Schedule III - Consolidated Real Estate and Accumulated Depreciation

(dollars in thousands)


			Initial Cost										Amounts at which Carried at December 31, 2019
							Building,		Cost		Building,						Building,
							Building and		Capitalized		Building and						Building and						Date of
			Land and		Real Estate		Tenant		Subsequent		Tenant				Real Estate		Tenant						Acquisition
Property			Land		Under		Improvements		to		Improvements				Under		Improvements				Accumulated		(A) / Construction
Description	Encumbrances (1)		Improvements		Development		(2)		Acquisition		(2)		Land		Development		(2)		Total		Depreciation		(C)

77 Greenwich, NY	$	102,285	$	—	$	16,634	$	—	$	201,986	$	—	$	—	$	218,620	$	—	$	218,620	$	—	1990 (A)

Brooklyn, New York		67,456		27,939		—		42,177		—		14		27,939		—		42,191		70,130		2,577	2018 (A) / 2017(C)

Paramus, NJ		—		—		1,548		—		5,505		—		—		7,053		—		7,053		—	1980 (A) / 1984(C)

	$	169,741	$	27,939	$	18,182	$	42,177	$	207,491	$	14	$	27,939	$	225,673	$	42,191	$	295,803	$	2,577

(1)

Encumbrances are net of deferred finance costs of approximately $2.6 million.

(2)

Depreciation on buildings and improvements reflected in the consolidated statements of operations and comprehensive loss is calculated on the straight-line basis over estimated useful lives of 10 to 39 years.

(a) Reconciliation of Total Real Estate Properties:

The following table reconciles the activity for the real estate properties for the periods reported (dollars in thousands):


	Year Ended		Year Ended
	December 31,		December 31,
	2019		2018

Balance at beginning of period	$	216,672	$	78,658
Additions		89,885		138,014
Sold real estate		(10,754)		—
Balance at end of period	$	295,803	$	216,672

The aggregate cost of land, real estate under development, building and improvements, before depreciation, for federal income tax purposes at December 31, 2019 and 2018 was $295.8 million (unaudited) and $216.7 million (unaudited), respectively.

(b) Reconciliation of Accumulated Depreciation:

The following table reconciles the accumulated depreciation for the periods reported (dollars in thousands):


	Year Ended		Year Ended
	December 31,		December 31,
	2019		2018

Balance at beginning of period	$	3,608	$	2,389
Depreciation related to real estate		1,735		1,219
Write-off of depreciation related to real estate sold		(2,766)		—
Balance at end of period	$	2,577	$	3,608