

SCHEDULE III – REAL ESTATE AND ACCUMULATED DEPRECIATION DECEMBER 31, 2015 (In thousands)
			Initial Cost to the Company
Description	Encumbrances (1)		Land		Building and Improvements		Subsequent Capitalized Costs		Total Real Estate
Arizona
Hayden Ferry Lakeside I	$	21,536	$	2,871	$	30,428	$	6,918	$	40,217
Hayden Ferry Lakeside II	46,064		3,612		69,246		7,746		80,604
Hayden Ferry Lakeside III	31,271		4,024		28,383		24,326		56,733
Hayden Ferry Lakeside IV and V	—		5,023		8,561		1,626		15,210
Tempe Gateway	—		6,970		45,232		10,718		62,920
Florida
Stein Mart Building	10,778		1,653		16,636		7,256		25,545
Lincoln Place	48,030		—		56,997		4,988		61,985
Deerwood North	84,500		11,904		39,900		6,481		58,285
Deerwood South	—		14,026		36,319		7,244		57,589
Bank of America Center	—		8,882		38,595		11,655		59,132
Citrus Center	20,645		4,000		26,712		11,904		42,616
Corporate Center I	—		—		77,997		7,319		85,316
Corporate Center II	—		—		58,493		4,738		63,231
Corporate Center III	—		—		63,633		4,463		68,096
Corporate Center IV	35,491		—		31,773		8,755		40,528
Corporate Center VI	—		4,901		—		—		4,901
Courvoisier Centre (3)	—		48,407		74,738		11,098		134,243
Harborview Plaza	—		8,560		33,263		2,781		44,604
The Pointe	23,364		5,293		30,834		6,188		42,315
JTB Center	—		5,376		21,494		4,722		31,592
One Orlando Centre (2)	54,000		9,828		37,555		9,316		56,699
Georgia
3344 Peachtree	80,986		7,472		127,579		12,853		147,904
One Buckhead Plaza	—		20,031		125,204		8,644		153,879
Two Buckhead Plaza	52,000		12,934		66,249		4,048		83,231
3350 Peachtree	—		3,625		57,218		20,607		81,450
3348 Peachtree	—		5,407		45,207		9,590		60,204
The Forum at West Paces	—		3,314		38,577		7,857		49,748
North Carolina
Hearst Tower	—		4,417		200,287		35,070		239,774
NASCAR Plaza	—		—		76,874		14,425		91,299
Pennsylvania
Two Liberty Place	89,567		32,587		97,585		18,020		148,192
Texas
Phoenix Tower	78,555		9,191		98,183		14,768		122,142
CityWestPlace	204,794		56,785		295,869		73,018		425,672
San Felipe Plaza	107,877		40,347		206,510		22,409		269,266
One Congress Plaza	128,000		33,245		118,370		12,447		164,062
San Jacinto Center	101,000		31,645		116,817		8,339		156,801
Other
Corporate	—		—		29		6,007		6,036
Total Real Estate Owned	$	1,218,458	$	406,330	$	2,497,347	$	428,344	$	3,332,021

Assets Held For Sale:
5300 Memorial	$	—	$	682	$	11,744	$	4,547	$	16,973
Town & Country	—		436		8,205		5,333		13,974
Total Assets Held For Sale:	$	—	$	1,118	$	19,949	$	9,880	$	30,947


(1)	Encumbrances represent face amount of mortgage debt and exclude any premiums or discounts.

(2)

In addition to a $54.0 million first mortgage secured by One Orlando Center, the property also has a $15.3 million B-note, which is subordinated to The Company's equity investment in the property. Upon the sale or recapitalization of the property, proceeds are to be distributed first to the lender up to the amount of outstanding principal of the first mortgage note; second, to the Company up to its equity investment; third, to the Company until it receives a 12% annual return on its equity investment; fourth, 60% to The Company and 40% to the lender until the subordinated B-Note is repaid in full; and fifth to The Company at 100%. As of December 31, 2015, the estimated fair market value of the B-note was zero.

(3)

On February 5, 2016, the Company transferred 80% of its interest in Courvoisier Centre, a complex of two office buildings located in the Brickell submarket of Miami, Florida, to a joint venture with a third party investor at a gross asset value of $175.0 million. The Company retained a 20% noncontrolling ownership interest in the property. The Company expects to recognize a gain on sale of real estate during the three months ended March 31, 2016.



SCHEDULE III – REAL ESTATE AND ACCUMULATED DEPRECIATION – (Continued) DECEMBER 31, 2015 (In thousands)
	Gross Amount at Which
	Carried at Close of Period
Description	Land		Building and Improvements		Total (1)		Accumulated Depreciation		Net Book Value of Real Estate		Year Acquired	Year Constructed	Depreciable Lives (Yrs.)
Arizona
Hayden Ferry Lakeside I	$	2,871	$	37,346	$	40,217	$	7,553	$	32,664	2011	2002	(2)
Hayden Ferry Lakeside II	3,612		76,992		80,604		10,719		69,885		2012	2007	(2)
Hayden Ferry Lakeside III	4,024		52,709		56,733		218		56,515		2012	2015	(2)
Hayden Ferry Lakeside IV and V	5,023		10,187		15,210		1,162		14,048		2012	2007	(2)
Tempe Gateway	6,970		55,950		62,920		7,204		55,716		2012	2009	(2)
Florida
Stein Mart Building	1,653		23,892		25,545		8,436		17,109		2005	1985	(2)
Lincoln Place	—		61,985		61,985		3,842		58,143		2013	2002	(2)
Deerwood North	11,904		46,381		58,285		6,918		51,367		2013	1999	(2)
Deerwood South	14,026		43,563		57,589		6,206		51,383		2013	1999	(2)
Bank of America Center	8,882		50,250		59,132		9,908		49,224		2011	1987	(2)
Citrus Center	4,000		38,616		42,616		14,247		28,369		2003	1971	(2)
Corporate Center I	—		85,316		85,316		3,181		82,135		2014	1999	(2)
Corporate Center II	—		63,231		63,231		2,483		60,748		2014	2002	(2)
Corporate Center III	—		68,096		68,096		2,512		65,584		2014	2004	(2)
Corporate Center IV	—		40,528		40,528		8,545		31,983		2011	2008	(2)
Corporate Center VI	4,901		—		4,901		—		4,901		2014	N/A	(2)
Courvoisier Centre	48,407		85,836		134,243		5,983		128,260		2014	1986/1990	(2)
Harborview Plaza	8,560		36,044		44,604		441		44,163		2015	2002	(2)
The Pointe	5,293		37,022		42,315		6,431		35,884		2012	1982	(2)
JTB Center	5,376		26,216		31,592		2,652		28,940		2014	1999-2001	(2)
One Orlando Centre	9,828		46,871		56,699		3,629		53,070		2014	1987	(2)
Georgia
3344 Peachtree	7,472		140,432		147,904		23,304		124,600		2011	2008	(2)
One Buckhead Plaza	20,031		133,848		153,879		4,392		149,487		2015	1987	(2)
Two Buckhead Plaza	12,877		70,354		83,231		711		82,520		2015	2006	(2)
3350 Peachtree	3,625		77,825		81,450		21,213		60,237		2004	1989	(2)
3348 Peachtree	5,407		54,797		60,204		5,745		54,459		2013	1998	(2)
The Forum at West Paces	3,314		46,434		49,748		2,087		47,661		2014	2001	(2)
North Carolina
Hearst Tower	4,417		235,357		239,774		28,938		210,836		2012	2002	(2)
NASCAR Plaza	—		91,299		91,299		9,830		81,469		2012	2009	(2)
Pennsylvania
Two Liberty Place	32,587		115,605		148,192		23,323		124,869		2011	1990	(2)
Texas
Phoenix Tower	9,191		112,951		122,142		13,887		108,255		2012	1984/2011	(2)
CityWestPlace	56,785		368,887		425,672		34,906		390,766		2013	1993-2001	(2)
San Felipe Plaza	40,347		228,919		269,266		16,807		252,459		2013	1984	(2)
One Congress Plaza	33,245		130,817		164,062		5,389		158,673		2014	1987	(2)
San Jacinto Center	31,645		125,156		156,801		4,590		152,211		2014	1987	(2)
Other
Corporate	—		6,036		6,036		1,380		4,656		N/A	N/A	N/A
Total Real Estate Owned	$	406,273	$	2,925,748	$	3,332,021	$	308,772	$	3,023,249

Assets Held For Sale:
5300 Memorial	$	682	$	16,291	$	16,973	$	6,911	$	10,062	2002	1982	(2)
Town & Country	436		13,538		13,974		5,874		8,100		2002	1982	(2)
Total Assets Held For Sale	$	1,118	$	29,829	$	30,947	$	12,785	$	18,162


(1)	The aggregate cost for federal income tax purposes was approximately $3.3 billion (unaudited), and does not include Harborview Plaza.


(2)	Depreciation of buildings is 40 years from acquisition date.