NetREIT, Inc. and Subsidiaries

Schedule III - Real Estate and Accumulated Depreciation and Amortization – as of December 31, 2016

All amounts are in thousands			Initial Cost								Total Cost						(1)
Property Name/ Location	Encumbrances		Land Cost		Building and Improvements		Acquisition Price		Capitalized Improvements		Land Cost		Building & Improvements		Total Cost		Accumulated Depreciation		Reserve for Impairment		NBV Real Estate		Date Acquired	Year Built/ Renovated
Garden Gateway, CO Springs, CO		6,627		3,035		12,091		15,126		1,623		3,035		13,714		16,749		5,044		—		11,705	03/07	1982
Executive Park, CO Springs, CO		4,232		1,266		8,815		10,081		494		1,266		9,309		10,575		2,451		—		8,124	07/08	2000
Pacific Oaks Plaza, Escondido, CA		1,513		980		3,868		4,848		126		980		3,994		4,974		876		—		4,098	09/08	2005
Morena Center, San Diego, CA		2,225		1,333		5,203		6,536		731		1,333		5,934		7,267		1,688		500		5,079	01/09	1987
Genesis Plaza, San Diego, CA		6,610		1,400		8,600		10,000		1,415		1,400		10,015		11,415		2,744		—		8,671	03/09	1998
Dakota Center, Fargo, ND		10,678		832		8,743		9,575		2,945		832		11,688		12,520		2,371		—		10,149	08/10	1986
Rangewood Medical, CO Springs		958		572		2,058		2,630		404		572		2,462		3,034		732		248		2,054	05/11	1982
Shoreline Medical, Half Moon Bay		3,602		1,820		4,530		6,350		22		1,820		4,552		6,372		551		—		5,821	12/11	1971/2008
Port of San Diego Complex, SD, CA		9,852		9,613		4,887		14,500		1,070		9,655		5,957		15,612		1,460		—		14,152	05/12	1980
The Presidio, CO Springs, CO		6,000		1,325		5,950		7,275		866		1,325		6,816		8,141		1,532		—		6,609	11/12	1988
Bismarck Building, Bismarck, ND		4,159		413		4,926		5,339		1,116		413		6,042		6,455		1,063		—		5,392	03/14	1976
Union Terrace, Lakewood, CO		6,559		1,717		7,708		9,425		573		1,717		8,281		9,998		1,723		—		8,275	08/14	1982
Centennial Tech Center, CO		10,077		2,025		13,475		15,500		250		2,025		13,725		15,750		1,593		—		14,157	12/14	1999
Arapahoe Service Center, CO Springs		8,500		1,420		10,430		11,850		477		1,420		10,907		12,327		1,120		—		11,207	12/14	2000
West Fargo Industrial		4,435		1,693		6,207		7,900		87		1,693		6,294		7,987		356		—		7,631	08/15	1998/2005
300 N.P.		—		135		3,715		3,850		115		135		3,830		3,965		215		—		3,750	08/15	1922
Highland Court		6,829		3,608		9,442		13,050		556		3,608		9,998		13,606		1,094		—		12,512	08/15	1984
One Park Centre		6,500		1,206		7,944		9,150		166		1,206		8,110		9,316		801		—		8,515	08/15	1983
Shea Center II		17,727		2,214		23,747		25,961		143		2,214		23,890		26,104		1,695		—		24,409	12/15	2000
Total Office/ Industrial properties	$	117,083	$	36,607	$	152,339	$	188,946	$	13,179	$	36,649	$	165,518	$	202,167	$	29,109	$	748	$	172,310

World Plaza , San Bernardino, CA		—		1,698		6,232		7,930		702		1,698		6,934		8,632		2,179		700		5,753	09/07	1974
Regatta Square, Denver, CO		1,151		811		1,369		2,180		76		811		1,445		2,256		420		—		1,836	10/07	1996
Waterman Plaza, San Bernardino, CA		3,939		2,350		4,814		7,164		66		2,380		4,880		7,260		1,208		300		5,752	08/08	2008
Yucca Retail Ctr, Yucca Valley, CA		6,000		2,386		5,175		7,561		749		2,386		5,924		8,310		1,573		—		6,737	9/11, 5/12	1978
Union Town Center, CO Springs, CO		8,440		1,750		9,462		11,212		152		1,750		9,614		11,364		820		—		10,544	12/14	2003
Research		1,956		408		2,442		2,850		58		408		2,500		2,908		131		—		2,777	8/15	2003
Total Retail properties	$	21,486	$	9,403	$	29,494	$	38,897	$	1,803	$	9,433	$	31,297	$	40,730	$	6,331	$	1,000	$	33,399

Model Homes -NDMHR, LP		7,604		1,902		11,064		12,966		—		1,902		11,063		12,965		466		—		12,499	2010-2016	2010-2016
Model Homes -DMH LP #201		250		63		460		523		—		63		460		523		51		—		472	2012-2014	2012-2014
Model Homes-DMH LP #202		4,456		1,023		6,304		7,327		—		1,023		6,304		7,327		188		—		7,139	2014-2016	2014-2016
Model Homes-DMH LP #203		4,540		1,005		5,636		6,641				1,005		5,636		6,641		56				6,585	2016	2016
Model Homes-NTMH LLC		5,410		1,199		7,029		8,228		—		1,199		7,029		8,228		110		—		8,118	2016	2016
Total Model Home properties		22,260		5,192		30,493		35,685		—		5,192		30,492		35,684		871		—		34,813
																						—
CONSOLIDATED TOTALS:	$	160,829	$	51,202	$	212,326	$	263,528	$	14,982	$	51,274	$	227,307	$	278,581	$	36,311	$	1,748	$	240,522

(1) Depreciation is computed on a straight-line basis using useful lives up to 39 years.

NetREIT, Inc. and Subsidiaries

Schedule III - Real Estate and Accumulated Depreciation and Amortization (continued) – as of December 31, 2016

	For the Year Ended December 31,
	2016			2015
Real estate
Balance at the beginning of the year	$	261,047,651		$	224,730,052
Acquisitions		23,667,535			68,482,972
Improvements		4,150,213			2,854,939
Impairments		(948,053	)		-
Dispositions of real estate		(11,083,652	)		(35,020,312	)
Balance at the end of the year	$	276,833,694		$	261,047,651
Accumulated depreciation and amortization
Balance at the beginning of the year	$	(29,961,472	)	$	(26,540,852	)
Depreciation and amortization expense		(10,256,185	)		(7,784,917	)
Dispositions of real estate		3,906,172			4,364,297
Balance at the end of the year	$	(36,311,485	)	$	(29,961,472	)