I	—	303	1,479	1,012	303	2,491		2,794	1,376	2001	2003
TENNESSEE
Memphis
Air Park Distribution Center I	—	250	1,916	1,426	250	3,342		3,592	1,734	1998	1975
	449,476	280,801	944,800	669,372	283,116	1,611,857		1,894,973	600,287
Industrial Development (d):
FLORIDA
Oak Creek land	—	1,946	—	3,365	2,375	2,936		5,311	—	2005	n/a
Madison II & III	—	624	—	3,056	624	3,056		3,680	—	2012	n/a
Madison land	—	565	—	308	565	308		873	—	2012	n/a
Horizon Commerce Park I	—	991	—	6,121	991	6,121		7,112	64	2008	2014
Horizon Commerce Park II	—	1,111	—	6,549	1,111	6,549		7,660	43	2008	2014
Horizon Commerce Park land	—	11,248	—	12,603	11,248	12,603		23,851	—	2008/09	n/a
SunCoast land	—	10,892	—	6,966	11,104	6,754		17,858	—	2006	n/a
TEXAS
North Stemmons land	—	537	—	276	537	276		813	—	2001	n/a
ParkView Commerce Center 1-3	—	2,663	—	1,413	2,663	1,413		4,076	—	2014	n/a
ParkView Commerce Center land	—	400	—	—	405	(5	)	400	—	2014	n/a
Valwood land	—	416	—	20	416	20		436	—	2012	n/a
World Houston Int'l Business Ctr 39	—	620	—	4,436	620	4,436		5,056	—	2011	2014
World Houston Int'l Business Ctr 41	—	649	—	4,697	649	4,697		5,346	—	2011	2014
World Houston Int'l Business Ctr land	—	1,628	—	1,082	1,628	1,082		2,710	—	2000/06	n/a
World Houston Int'l Business Ctr land - expansion	—	4,069	—	5,840	7,479	2,430		9,909	—	2011	n/a
Ten West Crossing 6	—	640	—	3,602	644	3,598		4,242	10	2012	2014
Ten West Crossing 7	—	584	—	2,586	589	2,581		3,170	—	2012	n/a
Ten West Crossing land	—	1,127	—	639	1,135	631		1,766	—	2012	n/a

REAL ESTATE PROPERTIES AND ACCUMULATED DEPRECIATION
DECEMBER 31, 2014 (In thousands, except footnotes)
Description	Encumbrances		Initial Cost to the Company		Costs Capitalized Subsequent to Acquisition	Gross Amount Carried at Close of Period			Accumulated Depreciation	Year Acquired	Year Constructed
			Land	Buildings and Improvements		Land	Buildings and Improvements	Total
Lee Road land	—		2,989	—	2,119	3,723	1,385	5,108	—	2007	n/a
West Road I	—		621	—	3,656	621	3,656	4,277	4	2012	2014
West Road III	—		597	—	3,268	597	3,268	3,865	—	2012	n/a
West Road land	—		1,104	—	1,113	1,105	1,112	2,217	—	2012	n/a
Americas Ten Business Center II & III land	—		1,365	—	1,079	1,365	1,079	2,444	—	2001	n/a
Alamo Ridge I	—		623	—	4,852	623	4,852	5,475	—	2007	n/a
Alamo Ridge II	—		402	—	2,964	402	2,964	3,366	—	2007	n/a
Alamo Ridge land	—		1,263	—	1,559	1,262	1,560	2,822	—	2007	n/a
Thousand Oaks 4	—		753	—	2,190	753	2,190	2,943	—	2013	n/a
ARIZONA
Airport Distribution Center II land	—		300	—	117	300	117	417	—	2000	n/a
Kyrene land	—		2,180	—	1,283	2,180	1,283	3,463	—	2011	n/a
Kyrene 202 I	—		653	—	5,286	653	5,286	5,939	7	2011	2014
Kyrene 202 II	—		387	—	3,022	387	3,022	3,409	—	2011	2014
Sky Harbor 6	—		807	—	813	807	813	1,620	—	2014	n/a
NORTH CAROLINA
Steele Creek II	—		941	—	3,982	957	3,966	4,923	64	2013	2014
Steele Creek III	—		1,464	—	5,856	1,469	5,851	7,320	47	2013	2014
Steele Creek IV	—		684	—	2,776	687	2,773	3,460	—	2013	n/a
Steele Creek land	—		2,518	—	939	2,529	928	3,457	—	2013/14	n/a
Airport Commerce Center III land	—		855	—	671	855	671	1,526	—	2008	n/a
COLORADO
Rampart IV (k)	4,300		590	—	6,357	590	6,357	6,947	—	2012	2014
MISSISSIPPI
Metro Airport Commerce Center II land	—		307	—	399	307	399	706	—	2001	n/a
	4,300		62,113	—	117,860	66,955	113,018	179,973	239
Total real estate owned (a)(b)	$	453,776	342,914	944,800	787,232	350,071	1,724,875	2,074,946	600,526
See accompanying Report of Independent Registered Public Accounting Firm on Financial Statement Schedules.

(a)  Changes in Real Estate Properties follow: 

	Years Ended December 31,
	2014			2013		2012
	(In thousands)
Balance at beginning of year	$	1,927,326		1,768,032		1,662,593
Purchases of real estate properties	47,477			65,387		48,934
Development of real estate properties	97,696			76,240		55,404
Improvements to real estate properties	19,862			21,438		18,164
Carrying amount of investments sold	(17,049		)	(3,475	)	(16,756	)
Write-off of improvements	(366		)	(296	)	(307	)
Balance at end of year (1)	$	2,074,946		1,927,326		1,768,032

(1) Includes 20% noncontrolling interests in Castilian Research Center of $1,794,000 at December 31, 2014 and $1,794,000 at December 31, 2013 and in University Business Center of $6,536,000 and $6,496,000, respectively.

Changes in the accumulated depreciation on real estate properties follow:

	Years Ended December 31,
	2014			2013		2012
	(In thousands)
Balance at beginning of year	$	550,113		496,247		451,805
Depreciation expense	57,303			54,284		51,564
Accumulated depreciation on assets sold	(6,525		)	(126	)	(6,819	)
Other	(365		)	(292	)	(303	)
Balance at end of year	$	600,526		550,113		496,247

(b) The estimated aggregate cost of real estate properties at December 31, 2014 for federal income tax purposes was approximately $2,044,327,000 before estimated accumulated tax depreciation of $385,355,000.  The federal income tax return for the year ended December 31, 2014, has not been filed and accordingly, this estimate is based on preliminary data.

(c) The Company computes depreciation using the straight-line method over the estimated useful lives of the buildings (generally 40 years) and improvements (generally 3 to 15 years).   

(d) The Company transfers development properties to real estate properties the earlier of 80% occupancy or one year after completion of the shell construction.

(e) EastGroup has a $56,970,000 limited recourse first mortgage loan with an insurance company secured by Dominguez, Industry Distribution Center I & III, Kingsview, Shaw, Walnut, and Washington.  The loan has a recourse liability of $5 million which will be released based on the secured properties generating certain base rent amounts.

(f) EastGroup has a $54,259,000 non-recourse first mortgage loan with an insurance company secured by Arion 16, Broadway VI, Chino, East University I & II, Northpark I-IV, Santan 10 II, 55^th Avenue, and World Houston 1 & 2 and 21 & 23.

(g) EastGroup has a $57,579,000 non-recourse first mortgage loan with an insurance company secured by America Plaza, Central Green, Glenmont I & II, Interstate I, II & III, Rojas, Stemmons Circle, Venture, West Loop I & II, and World Houston 3-9.

(h) EastGroup has a $48,592,000 non-recourse first mortgage loan with an insurance company secured by Arion 18, Beltway VI & VII, Commerce Park II & III, Concord Distribution Center, Interstate Distribution Center V, VI & VII, Lakeview Business Center, Ridge Creek Distribution Center II, Southridge IV & V and World Houston 32.

(i) EastGroup has a $26,074,000 non-recourse first mortgage loan with an insurance company secured by Country Club I, Lake Pointe, Techway Southwest II, and World Houston 19 & 20.

(j) EastGroup has a $27,246,000 non-recourse first mortgage loan with an insurance company secured by Huntwood and Wiegman I-IV.

(k) EastGroup has a $56,945,000 non-recourse first mortgage loan with an insurance company secured by Alamo Downs, Arion 1-15 & 17, Rampart I, II, III & IV, Santan 10, and World Houston 16.

(l) EastGroup has a $58,262,000 non-recourse first mortgage loan with an insurance company secured by Beltway II, III & IV, Commerce Park 1, Eastlake, Fairgrounds I-IV, Nations Ford I-IV, Techway Southwest III, Wetmore I-IV, and World Houston 15 & 22.

(m) EastGroup has a $64,119,000 non-recourse first mortgage loan with an insurance company secured by 40^th Avenue, Beltway V, Centennial Park, Executive Airport, Ocean View, Techway Southwest IV, Wetmore V-VIII, and World Houston 26, 28, 29 & 30.