SCHEDULE III

12 Months Ended

Dec. 31, 2024

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, 2024 (In thousands, except footnotes)
Description	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	Right of Use Assets (e)	Total
Real Estate Properties (c):
Industrial:
FLORIDA
Tampa
Westport Commerce Center	$	980	3,800	4,577	980	8,377	—	9,357	6,033	1994	1983/87
Benjamin Distribution Center 1 & 2	843		3,963	2,344	883	6,267	—	7,150	4,885	1997	1996
Benjamin Distribution Center 3	407		1,503	872	407	2,375	—	2,782	1,923	1999	1988
Palm River Center	1,190		4,625	4,334	1,190	8,959	—	10,149	6,464	1997/98	1990/97/98
Palm River North 1 & 3	1,005		4,688	3,884	1,005	8,572	—	9,577	5,897	1998	2000
Palm River North 2	634		4,418	825	634	5,243	—	5,877	3,923	1997/98	1999
Palm River South 1	655		3,187	1,408	655	4,595	—	5,250	2,595	2000	2005
Palm River South 2	655		—	5,430	655	5,430	—	6,085	3,226	2000	2006
Walden Distribution Center 1	337		3,318	2,018	337	5,336	—	5,673	3,217	1997/98	2001
Walden Distribution Center 2	465		3,738	1,775	465	5,513	—	5,978	3,943	1998	1998
Oak Creek Distribution Center 1	1,109		6,126	1,955	1,109	8,081	—	9,190	5,582	1998	1998
Oak Creek Distribution Center 2	647		3,603	2,238	647	5,841	—	6,488	3,852	2003	2001
Oak Creek Distribution Center 3	439		—	3,668	556	3,551	—	4,107	1,851	2005	2007
Oak Creek Distribution Center 4	682		6,472	1,279	682	7,751	—	8,433	4,359	2005	2001
Oak Creek Distribution Center 5	724		—	6,405	916	6,213	—	7,129	3,370	2005	2007
Oak Creek Distribution Center 6	642		—	6,242	812	6,072	—	6,884	3,174	2005	2008
Oak Creek Distribution Center 7	740		—	6,471	740	6,471	—	7,211	1,685	2005	2017
Oak Creek Distribution Center 8	843		—	6,431	1,051	6,223	—	7,274	1,835	2005	2015
Oak Creek Distribution Center 9	618		—	5,259	781	5,096	—	5,877	2,404	2005	2009
Oak Creek Distribution Center 10	106		—	753	352	507	—	859	6	2005	n/a
Oak Creek Distribution Center A	185		—	1,565	185	1,565	—	1,750	783	2005	2008
Oak Creek Distribution Center B	227		—	1,654	227	1,654	—	1,881	815	2005	2008
Oak Creek Distribution Center C Land	355		—	1,291	355	1,291	—	1,646	134	2005	n/a
Airport Commerce Center	1,257		4,012	1,231	1,257	5,243	—	6,500	3,628	1998	1998
Westlake Distribution Center	1,333		6,998	3,047	1,333	10,045	—	11,378	7,406	1998	1998/99
Expressway Commerce Center 1	915		5,346	1,949	915	7,295	—	8,210	4,731	2002	2004

SCHEDULE III
REAL ESTATE PROPERTIES AND ACCUMULATED DEPRECIATION
DECEMBER 31, 2024 (In thousands, except footnotes)
Description	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	Right of Use Assets (e)	Total
Expressway Commerce Center 2	1,013	3,247	1,295	1,013	4,542	—	5,555	2,941	2003	2001
Silo Bend Distribution Center	4,131	27,497	7,126	4,132	34,622	—	38,754	14,410	2011	1987/90
Tampa East Distribution Center	791	4,758	935	791	5,693	—	6,484	2,573	2011	1984
Tampa West Distribution Center	2,139	8,502	2,446	2,140	10,947	—	13,087	4,370	2011	1975/93/94
Madison Distribution Center	495	2,779	575	495	3,354	—	3,849	1,473	2012	2007
Madison Distribution Center 2 & 3	624	—	7,309	624	7,309	—	7,933	2,326	2012	2015
Madison Distribution Center 4 & 5	565	—	8,564	565	8,564	—	9,129	2,670	2012	2016
Grand Oaks 75 Business Center 1	3,572	12,979	373	3,572	13,352	—	16,924	2,720	2019	2017
Grand Oaks 75 Business Center 2	2,589	10,226	2,379	2,589	12,605	—	15,194	2,180	2019	2019
Grand Oaks 75 Business Center 3	1,767	—	9,930	1,770	9,927	—	11,697	1,194	2019	2021
Grand Oaks 75 Business Center 4	2,334	—	17,077	2,338	17,073	—	19,411	1,262	2019	2022
Orlando
Chancellor Center	291	1,711	759	291	2,470	—	2,761	1,812	1996/97	1996/97
Exchange Distribution Center 1	603	2,414	3,829	603	6,243	—	6,846	4,292	1994	1975
Exchange Distribution Center 2	300	945	553	300	1,498	—	1,798	1,123	2002	1976
Exchange Distribution Center 3	320	997	554	320	1,551	—	1,871	1,119	2002	1980
Sunbelt Distribution Center	1,472	5,745	7,350	1,472	13,095	—	14,567	10,855	1989/97/98	1974/87/97/ 98
John Young Commerce Center 1	497	2,444	1,890	497	4,334	—	4,831	3,165	1997/98	1997/98
John Young Commerce Center 2	512	3,613	798	512	4,411	—	4,923	3,354	1998	1999
Sunport Center 1	555	1,977	1,375	555	3,352	—	3,907	2,322	1999	1999
Sunport Center 2	597	3,271	2,306	597	5,577	—	6,174	4,394	1999	2001
Sunport Center 3	642	3,121	1,460	642	4,581	—	5,223	3,192	1999	2002
Sunport Center 4	642	2,917	2,479	642	5,396	—	6,038	3,741	1999	2004
Sunport Center 5	750	2,509	4,112	750	6,621	—	7,371	3,987	1999	2005
Sunport Center 6	672	—	3,804	672	3,804	—	4,476	2,139	1999	2006
Southridge Commerce Park 1	373	—	5,594	373	5,594	—	5,967	3,753	2003	2006
Southridge Commerce Park 2	342	—	5,090	342	5,090	—	5,432	2,987	2003	2007
Southridge Commerce Park 3	547	—	5,913	547	5,913	—	6,460	3,251	2003	2007
Southridge Commerce Park 4	506	—	5,057	506	5,057	—	5,563	2,813	2003	2006
Southridge Commerce Park 5	382	—	5,233	382	5,233	—	5,615	2,950	2003	2006

SCHEDULE III
REAL ESTATE PROPERTIES AND ACCUMULATED DEPRECIATION
DECEMBER 31, 2024 (In thousands, except footnotes)
Description	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	Right of Use Assets (e)	Total
Southridge Commerce Park 6	571	—	6,245	571	6,245	—	6,816	3,203	2003	2007
Southridge Commerce Park 7	520	—	7,023	520	7,023	—	7,543	3,688	2003	2008
Southridge Commerce Park 8	531	—	6,782	531	6,782	—	7,313	3,079	2003	2008
Southridge Commerce Park 9	468	—	6,506	468	6,506	—	6,974	2,971	2003	2012
Southridge Commerce Park 10	414	—	4,947	414	4,947	—	5,361	1,805	2003	2012
Southridge Commerce Park 11	513	—	6,003	513	6,003	—	6,516	2,314	2003	2012
Southridge Commerce Park 12	2,025	—	17,283	2,025	17,283	—	19,308	7,838	2005	2008
Horizon Commerce Park 1	991	—	6,890	991	6,890	—	7,881	2,482	2008	2014
Horizon Commerce Park 2	1,111	—	7,744	1,111	7,744	—	8,855	2,689	2008	2014
Horizon Commerce Park 3	991	—	6,654	991	6,654	—	7,645	1,973	2008	2016
Horizon Commerce Park 4	1,097	—	8,629	1,097	8,629	—	9,726	2,951	2008	2015
Horizon Commerce Park 5	1,108	—	8,654	1,108	8,654	—	9,762	2,415	2008	2017
Horizon Commerce Park 6	1,099	—	11,250	1,099	11,250	—	12,349	2,463	2008	2019
Horizon Commerce Park 7	962	—	7,908	962	7,908	—	8,870	2,396	2008	2017
Horizon Commerce Park 8 & 9	1,590	—	16,673	1,590	16,673	—	18,263	2,926	2008	2019
Horizon Commerce Park 10	846	—	6,634	846	6,634	—	7,480	1,423	2009	2018
Horizon Commerce Park 11	1,101	—	9,914	1,101	9,914	—	11,015	1,969	2009	2019
Horizon Commerce Park 12	1,416	—	10,672	1,416	10,672	—	12,088	2,744	2009	2017
Horizon West 1	1,326	—	11,077	1,326	11,077	—	12,403	572	2020	2023
Horizon West 2 & 3	2,895	—	16,024	2,895	16,024	—	18,919	2,064	2020	2021
Horizon West 4	4,047	—	23,983	4,047	23,983	—	28,030	1,452	2020	2022
Horizon West 10	4,904	—	37,466	4,905	37,465	—	42,370	1,147	2020	2023
MCO Logistics Center	6,769	—	17,943	6,771	17,941	—	24,712	351	2022	2024
Jacksonville
Deerwood Distribution Center	1,147	1,799	6,883	1,147	8,682	—	9,829	5,961	1989	1978
Phillips Distribution Center	1,375	2,961	6,390	1,375	9,351	—	10,726	6,967	1994	1984/95
Lake Pointe Business Park	3,442	6,450	12,064	3,442	18,514	—	21,956	15,684	1993	1986/87
Ellis Distribution Center	540	7,513	4,834	540	12,347	—	12,887	7,385	1997	1977
Westside Distribution Center	2,011	15,374	11,660	2,011	27,034	—	29,045	17,892	1997/2008	1984/85
Beach Commerce Center	476	1,899	1,133	476	3,032	—	3,508	2,095	2000	2000
Interstate Distribution Center	1,879	5,700	2,789	1,879	8,489	—	10,368	5,731	2005	1990

SCHEDULE III
REAL ESTATE PROPERTIES AND ACCUMULATED DEPRECIATION
DECEMBER 31, 2024 (In thousands, except footnotes)
Description	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	Right of Use Assets (e)	Total
Flagler Center	7,317	14,912	2,007	7,317	16,919	—	24,236	4,566	2016	1997/2005
Ft. Lauderdale/Palm Beach area
Linpro Commerce Center	613	2,243	4,225	616	6,465	—	7,081	5,456	1996	1986
Lockhart Distribution Center	—	3,489	3,795	—	7,284	2,596	9,880	6,025	1997	1986
Interstate Commerce Center	485	2,652	2,313	485	4,965	—	5,450	3,561	1998	1988
Executive Airport Distribution Ctr	1,991	4,857	6,503	1,991	11,360	—	13,351	6,826	2001	2004/06
Sample 95 Business Park	2,202	8,785	5,351	2,202	14,136	—	16,338	10,950	1996/98	1990/99
Blue Heron Distribution Center	975	3,626	3,996	975	7,622	—	8,597	5,078	1999	1986
Blue Heron Distribution Center 2	1,385	4,222	2,350	1,385	6,572	—	7,957	4,307	2004	1988
Blue Heron Distribution Center 3	450	—	3,144	450	3,144	—	3,594	1,509	2004	2009
Weston Commerce Park	4,163	9,951	2,121	4,163	12,072	—	16,235	2,944	2016	1998
Fort Myers
SunCoast Commerce Center 1	911	—	5,550	928	5,533	—	6,461	2,543	2005	2008
SunCoast Commerce Center 2	911	—	5,556	928	5,539	—	6,467	2,766	2005	2007
SunCoast Commerce Center 3	1,720	—	7,327	1,763	7,284	—	9,047	3,393	2006	2008
SunCoast Commerce Center 4	1,733	—	7,785	1,762	7,756	—	9,518	2,098	2006	2017
SunCoast Commerce Center 5	1,511	—	6,911	1,594	6,828	—	8,422	1,777	2006	2019
SunCoast Commerce Center 6	1,537	—	7,350	1,594	7,293	—	8,887	1,489	2006	2019
SunCoast Commerce Center 7	1,533	—	7,175	1,533	7,175	—	8,708	973	2006	2020
SunCoast Commerce Center 8	1,533	—	6,851	1,533	6,851	—	8,384	1,406	2006	2020
SunCoast Commerce Center 10	732	—	12,571	732	12,571	—	13,303	444	2020	2023
SunCoast Commerce Center 11	785	—	9,038	785	9,038	—	9,823	633	2020	2023
SunCoast Commerce Center 12	785	—	7,840	785	7,840	—	8,625	562	2020	2022
Miami
Gateway Commerce Park 1	5,746	—	17,966	5,746	17,966	—	23,712	4,495	2016	2018
Gateway Commerce Park 2	3,224	—	19,202	3,224	19,202	—	22,426	1,045	2016	2023
Gateway Commerce Park 3	5,491	—	13,086	3,176	15,401	—	18,577	1,236	2016	2022
Gateway Commerce Park 4	4,711	—	19,679	4,711	19,679	—	24,390	2,399	2016	2020
Gateway Commerce Park 5	5,746	—	18,429	5,357	18,818	—	24,175	4,496	2016	2019

SCHEDULE III
REAL ESTATE PROPERTIES AND ACCUMULATED DEPRECIATION
DECEMBER 31, 2024 (In thousands, except footnotes)
Description	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	Right of Use Assets (e)	Total
CALIFORNIA
San Francisco area
Wiegman Distribution Center 1	2,197	8,788	5,037	2,308	13,714	—	16,022	8,886	1996	1986/87
Wiegman Distribution Center 2	2,579	4,316	875	2,579	5,191	—	7,770	1,729	2012	1998
Huntwood Distribution Center	3,842	15,368	4,749	3,842	20,117	—	23,959	15,133	1996	1988
San Clemente Distribution Center	893	2,004	1,023	893	3,027	—	3,920	2,357	1997	1978
Yosemite Distribution Center	259	7,058	3,364	731	9,950	—	10,681	6,318	1999	1974/87
6th Street Business Center	1,438	9,513	105	1,438	9,618	—	11,056	671	2022	1966
Benicia Distribution Center 1	6,632	36,362	832	6,632	37,194	—	43,826	2,743	2022	2005
Benicia Distribution Center 2	7,027	36,679	1,058	7,027	37,737	—	44,764	2,765	2022	2001
Benicia Distribution Center 3	2,136	9,792	384	2,136	10,176	—	12,312	761	2022	1998
Benicia Distribution Center 4	3,191	12,993	1,002	3,191	13,995	—	17,186	1,060	2022	1979
Benicia Distribution Center 5	3,161	16,885	245	3,161	17,130	—	20,291	1,246	2022	2007
Laura Alice Business Center	1,174	2,437	20	1,174	2,457	—	3,631	212	2022	2000
Preston Distribution Center	7,261	33,833	1,473	7,261	35,306	—	42,567	2,621	2022	1998
Sinclair Distribution Center	12,488	27,259	473	12,488	27,732	—	40,220	1,988	2022	1983
Transit Distribution Center	21,317	10,635	327	21,317	10,962	—	32,279	927	2022	1971
Whipple Business Center	17,984	15,344	723	17,984	16,067	—	34,051	1,319	2022	1986
Zephyr Distribution Center	18,033	10,602	583	18,033	11,185	—	29,218	1,183	2022	1991
Los Angeles area
Eucalyptus Distribution Center	11,392	11,498	934	11,392	12,432	—	23,824	2,544	2018	1988
Kingsview Industrial Center	643	2,573	1,450	643	4,023	—	4,666	2,659	1996	1980
Dominguez Distribution Center	2,006	8,025	5,163	2,006	13,188	—	15,194	8,922	1996	1977
Main Street Distribution Center	1,606	4,103	1,276	1,606	5,379	—	6,985	3,781	1999	1999
Walnut Business Center	2,885	5,274	3,522	2,885	8,796	—	11,681	6,539	1996	1966/90
Washington Distribution Center	1,636	4,900	1,612	1,636	6,512	—	8,148	4,226	1997	1996/97
Chino Distribution Center	2,544	10,175	2,151	2,544	12,326	—	14,870	10,742	1998	1980
Ramona Distribution Center	3,761	5,751	734	3,761	6,485	—	10,246	1,635	2014	1984
Industry Distribution Center 1	10,230	12,373	5,167	10,230	17,540	—	27,770	13,153	1998	1959
Industry Distribution Center 3	—	3,012	(140)	—	2,872	—	2,872	2,863	2007	1992

SCHEDULE III
REAL ESTATE PROPERTIES AND ACCUMULATED DEPRECIATION
DECEMBER 31, 2024 (In thousands, except footnotes)
Description	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	Right of Use Assets (e)	Total
Chestnut Business Center	1,674	3,465	846	1,674	4,311	—	5,985	2,720	1998	1999
Rancho Distribution Center	16,180	11,140	828	16,180	11,968	—	28,148	1,647	2020	2006
Fresno
Shaw Commerce Center	2,465	11,627	8,983	2,465	20,610	—	23,075	15,633	1998	1978/81/87
San Diego
Eastlake Distribution Center	3,046	6,888	3,935	3,046	10,823	—	13,869	7,085	1997	1989
Miramar Land	13,980	—	29	13,981	28	—	14,009	5	2019	n/a
Ocean View Corporate Center	6,577	7,105	2,007	6,577	9,112	—	15,689	4,779	2010	2005
Rocky Point Distribution Center 1	8,857	13,388	114	8,857	13,502	—	22,359	2,981	2019	2019
Rocky Point Distribution Center 2	7,623	11,614	1,426	7,623	13,040	—	20,663	2,099	2019	2019
Siempre Viva Distribution Center 1	4,628	9,211	409	4,628	9,620	—	14,248	1,766	2018	2003
Siempre Viva Distribution Center 2	2,868	5,694	157	2,877	5,842	—	8,719	925	2019	2002
Siempre Viva Distribution Center 3-6	31,815	100,861	612	31,815	101,473	—	133,288	9,893	2021	2001-2003
Speed Distribution Center	15,282	—	57,147	15,114	57,315	—	72,429	4,565	2019	2022
Sacramento
Cebrian Distribution Center	2,360	13,488	655	2,360	14,143	—	16,503	1,216	2022	1975
Reed Distribution Center	5,887	28,195	516	5,887	28,711	—	34,598	2,295	2022	1990
TENNESSEE
Nashville
Park at Myatt	2,463	27,813	—	2,463	27,813	—	30,276	1,192	2023	2022
TEXAS
Dallas
Allen Station 1 & 2	5,815	17,612	2,235	5,815	19,847	—	25,662	5,645	2018	2001
Interstate Warehouse 1 & 2	1,746	4,941	4,817	1,746	9,758	—	11,504	8,328	1988	1978
Interstate Warehouse 3	519	2,008	1,744	519	3,752	—	4,271	2,962	2000	1979
Interstate Warehouse 4	416	2,481	953	416	3,434	—	3,850	2,296	2004	2002
Interstate Warehouse 5, 6, & 7	1,824	4,106	2,993	1,824	7,099	—	8,923	4,901	2009	1979/80/81
LakePort 1-3	2,984	—	22,689	2,984	22,689	—	25,673	4,224	2018	2020
LakePort 4 & 5	2,716	—	21,610	2,716	21,610	—	24,326	1,471	2018	2023
Logistics Center 6 & 7	—	12,605	3,225	—	15,830	1,451	17,281	3,427	2019	2018
Venture Warehouses	1,452	3,762	3,284	1,452	7,046	—	8,498	6,358	1988	1979

SCHEDULE III
REAL ESTATE PROPERTIES AND ACCUMULATED DEPRECIATION
DECEMBER 31, 2024 (In thousands, except footnotes)
Description	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	Right of Use Assets (e)	Total
ParkView Commerce Center 1-3	2,663	—	19,234	2,663	19,234	—	21,897	6,251	2014	2015
Shady Trail Distribution Center	635	3,621	1,609	635	5,230	—	5,865	3,466	2003	1998
Valwood Distribution Center	4,361	34,405	6,104	4,361	40,509	—	44,870	17,021	2012	1986/87/97/98
Northfield Distribution Center	12,470	50,713	11,043	12,471	61,755	—	74,226	25,574	2013	1999-2001/03/04/08
CreekView 1 & 2	3,275	—	15,062	3,275	15,062	—	18,337	4,919	2015	2017
CreekView 3 & 4	2,600	—	13,842	2,600	13,842	—	16,442	4,259	2015	2018
CreekView 5 & 6	2,682	—	13,263	2,681	13,264	—	15,945	3,171	2016	2020
CreekView 7 & 8	2,640	—	15,299	2,640	15,299	—	17,939	2,759	2016	2020
CreekView 9 & 10	3,985	—	12,290	3,987	12,288	—	16,275	1,041	2020	2022
The Rock at Star Business Park	5,296	27,223	324	5,296	27,547	—	32,843	6,462	2020	2019
DFW Global Logistics Centre 1-4	—	86,564	1,535	—	88,099	10,163	98,262	10,275	2021	2014/15
DFW Global Logistics Centre 5-8	—	75,259	5	—	75,264	10,691	85,955	426	2024	2017/20
McKinney 1 & 2	3,419	—	24,103	3,419	24,103	—	27,522	627	2020	2023
McKinney 3 & 4	4,228	—	22,725	4,228	22,725	—	26,953	2,019	2020	2022
McKinney Logistics Center	6,899	18,216	71	6,899	18,287	—	25,186	992	2023	2022
Fort Worth
Arlington Tech Centre 1 & 2	2,510	10,096	3,495	2,515	13,586	—	16,101	2,615	2019	2019
Arlington Tech Centre 3	1,725	—	8,408	1,725	8,408	—	10,133	437	2020	2023
Basswood 1 & 2	4,086	—	20,427	4,087	20,426	—	24,513	2,122	2019	2022
Parc North 1-4	4,615	26,358	8,266	4,615	34,624	—	39,239	10,364	2016	2016
Parc North 5	1,286	—	8,121	1,286	8,121	—	9,407	2,032	2016	2019
Parc North 6	1,233	—	9,706	1,233	9,706	—	10,939	2,248	2016	2019
Houston
World Houston Int’l Business Ctr 1 & 2	660	5,893	3,435	660	9,328	—	9,988	6,064	1998	1996
World Houston Int’l Business Ctr 3 & 4	820	5,130	1,418	707	6,661	—	7,368	4,486	1998	1998
World Houston Int’l Business Ctr 6	425	2,423	1,068	425	3,491	—	3,916	2,368	1998	1998
World Houston Int’l Business Ctr 7 & 8	680	4,584	5,729	680	10,313	—	10,993	7,764	1998	1998
World Houston Int’l Business Ctr 9	800	4,355	3,123	800	7,478	—	8,278	4,622	1998	1998
World Houston Int’l Business Ctr 10	933	4,779	1,311	933	6,090	—	7,023	3,804	2001	1999
World Houston Int’l Business Ctr 11	638	3,764	1,826	638	5,590	—	6,228	3,860	1999	1999

SCHEDULE III
REAL ESTATE PROPERTIES AND ACCUMULATED DEPRECIATION
DECEMBER 31, 2024 (In thousands, except footnotes)
Description	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	Right of Use Assets (e)	Total
World Houston Int’l Business Ctr 12	340	2,419	931	340	3,350	—	3,690	2,027	2000	2002
World Houston Int’l Business Ctr 13	282	2,569	1,146	282	3,715	—	3,997	2,645	2000	2002
World Houston Int’l Business Ctr 14	722	2,629	1,665	722	4,294	—	5,016	3,085	2000	2003
World Houston Int’l Business Ctr 15	249	—	2,878	249	2,878	—	3,127	1,767	2000	2007
World Houston Int’l Business Ctr 16	519	4,248	2,503	519	6,751	—	7,270	4,154	2000	2005
World Houston Int’l Business Ctr 17	373	1,945	1,119	373	3,064	—	3,437	1,842	2000	2004
World Houston Int’l Business Ctr 19	373	2,256	1,586	373	3,842	—	4,215	2,556	2000	2004
World Houston Int’l Business Ctr 20	1,008	1,948	2,238	1,008	4,186	—	5,194	3,119	2000	2004
World Houston Int’l Business Ctr 21	436	—	4,282	436	4,282	—	4,718	2,582	2000/03	2006
World Houston Int’l Business Ctr 22	436	—	4,706	436	4,706	—	5,142	2,849	2000	2007
World Houston Int’l Business Ctr 24	837	—	6,608	838	6,607	—	7,445	3,789	2005	2008
World Houston Int’l Business Ctr 25	508	—	4,655	508	4,655	—	5,163	2,582	2005	2008
World Houston Int’l Business Ctr 26	445	—	3,581	445	3,581	—	4,026	1,647	2005	2008
World Houston Int’l Business Ctr 27	837	—	5,797	838	5,796	—	6,634	3,181	2005	2008
World Houston Int’l Business Ctr 28	550	—	4,833	550	4,833	—	5,383	2,782	2005	2009
World Houston Int’l Business Ctr 29	782	—	4,185	974	3,993	—	4,967	1,968	2007	2009
World Houston Int’l Business Ctr 30	981	—	6,170	1,222	5,929	—	7,151	3,262	2007	2009
World Houston Int’l Business Ctr 31	684	—	4,824	684	4,824	—	5,508	2,400	2008	2011
World Houston Int’l Business Ctr 31B	546	—	3,744	546	3,744	—	4,290	1,842	2008	2012
World Houston Int’l Business Ctr 32	1,225	—	5,677	1,526	5,376	—	6,902	2,357	2007	2012
World Houston Int’l Business Ctr 33	1,166	—	8,285	1,166	8,285	—	9,451	3,294	2011	2013
World Houston Int’l Business Ctr 34	439	—	3,567	439	3,567	—	4,006	1,380	2005	2012
World Houston Int’l Business Ctr 35	340	—	2,580	340	2,580	—	2,920	917	2005	2012
World Houston Int’l Business Ctr 36	684	—	5,093	684	5,093	—	5,777	2,149	2011	2013
World Houston Int’l Business Ctr 37	759	—	6,895	759	6,895	—	7,654	2,823	2011	2013
World Houston Int’l Business Ctr 38	1,053	—	7,899	1,053	7,899	—	8,952	3,299	2011	2013
World Houston Int’l Business Ctr 39	620	—	5,314	621	5,313	—	5,934	1,796	2011	2014
World Houston Int’l Business Ctr 40	1,072	—	9,426	1,072	9,426	—	10,498	3,271	2011	2014
World Houston Int’l Business Ctr 41	649	—	6,120	649	6,120	—	6,769	2,103	2011	2014
World Houston Int’l Business Ctr 42	571	—	4,831	571	4,831	—	5,402	1,448	2011	2015

SCHEDULE III
REAL ESTATE PROPERTIES AND ACCUMULATED DEPRECIATION
DECEMBER 31, 2024 (In thousands, except footnotes)
Description	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	Right of Use Assets (e)	Total
World Houston Int’l Business Ctr 43	443	—	6,137	443	6,137	—	6,580	1,423	2011	2019
World Houston Int’l Business Ctr 44	653	—	8,557	653	8,557	—	9,210	1,500	2011	2020
World Houston Int’l Business Ctr 45	3,243	—	13,745	3,243	13,745	—	16,988	2,448	2015	2019
World Houston Int'l Business Ctr 47	2,798	—	14,438	2,798	14,438	—	17,236	980	2015	2022
Glenmont Business Park	936	6,161	3,778	937	9,938	—	10,875	7,115	1998	1999/2000
Beltway Crossing Business Park 1	458	5,712	3,509	458	9,221	—	9,679	6,427	2002	2001
Beltway Crossing Business Park 2	415	—	3,292	415	3,292	—	3,707	1,900	2005	2007
Beltway Crossing Business Park 3	460	—	3,421	460	3,421	—	3,881	2,002	2005	2008
Beltway Crossing Business Park 4	460	—	3,413	460	3,413	—	3,873	1,989	2005	2008
Beltway Crossing Business Park 5	701	—	5,453	701	5,453	—	6,154	3,148	2005	2008
Beltway Crossing Business Park 6	618	—	6,475	618	6,475	—	7,093	3,176	2005	2008
Beltway Crossing Business Park 7	765	—	6,365	765	6,365	—	7,130	3,371	2005	2009
Beltway Crossing Business Park 8	721	—	5,830	721	5,830	—	6,551	3,060	2005	2011
Beltway Crossing Business Park 9	418	—	2,150	418	2,150	—	2,568	865	2007	2012
Beltway Crossing Business Park 10	733	—	4,133	733	4,133	—	4,866	1,644	2007	2012
Beltway Crossing Business Park 11	690	—	4,584	690	4,584	—	5,274	1,726	2007	2013
West Road Business Park 1	621	—	4,255	541	4,335	—	4,876	1,687	2012	2014
West Road Business Park 2	981	—	4,957	854	5,084	—	5,938	1,789	2012	2014
West Road Business Park 3	597	—	4,301	520	4,378	—	4,898	1,358	2012	2015
West Road Business Park 4	621	—	4,782	541	4,862	—	5,403	1,742	2012	2015
West Road Business Park 5	484	—	4,466	421	4,529	—	4,950	1,364	2012	2018
Ten West Crossing 1	566	—	3,143	566	3,143	—	3,709	1,325	2012	2013
Ten West Crossing 2	829	—	4,587	833	4,583	—	5,416	2,180	2012	2013
Ten West Crossing 3	609	—	4,589	613	4,585	—	5,198	1,971	2012	2013
Ten West Crossing 4	694	—	4,576	699	4,571	—	5,270	1,902	2012	2014
Ten West Crossing 5	933	—	6,332	940	6,325	—	7,265	2,290	2012	2014
Ten West Crossing 6	640	—	4,750	644	4,746	—	5,390	1,809	2012	2014
Ten West Crossing 7	584	—	5,531	589	5,526	—	6,115	2,153	2012	2015
Ten West Crossing 8	1,126	—	9,547	1,135	9,538	—	10,673	2,531	2012	2019
Northwest Crossing 1-3	5,665	—	20,458	5,665	20,458	—	26,123	3,496	2019	2020

SCHEDULE III
REAL ESTATE PROPERTIES AND ACCUMULATED DEPRECIATION
DECEMBER 31, 2024 (In thousands, except footnotes)
Description	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	Right of Use Assets (e)	Total
Grand West Crossing 1	2,733	—	10,969	2,726	10,976	—	13,702	672	2019	2022
Cypress Preserve 1 & 2	9,952	43,457	1,993	9,952	45,450	—	55,402	4,127	2022	2019
Springwood Business Park 1 & 2	6,208	—	28,629	6,214	28,623	—	34,837	540	2021	2023
El Paso
Butterfield Trail	—	20,725	11,186	—	31,911	2,472	34,383	25,031	1997/2000	1987/95
Rojas Commerce Park	900	3,659	4,492	900	8,151	—	9,051	6,508	1999	1986
Americas Ten Business Center 1	526	2,778	1,709	526	4,487	—	5,013	2,981	2001	2003
Americas Ten Business Center 2	2,516	—	11,863	2,518	11,861	—	14,379	1,030	2020	2022
San Antonio
Alamo Downs Distribution Center	1,342	6,338	5,311	1,342	11,649	—	12,991	6,450	2004	1986/2002
Arion Business Park 1-13, 15	4,143	31,432	12,161	4,143	43,593	—	47,736	26,846	2005	1988-2000/06
Arion Business Park 14	423	—	3,996	423	3,996	—	4,419	2,415	2005	2006
Arion Business Park 16	427	—	3,866	427	3,866	—	4,293	2,111	2005	2007
Arion Business Park 17	616	—	4,595	616	4,595	—	5,211	3,126	2005	2007
Arion Business Park 18	418	—	2,476	418	2,476	—	2,894	1,448	2005	2008
Wetmore Business Center 1-4	1,494	10,804	4,923	1,494	15,727	—	17,221	10,110	2005	1998/99
Wetmore Business Center 5	412	—	3,927	412	3,927	—	4,339	2,414	2006	2008
Wetmore Business Center 6	505	—	4,273	505	4,273	—	4,778	2,416	2006	2008
Wetmore Business Center 7	546	—	5,466	546	5,466	—	6,012	3,080	2006	2008
Wetmore Business Center 8	1,056	—	9,154	1,056	9,154	—	10,210	4,604	2006	2008
Fairgrounds Business Park	1,644	8,209	2,988	1,644	11,197	—	12,841	7,018	2007	1985/86
Rittiman Distribution Center	1,083	6,649	2,020	1,083	8,669	—	9,752	2,919	2011	2000
Thousand Oaks Distribution Center 1	607	—	5,673	607	5,673	—	6,280	2,641	2008	2012
Thousand Oaks Distribution Center 2	794	—	4,904	794	4,904	—	5,698	2,070	2008	2012
Thousand Oaks Distribution Center 3	772	—	4,707	772	4,707	—	5,479	2,015	2008	2013
Thousand Oaks Distribution Center 4	753	—	5,696	753	5,696	—	6,449	1,819	2013	2015
Alamo Ridge Business Park 1	623	—	8,590	623	8,590	—	9,213	3,673	2007	2015
Alamo Ridge Business Park 2	402	—	5,431	402	5,431	—	5,833	2,030	2007	2015
Alamo Ridge Business Park 3	907	—	10,207	907	10,207	—	11,114	2,875	2007	2017
Alamo Ridge Business Park 4	354	—	7,880	355	7,879	—	8,234	2,927	2007	2017
Eisenhauer Point Business Park 1 & 2	1,881	—	14,820	1,881	14,820	—	16,701	4,945	2015	2016

SCHEDULE III
REAL ESTATE PROPERTIES AND ACCUMULATED DEPRECIATION
DECEMBER 31, 2024 (In thousands, except footnotes)
Description	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	Right of Use Assets (e)	Total
Eisenhauer Point Business Park 3	577	—	6,148	577	6,148	—	6,725	2,116	2015	2017
Eisenhauer Point Business Park 4	555	—	4,886	555	4,886	—	5,441	1,461	2015	2017
Eisenhauer Point Business Park 5	818	—	7,170	818	7,170	—	7,988	2,023	2015	2018
Eisenhauer Point Business Park 6	569	—	4,869	569	4,869	—	5,438	1,044	2015	2018
Eisenhauer Point Business Park 7 & 8	1,000	—	22,589	2,593	20,996	—	23,589	5,047	2016	2019
Eisenhauer Point Business Park 9	632	—	5,753	632	5,753	—	6,385	1,072	2016	2019
Tri-County Crossing 1 & 2	1,623	—	14,938	1,623	14,938	—	16,561	4,180	2017	2019
Tri-County Crossing 3 & 4	1,733	—	14,549	1,733	14,549	—	16,282	3,176	2017	2020
Tri-County Crossing 5	871	—	10,419	871	10,419	—	11,290	1,156	2017	2022
Tri-County Crossing 6	1,033	—	9,590	1,033	9,590	—	10,623	1,094	2017	2022
Ridgeview 1 & 2	2,004	—	18,924	2,004	18,924	—	20,928	3,685	2018	2020
Ridgeview 3	839	—	8,564	839	8,564	—	9,403	764	2018	2022
Austin
45 Crossing	10,028	—	15,336	10,028	15,336	—	25,364	1,368	2021	2022
Colorado Crossing Distribution Center	4,602	19,757	2,157	4,594	21,922	—	26,516	9,501	2014	2009
Greenhill Distribution Center	802	3,273	733	802	4,006	—	4,808	872	2018	1999
Settlers Crossing 1	1,211	—	8,720	1,211	8,720	—	9,931	2,193	2017	2019
Settlers Crossing 2	1,306	—	8,107	1,306	8,107	—	9,413	2,259	2017	2019
Settlers Crossing 3 & 4	2,774	—	18,486	2,774	18,486	—	21,260	3,086	2017	2020
Southpark Corporate Center 3 & 4	2,670	14,756	2,119	2,670	16,875	—	19,545	6,518	2015	1995
Southpark Corporate Center 5-7	1,301	7,589	1,881	1,301	9,470	—	10,771	2,626	2017	1995
Springdale Business Center	2,824	8,398	2,283	2,824	10,681	—	13,505	3,559	2015	2000
Wells Point One	907	4,904	1,194	907	6,098	—	7,005	1,687	2020	2001
Hays Commerce Center 3 & 4	6,527	28,846	19	6,527	28,865	—	35,392	455	2024	2022
Stonefield 35 1-3	6,031	—	30,965	5,985	31,011	—	36,996	772	2021	2023
ARIZONA
Phoenix area
Broadway Industrial Park 1	837	3,349	3,070	837	6,419	—	7,256	5,032	1996	1971
Broadway Industrial Park 2	455	482	430	455	912	—	1,367	680	1999	1971
Broadway Industrial Park 3	775	1,742	1,175	775	2,917	—	3,692	2,044	2000	1983

SCHEDULE III
REAL ESTATE PROPERTIES AND ACCUMULATED DEPRECIATION
DECEMBER 31, 2024 (In thousands, except footnotes)
Description	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	Right of Use Assets (e)	Total
Broadway Industrial Park 4	380	1,652	1,188	380	2,840	—	3,220	2,093	2000	1986
Broadway Industrial Park 5	353	1,090	906	353	1,996	—	2,349	1,407	2002	1980
Broadway Industrial Park 6	599	1,855	1,600	599	3,455	—	4,054	2,209	2002	1979
Broadway Industrial Park 7	450	650	376	450	1,026	—	1,476	477	2011	1999
Kyrene Distribution Center	1,490	4,453	3,065	1,490	7,518	—	9,008	5,258	1999	1981/2001
Falcon Field Business Center	1,312	—	8,123	1,312	8,123	—	9,435	2,257	2015	2018
Southpark Distribution Center	918	2,738	1,991	918	4,729	—	5,647	3,457	2001	2000
Southpark Distribution Center 2	1,785	6,882	1,600	1,785	8,482	—	10,267	963	2021	1995
Santan 10 Distribution Center 1	846	2,647	727	846	3,374	—	4,220	2,132	2001	2005
Santan 10 Distribution Center 2	1,088	—	5,575	1,088	5,575	—	6,663	3,248	2004	2007
Chandler Freeways	1,525	—	7,537	1,525	7,537	—	9,062	2,824	2012	2013
Kyrene 202 Business Park 1	653	—	5,919	653	5,919	—	6,572	1,990	2011	2014
Kyrene 202 Business Park 2	387	—	3,484	387	3,484	—	3,871	1,214	2011	2014
Kyrene 202 Business Park 3, 4 & 5	1,244	—	12,377	1,244	12,377	—	13,621	3,019	2011	2018
Kyrene 202 Business Park 6	936	—	8,462	936	8,462	—	9,398	2,825	2011	2015
51st Avenue Distribution Center	300	2,029	1,779	300	3,808	—	4,108	2,679	1998	1987
East University Distribution Center 1 & 2	1,120	4,482	2,450	1,120	6,932	—	8,052	5,850	1998	1987/89
East University Distribution Center 3	444	698	650	444	1,348	—	1,792	786	2010	1981
55th Avenue Distribution Center	912	3,717	2,729	917	6,441	—	7,358	4,977	1998	1987
Interstate Commons Distribution Center 1	311	1,416	1,310	311	2,726	—	3,037	1,991	1999	1988
Interstate Commons Distribution Center 2	2,298	7,088	3,097	2,298	10,185	—	12,483	1,931	2019	1988/2001
Interstate Commons Distribution Center 3	242	—	3,329	242	3,329	—	3,571	1,678	2000	2008
Airport Commons Distribution Center	1,000	1,510	2,071	1,000	3,581	—	4,581	2,756	2003	1971
40th Avenue Distribution Center	703	—	6,704	703	6,704	—	7,407	3,206	2004	2008
Sky Harbor Business Park	5,839	—	24,184	5,839	24,184	—	30,023	11,471	2006	2008
Sky Harbor Business Park 6	807	—	2,177	807	2,177	—	2,984	647	2014	2015
Ten Sky Harbor Business Center	1,568	—	5,236	1,569	5,235	—	6,804	1,849	2015	2016
Gilbert Crossroads A & B	2,825	—	14,164	2,825	14,164	—	16,989	2,992	2018	2020
Gilbert Crossroads C & D	3,602	—	19,969	3,602	19,969	—	23,571	4,477	2018	2021
Mesa Gateway Commerce Center	3,514	14,801	3,763	3,514	18,564	—	22,078	1,207	2022	2022
Akimel Gateway	—	82,906	—	—	82,906	11,020	93,926	350	2024	2022

SCHEDULE III
REAL ESTATE PROPERTIES AND ACCUMULATED DEPRECIATION
DECEMBER 31, 2024 (In thousands, except footnotes)
Description	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	Right of Use Assets (e)	Total
Tucson
Country Club Commerce Center 1	506	3,564	4,704	693	8,081	—	8,774	5,039	1997/2003	1994/2003
Country Club Commerce Center 2	442	3,381	1,473	709	4,587	—	5,296	2,135	2007	2000
Country Club Commerce Center 3 & 4	1,407	—	13,565	1,575	13,397	—	14,972	6,532	2007	2009
Country Club Commerce Center 5	2,885	—	21,848	2,886	21,847	—	24,733	4,532	2016	2018
Airport Distribution Center	1,403	4,672	3,281	1,403	7,953	—	9,356	4,895	1998/2000	1995
Benan Distribution Center	707	1,842	873	707	2,715	—	3,422	1,828	2005	2001
NORTH CAROLINA
Charlotte area
NorthPark Business Park	2,758	15,932	6,573	2,758	22,505	—	25,263	13,881	2006	1987-89
Lindbergh Business Park	470	3,401	1,275	470	4,676	—	5,146	2,601	2007	2001/03
Commerce Park Center 1	765	4,303	1,152	765	5,455	—	6,220	3,149	2007	1983
Commerce Park Center 2	335	1,603	634	335	2,237	—	2,572	1,139	2010	1987
Commerce Park Center 3	558	2,225	1,383	558	3,608	—	4,166	1,923	2010	1981
Nations Ford Business Park	3,924	16,171	7,079	3,924	23,250	—	27,174	13,966	2007	1989/94
Airport Commerce Center	1,454	10,136	3,321	1,454	13,457	—	14,911	7,188	2008	2001/02
Airport Commerce Center 3	855	—	8,297	855	8,297	—	9,152	2,163	2008	2019
Interchange Park 1	986	7,949	798	986	8,747	—	9,733	4,324	2008	1989
Interchange Park 2	746	1,456	410	746	1,866	—	2,612	781	2013	2000
Ridge Creek Distribution Center 1	1,284	13,163	1,471	1,284	14,634	—	15,918	6,848	2008	2006
Ridge Creek Distribution Center 2	3,033	11,497	2,405	3,033	13,902	—	16,935	6,033	2011	2003
Ridge Creek Distribution Center 3	2,459	11,147	823	2,459	11,970	—	14,429	3,865	2014	2013
Lakeview Business Center	1,392	5,068	1,727	1,392	6,795	—	8,187	2,911	2011	1996
Steele Creek 1	993	—	4,339	1,010	4,322	—	5,332	1,892	2013	2014
Steele Creek 2	941	—	4,937	957	4,921	—	5,878	2,012	2013	2014
Steele Creek 3	1,464	—	7,248	1,469	7,243	—	8,712	2,619	2013	2014
Steele Creek 4	684	—	4,145	687	4,142	—	4,829	1,557	2013	2015
Steele Creek 5	610	—	5,362	631	5,341	—	5,972	1,117	2013/14/15	2019
Steele Creek 6	867	—	7,693	919	7,641	—	8,560	2,163	2013/14	2016
Steele Creek 7	1,207	—	8,467	1,253	8,421	—	9,674	2,212	2013/14/15	2017

SCHEDULE III
REAL ESTATE PROPERTIES AND ACCUMULATED DEPRECIATION
DECEMBER 31, 2024 (In thousands, except footnotes)
Description	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	Right of Use Assets (e)	Total
Steele Creek 8	544	—	7,826	673	7,697	—	8,370	609	2016/17	2022
Steele Creek 9	949	—	10,427	1,090	10,286	—	11,376	2,311	2016	2019
Steele Creek 10	1,221	—	10,418	1,509	10,130	—	11,639	1,153	2016	2021
Steele Creek 11 & 12	1,866	—	25,049	1,866	25,049	—	26,915	1,409	2016/17	2023
Waterford Distribution Center	654	3,392	967	654	4,359	—	5,013	2,237	2008	2000
Raleigh
147 Exchange	9,396	40,532	11	9,396	40,543	—	49,939	893	2024	2023
SOUTH CAROLINA
Greenville
385 Business Park	1,308	10,822	529	1,308	11,351	—	12,659	2,474	2019	2019
Access Point 1	884	9,606	2,933	893	12,530	—	13,423	2,249	2021	2021
Access Point 2	1,010	9,604	1,729	1,012	11,331	—	12,343	1,156	2021	2021
Access Point 3	1,335	19,339	4,310	1,335	23,649	—	24,984	1,741	2022	2022
Pelzer Point Commerce Center 1	1,308	19,433	3,476	1,308	22,909	—	24,217	648	2023	2021
Hillside 1	498	—	12,686	499	12,685	—	13,184	432	2021	2023
GEORGIA
Atlanta
Shiloh 400 Business Center 1 & 2	3,092	14,216	3,568	3,064	17,812	—	20,876	5,164	2017	2008
Broadmoor Commerce Park 1	1,307	3,560	1,542	1,307	5,102	—	6,409	1,659	2017	1999
Broadmoor Commerce Park 2	519	—	7,429	519	7,429	—	7,948	1,797	2017	2018
Hurricane Shoals 1 & 2	4,284	12,449	4,458	4,284	16,907	—	21,191	4,953	2017	2017
Hurricane Shoals 3	497	—	9,842	644	9,695	—	10,339	1,365	2017	2020
Progress Center 1 & 2	1,297	9,015	523	1,297	9,538	—	10,835	3,086	2017	2017
Progress Center 3	465	4,285	53	465	4,338	—	4,803	444	2021	2008
Gwinnett 316	531	3,617	21	531	3,638	—	4,169	692	2018	1990
Cherokee 75 Business Center 1	1,183	6,727	18	1,183	6,745	—	7,928	1,034	2020	2020
Cherokee 75 Business Center 2	1,336	7,495	538	1,337	8,032	—	9,369	885	2021	2021
Northpoint 200	1,102	5,140	649	1,104	5,787	—	6,891	950	2021	2021
I-20 West Business Center	1,670	—	13,485	1,647	13,508	—	15,155	699	2021	2023
Riverpoint Industrial Park	7,037	79,205	1	7,037	79,206	—	86,243	474	2024	2020

SCHEDULE III
REAL ESTATE PROPERTIES AND ACCUMULATED DEPRECIATION
DECEMBER 31, 2024 (In thousands, except footnotes)
Description	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	Right of Use Assets (e)	Total
LOUISIANA
New Orleans
Elmwood Business Park	2,861	6,337	6,520	2,861	12,857	—	15,718	10,459	1997	1979
Riverbend Business Park	2,557	17,623	12,615	2,557	30,238	—	32,795	21,270	1997	1984
COLORADO
Denver
Airways Business Center	6,137	39,637	1,599	6,137	41,236	—	47,373	7,286	2019	2007/08
Rampart Distribution Center 1	1,023	3,861	2,625	1,023	6,486	—	7,509	5,790	1988	1987
Rampart Distribution Center 2	230	2,977	1,589	230	4,566	—	4,796	3,768	1996/97	1997
Rampart Distribution Center 3	1,098	3,884	2,852	1,098	6,736	—	7,834	4,880	1997/98	1999
Rampart Distribution Center 4	590	—	8,346	590	8,346	—	8,936	2,727	2012	2014
Concord Distribution Center	1,051	4,773	1,345	1,051	6,118	—	7,169	3,316	2007	2000
Centennial Park	750	3,319	2,156	750	5,475	—	6,225	2,836	2007	1990
NEVADA
Las Vegas
Arville Distribution Center	4,933	5,094	1,488	4,933	6,582	—	11,515	3,233	2009	1997
Jones Corporate Park	13,068	26,325	3,288	13,068	29,613	—	42,681	7,203	2016	2016
Southwest Commerce Center	9,008	16,576	4,557	9,008	21,133	—	30,141	3,764	2019	2019
Blue Diamond Business Park	20,093	31,119	14	20,093	31,133	—	51,226	1,141	2023	2022
Craig Corporate Center	13,913	18,848	63	13,913	18,911	—	32,824	910	2023	2018
Spanish Ridge Industrial Park	18,855	33,211	285	18,855	33,496	—	52,351	1,128	2024	2023
MISSISSIPPI
Jackson area
Tower Automotive	—	9,958	1,959	17	11,900	—	11,917	7,232	2001	2002
	885,762	2,249,958	2,329,331	888,140	4,576,911	38,393	5,503,444	1,414,720

SCHEDULE III
REAL ESTATE PROPERTIES AND ACCUMULATED DEPRECIATION
DECEMBER 31, 2024 (In thousands, except footnotes)
Description	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	Right of Use Assets (e)	Total
Development and Value-Add Properties (d):
CALIFORNIA
Reed Land	1,800	—	864	1,800	864	—	2,664	—	2022	n/a
FLORIDA
Horizon Commerce Park Land	650	—	426	650	426	—	1,076	—	2008/09	n/a
Gateway Commerce Park Land	2,350	—	5,470	4,665	3,155	—	7,820	—	2016	n/a
SunCoast Commerce Center 9	1,011	—	14,619	1,011	14,619	—	15,630	—	2020	2024
SunCoast Commerce Land	961	—	3,309	3,317	953	—	4,270	—	2020	n/a
Horizon West 5	1,165	—	8,517	1,165	8,517	—	9,682	—	2020	2024
Horizon West 6	1,188	—	10,551	1,188	10,551	—	11,739	176	2020	2024
Horizon West Land	5,003	—	7,215	5,004	7,214	—	12,218	—	2020	n/a
Gateway South Dade 1 & 2	6,700	—	26,513	6,700	26,513	—	33,213	—	2022	2024
Gateway South Dade Land	9,089	—	9,361	9,089	9,361	—	18,450	—	2022	n/a
Lakeside Station Land	6,847	—	897	6,852	892	—	7,744	—	2023	n/a
Crossroads Logistics Park 1	3,758	—	12,876	3,758	12,876	—	16,634	—	2023	n/a
Crossroads Logistics Park 2	6,151	—	5,593	6,151	5,593	—	11,744	—	2023	n/a
Crossroads Logistics Park Land	5,237	—	3,469	5,238	3,468	—	8,706	—	2023	n/a
TENNESSEE
Station 24 Commerce Center Land	10,460	—	124	10,460	124	—	10,584	—	2024	n/a
TEXAS
World Houson Int'l Business Ctr 46	825	—	9,124	920	9,029	—	9,949	—	2011	n/a
World Houston Golf Course Land	811	—	1,360	904	1,267	—	2,171	—	2011	n/a
Ridgeview Land	430	—	451	430	451	—	881	—	2018	n/a
Basswood 3-5	5,671	—	41,751	5,672	41,750	—	47,422	178	2019	2024
Basswood Land	4,738	—	3,186	4,738	3,186	—	7,924	—	2019	n/a
Grand West Crossing 2	1,630	—	1,233	1,630	1,233	—	2,863	—	2019	n/a
Grand West Crossing Land	4,394	—	2,335	4,394	2,335	—	6,729	—	2019	n/a
McKinney Land	4,593	—	136	4,593	136	—	4,729	—	2020	n/a
Texas Avenue 1 & 2	4,143	—	9,983	4,161	9,965	—	14,126	—	2021	n/a
Heritage Grove Land	15,295	—	3,006	15,352	2,949	—	18,301	—	2022	n/a
Cypress Preserve Land	14,724	—	3,065	14,724	3,065	—	17,789	—	2022	n/a
Eisenhauer Point Business Park 10-12	4,894	—	23,420	4,894	23,420	—	28,314	290	2022	2024
Eisenhauer Point 13-14 Land	2,742	—	695	2,746	691	—	3,437	—	2022	n/a

SCHEDULE III
REAL ESTATE PROPERTIES AND ACCUMULATED DEPRECIATION
DECEMBER 31, 2024 (In thousands, except footnotes)
Description	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	Right of Use Assets (e)	Total
Cameron Land	30,776		—	3,595	30,772	3,599	—	34,371	—	2022	n/a
Northeast Trade Center 1	2,412		—	22,590	2,412	22,590	—	25,002	—	2023	n/a
Northeast Trade Center Land	3,765		—	3,090	3,765	3,090	—	6,855	—	2023	n/a
Denton 35 Exchange 1 & 2	5,690		—	22,373	5,690	22,373	—	28,063	—	2023	n/a
Basswood North Land	23,996		—	1,598	24,004	1,590	—	25,594	—	2023	n/a
COLORADO
Arista 36 Business Park 1-3	5,878		—	38,918	5,878	38,918	—	44,796	—	2023	n/a
ARIZONA
Gateway Interchange A & B	3,239		—	1,503	3,239	1,503	—	4,742	—	2022/2023	n/a
Gateway Interchange F & G	5,286		—	2,347	5,287	2,346	—	7,633	—	2022/2023	n/a
Gateway Interchange Land	9,793		—	1,142	9,793	1,142	—	10,935	—	2022/2023	n/a
NORTH CAROLINA
Skyway Logistics Park 1 & 2	3,744		—	27,949	3,744	27,949	—	31,693	—	2021	n/a
Skyway Logistics Park Land	8,294		—	4,848	8,188	4,954	—	13,142	—	2021	n/a
SOUTH CAROLINA
Hillside 2	546		—	2,388	547	2,387	—	2,934	—	2021	n/a
Hillside Land	549		—	2,285	549	2,285	—	2,834	—	2021	n/a
Hillside 4 Land	1,280		—	327	1,280	327	—	1,607	—	2022	n/a
Pelzer Point Commerce Center 2 Land	1,103		1,097	129	1,102	1,227	—	2,329	—	2023	n/a
GEORGIA
Cass White 1 & 2	2,923		—	29,681	2,923	29,681	—	32,604	—	2021	2024
Riverside Parkway 1 & 2	1,955		—	29,571	1,958	29,568	—	31,526	212	2021	2024
Braselton Commerce Center 3	1,425		—	12,334	1,575	12,184	—	13,759	—	2022	2024
Braselton Land	4,048		—	995	4,057	986	—	5,043	—	2022	n/a
Greenway Land	5,785		—	2,929	5,785	2,929	—	8,714	—	2022	n/a
Brightstar Land	3,302		—	185	3,315	172	—	3,487	—	2024	n/a
	253,049		1,097	420,326	258,069	416,403	—	674,472	856
Total real estate owned (a)(b)	$	1,138,811	2,251,055	2,749,657	1,146,209	4,993,314	38,393	6,177,916	1,415,576

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

	Years Ended December 31,
	2024		2023	2022
	(In thousands)
Balance at beginning of year	$	5,493,195	4,934,421	4,051,325
Purchases of real estate properties	381,774		160,105	353,221
Development of real estate properties and value-add properties	245,033		388,213	506,154
Improvements to real estate properties	60,007		51,643	40,654
Right-of-use assets, net – ground leases	20,397		(1,395)	(3,244)
Carrying amount of investments sold	(18,633)		(33,022)	(9,811)
Write-off of improvements	(3,857)		(6,770)	(3,878)
Balance at end of year (1)	$	6,177,916	5,493,195	4,934,421

(1) Includes noncontrolling interest in joint ventures of $924,000, $774,000 and $700,000 at December 31, 2024, 2023 and 2022, respectively.

Changes in the accumulated depreciation on real estate properties follow:                                                                                                                                                                                                                                                                                                                                                                                  

	Years Ended December 31,
	2024		2023	2022
	(In thousands)
Balance at beginning of year	$	1,273,723	1,150,814	1,035,617
Depreciation expense	155,240		141,003	125,199
Accumulated depreciation on assets sold	(10,268)		(11,759)	(6,068)
Other	(3,119)		(6,335)	(3,934)
Balance at end of year	$	1,415,576	1,273,723	1,150,814

(b)The estimated aggregate cost of real estate properties at December 31, 2024 for federal income tax purposes was approximately $5,836,498,000 before estimated accumulated tax depreciation of $1,062,930,000.  The federal income tax return for the year ended December 31, 2024, 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)The right of use assets for ground leases, net of accumulated amortization, are included in Real Estate Properties on the Consolidated Balance Sheets.