| 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 Amount at Which Carried at the Close of Period(1) |
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Description |
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Property 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(2) |
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Accumulated Depreciation(2) |
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Year Built/Last Renovated |
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Year Acquired |
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Depreciable Lives(3) |
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Multifamily: |
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Bass Lofts |
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Atlanta, GA |
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1 |
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$ |
14,902 |
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$ |
6,233 |
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$ |
28,002 |
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$ |
— |
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$ |
272 |
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$ |
6,233 |
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$ |
28,274 |
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$ |
34,507 |
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$ |
(936 |
) |
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1923 |
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2025 |
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(1 |
) |
Baker Chocolate Factory |
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Boston, MA |
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1 |
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23,500 |
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8,546 |
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32,130 |
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— |
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198 |
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8,546 |
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32,328 |
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40,874 |
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(322 |
) |
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1980 |
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2025 |
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(1 |
) |
Charleston Darby Portfolio |
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Charleston, SC |
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5 |
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59,728 |
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36,475 |
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46,871 |
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— |
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453 |
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36,475 |
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47,324 |
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83,799 |
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(759 |
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1975 - 1985 |
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2025 |
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(1 |
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Emblem Oswego |
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Chicago, IL |
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1 |
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— |
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16,334 |
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66,127 |
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— |
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35 |
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16,334 |
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66,162 |
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82,496 |
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(1,168 |
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2021 |
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2025 |
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(1 |
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Caroline Post Oak |
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Houston, TX |
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1 |
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40,528 |
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12,471 |
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46,522 |
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26 |
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1,805 |
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12,497 |
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48,327 |
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60,824 |
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(4,139 |
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2013 |
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2022 |
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(1 |
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Caroline West Gray |
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Houston, TX |
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1 |
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45,911 |
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11,171 |
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58,343 |
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— |
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1,098 |
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11,171 |
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59,441 |
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70,612 |
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(4,999 |
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2013 |
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2022 |
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(1 |
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The Kensley |
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Jacksonville, FL |
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1 |
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— |
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9,805 |
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38,651 |
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— |
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37 |
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9,805 |
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38,688 |
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48,493 |
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(872 |
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2004 |
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2025 |
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(1 |
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Vineyard Commons |
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Kingston, NY |
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1 |
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45,175 |
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8,697 |
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57,129 |
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— |
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49 |
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8,697 |
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57,178 |
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65,875 |
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(807 |
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2010 |
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2025 |
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(1 |
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Reflections at Red Mountain |
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Mesa, AZ |
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1 |
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— |
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11,231 |
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39,196 |
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— |
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184 |
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11,231 |
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39,380 |
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50,611 |
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(1,151 |
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1986 |
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2025 |
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(1 |
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Coda on Centre |
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Pittsburgh, PA |
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1 |
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27,860 |
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5,416 |
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42,681 |
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4 |
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303 |
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5,420 |
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42,984 |
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48,404 |
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(3,699 |
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2018 |
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2022 |
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(1 |
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The Elmstead |
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Providence, RI |
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1 |
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21,245 |
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9,322 |
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22,436 |
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41 |
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82 |
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9,363 |
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22,518 |
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31,881 |
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(587 |
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2003 |
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2025 |
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(1 |
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Preserve at Pine Valley |
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Wilmington, NC |
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1 |
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21,200 |
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5,684 |
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25,992 |
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203 |
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798 |
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5,887 |
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26,790 |
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32,677 |
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(1,293 |
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1974 |
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2025 |
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(1 |
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16 |
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300,049 |
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141,385 |
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504,080 |
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274 |
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5,314 |
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141,659 |
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509,394 |
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651,053 |
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(20,732 |
) |
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Single-family rental: |
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Fiore |
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Sarasota, FL |
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1 |
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— |
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11,304 |
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33,761 |
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6 |
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89 |
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11,310 |
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33,850 |
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45,160 |
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(2,595 |
) |
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2024 |
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2023/2024 |
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(1 |
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1 |
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— |
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11,304 |
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33,761 |
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6 |
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89 |
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11,310 |
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33,850 |
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45,160 |
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(2,595 |
) |
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Industrial: |
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Dallas Infill Portfolio |
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Dallas, TX |
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9 |
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— |
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17,037 |
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45,234 |
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— |
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|
308 |
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17,037 |
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45,542 |
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62,579 |
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(1,501 |
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1958 - 2019 |
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2025 |
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(1 |
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11801 Industry |
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Jacksonville, FL |
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1 |
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— |
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4,945 |
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13,951 |
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— |
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6 |
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4,945 |
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13,957 |
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18,902 |
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(353 |
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1968 |
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2025 |
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(1 |
) |
One Brooklyn |
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New York, NY |
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1 |
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6,600 |
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4,617 |
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11,742 |
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— |
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15 |
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4,617 |
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11,757 |
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16,374 |
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(250 |
) |
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1975 |
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2025 |
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(1 |
) |
6200 Bristol |
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Philadelphia, PA |
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1 |
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10,000 |
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20,302 |
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— |
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20 |
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— |
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20,322 |
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— |
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20,322 |
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(688 |
) |
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2022 |
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2022 |
|
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(1 |
) |
Savannah Truck Terminal |
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Savannah, GA |
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1 |
|
|
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— |
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24,304 |
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41,892 |
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— |
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|
775 |
|
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24,304 |
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42,667 |
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66,971 |
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(3,870 |
) |
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2023 |
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2023 |
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(1 |
) |
Industrial outdoor storage portfolio |
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Various(4) |
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17 |
|
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— |
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67,519 |
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18,702 |
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— |
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22 |
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67,519 |
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18,724 |
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86,243 |
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(1,937 |
) |
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1939 - 2001 |
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2024 |
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(1 |
) |
Norfolk Industrial Portfolio |
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Various(5) |
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7 |
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43,700 |
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10,643 |
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57,102 |
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|
254 |
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1,199 |
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10,897 |
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58,301 |
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69,198 |
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(2,581 |
) |
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1974 - 2008 |
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2025 |
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(1 |
) |
PODS |
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Various(6) |
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2 |
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— |
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4,995 |
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18,027 |
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— |
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29 |
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4,995 |
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|
18,056 |
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23,051 |
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(737 |
) |
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2004 - 2007 |
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2024 |
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(1 |
) |
125 Fisher Street |
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Worcester, MA |
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1 |
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— |
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6,138 |
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22,563 |
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|
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— |
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— |
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6,138 |
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22,563 |
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28,701 |
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— |
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1978 |
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2025 |
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(1 |
) |
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40 |
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60,300 |
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|
160,500 |
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|
229,213 |
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|
274 |
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2,354 |
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|
160,774 |
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231,567 |
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392,341 |
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(11,917 |
) |
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Retail: |
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Shoppes at Heron Lakes |
|
Miami, FL |
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|
1 |
|
|
|
— |
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|
14,712 |
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32,515 |
|
|
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— |
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|
— |
|
|
|
14,712 |
|
|
|
32,515 |
|
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|
47,227 |
|
|
|
(205 |
) |
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|
2004 |
|
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|
2025 |
|
|
|
(1 |
) |
Shops at Grand Avenue |
|
New York, NY |
|
|
1 |
|
|
|
— |
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|
|
16,518 |
|
|
|
23,630 |
|
|
|
130 |
|
|
|
840 |
|
|
|
16,648 |
|
|
|
24,470 |
|
|
|
41,118 |
|
|
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(1,452 |
) |
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|
1996 |
|
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2024 |
|
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(1 |
) |
Stablewood |
|
Various(7) |
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|
1 |
|
|
|
5,292 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
12,623 |
|
|
|
— |
|
|
|
12,623 |
|
|
|
12,623 |
|
|
|
— |
|
|
|
2025 |
|
|
|
2025 |
|
|
|
(1 |
) |
|
|
|
|
|
3 |
|
|
|
5,292 |
|
|
|
31,230 |
|
|
|
56,145 |
|
|
|
130 |
|
|
|
13,463 |
|
|
|
31,360 |
|
|
|
69,608 |
|
|
|
100,968 |
|
|
|
(1,657 |
) |
|
|
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Portfolio Total |
|
|
|
|
60 |
|
|
$ |
365,641 |
|
|
$ |
344,419 |
|
|
$ |
823,199 |
|
|
$ |
684 |
|
|
$ |
21,220 |
|
|
$ |
345,103 |
|
|
$ |
844,419 |
|
|
$ |
1,189,522 |
|
|
$ |
(36,901 |
) |
|
|
|
|
|
|
|
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|
(1) The aggregate cost for federal income tax purposes as of December 31, 2025 was approximately $1.2 billion. (2) The total included on Schedule III does not include furniture, fixtures and equipment totaling $8.4 million. Accumulated depreciation does not include $1.3 million of accumulated depreciation related to furniture, fixtures and equipment. (3) Refer to Note 3 to the Company's consolidated financial statements for details of depreciable lives. (4) Includes Industrial outdoor portfolio with five properties located in Illinois, three properties located in New Jersey, two properties in each of Pennsylvania, New York and Wisconsin and one property in each of California, Connecticut and Washington. (5) Includes Norfolk industrial portfolio with six properties located in Norfolk, Virginia and one located in Rockledge, Florida. (6) Includes PODS portfolio that includes one property located in Tampa, Florida and one located in Pinellas Park, Florida. (7) Represents four retail developments including one in Greenville, South Carolina, one in Denver, Colorado, one in Pensacola, Florida and one in Holland, Michigan. Schedule III - Real Estate and Accumulated Depreciation as of December 31, 2025 ($ in thousands) - Continued The following table summarizes activity for real estate and accumulated depreciation for the years ended December 31, 2025 and 2024 ($ in thousands):
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December 31, 2025 |
|
|
December 31, 2024 |
|
Real Estate: |
|
|
|
|
|
|
Balance at the beginning of the year |
|
$ |
374,981 |
|
|
$ |
277,945 |
|
Additions during the year: |
|
|
|
|
|
|
Land and land improvements |
|
|
238,449 |
|
|
|
29,742 |
|
Building and building improvements |
|
|
576,092 |
|
|
|
67,294 |
|
Balance at the end of the year |
|
$ |
1,189,522 |
|
|
$ |
374,981 |
|
|
|
|
|
|
|
|
Accumulated Depreciation: |
|
|
|
|
|
|
Balance at the beginning of the year |
|
$ |
(13,074 |
) |
|
$ |
(5,390 |
) |
Accumulated depreciation |
|
|
(23,827 |
) |
|
|
(7,684 |
) |
Balance at the end of the year |
|
$ |
(36,901 |
) |
|
$ |
(13,074 |
) |
|