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SCHEDULE III

12 Months Ended

Dec. 31, 2021

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, 2021 (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
Westport Commerce Center	$	—	980	3,800	3,239	980	7,039	8,019	5,327	1994	1983/87
Benjamin Distribution Center 1 & 2	—		843	3,963	2,047	883	5,970	6,853	4,455	1997	1996
Benjamin Distribution Center 3	—		407	1,503	747	407	2,250	2,657	1,735	1999	1988
Palm River Center	—		1,190	4,625	2,986	1,190	7,611	8,801	5,721	1997/98	1990/97/98
Palm River North 1 & 3	—		1,005	4,688	3,418	1,005	8,106	9,111	5,160	1998	2000
Palm River North 2	—		634	4,418	468	634	4,886	5,520	3,698	1997/98	1999
Palm River South 1	—		655	3,187	782	655	3,969	4,624	2,210	2000	2005
Palm River South 2	—		655	—	4,905	655	4,905	5,560	2,558	2000	2006
Walden Distribution Center 1	—		337	3,318	891	337	4,209	4,546	2,513	1997/98	2001
Walden Distribution Center 2	—		465	3,738	1,547	465	5,285	5,750	3,448	1998	1998
Oak Creek Distribution Center 1	—		1,109	6,126	1,487	1,109	7,613	8,722	4,957	1998	1998
Oak Creek Distribution Center 2	—		647	3,603	1,927	647	5,530	6,177	3,268	2003	2001
Oak Creek Distribution Center 3	—		439	—	3,270	556	3,153	3,709	1,515	2005	2007
Oak Creek Distribution Center 4	—		682	6,472	903	682	7,375	8,057	3,766	2005	2001
Oak Creek Distribution Center 5	—		724	—	6,078	916	5,886	6,802	2,935	2005	2007
Oak Creek Distribution Center 6	—		642	—	5,860	812	5,690	6,502	2,618	2005	2008
Oak Creek Distribution Center 7	—		740	—	6,399	740	6,399	7,139	922	2005	2017
Oak Creek Distribution Center 8	—		843	—	6,302	1,051	6,094	7,145	1,277	2005	2015
Oak Creek Distribution Center 9	—		618	—	5,187	781	5,024	5,805	1,928	2005	2009
Oak Creek Distribution Center A	—		185	—	1,517	185	1,517	1,702	644	2005	2008
Oak Creek Distribution Center B	—		227	—	1,574	227	1,574	1,801	669	2005	2008
Oak Creek Distribution Center C Land	—		355	—	425	355	425	780	11	2005	n/a
Airport Commerce Center	—		1,257	4,012	1,147	1,257	5,159	6,416	3,249	1998	1998
Westlake Distribution Center	—		1,333	6,998	2,849	1,333	9,847	11,180	6,598	1998	1998/99
Expressway Commerce Center 1	—		915	5,346	1,688	915	7,034	7,949	4,127	2002	2004
Expressway Commerce Center 2	—		1,013	3,247	1,066	1,013	4,313	5,326	2,470	2003	2001


SCHEDULE III
REAL ESTATE PROPERTIES AND ACCUMULATED DEPRECIATION
DECEMBER 31, 2021 (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
Silo Bend Distribution Center	—	4,131	27,497	5,665	4,132	33,161	37,293	10,408	2011	1987/90
Tampa East Distribution Center	—	791	4,758	727	791	5,485	6,276	2,014	2011	1984
Tampa West Distribution Center	—	2,139	8,502	1,776	2,140	10,277	12,417	3,361	2011	1975/93/94
Madison Distribution Center	—	495	2,779	612	495	3,391	3,886	1,211	2012	2007
Madison Distribution Center 2 & 3	—	624	—	7,123	624	7,123	7,747	1,689	2012	2015
Madison Distribution Center 4 & 5	—	565	—	8,411	565	8,411	8,976	1,831	2012	2016
Grand Oaks 75 Business Center 1	—	3,572	12,979	105	3,572	13,084	16,656	1,100	2019	2017
Grand Oaks 75 Business Center 2	—	2,589	10,226	2,329	2,589	12,555	15,144	753	2019	2019
Orlando
Chancellor Center	—	291	1,711	560	291	2,271	2,562	1,558	1996/97	1996/97
Exchange Distribution Center 1	—	603	2,414	2,441	603	4,855	5,458	3,786	1994	1975
Exchange Distribution Center 2	—	300	945	487	300	1,432	1,732	989	2002	1976
Exchange Distribution Center 3	—	320	997	450	320	1,447	1,767	1,021	2002	1980
Sunbelt Distribution Center	—	1,472	5,745	6,223	1,472	11,968	13,440	9,810	1989/97/98	1974/87/97/98
John Young Commerce Center 1	—	497	2,444	1,615	497	4,059	4,556	2,696	1997/98	1997/98
John Young Commerce Center 2	—	512	3,613	606	512	4,219	4,731	3,036	1998	1999
Sunport Center 1	—	555	1,977	1,234	555	3,211	3,766	1,959	1999	1999
Sunport Center 2	—	597	3,271	2,288	597	5,559	6,156	4,026	1999	2001
Sunport Center 3	—	642	3,121	1,326	642	4,447	5,089	2,766	1999	2002
Sunport Center 4	—	642	2,917	2,259	642	5,176	5,818	3,169	1999	2004
Sunport Center 5	—	750	2,509	2,597	750	5,106	5,856	3,183	1999	2005
Sunport Center 6	—	672	—	3,789	672	3,789	4,461	1,808	1999	2006
Southridge Commerce Park 1	—	373	—	5,279	373	5,279	5,652	3,343	2003	2006
Southridge Commerce Park 2	—	342	—	4,766	342	4,766	5,108	2,605	2003	2007
Southridge Commerce Park 3	—	547	—	5,756	547	5,756	6,303	2,785	2003	2007
Southridge Commerce Park 4	—	506	—	4,980	506	4,980	5,486	2,364	2003	2006
Southridge Commerce Park 5	—	382	—	4,548	382	4,548	4,930	2,525	2003	2006
Southridge Commerce Park 6	—	571	—	5,579	571	5,579	6,150	2,543	2003	2007
Southridge Commerce Park 7	—	520	—	6,787	520	6,787	7,307	3,147	2003	2008
Southridge Commerce Park 8	—	531	—	6,730	531	6,730	7,261	2,521	2003	2008


SCHEDULE III
REAL ESTATE PROPERTIES AND ACCUMULATED DEPRECIATION
DECEMBER 31, 2021 (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 9	—	468	—	6,462	468	6,462	6,930	2,512	2003	2012
Southridge Commerce Park 10	—	414	—	4,879	414	4,879	5,293	1,467	2003	2012
Southridge Commerce Park 11	—	513	—	5,939	513	5,939	6,452	1,921	2003	2012
Southridge Commerce Park 12	—	2,025	—	17,237	2,025	17,237	19,262	6,468	2005	2008
Horizon Commerce Park 1	—	991	—	6,605	991	6,605	7,596	1,852	2008	2014
Horizon Commerce Park 2	—	1,111	—	7,257	1,111	7,257	8,368	1,934	2008	2014
Horizon Commerce Park 3	—	991	—	6,583	991	6,583	7,574	1,442	2008	2016
Horizon Commerce Park 4	—	1,097	—	8,612	1,097	8,612	9,709	1,999	2008	2015
Horizon Commerce Park 5	—	1,108	—	8,608	1,108	8,608	9,716	1,508	2008	2017
Horizon Commerce Park 6	—	1,099	—	11,131	1,099	11,131	12,230	1,286	2008	2019
Horizon Commerce Park 7	—	962	—	7,641	962	7,641	8,603	1,598	2008	2017
Horizon Commerce Park 8 & 9	—	1,590	—	16,628	1,590	16,628	18,218	1,129	2008	2019
Horizon Commerce Park 10	—	846	—	6,601	846	6,601	7,447	951	2009	2018
Horizon Commerce Park 11	—	1,101	—	9,877	1,101	9,877	10,978	918	2009	2019
Horizon Commerce Park 12	—	1,416	—	10,581	1,416	10,581	11,997	1,540	2009	2017
Jacksonville
Deerwood Distribution Center	—	1,147	1,799	6,541	1,147	8,340	9,487	4,363	1989	1978
Phillips Distribution Center	—	1,375	2,961	5,229	1,375	8,190	9,565	6,098	1994	1984/95
Lake Pointe Business Park	—	3,442	6,450	10,983	3,442	17,433	20,875	13,437	1993	1986/87
Ellis Distribution Center	—	540	7,513	4,237	540	11,750	12,290	5,596	1997	1977
Westside Distribution Center	—	2,011	15,374	10,134	2,011	25,508	27,519	15,310	1997/2008	1984/85
Beach Commerce Center	—	476	1,899	898	476	2,797	3,273	1,696	2000	2000
Interstate Distribution Center	—	1,879	5,700	2,318	1,879	8,018	9,897	5,042	2005	1990
Flagler Center	—	7,317	14,912	1,307	7,317	16,219	23,536	2,830	2016	1997 & 2005
Ft. Lauderdale/Palm Beach area
Linpro Commerce Center	—	613	2,243	3,722	616	5,962	6,578	4,360	1996	1986
Cypress Creek Business Park	—	—	2,465	2,945	—	5,410	5,410	3,709	1997	1986
Lockhart Distribution Center	—	—	3,489	3,379	—	6,868	6,868	5,177	1997	1986
Interstate Commerce Center	—	485	2,652	2,025	485	4,677	5,162	2,806	1998	1988
Executive Airport Distribution Ctr	—	1,991	4,857	6,552	1,991	11,409	13,400	5,943	2001	2004/06
Sample 95 Business Park	—	2,202	8,785	5,197	2,202	13,982	16,184	9,067	1996/98	1990/99


SCHEDULE III
REAL ESTATE PROPERTIES AND ACCUMULATED DEPRECIATION
DECEMBER 31, 2021 (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
Blue Heron Distribution Center	—	975	3,626	2,881	975	6,507	7,482	4,254	1999	1986
Blue Heron Distribution Center 2	—	1,385	4,222	2,188	1,385	6,410	7,795	3,675	2004	1988
Blue Heron Distribution Center 3	—	450	—	2,899	450	2,899	3,349	1,266	2004	2009
Weston Commerce Park	—	4,163	9,951	1,740	4,163	11,691	15,854	1,888	2016	1998
Ft. Myers
SunCoast Commerce Center 1	—	911	—	4,841	928	4,824	5,752	2,173	2005	2008
SunCoast Commerce Center 2	—	911	—	5,037	928	5,020	5,948	2,424	2005	2007
SunCoast Commerce Center 3	—	1,720	—	6,720	1,763	6,677	8,440	2,912	2006	2008
SunCoast Commerce Center 4	—	1,733	—	7,548	1,762	7,519	9,281	1,307	2006	2017
SunCoast Commerce Center 5	—	1,511	—	6,737	1,594	6,654	8,248	823	2006	2019
SunCoast Commerce Center 6	—	1,537	—	7,080	1,594	7,023	8,617	557	2006	2019
SunCoast Commerce Center 7	—	1,533	—	7,041	1,533	7,041	8,574	136	2006	2020
SunCoast Commerce Center 8	—	1,533	—	6,789	1,533	6,789	8,322	492	2006	2020
Miami
Gateway Commerce Park 1	—	5,746	—	17,726	5,746	17,726	23,472	2,145	2016	2018
Gateway Commerce Park 4	—	4,711	—	20,013	4,711	20,013	24,724	314	2016	2020
Gateway Commerce Park 5	—	5,746	—	18,221	5,357	18,610	23,967	1,794	2016	2019
CALIFORNIA
San Francisco area
Wiegman Distribution Center 1	—	2,197	8,788	2,711	2,308	11,388	13,696	7,583	1996	1986/87
Wiegman Distribution Center 2	—	2,579	4,316	152	2,579	4,468	7,047	1,195	2012	1998
Huntwood Distribution Center	—	3,842	15,368	4,088	3,842	19,456	23,298	13,133	1996	1988
San Clemente Distribution Center	—	893	2,004	967	893	2,971	3,864	2,153	1997	1978
Yosemite Distribution Center	—	259	7,058	2,072	731	8,658	9,389	5,700	1999	1974/87
Los Angeles area
Eucalyptus Distribution Center	—	11,392	11,498	803	11,392	12,301	23,693	1,395	2018	1988
Kingsview Industrial Center	—	643	2,573	812	643	3,385	4,028	2,367	1996	1980
Dominguez Distribution Center	—	2,006	8,025	4,014	2,006	12,039	14,045	6,441	1996	1977
Main Street Distribution Center	—	1,606	4,103	1,013	1,606	5,116	6,722	3,251	1999	1999
Walnut Business Center	—	2,885	5,274	2,641	2,885	7,915	10,800	5,489	1996	1966/90


SCHEDULE III
REAL ESTATE PROPERTIES AND ACCUMULATED DEPRECIATION
DECEMBER 31, 2021 (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
Washington Distribution Center	—	1,636	4,900	840	1,636	5,740	7,376	3,728	1997	1996/97
Chino Distribution Center	—	2,544	10,175	1,623	2,544	11,798	14,342	9,600	1998	1980
Ramona Distribution Center	2,156	3,761	5,751	160	3,761	5,911	9,672	1,157	2014	1984
Industry Distribution Center 1	—	10,230	12,373	4,890	10,230	17,263	27,493	11,348	1998	1959
Industry Distribution Center 3	—	—	3,012	(157)	—	2,855	2,855	2,855	2007	1992
Chestnut Business Center	—	1,674	3,465	409	1,674	3,874	5,548	2,328	1998	1999
Los Angeles Corporate Center	—	1,363	5,453	4,364	1,363	9,817	11,180	6,796	1996	1986
Fresno
Shaw Commerce Center	—	2,465	11,627	8,059	2,465	19,686	22,151	13,535	1998	1978/81/87
San Diego
Eastlake Distribution Center	—	3,046	6,888	2,039	3,046	8,927	11,973	6,239	1997	1989
Miramar Land	—	13,980	—	29	13,981	28	14,009	1	2019	n/a
Ocean View Corporate Center	—	6,577	7,105	1,871	6,577	8,976	15,553	3,778	2010	2005
Rancho Distribution Center	—	16,180	11,140	326	16,180	11,466	27,646	511	2020	2006
Rocky Point Distribution Center 1	—	8,857	13,388	1	8,857	13,389	22,246	1,281	2019	2019
Rocky Point Distribution Center 2	—	7,623	11,614	1,423	7,623	13,037	20,660	542	2019	2019
Siempre Viva Distribution Center 1	—	4,628	9,211	368	4,628	9,579	14,207	916	2018	2003
Siempre Viva Distribution Center 2	—	2,868	5,694	125	2,877	5,810	8,687	419	2019	2002
TEXAS
Dallas
Allen Station 1 & 2	—	5,815	17,612	2,156	5,815	19,768	25,583	2,741	2018	2001
Arlington Tech Centre 1 & 2	—	2,510	10,096	3,307	2,515	13,398	15,913	626	2019	2019
Interstate Warehouse 1 & 2	—	1,746	4,941	3,934	1,746	8,875	10,621	7,558	1988	1978
Interstate Warehouse 3	—	519	2,008	1,674	519	3,682	4,201	2,729	2000	1979
Interstate Warehouse 4	—	416	2,481	899	416	3,380	3,796	1,950	2004	2002
Interstate Warehouse 5, 6, & 7	—	1,824	4,106	2,779	1,824	6,885	8,709	4,302	2009	1979/80/81
LakePort 1-3	—	2,984	—	21,208	2,984	21,208	24,192	317	2018	2020
Logistics Center 6 & 7	—	—	12,605	3,219	—	15,824	15,824	1,479	2019	2018
Venture Warehouses	—	1,452	3,762	2,889	1,452	6,651	8,103	5,811	1988	1979
ParkView Commerce Center 1-3	—	2,663	—	18,908	2,663	18,908	21,571	4,175	2014	2015
Shady Trail Distribution Center	—	635	3,621	1,408	635	5,029	5,664	3,056	2003	1998


SCHEDULE III
REAL ESTATE PROPERTIES AND ACCUMULATED DEPRECIATION
DECEMBER 31, 2021 (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
Valwood Distribution Center	—	4,361	34,405	4,469	4,361	38,874	43,235	13,168	2012	1986/87/97/98
Northfield Distribution Center	—	12,470	50,713	8,133	12,471	58,845	71,316	19,098	2013	1999-2001/03/04/08
Parc North 1-4	—	4,615	26,358	6,421	4,615	32,779	37,394	6,518	2016	2016
Parc North 5	—	1,286	—	7,966	1,286	7,966	9,252	789	2016	2019
Parc North 6	—	1,233	—	9,537	1,233	9,537	10,770	741	2016	2019
CreekView 1 & 2	—	3,275	—	14,883	3,275	14,883	18,158	3,279	2015	2017
CreekView 3 & 4	—	2,600	—	13,518	2,600	13,518	16,118	2,214	2015	2018
CreekView 5 & 6	—	2,682	—	12,910	2,681	12,911	15,592	1,136	2016	2020
CreekView 7 & 8	—	2,640	—	15,047	2,640	15,047	17,687	606	2016	2020
The Rock at Star Business Park	—	5,296	27,223	294	5,296	27,517	32,813	1,735	2020	2019
DFW Global Logistics Centre	—	—	86,564	68	—	86,632	86,632	1,106	2021	2014/15
Houston
World Houston Int’l Business Ctr 1 & 2	—	660	5,893	2,795	660	8,688	9,348	5,811	1998	1996
World Houston Int’l Business Ctr 3 & 4	—	820	5,130	874	707	6,117	6,824	3,900	1998	1998
World Houston Int’l Business Ctr 6	—	425	2,423	732	425	3,155	3,580	2,224	1998	1998
World Houston Int’l Business Ctr 7 & 8	—	680	4,584	5,600	680	10,184	10,864	6,964	1998	1998
World Houston Int’l Business Ctr 9	—	800	4,355	2,166	800	6,521	7,321	3,923	1998	1998
World Houston Int’l Business Ctr 10	—	933	4,779	904	933	5,683	6,616	3,348	2001	1999
World Houston Int’l Business Ctr 11	—	638	3,764	1,799	638	5,563	6,201	3,419	1999	1999
World Houston Int’l Business Ctr 12	—	340	2,419	383	340	2,802	3,142	1,855	2000	2002
World Houston Int’l Business Ctr 13	—	282	2,569	787	282	3,356	3,638	2,306	2000	2002
World Houston Int’l Business Ctr 14	—	722	2,629	1,350	722	3,979	4,701	2,542	2000	2003
World Houston Int’l Business Ctr 15	—	731	—	6,297	731	6,297	7,028	3,843	2000	2007
World Houston Int’l Business Ctr 16	—	519	4,248	1,840	519	6,088	6,607	3,594	2000	2005
World Houston Int’l Business Ctr 17	—	373	1,945	848	373	2,793	3,166	1,670	2000	2004
World Houston Int’l Business Ctr 19	—	373	2,256	1,327	373	3,583	3,956	2,219	2000	2004
World Houston Int’l Business Ctr 20	—	1,008	1,948	2,201	1,008	4,149	5,157	2,633	2000	2004
World Houston Int’l Business Ctr 21	—	436	—	4,142	436	4,142	4,578	2,053	2000/03	2006
World Houston Int’l Business Ctr 22	—	436	—	4,654	436	4,654	5,090	2,505	2000	2007
World Houston Int’l Business Ctr 23	—	910	—	7,438	910	7,438	8,348	3,788	2000	2007


SCHEDULE III
REAL ESTATE PROPERTIES AND ACCUMULATED DEPRECIATION
DECEMBER 31, 2021 (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 24	—	837	—	6,202	838	6,201	7,039	3,136	2005	2008
World Houston Int’l Business Ctr 25	—	508	—	4,486	508	4,486	4,994	2,137	2005	2008
World Houston Int’l Business Ctr 26	—	445	—	3,267	445	3,267	3,712	1,424	2005	2008
World Houston Int’l Business Ctr 27	—	837	—	5,202	838	5,201	6,039	2,600	2005	2008
World Houston Int’l Business Ctr 28	—	550	—	4,667	550	4,667	5,217	2,349	2005	2009
World Houston Int’l Business Ctr 29	—	782	—	4,179	974	3,987	4,961	1,680	2007	2009
World Houston Int’l Business Ctr 30	—	981	—	6,000	1,222	5,759	6,981	2,736	2007	2009
World Houston Int’l Business Ctr 31A	—	684	—	4,186	684	4,186	4,870	2,019	2008	2011
World Houston Int’l Business Ctr 31B	—	546	—	3,640	546	3,640	4,186	1,562	2008	2012
World Houston Int’l Business Ctr 32	—	1,225	—	5,655	1,526	5,354	6,880	1,880	2007	2012
World Houston Int’l Business Ctr 33	—	1,166	—	7,969	1,166	7,969	9,135	2,547	2011	2013
World Houston Int’l Business Ctr 34	—	439	—	3,453	439	3,453	3,892	1,153	2005	2012
World Houston Int’l Business Ctr 35	—	340	—	2,602	340	2,602	2,942	700	2005	2012
World Houston Int’l Business Ctr 36	—	684	—	4,959	684	4,959	5,643	1,738	2011	2013
World Houston Int’l Business Ctr 37	—	759	—	6,663	759	6,663	7,422	2,242	2011	2013
World Houston Int’l Business Ctr 38	—	1,053	—	7,881	1,053	7,881	8,934	2,495	2011	2013
World Houston Int’l Business Ctr 39	—	620	—	5,310	621	5,309	5,930	1,390	2011	2014
World Houston Int’l Business Ctr 40	—	1,072	—	9,426	1,072	9,426	10,498	2,305	2011	2014
World Houston Int’l Business Ctr 41	—	649	—	6,039	649	6,039	6,688	1,522	2011	2014
World Houston Int’l Business Ctr 42	—	571	—	4,814	571	4,814	5,385	1,073	2011	2015
World Houston Int’l Business Ctr 43	—	443	—	6,132	443	6,132	6,575	589	2011	2019
World Houston Int’l Business Ctr 44	—	653	—	8,579	653	8,579	9,232	245	2011	2020
World Houston Int’l Business Ctr 45	—	3,243	—	13,745	3,243	13,745	16,988	995	2015	2019
Glenmont Business Park	—	936	6,161	3,661	937	9,821	10,758	6,250	1998	1999/2000
Beltway Crossing Business Park 1	—	458	5,712	3,264	458	8,976	9,434	5,576	2002	2001
Beltway Crossing Business Park 2	—	415	—	3,222	415	3,222	3,637	1,577	2005	2007
Beltway Crossing Business Park 3	—	460	—	3,331	460	3,331	3,791	1,688	2005	2008
Beltway Crossing Business Park 4	—	460	—	3,307	460	3,307	3,767	1,627	2005	2008
Beltway Crossing Business Park 5	—	701	—	5,339	701	5,339	6,040	2,709	2005	2008
Beltway Crossing Business Park 6	—	618	—	6,486	618	6,486	7,104	2,681	2005	2008


SCHEDULE III
REAL ESTATE PROPERTIES AND ACCUMULATED DEPRECIATION
DECEMBER 31, 2021 (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 7	—	765	—	6,217	765	6,217	6,982	2,875	2005	2009
Beltway Crossing Business Park 8	—	721	—	5,662	721	5,662	6,383	2,572	2005	2011
Beltway Crossing Business Park 9	—	418	—	2,141	418	2,141	2,559	741	2007	2012
Beltway Crossing Business Park 10	—	733	—	4,082	733	4,082	4,815	1,356	2007	2012
Beltway Crossing Business Park 11	—	690	—	4,604	690	4,604	5,294	1,310	2007	2013
West Road Business Park 1	—	621	—	4,103	541	4,183	4,724	1,278	2012	2014
West Road Business Park 2	—	981	—	4,819	854	4,946	5,800	1,338	2012	2014
West Road Business Park 3	—	597	—	4,222	520	4,299	4,819	853	2012	2015
West Road Business Park 4	—	621	—	4,650	541	4,730	5,271	1,352	2012	2015
West Road Business Park 5	—	484	—	4,373	421	4,436	4,857	802	2012	2018
Ten West Crossing 1	—	566	—	3,041	566	3,041	3,607	1,035	2012	2013
Ten West Crossing 2	—	829	—	4,533	833	4,529	5,362	1,822	2012	2013
Ten West Crossing 3	—	609	—	4,565	613	4,561	5,174	1,565	2012	2013
Ten West Crossing 4	—	694	—	4,569	699	4,564	5,263	1,599	2012	2014
Ten West Crossing 5	—	933	—	5,970	940	5,963	6,903	1,806	2012	2014
Ten West Crossing 6	—	640	—	4,733	644	4,729	5,373	1,298	2012	2014
Ten West Crossing 7	—	584	—	5,388	589	5,383	5,972	1,428	2012	2015
Ten West Crossing 8	—	1,126	—	9,449	1,135	9,440	10,575	936	2012	2019
Northwest Crossing 1-3	—	5,665	—	19,082	5,665	19,082	24,747	399	2019	2020
El Paso
Butterfield Trail	—	—	20,725	9,897	—	30,622	30,622	22,448	1997/2000	1987/95
Rojas Commerce Park	—	900	3,659	4,059	900	7,718	8,618	5,965	1999	1986
Americas Ten Business Center 1	—	526	2,778	1,741	526	4,519	5,045	2,686	2001	2003
San Antonio
Alamo Downs Distribution Center	—	1,342	6,338	1,861	1,342	8,199	9,541	5,218	2004	1986/2002
Arion Business Park 1-13, 15	—	4,143	31,432	10,530	4,143	41,962	46,105	23,091	2005	1988-2000/06
Arion Business Park 14	—	423	—	4,011	423	4,011	4,434	1,911	2005	2006
Arion Business Park 16	—	427	—	3,715	427	3,715	4,142	1,799	2005	2007
Arion Business Park 17	—	616	—	4,413	616	4,413	5,029	2,793	2005	2007
Arion Business Park 18	—	418	—	2,402	418	2,402	2,820	1,274	2005	2008


SCHEDULE III
REAL ESTATE PROPERTIES AND ACCUMULATED DEPRECIATION
DECEMBER 31, 2021 (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 1-4	—	1,494	10,804	3,919	1,494	14,723	16,217	8,857	2005	1998/99
Wetmore Business Center 5	—	412	—	3,870	412	3,870	4,282	2,085	2006	2008
Wetmore Business Center 6	—	505	—	4,093	505	4,093	4,598	1,946	2006	2008
Wetmore Business Center 7	—	546	—	5,333	546	5,333	5,879	2,190	2006	2008
Wetmore Business Center 8	—	1,056	—	8,368	1,056	8,368	9,424	4,042	2006	2008
Fairgrounds Business Park	—	1,644	8,209	2,720	1,644	10,929	12,573	6,222	2007	1985/86
Rittiman Distribution Center	—	1,083	6,649	671	1,083	7,320	8,403	2,190	2011	2000
Thousand Oaks Distribution Center 1	—	607	—	4,954	607	4,954	5,561	1,904	2008	2012
Thousand Oaks Distribution Center 2	—	794	—	4,844	794	4,844	5,638	1,747	2008	2012
Thousand Oaks Distribution Center 3	—	772	—	4,651	772	4,651	5,423	1,645	2008	2013
Thousand Oaks Distribution Center 4	—	753	—	4,752	753	4,752	5,505	1,094	2013	2015
Alamo Ridge Business Park 1	—	623	—	8,313	623	8,313	8,936	2,757	2007	2015
Alamo Ridge Business Park 2	—	402	—	5,368	402	5,368	5,770	1,328	2007	2015
Alamo Ridge Business Park 3	—	907	—	10,144	907	10,144	11,051	1,782	2007	2017
Alamo Ridge Business Park 4	—	354	—	7,480	355	7,479	7,834	2,073	2007	2017
Eisenhauer Point Business Park 1 & 2	—	1,881	—	14,767	1,881	14,767	16,648	3,412	2015	2016
Eisenhauer Point Business Park 3	—	577	—	6,125	577	6,125	6,702	1,506	2015	2017
Eisenhauer Point Business Park 4	—	555	—	4,832	555	4,832	5,387	875	2015	2017
Eisenhauer Point Business Park 5	—	818	—	7,015	818	7,015	7,833	1,438	2015	2018
Eisenhauer Point Business Park 6	—	569	—	4,869	569	4,869	5,438	568	2015	2018
Eisenhauer Point Business Park 7 & 8	—	1,000	—	22,243	2,593	20,650	23,243	2,241	2016	2019
Eisenhauer Point Business Park 9	—	632	—	5,729	632	5,729	6,361	444	2016	2019
Tri-County Crossing 1 & 2	—	1,623	—	14,816	1,623	14,816	16,439	1,690	2017	2019
Tri-County Crossing 3 & 4	—	1,733	—	14,442	1,733	14,442	16,175	583	2017	2020
Ridgeview 1 & 2	—	2,004	—	18,545	2,004	18,545	20,549	368	2018	2020
Austin
Colorado Crossing Distribution Center	—	4,602	19,757	833	4,595	20,597	25,192	7,161	2014	2009
Greenhill Distribution Center	—	802	3,273	328	802	3,601	4,403	436	2018	1999
Settlers Crossing 1	—	1,211	—	8,207	1,211	8,207	9,418	850	2017	2019
Settlers Crossing 2	—	1,306	—	7,553	1,306	7,553	8,859	1,007	2017	2019
Settlers Crossing 3 & 4	—	2,774	—	17,221	2,774	17,221	19,995	673	2017	2020


SCHEDULE III
REAL ESTATE PROPERTIES AND ACCUMULATED DEPRECIATION
DECEMBER 31, 2021 (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
Southpark Corporate Center 3 & 4	—	2,670	14,756	1,921	2,670	16,677	19,347	4,922	2015	1995
Southpark Corporate Center 5-7	—	1,301	7,589	1,342	1,301	8,931	10,232	1,724	2017	1995
Springdale Business Center	—	2,824	8,398	723	2,824	9,121	11,945	2,287	2015	2000
Texas Avenue	—	4,143	—	—	4,143	—	4,143	—	2021	1983
Wells Point One	—	907	4,904	571	907	5,475	6,382	587	2020	2001
ARIZONA
Phoenix area
Broadway Industrial Park 1	—	837	3,349	2,932	837	6,281	7,118	3,755	1996	1971
Broadway Industrial Park 2	—	455	482	390	455	872	1,327	589	1999	1971
Broadway Industrial Park 3	—	775	1,742	1,054	775	2,796	3,571	1,636	2000	1983
Broadway Industrial Park 4	—	380	1,652	1,163	380	2,815	3,195	1,841	2000	1986
Broadway Industrial Park 5	—	353	1,090	871	353	1,961	2,314	1,112	2002	1980
Broadway Industrial Park 6	—	599	1,855	913	599	2,768	3,367	1,901	2002	1979
Broadway Industrial Park 7	—	450	650	298	450	948	1,398	376	2011	1999
Kyrene Distribution Center	—	1,490	4,453	2,206	1,490	6,659	8,149	4,588	1999	1981/2001
Falcon Field Business Center	—	1,312	—	8,010	1,312	8,010	9,322	1,044	2015	2018
Southpark Distribution Center	—	918	2,738	2,005	918	4,743	5,661	3,014	2001	2000
Southpark Distribution Center 2	—	1,785	6,882	1,017	1,785	7,899	9,684	142	2021	1995
Santan 10 Distribution Center 1	—	846	2,647	711	846	3,358	4,204	1,883	2001	2005
Santan 10 Distribution Center 2	—	1,088	—	5,498	1,088	5,498	6,586	2,760	2004	2007
Chandler Freeways	—	1,525	—	7,381	1,525	7,381	8,906	2,280	2012	2013
Kyrene 202 Business Park 1	—	653	—	5,820	653	5,820	6,473	1,437	2011	2014
Kyrene 202 Business Park 2	—	387	—	3,414	387	3,414	3,801	836	2011	2014
Kyrene 202 Business Park 3, 4 & 5	—	1,244	—	11,878	1,244	11,878	13,122	1,638	2011	2018
Kyrene 202 Business Park 6	—	936	—	8,344	936	8,344	9,280	1,983	2011	2015
51st Avenue Distribution Center	—	300	2,029	1,261	300	3,290	3,590	2,414	1998	1987
East University Distribution Center 1 & 2	—	1,120	4,482	2,046	1,120	6,528	7,648	5,164	1998	1987/89
East University Distribution Center 3	—	444	698	461	444	1,159	1,603	611	2010	1981
55th Avenue Distribution Center	—	912	3,717	1,543	917	5,255	6,172	4,042	1998	1987
Interstate Commons Distribution Center 1	—	311	1,416	1,164	311	2,580	2,891	1,721	1999	1988


SCHEDULE III
REAL ESTATE PROPERTIES AND ACCUMULATED DEPRECIATION
DECEMBER 31, 2021 (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
Interstate Commons Distribution Center 2	—	2,298	7,088	2,958	2,298	10,046	12,344	632	2019	1988/2001
Interstate Commons Distribution Center 3	—	242	—	3,112	242	3,112	3,354	1,382	2000	2008
Airport Commons Distribution Center	—	1,000	1,510	1,780	1,000	3,290	4,290	2,435	2003	1971
40th Avenue Distribution Center	—	703	—	6,278	703	6,278	6,981	2,677	2004	2008
Sky Harbor Business Park	—	5,839	—	22,051	5,839	22,051	27,890	9,542	2006	2008
Sky Harbor Business Park 6	—	807	—	2,142	807	2,142	2,949	483	2014	2015
Ten Sky Harbor Business Center	—	1,568	—	5,132	1,569	5,131	6,700	1,074	2015	2016
Gilbert Crossroads A & B	—	2,825	—	14,145	2,825	14,145	16,970	966	2018	2020
Gilbert Crossroads C & D	—	3,602	—	19,417	3,602	19,417	23,019	154	2018	2021
Tucson
Country Club Commerce Center 1	—	506	3,564	4,526	693	7,903	8,596	3,979	1997/2003	1994/2003
Country Club Commerce Center 2	—	442	3,381	1,065	709	4,179	4,888	1,702	2007	2000
Country Club Commerce Center 3 & 4	—	1,407	—	12,286	1,575	12,118	13,693	5,568	2007	2009
Country Club Commerce Center 5	—	2,885	—	21,438	2,886	21,437	24,323	2,396	2016	2018
Airport Distribution Center	—	1,403	4,672	1,834	1,403	6,506	7,909	4,480	1998/2000	1995
Benan Distribution Center	—	707	1,842	751	707	2,593	3,300	1,657	2005	2001
NORTH CAROLINA
Charlotte area
NorthPark Business Park	—	2,758	15,932	5,517	2,758	21,449	24,207	12,146	2006	1987-89
Lindbergh Business Park	—	470	3,401	872	470	4,273	4,743	2,145	2007	2001/03
Commerce Park Center 1	—	765	4,303	1,072	765	5,375	6,140	2,722	2007	1983
Commerce Park Center 2	—	335	1,603	415	335	2,018	2,353	894	2010	1987
Commerce Park Center 3	—	558	2,225	1,214	558	3,439	3,997	1,502	2010	1981
Nations Ford Business Park	—	3,924	16,171	5,473	3,924	21,644	25,568	11,713	2007	1989/94
Airport Commerce Center	—	1,454	10,136	2,783	1,454	12,919	14,373	6,175	2008	2001/02
Airport Commerce Center 3	—	855	—	8,045	855	8,045	8,900	960	2008	2019
Interchange Park 1	—	986	7,949	795	986	8,744	9,730	3,690	2008	1989
Interchange Park 2	—	746	1,456	409	746	1,865	2,611	468	2013	2000
Ridge Creek Distribution Center 1	—	1,284	13,163	1,226	1,284	14,389	15,673	5,666	2008	2006
Ridge Creek Distribution Center 2	—	3,033	11,497	2,180	3,033	13,677	16,710	4,687	2011	2003
Ridge Creek Distribution Center 3	—	2,459	11,147	793	2,459	11,940	14,399	2,912	2014	2013


SCHEDULE III
REAL ESTATE PROPERTIES AND ACCUMULATED DEPRECIATION
DECEMBER 31, 2021 (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
Lakeview Business Center	—	1,392	5,068	1,237	1,392	6,305	7,697	2,324	2011	1996
Steele Creek 1	—	993	—	4,372	1,010	4,355	5,365	1,595	2013	2014
Steele Creek 2	—	941	—	4,771	957	4,755	5,712	1,529	2013	2014
Steele Creek 3	—	1,464	—	6,609	1,469	6,604	8,073	1,988	2013	2014
Steele Creek 4	—	684	—	4,040	687	4,037	4,724	1,244	2013	2015
Steele Creek 5	—	610	—	5,239	631	5,218	5,849	508	2013/14/15	2019
Steele Creek 6	—	867	—	7,149	919	7,097	8,016	1,520	2013/14	2016
Steele Creek 7	—	1,207	—	8,001	1,253	7,955	9,208	1,312	2013/14/15	2017
Steele Creek 9	—	949	—	10,191	1,090	10,050	11,140	771	2016	2019
Steele Creek 10	—	1,221	—	9,822	1,509	9,534	11,043	26	2016	2021
Waterford Distribution Center	—	654	3,392	989	654	4,381	5,035	1,848	2008	2000
SOUTH CAROLINA
Greenville
385 Business Park	—	1,308	10,822	529	1,308	11,351	12,659	1,137	2019	2019
GEORGIA
Atlanta
Shiloh 400 Business Center 1 & 2	—	3,092	14,216	2,538	3,064	16,782	19,846	3,570	2017	2008
Broadmoor Commerce Park 1	—	1,307	3,560	1,298	1,307	4,858	6,165	1,149	2017	1999
Broadmoor Commerce Park 2	—	519	—	7,392	519	7,392	7,911	793	2017	2018
Hurricane Shoals 1 & 2	—	4,284	12,449	4,157	4,284	16,606	20,890	2,630	2017	2017
Hurricane Shoals 3	—	497	—	9,834	644	9,687	10,331	290	2017	2020
Progress Center 1 & 2	—	1,297	9,015	332	1,297	9,347	10,644	1,995	2017	2017
Progress Center 3	—	465	4,285	—	465	4,285	4,750	44	2021	2008
Gwinnett 316	—	531	3,617	21	531	3,638	4,169	384	2018	1990
Cherokee 75 Business Center 1	—	1,183	6,727	(3)	1,183	6,724	7,907	274	2020	2020
Cherokee 75 Business Center 2	—	1,336	7,495	481	1,337	7,975	9,312	110	2021	2021
Northpoint 200	—	1,102	5,140	648	1,104	5,786	6,890	225	2021	2021
LOUISIANA
New Orleans
Elmwood Business Park	—	2,861	6,337	6,528	2,861	12,865	15,726	9,659	1997	1979


SCHEDULE III
REAL ESTATE PROPERTIES AND ACCUMULATED DEPRECIATION
DECEMBER 31, 2021 (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
Riverbend Business Park	—	2,557	17,623	10,306	2,557	27,929	30,486	19,097	1997	1984
COLORADO
Denver
Airways Business Center	—	6,137	39,637	1,203	6,137	40,840	46,977	3,396	2019	2007/08
Rampart Distribution Center 1	—	1,023	3,861	2,545	1,023	6,406	7,429	5,420	1988	1987
Rampart Distribution Center 2	—	230	2,977	1,660	230	4,637	4,867	3,550	1996/97	1997
Rampart Distribution Center 3	—	1,098	3,884	2,881	1,098	6,765	7,863	4,270	1997/98	1999
Rampart Distribution Center 4	—	590	—	8,340	590	8,340	8,930	1,991	2012	2014
Concord Distribution Center	—	1,051	4,773	1,062	1,051	5,835	6,886	2,650	2007	2000
Centennial Park	—	750	3,319	2,169	750	5,488	6,238	2,426	2007	1990
NEVADA
Las Vegas
Arville Distribution Center	—	4,933	5,094	825	4,933	5,919	10,852	2,401	2009	1997
Jones Corporate Park	—	13,068	26,325	1,942	13,068	28,267	41,335	4,701	2016	2016
Southwest Commerce Center	—	9,008	16,576	4,203	9,008	20,779	29,787	1,210	2019	2019
MISSISSIPPI
Jackson area
Interchange Business Park	—	343	5,007	5,378	343	10,385	10,728	7,255	1997	1981
Tower Automotive	—	—	9,958	1,959	17	11,900	11,917	6,242	2001	2002
Metro Airport Commerce Center 1	—	303	1,479	1,282	303	2,761	3,064	1,804	2001	2003
RIGHT OF USE ASSETS, NET - GROUND LEASES (OPERATING)	—	—	—	—	—	—	22,635	—	n/a	n/a
	2,156	539,975	1,347,289	1,636,812	544,505	2,979,571	3,546,711	1,035,098


SCHEDULE III
REAL ESTATE PROPERTIES AND ACCUMULATED DEPRECIATION
DECEMBER 31, 2021 (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
Siempre Viva 3-6	—	31,815	100,861	12	31,816	100,872	132,688	255	2021	2001-2003
Speed Distribution Center	—	15,282	—	52,536	15,290	52,528	67,818	—	2019	n/a
FLORIDA
SunCoast Commerce Center 12	—	1,552	—	2,626	785	3,393	4,178	—	2020	n/a
SunCoast Commerce Land	—	4,995	—	3,303	5,845	2,453	8,298	—	2020	n/a
Gateway Commerce Park 3	—	5,491	—	7,675	3,176	9,990	13,166	—	2016	n/a
Gateway Commerce Park Land	—	5,574	—	8,757	7,889	6,442	14,331	—	2016	n/a
Horizon Commerce Park Land	—	650	—	426	650	426	1,076	—	2008/09	n/a
Horizon West 2 & 3	—	2,895	—	14,295	2,895	14,295	17,190	10	2020	2021
Horizon West Land	—	17,633	—	7,529	17,635	7,527	25,162	—	2020	n/a
Grand Oaks 75 3	—	1,767	—	8,425	1,770	8,422	10,192	42	2019	2021
Grand Oaks 75 4	—	2,334	—	4,044	2,338	4,040	6,378	—	2019	n/a
Oak Creek Distribution Center Land	—	106	—	719	352	473	825	—	2005	n/a
TEXAS
45 Crossing Land	—	10,028	—	7,032	10,028	7,032	17,060	—	2021	n/a
Arlington Tech Centre Land	—	1,725	—	255	1,725	255	1,980	—	2020	n/a
Stonefield 35 Land	—	6,031	—	400	6,031	400	6,431	—	2021	n/a
Basswood 1 & 2	—	4,086	—	11,143	4,087	11,142	15,229	—	2019	n/a
Basswood Land	—	11,680	—	1,667	11,681	1,666	13,347	—	2019	n/a
CreekView 9 & 10	—	3,985	—	7,351	3,987	7,349	11,336	—	2020	n/a
LakePort 4-5	—	2,716	—	5,222	2,716	5,222	7,938	—	2018	n/a
McKinney 3 & 4	—	6,767	—	3,671	4,228	6,210	10,438	—	2020	n/a
McKinney Land	—	5,472	—	2,926	8,012	386	8,398	—	2020	n/a
Grand West Crossing 1	—	2,733	—	6,136	2,726	6,143	8,869	—	2019	n/a
Grand West Crossing Land	—	6,024	—	1,631	6,024	1,631	7,655	—	2019	n/a
Lee Road Land	—	2,689	—	(1)	1,960	728	2,688	—	2007	n/a
Springwood Business Park Land	—	6,208	—	153	6,208	153	6,361	—	2021	n/a
World Houston Int’l Business Ctr Land - 2011 expansion	—	1,636	—	1,898	1,824	1,710	3,534	—	2011	n/a
World Houston Int’l Business Ctr Land - 2015 expansion	—	2,798	—	1,797	2,798	1,797	4,595	—	2015	n/a
Americas Ten 2	—	2,516	—	6,584	2,518	6,582	9,100	—	2020	n/a
Ridgeview 3	—	839	—	4,965	839	4,965	5,804	—	2018	n/a


SCHEDULE III
REAL ESTATE PROPERTIES AND ACCUMULATED DEPRECIATION
DECEMBER 31, 2021 (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	—		430	—	288	430	288	718	—	2018	n/a
Tri-County Crossing 5	—		871	—	4,729	871	4,729	5,600	—	2017	n/a
Tri-County Crossing 6	—		1,033	—	2,749	1,033	2,749	3,782	—	2017	n/a
NORTH CAROLINA
Skyway Logistics Park Land	—		12,038	—	210	12,038	210	12,248	—	2021	n/a
Steele Creek 8	—		544	—	2,184	673	2,055	2,728	—	2016/17	n/a
Steele Creek Land	—		1,866	—	990	1,866	990	2,856	—	2016/17	n/a
SOUTH CAROLINA
Access Point 1	—		884	9,606	2,032	893	11,629	12,522	198	2021	2021
Access Point 2	—		1,010	9,604	1,017	1,012	10,619	11,631	14	2021	2021
Hillside Land	—		1,593	—	143	1,595	141	1,736	—	2021	n/a
GEORGIA
I-20 West Business Center	—		1,670	—	1,294	1,647	1,317	2,964	—	2021	n/a
Cass White Land	—		2,923	—	134	2,923	134	3,057	—	2021	n/a
Riverside Parkway Land	—		1,955	—	46	1,955	46	2,001	—	2021	n/a
MISSISSIPPI
Metro Airport Commerce Center 2 Land	—		307	—	399	307	399	706	—	2001	n/a
	—		195,151	120,071	189,392	195,076	309,538	504,614	519
Total real estate owned (a)(b)	$	2,156	735,126	1,467,360	1,826,204	739,581	3,289,109	4,051,325	1,035,617

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


	Years Ended December 31,
	2021		2020	2019
	(In thousands)
Balance at beginning of year	$	3,519,085	3,264,566	2,817,145
Purchases of real estate properties	104,205		46,240	135,033
Development of real estate properties and value-add properties	415,260		195,446	318,288
Improvements to real estate properties	36,692		33,522	37,558
Right-of-use assets, net – ground leases	11,562		(924)	11,997
Real estate assets held for sale	(18,233)		—	—
Carrying amount of investments sold	(15,288)		(17,182)	(51,662)
Write-off of improvements	(1,958)		(2,583)	(3,793)
Balance at end of year (1)	$	4,051,325	3,519,085	3,264,566

(1) Includes noncontrolling interest in joint ventures of $1,379,000, $852,000 and $3,148,000 at December 31, 2021, 2020 and 2019, respectively.

Changes in the accumulated depreciation on real estate properties follow:


	Years Ended December 31,
	2021		2020	2019
	(In thousands)
Balance at beginning of year	$	955,328	871,139	814,915
Depreciation expense	104,910		96,290	86,590
Real estate assets held for sale	(12,538)		—	—
Accumulated depreciation on assets sold	(10,178)		(9,599)	(27,030)
Other	(1,905)		(2,502)	(3,336)
Balance at end of year	$	1,035,617	955,328	871,139

(b)The estimated aggregate cost of real estate properties at December 31, 2021 for federal income tax purposes was approximately $3,974,390,000 before estimated accumulated tax depreciation of $749,711,000. The federal income tax return for the year ended December 31, 2021, 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).