Schedule III - Real Estate and Accumulated Depreciation

12 Months Ended

Dec. 31, 2016

SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure [Abstract]

SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure [Text Block]

Agree Realty Corporation


Schedule III – Real Estate and Accumulated Depreciation	December 31, 2016

COLUMN A	COLUMN B		COLUMN C				COLUMN D		COLUMN E						COLUMN F		COLUMN G	COLUMN H
																		Life on Which Depreciation in
			Initial Cost				Costs Capitalized		Gross Amount at Which Carried at Close of Period									Latest Income
Description	Encumbrance		Land		Building and Improvements		Subsequent to Acquisition		Land		Building and Improvements		Total		Accumulated Depreciation		Date of Acquisition	Statement is Computed
Real Estate Held for Investment
Borman Center, MI		-		550,000		562,404		1,087,596		550,000		1,650,000		2,200,000		1,650,000	1977	40 Years
Capital Plaza, KY		-		7,379		2,240,607		3,510,131		7,379		5,750,738		5,758,117		3,174,720	1978	40 Years
Grayling Plaza, MI		-		200,000		1,778,657		(46,867)		200,000		1,731,790		1,931,790		1,403,479	1984	40 Years
Oscoda Plaza, MI		-		183,295		1,872,854		(39,150)		183,295		1,833,704		2,016,999		1,486,073	1984	40 Years
West Frankfort Plaza, IL		-		8,002		784,077		202,463		8,002		986,540		994,542		749,710	1982	40 Years
Omaha Store, NE		-		150,000		-		-		150,000		-		150,000		-	1995	40 Years
Wichita Store, KS		1,669,449		1,039,195		1,690,644		(149,392)		1,139,677		1,541,252		2,680,929		842,130	1995	40 Years
Monroeville, PA		-		6,332,158		2,249,724		592,003		3,153,890		2,841,727		5,995,617		1,091,652	1996	40 Years
Boynton Beach, FL		-		1,534,942		2,043,122		3,743,613		1,534,942		5,786,735		7,321,677		1,624,990	1996	40 Years
Waterford, MI		-		971,009		1,562,869		135,390		971,009		1,698,259		2,669,268		805,636	1997	40 Years
Chesterfield Township, MI		-		1,350,590		1,757,830		(46,164)		1,350,590		1,711,666		3,062,256		792,227	1998	40 Years
Grand Blanc, MI		-		1,104,285		1,998,919		43,929		1,104,285		2,042,848		3,147,133		915,885	1998	40 Years
Pontiac, MI		-		1,144,190		1,808,955		(113,506)		1,144,190		1,695,449		2,839,639		775,258	1998	40 Years
Mt Pleasant Shopping Ctr, MI		-		907,600		8,081,968		1,531,359		907,600		9,613,327		10,520,927		5,482,375	1998	40 Years
Rochester, MI		1,024,860		2,438,740		2,188,050		1,950		2,438,740		2,190,000		4,628,740		958,104	1999	40 Years
Ypsilanti, MI		925,647		2,050,000		2,222,097		32,641		2,050,000		2,254,738		4,304,738		957,402	1999	40 Years
Petoskey, MI		643,861		-		2,332,473		1,179		-		2,333,652		2,333,652		972,265	2000	40 Years
Flint, MI		971,162		2,026,625		1,879,700		(1,200)		2,026,625		1,878,500		3,905,125		751,408	2000	40 Years
Flint, MI		835,639		1,477,680		2,241,293		-		1,477,680		2,241,293		3,718,973		889,509	2001	40 Years
New Baltimore, MI		712,901		1,250,000		2,285,781		(16,503)		1,250,000		2,269,278		3,519,278		872,429	2001	40 Years
Flint, MI		2,597,545		1,729,851		1,798,091		660		1,729,851		1,798,751		3,528,602		661,377	2002	40 Years
Indianapolis, IN		-		180,000		1,117,617		19,931		180,000		1,137,548		1,317,548		428,150	2002	40 Years
Big Rapids, MI		-		1,201,675		2,014,107		(2,000)		1,201,675		2,012,107		3,213,782		691,705	2003	40 Years
Flint, MI		-		-		471,272		(201,809)		-		269,463		269,463		152,661	2003	20 Years
Canton Twp, MI		-		1,550,000		2,132,096		23,021		1,550,000		2,155,117		3,705,117		704,850	2003	40 Years
Flint, MI		3,010,506		1,537,400		1,961,674		-		1,537,400		1,961,674		3,499,074		629,451	2004	40 Years
Webster, NY		-		1,600,000		2,438,781		-		1,600,000		2,438,781		4,038,781		779,903	2004	40 Years
Albion, NY		-		1,900,000		3,037,864		-		1,900,000		3,037,864		4,937,864		920,858	2004	40 Years
Flint, MI		2,301,578		1,029,000		2,165,463		(6,666)		1,029,000		2,158,797		3,187,797		654,341	2004	40 Years
Lansing, MI		-		785,000		348,501		3,045		785,000		351,546		1,136,546		109,821	2004	40 Years
Boynton Beach, FL		-		1,569,000		2,363,524		-		1,569,000		2,363,524		3,932,524		753,517	2004	40 Years
Midland, MI		-		2,350,000		2,313,413		2,070		2,268,695		2,315,483		4,584,178		663,215	2005	40 Years
Grand Rapids, MI		-		1,450,000		2,646,591		-		1,450,000		2,646,591		4,096,591		749,867	2005	40 Years
Delta Township, MI		-		2,075,000		2,535,971		7,014		2,075,000		2,542,985		4,617,985		709,976	2005	40 Years
Roseville, MI		-		1,771,000		2,327,052		395		1,771,000		2,327,447		4,098,447		647,210	2005	40 Years
Mt Pleasant, MI		1,252,087		1,075,000		1,432,390		4,787		1,075,000		1,437,177		2,512,177		398,203	2005	40 Years
N Cape May, NJ		-		1,075,000		1,430,092		495		1,075,000		1,430,587		2,505,587		396,387	2005	40 Years

COLUMN A	COLUMN B		COLUMN C				COLUMN D		COLUMN E						COLUMN F		COLUMN G	COLUMN H
																		Life on Which Depreciation in
			Initial Cost				Costs Capitalized		Gross Amount at Which Carried at Close of Period									Latest Income
Description	Encumbrance		Land		Building and Improvements		Subsequent to Acquisition		Land		Building and Improvements		Total		Accumulated Depreciation		Date of Acquisition	Statement is Computed

Summit Twp, MI		-		998,460		1,336,357		12,686		998,460		1,349,043		2,347,503		345,290	2006	40 Years
Livonia, MI		-		1,200,000		3,441,694		817,589		1,200,000		4,259,283		5,459,283		991,030	2007	40 Years
Barnesville, GA		-		932,500		2,091,514		5,490		932,500		2,097,004		3,029,504		482,717	2007	40 Years
East Lansing, MI		-		240,000		54,531		(19,181)		240,000		35,350		275,350		11,648	2007	40 Years
Plainfield, IN		-		4,549,758		-		-		2,708,415		-		2,708,415		-	2007	40 Years
Macomb Township, MI		-		2,621,500		3,484,212		(3,484,212)		424,222		-		424,222		-	2008	40 Years
Shelby Township, MI		-		2,055,174		2,533,876		44,475		2,058,474		2,578,351		4,636,825		541,723	2008	40 Years
Brighton, MI		-		1,365,000		2,802,036		5,615		1,365,000		2,807,651		4,172,651		549,754	2009	40 Years
Lowell, MI		-		890,000		1,930,182		10,191		890,000		1,940,373		2,830,373		351,626	2009	40 Years
Southfield, MI		-		1,200,000		125,616		2,063		1,200,000		127,679		1,327,679		23,001	2009	40 Years
Atchison, KS		-		943,750		3,021,672		120,580		823,170		3,142,252		3,965,422		509,108	2010	40 Years
Johnstown, OH		2,384,927		485,000		2,799,502		1		485,000		2,799,503		3,284,503		454,920	2010	40 Years
Lake in the Hills, IL		-		2,135,000		3,328,560		445,000		1,690,000		3,773,560		5,463,560		607,643	2010	40 Years
Concord, NC		-		7,676,305		-		-		7,676,305		-		7,676,305		-	2010	40 Years
Antioch, IL		1,669,449		1,087,884		-		-		1,087,884		-		1,087,884		-	2010	40 Years
St Augustine Shores, FL		-		1,700,000		1,973,929		(4,754)		1,700,000		1,969,175		3,669,175		301,389	2010	40 Years
Atlantic Beach, FL		-		1,650,000		1,904,357		1,262		1,650,000		1,905,619		3,555,619		293,679	2010	40 Years
Mansfield, CT		2,170,284		700,000		1,902,191		508		700,000		1,902,699		2,602,699		291,349	2010	40 Years
Spring Grove, IL		2,313,000		1,191,199		-		-		1,192,167		-		1,192,167		-	2010	40 Years
Ann Arbor, MI		-		-		3,061,507		(25,932)		2,660,583		3,035,575		5,696,158		473,650	2010	40 Years
Tallahassee, FL		1,628,000		-		1,482,462		(1)		-		1,482,461		1,482,461		223,911	2010	40 Years
Wilmington, NC		2,186,000		1,500,000		1,348,591		-		1,500,000		1,348,591		2,848,591		196,671	2011	40 Years
Marietta, GA		900,000		575,000		696,297		6,359		575,000		702,656		1,277,656		96,538	2011	40 Years
Baltimore, MD		2,534,000		2,610,430		-		-		2,606,983		-		2,606,983		-	2011	40 Years
Dallas, TX		1,844,000		701,320		778,905		1,042,730		701,320		1,821,635		2,522,955		235,817	2011	40 Years
Chandler, AZ		1,550,203		332,868		793,898		360		332,868		794,258		1,127,126		104,284	2011	40 Years
New Lenox, IL		1,192,464		1,422,488		-		-		1,422,488		-		1,422,488		-	2011	40 Years
Roseville, CA		4,752,000		2,800,000		3,695,455		8,000		2,695,636		3,703,455		6,399,091		493,730	2011	40 Years
Fort Walton Beach, FL		1,768,000		542,200		1,958,790		82,553		542,200		2,041,343		2,583,543		253,074	2011	40 Years
Leawood, KS		3,048,961		989,622		3,003,541		16,197		989,621		3,019,738		4,009,359		377,465	2011	40 Years
Salt Lake City, UT		4,948,724		-		6,810,104		(44,416)		-		6,765,688		6,765,688		881,183	2011	40 Years
Burton, MI		-		80,000		-		-		80,000		-		80,000		-	2011
Macomb Township, MI		1,793,000		1,605,134		-		-		1,605,134		-		1,605,134		-	2012	40 Years
Madison, AL		1,552,000		675,000		1,317,927		-		675,000		1,317,927		1,992,927		164,740	2012	40 Years
Walker, MI		887,000		219,200		1,024,738		-		219,200		1,024,738		1,243,938		121,687	2012	40 Years
Portland, OR		-		7,969,403		-		-		7,969,564		-		7,969,564		-	2012	40 Years
Cochran, GA		-		365,714		2,053,726		-		365,714		2,053,726		2,419,440		231,046	2012	40 Years

COLUMN A	COLUMN B		COLUMN C				COLUMN D		COLUMN E						COLUMN F		COLUMN G	COLUMN H
																		Life on Which Depreciation in
			Initial Cost					Costs Capitalized	Gross Amount at Which Carried at Close of Period									Latest Income
Description	Encumbrance		Land		Building and Improvements			Subsequent to Acquisition	Land		Building and Improvements		Total		Accumulated Depreciation		Date of Acquisition	Statement is Computed

Baton Rouge, LA		1,073,217		-		1,188,322		-		-		1,188,322		1,188,322		136,162	2012	40 Years
Southfield, MI		1,483,000		1,178,215		-		-		1,178,215		-		1,178,215		-	2012	40 Years
Clifton Heights, PA		-		2,543,941		3,038,561		(3,105)		2,543,941		3,035,456		5,579,397		338,330	2012	40 Years
Newark, DE		-		2,117,547		4,777,516		(4,881)		2,117,547		4,772,635		6,890,182		532,013	2012	40 Years
Vineland, NJ		-		4,102,710		1,501,854		7,986		4,102,710		1,509,840		5,612,550		168,288	2012	40 Years
Fort Mill, SC		-		750,000		1,187,380		-		750,000		1,187,380		1,937,380		131,106	2012	40 Years
Spartanburg, SC		-		250,000		765,714		-		250,000		765,714		1,015,714		83,752	2012	40 Years
Springfield, IL		-		302,520		653,654		1,960		302,520		655,614		958,134		71,015	2012	40 Years
Jacksonville, NC		-		676,930		1,482,748		-		676,930		1,482,748		2,159,678		160,630	2012	40 Years
Morrow, GA		-		525,000		1,383,489		(99,850)		525,000		1,283,639		1,808,639		137,012	2012	40 Years
Charlotte, NC		-		1,822,900		3,531,275		(572,344)		1,822,900		2,958,931		4,781,831		310,604	2012	40 Years
Lyons, GA		-		121,627		2,155,635		(103,392)		121,627		2,052,243		2,173,870		207,435	2012	40 Years
Fuquay-Varina, NC		-		2,042,225		1,763,768		(255,778)		2,042,225		1,507,990		3,550,215		154,474	2012	40 Years
Minneapolis, MN		-		1,088,015		345,958		206,950		826,635		552,908		1,379,543		56,014	2012	40 Years
Lake Zurich, IL		-		780,974		7,909,277		28,174		780,974		7,937,451		8,718,425		801,983	2012	40 Years
Lebanon, VA		-		300,000		612,582		20,380		300,000		632,962		932,962		68,870	2012	40 Years
Harlingen, TX		-		430,000		1,614,378		12,854		430,000		1,627,232		2,057,232		162,721	2012	40 Years
Wichita, TX		-		340,000		1,530,971		12,855		340,000		1,543,826		1,883,826		154,383	2012	40 Years
Pensacola, FL		-		650,000		1,165,415		12,854		650,000		1,178,269		1,828,269		117,825	2012	40 Years
Pensacola, FL		-		400,000		1,507,583		12,854		400,000		1,520,437		1,920,437		152,045	2012	40 Years
Venice, FL		-		1,300,196		-		-		1,305,088		-		1,305,088		-	2012	40 Years
St. Joseph, MO		-		377,620		7,639,521		-		377,620		7,639,521		8,017,141		748,036	2013	40 Years
Statham, GA		-		191,919		3,851,073		-		191,919		3,851,073		4,042,992		377,082	2013	40 Years
North Las Vegas, NV		-		214,552		717,435		-		214,552		717,435		931,987		69,501	2013	40 Years
Memphis, TN		-		322,520		748,890		-		322,520		748,890		1,071,410		71,772	2013	40 Years
Rancho Cordova, CA		-		3,889,612		3,232,662		(3,232,662)		1,339,612		-		1,339,612		-	2013	40 Years
Kissimmee, FL		-		1,453,500		971,683		-		1,453,500		971,683		2,425,183		91,096	2013	40 Years
Pinellas Park, FL		-		2,625,000		874,542		4,163		2,625,000		878,705		3,503,705		78,643	2013	40 Years
Manchester, CT		-		397,800		325,705		-		397,800		325,705		723,505		29,858	2013	40 Years
Rapid City, SD		-		1,017,800		2,348,032		-		1,017,800		2,348,032		3,365,832		212,789	2013	40 Years
Chicago, IL		-		272,222		649,063		2,451		272,222		651,514		923,736		58,270	2013	40 Years
Brooklyn, OH		-		3,643,700		15,079,714		1,553		3,643,700		15,081,267		18,724,967		1,319,541	2013	40 Years
Madisonville, TX		-		96,680		1,087,642		-		96,680		1,087,642		1,184,322		95,170	2013	40 Years
Baton Rouge, LA		-		271,400		1,086,434		-		271,400		1,086,434		1,357,834		92,798	2013	40 Years
Forest, MS		-		-		1,298,176		-		-		1,298,176		1,298,176		110,887	2013	40 Years
Sun Valley, NV		-		308,495		1,373,336		3,992		253,495		1,377,328		1,630,823		114,707	2013	40 Years
Rochester, NY		-		2,500,000		7,398,639		1,722		2,500,000		7,400,361		9,900,361		608,895	2013	40 Years

COLUMN A	COLUMN B		COLUMN C				COLUMN D		COLUMN E						COLUMN F		COLUMN G	COLUMN H
																		Life on Which Depreciation in
			Initial Cost				Costs Capitalized		Gross Amount at Which Carried at Close of Period									Latest Income
Description	Encumbrance		Land		Building and Improvements		Subsequent to Acquisition		Land		Building and Improvements		Total		Accumulated Depreciation		Date of Acquisition	Statement is Computed

Allentown, PA		-		2,525,051		7,896,613		-		2,525,051		7,896,613		10,421,664		649,826	2013	40 Years
Casselberry, FL		-		1,804,000		793,101		-		1,804,000		793,101		2,597,101		67,744	2013	40 Years
Berwyn, IL		-		186,791		933,959		5,400		186,792		939,359		1,126,151		72,398	2013	40 Years
Grand Forks, ND		-		1,502,609		2,301,337		1,801,028		1,502,609		4,102,365		5,604,974		317,266	2013	40 Years
Ann Arbor, MI		7,089,196		3,000,000		4,595,757		277,040		3,000,000		4,872,797		7,872,797		374,987	2013	40 Years
Joplin, MO		-		1,208,225		1,160,843		-		1,208,225		1,160,843		2,369,068		91,899	2013	40 Years
Red Bay, AL		-		38,981		2,528,437		3,856		38,981		2,532,293		2,571,274		137,152	2014	40 Years
Birmingham, AL		-		230,106		231,313		(297)		230,106		231,016		461,122		12,033	2014	40 Years
Birmingham, AL		-		245,234		251,339		(324)		245,234		251,015		496,249		13,075	2014	40 Years
Birmingham, AL		-		98,271		179,824		-		98,271		179,824		278,095		9,366	2014	40 Years
Birmingham, AL		-		235,641		127,477		(313)		235,641		127,164		362,805		6,624	2014	40 Years
Montgomery, AL		-		325,389		217,850		-		325,389		217,850		543,239		11,347	2014	40 Years
Littleton, CO		5,293,915		819,000		8,756,266		399		819,000		8,756,665		9,575,665		492,558	2014	40 Years
St Petersburg, FL		-		1,225,000		1,025,247		6,592		1,225,000		1,031,839		2,256,839		70,661	2014	40 Years
St Augustine, FL		-		200,000		1,523,230		-		200,000		1,523,230		1,723,230		85,681	2014	40 Years
East Palatka, FL		-		730,000		575,236		6,911		730,000		582,147		1,312,147		32,704	2014	40 Years
Pensacola, FL		-		136,365		398,773		-		136,365		398,773		535,138		20,769	2014	40 Years
Jacksonville, FL		-		297,066		312,818		10,077		297,066		322,895		619,961		16,122	2014	40 Years
Jacksonville, FL		-		299,312		348,862		12,497		299,312		361,359		660,671		18,039	2014	40 Years
Fort Oglethorpe, GA		-		1,842,240		2,844,126		7,307		1,842,240		2,851,433		4,693,673		207,897	2014	40 Years
New Lenox, IL		-		2,010,000		6,206,252		107,873		2,010,000		6,314,125		8,324,125		344,320	2014	40 Years
Rockford, IL		-		303,395		2,436,873		-		303,395		2,436,873		2,740,268		137,074	2014	40 Years
Indianapolis, IN		-		575,000		1,871,110		-		575,000		1,871,110		2,446,110		128,638	2014	40 Years
Terre Haute, IN		-		103,147		2,477,263		9,676		103,147		2,486,939		2,590,086		124,336	2014	40 Years
Junction City, KS		-		78,271		2,504,294		10,831		78,271		2,515,125		2,593,396		125,756	2014	40 Years
Baton Rouge, LA		-		226,919		347,691		-		226,919		347,691		574,610		18,108	2014	40 Years
Lincoln Park, MI		-		543,303		1,408,544		-		543,303		1,408,544		1,951,847		96,837	2014	40 Years
Novi, MI		-		1,803,857		1,488,505		22,490		1,803,857		1,510,995		3,314,852		75,515	2014	40 Years
Bloomfield Hills, MI		-		1,340,000		2,003,406		357,881		1,341,900		2,361,287		3,703,187		124,481	2014	40 Years
Moorehead, MN		-		511,645		870,732		8,369		511,645		879,101		1,390,746		47,570	2014	40 Years
Fergus Falls, MN		-		405,617		561,332		100,344		405,617		661,676		1,067,293		35,807	2014	40 Years
Fergus Falls, MN		-		327,247		655,973		(89,330)		327,247		566,643		893,890		30,663	2014	40 Years
Park Rapids, MN		-		413,151		706,884		5,925		413,151		712,809		1,125,960		38,575	2014	40 Years
Jackson, MS		-		256,789		172,184		-		256,789		172,184		428,973		8,968	2014	40 Years
Belton, MO		-		714,775		7,173,999		-		714,775		7,173,999		7,888,774		358,699	2014	40 Years
Great Falls, MT		-		945,765		753,222		12,712		945,765		765,934		1,711,699		38,287	2014	40 Years
Irvington, NJ		-		315,000		1,313,025		-		315,000		1,313,025		1,628,025		90,269	2014	40 Years

COLUMN A	COLUMN B		COLUMN C				COLUMN D		COLUMN E						COLUMN F		COLUMN G	COLUMN H
																		Life on Which Depreciation in
			Initial Cost				Costs Capitalized		Gross Amount at Which Carried at Close of Period									Latest Income
Description	Encumbrance		Land		Building and Improvements		Subsequent to Acquisition		Land		Building and Improvements		Total		Accumulated Depreciation		Date of Acquisition	Statement is Computed

East Grand Forks, ND		-		313,454		914,676		7,085		313,454		921,761		1,235,215		49,887	2014	40 Years
Fargo, ND		-		513,505		1,201,532		(548,994)		513,505		652,538		1,166,043		34,001	2014	40 Years
Fargo, ND		-		629,484		707,799		505,065		629,484		1,212,864		1,842,348		65,631	2014	40 Years
Jamestown, ND		-		234,545		1,158,486		8,499		234,545		1,166,985		1,401,530		63,163	2014	40 Years
Grand Forks, ND		-		540,658		813,776		7,714		540,658		821,490		1,362,148		44,453	2014	40 Years
Grand Forks, ND		-		762,471		554,595		7,555		762,471		562,150		1,324,621		30,406	2014	40 Years
Grand Forks, ND		-		529,087		676,026		6,925		529,087		682,951		1,212,038		36,953	2014	40 Years
Toledo, OH		-		500,000		1,372,363		(12)		500,000		1,372,351		1,872,351		94,348	2014	40 Years
Toledo, OH		-		155,250		762,500		-		155,250		762,500		917,750		46,067	2014	40 Years
Toledo, OH		-		213,750		754,675		-		213,750		754,675		968,425		45,595	2014	40 Years
Toledo, OH		-		168,750		785,000		16,477		168,750		801,477		970,227		48,252	2014	40 Years
Port Clinton, OH		-		75,000		721,100		-		75,000		721,100		796,100		43,567	2014	40 Years
Mansfield, OH		-		306,000		725,600		-		306,000		725,600		1,031,600		43,838	2014	40 Years
Orville, OH		-		344,250		716,600		-		344,250		716,600		1,060,850		43,294	2014	40 Years
Akron, OH		-		427,750		715,700		-		427,750		715,700		1,143,450		43,241	2014	40 Years
Akron, OH		-		696,000		845,000		-		696,000		845,000		1,541,000		51,052	2014	40 Years
Hubbard, OH		-		204,000		726,500		-		204,000		726,500		930,500		43,893	2014	40 Years
Youngstown, OH		-		285,000		745,700		-		285,000		745,700		1,030,700		45,053	2014	40 Years
Calcutta, OH		-		208,050		758,750		1,462		208,050		760,212		968,262		45,845	2014	40 Years
Columbus, OH		-		-		1,136,250		-		-		1,136,250		1,136,250		66,282	2014	40 Years
Tulsa, OK		-		459,148		640,550		(16,477)		459,148		624,073		1,083,221		44,548	2014	40 Years
Ligonier, PA		-		330,000		5,021,849		(9,500)		330,000		5,012,349		5,342,349		303,407	2014	40 Years
Clarion, PA		-		121,200		771,500		-		121,200		771,500		892,700		46,612	2014	40 Years
Mercer, PA		-		121,200		770,000		-		121,200		770,000		891,200		46,522	2014	40 Years
Limerick, PA		-		369,000		-		-		369,000		-		369,000		-	2014	40 Years
Harrisburg, PA		-		124,757		1,446,773		11,175		124,757		1,457,948		1,582,705		72,815	2014	40 Years
Anderson, SC		-		781,200		4,441,535		-		781,200		4,441,535		5,222,735		323,862	2014	40 Years
Easley, SC		-		332,275		268,612		-		332,275		268,612		600,887		13,991	2014	40 Years
Spartanburg, SC		-		141,307		446,706		-		141,307		446,706		588,013		23,266	2014	40 Years
Spartanburg, SC		-		94,770		261,640		-		94,770		261,640		356,410		13,627	2014	40 Years
Columbia, SC		-		303,932		1,221,964		(13,830)		303,932		1,208,134		1,512,066		63,520	2014	40 Years
Alcoa, TN		-		329,074		270,719		-		329,074		270,719		599,793		14,100	2014	40 Years
Knoxville, TN		-		214,077		286,037		-		214,077		286,037		500,114		14,898	2014	40 Years
Red Bank, TN		-		229,100		302,146		-		229,100		302,146		531,246		15,736	2014	40 Years
New Tazewell, TN		-		91,006		328,561		5,073		91,006		333,634		424,640		16,674	2014	40 Years
Maryville, TN		-		94,682		1,529,621		27,242		94,682		1,556,863		1,651,545		77,477	2014	40 Years
Morristown, TN		-		46,404		801,506		4,989		46,404		806,495		852,899		40,316	2014	40 Years

COLUMN A	COLUMN B		COLUMN C				COLUMN D		COLUMN E						COLUMN F		COLUMN G	COLUMN H
																		Life on Which Depreciation in
			Initial Cost				Costs Capitalized		Gross Amount at Which Carried at Close of Period									Latest Income
Description	Encumbrance		Land		Building and Improvements		Subsequent to Acquisition		Land		Building and Improvements		Total		Accumulated Depreciation		Date of Acquisition	Statement is Computed

Clinton, TN		-		69,625		1,177,927		11,563		69,625		1,189,490		1,259,115		59,463	2014	40 Years
Knoxville, TN		-		160,057		2,265,025		12,926		160,057		2,277,951		2,438,008		113,875	2014	40 Years
Sweetwater, TN		-		79,100		1,009,290		6,739		79,100		1,016,029		1,095,129		50,789	2014	40 Years
McKinney, TX		-		2,671,020		6,785,815		-		2,671,020		6,785,815		9,456,835		424,113	2014	40 Years
Forest Va		-		282,600		956,027		-		282,600		956,027		1,238,627		59,750	2014	40 Years
Colonial Heights, VA		-		547,692		1,059,557		(5,963)		547,692		1,053,594		1,601,286		54,879	2014	40 Years
Chester, VA		-		300,583		794,417		(3,777)		300,583		790,640		1,091,223		41,182	2014	40 Years
Midlothian, VA		-		232,337		802,602		(3,839)		232,337		798,763		1,031,100		41,605	2014	40 Years
Ashland, VA		-		426,396		965,925		(5,050)		426,396		960,875		1,387,271		50,049	2014	40 Years
Mecanicsville, VA		-		219,496		906,590		(4,225)		219,496		902,365		1,121,861		47,000	2014	40 Years
Glen Allen, VA		-		590,101		1,129,495		(6,868)		590,101		1,122,627		1,712,728		58,474	2014	40 Years
Burlington, WA		-		610,000		3,647,279		(4,603)		610,000		3,642,676		4,252,676		191,111	2014	40 Years
Wausau, WI		-		909,092		1,405,899		-		909,092		1,405,899		2,314,991		87,868	2014	40 Years
Foley AL		-		305,332		506,203		-		305,332		506,203		811,535		26,238	2015	40 Years
Sulligent, AL		-		58,803		1,085,906		-		58,803		1,085,906		1,144,709		49,705	2015	40 Years
Eutaw, AL		-		103,746		1,212,006		2,935		103,746		1,214,941		1,318,687		55,608	2015	40 Years
Tallassee, AL		-		154,437		850,448		-		154,437		850,448		1,004,885		35,435	2015	40 Years
Orange Park, AL		-		649,652		1,775,000		-		649,652		1,775,000		2,424,652		59,167	2015	40 Years
Aurora, CO		-		976,865		1,999,651		1,743		976,865		2,001,394		2,978,259		54,201	2015	40 Years
Pace, FL		-		37,860		524,400		-		37,860		524,400		562,260		25,027	2015	40 Years
Pensacola, FL		-		309,607		775,084		(25)		309,607		775,059		1,084,666		36,949	2015	40 Years
Orange Park, FL		-		281,853		354,876		-		281,853		354,876		636,729		16,235	2015	40 Years
Jacksonville Beach, FL		-		623,031		370,612		-		623,031		370,612		993,643		16,171	2015	40 Years
Freeport, FL		-		312,615		1,277,386		-		312,615		1,277,386		1,590,001		47,902	2015	40 Years
Glenwood, GA		-		29,489		1,027,370		-		29,489		1,027,370		1,056,859		44,902	2015	40 Years
Albany, GA		-		47,955		641,123		-		47,955		641,123		689,078		27,969	2015	40 Years
Belvidere, IL		-		184,136		644,492		-		184,136		644,492		828,628		28,083	2015	40 Years
Springfield, IL		-		680,045		2,870,606		-		680,045		2,870,606		3,550,651		119,608	2015	40 Years
Peru, IL		-		380,254		2,125,498		-		380,254		2,125,498		2,505,752		66,422	2015	40 Years
Davenport, IA		-		776,366		6,623,542		-		776,366		6,623,542		7,399,908		248,383	2015	40 Years
Le Mars, IA		-		53,198		613,534		-		53,198		613,534		666,732		23,008	2015	40 Years
Buffalo Center, IA		-		159,353		700,460		-		159,353		700,460		859,813		24,808	2015	40 Years
Sheffield, IA		-		131,794		729,543		-		131,794		729,543		861,337		25,838	2015	40 Years
Topeka, KS		-		1,853,601		12,427,839		-		1,853,601		12,427,839		14,281,440		569,024	2015	40 Years
Lenexa, KS		-		303,175		2,186,864		-		303,175		2,186,864		2,490,039		54,672	2015	40 Years
Tompkinsville , KY		-		70,252		1,132,033		-		70,252		1,132,033		1,202,285		51,815	2015	40 Years
Hazard, KY		-		8,392,841		13,731,648		228		8,392,841		13,731,876		22,124,717		343,297	2015	40 Years

COLUMN A	COLUMN B		COLUMN C				COLUMN D		COLUMN E						COLUMN F		COLUMN G	COLUMN H
																		Life on Which Depreciation in
			Initial Cost				Costs Capitalized		Gross Amount at Which Carried at Close of Period									Latest Income
Description	Encumbrance		Land		Building and Improvements		Subsequent to Acquisition		Land		Building and Improvements		Total		Accumulated Depreciation		Date of Acquisition	Statement is Computed

DeQuincy, LA		-		114,407		1,881,056		-		114,407		1,881,056		1,995,463		86,111	2015	40 Years
Portland, MA		-		-		3,831,860		3,172		-		3,835,032		3,835,032		143,774	2015	40 Years
Flint, MI		-		120,078		2,561,015		20,489		120,078		2,581,504		2,701,582		64,538	2015	40 Years
Hutchinson, MN		-		67,914		720,799		-		67,914		720,799		788,713		25,528	2015	40 Years
Lowry City, MO		-		103,202		614,065		-		103,202		614,065		717,267		23,026	2015	40 Years
Branson, MO		-		564,066		940,585		175		564,066		940,760		1,504,826		27,438	2015	40 Years
Branson, MO		-		721,135		717,081		760		721,135		717,841		1,438,976		20,934	2015	40 Years
Enfield, NH		-		93,628		1,295,320		125		93,628		1,295,445		1,389,073		61,960	2015	40 Years
Stanley, ND		-		341,597		3,611,702		912		341,597		3,612,614		3,954,211		90,312	2015	40 Years
Marietta, OH		-		319,157		1,225,026		-		319,157		1,225,026		1,544,183		53,537	2015	40 Years
Lorain, OH		-		293,831		1,044,956		-		293,831		1,044,956		1,338,787		43,540	2015	40 Years
Franklin, OH		-		264,153		1,191,777		-		264,153		1,191,777		1,455,930		47,175	2015	40 Years
Elyria, OH		-		82,023		910,404		-		82,023		910,404		992,427		34,140	2015	40 Years
Elyria, OH		-		126,641		695,072		-		126,641		695,072		821,713		26,065	2015	40 Years
Bedford Heights, OH		-		226,920		959,528		-		226,920		959,528		1,186,448		33,983	2015	40 Years
Newburgh Heights, OH		-		224,040		959,099		-		224,040		959,099		1,183,139		33,968	2015	40 Years
Warrensville Heights, OH		-		186,209		920,496		4,900		186,209		925,396		1,111,605		32,642	2015	40 Years
Heath, OH		-		325,381		757,994		135		325,381		758,129		1,083,510		22,112	2015	40 Years
Lima, OH		-		335,386		592,154		-		335,386		592,154		927,540		14,804	2015	40 Years
Elk City, OK		-		45,212		1,242,220		-		45,212		1,242,220		1,287,432		49,171	2015	40 Years
Salem, OR		-		1,450,000		2,951,167		1,346,565		1,450,000		4,297,732		5,747,732		107,440	2015	40 Years
Westfield, PA		-		47,346		1,117,723		-		47,346		1,117,723		1,165,069		53,457	2015	40 Years
Bloomsburg, PA		-		152,645		1,091,115		-		152,645		1,091,115		1,243,760		43,190	2015	40 Years
Altoona, PA		-		555,903		9,489,791		896		555,903		9,490,687		10,046,590		296,573	2015	40 Years
Grindstone, PA		-		288,246		500,379		-		288,246		500,379		788,625		12,509	2015	40 Years
Blythewood, SC		-		475,393		878,586		-		475,393		878,586		1,353,979		39,281	2015	40 Years
Columbia, SC		-		249,900		809,935		-		249,900		809,935		1,059,835		35,335	2015	40 Years
Liberty, SC		-		27,929		1,222,856		90		27,929		1,222,946		1,250,875		53,416	2015	40 Years
Blacksburg, SC		-		27,547		1,468,101		-		27,547		1,468,101		1,495,648		61,171	2015	40 Years
Easley, SC		-		51,325		1,187,506		-		51,325		1,187,506		1,238,831		47,006	2015	40 Years
Fountain Inn, SC		-		107,633		1,076,633		-		107,633		1,076,633		1,184,266		42,617	2015	40 Years
Walterboro, SC		-		21,414		1,156,820		-		21,414		1,156,820		1,178,234		45,790	2015	40 Years
Jackson, TN		-		277,000		495,103		-		277,000		495,103		772,103		12,378	2015	40 Years
Arlington, TX		-		494,755		710,416		-		494,755		710,416		1,205,171		33,748	2015	40 Years
Sweetwater, TX		-		626,578		652,127		-		626,578		652,127		1,278,705		31,248	2015	40 Years
Fort Worth, TX		-		2,999,944		6,198,198		-		2,999,944		6,198,198		9,198,142		258,259	2015	40 Years
Brenham, TX		-		355,486		17,280,895		-		355,486		17,280,895		17,636,381		720,037	2015	40 Years

COLUMN A	COLUMN B		COLUMN C				COLUMN D		COLUMN E						COLUMN F		COLUMN G	COLUMN H
																		Life on Which Depreciation in
			Initial Cost				Costs Capitalized		Gross Amount at Which Carried at Close of Period									Latest Income
Description	Encumbrance		Land		Building and Improvements		Subsequent to Acquisition		Land		Building and Improvements		Total		Accumulated Depreciation		Date of Acquisition	Statement is Computed

Corpus Christi, TX		-		316,916		2,140,056		-		316,916		2,140,056		2,456,972		71,335	2015	40 Years
Harlingen, TX		-		126,102		869,779		-		126,102		869,779		995,881		28,993	2015	40 Years
Midland, TX		-		194,174		5,005,720		2,000		194,174		5,007,720		5,201,894		156,466	2015	40 Years
Rockwall, TX		-		578,225		1,768,930		210		578,225		1,769,140		2,347,365		44,224	2015	40 Years
Bluefield, VA		-		88,431		1,161,840		-		88,431		1,161,840		1,250,271		50,786	2015	40 Years
Princeton, WV		-		111,653		1,029,090		-		111,653		1,029,090		1,140,743		44,960	2015	40 Years
Beckley, WV		-		162,024		991,653		-		162,024		991,653		1,153,677		43,334	2015	40 Years
Martinsburg, WV		-		620,892		943,163		-		620,892		943,163		1,564,055		23,579	2015	40 Years
Grand Chute, WI		-		2,766,417		7,084,942		-		2,766,417		7,084,942		9,851,359		309,773	2015	40 Years
New Richmond, WI		-		71,969		648,850		-		71,969		648,850		720,819		24,332	2015	40 Years
Ashland, WI		-		142,287		684,545		-		142,287		684,545		826,832		24,244	2015	40 Years
Baraboo, WI		-		142,563		653,176		-		142,563		653,176		795,739		23,133	2015	40 Years
Mauston, WI		-		289,882		3,302,490		-		289,882		3,302,490		3,592,372		96,323	2015	40 Years
Decatur, AL		-		337,738		510,706		-		337,738		510,706		848,444		2,128	2016	40 Years
Greenville, AL		-		203,722		905,780		-		203,722		905,780		1,109,502		-	2016	40 Years
Bullhead City, AZ		-		177,500		1,364,406		-		177,500		1,364,406		1,541,906		25,568	2016	40 Years
Page, AZ		-		256,982		1,299,283		-		256,982		1,299,283		1,556,265		24,362	2016	40 Years
Safford, AZ		-		349,269		1,196,307		-		349,269		1,196,307		1,545,576		12,328	2016	40 Years
Tuscon, AZ		-		3,208,580		4,410,679		-		3,208,580		4,410,679		7,619,259		55,133	2016	40 Years
Bentonville, AR		-		610,926		897,562		-		610,926		897,562		1,508,488		16,867	2016	40 Years
Sunnyvale, CA		-		7,351,903		4,638,432		-		7,351,903		4,638,432		11,990,335		67,458	2016	40 Years
Upland, CA		-		4,413,871		8,318,559		-		4,413,871		8,318,559		12,732,430		121,312	2016	40 Years
Whittier, CA		-		4,237,918		7,343,869		-		4,237,918		7,343,869		11,581,787		107,098	2016	40 Years
Aurora, CO		-		847,349		834,301		-		847,349		834,301		1,681,650		-	2016	40 Years
Aurora, CO		-		1,132,676		5,716,367		-		1,132,676		5,716,367		6,849,043		-	2016	40 Years
Evergreen, CO		-		1,998,860		3,827,245		-		1,998,860		3,827,245		5,826,105		55,814	2016	40 Years
Apopka, FL		-		1,996,995		3,456,839		-		1,996,995		3,456,839		5,453,834		50,412	2016	40 Years
Lakeland, FL		-		61,000		1,227,037		-		61,000		1,227,037		1,288,037		5,113	2016	40 Years
Mt Dora, FL		-		1,678,671		3,691,615		-		1,678,671		3,691,615		5,370,286		53,836	2016	40 Years
North Miami Beach, FL		-		1,622,742		512,717		-		1,622,742		512,717		2,135,459		-	2016	40 Years
Orlando, FL		-		903,411		1,627,159		-		903,411		1,627,159		2,530,570		13,184	2016	40 Years
Port Orange, FL		-		1,493,863		3,114,697		-		1,493,863		3,114,697		4,608,560		45,423	2016	40 Years
Royal Palm Beach, FL		-		2,052,463		956,768		-		2,052,463		956,768		3,009,231		9,966	2016	40 Years
Sarasota, FL		-		1,769,175		3,587,992		-		1,769,175		3,587,992		5,357,167		52,325	2016	40 Years
Venice, FL		-		281,936		1,291,748		-		281,936		1,291,748		1,573,684		10,669	2016	40 Years
Vero Beach, FL		-		4,469,033		-		-		4,469,033		-		4,469,033		-	2016	40 Years
Dalton, GA		-		211,362		220,927		-		211,362		220,927		432,289		2,738	2016	40 Years

COLUMN A	COLUMN B		COLUMN C				COLUMN D		COLUMN E						COLUMN F		COLUMN G	COLUMN H
																		Life on Which
																		Depreciation in
			Initial Cost				Costs Capitalized		Gross Amount at Which Carried at Close of Period									Latest Income
					Building and		Subsequent				Building and				Accumulated		Date of	Statement is
Description	Encumbrance		Land		Improvements		to Acquisition		Land		Improvements		Total		Depreciation		Acquisition	Computed

Crystal Lake, IL		-		2,446,521		7,012,819		-		2,446,521		7,012,819		9,459,340		14,610	2016	40 Years
Glenwood, IL		-		815,483		970,108		-		815,483		970,108		1,785,591		4,042	2016	40 Years
Morris, IL		-		1,206,749		2,062,495		-		1,206,749		2,062,495		3,269,244		30,078	2016	40 Years
Wheaton, IL		-		447,291		751,458		-		447,291		751,458		1,198,749		12,524	2016	40 Years
Bicknell, IN		-		215,037		2,381,471		-		215,037		2,381,471		2,596,508		19,738	2016	40 Years
Fort Wayne, IN		-		711,430		1,258,357		-		711,430		1,258,357		1,969,787		28,837	2016	40 Years
Indianapolis, IN		-		734,434		970,175		-		734,434		970,175		1,704,609		18,190	2016	40 Years
Des Moines, IA		-		322,797		1,374,153		-		322,797		1,374,153		1,696,950		20,040	2016	40 Years
Frankfort, KY		-		-		514,277		-		-		514,277		514,277		4,828	2016	40 Years
DeRidder, LA		-		814,891		2,156,542		-		814,891		2,156,542		2,971,433		26,980	2016	40 Years
Lake Charles, LA		-		1,308,418		4,235,719		-		1,308,418		4,235,719		5,544,137		8,824	2016	40 Years
Shreveport, LA		-		891,872		2,058,257		-		891,872		2,058,257		2,950,129		25,738	2016	40 Years
Marshall, MI		-		339,813		-		-		339,813		-		339,813		-	2016	40 Years
Mt Pleasant, MI		-		-		511,282		-		-		511,282		511,282		-	2016	40 Years
Norton Shores, MI		-		495,605		667,982		-		495,605		667,982		1,163,587		1,392	2016	40 Years
Portage, MI		-		262,181		1,102,990		-		262,181		1,102,990		1,365,171		11,489	2016	40 Years
Stephenson, MI		-		223,152		1,044,947		-		223,152		1,044,947		1,268,099		-	2016	40 Years
Sterling, MI		-		127,844		905,607		-		127,844		905,607		1,033,451		3,773	2016	40 Years
Cambridge, MN		-		536,812		1,334,601		-		536,812		1,334,601		1,871,413		19,463	2016	40 Years
Eagle Bend, MN		-		96,558		1,165,437		-		96,558		1,165,437		1,261,995		7,222	2016	40 Years
Brandon, MS		-		428,464		969,346		-		428,464		969,346		1,397,810		16,156	2016	40 Years
Clinton, MS		-		370,264		1,057,143		-		370,264		1,057,143		1,427,407		17,619	2016	40 Years
Columbus, MS		-		1,103,458		2,128,089		-		1,103,458		2,128,089		3,231,547		44,335	2016	40 Years
Flowood, MS		-		360,267		1,044,807		-		360,267		1,044,807		1,405,074		17,413	2016	40 Years
Holly Springs, MS		-		413,316		952,574		-		413,316		952,574		1,365,890		11,782	2016	40 Years
Jackson, MS		-		242,796		963,188		-		242,796		963,188		1,205,984		16,053	2016	40 Years
Jackson, MS		-		732,944		2,862,813		-		732,944		2,862,813		3,595,757		17,893	2016	40 Years
Meridian, MS		-		396,329		1,152,729		-		396,329		1,152,729		1,549,058		19,190	2016	40 Years
Pearl, MS		-		299,839		616,351		-		299,839		616,351		916,190		-	2016	40 Years
Ridgeland, MS		-		407,041		864,498		-		407,041		864,498		1,271,539		14,408	2016	40 Years
Bowling Green, MO		-		360,201		2,809,170		-		360,201		2,809,170		3,169,371		17,511	2016	40 Years
St Robert, MO		-		394,859		1,305,366		-		394,859		1,305,366		1,700,225		-	2016	40 Years
Hamilton, MT		-		558,047		1,083,570		-		558,047		1,083,570		1,641,617		2,257	2016	40 Years
Beatty, NV		-		198,928		1,265,084		-		198,928		1,265,084		1,464,012		7,907	2016	40 Years
Alamogordo, NM		-		654,965		2,716,166		-		654,965		2,716,166		3,371,131		16,934	2016	40 Years
Alamogordo, NM		-		524,763		941,615		-		524,763		941,615		1,466,378		1,962	2016	40 Years
Alcalde, NM		-		435,486		836,499		-		435,486		836,499		1,271,985		-	2016	40 Years

COLUMN A	COLUMN B		COLUMN C				COLUMN D		COLUMN E						COLUMN F		COLUMN G	COLUMN H
																		Life on Which
																		Depreciation in
			Initial Cost				Costs Capitalized		Gross Amount at Which Carried at Close of Period									Latest Income
					Building and		Subsequent to				Building and				Accumulated		Date of	Statement is
Description	Encumbrance		Land		Improvements		Acquisition		Land		Improvements		Total		Depreciation		Acquisition	Computed

Cimarron, NM		-		345,693		1,236,437		-		345,693		1,236,437		1,582,130		2,576	2016	40 Years
La Luz, NM		-		487,401		835,455		-		487,401		835,455		1,322,856		1,741	2016	40 Years
Fayetteville, NC		-		1,267,529		2,527,462		-		1,267,529		2,527,462		3,794,991		5,266	2016	40 Years
Gastonia, NC		-		401,119		979,803		-		401,119		979,803		1,380,922		2,041	2016	40 Years
Devils Lake, ND		-		323,508		1,133,773		-		323,508		1,133,773		1,457,281		8,976	2016	40 Years
West Fargo, ND		-		789,855		600,976		-		789,855		600,976		1,390,831		-	2016	40 Years
Cambridge, OH		-		168,717		1,113,232		-		168,717		1,113,232		1,281,949		23,192	2016	40 Years
Columbus, OH		-		1,109,044		1,291,313		-		1,109,044		1,291,313		2,400,357		16,058	2016	40 Years
Grove City, OH		-		334,032		176,274		-		334,032		176,274		510,306		2,184	2016	40 Years
Lorain, OH		-		808,162		1,390,481		-		808,162		1,390,481		2,198,643		26,072	2016	40 Years
Reynoldsburg, OH		-		843,336		1,197,966		-		843,336		1,197,966		2,041,302		14,909	2016	40 Years
Springfield, OH		-		982,451		3,957,512		-		982,451		3,957,512		4,939,963		82,291	2016	40 Years
Ardmore, OK		-		571,993		1,590,151		-		571,993		1,590,151		2,162,144		23,191	2016	40 Years
Dillon, SC		-		85,896		1,697,160		-		85,896		1,697,160		1,783,056		38,893	2016	40 Years
Jasper, TN		-		190,582		966,125		-		190,582		966,125		1,156,707		-	2016	40 Years
Austin, TX		-		4,986,082		5,179,446		-		4,986,082		5,179,446		10,165,528		118,696	2016	40 Years
Carthage, TX		-		597,995		1,965,290		-		597,995		1,965,290		2,563,285		24,573	2016	40 Years
Cedar Park, TX		-		1,386,802		4,656,229		-		1,386,802		4,656,229		6,043,031		67,903	2016	40 Years
Granbury, TX		-		944,223		2,362,540		-		944,223		2,362,540		3,306,763		29,540	2016	40 Years
Hemphill, TX		-		250,503		1,955,918		-		250,503		1,955,918		2,206,421		12,176	2016	40 Years
Lampasas, TX		-		245,312		1,063,701		-		245,312		1,063,701		1,309,013		13,291	2016	40 Years
Lubbock, TX		-		1,501,556		2,341,031		-		1,501,556		2,341,031		3,842,587		29,273	2016	40 Years
Odessa, TX		-		921,043		2,434,384		-		921,043		2,434,384		3,355,427		30,439	2016	40 Years
Port Arthur, TX		-		1,889,732		8,121,417		-		1,889,732		8,121,417		10,011,149		67,440	2016	40 Years
Tyler, TX		-		4,446,648		3,178,302		-		4,446,648		3,178,302		7,624,950		24,231	2016	40 Years
Farr West, UT		-		679,206		1,040,737		-		679,206		1,040,737		1,719,943		11,736	2016	40 Years
Provo, UT		-		1,692,785		5,874,584		-		1,692,785		5,874,584		7,567,369		61,083	2016	40 Years
St George, UT		-		313,107		1,009,161		-		313,107		1,009,161		1,322,268		18,922	2016	40 Years
Tappahannock, VA		-		1,076,745		14,904		-		1,076,745		14,904		1,091,649		152	2016	40 Years
Kirkland, WA		-		816,072		-		-		816,072		-		816,072		-	2016	40 Years
Manitowoc, WI		-		879,237		4,467,960		-		879,237		4,467,960		5,347,197		37,061	2016	40 Years
Oak Creek, WI		-		487,277		3,082,180		-		487,277		3,082,180		3,569,457		64,212	2016	40 Years
Subtotal		70,006,575		317,752,804		694,003,714		9,501,919		309,687,125		703,505,633		1,013,192,758		69,696,727

Property Under Development
Various		-		-		6,763,571		-		-		6,763,571		6,763,571		-	N/A	N/A
Sub Total		-		-		6,763,571		-		-		6,763,571		6,763,571		-

Total	$	70,006,575	$	317,752,804	$	700,767,285	$	9,501,919	$	309,687,125	$	710,269,204	$	1,019,956,329	$	69,696,727

1. Reconciliation of Real Estate Properties

The following table reconciles the Real Estate Properties from January 1, 2014 to December 31, 2016.

	2016		2015		2014

Balance at January 1	$	755,848,938	$	589,147,012	$	476,168,824
Construction and acquisition cost		284,968,286		196,672,924		143,365,974
Impairment charge		-		-		(3,020,000)
Disposition of real estate		(20,860,895)		(29,970,998)		(27,367,786)

Balance at December 31	$	1,019,956,329	$	755,848,938	$	589,147,012

2. Reconciliation of Accumulated Depreciation

The following table reconciles the Real Estate Properties from January 1, 2014 to December 31, 2016.

	2016		2015		2014

Balance at January 1	$	56,401,423	$	59,089,851	$	65,436,739
Current year depreciation expense		15,201,469		11,464,695		8,361,698
Disposition of real estate		(1,906,165)		(14,153,123)		(14,708,586)

Balance at December 31	$	69,696,727	$	56,401,423	$	59,089,851

3. Tax Basis of Building and Improvements

The aggregate cost of Building and Improvements for federal income tax purposes is approximately $29,401,000 less than the cost basis used for financial statement purposes.