Schedule III – Real Estate and Accumulated Depreciation

December 31, 2014

COLUMN A	COLUMN B		COLUMN C				COLUMN D			COLUMN E						COLUMN F		COLUMN G	COLUMN H
							Costs												Life on Which Depreciation in
			Initial Cost				Capitalized			Gross Amount at Which Carried at Close of Period									Latest Income
					Building and		Subsequent to					Building and				Accumulated		Date of	Statement is
Description	Encumbrance		Land		Improvements		Acquisition			Land		Improvements		Total		Depreciation		Acquisition	Computed
Real Estate Held for Investment
Borman Center, MI	$	-	$	550,000	$	562,404	$	1,087,596		$	550,000	$	1,650,000	$	2,200,000	$	1,618,022	1977	40 Years
Capital Plaza, KY		-		7,379		2,240,607		3,510,133			7,379		5,750,740		5,758,119		2,887,183	1978	40 Years
Grayling Plaza, MI		-		200,000		1,778,657		-			200,000		1,778,657		1,978,657		1,363,755	1984	40 Years
Marshall Plaza Two, MI		-		-		4,662,230		159,688			-		4,821,918		4,821,918		2,822,969	1990	40 Years
North Lakeland Plaza, FL		-		1,641,879		6,364,379		2,052,496			1,641,879		8,416,875		10,058,754		5,126,106	1987	40 Years
Oscoda Plaza, MI		-		183,295		1,872,854		-			183,295		1,872,854		2,056,149		1,433,536	1984	40 Years
Rapids Associates, MI		-		705,000		6,854,790		2,157,041			705,000		9,011,831		9,716,831		4,600,697	1990	40 Years
West Frankfort Plaza, IL		-		8,002		784,077		202,463			8,002		986,540		994,542		700,383	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		775,757	1995	40 Years
Monroeville, PA		-		6,332,158		2,249,724		(2,586,265	)		3,153,890		2,841,727		5,995,617		968,975	1996	40 Years
Boynton Beach, FL		-		1,534,942		2,043,122		3,754,994			1,534,942		5,798,116		7,333,058		1,343,608	1996	40 Years
Lawrence, KS		-		981,331		3,000,000		(1,510,873	)		419,791		2,050,667		2,470,458		1,221,625	1997	40 Years
Waterford, MI		579,356		971,009		1,562,869		135,390			971,009		1,698,259		2,669,268		720,723	1997	40 Years
Chesterfield Township, MI		636,140		1,350,590		1,757,830		(46,164	)		1,350,590		1,711,666		3,062,256		706,644	1998	40 Years
Grand Blanc, MI		607,750		1,104,285		1,998,919		43,929			1,104,285		2,042,848		3,147,133		812,241	1998	40 Years
Pontiac, MI		582,728		1,144,190		1,808,955		(113,506	)		1,144,190		1,695,449		2,839,639		690,483	1998	40 Years
Mt Pleasant Shopping Ctr, MI		-		907,600		8,081,968		1,024,052			907,600		9,106,020		10,013,620		4,808,049	1973	40 Years
Rochester, MI		1,582,374		2,438,740		2,188,050		1,949			2,438,740		2,189,999		4,628,739		848,601	1999	40 Years
Ypsilanti, MI		1,429,190		2,050,000		2,222,097		32,641			2,050,000		2,254,738		4,304,738		844,665	1999	40 Years
Petoskey, MI		994,116		-		2,332,473		1,179			-		2,333,652		2,333,652		855,585	2000	40 Years
Flint, MI		1,499,465		2,026,625		1,879,700		(1,201	)		2,026,625		1,878,499		3,905,124		657,481	2000	40 Years
Flint, MI		1,290,219		1,477,680		2,241,293		-			1,477,680		2,241,293		3,718,973		777,445	2001	40 Years
New Baltimore, MI		1,100,713		1,250,000		2,285,781		(16,502	)		1,250,000		2,269,279		3,519,279		758,965	2001	40 Years
Flint, MI		2,969,578		1,729,851		1,798,091		660			1,729,851		1,798,751		3,528,602		571,441	2002	40 Years
Indianapolis, IN		-		180,000		1,117,617		-			180,000		1,117,617		1,297,617		362,158	2002	40 Years
Big Rapids, MI		-		1,201,675		2,014,107		(2,000	)		1,201,675		2,012,107		3,213,782		591,097	2003	40 Years
Flint, MI		-		-		471,272		(201,810	)		-		269,462		269,462		125,748	2003	20 Years
Canton Twp, MI		-		1,550,000		2,132,096		23,020			1,550,000		2,155,116		3,705,116		597,098	2003	40 Years
Flint, MI		3,441,685		1,537,400		1,961,674		-			1,537,400		1,961,674		3,499,074		531,371	2004	40 Years
Webster, NY		-		1,600,000		2,438,781		-			1,600,000		2,438,781		4,038,781		657,967	2004	40 Years
Albion, NY		-		1,900,000		3,037,864		-			1,900,000		3,037,864		4,937,864		768,962	2004	40 Years
Flint, MI		2,631,221		1,029,000		2,165,463		(6,666	)		1,029,000		2,158,797		3,187,797		546,405	2004	40 Years
Lansing, MI		-		785,000		348,501		3,045			785,000		351,546		1,136,546		92,245	2004	40 Years
Boynton Beach, FL		-		1,569,000		2,363,524		-			1,569,000		2,363,524		3,932,524		633,826	2004	40 Years
Midland, MI		-		2,350,000		2,313,413		(79,235	)		2,268,695		2,315,483		4,584,178		547,439	2005	40 Years
Grand Rapids, MI		2,959,784		1,450,000		2,646,591		-			1,450,000		2,646,591		4,096,591		617,539	2005	40 Years

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

Delta Township, MI		3,090,351		2,075,000		2,535,971		7,004			2,075,000		2,542,975		4,617,975		582,824	2005	40 Years
Roseville, MI		2,336,328		1,771,000		2,327,052		-			1,771,000		2,327,052		4,098,052		530,857	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		326,346	2005	40 Years
N Cape May, NJ		-		1,075,000		1,430,092		495			1,075,000		1,430,587		2,505,587		324,859	2005	40 Years
Summit Twp, MI		1,431,882		998,460		1,336,357		12,686			998,460		1,349,043		2,347,503		277,204	2006	40 Years
Livonia, MI		4,240,564		1,200,000		3,441,694		817,589			1,200,000		4,259,283		5,459,283		778,062	2007	40 Years
Barnesville, GA		-		932,500		2,091,514		5,490			932,500		2,097,004		3,029,504		377,868	2007	40 Years
East Lansing, MI		-		240,000		54,531		-			240,000		54,531		294,531		9,519	2007	40 Years
Plainfield, IN		-		4,549,758		-		114,383			4,664,141		-		4,664,141		-	2007	40 Years
Macomb Township, MI		3,955,574		2,621,500		3,484,212		(83,479	)		2,537,222		3,485,011		6,022,233		595,339	2008	40 Years
Shelby Township, MI		3,383,595		2,055,174		2,533,876		47,775			2,058,474		2,578,351		4,636,825		412,803	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		374,942	2009	40 Years
Brighton, MI		-		1,365,000		2,802,036		5,615			1,365,000		2,807,651		4,172,651		409,370	2009	40 Years
Port St John, FL		-		2,320,860		2,402,641		880			2,320,860		2,403,521		4,724,381		340,484	2009	40 Years
Lowell, MI		-		890,000		1,930,182		10,190			890,000		1,940,372		2,830,372		254,610	2009	40 Years
Southfield, MI		-		1,200,000		125,616		2,064			1,200,000		127,690		1,327,690		16,617	2009	40 Years
Atchison, KS		-		943,750		3,021,672		-			823,170		3,142,252		3,965,422		351,996	2010	40 Years
Johnstown, OH		2,384,927		485,000		2,799,502		-			485,000		2,799,502		3,284,502		314,945	2010	40 Years
Lake in the Hills, IL		-		2,135,000		3,328,560		-			1,690,000		3,773,560		5,463,560		418,963	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		202,933	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		198,398	2010	40 Years
Mansfield, CT		2,170,284		700,000		1,902,191		508			700,000		1,902,699		2,602,699		196,213	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		2,634,651			2,660,582		3,035,576		5,696,158		321,871	2010	40 Years
Tallahassee, FL		1,628,000		-		1,482,462		-			-		1,482,462		1,482,462		149,791	2010	40 Years
Wilmington, NC		2,186,000		1,500,000		1,348,591		-			1,500,000		1,348,591		2,848,591		129,240	2011	40 Years
Marietta, GA		900,000		575,000		696,297		6,359			575,000		702,656		1,277,656		61,402	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		144,737	2011	40 Years
Chandler, AZ		1,550,203		332,868		793,898		360			332,868		794,258		1,127,126		64,571	2011	40 Years
New Lenox, IL		1,192,464		1,422,488		-		-			1,422,488		-		1,422,488		-	2011	40 Years
Roseville, CA		4,752,000		2,800,000		3,695,455		(96,364	)		2,695,636		3,703,455		6,399,091		308,554	2011	40 Years
Fort Walton Beach, FL		1,768,000		542,200		1,958,790		303			542,200		1,959,093		2,501,293		151,009	2011	40 Years
Leawood, KS		3,204,294		989,622		3,003,541		16,198			989,622		3,019,739		4,009,361		226,480	2011	40 Years
Salt Lake City, UT		4,948,724		-		6,810,104		(44,417	)		-		6,765,687		6,765,687		542,896	2011	40 Years

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

Burton, MI		-		80,000		-		-			80,000		-		80,000		-	2011
Macomb Township, 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		98,844	2012	40 Years
Walker, MI		887,000		219,200		1,024,738		-			219,200		1,024,738		1,243,938		70,448	2012	40 Years
Portland, OR		-		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		128,358	2012	40 Years
Baton Rouge, LA		1,073,217		-		1,188,322		-			-		1,188,322		1,188,322		76,746	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		186,554	2012	40 Years
Newark, DE		2,492,444		2,117,547		4,777,516		-			2,117,547		4,777,516		6,895,063		293,318	2012	40 Years
Vineland, NJ		2,188,562		4,102,710		1,501,854		-			4,102,710		1,501,854		5,604,564		92,792	2012	40 Years
Fort Mill, SC		-		750,000		1,187,380		-			750,000		1,187,380		1,937,380		71,738	2012	40 Years
Spartanburg, SC		-		250,000		765,714		-			250,000		765,714		1,015,714		45,464	2012	40 Years
Springfield, IL		-		302,520		653,654		-			302,520		653,654		956,174		38,130	2012	40 Years
Jacksonville, NC		-		676,930		1,482,748		-			676,930		1,482,748		2,159,678		86,494	2012	40 Years
Morrow, GA		-		525,000		1,383,489		(99,850	)		525,000		1,283,639		1,808,639		72,829	2012	40 Years
Charlotte, NC		-		1,822,900		3,531,275		(572,344	)		1,822,900		2,958,931		4,781,831		162,660	2012	40 Years
Lyons, GA		-		121,627		2,155,635		(126,199	)		121,627		2,029,436		2,151,063		105,963	2012	40 Years
Fuquay-Varina, NC		-		2,042,225		1,763,768		(255,778	)		2,042,225		1,507,990		3,550,215		79,074	2012	40 Years
Minneapolis, MN		-		1,088,015		345,958		(54,430	)		826,635		552,908		1,379,543		28,366	2012	40 Years
Lake Zurich, IL		-		780,974		7,909,277		28,174			780,974		7,937,451		8,718,425		405,111	2012	40 Years
Lebanon, VA		-		300,000		612,582		16,363			300,000		628,945		928,945		31,447	2012	40 Years
Harlingen, TX		-		430,000		1,614,378		12,854			430,000		1,627,232		2,057,232		81,362	2012	40 Years
Wichita, TX		-		340,000		1,530,971		12,854			340,000		1,543,825		1,883,825		77,191	2012	40 Years
Pensacola, FL		-		650,000		1,165,415		12,854			650,000		1,178,269		1,828,269		58,913	2012	40 Years
Pensacola, FL		-		400,000		1,507,583		12,854			400,000		1,520,437		1,920,437		76,022	2012	40 Years
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		366,060	2013	40 Years
Statham, GA		-		191,919		3,851,073		-			191,919		3,851,073		4,042,992		184,531	2013	40 Years
North Las Vegas, NV		-		214,552		717,435		-			214,552		717,435		931,987		33,630	2013	40 Years
Memphis, TN		-		322,520		748,890		-			322,520		748,890		1,071,410		34,324	2013	40 Years
Rancho Cordova, CA		-		3,889,612		3,232,662		282,130			3,889,612		3,514,792		7,404,404		148,482	2013	40 Years
Kissimmee, FL		-		1,453,500		971,683		-			1,453,500		971,683		2,425,183		42,511	2013	40 Years
Pinellas Park, FL		-		2,625,000		874,542		3,965			2,625,000		878,507		3,503,507		34,716	2013	40 Years
Manchester, CT		-		397,800		325,705		-			397,800		325,705		723,505		13,571	2013	40 Years
Rapid City, SD		-		1,017,800		2,348,032		-			1,017,800		2,348,032		3,365,832		95,389	2013	40 Years
Chicago, IL		-		272,222		649,063		-			272,222		649,063		921,285		25,692	2013	40 Years

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

Brooklyn, OH		-		3,643,700		15,079,714		-		3,643,700		15,079,714		18,723,414		565,489	2013	40 Years
Madisonville, TX		-		96,680		1,087,642		-		96,680		1,087,642		1,184,322		40,787	2013	40 Years
Baton Rouge, LA		-		271,400		1,086,434		-		271,400		1,086,434		1,357,834		38,478	2013	40 Years
Forest, MS		-		-		1,298,176		-		-		1,298,176		1,298,176		45,977	2013	40 Years
Sun Valley, NV		-		308,495		1,373,336		2,819		308,495		1,376,155		1,684,650		45,848	2013	40 Years
Rochester, NY		-		2,500,000		7,398,639		-		2,500,000		7,398,639		9,898,639		238,914	2013	40 Years
Allentown, PA		-		2,525,051		7,896,613		-		2,525,051		7,896,613		10,421,664		254,995	2013	40 Years
Casselberry, FL		-		1,804,000		793,101		-		1,804,000		793,101		2,597,101		28,089	2013	40 Years
Berwyn, IL		-		186,791		933,959		5,400		186,791		939,359		1,126,150		25,430	2013	40 Years
Grand Forks, ND		-		1,502,609		2,301,337		1,801,028		1,502,609		4,102,365		5,604,974		112,148	2013	40 Years
Ann Arbor, MI		-		3,000,000		4,595,757		276,163		3,000,000		4,871,920		7,871,920		131,372	2013	40 Years
Joplin, MO		-		1,208,225		1,160,843		-		1,208,225		1,160,843		2,369,068		33,858	2013	40 Years
Red Bay, AL		-		38,981		2,528,437		-		38,981		2,528,437		2,567,418		10,535	2014	40 Years
Birmingham, AL		-		230,106		231,313		-		230,106		231,313		461,419		482	2014	40 Years
Birmingham, AL		-		245,234		251,339		-		245,234		251,339		496,573		524	2014	40 Years
Birmingham, AL		-		98,271		179,824		-		98,271		179,824		278,095		375	2014	40 Years
Birmingham, AL		-		235,641		127,477		-		235,641		127,477		363,118		266	2014	40 Years
Montgomery, AL		-		325,389		217,850		-		325,389		217,850		543,239		454	2014	40 Years
Littleton, CO		5,595,327-		819,000		8,756,266		-		819,000		8,756,266		9,575,266		54,727	2014	40 Years
St Petersburg, FL		-		1,225,000		1,025,247		-		1,225,000		1,025,247		2,250,247		19,223	2014	40 Years
St Augustine, FL		-		200,000		1,523,230		-		200,000		1,523,230		1,723,230		9,520	2014	40 Years
East Palatka, FL		-		730,000		575,236		-		730,000		575,236		1,305,236		3,595	2014	40 Years
Pensacola, FL		-		136,365		398,773		-		136,365		398,773		535,138		831	2014	40 Years
Jacksonville, FL		-		297,066		312,818		-		297,066		312,818		609,884		-	2014	40 Years
Jacksonville, FL		-		299,312		348,862		-		299,312		348,862		648,174		-	2014	40 Years
Fort Oglethorpe, GA		-		1,842,240		2,844,126		-		1,842,240		2,844,126		4,686,366		65,178	2014	40 Years
New Lenox, IL		-		2,010,000		6,206,252		-		2,010,000		6,206,252		8,216,252		34,234	2014	40 Years
Rockford, IL		-		303,395		2,436,873		-		303,395		2,436,873		2,740,268		15,230	2014	40 Years
Indianapolis, IN		-		575,000		1,871,110		-		575,000		1,871,110		2,446,110		35,083	2014	40 Years
Terre Haute, IN		-		103,147		2,477,263		-		103,147		2,477,263		2,580,410		-	2014	40 Years
Junction City, KS		-		78,271		2,504,294		-		78,271		2,504,294		2,582,565		-	2014	40 Years
Baton Rouge, LA		-		226,919		347,691		-		226,919		347,691		574,610		724	2014	40 Years
Lincoln Park, MI		-		543,303		1,408,544		-		543,303		1,408,544		1,951,847		26,410	2014	40 Years
Novi, MI		-		1,803,857		1,488,505		-		1,803,857		1,488,505		3,292,362		-	2014	40 Years
Bloomfield Hills, MI		-		1,340,000		2,003,406		-		1,340,000		2,003,406		3,343,406		6,966	2014	40 Years
Moreahead, MN		-		511,645		870,732		-		511,645		870,732		1,382,377		3,628	2014	40 Years
Fergus Falls, MN		-		405,617		561,332		-		405,617		561,332		966,949		2,339	2014	40 Years

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

Fergus Falls, MN		-		327,247		655,973		-		327,247		655,973		983,220		2,733	2014	40 Years
Park Rapids, MN		-		413,151		706,884		-		413,151		706,884		1,120,035		2,945	2014	40 Years
Jackson, MS		-		256,789		172,184		-		256,789		172,184		428,973		359	2014	40 Years
Belton, MO		-		714,775		7,173,999		-		714,775		7,173,999		7,888,774		-	2014	40 Years
Great Falls, MT		-		945,765		753,222		-		945,765		753,222		1,698,987		-	2014	40 Years
Irvington, NJ		-		315,000		1,313,025		-		315,000		1,313,025		1,628,025		24,619	2014	40 Years
East Grand Forks, ND		-		313,454		914,676		-		313,454		914,676		1,228,130		3,811	2014	40 Years
Fargo, ND		-		513,505		1,201,532		-		513,505		1,201,532		1,715,037		5,006	2014	40 Years
Fargo, ND		-		629,484		707,799		-		629,484		707,799		1,337,283		2,949	2014	40 Years
Jamestown, ND		-		234,545		1,158,486		-		234,545		1,158,486		1,393,031		4,827	2014	40 Years
Grand Forks, ND		-		540,658		813,776		-		540,658		813,776		1,354,434		3,391	2014	40 Years
Grand Forks, ND		-		762,471		554,595		-		762,471		554,595		1,317,066		2,311	2014	40 Years
Grand Forks, ND		-		529,087		676,026		-		529,087		676,026		1,205,113		2,817	2014	40 Years
Toledo, OH		-		500,000		1,372,363		-		500,000		1,372,363		1,872,363		25,732	2014	40 Years
Toledo, OH		-		155,250		762,500		-		155,250		762,500		917,750		7,943	2014	40 Years
Toledo, OH		-		213,750		754,675		-		213,750		754,675		968,425		7,861	2014	40 Years
Toledo, OH		-		168,750		785,000		-		168,750		785,000		953,750		8,177	2014	40 Years
Port Clinton, OH		-		75,000		721,100		-		75,000		721,100		796,100		7,511	2014	40 Years
Mansfield, OH		-		306,000		725,600		-		306,000		725,600		1,031,600		7,558	2014	40 Years
Orville, OH		-		344,250		716,600		-		344,250		716,600		1,060,850		7,465	2014	40 Years
Akron, OH		-		427,750		715,700		-		427,750		715,700		1,143,450		7,455	2014	40 Years
Akron, OH		-		696,000		845,000		-		696,000		845,000		1,541,000		8,802	2014	40 Years
Hubbard, OH		-		204,000		726,500		-		204,000		726,500		930,500		7,568	2014	40 Years
Youngstown, OH		-		285,000		745,700		-		285,000		745,700		1,030,700		7,768	2014	40 Years
Calcutta, OH		-		208,050		758,750		-		208,050		758,750		966,800		7,904	2014	40 Years
Columbus, OH		-		-		1,136,250		-		-		1,136,250		1,136,250		9,469	2014	40 Years
Tulsa, OK		-		459,148		640,550		-		459,148		640,550		1,099,698		13,345	2014	40 Years
Ligonier, PA		-		330,000		5,021,849		-		330,000		5,021,849		5,351,849		52,311	2014	40 Years
Clarion, PA		-		121,200		771,500		-		121,200		771,500		892,700		8,036	2014	40 Years
Mercer, PA		-		121,200		770,000		-		121,200		770,000		891,200		8,021	2014	40 Years
Limerick, PA		-		369,000		-		-		369,000		-		369,000		-	2014	40 Years
Harrisbuarg, PA		-		124,757		1,446,773		-		124,757		1,446,773		1,571,530		-	2014	40 Years
Andreson, SC		-		781,200		4,441,535		-		781,200		4,441,535		5,222,735		101,785	2014	40 Years
Easley, SC		-		332,275		268,612		-		332,275		268,612		600,887		560	2014	40 Years
Spartanburg, SC		-		141,307		446,706		-		141,307		446,706		588,013		931	2014	40 Years
Spartanburg, SC		-		94,770		261,640		-		94,770		261,640		356,410		545	2014	40 Years
Columbia, SC		-		303,932		1,221,964		-		303,932		1,221,964		1,525,896		2,546	2014	40 Years

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

Alcoa, TN		-		329,074		270,719		-		329,074		270,719		599,793		564	2014	40 Years
Knoxville, TN		-		214,077		286,037		-		214,077		286,037		500,114		596	2014	40 Years
Red Bank, TN		-		229,100		302,146		-		229,100		302,146		531,246		629	2014	40 Years
New Tazewell, TN		-		91,006		328,561		-		91,006		328,561		419,567		-	2014	40 Years
Maryville, TN		-		94,682		1,529,621		-		94,682		1,529,621		1,624,303		-	2014	40 Years
Morristown, TN		-		46,404		801,506		-		46,404		801,506		847,910		-	2014	40 Years
Clinton, TN		-		69,625		1,177,927		-		69,625		1,177,927		1,247,552		-	2014	40 Years
Knoxville, TN		-		160,057		2,265,025		-		160,057		2,265,025		2,425,082		-	2014	40 Years
Sweetwater, TN		-		79,100		1,009,290		-		79,100		1,009,290		1,088,390		-	2014	40 Years
McKinney, TX		-		2,671,020		6,785,815		-		2,671,020		6,785,815		9,456,835		84,823	2014	40 Years
Forest Va		-		282,600		956,027		-		282,600		956,027		1,238,627		17,926	2014	40 Years
Waynesboro, VA		-		292,086		514,209		-		292,086		514,209		806,295		1,071	2014	40 Years
Colonial Heights, VA		-		547,692		1,059,557		-		547,692		1,059,557		1,607,249		2,207	2014	40 Years
Chester, VA		-		300,583		794,417		-		300,583		794,417		1,095,000		1,655	2014	40 Years
Midlothian, VA		-		232,337		802,602		-		232,337		802,602		1,034,939		1,672	2014	40 Years
Ashland, VA		-		426,396		965,925		-		426,396		965,925		1,392,321		2,012	2014	40 Years
Mecanicsville, VA		-		219,496		906,590		-		219,496		906,590		1,126,086		1,889	2014	40 Years
Glen Allen, VA		-		590,101		1,129,495		-		590,101		1,129,495		1,719,596		2,353	2014	40 Years
Burlington, WA		-		610,000		3,647,279		-		610,000		3,647,279		4,257,279		8,869	2014	40 Years
Wausau, WI		-		909,092		1,405,899		-		909,092		1,405,899		2,314,991		17,588	2014	40 Years
Subtotal		106,762,238		197,046,698		376,435,573		15,435,489		195,091,303		393,826,467		588,917,770		59,089,851

Property Under Development
Various		-		-		229,242		-		-		229,242		229,242		-	N/A	N/A
Sub Total		-		-		229,242		-		-		229,242		229,242		-

Total	$	106,762,238	$	197,046,698	$	376,664,815	$	15,435,489	$	195,091,303	$	394,055,709	$	589,147,012	$	59,089,851

Notes to Schedule III

December 31, 2014

1. Reconciliation of Real Estate Properties

The following table reconciles the Real Estate Properties from January 1, 2012 to December 31, 2014.

	2014			2013			2012

Balance at January 1	$	476,168,824		$	398,811,830		$	340,073,911
Construction and acquisition cost		143,365,974			82,692,554			97,418,031
Impairment charge		(3,020,000	)		(450,000	)		-
Disposition of real estate		(27,367,786	)		(4,885,560	)		(38,680,112	)

Balance at December 31	$	589,147,012		$	476,168,824		$	398,811,830

2. Reconciliation of Accumulated Depreciation

The following table reconciles the Real Estate Properties from January 1, 2012 to December 31, 2014.

	2014			2013			2012

Balance at January 1	$	65,436,739		$	58,856,688		$	68,589,778
Current year depreciation expense		8,361,698			6,930,145			5,726,319
Disposition of real estate		(14,708,586	)		(350,094	)		(15,459,409	)

Balance at December 31	$	59,089,851		$	65,436,739		$	58,856,688

3. Tax Basis of Building and Improvements

The aggregate cost of Building and Improvements for federal income tax purposes is approximately $14,723,000 less than the cost basis used for financial statement purposes.