Schedule III - Consolidated Real Estate and Accumulated Depreciation

12 Months Ended

Dec. 31, 2022

Schedule III - Consolidated Real Estate and Accumulated Depreciation

Schedule III - Consolidated Real Estate and Accumulated Depreciation

Schedule III - Consolidated Real Estate and Accumulated Depreciation

(dollars in thousands)

			Initial Cost										Amounts at which Carried at December 31, 2022
							Building,		Cost		Building,						Building,
							Building and		Capitalized		Building and						Building and						Date of
			Land and		Real Estate		Tenant		Subsequent		Tenant				Real Estate		Tenant						Acquisition
Property			Land		Under		Improvements		to		Improvements				Under		Improvements				Accumulated		(A) / Construction
Description	Encumbrances (1)		Improvements		Development		(2)		Acquisition		(2)		Land		Development		(2)		Total		Depreciation		(C)
Brooklyn, New York		59,650		27,939		—		42,177		—		249		27,939		—		42,426		70,365		7,456	2018 (A) / 2017(C)
Paramus, NJ		9,750		908		—		3,647		—		6,136		908		—		9,783		10,691		8,949	1980 (A) / 1984(C)
	$	69,400	$	28,847	$	—	$	45,824	$	—	$	6,385	$	28,847	$	—	$	52,209	$	81,056	$	16,405

(1) Encumbrances are net of deferred finance costs of approximately $350,000.

(2) Depreciation on buildings and improvements reflected in the consolidated statements of operations and comprehensive (loss) income is calculated on the straight-line basis over estimated useful lives of 10 to 39 years.

(a) Reconciliation of Total Real Estate Properties:

The following table reconciles the activity for the real estate properties for the periods reported (dollars in thousands):

	Year Ended		Year Ended
	December 31,		December 31,
	2022		2021
Balance at beginning of period	$	80,963	$	80,908
Additions		93		55
Balance at end of period	$	81,056	$	80,963

The aggregate cost of land, building and improvements, before depreciation, for federal income tax purposes at December 31, 2022 and 2021 was $81.0 million (unaudited) and $81.0 million (unaudited), respectively.

(b) Reconciliation of Accumulated Depreciation:

The following table reconciles the accumulated depreciation for the periods reported (dollars in thousands):

	Year Ended		Year Ended
	December 31,		December 31,
	2022		2021
Balance at beginning of period	$	13,629	$	10,868
Depreciation related to real estate		2,776		2,761
Balance at end of period	$	16,405	$	13,629