| SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION |
Schedule III — Real Estate and Accumulated Depreciation as of December 31, 2025 ($ in thousands)
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Initial Cost |
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Costs Capitalized
Subsequent to Acquisition |
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Gross Amounts at which
Carried at the Close of Period(1) |
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Description |
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Location |
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Number of Properties |
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Encumbrances |
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Land and Land Improvements |
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Building and Building Improvements |
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Land and Land Improvements |
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Building and Building Improvements |
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Land and Land Improvements |
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Building and Building Improvements |
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Total |
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Accumulated Depreciation(2) |
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Year Acquired |
Industrial Properties: |
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6900 Shook Road |
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Columbus, Ohio |
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1 |
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$ |
- |
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$ |
1,491 |
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$ |
40,496 |
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$ |
- |
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$ |
621 |
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$ |
1,491 |
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$ |
41,117 |
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$ |
42,608 |
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$ |
(2,772 |
) |
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2023 |
1551 Shepherd Road |
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Liberty, Missouri |
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1 |
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36,000 |
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5,515 |
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54,114 |
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- |
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- |
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5,515 |
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54,114 |
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59,629 |
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(3,612 |
) |
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2023 |
4553 Cayce Road |
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Byhalia, Mississippi |
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1 |
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- |
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2,635 |
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44,937 |
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- |
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- |
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2,635 |
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44,937 |
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47,572 |
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(2,507 |
) |
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2024 |
2865 Charter Street |
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Columbus, Ohio |
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1 |
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- |
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3,659 |
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58,588 |
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- |
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- |
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3,659 |
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58,588 |
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62,247 |
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(1,040 |
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2025 |
3707 W NC 10 Hwy |
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Newton, North Carolina |
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1 |
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- |
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3,123 |
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56,885 |
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- |
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- |
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3,123 |
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56,885 |
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60,008 |
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(627 |
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2025 |
8681 W Jefferson Street |
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Tolleson, Arizona |
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1 |
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- |
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5,561 |
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26,037 |
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- |
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- |
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5,561 |
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26,037 |
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31,598 |
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(206 |
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2025 |
2400 S Council Road |
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Oklahoma City, Oklahoma |
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1 |
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- |
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5,274 |
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50,161 |
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- |
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- |
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5,274 |
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50,161 |
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55,435 |
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(80 |
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2025 |
111 Eames Street |
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Wilmington, Massachusetts |
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1 |
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- |
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7,887 |
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7,814 |
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- |
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- |
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7,887 |
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7,814 |
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15,701 |
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(15 |
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2025 |
100 John Road |
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Canton, Massachusetts |
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1 |
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- |
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6,445 |
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7,827 |
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- |
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- |
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6,445 |
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7,827 |
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14,272 |
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(16 |
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2025 |
1450 S Loop Road |
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Alameda, California |
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1 |
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- |
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16,779 |
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3,171 |
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- |
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- |
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16,779 |
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3,171 |
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19,950 |
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(10 |
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2025 |
Total Industrial Properties |
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10 |
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36,000 |
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58,369 |
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350,030 |
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- |
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621 |
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58,369 |
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350,651 |
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409,020 |
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(10,885 |
) |
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Residential Properties: |
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The Beckett |
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Charleston, South Carolina |
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1 |
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- |
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3,769 |
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43,844 |
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219 |
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4 |
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3,988 |
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43,848 |
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47,836 |
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(1,669 |
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2024 |
Parc Westborough |
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Westborough, Massachusetts |
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1 |
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58,300 |
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10,670 |
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81,674 |
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166 |
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- |
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10,836 |
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81,674 |
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92,510 |
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(1,173 |
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2025 |
The Brooke at Rocky Point |
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Tampa, Florida |
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1 |
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62,000 |
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9,571 |
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83,009 |
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- |
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- |
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9,571 |
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83,009 |
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92,580 |
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(89 |
) |
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2025 |
Total Residential Properties |
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3 |
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120,300 |
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24,010 |
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208,527 |
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385 |
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4 |
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24,395 |
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208,531 |
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232,926 |
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(2,931 |
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Retail Properties: |
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16000 Pines |
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Pembroke Pines, Florida |
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1 |
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- |
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15,701 |
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38,182 |
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- |
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- |
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15,701 |
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38,182 |
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53,883 |
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(2,448 |
) |
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2023 |
Total Retail Properties |
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1 |
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- |
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15,701 |
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38,182 |
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- |
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- |
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15,701 |
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38,182 |
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53,883 |
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(2,448 |
) |
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Portfolio Total |
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14 |
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$ |
156,300 |
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$ |
98,080 |
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$ |
596,739 |
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$ |
385 |
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$ |
625 |
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$ |
98,465 |
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$ |
597,364 |
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$ |
695,829 |
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$ |
(16,264 |
) |
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1.As of December 31, 2025, the aggregate cost basis for tax purposes was $692.8 million. 2.Refer to Note 2 of the Company's consolidated financial statements for details on depreciable lives. 3.Building and Building Improvements includes tenant improvements of $6.7 million. The total included on Schedule III does not include furniture, fixtures and equipment totaling $5.3 million. Accumulated Depreciation does not include $0.5 million of accumulated depreciation related to furniture, fixtures and equipment. The following table summarizes activity for real estate and accumulated depreciation for the year ended December 31, 2025 and December 31, 2024 ($ in thousands):
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Description |
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December 31, 2025 |
|
|
|
December 31, 2024 |
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Real Estate: |
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Balance at the beginning of the year |
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$ |
251,442 |
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$ |
156,120 |
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Additions during the year: |
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Land and land improvements |
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69,134 |
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6,537 |
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Building and building improvements |
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375,253 |
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88,785 |
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Dispositions during the year: |
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Land and land improvements |
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- |
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- |
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Building and building improvements |
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- |
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- |
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Balance at the end of the year |
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$ |
695,829 |
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$ |
251,442 |
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Accumulated Depreciation: |
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Balance at the beginning of the year |
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$ |
(6,801 |
) |
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$ |
(1,607 |
) |
Depreciation expense |
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(9,463 |
) |
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(5,194 |
) |
Dispositions |
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- |
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- |
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Balance at the end of the year |
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$ |
(16,264 |
) |
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- |
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$ |
(6,801 |
) |
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