Schedule III – Real Estate and Accumulated Depreciation

12 Months Ended

Dec. 31, 2017

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, 2017

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		3,318,488		1978	40 Years
Grayling Plaza, MI		-		200,000		1,778,657		(46,867)		200,000		1,731,790		1,931,790		1,446,774		1984	40 Years
West Frankfort Plaza, IL		-		8,002		784,077		202,463		8,002		986,540		994,542		774,374		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		(48,910)		1,139,677		1,541,252		2,680,929		875,350		1995	40 Years
Monroeville, PA		-		6,332,158		2,249,724		(2,586,265)		3,153,890		2,841,727		5,995,617		1,153,029		1996	40 Years
Boynton Beach, FL		-		1,534,942		2,043,122		3,743,613		1,534,942		5,786,735		7,321,677		1,770,137		1996	40 Years
Waterford, MI		-		971,009		1,562,869		144,236		971,009		1,707,105		2,678,114		848,092		1997	40 Years
Chesterfield Township, MI		-		1,350,590		1,757,830		(46,164)		1,350,590		1,711,666		3,062,256		835,019		1998	40 Years
Grand Blanc, MI		-		1,104,285		1,998,919		43,929		1,104,285		2,042,848		3,147,133		967,706		1998	40 Years
Pontiac, MI		-		1,144,190		1,808,955		(113,506)		1,144,190		1,695,449		2,839,639		817,644		1998	40 Years
Mt Pleasant Shopping Ctr, MI		-		907,600		8,081,968		1,617,649		907,600		9,699,617		10,607,217		5,831,294		1998	40 Years
Rochester, MI		715,980		2,438,740		2,188,050		1,950		2,438,740		2,190,000		4,628,740		1,012,853		1999	40 Years
Ypsilanti, MI		646,668		2,050,000		2,222,097		32,641		2,050,000		2,254,738		4,304,738		1,013,770		1999	40 Years
Petoskey, MI		449,809		-		2,332,473		1,179		-		2,333,652		2,333,652		1,030,607		2000	40 Years
Flint, MI		678,466		2,026,625		1,879,700		(1,200)		2,026,625		1,878,500		3,905,125		798,371		2000	40 Years
Flint, MI		583,788		1,477,680		2,241,293		-		1,477,680		2,241,293		3,718,973		945,541		2001	40 Years
New Baltimore, MI		498,042		1,250,000		2,285,781		(16,503)		1,250,000		2,269,278		3,519,278		929,161		2001	40 Years
Flint, MI		2,393,334		1,729,851		1,798,091		660		1,729,851		1,798,751		3,528,602		706,346		2002	40 Years
Indianapolis, IN		-		180,000		1,117,617		119,931		180,000		1,237,548		1,417,548		457,876		2002	40 Years
Big Rapids, MI		-		1,201,675		2,014,107		(2,000)		1,201,675		2,012,107		3,213,782		742,007		2003	40 Years
Flint, MI		-		-		471,272		(201,809)		-		269,463		269,463		166,120		2003	20 Years
Canton Twp, MI		-		1,550,000		2,132,096		23,021		1,550,000		2,155,117		3,705,117		758,728		2003	40 Years
Flint, MI		2,773,830		1,537,400		1,961,674		-		1,537,400		1,961,674		3,499,074		678,493		2004	40 Years
Webster, NY		-		1,600,000		2,438,781		-		1,600,000		2,438,781		4,038,781		840,872		2004	40 Years
Albion, NY		-		1,900,000		3,037,864		-		1,900,000		3,037,864		4,937,864		996,804		2004	40 Years
Flint, MI		2,120,635		1,029,000		2,165,463		(6,666)		1,029,000		2,158,797		3,187,797		708,311		2004	40 Years
Lansing, MI		-		785,000		348,501		3,045		785,000		351,546		1,136,546		118,610		2004	40 Years
Boynton Beach, FL		-		1,569,000		2,363,524		3,911,082		1,569,000		6,274,606		7,843,606		857,122		2004	40 Years
Midland, MI		-		2,350,000		2,313,413		(79,235)		2,268,695		2,315,483		4,584,178		721,102		2005	40 Years
Grand Rapids, MI		-		1,450,000		2,646,591		-		1,450,000		2,646,591		4,096,591		816,032		2005	40 Years
Delta Township, MI		-		2,075,000		2,535,971		7,014		2,075,000		2,542,985		4,617,985		773,550		2005	40 Years
Roseville, MI		-		1,771,000		2,327,052		395		1,771,000		2,327,447		4,098,447		705,400		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		434,132		2005	40 Years
N Cape May, NJ		-		1,075,000		1,430,092		495		1,075,000		1,430,587		2,505,587		432,152		2005	40 Years
Summit Twp, MI		-		998,460		1,336,357		12,686		998,460		1,349,043		2,347,503		379,333		2006	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

Livonia, MI		-		1,200,000		3,441,694		817,589		1,200,000		4,259,283		5,459,283		1,097,512		2007	40 Years
Barnesville, GA		-		932,500		2,091,514		5,490		932,500		2,097,004		3,029,504		535,142		2007	40 Years
East Lansing, MI		-		240,000		54,531		(38,420)		240,000		16,111		256,111		12,337		2007	40 Years
Plainfield, IN		-		2,708,415		-		-		2,708,415		-		2,708,415		-		2007	40 Years
Macomb Township, MI		-		424,222		-		-		424,222		-		424,222		-		2008	40 Years
Brighton, MI		-		1,365,000		2,802,036		5,615		1,365,000		2,807,651		4,172,651		619,945		2009	40 Years
Southfield, MI		1,483,000		1,200,000		125,616		2,063		1,200,000		127,679		1,327,679		26,193		2009	40 Years
Atchison, KS		-		943,750		3,021,672		-		823,170		3,142,252		3,965,422		587,664		2010	40 Years
Johnstown, OH		2,384,927		485,000		2,799,502		-		485,000		2,799,502		3,284,502		524,908		2010	40 Years
Lake in the Hills, IL		-		2,135,000		3,328,560		-		1,690,000		3,773,560		5,463,560		701,982		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		350,619		2010	40 Years
Mansfield, CT		2,170,284		700,000		1,902,191		508		700,000		1,902,699		2,602,699		338,917		2010	40 Years
Spring Grove, IL		2,313,000		1,191,199		-		968		1,192,167		-		1,192,167		-		2010	40 Years
Tallahassee, FL		1,628,000		-		1,482,462		-		-		1,482,462		1,482,462		260,972		2010	40 Years
Wilmington, NC		2,186,000		1,500,000		1,348,591		-		1,500,000		1,348,591		2,848,591		230,386		2011	40 Years
Marietta, GA		900,000		575,000		696,297		6,359		575,000		702,656		1,277,656		114,105		2011	40 Years
Baltimore, MD		2,534,000		2,610,430		-		(3,447)		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		281,357		2011	40 Years
Chandler, AZ		1,550,203		332,868		793,898		360		332,868		794,258		1,127,126		124,140		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		(96,364)		2,695,636		3,703,455		6,399,091		586,317		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		304,107		2011	40 Years
Leawood, KS		2,963,352		989,622		3,003,541		16,197		989,622		3,019,738		4,009,360		452,958		2011	40 Years
Salt Lake City, UT		4,948,724		-		6,810,104		(44,416)		-		6,765,688		6,765,688		1,050,325		2011	40 Years
Burton, MI		-		80,000		-		-		80,000		-		80,000		-		2011	0
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		197,688		2012	40 Years
Walker, MI		887,000		219,200		1,024,738		-		219,200		1,024,738		1,243,938		147,306		2012	40 Years
Portland, OR		-		7,969,403		-		161		7,969,564		-		7,969,564		-		2012	40 Years
Cochran, GA		-		365,714		2,053,726		-		365,714		2,053,726		2,419,440		282,389		2012	40 Years
Baton Rouge, LA		1,073,217		-		1,188,322		-		-		1,188,322		1,188,322		165,870		2012	40 Years
Southfield, MI		-		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		414,216		2012	40 Years
Newark, DE		-		2,117,547		4,777,516		(4,881)		2,117,547		4,772,635		6,890,182		651,329		2012	40 Years
Vineland, NJ		-		4,102,710		1,501,854		7,986		4,102,710		1,509,840		5,612,550		206,034		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
					Building and		Subsequent to				Building and				Accumulated		Date of		Statement is
Description	Encumbrance		Land		Improvements		Acquisition		Land		Improvements		Total		Depreciation		Acquisition		Computed

Fort Mill, SC		-		750,000		1,187,380		-		750,000		1,187,380		1,937,380		160,790		2012	40 Years
Spartanburg, SC		-		250,000		765,714		4,387		250,000		770,101		1,020,101		103,114		2012	40 Years
Springfield, IL		-		302,520		653,654		10,255		302,520		663,909		966,429		88,027		2012	40 Years
Jacksonville, NC		-		676,930		1,482,748		-		676,930		1,482,748		2,159,678		197,699		2012	40 Years
Morrow, GA		-		525,000		1,383,489		(99,849)		525,000		1,283,640		1,808,640		169,103		2012	40 Years
Charlotte, NC		-		1,822,900		3,531,275		(572,344)		1,822,900		2,958,931		4,781,831		384,578		2012	40 Years
Lyons, GA		-		121,627		2,155,635		(103,392)		121,627		2,052,243		2,173,870		262,352		2012	40 Years
Fuquay-Varina, NC		-		2,042,225		1,763,768		(255,778)		2,042,225		1,507,990		3,550,215		192,173		2012	40 Years
Minneapolis, MN		-		1,088,015		345,958		(54,430)		826,635		552,908		1,379,543		69,836		2012	40 Years
Lake Zurich, IL		-		780,974		7,909,277		28,174		780,974		7,937,451		8,718,425		1,000,420		2012	40 Years
Lebanon, VA		-		300,000		612,582		20,380		300,000		632,962		932,962		84,862		2012	40 Years
Harlingen, TX		-		430,000		1,614,378		12,854		430,000		1,627,232		2,057,232		203,402		2012	40 Years
Wichita, TX		-		340,000		1,530,971		12,855		340,000		1,543,826		1,883,826		192,979		2012	40 Years
Pensacola, FL		-		650,000		1,165,415		12,854		650,000		1,178,269		1,828,269		147,282		2012	40 Years
Pensacola, FL		-		400,000		1,507,583		12,854		400,000		1,520,437		1,920,437		190,056		2012	40 Years
Venice, FL		-		1,300,196		-		4,892		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		939,024		2013	40 Years
Statham, GA		-		191,919		3,851,073		-		191,919		3,851,073		4,042,992		473,359		2013	40 Years
North Las Vegas, NV		-		214,552		717,435		-		214,552		717,435		931,987		87,437		2013	40 Years
Memphis, TN		-		322,520		748,890		-		322,520		748,890		1,071,410		90,494		2013	40 Years
Rancho Cordova, CA		-		1,339,612		-		-		1,339,612		-		1,339,612		-		2013	40 Years
Kissimmee, FL		-		1,453,500		971,683		-		1,453,500		971,683		2,425,183		115,388		2013	40 Years
Pinellas Park, FL		-		2,625,000		874,542		4,163		2,625,000		878,705		3,503,705		100,611		2013	40 Years
Manchester, CT		-		397,800		325,705		-		397,800		325,705		723,505		38,000		2013	40 Years
Rapid City, SD		-		1,017,800		2,348,032		-		1,017,800		2,348,032		3,365,832		271,490		2013	40 Years
Chicago, IL		-		272,222		649,063		2,451		272,222		651,514		923,736		74,558		2013	40 Years
Brooklyn, OH		-		3,643,700		15,079,714		14,207		3,643,700		15,093,921		18,737,621		1,696,705		2013	40 Years
Madisonville, TX		-		96,680		1,087,642		9,600		96,680		1,097,242		1,193,922		122,361		2013	40 Years
Baton Rouge, LA		-		271,400		1,086,434		-		271,400		1,086,434		1,357,834		119,959		2013	40 Years
Forest, MS		-		-		1,298,176		21,925		-		1,320,101		1,320,101		144,072		2013	40 Years
Sun Valley, NV		-		308,495		1,373,336		(51,008)		253,495		1,377,328		1,630,823		149,140		2013	40 Years
Rochester, NY		-		2,500,000		7,398,639		2,017		2,500,000		7,400,656		9,900,656		793,912		2013	40 Years
Allentown, PA		-		2,525,051		7,896,613		-		2,525,051		7,896,613		10,421,664		847,241		2013	40 Years
Casselberry, FL		-		1,804,000		793,101		-		1,804,000		793,101		2,597,101		87,572		2013	40 Years
Berwyn, IL		-		186,791		933,959		5,400		186,791		939,359		1,126,150		95,882		2013	40 Years
Grand Forks, ND		-		1,502,609		2,301,337		1,801,028		1,502,609		4,102,365		5,604,974		419,826		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		496,807		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
					Building and		Subsequent to				Building and				Accumulated		Date of		Statement is
Description	Encumbrance		Land		Improvements		Acquisition		Land		Improvements		Total		Depreciation		Acquisition		Computed

Joplin, MO		-		1,208,225		1,160,843		-		1,208,225		1,160,843		2,369,068		120,920		2013	40 Years
Red Bay, AL		-		38,981		2,528,437		3,856		38,981		2,532,293		2,571,274		200,459		2014	40 Years
Birmingham, AL		-		230,106		231,313		(297)		230,106		231,016		461,122		17,808		2014	40 Years
Birmingham, AL		-		245,234		251,339		(324)		245,234		251,015		496,249		19,350		2014	40 Years
Birmingham, AL		-		98,271		179,824		-		98,271		179,824		278,095		13,862		2014	40 Years
Birmingham, AL		-		235,641		127,477		(313)		235,641		127,164		362,805		9,804		2014	40 Years
Montgomery, AL		-		325,389		217,850		-		325,389		217,850		543,239		16,793		2014	40 Years
Littleton, CO		5,130,974		819,000		8,756,266		399		819,000		8,756,665		9,575,665		711,475		2014	40 Years
St Petersburg, FL		-		1,225,000		1,025,247		6,592		1,225,000		1,031,839		2,256,839		96,457		2014	40 Years
St Augustine, FL		-		200,000		1,523,230		-		200,000		1,523,230		1,723,230		123,762		2014	40 Years
East Palatka, FL		-		730,000		575,236		6,911		730,000		582,147		1,312,147		47,258		2014	40 Years
Pensacola, FL		-		136,365		398,773		-		136,365		398,773		535,138		30,739		2014	40 Years
Jacksonville, FL		-		299,312		348,862		12,497		299,312		361,359		660,671		27,073		2014	40 Years
Fort Oglethorpe, GA		-		1,842,240		2,844,126		7,307		1,842,240		2,851,433		4,693,673		279,183		2014	40 Years
New Lenox, IL		-		2,010,000		6,206,252		107,873		2,010,000		6,314,125		8,324,125		502,341		2014	40 Years
Rockford, IL		-		303,395		2,436,873		-		303,395		2,436,873		2,740,268		197,996		2014	40 Years
Indianapolis, IN		-		575,000		1,871,110		-		575,000		1,871,110		2,446,110		175,416		2014	40 Years
Terre Haute, IN		-		103,147		2,477,263		32,376		103,147		2,509,639		2,612,786		186,763		2014	40 Years
Junction City, KS		-		78,271		2,504,294		10,831		78,271		2,515,125		2,593,396		188,634		2014	40 Years
Baton Rouge, LA		-		226,919		347,691		-		226,919		347,691		574,610		26,801		2014	40 Years
Lincoln Park, MI		-		543,303		1,408,544		-		543,303		1,408,544		1,951,847		132,050		2014	40 Years
Novi, MI		-		1,803,857		1,488,505		22,490		1,803,857		1,510,995		3,314,852		113,290		2014	40 Years
Bloomfield Hills, MI		-		1,340,000		2,003,406		364,266		1,341,900		2,365,772		3,707,672		183,907		2014	40 Years
Moorehead, MN		-		511,645		870,732		8,369		511,645		879,101		1,390,746		69,547		2014	40 Years
Park Rapids, MN		-		413,151		706,884		5,925		413,151		712,809		1,125,960		56,396		2014	40 Years
Jackson, MS		-		256,789		172,184		-		256,789		172,184		428,973		13,273		2014	40 Years
Belton, MO		-		714,775		7,173,999		-		714,775		7,173,999		7,888,774		538,049		2014	40 Years
Great Falls, MT		-		945,765		753,222		12,712		945,765		765,934		1,711,699		57,435		2014	40 Years
Irvington, NJ		-		315,000		1,313,025		-		315,000		1,313,025		1,628,025		123,094		2014	40 Years
Fargo, ND		-		629,484		707,799		505,065		629,484		1,212,864		1,842,348		95,952		2014	40 Years
Jamestown, ND		-		234,545		1,158,486		8,499		234,545		1,166,985		1,401,530		92,337		2014	40 Years
Grand Forks, ND		-		540,658		813,776		7,714		540,658		821,490		1,362,148		64,990		2014	40 Years
Toledo, OH		-		500,000		1,372,363		(12)		500,000		1,372,351		1,872,351		128,657		2014	40 Years
Toledo, OH		-		155,250		762,500		72		155,250		762,572		917,822		65,131		2014	40 Years
Toledo, OH		-		213,750		754,675		-		213,750		754,675		968,425		64,462		2014	40 Years
Toledo, OH		-		168,750		785,000		16,477		168,750		801,477		970,227		68,289		2014	40 Years
Port Clinton, OH		-		75,000		721,100		-		75,000		721,100		796,100		61,595		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
					Building and		Subsequent to				Building and				Accumulated		Date of		Statement is
Description	Encumbrance		Land		Improvements		Acquisition		Land		Improvements		Total		Depreciation		Acquisition		Computed

Mansfield, OH		-		306,000		725,600		-		306,000		725,600		1,031,600		61,978		2014	40 Years
Orville, OH		-		344,250		716,600		-		344,250		716,600		1,060,850		61,209		2014	40 Years
Akron, OH		-		427,750		715,700		-		427,750		715,700		1,143,450		61,133		2014	40 Years
Akron, OH		-		696,000		845,000		-		696,000		845,000		1,541,000		72,177		2014	40 Years
Hubbard, OH		-		204,000		726,500		-		204,000		726,500		930,500		62,056		2014	40 Years
Youngstown, OH		-		285,000		745,700		-		285,000		745,700		1,030,700		63,696		2014	40 Years
Calcutta, OH		-		208,050		758,750		1,462		208,050		760,212		968,262		64,852		2014	40 Years
Columbus, OH		-		-		1,136,250		2,795		-		1,139,045		1,139,045		94,688		2014	40 Years
Tulsa, OK		-		459,148		640,550		(16,477)		459,148		624,073		1,083,221		60,150		2014	40 Years
Ligonier, PA		-		330,000		5,021,849		(9,500)		330,000		5,012,349		5,342,349		428,699		2014	40 Years
Clarion, PA		-		121,200		771,500		-		121,200		771,500		892,700		65,900		2014	40 Years
Mercer, PA		-		121,200		770,000		-		121,200		770,000		891,200		65,772		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		109,264		2014	40 Years
Anderson, SC		-		781,200		4,441,535		-		781,200		4,441,535		5,222,735		434,901		2014	40 Years
Easley, SC		-		332,275		268,612		-		332,275		268,612		600,887		20,706		2014	40 Years
Spartanburg, SC		-		141,307		446,706		-		141,307		446,706		588,013		34,434		2014	40 Years
Spartanburg, SC		-		94,770		261,640		-		94,770		261,640		356,410		20,168		2014	40 Years
Columbia, SC		-		303,932		1,221,964		(13,830)		303,932		1,208,134		1,512,066		93,724		2014	40 Years
Alcoa, TN		-		329,074		270,719		-		329,074		270,719		599,793		20,868		2014	40 Years
Knoxville, TN		-		214,077		286,037		-		214,077		286,037		500,114		22,049		2014	40 Years
Red Bank, TN		-		229,100		302,146		-		229,100		302,146		531,246		23,290		2014	40 Years
New Tazewell, TN		-		91,006		328,561		5,074		91,006		333,635		424,641		25,015		2014	40 Years
Maryville, TN		-		94,682		1,529,621		27,243		94,682		1,556,864		1,651,546		116,399		2014	40 Years
Morristown, TN		-		46,404		801,506		4,990		46,404		806,496		852,900		60,479		2014	40 Years
Clinton, TN		-		69,625		1,177,927		11,564		69,625		1,189,491		1,259,116		89,200		2014	40 Years
Knoxville, TN		-		160,057		2,265,025		12,927		160,057		2,277,952		2,438,009		170,824		2014	40 Years
Sweetwater, TN		-		79,100		1,009,290		6,740		79,100		1,016,030		1,095,130		76,190		2014	40 Years
McKinney, TX		-		2,671,020		6,785,815		331		2,671,020		6,786,146		9,457,166		593,759		2014	40 Years
Forest Va		-		282,600		956,027		-		282,600		956,027		1,238,627		83,651		2014	40 Years
Colonial Heights, VA		-		547,692		1,059,557		(5,963)		547,692		1,053,594		1,601,286		81,218		2014	40 Years
Chester, VA		-		300,583		794,417		(3,777)		300,583		790,640		1,091,223		60,947		2014	40 Years
Midlothian, VA		-		232,337		802,602		(3,839)		232,337		798,763		1,031,100		61,573		2014	40 Years
Ashland, VA		-		426,396		965,925		(5,050)		426,396		960,875		1,387,271		74,070		2014	40 Years
Mecanicsville, VA		-		219,496		906,590		(4,225)		219,496		902,365		1,121,861		69,560		2014	40 Years
Glen Allen, VA		-		590,101		1,129,495		(6,867)		590,101		1,122,628		1,712,729		86,540		2014	40 Years
Burlington, WA		-		610,000		3,647,279		(4,602)		610,000		3,642,677		4,252,677		282,178		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
					Building and		Subsequent to				Building and				Accumulated		Date of		Statement is
Description	Encumbrance		Land		Improvements		Acquisition		Land		Improvements		Total		Depreciation		Acquisition		Computed

Wausau, WI		-		909,092		1,405,899		-		909,092		1,405,899		2,314,991		123,015		2014	40 Years
Foley AL		-		305,332		506,203		-		305,332		506,203		811,535		38,893		2015	40 Years
Sulligent, AL		-		58,803		1,085,906		-		58,803		1,085,906		1,144,709		76,853		2015	40 Years
Eutaw, AL		-		103,746		1,212,006		2,935		103,746		1,214,941		1,318,687		85,982		2015	40 Years
Tallassee, AL		-		154,437		850,448		11,125		154,437		861,573		1,016,010		56,758		2015	40 Years
Orange Park, AL		-		649,652		1,775,000		-		649,652		1,775,000		2,424,652		103,542		2015	40 Years
Aurora, CO		-		976,865		1,999,651		1,743		976,865		2,001,394		2,978,259		104,236		2015	40 Years
Pace, FL		-		37,860		524,400		-		37,860		524,400		562,260		38,137		2015	40 Years
Pensacola, FL		-		309,607		775,084		(25)		309,607		775,059		1,084,666		56,326		2015	40 Years
Jacksonville Beach, FL		-		623,031		370,612		-		623,031		370,612		993,643		25,436		2015	40 Years
Freeport, FL		-		312,615		1,277,386		-		312,615		1,277,386		1,590,001		79,837		2015	40 Years
Glenwood, GA		-		29,489		1,027,370		-		29,489		1,027,370		1,056,859		70,586		2015	40 Years
Albany, GA		-		47,955		641,123		-		47,955		641,123		689,078		43,997		2015	40 Years
Belvidere, IL		-		184,136		644,492		-		184,136		644,492		828,628		44,196		2015	40 Years
Springfield, IL		-		680,045		2,870,606		-		680,045		2,870,606		3,550,651		191,373		2015	40 Years
Peru, IL		-		380,254		2,125,498		-		380,254		2,125,498		2,505,752		119,559		2015	40 Years
Davenport, IA		-		776,366		6,623,542		-		776,366		6,623,542		7,399,908		413,971		2015	40 Years
Le Mars, IA		-		53,198		613,534		(300,000)		53,198		313,534		366,732		38,346		2015	40 Years
Buffalo Center, IA		-		159,353		700,460		-		159,353		700,460		859,813		42,319		2015	40 Years
Sheffield, IA		-		131,794		729,543		-		131,794		729,543		861,337		44,077		2015	40 Years
Topeka, KS		-		1,853,601		12,427,839		12,465		1,853,601		12,440,304		14,293,905		880,135		2015	40 Years
Lenexa, KS		-		303,175		2,186,864		-		303,175		2,186,864		2,490,039		109,343		2015	40 Years
Tompkinsville , KY		-		70,252		1,132,033		-		70,252		1,132,033		1,202,285		80,116		2015	40 Years
Hazard, KY		-		8,392,841		13,731,648		(16,857)		8,375,591		13,732,041		22,107,632		686,597		2015	40 Years
DeQuincy, LA		-		114,407		1,881,056		4,725		114,407		1,885,781		2,000,188		133,295		2015	40 Years
Portland, MA		-		-		3,831,860		3,172		-		3,835,032		3,835,032		239,650		2015	40 Years
Flint, MI		-		120,078		2,561,015		20,490		120,078		2,581,505		2,701,583		129,075		2015	40 Years
Hutchinson, MN		-		67,914		720,799		-		67,914		720,799		788,713		43,548		2015	40 Years
Lowry City, MO		-		103,202		614,065		-		103,202		614,065		717,267		38,379		2015	40 Years
Branson, MO		-		564,066		940,585		175		564,066		940,760		1,504,826		50,957		2015	40 Years
Branson, MO		-		721,135		717,081		940		721,135		718,021		1,439,156		38,884		2015	40 Years
Enfield, NH		-		93,628		1,295,320		48,989		93,628		1,344,309		1,437,937		94,417		2015	40 Years
Marietta, OH		-		319,157		1,225,026		-		319,157		1,225,026		1,544,183		84,162		2015	40 Years
Lorain, OH		-		293,831		1,044,956		-		293,831		1,044,956		1,338,787		69,664		2015	40 Years
Franklin, OH		-		264,153		1,191,777		-		264,153		1,191,777		1,455,930		76,969		2015	40 Years
Elyria, OH		-		82,023		910,404		-		82,023		910,404		992,427		56,900		2015	40 Years
Elyria, OH		-		126,641		695,072		-		126,641		695,072		821,713		43,442		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
					Building and		Subsequent to				Building and				Accumulated		Date of		Statement is
Description	Encumbrance		Land		Improvements		Acquisition		Land		Improvements		Total		Depreciation		Acquisition		Computed

Bedford Heights, OH		-		226,920		959,528		-		226,920		959,528		1,186,448		57,972		2015	40 Years
Newburgh Heights, OH		-		224,040		959,099		-		224,040		959,099		1,183,139		57,946		2015	40 Years
Warrensville Heights, OH		-		186,209		920,496		4,900		186,209		925,396		1,111,605		56,144		2015	40 Years
Heath, OH		-		325,381		757,994		135		325,381		758,129		1,083,510		41,065		2015	40 Years
Lima, OH		-		335,386		592,154		-		335,386		592,154		927,540		29,608		2015	40 Years
Elk City, OK		-		45,212		1,242,220		-		45,212		1,242,220		1,287,432		80,226		2015	40 Years
Salem, OR		-		1,450,000		2,951,167		1,346,640		1,450,000		4,297,807		5,747,807		214,887		2015	40 Years
Westfield, PA		-		47,346		1,117,723		-		47,346		1,117,723		1,165,069		81,400		2015	40 Years
Bloomsburg, PA		-		152,645		1,091,115		-		152,645		1,091,115		1,243,760		70,468		2015	40 Years
Altoona, PA		-		555,903		9,489,791		1,017		555,903		9,490,808		10,046,711		533,843		2015	40 Years
Grindstone, PA		-		288,246		500,379		-		288,246		500,379		788,625		25,019		2015	40 Years
Blythewood, SC		-		475,393		878,586		-		475,393		878,586		1,353,979		61,245		2015	40 Years
Columbia, SC		-		249,900		809,935		-		249,900		809,935		1,059,835		55,583		2015	40 Years
Liberty, SC		-		27,929		1,222,856		90		27,929		1,222,946		1,250,875		83,989		2015	40 Years
Blacksburg, SC		-		27,547		1,468,101		-		27,547		1,468,101		1,495,648		97,874		2015	40 Years
Easley, SC		-		51,325		1,187,506		-		51,325		1,187,506		1,238,831		76,693		2015	40 Years
Fountain Inn, SC		-		107,633		1,076,633		-		107,633		1,076,633		1,184,266		69,533		2015	40 Years
Walterboro, SC		-		21,414		1,156,820		-		21,414		1,156,820		1,178,234		74,711		2015	40 Years
Jackson, TN		-		277,000		495,103		-		277,000		495,103		772,103		24,755		2015	40 Years
Arlington, TX		-		494,755		710,416		-		494,755		710,416		1,205,171		51,508		2015	40 Years
Sweetwater, TX		-		626,578		652,127		-		626,578		652,127		1,278,705		47,551		2015	40 Years
Fort Worth, TX		-		2,999,944		6,198,198		-		2,999,944		6,198,198		9,198,142		413,214		2015	40 Years
Brenham, TX		-		355,486		17,280,895		581		355,486		17,281,476		17,636,962		1,152,060		2015	40 Years
Corpus Christi, TX		-		316,916		2,140,056		-		316,916		2,140,056		2,456,972		124,837		2015	40 Years
Harlingen, TX		-		126,102		869,779		-		126,102		869,779		995,881		50,737		2015	40 Years
Midland, TX		-		194,174		5,005,720		2,000		194,174		5,007,720		5,201,894		281,659		2015	40 Years
Rockwall, TX		-		578,225		1,768,930		210		578,225		1,769,140		2,347,365		88,452		2015	40 Years
Bluefield, VA		-		88,431		1,161,840		-		88,431		1,161,840		1,250,271		79,832		2015	40 Years
Princeton, WV		-		111,653		1,029,090		-		111,653		1,029,090		1,140,743		70,688		2015	40 Years
Beckley, WV		-		162,024		991,653		-		162,024		991,653		1,153,677		68,126		2015	40 Years
Martinsburg, WV		-		620,892		943,163		-		620,892		943,163		1,564,055		47,158		2015	40 Years
Grand Chute, WI		-		2,766,417		7,084,942		4,700		2,766,417		7,089,642		9,856,059		486,949		2015	40 Years
New Richmond, WI		-		71,969		648,850		-		71,969		648,850		720,819		40,553		2015	40 Years
Ashland, WI		-		142,287		684,545		-		142,287		684,545		826,832		41,358		2015	40 Years
Baraboo, WI		-		142,563		653,176		-		142,563		653,176		795,739		39,463		2015	40 Years
Mauston, WI		-		289,882		3,302,490		-		289,882		3,302,490		3,592,372		178,885		2015	40 Years
Decatur, AL		-		337,738		510,706		-		337,738		510,706		848,444		14,896		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

Greenville, AL		-		203,722		905,780		9,911		203,722		915,691		1,119,413		22,849		2016	40 Years
Bullhead City, AZ		-		177,500		1,364,406		-		177,500		1,364,406		1,541,906		59,678		2016	40 Years
Page, AZ		-		256,982		1,299,283		-		256,982		1,299,283		1,556,265		56,844		2016	40 Years
Safford, AZ		-		349,269		1,196,307		-		349,269		1,196,307		1,545,576		42,239		2016	40 Years
Tuscon, AZ		-		3,208,580		4,410,679		-		3,208,580		4,410,679		7,619,259		165,400		2016	40 Years
Bentonville, AR		-		610,926		897,562		170		610,926		897,732		1,508,658		39,305		2016	40 Years
Sunnyvale, CA		-		7,351,903		4,638,432		735		7,351,903		4,639,167		11,991,070		183,437		2016	40 Years
Upland, CA		-		4,413,871		8,318,559		-		4,413,871		8,318,559		12,732,430		329,276		2016	40 Years
Whittier, CA		-		4,237,918		7,343,869		-		4,237,918		7,343,869		11,581,787		290,695		2016	40 Years
Aurora, CO		-		847,349		834,301		-		847,349		834,301		1,681,650		20,858		2016	40 Years
Aurora, CO		-		1,132,676		5,716,367		32,402		1,132,676		5,748,769		6,881,445		143,582		2016	40 Years
Evergreen, CO		-		1,998,860		3,827,245		-		1,998,860		3,827,245		5,826,105		151,495		2016	40 Years
Apopka, FL		-		1,996,995		3,456,839		14,303		1,996,995		3,471,142		5,468,137		136,863		2016	40 Years
Lakeland, FL		-		61,000		1,227,037		-		61,000		1,227,037		1,288,037		35,789		2016	40 Years
Mt Dora, FL		-		1,678,671		3,691,615		-		1,678,671		3,691,615		5,370,286		146,126		2016	40 Years
North Miami Beach, FL		-		1,622,742		512,717		10,328		1,622,742		523,045		2,145,787		13,022		2016	40 Years
Orlando, FL		-		903,411		1,627,159		(24,843)		903,411		1,602,316		2,505,727		53,319		2016	40 Years
Port Orange, FL		-		1,493,863		3,114,697		-		1,493,863		3,114,697		4,608,560		123,290		2016	40 Years
Royal Palm Beach, FL		-		2,052,463		956,768		-		2,052,463		956,768		3,009,231		33,886		2016	40 Years
Sarasota, FL		-		1,769,175		3,587,992		22,885		1,769,175		3,610,877		5,380,052		142,025		2016	40 Years
Venice, FL		-		281,936		1,291,748		-		281,936		1,291,748		1,573,684		42,966		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		8,263		2016	40 Years
Crystal Lake, IL		-		2,446,521		7,012,819		120		2,446,521		7,012,939		9,459,460		189,933		2016	40 Years
Glenwood, IL		-		815,483		970,108		-		815,483		970,108		1,785,591		28,295		2016	40 Years
Morris, IL		-		1,206,749		2,062,495		-		1,206,749		2,062,495		3,269,244		81,640		2016	40 Years
Wheaton, IL		-		447,291		751,458		-		447,291		751,458		1,198,749		31,311		2016	40 Years
Bicknell, IN		-		215,037		2,381,471		-		215,037		2,381,471		2,596,508		79,278		2016	40 Years
Fort Wayne, IN		-		711,430		1,258,357		-		711,430		1,258,357		1,969,787		60,296		2016	40 Years
Indianapolis, IN		-		734,434		970,175		-		734,434		970,175		1,704,609		42,443		2016	40 Years
Des Moines, IA		-		322,797		1,374,153		-		322,797		1,374,153		1,696,950		54,394		2016	40 Years
Frankfort, KY		-		-		514,277		-		-		514,277		514,277		17,699		2016	40 Years
DeRidder, LA		-		814,891		2,156,542		480		814,891		2,157,022		2,971,913		80,904		2016	40 Years
Lake Charles, LA		-		1,308,418		4,235,719		5,761		1,308,418		4,241,480		5,549,898		114,753		2016	40 Years
Shreveport, LA		-		891,872		2,058,257		-		891,872		2,058,257		2,950,129		77,194		2016	40 Years
Marshall, MI		-		339,813		-		-		339,813		-		339,813		-		2016	40 Years
Mt Pleasant, MI		-		-		511,282		(254)		-		511,028		511,028		12,777		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

Norton Shores, MI		-		495,605		667,982		7,274		495,605		675,256		1,170,861		18,243		2016	40 Years
Portage, MI		-		262,181		1,102,990		-		262,181		1,102,990		1,365,171		39,064		2016	40 Years
Stephenson, MI		-		223,152		1,044,947		270		223,152		1,045,217		1,268,369		26,128		2016	40 Years
Sterling, MI		-		127,844		905,607		25,464		127,844		931,071		1,058,915		26,949		2016	40 Years
Cambridge, MN		-		536,812		1,334,601		-		536,812		1,334,601		1,871,413		52,828		2016	40 Years
Eagle Bend, MN		-		96,558		1,165,437		-		96,558		1,165,437		1,261,995		36,360		2016	40 Years
Brandon, MS		-		428,464		969,346		-		428,464		969,346		1,397,810		40,389		2016	40 Years
Clinton, MS		-		370,264		1,057,143		-		370,264		1,057,143		1,427,407		44,048		2016	40 Years
Columbus, MS		-		1,103,458		2,128,089		-		1,103,458		2,128,089		3,231,547		97,537		2016	40 Years
Flowood, MS		-		360,267		1,044,807		-		360,267		1,044,807		1,405,074		43,534		2016	40 Years
Holly Springs, MS		-		413,316		952,574		-		413,316		952,574		1,365,890		35,600		2016	40 Years
Jackson, MS		-		242,796		963,188		-		242,796		963,188		1,205,984		40,133		2016	40 Years
Jackson, MS		-		732,944		2,862,813		-		732,944		2,862,813		3,595,757		89,463		2016	40 Years
Meridian, MS		-		396,329		1,152,729		-		396,329		1,152,729		1,549,058		48,009		2016	40 Years
Pearl, MS		-		299,839		616,351		7,355		299,839		623,706		923,545		15,538		2016	40 Years
Ridgeland, MS		-		407,041		864,498		-		407,041		864,498		1,271,539		36,021		2016	40 Years
Bowling Green, MO		-		360,201		2,809,170		-		360,201		2,809,170		3,169,371		87,742		2016	40 Years
St Robert, MO		-		394,859		1,305,366		11,379		394,859		1,316,745		1,711,604		32,860		2016	40 Years
Hamilton, MT		-		558,047		1,083,570		442		558,047		1,084,012		1,642,059		29,356		2016	40 Years
Beatty, NV		-		198,928		1,265,084		8,051		198,928		1,273,135		1,472,063		39,669		2016	40 Years
Alamogordo, NM		-		654,965		2,716,166		143		654,965		2,716,309		3,371,274		84,842		2016	40 Years
Alamogordo, NM		-		524,763		941,615		7,522		524,763		949,137		1,473,900		25,660		2016	40 Years
Alcalde, NM		-		435,486		836,499		-		435,486		836,499		1,271,985		20,912		2016	40 Years
Cimarron, NM		-		345,693		1,236,437		7,613		345,693		1,244,050		1,589,743		33,647		2016	40 Years
La Luz, NM		-		487,401		835,455		-		487,401		835,455		1,322,856		22,627		2016	40 Years
Fayetteville, NC		-		1,267,529		2,527,462		16,292		1,267,529		2,543,754		3,811,283		68,794		2016	40 Years
Gastonia, NC		-		401,119		979,803		1,631		401,119		981,434		1,382,553		26,580		2016	40 Years
Devils Lake, ND		-		323,508		1,133,773		955		323,508		1,134,728		1,458,236		37,357		2016	40 Years
West Fargo, ND		-		789,855		600,976		255,626		789,855		856,602		1,646,457		20,383		2016	40 Years
Cambridge, OH		-		168,717		1,113,232		-		168,717		1,113,232		1,281,949		51,023		2016	40 Years
Columbus, OH		-		1,109,044		1,291,313		-		1,109,044		1,291,313		2,400,357		48,344		2016	40 Years
Grove City, OH		-		334,032		176,274		-		334,032		176,274		510,306		6,592		2016	40 Years
Lorain, OH		-		808,162		1,390,481		10,000		808,162		1,400,481		2,208,643		60,834		2016	40 Years
Reynoldsburg, OH		-		843,336		1,197,966		-		843,336		1,197,966		2,041,302		44,861		2016	40 Years
Springfield, OH		-		982,451		3,957,512		(3,500)		982,451		3,954,012		4,936,463		181,158		2016	40 Years
Ardmore, OK		-		571,993		1,590,151		-		571,993		1,590,151		2,162,144		62,945		2016	40 Years
Dillon, SC		-		85,896		1,697,160		-		85,896		1,697,160		1,783,056		81,322		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

Jasper, TN		-		190,582		966,125		6,888		190,582		973,013		1,163,595		24,298		2016	40 Years
Austin, TX		-		4,986,082		5,179,446		9,988		4,986,082		5,189,434		10,175,516		248,182		2016	40 Years
Carthage, TX		-		597,995		1,965,290		-		597,995		1,965,290		2,563,285		73,705		2016	40 Years
Cedar Park, TX		-		1,386,802		4,656,229		-		1,386,802		4,656,229		6,043,031		184,309		2016	40 Years
Granbury, TX		-		944,223		2,362,540		-		944,223		2,362,540		3,306,763		88,603		2016	40 Years
Hemphill, TX		-		250,503		1,955,918		11,886		250,503		1,967,804		2,218,307		61,107		2016	40 Years
Lampasas, TX		-		245,312		1,063,701		-		245,312		1,063,701		1,309,013		39,883		2016	40 Years
Lubbock, TX		-		1,501,556		2,341,031		-		1,501,556		2,341,031		3,842,587		87,799		2016	40 Years
Odessa, TX		-		921,043		2,434,384		5,615		921,043		2,439,999		3,361,042		91,310		2016	40 Years
Port Arthur, TX		-		1,889,732		8,121,417		55		1,889,732		8,121,472		10,011,204		270,482		2016	40 Years
Tyler, TX		-		4,446,648		3,178,302		2,650		4,446,648		3,180,952		7,627,600		104,137		2016	40 Years
Farr West, UT		-		679,206		1,040,737		3,062		679,206		1,043,799		1,723,005		37,858		2016	40 Years
Provo, UT		-		1,692,785		5,874,584		40,450		1,692,785		5,915,034		7,607,819		208,176		2016	40 Years
St George, UT		-		313,107		1,009,161		13,030		313,107		1,022,191		1,335,298		44,151		2016	40 Years
Tappahannock, VA		-		1,076,745		14,904		-		1,076,745		14,904		1,091,649		526		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		148,764		2016	40 Years
Oak Creek, WI		-		487,277		3,082,180		41,775		487,277		3,123,955		3,611,232		141,924		2016	40 Years
Oxford, AL		-		148,407		641,820		-		148,407		641,820		790,227		10,666		2017	40 Years
Oxford, AL		-		255,786		7,273,871		-		255,786		7,273,871		7,529,657		121,231		2017	40 Years
Oxford, AL		-		24,875		600,936		-		24,875		600,936		625,811		10,016		2017	40 Years
Jonesboro, AR		-		3,656,554		3,219,456		-		3,656,554		3,219,456		6,876,010		17,989		2017	40 Years
Lowell, AR		-		949,519		1,435,056		-		949,519		1,435,056		2,384,575		-		2017	40 Years
Southington, CT		-		1,088,181		1,287,837		-		1,088,181		1,287,837		2,376,018		-		2017	40 Years
Millsboro, DE		-		3,501,109		-		-		3,501,109		-		3,501,109		-		2017	40 Years
Jacksonville,FL		-		2,298,885		2,894,565		-		2,298,885		2,894,565		5,193,450		6,030		2017	40 Years
Orange Park, FL		-		214,858		2,304,095		-		214,858		2,304,095		2,518,953		28,769		2017	40 Years
Port Richey, FL		-		1,140,182		1,649,773		-		1,140,182		1,649,773		2,789,955		20,608		2017	40 Years
Americus, GA		-		1,318,463		-		-		1,318,463		-		1,318,463		-		2017	40 Years
Brunswick, GA		-		1,279,688		2,158,863		-		1,279,688		2,158,863		3,438,551		40,299		2017	40 Years
Brunswick, GA		-		126,335		1,626,530		-		126,335		1,626,530		1,752,865		3,389		2017	40 Years
Buford, GA		-		341,860		1,023,813		-		341,860		1,023,813		1,365,673		12,761		2017	40 Years
Carrollton, GA		-		597,465		886,644		-		597,465		886,644		1,484,109		9,152		2017	40 Years
Decatur, GA		-		558,859		1,429,106		-		558,859		1,429,106		1,987,965		2,977		2017	40 Years
Metter, GA		-		256,743		766,818		-		256,743		766,818		1,023,561		7,944		2017	40 Years
Villa Rica, GA		-		410,936		1,311,444		-		410,936		1,311,444		1,722,380		19,095		2017	40 Years
Chicago, IL		-		2,899,155		9,822,986		-		2,899,155		9,822,986		12,722,141		184,090		2017	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

Chicago, IL		-		2,081,151		5,197,315		-		2,081,151		5,197,315		7,278,466		97,078		2017	40 Years
Galesburg, IL		-		214,280		979,108		-		214,280		979,108		1,193,388		12,215		2017	40 Years
Mundelein, IL		-		1,238,743		-		-		1,238,743		-		1,238,743		-		2017	40 Years
Mundelein, IL		-		1,743,222		-		-		1,743,222		-		1,743,222		-		2017	40 Years
Mundelein, IL		-		1,803,068		-		-		1,803,068		-		1,803,068		-		2017	40 Years
Springfield, IL		-		574,805		1,554,786		-		574,805		1,554,786		2,129,591		-		2017	40 Years
Woodstock, IL		-		683,419		1,002,207		-		683,419		1,002,207		1,685,626		2,088		2017	40 Years
Frankfort, IN		-		50,458		2,008,275		-		50,458		2,008,275		2,058,733		33,471		2017	40 Years
Kokomo, IN		-		95,196		1,484,778		-		95,196		1,484,778		1,579,974		3,093		2017	40 Years
Nashville, IN		-		484,117		2,458,215		-		484,117		2,458,215		2,942,332		30,489		2017	40 Years
Roeland Park, KS		-		7,829,806		-		-		7,829,806		-		7,829,806		-		2017	40 Years
Georgetown, KY		-		1,996,456		6,315,768		-		1,996,456		6,315,768		8,312,224		85,869		2017	40 Years
Hopkinsville, KY		-		413,269		996,619		-		413,269		996,619		1,409,888		12,427		2017	40 Years
Salyersville, KY		-		289,663		906,455		-		289,663		906,455		1,196,118		13,182		2017	40 Years
Amite, LA		-		601,238		1,695,242		-		601,238		1,695,242		2,296,480		24,670		2017	40 Years
Bossier City, LA		-		797,899		2,925,864		-		797,899		2,925,864		3,723,763		6,096		2017	40 Years
Kenner, LA		-		323,188		859,298		-		323,188		859,298		1,182,486		5,324		2017	40 Years
Mandeville, LA		-		834,891		1,294,812		-		834,891		1,294,812		2,129,703		8,016		2017	40 Years
New Orleans, LA		-		-		6,846,313		-		-		6,846,313		6,846,313		85,529		2017	40 Years
Baltimore, MD		-		782,819		745,092		-		782,819		745,092		1,527,911		3,005		2017	40 Years
Canton, MI		-		3,655,296		-		-		3,655,296		-		3,655,296		-		2017	40 Years
Grand Rapids, MI		-		7,015,035		-		-		7,015,035		-		7,015,035		-		2017	40 Years
Bloomington, MN		-		1,491,302		-		-		1,491,302		-		1,491,302		-		2017	40 Years
Maplewood, MN		-		2,050,168		3,517,854		-		2,050,168		3,517,854		5,568,022		14,658		2017	40 Years
Monticello, MN		-		449,025		979,816		-		449,025		979,816		1,428,841		22,418		2017	40 Years
Mountain Iron, MN		-		177,918		1,139,849		-		177,918		1,139,849		1,317,767		14,227		2017	40 Years
Gulfport, MS		-		671,824		1,176,505		-		671,824		1,176,505		1,848,329		17,137		2017	40 Years
Jackson, MS		-		802,230		1,434,997		-		802,230		1,434,997		2,237,227		20,902		2017	40 Years
McComb, MS		-		67,026		685,426		-		67,026		685,426		752,452		8,519		2017	40 Years
Kansas City, MO		-		1,390,880		1,588,573		-		1,390,880		1,588,573		2,979,453		26,039		2017	40 Years
Springfield, MO		-		616,344		2,448,360		-		616,344		2,448,360		3,064,704		-		2017	40 Years
St. Charles, MO		-		736,242		2,122,426		-		736,242		2,122,426		2,858,668		39,777		2017	40 Years
St. Peters, MO		-		1,364,670		-		-		1,364,670		-		1,364,670		-		2017	40 Years
Boulder City, NV		-		566,639		993,399		-		566,639		993,399		1,560,038		12,341		2017	40 Years
Egg Harbor, NJ		-		520,510		1,087,374		-		520,510		1,087,374		1,607,884		20,361		2017	40 Years
Secaucus, NJ		21,500,000		19,915,781		17,306,541		-		19,915,781		17,306,541		37,222,322		-		2017	40 Years
Sewell, NJ		-		1,809,771		6,892,134		-		1,809,771		6,892,134		8,701,905		86,144		2017	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

Santa Fe, NM		-		1,072,340		4,013,237		-		1,072,340		4,013,237		5,085,577		100,328		2017	40 Years
Statesville, NC		-		287,467		867,849		-		287,467		867,849		1,155,316		18,075		2017	40 Years
Jacksonville, NC		-		308,321		875,652		-		308,321		875,652		1,183,973		10,920		2017	40 Years
Minot, ND		-		928,796		1,619,726		-		928,796		1,619,726		2,548,522		23,551		2017	40 Years
Grandview Heights, OH		-		1,276,870		8,557,690		-		1,276,870		8,557,690		9,834,560		124,636		2017	40 Years
Hillard, OH		-		1,001,228		-		-		1,001,228		-		1,001,228		-		2017	40 Years
Edmond, OK		-		1,063,243		3,816,155		-		1,063,243		3,816,155		4,879,398		15,901		2017	40 Years
Oklahoma City, OK		-		868,648		1,820,174		-		868,648		1,820,174		2,688,822		14,952		2017	40 Years
Erie, PA		-		425,267		1,284,883		-		425,267		1,284,883		1,710,150		10,574		2017	40 Years
Pittsburgh, PA		-		692,454		2,509,358		-		692,454		2,509,358		3,201,812		31,190		2017	40 Years
Gaffney, SC		-		200,845		878,455		-		200,845		878,455		1,079,300		10,952		2017	40 Years
Sumter, SC		-		132,204		1,095,478		-		132,204		1,095,478		1,227,682		15,944		2017	40 Years
Chattanooga, TN		-		2,089,237		3,595,808		-		2,089,237		3,595,808		5,685,045		7,491		2017	40 Years
Etowah, TN		-		74,057		862,436		-		74,057		862,436		936,493		16,148		2017	40 Years
Memphis, TN		-		1,661,764		3,874,356		-		1,661,764		3,874,356		5,536,120		80,656		2017	40 Years
Alamo, TX		-		104,878		821,355		-		104,878		821,355		926,233		-		2017	40 Years
Andrews, TX		-		172,373		817,252		-		172,373		817,252		989,625		15,323		2017	40 Years
Arlington, TX		-		497,852		1,601,007		-		497,852		1,601,007		2,098,859		23,321		2017	40 Years
Canyon Lake, TX		-		382,522		1,026,179		-		382,522		1,026,179		1,408,701		-		2017	40 Years
Corpus Christi, TX		-		185,375		1,413,298		-		185,375		1,413,298		1,598,673		20,460		2017	40 Years
Fort Stockton, TX		-		185,474		1,186,339		-		185,474		1,186,339		1,371,813		17,267		2017	40 Years
Fort Worth, TX		-		1,016,587		4,622,507		-		1,016,587		4,622,507		5,639,094		28,820		2017	40 Years
Lufkin, TX		-		1,497,171		4,948,906		-		1,497,171		4,948,906		6,446,077		92,708		2017	40 Years
Heber, UT		-		367,013		1,204,635		-		367,013		1,204,635		1,571,648		24,186		2017	40 Years
Newport News, VA		-		2,458,053		5,390,475		-		2,458,053		5,390,475		7,848,528		76,330		2017	40 Years
Appleton, WI		-		417,249		1,525,582		-		417,249		1,525,582		1,942,831		18,935		2017	40 Years
Onalaska, WI		-		821,084		2,651,772		-		821,084		2,651,772		3,472,856		38,609		2017	40 Years

Subtotal		89,094,878		410,008,398		848,998,112		17,096,625		405,850,207		870,252,928		1,276,103,135		85,467,011

Property Under Development
Various		-		-		25,402,255		-		-		25,402,255		25,402,255		-		N/A	N/A
Sub Total		-		-		25,402,255		-		-		25,402,255		25,402,255		-

Total	$	89,094,878	$	410,008,398	$	874,400,367	$	17,096,625	$	405,850,207	$	895,655,183	$	1,301,505,390	$	85,467,011

1. Reconciliation of Real Estate Properties

The following table reconciles the Real Estate Properties from January 1, 2015 to December 31, 2017.

	2017		2016		2015

Balance at January 1	$	1,019,956,329	$	755,848,938	$	589,147,012
Construction and acquisition cost		312,695,116		284,968,286		196,672,924
Impairment charge		-		-		-
Disposition of real estate		(31,146,055)		(20,860,895)		(29,970,998)
Reclassified as assets held for sale		(2,250,558)		-		-

Balance at December 31	$	1,299,254,832	$	1,019,956,329	$	755,848,938

2. Reconciliation of Accumulated Depreciation

The following table reconciles the Real Estate Properties from January 1, 2015 to December 31, 2017.

	2017		2016		2015

Balance at January 1	$	69,696,727	$	56,401,423	$	59,089,851
Current year depreciation expense		19,507,398		15,201,469		11,464,695
Disposition of real estate		(3,737,114)		(1,906,165)		(14,153,123)
Reclassified as assets held for sale		(228,397)		-		-

Balance at December 31	$	85,238,614	$	69,696,727	$	56,401,423

3. Tax Basis of Building and Improvements

The aggregate cost of Building and Improvements for federal income tax purposes is approximately $38,194,000 less than the cost basis used for financial statement purposes.