XML 43 R49.htm IDEA: XBRL DOCUMENT v2.4.0.8
Schedule III (Tables)
 12 Months Ended
Dec. 31, 2012
Schedule III - Real Estate and Accumualated Depreciation  
Real Estate And Accumulated Depreciation By Property
                              
Description   Encumbrances  Initial Cost to Company - Land   Initial Cost to Company - Buildings   Costs Capitalized Subsequent to Acquisition (a)   Increase (Decrease) in Net Investments (b)   Gross Amount at which Carried at Close of Period (c) - Land   Gross Amount at which Carried at Close of Period (c) - Buildings   Gross Amount at which Carried at Close of Period (c) - Total   Accumulated Depreciation (c) Date Acquired Life on which Depreciation in Latest Statement of Income is Computed
Real Estate Under Operating Leases:                             
Office facilities in Broomfield, CO $ - $ 248 $ 2,538 $ 4,844 $ (2,069) $ 2,643 $ 2,918 $ 5,561 $ 1,217Jan. 199840 yrs.
Distribution facilities and warehouses in Erlanger, KY   12,000   1,526   21,427   2,966   141   1,526   24,534   26,060   9,431Jan. 199840 yrs.
Retail store in Montgomery, AL   -   855   6,762   277   (6,978)   142   774   916   417Jan. 199840 yrs.
Warehouse/distribution facilities in Anchorage, AK and Commerce, CA   -   4,905   11,898   -   12   4,905   11,910   16,815   1,636Jan. 199840 yrs.
Office facility in Toledo, OH   -   224   2,408   -   -   224   2,408   2,632   1,003Jan. 199840 yrs.
Industrial facility in Goshen, IN   -   239   940   -   -   239   940   1,179   133Jan. 199840 yrs.
Office facility in Raleigh, NC   -   1,638   2,844   157   (2,554)   828   1,257   2,085   454Jan. 199820 yrs.
Office facility in King of Prussia, PA   -   1,219   6,283   1,295   -   1,219   7,578   8,797   2,658Jan. 199840 yrs.
Warehouse/distribution facility in Fort Lauderdale, FL   -   1,893   11,077   703   (8,449)   1,173   4,051   5,224   1,429Jan. 199840 yrs.
Industrial facilities in Pinconning, MS   -   32   1,692   -   -   32   1,692   1,724   634Jan. 199840 yrs.
Industrial facilities in San Fernando, CA   6,991   2,052   5,322   -   152   2,052   5,474   7,526   2,043Jan. 199840 yrs.
Land leased in several cities in the following states: Alabama, Florida, Georgia, Illinois, Louisiana, Missouri, New Mexico, North Carolina, South Carolina, and Texas   139   9,382   -   -   (172)   9,210   -   9,210   -Jan. 1998N/A
Industrial facility in Milton, VT   -   220   1,579   -   -   220   1,579   1,799   592Jan. 199840 yrs.
Land in Glendora, CA   -   1,135   -   -   17   1,152   -   1,152   -Jan. 1998N/A
Industrial facility in Doraville, GA   4,842   3,288   9,864   1,546   274   3,288   11,684   14,972   3,887Jan. 199840 yrs.
Office facilities in Collierville, TN and warehouse/distribution facilities in Corpus Christi and College Station, TX   51,871   3,490   72,497   -   (15,008)   334   60,645   60,979   4,003Jan. 199840 yrs.
Land in Irving and Houston, TX   8,313   9,795   -   -   -   9,795   -   9,795   -Jan. 1998N/A
Industrial facility in Chandler, AZ   12,066   5,035   18,957   7,435   541   5,035   26,933   31,968   8,959Jan. 199840 yrs.
Warehouse/distribution facilities in Houston, TX   -   167   885   73   -   167   958   1,125   345Jan. 199840 yrs.
Office facilities in Bridgeton, MO   -   842   4,762   1,627   71   842   6,460   7,302   1,552Jan. 199840 yrs.
Industrial facility in Industry, CA   -   3,789   13,164   1,872   318   3,789   15,354   19,143   4,608Jan. 199840 yrs.
Retail stores in Drayton Plains, MI and Citrus Heights, CA   -   1,039   4,788   165   193   1,039   5,146   6,185   1,049Jan. 199835 yrs.
Warehouse/distribution facility in Memphis, TN   -   1,882   3,973   -   (3,893)   328   1,634   1,962   538Jan. 199815 yrs.
Retail store in Bellevue, WA   8,269   4,125   11,812   393   (123)   4,371   11,836   16,207   4,352Apr. 199840 yrs.
Office facility in Houston, TX   -   3,260   22,574   1,628   (23,311)   211   3,940   4,151   2,944Jun. 199840 yrs.
Office facility in Rio Rancho, NM   8,162   1,190   9,353   1,504   -   1,467   10,580   12,047   3,598Jul. 199840 yrs.
Vacant office facility in Moorestown, NJ   -   351   5,981   943   43   351   6,967   7,318   2,890Feb. 199940 yrs.
Office facility in Norcross, GA   28,347   5,200   25,585   11,822   -   5,200   37,407   42,607   12,327Jun. 199940 yrs.
Office facility in Tours, France   4,991   1,034   9,737   342   4,169   1,451   13,831   15,282   4,154Sep. 200040 yrs.
Office facility in Illkirch, France   13,171   -   18,520   -   9,116   -   27,636   27,636   8,826Dec. 200140 yrs.
Industrial and warehouse/distribution facilities in Lenexa, KS; Winston-Salem, NC; and Dallas, TX   -   1,860   12,539   -   5   1,860   12,544   14,404   3,310Sep. 200240 yrs.
Office facilities in Playa Vista and Venice, CA    50,306   2,032   10,152   52,816   1   5,889   59,112   65,001   2,853Sep. 2004; Sep. 201240 yrs.
Warehouse/distribution facility in Greenfield, IN   -   2,807   10,335   223   (8,383)   967   4,015   4,982   853Sep. 200440 yrs.
Warehouse/distribution facilities in Birmingham, AL    4,425   1,256   7,704   -   -   1,256   7,704   8,960   1,597Sep. 200440 yrs.
Industrial facility in Scottsdale, AZ    1,229   586   46   -   -   586   46   632   10Sep. 200440 yrs.
Retail store in Hot Springs, AR   -   850   2,939   2   (2,614)   -   1,177   1,177   245Sep. 200440 yrs.
Industrial facilities in Apopka, FL    -   362   10,855   569   (155)   337   11,294   11,631   2,287Sep. 200440 yrs.
Land in San Leandro, CA   -   1,532   -   -   -   1,532   -   1,532   (1)Dec. 2006N/A
Industrial facility in Sunnyvale, CA   -   1,663   3,571   -   -   1,663   3,571   5,234   803Dec. 200627 yrs.
Fitness and recreational sports center in Austin, TX   3,165   1,725   5,168   -   -   1,725   5,168   6,893   1,103Dec. 200628.5 yrs.
Retail store in Wroclaw, Poland   8,309   3,600   10,306   -   (1,958)   3,305   8,643   11,948   1,093Dec. 200740 yrs.
Office facility in Fort Worth, TX   33,631   4,600   37,580   -   -   4,600   37,580   42,180   2,740Feb. 201040 yrs.
Warehouse/distribution facility in Mallorca, Spain   -   11,109   12,636   -   2,212   12,161   13,796   25,957   891Jun. 201040 yrs.
Industrial and office facilities in San Diego, CA   33,527   7,247   29,098   967   (5,514)   4,762   27,036   31,798   1,982May. 201140 yrs.
Retail stores in Florence, AL; Snellville, GA; Concord, NC; Rockport, TX; and Virginia Beach, VA   22,000   5,646   12,367   -   -   5,646   12,367   18,013   109Sep. 201240 yrs.
Hospitality facilities in Irvine, Sacramento, and San Diego, CA; Orlando, FL; Des Plaines, IL; Indianapolis, IN; Louisville, KY; Linthicum Heights, MD; Newark, NJ; Albuquerque, NM; and Spokane, WA   140,000   32,680   198,999   -   -   32,680   198,999   231,679   1,369Sep. 201234 - 37 yrs.
Industrial facilities in Bluffton, OH; Auburn, IN; and Milan, TN   -   2,564   6,998   -   -   2,564   6,998   9,562   58Sep. 201230 yrs.
Land in Irvine, CA   1,666   4,173   -   -   -   4,173   -   4,173   -Sep. 2012N/A
Office facility in Alpharetta, GA   7,699   2,198   6,349   -   -   2,198   6,349   8,547   53Sep. 201230 yrs.
Office facility in Clinton, NJ   25,714   2,866   34,834   -   -   2,866   34,834   37,700   290Sep. 201230 yrs.
Office facilities in St. Petersburg, FL   18,481   3,280   24,627   -   -   3,280   24,627   27,907   205Sep. 201230 yrs.
Movie theatre in Baton Rouge, LA   10,025   4,168   5,724   -   -   4,168   5,724   9,892   48Sep. 201230 yrs.
Office facilities in San Diego, CA   17,470   7,804   16,729   -   -   7,804   16,729   24,533   139Sep. 201230 yrs.
Industrial facilities in Richmond, CA   -   895   1,953   -   -   895   1,953   2,848   16Sep. 201230 yrs.
Warehouse/distribution and industrial facilities in Kingman, AZ; Woodland, CA; Jonesboro, GA; Kansas City, MO; Springfield, OR; Fogelsville, PA; and Corsicana, TX   64,836   16,386   84,668   -   -   16,386   84,668   101,054   700Sep. 201230 yrs.
Warehouse/distribution facilities in Lens, Nimes, Colomiers, Thuit Hebert, Ploufragen, and Cholet, France   94,059   15,779   89,421   -   2,929   16,219   91,910   108,129   764Sep. 201230 yrs.
Warehouse/distribution facilities in Orlando, FL; Macon, GA; Rocky Mount, NC, and Lewisville, TX   14,645   2,163   17,715   -   -   2,163   17,715   19,878   148Sep. 201230 yrs.
Fitness and recreational sports center in Newton, MA   7,655   1,897   11,451   -   -   1,897   11,451   13,348   94Sep. 201230 yrs.
Industrial facilities in Chattanooga, TN   -   558   5,923   -   -   558   5,923   6,481   49Sep. 201230 yrs.
Industrial facilities in Mooresville, NC   6,512   756   9,775   -   -   756   9,775   10,531   80Sep. 201230 yrs.
Industrial facility in MaCalla, AL   6,307   960   14,472   -   -   960   14,472   15,432   115Sep. 201231 yrs.
Office facility in Lower Makefield Township, PA   10,874   1,726   12,781   -   -   1,726   12,781   14,507   105Sep. 201230 yrs.
Industrial facility in Fort Smith, AZ   -   1,063   6,159   -   -   1,063   6,159   7,222   50Sep. 201230 yrs.
Retail facilities in Greenwood, IN and Buffalo, NY   8,893   -   19,990   -   -   -   19,990   19,990   161Sep. 201230 - 31 yrs.
Industrial facilities in Bowling Green, KY and Jackson, TN   7,436   1,492   8,182   -   -   1,492   8,182   9,674   66Sep. 201231 yrs.
Industrial facilities in Mattoon, IL; Holyoke, MA; and Morristown, TN and a warehouse/distribution facility in Westfield, MA   5,245   1,891   11,064   -   -   1,891   11,064   12,955   90Sep. 201231 yrs.
Industrial facility in Rancho Cucamonga, CA and educational facilities in Glendale Heights, IL; Exton, PA; and Avondale, AZ   37,911   14,006   33,683   -   -   14,006   33,683   47,689   263Sep. 201231 - 32 yrs.
Sports facilities in Rochester Hills and Canton, MI   22,160   5,447   9,988   -   -   5,447   9,988   15,435   81Sep. 201231 yrs.
Industrial facilities in St. Petersburg, FL; Buffalo Grove, IL; West Lafayette, IN; Excelsior Springs, MO; and North Versailles, PA   12,860   6,559   19,078   -   -   6,559   19,078   25,637   153Sep. 201231 yrs.
Industrial facilities in Tolleson, AZ; Alsip, IL; and Solvay, NY   15,164   6,080   23,424   -   -   6,080   23,424   29,504   187Sep. 201231 yrs.
Land in Kahl, Germany   10,573   6,694   -   -   186   6,880   -   6,880   -Sep. 2012N/A
Land in Memphis, TN and sports facilities in Bedford, TX and Englewood, CO   8,050   4,877   4,258   -   -   4,877   4,258   9,135   34Sep. 201231 yrs.
Office facilities in Brussels, Belgium   11,094   1,505   6,026   -   210   1,547   6,194   7,741   48Sep. 201232 yrs.
Warehouse/distribution facilities in Oceanside, CA and Concordville, PA   4,506   3,333   8,270   -   -   3,333   8,270   11,603   66Sep. 201231 yrs.
Office facility in Peachtree City, GA   3,962   1,205   5,907   -   -   1,205   5,907   7,112   47Sep. 201231 yrs.
Self-storage and trucking facilities in numerous locations throughout the U.S.   154,658   74,551   319,186   -   -   74,551   319,186   393,737   2,527Sep. 201231 yrs.
Warehouse/distribution facility in La Vista, NE   22,340   4,196   23,148   -   -   4,196   23,148   27,344   173Sep. 201233 yrs.
Office facility in Pleasanton, CA   12,861   3,675   7,468   -   -   3,675   7,468   11,143   59Sep. 201231 yrs.
Office facility in San Marcos, TX   -   440   688   -   -   440   688   1,128   5Sep. 201231 yrs.
Office facilities in Espoo, Finland   58,910   40,555   15,662   -   1,565   41,684   16,098   57,782   127Sep. 201231 yrs.
Office facility in Conflans, France   20,378   7,208   11,333   -   516   7,409   11,648   19,057   91Sep. 201231 yrs.
Office facilities in Chicago, IL   15,499   2,169   19,010   -   -   2,169   19,010   21,179   149Sep. 201231 yrs.
Industrial facility in Louisville, CO   10,417   5,342   8,786   -   -   5,342   8,786   14,128   69Sep. 201231 yrs.
Industrial facilities in Hollywood and Orlando, FL    -   3,639   1,269   -   -   3,639   1,269   4,908   10Sep. 201231 yrs.
Industrial facility in Golden, CO   -   808   4,304   -   -   808   4,304   5,112   36Sep. 201230 yrs.
Industrial facilities in Texarkana, TX and Orem, UT    2,699   1,755   4,493   -   -   1,755   4,493   6,248   35Sep. 201231 yrs.
Industrial facility in Eugene, OR   4,724   2,286   3,783   -   -   2,286   3,783   6,069   30Sep. 201231 yrs.
Industrial facility in Neenah, WI   4,869   438   4,954   -   -   438   4,954   5,392   39Sep. 201231 yrs.
Industrial facility in South Jordan, UT   13,075   2,183   11,340   -   -   2,183   11,340   13,523   89Sep. 201231 yrs.
Warehouse/distribution facility in Ennis, TX   2,609   478   4,087   -   -   478   4,087   4,565   32Sep. 201231 yrs.
Childcare facilities in Chandler and Tucson, AZ; Alhambra, Chino, Garden Grove, and Tustin, CA; Westland and Canton, MI; and Carrollton, Duncansville, and Lewisville, TX   -   6,343   379   -   (1,384)   5,338   -   5,338   -Sep. 2012N/A
Retail facility in Oklahoma City, OK   5,759   1,246   4,771   -   -   1,246   4,771   6,017   37Sep. 201232 yrs.
Land in Farmington, CT and Braintree, MA   490   2,409   -   -   -   2,409   -   2,409   -Sep. 2012N/A
Office facilities in Helsinki, Finland   58,917   26,560   20,735   -   1,316   27,299   21,312   48,611   165Sep. 201232 yrs.
Office facility in Paris, France   73,391   23,387   43,450   -   1,860   24,038   44,659   68,697   341Sep. 201232 yrs.
Retail facilities in Bydgoszcz, Czestochowa, Jablonna, Katowice, Kielce, Lodz, Lubin, Olsztyn, Opole, Plock, Walbrzych, Warsaw, and Warszawa, Poland   148,643   26,564   72,866   -   2,768   27,303   74,895   102,198   785Sep. 201223 - 34 yrs.
Office facility in Laupheim, Germany   -   2,072   8,339   -   290   2,130   8,571   10,701   107Sep. 201220 yrs.
Industrial facilities in Danbury, CT and Bedford, MA   12,973   3,519   16,329   -   -   3,519   16,329   19,848   136Sep. 201229 yrs.
  $ 1,512,763 $ 513,758 $ 1,777,346 $ 94,169 $ (53,660) $ 509,530 $ 1,822,083 $ 2,331,613 $ 116,075  
                              

                    
Description   Encumbrances   Initial Cost to Company - Land   Initial Cost to Company - Buildings   Costs Capitalized Subsequent to Acquisition (a)   Increase (Decrease) in Net Investment(b)   Gross Amount at which Carried at Close of Period Total Date Acquired
Direct Financing Method:                   
Retail stores in several cities in the following states: Alabama, Florida, Georgia, Illinois, Louisiana, Missouri, New Mexico, North Carolina, South Carolina, and Texas $ 199 $ - $ 16,416 $ - $ (384) $ 16,032Jan. 1998
Office and industrial facilities in Glendora, CA and Romulus, MI   -   454   13,251   9   (2,437)   11,277Jan. 1998
Industrial facilities in Thurmont, MD and Farmington, NY   -   729   6,093   -   (158)   6,664Jan. 1998
Industrial facilities in Irving and Houston, TX   20,118   -   27,599   -   (3,897)   23,702Jan. 1998
Retail facilities in Farmington, CT and Braintree, MA   3,010   -   8,761   -   -   8,761Sep. 2012
Education facilities in Chandler and Tucson, AZ; Alhambra, Chino, Garden Grove, and Tustin, CA; Naperville, IL; Westland and Canton, MI; and Carrollton, Duncansville, and Lewisville, TX   -   -   7,840   -   -   7,840Sep. 2012
Industrial facility in Owingsville, KY   113   309   5,741   -   (88)   5,962Sep. 2012
Retail facility in Freehold, NJ   6,515   -   17,067   -   (12)   17,055Sep. 2012
Office facilities in Corpus Christi, Odessa, San Marcos, and Waco, TX   5,313   2,089   14,211   -   (102)   16,198Sep. 2012
Retail facilities in Osnabruck, Borken, Bunde, Arnstadt, Dorsten, Duisburg, Freiberg, Leimbach-Kaiserro, Monheim, Oberhausen, Rodewisch, Sankt Augustin, Schmalkalden, Stendal, Wuppertal, and Monheim, Germany   87,982   28,734   145,854   -   4,837   179,425Sep. 2012
Warehouse/distribution facility in Birmingham, United Kingdom   10,903   2,147   12,357   -   117   14,621Sep. 2012
Warehouse/distribution facilities in Mesquite, TX   6,905   2,851   15,899   -   (38)   18,712Sep. 2012
Industrial facility in Rochester, MN   5,211   881   17,039   -   39   17,959Sep. 2012
Office facility in Irvine, CA   6,792   -   17,027   -   (19)   17,008Sep. 2012
Sports facility in Memphis, TN   1,890   -   4,823   -   (33)   4,790Sep. 2012
Industrial facility in Brownwood, TX   -   722   6,268   -   -   6,990Sep. 2012
Education facility in Glendale Heights, IL   -   -   3,009   -   -   3,009Sep. 2012
  $ 154,951 $ 38,916 $ 339,255 $ 9 $ (2,175) $ 376,005 
                    

                                    
Description   Encumbrances  Initial Cost to Company - Land   Initial Cost to Company - Buildings   Initial Cost to Company - Personal Property    Costs Capitalized Subsequent to Acquisition (a)    Increase (Decrease) in Net Investments (b)    Gross Amount at which Carried at Close of Period (c) - Land    Gross Amount at which Carried at Close of Period (c) - Buildings    Gross Amount at which Carried at Close of Period (c) - Personal Property    Gross Amount at which Carried at Close of Period (c) - Total   Accumulated Depreciation (c) Date AcquiredLife on which Depreciation in Latest Statement of Income is computed
Operating Real Estate:                                   
Hotel in Livonia, MI $ - $ 2,765 $ 11,087 $ 3,816 $ 18,733 $ (20,440) $ 892 $ 5,556 $ 9,513 $ 15,961 $ 10,961Jan. 19987-40 yrs.
Self-storage facilities in Taunton, North Andover, North Billerica, and Brockton, MA   9,532   4,300   12,274   -   254   (478)   4,300   12,050   -   16,350   2,036Dec. 200625-40 yrs.
Self-storage facility in Newington, CT   2,073   520   2,973   -   241   (121)   520   3,093   -   3,613   468Dec. 200640 yrs.
Self-storage facility in Killeen, TX   3,226   1,230   3,821   -   339   (179)   1,230   3,981   -   5,211   648Dec. 200630 yrs.
Self-storage facility in Rohnert Park, CA   3,108   1,761   4,989   -   40   -   1,761   5,029   -   6,790   748Jan. 200740 yrs.
Self-storage facility in Fort Worth, TX   2,150   1,030   4,176   -   33   -   1,030   4,209   -   5,239   626Jan. 200740 yrs.
Self-storage facility in Augusta, GA   1,876   970   2,442   -   48   -   970   2,490   -   3,460   367Feb. 200739 yrs.
Self-storage facility in Garland, TX   1,435   880   3,104   -   57   -   880   3,161   -   4,041   461Feb. 200740 yrs.
Self-storage facility in Lawrenceville, GA   2,314   1,410   4,477   -   82   -   1,411   4,558   -   5,969   717Mar. 200737 yrs.
Self-storage facility in Fairfield, OH   1,824   540   2,640   -   19   -   540   2,659   -   3,199   508Apr. 200730 yrs.
Self-storage facility in Tallahassee, FL   3,629   850   5,736   -   7   -   850   5,743   -   6,593   809Apr. 200740 yrs.
Self-storage facility in Lincolnshire, IL   1,955   1,477   1,519   -   96   -   1,477   1,615   -   3,092   220Jul. 201018 yrs.
Self-storage facility in Chicago, IL   1,683   823   912   -   627   -   823   1,539   -   2,362   278Jul. 201015 yrs.
Self-storage facility in Chicago, IL   1,411   700   733   -   556   -   700   1,289   -   1,989   223Jul. 201015 yrs.
Self-storage facility in Bedford Park, IL   1,713   809   1,312   -   200   -   809   1,512   -   2,321   196Jul. 201020 yrs.
Self-storage facility in Bentonville, AR   2,024   1,050   1,323   -   22   -   1,050   1,345   -   2,395   131Sep. 201024 yrs.
Self-storage facility in Tallahassee, FL   3,848   570   3,447   -   30   -   570   3,477   -   4,047   262Sep. 201030 yrs.
Self-storage facility in Pensacola, FL   1,801   560   2,082   -   5   -   560   2,087   -   2,647   156Sep. 201030 yrs.
Self-storage facility in Chicago, IL   2,081   1,785   2,616   -   23   -   1,785   2,639   -   4,424   178Oct. 201032 yrs.
  $ 47,683 $ 24,030 $ 71,663 $ 3,816 $ 21,412 $ (21,218) $ 22,158 $ 68,032 $ 9,513 $ 99,703 $ 19,993  
                                    

          
  Reconciliation of Real Estate Subject to
  Operating Leases
  Years Ended December 31,
  2012 2011 2010
Balance at beginning of year$ 646,482 $ 560,592 $ 525,607
Additions  1,777,443   107,484   67,787
Dispositions  (75,548)   (22,106)   (18,896)
Foreign currency translation adjustment  13,263   (1,837)   (2,142)
Reclassification from (to) equity investment, direct financing lease,        
 intangible assets or assets held for sale  (17,681)   20,105   1,790
Deconsolidation of real estate asset  -   (5,938)   -
Impairment charges  (12,346)   (11,818)   (13,554)
Balance at end of year$ 2,331,613 $ 646,482 $ 560,592
          

          
  Reconciliation of Accumulated Depreciation for
  Real Estate Subject to Operating Leases
  Years Ended December 31,
  2012 2011 2010
Balance at beginning of year$ 118,054 $ 108,032 $ 100,247
Depreciation expense  24,302   15,179   13,437
Dispositions  (22,947)   (5,785)   (5,000)
Foreign currency translation adjustment  358   (396)   (839)
Reclassification from (to) equity investment, direct financing lease,        
 intangible assets or assets held for sale  (3,692)   2,339   187
Deconsolidation of real estate asset  -   (1,315)   -
Balance at end of year$ 116,075 $ 118,054 $ 108,032
          

         
 Reconciliation of Operating Real Estate
 Years Ended December 31,
 2012 2011 2010
Balance at beginning of year$ 109,875 $ 109,851 $ 85,927
Additions/capital expenditures  295   24   23,924
Impairment charges  (10,467)   -   -
Balance at end of year$ 99,703 $ 109,875 $ 109,851

         
 Reconciliation of Accumulated Depreciation for
 Operating Real Estate
 Years Ended December 31,
 2012 2011 2010
Balance at beginning of year$ 17,121 $ 14,280 $ 12,039
Depreciation expense  2,872   2,841   2,241
Balance at end of year$ 19,993 $ 17,121 $ 14,280