| Schedule III - Real Estate and Accumulated Depreciation |
Schedule III - Real Estate and Accumulated Depreciation as of December 31, 2025
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Initial Costs |
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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(2) |
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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(3) |
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Acquisition Date |
Multifamily Properties: |
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Keller Property |
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Carrolton, TX |
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1 |
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$ |
33,500,000 |
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$ |
7,571,035 |
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$ |
48,070,000 |
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$ |
— |
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$ |
374,936 |
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$ |
7,571,035 |
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$ |
48,444,936 |
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$ |
56,015,971 |
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$ |
(6,803,327 |
) |
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February 2021 |
Summerfield Property |
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Landover, MD |
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1 |
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76,575,000 |
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16,119,080 |
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99,779,000 |
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— |
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1,413,907 |
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16,119,080 |
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101,192,907 |
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117,311,987 |
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(13,177,286 |
) |
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March 2021 |
Kacey Property |
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Kingwood, TX |
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1 |
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40,640,000 |
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7,800,792 |
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57,841,000 |
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— |
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433,701 |
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7,800,792 |
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58,274,701 |
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66,075,493 |
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(6,541,318 |
) |
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November 2021 |
Industry Property |
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Columbus, OH |
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1 |
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43,200,000 |
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5,615,449 |
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59,885,000 |
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— |
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302,085 |
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5,615,449 |
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60,187,085 |
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65,802,534 |
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(6,631,030 |
) |
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December 2021 |
Longmire Property |
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Conroe, TX |
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1 |
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— |
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2,391,048 |
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40,896,000 |
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— |
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1,463,214 |
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2,391,048 |
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42,359,214 |
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44,750,263 |
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(4,452,759 |
) |
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April 2022 |
West End Property |
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Lenexa, KS |
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1 |
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29,000,000 |
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1,692,298 |
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65,746,000 |
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— |
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3,869,377 |
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1,692,298 |
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69,615,377 |
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71,307,675 |
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(6,728,465 |
) |
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August 2022 |
Palms Property |
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Houston, TX |
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1 |
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20,000,000 |
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6,177,953 |
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41,275,000 |
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— |
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1,652,711 |
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6,177,953 |
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42,927,711 |
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49,105,664 |
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(4,267,789 |
) |
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August 2022 |
Pearland Property |
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Pearland, TX |
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1 |
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22,500,000 |
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3,536,337 |
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35,929,000 |
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— |
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1,253,235 |
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3,536,337 |
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37,182,235 |
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40,718,572 |
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(2,770,096 |
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June 2023 |
Total Multifamily Properties |
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8 |
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265,415,000 |
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50,903,992 |
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449,421,000 |
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— |
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10,763,166 |
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50,903,992 |
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460,184,166 |
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511,088,158 |
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(51,372,070 |
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Retail Properties: |
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GR Property |
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Grand Rapids, MI |
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1 |
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— |
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934,021 |
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5,769,179 |
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— |
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— |
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934,021 |
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5,769,179 |
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6,703,200 |
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(1,593,209 |
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July 2017 |
Net Lease DST Properties |
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Various |
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7 |
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22,495,184 |
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4,989,000 |
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28,512,000 |
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— |
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— |
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4,989,000 |
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28,512,000 |
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33,501,000 |
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(5,175,123 |
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September 2017 |
WAG Portfolio Properties |
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Various |
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8 |
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— |
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9,756,728 |
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27,109,629 |
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— |
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— |
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9,756,728 |
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27,109,629 |
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36,866,358 |
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(926,825 |
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September 2024 |
WAG MH Properties |
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Various |
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9 |
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32,581,902 |
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13,689,191 |
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30,201,234 |
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— |
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— |
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13,689,191 |
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30,201,234 |
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43,890,424 |
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(774,391 |
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January 2025 |
Total Retail Properties |
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25 |
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55,077,086 |
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29,368,940 |
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91,592,042 |
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— |
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— |
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29,368,940 |
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91,592,042 |
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120,960,982 |
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(8,469,548 |
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Office Properties: |
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FM Property |
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Fort Mill, SC |
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1 |
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21,000,000 |
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4,253,467 |
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30,301,872 |
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— |
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— |
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4,253,467 |
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30,301,872 |
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34,555,339 |
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(7,978,571 |
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February 2018 |
CO Property |
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Columbus, OH |
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1 |
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26,550,000 |
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5,807,930 |
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39,086,467 |
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— |
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— |
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5,807,930 |
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39,086,467 |
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44,894,397 |
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(9,013,686 |
) |
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July 2018 |
De Anza Property |
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Cupertino, CA |
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1 |
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— |
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— |
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60,178,379 |
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— |
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— |
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- |
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60,178,379 |
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60,178,379 |
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(6,879,366 |
) |
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July 2021 |
Valencia Property |
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Santa Clarita, CA |
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1 |
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55,200,000 |
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18,826,223 |
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56,593,809 |
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— |
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— |
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18,826,223 |
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56,593,809 |
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75,420,032 |
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(6,469,591 |
) |
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July 2021 |
ON3 Property |
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Nutley, NJ |
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1 |
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66,731,250 |
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7,921,552 |
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108,468,103 |
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— |
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— |
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7,921,552 |
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108,468,103 |
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116,389,655 |
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(10,313,741 |
) |
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April 2022 |
Total Office Properties |
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5 |
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169,481,250 |
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36,809,172 |
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294,628,630 |
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— |
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— |
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36,809,172 |
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294,628,630 |
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331,437,802 |
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(40,654,955 |
) |
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Warehouse Properties: |
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Lewisville Property |
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Lewisville, TX |
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1 |
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— |
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1,714,710 |
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11,514,635 |
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— |
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— |
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1,714,710 |
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11,514,635 |
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13,229,345 |
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(2,570,310 |
) |
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November 2018 |
Fisher Road Property |
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Columbus, OH |
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1 |
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— |
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4,327,876 |
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50,888,008 |
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— |
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18,432 |
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4,327,876 |
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50,906,440 |
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55,234,316 |
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(5,003,261 |
) |
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March 2022 |
Total Warehouse Properties |
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2 |
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— |
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6,042,586 |
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62,402,643 |
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— |
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18,432 |
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6,042,586 |
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62,421,075 |
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68,463,661 |
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(7,573,571 |
) |
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Distribution Center Properties: |
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Buchanan Property |
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Phoenix, AZ |
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1 |
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9,600,000 |
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2,528,249 |
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16,700,000 |
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— |
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— |
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2,528,249 |
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16,700,000 |
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19,228,249 |
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(2,539,792 |
) |
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November 2019 |
Madison Ave Property |
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Cleveland, OH |
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1 |
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— |
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3,107,970 |
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22,945,465 |
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— |
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— |
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3,107,970 |
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22,945,465 |
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26,053,435 |
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(2,721,097 |
) |
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May 2021 |
Total Distribution Center Properties |
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2 |
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9,600,000 |
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5,636,219 |
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39,645,465 |
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— |
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— |
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5,636,219 |
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39,645,465 |
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45,281,684 |
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(5,260,889 |
) |
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Land: |
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Mount Comfort Land |
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Greenfield, IN |
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— |
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— |
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696,934 |
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— |
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— |
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— |
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696,934 |
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— |
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696,934 |
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— |
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October 2022 |
Total Land |
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— |
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— |
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696,934 |
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— |
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— |
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— |
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696,934 |
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— |
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696,934 |
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— |
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Total |
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42 |
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$ |
499,573,336 |
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$ |
129,457,843 |
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$ |
937,689,779 |
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$ |
— |
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$ |
10,781,598 |
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$ |
129,457,843 |
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$ |
948,471,378 |
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$ |
1,077,929,221 |
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$ |
(113,331,033 |
) |
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Note: (1) As of December 31, 2025, the aggregate cost basis for tax purposes was approximately $1 billion. (2) Encumbrances excludes $101.2 million outstanding on the Company's Credit Facility as of December 31, 2025. (3) Refer to Note 2 to the Company's consolidated financial statements for details of depreciable lives. The following table summarizes activity for real estate and accumulated depreciation for the years ended December 31, 2025 and December 31, 2024:
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December 31, 2025 |
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|
December 31, 2024 |
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Real Estate: |
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Balance at the beginning of year |
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$ |
1,043,096,447 |
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$ |
1,004,124,461 |
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Additions during the year: |
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|
|
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Land and land improvements |
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|
13,645,958 |
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|
|
9,799,960 |
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Building and building improvements |
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|
32,924,522 |
|
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|
29,172,026 |
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Impairment of investment in real estate |
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|
(4,825,736 |
) |
|
|
— |
|
Assets held-for-sale |
|
|
(6,911,970 |
) |
|
|
— |
|
Balance at the end of the year |
|
$ |
1,077,929,221 |
|
|
$ |
1,043,096,447 |
|
|
|
|
|
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Accumulated Depreciation: |
|
|
|
|
|
|
Balance at the beginning of year |
|
$ |
(88,012,426 |
) |
|
$ |
(62,780,887 |
) |
Accumulated depreciation |
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|
(26,621,365 |
) |
|
|
(25,231,539 |
) |
Assets held-for-sale |
|
|
1,302,758 |
|
|
|
— |
|
Balance at the end of the year |
|
$ |
(113,331,033 |
) |
|
$ |
(88,012,426 |
) |
|