Schedule III-Real Estate and Accumulated Depreciation

12 Months Ended

Dec. 31, 2022

Schedule III-Real Estate and Accumulated Depreciation

Schedule III-Real Estate and Accumulated Depreciation

Schedule III – Real Estate and Accumulated Depreciation

December 31, 2022

(dollars in thousands)

								Cost Capitalized		Gross Amount
				Initial Cost				Subsequent		at December 31, 2022
						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/Logistics Properties
Industrial/Logistics Building - Bloomfield	$	-	(b)	$	251	$	1,198	$	1,599	$	251	$	327	$	1,752	$	718	$	-	$	-	$	3,048	$	(1,363)	1997	2007	40	yrs.
Industrial/Logistics Building - East Granby		-	(b)		4		1,722		1,268		4		824		2,139		27		-		-		2,994		(2,169)	1982	1989	40	yrs.
Industrial/Logistics Building - East Granby		-	(b)		4		-		2,205		4		235		1,688		282		-		-		2,209		(1,756)	1978		40	yrs.
Industrial/Logistics Building - East Granby		-	(b)		4		-		3,425		4		412		2,421		592		-		-		3,429		(2,644)	1980		40	yrs.
Industrial/Logistics Building - Windsor		-	(b)		12		-		8,346		12		457		6,276		1,613		-		-		8,358		(4,485)	1999		40	yrs.
Industrial/Logistics Building - Windsor		-	(b)		7		-		3,495		7		48		3,216		231		-		-		3,502		(2,099)	2001		40	yrs.
Industrial/Logistics Building - Windsor		-	(b)		259		-		6,185		259		1,641		3,866		678		-		-		6,444		(3,249)	1998		40	yrs.
Industrial/Logistics Building - Windsor		-	(b)		13		-		7,652		13		634		5,654		1,364		-		-		7,665		(3,721)	2008		40	yrs.
Industrial/Logistics Building - Windsor		-	(b)		57		-		16,084		57		1,055		13,932		1,097		-		-		16,141		(6,509)	2009		40	yrs.
Industrial/Logistics Building - Windsor		15,473			13		-		6,474		13		101		5,438		935		-		-		6,487		(3,555)	2003		40	yrs.
Industrial/Logistics Building - Windsor		-	(a)		16		-		7,904		16		112		7,083		709		-		-		7,920		(4,331)	2006		40	yrs.
Industrial/Logistics Building - Windsor		-	(a)		15		-		17,292		15		199		13,920		3,173		-		-		17,307		(8,955)	2005		40	yrs.
Industrial/Logistics Building - Windsor		16,666			20		-		10,325		20		804		8,238		1,283		-		-		10,345		(4,633)	2007		40	yrs.
Industrial/Logistics Building - Windsor		-	(a)		12		-		6,978		12		473		6,288		217		-		-		6,990		(3,304)	2007		40	yrs.
Industrial/Logistics Building - Windsor		-	(a)		16		-		10,017		16		2,364		6,917		736		-		-		10,033		(2,303)	2017		40	yrs.
Industrial/Logistics Building - Windsor		13,010			26		-		15,556		26		3,357		11,087		1,112		-		-		15,582		(2,578)	2018		40	yrs.
Industrial/Logistics Building - Windsor		-			20		-		20,480		20		2,947		16,279		1,249		5		-		20,500		(263)	2022		40	yrs.
PA Industrial/Logistics Properties
Industrial/Logistics Building - Breinigsville		13,879			832		4,599		-		832		349		4,029		221		-		-		5,431		(2,175)	2006	2010	40	yrs.
Industrial/Logistics Building - Allentown		-	(a)		2,344		-		9,799		2,344		3,039		5,902		858		-		-		12,143		(1,690)	2018		40	yrs.
Industrial/Logistics Building - Lower Nazareth Township		-	(b)		1,351		-		15,727		1,351		1,402		13,075		1,250		-		-		17,078		(5,082)	2014		40	yrs.
Industrial/Logistics Building - Lower Nazareth Township		-	(b)		721		-		11,359		721		1,446		9,068		845		-		-		12,080		(4,355)	2012		40	yrs.
Industrial/Logistics Building - Hanover Township		-	(b)		3,620		-		17,085		3,620		4,632		10,353		2,100		-		-		20,705		(4,742)	2016		40	yrs.
Industrial/Logistics Building - Hanover Township		-	(b)		4,022		-		16,661		4,022		4,045		11,185		1,431		-		-		20,683		(5,241)	2015		40	yrs.
Industrial/Logistics Building - Allentown		-	(b)		2,163		10,728		445		2,163		426		10,204		132		411		-		13,336		(465)	1982	2021	40	yrs.
Industrial/Logistics Building - Allentown		-			2,226		-		12,560		2,226		4,509		7,779		-		272		-		14,786		(265)	2022		40	yrs.
NC Industrial/Logistics Property
Industrial/Logistics Building - Concord		10,919			1,600		15,189		325		1,600		1,598		13,042		874		-		-		17,114		(3,409)	2015	2017	40	yrs.
Industrial/Logistics Building - Concord		-	(b)		1,412		-		10,454		1,412		2,675		6,588		1,191		-		-		11,866		(1,644)	2019		40	yrs.
Industrial/Logistics Building - Concord		-	(b)		1,304		-		9,624		1,304		2,461		6,265		898		-		-		10,928		(1,065)	2019		40	yrs.
Industrial/Logistics Building - Charlotte		-	(b)		4,606		37,074		1,861		4,606		4,182		33,947		806		-		-		43,541		(1,915)	2020	2021	40	yrs.
Industrial/Logistics Building - Charlotte		-			5,714		-		33,626		5,714		17,219		12,872		3,535		-		-		39,340		(1,707)	2021		40	yrs.
Industrial/Logistics Building - Charlotte		-	(b)		1,197		13,028		5		1,197		676		12,337		20		-		-		14,230		(489)	2000	2021	40	yrs.
Industrial/Logistics Building - Rock Hill, SC		-	(b)		1,469		22,558		606		1,469		330		22,228		-		606				24,633		(524)	2019	2022	40	yrs.

								Cost Capitalized		Gross Amount
				Initial Cost				Subsequent		at December 31, 2022
						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
SC Industrial/Logistics Property
Industrial/Logistics Building - North Charleston		-	(b)		3,166		24,372		1,276		3,166		4,288		20,868		492		-		-		28,814			(892)	2019	2021	40	yrs.
FL Industrial/Logistics Property
Industrial/Logistics Building - Orlando		6,007			1,150		8,204		-		1,150		833		6,517		854		-		-		9,354			(1,241)	1973	2019	40	yrs.
Industrial/Logistics Building - Orlando		4,778			1,555		6,386		-		1,555		390		5,268		728		-		-		7,941			(895)	1985	2020	40	yrs.
Industrial/Logistics Building - Orlando		-	(b)		1,407		5,675		15		1,407		588		4,823		264		15		-		7,097			(701)	1997	2020	40	yrs.
Industrial/Logistics Building - Lakeland		-	(b)		2,369		15,169		-		2,369		2,833		12,288		48		-		-		17,538			(661)	2007	2021	40	yrs.
Industrial/Logistics Building - Orlando		-			2,828		11,511		-		2,828		213		11,192		106		-		-		14,339			(180)	1963	2022	40	yrs.
Industrial/Logistics Building - Boynton Beach		-			2,346		5,911		-		2,346		175		5,696		40		-		-		8,257			(90)	1996	2022	40	yrs.
Industrial/Logistics Building - Boynton Beach		-			1,673		6,556		-		1,673		194		6,318		44		-		-		8,229			(100)	1996	2022	40	yrs.
Industrial/Logistics Building - Orlando		-			2,867		-		7,654		2,867		1,840		5,814		-		-		-		10,521			(74)	2022		40	yrs.
Industrial/Logistics Building - Orlando		-			2,791		-		8,699		2,791		1,829		6,012		-		858		-		11,490			(75)	2022		40	yrs.
Other
Undeveloped land - New England Tradeport		-			693		-		1,014		693		99		-		-		-		915		1,707			(80)
Undeveloped land - Griffin Center/Griffin Center South		-			348		-		921		348		22		-		-		-		899		1,269			(21)
Undeveloped land - Phoenix Crossing		-			48		-		1,409		48		-		-		-		-		1,409		1,457			-
Undeveloped land - Other		-			613		-		2,101		613		691		-		-		911		499		2,714			(524)
Undeveloped land - American Parkway		-			4,229		-		8,271		4,229		-		-		-		8,271		-		12,500			-
Undeveloped land - Lehigh County, PA		-			6,614		-		-		6,614		-		-		-		-		-		6,614			-
Undeveloped land - Rock Hill, SC		-			1,121		-		10,070		1,121		-		-		-		10,070		-		11,191			-
	$	80,732		$	71,148	$	189,880	$	326,852	$	71,148	$	78,974	$	379,864	$	32,753	$	21,419	$	3,722	$	587,880	(c)	$	(98,219)

● (a) Building included in mortgage listed on the above line.

● (b) Buildings included as collateral for a credit facility including a $100,000 revolving line of credit and $150,000 delayed draw term loan.

(c) As of December 31, 2022, the aggregate cost for Federal income tax purposes is $533,595.

Year ended December 31, 2022

	Cost		Reserve
Balance at beginning of year	$	472,636	$	(84,989)
Changes during the year:
Additions to real estate assets		120,225		—
Additions to reserve charged to costs and expense		—		(16,216)
Reclassification to real estate held for sale		(1,020)		207
Reclassification to property, plant and equipment		(1,182)		—
Writeoff of fully depreciated assets		(2,779)		2,779
Balance at end of year	$	587,880	$	(98,219)

Year ended December 31, 2021

	Cost		Reserve
Balance at beginning of year	$	346,861	$	(111,052)
Changes during the year:
Additions to real estate assets		176,209		—
Additions to reserve charged to costs and expense		—		(12,779)
Reclassification to real estate held for sale		(27,463)		18,871
Impairment loss		(3,000)		—
Writeoff of fully depreciated assets		(19,971)		19,971
Balance at end of year	$	472,636	$	(84,989)