Schedule III (Updated Next Draft)

Real Estate and Accumulated Depreciation

As of December 31, 2014

(Dollars in thousands)


Property Name				Initial Cost				Cost of Improvements, net of Retirements				Gross Carrying Amount			Accumulated Depreciation- Building			Encumbrances (Unpaid Principal)			Year of Acquisition		Life of Depreciation
Property Name	Description		Location	Land		Building		Land		Building		Land(1)		Building(1)	Accumulated Depreciation- Building			Encumbrances (Unpaid Principal)			Year of Acquisition		Life of Depreciation
Crestmont		Apartment	Marietta, GA	$	3,254	$	13,044	$	—	$	309	$	3,254	$13,353	$	(2,497	)	$	(6,612	)		2011		40
Copper Mill		Apartment	Austin, TX		3,472		13,958		—		468		3,472	14,426		(2,746	)		(7,200	)		2011		40
Cumberland		Apartment	Smyrna, GA		3,100		13,166		—		473		3,100	13,639		(2,581	)		(6,759	)		2011		40
Heritage Trace		Apartment	Newport News, VA		2,673		10,761		—		454		2,673	11,215		(2,150	)		(5,388	)		2011		40
Belle Creek Apartments		Apartment	Henderson, CO		1,890		7,596		—		455		1,890	8,051		(1,372	)		(10,575	)		2011		40
Runaway Bay		Apartment	Indianapolis, IN		3,079		12,318		—		313		3,079	12,631		(732	)		(10,033	)		2012		40
Tresa at Arrowhead		Apartment	Phoenix, AZ		7,080		28,500		—		476		7,080	28,976		(4,262	)		(27,500	)		2011		40
The Crossings		Apartment	Phoenix, AZ		4,600		17,948		—		262		4,600	18,210		(505	)		(15,313	)		2013		40
Berkshire Square		Apartment	Phoenix, AZ		2,650		10,319		—		203		2,650	10,522		(334	)		(8,612	)		2013		40
Centrepoint Apartments		Apartment	Tucson, AZ		5,620		22,720		—		463		5,620	23,183		(2,920	)		(17,600	)		2011		40
Reserve at Eagle Ridge		Apartment	Waukegan, IL		5,800		22,743		—		102		5,800	22,845		(528	)		(18,850	)		2014		40
Windrush		Apartment	Edmond, OK		1,677		7,464		—		43		1,677	7,507		(155	)		(5,948	)		2014		40
Heritage Park		Apartment	Oklahoma, OK		4,234		12,232		—		153		4,234	12,385		(284	)		(10,706	)		2014		40
Raindance		Apartment	Oklahoma, OK		3,502		10,033		—		182		3,502	10,215		(234	)		(8,864	)		2014		40
Augusta		Apartment	Oklahoma, OK		1,296		9,930		—		82		1,296	10,012		(193	)		(7,253	)		2014		40
Invitational		Apartment	Oklahoma, OK		1,924		16,852		—		154		1,924	17,006		(321	)		(12,168	)		2014		40
Kings Landing		Apartment	Creve Coeur, MO		2,513		29,873		—		17		2,513	29,890		(560	)		(21,200	)		2014		40
Carrington		Apartment	Little Rock, AR		1,715		19,526		—		169		1,715	19,695		(301	)		(14,235	)		2014		40
Arbors		Apartment	Ridgeland, MS		4,050		15,946		—		399		4,050	16,345		(167	)		(13,150	)		2014		40
Walnut Hill		Apartment	Cordova, TN		2,230		25,251		—		37		2,230	25,288		(211	)		(18,650	)		2014		40
Lenox Place		Apartment	Raleight, NC		3,480		20,482		—		124		3,480	20,606		(128	)		(15,991	)		2014		40
Stonebridge Crossing		Apartment	Memphis, TN		3,100		26,223		—		30		3,100	26,253		(164	)		(19,370	)		2014		40
Bennington Pond		Apartment	Groveport, OH		2,400		14,828		—		16		2,400	14,844		(31	)		(11,375	)		2014		40
Prospect Park		Apartment	Louisville, KY		2,837		11,193		—		0		2,837	11,193		0			(9,230	)		2014		40
Brookside		Apartment	Louisville, KY		3,947		16,502		—		0		3,942	16,502		0			(13,455	)		2014		40
Jamestown		Apartment	Louisville, KY		7,034		27,730		—		0		7,034	27,730		0			(22,880	)		2014		40
Meadows		Apartment	Louisville, KY		6,857		30,030		—		0		6,857	30,030		0			(24,245	)		2014		40
Oxmoor		Apartment	Louisville, KY		7,411		47,095		—		0		7,411	47,095		0			(35,815	)		2014		40
Stonebridge at the Ranch		Apartment	Little Rock, AR		3,315		27,954		—		0		3,315	27,954		0			0			2014		40
Iron Rock Ranch		Apartment	Austin, TX		5,860		28,911		—		0		5,860	28,911		0			0			2014		40

				$	112,600	$	571,128	$	—	$	5,384	$	112,600	$576,512	$	(23,376	)	$	(398,977	)

(1)	The aggregate cost basis for federal income tax purposes of our investments in real estate approximates the carrying amount at December 31, 2014.


Investments in Real Estate	For the Year Ended December 31, 2014			For the Year Ended December 31, 2013
Balance, beginning of period	$	190,096		$	153,565
Additions during period:
Acquisitions		495,998			35,517
Improvements to land and building		4,159			1,014
Deductions during period:
Dispositions of real estate		(1,141	)		—

Balance, end of period:	$	689,112		$	190,096


Accumulated Depreciation	For the Year Ended December 31, 2014			For the Year Ended December 31, 2013
Balance, beginning of period	$	15,775		$	12,283
Depreciation expense		8,742			3,492
Dispositions of real estate		(1,141	)		—

Balance, end of period:	$	23,376		$	15,775