Schedule III – Real Estate and Accumulated Depreciation

November 30, 2019

(dollars in thousands)


								Cost Capitalized		Gross Amount
				Initial Cost				Subsequent		at November 30, 2019
						Bldg. &		to Acquisition				Land		Bldg. & Bldg.		Tenant		Construction		Development				Accumulated		Date of	Date of	Depr.
Description	Encumbrances			Land		Improve.		Improvements		Land		Improvements		Improvements		Improvements		in Progress		Costs		Total		Depreciation		Construction	Acquisition	Life

CT Industrial/Warehouse Properties
Industrial/Warehouse Building - Bloomfield	$	-	(b)	$	1	$	-	$	866	$	1	$	92	$	774	$	-	$	-	$	-	$	867	$	(651)	1988		40	yrs.
Industrial/Warehouse Building - Bloomfield		-	(b)		251		1,198		1,599		251		327		1,752		718		-		-		3,048		(867)	1997	2007	40	yrs.
Industrial/Warehouse Building - East Granby		13,115			4		1,722		922		4		774		1,843		27		-		-		2,648		(1,992)	1982	1989	40	yrs.
Industrial/Warehouse Building - East Granby		-	(a)		4		-		2,161		4		225		1,654		282		-		-		2,165		(1,518)	1978		40	yrs.
Industrial/Warehouse Building - East Granby		-	(a)		4		-		3,215		4		313		2,354		548		-		-		3,219		(2,413)	1980		40	yrs.
Industrial/Warehouse Building - Windsor		-	(a)		259		-		5,352		259		1,281		3,677		394		-		-		5,611		(2,646)	1998		40	yrs.
Industrial/Warehouse Building - Windsor		-	(a)		13		-		7,536		13		530		5,642		1,364		-		-		7,549		(3,015)	2008		40	yrs.
Industrial/Warehouse Building - Windsor		4,011			12		-		8,329		12		363		5,254		2,712		-		-		8,341		(6,384)	1999		40	yrs.
Industrial/Warehouse Building - Windsor		-	(a)		7		-		3,386		7		20		3,180		186		-		-		3,393		(1,756)	2001		40	yrs.
Industrial/Warehouse Building - Windsor		16,634			13		-		6,098		13		62		5,250		786		-		-		6,111		(2,937)	2003		40	yrs.
Industrial/Warehouse Building - Windsor		-	(a)		16		-		7,835		16		91		6,941		622		181		-		7,851		(3,666)	2006		40	yrs.
Industrial/Warehouse Building - Windsor		-	(a)		15		-		17,244		15		159		13,912		3,173		-		-		17,259		(6,350)	2005		40	yrs.
Industrial/Warehouse Building - Windsor		10,034			57		-		16,071		57		1,042		13,932		1,097		-		-		16,128		(5,183)	2009		40	yrs.
Industrial/Warehouse Building - Windsor		18,069			20		-		10,274		20		804		8,187		1,283		-		-		10,294		(3,471)	2007		40	yrs.
Industrial/Warehouse Building - Windsor		-	(a)		12		-		6,975		12		470		6,288		217		-		-		6,987		(2,720)	2007		40	yrs.
Industrial/Warehouse Building - Windsor		-	(a)		16		-		10,017		16		2,364		6,917		736		-		-		10,033		(894)	2017		40	yrs.
Industrial/Warehouse Building - Windsor		14,030			26		-		15,547		26		3,357		11,078		1,112		-		-		15,573		(739)	2018		40	yrs.
Industrial/Warehouse Building - Windsor		5,725			19		-		8,236		19		171		8,065		-		-		-		8,255		(3,902)	2001		40	yrs.

PA Industrial/Warehouse Properties
Industrial/Warehouse Building - Breinigsville		3,206			832		4,599		-		832		349		4,029		221		-		-		5,431		(1,715)	2006	2010	40	yrs.
Industrial/Warehouse Building - Lower Nazareth Township		19,101			1,351		-		15,496		1,351		1,372		12,874		1,250		-		-		16,847		(3,483)	2014		40	yrs.
Industrial/Warehouse Building - Lower Nazareth Township		-	(a)		721		-		11,276		721		1,374		9,057		845		-		-		11,997		(3,260)	2012		40	yrs.
Industrial/Warehouse Building - Hanover Township		24,701			3,620		-		16,922		3,620		4,502		9,139		1,940		1,341		-		20,542		(2,414)	2016		40	yrs.
Industrial/Warehouse Building - Hanover Township		-	(a)		4,022		-		16,301		4,022		4,011		11,076		1,214		-		-		20,323		(3,197)	2015		40	yrs.
Industrial/Warehouse Building - Allentown		-			2,344		-		8,150		2,344		2,996		5,073		-		81		-		10,494		(340)	2018		40	yrs.

NC Industrial/Warehouse Property
Industrial/Warehouse Building - Concord		11,673			1,600		15,189		322		1,600		1,595		13,042		874		-		-		17,111		(1,580)	2015	2017	40	yrs.
Industrial/Warehouse Building - Concord		-			1,412		-		8,578		1,412		2,636		5,263		-		679		-		9,990		(45)	2019		40	yrs.
Industrial/Warehouse Building - Concord		-			1,304		-		7,746		1,304		2,451		5,295		-		-		-		9,050		(44)	2019		40	yrs.

FL Industrial/Warehouse Property
Industrial/Warehouse Building - Orlando		-			1,150		8,203		-		1,150		832		6,517		854		-		-		9,353		(32)	1973	2019	40	yrs.


								Cost Capitalized		Gross Amount
				Initial Cost				Subsequent		at November 30, 2019
						Bldg. &		to Acquisition				Land		Bldg. & Bldg.		Tenant		Construction		Development					Accumulated		Date of	Date of	Depr.
Description	Encumbrances			Land		Improve.		Improvements		Land		Improvements		Improvements		Improvements		in Progress		Costs		Total			Depreciation		Construction	Acquisition	Life

Office/Flex Properties
Office/Flex Building - Bloomfield		-	(b)		5		-		4,425		5		594		3,081		750		-		-		4,430			(3,772)	1977		40	yrs.
Office/Flex Building - Bloomfield		-	(b)		4		-		2,777		4		269		1,962		546		-		-		2,781			(2,435)	1985		40	yrs.
Office/Flex Building - Bloomfield		-	(b)		2		-		2,335		2		384		1,726		225		-		-		2,337			(1,782)	1988		40	yrs.
Office/Flex Building - Bloomfield		-	(b)		2		-		3,212		2		214		2,301		697		-		-		3,214			(1,446)	1989		40	yrs.
Office/Flex Building - Bloomfield		-	(b)		3		-		1,810		3		140		1,357		249		64		-		1,813			(1,239)	1990		40	yrs.
Office/Flex Building - Bloomfield		-	(b)		3		-		1,825		3		85		1,525		215		-		-		1,828			(1,074)	1991		40	yrs.
Office/Flex Building - Bloomfield		-	(b)		3		-		871		3		89		667		115		-		-		874			(674)	1991		40	yrs.
Office/Flex Building - Bloomfield		-	(b)		9		-		4,564		9		28		3,690		846		-		-		4,573			(2,266)	2001		40	yrs.
Office/Flex Building - Windsor		-	(b)		17		-		6,117		17		434		4,535		1,148		-		-		6,134			(3,617)	2002		40	yrs.
Office/Flex Building - Windsor		4,174			616		3,954		2,853		616		384		4,863		1,538		22		-		7,423			(3,865)	1982	2003	40	yrs.
Office/Flex Building - Windsor		-	(a)		577		4,004		2,670		577		397		4,447		1,534		296		-		7,251			(3,409)	1987	2003	40	yrs.

Other
Nursery Farm - Granby, CT		-			376		-		10,989		376		1,565		9,424		-		-		-		11,365			(10,688)		1959	20	yrs.
Undeveloped land - New England Tradeport		-			712		-		2,230		712		90		-		-		-		2,140		2,942			(69)
Undeveloped land - Griffin Center/Griffin Center South		-			435		-		1,572		435		451		-		-		-		1,121		2,007			(446)
Undeveloped land - Phoenix Crossing		-			60		-		1,451		60		-		-		-		-		1,451		1,511			-
Undeveloped land - Other		-			680		-		1,760		680		1,305		-		-		-		455		2,440			(1,039)
Undeveloped land - Mecklenburg, NC		-			5,714		-		393		5,714		-		-		-		393		-		6,107			-
Undeveloped land - Lehigh County, PA		-			2,226		-		485		2,226		-		-		-		485		-		2,711			-
Residential Development - Simsbury, CT		-			201		-		5,237		201		-		-		-		-		5,237		5,438			-
	$	144,473		$	30,750	$	38,869	$	274,030	$	30,750	$	40,992	$	227,643	$	30,318	$	3,542	$	10,404	$	343,649	(c)	$	(105,035)

(a)

Building included in mortgage listed in the above line.

(b)

Buildings included as collateral for a $19,500 revolving line of credit.

(c)

As of November 30, 2019, the aggregate cost for Federal income tax purposes is $321,020.


	Cost		Reserve
Balance at beginning of year	$	318,625	$	(105,004)
Changes during the year:
Additions to real estate assets		39,735		—
Additions to reserve charged to costs and expense		—		(10,416)
Reclassification to real estate held for sale		(11,307)		10,081
Impairment loss		(3,100)		—
Writeoff of fully depreciated assets		(304)		304
Balance at end of year	$	343,649	$	(105,035)

Fiscal year ended November 30, 2018


	Cost		Reserve
Balance at beginning of year	$	291,852	$	(95,112)
Changes during the year:
Additions to real estate assets		27,559		—
Additions to reserve charged to costs and expense		—		(9,853)
Reclassification to real estate held for sale		(500)		(325)
Writeoff of fully depreciated assets		(286)		286
Balance at end of year	$	318,625	$	(105,004)

Fiscal year ended November 30, 2017


	Cost		Reserve
Balance at beginning of year	$	259,061	$	(86,801)
Changes during the year:
Additions to real estate assets		35,036		—
Additions to reserve charged to costs and expense		—		(8,831)
Reclassification to real estate held for sale		(2,047)		322
Writeoff of fully depreciated assets		(198)		198
Balance at end of year	$	291,852	$	(95,112)