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EXHIBIT 99.1
W. P. Carey & Co. LLC
Supplemental Operating and Financial Data
Supplemental Operating and Financial Data
Three and Nine Months ended
September 30, 2007
September 30, 2007
Table of Contents
Important Disclosures About this Report
Important Note Regarding Non-GAAP Financial Measures
This supplemental operating and financial data includes non-GAAP financial measures, including earnings before interest, taxes, depreciation and amortization (“EBITDA”), funds from operations (“FFO”) and adjusted cash flow from operations. A description of these non-GAAP financial measures and reconciliations to the most directly comparable GAAP measures are provided in this supplemental disclosure report.
Forward-looking Statements
This supplemental operating and financial data contains certain forward-looking statements relating to W. P. Carey & Co. LLC. As used in this supplemental disclosure report, the terms “the Company,” “we,” “us” and “our” include W. P. Carey & Co. LLC, its consolidated subsidiaries and predecessors, unless otherwise indicated. Forward-looking statements discuss matters that are not historical facts. Because they discuss future events or conditions, forward-looking statements may include words such as “anticipate,” “believe,” “expect,” “estimate,” “intend,” “could,” “should,” “would,” “may,” “seek,” “plan” or similar expressions. Do not unduly rely on forward-looking statements. They give our expectations about the future and are not guarantees, and speak only as of the date they are made. Such statements involve known and unknown risks, uncertainties and other factors that may cause our actual results, performance or achievement to be materially different from the results of operations or plan expressed or implied by such forward-looking statements. Accordingly, such information should not be regarded as representations that the results or conditions described in such statements or that our objectives and plans will be achieved.
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W. P. CAREY & CO. LLC
Supplemental Operating and Financial Data
Supplemental Operating and Financial Data
Three and Nine Months Ended September 30, 2007
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W. P. CAREY & CO. LLC
Company Overview
September 30, 2007
September 30, 2007
Key Company Contacts | Executive Offices | |||
William P. Carey | Chairman of the Board and Director | 50 Rockefeller Plaza | ||
Gordon F. Dugan | President, Chief Executive Officer and Director | New York, NY 10020 | ||
Thomas E. Zacharias | Managing Director, Chief Operating Officer | Tel: 1-800-WPCAREY or (212) 492-1100 | ||
Mark J. DeCesaris | Managing Director, Acting Chief Financial Officer | Fax: (212) 492-8922 | ||
Susan C. Hyde | Managing Director, Director of Investor Relations | Web Site Address: www.wpcarey.com | ||
Banks | ||||
Bank of America, N.A. | Administrative and Documentation Agent | |||
The Bank of New York | Syndication Agent | |||
JPMorgan Chase Bank, N.A. | Syndication Agent | |||
PNC Bank, N.A. | Syndication Agent |
Third | Second | First | Fourth | |||||||||||||
Quarter | Quarter | Quarter | Quarter | |||||||||||||
2007 | 2007 | 2007 | 2006 | |||||||||||||
Stock Data | ||||||||||||||||
High Price | $ | 33.14 | $ | 35.50 | $ | 34.75 | $ | 31.00 | ||||||||
Low Price | $ | 27.67 | $ | 29.71 | $ | 29.84 | $ | 27.50 | ||||||||
Closing Price | $ | 31.50 | $ | 31.45 | $ | 33.37 | $ | 30.07 | ||||||||
Distributions per share — annualized | $ | 1.888 | $ | 1.868 | $ | 1.848 | $ | 1.832 | ||||||||
Shares outstanding at quarter end | 38,583,229 | 39,129,982 | 38,442,298 | 38,262,157 | ||||||||||||
Market value of outstanding shares at quarter end (in thousands) | $ | 1,215,372 | $ | 1,230,638 | $ | 1,282,819 | $ | 1,150,543 |
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W. P. CAREY & CO. LLC
Financial Highlights (Unaudited)
(in thousands, except share and per share data)
These financial highlights include non-GAAP financial measures, including earnings before interest, taxes, depreciation and amortization (“EBITDA”), funds from operations (“FFO”) and adjusted cash flow from operations. A description of these non-GAAP financial measures and reconciliations to the most directly comparable GAAP measures are provided on the following pages.
Three months ended | Nine months ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2007 | 2006 | 2007 | 2006 | |||||||||||||
EBITDA | ||||||||||||||||
Investment management | $ | 19,961 | $ | 13,989 | $ | 95,051 | $ | 40,729 | ||||||||
Real estate ownership | 17,454 | 16,446 | 57,105 | 49,835 | ||||||||||||
Total | $ | 37,415 | $ | 30,435 | $ | 152,156 | $ | 90,564 | ||||||||
FFO | ||||||||||||||||
Investment management | $ | 17,040 | $ | 9,903 | $ | 83,450 | $ | 29,772 | ||||||||
Real estate ownership | 15,184 | 13,370 | 46,905 | 43,882 | ||||||||||||
Total | $ | 32,224 | $ | 23,273 | $ | 130,355 | $ | 73,654 | ||||||||
EBITDA Per Share (Diluted) | ||||||||||||||||
Investment management | $ | 0.50 | $ | 0.35 | $ | 2.39 | $ | 1.04 | ||||||||
Real estate ownership | 0.44 | 0.42 | 1.44 | 1.27 | ||||||||||||
Total | $ | 0.94 | $ | 0.77 | $ | 3.83 | $ | 2.31 | ||||||||
FFO Per Share (Diluted) | ||||||||||||||||
Investment management | $ | 0.43 | $ | 0.25 | $ | 2.10 | $ | 0.76 | ||||||||
Real estate ownership | 0.38 | 0.34 | 1.18 | 1.12 | ||||||||||||
Total | $ | 0.81 | $ | 0.59 | $ | 3.28 | $ | 1.88 | ||||||||
Adjusted Cash Flow From Operating Activities | ||||||||||||||||
Adjusted cash flow | $ | 68,098 | $ | 59,053 | ||||||||||||
Adjusted cash flow per share (diluted) | $ | 1.71 | $ | 1.51 | ||||||||||||
Distributions paid | $ | 53,432 | $ | 51,590 | ||||||||||||
Payout ratio (distributions paid/adjusted cash flow) | 78 | % | 87 | % | ||||||||||||
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W. P. CAREY & CO. LLC
Reconciliation of Net Income to EBITDA (Unaudited)
(in thousands, except share and per share amounts)
Three months ended September 30, | Nine months ended September 30, | |||||||||||||||
2007 | 2006 | 2007 | 2006 | |||||||||||||
Investment Management | ||||||||||||||||
Net income | $ | 12,685 | $ | 7,002 | $ | 49,174 | $ | 20,394 | ||||||||
Adjustments: | ||||||||||||||||
Provision for income taxes | 11,171 | 5,509 | 47,685 | 15,937 | ||||||||||||
Depreciation and amortization(1) | (3,895 | ) | 1,478 | (1,808 | ) | 4,398 | ||||||||||
EBITDA �� investment management | $ | 19,961 | $ | 13,989 | $ | 95,051 | $ | 40,729 | ||||||||
EBITDA per share (diluted) | $ | 0.50 | $ | 0.35 | $ | 2.39 | $ | 1.04 | ||||||||
Real Estate Ownership | ||||||||||||||||
Net income | $ | 7,724 | $ | 7,303 | $ | 24,065 | $ | 22,280 | ||||||||
Adjustments: | ||||||||||||||||
Interest expense | 5,618 | 4,395 | 16,150 | 13,324 | ||||||||||||
Provision for income taxes | 348 | 71 | 1,356 | 363 | ||||||||||||
Depreciation and amortization(1) | 3,606 | 4,434 | 15,308 | 13,386 | ||||||||||||
Reconciling items attributable to discontinued operations | 158 | 243 | 226 | 482 | ||||||||||||
EBITDA — real estate ownership | $ | 17,454 | $ | 16,446 | $ | 57,105 | $ | 49,835 | ||||||||
EBITDA per share (diluted) | $ | 0.44 | $ | 0.42 | $ | 1.44 | $ | 1.27 | ||||||||
Total Company | ||||||||||||||||
EBITDA | $ | 37,415 | $ | 30,435 | $ | 152,156 | $ | 90,564 | ||||||||
EBITDA per share (diluted) | $ | 0.94 | $ | 0.77 | $ | 3.83 | $ | 2.31 | ||||||||
Diluted weighted average shares outstanding | 39,601,853 | 39,303,948 | 39,718,522 | 39,215,134 | ||||||||||||
(1) Includes adjustments to amortization as described in W. P. Carey & Co. LLC’s 10Q for the period ended September 30, 2007.
Non-GAAP Financial Disclosure
EBITDA as disclosed represents earnings before interest, taxes, depreciation and amortization. We believe that EBITDA is a useful supplemental measure for assessing the performance of our business segments, although it does not represent net income that is computed in accordance with GAAP. Accordingly, EBITDA should not be considered an alternative for net income as an indicator of our financial performance. EBITDA may not be comparable to similarly titled measures of other companies.
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W. P. CAREY & CO. LLC
Reconciliation of Net Income to Funds From Operations (FFO) (Unaudited)
(in thousands, except share and per share amounts)
Reconciliation of Net Income to Funds From Operations (FFO) (Unaudited)
(in thousands, except share and per share amounts)
Three months ended September 30, | Nine months ended September 30, | |||||||||||||||
2007 | 2006 | 2007 | 2006 | |||||||||||||
Investment Management | ||||||||||||||||
Net income | $ | 12,685 | $ | 7,002 | $ | 49,174 | $ | 20,394 | ||||||||
Amortization, deferred taxes and other non-cash charges | 7,114 | 2,496 | 32,660 | 5,443 | ||||||||||||
FFO from equity investments | (2,759 | ) | 405 | 1,616 | 3,935 | |||||||||||
FFO — investment management | $ | 17,040 | $ | 9,903 | $ | 83,450 | $ | 29,772 | ||||||||
FFO per share (diluted) | $ | 0.43 | $ | 0.25 | $ | 2.10 | $ | 0.76 | ||||||||
Real Estate Ownership | ||||||||||||||||
Net income | $ | 7,724 | $ | 7,303 | $ | 24,065 | $ | 22,280 | ||||||||
Loss (gain) on sale of real estate, net | — | 185 | (962 | ) | 185 | |||||||||||
Depreciation, amortization and other non-cash charges | 4,228 | 4,033 | 15,343 | 12,602 | ||||||||||||
Straight-line and other rent adjustments | 660 | 786 | 2,116 | 2,343 | ||||||||||||
Impairment charges | 2,317 | — | 2,317 | 3,357 | ||||||||||||
FFO from equity investments | 464 | 1,241 | 4,650 | 3,711 | ||||||||||||
Minority investees share of FFO | (209 | ) | (178 | ) | (624 | ) | (596 | ) | ||||||||
FFO — real estate ownership | $ | 15,184 | $ | 13,370 | $ | 46,905 | $ | 43,882 | ||||||||
FFO per share (diluted) | $ | 0.38 | $ | 0.34 | $ | 1.18 | $ | 1.12 | ||||||||
Total Company | ||||||||||||||||
FFO | $ | 32,224 | $ | 23,273 | $ | 130,355 | $ | 73,654 | ||||||||
FFO per share (diluted) | $ | 0.81 | $ | 0.59 | $ | 3.28 | $ | 1.88 | ||||||||
Diluted weighted average shares outstanding | 39,601,853 | 39,303,948 | 39,718,522 | 39,215,134 | ||||||||||||
Non-GAAP Financial Disclosure
Funds from operations (FFO) is a non-GAAP financial measure that is commonly used in evaluating real estate companies. Although the National Association of Real Estate Investment Trusts (NAREIT) has published a definition of FFO, real estate companies often modify this definition as they seek to provide financial measures that meaningfully reflect their operations. FFO should not be considered as an alternative to net income as an indication of a company’s operating performance or to cash flow from operating activities as a measure of its liquidity. It should be used in conjunction with GAAP net income. FFO disclosed by other REITs may not be comparable to our FFO calculation.
NAREIT’s definition of FFO adjusts GAAP net income to exclude depreciation and gains/losses from the sales of properties and adjusts for FFO applicable to unconsolidated partnerships and joint ventures. We calculate FFO in accordance with this definition and then include other adjustments to GAAP net income to adjust for certain non-cash charges such as amortization of intangibles, deferred income tax benefits and expenses, straight-line rents, stock compensation, impairment charges on real estate and unrealized foreign currency exchange gains and losses. We exclude these items from GAAP net income as they are not the primary drivers in our decision making process. Our assessment of our operations is focused on long term sustainability and not on such non-cash items which may cause short-term fluctuations in net income but that have no impact on cash flows.
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W. P. CAREY & CO. LLC
Adjusted Cash Flow from Operating Activities (Unaudited)
(in thousands)
Adjusted Cash Flow from Operating Activities (Unaudited)
(in thousands)
Nine months ended September 30, | ||||||||
2007 | 2006 | |||||||
Cash flow from operating activities — as reported | $ | 24,893 | $ | 48,860 | ||||
Adjustments: | ||||||||
CPA®:16 – Global performance adjustment, net(1) | 9,425 | 3,493 | ||||||
CPA®:12/14 Merger – payment of taxes(2) | 20,708 | — | ||||||
Distributions received from equity investments in real estate in excess of equity income (3) | 8,077 | 4,669 | ||||||
Changes in working capital(2) | 4,995 | 2,031 | ||||||
Adjusted cash flow from operating activities | $ | 68,098 | $ | 59,053 | ||||
Distributions paid | $ | 53,432 | $ | 51,590 | ||||
Payout ratio (distributions paid/adjusted cash flow) | 78 | % | 87 | % | ||||
Non-GAAP Financial Disclosure
Adjusted cash flow from operating activities is a non-GAAP financial measure that represents cash flow from operating activities on a GAAP basis adjusted for certain timing differences and deferrals as described below. We believe that adjusted cash flow from operating activities is a useful supplemental measure for assessing the cash flow generated from our core operations and is used in evaluating distributions to shareholders. Adjusted cash flow from operating activities should not be considered as an alternative for cash flow from operating activities computed on a GAAP basis as a measure of our liquidity. Adjusted cash flow from operating activities may not be comparable to similarly titled measures of other companies.
(1) | Amounts deferred in lieu of CPA®:16 – Global achieving its performance criterion, net of a 45% tax provision. In determining cash flow generated from our core operations, we believe it is more appropriate to normalize cash flow for the impact of CPA®:16 – Global achieving its performance criterion, rather than recognizing the entire deferred amount in the quarter in which the performance criterion was met as this revenue was actually earned over a three year period. | |
(2) | Timing differences arising from the payment of certain liabilities in a period other than that in which the expense is recognized in determining net income may distort the actual cash flow that our core operations generate. We adjust our GAAP cash flow from operations to record such amounts in the period in which the liability was actually incurred. We believe this is a fairer measure of determining our cash flow from core operations. | |
(3) | We take a substantial portion of our asset management revenue in shares of the CPA® REIT funds. To the extent we receive distributions in excess of the equity income that we recognize, we include such amounts in our evaluation of cash flow from core operations. |
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W. P. CAREY & CO. LLC
Revenue Diversification Analysis (GAAP Modified) (Unaudited)
(in thousands)
Revenue Diversification Analysis (GAAP Modified) (Unaudited)
(in thousands)
Nine months ended September 30, | Years ended December 31, | |||||||||||||||||||
2007 | 2006 | 2005 | 2006 | 2005 | ||||||||||||||||
Revenue from Investment Management | ||||||||||||||||||||
Asset management revenue | $ | 63,886 | $ | 43,478 | $ | 38,890 | $ | 57,633 | $ | 52,332 | ||||||||||
Structuring revenue | 67,809 | 15,788 | 25,422 | 22,506 | 28,197 | |||||||||||||||
Incentive, termination and subordinated disposition revenue from mergers | — | — | — | 46,018 | — | |||||||||||||||
Other interest income | 4,974 | 2,079 | 2,359 | 2,853 | 3,176 | |||||||||||||||
Revenue of other business operations | — | — | 55 | — | 372 | |||||||||||||||
Total management services revenue | $ | 136,669 | $ | 61,345 | $ | 66,726 | $ | 129,010 | $ | 84,077 | ||||||||||
Percentage of total adjusted revenue | 65 | % | 49 | % | 51 | % | 60 | % | 49 | % | ||||||||||
Revenue from Real Estate Ownership | ||||||||||||||||||||
Lease revenue — continuing operations | $ | 59,112 | $ | 54,157 | $ | 50,634 | $ | 74,090 | $ | 67,215 | ||||||||||
Revenue of discontinued operations | 2,868 | 2,123 | 4,645 | 1,191 | 8,926 | |||||||||||||||
Other real estate income | 10,574 | 7,046 | 8,384 | 9,381 | 10,706 | |||||||||||||||
Other interest income | 554 | 290 | 178 | 580 | 335 | |||||||||||||||
Total real estate revenue | $ | 73,108 | $ | 63,616 | $ | 63,841 | $ | 85,242 | $ | 87,182 | ||||||||||
Percentage of total adjusted revenue | 35 | % | 51 | % | 49 | % | 40 | % | 51 | % | ||||||||||
Reconciliation of Total Revenue | ||||||||||||||||||||
Total revenue — as reported | $ | 211,522 | $ | 157,123 | $ | 130,558 | $ | 273,258 | $ | 168,784 | ||||||||||
Less: Reimbursed costs from affiliates(1) | (10,141 | ) | (36,654 | ) | (7,173 | ) | (63,630 | ) | (9,962 | ) | ||||||||||
Add: Other interest income | 5,528 | 2,369 | 2,537 | 3,433 | 3,511 | |||||||||||||||
Add: Revenue of discontinued operations | 2,868 | 2,123 | 4,645 | 1,191 | 8,926 | |||||||||||||||
Total Adjusted Revenue | $ | 209,777 | $ | 124,961 | $ | 130,567 | $ | 214,252 | $ | 171,259 | ||||||||||
(1) | Total revenues exclude reimbursements of costs received from affiliated CPA®REITs as they have no impact on net income. |
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W. P. CAREY & CO. LLC
Revenue Stability Analysis (GAAP Modified) (Unaudited)
(in thousands except per share data)
Revenue Stability Analysis (GAAP Modified) (Unaudited)
(in thousands except per share data)
Nine months ended September 30, | Years ended December 31, | |||||||||||||||||||||||||||||||||||||||
2007 | 2006 | 2005 | 2006 | 2005 | ||||||||||||||||||||||||||||||||||||
2007 | Revenue | % | Revenue | % | Revenue | % | Revenue | % | Revenue | % | ||||||||||||||||||||||||||||||
Revenue Type | ||||||||||||||||||||||||||||||||||||||||
Rents (1) | $ | 62,534 | $ | 56,570 | $ | 55,457 | $ | 75,861 | $ | 76,476 | ||||||||||||||||||||||||||||||
Management revenue(2) (5) | 68,860 | 45,557 | 41,249 | 60,486 | 55,508 | |||||||||||||||||||||||||||||||||||
Rents and Management Revenue | 131,394 | 63 | % | 102,127 | 82 | % | 96,706 | 74 | % | 136,347 | 64 | % | 131,984 | 77 | % | |||||||||||||||||||||||||
Structuring revenue(3) (5) | 67,809 | 15,788 | 25,422 | 22,506 | 28,197 | |||||||||||||||||||||||||||||||||||
Disposition / termination revenue(4) | — | — | — | 46,018 | — | |||||||||||||||||||||||||||||||||||
Other real estate income (lease terminations and other settlements) | 10,574 | 7,046 | 8,439 | 9,381 | 11,078 | |||||||||||||||||||||||||||||||||||
Structuring Revenue & Other Income | 78,383 | 37 | % | 22,834 | 18 | % | 33,861 | 26 | % | 77,905 | 36 | % | 39,275 | 23 | % | |||||||||||||||||||||||||
Total | $ | 209,777 | 100 | % | $ | 124,961 | 100 | % | $ | 130,567 | 100 | % | $ | 214,252 | 100 | % | $ | 171,259 | 100 | % | ||||||||||||||||||||
(1) | Rents = lease revenue (continuing operations) + revenue of discontinued operations + other interest income from real estate ownership. | |
(2) | Management revenue includes asset management revenue and interest income earned from CPA®REITs under management. | |
(3) | Structuring revenue includes structuring fees and deferred structuring fees. | |
(4) | Disposition and termination revenues related to CPA®:12/14 merger. | |
(5) | Management revenue for 2007 includes $16,494 in performance revenue earned in June 2007 as a result of CPA®:16 – Global meeting its performance criterion. Structuring revenue for 2007 includes $38,505 in deferred structuring revenue also earned as a result of CPA®:16 – Global meeting its performance criterion. |
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W. P. CAREY & CO. LLC
Portfolio Debt Summary (Pro rata basis) (Unaudited)
September 30, 2007
Portfolio Debt Summary (Pro rata basis) (Unaudited)
September 30, 2007
Outstanding | ||||||||||||||||
Tenant/Lease Guarantor / Percent Ownership | Rate Type | Interest Rate | Maturity Date | Balance | ||||||||||||
Amerisure Insurance (Michigan Mutual) | Fixed | 8.80 | % | Dec-2007 | $ | 9,518,389 | ||||||||||
Self-Storage Credit Facility | Variable | 7.86 | % | Dec-2008 | 35,581,000 | |||||||||||
Billipp Portfolio | Variable | 5.92 | % | Dec-2008 | 5,000,005 | |||||||||||
Orbital Sciences Corporation | Fixed | 7.38 | % | Jun-2009 | 12,632,368 | |||||||||||
America West Holdings Corporation (74.58%) | Fixed | 7.23 | % | Aug-2009 | 15,733,000 | |||||||||||
Retail Distribution Group (40%) | Fixed | 8.51 | % | Sep-2009 | 2,216,037 | |||||||||||
Bell South Telecommunications | Fixed | 8.11 | % | Jan-2010 | 3,540,973 | |||||||||||
Hibbett Sports | Fixed | 7.50 | % | Apr-2010 | 4,663,504 | |||||||||||
Detroit Diesel Corporation | Fixed | 7.96 | % | Jun-2010 | 6,980,389 | |||||||||||
Federal Express Corporation (40%) | Fixed | 7.50 | % | Jan-2011 | 16,618,917 | |||||||||||
Autozone- Series A | Fixed | 6.85 | % | Jan-2011 | 1,541,536 | |||||||||||
Childtime Childcare, Inc. (33.93%) | Fixed | 7.50 | % | Jan-2011 | 2,282,548 | |||||||||||
Information Resources, Inc. (33.33%) | Fixed | 7.60 | % | Jan-2011 | 7,670,206 | |||||||||||
Pioneer Credit Recovery, Inc. | Fixed | 7.34 | % | Jan-2011 | 5,578,708 | |||||||||||
Autozone, Inc. — Series B | Fixed | 6.85 | % | Feb-2011 | 2,406,055 | |||||||||||
Brown/Career Education | Fixed | 7.58 | % | Jun-2011 | 6,942,934 | |||||||||||
24 Hour Fitness (Austin) | Fixed | 7.50 | % | Aug-2011 | 2,974,205 | |||||||||||
Sprint Spectrum, LP | Fixed | 7.64 | % | Aug-2011 | 8,241,822 | |||||||||||
Qwest Communications, Inc. | Fixed | 7.50 | % | Jun-2012 | 1,486,464 | |||||||||||
Autozone- Series C | Fixed | 6.85 | % | Aug-2012 | 985,515 | |||||||||||
BE Aerospace, Inc. | Fixed | 6.11 | % | Nov-2012 | 8,640,546 | |||||||||||
Faurecia (AP Parts) | Fixed | 5.16 | % | Nov-2012 | 2,577,552 | |||||||||||
Anthony, Inc. Industry | Fixed | 5.11 | % | Nov-2012 | 8,944,150 | |||||||||||
Alstom & Werner | Fixed | 5.18 | % | Dec-2012 | 10,378,849 | |||||||||||
SAS Pantin Invest France (75%)(1) | Variable | 4.54 | % | Jul-2013 | 8,661,405 | |||||||||||
Autozone- Series D | Fixed | 6.85 | % | Aug-2013 | 2,525,786 | |||||||||||
Aviva France (fka Tellit Assurances -SA) (75%)(1) | Variable | 4.49 | % | Aug-2013 | 2,545,631 | |||||||||||
Direction Regional des Affaires Sanitaires et Sociales (75%)(1) | Variable | 4.60 | % | Aug-2013 | 928,094 | |||||||||||
DSM Food Specialties (aka SAS Immo Invest) (80%)(1) | Variable | 4.56 | % | May-2014 | 1,103,563 | |||||||||||
Carrefour France, SAS (45.806%)(1) | Variable | 5.50 | % | Dec-2014 | 58,248,723 | |||||||||||
Lowe’s Home Improvement Warehouse | Fixed | 4.87 | % | Sep-2015 | 9,520,680 | |||||||||||
Bouygues Telecom, S.A. (Tours) (95%)(1) | Variable | 3.86 | % | Oct-2015 | 8,482,823 | |||||||||||
Dr. Pepper | Fixed | 5.13 | % | Nov-2015 | 32,707,521 | |||||||||||
CheckFree Holdings, Inc. (50%) | Fixed | 6.18 | % | Jun-2016 | 15,000,000 | |||||||||||
Bouygues Telecom, S.A. (Illkirch-Graffenstaden) (75%)(1) | Variable | 5.25 | % | Oct-2016 | 15,613,199 |
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W. P. CAREY & CO. LLC
Portfolio Debt Summary (Pro rata basis) (Unaudited)
September 30, 2007
Portfolio Debt Summary (Pro rata basis) (Unaudited)
September 30, 2007
Outstanding | ||||||||||||||||
Tenant/Lease Guarantor / Percent Ownership | Rate Type | Interest Rate | Maturity Date | Balance | ||||||||||||
Consolidated Systems (60%) | Fixed | 5.87 | % | Nov-2016 | $ | 7,129,621 | ||||||||||
Western Union | Fixed | 5.50 | % | Jan-2017 | 6,000,000 | |||||||||||
Hellweg II (5%)(1) | Fixed | 5.49 | % | Jan-2017 | 15,232,790 | |||||||||||
SICOR, Inc. (50%) | Fixed | 6.20 | % | Jul-2017 | 17,675,000 | |||||||||||
Medica France, SA (45.8%)(1) | Fixed | 5.63 | % | Oct-2017 | 20,166,599 | |||||||||||
SARL S3T (80%)(1) | Variable | 5.35 | % | Mar-2022 | 2,580,092 | |||||||||||
SARL S3T Construction Loan (80%)(1) | Variable | 5.35 | % | Feb-2023 | 3,248,942 | |||||||||||
Hologic, Inc. (36%) | Fixed | 6.40 | % | May-2023 | 5,870,092 | |||||||||||
Total Limited Recourse Debt | 6.24% | (2) | $ | 416,376,233 | ||||||||||||
LLC Credit Facility | Variable | 6.16 | % | Jun-2011 | $ | 58,700,000 | ||||||||||
Total Debt | 6.23% | (2) | $ | 475,076,233 | ||||||||||||
Fixed rate debt | $ | 274,382,756 | ||||||||||||||
Floating rate debt | $ | 200,693,477 |
(1) | Debt balance calculated using an exchange rate of $1.4272/EUR at September 30, 2007. | |
(2) | Reflects weighted average interest rate for the applicable debt. |
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W. P. CAREY & CO. LLC
2007 Investments Update (Unaudited)
September 30, 2007
2007 Investments Update (Unaudited)
September 30, 2007
Tenant/Lease | Property | Purchase Price | Gross Square | ||||||||||||||||
Portfolio(s) | Guarantor | Location(s) | (000s) | Closing Date | Property Type | Footage | |||||||||||||
Investment Management Activity | |||||||||||||||||||
CPA®:16 — Global | Nordic Cold Storage, LLC | Atlanta, GA | $ | 87,478 | Feb-07 | Warehouse/Distribution | 1,306,533 | ||||||||||||
CPA®:16 — Global | Holopack International Corp.(1) | Columbia, SC | 39,791 | Mar-07 | Industrial | 78,200 | |||||||||||||
CPA®:16 — Global | Fraikin SAS | 10 locations throughout France | 8,995 | Mar-07 | Industrial | 127,419 | |||||||||||||
CPA®:15, 16 — Global | OBI A.G. | Rybnik, Poland | 10,955 | Mar-07 | Retail | 22,873 | |||||||||||||
CPA®:16 — Global | PaloDEx Group Oy | Tuulsula, Finland | 19,714 | Mar-07 | Industrial | 159,802 | |||||||||||||
CPA®:14, 15, 16 — Global | Hellweg Die Profi-Baumarkte GmbH & Co. KG | 37 properties in Germany | 429,588 | Apr-07 | Retail | 3,207,462 | |||||||||||||
CPA®:16 — Global | International Aluminum Corporation | Arizona, California, Illinois, South Carolina, Texas | 54,555 | Jun-07 | Warehouse/Distribution | 757,266 | |||||||||||||
CPA®:16 — Global | Mountain City Meat Company | Denver, CO | 8,613 | Jun-07 | Industrial | 63,773 | |||||||||||||
CPA®:16 — Global | SoHo House(2) | Miami, FL | 75,952 | Jun-07 | Hospitality | BTS | |||||||||||||
CPA®:16 — Global | Mountain City Meat Company | Nashville, TN | 9,424 | Jul-07 | Industrial | 184,727 | |||||||||||||
CPA®:16 — Global | UTI | Sacramento, CA | 42,674 | Jul-07 | Industrial | 245,382 | |||||||||||||
CPA®:16 — Global | International Aluminum Corporation | Guelph, ON and Langley, BC (Canada) | 8,272 | Jul-07 | Warehouse/Distribution | 132,486 | |||||||||||||
CPA®:16 — Global | Sheplers, Inc. | Wichita, KS | 11,621 | Jul-07 | Retail | 257,038 | |||||||||||||
CPA®:16 — Global | Voit Holding GmbH | St. Ingbert, Germany | 31,076 | Aug-07 | Industrial | 312,218 | |||||||||||||
CPA®:15, 16 — Global | Schuler A.G. | Goppingen, Germany | 73,817 | Sep-07 | Industrial | 248,620 | |||||||||||||
CPA®:16 — Global | Doubletree Hotel | Memphis, TN | 37,578 | Sep-07 | Hospitality | 42,500 | |||||||||||||
Total Investment Management Acquisitions | 950,103 | 7,146,299 | |||||||||||||||||
Principal Activity | |||||||||||||||||||
Self-Storage Investments | Multiple | Multiple (domestic) | 34,979 | Various | Other Properties | 552,594 | (2) | ||||||||||||
Note Receivable | Hellweg Die Profi-Baumarkte GmbH & Co. KG | N/A | 16,799 | Apr-07 | N/A | N/A | |||||||||||||
Total Principal Acquisitions | 51,778 | 552,594 | |||||||||||||||||
Total Acquisitions | $ | 1,001,881 | 7,698,893 | ||||||||||||||||
2007 Dispositions Update (Unaudited) | |||||||||||||||||||
Gross Sale | |||||||||||||||||||
Tenant/Lease | Property | Price | Disposition | Gross Square | |||||||||||||||
Portfolio(s) | Guarantor | Location(s) | (000s) | Date | Property Type | Footage | |||||||||||||
Investment Management Activity | |||||||||||||||||||
CPA®:14 Investment | PW Eagle, Inc. (excess land) | West Jordan, UT | $ | 1,850 | Jan-07 | Land | N/A | ||||||||||||
CPA®:15 | Courtyard by Marriott(3) | Las Vegas, NV | 43,500 | Aug-07 | Hospitality | 79,720 | |||||||||||||
45,350 | 79,720 | ||||||||||||||||||
Principal Activity | |||||||||||||||||||
WPC LLC | Swiss-M-Tex, L.P. | Travelers Rest, SC | 2,500 | Apr-07 | Industrial | 181,700 | |||||||||||||
WPC LLC | Folger Adam Security, Inc. | Lemont, IL | 5,685 | May-07 | Industrial | 113,133 | |||||||||||||
Total Principal Dispositions | 8,185 | 294,833 | |||||||||||||||||
Total Dispositions | $ | 53,535 | 374,553 | ||||||||||||||||
(1) | Includes a build-to-suit transaction. Gross Square Footage and Costs are estimates. | |
(2) | Self-Storage properties denoted in net rentable square feet. | |
(3) | Gross sales price and square footage figures include third party interest of 52.65%. |
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W. P. CAREY & CO. LLC
Portfolio Diversification Analysis by Rent Contribution (Unaudited)
Based on Ongoing Rental Income
September 30, 2007
Portfolio Diversification Analysis by Rent Contribution (Unaudited)
Based on Ongoing Rental Income
September 30, 2007
Percentage of | ||||||||||||
Adjusted | ||||||||||||
Percentage of | Annualized | |||||||||||
Total Annualized | Revenue | |||||||||||
Top Ten Tenants/Lease Guarantors | Annualized Rent | Rent | (1) | |||||||||
Carrefour France, S.A. | $ | 9,076,292 | 8.98 | % | 3.2 | % | ||||||
Dr Pepper Bottling Company of Texas | 4,746,519 | 4.70 | % | 1.7 | % | |||||||
Bouygues Telecom, S.A. | 4,713,072 | 4.67 | % | 1.7 | % | |||||||
Detroit Diesel Corporation | 4,634,253 | 4.59 | % | 1.7 | % | |||||||
Semacs S.A. | 3,109,539 | 3.08 | % | 1.1 | % | |||||||
Federal Express Corporation | 3,046,177 | 3.02 | % | 1.1 | % | |||||||
Orbital Sciences Corporation | 3,022,947 | 2.99 | % | 1.1 | % | |||||||
US Airways Group | 2,837,889 | 2.81 | % | 1.0 | % | |||||||
Titan Corporation | 2,706,799 | 2.68 | % | 1.0 | % | |||||||
CheckFree Holdings Corporation Inc. | 2,357,753 | 2.33 | % | 0.8 | % | |||||||
$ | 40,251,240 | |||||||||||
(1) | Revenues = revenue from continuing operations + revenue from discontinued operations + other interest income. |
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W. P. CAREY & CO. LLC
Portfolio Diversification Analysis by Property Type (Unaudited)
September 30, 2007
Property Type | Square Footage(1) | Percent | ||||||
Industrial | 8,722,259 | 49.3 | % | |||||
Warehouse/Distribution | 5,191,149 | 29.3 | % | |||||
Office | 2,256,378 | 12.7 | % | |||||
Retail | 1,011,777 | 5.7 | % | |||||
Other Properties(3) | 363,271 | 2.1 | % | |||||
Hospitality | 158,000 | 0.9 | % | |||||
Total (4) | 17,702,834 | 100.0 | % | |||||
Property Type | Annualized Rent(2) | Percent | ||||||
Industrial | $ | 34,455,610 | 34.1 | % | ||||
Office | 32,240,795 | 31.9 | % | |||||
Warehouse/Distribution | 21,452,355 | 21.2 | % | |||||
Other Properties(3) | 6,489,414 | 6.4 | % | |||||
Retail | 5,190,283 | 5.2 | % | |||||
Hospitality | 1,200,000 | 1.2 | % | |||||
Total (4) | $ | 101,028,457 | 100.0 | % | ||||
(1) | Square footage for jointly owned properties shown on a pro rata basis. | |
(2) | Rents reflect current annualized rents on a pro rata basis. | |
(3) | Reflects land used for education, child care, and social services; health care; leisure, amusement, and recreation; unoccupied land. | |
(4) | Excludes our investment in 13 domestic self-storage properties totaling approximately 0.9 million square feet as of September 30, 2007. |
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W. P. CAREY & CO. LLC
Portfolio Diversification Analysis by Tenant Industry (Unaudited)
September 30, 2007
Annualized | Percentage of | |||||||
Industry Type(1) | Rent | Rent(2) | ||||||
Retail Stores | $ | 13,442,179 | 13.3 | % | ||||
Telecommunications | 11,032,562 | 10.9 | % | |||||
Business and Commercial Services | 10,966,027 | 10.9 | % | |||||
Healthcare, Education and Childcare | 9,144,156 | 9.1 | % | |||||
Electronics | 6,813,418 | 6.7 | % | |||||
Beverages, Food, and Tobacco | 5,448,572 | 5.4 | % | |||||
Automobile | 5,232,291 | 5.2 | % | |||||
Aerospace and Defense | 4,869,550 | 4.8 | % | |||||
Forest Products and Paper | 4,414,264 | 4.4 | % | |||||
Consumer Non-durable Goods | 3,134,632 | 3.1 | % | |||||
Transportation — Cargo | 3,083,377 | 3.1 | % | |||||
Transportation — Personal | 2,995,089 | 3.0 | % | |||||
Construction and Building | 2,580,003 | 2.6 | % | |||||
Mining, Metals, and Primary Metal Industries | 2,420,172 | 2.4 | % | |||||
Insurance | 2,268,894 | 2.2 | % | |||||
Federal, State and Local Government | 2,215,174 | 2.2 | % | |||||
Consumer and Durable Goods | 2,175,819 | 2.2 | % | |||||
Media: Printing and Publishing | 1,940,625 | 1.9 | % | |||||
Chemicals, Plastics, Rubber, and Glass | 1,749,997 | 1.7 | % | |||||
Hotels and Gaming | 1,209,000 | 1.2 | % | |||||
Textiles, Leather, and Apparel | 978,153 | 1.0 | % | |||||
Leisure, Amusement, Entertainment | 876,485 | 0.9 | % | |||||
Other(3) | 2,038,018 | 1.8 | % | |||||
Total(4) | $ | 101,028,457 | 100.0 | % | ||||
(1) | Based on the Moody’s Classification System and information provided by the tenant. | |
(2) | Rents reflect current annualized rents on a pro rata basis. | |
(3) | Reflects properties with tenants in the industries of machinery, grocery, banking, and buildings and real estate. | |
(4) | Excludes our investment in 13 domestic self-storage properties totaling approximately 0.9 million square feet as of September 30, 2007. |
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W. P. CAREY & CO. LLC
Portfolio Diversification Analysis by Geography (Unaudited)
September 30, 2007
Region | Square Footage(1) | Percent | ||||||
South | 5,015,925 | 28.3 | % | |||||
Midwest | 4,870,408 | 27.5 | % | |||||
East | 3,627,317 | 20.5 | % | |||||
West | 2,321,016 | 13.1 | % | |||||
Europe | 1,868,168 | 10.6 | % | |||||
Total(3) | 17,702,834 | 100.0 | % | |||||
Region | Annualized Rent(2) | Percent | ||||||
South | $ | 28,830,464 | 28.6 | % | ||||
West | 21,113,054 | 20.9 | % | |||||
Midwest | 18,318,173 | 18.1 | % | |||||
East | 13,070,852 | 12.9 | % | |||||
Europe | 19,695,914 | 19.5 | % | |||||
Total(3) | 101,028,457 | 100.0 | % | |||||
(1) | Square footage for jointly owned properties shown on a pro rata basis. | |
(2) | Rents reflect current annualized rents on a pro rata basis. | |
(3) | Excludes our investment in 13 domestic self-storage properties totaling approximately 0.9 million square feet as of September 30, 2007. |
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W. P. CAREY & CO. LLC
Portfolio Lease Maturity Analysis (Unaudited)
September 30, 2007
Portfolio Lease Maturity Analysis (Unaudited)
September 30, 2007
Percentage of | Average | ||||||||||||||||
Year of Lease | Number | Annualized | Total Annualized | Years to | |||||||||||||
Expiration(1) | of Leases | Rents(2) | Rents | Maturity | |||||||||||||
2007 | 17 | 1,839,931 | 2.0 | % | 0.25 | ||||||||||||
2008 | 18 | 5,972,127 | 6.0 | % | 1.25 | ||||||||||||
2009 | 19 | 11,960,860 | 12.0 | % | 2.25 | ||||||||||||
2010 | 44 | 18,725,037 | 19.0 | % | 3.25 | ||||||||||||
2011 | 60 | 17,426,359 | 17.0 | % | 4.25 | ||||||||||||
2012 | 24 | 7,808,272 | 8.0 | % | 5.25 | ||||||||||||
2013 | 20 | 6,502,335 | 6.0 | % | 6.25 | ||||||||||||
2014 | 7 | 9,299,287 | 9.0 | % | 7.25 | ||||||||||||
2015 | 7 | 4,277,461 | 4.0 | % | 8.25 | ||||||||||||
2016 | 16 | 1,794,645 | 2.0 | % | 9.25 | ||||||||||||
2017 | 8 | 2,380,602 | 2.0 | % | 10.25 | ||||||||||||
2018 | 3 | 3,210,710 | 3.0 | % | 11.25 | ||||||||||||
2019 | 4 | 2,776,740 | 3.0 | % | 12.25 | ||||||||||||
2020 | 1 | 4,634,253 | 5.0 | % | 13.25 | ||||||||||||
2021 | — | — | 0.0 | % | 14.25 | ||||||||||||
2022 | 3 | 1,472,138 | 1.0 | % | 15.25 | ||||||||||||
2023 | — | — | 0.0 | % | 16.25 | ||||||||||||
2024 | — | — | 0.0 | % | 17.25 | ||||||||||||
2025 | — | — | 0.0 | % | 18.25 | ||||||||||||
2026 | 4 | 947,700 | 1.0 | % | 19.25 | ||||||||||||
Total(3) | 255 | $ | 101,028,457 | 100.0 | % | ||||||||||||
Weighted Average Years to Maturity: 5.57
(1) | Assumes tenant does not exercise renewal option. | |
(2) | Month to month properties are counted in current year’s revenue stream. | |
(3) | Excludes our investment in 13 domestic self-storage properties totaling approximately 0.9 million square feet as of September 30, 2007. |
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W. P. CAREY & CO. LLC
Consolidated Balance Sheets (Unaudited)
(in thousands, except per share amounts)
Consolidated Balance Sheets (Unaudited)
(in thousands, except per share amounts)
September 30, 2007 | December 31, 2006 | |||||||
(NOTE) | ||||||||
Assets | ||||||||
Real estate, net | $ | 524,333 | $ | 540,504 | ||||
Net investment in direct financing leases | 107,371 | 108,581 | ||||||
Equity investments in real estate and CPA® REITs | 202,458 | 166,147 | ||||||
Operating real estate, net | 75,399 | 33,606 | ||||||
Assets held for sale | 4,366 | 1,269 | ||||||
Cash and cash equivalents | 17,068 | 22,108 | ||||||
Due from affiliates | 84,671 | 88,884 | ||||||
Intangible assets and goodwill, net | 101,723 | 107,349 | ||||||
Other assets, net | 32,899 | 24,562 | ||||||
Total assets | $ | 1,150,288 | $ | 1,093,010 | ||||
Liabilities and Members’ Equity | ||||||||
Liabilities: | ||||||||
Limited recourse mortgage notes payable | $ | 254,114 | $ | 261,152 | ||||
Secured credit facility | 35,581 | 15,501 | ||||||
Unsecured credit facility | 58,700 | 2,000 | ||||||
Deferred revenue | — | 40,490 | ||||||
Accounts payable, accrued expenses and other liabilities | 61,539 | 53,174 | ||||||
Income taxes, net | 71,897 | 63,462 | ||||||
Distributions payable | 18,176 | 17,481 | ||||||
Total liabilities | 500,007 | 453,260 | ||||||
Minority interest in consolidated entities | 7,580 | 7,765 | ||||||
Commitments and contingencies | ||||||||
Members’ equity: | ||||||||
Listed shares, no par value, 100,000,000 shares authorized; 38,583,229 and 38,262,157 shares issued and outstanding, respectively | 734,518 | 745,969 | ||||||
Dividends in excess of accumulated earnings | (93,842 | ) | (114,008 | ) | ||||
Accumulated other comprehensive income | 2,025 | 24 | ||||||
Total members’ equity | 642,701 | 631,985 | ||||||
Total liabilities and members’ equity | $ | 1,150,288 | $ | 1,093,010 | ||||
Note:The consolidated balance sheet at December 31, 2006 has been derived from the audited consolidated financial statements at that date.
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W. P. CAREY & CO. LLC
Consolidated Statements of Income (Unaudited)
(in thousands, except share and per share amounts)
Consolidated Statements of Income (Unaudited)
(in thousands, except share and per share amounts)
Three months ended September 30, | Nine months ended September 30, | |||||||||||||||
2007 | 2006 | 2007 | 2006 | |||||||||||||
Revenues | ||||||||||||||||
Asset management revenue | $ | 18,648 | $ | 14,364 | $ | 63,886 | $ | 43,478 | ||||||||
Structuring revenue | 9,778 | 3,434 | 67,809 | 15,788 | ||||||||||||
Reimbursed costs from affiliates | 3,422 | 13,762 | 10,141 | 36,654 | ||||||||||||
Lease revenues | 19,845 | 18,191 | 59,112 | 54,157 | ||||||||||||
Other real estate income | 4,159 | 2,514 | 10,574 | 7,046 | ||||||||||||
55,852 | 52,265 | 211,522 | 157,123 | |||||||||||||
Operating Expenses | ||||||||||||||||
General and administrative | (12,345 | ) | (8,800 | ) | (47,838 | ) | (29,829 | ) | ||||||||
Reimbursable costs | (3,422 | ) | (13,762 | ) | (10,141 | ) | (36,654 | ) | ||||||||
Depreciation and amortization | (6,246 | ) | (5,912 | ) | (20,035 | ) | (17,784 | ) | ||||||||
Property expenses | (2,725 | ) | (2,333 | ) | (6,038 | ) | (5,346 | ) | ||||||||
Other real estate expenses | (2,255 | ) | (1,381 | ) | (6,080 | ) | (4,414 | ) | ||||||||
(26,993 | ) | (32,188 | ) | (90,132 | ) | (94,027 | ) | |||||||||
Other Income and Expenses | ||||||||||||||||
Other interest income | 1,287 | 831 | 5,528 | 2,369 | ||||||||||||
Income from equity investments in real estate and CPA® REITs | 8,945 | 2,932 | 13,312 | 5,726 | ||||||||||||
Minority interest in (income) loss | (555 | ) | 40 | (4,027 | ) | (568 | ) | |||||||||
Gain on sale of securities, foreign currency transactions and other, net | 1,029 | 245 | 1,384 | 5,723 | ||||||||||||
Interest expense | (5,618 | ) | (4,395 | ) | (16,150 | ) | (13,324 | ) | ||||||||
5,088 | (347 | ) | 47 | (74 | ) | |||||||||||
Income from continuing operations before income taxes | 33,947 | 19,730 | 121,437 | 63,022 | ||||||||||||
Provision for income taxes | (11,519 | ) | (5,580 | ) | (49,041 | ) | (16,300 | ) | ||||||||
Income from continuing operations | 22,428 | 14,150 | 72,396 | 46,722 | ||||||||||||
Discontinued Operations | ||||||||||||||||
Income (loss) from operations of discontinued properties | 298 | 340 | 2,198 | (506 | ) | |||||||||||
(Loss) gain on sale of real estate, net | — | (185 | ) | 962 | (185 | ) | ||||||||||
Impairment charges on assets held for sale | (2,317 | ) | — | (2,317 | ) | (3,357 | ) | |||||||||
(Loss) income from discontinued operations | (2,019 | ) | 155 | 843 | (4,048 | ) | ||||||||||
Net Income | $ | 20,409 | $ | 14,305 | $ | 73,239 | $ | 42,674 | ||||||||
Basic Earnings (Loss) Per Share | ||||||||||||||||
Income from continuing operations | $ | 0.58 | $ | 0.38 | $ | 1.90 | $ | 1.24 | ||||||||
(Loss) income from discontinued operations | (0.05 | ) | — | 0.02 | (0.11 | ) | ||||||||||
Net income | $ | 0.53 | $ | 0.38 | $ | 1.92 | $ | 1.13 | ||||||||
Diluted Earnings (Loss) Per Share | ||||||||||||||||
Income from continuing operations | $ | 0.58 | $ | 0.37 | $ | 1.88 | $ | 1.20 | ||||||||
(Loss) income from discontinued operations | (0.05 | ) | — | 0.02 | (0.10 | ) | ||||||||||
Net income | $ | 0.53 | $ | 0.37 | $ | 1.90 | $ | 1.10 | ||||||||
Weighted Average Shares Outstanding | ||||||||||||||||
Basic | 38,298,979 | 38,034,590 | 38,117,280 | 37,880,778 | ||||||||||||
Diluted | 39,601,853 | 39,303,948 | 39,718,522 | 39,215,134 | ||||||||||||
Distributions Declared Per Share | $ | 0.472 | $ | 0.456 | $ | 1.401 | $ | 1.362 | ||||||||
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W. P. CAREY & CO. LLC
Consolidated Statements of Cash Flows (Unaudited)
(in thousands)
Consolidated Statements of Cash Flows (Unaudited)
(in thousands)
Nine months ended September 30, | ||||||||
2007 | 2006 | |||||||
Cash Flows — Operating Activities | ||||||||
Net income | $ | 73,239 | $ | 42,674 | ||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||
Depreciation and amortization including intangible assets and deferred financing costs | 21,140 | 19,063 | ||||||
Income from equity investments in real estate in excess of distributions received | (9,269 | ) | (324 | ) | ||||
Gains on sale of real estate and investments, net | (962 | ) | (4,615 | ) | ||||
Minority interest in income | 4,027 | 568 | ||||||
Straight-line rent adjustments | 2,045 | 2,343 | ||||||
Management income received in shares of affiliates | (43,415 | ) | (23,721 | ) | ||||
Unrealized gain on foreign currency transactions, warrants and securities | (1,279 | ) | (781 | ) | ||||
Impairment charges | 2,317 | 3,357 | ||||||
Realized gain on foreign currency transactions | (105 | ) | (142 | ) | ||||
Stock-based compensation expense | 3,795 | 2,520 | ||||||
Decrease in deferred structuring revenue receivable | 16,164 | 12,543 | ||||||
Increase in structuring revenue receivable | (50,253 | ) | (3,039 | ) | ||||
Increase in income taxes, net | 8,465 | 445 | ||||||
Net changes in other operating assets and liabilities | (1,016 | ) | (2,031 | ) | ||||
Net cash provided by operating activities | 24,893 | 48,860 | ||||||
Cash Flows — Investing Activities | ||||||||
Distributions received from equity investments in real estate in excess of equity income | 24,358 | 4,669 | ||||||
Purchases of real estate and equity investments in real estate | (40,845 | ) | (150 | ) | ||||
Capital expenditures | (11,768 | ) | (4,194 | ) | ||||
Loan to affiliate | (8,676 | ) | (84,000 | ) | ||||
Proceeds from repayment of loan to affiliate | 8,676 | 84,000 | ||||||
Proceeds from sales of property and investments | 6,014 | 32,350 | ||||||
Funds placed in escrow in connection with the sale of property | (3,315 | ) | (9,314 | ) | ||||
Payment of deferred acquisition revenue to affiliate | (524 | ) | (524 | ) | ||||
Net cash (used in) provided by investing activities | (26,080 | ) | 22,837 | |||||
Cash Flows — Financing Activities | ||||||||
Distributions paid | (53,432 | ) | (51,590 | ) | ||||
Contributions from minority interests | 1,181 | 1,646 | ||||||
Distributions to minority interests | (1,295 | ) | (5,415 | ) | ||||
Scheduled payments of mortgage principal | (13,854 | ) | (9,191 | ) | ||||
Proceeds from mortgages and credit facilities | 150,383 | 83,000 | ||||||
Prepayments of mortgage principal and credit facilities | (70,590 | ) | (92,971 | ) | ||||
Release of funds from escrow in connection with the financing of properties | — | 4,031 | ||||||
Payment of financing costs | (1,317 | ) | (815 | ) | ||||
Proceeds from issuance of shares | 4,532 | 6,251 | ||||||
Excess tax benefits associated with stock-based compensation awards | 1,352 | 193 | ||||||
Repurchase and retirement of shares | (21,104 | ) | (1,935 | ) | ||||
Net cash used in financing activities | (4,144 | ) | (66,796 | ) | ||||
Change in Cash and Cash Equivalents During the Period | ||||||||
Effect of exchange rate changes on cash | 291 | 84 | ||||||
Net (decrease) increase in cash and cash equivalents | (5,040 | ) | 4,985 | |||||
Cash and cash equivalents, beginning of period | 22,108 | 13,014 | ||||||
Cash and cash equivalents, end of period | $ | 17,068 | $ | 17,999 | ||||
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W. P. CAREY & CO. LLC
Detailed Property Summary (Unaudited)
September 30, 2007
Detailed Property Summary (Unaudited)
September 30, 2007
Percentage of | ||||||||||||||||||||||||||||
Tenant/Lease Guarantor | Percent Ownership | Property Location | Property Type | Tenant Industry | Region | Square Footage | Annualized Rent | Total Rent | Increase Factor | Lease Expiration | Maximum Term | |||||||||||||||||
Carrefour France, SAS(1) | 45.806% | Crepy en Valois, France | Warehouse/Distribution | Retail Stores | Europe | 253,629 | $ | 1,950,356 | 1.93 | % | INSEE(2) | Dec-2011 | Dec-2011 | |||||||||||||||
Carrefour France, SAS(1) | 45.806% | Lens, France | Warehouse/Distribution | Retail Stores | Europe | 133,881 | 1,000,781 | 0.99 | % | INSEE(2) | Dec-2011 | Dec-2011 | ||||||||||||||||
Carrefour France, SAS(1) | 45.806% | Nîmes, France | Warehouse/Distribution | Retail Stores | Europe | 138,095 | 852,321 | 0.84 | % | INSEE(2) | Dec-2011 | Dec-2011 | ||||||||||||||||
Carrefour France, SAS(1) | 45.806% | Colomiers, France | Warehouse/Distribution | Retail Stores | Europe | 244,991 | 1,692,355 | 1.68 | % | INSEE(2) | Dec-2011 | Dec-2011 | ||||||||||||||||
Carrefour France, SAS(1) | 45.806% | Thuit Hebert, France | Warehouse/Distribution | Retail Stores | Europe | 176,446 | 979,017 | 0.97 | % | INSEE(2) | Dec-2011 | Dec-2011 | ||||||||||||||||
Carrefour France, SAS(1) | 45.806% | Ploufragan, France | Warehouse/Distribution | Retail Stores | Europe | 122,599 | 726,200 | 0.72 | % | INSEE(2) | Dec-2011 | Dec-2011 | ||||||||||||||||
Carrefour France, SAS(1) | 45.806% | Cholet, France | Warehouse/Distribution | Retail Stores | Europe | 99,268 | 623,634 | 0.62 | % | INSEE(2) | Dec-2011 | Dec-2011 | ||||||||||||||||
Carrefour France, SAS(1) | 45.806% | Nîmes, France | Warehouse/Distribution | Retail Stores | Europe | 177,797 | 1,251,628 | 1.24 | % | INSEE(2) | Nov-2012 | Nov-2012 | ||||||||||||||||
Carrefour France, SAS Total | 1,346,706 | 9,076,292 | 8.98 | % | ||||||||||||||||||||||||
Dr Pepper/Seven Up Bottling Group | 100% | Irving, TX | Industrial | Beverages, Food, and Tobacco | South | 459,497 | 2,879,237 | 2.85 | % | CPI | Jun-2014 | Jun-2014 | ||||||||||||||||
Dr Pepper/Seven Up Bottling Group | 100% | Houston, TX | Industrial | Beverages, Food, and Tobacco | South | 262,450 | 1,867,282 | 1.85 | % | CPI | Jun-2014 | Jun-2014 | ||||||||||||||||
Dr Pepper/Seven Up Bottling Group Total | 721,947 | 4,746,519 | 4.70 | % | ||||||||||||||||||||||||
Bouygues Telecom, S.A.(1) | 75% | Illkirch-Graffenstaden, France | Office | Telecommunications | Europe | 80,729 | 2,873,068 | 2.84 | % | INSEE(2) | Jul-2013 | Jul-2013 | ||||||||||||||||
Bouygues Telecom, S.A.(1) | 95% | Tours, France | Office | Telecommunications | Europe | 102,237 | 1,840,004 | 1.82 | % | INSEE(2) | Sep-2009 | Sep-2009 | ||||||||||||||||
Bouygues Telecom, S.A. Total | 182,966 | 4,713,072 | 4.67 | % | ||||||||||||||||||||||||
Detroit Diesel Corporation | 100% | Detroit, MI | Industrial | Automobile | Midwest | 2,730,750 | 4,634,253 | 4.59 | % | PPI | Jun-2020 | Jun-2030 | ||||||||||||||||
Semacs SA(1) | 45.806% | Chatou, France | Other | Healthcare, Education and Childcare | Europe | 24,668 | 419,853 | 0.42 | % | INSEE(2) | Jun-2010 | Jun-2010 | ||||||||||||||||
Semacs SA(1) | 45.806% | Poissy, France | Other | Healthcare, Education and Childcare | Europe | 24,593 | 459,215 | 0.45 | % | INSEE(2) | Jun-2010 | Jun-2010 | ||||||||||||||||
Semacs SA(1) | 45.806% | Rosny sous Bois, France | Other | Healthcare, Education and Childcare | Europe | 21,847 | 389,020 | 0.39 | % | INSEE(2) | Jun-2010 | Jun-2010 | ||||||||||||||||
Semacs SA(1) | 45.806% | Paris, France | Other | Healthcare, Education and Childcare | Europe | 24,771 | 590,419 | 0.58 | % | INSEE(2) | Jun-2010 | Jun-2010 | ||||||||||||||||
Semacs SA(1) | 45.806% | Rueil Malmaison, France | Other | Healthcare, Education and Childcare | Europe | 23,815 | 555,650 | 0.55 | % | INSEE(2) | Jun-2010 | Jun-2010 | ||||||||||||||||
Semacs SA(1) | 45.806% | Sarcelles, France | Other | Healthcare, Education and Childcare | Europe | 34,622 | 695,382 | 0.69 | % | INSEE(2) | Jun-2010 | Jun-2010 | ||||||||||||||||
Semacs SATotal | 154,316 | 3,109,539 | 3.08 | % | ||||||||||||||||||||||||
Federal Express Corporation | 40% | Collierville, TN | Office | Transportation - Cargo | South | 156,152 | 2,776,740 | 2.75 | % | CPI | Aug-2019 | Nov-2029 | ||||||||||||||||
Federal Express Corporation | 100% | College Station, TX | Warehouse/Distribution | Transportation - Cargo | South | 12,080 | 68,400 | 0.07 | % | Fixed | Apr-2012 | Apr-2017 | ||||||||||||||||
Federal Express Corporation | 100% | Corpus Christi, TX | Warehouse/Distribution | Transportation - Cargo | South | 30,212 | 201,037 | 0.20 | % | Fixed | May-2012 | May-2017 | ||||||||||||||||
Federal Express Corporation Total | 198,444 | 3,046,177 | 3.02 | % | ||||||||||||||||||||||||
Orbital Sciences Corporation | 100% | Chandler, AZ | Industrial | Aerospace and Defense | West | 335,307 | 3,022,947 | 2.99 | % | CPI | Sep-2009 | Sep-2029 | ||||||||||||||||
US Airways Group | 74.59% | Tempe, AZ | Office | Transportation - Personal | West | 167,913 | 2,837,889 | 2.81 | % | CPI | Apr-2014 | Nov-2029 | ||||||||||||||||
The Titan Corporation | 100% | San Diego, CA | Office | Electronics | West | 166,403 | 2,706,799 | 2.68 | % | CPI | Jul-2012 | Jul-2017 | ||||||||||||||||
CheckFree Holdings, Inc. | 50% | Norcross, GA | Office/Land | Business and Commercial Services | South | 110,339 | 2,357,753 | 2.33 | % | |||||||||||||||||||
AutoZone, Inc. | 100% | Decatur, AL | Retail | Retail Stores | South | 5,400 | 44,620 | 0.04 | % | None | Feb-2011 | Feb-2026 | ||||||||||||||||
AutoZone, Inc. | 100% | Bessemer, AL | Retail | Retail Stores | South | 5,400 | 32,158 | 0.03 | % | None | Feb-2011 | Feb-2026 | ||||||||||||||||
AutoZone, Inc. | 100% | Phenix City, AL | Retail | Retail Stores | South | 5,400 | 44,620 | 0.04 | % | None | Feb-2011 | Feb-2026 | ||||||||||||||||
AutoZone, Inc. | 100% | Mobile, AL | Retail | Retail Stores | South | 5,400 | 44,620 | 0.04 | % | None | Feb-2011 | Feb-2026 | ||||||||||||||||
AutoZone, Inc. | 100% | Chickasaw, AL | Retail | Retail Stores | South | 5,400 | 43,414 | 0.04 | % | None | Feb-2011 | Feb-2026 | ||||||||||||||||
AutoZone, Inc. | 100% | Montgomery, AL | Retail | Retail Stores | South | 5,400 | 43,414 | 0.04 | % | None | Feb-2011 | Feb-2026 | ||||||||||||||||
AutoZone, Inc. | 100% | Panama City, FL | Retail | Retail Stores | South | 5,401 | 35,345 | 0.03 | % | None | Aug-2012 | Dec-2037 | ||||||||||||||||
AutoZone, Inc. | 100% | Jacksonville, FL | Retail | Retail Stores | South | 15,800 | 137,018 | 0.14 | % | None | Aug-2013 | Dec-2038 | ||||||||||||||||
AutoZone, Inc. | 100% | Columbus, GA | Retail | Retail Stores | South | 5,400 | 43,414 | 0.04 | % | None | Feb-2011 | Feb-2026 | ||||||||||||||||
AutoZone, Inc. | 100% | Albany, GA | Retail | Retail Stores | South | 5,400 | 43,262 | 0.04 | % | None | Aug-2013 | Dec-2038 | ||||||||||||||||
AutoZone, Inc. | 100% | Brunswick, GA | Retail | Retail Stores | South | 5,400 | 39,854 | 0.04 | % | None | Aug-2013 | Dec-2038 | ||||||||||||||||
AutoZone, Inc. | 100% | Augusta, GA | Retail | Retail Stores | South | 5,400 | 34,138 | 0.03 | % | None | Aug-2013 | Dec-2038 | ||||||||||||||||
AutoZone, Inc. | 100% | Macon, GA | Retail | Retail Stores | South | 5,400 | 49,503 | 0.05 | % | None | Aug-2013 | Dec-2038 | ||||||||||||||||
AutoZone, Inc. | 100% | Collinsville, IL | Retail | Retail Stores | Midwest | 5,400 | 36,178 | 0.04 | % | None | Feb-2011 | Feb-2026 | ||||||||||||||||
AutoZone, Inc. | 100% | Alton, IL | Retail | Retail Stores | Midwest | 5,400 | 44,620 | 0.04 | % | None | Feb-2011 | Feb-2026 | ||||||||||||||||
AutoZone, Inc. | 100% | Wood River, IL | Retail | Retail Stores | Midwest | 5,400 | 36,178 | 0.04 | % | None | Feb-2011 | Feb-2026 | ||||||||||||||||
AutoZone, Inc. | 100% | Belleville, IL | Retail | Retail Stores | Midwest | 5,400 | 44,620 | 0.04 | % | None | Feb-2011 | Feb-2026 | ||||||||||||||||
AutoZone, Inc. | 100% | West Monroe, LA | Retail | Retail Stores | South | 5,400 | 43,414 | 0.04 | % | None | Feb-2011 | Feb-2026 | ||||||||||||||||
AutoZone, Inc. | 100% | Baton Rouge, LA | Retail | Retail Stores | South | 5,400 | 43,414 | 0.04 | % | None | Feb-2011 | Feb-2026 | ||||||||||||||||
AutoZone, Inc. | 100% | Lake Charles, LA | Retail | Retail Stores | South | 12,960 | 86,828 | 0.09 | % | None | Feb-2011 | Feb-2026 | ||||||||||||||||
AutoZone, Inc. | 100% | Baton Rouge, LA | Retail | Retail Stores | South | 12,001 | 44,691 | 0.04 | % | None | Apr-2009 | Apr-2009 | ||||||||||||||||
AutoZone, Inc. | 100% | Hammond, LA | Retail | Retail Stores | South | 6,480 | 40,121 | 0.04 | % | None | Aug-2012 | Dec-2037 | ||||||||||||||||
AutoZone, Inc. | 100% | Maplewood, MO | Retail | Retail Stores | Midwest | 6,480 | 43,414 | 0.04 | % | None | Feb-2011 | Feb-2026 | ||||||||||||||||
AutoZone, Inc. | 100% | Overland, MO | Retail | Retail Stores | Midwest | 6,480 | 43,414 | 0.04 | % | None | Feb-2011 | Feb-2026 | ||||||||||||||||
AutoZone, Inc. | 100% | St. Louis, MO | Retail | Retail Stores | Midwest | 5,400 | 36,178 | 0.04 | % | None | Feb-2011 | Feb-2026 | ||||||||||||||||
AutoZone, Inc. | 100% | Breckenridge, MO | Retail | Retail Stores | Midwest | 5,400 | 44,151 | 0.04 | % | None | Feb-2011 | Feb-2026 | ||||||||||||||||
AutoZone, Inc. | 100% | St. Peters, MO | Retail | Retail Stores | Midwest | 12,060 | 97,675 | 0.10 | % | None | Aug-2012 | Dec-2037 | ||||||||||||||||
AutoZone, Inc. | 100% | Gastonia, NC | Retail | Retail Stores | East | 5,400 | 52,149 | 0.05 | % | None | Jan-2011 | Feb-2026 | ||||||||||||||||
AutoZone, Inc. | 100% | Charlotte, NC | Retail | Retail Stores | East | 5,400 | 42,283 | 0.04 | % | None | Jan-2011 | Feb-2026 | ||||||||||||||||
AutoZone, Inc. | 100% | Statesville, NC | Retail | Retail Stores | East | 5,400 | 50,739 | 0.05 | % | None | Jan-2011 | Feb-2026 | ||||||||||||||||
AutoZone, Inc. | 100% | Lenoir, NC | Retail | Retail Stores | East | 5,400 | 50,739 | 0.05 | % | None | Jan-2011 | Feb-2026 | ||||||||||||||||
AutoZone, Inc. | 100% | Shelby, NC | Retail | Retail Stores | East | 6,660 | 30,807 | 0.03 | % | None | Aug-2012 | Dec-2037 | ||||||||||||||||
AutoZone, Inc. | 100% | Kannapolis, NC | Retail | Retail Stores | East | 6,408 | 24,069 | 0.02 | % | None | Oct-2010 | Oct-2015 | ||||||||||||||||
AutoZone, Inc. | 100% | Morgantown, NC | Retail | Retail Stores | East | 5,400 | 19,451 | 0.02 | % | None | Oct-2010 | Oct-2010 | ||||||||||||||||
AutoZone, Inc. | 100% | Albuquerque, NM | Retail | Retail Stores | West | 5,400 | 54,642 | 0.05 | % | None | Aug-2013 | Dec-2038 |
22
Table of Contents
Percentage of | ||||||||||||||||||||||||||||
Tenant/Lease Guarantor | Percent Ownership | Property Location | Property Type | Tenant Industry | Region | Square Footage | Annualized Rent | Total Rent | Increase Factor | Lease Expiration | Maximum Term | |||||||||||||||||
AutoZone, Inc. | 100% | Farmington, NM | Retail | Retail Stores | West | 5,400 | 41,479 | 0.04 | % | None | Aug-2013 | Dec-2038 | ||||||||||||||||
AutoZone, Inc. | 100% | Lexington, SC | Retail | Retail Stores | East | 5,400 | 50,079 | 0.05 | % | None | Aug-2013 | Dec-2038 | ||||||||||||||||
AutoZone, Inc. | 100% | East Ridge, TN | Retail | Retail Stores | South | 6,480 | 20,602 | 0.02 | % | None | Oct-2008 | Oct-2013 | ||||||||||||||||
AutoZone, Inc. | 100% | Knoxville, TN | Retail | Retail Stores | South | 6,660 | 23,008 | 0.02 | % | None | May-2009 | May-2014 | ||||||||||||||||
AutoZone, Inc. | 100% | Austin, TX | Retail | Retail Stores | South | 4,000 | 31,321 | 0.03 | % | None | Jan-2011 | Feb-2026 | ||||||||||||||||
AutoZone, Inc. | 100% | Corpus Christi, TX | Retail | Retail Stores | South | 13,080 | 102,418 | 0.10 | % | None | Jan-2011 | Feb-2026 | ||||||||||||||||
AutoZone, Inc. | 100% | Houston, TX | Retail | Retail Stores | South | 5,400 | 53,488 | 0.05 | % | None | Aug-2013 | Dec-2038 | ||||||||||||||||
AutoZone, Inc. | 100% | Nederland, TX | Retail | Retail Stores | South | 4,000 | 31,321 | 0.03 | % | None | Jan-2011 | Feb-2026 | ||||||||||||||||
AutoZone, Inc. | 100% | San Antonio, TX | Retail | Retail Stores | South | 10,800 | 98,078 | 0.10 | % | None | Aug-2013 | Dec-2038 | ||||||||||||||||
AutoZone, Inc. | 100% | Victoria, TX | Retail | Retail Stores | South | 6,480 | 50,739 | 0.05 | % | None | Jan-2011 | Feb-2026 | ||||||||||||||||
AutoZone, Inc. | 100% | Waco, TX | Retail | Retail Stores | South | 4,800 | 37,585 | 0.04 | % | None | Jan-2011 | Feb-2026 | ||||||||||||||||
AutoZone, Inc. | 100% | West Orange, TX | Retail | Retail Stores | South | 4,000 | 31,321 | 0.03 | % | None | Jan-2011 | Feb-2026 | ||||||||||||||||
AutoZone, Inc. Total | 302,230 | 2,216,594 | 2.19 | % | ||||||||||||||||||||||||
Bell South Entertainment, Inc. | 100% | Ft. Lauderdale, FL | Warehouse/Distribution | Telecommunications | South | 80,450 | 611,472 | 0.61 | % | Fixed | Jun-2009 | Jun-2019 | ||||||||||||||||
BellSouth Telecommunications, Inc. | 100% | Lafayette, LA | Office | Telecommunications | South | 66,846 | 1,351,150 | 1.34 | % | Fixed | Dec-2009 | Dec-2039 | ||||||||||||||||
BellSouth Corporation Total | 147,296 | 1,962,622 | 1.94 | % | ||||||||||||||||||||||||
Quebecor Printing USA | 100% | Doraville, GA | Industrial | Media: Printing and Publishing | South | 432,559 | 1,940,625 | 1.92 | % | CPI | Dec-2009 | Dec-2034 | ||||||||||||||||
Lucent Technologies, Inc. | 100% | Charlotte, NC | Industrial | Electronics | East | 568,670 | 1,918,333 | 1.90 | % | Fixed | Mar-2010 | Mar-2016 | ||||||||||||||||
Career Education Corporation | 100% | Mendota Heights, MN | Other | Healthcare, Education and Childcare | Midwest | 136,400 | 1,892,831 | 1.87 | % | Fixed | May-2011 | May-2019 | ||||||||||||||||
Information Resources, Inc. | 33.33% | Chicago, IL | Office | Business and Commercial Services | Midwest | 83,992 | 1,862,942 | 1.84 | % | |||||||||||||||||||
Sybron Dental Specialties, Inc. | 100% | Romulus, MI | Industrial | Healthcare, Education and Childcare | Midwest | 220,000 | 1,281,052 | 1.27 | % | CPI | Dec-2018 | Dec-2043 | ||||||||||||||||
Sybron Dental Specialties, Inc. | 100% | Glendora, CA | Office | Healthcare, Education and Childcare | West | 25,000 | 489,246 | 0.48 | % | CPI | Dec-2018 | Dec-2043 | ||||||||||||||||
Sybron Dental Specialties, Inc. Total | 245,000 | 1,770,298 | 1.75 | % | ||||||||||||||||||||||||
Unisource Worldwide, Inc. | 100% | Anchorage, AK | Warehouse/Distribution | Forest Products and Paper | West | 44,712 | 344,803 | 0.34 | % | Fixed | Dec-2009 | Dec-2029 | ||||||||||||||||
Unisource Worldwide, Inc. | 100% | Commerce, CA | Warehouse/Distribution | Forest Products and Paper | West | 411,561 | 1,422,080 | 1.41 | % | Fixed | Apr-2010 | Apr-2030 | ||||||||||||||||
Unisource Worldwide, Inc. Total | 456,273 | 1,766,883 | 1.75 | % | ||||||||||||||||||||||||
Brodart Company | 100% | Williamsport, PA | Industrial | Consumer Non-durable Goods | East | 521,240 | 1,720,686 | 1.70 | % | CPI | Jun-2008 | Jun-2028 | ||||||||||||||||
Fiskars Brands, Inc. | 100% | Apopka, FL | Industrial | Chemicals, Plastics, Rubber, and Glass | South | 374,829 | 1,717,741 | 1.70 | % | CPI | Mar-2010 | Mar-2035 | ||||||||||||||||
SICOR, Inc. | 50% | San Diego, CA | Industrial | Healthcare, Education and Childcare | West | 72,156 | 1,671,410 | 1.65 | % | CPI | Jul-2009 | Jul-2049 | ||||||||||||||||
Pharmaco International, Inc. | 100% | Austin, TX | Office/Industrial & Warehouse/Distribution | Business and Commercial Services | South | 173,436 | 1,614,865 | 1.60 | % | CPI | Nov-2010 | Nov-2030 | ||||||||||||||||
Cleo, Inc. | 100% | Memphis, TN | Warehouse/Distribution | Forest Products and Paper | South | 1,006,170 | 1,570,000 | 1.55 | % | CPI | Dec-2010 | Dec-2015 | ||||||||||||||||
BE Aerospace, Inc. | 100% | Lenexa, KS | Industrial | Aerospace and Defense | Midwest | 130,094 | 627,066 | 0.62 | % | Fixed | Sep-2017 | Sep-2037 | ||||||||||||||||
BE Aerospace, Inc. | 100% | Winston-Salem, NC | Office/Industrial & Warehouse/Distribution | Aerospace and Defense | East | 274,216 | 761,588 | 0.75 | % | Fixed | Sep-2017 | Sep-2037 | ||||||||||||||||
BE Aerospace, Inc. | 100% | Dallas, TX | Warehouse/Distribution | Aerospace and Defense | South | 22,680 | 119,441 | 0.12 | % | Fixed | Sep-2017 | Sep-2037 | ||||||||||||||||
BE Aerospace, Inc. Total | 426,990 | 1,508,095 | 1.49 | % | ||||||||||||||||||||||||
Lowe’s Home Improvement Warehouse | 100% | Bellevue, WA | Retail | Construction and Building | West | 143,352 | 1,440,412 | 1.43 | % | CPI | Aug-2018 | Aug-2018 | ||||||||||||||||
Sprint Spectrum, L.P. | 100% | Rio Rancho, NM | Office | Telecommunications | West | 94,730 | 1,424,561 | 1.41 | % | Fixed | May-2011 | May-2021 | ||||||||||||||||
Amerisure Mutual Insurance Co. | 100% | Charleston, SC | Office | Insurance | East | 127,754 | 1,382,256 | 1.37 | % | Fixed | Dec-2007 | Dec-2028 | ||||||||||||||||
AT&T Corporation | 100% | Bridgeton, MO | Industrial | Telecommunications | Midwest | 85,510 | 1,257,410 | 1.24 | % | Fixed | Sep-2011 | Jun-2021 | ||||||||||||||||
Radisson Hotels International, Inc. | 100% | Livonia, MI | Hospitality | Hotels and Gaming | Midwest | 158,000 | 1,200,000 | 1.19 | % | Fixed | Jan-2008 | Jan-2012 | ||||||||||||||||
Omnicom Group, Inc. | 100% | Venice, CA | Office | Business and Commercial Services | West | 77,719 | 1,193,661 | 1.18 | % | Other | Sep-2010 | Sep-2030 | ||||||||||||||||
United States Postal Service | 100% | Bloomingdale, IL | Office | Federal, State and Local Government | Midwest | 60,000 | 1,170,000 | 1.16 | % | Fixed | Apr-2011 | Apr-2011 | ||||||||||||||||
Hologic, Inc. | 36% | Danbury, CT | Industrial | Electronics | East | 22,335 | 210,527 | 0.21 | % | CPI | Aug-2022 | Aug-2042 | ||||||||||||||||
Hologic, Inc. | 36% | Bedford, MA | Industrial | Electronics | East | 74,520 | 925,612 | 0.92 | % | CPI | Aug-2022 | Aug-2042 | ||||||||||||||||
Hologic, Inc. Total | 96,855 | 1,136,139 | 1.12 | % | ||||||||||||||||||||||||
Anthony’s Manufacturing Company, Inc. | 100% | San Fernando, CA | Industrial | Consumer and Durable Goods | West | 182,845 | 1,091,816 | 1.08 | % | CPI/Market | May-2012 | May-2012 | ||||||||||||||||
Werner Co. | 100% | Erlanger, KY | Warehouse/Distribution | Consumer and Durable Goods | East | 572,204 | 1,084,003 | 1.07 | % | Fixed | Jul-2015 | Jul-2021 | ||||||||||||||||
United Space Alliance, LLC | 100% | Webster, TX | Industrial & Warehouse/Distribution | Business and Commercial Services | South | 138,098 | 1,072,850 | 1.06 | % | None | Sep-2010 | Sep-2012 | ||||||||||||||||
Lockheed Martin Corporation | 100% | Webster, TX | Industrial | Business and Commercial Services | South | 30,176 | 241,416 | 0.24 | % | Fixed | Dec-2007 | Dec-2007 | ||||||||||||||||
Lockheed Martin Corporation | 100% | King of Prussia, PA | Office | Business and Commercial Services | East | 88,578 | 819,347 | 0.81 | % | Fixed | Jul-2008 | Jul-2008 | ||||||||||||||||
Lockheed Martin Corporation Total | 118,754 | 1,060,763 | 1.05 | % | ||||||||||||||||||||||||
United Stationers Supply Company | 100% | New Orleans, LA | Warehouse/Distribution | Forest Products and Paper | South | 59,000 | 366,539 | 0.36 | % | CPI | Mar-2010 | Mar-2030 |
23
Table of Contents
Percentage of | ||||||||||||||||||||||||||||
Tenant/Lease Guarantor | Percent Ownership | Property Location | Property Type | Tenant Industry | Region | Square Footage | Annualized Rent | Total Rent | Increase Factor | Lease Expiration | Maximum Term | |||||||||||||||||
United Stationers Supply Company | 100% | Memphis, TN | Warehouse/Distribution | Forest Products and Paper | South | 75,000 | 317,385 | 0.31 | % | CPI | Mar-2010 | Mar-2030 | ||||||||||||||||
United Stationers Supply Company | 100% | San Antonio, TX | Warehouse/Distribution | Forest Products and Paper | South | 63,098 | 350,913 | 0.35 | % | CPI | Mar-2010 | Mar-2030 | ||||||||||||||||
United Stationers Supply Company Total | 197,098 | 1,034,837 | 1.02 | % | ||||||||||||||||||||||||
Cree Microwave, LLC | 100% | Sunnyvale, CA | Industrial | Electronics | West | 50,311 | 1,026,297 | 1.02 | % | CPI | Nov-2011 | Nov-2026 | ||||||||||||||||
Swat-Fame, Inc. | 100% | City of Industry, CA | Industrial | Textiles, Leather, and Apparel | West | 233,205 | 978,153 | 0.97 | % | CPI | Dec-2010 | Dec-2020 | ||||||||||||||||
Sears Logistics Services, Inc. | 100% | Jacksonville, FL | Warehouse/Distribution | Consumer Non-durable Goods | South | 240,000 | 969,946 | 0.96 | % | None | Jun-2008 | Jun-2008 | ||||||||||||||||
Consolidated Systems, Inc. | 60% | Columbia, SC | Office/Industrial & Warehouse/Distribution | Mining, Metals, and Primary Metal Industries | East | 338,766 | 947,700 | 0.94 | % | Fixed | Oct-2026 | Oct-2046 | ||||||||||||||||
Hibbett Sporting Goods, Inc. | 100% | Birmingham, AL | Warehouse/Distribution | Retail Stores | South | 219,312 | 876,900 | 0.87 | % | CPI | Dec-2014 | Dec-2029 | ||||||||||||||||
24 Hour Fitness | 100% | Austin, TX | Other | Leisure, Amusement, Entertainment | South | 43,935 | 872,507 | 0.86 | % | CPI | Jun-2017 | Jun-2033 | ||||||||||||||||
NVR, Inc. | 100% | Thurmont, MD | Industrial | Construction and Building | East | 150,468 | 687,992 | 0.68 | % | CPI | Mar-2014 | Mar-2030 | ||||||||||||||||
NVR, Inc. | 100% | Farmington, NY | Industrial | Construction and Building | East | 29,273 | 132,805 | 0.13 | % | CPI | Mar-2014 | Mar-2030 | ||||||||||||||||
NVR, Inc. Total | 179,741 | 820,797 | 0.81 | % | ||||||||||||||||||||||||
Vertafore, Inc. | 100% | College Station, TX | Office | Telecommunications | South | 52,552 | 783,915 | 0.78 | % | Fixed | Dec-2009 | Dec-2015 | ||||||||||||||||
Aviva (1) | 75% | Rouen, France | Office | Insurance | Europe | 27,593 | 653,692 | 0.65 | % | INSEE(2) | Sep-2010 | Sep-2010 | ||||||||||||||||
Deloro Satellite Company, Inc. | 100% | Goshen, IN | Industrial | Mining, Metals, and Primary Metal Industries | Midwest | 52,000 | 643,069 | 0.64 | % | CPI | Feb-2010 | Feb-2035 | ||||||||||||||||
Western Union Financial Services, Inc. | 100% | Bridgeton, MO | Office | Banking | Midwest | 78,080 | 624,640 | 0.62 | % | Fixed | Nov-2016 | Nov-2026 | ||||||||||||||||
Wal-Mart Stores, Inc. | 100% | Greenfield, IN | Warehouse/Distribution | Retail Stores | Midwest | 82,620 | 567,745 | 0.56 | % | None | Jan-2010 | Jan-2020 | ||||||||||||||||
MSC Engineered Materials and Solutions Group, Inc. | 100% | Walbridge, OH | Industrial | Mining, Metals, and Primary Metal Industries | Midwest | 313,704 | 560,513 | 0.55 | % | CPI | Apr-2012 | Apr-2027 | ||||||||||||||||
Childtime Childcare, Inc. | 33.93% | Chandler, AZ | Other Properties | Healthcare, Education and Childcare | West | 2,026 | 35,254 | 0.03 | % | CPI | Jan-2016 | Jan-2041 | ||||||||||||||||
Childtime Childcare, Inc. | 33.93% | Tucson, AZ | Other Properties | Healthcare, Education and Childcare | West | 2,165 | 36,751 | 0.04 | % | CPI | Jan-2016 | Jan-2041 | ||||||||||||||||
Childtime Childcare, Inc. | 33.93% | Alhambra, CA | Other Properties | Healthcare, Education and Childcare | West | 2,262 | 53,011 | 0.05 | % | CPI | Jan-2016 | Jan-2041 | ||||||||||||||||
Childtime Childcare, Inc. | 33.93% | Chino, CA | Other Properties | Healthcare, Education and Childcare | West | 2,166 | 46,300 | 0.05 | % | CPI | Jan-2016 | Jan-2041 | ||||||||||||||||
Childtime Childcare, Inc. | 33.93% | Garden Grove, CA | Other Properties | Healthcare, Education and Childcare | West | 2,848 | 45,526 | 0.05 | % | CPI | Jan-2016 | Jan-2041 | ||||||||||||||||
Childtime Childcare, Inc. | 33.93% | Tustin, CA | Other Properties | Healthcare, Education and Childcare | West | 2,264 | 52,598 | 0.05 | % | CPI | Jan-2016 | Jan-2041 | ||||||||||||||||
Childtime Childcare, Inc. | 33.93% | Westland, MI | Other Properties | Healthcare, Education and Childcare | Midwest | 5,259 | 60,959 | 0.06 | % | CPI | Jan-2016 | Jan-2041 | ||||||||||||||||
Childtime Childcare, Inc. | 33.93% | Canton, MI | Other Properties | Healthcare, Education and Childcare | Midwest | 2,311 | 47,797 | 0.05 | % | CPI | Jan-2016 | Jan-2041 | ||||||||||||||||
Childtime Childcare, Inc. | 33.93% | Carrollton, TX | Other Properties | Healthcare, Education and Childcare | South | 2,438 | 45,991 | 0.05 | % | CPI | Jan-2016 | Jan-2041 | ||||||||||||||||
Childtime Childcare, Inc. | 33.93% | Duncanville, TX | Other Properties | Healthcare, Education and Childcare | South | 2,438 | 45,991 | 0.05 | % | CPI | Jan-2016 | Jan-2041 | ||||||||||||||||
Childtime Childcare, Inc. | 33.93% | Lewisville, TX | Other Properties | Healthcare, Education and Childcare | South | 2,440 | 45,991 | 0.05 | % | CPI | Jan-2016 | Jan-2041 | ||||||||||||||||
Childtime Childcare, Inc. Total | 28,617 | 516,169 | 0.51 | % | ||||||||||||||||||||||||
Alcoa, Inc. | 100% | Salisbury, NC | Warehouse/Distribution | Machinery | East | 244,000 | 536,320 | 0.53 | % | Fixed | Jun-2010 | Jun-2020 | ||||||||||||||||
Jada Toys, Inc. | 100% | City of Industry, CA | Industrial | Consumer Non-durable Goods | West | 92,595 | 444,000 | 0.44 | % | Fixed | Apr-2012 | Apr-2017 | ||||||||||||||||
Alstom Power | 100% | Erlanger, KY | Warehouse/Distribution | Business and Commercial Services | East | 197,400 | 443,370 | 0.44 | % | Fixed | May-2013 | May-2013 | ||||||||||||||||
Affiliated Foods Southwest, Inc. | 100% | Hope, AR | Retail | Grocery | South | 35,784 | 75,144 | 0.07 | % | CPI | Mar-2012 | Mar-2037 | ||||||||||||||||
Affiliated Foods Southwest, Inc. | 100% | Little Rock, AR | Retail | Grocery | South | 86,290 | 330,356 | 0.33 | % | Fixed | Jan-2009 | Jan-2024 | ||||||||||||||||
Affiliated Foods Southwest, Inc. Total | 122,074 | 405,500 | 0.40 | % | ||||||||||||||||||||||||
Kmart Corporation | 100% | Citrus Heights, CA | Retail | Retail Stores | West | 89,760 | 180,000 | 0.18 | % | None | May-2011 | May-2026 | ||||||||||||||||
Kmart Corporation | 100% | Drayton Plains, MI | Retail | Retail Stores | Midwest | 103,018 | 210,000 | 0.21 | % | None | Mar-2011 | Mar-2026 | ||||||||||||||||
Kmart Corporation Total | 192,778 | 390,000 | 0.39 | % | ||||||||||||||||||||||||
The Retail Distribution Group, Inc. | 40% | Grand Rapids, MI | Warehouse/Distribution | Beverages, Food, and Tobacco | Midwest | 71,784 | 383,040 | 0.38 | % | Fixed | Aug-2009 | Aug-2013 | ||||||||||||||||
Petrocon Engineering, Inc. | 100% | Beaumont, TX | Office | Business and Commercial Services | South | 42,880 | 370,569 | 0.37 | % | Fixed | Dec-2011 | Dec-2014 | ||||||||||||||||
SARL S3T (1) | 80% | Joue Les Tours, France | Warehouse/Distribution | Telecommunications | Europe | 55,594 | 366,635 | 0.36 | % | INSEE(2) | May-2008 | May-2008 | ||||||||||||||||
Pioneer Credit Recovery, Inc. | 100% | Moorestown, NJ | Office | Business and Commercial Services | East | 30,000 | 345,000 | 0.34 | % | Fixed | Apr-2012 | Apr-2018 | ||||||||||||||||
Faurecia Exhaust Systems, Inc. | 100% | Toledo, OH | Office | Automobile | Midwest | 61,000 | 336,000 | 0.33 | % | CPI | Nov-2022 | Nov-2022 | ||||||||||||||||
Direction Regional des Affaires Sanitaires etSociales(DRASS) (1) | 75% | Rouen, France | Office | Federal, State and Local Government | Europe | 19,213 | 335,559 | 0.33 | % | INSEE(2) | Dec-2013 | Dec-2013 | ||||||||||||||||
DSM Food Specialties (1) | 80% | Phalempin, France | Warehouse/Distribution | Beverages, Food, and Tobacco | Europe | 29,870 | 319,013 | 0.32 | % | INSEE(2) | May-2008 | May-2008 | ||||||||||||||||
S&ME, Inc. | 100% | Raleigh, NC | Office | Business and Commercial Services | East | 27,770 | 299,940 | 0.30 | % | Fixed | Jul-2016 | Jul-2026 | ||||||||||||||||
The Roof Center, Inc. | 100% | Manassas, VA | Industrial | Construction and Building | East | 60,446 | 289,391 | 0.29 | % | Fixed | Jul-2009 | Jul-2009 |
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Percentage of | ||||||||||||||||||||||||||||
Tenant/Lease Guarantor | Percent Ownership | Property Location | Property Type | Tenant Industry | Region | Square Footage | Annualized Rent | Total Rent | Increase Factor | Lease Expiration | Maximum Term | |||||||||||||||||
Department de Seine St. Denis(1) | 75% | Paris, France | Office | Federal, State and Local Government | Europe | 8,451 | 282,435 | 0.28 | % | INSEE(2) | Dec-2011 | Dec-2011 | ||||||||||||||||
Qwest Communications, Inc. | 100% | Scottsdale, AZ | Industrial | Telecommunications | West | 4,460 | 274,304 | 0.27 | % | Fixed | Feb-2012 | Feb-2017 | ||||||||||||||||
Winn-Dixie Stores, Inc. | 100% | Montgomery, AL | Retail | Grocery | South | 32,690 | 138,933 | 0.14 | % | None | Mar-2008 | Mar-2038 | ||||||||||||||||
Winn-Dixie Stores, Inc. | 100% | Brewton, AL | Retail | Grocery | South | 30,625 | 134,500 | 0.13 | % | None | Oct-2010 | Oct-2030 | ||||||||||||||||
Winn-Dixie Stores, Inc. Total | 63,315 | 273,433 | 0.27 | % | ||||||||||||||||||||||||
Penberthy, Inc. | 100% | Prophetstown, IL | Industrial | Mining, Metals, and Primary Metal Industries | Midwest | 161,878 | 268,890 | 0.27 | % | CPI | Apr-2011 | Apr-2026 | ||||||||||||||||
Honeywell International, Inc. | 100% | Houston, TX | Warehouse/Distribution | Aerospace and Defense | South | 32,320 | 228,828 | 0.23 | % | None | Sep-2010 | Sep-2010 | ||||||||||||||||
Honeywell International, Inc. | 100% | Houston, TX | Land | Aerospace and Defense | South | 1 | 36,000 | 0.04 | % | None | Sep-2010 | Sep-2010 | ||||||||||||||||
Honeywell International, Inc. Total | 32,321 | 264,828 | 0.26 | % | ||||||||||||||||||||||||
Tubular Metal Systems | 100% | Pinconning, MI | Industrial | Automobile | Midwest | 220,588 | 254,538 | 0.25 | % | CPI | Jul-2013 | Dec-2022 | ||||||||||||||||
La Region Ile de France(1) | 75% | Paris, France | Office | Federal, State and Local Government | Europe | 7,613 | 240,581 | 0.24 | % | INSEE(2) | Oct-2012 | Oct-2012 | ||||||||||||||||
GIE Groupe Vauban(1) | 75% | Paris, France | Office | Insurance | Europe | 7,613 | 232,946 | 0.23 | % | INSEE(2) | Sep-2012 | Sep-2012 | ||||||||||||||||
Ace Hardware | 100% | Houston, TX | Retail | Retail Stores | South | 23,569 | 212,121 | 0.21 | % | Fixed | Mar-2016 | Mar-2026 | ||||||||||||||||
Bell Atlantic Corporation | 100% | Milton, VT | Industrial | Telecommunications | East | 30,624 | 208,467 | 0.21 | % | Fixed | Feb-2013 | Feb-2013 | ||||||||||||||||
Xerox Corporation | 100% | Hot Springs, AR | Retail | Machinery | South | 36,850 | 176,143 | 0.17 | % | Fixed | May-2011 | May-2021 | ||||||||||||||||
Continental Airlines, Inc. | 100% | Houston, TX | Warehouse/Distribution | Transportation - Personal | South | 25,125 | 157,200 | 0.16 | % | Fixed | Jul-2008 | Jul-2008 | ||||||||||||||||
CFTC Chimie Mines Textiles Energie | 75% | Paris, France | Office | Business and Commercial Services | Europe | 4,697 | 141,774 | 0.14 | % | INSEE(2) | Mar-2016 | Mar-2016 | ||||||||||||||||
Golder Associates Inc. | 100% | Houston, TX | Office | Business and Commercial Services | South | 11,396 | 103,368 | 0.10 | % | None | Oct-2010 | Oct-2020 | ||||||||||||||||
Custom Training Group, Inc. | 100% | Houston, TX | Office | Healthcare, Education and Childcare | South | 11,704 | 99,372 | 0.10 | % | None | Dec-2008 | Dec-2008 | ||||||||||||||||
L’Agence Nationale Pour L’Emploi (ANPE) (1) (3) | 75% | Paris, France | Office | Federal, State and Local Government | Europe | 3,633 | 93,879 | 0.09 | % | INSEE(2) | MTM | Jun-2015 | ||||||||||||||||
AFPOLS (1) | 75% | Paris, France | Office | Federal, State and Local Government | Europe | 3,488 | 81,033 | 0.08 | % | INSEE(2) | Jun-2008 | Jun-2008 | ||||||||||||||||
The Boeing Company | 100% | Houston, TX | Warehouse/Distribution | Aerospace and Defense | South | 10,960 | 73,680 | 0.07 | % | Fixed | Jan-2009 | Jan-2013 | ||||||||||||||||
Bike Barn Holding Company, Inc. | 100% | Houston, TX | Retail | Retail Stores | South | 6,216 | 71,280 | 0.07 | % | Fixed | Aug-2010 | Aug-2015 | ||||||||||||||||
Kenyon International Emergency Services | 100% | Houston, TX | Warehouse/Distribution | Healthcare, Education and Childcare | South | 17,725 | 70,014 | 0.07 | % | None | Oct-2009 | Oct-2019 | ||||||||||||||||
Raytheon Company | 100% | Webster, TX | Industrial | Business and Commercial Services | South | 9,138 | 65,796 | 0.07 | % | Fixed | Jul-2010 | Jul-2025 | ||||||||||||||||
Olmsted Kirk Paper Company | 100% | Beaumont, TX | Office | Forest Products and Paper | South | 5,760 | 42,544 | 0.04 | % | Fixed | Dec-2012 | Dec-2012 | ||||||||||||||||
The Prater Company LLC, Jerry Prater Trucking Inc. | 100% | Salisbury, NC | Industrial | Transportation - Cargo | East | 13,284 | 37,200 | 0.04 | % | None | Sep-2008 | Sep-2012 | ||||||||||||||||
Mile High Sunrooms, LLC | 100% | Broomfield, CO | Office | Chemicals, Plastics, Rubber, and Glass | West | 4,162 | 32,256 | 0.03 | % | Fixed | Apr-2009 | Apr-2009 | ||||||||||||||||
Cardinal Communications, Inc. | 100% | Broomfield, CO | Office | Construction and Building | West | 9,401 | 28,203 | 0.03 | % | None | Oct-2007 | Oct-2008 | ||||||||||||||||
G.T. of the Front Range | 100% | Broomfield, CO | Office | Retail Stores | West | 5,488 | 20,992 | 0.02 | % | Fixed | Jun-2011 | Jun-2011 | ||||||||||||||||
CGEC Keter(1) | 75% | Paris, France | Office | Buildings and Real Estate | Europe | 2,301 | 17,182 | 0.02 | % | INSEE(2) | Dec-2014 | Dec-2014 | ||||||||||||||||
Marathon System Service | 100% | Broomfield, CO | Office | Electronics | West | 2,283 | 14,680 | 0.01 | % | None | Nov-2007 | Nov-2007 | ||||||||||||||||
Sundew Technologies | 100% | Broomfield, CO | Office | Business and Commercial Services | West | 3,745 | 12,805 | 0.01 | % | None | Oct-2007 | Oct-2007 | ||||||||||||||||
Appointment Quest | 100% | Broomfield, CO | Office | Telecommunications | West | 1,670 | 12,508 | 0.01 | % | Fixed | May-2009 | May-2009 | ||||||||||||||||
RedCloud Telecom Products, Inc.(3) | 100% | Broomfield, CO | Office | Telecommunications | West | 2,093 | 12,000 | 0.01 | % | Fixed | MTM | MTM | ||||||||||||||||
Abilis(1) | 75% | Paris, France | Office | Business and Commercial Services | Europe | 0 | 11,734 | 0.01 | % | INSEE(2) | Jan-2008 | Jan-2008 | ||||||||||||||||
Ass Comite Dept du Tourisme(1) | 75% | Paris, France | Office | Federal, State and Local Government | Europe | 0 | 11,687 | 0.01 | % | INSEE(2) | MTM | MTM | ||||||||||||||||
Aardvark IT Solutions | 100% | Broomfield, CO | Office | Electronics | West | 3,069 | 11,171 | 0.01 | % | None | Apr-2008 | N/A | ||||||||||||||||
Rhino Linings | 100% | Broomfield, CO | Office | Retail Stores | West | 2,532 | 10,255 | 0.01 | % | Fixed | Jun-2008 | Jun-2008 | ||||||||||||||||
Classic Cuisines Catering | 100% | Bloomingdale, IL | Office | Hotels and Gaming | Midwest | 1,000 | 9,000 | 0.01 | % | None | Oct-2008 | Oct-2008 | ||||||||||||||||
Orange(1) | 75% | Paris, France | Office | Telecommunications | Europe | 0 | 8,860 | 0.01 | % | None | Jan-2010 | Jun-2015 |
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Table of Contents
Percentage of | ||||||||||||||||||||||||||||
Tenant/Lease Guarantor | Percent Ownership | Property Location | Property Type | Tenant Industry | Region | Square Footage | Annualized Rent | Total Rent | Increase Factor | Lease Expiration | Maximum Term | |||||||||||||||||
Fine Art Mannequins, LLC(3) | 100% | Broomfield, CO | Office | Business and Commercial Services | West | 2,209 | 8,836 | 0.01 | % | Other | MTM | Apr-2009 | ||||||||||||||||
Pacific Mobile Diagnostics, Inc.(3) | 100% | Broomfield, CO | Office | Healthcare, Education and Childcare | West | 2,093 | 8,483 | 0.01 | % | Fixed | MTM | MTM | ||||||||||||||||
AT&T Wireless Services(3) | 100% | Broomfield, CO | Office | Telecommunications | West | 730 | 8,208 | 0.01 | % | Fixed | MTM | MTM | ||||||||||||||||
EarthRoamer.com | 100% | Broomfield, CO | Office | Automobile | West | 7,500 | 7,500 | 0.01 | % | None | Dec-2007 | Dec-2007 | ||||||||||||||||
Danseetoile Ballet | 100% | Broomfield, CO | Office | Healthcare, Education and Childcare | West | 1,510 | 6,040 | 0.01 | % | None | Sep-2009 | Sep-2009 | ||||||||||||||||
Photo Center(3) | 100% | Hot Springs, AR | Retail | Machinery | South | 340 | 4,800 | 0.00 | % | None | MTM | MTM | ||||||||||||||||
Byron Jacquot(3) | 100% | Broomfield, CO | Office | Leisure, Amusement, Entertainment | West | 1,105 | 3,978 | 0.00 | % | None | MTM | MTM | ||||||||||||||||
Tempered Air Services, Inc.(3) | 100% | Broomfield, CO | Office | Construction and Building | West | 1,200 | 1,200 | 0.00 | % | None | MTM | MTM | ||||||||||||||||
Vacant | 100% | Bloomingdale, IL | Office | N/A | Midwest | 55,000 | — | — | N/A | N/A | N/A | |||||||||||||||||
Vacant | 100% | Broomfield, CO | Office | N/A | West | 53,665 | — | — | N/A | N/A | N/A | |||||||||||||||||
Vacant | 100% | Chattanooga, TN | Industrial | N/A | South | 242,317 | — | — | N/A | N/A | N/A | |||||||||||||||||
Vacant | 100% | Houston, TX | Office | N/A | South | 26,540 | — | — | N/A | N/A | N/A | |||||||||||||||||
Vacant | 100% | Moorestown, NJ | Office | N/A | East | 35,567 | — | — | N/A | N/A | N/A | |||||||||||||||||
Vacant | 75% | Paris, France | Office | N/A | EUR | 14,114 | — | — | N/A | N/A | N/A | |||||||||||||||||
Vacant | 100% | Salisbury, NC | Office & Warehouse/Distribution | N/A | East | 53,681 | — | — | N/A | N/A | N/A | |||||||||||||||||
Vacant | 100% | San Leandro, CA | Land | N/A | West | 1 | — | — | N/A | N/A | N/A | |||||||||||||||||
Vacant | 100% | Webster, TX | Industrial | N/A | South | 22,966 | — | — | N/A | N/A | N/A | |||||||||||||||||
Vacant | 100% | West Mifflin, PA | Retail | N/A | East | 121,053 | — | — | N/A | N/A | N/A | |||||||||||||||||
Vacant Total | 624,904 | |||||||||||||||||||||||||||
Grand Total | 17,702,834 | $ | 101,028,457 | 100 | % |
(1) | Rents reflect a conversion rate of 1.4272 USD/EUR as of September 30, 2007. | |
(2) | INSEE construction index, an index published quarterly by the French Government. | |
(3) | Tenant is occupying property on a month-to-month (MTM) basis. | |
(4) | Represents multi-tenant office building with lease expirations ranging from MTM to Jun. 2011. | |
(5) | Excludes our investment in 13 domestic self-storage properties totaling approximately 0.9 million square feet as of September 30, 2007. |
26