Cole Real Estate Investments 8-K Other Events

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported): September 15, 2010

Cole Credit Property Trust III, Inc.

(Exact Name of Registrant as Specified in Its Charter)

Maryland
(State or other jurisdiction of incorporation
or organization) 000-53960
(Commission File Number) 26-1846406
(I.R.S. Employer
Identification No.)

2555 East Camelback Road, Suite 400, Phoenix, Arizona 85016

(Address of principal executive offices)

(Zip Code)

(602) 778-8700

(Registrant’s telephone number, including area code)

None

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 8.01 Other Events

This Current Report on Form 8-K is being filed by Cole Credit Property Trust III, Inc. (which may be referred to as the “Registrant,” the “Company,” “we,” “our,” and “us”) to present information about the prior performance of programs sponsored by Cole Real Estate Investments, the Company’s sponsor. This prior performance information is being filed on Form 8-K in order to be incorporated by reference into the Company’s Registration Statement on Form S-11 (File No. 333-164884), as amended.

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SIGNATURE

     Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

Dated: September 15, 2010	COLE CREDIT PROPERTY TRUST III, INC.
	By:	/s/ D. Kirk McAllaster, Jr.
	Name:	D. Kirk McAllaster, Jr.
	Title:	Executive Vice President, Chief Financial Officer, Treasurer and Secretary

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PRIOR PERFORMANCE TABLES

The prior performance tables that follow present certain information regarding the real estate programs previously sponsored by related entities. The Company has presented all prior programs that have similar investment objectives to this offering. In determining which prior programs have similar investment objectives as this offering, the Company considered factors such as the type of real estate acquired by the program, the extent to which the program was designed to provide current income through the payment of cash distributions or to protect and preserve capital contributions, and the extent to which the program seeks to increase the value of the investments made in the program. Six related partnerships formed from January 1, 2000 to December 31, 2009 have or had similar investment objectives to ours and purchased an aggregate of three retail centers, with an aggregate of approximately 815,000 rentable square feet, one data center building with an aggregate of approximately 135,000 rentable square feet, one single-tenant commercial property with an aggregate of approximately 33,000 square feet and 22 single-tenant retail properties with an aggregate of approximately 509,000 rentable square feet. One partnership purchased two land parcels for development with an aggregate of approximately 452,000 square feet. The prior performance tables also include the activity of CCPT I, CCPT II, Cole Collateralized Senior Notes, LLC, Cole Collateralized Senior Notes II, LLC, Cole Collateralized Senior Notes III, LLC, Cole Collateralized Senior Notes IV and the various offerings related to Cole Capital Partners’Tenants-in-Common and Delaware Statutory Trust (DST) programs.

As of December 31, 2009, CCPT I had raised approximately $100.3 million and had acquired 42 single-tenant commercial properties, with an aggregate of approximately 1.0 million square feet. We consider CCPT I to have investment objectives similar to this offering, as CCPT I’s objectives were to provide income to investors through the payment of cash dividends, to preserve and return investor capital contributions, and to realize growth in the value of properties upon their ultimate sale.

As of December 31, 2009, CCPT II had raised approximately $2.1 billion from 41,459 investors and had acquired 397 single-tenant retail properties, 275 single-tenant commercial properties, and 21 multi-tenant retail properties in 45 states and the U.S. Virgin Islands, for an aggregate acquisition cost of approximately $3.1 billion. CCPT II also acquired an indirect interest in one multi-tenant retail property through a joint venture, for approximately $53.7 million. CCPT II also acquired an indirect interest in a ten-property storage portfolio through a joint venture, for approximately $70.7 million. We consider CCPT II to have investment objectives similar to this offering, as CCPT II’s objectives were to provide income to investors through the payment of cash dividends, to preserve and return investor capital contributions, and to realize growth in the value of properties upon their ultimate sale.

As of December 31, 2009, affiliates of our advisor had issued an aggregate of approximately $114.2 million in collateralized senior notes through four debt offerings and had acquired an aggregate of 123 single-tenant retail properties, 39 single-tenant commercial properties and three multi-tenant retail properties in 37 states for an aggregate acquisition cost of approximately $1.0 billion. As of December 31, 2009, 161 of the properties had been sold, of which 26 were sold as part of Cole Capital Partners’tenant-in-common program, 52 were sold as part of Cole Capital Partners’ Delaware Statutory Trust Program, eight were sold to CCPT I, 17 were sold to CCPT II and six were sold to CCPT III. On April 28, 2006, an affiliate of our advisor redeemed at par all of the approximately $28.0 million in collateralized senior notes issued under the first debt offering. On April 6, 2009, an affiliate of our advisor redeemed at par all of the approximately $28.8 million in collateralized senior notes issued under the second debt offering. We consider the debt offerings to have investment objectives similar to this offering, as each of the debt offerings was organized to raise capital for investment in real estate, and Cole Real Estate Investments acted as a fiduciary for the investors in each program with a goal of delivering a stated return to such investors.

In addition, Cole Real Estate Investments offered properties to Section 1031 exchange investors in the form of the sale oftenant-in-common ownership interests in such properties. As of December 31, 2009, aggregate ownership interests of $171.4 million had been sold in 26 private offerings of properties located in 15 states. In addition, Cole Real Estate Investments offered properties through the DST Program whereby beneficial interests

Past performance is not necessarily indicative of future results.

1

were offered in trusts that acquire real property. As of December 31, 2009, aggregate ownership interests of approximately $176.1 had been sold in 27 private offerings of properties located in 21 states.

Cole Partnerships, Inc., an entity affiliated with the officers of Cole Capital Advisors, has raised $5 million in a debt offering for general corporate purposes, including investments in joint ventures with affiliates, which has been repaid. This program is not considered to have similar investment objectives to this offering.

The investment objectives of previous private real estate programs formed from 1979 through 1992 are not similar to the investment objectives of the above programs due to the fact that those properties have been held for capital appreciation in the value of the underlying property.

These tables contain information that may aid a potential investor in evaluating the program presented. However, the information contained in these tables does not relate to the properties held or to be held by us, and the purchase of shares will not create any ownership interest in the programs included in these tables.

These tables are presented on a tax basis rather than on a GAAP basis except where noted. Tax basis accounting does not take certain income or expense accruals into consideration at the end of each fiscal year. Income may be understated in the tables, as GAAP accounting would require certain amortization or leveling of rental revenue, the amount of which is undetermined at this time. Expenses may be understated by monthly operating expenses, which typically are paid in arrears.

Past performance is not necessarily indicative of future results.

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TABLE I

EXPERIENCE IN RAISING AND INVESTING FUNDS (UNAUDITED)

This table provides a summary of the experience of the sponsors of Prior Real Estate Programs for which offerings have been closed since January 1, 2007. Information is provided with regard to the manner in which the proceeds of the offerings have been applied. Also set forth below is information pertaining to the timing and length of these offerings and the time period over which the proceeds have been invested in the properties. All figures are as of December 31, 2009.

				Home Depot in
	Cole Credit Property			Bellingham, WA
	Trust II, Inc.(3)			(5)(6)
Dollar amount offered	$	2,270,000,000		$	24,706,000
Dollar amount raised	$	2,101,415,627		$	24,706,000
Percentage amount raised		100.0	%		100.0	%
Less offering expenses:
Selling commissions and discounts retained by affiliates		6.5	%		6.0	%
Organizational expenses(1)		2.5	%		1.0	%
Other		—			—
Reserves		1.4	%		0.5	%
Percent available for investment		91.0	%		93.0	%
Acquisition costs:
Prepaid items and fees related to purchase of property		1.2	%		2.1	%
Cash down payment		86.7	%		90.9	%
Acquisition fees(2)		3.1	%		—
Other		—			—
Total acquisition cost		91.0	%		93.0	%
Percent leverage		48	%		0	%
Date offering began		6/27/05			4/12/06
Length of offering (in months)		Ongoing			9
Months to invest 90% of amount available for investment		40			7

Past performance is not necessarily indicative of future results.

3

TABLE I

EXPERIENCE IN RAISING AND INVESTING FUNDS (UNAUDITED) — (Continued)

	Cole Net Lease			Barrywoods Crossing			Centerpointe of
	Portfolio III			in Kansas City, MO			Woodridge, IL
	(5)(6)			(4)(5)			(4)(5)
Dollar amount offered	$	15,449,000		$	20,400,000		$	22,100,000
Dollar amount raised	$	15,449,000		$	20,400,000		$	22,100,000
Percentage amount raised		100.0	%		100.0	%		100.0	%
Less offering expenses:
Selling commissions and discounts retained by affiliates		6.0	%		7.0	%		6.0	%
Organizational expenses(1)		1.0	%		1.0	%		1.0	%
Other		—			—			—
Reserves		0.4	%		1.3	%		2.7	%
Percent available for investment		93.0	%		92.0	%		93.0	%
Acquisition costs:
Prepaid items and fees related to purchase of property		1.2	%		2.5	%		3.4	%
Cash down payment		89.2	%		88.1	%		88.3	%
Acquisition fees(2)		—			—			—
Other		1.5	%		1.4	%		1.3	%
Total acquisition cost		91.9	%		92.0	%		93.0	%
Percent leverage		60	%		58	%		57	%
Date offering began		11/7/06			7/19/06			2/8/07
Length of offering (in months)		4			6			10
Months to invest 90% of amount available for investment		3			6			8

Past performance is not necessarily indicative of future results.

4

TABLE I

EXPERIENCE IN RAISING AND INVESTING FUNDS (UNAUDITED) — (Continued)

	Cole Net Lease			Cole Net Lease			Cole Net Lease
	Portfolio IV			Portfolio V			Portfolio VI
	(5)(6)			(5)(6)			(5)(6)
Dollar amount offered	$	6,003,000		$	21,957,000		$	25,640,000
Dollar amount raised	$	6,003,000		$	21,957,000		$	25,640,000
Percentage amount raised		100.0	%		100.0	%		100.0	%
Less offering expenses:
Selling commissions and discounts retained by affiliates		6.0	%		6.0	%		5.5	%
Organizational expenses(1)		1.0	%		1.0	%		1.0	%
Other		—			—			—
Reserves		0.3	%		0.8	%		0.9	%
Percent available for investment		93.0	%		93.0	%		93.5	%
Acquisition costs:
Prepaid items and fees related to purchase of property		3.0	%		0.8	%		0.7	%
Cash down payment		88.3	%		91.0	%		92.8	%
Acquisition fees(2)		—			—			—
Other		1.1	%		1.2	%		—
Total acquisition cost		92.4	%		93.0	%		93.5	%
Percent leverage		52	%		54	%		54	%
Date offering began		3/7/07			6/11/07			9/10/07
Length of offering (in months)		5			4			5
Months to invest 90% of amount available for investment		4			3			3

(1)	Organizational expenses include legal, accounting, printing, escrow, filing, recording and other related expenses associated with the formation and original organization of the Program and also includes fees paid to the sponsor and to affiliates.
(2)	Acquisition fees include fees paid to the sponsor or affiliates based upon the terms of the memorandum.
(3)	These amounts include Cole Credit Property Trust II, Inc.’s initial, follow-on and distribution reinvestment plan offerings. Cole Credit Property Trust II, Inc. began its initial offering on June 27, 2005 and closed its initial offering on May 22, 2007. The total dollar amount registered and available to be offered in the initial offering was $552.8 million. The total dollar amount raised in the initial offering was $547.4 million. Cole Credit Property Trust II, Inc. began its follow-on offering on May 23, 2007 and closed its follow-on offering on January 2, 2009. The total dollar amount registered and available to be offered in the follow-on offering was $1.5 billion. The total dollar amount raised in the follow-on offering was $1.5 billion. It took Cole Credit Property Trust II, Inc. 40 months to invest 90% of the amount available for investment in its initial and follow-on offerings. Cole Credit Property Trust II, Inc. began its distribution reinvestment plan offering on September 18, 2008 and was currently offering shares under this distribution reinvestment plan offering as of December 31, 2009. The total initial dollar amount registered and available to be offered in the distribution reinvestment plan offering is $285.0 million. The total dollar amount raised in the distribution reinvestment plan offering was $83.2 million as of December 31, 2009.
(4)	The Offering is aTenant-in-Common Program sponsored by Cole Capital Partners which consists of the sale oftenant-in-common interests in properties owned by subsidiaries of Cole Collateralized Senior Notes, LLC, Cole Collateralized Senior Notes II, LLC, Cole Collateralized Senior Notes III, LLC or Cole Collateralized Senior Notes IV, LLC.
(5)	Acquisition cost amounts represent the costs paid by thetenant-in-common or Delaware statutory trust investors to acquire interest in the properties.
(6)	The Offering is a Delaware Statutory Trust Program sponsored by Cole Capital Partners which consists of the sale of Delaware statutory trust interests in properties owned by subsidiaries of Cole Collateralized Senior Notes, LLC, Cole Collateralized Senior Notes II, LLC, Cole Collateralized Senior Notes III, LLC or Cole Collateralized Senior Notes IV, LLC.

Past performance is not necessarily indicative of future results.

5

TABLE II

COMPENSATION TO SPONSOR AND AFFILIATES (UNAUDITED)

This table sets forth the compensation paid to the sponsor and its affiliates, including compensation paid out of the offering proceeds and compensation paid in connection with the ongoing operations of Prior Real Estate Programs. Prior Real Estate programs whose offerings have closed since January 1, 2007 are shown separately and all other programs have been aggregated. Each of the Prior Real Estate Programs for which information is presented below has similar or identical investment objectives to this program. All amounts are as of December 31, 2009.

	Cole Credit Property		Home Depot in
	Trust II, Inc.		Bellingham, WA
Date offering commenced		6/27/2005		4/12/2006
Dollar amount raised	$	2,101,415,627	$	24,706,000
Amount paid to sponsor from proceeds of offering:
Underwriting fees		25,743,062		247,060
Acquisition fees and real estate commissions(1)		65,861,597		—
Advisory fees		—		—
Other(2)		18,799,387		—
Amount of cash generated from operations before deducting payments to sponsor		275,426,693		5,207,218
Amount paid to sponsor from operations:
Property management fees		9,853,876		—
Partnership management fees(3)		17,452,366		75,313
Reimbursements		1,617,223		—
Leasing commissions		546,695		—
Other(4)		95,869		—
Amount of property sales and refinancing before deducting payments to sponsor
Cash(5)		—		—
Notes		—		—
Amount paid to sponsor from property sales and refinancing
Incentive fees		—		—
Real estate commissions		—		—
Other		—		—

Past performance is not necessarily indicative of future results.

6

TABLE II

COMPENSATION TO SPONSOR AND AFFILIATES (UNAUDITED) — (Continued)

					Centerpointe
	Barrywoods Crossing		Cole Net Lease		Shopping Center —
	in Kansas City, MO		Portfolio III		Woodridge, IL
Date offering commenced		7/19/2006		11/7/2006		2/8/2007
Dollar amount raised	$	20,400,000	$	15,449,000	$	22,100,000
Amount paid to sponsor from proceeds of offering:
Underwriting fees		204,000		154,490		221,000
Acquisition fees and real estate commissions(1)		—		—		—
Advisory fees		—		—		—
Other(2)		282,750		233,650		294,130
Amount of cash generated from operations before deducting payments to sponsor		4,045,079		3,367,313		4,157,312
Amount paid to sponsor from operations:
Property management fees		316,610		—		226,103
Partnership management fees(3)		195,750		273,978		235,738
Reimbursements		—		—		—
Leasing commissions		—		—		—
Other(4)		—		—		—
Amount of property sales and refinancing before deducting payments to sponsor
Cash(5)		—		—		—
Notes		—		—		—
Amount paid to sponsor from property sales and refinancing
Incentive fees		—		—		—
Real estate commissions		—		—		—
Other		—		—		—

Past performance is not necessarily indicative of future results.

7

TABLE II

COMPENSATION TO SPONSOR AND AFFILIATES (UNAUDITED) — (Continued)

	Cole Net Lease		Cole Net Lease		Cole Net Lease
	Portfolio IV		Portfolio V		Portfolio VI
Date offering commenced		3/7/2007		6/11/2007		9/10/2007
Dollar amount raised	$	6,003,000	$	21,957,000	$	25,639,300
Amount paid to sponsor from proceeds of offering:
Underwriting fees		60,030		219,570		256,401
Acquisition fees and real estate commissions(1)		—		—		—
Advisory fees		—		—		—
Other(2)		64,880		254,430		—
Amount of cash generated from operations before deducting payments to sponsor		1,104,917		3,887,561		3,670,349
Amount paid to sponsor from operations:
Property management fees		—		—		—
Partnership management fees(3)		75,652		167,722		51,197
Reimbursements		—		—		—
Leasing commissions		—		—		—
Other(4)		—		—		—
Amount of property sales and refinancing before deducting payments to sponsor
Cash(5)		—		—		—
Notes		—		—		—
Amount paid to sponsor from property sales and refinancing
Incentive fees		—		—		—
Real estate commissions		—		—		—
Other		—		—		—

Past performance is not necessarily indicative of future results.

8

TABLE II

COMPENSATION TO SPONSOR AND AFFILIATES (UNAUDITED) — (Continued)

	54 Other Programs
	(6)
Date offering commenced		N/A
Dollar amount raised	$	—
Amount paid to sponsor from proceeds of offering:
Underwriting fees		—
Acquisition fees and real estate commissions(1)		4,535,070
Advisory fees		—
Other(2)		31,275
Amount of cash generated from operations before deducting payments to sponsor		63,885,987
Amount paid to sponsor from operations:
Property management fees		2,329,144
Partnership management fees(3)		3,075,892
Reimbursements		—
Leasing commissions		10,500
Other(4)		—
Amount of property sales and refinancing before deducting payments to sponsor
Cash(5)		257,799,802
Notes		—
Amount paid to sponsor from property sales and refinancing
Incentive fees		—
Real estate commissions		—
Other		—

(1)	Properties are acquired with a combination of funds from offering proceeds and debt. The acquisition and real estate commissions reported in this table include the total amount of fees paid to the sponsor or its affiliates regardless of the funding source for these costs.
(2)	Amounts primarily relate to loan coordination fees, a development fee and reimbursement of certain offering costs paid by the sponsor.
(3)	Amounts primarily relate to advisory fees.
(4)	Amounts primarily relate to construction management fees.
(5)	Amounts herein include initial investments of capital raised and properties acquired through reinvested amounts.
(6)	54 of the offerings of the prior programs aggregated herein were not closed within the past three years and therefore are not shown separately. The programs have similar investment objectives to this program.

Past performance is not necessarily indicative of future results.

9

TABLE III

ANNUAL OPERATING RESULTS OF PRIOR REAL ESTATE PROGRAMS (UNAUDITED)

The following sets forth the unaudited operating results of Prior Real Estate Programs sponsored by the sponsor of this program, the offerings of which have been closed since January 1, 2005. The information relates only to programs with investment objectives similar to this program. All amounts are as of December 31 of the year indicated, expect as noted.

	Cole Collateralized Senior Notes II, LLC
	February 2004
	2005			2006			2007			2008			2009
Gross revenues	$	3,323,748		$	2,957,169		$	2,318,406		$	702,375		$	101,926
Profit (loss) on sale of properties		1,433,092			186,386			164,115			21,320			—
Less:
Operating expenses(1)		363,221			121,582			372,512			245,099			33,502
Interest expense		4,407,598			3,613,049			3,492,661			2,847,030			766,667
Depreciation and amortization(2)		954,362			718,486			765,308			263,600			25,673
Net income (loss) — Tax basis(3)	$	(968,341	)	$	(1,309,562	)	$	(2,147,960	)	$	(2,632,034	)	$	(723,916	)
Taxable income
— from operations	$	(2,401,433	)	$	(1,495,948	)	$	(2,312,075	)	$	(2,653,354	)	$	(723,916	)
— from gain on sale		1,433,092			186,386			164,115			21,320			—
Cash generated
— from operations(4)		(1,447,071	)		(777,462	)		(1,546,767	)		(2,389,754	)		(698,243	)
— from sales		56,276,976			52,753,392			26,893,932			502,807			—
— from refinancing		—			—			—			—			—
Cash generated from operations, sales and refinancing		54,829,905			51,975,930			25,347,165			(1,886,947	)		(698,243	)
Less: Cash distributions to investors
— from operating cash flow		—			—			—			—			—	(5)
— from sales and refinancing		—			—			—			—			—
— from other		—			—			—			—			—
Cash generated (deficiency) after cash distributions		54,829,905			51,975,930			25,347,165			(1,886,947	)		(698,243	)
Less: Special items (not including sales and refinancing)		—			—			—			—			—
Cash generated (deficiency) after cash distributions and special items	$	54,829,905		$	51,975,930		$	25,347,165		$	(1,886,947	)	$	(698,243	)
Tax and Distribution Data Per $1,000 Invested
Federal income tax results
Ordinary income (loss)
— from operations	$	—		$	—		$	—		$	—		$	—	(5)
— from recapture		—			—			—			—			—
Capital gain (loss)		—			—			—			—			—
Cash distributions to investors
Source (on a tax basis)
— investment income		—			—			—			—			—	(5)
— return of capital		—			—			—			—			—
Source (on a cash basis)
— sales		—			—			—			—			—
— refinancing		—			—			—			—			—
— operations		—			—			—			—			—
— other		—			—			—			—			—
Amount (in percentage terms) remaining invested in program at the end of last year reported in the table														0	%

Past performance is not necessarily indicative of future results.

10

TABLE III

ANNUAL OPERATING RESULTS OF PRIOR REAL ESTATE PROGRAMS (UNAUDITED) — (Continued)

	Cole Collateralized Senior Notes III, LLC
	January 2005
	2005			2006			2007			2008			2009
Gross revenues	$	1,810,021		$	3,300,297		$	2,385,403		$	1,061,451		$	673,508
Profit (loss) on sale of properties		289,643			3,124,045			805,309			—			—
Less:
Operating expenses(1)		120,231			169,907			241,105			182,531			164,941
Interest expense		2,568,620			3,606,300			3,156,418			2,503,359			2,364,326
Depreciation and amortization(2)		410,037			1,693,225			465,163			605,536			678,998
Net income (loss) — Tax basis(3)	$	(999,224	)	$	954,910		$	(671,974	)	$	(2,229,975	)	$	(2,534,757	)
Taxable income
— from operations	$	(1,288,867	)	$	(2,169,135	)	$	(1,477,283	)	$	(2,229,975	)	$	(2,534,757	)
— from gain on sale		289,643			3,124,045			805,309			—			—
Cash generated
— from operations(4)		(878,830	)		(475,910	)		(1,012,120	)		(1,624,439	)		(1,855,759	)
— from sales		19,914,849			22,363,682			64,531,601			1,703,695			—
— from refinancing		—			—			—			—			—
Cash generated from operations, sales and refinancing		19,036,019			21,887,772			63,519,481			79,256			(1,855,759	)
Less: Cash distributions to investors
— from operating cash flow		—			—			—			—			—	(5)
— from sales and refinancing		—			—			—			—			—
— from other		—			—			—			—			—
Cash generated (deficiency) after cash distributions		19,036,019			21,887,772			63,519,481			79,256			(1,855,759	)
Less: Special items (not including sales and refinancing)		—			—			—			—			—
Cash generated (deficiency) after cash distributions and special items	$	19,036,019		$	21,887,772		$	63,519,481		$	79,256		$	(1,855,759	)
Tax and Distribution Data Per $1,000 Invested
Federal income tax results
Ordinary income (loss)
— from operations	$	—		$	—		$	—		$	—		$	—	(5)
— from recapture		—			—			—			—			—
Capital gain (loss)		—			—			—			—			—
Cash distributions to investors
Source (on a tax basis)
— investment income		—			—			—			—			—	(5)
— return of capital		—			—			—			—			—
Source (on a cash basis)
— sales		—			—			—			—			—
— refinancing		—			—			—			—			—
— operations		—			—			—			—			—
— other		—			—			—			—			—
Amount (in percentage terms) remaining invested in program at the end of last year reported in the table														10	%

Past performance is not necessarily indicative of future results.

11

TABLE III

ANNUAL OPERATING RESULTS OF PRIOR REAL ESTATE PROGRAMS (UNAUDITED) — (Continued)

	Cole Collateralized Senior Notes IV, LLC
	May 2005
	2005			2006			2007			2008			2009
Gross revenues	$	91,908		$	2,070,894		$	1,520,899		$	1,419,521		$	683,412
Profit (loss) on sale of properties		—			—			121,341			—			—
Less:
Operating expenses(1)		88,074			1,131,745			85,088			146,340			138,335
Interest expense		538,378			2,908,292			2,713,627			2,560,921			2,418,220
Depreciation and amortization(2)		79,634			426,629			460,010			540,056			611,779
Net income (loss) — Tax basis(3)	$	(614,178	)	$	(2,395,772	)	$	(1,616,485	)	$	(1,827,796	)	$	(2,484,922	)
Taxable income
— from operations	$	(614,178	)	$	(2,395,772	)	$	(1,737,826	)	$	(1,827,796	)	$	(2,484,922	)
— from gain on sale		—			—			121,341			—			—
Cash generated
— from operations(4)		(534,544	)		(1,969,143	)		(1,277,816	)		(1,287,740	)		(1,873,143	)
— from sales		212,472			28,358,859			7,870,622			1,222,901			—
— from refinancing		—			—			—			—			—
Cash generated from operations, sales and refinancing		(322,072	)		26,389,716			6,592,806			(64,839	)		(1,873,143	)
Less: Cash distributions to investors
— from operating cash flow		—			—			—			—			—	(5)
— from sales and refinancing		—			—			—			—			—
— from other		—			—			—			—			—
Cash generated (deficiency) after cash distributions		(322,072	)		26,389,716			6,592,806			(64,839	)		(1,873,143	)
Less: Special items (not including sales and refinancing)		—			—			—			—			—
Cash generated (deficiency) after cash distributions and special items	$	(322,072	)	$	26,389,716		$	6,592,806		$	(64,839	)	$	(1,873,143	)
Tax and Distribution Data Per $1,000 Invested
Federal income tax results
Ordinary income (loss)
— from operations	$	—		$	—		$	—		$	—		$	—	(5)
— from recapture		—			—			—			—			—
Capital gain (loss)		—			—			—			—			—
Cash distributions to investors
Source (on a tax basis)
— investment income		—			—			—			—			—	(5)
— return of capital		—			—			—			—			—
Source (on a cash basis)
— sales		—			—			—			—			—
— refinancing		—			—			—			—			—
— operations		—			—			—			—			—
— other		—			—			—			—			—
Amount (in percentage terms) remaining invested in program at the end of last year reported in the table														2	%

Past performance is not necessarily indicative of future results.

12

TABLE III

ANNUAL OPERATING RESULTS OF PRIOR REAL ESTATE PROGRAMS (UNAUDITED) — (Continued)

	Cole Credit Property Trust, Inc.
	April 2004
	2005		2006			2007			2008		2009
Gross revenues	$	10,987,553	$	16,149,526		$	16,191,240		$	16,257,828	$	16,343,281
Profit (loss) on sale of properties		—		—			—			—		—
Less:
Operating expenses(1)		1,357,842		2,030,411			1,945,834			2,246,994		1,699,057
Interest expense		4,664,223		7,698,059			7,217,023			7,307,278		7,310,026
Depreciation and amortization(2)		3,638,794		5,394,072			5,479,673			5,485,757		5,486,613
Net income (loss) — GAAP basis(6)	$	1,326,694	$	1,026,984		$	1,548,710		$	1,217,799	$	1,847,585
Taxable income
— from operations	$	2,177,125	$	2,200,160		$	2,741,163		$	2,782,879	$	3,220,743
— from gain on sale		—		—			44,506			—		—
Cash generated
— from operations(4)		5,881,043		6,678,636			6,884,891			7,164,678		7,285,250
— from sales		—		—			—			—		—
— from refinancing		—		—			—			—		—
Cash generated from operations, sales and refinancing		5,881,043		6,678,636			6,884,891			7,164,678		7,285,250
Less: Cash distributions to investors
— from operating cash flow		4,751,612		6,678,636			6,884,891			7,062,418		7,063,510
— from sales and refinancing		—		—			—			—		—
— from other(7)		—		391,754			181,061			—		—
Cash generated (deficiency) after cash distributions		1,129,431		(391,754	)		(181,061	)		102,260		221,740
Less: Special items (not including sales and refinancing)		—		—			—			—		—
Cash generated (deficiency) after cash distributions and special items	$	1,129,431	$	(391,754	)	$	(181,061	)	$	102,260	$	221,740
Tax and Distribution Data Per $1,000 Invested
Federal income tax results
Ordinary income (loss)
— from operations	$	21.56	$	21.79		$	27.16		$	27.58	$	31.92
— from recapture		—		—			—			—		—
Capital gain (loss)		—		—			.44			—		—
Cash distributions to investors
Source (on a GAAP basis)
— investment income		33.88		22.00			28.00			30.00		30.00
— return of capital		35.27		48.00			42.00			40.00		40.00
Source (on a cash basis)
— sales		—		—			—			—		—
— refinancing		—		—			—			—		—
— operations		69.15		66.12			68.21			70.00		70.00
— other(7)		—		3.88			1.79			—		—
Amount (in percentage terms) remaining invested in program at the end of last year reported in the table												100	%

Past performance is not necessarily indicative of future results.

13

TABLE III

ANNUAL OPERATING RESULTS OF PRIOR REAL ESTATE PROGRAMS (UNAUDITED) — (Continued)

	Cole Credit Property Trust II, Inc.
	June 2005
	2005			2006		2007		2008		2009
Gross revenues	$	741,669		$	19,519,507	$	92,100,308	$	202,282,667	$	276,026,961
Equity in income of unconsolidated joint ventures		—			—		—		470,978		612,432
Profit (loss) on sale of properties		—			—		—		—		—
Less:
Operating expenses(1)		195,020			3,306,511		12,662,270		32,191,062		50,986,169
Interest expense		439,829			8,397,634		39,075,748		78,063,338		98,996,703
Depreciation and amortization(2)		221,411			6,469,366		30,482,273		63,858,422		90,750,170
Impairment of real estate assets		—			—		5,400,000		3,550,000		13,500,000
Net income (loss) — GAAP basis(6)	$	(114,591	)	$	1,345,996	$	4,480,017	$	25,090,823	$	22,406,351
Taxable income
— from operations	$	(79,293	)	$	3,104,068	$	15,703,828	$	42,432,587	$	53,168,771
— from gain on sale		—			—		—		—		—
Cash generated
— from operations(4)		397,741			7,861,475		43,366,041		96,073,918		116,871,698
— from sales		—			—		—		—		—
— from refinancing		—			—		—		—		—
Cash generated from operations, sales and refinancing		397,741			7,861,475		43,366,041		96,073,918		116,871,698
Less: Cash distributions to investors
— from operating cash flow		—			7,075,329		37,727,364		96,051,343		116,871,698
— from sales and refinancing		—			—		—		—		—
— from other(8)		—			—		—		—		18,111,554
Cash generated (deficiency) after cash distributions		397,741			786,146		5,638,677		22,575		(18,111,554	)
Less: Special items (not including sales and refinancing)		—			—		—		—		—
Cash generated (deficiency) after cash distributions and special items	$	397,741		$	786,146	$	5,638,677	$	22,575	$	(18,111,554	)
Tax and Distribution Data Per $1,000 Invested
Federal income tax results
Ordinary income (loss)
— from operations	$	(2.80	)	$	10.13	$	16.80	$	21.02	$	27.24
— from recapture		—			—		—		—		—
Capital gain (loss)		—			—		—		—		—
Cash distributions to investors
Source (on a GAAP basis)
— investment income		—			26.40		25.00		30.00		26.00
— return of capital		—			36.46		37.00		36.00		41.00
Source (on a cash basis)
— sales		—			—		—		—		—
— refinancing		—			—		—		—		—
— operations		—			62.86		62.00		66.00		58.01
— other(8)		—			—		—		—		8.99
Amount (in percentage terms) remaining invested in program at the end of last year reported in the table											100	%

Past performance is not necessarily indicative of future results.

14

TABLE III

ANNUAL OPERATING RESULTS OF PRIOR REAL ESTATE PROGRAMS (UNAUDITED) — (Continued)

	Walgreens — Edgewood, NM
	September 2004
	2005			2006			2007			2008			2009
Gross revenues	$	275,640		$	276,137		$	276,538		$	275,854		$	298,614
Profit (loss) on sale of properties		—			—			—			—			—
Less:
Operating expenses(1)		14,191			13,699			14,229			14,347			14,648
Interest expense		118,666			118,666			118,666			118,991			128,744
Depreciation and amortization(2)		—			—			—			—			—
Net income (loss) — Tax basis(3)	$	142,783		$	143,772		$	143,643		$	142,516		$	155,222
Taxable income
— from operations	$	142,783		$	143,772		$	143,643		$	142,516		$	155,222
— from gain on sale		—			—			—			—			—
Cash generated
— from operations(4)		142,783			143,772			143,643			142,516			155,222
— from sales		—			—			—			—			—
— from refinancing		—			—			—			—			—
Cash generated from operations, sales and refinancing		142,783			143,772			143,643			142,516			155,222
Less: Cash distributions to investors
— from operating cash flow		144,070			144,072			144,072			144,072			144,070
— from sales and refinancing		—			—			—			—			—
— from other		—			—			—			—			—
Cash generated (deficiency) after cash distributions		(1,287	)		(300	)		(429	)		(1,556	)		11,152
Less: Special items (not including sales and refinancing)		—			—			—			—			—
Cash generated (deficiency) after cash distributions and special items	$	(1,287	)	$	(300	)	$	(429	)	$	(1,556	)	$	11,152
Tax and Distribution Data Per $1,000 Invested
Federal income tax results
Ordinary income (loss)
— from operations	$	66.91		$	67.37		$	67.31		$	66.78		$	72.74
— from recapture		—			—			—			—			—
Capital gain (loss)		—			—			—			—			—
Cash distributions to investors
Source (on a tax basis)
— investment income		67.51			67.51			67.51			67.51			67.51
— return of capital		—			—			—			—			—
Source (on a cash basis)
— sales		—			—			—			—			—
— refinancing		—			—			—			—			—
— operations		67.51			67.51			67.51			67.51			67.51
— other		—			—			—			—			—
Amount (in percentage terms) remaining invested in program at the end of last year reported in the table														100	%

Past performance is not necessarily indicative of future results.

15

TABLE III

ANNUAL OPERATING RESULTS OF PRIOR REAL ESTATE PROGRAMS (UNAUDITED) — (Continued)

	Walgreens — Slidell, LA
	October 2004
	2005		2006		2007		2008			2009
Gross revenues	$	243,899	$	275,516	$	275,767	$	275,244		$	297,922
Profit (loss) on sale of properties		—		—		—		—			—
Less:
Operating expenses(1)		11,336		12,445		12,884		13,323			13,047
Interest expense		98,704		118,901		118,901		119,227			128,999
Depreciation and amortization(2)		—		—		—		—			—
Net income (loss) — Tax basis(3)	$	133,859	$	144,170	$	143,982	$	142,694		$	155,876
Taxable income
— from operations	$	133,859	$	144,170	$	143,982	$	142,694		$	155,876
— from gain on sale		—		—		—		—			—
Cash generated
— from operations(4)		133,859		144,170		143,982		142,694			155,876
— from sales		—		—		—		—			—
— from refinancing		—		—		—		—			—
Cash generated from operations, sales and refinancing		133,859		144,170		143,982		142,694			155,876
Less: Cash distributions to investors
— from operating cash flow		114,918		143,772		143,772		143,772			143,772
— from sales and refinancing		—		—		—		—			—
— from other		—		—		—		—			—
Cash generated (deficiency) after cash distributions		18,941		398		210		(1,078	)		12,104
Less: Special items (not including sales and refinancing)		—		—		—		—			—
Cash generated (deficiency) after cash distributions and special items	$	18,941	$	398	$	210	$	(1,078	)	$	12,104
Tax and Distribution Data Per $1,000 Invested
Federal income tax results
Ordinary income (loss)
— from operations	$	60.51	$	65.18	$	65.09	$	64.51		$	70.47
— from recapture		—		—		—		—			—
Capital gain (loss)		—		—		—		—			—
Cash distributions to investors
Source (on a tax basis)
— investment income		51.95		65.00		65.00		65.00			65.00
— return of capital		—		—		—		—			—
Source (on a cash basis)
— sales		—		—		—		—			—
— refinancing		—		—		—		—			—
— operations		51.95		65.00		65.00		65.00			65.00
— other		—		—		—		—			—
Amount (in percentage terms) remaining invested in program at the end of last year reported in the table											100	%

Past performance is not necessarily indicative of future results.

16

TABLE III

ANNUAL OPERATING RESULTS OF PRIOR REAL ESTATE PROGRAMS (UNAUDITED) — (Continued)

	Walgreens — Westheimer, TX
	October 2004
	2005		2006		2007			2008			2009
Gross revenues	$	495,000	$	495,990	$	496,394		$	495,437		$	536,265
Profit (loss) on sale of properties		—		—		—			—			—
Less:
Operating expenses(1)		21,003		21,476		22,316			22,748			22,350
Interest expense		214,710		220,752		220,752			221,357			239,501
Depreciation and amortization(2)		—		—		—			—			—
Net income (loss) — Tax basis(3)	$	259,287	$	253,762	$	253,326		$	251,332		$	274,414
Taxable income
— from operations	$	259,287	$	253,762	$	253,326		$	251,332		$	274,414
— from gain on sale		—		—		—			—			—
Cash generated
— from operations(4)		259,287		253,762		253,326			251,332			274,414
— from sales		—		—		—			—			—
— from refinancing		—		—		—			—			—
Cash generated from operations, sales and refinancing		259,287		253,762		253,326			251,332			274,414
Less: Cash distributions to investors
— from operating cash flow		240,014		253,500		253,513			253,513			253,501
— from sales and refinancing		—		—		—			—			—
— from other		—		—		—			—			—
Cash generated (deficiency) after cash distributions		19,273		262		(187	)		(2,181	)		20,913
Less: Special items (not including sales and refinancing)		—		—		—			—			—
Cash generated (deficiency) after cash distributions and special items	$	19,273	$	262	$	(187	)	$	(2,181	)	$	20,913
Tax and Distribution Data Per $1,000 Invested
Federal income tax results
Ordinary income (loss)
— from operations	$	66.48	$	65.07	$	64.96		$	64.44		$	70.36
— from recapture		—		—		—			—			—
Capital gain (loss)		—		—		—			—			—
Cash distributions to investors
Source (on a tax basis)
— investment income		61.54		65.00		65.00			65.00			65.00
— return of capital		—		—		—			—			—
Source (on a cash basis)
— sales		—		—		—			—			—
— refinancing		—		—		—			—			—
— operations		61.54		65.00		65.00			65.00			65.00
— other		—		—		—			—			—
Amount (in percentage terms) remaining invested in program at the end of last year reported in the table												100	%

Past performance is not necessarily indicative of future results.

17

TABLE III

ANNUAL OPERATING RESULTS OF PRIOR REAL ESTATE PROGRAMS (UNAUDITED) — (Continued)

	Walgreens — Richmond Heights, OH
	October 2004
	2005		2006		2007		2008			2009
Gross revenues	$	423,387	$	420,807	$	421,153	$	420,367		$	455,015
Profit (loss) on sale of properties		—		—		—		—			—
Less:
Operating expenses(1)		18,416		17,830		18,194		18,710			18,149
Interest expense		173,029		182,004		182,004		182,503			197,462
Depreciation and amortization(2)		—		—		—		—			—
Net income (loss) — Tax basis(3)	$	231,942	$	220,973	$	220,955	$	219,154		$	239,404
Taxable income
— from operations	$	231,942	$	220,973	$	220,955	$	219,154		$	239,404
— from gain on sale		—		—		—		—			—
Cash generated
— from operations(4)		231,942		220,973		220,955		219,154			239,404
— from sales		—		—		—		—			—
— from refinancing		—		—		—		—			—
Cash generated from operations, sales and refinancing		231,942		220,973		220,955		219,154			239,404
Less: Cash distributions to investors
— from operating cash flow		203,676		220,220		220,229		220,221			220,220
— from sales and refinancing		—		—		—		—			—
— from other		—		—		—		—			—
Cash generated (deficiency) after cash distributions		28,266		753		726		(1,067	)		19,184
Less: Special items (not including sales and refinancing)		—		—		—		—			—
Cash generated (deficiency) after cash distributions and special items	$	28,266	$	753	$	726	$	(1,067	)	$	19,184
Tax and Distribution Data Per $1,000 Invested
Federal income tax results
Ordinary income (loss)
— from operations	$	68.46	$	65.22	$	65.22	$	64.69		$	70.66
— from recapture		—		—		—		—			—
Capital gain (loss)		—		—		—		—			—
Cash distributions to investors
Source (on a tax basis)
— investment income		60.12		65.00		65.00		65.00			65.00
— return of capital		—		—		—		—			—
Source (on a cash basis)
— sales		—		—		—		—			—
— refinancing		—		—		—		—			—
— operations		60.12		65.00		65.00		65.00			65.00
— other		—		—		—		—			—
Amount (in percentage terms) remaining invested in program at the end of last year reported in the table											100	%

Past performance is not necessarily indicative of future results.

18

TABLE III

ANNUAL OPERATING RESULTS OF PRIOR REAL ESTATE PROGRAMS (UNAUDITED) — (Continued)

	Home Depot — Spokane, WA
	November 2004
	2005		2006		2007		2008		2009
Gross revenues	$	1,014,839	$	1,323,040	$	1,434,607	$	1,321,467	$	1,452,255
Profit (loss) on sale of properties		—		—		—		—		—
Less:
Operating expenses(1)		12,592		12,670		11,218		10,876		9,808
Interest expense		394,654		551,910		598,785		553,422		551,911
Depreciation and amortization(2)		—		—		—		—		—
Net income (loss) — Tax basis(3)	$	607,593	$	758,460	$	824,604	$	757,169	$	890,536
Taxable income
— from operations	$	607,593	$	758,460	$	824,604	$	757,169	$	890,536
— from gain on sale		—		—		—		—		—
Cash generated
— from operations(4)		607,593		758,460		824,604		757,169		890,536
— from sales		—		—		—		—		—
— from refinancing		—		—		—		—		—
Cash generated from operations, sales and refinancing		607,593		758,460		824,604		757,169		890,536
Less: Cash distributions to investors
— from operating cash flow		514,099		749,580		749,580		749,592		858,574
— from sales and refinancing		—		—		—		—		—
— from other		—		—		—		—		—
Cash generated (deficiency) after cash distributions		93,494		8,880		75,024		7,577		31,962
Less: Special items (not including sales and refinancing)		—		—		—		—		—
Cash generated (deficiency) after cash distributions and special items	$	93,494	$	8,880	$	75,024	$	7,577	$	31,962
Tax and Distribution Data Per $1,000 Invested
Federal income tax results
Ordinary income (loss)
— from operations	$	52.69	$	65.77	$	71.51	$	65.66	$	77.22
— from recapture		—		—		—		—		—
Capital gain (loss)		—		—		—		—		—
Cash distributions to investors
Source (on a tax basis)
— investment income		44.58		65.00		65.00		65.00		74.45
— return of capital		—		—		—		—		—
Source (on a cash basis)
— sales		—		—		—		—		—
— refinancing		—		—		—		—		—
— operations		44.58		65.00		65.00		65.00		74.45
— other		—		—		—		—		—
Amount (in percentage terms) remaining invested in program at the end of last year reported in the table										100	%

Past performance is not necessarily indicative of future results.

19

TABLE III

ANNUAL OPERATING RESULTS OF PRIOR REAL ESTATE PROGRAMS (UNAUDITED) — (Continued)

	Walgreens — Orlando, FL
	November 2004
	2005		2006		2007			2008			2009
Gross revenues	$	232,208	$	300,483	$	300,750		$	300,195		$	324,935
Profit (loss) on sale of properties		—		—		—			—			—
Less:
Operating expenses(1)		10,463		13,562		14,317			14,401			14,119
Interest expense		90,054		124,904		124,979			125,321			135,594
Depreciation and amortization(2)		—		—		—			—			—
Net income (loss) — Tax basis(3)	$	131,691	$	162,017	$	161,454		$	160,473		$	175,222
Taxable income
— from operations	$	131,691	$	162,017	$	161,454		$	160,473		$	175,222
— from gain on sale		—		—		—			—			—
Cash generated
— from operations(4)		131,691		162,017		161,454			160,473			175,222
— from sales		—		—		—			—			—
— from refinancing		—		—		—			—			—
Cash generated from operations, sales and refinancing		131,691		162,017		161,454			160,473			175,222
Less: Cash distributions to investors
— from operating cash flow		111,711		161,592		161,592			161,592			161,590
— from sales and refinancing		—		—		—			—			—
— from other		—		—		—			—			—
Cash generated (deficiency) after cash distributions		19,980		425		(138	)		(1,119	)		13,632
Less: Special items (not including sales and refinancing)		—		—		—			—			—
Cash generated (deficiency) after cash distributions and special items	$	19,980	$	425	$	(138	)	$	(1,119	)	$	13,632
Tax and Distribution Data Per $1,000 Invested
Federal income tax results
Ordinary income (loss)
— from operations	$	52.97	$	65.17	$	64.95		$	64.55		$	70.48
— from recapture		—		—		—			—			—
Capital gain (loss)		—		—		—			—			—
Cash distributions to investors
Source (on a tax basis)
— investment income		44.94		65.00		65.00			65.00			65.00
— return of capital		—		—		—			—			—
Source (on a cash basis)
— sales		—		—		—			—			—
— refinancing		—		—		—			—			—
— operations		44.94		65.00		65.00			65.00			65.00
— other		—		—		—			—			—
Amount (in percentage terms) remaining invested in program at the end of last year reported in the table												100	%

Past performance is not necessarily indicative of future results.

20

TABLE III

ANNUAL OPERATING RESULTS OF PRIOR REAL ESTATE PROGRAMS (UNAUDITED) — (Continued)

	Walgreens — Glen Burnie, MD
	November 2004
	2005		2006		2007		2008		2009
Gross revenues	$	312,387	$	416,142	$	416,327	$	415,614	$	415,117
Profit (loss) on sale of properties		—		—		—		—		—
Less:
Operating expenses(1)		13,428		17,695		16,995		17,483		16,893
Interest expense		119,319		169,158		170,790		171,258		170,790
Depreciation and amortization(2)		—		—		—		—		—
Net income (loss) — Tax basis(3)	$	179,640	$	229,289	$	228,542	$	226,873	$	227,434
Taxable income
— from operations	$	179,640	$	229,289	$	228,542	$	226,873	$	227,434
— from gain on sale		—		—		—		—		—
Cash generated
— from operations(4)		179,640		229,289		228,542		226,873		227,434
— from sales		—		—		—		—		—
— from refinancing		—		—		—		—		—
Cash generated from operations, sales and refinancing		179,640		229,289		228,542		226,873		227,434
Less: Cash distributions to investors
— from operating cash flow		151,637		226,524		226,524		226,524		226,525
— from sales and refinancing		—		—		—		—		—
— from other		—		—		—		—		—
Cash generated (deficiency) after cash distributions		28,003		2,765		2,018		349		909
Less: Special items (not including sales and refinancing)		—		—		—		—		—
Cash generated (deficiency) after cash distributions and special items	$	28,003	$	2,765	$	2,018	$	349	$	909
Tax and Distribution Data Per $1,000 Invested
Federal income tax results
Ordinary income (loss)
— from operations	$	51.55	$	65.79	$	65.58	$	65.10	$	65.26
— from recapture		—		—		—		—		—
Capital gain (loss)		—		—		—		—		—
Cash distributions to investors
Source (on a tax basis)
— investment income		43.51		65.00		65.00		65.00		65.00
— return of capital		—		—		—		—		—
Source (on a cash basis)
— sales		—		—		—		—		—
— refinancing		—		—		—		—		—
— operations		43.51		65.00		65.00		65.00		65.00
— other		—		—		—		—		—
Amount (in percentage terms) remaining invested in program at the end of last year reported in the table										100	%

Past performance is not necessarily indicative of future results.

21

TABLE III

ANNUAL OPERATING RESULTS OF PRIOR REAL ESTATE PROGRAMS (UNAUDITED) — (Continued)

	Walgreens — Covington, TN
	December 2004
	2005		2006		2007		2008			2009
Gross revenues	$	237,696	$	261,606	$	261,865	$	261,262		$	282,755
Profit (loss) on sale of properties		—		—		—		—			—
Less:
Operating expenses(1)		10,629		11,782		12,358		12,689			11,831
Interest expense		93,795		110,081		110,081		110,382			119,430
Depreciation and amortization(2)		—		—		—		—			—
Net income (loss) — Tax basis(3)	$	133,272	$	139,743	$	139,426	$	138,191		$	151,494
Taxable income
— from operations	$	133,272	$	139,743	$	139,426	$	138,191		$	151,494
— from gain on sale		—		—		—		—			—
Cash generated
— from operations(4)		133,272		139,743		139,426		138,191			151,494
— from sales		—		—		—		—			—
— from refinancing		—		—		—		—			—
Cash generated from operations, sales and refinancing		133,272		139,743		139,426		138,191			151,494
Less: Cash distributions to investors
— from operating cash flow		114,287		139,165		139,164		139,170			139,165
— from sales and refinancing		—		—		—		—			—
— from other		—		—		—		—			—
Cash generated (deficiency) after cash distributions		18,985		578		262		(979	)		12,329
Less: Special items (not including sales and refinancing)		—		—		—		—			—
Cash generated (deficiency) after cash distributions and special items	$	18,985	$	578	$	262	$	(979	)	$	12,329
Tax and Distribution Data Per $1,000 Invested
Federal income tax results
Ordinary income (loss)
— from operations	$	62.25	$	65.27	$	65.12	$	64.55		$	70.76
— from recapture		—		—		—		—			—
Capital gain (loss)		—		—		—		—			—
Cash distributions to investors
Source (on a tax basis)
— investment income		53.38		65.00		65.00		65.00			65.00
— return of capital		—		—		—		—			—
Source (on a cash basis)
— sales		—		—		—		—			—
— refinancing		—		—		—		—			—
— operations		53.38		65.00		65.00		65.00			65.00
— other		—		—		—		—			—
Amount (in percentage terms) remaining invested in program at the end of last year reported in the table											100	%

Past performance is not necessarily indicative of future results.

22

TABLE III

ANNUAL OPERATING RESULTS OF PRIOR REAL ESTATE PROGRAMS (UNAUDITED) — (Continued)

	Walgreens — Garfield Heights, OH
	December 2004
	2005		2006			2007			2008			2009
Gross revenues	$	145,569	$	385,036		$	385,085		$	384,439		$	384,069
Profit (loss) on sale of properties		—		—			—			—			—
Less:
Operating expenses(1)		1,893		3,936			4,288			4,767			4,153
Interest expense		54,853		169,672			169,672			170,137			169,672
Depreciation and amortization(2)		—		—			—			—			—
Net income (loss) — Tax basis(3)	$	88,823	$	211,428		$	211,125		$	209,535		$	210,244
Taxable income
— from operations	$	88,823	$	211,428		$	211,125		$	209,535		$	210,244
— from gain on sale		—		—			—			—			—
Cash generated
— from operations(4)		88,823		211,428			211,125			209,535			210,244
— from sales		—		—			—			—			—
— from refinancing		—		—			—			—			—
Cash generated from operations, sales and refinancing		88,823		211,428			211,125			209,535			210,244
Less: Cash distributions to investors
— from operating cash flow		62,999		212,424			212,424			212,424			212,424
— from sales and refinancing		—		—			—			—			—
— from other		—		—			—			—			—
Cash generated (deficiency) after cash distributions		25,824		(996	)		(1,299	)		(2,889	)		(2,180	)
Less: Special items (not including sales and refinancing)		—		—			—			—			—
Cash generated (deficiency) after cash distributions and special items	$	25,824	$	(996	)	$	(1,299	)	$	(2,889	)	$	(2,180	)
Tax and Distribution Data Per $1,000 Invested
Federal income tax results
Ordinary income (loss)
— from operations	$	30.32	$	72.16		$	72.06		$	71.51		$	71.76
— from recapture		—		—			—			—			—
Capital gain (loss)		—		—			—			—			—
Cash distributions to investors
Source (on a tax basis)
— investment income		21.50		72.50			72.50			72.50			72.50
— return of capital		—		—			—			—			—
Source (on a cash basis)
— sales		—		—			—			—			—
— refinancing		—		—			—			—			—
— operations		21.50		72.50			72.50			72.50			72.50
— other		—		—			—			—			—
Amount (in percentage terms) remaining invested in program at the end of last year reported in the table													100	%

Past performance is not necessarily indicative of future results.

23

TABLE III

ANNUAL OPERATING RESULTS OF PRIOR REAL ESTATE PROGRAMS (UNAUDITED) — (Continued)

	Walgreens — Ponca City, OK
	December 2004
	2005		2006		2007		2008		2009
Gross revenues	$	118,085	$	312,409	$	312,521	$	311,964	$	311,586
Profit (loss) on sale of properties		—		—		—		—		—
Less:
Operating expenses(1)		1,477		3,272		3,649		4,255		3,534
Interest expense		44,763		138,460		138,460		138,840		138,460
Depreciation and amortization(2)		—		—		—		—		—
Net income (loss) — Tax basis(3)	$	71,845	$	170,677	$	170,412	$	168,869	$	169,592
Taxable income
— from operations	$	71,845	$	170,677	$	170,412	$	168,869	$	169,592
— from gain on sale		—		—		—		—		—
Cash generated
— from operations(4)		71,845		170,677		170,412		168,869		169,592
— from sales		—		—		—		—		—
— from refinancing		—		—		—		—		—
Cash generated from operations, sales and refinancing		71,845		170,677		170,412		168,869		169,592
Less: Cash distributions to investors
— from operating cash flow		50,034		168,708		168,708		168,702		168,708
— from sales and refinancing		—		—		—		—		—
— from other		—		—		—		—		—
Cash generated (deficiency) after cash distributions		21,811		1,969		1,704		167		884
Less: Special items (not including sales and refinancing)		—		—		—		—		—
Cash generated (deficiency) after cash distributions and special items	$	21,811	$	1,969	$	1,704	$	167	$	884
Tax and Distribution Data Per $1,000 Invested
Federal income tax results
Ordinary income (loss)
— from operations	$	30.87	$	73.35	$	73.23	$	72.57	$	72.88
— from recapture		—		—		—		—		—
Capital gain (loss)		—		—		—		—		—
Cash distributions to investors
Source (on a tax basis)
— investment income		21.50		72.50		72.50		72.50		72.50
— return of capital		—		—		—		—		—
Source (on a cash basis)
— sales		—		—		—		—		—
— refinancing		—		—		—		—		—
— operations		21.50		72.50		72.50		72.50		72.50
— other		—		—		—		—		—
Amount (in percentage terms) remaining invested in program at the end of last year reported in the table										100	%

Past performance is not necessarily indicative of future results.

24

TABLE III

ANNUAL OPERATING RESULTS OF PRIOR REAL ESTATE PROGRAMS (UNAUDITED) — (Continued)

	Home Depot — Tacoma, WA
	February 2005
	2005		2006		2007		2008		2009
Gross revenues	$	1,051,101	$	1,750,475	$	1,769,746	$	1,912,655	$	1,762,567
Profit (loss) on sale of properties		—		—		—		—		—
Less:
Operating expenses(1)		35,286		53,645		48,638		50,168		54,296
Interest expense		461,947		843,053		843,053		845,362		843,053
Depreciation and amortization(2)		—		—		—		—		—
Net income (loss) — Tax basis(3)	$	553,868	$	853,777	$	878,055	$	1,017,125	$	865,218
Taxable income
— from operations	$	553,868	$	853,777	$	878,055	$	1,017,125	$	865,218
— from gain on sale		—		—		—		—		—
Cash generated
— from operations(4)		553,868		853,777		878,055		1,017,125		865,218
— from sales		—		—		—		—		—
— from refinancing		—		—		—		—		—
Cash generated from operations, sales and refinancing		553,868		853,777		878,055		1,017,125		865,218
Less: Cash distributions to investors
— from operating cash flow		426,665		821,808		852,252		852,257		852,250
— from sales and refinancing		—		—		—		—		—
— from other		—		—		—		—		—
Cash generated (deficiency) after cash distributions		127,203		31,969		25,803		164,868		12,968
Less: Special items (not including sales and refinancing)		—		—		—		—		—
Cash generated (deficiency) after cash distributions and special items	$	127,203	$	31,969	$	25,803	$	164,868	$	12,968
Tax and Distribution Data Per $1,000 Invested
Federal income tax results
Ordinary income (loss)
— from operations	$	45.49	$	70.13	$	72.12	$	83.54	$	71.07
— from recapture		—		—		—		—		—
Capital gain (loss)		—		—		—		—		—
Cash distributions to investors
Source (on a tax basis)
— investment income		35.04		67.50		70.00		70.00		70.00
— return of capital		—		—		—		—		—
Source (on a cash basis)
— sales		—		—		—		—		—
— refinancing		—		—		—		—		—
— operations		35.04		67.50		70.00		70.00		70.00
— other		—		—		—		—		—
Amount (in percentage terms) remaining invested in program at the end of last year reported in the table										100	%

Past performance is not necessarily indicative of future results.

25

TABLE III

ANNUAL OPERATING RESULTS OF PRIOR REAL ESTATE PROGRAMS (UNAUDITED) — (Continued)

	Walgreens — Pineville, LA
	April 2005
	2005		2006		2007		2008			2009
Gross revenues	$	155,136	$	304,247	$	304,486	$	303,967		$	303,588
Profit (loss) on sale of properties		—		—		—		—			—
Less:
Operating expenses(1)		5,636		7,168		6,042		8,179			7,974
Interest expense		65,763		143,734		143,734		144,128			143,735
Depreciation and amortization(2)		—		—		—		—			—
Net income (loss) — Tax basis(3)	$	83,737	$	153,345	$	154,710	$	151,660		$	151,879
Taxable income
— from operations	$	83,737	$	153,345	$	154,710	$	151,660		$	151,879
— from gain on sale		—		—		—		—			—
Cash generated
— from operations(4)		83,737		153,345		154,710		151,660			151,879
— from sales		—		—		—		—			—
— from refinancing		—		—		—		—			—
Cash generated from operations, sales and refinancing		83,737		153,345		154,710		151,660			151,879
Less: Cash distributions to investors
— from operating cash flow		64,858		151,670		151,668		151,674			151,669
— from sales and refinancing		—		—		—		—			—
— from other		—		—		—		—			—
Cash generated (deficiency) after cash distributions		18,879		1,675		3,042		(14	)		210
Less: Special items (not including sales and refinancing)		—		—		—		—			—
Cash generated (deficiency) after cash distributions and special items	$	18,879	$	1,675	$	3,042	$	(14	)	$	210
Tax and Distribution Data Per $1,000 Invested
Federal income tax results
Ordinary income (loss)
— from operations	$	40.03	$	73.30	$	73.95	$	72.50		$	72.60
— from recapture		—		—		—		—			—
Capital gain (loss)		—		—		—		—			—
Cash distributions to investors
Source (on a tax basis)
— investment income		31.00		72.50		72.50		72.50			72.50
— return of capital		—		—		—		—			—
Source (on a cash basis)
— sales		—		—		—		—			—
— refinancing		—		—		—		—			—
— operations		31.00		72.50		72.50		72.50			72.50
— other		—		—		—		—			—
Amount (in percentage terms) remaining invested in program at the end of last year reported in the table											100	%

Past performance is not necessarily indicative of future results.

26

TABLE III

ANNUAL OPERATING RESULTS OF PRIOR REAL ESTATE PROGRAMS (UNAUDITED) — (Continued)

	Walgreens — Bartlett, TN
	April 2005
	2005		2006		2007		2008		2009
Gross revenues	$	148,334	$	295,747	$	295,931	$	295,456	$	295,085
Profit (loss) on sale of properties		—		—		—		—		—
Less:
Operating expenses(1)		4,352		5,575		3,946		15,918		18,280
Interest expense		63,835		142,071		142,071		142,460		142,071
Depreciation and amortization(2)		—		—		—		—		—
Net income (loss) — Tax basis(3)	$	80,147	$	148,101	$	149,914	$	137,078	$	134,734
Taxable income
— from operations	$	80,147	$	148,101	$	149,914	$	137,078	$	134,734
— from gain on sale		—		—		—		—		—
Cash generated
— from operations(4)		80,147		148,101		149,914		137,078		134,734
— from sales		—		—		—		—		—
— from refinancing		—		—		—		—		—
Cash generated from operations, sales and refinancing		80,147		148,101		149,914		137,078		134,734
Less: Cash distributions to investors
— from operating cash flow		61,482		146,592		146,592		134,919		133,856
— from sales and refinancing		—		—		—		—		—
— from other		—		—		—		—		—
Cash generated (deficiency) after cash distributions		18,665		1,509		3,322		2,159		878
Less: Special items (not including sales and refinancing)		—		—		—		—		—
Cash generated (deficiency) after cash distributions and special items	$	18,665	$	1,509	$	3,322	$	2,159	$	878
Tax and Distribution Data Per $1,000 Invested
Federal income tax results
Ordinary income (loss)
— from operations	$	39.64	$	73.24	$	74.14	$	67.79	$	66.63
— from recapture		—		—		—		—		—
Capital gain (loss)		—		—		—		—		—
Cash distributions to investors
Source (on a tax basis)
— investment income		30.41		72.50		72.50		66.73		66.20
— return of capital		—		—		—		—		—
Source (on a cash basis)
— sales		—		—		—		—		—
— refinancing		—		—		—		—		—
— operations		30.41		72.50		72.50		66.73		66.20
— other		—		—		—		—		—
Amount (in percentage terms) remaining invested in program at the end of last year reported in the table										100	%

Past performance is not necessarily indicative of future results.

27

TABLE III

ANNUAL OPERATING RESULTS OF PRIOR REAL ESTATE PROGRAMS (UNAUDITED) — (Continued)

	Walgreens — Sidney, OH
	April 2005
	2005		2006		2007		2008		2009
Gross revenues	$	150,793	$	295,791	$	295,961	$	295,469	$	295,090
Profit (loss) on sale of properties		—		—		—		—		—
Less:
Operating expenses(1)		4,562		7,030		5,839		8,063		6,987
Interest expense		65,761		143,730		143,730		144,124		143,730
Depreciation and amortization(2)		—		—		—		—		—
Net income (loss) — Tax basis(3)	$	80,470	$	145,031	$	146,392	$	143,282	$	144,373
Taxable income
— from operations	$	80,470	$	145,031	$	146,392	$	143,282	$	144,373
— from gain on sale		—		—		—		—		—
Cash generated
— from operations(4)		80,470		145,031		146,392		143,282		144,373
— from sales		—		—		—		—		—
— from refinancing		—		—		—		—		—
Cash generated from operations, sales and refinancing		80,470		145,031		146,392		143,282		144,373
Less: Cash distributions to investors
— from operating cash flow		61,230		143,184		143,184		143,186		143,187
— from sales and refinancing		—		—		—		—		—
— from other		—		—		—		—		—
Cash generated (deficiency) after cash distributions		19,240		1,847		3,208		96		1,186
Less: Special items (not including sales and refinancing)		—		—		—		—		—
Cash generated (deficiency) after cash distributions and special items	$	19,240	$	1,847	$	3,208	$	96	$	1,186
Tax and Distribution Data Per $1,000 Invested
Federal income tax results
Ordinary income (loss)
— from operations	$	40.74	$	73.43	$	74.12	$	72.55	$	73.10
— from recapture		—		—		—		—		—
Capital gain (loss)		—		—		—		—		—
Cash distributions to investors
Source (on a tax basis)
— investment income		31.00		72.50		72.50		72.50		72.50
— return of capital		—		—		—		—		—
Source (on a cash basis)
— sales		—		—		—		—		—
— refinancing		—		—		—		—		—
— operations		31.00		72.50		72.50		72.50		72.50
— other		—		—		—		—		—
Amount (in percentage terms) remaining invested in program at the end of last year reported in the table										100	%

Past performance is not necessarily indicative of future results.

28

TABLE III

ANNUAL OPERATING RESULTS OF PRIOR REAL ESTATE PROGRAMS (UNAUDITED) — (Continued)

	Walgreens — Wichita Falls, TX
	May 2005
	2005		2006		2007		2008		2009
Gross revenues	$	153,348	$	300,722	$	300,926	$	300,443	$	300,083
Profit (loss) on sale of properties		—		—		—		—		—
Less:
Operating expenses(1)		4,352		6,949		7,445		7,916		7,640
Interest expense		66,573		145,505		145,505		145,903		145,505
Depreciation and amortization(2)		—		—		—		—		—
Net income (loss) — Tax basis(3)	$	82,423	$	148,268	$	147,976	$	146,624	$	146,938
Taxable income
— from operations	$	82,423	$	148,268	$	147,976	$	146,624	$	146,938
— from gain on sale		—		—		—		—		—
Cash generated
— from operations(4)		82,423		148,268		147,976		146,624		146,938
— from sales		—		—		—		—		—
— from refinancing		—		—		—		—		—
Cash generated from operations, sales and refinancing		82,423		148,268		147,976		146,624		146,938
Less: Cash distributions to investors
— from operating cash flow		62,626		146,448		146,448		146,454		146,449
— from sales and refinancing		—		—		—		—		—
— from other		—		—		—		—		—
Cash generated (deficiency) after cash distributions		19,797		1,820		1,528		170		489
Less: Special items (not including sales and refinancing)		—		—		—		—		—
Cash generated (deficiency) after cash distributions and special items	$	19,797	$	1,820	$	1,528	$	170	$	489
Tax and Distribution Data Per $1,000 Invested
Federal income tax results
Ordinary income (loss)
— from operations	$	40.80	$	73.40	$	73.26	$	72.59	$	72.74
— from recapture		—		—		—		—		—
Capital gain (loss)		—		—		—		—		—
Cash distributions to investors
Source (on a tax basis)
— investment income		31.00		72.50		72.50		72.50		72.50
— return of capital		—		—		—		—		—
Source (on a cash basis)
— sales		—		—		—		—		—
— refinancing		—		—		—		—		—
— operations		31.00		72.50		72.50		72.50		72.50
— other		—		—		—		—		—
Amount (in percentage terms) remaining invested in program at the end of last year reported in the table										100	%

Past performance is not necessarily indicative of future results.

29

TABLE III

ANNUAL OPERATING RESULTS OF PRIOR REAL ESTATE PROGRAMS (UNAUDITED) — (Continued)

	Walgreens — Chicago, IL
	May 2005
	2005		2006		2007		2008		2009
Gross revenues	$	228,585	$	476,231	$	476,429	$	475,662	$	475,127
Profit (loss) on sale of properties		—		—		—		—		—
Less:
Operating expenses(1)		7,058		9,830		9,094		10,382		9,873
Interest expense		98,204		229,773		229,773		230,402		229,773
Depreciation and amortization(2)		—		—		—		—		—
Net income (loss) — Tax basis(3)	$	123,323	$	236,628	$	237,562	$	234,878	$	235,481
Taxable income
— from operations	$	123,323	$	236,628	$	237,562	$	234,878	$	235,481
— from gain on sale		—		—		—		—		—
Cash generated
— from operations(4)		123,323		236,628		237,562		234,878		235,481
— from sales		—		—		—		—		—
— from refinancing		—		—		—		—		—
Cash generated from operations, sales and refinancing		123,323		236,628		237,562		234,878		235,481
Less: Cash distributions to investors
— from operating cash flow		93,600		234,540		234,540		234,539		234,539
— from sales and refinancing		—		—		—		—		—
— from other		—		—		—		—		—
Cash generated (deficiency) after cash distributions		29,723		2,088		3,022		339		942
Less: Special items (not including sales and refinancing)		—		—		—		—		—
Cash generated (deficiency) after cash distributions and special items	$	29,723	$	2,088	$	3,022	$	339	$	942
Tax and Distribution Data Per $1,000 Invested
Federal income tax results
Ordinary income (loss)
— from operations	$	38.12	$	73.15	$	73.43	$	72.61	$	72.79
— from recapture		—		—		—		—		—
Capital gain (loss)		—		—		—		—		—
Cash distributions to investors
Source (on a tax basis)
— investment income		28.93		72.50		72.50		72.50		72.50
— return of capital		—		—		—		—		—
Source (on a cash basis)
— sales		—		—		—		—		—
— refinancing		—		—		—		—		—
— operations		28.93		72.50		72.50		72.50		72.50
— other		—		—		—		—		—
Amount (in percentage terms) remaining invested in program at the end of last year reported in the table										100	%

Past performance is not necessarily indicative of future results.

30

TABLE III

ANNUAL OPERATING RESULTS OF PRIOR REAL ESTATE PROGRAMS (UNAUDITED) — (Continued)

	Walgreens — Southington, CT
	June 2005
	2005		2006		2007		2008		2009
Gross revenues	$	198,989	$	414,555	$	414,810	$	414,132	$	413,619
Profit (loss) on sale of properties		—		—		—		—		—
Less:
Operating expenses(1)		6,140		8,643		7,954		9,290		8,742
Interest expense		84,966		198,182		198,182		198,725		198,182
Depreciation and amortization(2)		—		—		—		—		—
Net income (loss) — Tax basis(3)	$	107,883	$	207,730	$	208,674	$	206,117	$	206,695
Taxable income
— from operations	$	107,883	$	207,730	$	208,674	$	206,117	$	206,695
— from gain on sale		—		—		—		—		—
Cash generated
— from operations(4)		107,883		207,730		208,674		206,117		206,695
— from sales		—		—		—		—		—
— from refinancing		—		—		—		—		—
Cash generated from operations, sales and refinancing		107,883		207,730		208,674		206,117		206,695
Less: Cash distributions to investors
— from operating cash flow		82,056		205,608		205,608		205,611		205,605
— from sales and refinancing		—		—		—		—		—
— from other		—		—		—		—		—
Cash generated (deficiency) after cash distributions		25,827		2,122		3,066		506		1,090
Less: Special items (not including sales and refinancing)		—		—		—		—		—
Cash generated (deficiency) after cash distributions and special items	$	25,827	$	2,122	$	3,066	$	506	$	1,090
Tax and Distribution Data Per $1,000 Invested
Federal income tax results
Ordinary income (loss)
— from operations	$	38.04	$	73.25	$	73.58	$	72.68	$	72.88
— from recapture		—		—		—		—		—
Capital gain (loss)		—		—		—		—		—
Cash distributions to investors
Source (on a tax basis)
— investment income		28.93		72.50		72.50		72.50		72.50
— return of capital		—		—		—		—		—
Source (on a cash basis)
— sales		—		—		—		—		—
— refinancing		—		—		—		—		—
— operations		28.93		72.50		72.50		72.50		72.50
— other		—		—		—		—		—
Amount (in percentage terms) remaining invested in program at the end of last year reported in the table										100	%

Past performance is not necessarily indicative of future results.

31

TABLE III

ANNUAL OPERATING RESULTS OF PRIOR REAL ESTATE PROGRAMS (UNAUDITED) — (Continued)

	Walgreens — Nashville, TN
	June 2005
	2005		2006		2007		2008		2009
Gross revenues	$	158,605	$	381,569	$	381,787	$	381,145	$	380,700
Profit (loss) on sale of properties		—		—		—		—		—
Less:
Operating expenses(1)		5,122		8,211		8,686		23,125		25,546
Interest expense		67,551		186,790		186,790		187,301		186,790
Depreciation and amortization(2)		—		—		—		—		—
Net income (loss) — Tax basis(3)	$	85,932	$	186,568	$	186,311	$	170,719	$	168,364
Taxable income
— from operations	$	85,932	$	186,568	$	186,311	$	170,719	$	168,364
— from gain on sale		—		—		—		—		—
Cash generated
— from operations(4)		85,932		186,568		186,311		170,719		168,364
— from sales		—		—		—		—		—
— from refinancing		—		—		—		—		—
Cash generated from operations, sales and refinancing		85,932		186,568		186,311		170,719		168,364
Less: Cash distributions to investors
— from operating cash flow		61,775		184,440		184,440		168,121		166,631
— from sales and refinancing		—		—		—		—		—
— from other		—		—		—		—		—
Cash generated (deficiency) after cash distributions		24,157		2,128		1,871		2,598		1,733
Less: Special items (not including sales and refinancing)		—		—		—		—		—
Cash generated (deficiency) after cash distributions and special items	$	24,157	$	2,128	$	1,871	$	2,598	$	1,733
Tax and Distribution Data Per $1,000 Invested
Federal income tax results
Ordinary income (loss)
— from operations	$	33.78	$	73.34	$	73.24	$	67.11	$	66.18
— from recapture		—		—		—		—		—
Capital gain (loss)		—		—		—		—		—
Cash distributions to investors
Source (on a tax basis)
— investment income		24.28		72.50		72.50		66.09		65.50
— return of capital		—		—		—		—		—
Source (on a cash basis)
— sales		—		—		—		—		—
— refinancing		—		—		—		—		—
— operations		24.28		72.50		72.50		66.09		65.50
— other		—		—		—		—		—
Amount (in percentage terms) remaining invested in program at the end of last year reported in the table										100	%

Past performance is not necessarily indicative of future results.

32

TABLE III

ANNUAL OPERATING RESULTS OF PRIOR REAL ESTATE PROGRAMS (UNAUDITED) — (Continued)

	Walgreens — Derby, KS
	June 2005
	2005		2006			2007			2008			2009
Gross revenues	$	134,493	$	345,824		$	345,854		$	345,331		$	345,055
Profit (loss) on sale of properties		—		—			—			—			—
Less:
Operating expenses(1)		6,648		15,835			16,779			16,623			15,319
Interest expense		55,839		167,060			167,060			167,517			167,060
Depreciation and amortization(2)		—		—			—			—			—
Net income (loss) — Tax basis(3)	$	72,006	$	162,929		$	162,015		$	161,191		$	162,676
Taxable income
— from operations	$	72,006	$	162,929		$	162,015		$	161,191		$	162,676
— from gain on sale		—		—			—			—			—
Cash generated
— from operations(4)		72,006		162,929			162,015			161,191			162,676
— from sales		—		—			—			—			—
— from refinancing		—		—			—			—			—
Cash generated from operations, sales and refinancing		72,006		162,929			162,015			161,191			162,676
Less: Cash distributions to investors
— from operating cash flow		50,396		163,872			163,872			163,872			163,870
— from sales and refinancing		—		—			—			—			—
— from other		—		—			—			—			—
Cash generated (deficiency) after cash distributions		21,610		(943	)		(1,857	)		(2,681	)		(1,194	)
Less: Special items (not including sales and refinancing)		—		—			—			—			—
Cash generated (deficiency) after cash distributions and special items	$	21,610	$	(943	)	$	(1,857	)	$	(2,681	)	$	(1,194	)
Tax and Distribution Data Per $1,000 Invested
Federal income tax results
Ordinary income (loss)
— from operations	$	30.76	$	69.60		$	69.21		$	68.86		$	69.49
— from recapture		—		—			—			—			—
Capital gain (loss)		—		—			—			—			—
Cash distributions to investors
Source (on a tax basis)
— investment income		21.53		70.00			70.00			70.00			70.00
— return of capital		—		—			—			—			—
Source (on a cash basis)
— sales		—		—			—			—			—
— refinancing		—		—			—			—			—
— operations		21.53		70.00			70.00			70.00			70.00
— other		—		—			—			—			—
Amount (in percentage terms) remaining invested in program at the end of last year reported in the table													100	%

Past performance is not necessarily indicative of future results.

33

TABLE III

ANNUAL OPERATING RESULTS OF PRIOR REAL ESTATE PROGRAMS (UNAUDITED) — (Continued)

	Gander Mountain — Spring, TX
	June 2005
	2005		2006		2007		2008		2009
Gross revenues	$	335,027	$	1,008,049	$	1,028,481	$	1,025,759	$	1,023,475
Profit (loss) on sale of properties		—		—		—		—		—
Less:
Operating expenses(1)		3,429		8,490		27,572		29,164		27,651
Interest expense		—		—		—		—		—
Depreciation and amortization(2)		—		—		—		—		—
Net income (loss) — Tax basis(3)	$	331,598	$	999,559	$	1,000,909	$	996,595	$	995,824
Taxable income
— from operations	$	331,598	$	999,559	$	1,000,909	$	996,595	$	995,824
— from gain on sale		—		—		—		—		—
Cash generated
— from operations(4)		331,598		999,559		1,000,909		996,595		995,824
— from sales		—		—		—		—		—
— from refinancing		—		—		—		—		—
Cash generated from operations, sales and refinancing		331,598		999,559		1,000,909		996,595		995,824
Less: Cash distributions to investors
— from operating cash flow		249,273		986,268		986,268		986,268		986,267
— from sales and refinancing		—		—		—		—		—
— from other		—		—		—		—		—
Cash generated (deficiency) after cash distributions		82,325		13,291		14,641		10,327		9,557
Less: Special items (not including sales and refinancing)		—		—		—		—		—
Cash generated (deficiency) after cash distributions and special items	$	82,325	$	13,291	$	14,641	$	10,327	$	9,557
Tax and Distribution Data Per $1,000 Invested
Federal income tax results
Ordinary income (loss)
— from operations	$	25.22	$	76.01	$	76.11	$	75.79	$	75.73
— from recapture		—		—		—		—		—
Capital gain (loss)		—		—		—		—		—
Cash distributions to investors
Source (on a tax basis)
— investment income		18.96		75.00		75.00		75.00		75.00
— return of capital		—		—		—		—		—
Source (on a cash basis)
— sales		—		—		—		—		—
— refinancing		—		—		—		—		—
— operations		18.96		75.00		75.00		75.00		75.00
— other		—		—		—		—		—
Amount (in percentage terms) remaining invested in program at the end of last year reported in the table										100	%

Past performance is not necessarily indicative of future results.

34

TABLE III

ANNUAL OPERATING RESULTS OF PRIOR REAL ESTATE PROGRAMS (UNAUDITED) — (Continued)

	Walgreens — Blue Springs, MO
	June 2005
	2005		2006		2007		2008		2009
Gross revenues	$	102,520	$	278,833	$	279,148	$	278,734	$	278,419
Profit (loss) on sale of properties		—		—		—		—		—
Less:
Operating expenses(1)		5,767		10,823		11,331		11,801		10,979
Interest expense		46,108		129,690		133,959		134,326		133,959
Depreciation and amortization(2)		—		—		—		—		—
Net income (loss) — Tax basis(3)	$	50,645	$	138,320	$	133,858	$	132,607	$	133,481
Taxable income
— from operations	$	50,645	$	138,320	$	133,858	$	132,607	$	133,481
— from gain on sale		—		—		—		—		—
Cash generated
— from operations(4)		50,645		138,320		133,858		132,607		133,481
— from sales		—		—		—		—		—
— from refinancing		—		—		—		—		—
Cash generated from operations, sales and refinancing		50,645		138,320		133,858		132,607		133,481
Less: Cash distributions to investors
— from operating cash flow		37,809		132,384		132,384		132,384		132,385
— from sales and refinancing		—		—		—		—		—
— from other		—		—		—		—		—
Cash generated (deficiency) after cash distributions		12,836		5,936		1,474		223		1,096
Less: Special items (not including sales and refinancing)		—		—		—		—		—
Cash generated (deficiency) after cash distributions and special items	$	12,836	$	5,936	$	1,474	$	223	$	1,096
Tax and Distribution Data Per $1,000 Invested
Federal income tax results
Ordinary income (loss)
— from operations	$	26.78	$	73.15	$	70.79	$	70.13	$	70.59
— from recapture		—		—		—		—		—
Capital gain (loss)		—		—		—		—		—
Cash distributions to investors
Source (on a tax basis)
— investment income		19.99		70.01		70.01		70.01		70.01
— return of capital		—		—		—		—		—
Source (on a cash basis)
— sales		—		—		—		—		—
— refinancing		—		—		—		—		—
— operations		19.99		70.01		70.01		70.01		70.01
— other		—		—		—		—		—
Amount (in percentage terms) remaining invested in program at the end of last year reported in the table										100	%

Past performance is not necessarily indicative of future results.

35

TABLE III

ANNUAL OPERATING RESULTS OF PRIOR REAL ESTATE PROGRAMS (UNAUDITED) — (Continued)

	Walgreens — Garden City, KS
	June 2005
	2005		2006			2007			2008			2009
Gross revenues	$	129,075	$	334,224		$	334,220		$	333,714		$	333,450
Profit (loss) on sale of properties		—		—			—			—			—
Less:
Operating expenses(1)		6,489		15,421			16,020			16,633			14,936
Interest expense		53,531		161,478			161,478			161,920			161,477
Depreciation and amortization(2)		—		—			—			—			—
Net income (loss) — Tax basis(3)	$	69,055	$	157,325		$	156,722		$	155,161		$	157,037
Taxable income
— from operations	$	69,055	$	157,325		$	156,722		$	155,161		$	157,037
— from gain on sale		—		—			—			—			—
Cash generated
— from operations(4)		69,055		157,325			156,722			155,161			157,037
— from sales		—		—			—			—			—
— from refinancing		—		—			—			—			—
Cash generated from operations, sales and refinancing		69,055		157,325			156,722			155,161			157,037
Less: Cash distributions to investors
— from operating cash flow		48,197		158,136			158,136			158,132			158,130
— from sales and refinancing		—		—			—			—			—
— from other		—		—			—			—			—
Cash generated (deficiency) after cash distributions		20,858		(811	)		(1,414	)		(2,971	)		(1,093	)
Less: Special items (not including sales and refinancing)		—		—			—			—			—
Cash generated (deficiency) after cash distributions and special items	$	20,858	$	(811	)	$	(1,414	)	$	(2,971	)	$	(1,093	)
Tax and Distribution Data Per $1,000 Invested
Federal income tax results
Ordinary income (loss)
— from operations	$	30.57	$	69.64		$	69.38		$	68.69		$	69.52
— from recapture		—		—			—			—			—
Capital gain (loss)		—		—			—			—			—
Cash distributions to investors
Source (on a tax basis)
— investment income		21.34		70.00			70.00			70.00			70.00
— return of capital		—		—			—			—			—
Source (on a cash basis)
— sales		—		—			—			—			—
— refinancing		—		—			—			—			—
— operations		21.34		70.00			70.00			70.00			70.00
— other		—		—			—			—			—
Amount (in percentage terms) remaining invested in program at the end of last year reported in the table													100	%

Past performance is not necessarily indicative of future results.

36

TABLE III

ANNUAL OPERATING RESULTS OF PRIOR REAL ESTATE PROGRAMS (UNAUDITED) — (Continued)

	Walgreens — Pittsburg, KS
	June 2005
	2005		2006			2007			2008			2009
Gross revenues	$	102,883	$	295,304		$	295,354		$	294,762		$	294,420
Profit (loss) on sale of properties		—		—			—			—			—
Less:
Operating expenses(1)		5,512		13,895			14,852			13,941			14,246
Interest expense		35,488		140,795			140,795			141,180			140,795
Depreciation and amortization(2)		—		—			—			—			—
Net income (loss) — Tax basis(3)	$	61,883	$	140,614		$	139,707		$	139,641		$	139,379
Taxable income
— from operations	$	61,883	$	140,614		$	139,707		$	139,641		$	139,379
— from gain on sale		—		—			—			—			—
Cash generated
— from operations(4)		61,883		140,614			139,707			139,641			139,379
— from sales		—		—			—			—			—
— from refinancing		—		—			—			—			—
Cash generated from operations, sales and refinancing		61,883		140,614			139,707			139,641			139,379
Less: Cash distributions to investors
— from operating cash flow		37,600		141,120			141,120			141,120			141,120
— from sales and refinancing		—		—			—			—			—
— from other		—		—			—			—			—
Cash generated (deficiency) after cash distributions		24,283		(506	)		(1,413	)		(1,479	)		(1,741	)
Less: Special items (not including sales and refinancing)		—		—			—			—			—
Cash generated (deficiency) after cash distributions and special items	$	24,283	$	(506	)	$	(1,413	)	$	(1,479	)	$	(1,741	)
Tax and Distribution Data Per $1,000 Invested
Federal income tax results
Ordinary income (loss)
— from operations	$	30.70	$	69.75		$	69.30		$	69.27		$	69.14
— from recapture		—		—			—			—			—
Capital gain (loss)		—		—			—			—			—
Cash distributions to investors
Source (on a tax basis)
— investment income		18.65		70.00			70.00			70.00			70.00
— return of capital		—		—			—			—			—
Source (on a cash basis)
— sales		—		—			—			—			—
— refinancing		—		—			—			—			—
— operations		18.65		70.00			70.00			70.00			70.00
— other		—		—			—			—			—
Amount (in percentage terms) remaining invested in program at the end of last year reported in the table													100	%

Past performance is not necessarily indicative of future results.

37

TABLE III

ANNUAL OPERATING RESULTS OF PRIOR REAL ESTATE PROGRAMS (UNAUDITED) — (Continued)

	Walgreens — Gladstone, MO
	June 2005
	2005		2006		2007		2008		2009
Gross revenues	$	132,411	$	395,426	$	395,750	$	394,788	$	394,145
Profit (loss) on sale of properties		—		—		—		—		—
Less:
Operating expenses(1)		7,731		17,633		18,096		18,575		17,734
Interest expense		45,975		204,644		204,644		205,205		204,644
Depreciation and amortization(2)		—		—		—		—		—
Net income (loss) — Tax basis(3)	$	78,705	$	173,149	$	173,010	$	171,008	$	171,767
Taxable income
— from operations	$	78,705	$	173,149	$	173,010	$	171,008	$	171,767
— from gain on sale		—		—		—		—		—
Cash generated
— from operations(4)		78,705		173,149		173,010		171,008		171,767
— from sales		—		—		—		—		—
— from refinancing		—		—		—		—		—
Cash generated from operations, sales and refinancing		78,705		173,149		173,010		171,008		171,767
Less: Cash distributions to investors
— from operating cash flow		55,486		158,450		170,772		170,774		170,777
— from sales and refinancing		—		—		—		—		—
— from other		—		—		—		—		—
Cash generated (deficiency) after cash distributions		23,219		14,699		2,238		234		990
Less: Special items (not including sales and refinancing)		—		—		—		—		—
Cash generated (deficiency) after cash distributions and special items	$	23,219	$	14,699	$	2,238	$	234	$	990
Tax and Distribution Data Per $1,000 Invested
Federal income tax results
Ordinary income (loss)
— from operations	$	31.11	$	68.44	$	68.38	$	67.59	$	67.89
— from recapture		—		—		—		—		—
Capital gain (loss)		—		—		—		—		—
Cash distributions to investors
Source (on a tax basis)
— investment income		21.93		62.63		67.50		67.50		67.50
— return of capital		—		—		—		—		—
Source (on a cash basis)
— sales		—		—		—		—		—
— refinancing		—		—		—		—		—
— operations		21.93		62.63		67.50		67.50		67.50
— other		—		—		—		—		—
Amount (in percentage terms) remaining invested in program at the end of last year reported in the table										100	%

Past performance is not necessarily indicative of future results.

38

TABLE III

ANNUAL OPERATING RESULTS OF PRIOR REAL ESTATE PROGRAMS (UNAUDITED) — (Continued)

	Walgreens — Salt Lake City, UT
	July 2005
	2005		2006		2007		2008		2009
Gross revenues	$	124,866	$	511,918	$	501,439	$	500,189	$	499,601
Profit (loss) on sale of properties		—		—		—		—		—
Less:
Operating expenses(1)		7,013		17,712		18,148		18,290		17,781
Interest expense		63,197		250,246		259,419		264,992		264,268
Depreciation and amortization(2)		—		—		—		—		—
Net income (loss) — Tax basis(3)	$	54,656	$	243,960	$	223,872	$	216,907	$	217,552
Taxable income
— from operations	$	54,656	$	243,960	$	223,872	$	216,907	$	217,552
— from gain on sale		—		—		—		—		—
Cash generated
— from operations(4)		54,656		243,960		223,872		216,907		217,552
— from sales		—		—		—		—		—
— from refinancing		—		—		—		—		—
Cash generated from operations, sales and refinancing		54,656		243,960		223,872		216,907		217,552
Less: Cash distributions to investors
— from operating cash flow		40,825		216,492		216,492		215,581		216,493
— from sales and refinancing		—		—		—		—		—
— from other		—		—		—		—		—
Cash generated (deficiency) after cash distributions		13,831		27,468		7,380		1,326		1,059
Less: Special items (not including sales and refinancing)		—		—		—		—		—
Cash generated (deficiency) after cash distributions and special items	$	13,831	$	27,468	$	7,380	$	1,326	$	1,059
Tax and Distribution Data Per $1,000 Invested
Federal income tax results
Ordinary income (loss)
— from operations	$	17.04	$	76.07	$	69.81	$	67.64	$	67.84
— from recapture		—		—		—		—		—
Capital gain (loss)		—		—		—		—		—
Cash distributions to investors
Source (on a tax basis)
— investment income		12.73		67.51		67.51		67.22		67.51
— return of capital		—		—		—		—		—
Source (on a cash basis)
— sales		—		—		—		—		—
— refinancing		—		—		—		—		—
— operations		12.73		67.51		67.51		67.22		67.51
— other		—		—		—		—		—
Amount (in percentage terms) remaining invested in program at the end of last year reported in the table										100	%

Past performance is not necessarily indicative of future results.

39

TABLE III

ANNUAL OPERATING RESULTS OF PRIOR REAL ESTATE PROGRAMS (UNAUDITED) — (Continued)

	Walgreens — Sandy, UT
	July 2005
	2005		2006		2007			2008			2009
Gross revenues	$	122,931	$	503,524	$	492,602		$	500,697		$	498,422
Profit (loss) on sale of properties		—		—		—			—			—
Less:
Operating expenses(1)		7,049		17,501		29,706			33,119			28,137
Interest expense		64,035		246,775		249,503			257,545			256,841
Depreciation and amortization(2)		—		—		—			—			—
Net income (loss) — Tax basis(3)	$	51,847	$	239,248	$	213,393		$	210,033		$	213,444
Taxable income
— from operations	$	51,847	$	239,248	$	213,393		$	210,033		$	213,444
— from gain on sale		—		—		—			—			—
Cash generated
— from operations(4)		51,847		239,248		213,393			210,033			213,444
— from sales		—		—		—			—			—
— from refinancing		—		—		—			—			—
Cash generated from operations, sales and refinancing		51,847		239,248		213,393			210,033			213,444
Less: Cash distributions to investors
— from operating cash flow		40,776		216,228		216,228			216,228			216,227
— from sales and refinancing		—		—		—			—			—
— from other		—		—		—			—			—
Cash generated (deficiency) after cash distributions		11,071		23,020		(2,835	)		(6,195	)		(2,783	)
Less: Special items (not including sales and refinancing)		—		—		—			—			—
Cash generated (deficiency) after cash distributions and special items	$	11,071	$	23,020	$	(2,835	)	$	(6,195	)	$	(2,783	)
Tax and Distribution Data Per $1,000 Invested
Federal income tax results
Ordinary income (loss)
— from operations	$	16.19	$	74.69	$	66.62		$	65.57		$	66.64
— from recapture		—		—		—			—			—
Capital gain (loss)		—		—		—			—			—
Cash distributions to investors
Source (on a tax basis)
— investment income		12.73		67.51		67.51			67.51			67.51
— return of capital		—		—		—			—			—
Source (on a cash basis)
— sales		—		—		—			—			—
— refinancing		—		—		—			—			—
— operations		12.73		67.51		67.51			67.51			67.51
— other		—		—		—			—			—
Amount (in percentage terms) remaining invested in program at the end of last year reported in the table												100	%

Past performance is not necessarily indicative of future results.

40

TABLE III

ANNUAL OPERATING RESULTS OF PRIOR REAL ESTATE PROGRAMS (UNAUDITED) — (Continued)

	Walgreens — Midvale, UT
	August 2005
	2005		2006		2007		2008		2009
Gross revenues	$	87,586	$	359,001	$	351,575	$	350,900	$	350,426
Profit (loss) on sale of properties		—		—		—		—		—
Less:
Operating expenses(1)		5,676		13,095		13,573		13,698		13,214
Interest expense		44,677		169,379		179,200		179,691		179,200
Depreciation and amortization(2)		—		—		—		—		—
Net income (loss) — Tax basis(3)	$	37,233	$	176,527	$	158,802	$	157,511	$	158,012
Taxable income
— from operations	$	37,233	$	176,527	$	158,802	$	157,511	$	158,012
— from gain on sale		—		—		—		—		—
Cash generated
— from operations(4)		37,233		176,527		158,802		157,511		158,012
— from sales		—		—		—		—		—
— from refinancing		—		—		—		—		—
Cash generated from operations, sales and refinancing		37,233		176,527		158,802		157,511		158,012
Less: Cash distributions to investors
— from operating cash flow		29,597		156,937		156,936		156,942		156,939
— from sales and refinancing		—		—		—		—		—
— from other		—		—		—		—		—
Cash generated (deficiency) after cash distributions		7,636		19,590		1,866		569		1,073
Less: Special items (not including sales and refinancing)		—		—		—		—		—
Cash generated (deficiency) after cash distributions and special items	$	7,636	$	19,590	$	1,866	$	569	$	1,073
Tax and Distribution Data Per $1,000 Invested
Federal income tax results
Ordinary income (loss)
— from operations	$	16.01	$	75.93	$	68.30	$	67.75	$	67.96
— from recapture		—		—		—		—		—
Capital gain (loss)		—		—		—		—		—
Cash distributions to investors
Source (on a tax basis)
— investment income		12.73		67.50		67.50		67.50		67.50
— return of capital		—		—		—		—		—
Source (on a cash basis)
— sales		—		—		—		—		—
— refinancing		—		—		—		—		—
— operations		12.73		67.50		67.50		67.50		67.50
— other		—		—		—		—		—
Amount (in percentage terms) remaining invested in program at the end of last year reported in the table										100	%

Past performance is not necessarily indicative of future results.

41

TABLE III

ANNUAL OPERATING RESULTS OF PRIOR REAL ESTATE PROGRAMS (UNAUDITED) — (Continued)

	Walgreens — Metairie, LA
	August 2005
	2005		2006		2007		2008			2009
Gross revenues	$	4,355	$	541,345	$	541,867	$	540,846		$	540,156
Profit (loss) on sale of properties		—		—		—		—			—
Less:
Operating expenses(1)		—		16,665		14,445		15,226			14,920
Interest expense		—		258,179		276,488		277,245			276,488
Depreciation and amortization(2)		—		—		—		—			—
Net income (loss) — Tax basis(3)	$	4,355	$	266,501	$	250,934	$	248,375		$	248,748
Taxable income
— from operations	$	4,355	$	266,501	$	250,934	$	248,375		$	248,748
— from gain on sale		—		—		—		—			—
Cash generated
— from operations(4)		4,355		266,501		250,934		248,375			248,748
— from sales		—		—		—		—			—
— from refinancing		—		—		—		—			—
Cash generated from operations, sales and refinancing		4,355		266,501		250,934		248,375			248,748
Less: Cash distributions to investors
— from operating cash flow		—		230,617		249,348		249,350			249,351
— from sales and refinancing		—		—		—		—			—
— from other		—		—		—		—			—
Cash generated (deficiency) after cash distributions		4,355		35,884		1,586		(975	)		(603	)
Less: Special items (not including sales and refinancing)		—		—		—		—			—
Cash generated (deficiency) after cash distributions and special items	$	4,355	$	35,884	$	1,586	$	(975	)	$	(603	)
Tax and Distribution Data Per $1,000 Invested
Federal income tax results
Ordinary income (loss)
— from operations	$	3.02	$	72.14	$	67.93	$	67.24		$	67.34
— from recapture		—		—		—		—			—
Capital gain (loss)		—		—		—		—			—
Cash distributions to investors
Source (on a tax basis)
— investment income		—		62.43		67.50		67.50			67.50
— return of capital		—		—		—		—			—
Source (on a cash basis)
— sales		—		—		—		—			—
— refinancing		—		—		—		—			—
— operations		—		62.43		67.50		67.50			67.50
— other		—		—		—		—			—
Amount (in percentage terms) remaining invested in program at the end of last year reported in the table											100	%

Past performance is not necessarily indicative of future results.

42

TABLE III

ANNUAL OPERATING RESULTS OF PRIOR REAL ESTATE PROGRAMS (UNAUDITED) — (Continued)

	Wal-Mart — Hazard, KY
	September 2005
	2005		2006		2007		2008		2009
Gross revenues	$	319,334	$	1,891,356	$	1,891,302	$	2,044,808	$	1,885,539
Profit (loss) on sale of properties		—		—		—		—		—
Less:
Operating expenses(1)		11,436		41,686		38,676		41,593		37,575
Interest expense		120,349		1,071,401		1,071,401		1,074,336		1,071,401
Depreciation and amortization(2)		—		—		—		—		—
Net income (loss) — Tax basis(3)	$	187,549	$	778,269	$	781,225	$	928,879	$	776,563
Taxable income
— from operations	$	187,549	$	778,269	$	781,225	$	928,879	$	776,563
— from gain on sale		—		—		—		—		—
Cash generated
— from operations(4)		187,549		778,269		781,225		928,879		776,563
— from sales		—		—		—		—		—
— from refinancing		—		—		—		—		—
Cash generated from operations, sales and refinancing		187,549		778,269		781,225		928,879		776,563
Less: Cash distributions to investors
— from operating cash flow		66,413		771,588		771,588		771,604		771,589
— from sales and refinancing		—		—		—		—		—
— from other		—		—		—		—		—
Cash generated (deficiency) after cash distributions		121,136		6,681		9,637		157,275		4,974
Less: Special items (not including sales and refinancing)		—		—		—		—		—
Cash generated (deficiency) after cash distributions and special items	$	121,136	$	6,681	$	9,637	$	157,275	$	4,974
Tax and Distribution Data Per $1,000 Invested
Federal income tax results
Ordinary income (loss)
— from operations	$	14.83	$	61.53	$	61.76	$	73.43	$	61.39
— from recapture		—		—		—		—		—
Capital gain (loss)		—		—		—		—		—
Cash distributions to investors
Source (on a tax basis)
— investment income		5.25		61.00		61.00		61.00		61.00
— return of capital		—		—		—		—		—
Source (on a cash basis)
— sales		—		—		—		—		—
— refinancing		—		—		—		—		—
— operations		5.25		61.00		61.00		61.00		61.00
— other		—		—		—		—		—
Amount (in percentage terms) remaining invested in program at the end of last year reported in the table										100	%

Past performance is not necessarily indicative of future results.

43

TABLE III

ANNUAL OPERATING RESULTS OF PRIOR REAL ESTATE PROGRAMS (UNAUDITED) — (Continued)

	Gander Mountain — Hermantown, MN
	September 2005
	2005		2006			2007		2008			2009
Gross revenues	$	94,643	$	885,140		$	1,063,286	$	896,361		$	901,115
Profit (loss) on sale of properties		—		—			—		—			—
Less:
Operating expenses(1)		2,765		26,926			171,824		34,853			31,397
Interest expense		—		—			—		—			—
Depreciation and amortization(2)		—		—			—		—			—
Net income (loss) — Tax basis(3)	$	91,878	$	858,214		$	891,462	$	861,508		$	869,718
Taxable income
— from operations	$	91,878	$	858,214		$	891,462	$	861,508		$	869,718
— from gain on sale		—		—			—		—			—
Cash generated
— from operations(4)		91,878		858,214			891,462		861,508			869,718
— from sales		—		—			—		—			—
— from refinancing		—		—			—		—			—
Cash generated from operations, sales and refinancing		91,878		858,214			891,462		861,508			869,718
Less: Cash distributions to investors
— from operating cash flow		18,885		861,636			861,636		861,650			861,643
— from sales and refinancing		—		—			—		—			—
— from other		—		—			—		—			—
Cash generated (deficiency) after cash distributions		72,993		(3,422	)		29,826		(142	)		8,075
Less: Special items (not including sales and refinancing)		—		—			—		—			—
Cash generated (deficiency) after cash distributions and special items	$	72,993	$	(3,422	)	$	29,826	$	(142	)	$	8,075
Tax and Distribution Data Per $1,000 Invested
Federal income tax results
Ordinary income (loss)
— from operations	$	8.23	$	73.21		$	76.04	$	73.49		$	74.19
— from recapture		—		—			—		—			—
Capital gain (loss)		—		—			—		—			—
Cash distributions to investors
Source (on a tax basis)
— investment income		1.69		73.50			73.50		73.50			73.50
— return of capital		—		—			—		—			—
Source (on a cash basis)
— sales		—		—			—		—			—
— refinancing		—		—			—		—			—
— operations		1.69		73.50			73.50		73.50			73.50
— other		—		—			—		—			—
Amount (in percentage terms) remaining invested in program at the end of last year reported in the table												100	%

Past performance is not necessarily indicative of future results.

44

TABLE III

ANNUAL OPERATING RESULTS OF PRIOR REAL ESTATE PROGRAMS (UNAUDITED) — (Continued)

	Best Buy — Baytown, TX
	October 2005
	2005		2006		2007			2008		2009
Gross revenues	$	109,094	$	489,624	$	490,312		$	488,836	$	528,932
Profit (loss) on sale of properties		—		—		—			—		—
Less:
Operating expenses(1)		1,021		7,846		17,573			8,823		8,973
Interest expense		—		—		—			—		—
Depreciation and amortization(2)		—		—		—			—		—
Net income (loss) — Tax basis(3)	$	108,073	$	481,778	$	472,739		$	480,013	$	519,959
Taxable income
— from operations	$	108,073	$	481,778	$	472,739		$	480,013	$	519,959
— from gain on sale		—		—		—			—		—
Cash generated
— from operations(4)		108,073		481,778		472,739			480,013		519,959
— from sales		—		—		—			—		—
— from refinancing		—		—		—			—		—
Cash generated from operations, sales and refinancing		108,073		481,778		472,739			480,013		519,959
Less: Cash distributions to investors
— from operating cash flow		—		445,785		478,572			478,573		478,574
— from sales and refinancing		—		—		—			—		—
— from other		—		—		—			—		—
Cash generated (deficiency) after cash distributions		108,073		35,993		(5,883	)		1,440		41,385
Less: Special items (not including sales and refinancing)		—		—		—			—		—
Cash generated (deficiency) after cash distributions and special items	$	108,073	$	35,993	$	(5,883	)	$	1,440	$	41,385
Tax and Distribution Data Per $1,000 Invested
Federal income tax results
Ordinary income (loss)
— from operations	$	94.06	$	57.89	$	56.80		$	57.67	$	62.47
— from recapture		—		—		—			—		—
Capital gain (loss)		—		—		—			—		—
Cash distributions to investors
Source (on a tax basis)
— investment income		—		53.56		57.50			57.50		57.50
— return of capital		—		—		—			—		—
Source (on a cash basis)
— sales		—		—		—			—		—
— refinancing		—		—		—			—		—
— operations		—		53.56		57.50			57.50		57.50
— other		—		—		—			—		—
Amount (in percentage terms) remaining invested in program at the end of last year reported in the table											100	%

Past performance is not necessarily indicative of future results.

45

TABLE III

ANNUAL OPERATING RESULTS OF PRIOR REAL ESTATE PROGRAMS (UNAUDITED) — (Continued)

	Walgreens — Natchitoches, LA
	November 2005
	2006		2007		2008		2009
Gross revenues	$	242,647	$	255,718	$	255,356	$	255,068
Profit (loss) on sale of properties		—		—		—		—
Less:
Operating expenses(1)		10,747		9,056		9,097		8,546
Interest expense		116,328		130,858		131,217		130,858
Depreciation and amortization(2)		—		—		—		—
Net income (loss) — Tax basis(3)	$	115,572	$	115,804	$	115,042	$	115,664
Taxable income
— from operations	$	115,572	$	115,804	$	115,042	$	115,664
— from gain on sale		—		—		—		—
Cash generated
— from operations(4)		115,572		115,804		115,042		115,664
— from sales		—		—		—		—
— from refinancing		—		—		—		—
Cash generated from operations, sales and refinancing		115,572		115,804		115,042		115,664
Less: Cash distributions to investors
— from operating cash flow		99,268		114,600		114,597		114,595
— from sales and refinancing		—		—		—		—
— from other		—		—		—		—
Cash generated (deficiency) after cash distributions		16,304		1,204		445		1,069
Less: Special items (not including sales and refinancing)		—		—		—		—
Cash generated (deficiency) after cash distributions and special items	$	16,304	$	1,204	$	445	$	1,069
Tax and Distribution Data Per $1,000 Invested
Federal income tax results
Ordinary income (loss)
— from operations	$	65.55	$	65.69	$	65.25	$	65.61
— from recapture		—		—		—		—
Capital gain (loss)		—		—		—		—
Cash distributions to investors
Source (on a tax basis)
— investment income		56.31		65.00		65.00		65.00
— return of capital		—		—		—		—
Source (on a cash basis)
— sales		—		—		—		—
— refinancing		—		—		—		—
— operations		56.31		65.00		65.00		65.00
— other		—		—		—		—
Amount (in percentage terms) remaining invested in program at the end of last year reported in the table								100	%

Past performance is not necessarily indicative of future results.

46

TABLE III

ANNUAL OPERATING RESULTS OF PRIOR REAL ESTATE PROGRAMS (UNAUDITED) — (Continued)

	Kohl’s — Lakewood, CO
	November 2005
	2006		2007		2008		2009
Gross revenues	$	1,009,577	$	1,064,348	$	1,150,875	$	972,785
Profit (loss) on sale of properties		—		—		—		—
Less:
Operating expenses(1)		27,941		23,997		26,791		22,020
Interest expense		524,194		586,904		588,512		586,904
Depreciation and amortization(2)		—		—		—		—
Net income (loss) — Tax basis(3)	$	457,442	$	453,447	$	535,572	$	363,861
Taxable income
— from operations	$	457,442	$	453,447	$	535,572	$	363,861
— from gain on sale		—		—		—		—
Cash generated
— from operations(4)		457,442		453,447		535,572		363,861
— from sales		—		—		—		—
— from refinancing		—		—		—		—
Cash generated from operations, sales and refinancing		457,442		453,447		535,572		363,861
Less: Cash distributions to investors
— from operating cash flow		387,805		447,660		445,460		447,660
— from sales and refinancing		—		—		—		—
— from other		—		—		—		—
Cash generated (deficiency) after cash distributions		69,637		5,787		90,112		(83,799	)
Less: Special items (not including sales and refinancing)		—		—		—		—
Cash generated (deficiency) after cash distributions and special items	$	69,637	$	5,787	$	90,112	$	(83,799	)
Tax and Distribution Data Per $1,000 Invested
Federal income tax results
Ordinary income (loss)
— from operations	$	61.31	$	60.78	$	71.78	$	48.77
— from recapture		—		—		—		—
Capital gain (loss)		—		—		—		—
Cash distributions to investors
Source (on a tax basis)
— investment income		51.98		60.00		59.71		60.00
— return of capital		—		—		—		—
Source (on a cash basis)
— sales		—		—		—		—
— refinancing		—		—		—		—
— operations		51.98		60.00		59.71		60.00
— other		—		—		—		—
Amount (in percentage terms) remaining invested in program at the end of last year reported in the table								100	%

Past performance is not necessarily indicative of future results.

47

TABLE III

ANNUAL OPERATING RESULTS OF PRIOR REAL ESTATE PROGRAMS (UNAUDITED) — (Continued)

	The Shoppes at North Village — St. Joseph, MO
	December 2005
	2006		2007		2008			2009
Gross revenues	$	2,824,347	$	4,209,047	$	4,139,927		$	3,977,184
Profit (loss) on sale of properties		—		—		—			—
Less:
Operating expenses(1)		871,927		1,270,287		1,486,329			1,285,810
Interest expense		1,094,702		1,611,155		1,615,569			1,611,154
Depreciation and amortization(2)		—		—		—			—
Net income (loss) — Tax basis(3)	$	857,718	$	1,327,605	$	1,038,029		$	1,080,220
Taxable income
— from operations	$	857,718	$	1,327,605	$	1,038,029		$	1,080,220
— from gain on sale		—		—		—			—
Cash generated
— from operations(4)		857,718		1,327,605		1,038,029			1,080,220
— from sales		—		—		—			—
— from refinancing		—		—		—			—
Cash generated from operations, sales and refinancing		857,718		1,327,605		1,038,029			1,080,220
Less: Cash distributions to investors
— from operating cash flow		808,917		1,246,236		1,176,954			846,026
— from sales and refinancing		—		—		—			—
— from other		—		—		—			—
Cash generated (deficiency) after cash distributions		48,801		81,369		(138,925	)		234,194
Less: Special items (not including sales and refinancing)		—		—		—			—
Cash generated (deficiency) after cash distributions and special items	$	48,801	$	81,369	$	(138,925	)	$	234,194
Tax and Distribution Data Per $1,000 Invested
Federal income tax results
Ordinary income (loss)
— from operations	$	41.98	$	64.98	$	50.81		$	52.87
— from recapture		—		—		—			—
Capital gain (loss)		—		—		—			—
Cash distributions to investors
Source (on a tax basis)
— investment income		39.59		61.00		57.18			41.84
— return of capital		—		—		0.43			(0.43	)
Source (on a cash basis)
— sales		—		—		—			—
— refinancing		—		—		—			—
— operations		39.59		61.00		57.18			41.84
— other		—		—		0.43			(0.43	)
Amount (in percentage terms) remaining invested in program at the end of last year reported in the table									100	%

Past performance is not necessarily indicative of future results.

48

TABLE III

ANNUAL OPERATING RESULTS OF PRIOR REAL ESTATE PROGRAMS (UNAUDITED) — (Continued)

	Walgreens — Sumter, SC
	January 2006
	2006		2007		2008			2009
Gross revenues	$	314,624	$	325,980	$	325,445		$	325,085
Profit (loss) on sale of properties		—		—		—			—
Less:
Operating expenses(1)		14,066		13,354		13,830			12,921
Interest expense		158,325		171,598		172,138			171,668
Depreciation and amortization(2)		—		—		—			—
Net income (loss) — Tax basis(3)	$	142,233	$	141,028	$	139,477		$	140,496
Taxable income
— from operations	$	142,233	$	141,028	$	139,477		$	140,496
— from gain on sale		—		—		—			—
Cash generated
— from operations(4)		142,233		141,028		139,477			140,496
— from sales		—		—		—			—
— from refinancing		—		—		—			—
Cash generated from operations, sales and refinancing		142,233		141,028		139,477			140,496
Less: Cash distributions to investors
— from operating cash flow		121,169		139,884		139,887			139,880
— from sales and refinancing		—		—		—			—
— from other		—		—		—			—
Cash generated (deficiency) after cash distributions		21,064		1,144		(410	)		616
Less: Special items (not including sales and refinancing)		—		—		—			—
Cash generated (deficiency) after cash distributions and special items	$	21,064	$	1,144	$	(410	)	$	616
Tax and Distribution Data Per $1,000 Invested
Federal income tax results
Ordinary income (loss)
— from operations	$	66.09	$	65.53	$	64.81		$	65.29
— from recapture		—		—		—			—
Capital gain (loss)		—		—		—			—
Cash distributions to investors
Source (on a tax basis)
— investment income		56.31		65.00		65.00			65.00
— return of capital		—		—		—			—
Source (on a cash basis)
— sales		—		—		—			—
— refinancing		—		—		—			—
— operations		56.31		65.00		65.00			65.00
— other		—		—		—			—
Amount (in percentage terms) remaining invested in program at the end of last year reported in the table									100	%

Past performance is not necessarily indicative of future results.

49

TABLE III

ANNUAL OPERATING RESULTS OF PRIOR REAL ESTATE PROGRAMS (UNAUDITED) — (Continued)

	Kohl’s — St. Joseph, MO
	February 2006
	2006		2007			2008		2009
Gross revenues	$	564,619	$	710,939		$	801,046	$	694,012
Profit (loss) on sale of properties		—		—			—		—
Less:
Operating expenses(1)		159,442		179,656			170,276		162,445
Interest expense		190,758		325,358			326,249		325,358
Depreciation and amortization(2)		—		—			—		—
Net income (loss) — Tax basis(3)	$	214,419	$	205,925		$	304,521	$	206,209
Taxable income
— from operations	$	214,419	$	205,925		$	304,521	$	206,209
— from gain on sale		—		—			—		—
Cash generated
— from operations(4)		214,419		205,925			304,521		206,209
— from sales		—		—			—		—
— from refinancing		—		—			—		—
Cash generated from operations, sales and refinancing		214,419		205,925			304,521		206,209
Less: Cash distributions to investors
— from operating cash flow		132,308		247,020			247,020		247,020
— from sales and refinancing		—		—			—		—
— from other		—		—			—		—
Cash generated (deficiency) after cash distributions		82,111		(41,095	)		57,501		(40,811	)
Less: Special items (not including sales and refinancing)		—		—			—		—
Cash generated (deficiency) after cash distributions and special items	$	82,111	$	(41,095	)	$	57,501	$	(40,811	)
Tax and Distribution Data Per $1,000 Invested
Federal income tax results
Ordinary income (loss)
— from operations	$	52.08	$	50.02		$	73.97	$	50.09
— from recapture		—		—			—		—
Capital gain (loss)		—		—			—		—
Cash distributions to investors
Source (on a tax basis)
— investment income		32.14		60.00			60.00		60.00
— return of capital		—		—			—		—
Source (on a cash basis)
— sales		—		—			—		—
— refinancing		—		—			—		—
— operations		32.14		60.00			60.00		60.00
— other		—		—			—		—
Amount (in percentage terms) remaining invested in program at the end of last year reported in the table									100	%

Past performance is not necessarily indicative of future results.

50

TABLE III

ANNUAL OPERATING RESULTS OF PRIOR REAL ESTATE PROGRAMS (UNAUDITED) — (Continued)

	Home Depot — Bellingham, WA
	April 2006
	2006		2007		2008		2009
Gross revenues	$	608,739	$	1,571,778	$	1,572,745	$	1,568,675
Profit (loss) on sale of properties		—		—		—		—
Less:
Operating expenses(1)		14,676		54,775		60,817		59,764
Interest expense		—		—		—		—
Depreciation and amortization(2)		—		—		—		—
Net income (loss) — Tax basis(3)	$	594,063	$	1,517,003	$	1,511,928	$	1,508,911
Taxable income
— from operations	$	594,063	$	1,517,003	$	1,511,928	$	1,508,911
— from gain on sale		—		—		—		—
Cash generated
— from operations(4)		594,063		1,517,003		1,511,928		1,508,911
— from sales		—		—		—		—
— from refinancing		—		—		—		—
Cash generated from operations, sales and refinancing		594,063		1,517,003		1,511,928		1,508,911
Less: Cash distributions to investors
— from operating cash flow		463,771		1,494,708		1,494,264		1,494,715
— from sales and refinancing		—		—		—		—
— from other		—		—		—		—
Cash generated (deficiency) after cash distributions		130,292		22,295		17,664		14,196
Less: Special items (not including sales and refinancing)		—		—		—		—
Cash generated (deficiency) after cash distributions and special items	$	130,292	$	22,295	$	17,664	$	14,196
Tax and Distribution Data Per $1,000 Invested
Federal income tax results
Ordinary income (loss)
— from operations	$	24.05	$	61.40	$	61.20	$	61.07
— from recapture		—		—		—		—
Capital gain (loss)		—		—		—		—
Cash distributions to investors
Source (on a tax basis)
— investment income		18.77		60.50		60.48		60.50
— return of capital		—		—		—		—
Source (on a cash basis)
— sales		—		—		—		—
— refinancing		—		—		—		—
— operations		18.77		60.50		60.48		60.50
— other		—		—		—		—
Amount (in percentage terms) remaining invested in program at the end of last year reported in the table								100	%

Past performance is not necessarily indicative of future results.

51

TABLE III

ANNUAL OPERATING RESULTS OF PRIOR REAL ESTATE PROGRAMS (UNAUDITED) — (Continued)

	Cole Net Lease Portfolio I
	May 2006
	2006		2007		2008			2009
Gross revenues	$	583,357	$	1,429,279	$	1,426,846		$	1,424,945
Profit (loss) on sale of properties		—		—		15,000			—
Less:
Operating expenses(1)		26,130		36,148		49,261			45,508
Interest expense		265,912		752,356		754,449			752,387
Depreciation and amortization(2)		—		—		—			—
Net income (loss) — Tax basis(3)	$	291,315	$	640,775	$	638,136		$	627,050
Taxable income
— from operations	$	291,315	$	640,775	$	623,136		$	627,050
— from gain on sale		—		—		15,000			—
Cash generated
— from operations(4)		291,315		640,775		623,136			627,050
— from sales		—		—		15,000			—
— from refinancing		—		—		—			—
Cash generated from operations, sales and refinancing		291,315		640,775		638,136			627,050
Less: Cash distributions to investors
— from operating cash flow		203,698		623,484		623,482			623,480
— from sales and refinancing		—		—		15,000			—
— from other		—		—		—			—
Cash generated (deficiency) after cash distributions		87,617		17,291		(346	)		3,570
Less: Special items (not including sales and refinancing)		—		—		—			—
Cash generated (deficiency) after cash distributions and special items	$	87,617	$	17,291	$	(346	)	$	3,570
Tax and Distribution Data Per $1,000 Invested
Federal income tax results
Ordinary income (loss)
— from operations	$	30.37	$	66.80	$	64.96		$	65.37
— from recapture		—		—		—			—
Capital gain (loss)		—		—		1.56			—
Cash distributions to investors
Source (on a tax basis)
— investment income		21.24		65.00		65.00			65.00
— return of capital		—		—		—			—
Source (on a cash basis)
— sales		—		—		1.56			—
— refinancing		—		—		—			—
— operations		21.24		65.00		63.44			65.00
— other		—		—		—			—
Amount (in percentage terms) remaining invested in program at the end of last year reported in the table									100	%

Past performance is not necessarily indicative of future results.

52

TABLE III

ANNUAL OPERATING RESULTS OF PRIOR REAL ESTATE PROGRAMS (UNAUDITED) — (Continued)

	Cole Net Lease Portfolio II
	June 2006
	2006		2007		2008		2009
Gross revenues	$	313,447	$	1,539,612	$	1,579,494	$	1,529,434
Profit (loss) on sale of properties		—		—		—		—
Less:
Operating expenses(1)		4,849		64,435		75,030		71,118
Interest expense		133,317		797,719		799,905		797,719
Depreciation and amortization(2)		—		—		—		—
Net income (loss) — Tax basis(3)	$	175,281	$	677,458	$	704,559	$	660,597
Taxable income
— from operations	$	175,281	$	677,458	$	704,559	$	660,597
— from gain on sale		—		—		—		—
Cash generated
— from operations(4)		175,281		677,458		704,559		660,597
— from sales		—		—		—		—
— from refinancing		—		—		—		—
Cash generated from operations, sales and refinancing		175,281		677,458		704,559		660,597
Less: Cash distributions to investors
— from operating cash flow		77,402		650,712		650,718		650,710
— from sales and refinancing		—		—		—		—
— from other		—		—		—		—
Cash generated (deficiency) after cash distributions		97,879		26,746		53,841		9,887
Less: Special items (not including sales and refinancing)		—		—		—		—
Cash generated (deficiency) after cash distributions and special items	$	97,879	$	26,746	$	53,841	$	9,887
Tax and Distribution Data Per $1,000 Invested
Federal income tax results
Ordinary income (loss)
— from operations	$	17.51	$	67.67	$	70.38	$	65.99
— from recapture		—		—		—		—
Capital gain (loss)		—		—		—		—
Cash distributions to investors
Source (on a tax basis)
— investment income		7.73		65.00		65.00		65.00
— return of capital		—		—		—		—
Source (on a cash basis)
— sales		—		—		—		—
— refinancing		—		—		—		—
— operations		7.73		65.00		65.00		65.00
— other		—		—		—		—
Amount (in percentage terms) remaining invested in program at the end of last year reported in the table								100	%

Past performance is not necessarily indicative of future results.

53

TABLE III

ANNUAL OPERATING RESULTS OF PRIOR REAL ESTATE PROGRAMS (UNAUDITED) — (Continued)

	Barrywoods Crossing — Kansas City, MO
	July 2006
	2006		2007			2008			2009
Gross revenues	$	969,929	$	3,887,472		$	4,145,429		$	3,894,998
Profit (loss) on sale of properties		—		—			—			—
Less:
Operating expenses(1)		642,129		1,261,696			1,391,359			1,333,093
Interest expense		126,766		1,521,195			1,546,548			1,542,323
Depreciation and amortization(2)		—		—			—			—
Net income (loss) — Tax basis(3)	$	201,034	$	1,104,581		$	1,207,522		$	1,019,582
Taxable income
— from operations	$	201,034	$	1,104,581		$	1,207,522		$	1,019,582
— from gain on sale		—		—			—			—
Cash generated
— from operations(4)		201,034		1,104,581			1,207,522			1,019,582
— from sales		—		—			—			—
— from refinancing		—		—			—			—
Cash generated from operations, sales and refinancing		201,034		1,104,581			1,207,522			1,019,582
Less: Cash distributions to investors
— from operating cash flow		—		1,486,685			1,198,964			893,615
— from sales and refinancing		—		—			—			—
— from other		—		—			—			—
Cash generated (deficiency) after cash distributions		201,034		(382,104	)		8,558			125,967
Less: Special items (not including sales and refinancing)		—		—			—			—
Cash generated (deficiency) after cash distributions and special items	$	201,034	$	(382,104	)	$	8,558		$	125,967
Tax and Distribution Data Per $1,000 Invested
Federal income tax results
Ordinary income (loss)
— from operations	$	9.85	$	54.15		$	59.19		$	49.98
— from recapture		—		—			—			—
Capital gain (loss)		—		—			—			—
Cash distributions to investors
Source (on a tax basis)
— investment income		—		64.00			59.19			49.97
— return of capital		—		8.88			(0.42	)		(6.17	)
Source (on a cash basis)
— sales		—		—			—			—
— refinancing		—		—			—			—
— operations		—		64.00			59.19			49.97
— other		—		8.88			(0.42	)		(6.17	)
Amount (in percentage terms) remaining invested in program at the end of last year reported in the table										100	%

Past performance is not necessarily indicative of future results.

54

TABLE III

ANNUAL OPERATING RESULTS OF PRIOR REAL ESTATE PROGRAMS (UNAUDITED) — (Continued)

	Cole Net Lease Portfolio III
	December 2006
	2006		2007		2008		2009
Gross revenues	$	—	$	2,447,247	$	2,416,921	$	2,413,694
Profit (loss) on sale of properties		—		—		13,766		—
Less:
Operating expenses(1)		—		119,032		109,158		107,334
Interest expense		—		1,241,384		1,305,593		1,302,026
Depreciation and amortization(2)		—		—		—		—
Net income (loss) — Tax basis(3)	$	—	$	1,086,831	$	1,015,936	$	1,004,334
Taxable income
— from operations	$	—	$	1,086,831	$	1,002,170	$	1,004,334
— from gain on sale		—		—		13,766		—
Cash generated
— from operations(4)		—		1,086,831		1,002,170		1,004,334
— from sales		—		—		21,115		—
— from refinancing		—		—		—		—
Cash generated from operations, sales and refinancing		—		1,086,831		1,023,285		1,004,334
Less: Cash distributions to investors
— from operating cash flow		—		1,004,184		1,004,185		1,004,184
— from sales and refinancing		—		—		13,766		—
— from other		—		—		—		—
Cash generated (deficiency) after cash distributions		—		82,647		5,334		150
Less: Special items (not including sales and refinancing)		—		—		—		—
Cash generated (deficiency) after cash distributions and special items	$	—	$	82,647	$	5,334	$	150
Tax and Distribution Data Per $1,000 Invested
Federal income tax results
Ordinary income (loss)
— from operations	$	—	$	70.35	$	64.87	$	65.01
— from recapture		—		—		—		—
Capital gain (loss)		—		—		0.89		—
Cash distributions to investors
Source (on a tax basis)
— investment income		—		65.00		65.00		65.00
— return of capital		—		—		—		—
Source (on a cash basis)
— sales		—		—		0.89		—
— refinancing		—		—		—		—
— operations		—		65.00		64.11		65.00
— other		—		—		—		—
Amount (in percentage terms) remaining invested in program at the end of last year reported in the table								100	%

Past performance is not necessarily indicative of future results.

55

TABLE III

ANNUAL OPERATING RESULTS OF PRIOR REAL ESTATE PROGRAMS (UNAUDITED) — (Continued)

	Centerpointe Shopping Center — Woodridge, IL
	May 2007
	2006		2007		2008			2009
Gross revenues	$	—	$	2,632,042	$	4,241,709		$	4,267,839
Profit (loss) on sale of properties		—		—		—			—
Less:
Operating expenses(1)		—		643,478		1,525,240			1,393,905
Interest expense		—		837,535		1,525,064			1,520,897
Depreciation and amortization(2)		—		—		—			—
Net income (loss) — Tax basis(3)	$	—	$	1,151,029	$	1,191,405		$	1,353,037
Taxable income
— from operations	$	—	$	1,151,029	$	1,191,405		$	1,353,037
— from gain on sale		—		—		—			—
Cash generated
— from operations(4)		—		1,151,029		1,191,405			1,353,037
— from sales		—		—		—			—
— from refinancing		—		—		—			—
Cash generated from operations, sales and refinancing		—		1,151,029		1,191,405			1,353,037
Less: Cash distributions to investors
— from operating cash flow		—		807,647		1,334,400			1,334,400
— from sales and refinancing		—		—		—			—
— from other		—		—		—			—
Cash generated (deficiency) after cash distributions		—		343,382		(142,995	)		18,637
Less: Special items (not including sales and refinancing)		—		—		—			—
Cash generated (deficiency) after cash distributions and special items	$	—	$	343,382	$	(142,995	)	$	18,637
Tax and Distribution Data Per $1,000 Invested
Federal income tax results
Ordinary income (loss)
— from operations	$	—	$	52.08	$	53.91		$	61.22
— from recapture		—		—		—			—
Capital gain (loss)		—		—		—			—
Cash distributions to investors
Source (on a tax basis)
— investment income		—		36.55		60.38			60.38
— return of capital		—		—		—			—
Source (on a cash basis)
— sales		—		—		—			—
— refinancing		—		—		—			—
— operations		—		36.55		60.38			60.38
— other		—		—		—			—
Amount (in percentage terms) remaining invested in program at the end of last year reported in the table									100	%

Past performance is not necessarily indicative of future results.

56

TABLE III

ANNUAL OPERATING RESULTS OF PRIOR REAL ESTATE PROGRAMS (UNAUDITED) — (Continued)

	Cole Net Lease Portfolio IV							Cole Net Lease Portfolio V
	May 2007							June 2007
	2007		2008		2009			2007		2008			2009
Gross revenues	$	533,742	$	904,933	$	890,068		$	1,216,587	$	2,873,638		$	3,074,756
Profit (loss) on sale of properties		—		—		—			—		—			—
Less:
Operating expenses(1)		57,576		150,569		136,884			33,570		109,101			104,964
Interest expense		217,699		368,879		367,871			444,412		1,378,431			1,374,664
Depreciation and amortization(2)		—		—		—			—		—			—
Net income (loss) — Tax basis(3)	$	258,467	$	385,485	$	385,313		$	738,605	$	1,386,106		$	1,595,128
Taxable income
— from operations	$	258,467	$	385,485	$	385,313		$	738,605	$	1,386,106		$	1,595,128
— from gain on sale		—		—		—			—		—			—
Cash generated
— from operations(4)		258,467		385,485		385,313			738,605		1,386,106			1,595,128
— from sales		—		—		—			—		—			—
— from refinancing		—		—		—			—		—			—
Cash generated from operations, sales and refinancing		258,467		385,485		385,313			738,605		1,386,106			1,595,128
Less: Cash distributions to investors
— from operating cash flow		232,801		360,185		360,180			550,545		1,449,144			1,449,147
— from sales and refinancing		—		—		—			—		—			—
— from other		—		—		—			—		—			—
Cash generated (deficiency) after cash distributions		25,666		25,300		25,133			188,060		(63,038	)		145,981
Less: Special items (not including sales and refinancing)		—		—		—			—		—			—
Cash generated (deficiency) after cash distributions and special items	$	25,666	$	25,300	$	25,133		$	188,060	$	(63,038	)	$	145,981
Tax and Distribution Data Per $1,000 Invested
Federal income tax results
Ordinary income (loss)
— from operations	$	43.06	$	64.22	$	64.19		$	33.64	$	63.13		$	72.65
— from recapture		—		—		—			—		—			—
Capital gain (loss)		—		—		—			—		—			—
Cash distributions to investors
Source (on a tax basis)
— investment income		38.78		60.00		60.00			25.07		66.00			66.00
— return of capital		—		—		—			—		—			—
Source (on a cash basis)
— sales		—		—		—			—		—			—
— refinancing		—		—		—			—		—			—
— operations		38.78		60.00		60.00			25.07		66.00			66.00
— other		—		—		—			—		—			—
Amount (in percentage terms) remaining invested in program at the end of last year reported in the table						100	%							100	%

Past performance is not necessarily indicative of future results.

57

TABLE III

ANNUAL OPERATING RESULTS OF PRIOR REAL ESTATE PROGRAMS (UNAUDITED) — (Continued)

	Cole Net Lease Portfolio VI
	September 2007
	2007		2008		2009
Gross revenues	$	598,105	$	3,551,029	$	3,497,557
Profit (loss) on sale of properties		—		—		—
Less:
Operating expenses(1)		45,111		229,233		212,360
Interest expense		144,049		1,700,718		1,696,068
Depreciation and amortization(2)		—		—		—
Net income (loss) — Tax basis(3)	$	408,945	$	1,621,078	$	1,589,129
Taxable income
— from operations	$	408,945	$	1,621,078	$	1,589,129
— from gain on sale		—		—		—
Cash generated
— from operations(4)		408,945		1,621,078		1,589,129
— from sales		—		—		—
— from refinancing		—		—		—
Cash generated from operations, sales and refinancing		408,945		1,621,078		1,589,129
Less: Cash distributions to investors
— from operating cash flow		269,301		1,589,676		1,589,678
— from sales and refinancing		—		—		—
— from other		—		—		—
Cash generated (deficiency) after cash distributions		139,644		31,402		(549	)
Less: Special items (not including sales and refinancing)		—		—		—
Cash generated (deficiency) after cash distributions and special items	$	139,644	$	31,402	$	(549	)
Tax and Distribution Data Per $1,000 Invested
Federal income tax results
Ordinary income (loss)
— from operations	$	17.58	$	63.22	$	61.98
— from recapture		—		—		—
Capital gain (loss)		—		—		—
Cash distributions to investors
Source (on a tax basis)
— investment income		11.57		62.00		62.00
— return of capital		—		—		—
Source (on a cash basis)
— sales		—		—		—
— refinancing		—		—		—
— operations		11.57		62.00		62.00
— other		—		—		—
Amount (in percentage terms) remaining invested in program at the end of last year reported in the table						100	%

Past performance is not necessarily indicative of future results.

58

TABLE III

ANNUAL OPERATING RESULTS OF PRIOR REAL ESTATE PROGRAMS (UNAUDITED) — (Continued)

(1)	Operating expenses include management fees paid to affiliates for such services as accounting, property supervision, etc.
(2)	Amortization of organizational costs is computed over a period of 60 months. Depreciation of commercial real estate property is determined on the straight-line method over an estimated useful life of 39 years. Leasehold interests are amortized over the life of the lease.
(3)	The respective program maintains its books on a tax basis of accounting rather than a GAAP basis. There are several potential differences in tax and GAAP basis, including, among others: (a) tax basis accounting does not take certain income or expense accruals into consideration at the end of each fiscal year, (b) rental income is recorded on a tax basis, as it is received where it is accrued on a straight-line basis over the life of the lease for GAAP, and (c) all properties are recorded at cost and depreciated over their estimated useful life on a tax basis even if they qualify as a direct financing lease for GAAP purposes. These differences generally result in timing differences between fiscal years but total operating income over the life of the program will not be significantly different between the two basis of accounting.
(4)	Cash generated from operations generally includes net income plus depreciation and amortization plus, where applicable, any decreases in accounts receivable and accrued rental income or increases in accounts payable minus, where applicable, any increases in accounts receivable and accrued rental income or decreases in accounts payable. In addition, cash generated from operations is reduced for any property costs related to development projects and is increased by proceeds when the project is sold (usually in less than twelve months).
(5)	Investors in this program receive interest per annum, which is included in interest expense. Therefore, tax and cash distribution data per $1,000 invested is not applicable.
(6)	Cole Credit Property Trust, Inc., and Cole Credit Property Trust II, Inc. maintain their books on a GAAP basis of accounting rather than on a tax basis.
(7)	Represents cash flows from operations in excess of distributions from previous periods.
(8)	Represents cash flows from operations in excess of distributions from previous periods and cash proceeds from line of credit borrowings.

Past performance is not necessarily indicative of future results.

59

TABLE IV

RESULTS OF COMPLETED PROGRAMS (UNAUDITED)

The following table presents summary information on the results of Prior Real Estate Programs that completed operations since January 1, 2005 and that had similar or identical investment objectives to those of this program. All amounts are from the inception of the program to the date the program was completed.

	Cole			Cole
	Southwest			Collateralized			Cole
	Opportunity			Senior Notes,			Santa Fe
Program Name	Fund LP			LLC			Investors, LP
Dollar amount raised	$	13,905,850		$	28,038,500		$	6,180,000
Number of properties purchased		2			45			1
Date of closing of offering		8/12/2001			6/3/2004			11/20/2002
Date of first sale of property		6/1/2002			11/6/2003			11/30/2007
Date of final sale of property		4/6/2005			4/26/2006			11/30/2007
Tax and Distribution Data Per $1,000 Investment Through 12/31/09
Federal income tax results:
Ordinary income (loss)
— from operations	$	(344	)	$	—	(2)	$	(304	)
— from recapture		247			—	(2)		429
Capital gain (loss)		80			—	(2)		1,762
Deferred gain
— Capital		—			—	(2)		—
— Ordinary		—			—	(2)		—
Cash distributions to investors:
Source (on Tax Basis)(1)
— Investment income		2			—	(2)		824
— Return of capital		829			28,038,500	(2)		1,000
Source (on Cash Basis)
— Sales		829			85,696,933	(3)		1,731
— Refinancing		—			—	(2)		—
— Operations		2			(506,433	)(2)		93
— Other		—			—	(2)		—
Receivable on net purchase money financing		—			—			—

Past performance is not necessarily indicative of future results.

60

TABLE IV

RESULTS OF COMPLETED PROGRAMS (UNAUDITED) — (Continued)

					Cole
			Cole Credit		Collateralized
	Cole Credit		Property		Senior
	Property		Fund II,		Notes II,
Program Name	Fund, LP		LP		LLC
Dollar amount raised	$	25,000,000	$	24,494,500	$	28,750,000
Number of properties purchased		14		10		49
Date of closing of offering		9/2/2003		3/25/2004		2/15/2005
Date of first sale of property		9/30/2008		9/30/2008		8/13/2004
Date of final sale of property		9/30/2008		9/30/2008		5/8/2008
Tax and Distribution Data Per $1,000 Investment Through 12/31/09
Federal income tax results:
Ordinary income (loss)
— from operations	$	230	$	218	$	—	(2)
— from recapture		220		252		—	(2)
Capital gain (loss)		202		119		—	(2)
Deferred gain
— Capital		—		—		—	(2)
— Ordinary		—		—		—	(2)
Cash distributions to investors:
Source (on Tax Basis)(1)
— Investment income		488		507		—	(2)
— Return of capital		1,000		1,000		28,750,000	(2)
Source (on Cash Basis)
— Sales		1,035		1,091		153,355,044	(3)
— Refinancing		—		—		—	(2)
— Operations		453		416		(7,231,419	)(2)
— Other		—		—		—	(2)
Receivable on net purchase money financing		—		—		—

(1)	The respective program maintains its books on a tax basis of accounting rather than on a GAAP basis. There are potential differences in accounting for cash distributions on a tax basis and GAAP basis, the most significant of which is that partnership syndication costs, which include securities commissions and other costs, would be recorded as a reduction of capital for GAAP purposes, which would result in lower return of capital and higher investment income amounts on a GAAP basis than on a tax basis.
(2)	Investors in this program receive interest per annum, which is included in interest expense. Therefore, tax and cash distribution data per $1,000 invested is not applicable.
(3)	Over the course of the program, certain properties acquired with the initial note proceeds were sold and the sales proceeds were reinvested in replacement properties. Certain replacement properties were subsequently sold and the sales proceeds were reinvested in new replacement properties, this may have occurred multiple times over the life of the program or certain properties. This amount represents the accumulated proceeds from sale and reinvestment of the sales proceeds in replacement properties.

Past performance is not necessarily indicative of future results.

61

TABLE V

RESULTS OF SALES OR DISPOSALS OF PROPERTIES (UNAUDITED)

This table provides summary information on the results of sales or disposals of properties since January 1, 2007 by Prior Real Estate Programs having similar investment objectives to those of this program. All amounts are through December 31, 2009.

																					Excess
															Including Closing and Soft Costs						(Deficiency)
					Selling Price, Net of Closing Costs and GAAP Adjustments												Total				of Property
									Purchase								Acquisition				Operating
									Money		Adjustments						Cost, Capital				Cash
					Cash Received		Mortgage		Mortgage		Resulting from				Original		Improvements,				Receipts
	Date		Date of		Net of Closing		Balance at		Taken Back by		Application of				Mortgage		Closing and				Over Cash
Property	Acquired		Sale		Costs		Time of Sale		Program		GAAP(3)		Total(1)		Financing		Soft Costs(2)		Total		Expenditures
Cole Santa Fe Investors, LP — Santa Fe Square		07/99		11/07		11,243,173		15,026,825		—		—		26,269,998		3,443,065		12,809,742		16,252,807		319,660
Cole Collateralized Senior Notes II, LLC
DST Interests in Home Depot Bellingham, WA(5)		01/06		01/07		22,462,440		—		—		—		22,462,440		17,040,000		5,422,440		22,462,440		643,729
Walgreens New Kensington, PA		04/06		05/07		2,099,420		3,255,000		—		—		5,354,420		4,006,000		1,311,550		5,317,550		149,434
Walgreens Lorain, OH		11/06		06/07		5,134,371		—		—		—		5,134,371		—		4,944,487		4,944,487		174,154
DST Interests in Cole Net Lease Portfolio V(9)(5)		Various		09/07		19,985,580		25,443,000		—		—		45,428,580		29,464,000		15,964,580		45,428,580		302,801
Tortuga Cantina Woodlands, TX		12/03		05/08		502,807		1,355,250		—		—		1,858,057		1,345,997		671,188		2,017,185		414,142
Cole Collateralized Senior Notes III, LLC
DST Interests in Cole Net Lease Portfolio III(7)(5)		Various		02/07		13,776,305		23,365,000		—		—		37,141,305		28,418,000		8,723,305		37,141,305		187,120
Walgreens Grandview, MO		09/06		01/07		1,684,764		4,918,000		—		—		6,602,764		4,918,000		1,463,883		6,381,883		41,637
Walgreens Morgantown, WV		09/06		03/07		2,358,280		3,563,000		—		—		5,921,280		4,385,000		1,398,566		5,783,566		81,761
Walgreens Kinston, NC		11/06		06/07		2,142,100		3,052,000		—		—		5,194,100		3,756,000		1,175,790		4,931,790		45,750
Taco Bell Elwood, IN		07/07		08/07		581,963		960,000		—		—		1,541,963		—		1,350,237		1,350,237		7,369
DST Interests in Cole Net Lease Portfolio VI(10)(5)		Various		02/08		23,798,400		29,740,000		—		—		53,538,400		29,740,000		23,798,400		53,538,400		386,094
Cole Collateralized Senior Notes IV, LLC
DST Interests in Cole Net Lease Portfolio IV(8)(5)		Various		08/07		5,301,010		6,488,000		—		—		11,789,010		8,899,000		2,890,010		11,789,010		51,556
Walgreens Auburn, AL		05/06		06/07		2,338,561		3,505,000		—		—		5,843,561		4,314,000		1,398,221		5,712,221		148,452
Cole Acquisitions I, LLC(6)
TIC Interests in Barrywoods Crossing Kansas City, MO(4)		06/06		01/07		17,968,247		28,275,000		—		—		46,243,247		38,200,000		8,043,247		46,243,247		543,718
TIC Interests in Centerpointe of Woodridge(4)		02/07		12/07		19,513,890		29,413,000		—		—		48,926,890		36,200,000		12,726,890		48,926,890		462,795
CVS Robertsdale, AL		04/06		02/08		1,703,695		2,720,000		—		—		4,423,695		3,348,000		1,111,360		4,459,360		222,906
Cole Credit Property Fund, LP
Payless Shoes Columbia, SC		02/03		09/08		539,250		860,000		—		—		1,399,250		—		1,581,966		1,581,966		582,574
Walgreens Jacksonville, FL		02/03		09/08		2,538,500		2,510,750		—		—		5,049,250		3,652,000		855,318		4,507,318		1,398,635
CVS Hamilton, OH		03/03		09/08		1,811,750		1,787,500		—		—		3,599,250		—		3,266,592		3,266,592		1,058,181
Walgreens Akron, OH		04/03		09/08		919,250		1,900,000		—		—		2,819,250		—		2,800,400		2,800,400		688,613
Walgreens Seattle, WA		04/03		09/08		3,299,244		3,349,500		—		—		6,648,744		4,848,000		1,223,201		6,071,201		2,019,210
Walgreens LaMarque, TX		05/03		09/08		2,232,250		2,277,000		—		—		4,509,250		3,296,000		832,650		4,128,650		1,188,276
CVS Mechanicville, NY		06/03		09/08		1,298,850		1,290,000		—		—		2,588,850		1,824,000		544,647		2,368,647		649,045
Office Depot Laurel, MS		06/03		09/08		1,379,250		1,270,000		—		—		2,649,250		—		2,320,534		2,320,534		815,536
Home Depot Colma, CA(11)		06/03		09/08		17,553,309		21,613,000		—		—		39,166,309		26,400,000		6,970,111		33,370,111		11,735,401
Walgreens Saginaw, MI		06/03		09/08		1,916,750		2,282,500		—		—		4,199,250		—		4,141,775		4,141,775		1,222,700
Walgreens Tulsa, OK		08/03		09/08		973,750		1,215,500		—		—		2,189,250		—		2,208,207		2,208,207		675,934
Walgreens Broken Arrow, OK		08/03		09/08		971,750		1,127,500		—		—		2,099,250		—		2,041,363		2,041,363		628,969
Office Depot — London, KY		09/03		09/08		1,819,250		1,680,000		—		—		3,499,250		—		3,076,041		3,076,041		1,070,680
Cole Credit Property Fund II, LP
Best Buy Las Cruces, NM		11/03		09/08		2,290,250		3,809,000		—		—		6,099,250		—		5,873,060		5,873,060		1,473,826
Staples Angola, IN		12/03		09/08		1,200,250		1,999,000		—		—		3,199,250		—		3,087,065		3,087,065		733,421

Past performance is not necessarily indicative of future results.

62

TABLE V

RESULTS OF SALES OR DISPOSALS OF PROPERTIES (UNAUDITED) — (Continued)

																					Excess
															Including Closing and Soft Costs						(Deficiency)
					Selling Price, Net of Closing Costs and GAAP Adjustments												Total				of Property
									Purchase								Acquisition				Operating
									Money		Adjustments						Cost, Capital				Cash
					Cash Received		Mortgage		Mortgage		Resulting from				Original		Improvements,				Receipts
	Date		Date of		Net of Closing		Balance at		Taken Back by		Application of				Mortgage		Closing and				Over Cash
Property	Acquired		Sale		Costs		Time of Sale		Program		GAAP(3)		Total(1)		Financing		Soft Costs(2)		Total		Expenditures
TJ Maxx Staunton, VA		02/04		09/08		1,183,250		3,116,000		—		—		4,299,250		—		5,033,670		5,033,670		1,320,813
AT&T Santa Clara, CA		03/04		09/08		4,156,030		6,032,000		—		—		10,188,030		—		9,293,258		9,293,258		2,025,298
Walgreens Tulsa (Memorial), OK		03/04		09/08		1,023,250		1,926,000		—		—		2,949,250		2,320,000		657,933		2,977,933		631,667
Walgreens Crossville, TN		03/04		09/08		1,696,250		2,753,000		—		—		4,449,250		3,388,000		871,868		4,259,868		815,324
CVS Columbia I, TN		05/04		09/08		884,250		1,715,000		—		—		2,599,250		1,840,000		547,215		2,387,215		275,980
CVS Columbia II, TN		05/04		09/08		664,250		1,735,000		—		—		2,399,250		1,860,000		558,230		2,418,230		291,369
Walgreens Newton, IA		10/04		09/08		1,936,250		2,393,000		—		—		4,329,250		2,393,000		2,107,368		4,500,368		794,166

(1)	None of the amounts are being reported for tax purposes on the installment basis. See Table IV for allocation of the taxable gains between ordinary and capital income for all sales.
(2)	The amounts shown do not include a pro rata share of the original offering costs. There were no carried interest received in lieu of commissions in connection with the acquisition of the property.
(3)	As the financial statements are prepared on an income tax basis, there are no GAAP adjustments included herein.
(4)	Amounts herein relate to the sale oftenant-in-common interests in a single-tenant commercial property. There was no gain or loss related to the sales as the interests in the property were sold at cost, with each purchaser acquiring their interest with cash and the assumption of a pro-rata portion of any existing loan on the property.
(5)	Amounts herein relate to the sale of DST interests in single-tenant commercial properties. There was no gain or loss related to the sales as the interests in the property were sold at cost, with each purchaser acquiring their interest with cash and the assumption of a pro-rata portion of any existing loan on the property.
(6)	These properties were acquired by a joint venture between Cole Collateralized Senior Notes, LLC, Cole Collateralized Senior Notes II, LLC, Cole Collateralized Senior Notes III, LLC, and Cole Collateralized Senior Notes IV, LLC.
(7)	Cole Net Lease Portfolio III DST includes: BJ’s Wholesale Kendall, FL, CVS Baton Rouge, LA, and CVS San Antonio, TX.
(8)	Cole Net Lease Portfolio IV DST includes: Tractor Supply Rutland, VT, Tractor Supply Watertown, WI, and Walgreens Ozark, MO.
(9)	Cole Net Lease Portfolio V DST includes: CVS Flowery Branch, GA, Walgreens Ellenton, FL, Walgreens Gretna, LA, Walgreens Mineral Wells, TX, Logan’s Roadhouse Houston, TX, Logan’s Roadhouse Killeen, TX, Logan’s Roadhouse Tuscaloosa, AL, Logan’s Roadhouse Waco, TX, andWal-Mart Chanute, KS.
(10)	Cole Net Lease Portfolio VI DST includes: Mercedes Benz West Covina, CA, Walgreens Westford, MA, Walgreens Wilmington, MA, Walgreens Brenham, TX, Starbucks Crestwood, KY, Starbucks Danville, KY, and Starbucks Somerset, KY.
(11)	Home Depot Colma, CA was acquired by Cole Credit Property Fund, LP and Cole Credit Property Fund II, LP.

Past performance is not necessarily indicative of future results.

63