Schedule III – Real Estate and Accumulated Depreciation

December 31, 2013

COLUMN A	COLUMN B		COLUMN C				COLUMN D		COLUMN E						COLUMN F		COLUMN G	COLUMN H
									Gross Amount at Which Carried at Close of									Life on Which
			Initial Cost				Costs		Period									Depreciation in
							Capitalized											Latest Income
					Building and		Subsequent to				Building and				Accumulated		Date of	Statement is
Description	Encumbrance		Land		Improvements		Acquisition		Land		Improvements		Total		Depreciation		Construction	Computed
Com pleted Retail Facilities
Borman Center, MI	$	-	$	550,000	$	562,404	$	1,087,596	$	550,000	$	1,650,000	$	2,200,000	$	1,576,772	1977	40 Years
Capital Plaza, KY		-		7,379		2,240,607		3,434,142		7,379		5,674,749		5,682,128		2,744,365	1978	40 Years
Chippew a Commons, WI		-		1,197,150		6,367,560		492,995		1,197,150		6,860,555		8,057,705		3,910,563	1990	40 Years
Grayling Plaza, MI		-		200,000		1,778,657		-		200,000		1,778,657		1,978,657		1,320,460	1984	40 Years
Marshall Plaza Two, MI		-		-		4,662,230		159,688		-		4,821,918		4,821,918		2,702,421	1990	40 Years
North Lakeland Plaza, FL		-		1,641,879		6,364,379		1,995,896		1,641,879		8,360,275		10,002,154		4,908,425	1987	40 Years
Oscoda Plaza, MI		-		183,295		1,872,854		-		183,295		1,872,854		2,056,149		1,387,693	1984	40 Years
Petoskey Town Center, MI		-		875,000		8,895,289		392,154		875,000		9,287,443		10,162,443		5,216,143	1990	40 Years
Rapids Associates, MI		-		705,000		6,854,790		2,157,041		705,000		9,011,831		9,716,831		4,359,647	1990	40 Years
West Frankfort Plaza, IL		-		8,002		784,077		202,463		8,002		986,540		994,542		675,719	1982	40 Years
Omaha Store, NE		-		150,000		-		-		150,000		-		150,000		-	1995	40 Years
Wichita Store, KS		1,669,449		1,039,195		1,690,644		(48,910)		1,139,677		1,541,252		2,680,929		742,605	1995	40 Years
Monroeville, PA		-		6,332,158		2,249,724		(2,586,265)		3,153,890		2,841,727		5,995,617		907,676	1996	40 Years
Boynton Beach, FL		-		1,534,942		2,043,122		3,976,385		1,534,942		6,019,507		7,554,449		1,419,357	1996	40 Years
Lawrence, KS		-		981,331		3,000,000		(1,510,873)		419,791		2,050,667		2,470,458		1,185,693	1997	40 Years
Waterford, MI		820,016		971,009		1,562,869		135,390		971,009		1,698,259		2,669,268		678,267	1997	40 Years
Chesterfield Township, MI		900,383		1,350,590		1,757,830		(46,164)		1,350,590		1,711,666		3,062,256		663,852	1998	40 Years
Grand Blanc, MI		860,200		1,104,285		1,998,919		43,929		1,104,285		2,042,848		3,147,133		648,096	1998	40 Years
Pontiac, MI		824,784		1,144,190		1,808,955		(113,506)		1,144,190		1,695,449		2,839,639		760,420	1998	40 Years
Mt Pleasant Shopping Ctr, MI		-		907,600		8,081,968		1,024,052		907,600		9,106,020		10,013,620		4,482,688	1973	40 Years
Rochester, MI		1,833,649		2,438,740		2,188,050		1,949		2,438,740		2,189,999		4,628,739		793,851	1999	40 Years
Ypsilanti, MI		1,656,140		2,050,000		2,222,097		32,641		2,050,000		2,254,738		4,304,738		788,297	1999	40 Years
Petoskey, MI		1,151,978		-		2,332,473		1,179		-		2,333,652		2,333,652		797,243	2000	40 Years
Flint, MI		1,737,574		2,026,625		1,879,700		(1,201)		2,026,625		1,878,499		3,905,124		610,518	2000	40 Years
Flint, MI		1,495,101		1,477,680		2,241,293		-		1,477,680		2,241,293		3,718,973		721,413	2001	40 Years
New Baltimore, MI		1,275,502		1,250,000		2,285,781		(16,502)		1,250,000		2,269,279		3,519,279		702,233	2001	40 Years
Flint, MI		3,138,856		1,729,851		1,798,091		660		1,729,851		1,798,751		3,528,602		526,473	2002	40 Years
Indianapolis, IN		-		180,000		1,117,617		-		180,000		1,117,617		1,297,617		319,174	2002	40 Years
Big Rapids, MI		-		1,201,675		2,014,107		(2,000)		1,201,675		2,012,107		3,213,782		540,794	2003	40 Years
Flint, MI		-		-		471,272		(198,810)		-		272,462		272,462		112,275	2003	20 Years
Canton Tw p, MI		-		1,550,000		2,132,096		23,020		1,550,000		2,155,116		3,705,116		543,220	2003	40 Years
Flint, MI		3,637,875		1,537,400		1,961,674		-		1,537,400		1,961,674		3,499,074		482,329	2004	40 Years
Webster, NY		-		1,600,000		2,438,781		-		1,600,000		2,438,781		4,038,781		596,997	2004	40 Years
Albion, NY		-		1,900,000		3,037,864		-		1,900,000		3,037,864		4,937,864		693,015	2004	40 Years
Flint, MI		2,781,211		1,029,000		2,165,463		(6,666)		1,029,000		2,158,797		3,187,797		492,435	2004	40 Years
Lansing, MI		-		785,000		348,501		3,045		785,000		351,546		1,136,546		83,456	2004	40 Years
Boynton Beach, FL		-		1,569,000		2,363,524		-		1,569,000		2,363,524		3,932,524		573,223	2004	40 Years
Midland, MI		-		2,350,000		2,313,413		(79,235)		2,268,695		2,315,483		4,584,178		489,552	2005	40 Years
Grand Rapids, MI		3,045,498		1,450,000		2,646,591		-		1,450,000		2,646,591		4,096,591		551,375	2005	40 Years

COLUMN A	COLUMN B	COLUMN C		COLUMN D	COLUMN E			COLUMN F	COLUMN G	COLUMN H
					Gross Amount at Which Carried at Close of					Life on Which
		Initial Cost		Costs	Period					Depreciation in
				Capitalized						Latest Income
			Building and	Subsequent to		Building and		Accumulated	Date of	Statement is
Description	Encumbrance	Land	Improvements	Acquisition	Land	Improvements	Total	Depreciation	Construction	Computed
Delta Tow nship, MI	3,179,846	2,075,000	2,535,971	7,004	2,075,000	2,542,975	4,617,975	519,249	2005	40 Years
Roseville, MI	2,403,987	1,771,000	2,327,052	-	1,771,000	2,327,052	4,098,052	472,681	2005	40 Years
Mt Pleasant, MI	1,252,087	1,075,000	1,432,390	4,787	1,075,000	1,437,177	2,512,177	290,417	2005	40 Years
N Cape May, NJ	-	1,075,000	1,430,092	495	1,075,000	1,430,587	2,505,587	289,094	2005	40 Years
Summit Tw p, MI	1,473,349	998,460	1,336,357	-	998,460	1,336,357	2,334,817	243,584	2006	40 Years
Livonia, MI	4,363,369	1,200,000	3,441,694	817,589	1,200,000	4,259,283	5,459,283	671,580	2007	40 Years
Barnesville, GA	-	932,500	2,091,514	5,490	932,500	2,097,004	3,029,504	325,443	2007	40 Years
East Lansing, MI	-	1,450,000	1,002,192	140,169	1,450,000	1,142,361	2,592,361	178,363	2007	40 Years
Plainfield, IN	-	4,549,758	-	114,383	4,664,141	-	4,664,141	-	2007	40 Years
Macomb Tow nship, MI	4,070,126	2,621,500	3,484,212	(83,479)	2,537,222	3,485,011	6,022,233	508,214	2008	40 Years
Shelby Tow nship, MI	3,481,583	2,055,174	2,533,876	47,775	2,058,474	2,578,351	4,636,825	348,345	2008	40 Years
Silver Springs Shores, FL	3,637,014	1,975,000	2,504,112	(5,400)	1,975,000	2,498,712	4,473,712	312,475	2009	40 Years
Brighton, MI	-	1,365,000	2,802,036	5,615	1,365,000	2,807,651	4,172,651	339,179	2009	40 Years
Port St John, FL	-	2,320,860	2,402,641	880	2,320,860	2,403,521	4,724,381	280,396	2009	40 Years
Low ell, MI	-	890,000	1,930,182	10,190	890,000	1,940,372	2,830,372	206,101	2009	40 Years
Southfield, MI	-	1,200,000	125,616	2,064	1,200,000	127,690	1,327,690	13,425	2009	40 Years
Atchison, KS	-	943,750	3,021,672	-	823,170	3,142,252	3,965,422	273,440	2010	40 Years
Johnstow n, OH	2,384,927	485,000	2,799,502	-	485,000	2,799,502	3,284,502	244,957	2010	40 Years
Lake in the Hills, IL	-	2,135,000	3,328,560	-	1,690,000	3,773,560	5,463,560	324,624	2010	40 Years
Concord, NC	-	7,676,305	-	-	7,676,305	-	7,676,305	-	2010	40 Years
Antioch, IL	1,669,449	1,087,884	-	-	1,087,884	-	1,087,884	-	2010	40 Years
St Augustine Shores, FL	-	1,700,000	1,973,929	(4,754)	1,700,000	1,969,175	3,669,175	153,704	2010	40 Years
Atlantic Beach, FL	3,452,182	1,650,000	1,904,357	1,262	1,650,000	1,905,619	3,555,619	150,758	2010	40 Years
Mansfield, CT	2,170,284	700,000	1,902,191	508	700,000	1,902,699	2,602,699	148,646	2010	40 Years
Spring Grove, IL	2,313,000	1,191,199	-	968	1,192,167	-	1,192,167	-	2010	40 Years
Ann Arbor, MI	-	-	3,061,507	2,623,823	2,660,582	3,024,748	5,685,330	245,981	2010	40 Years
Tallahassee, FL	1,628,000	-	1,482,462	-	-	1,482,462	1,482,462	112,729	2010	40 Years
Wilmington, NC	2,186,000	1,500,000	1,348,591	-	1,500,000	1,348,591	2,848,591	95,525	2011	40 Years
Marietta, GA	900,000	575,000	696,297	6,359	575,000	702,656	1,277,656	43,836	2011	40 Years
Baltimore, MD	2,534,000	2,610,430	-	(3,447)	2,606,983	-	2,606,983	-	2011	40 Years
Dallas, TX	1,844,000	701,320	778,905	1,042,730	701,320	1,821,635	2,522,955	99,196	2011	40 Years
Chandler, AZ	1,550,203	332,868	793,898	360	332,868	794,258	1,127,126	44,715	2011	40 Years
New Lenox, IL	1,192,464	1,422,488	-	-	1,422,488	-	1,422,488	-	2011	40 Years

COLUMN A	COLUMN B	COLUMN C		COLUMN D	COLUMN E			COLUMN F	COLUMN G	COLUMN H
					Gross Amount at Which Carried at Close of					Life on Which
		Initial Cost		Costs	Period					Depreciation in
				Capitalized						Latest Income
			Building and	Subsequent to		Building and		Accumulated	Date of	Statement is
Description	Encumbrance	Land	Improvements	Acquisition	Land	Improvements	Total	Depreciation	Construction	Computed
Roseville, CA	4,752,000	2,800,000	3,695,455	(96,364)	2,695,636	3,703,455	6,399,091	215,968	2011	40 Years
Fort Walton Beach, FL	1,768,000	542,200	1,958,790	303	542,200	1,959,093	2,501,293	102,032	2011	40 Years
Leaw ood, KS	3,275,170	989,622	3,003,541	16,198	989,622	3,019,739	4,009,361	150,987	2011	40 Years
Salt Lake City, UT	4,948,724	-	6,810,104	(44,417)	-	6,765,687	6,765,687	373,753	2011	40 Years
Burton, MI	-	80,000	-	-	80,000	-	80,000	-	2011
Macomb Tow nship, MI	1,793,000	1,605,134	-	-	1,605,134	-	1,605,134	-	2012	40 Years
Madison, AL	1,552,000	675,000	1,317,927	-	675,000	1,317,927	1,992,927	65,896	2012	40 Years
Walker, MI	887,000	219,200	1,024,738	-	219,200	1,024,738	1,243,938	44,829	2012	40 Years
Portland, OR	9,271,562	7,969,403	-	161	7,969,564	-	7,969,564	-	2012	40 Years
Cochran, GA	-	365,714	2,053,726	-	365,714	2,053,726	2,419,440	77,015	2012	40 Years
Baton Rouge, LA	1,073,217	-	1,188,322	-	-	1,188,322	1,188,322	47,038	2012	40 Years
Southfield, MI	1,483,000	1,178,215	-	-	1,178,215	-	1,178,215	-	2012	40 Years
Clifton Heights, PA	3,898,994	2,543,941	3,038,561	-	2,543,941	3,038,561	5,582,502	110,668	2012	40 Years
New ark, NJ	2,492,444	2,117,547	4,777,516	-	2,117,547	4,777,516	6,895,063	174,002	2012	40 Years
Vineland, DE	2,188,562	4,102,710	1,501,854	-	4,102,710	1,501,854	5,604,564	55,046	2012	40 Years
Fort Mill, SC	-	750,000	1,187,380	-	750,000	1,187,380	1,937,380	42,053	2012	40 Years
Spartanburg, SC	-	250,000	765,714	-	250,000	765,714	1,015,714	26,321	2012	40 Years
Springfield, IL	-	302,520	653,654	-	302,520	653,654	956,174	21,788	2012	40 Years
Jacksonville, FL	-	676,930	1,482,748	-	676,930	1,482,748	2,159,678	49,425	2012	40 Years
Morrow , GA	-	525,000	1,383,489	(99,850)	525,000	1,283,639	1,808,639	40,738	2012	40 Years
Charlotte, NC	-	1,822,900	3,531,275	(572,344)	1,822,900	2,958,931	4,781,831	88,687	2012	40 Years
Lyons, GA	-	121,627	2,155,635	(126,199)	121,627	2,029,436	2,151,063	55,227	2012	40 Years
Fuquay-Varina, NC	-	2,042,225	1,763,768	(255,778)	2,042,225	1,507,990	3,550,215	41,374	2012	40 Years
Minneapolis, MN	-	1,088,015	345,958	(54,430)	826,635	552,908	1,379,543	14,543	2012	40 Years
Lake Zurich, IL	-	780,974	7,909,277	28,174	780,974	7,937,451	8,718,425	206,675	2012	40 Years
Lebanon, VA	-	300,000	612,582	16,363	300,000	628,945	928,945	15,724	2012	40 Years
Harlingen, TX	-	430,000	1,614,378	12,854	430,000	1,627,232	2,057,232	40,681	2012	40 Years
Wichita, TX	-	340,000	1,530,971	12,854	340,000	1,543,825	1,883,825	38,596	2012	40 Years
Pensacola, FL	-	650,000	1,165,415	12,854	650,000	1,178,269	1,828,269	29,457	2012	40 Years
Pensacola, FL	-	400,000	1,507,583	12,854	400,000	1,520,437	1,920,437	38,011	2012	40 Years

COLUMN A		COLUMN B	COLUMN C				COLUMN D		COLUMN E							COLUMN F	COLUMN G	COLUMN H
							Costs		Gross Amount at Which Carried at Close of									Life on Which Depreciation in
			Initial Cost				Capitalized		Period									Latest Income
					Building and		Subsequent to					Building and				Accumulated	Date of	Statement is
Description		Encumbrance	Land		Improvements		Acquisition			Land		Improvements		Total		Depreciation	Construction	Computed

Venice, FL		-		1,300,196		-		4,891		1,305,087		-		1,305,087		-	2012	40 Years
St. Joseph, MO		-		377,620		7,639,521		-		377,620		7,639,521		8,017,141		175,072	2013	40 Years
Statham, GA		-		191,919		3,851,073		-		191,919		3,851,073		4,042,992		88,254	2013	40 Years
North Las Vegas, NV		-		214,552		717,435		-		214,552		717,435		931,987		15,694	2013	40 Years
Memphis, TN		-		322,520		748,890		-		322,520		748,890		1,071,410		15,602	2013	40 Years
Rancho Cordova, CA		-		3,889,612		3,232,662		-		3,889,612		3,232,662		7,122,274		60,612	2013	40 Years
Kissimmee, FL		-		1,453,500		971,683		-		1,453,500		971,683		2,425,183		18,219	2013	40 Years
Pinellas Park, FL		-		2,625,000		874,542		-		2,625,000		874,542		3,499,542		12,754	2013	40 Years
Manchester, CT		-		397,800		325,705		-		397,800		325,705		723,505		5,428	2013	40 Years
Rapid City, ND		-		1,017,800		2,348,032		-		1,017,800		2,348,032		3,365,832		36,688	2013	40 Years
Chicago, IL		-		272,222		649,063		-		272,222		649,063		921,285		9,465	2013	40 Years
Brooklyn, OH		-		3,643,700		15,079,714		-		3,643,700		15,079,714		18,723,414		188,496	2013	40 Years
Madisonville, TX		-		96,680		1,087,642		-		96,680		1,087,642		1,184,322		13,596	2013	40 Years
Baton Rouge, LA		-		271,400		1,086,434		-		271,400		1,086,434		1,357,834		11,317	2013	40 Years
Forest, MS		-		-		1,298,176		-		-		1,298,176		1,298,176		13,523	2013	40 Years
Sun Valley, NV		-		308,495		1,373,336		-		308,495		1,373,336		1,681,831		11,444	2013	40 Years
Rochester, NY		-		2,500,000		7,398,639		-		2,500,000		7,398,639		9,898,639		53,948	2013	40 Years
Allentow n, PA		-		2,525,051		7,896,613		-		2,525,051		7,896,613		10,421,664		57,579	2013	40 Years
Casselberry, FL		-		1,804,000		793,101		-		1,804,000		793,101		2,597,101		8,261	2013	40 Years
Berw yn, IL		-		186,791		933,959		-		186,791		933,959		1,120,750		1,946	2013	40 Years
Grand Forks, ND		-		1,502,609		2,301,337		-		1,502,609		2,301,337		3,803,946		9,589	2013	40 Years
Ann Arbor, MI		-		3,000,000		4,595,757		-		3,000,000		4,595,757		7,595,757		9,574	2013	40 Years
Joplin, MO		-		1,208,225		1,160,843		-		1,208,225		1,160,843		2,369,068		4,837	2013	40 Years

Sub Total		113,897,759		164,052,041		281,351,592		14,157,588		162,096,646		297,464,585		459,561,231		60,633,824

Property Held for Sale
Ironw ood, MI		-		167,500		8,181,306		1,299,613		167,500		9,480,919		9,648,419		4,802,915	1991	40 Years

Total Completed		113,897,759		164,219,541		289,532,898		15,457,201		162,264,146		306,945,504		469,209,650		65,436,739

Retail Facilities Under Developm ent
St Petersburg, FL		-		1,177,000.00		659,751		-		1,177,000		659,751		1,836,751		-	N/A	N/A
New Lenox, IL		-		2,010,000.00		1,101,817		-		2,010,000		1,101,817		3,111,817		-	N/A	N/A
Bloomfield Hills, MI		-		-		1,369,965		-		-		1,369,965		1,369,965		-	N/A	N/A
Other		-		-		640,641		-		-		640,641		640,641		-	N/A	N/A

Sub Total		-		3,187,000		3,772,174		-		3,187,000		3,772,174		6,959,174		-

Total	$	113,897,759	$	167,406,541	$	293,305,072	$	15,457,201	$	165,451,146	$	310,717,678	$	476,168,824	$	65,436,739

1. Reconciliation of Real Estate Properties

The following table reconciles the Real Estate Properties from January 1, 2011 to December 31, 2013.

	2013		2012		2011

Balance at January 1	$	398,811,830	$	340,073,911	$	339,492,832
Construction and acquisition cost		82,692,554		97,418,031		31,219,239
Impairment charge		(450,000)		-		(13,500,000)
Disposition of real estate		(4,885,560)		(38,680,112)		(17,138,160)

Balance at December 31	$	476,168,824	$	398,811,830	$	340,073,911

2. Reconciliation of Accumulated Depreciation

The following table reconciles the Real Estate Properties from January 1, 2011 to December 31, 2013.

	2013		2012		2011

Balance at January 1	$	58,856,688	$	68,589,778	$	67,383,413
Current year depreciation expense		6,930,145		5,726,319		6,005,270
Disposition of real estate		(350,094)		(15,459,409)		(4,798,905)

Balance at December 31	$	65,436,739	$	58,856,688	$	68,589,778

3. Tax Basis of Building and Improvements

The aggregate cost of Building and Improvements for federal income tax purposes is approximately

$18,877,000 less than the cost basis used for financial statement purposes.