SCHEDULE III

12 Months Ended

Dec. 31, 2017

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

SCHEDULE III

SCHEDULE III
REAL ESTATE PROPERTIES AND ACCUMULATED DEPRECIATION
DECEMBER 31, 2017 (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	4,527	843	8,094	8,937	6,129	1993	1981/86/97
Jetport Commerce Park	—		1,575	6,591	5,899	1,575	12,490	14,065	8,545	1993-99	1974-85
Westport Commerce Center	—		980	3,800	2,765	980	6,565	7,545	4,628	1994	1983/87
Benjamin Distribution Center I & II	—		843	3,963	1,572	883	5,495	6,378	3,788	1997	1996
Benjamin Distribution Center III	—		407	1,503	650	407	2,153	2,560	1,559	1999	1988
Palm River Center	—		1,190	4,625	2,585	1,190	7,210	8,400	4,763	1997/98	1990/97/98
Palm River North I & III	—		1,005	4,688	2,404	1,005	7,092	8,097	4,234	1998	2000
Palm River North II	—		634	4,418	399	634	4,817	5,451	3,399	1997/98	1999
Palm River South I	—		655	3,187	655	655	3,842	4,497	1,823	2000	2005
Palm River South II	—		655	—	4,417	655	4,417	5,072	2,140	2000	2006
Walden Distribution Center I	—		337	3,318	625	337	3,943	4,280	2,111	1997/98	2001
Walden Distribution Center II	—		465	3,738	1,479	465	5,217	5,682	2,788	1998	1998
Oak Creek Distribution Center I	—		1,109	6,126	1,374	1,109	7,500	8,609	4,020	1998	1998
Oak Creek Distribution Center II	—		647	3,603	1,670	647	5,273	5,920	2,514	2003	2001
Oak Creek Distribution Center III	—		439	—	3,196	556	3,079	3,635	1,171	2005	2007
Oak Creek Distribution Center IV	—		682	6,472	773	682	7,245	7,927	2,750	2005	2001
Oak Creek Distribution Center V	—		724	—	5,853	916	5,661	6,577	2,260	2005	2007
Oak Creek Distribution Center VI	—		642	—	5,241	812	5,071	5,883	1,655	2005	2008
Oak Creek Distribution Center VIII	—		843	—	6,230	1,051	6,022	7,073	425	2005	2015
Oak Creek Distribution Center IX	—		618	—	4,963	781	4,800	5,581	1,341	2005	2009
Oak Creek Distribution Center A	—		185	—	1,493	185	1,493	1,678	477	2005	2008
Oak Creek Distribution Center B	—		227	—	1,549	227	1,549	1,776	498	2005	2008
Airport Commerce Center	—		1,257	4,012	937	1,257	4,949	6,206	2,725	1998	1998
Westlake Distribution Center	—		1,333	6,998	2,367	1,333	9,365	10,698	5,409	1998	1998/99
Expressway Commerce Center I	—		915	5,346	1,372	915	6,718	7,633	3,334	2002	2004
Expressway Commerce Center II	—		1,013	3,247	462	1,013	3,709	4,722	1,934	2003	2001
Silo Bend Distribution Center	—		4,131	27,497	1,635	4,132	29,131	33,263	6,071	2011	1987/90

SCHEDULE III
REAL ESTATE PROPERTIES AND ACCUMULATED DEPRECIATION
DECEMBER 31, 2017 (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 East Distribution Center	—	791	4,758	513	791	5,271	6,062	1,271	2011	1984
Tampa West Distribution Center	—	2,139	8,502	1,145	2,140	9,646	11,786	2,250	2011	1975/93/94
Madison Distribution Center	—	495	2,779	428	495	3,207	3,702	774	2012	2007
Madison Distribution Center II & III	—	624	—	7,004	624	7,004	7,628	632	2012	2015
Madison Distribution Center IV & V	—	565	—	8,202	565	8,202	8,767	271	2012	2016
Orlando
Chancellor Center	—	291	1,711	476	291	2,187	2,478	1,272	1996/97	1996/97
Exchange Distribution Center I	—	603	2,414	2,275	603	4,689	5,292	3,314	1994	1975
Exchange Distribution Center II	—	300	945	454	300	1,399	1,699	810	2002	1976
Exchange Distribution Center III	—	320	997	403	320	1,400	1,720	903	2002	1980
Sunbelt Distribution Center	—	1,472	5,745	5,901	1,472	11,646	13,118	8,622	1989/97/98	1974/87/97/98
John Young Commerce Center I	—	497	2,444	1,291	497	3,735	4,232	2,082	1997/98	1997/98
John Young Commerce Center II	—	512	3,613	529	512	4,142	4,654	2,632	1998	1999
Altamonte Commerce Center I	—	1,498	2,661	2,675	1,498	5,336	6,834	3,856	1999	1980/82
Altamonte Commerce Center II	—	745	2,618	1,252	745	3,870	4,615	2,212	2003	1975
Sunport Center I	—	555	1,977	1,011	555	2,988	3,543	1,516	1999	1999
Sunport Center II	—	597	3,271	1,872	597	5,143	5,740	3,379	1999	2001
Sunport Center III	—	642	3,121	1,032	642	4,153	4,795	2,194	1999	2002
Sunport Center IV	—	642	2,917	1,804	642	4,721	5,363	2,324	1999	2004
Sunport Center V	—	750	2,509	2,385	750	4,894	5,644	2,694	1999	2005
Sunport Center VI	—	672	—	3,486	672	3,486	4,158	1,358	1999	2006
Southridge Commerce Park I	—	373	—	4,829	373	4,829	5,202	2,805	2003	2006
Southridge Commerce Park II	—	342	—	4,424	342	4,424	4,766	2,195	2003	2007
Southridge Commerce Park III	—	547	—	5,543	547	5,543	6,090	2,118	2003	2007
Southridge Commerce Park IV (h)	2,798	506	—	4,632	506	4,632	5,138	1,842	2003	2006
Southridge Commerce Park V (h)	2,660	382	—	4,502	382	4,502	4,884	2,056	2003	2006
Southridge Commerce Park VI	—	571	—	5,284	571	5,284	5,855	1,879	2003	2007
Southridge Commerce Park VII	—	520	—	6,715	520	6,715	7,235	2,354	2003	2008
Southridge Commerce Park VIII	—	531	—	6,345	531	6,345	6,876	1,902	2003	2008
Southridge Commerce Park IX	—	468	—	6,453	468	6,453	6,921	1,415	2003	2012
Southridge Commerce Park X	—	414	—	4,867	414	4,867	5,281	794	2003	2012

SCHEDULE III
REAL ESTATE PROPERTIES AND ACCUMULATED DEPRECIATION
DECEMBER 31, 2017 (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
Southridge Commerce Park XI	—	513	—	5,927	513	5,927	6,440	1,123	2003	2012
Southridge Commerce Park XII	—	2,025	—	16,896	2,025	16,896	18,921	4,715	2005	2008
Horizon Commerce Park I	—	991	—	6,519	991	6,519	7,510	898	2008	2014
Horizon Commerce Park II	—	1,111	—	7,197	1,111	7,197	8,308	796	2008	2014
Horizon Commerce Park III	—	991	—	6,471	991	6,471	7,462	490	2008	2016
Horizon Commerce Park IV	—	1,097	—	8,549	1,097	8,549	9,646	663	2008	2015
Horizon Commerce Park V	—	1,108	—	8,590	1,108	8,590	9,698	209	2008	2017
Horizon Commerce Park VII	—	962	—	7,468	961	7,469	8,430	233	2008	2017
Jacksonville
Deerwood Distribution Center	—	1,147	1,799	3,389	1,147	5,188	6,335	3,181	1989	1978
Phillips Distribution Center	—	1,375	2,961	4,414	1,375	7,375	8,750	5,373	1994	1984/95
Lake Pointe Business Park	—	3,442	6,450	8,272	3,442	14,722	18,164	11,091	1993	1986/87
Ellis Distribution Center	—	540	7,513	1,752	540	9,265	9,805	4,770	1997	1977
Westside Distribution Center	—	2,011	15,374	8,211	2,011	23,585	25,596	12,109	1997/2008	1984/85
Beach Commerce Center	—	476	1,899	678	476	2,577	3,053	1,385	2000	2000
Interstate Distribution Center	—	1,879	5,700	1,808	1,879	7,508	9,387	4,012	2005	1990
Flagler Center	—	7,317	14,912	28	7,317	14,940	22,257	675	2016	1997/2005
Ft. Lauderdale/Palm Beach area
Linpro Commerce Center	—	613	2,243	3,049	616	5,289	5,905	3,382	1996	1986
Cypress Creek Business Park	—	—	2,465	1,892	—	4,357	4,357	3,001	1997	1986
Lockhart Distribution Center	—	—	3,489	2,935	—	6,424	6,424	4,291	1997	1986
Interstate Commerce Center	—	485	2,652	836	485	3,488	3,973	2,308	1998	1988
Executive Airport Distribution Ctr (f)	6,915	1,991	4,857	5,265	1,991	10,122	12,113	4,879	2001	2004/06
Sample 95 Business Park	—	2,202	8,785	3,524	2,202	12,309	14,511	7,917	1996/98	1990/99
Blue Heron Distribution Center	—	975	3,626	1,961	975	5,587	6,562	3,572	1999	1986
Blue Heron Distribution Center II	409	1,385	4,222	1,333	1,385	5,555	6,940	2,515	2004	1988
Blue Heron Distribution Center III	—	450	—	2,683	450	2,683	3,133	904	2004	2009

SCHEDULE III
REAL ESTATE PROPERTIES AND ACCUMULATED DEPRECIATION
DECEMBER 31, 2017 (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
Ft. Myers
SunCoast Commerce Center I	—	911	—	4,809		928	4,792	5,720	1,754	2005	2008
SunCoast Commerce Center II	—	911	—	4,993		928	4,976	5,904	2,005	2005	2007
SunCoast Commerce Center III	—	1,720	—	6,665		1,763	6,622	8,385	2,216	2006	2008
CALIFORNIA
San Francisco area
Wiegman Distribution Center I	—	2,197	8,788	2,105		2,308	10,782	13,090	6,211	1996	1986/87
Wiegman Distribution Center II	—	2,579	4,316	152		2,579	4,468	7,047	695	2012	1998
Huntwood Distribution Center	—	3,842	15,368	3,109		3,842	18,477	22,319	10,819	1996	1988
San Clemente Distribution Center	—	893	2,004	932		893	2,936	3,829	1,846	1997	1978
Yosemite Distribution Center	—	259	7,058	1,344		259	8,402	8,661	4,670	1999	1974/87
Los Angeles area
Kingsview Industrial Center (e)	2,455	643	2,573	892		643	3,465	4,108	1,949	1996	1980
Dominguez Distribution Center (e)	6,693	2,006	8,025	1,170		2,006	9,195	11,201	5,525	1996	1977
Main Street Distribution Center	—	1,606	4,103	831		1,606	4,934	6,540	2,757	1999	1999
Walnut Business Center (e)	6,352	2,885	5,274	2,471		2,885	7,745	10,630	4,113	1996	1966/90
Washington Distribution Center (e)	4,321	1,636	4,900	695		1,636	5,595	7,231	3,133	1997	1996/97
Chino Distribution Center	—	2,544	10,175	1,623		2,544	11,798	14,342	7,929	1998	1980
Ramona Distribution Center	2,572	3,761	5,751	3		3,761	5,754	9,515	488	2014	1984
Industry Distribution Center I (e)	16,148	10,230	12,373	4,418		10,230	16,791	27,021	8,796	1998	1959
Industry Distribution Center III (e)	1,706	—	3,012	(157	)	—	2,855	2,855	2,855	2007	1992
Chestnut Business Center	—	1,674	3,465	284		1,674	3,749	5,423	1,902	1998	1999
Los Angeles Corporate Center	—	1,363	5,453	3,214		1,363	8,667	10,030	5,807	1996	1986
Santa Barbara
University Business Center	—	5,517	22,067	8,225		5,520	30,289	35,809	17,119	1996	1987/88
Fresno
Shaw Commerce Center (e)	11,905	2,465	11,627	5,830		2,465	17,457	19,922	10,711	1998	1978/81/87

SCHEDULE III
REAL ESTATE PROPERTIES AND ACCUMULATED DEPRECIATION
DECEMBER 31, 2017 (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
San Diego
Eastlake Distribution Center	—	3,046	6,888	1,786	3,046	8,674	11,720	5,279	1997	1989
Ocean View Corporate Center (f)	8,358	6,577	7,105	957	6,577	8,062	14,639	2,638	2010	2005
TEXAS
Dallas
Interstate Warehouse I & II (g)	5,447	1,746	4,941	3,628	1,746	8,569	10,315	6,223	1988	1978
Interstate Warehouse III (g)	2,163	519	2,008	1,570	519	3,578	4,097	2,082	2000	1979
Interstate Warehouse IV	—	416	2,481	535	416	3,016	3,432	1,541	2004	2002
Interstate Warehouse V, VI, & VII (h)	4,424	1,824	4,106	2,190	1,824	6,296	8,120	2,974	2009	1979/80/81
Venture Warehouses (g)	4,155	1,452	3,762	2,654	1,452	6,416	7,868	5,126	1988	1979
ParkView Commerce Center 1-3	—	2,663	—	18,452	2,663	18,452	21,115	998	2014	2015
Shady Trail Distribution Center	—	635	3,621	1,255	635	4,876	5,511	2,397	2003	1998
Valwood Distribution Center	—	4,361	34,405	3,027	4,361	37,432	41,793	7,806	2012	1986/87/97/98
Northfield Distribution Center	—	12,470	50,713	2,973	12,470	53,686	66,156	11,119	2013	1999-2001/03/04/08
Parc North 1-4	—	4,615	26,358	4,482	4,615	30,840	35,455	998	2016	2016
CreekView 121 1 & 2	—	3,275	—	14,568	3,275	14,568	17,843	310	2015/16	2017
Houston
World Houston Int'l Business Ctr 1 & 2	—	660	5,893	2,066	660	7,959	8,619	4,714	1998	1996
World Houston Int'l Business Ctr 3, 4 & 5 (g)	4,730	1,025	6,413	1,518	1,025	7,931	8,956	4,700	1998	1998
World Houston Int'l Business Ctr 6 (g)	1,850	425	2,423	655	425	3,078	3,503	1,833	1998	1998
World Houston Int'l Business Ctr 7 & 8 (g)	5,392	680	4,584	4,947	680	9,531	10,211	5,580	1998	1998
World Houston Int'l Business Ctr 9 (g)	3,750	800	4,355	1,945	800	6,300	7,100	2,986	1998	1998
World Houston Int'l Business Ctr 10	—	933	4,779	599	933	5,378	6,311	2,601	2001	1999
World Houston Int'l Business Ctr 11	—	638	3,764	1,316	638	5,080	5,718	2,771	1999	1999
World Houston Int'l Business Ctr 12	—	340	2,419	383	340	2,802	3,142	1,608	2000	2002
World Houston Int'l Business Ctr 13	—	282	2,569	417	282	2,986	3,268	1,923	2000	2002
World Houston Int'l Business Ctr 14	—	722	2,629	1,027	722	3,656	4,378	1,782	2000	2003
World Houston Int'l Business Ctr 15	—	731	—	6,266	731	6,266	6,997	3,237	2000	2007
World Houston Int'l Business Ctr 16	—	519	4,248	1,493	519	5,741	6,260	3,175	2000	2005
World Houston Int'l Business Ctr 17	—	373	1,945	799	373	2,744	3,117	1,382	2000	2004

SCHEDULE III
REAL ESTATE PROPERTIES AND ACCUMULATED DEPRECIATION
DECEMBER 31, 2017 (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 18	—	323	1,512	259	323	1,771	2,094	883	2005	1995
World Houston Int'l Business Ctr 19	—	373	2,256	1,126	373	3,382	3,755	1,946	2000	2004
World Houston Int'l Business Ctr 20	—	1,008	1,948	2,060	1,008	4,008	5,016	1,976	2000	2004
World Houston Int'l Business Ctr 21	—	436	—	3,942	436	3,942	4,378	1,492	2000/03	2006
World Houston Int'l Business Ctr 22	—	436	—	4,542	436	4,542	4,978	2,111	2000	2007
World Houston Int'l Business Ctr 23	—	910	—	7,347	910	7,347	8,257	2,989	2000	2007
World Houston Int'l Business Ctr 24	—	837	—	5,883	837	5,883	6,720	2,354	2005	2008
World Houston Int'l Business Ctr 25	—	508	—	3,882	508	3,882	4,390	1,454	2005	2008
World Houston Int'l Business Ctr 26 (f)	2,077	445	—	3,194	445	3,194	3,639	1,124	2005	2008
World Houston Int'l Business Ctr 27	—	837	—	5,004	837	5,004	5,841	1,782	2005	2008
World Houston Int'l Business Ctr 28 (f)	2,977	550	—	4,665	550	4,665	5,215	1,559	2005	2009
World Houston Int'l Business Ctr 29 (f)	2,810	782	—	4,141	974	3,949	4,923	1,247	2007	2009
World Houston Int'l Business Ctr 30 (f)	3,870	981	—	5,798	1,222	5,557	6,779	2,079	2007	2009
World Houston Int'l Business Ctr 31A	—	684	—	4,087	684	4,087	4,771	1,567	2008	2011
World Houston Int'l Business Ctr 31B	—	546	—	3,539	546	3,539	4,085	1,069	2008	2012
World Houston Int'l Business Ctr 32 (h)	3,747	1,225	—	5,655	1,526	5,354	6,880	1,244	2007	2012
World Houston Int'l Business Ctr 33	—	1,166	—	7,867	1,166	7,867	9,033	1,401	2011	2013
World Houston Int'l Business Ctr 34	—	439	—	3,373	439	3,373	3,812	683	2005	2012
World Houston Int'l Business Ctr 35	—	340	—	2,475	340	2,475	2,815	419	2005	2012
World Houston Int'l Business Ctr 36	—	684	—	4,882	684	4,882	5,566	913	2011	2013
World Houston Int'l Business Ctr 37	—	759	—	6,400	759	6,400	7,159	1,144	2011	2013
World Houston Int'l Business Ctr 38	—	1,053	—	7,320	1,053	7,320	8,373	1,346	2011	2013
World Houston Int'l Business Ctr 39	—	620	—	5,202	620	5,202	5,822	611	2011	2014
World Houston Int'l Business Ctr 40	—	1,072	—	9,347	1,072	9,347	10,419	1,028	2011	2014
World Houston Int'l Business Ctr 41	—	649	—	5,950	649	5,950	6,599	572	2011	2014
World Houston Int'l Business Ctr 42	—	571	—	4,814	571	4,814	5,385	409	2011	2015
Central Green Distribution Center	—	566	4,031	794	566	4,825	5,391	2,356	1999	1998
Glenmont Business Park	—	936	6,161	2,958	936	9,119	10,055	5,416	1998	1999/2000
Beltway Crossing Business Park I	—	458	5,712	2,737	458	8,449	8,907	4,436	2002	2001
Beltway Crossing Business Park II	—	415	—	2,997	415	2,997	3,412	1,268	2005	2007
Beltway Crossing Business Park III	—	460	—	3,124	460	3,124	3,584	1,371	2005	2008

SCHEDULE III
REAL ESTATE PROPERTIES AND ACCUMULATED DEPRECIATION
DECEMBER 31, 2017 (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 Business Park IV	—	460	—	3,056	460	3,056	3,516	1,327	2005	2008
Beltway Crossing Business Park V (f)	3,358	701	—	5,181	701	5,181	5,882	2,026	2005	2008
Beltway Crossing Business Park VI (h)	3,751	618	—	6,268	618	6,268	6,886	1,911	2005	2008
Beltway Crossing Business Park VII (h)	3,663	765	—	5,961	765	5,961	6,726	2,381	2005	2009
Beltway Crossing Business Park VIII	—	721	—	5,219	721	5,219	5,940	1,407	2005	2011
Beltway Crossing Business Park IX	—	418	—	2,114	418	2,114	2,532	460	2007	2012
Beltway Crossing Business Park X	—	733	—	3,871	733	3,871	4,604	773	2007	2012
Beltway Crossing Business Park XI	—	690	—	4,101	690	4,101	4,791	681	2007	2013
West Road Business Park I	—	621	—	4,031	541	4,111	4,652	593	2012	2014
West Road Business Park II	—	981	—	4,819	854	4,946	5,800	611	2012	2014
West Road Business Park III	—	597	—	4,222	520	4,299	4,819	222	2012	2015
West Road Business Park IV	—	621	—	4,622	541	4,702	5,243	414	2012	2015
Ten West Crossing 1	—	566	—	2,997	566	2,997	3,563	548	2012	2013
Ten West Crossing 2	—	829	—	4,385	833	4,381	5,214	978	2012	2013
Ten West Crossing 3	—	609	—	4,362	613	4,358	4,971	913	2012	2013
Ten West Crossing 4	—	694	—	4,512	699	4,507	5,206	876	2012	2014
Ten West Crossing 5	—	933	—	5,872	940	5,865	6,805	823	2012	2014
Ten West Crossing 6	—	640	—	4,402	644	4,398	5,042	525	2012	2014
Ten West Crossing 7	—	584	—	5,320	588	5,316	5,904	335	2012	2015
El Paso
Butterfield Trail	—	—	20,725	8,756	—	29,481	29,481	18,626	1997/2000	1987/95
Rojas Commerce Park (g)	4,106	900	3,659	3,216	900	6,875	7,775	5,090	1999	1986
Americas Ten Business Center I	—	526	2,778	1,241	526	4,019	4,545	2,303	2001	2003
San Antonio
Alamo Downs Distribution Center	—	1,342	6,338	1,554	1,342	7,892	9,234	4,328	2004	1986/2002
Arion Business Park 1-13, 15	—	4,143	31,432	6,640	4,143	38,072	42,215	17,801	2005	1988-2000/06
Arion Business Park 14	—	423	—	3,460	423	3,460	3,883	1,411	2005	2006
Arion Business Park 16	—	427	—	3,699	427	3,699	4,126	1,341	2005	2007
Arion Business Park 17	—	616	—	4,143	616	4,143	4,759	2,248	2005	2007
Arion Business Park 18 (h)	1,520	418	—	2,373	418	2,373	2,791	1,059	2005	2008
Wetmore Business Center 1-4	—	1,494	10,804	3,543	1,494	14,347	15,841	7,214	2005	1998/99

SCHEDULE III
REAL ESTATE PROPERTIES AND ACCUMULATED DEPRECIATION
DECEMBER 31, 2017 (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
Wetmore Business Center 5 (f)	2,281	412	—	3,584	412	3,584	3,996	1,636	2006	2008
Wetmore Business Center 6 (f)	2,463	505	—	3,809	505	3,809	4,314	1,417	2006	2008
Wetmore Business Center 7 (f)	2,538	546	—	3,899	546	3,899	4,445	1,213	2006	2008
Wetmore Business Center 8 (f)	4,987	1,056	—	7,680	1,056	7,680	8,736	2,625	2006	2008
Fairgrounds Business Park	—	1,644	8,209	2,229	1,644	10,438	12,082	5,110	2007	1985/86
Rittiman Distribution Center	—	1,083	6,649	337	1,083	6,986	8,069	1,379	2011	2000
Thousand Oaks Distribution Center 1	—	607	—	4,292	607	4,292	4,899	1,230	2008	2012
Thousand Oaks Distribution Center 2	—	794	—	4,719	794	4,719	5,513	1,125	2008	2012
Thousand Oaks Distribution Center 3	—	772	—	4,457	772	4,457	5,229	938	2008	2013
Thousand Oaks Distribution Center 4	—	753	—	4,688	753	4,688	5,441	363	2013	2015
Alamo Ridge Business Park I	—	623	—	7,984	623	7,984	8,607	881	2007	2015
Alamo Ridge Business Park II	—	402	—	5,347	402	5,347	5,749	391	2007	2015
Alamo Ridge Business Park III	—	907	—	10,123	907	10,123	11,030	329	2007	2017
Eisenhauer Point Business Park 1 & 2	—	1,881	—	14,642	1,881	14,642	16,523	712	2015	2016
Eisenhauer Point Business Park 4	—	555	—	4,816	555	4,816	5,371	93	2015	2017
Austin
Colorado Crossing Distribution Center (g)	12,913	4,602	19,757	94	4,602	19,851	24,453	3,821	2014	2009
Southpark Corporate Center 3 & 4	—	2,670	14,756	912	2,670	15,668	18,338	2,326	2015	1995
Southpark Corporate Center 5-7	—	1,301	7,589	786	1,301	8,375	9,676	270	2017	1995
Springdale Business Center	—	2,824	8,398	324	2,824	8,722	11,546	986	2015	2000
ARIZONA
Phoenix area
Broadway Industrial Park I	—	837	3,349	1,063	837	4,412	5,249	2,794	1996	1971
Broadway Industrial Park II	—	455	482	306	455	788	1,243	441	1999	1971
Broadway Industrial Park III	—	775	1,742	523	775	2,265	3,040	1,398	2000	1983
Broadway Industrial Park IV	—	380	1,652	783	380	2,435	2,815	1,591	2000	1986
Broadway Industrial Park V	—	353	1,090	146	353	1,236	1,589	691	2002	1980
Broadway Industrial Park VI	—	599	1,855	738	599	2,593	3,192	1,585	2002	1979
Broadway Industrial Park VII	—	450	650	243	450	893	1,343	224	2011	1999
Kyrene Distribution Center	—	1,490	4,453	1,863	1,490	6,316	7,806	3,857	1999	1981/2001
Southpark Distribution Center	—	918	2,738	1,934	918	4,672	5,590	1,820	2001	2000

SCHEDULE III
REAL ESTATE PROPERTIES AND ACCUMULATED DEPRECIATION
DECEMBER 31, 2017 (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
Santan 10 Distribution Center I	—	846	2,647	658	846	3,305	4,151	1,472	2001	2005
Santan 10 Distribution Center II	—	1,088	—	5,163	1,088	5,163	6,251	2,238	2004	2007
Chandler Freeways	—	1,525	—	7,381	1,525	7,381	8,906	1,124	2012	2013
Kyrene 202 Business Park I	—	653	—	5,777	653	5,777	6,430	592	2011	2014
Kyrene 202 Business Park II	—	387	—	3,414	387	3,414	3,801	352	2011	2014
Kyrene 202 Business Park VI	—	936	—	8,290	936	8,290	9,226	371	2011	2015
Metro Business Park	—	1,927	7,708	7,139	1,927	14,847	16,774	10,251	1996	1977/79
35th Avenue Distribution Center	—	418	2,381	2,118	418	4,499	4,917	1,487	1997	1967
51st Avenue Distribution Center	—	300	2,029	995	300	3,024	3,324	1,944	1998	1987
East University Distribution Center I and II	—	1,120	4,482	1,799	1,120	6,281	7,401	4,120	1998	1987/89
East University Distribution Center III	—	444	698	422	443	1,121	1,564	336	2010	1981
55th Avenue Distribution Center	—	912	3,717	1,116	917	4,828	5,745	3,267	1998	1987
Interstate Commons Distribution Center I	—	311	1,416	720	311	2,136	2,447	1,308	1999	1988
Interstate Commons Distribution Center III	—	242	—	3,079	242	3,079	3,321	1,035	2000	2008
Airport Commons Distribution Center	—	1,000	1,510	1,485	1,000	2,995	3,995	1,838	2003	1971
40th Avenue Distribution Center (f)	3,860	703	—	6,059	703	6,059	6,762	2,078	2004	2008
Sky Harbor Business Park	—	5,839	—	21,754	5,839	21,754	27,593	7,186	2006	2008
Sky Harbor Business Park 6	—	807	—	2,177	807	2,177	2,984	183	2014	2015
Ten Sky Harbor Business Center	—	1,568	—	5,009	1,569	5,008	6,577	82	2015	2016
Tucson
Country Club Commerce Center I	—	506	3,564	2,173	693	5,550	6,243	2,660	1997/2003	1994/2003
Country Club Commerce Center II	—	442	3,381	304	709	3,418	4,127	1,212	2007	2000
Country Club Commerce Center III & IV	—	1,407	—	11,833	1,575	11,665	13,240	4,279	2007	2009
Airport Distribution Center	—	1,403	4,672	1,619	1,403	6,291	7,694	3,827	1998/2000	1995
Southpointe Distribution Center	—	—	3,982	2,950	—	6,932	6,932	4,450	1999	1989
Benan Distribution Center	—	707	1,842	648	707	2,490	3,197	1,424	2005	2001

SCHEDULE III
REAL ESTATE PROPERTIES AND ACCUMULATED DEPRECIATION
DECEMBER 31, 2017 (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 CAROLINA
Charlotte area
NorthPark Business Park	—	2,758	15,932	4,645	2,758	20,577	23,335	9,459	2006	1987-89
Lindbergh Business Park	—	470	3,401	482	470	3,883	4,353	1,601	2007	2001/03
Commerce Park Center I	—	765	4,303	842	765	5,145	5,910	1,999	2007	1983
Commerce Park Center II (h)	1,221	335	1,603	304	335	1,907	2,242	626	2010	1987
Commerce Park Center III (h)	2,034	558	2,225	952	558	3,177	3,735	971	2010	1981
Nations Ford Business Park	—	3,924	16,171	3,441	3,924	19,612	23,536	8,884	2007	1989/94
Airport Commerce Center	—	1,454	10,136	2,260	1,454	12,396	13,850	4,260	2008	2001/02
Interchange Park I (f)	5,442	986	7,949	598	986	8,547	9,533	2,759	2008	1989
Interchange Park II	—	746	1,456	55	746	1,511	2,257	224	2013	2000
Ridge Creek Distribution Center I	—	1,284	13,163	976	1,284	14,139	15,423	4,157	2008	2006
Ridge Creek Distribution Center II (h)	9,067	3,033	11,497	2,116	3,033	13,613	16,646	2,699	2011	2003
Ridge Creek Distribution Center III	—	2,459	11,147	538	2,459	11,685	14,144	1,474	2014	2013
Lakeview Business Center (h)	4,017	1,392	5,068	916	1,392	5,984	7,376	1,492	2011	1996
Steele Creek Commerce Park I (g)	2,803	993	—	4,315	1,010	4,298	5,308	770	2013	2014
Steele Creek Commerce Park II (g)	2,852	941	—	4,459	957	4,443	5,400	775	2013	2014
Steele Creek Commerce Park III	—	1,464	—	6,412	1,469	6,407	7,876	889	2013	2014
Steele Creek Commerce Park IV	—	684	—	3,945	687	3,942	4,629	467	2013	2015
Steele Creek Commerce Park VI	—	867	—	6,974	869	6,972	7,841	227	2013/14	2016
Waterford Distribution Center	—	654	3,392	655	654	4,047	4,701	1,276	2008	2000

SCHEDULE III
REAL ESTATE PROPERTIES AND ACCUMULATED DEPRECIATION
DECEMBER 31, 2017 (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
GEORGIA
Atlanta
Shiloh 400 Business Center I & II	—	3,092	14,216	1,488	3,092	15,704	18,796	672	2017	2008
Broadmoor Commerce Park I	—	1,307	3,560	496	1,307	4,056	5,363	228	2017	1999
Hurricane Shoals I & II	—	4,284	12,449	1,141	4,284	13,590	17,874	40	2017	2017
LOUISIANA
New Orleans
Elmwood Business Park	—	2,861	6,337	5,026	2,861	11,363	14,224	7,841	1997	1979
Riverbend Business Park	—	2,557	17,623	8,471	2,557	26,094	28,651	14,573	1997	1984
COLORADO
Denver
Rampart Distribution Center I	—	1,023	3,861	2,093	1,023	5,954	6,977	4,309	1988	1987
Rampart Distribution Center II	—	230	2,977	1,173	230	4,150	4,380	2,782	1996/97	1996/97
Rampart Distribution Center III	—	1,098	3,884	1,931	1,098	5,815	6,913	3,092	1997/98	1999
Rampart Distribution Center IV	—	590	—	8,322	590	8,322	8,912	623	2012	2014
Concord Distribution Center (h)	3,413	1,051	4,773	443	1,051	5,216	6,267	1,996	2007	2000
Centennial Park (f)	3,381	750	3,319	1,853	750	5,172	5,922	1,822	2007	1990
NEVADA
Las Vegas
Arville Distribution Center	—	4,933	5,094	424	4,933	5,518	10,451	1,823	2009	1997
Jones Corporate Park	—	13,068	26,325	1,682	13,068	28,007	41,075	746	2016	2016
MISSISSIPPI
Jackson area
Interchange Business Park	—	343	5,007	3,984	343	8,991	9,334	5,589	1997	1981
Tower Automotive	—	—	9,958	1,937	17	11,878	11,895	4,926	2001	2002
Metro Airport Commerce Center I	—	303	1,479	1,134	303	2,613	2,916	1,576	2001	2003
	200,354	343,254	1,030,428	961,777	345,424	1,990,035	2,335,459	749,275

SCHEDULE III
REAL ESTATE PROPERTIES AND ACCUMULATED DEPRECIATION
DECEMBER 31, 2017 (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
Industrial Development (d):
FLORIDA
Oak Creek Distribution Center VII	—	740	—	5,391	740	5,391	6,131	—	2005	2017
Oak Creek Distribution Center land	—	486	—	1,074	707	853	1,560	—	2005	n/a
Horizon Commerce Park X	—	846	—	2,704	846	2,704	3,550	—	2009	n/a
Horizon Commerce Park XII	—	1,416	—	9,814	1,416	9,814	11,230	14	2008	2017
Horizon Commerce Park land	—	4,439	—	6,681	4,440	6,680	11,120	—	2008/09	n/a
SunCoast Commerce Center IV	—	1,733	—	7,387	1,762	7,358	9,120	56	2006	2017
SunCoast Commerce Center land	—	9,159	—	4,953	9,343	4,769	14,112	—	2006	n/a
Weston Commerce Park	—	4,163	9,951	1,406	4,163	11,357	15,520	231	2016	1998
Gateway Commerce Park land	—	26,728	—	4,148	26,878	3,998	30,876	—	2016	n/a
TEXAS
CreekView 121 3 & 4	—	2,600	—	7,711	2,600	7,711	10,311	—	2015/16	n/a
CreekView 121 land	—	5,322	—	1,203	5,322	1,203	6,525	—	2015/16	n/a
Parc North land	—	2,519	—	552	2,519	552	3,071	—	2016	n/a
World Houston Int'l Business Ctr land	—	2,989	—	2,119	3,723	1,385	5,108	—	2007	n/a
World Houston Int'l Business Ctr land - 2011 expansion	—	1,636	—	4,320	2,920	3,036	5,956	—	2011	n/a
World Houston Int'l Business Ctr land - 2015 expansion	—	6,040	—	1,132	6,041	1,131	7,172	—	2015	n/a
Ten West Crossing land	—	1,126	—	806	1,135	797	1,932	—	2012	n/a
West Road Business Park land	—	484	—	538	421	601	1,022	—	2012	n/a
Alamo Ridge Business Park IV	—	354	—	6,743	355	6,742	7,097	23	2007	2017
Eisenhauer Point Business Park 3	—	577	—	5,582	578	5,581	6,159	—	2015	2017
Eisenhauer Point Business Park 5	—	818	—	4,986	818	4,986	5,804	—	2015	n/a
Eisenhauer Point Business Park 6	—	569	—	3,481	569	3,481	4,050	—	2015	n/a
Eisenhauer Point Business Park land phase 2	—	3,225	—	2,507	3,225	2,507	5,732	—	2016	n/a
Tri-County Crossing land	—	5,260	—	402	5,260	402	5,662	—	2017	n/a
Settlers Crossing 1	—	1,211	—	345	1,211	345	1,556	—	2017	n/a
Settlers Crossing 2	—	1,306	—	367	1,306	367	1,673	—	2017	n/a
Settlers Crossing land	—	2,774	—	246	2,774	246	3,020	—	2017	n/a

SCHEDULE III
REAL ESTATE PROPERTIES AND ACCUMULATED DEPRECIATION
DECEMBER 31, 2017 (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
Kyrene 202 Business Park 3, 4 & 5	—		1,244	—		10,299	1,244	10,299	11,543	—	2011	n/a
Falcon Field Business Center	—		1,312	—		1,635	1,312	1,635	2,947	—	2015	n/a
Country Club Commerce Center V	—		2,885	—		11,066	2,886	11,065	13,951	—	2016	n/a
NORTH CAROLINA
Steele Creek Commerce Park VII	—		1,207	—		6,590	1,209	6,588	7,797	—	2013/14/15	2017
Airport Commerce Center III	—		855	—		878	855	878	1,733	—	2008	n/a
Steele Creek Commerce Park land	—		3,318	—		1,250	3,330	1,238	4,568	—	2013-2016	n/a
Steele Creek Commerce Park land Phase 4	—		1,866	—		294	1,866	294	2,160	—	2016/17	n/a
GEORGIA
Progress Center I & II	—		1,297	9,015		21	1,297	9,036	10,333	2	2017	2017
Broadmoor Commerce Park land	—		519	—		186	519	186	705	—	2017	n/a
Progress Center land	—		497	—		5	497	5	502	—	2017	n/a
MISSISSIPPI
Metro Airport Commerce Center II land	—		307	—		399	307	399	706	—	2001	n/a
	—		103,827	18,966		119,221	106,394	135,620	242,014	326
Total real estate owned (a)(b)	$	200,354	447,081	1,049,394		1,080,998	451,818	2,125,655	2,577,473	749,601
See accompanying Report of Independent Registered Public Accounting Firm.

(a)  Changes in Real Estate Properties follow: 

	Years Ended December 31,
	2017			2016		2015
	(In thousands)
Balance at beginning of year	$	2,406,981		2,219,448		2,074,946
Purchases of real estate properties	51,802			22,228		28,648
Development of real estate properties	124,938			203,765		95,032
Improvements to real estate properties	27,471			23,157		25,778
Carrying amount of investments sold	(32,787		)	(61,121	)	(4,750	)
Write-off of improvements	(932		)	(496	)	(206	)
Balance at end of year (1)	$	2,577,473		2,406,981		2,219,448

(1) Includes 20% noncontrolling interest in University Business Center of $3,217,000 and $6,853,000 at December 31, 2017 and 2016, respectively.

Changes in the accumulated depreciation on real estate properties follow:

	Years Ended December 31,
	2017			2016		2015
	(In thousands)
Balance at beginning of year	$	694,250		657,454		600,526
Depreciation expense	69,010			63,793		59,882
Accumulated depreciation on assets sold	(12,735		)	(26,501	)	(2,748	)
Other	(924		)	(496	)	(206	)
Balance at end of year	$	749,601		694,250		657,454

(b) The estimated aggregate cost of real estate properties at December 31, 2017 for federal income tax purposes was approximately $2,536,820,000 before estimated accumulated tax depreciation of $518,257,000.  The federal income tax return for the year ended December 31, 2017, 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 projects to Real estate properties the earlier of 80% occupancy or one year after completion of the shell construction. Effective January 1, 2018, the Company is implementing an accounting policy change and will begin transferring properties from Development to Real estate properties at the earlier of 90% occupancy or one year after completion of the shell construction.

(e) EastGroup has a $49,580,000 non-recourse first mortgage loan with an insurance company secured by Dominguez, Industry I & III, Kingsview, Shaw, Walnut and Washington.  

(f) EastGroup has a $55,317,000 non-recourse first mortgage loan with an insurance company secured by 40th Avenue, Beltway Crossing V, Centennial Park, Executive Airport, Interchange Park I, Ocean View, Wetmore 5-8 and World Houston 26, 28, 29 & 30.

(g) EastGroup has a $50,161,000 non-recourse first mortgage loan with an insurance company secured by Colorado Crossing, Interstate I-III, Rojas, Steele Creek 1 & 2, Venture and World Houston 3-9.

(h) EastGroup has a $42,315,000 non-recourse first mortgage loan with an insurance company secured by Arion 18, Beltway Crossing VI & VII, Commerce Park II & III, Concord, Interstate V-VII, Lakeview, Ridge Creek II, Southridge IV & V and World Houston 32.