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): November 4, 2013 |
Cole Real Estate Investments, Inc. | |||||||||
(Exact Name of Registrant as Specified in Its Charter) | |||||||||
Maryland | 001-35974 | 26-1846406 | |||||||
(State or other jurisdiction of incorporation or organization) | (Commission File Number) | (I.R.S. Employer Identification No.) | |||||||
2325 East Camelback Road, Suite 1100, Phoenix, Arizona 85016 | |||||||||
(Address of principal executive offices) (Zip Code) | |||||||||
(602) 778-8700 | |||||||||
(Registrant's telephone number, including area code) | |||||||||
(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 7.01 | Regulation FD Disclosure. |
As of September 30, 2013, Cole Real Estate Investments, Inc. (the “Company”) owned 1,026 properties, comprising 44.8 million rentable square feet of single and multi-tenant retail and commercial space, which are leased to national and regional credit worthy tenants under long-term triple net leases, located in 48 states, which include properties owned through consolidated joint ventures. As of September 30, 2013, the rentable space at these properties was 99% leased. As of September 30, 2013, the Company also owned 21 commercial mortgage-backed securities, three notes receivable and, through unconsolidated joint ventures, had interests in 12 properties comprising 2.3 million rentable square feet of commercial and retail space.
The following table presents diversifications of the Company’s owned real estate portfolio, based on annualized revenue, as of September 30, 2013:
Number of Investments | Rentable Square Feet (thousands) | Annualized Rental Revenue (thousands)(1) | % of Annualized Rental Revenue | ||||||||||
Freestanding retail | 894 | 18,098 | $ | 273,365 | 46.3 | % | |||||||
Multi-tenant retail | 77 | 11,465 | 150,733 | 25.5 | % | ||||||||
Office and industrial | 55 | 15,236 | 166,803 | 28.2 | % | ||||||||
1,026 | 44,799 | $ | 590,901 | 100.0 | % |
________________
(1) Annualized rental revenue represents the average annual base rental income over the respective lease terms, including adjustments for rent concessions or abatements, if any.
The following table shows certain information regarding the lease expirations of the Company’s owned real estate portfolio, including consolidated joint ventures, as of September 30, 2013, during each of the next ten years, assuming no exercise of renewal options:
Lease Expiration Year | Number of Leases Expiring | Leased Square Feet (thousands) | Annualized Rental Revenue (thousands)(1) | % of Annualized Rental Revenue | ||||||||||
October 1, 2013 through December 31, 2013 | 19 | 61 | $ | 757 | 0.1 | % | ||||||||
2014 | 65 | 244 | 4,698 | 0.8 | % | |||||||||
2015 | 88 | 418 | 6,996 | 1.2 | % | |||||||||
2016 | 130 | 1,171 | 15,943 | 2.7 | % | |||||||||
2017 | 142 | 1,023 | 14,638 | 2.5 | % | |||||||||
2018 | 192 | 2,295 | 30,978 | 5.2 | % | |||||||||
2019 | 108 | 2,354 | 28,327 | 4.8 | % | |||||||||
2020 | 57 | 1,157 | 14,786 | 2.5 | % | |||||||||
2021 | 78 | 2,949 | 36,415 | 6.2 | % | |||||||||
2022 | 74 | 2,829 | 24,205 | 4.1 | % | |||||||||
2023 | 88 | 2,610 | 40,926 | 6.9 | % | |||||||||
Totals | 1,041 | 17,111 | $ | 218,669 | 37.0 | % |
________________
(1) | Annualized rental revenue represents the average annual base rental income over the respective lease terms, including adjustments for rent concessions or abatements, if any. |
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The following table shows certain information regarding the geographic diversification of the Company’s owned real estate portfolio, including consolidated joint ventures, as of September 30, 2013:
State | Number of Properties | Rentable Square Feet (thousands) | Annualized Rental Revenue (thousands) (1) | % of Annualized Rental Revenue | |||||||||||
Alabama | 27 | 1,286 | $ | 16,401 | 2.8 | % | |||||||||
Alaska | 2 | 92 | 1,615 | 0.3 | % | ||||||||||
Arizona | 41 | 2,975 | 49,047 | 8.3 | % | ||||||||||
Arkansas | 16 | 335 | 3,652 | 0.6 | % | ||||||||||
California | 22 | 2,905 | 40,689 | 6.9 | % | ||||||||||
Colorado | 15 | 803 | 9,123 | 1.5 | % | ||||||||||
Connecticut | 1 | 70 | 2,511 | 0.4 | % | ||||||||||
Delaware | 2 | 35 | 624 | 0.1 | % | ||||||||||
Florida | 81 | 3,287 | 39,697 | 6.7 | % | ||||||||||
Georgia | 43 | 3,293 | 47,030 | 8.0 | % | ||||||||||
Idaho | 2 | 24 | 498 | 0.1 | % | ||||||||||
Illinois | 46 | 1,550 | 30,864 | 5.2 | % | ||||||||||
Indiana | 44 | 531 | 10,017 | 1.7 | % | ||||||||||
Iowa | 14 | 475 | 4,787 | 0.8 | % | ||||||||||
Kansas | 7 | 205 | 2,602 | 0.4 | % | ||||||||||
Kentucky | 17 | 139 | 3,535 | 0.6 | % | ||||||||||
Louisiana | 31 | 866 | 9,032 | 1.5 | % | ||||||||||
Maine | 14 | 282 | 3,325 | 0.6 | % | ||||||||||
Maryland | 6 | 366 | 7,346 | 1.2 | % | ||||||||||
Massachusetts | 10 | 1,222 | 14,332 | 2.4 | % | ||||||||||
Michigan | 43 | 1,691 | 21,943 | 3.7 | % | ||||||||||
Minnesota | 7 | 111 | 2,379 | 0.4 | % | ||||||||||
Mississippi | 11 | 258 | 2,899 | 0.5 | % | ||||||||||
Missouri | 26 | 428 | 6,316 | 1.1 | % | ||||||||||
Montana | 1 | 16 | 261 | —% | (2) | ||||||||||
Nebraska | 5 | 225 | 3,739 | 0.6 | % | ||||||||||
Nevada | 17 | 699 | 7,428 | 1.3 | % | ||||||||||
New Hampshire | 4 | 126 | 2,023 | 0.3 | % | ||||||||||
New Jersey | 14 | 891 | 20,450 | 3.5 | % | ||||||||||
New Mexico | 18 | 685 | 7,739 | 1.3 | % | ||||||||||
New York | 7 | 651 | 9,979 | 1.7 | % | ||||||||||
North Carolina | 34 | 1,549 | 13,728 | 2.3 | % | ||||||||||
North Dakota | 1 | 70 | 926 | 0.2 | % | ||||||||||
Ohio | 72 | 1,718 | 18,214 | 3.1 | % | ||||||||||
Oklahoma | 21 | 446 | 7,774 | 1.3 | % | ||||||||||
Oregon | 2 | 229 | 2,897 | 0.5 | % | ||||||||||
Pennsylvania | 15 | 1,046 | 8,035 | 1.4 | % | ||||||||||
Rhode Island | 1 | 52 | 1,010 | 0.2 | % | ||||||||||
South Carolina | 27 | 2,148 | 16,885 | 2.9 | % | ||||||||||
South Dakota | 2 | 22 | 491 | 0.1 | % | ||||||||||
Tennessee | 19 | 2,676 | 16,063 | 2.7 | % | ||||||||||
Texas | 187 | 6,484 | 96,812 | 16.3 | % | ||||||||||
Utah | 2 | 63 | 496 | 0.1 | % | ||||||||||
Vermont | 3 | 7 | 134 | —% | (2) | ||||||||||
Virginia | 23 | 1,335 | 18,407 | 3.1 | % | ||||||||||
Washington | 6 | 40 | 939 | 0.2 | % | ||||||||||
West Virginia | 1 | 11 | 302 | 0.1 | % | ||||||||||
Wisconsin | 16 | 381 | 5,905 | 1.0 | % | ||||||||||
Total | 1,026 | 44,799 | $ | 590,901 | 100.0 | % |
________________
(1) | Annualized rental revenue represents the average annual base rental income over the respective lease terms, including adjustments for rent concessions or abatements, if any. |
(2) | Represents less than 0.1% of total annualized rental revenue. |
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The following table shows certain information regarding the tenant industry diversification of the Company’s owned real estate portfolio, including consolidated joint ventures, as of September 30, 2013:
Industry | Percentage of Annualized Rental Revenue | ||||
Agricultural products and services | — | % | (1) | ||
Animal supplies | 4.0 | % | |||
Auto retail | 2.0 | % | |||
Auto services | — | % | (1) | ||
Casual dining | 4.2 | % | |||
Childcare and development | — | % | (1) | ||
Consumer products | 1.9 | % | |||
Discount retail | 2.6 | % | |||
Education | 2.7 | % | |||
Family dining | 3.8 | % | |||
Financial services | 2.3 | % | |||
Fitness | 2.9 | % | |||
Freight | 0.6 | % | |||
Furniture rental and leasing | 0.8 | % | |||
Gas/Convenience | 2.8 | % | |||
Government services | 0.8 | % | |||
Healthcare | 4.3 | % | |||
Home maintenance | 3.4 | % | |||
Information and communications | 0.1 | % | |||
Insurance | 1.9 | % | |||
Manufacturing | 1.5 | % | |||
Marine products | 0.2 | % | |||
Office products | 0.9 | % | |||
Oil/Gas | 1.5 | % | |||
Personal services | 0.7 | % | |||
Pharmacy | 8.8 | % | |||
Professional services | 2.3 | % | |||
Quick service restaurant | 1.8 | % | |||
Retail - department | 5.1 | % | |||
Retail - discount | 2.4 | % | |||
Retail - electronics and appliances | — | % | (1) | ||
Retail - grocery | 1.4 | % | |||
Retail - hobby/books/music | 1.2 | % | |||
Retail - home furnishings | 0.4 | % | |||
Retail - internet | 2.4 | % | |||
Retail - office supply | 0.3 | % | |||
Retail - pet supply | 0.4 | % | |||
Retail - sporting goods | 2.3 | % | |||
Retail - variety | 2.9 | % | |||
Retail - wholesale | 4.1 | % | |||
Retail banking | 1.0 | % | |||
Specialty retail | 7.0 | % | |||
Supermarket | 6.7 | % | |||
Telecommunications | 3.6 | % | |||
Total | 100.0 | % |
________________
(1) | Represents less than 0.1% of total annualized rental revenue. |
The information in this Item 7.01 is deemed to have been furnished to, and shall not be deemed to be “filed” with, the Securities and Exchange Commission.
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SIGNATURES
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 hereunto duly authorized.
COLE REAL ESTATE INVESTMENTS, INC. | |||
Dated: November 4, 2013 | By: | /s/ Simon J. Misselbrook | |
Name: | Simon J. Misselbrook | ||
Title: | Senior Vice President of Accounting (Principal Accounting Officer) |
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