

																										Life used to compute depreciation in latest income statement (17)
					Initial Cost				Costs Capitalized subsequent to Acquisition					Gross Amount carried at December 31, 2012 (19)
Property	Location	Encumbrances			Land		Buildings and Fixtures		Land			Buildings and Fixtures		Land		Buildings and Fixtures		Total		Accumulated Depreciation			Net		Date of Construction
Birchall at Ross Bridge	Birmingham, AL	—			$	2,640	$	28,842	$	—		$	447	$	2,640	$	29,289	$	31,929	$	(1,324	)	$	30,605	2009	1 - 40
Eagle Ridge	Birmingham, AL	—	(1	)	851		7,667		—			3,485		851		11,152		12,003		(5,931		)	6,072		1986	1 - 40
Abbington Place	Huntsville, AL	—	(1	)	524		4,724		—			2,561		524		7,285		7,809		(3,898		)	3,911		1987	1 - 40
Paddock Club Huntsville	Huntsville, AL	—			909		10,152		830			12,552		1,739		22,704		24,443		(10,546		)	13,897		1993	1 - 40
Edge at Lyon's Gate	Phoenix, AZ	—			7,901		27,182		—			674		7,901		27,856		35,757		(4,280		)	31,477		2007	1 - 40
Sky View Ranch	Gilbert, AZ	—			2,668		14,577		—			554		2,668		15,131		17,799		(1,924		)	15,875		2007	1 - 40
Talus Ranch	Phoenix, AZ	—			12,741		47,701		—			1,522		12,741		49,223		61,964		(10,572		)	51,392		2005	1 - 40
Tiffany Oaks	Altamonte Springs, FL	—	(1	)	1,024		9,219		—			5,264		1,024		14,483		15,507		(8,651		)	6,856		1985	1 - 40
Marsh Oaks	Atlantic Beach, FL	—			244		2,829		—			1,815		244		4,644		4,888		(3,001		)	1,887		1986	1 - 40
Indigo Point	Brandon, FL	—			1,167		10,500		—			3,083		1,167		13,583		14,750		(6,462		)	8,288		1989	1 - 40
Paddock Club Brandon	Brandon, FL	—			2,896		26,111		—			3,322		2,896		29,433		32,329		(14,327		)	18,002		1998	1 - 40
Preserve at Coral Square	Coral Springs, FL	—	(4	)	9,600		40,004		—			5,947		9,600		45,951		55,551		(13,341		)	42,210		1996	1 - 40
The Retreat at Magnolia Parke	Gainesville, FL	—			2,040		16,338		—			112		2,040		16,450		18,490		(932		)	17,558		2009	1 - 40
Atlantic Crossing	Jacksonville, FL	—			4,000		19,495		—			986		4,000		20,481		24,481		(1,185		)	23,296		2008	1 - 40
Hunter's Ridge at Deerwood	Jacksonville, FL	—			1,533		13,835		—			6,209		1,533		20,044		21,577		(10,293		)	11,284		1987	1 - 40
Lakeside	Jacksonville, FL	—			1,430		12,883		—			8,667		1,430		21,550		22,980		(13,408		)	9,572		1985	1 - 40
Lighthouse at Fleming Island	Jacksonville, FL	—	(1	)	4,047		35,052		—			3,319		4,047		38,371		42,418		(12,487		)	29,931		2003	1 - 40
Paddock Club Jacksonville	Jacksonville, FL	—			2,292		20,750		—			3,776		2,292		24,526		26,818		(12,382		)	14,436		1993	1 - 40
Tattersall at Tapestry Park	Jacksonville, FL	—			6,417		36,069		—			314		6,417		36,383		42,800		(1,865		)	40,935		2009	1 - 40
Woodbridge at the Lake	Jacksonville, FL	—			645		5,804		—			4,364		645		10,168		10,813		(6,495		)	4,318		1985	1 - 40
Woodhollow	Jacksonville, FL	—	(1	)	1,686		15,179		(8		)	8,325		1,678		23,504		25,182		(13,180		)	12,002		1986	1 - 40
Paddock Club Lakeland	Lakeland, FL	—	(1	)	2,254		20,452		(1,033		)	7,473		1,221		27,925		29,146		(14,364		)	14,782		1989	1 - 40
Paddock Park Ocala	Ocala, FL	6,772	(3	)	2,284		21,970		—			4,477		2,284		26,447		28,731		(14,192		)	14,539		1987	1 - 40
Retreat at Lake Nona	Orlando, FL	—			7,880		41,175		—			189		7,880		41,364		49,244		(467		)	48,777		2006	1 - 40
The Club at Panama Beach	Panama City, FL	—			898		14,276		(5		)	2,791		893		17,067		17,960		(7,591		)	10,369		2000	1 - 40
Paddock Club Tallahassee	Tallahassee, FL	—			530		4,805		950			13,193		1,480		17,998		19,478		(9,193		)	10,285		1992	1 - 40



Belmere	Tampa, FL	—	(1	)	852	7,667	—		4,965		852	12,632	13,484	(8,138	)	5,346	1984	1 - 40
Links at Carrollwood	Tampa, FL	—			817	7,355	110		4,869		927	12,224	13,151	(6,501	)	6,650	1980	1 - 40
Village Oaks	Tampa, FL	—			2,738	19,055	84		1,185		2,822	20,240	23,062	(2,987	)	20,075	2007	1 - 40
Park Crest at Innisbrook	Palm Harbor, FL	30,114			6,900	26,613	—		(895	)	6,900	25,718	32,618	(3,116	)	29,502	2000	1 - 40
High Ridge	Athens, GA	—	(1	)	884	7,958	—		2,434		884	10,392	11,276	(5,406	)	5,870	1987	1 - 40
Allure at Brookwood	Atlanta, GA	—			11,168	52,758	—		102		11,168	52,862	64,030	(745	)	63,285	2008	1 - 40
Allure in Buckhead Village Residential	Atlanta, GA	—			8,633	19,844	—		370		8,633	20,214	28,847	(454	)	28,393	2002	1 - 40
Sanctuary at Oglethorpe	Atlanta, GA	23,500			6,875	31,441	—		2,321		6,875	33,762	40,637	(5,361	)	35,276	1994	1 - 40
Bradford Pointe	Augusta, GA	—			772	6,949	—		2,943		772	9,892	10,664	(5,120	)	5,544	1986	1 - 40
Shenandoah Ridge	Augusta, GA	—	(1	)	650	5,850	8		4,517		658	10,367	11,025	(6,829	)	4,196	1982	1 - 40
Westbury Creek	Augusta, GA	3,480	(12	)	400	3,626	—		1,712		400	5,338	5,738	(2,858	)	2,880	1984	1 - 40
Fountain Lake	Brunswick, GA	—			502	4,551	—		2,824		502	7,375	7,877	(3,782	)	4,095	1983	1 - 40
Willow Creek	Columbus, GA	—			614	5,523	—		4,746		614	10,269	10,883	(5,658	)	5,225	1974	1 - 40
Prescott	Duluth, GA	—	(5	)	3,840	24,011	—		1,888		3,840	25,899	29,739	(7,759	)	21,980	2001	1 - 40
Lanier	Gainesville, GA	16,312			3,560	22,611	—		2,411		3,560	25,022	28,582	(7,109	)	21,473	1998	1 - 40
Lake Club	Gainesville, GA	—	(5	)	3,150	18,383	—		1,172		3,150	19,555	22,705	(5,424	)	17,281	2001	1 - 40
Whispering Pines	LaGrange, GA	—			823	7,470	(2	)	2,668		821	10,138	10,959	(5,527	)	5,432	1983	1 - 40
Austin Chase	Macon, GA	—			1,409	12,687	—		2,612		1,409	15,299	16,708	(7,518	)	9,190	1996	1 - 40
The Vistas	Macon, GA	—			595	5,403	—		1,937		595	7,340	7,935	(4,011	)	3,924	1985	1 - 40
Avala at Savannah Quarters	Savannah, GA	—			1,500	24,862	—		475		1,500	25,337	26,837	(1,372	)	25,465	2009	1 - 40
Georgetown Grove	Savannah, GA	—			1,288	11,579	—		2,424		1,288	14,003	15,291	(6,951	)	8,340	1997	1 - 40
Oaks at Wilmington Island	Savannah, GA	—	(4	)	2,910	25,315	—		1,819		2,910	27,134	30,044	(6,051	)	23,993	1999	1 - 40
Wildwood	Thomasville, GA	—			438	3,971	371		5,848		809	9,819	10,628	(5,349	)	5,279	1982	1 - 40
Three Oaks	Valdosta, GA	—			462	4,188	459		7,148		921	11,336	12,257	(6,214	)	6,043	1984	1 - 40
Huntington Chase	Warner Robins, GA	—	(4	)	1,160	10,437	—		2,308		1,160	12,745	13,905	(5,628	)	8,277	1997	1 - 40
Southland Station	Warner Robins, GA	—			1,470	13,284	—		3,449		1,470	16,733	18,203	(8,998	)	9,205	1988	1 - 40
Fairways at Hartland	Bowling Green, KY	—			1,038	9,342	—		3,161		1,038	12,503	13,541	(6,737	)	6,804	1996	1 - 40
Grand Reserve Lexington	Lexington, KY	—	(1	)	2,024	31,525	—		1,665		2,024	33,190	35,214	(11,862	)	23,352	2000	1 - 40
Lakepointe	Lexington, KY	—	(1	)	411	3,699	—		2,188		411	5,887	6,298	(3,631	)	2,667	1986	1 - 40
Mansion, The	Lexington, KY	—	(1	)	694	6,242	—		3,065		694	9,307	10,001	(5,689	)	4,312	1989	1 - 40
Village, The	Lexington, KY	—	(1	)	900	8,097	—		4,232		900	12,329	13,229	(7,551	)	5,678	1989	1 - 40
Stonemill Village	Louisville, KY	—			1,169	10,518	—		8,103		1,169	18,621	19,790	(10,861	)	8,929	1985	1 - 40
Crosswinds	Jackson, MS	—	(1	)	1,535	13,826	—		4,587		1,535	18,413	19,948	(10,554	)	9,394	1989	1 - 40
Pear Orchard	Jackson, MS	—	(1	)	1,351	12,168	—		7,500		1,351	19,668	21,019	(11,676	)	9,343	1985	1 - 40



Reflection Pointe	Jackson, MS	5,854	(8	)	710	8,770	138		6,857	848	15,627	16,475	(8,915	)	7,560	1986	1 - 40
Lakeshore Landing	Ridgeland, MS	—	(1	)	676	6,284	—		2,131	676	8,415	9,091	(2,807	)	6,284	1974	1 - 40
Savannah Creek	Southaven, MS	—	(1	)	778	7,013	—		2,864	778	9,877	10,655	(5,816	)	4,839	1989	1 - 40
Sutton Place	Southaven, MS	—	(1	)	894	8,053	—		3,504	894	11,557	12,451	(6,774	)	5,677	1991	1 - 40
Market Station	Kansas City, MO	—			5,814	46,241	—		41	5,814	46,282	52,096	(359	)	51,737	2010	1 - 40
Hermitage at Beechtree	Cary, NC	—			900	8,099	—		4,619	900	12,718	13,618	(6,700	)	6,918	1988	1 - 40
Waterford Forest	Cary, NC	—	(5	)	4,000	20,250	—		2,149	4,000	22,399	26,399	(6,167	)	20,232	1996	1 - 40
1225 South Church I	Charlotte, NC	—			4,780	22,342	—		162	4,780	22,504	27,284	(1,254	)	26,030	2010	1 - 40
Hue	Raleigh, NC	—			3,690	29,910	—		1,250	3,690	31,160	34,850	(2,086	)	32,764	2009	1 - 40
Preserve at Brier Creek	Raleigh, NC	—			5,850	21,980	(19	)	22,471	5,831	44,451	50,282	(8,610	)	41,672	2004	1 - 40
Providence at Brier Creek	Raleigh, NC	—			4,695	29,007	—		702	4,695	29,709	34,404	(4,630	)	29,774	2007	1 - 40
Corners, The	Winston-Salem, NC	—			685	6,165	—		2,793	685	8,958	9,643	(5,907	)	3,736	1982	1 - 40
Colony at South Park	Aiken, SC	—	(1	)	862	7,867	—		1,610	862	9,477	10,339	(3,285	)	7,054	1982	1 - 40
Woodwinds	Aiken, SC	—	(1	)	503	4,540	—		2,197	503	6,737	7,240	(3,601	)	3,639	1988	1 - 40
Tanglewood	Anderson, SC	—			427	3,853	—		3,103	427	6,956	7,383	(4,221	)	3,162	1980	1 - 40
Fairways, The	Columbia, SC	7,701	(9	)	910	8,207	—		2,819	910	11,026	11,936	(6,565	)	5,371	1992	1 - 40
Paddock Club Columbia	Columbia, SC	—	(1	)	1,840	16,560	—		3,666	1,840	20,226	22,066	(10,682	)	11,384	1991	1 - 40
Highland Ridge	Greenville, SC	—	(1	)	482	4,337	—		2,251	482	6,588	7,070	(3,648	)	3,422	1984	1 - 40
Howell Commons	Greenville, SC	—	(1	)	1,304	11,740	—		3,511	1,304	15,251	16,555	(8,691	)	7,864	1987	1 - 40
Paddock Club Greenville	Greenville, SC	—	(1	)	1,200	10,800	—		1,846	1,200	12,646	13,846	(6,699	)	7,147	1996	1 - 40