Payments under our Amended and Restated Advisory Agreement in each reporting period
consist of (i) an asset management fee
equal to a percentage of the value of our gross assets, as defined in the agreement, and (ii) the reimbursement of certain expenses.
The rental deduction may exceed the depreciation in three cases: if the property
consists primarily of a nondepreciable asset, such as land (although land is not depreciable, rental
payments for the lease of land may be deducted); if the property has appreciated in value (while depreciation deductions are limited by the cost of the property, rental deductions may
equal the fair market value of the property); or if the property has been fully depreciated.