Schedule III—Real Estate and Accumulated Depreciation

November 30, 2015

(dollars in thousands)

				Initial Cost				Cost Capitalized Subsequent to Acquisition Improvements		Gross Amount at November 30, 2015
Description	Encumbrances			Land		Bldg. & Improve.		Cost Capitalized Subsequent to Acquisition Improvements		Land		Land Improvements		Bldg. & Bldg. Improvements		Tenant Improvements		Construction in Progress		Development Costs		Total		Accumulated Depreciation			Date of Construction	Date of Acquisition	Depr. Life
Undeveloped Land	$	—		$	3,076	$	—	$	4,976	$	3,076	$	1,849	$	—	$	—	$	—	$	3,127	$	8,052	$	(1,395	)
New England Tradeport
Windsor/E. Granby, CT
Undeveloped portion		—			982		—		3,428		982		—		—		—		—		3,428		4,410		—
Industrial Buildings		7,501	(c)		8		—		4,357		8		509		3,495		347		6		—		4,365		(3,266	)	1978		40 yrs.
Industrial Building		—	(a)		4		1,722		914		4		774		1,835		27		—		—		2,640		(1,765	)	1982	1989	40 yrs.
Industrial Building		—	(a)		13		—		7,565		13		525		5,676		1,364		—		—		7,578		(2,052	)	2008		40 yrs.
Industrial Building		—			10		—		4,392		10		348		3,650		394		—		—		4,402		(2,064	)	1998		40 yrs.
Industrial Building		6,226			12		—		8,213		12		356		5,145		2,712		—		—		8,225		(5,629	)	1999		40 yrs.
Industrial Building		—	(a)		7		—		3,313		7		11		3,051		251		—		—		3,320		(1,523	)	2001		40 yrs.
Industrial Building		17,926			13		—		5,610		13		22		5,021		563		4		—		5,623		(2,265	)	2003		40 yrs.
Industrial Building		—	(a)		16		—		7,584		16		1		6,903		622		58		—		7,600		(2,804	)	2006		40 yrs.
Industrial Building		—	(a)		15		—		16,866		15		76		8,700		1,622		6,468		—		16,881		(2,855	)	2005		40 yrs.
Industrial Building		10,610			57		—		15,999		57		1,028		13,874		1,097		—		—		16,056		(3,293	)	2009		40 yrs.
Industrial Building		—			20		—		8,374		20		563		7,538		273		—		—		8,394		(2,085	)	2007		40 yrs.
Industrial Building		—			12		—		6,928		12		448		6,263		217		—		—		6,940		(1,945	)	2007		40 yrs.
Griffin Center
Windsor, CT
Undeveloped portion		—			148		—		604		148		—		—		—		—		604		752		—
Industrial Building		7,385			19		—		8,214		19		149		8,065		—		—		—		8,233		(3,053	)	2001		40 yrs.
Restaurant Building		—			1		—		2,175		1		264		1,402		509		—		—		2,176		(1,497	)	1983		40 yrs.
Office Building		—	(b)		17		—		5,881		17		420		4,266		1,195		—		—		5,898		(2,960	)	2002		40 yrs.
Office Buildings		6,217	(c)		1,193		7,958		3,812		1,193		740		8,478		2,552		—		—		12,963		(5,616	)	1982/1987	2003	40 yrs.
Griffin Center South
Bloomfield, CT
Undeveloped portion		—			312		—		374		312		—		—		—		—		374		686		—
Office Building		—	(b)		5		—		4,135		5		576		2,887		587		85		—		4,140		(3,432	)	1977		40 yrs.
Office Building		—	(b)		4		—		2,777		4		269		1,962		546		—		—		2,781		(2,091	)	1985		40 yrs.
Office Building		—	(b)		2		—		2,226		2		384		1,518		225		99		—		2,228		(1,423	)	1988		40 yrs.
Office Building		—	(b)		2		—		1,534		2		189		1,345		—		—		—		1,536		(1,067	)	1989		40 yrs.
Industrial Building		—	(b)		1		—		765		1		86		679		—		—		—		766		(587	)	1988		40 yrs.
Office Buildings		—	(b)(d)		9		—		4,129		9		266		3,367		496		—		—		4,138		(2,452	)	1991		40 yrs.
Office Building		—	(b)		9		—		4,553		9		30		3,677		846		—		—		4,562		(1,376	)	2001		40 yrs.

Schedule III—Real Estate and Accumulated Depreciation (Continued)

November 30, 2015

(dollars in thousands)

				Initial Cost				Cost Capitalized Subsequent to Acquisition Improvements		Gross Amount at November 30, 2015
Description	Encumbrances			Land		Bldg. & Improve.		Cost Capitalized Subsequent to Acquisition Improvements		Land		Land Improvements		Bldg. & Bldg. Improvements		Tenant Improvements		Construction in Progress		Development Costs		Total			Accumulated Depreciation			Date of Construction	Date of Acquisition	Depr. Life
Bloomfield, CT
Industrial Building		—			746		1,198		—		746		72		1,126		—		—		—		1,944			(318	)	1997	2007	40 yrs.
Breinigsville, PA
Industrial Building		3,729			832		4,560		—		832		349		3,990		221		—		—		5,392			(1,013	)		2010	40 yrs.
Lower Nazareth Township, PA
Industrial Building		19,385			1,351		—		14,965		1,351		1,355		12,467		981		162		—		16,316			(722	)	2014		40 yrs.
Industrial Building		—	(a)		721		—		11,176		721		1,359		8,996		821		—		—		11,897			(1,437	)	2012		40 yrs.
Hanover Township, PA
Industrial Building		11,457			4,022		—		15,573		4,022		3,768		10,662		1,143		—		—		19,595			(183	)	2015		40 yrs.
Industrial Building under Construction		—			3,620		—		3,358		3,620		—		—		—		3,358		—		6,978			—
Granby, CT
Nursery Farm		—			417		—		11,052		417		1,565		9,487		—		—		—		11,469			(10,214	)		1959	20 yrs.
Quincy, FL
Nursery Farm		—			279		—		9,485		279		4,089		5,396		—		—		—		9,764			(8,402	)		1959	20 yrs.
Simsbury, CT
Residential Development		—			202		—		8,337		202		—		—		—		—		8,337		8,539			—

	$	90,436		$	18,157	$	15,438	$	213,644	$	18,157	$	22,440	$	160,921	$	19,611	$	10,240	$	15,870	$	247,239	(e)	$	(80,784	)


(a)	Building included in mortgage listed on line above.
(b)	Buildings included as collateral for a $12.5 million revolving line of credit.
(c)	Includes two buildings.
(d)	Includes three buildings.
(e)	As of November 30, 2015, the aggregate cost for federal income tax purposes is $242,956.

Schedule III—Real Estate and Accumulated Depreciation (Continued)
(dollars in thousands)

Fiscal year ended November 30, 2015

	Cost			Reserve
Balance at beginning of year	$	209,284		$	(74,762	)
Changes during the year:
Additions to real estate assets		30,556			—
Additions to reserve charged to costs and expense		—			(6,539	)
Reclassification from real estate held for sale		7,916			—
Writeoff of fully depreciated assets		(517	)		517

Balance at end of year	$	247,239		$	(80,784	)

Fiscal year ended November 30, 2014

	Cost			Reserve
Balance at beginning of year	$	192,268		$	(61,078	)
Changes during the year:
Additions to real estate assets		16,680			—
Additions to reserve charged to costs and expense		—			(5,747	)
Reclassification to real estate held for sale		(9,236	)		—
Writeoff of fully depreciated assets		(1,913	)		1,913
Reclassification to real estate assets from property and equipment		11,485			(9,850	)

Balance at end of year	$	209,284		$	(74,762	)

Fiscal year ended November 30, 2013

	Cost			Reserve
Balance at beginning of year	$	180,671		$	(56,744	)
Changes during the year:
Additions to real estate assets		13,769			—
Additions to reserve charged to costs and expense		—			(5,545	)
Reclassification to real estate held for sale		(962	)		1
Writeoff of fully depreciated assets		(1,210	)		1,210

Balance at end of year	$	192,268		$	(61,078	)