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EXHIBIT 99.1
W. P. CAREY & CO. LLC
Supplemental Operating and Financial Data
For the Year Ended
December 31, 2007
December 31, 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
For the Year Ended December 31, 2007
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W. P. CAREY & CO. LLC
Company Overview
December 31, 2007
Key Company Contacts | Executive Offices | |||
Wm. Polk 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 |
Fourth | Third | Second | First | |||||||||||||
Quarter | Quarter | Quarter | Quarter | |||||||||||||
2007 | 2007 | 2007 | 2007 | |||||||||||||
Stock Data | ||||||||||||||||
High Price | $ | 36.86 | $ | 33.14 | $ | 35.50 | $ | 34.75 | ||||||||
Low Price | $ | 31.02 | $ | 27.67 | $ | 29.71 | $ | 29.84 | ||||||||
Closing Price | $ | 33.20 | $ | 31.50 | $ | 31.45 | $ | 33.37 | ||||||||
Distributions declared per share — annualized(1) | $ | 1.91 | $ | 1.89 | $ | 1.87 | $ | 1.85 | ||||||||
Shares outstanding at quarter end | 39,216,493 | 38,583,229 | 39,129,982 | 38,442,298 | ||||||||||||
Market value of outstanding shares at quarter end (in thousands) | $ | 1,301,988 | $ | 1,215,372 | $ | 1,230,638 | $ | 1,282,819 |
(1) | Fourth quarter 2007 excludes a special distribution of $0.27 per share that was paid in January 2008 to shareholders of record as of December 31, 2007. The special distribution was approved by our Board of Directors in connection with our corporate restructuring. |
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W. P. CAREY & CO. LLC
Financial Highlights (Unaudited)
(in thousands, except share and per share data)
(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 operating activities. A description of these non-GAAP financial measures and reconciliations to the most directly comparable GAAP measures is provided on the following pages.
Three months ended December 31, | Years ended December 31, | |||||||||||||||||||||||
2007 | 2006 | 2005 | 2007 | 2006 | 2005 | |||||||||||||||||||
EBITDA | ||||||||||||||||||||||||
Investment management(1) | $ | (3,906 | ) | $ | 64,954 | $ | 10,583 | $ | 91,145 | $ | 105,683 | $ | 48,946 | |||||||||||
Real estate ownership | 31,123 | 20,784 | 14,798 | 88,228 | 70,619 | 57,568 | ||||||||||||||||||
Total | $ | 27,217 | $ | 85,738 | $ | 25,381 | $ | 179,373 | $ | 176,302 | $ | 106,514 | ||||||||||||
FFO | ||||||||||||||||||||||||
Investment management(1) | $ | (14,281 | ) | $ | 40,236 | $ | 6,620 | $ | 69,169 | $ | 70,008 | $ | 37,603 | |||||||||||
Real estate ownership | 17,192 | 14,647 | 17,627 | 64,097 | 58,529 | 60,968 | ||||||||||||||||||
Total | $ | 2,911 | $ | 54,883 | $ | 24,247 | $ | 133,266 | $ | 128,537 | $ | 98,571 | ||||||||||||
EBITDA Per Share (Diluted) | ||||||||||||||||||||||||
Investment management(1) | $ | (0.10 | ) | $ | 1.65 | $ | 0.28 | $ | 2.29 | $ | 2.70 | $ | 1.25 | |||||||||||
Real estate ownership | 0.78 | 0.53 | 0.38 | 2.21 | 1.81 | 1.48 | ||||||||||||||||||
Total | $ | 0.68 | $ | 2.18 | $ | 0.66 | $ | 4.50 | $ | 4.51 | $ | 2.73 | ||||||||||||
FFO Per Share (Diluted) | ||||||||||||||||||||||||
Investment management(1) | $ | (0.36 | ) | $ | 1.02 | $ | 0.17 | $ | 1.73 | $ | 1.79 | $ | 0.97 | |||||||||||
Real estate ownership | 0.43 | 0.37 | 0.46 | 1.61 | 1.50 | 1.56 | ||||||||||||||||||
Total | $ | 0.07 | $ | 1.39 | $ | 0.63 | $ | 3.34 | $ | 3.29 | $ | 2.53 | ||||||||||||
Adjusted Cash Flow From Operating Activities | ||||||||||||||||||||||||
Adjusted cash flow | $ | 84,241 | $ | 70,159 | $ | 63,031 | ||||||||||||||||||
Adjusted cash flow per share (diluted) | $ | 2.11 | $ | 1.79 | $ | 1.62 | ||||||||||||||||||
Distributions paid | $ | 71,608 | $ | 68,615 | $ | 67,004 | ||||||||||||||||||
Payout ratio (distributions paid/adjusted cash flow) | 85 | % | 98 | % | 106 | % | ||||||||||||||||||
(1) | Includes reserve taken in the fourth quarter of 2007 in connection with the SEC matter as described in our 2007 annual report on Form 10-K. |
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W. P. CAREY & CO. LLC
Reconciliation of Net Income to EBITDA (Unaudited)
(in thousands, except share and per share amounts)
(in thousands, except share and per share amounts)
Three months ended December 31, | Years ended December 31, | |||||||||||||||||||||||
2007 | 2006 | 2005 | 2007 | 2006 | 2005 | |||||||||||||||||||
Investment Management | ||||||||||||||||||||||||
Net (loss) income(1) | $ | (12,366 | ) | $ | 32,936 | $ | 5,555 | $ | 36,808 | $ | 53,330 | $ | 24,682 | |||||||||||
Adjustments: | ||||||||||||||||||||||||
Provision for income taxes | 2,473 | 28,773 | 3,415 | 50,158 | 44,710 | 18,662 | ||||||||||||||||||
Depreciation and amortization | 5,987 | 3,245 | 1,613 | 4,179 | 7,643 | 5,602 | ||||||||||||||||||
EBITDA — investment management | $ | (3,906 | ) | $ | 64,954 | $ | 10,583 | $ | 91,145 | $ | 105,683 | $ | 48,946 | |||||||||||
EBITDA per share (diluted) | $ | (0.10 | ) | $ | 1.65 | $ | 0.28 | $ | 2.29 | $ | 2.70 | $ | 1.25 | |||||||||||
Real Estate Ownership | ||||||||||||||||||||||||
Net income | $ | 18,379 | $ | 10,693 | $ | 5,933 | $ | 42,444 | $ | 32,973 | $ | 23,922 | ||||||||||||
Adjustments: | ||||||||||||||||||||||||
Interest expense | 4,730 | 3,692 | 2,930 | 20,880 | 17,016 | 15,768 | ||||||||||||||||||
Provision for income taxes | 225 | 283 | 258 | 1,581 | 646 | 546 | ||||||||||||||||||
Depreciation and amortization | 6,056 | 4,108 | 3,067 | 21,364 | 17,494 | 14,449 | ||||||||||||||||||
Reconciling items attributable to discontinued operations | 1,733 | 2,008 | 2,610 | 1,959 | 2,490 | 2,883 | ||||||||||||||||||
EBITDA — real estate ownership | $ | 31,123 | $ | 20,784 | $ | 14,798 | $ | 88,228 | $ | 70,619 | $ | 57,568 | ||||||||||||
EBITDA per share (diluted) | $ | 0.78 | $ | 0.53 | $ | 0.38 | $ | 2.21 | $ | 1.81 | $ | 1.48 | ||||||||||||
Total Company | ||||||||||||||||||||||||
EBITDA(1) | $ | 27,217 | $ | 85,738 | $ | 25,381 | $ | 179,373 | $ | 176,302 | $ | 106,514 | ||||||||||||
EBITDA per share (diluted)(1) | $ | 0.68 | $ | 2.18 | $ | 0.66 | $ | 4.50 | $ | 4.51 | $ | 2.73 | ||||||||||||
Diluted weighted average shares outstanding | 39,815,933 | 39,414,532 | 38,674,396 | 39,868,208 | 39,093,897 | 39,020,801 | ||||||||||||||||||
(1) | Includes reserve taken in the fourth quarter of 2007 in connection with the SEC matter as described in our 2007 annual report on Form 10-K. |
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)
(in thousands, except share and per share amounts)
Three months ended December 31, | Years ended December 31, | |||||||||||||||||||||||
2007 | 2006 | 2005 | 2007 | 2006 | 2005 | |||||||||||||||||||
Investment Management | ||||||||||||||||||||||||
Net (loss) income(1) | $ | (12,366 | ) | $ | 32,936 | $ | 5,555 | $ | 36,808 | $ | 53,330 | $ | 24,682 | |||||||||||
Gain on sale of land | — | — | (2,000 | ) | — | — | (2,000 | ) | ||||||||||||||||
Amortization, deferred taxes and other non-cash charges | (2,466 | ) | 6,285 | 1,600 | 30,194 | 11,728 | 9,923 | |||||||||||||||||
FFO from equity investments | 551 | 1,015 | 1,465 | 2,167 | 4,950 | 4,998 | ||||||||||||||||||
FFO — investment management | $ | (14,281 | ) | $ | 40,236 | $ | 6,620 | $ | 69,169 | $ | 70,008 | $ | 37,603 | |||||||||||
FFO per share (diluted) | $ | (0.36 | ) | $ | 1.02 | $ | 0.17 | $ | 1.73 | $ | 1.79 | $ | 0.97 | |||||||||||
Real Estate Ownership | ||||||||||||||||||||||||
Net income | $ | 18,379 | $ | 10,693 | $ | 5,933 | $ | 42,444 | $ | 32,973 | $ | 23,922 | ||||||||||||
Gain on sale of real estate, net | (14,865 | ) | (3,637 | ) | (1,355 | ) | (15,827 | ) | (3,452 | ) | (10,474 | ) | ||||||||||||
Depreciation, amortization and other non-cash charges | 4,929 | 4,692 | 5,215 | 20,272 | 17,294 | 17,171 | ||||||||||||||||||
Straight-line and other rent adjustments | 964 | 809 | 1,119 | 3,080 | 3,152 | 3,821 | ||||||||||||||||||
Impairment charges | 1,017 | 1,147 | 5,949 | 3,334 | 4,504 | 21,770 | ||||||||||||||||||
FFO from equity investments | 1,662 | 1,141 | 1,368 | 6,312 | 4,852 | 5,360 | ||||||||||||||||||
Minority investees’ share of FFO | 5,106 | (198 | ) | (602 | ) | 4,482 | (794 | ) | (602 | ) | ||||||||||||||
FFO — real estate ownership | $ | 17,192 | $ | 14,647 | $ | 17,627 | $ | 64,097 | $ | 58,529 | $ | 60,968 | ||||||||||||
FFO per share (diluted) | $ | 0.43 | $ | 0.37 | $ | 0.46 | $ | 1.61 | $ | 1.50 | $ | 1.56 | ||||||||||||
Total Company | ||||||||||||||||||||||||
FFO(1) | $ | 2,911 | $ | 54,883 | $ | 24,247 | $ | 133,266 | $ | 128,537 | $ | 98,571 | ||||||||||||
FFO per share (diluted)(1) | $ | 0.07 | $ | 1.39 | $ | 0.63 | $ | 3.34 | $ | 3.29 | $ | 2.53 | ||||||||||||
Diluted weighted average shares outstanding | 39,815,933 | 39,414,532 | 38,674,396 | 39,868,208 | 39,093,897 | 39,020,801 | ||||||||||||||||||
(1) | Includes reserve taken in the fourth quarter of 2007 in connection with the SEC matter as described in our 2007 annual report on Form 10-K. |
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)
(in thousands)
Years ended December 31, | ||||||||||||
2007 | 2006 | 2005 | ||||||||||
Cash flow from operating activities — as reported | ||||||||||||
Adjustments: | $ | 47,471 | $ | 119,940 | $ | 52,707 | ||||||
CPA®:16 – Global performance adjustment, net(1) | 9,425 | 2,091 | 313 | |||||||||
CPA®:12/14 Merger — revenue net of costs/taxes(2) | — | (23,310 | ) | — | ||||||||
CPA®:12/14 Merger — payment of taxes(3) | 20,708 | (20,708 | ) | — | ||||||||
Distributions received from equity investments in real estate in excess of equity income (4) | 6,769 | 4,809 | 2,840 | |||||||||
Changes in working capital(3) | (132 | ) | (12,663 | ) | 7,171 | |||||||
Adjusted cash flow from operating activities | $ | 84,241 | $ | 70,159 | $ | 63,031 | ||||||
Distributions paid | $ | 71,608 | $ | 68,615 | $ | 67,004 | ||||||
Payout ratio (distributions paid/adjusted cash flow) | 85 | % | 98 | % | 106 | % | ||||||
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 genperated 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 year in which the performance criterion was met as this revenue was actually earned over a three year period. |
(2) Amounts represent termination and disposition revenue, net of costs and a 45% tax provision, earned in connection with the CPA®:12/14 merger. This revenue is generally earned in connection with events which provide liquidity or alternatives to the CPA® REIT shareholders. In determining cash flow generated from our core operations, we believe it is more appropriate to normalize cash flow for the impact of the net revenue earned in connection with the CPA®:12/14 merger. |
(3) 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. |
(4) 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)
Years ended December 31, | ||||||||||||
2007 | 2006 | 2005 | ||||||||||
Revenue from Investment Management | ||||||||||||
Asset management revenue | $ | 83,051 | $ | 57,633 | $ | 52,332 | ||||||
Structuring revenue | 78,175 | 22,506 | 28,197 | |||||||||
Incentive, termination and subordinated disposition revenue from merger | — | 46,018 | — | |||||||||
Other interest income | 6,031 | 2,853 | 3,176 | |||||||||
Revenue of other business operations | — | — | 372 | |||||||||
Total investment management revenue | $ | 167,257 | $ | 129,010 | $ | 84,077 | ||||||
Percentage of total adjusted revenue | 64 | % | 60 | % | 49 | % | ||||||
�� | ||||||||||||
Revenue from Real Estate Ownership | ||||||||||||
Lease revenue — continuing operations | $ | 75,403 | $ | 69,197 | $ | 62,476 | ||||||
Revenue from discontinued operations | 6,701 | 6,962 | 14,470 | |||||||||
Other real estate income | 12,718 | 8,503 | 9,901 | |||||||||
Other interest income | 811 | 452 | 331 | |||||||||
Total real estate revenue | $ | 95,633 | $ | 85,114 | $ | 87,178 | ||||||
Percentage of total adjusted revenue | 36 | % | 40 | % | 51 | % | ||||||
Reconciliation of Total Revenue | ||||||||||||
Total revenue — as reported | $ | 263,129 | $ | 267,487 | $ | 163,240 | ||||||
Less: Reimbursed costs from affiliates(1) | (13,782 | ) | (63,630 | ) | (9,962 | ) | ||||||
Add: Other interest income | 6,842 | 3,305 | 3,507 | |||||||||
Add: Revenue from discontinued operations | 6,701 | 6,962 | 14,470 | |||||||||
Total Adjusted Revenue | $ | 262,890 | $ | 214,124 | $ | 171,255 | ||||||
(1) | Total adjusted revenue excludes 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)
Years ended December 31, | ||||||||||||||||||||||||
2007 | 2006 | 2005 | ||||||||||||||||||||||
Revenue | % | Revenue | % | Revenue | % | |||||||||||||||||||
Revenue Type | ||||||||||||||||||||||||
Rents(1) | $ | 82,915 | $ | 76,611 | $ | 77,277 | ||||||||||||||||||
Management revenue(2) (5) | 89,082 | 60,486 | 55,508 | |||||||||||||||||||||
Rents and Management Revenue | 171,997 | 65 | % | 137,097 | 64 | % | 132,785 | 78 | % | |||||||||||||||
Structuring revenue(3) (5) | 78,175 | 22,506 | 28,197 | |||||||||||||||||||||
Disposition / termination revenue(4) | — | 46,018 | — | |||||||||||||||||||||
Other real estate income | 12,718 | 8,503 | 10,273 | |||||||||||||||||||||
Structuring Revenue & Other Income | 90,893 | 35 | % | 77,027 | 36 | % | 38,470 | 22 | % | |||||||||||||||
Total | $ | 262,890 | 100 | % | $ | 214,124 | 100 | % | $ | 171,255 | 100 | % | ||||||||||||
(1) | Rents = lease revenue (continuing operations) + revenue from 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 $19,302 in performance revenue recognized in 2007 as a result of CPA®:16 – Global meeting its performance criterion. Structuring revenue for 2007 includes $42,435 in deferred structuring revenue also recognized 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)
December 31, 2007
Outstanding | ||||||||||
Tenant/Lease Guarantor / Percent Ownership | Rate Type | Interest Rate | Maturity Date | Balance | ||||||
Self-Storage Credit Facility | Variable | 7.28% | Dec-2008 | $ | 35,581,000 | |||||
Billipp Portfolio | Variable | 6.17% | Dec-2008 | 5,000,005 | ||||||
Orbital Sciences Corporation | Fixed | 7.38% | Jun-2009 | 12,535,790 | ||||||
US Airways Group, Inc. (75%) | Fixed | 7.23% | Aug-2009 | 15,613,055 | ||||||
The Retail Distribution Group, Inc. (40%) | Fixed | 8.51% | Sep-2009 | 2,222,363 | ||||||
Bell South Corporation | Fixed | 8.11% | Jan-2010 | 3,401,439 | ||||||
Hibbett Sports | Fixed | 7.50% | Apr-2010 | 4,642,907 | ||||||
Detroit Diesel Corporation | Fixed | 7.96% | Jun-2010 | 6,406,463 | ||||||
Federal Express Corporation (40%) | Fixed | 7.50% | Jan-2011 | 16,552,532 | ||||||
AutoZone, Inc. — Series A | Fixed | 6.85% | Jan-2011 | 1,437,699 | ||||||
Childtime Childcare, Inc. (34%) | Fixed | 7.50% | Jan-2011 | 2,272,308 | ||||||
Information Resources, Inc. (33%) | Fixed | 7.60% | Jan-2011 | 7,629,412 | ||||||
Pioneer Credit Recovery, Inc. | Fixed | 7.34% | Jan-2011 | 5,558,196 | ||||||
AutoZone, Inc. — Series B | Fixed | 6.85% | Feb-2011 | 2,248,405 | ||||||
Career Education Corporation | Fixed | 7.58% | Jun-2011 | 6,918,911 | ||||||
24 Hour Fitness USA, Inc. | Fixed | 7.50% | Aug-2011 | 2,960,172 | ||||||
Sprint Spectrum, LP | Fixed | 7.64% | Aug-2011 | 8,214,685 | ||||||
Qwest Communications, Inc. | Fixed | 7.50% | Jun-2012 | 1,477,195 | ||||||
AutoZone, Inc. — Series C | Fixed | 6.85% | Aug-2012 | 942,987 | ||||||
BE Aerospace, Inc. | Fixed | 6.11% | Nov-2012 | 8,606,389 | ||||||
Faurecia Exhaust Systems, Inc. | Fixed | 5.16% | Nov-2012 | 2,563,446 | ||||||
Anthony’s Manufacturing Company | Fixed | 5.11% | Nov-2012 | 8,894,841 | ||||||
Alstom Power, Inc. and Werner Co. | Fixed | 5.18% | Dec-2012 | 10,322,576 | ||||||
AutoZone, Inc. — Series D | Fixed | 6.85% | Aug-2013 | 2,438,436 | ||||||
Carrefour France, SAS (46%)(1) | Variable | 5.55% | Dec-2014 | 59,616,771 | ||||||
Lowe’s Home Improvement Warehouse | Fixed | 4.87% | Sep-2015 | 9,468,030 | ||||||
Bouygues Telecom, S.A. (Tours) (95%)(1) | Variable | 3.86% | Oct-2015 | 8,600,863 | ||||||
Dr. Pepper Bottling Co. of Texas | Fixed | 5.13% | Nov-2015 | 32,527,735 | ||||||
CheckFree Holdings, Inc. (50%) | Fixed | 6.18% | Jun-2016 | 15,000,000 | ||||||
Bouygues Telecom, S.A. (Illkirch-Graffenstaden) (75%)(1) (2) | Variable | 5.01% | Oct-2016 | 15,927,898 | ||||||
Consolidated Systems, Inc. (60%) | Fixed | 5.87% | Nov-2016 | 7,107,599 | ||||||
Western Union Financial Services, Inc. | Fixed | 5.50% | Jan-2017 | 6,000,000 | ||||||
Hellweg Die Profi-Baumärkte GmbH & Co KG (5%)(1) | Fixed | 5.49% | Jan-2017 | 15,720,555 | ||||||
SICOR, Inc. (50%) | Fixed | 6.20% | Jul-2017 | 17,675,000 | ||||||
Medica France, SA (46%)(1) | Fixed | 5.63% | Oct-2017 | 20,640,517 | ||||||
Hologic, Inc. (36%) | Fixed | 6.40% | May-2023 | 5,816,980 | ||||||
Total Non-Recourse Debt | 6.18%(2) | $ | 388,543,160 | |||||||
Unsecured Credit Facility | Variable | 5.38% | Jun-2011 | $ | 62,700,000 | |||||
Total Debt | 6.07%(2) | $ | 451,243,160 | |||||||
Fixed rate debt | $ | 263,816,623 | ||||||||
Variable rate debt | $ | 187,426,537 |
(1) | Debt balance calculated using an exchange rate of 1.4729 USD/EUR at December 31, 2007. | |
(2) | Reflects weighted average interest rate for the applicable debt. |
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W. P. CAREY & CO. LLC
2007 Investments Update (Unaudited)
December 31, 2007
Purchase | Gross | |||||||||||||||
Price | Closing | Square | ||||||||||||||
Portfolio(s) | Tenant/Lease Guarantor | Property Location(s) | (000s) | 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 Group | 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(1) | 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 | 47,846 | Sep-07 | Industrial | 165,755 | ||||||||||
CPA®:16 – Global | Doubletree Hotel | Memphis, TN | 37,578 | Sep-07 | Hospitality | 42,500 | ||||||||||
CPA®:16 – Global | Valley Diagnostic | Harlingen, TX | 5,922 | Oct-07 | Office | 41,576 | ||||||||||
CPA®:15, 16 – Global | Lindenmaier | Laupheim, Germany | 30,778 | Oct-07 | Various | 282,994 | ||||||||||
CPA®:16 – Global | Pacific Press Technologies et al. | Beaverton, MI and Mount Carmel, IL | 7,792 | Oct-07 | Industrial | 271,406 | ||||||||||
CPA®:16 – Global, 17 – Global | Berry Plastics | Evansville, IN, Lawrence, KS, and Baltimore, MD | 86,911 | Dec-07 | Industrial | 1,513,818 | ||||||||||
CPA®:14 | PerkinElmer (Wallac Oy) | Turku, Finland | 14,497 | Dec-07 | Office | 42,356 | ||||||||||
CPA®:16 – Global | Schwan Food Company | Suwanee, GA | 24,764 | Dec-07 | Warehouse/Distribution | 133,000 | ||||||||||
Total Investment Management Acquisitions | 1,094,796 | 9,348,584 | ||||||||||||||
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 | ||||||||||
Carey REIT II | OBI A.G. | Wroclaw, Poland | 13,905 | Dec-07 | Retail | 113,570 | ||||||||||
Carey REIT II | Schuler A.G. | Goppingen, Germany | 25,971 | Dec-07 | Industrial | 82,865 | ||||||||||
Total Principal Acquisitions | 91,654 | 749,029 | ||||||||||||||
Total Acquisitions | $ | 1,186,450 | 10,097,613 | |||||||||||||
2007 Dispositions Update (Unaudited) | ||||||||||||||||
Gross | Gross | |||||||||||||||
Sale Price | Disposition | Square | ||||||||||||||
Portfolio(s) | Tenant/Lease Guarantor | Property Location(s) | (000s) | Date | Property Type | Footage | ||||||||||
Investment Management Activity | ||||||||||||||||
CPA®:14 | PW Eagle, Inc. (excess land) | West Jordan, UT | $ | 1,850 | Jan-07 | Land | N/A | |||||||||
CPA®:15 | Courtyard by Marriott(3) | Las Vegas, NV | 20,598 | Aug-07 | Hospitality | 37,739 | ||||||||||
CPA®:14, 15 | Starmark Camhood LLC | Tampa, FL and Albuquerque, NM | 42,135 | Oct-07 | Other Properties | 168,100 | ||||||||||
CPA®:15 | Starmark Camhood II LLC | Atlanta, GA and Bel Air, MD | 34,615 | Nov-07 | Other Properties | 186,000 | ||||||||||
CPA®:14 | Collins & Aikman Products Co. | Farmville, NC and Manchester, MI | 10,686 | Dec-07 | Industrial | 733,563 | ||||||||||
CPA®:14 | Greenlee Textron | Gilbert, AZ | 37,700 | Dec-07 | Industrial | 243,370 | ||||||||||
Total Investment Management Dispositions | 147,584 | 1,368,772 | ||||||||||||||
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 | 3,750 | May-07 | Industrial | 113,133 | ||||||||||
WPC LLC | Pre-Finish Metals | Walbridge, OH | 4,600 | Oct-07 | Industrial | 313,704 | ||||||||||
WPC LLC | Polkinvest Properties(3) | Various locations in France | 20,205 | Oct-07 | Office | 184,180 | ||||||||||
WPC LLC | Amerisure / Royal & Sun | Charleston, SC | 14,135 | Nov-07 | Office | 127,754 | ||||||||||
Total Principal Dispositions | 45,190 | 920,471 | ||||||||||||||
Total Dispositions | $ | 192,774 | 2,289,243 | |||||||||||||
(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 exclude third party interest. |
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W. P. CAREY & CO. LLC
Portfolio Diversification Analysis by Rent (GAAP Modified) (Unaudited)
December 31, 2007
Percentage of | ||||||||||||
Annualized Rent | Total Annualized Rent | Percentage of | ||||||||||
Top Ten Tenants/Lease Guarantors | (Pro Rata) | (Pro Rata) | Total Adjusted Revenue(1) | |||||||||
Carrefour France, SAS — France | $ | 9,796,637 | 10% | 4% | ||||||||
Bouygues Telecom, S.A. — France | 4,863,988 | 5% | 2% | |||||||||
Dr. Pepper Bottling Co. of Texas | 4,746,519 | 5% | 2% | |||||||||
Detroit Diesel Corporation | 4,634,253 | 5% | 2% | |||||||||
Medica France SA — France | 3,209,110 | 3% | 1% | |||||||||
Federal Express Corporation | 3,046,177 | 3% | 1% | |||||||||
Orbital Sciences Corporation | 3,022,947 | 3% | 1% | |||||||||
US Airways Group | 2,837,889 | 3% | 1% | |||||||||
Titan Corporation | 2,706,799 | 3% | 1% | |||||||||
Schuler A.G. — Germany | 2,401,122 | 2% | 1% | |||||||||
$ | 41,265,441 | |||||||||||
(1) | Total Adjusted Revenue = Total revenue as reported, less reimbursed costs from affiliates, plus other interest income, plus revenue from discontinued operations. |
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W. P. CAREY & CO. LLC
Portfolio Diversification Analysis by Property Type (Unaudited)
December 31, 2007
Property Type | Square Footage(1) | Percent | ||||||
Industrial | 8,654,935 | 50 | % | |||||
Warehouse/Distribution | 5,105,685 | 29 | % | |||||
Office | 2,029,908 | 12 | % | |||||
Retail | 1,125,347 | 6 | % | |||||
Other Properties(3) | 363,271 | 2 | % | |||||
Hospitality | 158,000 | 1 | % | |||||
Total(4) | 17,437,146 | 100 | % | |||||
Property Type | Annualized Rent(2) | Percent | ||||||
Industrial | $ | 36,476,006 | 36 | % | ||||
Office | 29,058,408 | 29 | % | |||||
Warehouse/Distribution | 22,045,322 | 22 | % | |||||
Other Properties(3) | 6,588,985 | 6 | % | |||||
Retail | 6,239,453 | 6 | % | |||||
Hospitality | 1,200,000 | 1 | % | |||||
Total(4) | $ | 101,608,174 | 100 | % | ||||
(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 properties used for health care; education, child care and social services; 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 December 31, 2007. |
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W. P. CAREY & CO. LLC
Portfolio Diversification Analysis by Tenant Industry (Unaudited)
December 31, 2007
Annualized | Percentage of | |||||||
Industry Type(1) | Rent(2) | Annualized Rent | ||||||
Retail Stores | $ | 16,652,106 | 16% | |||||
Business and Commercial Services | 10,970,723 | 11% | ||||||
Telecommunications | 10,858,279 | 11% | ||||||
Healthcare, Education and Childcare | 9,250,915 | 9% | ||||||
Electronics | 6,871,361 | 7% | ||||||
Automobile | 5,283,706 | 5% | ||||||
Beverages, Food, and Tobacco | 5,129,559 | 5% | ||||||
Aerospace and Defense | 4,892,173 | 5% | ||||||
Forest Products and Paper | 4,414,264 | 4% | ||||||
Consumer Non-durable Goods | 3,619,604 | 4% | ||||||
Machinery | 3,171,623 | 3% | ||||||
Transportation — Cargo | 3,083,377 | 3% | ||||||
Transportation — Personal | 2,995,089 | 3% | ||||||
Consumer and Durable Goods | 2,175,819 | 2% | ||||||
Media: Printing and Publishing | 1,940,625 | 2% | ||||||
Mining, Metals, and Primary Metal Industries | 1,859,659 | 2% | ||||||
Chemicals, Plastics, Rubber, and Glass | 1,749,997 | 2% | ||||||
Hotels and Gaming | 1,209,000 | 1% | ||||||
Federal, State and Local Government | 1,170,000 | 1% | ||||||
Construction and Building | 1,139,591 | 1% | ||||||
Textiles, Leather, and Apparel | 978,153 | 1% | ||||||
Leisure, Amusement, Entertainment | 876,485 | 1% | ||||||
Other(3) | 1,316,066 | 1% | ||||||
Total(4) | $ | 101,608,174 | 100% | |||||
(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 grocery and banking industries. | |
(4) | Excludes our investment in 13 domestic self-storage properties totaling approximately 0.9 million square feet as of December 31, 2007. |
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W. P. CAREY & CO. LLC
Portfolio Diversification Analysis by Geography (Unaudited)
December 31, 2007
Region | Square Footage(1) | Percent | ||||||
South | 5,015,925 | 29 | % | |||||
Midwest | 4,556,704 | 26 | % | |||||
East | 3,499,563 | 20 | % | |||||
West | 2,321,016 | 13 | % | |||||
Europe | 2,043,938 | 12 | % | |||||
Total(3) | 17,437,146 | 100 | % | |||||
Region | Annualized Rent(2) | Percent | ||||||
South | $ | 29,475,433 | 29 | % | ||||
West | 21,120,242 | 21 | % | |||||
Midwest | 17,881,270 | 17 | % | |||||
East | 11,811,202 | 12 | % | |||||
Europe | �� | 21,320,027 | 21 | % | ||||
Total(3) | $ | 101,608,174 | 100 | % | ||||
(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 December 31, 2007. |
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W. P. CAREY & CO. LLC
Portfolio Lease Maturity Analysis (Unaudited)
December 31, 2007
Percentage of | ||||||||
Year of Lease | Annualized | Total Annualized | ||||||
Expiration(1) | Rents | Rent | ||||||
2008(2) | 3,749,428 | 4 | % | |||||
2009 | 11,184,073 | 11 | % | |||||
2010 | 17,979,034 | 18 | % | |||||
2011 | 17,852,674 | 18 | % | |||||
2012 | 8,036,123 | 8 | % | |||||
2013 | 7,098,723 | 7 | % | |||||
2014 | 9,282,105 | 9 | % | |||||
2015 | 3,441,756 | 3 | % | |||||
2016 | 1,665,363 | 2 | % | |||||
2017 | 2,403,225 | 2 | % | |||||
2018 | 3,853,779 | 4 | % | |||||
2019 | 4,448,150 | 4 | % | |||||
2020 | 4,634,253 | 5 | % | |||||
2021 | — | 0 | % | |||||
2022 | 1,581,496 | 2 | % | |||||
2023 | — | 0 | % | |||||
2024 | — | 0 | % | |||||
2025 | 1,049,170 | 1 | % | |||||
2026 | 947,700 | 0 | % | |||||
2027 | 2,401,122 | 2 | % | |||||
Total(3) | $ | 101,608,174 | 100 | % | ||||
Weighted Average Years to Maturity: 6.04
(1) | Assumes tenant does not exercise renewal option. | |
(2) | Properties with month-to-month leases are included in 2008. | |
(3) | Excludes our investment in 13 domestic self-storage properties totaling approximately 0.9 million square feet as of December 31, 2007. |
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W. P. CAREY & CO. LLC
CONSOLIDATED BALANCE SHEETS
(in thousands, except share amounts)
December 31, | ||||||||
2007 | 2006 | |||||||
Assets | ||||||||
Real estate, net | $ | 513,405 | $ | 540,504 | ||||
Net investment in direct financing leases | 89,463 | 108,581 | ||||||
Equity investments in real estate and CPA® REITs | 242,677 | 166,147 | ||||||
Operating real estate, net | 73,189 | 33,606 | ||||||
Assets held for sale | – | 1,269 | ||||||
Cash and cash equivalents | 12,137 | 22,108 | ||||||
Due from affiliates | 88,329 | 88,884 | ||||||
Intangible assets and goodwill, net | 99,873 | 107,349 | ||||||
Other assets, net | 34,211 | 24,562 | ||||||
Total assets | $ | 1,153,284 | $ | 1,093,010 | ||||
Liabilities and Members’ Equity | ||||||||
Liabilities: | ||||||||
Non-recourse debt | $ | 254,051 | $ | 276,653 | ||||
Unsecured credit facility | 62,700 | 2,000 | ||||||
Deferred revenue | – | 40,490 | ||||||
Accounts payable, accrued expenses and other liabilities | 71,819 | 53,174 | ||||||
Income taxes, net | 65,152 | 63,462 | ||||||
Distributions payable | 29,222 | 17,481 | ||||||
Settlement provision | 29,979 | – | ||||||
Total liabilities | 512,923 | 453,260 | ||||||
Minority interest in consolidated entities | 6,090 | 7,765 | ||||||
Commitments and contingencies | ||||||||
Members’ equity: | ||||||||
Listed shares, no par value, 100,000,000 shares authorized; 39,216,493 and 38,262,157 shares issued and outstanding, respectively | 748,584 | 745,969 | ||||||
Distributions in excess of accumulated earnings | (117,051 | ) | (114,008 | ) | ||||
Accumulated other comprehensive income | 2,738 | 24 | ||||||
Total members’ equity | 634,271 | 631,985 | ||||||
Total liabilities and members’ equity | $ | 1,153,284 | $ | 1,093,010 | ||||
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W. P. CAREY & CO. LLC
CONSOLIDATED STATEMENTS OF INCOME
(in thousands, except share and per share amounts)
Years ended December 31, | ||||||||||||
2007 | 2006 | 2005 | ||||||||||
Revenues | ||||||||||||
Asset management revenue | $ | 83,051 | $ | 57,633 | $ | 52,332 | ||||||
Structuring revenue | 78,175 | 22,506 | 28,197 | |||||||||
Incentive, termination and subordinated disposition revenue from merger | – | 46,018 | – | |||||||||
Reimbursed costs from affiliates | 13,782 | 63,630 | 9,962 | |||||||||
Lease revenues | 75,403 | 69,197 | 62,476 | |||||||||
Other real estate income | 12,718 | 8,503 | 10,273 | |||||||||
263,129 | 267,487 | 163,240 | ||||||||||
Operating Expenses | ||||||||||||
General and administrative | (61,821 | ) | (41,376 | ) | (44,981 | ) | ||||||
Provision for settlement | (29,979 | ) | – | – | ||||||||
Reimbursable costs | (13,782 | ) | (63,630 | ) | (9,962 | ) | ||||||
Depreciation and amortization | (25,543 | ) | (25,137 | ) | (20,051 | ) | ||||||
Property expenses | (6,245 | ) | (5,984 | ) | (6,155 | ) | ||||||
Impairment charges | (1,017 | ) | (1,147 | ) | (5,704 | ) | ||||||
Other real estate expenses | (7,690 | ) | (5,881 | ) | (6,327 | ) | ||||||
(146,077 | ) | (143,155 | ) | (93,180 | ) | |||||||
Other Income and Expenses | ||||||||||||
Other interest income | 6,842 | 3,305 | 3,507 | |||||||||
Income from equity investments in real estate and CPA®REITs | 18,357 | 7,608 | 5,182 | |||||||||
Minority interest in income | (4,143 | ) | (275 | ) | (264 | ) | ||||||
Gain on sale of securities, foreign currency transactions and other, net | 3,114 | 12,969 | 1,359 | |||||||||
Interest expense | (20,880 | ) | (17,016 | ) | (15,768 | ) | ||||||
3,290 | 6,591 | (5,984 | ) | |||||||||
Income from continuing operations before income taxes | 120,342 | 130,923 | 64,076 | |||||||||
Provision for income taxes | (51,739 | ) | (45,356 | ) | (19,208 | ) | ||||||
Income from continuing operations | 68,603 | 85,567 | 44,868 | |||||||||
Discontinued Operations | ||||||||||||
Income from operations of discontinued properties | 2,874 | 1,178 | 9,328 | |||||||||
Gains on sale of real estate, net | 15,486 | 3,452 | 10,474 | |||||||||
Impairment charges | (2,317 | ) | (3,357 | ) | (16,066 | ) | ||||||
Minority interest in income | (5,394 | ) | (537 | ) | – | |||||||
Income from discontinued operations | 10,649 | 736 | 3,736 | |||||||||
Net Income | $ | 79,252 | $ | 86,303 | $ | 48,604 | ||||||
Basic Earnings Per Share | ||||||||||||
Income from continuing operations | $ | 1.80 | $ | 2.27 | $ | 1.19 | ||||||
Income from discontinued operations | 0.28 | 0.02 | 0.10 | |||||||||
Net income | $ | 2.08 | $ | 2.29 | $ | 1.29 | ||||||
Diluted Earnings Per Share | ||||||||||||
Income from continuing operations | $ | 1.78 | $ | 2.20 | $ | 1.15 | ||||||
Income from discontinued operations | 0.27 | 0.02 | 0.10 | |||||||||
Net income | $ | 2.05 | $ | 2.22 | $ | 1.25 | ||||||
Weighted Average Shares Outstanding | ||||||||||||
Basic | 38,113,857 | 37,668,920 | 37,688,835 | |||||||||
Diluted | 39,868,208 | 39,093,897 | 39,020,801 | |||||||||
Distributions Declared Per Share(1) | $ | 1.88 | $ | 1.82 | $ | 1.79 | ||||||
(1) | Excludes special distribution of $0.27 declared in December 2007. |
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W. P. CAREY & CO. LLC
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
Years ended December 31, | ||||||||||||
2007 | 2006 | 2005 | ||||||||||
Cash Flows — Operating Activities | ||||||||||||
Net income | $ | 79,252 | $ | 86,303 | $ | 48,604 | ||||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||||||
Depreciation and amortization including intangible assets and deferred financing costs | 27,321 | 27,207 | 21,942 | |||||||||
Income from equity investments in real estate and CPA® REITs in excess of distributions received | (2,296 | ) | (160 | ) | 479 | |||||||
Gains on sale of real estate and investments, net | (15,827 | ) | (14,774 | ) | (10,570 | ) | ||||||
Recognition of deferred gain on completion of development project | – | – | (2,000 | ) | ||||||||
Minority interest in income | 9,537 | 812 | 264 | |||||||||
Straight-line rent adjustments | 2,972 | 3,152 | 3,776 | |||||||||
Asset management revenue received in shares of affiliates | (55,535 | ) | (31,020 | ) | (31,858 | ) | ||||||
Unrealized (gain) loss on foreign currency transactions, warrants and securities | (1,659 | ) | (1,128 | ) | 779 | |||||||
Impairment charges | 3,334 | 4,504 | 21,770 | |||||||||
Realized (gain) loss on foreign currency transactions | (1,332 | ) | (488 | ) | 19 | |||||||
Costs paid by issuance of shares | – | – | 201 | |||||||||
Increase (decrease) in income taxes, net | 1,796 | 24,311 | (1,725 | ) | ||||||||
Settlement provision | 29,979 | – | – | |||||||||
Tax charge — share incentive plan | – | – | 604 | |||||||||
Stock-based compensation expense | 5,551 | 3,453 | 3,936 | |||||||||
Decrease in deferred acquisition revenue received | 16,164 | 12,543 | 8,961 | |||||||||
Increase in structuring revenue receivable | (55,897 | ) | (3,459 | ) | (5,304 | ) | ||||||
Net changes in other operating assets and liabilities | 4,111 | 8,684 | (7,171 | ) | ||||||||
Net cash provided by operating activities | 47,471 | 119,940 | 52,707 | |||||||||
Cash Flows — Investing Activities | ||||||||||||
Distributions received from equity investments in real estate and CPA®REITs in excess of equity income | 17,441 | 13,286 | 6,164 | |||||||||
Capital contributions made to equity investments in real estate | (3,596 | ) | – | – | ||||||||
Purchases of real estate and equity investments in real estate | (80,491 | ) | (102,199 | ) | (465 | ) | ||||||
Capital expenditures | (15,987 | ) | (4,937 | ) | (2,975 | ) | ||||||
Loans to affiliates | (8,676 | ) | (108,000 | ) | – | |||||||
Proceeds from repayment of loans to affiliates | 8,676 | 108,000 | – | |||||||||
Proceeds from sales of property and investments | 42,214 | 50,053 | 45,542 | |||||||||
Release of funds from escrow in connection with the sale of property | 19,410 | 10,134 | – | |||||||||
Funds placed in escrow in connection with the sale of property | (19,515 | ) | (10,374 | ) | – | |||||||
Payment of deferred acquisition revenue to affiliate | (524 | ) | (524 | ) | (524 | ) | ||||||
Net cash (used in) provided by investing activities | (41,048 | ) | (44,561 | ) | 47,742 | |||||||
Cash Flows — Financing Activities | ||||||||||||
Distributions paid | (71,608 | ) | (68,615 | ) | (67,004 | ) | ||||||
Contributions from minority interests | 1,703 | 2,345 | 1,539 | |||||||||
Distributions to minority interests | (8,168 | ) | (6,226 | ) | (355 | ) | ||||||
Scheduled payments of mortgage principal | (16,072 | ) | (11,742 | ) | (9,229 | ) | ||||||
Proceeds from mortgages and credit facilities | 189,383 | 174,501 | 121,764 | |||||||||
Proceeds from loans from affiliates | 7,569 | – | – | |||||||||
Prepayments of mortgage principal and credit facilities | (115,090 | ) | (166,660 | ) | (151,893 | ) | ||||||
Release of funds from escrow in connection with the financing of properties | – | 4,031 | – | |||||||||
Payment of financing costs | (1,350 | ) | (1,601 | ) | (797 | ) | ||||||
Proceeds from issuance of shares | 20,682 | 8,660 | 4,400 | |||||||||
Excess tax benefits associated with stock-based compensation awards | 1,939 | 626 | – | |||||||||
Repurchase and retirement of shares | (25,525 | ) | (1,937 | ) | (2,206 | ) | ||||||
Net cash used in financing activities | (16,537 | ) | (66,618 | ) | (103,781 | ) | ||||||
Effect of exchange rate changes on cash | 143 | 333 | (369 | ) | ||||||||
Net (decrease) increase in cash and cash equivalents | (9,971 | ) | 9,094 | (3,701 | ) | |||||||
Cash and cash equivalents, beginning of year | 22,108 | 13,014 | 16,715 | |||||||||
Cash and cash equivalents, end of year | $ | 12,137 | $ | 22,108 | $ | 13,014 | ||||||
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W. P. CAREY & CO. LLC
Detailed Property Summary (Unaudited)
December 31, 2007
Square | Percentage of | |||||||||||||||||||||||||||||
Tenant/Lease Guarantor | Percent Ownership | Property Location | Property Type | Tenant Industry | Region | Footage | Annualized Rent | Total Rent | Increase Factor | Lease Expiration | Maximum Term | |||||||||||||||||||
Carrefour France, SAS(1) | 46 | % | Crepy en Valois, France | Warehouse/Distribution | Retail Stores | Europe | 101,255 | $ | 844,150 | 0.83 | % | INSEE(2) | Dec-2011 | Dec-2011 | ||||||||||||||||
Carrefour France, SAS(1) | 46 | % | Crepy en Valois, France | Warehouse/Distribution | Retail Stores | Europe | 152,374 | 1,270,330 | 1.25 | % | INSEE(2) | Dec-2011 | Dec-2011 | |||||||||||||||||
Carrefour France, SAS(1) | 46 | % | Lens, France | Warehouse/Distribution | Retail Stores | Europe | 126,933 | 1,028,694 | 1.01 | % | INSEE(2) | Dec-2011 | Dec-2011 | |||||||||||||||||
Carrefour France, SAS(1) | 46 | % | Lens, France | Warehouse/Distribution | Retail Stores | Europe | 2,599 | 21,060 | 0.02 | % | INSEE(2) | Dec-2011 | Dec-2011 | |||||||||||||||||
Carrefour France, SAS(1) | 46 | % | Lens, France | Warehouse/Distribution | Retail Stores | Europe | 4,349 | 35,244 | 0.03 | % | INSEE(2) | Dec-2011 | Dec-2011 | |||||||||||||||||
Carrefour France, SAS(1) | 46 | % | Nîmes, France | Warehouse/Distribution | Retail Stores | Europe | 134,945 | 902,963 | 0.89 | % | INSEE(2) | Dec-2011 | Dec-2011 | |||||||||||||||||
Carrefour France, SAS(1) | 46 | % | Nîmes, France | Warehouse/Distribution | Retail Stores | Europe | 2,554 | 17,091 | 0.02 | % | INSEE(2) | Dec-2011 | Dec-2011 | |||||||||||||||||
Carrefour France, SAS(1) | 46 | % | Nîmes, France | Warehouse/Distribution | Retail Stores | Europe | 596 | 3,991 | 0.00 | % | INSEE(2) | Dec-2011 | Dec-2011 | |||||||||||||||||
Carrefour France, SAS(1) | 46 | % | Colomiers, France | Warehouse/Distribution | Retail Stores | Europe | 174,272 | 1,305,143 | 1.28 | % | INSEE(2) | Dec-2011 | Dec-2011 | |||||||||||||||||
Carrefour France, SAS(1) | 46 | % | Colomiers, France | Warehouse/Distribution | Retail Stores | Europe | 60,296 | 451,565 | 0.44 | % | INSEE(2) | Dec-2011 | Dec-2011 | |||||||||||||||||
Carrefour France, SAS(1) | 46 | % | Colomiers, France | Warehouse/Distribution | Retail Stores | Europe | 7,524 | 56,349 | 0.06 | % | INSEE(2) | Dec-2011 | Dec-2011 | |||||||||||||||||
Carrefour France, SAS(1) | 46 | % | Colomiers, France | Warehouse/Distribution | Retail Stores | Europe | 2,899 | 21,712 | 0.02 | % | INSEE(2) | Dec-2011 | Dec-2011 | |||||||||||||||||
Carrefour France, SAS(1) | 46 | % | Thuit Hebert, France | Warehouse/Distribution | Retail Stores | Europe | 107,965 | 649,458 | 0.64 | % | INSEE(2) | Dec-2011 | Dec-2011 | |||||||||||||||||
Carrefour France, SAS(1) | 46 | % | Thuit Hebert, France | Warehouse/Distribution | Retail Stores | Europe | 68,481 | 411,944 | 0.41 | % | INSEE(2) | Dec-2011 | Dec-2011 | |||||||||||||||||
Carrefour France, SAS(1) | 46 | % | Ploufragan, France | Warehouse/Distribution | Retail Stores | Europe | 122,599 | 787,311 | 0.77 | % | INSEE(2) | Dec-2011 | Dec-2011 | |||||||||||||||||
Carrefour France, SAS(1) | 46 | % | Cholet, France | Warehouse/Distribution | Retail Stores | Europe | 99,268 | 676,113 | 0.67 | % | INSEE(2) | Dec-2011 | Dec-2011 | |||||||||||||||||
Carrefour France, SAS(1) | 46 | % | Nîmes, France | Warehouse/Distribution | Retail Stores | Europe | 177,797 | 1,313,519 | 1.29 | % | INSEE(2) | Nov-2012 | Nov-2012 | |||||||||||||||||
Carrefour France, SAS Total | 1,346,706 | 9,796,637 | 9.64 | % | ||||||||||||||||||||||||||
Bouygues Telecom, S.A.(1) | 75 | % | Illkirch-Graffenstaden, France | Office | Telecommunications | Europe | 80,729 | 2,965,066 | 2.92 | % | INSEE(2) | Jul-2013 | Jul-2013 | |||||||||||||||||
Bouygues Telecom, S.A.(1) | 95 | % | Tours, France | Office | Telecommunications | Europe | 102,237 | 1,898,922 | 1.87 | % | INSEE(2) | Sep-2009 | Sep-2009 | |||||||||||||||||
Bouygues Telecom, S.A. Total | 182,966 | 4,863,988 | 4.79 | % | ||||||||||||||||||||||||||
Dr Pepper Bottling Co. of Texas | 100 | % | Irving, TX | Industrial | Beverages, Food, and Tobacco | South | 459,497 | 2,879,237 | 2.83 | % | CPI | Jun-2014 | Jun-2014 | |||||||||||||||||
Dr Pepper Bottling Co. of Texas | 100 | % | Houston, TX | Industrial | Beverages, Food, and Tobacco | South | 262,450 | 1,867,282 | 1.84 | % | CPI | Jun-2014 | Jun-2014 | |||||||||||||||||
Dr Pepper Bottling Co. of Texas Total | 721,947 | 4,746,519 | 4.67 | % | ||||||||||||||||||||||||||
Detroit Diesel Corporation | 100 | % | Detroit, MI | Industrial | Automobile | Midwest | 2,730,750 | 4,634,253 | 4.56 | % | PPI | Jun-2020 | Jun-2030 | |||||||||||||||||
Medica France SA(1) | 46 | % | Chatou, France | Other | Healthcare, Education and Childcare | Europe | 24,668 | 433,298 | 0.43 | % | INSEE(2) | Jun-2010 | Jun-2010 | |||||||||||||||||
Medica France SA(1) | 46 | % | Poissy, France | Other | Healthcare, Education and Childcare | Europe | 24,593 | 473,919 | 0.47 | % | INSEE(2) | Jun-2010 | Jun-2010 | |||||||||||||||||
Medica France SA(1) | 46 | % | Rosny sous Bois, France | Other | Healthcare, Education and Childcare | Europe | 21,847 | 401,477 | 0.40 | % | INSEE(2) | Jun-2010 | Jun-2010 | |||||||||||||||||
Medica France SA(1) | 46 | % | Paris, France | Other | Healthcare, Education and Childcare | Europe | 24,771 | 609,325 | 0.60 | % | INSEE(2) | Jun-2010 | Jun-2010 | |||||||||||||||||
Medica France SA(1) | 46 | % | Rueil Malmaison, France | Other | Healthcare, Education and Childcare | Europe | 23,815 | 573,442 | 0.56 | % | INSEE(2) | Jun-2010 | Jun-2010 | |||||||||||||||||
Medica France SA(1) | 46 | % | Sarcelles, France | Other | Healthcare, Education and Childcare | Europe | 34,622 | 717,649 | 0.71 | % | INSEE(2) | Jun-2010 | Jun-2010 | |||||||||||||||||
Medica France SA Total | 154,316 | 3,209,110 | 3.16 | % | ||||||||||||||||||||||||||
Federal Express Corporation | 40 | % | Collierville, TN | Office | Transportation — Cargo | South | 39,038 | 694,185 | 0.68 | % | CPI | Aug-2019 | Nov-2029 | |||||||||||||||||
Federal Express Corporation | 40 | % | Collierville, TN | Office | Transportation — Cargo | South | 39,038 | 694,185 | 0.68 | % | CPI | Aug-2019 | Nov-2029 | |||||||||||||||||
Federal Express Corporation | 40 | % | Collierville, TN | Office | Transportation — Cargo | South | 39,038 | 694,185 | 0.68 | % | CPI | Aug-2019 | Nov-2029 | |||||||||||||||||
Federal Express Corporation | 40 | % | Collierville, TN | Office | Transportation — Cargo | South | 39,038 | 694,185 | 0.68 | % | 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 | 3.00 | % | ||||||||||||||||||||||||||
Orbital Sciences Corporation | 100 | % | Chandler, AZ | Industrial | Aerospace and Defense | West | 335,307 | 3,022,947 | 2.98 | % | CPI | Sep-2009 | Sep-2029 | |||||||||||||||||
US Airways Group, Inc. | 75 | % | Tempe, AZ | Office | Transportation — Personal | West | 167,913 | 2,837,889 | 2.79 | % | CPI | Apr-2014 | Nov-2029 | |||||||||||||||||
The Titan Corporation | 100 | % | San Diego, CA | Office | Electronics | West | 166,403 | 2,706,799 | 2.66 | % | CPI | Jul-2012 | Jul-2017 | |||||||||||||||||
Schuler A.G.(1) | 33 | % | Göppingen, Germany | Industrial | Machinery | Europe | 246,380 | 2,401,122 | 2.36 | % | CPI | Oct-2027 | Oct-2047 | |||||||||||||||||
CheckFree Holdings, Inc. | 50 | % | Norcross, GA | Office/Land | Business and Commercial Services | South | 110,339 | 2,357,753 | 2.27 | % | CPI | Dec-2015 | Dec-2030 | |||||||||||||||||
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 | % | Fixed | Aug-2012 | Dec-2037 | |||||||||||||||||
AutoZone, Inc. | 100 | % | Jacksonville, FL | Retail | Retail Stores | South | 5,000 | 34,867 | 0.03 | % | Fixed | Aug-2012 | Dec-2037 | |||||||||||||||||
AutoZone, Inc. | 100 | % | Jacksonville, FL | Retail | Retail Stores | South | 5,400 | 47,772 | 0.05 | % | None | Aug-2013 | Dec-2038 | |||||||||||||||||
AutoZone, Inc. | 100 | % | Jacksonville, FL | Retail | Retail Stores | South | 5,400 | 54,379 | 0.05 | % | 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 |
21
Table of Contents
Square | Percentage of | |||||||||||||||||||||||||||||
Tenant/Lease Guarantor | Percent Ownership | Property Location | Property Type | Tenant Industry | Region | Footage | Annualized Rent | Total Rent | Increase Factor | Lease Expiration | Maximum Term | |||||||||||||||||||
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 | 6,480 | 43,414 | 0.04 | % | None | Feb-2011 | Feb-2026 | |||||||||||||||||
AutoZone, Inc. | 100 | % | Lake Charles, LA | Retail | Retail Stores | South | 6,480 | 43,414 | 0.04 | % | None | Feb-2011 | Feb-2026 | |||||||||||||||||
AutoZone, Inc. | 100 | % | Baton Rouge, LA | Retail | Retail Stores | South | 6,600 | 21,567 | 0.02 | % | Fixed | Mar-2009 | Mar-2024 | |||||||||||||||||
AutoZone, Inc. | 100 | % | Baton Rouge, LA | Retail | Retail Stores | South | 5,401 | 23,124 | 0.02 | % | Fixed | Apr-2009 | Apr-2019 | |||||||||||||||||
AutoZone, Inc. | 100 | % | Hammond, LA | Retail | Retail Stores | South | 6,480 | 40,121 | 0.04 | % | Fixed | 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 | 5,400 | 48,957 | 0.05 | % | Fixed | Aug-2012 | Dec-2037 | |||||||||||||||||
AutoZone, Inc. | 100 | % | St. Peters, MO | Retail | Retail Stores | Midwest | 6,660 | 48,718 | 0.05 | % | Fixed | 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 | % | Fixed | Aug-2012 | Dec-2037 | |||||||||||||||||
AutoZone, Inc. | 100 | % | Kannapolis, NC | Retail | Retail Stores | East | 6,408 | 24,069 | 0.02 | % | Fixed | Oct-2010 | Oct-2025 | |||||||||||||||||
AutoZone, Inc. | 100 | % | Morgantown, NC | Retail | Retail Stores | East | 5,400 | 19,451 | 0.02 | % | Fixed | Oct-2010 | Aug-2019 | |||||||||||||||||
AutoZone, Inc. | 100 | % | Albuquerque, NM | Retail | Retail Stores | West | 5,400 | 54,642 | 0.05 | % | None | Aug-2013 | Dec-2038 | |||||||||||||||||
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 | % | Fixed | Oct-2013 | Oct-2023 | |||||||||||||||||
AutoZone, Inc. | 100 | % | Knoxville, TN | Retail | Retail Stores | South | 6,660 | 23,008 | 0.02 | % | Fixed | May-2009 | May-2024 | |||||||||||||||||
AutoZone, Inc. | 100 | % | Austin, TX | Retail | Retail Stores | South | 4,000 | 31,321 | 0.03 | % | 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 | % | Corpus Christi, TX | Retail | Retail Stores | South | 6,600 | 51,679 | 0.05 | % | None | Jan-2011 | Feb-2026 | |||||||||||||||||
AutoZone, Inc. | 100 | % | Corpus Christi, TX | Retail | Retail Stores | South | 6,480 | 50,739 | 0.05 | % | None | Jan-2011 | Feb-2026 | |||||||||||||||||
AutoZone, Inc. | 100 | % | Victoria, TX | Retail | Retail Stores | South | 6,480 | 50,739 | 0.05 | % | None | Jan-2011 | Feb-2026 | |||||||||||||||||
AutoZone, Inc. | 100 | % | San Antonio, TX | Retail | Retail Stores | South | 5,400 | 42,283 | 0.04 | % | None | Jan-2011 | Feb-2026 | |||||||||||||||||
AutoZone, Inc. | 100 | % | Nederland, TX | Retail | Retail Stores | South | 4,000 | 31,321 | 0.03 | % | 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. | 100 | % | Houston, TX | Retail | Retail Stores | South | 5,400 | 53,488 | 0.05 | % | None | Aug-2013 | Dec-2038 | |||||||||||||||||
AutoZone, Inc. | 100 | % | San Antonio, TX | Retail | Retail Stores | South | 5,400 | 55,795 | 0.05 | % | None | Aug-2013 | Dec-2038 | |||||||||||||||||
AutoZone, Inc. Total | 302,230 | 2,216,594 | 2.18 | % | ||||||||||||||||||||||||||
Bell South Entertainment, Inc. | 100 | % | Ft. Lauderdale, FL | Warehouse/Distribution | Telecommunications | South | 80,450 | 611,472 | 0.60 | % | Fixed | Jun-2009 | Jun-2019 | |||||||||||||||||
BellSouth Telecommunications, Inc. | 100 | % | Lafayette, LA | Office | Telecommunications | South | 66,846 | 1,351,150 | 1.33 | % | Fixed | Dec-2009 | Dec-2039 | |||||||||||||||||
BellSouth Corporation Total | 147,296 | 1,962,622 | 1.93 | % | ||||||||||||||||||||||||||
Quebecor Printing USA | 100 | % | Doraville, GA | Industrial | Media: Printing and Publishing | South | 432,559 | 1,940,625 | 1.91 | % | CPI | Dec-2009 | Dec-2034 | |||||||||||||||||
Lucent Technologies, Inc. | 100 | % | Charlotte, NC | Industrial | Electronics | East | 568,670 | 1,918,333 | 1.89 | % | Fixed | Mar-2010 | Mar-2016 | |||||||||||||||||
Career Education Corporation | 100 | % | Mendota Heights, MN | Other | Healthcare, Education and Childcare | Midwest | 136,400 | 1,892,831 | 1.86 | % | Fixed | May-2011 | May-2019 | |||||||||||||||||
Information Resources, Inc. | 33 | % | Chicago, IL | Office | Business and Commercial Services | Midwest | 30,797 | 683,141 | 0.67 | % | CPI | Oct-2013 | Oct-2023 | |||||||||||||||||
Information Resources, Inc. | 33 | % | Chicago, IL | Office | Business and Commercial Services | Midwest | 53,195 | 1,179,801 | 1.16 | % | CPI | Oct-2013 | Oct-2015 | |||||||||||||||||
Information Resources, Inc. Total | 83,992 | 1,862,942 | 1.83 | % | ||||||||||||||||||||||||||
Pharmaco International, Inc. | 100 | % | Austin, TX | Industrial | Business and Commercial Services | South | 65,160 | 639,282 | 0.63 | % | CPI | Nov-2010 | Nov-2030 | |||||||||||||||||
Pharmaco International, Inc. | 100 | % | Austin, TX | Warehouse/Distribution | Business and Commercial Services | South | 17,588 | 181,889 | 0.18 | % | CPI | Nov-2010 | Nov-2030 | |||||||||||||||||
Pharmaco International, Inc. | 100 | % | Austin, TX | Office | Business and Commercial Services | South | 8,500 | 92,480 | 0.09 | % | CPI | Nov-2010 | Nov-2030 | |||||||||||||||||
Pharmaco International, Inc. | 100 | % | Austin, TX | Office | Business and Commercial Services | South | 8,525 | 92,765 | 0.09 | % | CPI | Nov-2010 | Nov-2030 | |||||||||||||||||
Pharmaco International, Inc. | 100 | % | Austin, TX | Office | Business and Commercial Services | South | 8,500 | 92,480 | 0.09 | % | CPI | Nov-2010 | Nov-2030 | |||||||||||||||||
Pharmaco International, Inc. | 100 | % | Austin, TX | Office | Business and Commercial Services | South | 40,560 | 413,825 | 0.41 | % | CPI | Nov-2010 | Nov-2030 | |||||||||||||||||
Pharmaco International, Inc. | 100 | % | Austin, TX | Office | Business and Commercial Services | South | 24,603 | 260,867 | 0.26 | % | CPI | Nov-2010 | Nov-2030 | |||||||||||||||||
Pharmaco International, Inc. Total | 173,436 | 1,773,588 | 1.75 | % | ||||||||||||||||||||||||||
Sybron Dental Specialties, Inc. | 100 | % | Romulus, MI | Industrial | Healthcare, Education and Childcare | Midwest | 220,000 | 1,281,052 | 1.26 | % | 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 | 1.74 | % | ||||||||||||||||||||||||||
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 | 1.40 | % | Fixed | Apr-2010 | Apr-2030 | |||||||||||||||||
Unisource Worldwide, Inc. Total | 456,273 | 1,766,883 | 1.74 | % | ||||||||||||||||||||||||||
Brodart Company | 100 | % | Williamsport, PA | Industrial | Consumer Non-durable Goods | East | 521,240 | 1,720,686 | 1.69 | % | CPI | Jun-2008 | Jun-2028 | |||||||||||||||||
Fiskars Brands, Inc. | 100 | % | Apopka, FL | Industrial | Chemicals, Plastics, Rubber, and Glass | South | 374,829 | 1,717,741 | 1.69 | % | CPI | Mar-2010 | Mar-2035 | |||||||||||||||||
SICOR, Inc. | 50 | % | San Diego, CA | Office | Healthcare, Education and Childcare | West | 35,951 | 835,705 | 0.82 | % | CPI | Jul-2019 | Jul-2029 | |||||||||||||||||
SICOR, Inc. | 50 | % | San Diego, CA | Industrial | Healthcare, Education and Childcare | West | 36,205 | 835,705 | 0.82 | % | CPI | Jul-2019 | Jul-2029 | |||||||||||||||||
SICOR, Inc. Total | 72,156 | 1,671,410 | 1.64 | % | ||||||||||||||||||||||||||
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 | 636,472 | 0.63 | % | Fixed | Sep-2017 | Sep-2037 | |||||||||||||||||
BE Aerospace, Inc. | 100 | % | Winston-Salem, NC | Warehouse/Distribution | Aerospace and Defense | East | 90,800 | 255,968 | 0.25 | % | Fixed | Sep-2017 | Sep-2037 | |||||||||||||||||
BE Aerospace, Inc. | 100 | % | Winston-Salem, NC | Industrial | Aerospace and Defense | East | 74,026 | 208,675 | 0.21 | % | Fixed | Sep-2017 | Sep-2037 | |||||||||||||||||
BE Aerospace, Inc. | 100 | % | Winston-Salem, NC | Industrial | Aerospace and Defense | East | 50,200 | 141,515 | 0.14 | % | Fixed | Sep-2017 | Sep-2037 |
22
Table of Contents
Square | Percentage of | |||||||||||||||||||||||||||||
Tenant/Lease Guarantor | Percent Ownership | Property Location | Property Type | Tenant Industry | Region | Footage | Annualized Rent | Total Rent | Increase Factor | Lease Expiration | Maximum Term | |||||||||||||||||||
BE Aerospace, Inc. | 100 | % | Winston-Salem, NC | Office | Aerospace and Defense | East | 43,788 | 123,435 | 0.12 | % | Fixed | Sep-2017 | Sep-2037 | |||||||||||||||||
BE Aerospace, Inc. | 100 | % | Winston-Salem, NC | Industrial | Aerospace and Defense | East | 15,402 | 43,420 | 0.04 | % | Fixed | Sep-2017 | Sep-2037 | |||||||||||||||||
BE Aerospace, Inc. | 100 | % | Dallas, TX | Industrial | Aerospace and Defense | South | 22,680 | 121,233 | 0.12 | % | Fixed | Sep-2017 | Sep-2037 | |||||||||||||||||
BE Aerospace, Inc. Total | 426,990 | 1,530,718 | 1.51 | % | ||||||||||||||||||||||||||
Sears Logistics Services, Inc. | 100 | % | Jacksonville, FL | Warehouse/Distribution | Consumer Non-durable Goods | South | 240,000 | 1,454,918 | 1.43 | % | None | Jun-2008 | Jun-2008 | |||||||||||||||||
Lowe’s Home Improvement Warehouse | 100 | % | Bellevue, WA | Retail | Retail Stores | West | 143,352 | 1,440,412 | 1.42 | % | CPI | Aug-2018 | Aug-2018 | |||||||||||||||||
Sprint Spectrum, L.P. | 100 | % | Rio Rancho, NM | Office | Telecommunications | West | 94,730 | 1,424,561 | 1.40 | % | Fixed | May-2011 | May-2021 | |||||||||||||||||
AT&T Corporation | 100 | % | Bridgeton, MO | Industrial | Telecommunications | Midwest | 85,510 | 1,307,706 | 1.29 | % | Fixed | Sep-2011 | Jun-2021 | |||||||||||||||||
Radisson Hotels International, Inc. | 100 | % | Livonia, MI | Hospitality | Hotels and Gaming | Midwest | 158,000 | 1,200,000 | 1.18 | % | Fixed | Jan-2012 | Jan-2012 | |||||||||||||||||
Hologic, Inc. | 36 | % | Danbury, CT | Industrial | Electronics | East | 22,335 | 221,263 | 0.22 | % | CPI | Aug-2022 | Aug-2042 | |||||||||||||||||
Hologic, Inc. | 36 | % | Bedford, MA | Industrial | Electronics | East | 74,520 | 972,818 | 0.96 | % | CPI | Aug-2022 | Aug-2042 | |||||||||||||||||
Hologic, Inc. Total | 96,855 | 1,194,081 | 1.18 | % | ||||||||||||||||||||||||||
Omnicom Group, Inc. | 100 | % | Venice, CA | Office | Business and Commercial Services | West | 77,719 | 1,193,661 | 1.17 | % | Other | Sep-2010 | Sep-2030 | |||||||||||||||||
United States Postal Service | 100 | % | Bloomingdale, IL | Office | Federal, State and Local Government | Midwest | 60,000 | 1,170,000 | 1.15 | % | Fixed | Apr-2011 | Apr-2011 | |||||||||||||||||
Anthony’s Manufacturing Company, Inc. | 100 | % | San Fernando, CA | Industrial | Consumer and Durable Goods | West | 182,845 | 1,091,816 | 1.07 | % | Other | 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 | Business and Commercial Services | South | 46,050 | 497,340 | 0.49 | % | None | Sep-2010 | Sep-2011 | |||||||||||||||||
United Space Alliance, LLC | 100 | % | Webster, TX | Warehouse/Distribution | Business and Commercial Services | South | 91,800 | 572,832 | 0.56 | % | None | Sep-2010 | Sep-2012 | |||||||||||||||||
United Space Alliance LLC Total | 137,850 | 1,070,172 | 1.05 | % | ||||||||||||||||||||||||||
Lockheed Martin Corporation | 100 | % | Webster, TX | Industrial | Business and Commercial Services | South | 30,176 | 241,416 | 0.24 | % | Fixed | Jun-2010 | Jun-2013 | |||||||||||||||||
Lockheed Martin Corporation | 100 | % | King of Prussia, PA | Office | Business and Commercial Services | East | 88,578 | 819,347 | 0.81 | % | Fixed | Jul-2013 | Jul-2023 | |||||||||||||||||
Lockheed Martin Corporation Total | 118,754 | 1,060,763 | 1.04 | % | ||||||||||||||||||||||||||
OBI Group(1) | 100 | % | Wroclaw, Poland | Retail | Retail Stores | Europe | 113,570 | 1,049,170 | 1.03 | % | CPI | Dec-2025 | Dec-2040 | |||||||||||||||||
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 | |||||||||||||||||
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 | 1.01 | % | CPI | Nov-2011 | Nov-2026 | |||||||||||||||||
Swat-Fame, Inc. | 100 | % | City of Industry, CA | Industrial | Textiles, Leather, and Apparel | West | 233,205 | 978,153 | 0.96 | % | CPI | Dec-2010 | Dec-2020 | |||||||||||||||||
Consolidated Systems, Inc. | 60 | % | Columbia, SC | Office | Mining, Metals, and Primary Metal Industries | East | 24,459 | 68,424 | 0.07 | % | Fixed | Oct-2026 | Oct-2046 | |||||||||||||||||
Consolidated Systems, Inc. | 60 | % | Columbia, SC | Industrial | Mining, Metals, and Primary Metal Industries | East | 294,249 | 823,165 | 0.81 | % | Fixed | Oct-2026 | Oct-2046 | |||||||||||||||||
Consolidated Systems, Inc. | 60 | % | Columbia, SC | Warehouse/Distribution | Mining, Metals, and Primary Metal Industries | East | 13,792 | 38,582 | 0.04 | % | Fixed | Oct-2026 | Oct-2046 | |||||||||||||||||
Consolidated Systems, Inc. | 60 | % | Columbia, SC | Warehouse/Distribution | Mining, Metals, and Primary Metal Industries | East | 6,266 | 17,529 | 0.02 | % | Fixed | Oct-2026 | Oct-2046 | |||||||||||||||||
Consolidated Systems, Inc. Total | 338,766 | 947,700 | 0.93 | % | ||||||||||||||||||||||||||
Hibbett Sporting Goods, Inc. | 100 | % | Birmingham, AL | Warehouse/Distribution | Retail Stores | South | 219,312 | 876,900 | 0.86 | % | CPI | Dec-2014 | Dec-2029 | |||||||||||||||||
24 Hour Fitness USA, Inc. | 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 | 0.77 | % | Fixed | Dec-2009 | Dec-2015 | |||||||||||||||||
Deloro Satellite Company, Inc. | 100 | % | Goshen, IN | Industrial | Mining, Metals, and Primary Metal Industries | Midwest | 52,000 | 643,069 | 0.63 | % | Fixed | Feb-2018 | Feb-2023 | |||||||||||||||||
Western Union Financial Services, Inc. | 100 | % | Bridgeton, MO | Office | Banking | Midwest | 78,080 | 637,133 | 0.63 | % | Fixed | Nov-2016 | Nov-2026 | |||||||||||||||||
Alcoa, Inc. | 100 | % | Salisbury, NC | Warehouse/Distribution | Machinery | East | 244,000 | 589,558 | 0.58 | % | Fixed | Jun-2010 | Jun-2020 | |||||||||||||||||
Wal-Mart Stores, Inc. | 100 | % | Greenfield, IN | Warehouse/Distribution | Retail Stores | Midwest | 82,620 | 567,745 | 0.56 | % | None | Jan-2010 | Jan-2020 | |||||||||||||||||
Childtime Childcare, Inc. | 34 | % | Chandler, AZ | Other Properties | Healthcare, Education and Childcare | West | 2,026 | 35,254 | 0.03 | % | CPI | Jan-2016 | Jan-2041 | |||||||||||||||||
Childtime Childcare, Inc. | 34 | % | Tucson, AZ | Other Properties | Healthcare, Education and Childcare | West | 2,165 | 36,751 | 0.04 | % | CPI | Jan-2016 | Jan-2041 | |||||||||||||||||
Childtime Childcare, Inc. | 34 | % | Alhambra, CA | Other Properties | Healthcare, Education and Childcare | West | 2,262 | 53,011 | 0.05 | % | CPI | Jan-2016 | Jan-2041 | |||||||||||||||||
Childtime Childcare, Inc. | 34 | % | Chino, CA | Other Properties | Healthcare, Education and Childcare | West | 2,166 | 46,300 | 0.05 | % | CPI | Jan-2016 | Jan-2041 | |||||||||||||||||
Childtime Childcare, Inc. | 34 | % | Garden Grove, CA | Other Properties | Healthcare, Education and Childcare | West | 2,848 | 45,526 | 0.04 | % | CPI | Jan-2016 | Jan-2041 | |||||||||||||||||
Childtime Childcare, Inc. | 34 | % | Tustin, CA | Other Properties | Healthcare, Education and Childcare | West | 2,264 | 52,598 | 0.05 | % | CPI | Jan-2016 | Jan-2041 | |||||||||||||||||
Childtime Childcare, Inc. | 34 | % | Westland, MI | Other Properties | Healthcare, Education and Childcare | Midwest | 2,472 | 26,376 | 0.03 | % | CPI | Jan-2016 | Jan-2041 | |||||||||||||||||
Childtime Childcare, Inc. | 34 | % | Westland, MI | Other Properties | Healthcare, Education and Childcare | Midwest | 2,787 | 34,583 | 0.03 | % | CPI | Jan-2016 | Jan-2041 | |||||||||||||||||
Childtime Childcare, Inc. | 34 | % | Canton, MI | Other Properties | Healthcare, Education and Childcare | Midwest | 2,311 | 47,797 | 0.05 | % | CPI | Jan-2016 | Jan-2041 | |||||||||||||||||
Childtime Childcare, Inc. | 34 | % | Carrollton, TX | Other Properties | Healthcare, Education and Childcare | South | 2,438 | 45,991 | 0.05 | % | CPI | Jan-2016 | Jan-2041 | |||||||||||||||||
Childtime Childcare, Inc. | 34 | % | Duncanville, TX | Other Properties | Healthcare, Education and Childcare | South | 2,438 | 45,991 | 0.05 | % | CPI | Jan-2016 | Jan-2041 |
23
Table of Contents
Square | Percentage of | |||||||||||||||||||||||||||||
Tenant/Lease Guarantor | Percent Ownership | Property Location | Property Type | Tenant Industry | Region | Footage | Annualized Rent | Total Rent | Increase Factor | Lease Expiration | Maximum Term | |||||||||||||||||||
Childtime Childcare, Inc. | 34 | % | 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 | % | ||||||||||||||||||||||||||
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 | 21,932 | 34,745 | 0.03 | % | CPI | Mar-2012 | Mar-2022 | |||||||||||||||||
Affiliated Foods Southwest, Inc. | 100 | % | Little Rock, AR | Retail | Grocery | South | 64,358 | 295,611 | 0.29 | % | 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 | 0.38 | % | ||||||||||||||||||||||||||
Faurecia Exhaust Systems, Inc. | 100 | % | Toledo, OH | Office | Automobile | Midwest | 61,000 | 387,415 | 0.38 | % | CPI | Nov-2022 | Nov-2022 | |||||||||||||||||
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 | 0.36 | % | Fixed | Dec-2011 | Dec-2014 | |||||||||||||||||
Pioneer Credit Recovery, Inc. | 100 | % | Moorestown, NJ | Office | Business and Commercial Services | East | 30,000 | 345,000 | 0.34 | % | Fixed | Apr-2012 | Apr-2018 | |||||||||||||||||
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 | 0.28 | % | Fixed | Jul-2009 | Jul-2009 | |||||||||||||||||
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 | 0.26 | % | 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 | |||||||||||||||||
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 | 0.15 | % | Fixed | Jul-2008 | Jul-2008 | |||||||||||||||||
Golder Associates Inc. | 100 | % | Houston, TX | Office | Business and Commercial Services | South | 3,330 | 30,768 | 0.03 | % | Fixed | Oct-2010 | Oct-2020 | |||||||||||||||||
Golder Associates Inc. | 100 | % | Houston, TX | Office | Business and Commercial Services | South | 8,066 | 74,760 | 0.07 | % | None | Oct-2010 | Oct-2020 | |||||||||||||||||
Golder Associates Inc. Total | 11,396 | 105,528 | 0.10 | % | ||||||||||||||||||||||||||
Custom Training Group, Inc. | 100 | % | Houston, TX | Office | Healthcare, Education and Childcare | South | 7,248 | 58,200 | 0.06 | % | Fixed | Dec-2008 | Dec-2011 | |||||||||||||||||
Custom Training Group, Inc. | 100 | % | Houston, TX | Office | Healthcare, Education and Childcare | South | 4,456 | 41,172 | 0.04 | % | None | Dec-2008 | Dec-2008 | |||||||||||||||||
Custom Training Group, Inc. Total | 11,704 | 99,372 | 0.10 | % | ||||||||||||||||||||||||||
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 | 0.06 | % | 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 | |||||||||||||||||
Jerry Prater Trucking Incorporated | 100 | % | Salisbury, NC | Industrial | Transportation — Cargo | East | 13,284 | 37,200 | 0.04 | % | Fixed | 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.(3) | 100 | % | Broomfield, CO | Office | Construction and Building | West | 9,401 | 28,203 | 0.03 | % | None | MTM | 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 | |||||||||||||||||
Marathon System Service | 100 | % | Broomfield, CO | Office | Electronics | West | 2,283 | 14,680 | 0.01 | % | None | Nov-2007 | Nov-2007 | |||||||||||||||||
Sundew Technologies(3) | 100 | % | Broomfield, CO | Office | Business and Commercial Services | West | 3,745 | 12,805 | 0.01 | % | None | MTM | MTM | |||||||||||||||||
Appointment Quest | 100 | % | Broomfield, CO | Office | Telecommunications | West | 1,670 | 12,508 | 0.01 | % | Fixed | May-2009 | May-2009 |
24
Table of Contents
Square | Percentage of | |||||||||||||||||||||||||||||
Tenant/Lease Guarantor | Percent Ownership | Property Location | Property Type | Tenant Industry | Region | Footage | Annualized Rent | Total Rent | Increase Factor | Lease Expiration | Maximum Term | |||||||||||||||||||
RedCloud Telecom Products, Inc.(3) | 100 | % | Broomfield, CO | Office | Telecommunications | West | 2,093 | 12,000 | 0.01 | % | Fixed | 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 | |||||||||||||||||
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(3) | 100 | % | Broomfield, CO | Office | Automobile | West | 7,500 | 7,500 | 0.01 | % | None | MTM | MTM | |||||||||||||||||
Kempo First Foundation | 100 | % | Broomfield, CO | Office | Healthcare, Education and Childcare | West | 1,250 | 7,188 | 0.01 | % | Fixed | Sep-2010 | Sep-2011 | |||||||||||||||||
Danseetoile Ballet | 100 | % | Broomfield, CO | Office | Healthcare, Education and Childcare | West | 1,510 | 6,040 | 0.01 | % | Fixed | 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 | 52,415 | - | - | 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 | 35567 | - | - | N/A | N/A | N/A | ||||||||||||||||||
Vacant | 100 | % | Salisbury, NC | Warehouse/Distribution | N/A | East | 43,000 | - | - | N/A | N/A | N/A | ||||||||||||||||||
Vacant | 100 | % | Salisbury, NC | Office | N/A | East | 10,681 | - | - | 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 | 23,214 | - | - | 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 | 609,788 | |||||||||||||||||||||||||||||
Grand Total(4) | 17,437,146 | $ | 101,608,174 | 100 | % | |||||||||||||||||||||||||
(1) | Rents reflect a conversion rate of 1.4729 USD/EUR as of December 31, 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) | Excludes our investment in 13 domestic self-storage properties totaling approximately 0.9 million square feet as of December 31, 2007. |
25