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 Technology 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	)