Cole Real Estate Investments 8-K Entry into a Material Definitive Agreement

Exhibit 99.2

Supplemental Financial Information

First Quarter 2013, Unaudited

June 4, 2013

Cole Real Estate Investments, Inc.

(f/k/a Cole Credit Property Trust III, Inc.)

Supplemental Unaudited Operating and Financial Data

As of and for the three months ended March 31, 2013

Highlights
Company Overview	3
Forward Looking Statements	3
Financial Information
Condensed Consolidated Unaudited Balance Sheets	4
Condensed Consolidated Unaudited Statements of Income	5
Financial and Operational Statistics	6
Reconciliation of GAAP Net Income to Adjusted EBITDA	7
Historical FFO and AFFO	8
Portfolio Information
Property Type Diversification	9
Tenant Diversification	10
Geographic Diversification	11
Lease Expirations	12
Industry Diversification	13
Multi-Tenant Property Summary	14
Unconsolidated Joint Venture Investment Summary	17
Debt Information
Portfolio Debt Overview	18
Terms and Definitions	19

2

About Cole Real Estate Investments, Inc.

Cole Real Estate Investments, Inc. (the “Company” or “Cole”, formerly known as “Cole Credit Property Trust III, Inc.” or “CCPT III”) is a real estate investment trust that owns and operates a diversified portfolio of core commercial real estate investments primarily consisting of approximately 1,000 necessity retail, office and industrial properties located throughout the United States. Cole’s portfolio comprises more than 40 million square feet of rentable space located in 47 states, including properties owned through consolidated joint venture arrangements. As of March 31, 2013, the rentable space at these properties was 99% leased.

Forward-Looking Statements

Certain statements contained in this release may be considered forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). We intend for all such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 27A of the Securities Act and Section 21E of the Exchange Act, as applicable. Such statements include, in particular, statements about Cole’s plans, strategies, and prospects and are subject to certain risks and uncertainties, as well as known and unknown risks, which could cause actual results to differ materially from those projected or anticipated. Therefore, such statements are not intended to be a guarantee of Cole’s performance in future periods. Such forward-looking statements can generally be identified by our use of forward-looking terminology such as “may,” “will,” “would,” “could,” “should,” “expect,” “intend,” “anticipate,” “estimate,” “believe,” “continue,” or other similar words. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this release. Cole makes no representation or warranty (express or implied) about the accuracy of any such forward-looking statements contained in this release, and does not intend, and undertakes no obligation, to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.

Contact for Cole Real Estate Investments, Inc.

Stephan Keller

Executive Vice President, Chief Financial Officer

(602) 778-6460

3

COLE REAL ESTATE INVESTMENTS, INC.

(F/K/A COLE CREDIT PROPERTY TRUST III, INC.)

CONDENSED CONSOLIDATED UNAUDITED BALANCE SHEETS

(in thousands, except share and per share amounts)

	March 31, 2013			December 31, 2012
ASSETS
Investment in real estate assets:
Land	$	1,487,428		$	1,488,525
Buildings and improvements, less accumulated depreciation of $217,425 and $187,448, respectively		4,186,038			4,218,182
Acquired intangible lease assets, less accumulated amortization of $141,105 and $121,894, respectively		843,260			859,985
Total investment in real estate assets, net		6,516,726			6,566,692
Investment in notes receivable, net		90,434			90,358
Investment in marketable securities		50,717			51,103
Investment in marketable securities pledged as collateral		282,398			266,098
Investment in unconsolidated joint ventures		95,338			96,785
Total investment in real estate assets and related assets, net		7,035,613			7,071,036
Assets related to real estate held for sale, net		7,614			23,153
Cash and cash equivalents		118,194			192,504
Restricted cash		22,824			18,444
Rents and tenant receivables, less allowance for doubtful accounts of $265 and $337, respectively		90,354			79,569
Prepaid expenses and other assets		11,292			11,790
Deferred financing costs, less accumulated amortization of $26,712 and $23,105, respectively		54,686			57,229
Total assets	$	7,340,577		$	7,453,725
LIABILITIES AND EQUITY
Notes payable and other borrowings	$	3,202,542		$	3,292,048
Accounts payable and accrued expenses		36,041			42,756
Due to affiliates		6,726			4,525
Acquired below market lease intangibles, less accumulated amortization of $18,832 and $16,389, respectively		109,957			113,607
Distributions payable		26,576			26,399
Derivative liabilities, deferred rent and other liabilities		44,895			56,980
Total liabilities		3,426,737			3,536,315
Commitments and contingencies
Redeemable common stock		250,489			234,578
EQUITY:
Preferred stock, $0.01 par value; 10,000,000 shares authorized, none issued and outstanding		—			—
Common stock, $0.01 par value; 990,000,000 shares authorized, 481,310,385 and 479,547,099 shares issued and outstanding, respectively		4,813			4,795
Capital in excess of par value		4,067,997			4,068,015
Accumulated distributions in excess of earnings		(453,846	)		(416,886	)
Accumulated other comprehensive income		40,672			23,101
Total stockholders’ equity		3,659,636			3,679,025
Noncontrolling interests		3,715			3,807
Total equity		3,663,351			3,682,832
Total liabilities and equity	$	7,340,577		$	7,453,725

4

COLE REAL ESTATE INVESTMENTS, INC.

(F/K/A COLE CREDIT PROPERTY TRUST III, INC.)

CONDENSED CONSOLIDATED UNAUDITED STATEMENTS OF OPERATIONS

(in thousands, except share and per share amounts)

		Three Months Ended March 31,
		2013			2012
Revenues:
Rental and other property income		$	138,985		$	100,448
Tenant reimbursement income			13,722			9,134
Interest income on notes receivable			1,923			1,372
Interest income on marketable securities			6,025			2,417
Total revenue			160,655			113,371
Expenses:
General and administrative expenses			4,030			4,024
Property operating expenses			15,645			9,775
Property and asset management expenses			13,942			10,088
Merger and acquisition related expenses			15,613			15,381
Depreciation			31,435			21,608
Amortization			16,400			11,782
Total operating expenses			97,065			72,658
Operating income			63,590			40,713
Other income (expense):
Equity in income of unconsolidated joint ventures			1,309			334
Other (loss) income			(77	)		3,317
Interest expense			(39,069	)		(27,171	)
Total other expense			(37,837	)		(23,520	)
Income from continuing operations			25,753			17,193
Discontinued operations:
Income from discontinued operations			386			3,976
Gain on sale of real estate assets			14,076			14,781
Income from discontinued operations			14,462			18,757
Net income			40,215			35,950
Net income allocated to noncontrolling interests			104			13
Net income attributable to the Company		$	40,111		$	35,937
Funds from operations available to common stockholders (FFO)		$	75,853		$	58,025
Adjusted funds from operations available to common stockholders (AFFO)		$	85,074		$	67,652
Weighted average number of common shares outstanding, basic and diluted			480,819,849			424,275,039
Per share information for common stockholders:
Income from continuing operations, basic and diluted		$	0.05		$	0.04
Income from discontinued operations, basic and diluted		$	0.03		$	0.04
Net income attributable to the Company, basic and diluted		$	0.08		$	0.08
FFO, basic and diluted		$	0.16		$	0.14
AFFO, basic and diluted		$	0.18		$	0.16
Distributions declared per common share	��	$	0.16		$	0.16

5

Financial and Operational Statistics

The following table presents certain financial and real estate portfolio information as of and for the three months ended March 31, 2013:

Financial Ratios
Debt to equity (a)		87.5	%
Adjusted EBITDA (thousands) (b)(c)	$	530,776
Net debt to Adjusted EBITDA (b)(d)		5.8
Total debt to gross assets (e)		44.1	%
Unsecured debt to gross assets (e)		8.4	%
Interest coverage ratio (f)		3.4
Dividend per share (g)	$	0.70
Dividend payout (h)		98.9	%
Weighted average cost of debt		4.4	%
Property Information
Number of properties		1,013
Number of tenants		560
Total square feet (millions)		42.9
Occupancy		98.9	%
Weighted average lease term (years)		12.4
Percent of investment grade tenants (i)		42	%

(a) Debt represents notes payable and other borrowings.

(b) Adjusted EBITDA is a non-GAAP measure. See the Terms and Definitions section that begins on page 19 for a description of our non-GAAP measures.

(c) Annualized three months ended March 31, 2013.

(d) Net debt represents total GAAP-basis debt less cash.

(e) Gross assets represents total gross real estate and related assets net of gross intangible lease liabilities.

(f) Computed by dividing Adjusted EBITDA by interest expense.

(g) Represents the annualized dividend per share based on the distribution rate in effect subsequent to the merger closing date of April 5, 2013.

(h) Computed by dividing annualized dividend per share by annualized AFFO per share.

(i) Based on annualized rental revenue from tenants with credit ratings of BBB- or higher.

6

Reconciliation of GAAP Net Income to Adjusted EBITDA

(in thousands)

	Three Months Ended
	March 31, 2013
Net income attributable to the Company	$	40,111
Adjustments:
Interest expense		39,069
Depreciation		31,518
Amortization		17,315
Proportionate share of adjustments for noncontrolling interests		3,021
EBITDA (a)		131,034
Management adjustments:
Net gain on sale and condemnation of real estate assets		(13,953	)
Acquisition and merger related expenses		15,613
Total adjustments		1,660
Adjusted EBITDA (a)	$	132,694

(a) EBITDA and Adjusted EBITDA are non-GAAP measures. See the Terms and Definitions section that begins on page 19 for a description of our non-GAAP measures.

7

Funds from Operations

The calculations of funds from operations (FFO) and adjusted funds from operations (AFFO), and reconciliation to net income, which is the most directly comparable GAAP financial measure, are presented in the tables below (in thousands, except share and per share amounts):

Funds from Operations (FFO)

	Three Months Ended
	March 31, 2013			December 31, 2012			September 30, 2012			June 30, 2012			March 31, 2012
Net income attributable to the company	$	40,111		$	125,611		$	18,567		$	23,223		$	35,937
Depreciation of real estate assets		31,435			29,371			27,202			24,974			21,607
Amortization of lease related costs		16,400			16,145			14,272			13,413			11,781
Depreciation and amortization of real estate assets in unconsolidated joint ventures		128			506			2,906			2,907			3,015
Depreciation and amortization of real estate assets in unconsolidated joint ventures		1,732			1,656			1,549			1,138			466
Net gain on sale and condemnation of real estate assets		(13,953	)		(93,676	)		—			(664	)		(14,781	)
FFO (a)	$	75,853		$	79,613		$	64,496		$	64,991		$	58,025
Adjusted Funds from Operations (AFFO)
	Three Months Ended
	March 31, 2013			December 31, 2012			September 30, 2012			June 30, 2012			March 31, 2012
Net income attributable to the company	$	40,111		$	125,611		$	18,567		$	23,223		$	35,937
Cumulative adjustments to calculate FFO		35,742			(45,998	)		45,929			41,768			22,088
FFO (a)		75,853			79,613			64,496			64,991			58,025
Merger and acquisition related expenses		15,613			17,460			13,612			17,438			15,381
Amortization and write off of deferred financing costs		3,753			5,473			3,712			3,252			3,118
Straight-line rent adjustments		(9,673	)		(8,635	)		(8,203	)		(7,330	)		(6,154	)
Above/below market lease intangibles amortization, net		888			861			373			639			765
Realized loss on derivatives and debt prepayment fees		—			3,514			9,263			—			—
Gain on sale of marketable securities		—			(12,455	)		—			—			—
Other amortization (accretion), net		(1,375	)		(1,524	)		(1,403	)		(1,221	)		(197	)
Other gains		—			—			—			—			(2,744	)
Adjustments for discontinued operations		(15	)		(330	)		(425	)		(559	)		(611	)
Proportionate share of adjustments for unconsolidated joint ventures		30			(567	)		(888	)		(409	)		69
AFFO (a)	$	85,074		$	83,410		$	80,537		$	76,801		$	67,652
FFO per common share, basic and diluted	$	0.16		$	0.17		$	0.14		$	0.14		$	0.14
AFFO per common share, basic and diluted	$	0.18		$	0.17		$	0.17		$	0.16		$	0.16
Dividends paid (including DRIP)	$	76,894		$	77,246		$	77,705		$	76,419		$	64,282
AFFO in excess (deficient) of dividends paid to common stockholders	$	8,180		$	6,164		$	2,832		$	382		$	3,370
Weighted average shares outstanding used for computation per share		480,819,849			478,762,312			476,353,149			473,159,051			424,275,039

(a) FFO and AFFO are non-GAAP measures. See the Terms and Definitions section that begins on page 19 for a description of our non-GAAP measures.

(b) During the three months ended March 31, 2013, December 31, 2012, September 30, 2012, June 30, 2012 and March 31, 2012, the Company capitalized expenses incurred related to the ongoing maintenance of the properties, including tenant improvements and leasing Commissions, of $1.3 million, $1.4 million, $2.1 million, $2.8 million and $2.3 million, respectively.

8

Property Type Diversification

The following table presents certain property type information regarding the Company’s real estate portfolio, including consolidated joint ventures, as well as secured notes and commercial mortgage backed securities (“CMBS”) and unconsolidated joint ventures, as of March 31, 2013:

Property Type	Number of Properties/Investments		Rentable Square Feet (thousands)		Annualized Rental Revenue/Income (thousands)		% of Annualized Rental Revenue/Income
Freestanding Retail		888		17,648.4	$	271,656.4		45.7	%
Multi-Tenant Retail		71		10,858.5		140,918.1		23.7	%
Office		33		5,137.0		106,823.6		18.0	%
Industrial		21		9,299.0		43,237.6		7.3	%
Total Real Estate Assets		1,013		42,942.9		562,635.7		94.7	%
Secured Notes and CMBS		29		—		26,192.0		4.4	%
Unconsolidated Joint Ventures		12		—		5,236.0		0.9	%
Total Real Estate and Related Assets		1,054		42,942.9	$	594,063.7		100.0	%

9

Tenant Diversification

The following table shows certain information regarding the tenant diversification of the Company’s real estate portfolio, including consolidated joint ventures, as of March 31, 2013:

	Tenant	Number of Leases		Number of States		Leased Square Feet (thousands)		% of Leased Square Feet			Annualized Rental Revenue (thousands)		% of Annualized Rental Revenue			Weighted Average Lease Term Remaining		S&P Credit Rating
1	Walgreens		75		30		1,103.2		2.6	%	$	28,073.0		5.0	%		18.2	BBB
2	Albertson’s		34		6		1,973.3		4.6	%		24,075.3		4.3	%		17.0	B
3	PetSmart		41		16		1,281.8		3.0	%		23,152.2		4.1	%		8.5	BB+
4	CVS		55		22		875.7		2.1	%		20,688.7		3.7	%		18.4	BBB+
5	BJ’s Wholesale Club		3		8		2,229.9		5.2	%		19,106.4		3.4	%		17.9	B
6	Apollo Group (a)		1		1		599.7		1.4	%		14,557.1		2.6	%		18.0	Not Rated
7	Wal-Mart		8		7		1,732.3		4.1	%		14,390.9		2.6	%		11.1	AA
8	L.A. Fitness		17		8		752.9		1.8	%		14,160.4		2.5	%		11.3	Not Rated
9	Amazon		3		2		3,048.3		7.2	%		13,922.0		2.5	%		13.5	AA-
10	Kohl’s		19		9		1,498.6		3.5	%		13,013.8		2.3	%		15.3	BBB+
11	Family Dollar		140		27		1,188.8		2.8	%		12,833.0		2.3	%		14.3	BBB-
12	Home Depot		11		8		1,809.5		4.3	%		12,798.7		2.3	%		15.1	A-
13	Tractor Supply		42		20		887.3		2.1	%		11,092.8		2.0	%		12.0	Not Rated
14	Merrill Lynch		1		1		481.9		1.1	%		10,963.5		1.9	%		11.7	A
15	Best Buy		21		12		719.3		1.7	%		10,233.4		1.8	%		6.7	BB
16	On The Border		27		13		187.5		0.4	%		8,554.9		1.5	%		17.0	Not Rated
17	Encana Oil & Gas, USA		1		1		318.6		0.7	%		7,805.5		1.4	%		14.3	Not Rated
18	HealthNow		1		1		430.5		1.0	%		7,721.7		1.4	%		11.3	BBB-
19	RSA Security		1		1		328.2		0.8	%		6,915.0		1.2	%		10.9	A
20	Stripes		24		2		137.3		0.3	%		6,767.6		1.2	%		15.9	B+
	Top 20 Tenants		525				21,584.6		50.7	%	$	280,825.9		50.0	%
21	Lowe’s		9		9		1,203.9		2.8	%	$	6,446.7		1.1	%		14.0	A-
22	Advance Auto Parts		45		11		302.4		0.7	%		5,881.5		1.0	%		10.1	BBB-
23	Cigna		2		2		299.5		0.7	%		5,773.1		1.0	%		9.5	A
24	Dick’s Sporting Goods		10		6		472.1		1.1	%		5,650.3		1.0	%		6.7	Not Rated
25	Academy Sports		7		4		590.1		1.4	%		5,464.1		1.0	%		14.8	B
26	Outback Steakhouse		20		14		125.8		0.3	%		5,196.2		0.9	%		19.0	B+
27	Thorntons Oil		23		4		79.4		0.2	%		4,934.8		0.9	%		12.8	Not Rated
28	Aaron Rents		6		17		654.9		1.5	%		4,913.0		0.9	%		11.6	Not Rated
29	Bed Bath & Beyond		17		10		434.0		1.0	%		4,724.6		0.8	%		5.1	BBB+
30	VA Clinic		1		1		65.5		0.2	%		4,656.5		0.8	%		17.0	AA+
31	MedAssets		1		1		225.0		0.5	%		4,629.8		0.8	%		14.9	B+
32	The Medicines Company		2		1		179.0		0.4	%		4,576.9		0.8	%		10.7	Not Rated
33	Ross		16		10		440.0		1.0	%		4,555.8		0.8	%		4.3	BBB+
34	Golden Corral		22		9		233.9		0.6	%		4,391.2		0.8	%		14.0	Not Rated
35	Giant Eagle		4		1		303.8		0.7	%		4,365.3		0.8	%		14.3	Not Rated
36	Applebee’s		9		12		95.3		0.2	%		4,283.2		0.8	%		15.2	Not Rated
37	Cracker Barrel		12		5		121.4		0.3	%		3,929.1		0.7	%		15.2	Not Rated
38	Wendy’s		9		6		108.0		0.3	%		3,855.2		0.7	%		19.3	Not Rated
39	AT&T		8		7		226.7		0.5	%		3,829.5		0.7	%		3.4	A-
40	Hobby Lobby		9		7		481.0		1.1	%		3,801.1		0.7	%		8.1	Not Rated
	Tenants 21 - 40		232				6,641.7		15.5	%		95,857.9		17.0	%
	Top 40 Tenants		757				28,226.3		66.2	%	$	376,683.8		67.0	%
	Total Portfolio		1,746		48		42,480.6		100	%	$	562,635.7		100.0	%

(a) The Company is presently considering indications of interest on this property.

10

Geographic Diversification

The following table shows certain information regarding the geographic diversification of the Company’s real estate portfolio, including consolidated joint ventures, as of March 31, 2013:

State	Number of Properties		% Leased			Rentable Square Feet (thousands)		Annualized Rental Revenue (thousands)		% of Annualized Rental Revenue
Texas		186		99.2	%		6,290.1	$	94,256.9		16.9	%
Arizona		41		99.6	%		2,980.3		48,998.7		8.7	%
California		22		98.8	%		2,903.9		40,401.8		7.2	%
Florida		81		96.9	%		3,299.4		39,980.1		7.1	%
Illinois		46		95.9	%		1,508.0		29,363.9		5.2	%
Georgia		38		98.7	%		1,992.8		25,568.3		4.5	%
Michigan		43		93.9	%		1,686.7		21,759.6		3.9	%
New Jersey		14		100.0	%		893.9		20,449.3		3.6	%
Ohio		70		100.0	%		1,696.9		17,976.0		3.2	%
Virginia		23		97.3	%		1,334.0		17,633.6		3.1	%
South Carolina		27		100.0	%		2,149.1		16,886.4		3.0	%
Alabama		23		99.2	%		1,246.2		15,969.6		2.8	%
Tennessee		19		99.6	%		2,529.2		15,573.5		2.8	%
Massachusetts		10		100.0	%		1,221.9		14,331.3		2.5	%
North Carolina		33		100.0	%		1,496.9		13,213.7		2.3	%
Indiana		46		100.0	%		561.1		10,943.7		1.9	%
Colorado		16		99.3	%		849.5		9,852.9		1.8	%
New York		6		100.0	%		640.1		9,676.8		1.7	%
Louisiana		31		100.0	%		867.5		9,030.9		1.6	%
Pennsylvania		15		99.8	%		1,043.9		8,037.6		1.4	%
New Mexico		18		100.0	%		686.8		7,737.8		1.4	%
Nevada		17		100.0	%		696.8		7,427.9		1.3	%
Maryland		6		100.0	%		365.1		7,346.6		1.3	%
Oklahoma		20		100.0	%		384.8		6,918.3		1.2	%
Missouri		26		100.0	%		427.2		6,318.5		1.1	%
Wisconsin		16		99.7	%		381.0		5,903.7		1.0	%
Iowa		15		100.0	%		491.5		5,161.6		0.9	%
Kentucky		18		100.0	%		146.3		3,756.4		0.7	%
Nebraska		5		100.0	%		224.2		3,738.9		0.7	%
Maine		14		100.0	%		281.2		3,324.7		0.6	%
Mississippi		11		100.0	%		258.5		2,897.4		0.5	%
Arkansas		13		100.0	%		245.7		2,671.4		0.5	%
Minnesota		8		100.0	%		116.6		2,648.2		0.5	%
Kansas		7		100.0	%		205.1		2,602.5		0.5	%
Connecticut		1		100.0	%		69.7		2,511.0		0.4	%
Oregon		1		100.0	%		212.4		2,488.6		0.4	%
New Hampshire		4		100.0	%		126.3		2,022.7		0.4	%
Alaska		2		98.4	%		92.8		1,575.2		0.3	%
Rhode Island		1		100.0	%		52.1		1,009.8		0.2	%
Washington		6		100.0	%		39.6		938.6		0.2	%
North Dakota		1		100.0	%		69.1		924.5		0.2	%
Delaware		2		100.0	%		35.0		624.1		0.1	%
Idaho		2		100.0	%		24.0		498.2		0.1	%
Utah		2		100.0	%		63.2		496.2		0.1	%
South Dakota		2		100.0	%		22.2		491.0		0.1	%
West Virginia		1		100.0	%		10.8		302.2		0.1	%
Montana		1		100.0	%		15.5		260.8		—	%
Vermont		3		100.0	%		8.0		134.3		—	%
Total		1,013		98.9	%		42,942.9	$	562,635.7		100.0	%

11

Lease Expirations

The following table shows certain information regarding the lease expirations of the Company’s real estate portfolio, including consolidated joint ventures, as of March 31, 2013, during each of the next ten years and thereafter, assuming no exercise of renewal options:

Lease Expiration Year	Number of Leases Expiring		Leased Square Feet (thousands)		% of Leased Square Feet			Annualized Rental Revenue (thousands)		% of Annualized Rental Revenue
2013		63		223.2		0.5	%	$	3,491.9		0.6	%
2014		71		305.2		0.7	%		5,568.3		1.0	%
2015		88		427.8		1.0	%		7,064.9		1.3	%
2016		119		1,147.4		2.7	%		15,585.2		2.8	%
2017		138		1,002.0		2.4	%		14,422.4		2.6	%
2018		135		2,024.6		4.8	%		26,772.4		4.8	%
2019		90		2,179.3		5.1	%		26,738.3		4.8	%
2020		53		1,139.4		2.7	%		14,352.7		2.6	%
2021		83		2,907.2		6.9	%		35,791.6		6.4	%
2022		70		2,734.2		6.4	%		23,154.9		4.1	%
Thereafter		836		28,390.3		66.8	%		389,693.1		69.0	%
Totals		1,746		42,480.6		100.0	%	$	562,635.7		100.0	%

12

Industry Diversification

The following table shows certain information regarding the tenant industry diversification of the Company’s real estate portfolio, including consolidated joint ventures, as of March 31, 2013:

Industry	Number of Leases		Number of Tenants		Number of States		Leased Square Feet (thousands)		Annualized Rental  Revenue (thousands)		% of Annualized Rental Revenue			Weighted Average Lease Term Remaining
Grocery		75		25		24		4,018.4	$	52,519.4		9.3	%		15.5
Drugstore		130		2		36		1,978.9		48,761.7		8.7	%		18.3
Discount store		225	��	15		32		4,329.0		42,577.4		7.6	%		10.2
Full service restaurant		190		81		30		1,102.8		38,942.2		6.9	%		14.9
Home and garden		68		9		29		3,947.2		31,037.4		5.5	%		13.6
Pet supplies		48		2		18		1,387.1		24,790.4		4.4	%		8.4
Warehouse club		7		3		11		2,767.1		24,203.2		4.3	%		16.4
Healthcare		56		42		17		882.0		22,163.8		3.9	%		11.4
Financial services		60		31		14		856.8		20,042.7		3.6	%		12.3
Limited service restaurant		132		58		26		726.1		18,835.6		3.3	%		11.5
Convenience store		82		9		16		344.2		17,403.7		3.1	%		14.5
Other professional services		9		8		8		946.1		17,378.3		3.1	%		11.4
Fitness		26		9		10		883.1		16,170.1		2.9	%		10.9
Education		6		5		4		631.9		15,126.9		2.7	%		17.6
Department store		27		6		10		2,265.2		15,081.9		2.7	%		15.0
Specialty retail		89		41		20		1,238.1		14,441.7		2.6	%		8.2
Apparel		106		47		12		903.4		14,149.0		2.5	%		5.1
Wholesale		3		1		2		3,048.3		13,922.0		2.5	%		13.5
Electronics and appliances		33		6		18		975.1		13,754.9		2.4	%		7.2
Sporting goods		24		8		11		1,249.7		13,667.6		2.4	%		10.6
Manufacturing		5		5		5		3,206.8		13,295.5		2.4	%		10.7
Automotive		75		9		19		610.5		12,235.9		2.2	%		12.8
Insurance services		8		6		7		571.9		11,756.1		2.1	%		9.8
Hobby, books and music		44		13		17		920.9		9,545.0		1.7	%		6.0
Home furnishings		41		15		13		760.4		8,947.8		1.6	%		6.2
Mining and natural resources		1		1		1		318.6		7,805.5		1.4	%		14.3
Office supplies		24		4		12		459.8		6,810.0		1.2	%		5.8
Communications		37		13		11		277.4		5,591.2		1.0	%		8.3
Logistics (Shipping, delivery, warehousing)		11		2		11		394.5		3,673.3		0.7	%		7.7
Personal services		88		73		14		142.8		3,378.5		0.6	%		3.7
Agriculture		2		2		2		155.8		1,926.7		0.3	%		13.0
Technology		1		1		1		106.8		1,593.6		0.3	%		8.8
Childcare		7		3		5		56.2		806.3		0.1	%		12.8
Government and non-profit		4		3		3		10.5		176.3		—	%		1.2
Real estate services		1		1		1		4.2		67.3		—	%		0.1
Entertainment and recreation		1		1		1		3.0		56.8		—	%		2.2
Total		1,746		560		48		42,480.6	$	562,635.7		100.0	%

13

Multi-Tenant Property Summary

The following table shows certain information regarding the Company’s multi-tenant property investments, including consolidated joint ventures, as of March 31, 2013:

Property	Location	Type	Rentable Square Feet (thousands)		Occupancy			Purchase Price (thousands)		Annualized Rental Revenue (thousands)		Major Tenants
University Plaza	Flagstaff, AZ	Grocery		165.8		100.0	%	$	17,165.0	$	1,895.1	Safeway, Ross, Bed Bath & Beyond, Petsmart
Mueller Regional Retail District	Austin, TX	Power Center		351.3		95.9	%		67,250.0		5,779.4	Home Depot, Best Buy, Marshall’s, Chair King, Bed Bath & Beyond, Petsmart, Staples
Sunset Valley	Sunset Valley, TX	Power Center		148.9		91.9	%		35,500.0		3,056.7	Petsmart, Babies R Us, DSW
Evans Exchange (a)	Evans, GA	Power Center		131.0		100.0	%		6,043.9		523.7	Home Depot, Food Lion
Evans Exchange (a)	Evans, GA	Power Center		65.0		97.5	%		13,356.1		1,172.8	Home Depot, Food Lion
Atascocita Commons	Humble, TX	Power Center		316.4		98.6	%		56,500.0		4,605.9	Kohl’s, TJ Maxx, Ross, Palais Royal, Office Depot, Petco
Lakeshore Crossing	Gainesville, GA	Power Center		123.9		100.0	%		9,000.0		694.4	Lowe’s
Whittwood Town Center	Whittier, CA	Power Center		786.2		98.9	%		83,500.0		6,067.4	Target, J.C. Penney, Sears, Kohl’s, Von’s, Petsmart, 24 Hour Fitness, Cost Plus
CVS & Noble Roman	Mishawaka, IN	Anchored		12.4		100.0	%		4,610.7		365.5	CVS
CVS & Tres Amigos	Ringgold, GA	Anchored		15.1		100.0	%		3,990.0		323.4	CVS
Shoppes at Port Arthur	Port Arthur, TX	Power Center		96.0		100.0	%		15,000.0		1,344.4	Ross, Best Buy, Petco
Petco & Portrait Innovations	Lake Charles, LA	Anchored		17.7		100.0	%		3,900.9		362.6	Petco
Breakfast Pointe	Panama Beach City, FL	Grocery		98.1		98.9	%		16,000.0		1,346.7	Publix, Office Depot
Prairie Market	Oswego, IL	Grocery		113.1		95.6	%		25,100.0		2,447.2	Aldi, Petsmart
Volusia Square	Daytona Beach, FL	Power Center		232.1		96.4	%		31,000.0		2,661.6	Hobby Lobby, HH Gregg, TJ Maxx, Home Depot
Stearns Crossing	Bartlett, IL	Grocery		96.6		90.4	%		12,375.0		1,140.2	Dominick’s
Folsum Gateway II	Folsum, CA	Power Center		115.4		96.8	%		36,000.0		2,862.2	Bed Bath & Beyond, Petsmart, DSW
CVS & Huntington Bank	Northville, MI	Anchored		15.8		100.0	%		3,797.2		292.2	CVS
Waterside Marketplace	Chesterfield, MI	Power Center		252.0		88.1	%		26,500.0		3,065.4	Dick’s Sporting Goods, Best Buy, TJ Maxx, Bed Bath & Beyond, Old Navy
Pinehurst Square	Bismarck, ND	Anchored		69.1		100.0	%		10,250.0		924.5	Best Buy, Petsmart
Red Oak Village	San Marcos, TX	Power Center		176.6		98.2	%		22,000.0		1,971.9	Ross, Best Buy, Marshall’s, Bed Bath & Beyond, Petsmart
Falcon Valley	Lenexa, KS	Grocery		76.7		100.0	%		12,500.0		1,016.1	Price Chopper
Oxford Exchange	Oxford, AL	Power Center		333.9		97.1	%		45,500.0		3,895.8	Hobby Lobby, Dick’s Sporting Goods, Ross, TJ Maxx, Bed Bath & Beyond, Petsmart, Best Buy, Office Max
Northpoint Shopping Center	Cape Coral, FL	Power Center		115.9		70.3	%		10,000.0		1,040.0	Bed Bath & Beyond, AC Moore, Petsmart
Camp Creek Marketplace	East Point, GA	Power Center		423.4		97.0	%		76,350.0		6,332.1	BJ’s Wholesale Club, Marshall’s, Ross, TJ Maxx, Barnes & Noble, Staples, Petsmart, Old Navy
Century Town Center	Vero Beach, FL	Power Center		106.9		92.4	%		14,745.0		1,361.8	Marshall’s
Riverside Centre	St. Augustine, FL	Anchored		62.0		100.0	%		4,725.0		482.4	Hobby Lobby
Nature Coast Commons	Spring Hill, FL	Power Center		226.2		83.2	%		29,000.0		2,836.4	Sports Authority, Best Buy, Ross, Office Depot, Petsmart

14

Multi-Tenant Property Summary – (Continued)

Property	Location	Type	Rentable Square Feet (thousands)		Occupancy			Purchase Price (thousands)		Annualized Rental Revenue (thousands)		Major Tenants
Telegraph Plaza (a)	Monroe, MI	Power Center		68.7		100.0	%	$	5,859.7	$	501.0	Kohl’s, TJ Maxx, Petsmart
Telegraph Plaza (a)	Monroe, MI	Power Center		0.1		73.4	%		7.0		0.7	Kohl’s, TJ Maxx, Petsmart
The Crossing	Killeen, TX	Anchored		60.4		100.0	%		9,000.0		944.2	Gold’s Gym, University of Phoenix
Santa Rosa Commons	Pace, FL	Grocery		138.8		100.0	%		25,450.0		2,021.8	Publix, TJ Maxx, Petsmart
Shelby Corners	Utica, MI	Anchored		77.1		91.9	%		4,255.0		477.3	Christmas Tree Shops, Buy Buy Baby
Denver West Plaza	Lakewood, CO	Anchored		71.3		91.5	%		14,000.0		1,215.2	Best Buy, Office Depot
The Forum	Fort Myers, FL	Power Center		189.9		96.9	%		34,250.0		3,023.2	Ross, Best Buy, Bed Bath & Beyond, Staples, Books-A-Million, Petco
Hobby Lobby Center	Greenville, SC	Anchored		68.9		100.0	%		6,300.0		592.9	Hobby Lobby
The Plaza	Queen Creek, AZ	Anchored		71.0		93.4	%		13,250.0		1,343.0	L.A. Fitness
Highlands Ranch	Highland Ranch, CO	Anchored		50.5		100.0	%		6,346.0		553.3	Ross, Staples
Kingman Gateway	Kingman, AZ	Anchored		49.2		100.0	%		4,756.0		433.2	Ross, Petsmart
Kohl’s Plaza	Napa, CA	Anchored		76.4		97.2	%		19,825.0		1,694.9	Kohl’s
Glynn Isles	Brunswick, GA	Power Center		193.3		95.2	%		38,000.0		2,821.4	Dick’s Sporting Goods, Ross, Petsmart, Michael’s, Office Depot
Dimond Crossing	Anchorage, AK	Anchored		85.5		98.3	%		14,375.5		1,308.4	Petsmart, Bed Bath & Beyond
Winchester Station	Winchester, VA	Power Center		182.9		97.5	%		26,881.0		2,518.4	HH Gregg, Ross, Bed Bath & Beyond, Michael’s, Old Navy
Crossroads Marketplace	Warner Robbins, GA	Anchored		78.9		97.0	%		11,250.0		1,011.3	Best Buy, Bed Bath & Beyond
Petsmart & Hallmark	Cincinnati, OH	Anchored		33.6		100.0	%		5,041.6		426.0	Petsmart
Del Monte Plaza	Reno, NV	Grocery		82.8		100.0	%		18,300.0		1,514.7	Whole Foods, Sierra Trading Post
Shoppes at Sugarmill Woods	Homosassa, FL	Grocery		53.2		86.8	%		8,100.0		657.6	Publix
Bellview Plaza	Pensacola, FL	Grocery		83.0		100.0	%		8,200.0		831.9	Publix, Planet Fitness
Kyle Marketplace	Kyle, TX	Grocery		219.2		95.9	%		45,000.0		3,357.8	HEB! Plus
Indian Lakes Crossing	Virginia Beach, VA	Grocery		70.8		95.8	%		14,200.0		1,086.4	Harris Teeter
Midtowne Park	Anderson, SC	Power Center		167.4		100.0	%		25,600.0		1,940.8	Kohl’s, Dick’s Sporting Goods, Staples
Silverado Plaza	Tucson, AZ	Grocery		78.5		98.7	%		9,250.0		744.3	Safeway
Cleveland Towne Center	Cleveland, TN	Power Center		152.9		92.8	%		17,650.0		1,728.9	Ross, Bed Bath & Beyond, Michael’s, Electronic Express, Books-A-Million
Fairlane Green	Allen Park, MI	Power Center		269.9		98.3	%		47,000.0		4,768.1	TJ Maxx, Bed Bath & Beyond, Barnes & Noble, Michael’s, Old Navy
Petsmart & Travis Credit Union	Mercad, CA	Anchored		30.8		100.0	%		5,369.2		460.3	Petsmart
Petsmart & Bevmo	Redding, CA	Anchored		44.9		100.0	%		5,788.1		530.0	Petsmart, Bevmo
Greenway Commons	Houston, TX	Power Center		253.0		96.7	%		68,250.0		4,534.4	Costco, L.A. Fitness
San Tan Marketplace	Gilbert, AZ	Power Center		285.8		97.6	%		54,780.0		4,300.2	Jo-Ann’s Fabric, Big Lots, Bed Bath & Beyond, Marshall’s, DSW, Office Max, Downeast Home & Clothing, Old Navy
Toys “R” Us Center	Parma, OH	Anchored		48.3		100.0	%		3,748.6		340.5	Toys R Us
Shoppes at Sherbrooke	Lake Worth, FL	Anchored		57.9		98.1	%		10,500.0		1,007.9	L.A. Fitness
Widewater Commons	Uniontown, PA	Anchored		46.7		96.6	%		6,600.0		625.4	Petsmart

15

Multi-Tenant Property Summary – (Continued)

Property	Location	Type	Rentable Square Feet (thousands)		Occupancy			Purchase Price (thousands)		Annualized Rental Revenue (thousands)		Major Tenants
Eastland Center	West Covina, CA	Power Center		809.6		97.3	%	$	145,900.0	$	10,215.6	Target, Wal-Mart, Burlington Coat Factory, Albertson’s, Dick’s Sporting Goods, Bed Bath & Beyond, Ashley Furniture, Marshall’s, Ross, CVS, Office Depot, DSW, Petsmart
Sherwood Retail Center	Sherwood, AR	Power Center		119.0		100.0	%		5,825.0		601.2	Gander Mountain, Tractor Supply, Hobby Lobby
Hillside Town Center	Chicago, IL	Power Center		164.9		71.3	%		26,945.4		2,080.1	Ross, Home Goods, Michael’s, Staples
White Oak Village	Richmond, VA	Power Center		431.7		93.4	%		68,000.0		6,410.3	J.C. Penney, Martin’s, K&G Fashion Superstore, Petsmart, Michael’s, Office Max
Kohl’s & Academy Sports	Hixson, TN	Power Center		131.6		100.0	%		10,769.0		896.4	Kohl’s, Academy Sports
Valley Bend	Huntsville, AL	Power Center		413.0		100.0	%		72,530.0		5,858.3	Hobby Lobby, Dick’s Sporting Goods, Ross, Marshall’s, Huntsville Hospital, Barnes & Noble, Bed Bath & Beyond, Petsmart
Pick ’N Save Center	Wauwatosa, WI	Grocery		69.9		98.4	%		16,190.5		1,330.9	Pick N Save
West Valley Center (a)	Saginaw, MI	Power Center		281.2		99.1	%		26,119.8		2,888.5	Dick’s Sporting Goods, TJ Maxx, Petsmart, Barnes & Noble, Babies R Us
East Valley Center (a)	Saginaw, MI	Power Center		121.3		66.6	%		4,366.0		538.7	Burlington Coat Factory
Big Lots & Tractor Supply	Northport, AL	Anchored		58.0		100.0	%		3,314.0		253.0	Big Lots, Tractor Supply
Total Acquisitions				10,785.3		95.7	%	$	1,658,801.2	$	140,256.2

(a) The Company purchased multiple parcels at the same multi-tenant property in separate transactions.

16

Unconsolidated Joint Venture Investment Summary

The following table shows certain information regarding the Company’s interests in unconsolidated joint ventures, as of March 31, 2013 (in thousands):

Joint Venture	Partner	Cole Ownership %			Rentable Square Feet (a)		Annualized Rental Revenue (a)		Gross Asset Book Value (a)		Debt (a) (b)		Major Tenants
Cole/CoTops Portfolio LLC	Affiliate of Cofinance Group		80	%		702.2	$	5,922.2	$	42,829.2	$	24,762.7	Tops Market, Dollar Tree, Gander Mountain, Big Lots, BJ’s Wholesale Club
Cole/Mosaic JV South Elgin IL, LLC	Affiliate of Mosaic Properties and Development, LLC		50	%		232.1		2,925.5		30,115.9		20,400.0	Home Depot, Best Buy
Cole/Faison JV Bethlehem GA, LLC	Faison-Winder Investors, LLC		90	%		279.7		3,059.0		39,874.0		25,890.9	Publix, Belk
Cole/LBA JV OF Pleasanton CA	Affiliate of LBA Realty		90	%		343.0		6,490.9		100,473.3		57,000.0	Clorox Companies
Chandler Village Center, LLC (AZ)	Propstra Chandler Trust & RED Development, LLC		45	%		130.3		2,344.8		17,972.1		20,370.0	Sports Authority, Bed Bath & Beyond
Chandler Festival SPE, LLC	Propstra Chandler Trust & RED Development, LLC		45	%		359.2		4,816.1		34,822.3		29,222.3	Nordstrom Rack, Buy Buy Baby, Ross, TJ Maxx
Chandler Gateway SPE, LLC	Propstra Chandler Trust & RED Development, LLC		45	%		259.5		1,818.7		16,636.8		18,596.0	Hobby Lobby
Total Unconsolidated Joint Ventures						2,306.0	$	27,377.2	$	282,723.6	$	196,241.9
Cole Interest (c)						1,575.3	$	18,836.3	$	206,878.0	$	135,296.7

(a) Amounts represent information for total unconsolidated joint venture.

(b) Debt amounts represent secured fixed and variable rates ranging from 2.10% to 6.25% and maturities ranging from July 2015 to July 2021, with a weighted average interest rate of 4.05% as of March 31, 2013 and a weighted average years to maturity of 4.2 years as of March 31, 2013.

(c) Amounts represent the Company’s interest in unconsolidated joint ventures as of March 31, 2013.

17

Portfolio Debt Overview

The following tables show certain information regarding the Company’s debt, as of March 31, 2013 (in thousands):

	Minimum Interest Rate			Maximum Interest Rate			Weighted Average Interest Rate			Balance
Fixed rate debt		2.75	%		6.83	%		4.56	%	$	2,380,778
Variable rate debt		1m LIBOR + 2.25	%		1m LIBOR + 3.25	%		2.98	%		88,302
Construction facilities		1m LIBOR + 2.35	%		1m LIBOR + 2.35	%		2.54	%		26,565
Credit facility - term loan (a)		1m LIBOR + 1.65	%		1m LIBOR + 2.25	%		1.85	%		500,000
Credit facility - revolving line of credit (a)		1m LIBOR + 1.65	%		1m LIBOR + 2.25	%		1.85	%		107,750
Repurchase agreements		3m LIBOR + 1.20	%		3m LIBOR + 1.75	%		1.78	%		100,057
Total										$	3,203,452

Year of Maturity	Balloon Payments		Other  Principal Payments		Debt Maturity
Remaining 2013	$	155,574	$	1,610	$	157,184
2014		41,490		2,281		43,772
2015		174,000		3,704		177,704
2016		162,836		6,438		169,274
2017		187,089		6,646		193,736
2018 (a)		793,135		7,165		800,301
2019 (a)		292,128		8,661		300,789
2020		300,065		5,444		305,509
2021		388,186		2,111		390,297
2022		461,058		79		461,137
2023		203,750		—		203,750
Thereafter		—		—		—
Total	$	3,159,311	$	44,139	$	3,203,453

(a) Reflects terms of an amended credit facility agreement, dated June 3, 2013, under which the term loan amount increased to $500.0 million from $278.75 million and the related maturity date was extended to 2019. In addition, under the amended credit facility the revolving line of credit was increased to $900.0 million and the maturity date was extended to 2018. As of March 31, 2013, $607.75 million was outstanding under the credit facility. As such, $500.0 million is shown as the term loan and $107.75 million is shown as borrowings under the revolving line of credit. The amended credit facility has a credit spread based on the Company’s leverage ratio. The weighted average interest rate is based on interest rate pricing tier corresponding to the Company’s leverage ratio at March 31, 2013.

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Terms and Definitions

Non-GAAP Financial Disclosures

FFO and AFFO

Funds From Operations (“FFO”) is a non-GAAP financial performance measure defined by the National Association of Real Estate Investment Trusts (“NAREIT”) and widely recognized by investors and analysts as one measure of operating performance of a real estate company. The FFO calculation excludes items such as real estate depreciation and amortization, gains and losses on the sale of depreciable real estate and impairments of depreciable real estate. Depreciation and amortization as applied in accordance with GAAP implicitly assumes that the value of real estate assets diminishes predictably over time. Since real estate values have historically risen or fallen with market conditions, it is management’s view, and we believe the view of many industry investors and analysts, that the presentation of operating results for real estate companies by using the historical cost accounting method alone is insufficient. In addition, FFO excludes gains and losses from the sale of depreciable real estate and impairment charges on depreciable real estate, which we believe provides management and investors with a helpful additional measure of the performance of our real estate portfolio, as it allows for comparisons, year to year, that reflect the impact on operations from trends in items such as occupancy rates, rental rates, operating costs, general and administrative expenses, and interest costs. We compute FFO in accordance with NAREIT’s definition.

In addition to FFO, we use Adjusted Funds From Operations (“AFFO”) as a non-GAAP supplemental financial performance measure to evaluate the operating performance of our real estate portfolio. AFFO, as defined by our company, excludes from FFO merger and acquisition related costs, amortization and write off of deferred financing costs, straight-line rent adjustments, above and below market lease intangibles amortization, realized loss on derivatives and debt prepayment fees, gain on sale of marketable securities, other amortization or accretion, other gains, adjustments for discontinued operations and our proportionate share of adjustments for unconsolidated joint ventures, all of which are required to be expensed or recorded as additions to revenue or other income in accordance with GAAP. In evaluating the performance of our portfolio over time, management employs business models and analyses that differentiate the costs to acquire investments from the investments’ revenues and expenses. Management believes that excluding the items noted above from AFFO provides investors with supplemental performance information that is consistent with the performance models and analysis used by management, and provides investors a view of the performance of our portfolio over time, including after the Company ceases to acquire properties on a frequent and regular basis. AFFO also allows for a comparison of the performance of our portfolio with other REITs that are not currently engaging in acquisitions and mergers, as well as a comparison of our performance with that of other REITs, as AFFO, or an equivalent measure, is routinely reported by other REITs, and we believe often used by analysts and investors for comparison purposes.

For all of these reasons, we believe FFO and AFFO, in addition to net income and cash flows from operating activities, as defined by GAAP, are helpful supplemental performance measures and useful in understanding the various ways in which our management evaluates the performance of our real estate portfolio over time. However, not all REITs calculate FFO and AFFO the same way, so comparisons with other REITs may not be meaningful. FFO and AFFO should not be considered as alternatives to net income or to cash flows from operating activities, and are not intended to be used as a liquidity measure indicative of cash flow available to fund our cash needs.

EBITDA and Adjusted EBITDA

Adjusted EBITDA as disclosed represents EBITDA, or earnings before interest, taxes, depreciation and amortization, modified to include other adjustments to GAAP net income for merger expenses related to the merger which are considered non-recurring and gain/losses in real estate, foreign exchange and derivatives which are not considered fundamental attributes of our business plans and do not affect our overall long-term operating performance. We exclude these items from Adjusted EBITDA as they are not the primary drivers in our decision making process. Our assessment of our operations is focused on long-term sustainability and not on such non-cash items, which may cause short term fluctuations in net income but have no impact on cash flows. We believe that Adjusted EBITDA is a useful supplemental measure to investors and analysts for assessing the performance of our business segments, although it does not represent net income that is computed in accordance with GAAP. Therefore, Adjusted EBITDA should not be considered as an alternative to net income or as an indicator of our financial performance. We use Adjusted EBITDA as one measure of our operating performance when we formulate corporate goals and evaluate the effectiveness of our strategies. Adjusted EBITDA may not be comparable to similarly titled measures of other companies.

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