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SCHEDULE III

12 Months Ended

Dec. 31, 2022

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, 2022 (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	4,076	980	7,876	8,856	5,528	1994	1983/87
Benjamin Distribution Center 1 & 2	—		843	3,963	2,108	883	6,031	6,914	4,614	1997	1996
Benjamin Distribution Center 3	—		407	1,503	778	407	2,281	2,688	1,804	1999	1988
Palm River Center	—		1,190	4,625	3,233	1,190	7,858	9,048	5,953	1997/98	1990/97/98
Palm River North 1 & 3	—		1,005	4,688	3,472	1,005	8,160	9,165	5,434	1998	2000
Palm River North 2	—		634	4,418	498	634	4,916	5,550	3,779	1997/98	1999
Palm River South 1	—		655	3,187	1,120	655	4,307	4,962	2,290	2000	2005
Palm River South 2	—		655	—	5,346	655	5,346	6,001	2,709	2000	2006
Walden Distribution Center 1	—		337	3,318	1,713	337	5,031	5,368	2,696	1997/98	2001
Walden Distribution Center 2	—		465	3,738	1,547	465	5,285	5,750	3,599	1998	1998
Oak Creek Distribution Center 1	—		1,109	6,126	1,487	1,109	7,613	8,722	5,193	1998	1998
Oak Creek Distribution Center 2	—		647	3,603	1,927	647	5,530	6,177	3,462	2003	2001
Oak Creek Distribution Center 3	—		439	—	3,602	556	3,485	4,041	1,593	2005	2007
Oak Creek Distribution Center 4	—		682	6,472	1,118	682	7,590	8,272	3,967	2005	2001
Oak Creek Distribution Center 5	—		724	—	6,041	916	5,849	6,765	3,052	2005	2007
Oak Creek Distribution Center 6	—		642	—	5,827	812	5,657	6,469	2,868	2005	2008
Oak Creek Distribution Center 7	—		740	—	6,467	740	6,467	7,207	1,176	2005	2017
Oak Creek Distribution Center 8	—		843	—	6,290	1,051	6,082	7,133	1,487	2005	2015
Oak Creek Distribution Center 9	—		618	—	5,177	781	5,014	5,795	2,076	2005	2009
Oak Creek Distribution Center A	—		185	—	1,552	185	1,552	1,737	692	2005	2008
Oak Creek Distribution Center B	—		227	—	1,592	227	1,592	1,819	715	2005	2008
Oak Creek Distribution Center C Land	—		355	—	1,288	355	1,288	1,643	24	2005	n/a
Airport Commerce Center	—		1,257	4,012	1,147	1,257	5,159	6,416	3,392	1998	1998
Westlake Distribution Center	—		1,333	6,998	2,868	1,333	9,866	11,199	6,917	1998	1998/99
Expressway Commerce Center 1	—		915	5,346	1,772	915	7,118	8,033	4,331	2002	2004
Expressway Commerce Center 2	—		1,013	3,247	1,161	1,013	4,408	5,421	2,627	2003	2001


SCHEDULE III
REAL ESTATE PROPERTIES AND ACCUMULATED DEPRECIATION
DECEMBER 31, 2022 (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	6,048	4,132	33,544	37,676	11,720	2011	1987/90
Tampa East Distribution Center	—	791	4,758	766	791	5,524	6,315	2,205	2011	1984
Tampa West Distribution Center	—	2,139	8,502	1,942	2,140	10,443	12,583	3,690	2011	1975/93/94
Madison Distribution Center	—	495	2,779	571	495	3,350	3,845	1,278	2012	2007
Madison Distribution Center 2 & 3	—	624	—	7,194	624	7,194	7,818	1,896	2012	2015
Madison Distribution Center 4 & 5	—	565	—	8,432	565	8,432	8,997	2,138	2012	2016
Grand Oaks 75 Business Center 1	—	3,572	12,979	297	3,572	13,276	16,848	1,668	2019	2017
Grand Oaks 75 Business Center 2	—	2,589	10,226	2,339	2,589	12,565	15,154	1,267	2019	2019
Grand Oaks 75 Business Center 3	—	1,767	—	9,877	1,770	9,874	11,644	328	2019	2021
Orlando
Chancellor Center	—	291	1,711	576	291	2,287	2,578	1,635	1996/97	1996/97
Exchange Distribution Center 1	—	603	2,414	2,524	603	4,938	5,541	3,913	1994	1975
Exchange Distribution Center 2	—	300	945	537	300	1,482	1,782	1,031	2002	1976
Exchange Distribution Center 3	—	320	997	450	320	1,447	1,767	1,049	2002	1980
Sunbelt Distribution Center	—	1,472	5,745	6,884	1,472	12,629	14,101	10,122	1989/97/98	1974/87/97/98
John Young Commerce Center 1	—	497	2,444	1,795	497	4,239	4,736	2,849	1997/98	1997/98
John Young Commerce Center 2	—	512	3,613	688	512	4,301	4,813	3,129	1998	1999
Sunport Center 1	—	555	1,977	1,267	555	3,244	3,799	2,076	1999	1999
Sunport Center 2	—	597	3,271	2,288	597	5,559	6,156	4,172	1999	2001
Sunport Center 3	—	642	3,121	1,322	642	4,443	5,085	2,919	1999	2002
Sunport Center 4	—	642	2,917	2,353	642	5,270	5,912	3,368	1999	2004
Sunport Center 5	—	750	2,509	3,845	750	6,354	7,104	3,329	1999	2005
Sunport Center 6	—	672	—	3,781	672	3,781	4,453	1,918	1999	2006
Southridge Commerce Park 1	—	373	—	5,290	373	5,290	5,663	3,474	2003	2006
Southridge Commerce Park 2	—	342	—	4,816	342	4,816	5,158	2,729	2003	2007
Southridge Commerce Park 3	—	547	—	5,759	547	5,759	6,306	2,925	2003	2007
Southridge Commerce Park 4	—	506	—	4,984	506	4,984	5,490	2,512	2003	2006
Southridge Commerce Park 5	—	382	—	4,813	382	4,813	5,195	2,642	2003	2006
Southridge Commerce Park 6	—	571	—	6,211	571	6,211	6,782	2,739	2003	2007
Southridge Commerce Park 7	—	520	—	6,906	520	6,906	7,426	3,322	2003	2008


SCHEDULE III
REAL ESTATE PROPERTIES AND ACCUMULATED DEPRECIATION
DECEMBER 31, 2022 (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 8	—	531	—	6,734	531	6,734	7,265	2,699	2003	2008
Southridge Commerce Park 9	—	468	—	6,471	468	6,471	6,939	2,688	2003	2012
Southridge Commerce Park 10	—	414	—	4,885	414	4,885	5,299	1,533	2003	2012
Southridge Commerce Park 11	—	513	—	5,958	513	5,958	6,471	2,016	2003	2012
Southridge Commerce Park 12	—	2,025	—	17,324	2,025	17,324	19,349	6,944	2005	2008
Horizon Commerce Park 1	—	991	—	6,915	991	6,915	7,906	2,068	2008	2014
Horizon Commerce Park 2	—	1,111	—	7,749	1,111	7,749	8,860	2,206	2008	2014
Horizon Commerce Park 3	—	991	—	6,614	991	6,614	7,605	1,619	2008	2016
Horizon Commerce Park 4	—	1,097	—	8,613	1,097	8,613	9,710	2,320	2008	2015
Horizon Commerce Park 5	—	1,108	—	8,608	1,108	8,608	9,716	1,833	2008	2017
Horizon Commerce Park 6	—	1,099	—	11,214	1,099	11,214	12,313	1,673	2008	2019
Horizon Commerce Park 7	—	962	—	7,641	962	7,641	8,603	1,877	2008	2017
Horizon Commerce Park 8 & 9	—	1,590	—	16,628	1,590	16,628	18,218	1,727	2008	2019
Horizon Commerce Park 10	—	846	—	6,601	846	6,601	7,447	1,106	2009	2018
Horizon Commerce Park 11	—	1,101	—	9,877	1,101	9,877	10,978	1,267	2009	2019
Horizon Commerce Park 12	—	1,416	—	10,610	1,416	10,610	12,026	1,964	2009	2017
Horizon West 2 & 3	—	2,895	—	15,965	2,895	15,965	18,860	706	2020	2021
Horizon West 4	—	4,047	—	21,260	4,047	21,260	25,307	45	2020	2022
Jacksonville
Deerwood Distribution Center	—	1,147	1,799	6,763	1,147	8,562	9,709	4,860	1989	1978
Phillips Distribution Center	—	1,375	2,961	5,307	1,375	8,268	9,643	6,384	1994	1984/95
Lake Pointe Business Park	—	3,442	6,450	11,640	3,442	18,090	21,532	14,202	1993	1986/87
Ellis Distribution Center	—	540	7,513	4,407	540	11,920	12,460	6,181	1997	1977
Westside Distribution Center	—	2,011	15,374	10,286	2,011	25,660	27,671	16,113	1997/2008	1984/85
Beach Commerce Center	—	476	1,899	965	476	2,864	3,340	1,782	2000	2000
Interstate Distribution Center	—	1,879	5,700	2,412	1,879	8,112	9,991	5,289	2005	1990
Flagler Center	—	7,317	14,912	1,307	7,317	16,219	23,536	3,436	2016	1997 & 2005
Ft. Lauderdale/Palm Beach area
Linpro Commerce Center	—	613	2,243	4,295	616	6,535	7,151	4,771	1996	1986
Lockhart Distribution Center	—	—	3,489	3,504	—	6,993	6,993	5,450	1997	1986
Interstate Commerce Center	—	485	2,652	2,113	485	4,765	5,250	3,051	1998	1988


SCHEDULE III
REAL ESTATE PROPERTIES AND ACCUMULATED DEPRECIATION
DECEMBER 31, 2022 (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
Executive Airport Distribution Ctr	—	1,991	4,857	6,611	1,991	11,468	13,459	6,296	2001	2004/06
Sample 95 Business Park	—	2,202	8,785	5,185	2,202	13,970	16,172	9,660	1996/98	1990/99
Blue Heron Distribution Center	—	975	3,626	3,120	975	6,746	7,721	4,471	1999	1986
Blue Heron Distribution Center 2	—	1,385	4,222	2,228	1,385	6,450	7,835	3,828	2004	1988
Blue Heron Distribution Center 3	—	450	—	2,968	450	2,968	3,418	1,355	2004	2009
Weston Commerce Park	—	4,163	9,951	1,893	4,163	11,844	16,007	2,257	2016	1998
Fort Myers
SunCoast Commerce Center 1	—	911	—	4,850	928	4,833	5,761	2,241	2005	2008
SunCoast Commerce Center 2	—	911	—	5,046	928	5,029	5,957	2,495	2005	2007
SunCoast Commerce Center 3	—	1,720	—	6,737	1,763	6,694	8,457	3,029	2006	2008
SunCoast Commerce Center 4	—	1,733	—	7,611	1,762	7,582	9,344	1,613	2006	2017
SunCoast Commerce Center 5	—	1,511	—	6,737	1,594	6,654	8,248	1,135	2006	2019
SunCoast Commerce Center 6	—	1,537	—	7,080	1,594	7,023	8,617	872	2006	2019
SunCoast Commerce Center 7	—	1,533	—	7,094	1,533	7,094	8,627	406	2006	2020
SunCoast Commerce Center 8	—	1,533	—	6,789	1,533	6,789	8,322	789	2006	2020
SunCoast Commerce Center 12	—	785	—	7,549	785	7,549	8,334	22	2020	2022
Miami
Gateway Commerce Park 1	—	5,746	—	17,737	5,746	17,737	23,483	2,929	2016	2018
Gateway Commerce Park 3	—	5,491	—	12,965	3,176	15,280	18,456	214	2016	2022
Gateway Commerce Park 4	—	4,711	—	19,378	4,711	19,378	24,089	1,012	2016	2020
Gateway Commerce Park 5	—	5,746	—	18,221	5,357	18,610	23,967	2,683	2016	2019
CALIFORNIA
San Francisco area
Wiegman Distribution Center 1	—	2,197	8,788	2,991	2,308	11,668	13,976	7,982	1996	1986/87
Wiegman Distribution Center 2	—	2,579	4,316	504	2,579	4,820	7,399	1,335	2012	1998
Huntwood Distribution Center	—	3,842	15,368	4,305	3,842	19,673	23,515	13,768	1996	1988
San Clemente Distribution Center	—	893	2,004	1,023	893	3,027	3,920	2,218	1997	1978
Yosemite Distribution Center	—	259	7,058	1,898	731	8,484	9,215	5,717	1999	1974/87
6th Street Business Center	—	1,438	9,513	12	1,444	9,519	10,963	149	2022	1966
Benicia Distribution Center 1	—	6,632	36,362	6	6,632	36,368	43,000	621	2022	2005


SCHEDULE III
REAL ESTATE PROPERTIES AND ACCUMULATED DEPRECIATION
DECEMBER 31, 2022 (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
Benicia Distribution Center 2	—	7,027	36,679	101	7,027	36,780	43,807	623	2022	2001
Benicia Distribution Center 3	—	2,136	9,792	14	2,136	9,806	11,942	168	2022	1998
Benicia Distribution Center 4	—	3,191	12,993	—	3,191	12,993	16,184	254	2022	1979
Benicia Distribution Center 5	—	3,161	16,885	—	3,161	16,885	20,046	283	2022	2007
Ettie Business Center	—	3,751	5,236	—	3,751	5,236	8,987	99	2022	1955
Laura Alice Business Center	—	1,174	2,437	—	1,174	2,437	3,611	48	2022	2000
Preston Distribution Center	—	7,261	33,833	2	7,261	33,835	41,096	554	2022	1998
Sinclair Distribution Center	—	12,488	27,259	46	12,488	27,305	39,793	445	2022	1983
Transit Distribution Center	—	21,317	10,635	2	21,317	10,637	31,954	209	2022	1971
Whipple Business Center	—	17,984	15,344	54	17,984	15,398	33,382	266	2022	1986
Los Angeles area
Eucalyptus Distribution Center	—	11,392	11,498	934	11,392	12,432	23,824	1,722	2018	1988
Kingsview Industrial Center	—	643	2,573	792	643	3,365	4,008	2,453	1996	1980
Dominguez Distribution Center	—	2,006	8,025	4,124	2,006	12,149	14,155	7,242	1996	1977
Main Street Distribution Center	—	1,606	4,103	1,280	1,606	5,383	6,989	3,399	1999	1999
Walnut Business Center	—	2,885	5,274	2,830	2,885	8,104	10,989	5,836	1996	1966/90
Washington Distribution Center	—	1,636	4,900	845	1,636	5,745	7,381	3,881	1997	1996/97
Chino Distribution Center	—	2,544	10,175	2,131	2,544	12,306	14,850	9,949	1998	1980
Ramona Distribution Center	2,041	3,761	5,751	160	3,761	5,911	9,672	1,339	2014	1984
Industry Distribution Center 1	—	10,230	12,373	5,073	10,230	17,446	27,676	11,978	1998	1959
Industry Distribution Center 3	—	—	3,012	(140)	—	2,872	2,872	2,856	2007	1992
Chestnut Business Center	—	1,674	3,465	496	1,674	3,961	5,635	2,448	1998	1999
Los Angeles Corporate Center	—	1,363	5,453	4,487	1,363	9,940	11,303	7,129	1996	1986
Rancho Distribution Center	—	16,180	11,140	803	16,180	11,943	28,123	870	2020	2006
Fresno
Shaw Commerce Center	—	2,465	11,627	8,312	2,465	19,939	22,404	14,225	1998	1978/81/87
San Diego
Eastlake Distribution Center	—	3,046	6,888	2,039	3,046	8,927	11,973	6,413	1997	1989
Miramar Land	—	13,980	—	29	13,981	28	14,009	2	2019	n/a
Ocean View Corporate Center	—	6,577	7,105	1,923	6,577	9,028	15,605	4,118	2010	2005


SCHEDULE III
REAL ESTATE PROPERTIES AND ACCUMULATED DEPRECIATION
DECEMBER 31, 2022 (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

Rocky Point Distribution Center 1	—	8,857	13,388	17	8,857	13,405	22,262	1,896	2019	2019
Rocky Point Distribution Center 2	—	7,623	11,614	1,423	7,623	13,037	20,660	989	2019	2019
Siempre Viva Distribution Center 1	—	4,628	9,211	368	4,628	9,579	14,207	1,192	2018	2003
Siempre Viva Distribution Center 2	—	2,868	5,694	125	2,877	5,810	8,687	606	2019	2002
Siempre Viva Distribution Center 3-6	—	31,815	100,861	570	31,815	101,431	133,246	3,498	2021	2001-2003
Speed Distribution Center	—	15,282	—	57,147	15,114	57,315	72,429	1,370	2019	2022
Sacramento
Cebrian Distribution Center	—	2,360	13,488	5	2,360	13,493	15,853	250	2022	1975
Reed Distribution Center	—	4,647	28,195	2	4,647	28,197	32,844	511	2022	1990
TEXAS
Dallas and Fort Worth
Allen Station 1 & 2	—	5,815	17,612	2,177	5,815	19,789	25,604	3,712	2018	2001
Arlington Tech Centre 1 & 2	—	2,510	10,096	3,323	2,515	13,414	15,929	1,250	2019	2019
Basswood 1 & 2	—	4,086	—	19,894	4,087	19,893	23,980	165	2019	2022
Interstate Warehouse 1 & 2	—	1,746	4,941	4,041	1,746	8,982	10,728	7,851	1988	1978
Interstate Warehouse 3	—	519	2,008	1,693	519	3,701	4,220	2,805	2000	1979
Interstate Warehouse 4	—	416	2,481	871	416	3,352	3,768	2,058	2004	2002
Interstate Warehouse 5, 6, & 7	—	1,824	4,106	2,805	1,824	6,911	8,735	4,496	2009	1979/80/81
LakePort 1-3	—	2,984	—	22,526	2,984	22,526	25,510	1,435	2018	2020
Logistics Center 6 & 7	—	—	12,605	3,219	—	15,824	15,824	2,128	2019	2018
Venture Warehouses	—	1,452	3,762	3,124	1,452	6,886	8,338	5,981	1988	1979
ParkView Commerce Center 1-3	—	2,663	—	19,109	2,663	19,109	21,772	4,845	2014	2015
Shady Trail Distribution Center	—	635	3,621	1,408	635	5,029	5,664	3,194	2003	1998
Valwood Distribution Center	—	4,361	34,405	4,946	4,361	39,351	43,712	14,474	2012	1986/87/97/98
Northfield Distribution Center	—	12,470	50,713	8,555	12,471	59,267	71,738	21,088	2013	1999-2001/03/04/08
Parc North 1-4	—	4,615	26,358	6,427	4,615	32,785	37,400	7,964	2016	2016
Parc North 5	—	1,286	—	8,044	1,286	8,044	9,330	1,195	2016	2019
Parc North 6	—	1,233	—	9,537	1,233	9,537	10,770	1,182	2016	2019
CreekView 1 & 2	—	3,275	—	14,936	3,275	14,936	18,211	4,000	2015	2017


SCHEDULE III
REAL ESTATE PROPERTIES AND ACCUMULATED DEPRECIATION
DECEMBER 31, 2022 (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
CreekView 3 & 4	—	2,600	—	13,551	2,600	13,551	16,151	2,904	2015	2018
CreekView 5 & 6	—	2,682	—	12,910	2,681	12,911	15,592	1,791	2016	2020
CreekView 7 & 8	—	2,640	—	15,290	2,640	15,290	17,930	1,655	2016	2020
CreekView 9 & 10	—	3,985	—	12,191	3,987	12,189	16,176	173	2020	2022
The Rock at Star Business Park	—	5,296	27,223	295	5,296	27,518	32,814	3,386	2020	2019
DFW Global Logistics Centre	—	—	86,564	576	—	87,140	87,140	4,327	2021	2014/15
Houston
World Houston Int’l Business Ctr 1 & 2	—	660	5,893	2,830	660	8,723	9,383	6,185	1998	1996
World Houston Int’l Business Ctr 3 & 4	—	820	5,130	1,230	707	6,473	7,180	4,112	1998	1998
World Houston Int’l Business Ctr 6	—	425	2,423	747	425	3,170	3,595	2,292	1998	1998
World Houston Int’l Business Ctr 7 & 8	—	680	4,584	5,584	680	10,168	10,848	7,175	1998	1998
World Houston Int’l Business Ctr 9	—	800	4,355	2,177	800	6,532	7,332	4,110	1998	1998
World Houston Int’l Business Ctr 10	—	933	4,779	914	933	5,693	6,626	3,588	2001	1999
World Houston Int’l Business Ctr 11	—	638	3,764	1,821	638	5,585	6,223	3,588	1999	1999
World Houston Int’l Business Ctr 12	—	340	2,419	393	340	2,812	3,152	1,916	2000	2002
World Houston Int’l Business Ctr 13	—	282	2,569	1,137	282	3,706	3,988	2,424	2000	2002
World Houston Int’l Business Ctr 14	—	722	2,629	1,614	722	4,243	4,965	2,725	2000	2003
World Houston Int’l Business Ctr 15	—	249	—	2,562	249	2,562	2,811	1,600	2000	2007
World Houston Int’l Business Ctr 16	—	519	4,248	2,070	519	6,318	6,837	3,771	2000	2005
World Houston Int’l Business Ctr 17	—	373	1,945	1,188	373	3,133	3,506	1,729	2000	2004
World Houston Int’l Business Ctr 19	—	373	2,256	1,331	373	3,587	3,960	2,329	2000	2004
World Houston Int’l Business Ctr 20	—	1,008	1,948	2,206	1,008	4,154	5,162	2,794	2000	2004
World Houston Int’l Business Ctr 21	—	436	—	4,158	436	4,158	4,594	2,228	2000/03	2006
World Houston Int’l Business Ctr 22	—	436	—	4,679	436	4,679	5,115	2,620	2000	2007
World Houston Int’l Business Ctr 23	—	910	—	7,758	910	7,758	8,668	4,001	2000	2007
World Houston Int’l Business Ctr 24	—	837	—	6,519	838	6,518	7,356	3,344	2005	2008
World Houston Int’l Business Ctr 25	—	508	—	4,601	508	4,601	5,109	2,304	2005	2008
World Houston Int’l Business Ctr 26	—	445	—	3,275	445	3,275	3,720	1,506	2005	2008
World Houston Int’l Business Ctr 27	—	837	—	5,206	838	5,205	6,043	2,834	2005	2008
World Houston Int’l Business Ctr 28	—	550	—	4,748	550	4,748	5,298	2,497	2005	2009


SCHEDULE III
REAL ESTATE PROPERTIES AND ACCUMULATED DEPRECIATION
DECEMBER 31, 2022 (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 29	—	782	—	4,191	974	3,999	4,973	1,791	2007	2009
World Houston Int’l Business Ctr 30	—	981	—	6,125	1,222	5,884	7,106	2,906	2007	2009
World Houston Int’l Business Ctr 31	—	684	—	4,310	684	4,310	4,994	2,128	2008	2011
World Houston Int’l Business Ctr 31B	—	546	—	3,728	546	3,728	4,274	1,648	2008	2012
World Houston Int’l Business Ctr 32	—	1,225	—	5,663	1,526	5,362	6,888	2,039	2007	2012
World Houston Int’l Business Ctr 33	—	1,166	—	7,978	1,166	7,978	9,144	2,854	2011	2013
World Houston Int’l Business Ctr 34	—	439	—	3,457	439	3,457	3,896	1,237	2005	2012
World Houston Int’l Business Ctr 35	—	340	—	2,609	340	2,609	2,949	783	2005	2012
World Houston Int’l Business Ctr 36	—	684	—	5,078	684	5,078	5,762	1,872	2011	2013
World Houston Int’l Business Ctr 37	—	759	—	6,744	759	6,744	7,503	2,424	2011	2013
World Houston Int’l Business Ctr 38	—	1,053	—	7,881	1,053	7,881	8,934	2,763	2011	2013
World Houston Int’l Business Ctr 39	—	620	—	5,310	621	5,309	5,930	1,526	2011	2014
World Houston Int’l Business Ctr 40	—	1,072	—	9,426	1,072	9,426	10,498	2,636	2011	2014
World Houston Int’l Business Ctr 41	—	649	—	6,039	649	6,039	6,688	1,707	2011	2014
World Houston Int’l Business Ctr 42	—	571	—	4,814	571	4,814	5,385	1,225	2011	2015
World Houston Int’l Business Ctr 43	—	443	—	6,137	443	6,137	6,580	867	2011	2019
World Houston Int’l Business Ctr 44	—	653	—	8,558	653	8,558	9,211	664	2011	2020
World Houston Int’l Business Ctr 45	—	3,243	—	13,745	3,243	13,745	16,988	1,479	2015	2019
World Houston Int'l Business Ctr 47	—	2,798	—	14,465	2,798	14,465	17,263	62	2015	2022
Glenmont Business Park	—	936	6,161	3,672	937	9,832	10,769	6,550	1998	1999/2000
Beltway Crossing Business Park 1	—	458	5,712	3,369	458	9,081	9,539	5,860	2002	2001
Beltway Crossing Business Park 2	—	415	—	3,243	415	3,243	3,658	1,679	2005	2007
Beltway Crossing Business Park 3	—	460	—	3,333	460	3,333	3,793	1,791	2005	2008
Beltway Crossing Business Park 4	—	460	—	3,344	460	3,344	3,804	1,744	2005	2008
Beltway Crossing Business Park 5	—	701	—	5,357	701	5,357	6,058	2,873	2005	2008
Beltway Crossing Business Park 6	—	618	—	6,440	618	6,440	7,058	2,812	2005	2008
Beltway Crossing Business Park 7	—	765	—	6,255	765	6,255	7,020	3,005	2005	2009
Beltway Crossing Business Park 8	—	721	—	5,759	721	5,759	6,480	2,719	2005	2011
Beltway Crossing Business Park 9	—	418	—	2,141	418	2,141	2,559	792	2007	2012
Beltway Crossing Business Park 10	—	733	—	4,163	733	4,163	4,896	1,456	2007	2012


SCHEDULE III
REAL ESTATE PROPERTIES AND ACCUMULATED DEPRECIATION
DECEMBER 31, 2022 (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 11	—	690	—	4,605	690	4,605	5,295	1,464	2007	2013
West Road Business Park 1	—	621	—	4,160	541	4,240	4,781	1,383	2012	2014
West Road Business Park 2	—	981	—	4,903	854	5,030	5,884	1,526	2012	2014
West Road Business Park 3	—	597	—	4,299	520	4,376	4,896	1,017	2012	2015
West Road Business Park 4	—	621	—	4,730	541	4,810	5,351	1,486	2012	2015
West Road Business Park 5	—	484	—	4,379	421	4,442	4,863	988	2012	2018
Ten West Crossing 1	—	566	—	3,042	566	3,042	3,608	1,160	2012	2013
Ten West Crossing 2	—	829	—	4,533	833	4,529	5,362	1,970	2012	2013
Ten West Crossing 3	—	609	—	4,565	613	4,561	5,174	1,699	2012	2013
Ten West Crossing 4	—	694	—	4,569	699	4,564	5,263	1,700	2012	2014
Ten West Crossing 5	—	933	—	5,991	940	5,984	6,924	1,954	2012	2014
Ten West Crossing 6	—	640	—	4,733	644	4,729	5,373	1,471	2012	2014
Ten West Crossing 7	—	584	—	5,388	589	5,383	5,972	1,708	2012	2015
Ten West Crossing 8	—	1,126	—	9,449	1,135	9,440	10,575	1,470	2012	2019
Northwest Crossing 1-3	—	5,665	—	20,367	5,665	20,367	26,032	1,195	2019	2020
El Paso
Butterfield Trail	—	—	20,725	10,352	—	31,077	31,077	23,261	1997/2000	1987/95
Rojas Commerce Park	—	900	3,659	4,006	900	7,665	8,565	6,092	1999	1986
Americas Ten Business Center 1	—	526	2,778	1,745	526	4,523	5,049	2,809	2001	2003
Americas Ten Business Center 2	—	2,516	—	11,887	2,518	11,885	14,403	135	2020	2022
San Antonio
Alamo Downs Distribution Center	—	1,342	6,338	2,535	1,342	8,873	10,215	5,434	2004	1986/2002
Arion Business Park 1-13, 15	—	4,143	31,432	11,348	4,143	42,780	46,923	24,362	2005	1988-2000/06
Arion Business Park 14	—	423	—	3,988	423	3,988	4,411	2,057	2005	2006
Arion Business Park 16	—	427	—	3,838	427	3,838	4,265	1,909	2005	2007
Arion Business Park 17	—	616	—	4,517	616	4,517	5,133	2,909	2005	2007
Arion Business Park 18	—	418	—	2,456	418	2,456	2,874	1,315	2005	2008
Wetmore Business Center 1-4	—	1,494	10,804	4,414	1,494	15,218	16,712	9,246	2005	1998/99
Wetmore Business Center 5	—	412	—	3,882	412	3,882	4,294	2,180	2006	2008
Wetmore Business Center 6	—	505	—	4,236	505	4,236	4,741	2,086	2006	2008
Wetmore Business Center 7	—	546	—	5,356	546	5,356	5,902	2,478	2006	2008


SCHEDULE III
REAL ESTATE PROPERTIES AND ACCUMULATED DEPRECIATION
DECEMBER 31, 2022 (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 8	—	1,056	—	8,390	1,056	8,390	9,446	4,228	2006	2008
Fairgrounds Business Park	—	1,644	8,209	2,933	1,644	11,142	12,786	6,537	2007	1985/86
Rittiman Distribution Center	—	1,083	6,649	783	1,083	7,432	8,515	2,420	2011	2000
Thousand Oaks Distribution Center 1	—	607	—	5,684	607	5,684	6,291	2,054	2008	2012
Thousand Oaks Distribution Center 2	—	794	—	4,848	794	4,848	5,642	1,867	2008	2012
Thousand Oaks Distribution Center 3	—	772	—	4,714	772	4,714	5,486	1,795	2008	2013
Thousand Oaks Distribution Center 4	—	753	—	4,761	753	4,761	5,514	1,252	2013	2015
Alamo Ridge Business Park 1	—	623	—	8,531	623	8,531	9,154	3,145	2007	2015
Alamo Ridge Business Park 2	—	402	—	5,368	402	5,368	5,770	1,563	2007	2015
Alamo Ridge Business Park 3	—	907	—	10,144	907	10,144	11,051	2,146	2007	2017
Alamo Ridge Business Park 4	—	354	—	7,804	355	7,803	8,158	2,344	2007	2017
Eisenhauer Point Business Park 1 & 2	—	1,881	—	14,767	1,881	14,767	16,648	3,993	2015	2016
Eisenhauer Point Business Park 3	—	577	—	6,126	577	6,126	6,703	1,850	2015	2017
Eisenhauer Point Business Park 4	—	555	—	4,832	555	4,832	5,387	1,072	2015	2017
Eisenhauer Point Business Park 5	—	818	—	7,044	818	7,044	7,862	1,652	2015	2018
Eisenhauer Point Business Park 6	—	569	—	4,869	569	4,869	5,438	741	2015	2018
Eisenhauer Point Business Park 7 & 8	—	1,000	—	22,243	2,593	20,650	23,243	3,197	2016	2019
Eisenhauer Point Business Park 9	—	632	—	5,729	632	5,729	6,361	652	2016	2019
Tri-County Crossing 1 & 2	—	1,623	—	14,830	1,623	14,830	16,453	2,533	2017	2019
Tri-County Crossing 3 & 4	—	1,733	—	14,509	1,733	14,509	16,242	1,457	2017	2020
Tri-County Crossing 5	—	871	—	10,281	871	10,281	11,152	65	2017	2022
Tri-County Crossing 6	—	1,033	—	9,340	1,033	9,340	10,373	27	2017	2022
Ridgeview 1 & 2	—	2,004	—	18,788	2,004	18,788	20,792	1,719	2018	2020
Ridgeview 3	—	839	—	8,561	839	8,561	9,400	119	2018	2022
Austin
45 Crossing	—	10,028	—	15,274	10,028	15,274	25,302	112	2021	2022
Colorado Crossing Distribution Center	—	4,602	19,757	1,509	4,589	21,279	25,868	7,998	2014	2009
Greenhill Distribution Center	—	802	3,273	392	802	3,665	4,467	614	2018	1999
Settlers Crossing 1	—	1,211	—	8,208	1,211	8,208	9,419	1,285	2017	2019
Settlers Crossing 2	—	1,306	—	7,554	1,306	7,554	8,860	1,437	2017	2019


SCHEDULE III
REAL ESTATE PROPERTIES AND ACCUMULATED DEPRECIATION
DECEMBER 31, 2022 (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
Settlers Crossing 3 & 4	—	2,774	—	17,223	2,774	17,223	19,997	1,445	2017	2020
Southpark Corporate Center 3 & 4	—	2,670	14,756	1,960	2,670	16,716	19,386	5,538	2015	1995
Southpark Corporate Center 5-7	—	1,301	7,589	1,635	1,301	9,224	10,525	1,999	2017	1995
Springdale Business Center	—	2,824	8,398	2,024	2,824	10,422	13,246	2,663	2015	2000
Texas Avenue	—	4,143	—	18	4,143	18	4,161	—	2021	1983
Wells Point One	—	907	4,904	953	907	5,857	6,764	921	2020	2001
ARIZONA
Phoenix area
Broadway Industrial Park 1	—	837	3,349	2,932	837	6,281	7,118	4,330	1996	1971
Broadway Industrial Park 2	—	455	482	383	455	865	1,320	592	1999	1971
Broadway Industrial Park 3	—	775	1,742	1,172	775	2,914	3,689	1,763	2000	1983
Broadway Industrial Park 4	—	380	1,652	1,163	380	2,815	3,195	1,927	2000	1986
Broadway Industrial Park 5	—	353	1,090	850	353	1,940	2,293	1,221	2002	1980
Broadway Industrial Park 6	—	599	1,855	974	599	2,829	3,428	1,978	2002	1979
Broadway Industrial Park 7	—	450	650	298	450	948	1,398	416	2011	1999
Kyrene Distribution Center	—	1,490	4,453	2,214	1,490	6,667	8,157	4,793	1999	1981/2001
Falcon Field Business Center	—	1,312	—	8,010	1,312	8,010	9,322	1,505	2015	2018
Southpark Distribution Center	—	918	2,738	2,020	918	4,758	5,676	3,242	2001	2000
Southpark Distribution Center 2	—	1,785	6,882	1,523	1,785	8,405	10,190	429	2021	1995
Santan 10 Distribution Center 1	—	846	2,647	711	846	3,358	4,204	1,984	2001	2005
Santan 10 Distribution Center 2	—	1,088	—	5,502	1,088	5,502	6,590	2,905	2004	2007
Chandler Freeways	—	1,525	—	7,509	1,525	7,509	9,034	2,448	2012	2013
Kyrene 202 Business Park 1	—	653	—	5,820	653	5,820	6,473	1,614	2011	2014
Kyrene 202 Business Park 2	—	387	—	3,414	387	3,414	3,801	957	2011	2014
Kyrene 202 Business Park 3, 4 & 5	—	1,244	—	11,878	1,244	11,878	13,122	2,082	2011	2018
Kyrene 202 Business Park 6	—	936	—	8,344	936	8,344	9,280	2,311	2011	2015
51st Avenue Distribution Center	—	300	2,029	1,215	300	3,244	3,544	2,476	1998	1987
East University Distribution Center 1 & 2	—	1,120	4,482	2,111	1,120	6,593	7,713	5,412	1998	1987/89
East University Distribution Center 3	—	444	698	457	444	1,155	1,599	637	2010	1981
55th Avenue Distribution Center	—	912	3,717	1,747	917	5,459	6,376	4,263	1998	1987


SCHEDULE III
REAL ESTATE PROPERTIES AND ACCUMULATED DEPRECIATION
DECEMBER 31, 2022 (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 1	—	311	1,416	1,238	311	2,654	2,965	1,797	1999	1988
Interstate Commons Distribution Center 2	—	2,298	7,088	2,963	2,298	10,051	12,349	1,143	2019	1988/2001
Interstate Commons Distribution Center 3	—	242	—	3,251	242	3,251	3,493	1,473	2000	2008
Airport Commons Distribution Center	—	1,000	1,510	1,957	1,000	3,467	4,467	2,568	2003	1971
40th Avenue Distribution Center	—	703	—	6,402	703	6,402	7,105	2,847	2004	2008
Sky Harbor Business Park	—	5,839	—	23,810	5,839	23,810	29,649	10,065	2006	2008
Sky Harbor Business Park 6	—	807	—	2,165	807	2,165	2,972	535	2014	2015
Ten Sky Harbor Business Center	—	1,568	—	5,132	1,569	5,131	6,700	1,323	2015	2016
Gilbert Crossroads A & B	—	2,825	—	14,145	2,825	14,145	16,970	1,640	2018	2020
Gilbert Crossroads C & D	—	3,602	—	19,874	3,602	19,874	23,476	1,152	2018	2021
Mesa Gateway Commerce Center	—	3,514	14,801	631	3,514	15,432	18,946	65	2022	2022
Tucson
Country Club Commerce Center 1	—	506	3,564	4,553	693	7,930	8,623	4,362	1997/2003	1994/2003
Country Club Commerce Center 2	—	442	3,381	1,321	709	4,435	5,144	1,826	2007	2000
Country Club Commerce Center 3 & 4	—	1,407	—	12,309	1,575	12,141	13,716	5,871	2007	2009
Country Club Commerce Center 5	—	2,885	—	21,507	2,886	21,506	24,392	3,074	2016	2018
Airport Distribution Center	—	1,403	4,672	1,782	1,403	6,454	7,857	4,573	1998/2000	1995
Benan Distribution Center	—	707	1,842	757	707	2,599	3,306	1,719	2005	2001
NORTH CAROLINA
Charlotte area
NorthPark Business Park	—	2,758	15,932	5,853	2,758	21,785	24,543	12,747	2006	1987-89
Lindbergh Business Park	—	470	3,401	876	470	4,277	4,747	2,285	2007	2001/03
Commerce Park Center 1	—	765	4,303	1,125	765	5,428	6,193	2,881	2007	1983
Commerce Park Center 2	—	335	1,603	508	335	2,111	2,446	956	2010	1987
Commerce Park Center 3	—	558	2,225	1,210	558	3,435	3,993	1,641	2010	1981
Nations Ford Business Park	—	3,924	16,171	6,285	3,924	22,456	26,380	12,508	2007	1989/94
Airport Commerce Center	—	1,454	10,136	2,857	1,454	12,993	14,447	6,544	2008	2001/02
Airport Commerce Center 3	—	855	—	8,045	855	8,045	8,900	1,371	2008	2019
Interchange Park 1	—	986	7,949	772	986	8,721	9,707	3,889	2008	1989
Interchange Park 2	—	746	1,456	410	746	1,866	2,612	573	2013	2000
Ridge Creek Distribution Center 1	—	1,284	13,163	1,211	1,284	14,374	15,658	6,052	2008	2006


SCHEDULE III
REAL ESTATE PROPERTIES AND ACCUMULATED DEPRECIATION
DECEMBER 31, 2022 (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 2	—	3,033	11,497	2,180	3,033	13,677	16,710	5,192	2011	2003
Ridge Creek Distribution Center 3	—	2,459	11,147	832	2,459	11,979	14,438	3,244	2014	2013
Lakeview Business Center	—	1,392	5,068	1,460	1,392	6,528	7,920	2,501	2011	1996
Steele Creek 1	—	993	—	4,372	1,010	4,355	5,365	1,758	2013	2014
Steele Creek 2	—	941	—	4,779	957	4,763	5,720	1,711	2013	2014
Steele Creek 3	—	1,464	—	7,264	1,469	7,259	8,728	2,161	2013	2014
Steele Creek 4	—	684	—	4,059	687	4,056	4,743	1,376	2013	2015
Steele Creek 5	—	610	—	5,239	631	5,218	5,849	716	2013/14/15	2019
Steele Creek 6	—	867	—	7,164	919	7,112	8,031	1,742	2013/14	2016
Steele Creek 7	—	1,207	—	8,326	1,253	8,280	9,533	1,692	2013/14/15	2017
Steele Creek 8	—	544	—	7,747	673	7,618	8,291	110	2016/17	2022
Steele Creek 9	—	949	—	10,191	1,090	10,050	11,140	1,277	2016	2019
Steele Creek 10	—	1,221	—	10,386	1,509	10,098	11,607	395	2016	2021
Waterford Distribution Center	—	654	3,392	1,026	654	4,418	5,072	2,000	2008	2000
SOUTH CAROLINA
Greenville
385 Business Park	—	1,308	10,822	529	1,308	11,351	12,659	1,583	2019	2019
Access Point 1	—	884	9,606	2,556	893	12,153	13,046	779	2021	2021
Access Point 2	—	1,010	9,604	1,722	1,012	11,324	12,336	367	2021	2021
GEORGIA
Atlanta
Shiloh 400 Business Center 1 & 2	—	3,092	14,216	2,574	3,064	16,818	19,882	4,162	2017	2008
Broadmoor Commerce Park 1	—	1,307	3,560	1,311	1,307	4,871	6,178	1,337	2017	1999
Broadmoor Commerce Park 2	—	519	—	7,409	519	7,409	7,928	1,128	2017	2018
Hurricane Shoals 1 & 2	—	4,284	12,449	4,193	4,284	16,642	20,926	3,406	2017	2017
Hurricane Shoals 3	—	497	—	9,842	644	9,695	10,339	648	2017	2020
Progress Center 1 & 2	—	1,297	9,015	352	1,297	9,367	10,664	2,435	2017	2017
Progress Center 3	—	465	4,285	15	465	4,300	4,765	176	2021	2008
Gwinnett 316	—	531	3,617	21	531	3,638	4,169	487	2018	1990
Cherokee 75 Business Center 1	—	1,183	6,727	18	1,183	6,745	7,928	527	2020	2020


SCHEDULE III
REAL ESTATE PROPERTIES AND ACCUMULATED DEPRECIATION
DECEMBER 31, 2022 (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
Cherokee 75 Business Center 2	—	1,336	7,495	490	1,337	7,984	9,321	366	2021	2021
Northpoint 200	—	1,102	5,140	648	1,104	5,786	6,890	503	2021	2021
LOUISIANA
New Orleans
Elmwood Business Park	—	2,861	6,337	6,670	2,861	13,007	15,868	10,081	1997	1979
Riverbend Business Park	—	2,557	17,623	9,989	2,557	27,612	30,169	19,657	1997	1984
COLORADO
Denver
Airways Business Center	—	6,137	39,637	1,358	6,137	40,995	47,132	4,699	2019	2007/08
Rampart Distribution Center 1	—	1,023	3,861	2,585	1,023	6,446	7,469	5,451	1988	1987
Rampart Distribution Center 2	—	230	2,977	1,673	230	4,650	4,880	3,669	1996/97	1997
Rampart Distribution Center 3	—	1,098	3,884	2,783	1,098	6,667	7,765	4,413	1997/98	1999
Rampart Distribution Center 4	—	590	—	8,346	590	8,346	8,936	2,285	2012	2014
Concord Distribution Center	—	1,051	4,773	1,092	1,051	5,865	6,916	2,857	2007	2000
Centennial Park	—	750	3,319	2,102	750	5,421	6,171	2,517	2007	1990
NEVADA
Las Vegas
Arville Distribution Center	—	4,933	5,094	1,066	4,933	6,160	11,093	2,639	2009	1997
Jones Corporate Park	—	13,068	26,325	1,942	13,068	28,267	41,335	5,640	2016	2016
Southwest Commerce Center	—	9,008	16,576	4,203	9,008	20,779	29,787	2,090	2019	2019
MISSISSIPPI
Jackson area
Interchange Business Park	—	343	5,007	5,690	343	10,697	11,040	7,735	1997	1981
Tower Automotive	—	—	9,958	1,959	17	11,900	11,917	6,572	2001	2002
Metro Airport Commerce Center 1	—	303	1,479	1,233	303	2,712	3,015	1,826	2001	2003
RIGHT OF USE ASSETS, NET - GROUND LEASES (OPERATING)	—	—	—	—	—	—	19,391	—	n/a	n/a
	2,041	728,250	1,738,347	1,909,984	730,445	3,646,136	4,395,972	1,149,251


SCHEDULE III
REAL ESTATE PROPERTIES AND ACCUMULATED DEPRECIATION
DECEMBER 31, 2022 (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
Zephyr Distribution Center	—	18,033	10,602	393	18,033	10,995	29,028	324	2022	1991
Hercules Land	—	3,561	—	—	3,561	—	3,561	—	2022	n/a
Reed Land	—	3,040	—	90	3,041	89	3,130	—	2022	n/a
FLORIDA
SunCoast Commerce Center 10	—	732	—	2,236	732	2,236	2,968	—	2020	n/a
SunCoast Commerce Center 11	—	785	—	8,390	785	8,390	9,175	—	2020	n/a
SunCoast Commerce Land	—	1,972	—	5,871	4,328	3,515	7,843	—	2020	n/a
Gateway Commerce Park 2	—	3,224	—	14,965	3,224	14,965	18,189	—	2016	n/a
Gateway Commerce Park Land	—	2,350	—	5,210	4,665	2,895	7,560	—	2016	n/a
Gateway South Dade Land	—	15,789	—	968	15,789	968	16,757	—	2022	n/a
Horizon Commerce Park Land	—	650	—	426	650	426	1,076	—	2008/09	n/a
Horizon West 1	—	1,326	—	8,243	1,326	8,243	9,569	—	2020	n/a
Horizon West Land	—	12,260	—	4,316	12,262	4,314	16,576	—	2020	n/a
MCO Logistics Center Land	—	6,769	—	251	6,769	251	7,020	—	2022	n/a
Grand Oaks 75 4	—	2,334	—	13,681	2,338	13,677	16,015	—	2019	n/a
Oak Creek Distribution Center Land	—	106	—	720	352	474	826	—	2005	n/a
TEXAS
Arlington Tech Centre 3	—	1,725	—	6,676	1,725	6,676	8,401	—	2020	n/a
Heritage Grove Land	—	15,295	—	424	15,352	367	15,719	—	2022	n/a
Stonefield 35 1-3	—	6,031	—	10,288	6,033	10,286	16,319	—	2021	n/a
Basswood 3-5	—	5,671	—	2,691	5,672	2,690	8,362	—	2019	n/a
Basswood Land	—	6,009	—	1,238	6,009	1,238	7,247	—	2019	n/a
LakePort 4 & 5	—	2,716	—	15,988	2,716	15,988	18,704	—	2018	n/a
McKinney 1 & 2	—	3,419	—	3,082	3,419	3,082	6,501	—	2020	n/a
McKinney 3 & 4	—	4,228	—	19,924	4,228	19,924	24,152	—	2020	n/a
McKinney Land	—	4,593	—	—	4,593	—	4,593	—	2020	n/a
Cypress Preserve 1 & 2	—	9,952	43,457	671	9,952	44,128	54,080	1,129	2022	2019
Cypress Preserve Land	—	14,724	—	1,032	14,724	1,032	15,756	—	2022	n/a
Grand West Crossing 1	—	2,733	—	10,304	2,726	10,311	13,037	—	2019	n/a
Grand West Crossing Land	—	6,024	—	2,144	6,024	2,144	8,168	—	2019	n/a
Lee Road Land	—	2,689	—	—	1,960	729	2,689	—	2007	n/a


SCHEDULE III
REAL ESTATE PROPERTIES AND ACCUMULATED DEPRECIATION
DECEMBER 31, 2022 (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
Springwood Business Park 1 & 2	—		6,208	—	16,765	6,214	16,759	22,973	—	2021	n/a
World Houston Int’l Business Ctr Land - 2011 expansion	—		1,636	—	2,446	1,824	2,258	4,082	—	2011	n/a
Eisenhauer Point Land	—		7,636	—	487	7,636	487	8,123	—	2022	n/a
Ridgeview Land	—		430	—	339	430	339	769	—	2018	n/a
ARIZONA
Gateway Interchange Land	—		13,588	—	1,807	13,588	1,807	15,395	—	2022	n/a
NORTH CAROLINA
Skyway Logistics Park Land	—		12,038	—	1,684	12,038	1,684	13,722	—	2021	n/a
Steele Creek 11 & 12	—		1,866	—	14,914	1,866	14,914	16,780	—	2016/17	n/a
SOUTH CAROLINA
Access Point 3	—		1,335	19,339	1,958	1,335	21,297	22,632	110	2022	2022
Hillside 1	—		498	—	8,980	499	8,979	9,478	—	2021	2022
Hillside Land	—		1,095	—	3,920	1,096	3,919	5,015	—	2021	n/a
Hillside 4 Land	—		1,280	—	162	1,280	162	1,442	—	2022	n/a
GEORGIA
I-20 West Business Center	—		1,670	—	11,469	1,647	11,492	13,139	—	2021	n/a
Braselton Land	—		5,437	—	564	5,482	519	6,001	—	2022	n/a
Cameron Land	—		30,776	—	356	30,776	356	31,132	—	2022	n/a
Cass White 1 & 2	—		2,923	—	2,406	2,923	2,406	5,329	—	2021	n/a
Greenway Land	—		5,785	—	345	5,785	345	6,130	—	2022	n/a
Riverside Parkway Land	—		1,955	—	626	1,958	623	2,581	—	2021	n/a
MISSISSIPPI
Metro Airport Commerce Center 2 Land	—		307	—	398	307	398	705	—	2001	n/a
	—		255,203	73,398	209,848	259,672	278,777	538,449	1,563
Total real estate owned (a)(b)	$	2,041	983,453	1,811,745	2,119,832	990,117	3,924,913	4,934,421	1,150,814

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


	Years Ended December 31,
	2022		2021	2020
	(In thousands)
Balance at beginning of year	$	4,051,325	3,519,085	3,264,566
Purchases of real estate properties	353,221		104,205	46,240
Development of real estate properties and value-add properties	506,154		415,260	195,446
Improvements to real estate properties	40,654		36,692	33,522
Right-of-use assets, net – ground leases	(3,244)		11,562	(924)
Real estate assets held for sale	—		(18,233)	—
Carrying amount of investments sold	(9,811)		(15,288)	(17,182)
Write-off of improvements	(3,878)		(1,958)	(2,583)
Balance at end of year (1)	$	4,934,421	4,051,325	3,519,085

(1) Includes noncontrolling interest in joint ventures of $700,000, $1,379,000 and $852,000 at December 31, 2022, 2021 and 2020, respectively.

Changes in the accumulated depreciation on real estate properties follow:


	Years Ended December 31,
	2022		2021	2020
	(In thousands)
Balance at beginning of year	$	1,035,617	955,328	871,139
Depreciation expense	125,199		104,910	96,290
Real estate assets held for sale	—		(12,538)	—
Accumulated depreciation on assets sold	(6,068)		(10,178)	(9,599)
Other	(3,934)		(1,905)	(2,502)
Balance at end of year	$	1,150,814	1,035,617	955,328

(b)The estimated aggregate cost of real estate properties at December 31, 2022 for federal income tax purposes was approximately $4,569,758,000 before estimated accumulated tax depreciation of $870,204,000. The federal income tax return for the year ended December 31, 2022, 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).