gives effect to the potential dilution from the exercise of stock options and the issuance of common shares in settlement of restricted stock units utilizing the treasury stock method. For the year ended December 31, 2008, the assumed exercise of stock options utilizing the treasury stock method would have been anti-dilutive and therefore was not assumed for purposes of computing diluted earnings per common share.
Stock-Based Compensation: Compensation cost for the Company’s stock-based compensation plans using the fair value method was $326,000, $492,000 and $186,000 for the years ended 2008, 2007 and 2006, respectively, and is included in general and administrative expense. The impact of the accounting for stock-based compensation is, and is expected to be, immaterial to the Company’s financial position and results of operations.
New Accounting Pronouncements: In September 2006, the Financial Accounting Standards Board (“FASB”) issued Statement of Financial Accounting Standards (“SFAS”) No. 157, “Fair Value Measurements” (“SFAS 157”). SFAS 157 provides guidance for using fair value to measure assets and liabilities. SFAS 157 generally applies whenever other standards require assets or liabilities to be measured at fair value. SFAS 157 is effective in fiscal years beginning after November 15, 2007. Staff Position (“FSP”) No. 152, “Effective Date of FASB Statement No. 157”, (“FSP 152”) delayed the effective date of FASB No. 157 by one year for nonfinancial assets and liabilities that are recognized or disclosed at fair value on a nonrecurring basis to fiscal years beginning after November 15, 2008. The adoption of SFAS 157 in January 2008 has not had a material impact on the Company’s financial position and results of operations. The Company does not believe that the adoption of the provisions of SFAS 157 for nonfinancial assets and liabilities that are recognized or disclosed at fair value on a nonrecurring basis will have a material impact on the Company’s financial position and results of operations.
In December 2007, the FASB issued SFAS No. 141 (revised 2007), “Business Combinations” (“SFAS 141(R)”), which establishes principles and requirements for how the acquirer shall recognize and measure in its financial statements at fair value the identifiable assets acquired, liabilities assumed, any non-controlling interest in the acquiree and goodwill acquired in a business combination. SFAS 141(R) requires that acquisition costs, which could be material to the Company’s future financial results, will be expensed rather than included as part of the basis of the acquisition. The adoption of this standard by the Company on January 1, 2009 will not result in a write-off of acquisition related transactions costs associated with transactions not yet consummated. SFAS 141(R) is effective for business combinations for which the acquisition date is on or after the beginning of the first annual reporting period beginning on or after December 15, 2008.
The Company leases or sublets its properties primarily to distributors and retailers engaged in the sale of gasoline and other motor fuel products, convenience store products and automotive repair services who are responsible for the payment of taxes, maintenance, repair, insurance and other operating expenses and for managing the actual operations conducted at these properties. In addition, approximately twenty of the Company’s properties are directly leased by the Company to others for other uses such as fast food restaurants, automobile sales and other retail purposes. The Company’s properties are primarily located in the Northeast and Mid-Atlantic regions of the United States. The Company also owns or leases properties in Texas, North Carolina, Hawaii, California, Florida, Arkansas, Illinois, North Dakota and Ohio.
As of December 31, 2008, Getty Petroleum Marketing Inc. (“Marketing”) leased from the Company, eight hundred sixty-four properties. Substantially all of the properties are leased to Marketing under a unitary master lease (the “Master Lease”) except for ten properties which are leased under supplemental leases (collectively the “Marketing Leases”). As of December 31, 2008, the Marketing Leases included eight hundred fifty-five retail motor fuel and convenience store properties and nine distribution terminals, seven hundred ten of the properties are owned by the Company and one hundred fifty-four of the properties are leased by the Company from third parties. The Master Lease has an initial term of fifteen years commencing December 9, 2000, and generally provides Marketing with options for three renewal terms of ten years each and a final renewal option of three years and ten months extending to 2049 (or such shorter initial or renewal term as the underlying lease may provide). The Marketing Leases include provisions for 2% annual rent escalations. The Master Lease is a unitary lease and, accordingly, Marketing’s exercise of renewal options must be on an “all or nothing” basis. The supplemental leases have initial terms of varying expiration dates. As permitted under the terms of the Company’s leases with Marketing, Marketing
can generally use each property for any lawful purpose, or for no purpose whatsoever. (See footnote 3 for contingencies related to Marketing and the Marketing Leases for additional information.)
The Company estimates that Marketing makes annual real estate tax payments for properties leased under the Marketing Leases of approximately $12.3 million. Marketing also makes additional payments for other operating expenses related to these properties, including environmental remediation costs other than those liabilities that were retained by the Company. These costs, which have been assumed by Marketing under the terms of the Marketing Leases, are not reflected in the consolidated financial statements.
Revenues from rental properties for the years ended December 31, 2008, 2007 and 2006 were $81,163,000, $78,069,000 and $71,329,000, respectively, of which $60,440,000, $59,669,000 and $59,482,000, respectively, were received from Marketing under the Marketing Leases. In addition, revenues from rental properties for the years ended December 31, 2008, 2007 and 2006 include $2,537,000, 3,605,000 and $2,982,000, respectively, of deferred rental revenue accrued due to recognition of rental revenue on a straight-line basis and amortization of above-market and below-market leases. In the fourth quarter and year ended December 31, 2007, the Company provided a non-cash $10.5 million reserve for a portion of the deferred rent receivable recorded as of December 31, 2007 related to the Marketing Leases. (See footnote 3 for additional information related to the Marketing Leases and the reserve.)
Future contractual minimum annual rentals receivable from Marketing under the Marketing Leases and from other tenants, which have terms in excess of one year as of December 31, 2008, are as follows (in thousands. See footnote 3 for additional information related to the Marketing Leases and the reserve):
| | | | | | | | | | |
YEAR ENDING DECEMBER 31, | | MARKETING | | OTHER
TENANTS | | TOTAL (a) | |
| |
| |
| |
| |
2009 | | | 60,003 | | | 18,938 | | | 78,941 | |
2010 | | | 59,968 | | | 18,722 | | | 78,690 | |
2011 | | | 60,086 | | | 18,769 | | | 78,855 | |
2012 | | | 60,402 | | | 18,588 | | | 78,990 | |
2013 | | | 60,508 | | | 18,006 | | | 78,514 | |
Thereafter | | | 118,946 | | | 121,683 | | | 240,629 | |
(a) Includes $78,441,000 of future minimum annual rentals receivable under subleases.
Rent expense, substantially all of which consists of minimum rentals on non-cancelable operating leases, amounted to $8,100,000, $8,337,000 and $8,685,000 for the years ended December 31, 2008, 2007 and 2006, respectively, and is included in rental property expenses using the straight-line method. Rent received under subleases for the years ended December 31, 2008, 2007 and 2006 was $13,986,000, $14,145,000 and $14,646,000, respectively.
The Company has obligations to lessors under non-cancelable operating leases which have terms (excluding renewal term options) in excess of one year, principally for gasoline stations and convenience stores. Substantially all of these leases contain renewal options and rent escalation clauses. The leased properties have a remaining lease term averaging over ten years, including renewal options. Future minimum annual rentals payable under such leases, excluding renewal options, are as follows: 2009 — $7,338,000, 2010 — $5,971,000, 2011 — $4,600,000, 2012 — $3,197,000, 2013 — $2,038,000 and $3,476,000 thereafter.
3. COMMITMENTS AND CONTINGENCIES
In order to minimize the Company’s exposure to credit risk associated with financial instruments, the Company places its temporary cash investments with high credit quality institutions. Temporary cash investments, if any, are held in an overnight bank time deposit with JPMorgan Chase Bank, N.A.
As of December 31, the Company leased eight hundred sixty-four of its one thousand sixty properties on a long-term triple-net basis to Marketing under the Marketing Leases (see footnote 2 for additional information). A substantial portion of the Company’s revenues (75% for the year ended December 31, 2008), are derived from the Marketing Leases. Accordingly, the Company’s revenues are dependent to a large degree on the economic performance of Marketing and of the petroleum marketing industry, and any factor that adversely affects Marketing,
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or the Company’s relationship with Marketing, may have a material adverse effect on the Company’s business, financial condition, revenues, operating expenses, results of operations, liquidity, ability to pay dividends and/or stock price. Marketing operated substantially all of the Company’s petroleum marketing businesses when it was spun-off to the Company’s shareholders as a separate publicly held company in March 1997 (the “Spin-Off”). In December 2000, Marketing was acquired by a subsidiary of OAO LUKoil (“Lukoil”), one of the largest integrated Russian oil companies. Even though Marketing is a wholly-owned subsidiary of Lukoil and Lukoil has in prior periods provided credit enhancement and capital to Marketing, Lukoil is not a guarantor of the Marketing Leases and there can be no assurance that Lukoil is currently providing, or will provide, any credit enhancement or additional capital to Marketing. The Company’s financial results depend largely on rental income from Marketing, and to a lesser extent on rental income from other tenants and; therefore, are materially dependent upon the ability of Marketing to meet its rental, environmental and other obligations under the Marketing Leases. Marketing’s financial results depend largely on retail petroleum marketing margins and rental income from its sub-tenants who operate their respective convenience stores, automotive repair services or other businesses at the Company’s properties. The petroleum marketing industry has been and continues to be volatile and highly competitive. Marketing has made all required monthly rental payments under the Marketing Leases when due through March 2009, although there is no assurance that it will continue to do so.
The Company has had periodic discussions with representatives of Marketing regarding potential modifications to the Marketing Leases and, in 2007, during the course of such discussions, Marketing proposed to (i) remove approximately 40% of the properties (the “Subject Properties”) from the Marketing Leases and eliminate payment of rent to the Company, and eliminate or reduce payment of operating expenses, with respect to the Subject Properties, and (ii) reduce the aggregate amount of rent payable to the Company for the approximately 60% of the properties that would remain under the Marketing Leases (the “Remaining Properties”). Representatives of Marketing have also indicated to the Company that they are considering significant changes to Marketing’s business model. In light of these developments and the continued deterioration in Marketing’s annual financial performance, in March 2008, the Company had decided to attempt to negotiate with Marketing for a modification of the Marketing Leases which removes the Subject Properties from the Marketing Leases. The Company has held periodic discussions with Marketing since March 2008 in its attempt to negotiate a modification of the Marketing Leases to remove the Subject Properties. Although the Company continues to remove individual locations from the Master Lease as mutually beneficial opportunities arise, there has been no agreement between the Company and Marketing on any principal terms that would be the basis for a definitive Master Lease modification agreement. If Marketing ultimately determines that its business strategy is to exit all of the properties it leases from the Company or to divest a composition of properties different from the properties comprising the Subject Properties, such as the revised list of properties provided to the Company by Marketing in the second quarter of 2008 which includes approximately 45% of the properties Marketing leases from the Company (the “Revised Subject Properties”), it is the Company’s intention to cooperate with Marketing in accomplishing those objectives if the Company determines that it is prudent for it to do so. Any modification of the Marketing Leases that removes a significant number of properties from the Marketing Leases would likely significantly reduce the amount of rent the Company receives from Marketing and increase the Company’s operating expenses. The Company cannot accurately predict if, or when, the Marketing Leases will be modified or what the terms of any agreement may be if the Marketing Leases are modified. The Company also cannot accurately predict what actions Marketing and Lukoil may take, and what the Company’s recourse may be, whether the Marketing Leases are modified or not.
The Company intends either to re-let or sell any properties removed from the Marketing Leases and reinvest the realized sales proceeds in new properties. The Company intends to seek replacement tenants or buyers for properties removed from the Marketing Leases either individually, in groups of properties, or by seeking a single tenant for the entire portfolio of properties subject to the Marketing Leases. Although the Company is the fee or leasehold owner of the properties subject to the Marketing Leases and the owner of the Getty® brand and has prior experience with tenants who operate their convenience stores, automotive repair services or other businesses at its properties; in the event that properties are removed from the Marketing Leases, the Company cannot accurately predict if, when, or on what terms, such properties could be re-let or sold.
Due to the previously disclosed deterioration in Marketing’s annual financial performance, in conjunction with the Company’s decision to attempt to negotiate with Marketing for a modification of the Marketing Leases to remove the Subject Properties, the Company has decided that it cannot reasonably assume that it will collect all of the rent due to the Company related to the Subject Properties for the remainder of the current lease terms. In
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reaching this conclusion, the Company relied on various indicators, including, but not limited to, the following financial results of Marketing through the year ended December 31, 2007: (i) Marketing’s significant operating losses, (ii) its negative cash flow from operating activities, (iii) its asset impairment charges for underperforming assets, and (iv) its negative earnings before interest, taxes, depreciation, amortization and rent payable to the Company. The Company has not received Marketing’s financial results for the year ended December 31, 2008 prior to the preparation of this Annual Report on Form 10-K.
The Company recorded a reserve of $10,494,000 in 2007 representing the full amount of the deferred rent receivable recorded related to the Subject Properties as of December 31, 2007. Providing the non-cash deferred rent receivable reserve reduced the Company’s net earnings but did not impact the Company’s cash flow from operating activities for 2007. As of December 31, 2008, the Company had a reserve of $10,029,000 for the deferred rent receivable due from Marketing representing the full amount of the deferred rent receivable recorded related to the Subject Properties as of that date. The Company has not provided a deferred rent receivable reserve related to the Remaining Properties since, based on the Company’s assessments and assumptions, the Company continues to believe that it is probable that it will collect the deferred rent receivable related to the Remaining Properties of $22,900,000 as of December 31, 2008 and that Lukoil will not allow Marketing to fail to perform its rental, environmental and other obligations under the Marketing Leases. The Company anticipates that the rental revenue for the Remaining Properties will continue to be recognized on a straight-line basis. As required by the straight-line method of accounting, beginning with the first quarter of 2008, the rental revenue for the Subject Properties was, and for future periods is expected to be, effectively recognized when payment is due under the contractual payment terms. Although the Company has adjusted the estimated useful lives of certain long-lived assets for the Subject Properties, the Company believes that no impairment charge was necessary for the Subject Properties as of December 31, 2008 or December 31, 2007 pursuant to the provisions of Statement of Financial Accounting Standards No. 144. The impact to depreciation expense due to adjusting the estimated lives for certain long-lived assets beginning with the year ended December 31, 2008 was not material.
Marketing is directly responsible to pay for (i) remediation of environmental contamination it causes and compliance with various environmental laws and regulations as the operator of the Company’s properties, and (ii) known and unknown environmental liabilities allocated to Marketing under the terms of the Master Lease and various other agreements between Marketing and the Company relating to Marketing’s business and the properties subject to the Marketing Leases (collectively the “Marketing Environmental Liabilities”). The Company may ultimately be responsible to directly pay for Marketing Environmental Liabilities as the property owner if Marketing fails to pay them. Additionally, the Company will be required to accrue for Marketing Environmental Liabilities if the Company determines that it is probable that Marketing will not meet its obligations or if the Company’s assumptions regarding the ultimate allocation methods and share of responsibility that it used to allocate environmental liabilities changes as a result of the factors discussed above, or otherwise. However, the Company continues to believe that it is not probable that Marketing will not pay for substantially all of the Marketing Environmental Liabilities since the Company believes that Lukoil will not allow Marketing to fail to perform its rental, environmental and other obligations under the Marketing Leases and, accordingly, the Company did not accrue for the Marketing Environmental Liabilities as of December 31, 2008 or 2007. Nonetheless, the Company has determined that the aggregate amount of the Marketing Environmental Liabilities (as estimated by the Company based on its assumptions and analysis of information currently available to it) could be material to the Company if it was required to accrue for all of the Marketing Environmental Liabilities in the future since the Company believes that it is reasonably possible that as a result of such accrual, the Company may not be in compliance with the existing financial covenants in its Credit Agreement. Such non-compliance could result in an event of default which, if not cured or waived, could result in the acceleration of all of the Company’s indebtedness under the Credit Agreement.
Should the Company’s assessments, assumptions and beliefs prove to be incorrect, or if circumstances change, the conclusions reached by the Company may change relating to (i) whether some or all of the Subject or Remaining Properties are likely to be removed from the Marketing Leases (ii) recoverability of the deferred rent receivable for some or all of the Subject or Remaining Properties, (iii) potential impairment of the Subject or Remaining Properties and, (iv) Marketing’s ability to pay the Marketing Environmental Liabilities. The Company intends to regularly review its assumptions that affect the accounting for deferred rent receivable; long-lived assets; environmental litigation accruals; environmental remediation liabilities; and related recoveries from state underground storage tank funds, which may result in material adjustments to the amounts recorded for these assets and liabilities, and as a
54
result of which, the Company may not be in compliance with the financial covenants in its Credit Agreement. Accordingly, the Company may be required to (i) reserve additional amounts of the deferred rent receivable related to the Remaining Properties, (ii) record an impairment charge related to the Subject or Remaining Properties, or (iii) accrue for Marketing Environmental Liabilities that the Company believes are allocable to Marketing under the Marketing Leases and various other agreements as a result of the potential or actual modification of the Marketing Leases or other factors.
The Company cannot provide any assurance that Marketing will continue to pay its debts or meet its rental, environmental or other obligations under the Marketing Leases prior or subsequent to any potential modification of the Marketing Leases. In the event that Marketing cannot or will not perform its rental, environmental or other obligations under the Marketing Leases; if the Marketing Leases are modified significantly or terminated; if the Company determines that it is probable that Marketing will not meet its environmental obligations and the Company accrues for such liabilities; if the Company is unable to promptly re-let or sell the properties subject to the Marketing Leases; or, if the Company changes its assumptions that affect the accounting for rental revenue or Marketing Environmental Liabilities related to the Marketing Leases and various other agreements; the Company’s business, financial condition, revenues, operating expenses, results of operations, liquidity, ability to pay dividends and/or stock price may be materially adversely affected.
The Company has also agreed to provide limited environmental indemnification to Marketing, capped at $4,250,000 and expiring in 2010, for certain pre-existing conditions at six of the terminals which are owned by the Company and leased to Marketing. Under the agreement, Marketing is obligated to pay the first $1,500,000 of costs and expenses incurred in connection with remediating any such pre-existing conditions, Marketing and the Company will share equally the next $8,500,000 of those costs and expenses and Marketing is obligated to pay all additional costs and expenses over $10,000,000. The Company has accrued $300,000 as of December 31, 2008 and 2007 in connection with this indemnification agreement.
The Company is subject to various legal proceedings and claims which arise in the ordinary course of its business. In addition, the Company has retained responsibility for certain legal proceedings and claims relating to the petroleum marketing business that were identified at the time of the Spin-Off. As of December 31, 2008 and 2007, the Company had accrued $1,671,000 and $2,575,000, respectively, for certain of these matters which it believes were appropriate based on information then currently available. The Company has not accrued for approximately $950,000 in costs allegedly incurred by the current property owner in connection with removal of underground storage tanks (“USTs” or “UST”) and soil remediation at a property that had been leased to and operated by Marketing. The Company believes Marketing is responsible for such costs under the terms of the Master Lease and tendered the matter for defense and indemnification from Marketing, but Marketing has denied its liability for the claim and its responsibility to defend against and indemnify the Company for the claim. The Company has filed a third party claim against Marketing for indemnification in this matter, which claim is currently being actively litigated. Trial is anticipated to be scheduled for the first quarter of 2009. It is possible that the Company’s assumption that Marketing will be ultimately responsible for this claim may change, which may result in the Company providing an accrual for this and other matters.
In September 2003, the Company was notified by the State of New Jersey Department of Environmental Protection (“NJDEP”) that the Company is one of approximately sixty-six potentially responsible parties for natural resource damages resulting from discharges of hazardous substances into the Lower Passaic River. The definitive list of potentially responsible parties and their actual responsibility for the alleged damages, the aggregate cost to remediate the Lower Passaic River, the amount of natural resource damages and the method of allocating such amounts among the potentially responsible parties have not been determined. In September 2004, the Company received a General Notice Letter from the United States Environmental Protection Agency (the “EPA”) (the “EPA Notice”), advising the Company that it may be a potentially responsible party for costs of remediating certain conditions resulting from discharges of hazardous substances into the Lower Passaic River. ChevronTexaco received the same EPA Notice regarding those same conditions. In a related action, in December 2005, the State of New Jersey brought suit against certain companies which the State alleges are responsible for pollution of the Passaic River from a former Diamond Alkali manufacturing plant. In February 2009, certain of these defendants filed third-party complaints against approximately 300 additional parties, including the Company, seeking contribution for a pro-rata share of response costs, cleanup and removal costs, and other damages. The Company believes that ChevronTexaco is contractually obligated to indemnify the Company, pursuant to an indemnification
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agreement, for most if not all of the conditions at the property identified by the NJDEP and the EPA. Accordingly, the ultimate legal and financial liability of the Company, if any, cannot be estimated with any certainty at this time.
From October 2003 through December 31, 2008, the Company was notified that the Company was made party to fifty-four cases in Connecticut, Florida, Massachusetts, New Hampshire, New Jersey, New York, Pennsylvania, Vermont, Virginia and West Virginia brought by local water providers or governmental agencies. These cases allege various theories of liability due to contamination of groundwater with methyl tertiary butyl ether (“MTBE”) as the basis for claims seeking compensatory and punitive damages. Each case names as defendants approximately fifty petroleum refiners, manufacturers, distributors and retailers of MTBE, or gasoline containing MTBE. At this time, the Company has been dismissed from certain of the cases initially filed against it. A significant number of the named defendants other than the Company have entered into settlements with certain plaintiffs, which affected approximately twenty-seven of the cases to which the Company is a party. The accuracy of the allegations as they relate to the Company, the Company’s defenses to such claims, the aggregate amount of possible damages and the method of allocating such amounts among the remaining defendants have not been determined. Accordingly, the ultimate legal and financial liability of the Company, if any, cannot be estimated with any certainty at this time. The ultimate resolution of these matters could cause a material adverse effect on the Company’s business, financial condition, results of operations, liquidity, ability to pay dividends and/or stock price.
Prior to the Spin-Off, the Company was self-insured for workers’ compensation, general liability and vehicle liability up to predetermined amounts above which third-party insurance applies. As of December 31, 2008 and 2007, the Company’s consolidated balance sheets included, in accounts payable and accrued expenses, $290,000 and $310,000, respectively, relating to self-insurance obligations. The Company estimates its loss reserves for claims, including claims incurred but not reported, by utilizing actuarial valuations provided annually by its insurance carriers. The Company is required to deposit funds for substantially all of these loss reserves with its insurance carriers, and may be entitled to refunds of amounts previously funded, as the claims are evaluated on an annual basis. The Company’s consolidated statements of operations for the years ended December 31, 2008, 2007 and 2006 include, in general and administrative expenses, charges (credits) of $(72,000), $81,000 and ($301,000), respectively, for self-insurance loss reserve adjustments. Since the Spin-Off, the Company has maintained insurance coverage subject to certain deductibles.
In order to qualify as a REIT, among other items, the Company must pay out substantially all of its “earnings and profits” (as defined in the Internal Revenue Code) in cash distributions to shareholders each year. Should the Internal Revenue Service successfully assert that the Company’s earnings and profits were greater than the amounts distributed, the Company may fail to qualify as a REIT; however, the Company may avoid losing its REIT status by paying a deficiency dividend to eliminate any remaining earnings and profits. The Company may have to borrow money or sell assets to pay such a deficiency dividend.
4. CREDIT AGREEMENT
As of December 31, 2008, borrowings under the Credit Agreement, described below, were $130,250,000, bearing interest at a weighted-average effective rate of 3.8% per annum. The weighted-average effective rate is based on $85,250,000 of LIBOR rate borrowings floating at market rates plus a margin of 1.0% and $45,000,000 of LIBOR rate borrowings effectively fixed at 5.44% by an interest rate Swap Agreement, described below, plus a margin of 1.0%. The Company has a $175,000,000 amended and restated senior unsecured revolving credit agreement (the “Credit Agreement”) with a group of domestic commercial banks led by JPMorgan Chase Bank, N.A. (the “Bank Syndicate”) which expires in March 2011. The Credit Agreement does not provide for scheduled reductions in the principal balance prior to its maturity. The Credit Agreement permits borrowings at an interest rate equal to the sum of a base rate plus a margin of 0.0% or 0.25% or a LIBOR rate plus a margin of 1.0%, 1.25% or 1.5%. The applicable margin is based on the Company’s leverage ratio at the end of the prior calendar quarter, as defined in the Credit Agreement, and is adjusted effective mid-quarter when the Company’s quarterly financial results are reported to the Bank Syndicate. Based on the Company’s leverage ratio as of December 31, 2008, the applicable margin is 0.0% for base rate borrowings and will increase to 1.25% in the first quarter of 2009 for LIBOR rate borrowings.
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Subject to the terms of the Credit Agreement, the Company has the option to extend the term of the credit agreement for one additional year to March 2012 and/or, subject to approval by the Bank Syndicate, increase the amount of the credit facility available pursuant to the Credit Agreement by $125,000,000 to $300,000,000. The Company does not expect to exercise its option to increase the amount of the Credit Agreement at this time. In addition, based on the current lack of liquidity in the credit markets, the Company believes that it would need to renegotiate certain terms in the Credit Agreement in order to obtain approval from the Bank Syndicate to increase the amount of the credit facility at this time. No assurance can be given that such approval from the Bank Syndicate will be obtained on terms acceptable to the Company, if at all. The annual commitment fee on the unused Credit Agreement ranges from 0.10% to 0.20% based on the amount of borrowings. The Credit Agreement contains customary terms and conditions, including customary financial covenants such as leverage and coverage ratios and other customary covenants, including limitations on the Company’s ability to incur debt, pay dividends and maintenance of tangible net worth, and events of default, including change of control and failure to maintain REIT status. A material adverse effect on the Company’s business, assets, prospects or condition, financial or otherwise, would also result in an event of default. Any event of default, if not cured or waived, could result in the acceleration of all of the Company’s indebtedness under the Credit Agreement.
The Company entered into a $45,000,000 LIBOR based interest rate swap agreement with JPMorgan Chase Bank, N.A. as the counterparty, effective through June 30, 2011 (the “Swap Agreement”). The Swap Agreement is intended to effectively fix, at 5.44%, the LIBOR component of the interest rate determined under the Credit Agreement. As a result of the Swap Agreement, as of December 31, 2008, $45,000,000 of the Company’s LIBOR based borrowings under the Credit Agreement bear interest at an effective rate of 6.44%.
The Company entered into the Swap Agreement with JPMorgan Chase Bank, N.A., designated and qualifying as a cash flow hedge, to reduce its exposure to the variability in future cash flows attributable to changes in the LIBOR rate. The Company’s primary objective when undertaking the hedging transaction and derivative position was to reduce its variable interest rate risk by effectively fixing a portion of the interest rate for existing debt and anticipated refinancing transactions. The Company determined, as of the Swap Agreement’s inception and as of December 31, 2008 and 2007, that the derivative used in the hedging transaction is highly effective in offsetting changes in cash flows associated with the hedged item and that no gain or loss was required to be recognized in earnings during 2008 or 2007 representing the hedge’s ineffectiveness. At December 31, 2008 and, 2007, the Company’s consolidated balance sheets include, in accounts payable and accrued expenses, an obligation for the fair value of the Swap Agreement of $4,296,000 and $2,299,000, respectively. For the years ended December 31, 2008, 2007 and 2006, the Company has recorded a loss in the fair value of the Swap Agreement related to the effective portion of the interest rate contract totaling $1,997,000, $1,478,000 and $821,000, respectively, in accumulated other comprehensive loss in the Company’s consolidated balance sheet. The accumulated comprehensive loss will be recognized as an increase in interest expense as quarterly payments are made to the counter-party over the remaining term of the Swap Agreement (of which approximately $1,862,000 is expected to be reclassified within the next twelve months) since it is expected that the Credit Agreement will be refinanced with variable interest rate debt at its maturity.
The fair value of the Swap Agreement is $4,296,000 as of December 31, 2008 determined using (i) a discounted cash flow analysis on the expected cash flows of the Swap Agreement, which is based on market data obtained from sources independent of the Company consisting of interest rates and yield curves that are observable at commonly quoted intervals and are defined by GAAP as “Level 2” inputs in the “Fair Value Hierarchy”, and (ii) credit valuation adjustments, which are based on unobservable “Level 3” inputs. The fair value of the $133,577,000 projected borrowings outstanding under the Credit Agreement is $122,751,000 as of December 31, 2008 determined using a discounted cash flow technique that incorporates a market interest yield curve, “Level 2 inputs”, with adjustments for duration, optionality, risk profile and projected average borrowings outstanding, which are based on unobservable “Level 3 inputs”. As of December 31, 2008, accordingly, the Company classified its valuation of the Swap Agreement in its entirety within Level 2 of the Fair Value Hierarchy since the credit valuation adjustments are not significant to the overall valuation of the Swap Agreement and its valuation of the borrowings outstanding under the Credit Agreement in its entirety within Level 3 of the Fair Value Hierarchy.
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5. ENVIRONMENTAL EXPENSES
The Company is subject to numerous existing federal, state and local laws and regulations, including matters relating to the protection of the environment such as the remediation of known contamination and the retirement and decommissioning or removal of long-lived assets including buildings containing hazardous materials, USTs and other equipment. Environmental expenses are principally attributable to remediation costs which include installing, operating, maintaining and decommissioning remediation systems, monitoring contamination, and governmental agency reporting incurred in connection with contaminated properties. The Company seeks reimbursement from state UST remediation funds related to these environmental expenses where available.
The Company enters into leases and various other agreements which allocate responsibility for known and unknown environmental liabilities by establishing the percentage and method of allocating responsibility between the parties. In accordance with the leases with certain tenants, the Company has agreed to bring the leased properties with known environmental contamination to within applicable standards and to regulatory or contractual closure (“Closure”) in an efficient and economical manner. Generally, upon achieving Closure at each individual property, the Company’s environmental liability under the lease for that property will be satisfied and future remediation obligations will be the responsibility of the Company’s tenant. Generally the liability for the retirement and decommissioning or removal of USTs and other equipment is the responsibility of the Company’s tenants. The Company is contingently liable for these obligations in the event that the tenants do not satisfy their responsibilities. A liability has not been accrued for obligations that are the responsibility of the Company’s tenants based on the tenants’ history of paying such obligations and/or the Company’s assessment of their financial ability to pay their share of such costs. However, there can be no assurance that the Company’s assessments are correct or that the Company’s tenants who have paid their obligations in the past will continue to do so.
Of the eight hundred sixty-four properties leased to Marketing as of December 31, 2008, the Company has agreed to pay all costs relating to, and to indemnify Marketing for, certain environmental liabilities and obligations at one hundred eighty-seven retail properties that have not achieved Closure and are scheduled in the Master Lease. The Company will continue to seek reimbursement from state UST remediation funds related to these environmental expenditures where available.
It is possible that the Company’s assumptions regarding the ultimate allocation method and share of responsibility that it used to allocate environmental liabilities may change, which may result in material adjustments to the amounts recorded for environmental litigation accruals, environmental remediation liabilities and related assets. The Company will be required to accrue for environmental liabilities that the Company believes are allocable to others under various other agreements if the Company determines that it is probable that the counter-party will not meet its environmental obligations. The ultimate resolution of these matters could cause a material adverse effect on the Company’s business, financial condition, results of operations, liquidity, ability to pay dividends and/or stock price. (See footnote 3 for contingencies related to Marketing and the Marketing Leases for additional information.)
The estimated future costs for known environmental remediation requirements are accrued when it is probable that a liability has been incurred and a reasonable estimate of fair value can be made. The environmental remediation liability is estimated based on the level and impact of contamination at each property. The accrued liability is the aggregate of the best estimate of the fair value of cost for each component of the liability. Recoveries of environmental costs from state UST remediation funds, with respect to both past and future environmental spending, are accrued at fair value as an offset to environmental expense, net of allowance for collection risk, based on estimated recovery rates developed from prior experience with the funds when such recoveries are considered probable.
Environmental exposures are difficult to assess and estimate for numerous reasons, including the extent of contamination, alternative treatment methods that may be applied, location of the property which subjects it to differing local laws and regulations and their interpretations, as well as the time it takes to remediate contamination. In developing the Company’s liability for probable and reasonably estimable environmental remediation costs, on a property by property basis, the Company considers among other things, enacted laws and regulations, assessments of contamination and surrounding geology, quality of information available, currently available technologies for treatment, alternative methods of remediation and prior experience. These accrual estimates are subject to significant change, and are adjusted as the remediation treatment progresses, as circumstances change and as these
58
contingencies become more clearly defined and reasonably estimable. As of December 31, 2008, the Company had regulatory approval for remediation action plans in place for two hundred forty-nine (95%) of the two hundred sixty-two properties for which it continues to retain environmental responsibility and the remaining thirteen properties (5%) remain in the assessment phase. In addition, the Company has nominal post-closure compliance obligations at twenty-four properties where it has received “no further action” letters.
Environmental remediation liabilities and related assets are measured at fair value based on their expected future cash flows which have been adjusted for inflation and discounted to present value. The net change in estimated remediation cost and accretion expense included in environmental expenses in the Company’s consolidated statements of operations aggregated $4,656,000, $5,136,000 and $3,202,000 for 2008, 2007 and 2006, respectively, which amounts were net of changes in estimated recoveries from state UST remediation funds. In addition to net change in estimated remediation costs, environmental expenses also include project management fees, legal fees and provisions for environmental litigation loss reserves.
As of December 31, 2008, 2007, 2006 and 2005, the Company had accrued $17,660,000, $18,523,000, $17,201,000 and $17,350,000 respectively, as management’s best estimate of the fair value of reasonably estimable environmental remediation costs. As of December 31, 2008, 2007, 2006 and 2005, the Company had also recorded $4,223,000, $4,652,000, $3,845,000 and $4,264,000, respectively, as management’s best estimate for recoveries from state UST remediation funds, net of allowance, related to environmental obligations and liabilities. The net environmental liabilities of $13,871,000, $13,356,000 and $13,086,000 as of December 31, 2007, 2006 and 2005, respectively, were subsequently accreted for the change in present value due to the passage of time and, accordingly, $956,000, $974,000 and $923,000 of net accretion expense was recorded for the years ended December 31, 2008, 2007 and 2006, respectively, substantially all of which is included in environmental expenses.
In view of the uncertainties associated with environmental expenditures, contingencies related to Marketing and the Marketing Leases and contingencies related to other parties, however, the Company believes it is possible that the fair value of future actual net expenditures could be substantially higher than amounts currently recorded by the Company. (See footnote 3 for contingencies related to Marketing and the Marketing Leases for additional information.) Adjustments to accrued liabilities for environmental remediation costs will be reflected in the Company’s financial statements as they become probable and a reasonable estimate of fair value can be made. Future environmental expenses could cause a material adverse effect on our business, financial condition, results of operations, liquidity, ability to pay dividends and/or stock price.
6. INCOME TAXES
Net cash paid for income taxes for the years ended December 31, 2008, 2007 and 2006 of $708,000, $488,000 and $576,000, respectively, includes amounts related to state and local income taxes for jurisdictions that do not follow the federal tax rules, which are provided for in rental property expenses in the Company’s consolidated statements of operations.
Earnings and profits (as defined in the Internal Revenue Code) is used to determine the tax attributes of dividends paid to stockholders and will differ from income reported for financial statement purposes due to the effect of items which are reported for income tax purposes in years different from that in which they are recorded for financial statement purposes. Earnings and profits were $40,906,000, $41,147,000 and $39,486,000 for the years ended December 31, 2008, 2007 and 2006, respectively. The federal tax attributes of the common dividends for the years ended December 31, 2008, 2007 and 2006 were: ordinary income of 87.4%, 90.3% and 88.0%; capital gain distributions of 1.2%, 0.0% and 0.02% and non-taxable distributions of 11.4%, 9.7% and 11.8%, respectively.
In order to qualify as a REIT, among other items, the Company must pay out substantially all of its earnings and profits in cash distributions to shareholders each year. Should the Internal Revenue Service successfully assert that the Company’s earnings and profits were greater than the amount distributed, the Company may fail to qualify as a REIT; however, the Company may avoid losing its REIT status by paying a deficiency dividend to eliminate any remaining earnings and profits. The Company may have to borrow money or sell assets to pay such a deficiency dividend. The Company accrues for this and certain other tax matters when appropriate based on information
59
currently available. The accrual for uncertain tax positions is adjusted as circumstances change and as the uncertainties become more clearly defined, such as when audits are settled or exposures expire. Accordingly, an income tax benefit of $700,000 was recorded in the third quarter of 2006, due to the elimination of the amount accrued for uncertain tax positions since the Company believes that the uncertainties regarding these exposures have been resolved or that it is no longer likely that the exposure will result in a liability upon review. However, the ultimate resolution of these matters may have a significant impact on the results of operations for any single fiscal year or interim period.
7. SHAREHOLDERS’ EQUITY
A summary of the changes in shareholders’ equity for the years ended December 31, 2008, 2007 and 2006 is as follows (in thousands, except per share amounts):
| | | | | | | | | | | | | | | | | | | |
| | COMMON STOCK | | PAID-IN
CAPITAL | | | DIVIDENDS
PAID
IN EXCESS
OF EARNINGS | | | ACCUMULATED
OTHER
COMPREHENSIVE
LOSS | | | | |
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| | SHARES | | AMOUNT | | | | | | | TOTAL | |
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BALANCE,
DECEMBER 31, 2005 | | | 24,717 | | $ | 247 | | $ | 257,766 | | $ | (30,130 | ) | $ | — | | $ | 227,883 | |
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Net earnings | | | | | | | | | | | | 42,725 | | | | | | 42,725 | |
Dividends — $1.82 per common share | | | | | | | | | | | | (45,094 | ) | | | | | (45,094 | ) |
Stock-based compensation | | | | | | | | | 186 | | | | | | | | | 186 | |
Net unrealized loss on interest rate swap | | | | | | | | | | | | | | | (821 | ) | | (821 | ) |
Stock options exercised | | | 48 | | | 1 | | | 695 | | | | | | | | | 696 | |
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BALANCE,
DECEMBER 31, 2006 | | | 24,765 | | | 248 | | | 258,647 | | | (32,499 | ) | | (821 | ) | | 225,575 | |
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Net earnings | | | | | | | | | | | | 33,894 | | | | | | 33,894 | |
Dividends — $1.85 per common share | | | | | | | | | | | | (45,900 | ) | | | | | (45,900 | ) |
Stock-based compensation | | | | | | | | | 87 | | | | | | | | | 87 | |
Net unrealized loss on interest rate swap | | | | | | | | | | | | | | | (1,478 | ) | | (1,478 | ) |
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BALANCE,
DECEMBER 31, 2007 | | | 24,765 | | | 248 | | | 258,734 | | | (44,505 | ) | | (2,299 | ) | | 212,178 | |
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Net earnings | | | | | | | | | | | | 41,810 | | | | | | 41,810 | |
Dividends — $1.87 per common share | | | | | | | | | | | | (46,429 | ) | | | | | (46,429 | ) |
Stock-based compensation | | | 1 | | | | | | 326 | | | | | | | | | 326 | |
Stock options exercised | | | | | | | | | 9 | | | | | | | | | 9 | |
Net unrealized loss on interest rate swap | | | | | | | | | | | | | | | (1,997 | ) | | (1,997 | ) |
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BALANCE,
DECEMBER 31, 2008 | | | 24,766 | | $ | 248 | | $ | 259,069 | | $ | (49,124 | ) (a) | $ | (4,296 | ) | $ | 205,897 | |
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(a) | Net of $103,803 transferred from retained earnings to common stock and paid-in capital as a result of accumulated stock dividends. |
The Company is authorized to issue 20,000,000 shares of preferred stock, par value $.01 per share, for issuance in series, of which none were issued as of December 31, 2008, 2007, 2006 and 2005.
8. SEVERANCE AGREEMENT AND EMPLOYEE BENEFIT PLANS
General and administrative expenses include a provision of $447,000 recorded in the quarter ended December 31, 2007 primarily due to the payment of severance and the accelerated vesting of 14,250 restricted stock units which were unvested and scheduled to vest five years from the date of each grant in conjunction with the resignation of Mr. Andy Smith, the former President and Chief Legal Officer of the Company.
The Company has a retirement and profit sharing plan with deferred 401(k) savings plan provisions (the “Retirement Plan”) for employees meeting certain service requirements and a supplemental plan for executives (the “Supplemental Plan”). Under the terms of these plans, the annual discretionary contributions to the plans are determined by the Compensation Committee of the Board of Directors. Also, under the Retirement Plan, employees
60
may make voluntary contributions and the Company has elected to match an amount equal to fifty percent of such contributions but in no event more than three percent of the employee’s eligible compensation. Under the Supplemental Plan, a participating executive may receive an amount equal to ten percent of eligible compensation, reduced by the amount of any contributions allocated to such executive under the Retirement Plan. Contributions, net of forfeitures, under the retirement plans approximated $151,000, $100,000 and $139,000 for the years ended December 31, 2008, 2007 and 2006, respectively. These amounts are included in the accompanying consolidated statements of operations.
The Getty Realty Corp. 2004 Omnibus Incentive Compensation Plan (the “2004 Plan”) provides for the grant of restricted stock, restricted stock units, performance awards, dividend equivalents, stock payments and stock awards to all employees and members of the Board of Directors. The 2004 Plan authorizes the Company to grant awards with respect to an aggregate of 1,000,000 shares of common stock through 2014. The aggregate maximum number of shares of common stock that may be subject to awards granted under the 2004 Plan during any calendar year is 80,000.
The Company awarded to employees and directors 23,800, 17,550 and 12,550 restricted stock units (“RSUs”) and dividend equivalents in 2008, 2007 and 2006, respectively. The RSUs are settled subsequent to the termination of employment with the Company. On the settlement date each RSU will have a value equal to one share of common stock and may be settled, at the sole discretion of the Compensation Committee, in cash or by the issuance of one share of common stock. In 2008, the Company settled 1,000 RSUs by issuing 400 shares of common stock with an intrinsic value of $7,000 net of employee tax withholdings and cancelling 600 RSUs that were not vested. In 2007, the Compensation Committee elected to settle 14,250 RSUs in cash for $405,000. The RSUs do not provide voting or other shareholder rights unless and until the RSU is settled for a share of common stock. The 62,000 RSUs outstanding as of December 31, 2008 vest starting one year from the date of grant, on a cumulative basis at the annual rate of twenty percent of the total number of RSUs covered by the award. The dividend equivalents represent the value of the dividends paid per common share multiplied by the number of RSUs covered by the award.
The fair values of the RSUs were determined based on the closing market price of the Company’s stock on the date of grant. The average fair values of the RSUs granted in 2008, 2007, and 2006 were estimated at $26.86, $28.78, and $28.80 per unit on the date of grant with an aggregate fair value estimated at $639,000, $505,000 and $361,000, respectively. The fair value of the grants is recognized as compensation expense ratably over the five year vesting period of the RSUs. As of December 31, 2008, there was $971,000 of total unrecognized compensation cost related to RSUs granted under the 2004 Plan.
The fair value of the 7,840, 19,330 and 3,320 RSUs which vested during the years ended December 31, 2008, 2007 and 2006 was $213,000, $523,000 and $88,000, respectively. The aggregate intrinsic value of the 62,000 outstanding RSUs and the 17,400 vested RSUs as of December 31, 2008 was $1,306,000 and $366,000, respectively. For the years ended December 31, 2008, 2007 and 2006, dividend equivalents aggregating approximately $88,000, $85,000 and $65,000, respectively, were charged against retained earnings when common stock dividends were declared.
The Company has a stock option plan (the “Stock Option Plan”). The Company’s authorization to grant options to purchase shares of the Company’s common stock under the Stock Option Plan expired in January 2008. No options were granted in 2008. Stock options vest starting one year from the date of grant, on a cumulative basis at the annual rate of twenty-five percent of the total number of options covered by the award. As of December 31, 2008, there was $10,000 of unrecognized compensation cost related to non-vested options granted in May 2007 under the Stock Option Plan with an estimated fair value of $18,000, or $3.51 per option. The total fair value of the options vested during the years ended December 31, 2008 and 2006 was $4,000 and $8,000, respectively. As of December 31, 2008, there were 1,750, 10,500 and 5,000 options outstanding which were exercisable at prices of $16.15, $18.30 and $27.68 with a remaining contractual life of three, four and nine years, respectively.
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The following is a schedule of stock option prices and activity relating to the Stock Option Plan:
| | | | | | | | | | | | | | | | | | | | | | | | | |
| | YEAR ENDED DECEMBER 31, | |
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| | 2008 | | | 2007 | | | 2006 | |
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| | | NUMBER
OF SHARES | | | WEIGHTED-
AVERAGE
EXERCISE
PRICE | | | WEIGHTED-
AVERAGE
REMAINING
CONTRACTUAL
TERM | | | AGGREGATE
INTRINSIC
VALUE
(IN THOUSANDS) | | | NUMBER
OF SHARES | | | WEIGHTED-
AVERAGE
EXERCISE
PRICE | | | NUMBER
OF SHARES | | | WEIGHTED-
AVERAGE
EXERCISE
PRICE | |
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Outstanding at beginning of year | | | 17,750 | | $ | 20.73 | | | | | | | | | 12,750 | | $ | 18.00 | | | 84,378 | | $ | 19.48 | |
Issued | | | — | | | — | | | | | | | | | 5,000 | | | 27.68 | | | — | | | — | |
Exercised (a) | | | (500 | ) | | 18.30 | | | | | | | | | — | | | — | | | (71,628 | ) | | 19.74 | |
Cancelled | | | — | | | — | | | | | | | | | — | | | — | | | — | | | — | |
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Outstanding at end of year | | | 17,250 | | $ | 20.80 | | | 5.3 | | $ | 4 | | | 17,750 | | $ | 20.73 | | | 12,750 | | $ | 18.00 | |
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Exercisable at end of year (b) | | | 13,500 | | $ | 18.89 | | | 4.8 | | $ | 29 | | | 12,750 | | $ | 18.00 | | | 12,750 | | $ | 18.00 | |
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(a) | The total intrinsic value of the options exercised during the years ended December 31, 2008 and 2006 was $5,000 and $704,000, respectively. |
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(b) | The options vested during the years ended December 31, 2008 and 2006 was 1,250 and 14,875, respectively. No options vested during the year ended December 31, 2007. |
9. QUARTERLY FINANCIAL DATA
The following is a summary of the quarterly results of operations for the years ended December 31, 2008 and 2007 (unaudited as to quarterly information) (in thousands, except per share amounts):
| | | | | | | | | | | | | | | | |
| | THREE MONTHS ENDED | | | |
| |
| | YEAR ENDED
DECEMBER 31, | |
YEAR ENDED DECEMBER 31, 2008 | | MARCH 31, | | JUNE 30, | | SEPTEMBER 30, | | DECEMBER 31, | | |
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Revenues from rental properties | | $ | 20,242 | | $ | 20,187 | | $ | 20,328 | | $ | 20,406 | | $ | 81,163 | |
Earnings from continuing operations | | | 10,832 | | | 9,361 | | | 10,011 | | | 8,958 | | | 39,162 | |
Net earnings | | | 11,371 | | | 10,635 | | | 10,489 | | | 9,315 | | | 41,810 | |
Diluted earnings per common share: | | | | | | | | | | | | | | | | |
Earnings from continuing operations | | | .44 | | | .38 | | | .40 | | | .36 | | | 1.58 | |
Net earnings | | | .46 | | | .43 | | | .42 | | | .38 | | | 1.69 | |
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| | | THREE MONTHS ENDED | | | | |
| |
| | YEAR ENDED
DECEMBER 31, | |
YEAR ENDED DECEMBER 31, 2007 (a) | | MARCH 31, | | JUNE 30, | | SEPTEMBER 30, | | DECEMBER 31, | | |
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Revenues from rental properties | | $ | 17,713 | | $ | 20,248 | | $ | 20,000 | | $ | 20,108 | | $ | 78,069 | |
Earnings (loss) from continuing operations (b)(c) | | | 10,194 | | | 8,507 | | | 9,907 | | | (498 | ) | | 28,110 | |
Net earnings (b)(c) | | | 10,437 | | | 10,024 | | | 12,846 | | | 587 | | | 33,894 | |
Diluted earnings (loss) per common share: | | | | | | | | | | | | | | | | |
Earnings (loss) from continuing
operations (b)(c) | | | .41 | | | .34 | | | .40 | | | (.02 | ) | | 1.13 | |
Net earnings (b)(c) | | | .42 | | | .40 | | | .52 | | | .02 | | | 1.37 | |
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(a) | Includes (from the date of the acquisition) the effect of the $84.6 million acquisition of convenience stores and gas station properties from FF-TSY Holding Company II LLC (successor to Trustreet Properties, Inc.) which was substantially completed by the end of the first quarter of 2007 (See footnote 10 for additional information). |
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(b) | The quarter ended December 31, 2007 includes the effect of a $10.5 million non-cash reserve for the full amount of the deferred rent receivable recorded as of December 31, 2007 related to approximately 40% of the properties under leases with Marketing, (See footnote 3 for additional information). |
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(c) | The quarter ended December 31, 2007 includes a net expense of $447,000 related to Mr. Andy Smith’s resignation (See footnote 8 for additional information). |
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10. PROPERTY ACQUISITIONS
On February 28, 2006, the Company completed the acquisition of eighteen retail motor fuel and convenience store properties located in Western New York for approximately $13,389,000. Simultaneous with the closing on the acquisition, the Company entered into a triple-net lease with a single tenant for all of the properties. The lease provides for annual rentals at a competitive rate and provides for escalations thereafter. The lease has an initial term of fifteen years and provides the tenant options for three renewal terms of five years each. The lease also provides that the tenant is responsible for all existing and future environmental conditions at the properties.
Effective March 31, 2007, the Company acquired fifty-nine convenience store and retail motor fuel properties in ten states for approximately $79,335,000 from various subsidiaries of FF-TSY Holding Company II, LLC (the successor to Trustreet Properties, Inc.) (“Trustreet”), a subsidiary of General Electric Capital Corporation, for cash with funds drawn under its Credit Agreement. Effective April 23, 2007, the Company acquired five additional properties from Trustreet for approximately $5,200,000. The aggregate cost of the acquisitions, including $1,131,000 of transaction costs, is approximately $84,535,000. Substantially all of the properties are triple-net-leased to tenants who previously leased the properties from the seller. The leases generally provide that the tenants are responsible for substantially all existing and future environmental conditions at the properties.
The purchase price has been allocated between assets, liabilities and intangible assets based on the estimates of fair value. The Company estimated the fair value of acquired tangible assets (consisting of land, buildings and improvements) “as if vacant” and identified intangible assets and liabilities (consisting of leasehold interests, above-market and below-market leases and in-place leases). Based on these estimates, the Company allocated $89,908,000, $5,351,000 and $10,724,000 of the purchase price to acquired tangible assets; identified intangible assets; and identified intangible liabilities, respectively.
The following unaudited pro forma condensed consolidated financial information has been prepared utilizing the historical financial statements of Getty Realty Corp. and the historical financial information of the properties acquired in 2007 which was derived from the consolidated books and records of Trustreet. The unaudited pro forma condensed consolidated financial information assumes that the acquisitions had occurred as of the beginning of each of the periods presented, after giving effect to certain adjustments including (a) rental income adjustments resulting from (i) the straight-lining of scheduled rent increases and (ii) the net amortization of the intangible assets relating to above-market leases and intangible liabilities relating to below-market leases over the remaining lease terms which average eleven years and (b) depreciation and amortization adjustments resulting from (i) the depreciation of real estate assets over their useful lives which average seventeen years and (ii) the amortization of intangible assets relating to leases in place over the remaining lease terms. The following unaudited pro forma condensed consolidated financial information also gives effect to the additional interest expense resulting from the assumed increase in borrowing outstanding drawn under the Credit Agreement to fund the acquisition.
The unaudited pro forma condensed financial information the years ended December 31, 2007 and 2006 is not indicative of the results of operations that would have been achieved had the acquisition from Trustreet reflected herein been consummated on the dates indicated or that will be achieved in the future and is as follows (in thousands, except per share amounts):
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| | 2007 | | 2006 | |
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Revenues from rental properties | | $ | 81,344 | | $ | 81,724 | |
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Net earnings | | $ | 34,348 | | $ | 43,900 | |
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Net earnings per share | | | | | | | |
Basic | | $ | 1.39 | | $ | 1.77 | |
Diluted | | $ | 1.39 | | $ | 1.77 | |
In 2007, the Company also exercised its fixed price purchase option for seven leased properties, purchased two properties and redeveloped one property by purchasing land adjacent to it and building a new convenience store on the existing site. In 2008, the Company exercised its fixed price purchase option for three leased properties and purchased six properties.
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REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Board of Directors and Shareholders of Getty Realty Corp.:
In our opinion, the accompanying consolidated balance sheets and the related consolidated statements of operations, comprehensive income and cash flows present fairly, in all material respects, the financial position of Getty Realty Corp. and its subsidiaries at December 31, 2008 and 2007, and the results of their operations and their cash flows for each of the three years in the period ended December 31, 2008, in conformity with accounting principles generally accepted in the United States of America. Also in our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of December 31, 2008 based on criteria established in Internal Control — Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO). The Company’s management is responsible for these financial statements, for maintaining effective internal control over financial reporting and for its assessment of the effectiveness of internal control over financial reporting, included in the Management’s Report on Internal Control Over Financial Reporting appearing under Item 9A. Our responsibility is to express opinions on these financial statements and on the Company’s internal control over financial reporting based on our integrated audits. We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement and whether effective internal control over financial reporting was maintained in all material respects. Our audits of the financial statements included examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. Our audit of internal control over financial reporting included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. Our audits also included performing such other procedures as we considered necessary in the circumstances. We believe that our audits provide a reasonable basis for our opinions.
A company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company’s internal control over financial reporting includes those policies and procedures that (i) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (ii) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (iii) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company’s assets that could have a material effect on the financial statements.
Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.
|
/s/ PricewaterhouseCoopers LLP |
New York, New York |
March 2, 2009 |
64
Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure
None.
Item 9A. Controls and Procedures
Disclosure Controls and Procedures
The Company maintains disclosure controls and procedures that are designed to ensure that information required to be disclosed in the Company’s reports filed or furnished pursuant to the Exchange Act, is recorded, processed, summarized and reported within the time periods specified in the Commission’s rules and forms, and that such information is accumulated and communicated to the Company’s management, including its Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosure. In designing and evaluating the disclosure controls and procedures, management recognized that any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired control objectives, and management necessarily was required to apply its judgment in evaluating the cost-benefit relationship of possible controls and procedures.
As required by the Exchange Act Rule 13a-15(b), the Company has carried out an evaluation, under the supervision and with the participation of the Company’s management, including the Company’s Chief Executive Officer and the Company’s Chief Financial Officer, of the effectiveness of the design and operation of the Company’s disclosure controls and procedures as of the end of the period covered by this Annual Report on Form 10-K. Based on the foregoing, the Company’s Chief Executive Officer and Chief Financial Officer concluded that the Company’s disclosure controls and procedures were effective at the reasonable assurance level as of December 31, 2008.
Management’s Report on Internal Control Over Financial Reporting
Our management is responsible for establishing and maintaining adequate internal control over financial reporting, as such term is defined in Exchange Act Rule 13a-15(f). Under the supervision and with the participation of our management, including our Chief Executive Officer and Chief Financial Officer, we have conducted an evaluation of the effectiveness of our internal control over financial reporting based on the framework in Internal Control — Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission. Based on our assessment under the framework in Internal Control — Integrated Framework, our management concluded that our internal control over financial reporting was effective as of December 31, 2008.
The effectiveness of our internal control over financial reporting as of December 31, 2008, has been audited by PricewaterhouseCoopers LLP, an independent registered public accounting firm, as stated in their report which appears in “Item 8. Financial Statements and Supplementary Data”.
There have been no changes in the Company’s internal control over financial reporting during the latest fiscal quarter that have materially affected, or are reasonably likely to materially affect, the Company’s internal control over financial reporting.
NYSE Certifications
On June 16, 2008, in accordance with Section 303A.12 of the Listed Company Manual of the New York Stock Exchange, our Chief Executive Officer certified to the New York Stock Exchange that he was not aware of any violation by our Company of New York Stock Exchange corporate governance listing standards as of that date. Further the Company files certifications by its Chief Executive Officer and Chief Financial Officer with the SEC, in accordance with the Sarbanes-Oxley Act of 2002. These certifications are filed as exhibits to this our Annual Report on Form 10-K.
Item 9B. Other Information
None.
65
PART III
Item 10. Directors, Executive Officers and Corporate Governance
Information with respect to compliance with section 16(a) of the Exchange Act is incorporated herein by reference to information under the heading “Section 16(a) Beneficial Ownership Reporting Compliance” in the Proxy Statement. Information with respect to directors, the audit committee and the audit committee financial expert, and procedures by which shareholders may recommend to nominees to the board of directors in response to this item is incorporated herein by reference to information under the headings “Election of Directors” and “Directors’ Meetings, Committees and Executive Officers” in the Proxy Statement. The following table lists our executive officers, their respective ages, and the offices and positions held.
| | | |
NAME | AGE | POSITION | OFFICER SINCE |
|
|
|
|
Leo Liebowitz | 81 | Chairman and Chief Executive Officer | 1971 |
Kevin C. Shea | 49 | Executive Vice President | 2001 |
Thomas J. Stirnweis | 50 | Vice President, Treasurer and Chief Financial Officer | 2001 |
Joshua Dicker | 48 | General Counsel and Corporate Secretary | 2008 |
Mr. Liebowitz cofounded the Company in 1955 and has served as Chief Executive Officer since 1985. He was the President of the Company from May 1971 to May 2004. Mr. Liebowitz served as Chairman, Chief Executive Officer and a director of Marketing from October 1996 until December 2000. He is also a director of the Regional Banking Advisory Board of J.P. Morgan Chase & Co.
Mr. Shea has been with the Company since 1984 and has served as Executive Vice President since May 2004. He was Vice President since January 2001 and Director of National Real Estate Development prior thereto.
Mr. Stirnweis has been with the Company or Getty Petroleum Marketing Inc. since 1988 and has served as Vice President, Treasurer and Chief Financial Officer of the Company since May 2003. He joined the Company in January 2001 as Corporate Controller and Treasurer. Prior to joining the Company, Mr. Stirnweis was Manager of Financial Reporting and Analysis of Marketing.
Mr. Dicker joined the Company in February 2008 as General Counsel and Corporate Secretary. Prior to joining Getty, he was a partner at the national law firm Arent Fox, LLP, resident in its New York City office, specializing in corporate and transactional matters.
There are no family relationships between any of the Company’s directors or executive officers.
The Getty Realty Corp. Business Conduct Guidelines (“Code of Ethics”), which applies to all employees, including our chief executive officer and chief financial officer, is available on our website at www.gettyrealty.com.
Item 11. Executive Compensation
Information in response to this item is incorporated herein by reference to information under the heading “Executive Compensation” in the Proxy Statement.
Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters
Information in response to this item is incorporated herein by reference to information under the heading “Beneficial Ownership of Capital Stock” and “Executive Compensation — Compensation Discussion and Analysis — Equity Compensation — Equity Compensation Plan Information” in the Proxy Statement.
66
Item 13. Certain Relationships and Related Transactions, and Director Independence
There were no such relationships or transactions to report for the year ended December 31, 2008. Information with respect to director independence is incorporated herein by reference to information under the heading “Directors’ Meetings, Committees and Executive Officers — Independence of Directors” in the Proxy Statement.
Item 14. Principal Accountant Fees and Services
Information in response to this item is incorporated herein by reference to information under the heading “Ratification of Appointment of Independent Registered Public Accounting Firm” in the Proxy Statement.
67
PART IV
Item 15. Exhibits and Financial Statement Schedules
| |
| (a)(1) Financial Statements |
| |
| Information in response to this Item is included in “Item 8. Financial Statements and Supplementary Data”. |
| |
| (a)(2) Financial Statement Schedules |
GETTY REALTY CORP.
INDEX TO FINANCIAL STATEMENT SCHEDULES
Item 15(a)(2)
| |
| (a)(3) Exhibits |
| |
| Information in response to this Item is incorporated herein by reference to the Exhibit Index on page 86 of this Form 10-K. |
68
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
ON FINANCIAL STATEMENT SCHEDULES
To the Board of Directors of Getty Realty Corp.:
Our audits of the consolidated financial statements and of the effectiveness of internal control over financial reporting referred to in our report dated March 2, 2009 appearing in Item 8 of this Annual Report on Form 10-K also included an audit of the financial statement schedules listed in Item 15(a)(2) of this Form 10-K. In our opinion, these financial statement schedules present fairly, in all material respects, the information set forth therein when read in conjunction with the related consolidated financial statements.
/s/ PricewaterhouseCoopers LLP
New York, New York
March 2, 2009
GETTY REALTY CORP. and SUBSIDIARIES
SCHEDULE II — VALUATION and QUALIFYING ACCOUNTS and RESERVES
for the years ended December 31, 2008, 2007 and 2006
(in thousands)
| | | | | | | | | | | | | |
| | BALANCE AT
BEGINNING
OF YEAR | | ADDITIONS | | DEDUCTIONS | | BALANCE
AT END
OF YEAR | |
| |
| |
| |
| |
| |
December 31, 2008: | | | | | | | | | | | | | |
Allowance for deferred rent receivable | | $ | 10,494 | | $ | — | | $ | 465 | | $ | 10,029 | |
Allowance for mortgages and accounts receivable | | $ | 100 | | $ | 71 | | $ | 71 | | $ | 100 | |
Allowance for deposits held in escrow | | $ | — | | $ | 377 | | $ | — | | $ | 377 | |
Allowance for recoveries from state underground storage tank funds | | $ | 650 | | $ | — | | $ | — | | $ | 650 | |
December 31, 2007: | | | | | | | | | | | | | |
Allowance for deferred rent receivable | | $ | — | | $ | 10,494 | | $ | — | | $ | 10,494 | |
Allowance for mortgages and accounts receivable | | $ | 30 | | $ | 70 | | $ | — | | $ | 100 | |
Allowance for recoveries from state underground storage tank funds | | $ | 650 | | $ | — | | $ | — | | $ | 650 | |
December 31, 2006: | | | | | | | | | | | | | |
Allowance for mortgages and accounts receivable | | $ | 29 | | $ | 44 | | $ | 43 | | $ | 30 | |
Allowance for recoveries from state underground storage tank funds | | $ | 750 | | $ | — | | $ | 100 | | $ | 650 | |
69
GETTY REALTY CORP. and SUBSIDIARIES
SCHEDULE III — REAL ESTATE AND ACCUMULATED DEPRECIATION AND AMORTIZATION
As of December 31, 2008
(in thousands)
The summarized changes in real estate assets and accumulated depreciation are as follows:
| | | | | | | | | | |
| | 2008 | | 2007 | | 2006 | |
| |
| |
| |
| |
Investment in real estate: | | | | | | | | | | |
Balance at beginning of year | | $ | 474,254 | | $ | 383,558 | | $ | 370,495 | |
Acquisitions | | | 6,540 | | | 94,700 | | | 15,496 | |
Capital expenditures | | | — | | | 1,310 | | | 42 | |
Sales and condemnations | | | (3,939 | ) | | (3,464 | ) | | (1,416 | ) |
Lease terminations | | | (3,288 | ) | | (1,850 | ) | | (1,059 | ) |
| |
|
| |
|
| |
|
| |
Balance at end of year | | $ | 473,567 | | $ | 474,254 | | $ | 383,558 | |
| |
|
| |
|
| |
|
| |
Accumulated depreciation and amortization: | | | | | | | | | | |
Balance at beginning of year | | $ | 122,465 | | $ | 116,089 | | $ | 109,800 | |
Depreciation and amortization expense | | | 11,576 | | | 9,448 | | | 7,883 | |
Sales and condemnations | | | (1,431 | ) | | (1,222 | ) | | (535 | ) |
Lease terminations | | | (3,288 | ) | | (1,850 | ) | | (1,059 | ) |
| |
|
| |
|
| |
|
| |
Balance at end of year | | $ | 129,322 | | $ | 122,465 | | $ | 116,089 | |
| |
|
| |
|
| |
|
| |
We are not aware of any material liens or encumbrances on any of our properties.
| | | | | | | | | | | | | | | | | | | | |
| | Initial Cost
of Leasehold
or Acquisition
Investment to
Company (1) | | Cost
Capitalized
Subsequent
to Initial
Investment | | Gross Amount at Which Carried
at Close of Period | | Accumulated
Depreciation | | Date of Initial
Leasehold or
Acquisition
Investment (1) |
| | | |
| | |
Description | | | | Land | | Building and
Improvements | | Total | | |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| | | | | | | | | | | | | | | | | | | | |
CEDAR PARK, TX | | $ | 178,507 | | $ | 0 | | $ | 42,091 | | $ | 136,415 | | $ | 178,507 | | $ | 12,414 | | 2007 |
ALBANY, NY | | | 142,312 | | | 36,831 | | | 91,600 | | | 87,543 | | | 179,143 | | | 59,357 | | 1985 |
SALISBURY, MA | | | 119,698 | | | 59,615 | | | 80,598 | | | 98,715 | | | 179,313 | | | 89,410 | | 1986 |
CARMEL, NY | | | 20,419 | | | 158,943 | | | 20,750 | | | 158,612 | | | 179,362 | | | 154,391 | | 1970 |
POTTSTOWN, PA | | | 166,236 | | | 16,010 | | | 71,631 | | | 110,615 | | | 182,246 | | | 94,975 | | 1989 |
LONG ISLAND CITY, NY | | | 90,895 | | | 91,386 | | | 60,030 | | | 122,251 | | | 182,281 | | | 115,438 | | 1972 |
BOILING SPRINGS, PA | | | 14,792 | | | 167,641 | | | 14,792 | | | 167,641 | | | 182,433 | | | 151,310 | | 1961 |
ARLINGTON, TX | | | 182,460 | | | 0 | | | 30,425 | | | 152,035 | | | 182,460 | | | 17,212 | | 2007 |
GREENVILLE, NY | | | 77,153 | | | 105,325 | | | 77,152 | | | 105,326 | | | 182,478 | | | 99,023 | | 1989 |
PIERMONT, NY | | | 151,125 | | | 31,470 | | | 90,675 | | | 91,920 | | | 182,595 | | | 91,920 | | 1978 |
SOUTH PORTLAND, ME | | | 176,700 | | | 6,938 | | | 115,100 | | | 68,538 | | | 183,638 | | | 33,203 | | 1985 |
AUBURN, ME | | | 105,908 | | | 77,928 | | | 105,908 | | | 77,928 | | | 183,836 | | | 77,781 | | 1986 |
KINGSTON, NY | | | 68,341 | | | 115,961 | | | 44,379 | | | 139,923 | | | 184,302 | | | 136,199 | | 1971 |
HOWELL, NJ | | | 9,750 | | | 174,857 | | | 0 | | | 184,607 | | | 184,607 | | | 184,035 | | 1978 |
PITTSFIELD, MA | | | 97,153 | | | 87,874 | | | 40,000 | | | 145,027 | | | 185,027 | | | 144,983 | | 1982 |
AGAWAM, MA | | | 65,000 | | | 120,665 | | | 0 | | | 185,665 | | | 185,665 | | | 183,366 | | 1982 |
IPSWICH, MA | | | 138,918 | | | 46,831 | | | 95,718 | | | 90,031 | | | 185,749 | | | 87,034 | | 1986 |
GETTYSBURG, PA | | | 157,602 | | | 28,530 | | | 67,602 | | | 118,530 | | | 186,132 | | | 117,939 | | 1986 |
ATHOL, MA | | | 164,629 | | | 22,016 | | | 107,009 | | | 79,636 | | | 186,645 | | | 33,779 | | 1991 |
GLEN ROCK, PA | | | 20,442 | | | 166,633 | | | 20,442 | | | 166,633 | | | 187,075 | | | 145,128 | | 1961 |
WHITE PLAINS, NY | | | 120,393 | | | 67,315 | | | 0 | | | 187,708 | | | 187,708 | | | 187,708 | | 1979 |
HADLEY, MA | | | 119,276 | | | 68,748 | | | 36,080 | | | 151,944 | | | 188,024 | | | 147,948 | | 1982 |
KINGSTON, NY | | | 29,010 | | | 159,986 | | | 12,721 | | | 176,275 | | | 188,996 | | | 167,892 | | 1972 |
TONAWANDA, NY | | | 189,296 | | | 0 | | | 147,122 | | | 42,174 | | | 189,296 | | | 15,886 | | 2000 |
SEAFORD, NY | | | 32,000 | | | 157,665 | | | 0 | | | 189,665 | | | 189,665 | | | 162,443 | | 1978 |
WISCASSET, ME | | | 156,587 | | | 33,455 | | | 90,837 | | | 99,205 | | | 190,042 | | | 99,205 | | 1986 |
BRISTOL, CT | | | 108,808 | | | 81,684 | | | 44,000 | | | 146,492 | | | 190,492 | | | 142,705 | | 1982 |
YONKERS, NY | | | 111,300 | | | 80,000 | | | 65,000 | | | 126,300 | | | 191,300 | | | 116,522 | | 1988 |
LANGHORNE, PA | | | 122,202 | | | 69,328 | | | 50,000 | | | 141,530 | | | 191,530 | | | 96,391 | | 1987 |
DELMAR, NY | | | 150,000 | | | 42,478 | | | 70,000 | | | 122,478 | | | 192,478 | | | 118,294 | | 1986 |
HUNTINGTON STATION, NY | | | 140,735 | | | 52,045 | | | 84,000 | | | 108,780 | | | 192,780 | | | 108,416 | | 1978 |
MECHANICSVILLE, VA | | | 0 | | | 193,088 | | | 193,088 | | | 0 | | | 193,088 | | | 0 | | 2005 |
70
| | | | | | | | | | | | | | | | | | | | |
| | Initial Cost
of Leasehold
or Acquisition
Investment to
Company (1) | | Cost
Capitalized
Subsequent
to Initial
Investment | | Gross Amount at Which Carried
at Close of Period | | Accumulated
Depreciation | | Date of Initial
Leasehold or
Acquisition
Investment (1) |
| | | |
| | |
Description | | | | Land | | Building and
Improvements | | Total | | |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| | | | | | | | | | | | | | | | | | | | |
CHRISTIANA, PA | | | 182,593 | | | 11,178 | | | 65,212 | | | 128,559 | | | 193,771 | | | 128,559 | | 1989 |
LINWOOD, PA | | | 171,518 | | | 22,371 | | | 102,968 | | | 90,921 | | | 193,889 | | | 89,412 | | 1987 |
OZONE PARK, NY | | | 0 | | | 193,968 | | | 0 | | | 193,968 | | | 193,968 | | | 193,968 | | 1986 |
ELMONT, NY | | | 108,348 | | | 85,793 | | | 64,290 | | | 129,851 | | | 194,141 | | | 96,559 | | 1982 |
ROTHSVILLE, PA | | | 169,550 | | | 25,188 | | | 52,169 | | | 142,569 | | | 194,738 | | | 142,569 | | 1989 |
OLD BRIDGE, NJ | | | 85,617 | | | 109,980 | | | 56,190 | | | 139,407 | | | 195,597 | | | 138,339 | | 1972 |
BREWSTER, NY | | | 117,603 | | | 78,076 | | | 72,403 | | | 123,276 | | | 195,679 | | | 116,856 | | 1972 |
BLOOMFIELD, CT | | | 141,452 | | | 54,786 | | | 90,000 | | | 106,238 | | | 196,238 | | | 102,146 | | 1986 |
JACKSONVILLE, FL | | | 196,764 | | | 0 | | | 114,434 | | | 82,330 | | | 196,764 | | | 31,009 | | 2000 |
EPHRATA, PA | | | 187,843 | | | 9,400 | | | 65,212 | | | 132,031 | | | 197,243 | | | 131,124 | | 1989 |
BRONX, NY | | | 95,328 | | | 102,639 | | | 73,750 | | | 124,217 | | | 197,967 | | | 118,171 | | 1976 |
RAVENA, NY | | | 0 | | | 199,900 | | | 0 | | | 199,900 | | | 199,900 | | | 193,108 | | 1991 |
BROOKLYN, NY | | | 74,808 | | | 125,120 | | | 30,694 | | | 169,234 | | | 199,928 | | | 164,543 | | 1967 |
POUGHKEEPSIE, NY | | | 32,885 | | | 168,354 | | | 35,904 | | | 165,335 | | | 201,239 | | | 158,649 | | 1971 |
JACKSONVILLE, FL | | | 201,477 | | | 0 | | | 117,907 | | | 83,570 | | | 201,477 | | | 31,479 | | 2000 |
DOUGLASSVILLE, PA | | | 178,488 | | | 23,321 | | | 128,738 | | | 73,071 | | | 201,809 | | | 73,071 | | 1990 |
CATSKILL, NY | | | 104,447 | | | 99,076 | | | 203,523 | | | 0 | | | 203,523 | | | 0 | | 1989 |
RHINEBECK, NY | | | 203,658 | | | 0 | | | 101,829 | | | 101,829 | | | 203,658 | | | 9,505 | | 2007 |
QUARRYVILLE, NY | | | 35,917 | | | 168,199 | | | 35,916 | | | 168,200 | | | 204,116 | | | 161,348 | | 1988 |
LEXINGTON, NC | | | 204,139 | | | 0 | | | 43,311 | | | 160,828 | | | 204,139 | | | 17,602 | | 2007 |
EXETER, NH | | | 160,000 | | | 44,343 | | | 105,000 | | | 99,343 | | | 204,343 | | | 83,837 | | 1986 |
MIDDLE VILLAGE, NY | | | 130,684 | | | 73,741 | | | 89,960 | | | 114,465 | | | 204,425 | | | 108,299 | | 1972 |
LEWISTON, NY | | | 205,000 | | | 0 | | | 125,000 | | | 80,000 | | | 205,000 | | | 30,133 | | 2000 |
MIDLAND PARK, NJ | | | 201,012 | | | 4,080 | | | 150,000 | | | 55,092 | | | 205,092 | | | 49,668 | | 1989 |
AUBURN, MA | | | 175,048 | | | 30,890 | | | 125,048 | | | 80,890 | | | 205,938 | | | 80,639 | | 1986 |
LAKEWOOD, NJ | | | 130,148 | | | 77,265 | | | 70,148 | | | 137,265 | | | 207,413 | | | 136,702 | | 1978 |
CLINTON, MA | | | 177,978 | | | 29,790 | | | 115,686 | | | 92,082 | | | 207,768 | | | 43,245 | | 1992 |
TOLLAND, CT | | | 107,902 | | | 100,178 | | | 44,000 | | | 164,080 | | | 208,080 | | | 161,058 | | 1982 |
BALDWIN, NY | | | 101,952 | | | 106,328 | | | 61,552 | | | 146,728 | | | 208,280 | | | 112,964 | | 1978 |
NORTH BABYLON, NY | | | 91,888 | | | 117,066 | | | 59,059 | | | 149,895 | | | 208,954 | | | 147,091 | | 1978 |
NEW YORK, NY | | | 106,363 | | | 103,035 | | | 79,275 | | | 130,123 | | | 209,398 | | | 126,852 | | 1976 |
HANCOCK, NY | | | 100,000 | | | 109,470 | | | 50,000 | | | 159,470 | | | 209,470 | | | 155,229 | | 1986 |
WATERFORD, CT | | | 76,981 | | | 133,059 | | | 0 | | | 210,040 | | | 210,040 | | | 202,481 | | 1982 |
AMITYVILLE, NY | | | 70,246 | | | 139,953 | | | 42,148 | | | 168,051 | | | 210,199 | | | 168,051 | | 1978 |
OCEANSIDE, NY | | | 40,378 | | | 169,929 | | | 40,000 | | | 170,307 | | | 210,307 | | | 137,354 | | 1970 |
MENANDS, NY | | | 150,580 | | | 60,563 | | | 49,999 | | | 161,144 | | | 211,143 | | | 147,689 | | 1988 |
WILLIAMSVILLE, NY | | | 211,972 | | | 0 | | | 176,643 | | | 35,329 | | | 211,972 | | | 13,306 | | 2000 |
PELHAM MANOR, NY | | | 127,304 | | | 85,087 | | | 75,800 | | | 136,591 | | | 212,391 | | | 126,720 | | 1972 |
MILLER PLACE, NY | | | 110,000 | | | 103,160 | | | 66,000 | | | 147,160 | | | 213,160 | | | 145,331 | | 1978 |
BRONX, NY | | | 93,817 | | | 120,396 | | | 67,200 | | | 147,013 | | | 214,213 | | | 124,497 | | 1985 |
MILFORD, MA | | | 0 | | | 214,331 | | | 0 | | | 214,331 | | | 214,331 | | | 173,037 | | 1985 |
BLUEPOINT, NY | | | 96,163 | | | 118,524 | | | 96,068 | | | 118,619 | | | 214,687 | | | 114,006 | | 1972 |
MOUNTVILLE, PA | | | 195,635 | | | 19,506 | | | 78,254 | | | 136,887 | | | 215,141 | | | 136,887 | | 1989 |
BAY SHORE, NY | | | 188,900 | | | 26,286 | | | 123,000 | | | 92,186 | | | 215,186 | | | 53,485 | | 1985 |
N. WINDHAM, ME | | | 161,365 | | | 53,923 | | | 86,365 | | | 128,923 | | | 215,288 | | | 128,884 | | 1986 |
TEWKSBURY, MA | | | 125,000 | | | 90,338 | | | 75,000 | | | 140,338 | | | 215,338 | | | 134,274 | | 1986 |
STRATFORD, NJ | | | 215,597 | | | 0 | | | 0 | | | 215,597 | | | 215,597 | | | 206,617 | | 1995 |
PELHAM MANOR, NY | | | 136,791 | | | 78,987 | | | 75,000 | | | 140,778 | | | 215,778 | | | 137,650 | | 1985 |
SEABROOK, NH | | | 199,780 | | | 19,102 | | | 124,780 | | | 94,102 | | | 218,882 | | | 93,844 | | 1986 |
FRANKLIN, CT | | | 50,904 | | | 168,470 | | | 20,232 | | | 199,142 | | | 219,374 | | | 198,201 | | 1982 |
WESTFIELD, MA | | | 123,323 | | | 96,093 | | | 50,000 | | | 169,416 | | | 219,416 | | | 166,343 | | 1982 |
HAMPTON, NH | | | 193,103 | | | 26,449 | | | 135,598 | | | 83,954 | | | 219,552 | | | 83,589 | | 1986 |
MIDDLETOWN, CT | | | 133,022 | | | 86,915 | | | 131,312 | | | 88,625 | | | 219,937 | | | 88,625 | | 1987 |
WORCESTER, MA | | | 186,877 | | | 33,510 | | | 121,470 | | | 98,917 | | | 220,387 | | | 47,387 | | 1993 |
STONY BROOK, NY | | | 175,921 | | | 44,529 | | | 105,000 | | | 115,450 | | | 220,450 | | | 114,507 | | 1978 |
YONKERS, NY | | | 153,184 | | | 67,266 | | | 76,592 | | | 143,858 | | | 220,450 | | | 78,260 | | 1987 |
EMMITSBURG, MD | | | 146,949 | | | 73,613 | | | 101,949 | | | 118,613 | | | 220,562 | | | 118,392 | | 1986 |
MANCHESTER, CT | | | 65,590 | | | 156,628 | | | 64,750 | | | 157,468 | | | 222,218 | | | 156,833 | | 1982 |
STATEN ISLAND, NY | | | 0 | | | 222,525 | | | 0 | | | 222,525 | | | 222,525 | | | 222,525 | | 1981 |
PELHAM, NH | | | 169,182 | | | 53,497 | | | 136,077 | | | 86,602 | | | 222,679 | | | 80,417 | | 1986 |
AMHERST, NY | | | 223,009 | | | 0 | | | 173,451 | | | 49,558 | | | 223,009 | | | 29,860 | | 2000 |
NEW ROCHELLE, NY | | | 188,932 | | | 34,649 | | | 103,932 | | | 119,649 | | | 223,581 | | | 119,017 | | 1982 |
71
| | | | | | | | | | | | | | | | | | | | |
| | Initial Cost
of Leasehold
or Acquisition
Investment to
Company (1) | | Cost
Capitalized
Subsequent
to Initial
Investment | | Gross Amount at Which Carried
at Close of Period | | Accumulated
Depreciation | | Date of Initial
Leasehold or
Acquisition
Investment (1) |
| | | |
| | |
Description | | | | Land | | Building and
Improvements | | Total | | |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| | | | | | | | | | | | | | | | | | | | |
SOMERSWORTH, NH | | | 210,805 | | | 15,012 | | | 157,520 | | | 68,297 | | | 225,817 | | | 68,169 | | 1986 |
RED HOOK, NY | | | 0 | | | 226,787 | | | 0 | | | 226,787 | | | 226,787 | | | 220,274 | | 1991 |
BRIDGEWATER, MA | | | 190,360 | | | 36,762 | | | 140,000 | | | 87,122 | | | 227,122 | | | 81,814 | | 1987 |
BROOKLYN, NY | | | 135,693 | | | 91,946 | | | 100,035 | | | 127,604 | | | 227,639 | | | 107,679 | | 1972 |
NEW YORK, NY | | | 0 | | | 229,435 | | | 0 | | | 229,435 | | | 229,435 | | | 229,433 | | 1985 |
HYANNIS, MA | | | 222,472 | | | 7,282 | | | 144,607 | | | 85,147 | | | 229,754 | | | 24,909 | | 1991 |
LAGRANGEVILLE, NY | | | 129,133 | | | 101,140 | | | 64,626 | | | 165,647 | | | 230,273 | | | 163,995 | | 1972 |
PINE HILL, NJ | | | 190,568 | | | 39,918 | | | 115,568 | | | 114,918 | | | 230,486 | | | 112,628 | | 1986 |
TREVOSE, PA | | | 215,214 | | | 16,382 | | | 150,000 | | | 81,596 | | | 231,596 | | | 71,123 | | 1987 |
MILFORD, NH | | | 190,000 | | | 41,689 | | | 115,000 | | | 116,689 | | | 231,689 | | | 112,700 | | 1986 |
W. HAVERSTRAW, NY | | | 194,181 | | | 38,141 | | | 140,000 | | | 92,322 | | | 232,322 | | | 87,313 | | 1978 |
MERIDEN, CT | | | 126,188 | | | 106,805 | | | 72,344 | | | 160,649 | | | 232,993 | | | 155,320 | | 1982 |
LANCASTER, PA | | | 208,677 | | | 24,347 | | | 78,254 | | | 154,770 | | | 233,024 | | | 154,770 | | 1989 |
WEST HAVEN, CT | | | 185,138 | | | 48,619 | | | 74,000 | | | 159,757 | | | 233,757 | | | 157,837 | | 1982 |
LEOMINSTER, MA | | | 185,040 | | | 49,592 | | | 85,040 | | | 149,592 | | | 234,632 | | | 147,070 | | 1986 |
PELHAM, NH | | | 0 | | | 234,915 | | | 0 | | | 234,915 | | | 234,915 | | | 140,743 | | 1996 |
NEW MILFORD, CT | | | 113,947 | | | 121,174 | | | 0 | | | 235,121 | | | 235,121 | | | 231,921 | | 1982 |
EBENEZER, PA | | | 147,058 | | | 88,474 | | | 68,804 | | | 166,728 | | | 235,532 | | | 144,565 | | 1989 |
STOUGHTON, MA | | | 0 | | | 235,794 | | | 0 | | | 235,794 | | | 235,794 | | | 200,384 | | 1990 |
QUINCY, MA | | | 200,000 | | | 36,112 | | | 125,000 | | | 111,112 | | | 236,112 | | | 109,396 | | 1986 |
HARWICH, MA | | | 225,000 | | | 12,044 | | | 150,000 | | | 87,044 | | | 237,044 | | | 84,250 | | 1986 |
NORTH KINGSTOWN, RI | | | 211,835 | | | 25,971 | | | 89,135 | | | 148,671 | | | 237,806 | | | 147,346 | | 1985 |
KENHORST, PA | | | 143,466 | | | 94,592 | | | 65,212 | | | 172,846 | | | 238,058 | | | 154,465 | | 1989 |
BOYERTOWN, PA | | | 233,000 | | | 5,373 | | | 151,700 | | | 86,673 | | | 238,373 | | | 40,875 | | 1985 |
ATCO, NJ | | | 153,159 | | | 85,853 | | | 131,766 | | | 107,246 | | | 239,012 | | | 107,063 | | 1987 |
SPRINGFIELD, MA | | | 0 | | | 239,087 | | | 0 | | | 239,087 | | | 239,087 | | | 183,746 | | 1984 |
COLUMBIA, PA | | | 225,906 | | | 13,206 | | | 75,000 | | | 164,112 | | | 239,112 | | | 139,513 | | 1989 |
PAWTUCKET, RI | | | 237,100 | | | 2,990 | | | 154,400 | | | 85,690 | | | 240,090 | | | 39,103 | | 1985 |
NEW HAVEN, CT | | | 217,000 | | | 23,889 | | | 141,300 | | | 99,589 | | | 240,889 | | | 55,976 | | 1985 |
ROTTERDAM, NY | | | 140,600 | | | 100,399 | | | 91,600 | | | 149,399 | | | 240,999 | | | 112,696 | | 1985 |
SACO, ME | | | 204,006 | | | 37,173 | | | 150,694 | | | 90,485 | | | 241,179 | | | 90,385 | | 1986 |
SOMERSWORTH, NH | | | 180,800 | | | 60,497 | | | 117,700 | | | 123,597 | | | 241,297 | | | 72,820 | | 1985 |
PITTSFIELD, MA | | | 123,167 | | | 118,273 | | | 50,000 | | | 191,440 | | | 241,440 | | | 190,690 | | 1982 |
BRONX, NY | | | 45,044 | | | 196,956 | | | 10,044 | | | 231,956 | | | 242,000 | | | 202,976 | | 1976 |
LEWISTON, ME | | | 180,338 | | | 62,629 | | | 101,338 | | | 141,629 | | | 242,967 | | | 139,558 | | 1986 |
LAKE RONKONKOMA, NY | | | 87,097 | | | 156,576 | | | 51,000 | | | 192,673 | | | 243,673 | | | 189,671 | | 1978 |
HANOVER, PA | | | 231,028 | | | 13,252 | | | 70,000 | | | 174,280 | | | 244,280 | | | 155,369 | | 1989 |
NEW WINDSOR, NY | | | 150,000 | | | 94,791 | | | 75,000 | | | 169,791 | | | 244,791 | | | 157,978 | | 1986 |
HILLSBOROUGH, NJ | | | 237,122 | | | 7,729 | | | 100,000 | | | 144,851 | | | 244,851 | | | 67,608 | | 1985 |
DEDHAM, MA | | | 225,824 | | | 19,150 | | | 125,824 | | | 119,150 | | | 244,974 | | | 118,859 | | 1987 |
POTTSVILLE, PA | | | 162,402 | | | 82,769 | | | 43,471 | | | 201,700 | | | 245,171 | | | 188,055 | | 1990 |
YONKERS, NY | | | 202,826 | | | 42,877 | | | 144,000 | | | 101,703 | | | 245,703 | | | 86,111 | | 1986 |
OSSINING, NY | | | 140,992 | | | 104,761 | | | 97,527 | | | 148,226 | | | 245,753 | | | 141,908 | | 1982 |
WELLSVILLE, NY | | | 247,281 | | | 0 | | | 0 | | | 247,281 | | | 247,281 | | | 28,025 | | 2006 |
MERIDEN, CT | | | 207,873 | | | 39,829 | | | 84,000 | | | 163,702 | | | 247,702 | | | 162,841 | | 1982 |
BETHPAGE, NY | | | 210,990 | | | 38,356 | | | 126,000 | | | 123,346 | | | 249,346 | | | 122,757 | | 1978 |
COTTAGE HILLS, IL | | | 249,419 | | | 0 | | | 26,199 | | | 223,220 | | | 249,419 | | | 24,030 | | 2007 |
LACKAWANNA, NY | | | 250,030 | | | 0 | | | 129,870 | | | 120,160 | | | 250,030 | | | 56,548 | | 2000 |
RED LION, PA | | | 221,719 | | | 29,788 | | | 52,169 | | | 199,338 | | | 251,507 | | | 197,653 | | 1989 |
BETHLEHEM, PA | | | 208,677 | | | 42,927 | | | 130,423 | | | 121,181 | | | 251,604 | | | 118,994 | | 1989 |
CROMWELL, CT | | | 70,017 | | | 183,119 | | | 24,000 | | | 229,136 | | | 253,136 | | | 229,136 | | 1982 |
BELLEVILLE, NJ | | | 215,468 | | | 38,163 | | | 149,237 | | | 104,394 | | | 253,631 | | | 103,157 | | 1986 |
BRISTOL, CT | | | 253,639 | | | 0 | | | 149,553 | | | 104,086 | | | 253,639 | | | 17,346 | | 2004 |
CENTRAL ISLIP, NY | | | 103,183 | | | 151,449 | | | 61,435 | | | 193,197 | | | 254,632 | | | 193,197 | | 1978 |
PORTSMOUTH, NH | | | 235,000 | | | 20,257 | | | 150,000 | | | 105,257 | | | 255,257 | | | 104,984 | | 1986 |
HAWTHORNE, NJ | | | 245,100 | | | 10,967 | | | 159,600 | | | 96,467 | | | 256,067 | | | 48,303 | | 1985 |
COLONIA, NJ | | | 253,100 | | | 3,395 | | | 164,800 | | | 91,695 | | | 256,495 | | | 41,954 | | 1985 |
HILLSIDE, NJ | | | 225,000 | | | 31,552 | | | 150,000 | | | 106,552 | | | 256,552 | | | 105,238 | | 1987 |
S. WEYMOUTH, MA | | | 211,891 | | | 44,893 | | | 256,784 | | | 0 | | | 256,784 | | | 0 | | 1985 |
WEST SENECA, NY | | | 257,142 | | | 0 | | | 184,385 | | | 72,757 | | | 257,142 | | | 27,411 | | 2000 |
WEST YARMOUTH, MA | | | 225,000 | | | 33,165 | | | 125,000 | | | 133,165 | | | 258,165 | | | 132,212 | | 1986 |
72
| | | | | | | | | | | | | | | | | | | | |
| | Initial Cost
of Leasehold
or Acquisition
Investment to
Company (1) | | Cost
Capitalized
Subsequent
to Initial
Investment | | Gross Amount at Which Carried
at Close of Period | | Accumulated
Depreciation | | Date of Initial
Leasehold or
Acquisition
Investment (1) |
| | | |
| | |
Description | | | | Land | | Building and
Improvements | | Total | | |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| | | | | | | | | | | | | | | | | | | | |
LONG ISLAND CITY, NY | | | 106,592 | | | 151,819 | | | 73,260 | | | 185,151 | | | 258,411 | | | 156,275 | | 1976 |
CLIFTON HGTS, PA | | | 213,000 | | | 46,824 | | | 138,700 | | | 121,124 | | | 259,824 | | | 77,026 | | 1985 |
ENFIELD, CT | | | 259,881 | | | 0 | | | 0 | | | 259,881 | | | 259,881 | | | 127,392 | | 2004 |
SHREWSBURY, PA | | | 132,993 | | | 126,898 | | | 52,832 | | | 207,059 | | | 259,891 | | | 176,046 | | 1989 |
REINHOLDS, PA | | | 176,520 | | | 83,686 | | | 82,017 | | | 178,189 | | | 260,206 | | | 153,485 | | 1989 |
EPHRATA, PA | | | 208,604 | | | 52,826 | | | 30,000 | | | 231,430 | | | 261,430 | | | 173,272 | | 1989 |
MILFORD, MA | | | 0 | | | 262,436 | | | 0 | | | 262,436 | | | 262,436 | | | 192,695 | | 1991 |
EXETER, NH | | | 113,285 | | | 149,265 | | | 65,000 | | | 197,550 | | | 262,550 | | | 188,505 | | 1986 |
EAST HILLS, NY | | | 241,613 | | | 21,070 | | | 241,613 | | | 21,070 | | | 262,683 | | | 20,248 | | 1986 |
STONY POINT, NY | | | 59,329 | | | 203,448 | | | 55,800 | | | 206,977 | | | 262,777 | | | 199,852 | | 1971 |
HYDE PARK, NY | | | 253,100 | | | 12,015 | | | 139,100 | | | 126,015 | | | 265,115 | | | 109,042 | | 1985 |
READING, PA | | | 182,592 | | | 82,812 | | | 104,338 | | | 161,066 | | | 265,404 | | | 144,701 | | 1989 |
HARTFORD, CT | | | 233,000 | | | 32,563 | | | 151,700 | | | 113,863 | | | 265,563 | | | 65,422 | | 1985 |
SOUTH PORTLAND, ME | | | 180,689 | | | 84,980 | | | 110,689 | | | 154,980 | | | 265,669 | | | 154,980 | | 1986 |
BRIDGEPORT, CT | | | 245,100 | | | 20,652 | | | 159,600 | | | 106,152 | | | 265,752 | | | 56,447 | | 1985 |
READING, PA | | | 129,284 | | | 137,863 | | | 65,352 | | | 201,795 | | | 267,147 | | | 167,329 | | 1989 |
E. PATCHOGUE, NY | | | 57,049 | | | 210,390 | | | 34,213 | | | 233,226 | | | 267,439 | | | 231,219 | | 1978 |
CLAYMONT, DE | | | 237,200 | | | 30,878 | | | 151,700 | | | 116,378 | | | 268,078 | | | 69,812 | | 1985 |
EAST HARTFORD, CT | | | 208,004 | | | 60,493 | | | 84,000 | | | 184,497 | | | 268,497 | | | 184,155 | | 1982 |
NEPTUNE CITY, NJ | | | 269,600 | | | 0 | | | 175,600 | | | 94,000 | | | 269,600 | | | 41,048 | | 1985 |
OAKHURST, NJ | | | 225,608 | | | 46,405 | | | 100,608 | | | 171,405 | | | 272,013 | | | 169,702 | | 1985 |
FRANKLIN, MA | | | 253,619 | | | 18,437 | | | 164,852 | | | 107,204 | | | 272,056 | | | 37,758 | | 1988 |
AGAWAM, MA | | | 209,555 | | | 63,621 | | | 136,000 | | | 137,176 | | | 273,176 | | | 93,909 | | 1985 |
WAPPINGERS FALLS, NY | | | 114,185 | | | 159,162 | | | 111,785 | | | 161,562 | | | 273,347 | | | 154,655 | | 1971 |
BRONX, NY | | | 90,176 | | | 183,197 | | | 40,176 | | | 233,197 | | | 273,373 | | | 201,037 | | 1976 |
COLONIE, NY | | | 245,150 | | | 28,322 | | | 120,150 | | | 153,322 | | | 273,472 | | | 149,666 | | 1986 |
RIDGEFIELD PARK, NJ | | | 273,549 | | | 0 | | | 150,000 | | | 123,549 | | | 273,549 | | | 88,159 | | 1997 |
NORTHPORT, NY | | | 241,100 | | | 33,036 | | | 157,000 | | | 117,136 | | | 274,136 | | | 69,360 | | 1985 |
SOUTHINGTON, CT | | | 115,750 | | | 158,561 | | | 70,750 | | | 203,561 | | | 274,311 | | | 202,983 | | 1982 |
FRANKLIN SQUARE, NY | | | 152,572 | | | 121,756 | | | 137,315 | | | 137,013 | | | 274,328 | | | 94,541 | | 1978 |
SANFORD, ME | | | 265,523 | | | 9,178 | | | 201,316 | | | 73,385 | | | 274,701 | | | 73,385 | | 1986 |
ARENDTSVILLE, PA | | | 173,759 | | | 101,020 | | | 32,603 | | | 242,176 | | | 274,779 | | | 219,328 | | 1989 |
OSSINING, NY | | | 231,100 | | | 44,049 | | | 149,200 | | | 125,949 | | | 275,149 | | | 75,785 | | 1985 |
WILMINGTON, DE | | | 242,800 | | | 32,615 | | | 158,100 | | | 117,315 | | | 275,415 | | | 69,602 | | 1985 |
LAURELDALE, PA | | | 262,079 | | | 15,550 | | | 86,941 | | | 190,688 | | | 277,629 | | | 188,178 | | 1989 |
BRONX, NY | | | 0 | | | 278,517 | | | 0 | | | 278,517 | | | 278,517 | | | 224,698 | | 1976 |
BAY SHORE, NY | | | 156,382 | | | 123,032 | | | 85,854 | | | 193,560 | | | 279,414 | | | 189,628 | | 1981 |
NORTH GRAFTON, MA | | | 244,720 | | | 35,136 | | | 159,068 | | | 120,788 | | | 279,856 | | | 51,708 | | 1991 |
NEFFSVILLE, PA | | | 234,761 | | | 45,637 | | | 91,296 | | | 189,102 | | | 280,398 | | | 185,596 | | 1989 |
EPHRATA, PA | | | 183,477 | | | 96,937 | | | 136,809 | | | 143,605 | | | 280,414 | | | 121,045 | | 1990 |
QUEENSBURY, NY | | | 215,255 | | | 65,245 | | | 140,255 | | | 140,245 | | | 280,500 | | | 134,653 | | 1986 |
BRYN MAWR, PA | | | 221,000 | | | 59,832 | | | 143,900 | | | 136,932 | | | 280,832 | | | 89,510 | | 1985 |
TERRYVILLE, CT | | | 182,308 | | | 98,911 | | | 74,000 | | | 207,219 | | | 281,219 | | | 207,051 | | 1982 |
NEW CITY, NY | | | 180,979 | | | 100,597 | | | 109,025 | | | 172,551 | | | 281,576 | | | 171,798 | | 1978 |
MALTA, NY | | | 190,000 | | | 91,726 | | | 65,000 | | | 216,726 | | | 281,726 | | | 209,422 | | 1986 |
BRONX, NY | | | 88,865 | | | 193,679 | | | 63,315 | | | 219,229 | | | 282,544 | | | 217,432 | | 1976 |
BRONX, NY | | | 141,322 | | | 141,909 | | | 86,800 | | | 196,431 | | | 283,231 | | | 186,116 | | 1972 |
PARADISE, PA | | | 132,295 | | | 151,188 | | | 102,295 | | | 181,188 | | | 283,483 | | | 140,177 | | 1986 |
RONKONKOMA, NY | | | 76,478 | | | 208,121 | | | 46,057 | | | 238,542 | | | 284,599 | | | 233,393 | | 1978 |
TROY, NY | | | 225,000 | | | 60,569 | | | 146,500 | | | 139,069 | | | 285,569 | | | 85,229 | | 1985 |
ELLENVILLE, NY | | | 233,000 | | | 53,690 | | | 151,700 | | | 134,990 | | | 286,690 | | | 85,391 | | 1985 |
SOUTH HADLEY, MA | | | 232,445 | | | 54,351 | | | 90,000 | | | 196,796 | | | 286,796 | | | 191,723 | | 1982 |
WESTBROOK, ME | | | 93,345 | | | 193,654 | | | 50,431 | | | 236,568 | | | 286,999 | | | 192,936 | | 1986 |
WORCESTER, MA | | | 146,832 | | | 140,589 | | | 95,441 | | | 191,980 | | | 287,421 | | | 115,861 | | 1991 |
WARWICK, RI | | | 253,100 | | | 34,400 | | | 164,800 | | | 122,700 | | | 287,500 | | | 70,531 | | 1985 |
WORCESTER, MA | | | 275,866 | | | 11,674 | | | 179,313 | | | 108,227 | | | 287,540 | | | 33,559 | | 1992 |
UNION, NJ | | | 287,800 | | | 0 | | | 287,800 | | | 0 | | | 287,800 | | | 0 | | 1985 |
RICHMOND, VA | | | 120,818 | | | 167,895 | | | 0 | | | 288,713 | | | 288,713 | | | 264,641 | | 1990 |
HAVERTOWN, PA | | | 265,200 | | | 24,500 | | | 172,700 | | | 117,000 | | | 289,700 | | | 62,451 | | 1985 |
FORT EDWARD, NY | | | 225,000 | | | 65,739 | | | 150,000 | | | 140,739 | | | 290,739 | | | 137,351 | | 1986 |
GRANBY, MA | | | 58,804 | | | 232,477 | | | 24,000 | | | 267,281 | | | 291,281 | | | 204,923 | | 1982 |
73
| | | | | | | | | | | | | | | | | | | | |
| | Initial Cost
of Leasehold
or Acquisition
Investment to
Company (1) | | Cost
Capitalized
Subsequent
to Initial
Investment | | Gross Amount at Which Carried
at Close of Period | | Accumulated
Depreciation | | Date of Initial
Leasehold or
Acquisition
Investment (1) |
| | | |
| | |
Description | | | | Land | | Building and
Improvements | | Total | | |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| | | | | | | | | | | | | | | | | | | | |
ELKINS PARK, PA | | | 275,171 | | | 17,524 | | | 200,000 | | | 92,695 | | | 292,695 | | | 91,156 | | 1990 |
BRONX, NY | | | 0 | | | 293,507 | | | 0 | | | 293,507 | | | 293,507 | | | 293,507 | | 1972 |
KING GEORGE, VA | | | 0 | | | 293,638 | | | 293,638 | | | 0 | | | 293,638 | | | 0 | | 2005 |
BALLSTON, NY | | | 160,000 | | | 134,021 | | | 110,000 | | | 184,021 | | | 294,021 | | | 180,833 | | 1986 |
HAMBURG, NY | | | 294,031 | | | 0 | | | 163,906 | | | 130,125 | | | 294,031 | | | 49,013 | | 2000 |
IPSWICH, MA | | | 275,000 | | | 19,161 | | | 150,000 | | | 144,161 | | | 294,161 | | | 142,410 | | 1986 |
ALBANY, NY | | | 206,620 | | | 87,949 | | | 81,620 | | | 212,949 | | | 294,569 | | | 206,450 | | 1986 |
NEW YORK, NY | | | 125,923 | | | 168,772 | | | 78,125 | | | 216,570 | | | 294,695 | | | 213,843 | | 1972 |
HAMBURG, PA | | | 219,280 | | | 75,745 | | | 130,423 | | | 164,602 | | | 295,025 | | | 154,329 | | 1989 |
WEST DEPTFORD, NJ | | | 245,450 | | | 50,295 | | | 151,053 | | | 144,692 | | | 295,745 | | | 142,590 | | 1987 |
BALDWIN, NY | | | 290,923 | | | 5,007 | | | 151,280 | | | 144,650 | | | 295,930 | | | 62,219 | | 1986 |
NORRISTOWN, PA | | | 175,300 | | | 120,786 | | | 175,300 | | | 120,786 | | | 296,086 | | | 66,625 | | 1985 |
KERNERSVILLE, NC | | | 296,770 | | | 0 | | | 72,777 | | | 223,994 | | | 296,770 | | | 20,060 | | 2007 |
STATEN ISLAND, NY | | | 40,598 | | | 256,262 | | | 26,050 | | | 270,810 | | | 296,860 | | | 201,194 | | 1973 |
PISCATAWAY, NJ | | | 269,200 | | | 28,232 | | | 175,300 | | | 122,132 | | | 297,432 | | | 68,358 | | 1985 |
ROANOKE, VA | | | 91,281 | | | 206,221 | | | 0 | | | 297,502 | | | 297,502 | | | 229,390 | | 1990 |
MANCHESTER, NH | | | 261,100 | | | 36,404 | | | 170,000 | | | 127,504 | | | 297,504 | | | 68,448 | | 1985 |
ORLEANS, MA | | | 260,000 | | | 37,637 | | | 185,000 | | | 112,637 | | | 297,637 | | | 108,503 | | 1986 |
MILLERTON, NY | | | 175,000 | | | 123,063 | | | 100,000 | | | 198,063 | | | 298,063 | | | 185,327 | | 1986 |
ROTTERDAM, NY | | | 132,287 | | | 166,077 | | | 0 | | | 298,364 | | | 298,364 | | | 246,286 | | 1995 |
STRATFORD, CT | | | 285,200 | | | 14,728 | | | 185,700 | | | 114,228 | | | 299,928 | | | 57,536 | | 1985 |
SALEM, MA | | | 275,000 | | | 25,393 | | | 175,000 | | | 125,393 | | | 300,393 | | | 123,970 | | 1986 |
MCCONNELLSBURG, PA | | | 155,367 | | | 145,616 | | | 69,915 | | | 231,068 | | | 300,983 | | | 132,501 | | 1989 |
EPPING, NH | | | 170,000 | | | 131,403 | | | 120,000 | | | 181,403 | | | 301,403 | | | 162,869 | | 1986 |
STATEN ISLAND, NY | | | 0 | | | 301,713 | | | 0 | | | 301,713 | | | 301,713 | | | 233,997 | | 1978 |
OXFORD, MA | | | 293,664 | | | 9,098 | | | 190,882 | | | 111,880 | | | 302,762 | | | 32,247 | | 1993 |
ORANGE, NJ | | | 281,200 | | | 24,573 | | | 183,100 | | | 122,673 | | | 305,773 | | | 66,891 | | 1985 |
DEPTFORD, NJ | | | 281,200 | | | 24,745 | | | 183,100 | | | 122,845 | | | 305,945 | | | 66,308 | | 1985 |
STATEN ISLAND, NY | | | 173,667 | | | 133,198 | | | 113,369 | | | 193,496 | | | 306,865 | | | 179,987 | | 1976 |
CASTILE, NY | | | 307,196 | | | 0 | | | 132,196 | | | 175,000 | | | 307,196 | | | 19,833 | | 2006 |
JAMAICA, NY | | | 12,000 | | | 295,750 | | | 12,000 | | | 295,750 | | | 307,750 | | | 205,240 | | 1970 |
CLIFTON, NJ | | | 301,518 | | | 6,413 | | | 150,000 | | | 157,931 | | | 307,931 | | | 105,862 | | 1987 |
BRONX, NY | | | 0 | | | 309,235 | | | 176,558 | | | 132,677 | | | 309,235 | | | 71,647 | | 1971 |
OXFORD, PA | | | 191,449 | | | 118,321 | | | 65,212 | | | 244,558 | | | 309,770 | | | 217,909 | | 1989 |
SOUTHBRIDGE, MA | | | 249,169 | | | 62,205 | | | 161,960 | | | 149,414 | | | 311,374 | | | 80,091 | | 1993 |
BUFFALO, NY | | | 312,426 | | | 0 | | | 150,888 | | | 161,538 | | | 312,426 | | | 73,384 | | 2000 |
PEMBROKE, NH | | | 138,492 | | | 174,777 | | | 100,837 | | | 212,432 | | | 313,269 | | | 156,678 | | 1986 |
CANDIA, NH | | | 130,000 | | | 184,004 | | | 80,000 | | | 234,004 | | | 314,004 | | | 229,159 | | 1986 |
N RICHLAND HILLS, TX | | | 314,246 | | | 0 | | | 125,745 | | | 188,501 | | | 314,246 | | | 17,806 | | 2007 |
BRONX, NY | | | 130,396 | | | 184,222 | | | 90,396 | | | 224,222 | | | 314,618 | | | 207,544 | | 1972 |
BALLSTON SPA, NY | | | 210,000 | | | 105,073 | | | 100,000 | | | 215,073 | | | 315,073 | | | 210,459 | | 1986 |
REGO PARK, NY | | | 33,745 | | | 281,380 | | | 23,000 | | | 292,125 | | | 315,125 | | | 236,798 | | 1974 |
PHILADELPHIA, PA | | | 281,200 | | | 34,285 | | | 183,100 | | | 132,385 | | | 315,485 | | | 75,319 | | 1985 |
EPSOM, NH | | | 220,000 | | | 96,022 | | | 155,000 | | | 161,022 | | | 316,022 | | | 145,638 | | 1986 |
TONAWANDA, NY | | | 304,762 | | | 11,493 | | | 211,337 | | | 104,918 | | | 316,255 | | | 39,521 | | 2000 |
RIDGEWOOD, NY | | | 278,372 | | | 38,578 | | | 250,000 | | | 66,950 | | | 316,950 | | | 25,068 | | 1986 |
WHITE PLAINS, NY | | | 258,600 | | | 60,120 | | | 164,800 | | | 153,920 | | | 318,720 | | | 94,842 | | 1985 |
NORRISTOWN, PA | | | 241,300 | | | 78,419 | | | 157,100 | | | 162,619 | | | 319,719 | | | 90,430 | | 1985 |
WEST TAGHKANIC, NY | | | 202,750 | | | 117,540 | | | 121,650 | | | 198,640 | | | 320,290 | | | 135,096 | | 1986 |
CATSKILL, NY | | | 321,446 | | | 0 | | | 125,000 | | | 196,446 | | | 321,446 | | | 45,230 | | 2004 |
ADAMSTOWN, PA | | | 213,424 | | | 108,844 | | | 100,000 | | | 222,268 | | | 322,268 | | | 168,733 | | 1989 |
GREEN VILLAGE, NJ | | | 277,900 | | | 44,471 | | | 127,900 | | | 194,471 | | | 322,371 | | | 191,202 | | 1985 |
MIDDLETOWN, RI | | | 306,710 | | | 16,364 | | | 176,710 | | | 146,364 | | | 323,074 | | | 145,343 | | 1987 |
BROOKLYN, NY | | | 74,928 | | | 250,382 | | | 44,957 | | | 280,353 | | | 325,310 | | | 209,144 | | 1978 |
SOUTH YARMOUTH, MA | | | 275,866 | | | 49,961 | | | 179,313 | | | 146,514 | | | 325,827 | | | 65,103 | | 1991 |
FURLONG, PA | | | 175,300 | | | 151,150 | | | 175,300 | | | 151,150 | | | 326,450 | | | 97,131 | | 1985 |
ALDAN, PA | | | 281,200 | | | 45,539 | | | 183,100 | | | 143,639 | | | 326,739 | | | 84,049 | | 1985 |
YARMOUTHPORT, MA | | | 300,000 | | | 26,940 | | | 150,000 | | | 176,940 | | | 326,940 | | | 176,940 | | 1986 |
FITCHBURG, MA | | | 311,808 | | | 16,384 | | | 202,675 | | | 125,517 | | | 328,192 | | | 40,798 | | 1991 |
WESTFIELD, MA | | | 289,580 | | | 38,615 | | | 188,400 | | | 139,795 | | | 328,195 | | | 82,366 | | 1985 |
ROBESONIA, PA | | | 225,913 | | | 102,802 | | | 70,000 | | | 258,715 | | | 328,715 | | | 224,809 | | 1989 |
74
| | | | | | | | | | | | | | | | | | | | |
| | Initial Cost
of Leasehold
or Acquisition
Investment to
Company (1) | | Cost
Capitalized
Subsequent
to Initial
Investment | | Gross Amount at Which Carried
at Close of Period | | Accumulated
Depreciation | | Date of Initial
Leasehold or
Acquisition
Investment (1) |
| | | |
| | |
Description | | | | Land | | Building and
Improvements | | Total | | |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| | | | | | | | | | | | | | | | | | | | |
BELMONT, MA | | | 301,300 | | | 27,938 | | | 196,200 | | | 133,038 | | | 329,238 | | | 71,941 | | 1985 |
WORCESTER, MA | | | 284,765 | | | 45,285 | | | 185,097 | | | 144,953 | | | 330,050 | | | 67,168 | | 1991 |
QUEENSBURY, NY | | | 225,000 | | | 105,592 | | | 165,000 | | | 165,592 | | | 330,592 | | | 160,273 | | 1986 |
PITTSFIELD, MA | | | 281,200 | | | 51,100 | | | 183,100 | | | 149,200 | | | 332,300 | | | 121,888 | | 1985 |
BRIDGEPORT, CT | | | 313,400 | | | 20,303 | | | 204,100 | | | 129,603 | | | 333,703 | | | 67,230 | | 1985 |
CAIRO, NY | | | 191,928 | | | 142,895 | | | 46,650 | | | 288,173 | | | 334,823 | | | 279,210 | | 1988 |
METHUEN, MA | | | 147,330 | | | 188,059 | | | 50,731 | | | 284,658 | | | 335,389 | | | 239,946 | | 1986 |
FITCHBURG, MA | | | 142,383 | | | 194,291 | | | 92,549 | | | 244,125 | | | 336,674 | | | 144,755 | | 1992 |
MILFORD, CT | | | 293,512 | | | 43,846 | | | 191,000 | | | 146,358 | | | 337,358 | | | 85,956 | | 1985 |
BRENTWOOD, NY | | | 253,058 | | | 84,485 | | | 125,000 | | | 212,543 | | | 337,543 | | | 205,657 | | 1968 |
BAY SHORE, NY | | | 47,685 | | | 289,972 | | | 0 | | | 337,657 | | | 337,657 | | | 336,713 | | 1969 |
BRIDGEPORT, CT | | | 313,400 | | | 24,314 | | | 204,100 | | | 133,614 | | | 337,714 | | | 70,985 | | 1985 |
CONSHOHOCKEN, PA | | | 261,100 | | | 77,885 | | | 170,000 | | | 168,985 | | | 338,985 | | | 110,753 | | 1985 |
PHILADELPHIA, PA | | | 289,300 | | | 50,010 | | | 188,400 | | | 150,910 | | | 339,310 | | | 92,167 | | 1985 |
WEST BOYLSTON, MA | | | 311,808 | | | 28,937 | | | 202,675 | | | 138,070 | | | 340,745 | | | 52,841 | | 1991 |
NORTH LINDENHURST, NY | | | 341,530 | | | 0 | | | 192,000 | | | 149,530 | | | 341,530 | | | 62,218 | | 1998 |
LATHAM, NY | | | 275,000 | | | 68,160 | | | 150,000 | | | 193,160 | | | 343,160 | | | 187,787 | | 1986 |
REIFFTON, PA | | | 338,250 | | | 5,295 | | | 43,470 | | | 300,075 | | | 343,545 | | | 300,075 | | 1989 |
OLD BRIDGE, NJ | | | 319,521 | | | 24,445 | | | 204,621 | | | 139,345 | | | 343,966 | | | 74,086 | | 1985 |
WESTBROOK, CT | | | 344,881 | | | 0 | | | 0 | | | 344,881 | | | 344,881 | | | 143,700 | | 2004 |
SCOTCH PLAINS, NJ | | | 331,063 | | | 14,455 | | | 214,600 | | | 130,918 | | | 345,518 | | | 65,909 | | 1985 |
HILLTOP, NJ | | | 329,500 | | | 16,758 | | | 214,600 | | | 131,658 | | | 346,258 | | | 65,932 | | 1985 |
BREWSTER, NY | | | 302,564 | | | 44,393 | | | 142,564 | | | 204,393 | | | 346,957 | | | 200,406 | | 1988 |
COMMACK, NY | | | 321,400 | | | 25,659 | | | 209,300 | | | 137,759 | | | 347,059 | | | 74,227 | | 1985 |
HATBORO, PA | | | 285,200 | | | 61,979 | | | 185,700 | | | 161,479 | | | 347,179 | | | 104,001 | | 1985 |
WANTAGH, NY | | | 261,814 | | | 85,758 | | | 175,000 | | | 172,572 | | | 347,572 | | | 124,605 | | 1985 |
BROOKLYN, NY | | | 116,328 | | | 232,254 | | | 75,000 | | | 273,582 | | | 348,582 | | | 197,062 | | 1980 |
BRONX, NY | | | 128,419 | | | 221,197 | | | 100,681 | | | 248,935 | | | 349,616 | | | 200,262 | | 1972 |
NEW BERN, NC | | | 349,946 | | | 0 | | | 190,389 | | | 159,557 | | | 349,946 | | | 19,490 | | 2007 |
IRVINGTON, NJ | | | 271,200 | | | 79,011 | | | 176,600 | | | 173,611 | | | 350,211 | | | 116,726 | | 1985 |
MEDIA, PA | | | 326,195 | | | 24,082 | | | 191,000 | | | 159,277 | | | 350,277 | | | 101,463 | | 1985 |
HATBORO, PA | | | 289,300 | | | 61,371 | | | 188,400 | | | 162,271 | | | 350,671 | | | 103,093 | | 1985 |
PHILADELPHIA, PA | | | 285,200 | | | 65,498 | | | 185,700 | | | 164,998 | | | 350,698 | | | 105,438 | | 1985 |
RIDGE, NY | | | 276,942 | | | 73,821 | | | 200,000 | | | 150,763 | | | 350,763 | | | 125,987 | | 1977 |
GRAND ISLAND, NY | | | 350,849 | | | 0 | | | 247,348 | | | 103,501 | | | 350,849 | | | 55,756 | | 2000 |
METHUEN, MA | | | 300,000 | | | 50,861 | | | 150,000 | | | 200,861 | | | 350,861 | | | 199,115 | | 1986 |
CINNAMINSON, NJ | | | 326,501 | | | 24,931 | | | 176,501 | | | 174,931 | | | 351,432 | | | 172,960 | | 1987 |
ABINGTON, PA | | | 309,300 | | | 43,696 | | | 201,400 | | | 151,596 | | | 352,996 | | | 88,995 | | 1985 |
BEDFORD, TX | | | 353,047 | | | 0 | | | 112,953 | | | 240,094 | | | 353,047 | | | 29,199 | | 2007 |
WORCESTER, MA | | | 342,608 | | | 11,101 | | | 222,695 | | | 131,014 | | | 353,709 | | | 37,328 | | 1991 |
BROOKLYN, NY | | | 100,000 | | | 254,503 | | | 66,890 | | | 287,613 | | | 354,503 | | | 240,968 | | 1972 |
MAGNOLIA, NJ | | | 329,500 | | | 26,488 | | | 214,600 | | | 141,388 | | | 355,988 | | | 76,662 | | 1985 |
TUCKERTON, NJ | | | 224,387 | | | 132,864 | | | 131,018 | | | 226,233 | | | 357,251 | | | 222,358 | | 1987 |
MERRIMACK, NH | | | 151,993 | | | 205,823 | | | 100,598 | | | 257,218 | | | 357,816 | | | 198,323 | | 1986 |
HYDE PARK, NY | | | 300,000 | | | 59,198 | | | 175,000 | | | 184,198 | | | 359,198 | | | 180,659 | | 1986 |
WILMINGTON, DE | | | 337,500 | | | 21,971 | | | 219,800 | | | 139,671 | | | 359,471 | | | 72,609 | | 1985 |
EAST PROVIDENCE, RI | | | 309,950 | | | 49,546 | | | 202,050 | | | 157,446 | | | 359,496 | | | 93,763 | | 1985 |
SCARSDALE, NY | | | 257,100 | | | 102,632 | | | 167,400 | | | 192,332 | | | 359,732 | | | 125,659 | | 1985 |
BRISTOL, CT | | | 359,906 | | | 0 | | | 0 | | | 359,906 | | | 359,906 | | | 149,963 | | 2004 |
BAYONNE, NJ | | | 341,500 | | | 18,947 | | | 222,400 | | | 138,047 | | | 360,447 | | | 70,535 | | 1985 |
WINDSOR LOCKS, CT | | | 360,664 | | | 0 | | | 0 | | | 360,664 | | | 360,664 | | | 60,113 | | 2004 |
BROOKLYN, NY | | | 237,100 | | | 125,067 | | | 154,400 | | | 207,767 | | | 362,167 | | | 125,486 | | 1985 |
BRIDGEPORT, CT | | | 346,442 | | | 16,990 | | | 230,000 | | | 133,432 | | | 363,432 | | | 131,730 | | 1985 |
LEOLA, PA | | | 262,890 | | | 102,007 | | | 131,189 | | | 233,708 | | | 364,897 | | | 105,602 | | 1989 |
BRISTOL, CT | | | 365,028 | | | 0 | | | 237,268 | | | 127,760 | | | 365,028 | | | 21,292 | | 2004 |
BROOKLYN, NY | | | 0 | | | 365,767 | | | 0 | | | 365,767 | | | 365,767 | | | 337,789 | | 1970 |
BRIDGEPORT, CT | | | 338,415 | | | 27,786 | | | 219,800 | | | 146,401 | | | 366,201 | | | 77,714 | | 1985 |
HOLYOKE, MA | | | 329,500 | | | 38,345 | | | 214,600 | | | 153,245 | | | 367,845 | | | 145,091 | | 1985 |
PORTLAND, ME | | | 325,400 | | | 42,652 | | | 211,900 | | | 156,152 | | | 368,052 | | | 82,597 | | 1985 |
BRONX, NY | | | 69,150 | | | 300,279 | | | 34,150 | | | 335,279 | | | 369,429 | | | 256,816 | | 1972 |
75
| | | | | | | | | | | | | | | | | | | | |
| | Initial Cost
of Leasehold
or Acquisition
Investment to
Company (1) | | Cost
Capitalized
Subsequent
to Initial
Investment | | Gross Amount at Which Carried
at Close of Period | | Accumulated
Depreciation | | Date of Initial
Leasehold or
Acquisition
Investment (1) |
| | | |
| | |
Description | | | | Land | | Building and
Improvements | | Total | | |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| | | | | | | | | | | | | | | | | | | | |
PLAINVILLE, CT | | | 80,000 | | | 290,433 | | | 0 | | | 370,433 | | | 370,433 | | | 322,526 | | 1983 |
CHERRY HILL, NJ | | | 357,500 | | | 13,879 | | | 232,800 | | | 138,579 | | | 371,379 | | | 67,609 | | 1985 |
CRANFORD, NJ | | | 342,666 | | | 29,222 | | | 222,400 | | | 149,488 | | | 371,888 | | | 81,200 | | 1985 |
STRATFORD, CT | | | 301,300 | | | 70,735 | | | 196,200 | | | 175,835 | | | 372,035 | | | 112,470 | | 1985 |
LEOMINSTER, MA | | | 195,776 | | | 177,454 | | | 127,254 | | | 245,976 | | | 373,230 | | | 149,460 | | 1991 |
MOHNTON, PA | | | 317,228 | | | 56,374 | | | 66,425 | | | 307,177 | | | 373,602 | | | 291,371 | | 1989 |
PAWTUCKET, RI | | | 212,775 | | | 161,188 | | | 118,860 | | | 255,103 | | | 373,963 | | | 226,580 | | 1986 |
HINGHAM, MA | | | 352,606 | | | 22,484 | | | 242,520 | | | 132,570 | | | 375,090 | | | 130,995 | | 1989 |
MINEOLA, NY | | | 341,500 | | | 34,411 | | | 222,400 | | | 153,511 | | | 375,911 | | | 85,135 | | 1985 |
BROOKLYN, NY | | | 147,795 | | | 228,379 | | | 103,815 | | | 272,359 | | | 376,174 | | | 233,292 | | 1972 |
STATEN ISLAND, NY | | | 25,000 | | | 351,829 | | | 0 | | | 376,829 | | | 376,829 | | | 302,382 | | 1972 |
WILMINGTON, DE | | | 309,300 | | | 67,834 | | | 201,400 | | | 175,734 | | | 377,134 | | | 106,915 | | 1985 |
SPRINGFIELD, MA | | | 139,373 | | | 239,713 | | | 50,000 | | | 329,086 | | | 379,086 | | | 247,702 | | 1983 |
TRENTON, NJ | | | 373,600 | | | 9,572 | | | 243,300 | | | 139,872 | | | 383,172 | | | 65,722 | | 1985 |
SLEEPY HOLLOW, NY | | | 280,825 | | | 102,486 | | | 129,744 | | | 253,567 | | | 383,311 | | | 245,574 | | 1969 |
S. GLENS FALLS, NY | | | 325,000 | | | 58,892 | | | 188,700 | | | 195,192 | | | 383,892 | | | 195,192 | | 1986 |
NORWALK, CT | | | 257,308 | | | 128,940 | | | 104,000 | | | 282,248 | | | 386,248 | | | 281,503 | | 1982 |
MASSAPEQUA, NY | | | 333,400 | | | 53,696 | | | 217,100 | | | 169,996 | | | 387,096 | | | 103,834 | | 1985 |
SPRING LAKE, NJ | | | 345,500 | | | 42,194 | | | 225,000 | | | 162,694 | | | 387,694 | | | 90,468 | | 1985 |
ROCHESTER, NH | | | 179,717 | | | 208,103 | | | 100,000 | | | 287,820 | | | 387,820 | | | 233,623 | | 1986 |
WORCESTER, MA | | | 231,372 | | | 157,356 | | | 150,392 | | | 238,336 | | | 388,728 | | | 138,067 | | 1991 |
OZONE PARK, NY | | | 57,289 | | | 331,799 | | | 44,715 | | | 344,373 | | | 389,088 | | | 289,034 | | 1976 |
NEW ROCHELLE, NY | | | 337,500 | | | 51,741 | | | 219,800 | | | 169,441 | | | 389,241 | | | 96,058 | | 1985 |
NEW BRITAIN, CT | | | 390,497 | | | 0 | | | 253,823 | | | 136,674 | | | 390,497 | | | 22,779 | | 2004 |
WALL TOWNSHIP, NJ | | | 336,441 | | | 55,709 | | | 121,441 | | | 270,709 | | | 392,150 | | | 266,566 | | 1986 |
BRONX, NY | | | 70,132 | | | 322,265 | | | 30,132 | | | 362,265 | | | 392,397 | | | 272,357 | | 1972 |
LANCASTER, PA | | | 308,964 | | | 83,443 | | | 104,338 | | | 288,069 | | | 392,407 | | | 271,636 | | 1989 |
FRIENDSHIP, NY | | | 392,517 | | | 0 | | | 42,517 | | | 350,000 | | | 392,517 | | | 39,667 | | 2006 |
SAUGERTIES, NY | | | 328,668 | | | 63,983 | | | 328,668 | | | 63,983 | | | 392,651 | | | 60,624 | | 1988 |
INTERCOURSE, PA | | | 311,503 | | | 81,287 | | | 157,801 | | | 234,989 | | | 392,790 | | | 100,787 | | 1989 |
SOUTH AMBOY, NJ | | | 299,678 | | | 94,088 | | | 178,950 | | | 214,816 | | | 393,766 | | | 213,268 | | 1978 |
BASKING RIDGE, NJ | | | 362,172 | | | 32,960 | | | 200,000 | | | 195,132 | | | 395,132 | | | 131,994 | | 1986 |
GARDEN CITY, NY | | | 361,600 | | | 33,774 | | | 235,500 | | | 159,874 | | | 395,374 | | | 87,489 | | 1985 |
WOBURN, MA | | | 350,000 | | | 45,681 | | | 200,000 | | | 195,681 | | | 395,681 | | | 193,825 | | 1986 |
COBALT, CT | | | 395,683 | | | 0 | | | 0 | | | 395,683 | | | 395,683 | | | 164,867 | | 2004 |
AUBURN, MA | | | 369,306 | | | 27,792 | | | 240,049 | | | 157,049 | | | 397,098 | | | 54,077 | | 1991 |
STATEN ISLAND, NY | | | 357,904 | | | 39,588 | | | 230,300 | | | 167,192 | | | 397,492 | | | 95,569 | | 1985 |
FLUSHING, NY | | | 118,309 | | | 280,435 | | | 78,309 | | | 320,435 | | | 398,744 | | | 232,913 | | 1973 |
OCEANSIDE, NY | | | 313,400 | | | 88,863 | | | 204,100 | | | 198,163 | | | 402,263 | | | 102,139 | | 1985 |
BELLAIRE, NY | | | 329,500 | | | 73,358 | | | 214,600 | | | 188,258 | | | 402,858 | | | 111,531 | | 1985 |
CATSKILL, NY | | | 404,988 | | | 0 | | | 354,365 | | | 50,623 | | | 404,988 | | | 4,050 | | 2007 |
NORTH HAVEN, CT | | | 405,389 | | | 0 | | | 251,985 | | | 153,404 | | | 405,389 | | | 32,459 | | 2004 |
BRIDGEPORT, CT | | | 349,500 | | | 56,209 | | | 227,600 | | | 178,109 | | | 405,709 | | | 107,742 | | 1985 |
WORCESTER, MA | | | 385,600 | | | 21,339 | | | 251,100 | | | 155,839 | | | 406,939 | | | 79,050 | | 1985 |
TRENTON, NJ | | | 337,500 | | | 69,461 | | | 219,800 | | | 187,161 | | | 406,961 | | | 120,564 | | 1985 |
WILMINGTON, DE | | | 369,600 | | | 38,077 | | | 240,700 | | | 166,977 | | | 407,677 | | | 93,054 | | 1985 |
BRONX, NY | | | 118,025 | | | 290,298 | | | 73,025 | | | 335,298 | | | 408,323 | | | 282,534 | | 1972 |
SEAFORD, NY | | | 325,400 | | | 83,257 | | | 211,900 | | | 196,757 | | | 408,657 | | | 99,029 | | 1985 |
WATERTOWN, CT | | | 351,771 | | | 58,812 | | | 204,027 | | | 206,556 | | | 410,583 | | | 109,570 | | 1992 |
MORRISVILLE, PA | | | 377,600 | | | 33,522 | | | 245,900 | | | 165,222 | | | 411,122 | | | 90,191 | | 1985 |
GLENDALE, NY | | | 124,438 | | | 287,907 | | | 86,160 | | | 326,185 | | | 412,345 | | | 270,940 | | 1976 |
JERICHO, NY | | | 0 | | | 412,536 | | | 0 | | | 412,536 | | | 412,536 | | | 270,549 | | 1998 |
BRONX, NY | | | 60,000 | | | 353,955 | | | 60,800 | | | 353,155 | | | 413,955 | | | 277,239 | | 1965 |
CORONA, NY | | | 114,247 | | | 300,172 | | | 112,800 | | | 301,619 | | | 414,419 | | | 215,843 | | 1965 |
NEW ROCHELLE, NY | | | 415,180 | | | 0 | | | 251,875 | | | 163,305 | | | 415,180 | | | 67,712 | | 1998 |
WARWICK, RI | | | 376,563 | | | 39,933 | | | 205,889 | | | 210,607 | | | 416,496 | | | 208,671 | | 1989 |
ST. ALBANS, NY | | | 329,500 | | | 87,250 | | | 214,600 | | | 202,150 | | | 416,750 | | | 128,829 | | 1985 |
NASHUA, NH | | | 197,142 | | | 219,639 | | | 155,837 | | | 260,944 | | | 416,781 | | | 198,380 | | 1986 |
WILMINGTON, DE | | | 313,400 | | | 103,748 | | | 204,100 | | | 213,048 | | | 417,148 | | | 138,441 | | 1985 |
HAVERHILL, MA | | | 400,000 | | | 17,182 | | | 225,000 | | | 192,182 | | | 417,182 | | | 191,937 | | 1986 |
PHILADELPHIA, PA | | | 389,700 | | | 28,006 | | | 253,800 | | | 163,906 | | | 417,706 | | | 87,019 | | 1985 |
76
| | | | | | | | | | | | | | | | | | | | |
| | Initial Cost
of Leasehold
or Acquisition
Investment to
Company (1) | | Cost
Capitalized
Subsequent
to Initial
Investment | | Gross Amount at Which Carried
at Close of Period | | | | Date of Initial
Leasehold or
Acquisition
Investment (1) |
| | | |
| | | |
Description | | | | Land | | Building and
Improvements | | Total | | Accumulated
Depreciation | |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BERGENFIELD, NJ | | | 381,590 | | | 36,271 | | | 300,000 | | | 117,861 | | | 417,861 | | | 114,909 | | 1990 |
PLAISTOW, NH | | | 300,406 | | | 117,924 | | | 244,694 | | | 173,636 | | | 418,330 | | | 163,605 | | 1987 |
BELMONT, MA | | | 389,700 | | | 28,871 | | | 253,800 | | | 164,771 | | | 418,571 | | | 87,317 | | 1985 |
NEW HOLLAND, PA | | | 313,015 | | | 106,839 | | | 143,465 | | | 276,389 | | | 419,854 | | | 251,559 | | 1989 |
MADISON, NC | | | 420,878 | | | 0 | | | 45,705 | | | 375,174 | | | 420,878 | | | 34,864 | | 2007 |
TRAPPE, PA | | | 377,600 | | | 44,509 | | | 245,900 | | | 176,209 | | | 422,109 | | | 101,796 | | 1985 |
FRAMINGHAM, MA | | | 400,449 | | | 22,280 | | | 260,294 | | | 162,435 | | | 422,729 | | | 53,269 | | 1991 |
TAYLORSVILLE, NC | | | 422,809 | | | 0 | | | 134,188 | | | 288,621 | | | 422,809 | | | 28,316 | | 2007 |
PROVIDENCE, RI | | | 231,372 | | | 191,647 | | | 150,392 | | | 272,627 | | | 423,019 | | | 140,229 | | 1991 |
NORTHBOROUGH, MA | | | 404,900 | | | 18,353 | | | 263,185 | | | 160,068 | | | 423,253 | | | 48,522 | | 1993 |
MASTIC, NY | | | 313,400 | | | 110,180 | | | 204,100 | | | 219,480 | | | 423,580 | | | 157,909 | | 1985 |
PARAMUS, NJ | | | 381,700 | | | 42,394 | | | 248,600 | | | 175,494 | | | 424,094 | | | 100,322 | | 1985 |
HAVERTOWN, PA | | | 402,000 | | | 22,660 | | | 253,800 | | | 170,860 | | | 424,660 | | | 94,304 | | 1985 |
ELIZABETH, NJ | | | 405,800 | | | 18,881 | | | 264,300 | | | 160,381 | | | 424,681 | | | 79,555 | | 1985 |
BEVERLY, MA | | | 275,000 | | | 150,741 | | | 175,000 | | | 250,741 | | | 425,741 | | | 213,799 | | 1986 |
WORCESTER, MA | | | 275,866 | | | 150,472 | | | 179,313 | | | 247,025 | | | 426,338 | | | 135,122 | | 1991 |
GLEN HEAD, NY | | | 234,395 | | | 192,295 | | | 102,645 | | | 324,045 | | | 426,690 | | | 324,045 | | 1982 |
MIDLOTHIAN, TX | | | 429,142 | | | 0 | | | 71,970 | | | 357,172 | | | 429,142 | | | 37,101 | | 2007 |
HUDSON, NY | | | 303,741 | | | 126,379 | | | 151,871 | | | 278,249 | | | 430,120 | | | 133,493 | | 1989 |
PHOENIXVILLE, PA | | | 413,800 | | | 17,561 | | | 269,500 | | | 161,861 | | | 431,361 | | | 80,398 | | 1985 |
LEWISTON, ME | | | 341,900 | | | 89,500 | | | 222,400 | | | 209,000 | | | 431,400 | | | 141,051 | | 1985 |
WYOMISSING HILLS, PA | | | 319,320 | | | 113,176 | | | 76,074 | | | 356,422 | | | 432,496 | | | 334,171 | | 1989 |
ALLENTOWN, PA | | | 357,500 | | | 76,385 | | | 232,800 | | | 201,085 | | | 433,885 | | | 110,532 | | 1985 |
DERRY, NH | | | 417,988 | | | 16,295 | | | 157,988 | | | 276,295 | | | 434,283 | | | 275,733 | | 1987 |
AUDUBON, NJ | | | 421,800 | | | 12,949 | | | 274,700 | | | 160,049 | | | 434,749 | | | 76,937 | | 1985 |
ASBURY PARK, NJ | | | 418,966 | | | 18,038 | | | 272,100 | | | 164,904 | | | 437,004 | | | 82,827 | | 1985 |
BELLEVILLE, NJ | | | 397,700 | | | 39,410 | | | 259,000 | | | 178,110 | | | 437,110 | | | 98,955 | | 1985 |
BLACKWOOD, NJ | | | 401,700 | | | 36,736 | | | 261,600 | | | 176,836 | | | 438,436 | | | 97,885 | | 1985 |
DOYLESTOWN, PA | | | 405,800 | | | 32,659 | | | 264,300 | | | 174,159 | | | 438,459 | | | 93,290 | | 1985 |
NEWARK, DE | | | 405,800 | | | 35,844 | | | 264,300 | | | 177,344 | | | 441,644 | | | 96,555 | | 1985 |
GLENVILLE, NY | | | 343,723 | | | 98,299 | | | 219,800 | | | 222,222 | | | 442,022 | | | 144,438 | | 1985 |
PHILADELPHIA, PA | | | 237,100 | | | 205,495 | | | 154,400 | | | 288,195 | | | 442,595 | | | 182,411 | | 1985 |
WORCESTER, MA | | | 167,745 | | | 275,852 | | | 167,745 | | | 275,852 | | | 443,597 | | | 156,796 | | 1991 |
FAIRFIELD, CT | | | 430,000 | | | 13,631 | | | 280,000 | | | 163,631 | | | 443,631 | | | 77,554 | | 1985 |
WEST CHESTER, PA | | | 421,800 | | | 21,935 | | | 274,700 | | | 169,035 | | | 443,735 | | | 85,817 | | 1985 |
REVERE, MA | | | 250,000 | | | 193,854 | | | 150,000 | | | 293,854 | | | 443,854 | | | 249,800 | | 1986 |
BRONX, NY | | | 128,049 | | | 315,917 | | | 83,849 | | | 360,117 | | | 443,966 | | | 263,315 | | 1972 |
LANSDALE, PA | | | 243,844 | | | 200,458 | | | 243,844 | | | 200,458 | | | 444,302 | | | 117,725 | | 1985 |
DUDLEY, MA | | | 302,563 | | | 141,993 | | | 196,666 | | | 247,890 | | | 444,556 | | | 111,855 | | 1991 |
METHUEN, MA | | | 379,664 | | | 64,941 | | | 245,900 | | | 198,705 | | | 444,605 | | | 122,989 | | 1985 |
LOWELL, MA | | | 360,949 | | | 83,674 | | | 200,949 | | | 243,674 | | | 444,623 | | | 243,406 | | 1985 |
JERSEY CITY, NJ | | | 401,700 | | | 43,808 | | | 261,600 | | | 183,908 | | | 445,508 | | | 104,788 | | 1985 |
WETHERSFIELD, CT | | | 446,610 | | | 0 | | | 0 | | | 446,610 | | | 446,610 | | | 186,088 | | 2004 |
BAYSIDE, NY | | | 245,100 | | | 202,833 | | | 159,600 | | | 288,333 | | | 447,933 | | | 186,278 | | 1985 |
RIDGEFIELD, CT | | | 401,630 | | | 47,610 | | | 166,861 | | | 282,379 | | | 449,240 | | | 276,351 | | 1985 |
SHARON HILL, PA | | | 411,057 | | | 39,574 | | | 266,800 | | | 183,831 | | | 450,631 | | | 102,910 | | 1985 |
ELMONT, NY | | | 360,056 | | | 90,633 | | | 224,156 | | | 226,533 | | | 450,689 | | | 115,598 | | 1985 |
WHITING, NJ | | | 447,199 | | | 3,519 | | | 167,090 | | | 283,628 | | | 450,718 | | | 282,841 | | 1989 |
PORT JEFFERSON, NY | | | 387,478 | | | 63,743 | | | 245,753 | | | 205,468 | | | 451,221 | | | 124,739 | | 1985 |
UPTON, MA | | | 428,498 | | | 24,611 | | | 278,524 | | | 174,585 | | | 453,109 | | | 57,819 | | 1991 |
WYANDANCH, NY | | | 453,131 | | | 0 | | | 279,500 | | | 173,631 | | | 453,131 | | | 72,197 | | 1998 |
WAKEFIELD, RI | | | 413,800 | | | 39,616 | | | 269,500 | | | 183,916 | | | 453,416 | | | 94,885 | | 1985 |
PORTSMOUTH, NH | | | 225,000 | | | 228,704 | | | 125,000 | | | 328,704 | | | 453,704 | | | 264,433 | | 1986 |
WORCESTER, MA | | | 271,417 | | | 183,331 | | | 176,421 | | | 278,327 | | | 454,748 | | | 157,381 | | 1991 |
ALDAN, PA | | | 433,800 | | | 21,152 | | | 282,500 | | | 172,452 | | | 454,952 | | | 86,068 | | 1985 |
WILLINGBORO, NJ | | | 425,800 | | | 29,928 | | | 277,300 | | | 178,428 | | | 455,728 | | | 94,774 | | 1985 |
NEWBURGH, NY | | | 430,766 | | | 25,850 | | | 150,000 | | | 306,616 | | | 456,616 | | | 297,464 | | 1989 |
HUNTINGDON VALLEY, PA | | | 421,800 | | | 36,439 | | | 274,700 | | | 183,539 | | | 458,239 | | | 99,269 | | 1985 |
WARWICK, RI | | | 434,752 | | | 24,730 | | | 266,800 | | | 192,682 | | | 459,482 | | | 112,033 | | 1985 |
EAST ORANGE, NJ | | | 421,508 | | | 37,977 | | | 272,100 | | | 187,385 | | | 459,485 | | | 104,384 | | 1985 |
NISKAYUNA, NY | | | 425,000 | | | 35,421 | | | 275,000 | | | 185,421 | | | 460,421 | | | 180,531 | | 1986 |
77
| | | | | | | | | | | | | | | | | | | | |
| | Initial Cost
of Leasehold
or Acquisition
Investment to
Company (1) | | Cost
Capitalized
Subsequent
to Initial
Investment | | Gross Amount at Which Carried
at Close of Period | | | | Date of Initial
Leasehold or
Acquisition
Investment (1) |
| | | |
| | | |
Description | | | | Land | | Building and
Improvements | | Total | | Accumulated
Depreciation | |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EVERETT, MA | | | 269,500 | | | 190,931 | | | 269,500 | | | 190,931 | | | 460,431 | | | 109,593 | | 1985 |
FOXBOROUGH, MA | | | 426,593 | | | 34,403 | | | 325,000 | | | 135,996 | | | 460,996 | | | 129,994 | | 1990 |
BRIDGEPORT, CT | | | 377,600 | | | 83,549 | | | 245,900 | | | 215,249 | | | 461,149 | | | 141,059 | | 1985 |
YONKERS, NY | | | 291,348 | | | 170,478 | | | 216,348 | | | 245,478 | | | 461,826 | | | 225,565 | | 1972 |
AUSTIN, TX | | | 462,233 | | | 0 | | | 274,300 | | | 187,933 | | | 462,233 | | | 21,300 | | 2007 |
SIMSBURY, CT | | | 317,704 | | | 144,637 | | | 206,700 | | | 255,641 | | | 462,341 | | | 186,794 | | 1985 |
BENNINGTON, VT | | | 309,300 | | | 154,480 | | | 201,400 | | | 262,380 | | | 463,780 | | | 150,558 | | 1985 |
BRONX, NY | | | 104,130 | | | 360,410 | | | 90,000 | | | 374,540 | | | 464,540 | | | 308,097 | | 1985 |
IRVINGTON, NJ | | | 409,700 | | | 54,841 | | | 266,800 | | | 197,741 | | | 464,541 | | | 117,015 | | 1985 |
LEICESTER, MA | | | 266,968 | | | 197,898 | | | 173,529 | | | 291,337 | | | 464,866 | | | 159,423 | | 1991 |
FARMINGTON, CT | | | 466,271 | | | 0 | | | 303,076 | | | 163,195 | | | 466,271 | | | 27,200 | | 2004 |
RUTHER GLEN, VA | | | 0 | | | 466,341 | | | 31,341 | | | 435,000 | | | 466,341 | | | 65,250 | | 2005 |
NORTH PLAINFIELD, NJ | | | 227,190 | | | 239,709 | | | 175,000 | | | 291,899 | | | 466,899 | | | 283,378 | | 1978 |
WATERBURY, CT | | | 468,469 | | | 0 | | | 304,505 | | | 163,964 | | | 468,469 | | | 27,329 | | 2004 |
QUAKERTOWN, PA | | | 379,111 | | | 89,812 | | | 243,300 | | | 225,623 | | | 468,923 | | | 146,056 | | 1985 |
WATCHUNG, NJ | | | 449,900 | | | 20,339 | | | 293,000 | | | 177,239 | | | 470,239 | | | 87,508 | | 1985 |
BROCKTON, MA | | | 275,866 | | | 194,619 | | | 179,313 | | | 291,172 | | | 470,485 | | | 167,439 | | 1991 |
WALPOLE, MA | | | 449,900 | | | 20,586 | | | 293,000 | | | 177,486 | | | 470,486 | | | 85,658 | | 1985 |
POTTSVILLE, PA | | | 451,360 | | | 19,361 | | | 147,740 | | | 322,981 | | | 470,721 | | | 316,077 | | 1990 |
PARLIN, NJ | | | 441,900 | | | 29,075 | | | 287,800 | | | 183,175 | | | 470,975 | | | 95,855 | | 1985 |
WESTFORD, MA | | | 275,000 | | | 196,493 | | | 175,000 | | | 296,493 | | | 471,493 | | | 240,656 | | 1986 |
CHATHAM, MA | | | 275,000 | | | 197,302 | | | 175,000 | | | 297,302 | | | 472,302 | | | 239,173 | | 1986 |
STATEN ISLAND, NY | | | 101,033 | | | 371,591 | | | 75,650 | | | 396,974 | | | 472,624 | | | 283,688 | | 1972 |
FALMOUTH, MA | | | 150,000 | | | 322,942 | | | 75,000 | | | 397,942 | | | 472,942 | | | 314,094 | | 1986 |
BLOOMFIELD, NJ | | | 441,900 | | | 32,951 | | | 287,800 | | | 187,051 | | | 474,851 | | | 99,723 | | 1985 |
STATEN ISLAND, NY | | | 389,700 | | | 88,922 | | | 253,800 | | | 224,822 | | | 478,622 | | | 145,297 | | 1985 |
CRANSTON, RI | | | 466,100 | | | 12,576 | | | 303,500 | | | 175,176 | | | 478,676 | | | 83,092 | | 1985 |
POTTSTOWN, PA | | | 430,000 | | | 48,854 | | | 280,000 | | | 198,854 | | | 478,854 | | | 113,801 | | 1985 |
MEDIA, PA | | | 474,100 | | | 5,055 | | | 308,700 | | | 170,455 | | | 479,155 | | | 77,281 | | 1985 |
WILMINGTON, DE | | | 446,000 | | | 33,323 | | | 290,400 | | | 188,923 | | | 479,323 | | | 100,322 | | 1985 |
TRENTON, NJ | | | 466,100 | | | 13,987 | | | 303,500 | | | 176,587 | | | 480,087 | | | 84,289 | | 1985 |
ORANGE, MA | | | 476,102 | | | 4,015 | | | 250,000 | | | 230,117 | | | 480,117 | | | 213,118 | | 1991 |
CHATHAM, NY | | | 349,133 | | | 131,805 | | | 225,000 | | | 255,938 | | | 480,938 | | | 175,146 | | 1985 |
CLINTON, MA | | | 385,600 | | | 95,698 | | | 251,100 | | | 230,198 | | | 481,298 | | | 151,538 | | 1985 |
NUTLEY, NJ | | | 433,800 | | | 48,677 | | | 282,500 | | | 199,977 | | | 482,477 | | | 113,522 | | 1985 |
JACKSONVILLE, FL | | | 485,514 | | | 0 | | | 388,434 | | | 97,080 | | | 485,514 | | | 36,564 | | 2000 |
JERSEY CITY, NJ | | | 438,000 | | | 51,856 | | | 285,200 | | | 204,656 | | | 489,856 | | | 116,246 | | 1985 |
CLIFTON HGTS., PA | | | 428,201 | | | 63,403 | | | 256,400 | | | 235,204 | | | 491,604 | | | 155,624 | | 1985 |
LEWISVILLE, TX | | | 493,734 | | | 0 | | | 109,925 | | | 383,809 | | | 493,734 | | | 19,703 | | 2008 |
BEVERLY, NJ | | | 470,100 | | | 24,003 | | | 306,100 | | | 188,003 | | | 494,103 | | | 93,921 | | 1985 |
NEPTUNE, NJ | | | 455,726 | | | 39,090 | | | 293,000 | | | 201,816 | | | 494,816 | | | 108,946 | | 1985 |
MOORESTOWN, NJ | | | 470,100 | | | 27,064 | | | 306,100 | | | 191,064 | | | 497,164 | | | 98,571 | | 1985 |
SALEM, NH | | | 450,000 | | | 47,484 | | | 350,000 | | | 147,484 | | | 497,484 | | | 141,589 | | 1986 |
PLAINFIELD, NJ | | | 470,100 | | | 29,975 | | | 306,100 | | | 193,975 | | | 500,075 | | | 99,062 | | 1985 |
EAST PROVIDENCE, RI | | | 486,675 | | | 13,947 | | | 316,600 | | | 184,022 | | | 500,622 | | | 87,766 | | 1985 |
FRAMINGHAM, MA | | | 297,568 | | | 203,147 | | | 193,419 | | | 307,296 | | | 500,715 | | | 178,557 | | 1992 |
ELMONT, NY | | | 388,848 | | | 114,933 | | | 231,000 | | | 272,781 | | | 503,781 | | | 239,255 | | 1978 |
METHUEN, MA | | | 490,200 | | | 16,282 | | | 319,200 | | | 187,282 | | | 506,482 | | | 90,885 | | 1985 |
SOMERVILLE, NJ | | | 252,717 | | | 254,230 | | | 200,500 | | | 306,447 | | | 506,947 | | | 199,530 | | 1987 |
GLEN HEAD, NY | | | 462,468 | | | 45,355 | | | 300,900 | | | 206,923 | | | 507,823 | | | 115,455 | | 1985 |
CHESHIRE, CT | | | 490,200 | | | 19,050 | | | 319,200 | | | 190,050 | | | 509,250 | | | 93,563 | | 1985 |
ALBANY, NY | | | 404,888 | | | 104,378 | | | 261,600 | | | 247,666 | | | 509,266 | | | 164,570 | | 1985 |
EAST MEADOW, NY | | | 425,000 | | | 86,005 | | | 325,000 | | | 186,005 | | | 511,005 | | | 149,325 | | 1986 |
WAYNE, NJ | | | 490,200 | | | 21,766 | | | 319,200 | | | 192,766 | | | 511,966 | | | 95,698 | | 1985 |
NUTLEY, NJ | | | 0 | | | 512,504 | | | 329,248 | | | 183,256 | | | 512,504 | | | 20,321 | | 1986 |
WEST ROXBURY, MA | | | 490,200 | | | 23,134 | | | 319,200 | | | 194,134 | | | 513,334 | | | 94,193 | | 1985 |
BRISTOL, PA | | | 430,500 | | | 82,981 | | | 280,000 | | | 233,481 | | | 513,481 | | | 144,493 | | 1985 |
PLEASANT VALLEY, NY | | | 398,497 | | | 115,129 | | | 240,000 | | | 273,626 | | | 513,626 | | | 216,045 | | 1986 |
WATERBURY, CT | | | 515,172 | | | 0 | | | 334,862 | | | 180,310 | | | 515,172 | | | 30,050 | | 2004 |
FLUSHING, NY | | | 516,110 | | | 0 | | | 320,125 | | | 195,985 | | | 516,110 | | | 81,489 | | 1998 |
FAIRVIEW HEIGHTS, IL | | | 516,564 | | | 0 | | | 78,440 | | | 438,124 | | | 516,564 | | | 40,671 | | 2007 |
78
| | | | | | | | | | | | | | | | | | | | |
| | Initial Cost
of Leasehold
or Acquisition
Investment to
Company (1) | | Cost
Capitalized
Subsequent
to Initial
Investment | | Gross Amount at Which Carried
at Close of Period | | | | Date of Initial
Leasehold or
Acquisition
Investment (1) |
| | | |
| | | |
Description | | | | Land | | Building and
Improvements | | Total | | Accumulated
Depreciation | |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
WAYNE, NJ | | | 474,100 | | | 42,926 | | | 308,700 | | | 208,326 | | | 517,026 | | | 114,819 | | 1985 |
WESTBOROUGH, MA | | | 311,808 | | | 205,994 | | | 202,675 | | | 315,127 | | | 517,802 | | | 181,224 | | 1991 |
STAMFORD, CT | | | 506,860 | | | 15,635 | | | 329,700 | | | 192,795 | | | 522,495 | | | 92,202 | | 1985 |
SCHENECTADY, NY | | | 225,000 | | | 298,103 | | | 150,000 | | | 373,103 | | | 523,103 | | | 368,360 | | 1986 |
ROSLYN, PA | | | 349,500 | | | 173,661 | | | 227,600 | | | 295,561 | | | 523,161 | | | 219,133 | | 1985 |
PHILADELPHIA, PA | | | 302,999 | | | 220,313 | | | 181,497 | | | 341,815 | | | 523,312 | | | 283,719 | | 1985 |
GREAT NECK, NY | | | 500,000 | | | 24,468 | | | 450,000 | | | 74,468 | | | 524,468 | | | 74,391 | | 1985 |
STATEN ISLAND, NY | | | 349,500 | | | 176,590 | | | 227,600 | | | 298,490 | | | 526,090 | | | 188,027 | | 1985 |
HANOVER, PA | | | 108,435 | | | 417,763 | | | 108,435 | | | 417,763 | | | 526,198 | | | 411,692 | | 1958 |
WHITE PLAINS, NY | | | 0 | | | 527,925 | | | 302,607 | | | 225,318 | | | 527,925 | | | 119,172 | | 1972 |
SAYVILLE, NY | | | 528,225 | | | 0 | | | 300,000 | | | 228,225 | | | 528,225 | | | 95,094 | | 1998 |
GLENDALE, NY | | | 368,625 | | | 159,763 | | | 235,500 | | | 292,888 | | | 528,388 | | | 180,701 | | 1985 |
BRONX, NY | | | 78,168 | | | 450,267 | | | 65,680 | | | 462,755 | | | 528,435 | | | 354,837 | | 1972 |
HYDE PARK, MA | | | 499,175 | | | 29,673 | | | 321,800 | | | 207,048 | | | 528,848 | | | 108,740 | | 1985 |
UNION, NJ | | | 490,200 | | | 41,361 | | | 319,200 | | | 212,361 | | | 531,561 | | | 112,345 | | 1985 |
WEST MILFORD, NJ | | | 502,200 | | | 31,918 | | | 327,000 | | | 207,118 | | | 534,118 | | | 108,346 | | 1985 |
SPOTSWOOD, NJ | | | 466,675 | | | 69,036 | | | 303,500 | | | 232,211 | | | 535,711 | | | 139,777 | | 1985 |
BILLERICA, MA | | | 400,000 | | | 135,809 | | | 250,000 | | | 285,809 | | | 535,809 | | | 271,481 | | 1986 |
LONG BRANCH, NJ | | | 514,300 | | | 22,951 | | | 334,900 | | | 202,351 | | | 537,251 | | | 101,290 | | 1985 |
WILMINGTON, DE | | | 381,700 | | | 156,704 | | | 248,600 | | | 289,804 | | | 538,404 | | | 178,103 | | 1985 |
NEW BEDFORD, MA | | | 522,300 | | | 18,274 | | | 340,100 | | | 200,474 | | | 540,574 | | | 96,436 | | 1985 |
NORFOLK, VA | | | 534,910 | | | 6,050 | | | 310,630 | | | 230,330 | | | 540,960 | | | 230,330 | | 1990 |
PLAINVILLE, CT | | | 544,503 | | | 0 | | | 353,927 | | | 190,576 | | | 544,503 | | | 31,763 | | 2004 |
SOUTH WINDSOR, CT | | | 544,857 | | | 0 | | | 336,737 | | | 208,120 | | | 544,857 | | | 55,038 | | 2004 |
LEVITTOWN, NY | | | 502,757 | | | 42,113 | | | 327,000 | | | 217,870 | | | 544,870 | | | 117,361 | | 1985 |
JACKSONVILLE, FL | | | 545,314 | | | 0 | | | 256,434 | | | 288,880 | | | 545,314 | | | 108,809 | | 2000 |
ARLINGTON, MA | | | 518,300 | | | 27,906 | | | 337,500 | | | 208,706 | | | 546,206 | | | 106,607 | | 1985 |
STAMFORD, CT | | | 506,580 | | | 40,429 | | | 329,700 | | | 217,309 | | | 547,009 | | | 115,058 | | 1985 |
WALLINGFORD, CT | | | 550,553 | | | 0 | | | 334,901 | | | 215,652 | | | 550,553 | | | 44,771 | | 2004 |
LOWELL, MA | | | 375,000 | | | 175,969 | | | 250,000 | | | 300,969 | | | 550,969 | | | 244,168 | | 1986 |
PRATTSBURG, NY | | | 553,136 | | | 0 | | | 303,136 | | | 250,000 | | | 553,136 | | | 28,333 | | 2006 |
NEW YORK, NY | | | 146,159 | | | 407,286 | | | 43,461 | | | 509,984 | | | 553,445 | | | 389,146 | | 1976 |
SOUDERTON, PA | | | 381,700 | | | 172,170 | | | 248,600 | | | 305,270 | | | 553,870 | | | 194,906 | | 1985 |
SALT POINT, NY | | | 0 | | | 554,243 | | | 301,775 | | | 252,468 | | | 554,243 | | | 93,244 | | 1987 |
MERRICK, NY | | | 477,498 | | | 77,925 | | | 240,764 | | | 314,659 | | | 555,423 | | | 143,579 | | 1987 |
HARWICHPORT, MA | | | 382,653 | | | 173,989 | | | 248,724 | | | 307,918 | | | 556,642 | | | 158,168 | | 1991 |
ROCKLAND, MA | | | 534,300 | | | 23,616 | | | 347,900 | | | 210,016 | | | 557,916 | | | 104,115 | | 1985 |
ROCHESTER, NY | | | 559,049 | | | 0 | | | 159,049 | | | 400,000 | | | 559,049 | | | 45,333 | | 2006 |
JACKSONVILLE, FL | | | 559,514 | | | 0 | | | 296,434 | | | 263,080 | | | 559,514 | | | 99,091 | | 2000 |
VALATIE, NY | | | 165,590 | | | 394,981 | | | 90,829 | | | 469,742 | | | 560,571 | | | 410,011 | | 1989 |
FREEHOLD, NJ | | | 494,275 | | | 68,507 | | | 402,834 | | | 159,948 | | | 562,782 | | | 90,408 | | 1978 |
FALMOUTH, MA | | | 519,382 | | | 43,841 | | | 458,461 | | | 104,762 | | | 563,223 | | | 103,923 | | 1988 |
FLEMINGTON, NJ | | | 546,742 | | | 17,494 | | | 346,342 | | | 217,894 | | | 564,236 | | | 103,347 | | 1985 |
WORCESTER, MA | | | 497,642 | | | 67,806 | | | 321,800 | | | 243,648 | | | 565,448 | | | 145,995 | | 1985 |
PHILADELPHIA, PA | | | 341,500 | | | 224,647 | | | 222,400 | | | 343,747 | | | 566,147 | | | 213,105 | | 1985 |
RIDGEFIELD, CT | | | 535,140 | | | 33,590 | | | 347,900 | | | 220,830 | | | 568,730 | | | 114,126 | | 1985 |
EAST HARTFORD, CT | | | 555,826 | | | 13,797 | | | 301,322 | | | 268,301 | | | 569,623 | | | 79,332 | | 1991 |
HARTFORD, CT | | | 570,898 | | | 0 | | | 371,084 | | | 199,814 | | | 570,898 | | | 33,304 | | 2004 |
CENTRAL ISLIP, NY | | | 572,244 | | | 0 | | | 357,500 | | | 214,744 | | | 572,244 | | | 89,367 | | 1998 |
HEWLETT, NY | | | 490,200 | | | 85,618 | | | 319,200 | | | 256,618 | | | 575,818 | | | 125,647 | | 1985 |
NEW BEDFORD, MA | | | 482,275 | | | 95,553 | | | 293,000 | | | 284,828 | | | 577,828 | | | 190,436 | | 1985 |
PORTSMOUTH, VA | | | 562,255 | | | 17,106 | | | 221,610 | | | 357,751 | | | 579,361 | | | 353,473 | | 1990 |
LONG ISLAND CITY, NY | | | 191,420 | | | 390,783 | | | 116,554 | | | 465,649 | | | 582,203 | | | 330,427 | | 1981 |
BROOKLYN, NY | | | 282,104 | | | 301,052 | | | 176,292 | | | 406,864 | | | 583,156 | | | 363,404 | | 1967 |
STATEN ISLAND, NY | | | 301,300 | | | 288,603 | | | 196,200 | | | 393,703 | | | 589,903 | | | 265,024 | | 1985 |
CLEMENTON, NJ | | | 562,500 | | | 27,581 | | | 366,300 | | | 223,781 | | | 590,081 | | | 112,687 | | 1985 |
BRIDGEPORT, CT | | | 526,775 | | | 63,505 | | | 342,700 | | | 247,580 | | | 590,280 | | | 142,201 | | 1985 |
WILTON, CT | | | 518,881 | | | 71,425 | | | 337,500 | | | 252,806 | | | 590,306 | | | 145,308 | | 1985 |
ROCHESTER, NY | | | 595,237 | | | 0 | | | 305,237 | | | 290,000 | | | 595,237 | | | 9,157 | | 2008 |
PEABODY, MA | | | 400,000 | | | 200,363 | | | 275,000 | | | 325,363 | | | 600,363 | | | 283,709 | | 1986 |
SEWELL, NJ | | | 551,912 | | | 48,485 | | | 355,712 | | | 244,685 | | | 600,397 | | | 130,610 | | 1985 |
| | | | | | | | | | | | | | | | | | | | |
79
| | | | | | | | | | | | | | | | | | | | |
| | Initial Cost
of Leasehold
or Acquisition
Investment to
Company (1) | | Cost
Capitalized
Subsequent
to Initial
Investment | | Gross Amount at Which Carried
at Close of Period | | | | Date of Initial
Leasehold or
Acquisition
Investment (1) |
| | | |
| | | |
Description | | | | Land | | Building and
Improvements | | Total | | Accumulated
Depreciation | |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
N. PROVIDENCE, RI | | | 542,400 | | | 61,717 | | | 353,200 | | | 250,917 | | | 604,117 | | | 143,693 | | 1985 |
NEW YORK, NY | | | 0 | | | 605,891 | | | 0 | | | 605,891 | | | 605,891 | | | 443,005 | | 1986 |
FITCHBURG, MA | | | 390,276 | | | 216,589 | | | 253,679 | | | 353,186 | | | 606,865 | | | 187,140 | | 1992 |
KERNERSVILLE, NC | | | 608,441 | | | 0 | | | 250,505 | | | 357,936 | | | 608,441 | | | 35,761 | | 2007 |
NORTH ANDOVER, MA | | | 393,700 | | | 220,132 | | | 256,400 | | | 357,432 | | | 613,832 | | | 223,589 | | 1985 |
FLORAL PARK, NY | | | 616,700 | | | 0 | | | 356,400 | | | 260,300 | | | 616,700 | | | 108,328 | | 1998 |
ASHAWAY, RI | | | 618,609 | | | 0 | | | 402,096 | | | 216,513 | | | 618,609 | | | 36,088 | | 2004 |
NORWALK, CT | | | 0 | | | 619,018 | | | 401,996 | | | 217,022 | | | 619,018 | | | 24,661 | | 1988 |
HALFMOON, NY | | | 415,000 | | | 205,598 | | | 228,100 | | | 392,498 | | | 620,598 | | | 383,236 | | 1986 |
HAMBURG, NJ | | | 598,600 | | | 22,121 | | | 389,800 | | | 230,921 | | | 620,721 | | | 112,487 | | 1985 |
ASHLAND, MA | | | 606,700 | | | 17,424 | | | 395,100 | | | 229,024 | | | 624,124 | | | 106,153 | | 1985 |
RANDALLSTOWN, MD | | | 590,600 | | | 33,594 | | | 384,600 | | | 239,594 | | | 624,194 | | | 123,548 | | 1985 |
WESTPORT, CT | | | 603,260 | | | 23,070 | | | 392,500 | | | 233,830 | | | 626,330 | | | 111,073 | | 1985 |
PHILADELPHIA, PA | | | 405,800 | | | 221,269 | | | 264,300 | | | 362,769 | | | 627,069 | | | 243,263 | | 1985 |
PHILADELPHIA, PA | | | 417,800 | | | 210,406 | | | 272,100 | | | 356,106 | | | 628,206 | | | 209,874 | | 1985 |
PATERSON, NJ | | | 619,548 | | | 16,765 | | | 402,900 | | | 233,413 | | | 636,313 | | | 111,062 | | 1985 |
DOVER, NJ | | | 606,700 | | | 30,153 | | | 395,100 | | | 241,753 | | | 636,853 | | | 120,840 | | 1985 |
CRANBURY, NJ | | | 606,700 | | | 31,467 | | | 395,100 | | | 243,067 | | | 638,167 | | | 122,575 | | 1985 |
KERNERSVILLE, NC | | | 638,633 | | | 0 | | | 338,386 | | | 300,247 | | | 638,633 | | | 31,437 | | 2007 |
CLINTON, MA | | | 586,600 | | | 52,725 | | | 382,000 | | | 257,325 | | | 639,325 | | | 138,047 | | 1985 |
WANTAGH, NY | | | 640,680 | | | 0 | | | 370,200 | | | 270,480 | | | 640,680 | | | 112,697 | | 1998 |
STERLING, MA | | | 476,102 | | | 165,998 | | | 309,466 | | | 332,634 | | | 642,100 | | | 157,235 | | 1991 |
PHILADELPHIA, PA | | | 369,600 | | | 273,642 | | | 240,700 | | | 402,542 | | | 643,242 | | | 291,682 | | 1985 |
PHILADELPHIA, PA | | | 369,600 | | | 276,720 | | | 240,700 | | | 405,620 | | | 646,320 | | | 275,273 | | 1985 |
EASTCHESTER, NY | | | 614,700 | | | 34,500 | | | 400,300 | | | 248,900 | | | 649,200 | | | 126,891 | | 1985 |
BALTIMORE, MD | | | 474,100 | | | 176,067 | | | 308,700 | | | 341,467 | | | 650,167 | | | 201,170 | | 1985 |
WORCESTER, MA | | | 476,102 | | | 174,233 | | | 309,466 | | | 340,869 | | | 650,335 | | | 332,336 | | 1991 |
NORTH MERRICK, NY | | | 510,350 | | | 141,506 | | | 332,200 | | | 319,656 | | | 651,856 | | | 183,150 | | 1985 |
BELMAR, NJ | | | 630,800 | | | 22,371 | | | 410,800 | | | 242,371 | | | 653,171 | | | 117,831 | | 1985 |
BROOKLYN, NY | | | 276,831 | | | 376,706 | | | 168,423 | | | 485,114 | | | 653,537 | | | 357,052 | | 1978 |
WATERTOWN, MA | | | 357,500 | | | 296,588 | | | 321,030 | | | 333,058 | | | 654,088 | | | 213,660 | | 1985 |
PORT EWEN, NY | | | 657,147 | | | 0 | | | 176,924 | | | 480,223 | | | 657,147 | | | 47,853 | | 2007 |
HASBROUCK HEIGHTS, NJ | | | 639,648 | | | 19,648 | | | 416,000 | | | 243,296 | | | 659,296 | | | 115,788 | | 1985 |
LEVITTOWN, NY | | | 546,400 | | | 113,057 | | | 355,800 | | | 303,657 | | | 659,457 | | | 162,557 | | 1985 |
LANCASTER, PA | | | 642,000 | | | 17,993 | | | 300,000 | | | 359,993 | | | 659,993 | | | 359,993 | | 1989 |
HARTFORD, CT | | | 664,966 | | | 0 | | | 432,228 | | | 232,738 | | | 664,966 | | | 38,792 | | 2004 |
ROCKVILLE CENTRE, NY | | | 350,325 | | | 315,779 | | | 201,400 | | | 464,704 | | | 666,104 | | | 352,076 | | 1985 |
FEASTERVILLE, PA | | | 510,200 | | | 160,144 | | | 332,200 | | | 338,144 | | | 670,344 | | | 215,694 | | 1985 |
NORTH ATTLEBORO, MA | | | 662,900 | | | 16,549 | | | 431,700 | | | 247,749 | | | 679,449 | | | 116,320 | | 1985 |
WEYMOUTH, MA | | | 643,297 | | | 36,516 | | | 418,600 | | | 261,213 | | | 679,813 | | | 129,700 | | 1985 |
RENSSELAER, NY | | | 683,781 | | | 0 | | | 286,504 | | | 397,277 | | | 683,781 | | | 87,339 | | 2004 |
BATAVIA, NY | | | 684,279 | | | 0 | | | 364,279 | | | 320,000 | | | 684,279 | | | 36,267 | | 2006 |
MCAFEE, NJ | | | 670,900 | | | 15,711 | | | 436,900 | | | 249,711 | | | 686,611 | | | 116,230 | | 1985 |
BROOKLYN, NY | | | 421,800 | | | 270,436 | | | 274,700 | | | 417,536 | | | 692,236 | | | 266,711 | | 1985 |
DARIEN, CT | | | 667,180 | | | 26,061 | | | 434,300 | | | 258,941 | | | 693,241 | | | 126,796 | | 1985 |
HYANNIS, MA | | | 650,800 | | | 42,552 | | | 423,800 | | | 269,552 | | | 693,352 | | | 141,554 | | 1985 |
MOUNTAINSIDE, NJ | | | 664,100 | | | 31,620 | | | 431,700 | | | 264,020 | | | 695,720 | | | 130,274 | | 1985 |
WINSTON SALEM, NC | | | 696,397 | | | 0 | | | 251,987 | | | 444,410 | | | 696,397 | | | 48,678 | | 2007 |
EAST HAMPTON, NY | | | 659,127 | | | 39,313 | | | 427,827 | | | 270,613 | | | 698,440 | | | 137,463 | | 1985 |
BARRE, MA | | | 535,614 | | | 163,028 | | | 348,149 | | | 350,493 | | | 698,642 | | | 160,830 | | 1991 |
BARRINGTON, RI | | | 490,200 | | | 213,866 | | | 319,200 | | | 384,866 | | | 704,066 | | | 266,871 | | 1985 |
DOBBS FERRY, NY | | | 670,575 | | | 33,706 | | | 434,300 | | | 269,981 | | | 704,281 | | | 135,250 | | 1985 |
NORTH BERGEN, NJ | | | 629,527 | | | 81,006 | | | 409,527 | | | 301,006 | | | 710,533 | | | 173,873 | | 1985 |
PHILADELPHIA, PA | | | 687,000 | | | 25,017 | | | 447,400 | | | 264,617 | | | 712,017 | | | 127,431 | | 1985 |
FRANKLIN TWP., NJ | | | 683,000 | | | 30,257 | | | 444,800 | | | 268,457 | | | 713,257 | | | 133,770 | | 1985 |
ALFRED STATION, NY | | | 714,108 | | | 0 | | | 414,108 | | | 300,000 | | | 714,108 | | | 34,000 | | 2006 |
NEW HAVEN, CT | | | 538,400 | | | 176,230 | | | 350,600 | | | 364,030 | | | 714,630 | | | 258,057 | | 1985 |
STAMFORD, CT | | | 603,260 | | | 112,305 | | | 392,500 | | | 323,065 | | | 715,565 | | | 201,191 | | 1985 |
BLOOMFIELD, NJ | | | 695,000 | | | 21,021 | | | 371,400 | | | 344,621 | | | 716,021 | | | 230,898 | | 1985 |
BAYSIDE, NY | | | 470,100 | | | 246,576 | | | 306,100 | | | 410,576 | | | 716,676 | | | 248,075 | | 1985 |
WILLIMANTIC, CT | | | 716,782 | | | 0 | | | 465,908 | | | 250,874 | | | 716,782 | | | 41,813 | | 2004 |
80
| | | | | | | | | | | | | | | | | | | | |
| | Initial Cost
of Leasehold
or Acquisition
Investment to
Company (1) | | Cost
Capitalized
Subsequent
to Initial
Investment | | Gross Amount at Which Carried
at Close of Period | | | | Date of Initial
Leasehold or
Acquisition
Investment (1) |
| | | |
| | | |
Description | | | | Land | | Building and
Improvements | | Total | | Accumulated
Depreciation | |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TRENTON, NJ | | | 684,650 | | | 33,275 | | | 444,800 | | | 273,125 | | | 717,925 | | | 137,961 | | 1985 |
BRONX, NY | | | 390,200 | | | 329,357 | | | 251,100 | | | 468,457 | | | 719,557 | | | 296,590 | | 1985 |
NORWALK, CT | | | 510,760 | | | 209,820 | | | 332,200 | | | 388,380 | | | 720,580 | | | 239,435 | | 1985 |
ST. GEORGES, DE | | | 498,200 | | | 222,596 | | | 324,725 | | | 396,071 | | | 720,796 | | | 293,151 | | 1985 |
SANDSTON, VA | | | 0 | | | 721,651 | | | 101,651 | | | 620,000 | | | 721,651 | | | 93,000 | | 2005 |
RIVERHEAD, NY | | | 723,346 | | | 0 | | | 431,700 | | | 291,646 | | | 723,346 | | | 121,374 | | 1998 |
AVON, CT | | | 730,886 | | | 0 | | | 402,949 | | | 327,937 | | | 730,886 | | | 96,628 | | 2002 |
BIDDEFORD, ME | | | 723,100 | | | 8,009 | | | 340,000 | | | 391,109 | | | 731,109 | | | 325,049 | | 1985 |
NEWTON, MA | | | 691,000 | | | 42,832 | | | 450,000 | | | 283,832 | | | 733,832 | | | 141,538 | | 1985 |
LONDONDERRY, NH | | | 703,100 | | | 31,092 | | | 457,900 | | | 276,292 | | | 734,192 | | | 136,026 | | 1985 |
SAG HARBOR, NY | | | 703,600 | | | 36,012 | | | 458,200 | | | 281,412 | | | 739,612 | | | 143,094 | | 1985 |
RIDGEWOOD, NJ | | | 703,100 | | | 36,959 | | | 457,900 | | | 282,159 | | | 740,059 | | | 140,211 | | 1985 |
FLEMINGTON, NJ | | | 708,160 | | | 33,072 | | | 460,500 | | | 280,732 | | | 741,232 | | | 137,084 | | 1985 |
PRINCETON, NJ | | | 703,100 | | | 40,615 | | | 457,900 | | | 285,815 | | | 743,715 | | | 146,858 | | 1985 |
HARRISBURG, PA | | | 399,016 | | | 347,590 | | | 198,740 | | | 547,866 | | | 746,606 | | | 344,802 | | 1989 |
MAYNARD, MA | | | 735,200 | | | 12,714 | | | 478,800 | | | 269,114 | | | 747,914 | | | 122,939 | | 1985 |
BROOKLYN, NY | | | 476,816 | | | 272,765 | | | 306,100 | | | 443,481 | | | 749,581 | | | 281,823 | | 1985 |
WORCESTER, MA | | | 547,283 | | | 205,733 | | | 355,734 | | | 397,282 | | | 753,016 | | | 195,499 | | 1991 |
BRIARCLIFF MANOR, NY | | | 652,213 | | | 103,753 | | | 501,687 | | | 254,279 | | | 755,966 | | | 231,839 | | 1976 |
SALEM, NH | | | 743,200 | | | 19,847 | | | 484,000 | | | 279,047 | | | 763,047 | | | 130,478 | | 1985 |
ROCKLAND, MA | | | 578,600 | | | 185,285 | | | 376,800 | | | 387,085 | | | 763,885 | | | 234,817 | | 1985 |
RANDOLPH, MA | | | 743,200 | | | 25,069 | | | 484,000 | | | 284,269 | | | 768,269 | | | 136,189 | | 1985 |
FAIRHAVEN, MA | | | 725,500 | | | 48,828 | | | 470,900 | | | 303,428 | | | 774,328 | | | 158,477 | | 1985 |
EAST PEMBROKE, NY | | | 787,465 | | | 0 | | | 537,465 | | | 250,000 | | | 787,465 | | | 28,333 | | 2006 |
READING, PA | | | 750,000 | | | 49,125 | | | 0 | | | 799,125 | | | 799,125 | | | 789,901 | | 1989 |
WOBURN, MA | | | 507,600 | | | 294,303 | | | 507,600 | | | 294,303 | | | 801,903 | | | 140,533 | | 1985 |
BALTIMORE, MD | | | 802,414 | | | 0 | | | 0 | | | 802,414 | | | 802,414 | | | 70,212 | | 2007 |
UNION CITY, NJ | | | 799,500 | | | 3,440 | | | 520,600 | | | 282,340 | | | 802,940 | | | 125,227 | | 1985 |
WATERBURY, CT | | | 804,040 | | | 0 | | | 516,387 | | | 287,653 | | | 804,040 | | | 52,496 | | 2004 |
STOUGHTON, MA | | | 775,300 | | | 34,554 | | | 504,900 | | | 304,954 | | | 809,854 | | | 148,890 | | 1985 |
ROCHESTER, NY | | | 823,031 | | | 0 | | | 273,031 | | | 550,000 | | | 823,031 | | | 63,358 | | 2006 |
WEST ORANGE, NJ | | | 799,500 | | | 34,733 | | | 520,600 | | | 313,633 | | | 834,233 | | | 156,456 | | 1985 |
ASHLAND, VA | | | 0 | | | 839,997 | | | 839,997 | | | 0 | | | 839,997 | | | 0 | | 2005 |
SUFFIELD, CT | | | 237,401 | | | 602,635 | | | 200,878 | | | 639,158 | | | 840,036 | | | 187,636 | | 2004 |
WALKERTOWN, NC | | | 844,749 | | | 0 | | | 488,239 | | | 356,509 | | | 844,749 | | | 39,562 | | 2007 |
W.READING, PA | | | 790,432 | | | 68,726 | | | 387,641 | | | 471,517 | | | 859,158 | | | 465,075 | | 1989 |
BELLINGHAM, MA | | | 734,189 | | | 132,725 | | | 476,200 | | | 390,714 | | | 866,914 | | | 239,279 | | 1985 |
ORLANDO, FL | | | 867,515 | | | 0 | | | 401,435 | | | 466,080 | | | 867,515 | | | 175,554 | | 2000 |
JONESBORO, AR | | | 868,501 | | | 0 | | | 173,096 | | | 695,405 | | | 868,501 | | | 31,284 | | 2007 |
FALL RIVER, MA | | | 859,800 | | | 24,423 | | | 559,900 | | | 324,323 | | | 884,223 | | | 153,018 | | 1985 |
ELLICOTT CITY, MD | | | 895,049 | | | (0 | ) | | 0 | | | 895,049 | | | 895,049 | | | 82,439 | | 2007 |
SUTTON, MA | | | 714,159 | | | 187,355 | | | 464,203 | | | 437,311 | | | 901,514 | | | 200,066 | | 1993 |
LIVINGSTON, NJ | | | 871,800 | | | 30,003 | | | 567,700 | | | 334,103 | | | 901,803 | | | 161,144 | | 1985 |
MECHANICSVILLE, VA | | | 0 | | | 902,892 | | | 272,892 | | | 630,000 | | | 902,892 | | | 94,500 | | 2005 |
BROOKLYN, NY | | | 626,700 | | | 282,677 | | | 408,100 | | | 501,277 | | | 909,377 | | | 320,294 | | 1985 |
CHESAPEAKE, VA | | | 883,685 | | | 26,247 | | | 325,508 | | | 584,424 | | | 909,932 | | | 579,208 | | 1990 |
MIDDLETOWN, NY | | | 751,200 | | | 166,411 | | | 489,200 | | | 428,411 | | | 917,611 | | | 225,350 | | 1985 |
MANSFIELD, OH | | | 921,108 | | | 0 | | | 331,599 | | | 589,509 | | | 921,108 | | | 6,862 | | 2008 |
WATERTOWN, CT | | | 924,586 | | | 0 | | | 566,986 | | | 357,600 | | | 924,586 | | | 94,466 | | 2004 |
PLYMOUTH, CT | | | 930,885 | | | 0 | | | 605,075 | | | 325,810 | | | 930,885 | | | 54,300 | | 2004 |
WASHINGTON TOWNSHIP, NJ | | | 912,000 | | | 21,261 | | | 593,900 | | | 339,361 | | | 933,261 | | | 159,158 | | 1985 |
AVOCA, NY | | | 935,543 | | | 0 | | | 634,543 | | | 301,000 | | | 935,543 | | | 34,000 | | 2006 |
NEWINGTON, CT | | | 953,512 | | | 0 | | | 619,783 | | | 333,729 | | | 953,512 | | | 55,621 | | 2004 |
OCEAN CITY, NJ | | | 843,700 | | | 113,162 | | | 549,400 | | | 407,462 | | | 956,862 | | | 240,926 | | 1985 |
MECHANICSVILLE, VA | | | 0 | | | 957,418 | | | 324,158 | | | 633,260 | | | 957,418 | | | 134,666 | | 2005 |
BYRON, NY | | | 969,117 | | | 0 | | | 669,117 | | | 300,000 | | | 969,117 | | | 34,000 | | 2006 |
ROCHESTER, NH | | | 972,200 | | | 12,775 | | | 633,100 | | | 351,875 | | | 984,975 | | | 159,658 | | 1985 |
WARSAW, NY | | | 990,259 | | | 0 | | | 690,259 | | | 300,000 | | | 990,259 | | | 34,000 | | 2006 |
DURHAM, CT | | | 993,909 | | | 0 | | | 0 | | | 993,909 | | | 993,909 | | | 414,129 | | 2004 |
CHURCHVILLE, NY | | | 1,011,381 | | | 0 | | | 601,381 | | | 410,000 | | | 1,011,381 | | | 46,467 | | 2006 |
GREIGSVILLE, NY | | | 1,017,739 | | | 0 | | | 202,873 | | | 814,866 | | | 1,017,739 | | | 38,307 | | 2008 |
81
| | | | | | | | | | | | | | | | | | | | |
| | Initial Cost
of Leasehold
or Acquisition
Investment to
Company (1) | | Cost
Capitalized
Subsequent
to Initial
Investment | | Gross Amount at Which Carried
at Close of Period | | | | Date of Initial
Leasehold or
Acquisition
Investment (1) |
| | | |
| | | |
Description | | | | Land | | Building and
Improvements | | Total | | Accumulated
Depreciation | |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
COLONIA, NJ | | | 952,200 | | | 74,451 | | | 620,100 | | | 406,551 | | | 1,026,651 | | | 216,295 | | 1985 |
LAKEVILLE, NY | | | 1,027,783 | | | 0 | | | 202,857 | | | 824,926 | | | 1,027,783 | | | 39,197 | | 2008 |
CHESAPEAKE, VA | | | 1,026,115 | | | 7,149 | | | 407,026 | | | 626,238 | | | 1,033,264 | | | 624,636 | | 1990 |
GLEN ALLEN, VA | | | 0 | | | 1,036,585 | | | 411,585 | | | 625,000 | | | 1,036,585 | | | 93,750 | | 2005 |
LODI, NJ | | | 0 | | | 1,037,440 | | | 587,823 | | | 449,617 | | | 1,037,440 | | | 151,871 | | 1988 |
MIDDLETOWN, CT | | | 1,038,592 | | | 0 | | | 675,085 | | | 363,507 | | | 1,038,592 | | | 60,583 | | 2004 |
WINDSOR, CT | | | 1,042,081 | | | 0 | | | 669,804 | | | 372,277 | | | 1,042,081 | | | 155,117 | | 2004 |
MECHANICSVILLE, VA | | | 0 | | | 1,042,870 | | | 222,870 | | | 820,000 | | | 1,042,870 | | | 123,000 | | 2005 |
NEW OXFORD, PA | | | 1,044,707 | | | 13,500 | | | 18,687 | | | 1,039,520 | | | 1,058,207 | | | 791,323 | | 1996 |
HONOLULU, HI | | | 1,070,141 | | | 0 | | | 980,680 | | | 89,460 | | | 1,070,141 | | | 12,630 | | 2007 |
GLEN ALLEN, VA | | | 0 | | | 1,077,402 | | | 322,402 | | | 755,000 | | | 1,077,402 | | | 113,250 | | 2005 |
WEBSTER, MA | | | 1,012,400 | | | 67,645 | | | 659,300 | | | 420,745 | | | 1,080,045 | | | 218,323 | | 1985 |
GARDNER, MA | | | 1,008,400 | | | 73,740 | | | 656,700 | | | 425,440 | | | 1,082,140 | | | 217,211 | | 1985 |
YONKERS, NY | | | 1,020,400 | | | 61,875 | | | 664,500 | | | 417,775 | | | 1,082,275 | | | 212,485 | | 1985 |
SEEKONK, MA | | | 1,072,700 | | | 29,112 | | | 698,500 | | | 403,312 | | | 1,101,812 | | | 187,535 | | 1985 |
MECHANICSVILLE, VA | | | 0 | | | 1,124,769 | | | 504,769 | | | 620,000 | | | 1,124,769 | | | 93,000 | | 2005 |
RICHMOND, VA | | | 0 | | | 1,131,878 | | | 546,878 | | | 585,000 | | | 1,131,878 | | | 87,750 | | 2005 |
WALNUT COVE, NC | | | 1,140,945 | | | 0 | | | 513,565 | | | 627,380 | | | 1,140,945 | | | 69,314 | | 2007 |
SHRUB OAK, NY | | | 1,060,700 | | | 81,807 | | | 690,700 | | | 451,807 | | | 1,142,507 | | | 238,435 | | 1985 |
WORCESTER, MA | | | 978,880 | | | 191,413 | | | 636,272 | | | 534,021 | | | 1,170,293 | | | 217,313 | | 1991 |
CRESTLINE, OH | | | 1,201,523 | | | 0 | | | 284,761 | | | 916,762 | | | 1,201,523 | | | 11,367 | | 2008 |
WEST HAVEN, CT | | | 1,214,831 | | | 0 | | | 789,640 | | | 425,191 | | | 1,214,831 | | | 70,867 | | 2004 |
CHESAPEAKE, VA | | | 1,184,759 | | | 32,132 | | | 604,983 | | | 611,908 | | | 1,216,891 | | | 132,131 | | 1990 |
FARMVILLE, VA | | | 0 | | | 1,226,505 | | | 621,505 | | | 605,000 | | | 1,226,505 | | | 90,750 | | 2005 |
BELFIELD, ND | | | 1,232,010 | | | 0 | | | 381,909 | | | 850,101 | | | 1,232,010 | | | 129,470 | | 2007 |
BRONX, NY | | | 543,833 | | | 693,438 | | | 473,695 | | | 763,576 | | | 1,237,271 | | | 752,658 | | 1970 |
NAPLES, NY | | | 1,257,487 | | | 0 | | | 827,487 | | | 430,000 | | | 1,257,487 | | | 48,733 | | 2006 |
FREDERICKSBURG, VA | | | 0 | | | 1,279,280 | | | 469,280 | | | 810,000 | | | 1,279,280 | | | 121,500 | | 2005 |
FORT LEE, NJ | | | 1,245,500 | | | 39,408 | | | 811,100 | | | 473,808 | | | 1,284,908 | | | 227,313 | | 1985 |
FREDERICKSBURG, VA | | | 0 | | | 1,289,425 | | | 798,444 | | | 490,981 | | | 1,289,425 | | | 94,004 | | 2005 |
SPOTSYLVANIA, VA | | | 0 | | | 1,290,239 | | | 490,239 | | | 800,000 | | | 1,290,239 | | | 120,000 | | 2005 |
EL CAJON, CA | | | 1,292,114 | | | 0 | | | 779,828 | | | 512,286 | | | 1,292,114 | | | 42,472 | | 2007 |
ELLINGTON, CT | | | 1,294,889 | | | 0 | | | 841,678 | | | 453,211 | | | 1,294,889 | | | 75,533 | | 2004 |
LAKE HOPATCONG, NJ | | | 1,305,034 | | | 0 | | | 800,000 | | | 505,034 | | | 1,305,034 | | | 303,226 | | 2000 |
SAVONA, NY | | | 1,314,135 | | | 0 | | | 964,136 | | | 349,999 | | | 1,314,135 | | | 39,667 | | 2006 |
FILLMORE, CA | | | 1,354,113 | | | 0 | | | 950,061 | | | 404,052 | | | 1,354,113 | | | 37,786 | | 2007 |
KANEOHE, HI | | | 1,363,901 | | | 0 | | | 821,691 | | | 542,210 | | | 1,363,901 | | | 52,654 | | 2007 |
BELLFLOWER, CA | | | 1,369,511 | | | 0 | | | 910,252 | | | 459,259 | | | 1,369,511 | | | 43,108 | | 2007 |
WINDSOR LOCKS, CT | | | 1,433,330 | | | 0 | | | 0 | | | 1,433,330 | | | 1,433,330 | | | 597,221 | | 2004 |
VERNON, CT | | | 1,434,223 | | | 0 | | | 0 | | | 1,434,223 | | | 1,434,223 | | | 597,592 | | 2004 |
POWAY, CA | | | 1,439,021 | | | (0 | ) | | 0 | | | 1,439,021 | | | 1,439,021 | | | 114,467 | | 2007 |
PETERSBURG, VA | | | 0 | | | 1,441,374 | | | 816,374 | | | 625,000 | | | 1,441,374 | | | 93,750 | | 2005 |
PERRY, NY | | | 1,443,847 | | | 0 | | | 1,043,847 | | | 400,000 | | | 1,443,847 | | | 45,333 | | 2006 |
BROOKLAND, AR | | | 1,467,809 | | | 0 | | | 149,218 | | | 1,318,591 | | | 1,467,809 | | | 56,442 | | 2007 |
NEW HAVEN, CT | | | 1,412,860 | | | 56,420 | | | 898,470 | | | 570,810 | | | 1,469,280 | | | 281,917 | | 1985 |
MECHANICSVILLE, VA | | | 0 | | | 1,476,043 | | | 876,043 | | | 600,000 | | | 1,476,043 | | | 90,000 | | 2005 |
BRICK, NJ | | | 1,507,684 | | | 0 | | | 1,000,000 | | | 507,684 | | | 1,507,684 | | | 247,725 | | 2000 |
WAIANAE, HI | | | 1,520,144 | | | 0 | | | 648,273 | | | 871,871 | | | 1,520,144 | | | 72,706 | | 2007 |
HALEIWA, HI | | | 1,521,648 | | | 0 | | | 1,058,124 | | | 463,524 | | | 1,521,648 | | | 53,621 | | 2007 |
MERIDEN, CT | | | 1,531,772 | | | 0 | | | 989,165 | | | 542,607 | | | 1,531,772 | | | 92,929 | | 2004 |
HONOLULU, HI | | | 1,538,997 | | | 0 | | | 1,219,217 | | | 319,780 | | | 1,538,997 | | | 28,955 | | 2007 |
HOOKSETT, NH | | | 1,561,628 | | | 0 | | | 823,915 | | | 737,712 | | | 1,561,628 | | | 115,904 | | 2007 |
BRISTOL, CT | | | 1,594,129 | | | 0 | | | 1,036,184 | | | 557,945 | | | 1,594,129 | | | 92,992 | | 2004 |
HESPERIA, CA | | | 1,643,449 | | | 0 | | | 849,352 | | | 794,097 | | | 1,643,449 | | | 68,660 | | 2007 |
MECHANICSVILLE, VA | | | 0 | | | 1,677,065 | | | 1,157,065 | | | 520,000 | | | 1,677,065 | | | 78,000 | | 2005 |
KING WILLIAM, VA | | | 0 | | | 1,687,540 | | | 1,067,540 | | | 620,000 | | | 1,687,540 | | | 93,000 | | 2005 |
HOUSTON, TX | | | 1,688,904 | | | 0 | | | 223,664 | | | 1,465,240 | | | 1,688,904 | | | 111,373 | | 2007 |
FREDERICKSBURG, VA | | | 0 | | | 1,715,914 | | | 995,914 | | | 720,000 | | | 1,715,914 | | | 108,000 | | 2005 |
HONOLULU, HI | | | 1,768,878 | | | 0 | | | 1,192,216 | | | 576,662 | | | 1,768,878 | | | 48,078 | | 2007 |
ALLENSTOWN, NH | | | 1,787,116 | | | 0 | | | 466,994 | | | 1,320,122 | | | 1,787,116 | | | 119,762 | | 2007 |
LONG ISLAND CITY, NY | | | 1,646,307 | | | 259,443 | | | 1,071,500 | | | 834,250 | | | 1,905,750 | | | 507,752 | | 1985 |
82
| | | | | | | | | | | | | | | | | | | | |
| | Initial Cost
of Leasehold
or Acquisition
Investment to
Company (1) | | Cost
Capitalized
Subsequent
to Initial
Investment | | Gross Amount at Which Carried
at Close of Period | | | | Date of Initial
Leasehold or
Acquisition
Investment (1) |
| | | |
| | | |
Description | | | | Land | | Building and
Improvements | | Total | | Accumulated
Depreciation | |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SAN DIMAS, CA | | | 1,941,008 | | | 0 | | | 749,066 | | | 1,191,942 | | | 1,941,008 | | | 94,544 | | 2007 |
SAN MARCOS, TX | | | 1,953,653 | | | 0 | | | 250,739 | | | 1,702,914 | | | 1,953,653 | | | 133,479 | | 2007 |
LA PALMA, CA | | | 1,971,592 | | | 0 | | | 1,389,383 | | | 582,210 | | | 1,971,592 | | | 53,595 | | 2007 |
KANEOHE, HI | | | 1,977,671 | | | 0 | | | 1,473,275 | | | 504,396 | | | 1,977,671 | | | 47,249 | | 2007 |
WAIANAE, HI | | | 1,996,811 | | | 0 | | | 870,775 | | | 1,126,036 | | | 1,996,811 | | | 94,383 | | 2007 |
SOUTH WINDHAM, CT | | | 644,141 | | | 1,397,938 | | | 598,394 | | | 1,443,685 | | | 2,042,079 | | | 86,304 | | 2004 |
HARKER HEIGHTS, TX | | | 2,051,704 | | | 0 | | | 588,320 | | | 1,463,384 | | | 2,051,704 | | | 192,815 | | 2007 |
FT WORTH, TX | | | 2,114,924 | | | 0 | | | 866,062 | | | 1,248,863 | | | 2,114,924 | | | 112,417 | | 2007 |
RENSSELAER, NY | | | 1,653,500 | | | 514,444 | | | 1,076,800 | | | 1,091,144 | | | 2,167,944 | | | 766,271 | | 1985 |
BENICIA, CA | | | 2,223,362 | | | 0 | | | 1,057,519 | | | 1,165,843 | | | 2,223,362 | | | 114,287 | | 2007 |
COACHELLA, CA | | | 2,234,957 | | | 0 | | | 1,216,646 | | | 1,018,312 | | | 2,234,957 | | | 93,082 | | 2007 |
BALTIMORE, MD | | | 2,258,897 | | | 0 | | | 721,876 | | | 1,537,022 | | | 2,258,897 | | | 125,569 | | 2007 |
BEDFORD, NH | | | 2,301,297 | | | 0 | | | 1,271,171 | | | 1,030,126 | | | 2,301,297 | | | 102,923 | | 2007 |
AUSTIN, TX | | | 2,368,425 | | | 0 | | | 738,210 | | | 1,630,215 | | | 2,368,425 | | | 130,764 | | 2007 |
TEMPLE, TX | | | 2,405,953 | | | 0 | | | 1,215,488 | | | 1,190,465 | | | 2,405,953 | | | 103,791 | | 2007 |
WAIPAHU, HI | | | 2,458,592 | | | 0 | | | 945,327 | | | 1,513,264 | | | 2,458,592 | | | 121,087 | | 2007 |
MONTPELIER, VA | | | 0 | | | 2,480,686 | | | 1,725,686 | | | 755,000 | | | 2,480,686 | | | 113,250 | | 2005 |
KELLER, TX | | | 2,506,573 | | | 0 | | | 996,029 | | | 1,510,544 | | | 2,506,573 | | | 128,732 | | 2007 |
EAST PROVIDENCE, RI | | | 2,297,435 | | | 568,241 | | | 1,495,700 | | | 1,369,976 | | | 2,865,676 | | | 666,885 | | 1985 |
JONESBORO, AR | | | 2,985,267 | | | 0 | | | 330,322 | | | 2,654,945 | | | 2,985,267 | | | 192,817 | | 2007 |
NEWARK, NJ | | | 3,086,592 | | | 164,432 | | | 2,005,800 | | | 1,245,224 | | | 3,251,024 | | | 637,621 | | 1985 |
AUSTIN, TX | | | 3,510,062 | | | 0 | | | 1,594,536 | | | 1,915,526 | | | 3,510,062 | | | 155,432 | | 2007 |
FREDERICKSBURG, VA | | | 0 | | | 3,623,228 | | | 2,828,228 | | | 795,000 | | | 3,623,228 | | | 119,250 | | 2005 |
WACO, TX | | | 3,884,407 | | | 0 | | | 894,356 | | | 2,990,051 | | | 3,884,407 | | | 262,069 | | 2007 |
THE COLONY, TX | | | 4,395,696 | | | 0 | | | 337,083 | | | 4,058,613 | | | 4,395,696 | | | 300,138 | | 2007 |
HONOLULU, HI | | | 9,210,707 | | | 0 | | | 8,193,984 | | | 1,016,724 | | | 9,210,707 | | | 87,664 | | 2007 |
MISCELLANEOUS INVESTMENTS | | | 10,879,528 | | | 12,876,458 | | | 6,453,867 | | | 17,302,118 | | | 23,755,986 | | | 15,868,528 | | 0 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| | |
| | $ | 364,207,264 | | $ | 109,360,132 | | $ | 221,540,125 | | $ | 252,027,271 | | $ | 473,567,396 | | $ | 129,322,033 | | |
| |
|
|
|
|
|
|
|
|
|
|
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|
|
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|
| | |
| |
(1) | Initial cost of leasehold or acquisition investment to company represents the aggregate of the cost incurred during the year in which the company purchased the property for owned properties or purchased a leasehold interest in leased properties. Cost capitalized subsequent to initial investment also includes investments made in previously leased properties prior to their acquisition. |
| |
(2) | Depreciation of real estate is computed on the straight-line method based upon the estimated useful lives of the assets, which generally range from sixteen to twenty-five years for buildings and improvements, or the term of the lease if shorter. Leasehold interests are amortized over the remaining term of the underlying lease. |
| |
(3) | The aggregate cost for federal income tax purposes was approximately $372,183,000 at December 31, 2008. |
83
SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this Annual Report on Form 10-K to be signed on its behalf by the undersigned, thereunto duly authorized.
| | |
| Getty Realty Corp. |
| (Registrant) |
| | |
| By: | /s/ Thomas J. Stirnweis |
| |
|
| | Thomas J. Stirnweis, |
| | Vice President, Treasurer and |
| | Chief Financial Officer |
| | March 2, 2009 |
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, this Annual Report on Form 10-K has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.
| | | | |
By: | /s/ Leo Liebowitz | | By: | /s/ Thomas J. Stirnweis |
|
| | |
|
Leo Liebowitz | | Thomas J. Stirnweis |
Chairman, Chief Executive Officer and Director | | Vice President, Treasurer and Chief Financial Officer |
(Principal Executive Officer) | | (Principal Financial and Accounting Officer) |
March 2, 2009 | | March 2, 2009 |
| | | | |
By: | /s/ Milton Cooper | | By: | /s/ Philip E. Coviello |
|
| | |
|
Milton Cooper | | Philip E. Coviello |
Director | | Director |
March 2, 2009 | | March 2, 2009 |
| | | | |
By: | /s/ David Driscoll | | By: | /s/ Howard Safenowitz |
|
| | |
|
David Driscoll | | Howard Safenowitz |
Director | | Director |
March 2, 2009 | | March 2, 2009 |
84
EXHIBIT INDEX
GETTY REALTY CORP.
Annual Report on Form 10-K
for the year ended December 31, 2008
| | | | | |
EXHIBIT NO. | | DESCRIPTION | | |
| |
| | |
| 2.1 | | Agreement and Plan of Reorganization and Merger, dated as of December 16, 1997 (the “Merger Agreement”) by and among Getty Realty Corp., Power Test Investors Limited Partnership and CLS General Partnership Corp. | | Filed as Exhibit 2.1 to Company’s Registration Statement on Form S-4, filed on January 12, 1998 (File No. 333-44065), included as Appendix A To the Joint Proxy Statement/Prospectus that is a part thereof, and incorporated herein by reference. |
| | | | | |
| 3.1 | | Articles of Incorporation of Getty Realty Holding Corp. (“Holdings”), now known as Getty Realty Corp., filed December 23, 1997. | | Filed as Exhibit 3.1 to Company’s Registration Statement on Form S-4, filed on January 12, 1998 (File No. 333-44065), included as Appendix D to the Joint Proxy Statement/Prospectus that is a part thereof, and incorporated herein by reference. |
| | | | | |
| 3.2 | | Articles Supplementary to Articles of Incorporation of Holdings, filed January 21, 1998. | | (a) |
| | | | | |
| 3.3 | | By-Laws of Getty Realty Corp. | | (a) |
| | | | | |
| 3.4 | | Articles of Amendment of Holdings, changing its name to Getty Realty Corp., filed January 30, 1998. | | (a) |
| | | | | |
| 3.5 | | Amendment to Articles of Incorporation of Holdings, filed August 1, 2001. | | (a) |
| | | | | |
| 4.1 | | Dividend Reinvestment/Stock Purchase Plan. | | Filed under the heading “Description of Plan” on pages 4 through 17 to Company’s Registration Statement on Form S-3D, filed on April 22, 2004 (File No.333-114730) and incorporated herein by reference. |
| | | | | |
| 10.1* | | Retirement and Profit Sharing Plan (amended and restated as of January 1, 2002), adopted by the Company on September 3, 2002. | | (a) |
| | | | | |
| 10.2* | | 1998 Stock Option Plan, effective as of January 30, 1998. | | Filed as Exhibit 10.1 to Company’s Registration Statement on Form S-4, filed on January 12, 1998 (File No. 333-44065), included as Appendix H to the Joint Proxy Statement/Prospectus that is a part thereof, and incorporated herein by reference. |
| | | | | |
| 10.3** | | Asset Purchase Agreement among Power Test Corp. (now known as Getty Properties Corp.), Texaco Inc., Getty Oil Company and Getty Refining and Marketing Company, dated as of December 21, 1984. | | (a) |
| | | | | |
| 10.4 | | Assignment of Trademark Registrations | | Filed as Exhibit 10.4 to Company’s Annual Report on Form 10-K for the fiscal year ended January 31, 2007 (File No. 001-13777) and incorporated herein by reference. |
85
| | | | | |
| 10.5* | | Form of Indemnification Agreement between the Company and its directors. | | (a) |
| | | | | |
| 10.6* | | Amended and Restated Supplemental Retirement Plan for Executives of the Getty Realty Corp. and Participating Subsidiaries (adopted by the Company on December 16, 1997 and amended and restated effective January 1, 2009). | | (a) |
| | | | | |
| 10.7* | | Letter Agreement dated June 12, 2001 by and between Getty Realty Corp. and Thomas J. Stirnweis regarding compensation upon change in control. | | (a) |
| | | | | |
| 10.8 | | Form of Reorganization and Distribution Agreement between Getty Petroleum Corp. (now known as Getty Properties Corp.) and Getty Petroleum Marketing Inc. dated as of February 1, 1997. | | (a) |
| | | | | |
| 10.9 | | Form of Tax Sharing Agreement between Getty Petroleum Corp (now known as Getty. Properties Corp.) and Getty Petroleum Marketing Inc. | | (a) |
| | | | | |
| 10.10 | | Consolidated, Amended and Restated Master Lease Agreement dated November 2, 2000 between Getty Properties Corp. and Getty Petroleum Marketing Inc. | | (a) |
| | | | | |
| 10.11 | | Environmental Indemnity Agreement dated November 2, 2000 between Getty Properties Corp. and Getty Petroleum Marketing Inc. | | (a) |
| | | | | |
| 10.12 | | Amended and Restated Trademark License Agreement, dated November 2, 2000, between Getty Properties Corp. and Getty Petroleum Marketing Inc. | | (a) |
| | | | | |
| 10.13 | | Trademark License Agreement, dated November 2, 2000, between Getty™ Corp. and Getty Petroleum Marketing Inc. | | (a) |
| | | | | |
| 10.14* | | 2004 Getty Realty Corp. Omnibus Incentive Compensation Plan. | | Filed as Appendix B to the Definitive Proxy Statement of Getty Realty Corp., filed April 9, 2004 (File No. 001-13777) and incorporated herein by reference. |
| | | | | |
| 10.15* | | Form of restricted stock unit grant award under the 2004 Getty Realty Corp. Omnibus Incentive Compensation Plan, as amended. | | (a) |
| | | | | |
| 10.16** | | Contract for Sale and Purchase between Getty Properties Corp. and various subsidiaries of Trustreet Properties, Inc. dated as of February 6, 2007. | | Filed as Exhibit 10.20 to the Company’s Annual Report on Form 10-K for the year ended December 31, 2006 (File No. 001-13777) and incorporated herein by reference. |
86
| | | | | |
| 10.17 | | Senior Unsecured Credit Agreement dated as of March 27, 2007 with J. P. Morgan Securities Inc., as sole bookrunner and sole lead arranger, the lenders referred to therein, and JPMorgan Chase Bank, N.A., as administrative agent for the lenders. | | Filed as Exhibit 10.1 to the Company’s Current Report on Form 8-K filed April 2, 2007 (File No. 001-13777) and incorporated herein by reference. |
| | | | | |
| 10.18* | | Severance Agreement and General Release by and between Getty Realty Corp. and Andrew M. Smith effective October 31, 2007 and dated November 13, 2007. | | Filed as Exhibit 10.22 to the Company’s Current Report on Form 8-K filed November 14, 2007 (File No. 001-13777) and incorporated herein by reference. |
| | | | | |
| 10.19* | | Amendment to the 2004 Getty Realty Corp. Omnibus Incentive Compensation Plan dated December 31, 2008. | | (a) |
| | | | | |
| 10.20* | | Amendment dated December 31, 2008 to Letter Agreement dated June 12, 2001 by and between Getty Realty Corp. and Thomas J. Stirnweis regarding compensation upon change of control. (See Exhibit 10.7). | | (a) |
| | | | | |
| 14 | | The Getty Realty Corp. Business Conduct Guidelines (Code of Ethics). | | Filed as Exhibit 14 to Company’s Annual Report on Form 10-K for the year ended December 31, 2003 (File No. 001-13777) and incorporated herein by reference. |
| | | | | |
| 21 | | Subsidiaries of the Company. | | (a) |
| | | | | |
| 23 | | Consent of Independent Registered Public Accounting Firm. | | (a) |
| | | | | |
| 31(i).1 | | Rule 13a-14(a) Certification of Chief Financial Officer. | | (b) |
| | | | | |
| 31(i).2 | | Rule 13a-14(a) Certification of Chief Executive Officer. | | (b) |
| | | | | |
| 32.1 | | Section 1350 Certification of Chief Executive Officer. | | (b) |
| | | | | |
| 32.2 | | Section 1350 Certification of Chief Financial Officer. | | (b) |
| |
|
(a) | Filed herewith |
| |
(b) | Furnished herewith. These certifications are being furnished solely to accompany the Report pursuant to 18 U.S.C. Section. 1350, and are not being filed for purposes of Section 18 of the Exchange Act, and are not to be incorporated by reference into any filing of the Company, whether made before or after the date hereof, regardless of any general incorporation language in such filing. |
| |
* | Management contract or compensatory plan or arrangement. |
| |
** | Confidential treatment has been granted for certain portions of this Exhibit pursuant to Rule 24b-2 under the Exchange Act, which portions are omitted and filed separately with the SEC. |
87
