XML 43 R28.htm IDEA: XBRL DOCUMENT

SCHEDULE III

12 Months Ended

Dec. 31, 2020

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, 2020 (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	6,961	1,575	13,552	15,127	9,751	1993-99	1974-85
Westport Commerce Center	—		980	3,800	3,044	980	6,844	7,824	5,145	1994	1983/87
Benjamin Distribution Center I & II	—		843	3,963	1,995	883	5,918	6,801	4,302	1997	1996
Benjamin Distribution Center III	—		407	1,503	670	407	2,173	2,580	1,684	1999	1988
Palm River Center	—		1,190	4,625	3,001	1,190	7,626	8,816	5,507	1997/98	1990/97/98
Palm River North I & III	—		1,005	4,688	3,427	1,005	8,115	9,120	4,899	1998	2000
Palm River North II	—		634	4,418	454	634	4,872	5,506	3,627	1997/98	1999
Palm River South I	—		655	3,187	691	655	3,878	4,533	2,117	2000	2005
Palm River South II	—		655	—	4,648	655	4,648	5,303	2,428	2000	2006
Walden Distribution Center I	—		337	3,318	696	337	4,014	4,351	2,420	1997/98	2001
Walden Distribution Center II	—		465	3,738	1,492	465	5,230	5,695	3,321	1998	1998
Oak Creek Distribution Center I	—		1,109	6,126	1,487	1,109	7,613	8,722	4,714	1998	1998
Oak Creek Distribution Center II	—		647	3,603	1,817	647	5,420	6,067	3,077	2003	2001
Oak Creek Distribution Center III	—		439	—	3,242	556	3,125	3,681	1,422	2005	2007
Oak Creek Distribution Center IV	—		682	6,472	864	682	7,336	8,018	3,535	2005	2001
Oak Creek Distribution Center V	—		724	—	6,007	916	5,815	6,731	2,754	2005	2007
Oak Creek Distribution Center VI	—		642	—	5,663	812	5,493	6,305	2,302	2005	2008
Oak Creek Distribution Center VII	—		740	—	6,399	740	6,399	7,139	681	2005	2017
Oak Creek Distribution Center VIII	—		843	—	6,302	1,051	6,094	7,145	1,055	2005	2015
Oak Creek Distribution Center IX	—		618	—	5,161	781	4,998	5,779	1,769	2005	2009
Oak Creek Distribution Center A	—		185	—	1,498	185	1,498	1,683	601	2005	2008
Oak Creek Distribution Center B	—		227	—	1,555	227	1,555	1,782	625	2005	2008
Oak Creek Distribution Center C Land	—		355	—	379	355	379	734	—	2005	n/a
Airport Commerce Center	—		1,257	4,012	1,062	1,257	5,074	6,331	3,114	1998	1998
Westlake Distribution Center	—		1,333	6,998	2,664	1,333	9,662	10,995	6,293	1998	1998/99
Expressway Commerce Center I	—		915	5,346	1,675	915	7,021	7,936	3,918	2002	2004


SCHEDULE III
REAL ESTATE PROPERTIES AND ACCUMULATED DEPRECIATION
DECEMBER 31, 2020 (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
Expressway Commerce Center II	—	1,013	3,247	1,065	1,013	4,312	5,325	2,307	2003	2001
Silo Bend Distribution Center	—	4,131	27,497	4,666	4,132	32,162	36,294	9,176	2011	1987/90
Tampa East Distribution Center	—	791	4,758	721	791	5,479	6,270	1,824	2011	1984
Tampa West Distribution Center	—	2,139	8,502	1,276	2,140	9,777	11,917	3,092	2011	1975/93/94
Madison Distribution Center	—	495	2,779	466	495	3,245	3,740	1,100	2012	2007
Madison Distribution Center II & III	—	624	—	7,029	624	7,029	7,653	1,475	2012	2015
Madison Distribution Center IV & V	—	565	—	8,232	565	8,232	8,797	1,546	2012	2016
Grand Oaks 75 Business Center I	—	3,572	12,979	102	3,572	13,081	16,653	626	2019	2017
Grand Oaks 75 Business Center II	—	2,589	10,226	2,325	2,589	12,551	15,140	239	2019	2019
Orlando
Chancellor Center	—	291	1,711	513	291	2,224	2,515	1,485	1996/97	1996/97
Exchange Distribution Center I	—	603	2,414	2,400	603	4,814	5,417	3,659	1994	1975
Exchange Distribution Center II	—	300	945	482	300	1,427	1,727	950	2002	1976
Exchange Distribution Center III	—	320	997	408	320	1,405	1,725	997	2002	1980
Sunbelt Distribution Center	—	1,472	5,745	6,109	1,472	11,854	13,326	9,525	1989/97/98	1974/87/97/98
John Young Commerce Center I	—	497	2,444	1,601	497	4,045	4,542	2,543	1997/98	1997/98
John Young Commerce Center II	—	512	3,613	576	512	4,189	4,701	2,943	1998	1999
Sunport Center I	—	555	1,977	1,077	555	3,054	3,609	1,832	1999	1999
Sunport Center II	—	597	3,271	2,250	597	5,521	6,118	3,846	1999	2001
Sunport Center III	—	642	3,121	1,268	642	4,389	5,031	2,611	1999	2002
Sunport Center IV	—	642	2,917	1,843	642	4,760	5,402	2,982	1999	2004
Sunport Center V	—	750	2,509	2,478	750	4,987	5,737	3,068	1999	2005
Sunport Center VI	—	672	—	3,750	672	3,750	4,422	1,691	1999	2006
Southridge Commerce Park I	—	373	—	5,237	373	5,237	5,610	3,218	2003	2006
Southridge Commerce Park II	—	342	—	4,532	342	4,532	4,874	2,496	2003	2007
Southridge Commerce Park III	—	547	—	5,756	547	5,756	6,303	2,634	2003	2007
Southridge Commerce Park IV (f)	2,393	506	—	4,919	506	4,919	5,425	2,209	2003	2006
Southridge Commerce Park V (f)	2,175	382	—	4,548	382	4,548	4,930	2,404	2003	2006
Southridge Commerce Park VI	—	571	—	5,396	571	5,396	5,967	2,382	2003	2007
Southridge Commerce Park VII	—	520	—	6,787	520	6,787	7,307	2,964	2003	2008


SCHEDULE III
REAL ESTATE PROPERTIES AND ACCUMULATED DEPRECIATION
DECEMBER 31, 2020 (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 VIII	—	531	—	6,369	531	6,369	6,900	2,359	2003	2008
Southridge Commerce Park IX	—	468	—	6,462	468	6,462	6,930	2,244	2003	2012
Southridge Commerce Park X	—	414	—	4,879	414	4,879	5,293	1,357	2003	2012
Southridge Commerce Park XI	—	513	—	5,939	513	5,939	6,452	1,788	2003	2012
Southridge Commerce Park XII	—	2,025	—	17,189	2,025	17,189	19,214	6,003	2005	2008
Horizon Commerce Park I	—	991	—	6,586	991	6,586	7,577	1,650	2008	2014
Horizon Commerce Park II	—	1,111	—	7,249	1,111	7,249	8,360	1,666	2008	2014
Horizon Commerce Park III	—	991	—	6,541	991	6,541	7,532	1,259	2008	2016
Horizon Commerce Park IV	—	1,097	—	8,595	1,097	8,595	9,692	1,677	2008	2015
Horizon Commerce Park V	—	1,108	—	8,604	1,108	8,604	9,712	1,182	2008	2017
Horizon Commerce Park VI	—	1,099	—	11,131	1,099	11,131	12,230	900	2008	2019
Horizon Commerce Park VII	—	962	—	7,639	962	7,639	8,601	1,319	2008	2017
Horizon Commerce Park VIII & IX	—	1,590	—	16,628	1,590	16,628	18,218	532	2008	2019
Horizon Commerce Park X	—	846	—	6,601	846	6,601	7,447	752	2009	2018
Horizon Commerce Park XI	—	1,101	—	9,877	1,101	9,877	10,978	569	2009	2019
Horizon Commerce Park XII	—	1,416	—	10,581	1,416	10,581	11,997	1,118	2009	2017
Jacksonville
Deerwood Distribution Center	—	1,147	1,799	6,558	1,147	8,357	9,504	3,895	1989	1978
Phillips Distribution Center	—	1,375	2,961	5,085	1,375	8,046	9,421	5,815	1994	1984/95
Lake Pointe Business Park	—	3,442	6,450	9,930	3,442	16,380	19,822	12,840	1993	1986/87
Ellis Distribution Center	—	540	7,513	4,399	540	11,912	12,452	5,706	1997	1977
Westside Distribution Center	—	2,011	15,374	9,896	2,011	25,270	27,281	14,506	1997/2008	1984/85
Beach Commerce Center	—	476	1,899	888	476	2,787	3,263	1,617	2000	2000
Interstate Distribution Center	—	1,879	5,700	2,274	1,879	7,974	9,853	4,798	2005	1990
Flagler Center	—	7,317	14,912	1,012	7,317	15,924	23,241	2,245	2016	1997 & 2005
Ft. Lauderdale/Palm Beach area
Linpro Commerce Center	—	613	2,243	3,623	616	5,863	6,479	4,026	1996	1986
Cypress Creek Business Park	—	—	2,465	2,604	—	5,069	5,069	3,520	1997	1986
Lockhart Distribution Center	—	—	3,489	3,150	—	6,639	6,639	4,949	1997	1986
Interstate Commerce Center	—	485	2,652	1,851	485	4,503	4,988	2,579	1998	1988
Executive Airport Distribution Ctr	—	1,991	4,857	5,981	1,991	10,838	12,829	5,613	2001	2004/06


SCHEDULE III
REAL ESTATE PROPERTIES AND ACCUMULATED DEPRECIATION
DECEMBER 31, 2020 (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
Sample 95 Business Park	—	2,202	8,785	4,323	2,202	13,108	15,310	8,623	1996/98	1990/99
Blue Heron Distribution Center	—	975	3,626	2,655	975	6,281	7,256	4,048	1999	1986
Blue Heron Distribution Center II	—	1,385	4,222	2,154	1,385	6,376	7,761	3,369	2004	1988
Blue Heron Distribution Center III	—	450	—	2,843	450	2,843	3,293	1,187	2004	2009
Weston Commerce Park	—	4,163	9,951	1,738	4,163	11,689	15,852	1,535	2016	1998

Ft. Myers
SunCoast Commerce Center I	—	911	—	4,841	928	4,824	5,752	2,066	2005	2008
SunCoast Commerce Center II	—	911	—	5,030	928	5,013	5,941	2,314	2005	2007
SunCoast Commerce Center III	—	1,720	—	6,714	1,763	6,671	8,434	2,754	2006	2008
SunCoast Commerce Center IV	—	1,733	—	7,548	1,762	7,519	9,281	983	2006	2017
SunCoast Commerce Center V	—	1,511	—	6,724	1,594	6,641	8,235	512	2006	2019
SunCoast Commerce Center VI	—	1,537	—	7,063	1,594	7,006	8,600	244	2006	2019
SunCoast Commerce Center VIII	—	1,533	—	6,782	1,533	6,782	8,315	196	2006	2020
Miami
Gateway Commerce Park 1	—	5,746	—	18,955	5,746	18,955	24,701	1,357	2016	2018
Gateway Commerce Park 5	—	5,746	—	19,329	5,357	19,718	25,075	900	2016	2019
CALIFORNIA
San Francisco area
Wiegman Distribution Center I	—	2,197	8,788	2,514	2,308	11,191	13,499	7,250	1996	1986/87
Wiegman Distribution Center II	—	2,579	4,316	152	2,579	4,468	7,047	1,071	2012	1998
Huntwood Distribution Center	—	3,842	15,368	3,711	3,842	19,079	22,921	12,547	1996	1988
San Clemente Distribution Center	—	893	2,004	944	893	2,948	3,841	2,088	1997	1978
Yosemite Distribution Center	—	259	7,058	2,036	731	8,622	9,353	5,452	1999	1974/87
Los Angeles area
Eucalyptus Distribution Center	—	11,392	11,498	194	11,392	11,692	23,084	1,043	2018	1988
Kingsview Industrial Center	—	643	2,573	883	643	3,456	4,099	2,329	1996	1980
Dominguez Distribution Center	—	2,006	8,025	1,170	2,006	9,195	11,201	6,120	1996	1977
Main Street Distribution Center	—	1,606	4,103	869	1,606	4,972	6,578	3,119	1999	1999
Walnut Business Center	—	2,885	5,274	2,590	2,885	7,864	10,749	5,143	1996	1966/90
Washington Distribution Center	—	1,636	4,900	751	1,636	5,651	7,287	3,579	1997	1996/97


SCHEDULE III
REAL ESTATE PROPERTIES AND ACCUMULATED DEPRECIATION
DECEMBER 31, 2020 (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
Chino Distribution Center	—	2,544	10,175	1,623	2,544	11,798	14,342	9,244	1998	1980
Ramona Distribution Center	2,266	3,761	5,751	160	3,761	5,911	9,672	975	2014	1984
Industry Distribution Center I	—	10,230	12,373	4,866	10,230	17,239	27,469	10,711	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	2,217	1998	1999
Los Angeles Corporate Center	—	1,363	5,453	3,627	1,363	9,080	10,443	6,534	1996	1986
Fresno
Shaw Commerce Center	—	2,465	11,627	7,579	2,465	19,206	21,671	12,781	1998	1978/81/87
San Diego
Eastlake Distribution Center	—	3,046	6,888	2,089	3,046	8,977	12,023	5,902	1997	1989
Miramar Land	—	13,980	—	1	13,981	—	13,981	—	2019	n/a
Ocean View Corporate Center	—	6,577	7,105	1,596	6,577	8,701	15,278	3,456	2010	2005
Otay Mesa Land	—	15,282	—	12	15,294	—	15,294	—	2019	n/a
Rocky Point Distribution Center I	—	8,857	13,388	1	8,857	13,389	22,246	666	2019	2019
Rocky Point Distribution Center II	—	7,623	11,614	846	7,623	12,460	20,083	127	2019	2019
Siempre Viva Distribution Center I	—	4,628	9,211	368	4,628	9,579	14,207	640	2018	2003
Siempre Viva Distribution Center II	—	2,868	5,694	125	2,877	5,810	8,687	232	2019	2002
TEXAS
Dallas
Allen Station 1 & 2	—	5,815	17,612	1,142	5,815	18,754	24,569	1,817	2018	2001
Arlington Tech Centre 1 & 2	—	2,510	10,096	1,890	2,515	11,981	14,496	140	2019	2019
Interstate Warehouse I & II (e)	4,636	1,746	4,941	3,830	1,746	8,771	10,517	7,270	1988	1978
Interstate Warehouse III (e)	1,852	519	2,008	1,674	519	3,682	4,201	2,649	2000	1979
Interstate Warehouse IV	—	416	2,481	732	416	3,213	3,629	1,829	2004	2002
Interstate Warehouse V, VI, & VII (f)	3,796	1,824	4,106	2,674	1,824	6,780	8,604	4,024	2009	1979/80/81
Logistics Center 6 & 7	—	—	12,605	3,178	—	15,783	15,783	832	2019	2018
Venture Warehouses (e)	3,513	1,452	3,762	2,755	1,452	6,517	7,969	5,667	1988	1979
ParkView Commerce Center 1-3	—	2,663	—	18,906	2,663	18,906	21,569	3,473	2014	2015
Shady Trail Distribution Center	—	635	3,621	1,408	635	5,029	5,664	2,913	2003	1998
Valwood Distribution Center	—	4,361	34,405	4,433	4,361	38,838	43,199	11,872	2012	1986/87/97/98


SCHEDULE III
REAL ESTATE PROPERTIES AND ACCUMULATED DEPRECIATION
DECEMBER 31, 2020 (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
Northfield Distribution Center	—	12,470	50,713	6,974	12,471	57,686	70,157	16,967	2013	1999-2001/03/04/08
Parc North 1-4	—	4,615	26,358	6,197	4,615	32,555	37,170	5,060	2016	2016
Parc North 5	—	1,286	—	7,829	1,286	7,829	9,115	414	2016	2019
Parc North 6	—	1,233	—	9,536	1,233	9,536	10,769	299	2016	2019
CreekView 121 1 & 2	—	3,275	—	14,614	3,275	14,614	17,889	2,502	2015	2017
CreekView 121 3 & 4	—	2,600	—	13,518	2,600	13,518	16,118	1,526	2015	2018
CreekView 121 5 & 6	—	2,682	—	12,831	2,681	12,832	15,513	483	2016	2020
The Rock at Star Business Park	—	5,296	27,223	—	5,296	27,223	32,519	112	2020	2019
Houston
World Houston Int'l Business Ctr 1 & 2	—	660	5,893	2,496	660	8,389	9,049	5,479	1998	1996
World Houston Int'l Business Ctr 3 & 4 (e)	2,841	820	5,130	495	707	5,738	6,445	3,703	1998	1998
World Houston Int'l Business Ctr 6 (e)	1,550	425	2,423	669	425	3,092	3,517	2,130	1998	1998
World Houston Int'l Business Ctr 7 & 8 (e)	4,583	680	4,584	5,134	680	9,718	10,398	6,638	1998	1998
World Houston Int'l Business Ctr 9 (e)	3,224	800	4,355	2,159	800	6,514	7,314	3,685	1998	1998
World Houston Int'l Business Ctr 10	—	933	4,779	880	933	5,659	6,592	3,116	2001	1999
World Houston Int'l Business Ctr 11	—	638	3,764	1,799	638	5,563	6,201	3,248	1999	1999
World Houston Int'l Business Ctr 12	—	340	2,419	383	340	2,802	3,142	1,794	2000	2002
World Houston Int'l Business Ctr 13	—	282	2,569	773	282	3,342	3,624	2,200	2000	2002
World Houston Int'l Business Ctr 14	—	722	2,629	1,329	722	3,958	4,680	2,372	2000	2003
World Houston Int'l Business Ctr 15	—	731	—	6,284	731	6,284	7,015	3,710	2000	2007
World Houston Int'l Business Ctr 16	—	519	4,248	1,806	519	6,054	6,573	3,430	2000	2005
World Houston Int'l Business Ctr 17	—	373	1,945	848	373	2,793	3,166	1,611	2000	2004
World Houston Int'l Business Ctr 19	—	373	2,256	1,327	373	3,583	3,956	2,110	2000	2004
World Houston Int'l Business Ctr 20	—	1,008	1,948	2,201	1,008	4,149	5,157	2,443	2000	2004
World Houston Int'l Business Ctr 21	—	436	—	4,126	436	4,126	4,562	1,884	2000/03	2006
World Houston Int'l Business Ctr 22	—	436	—	4,638	436	4,638	5,074	2,383	2000	2007
World Houston Int'l Business Ctr 23	—	910	—	7,418	910	7,418	8,328	3,539	2000	2007
World Houston Int'l Business Ctr 24	—	837	—	6,142	838	6,141	6,979	2,844	2005	2008
World Houston Int'l Business Ctr 25	—	508	—	4,486	508	4,486	4,994	1,951	2005	2008
World Houston Int'l Business Ctr 26	—	445	—	3,267	445	3,267	3,712	1,343	2005	2008


SCHEDULE III
REAL ESTATE PROPERTIES AND ACCUMULATED DEPRECIATION
DECEMBER 31, 2020 (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 27	—	837	—	5,153	838	5,152	5,990	2,368	2005	2008
World Houston Int'l Business Ctr 28	—	550	—	4,665	550	4,665	5,215	2,196	2005	2009
World Houston Int'l Business Ctr 29	—	782	—	4,179	974	3,987	4,961	1,571	2007	2009
World Houston Int'l Business Ctr 30	—	981	—	5,983	1,222	5,742	6,964	2,572	2007	2009
World Houston Int'l Business Ctr 31A	—	684	—	4,092	684	4,092	4,776	1,917	2008	2011
World Houston Int'l Business Ctr 31B	—	546	—	3,555	546	3,555	4,101	1,487	2008	2012
World Houston Int'l Business Ctr 32 (f)	3,035	1,225	—	5,655	1,526	5,354	6,880	1,721	2007	2012
World Houston Int'l Business Ctr 33	—	1,166	—	7,867	1,166	7,867	9,033	2,259	2011	2013
World Houston Int'l Business Ctr 34	—	439	—	3,440	439	3,440	3,879	1,038	2005	2012
World Houston Int'l Business Ctr 35	—	340	—	2,580	340	2,580	2,920	632	2005	2012
World Houston Int'l Business Ctr 36	—	684	—	4,882	684	4,882	5,566	1,552	2011	2013
World Houston Int'l Business Ctr 37	—	759	—	6,423	759	6,423	7,182	2,020	2011	2013
World Houston Int'l Business Ctr 38	—	1,053	—	7,324	1,053	7,324	8,377	2,311	2011	2013
World Houston Int'l Business Ctr 39	—	620	—	5,203	621	5,202	5,823	1,258	2011	2014
World Houston Int'l Business Ctr 40	—	1,072	—	9,359	1,072	9,359	10,431	1,974	2011	2014
World Houston Int'l Business Ctr 41	—	649	—	5,961	649	5,961	6,610	1,326	2011	2014
World Houston Int'l Business Ctr 42	—	571	—	4,814	571	4,814	5,385	907	2011	2015
World Houston Int'l Business Ctr 43	—	443	—	6,109	443	6,109	6,552	315	2011	2019
World Houston Int'l Business Ctr 45	—	3,243	—	13,711	3,243	13,711	16,954	516	2015	2019
Glenmont Business Park	—	936	6,161	3,042	937	9,202	10,139	6,226	1998	1999/2000
Beltway Crossing Business Park I	—	458	5,712	3,149	458	8,861	9,319	5,320	2002	2001
Beltway Crossing Business Park II	—	415	—	3,138	415	3,138	3,553	1,489	2005	2007
Beltway Crossing Business Park III	—	460	—	3,280	460	3,280	3,740	1,595	2005	2008
Beltway Crossing Business Park IV	—	460	—	3,260	460	3,260	3,720	1,520	2005	2008
Beltway Crossing Business Park V	—	701	—	5,267	701	5,267	5,968	2,552	2005	2008
Beltway Crossing Business Park VI (f)	3,134	618	—	6,486	618	6,486	7,104	2,473	2005	2008
Beltway Crossing Business Park VII (f)	3,001	765	—	6,037	765	6,037	6,802	2,806	2005	2009
Beltway Crossing Business Park VIII	—	721	—	5,610	721	5,610	6,331	2,290	2005	2011
Beltway Crossing Business Park IX	—	418	—	2,141	418	2,141	2,559	691	2007	2012
Beltway Crossing Business Park X	—	733	—	3,912	733	3,912	4,645	1,233	2007	2012


SCHEDULE III
REAL ESTATE PROPERTIES AND ACCUMULATED DEPRECIATION
DECEMBER 31, 2020 (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 XI	—	690	—	4,141	690	4,141	4,831	1,171	2007	2013
West Road Business Park I	—	621	—	4,103	541	4,183	4,724	1,168	2012	2014
West Road Business Park II	—	981	—	4,819	854	4,946	5,800	1,156	2012	2014
West Road Business Park III	—	597	—	4,222	520	4,299	4,819	695	2012	2015
West Road Business Park IV	—	621	—	4,623	541	4,703	5,244	1,181	2012	2015
West Road Business Park V	—	484	—	4,372	421	4,435	4,856	560	2012	2018
Ten West Crossing 1	—	566	—	3,041	566	3,041	3,607	909	2012	2013
Ten West Crossing 2	—	829	—	4,496	833	4,492	5,325	1,656	2012	2013
Ten West Crossing 3	—	609	—	4,535	613	4,531	5,144	1,436	2012	2013
Ten West Crossing 4	—	694	—	4,569	699	4,564	5,263	1,477	2012	2014
Ten West Crossing 5	—	933	—	5,872	940	5,865	6,805	1,575	2012	2014
Ten West Crossing 6	—	640	—	4,660	644	4,656	5,300	1,131	2012	2014
Ten West Crossing 7	—	584	—	5,321	589	5,316	5,905	1,148	2012	2015
Ten West Crossing 8	—	1,126	—	8,710	1,135	8,701	9,836	488	2012	2019
El Paso
Butterfield Trail	—	—	20,725	9,763	—	30,488	30,488	21,485	1997/2000	1987/95
Rojas Commerce Park (e)	3,759	900	3,659	3,968	900	7,627	8,527	5,751	1999	1986
Americas Ten Business Center I	—	526	2,778	1,741	526	4,519	5,045	2,563	2001	2003
San Antonio
Alamo Downs Distribution Center	—	1,342	6,338	1,856	1,342	8,194	9,536	4,989	2004	1986/2002
Arion Business Park 1-13, 15	—	4,143	31,432	9,939	4,143	41,371	45,514	21,759	2005	1988-2000/06
Arion Business Park 14	—	423	—	4,011	423	4,011	4,434	1,726	2005	2006
Arion Business Park 16	—	427	—	3,715	427	3,715	4,142	1,690	2005	2007
Arion Business Park 17	—	616	—	4,404	616	4,404	5,020	2,674	2005	2007
Arion Business Park 18 (f)	1,244	418	—	2,402	418	2,402	2,820	1,224	2005	2008
Wetmore Business Center 1-4	—	1,494	10,804	3,781	1,494	14,585	16,079	8,495	2005	1998/99
Wetmore Business Center 5	—	412	—	3,870	412	3,870	4,282	1,963	2006	2008
Wetmore Business Center 6	—	505	—	4,035	505	4,035	4,540	1,789	2006	2008
Wetmore Business Center 7	—	546	—	5,089	546	5,089	5,635	1,885	2006	2008
Wetmore Business Center 8	—	1,056	—	8,366	1,056	8,366	9,422	3,488	2006	2008
Fairgrounds Business Park	—	1,644	8,209	2,515	1,644	10,724	12,368	5,957	2007	1985/86


SCHEDULE III
REAL ESTATE PROPERTIES AND ACCUMULATED DEPRECIATION
DECEMBER 31, 2020 (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
Rittiman Distribution Center	—	1,083	6,649	603	1,083	7,252	8,335	1,971	2011	2000
Thousand Oaks Distribution Center 1	—	607	—	4,518	607	4,518	5,125	1,806	2008	2012
Thousand Oaks Distribution Center 2	—	794	—	4,816	794	4,816	5,610	1,626	2008	2012
Thousand Oaks Distribution Center 3	—	772	—	4,651	772	4,651	5,423	1,500	2008	2013
Thousand Oaks Distribution Center 4	—	753	—	4,744	753	4,744	5,497	925	2013	2015
Alamo Ridge Business Park I	—	623	—	8,306	623	8,306	8,929	2,358	2007	2015
Alamo Ridge Business Park II	—	402	—	5,368	402	5,368	5,770	1,093	2007	2015
Alamo Ridge Business Park III	—	907	—	10,144	907	10,144	11,051	1,418	2007	2017
Alamo Ridge Business Park IV	—	354	—	7,479	355	7,478	7,833	1,850	2007	2017
Eisenhauer Point Business Park 1 & 2	—	1,881	—	14,726	1,881	14,726	16,607	2,741	2015	2016
Eisenhauer Point Business Park 3	—	577	—	6,109	577	6,109	6,686	1,044	2015	2017
Eisenhauer Point Business Park 4	—	555	—	4,832	555	4,832	5,387	677	2015	2017
Eisenhauer Point Business Park 5	—	818	—	7,015	818	7,015	7,833	1,091	2015	2018
Eisenhauer Point Business Park 6	—	569	—	4,869	569	4,869	5,438	396	2015	2018
Eisenhauer Point Business Park 7 & 8	—	1,000	—	22,243	2,593	20,650	23,243	1,285	2016	2019
Eisenhauer Point Business Park 9	—	632	—	5,729	632	5,729	6,361	235	2016	2019
Tri-County Crossing 1 & 2	—	1,623	—	14,816	1,623	14,816	16,439	848	2017	2019
Austin
Colorado Crossing Distribution Center (e)	10,881	4,602	19,757	325	4,594	20,090	24,684	6,362	2014	2009
Greenhill Distribution Center	—	802	3,273	243	802	3,516	4,318	252	2018	1999
Settlers Crossing 1	—	1,211	—	8,207	1,211	8,207	9,418	415	2017	2019
Settlers Crossing 2	—	1,306	—	7,549	1,306	7,549	8,855	579	2017	2019
Southpark Corporate Center 3 & 4	—	2,670	14,756	1,904	2,670	16,660	19,330	4,283	2015	1995
Southpark Corporate Center 5-7	—	1,301	7,589	1,185	1,301	8,774	10,075	1,365	2017	1995
Springdale Business Center	—	2,824	8,398	561	2,824	8,959	11,783	2,035	2015	2000
Wells Point One	—	907	4,904	311	907	5,215	6,122	276	2020	2001
ARIZONA
Phoenix area
Broadway Industrial Park I	—	837	3,349	2,869	837	6,218	7,055	3,173	1996	1971
Broadway Industrial Park II	—	455	482	390	455	872	1,327	546	1999	1971


SCHEDULE III
REAL ESTATE PROPERTIES AND ACCUMULATED DEPRECIATION
DECEMBER 31, 2020 (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
Broadway Industrial Park III	—	775	1,742	1,054	775	2,796	3,571	1,509	2000	1983
Broadway Industrial Park IV	—	380	1,652	1,163	380	2,815	3,195	1,755	2000	1986
Broadway Industrial Park V	—	353	1,090	871	353	1,961	2,314	977	2002	1980
Broadway Industrial Park VI	—	599	1,855	802	599	2,657	3,256	1,826	2002	1979
Broadway Industrial Park VII	—	450	650	288	450	938	1,388	336	2011	1999
Kyrene Distribution Center	—	1,490	4,453	2,096	1,490	6,549	8,039	4,379	1999	1981/2001
Falcon Field Business Center	—	1,312	—	8,009	1,312	8,009	9,321	585	2015	2018
Southpark Distribution Center	—	918	2,738	2,005	918	4,743	5,661	2,707	2001	2000
Santan 10 Distribution Center I	—	846	2,647	692	846	3,339	4,185	1,780	2001	2005
Santan 10 Distribution Center II	—	1,088	—	5,352	1,088	5,352	6,440	2,616	2004	2007
Chandler Freeways	—	1,525	—	7,381	1,525	7,381	8,906	2,036	2012	2013
Kyrene 202 Business Park I	—	653	—	5,777	653	5,777	6,430	1,263	2011	2014
Kyrene 202 Business Park II	—	387	—	3,414	387	3,414	3,801	715	2011	2014
Kyrene 202 Business Park III, IV, & V	—	1,244	—	11,878	1,244	11,878	13,122	1,197	2011	2018
Kyrene 202 Business Park VI	—	936	—	8,333	936	8,333	9,269	1,607	2011	2015
Metro Business Park	—	1,927	7,708	8,323	1,927	16,031	17,958	11,910	1996	1977/79
51st Avenue Distribution Center	—	300	2,029	1,215	300	3,244	3,544	2,296	1998	1987
East University Distribution Center I and II	—	1,120	4,482	2,045	1,120	6,527	7,647	4,891	1998	1987/89
East University Distribution Center III	—	444	698	461	444	1,159	1,603	554	2010	1981
55th Avenue Distribution Center	—	912	3,717	1,168	917	4,880	5,797	3,839	1998	1987
Interstate Commons Distribution Center I	—	311	1,416	1,101	311	2,517	2,828	1,655	1999	1988
Interstate Commons Distribution Center III	—	242	—	3,112	242	3,112	3,354	1,296	2000	2008
Airport Commons Distribution Center	—	1,000	1,510	1,780	1,000	3,290	4,290	2,285	2003	1971
40th Avenue Distribution Center	—	703	—	6,061	703	6,061	6,764	2,541	2004	2008
Sky Harbor Business Park	—	5,839	—	22,044	5,839	22,044	27,883	8,971	2006	2008
Sky Harbor Business Park 6	—	807	—	2,136	807	2,136	2,943	427	2014	2015
Ten Sky Harbor Business Center	—	1,568	—	5,132	1,569	5,131	6,700	825	2015	2016
Tucson
Country Club Commerce Center I	—	506	3,564	3,916	693	7,293	7,986	3,612	1997/2003	1994/2003
Country Club Commerce Center II	—	442	3,381	1,065	709	4,179	4,888	1,579	2007	2000


SCHEDULE III
REAL ESTATE PROPERTIES AND ACCUMULATED DEPRECIATION
DECEMBER 31, 2020 (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
Country Club Commerce Center III & IV	—	1,407	—	12,253	1,575	12,085	13,660	5,243	2007	2009
Country Club Commerce Center V	—	2,885	—	21,438	2,886	21,437	24,323	1,730	2016	2018
Airport Distribution Center	—	1,403	4,672	1,834	1,403	6,506	7,909	4,319	1998/2000	1995
Benan Distribution Center	—	707	1,842	737	707	2,579	3,286	1,596	2005	2001
NORTH CAROLINA
Charlotte area
NorthPark Business Park	—	2,758	15,932	5,206	2,758	21,138	23,896	11,494	2006	1987-89
Lindbergh Business Park	—	470	3,401	827	470	4,228	4,698	2,033	2007	2001/03
Commerce Park Center I	—	765	4,303	1,072	765	5,375	6,140	2,563	2007	1983
Commerce Park Center II (f)	1,038	335	1,603	415	335	2,018	2,353	829	2010	1987
Commerce Park Center III (f)	1,739	558	2,225	1,159	558	3,384	3,942	1,352	2010	1981
Nations Ford Business Park	—	3,924	16,171	5,349	3,924	21,520	25,444	10,954	2007	1989/94
Airport Commerce Center	—	1,454	10,136	2,729	1,454	12,865	14,319	5,737	2008	2001/02
Airport Commerce Center III	—	855	—	8,038	855	8,038	8,893	549	2008	2019
Interchange Park I	—	986	7,949	701	986	8,650	9,636	3,466	2008	1989
Interchange Park II	—	746	1,456	351	746	1,807	2,553	373	2013	2000
Ridge Creek Distribution Center I	—	1,284	13,163	1,167	1,284	14,330	15,614	5,273	2008	2006
Ridge Creek Distribution Center II (f)	7,370	3,033	11,497	2,175	3,033	13,672	16,705	4,182	2011	2003
Ridge Creek Distribution Center III	—	2,459	11,147	782	2,459	11,929	14,388	2,551	2014	2013
Lakeview Business Center (f)	3,257	1,392	5,068	922	1,392	5,990	7,382	2,132	2011	1996
Steele Creek Commerce Park I (e)	2,365	993	—	4,372	1,010	4,355	5,365	1,385	2013	2014
Steele Creek Commerce Park II (e)	2,406	941	—	4,517	957	4,501	5,458	1,381	2013	2014
Steele Creek Commerce Park III	—	1,464	—	6,607	1,469	6,602	8,071	1,779	2013	2014
Steele Creek Commerce Park IV	—	684	—	4,021	687	4,018	4,705	1,119	2013	2015
Steele Creek Commerce Park V	—	610	—	5,239	631	5,218	5,849	301	2013/14/15	2019
Steele Creek Commerce Park VI	—	867	—	7,148	919	7,096	8,015	1,238	2013/14	2016
Steele Creek Commerce Park VII	—	1,207	—	7,988	1,253	7,942	9,195	935	2013/14/15	2017
Steele Creek Commerce Park IX	—	949	—	10,165	1,090	10,024	11,114	265	2016	2019
Waterford Distribution Center	—	654	3,392	918	654	4,310	4,964	1,707	2008	2000


SCHEDULE III
REAL ESTATE PROPERTIES AND ACCUMULATED DEPRECIATION
DECEMBER 31, 2020 (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
SOUTH CAROLINA
Greenville
385 Business Park	—	1,308	10,822	526	1,308	11,348	12,656	691	2019	2019
GEORGIA
Atlanta
Shiloh 400 Business Center I & II	—	3,092	14,216	2,462	3,092	16,678	19,770	2,984	2017	2008
Broadmoor Commerce Park I	—	1,307	3,560	1,250	1,307	4,810	6,117	969	2017	1999
Broadmoor Commerce Park II	—	519	—	7,392	519	7,392	7,911	459	2017	2018
Gwinnett 316	—	4,284	12,449	4,014	4,284	16,463	20,747	1,886	2017	2017
Hurricane Shoals I & II	—	1,297	9,015	289	1,297	9,304	10,601	1,437	2017	2017
Progress Center I & II	—	531	3,617	21	531	3,638	4,169	282	2018	1990
Cherokee 75 Business Center I	—	1,183	6,727	—	1,183	6,727	7,910	21	2020	2020
LOUISIANA
New Orleans
Elmwood Business Park	—	2,861	6,337	6,516	2,861	12,853	15,714	9,224	1997	1979
Riverbend Business Park	—	2,557	17,623	10,028	2,557	27,651	30,208	18,015	1997	1984
COLORADO
Denver
Airways Business Center	—	6,137	39,637	205	6,137	39,842	45,979	2,158	2019	2007/08
Rampart Distribution Center I	—	1,023	3,861	2,542	1,023	6,403	7,426	5,162	1988	1987
Rampart Distribution Center II	—	230	2,977	1,659	230	4,636	4,866	3,252	1996/97	1997
Rampart Distribution Center III	—	1,098	3,884	2,832	1,098	6,716	7,814	3,970	1997/98	1999
Rampart Distribution Center IV	—	590	—	8,340	590	8,340	8,930	1,668	2012	2014
Concord Distribution Center (f)	3,038	1,051	4,773	1,061	1,051	5,834	6,885	2,442	2007	2000
Centennial Park	—	750	3,319	2,169	750	5,488	6,238	2,259	2007	1990
NEVADA
Las Vegas
Arville Distribution Center	—	4,933	5,094	476	4,933	5,570	10,503	2,249	2009	1997
Jones Corporate Park	—	13,068	26,325	1,913	13,068	28,238	41,306	3,707	2016	2016
Southwest Commerce Center	—	9,008	16,576	2,903	9,008	19,479	28,487	367	2019	2019
MISSISSIPPI
Jackson area
Interchange Business Park	—	343	5,007	5,299	343	10,306	10,649	6,796	1997	1981
Tower Automotive	—	—	9,958	1,959	17	11,900	11,917	5,912	2001	2002


SCHEDULE III
REAL ESTATE PROPERTIES AND ACCUMULATED DEPRECIATION
DECEMBER 31, 2020 (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
Metro Airport Commerce Center I	—	303	1,479	1,256	303	2,735	3,038	1,734	2001	2003
RIGHT OF USE ASSETS, NET - GROUND LEASES (OPERATING)	—	—	—	—	—	—	11,073	—	n/a	n/a
	79,096	498,608	1,232,994	1,416,822	502,739	2,645,685	3,159,497	954,573


SCHEDULE III
REAL ESTATE PROPERTIES AND ACCUMULATED DEPRECIATION
DECEMBER 31, 2020 (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
Rancho Distribution Center	—	16,180	11,140	5	16,180	11,145	27,325	156	2020	2006
FLORIDA
Suncoast Commerce Center 7	—	1,533	—	5,840	1,533	5,840	7,373	—	2006	2020
Suncoast Commerce Center Land	—	6,547	—	1,319	6,630	1,236	7,866	—	2006/2020	n/a
Gateway Commerce Park 4	—	4,711	—	17,336	4,711	17,336	22,047	—	2016	2020
Gateway Commerce Park Land	—	11,065	—	9,231	11,065	9,231	20,296	—	2016	n/a
Horizon Commerce Park Land	—	650	—	426	650	426	1,076	—	2008/09	n/a
Horizon West Land	—	20,528	—	6,074	20,530	6,072	26,602	—	2020	n/a
Grand Oaks 75 Land	—	4,101	—	797	4,109	789	4,898	—	2019	n/a
Oak Creek Distribution Center Land	—	106	—	719	352	473	825	—	2005	n/a
TEXAS
Arlington Tech Centre Land	—	1,725	—	127	1,725	127	1,852	—	2020	n/a
Basswood 1 & 2	—	4,086	—	668	4,087	667	4,754	—	2019	n/a
Basswood Land	—	11,680	—	1,018	11,681	1,017	12,698	—	2019	n/a
CreekView 121 7 & 8	—	2,640	—	13,919	2,640	13,919	16,559	44	2016	2020
CreekView Phase 3 Land	—	3,985	—	207	3,985	207	4,192	—	2020	n/a
LakePort 2499	—	2,984	—	16,797	2,984	16,797	19,781	—	2018	2020
LakePort 2499 Land	—	2,716	—	3,602	2,716	3,602	6,318	—	2018	n/a
McKinney Land	—	12,239	—	129	12,239	129	12,368	—	2020	n/a
Grand West Crossing Land	—	8,757	—	1,717	8,750	1,724	10,474	—	2019	n/a
Lee Road Land	—	2,689	—	—	1,960	729	2,689	—	2007	n/a
Northwest Crossing 1-3	—	5,665	—	16,657	5,665	16,657	22,322	21	2019	2020
World Houston Int'l Business Ctr 44	—	653	—	7,473	653	7,473	8,126	—	2011	2020
World Houston Int'l Business Ctr land - 2011 expansion	—	1,636	—	1,876	1,824	1,688	3,512	—	2011	n/a
World Houston Int'l Business Ctr land - 2015 expansion	—	2,798	—	1,285	2,798	1,285	4,083	—	2015	n/a
Americas Ten 2 Land	—	2,516	—	71	2,516	71	2,587	—	2020	n/a
Ridgeview 1 & 2	—	2,004	—	15,089	2,004	15,089	17,093	13	2018	2020
Ridgeview Land	—	1,269	—	713	1,269	713	1,982	—	2018	n/a
Tri-County Crossing 3 and 4	—	1,733	—	12,676	1,733	12,676	14,409	9	2017	2020
Tri-County Crossing Land	—	1,904	—	979	1,904	979	2,883	—	2017	n/a
Settlers Crossing 3 & 4	—	2,774	—	14,730	2,774	14,730	17,504	40	2017	2020


SCHEDULE III
REAL ESTATE PROPERTIES AND ACCUMULATED DEPRECIATION
DECEMBER 31, 2020 (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
Gilbert Crossroads A & B	—		2,825	—	13,943	2,825	13,943	16,768	294	2018	2020
Gilbert Crossroads C & D	—		3,602	—	3,015	3,602	3,015	6,617	—	2018	n/a
Interstate Commons Distribution Center II	—		2,298	7,088	2,855	2,298	9,943	12,241	178	2019	1988/2001
NORTH CAROLINA
Steele Creek Commerce Park X	—		1,221	—	3,013	1,509	2,725	4,234	—	2016	n/a
Steele Creek Commerce Park Land	—		2,410	—	1,915	2,539	1,786	4,325	—	2016/17	n/a
GEORGIA
Hurricane Shoals 3	—		497	—	8,314	644	8,167	8,811	—	2017	2020
Blairs Bridge Land	—		1,381	—	11	1,381	11	1,392	—	2020	n/a
MISSISSIPPI
Metro Airport Commerce Center II land	—		307	—	399	307	399	706	—	2001	n/a
	—		156,415	18,228	184,945	156,772	202,816	359,588	755
Total real estate owned (a)(b)	$	79,096	655,023	1,251,222	1,601,767	659,511	2,848,501	3,519,085	955,328
See accompanying Report of Independent Registered Public Accounting Firm.

(a) Changes in Real Estate Properties and Development and Value-Add Properties follow:


	Years Ended December 31,
	2020		2019	2018
	(In thousands)
Balance at beginning of year	$	3,264,566	2,817,145	2,578,748
Purchases of real estate properties	46,240		135,033	54,537
Development of real estate properties and value-add properties	195,446		318,288	167,667
Improvements to real estate properties	33,522		37,558	36,921
Right-of-use assets, net – ground leases	(924)		11,997	—
Carrying amount of investments sold	(17,182)		(51,662)	(18,372)
Write-off of improvements	(2,583)		(3,793)	(2,356)
Balance at end of year (1)	$	3,519,085	3,264,566	2,817,145

(1)Includes noncontrolling interest in joint ventures of $852,000 and $3,148,000 at December 31, 2020 and 2019, respectively.

Changes in the accumulated depreciation on real estate properties follow:


	Years Ended December 31,
	2020		2019	2018
	(In thousands)
Balance at beginning of year	$	871,139	814,915	749,601
Depreciation expense	96,290		86,590	76,007
Accumulated depreciation on assets sold	(9,599)		(27,030)	(8,670)
Other	(2,502)		(3,336)	(2,023)
Balance at end of year	$	955,328	871,139	814,915

(b)The estimated aggregate cost of real estate properties at December 31, 2020 for federal income tax purposes was approximately $3,464,143,000 before estimated accumulated tax depreciation of $688,740,000. The federal income tax return for the year ended December 31, 2020, 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 $41,610,000 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.

(f)EastGroup has a $35,220,000 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.