SCHEDULE III

12 Months Ended

Dec. 31, 2019

SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract]

SCHEDULE III

SCHEDULE III
REAL ESTATE PROPERTIES AND ACCUMULATED DEPRECIATION
DECEMBER 31, 2019 (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
Jetport Commerce Park	$	—	1,575	6,591	6,920	1,575	13,511	15,086	9,287	1993-99	1974-85
Westport Commerce Center	—		980	3,800	2,996	980	6,796	7,776	4,966	1994	1983/87
Benjamin Distribution Center I & II	—		843	3,963	1,915	883	5,838	6,721	4,120	1997	1996
Benjamin Distribution Center III	—		407	1,503	658	407	2,161	2,568	1,638	1999	1988
Palm River Center	—		1,190	4,625	2,957	1,190	7,582	8,772	5,272	1997/98	1990/97/98
Palm River North I & III	—		1,005	4,688	2,886	1,005	7,574	8,579	4,639	1998	2000
Palm River North II	—		634	4,418	454	634	4,872	5,506	3,547	1997/98	1999
Palm River South I	—		655	3,187	654	655	3,841	4,496	2,018	2000	2005
Palm River South II	—		655	—	4,415	655	4,415	5,070	2,319	2000	2006
Walden Distribution Center I	—		337	3,318	696	337	4,014	4,351	2,315	1997/98	2001
Walden Distribution Center II	—		465	3,738	1,492	465	5,230	5,695	3,145	1998	1998
Oak Creek Distribution Center I	—		1,109	6,126	1,395	1,109	7,521	8,630	4,484	1998	1998
Oak Creek Distribution Center II	—		647	3,603	1,715	647	5,318	5,965	2,893	2003	2001
Oak Creek Distribution Center III	—		439	—	3,213	556	3,096	3,652	1,334	2005	2007
Oak Creek Distribution Center IV	—		682	6,472	837	682	7,309	7,991	3,274	2005	2001
Oak Creek Distribution Center V	—		724	—	6,007	916	5,815	6,731	2,584	2005	2007
Oak Creek Distribution Center VI	—		642	—	5,579	812	5,409	6,221	2,011	2005	2008
Oak Creek Distribution Center VII	—		740	—	6,399	740	6,399	7,139	441	2005	2017
Oak Creek Distribution Center VIII	—		843	—	6,251	1,051	6,043	7,094	841	2005	2015
Oak Creek Distribution Center IX	—		618	—	5,121	781	4,958	5,739	1,620	2005	2009
Oak Creek Distribution Center A	—		185	—	1,498	185	1,498	1,683	560	2005	2008
Oak Creek Distribution Center B	—		227	—	1,555	227	1,555	1,782	583	2005	2008
Airport Commerce Center	—		1,257	4,012	1,037	1,257	5,049	6,306	2,983	1998	1998
Westlake Distribution Center	—		1,333	6,998	2,623	1,333	9,621	10,954	5,999	1998	1998/99
Expressway Commerce Center I	—		915	5,346	1,585	915	6,931	7,846	3,711	2002	2004
Expressway Commerce Center II	—		1,013	3,247	798	1,013	4,045	5,058	2,151	2003	2001
Silo Bend Distribution Center	—		4,131	27,497	3,872	4,132	31,368	35,500	8,026	2011	1987/90

SCHEDULE III
REAL ESTATE PROPERTIES AND ACCUMULATED DEPRECIATION
DECEMBER 31, 2019 (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	671	791	5,429	6,220	1,634	2011	1984
Tampa West Distribution Center	—	2,139	8,502	1,276	2,140	9,777	11,917	2,833	2011	1975/93/94
Madison Distribution Center	—	495	2,779	437	495	3,216	3,711	989	2012	2007
Madison Distribution Center II & III	—	624	—	7,028	624	7,028	7,652	1,227	2012	2015
Madison Distribution Center IV & V	—	565	—	8,232	565	8,232	8,797	1,231	2012	2016
Grand Oaks 75 Business Center I	—	3,572	12,979	5	3,572	12,984	16,556	171	2019	2017
Orlando
Chancellor Center	—	291	1,711	513	291	2,224	2,515	1,416	1996/97	1996/97
Exchange Distribution Center I	—	603	2,414	2,348	603	4,762	5,365	3,538	1994	1975
Exchange Distribution Center II	—	300	945	482	300	1,427	1,727	909	2002	1976
Exchange Distribution Center III	—	320	997	408	320	1,405	1,725	973	2002	1980
Sunbelt Distribution Center	—	1,472	5,745	6,043	1,472	11,788	13,260	9,239	1989/97/98	1974/87/97/98
John Young Commerce Center I	—	497	2,444	1,443	497	3,887	4,384	2,387	1997/98	1997/98
John Young Commerce Center II	—	512	3,613	533	512	4,146	4,658	2,855	1998	1999
Sunport Center I	—	555	1,977	1,049	555	3,026	3,581	1,729	1999	1999
Sunport Center II	—	597	3,271	1,907	597	5,178	5,775	3,675	1999	2001
Sunport Center III	—	642	3,121	1,268	642	4,389	5,031	2,461	1999	2002
Sunport Center IV	—	642	2,917	1,820	642	4,737	5,379	2,773	1999	2004
Sunport Center V	—	750	2,509	2,427	750	4,936	5,686	2,944	1999	2005
Sunport Center VI	—	672	—	3,750	672	3,750	4,422	1,575	1999	2006
Southridge Commerce Park I	—	373	—	4,992	373	4,992	5,365	3,084	2003	2006
Southridge Commerce Park II	—	342	—	4,532	342	4,532	4,874	2,398	2003	2007
Southridge Commerce Park III	—	547	—	5,683	547	5,683	6,230	2,462	2003	2007
Southridge Commerce Park IV (g)	2,574	506	—	4,918	506	4,918	5,424	2,052	2003	2006
Southridge Commerce Park V (g)	2,339	382	—	4,547	382	4,547	4,929	2,284	2003	2006
Southridge Commerce Park VI	—	571	—	5,396	571	5,396	5,967	2,216	2003	2007
Southridge Commerce Park VII	—	520	—	6,787	520	6,787	7,307	2,766	2003	2008
Southridge Commerce Park VIII	—	531	—	6,368	531	6,368	6,899	2,213	2003	2008
Southridge Commerce Park IX	—	468	—	6,460	468	6,460	6,928	1,971	2003	2012
Southridge Commerce Park X	—	414	—	4,879	414	4,879	5,293	1,181	2003	2012
Southridge Commerce Park XI	—	513	—	5,939	513	5,939	6,452	1,600	2003	2012

SCHEDULE III
REAL ESTATE PROPERTIES AND ACCUMULATED DEPRECIATION
DECEMBER 31, 2019 (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 XII	—	2,025	—	17,180	2,025	17,180	19,205	5,547	2005	2008
Horizon Commerce Park I	—	991	—	6,586	991	6,586	7,577	1,450	2008	2014
Horizon Commerce Park II	—	1,111	—	7,249	1,111	7,249	8,360	1,383	2008	2014
Horizon Commerce Park III	—	991	—	6,480	991	6,480	7,471	1,071	2008	2016
Horizon Commerce Park IV	—	1,097	—	8,549	1,097	8,549	9,646	1,334	2008	2015
Horizon Commerce Park V	—	1,108	—	8,604	1,108	8,604	9,712	857	2008	2017
Horizon Commerce Park VI	—	1,099	—	11,130	1,099	11,130	12,229	514	2008	2019
Horizon Commerce Park VII	—	962	—	7,523	962	7,523	8,485	929	2008	2017
Horizon Commerce Park X	—	846	—	6,601	846	6,601	7,447	465	2009	2018
Horizon Commerce Park XI	—	1,101	—	9,873	1,101	9,873	10,974	220	2009	2019
Horizon Commerce Park XII	—	1,416	—	10,581	1,416	10,581	11,997	697	2009	2017
Jacksonville
Deerwood Distribution Center	—	1,147	1,799	4,112	1,147	5,911	7,058	3,828	1989	1978
Phillips Distribution Center	—	1,375	2,961	4,545	1,375	7,506	8,881	5,611	1994	1984/95
Lake Pointe Business Park	—	3,442	6,450	9,538	3,442	15,988	19,430	12,272	1993	1986/87
Ellis Distribution Center	—	540	7,513	1,981	540	9,494	10,034	5,401	1997	1977
Westside Distribution Center	—	2,011	15,374	9,725	2,011	25,099	27,110	13,614	1997/2008	1984/85
Beach Commerce Center	—	476	1,899	856	476	2,755	3,231	1,535	2000	2000
Interstate Distribution Center	—	1,879	5,700	2,089	1,879	7,789	9,668	4,562	2005	1990
Flagler Center	—	7,317	14,912	486	7,317	15,398	22,715	1,690	2016	1997 & 2005
Ft. Lauderdale/Palm Beach area
Linpro Commerce Center	—	613	2,243	3,553	616	5,793	6,409	3,680	1996	1986
Cypress Creek Business Park	—	—	2,465	2,582	—	5,047	5,047	3,335	1997	1986
Lockhart Distribution Center	—	—	3,489	3,051	—	6,540	6,540	4,701	1997	1986
Interstate Commerce Center	—	485	2,652	1,782	485	4,434	4,919	2,375	1998	1988
Executive Airport Distribution Ctr (e)	6,016	1,991	4,857	5,506	1,991	10,363	12,354	5,339	2001	2004/06
Sample 95 Business Park	—	2,202	8,785	4,123	2,202	12,908	15,110	8,220	1996/98	1990/99
Blue Heron Distribution Center	—	975	3,626	2,441	975	6,067	7,042	3,852	1999	1986
Blue Heron Distribution Center II	—	1,385	4,222	2,088	1,385	6,310	7,695	3,071	2004	1988
Blue Heron Distribution Center III	—	450	—	2,833	450	2,833	3,283	1,059	2004	2009
Weston Commerce Park	—	4,163	9,951	1,693	4,163	11,644	15,807	1,141	2016	1998

SCHEDULE III
REAL ESTATE PROPERTIES AND ACCUMULATED DEPRECIATION
DECEMBER 31, 2019 (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	—	4,830		928	4,813	5,741	1,961	2005	2008
SunCoast Commerce Center II	—	911	—	5,002		928	4,985	5,913	2,210	2005	2007
SunCoast Commerce Center III	—	1,720	—	6,700		1,763	6,657	8,420	2,599	2006	2008
SunCoast Commerce Center IV	—	1,733	—	7,546		1,762	7,517	9,279	659	2006	2017
SunCoast Commerce Center V	—	1,511	—	6,722		1,594	6,639	8,233	203	2006	2019
Miami
Gateway Commerce Park 1	—	5,746	—	18,841		5,746	18,841	24,587	545	2016	2018
CALIFORNIA
San Francisco area
Wiegman Distribution Center I	—	2,197	8,788	2,211		2,308	10,888	13,196	6,903	1996	1986/87
Wiegman Distribution Center II	—	2,579	4,316	152		2,579	4,468	7,047	947	2012	1998
Huntwood Distribution Center	—	3,842	15,368	3,228		3,842	18,596	22,438	11,996	1996	1988
San Clemente Distribution Center	—	893	2,004	944		893	2,948	3,841	2,022	1997	1978
Yosemite Distribution Center	—	259	7,058	1,992		731	8,578	9,309	5,185	1999	1974/87
Los Angeles area
Eucalyptus Distribution Center	—	11,392	11,498	194		11,392	11,692	23,084	637	2018	1988
Kingsview Industrial Center	—	643	2,573	883		643	3,456	4,099	2,209	1996	1980
Dominguez Distribution Center	—	2,006	8,025	1,170		2,006	9,195	11,201	5,922	1996	1977
Main Street Distribution Center	—	1,606	4,103	831		1,606	4,934	6,540	2,998	1999	1999
Walnut Business Center	—	2,885	5,274	2,500		2,885	7,774	10,659	4,779	1996	1966/90
Washington Distribution Center	—	1,636	4,900	751		1,636	5,651	7,287	3,434	1997	1996/97
Chino Distribution Center	—	2,544	10,175	1,623		2,544	11,798	14,342	8,865	1998	1980
Ramona Distribution Center	2,372	3,761	5,751	83		3,761	5,834	9,595	801	2014	1984
Industry Distribution Center I	—	10,230	12,373	4,750		10,230	17,123	27,353	10,054	1998	1959
Industry Distribution Center III	—	—	3,012	(157	)	—	2,855	2,855	2,855	2007	1992
Chestnut Business Center	—	1,674	3,465	361		1,674	3,826	5,500	2,109	1998	1999
Los Angeles Corporate Center	—	1,363	5,453	3,614		1,363	9,067	10,430	6,277	1996	1986
Santa Barbara
University Business Center	—	1,375	5,517	4,587		1,375	10,104	11,479	6,031	1996	1987/88

SCHEDULE III
REAL ESTATE PROPERTIES AND ACCUMULATED DEPRECIATION
DECEMBER 31, 2019 (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
Fresno
Shaw Commerce Center	—	2,465	11,627	7,236	2,465	18,863	21,328	12,043	1998	1978/81/87
San Diego
Eastlake Distribution Center	—	3,046	6,888	1,955	3,046	8,843	11,889	5,687	1997	1989
Miramar Land	—	13,980	—	—	13,980	—	13,980	—	2019	n/a
Ocean View Corporate Center (e)	7,322	6,577	7,105	1,353	6,577	8,458	15,035	3,158	2010	2005
Otay Mesa Land	—	15,282	—	—	15,282	—	15,282	—	2019	n/a
Rocky Point Distribution Center I	—	8,857	13,388	—	8,857	13,388	22,245	51	2019	2019
Siempre Viva Distribution Center I	—	4,628	9,211	209	4,628	9,420	14,048	375	2018	2003
Siempre Viva Distribution Center II	—	2,868	5,694	28	2,877	5,713	8,590	46	2019	2002
TEXAS
Dallas
Allen Station 1 & 2	—	5,815	17,612	764	5,815	18,376	24,191	997	2018	2001
Interstate Warehouse I & II (f)	4,997	1,746	4,941	3,812	1,746	8,753	10,499	6,955	1988	1978
Interstate Warehouse III (f)	1,964	519	2,008	1,599	519	3,607	4,126	2,481	2000	1979
Interstate Warehouse IV	—	416	2,481	762	416	3,243	3,659	1,714	2004	2002
Interstate Warehouse V, VI, & VII (g)	4,078	1,824	4,106	2,663	1,824	6,769	8,593	3,670	2009	1979/80/81
Venture Warehouses (f)	3,793	1,452	3,762	2,755	1,452	6,517	7,969	5,496	1988	1979
ParkView Commerce Center I-3	—	2,663	—	18,861	2,663	18,861	21,524	2,717	2014	2015
Shady Trail Distribution Center	—	635	3,621	1,371	635	4,992	5,627	2,750	2003	1998
Valwood Distribution Center	—	4,361	34,405	4,146	4,361	38,551	42,912	10,498	2012	1986/87/97/98
Northfield Distribution Center	—	12,470	50,713	4,845	12,471	55,557	68,028	14,922	2013	1999-2001/03/04/08
Parc North 1-4	—	4,615	26,358	6,021	4,615	32,379	36,994	3,669	2016	2016
CreekView 121 1 & 2	—	3,275	—	14,614	3,275	14,614	17,889	1,771	2015	2017
CreekView 121 3 & 4	—	2,600	—	13,518	2,600	13,518	16,118	839	2015	2018
Houston
World Houston Int'l Business Ctr 1 & 2	—	660	5,893	2,457	660	8,350	9,010	5,166	1998	1996
World Houston Int'l Business Ctr 3 & 4 (f)	2,969	820	5,130	289	707	5,532	6,239	3,518	1998	1998
World Houston Int'l Business Ctr 6 (f)	1,674	425	2,423	669	425	3,092	3,517	2,034	1998	1998

SCHEDULE III
REAL ESTATE PROPERTIES AND ACCUMULATED DEPRECIATION
DECEMBER 31, 2019 (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 7 & 8 (f)	4,893	680	4,584	5,017	680	9,601	10,281	6,305	1998	1998
World Houston Int'l Business Ctr 9 (f)	3,455	800	4,355	2,105	800	6,460	7,260	3,451	1998	1998
World Houston Int'l Business Ctr 10	—	933	4,779	824	933	5,603	6,536	2,889	2001	1999
World Houston Int'l Business Ctr 11	—	638	3,764	1,799	638	5,563	6,201	3,078	1999	1999
World Houston Int'l Business Ctr 12	—	340	2,419	383	340	2,802	3,142	1,734	2000	2002
World Houston Int'l Business Ctr 13	—	282	2,569	769	282	3,338	3,620	2,094	2000	2002
World Houston Int'l Business Ctr 14	—	722	2,629	1,329	722	3,958	4,680	2,188	2000	2003
World Houston Int'l Business Ctr 15	—	731	—	6,278	731	6,278	7,009	3,568	2000	2007
World Houston Int'l Business Ctr 16	—	519	4,248	1,602	519	5,850	6,369	3,421	2000	2005
World Houston Int'l Business Ctr 17	—	373	1,945	799	373	2,744	3,117	1,557	2000	2004
World Houston Int'l Business Ctr 19	—	373	2,256	1,127	373	3,383	3,756	2,095	2000	2004
World Houston Int'l Business Ctr 20	—	1,008	1,948	2,053	1,008	4,001	5,009	2,313	2000	2004
World Houston Int'l Business Ctr 21	—	436	—	4,155	436	4,155	4,591	1,717	2000/03	2006
World Houston Int'l Business Ctr 22	—	436	—	4,542	436	4,542	4,978	2,337	2000	2007
World Houston Int'l Business Ctr 23	—	910	—	7,428	910	7,428	8,338	3,298	2000	2007
World Houston Int'l Business Ctr 24	—	837	—	6,065	838	6,064	6,902	2,727	2005	2008
World Houston Int'l Business Ctr 25	—	508	—	4,287	508	4,287	4,795	1,781	2005	2008
World Houston Int'l Business Ctr 26 (e)	1,808	445	—	3,267	445	3,267	3,712	1,263	2005	2008
World Houston Int'l Business Ctr 27	—	837	—	5,242	838	5,241	6,079	2,139	2005	2008
World Houston Int'l Business Ctr 28 (e)	2,540	550	—	4,665	550	4,665	5,215	2,042	2005	2009
World Houston Int'l Business Ctr 29 (e)	2,416	782	—	4,179	974	3,987	4,961	1,461	2007	2009
World Houston Int'l Business Ctr 30 (e)	3,348	981	—	5,894	1,222	5,653	6,875	2,403	2007	2009
World Houston Int'l Business Ctr 31A	—	684	—	4,092	684	4,092	4,776	1,820	2008	2011
World Houston Int'l Business Ctr 31B	—	546	—	3,561	546	3,561	4,107	1,407	2008	2012
World Houston Int'l Business Ctr 32 (g)	3,265	1,225	—	5,655	1,526	5,354	6,880	1,563	2007	2012
World Houston Int'l Business Ctr 33	—	1,166	—	7,867	1,166	7,867	9,033	1,973	2011	2013
World Houston Int'l Business Ctr 34	—	439	—	3,405	439	3,405	3,844	932	2005	2012
World Houston Int'l Business Ctr 35	—	340	—	2,576	340	2,576	2,916	569	2005	2012
World Houston Int'l Business Ctr 36	—	684	—	4,882	684	4,882	5,566	1,339	2011	2013
World Houston Int'l Business Ctr 37	—	759	—	6,411	759	6,411	7,170	1,758	2011	2013

SCHEDULE III
REAL ESTATE PROPERTIES AND ACCUMULATED DEPRECIATION
DECEMBER 31, 2019 (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 38	—	1,053	—	7,324	1,053	7,324	8,377	1,989	2011	2013
World Houston Int'l Business Ctr 39	—	620	—	5,203	621	5,202	5,823	1,068	2011	2014
World Houston Int'l Business Ctr 40	—	1,072	—	9,347	1,072	9,347	10,419	1,659	2011	2014
World Houston Int'l Business Ctr 41	—	649	—	5,950	649	5,950	6,599	1,090	2011	2014
World Houston Int'l Business Ctr 42	—	571	—	4,814	571	4,814	5,385	741	2011	2015
World Houston Int'l Business Ctr 43	—	443	—	6,026	443	6,026	6,469	42	2011	2019
World Houston Int'l Business Ctr 45	—	3,243	—	13,711	3,243	13,711	16,954	38	2015	2019
Central Green Distribution Center	—	566	4,031	1,041	566	5,072	5,638	2,716	1999	1998
Glenmont Business Park	—	936	6,161	3,029	937	9,189	10,126	5,980	1998	1999/2000
Beltway Crossing Business Park I	—	458	5,712	2,786	458	8,498	8,956	5,267	2002	2001
Beltway Crossing Business Park II	—	415	—	2,998	415	2,998	3,413	1,461	2005	2007
Beltway Crossing Business Park III	—	460	—	3,305	460	3,305	3,765	1,505	2005	2008
Beltway Crossing Business Park IV	—	460	—	3,315	460	3,315	3,775	1,414	2005	2008
Beltway Crossing Business Park V (e)	2,898	701	—	5,249	701	5,249	5,950	2,378	2005	2008
Beltway Crossing Business Park VI (g)	3,432	618	—	6,614	618	6,614	7,232	2,258	2005	2008
Beltway Crossing Business Park VII (g)	3,227	765	—	6,035	765	6,035	6,800	2,669	2005	2009
Beltway Crossing Business Park VIII	—	721	—	5,516	721	5,516	6,237	1,950	2005	2011
Beltway Crossing Business Park IX	—	418	—	2,141	418	2,141	2,559	640	2007	2012
Beltway Crossing Business Park X	—	733	—	3,907	733	3,907	4,640	1,077	2007	2012
Beltway Crossing Business Park XI	—	690	—	4,138	690	4,138	4,828	1,006	2007	2013
West Road Business Park I	—	621	—	4,031	541	4,111	4,652	1,019	2012	2014
West Road Business Park II	—	981	—	4,819	854	4,946	5,800	975	2012	2014
West Road Business Park III	—	597	—	4,222	520	4,299	4,819	537	2012	2015
West Road Business Park IV	—	621	—	4,622	541	4,702	5,243	915	2012	2015
West Road Business Park V	—	484	—	4,372	421	4,435	4,856	313	2012	2018
Ten West Crossing 1	—	566	—	3,039	566	3,039	3,605	784	2012	2013
Ten West Crossing 2	—	829	—	4,483	833	4,479	5,312	1,472	2012	2013
Ten West Crossing 3	—	609	—	4,367	613	4,363	4,976	1,322	2012	2013
Ten West Crossing 4	—	694	—	4,512	699	4,507	5,206	1,341	2012	2014
Ten West Crossing 5	—	933	—	5,872	940	5,865	6,805	1,325	2012	2014
Ten West Crossing 6	—	640	—	4,646	644	4,642	5,286	935	2012	2014

SCHEDULE III
REAL ESTATE PROPERTIES AND ACCUMULATED DEPRECIATION
DECEMBER 31, 2019 (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
Ten West Crossing 7	—	584	—	5,321	589	5,316	5,905	877	2012	2015
El Paso
Butterfield Trail	—	—	20,725	9,457	—	30,182	30,182	20,462	1997/2000	1987/95
Rojas Commerce Park (f)	4,023	900	3,659	3,893	900	7,552	8,452	5,512	1999	1986
Americas Ten Business Center I	—	526	2,778	1,741	526	4,519	5,045	2,425	2001	2003
San Antonio
Alamo Downs Distribution Center	—	1,342	6,338	1,842	1,342	8,180	9,522	4,746	2004	1986/2002
Arion Business Park 1-13, 15	—	4,143	31,432	9,283	4,143	40,715	44,858	20,344	2005	1988-2000/06
Arion Business Park 14	—	423	—	3,484	423	3,484	3,907	1,613	2005	2006
Arion Business Park 16	—	427	—	3,715	427	3,715	4,142	1,577	2005	2007
Arion Business Park 17	—	616	—	4,377	616	4,377	4,993	2,539	2005	2007
Arion Business Park 18 (g)	1,338	418	—	2,402	418	2,402	2,820	1,173	2005	2008
Wetmore Business Center 1-4	—	1,494	10,804	3,755	1,494	14,559	16,053	8,077	2005	1998/99
Wetmore Business Center 5 (e)	2,085	412	—	3,870	412	3,870	4,282	1,843	2006	2008
Wetmore Business Center 6 (e)	2,189	505	—	3,991	505	3,991	4,496	1,652	2006	2008
Wetmore Business Center 7 (e)	2,595	546	—	4,783	546	4,783	5,329	1,644	2006	2008
Wetmore Business Center 8 (e)	4,574	1,056	—	8,337	1,056	8,337	9,393	3,166	2006	2008
Fairgrounds Business Park	—	1,644	8,209	2,483	1,644	10,692	12,336	5,670	2007	1985/86
Rittiman Distribution Center	—	1,083	6,649	602	1,083	7,251	8,334	1,760	2011	2000
Thousand Oaks Distribution Center 1	—	607	—	4,356	607	4,356	4,963	1,709	2008	2012
Thousand Oaks Distribution Center 2	—	794	—	4,793	794	4,793	5,587	1,484	2008	2012
Thousand Oaks Distribution Center 3	—	772	—	4,547	772	4,547	5,319	1,380	2008	2013
Thousand Oaks Distribution Center 4	—	753	—	4,744	753	4,744	5,497	733	2013	2015
Alamo Ridge Business Park I	—	623	—	8,145	623	8,145	8,768	1,887	2007	2015
Alamo Ridge Business Park II	—	402	—	5,368	402	5,368	5,770	858	2007	2015
Alamo Ridge Business Park III	—	907	—	10,144	907	10,144	11,051	1,054	2007	2017
Alamo Ridge Business Park IV	—	354	—	7,479	355	7,478	7,833	703	2007	2017
Eisenhauer Point Business Park 1 & 2	—	1,881	—	14,717	1,881	14,717	16,598	2,061	2015	2016
Eisenhauer Point Business Park 3	—	577	—	6,094	577	6,094	6,671	673	2015	2017
Eisenhauer Point Business Park 4	—	555	—	4,817	555	4,817	5,372	482	2015	2017
Eisenhauer Point Business Park 5	—	818	—	7,015	818	7,015	7,833	650	2015	2018

SCHEDULE III
REAL ESTATE PROPERTIES AND ACCUMULATED DEPRECIATION
DECEMBER 31, 2019 (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
Eisenhauer Point Business Park 6	—	569	—	4,856	569	4,856	5,425	224	2015	2018
Eisenhauer Point Business Park 7 & 8	—	1,000	—	22,202	2,593	20,609	23,202	400	2016	2019
Eisenhauer Point Business Park 9	—	632	—	5,718	632	5,718	6,350	27	2016	2019
Austin
Colorado Crossing Distribution Center (f)	11,680	4,602	19,757	184	4,595	19,948	24,543	5,583	2014	2009
Greenhill Distribution Center	—	802	3,273	201	802	3,474	4,276	129	2018	1999
Southpark Corporate Center 3 & 4	—	2,670	14,756	1,813	2,670	16,569	19,239	3,504	2015	1995
Southpark Corporate Center 5-7	—	1,301	7,589	1,029	1,301	8,618	9,919	1,030	2017	1995
Springdale Business Center	—	2,824	8,398	395	2,824	8,793	11,617	1,774	2015	2000
ARIZONA
Phoenix area
Broadway Industrial Park I	—	837	3,349	1,144	837	4,493	5,330	3,055	1996	1971
Broadway Industrial Park II	—	455	482	390	455	872	1,327	500	1999	1971
Broadway Industrial Park III	—	775	1,742	589	775	2,331	3,106	1,431	2000	1983
Broadway Industrial Park IV	—	380	1,652	915	380	2,567	2,947	1,687	2000	1986
Broadway Industrial Park V	—	353	1,090	748	353	1,838	2,191	851	2002	1980
Broadway Industrial Park VI	—	599	1,855	793	599	2,648	3,247	1,753	2002	1979
Broadway Industrial Park VII	—	450	650	288	450	938	1,388	297	2011	1999
Kyrene Distribution Center	—	1,490	4,453	1,951	1,490	6,404	7,894	4,164	1999	1981/2001
Falcon Field Business Center	—	1,312	—	7,458	1,312	7,458	8,770	270	2015	2018
Southpark Distribution Center	—	918	2,738	1,982	918	4,720	5,638	2,404	2001	2000
Santan 10 Distribution Center I	—	846	2,647	692	846	3,339	4,185	1,675	2001	2005
Santan 10 Distribution Center II	—	1,088	—	5,343	1,088	5,343	6,431	2,477	2004	2007
Chandler Freeways	—	1,525	—	7,381	1,525	7,381	8,906	1,732	2012	2013
Kyrene 202 Business Park I	—	653	—	5,777	653	5,777	6,430	1,040	2011	2014
Kyrene 202 Business Park II	—	387	—	3,414	387	3,414	3,801	594	2011	2014
Kyrene 202 Business Park III, IV, & V	—	1,244	—	11,878	1,244	11,878	13,122	760	2011	2018
Kyrene 202 Business Park VI	—	936	—	8,333	936	8,333	9,269	1,194	2011	2015
Metro Business Park	—	1,927	7,708	7,911	1,927	15,619	17,546	11,373	1996	1977/79
51st Avenue Distribution Center	—	300	2,029	1,134	300	3,163	3,463	2,182	1998	1987

SCHEDULE III
REAL ESTATE PROPERTIES AND ACCUMULATED DEPRECIATION
DECEMBER 31, 2019 (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
East University Distribution Center I and II	—	1,120	4,482	1,926	1,120	6,408	7,528	4,736	1998	1987/89
East University Distribution Center III	—	444	698	461	444	1,159	1,603	467	2010	1981
55th Avenue Distribution Center	—	912	3,717	1,149	917	4,861	5,778	3,662	1998	1987
Interstate Commons Distribution Center I	—	311	1,416	863	311	2,279	2,590	1,498	1999	1988
Interstate Commons Distribution Center III	—	242	—	3,112	242	3,112	3,354	1,207	2000	2008
Airport Commons Distribution Center	—	1,000	1,510	1,610	1,000	3,120	4,120	2,150	2003	1971
40th Avenue Distribution Center (e)	3,294	703	—	6,061	703	6,061	6,764	2,409	2004	2008
Sky Harbor Business Park	—	5,839	—	21,925	5,839	21,925	27,764	8,387	2006	2008
Sky Harbor Business Park 6	—	807	—	2,177	807	2,177	2,984	347	2014	2015
Ten Sky Harbor Business Center	—	1,568	—	5,125	1,569	5,124	6,693	576	2015	2016
Tucson
Country Club Commerce Center I	—	506	3,564	3,916	693	7,293	7,986	3,260	1997/2003	1994/2003
Country Club Commerce Center II	—	442	3,381	1,065	709	4,179	4,888	1,455	2007	2000
Country Club Commerce Center III & IV	—	1,407	—	12,250	1,575	12,082	13,657	4,914	2007	2009
Country Club Commerce Center V	—	2,885	—	21,437	2,886	21,436	24,322	1,063	2016	2018
Airport Distribution Center	—	1,403	4,672	1,834	1,403	6,506	7,909	4,145	1998/2000	1995
Benan Distribution Center	—	707	1,842	737	707	2,579	3,286	1,538	2005	2001
NORTH CAROLINA
Charlotte area
NorthPark Business Park	—	2,758	15,932	5,138	2,758	21,070	23,828	10,793	2006	1987-89
Lindbergh Business Park	—	470	3,401	668	470	4,069	4,539	1,908	2007	2001/03
Commerce Park Center I	—	765	4,303	1,064	765	5,367	6,132	2,384	2007	1983
Commerce Park Center II (g)	1,107	335	1,603	395	335	1,998	2,333	763	2010	1987
Commerce Park Center III (g)	1,803	558	2,225	1,016	558	3,241	3,799	1,219	2010	1981
Nations Ford Business Park	—	3,924	16,171	5,099	3,924	21,270	25,194	10,211	2007	1989/94
Airport Commerce Center	—	1,454	10,136	2,604	1,454	12,740	14,194	5,232	2008	2001/02
Interchange Park I (e)	4,689	986	7,949	694	986	8,643	9,629	3,228	2008	1989
Interchange Park II	—	746	1,456	65	746	1,521	2,267	324	2013	2000
Ridge Creek Distribution Center I	—	1,284	13,163	1,091	1,284	14,254	15,538	4,898	2008	2006
Ridge Creek Distribution Center II (g)	7,902	3,033	11,497	2,116	3,033	13,613	16,646	3,688	2011	2003

SCHEDULE III
REAL ESTATE PROPERTIES AND ACCUMULATED DEPRECIATION
DECEMBER 31, 2019 (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
Ridge Creek Distribution Center III	—	2,459	11,147	696	2,459	11,843	14,302	2,207	2014	2013
Lakeview Business Center (g)	3,504	1,392	5,068	922	1,392	5,990	7,382	1,921	2011	1996
Steele Creek Commerce Park I (f)	2,554	993	—	4,372	1,010	4,355	5,365	1,175	2013	2014
Steele Creek Commerce Park II (f)	2,594	941	—	4,510	957	4,494	5,451	1,190	2013	2014
Steele Creek Commerce Park III	—	1,464	—	6,604	1,469	6,599	8,068	1,547	2013	2014
Steele Creek Commerce Park IV	—	684	—	4,021	687	4,018	4,705	908	2013	2015
Steele Creek Commerce Park V	—	610	—	5,222	631	5,201	5,832	94	2013/14/15	2019
Steele Creek Commerce Park VI	—	867	—	7,032	919	6,980	7,899	845	2013/14	2016
Steele Creek Commerce Park VII	—	1,207	—	7,988	1,253	7,942	9,195	557	2013/14/15	2017
Waterford Distribution Center	—	654	3,392	918	654	4,310	4,964	1,571	2008	2000
SOUTH CAROLINA
Greenville
385 Business Park	—	1,308	10,822	512	1,308	11,334	12,642	246	2019	2019
GEORGIA
Atlanta
Shiloh 400 Business Center I & II	—	3,092	14,216	2,268	3,092	16,484	19,576	2,045	2017	2008
Broadmoor Commerce Park I	—	1,307	3,560	907	1,307	4,467	5,774	759	2017	1999
Broadmoor Commerce Park II	—	519	—	7,370	519	7,370	7,889	126	2017	2018
Gwinnett 316	—	531	3,617	21	531	3,638	4,169	179	2018	1990
Hurricane Shoals I & II	—	4,284	12,449	3,457	4,284	15,906	20,190	1,208	2017	2017
Progress Center I & II	—	1,297	9,015	258	1,297	9,273	10,570	867	2017	2017
LOUISIANA
New Orleans
Elmwood Business Park	—	2,861	6,337	6,496	2,861	12,833	15,694	8,741	1997	1979
Riverbend Business Park	—	2,557	17,623	9,692	2,557	27,315	29,872	16,814	1997	1984
COLORADO
Denver
Airways Business Center	—	6,137	39,637	2	6,137	39,639	45,776	880	2019	2007/08
Rampart Distribution Center I	—	1,023	3,861	2,530	1,023	6,391	7,414	4,874	1988	1987
Rampart Distribution Center II	—	230	2,977	1,659	230	4,636	4,866	3,067	1996/97	1997
Rampart Distribution Center III	—	1,098	3,884	2,606	1,098	6,490	7,588	3,637	1997/98	1999
Rampart Distribution Center IV	—	590	—	8,340	590	8,340	8,930	1,318	2012	2014
Concord Distribution Center (g)	3,113	1,051	4,773	735	1,051	5,508	6,559	2,248	2007	2000

SCHEDULE III
REAL ESTATE PROPERTIES AND ACCUMULATED DEPRECIATION
DECEMBER 31, 2019 (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
Centennial Park (e)	2,998	750	3,319	2,087	750	5,406	6,156	2,093	2007	1990
NEVADA
Las Vegas
Arville Distribution Center	—	4,933	5,094	446	4,933	5,540	10,473	2,111	2009	1997
Jones Corporate Park	—	13,068	26,325	1,913	13,068	28,238	41,306	2,697	2016	2016
MISSISSIPPI
Jackson area
Interchange Business Park	—	343	5,007	5,168	343	10,175	10,518	6,322	1997	1981
Tower Automotive	—	—	9,958	1,937	17	11,878	11,895	5,583	2001	2002
Metro Airport Commerce Center I	—	303	1,479	1,251	303	2,730	3,033	1,666	2001	2003
RIGHT OF USE ASSETS, NET - GROUND LEASES (OPERATING)	—	—	—	—	—	—	11,997	—	n/a	n/a
	133,422	448,401	1,142,571	1,241,598	452,698	2,379,872	2,844,567	869,988

SCHEDULE III
REAL ESTATE PROPERTIES AND ACCUMULATED DEPRECIATION
DECEMBER 31, 2019 (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
Development and Value-Add Properties (d):
CALIFORNIA
Rocky Point Distribution Center II	—	7,623	11,614	38	7,623	11,652	19,275	—	2019	2019
FLORIDA
Suncoast Commerce Center 6	—	1,537	—	6,397	1,594	6,340	7,934	6	2006	2019
Suncoast Commerce Center 8	—	1,533	—	2,951	1,534	2,950	4,484	—	2006	n/a
Suncoast Commerce Center Land	—	1,533	—	5,970	4,851	2,652	7,503	—	2006	n/a
Gateway Commerce Park 5	—	5,746	—	17,359	5,357	17,748	23,105	114	2016	2019
Gateway Commerce Park Land	—	21,132	—	13,053	15,775	18,410	34,185	—	2016	n/a
Horizon Commerce Park VIII & IX	—	1,590	—	15,011	1,590	15,011	16,601	42	2008	2019
Horizon Commerce Park Land	—	—	—	1,075	650	425	1,075	—	2008/09	n/a
Grand Oaks 75 Business Center II	—	2,589	10,226	300	2,589	10,526	13,115	—	2019	2019
Grand Oaks 75 Land	—	4,101	—	140	4,109	132	4,241	—	2019	n/a
Oak Creek Distribution Center Land	—	841	—	719	707	853	1,560	—	2005	n/a
TEXAS
Arlington Tech Centre 1 & 2	—	2,510	10,096	671	2,515	10,762	13,277	—	2019	2019
Basswood Land	—	15,766	—	158	15,767	157	15,924	—	2019	n/a
CreekView 121 5 & 6	—	2,682	—	10,469	2,681	10,470	13,151	6	2016	n/a
CreekView 121 7 & 8	—	2,640	—	4,159	2,640	4,159	6,799	—	2016	n/a
LakePort 2499	—	2,984	—	5,078	2,983	5,079	8,062	—	2018	n/a
LakePort 2499 Land	—	2,716	—	948	2,715	949	3,664	—	2018	n/a
Logistics Center 6 & 7	—	—	12,605	3,130	—	15,735	15,735	186	2019	2018
Parc North 5	—	1,286	—	7,403	1,286	7,403	8,689	103	2016	2019
Parc North 6	—	1,233	—	7,057	1,233	7,057	8,290	—	2016	2019
Grand West Crossing Land	—	8,757	—	596	8,749	604	9,353	—	2019	n/a
Lee Road Land	—	2,689	—	—	1,960	729	2,689	—	2007	n/a
Northwest Crossing 1-3	—	5,665	—	5,870	5,665	5,870	11,535	—	2019	n/a
Ten West Crossing 8	—	1,126	—	8,638	1,134	8,630	9,764	151	2012	2019
World Houston Int'l Business Ctr 44	—	653	—	4,137	653	4,137	4,790	—	2011	n/a
World Houston Int'l Business Ctr land - 2011 expansion	—	1,636	—	1,831	1,824	1,643	3,467	—	2011	n/a
World Houston Int'l Business Ctr land - 2015 expansion	—	2,798	—	1,141	2,798	1,141	3,939	—	2015	n/a
Ridgeview 1 & 2	—	2,004	—	4,527	2,004	4,527	6,531	—	2018	n/a

SCHEDULE III
REAL ESTATE PROPERTIES AND ACCUMULATED DEPRECIATION
DECEMBER 31, 2019 (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
Ridgeview Land	—		1,269	—	382	1,269	382	1,651	—	2018	n/a
Tri-County Crossing 1 and 2	—		1,623	—	13,763	1,623	13,763	15,386	182	2017	2019
Tri-County Crossing 3 and 4	—		1,733	—	6,965	1,733	6,965	8,698	—	2017	n/a
Tri-County Crossing Land	—		1,904	—	644	1,904	644	2,548	—	2017	n/a
Settlers Crossing 1	—		1,211	—	8,048	1,212	8,047	9,259	—	2017	2019
Settlers Crossing 2	—		1,306	—	7,169	1,305	7,170	8,475	188	2017	2019
Settlers Crossing 3 & 4	—		2,774	—	5,315	2,774	5,315	8,089	—	2017	n/a
ARIZONA
Gilbert Crossroads A & B	—		2,825	—	11,125	2,825	11,125	13,950	—	2018	n/a
Gilbert Crossroads Land	—		3,709	—	664	3,602	771	4,373	—	2018	n/a
Interstate Commons Distribution Center II	—		2,298	7,088	496	2,298	7,584	9,882	19	2019	1988/2001
NEVADA
Southwest Commerce Center	—		9,008	16,576	1,029	9,008	17,605	26,613	—	2019	2019
NORTH CAROLINA
Airport Commerce Center III	—		855	—	7,701	855	7,701	8,556	154	2008	2019
Steele Creek Commerce Park IX	—		949	—	8,171	949	8,171	9,120	—	2016	2019
Steele Creek Commerce Park Land	—		2,726	—	4,601	3,953	3,374	7,327	—	2016/17	n/a
GEORGIA
Hurricane Shoals 3	—		497	—	6,132	644	5,985	6,629	—	2017	n/a
MISSISSIPPI
Metro Airport Commerce Center II land	—		307	—	399	307	399	706	—	2001	n/a
	—		140,364	68,205	211,430	139,247	280,752	419,999	1,151
Total real estate owned (a)(b)	$	133,422	588,765	1,210,776	1,453,028	591,945	2,660,624	3,264,566	871,139
See accompanying Report of Independent Registered Public Accounting Firm.

(a)  Changes in Real Estate Properties follow:                                                                                                                                                                                                                                                                                                                                                                                            

	Years Ended December 31,
	2019			2018		2017
	(In thousands)
Balance at beginning of year	$	2,817,145		2,578,748		2,407,029
Purchases of real estate properties	135,033			54,537		51,802
Development of real estate properties and value-add properties	318,288			167,667		124,938
Improvements to real estate properties	37,558			36,921		28,698
Right-of-use assets, net – ground leases	11,997			—		—
Carrying amount of investments sold	(51,662		)	(18,372	)	(32,787	)
Write-off of improvements	(3,793		)	(2,356	)	(932	)
Balance at end of year (1)	$	3,264,566		2,817,145		2,578,748

(1) Includes noncontrolling interest in joint ventures of $3,148,000 and $3,296,000 at December 31, 2019 and 2018, respectively.

Changes in the accumulated depreciation on real estate properties follow:                                                                                                                                                                                                                                                                                                                                                                                  

	Years Ended December 31,
	2019			2018		2017
	(In thousands)
Balance at beginning of year	$	814,915		749,601		694,250
Depreciation expense	86,590			76,007		69,010
Accumulated depreciation on assets sold	(27,030		)	(8,670	)	(12,735	)
Other	(3,336		)	(2,023	)	(924	)
Balance at end of year	$	871,139		814,915		749,601

(b) The estimated aggregate cost of real estate properties at December 31, 2019 for federal income tax purposes was approximately $3,179,014,000 before estimated accumulated tax depreciation of $619,405,000.  The federal income tax return for the year ended December 31, 2019, 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 properties from the development and value-add program to Real estate properties as follows: (i) for development properties, at the earlier of 90% occupancy or one year after completion of the shell construction, and (ii) for value-add properties, at the earlier of 90% occupancy or one year after acquisition. Upon the earlier of 90% occupancy or one year after completion of the shell construction, capitalization of development costs, including interest expense, property taxes and internal personnel costs, ceases and depreciation commences on the entire property (excluding the land).

(e)  EastGroup has a $48,772,000 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.

(f) EastGroup has a $44,596,000 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 3-4 and 6-9.

(g)

EastGroup has a $37,682,000 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.