Spirit Realty Capital 8-K/A Index to Condensed Consolidated Financial Statements

EXHIBIT 99.2

INDEX TO CONSOLIDATED FINANCIAL STATEMENTS

	Page
Financial Statements and Supplementary Data
Report of Independent Registered Public Accounting Firm
Consolidated Balance Sheets as of December 31, 2012 and 2011		3
Consolidated Statements of Operations for the Years Ended December 31, 2012, 2011 and 2010		4
Consolidated Statements of Comprehensive Loss for the Years Ended December 31, 2012, 2011 and 2010		5
Consolidated Statement of Stockholders’ Equity for the Years Ended December 31, 2012, 2011 and 2010		6
Consolidated Statements of Cash Flows for the Years Ended December 31, 2012, 2011 and 2010		7
Notes to Consolidated Financial Statements December 31, 2012		8
Schedule III Real Estate and Accumulated Depreciation
Schedule IV Mortgage Loans on Real Estate as of December 31, 2012

Report of Independent Registered Public Accounting Firm

The Board of Directors and Stockholders of

Spirit Realty Capital, Inc.

We have audited the accompanying consolidated balance sheets of Spirit Realty Capital, Inc. as of December 31, 2012 and 2011, and the related consolidated statements of operations, comprehensive loss, stockholders’ equity, and cash flows for each of the three years in the period ended December 31, 2012. Our audits also included the financial statement schedules listed in the accompanying index to financial statements. These financial statements and schedules are the responsibility of the Company’s management. Our responsibility is to express an opinion on these financial statements and schedules based on our 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 audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. We were not engaged to perform an audit of the Company’s internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes 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. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements referred to above present fairly, in all material respects, the consolidated financial position of the Company at December 31, 2012 and 2011, and the consolidated results of its operations and its cash flows for each of the three years in the period ended December 31, 2012, in conformity with U.S. generally accepted accounting principles. Also, in our opinion, the related financial statement schedules referred to above, when considered in relation to the basic consolidated financial statements taken as a whole, present fairly in all material respects the information set forth therein.

As discussed in Note 11 to the consolidated financial statements, the Company reclassified the current and prior period results of operations related to assets sold or classified as held for sale during the year ended December 31, 2012 in accordance with ASC 205-20,Discontinued Operations.

/s/ Ernst & Young LLP

Phoenix, Arizona

March 5, 2013, except for the Consolidated Statements of Operations, Note 11 “Discontinued Operations”, and Note 14 “Loss Per Share” as to which the date is August 12, 2013

SPIRIT REALTY CAPITAL, INC.

Consolidated Balance Sheets

(In Thousands, Except Share and Per Share Data)

	December 31, 2012			December 31, 2011
Assets
Investments:
Real estate investments:
Land and improvements	$	1,328,437		$	1,297,020
Buildings and improvements		2,036,987			1,975,708
Total real estate investments		3,365,424			3,272,728
Less: accumulated depreciation		(490,938	)		(405,426	)
		2,874,486			2,867,302
Loans receivable, net		51,862			65,477
Intangible lease assets, net		187,362			204,696
Real estate assets held for sale, net		5,898			9,634
		��
Net investments		3,119,608			3,147,109
Cash and cash equivalents		73,568			49,536
Deferred costs and other assets, net		54,501			34,916
Total assets	$	3,247,677		$	3,231,561
Liabilities and stockholders’ equity
Liabilities:
Term note payable, net	$	—		$	725,735
Mortgages and notes payable, net		1,894,878			1,901,411
Intangible lease liabilities, net		45,603			46,221
Accounts payable, accrued expenses and other liabilities		53,753			31,834
Total liabilities		1,994,234			2,705,201
Commitments and contingencies (see Note 8)
Stockholders’ equity:
Series A Cumulative Preferred Stock, $0.01 par value per share, 20 million shares authorized, zero and 125 shares issued and outstanding at December 31, 2012 and 2011, respectively		—			84
Common stock, $0.01 par value per share, 100 million shares authorized, 84,851,515 and 25,863,976 shares issued and outstanding at December 31, 2012 and December 31, 2011, respectively		849			259
Capital in excess of par value		1,828,399			1,004,065
Accumulated deficit		(575,034	)		(470,496	)
Accumulated other comprehensive loss		(771	)		(7,552	)
Total stockholders’ equity		1,253,443			526,360
Total liabilities and stockholders’ equity	$	3,247,677		$	3,231,561

See accompanying notes.

3

SPIRIT REALTY CAPITAL, INC.

Consolidated Statements of Operations

(In Thousands, Except Share and Per Share Data)

	Year Ended December 31,
	2012			2011			2010
Revenues:
Rentals	$	268,696		$	257,752		$	257,201
Interest income on loans receivable		5,696			6,772			9,572
Interest income and other		852			786			14,473
Total revenues		275,244			265,310			281,246
Expenses:
General and administrative		36,263			27,713			19,583
Litigation		—			151			22,282
Property costs		5,176			4,693			2,631
Real estate acquisition costs		1,054			553			—
Interest		156,220			169,343			172,500
Depreciation and amortization		105,776			103,970			104,201
Impairments		8,918			5,646			20,290
Total expenses		313,407			312,069			341,487
Loss from continuing operations before other income (expense) and income tax expense (benefit)		(38,163	)		(46,759	)		(60,241	)
Other income (expense):
Loss on debt extinguishment		(32,522	)		—			—
Gain on debt repurchases		—			—			9,455
Loss on sale of loans receivable		—			—			(12,565	)
Total other income (expense)		(32,522	)		—			(3,110	)
Loss from continuing operations before income tax expense (benefit)		(70,685	)		(46,759	)		(63,351	)
Income tax expense (benefit)		504			(60	)		239
Loss from continuing operations		(71,189	)		(46,699	)		(63,590	)
Discontinued operations:
Loss from discontinued operations		(1,695	)		(14,428	)		(22,556	)
Net loss on dispositions of assets		(3,349	)		(2,736	)		(391	)
Loss from discontinued operations		(5,044	)		(17,164	)		(22,947	)
Net loss		(76,233	)		(63,863	)		(86,537	)
Less: distributions paid to preferred stockholders		(63	)		(16	)		(15	)
Net loss attributable to common stockholders	$	(76,296	)	$	(63,879	)	$	(86,552	)
Net loss per share of common stock—basic and diluted
Continuing operations	$	(1.73	)	$	(1.81	)	$	(2.46	)
Discontinued operations		(0.12	)		(0.66	)		(0.89	)
Net loss	$	(1.85	)	$	(2.47	)	$	(3.35	)
Weighted average number of shares of common stock outstanding:
Basic and diluted		41,277,353			25,863,976			25,863,976

See accompanying notes.

4

SPIRIT REALTY CAPITAL, INC.

Consolidated Statements of Comprehensive Loss

(In Thousands)

	Year Ended December 31,
	2012			2011			2010
Net loss	$	(76,233	)	$	(63,863	)	$	(86,537	)
Other comprehensive income (loss):
Change in net unrealized (losses) gains on cash flow hedges		(902	)		(816	)		225
Net cash flow hedge losses reclassified to operations		7,683			4,823			6,749
Total comprehensive loss	$	(69,452	)	$	(59,856	)	$	(79,563	)

See accompanying notes.

5

SPIRIT REALTY CAPITAL, INC.

Consolidated Statements of Stockholders’ Equity

(In Thousands, Except Share Data)

	Series A Cumulative Preferred Shares			Series A Cumulative Preferred Value			Common Shares		Common Stock Par Value		Capital in Excess of Par Value			Accumulated Deficit			Accumulated Other Comprehensive Loss			Total Stockholders’ Equity
Balances, December 31, 2009		125		$	84			25,863,976	$	259	$	1,004,171		$	(316,302	)	$	(18,533	)	$	669,679
Net loss		—			—			—		—		—			(86,537	)		—			(86,537	)
Other comprehensive income		—			—			—		—		—			—			6,974			6,974
Dividends paid on preferred stock		—			—			—		—		—			(15	)		—			(15	)
Balances, December 31, 2010		125			84			25,863,976		259		1,004,171		$	(402,854	)		(11,559	)		590,101
Net loss		—			—			—		—		—			(63,863	)		—			(63,863	)
Other comprehensive income		—			—			—		—		—			—			4,007			4,007
Dividends declared or paid to equity owners		—			—			—		—		(106	)		(3,763	)		—			(3,869	)
Dividends paid on preferred stock		—			—			—		—		—			(16	)		—			(16	)
Balances, December 31, 2011		125			84			25,863,976		259		1,004,065			(470,496	)		(7,552	)		526,360
Net loss		—			—			—		—		—			(76,233	)		—			(76,233	)
Other comprehensive income		—			—			—		—		—			—			6,781			6,781
Issuance of common stock		—			—			33,350,000		334		454,980			—			—			455,314
Issuance of common stock for TLC debt conversion		—			—			24,245,278		242		363,437			—			—			363,679
Issuance of restricted common stock		—			—			1,392,261		14		(14	)		—			—			—
Preferred stock redemption		(125	)		(84	)		—		—		—			(55	)		—			(139	)
Dividends declared on common stock		—			—			—		—		—			(28,242	)		—			(28,242	)
Stock-based compensation expense		—			—			—		—		5,931			—			—			5,931
Dividends paid on preferred stock		—			—			—		—		—			(8	)		—			(8	)
Balances, December 31, 2012		—		$	—			84,851,515	$	849	$	1,828,399		$	(575,034	)	$	(771	)	$	1,253,443

See accompanying notes.

6

SPIRIT REALTY CAPITAL, INC.

Consolidated Statements of Cash Flows

(In Thousands)

	Year Ended December 31,
	2012			2011			2010
Operating activities
Net loss	$	(76,233	)	$	(63,863	)	$	(86,537	)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization		112,100			111,870			113,648
Impairments		13,552			22,232			44,753
Amortization of deferred financing costs		2,819			4,198			4,728
Amortization of interest rate hedge losses and other derivative losses		11,465			5,828			6,749
Amortization of debt discounts		10,900			14,605			10,112
Stock-based compensation		5,931			—			—
Loss on debt extinguishment		32,522			—			—
Gain on debt repurchases		—			—			(9,455	)
Losses on dispositions of real estate and other assets, net		3,529			2,736			12,956
Non-cash revenue		(3,283	)		(2,333	)		(2,336	)
Other		216			(140	)		—
Changes in operating assets and liabilities:
Accounts receivable and other assets		418			(42	)		(2,683	)
Accounts payable, accrued expenses and other liabilities		(2,163	)		(664	)		(2,538	)
Net cash provided by operating activities		111,773			94,427			89,397
Investing activities
Acquisitions/improvements of real estate		(163,779	)		(36,643	)		—
Investments in loans receivable		(3,743	)		—			(3,682	)
Collections of principal on loans receivable		17,343			4,828			7,116
Proceeds from dispositions of real estate and other assets		45,998			15,215			65,401
Transfers of sale proceeds and loan principal collection (to) from restricted account		(5,133	)		(7,084	)		1,358
Net cash (used in) provided by investing activities		(109,314	)		(23,684	)		70,193
Financing activities
Borrowings under mortgages and notes payable		44,210			11,400			—
Repayments under mortgages and notes payable		(46,929	)		(38,565	)		(92,330	)
Repurchases of Term Note payable		(398,983	)		(70,000	)		(43,553	)
Deferred financing costs and call premiums paid		(3,436	)		(6,999	)		(1,217	)
Proceeds from issuance of common stock, net of underwriter commissions and offering costs paid of ($43,135 )		457,115			—			—
Deferred offering costs paid		—			(1,509	)		—
Consent fees paid to lenders		(10,672	)		—			—
Redemption of preferred stock		(139	)		—			—
Distributions paid to equity owners		(8	)		(3,885	)		(15	)
Transfers (to) from escrow deposits with lenders		(19,585	)		10			794
Net cash provided by (used in) financing activities		21,573			(109,548	)		(136,321	)
Net increase (decrease) in cash and cash equivalents		24,032			(38,805	)		23,269
Cash and cash equivalents, beginning of period		49,536			88,341			65,072
Cash and cash equivalents, end of period	$	73,568		$	49,536		$	88,341

See accompanying notes.

7

SPIRIT REALTY CAPITAL, INC.

Notes to Consolidated Financial Statements

December 31, 2012

1. Organization and Summary of Significant Accounting Policies:

Company Organization and Operations

Spirit Realty Capital, Inc. is a Maryland corporation incorporated on August 14, 2003. References in this annual report to “Spirit Realty Capital,” the “Company,” “we,” “our,” and “us” are to Spirit Realty Capital, Inc. The Company became a public company in December 2004 and was subsequently taken private in August 2007 by a consortium of private investors. On September 10, 2012, the Company paid a stock dividend (that is treated akin to a stock split for accounting purposes) to existing stockholders of the 200 shares of common stock of the Company whereby the existing stockholders received a stock dividend of 129,318.88 shares of common stock for each share of common stock of the Company. All references in the audited consolidated financial statements to the number of shares of common stock and related per share amounts retroactively reflect the effect of the stock dividend for all periods presented.

On September 25, 2012, the Company completed its initial public offering (the “IPO”) of 29.0 million shares of common stock. On October 1, 2012, the underwriters exercised their option to purchase additional shares in full and the Company issued an additional 4.4 million shares.

Concurrently with the completion of the IPO, the Company issued shares of its common stock to extinguish $330 million of the Term Note indebtedness (the “TLC debt conversion”) (see Note 4). In addition, equity awards in the form of restricted stock were granted to certain directors, executive officers and other employees of the Company (see Note 13).

The Company’s operations are carried out through its operating partnership, Spirit Realty, L.P. (the “Operating Partnership”), which is a Delaware limited partnership. Spirit General OP Holdings, LLC, one of the Company’s wholly-owned subsidiaries, is the sole general partner and owns 1.0% of the Operating Partnership. The Company is the sole limited partner and owns the remaining 99.0% of the Operating Partnership. Although the Operating Partnership is wholly-owned directly and indirectly by the Company, in the future, the Company could agree to issue equity interests in the Operating Partnership to third parties in exchange for property owned by such third parties. In general, any equity interests of the Operating Partnership issued to third parties would be exchangeable for cash or, at the Company’s election, shares of its common stock at specified ratios set when equity interests in the Operating Partnership are issued.

The Company is a self-administered and self-managed real estate investment trust (“REIT”) that primarily invests in single-tenant, operationally essential real estate throughout the United States that is leased on a long-term, triple-net basis primarily to tenants engaged in retail, service, and distribution industries. Single-tenant, operationally essential real estate consists of properties that are generally free-standing, commercial real estate facilities where the Company’s tenants conduct retail, distribution, or service activities that are essential to the generation of their sales and profits. Under a triple-net lease the tenant is typically responsible for all improvements and is contractually obligated to pay all property operating expenses, such as insurance, real estate taxes, and repair and maintenance costs. In support of its primary business of owning and leasing real estate, the Company has also strategically originated or acquired long-term, commercial mortgage and equipment loans to provide a range of financing solutions to its tenants.

Basis of Accounting and Principles of Consolidation

The accompanying consolidated financial statements of Spirit Realty Capital and consolidated subsidiaries have been prepared on the accrual basis of accounting, in accordance with accounting principles generally

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accepted in the United States (“GAAP”). The consolidated financial statements include the accounts of Spirit Realty Capital and its wholly-owned subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation.

Spirit Realty Capital has formed numerous special purpose entities to acquire and hold real estate subject to mortgage notes payable (see Note 4). As a result, the vast majority of the Company’s consolidated assets are held in these wholly-owned special purpose entities and are subject to debt. Each special purpose entity is a separate legal entity and is the sole owner of its assets and responsible for its liabilities. The assets of the special purpose entities are not available to pay, or otherwise satisfy obligations to, the creditors of any owner or affiliate of the special purpose entity. At December 31, 2012 and 2011, assets totaling $3.0 billion and $3.1 billion, respectively, were held, and liabilities totaling $2.0 billion and $1.9 billion, respectively, were owed by these special purpose entities and are included in the accompanying consolidated balance sheets.

Use of Estimates

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Although management believes its estimates are reasonable, actual results could differ from those estimates.

Reclassifications

Certain reclassifications have been made to prior period balances to conform to the current period presentation.

Segment Reporting

Accounting Standards Codification Topic 280,Segment Reporting (ASC 280), established standards for the manner in which public enterprises report information about operating segments. The Company views its operations as one segment, which consists of triple-net leasing operations. The Company has no other reportable segments.

Real Estate Investments

Carrying Value of Real Estate Investments -The Company’s real estate properties are recorded at cost and depreciated using the straight-line method over the estimated remaining useful lives of the properties, which generally range from 20 to 50 years for buildings and improvements and is 15 years for land improvements. Portfolio assets classified as “held for sale” are not depreciated.The Company allocates the purchase price of real estate properties to the tangible and intangible assets and liabilities acquired based on their estimated fair values. In making estimates of fair values for this purpose, management uses a number of sources, including independent appraisals and information obtained about each property as a result of its pre-acquisition due diligence and its marketing and leasing activities. Properties classified as “held for sale” are recorded at the lower of their carrying value or their fair value, less anticipated selling costs.

Purchase Accounting and Acquisition of Real Estate -When acquiring a property for investment purposes, Spirit allocates the purchase price (including acquisition and closing costs) to land, building, improvements and equipment based on their relative fair values. For properties acquired with in-place leases, Spirit allocates the purchase price of real estate to the tangible and intangible assets and liabilities acquired based on their estimated fair values. Transaction costs related to these acquisitions are expensed in the period incurred. In making estimates of fair values for this purpose, Spirit uses a number of sources, including independent appraisals and information obtained about each property as a result of Spirit’s pre-acquisition due diligence and its marketing and leasing activities.

Lease Intangibles -Lease intangibles, if any, acquired in conjunction with the purchase of real estate represent the value of in-place leases and above- or below-market leases. For real estate acquired subject to existing lease

9

agreements, in-place lease intangibles are valued based on management’s estimates of costs related to tenant acquisition and the carrying costs that would be incurred during the time it would take to locate a tenant if the property were vacant, taking into consideration current market conditions and costs to execute similar leases at the time of the acquisition, and are amortized on a straight-line basis over the remaining initial term of the related lease and included in amortization expense. Above- and below-market lease intangibles are recorded based on the present value of the difference between the contractual amounts to be paid pursuant to the leases at the time of acquisition of the real estate and management’s estimate of current market lease rates for the property, measured over a period equal to the remaining initial term of the lease. Capitalized above-market lease intangibles are amortized over the remaining initial terms of the respective leases as a decrease to rental revenue. Below-market lease intangibles are amortized as an increase in rental revenue over the remaining initial terms of the respective leases plus any fixed-rate renewal periods on those leases. Should a lease terminate early, the unamortized portion of any related lease intangibles is immediately recognized in the Company’s consolidated statements of operations.

Impairment -The Company reviews its real estate investments and related lease intangibles periodically for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. We consider factors such as expected future undiscounted cash flows, estimated residual value, market trends (such as the effects of leasing demand and competition) and other factors in making this assessment. An asset is considered impaired if its carrying value exceeds its estimated undiscounted cash flows and the impairment is calculated as the amount by which the carrying value of the asset exceeds its estimated fair value. Estimating future cash flows and fair values are highly subjective and such estimates could differ materially from actual results. Key assumptions used in estimating future cash flows and fair values include, but are not limited to, revenue growth rates, interest rates, discount rates, capitalization rates, lease renewal probabilities, tenant vacancy rates and other factors.

Revenue Recognition -The Company leases real estate to its tenants under long-term, triple-net leases that are classified as operating leases. Lease origination fees are deferred and amortized over the related lease term as an adjustment to rental revenue. Under a triple-net lease, the tenant is typically responsible for all improvements and is contractually obligated to pay all property operating expenses, such as real estate taxes, insurance premiums and repair and maintenance costs. Accordingly, the accompanying consolidated statements of operations do not reflect these tenant-funded costs.

The Company’s leases generally provide for rent escalations throughout the lease terms. For leases that provide for specific contractual escalations, rental revenue is recognized on a straight-line basis so as to produce a constant periodic rent over the term of the lease. Accordingly, accrued rental revenue, calculated as the aggregate difference between the rental revenue recognized on a straight-line basis and scheduled rents, represents unbilled rent receivables that the Company will receive only if the tenants make all rent payments required through the expiration of the initial term of the leases. The accrued rental revenue representing this straight-line adjustment is subject to an evaluation for collectability, and the Company records a provision for losses against rental revenues if collectability of these future rents is not reasonably assured. Leases that have contingent rent escalators indexed to future increases in the Consumer Price Index (“CPI”) may adjust over a one-year period or over multiple-year periods. Generally, these escalators increase rent at the lesser of (a) 1 to 1.25 times the increase in the CPI over a specified period or (b) a fixed percentage. Because of the volatility and uncertainty with respect to future changes in the CPI, the Company’s inability to determine the extent to which any specific future change in the CPI is probable at each rent adjustment date during the entire term of these leases and the Company’s view that the multiplier does not represent a significant leverage factor, rental revenue from leases with this type of escalator are recognized only after the changes in the rental rates have occurred.

Some of the Company’s leases also provide for contingent rent based on a percentage of the tenant’s gross sales. For contingent rentals that are based on a percentage of the tenant’s gross sales, the Company recognizes contingent rental revenue when the change in the factor on which the contingent lease payment is based actually occurs.

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The Company suspends revenue recognition if the collectability of amounts due pursuant to a lease is not reasonably assured or if the tenant’s monthly lease payments become more than 60 days past due, whichever is earlier.

Lease termination fees are included in “interest income and other” on the Company’s consolidated statements of operations and are recognized when there is a signed termination agreement and all of the conditions of the agreement have been met and the tenant no longer occupies the property. The Company recorded lease termination fees of $0.5 million, zero and $13.9 million during the years ended December 31, 2012, 2011 and 2010, respectively.

Allowance for Doubtful Accounts -The Company reviews its rent receivables for collectability on a regular basis, taking into consideration changes in factors such as the tenant’s payment history, the financial condition of the tenant, business conditions in the industry in which the tenant operates and economic conditions in the area where the property is located. In the event that the collectability of a receivable with respect to any tenant is in doubt, a provision for uncollectible amounts will be established or a direct write-off of the specific rent receivable will be made. The Company provided for reserves for uncollectible amounts totaling $3.6 million and $5.1 million at December 31, 2012 and 2011, respectively, against accounts receivable balances of $7.6 million and $11.3 million, respectively. Uncollected accounts receivable are written off against the allowance when all possible means of collection have been exhausted. For accrued rental revenues related to the straight-line method of reporting rental revenue, the Company established a provision for losses of $15.3 million and $12.9 million at December 31, 2012 and 2011, respectively, against accrued rental revenue receivables of $22.7 million and $18.4 million, respectively, based on management’s estimates of uncollectible receivables and management’s assessment of the risks inherent in the portfolio, giving consideration to historical experience and industry default rates for long-term receivables.

Loans Receivable

The Company holds its loans receivable for long-term investment. Mortgage loans are secured by single-tenant, operationally essential real estate. Equipment loans are secured by equipment used by tenants of properties owned or financed by the Company. The loans are carried at amortized cost, including related unamortized premiums.

Revenue Recognition -Interest income on mortgage and equipment loans receivable is recognized using the effective interest method applied on a loan-by-loan basis. Direct costs associated with originating loans are offset against any related fees received and the balance, along with any premium or discount, is deferred and amortized as an adjustment to interest income over the terms of the related loans using the effective interest method. A loan is placed on nonaccrual status when the loan has become 60 days past due, or earlier if management determines that full recovery of the contractually specified payments of principal and interest is doubtful. While on nonaccrual status, interest income is recognized only when received. As of December 31, 2012, two mortgages and one note were placed on nonaccrual status and have been fully reserved.

Impairment and Provision for Loan Losses -The Company periodically evaluates the collectability of its loans receivable, including accrued interest, by analyzing the underlying property-level economics and trends, collateral value and quality, and other relevant factors in determining the adequacy of its allowance for loan losses. A loan is determined to be impaired when, in management’s judgment based on current information and events, it is probable that the Company will be unable to collect all amounts due according to the contractual terms of the loan agreement. Specific allowances for loan losses are provided for impaired loans on an individual loan basis in the amount by which the carrying value exceeds the estimated fair value of the underlying collateral less disposition costs. Delinquent loans receivable are written off against the allowance when all possible means of collection have been exhausted. The allowance for loan losses was $5.1 million and $5.3 million at December 31, 2012 and 2011, respectively, which includes the effects of (recoveries) and write-offs of loans against the allowance of $(0.2) million and $1.4 million during the years ended December 31, 2012 and 2011, respectively.

11

Cash and Cash Equivalents

Cash and cash equivalents include cash and highly liquid investment securities with maturities at acquisition of three months or less. The Company invests cash primarily in money market funds of major financial institutions with fund investments consisting of highly-rated money market instruments and other short-term instruments.

Restricted Cash and Escrow Deposits

The Company classified restricted cash and deposits in escrow totaling $34.7 million and $10.0 million at December 31, 2012 and 2011, respectively, in deferred costs and other assets in the accompanying consolidated balance sheets. Included in the balance at December 31, 2012 was approximately $9.7 million in restricted cash deposited to secure lenders consents to the IPO. These cash balances are restricted as to use under certain of the Company’s debt agreements. In addition, the Company deposited $8.0 million in a collateral account with one of its lenders which may be applied, at the lender’s discretion, towards a reduction of the outstanding principal balance of the related loan. The Company has the right to replace this cash collateral with a letter of credit. During the fourth quarter, the Company advanced $1.1 million to a lender as additional collateral related to a note obligation, which matured in December 2012 (see Note 4).

Accounting for Derivative Financial Instruments and Hedging Activities

The Company utilizes derivative instruments such as interest rate swaps and caps for purposes of hedging exposures to fluctuations in interest rates associated with certain of its financing transactions. At the inception of a hedge transaction, the Company enters into a contractual arrangement with the hedge counterparty and formally documents the relationship between the derivative instrument and the financing transaction being hedged, as well as its risk management objective and strategy for undertaking the hedge transaction. At inception and at least quarterly thereafter, a formal assessment is performed to determine whether the derivative instrument has been highly effective in offsetting changes in cash flows of the related financing transaction and whether it is expected to be highly effective in the future.

The fair value of the derivative instrument is recorded on the balance sheet as either an asset or liability. For derivatives designated as cash flow hedges, the effective portions of the corresponding change in fair value of the derivatives are recorded in accumulated other comprehensive loss within stockholders’ equity. Changes in fair value reported in other comprehensive loss are reclassified to operations in the period in which operations are affected by the underlying hedged transaction. Any ineffective portions of the change in fair value are recognized immediately in general and administrative expense. The amounts paid or received on the hedge are recognized as adjustments to interest expense (see Note 5).

Income Taxes

The Company has elected to be taxed as a REIT under the Internal Revenue Code of 1986, as amended. As a REIT, the Company generally will not be subject to federal income tax provided it continues to satisfy certain tests concerning the Company’s sources of income, the nature of its assets, the amounts distributed to its stockholders and the ownership of Company stock. Management believes the Company has qualified and will continue to qualify as a REIT and therefore, no provision has been made for federal income taxes in the accompanying consolidated financial statements. Even if the Company qualifies for taxation as a REIT, it may be subject to state and local income and franchise taxes and to federal income tax and excise tax on its undistributed income. Franchise taxes are included in general and administrative expenses on the accompanying consolidated statements of operations. Taxable income from non-REIT activities managed through the Company’s taxable REIT subsidiary is subject to federal, state, and local taxes, which are not material.

Net Income Per Common Share

Basic net income per common share is computed by dividing net income attributable to common stockholders by the weighted average number of common shares outstanding during each period. Diluted net income per common

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share is computed by dividing net income attributable to common stockholders for the period by the weighted average number of shares of common stock that would have been outstanding assuming the issuance of common stock for all potentially dilutive common shares outstanding during the reporting period.

Unaudited Interim Information

The consolidated quarterly financial data in Note 15 is unaudited. In the opinion of management, this financial information reflects all adjustments necessary for a fair presentation of the respective interim periods. All such adjustments are of a normal recurring nature.

2. Investments

At December 31, 2012 and 2011, the Company’s gross investment in real estate properties and loans, including real estate assets held for sale, totaled approximately $3.65 billion and $3.58 billion, respectively, representing 1,207 and 1,153, respectively, owned or financed properties that are geographically dispersed throughout 47 states. Investments in only one state, Wisconsin (at 11%), accounted for more than 10% of the total dollar amount of the Company’s investment portfolio. At December 31, 2012 and 2011, respectively, the Company’s gross investment portfolio was comprised of 1,122 and 1,064 owned properties with approximately $3.60 billion and $3.52 billion of gross investment, 85 and 89 properties securing mortgage loans receivable with aggregate carrying amounts of $40.1 million and $50.5 million, respectively and other loans receivable with aggregate carrying amounts of $11.8 million and $15.0 million, respectively.

During the years ended December 31, 2012 and 2011, the Company had the following gross real estate and loan activity (dollars in thousands):

	Number of Properties Owned or Financed			Dollar Amount of Investments (a)
Balance, December 31, 2010		1,161		$	3,610,834
Acquisitions/improvements and loan originations		27			37,347
Dispositions of real estate(b)(d)(Note 11)		(33	)		(37,704	)
Principal payments and payoffs		(1	)		(4,828	)
Impairments		—			(22,520	)
Loan premium amortization and other(c)		(1	)		(259	)
Balance, December 31, 2011		1,153			3,582,870
Acquisitions/improvements and loan originations		91			167,410
Dispositions of real estate(b)(Note 11)		(41	)		(62,750	)
Principal payments and payoffs		(4	)		(17,343	)
Impairments		—			(14,788	)
Loan premium amortization and other(c)		8			(474	)
Balance, December 31, 2012		1,207		$	3,654,925

^(a) The dollar amount of investments includes the gross investment in land, buildings and lease intangibles, as adjusted for any impairment, related to properties owned and the carrying amount of loans receivable.

^(b)  The total accumulated depreciation and amortization associated with dispositions of real estate was $10.3 million and $7.1 million for the years ended December 31, 2012 and 2011, respectively.

^(c)  In 2012 and 2011, properties leased to a tenant were exchanged in a nonmonetary transaction that lacked commercial substance for other properties of equivalent value with the same tenant. As a result, the dollar amount of investments remains unchanged, while the number of properties owned has increased.

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^(d)  In 2011, six properties with a net book value of $11.8 million were transferred to the lender pursuant to a consensual, non-cash settlement of $12.4 million of debt (see Note 12)

The following table shows information regarding the diversification of the Company’s total investment portfolio among the different industries in which its customers operate as of December 31, 2012 and 2011 (dollars in thousands):

	December 31, 2012							December 31, 2011
	Number of Properties Owned or Financed		Dollar Amount  of Investments(a)		Percentage of Total Dollar Amount of Investments			Number of Properties Owned or Financed		Dollar Amount of Investments (a)		Percentage of Total Dollar Amount of Investments
General and discount retail properties		181	$	1,044,442		29	%		181	$	1,041,836		29	%
Restaurants		569		717,902		20			553		713,379		20
Specialty retail properties		48		331,371		9			43		293,129		8
Lumber suppliers		110		257,285		7			102		257,285		7
Movie theaters		23		250,417		7			23		250,992		7
Automotive dealers, parts and service properties		102		207,561		6			107		216,019		6
Industrial suppliers		26		180,051		5			28		199,044		6
Educational properties		22		154,247		4			22		154,011		4
Recreational properties		8		117,239		3			7		116,038		3
Medical/other office properties		11		86,924		2			2		48,362		1
Supermarkets		20		73,700		2			20		73,700		2
Convenience stores/car washes		32		70,024		2			8		53,088		1
Distribution properties		37		57,207		1			39		59,432		2
Interstate travel plazas		3		40,501		1			3		40,501		1
Health clubs/gyms		5		35,859		*			5		35,859		1
Drugstores		9		22,710		*			9		22,710		*
Call centers		1		7,485		*			1		7,485		*
Total investments		1,207	$	3,654,925		100	%		1,153	$	3,582,870		100	%

^(a)  The dollar amount of investments includes the gross investment in land, buildings, and lease intangibles, as adjusted for any impairment, related to properties owned and the carrying amount of loans receivable.

* Less than 1%

Real Estate Investments

The properties that the Company owns are leased to tenants under long-term operating leases that typically include one or more renewal options. The leases are generally triple-net, which provides that the lessee is responsible for the payment of all property operating expenses, including property taxes, maintenance and repairs, and insurance costs; therefore, the Company is generally not responsible for repairs or other capital expenditures related to its properties, unless the property is not subject to a lease agreement. At December 31, 2012, 14 of the Company’s properties were vacant, not subject to a lease and were in the Company’s possession; five of these properties were held for sale. At December 31, 2011, 17 properties were vacant, not subject to a lease and were in the Company’s possession; three of these properties were held for sale.

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Scheduled minimum future rentals to be received under the remaining non-cancelable term of the operating leases at December 31, 2012 (including realized rent increases occurring after January 1, 2013) are as follows (in thousands):

	December 31, 2012
2013	$	281,429
2014		280,111
2015		274,505
2016		271,125
2017		268,777
Thereafter		1,864,036
Total future minimum rentals	$	3,239,983

Because lease renewal periods are exercisable at the option of the lessee, the preceding table presents future minimum lease payments due during the initial lease term only. In addition, the future minimum rentals do not include any contingent rentals based on a percentage of the lessees’ gross sales or lease escalations based on future changes in the CPI.

Certain of the Company’s leases contain tenant purchase options. Most of these options are at or above fair market value at the time the option is exercisable, and none of these purchase options represent bargain purchase options under GAAP.

Loans Receivable

At December 31, 2012 and 2011, the Company held a total of 81 and 83, respectively, first-priority mortgage loans (representing loans to six borrowers) that had aggregate carrying amounts of $40.1 million and $50.5 million, respectively, (including unamortized premium of $1.1 million and $1.3 million, respectively). These loans, which are secured by single-tenant commercial properties, generally provide for monthly payments of principal and interest and may provide for scheduled increases in interest rates over the term of the loans. At December 31, 2012 and 2011, the Company also held other loans aggregating $11.8 million and $15.0 million, respectively (including unamortized premium of $0.0 million and $0.1 million, respectively). These loans are secured by equipment used in the operation of certain real estate properties owned by the Company or are unsecured.

Real Estate Assets Held for Sale

The following table shows the activity in real estate assets held for sale for the years ended December 31, 2012 and 2011 (dollars in thousands):

	Number of Properties			Carrying Value
Balance, December 31, 2010		3		$	2,807
Transfers from real estate investments		24			15,289
Transfers to held and used		(1	)		(717	)
Sales(Note 11)		(16	)		(7,745	)
Balance, December 31, 2011		10			9,634
Transfers from real estate investments		26			27,364
Sales(Note 11)		(29	)		(31,100	)
Balance, December 31, 2012		7		$	5,898

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Impairments

The following table summarizes total impairment losses recognized for the years ended December 31, 2012, 2011 and 2010 (in thousands):

	Year Ended December 31,
	2012			2011		2010
Real estate and intangible asset impairment	$	10,923		$	18,992	$	37,497
Write-off of lease intangibles due to lease terminations		2,809			41		5,698
Loan receivable (recovery)/impairment		(180	)		3,100		1,520
Other impairment		—			99		38
Total impairment loss – continuing and discontinued operations	$	13,552		$	22,232	$	44,753

3. Lease Intangibles, Net

The following details lease intangible assets and liabilities, net of accumulated amortization, at December 31, 2012 and 2011 (in thousands):

	Year Ended December 31,
	2012			2011
In-place leases	$	271,392		$	272,854
Above-market leases		21,139			19,914
Less: accumulated amortization		(105,169	)		(88,072	)
Intangible lease assets, net	$	187,362		$	204,696
Below-market leases	$	61,938		$	59,581
Less: accumulated amortization		(16,335	)		(13,360	)
Intangible lease liabilities, net	$	45,603		$	46,221

In-place lease intangibles are amortized on a straight-line basis over the remaining initial term of the related lease and included in depreciation and amortization expense. Capitalized above-market lease intangibles are amortized over the remaining initial terms of the respective leases as a decrease to rental revenue. Below-market lease intangibles are amortized as an increase in rental revenue over the remaining initial terms of the respective leases plus any fixed-rate renewal periods on those leases. The amounts amortized as a net increase to rental revenue for capitalized above- and below-market leases was approximately $1.3 million and $1.4 million for the years ended December 31, 2012 and 2011, respectively. The value of in-place leases amortized to expense was $18.0 million and $18.1 million for the years ended December 31, 2012 and 2011, respectively.

Based on the balance of the intangible assets and liabilities at December 31, 2012, the net aggregate amortization expense for the next five years is expected to be as follows: $16.3 million in 2013, $15.8 million in 2014, $14.7 million in 2015, $14.4 million in 2016 and $13.9 million in 2017. The amortization of in-place leases is classified within depreciation and amortization expense, while the amortization of above- and below-market leases is classified within rental revenue. The weighted-average remaining amortization period of the lease intangibles is approximately 11.1 years.

4. Debt

Secured Revolving Credit Facility

In September 2012, the Operating Partnership entered into a secured revolving credit facility (the “credit facility”) allowing borrowings of up to $100 million and providing for a maximum additional loan commitment of $50 million, subject to the satisfaction of specified requirements and obtaining additional commitments from

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lenders. The amount available to borrow under the credit facility, and the Company’s ability to request issuances of letters of credit, will be subject to the Operating Partnership’s maintenance of a minimum ratio of the total value of the unencumbered properties to the outstanding credit facility obligations of 1.75:1.00. Since entering into the credit facility and as of December 31, 2012, no borrowings were outstanding under the credit facility.

The initial term expires on September 25, 2015 and may be extended for an additional 12 months subject to the satisfaction of specified requirements. The credit facility bears interest, at the Company’s option, of either (i) the “Alternate Base Rate” (as defined in the credit agreement) plus 2.50% to 3.50%; or (ii) LIBOR plus 3.50% to 4.50%, depending on our leverage ratio. As of December 31, 2012 and until the first compliance certificate is delivered and approved, interest will be determined based on the highest leverage ratio. The Company is also required to pay a quarterly fee on the unused portion of the credit facility at a rate of between 0.30% and 0.40% per annum, based on percentage thresholds for the average daily unused balance during a fiscal quarter. For the year ended December 31, 2012, the Company paid non utilization fees of $0.1 million.

As a result of entering into the credit facility, the Company incurred costs of $2.3 million which have been deferred and are included in deferred costs and other assets, net on the accompanying consolidated balance sheet. These costs are being amortized to interest expense over the remaining initial term of the credit facility.

The Company’s ability to borrow under the credit facility is subject to the Operating Partnership’s ongoing compliance with a number of customary financial covenants, including:

• a maximum total leverage ratio (defined as consolidated debt to consolidated earnings before interest, taxes, depreciation and amortization, or consolidated EBITDA) of 8.00:1.00 through and including the first fiscal quarter of 2014, 7.75:1.00 for the next four fiscal quarters and 7.50:1.00 thereafter;

• a minimum total fixed charge coverage ratio (defined as consolidated EBITDA to consolidated fixed charges) of 1.35:1.00 through and including the first fiscal quarter of 2014, 1.40:1.00 for the next four fiscal quarters and 1.45:1.00 thereafter;

• a minimum total facility interest coverage ratio (defined as consolidated EBITDA less total interest expense, payments of principal on, or amounts escrowed or held with respect to, non-recourse indebtedness and maintenance-related capital expenditures to total interest expense plus amortization payments due on recourse indebtedness) of 5.00:1.00 through and including the first fiscal quarter of 2013, 6.00:1.00 from the second fiscal quarter of 2013 through and including the first fiscal quarter of 2014, 7.00:1.00 from the second fiscal quarter of 2014 through and including the first fiscal quarter of 2015 and 8:00:1.00 thereafter; and

• a minimum consolidated tangible net worth equal to at least 80% of the Company’s consolidated tangible net worth at the completion of the IPO plus 80% of the net proceeds of any additional issuances of common stock.

As of December 31, 2012, the Company was in compliance with all financial covenants on the Credit Facility.

Pursuant to the terms of the credit facility, our distributions may not exceed the greater of (1) 100% of our funds from operations (“FFO”) as defined or (2) the amount required for us to qualify and maintain our status as a REIT. If a default or event of default occurs and is continuing, we may be precluded from making certain distributions (other than those required to allow us to qualify and maintain our status as a REIT). Spirit Realty Capital guarantees the Operating Partnership’s obligations under the credit facility and, to the extent not prohibited by applicable law, all of our assets and the Operating Partnership’s assets, other than interests in subsidiaries that are contractually prohibited from being pledged, are pledged as collateral for obligations under the credit facility.

Term Note Payable

Prior to the completion of the IPO on September 25, 2012, the Company had $729 million principal balance outstanding of a variable-rate term note payable (the “Term Note”). The Company entered into various interest

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rate derivative products to hedge the risk of variability in cash flows which were accounted for as cash flow hedges (see Note 5). Pursuant to an amendment to the Term Note credit agreement, the principal balance was separated into two tranches: $399 million of term loan B (“TLB”) and $330 million of term loan C (“TLC”). Pursuant to a conversion agreement (the “Conversion Agreement”) entered into in connection with the amendment to the Term Note credit agreement, holders of TLC granted the Company the option to convert the TLC into our common stock in connection with a qualifying IPO (as defined in the Conversion Agreement). In exchange for this option, the Company paid a call premium fee of $6.6 million to the TLC lenders, which was recorded as debt discount. Additionally, the share settled call option was deemed an embedded derivative and its value reflected as a debt discount and a separate derivative liability. Upon separation and at each reporting period thereafter, the derivative liability was recorded at fair value with any changes in fair value reflected in earnings.

At the completion of the IPO, the Company issued 24.2 million shares of common stock to the TLC lenders at a conversion premium of 10.2%, and used a portion of the proceeds from the IPO to repay the $399 million TLB. As a result, the Company recognized a loss on debt extinguishment of $32.5 million included in other income (expense) and non-cash charges related to the derivative instruments of $8.7 million, of which $8.1 million is reflected in general and administrative expense and $0.6 million in interest expense for the year ended December 31, 2012. The fair value of the embedded derivative liability at the completion of the IPO was $6.6 million and reclassified into stockholders’ equity.

The interest rate on the Term Note was 3.78%, effective beginning on February 1, 2012, and was reset on August 1, 2012 to 3.44%, which remained in effect until the Term Note was extinguished on September 25, 2012.

At December 31, 2011, the rate on the Term Note was 3.43%. Beginning on February 1, 2011, the variable rate was consistently based on a six-month LIBOR rate and never exceeded 3.45% during 2011.

The Company was subject to various financial and nonfinancial covenants under the Term Note, including a minimum pro forma debt service coverage ratio and a maximum pro forma leverage ratio. At December 31, 2011 and through the date of extinguishment, the Company was in compliance with the covenants under the Term Note.

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Mortgages and Notes Payable

The Company’s mortgages and notes payable are summarized below (dollars in thousands):

	Year Ended December 31,
	2012 Effective Rates(a)			2012			2011
Net-lease mortgage notes payable:
Series 2005-1, Class A-1 amortizing mortgage note, 5.05%, due 2020		6.34	%	$	111,831		$	123,364
Series 2005-1, Class A-2 interest-only mortgage note, 5.37%, due 2020		6.56			258,300			258,300
Series 2006-1, Class A amortizing mortgage note, 5.76%, balloon due 2021		6.58			245,614			252,817
Series 2007-1, Class A amortizing mortgage note, 5.74%, balloon due 2022		6.49			321,650			327,367
Secured fixed-rate amortizing mortgage notes payable:
5.90% note, balloon due 2012(b)		11.99			7,755			7,817
6.25% note, balloon due 2013(c)		N/A			—			5,090
5.40% notes, balloons due 2014		7.41			31,165			31,837
5.26%–5.62% notes, balloons due 2015		6.98-7.41			102,766			104,927
5.04%–8.39% notes, balloons due 2016		6.29-9.76			38,652			39,354
6.59% notes, balloons due 2016		7.02-7.19			564,669			573,569
5.85% note, balloon due 2017		7.18			53,414			54,194
6.17% note, balloon due 2017		7.09			143,647			145,561
6.64% note, balloon due 2017		7.44			21,595			21,896
Secured variable-rate, 1-month LIBOR + 3.25% mortgage notes, balloon due 2016(d)(e)		4.59-5.17			16,851			10,497
Secured variable-rate, 1-month LIBOR + 3.50% mortgage note, balloon due 2017(d)(e)		5.07			11,181			—
Secured variable-rate, 3-month LIBOR + 4.25% mortgage note, balloon due 2017(e)		5.86			21,428			—
Unsecured fixed-rate promissory note, 7.00%, due 2021		10.01			1,571			1,690
					1,952,089			1,958,280
Unamortized debt discount					(57,211	)		(56,869	)
Total mortgages and notes payable				$	1,894,878		$	1,901,411

^(a) The effective rates include amortization of debt discount, amortization of deferred financing costs, and related debt insurer premiums, where applicable, calculated as of December 31, 2012.

^(b)  This note matured on December 1, 2012 and was borrowed by a special purpose entity owned by the Company. At the time of the maturity the special purpose entity informed the lender that it would be unable to refinance or sell the property and determined that an orderly transition of the property was required. The lender has provided the special purpose entity a notice of default and has communicated its intent to foreclose on the subject property. The default interest rate on the note is 9.90%.

^(c)  This note had a scheduled maturity and balloon payment due in 2013, but was prepaid in the fourth quarter of 2012.

^(d)  Maturity dates assume exercise of the Company’s two one-year extension options under the note agreements.

^(e)  Variable-rate notes are hedged with an interest rate swap (see Note 5)

As of December 31, 2012, scheduled debt maturities of the Company’s mortgages and notes payable, including balloon payments, during the next five years and thereafter are as follows (in thousands):

	Scheduled Principal		Balloon Payment		Total(a)
2013	$	43,517	$	—	$	43,517
2014		46,186		29,761		75,947
2015		47,248		96,587		143,835
2016		40,787		580,673		621,460
2017		34,634		233,547		268,181
Thereafter		115,893		675,501		791,394
	$	328,265	$	1,616,069	$	1,944,334

Balloon payments subsequent to 2017 are as follows: $258.3 million due in 2020, $167.5 million due in 2021 and $249.7 million due in 2022.

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^(a)  The total excludes the note obligation of $7.8 million that was due in 2012 and referenced in footnote (b) above.

The following table summarizes interest expense on the related borrowings (in thousands):

	Year Ended December 31,
	2012		2011		2010
Interest expense – Term Note payable	$	19,925	$	26,631	$	27,735
Interest expense – credit facility		108		—		—
Interest expense – mortgages and notes payable(a)		119,197		120,120		125,067
Interest expense – other		10		10		305
Amortization of deferred financing costs		2,819		3,599		4,728
Amortization of net losses related to interest rate swap		3,415		4,500		4,714
Amortization of debt discount(b)		10,746		14,483		9,951
Total interest expense	$	156,220	$	169,343	$	172,500

^(a)  Includes related hedge expense.

^(b)  Interest expense for the first quarter of 2012 was adjusted by a $2.9 million decrease related to the amortization period utilized in 2011 for the debt discount. In the opinion of management, the impact of this adjustment is immaterial to the Company’s 2012 and 2011 results of operations.

Debt discount is amortized to interest expense using the effective interest method over the terms of the related notes. The financing costs related to the establishment of debt are deferred and amortized to interest expense using the effective interest method over the term of the related debt instrument. Unamortized financing costs totaled $3.8 million and $5.9 million at December 31, 2012 and December 31, 2011, respectively, and are included in deferred costs and other assets on the accompanying consolidated balance sheets.

In connection with the IPO, the Company sought lender consent for the IPO and other related transactions. In connection with obtaining these consents, the Company incurred consent fees, legal fees and other third-party expenses. These lender consent fees totaled $10.7 million and are recorded in debt discount and amortized to interest expense over the remaining term of the respective notes using the effective interest method. The related legal and other third-party expenses of $4.8 million were incurred during the year ended December 31, 2012 and are included in general and administrative expenses on the accompanying consolidated statements of operations. No such costs were incurred during 2011 and 2010.

5. Derivative and Hedging Activities

The Company uses interest rate derivative contracts to manage its exposure to changes in interest rates on its variable-rate debt. These derivatives are considered cash flow hedges and are recorded at fair value in accounts payable, accrued expenses and other liabilities on the accompanying consolidated balance sheets. The effective portion of changes in fair value are recorded in accumulated other comprehensive loss and subsequently reclassified to earnings when the hedged transactions affect earnings. The ineffective portion is recorded immediately in earnings in general and administrative expenses.

The Company discontinues hedge accounting if it determines that a derivative no longer meets the criteria for hedge accounting or management determines that designation of the derivative as a hedging instrument is no longer appropriate. When hedge accounting is discontinued, the Company continues to carry the derivative at its fair value on the balance sheet and records changes in fair value directly to earnings.

The Company reclassified $7.7 million, $4.8 million and $6.7 million of net cash flow hedge losses from other comprehensive loss to earnings for the years ended December 31, 2012, 2011 and 2010, respectively. Included in

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these amounts for the years ended December 31, 2012, 2011 and 2010, respectively, were losses of $4.0 million, $0.3 million and $2.0 million recognized in general and administrative expenses as the originally forecasted hedged transactions associated with the Term Note were no longer probable of occurring.

The net unamortized loss included in accumulated other comprehensive loss related to all derivative instruments at December 31, 2012 totaled $0.8 million. Approximately $0.4 million will be reclassified as an increase to interest expense during the next 12 months.

The Company does not enter into derivative contracts for speculative or trading purposes.

6. Income Taxes

The Company’s total current income tax expense was as follows (in thousands):

	December 31,
	2012		2011			2010
REIT state income tax	$	505	$	178		$	239
REIT state built-in gain tax		—		(238	)		—
Total current income tax expense (benefit)	$	505	$	(60	)	$	239

The Company’s deferred income tax expense and its ending balance in deferred tax assets and liabilities were immaterial at December 31, 2012, 2011 and 2010.

To the extent that the Company acquires property that has been owned by a C corporation in a transaction in which the tax basis of the property carries over, and the Company recognizes a gain on the disposition of such property during the subsequent recognition, it will be required to pay tax at the highest regular corporate tax rate to the extent of such built-in gain. During 2009, the Company sold an available-for-sale security that was subject to federal and state built-in gain tax of $3.1 million. A refund of $0.2 million of this amount was recorded in 2011 in connection with the filing of the Company’s 2010 tax returns. The Company continues to hold certain real estate assets acquired prior to 2010 with a built-in gain of approximately $472 million. The Company intends to hold these assets beyond the applicable built-in gain recognition period and therefore does not anticipate recognizing the built-in gain tax associated with these assets.

The Company opted to defer the distribution of a portion of its 2010 taxable net income until 2011, which subjected it to a 4% federal excise tax that essentially represents an interest charge on such deferred amount. This deemed interest charge of $0.1 million is included in interest expense for the year ended December 31, 2010, consistent with the Company’s accounting policy.

The Company has net operating loss carryforwards for income tax purposes totaling $63.4 million, $62.9 million, and $62.6 million at December 31, 2012, 2011 and 2010, respectively. These losses, which begin to expire in 2015 through 2032, are available to reduce future taxable income or distribution requirements, subject to certain ownership change limitations.

The Company files federal, state and local income tax returns. All federal tax returns for years prior to 2009 are no longer subject to examination. Additionally, state tax returns for years prior to 2008 are generally no longer subject to examination. The Company’s policy is to recognize interest related to any underpayment of income taxes as interest expense and to recognize any penalties as operating expenses. There was no accrual for interest or penalties at December 31, 2012, 2011 or 2010. The Company believes that it has appropriate support for the income tax positions taken and to be taken on its tax returns and that its accruals for tax liabilities are adequate for all open years based on an assessment of many factors, including past experience and interpretations of tax law applied to the facts of each matter.

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For income tax purposes, dividends paid consist of ordinary income, capital gains, return of capital, or a combination thereof. For the years ended December 31, 2012, 2011 and 2010, preferred dividends paid were characterized for tax as follows (per share):

	Year Ended December 31,
	2012		2011		2010
Ordinary income	$	63	$	—	$	125
Return of capital		1,112		125		—
	$	1,175	$	125	$	125

For the years ended December 31, 2012, 2011 and 2010, common stock dividends were characterized for tax as follows (per share):

	Year Ended December 31,
	2012		2011		2010
Ordinary income	$	0.23	$	16,972	$	—
Return of capital		—		28		—
	$	0.23	$	17,000	$	—

7. Stockholders’ Equity

On December 21, 2012, the Company elected to redeem all 125 shares of its 12.5% Series A Cumulative Non-Voting Preferred Stock $0.01 par value (the “Series A Preferred Stock”), for a redemption price of $1,112.50 per share. The redemption price includes an amount equal to the stated value, plus any accrued and unpaid dividends through and including December 31, 2012, plus a redemption premium. The holders of the Series A Preferred Stock were entitled to receive cumulative cash dividends of 12.5% per annum. The Series A Preferred Stock was not convertible into shares of any other class or series of stock. During the years ended December 31, 2012 and 2011, the Company paid dividends on preferred stock of $7,813 and $15,625, respectively.

In connection with the IPO, in September 2012, the Company issued 29.0 million shares of our common stock at $15 per share generating net proceeds of $394.6 million. In October 2012, the underwriters exercised their option to purchase additional shares in full and the Company issued an additional 4.4 million shares at $15 per share generating net proceeds of $60.7 million. In connection with the TLC debt conversion (see Note 4), the Company issued 24.2 million shares of common stock. The Company also granted 1.4 million shares of restricted common stock to certain directors, executive officers and other employees of the Company (see Note 13).

At December 31, 2012 and 2011 there were 84,851,515 shares and 25,863,976 shares, respectively, of the Company’s common stock issued and outstanding.

In December 2012, the Company declared two cash dividends on its common stock. The first dividend of $0.0204 per share is for the period from the completion of the Company’s IPO on September 25, 2012 to the end of the third quarter on September 30, 2012. The second dividend of $0.3125 per share is for the fourth quarter ending December 31, 2012. On January 14, 2013, the Company paid $28.2 million of dividends to stockholders of record on December 31, 2012. During the year ended December 31, 2011, the Company paid total distributions to its equity owners and on preferred stock of $3.9 million. During the year ended December 31, 2011, Spirit Finance Capital Management, LLC, an affiliate, which externally managed the Company between March 2008 through June 2011, paid a liquidating distribution of $0.5 million and the Company paid $3.4 million of dividends; such dividends were primarily attributed to 2010 for tax purposes.

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8. Commitments and Contingencies

The Company is periodically subject to claims or litigation in the ordinary course of business, including claims generated from business conducted by tenants on real estate owned by the Company. In these instances, the Company is typically indemnified by the tenant against any losses that might be suffered, and the Company and/or the tenant are insured against such claims. At December 31, 2012, there were no outstanding claims against the Company that are expected to have a material adverse effect on the Company’s financial position or results of operations.

At December 31, 2012, the Company had commitments totaling $8.0 million to make property acquisitions and to fund improvements on properties the Company currently owns. All of these future commitments are expected to be funded by December 31, 2013. In addition, the Company is contingently liable for $5.7 million of debt owed by one of its tenants and is indemnified by that tenant for any payments the Company may be required to make on such debt.

The Company estimates future costs for known environmental remediation requirements when it is probable that the Company has incurred a liability and the related costs can be reasonably estimated. The Company considers various factors when estimating its environmental liabilities, and adjustments are made when additional information becomes available that affects the estimated costs to study or remediate any environmental issues. When only a wide range of estimated amounts can be reasonably established and no other amount within the range is better than another, the low end of the range is recorded in the financial statements. Based on an ongoing environmental study on one of its properties, the Company’s estimated remediation liability was $0.1 million and $0.3 million at December 31, 2012 and 2011, respectively.

The Company leases its current corporate office space and certain operating equipment under non-cancelable agreements from unrelated third parties. Total rental expense included in general and administrative expense amounted to $0.4 million, $0.4 million and $0.5 million for the years ended December 31, 2012, 2011 and 2010, respectively. The Company is also a lessee under eight long-term, non-cancelable ground leases under which it is obligated to pay monthly rent. Total rental expense included in property costs amounted to $1.1 million for the year ended December 31, 2012, and $1.0 million for each of the years ended December 31, 2011 and 2010. The majority of the ground leases are subleased to unrelated third parties, and the corresponding rental revenue is recorded in rentals on the accompanying consolidated statements of operations.

The Company’s minimum aggregate rental commitments under all non-cancelable operating leases as of December 31, 2012 are as follows (in thousands):

	Ground Leases		Office and Equipment Leases		Total
2013	$	1,165	$	344	$	1,510
2014		1,175		412		1,587
2015		1,177		423		1,600
2016		1,179		474		1,653
2017		1,243		483		1,726
Thereafter		15,221		2,948		18,169
Total	$	21,160	$	5,084	$	26,245

During 2010, six officers of the Company resigned their responsibilities and were no longer employed by the Company. Subsequent to their resignation, the officers filed two lawsuits against the Company, the Company’s former parent, Redford Holdco, LLC (“Redford”) and certain individuals. The Company and other defendants filed counterclaims. In December 2010, a confidential settlement was reached and all litigation was dismissed. The Company’s costs related to defending itself and settling the claims related to this matter totaled $22.3 million through December 31, 2010, which is net of insurance proceeds of $2.0 million.

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9. Fair Value Measurements

The Company’s assets and liabilities that are required to be measured at fair value in the Company’s consolidated financial statements are summarized below.

The following table sets forth the Company’s financial assets that were accounted for at fair value on a recurring basis as of December 31, 2012 and 2011 (in thousands):

				Fair Value Hierarchy Level
	Fair Value			Level 1		Level 2			Level 3
December 31, 2012:
Derivatives:
Interest rate swaps	$	(771	)	$	—	$	(771	)	$	—
December 31, 2011:
Derivatives:
Interest rate cap	$	16		$	—	$	16		$	—
Transaction fee embedded derivative		(2,587	)		—		—			(2,587	)
Interest rate swap		(116	)		—		(116	)		—

The interest rate cap and the interest rate swaps are measured using a market approach, using prices obtained from a nationally recognized pricing service and pricing models with market observable inputs such as interest rates and equity index levels. These measurements are classified as Level 2 of the fair value hierarchy.

In July 2011, in connection with the Conversion Agreement, the Company recorded a derivative liability of $1.6 million related to the fair value of the 2% alternative transaction fee (see Note 4), which is considered an embedded derivative. The fair value of the embedded derivative is classified as Level 3 of the fair value hierarchy and determined based on a market participant’s view of the Conversion Agreement alternatives and the probability of an IPO occurring. As of December 31, 2011, the fair value of the derivative liability was $2.6 million. On September 25, 2012, the date of the completion of a qualifying IPO and TLC debt conversion, the fair value of the derivative liability was $6.6 million. For the year ended December 31, 2012, the Company recognized a loss of approximately $4.0 million, which is included in general and administrative expenses. Upon the TLC debt conversion, the fair value of the derivative liability was reclassified into stockholders’ equity.

The table below reflects the reconciliation for liabilities measured at fair value on a recurring basis and classified as Level 3 (in thousands):

	Derivative Liabilities
Balance, December 31, 2010	$	—
Issuance.		(1,562	)
Total losses included in earnings		(1,025	)
Balance, December 31, 2011		(2,587	)
Total losses included in earnings		(4,013	)
Balance, September 25, 2012		(6,600	)
Amount transferred to stockholders’ equity		6,600
Balance, December 31, 2012	$	—
Amount of losses included in earnings attributable to the change in unrealized losses related to liabilities still held at the reporting date	$	—

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The following table sets forth the Company’s assets that were accounted for at fair value on a nonrecurring basis as of December 31, 2012 and 2011(in thousands):

						Fair Value Hierarchy Level						Impairment Charges
Description	Fair Value		Dispositions			Level 1		Level 2		Level 3
December 31, 2012:
Long-lived assets held and used	$	27,449	$	(425	)	$	—	$	—	$	27,874	$	(7,404	)
Lease intangible assets		—		—			—		—		—		(2,680	)
Long-lived assets held for sale		4,184		(7,983	)		—		—		12,167		(3,648	)
												$	(13,732	)
December 31, 2011:
Long-lived assets held and used	$	9,980	$	(950	)	$	—	$	—	$	10,930	$	(11,860	)
Other assets		—		—			—		—		—		(105	)
Lease intangible assets		113		—			—		—		113		(571	)
Long-lived assets held for sale		9,634		(4,935	)		—		—		14,569		(6,596	)
												$	(19,132	)

The fair values of impaired real estate and intangible assets were determined by using the following information, depending on availability, in order of preference: signed purchase and sale agreement or letter of intent; recently quoted bid or ask prices, or market prices for comparable properties; estimates of cash flow, which consider, among other things, contractual and forecasted rental revenues, leasing assumptions, and expenses based upon market conditions; and expectations for the use of the real estate. Based on these inputs, the Company determined that its valuation of the impaired real estate and intangible assets falls within Level 3 of the fair value hierarchy.

In addition to the disclosures for assets and liabilities required to be measured at fair value at the balance sheet date, companies are required to disclose the estimated fair values of all financial instruments, even if they are not carried at their fair value. The fair values of financial instruments are estimates based upon market conditions and perceived risks at December 31, 2012. These estimates require management’s judgment and may not be indicative of the future fair values of the assets and liabilities.

Financial assets and liabilities for which the carrying values approximate their fair values include cash and cash equivalents, restricted cash and escrow deposits and accounts receivable and payable. Generally, these assets and liabilities are short-term in duration and are recorded at fair value on the consolidated balance sheets.

The estimated fair values of the fixed-rate mortgage and other loans receivable and the fixed-rate mortgages and notes payable have been derived based on market quotes for comparable instruments or discounted cash flow analysis using estimates of the amount and timing of future cash flows, market rates and credit spreads. The mortgage and other loans receivable and mortgages and notes payable were measured using a market approach from nationally recognized financial institutions with market observable inputs such as interest rates and credit analytics. These measurements are classified as Level 2 of the fair value hierarchy. The fair value of the Term Note was measured using an active market price at December 31, 2011 which is considered a Level 1 valuation method. The following table discloses fair value information for these financial instruments (in thousands):

	December 31, 2012				December 31, 2011
	Carrying Value		Estimated Fair Value		Carrying Value		Estimated Fair Value
Mortgage and other loans receivable	$	51,862	$	69,926	$	65,477	$	64,202
Mortgages and notes payable		1,894,878		2,112,670		1,901,411		1,889,159
Term Note payable		—		—		725,735		663,429

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10. Significant Credit and Revenue Concentration

As of December 31, 2012, the Company’s real estate investments are operated by approximately 165 tenants that engage in retail, service and distribution activities across various industries throughout the United States. In February 2012, two of our tenants, Shopko Stores Operating Co., LLC (“Shopko”), and Pamida Stores Operating Co. LLC (“Pamida”), completed a merger. Each tenant operates in the general and discount retailer industry. Rental revenues from the combined company represent 29.4% of our total annual rent (from continuing and discontinued operations) as of December 31, 2012. Prior to the merger, rental revenues under a master lease agreement with Shopko totaled 26.7% and 25.6% of the Company’s total rental revenues (from continuing and discontinued operations) for each of the years ended December 31, 2011 and 2010, respectively. No other tenant contributed 10% or more of the Company’s total annual rent during any of the periods presented.

As of December 31, 2012, the combined properties that are operated by Shopko and Pamida represent approximately 28.4% of the Company’s total investment portfolio. As of the year ended December 31, 2011, the properties operated by Shopko under the master lease represented approximately 25.7% of the Company’s total investment portfolio.

11. Discontinued Operations

Periodically, the Company may sell real estate properties it owns. Gains and losses from any such dispositions of properties and all operations from these properties are required to be reclassified as “discontinued operations” in the consolidated statements of operations, as long as there is no significant continuing involvement in the future cash flows from these properties. As a result of this reporting requirement, each time a property is sold or classified as real estate assets held for sale, the operations of such property previously reported as part of “loss from continuing operations” are reclassified into “discontinued operations.” This presentation has no impact on net loss or cash flow. The net gains or losses from the real estate dispositions as well as the current and prior operations have been reclassified to discontinued operations as summarized below (dollars in thousands):

	Year Ended December 31,
	2012			2011			2010
Revenues	$	10,582		$	12,350		$	14,614
Expenses:
General and administrative		203			12			94
Property costs		472			1,219			1,685
Interest		644			1,061			1,481
Depreciation and amortization		6,324			7,900			9,447
Impairments		4,634			16,586			24,463
Total expenses		12,277			26,778			37,170
Loss from discontinued operations		(1,695	)		(14,428	)		(22,556	)
Net losses on dispositions of real estate (a)		(3,349	)		(2,736	)		(391	)
Total discontinued operations	$	(5,044	)	$	(17,164	)	$	(22,947	)
Number of properties disposed of during period(a)		41			33			5

12. Supplemental Cash Flow Information

Interest paid during the years ended December 31, 2012, 2011 and 2010, totaled $144.0 million, $148.1 million and $155.0 million, respectively. Income and franchise taxes paid, net of refunds, during the years ended December 31, 2012, 2011 and 2010 were $0.7 million, $0.4 million and $3.6 million, respectively. Franchise taxes are included in general and administrative expense in the accompanying consolidated statements of operations.

In December 2012, the Company declared a common stock dividend of $28.2 million, which was paid in January 2013. During the year ended December 31, 2012, the Company reduced its Term Note indebtedness by

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$330.0 million through the conversion of its TLC into shares of its common stock. Additionally, the Company repaid $3.5 million of mortgages and notes payable in conjunction with sales of certain real estate properties and paid $0.7 million of real estate acquisition costs accrued for at December 31, 2011. During the year ended December 31, 2011, the Company transferred ownership of six properties with a net book value of $11.8 million to the lender pursuant to a consensual, non-cash settlement of $12.4 million of debt. In addition, during the year ended December 31, 2011, the Company repaid $0.9 million of mortgages and notes payable in conjunction with sales of certain real estate properties and, as of December 31, 2011, had $0.7 million of real estate improvements and $2.4 million of deferred offering costs which had not yet been paid in cash.

13. Employee Benefit Plans

The Company has a defined contribution retirement savings plan qualified under Section 401(k) of the Internal Revenue Code (the “401(k) Plan”). The 401(k) Plan is available to full-time employees who have completed at least six months of service with the Company. The Company provides a matching contribution in cash, up to a maximum of 4% of compensation, which vests immediately. The matching contributions made by the Company totaled approximately $180,000, $136,000 and $146,000 for the years ended December 31, 2012, 2011 and 2010, respectively.

In September 2012, the Company adopted the Incentive Award Plan (the “Plan”) under which we may grant equity incentive awards to eligible employees, directors and other service providers. As of the date of the Plan’s adoption, an aggregate of approximately 3.1 million shares of common stock is available for issuance under the Plan. Awards under the Plan may be in the form of stock options, restricted stock, dividend equivalents, restricted stock units, stock appreciation rights, performance awards, stock payment awards, performance share awards, LTIP units and other incentive awards. If an award under the Plan is forfeited, expires or is settled for cash, any shares subject to such award may, to the extent of such forfeiture, expiration or cash settlement, be used again for new grants under the Plan.

Prior to the establishment of the Plan, the Company’s former parent, Redford, granted certain Company executives restricted non-incentive units in Redford having an aggregate fair market value of $8.0 million. An independent third party assisted the Company in determining the number of non-incentive units of Redford to be granted to aggregate $8.0 million in fair market value as of the grant date, December 15, 2011, based on the income and market approaches.

The Company executives who received restricted non-incentive units with Redford terminated and cancelled their respective non-incentive units prior to the completion of the Company’s IPO in September 2012, in exchange for a cumulative 470,590 shares of restricted common stock of the Company under the Plan with a grant date fair market value of approximately $7.1 million. The vesting terms of the restricted stock grants were substantially unchanged from those applicable to the Redford restricted non-incentive units, with 50% of such shares vesting upon the completion of the Company’s IPO, and the remaining 50% to vest either (i) in three equal annual installments on the first through third anniversaries of the Company’s IPO, or (ii) in full upon a subsequent “change of control” (as defined in each executive’s respective amended employment agreement) of the Company, subject, in each case, to the executive’s continued employment with the Company through the applicable vesting dates. The restricted common stock, which vested upon the completion of the IPO, has a 270 day lock up period following the vesting date.

The modification of these awards was deemed a “probable-to-probable” modification under ASC 718-20-55-107, and as such the total compensation expense to be recognized will be $8.0 million, the fair market value of the original awards which exceeded the grant date fair market value of the modified awards. Prior to the completion of the IPO, the Company did not recognize compensation costs related to these awards as the performance condition had not been met.

An additional 921,671 shares of restricted common stock were granted to certain directors, executive officers and other employees upon the completion of the IPO. These shares vest over the following service

27

periods (subject to continued service through the applicable vesting date): 25,000 over a service period of 12 months; and 896,671 over a service period of three years. The grant date fair market value of these awards was approximately $14.1 million.

	Year Ended December 31, 2012
	Number of Shares			Weighted average  price(1)
Outstanding non-vested shares, beginning of year		—
Shares granted		1,392,261		$	15.84
Shares vested		(235,295	)	$	17.00
Shares forfeited		—
Outstanding non-vested shares, end of year		1,156,966		$	15.61

There was no stock compensation expense in 2011 or 2010, as there were no stock grants that met recognition criteria in either of those periods.

⁽¹⁾  Grant date fair value.

Historical staff turnover rates are used by the Company to estimate the forfeiture rate for its non-vested shares. Accordingly, changes in actual forfeiture rates will affect stock-based compensation expense during the applicable period.

Under the terms of the restricted common stock grants issued, holders of the non-vested shares are eligible to receive non-refundable dividends. In accordance with ASC 718-10-55-45, the Company charges to compensation expense the amount of dividends accrued and/or paid to the extent they relate to non-vested shares that are not expected to vest.

The amount of stock-based compensation expense recognized in general and administrative expenses was $5.9 million for the year ended December 31, 2012.

As of December 31, 2012, the remaining unamortized stock-based compensation expense totaled $15.7 million, which is recognized as the greater of the amount amortized on a straight-line basis over the service period of each applicable award or the amount vested over the vesting periods.

14. Loss Per Share

Basic and diluted loss per share is computed by dividing net loss attributable to common stockholders by the weighted average number of shares of common stock outstanding during the period. The table below is a reconciliation of the numerator used in the computation of basic and diluted loss per share (dollars in thousands):

	Year Ended December 31,
	2012			2011			2010
Loss from continuing operations	$	(71,189	)	$	(46,699	)	$	(63,590	)
Less: distributions to preferred stockholders		(63	)		(16	)		(15	)
Loss from continuing operations attributable to common stockholders		(71,252	)		(46,715	)		(63,605	)
Loss income from discontinued operations		(5,044	)		(17,164	)		(22,947	)
Net loss attributable to common stockholders	$	(76,296	)	$	(63,879	)	$	(86,552	)
Weighted average number of shares of common stock outstanding:
Basic and diluted		41,277,353			25,863,976			25,863,976

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For all periods presented, no potentially dilutive securities were included in computing loss per share of common stock as their effect would be anti-dilutive. Potentially dilutive securities excluded were the potential shares of common stock for the TLC debt conversion and non-vested restricted stock. These shares were not considered potentially dilutive for periods prior to 2012 as the related performance conditions had not been met. The weighted average number of shares of potentially dilutive securities during 2012 were as follows:

	Twelve Months Ended December 31,
	2012
TLC convertible debt		17,753,373
Non-vested shares of restricted stock		35,466
Potentially dilutive shares		17,788,839

15. Consolidated Quarterly Financial Data (In thousands, except share and per share data) (unaudited)

	First Quarter			Second Quarter			Third Quarter			Fourth Quarter			Year(2)
2012(1)
Total revenue	$	68,079		$	67,957		$	68,487		$	70,722		$	275,244
Depreciation and amortization expense		26,234			26,258			26,324			26,960			105,776
Interest expense		38,939			42,024			41,975			33,282			156,220
Other expenses		15,625			8,869			18,418			9,004			51,915
Loss on debt extinguishment		—			—			(32,522	)		—			(32,522	)
(Loss) income from continuing operations		(12,719	)		(9,194	)		(50,752	)		1,476			(71,189	)
Income (loss) from discontinued operations		317			412			893			(6,666	)		(5,044	)
Net loss		(12,402	)		(8,782	)		(49,859	)		(5,190	)		(76,233	)
Net loss attributable to common stockholders		(12,402	)		(8,790	)		(49,859	)		(5,245	)		(76,296	)
Net loss per common share: Basic and diluted		(0.48	)		(0.34	)		(1.70	)		(0.06	)		(1.85	)
Dividends declared per common share		—			—			—			0.3329			0.3329
2011(1)
Total revenue	$	65,639		$	65,984		$	66,697		$	66,990		$	265,310
Depreciation and amortization expense		26,103			25,909			25,909			26,049			103,970
Interest expense		41,297			41,431			43,381			43,234			169,343
Other expenses		4,904			10,700			13,037			10,055			38,696
Loss from continuing operations		(6,665	)		(12,056	)		(15,630	)		(12,348	)		(46,699	)
Loss from discontinued operations		(331	)		(5,282	)		(5,591	)		(5,960	)		(17,164	)
Net loss		(6,996	)		(17,338	)		(21,221	)		(18,308	)		(63,863	)
Net loss attributable to common stockholders		(6,996	)		(17,346	)		(21,221	)		(18,316	)		(63,879	)
Net loss per common share: Basic and diluted		(0.27	)		(0.67	)		(0.82	)		(0.71	)		(2.47	)
Dividends paid per common share		—			—			—			0.15			0.15

⁽¹⁾  The consolidated quarterly financial data includes revenues and expenses from our continuing and discontinued operations. The results of operations related to certain properties, classified as held for sale or disposed of, have been reclassified to income from discontinued operations. Therefore, some of the information may not agree to our previously filed quarterly reports on Form 10-Q.

⁽²⁾  Amounts for each period are calculated independently. The sum of the quarters may differ from the annual amount.

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16. Subsequent Events

On January 22, 2013, the Company and Cole Credit Property Trust II, Inc. (“CCPT II”) announced that their boards of directors unanimously approved a definitive agreement to combine the companies through the merger of the Company with and into CCPT II, with CCPT II continuing as the surviving entity. CCPT II is a non-traded, SEC-registered REIT that invests primarily in freestanding, single-tenant buildings net leased to investment grade and other creditworthy tenants throughout the United States. Pursuant to the terms of the merger agreement, the Company’s stockholder will receive a fixed exchange ratio of 1.9048 shares of CCPT II common stock for each share of the Company common stock owned. The merger is subject to approval from the majority of both the Company’s and CCPT II stockholders and customary regulatory approvals and closing conditions. The Company’s largest stockholders, Macquarie Group (US) Holdings No. 1 Pty Limited, TPG-Axon Partners, LP and TPG-Axon Spirit Holdings Ltd., who together own approximately 15% of the Company, have executed voting agreements that state their intention to vote in favor of the merger. Following the effective time of the merger, the combined entity will operate under the name Spirit Realty Capital, Inc. and the existing management team of the Company will continue as the management team of the combined entity. At the effective time of the merger, the size of the board of directors of the combined entity will be set at nine, and all of the directors of the Company immediately prior to the completion of the merger and up to two individuals designated by CCPT II and reasonably satisfactory to the Company, will comprise the board of directors of the combined entity. It is anticipated that the shares of the combined company will be listed on the NYSE under the Company’s current ticker symbol “SRC”. The merger is expected to close in the third quarter of 2013.

In connection with the merger, the Operating Partnership has entered into a commitment letter with Barclays Bank PLC, pursuant to which Barclays Bank PLC has committed to provide, subject to the conditions set forth in the commitment letter, a $575 million secured term loan facility and a $50 million senior secured revolving credit facility.

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SPIRIT REALTY CAPITAL, INC.

SCHEDULE III REAL ESTATE AND

ACCUMULATED DEPRECIATION

(Amounts in thousands)

				Initial Cost to Company				Cost Capitalized Subsequent to Acquisition including impairment				Gross Amount at December 31, 2012 (e)													Life in which depreciation in latest Income Statement is computed
Description	Encumbrances			Land and Improvements		Buildings, Improvements		Improvements/ Land		Improvements/ building		Land and Improvements		Buildings, Improvements		Total		Final Accum			Date of Construction		Date Acquired
Restaurants
Adairsville, GA		(a	)		557		318		—		—		557		318		875		(102	)		1986		9/29/06	15 to 20 years
Addison, TX		(a	)		1,615		2,476		—		—		1,615		2,476		4,091		(567	)		1998		9/30/04	15 to 30 years
Akron, OH		(a	)		247		198		—		—		247		198		445		(79	)		1971		5/25/05	15 to 20 years
Akron, OH		(a	)		218		273		—		—		218		273		491		(95	)		1976		5/25/05	15 to 20 years
Akron, OH		(a	)		310		394		—		—		310		394		704		(134	)		1982		5/25/05	15 to 20 years
Albuquerque, NM		(a	)		120		1,336		—		—		120		1,336		1,456		(241	)		1999		12/30/04	30 to 30 years
Albuquerque, NM		(a	)		1,036		1,655		—		—		1,036		1,655		2,691		(422	)		1994		12/30/04	15 to 30 years
Alcoa, TN		(a	)		228		219		—		—		228		219		447		(64	)		1982		11/2/07	15 to 30 years
Alcoa, TN		(a	)		483		318		—		—		483		318		801		(95	)		1978		11/2/07	15 to 30 years
Alexandria, VA		(a	)		1,024		202		—		5		1,024		207		1,231		(84	)		1979		12/19/06	15 to 20 years
Alvin, TX		(a	)		256		585		—		—		256		585		841		(339	)		1997		12/30/04	10 to 15 years
Apopka, FL		(a	)		1,038		482		—		—		1,038		482		1,520		(334	)		1977		6/25/04	10 to 15 years
Apple Valley, MN		(a	)		1,119		1,055		—		—		1,119		1,055		2,174		(270	)		1999		9/24/04	15 to 30 years
Appleton, WI		(a	)		727		1,329		—		9		727		1,338		2,065		(365	)		1993		12/29/06	8 to 30 years
Ardmore, OK		(a	)		1,332		1,466		—		—		1,332		1,466		2,798		(432	)		1986		2/26/07	14 to 30 years
Arlington, TX		(a	)		2,064		2,043		—		—		2,064		2,043		4,107		(462	)		1995		9/30/04	15 to 30 years
Arlington, TX		(a	)		1,301		1,032		—		—		1,301		1,032		2,333		(422	)		1978		2/26/07	14 to 20 years
Athens, TN		(a	)		388		748		—		—		388		748		1,136		(203	)		1994		6/25/04	15 to 30 years
Athens, TN		(a	)		197		341		—		176		197		517		714		(105	)		1977		11/2/07	15 to 30 years
Atlanta, GA		(a	)		513		483		—		—		513		483		996		(19	)		2002		2/2/12	15 to 30 years
Atlanta, GA		(b	)		265		476		—		—		265		476		741		(17	)		1998		2/2/12	15 to 30 years
Atlanta, GA		(b	)		488		653		—		—		488		653		1,141		(24	)		1995		2/2/12	15 to 30 years
Auburn, CA		(a	)		579		299		—		—		579		299		878		(81	)		1992		12/29/06	15 to 30 years
Aurora, IL		(a	)		286		726		—		—		286		726		1,012		(198	)		1998		12/29/06	15 to 30 years
Aurora, IL		(a	)		695		1,482		—		—		695		1,482		2,177		(329	)		1997		3/7/07	15 to 30 years
Austell, GA		(a	)		973		415		—		—		973		415		1,388		(103	)		1993		2/28/06	15 to 30 years
Austell, GA		(a	)		838		216		—		—		838		216		1,054		(125	)		1962		2/28/06	15 to 20 years
Austintown Township, OH		(a	)		1,106		450		—		—		1,106		450		1,556		(132	)		1991		2/6/07	15 to 30 years
Baker, LA		(a	)		254		468		—		—		254		468		722		(116	)		1988		9/24/04	15 to 30 years
Bartonville, IL		(c	)		410		856		—		—		410		856		1,266		—			1980		12/21/12	15 to 30 years
Baton Rouge, LA		(a	)		594		417		—		—		594		417		1,011		(172	)		1979		6/25/04	15 to 20 years
Baton Rouge, LA		(a	)		565		286		—		—		565		286		851		(131	)		1991		6/25/04	15 to 20 years

31

				Initial Cost to Company				Cost Capitalized Subsequent to Acquisition including impairment						Gross Amount at December 31, 2012 (e)													Life in which depreciation in latest Income Statement is computed
Description	Encumbrances			Land and Improvements		Buildings, Improvements		Improvements/ Land			Improvements/ building			Land and Improvements		Buildings, Improvements		Total		Final Accum			Date of Construction		Date Acquired
Baton Rouge, LA		(a	)		401		567		—			—			401		567		968		(215	)		1978		7/28/04	15 to 20 years
Baton Rouge, LA		(a	)		747		558		—			—			747		558		1,305		(231	)		1984		9/24/04	15 to 20 years
Baton Rouge, LA		(a	)		472		642		—			—			472		642		1,114		(166	)		1987		9/24/04	15 to 30 years
Baton Rouge, LA		(a	)		391		599		—			—			391		599		990		(204	)		1983		9/24/04	15 to 20 years
Beaumont, TX		(a	)		1,435		1,541		—			—			1,435		1,541		2,976		(394	)		1997		6/29/07	15 to 40 years
Bellefontaine, OH		(a	)		388		778		(12	)		—			376		778		1,154		(249	)		1989		12/29/06	15 to 20 years
Bentonville, AR		(a	)		635		900		—			—			635		900		1,535		(228	)		2004		7/7/05	15 to 30 years
Blakely, GA		(a	)		288		744		—			—			288		744		1,032		(270	)		1987		6/25/04	15 to 20 years
Bloomingdale, IL		(a	)		426		1,956		—			—			426		1,956		2,382		(404	)		1992		12/29/06	15 to 30 years
Blue Springs, MO		(c	)		688		119		101			(119	)		789		—		789		—			1994		9/23/05	38 to 38 years
Boardman Township, OH		(a	)		1,560		557		—			—			1,560		557		2,117		(154	)		1985		2/6/07	15 to 30 years
Boise, ID		(a	)		809		601		(400	)		(259	)		409		342		751		(156	)		1998		6/25/04	15 to 30 years
Bolingbrook, IL		(a	)		762		821		—			—			762		821		1,583		(281	)		1994		9/23/05	15 to 20 years
Boone, NC		(a	)		750		379		—			—			750		379		1,129		(122	)		2006		12/29/06	15 to 30 years
Borough Of Edinboro, PA		(a	)		384		350		—			—			384		350		734		(116	)		1973		2/6/07	15 to 30 years
Bowie, MD		(a	)		333		173		—			123			333		296		629		(75	)		1983		11/27/06	15 to 20 years
Bowie, MD		(c	)		1,501		615		—			—			1,501		615		2,116		(167	)		2004		12/31/07	15 to 40 years
Branson, MO		(a	)		1,497		1,684		—			—			1,497		1,684		3,181		(462	)		1994		9/23/05	15 to 30 years
Bristol, TN		(a	)		484		134		—			—			484		134		618		(128	)		1991		11/23/04	15 to 20 years
Bristol, TN		(c	)		474		282		—			—			474		282		756		—			1985		12/21/12	10 to 15 years
Bristol, VA		(c	)		492		366		—			—			492		366		858		—			1982		12/21/12	15 to 20 years
Bristol, VA		(c	)		369		564		—			—			369		564		933		—			1991		12/21/12	15 to 20 years
Brunswick, GA		(a	)		774		614		—			—			774		614		1,388		(213	)		1999		9/24/04	15 to 20 years
Bryan, TX		(a	)		739		700		—			—			739		700		1,439		(252	)		1988		12/30/04	15 to 20 years
Buckhannon, WV		(c	)		438		529		—			—			438		529		967		—			1978		12/21/12	15 to 20 years
Buffalo, MN		(a	)		189		227		—			—			189		227		416		(81	)		1978		5/24/05	15 to 20 years
Buffalo, NY		(a	)		737		629		—			—			737		629		1,366		(140	)		1993		11/10/05	15 to 30 years
Buffalo, NY		(a	)		821		694		—			—			821		694		1,515		(157	)		1976		11/10/05	15 to 30 years
Burlington, IA		(a	)		304		588		—			—			304		588		892		(163	)		1996		9/23/05	15 to 30 years
Burlington, IA		(a	)		318		484		—			—			318		484		802		(138	)		2006		9/23/05	15 to 30 years
Burr Ridge, IL		(a	)		759		977		16			1,584			775		2,561		3,336		(396	)		1997		6/25/04	15 to 30 years
Calhoun, GA		(b	)		503		713		—			—			503		713		1,216		(27	)		1988		2/2/12	15 to 30 years
Canton, MI		(a	)		2,071		1,224		—			—			2,071		1,224		3,295		(388	)		1996		6/25/04	15 to 30 years
Canton, OH		(a	)		215		483		—			—			215		483		698		(144	)		1974		5/25/05	15 to 20 years
Carrollton, GA		(a	)		508		603		—			—			508		603		1,111		(134	)		2000		2/28/06	15 to 40 years
Carrollton, GA		(b	)		613		503		—			—			613		503		1,116		(27	)		1988		2/2/12	15 to 20 years
Carrollton, KY		(a	)		229		730		—			—			229		730		959		(169	)		1990		12/29/06	13 to 28 years
Cartersville, GA		(a	)		581		730		—			—			581		730		1,311		(198	)		1997		2/28/06	15 to 30 years
Cartersville, GA		(a	)		439		451		—			—			439		451		890		(145	)		1990		2/28/06	15 to 30 years
Casper, WY		(a	)		54		762		—			—			54		762		816		(158	)		1969		12/29/06	15 to 30 years
Cedar Hill, TX		(a	)		620		501		—			—			620		501		1,121		(158	)		2005		12/29/06	15 to 30 years

32

				Initial Cost to Company				Cost Capitalized Subsequent to Acquisition including impairment						Gross Amount at December 31, 2012 (e)													Life in which depreciation in latest Income Statement is computed
Description	Encumbrances			Land and Improvements		Buildings, Improvements		Improvements/ Land			Improvements/ building			Land and Improvements		Buildings, Improvements		Total		Final Accum			Date of Construction		Date Acquired
Charleston, IL		(a	)		272		220		—			—			272		220		492		(134	)		1986		9/23/05	10 to 15 years
Chatsworth, GA		(a	)		213		558		—			—			213		558		771		(131	)		1979		11/2/07	15 to 30 years
Chattanooga, TN		(a	)		482		682		—			—			482		682		1,164		(188	)		1997		6/25/04	15 to 30 years
Chattanooga, TN		(a	)		600		389		—			—			600		389		989		(101	)		1995		9/29/06	15 to 30 years
Chattanooga, TN		(a	)		352		246		—			—			352		246		598		(101	)		1984		11/2/07	15 to 30 years
Cheektowaga, NY		(a	)		561		549		—			—			561		549		1,110		(133	)		1985		11/10/05	15 to 30 years
Chesapeake, VA		(c	)		1,046		334		—			75			1,046		409		1,455		(194	)		1995		6/25/04	10 to 25 years
Cheyenne, WY		(a	)		277		2,041		—			—			277		2,041		2,318		(584	)		1928		12/29/06	15 to 20 years
Chicago, IL		(a	)		313		275		—			—			313		275		588		(89	)		1982		5/25/05	15 to 20 years
Chicago, IL		(a	)		340		220		—			—			340		220		560		(83	)		1975		5/25/05	15 to 20 years
Chicago, IL		(a	)		242		244		—			—			242		244		486		(91	)		1970		5/25/05	15 to 20 years
Chicago, IL		(a	)		242		256		—			—			242		256		498		(87	)		1974		5/25/05	15 to 20 years
Chicago, IL		(a	)		258		310		—			—			258		310		568		(111	)		1972		5/25/05	15 to 20 years
Chicago, IL		(a	)		532		279		—			—			532		279		811		(96	)		1982		5/25/05	15 to 20 years
Chicago, IL		(a	)		572		198		—			—			572		198		770		(69	)		1983		5/25/05	15 to 20 years
Chicago, IL		(a	)		289		260		—			—			289		260		549		(86	)		1982		5/25/05	15 to 20 years
Chicago, IL		(a	)		976		271		—			—			976		271		1,247		(178	)		1987		9/23/05	10 to 15 years
Chicago, IL		(a	)		1,675		1,112		—			—			1,675		1,112		2,787		(271	)		1999		12/29/06	15 to 30 years
Chickasha, OK		(a	)		511		811		(126	)		(165	)		385		646		1,031		(281	)		1982		9/23/05	15 to 20 years
Christiansburg, VA		(a	)		666		168		—			—			666		168		834		(160	)		1994		11/23/04	15 to 20 years
City of Ashtabula, OH		(a	)		865		244		—			—			865		244		1,109		(92	)		1975		2/6/07	15 to 30 years
City of Brooklyn, OH		(c	)		1,226		672		—			—			1,226		672		1,898		(180	)		2001		2/6/07	10 to 25 years
City of Canfield, OH		(a	)		449		644		—			—			449		644		1,093		(167	)		1973		2/6/07	15 to 30 years
City Of Corry, PA		(a	)		411		279		—			—			411		279		690		(105	)		1977		2/6/07	15 to 30 years
City of Erie, PA		(a	)		855		147		—			—			855		147		1,002		(79	)		1973		2/6/07	15 to 30 years
City of Middleburg Heights, OH		(a	)		1,456		793		—			—			1,456		793		2,249		(200	)		1987		2/6/07	15 to 30 years
City of Olean, NY		(a	)		355		663		—			—			355		663		1,018		(173	)		1977		2/6/07	15 to 30 years
City of Titusville, PA		(a	)		247		438		—			—			247		438		685		(118	)		1976		2/6/07	11 to 26 years
City of Warren, PA		(a	)		383		427		—			—			383		427		810		(135	)		1970		2/6/07	15 to 30 years
Clear Lake, IA		(a	)		294		292		—			—			294		292		586		(100	)		1980		5/24/05	15 to 20 years
Clearwater, FL		(c	)		2,226		858		—			—			2,226		858		3,084		(209	)		2004		12/31/07	15 to 40 years
Cleveland, TN		(a	)		501		459		—			—			501		459		960		(106	)		2004		12/29/06	15 to 40 years
Clinton, MD		(a	)		300		193		—			152			300		345		645		(74	)		1980		11/27/06	15 to 20 years
Clinton, TN		(a	)		417		293		—			—			417		293		710		(96	)		1994		11/2/07	15 to 30 years
Colonie, NY		(c	)		1,321		991		(350	)		(261	)		971		730		1,701		(236	)		1994		12/31/07	15 to 40 years
Colorado Springs, CO		(a	)		674		519		—			—			674		519		1,193		(2	)		1989		11/19/12	6 to 30 years
Columbia Heights, MN		(a	)		289		131		—			—			289		131		420		(49	)		1977		5/24/05	15 to 20 years
Columbus, MS		(a	)		304		257		—			—			304		257		561		(89	)		1977		3/31/04	14 to 30 years
Columbus, OH		(a	)		268		354		—			—			268		354		622		(125	)		1975		5/25/05	15 to 20 years
Columbus, OH		(a	)		294		262		—			—			294		262		556		(102	)		1976		5/25/05	15 to 20 years

33

				Initial Cost to Company				Cost Capitalized Subsequent to Acquisition including impairment				Gross Amount at December 31, 2012 (e)													Life in which depreciation in latest Income Statement is computed
Description	Encumbrances			Land and Improvements		Buildings, Improvements		Improvements/ Land		Improvements/ building		Land and Improvements		Buildings, Improvements		Total		Final Accum			Date of Construction		Date Acquired
Conyers, GA		(a	)		463		557		—		—		463		557		1,020		(16	)		2008		2/2/12	15 to 40 years
Conyers, GA		(b	)		509		706		—		—		509		706		1,215		(26	)		1984		2/2/12	15 to 30 years
Copperas Cove, TX		(a	)		479		591		—		—		479		591		1,070		(236	)		1996		12/30/04	15 to 20 years
Council Bluffs, IA		(b	)		393		484		—		—		393		484		877		(21	)		2008		10/3/11	15 to 40 years
Covington, GA		(b	)		526		665		—		—		526		665		1,191		(24	)		2001		2/2/12	15 to 30 years
Crawfordsville, IN		(a	)		557		624		—		—		557		624		1,181		(168	)		1998		9/23/05	15 to 30 years
Creston, IA		(a	)		103		180		—		—		103		180		283		(115	)		1974		12/15/05	10 to 15 years
Crossville, TN		(a	)		353		382		—		—		353		382		735		(67	)		1977		9/1/05	15 to 40 years
Crossville, TN		(a	)		220		288		—		176		220		464		684		(94	)		1978		11/2/07	15 to 30 years
Culpepper, VA		(a	)		367		169		—		—		367		169		536		(66	)		1977		12/19/06	15 to 20 years
Cumming, GA		(a	)		967		844		—		—		967		844		1,811		(235	)		1986		9/24/04	15 to 30 years
Dallas, TX		(a	)		1,053		412		—		—		1,053		412		1,465		(147	)		1976		9/30/04	15 to 20 years
Dallas, TX		(a	)		1,366		1,699		—		—		1,366		1,699		3,065		(369	)		1997		9/30/04	15 to 30 years
Danville, IL		(a	)		619		672		—		—		619		672		1,291		(201	)		1995		12/29/06	15 to 30 years
Daphne, AL		(a	)		695		302		—		—		695		302		997		(117	)		1982		9/24/04	15 to 20 years
Davenport, IA		(b	)		393		405		—		—		393		405		798		(33	)		1989		10/3/11	15 to 20 years
Davenport, IA		(b	)		291		633		—		—		291		633		924		(35	)		1992		10/3/11	15 to 30 years
Davenport, IA		(b	)		441		646		—		—		441		646		1,087		(39	)		2002		10/3/11	15 to 30 years
Dayton, OH		(c	)		1,026		907		—		—		1,026		907		1,933		(239	)		2002		12/31/07	15 to 40 years
Dayton, OH		(a	)		526		598		—		—		526		598		1,124		(207	)		1982		3/7/07	12 to 17 years
Dayton, TN		(a	)		308		291		—		176		308		467		775		(94	)		1979		11/2/07	15 to 30 years
De Witt, IA		(a	)		248		333		—		—		248		333		581		(137	)		1984		9/23/05	15 to 20 years
Decatur, GA		(b	)		677		539		—		—		677		539		1,216		(20	)		1989		2/2/12	15 to 30 years
Decatur, IL		(a	)		940		126		—		—		940		126		1,066		(198	)		1992		9/23/05	15 to 20 years
Decorah, IA		(a	)		207		91		—		—		207		91		298		(64	)		1985		9/23/05	10 to 15 years
Deerfield Beach, FL		(a	)		668		295		—		—		668		295		963		(97	)		1970		9/24/04	15 to 30 years
Dekalb, IL		(a	)		1,423		1,552		—		—		1,423		1,552		2,975		(407	)		1996		12/29/06	15 to 30 years
Denham Springs, LA		(a	)		419		594		—		—		419		594		1,013		(209	)		1983		9/24/04	15 to 20 years
Des Moines, IA		(a	)		137		196		—		—		137		196		333		(75	)		1966		9/23/05	15 to 20 years
Detroit, MI		(a	)		425		200		—		—		425		200		625		(80	)		1977		5/25/05	15 to 20 years
Detroit, MI		(a	)		351		209		—		—		351		209		560		(81	)		1977		5/25/05	15 to 20 years
Detroit, MI		(a	)		426		223		—		—		426		223		649		(89	)		1979		5/25/05	15 to 20 years
Detroit, MI		(a	)		413		235		—		—		413		235		648		(90	)		1977		5/25/05	15 to 20 years
Detroit, MI		(a	)		301		219		—		—		301		219		520		(81	)		1972		5/25/05	15 to 20 years
Detroit, MI		(a	)		270		305		—		—		270		305		575		(98	)		1976		5/25/05	15 to 20 years
Detroit, MI		(a	)		271		157		—		—		271		157		428		(62	)		1978		5/25/05	15 to 20 years
Detroit, MI		(a	)		385		258		—		—		385		258		643		(101	)		1979		5/25/05	15 to 20 years
Detroit, MI		(a	)		428		189		—		—		428		189		617		(75	)		1979		5/25/05	15 to 20 years
Detroit, MI		(a	)		614		688		—		—		614		688		1,302		(234	)		1987		12/21/07	13 to 18 years
Dickinson, ND		(a	)		616		1,301		—		—		616		1,301		1,917		(241	)		2003		12/29/06	15 to 40 years
Douglasville, GA		(a	)		712		669		—		—		712		669		1,381		(143	)		2003		2/28/06	15 to 40 years

34

				Initial Cost to Company				Cost Capitalized Subsequent to Acquisition including impairment				Gross Amount at December 31, 2012 (e)													Life in which depreciation in latest Income Statement is computed
Description	Encumbrances			Land and Improvements		Buildings, Improvements		Improvements/ Land		Improvements/ building		Land and Improvements		Buildings, Improvements		Total		Final Accum			Date of Construction		Date Acquired
Douglasville, GA		(a	)		764		941		—		—		764		941		1,705		(223	)		1990		2/28/06	15 to 30 years
Douglasville, GA		(a	)		452		570		—		—		452		570		1,022		(20	)		1974		2/2/12	15 to 30 years
Dubuque, IA		(a	)		479		298		—		—		479		298		777		(211	)		1970		9/23/05	10 to 15 years
Duluth, MN		(a	)		74		423		—		—		74		423		497		(77	)		1915		5/24/05	15 to 30 years
Duluth, MN		(a	)		294		221		—		—		294		221		515		(68	)		1968		5/24/05	15 to 20 years
Dyersville, IA		(a	)		267		513		—		—		267		513		780		(206	)		1983		9/23/05	14 to 20 years
E Aurora, NY		(a	)		424		584		—		—		424		584		1,008		(196	)		1982		11/10/05	15 to 20 years
Eagle Pass, TX		(a	)		976		2,385		—		—		976		2,385		3,361		(429	)		2001		4/1/05	15 to 40 years
East Ellijay, GA		(a	)		562		354		—		—		562		354		916		(140	)		1984		12/29/05	15 to 20 years
East Moline, IL		(b	)		415		471		—		—		415		471		886		(36	)		1982		10/3/11	15 to 20 years
East St. Louis, IL		(a	)		117		334		—		—		117		334		451		(82	)		1990		5/25/05	15 to 30 years
Edinburg, TX		(a	)		1,091		2,217		—		—		1,091		2,217		3,308		(406	)		2000		4/1/05	15 to 40 years
Effingham, IL		(a	)		539		575		—		—		539		575		1,114		(161	)		1985		9/23/05	15 to 30 years
Effingham, IL		(a	)		357		228		—		—		357		228		585		(160	)		1973		9/23/05	10 to 15 years
El Paso, TX		(a	)		609		1,810		—		—		609		1,810		2,419		(326	)		1999		4/29/05	15 to 40 years
Elgin, IL		(a	)		1,142		1,451		—		—		1,142		1,451		2,593		(377	)		1996		12/29/06	15 to 30 years
Elizabethon, TN		(a	)		655		129		—		—		655		129		784		(130	)		1993		12/15/04	15 to 20 years
Elizabethton, TN		(c	)		735		278		—		—		735		278		1,013		—			1971		12/21/12	15 to 20 years
Elk River, MN		(a	)		314		255		—		—		314		255		569		(70	)		1988		5/24/05	15 to 30 years
Elmwood Park, IL		(a	)		650		380		—		—		650		380		1,030		(131	)		1993		9/23/05	15 to 20 years
Emmitsburg, MD		(a	)		141		182		—		—		141		182		323		(60	)		1981		11/27/06	15 to 20 years
Ephrate, PA		(a	)		685		231		—		—		685		231		916		(109	)		1978		1/30/06	15 to 20 years
Escanaba, MI		(a	)		772		767		—		—		772		767		1,539		(270	)		1984		12/29/05	15 to 20 years
Eureka, IL		(c	)		307		338		—		—		307		338		645		—			1980		12/21/12	10 to 15 years
Eustis, FL		(a	)		451		377		—		—		451		377		828		(237	)		1969		12/30/04	10 to 15 years
Evansville, IN		(a	)		270		231		—		—		270		231		501		(42	)		1999		6/25/04	30 to 30 years
Fairborn, OH		(a	)		923		468		—		—		923		468		1,391		(155	)		1998		6/25/04	15 to 30 years
Fairview Heights, IL		(c	)		1,020		826		—		—		1,020		826		1,846		(261	)		1972		12/31/07	15 to 30 years
Fayetteville, NC		(a	)		470		629		—		—		470		629		1,099		(162	)		1999		9/29/06	15 to 30 years
Fayetteville, NC		(a	)		489		612		—		—		489		612		1,101		(149	)		1987		9/29/06	15 to 30 years
Fayetteville, NC		(a	)		607		1,020		—		—		607		1,020		1,627		(282	)		1996		9/29/06	15 to 30 years
Ferguson, MO		(a	)		293		212		—		—		293		212		505		(85	)		1974		5/25/05	15 to 20 years
Flint, MI		(a	)		340		258		—		—		340		258		598		(100	)		1979		5/25/05	15 to 20 years
Florence, KY		(a	)		524		209		—		—		524		209		733		(96	)		1992		9/24/04	15 to 30 years
Forest City, IA		(a	)		251		244		—		—		251		244		495		(117	)		1985		5/24/05	15 to 20 years
Forest Park, GA		(b	)		292		460		—		—		292		460		752		(16	)		1986		2/2/12	15 to 30 years
Forsyth, GA		(a	)		495		1,007		—		—		495		1,007		1,502		(243	)		1984		1/12/06	15 to 30 years
Fort Lauderdale, FL		(a	)		601		121		—		—		601		121		722		(116	)		1984		9/24/04	10 to 15 years
Fort Lauderdale, FL		(a	)		411		346		—		—		411		346		757		(86	)		1998		12/29/06	15 to 30 years
Fort Pierce, FL		(a	)		667		184		—		—		667		184		851		(79	)		1999		9/24/04	15 to 30 years
Fort Smith, AR		(a	)		1,503		1,323		—		—		1,503		1,323		2,826		(503	)		1993		9/23/05	15 to 20 years

35

				Initial Cost to Company				Cost Capitalized Subsequent to Acquisition including impairment						Gross Amount at December 31, 2012 (e)													Life in which depreciation in latest Income Statement is computed
Description	Encumbrances			Land and Improvements		Buildings, Improvements		Improvements/ Land			Improvements/ building			Land and Improvements		Buildings, Improvements		Total		Final Accum			Date of Construction		Date Acquired
Fort Smith, AR		(a	)		478		987		—			—			478		987		1,465		(183	)		1995		7/30/07	13 to 38 years
Fort Wayne, IN		(a	)		660		204		—			—			660		204		864		(163	)		1982		9/23/05	10 to 15 years
Fort Wayne, IN		(a	)		989		2,057		—			—			989		2,057		3,046		(426	)		2001		11/10/05	15 to 30 years
Fort Wayne, IN		(c	)		1,110		817		—			—			1,110		817		1,927		(240	)		2003		12/31/07	15 to 40 years
Foster Township, PA		(a	)		368		255		—			—			368		255		623		(87	)		1977		2/6/07	15 to 30 years
Fountain Hills, AZ		(a	)		825		561		—			—			825		561		1,386		(187	)		1995		9/24/04	15 to 30 years
Frederick, MD		(a	)		440		236		—			—			440		236		676		(79	)		1977		11/27/06	15 to 20 years
Fredonia, NY		(a	)		262		312		—			—			262		312		574		(227	)		1973		12/29/06	10 to 15 years
Ft Madison, IA		(c	)		191		620		—			—			191		620		811		—			1980		12/21/12	15 to 30 years
Ft. Collins, CO		(a	)		1,351		1,445		(265	)		(275	)		1,086		1,170		2,256		(259	)		2003		12/29/06	15 to 40 years
Ft. Myers, FL		(c	)		2,417		707		(43	)		(12	)		2,374		695		3,069		(209	)		1994		12/31/07	15 to 40 years
Gadsden, AL		(a	)		626		1,439		(229	)		(506	)		397		933		1,330		(177	)		2007		12/21/07	10 to 50 years
Garner, NC		(a	)		600		765		—			—			600		765		1,365		(205	)		1995		9/29/06	15 to 30 years
Gary, IN		(a	)		109		410		—			—			109		410		519		(130	)		1980		5/25/05	15 to 20 years
Gary, IN		(a	)		210		318		—			—			210		318		528		(125	)		1979		5/25/05	15 to 20 years
Gary, IN		(a	)		161		493		—			—			161		493		654		(165	)		1973		5/25/05	15 to 20 years
Geneva, AL		(a	)		522		570		—			—			522		570		1,092		(358	)		1990		6/25/04	10 to 15 years
Geneva, NY		(a	)		177		139		—			—			177		139		316		(91	)		1975		12/21/07	8 to 13 years
Gilbert, AZ		(a	)		643		1,669		—			—			643		1,669		2,312		(69	)		2006		10/28/11	14 to 39 years
Gilman, IL		(a	)		219		414		—			—			219		414		633		(163	)		1998		9/23/05	15 to 20 years
Glendale, AZ		(a	)		1,480		1,329		—			—			1,480		1,329		2,809		(304	)		1996		6/25/04	15 to 30 years
Glendale, AZ		(a	)		1,236		272		—			—			1,236		272		1,508		(140	)		1995		6/25/04	15 to 20 years
Greensboro, NC		(c	)		1,009		444		—			—			1,009		444		1,453		(169	)		2003		12/31/07	15 to 40 years
Greenville, TN		(a	)		289		311		—			—			289		311		600		(184	)		1972		9/1/05	10 to 15 years
Greenville, TX		(a	)		223		304		—			—			223		304		527		(98	)		1985		12/29/05	15 to 20 years
Grove City Borough, PA		(a	)		531		495		—			—			531		495		1,026		(141	)		1976		2/6/07	15 to 30 years
Gulfport, MS		(a	)		652		442		—			542			652		984		1,636		(238	)		1985		9/24/04	15 to 20 years
Gurnee, IL		(a	)		586		619		—			—			586		619		1,205		(220	)		1995		6/25/04	15 to 20 years
Hagerstown, MD		(a	)		546		342		—			—			546		342		888		(120	)		1975		11/27/06	15 to 20 years
Hamilton, NY		(a	)		145		152		—			—			145		152		297		(64	)		1982		12/21/07	13 to 18 years
Hampton, GA		(b	)		568		648		—			—			568		648		1,216		(24	)		2002		2/2/12	15 to 30 years
Harborcreek Township, PA		(a	)		575		740		—			—			575		740		1,315		(182	)		1974		2/6/07	15 to 30 years
Harriman, TN		(a	)		387		502		—			—			387		502		889		(151	)		1976		9/1/05	15 to 20 years
Harriman, TN		(a	)		314		143		—			176			314		319		633		(72	)		1979		11/2/07	15 to 30 years
Harrisburg, PA		(a	)		762		241		—			176			762		417		1,179		(129	)		1977		1/30/06	15 to 20 years
Harrisburg, PA		(a	)		611		239		—			—			611		239		850		(147	)		1978		1/30/06	15 to 20 years
Harrisburg, PA		(a	)		423		307		—			—			423		307		730		(98	)		1973		1/30/06	15 to 20 years
Harvey, IL		(a	)		361		269		(80	)		—			281		269		550		(274	)		1978		5/25/05	15 to 20 years
Havana, IL		(c	)		439		297		—			—			439		297		736		—			1980		12/21/12	10 to 15 years
Hermitage, PA		(c	)		604		717		—			—			604		717		1,321		(192	)		1978		2/6/07	10 to 25 years
Hibbing, MN		(a	)		242		298		—			—			242		298		540		(73	)		1979		5/24/05	15 to 30 years

36

				Initial Cost to Company				Cost Capitalized Subsequent to Acquisition including impairment				Gross Amount at December 31, 2012 (e)													Life in which depreciation in latest Income Statement is computed
Description	Encumbrances			Land and Improvements		Buildings, Improvements		Improvements/ Land		Improvements/ building		Land and Improvements		Buildings, Improvements		Total		Final Accum			Date of Construction		Date Acquired
Hickory, NC		(a	)		292		818		—		—		292		818		1,110		(165	)		2000		9/29/06	15 to 40 years
Hickory, NC		(a	)		1,105		851		—		—		1,105		851		1,956		(381	)		1995		12/29/06	13 to 28 years
Hilliard, OH		(a	)		1,149		1,291		—		—		1,149		1,291		2,440		(348	)		1997		9/24/04	15 to 30 years
Hiram, GA		(a	)		1,006		1,142		—		—		1,006		1,142		2,148		(305	)		1987		2/28/06	15 to 30 years
Hodgkins, IL		(a	)		1,230		2,048		—		—		1,230		2,048		3,278		(468	)		1993		12/29/06	15 to 30 years
Hope Mills, NC		(a	)		408		930		—		—		408		930		1,338		(212	)		1990		9/29/06	15 to 30 years
Hornell, NY		(a	)		306		344		—		—		306		344		650		(247	)		1978		12/29/06	10 to 15 years
Houston, TX		(a	)		1,286		263		—		—		1,286		263		1,549		(103	)		1996		6/25/04	15 to 40 years
Houston, TX		(a	)		1,098		439		—		—		1,098		439		1,537		(198	)		1995		6/25/04	15 to 40 years
Houston, TX		(a	)		1,156		352		—		—		1,156		352		1,508		(165	)		1995		6/25/04	15 to 30 years
Houston, TX		(a	)		1,086		413		—		—		1,086		413		1,499		(167	)		1994		6/25/04	15 to 40 years
Houston, TX		(a	)		585		561		—		—		585		561		1,146		(339	)		1979		12/30/04	10 to 15 years
Houston, TX		(a	)		592		302		—		—		592		302		894		(102	)		1979		9/28/06	15 to 20 years
Houston, TX		(a	)		2,844		1,620		—		—		2,844		1,620		4,464		(435	)		1994		6/29/07	15 to 30 years
Houston, TX		(a	)		2,348		1,348		—		—		2,348		1,348		3,696		(397	)		1997		6/29/07	15 to 30 years
Howland Township, OH		(a	)		973		640		—		—		973		640		1,613		(168	)		1999		2/6/07	15 to 30 years
Hudson, NC		(a	)		794		616		—		—		794		616		1,410		(160	)		1998		9/29/06	15 to 40 years
Hyattsville, MD		(a	)		702		245		—		—		702		245		947		(95	)		1985		11/27/06	15 to 20 years
Independence, IA		(a	)		223		473		—		—		223		473		696		(298	)		1976		9/23/05	10 to 15 years
Independence, MO		(a	)		1,450		1,967		—		—		1,450		1,967		3,417		(386	)		2002		6/29/07	15 to 40 years
Independence, MO		(b	)		396		1,074		—		—		396		1,074		1,470		(57	)		1984		10/3/11	15 to 30 years
Independence, OH		(a	)		496		488		—		—		496		488		984		(112	)		1977		6/12/08	13 to 28 years
Indianapolis, IN		(a	)		460		587		—		—		460		587		1,047		(145	)		1998		9/24/04	15 to 30 years
Indianapolis, IN		(a	)		258		262		—		—		258		262		520		(106	)		1970		5/25/05	15 to 20 years
Indianapolis, IN		(a	)		266		310		—		—		266		310		576		(113	)		1971		5/25/05	15 to 20 years
Indianapolis, IN		(a	)		170		749		—		—		170		749		919		(222	)		1983		5/25/05	15 to 20 years
Indianapolis, IN		(a	)		449		153		—		—		449		153		602		(80	)		1968		5/25/05	15 to 20 years
Indianapolis, IN		(a	)		370		150		—		—		370		150		520		(72	)		1970		5/25/05	15 to 20 years
Indianapolis, IN		(a	)		1,971		2,295		—		—		1,971		2,295		4,266		(371	)		2003		11/10/05	15 to 40 years
Jackson, GA		(b	)		467		729		—		—		467		729		1,196		(29	)		1992		2/2/12	15 to 30 years
Jacksonville, FL		(a	)		480		631		—		—		480		631		1,111		(169	)		1998		9/24/04	15 to 30 years
Jacksonville, FL		(a	)		930		910		—		—		930		910		1,840		(235	)		1986		9/24/04	15 to 30 years
Jacksonville, FL		(a	)		872		509		—		—		872		509		1,381		(191	)		1984		9/24/04	15 to 20 years
Jacksonville, FL		(a	)		487		871		—		—		487		871		1,358		(264	)		1985		12/30/04	15 to 20 years
Jamestown, NY		(a	)		508		573		—		—		508		573		1,081		(195	)		1988		11/10/05	15 to 20 years
Jockson Township, OH		(a	)		1,325		781		—		—		1,325		781		2,106		(196	)		1989		2/6/07	15 to 30 years
Johnson City, TN		(c	)		718		450		—		—		718		450		1,168		—			1983		12/21/12	15 to 20 years
Joliet, IL		(a	)		245		193		—		—		245		193		438		(81	)		1985		5/25/05	15 to 20 years
Joliet, IL		(a	)		1,994		1,207		—		—		1,994		1,207		3,201		(361	)		1996		12/29/06	15 to 30 years
Jonesborough, TN		(c	)		576		329		—		—		576		329		905		—			1987		12/21/12	15 to 20 years
Kansas City, KS		(b	)		594		904		—		—		594		904		1,498		(51	)		1999		10/3/11	15 to 30 years

37

				Initial Cost to Company				Cost Capitalized Subsequent to Acquisition including impairment					Gross Amount at December 31, 2012 (e)													Life in which depreciation in latest Income Statement is computed
Description	Encumbrances			Land and Improvements		Buildings, Improvements		Improvements/ Land		Improvements/ building			Land and Improvements		Buildings, Improvements		Total		Final Accum			Date of Construction		Date Acquired
Kansas City, KS		(a	)		349		425		—		—			349		425		774		(23	)		1977		10/3/11	14 to 29 years
Kansas City, MO		(b	)		334		654		—		—			334		654		988		(37	)		1985		10/3/11	15 to 30 years
Kansas City, MO		(a	)		245		447		—		—			245		447		692		(22	)		1985		10/3/11	14 to 29 years
Kennesaw, GA		(a	)		907		499		—		—			907		499		1,406		(139	)		2001		2/28/06	15 to 40 years
Kennesaw, GA		(a	)		487		334		—		—			487		334		821		(17	)		1991		2/2/12	15 to 20 years
Kimball, TN		(a	)		367		283		—		176			367		459		826		(96	)		1987		11/2/07	15 to 30 years
Kingsport, TN		(a	)		592		200		—		—			592		200		792		(186	)		1992		11/23/04	15 to 20 years
Kingsport, TN		(c	)		384		877		—		—			384		877		1,261		—			1992		12/21/12	15 to 30 years
Kingwood, TX		(a	)		936		387		—		—			936		387		1,323		(173	)		1994		6/25/04	15 to 30 years
Kingwood, WV		(c	)		618		677		—		—			618		677		1,295		—			1979		12/21/12	15 to 20 years
Knoxville, TN		(a	)		635		227		—		—			635		227		862		(164	)		1995		11/23/04	15 to 20 years
Knoxville, TN		(a	)		547		230		—		—			547		230		777		(206	)		1987		11/23/04	10 to 15 years
Knoxville, TN		(a	)		332		185		—		—			332		185		517		(69	)		1977		9/1/05	15 to 20 years
Knoxville, TN		(a	)		561		305		—		—			561		305		866		(97	)		1975		9/1/05	15 to 20 years
Knoxville, TN		(a	)		296		343		—		176			296		519		815		(99	)		1978		11/2/07	15 to 30 years
Knoxville, TN		(a	)		172		700		—		—			172		700		872		(142	)		1991		11/2/07	15 to 30 years
La Mesa, CA		(a	)		1,312		360		—		—			1,312		360		1,672		(239	)		1984		7/28/04	10 to 15 years
La Vista, NE		(b	)		499		664		—		—			499		664		1,163		(34	)		1992		10/3/11	15 to 30 years
Lafayette, GA		(a	)		246		434		—		176			246		610		856		(118	)		1991		11/2/07	15 to 30 years
Lakeville, MN		(a	)		342		439		—		—			342		439		781		(101	)		1988		5/24/05	15 to 30 years
Lancaster, PA		(a	)		308		161		—		—			308		161		469		(66	)		1977		7/25/06	15 to 30 years
Lander, WY		(a	)		57		1,010		—		—			57		1,010		1,067		(293	)		1883		12/29/06	15 to 20 years
Lanham, MD		(a	)		302		193		—		86			302		279		581		(75	)		1980		11/27/06	15 to 20 years
Lebanon, PA		(a	)		616		316		—		176			616		492		1,108		(136	)		1980		1/30/06	15 to 20 years
Leeds, AL		(a	)		907		926		—		31			907		957		1,864		(409	)		2003		9/26/06	9 to 40 years
Lees Summit, MO		(a	)		590		69		55		(69	)		645		—		645		—			1995		9/23/05	20 to 20 years
Lewis Center, OH		(a	)		626		560		—		—			626		560		1,186		(157	)		1998		6/25/04	15 to 30 years
Lexington, KY		(a	)		636		362		—		—			636		362		998		(228	)		1978		12/30/04	10 to 15 years
Lexington, KY		(a	)		713		451		—		—			713		451		1,164		(285	)		1976		1/26/05	10 to 15 years
Lexington, KY		(a	)		1,267		944		—		—			1,267		944		2,211		(341	)		1996		2/26/07	14 to 30 years
Lillington, NC		(a	)		419		687		—		—			419		687		1,106		(143	)		1992		9/29/06	15 to 40 years
Lincoln, IL		(a	)		203		616		—		—			203		616		819		(207	)		1990		9/23/05	15 to 20 years
Lithia Springs, GA		(b	)		323		408		—		—			323		408		731		(15	)		2001		2/2/12	15 to 30 years
Little Rock, AR		(a	)		917		847		—		—			917		847		1,764		(224	)		2004		7/7/05	15 to 30 years
Little Rock, AR		(a	)		699		1,700		—		—			699		1,700		2,399		(541	)		1972		2/26/07	14 to 20 years
Lone Tree, CO		(a	)		1,717		1,117		—		—			1,717		1,117		2,834		(337	)		2000		9/25/07	13 to 38 years
Louisville, KY		(a	)		334		251		—		—			334		251		585		(82	)		1991		9/24/04	15 to 20 years
Louisville, KY		(a	)		1,010		577		—		—			1,010		577		1,587		(159	)		1994		11/10/05	15 to 30 years
Louisville, KY		(a	)		854		514		—		—			854		514		1,368		(143	)		1994		11/10/05	15 to 30 years
Lubbock, TX		(a	)		534		592		—		—			534		592		1,126		(164	)		1997		12/30/04	15 to 30 years
Lubbock, TX		(a	)		687		856		—		—			687		856		1,543		(225	)		2003		7/7/05	15 to 30 years

38

			Initial Cost to Company				Cost Capitalized Subsequent to Acquisition including impairment						Gross Amount at December 31, 2012 (e)													Life in which depreciation in latest Income Statement is computed
Description	Encumbrances		Land and Improvements		Buildings, Improvements		Improvements/ Land			Improvements/ building			Land and Improvements		Buildings, Improvements		Total		Final Accum			Date of Construction		Date Acquired
Lufkin, TX		(a)		927		790		—			—			927		790		1,717		(397	)		1970		2/26/07	14 to 20 years
Mableton, GA		(a)		454		826		—			—			454		826		1,280		(177	)		1987		2/28/06	15 to 30 years
Mableton, GA		(a)		634		578		—			—			634		578		1,212		(137	)		1981		2/28/06	15 to 30 years
Madill, OK		(a)		352		648		—			—			352		648		1,000		(422	)		1972		6/25/04	10 to 15 years
Madison, GA		(a)		892		739		—			—			892		739		1,631		(189	)		1989		1/12/06	15 to 40 years
Madisonville, KY		(a)		1,198		819		—			—			1,198		819		2,017		(221	)		1990		9/24/04	15 to 30 years
Manchester, IA		(a)		351		495		—			—			351		495		846		(311	)		1977		9/23/05	10 to 15 years
Mansfield, OH		(a)		225		327		—			—			225		327		552		(106	)		1972		5/25/05	15 to 20 years
Mansfield, TX		(a)		472		760		—			—			472		760		1,232		(223	)		1991		12/29/06	15 to 30 years
Maple Grove, MN		(a)		1,852		1,096		—			—			1,852		1,096		2,948		(322	)		1997		9/24/04	15 to 30 years
Maplewood, MN		(a)		214		250		—			—			214		250		464		(80	)		1968		5/24/05	15 to 20 years
Maplewood, MO		(a)		180		225		—			—			180		225		405		(80	)		1980		5/25/05	15 to 20 years
Maquoketa, IA		(a)		184		90		—			—			184		90		274		(79	)		1973		9/23/05	10 to 15 years
Marietta, GA		1,571		3,908		8,630		—			—			3,908		8,630		12,538		(1,940	)		1992		10/15/04	15 to 30 years
Marietta, GA		(a)		797		428		—			—			797		428		1,225		(142	)		1990		2/28/06	15 to 30 years
Marion, IN		(a)		503		153		—			—			503		153		656		(76	)		1990		9/24/04	15 to 20 years
Mars, PA		(a)		946		2,221		—			—			946		2,221		3,167		(523	)		1990		6/25/04	15 to 30 years
Marshall, MN		(a)		121		239		—			—			121		239		360		(79	)		1975		5/24/05	15 to 20 years
Martinsburg, WV		(a)		887		992		—			—			887		992		1,879		(254	)		1999		12/29/05	15 to 30 years
Maryville, TN		(a)		810		306		—			—			810		306		1,116		(155	)		1993		11/23/04	15 to 20 years
Matteson, IL		(a)		1,482		1,568		—			—			1,482		1,568		3,050		(393	)		1999		12/29/06	15 to 30 years
Maumee, OH		(a)		1,505		1,817		(754	)		(667	)		751		1,150		1,901		(426	)		1997		9/24/04	15 to 30 years
Mayfield, KY		(a)		307		596		—			—			307		596		903		(193	)		1997		6/25/04	15 to 30 years
Mayfield, KY		(a)		316		603		—			—			316		603		919		(174	)		1986		9/29/06	12 to 27 years
McAllen, TX		(a)		1,819		1,188		—			—			1,819		1,188		3,007		(385	)		1997		6/29/07	15 to 30 years
McDonough, GA		(a)		938		697		—			—			938		697		1,635		(204	)		1985		9/24/04	15 to 30 years
Mebane, NC		(a)		846		682		—			—			846		682		1,528		(167	)		1993		9/29/06	15 to 30 years
Mechanicsburg, PA		(a)		801		481		—			—			801		481		1,282		(189	)		1995		1/30/06	15 to 20 years
Mechanicsburg, PA		(a)		874		1,033		—			—			874		1,033		1,907		(207	)		2002		1/17/07	15 to 40 years
Melbourne, FL		(c)		2,005		794		—			—			2,005		794		2,799		(238	)		1986		12/31/07	15 to 40 years
Mentor, OH		(c)		873		790		—			—			873		790		1,663		(214	)		2003		12/31/07	15 to 40 years
Mesa, AZ		(a)		1,318		234		—			—			1,318		234		1,552		(136	)		1995		6/25/04	15 to 20 years
Mesa, AZ		(a)		676		911		—			—			676		911		1,587		(46	)		1978		10/28/11	14 to 39 years
Miami, FL		(a)		602		14		—			—			602		14		616		(105	)		1978		9/24/04	10 to 15 years
Miami, FL		(a)		596		105		—			—			596		105		701		(88	)		1978		9/24/04	10 to 15 years
Midlothian, VA		(a)		823		1,151		—			—			823		1,151		1,974		(231	)		1994		11/28/06	15 to 30 years
Milan, IL		(b)		161		533		—			—			161		533		694		(26	)		1997		10/3/11	15 to 30 years
Millcreek Township, PA		(a)		463		565		—			—			463		565		1,028		(149	)		1973		2/6/07	15 to 30 years
Milwaukee, WI		(a)		867		1,867		(525	)		(1,045	)		342		822		1,164		(402	)		2001		12/29/06	13 to 30 years
Minneapolis, MN		(a)		205		197		—			—			205		197		402		(64	)		1978		5/24/05	15 to 20 years
Mobile, AL		(a)		587		487		—			—			587		487		1,074		(158	)		1985		9/24/04	15 to 20 years

39

				Initial Cost to Company				Cost Capitalized Subsequent to Acquisition including impairment					Gross Amount at December 31, 2012 (e)													Life in which depreciation in latest Income Statement is computed
Description	Encumbrances			Land and Improvements		Buildings, Improvements		Improvements/ Land			Improvements/ building		Land and Improvements		Buildings, Improvements		Total		Final Accum			Date of Construction		Date Acquired
Moline, IL		(b	)		424		520		—			—		424		520		944		(25	)		2009		10/3/11	15 to 40 years
Moncks Corner, SC		(a	)		573		466		—			—		573		466		1,039		(191	)		1998		9/24/04	15 to 20 years
Monroe Township, PA		(a	)		426		653		—			—		426		653		1,079		(175	)		1976		2/6/07	15 to 30 years
Mooresville, IN		(a	)		560		549		—			—		560		549		1,109		(214	)		1998		9/23/05	15 to 20 years
Morristown, TN		(a	)		588		781		—			—		588		781		1,369		(175	)		1987		9/1/05	15 to 30 years
Morristown, TN		(a	)		436		290		—			—		436		290		726		(103	)		1976		9/1/05	15 to 20 years
Morrow, GA		(a	)		652		450		—			—		652		450		1,102		(122	)		1995		2/28/06	15 to 30 years
Morrow, GA		(b	)		530		568		—			—		530		568		1,098		(18	)		2006		2/2/12	15 to 40 years
Moss Point, MS		(a	)		320		302		—			—		320		302		622		(182	)		1984		9/24/04	10 to 15 years
Mount Carmel, TN		(c	)		499		536		—			—		499		536		1,035		—			1988		12/21/12	15 to 30 years
Mount Pleasant, MI		(a	)		485		642		—			—		485		642		1,127		(161	)		1997		12/29/05	15 to 30 years
Mt. Pleasant, MI		(a	)		657		854		—			—		657		854		1,511		(200	)		2010		12/29/06	13 to 38 years
Muskogee, OK		(a	)		968		1,259		—			—		968		1,259		2,227		(407	)		1984		2/26/07	14 to 30 years
Nappanee, IN		(c	)		301		413		—			—		301		413		714		(155	)		2005		12/21/07	15 to 20 years
New Albany, IN		(a	)		497		278		—			—		497		278		775		(99	)		1992		9/24/04	15 to 30 years
New Cumberland, PA		(a	)		634		278		—			176		634		454		1,088		(133	)		1990		1/30/06	15 to 20 years
New Orleans, LA		(a	)		312		240		—			—		312		240		552		(85	)		1991		9/24/04	15 to 30 years
Newport News, VA		(c	)		1,184		311		—			—		1,184		311		1,495		(165	)		1995		6/25/04	10 to 25 years
Niagara Falls, NY		(a	)		1,359		551		—			—		1,359		551		1,910		(159	)		1979		11/10/05	15 to 30 years
Norcross, GA		(a	)		678		402		—			—		678		402		1,080		(138	)		1982		2/28/06	15 to 20 years
Normal, IL		(c	)		394		240		—			—		394		240		634		—			1980		12/21/12	10 to 15 years
Norman, OK		(a	)		1,466		2,294		—			—		1,466		2,294		3,760		(605	)		1992		7/2/07	15 to 30 years
Normandy, MO		(a	)		265		329		—			—		265		329		594		(117	)		1978		5/25/05	15 to 20 years
North Canton, OH		(a	)		484		497		(14	)		—		470		497		967		(176	)		1989		12/29/06	15 to 20 years
North Little Rock, AR		(a	)		1,398		1,289		—			—		1,398		1,289		2,687		(459	)		1993		9/23/05	15 to 20 years
Oak Ridge, TN		(a	)		419		634		—			—		419		634		1,053		(165	)		1995		6/25/04	15 to 30 years
Oak Ridge, TN		(a	)		669		548		—			—		669		548		1,217		(119	)		1976		9/1/05	15 to 30 years
Omaha, NE		(b	)		477		408		—			—		477		408		885		(20	)		1994		10/3/11	15 to 30 years
Omaha, NE		(b	)		539		380		—			—		539		380		919		(15	)		2006		10/3/11	15 to 40 years
Orange City, FL		(a	)		409		694		—			—		409		694		1,103		(250	)		1984		9/24/04	11 to 20 years
Orlando, FL		(a	)		1,249		729		—			—		1,249		729		1,978		(286	)		1985		6/25/04	15 to 20 years
Orlando, FL		(a	)		642		178		—			—		642		178		820		(136	)		1967		12/30/04	10 to 15 years
Orlando, FL		(c	)		2,006		570		—			—		2,006		570		2,576		(165	)		2002		12/31/07	15 to 40 years
Oshkosh, WI		(a	)		765		829		(40	)		—		725		829		1,554		(317	)		1984		12/29/05	15 to 20 years
Overland, MO		(a	)		278		494		—			—		278		494		772		(159	)		1972		5/25/05	15 to 20 years
Owensboro, KY		(a	)		250		502		—			—		250		502		752		(91	)		2000		6/25/04	30 to 30 years
Paducah, KY		(a	)		1,508		959		—			—		1,508		959		2,467		(341	)		1984		2/26/07	14 to 30 years
Palatine, IL		(a	)		772		505		—			—		772		505		1,277		(182	)		1972		9/29/06	15 to 20 years
Pana, IL		(a	)		168		128		—			—		168		128		296		(86	)		1985		9/23/05	10 to 15 years
Parkersburg, WV		(a	)		416		658		—			75		416		733		1,149		(214	)		1986		3/7/07	4 to 20 years
Parkersburg, WV		(c	)		457		309		—			—		457		309		766		—			1999		12/21/12	10 to 15 years

40

				Initial Cost to Company				Cost Capitalized Subsequent to Acquisition including impairment					Gross Amount at December 31, 2012 (e)													Life in which depreciation in latest Income Statement is computed
Description	Encumbrances			Land and Improvements		Buildings, Improvements		Improvements/ Land		Improvements/ building			Land and Improvements		Buildings, Improvements		Total		Final Accum			Date of Construction		Date Acquired
Parma Heightsd, OH		(a	)		598		535		—		—			598		535		1,133		(113	)		2004		6/12/08	13 to 38 years
Pasadena, TX		(a	)		847		832		—		—			847		832		1,679		(502	)		1973		12/30/04	10 to 15 years
Pasadena, TX		(a	)		810		739		—		—			810		739		1,549		(453	)		1977		12/30/04	10 to 15 years
Paxton, IL		(a	)		324		658		—		—			324		658		982		(262	)		1986		12/29/05	15 to 20 years
Pensacola, FL		(a	)		860		291		—		—			860		291		1,151		(226	)		1977		7/28/04	10 to 15 years
Peoria, IL		(a	)		154		320		—		—			154		320		474		(113	)		1976		5/25/05	15 to 20 years
Peoria, IL		(c	)		383		270		—		—			383		270		653		—			1980		12/21/12	10 to 15 years
Peoria, IL		(c	)		282		435		—		—			282		435		717		—			1980		12/21/12	15 to 20 years
Philippi, WV		(c	)		405		232		—		—			405		232		637		—			1986		12/21/12	10 to 15 years
Phoenix, AZ		(a	)		787		663		—		—			787		663		1,450		(45	)		1964		10/28/11	14 to 29 years
Pineville, LA		(a	)		558		1,044		—		—			558		1,044		1,602		(258	)		1996		6/25/04	11 to 30 years
Pittsburgh, PA		(a	)		1,289		1,871		—		—			1,289		1,871		3,160		(432	)		1992		6/25/04	15 to 30 years
Plano, TX		(a	)		2,418		1,529		—		—			2,418		1,529		3,947		(349	)		1998		6/29/07	15 to 40 years
Port Allen, LA		(a	)		521		575		—		—			521		575		1,096		(179	)		1997		9/24/04	15 to 30 years
Powell, TN		(a	)		252		377		—		176			252		553		805		(113	)		1982		11/2/07	15 to 30 years
Pulaski, VA		(a	)		444		236		—		—			444		236		680		(170	)		1994		11/23/04	15 to 20 years
Quincy, FL		(a	)		1,015		416		—		—			1,015		416		1,431		(246	)		1989		9/24/04	15 to 20 years
Radford, VA		(a	)		499		248		—		—			499		248		747		(200	)		1995		11/23/04	15 to 20 years
Rapid City, SD		(a	)		878		1,657		—		—			878		1,657		2,535		(474	)		1902		12/29/06	15 to 20 years
Rawlins, WY		(a	)		25		406		—		—			25		406		431		(125	)		1958		12/29/06	15 to 20 years
Red Bank, TN		(a	)		610		557		—		—			610		557		1,167		(201	)		1997		6/25/04	15 to 30 years
Reston, VA		(a	)		1,033		193		—		—			1,033		193		1,226		(80	)		1977		11/27/06	15 to 20 years
Richmond, VA		(a	)		1,253		1,410		—		—			1,253		1,410		2,663		(295	)		1977		11/28/06	15 to 30 years
Richmond, VA		(a	)		799		1,779		—		—			799		1,779		2,578		(348	)		1994		11/28/06	15 to 30 years
Ringgold, GA		(a	)		387		374		—		—			387		374		761		(100	)		1990		11/2/07	15 to 30 years
Rio Grande City, TX		(a	)		634		1,364		—		—			634		1,364		1,998		(272	)		1999		4/1/05	15 to 40 years
Roanoke, VA		(a	)		493		929		—		—			493		929		1,422		(221	)		1976		1/17/07	15 to 30 years
Rochester, MN		(a	)		561		83		66		(83	)		627		—		627		—			1996		9/23/05	20 to 20 years
Rock Falls, IL		(a	)		314		631		—		—			314		631		945		(168	)		1995		9/23/05	15 to 30 years
Rock Hill, SC		(a	)		373		722		—		—			373		722		1,095		(238	)		1978		12/29/05	15 to 20 years
Rock Island, IL		(b	)		195		531		—		—			195		531		726		(27	)		1994		10/3/11	15 to 30 years
Rogersville, TN		(c	)		384		964		—		—			384		964		1,348		—			1986		12/21/12	15 to 30 years
Romeoville, IL		(a	)		789		713		—		—			789		713		1,502		(233	)		1999		9/23/05	15 to 20 years
Roswell, GA		(a	)		513		559		—		—			513		559		1,072		(17	)		2006		2/2/12	15 to 40 years
Round Lake Beach, IL		(a	)		883		1,249		—		—			883		1,249		2,132		(270	)		1998		12/29/06	15 to 40 years
Saint Ann, MO		(a	)		588		613		—		—			588		613		1,201		(245	)		1985		9/23/05	15 to 20 years
Saint Cloud, FL		(a	)		1,193		557		—		—			1,193		557		1,750		(205	)		1983		6/25/04	15 to 20 years
Saint Louis, MO		(a	)		828		351		—		—			828		351		1,179		(173	)		1986		9/24/04	15 to 20 years
Saint Louis, MO		(a	)		503		651		—		—			503		651		1,154		(222	)		1976		9/24/04	15 to 20 years
Salem, IL		(a	)		271		218		—		—			271		218		489		(65	)		2000		7/28/04	15 to 30 years
San Antonio, TX		(a	)		517		373		—		—			517		373		890		(115	)		2002		9/25/06	15 to 30 years

41

				Initial Cost to Company				Cost Capitalized Subsequent to Acquisition including impairment						Gross Amount at December 31, 2012 (e)											Life in which depreciation in latest Income Statement is computed
Description	Encumbrances			Land and Improvements		Buildings, Improvements		Improvements/ Land			Improvements/ building			Land and Improvements		Buildings, Improvements		Total		Final Accum			Date of Construction	Date Acquired
San Antonio, TX		(a	)		349		429		—			—			349		429		778		(150	)	1983	9/25/06	15 to 20 years
San Antonio, TX		(a	)		428		339		—			—			428		339		767		(106	)	2001	9/25/06	15 to 30 years
San Antonio, TX		(a	)		539		300		—			—			539		300		839		(115	)	2001	9/25/06	15 to 30 years
Sandusky, OH		(a	)		922		406		(203	)		(89	)		719		317		1,036		(68	)	1987	6/12/08	14 to 29 years
Sauk Centre, MN		(a	)		219		138		—			—			219		138		357		(60	)	1979	5/24/05	15 to 20 years
Sauk Rapids, MN		(a	)		240		126		—			—			240		126		366		(49	)	1978	5/24/05	15 to 20 years
Sedalia, MO		(a	)		751		662		—			—			751		662		1,413		(202	)	1983	12/29/06	15 to 30 years
Shelbyville, IL		(a	)		265		122		—			—			265		122		387		(94	)	1976	9/23/05	10 to 15 years
Shelbyville, IN		(c	)		549		752		—			—			549		752		1,301		(144	)	2006	12/21/07	15 to 50 years
Sherman, TX		(a	)		1,013		1,286		—			—			1,013		1,286		2,299		(446	)	1994	2/26/07	14 to 30 years
Shreveport, LA		(a	)		759		964		—			—			759		964		1,723		(326	)	1964	2/26/07	14 to 20 years
Silver Spring, MD		(a	)		1,008		251		—			—			1,008		251		1,259		(105	)	1983	11/27/06	15 to 20 years
So. Parkersburg, WV		(c	)		383		404		—			—			383		404		787		—		1986	12/21/12	15 to 20 years
Soddy Daisy, TN		(a	)		316		404		—			—			316		404		720		(109	)	1989	11/2/07	15 to 30 years
South Charleston, WV		(c	)		524		541		—			—			524		541		1,065		—		1993	12/21/12	15 to 20 years
Springfield, IL		(a	)		1,072		642		—			—			1,072		642		1,714		(280	)	1988	9/23/05	15 to 20 years
Springfield, IL		(a	)		571		630		—			—			571		630		1,201		(184	)	1997	9/23/05	15 to 30 years
Springfield, IL		(c	)		1,115		771		—			—			1,115		771		1,886		(202	)	1996	12/31/07	15 to 40 years
Springfield, MO		(a	)		1,655		1,467		—			—			1,655		1,467		3,122		(445	)	1993	9/23/05	15 to 30 years
Springfield, MO		(a	)		439		719		—			—			439		719		1,158		(193	)	2004	12/29/06	15 to 40 years
Springville, NY		(a	)		678		586		—			—			678		586		1,264		(151	)	1988	11/10/05	15 to 30 years
St. Louis, MO		(a	)		290		211		—			—			290		211		501		(87	)	1973	5/25/05	15 to 20 years
St. Louis, MO		(a	)		231		337		—			—			231		337		568		(112	)	1972	5/25/05	15 to 20 years
St. Louis, MO		(a	)		189		227		—			—			189		227		416		(84	)	1972	5/25/05	15 to 20 years
St. Louis, MO		(a	)		464		218		—			—			464		218		682		(100	)	1978	5/25/05	15 to 20 years
Statesboro, GA		(a	)		779		777		—			—			779		777		1,556		(236	)	1985	9/24/04	15 to 20 years
Sterling Heights, MI		(a	)		866		960		—			—			866		960		1,826		(234	)	2000	12/29/05	15 to 30 years
Stillwater, MN		(a	)		1,051		1,051		—			—			1,051		1,051		2,102		(338	)	1998	9/24/04	15 to 30 years
Stockbridge, GA		(b	)		388		353		—			—			388		353		741		(13	)	2001	2/2/12	15 to 30 years
Stone Mountain, GA		(b	)		379		487		—			—			379		487		866		(17	)	1986	2/2/12	15 to 30 years
Sun City, AZ		(a	)		771		372		—			—			771		372		1,143		(137	)	1986	12/29/06	15 to 20 years
Superior, WI		(a	)		311		463		—			—			311		463		774		(143	)	1976	5/24/05	15 to 20 years
Sweetwater, TN		(a	)		602		550		—			—			602		550		1,152		(141	)	1999	12/29/06	15 to 40 years
Sweetwater, TN		(a	)		231		307		—			—			231		307		538		(87	)	1979	11/2/07	15 to 30 years
Tarentum, PA		(c	)		1,481		676		—			—			1,481		676		2,157		(197	)	2006	12/31/07	15 to 40 years
Taylorville, IL		(a	)		154		352		—			—			154		352		506		(205	)	1980	9/23/05	10 to 15 years
Tempe, AZ		(a	)		480		361		—			—			480		361		841		(110	)	2003	9/25/06	15 to 30 years
Thurmont, MD		(a	)		857		307		—			—			857		307		1,164		(119	)	1985	11/27/06	15 to 20 years
Tipp City, OH		(a	)		789		332		—			—			789		332		1,121		(145	)	1991	12/29/06	15 to 20 years
Tipton, IA		(a	)		240		408		—			—			240		408		648		(279	)	1991	9/23/05	10 to 15 years
Tooele, UT		(a	)		552		624		—			—			552		624		1,176		(247	)	1988	9/24/04	15 to 20 years

42

				Initial Cost to Company				Cost Capitalized Subsequent to Acquisition including impairment						Gross Amount at December 31, 2012 (e)													Life in which depreciation in latest Income Statement is computed
Description	Encumbrances			Land and Improvements		Buildings, Improvements		Improvements/ Land			Improvements/ building			Land and Improvements		Buildings, Improvements		Total		Final Accum			Date of Construction		Date Acquired
Trenton, GA		(a	)		300		227		—			—			300		227		527		(80	)		1991		11/2/07	15 to 30 years
Tulsa, OK		(a	)		983		1,232		—			—			983		1,232		2,215		(376	)		1976		2/26/07	14 to 30 years
Tulsa, OK		(a	)		1,540		1,997		—			—			1,540		1,997		3,537		(417	)		2002		7/2/07	15 to 40 years
Two Harbors, MN		(a	)		136		248		—			—			136		248		384		(49	)		1984		5/24/05	15 to 30 years
Upper Marlboro, MD		(a	)		290		172		—			—			290		172		462		(79	)		1983		11/27/06	15 to 20 years
Valdosta, GA		(a	)		472		347		—			—			472		347		819		(105	)		2000		12/29/06	15 to 30 years
Vandalia, IL		(a	)		409		202		—			—			409		202		611		(190	)		1977		9/23/05	10 to 15 years
Vernon Township, PA		(a	)		981		1,056		—			—			981		1,056		2,037		(250	)		1983		2/6/07	15 to 30 years
Villa Rica, GA		(a	)		807		629		—			—			807		629		1,436		(183	)		1999		2/28/06	15 to 30 years
Vinton, IA		(a	)		121		114		—			—			121		114		235		(96	)		1978		9/23/05	10 to 15 years
Walkersville, MD		(a	)		381		238		—			—			381		238		619		(86	)		1985		11/27/06	15 to 20 years
Warren, MI		(a	)		488		215		—			—			488		215		703		(84	)		1979		5/25/05	15 to 20 years
Warrenton, VA		(a	)		378		254		—			—			378		254		632		(98	)		1985		12/19/06	15 to 20 years
Warwick, RI		(c	)		1,593		1,314		—			—			1,593		1,314		2,907		(301	)		1990		12/31/07	15 to 40 years
Washington Park, IL		(a	)		119		324		—			—			119		324		443		(108	)		1980		5/25/05	15 to 20 years
Washington, IL		(c	)		264		460		—			—			264		460		724		—			1980		12/21/12	15 to 20 years
Watertown, WI		(a	)		267		338		—			—			267		338		605		(95	)		1986		12/21/07	13 to 18 years
Waynesburg , PA		(c	)		323		918		—			—			323		918		1,241		—			1982		12/21/12	15 to 30 years
Weslaco, TX		(a	)		900		2,306		—			—			900		2,306		3,206		(418	)		2001		4/1/05	15 to 40 years
West Carrollton, OH		(a	)		699		515		(535	)		(351	)		164		164		328		(102	)		1983		12/29/06	15 to 30 years
Westchester, IL		(a	)		765		437		—			—			765		437		1,202		(138	)		1986		9/29/06	15 to 20 years
Weston, WV		(c	)		158		695		—			—			158		695		853		—			1981		12/21/12	15 to 30 years
White Township, PA		(a	)		331		323		—			—			331		323		654		(104	)		1982		2/6/07	15 to 30 years
Wichita Falls, TX		(a	)		851		1,077		—			—			851		1,077		1,928		(505	)		1976		2/26/07	14 to 20 years
Winchester, TN		(a	)		400		291		—			—			400		291		691		(106	)		1993		12/29/06	15 to 20 years
Winter Springs, FL		(a	)		523		446		—			—			523		446		969		(179	)		1988		12/30/04	15 to 20 years
Woodbury, MN		(a	)		555		411		—			—			555		411		966		(98	)		1987		5/24/05	15 to 30 years
Wytheville, VA		(a	)		446		172		—			—			446		172		618		(121	)		1995		11/23/04	15 to 20 years
Yukon, OK		(a	)		555		373		—			—			555		373		928		(136	)		2003		9/30/04	15 to 30 years
General and discount retail properies
Aberdeen, SD		(b	)		3,857		3,348		—			—			3,857		3,348		7,205		(875	)		1984		5/31/06	15 to 30 years
Ainsworth, NE		(a	)		360		1,829		—			—			360		1,829		2,189		(251	)		2007		12/11/07	12 to 47 years
Albany, MO		(b	)		66		410		—			—			66		410		476		(89	)		1990		5/31/06	15 to 30 years
Albert Lea, MN		(b	)		2,526		3,141		—			—			2,526		3,141		5,667		(1,054	)		1985		5/31/06	15 to 20 years
Allegan, MI		(b	)		741		1,198		—			—			741		1,198		1,939		(318	)		2000		5/31/06	15 to 30 years
Appleton, WI		(b	)		4,898		5,804		—			—			4,898		5,804		10,702		(1,286	)		1971		5/31/06	15 to 30 years
Arcadia, WI		(b	)		673		983		—			—			673		983		1,656		(326	)		2000		5/31/06	15 to 30 years
Archbold, OH		(b	)		631		1,229		—			—			631		1,229		1,860		(326	)		2000		5/31/06	15 to 30 years
Ashland, WI		(b	)		462		791		—			—			462		791		1,253		(292	)		1975		5/31/06	15 to 20 years
Ashwaubenon, WI		(b	)		6,155		6,298		—			—			6,155		6,298		12,453		(1,394	)		1979		5/31/06	15 to 30 years

43

				Initial Cost to Company				Cost Capitalized Subsequent to Acquisition including impairment					Gross Amount at December 31, 2012 (e)													Life in which depreciation in latest Income Statement is computed
Description	Encumbrances			Land and Improvements		Buildings, Improvements		Improvements/ Land			Improvements/ building		Land and Improvements		Buildings, Improvements		Total		Final Accum			Date of Construction		Date Acquired
Ashwaubenon, WI		(b	)		264		1,681		—			—		264		1,681		1,945		(350	)		2000		5/31/06	15 to 30 years
Attica, IN		(b	)		550		1,116		—			—		550		1,116		1,666		(301	)		1999		5/31/06	15 to 30 years
Austin, MN		(b	)		4,246		4,444		—			—		4,246		4,444		8,690		(1,090	)		1983		5/31/06	15 to 30 years
Bellevue, NE		(b	)		3,269		3,482		—			—		3,269		3,482		6,751		(872	)		1984		5/31/06	15 to 30 years
Beloit, WI		(b	)		3,191		4,414		—			—		3,191		4,414		7,605		(1,455	)		1978		5/31/06	15 to 20 years
Bethany, MO		(b	)		648		379		—			—		648		379		1,027		(184	)		1974		5/31/06	15 to 20 years
Billings, MT		(b	)		3,035		4,509		(259	)		—		2,776		4,509		7,285		(1,048	)		1990		5/31/06	15 to 30 years
Bloomfield, IN		(b	)		639		940		—			—		639		940		1,579		(279	)		1999		5/31/06	15 to 30 years
Boise, ID		(b	)		5,017		12,407		—			—		5,017		12,407		17,424		(3,697	)		1992		5/31/06	15 to 30 years
Boise, ID		(b	)		2,036		5,555		—			—		2,036		5,555		7,591		(1,236	)		1989		5/31/06	15 to 30 years
Boone County, IL		(b	)		3,061		3,609		—			—		3,061		3,609		6,670		(905	)		1995		5/31/06	15 to 30 years
Brigham City, UT		(b	)		1,814		2,540		—			—		1,814		2,540		4,354		(625	)		1990		5/31/06	15 to 30 years
Burlington, IA		(b	)		1,117		1,825		—			—		1,117		1,825		2,942		(575	)		1985		5/31/06	15 to 20 years
Burlington, KS		(b	)		371		565		—			—		371		565		936		(209	)		1990		5/31/06	15 to 20 years
Carrollton, MO		(b	)		352		345		—			—		352		345		697		(186	)		1994		7/21/11	10 to 20 years
Centerville, TN		(b	)		420		776		—			—		420		776		1,196		(220	)		2000		5/31/06	15 to 30 years
Clare, MI		(b	)		1,219		760		—			—		1,219		760		1,979		(321	)		2000		5/31/06	15 to 30 years
Clarion, IA		(b	)		365		812		—			—		365		812		1,177		(219	)		2000		5/31/06	15 to 30 years
Clintonville, WI		(b	)		495		1,089		—			—		495		1,089		1,584		(366	)		1978		5/31/06	15 to 20 years
Coeur D’Alene, ID		(b	)		7,247		4,907		—			—		7,247		4,907		12,154		(1,596	)		1987		5/31/06	15 to 20 years
De Pere, WI		(b	)		2,805		3,593		—			—		2,805		3,593		6,398		(1,085	)		1967		5/31/06	15 to 20 years
De Pere, WI		(b	)		4,961		8,243		—			—		4,961		8,243		13,204		(3,458	)		1987		5/31/06	15 to 20 years
Delavan, WI		(b	)		1,752		4,387		(118	)		—		1,634		4,387		6,021		(1,019	)		1995		5/31/06	15 to 30 years
Detroit Lakes, MN		(b	)		811		1,392		—			—		811		1,392		2,203		(473	)		1974		5/31/06	15 to 20 years
Dixon, IL		(b	)		1,502		2,810		—			—		1,502		2,810		4,312		(696	)		1993		5/31/06	15 to 30 years
Dowagiac, MI		(b	)		762		984		—			—		762		984		1,746		(284	)		2000		5/31/06	15 to 30 years
Duluth, MN		(b	)		4,722		6,955		—			—		4,722		6,955		11,677		(1,558	)		1993		5/31/06	15 to 30 years
Dyersville, IA		(b	)		381		1,082		—			—		381		1,082		1,463		(272	)		2000		5/31/06	15 to 30 years
Eau Claire, WI		(b	)		3,652		5,217		—			—		3,652		5,217		8,869		(1,226	)		1978		5/31/06	15 to 30 years
Escanaba, MI		(b	)		3,030		3,321		—			—		3,030		3,321		6,351		(1,061	)		1971		5/31/06	15 to 20 years
Estherville, IA		(b	)		630		463		—			—		630		463		1,093		(216	)		1976		5/31/06	15 to 20 years
Fairmont, MN		(b	)		2,393		3,546		—			—		2,393		3,546		5,939		(831	)		1984		5/31/06	15 to 30 years
Fergus Falls, MN		(b	)		738		1,175		—			—		738		1,175		1,913		(376	)		1986		5/31/06	15 to 20 years
Fond Du Lac, WI		(b	)		4,110		5,210		—			—		4,110		5,210		9,320		(1,155	)		1985		5/31/06	15 to 30 years
Fort Atkinson, WI		(b	)		1,005		2,873		—			—		1,005		2,873		3,878		(671	)		1984		5/31/06	15 to 30 years
Freeport, IL		(b	)		1,941		2,431		—			—		1,941		2,431		4,372		(699	)		1994		5/31/06	15 to 30 years
Gallatin, MO		(b	)		57		405		—			—		57		405		462		(91	)		1990		5/31/06	15 to 30 years
Glasgow, MT		(b	)		772		1,623		—			—		772		1,623		2,395		(429	)		1998		5/31/06	15 to 30 years
Glenwood, MN		(b	)		775		1,404		—			—		775		1,404		2,179		(308	)		1996		5/31/06	15 to 40 years
Gothenburg, NE		(a	)		391		1,798		—			—		391		1,798		2,189		(247	)		2007		12/11/07	12 to 47 years
Grafton, WI		(b	)		2,952		4,206		—			—		2,952		4,206		7,158		(1,035	)		1989		5/31/06	15 to 30 years

44

				Initial Cost to Company				Cost Capitalized Subsequent to Acquisition including impairment					Gross Amount at December 31, 2012 (e)													Life in which depreciation in latest Income Statement is computed
Description	Encumbrances			Land and Improvements		Buildings, Improvements		Improvements/ Land			Improvements/ building		Land and Improvements		Buildings, Improvements		Total		Final Accum			Date of Construction		Date Acquired
Grand Island, NE		(b	)		3,401		5,497		—			—		3,401		5,497		8,898		(1,365	)		1983		5/31/06	15 to 30 years
Great Falls, MT		(b	)		2,998		4,929		—			—		2,998		4,929		7,927		(1,576	)		1985		5/31/06	15 to 20 years
Green Bay, WI		(b	)		8,698		12,160		—			—		8,698		12,160		20,858		(3,567	)		2000		5/31/06	15 to 20 years
Green Bay, WI		(b	)		4,788		4,605		—			—		4,788		4,605		9,393		(1,493	)		1966		5/31/06	15 to 20 years
Greenfield, OH		(b	)		555		1,041		—			—		555		1,041		1,596		(283	)		2000		5/31/06	15 to 30 years
Hart, MI		(b	)		565		1,377		—			—		565		1,377		1,942		(336	)		1999		5/31/06	15 to 30 years
Havana, IL		(b	)		526		813		—			—		526		813		1,339		(231	)		2000		5/31/06	15 to 30 years
Helena, MT		(b	)		3,176		5,583		(724	)		—		2,452		5,583		8,035		(1,261	)		1992		5/31/06	15 to 30 years
Hodgenville, KY		(b	)		709		838		—			—		709		838		1,547		(259	)		1999		5/31/06	15 to 30 years
Houghton, MI		(b	)		1,963		4,025		—			—		1,963		4,025		5,988		(1,044	)		1994		5/31/06	15 to 30 years
Howard, WI		(b	)		1,269		1,937		—			—		1,269		1,937		3,206		(421	)		2005		5/31/06	15 to 40 years
Hutchinson, MN		(b	)		2,793		4,108		—			—		2,793		4,108		6,901		(949	)		1991		5/31/06	15 to 30 years
Idaho Falls, ID		(b	)		1,721		3,231		—			—		1,721		3,231		4,952		(1,037	)		1986		5/31/06	15 to 20 years
Jacksonville, IL		(b	)		3,603		3,569		—			—		3,603		3,569		7,172		(1,134	)		1996		5/31/06	15 to 30 years
Janesville, WI		(b	)		3,166		4,808		—			—		3,166		4,808		7,974		(1,506	)		1980		5/31/06	15 to 20 years
Kennewick, WA		(b	)		4,044		5,347		—			—		4,044		5,347		9,391		(1,272	)		1989		5/31/06	15 to 30 years
Kenosha, WA		(b	)		3,079		4,259		—			—		3,079		4,259		7,338		(1,399	)		1980		5/31/06	15 to 20 years
Kewaunee, WI		(b	)		872		758		—			—		872		758		1,630		(295	)		2000		5/31/06	15 to 30 years
Kimberly, WI		(b	)		3,550		4,749		—			—		3,550		4,749		8,299		(1,451	)		1979		5/31/06	15 to 20 years
Kingsford, MI		(b	)		3,736		3,570		—			—		3,736		3,570		7,306		(1,169	)		1970		5/31/06	15 to 20 years
La Crosse, WI		(b	)		2,896		3,810		—			—		2,896		3,810		6,706		(1,210	)		1978		5/31/06	15 to 20 years
Lake Hallie, WI		(b	)		2,627		3,965		—			—		2,627		3,965		6,592		(1,118	)		1982		5/31/06	15 to 30 years
Lancaster, WI		(b	)		581		1,018		—			—		581		1,018		1,599		(282	)		1999		5/31/06	15 to 30 years
Lander, WY		(b	)		289		589		—			—		289		589		878		(205	)		1974		5/31/06	15 to 20 years
Layton, UT		(b	)		2,950		3,408		—			—		2,950		3,408		6,358		(836	)		1988		5/31/06	15 to 30 years
Ledgeview, WI		(b	)		1,275		2,113		—			—		1,275		2,113		3,388		(457	)		2005		5/31/06	15 to 40 years
Lewiston, ID		(b	)		409		2,999		—			—		409		2,999		3,408		(966	)		1987		5/31/06	15 to 20 years
Liberty, KY		(b	)		474		945		—			—		474		945		1,419		(250	)		2000		5/31/06	15 to 30 years
Lincoln, NE		(b	)		4,186		4,150		—			—		4,186		4,150		8,336		(948	)		1983		5/31/06	15 to 30 years
Livingston, TN		(b	)		429		822		—			—		429		822		1,251		(227	)		2000		5/31/06	15 to 30 years
Logan, UT		(b	)		454		3,453		—			—		454		3,453		3,907		(1,107	)		1989		5/31/06	15 to 20 years
Loogootee, IN		(b	)		571		973		—			—		571		973		1,544		(274	)		1999		5/31/06	15 to 30 years
Madison, SD		(b	)		1,060		1,015		—			—		1,060		1,015		2,075		(399	)		1975		5/31/06	15 to 20 years
Madison, WI		(b	)		4,072		5,777		—			—		4,072		5,777		9,849		(1,316	)		1988		5/31/06	15 to 30 years
Madison, WI		(b	)		2,836		4,522		—			—		2,836		4,522		7,358		(1,237	)		1982		5/31/06	15 to 30 years
Madison, WI		(b	)		5,632		5,299		—			—		5,632		5,299		10,931		(1,246	)		1980		5/31/06	15 to 30 years
Manistique, MI		(b	)		659		1,223		—			—		659		1,223		1,882		(331	)		2000		5/31/06	15 to 30 years
Manitowoc, WI		(b	)		2,573		4,011		—			—		2,573		4,011		6,584		(1,307	)		1977		5/31/06	15 to 20 years
Mankato, MN		(b	)		6,167		4,861		—			—		6,167		4,861		11,028		(1,524	)		1971		5/31/06	15 to 20 years
Marinette, WI		(b	)		1,452		3,736		—			—		1,452		3,736		5,188		(886	)		1990		5/31/06	15 to 30 years
Marion, KY		(b	)		724		765		—			—		724		765		1,489		(255	)		2000		5/31/06	15 to 30 years

45

				Initial Cost to Company				Cost Capitalized Subsequent to Acquisition including impairment					Gross Amount at December 31, 2012 (e)											Life in which depreciation in latest Income Statement is computed
Description	Encumbrances			Land and Improvements		Buildings, Improvements		Improvements/ Land			Improvements/ building		Land and Improvements		Buildings, Improvements		Total		Final Accum			Date of Construction	Date Acquired
Marquette, MI		(b	)		4,423		5,774		—			—		4,423		5,774		10,197		(1,808	)	1969	5/31/06	15 to 20 years
Marshall, MN		(b	)		4,152		2,872		—			—		4,152		2,872		7,024		(1,024	)	1972	5/31/06	15 to 20 years
Marshfield, WI		(b	)		3,272		4,406		—			—		3,272		4,406		7,678		(1,350	)	1968	5/31/06	15 to 20 years
Mason City, IA		(b	)		2,186		3,888		—			—		2,186		3,888		6,074		(1,233	)	1985	5/31/06	15 to 20 years
Memphis, MO		(b	)		448		313		—			—		448		313		761		(140	)	1983	5/31/06	15 to 20 years
Menasha, WI		(b	)		3,137		3,245		—			—		3,137		3,245		6,382		(811	)	1981	5/31/06	15 to 30 years
Minerva, OH		(b	)		1,103		902		—			—		1,103		902		2,005		(337	)	2000	5/31/06	15 to 30 years
Missoula, MT		(b	)		4,123		5,253		—			—		4,123		5,253		9,376		(1,600	)	1987	5/31/06	15 to 20 years
Mitchell, IN		(b	)		554		791		—			—		554		791		1,345		(241	)	2000	5/31/06	15 to 30 years
Mitchell, SD		(b	)		3,918		3,126		—			—		3,918		3,126		7,044		(1,033	)	1973	5/31/06	15 to 20 years
Monmouth, IL		(b	)		2,037		1,166		—			—		2,037		1,166		3,203		(527	)	1971	5/31/06	15 to 20 years
Monona, WI		(b	)		2,982		4,700		—			—		2,982		4,700		7,682		(1,142	)	1981	5/31/06	15 to 30 years
Monroe, WI		(b	)		1,526		4,027		—			—		1,526		4,027		5,553		(938	)	1994	5/31/06	15 to 30 years
Monticello, IL		(b	)		641		1,172		—			—		641		1,172		1,813		(314	)	1999	5/31/06	15 to 30 years
Montpelier, OH		(b	)		557		1,130		—			—		557		1,130		1,687		(299	)	2000	5/31/06	15 to 30 years
Morgantown, KY		(b	)		518		871		—			—		518		871		1,389		(241	)	1999	5/31/06	15 to 30 years
Mount Ayr, IA		(b	)		228		666		—			—		228		666		894		(162	)	1995	5/31/06	15 to 30 years
Mt Carmel, IL		(b	)		972		1,602		—			—		972		1,602		2,574		(560	)	2000	5/31/06	15 to 20 years
Munfordville, KY		(b	)		672		766		—			—		672		766		1,438		(245	)	2000	5/31/06	15 to 30 years
Nampa, ID		(b	)		2,080		4,014		—			—		2,080		4,014		6,094		(1,276	)	1986	5/31/06	15 to 20 years
Neenah, WI		(b	)		2,944		5,595		(38	)		—		2,906		5,595		8,501		(1,256	)	1990	5/31/06	15 to 30 years
Newaygo, MI		(b	)		633		1,155		—			—		633		1,155		1,788		(305	)	2000	5/31/06	15 to 30 years
Norfolk, NE		(b	)		2,701		2,912		—			—		2,701		2,912		5,613		(846	)	1984	5/31/06	15 to 30 years
North Platte, NE		(b	)		2,734		3,378		—			—		2,734		3,378		6,112		(776	)	1985	5/31/06	15 to 30 years
Oconto, WI		(b	)		496		1,176		—			—		496		1,176		1,672		(318	)	2000	5/31/06	15 to 30 years
Ogden, UT		(b	)		2,448		3,864		—			—		2,448		3,864		6,312		(901	)	1988	5/31/06	15 to 30 years
Omaha, NE		(b	)		1,024		7,113		—			—		1,024		7,113		8,137		(1,604	)	1966	5/31/06	15 to 30 years
Omaha, NE		(b	)		5,320		4,086		—			—		5,320		4,086		9,406		(989	)	1985	5/31/06	15 to 30 years
Omaha, NE		(b	)		5,477		3,986		—			—		5,477		3,986		9,463		(960	)	1984	5/31/06	15 to 30 years
Omaha, NE		(b	)		7,431		14,273		—			—		7,431		14,273		21,704		(4,559	)	2000	5/31/06	15 to 30 years
Onalaska, WI		(b	)		2,468		4,392		—			—		2,468		4,392		6,860		(1,028	)	1989	5/31/06	15 to 30 years
O’Neill, NE		(a	)		400		1,752		—			—		400		1,752		2,152		(274	)	1972	8/24/07	12 to 47 years
Osceola, IA		(b	)		322		422		—			—		322		422		744		(146	)	1978	5/31/06	15 to 20 years
Oshkosh, WI		(b	)		3,594		4,384		—			—		3,594		4,384		7,978		(1,022	)	1984	5/31/06	15 to 30 years
Park Rapids, MN		(b	)		877		1,089		—			—		877		1,089		1,966		(380	)	1981	5/31/06	15 to 20 years
Perry, IA		(b	)		651		1,015		—			—		651		1,015		1,666		(298	)	1998	5/31/06	15 to 30 years
Petersburg, IN		(b	)		799		678		—			—		799		678		1,477		(254	)	1999	5/31/06	15 to 30 years
Pocatello, ID		(b	)		2,317		4,274		—			—		2,317		4,274		6,591		(1,365	)	1986	5/31/06	15 to 20 years
Powell, WY		(b	)		1,264		859		—			—		1,264		859		2,123		(328	)	1985	5/31/06	15 to 20 years
Provo, UT		(b	)		2,145		2,966		—			—		2,145		2,966		5,111		(724	)	1988	5/31/06	15 to 30 years
Pt Washington, WI		(b	)		436		1,427		—			—		436		1,427		1,863		(312	)	1982	5/31/06	15 to 40 years

46

				Initial Cost to Company				Cost Capitalized Subsequent to Acquisition including impairment					Gross Amount at December 31, 2012 (e)													Life in which depreciation in latest Income Statement is computed
Description	Encumbrances			Land and Improvements		Buildings, Improvements		Improvements/ Land			Improvements/ building		Land and Improvements		Buildings, Improvements		Total		Final Accum			Date of Construction		Date Acquired
Pullman, WA		(b	)		2,237		4,295		—			—		2,237		4,295		6,532		(1,023	)		1996		5/31/06	15 to 30 years
Quincy, IL		(b	)		3,510		4,916		—			—		3,510		4,916		8,426		(1,552	)		1986		5/31/06	15 to 20 years
Racine, WI		(b	)		3,076		5,305		—			—		3,076		5,305		8,381		(1,569	)		1979		5/31/06	15 to 20 years
Rapid City, SD		(b	)		4,725		4,164		—			—		4,725		4,164		8,889		(1,064	)		1988		5/31/06	15 to 30 years
Rawlins, WY		(b	)		430		581		—			—		430		581		1,011		(225	)		1971		5/31/06	15 to 20 years
Redding, CA		(b	)		7,043		5,255		—			—		7,043		5,255		12,298		(1,233	)		1989		5/31/06	15 to 30 years
Rice Lake, WI		(b	)		1,535		3,407		—			—		1,535		3,407		4,942		(872	)		1995		5/31/06	15 to 30 years
River Falls, WI		(b	)		1,787		4,283		—			—		1,787		4,283		6,070		(1,011	)		1994		5/31/06	15 to 30 years
Riverdale, UT		(b	)		3,023		3,063		(60	)		—		2,963		3,063		6,026		(765	)		1990		5/31/06	15 to 30 years
Rochester, MN		(b	)		6,466		4,232		—			—		6,466		4,232		10,698		(1,411	)		1981		5/31/06	15 to 20 years
Rochester, MN		(b	)		6,189		4,511		—			—		6,189		4,511		10,700		(1,452	)		1981		5/31/06	15 to 20 years
Rockville, IN		(b	)		628		939		—			—		628		939		1,567		(274	)		1999		5/31/06	15 to 30 years
Rothschild, WI		(b	)		2,685		4,231		—			—		2,685		4,231		6,916		(1,369	)		1977		5/31/06	15 to 20 years
Salt Lake City, UT		(b	)		3,260		3,937		—			—		3,260		3,937		7,197		(953	)		1991		5/31/06	15 to 30 years
Scottsville, KY		(b	)		544		840		—			—		544		840		1,384		(239	)		1999		5/31/06	15 to 30 years
Sheboygan, WI		(b	)		2,973		4,340		—			—		2,973		4,340		7,313		(1,142	)		1993		5/31/06	15 to 30 years
Sioux Falls, SD		(b	)		4,907		4,023		—			—		4,907		4,023		8,930		(1,312	)		1987		5/31/06	15 to 20 years
Smithville, TN		(b	)		570		733		(15	)		—		555		733		1,288		(235	)		2000		5/31/06	15 to 30 years
Somerville, TN		(b	)		345		537		—			—		345		537		882		(171	)		2000		5/31/06	15 to 30 years
Spanish Fork, UT		(b	)		1,366		3,000		—			—		1,366		3,000		4,366		(705	)		1991		5/31/06	15 to 30 years
Spokane Valley, WA		(b	)		1,014		3,005		—			—		1,014		3,005		4,019		(828	)		1987		5/31/06	15 to 20 years
Spokane, WA		(b	)		3,781		4,934		—			—		3,781		4,934		8,715		(1,522	)		1986		5/31/06	15 to 20 years
Spokane, WA		(b	)		3,437		5,047		—			—		3,437		5,047		8,484		(1,188	)		1995		5/31/06	15 to 30 years
St Cloud, MN		(b	)		3,749		4,884		—			—		3,749		4,884		8,633		(1,538	)		1985		5/31/06	15 to 20 years
St. Cloud, MN		(b	)		5,033		6,589		—			—		5,033		6,589		11,622		(1,508	)		1991		5/31/06	15 to 30 years
Steven’S Point, WI		(b	)		1,383		5,401		—			—		1,383		5,401		6,784		(1,506	)		1985		5/31/06	15 to 20 years
Sturgis, SD		(b	)		402		717		—			—		402		717		1,119		(251	)		1984		5/31/06	15 to 20 years
Sullivan, IL		(b	)		557		879		—			—		557		879		1,436		(255	)		1999		5/31/06	15 to 30 years
Thermopolis, WY		(a	)		589		1,600		—			—		589		1,600		2,189		(225	)		2007		12/11/07	12 to 47 years
Tuscola, IL		(b	)		724		897		—			—		724		897		1,621		(282	)		2000		5/31/06	15 to 30 years
Twin Falls, ID		(b	)		2,037		3,696		—			—		2,037		3,696		5,733		(1,177	)		1986		5/31/06	15 to 20 years
Union Gap, WA		(b	)		481		4,079		—			—		481		4,079		4,560		(1,288	)		1991		5/31/06	15 to 20 years
Vermillion, SD		(b	)		756		993		—			—		756		993		1,749		(348	)		1984		5/31/06	15 to 20 years
Wahpeton, ND		(b	)		1,202		1,418		—			—		1,202		1,418		2,620		(521	)		1971		5/31/06	15 to 20 years
Walla Walla, WA		(b	)		2,283		1,955		—			—		2,283		1,955		4,238		(499	)		1989		5/31/06	15 to 30 years
Washington, IA		(b	)		719		865		—			—		719		865		1,584		(324	)		1973		5/31/06	15 to 20 years
Watertown, SD		(b	)		3,064		3,519		—			—		3,064		3,519		6,583		(842	)		1985		5/31/06	15 to 30 years
Watertown, WI		(b	)		3,124		4,436		—			—		3,124		4,436		7,560		(1,384	)		1972		5/31/06	15 to 20 years
Waukon, IA		(b	)		604		971		—			—		604		971		1,575		(276	)		1998		5/31/06	15 to 30 years
West Bend, WI		(b	)		3,310		4,069		—			—		3,310		4,069		7,379		(1,320	)		1972		5/31/06	15 to 20 years
West Bountiful, UT		(b	)		2,952		3,897		—			—		2,952		3,897		6,849		(928	)		1991		5/31/06	15 to 30 years

47

				Initial Cost to Company				Cost Capitalized Subsequent to Acquisition including impairment				Gross Amount at December 31, 2012 (e)													Life in which depreciation in latest Income Statement is computed
Description	Encumbrances			Land and Improvements		Buildings, Improvements		Improvements/ Land		Improvements/ building		Land and Improvements		Buildings, Improvements		Total		Final Accum			Date of Construction		Date Acquired
West Jordan, UT		(b	)		2,848		3,969		—		—		2,848		3,969		6,817		(970	)		1988		5/31/06	15 to 30 years
West Valley City, UT		(b	)		2,780		4,005		—		—		2,780		4,005		6,785		(998	)		1989		5/31/06	15 to 30 years
Winona, MN		(b	)		3,413		4,436		—		—		3,413		4,436		7,849		(1,482	)		1986		5/31/06	15 to 20 years
Wisconsin Rapids, WI		(b	)		3,689		4,806		—		—		3,689		4,806		8,495		(1,498	)		1969		5/31/06	15 to 20 years
Woodsfield, OH		(b	)		691		1,009		—		—		691		1,009		1,700		(298	)		2000		5/31/06	15 to 30 years
Worthington, MN		(b	)		2,861		3,767		—		—		2,861		3,767		6,628		(901	)		1984		5/31/06	15 to 30 years
Yakima, WA		(b	)		2,789		5,033		—		—		2,789		5,033		7,822		(1,169	)		1988		5/31/06	15 to 30 years
Building material suppliers
Abingdon, VA		(b	)		401		814		—		—		401		814		1,215		(190	)		1979		10/14/10	15 to 30 years
Alamogordo, NM		(b	)		645		861		—		—		645		861		1,506		(152	)		1980		11/10/08	15 to 40 years
Altoona, PA		(b	)		342		545		—		—		342		545		887		(126	)		1993		11/10/08	15 to 30 years
Arnold, MO		(b	)		973		553		—		—		973		553		1,526		(209	)		1984		7/3/12	10 to 15 years
Asheville, NC		(b	)		2,013		2,307		—		—		2,013		2,307		4,320		(589	)		1988		7/3/12	15 to 30 years
Ashland, KY		(b	)		1,009		1,032		—		—		1,009		1,032		2,041		(312	)		1991		10/14/10	15 to 30 years
Auburn, NY		(b	)		397		786		—		—		397		786		1,183		(185	)		1962		11/10/08	15 to 30 years
Aurora, CO		(a	)		2,562		2,740		—		—		2,562		2,740		5,302		(615	)		1999		12/27/06	15 to 40 years
Bakersfield, CA		(b	)		1,235		1,659		—		—		1,235		1,659		2,894		(385	)		1976		7/3/12	15 to 30 years
Bardstown, KY		(b	)		766		837		—		—		766		837		1,603		(207	)		2000		11/10/08	15 to 40 years
Baton Rouge, LA		(b	)		1,568		5,806		—		—		1,568		5,806		7,374		(1,041	)		2003		10/14/10	15 to 40 years
Beaver, WV		(b	)		169		375		—		—		169		375		544		(95	)		1991		11/10/08	15 to 20 years
Binghamton, NY		(b	)		380		1,047		—		—		380		1,047		1,427		(194	)		1975		7/3/12	15 to 30 years
Bradenton, FL		(b	)		2,160		3,030		—		—		2,160		3,030		5,190		(864	)		2006		4/27/07	15 to 40 years
Bridgeport, OH		(b	)		360		544		—		—		360		544		904		(163	)		1984		11/10/08	15 to 20 years
Buckhannon, WV		(b	)		343		733		—		—		343		733		1,076		(145	)		1982		11/10/08	15 to 30 years
Cambridge, MD		(b	)		465		446		—		—		465		446		911		(123	)		1988		7/3/12	15 to 20 years
Cambridge, OH		(b	)		542		781		—		—		542		781		1,323		(192	)		1978		11/10/08	15 to 30 years
Charlottesville, VA		(b	)		414		663		—		—		414		663		1,077		(128	)		1981		6/2/08	15 to 30 years
Chattaroy, WV		(b	)		107		227		—		—		107		227		334		(97	)		1982		11/10/08	10 to 15 years
Clarksville, TN		(b	)		1,145		1,972		—		—		1,145		1,972		3,117		(490	)		2005		4/27/07	15 to 40 years
Columbus, OH		(b	)		786		397		—		—		786		397		1,183		(142	)		1970		11/10/08	15 to 20 years
Cumberland, MD		(b	)		678		353		—		—		678		353		1,031		(136	)		1996		7/3/12	15 to 20 years
Danville, IN		(b	)		831		923		—		—		831		923		1,754		(167	)		1993		11/10/08	15 to 40 years
Danville, KY		(b	)		502		703		—		—		502		703		1,205		(176	)		1995		11/10/08	15 to 40 years
Dayton, TN		(b	)		437		816		—		—		437		816		1,253		(144	)		1999		6/11/08	15 to 40 years
Denton, TX		(b	)		2,308		1,888		—		—		2,308		1,888		4,196		(440	)		2005		4/27/07	15 to 40 years
Depew, NY		(b	)		398		1,108		—		—		398		1,108		1,506		(294	)		1960		11/10/08	15 to 20 years
Douglassville, PA		(b	)		440		447		—		—		440		447		887		(162	)		1979		11/10/08	15 to 20 years
East Syracuse, NY		(b	)		975		746		—		—		975		746		1,721		(173	)		1970		11/10/08	15 to 30 years
Empire, OH		(b	)		595		394		—		—		595		394		989		(136	)		1971		11/10/08	15 to 20 years
Fayetteville, NC		(b	)		785		2,243		—		—		785		2,243		3,028		(572	)		2006		4/27/07	15 to 40 years
Fort Myers, FL		(b	)		2,401		3,148		—		—		2,401		3,148		5,549		(742	)		1973		7/3/12	15 to 30 years

48

				Initial Cost to Company				Cost Capitalized Subsequent to Acquisition including impairment					Gross Amount at December 31, 2012 (e)														Life in which depreciation in latest Income Statement is computed
Description	Encumbrances			Land and Improvements		Buildings, Improvements		Improvements/ Land			Improvements/ building		Land and Improvements		Buildings, Improvements			Total		Final Accum			Date of Construction		Date Acquired
Fortson, GA		(b	)		1,120		1,006		—			—		1,120		1,006	��		2,126		(308	)		2002		10/14/10	15 to 40 years
Georgetown, KY		(b	)		769		885		—			—		769		885			1,654		(234	)		1998		6/11/08	15 to 40 years
Georgetown, TX		(b	)		1,587		3,114		—			—		1,587		3,114			4,701		(609	)		2006		4/27/07	15 to 40 years
Greensburg, PA		(b	)		391		793		—			—		391		793			1,184		(191	)		1977		11/30/09	15 to 40 years
Greenwood, IN		(b	)		1,515		477		—			—		1,515		477			1,992		(256	)		1970		7/3/12	15 to 20 years
Guilderland, NY		(b	)		510		512		—			—		510		512			1,022		(147	)		1965		11/10/08	15 to 20 years
Gurnee, IL		(b	)		2,036		2,523		—			—		2,036		2,523			4,559		(600	)		1998		7/3/12	15 to 30 years
Hendersonville, TN		(b	)		1,555		2,341		—			—		1,555		2,341			3,896		(571	)		2006		4/27/07	15 to 40 years
Highspire, PA		(b	)		801		2,211		—			—		801		2,211			3,012		(490	)		2005		4/27/07	15 to 40 years
Huntersville, NC		(b	)		1,418		2,644		—			—		1,418		2,644			4,062		(623	)		2006		4/27/07	15 to 40 years
Huntington, WV		(b	)		907		1,275		—			—		907		1,275			2,182		(336	)		1985		10/14/10	15 to 30 years
Indianapolis, IN		(b	)		849		582		—			—		849		582			1,431		(165	)		1970		11/10/08	15 to 20 years
Jefferson City, TN		(b	)		1,059		1,517		—			—		1,059		1,517			2,576		(344	)		1999		7/3/12	15 to 30 years
Jeffersonville, IN		(b	)		717		730		—			—		717		730			1,447		(193	)		1945		7/3/12	15 to 20 years
Keller, VA		(b	)		244		959		—	��		—		244		959			1,203		(177	)		1995		10/14/10	15 to 40 years
Knoxville, TN		(b	)		1,199		737		—			—		1,199		737			1,936		(238	)		1972		11/10/08	15 to 30 years
Lehighton, PA		(b	)		645		593		—			—		645		593			1,238		(163	)		1996		7/3/12	15 to 30 years
Lexington, KY		(b	)		871		1,105		—			—		871		1,105			1,976		(311	)		1970		10/14/10	15 to 30 years
Lexington, SC		(b	)		1,250		2,153		—			—		1,250		2,153			3,403		(456	)		2006		4/27/07	15 to 40 years
Lincoln, NE		(b	)		1,822		2,158		—			—		1,822		2,158			3,980		(497	)		1985		11/10/08	15 to 30 years
London, KY		(b	)		698		701		—			—		698		701			1,399		(205	)		1979		11/10/08	15 to 20 years
Loretto, PA		(b	)		283		1,144		—			—		283		1,144			1,427		(272	)		1965		10/14/10	15 to 20 years
Louisville, KY		(b	)		737		758		—			—		737		758			1,495		(213	)		1963		11/10/08	15 to 30 years
Louisville, KY		(b	)		800		1,274		—			—		800		1,274			2,074		(363	)		1963		10/14/10	15 to 20 years
Lubbock, TX		(b	)		288		1,110		—			—		288		1,110			1,398		(228	)		1976		11/10/08	15 to 30 years
Madison Heights, VA		(b	)		536		1,228		—			—		536		1,228			1,764		(236	)		1981		7/3/12	15 to 30 years
Madisonville, TN		(b	)		418		815		—			—		418		815			1,233		(143	)		1999		6/11/08	15 to 40 years
Manassas, VA		(b	)		3,591		2,021		—			—		3,591		2,021			5,612		(354	)		2005		4/27/07	15 to 40 years
Martinsville, IN		(b	)		385		289		—			—		385		289			674		(88	)		1990		7/3/12	15 to 30 years
Mechanicsville, MA		(b	)		772		2,110		—			—		772		2,110			2,882		(417	)		1996		10/14/10	15 to 40 years
Milesburg, PA		(b	)		323		537		—			—		323		537			860		(153	)		1973		11/10/08	15 to 20 years
Milton, WV		(b	)		68		169		—			—		68		169			237		(72	)		1977		11/10/08	10 to 15 years
Mishawaka, IN		(b	)		357		396		—			—		357		396			753		(108	)		1979		7/3/12	10 to 15 years
Moorefield, WV		(b	)		572		310		—			—		572		310			882		(68	)		1996		11/10/08	15 to 40 years
Morgantown, WV		(b	)		930		307		—			—		930		307			1,237		(90	)		1994		11/10/08	15 to 30 years
Moundsville, WV		(b	)		712		309		—			—		712		309			1,021		(79	)		1969		11/10/08	15 to 30 years
Mount Airy, MD		(b	)		4,653		2,878		—			—		4,653		2,878			7,531		(993	)		1986		7/3/12	15 to 20 years
Mt. Pleasant Borough, PA		(b	)		399		623		—			—		399		623			1,022		(154	)		1997		11/10/08	15 to 30 years
Murfreesboro, TN		(b	)		612		1,244		—			—		612		1,244			1,856		(299	)		1968		11/30/09	15 to 40 years
Murrysville, PA		(b	)		963		1,199		—			—		963		1,199			2,162		(344	)		1968		10/14/10	15 to 20 years
Narrows, VA		(b	)		195		688		—			—		195		688			883		(139	)		1985		10/14/10	15 to 30 years

49

				Initial Cost to Company				Cost Capitalized Subsequent to Acquisition including impairment				Gross Amount at December 31, 2012 (e)												Life in which depreciation in latest Income Statement is computed
Description	Encumbrances			Land and Improvements		Buildings, Improvements		Improvements/ Land		Improvements/ building		Land and Improvements		Buildings, Improvements		Total		Final Accum			Date of Construction	Date Acquired
New Castle, PA		(b	)		494		855		—		—		494		855		1,349		(205	)	1995		10/14/10	15 to 30 years
Niagara Falls, NY		(b	)		289		807		—		—		289		807		1,096		(195	)	1981		10/14/10	15 to 20 years
North Bluefield, WV		(b	)		217		492		—		—		217		492		709		(92	)	1983		11/10/08	15 to 40 years
Northport, AL		(b	)		2,041		1,946		—		—		2,041		1,946		3,987		(647	)	2006		4/27/07	15 to 40 years
Oakland, MD		(b	)		804		809		—		—		804		809		1,613		(239	)	1993		11/10/08	15 to 40 years
Ocean View, DE		(b	)		2,121		2,877		—		—		2,121		2,877		4,998		(743	)	1970		10/14/10	15 to 40 years
Orchard Park, NY		(b	)		304		1,488		—		—		304		1,488		1,792		(333	)	1966		10/14/10	15 to 20 years
Oriskany, NY		(b	)		618		749		—		—		618		749		1,367		(187	)	1965		7/3/12	15 to 20 years
Pataskala, OH		(b	)		796		656		—		—		796		656		1,452		(197	)	1998		11/10/08	15 to 20 years
Patchogue, NY		(b	)		1,869		797		—		—		1,869		797		2,666		(379	)	1985		10/14/10	15 to 20 years
Pine Township, PA		(b	)		243		863		—		—		243		863		1,106		(181	)	1991		10/14/10	15 to 30 years
Piperton, TN		(b	)		1,338		1,916		—		—		1,338		1,916		3,254		(440	)	2006		4/27/07	15 to 40 years
Plant City, FL		(b	)		2,192		3,280		—		—		2,192		3,280		5,472		(898	)	2004		10/14/10	15 to 30 years
Pulaski, VA		(b	)		882		1,040		—		—		882		1,040		1,922		(253	)	1979		7/3/12	15 to 30 years
Raleigh, NC		(b	)		1,066		2,497		—		—		1,066		2,497		3,563		(567	)	1975		10/14/10	15 to 30 years
Ranson, WV		(b	)		1,020		1,955		—		—		1,020		1,955		2,975		(479	)	2005		4/27/07	15 to 40 years
Richland, MS		(b	)		1,351		2,279		—		—		1,351		2,279		3,630		(472	)	2005		4/27/07	15 to 40 years
Richmond, KY		(b	)		732		720		—		—		732		720		1,452		(191	)	1976		11/10/08	15 to 30 years
Richmond, VA		(b	)		384		1,380		—		—		384		1,380		1,764		(244	)	1977		7/3/12	15 to 20 years
Riverhead, NY		(b	)		1,146		1,402		—		—		1,146		1,402		2,548		(299	)	1984		6/2/08	15 to 30 years
Rockaway, NJ		(b	)		1,826		948		—		—		1,826		948		2,774		(366	)	1974		7/3/12	15 to 20 years
Russellville, KY		(b	)		293		541		—		—		293		541		834		(142	)	1995		11/10/08	15 to 30 years
San Antonio, TX		(b	)		1,403		2,195		—		—		1,403		2,195		3,598		(552	)	2004		4/27/07	15 to 40 years
Selbyville, DE		(b	)		919		1,434		—		—		919		1,434		2,353		(386	)	1970		10/14/10	15 to 20 years
Seymour, IN		(b	)		506		494		—		—		506		494		1,000		(171	)	1995		10/14/10	15 to 30 years
Somerset, KY		(b	)		731		802		—		—		731		802		1,533		(181	)	1998		11/10/08	15 to 40 years
Somerset, PA		(b	)		257		604		—		—		257		604		861		(136	)	1979		11/10/08	15 to 30 years
Tonawanda, NY		(b	)		168		1,104		—		—		168		1,104		1,272		(238	)	1968		10/14/10	15 to 20 years
Troutville, VA		(b	)		542		802		—		—		542		802		1,344		(140	)	1979		11/10/08	15 to 40 years
Versailles, KY		(b	)		825		1,059		—		—		825		1,059		1,884		(299	)	1978		10/14/10	15 to 30 years
Watertown, NY		(b	)		435		833		—		—		435		833		1,268		(172	)	1997		7/3/12	15 to 30 years
Waynesboro, PA		(b	)		248		801		—		—		248		801		1,049		(160	)	1996		11/10/08	15 to 30 years
West Springfield, MA		(b	)		1,443		1,467		—		—		1,443		1,467		2,910		(562	)	1983		10/14/10	10 to 17 years
Winchester, KY		(b	)		720		646		—		—		720		646		1,366		(181	)	1983		11/10/08	15 to 30 years
York, PA		(b	)		1,213		670		—		—		1,213		670		1,883		(257	)	1970		7/3/12	10 to 15 years
Yuma, AZ		(b	)		1,623		2,721		—		—		1,623		2,721		4,344		(564	)	2006		4/27/07	15 to 40 years
Automotive dealers, parts and service properties
Alabaster, AL		(a	)		631		1,010		—		—		631		1,010		1,641		(137	)	1995		12/22/06	40 to 40 years
Albany, GA		(c	)		242		572		—		—		242		572		814		(97	)	1982		9/7/07	15 to 40 years
Albany, GA		(c	)		281		575		—		—		281		575		856		(140	)	1997		9/7/07	15 to 30 years

50

			Initial Cost to Company				Cost Capitalized Subsequent to Acquisition including impairment						Gross Amount at December 31, 2012 (e)														Life in which depreciation in latest Income Statement is computed
Description	Encumbrances		Land and Improvements		Buildings, Improvements		Improvements/ Land			Improvements/ building			Land and Improvements		Buildings, Improvements		Total			Final Accum			Date of Construction		Date Acquired
Auburn, AL		(a)		354		1,182		30			78			384		1,260		1,644			(236	)		1987		12/22/06	15 to 30 years
Auburn, AL		(c)		676		646		—			—			676		646		1,322			(167	)		1995		9/7/07	15 to 30 years
Bessemer, AL		(a)		358		1,197		—			—			358		1,197		1,555			(162	)		1988		12/22/06	40 to 40 years
Birmingham, AL		(a)		372		1,073		—			—			372		1,073		1,445			(194	)		1965		12/22/06	30 to 30 years
Birmingham, AL		(a)		607		1,379		—			—			607		1,379		1,986			(187	)		1988		12/22/06	40 to 40 years
Birmingham, AL		(a)		339		858		—			—			339		858		1,197			(116	)		1990		12/22/06	40 to 40 years
Birmingham, AL		(a)		343		901		—			—			343		901		1,244			(122	)		1989		12/22/06	40 to 40 years
Birmingham, AL		(a)		417		1,237		—			—			417		1,237		1,654			(168	)		1970		12/22/06	40 to 40 years
Birmingham, AL		(a)		334		1,119		—			—			334		1,119		1,453			(152	)		1989		12/22/06	40 to 40 years
Birmingham, AL		(a)		300		839		—			—			300		839		1,139			(91	)		1998		12/22/06	50 to 50 years
Caldwell, TX		(a)		1,775		1,725		—			—			1,775		1,725		3,500			(531	)		2000		12/31/07	11 to 36 years
Clinton Township, MI		(a)		5,430		7,254		(3,116	)		(3,779	)		2,314		3,475		5,789			(1,251	)		1999		1/9/07	3 to 30 years
Conroe, TX		(a)		4,338		448		955			145			5,293		593		5,886			(947	)		2005		11/17/06	12 to 47 years
Crestview, FL		(c)		544		743		—			—			544		743		1,287			(159	)		1975		9/7/07	15 to 30 years
Decatur, AL		(a)		187		1,174		—			98			187		1,272		1,459			(135	)		2000		12/22/06	20 to 50 years
Decatur, AL		(a)		84		803		—			—			84		803		887			(87	)		2001		12/22/06	50 to 50 years
Dothan, AL		(c)		162		659		—			—			162		659		821			(139	)		1996		9/7/07	15 to 30 years
Florence, AL		(a)		130		1,128		—			—			130		1,128		1,258			(122	)		1999		12/22/06	50 to 50 years
Gardendale, AL		(a)		586		1,274		—			—			586		1,274		1,860			(173	)		1989		12/22/06	40 to 40 years
Greenville, SC		(a)		2,561		1,526		—			—			2,561		1,526		4,087			(750	)		1999		12/28/05	15 to 30 years
Gulf Breeze, FL		(c)		296		457		—			—			296		457		753			(100	)		1993		9/7/07	15 to 30 years
Houston, TX		(c)		2,214		2,504		—			—			2,214		2,504		4,718			(655	)		1992		6/29/07	6 to 30 years
Huntsville, AL		(a)		778		1,686		—			—			778		1,686		2,464			(402	)		1997		2/23/04	15 to 30 years
Huntsville, AL		(a)		184		1,037		—			—			184		1,037		1,221			(112	)		2001		12/22/06	50 to 50 years
Huntsville, AL		(a)		252		917		—			—			252		917		1,169			(166	)		1965		12/22/06	30 to 30 years
Huntsville, AL		(a)		374		1,295		—			109			374		1,404		1,778	��		(184	)		1997		12/22/06	20 to 40 years
Huntsville, AL		(a)		195		1,649		—			—			195		1,649		1,844			(223	)		1993		12/22/06	40 to 40 years
Huntsville, AL		(a)		295		893		—			—			295		893		1,188			(121	)		1994		12/22/06	40 to 40 years
Irving, TX		(a)		7,348		970		—			—			7,348		970		8,318			(1,307	)		1960		6/1/06	12 to 27 years
Irving, TX		(a)		931		268		—			—			931		268		1,199			(99	)		1965		4/19/07	12 to 18 years
Jacksonville, FL		11,080		6,155		10,957		—			—			6,155		10,957		17,112			(1,550	)		2005		6/30/05	15 to 40 years
Jacksonville, FL		(a)		3,170		938		—			—			3,170		938		4,108			(338	)		1989		12/28/05	15 to 30 years
Kennesaw, GA		(a)		3,931		5,334		—			—			3,931		5,334		9,265			(230	)		1995		2/16/12	15 to 30 years
Lincoln, NE		(a)		1,318		1,604		—			—			1,318		1,604		2,922			(449	)		1972		7/13/07	11 to 26 years
Madison, AL		(a)		211		1,401		—			—			211		1,401		1,612			(190	)		1997		12/22/06	40 to 40 years
Madison, AL		(a)		359		1,505		—			—			359		1,505		1,864			(204	)		1995		12/22/06	40 to 40 years
Marianna, FL		(c)		283		452		—			—			283		452		735			(96	)		1994		9/7/07	15 to 40 years
Midlothian, VA		6,925		4,775		6,056		—			—			4,775		6,056		10,831			(849	)		2004		6/30/05	15 to 40 years
Milton, FL		(c)		137		577		—			—			137		577		714			(122	)		1986		9/7/07	15 to 30 years
Mobile, AL		(c)		157		508		—			—			157		508		665			(110	)		1982		9/7/07	15 to 30 years
Mobile, AL		(c)		155		500		—			—			155		500		655			(108	)		1984		9/7/07	15 to 30 years

51

			Initial Cost to Company				Cost Capitalized Subsequent to Acquisition including impairment						Gross Amount at December 31, 2012 (e)													Life in which depreciation in latest Income Statement is computed
Description	Encumbrances		Land and Improvements		Buildings, Improvements		Improvements/ Land			Improvements/ building			Land and Improvements		Buildings, Improvements		Total		Final Accum			Date of Construction		Date Acquired
Mobile, AL		(c)		167		601		—			—			167		601		768		(130	)		1990		9/7/07	15 to 30 years
Mobile, AL		(c)		89		501		—			—			89		501		590		(101	)		1982		11/30/07	15 to 30 years
Montgomery, AL		(c)		398		626		—			—			398		626		1,024		(148	)		1997		9/7/07	15 to 30 years
Montgomery, AL		(c)		241		628		—			—			241		628		869		(136	)		1997		9/7/07	15 to 30 years
Montgomery, AL		(c)		422		857		—			—			422		857		1,279		(187	)		1992		9/7/07	15 to 30 years
Montgomery, AL		(c)		303		636		—			—			303		636		939		(141	)		1996		9/7/07	15 to 30 years
Montgomery, AL		(c)		275		528		—			—			275		528		803		(127	)		1988		9/7/07	15 to 30 years
Moultrie, GA		(c)		179		271		—			—			179		271		450		(96	)		1983		9/7/07	15 to 20 years
Niceville, FL		(c)		458		454		—			—			458		454		912		(86	)		1996		9/7/07	15 to 40 years
Ontario, CA		9,348		7,981		6,937		—			—			7,981		6,937		14,918		(965	)		2005		6/30/05	15 to 40 years
Opelika, AL		(c)		503		628		—			—			503		628		1,131		(157	)		1995		9/7/07	15 to 30 years
Oxford, AL		(a)		120		1,224		—			—			120		1,224		1,344		(166	)		1990		12/22/06	40 to 40 years
Pensacola, FL		(c)		238		564		—			—			238		564		802		(123	)		1994		9/7/07	15 to 30 years
Pensacola, FL		(c)		104		333		—			—			104		333		437		(78	)		1968		9/7/07	15 to 30 years
Pensacola, FL		(c)		148		459		—			—			148		459		607		(98	)		1972		9/7/07	15 to 30 years
Pensacola, FL		(c)		195		569		—			—			195		569		764		(127	)		1983		9/7/07	15 to 30 years
Pensacola, FL		(c)		150		575		—			—			150		575		725		(127	)		1986		9/7/07	15 to 30 years
Pinson, AL		(a)		320		916		—			—			320		916		1,236		(99	)		2001		12/22/06	50 to 50 years
Plano, TX		(c)		3,064		2,707		—			—			3,064		2,707		5,771		(829	)		1992		6/29/07	5 to 30 years
Pompano Beach, FL		7,271		6,153		5,010		—			—			6,153		5,010		11,163		(705	)		2004		6/30/05	15 to 40 years
Portland, ME		(a)		650		566		—			—			650		566		1,216		(163	)		1993		3/7/07	13 to 28 years
Spanish Fort, AL		(c)		563		607		—			—			563		607		1,170		(174	)		1993		9/7/07	15 to 30 years
Straban Township, PA		(a)		1,385		3,259		—			—			1,385		3,259		4,644		(890	)		2005		2/16/07	5 to 30 years
Tulsa, OK		(a)		1,225		373		—			—			1,225		373		1,598		(387	)		1999		12/28/05	15 to 20 years
Tulsa, OK		(a)		1,808		4,539		—			—			1,808		4,539		6,347		(1,131	)		1992		5/26/06	10 to 30 years
Valdosta, GA		(c)		376		576		—			—			376		576		952		(132	)		1996		11/30/07	15 to 30 years
Specialty retail properties
Abilene, TX		(a)		1,316		2,649		—			—			1,316		2,649		3,965		(530	)		2000		5/19/05	15 to 40 years
Algonquin, IL		(a)		4,171		5,613		—			—			4,171		5,613		9,784		(1,003	)		2007		9/5/07	13 to 38 years
Alpharetta, GA		(a)		2,497		2,160		—			—			2,497		2,160		4,657		(653	)		1994		6/15/04	15 to 30 years
Alpharetta, GA		(a)		4,079		1,948		—			—			4,079		1,948		6,027		(823	)		1983		6/15/04	15 to 20 years
Ankeny, IA		(d)		3,913		3,671		—			—			3,913		3,671		7,584		(31	)		2003		10/15/12	15 to 30 years
Ashland, KY		(a)		775		2,037		—			—			775		2,037		2,812		(443	)		1990		7/6/07	12 to 27 years
Ashland, KY		(a)		629		754		—			—			629		754		1,383		(189	)		1993		7/6/07	12 to 27 years
Atlanta, GA		(a)		4,863		815		—			—			4,863		815		5,678		(408	)		1970		6/15/04	15 to 20 years
Atlanta, GA		(a)		5,026		3,590		(3,987	)		(2,317	)		1,039		1,273		2,312		(1,170	)		1973		11/18/05	15 to 30 years
Aurora, IL		(a)		1,979		4,111		—			—			1,979		4,111		6,090		(863	)		1989		9/5/07	13 to 28 years
Avon, OH		(a)		1,550		2,749		—			—			1,550		2,749		4,299		(512	)		2007		8/31/07	13 to 38 years
Batavia, IL		(a)		1,857		3,441		—			—			1,857		3,441		5,298		(767	)		2001		8/31/07	13 to 28 years
Beckley, WV		(a)		1,135		2,278		—			—			1,135		2,278		3,413		(415	)		1990		2/29/08	14 to 29 years
Bensalem, PA		(a)		1,653		3,085		—			—			1,653		3,085		4,738		(713	)		1987		1/3/07	15 to 30 years

52

			Initial Cost to Company				Cost Capitalized Subsequent to Acquisition including impairment				Gross Amount at December 31, 2012 (e)														Life in which depreciation in latest Income Statement is computed
Description	Encumbrances		Land and Improvements		Buildings, Improvements		Improvements/ Land		Improvements/ building		Land and Improvements		Buildings, Improvements		Total			Final Accum			Date of Construction		Date Acquired
Canton, MA		38,652		28,693		27,813		—		—		28,693		27,813		56,506			(5,398	)		1962		2/1/06	15 to 30 years
Chillicothe, OH		(a)		499		2,296		—		—		499		2,296		2,795			(495	)		1995		7/6/07	12 to 27 years
Davenport, IA		(a)		2,823		4,475		—		—		2,823		4,475		7,298			(886	)		2007		8/31/07	13 to 38 years
Downers Grove, IL		(a)		1,772		2,227		—		—		1,772		2,227		3,999			(539	)		1994		8/31/07	13 to 28 years
Eau Claire, WI		(a)		1,597		6,964		—		—		1,597		6,964		8,561			(1,591	)		2004		4/8/05	15 to 30 years
El Paso, TX		(a)		1,536		3,852		—		—		1,536		3,852		5,388			(893	)		1973		10/29/04	15 to 30 years
Fairless Hills, PA		(a)		3,655		5,271		—		—		3,655		5,271		8,926	��		(1,287	)		1994		1/3/07	15 to 30 years
Great Falls, MT		(a)		1,486		3,856		—		—		1,486		3,856		5,342			(728	)		2004		5/6/04	15 to 40 years
Gurnee, IL		(a)		767		1,632		—		—		767		1,632		2,399			(399	)		1999		8/31/07	13 to 28 years
Hermantown, MN		(a)		1,881		7,761		—		—		1,881		7,761		9,642			(1,320	)		2003		4/8/05	15 to 40 years
Hurricane, WV		(a)		727		3,005		—		—		727		3,005		3,732			(625	)		1998		7/6/07	12 to 27 years
Joliet, IL		(a)		1,700		5,698		—		—		1,700		5,698		7,398			(945	)		2004		8/31/07	13 to 38 years
Kenosha, WI		(a)		3,421		7,407		—		—		3,421		7,407		10,828			(1,398	)		2004		9/30/04	15 to 40 years
Loveland, CO		(d)		2,329		4,750		—		—		2,329		4,750		7,079			(41	)		2001		10/15/12	15 to 30 years
Loves Park, IL		(a)		1,551		6,447		—		—		1,551		6,447		7,998			(1,027	)		2004		8/31/07	13 to 38 years
Marietta, GA		(a)		4,675		854		—		—		4,675		854		5,529			(424	)		1996		6/15/04	15 to 30 years
Marietta, GA		(a)		2,610		865		—		—		2,610		865		3,475			(408	)		1977		6/15/04	15 to 20 years
Merrillville, IN		(a)		1,324		3,975		—		—		1,324		3,975		5,299			(896	)		1986		8/31/07	13 to 28 years
Mesa, AZ		(d)		2,040		5,696		—		—		2,040		5,696		7,736			(48	)		2005		10/15/12	15 to 30 years
Midvale, UT		(d)		2,931		4,844		—		—		2,931		4,844		7,775			(42	)		2002		10/15/12	15 to 30 years
Morrisville, PA		(a)		1,345		8,288		—		—		1,345		8,288		9,633			(1,586	)		2004		1/3/07	15 to 40 years
Mundelein, IL		(a)		1,991		4,308		—		—		1,991		4,308		6,299			(940	)		2002		8/31/07	13 to 28 years
New Hartford, NY		(a)		2,168		4,851		—		—		2,168		4,851		7,019			(1,160	)		2004		10/8/04	15 to 40 years
Parkersburg, WV		(a)		1,800		3,183		—		—		1,800		3,183		4,983			(769	)		1976		7/6/07	12 to 27 years
Peoria, IL		(a)		2,497		4,401		—		—		2,497		4,401		6,898			(842	)		2004		8/31/07	13 to 38 years
Phoenix, AZ		(d)		2,098		5,338		—		—		2,098		5,338		7,436			(46	)		2003		10/15/12	15 to 30 years
Portsmouth, OH		(a)		561		1,563		—		—		561		1,563		2,124			(354	)		1988		7/6/07	12 to 27 years
Princeton, WV		(a)		990		764		—		—		990		764		1,754			(176	)		1993		7/6/07	13 to 28 years
Roswell, NM		(a)		1,002		3,177		—		—		1,002		3,177		4,179			(488	)		2004		7/29/04	15 to 50 years
Schaumburg, IL		(a)		2,067		2,632		—		—		2,067		2,632		4,699			(598	)		2002		8/31/07	13 to 28 years
South Point, OH		(a)		848		2,948		—		—		848		2,948		3,796			(628	)		1990		7/6/07	12 to 27 years
Thornton, CO		(d)		2,836		5,069		—		—		2,836		5,069		7,905			(48	)		2003		10/15/12	15 to 30 years
Tinley Park, IL		(a)		1,108		2,091		—		—		1,108		2,091		3,199			(446	)		1990		8/31/07	13 to 28 years
Waco, TX		(a)		320		406		—		—		320		406		726			(143	)		1986		9/24/04	10 to 30 years
Distribution properties
Aiken, SC		(a)		108		265		—		—		108		265		373			(80	)		1985		12/30/04	15 to 20 years
Bowling Green, KY		(a)		136		228		—		—		136		228		364			(58	)		1993		12/30/04	15 to 30 years
Conroe, TX		(a)		492		723		—		—		492		723		1,215			(189	)		1999		12/30/04	15 to 30 years
Conyers, GA		(a)		164		486		—		—		164		486		650			(113	)		1992		12/30/04	15 to 30 years
DIberville, MS		(a)		250		339		—		—		250		339		589			(113	)		1984		12/30/04	15 to 20 years
Florence, SC		(a)		221		174		—		—		221		174		395			(121	)		1974		12/30/04	10 to 15 years

53

				Initial Cost to Company				Cost Capitalized Subsequent to Acquisition including impairment						Gross Amount at December 31, 2012 (e)													Life in which depreciation in latest Income Statement is computed
Description	Encumbrances			Land and Improvements		Buildings, Improvements		Improvements/ Land			Improvements/ building			Land and Improvements		Buildings, Improvements		Total		Final Accum			Date of Construction		Date Acquired
Fort Myers, FL		(a	)		1,021		583		—			—			1,021		583		1,604		(208	)		1999		12/30/04	15 to 40 years
Fort Myers, FL		(a	)		641		1,069		—			—			641		1,069		1,710		(314	)		1999		12/30/04	15 to 30 years
Greenville, SC		(a	)		344		210		—			—			344		210		554		(151	)		1981		12/30/04	10 to 15 years
Greer, SC		(a	)		268		236		—			—			268		236		504		(91	)		1993		12/30/04	15 to 30 years
Gulfport, MS		(a	)		384		453		—			—			384		453		837		(294	)		1970		12/30/04	10 to 15 years
Hattiesburg, MS		(a	)		262		542		—			—			262		542		804		(201	)		1986		12/30/04	10 to 20 years
Hickory, NC		(a	)		199		262		—			—			199		262		461		(109	)		1989		12/30/04	15 to 20 years
Indianapolis, IN		(a	)		607		520		—			—			607		520		1,127		(198	)		1990		12/30/04	15 to 20 years
Jackson, TN		(d	)		260		143		(101	)		(49	)		159		94		253		(79	)		1971		12/30/04	15 to 20 years
Jacksonville, FL		(a	)		339		226		—			—			339		226		565		(107	)		1987		12/30/04	15 to 20 years
Jacksonville, FL		(a	)		786		1,690		—			—			786		1,690		2,476		(651	)		1960		12/30/04	10 to 20 years
Jacksonville, FL		(a	)		963		1,007		—			—			963		1,007		1,970		(538	)		2001		12/30/04	10 to 20 years
Knoxville, TN		(a	)		259		111		—			—			259		111		370		(98	)		1981		12/30/04	10 to 15 years
Lakeland, FL		(a	)		1,098		1,281		—			—			1,098		1,281		2,379		(504	)		1984		12/30/04	15 to 20 years
Lawrenceville, GA		(a	)		500		237		—			—			500		237		737		(110	)		1996		12/30/04	15 to 30 years
Mantua Township, NJ		(a	)		858		8,418		—			94			858		8,512		9,370		(1,516	)		2000		11/17/06	6 to 50 years
Martinsburg, WV		(a	)		173		20		—			—			173		20		193		(26	)		1972		12/30/04	10 to 15 years
Mattoon, IL		(a	)		233		263		—			—			233		263		496		(116	)		1984		12/30/04	15 to 20 years
Pompano Beach, FL		(a	)		1,144		337		—			—			1,144		337		1,481		(131	)		1990		12/30/04	15 to 30 years
Port Richey, FL		(a	)		741		660		—			—			741		660		1,401		(421	)		1975		12/30/04	10 to 15 years
Riverside, CA		(a	)		1,203		6,254		—			—			1,203		6,254		7,457		(980	)		2004		11/12/04	15 to 40 years
Riviera Beach, FL		(a	)		500		170		—			—			500		170		670		(81	)		1987		12/30/04	15 to 20 years
Roanoke, VA		(a	)		333		124		—			—			333		124		457		(98	)		1975		12/30/04	10 to 15 years
Sebring, FL		(a	)		318		291		—			—			318		291		609		(112	)		1982		12/30/04	15 to 20 years
Spokane, WA		(a	)		518		193		—			—			518		193		711		(97	)		1998		12/30/04	15 to 30 years
Stateville, NC		(a	)		614		355		—			—			614		355		969		(240	)		1976		12/30/04	10 to 15 years
Tavares, FL		(a	)		1,075		5,098		—			—			1,075		5,098		6,173		(940	)		2004		9/7/04	15 to 40 years
Tontitown, AR		(a	)		230		92		—			—			230		92		322		(47	)		1987		12/30/04	15 to 20 years
West Columbia, SC		(a	)		324		108		—			—			324		108		432		(46	)		1989		12/30/04	15 to 20 years
West Columbia, SC		(a	)		262		598		—			—			262		598		860		(203	)		1984		12/30/04	10 to 20 years
Wilmington, NC		(a	)		370		122		—			—			370		122		492		(57	)		1987		12/30/04	15 to 20 years
Convenience Stores/car washes
Ashland, NH		(b	)		398		157		—			—			398		157		555		(6	)		1970		6/28/12	15 to 20 years
Auburn, ME		(b	)		371		444		—			—			371		444		815		(10	)		1996		6/28/12	15 to 30 years
Auburn, ME		(b	)		287		222		—			—			287		222		509		(7	)		1968		6/28/12	15 to 20 years
Augusta, ME		(b	)		318		322		—			—			318		322		640		(8	)		1997		6/28/12	15 to 28 years
Bangor, ME		(b	)		327		141		—			—			327		141		468		(8	)		1973		6/28/12	15 to 15 years
Bartlett, ME		(b	)		325		399		—			—			325		399		724		(9	)		1998		6/28/12	15 to 32 years
Berlin, NH		(b	)		387		317		—			—			387		317		704		(11	)		1991		6/28/12	15 to 22 years
Brewer, ME		(b	)		238		260		—			—			238		260		498		(8	)		1967		6/28/12	15 to 25 years
Calais, ME		(b	)		187		213		—			—			187		213		400		(8	)		1968		6/28/12	15 to 20 years

54

				Initial Cost to Company				Cost Capitalized Subsequent to Acquisition including impairment						Gross Amount at December 31, 2012 (e)													Life in which depreciation in latest Income Statement is computed
Description	Encumbrances			Land and Improvements		Buildings, Improvements		Improvements/ Land			Improvements/ building			Land and Improvements		Buildings, Improvements		Total		Final Accum			Date of Construction		Date Acquired
Cave Creek, AZ		(b	)		2,711		2,201		—			—			2,711		2,201		4,912		(533	)		1998		7/2/07	15 to 40 years
Concord, NH		(b	)		260		330		—			—			260		330		590		(9	)		1988		6/28/12	15 to 25 years
Freeport, ME		(b	)		503		343		—			—			503		343		846		(9	)		1991		6/28/12	15 to 26 years
Gorham, NH		(b	)		723		358		—			—			723		358		1,081		(14	)		1975		6/28/12	15 to 18 years
Harrington, ME		(b	)		331		459		—			—			331		459		790		(13	)		1992		6/28/12	15 to 32 years
Lewiston, ME		(b	)		460		341		—			—			460		341		801		(11	)		1994		6/28/12	15 to 28 years
Madison, ME		(b	)		130		410		—			—			130		410		540		(10	)		1988		6/28/12	15 to 25 years
Manchester, ME		(b	)		279		284		—			—			279		284		563		(10	)		1990		6/28/12	15 to 20 years
Newport, NH		(b	)		519		581		—			—			519		581		1,100		(15	)		1998		6/28/12	15 to 30 years
Oakfield, ME		(b	)		273		229		—			—			273		229		502		(9	)		1993		6/28/12	15 to 25 years
Paris, ME		(b	)		139		153		—			—			139		153		292		(6	)		1954		6/28/12	15 to 17 years
Phoenix, AZ		(b	)		2,243		4,243		—			—			2,243		4,243		6,486		(933	)		2001		7/2/07	15 to 40 years
Reno, NV		(a	)		1,096		6,892		—			—			1,096		6,892		7,988		(802	)		2004		12/16/05	10 to 50 years
Rockland, ME		(b	)		211		303		—			—			211		303		514		(7	)		1984		6/28/12	15 to 28 years
Sanford, ME		(b	)		807		579		—			—			807		579		1,386		(14	)		1997		6/28/12	15 to 28 years
Scottsdale, AZ		(b	)		4,416		2,384		—			—			4,416		2,384		6,800		(630	)		2000		7/2/07	15 to 40 years
Scottsdale, AZ		(b	)		2,765		2,196		—			—			2,765		2,196		4,961		(579	)		1995		7/2/07	15 to 40 years
Scottsdale, AZ		(b	)		5,123		2,683		—			—			5,123		2,683		7,806		(899	)		1991		7/2/07	15 to 40 years
Scottsdale, AZ		(b	)		3,437		2,373		—			—			3,437		2,373		5,810		(796	)		1996		7/2/07	15 to 40 years
Sherman Mills, ME		(b	)		259		163		—			—			259		163		422		(7	)		1974		6/28/12	15 to 20 years
South Portland, ME		(b	)		661		194		—			—			661		194		855		(10	)		1970		6/28/12	15 to 15 years
Industrial properties
Annapolis Junction, MD		(a	)		2,245		1,105		(1,535	)		(547	)		710		558		1,268		(138	)		1930		9/29/06	15 to 30 years
Bridgeview, IL		(a	)		1,093		3,731		—			—			1,093		3,731		4,824		(775	)		1964		12/29/06	15 to 30 years
Byron, IL		(a	)		734		4,334		—			—			734		4,334		5,068		(1,292	)		1965		12/29/06	10 to 20 years
Dublin, VA		(a	)		491		1,401		—			—			491		1,401		1,892		(483	)		1985		12/11/06	15 to 20 years
Edon, OH		(c	)		642		2,649		—			—			642		2,649		3,291		(814	)		1953		2/21/07	15 to 20 years
Elk Grove Village, IL		(b	)		3,001		5,264		(1,604	)		(2,492	)		1,397		2,772		4,169		(867	)		1970		12/28/06	10 to 30 years
Exton, PA		(b	)		2,494		7,180		—			—			2,494		7,180		9,674		(1,234	)		1999		12/28/06	14 to 40 years
Fremont, IN		(c	)		427		2,176		—			—			427		2,176		2,603		(474	)		1960		2/21/07	15 to 30 years
Grand Chute, WI		(b	)		1,738		12,133		—			—			1,738		12,133		13,871		(2,490	)		1966		12/28/06	14 to 30 years
Houston, TX		(a	)		2,341		4,323		—			—			2,341		4,323		6,664		(1,032	)		1990		6/3/05	13 to 30 years
Lenexa, KS		(b	)		1,463		5,110		—			462			1,463		5,572		7,035		(1,041	)		1985		12/28/06	12 to 30 years
Loudon, TN		(c	)		1,188		4,904		—			—			1,188		4,904		6,092		(1,049	)		1992		3/31/08	15 to 30 years
Merced, CA		(c	)		3,456		9,007		—			—			3,456		9,007		12,463		(1,652	)		1998		3/31/08	15 to 30 years
Minerva, OH		(c	)		649		3,920		(217	)		(770	)		432		3,150		3,582		(1,052	)		1919		2/21/07	8 to 20 years
Monroe, MI		(a	)		1,567		12,435		—			—			1,567		12,435		14,002		(2,142	)		2005		12/15/05	10 to 40 years
Monroe, MI		(a	)		1,611		11,145		—			—			1,611		11,145		12,756		(1,855	)		2003		12/14/06	9 to 40 years
Nashville, TN		(b	)		459		3,261		—			—			459		3,261		3,720		(621	)		1960		12/28/06	14 to 30 years
Pulaski, VA		(a	)		333		1,536		—			—			333		1,536		1,869		(500	)		1967		12/11/06	15 to 20 years
Royal Oak, MI		(a	)		3,426		7,071		—			—			3,426		7,071		10,497		(1,482	)		1952		3/10/06	15 to 30 years

55

			Initial Cost to Company				Cost Capitalized Subsequent to Acquisition including impairment				Gross Amount at December 31, 2012 (e)														Life in which depreciation in latest Income Statement is computed
Description	Encumbrances		Land and Improvements		Buildings, Improvements		Improvements/ Land		Improvements/ building		Land and Improvements			Buildings, Improvements		Total		Final Accum			Date of Construction		Date Acquired
Scottdale, PA		(b)		607		11,008		—		—		607			11,008		11,615		(3,046	)		1959		12/28/06	14 to 20 years
Shelbyville, KY		(b)		442		3,028		—		—		442			3,028		3,470		(576	)		1973		12/28/06	14 to 30 years
Sidney, OH		(a)		921		4,177		—		—		921			4,177		5,098		(1,313	)		1987		12/22/05	13 to 20 years
Surgoinsville, TN		(a)		777		2,892		—		—		777			2,892		3,669		(744	)		1997		3/30/07	13 to 28 years
Troy, MI		(a)		1,128		947		—		—		1,128			947		2,075		(202	)		1952		3/10/06	15 to 30 years
Westfield, MA		(b)		3,258		8,090		—		—		3,258			8,090		11,348		(2,359	)		1981		12/28/06	14 to 30 years
Worcester, MA		(b)		3,731		5,193		—		525		3,731			5,718		9,449		(2,069	)		1971		12/28/06	13 to 20 years
Movie Theaters
Batavia, IL		(a)		4,705		7,561		—		—		4,705			7,561		12,266		(1,517	)		1995		2/24/06	13 to 38 years
Bixby, OK		(a)		5,585		10,101		—		—		5,585			10,101		15,686		(2,520	)		1998		11/30/04	15 to 30 years
Cedar Rapids, IA		(a)		2,521		5,461		—		—		2,521			5,461		7,982		(1,033	)		1998		9/30/04	15 to 40 years
Colorado Springs, CO		(a)		1,892		1,732		—		—		1,892			1,732		3,624		(539	)		1995		9/30/05	15 to 30 years
Columbia, SC		(a)		2,115		2,091		—		—		2,115			2,091		4,206		(496	)		1996		9/30/05	15 to 30 years
Covina, CA		(c)		5,566		26,922		—		—		5,566			26,922		32,488		(3,937	)		1997		6/23/04	14 to 40 years
Durham, NC		(a)		1,630		2,685		—		—		1,630			2,685		4,315		(768	)		1994		9/30/05	14 to 30 years
Fort Wayne, IN		(a)		2,696		9,849		682		—		3,378			9,849		13,227		(1,815	)		2005		6/30/04	15 to 40 years
Goodyear, AZ		(a)		3,881		4,392		—		—		3,881			4,392		8,273		(850	)		1998		12/15/05	12 to 37 years
Greensboro, NC		(a)		2,359		2,431		—		—		2,359			2,431		4,790		(598	)		1996		9/30/05	15 to 30 years
Johnston, IA		(c)		3,046		10,213		—		—		3,046			10,213		13,259		(2,176	)		1998		6/23/04	15 to 30 years
Kansas City, MO		(a)		2,543		7,943		—		—		2,543			7,943		10,486		(1,249	)		2003		7/29/04	15 to 50 years
Lee’s Summit, MO		(a)		3,517		9,735		—		—		3,517			9,735		13,252		(1,834	)		1999		7/29/04	15 to 40 years
Longview, TX		(a)		1,432		2,946		—		—		1,432			2,946		4,378		(718	)		1995		9/30/05	15 to 30 years
Martinsburg, WV		(a)		2,450		3,528		—		—		2,450			3,528		5,978		(933	)		1998		9/30/05	13 to 30 years
Missoula, MT		(c)		2,333		3,406		—		—		2,333			3,406		5,739		(681	)		1998		6/23/04	15 to 40 years
Noblesville, IN		(a)		1,760		—		2,338		10,172		4,098			10,172		14,270		(1,781	)		2008		1/5/07	14 to 39 years
Overland Park, KS		(a)		4,935		12,281		—		—		4,935			12,281		17,216		(1,682	)		2004		12/15/05	12 to 57 years
Phoenix, AZ		(a)		2,652		11,495		—		—		2,652			11,495		14,147		(1,680	)		1997		5/17/04	13 to 40 years
Portage, IN		(a)		4,621		8,300		—		—		4,621			8,300		12,921		(1,824	)		2007		12/2/05	13 to 38 years
Raleigh, NC		(a)		3,636		8,833		—		—		3,636			8,833		12,469		(1,972	)		1988		6/23/04	12 to 27 years
Wilmington, NC		(a)		1,552		2,934		—		—		1,552			2,934		4,486		(689	)		1997		9/30/05	15 to 30 years
Winston-Salem, NC		(a)		1,567		2,140		—		—		1,567			2,140		3,707		(616	)		1993		10/28/05	13 to 30 years
Educational properties
Alpena, MI		(a)		236		2,051		—		—		236			2,051		2,287		(673	)		1936		12/17/04	15 to 20 years
Columbus, OH		(a)		417		5,100		—		849		417			5,949		6,366		(1,281	)		1980		11/15/04	15 to 30 years
Columbus, OH		(a)		1,069		3,363		330		1,340		1,399			4,703		6,102		(1,448	)		2004		12/17/04	15 to 20 years
Cummington, MA		(a)		1,177		4,439		—		—		1,177			4,439		5,616		(1,078	)		1900		12/7/05	15 to 30 years
Duluth, GA		(a)		2,289		4,274		—		—		2,289			4,274		6,563		(967	)		2007		9/27/07	13 to 48 years
Grand Chute, WI		2,210		1,524		1,666		—		—		1,524			1,666		3,190		(409	)		2005		7/18/05	15 to 50 years
Hendersonville, NC		(a)		692		2,469		—		—		692			2,469		3,161		(653	)		1956		12/7/05	15 to 30 years
Leawood, KS		(a)		1,854		3,914		—		—		1,854			3,914		5,768		(960	)		1999		9/29/05	15 to 30 years
Lone Tree, CO		(a)		2,020		3,748		—		—		2,020	��		3,748		5,768		(883	)		1999		9/29/05	15 to 30 years

56

				Initial Cost to Company				Cost Capitalized Subsequent to Acquisition including impairment					Gross Amount at December 31, 2012 (e)													Life in which depreciation in latest Income Statement is computed
Description	Encumbrances			Land and Improvements		Buildings, Improvements		Improvements/ Land			Improvements/ building		Land and Improvements		Buildings, Improvements		Total		Final Accum			Date of Construction		Date Acquired
Manchester, VT		(a)			1,198		4,688		—			—		1,198		4,688		5,886		(974	)		1935		12/7/05	15 to 40 years
Mesa, AZ		(a)			929		806		—			—		929		806		1,735		(277	)		1980		2/10/05	15 to 30 years
Mount Laurel, NJ		(a)			1,404		5,655		—			—		1,404		5,655		7,059		(783	)		2007		12/21/07	13 to 48 years
Phoenix, AZ		17,548			4,025		24,772		—			—		4,025		24,772		28,797		(3,606	)		2002		5/16/05	15 to 40 years
Phoenix, AZ		6,932			2,381		9,051		—			—		2,381		9,051		11,432		(1,392	)		2002		5/16/05	15 to 40 years
Phoenix, AZ		(a)			1,912		1,673		—			—		1,912		1,673		3,585		(415	)		1978		2/10/05	15 to 30 years
Phoenix, AZ		(a)			1,840		3,582		—			—		1,840		3,582		5,422		(703	)		1975		2/10/05	15 to 40 years
Prineville, OR		(a)			571		4,457		—			—		571		4,457		5,028		(1,081	)		1940		12/22/05	15 to 30 years
Reedley, CA		(a)			1,637		2,885		—			—		1,637		2,885		4,522		(982	)		1950		12/7/05	15 to 30 years
Romeoville, IL		(a)			1,684		5,676		—			—		1,684		5,676		7,360		(687	)		2008		6/23/08	14 to 49 years
Tucson, AZ		(a)			983		3,782		(7	)		—		976		3,782		4,758		(613	)		1978		2/10/05	15 to 40 years
Warrenville, IL		(a)			2,542		3,813		—			—		2,542		3,813		6,355		(978	)		1999		9/29/05	15 to 30 years
Westmont, IL		(a)			1,375		5,087		—			—		1,375		5,087		6,462		(824	)		2003		12/28/05	15 to 40 years
Supermarkets
Amarillo, TX		1,957			1,574		1,389		—			—		1,574		1,389		2,963		(319	)		1989		5/23/05	9 to 30 years
Amarillo, TX		5,439			3,559		4,575		—			—		3,559		4,575		8,134		(716	)		1999		5/23/05	15 to 40 years
Amarillo, TX		1,908			1,828		1,292		—			—		1,828		1,292		3,120		(299	)		1988		5/23/05	9 to 30 years
Amarillo, TX		1,950			1,573		1,586		—			—		1,573		1,586		3,159		(364	)		1989		5/23/05	9 to 30 years
Burkburnett, TX		3,076			2,030		2,706		—			—		2,030		2,706		4,736		(449	)		1997		5/23/05	12 to 40 years
Childress, TX		720			747		934		—			—		747		934		1,681		(206	)		1997		5/23/05	7 to 40 years
Cleveland, TX		1,319			465		2,867		—			—		465		2,867		3,332		(902	)		1991		12/1/05	15 to 20 years
Corrigan, TX		686			395		630		—			—		395		630		1,025		(230	)		1971		12/1/05	15 to 20 years
Diboll, TX		897			775		872		—			—		775		872		1,647		(326	)		1974		12/1/05	15 to 20 years
Levelland, TX		2,524			1,651		2,158		—			—		1,651		2,158		3,809		(358	)		1997		5/23/05	12 to 40 years
Lubbock, TX		2,545			1,782		2,055		—			—		1,782		2,055		3,837		(341	)		1997		5/23/05	12 to 40 years
Lufkin, TX		844			1,178		352		—			—		1,178		352		1,530		(172	)		1977		12/1/05	15 to 20 years
Muleshoe, TX		(c	)		471		1,770		—			—		471		1,770		2,241		(82	)		1999		8/29/11	15 to 40 years
Novasota, TX		1,214			781		1,499		—			—		781		1,499		2,280		(365	)		1992		12/1/05	15 to 30 years
Perryton, TX		846			1,029		597		—			—		1,029		597		1,626		(162	)		1997		5/23/05	7 to 40 years
Plainview, TX		4,263			620		5,415		—			—		620		5,415		6,035		(778	)		2000		8/25/05	15 to 40 years
Snyder, TX		3,376			2,062		2,963		—			—		2,062		2,963		5,025		(465	)		1999		5/23/05	14 to 40 years
Timpson, TX		317			253		312		—			—		253		312		565		(125	)		1978		12/1/05	15 to 20 years
Vernon, TX		2,817			1,791		2,550		—			—		1,791		2,550		4,341		(424	)		1997		5/23/05	12 to 40 years
Wichita Falls, TX		4,006			—		6,259		—			—		—		6,259		6,259		(1,792	)		1997		5/23/05	13 to 20 years
Medical/other office properties
Bonita Springs, FL		(b)			317		1,619		—			—		317		1,619		1,936		(14	)		2003		8/30/12	15 to 50 years
Bonita Springs, FL		(b)			738		4,022		—			—		738		4,022		4,760		(34	)		2006		8/30/12	15 to 50 years
Bonita Springs, FL		(b)			376		940		—			—		376		940		1,316		(9	)		2006		8/30/12	15 to 50 years
Cape Coral, FL		(b)			545		1,716		—			—		545		1,716		2,261		(18	)		2011		8/30/12	15 to 50 years
Columbia, SC		(c)			2,095		16,191		—			5,006		2,095		21,197		23,292		(3,341	)		1990		9/9/05	5 to 30 years
Dallas, TX		(a)			1,633		21,835		—			2,019		1,633		23,854		25,487		(2,909	)		2005		8/29/05	15 to 50 years

57

			Initial Cost to Company				Cost Capitalized Subsequent to Acquisition including impairment						Gross Amount at December 31, 2012 (e)												Life in which depreciation in latest Income Statement is computed
Description	Encumbrances		Land and Improvements		Buildings, Improvements		Improvements/ Land			Improvements/ building			Land and Improvements		Buildings, Improvements		Total		Final Accum			Date of Construction	Date Acquired
Ft. Myers, FL		(b)		904		6,445		—			—			904		6,445		7,349		(52	)	1989		8/30/12	15 to 50 years
Naples, FL		(b)		1,351		5,368		—			—			1,351		5,368		6,719		(43	)	2002		8/30/12	15 to 50 years
Naples, FL		(b)		1,829		4,522		—			—			1,829		4,522		6,351		(44	)	1978		8/30/12	15 to 40 years
Naples, FL		(b)		260		470		—			—			260		470		730		(5	)	1982		8/30/12	15 to 40 years
Naples, FL		(b)		1,057		3,845		—			—			1,057		3,845		4,902		(14	)	2012		10/31/12	15 to 50 years
Drugstores
Buffalo, NY		(a)		681		925		—			—			681		925		1,606		(150	)	1993		12/15/04	20 to 40 years
Millen, GA		(a)		810		1,312		—			—			810		1,312		2,122		(218	)	1999		12/15/04	20 to 40 years
Moundsville, WV		(a)		706		1,002		—			—			706		1,002		1,708		(164	)	1993		12/15/04	20 to 40 years
Oneida, NY		(a)		1,315		1,411		—			—			1,315		1,411		2,726		(231	)	1999		12/15/04	20 to 40 years
Philadelphia, PA		(a)		733		1,087		—			—			733		1,087		1,820		(175	)	1993		12/15/04	20 to 40 years
Philadelphia, PA		(a)		1,613		1,880		—			—			1,613		1,880		3,493		(298	)	1999		2/2/05	20 to 40 years
St. Clair Shores, MI		(a)		1,169		761		—			—			1,169		761		1,930		(166	)	1991		5/2/05	15 to 30 years
Thomasville, GA		(a)		931		1,933		—			—			931		1,933		2,864		(296	)	1999		12/15/04	20 to 40 years
Uhrichsville, OH		(a)		617		2,345		—			—			617		2,345		2,962		(355	)	2000		12/15/04	20 to 40 years
Recreational properties
Austin, TX		7,340		4,425		8,142		—			—			4,425		8,142		12,567		(1,567	)	2005		9/30/05	15 to 40 years
Fort Worth, TX		4,787		2,468		5,418		—			—			2,468		5,418		7,886		(990	)	2003		9/30/05	15 to 40 years
Grapevine, TX		4,787		2,554		5,377		—			—			2,554		5,377		7,931		(992	)	2000		9/30/05	15 to 40 years
Jacksonville, FL		(a)		431		802		—			—			431		802		1,233		(223	)	1979		3/31/04	9 to 30 years
Lewisville, TX		4,148		2,130		4,630		—			—			2,130		4,630		6,760		(858	)	1998		9/30/05	15 to 40 years
Plano, TX		5,744		3,225		6,302		—			—			3,225		6,302		9,527		(1,133	)	2001		9/30/05	15 to 40 years
Shenandoah, TX		5,106		2,886		5,763		—			—			2,886		5,763		8,649		(1,045	)	2004		9/30/05	15 to 40 years
Tannersville, PA		(a)		10,943		40,453		332			2,754			11,275		43,207		54,482		(21,159	)	1960		6/14/05	15 to 20 years
Health clubs/gyms
Keizer, OR		(a)		1,208		4,089		—			—			1,208		4,089		5,297		(708	)	1988		12/1/05	15 to 40 years
Salem, OR		(a)		941		2,620		1,018			5,042			1,959		7,662		9,621		(1,231	)	1996		12/1/05	15 to 40 years
Salem, OR		(a)		1,509		5,635		—			—			1,509		5,635		7,144		(969	)	2001		12/1/05	15 to 40 years
Salem, OR		(a)		1,214		4,911		—			—			1,214		4,911		6,125		(859	)	1980		12/1/05	15 to 40 years
Salem, OR		(a)		1,589		3,834		—			—			1,589		3,834		5,423		(895	)	1977		12/1/05	15 to 30 years
Interstate travel plazas
Catlettsburg, KY		(a)		9,344		3,989		—			—			9,344		3,989		13,333		(2,327	)	2001		12/23/03	15 to 40 years
Saint Augustine, FL		(a)		9,556		2,543		—			—			9,556		2,543		12,099		(1,619	)	2001		12/23/03	15 to 40 years
Spiceland, IN		(a)		9,649		3,063		—			—			9,649		3,063		12,712		(2,029	)	2001		12/23/03	15 to 40 years
Call Centers
Worcester, MA		7,755		2,048		8,705		(717	)		(3,155	)		1,331		5,550		6,881		(1,542	)	1968		12/22/05	7 to 40 years
		181,908		1,338,588		2,020,686		(10,151	)		16,301			1,328,437		2,036,987		3,365,424		(490,938	)

(a) Represents properties collateralized with Master Trust Debt of $937,395

(b) Represents properties collateralized with CMBS Debt of $831,215

58

(c) Represents properties collaterialized with our Credit Facility

(d) Represents unencumbered properties

(e) The aggregate cost of properties for federal income tax purposes is approximately $3.14 billion at December 31, 2012

Reconciliation

	2012			2011			2010
Land, buildings, and improvements:
Balance at the beginning of the year	$	3,272,728		$	3,299,442		$	3,342,461
Additions:
Acquisitions		159,112			36,227			—
Held for sale reclassed as held for investment		—			—			2,736
Deductions:
Dispositions of land, buildings, and improvements		(49,201	)		(34,453	)		(5,139	)
Held for sale		(6,433	)		(10,034	)		(3,161	)
Impairment		(10,782	)		(18,454	)		(37,455	)
Gross Real Estate Balance at close of the year	$	3,365,424		$	3,272,728		$	3,299,442
Accumulated depreciation and amortization:
Balance at the beginning of the year	$	(405,426	)	$	(319,946	)	$	(226,391	)
Additions
Depreciation expense		(94,020	)		(93,673	)		(94,606	)
Held for sale reclassed as held for investment		—			—			—
Deductions:
Dispositions of land, buildings, and improvements		7,414			6,712			697
Held for sale		1,094			1,481			354
Balance at close of the year		(490,938	)		(405,426	)		(319,946	)
Net Real Estate Investment	$	2,874,486		$	2,867,302		$	2,979,496

59

SPIRIT REALTY CAPITAL, INC.

SCHEDULE IV

MORTGAGE LOANS ON REAL ESTATE

AS OF DECEMBER 31, 2012

(Amounts in thousands)

	Stated Interest Rate	Final Maturity Date (1)	Periodic payment terms	Face Amount		Carrying Amount of Mortgages
Mortgage
Restaurant	9.35%	12/1/2026	Principal & Interest (2)	$	3,000	$	2,703
Automotive parts and service < 3%	9.23%	03/01/2021	Principal & Interest (3)		20,000		17,100
Restaurants < 3%	9.0%-9.85%	Jul-2016 to Jul-2028	Principal & Interest (4)		28,914		25,113
				$	51,914	$	44,916

⁽¹⁾  Reflects current maturity of the investment and does not consider any options to extend beyond the current maturity

⁽²⁾  Balloon payment of $2.6 million at maturity

⁽³⁾  Balloon payment of $6.8 million at maturity

⁽⁴⁾  Balloon payment of $12.2 million at maturity

	2012			2011			2010
Reconciliation of Mortgage Loans on Real Estate
Balance January 1,	$	54,644		$	56,382		$	57,785
Additions during period
New mortgage loans		—			—			—
Other capitalized loan origination costs		—			—			—
Deductions during period
Collections of principal		(9,529	)		(1,549	)		(1,207	)
Sales		—			—			—
Amortization of premium		(176	)		(184	)		(191	)
Amortization of capitalized loan origination costs		(23	)		(5	)		(5	)
Mortage loans receivable December 31,		44,916			54,644			56,382
Mortgage loan loss provision		(4,840	)		(4,120	)		(1,020	)
		40,076			50,524			55,362
Equipment and other loans receivable		12,043			16,110			20,821
Provision for other loan loss		(257	)		(1,157	)		(2,557	)
		11,786			14,953			18,264
Total loans receivable	$	51,862		$	65,477		$	73,626

60