Schedule III - Real Estate and Accumulated Depreciation

As of December 31, 2017

(Dollars in thousands)

						Cost of				Gross Carrying				Accumulated			Encumbrances
Property		Initial Cost				Improvements,				Amount				Depreciation-			(Unpaid			Year of	Life of
Name	Location	Land		Building		Land		Building		Land		Building		Building			Principal)			Acquisition	Depreciation
Crestmont	Marietta, GA	$	3,254	$	13,017	$	-	$	1,285	$	3,254	$	14,302	$	(3,800	)	$	(6,326	)	2011		40
Runaway Bay	Indianapolis, IN		3,079		12,318		-		869		3,079		13,187		(1,998	)		(9,423	)	2012		40
Reserve at Eagle Ridge	Waukegan, IL		5,800		22,743		-		908		5,800		23,651		(2,484	)		(18,850	)	2014		40
Windrush	Edmond, OK		1,677		7,464		-		452		1,677		7,916		(843	)		-		2014		40
Heritage Park	Oklahoma, OK		4,234		12,232		-		1,328		4,234		13,560		(1,584	)		-		2014		40
Raindance	Oklahoma, OK		3,503		10,051		-		1,187		3,503		11,238		(1,311	)		-		2014		40
Augusta	Oklahoma, OK		1,296		9,930		-		619		1,296		10,549		(1,143	)		-		2014		40
Invitational	Oklahoma, OK		1,924		16,852		-		868		1,924		17,720		(1,901	)		-		2014		40
Kings Landing	Creve Coeur, MO		2,513		29,873		-		601		2,513		30,474		(2,914	)		(20,992	)	2014		40
Carrington	Little Rock, AR		1,715		19,526		-		1,208		1,715		20,734		(2,090	)		(14,235	)	2014		40
Arbors	Ridgeland, MS		4,050		15,946		-		1,134		4,050		17,080		(1,780	)		(13,150	)	2014		40
Walnut Hill	Cordova, TN		2,230		25,251		-		912		2,230		26,163		(2,400	)		(18,650	)	2014		40
Lenox Place	Raleigh, NC		3,480		20,482		-		682		3,480		21,164		(1,880	)		(15,991	)	2014		40
Stonebridge Crossing	Memphis, TN		3,100		26,223		-		1,356		3,100		27,579		(2,479	)		(19,370	)	2014		40
Bennington Pond	Groveport, OH		2,400		14,828		-		819		2,400		15,647		(1,375	)		(11,375	)	2014		40
Prospect Park	Louisville, KY		2,837		11,193		-		286		2,837		11,479		(911	)		(9,230	)	2014		40
Brookside	Louisville, KY		3,947		16,502		-		592		3,947		17,094		(1,380	)		(13,455	)	2014		40
Jamestown	Louisville, KY		7,034		27,730		-		2,373		7,034		30,103		(2,463	)		(22,880	)	2014		40
Oxmoor	Louisville, KY		7,411		47,095		-		1,230		7,411		48,325		(3,854	)		(35,815	)	2014		40
Meadows	Louisville, KY		6,857		30,030		-		1,337		6,857		31,367		(2,528	)		(24,245	)	2014		40
Stonebridge at the Ranch	Little Rock, AR		3,315		27,954		-		721		3,315		28,675		(2,213	)		(20,527	)	2014		40
Iron Rock Ranch	Austin, TX		5,860		28,911		-		819		5,860		29,730		(2,384	)		(22,900	)	2014		40
Bayview Club	Indianapolis, IN		2,525		22,506		-		989		2,525		23,495		(1,638	)		-		2015		40
Arbors River Oaks	Memphis, TN		2,100		19,045		-		789		2,100		19,834		(1,228	)		-		2015		40
Aston	Wake Forest, NC		3,450		34,333		-		222		3,450		34,555		(1,970	)		(25,050	)	2015		40
Avenues at Craig Ranch	McKinney, TX		5,500		42,054		-		259		5,500		42,313		(2,413	)		(31,250	)	2015		40
Bridge Pointe	Huntsville, AL		1,500		14,306		-		319		1,500		14,625		(860	)		-		2015		40
Creekstone at RTP	Durham, NC		5,376		32,727		-		247		5,376		32,974		(1,887	)		(22,581	)	2015		40
Fountains Southend	Charlotte, NC		4,368		37,254		-		142		4,368		37,396		(2,118	)		(23,388	)	2015		40
Fox Trails	Plano, TX		5,700		21,944		-		669		5,700		22,613		(1,356	)		-		2015		40
Lakeshore on the Hill	Chattanooga, TN		925		10,212		-		372		925		10,584		(634	)		-		2015		40
Millenia 700	Orlando, FL		5,500		41,752		-		401		5,500		42,153		(2,403	)		(29,175	)	2015		40
Miller Creek at German Town	Memphis, TN		3,300		53,504		-		244		3,300		53,748		(3,048	)		-		2015		40
Pointe at Canyon Ridge	Atlanta, GA		11,100		36,995		-		1,855		11,100		38,850		(2,341	)		-		2015		40
St James at Goose Creek	Goose Creek, SC		3,780		27,695		-		390		3,780		28,085		(1,661	)		-		2015		40
Talison Row at Daniel Island	Daniel Island, SC		5,480		41,409		-		336		5,480		41,745		(2,392	)		(32,848	)	2015		40
The Aventine Greenville	Greenville, SC		4,150		43,905		-		178		4,150		44,083		(2,488	)		(29,825	)	2015		40
Trails at Signal Mountain	Chattanooga, TN		1,200		12,895		-		403		1,200		13,298		(806	)		-		2015		40
Vue at Knoll Trail	Dallas, TX		3,100		6,077		-		178		3,100		6,255		(377	)		-		2015		40
Waterstone at Brier Creek	Raleigh, NC		4,200		34,651		-		184		4,200		34,835		(1,985	)		(20,425	)	2015		40
Waterstone Big Creek	Alpharetta, GA		7,600		61,971		-		187		7,600		62,158		(3,518	)		(49,680	)	2015		40
Westmont Commons	Asheville, NC		2,750		25,225		-		344		2,750		25,569		(1,493	)		-		2015		40
Lakes at Northdale	Tampa, FL		3,898		25,543		-		426		3,898		25,969		(546	)		-		2017		40
Haverford Place	Lexington, KY		3,927		10,100		-		355		3,927		10,455		(158	)		-		2017		40
South Terrace	Durham, NC		5,621		36,923		-		166		5,621		37,089		(467	)		-		2017		40
Cherry Grove	North Myrtle Beach, SC		550		15,369		-		24		550		15,393		(96	)		-		2017		40
Kensington Commons	Canal Winchester, OH		3,400		20,703		-		21		3,400		20,724		(130	)		-		2017		40
Schirm Farms	Canal Winchester, OH		3,960		19,488		-		38		3,960		19,526		(122	)		-		2017		40
Riverchase	Indianapolis, IN		1,460		17,250		-		17		1,460		17,267		(108	)		-		2017		40
Live Oak Trace	Baton Rouge, LA		1,060		27,362		-		9		1,060		27,371		(114	)		-		2017		40
Tides at Calabash	Wilmington, NC		1,880		12,214		-		3		1,880		12,217		(25	)		-		2017		40
Brunswick Point	Wilmington, NC		2,150		28,214		-		-		2,150		28,214		-			(19,000	)	2017		40
Total Investment in Real Estate		$	193,026	$	1,279,777	$	-	$	31,353	$	193,026	$	1,311,130	$	(84,097	)	$	(580,635	)

Investments in Real Estate	For the Year Ended December 31, 2017			For the Year Ended December 31, 2016			For the Year Ended December 31, 2015
Balance, beginning of period	$	1,319,350		$	1,372,015		$	689,112
Additions during period:
Acquisitions		241,071			—			707,268
Improvements to land and building		14,368			10,664			8,941
Deductions during period:
Dispositions of real estate		(70,633	)		(63,329	)		(33,306	)
Reclassification to held for sale		—			(69,994	)		—
Balance, end of period:	$	1,504,156		$	1,249,356		$	1,372,015
Balance, end of period - held for sale:	$	—		$	69,994		$	—

Accumulated Depreciation	For the Year Ended December 31, 2017			For the Year Ended December 31, 2016			For the Year Ended December 31, 2015
Balance, beginning of period	$	60,719		$	39,638		$	23,376
Depreciation expense		32,586			31,085			20,888
Dispositions of real estate		(9,208	)		(10,004	)		(4,626	)
Reclassification to held for sale		—			(9,208	)		—
Balance, end of period:	$	84,097		$	51,511		$	39,638
Balance, end of period - held for sale:	$	—		$	9,208		$	—