THE GEO GROUP, INC.

SCHEDULE III- REAL ESTATE AND ACCUMULATED DEPRECIATION

December 31, 2013

(dollars in thousands)



			_Original
_{Property Name (1)}	_Type	_Location	_Land	_{Building and Improvements}	_{Costs Capitalized Subsequent to Acquisition (2)}	_{Land and Improvements}	_{Building and Improvements}	_{Land Held for Development}	_{Development and Construction in Progress}	_Total	_{Accumulated Depreciation}	_{Year(s) Built/ Renovated}	_{Book Value of Mortgaged Properties}
_{Corrections and Detention - Owned and Leased}
Broward Transition Center	Detention Facility	DEERFIELD BEACH, FL	4,085	15,441	18,039	4,085	33,480	—	—	37,565	3,682	1998, 2004, 2010/2011, 2013/2014	33,883
D. Ray James Correctional Facility	Detention Facility	FOLKSTON, GA	1,229	55,961	12,821	1,346	68,421	243	—	70,010	5,028	1998/1999, 2008/2009, 2011/2012	64,982
D. Ray James Detention Facility	Detention Facility	FOLKSTON, GA	291	30,399	4,097	291	34,497	—	—	34,788	2,168	2005, 2008, 2013	32,620
LaSalle Detention Facility	Detention Facility	JENA, LA	856	51,623	2,879	342	54,493	514	9	55,358	7,977	1998, 2008, 2010/2011	47,381
Moshannon Valley Correctional Center	Correctional Facility	PHILIPSBURG, PA	1,107	65,160	6,997	1,386	71,516	86	275	73,263	5,131	2005/2006, 2013	68,132
North Lake Correctional Facility	Correctional Facility	BALDWIN, MI	66	36,727	50,798	66	87,525	—	—	87,591	4,473	1998/1999, 2002, 2011	83,118
Queens Detention Facility	Detention Facility	JAMAICA, NY	2,237	19,847	329	2,237	20,176	—	—	22,413	6,559	1971, 1996/1997, 2004	—
Riverbend Correctional Facility (3)	Correctional Facility	MILLEDGEVILLE, GA	—	72,932	91	25	72,998	—	—	73,023	4,191	2011	68,832
Rivers Correctional Institution	Correctional Facility	WINTON, NC	875	60,328	1,684	1,194	61,543	149	—	62,886	15,849	2000/2001	47,037
Robert A. Deyton Detention Facility	Detention Facility	LOVEJOY, GA	—	8,163	9,863	15	18,012	—	—	18,027	4,989	1984-1986, 2008/2009	—
Big Spring Correctional Center (3)	Correctional Facility	BIG SPRING, TX	530	83,160	3,452	556	85,590	—	996	87,142	10,499	1940, 1960, 1982, 1991, 1994, 1996, 2001, 2009, 2010, 2011, 2012	—
Great Plains Correctional Facility	Correctional Facility	HINTON, OK	463	76,580	3,227	463	79,030	—	777	80,270	5,983	1990-1992, 1995, 2008, 2011, 2013	74,287
Joe Corley Detention Facility	Correctional Facility	CONROE, TX	470	64,813	716	470	65,530	—	—	66,000	1,395	2008	64,605
Karnes Correctional Center	Detention Facility	KARNES CITY, TX	937	24,825	1,633	912	26,197	176	110	27,395	4,655	1995	22,740
Karnes County Civil Detention Center	Detention Facility	KARNES CITY, TX	—	29,052	—	—	29,052	—	—	29,052	1,289	2011/2012	27,763
Lawton Correctional Facility	Correctional Facility	LAWTON, OK	1,012	96,637	852	1,040	97,460	—	—	98,500	15,356	1998/1999, 2005/2006	83,144
Rio Grande Detention Center	Detention Facility	LAREDO, TX	8,365	81,178	1,019	6,266	82,198	2,099	—	90,563	9,102	2007, 2008	81,461
South Texas Detention Complex	Detention Facility	PEARSALL, TX	437	31,405	4,785	437	36,190	—	—	36,627	6,719	2004/2005, 2012	—
Val Verde Correctional Facility	Detention Facility	DEL RIO, TX	21	56,009	626	16	56,635	5	—	56,656	10,709	2000/2001, 2005, 2007	45,947
Adelanto Detention Facility	Detention Facility	ADELANTO, CA	8,005	113,255	806	8,277	113,290	—	500	122,067	4,631	1990/1991, 2011, 2012	117,436
Aurora/ICE Processing Center	Detention Facility	AURORA, CO	4,590	15,200	71,965	4,271	86,174	1,310	—	91,755	8,298	1987, 1993, 1998, 2009, 2010, 2011	83,457
Central Valley MCCF	Correctional Facility	MC FARLAND, CA	1,055	28,133	2,247	905	30,283	211	36	31,435	4,987	1997, 2009/2010	26,448
Desert View MCCF	Correctional Facility	ADELANTO, CA	1,245	27,943	4,034	1,245	31,977	—	—	33,222	5,119	1997, 2010, 2013	28,103
Golden State MCCF	Correctional Facility	MC FARLAND, CA	1,264	27,924	2,088	1,073	29,931	253	20	31,277	4,931	1997, 2010	26,346
Guadalupe County Correctional Facility	Correctional Facility	SANTA ROSA, NM	181	29,732	456	27	29,894	154	295	30,370	8,835	1998/1999, 2008	21,535
Hudson Correctional Facility	Correctional Facility	HUDSON, CO	11,140	—	4,591	7,372	3,991	3,920	448	15,731	1,997	2009, 2011	—



Lea County Correctional Facility (3)	Correctional Facility	HOBBS, NM	347	67,933	979		—	68,359	347	553	69,259	11,900	1997/1998	57,359
Leo Chesney CCF	Correctional Facility	LIVE OAK, CA	—	535	249		—	784	—	—	784	516	1989, 2007	—
McFarland CCF	Correctional Facility	MC FARLAND, CA	914	9,019	4,032		876	12,903	183	3	13,965	2,014	1988, 2011	—
Mesa Verde CCF	Correctional Facility	BAKERSFIELD, CA	2,237	13,714	303		2,237	14,018	—	—	16,255	2,099	1989, 2011	—
Northwest Detention Center	Detention Facility	TACOMA, WA	3,916	39,000	48,390		3,920	85,382	2,004	—	91,306	11,792	2003/2004, 2009, 2010, 2012	—
Western Region Detention Facility	Detention Facility	SAN DIEGO, CA	—	28,071	629		—	28,679	—	21	28,700	25,828	1959-1961, 2000	—
High Plains Correctional Facility	Correctional Facility	BRUSH, CO	350	2,830	(2,376	)	350	454	—	—	804	459	1985/1986, 2001-2003	—
Delaney Hall	Detention Facility	NEWARK, NJ	3,759	22,502	12,970		3,759	35,472	—	—	39,231	5,836	1999/2000, 2008	33,395
Alexandria Transfer Center (3)	CIP - Detention Facility	Alexandria, LA	—	4,538	—		—	—	—	4,538	4,538	—	In Process - Estimated Completion Q4 2014	—
Corrections and Detention - Managed
Allen Correctional Center	Correctional Facility	KINDER, LA	—	28	392		2	418	—	—	420	148	1989-1991, 1994/1995, 1998-1999	—
Central Texas Detention Facility	Detention Facility	SAN ANTONIO, TX	—	—	3,876		—	3,876	—	—	3,876	1,603	1962, 1989/1990, 2006, 2010	—
Lockhart Work Program Facilities	Correctional Facility	LOCKHART, TX	—	73	147		—	220	—	—	220	213	1993, 1994, 2001	—
Lawrenceville Correctional Center	Correctional Facility	LAWRENCEVILLE, VA	—	—	717		—	717	—	—	717	686	1996-1998, 2011	—
Arizona State Prison- Florence West	Correctional Facility	FLORENCE, AZ	320	9,317	987		320	10,303	—	—	10,623	5,476	1997	—
Arizona State Prison- Phoenix West	Correctional Facility	PHOENIX, AZ	—	7,919	433		—	8,351	—	—	8,351	3,775	1979-1984, 1995/1996, 2002	—
Central Arizona Correctional Facility	Correctional Facility	FLORENCE, AZ	—	396	1,146		—	1,534	—	8	1,542	809	2006	—
New Castle Correctional Facility	Correctional Facility	NEW CASTLE, IN	—	—	22,142		—	22,142	—	—	22,142	3,766	2001, 2012	—
Plainfield Indiana STOP Facility	Correctional Facility	PLAINFIELD, IN	—	—	5		—	5	—	—	5	3	1890, 1900, 1921, 1961	—
South Bay Correctional Facility	Correctional Facility	SOUTH BAY, FL	—	—	2,953		—	2,953	—	—	2,953	2,744	1996/1997, 2001, 2004/2005, 2007, 2012	—
Cleveland Correctional Center	Correctional Facility	CLEVELAND, TX	—	—	61		—	61	—	—	61	61	1989	—
Reeves County Detention Complex R1/R2	Correctional Facility	PECOS, TX	—	—	1,187		—	911	—	276	1,187	386	1986, 1998, 2001, 2004, 2009/2010	—
Reeves County Detention Complex R3	Correctional Facility	PECOS, TX	—	—	4,056		—	3,950	—	106	4,056	2,696	2003, 2006, 2010	—
Northeast New Mexico Detention Facility	Correctional Facility	CLAYTON, NM	—	—	102		—	102	—	—	102	94	2008	—
Community Based Services - Owned/Leased
Beaumont Transitional Treatment Center	Community Corrections	BEAUMONT, TX	105	560	311		105	871	—	—	976	134	1940-1950, 1967, 1975, 1986, 1997	—
Bronx Community Re-entry Center	Community Corrections	BRONX, NY	—	154	555		—	662	—	47	709	651	1966, 1998, 2009, 2012	—
Cordova Center	Community Corrections	ANCHORAGE, AK	235	3,225	3,623		235	6,848	—	—	7,083	516	1974-1979, 2001, 2013	—
El Monte Center	Community Corrections	EL MONTE, CA	—	47	278		—	325	—	—	325	132	1960, 2004, 2012	—
Grossman Center	Community Corrections	LEAVENWORTH, KS	—	24	30		—	55	—	—	55	31	2002/2003, 2010	—
Las Vegas Community Correctional Center	Community Corrections	LAS VEGAS, NV	520	1,580	176		520	1,756	—	—	2,276	153	1978, 2004	—
Leidel Comprehensive Sanction Center	Community Corrections	HOUSTON, TX	3,210	710	375		3,210	1,085	—	—	4,295	131	1930, 1960, 2005/2006, 2012	—
Marvin Gardens Center	Community Corrections	LOS ANGELES, CA	—	50	148		—	198	—	—	198	100	1962/1965, 1990	—



McCabe Center	Community Corrections	AUSTIN, TX	350	510	540		350	1,038	—	12	1,400	191	1962, 2012	—
Mid Valley House	Community Corrections	EDINBURG, TX	—	2	111		—	33	—	79	112	33	1962, 2000	—
Midtown Center	Community Corrections	ANCHORAGE, AK	130	220	124		130	344	—	—	474	41	Early 1950s, 1972, 1998	—
Northstar Center	Community Corrections	FAIRBANKS, AK	—	12	31		—	43	—	—	43	43	1970/1975, 1995	—
Oakland Center	Community Corrections	OAKLAND, CA	970	250	51		970	301	—	—	1,271	54	1904-1911, 2000s	—
Parkview Center	Community Corrections	ANCHORAGE, AK	160	1,480	216		160	1,618	—	77	1,855	286	1971, 1976	—
Reality House	Community Corrections	BROWNSVILLE, TX	140	—	3,135		487	2,788	—	—	3,275	154	1975, 1986, 2011	—
Southeast Texas Transitional Center	Community Corrections	HOUSTON, TX	910	3,210	1,204		912	4,089	—	324	5,325	535	1960, 1967, 1970, 1984, 1997/1998, 2008, 2012	—
Salt Lake City Center	Community Corrections	SALT LAKE CITY, UT	—	4	45		—	34	—	15	49	18	1970, 1977, 2004	—
Seaside Center	Community Corrections	NOME, AK	—	—	44		—	44	—	—	44	44	1958, 2005	—
Taylor Street Center	Community Corrections	SAN FRANCISCO, CA	3,230	900	2,892		3,230	3,781	—	11	7,022	432	1907, 2010/2011	—
Tundra Center	Community Corrections	BETHEL, AK	20	1,190	558		79	1,689	—	—	1,768	476	1960/1970	—
Youth Services - Owned/Leased
Abraxas Academy	Youth Facility	MORGANTOWN, PA	4,220	14,120	339		4,220	14,459	—	—	18,679	1,244	1999/2000	—
Abraxas I	Youth Facility	MARIENVILLE, PA	990	7,600	631		1,023	7,993	—	205	9,221	859	1930s, 1960, 1982, 1985-1987, 1989-1999, 2003	—
Abraxas Ohio	Youth Facility	SHELBY, OH	1,160	2,900	453		1,160	3,353	—	—	4,513	393	1900, 1935, 1965, 1992	—
Abraxas Youth Center	Youth Facility	SOUTH MOUNTAIN, PA	—	36	164		—	201	—	—	201	148	1938, 1948, 2001	—
DuPage Interventions	Youth Facility	HINSDALE, IL	2,110	1,190	181		2,110	1,355	—	16	3,481	159	1988	—
Erie Residential Programs	Youth Facility	ERIE, PA	150	350	400		150	750	—	—	900	122	1883, 1893, 1900, 1905, 1930, 1940, 1950, 2003, 2011	—
Hector Garza Center	Youth Facility	SAN ANTONIO, TX	1,590	3,540	42		1,590	3,582	—	—	5,172	361	1986/1987, 2006	—
Leadership Development Program	Youth Facility	SOUTH MOUNTAIN, PA	—	25	283		—	306	—	1	307	226	1920, 1938, 2000, 2005	—
Southern Peaks Regional Treatment Center	Youth Facility	CANON CITY, CO	2,850	11,350	151		2,850	11,402	—	99	14,351	1,127	2003-2004	—
Southwood Interventions	Youth Facility	CHICAGO, IL	870	6,310	511		870	6,821	—	—	7,691	810	1925, 1950, 1975, 2008	—
Woodridge Interventions	Youth Facility	WOODRIDGE, IL	5,160	4,330	456		5,245	4,702	—	—	9,947	538	1982/1986	—
Contact Interventions	Youth Facility	WAUCONDA, IL	719	1,110	(640	)	699	490	—	—	1,189	43	1950s/1960, 2006	—
Abraxas III	Youth Facility	PITTSBURGH, PA	86	290	(176	)	85	115	—	—	200	18	late 1800s, 1906, 1942, Mid-1950s	—
Re-Entry Day Reporting Centers - Managed
Northglenn DRC	Day Reporting Center	Northglenn, CO	—	21	—		—	21	—	—	21	20	2011, 2013	—
Aurora DRC	Day Reporting Center	Aurora, CO	—	21	—		—	21	—	—	21	17	2003, 2008, 2010, 2013	—
Denver DRC	Day Reporting Center	Denver, CO	—	43	—		—	43	—	—	43	22	2005, 2009, 2010, 2011, 2012, 2013	—
Elizabeth CRC	Day Reporting Center	Elizabeth, NJ	—	26	—		—	26	—	—	26	26	2011, 2003, 2006, 2007, 2009	—



Guilford Co. TECS	Day Reporting Center	Greensboro, NC	—	21	—	—	21	—	—	21	13	2012	—
Mecklenburg Co. TECS	Day Reporting Center	Charlotte, NC	—	26	—	—	26	—	—	26	10	2012	—
Randolph Co. TECS	Day Reporting Center	Asheboro, NC	—	6	—	—	6	—	—	6	4	2013	—
Santa Ana CDCR	Day Reporting Center	Santa Ana, CA	—	113	—	—	113	—	—	113	19	2013	—
Los Angeles CDCR	Day Reporting Center	Pamona, CA	—	44	—	—	44	—	—	44	3	2013	—
Tulare Co DRC	Day Reporting Center	Visalia, CA	—	9	—	—	9	—	—	9	9	2006, 2010	—
Merced DRC	Day Reporting Center	Merced, CA	—	18	—	—	18	—	—	18	18	2007, 2008, 2011	—
Kern County DRC	Day Reporting Center	Bakersfield, CA	—	23	—	—	23	—	—	23	16	2010, 2012	—
San Diego DRC	Day Reporting Center	San Diego, CA	—	30	—	—	30	—	—	30	30	2007, 2010	—
Orange DRC	Day Reporting Center	Santa Ana, CA	—	72	—	—	72	—	—	72	33	2012	—
Luzerne EM	Day Reporting Center	Wilkes Barre, PA	—	20	—	—	20	—	—	20	19	2007, 2013	—
Atlantic City CRC	Day Reporting Center	Atlantic City, NJ	—	10	—	—	10	—	—	10	4	2004, 2005, 20011	—
Perth Amboy CRC	Day Reporting Center	Perth Amboy, NJ	—	19	—	—	19	—	—	19	19	2006, 2007, 2008, 2010	—
Neptune CRC	Day Reporting Center	Neptune, NJ	—	16	—	—	16	—	—	16	14	2008, 2009, 2011, 2012	—
Luzerne DRC	Day Reporting Center	Wilkes Barre, PA	—	110	—	—	110	—	—	110	110	2010	—
Sedgwick DRC	Day Reporting Center	Wichita, KS	—	23	—	—	23	—	—	23	23	2006, 2007	—
Shreveport DRC	Day Reporting Center	Shreveport, LA	—	44	—	—	44	—	—	44	12	2010, 2011, 2013	—
Chicago West Grand SRC	Day Reporting Center	Chicago, IL	—	22	—	—	22	—	—	22	22	2005, 2006, 2008, 2010, 2011	—
Decatur SRC	Day Reporting Center	Decatur, IL	—	28	—	—	28	—	—	28	28	2004, 2005, 2006, 2009, 2010, 2011	—
Philadelphia ISAP	Day Reporting Center	Philadelphia, PA	—	36	—	—	36	—	—	36	29	2010	—
Miami ISAP	Day Reporting Center	Miami, FL	—	82	—	—	82	—	—	82	63	2007, 2008, 2010	—
Orlando ISAP	Day Reporting Center	Orlando, FL	—	18	—	—	18	—	—	18	14	2007, 2010	—
Atlanta ISAP	Day Reporting Center	Atlanta, GA	—	54	—	—	54	—	—	54	41	2009	—
Charlotte ISAP	Day Reporting Center	Charlotte, NC	—	9	—	—	9	—	—	9	7	2009	—
New Orleans ISAP	Day Reporting Center	New Orleans, LA	—	8	—	—	8	—	—	8	6	2009	—
Washington DC ISAP	Day Reporting Center	Fairfax, VA	—	12	—	—	12	—	—	12	10	2009, 2010, 2011	—
Chicago ISAP	Day Reporting Center	Chicago, IL	—	25	—	—	25	—	—	25	19	2009, 2013	—
Detroit ISAP	Day Reporting Center	Detroit, MI	—	18	—	—	18	—	—	18	14	2009	—
St Paul ISAP	Day Reporting Center	Bloominton, MN	—	6	—	—	6	—	—	6	5	2004, 2006, 2011	—



Denver ISAP	Day Reporting Center	Centennial, CO	—	15	—	—	15	—	—	15	6	2011, 2013	—
San Francisco ISAP	Day Reporting Center	San Francisco, CA	—	92	—	—	92	—	—	92	71	2004, 2009	—
Salt Lake City ISAP	Day Reporting Center	Murray, UT	—	7	—	—	7	—	—	7	6	2009	—
Seattle ISAP	Day Reporting Center	Tukwila, WA	—	40	—	—	40	—	—	40	31	2009	—
Bronx ISAP	Day Reporting Center	Bronx, NY	—	31	—	—	31	—	—	31	10	2010	—
Manhattan ISAP	Day Reporting Center	New York, NY	—	10	—	—	10	—	—	10	8	2010	—
Queens ISAP	Day Reporting Center	Jamaica, NY	—	39	—	—	39	—	—	39	30	2007, 2008, 2010	—
Boston ISAP	Day Reporting Center	Burlington, MA	—	13	—	—	13	—	—	13	10	2011	—
Buffalo ISAP	Day Reporting Center	Buffalo, NY	—	34	—	—	34	—	—	34	26	2009	—
Newark ISAP	Day Reporting Center	Newark, NJ	—	30	—	—	30	—	—	30	23	2009	—
Los Angeles ISAP	Day Reporting Center	Los Angeles, CA	—	35	—	—	35	—	—	35	27	2007, 2008	—
San Bernadino ISAP	Day Reporting Center	San Bernadino, CA	—	42	—	—	42	—	—	42	27	2008, 2012, 2013	—
Dallas ISAP	Day Reporting Center	Dallas, TX	—	17	—	—	17	—	—	17	13	2009	—
Houston ISAP	Day Reporting Center	Houston, TX	—	21	—	—	21	—	—	21	16	2009	—
Phoenix ISAP	Day Reporting Center	Phoenix, AZ	—	11	—	—	11	—	—	11	8	2009	—
San Antonio ISAP	Day Reporting Center	San Antonio, TX	—	7	—	—	7	—	—	7	6	2009	—
San Diego ISAP	Day Reporting Center	San Diego, CA	—	14	—	—	14	—	—	14	10	2009	—
Bakersfield ISAP	Day Reporting Center	Bakersfield, CA	—	16	—	—	16	—	—	16	9	2012	—
International Corrections & Detention - Managed
Arthur Gorrie Correctional Centre	Correctional Facility	Brisbane, Queensland AUS	—	—	207	—	207	—	—	207	137	1992	—
Fulham Correctional Centre & Fulham Nalu Challenge Community Unit	Correctional Facility	West Sale, Victoria AUS	—	—	1,426	—	1,426	—	—	1,426	824	1997, 2002	—
Junee Correctional Centre	Correctional Facility	Junee, New South Wales, AUS	—	—	1,286	—	1,286	—	—	1,286	494	1993	—
Parklea Correctional Centre	Correctional Facility	Parklea, New South Wales, AUS	—	—	1,102	—	1,102	—	—	1,102	517	1987	—
Dungavel House Immigration Removal Centre	Detention Facility	Kidlington, England	—	—	62	—	62	—	—	62	18	2013	—
Harmondsworth Immigration Removal Centre	Detention Facility	London, England	—	—	365	—	365	—	—	365	308	2011	—
Kutama-Sinthumule Correctional Centre	Correctional Facility	Louis Trichardt, South Africa	—	—	193	—	193	—	—	193	132	2003-2008	—
Offices - Leased
Corporate Headquarters	Office	BOCA RATON, FL	—	1,072	7,191	—	8,227	—	37	8,264	3,320	1985, 2003, 2005, 2011-2013	—
Central Regional Office	Office	SAN ANTONIO, TX	—	—	42	—	42	—	—	42	16	1985, 2003/2004, 2010	—
Eastern Regional Office	Office	CHARLOTTE, NC	—	—	11	—	11	—	—	11	6	1998, 2013	—
Western Regional Office	Office	LOS ANGELES, CA	—	22	—	—	22	—	—	22	22	2002, 2010	—



Boulder, CO Point II	Office	Boulder CO	—	629	—	—	629	—	—	629	390	1997-1999, 1992-1996, 2000-2001, 2003-2004, 2007-2009, 2011-2012	—
Sydney Office	Office	Sydney, AUS	—	138	—	—	138	—	—	138	72	1980	—
UK Office	Office	Hurley, England	—	—	161	—	161	—	—	161	53	2012	—
Anderson, IN Call Center	Office	Anderson, IN	—	—	386	—	386	—	—	386	92	1997-2013	—
Miscellaneous Investments
Miscellaneous Investments	Various	Various	16,159	4,515	595	778	4,040	15,538	909	21,265	1,752	Various	—
		Total	108,348	1,483,464	343,744	86,949	1,810,612	27,192	10,803	1,935,556	266,848		1,240,011

Depreciation related to the real estate investments reflected in the consolidated statements of comprehensive income is calculated over the estimated useful lives of the assets as follows:



Land improvements	The shorter of 7 years or the term of the lease/contract
Buildings	Generally 50 years or a shorter period if management determines that the building has a shorter useful life
Building improvements	7 or 15 years
Leasehold improvements	The shorter of 15 years or the term of the lease/contract

The aggregate remaining net basis of the real estate investments for federal income tax purposes was approximately $1.4 billion at December 31, 2013. Depreciation and amortization are provided on the declining balance and straight-line methods, respectively, over the estimated useful lives of the assets. This amount excludes international real estate investments.

(1) This schedule presents the real estate property of the Company and does not include facilities with no real estate assets.

(2) The negative balance for costs capitalized subsequent to acquisition include losses recorded subsequent to the initial costs.

(3) Land on which the facility is situated is subject to one or more ground leases.

THE GEO GROUP, INC.

REAL ESTATE AND ACCUMULATED DEPRECIATION

For the Fiscal Years Ended December 31, 2013, December 31, 2012, and January 1, 2012

(dollars in thousands)

A summary of activity for real estate and accumulated depreciation is as follows:



	2013			2012			2011
Real Estate:
Balance at the beginning of the year	$	1,840,306		$	1,805,434		$	1,596,338
Additions to/improvements of real estate	97,302			51,998			229,399
Assets sold/written-off	(2,052		)	(17,126		)	(20,303		)
Balance at the end of the year	$	1,935,556		$	1,840,306		$	1,805,434
Accumulated Depreciation
Balance at the beginning of the year	$	217,428		$	174,055		$	138,813
Depreciation expense	50,616			49,026			40,705
Assets sold/written-off	(1,196		)	(5,653		)	(5,463		)
Balance at the end of the year	$	266,848		$	217,428		$	174,055