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Schedule III - Consolidated Real Estate and Accumulated Depreciation

12 Months Ended

Dec. 31, 2013

Schedule III - Consolidated Real Estate and Accumulated Depreciation

Schedule III - Consolidated Real Estate and Accumulated Depreciation

Schedule III—Consolidated Real Estate and Accumulated Depreciation
December 31, 2013
(Amounts in Thousands)

													Cost Capitalized Subsequent to Acquisition			Gross Amount at Which Carried at December 31, 2013
							Initial Cost to Company
										Building and Improvements									Building & Improvements						Accumulated Depreciation(1)			Date of Construction		Date Acquired
Type		Location		Encumbrances			Land						Improvements			Land						Total
Flex		Hauppauge, NY		$	8,668		$	1,952		$	10,954		$	—		$	1,952		$	10,954		$	12,906		$	3,571		1982		2000
Flex		Ronkonkoma, NY			3,797			1,042			4,171			1,117			1,042			5,288			6,330			1,541		1986		2000
Flex		Fort Mill, SC			9,212			1,840			12,687			—			1,840			12,687			14,527			161		1992		2013
Health Clubs		Tucker, GA			5,083			807			3,027			3,126			807			6,153			6,960			1,603		1988		2002
Health Clubs		Grand Rapids, MI(5)			1,821			912			3,649			—			906			3,625			4,531			1,209		1972		2000
Health Clubs		Grand Rapids, MI(5)			953			513			2,053			—			507			2,029			2,536			680		1968		2000
Health Clubs		Secaucus, NJ			9,809			5,449			9,873			—			5,449			9,873			15,322			258		1986		2012
Health Clubs		Hamilton, OH			3,804			1,483			5,953			—			1,483			5,953			7,436			408		2008		2011
Industrial		West Palm Beach, FL			—			181			724			—			181			724			905			275		1973		1998
Industrial		Pinellas Park, FL			—			1,231			1,669			—			1,231			1,669			2,900			73		1995		2012
Industrial		Indianapolis, IN			—			1,224			6,935			—			1,224			6,935			8,159			68		1997		2013
Industrial		Baltimore, MD(2)			21,480			6,474			25,282			—			6,474			25,282			31,756			4,451		1960		2006
Industrial		Saco, ME			3,280			1,027			3,623			—			1,027			3,623			4,650			698		2001		2006
Industrial		Durham, NC			2,106			1,043			2,404			—			1,043			2,404			3,447			177		1991		2011
Industrial		Melville, NY			—			774			3,029			799			774			3,828			4,602			893		1982		2003
Industrial		New Hyde Park, NY			—			182			728			33			182			761			943			273		1960		1999
Industrial		Columbus, OH			—			435			1,703			—			435			1,703			2,138			564		1979		1995
Industrial		Miamisburg, OH			848			165			1,348			9			165			1,357			1,522			41		1987		2012
Industrial		Philadelphia, PA			5,626			1,981			7,668			—			1,981			7,668			9,649			1,701		1964		2005
Industrial		Fort Mill, SC			27,177			1,804			33,650			—			1,804			33,650			35,454			348		1997		2013
Office		Parsippany, NJ			13,836			6,055			23,300			1,826			6,055			25,126			31,181			5,130		1997		2005
Office		Brooklyn, NY			5,473			1,381			5,447			2,867			1,381			8,314			9,695			2,782		1973		1998
Retail		Denver, CO			2,963			780			3,248			413			780			3,661			4,441			1,506		1995		1996
Retail		West Hartford, CT			—			2,881			94			47			2,881			141			3,022			32		N/A		2010
Retail		West Hartford, CT			12,598			9,296			5,071			279			9,296			5,350			14,646			469		2005		2010
Retail		Newark, DE			1,999			935			3,643			10			935			3,653			4,588			945		1996		2003
Retail		Ft. Myers, FL			3,075			1,013			4,054			—			1,013			4,054			5,067			1,736		1995		1996
Retail		Naples, FL(3)			—			3,070			2,846			—			3,070			2,846			5,916			376		1992		2008
Retail		Athens, GA(3)			2,757			1,130			4,340			—			1,130			4,340			5,470			1,044		2003		2004
Retail		Atlanta, GA			1,531			803			3,211			—			803			3,211			4,014			1,395		1994		1996
Retail		Carrollton, GA			1,737			796			1,458			—			796			1,458			2,254			77		1996		2012
Retail		Cartersville, GA			1,642			786			1,346			—			786			1,346			2,132			76		1995		2012
Retail		Duluth, GA(4)			1,817			778			3,436			—			778			3,436			4,214			664		1987		2006
Retail		Fayetteville, GA(4)			2,278			976			4,308			—			976			4,308			5,284			830		1987		2006
Retail		Kennesaw, GA(3)			—			1,501			4,349			—			1,501			4,349			5,850			575		1995		2008

													Cost Capitalized Subsequent to Acquisition			Gross Amount at Which Carried at December 31, 2013
							Initial Cost to Company
										Building and Improvements									Building & Improvements						Accumulated Depreciation(1)			Date of Construction		Date Acquired
Type		Location		Encumbrances			Land						Improvements			Land						Total
Retail		Kennesaw, GA			1,346			702			916			—			702			916			1,618			51		1989		2012
Retail		Lawrenceville, GA			1,292			866			899			—			866			899			1,765			62		1988		2012
Retail		Bolingbrook, IL			—			834			1,887			—			834			1,887			2,721			133		2001		2011
Retail		Champaign, IL			1,857			791			3,165			274			791			3,439			4,230			1,203		1985		1999
Retail		Chicago, IL(3)			—			3,877			2,256			—			3,877			2,256			6,133			298		1994		2008
Retail		Crystal Lake, IL			1,978			615			1,899			—			615			1,899			2,514			144		1997		2011
Retail		Gurnee, IL			2,447			834			3,635			—			834			3,635			4,469			663		1994		2006
Retail		Niles, IL			3,315			843			3,485			—			843			3,485			4,328			231		1995		2011
Retail		Lawrence, KS			—			134			938			—			134			938			1,072			44		1915		2012
Retail		Wichita, KS(4)			2,774			1,189			5,248			—			1,189			5,248			6,437			1,011		1996		2006
Retail		Lexington, KY(4)			1,867			800			3,532			—			800			3,532			4,332			681		1999		2006
Retail		Bastrop, LA			1,013			378			1,465			—			378			1,465			1,843			261		1995		2006
Retail		Kentwood, LA			985			368			1,425			—			368			1,425			1,793			254		1995		2006
Retail		Lake Charles, LA(3)			—			1,167			4,669			378			1,167			5,047			6,214			1,348		1998		2002
Retail		Monroe, LA			1,013			378			1,465			—			378			1,465			1,843			262		1995		2006
Retail		Monroe, LA			967			361			1,399			—			361			1,399			1,760			250		1995		2006
Retail		Everett, MA			1,291			1,935			—			—			1,935			0			1,935			—		N/A		2008
Retail		Hyannis, MA			1,036			802			2,324			—			802			2,324			3,126			346		1998		2008
Retail		Marston Mills, MA			434			461			2,313			—			461			2,313			2,774			340		1998		2008
Retail		Somerville, MA			1,945			510			1,993			23			510			2,016			2,526			547		1993		2003
Retail		Ann Arbor, MI			1,490			1,098			1,460			—			1,098			1,460			2,558			14		1998		2013
Retail		Kansas City, MO			4,231			2,958			5,691			—			2,958			5,691			8,649			504		2004		2010
Retail		Cape Girardeau, MO			—			545			1,547			—			545			1,547			2,092			53		1994		2012
Retail		D'lberville, MS			985			368			1,425			—			368			1,425			1,793			254		1995		2006
Retail		Flowood, MS			1,049			392			1,517			—			392			1,517			1,909			269		1995		2006
Retail		Vicksburg, MS			958			358			1,385			—			358			1,385			1,743			245		1985		2006
Retail		Vicksburg, MS			1,168			436			1,689			—			436			1,689			2,125			301		1995		2006
Retail		Cary, NC(3)			—			1,129			3,736			—			1,129			3,736			4,865			494		1995		2008
Retail		Clemmons, NC			2,500			2,496			3,205			—			2,496			3,205			5,701			90		1993		2013
Retail		Concord, NC			—			999			1,076			—			999			1,076			2,075			12		2000		2013
Retail		Greensboro, NC			—			1,768			1,237			—			1,768			1,237			3,005			2		1983		2013
Retail		Cherry Hill, NJ			7,542			3,584			2,794			4,850			3,584			7,644			11,228			634		2000		2011
Retail		Deptford, NJ			1,970			572			1,779			705			572			2,484			3,056			150		1981		2012
Retail		Batavia, NY(3)			—			515			2,061			—			515			2,061			2,576			766		1998		1999
Retail		Hauppauge, NY			1,965			725			2,963			—			725			2,963			3,688			602		1992		2005
Retail		Island Park, NY			1,112			1,235			1,355			—			1,235			1,355			2,590			124		1947		2010
Retail		Selden, NY			3,264			572			2,287			150			572			2,437			3,009			888		1997		1999
Retail		Columbus, OH			—			1,445			5,431			350			1,445			5,781			7,226			2,330		1996		1997
Retail		Eugene, OR(3)			—			1,952			2,096			—			1,952			2,096			4,048			277		1994		2008
Retail		Gettysburg, PA			914			754			704			—			754			704			1,458			59		1991		2010
Retail		Hanover, PA			892			736			686			—			736			686			1,422			58		1992		2010

													Cost Capitalized Subsequent to Acquisition			Gross Amount at Which Carried at December 31, 2013
							Initial Cost to Company
										Building and Improvements									Building & Improvements						Accumulated Depreciation(1)			Date of Construction		Date Acquired
Type		Location		Encumbrances			Land						Improvements			Land						Total
Retail		Monroeville, PA			—			450			863			—			450			863			1,313			78		1994		2010
Retail		Palmyra, PA			816			650			650			—			650			650			1,300			56		1981		2010
Retail		Reading, PA			805			655			625			—			655			625			1,280			54		1981		2010
Retail		Reading, PA			793			618			643			—			618			643			1,261			57		1983		2010
Retail		Royersford, PA			16,261			19,538			3,150			404			19,538			3,554			23,092			314		2001		2010
Retail		Trexlertown, PA			777			800			439			—			800			439			1,239			37		1994		2010
Retail		Bluffton, SC(4)			1,374			589			2,600			—			589			2,600			3,189			500		1994		2006
Retail		Myrtle Beach, SC			—			1,102			1,161			—			1,102			1,161			2,263			11		1978		2013
Retail		Knoxville, TN			4,194			2,290			8,855			—			2,290			8,855			11,145			2,168		2003		2004
Retail		Amarillo, TX(4)			2,014			863			3,810			—			863			3,810			4,673			734		1996		2006
Retail		Austin, TX(4)			3,707			1,587			7,010			—			1,587			7,010			8,597			1,353		2001		2006
Retail		El Paso, TX			—			2,821			11,123			321			2,821			11,444			14,265			3,950		1974		2000
Retail		El Paso, TX(3)			—			1,035			2,700			—			1,035			2,700			3,735			357		1993		2008
Retail		Houston, TX			—			396			1,583			—			396			1,583			1,979			622		1997		1998
Retail		Houston, TX			2,750			1,962			1,540			30			1,962			1,570			3,532			138		2006		2010
Retail		Houston, TX			—			2,002			1,800			—			2,002			1,800			3,802			159		2009		2010
Retail		Killeen, TX			—			1,263			803			—			1,263			803			2,066			16		2007		2013
Retail		Rosenberg, TX			—			216			863			67			216			930			1,146			396		1994		1995
Retail		Tyler, TX(4)			2,408			1,031			4,554			—			1,031			4,554			5,585			879		2001		2006
Retail		Houston, TX			4,975			3,122			3,768			52			3,122			3,820			6,942			169		2001		2012
Retail		Newport News, VA(4)			1,753			751			3,316			—			751			3,316			4,067			639		1995		2006
Retail		Richmond, VA			—			1,678			1,341			—			1,678			1,341			3,019			2		1983		2013
Retail		Richmond, VA(4)			2,025			867			3,829			—			867			3,829			4,696			738		1979		2006
Retail		Virginia Beach, VA(4)			1,993			854			3,770			—			854			3,770			4,624			726		1995		2006
Retail		Seattle, WA			—			201			189			—			201			189			390			124		1986		1987
Retail		Onalaska, WI			—			753			3,099			—			753			3,099			3,852			707		1994		2004
Other		Greensboro, NC			5,231			—			8,328			—			0			8,328			8,328			5,033		1999		2004
Other		Round Rock, TX			15,199			1,678			16,670			—			1,678			16,670			18,348			158		2012		2013
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
TOTALS				$	278,045		$	154,954		$	401,400		$	18,130		$	154,942		$	419,482		$	574,424		$	73,060
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​

Note 1—Depreciation is provided over the estimated useful lives of the buildings and improvements, which range from 3 to 40 years.

Note 2—Upon purchase of the property in December 2006, a $416,000 rental income reserve was posted by the seller for the Company's benefit, since the property was not producing sufficient rent at the time of acquisition. The Company recorded the receipt of this rental reserve as a reduction to land and building.

Note 3—These nine properties are retail office supply stores net leased to the same tenant, pursuant to separate leases. Five of these leases contain cross default provisions. They are located in eight states (Illinois, Louisiana, North Carolina, Texas, Georgia, Oregon, New York and Florida).

Note 4—These 11 properties are retail furniture stores covered by one master lease and one loan that is secured by cross—collateralized mortgages. They are located in six states (Georgia, Kansas, Kentucky, South Carolina, Texas and Virginia).

Note 5—These two properties are held-for-sale at December 31, 2013. The Company recorded an impairment charge of $61,700 against these properties at December 31, 2013.

Notes to Schedule III
Consolidated Real Estate and Accumulated Depreciation

(a)

Reconciliation of "Real Estate and Accumulated Depreciation"

(Amounts in Thousands)

		Year Ended December 31,
		2013			2012			2011
Investment in real estate(b):
Balance, beginning of year		$	473,341		$	430,337		$	400,795
Addition: Land, buildings and improvements			101,145			43,004			29,542
Deduction: Impairment charge on properties held-for-sale			(62	)		—			—
​	​	​	​	​	​	​	​	​	​	​
Balance, end of year		$	574,424	(c)	$	473,341		$	430,337
​	​	​	​	​	​	​	​	​	​	​
​	​	​	​	​	​	​	​	​	​	​
Accumulated depreciation(b):
Balance, beginning of year		$	62,816		$	54,214		$	46,410
Addition: Depreciation			10,244			8,602			8,537
Deduction: Accumulated depreciation related to properties sold and property contributed to joint venture			—			—			(733	)
​	​	​	​	​	​	​	​	​	​	​
Balance, end of year		$	73,060		$	62,816		$	54,214
​	​	​	​	​	​	​	​	​	​	​
​	​	​	​	​	​	​	​	​	​	​

(b)

Includes two properties that are held-for-sale.

(c)

The aggregate cost of the properties is approximately $26,297 higher for federal income tax purposes at December 31, 2013.

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- Definition

The entire disclosure of real estate investments and associated accumulated depreciation for entities with a significant portion of their business acquiring and holding investment real estate.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 970

-SubTopic 360

-Section S99

-Paragraph 1

-Subparagraph (SX 210.12-28)

-URI http://asc.fasb.org/extlink&oid=6590653&loc=d3e638233-123024



Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 205

-SubTopic 10

-Section S99

-Paragraph 6

-Subparagraph (SX 210.5-04.(c) Schedule III)

-URI http://asc.fasb.org/extlink&oid=27047687&loc=d3e5864-122674



Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 28

-Article 12



Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 04

-Paragraph c

-Subparagraph Schedule III

-Article 5

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