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The information in this prospectus is not complete and may be changed. We may not sell these securities until the registration statement filed with the Securities and Exchange Commission and the applicable state securities commissions is effective. This prospectus is not an offer to sell these securities and we are not soliciting an offer to buy these securities in any state where the offer or sale is not permitted. |
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• | We are a “blind pool.” We have not identified any assets to be purchased with the net proceeds from this offering and have no operating history. |
• | The valuation methodologies used by our independent valuation expert to determine our daily NAV involve subjective judgments and estimates, and may not accurately reflect the actual price at which our assets could be liquidated on any given day. |
• | There is no public market for our shares of common stock, and our charter does not require us to effect a liquidity event at any point in time in the future. |
• | Our redemption plan will provide stockholders with the opportunity to redeem their shares on a daily basis, but redemptions will be subject to available liquidity and other potential restrictions. |
• | We may pay distributions from sources other than cash flow from operations, including borrowings, proceeds from this offering or asset sales, and we have no limits on the amounts we may pay from such other sources. |
• | There are substantial conflicts of interest between us and our advisor and its affiliates, including our payment of substantial fees to our advisor and its affiliates |
• | We may suffer from delays in identifying suitable investments, which may adversely impact the value of your investment. |
• | If we fail to qualify as a REIT for federal income tax purposes and no relief provisions apply, our NAV and cash available for distribution to our stockholders could materially decrease. |
Per Share | Total Minimum | Total Maximum(1) | ||||||||||
Public Offering Price(2) | $ | 10.00 | $ | 2,500,000 | $ | 4,000,000,000 | ||||||
Organization and Offering Costs | $ | 0.05 | $ | 12,500 | $ | 17,500,000 | (3) | |||||
First Year Underwriting Compensation(4) | $ | 0.05 | $ | 25,000 | $ | 20,000,000 | ||||||
Proceeds to Us, Before Expenses | $ | 9.90 | $ | 2,462,500 | $ | 3,962,500,000 | ||||||
(1) | Includes shares of common stock being offered under our distribution reinvestment plan. |
(2) | The price per share shown was arbitrarily determined by our board and will only apply until funds are released to us from the escrow account. Thereafter, our price per share will vary from day-to-day and will be based on our NAV. |
(3) | Calculated on $3,500,000,000 of gross proceeds from our primary offering. See “Use of Proceeds.” |
(4) | During our first year after the escrow period, we may use up to 1% of our offering proceeds (not to exceed $2,000,000,000, in total, of offering proceeds and excluding share issued under our distribution reinvestment plan) along with our cash flows from operations, to pay for the costs of distribution and other underwriting compensation. See “Use of Proceeds,” and “Compensation.” |
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• | a net worth of at least $250,000; or | |
• | a gross annual income of at least $70,000 and a net worth of at least $70,000. |
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• | meet the minimum income and net worth standards established in your state; | |
• | can reasonably benefit from an investment in our common stock based on your overall investment objectives and portfolio structure; | |
• | are able to bear the economic risk of the investment based on your overall financial situation; and | |
• | have an apparent understanding of: | |
• | the fundamental risks of an investment in our common stock; | |
• | the risk that you may lose your entire investment; |
• | the limited liquidity of our common stock; |
• | the restrictions on transferability of our common stock; | |
• | the background and qualifications of our advisor; and | |
• | the tax, including ERISA, consequences of an investment in our common stock. |
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EX-23.1 |
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Q: | What is a real estate investment trust, or REIT? |
A: | In general, a REIT is a company that: |
• combines the capital of many investors to acquire or provide financing for the acquisition of real estate; |
• typically offers the benefit of a diversified real estate portfolio under professional management; |
• must distribute to investors at least 90% of its annual REIT taxable income; and |
• is able to qualify as a REIT for U.S. federal income tax purposes and is therefore generally not subject to federal corporate income taxes on its net income that it currently distributes to its stockholders, which substantially eliminates the “double taxation” (i.e., taxation at both the corporate and stockholder levels) that generally results from investments in a corporation. |
We expect to qualify as a REIT beginning with our taxable year ending December 31 of the year in which the escrow period concludes. We will also use the so-called UPREIT (Umbrella Partnership Real Estate Investment Trust) structure, where a REIT holds all or substantially all of its assets through a partnership the REIT controls as a general partner. We chose this structure because it may be attractive to sellers of real estate who wish to defer taxable gain by exchanging their asset for limited partnership interests. |
Q: | Why should I consider an investment in real estate? | |
A: | For many institutional investors, real estate is a major asset class for allocation within a diversified investment portfolio. The largest U.S. endowments and pension funds have historically allocated a significant portion of their portfolio to direct investments in commercial real estate. In fact, according to the 2009 plan sponsor survey of U.S. pension investors prepared by Institutional Real Estate, Inc. and Kingsley Associates, the target allocation to real estate increased from 7.9% for 2006 to 10.2% for 2009. |
Our goal is to provide a professionally managed, diversified portfolio of institutional quality commercial real estate to retail investors who generally have had very limited access to such investments in the past. Allocating some portion of your portfolio to a direct investment in institutional quality commercial real estate may provide you with: |
• a reasonably predictable and stable level of current income from the investment; |
• diversification of your portfolio, by investing in an asset class that historically has not been correlated with the stock market generally; and |
• the opportunity for capital appreciation. |
Q: | What is your investment strategy, and what types of properties do you intend to acquire? |
A: | Under that strategy, we intend to invest primarily in single-tenant, necessity retail properties, which are leased to national and regional creditworthy tenants, under long-term triple and double net leases. We also intend to invest in “power centers” that are anchored by multiple necessity retailers, subject to long-term net leases. We expect that our leases will generally have lease terms in excess of ten years, and that the tenant will be primarily responsible for the cost of repairs, maintenance, property taxes, utilities, insurance and other operating costs. In addition, we expect to have high occupancy rates (greater than 90%) and low to moderate leverage (0% to 50% loan to value). |
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Our goal is to serve as the landlord of where America shops, and thereby achieve a relatively predictable and stable stream of income for investors in our common stock, along with the potential for long-term appreciation in the value of our real estate assets. For over three decades, our sponsor has developed and utilized this investment approach in acquiring and managing real estate assets primarily in the retail sector. We believe that our sponsor’s experience in the single-tenant, necessity retail sector will provide us with a competitive advantage. In addition, our sponsor has built an organization of over 200 employees, who are experienced in the various aspects of acquiring, financing, managing and disposing of commercial real estate, and we believe that our access to these resources also will provide us with an advantage. |
Q: | What are “necessity retail” properties? |
A: | We use the term necessity retail to describe retail companies that provide consumers with products that are important to, and part of, their everyday lives. Examples of necessity retail properties include pharmacies, home improvement stores, national superstores, restaurants and regional retailers that provide products considered necessities to that region. Historically, the retail sector of commercial real estate has been able to withstand most market cycles better than other sectors, due to the long-term resilience of consumer spending. By focusing our investment strategy on necessity retailers subject to long-term net leases, our objective is to provide our stockholders with a relatively stable stream of current income, while avoiding a significant decline in the value of our real estate portfolio. |
Q: | What is the experience of your sponsor and advisor in managing commercial real estate? |
A: | Our sponsor, Cole Real Estate Investments, is a group of affiliated entities directly or indirectly controlled by Christopher H. Cole, including Cole Capital Advisors, Inc., Cole Capital Partners, LLC and other affiliates of our advisor. From January 1, 2000 to December 31, 2009, Cole Real Estate Investments sponsored 67 prior commercial real estate programs, including 65 privately offered programs and two publicly offered REITs, Cole Credit Property Trust II, Inc. (“Cole Credit Property Trust II”) and its current offering Cole Credit Property Trust III, Inc. (“Cole Credit Property Trust III”). These prior programs have raised approximately $3.8 billion from over 72,000 investors and have purchased 1,013 properties located in 43 states and the U.S. Virgin Islands at an acquisition cost of $5.0 billion as of December 31, 2009. |
Our advisor is Cole Advisors: Retail Income, LLC, an affiliate of our sponsor that was formed solely for the purpose of managing our company. Mr. Cole is the chief executive officer and president of our advisor and other key personnel of our advisor have been associated with Cole Real Estate Investments for many years. The members of our advisor’s real estate management team each have more than years of experience in acquiring, structuring, developing and selling necessity retail properties. For additional information about the key personnel of our advisor, see the section of this prospectus captioned “Management — The Advisor.” Further, our sponsor has built an organization of over 200 employees who are experienced in the various aspects of acquiring, financing, managing and disposing of commercial real estate, and most of these employees will serve as dual employees acting in part, on behalf of our advisor. |
Q: | What is an open-ended, publicly offered, non-exchange traded REIT? |
A: | First, a non-exchange traded REIT is a REIT whose shares are not listed for trading on a stock exchange or other securities market. A public non-exchange traded REIT is registered with the Securities and Exchange Commission (“SEC”) and is required to file financial statements and other reports required by the SEC. |
Second, we use the term “open-ended” non-exchange traded REIT to describe an investment vehicle of indefinite duration focused principally on acquiring a portfolio of commercial real estate, where the shares of common stock are continuously available for purchase and redemption on a daily basis at a price equal to net asset value per share (“NAV per share”). This is a structure similar to that employed |
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by “open-ended” investment companies, or mutual funds, except that mutual funds invest primarily in securities that are either listed on an exchange or frequently traded, while REITs invest primarily in commercial real estate, which is an asset that is not frequently traded and is therefore generally illiquid. |
Non-exchange traded REITs have traditionally had a finite life with a specified date by which there would be some type of liquidity event for the benefit of all stockholders. In our open-ended structure, the investor or his financial advisor will determine when to purchase or liquidate an investment in shares of our common stock and our charter does not require us to effect a liquidity event at any point-in-time in the future. We are not aware of any open-ended, publicly offered, non-exchange traded REITs being currently available in the market, although we are aware that some have filed for registration with the SEC. We will be one of two new programs structured as open-ended, publicly offered, non-exchange traded REITs that our sponsor is launching. See “Risk Factors — Risks Related to Our Relationship with Our Advisor and Its Affiliates.” |
Q: | How is an investment in shares of your common stock different from investing in shares of a listed REIT? |
A: | Investing in REITs whose shares are listed for trading on a national securities exchange is one alternative for investing in commercial real estate. Shares of listed REITs, however, generally fluctuate in price with the stock market as a whole; that is, there is a relatively close relationship or correlation between changes in price of listed REITs and changes in value of the stock market generally. For example, according to data provided by Morningstar, Inc.,*( for the period from 1985 to 2009, on average, approximately 60% of the change in share price of listed REITs was the same as, or in direct alignment with, the average change in value of the Standard & Poor’s 500 Index, a commonly used index to reflect the equity stock market as a whole. This close correlation suggests that the value of shares of listed REITs may be based on a variety of factors beyond the value of the underlying real estate investments, such as the supply of available shares (number of sellers) and the demand for shares (number of buyers), as well as changes in investors’ short- or long-term financial market expectations in general. By comparison, the Morningstar data showed that, on average, approximately 20% of the change in price of a direct investment in commercial real estate, as measured by actual transactions, was the same as, or in direct alignment with, the average change in value of the Standard & Poor’s 500 Index. That is, shares of listed REITs, on average, were three times more likely than a direct investment in real estate to reflect a change in price in accordance with, or at the same time as, a change in value of the Standard & Poor’s 500 Index. |
Our objective is to offer an alternative for investing in commercial real estate, where the value of your investment will be based principally on an estimate of the market value of our portfolio of real estate and real estate related assets, as determined by an independent valuation expert. The expert’s estimate of the market value of our real estate will not, for example, vary with the number of shares available for purchase in the market, as our shares will be offered for sale on a continuous basis by the Company, or with the number of investors looking to sell shares, as redemptions will be based on NAV per share, regardless of the volume of redemption requests. Because of these valuation guidelines, we expect that changes in the value of our shares will be more closely correlated, or aligned, with changes in prices of direct investments in real estate, as compared to changes in prices of listed REITs. Since direct investments in real estate are not highly correlated with the Standard & Poor’s 500 Index, we expect that an investment in our shares will provide a measure of diversification to an investment portfolio that largely consists of stocks traded on a stock exchange. Investors should bear in mind that investing in our shares differs from investing directly in real estate in significant ways, including expenses related to this offering and other fees and expenses payable by us. |
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In addition, the Morningstar data showed that, on average, a direct investment in real estate, as measured by actual transactions, exhibited significantly less volatility, on average, than an investment in listed REITs — that is, on average, a direct investment in real estate did not change in value, over the period from 1985 to 2009, to the same extent as the prices of listed REITs. Again, since the NAV of our shares will be based on an estimate of the value of the real estate that we own, we expect that an investment in our shares will fluctuate in value, over time, less than an investment in a listed REIT. |
Q: | How is an investment in shares of your common stock different from investing in shares of a traditional non-exchange traded REIT? | |
A: | Generally, an investment in shares of our common stock differs from a traditional non-exchange traded REIT because: |
• Following the escrow period, the per share purchase and redemption price of our common stock will be based on our NAV and will vary from day to day, while traditional non-exchange traded REITs sell shares at a fixed price throughout the offering period and typically value their common stock no more frequently than annually, thereafter. Daily pricing of our shares at NAV per share will enable investors to calculate a reasonable estimate of the total return on their investments as of any given time. |
• Contrary to traditional non-exchange traded REITs, which typically limit redemptions to 5% or less of the weighted average number of shares outstanding during the trailing twelve-month period, the goal of our redemption plan is to provide significantly greater liquidity to our stockholders by eliminating any cap on the amount of redemptions and by maintaining a liquid reserve available to fund redemptions. There are, however, circumstances under which our redemption program may be limited, modified or suspended. |
• Unlike most traditional non-exchange traded REITs, which typically provide for a two to five year offering period and a single liquidity event, such as a listing on a national exchange or liquidation within 10 years of the end of the offering period, we will be an open-ended entity with no defined life and we will continuously offer shares for purchase and allow redemptions. This will provide our stockholders with greater flexibility in determining when they want to make or liquidate their investment. |
• Finally, by targeting investors in wrap or fee based accounts, where the investor pays a fee for the investment services provided by his investment advisor or broker-dealer, we will avoid paying up-front selling commissions. We expect that our total expenses, including our costs of distribution, will be significantly lower than those of a traditional non-exchange traded REIT, resulting in a greater percentage of investors’ capital being available for investing in real estate and real estate related investments. |
Q: | What is the purchase price for shares of your common stock? |
A: | Our board of directors approved our initial offering price of $10.00, which will be the purchase price of our shares during the escrow period. Thereafter, the per share purchase price will vary from day-to-day and, on each business day, will be equal to our NAV divided by the number of shares outstanding as of the end of business on such day. After the close of business on each day that the New York Stock Exchange is open (a business day), we will file with the SEC a pricing supplement, which shall identify the NAV per share for that day. Any purchase orders that we receive prior to 4:00 p.m. Eastern time on any business day will be executed at a price equal to our NAV per share for that day, as calculated after the close of business on that day. Purchase orders that we receive after 4:00 p.m. Eastern time will be executed at a price equal to our NAV per share as calculated after the close of business on the next business day. Purchase orders placed on a day that is not a business day will be executed as if they were received prior to the close of business on the immediately following business day. See “Share Purchases and Redemptions — Buying Shares” for more details. |
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Q: | How will your NAV per share be calculated? |
A: | Our NAV per share will be calculated daily by our advisor using a process that incorporates (1) regular quarterly valuations of our portfolio by an independent valuation expert, (2) ongoing assessment by our independent valuation expert of the estimated impact of any events that require adjustments to the most recent quarterly valuation, (3) daily updates in the price of liquid assets and liabilities for which market quotes are available, and (4) estimates of daily accruals on a net basis, of our operating expenses, fees and distributions. |
We will engage an independent valuation expert to provide estimates of the market value of our principal assets and liabilities, all or substantially all of which will be held in our operating partnership. Our assets will consist primarily of a portfolio of commercial real estate, as well as notes receivable where the underlying collateral will typically be commercial real estate. We will also invest in liquid real estate related assets and hold cash and cash equivalents. Our liabilities will consist primarily of mortgage loans secured by our commercial real estate, as well as accrued operating expenses, accrued distribution fees and accrued advisory fees. |
Each quarter, our independent valuation expert will provide an estimate of the market value of our real estate portfolio. Based on all information deemed relevant, the independent valuation expert will analyze the cash flow from, and other characteristics of, each property in the portfolio and compile a projection of cash flows for the portfolio, as a whole. Primarily utilizing a discounted cash flow approach to valuation, the independent valuation expert will analyze the portfolio’s projected cash flows in order to determine an estimate of the market value of our real estate portfolio. While we expect that a discounted cash flow approach will be the principal methodology used in valuing the portfolio, our independent valuation expert will consider, as appropriate, additional valuation methodologies, opinions and judgments, all of which will be consistent with industry practices. We expect that as we acquire assets over time, our NAV is likely to reflect a portfolio premium as compared to the mathematical sum of the liquidation value of each individual real estate asset that comprises the portfolio. |
Between quarterly valuations our independent valuation expert and our advisor will continuously monitor our portfolio to determine whether there have been any events that have a material impact on the most recent estimate of market value. If in the opinion of our independent valuation expert the events are likely to have a material impact on our NAV, adjustments will be made to the estimated value of our real estate portfolio prior to the next quarterly valuation. Any such adjustment will be an estimate of the market impact of specific events as they occur, based on assumptions and judgments about future events that may or may not prove to be correct, and may also be based on limited information, as full and complete information may not be readily available. |
In addition to providing an estimate of our real estate portfolio, the independent valuation expert will also provide, on a quarterly basis, an estimate of the market value of our notes receivable, primarily relying on a discounted cash flow analysis, and an estimate of the market value of our mortgages, primarily by comparing the terms of our mortgages to the terms of mortgages on comparable properties, as seen in the market generally. These quarterly valuations will also be adjusted, between quarters, if deemed necessary by our independent valuation expert. Liquid assets and assets that are traded with reasonable frequency will be valued by third party pricing institutions on a daily basis, assuming market quotes are available. |
The advisor will be permitted to review and comment on the valuations provided by the independent valuation expert, but the independent valuation expert will ultimately be responsible for recommending an estimate of the market value of the portfolio of commercial real estate, the notes receivable and the mortgages. The board of directors, including a majority of the independent directors, will be responsible for ensuring that the independent valuation expert acted in accordance with our valuation guidelines, and will review and approve the quarterly valuations provided by the independent valuation expert, as well as any daily adjustments made by the independent valuation expert. |
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Based on the net valuation of our operating partnership’s principal assets and liabilities, as described above, our advisor will calculate our daily NAV at the end of each business day during the quarter. First, our advisor will subtract from the net value of the operating partnership the other partnership liabilities, including estimates of accrued fees and expenses attributable to the offering, and estimates of accrued operating fees and expenses. Our advisor will take the resulting amount and multiply that amount by our percentage ownership interest in the operating partnership. Initially, the only limited partner will be our advisor, which will hold a 0.1% interest. Our advisor will then add any assets held directly by the REIT, which will primarily include cash and cash equivalents, and subtract an estimate of any accrued liabilities of the REIT, which will primarily include accrued distributions and certain legal and administrative costs. The result of this calculation will be our NAV as of the end of any business day. |
Our NAV per share will be determined by dividing our NAV on such day by the number of shares of our common stock outstanding as of the end of such day, prior to giving effect to any share purchases or redemptions to be effected on such day. See “Valuation Policies — Calculation of Our NAV Per Share” for more details about how our NAV will be calculated. | ||
Q: | How exact will the calculation of the daily NAV per share be? |
A: | Our goal is to provide a reasonable estimate of the market value of our shares. However, as with any real estate valuation protocol, the methodologies utilized by our independent valuation expert will be based on a number of judgments, assumptions and opinions about future events that may or may not prove to be correct. The use of different judgments, assumptions or opinions would likely result in different estimates of market value. As a result, the daily calculation of our NAV per share may not reflect the precise amount that might be paid for your shares in a market transaction. Further, on any given day, our published NAV per share may not fully reflect certain material events, to the extent that the financial impact of such events on our portfolio is not immediately quantifiable. Any resulting potential disparity in our NAV per share may inure to the benefit of redeeming or non-redeeming stockholders or purchases of our common stock. See “Valuation Policies — Calculation of Our NAV Per Share.” |
Q: | Will I have the opportunity to redeem my shares of common stock? |
A: | While you should view your investment in our shares as a long-term investment with limited liquidity, we have adopted a redemption plan whereby, on a daily basis, stockholders may request that we redeem all or any portion of their shares. The redemption price per share on any business day will be equal to the purchase price for that day (i.e., NAV per share, determined as described above). Subject to limited exceptions, shares redeemed within four months of the date of purchase will be subject to a short-term trading fee equal to 2% of the aggregate NAV per share of such shares redeemed. See “Share Purchases and Redemptions — Redemption Plan.” |
Q: | Will there be any limits on my ability to redeem my shares? | |
A: | Yes. While we designed our redemption plan to allow stockholders to request redemptions on a daily basis, of all or any portion of their shares, our ability to fulfill redemption requests is subject to a number of limitations. The vast majority of our assets will consist of retail real estate properties, which cannot generally be readily liquidated without impacting our ability to realize full value upon their disposition. However, to fund our redemption plan, we will maintain a number of sources for a liquidity reserve, including (i) cash, cash equivalents and other short-term investments, (ii) investments in reasonably liquid real estate related assets, such as commercial mortgage-backed securities, or CMBS, and notes receivable secured by commercial real estate and (iii) in the discretion of our advisor, a line of credit. |
In order to maintain a reasonable level of liquidity, our investment guidelines provide that we will generally seek to maintain the following aggregate allocation to the above sources of liquidity: (1) 10% of our NAV up to $2 billion and (2) 5% of our NAV in excess of $2 billion. In addition, we may also fund redemptions from any available source of funds, including operating cash flows, borrowings, proceeds from this offering and/or the sale of our assets. |
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Despite these sources of liquidity, we may not always have sufficient liquid resources to satisfy redemption requests and you may not always be able to redeem your shares under the plan. Further, to protect our operations and our non-redeeming stockholders or to preserve our status as a REIT, our board of directors may limit, or suspend our redemption program, and under certain circumstances, our advisor may limit the amount of redemptions on a quarterly basis. See “Share Purchases and Redemptions — Redemption Plan — Redemption Limitations.” |
Q: | How do you intend to distribute your shares? |
A: | We intend to distribute our shares of common stock principally through registered investment advisors and broker-dealers that are paid a fee by their clients for the services provided — typically referred to as wrap or fee based accounts. As a result, we expect that our total expenses, including costs of distribution, will be less than the total expenses of a traditional finite-life non-exchange traded REIT. |
Q: | Will I be charged upfront selling commissions? |
A: | No. Investors will not pay upfront selling commissions as part of the price per share of our common stock purchased in our primary offering or issued under our distribution reinvestment plan. |
We will pay our dealer manager an asset-based distribution fee that is payable in arrears on a monthly basis and accrues daily in an amount equal to (a) the number of shares of our common stock outstanding each day during such month that were purchased in our primary offering, multiplied by (b) 1/365th of 0.40% of our NAV per share during such day. Our dealer manager does not intend to reallow any portion of the distribution fee. The distribution fee will not be paid with respect to shares issued under our distribution reinvestment plan. See “Plan of Distribution.” |
In addition, our advisor or its affiliates, will advance on our behalf all other costs incurred in connection with our organization and the offering of our shares, including (i) our legal, accounting, printing, mailing and filing fees, charges of our escrow agent, and broker/dealer due diligence expenses; (ii) costs incurred in connection with preparing supplemental sales materials, holding educational conferences and attending retail seminars conducted by broker-dealers; and (iii) other marketing and organization costs. We will reimburse our advisor for our organization and offering costs (excluding the distribution fee and underwriting compensation paid to participating broker-dealers described below) in an amount up to (a) the number of shares of our common stock sold each day, excluding shares issued under our distribution reinvestment plan, multiplied by (b) 1/365th of 0.50% of our NAV per share as of the day of sale, for the period of one year from the date of such sale. Such reimbursements will accrue daily and be payable in arrears on a monthly basis. If, during any period, the total unreimbursed amount of such organization and offering costs exceeds this reimbursement limit, any unreimbursed costs will be eligible for reimbursement in subsequent periods up to the limit, until reimbursed in full |
Q: | Will you pay any other underwriting compensation? |
A: | Yes. While we expect to distribute our shares principally through registered investment advisors and broker/dealers that charge a fee to their clients for the services they provide (typically referred to as fee-based or wrap accounts), we also expect that our participating broker-dealers will provide a variety of ongoing services, including responding to customer inquiries, providing information on investments and reviewing customer holdings on a regular basis, and providing access to their platforms so our stockholders may buy and sell shares of our common stock. We will pay a shareholder servicing fee directly to participating broker-dealers for these services, on a monthly basis and in arrears, in an amount that will accrue daily and not to exceed (a) the number of shares of our common stock that were originally sold with the assistance of such broker-dealer and which remain with such participating broker-dealer on the date of payment, excluding shares issued under our distribution reinvestment plan, multiplied by (b) 1/365th of 0.25% of our NAV per share on each such day. We will treat such payments as underwriting compensation. |
In addition, our transfer agent may, in its discretion, pay to certain of our participating broker-dealers a portion of the record keeping fee, as and when received by our transfer agent, record keeping services, |
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account maintenance services and other administrative services for our stockholders. Payments to such participating broker-dealers will be made on a monthly basis and in arrears, and will not exceed (a) the number of shares of our common stock that were originally sold with the assistance of such broker-dealer and which remain with such broker-dealer on the date of payment, excluding shares issued under our distribution reinvestment plan, multiplied by (b) 1/365th of 0.15% of our NAV per share on each such day. We will treat such payments as underwriting compensation. |
The total amount of underwriting compensation paid to our dealer-manager and participating broker-dealers from all sources, including any payments that may be paid directly by our advisor or its affiliates, shall not exceed 10% of the gross proceeds of this offering. |
Q: | What other fees will you pay to our advisor or any of its affiliates? |
A: | After the escrow period, we will pay our advisor a monthly advisory fee, based on our monthly average NAV, at an annualized rate of up to 1.25%. The annualized rate includes breakpoints, which will reduce the annualized rate as our NAV increases over certain thresholds. After the escrow period, we will also pay our advisor a performance fee calculated on the basis of our total return to stockholders, payable annually in arrears, such that for any year in which our total return on stockholders’ capital exceeds 6.5% per annum, our advisor will be entitled to 15% of the excess total return but not to exceed 10% of the aggregate total return for such year. |
We will pay our transfer agent, an affiliate of our advisor, an asset-based record keeping fee that is payable in arrears on a monthly basis and accrues daily in an amount equal to (a) the number of shares of our common stock outstanding each day during such month that were purchased in our primary offering, excluding shares issued under our distribution reinvestment plan, multiplied by (b) 1/365th of 0.25% of our NAV per share during such day. As described above, our transfer agent may, in its discretion, pay a portion of this fee, as and when received by our transfer agent, to certain of our participating broker-dealers for services provided by them. |
The payment of all such fees will reduce the cash available for investment and distribution and will directly impact our daily NAV. We will not pay our advisor, our transfer agent or any of their affiliates a separate fee for property acquisitions, financings, property management, leasing or property dispositions. See “Compensation” for more details regarding the fees that will be paid to our advisor and its affiliates. |
Q: | Will the advisor or its affiliates be reimbursed for personnel and/or overhead expenses? |
A: | No. The advisor and its affiliated dealer manager and transfer agent will bear all of their own costs related to providing services to us, as set forth in each of their agreements. Such costs may include, but are not limited to, overhead, such as rent and utilities, and personnel costs for individuals whose primary job function relates to providing services to us. We will be obligated to pay only for services provided to us that are outside the scope of the advisory agreement, the dealer manager agreement and the transfer agent agreement, such as audit and legal costs, real estate closing costs and the like. |
Q: | Will you invest in anything other than retail properties? | |
A: | Yes. We may also invest in office and industrial properties that share some of the same characteristics as our retail properties, such as a principal creditworthy tenant, a long-term net lease and a strategic location — attributes that will ensure that the property’s role is mission critical in the operation of the tenant’s business. Our sponsor has invested over $1 billion in office and industrial properties that share many of these attributes. | |
Our portfolio also may include other income-producing real estate, as well as real estate-related investments such as mortgage, mezzanine, bridge and other loans and securities related to real estate assets, frequently, but not necessarily always, in the retail sector. Although this is our current target portfolio, we may make adjustments to our target portfolio based on real estate market conditions and investment opportunities. We will not forego a high quality investment because it does not precisely fit our presently expected portfolio composition. Thus, to the extent that our advisor presents us with high |
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quality investment opportunities that allow us to meet the REIT requirements under the Internal Revenue Code of 1986, as amended (the “Code”), and that result in an overall real estate portfolio that is consistent with our investment objectives, our portfolio composition may vary from time to time. Our goal is to assemble a portfolio that is diversified by investment type, investment size and investment risk, which generates a relatively predictable and stable stream of income for investors and the potential for long-term capital appreciation in the value of our real estate assets. See the section of this prospectus captioned “Investment Objectives, Strategies and Policies — Acquisition and Investment Policies” for a more detailed discussion of all of the types of investments we may make. |
Q: | Generally, what will be the terms of your leases? | |
A: | We will seek to secure leases from creditworthy tenants, before or at the time we acquire a property. We expect that many of our leases will be triple net or double net leases, which means that the tenant will be primarily responsible for the cost of repairs, maintenance, property taxes, utilities, insurance and other operating costs. This helps ensure the predictability and stability of our expenses and, we believe, will result in greater predictability and stability of our cash distributions to stockholders. We intend to enter into leases that have terms of ten or more years, may include renewal options and may also include rental increases over the term of the lease. A number of our leases, however, may have a shorter term. In addition, we expect that a number of our leases will be guaranteed by the corporate parent of the tenant, ensuring that, unless the parent company goes into bankruptcy, the rent on the property will be paid, even if the individual store is closed for any reason. | |
Q: | How will you determine whether tenants are creditworthy? | |
A: | Our advisor and its affiliates have a well-established underwriting process to determine the creditworthiness of our potential tenants. The underwriting process includes analyzing the financial data and other information about the tenant, such as income statements, balance sheets, net worth, cash flow, business plans, data provided by industry credit rating services, and/or other information our advisor may deem relevant. In addition, we may obtain guarantees of leases by the corporate parent of the tenant, in which case our advisor will analyze the creditworthiness of the guarantor. In some instances, especially in sale-leaseback situations, where we are acquiring a property from a company and simultaneously leasing it back to such company under a long-term lease, we expect that we will meet with the senior management of the company to discuss the company’s business plan and strategy. | |
Q: | Will you use leverage? |
A: | Yes, we intend to use leverage. Our targeted leverage, after we have acquired a substantial portfolio is, 50% of the greater of cost (before deducting depreciation or other non cash reserves) or market value of our gross assets. During the period when we are acquiring our initial portfolio, we may employ greater leverage in order to build quickly a diversified portfolio of assets. Please see “Investment Objectives, Strategy and Policies” for more details. |
Q: | How often will I receive distributions? |
A: | We intend to make distributions on a monthly basis to stockholders of record as of the last business day of each month, commencing in the first full month after the escrow period concludes. Any distributions we make will be at the discretion of our board of directors, and will be based on, among other factors, our present and reasonably projected future cash flow. We expect the board of directors will set the rate of distributions at a level that will be reasonably consistent and sustainable over time. In addition, the board of directors’ discretion as to the payment of distributions will be limited by the REIT distribution requirements, which generally require that we make aggregate annual distributions to our stockholders of at least 90% of our REIT taxable income. See “Description of Capital Stock — Distributions” and “Material U.S. Federal Income Tax Considerations.” |
Any distributions that we make will directly impact our NAV, by reducing the amount of our assets. Our goal is to provide a reasonably predictable and stable level of current income, through monthly distributions, while at the same time maintaining a fair level of consistency in our NAV. Over the course |
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of your investment, your distributions plus the change in NAV per share (either positive or negative) will produce your total return. |
Q: | What will be the source of your distributions? |
A: | We may pay distributions from sources other than cash flow from operations, including from the proceeds of this offering, from borrowings or from the sale of properties or other investments, among others, and we have no limit on the amounts we may pay from such sources. We expect that our cash flow from operations available for distribution will be lower in the initial stages of this offering until we have raised significant capital and made substantial investments. As a result, we expect that during the early stages of our operations, and from time to time thereafter, we may declare distributions from sources other than cash flows from operations. Our distributions will constitute a return of capital for federal income tax purposes to the extent that they exceed our earnings and profits as determined for tax purposes. Contrary to traditional non-exchange traded REITs, however, whose shares are typically sold and, on a limited basis, redeemed at, a fixed price that is not intended to reflect the value of the shares, our common stock will be sold and redeemed on a daily basis at NAV per share. As a result, distributions that represent a return of capital or exceed our operating cash flow will be reflected in our daily calculation of NAV. |
Q: | Will the distributions I receive be taxable as ordinary income? |
A: | Unless your investment is held in a qualified tax-exempt account or we designate certain distributions as capital gain dividends, distributions that you receive generally will be taxed as ordinary income to the extent they are from current or accumulated earnings and profits. The portion of your distribution in excess of current and accumulated earnings and profits is not currently taxable and is considered a return of capital for tax purposes and will reduce the tax basis of your investment. This, in effect, defers a portion of your tax until you redeem or sell your shares. Distributions made to you in excess of current and accumulated earnings and profits and in excess of your tax basis in our stock will be treated as sales proceeds from the sale of our stock. Distributions we designate as capital gain dividends will generally be taxable at long-term capital gains rates. However, because each investor’s tax considerations are different, we recommend that you consult with your tax advisor. You also should review the section of this prospectus entitled “Material U.S. Federal Income Tax Considerations.” |
Q: | May I reinvest my cash distributions in additional shares? | |
A: | Yes. We have adopted a distribution reinvestment plan whereby investors may elect to have their cash distributions automatically reinvested in additional shares of our common stock. The purchase price for shares purchased under our distribution reinvestment plan will be equal to our NAV per share on the date that the distribution is payable, after giving effect to the distribution. No distribution fee will be payable with respect to shares purchased under our distribution reinvestment plan. See “Description of Capital Stock — Distribution Reinvestment Plan” for more information regarding reinvestment of distributions you may receive from us. |
Q: | Do you expect to acquire properties and loans in transactions with your advisor or its affiliates? |
A: | In order to avoid potential conflicts of interest, our charter prohibits acquisitions or dispositions of real estate assets to, and loans from or to, affiliates of our advisor other than as set forth below. |
• Our advisor may create special purpose entities to acquire properties for the specific purpose of selling the properties to us, and we may acquire such properties at cost, including acquisition-related expenses. Any and all acquisitions from affiliates of our advisor must be approved by a majority of our directors, including a majority of our independent directors, not otherwise interested in such transaction, as being fair and reasonable to us and at a price to us that is no greater than the cost of the property to the affiliate of our advisor. In no event will we acquire a property from an affiliate of our advisor if the cost to us would exceed the property’s current appraised value as determined by an independent appraiser. Pursuant to our charter and contrary to many non-exchange traded REITs, our |
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board of directors will not have the power to acquire properties from an affiliate other than as described above. |
• From time to time, we may borrow funds from affiliates of our advisor, including our sponsor, as bridge financing to enable us to acquire a property when offering proceeds alone are insufficient to do so and third party financing has not been arranged. Any and all such transactions must be approved by a majority of our directors, including a majority of our independent directors, not otherwise interested in such transactions as being fair and reasonable to us. |
• We may defer payment of fees to our advisor or its affiliates which would not be considered a loan under our charter. |
Q: | Will you acquire properties in joint ventures, including joint ventures with affiliates? |
A: | It is possible that we may acquire properties through one or more joint ventures in order to increase our purchasing power and diversify our portfolio of properties in terms of geographic region, property type and tenant industry group. Increased portfolio diversification reduces the risk to investors as compared to a program with less diversified investments. Our joint ventures may be with affiliates of our advisor or with non-affiliated third parties. Any joint venture with an affiliate of our advisor must be approved by a majority of our independent directors and the cost of our investment must be supported by a current appraisal of the asset. Generally, we will only enter into a joint venture in which we will approve major decisions of the joint venture. If we do enter into joint ventures, we may assume liabilities related to joint ventures that exceed the percentage of our investment in the joint venture. |
Q: | For whom is an investment in your shares recommended? | |
A: | An investment in our shares may be appropriate for you if you: | |
• meet the minimum suitability standards mentioned above under “Suitability Standards;” | ||
• seek to diversify your portfolio by allocating a portion of your portfolio to a direct, long-term investment in retail real estate that is non-correlated to the stock market; | ||
• seek to receive current income through our payment of distributions; | ||
• wish to obtain the benefits of potential long-term capital appreciation; and | ||
• are able to hold your investment in our shares as a long-term investment, as our redemption program may not always be available to redeem your shares. | ||
Q: | How do I buy shares? |
A: | You can buy shares pursuant to this prospectus by working with your financial advisor to (1) complete the required documentation and (2) pay for the shares at the time your purchase order is settled. Please see “Share Purchases and Redemptions — Buying Shares” for more information about how to purchase shares. |
Q: | May I make an investment through my IRA or other tax-deferred retirement account? | |
A: | Yes. You may make an investment through your IRA or other tax-deferred retirement account. In making these investment decisions, you should consider, at a minimum, (1) whether the investment is in accordance with the documents and instruments governing your IRA, plan or other retirement account, (2) whether the investment would constitute a prohibited transaction under applicable law, (3) whether the investment satisfies the fiduciary requirements associated with your IRA, plan or other retirement account, (4) whether the investment will generate unrelated business taxable income (“UBTI”) to your IRA, plan or other retirement account, and (5) whether there is sufficient liquidity for such investment under your IRA, plan or other retirement account. You should note that an investment in shares of our common stock will not, in itself, create a retirement plan and that, in order to create a retirement plan, you must comply with all applicable provisions of the Code. |
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Q: | Is there any minimum investment required? | |
A: | Subject to limited exceptions, the minimum initial investment in shares of our common stock is $2,500, and the minimum subsequent investment in our shares is $1,000 per transaction. The minimum subsequent investment amount does not apply to purchases made under our distribution reinvestment plan. | |
Q: | At what point will the offering proceeds be released from escrow? | |
A: | We will take purchase orders and hold investors’ funds in an interest-bearing escrow account until we receive aggregate purchase orders for at least $2,500,000 in shares of our common stock and our board of directors authorizes release of the escrowed funds so that we can commence our operations. The released escrow funds will only be used for the purposes set forth in this prospectus and in a manner approved by our board of directors, who acts as a fiduciary to our stockholders. If we do not raise the minimum amount and commence our operations within 180 days following the initial offering date, this offering will be terminated and our escrow agent will promptly send you a full refund of your investment with interest and without deduction for escrow expenses. Notwithstanding the foregoing, you may elect to withdraw your purchase order and request a full refund of your investment with interest and without deduction for escrow expenses at any time before the escrowed funds are released to us. | |
Q: | What is the term or expected life of this offering? |
A: | We have registered $3,500,000,000 in shares of our common stock to be sold in our primary offering and up to $500,000,000 in shares to be sold pursuant to our distribution reinvestment plan. It is our intent, however, to conduct a continuous offering for an indefinite period of time, by filing for additional offerings of our shares, subject to regulatory approval and continued compliance with the rules and regulations of the SEC and applicable state laws. |
We will endeavor to take all reasonable actions to avoid interruptions in the continuous offering of our shares of common stock, including filing an amendment to the registration statement with the SEC on or before such time as the most recent offering price per share represents a 20% change from the $10.00 per share price set forth in the registration statement as originally declared effective by the SEC or the price per share set forth in the latest amendment thereto filed with the SEC. There can be no assurance, however, that we will not need to suspend our continuous offering while the SEC and, where required, state securities regulators, review such amendment until it is declared effective, if at all. |
This is a “best efforts” offering, which means that our dealer manager and the participating brokers are only required to use their best efforts to sell the shares. | ||
Q: | Will I be notified of how my investment is doing? | |
A: | Yes. We will provide you with periodic updates on the performance of your investment with us, including: | |
• three quarterly financial reports; | ||
• an annual report; | ||
• in the case of certain U.S. stockholders, an annual Internal Revenue Service, or IRS, Form 1099-DIV and/or Form 1099-B, if required, and, in the case of non-U.S. stockholders, an annual IRS Form 1042-S; | ||
• confirmation statements (after transactions affecting your balance, except reinvestment of distributions in us and certain transactions through automatic investment or withdrawal programs); and | ||
• if you participate in our distribution reinvestment plan, an annual statement providing all material information regarding the plan and your participation in it, including the tax consequences thereof. |
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Depending on legal requirements, we will provide this information to you via one or more of the following methods: | ||
• U.S. mail or other courier; | ||
• facsimile; | ||
• electronic delivery; and | ||
• posting on our website, www.colecapital.com. | ||
In general, the above materials will be provided to you via U.S. mail unless you affirmatively elect to receive them via electronic delivery. Except for an annual report and any other reports required to be physically delivered to stockholders, we will not mail stockholders periodic or other reports we file with the SEC that are available to you on the SEC’s website at www.sec.gov. | ||
In addition, on each business day after the escrow period, our current NAV per share will be posted on our website, made publicly available on our toll-free, automated information line and the pricing prospectus supplement will be filed with the SEC and posted on its website each day, after it has been calculated at the end of each business day. | ||
Q: | When will I get my detailed tax information? | |
A: | In the case of certain U.S. stockholders, your Form 1099-DIV and/or Form 1099-B tax information, if required, will be mailed by January 31 and February 15 respectively of each year. In the case of non-U.S. stockholders, Form 1042-S will be mailed by March 15 of each year. | |
Q: | Who can help answer my questions? | |
A: | If you have more questions about this offering or if you would like additional copies of this prospectus, you should contact your registered selling representative or: |
2575 E. Camelback Road, Suite 500
Phoenix, AZ 85016
(866) 341-2653
Attn: Investor Services
www.colecapital.com
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• | We have no prior operating history and there is no assurance that we will achieve our investment objectives. In addition, because we have not yet identified any assets to be purchased with the net proceeds from this offering, this is a “blind pool” offering and you will not be able to evaluate our assets prior to the time of purchase. |
• | The purchase and redemption price for shares of our common stock will be based on our NAV per share each business day, which will require an estimate of the market value of our assets and liabilities as determined each quarter by our independent valuation expert, and updated daily, as deemed appropriate by our independent expert. The valuation methodologies used to determine our daily NAV involve subjective judgments and estimates, and may not accurately reflect the actual price at which your shares could be liquidated on any given day. The resulting potential disparity in our NAV may inure to the benefit of redeeming or non-redeeming stockholders or purchasers of our common stock. |
• | There is no public market for our shares of common stock, we do not expect that a public market will develop and our charter does not require us to effect a liquidity event at any time in the future. Our goal is to provide stockholders with limited liquidity through redemptions at our NAV per share; however, we will be investing primarily in retail real estate properties that cannot generally be readily liquidated. This means that there may be times during which we do not have sufficient liquid resources to satisfy all redemption requests. Further, to protect our operations and our non-redeeming stockholders, our independent board of directors may modify our redemption program, and under certain circumstances, our advisor may limit the amount of redemptions on a quarterly basis. As a result, our shares should be considered a potentially long-term investment with limited liquidity. |
• | Our sponsor has used our investment strategy, of focusing on necessity retail single-tenant properties, subject to long-term net leases to creditworthy tenants, in past and current real estate programs, and, as a result, we expect that we will compete with these other programs for properties and tenants. |
• | We may pay distributions from sources other than cash flow from operations, including borrowings, proceeds from the sale of our common stock and proceeds from the sale of assets that we acquire, and we have no limits on the amounts we may pay from such other sources. Payments of distributions from sources other than cash flow from operations may reduce the amount of capital we ultimately invest in real estate, which may negatively impact the value of your investment and directly impact our daily NAV per share. |
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• | We are dependent on our advisor and its affiliates to conduct our business and to distribute our shares. There are substantial conflicts of interest between us and our advisor and its affiliates, including with respect to allocation of investment and borrowing opportunities and allocation of their time and resources. Further, we will pay substantial fees to our advisor and its affiliates, including fees based on our daily NAV, and our advisor will be involved in performing the calculation of our NAV. | |
• | We may suffer from delays if our advisor is not able to locate suitable investments, which could adversely affect our ability to pay distributions and to achieve our investment objectives. |
• | Our board of directors may change certain of our investment policies without stockholder approval, which could alter the nature of your investment. |
• | If we fail to qualify as a REIT for federal income tax purposes and no relief provisions apply, our NAV and cash available for distribution to our stockholders could materially decrease. |
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• | to acquire necessity retail real estate properties, net leased under long-term leases to creditworthy tenants, which provide current operating cash flow; | |
• | to provide reasonably stable, current income for you through the payment of cash distributions; and | |
• | to provide the opportunity to participate in capital appreciation in the value of our investments. |
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Type of Compensation — Recipient | Method of Compensation | Estimated Amount | ||
Organization and Offering Stage | ||||
Upfront Selling Commission | We will not pay any upfront selling commissions. | None | ||
Distribution Fee — Our Dealer Manager | We will pay our dealer manager an asset-based distribution fee that is payable in arrears on a monthly basis and accrues daily in an amount equal to (a) the number of shares of our common stock outstanding each day during such month, excluding shares issued under our distribution reinvestment plan, multiplied by (b) 1/365th of 0.40% of our NAV per share during such day. Our dealer manager does not intend to reallow any portion of the distribution fee. | The actual amount will depend on the number of shares sold, the dates on which the shares are sold, the daily NAV per share and the period of time that the investor continues to hold the shares. Assuming that (i) one-half of all $3,500,000,000 of shares registered for sale in our primary offering are sold as of the first day after the end of the escrow period, and the other half are sold one year after the end of the escrow period; (ii) all of the shares are held until the end of the two-year offering period; and (iii) our NAV per share remains at $10.00 at all times, then we estimate that the distribution fee will equal approximately $7,000,000 in year one after the escrow period and $14,000,000 in year two. After year two, assuming all of the shares sold continue to be held and our NAV per share remains at $10.00, the distribution fee will equal approximately $14,000,000 per annum. In the aggregate, underwriting compensation from all sources, including the distribution fee and underwriting compensation paid to participating broker-dealers by us or by our advisor and its affiliates, will not exceed 10% of the gross proceeds from our primary offering. | ||
Organization and Offering Expense Reimbursement — Our Advisor | Our advisor has agreed to fund on our behalf all costs of our organization and offering, other than the distribution fee and other underwriting compensation paid to participating broker-dealers in the form of asset-based trails. We will reimburse our advisor for such organization and offering costs in an amount up to (a) the number of shares of our common stock sold each day in our primary offering, excluding shares issued under our distribution reinvestment plan, multiplied by (b) 1/365th of 0.50% of our NAV per share as of the day of sale, for the period of one year from the date of such sale. Such reimbursements will accrue daily and be payable monthly. If, during any period, the total unreimbursed amount of such organization and offering costs exceeds the reimbursement limit described above, the excess will be eligible for reimbursement in subsequent periods up to the limit, until reimbursed in full. | The timing and amount of reimbursements are dependent on the actual expenses incurred, the number of shares sold, the dates on which the shares are sold and the daily NAV per share on the date the shares are sold. Assuming that (i) one-half of all $3,500,000,000 of shares registered for sale in our primary offering are sold as of the first day after the end of the escrow period, and the other half are sold one year after the end of the escrow period; and (ii) our NAV per share remains at $10.00 at all times, then the maximum amount of organization and offering expenses that can be reimbursed to our advisor will equal approximately $8,750,000 in year one after the escrow period and $8,750,000 in year two. |
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Type of Compensation — Recipient | Method of Compensation | Estimated Amount | ||
Operational Stage |
Our Advisor
Monthly | Average | |||
Average | Annualized | |||
NAV | Rate | |||
$0 - $1.5 billion | 1.25% | |||
$1.5 billion - $3 billion | 1.20% | |||
$3 billion - $4.5 billion | 1.15% | |||
over $4.5 billion | 1.10% |
Effective | Total | |||||||
Monthly | Annualized | Annualized | ||||||
Average | Advisory | Advisory | ||||||
NAV | Fee (%) | Fee ($) | ||||||
$1.5 billion | 1.25% | $ | 18,750,000 | |||||
$2 billion | 1.24% | $ | 24,750,000 | |||||
$4.5 billion | 1.20% | $ | 54,000,000 |
Type of Compensation — Recipient | Method of Compensation | Estimated Amount | ||
Record Keeping Fee — Our Transfer Agent | We will pay our transfer agent an asset-based fee that is payable in arrears on a monthly basis and accrues daily in an amount equal to (a) the number of shares of our common stock outstanding each day during such month that were purchased in our primary offering, excluding shares issued under our distribution reinvestment plan, multiplied by (b) 1/365th of 0.25% of our NAV per share during such day. Our transfer agent may, in its discretion, pay a portion of this fee, as and when received by our transfer agent, to certain of our participating broker-dealers, for providing record keeping, account maintenance and administrative services for our stockholders. The amount of the payments to such participating broker-dealers will be on a monthly basis and in arrears, and will not exceed (a) the number of shares of our common stock that were originally sold with the assistance of such broker-dealer and which remain with such broker-dealer on the date of payment, excluding shares issued under our distribution reinvestment plan, multiplied by (b) 1/365th of 0.15% of our NAV per share on each such day. | The actual amount will depend on the number of shares sold, the daily NAV per share and the period of time that the investor continues to hold the shares. Assuming the shares are outstanding for a full year and our NAV per share remains at $10.00, the record keeping fee will equal approximately $6,250 per annum if we sell the minimum offering and approximately $8,750,000 per annum if we sell the maximum offering. | ||
Performance Fee — Our Advisor | We will pay our advisor a performance fee calculated on the basis of our total return to stockholders, payable annually in arrears, such that for any year in which our total return on stockholders’ capital exceeds 6.5% per annum, our advisor will be entitled to 15% of the excess total return but not to exceed 10% of the aggregate total return for such year. | The actual amount will depend on our performance, as well as on the number of shares sold, the daily NAV per share and the period of time that the investor continues to hold the shares and, therefore, can not be determined at this time. |
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• | Our advisor, our dealer manager, our transfer agent and their affiliates will receive substantial fees in connection with the services provided to us, which will create potential conflicts of interest. While those fees must be approved on an annual basis by our independent directors, the approval process may be constrained, to some extent, because the independent directors are likely to consider, among other factors, our stockholders’ expectation that affiliates of Cole Real Estate Investments sponsored and will serve in the roles of our advisor and dealer manager and transfer agent. |
• | The advisory fee and performance fee that we pay to our advisor are based upon our NAV, and our advisor will be involved in estimating certain accrued fees and expenses that are part of our NAV and performing the administrative calculation of our daily NAV. |
• | We will rely on the personnel of our advisor and its respective affiliates to manage our assets and daily operations. Our officers and our non-independent director are also officers of our advisor and are affiliated with other Cole-sponsored programs and therefore will have conflicts of interest in allocating their time and resources. | |
• | The management personnel of our advisor, each of whom also makes investment decisions for other Cole-sponsored programs, must determine which investment opportunities to recommend to us or another Cole-sponsored program or joint venture, some of which have investment objectives similar to ours. | |
• | Our dealer manager is an affiliate of our advisor and therefore is not in a position to make an independent review of us or this offering. |
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• | identify and acquire investments that further our investment objectives; | |
• | increase awareness of the Cole Advisor Retail Income REIT, Inc. name within the investment products market; | |
• | expand and maintain our network of licensed broker-dealers and others who sell shares on our behalf and other agents; | |
• | rely on our advisor and its affiliates to attract, integrate, motivate and retain qualified personnel to manage our day-to-day operations; | |
• | respond to competition for our targeted real estate and other investments as well as for potential investors; | |
• | rely on our advisor and its affiliates to continue to build and expand our operations structure to support our business; and | |
• | rely on our advisor, its affiliates and our independent board of directors to be continuously aware of, and interpret, marketing trends and conditions. |
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• | the limited size of our real estate portfolio, in the early stages of our development; |
• | our inability to invest, on a timely basis and in attractive commercial properties, the proceeds from sales of our shares; |
• | our inability to realize attractive risk-adjusted returns on our investments; | |
• | unanticipated expenses or reduced revenues that reduce our cash flow or non-cash earnings; | |
• | defaults in our investment portfolio or decreases in the value of our properties; and | |
• | the fact that anticipated operating expense levels may not prove accurate, as actual results may vary from estimates. |
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• | the risk that a co-owner may at any time have economic or business interests or goals that are or become inconsistent with our business interests or goals; | |
• | the risk that a co-owner may be in a position to take action contrary to our instructions or requests or contrary to our policies, objectives or status as a REIT; | |
• | the possibility that an individual co-owner might become insolvent or bankrupt, or otherwise default under the applicable mortgage loan financing documents, which may constitute an event of default under all of the applicable mortgage loan financing documents or allow the bankruptcy court to reject the agreements entered into by the co-owners owning interests in the property; | |
• | the possibility that a co-owner might not have adequate liquid assets to make cash advances that may be required in order to fund operations, maintenance and other expenses related to the property, which could result in the loss of current or prospective tenants and may otherwise adversely affect the |
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operation and maintenance of the property, and could cause a default under the mortgage loan financing documents applicable to the property and may result in late charges, penalties and interest, and may lead to the exercise of foreclosure and other remedies by the lender; |
• | the risk that a co-owner could breach agreements related to the property, which may cause a default, or result in personal liability for, the applicable mortgage loan financing documents, violate applicable securities law, result in a foreclosure or otherwise adversely affect the property and the co-ownership arrangement; | |
• | the risk that a default by any co-tenant would constitute a default under the applicable mortgage loan financing documents that could result in a foreclosure and the loss of all or a substantial portion of the investment made by the co-tenants; | |
• | the risk that we could have limited control and rights, with management decisions made entirely by a third-party; and | |
• | the possibility that we will not have the right to sell the property at a time that otherwise could result in the property being sold for its maximum value. |
• | the continuation, renewal or enforcement of our agreements with our advisor and its affiliates; |
• | property acquisitions from third parties, which entitle our advisor to additional advisory fees; |
• | borrowings to acquire properties, which borrowings will increase the advisory fees payable to our advisor; |
• | the advisor’s role in the calculation of our daily NAV, as the fees of our advisor and its affiliates are based on our NAV; and |
• | the amount of fees paid to our advisor and its affiliates. While the fees must be approved on an annual basis by our independent directors, the approval process may be constrained, to some extent, because the independent directors are likely to consider, among other factors, our stockholders’ expectation that affiliates of Cole Real Estate Investments sponsored and will serve in the roles of our advisor, our dealer manager and our transfer agent. |
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• | changes in global, national, regional or local economic, demographic or capital market conditions; |
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• | current and future adverse national retail real estate trends, including increasing vacancy rates, declining rental rates and general deterioration of market conditions; | |
• | changes in supply of or demand for similar properties in a given market or metropolitan area that will result in changes in market rental rates or occupancy levels; | |
• | increased competition for real property investments targeted by our investment strategy; | |
• | bankruptcies, financial difficulties or lease defaults by our tenants; | |
• | changes in interest rates and availability of financing; and | |
• | changes in government rules, regulations and fiscal policies, including changes in tax, real estate, environmental and zoning laws. |
• | we may be unable to complete an acquisition after making a non-refundable deposit and incurring certain other acquisition-related costs; | |
• | we may be unable to obtain financing for acquisitions on favorable terms or at all; | |
• | acquired properties may fail to perform as expected; | |
• | the actual costs of repositioning or redeveloping acquired properties may be greater than our estimates; | |
• | acquired properties may be located in new markets in which we may face risks associated with a lack of market knowledge or understanding of the local economy, lack of business relationships in the area and unfamiliarity with local governmental and permitting procedures; and | |
• | we may be unable to quickly and efficiently integrate new acquisitions, particularly acquisitions of portfolios of properties, into our existing operations. |
• | Debt Markets — The real estate debt markets are currently experiencing volatility as a result of certain factors, including the tightening of underwriting standards by lenders and credit rating agencies. Should overall borrowing costs increase, either by increases in the index rates or by increases in lender spreads, our operations may generate lower returns. In addition, the recent dislocations in the debt markets have reduced the amount of capital that is available to finance real estate, which, in turn: (1) limits the |
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ability of real estate investors to make new acquisitions and to potentially benefit from reduced real estate values or to realize enhanced returns on real estate investments; (2) has slowed real estate transaction activity; and (3) may result in an inability to refinance debt as it becomes due. In addition, the state of the debt markets could have a material impact on the overall amount of capital being invested in real estate, which may result in price or value decreases of real estate assets and impact our ability to raise equity capital. |
• | Real Estate Markets — The recent global economic recession has caused commercial real estate values to decline substantially. As a result, there may be uncertainty in the valuation, or in the stability of the value, of the properties we acquire that could result in a substantial decrease in the value of our properties after we purchase them. Consequently, we may not be able to recover the carrying amount of our properties, which may require us to recognize an impairment charge or record a loss on sale in earnings. | |
• | Government Intervention — The disruptions in the global financial markets have led to extensive and unprecedented government intervention. Although the government intervention is intended to stimulate the flow of capital and to strengthen the U.S. economy in the short term, it is impossible to predict the actual effect of the government intervention and what effect, if any, additional interim or permanent governmental intervention may have on the financial markets and/or the effect of such intervention on us. |
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• | competition from comparable types of properties; | |
• | success of tenant businesses; | |
• | property management decisions; | |
• | changes in use of property; | |
• | shift of business processes and functions offshore; | |
• | property location and condition; |
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• | changes in specific industry segments; | |
• | declines in regional or local real estate values, or rental or occupancy rates; and | |
• | increases in interest rates, real estate tax rates and other operating expenses. |
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• | any person who beneficially owns 10% or more of the voting power of our common stock, which we refer to as an “interested stockholder;” |
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• | an affiliate of ours who, at any time within the two-year period prior to the date in question, was an interested stockholder; or | |
• | an affiliate of an interested stockholder. |
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• | limitations on capital structure; | |
• | restrictions on specified investments; | |
• | requirements that we add directors who are independent of us, our advisor and its affiliates; | |
• | restrictions or prohibitions on retaining earnings; | |
• | restrictions on leverage or senior securities; | |
• | restrictions on unsecured borrowings; | |
• | requirements that our income be derived from certain types of assets; | |
• | prohibitions on transactions with affiliates; and | |
• | compliance with reporting, record keeping, voting, proxy disclosure and other rules and regulations that would significantly increase our operating expenses. |
• | we would not be allowed a deduction for dividends paid to stockholders in computing our taxable income and would be subject to U.S. federal income tax at regular corporate rates; | |
• | we could be subject to the U.S. federal alternative minimum tax and possibly increased state and local taxes; and | |
• | unless we are entitled to relief under certain U.S. federal income tax laws, we could not re-elect REIT status until the fifth calendar year after the year in which we failed to qualify as a REIT. |
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• | your investment is consistent with your fiduciary obligations under applicable law, including common law, ERISA and the Code; | |
• | your investment is made in accordance with the documents and instruments governing the trust, plan or IRA, including a plan’s investment policy; |
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• | your investment satisfies the prudence and diversification requirements of Sections 404(a)(1)(B) and 404(a)(1)(C) of ERISA, if applicable, and other applicable provisions of ERISA and the Code; | |
• | your investment will not impair the liquidity of the trust, plan or IRA; | |
• | your investment will not produce “unrelated business taxable income” for the plan or IRA; | |
• | you will be able to value the assets of the plan annually in accordance with ERISA requirements and applicable provisions of the applicable trust, plan or IRA document; and | |
• | your investment will not constitute a prohibited transaction under Section 406 of ERISA or Section 4975 of the Code. |
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• | our ability to effectively deploy the proceeds raised in this offering; | |
• | changes in economic conditions generally and the real estate and securities markets specifically; | |
• | legislative or regulatory changes (including changes to the laws governing the taxation of REITs); | |
• | the effect of financial leverage, including changes in interest rates, availability of credit, loss of flexibility due to negative and affirmative covenants, refinancing risk at maturity and generally the increased risk of loss if our investments fail to perform as expected; | |
• | our ability to access sources of liquidity when we have the need to fund redemptions of common stock in excess of the proceeds from the sales of shares of our common stock in our continuous offering and the consequential risk that we may not have the resources to satisfy redemption requests; and | |
• | changes to GAAP. |
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Minimum Offering of $2,500,000 (Not | ||||||||||||||||
Including Distribution | Maximum Offering of $4,000,000,000 | |||||||||||||||
Reinvestment Plan) | (Including Distribution Reinvestment Plan) | |||||||||||||||
Amounts | Percent | Amounts | Percent | |||||||||||||
Gross Offering Proceeds(1) | $ | 2,500,000 | 100.00% | $ | 4,000,000,000 | 100.00% | ||||||||||
Less: | ||||||||||||||||
Organization and Offering Costs(2) | 12,500 | 0.50% | 17,500,000 | 0.44% | ||||||||||||
First Year Underwriting Compensation(3) | 25,000 | 1.00% | 20,000,000 | 0.50% | ||||||||||||
Net Proceeds | $ | 2,462,500 | 98.50% | $ | 3,962,500,000 | 99.06% | ||||||||||
(1) | We intend to conduct a continuous offering of an unlimited number of shares of our common stock over an unlimited time period by filing a new registration statement prior to the end of the three-year period described in Rule 415 under the Securities Act of 1933, as amended (the “Securities Act”); however, in certain states this offering is subject to annual extensions. |
(2) | The total maximum amount is calculated assuming $3,500,000,000 of gross proceeds from our primary offering (excluding shares issued under our distribution reinvestment plan). Reimbursable organization and offering expenses include legal, accounting, due diligence expenses, educational conferences and retail |
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seminars and other marketing and organization costs (including payments made to participating broker-dealers for performing these services). See “Compensation.” |
(3) | During our first year after our escrow period, we may use up to 1% of our offering proceeds (not to exceed $2,000,000,000, in total, of offering proceeds and excluding shares issued under our distribution reinvestment plan), along with our cash flows from operations, to pay for the costs of distribution and other underwriting compensation. The dollar amounts are based on the assumption that our NAV remains at $10.00 throughout the offering period and that $2,000,000,000 of shares are sold during that first year. See “Plan of Distribution — Selling Commissions and Asset-Based Distribution Fee.” |
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• | to acquire primarily necessity commercial real estate properties, net leased under long-term leases to creditworthy tenants, which provide current operating cash flow; |
• | to provide reasonably stable, current income for you through the payment of cash distributions; and | |
• | to provide the opportunity to participate in long-term capital appreciation in the value of our investments. |
• | Cole’s Disciplined Investment Approach. Our advisor intends to utilize a disciplined investment approach developed and utilized by our sponsor over the last 30 years. Our sponsor’s investment approach focuses on acquiring necessity retail and other income-producing properties, many of which share certain core characteristics, including a principal, creditworthy tenant in a long-term net lease and a strategic location. In addition, our sponsor’s investment strategy targets properties typically have high occupancy rates (greater than 90%) and low to moderate leverage (0% to 50% loan to value). Our sponsor and its affiliates developed and refined this investment approach over a period of several decades, and throughout a variety of market conditions. Through this disciplined investment approach, we expect to achieve a relatively predictable and stable stream of income, which will provide a principal source of return for our investors in our common stock, plus the potential for capital appreciation in the value of our real estate assets. |
• | Experienced Advisor. The members of our advisor’s real estate management team each have more than years of experience in acquiring, structuring, developing and selling necessity retail real estate properties. Additionally, our advisor’s executive management team has extensive public company operating experience with of our senior executives having held senior positions at publicly held REITs. Further, our sponsor has built an organization of over 200 employees who are experienced in the various aspects of acquiring, financing, managing and disposing of commercial real estate, and most of these employees will serve as dual employees acting in part, on behalf of our advisor. |
• | Successful Credit Underwriting Experience. Cole Real Estate Investments has demonstrated an ability to successfully underwrite the tenants that occupy the real estate assets of Cole-sponsored real estate programs. The combined portfolios of Cole Credit Property Trust I, Cole Credit Property Trust II and Cole Credit Property Trust III have a 97% occupancy rate, as of September 30, 2010. |
• | Strong Industry Relationships. We believe that our extensive network of industry relationships with the real estate brokerage, development and investor communities will enable us to successfully execute our acquisition and investment strategies. These relationships augment our ability to source acquisitions in off-market transactions outside of competitive marketing processes, capitalize on development opportunities and capture repeat business and transaction activity. Our strong relationships with the tenant and leasing brokerage communities aid in attracting and retaining tenants. | |
• | Ability to Purchase Properties for Cash. We expect that one of our competitive advantages will be our ability to purchase properties for cash and to close transactions quickly. We believe our ability to purchase properties for cash will expedite our acquisition process and make us an attractive purchaser |
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to potential sellers of properties, particularly those sellers motivated by time constraints. While we have not yet raised any substantial capital, Cole Capital Corporation, the broker-dealer affiliate of our sponsor, has successfully raised capital for our sponsor’s affiliated real estate portfolios, and we expect that, through their well-developed distribution capabilities and relationships with other broker-dealers, Cole Capital Corporation will be successful in selling shares on our behalf. |
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• | tenant rolls and tenant creditworthiness; | |
• | a property condition report; | |
• | unit level store performance; |
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• | property location, visibility and access; | |
• | age of the property, physical condition and curb appeal; | |
• | neighboring property uses; | |
• | local market conditions, including vacancy rates; |
• | area demographics, including trade area population and average household income; and |
• | neighborhood growth patterns and economic condition |
• | rent escalations; | |
• | remaining lease term; | |
• | renewal option terms; | |
• | tenant purchase options; | |
• | termination options; | |
• | scope of the landlord’s maintenance, repair and replacement requirements; | |
• | projected net cash flow yield; and | |
• | projected internal rates of return. |
• | plans and specifications; | |
• | surveys; | |
• | evidence of marketable title, subject to such liens and encumbrances as are acceptable to our advisor; | |
• | financial statements covering recent operations of properties having operating histories; |
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• | title and liability insurance policies; and | |
• | tenant estoppel certificates. |
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• | we may enter into a joint venture with the future tenant whereby we will provide a portion of the equity or debt financing; |
• | we would accrue a preferred dividend during construction on any equity investment; |
• | the properties will be developed by third parties; and |
• | consistent with our general policy regarding joint venture investments, we would have a right of first refusal to purchase the co-investor’s interest. |
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• | the ratio of the investment amount to the underlying property’s value; | |
• | the property’s potential for capital appreciation; | |
• | expected levels of rental and occupancy rates; | |
• | the condition and use of the property; | |
• | current and projected cash flow of the property; | |
• | potential for rent increases; | |
• | the degree of liquidity of the investment; | |
• | the property’s income-producing capacity; | |
• | the quality, experience and creditworthiness of the borrower; | |
• | general economic conditions in the area where the property is located; |
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• | in the case of mezzanine loans, the ability to acquire the underlying real property; and | |
• | other factors that our advisor believes are relevant. |
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• | borrow in excess of 75% of the greater of the aggregate cost (or 300% of net assets) (before deducting depreciation or other non-cash reserves) or fair market value of all assets owned by us, unless approved by a majority of our independent directors and disclosed to our stockholders in our next quarterly report along with the justification for such excess borrowing (although our board of directors has adopted a policy to reduce this limit from 75% to 60%); | |
• | make investments in unimproved property or mortgage loans on unimproved property in excess of 10% of our total assets; | |
• | make or invest in mortgage loans unless an appraisal is obtained concerning the underlying property, except for those mortgage loans insured or guaranteed by a government or government agency; | |
• | make or invest in mortgage loans, including construction loans, on any one property if the aggregate amount of all mortgage loans on such property would exceed an amount equal to 85% of the appraised value of such property unless substantial justification exists for exceeding such limit because of the presence of other underwriting criteria; | |
• | invest in indebtedness secured by a mortgage on real property that is subordinate to the lien or other indebtedness of our advisor, any director, our sponsor or any of our affiliates; | |
• | invest in real estate contracts of sale, otherwise known as land sale contracts, unless the contract is in recordable form and is appropriately recorded in the chain of title; | |
• | invest in commodities or commodity futures contracts, except for futures contracts when used solely for the purpose of hedging in connection with our ordinary business of investing in real estate assets and mortgages; | |
• | issue equity securities on a deferred payment basis or other similar arrangement; | |
• | issue debt securities in the absence of adequate cash flow to cover debt service; | |
• | issue equity securities that are assessable after we have received the consideration for which our board of directors authorized their issuance; | |
• | issue equity securities redeemable solely at the option of the holder, which restriction has no effect on our share redemption program or the ability of our operating partnership to issue redeemable partnership interests; |
• | issue options or warrants to our advisor, our directors, our sponsor or any of their respective affiliates except on the same terms as such options or warrants are sold to the general public and provided that such options or warrants do not exceed ten percent of our outstanding shares on the date of grant; |
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• | make any investment that we believe will be inconsistent with our objectives of qualifying and remaining qualified as a REIT unless and until our board of directors determines, in its sole discretion, that REIT qualification is not in our best interests; or |
• | acquire properties or loans from affiliates, except as noted in “Conflict of Interest — Potential Conflicts Arising From Other Activities of Our Advisor and its Affiliates.” |
• | pursuant to Section 3(a)(1)(A), it is, or holds itself out as being, engaged primarily, or proposes to engage primarily, in the business of investing, reinvesting or trading in securities; and | |
• | pursuant to Section 3(a)(1)(C), it is engaged, or proposes to engage, in the business of investing, reinvesting, owning, holding or trading in securities and owns or proposes to acquire “investment securities” having a value exceeding 40% of the value of its total assets on an unconsolidated basis. “Investment securities” excludes U.S. Government securities and securities of majority-owned subsidiaries that are not themselves investment companies and are not relying on the exception from the definition of investment company under Section 3(c)(1) or Section 3(c)(7) of the Investment Company Act. |
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• | Real Property. Based on the no-action letters issued by the SEC staff, we will classify our fee interests in real properties as qualifying assets. In addition, based on no-action letters issued by the SEC staff, we will treat our investments in joint ventures, which in turn invest in qualifying assets such as real property, as qualifying assets only if we have the right to approve major decisions affecting the joint venture; otherwise, such investments will be classified as real estate-related assets. We expect that no less than 55% of our assets will consist of investments in real property, including any joint ventures that we control. | |
• | Securities. We intend to treat as real estate-related assets debt and equity securities of both non-majority owned publicly traded and private companies primarily engaged in real estate businesses, including REITs and other real estate operating companies, and securities issued by pass-through entities of which substantially all of the assets consist of qualifying assets or real estate-related assets. | |
• | Loans. Based on the no-action letters issued by the SEC staff, we will classify our investments in various types of whole loans as qualifying assets, as long as the loans are “fully secured” by an interest in real estate at the time we originate or acquire the loan. However, we will consider loans with loan-to-value ratios in excess of 100% to be real estate-related assets. We will treat our mezzanine loan investments as qualifying assets so long as they are structured as “Tier 1“mezzanine loans in accordance with the guidance published by the SEC staff in a no-action letter that discusses the classifications of Tier 1 mezzanine loans under Section 3(c)(5)(C) of the Investment Company Act. |
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![(CHART)](https://capedge.com/proxy/S-11A/0000950123-10-110964/g24423a1g2442301.gif)
(1) | Cole Holdings Corporation currently owns 20,000 shares of our common stock, which represents 100% of the outstanding shares of common stock, as of December 1, 2010. Cole Holdings Corporation is prohibited from selling the 20,000 shares of our common stock for so long as Cole Real Estate Investments remains our sponsor; provided, however, that Cole Holdings Corporation may transfer ownership of all or a portion of the 20,000 shares of our common stock to other affiliates of our sponsor. |
(2) | Cole Advisors: Retail Income, LLC currently owns a 0.1% limited partner interest in our operating partnership. After we begin admitting investors in this offering, that limited partner interest will be reduced. |
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• | the amount of the fees paid to our advisor in relation to the size, composition and performance of our investments; | |
• | the success of our advisor in generating appropriate investment opportunities; | |
• | rates charged to other REITs, especially REITs of similar structure, and to investors other than REITs by advisors performing similar services; | |
• | additional revenues realized by our advisor and its affiliates through their relationship with us, whether we pay them or they are paid by others with whom we do business; | |
• | the quality and extent of service and advice furnished by our advisor and the performance of our investment portfolio; and | |
• | the quality of our portfolio relative to the investments generated by our advisor or its affiliates for its other clients. |
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• | any transfer or sale of our sponsor’s initial investment in us; provided however, our sponsor may not sell its initial investment while it remains our sponsor, but our sponsor may transfer the shares to an affiliate; |
• | the duties of our directors, including ratification of our charter, the written policies on investments and borrowing, the monitoring of administrative procedures, investment operations and our performance and the performance of our advisor; |
• | the advisory agreement; |
• | liability and indemnification of our directors, advisor and its affiliates; |
• | fees, compensation and expenses, including organization and offering expense reimbursements, acquisition expenses, total operating expenses, real estate commissions on the resale of property, incentive fees, and advisor compensation; |
• | any change in modification of our statement of objectives; |
• | real property appraisals; |
• | our borrowing policies; |
• | annual and special meetings of stockholders; |
• | election of our directors; and |
• | our distribution reinvestment plan. |
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Name | Age* | Position(s) | ||||
Christopher H. Cole | 58 | Chairman of the Board of Directors, Chief Executive Officer and President | ||||
D. Kirk McAllaster, Jr. | 43 | Executive Vice President, Chief Financial Officer and Treasurer | ||||
Richard R. Lavin | 55 | Executive Vice President and Secretary | ||||
Marc T. Nemer | 37 | Director | ||||
Independent Director 1 | Independent Director | |||||
Independent Director 2 | Independent Director | |||||
Independent Director 3 | Independent Director |
* | As of December 1, 2010. |
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Name | Age* | Position(s) | ||||
Christopher H. Cole | 58 | Chief Executive Officer | ||||
Marc T. Nemer | 37 | President | ||||
D. Kirk McAllaster, Jr. | 43 | Executive Vice President and Chief Financial Officer | ||||
Thomas W. Roberts | 51 | Executive Vice President and Managing Director of Real Estate | ||||
Richard R. Lavin | 55 | Executive Vice President, General Counsel and Secretary — Capital Markets | ||||
John M. Pons | 47 | Executive Vice President and General Counsel — Real Estate | ||||
Robert J. Micera | 49 | Chief Investment Officer |
* | As of December 1, 2010. |
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• | find, evaluate, present and recommend to us investment opportunities consistent with our investment policies and objectives; | |
• | participate in formulating our financial valuation and other policies, consistent with achieving our investment objectives; | |
• | monitor the independent valuation expert’s valuation process to ensure that it complies with our valuation guidelines and report on such compliance to our board of directors on a quarterly basis; | |
• | serve as our investment and financial advisor and provide research and economic and statistical data in connection with our assets and our investment policies; |
• | based on the valuation information provided by our independent valuation expert, and such other information as our advisor may deem necessary, calculate our daily NAV per share; |
• | provide the daily management and perform and supervise the various administrative functions reasonably necessary for our management and operations; | |
• | monitor our liquidity levels and redemption program; | |
• | provide property management and leasing services; | |
• | hire, direct and establish policies for employees who will have direct responsibility for the operations of each property we acquire, which may include, but is not limited to, on-site managers and building and maintenance personnel; | |
• | direct the purchase of equipment and supplies, and supervise all maintenance activity, for our properties; |
• | investigate, select, and, on our behalf, engage and conduct business with such third parties as the advisor deems necessary to the proper performance of the advisor’s obligations under the advisory agreement; |
• | consult with, and provide information to, our officers and our board of directors and assist our board of directors in formulating and implementing our financial policies; |
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• | structure and negotiate the terms and conditions of our real estate acquisitions, sales or joint ventures; | |
• | review and analyze each property’s operating and capital budget; | |
• | acquire properties and make investments on our behalf in compliance with our investment objectives and policies; | |
• | arrange, structure and negotiate financing and refinancing of properties; | |
• | enter into leases of property and service contracts for assets and, to the extent necessary, perform all other operational functions for the maintenance and administration of such assets, including the servicing of mortgages; | |
• | actively manage our real estate portfolio in accordance with our investment objectives, strategies and policies; | |
• | prepare and review on our behalf, with the participation of one designated principal executive officer and principal financial officer, all reports and returns required by the SEC, IRS and other state or federal governmental agencies; and | |
• | dispose of properties on our behalf in compliance with our investment objectives, strategies and policies. |
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Type of Compensation — Recipient(1) | Method of Compensation | Estimated Amount | ||
Organization and Offering Stage | ||||
Upfront Selling Commission | We will not pay any upfront selling commissions. | None | ||
Distribution Fee — Our Dealer Manager(2) | We will pay our dealer manager an asset-based distribution fee that is payable in arrears on a monthly basis and accrues daily in an amount equal to (a) the number of shares of our common stock outstanding each day during such month, excluding shares issued under our distribution reinvestment plan, multiplied by (b) 1/365th of 0.40% of our NAV per share during such day. Our dealer manager does not intend to reallow any portion of the distribution fee. | The actual amount will depend on the number of shares sold, the dates on which the shares are sold, the daily NAV per share and the period of time that the investor continues to hold the shares. Assuming that (i) one-half of all $3,500,000,000 of shares registered for sale in our primary offering are sold as of the first day after the end of the escrow period, and the other half are sold one year after the end of the escrow period; (ii) all of the shares are held until the end of the two-year offering period; and (iii) our NAV per share remains at $10.00 at all times, then we estimate that the distribution fee will equal approximately $7,000,000 in year one after the escrow period and $14,000,000 in year two. After year two, assuming all of the shares sold continue to be held and our NAV per share remains at $10.00, the distribution fee will equal approximately $14,000,000 per annum. In the aggregate, underwriting compensation from all sources, including the distribution fee and underwriting compensation paid to participating broker-dealers by us or by our advisor and its affiliates, will not exceed 10% of the gross proceeds from our primary offering. |
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Type of Compensation — Recipient(1) | Method of Compensation | Estimated Amount | ||
Organization and Offering Expense Reimbursement — Our Advisor(3) | Our advisor has agreed to fund on our behalf all costs of our organization and offering, other than the distribution fee and other underwriting compensation paid to participating broker-dealers in the form of asset-based trails. We will reimburse our advisor for such organization and offering costs in an amount up to (a) the number of shares of our common stock sold each day in our primary offering, excluding shares issued under our distribution reinvestment plan, multiplied by (b) 1/365th of 0.50% of our NAV per share as of the day of sale, for the period of one year from the date of such sale. Such reimbursements will accrue daily and be payable monthly. If, during any period, the total unreimbursed amount of such organization and offering costs exceeds the reimbursement limit described above, the excess will be eligible for reimbursement in subsequent periods up to the limit, until reimbursed in full. | The timing and amount of reimbursements are dependent on the actual expenses incurred, the number of shares sold, the dates on which the shares are sold and the daily NAV per share on the date the shares are sold. Assuming that (i) one-half of all $3,500,000,000 of shares registered for sale in our primary offering are sold as of the first day after the end of the escrow period, and the other half are sold one year after the end of the escrow period; and (ii) our NAV per share remains at $10.00 at all times, then the maximum amount of organization and offering expenses that can be reimbursed to our advisor will equal approximately $8,750,000 in year one after the escrow period and $8,750,000 in year two. |
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Type of Compensation — Recipient(1) | Method of Compensation | Estimated Amount | ||
Operational Stage |
Monthly | Average | |||
Average | Annualized | |||
NAV | Rate | |||
$0 - $1.5 billion | 1.25% | |||
$1.5 billion - $3 billion | 1.20% | |||
$3 billion - $4.5 billion | 1.15% | |||
over $4.5 billion | 1.10% |
Effective | Total | |||||||
Monthly | Annualized | Annualized | ||||||
Average | Advisory | Advisory | ||||||
NAV | Fee (%) | Fee ($) | ||||||
$1.5 billion | 1.25% | $ | 18,750,000 | |||||
$2 billion | 1.24% | $ | 24,750,000 | |||||
$4.5 billion | 1.20% | $ | 54,000,000 |
Record Keeping Fee — Our Transfer Agent | We will pay our transfer agent an asset-based fee that is payable in arrears on a monthly basis and accrues daily in an amount equal to (a) the number of shares of our common stock outstanding each day during such month that were purchased in our primary offering, excluding shares issued under our distribution reinvestment plan, multiplied by (b) 1/365th of 0.25% of our NAV per share during such day. Our transfer agent may, in its discretion, pay a portion of this fee, as and when received by our transfer agent, to certain of our participating broker-dealers, for providing record keeping, account maintenance and administrative services for our stockholders. The amount of the payments to such participating broker-dealers will be on a monthly basis and in arrears, and will not exceed (a) the number of shares of our common stock that were originally sold with the assistance of such broker-dealer and which remain with such broker-dealer on the date of payment, excluding shares issued under our distribution reinvestment plan, multiplied by (b) 1/365th of 0.15% of our NAV per share on each day. | The actual amount will depend on the number of shares sold, the daily NAV per share and the period of time that the investor continues to hold the shares. Assuming the shares are outstanding for a full year and our NAV per share remains at $10.00, the record keeping fee will equal approximately $6,250 per annum if we sell the minimum offering and approximately $8,750,000 per annum if we sell the maximum offering. | ||
Performance Fee — Our Advisor | We will pay our advisor a performance fee calculated on the basis of our total return to stockholders, payable annually in arrears, such that for any year in which our total return on stockholders’ capital exceeds 6.5% per annum, our advisor will be entitled to 15% of the excess total return but not to exceed 10% of the aggregate total return for such year. | The actual amount will depend on our performance, as well as on the number of shares sold, the daily NAV per share and the period of time that the investor continues to hold the shares and, therefore, can not be determined at this time. |
(1) | We will pay all fees and expenses in cash, shares of our common stock, a promissory note or any combination of the foregoing, as we may determine in our discretion. |
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(2) | We will cease paying distribution fees at the date at which, in the aggregate, underwriting compensation from all sources, including the distribution fee and underwriting compensation paid by us and our advisor and its affiliates, equals 10% of the gross proceeds from our primary offering (i.e., excluding proceeds from sales pursuant to our distribution reinvestment plan). This limitation is intended to ensure that we satisfy the FINRA requirement that total underwriting compensation paid in connection with this offering from any source (including from our advisor and its affiliates), does not exceed 10% of the gross proceeds of our primary offering. Our advisor and its affiliates may pay certain costs up to an amount equal to 0.25% of gross proceeds of our primary offering, excluding shares issued under our distribution reinvestment plan, (or a maximum of $8,750,000) without reimbursement by us, associated with the sale and distribution of our shares, which may include amounts paid to participating broker/dealers. Such payments will be deemed to be “underwriting compensation” by FINRA and will be subject to the 10% of gross offering proceeds limit on underwriting compensation. |
(3) | Our advisor, directly or through an affiliate, has agreed to fund organizational expenses and expenses incurred in connection with the offering, including: (i) our legal, accounting, printing, mailing and filing fees, due diligence expenses that are included in a detailed and itemized invoice (such as expenses related to a review of this offering by one or more independent due diligence reviewers engaged by broker-dealers participating in this offering); (ii) amounts incurred in connection with holding our own educational conferences and attending retail seminars conducted by our participating, broker-dealers for performing these services, and (iii) other marketing and organization costs, including payments made to participating broker-dealers for performing these services. Under no circumstances may the total organization and offering expenses from all sources exceed 15% of the gross proceeds from the primary offering of our shares (i.e. excluding proceeds from sales pursuant to our distribution reinvestment plan). |
(4) | At least a majority of our independent directors must determine, from time to time but at least annually, that our total fees and expenses are reasonable in light of our investment performance, net assets, net income and the fees and expenses of other comparable unaffiliated REITs. Each such determination will be reflected in the minutes of our board of directors. For a list of the factors our independent board will consider, in evaluating the fees paid to our advisor, see the “Management — Board of Directors” section of this prospectus. Our independent directors shall also supervise the performance of our advisor and the compensation that we pay to it to determine that the provisions of our advisory agreement are being carried out. |
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• | an act or omission of the director or officer was material to the cause of action adjudicated in the proceeding and was committed in bad faith or was the result of active and deliberate dishonesty; | |
• | the director or officer actually received an improper personal benefit in money, property or services; or | |
• | with respect to any criminal proceeding, the director or officer had reasonable cause to believe his act or omission was unlawful. |
• | the directors have determined, in good faith, that the course of conduct that caused the loss or liability was in our best interests; | |
• | the directors were acting on our behalf or performing services for us; | |
• | in the case of non-independent directors the liability or loss was not the result of negligence or misconduct by the party seeking indemnification; | |
• | in the case of independent directors, the liability or loss was not the result of gross negligence or willful misconduct by the party seeking indemnification; and | |
• | the indemnification or agreement to hold harmless is recoverable only out of our net assets and not from the stockholders. |
• | our advisor and its affiliates have determined, in good faith, that the course of conduct that caused the loss or liability was in our best interests; | |
• | our advisor and its affiliates were acting on our behalf or performing services for us; and | |
• | the liability or loss was not the result of negligence or misconduct by our advisor and its affiliates. |
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• | there has been a successful adjudication on the merits in favor of the indemnitee of each count involving alleged securities law violations; | |
• | such claims have been dismissed with prejudice on the merits by a court of competent jurisdiction; or | |
• | a court of competent jurisdiction approves a settlement of the claims against the indemnitee and finds that indemnification of the settlement and the related costs should be made, and the court considering the request for indemnification has been advised of the position of the SEC and of the published position of any state securities regulatory authority in which our securities were offered as to indemnification for violations of securities laws. |
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Number of Shares | Percent of All | |||||||
Name of Beneficial Owner(1) | Beneficially Owned | Shares(2) | ||||||
Directors and Executive Officers: | ||||||||
Christopher H. Cole, Chairman of the Board of Directors, Chief Executive Officer and President | 20,000 | 100 | % | |||||
Kirk McAllaster, Jr., Executive Vice President, Chief Financial Officer and Treasurer | — | — | ||||||
Richard R. Lavin, Executive Vice President and Secretary | — | — | ||||||
Marc T. Nemer, Director | — | — | ||||||
• Director | — | — | ||||||
• Director | — | — | ||||||
• Director | — | — | ||||||
All directors and executive officers as a group | 20,000 | 100 | % |
(1) | For purposes of calculating the percentage beneficially owned, the number of shares of common stock deemed outstanding includes 20,000 shares outstanding as of December 3, 2010. Beneficial ownership is determined in accordance with the rules of the SEC that deem shares to be beneficially owned by any person or group who has or shares voting and investment power with respect to such shares. |
(2) | Includes 20,000 shares owned by Cole Holdings Corporation, an affiliate of our sponsor. Mr. Cole is the sole stockholder of Cole Holdings Corporation and controls the voting and disposition decisions of Cole Holdings Corporation. Cole Holdings Corporation is prohibited from selling the 20,000 shares of our common stock for so long as Cole Real Estate Investments remains our sponsor; provided, however, that Cole Holdings Corporation may transfer ownership of all or a portion of the 20,000 shares of our common stock to other affiliates of our sponsor. |
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• | the continuation, renewal or enforcement of our agreements with our advisor and its affiliates, including the advisory agreement and the distribution agreement and transfer agent agreement, and the amounts we pay under such agreements; |
• | the advisory fee and performance fee that we pay to our advisor are based upon our NAV, and our advisor will be involved in estimating certain accrued fees and expenses that are part of our NAV and performing the administrative calculation of our daily NAV; |
• | our advisor could be motivated to recommend riskier or more speculative investments in order for us to generate the specified levels of performance that would entitle our advisor to incentive compensation; and |
• | the decision to buy or sell an asset based on whether it will increase or decrease our NAV as opposed to whether it is the most suitable investment for our portfolio. |
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• | Our advisor may create special purpose entities to acquire properties for the specific purpose of selling the properties to us, and we may acquire such properties at cost, including acquisition-related expenses. Any and all acquisitions from affiliates of our advisor must be approved by a majority of our directors, including a majority of our independent directors, not otherwise interested in such transaction, as being fair and reasonable to us and at a price to us that is no greater than the cost of the property to the affiliate of our advisor. In no event will we acquire a property from an affiliate of our advisor if the cost to us would exceed the property’s current appraised value as determined by an independent appraiser. Other than the potential asset acquisitions noted above, we will not purchase or lease properties from our sponsor, our advisor, any of our directors or any of their respective affiliates. Additionally, we will not sell or lease properties to our sponsor, our advisor, any of our directors or any of their respective affiliates. |
• | Our sponsor, our advisor, any of our directors and any of their respective affiliates will not make loans to us, except that we may borrow funds from affiliates of our advisor, including our sponsor, as bridge financing to enable us to acquire a property when offering proceeds alone are insufficient to do so and third party financing has not been arranged. Any and all such transactions must be approved by a majority of our directors, including a majority of our independent directors, not otherwise interested in such transactions as being fair and reasonable to us. Additionally, we will not make any loans to our sponsor, our advisor, any of our directors or any of their respective affiliates. |
• | In the event that an investment opportunity becomes available that may be suitable for both us and one or more other Cole-sponsored program, and for which more than one of such entities has sufficient uninvested funds, then our advisor, with oversight by our board of directors, will examine factors including, among others: |
• | the anticipated operating cash flows of each entity and the cash requirements of each entity; | |
• | the effect of the acquisition both on diversification of each entity’s investments by type of property, geographic area and tenant concentration; | |
• | the amount of funds available to each program and the length of time such funds have been available for investment; | |
• | the policy of each program relating to leverage of properties; | |
• | the income tax effects of the purchase to each entity; and | |
• | the size of the investment. |
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Properties Purchased | ||||||||
% of Total | ||||||||
Location | Number | Purchase Price | ||||||
South | 112 | 42.2 | % | |||||
Midwest | 63 | 29.4 | % | |||||
West | 34 | 22.4 | % | |||||
Northeast | 23 | 6.0 | % | |||||
232 | 100.0 | % | ||||||
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Type of Property | New | Used | Construction | |||||||||
Retail/Commercial | 25.7 | % | 73.1 | % | 1.2 | % | ||||||
Land | — | 100 | % | — | ||||||||
Data Center | — | — | 100 | % |
Properties Purchased | ||||||||
% of Total | ||||||||
Location | Number | Purchase Price | ||||||
South | 20 | 36.7 | % | |||||
Midwest | 10 | 33.5 | % | |||||
West | 5 | 22.3 | % | |||||
Northeast | 3 | 7.5 | % | |||||
38 | 100.0 | % | ||||||
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Properties Purchased | ||||||||||||||||
% of Total | ||||||||||||||||
Location | Number | Purchase Price | ||||||||||||||
South | 512 | 52.6 | % | |||||||||||||
Midwest | 194 | 26.9 | % | |||||||||||||
West | 75 | 14.5 | % | |||||||||||||
Northeast | 44 | 5.8 | % | |||||||||||||
U.S. Virgin Islands | 1 | 0.2 | % | |||||||||||||
826 | 100.0 | % | ||||||||||||||
Type of Property | New | Used | Construction | |||||||||
Retail / Commercial | 14.5 | % | 85.5 | % | — |
Properties Purchased | ||||||||||||||||
% of Total | ||||||||||||||||
Location | Number | Purchase Price | ||||||||||||||
South | 476 | 54.5 | % | |||||||||||||
Midwest | 151 | 24.5 | % | |||||||||||||
West | 71 | 15.4 | % | |||||||||||||
Northeast | 36 | 5.4 | % | |||||||||||||
U.S. Virgin Islands | 1 | 0.2 | % | |||||||||||||
735 | 100.0 | % | ||||||||||||||
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Financial Condition and Results of Operations
Building | 40 years | |
Tenant improvements | Lesser of useful life or lease term | |
Intangible lease assets | Lesser of useful life or lease term |
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2575 E. Camelback Road, Suite 500
Phoenix, AZ 85016
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• | Our advisor may create special purpose entities to acquire properties for the specific purpose of selling the properties to us, and we may acquire such properties at cost, including acquisition-related expenses. Any and all acquisitions from affiliates of our advisor must be approved by a majority of our directors, including a majority of our independent directors, not otherwise interested in such transaction, as being fair and reasonable to us and at a price to us that is no greater than the cost of the property to the affiliate of our advisor. In no event will we acquire a property from an affiliate of our advisor if the cost to us would exceed the property’s current appraised value as determined by an independent appraiser. |
• | From time to time, we may borrow funds from affiliates of our advisor, including our sponsor, as bridge financing to enable us to acquire a property when offering proceeds alone are insufficient to do so and third party financing has not been arranged. Any and all such transactions must be approved by a majority of our directors, including a majority of our independent directors, not otherwise interested in such transactions as being fair and reasonable to us. |
• | We may defer payment of fees to our advisor or its affiliates, which would be considered a loan under our charter. |
• | to acquire mission critical retail properties, net leased under long-term leases to creditworthy tenants, which provide current operating cash flow; |
• | to provide reasonably stable, current income for you through the payment of cash distributions; and |
• | to provide the opportunity to participate in capital appreciation in the value of our investments. |
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• | one-tenth or more but less than one-third; | |
• | one-third or more but less than a majority; or | |
• | a majority or more of all voting power. |
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• | maintaining a classified board of directors; | |
• | requiring two-thirds stockholder vote for removing a director; | |
• | requiring that the number of directors be fixed only by vote of the board of directors; | |
• | requiring that a vacancy on the board of directors be filled only by the remaining directors and for the remainder of the full term of the class of directors in which the vacancy occurred; and | |
• | a request by a majority of stockholders for the calling of a special meeting of stockholders. |
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• | a transaction involving our securities that have been for at least 12 months listed on a national securities exchange; or | |
• | a transaction involving our conversion to a corporate, company, or association form if, as a consequence of the transaction, there will be no significant adverse change in any of the following: stockholder voting rights; the term of our existence; compensation to our advisor; or our investment objectives. |
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• | that would result in the stockholders having democracy rights in a roll-up entity that are less than those provided in our charter, including rights with respect to the election and removal of directors, annual reports, annual and special meetings, amendment of our charter, and our dissolution; | |
• | that includes provisions that would operate to materially impede or frustrate the accumulation of shares by any purchaser of the securities of the roll-up entity, except to the minimum extent necessary to preserve the tax status of the roll-up entity, or which would limit the ability of an investor to exercise the voting rights of its securities of the roll-up entity on the basis of the number of shares held by that investor; | |
• | in which investor’s rights to access of records of the roll-up entity will be less than those provided in the section of this prospectus entitled “Description of Capital Stock — Meetings, Special Voting Requirements and Access to Records;” or | |
• | in which any of the costs of the roll-up transaction would be borne by us if the roll-up transaction is not approved by the stockholders. |
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• | We will be required to pay U.S. federal income tax on our undistributed REIT taxable income, including net capital gain; | |
• | We may be subject to the “alternative minimum tax”; | |
• | We may be subject to tax at the highest corporate rate on certain income from “foreclosure property” (generally, property acquired by reason of default on a lease or indebtedness held by us); | |
• | We will be subject to a 100% U.S. federal income tax on net income from “prohibited transactions” (generally, certain sales or other dispositions of property, sometimes referred to as “dealer property,” held primarily for sale to customers in the ordinary course of business) unless the gain is realized in a “taxable REIT subsidiary,” or TRS, or such property has been held by us for at least two years and certain other requirements are satisfied; | |
• | If we fail to satisfy the 75% gross income test or the 95% gross income test (discussed below), but nonetheless maintain our qualification as a REIT pursuant to certain relief provisions, we will be subject to a 100% U.S. federal income tax on the greater of (i) the amount by which we fail the 75% gross income test or (ii) the amount by which we fail the 95% gross income test, in either case, multiplied by a fraction intended to reflect our profitability; | |
• | If we fail to satisfy any of the asset tests, other than a failure of the 5% or the 10% asset tests that qualifies under the De Minimis Exception, and the failure qualifies under the General Exception, as described below under “— Qualification as a REIT — Asset Tests,” then we will have to pay an excise tax equal to the greater of (i) $50,000 and (ii) an amount determined by multiplying the net income generated during a specified period by the assets that caused the failure by the highest U.S. federal income tax applicable to corporations; | |
• | If we fail to satisfy any REIT requirements other than the income test or asset test requirements, described below under “— Qualification as a REIT — Income Tests” and “— Qualification as a REIT — Asset Tests,” respectively, and we qualify for a reasonable cause exception, then we will have to pay a penalty equal to $50,000 for each such failure; | |
• | We will be subject to a 4% nondeductible excise tax if certain distribution requirements are not satisfied; | |
• | We may be required to pay monetary penalties to the IRS in certain circumstances, including if we fail to meet record-keeping requirements intended to monitor our compliance with rules relating to the composition of a REIT’s stockholders, as described below in “— Recordkeeping Requirements”; | |
• | If we dispose of an asset acquired by us from a C corporation in a transaction in which we took the C corporation’s tax basis in the asset, we may be subject to tax at the highest regular corporate rate on the appreciation inherent in such asset as of the date of acquisition by us; | |
• | We will be required to pay a 100% tax on any redetermined rents, redetermined deductions, and excess interest. In general, redetermined rents are rents from real property that are overstated as a result of services furnished to any of our non-TRS tenants by one of our TRSs. Redetermined deductions and |
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excess interest generally represent amounts that are deducted by a TRS for amounts paid to us that are in excess of the amounts that would have been deducted based on arm’s-length negotiations; and |
• | Income earned by our TRSs or any other subsidiaries that are C corporations will be subject to tax at regular corporate rates. |
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• | We satisfied the asset tests at the end of the preceding calendar quarter, and the discrepancy between the value of our assets and the asset test requirements arose from changes in the market values of our assets and was not wholly or partly caused by the acquisition of one or more non-qualifying assets; or | |
• | We eliminate any discrepancy within 30 days after the close of the calendar quarter in which it arose. |
• | De Minimis Exception: The failure is due to a violation of the 5% or 10% asset tests referenced above and is “de minimis” (meaning that the failure is one that arises from our ownership of assets the total value of which does not exceed the lesser of 1% of the total value of our assets at the end of the quarter in which the failure occurred and $10 million), and we either dispose of the assets that caused the failure or otherwise satisfy the asset tests within six months after the last day of the quarter in which our identification of the failure occurred; or | |
• | General Exception: All of the following requirements are satisfied: (i) the failure is not due to a “de minimis” violation of the 5% or 10% asset tests (as defined above), (ii) the failure is due to reasonable cause and not willful neglect, (iii) we file a schedule in accordance with Treasury Regulations providing a description of each asset that caused the failure, (iv) we either dispose of the assets that caused the failure or otherwise satisfy the asset tests within six months after the last day of the quarter in which our identification of the failure occurred, and (v) we pay an excise tax as described above in “— Taxation of Our Company.” |
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• | in securities issued by an investment company registered under the Investment Company Act; | |
• | in “publicly offered securities,” defined generally as interests that are “freely transferable,” “widely held” and registered with the SEC; | |
• | in an “operating company” which includes “venture capital operating companies” and “real estate operating companies;” or | |
• | in which equity participation by “benefit plan investors” is not significant. |
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Two Years | Seven Years | |||||||||||||||
Percentage of | Percentage of | |||||||||||||||
Maximum Offering | Maximum Offering | |||||||||||||||
Estimated | (Not Including Distribution | Estimated | (Not Including Distribution | |||||||||||||
Amount(1) | Reinvestment Plan)(2) | Amount(1) | Reinvestment Plan)(2) | |||||||||||||
Selling commissions(3) | $ | 0 | 0.000 | % | $ | 0 | 0.000 | % | ||||||||
Distribution fee(4) | 0 | 0.000 | 37,329,275 | 1.067 | ||||||||||||
Wholesaling compensation allocations | 50,175,725 | 1.434 | 50,175,725 | 1.434 | ||||||||||||
Shareholder servicing fee(5) | 8,750,000 | 0.250 | 52,500,000 | 1.500 | ||||||||||||
Record keeping fee(6) | 5,250,000 | 0.150 | 31,500,000 | 0.900 | ||||||||||||
Other compensation(7) | 8,750,000 | 0.250 | 8,750,000 | 0.250 | ||||||||||||
Reimbursement for wholesaling travel expenses | 1,745,000 | 0.050 | 1,745,000 | 0.050 | ||||||||||||
Broker-dealer conference fees, training and education meetings | 6,452,450 | 0.184 | 6,452,450 | 0.184 | ||||||||||||
Due diligence allowance | 200,000 | * | 200,000 | * | ||||||||||||
Legal fees allocable to dealer manager | 100,000 | * | 100,000 | * | ||||||||||||
Total | $ | 81,423,175 | 2.326 | % | $ | 188,752,450 | 5.393 | % | ||||||||
* | Less than 0.01% |
(1) | For purposes of calculating the estimated fees and expenses, we assumed that our shares are sold at $10.00, our NAV per share remains at $10.00, the maximum amount of our shares available to be sold under this prospectus are sold within two years from the beginning of this offering and those shares remain outstanding. |
(2) | The total amount of underwriting compensation paid to our dealer manager and participating broker-dealers from all sources, including the distribution fee and any other fees and expenses paid or reimbursed by us or our sponsor and affiliates in connection with the offering, will not exceed 10% of the gross proceeds of the primary offering. Based on the assumptions used in calculating the fees and expenses in this table, we estimate that total underwriting compensation will reach 10% of the gross offering proceeds of the primary offering after approximately 12 years. |
(3) | An upfront selling commission will not be paid out of the price per share of shares sold in this offering. |
(4) | Represents the estimated amount of the distribution fee that will remain for the dealer manager after allocation to certain expenses noted in the table, such as the dealer manager’s wholesaling compensation. During the first two years of the offering these expenses will exceed the distribution fee. The distribution fee is paid to our dealer manager and accrues daily in an amount equal to (a) the number of shares of our common stock outstanding each day during such month, excluding shares issued under our distribution reinvestment plan, multiplied by (b) 1/365th of 0.40% of our NAV per share during such day. |
(5) | While we expect to distribute our shares principally through registered investment advisors and broker-dealers that charge a fee to their clients for the services they provide (typically referred to as fee-based or wrap accounts), we also expect that our participating broker-dealers will provide a variety of ongoing services, including responding to customer inquiries, providing information on investments and reviewing customer holdings on a regular basis, and providing access to their platforms so our shareholders may buy |
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and sell shares of our common stock. We will pay a shareholder servicing fee directly for these services, on a monthly basis and in arrears, in an amount that will accrue daily equal to (a) the number of shares of our common stock that were originally sold with the assistance of such broker-dealer and which remain with the participating broker-dealer on the date of payment, excluding shares issued under our distribution reinvestment plan, multiplied by (b) 1/365th of 0.25% of our NAV per share on each such day. |
(6) | Our transfer agent may pay to certain of our participating broker-dealers a portion of the record keeping fee, for record keeping services, account maintenance services and other administrative services provided by the participating broker-dealer. The amount of the payments to such participating broker-dealers will be on a monthly basis and in arrears, and will not exceed (a) the number of shares of our common stock that were originally sold with the assistance of such broker-dealer and which remain with such broker-dealer on the date of payment, excluding shares issued under our distribution reinvestment plan, multiplied by (b) 1/365th of 0.15% of our NAV per share on each such day. |
(7) | Our advisor and its affiliates may pay, without reimbursement by us, up to an amount equal to 0.25% of gross proceeds of our primary offering (or a maximum of $8,750,000) in connection with the sale and distribution of our shares, which may include payments to participating broker-dealers. |
• | there has been a successful adjudication on the merits in favor of the indemnitee of each count involving alleged securities law violations; | |
• | such claims have been dismissed with prejudice on the merits by a court of competent jurisdiction; or | |
• | a court of competent jurisdiction approves a settlement of the claims against the indemnitee and finds that indemnification of the settlement and the related costs should be made, and the court considering the request for indemnification has been advised of the position of the SEC and of the published position of any state securities regulatory authority in which our securities were offered as to indemnification for violations of securities laws. |
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• | As soon as practicable after the close of the New York Stock Exchange (generally, 4:00 p.m. Eastern time), hereafter, the “close of business,” on each business day, or trade date, our advisor will determine our NAV per share for that trade date. As promptly as practicable following the close of business on each trade date, and in any event no later than the opening of business on the business day immediately following each trade date, we will (i) post our NAV per share for such trade date on our website, www. .com, (ii) make such NAV per share information available on our toll-free automated information line, and (iii) file with the SEC a new pricing supplement to this prospectus disclosing such NAV per share. | |
• | On each trade date, purchase orders will be accepted until the close of business. We will execute these orders at a price equal to our NAV per share determined as soon as practicable after the close of business on the trade date. Orders placed after the close of business on the trade date will be executed at a price equal to our NAV per share determined after the close of business on the next business day following the trade date. | |
• | A confirmation statement will be sent promptly after the trade date to each investor whose order was received on the trade date (except for purchases made through the reinvestment of distributions pursuant to our distribution reinvestment plan). The confirmation statement will disclose the price at which the order will be executed and will include information advising the investors as to how to obtain the applicable pricing supplement as well as any other supplements to the prospectus which we have filed with the SEC and made publicly available on our website, www. .com. | |
• | Purchase orders placed on a day that is not a business day will be effected as if they were received prior to the close of business on the immediately following business day. |
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• | Subject to compliance with Rule 15c2-4 of the Exchange Act, our dealer manager and/or the participating broker-dealers will submit an investor’s payment promptly after the trade date. Payment will be held in escrow for your benefit, pending our acceptance of the order. On or before the settlement date, our transfer agent will process the order and the shares will be issued to the investor and we will receive the investor’s funds. Although, depending on the circumstances, processing the order and issuing shares may take a few business days from the trade date, the investor will always purchase shares at a price equal to the NAV per share determined after 4:00 p.m. Eastern time on the trade date. |
• | Investors will be asked to attest that they have received this prospectus. To help ensure that our investors have had an opportunity to review the terms of our offering as well as the risks of investing in shares of our common stock, the investor will have the right to cancel his purchase and receive his funds back (without interest) for five business days from the trade date. As a result, the transaction will not be deemed completed until that five day period has expired. If an investor cancels his purchase and a dividend record date occurred between the date of issuance of shares to the investor and the date the funds were returned to the investor, the investor will receive the dividend payment, but the amount of the dividend will be deducted from the funds returned to the investor. The cancellation of shares will not be treated as a sale within four months of the purchase, as to which a short-term trading fee would apply. Nevertheless, to prevent abuses of the right to cancel purchases and protect the interests of all of our stockholders, any investor who cancels a purchase of shares of our common stock on a regular or frequent basis, within the five day period, will be subject to review to determine whether the investor is acting in violation of our Excessive Trading Policy, and might be precluded from future purchases or redemptions of our shares. See “ — Excessive Trading Policies” below. |
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• | You wish to have more than $ worth of shares redeemed; | |
• | The address on your account (record address) has changed within the last 15 days, depending on your account, and you wish to have $ or more worth of shares redeemed; | |
• | You are requesting that a check be mailed to a different address than the record address; or | |
• | You are requesting that redemption proceeds be paid to someone other than the account owner. |
• | You will not receive interest on redemption proceeds for the five-day period from the redemption request day to the date of payment or on any uncashed redemption checks; | |
• | Under applicable anti-money laundering regulations and other federal regulations, redemption requests may be suspended, restricted, or canceled and the proceeds may be withheld; |
• | We reserve the right to reject any redemption request where, in the sole judgment of our advisor, the redemption request is inconsistent with our Excessive Trading Policy. (See “— Excessive Trading Policies” below); |
• | We may require additional documentation for redemptions by a corporation, partnership, agent or fiduciary; and | |
• | If a stockholder owns fewer shares of common stock than the minimum set by our advisor (currently $1,000 in shares), we may redeem those shares without the stockholder’s permission after providing at least days’ notice to attain the minimum. |
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• | a “designated national,” “specially designated national,” “specially designated terrorist,” “specially designated global terrorist,” “foreign terrorist organization,” or “blocked person” within the definitions set forth in the Foreign Assets Control Regulations of the U.S. Treasury Department; | |
• | acting on behalf of, or an entity owned or controlled by, any government against whom the U.S. maintains economic sanctions or embargoes under the Regulations of the U.S. Treasury Department; | |
• | within the scope of Executive Order 13224 — Blocking Property and Prohibiting Transactions with Persons who Commit, Threaten to Commit, or Support Terrorism, effective September 24, 2001; | |
• | subject to additional restrictions imposed by any statutes or regulations and executive orders issued thereunder, as each such statute or regulation has been or may be amended from time to time; or | |
• | designated or blocked, associated or involved in terrorism, or subject to restrictions under laws, regulations, or executive orders as may apply in the future similar to those set forth above. |
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• | financial statements that are prepared in accordance with GAAP and are audited by our independent registered public accounting firm; | |
• | the ratio of the costs of raising capital during the year to the capital raised; |
• | the aggregate amount of advisory fees and the aggregate amount of any other fees paid to our advisor and any affiliate of our advisor by us or third parties doing business with us during the year; |
• | our total operating expenses for the year, stated as a percentage of our average invested assets and as a percentage of our net income; | |
• | a report from the independent directors that our policies are in the best interests of our stockholders and the basis for such determination; and | |
• | a separate report containing full disclosure of all material terms, factors and circumstances surrounding any and all transactions involving us and our advisor, a director or any affiliate thereof during the year, which report the independent directors are specifically charged with a duty to examine and to comment on regarding the fairness of the transactions. |
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ASSETS | ||||
Cash and cash equivalents | $ | 200,000 | ||
Total Assets | $ | 200,000 | ||
STOCKHOLDER’S EQUITY | ||||
Preferred stock, $.01 par value, 10,000,000 shares authorized, none issued and outstanding | $ | — | ||
Common stock, $.01 par value; 490,000,000 shares authorized, 20,000 shares issued and outstanding | 200 | |||
Capital in excess of par value | 199,800 | |||
Total Stockholder’s Equity | $ | 200,000 | ||
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NOTES TO CONSOLIDATED BALANCE SHEET
As of August 31, 2010
NOTE 1 — | ORGANIZATION |
NOTE 2 — | CAPITALIZATION |
NOTE 3 — | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES |
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NOTE 4 — | RELATED PARTY ARRANGEMENTS |
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NOTE 5 — | ECONOMIC DEPENDENCY |
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• | Table I — Experience in Raising and Investing Funds; |
• | Table II — Compensation to Sponsor; |
• | Table III — Operating Results of Prior Programs; |
• | Table IV — Results of Completed Programs; and |
• | Table V — Sales or Disposals of Properties. |
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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 |
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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 |
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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 a Tenant-in-Common Program sponsored by Cole Capital Partners which consists of the sale of tenant-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 the tenant-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. |
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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 | — | — |
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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 | — | — | — |
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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 | — | — | — |
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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. |
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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 | % |
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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 | % |
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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 | % |
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Table of Contents
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 | % |
A-12
Table of Contents
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 | % |
A-13
Table of Contents
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 | % |
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Table of Contents
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 | % |
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Table of Contents
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 | % |
A-16
Table of Contents
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 | % |
A-17
Table of Contents
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 | % |
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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 | % |
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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 | % |
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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 | % |
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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 | % |
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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 | % |
A-23
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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 | % |
A-24
Table of Contents
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 | % |
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Table of Contents
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 | % |
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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 | % |
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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 | % |
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Table of Contents
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 | % |
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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 | % |
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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 | % |
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Table of Contents
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 | % |
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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 | % |
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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 | % |
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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 | % |
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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 | % |
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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 | % |
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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 | % |
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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 | % |
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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 | % |
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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 | % |
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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 | % |
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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 | % |
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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 | % |
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Table of Contents
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 | % |
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Table of Contents
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 | % |
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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 | % |
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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 | % |
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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 | % |
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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 | % |
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Table of Contents
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 | % |
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Table of Contents
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 | % |
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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 | % |
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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 | % |
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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 | % |
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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 | % |
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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 | % |
A-57
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(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. |
A-58
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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 | — | — | — |
A-59
Table of Contents
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. |
A-60
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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 |
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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 of tenant-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, and Wal-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. |
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![(COLE LOGO)](https://capedge.com/proxy/S-11A/0000950123-10-110964/g24423a1g2442300.gif)
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Item 31. | Other Expenses of Issuance and Distribution. |
SEC registration fee | $ | 285,200 | ||
FINRA filing fee | 75,500 | |||
Printing costs | * | |||
Legal fees and expenses | * | |||
Accounting fees and expenses | * | |||
Blue sky fees and expenses | * | |||
Miscellaneous expenses | * | |||
Total | $ | * |
* | To be filed by amendment. |
Item 32. | Sales to Special Parties. |
Item 33. | Recent Sales of Unregistered Securities. |
Item 34. | Indemnification of Directors, Officers and Others. |
• | an act or omission of the director or officer was material to the cause of action adjudicated in the proceeding, and was committed in bad faith or was the result of active and deliberate dishonesty; | |
• | the director or officer actually received an improper personal benefit in money, property or services; or | |
• | with respect to any criminal proceeding, the director or officer had reasonable cause to believe his act or omission was unlawful. |
II-1
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• | the directors, our advisor or its affiliates have determined, in good faith, that the course of conduct which caused the loss or liability was in our best interests; | |
• | the directors, our advisor or its affiliates were acting on our behalf or performing services for us; | |
• | in the case of affiliated directors, our advisor or its affiliates, the liability or loss was not the result of negligence or misconduct by the party seeking indemnification; and | |
• | in the case of independent directors, the liability or loss was not the result of gross negligence or willful misconduct by the party seeking indemnification. |
• | there has been a successful adjudication on the merits of each count involving alleged securities law violations as to the particular indemnitee; | |
• | such claims have been dismissed with prejudice on the merits by a court of competent jurisdiction as to the particular indemnitee; or | |
• | a court of competent jurisdiction approves a settlement of the claims against a particular indemnitee and finds that indemnification of the settlement and the related costs should be made, and the court considering the request for indemnification has been advised of the position of the SEC and of the published position of any state securities regulatory authority in which securities of our company were offered or sold as to indemnification for violation of securities laws. |
Item 35. | Treatment of Proceeds from Shares Being Registered. |
Item 36. | Financial Statements and Exhibits. |
II-2
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Item 37. | Undertakings. |
II-3
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II-4
Table of Contents
Cole Credit | Cole Credit | Cole Credit | ||||||||||
Property Trust, | Property Trust II, | Property Trust II, | ||||||||||
Program: | Inc. | Inc. | Inc. | |||||||||
Name, location, type of property | Tractor Supply Topeka, KS Specialty Retail | HOM Furniture Store Fargo, ND Home Furnishings | La-Z-Boy Newington, CT Home Furnishings | |||||||||
Gross leasable square footage | 24,727 | 122,108 | 20,701 | |||||||||
Date of purchase | 8/9/07 | 1/4/07 | 1/5/07 | |||||||||
Mortgage financing at date of purchase | $ | 1,677,500 | $ | 4,800,000 | $ | 4,140,000 | ||||||
Cash down payment | 1,433,500 | 7,440,000 | 2,898,000 | |||||||||
Contract purchase price plus acquisition fee | 3,111,000 | 12,240,000 | 7,038,000 | |||||||||
Other cash expenditures expensed | — | — | — | |||||||||
Other cash expenditures capitalized | 34,394 | 28,640 | 14,751 | |||||||||
Total acquisition cost | $ | 3,145,394 | $ | 12,268,640 | $ | 7,052,751 | ||||||
Cole Credit | Cole Credit | Cole Credit | ||||||||||
Property Trust II, | Property Trust II, | Property Trust II, | ||||||||||
Program: | Inc. | Inc. | Inc. | |||||||||
Name, location, type of property | Victoria Crossing Victoria, TX Shopping Center | Advanced Auto Maryland Heights, MO Automotive Parts | Academy Sports HQ Katy, TX Sporting Goods | |||||||||
Gross leasable square footage | 87,473 | 7,000 | 1,500,596 | |||||||||
Date of purchase | 1/12/07 | 1/12/07 | 1/18/07 | |||||||||
Mortgage financing at date of purchase | $ | 10,200,000 | $ | — | $ | 68,250,000 | ||||||
Cash down payment | 2,390,759 | 1,930,860 | 35,790,000 | |||||||||
Contract purchase price plus acquisition fee | 12,590,759 | 1,930,860 | 104,040,000 | |||||||||
Other cash expenditures expensed | — | — | — | |||||||||
Other cash expenditures capitalized | 44,976 | 10,710 | 898,114 | |||||||||
Total acquisition cost | $ | 12,635,735 | $ | 1,941,570 | $ | 104,938,114 | ||||||
II-5
Table of Contents
Cole Credit | Cole Credit | Cole Credit | ||||||||||
Property Trust II, | Property Trust II, | Property Trust II, | ||||||||||
Program: | Inc. | Inc. | Inc. | |||||||||
Name, location, type of property | Gordman’s Peoria, IL Department Store | One Pacific Place Omaha, NE Shopping Center | Sack ‘N Save Center Garland, TX Shopping Center | |||||||||
Gross leasable square footage | 60,947 | 91,564 | 65,295 | |||||||||
Date of purchase | 1/18/07 | 2/6/07 | 2/6/07 | |||||||||
Mortgage financing at date of purchase | $ | 4,950,000 | $ | 24,336,000 | $ | 3,290,000 | ||||||
Cash down payment | 4,230,000 | 12,384,000 | 1,871,200 | |||||||||
Contract purchase price plus acquisition fee | 9,180,000 | 36,720,000 | 5,161,200 | |||||||||
Other cash expenditures expensed | — | — | — | |||||||||
Other cash expenditures capitalized | 12,834 | 84,766 | 22,188 | |||||||||
Total acquisition cost | $ | 9,192,834 | $ | 36,804,766 | $ | 5,183,388 | ||||||
Cole Credit | Cole Credit | Cole Credit | ||||||||||
Property Trust II, | Property Trust II, | Property Trust II, | ||||||||||
Program: | Inc. | Inc. | Inc. | |||||||||
Name, location, type of property | Tractor Supply Ankeny, IA Specialty Retail | ABX Air Coventry, RI Distribution Center | Office Depot Enterprise, AL Office Supply | |||||||||
Gross leasable square footage | 19,097 | 33,000 | 20,000 | |||||||||
Date of purchase | 2/9/07 | 2/16/07 | 2/27/07 | |||||||||
Mortgage financing at date of purchase | $ | — | $ | — | $ | 1,850,000 | ||||||
Cash down payment | 3,060,000 | 4,171,800 | 981,884 | |||||||||
Contract purchase price plus acquisition fee | 3,060,000 | 4,171,800 | 2,831,884 | |||||||||
Other cash expenditures expensed | — | — | — | |||||||||
Other cash expenditures capitalized | 20,335 | 22,121 | 14,281 | |||||||||
Total acquisition cost | $ | 3,080,335 | $ | 4,193,921 | $ | 2,846,165 | ||||||
Cole Credit | Cole Credit | Cole Credit | ||||||||||
Property Trust II, | Property Trust II, | Property Trust II, | ||||||||||
Program: | Inc. | Inc. | Inc. | |||||||||
Name, location, type of property | Northern Tool Blaine, MN Specialty Retail | Office Max Orangeburg, SC Office Supply | Walgreens Cincinnati, OH Drugstore | |||||||||
Gross leasable square footage | 25,488 | 23,500 | 15,120 | |||||||||
Date of purchase | 2/28/07 | 2/28/07 | 3/6/07 | |||||||||
Mortgage financing at date of purchase | $ | — | $ | 1,875,000 | $ | 3,341,000 | ||||||
Cash down payment | 4,998,000 | 1,312,500 | 1,901,800 | |||||||||
Contract purchase price plus acquisition fee | 4,998,000 | 3,187,500 | 5,242,800 | |||||||||
Other cash expenditures expensed | — | — | — | |||||||||
Other cash expenditures capitalized | 19,065 | 16,865 | 26,780 | |||||||||
Total acquisition cost | $ | 5,017,065 | $ | 3,204,365 | $ | 5,269,580 | ||||||
II-6
Table of Contents
Cole Credit | Cole Credit | Cole Credit | ||||||||||
Property Trust II, | Property Trust II, | Property Trust II, | ||||||||||
Program: | Inc. | Inc. | Inc. | |||||||||
Name, location, type of property | Walgreens Madeira, OH Drugstore | Walgreens Sharonville, OH Drugstore | AT&T Beaumont, TX Office | |||||||||
Gross leasable square footage | 13,905 | 13,905 | 141,525 | |||||||||
Date of purchase | 3/6/07 | 3/6/07 | 3/19/07 | |||||||||
Mortgage financing at date of purchase | $ | 2,876,000 | $ | 2,655,000 | $ | 8,592,000 | ||||||
Cash down payment | 1,637,500 | 1,511,700 | 3,928,500 | |||||||||
Contract purchase price plus acquisition fee | 4,513,500 | 4,166,700 | 12,520,500 | |||||||||
Other cash expenditures expensed | — | — | — | |||||||||
Other cash expenditures capitalized | 28,893 | 31,600 | 134,140 | |||||||||
Total acquisition cost | $ | 4,542,393 | $ | 4,198,300 | $ | 12,654,640 | ||||||
Cole Credit Property | Cole Credit | Cole Credit | ||||||||||
Trust II, | Property Trust II, | Property Trust II, | ||||||||||
Program: | Inc. | Inc. | Inc. | |||||||||
Name, location, type of property | Walgreens Shreveport, LA Drugstore | Cost-U-Less St. Croix, USVI Discount Retail | Gallina Centro Collierville, TN Shopping Center | |||||||||
Gross leasable square footage | 13,905 | 38,365 | 138,925 | |||||||||
Date of purchase | 3/23/07 | 3/26/07 | 3/26/07 | |||||||||
Mortgage financing at date of purchase | $ | 3,312,000 | $ | 4,035,000 | $ | 14,200,000 | ||||||
Cash down payment | 910,800 | 2,299,200 | 3,905,000 | |||||||||
Contract purchase price plus acquisition fee | 4,222,800 | 6,334,200 | 18,105,000 | |||||||||
Other cash expenditures expensed | — | — | — | |||||||||
Other cash expenditures capitalized | 28,943 | 41,940 | 95,377 | |||||||||
Total acquisition cost | $ | 4,251,743 | $ | 6,376,140 | $ | 18,200,377 | ||||||
Cole Credit Property | Cole Credit | Cole Credit | ||||||||||
Trust II, | Property Trust II, | Property Trust II, | ||||||||||
Program: | Inc. | Inc. | Inc. | |||||||||
Name, location, type of property | Apria Healthcare St. John, MO Healthcare | Logan’s Roadhouse Fairfax, VA Restaurant | Logan’s Roadhouse Johnson City, TN Restaurant | |||||||||
Gross leasable square footage | 52,200 | 7,839 | 7,839 | |||||||||
Date of purchase | 3/27/07 | 3/28/07 | 3/28/07 | |||||||||
Mortgage financing at date of purchase | $ | — | $ | 2,567,000 | $ | 3,093,000 | ||||||
Cash down payment | 6,630,000 | 706,180 | 850,320 | |||||||||
Contract purchase price plus acquisition fee | 6,630,000 | 3,273,180 | 3,943,320 | |||||||||
Other cash expenditures expensed | — | — | — | |||||||||
Other cash expenditures capitalized | 27,130 | 26,160 | 18,740 | |||||||||
Total acquisition cost | $ | 6,657,130 | $ | 3,299,340 | $ | 3,962,060 | ||||||
II-7
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Cole Credit Property | Cole Credit | Cole Credit | ||||||||||
Trust II, | Property Trust II, | Property Trust II, | ||||||||||
Program: | Inc. | Inc. | Inc. | |||||||||
Name, location, type of property | Center at 7500 Jenison Jenison, MI Shopping Center | Tractor Supply Greenfield, MN Specialty Retail | Eckerd Lincolnton, NC Drugstore | |||||||||
Gross leasable square footage | 84,933 | 22,675 | 10,908 | |||||||||
Date of purchase | 3/30/07 | 4/2/07 | 4/3/07 | |||||||||
Mortgage financing at date of purchase | $ | — | $ | 2,227,500 | $ | 1,809,000 | ||||||
Cash down payment | 5,395,800 | 1,893,500 | 498,240 | |||||||||
Contract purchase price plus acquisition fee | 5,395,800 | 4,121,000 | 2,307,240 | |||||||||
Other cash expenditures expensed | — | — | — | |||||||||
Other cash expenditures capitalized | 13,090 | 28,284 | 30,055 | |||||||||
Total acquisition cost | $ | 5,408,890 | $ | 4,149,284 | $ | 2,337,295 | ||||||
Cole Credit | Cole Credit | Cole Credit | ||||||||||
Property Trust II, | Property Trust II, | Property Trust II, | ||||||||||
Program: | Inc. | Inc. | Inc. | |||||||||
Name, location, type of property | Lincoln Place Fairview Heights, IL Shopping Center | Pocatello Square Pocatello, ID Shopping Center | Ashley Furniture Amarillo, TX Home Furnishings | |||||||||
Gross leasable square footage | 176,945 | 138,925 | 74,797 | |||||||||
Date of purchase | 4/5/07 | 4/6/07 | 4/6/07 | |||||||||
Mortgage financing at date of purchase | $ | 35,432,000 | $ | 18,400,000 | $ | 4,736,000 | ||||||
Cash down payment | 9,413,923 | 5,060,000 | 1,302,400 | |||||||||
Contract purchase price plus acquisition fee | 44,845,923 | 23,460,000 | 6,038,400 | |||||||||
Other cash expenditures expensed | — | — | — | |||||||||
Other cash expenditures capitalized | 83,647 | 104,789 | 30,330 | |||||||||
Total acquisition cost | $ | 44,929,570 | $ | 23,564,789 | $ | 6,068,730 | ||||||
Cole Credit | Cole Credit | Cole Credit | ||||||||||
Property Trust II, | Property Trust II, | Property Trust II, | ||||||||||
Program: | Inc. | Inc. | Inc. | |||||||||
Name, location, type of property | Tractor Supply Marinette, WI Specialty Retail | Tractor Supply Paw Paw, MI Specialty Retail | Staples Greenville, SC Office Supply | |||||||||
Gross leasable square footage | 19,097 | 22,670 | 20,388 | |||||||||
Date of purchase | 4/9/07 | 4/9/07 | 4/11/07 | |||||||||
Mortgage financing at date of purchase | $ | 1,918,000 | $ | 2,048,000 | $ | 2,955,000 | ||||||
Cash down payment | 1,091,000 | 1,108,900 | 1,680,900 | |||||||||
Contract purchase price plus acquisition fee | 3,009,000 | 3,156,900 | 4,635,900 | |||||||||
Other cash expenditures expensed | — | — | — | |||||||||
Other cash expenditures capitalized | 22,985 | 19,383 | 31,166 | |||||||||
Total acquisition cost | $ | 3,031,985 | $ | 3,176,283 | $ | 4,667,066 | ||||||
II-8
Table of Contents
Cole Credit | Cole Credit | Cole Credit | ||||||||||
Property Trust II, | Property Trust II, | Property Trust II, | ||||||||||
Program: | Inc. | Inc. | Inc. | |||||||||
Name, location, type of property | Big 5 Center Aurora, CO Shopping Center | Rite Aid Plains, PA Drugstore | Tractor Supply Navasota, TX Specialty Retail | |||||||||
Gross leasable square footage | 15,800 | 14,564 | 22,670 | |||||||||
Date of purchase | 4/11/07 | 4/16/07 | 4/18/07 | |||||||||
Mortgage financing at date of purchase | $ | 2,804,000 | $ | 3,380,000 | $ | 2,412,000 | ||||||
Cash down payment | 1,571,800 | 1,924,000 | 663,300 | |||||||||
Contract purchase price plus acquisition fee | 4,375,800 | 5,304,000 | 3,075,300 | |||||||||
Other cash expenditures expensed | — | — | — | |||||||||
Other cash expenditures capitalized | 52,416 | 95,830 | 21,244 | |||||||||
Total acquisition cost | $ | 4,428,216 | $ | 5,399,830 | $ | 3,096,544 | ||||||
Cole Credit Property | Cole Credit | Cole Credit | ||||||||||
Trust II, | Property Trust II, | Property Trust II, | ||||||||||
Program: | Inc. | Inc. | Inc. | |||||||||
Name, location, type of property | Sportsman’s Warehouse DePere, WI Sporting Goods | Eckerd Easton, PA Drugstore | Applebee’s Albany, OR Restaurant | |||||||||
Gross leasable square footage | 48,453 | 13,813 | 6,024 | |||||||||
Date of purchase | 4/20/07 | 4/25/07 | 4/26/07 | |||||||||
Mortgage financing at date of purchase | $ | 3,906,500 | $ | 4,776,000 | $ | 1,781,573 | ||||||
Cash down payment | 2,223,700 | 1,313,400 | 1,014,126 | |||||||||
Contract purchase price plus acquisition fee | 6,130,200 | 6,089,400 | 2,795,699 | |||||||||
Other cash expenditures expensed | — | — | — | |||||||||
Other cash expenditures capitalized | 21,047 | 113,210 | 64,058 | |||||||||
Total acquisition cost | $ | 6,151,247 | $ | 6,202,610 | $ | 2,859,757 | ||||||
Cole Credit Property | Cole Credit | Cole Credit | ||||||||||
Trust II, | Property Trust II, | Property Trust II, | ||||||||||
Program: | Inc. | Inc. | Inc. | |||||||||
Name, location, type of property | Applebee’s Augusta, GA Restaurant | Applebee’s Aurora, CO Restaurant | Applebee’s Colorado Springs, CO Restaurant | |||||||||
Gross leasable square footage | 6,405 | 4,987 | 4,800 | |||||||||
Date of purchase | 4/26/07 | 4/26/07 | 4/26/07 | |||||||||
Mortgage financing at date of purchase | $ | 2,342,769 | $ | 1,665,771 | $ | 1,220,378 | ||||||
Cash down payment | 1,333,575 | 948,207 | 694,676 | |||||||||
Contract purchase price plus acquisition fee | 3,676,344 | 2,613,978 | 1,915,054 | |||||||||
Other cash expenditures expensed | — | — | — | |||||||||
Other cash expenditures capitalized | 54,309 | 47,158 | 57,172 | |||||||||
Total acquisition cost | $ | 3,730,653 | $ | 2,661,136 | $ | 1,972,226 | ||||||
II-9
Table of Contents
Cole Credit Property | Cole Credit | Cole Credit | ||||||||||
Trust II, | Property Trust II, | Property Trust II, | ||||||||||
Program: | Inc. | Inc. | Inc. | |||||||||
Name, location, type of property | Applebee’s Columbus, GA Restaurant | Applebee’s Macon, GA Restaurant | Applebee’s Santa Fe, NM Restaurant | |||||||||
Gross leasable square footage | 6,140 | 5,000 | 5,400 | |||||||||
Date of purchase | 4/26/07 | 4/26/07 | 4/26/07 | |||||||||
Mortgage financing at date of purchase | $ | 2,155,703 | $ | 1,692,494 | $ | 2,805,977 | ||||||
Cash down payment | 1,227,092 | 963,420 | 1,597,249 | |||||||||
Contract purchase price plus acquisition fee | 3,382,795 | 2,655,914 | 4,403,226 | |||||||||
Other cash expenditures expensed | — | — | — | |||||||||
Other cash expenditures capitalized | 54,836 | 46,592 | 20,224 | |||||||||
Total acquisition cost | $ | 3,437,631 | $ | 2,702,506 | $ | 4,423,450 | ||||||
Cole Credit | Cole Credit | Cole Credit | ||||||||||
Property Trust II, | Property Trust II, | Property Trust II, | ||||||||||
Program: | Inc. | Inc. | Inc. | |||||||||
Name, location, type of property | Applebee’s Walla Walla, WA Restaurant | Applebee’s Columbus, GA Restaurant | Applebee’s Gallup, NM Restaurant | |||||||||
Gross leasable square footage | 6,025 | 5,200 | 6,800 | |||||||||
Date of purchase | 4/26/07 | 4/26/07 | 4/26/07 | |||||||||
Mortgage financing at date of purchase | $ | 1,496,521 | $ | 2,556,557 | $ | 2,137,888 | ||||||
Cash down payment | 851,866 | 1,455,271 | 1,216,951 | |||||||||
Contract purchase price plus acquisition fee | 2,348,387 | 4,011,828 | 3,354,839 | |||||||||
Other cash expenditures expensed | — | — | — | |||||||||
Other cash expenditures capitalized | 75,315 | 30,064 | 76,400 | |||||||||
Total acquisition cost | $ | 2,423,702 | $ | 4,041,892 | $ | 3,431,239 | ||||||
Cole Credit | Cole Credit | Cole Credit | ||||||||||
Property Trust II, | Property Trust II, | Property Trust II, | ||||||||||
Program: | Inc. | Inc. | Inc. | |||||||||
Name, location, type of property | Applebee’s Littleton, CO Restaurant | Applebee’s Loveland, CO Restaurant | Applebee’s Savannah, GA Restaurant | |||||||||
Gross leasable square footage | 5,400 | 4,100 | 5,200 | |||||||||
Date of purchase | 4/26/07 | 4/26/07 | 4/26/07 | |||||||||
Mortgage financing at date of purchase | $ | 1,487,613 | $ | 1,621,231 | $ | 1,915,191 | ||||||
Cash down payment | 846,796 | 922,855 | 1,090,185 | |||||||||
Contract purchase price plus acquisition fee | 2,334,409 | 2,544,086 | 3,005,376 | |||||||||
Other cash expenditures expensed | — | — | — | |||||||||
Other cash expenditures capitalized | 67,136 | 54,389 | 49,798 | |||||||||
Total acquisition cost | $ | 2,401,545 | $ | 2,598,475 | $ | 3,055,174 | ||||||
II-10
Table of Contents
Cole Credit | Cole Credit | Cole Credit | ||||||||||
Property Trust II, | Property Trust II, | Property Trust II, | ||||||||||
Program: | Inc. | Inc. | Inc. | |||||||||
Name, location, type of property | Applebee’s Union Gap, WA Restaurant | Applebee’s Warner Robbins, GA Restaurant | Applebee’s Aurora, CO Restaurant | |||||||||
Gross leasable square footage | 5,295 | 4,990 | 5,200 | |||||||||
Date of purchase | 4/26/07 | 4/26/07 | 4/26/07 | |||||||||
Mortgage financing at date of purchase | $ | 1,692,494 | $ | 1,826,112 | $ | 1,808,297 | ||||||
Cash down payment | 963,420 | 1,039,479 | 1,029,338 | |||||||||
Contract purchase price plus acquisition fee | 2,655,914 | 2,865,591 | 2,837,635 | |||||||||
Other cash expenditures expensed | — | — | — | |||||||||
Other cash expenditures capitalized | 48,286 | 48,148 | 53,360 | |||||||||
Total acquisition cost | $ | 2,704,200 | $ | 2,913,739 | $ | 2,890,995 | ||||||
Cole Credit | Cole Credit | Cole Credit | ||||||||||
Property Trust II, | Property Trust II, | Property Trust II, | ||||||||||
Program: | Inc. | Inc. | Inc. | |||||||||
Name, location, type of property | Applebee’s Clovis, NM Restaurant | Applebee’s Fountain, CO Restaurant | Applebee’s Garden City, GA Restaurant | |||||||||
Gross leasable square footage | 6,140 | 6,140 | 4,300 | |||||||||
Date of purchase | 4/26/07 | 4/26/07 | 4/26/07 | |||||||||
Mortgage financing at date of purchase | $ | 1,781,573 | $ | 1,906,283 | $ | 1,933,006 | ||||||
Cash down payment | 1,014,126 | 1,085,115 | 1,100,327 | |||||||||
Contract purchase price plus acquisition fee | 2,795,699 | 2,991,398 | 3,033,333 | |||||||||
Other cash expenditures expensed | — | — | — | |||||||||
Other cash expenditures capitalized | 73,886 | 70,049 | 30,658 | |||||||||
Total acquisition cost | $ | 2,869,585 | $ | 3,061,447 | $ | 3,063,991 | ||||||
Cole Credit | Cole Credit | Cole Credit | ||||||||||
Property Trust II, | Property Trust II, | Property Trust II, | ||||||||||
Program: | Inc. | Inc. | Inc. | |||||||||
Name, location, type of property | Applebee’s Grand Junction, CO Restaurant | Applebee’s Longview, WA Restaurant | Applebee’s Macon, GA Restaurant | |||||||||
Gross leasable square footage | 4,900 | 6,800 | 5,000 | |||||||||
Date of purchase | 4/26/07 | 4/26/07 | 4/26/07 | |||||||||
Mortgage financing at date of purchase | $ | 2,289,321 | $ | 2,378,400 | $ | 1,754,849 | ||||||
Cash down payment | 1,303,152 | 1,353,859 | 998,914 | |||||||||
Contract purchase price plus acquisition fee | 3,592,473 | 3,732,259 | 2,753,763 | |||||||||
Other cash expenditures expensed | — | — | — | |||||||||
Other cash expenditures capitalized | 32,271 | 64,535 | 50,813 | |||||||||
Total acquisition cost | $ | 3,624,744 | $ | 3,796,794 | $ | 2,804,576 | ||||||
II-11
Table of Contents
Cole Credit | Cole Credit | Cole Credit | ||||||||||
Property Trust II, | Property Trust II, | Property Trust II, | ||||||||||
Program: | Inc. | Inc. | Inc. | |||||||||
Name, location, type of property | Walgreens Bridgetown, OH Drugstore | Rite Aid Fredericksburg, VA Drugstore | Tractor Supply Fredericksburg, TX Specialty Retail | |||||||||
Gross leasable square footage | 13,905 | 14,564 | 22,670 | |||||||||
Date of purchase | 4/30/07 | 5/2/07 | 5/7/07 | |||||||||
Mortgage financing at date of purchase | $ | 3,580,000 | $ | 4,332,000 | $ | 2,031,250 | ||||||
Cash down payment | 984,500 | 1,191,300 | 1,156,250 | |||||||||
Contract purchase price plus acquisition fee | 4,564,500 | 5,523,300 | 3,187,500 | |||||||||
Other cash expenditures expensed | — | — | — | |||||||||
Other cash expenditures capitalized | 34,376 | 47,741 | 44,644 | |||||||||
Total acquisition cost | $ | 4,598,876 | $ | 5,571,041 | $ | 3,232,144 | ||||||
Cole Credit | Cole Credit | Cole Credit | ||||||||||
Property Trust II, | Property Trust II, | Property Trust II, | ||||||||||
Program: | Inc. | Inc. | Inc. | |||||||||
Name, location, type of property | Sam’s Club Anderson, SC Warehouse | Walgreens Dallas, TX Drugstore | Wal-Mart New London, WI Discount Retail | |||||||||
Gross leasable square footage | 134,664 | 13,905 | 51,985 | |||||||||
Date of purchase | 5/8/07 | 5/9/07 | 5/9/07 | |||||||||
Mortgage financing at date of purchase | $ | 9,600,000 | $ | 2,175,000 | $ | 2,091,000 | ||||||
Cash down payment | 2,640,000 | 1,038,000 | 575,280 | |||||||||
Contract purchase price plus acquisition fee | 12,240,000 | 3,213,000 | 2,666,280 | |||||||||
Other cash expenditures expensed | — | — | — | |||||||||
Other cash expenditures capitalized | 57,826 | 58,801 | 19,541 | |||||||||
Total acquisition cost | $ | 12,297,826 | $ | 3,271,801 | $ | 2,685,821 | ||||||
Cole Credit | Cole Credit | Cole Credit | ||||||||||
Property Trust II, | Property Trust II, | Property Trust II, | ||||||||||
Program: | Inc. | Inc. | Inc. | |||||||||
Name, location, type of property | Rite Aid Lima, OH Drugstore | Rite Aid Allentown, PA Drugstore | Eckerd Spartanburg, SC Drugstore | |||||||||
Gross leasable square footage | 14,564 | 14,564 | 10,908 | |||||||||
Date of purchase | 5/14/07 | 5/15/07 | 5/17/07 | |||||||||
Mortgage financing at date of purchase | $ | 3,103,000 | $ | 3,615,000 | $ | 2,258,750 | ||||||
Cash down payment | 1,737,881 | 2,057,334 | 1,285,750 | |||||||||
Contract purchase price plus acquisition fee | 4,840,881 | 5,672,334 | 3,544,500 | |||||||||
Other cash expenditures expensed | — | — | — | |||||||||
Other cash expenditures capitalized | 41,677 | 96,755 | 30,321 | |||||||||
Total acquisition cost | $ | 4,882,558 | $ | 5,769,089 | $ | 3,574,821 | ||||||
II-12
Table of Contents
Cole Credit | Cole Credit | Cole Credit | ||||||||||
Property Trust II, | Property Trust II, | Property Trust II, | ||||||||||
Program: | Inc. | Inc. | Inc. | |||||||||
Name, location, type of property | CVS Florence, SC Drugstore | Staples Warsaw, IN Office Supply | Walgreens Bryan, TX Drugstore | |||||||||
Gross leasable square footage | 10,125 | 23,990 | 15,050 | |||||||||
Date of purchase | 5/17/07 | 5/17/07 | 5/18/07 | |||||||||
Mortgage financing at date of purchase | $ | 1,706,250 | $ | 1,850,000 | $ | 5,060,000 | ||||||
Cash down payment | 971,250 | 1,429,300 | 1,391,500 | |||||||||
Contract purchase price plus acquisition fee | 2,677,500 | 3,279,300 | 6,451,500 | |||||||||
Other cash expenditures expensed | — | — | — | |||||||||
Other cash expenditures capitalized | 33,381 | 38,304 | 19,943 | |||||||||
Total acquisition cost | $ | 2,710,881 | $ | 3,317,604 | $ | 6,471,443 | ||||||
Cole Credit | Cole Credit | Cole Credit | ||||||||||
Property Trust II, | Property Trust II, | Property Trust II, | ||||||||||
Program: | Inc. | Inc. | Inc. | |||||||||
Name, location, type of property | Walgreens Harris County, TX Drugstore | Wal-Mart Spencer, IN Discount Retail | Tractor Supply Fairview, TN Specialty Retail | |||||||||
Gross leasable square footage | 15,050 | 41,304 | 19,067 | |||||||||
Date of purchase | 5/18/07 | 5/23/07 | 5/25/07 | |||||||||
Mortgage financing at date of purchase | $ | 4,521,000 | $ | 1,620,000 | $ | 1,930,500 | ||||||
Cash down payment | 1,242,000 | 446,196 | 1,098,900 | |||||||||
Contract purchase price plus acquisition fee | 5,763,000 | 2,066,196 | 3,029,400 | |||||||||
Other cash expenditures expensed | — | — | — | |||||||||
Other cash expenditures capitalized | 19,201 | 16,497 | 36,060 | |||||||||
Total acquisition cost | $ | 5,782,201 | $ | 2,082,693 | $ | 3,065,460 | ||||||
Cole Credit | Cole Credit | Cole Credit | ||||||||||
Property Trust II, | Property Trust II, | Property Trust II, | ||||||||||
Program: | Inc. | Inc. | Inc. | |||||||||
Name, location, type of property | Border’s Rapid City, SD Specialty Retail | Border’s Reading, PA Specialty Retail | Walgreens Gainesville, FL Drugstore | |||||||||
Gross leasable square footage | 20,000 | 25,025 | 13,905 | |||||||||
Date of purchase | 6/1/07 | 6/1/07 | 6/1/07 | |||||||||
Mortgage financing at date of purchase | $ | 5,169,000 | $ | 5,009,000 | $ | 2,900,000 | ||||||
Cash down payment | 1,421,220 | 1,377,220 | 797,500 | |||||||||
Contract purchase price plus acquisition fee | 6,590,220 | 6,386,220 | 3,697,500 | |||||||||
Other cash expenditures expensed | — | — | — | |||||||||
Other cash expenditures capitalized | 27,369 | 31,757 | 49,951 | |||||||||
Total acquisition cost | $ | 6,617,589 | $ | 6,417,977 | $ | 3,747,451 | ||||||
II-13
Table of Contents
Cole Credit | Cole Credit | Cole Credit | ||||||||||
Property Trust II, | Property Trust II, | Property Trust II, | ||||||||||
Program: | Inc. | Inc. | Inc. | |||||||||
Name, location, type of property | Chili’s Fredericksburg, TX Restaurant | Tractor Supply Baytown, TX Specialty Retail | Starbucks Covington, TN Restaurant | |||||||||
Gross leasable square footage | 5,495 | 22,670 | 1,805 | |||||||||
Date of purchase | 6/5/07 | 6/11/07 | 6/22/07 | |||||||||
Mortgage financing at date of purchase | $ | 1,851,000 | $ | 2,648,000 | $ | — | ||||||
Cash down payment | 509,280 | 728,200 | 1,546,320 | |||||||||
Contract purchase price plus acquisition fee | 2,360,280 | 3,376,200 | 1,546,320 | |||||||||
Other cash expenditures expensed | — | — | — | |||||||||
Other cash expenditures capitalized | 19,270 | 13,473 | 26,011 | |||||||||
Total acquisition cost | $ | 2,379,550 | $ | 3,389,673 | $ | 1,572,331 | ||||||
Cole Credit | Cole Credit | Cole Credit | ||||||||||
Property Trust II, | Property Trust II, | Property Trust II, | ||||||||||
Program: | Inc. | Inc. | Inc. | |||||||||
Name, location, type of property | Starbucks Sedalia, MO Restaurant | Academy Sports Houston, TX Sporting Goods | Best Buy Evanston, IL Consumer Electronics | |||||||||
Gross leasable square footage | 1,800 | 53,381 | 45,397 | |||||||||
Date of purchase | 6/22/07 | 6/27/07 | 6/27/07 | |||||||||
Mortgage financing at date of purchase | $ | — | $ | 3,825,000 | $ | 5,900,000 | ||||||
Cash down payment | 1,251,540 | 1,683,000 | 2,515,000 | |||||||||
Contract purchase price plus acquisition fee | 1,251,540 | 5,508,000 | 8,415,000 | |||||||||
Other cash expenditures expensed | — | — | — | |||||||||
Other cash expenditures capitalized | 24,364 | 35,268 | 30,891 | |||||||||
Total acquisition cost | $ | 1,275,904 | $ | 5,543,268 | $ | 8,445,891 | ||||||
Cole Credit | Cole Credit | Cole Credit | ||||||||||
Property Trust II, | Property Trust II, | Property Trust II, | ||||||||||
Program: | Inc. | Inc. | Inc. | |||||||||
Name, location, type of property | Eckerd Mantua, NJ Drugstore | Eckerd Vineland, NJ Drugstore | Super Value Warwick, RI Discount Retail | |||||||||
Gross leasable square footage | 8,710 | 14,910 | 64,514 | |||||||||
Date of purchase | 6/27/07 | 6/27/07 | 6/27/07 | |||||||||
Mortgage financing at date of purchase | $ | 1,470,000 | $ | 3,500,000 | $ | 5,350,000 | ||||||
Cash down payment | 621,000 | 1,600,000 | 2,096,000 | |||||||||
Contract purchase price plus acquisition fee | 2,091,000 | 5,100,000 | 7,446,000 | |||||||||
Other cash expenditures expensed | — | — | — | |||||||||
Other cash expenditures capitalized | 65,703 | 102,572 | 51,820 | |||||||||
Total acquisition cost | $ | 2,156,703 | $ | 5,202,572 | $ | 7,497,820 | ||||||
II-14
Table of Contents
Cole Credit | Cole Credit | Cole Credit | ||||||||||
Property Trust II, | Property Trust II, | Property Trust II, | ||||||||||
Program: | Inc. | Inc. | Inc. | |||||||||
Name, location, type of property | WinCo Eureka, CA Grocery | Kroger LaGrange, GA Grocery | La-Z-Boy Kentwood, MI Home Furnishings | |||||||||
Gross leasable square footage | 82,490 | 61,331 | 30,245 | |||||||||
Date of purchase | 6/27/07 | 6/28/07 | 6/28/07 | |||||||||
Mortgage financing at date of purchase | $ | 11,247,000 | $ | 4,750,000 | $ | 3,602,000 | ||||||
Cash down payment | 5,387,000 | 2,689,750 | 1,646,294 | |||||||||
Contract purchase price plus acquisition fee | 16,634,000 | 7,439,750 | 5,248,294 | |||||||||
Other cash expenditures expensed | — | — | — | |||||||||
Other cash expenditures capitalized | 45,303 | 58,702 | 69,829 | |||||||||
Total acquisition cost | $ | 16,679,303 | $ | 7,498,452 | $ | 5,318,123 | ||||||
Cole Credit Property | Cole Credit | Cole Credit | ||||||||||
Trust II, | Property Trust II, | Property Trust II, | ||||||||||
Program: | Inc. | Inc. | Inc. | |||||||||
Name, location, type of property | Circuit City Mesquite, TX Consumer Electronics | Tractor Supply Prior Lake, MN Specialty Retail | Staples Guntersville, AL Office Supply | |||||||||
Gross leasable square footage | 42,918 | 36,183 | 23,942 | |||||||||
Date of purchase | 6/29/07 | 6/29/07 | 7/6/07 | |||||||||
Mortgage financing at date of purchase | $ | 4,305,000 | $ | 3,283,250 | $ | 2,161,250 | ||||||
Cash down payment | 3,676,500 | 1,867,750 | 1,230,250 | |||||||||
Contract purchase price plus acquisition fee | 7,981,500 | 5,151,000 | 3,391,500 | |||||||||
Other cash expenditures expensed | — | — | — | |||||||||
Other cash expenditures capitalized | 40,392 | 140,718 | 38,237 | |||||||||
Total acquisition cost | $ | 8,021,892 | $ | 5,291,718 | $ | 3,429,737 | ||||||
Cole Credit Property | Cole Credit | Cole Credit | ||||||||||
Trust II, | Property Trust II, | Property Trust II, | ||||||||||
Program: | Inc. | Inc. | Inc. | |||||||||
Name, location, type of property | Walgreens Kansas City (63rd), MO Drugstore | Walgreens Kansas City (Independence), MO Drugstore | Walgreens Kansas City (Linwood), MO Drugstore | |||||||||
Gross leasable square footage | 13,905 | 13,905 | 13,905 | |||||||||
Date of purchase | 7/11/07 | 7/11/07 | 7/11/07 | |||||||||
Mortgage financing at date of purchase | $ | 3,034,500 | $ | 2,990,000 | $ | 2,437,500 | ||||||
Cash down payment | 1,387,200 | 1,699,960 | 1,387,500 | |||||||||
Contract purchase price plus acquisition fee | 4,421,700 | 4,689,960 | 3,825,000 | |||||||||
Other cash expenditures expensed | — | — | — | |||||||||
Other cash expenditures capitalized | 28,347 | 27,635 | 27,387 | |||||||||
Total acquisition cost | $ | 4,450,047 | $ | 4,717,595 | $ | 3,852,387 | ||||||
II-15
Table of Contents
Cole Credit Property | Cole Credit | Cole Credit | ||||||||||
Trust II, | Property Trust II, | Property Trust II, | ||||||||||
Program: | Inc. | Inc. | Inc. | |||||||||
Name, location, type of property | Walgreens Kansas City (Troost), MO Drugstore | Walgreens Topeka, KS Drugstore | Circuit City Taunton, MA Consumer Electronics | |||||||||
Gross leasable square footage | 13,905 | 13,905 | 32,748 | |||||||||
Date of purchase | 7/11/07 | 7/11/07 | 7/13/07 | |||||||||
Mortgage financing at date of purchase | $ | 2,464,000 | $ | 1,870,000 | $ | 4,323,000 | ||||||
Cash down payment | 2,562,560 | 1,314,389 | 3,694,200 | |||||||||
Contract purchase price plus acquisition fee | 5,026,560 | 3,184,389 | 8,017,200 | |||||||||
Other cash expenditures expensed | — | — | — | |||||||||
Other cash expenditures capitalized | 28,515 | 31,744 | 26,978 | |||||||||
Total acquisition cost | $ | 5,055,075 | $ | 3,216,133 | $ | 8,044,178 | ||||||
Cole Credit | Cole Credit | Cole Credit | ||||||||||
Property Trust II, | Property Trust II, | Property Trust II, | ||||||||||
Program: | Inc. | Inc. | Inc. | |||||||||
Name, location, type of property | EDS Salt Lake City, UT Office | Kohl’s Lake Zurich, IL Department Store | Lowe’s Cincinnati, OH Home Improvement | |||||||||
Gross leasable square footage | 406,101 | 88,306 | 129,044 | |||||||||
Date of purchase | 7/17/07 | 7/17/07 | 7/17/07 | |||||||||
Mortgage financing at date of purchase | $ | 18,000,000 | $ | 9,075,000 | $ | 13,800,000 | ||||||
Cash down payment | 5,281,320 | 3,891,985 | 7,169,653 | |||||||||
Contract purchase price plus acquisition fee | 23,281,320 | 12,966,985 | 20,969,653 | |||||||||
Other cash expenditures expensed | — | — | — | |||||||||
Other cash expenditures capitalized | 59,296 | 34,988 | 77,794 | |||||||||
Total acquisition cost | $ | 23,340,616 | $ | 13,001,973 | $ | 21,047,447 | ||||||
Cole Credit | Cole Credit | Cole Credit | ||||||||||
Property Trust II, | Property Trust II, | Property Trust II, | ||||||||||
Program: | Inc. | Inc. | Inc. | |||||||||
Name, location, type of property | Walgreens Fort Worth, TX Drugstore | Circuit City Groveland, FL Consumer Electronics | Telerx King’s Mountain, NC Office | |||||||||
Gross leasable square footage | 15,120 | 706,560 | 60,000 | |||||||||
Date of purchase | 7/17/07 | 7/17/07 | 7/17/07 | |||||||||
Mortgage financing at date of purchase | $ | 3,675,000 | $ | 20,250,000 | $ | 6,083,000 | ||||||
Cash down payment | 1,277,256 | 7,849,786 | 2,531,846 | |||||||||
Contract purchase price plus acquisition fee | 4,952,256 | 28,099,786 | 8,614,846 | |||||||||
Other cash expenditures expensed | — | — | — | |||||||||
Other cash expenditures capitalized | 27,222 | 245,223 | 28,511 | |||||||||
Total acquisition cost | $ | 4,979,478 | $ | 28,345,009 | $ | 8,643,357 | ||||||
II-16
Table of Contents
Cole Credit | Cole Credit | Cole Credit | ||||||||||
Property Trust II, | Property Trust II, | Property Trust II, | ||||||||||
Program: | Inc. | Inc. | Inc. | |||||||||
Name, location, type of property | Dickinson Theatre Yukon, OK Theater | Academy Sports Baton Rouge, LA Sporting Goods | Academy Sports Houston (Breton), TX Sporting Goods | |||||||||
Gross leasable square footage | 27,442 | 52,550 | 53,381 | |||||||||
Date of purchase | 7/17/07 | 7/19/07 | 7/19/07 | |||||||||
Mortgage financing at date of purchase | $ | — | $ | 4,687,000 | $ | 3,045,000 | ||||||
Cash down payment | 4,641,000 | 2,394,638 | 1,774,058 | |||||||||
Contract purchase price plus acquisition fee | 4,641,000 | 7,081,638 | 4,819,058 | |||||||||
Other cash expenditures expensed | — | — | — | |||||||||
Other cash expenditures capitalized | 24,031 | 41,570 | 22,970 | |||||||||
Total acquisition cost | $ | 4,665,031 | $ | 7,123,208 | $ | 4,842,028 | ||||||
Cole Credit | Cole Credit Property | Cole Credit | ||||||||||
Property Trust II, | Trust II, | Property Trust II, | ||||||||||
Program: | Inc. | Inc. | Inc. | |||||||||
Name, location, type of property | Academy Sports Houston (SW), TX Sporting Goods | Academy Sports N. Richland Hills, TX Sporting Goods | CVS Amarillo, TX Drugstore | |||||||||
Gross leasable square footage | 52,548 | 52,500 | 9,504 | |||||||||
Date of purchase | 7/19/07 | 7/19/07 | 7/19/07 | |||||||||
Mortgage financing at date of purchase | $ | 4,625,000 | $ | 4,217,000 | $ | 1,741,000 | ||||||
Cash down payment | 2,656,597 | 2,201,320 | 1,105,888 | |||||||||
Contract purchase price plus acquisition fee | 7,281,597 | 6,418,320 | 2,846,888 | |||||||||
Other cash expenditures expensed | — | — | — | |||||||||
Other cash expenditures capitalized | 25,733 | 24,843 | 20,552 | |||||||||
Total acquisition cost | $ | 7,307,330 | $ | 6,443,163 | $ | 2,867,440 | ||||||
Cole Credit | Cole Credit Property | Cole Credit | ||||||||||
Property Trust II, | Trust II, | Property Trust II, | ||||||||||
Program: | Inc. | Inc. | Inc. | |||||||||
Name, location, type of property | CVS Del City, OK Drugstore | Dave & Busters Addison, IL Restaurant | Eckerd Chattanooga, TN Drugstore | |||||||||
Gross leasable square footage | 10,906 | 50,000 | 10,909 | |||||||||
Date of purchase | 7/19/07 | 7/19/07 | 7/19/07 | |||||||||
Mortgage financing at date of purchase | $ | 2,631,000 | $ | 5,600,000 | $ | 1,920,000 | ||||||
Cash down payment | 1,632,092 | 8,607,142 | 933,597 | |||||||||
Contract purchase price plus acquisition fee | 4,263,092 | 14,207,142 | 2,853,597 | |||||||||
Other cash expenditures expensed | — | — | — | |||||||||
Other cash expenditures capitalized | 28,793 | 18,808 | 32,472 | |||||||||
Total acquisition cost | $ | 4,291,885 | $ | 14,225,950 | $ | 2,886,069 | ||||||
II-17
Table of Contents
Cole Credit | Cole Credit Property | Cole Credit | ||||||||||
Property Trust II, | Trust II, | Property Trust II, | ||||||||||
Program: | Inc. | Inc. | Inc. | |||||||||
Name, location, type of property | Eckerd Mableton, GA Drugstore | Long John Silvers Houston, TX Restaurant | Taco Bell Anderson, IN Restaurant | |||||||||
Gross leasable square footage | 8,996 | 34,094 | 2,166 | |||||||||
Date of purchase | 7/19/07 | 7/19/07 | 7/19/07 | |||||||||
Mortgage financing at date of purchase | $ | 1,197,000 | $ | — | $ | — | ||||||
Cash down payment | 690,650 | 1,228,917 | 1,760,024 | |||||||||
Contract purchase price plus acquisition fee | 1,887,650 | 1,228,917 | 1,760,024 | |||||||||
Other cash expenditures expensed | — | — | — | |||||||||
Other cash expenditures capitalized | 25,490 | 6,481 | 7,940 | |||||||||
Total acquisition cost | $ | 1,913,140 | $ | 1,235,398 | $ | 1,767,964 | ||||||
Cole Credit | Cole Credit | Cole Credit | ||||||||||
Property Trust II, | Property Trust II, | Property Trust II, | ||||||||||
Program: | Inc. | Inc. | Inc. | |||||||||
Name, location, type of property | Taco Bell Brazil, IN Restaurant | Taco Bell Henderson, KY Restaurant | Taco Bell Martinsville, IN Restaurant | |||||||||
Gross leasable square footage | 1,993 | 2,320 | 2,057 | |||||||||
Date of purchase | 7/19/07 | 7/19/07 | 7/19/07 | |||||||||
Mortgage financing at date of purchase | $ | — | $ | — | $ | — | ||||||
Cash down payment | 2,009,048 | 1,583,659 | 2,013,023 | |||||||||
Contract purchase price plus acquisition fee | 2,009,048 | 1,583,659 | 2,013,023 | |||||||||
Other cash expenditures expensed | — | — | — | |||||||||
Other cash expenditures capitalized | 8,312 | 10,358 | 8,564 | |||||||||
Total acquisition cost | $ | 2,017,360 | $ | 1,594,017 | $ | 2,021,587 | ||||||
Cole Credit | Cole Credit | Cole Credit | ||||||||||
Property Trust II, | Property Trust II, | Property Trust II, | ||||||||||
Program: | Inc. | Inc. | Inc. | |||||||||
Name, location, type of property | Taco Bell Princeton, IN Restaurant | Taco Bell Robinson, IL Restaurant | Taco Bell Washington, IN Restaurant | |||||||||
Gross leasable square footage | 2,436 | 1,944 | 2,093 | |||||||||
Date of purchase | 7/19/07 | 7/19/07 | 7/19/07 | |||||||||
Mortgage financing at date of purchase | $ | — | $ | — | $ | — | ||||||
Cash down payment | 1,452,815 | 1,581,685 | 1,280,656 | |||||||||
Contract purchase price plus acquisition fee | 1,452,815 | 1,581,685 | 1,280,656 | |||||||||
Other cash expenditures expensed | — | — | — | |||||||||
Other cash expenditures capitalized | 8,039 | 6,917 | 7,704 | |||||||||
Total acquisition cost | $ | 1,460,854 | $ | 1,588,602 | $ | 1,288,360 | ||||||
II-18
Table of Contents
Cole Credit | Cole Credit | Cole Credit | ||||||||||
Property Trust II, | Property Trust II, | Property Trust II, | ||||||||||
Program: | Inc. | Inc. | Inc. | |||||||||
Name, location, type of property | Taco Bell / KFC Spencer, IN Restaurant | Taco Bell / KFC Vinceness, IN Restaurant | Federal Express Peoria, IL Distribution Center | |||||||||
Gross leasable square footage | 2,296 | 2,691 | 38,200 | |||||||||
Date of purchase | 7/19/07 | 7/19/07 | 7/20/07 | |||||||||
Mortgage financing at date of purchase | $ | — | $ | — | $ | 2,080,000 | ||||||
Cash down payment | 984,162 | 1,508,264 | 1,179,000 | |||||||||
Contract purchase price plus acquisition fee | 984,162 | 1,508,264 | 3,259,000 | |||||||||
Other cash expenditures expensed | — | — | — | |||||||||
Other cash expenditures capitalized | 8,107 | 8,566 | 25,559 | |||||||||
Total acquisition cost | $ | 992,269 | $ | 1,516,830 | $ | 3,284,559 | ||||||
Cole Credit | Cole Credit | Cole Credit | ||||||||||
Property Trust II, | Property Trust II, | Property Trust II, | ||||||||||
Program: | Inc. | Inc. | Inc. | |||||||||
Name, location, type of property | Gold’s Gym St. Peter’s, MO Fitness | Federal Express Walker, MI Distribution Center | Wal-Mart Bay City, TX Discount Retail | |||||||||
Gross leasable square footage | 39,900 | 78,034 | 90,921 | |||||||||
Date of purchase | 7/31/07 | 8/8/07 | 8/14/07 | |||||||||
Mortgage financing at date of purchase | $ | 5,250,000 | $ | 4,669,000 | $ | — | ||||||
Cash down payment | 2,400,000 | 2,801,369 | 3,830,100 | |||||||||
Contract purchase price plus acquisition fee | 7,650,000 | 7,470,369 | 3,830,100 | |||||||||
Other cash expenditures expensed | — | — | — | |||||||||
Other cash expenditures capitalized | 47,746 | 22,816 | 20,521 | |||||||||
Total acquisition cost | $ | 7,697,746 | $ | 7,493,185 | $ | 3,850,621 | ||||||
Cole Credit | Cole Credit | Cole Credit | ||||||||||
Property Trust II, | Property Trust II, | Property Trust II, | ||||||||||
Program: | Inc. | Inc. | Inc. | |||||||||
Name, location, type of property | Walgreens Richmond, VA Drugstore | Home Depot Bedford Park, IL Home Improvement | Circuit City Aurora, CO Consumer Electronics | |||||||||
Gross leasable square footage | 13,869 | 217,716 | 39,440 | |||||||||
Date of purchase | 8/17/07 | 8/21/07 | 8/22/07 | |||||||||
Mortgage financing at date of purchase | $ | — | $ | — | $ | 4,777,000 | ||||||
Cash down payment | 4,105,500 | 29,988,000 | 2,567,000 | |||||||||
Contract purchase price plus acquisition fee | 4,105,500 | 29,988,000 | 7,344,000 | |||||||||
Other cash expenditures expensed | — | — | — | |||||||||
Other cash expenditures capitalized | 42,178 | 15,541 | 42,131 | |||||||||
Total acquisition cost | $ | 4,147,678 | $ | 30,003,541 | $ | 7,386,131 | ||||||
II-19
Table of Contents
Cole Credit | Cole Credit | Cole Credit | ||||||||||
Property Trust II, | Property Trust II, | Property Trust II, | ||||||||||
Program: | Inc. | Inc. | Inc. | |||||||||
Name, location, type of property | 24 Hour Fitness Olathe, KS Fitness | Walgreens Dallas (DeSoto), TX Drugstore | Gold’s Gym O’Fallon, MO Fitness | |||||||||
Gross leasable square footage | 25,000 | 13,905 | 39,900 | |||||||||
Date of purchase | 8/24/07 | 8/27/07 | 8/29/07 | |||||||||
Mortgage financing at date of purchase | $ | 4,816,500 | $ | — | $ | 5,425,000 | ||||||
Cash down payment | 2,537,700 | 3,434,340 | 2,480,000 | |||||||||
Contract purchase price plus acquisition fee | 7,354,200 | 3,434,340 | 7,905,000 | |||||||||
Other cash expenditures expensed | — | — | — | |||||||||
Other cash expenditures capitalized | 42,377 | 24,878 | 46,022 | |||||||||
Total acquisition cost | $ | 7,396,577 | $ | 3,459,218 | $ | 7,951,022 | ||||||
�� |
Cole Credit | Cole Credit | Cole Credit | ||||||||||
Property Trust II, | Property Trust II, | Property Trust II, | ||||||||||
Program: | Inc. | Inc. | Inc. | |||||||||
Name, location, type of property | Wal-Mart Washington, IL Discount Retail | Wal-Mart Borger, TX Discount Retail | Broadview Village Square Broadview, IL Shopping Center | |||||||||
Gross leasable square footage | 74,136 | 65,930 | 359,383 | |||||||||
Date of purchase | 9/10/07 | 9/12/07 | 9/14/07 | |||||||||
Mortgage financing at date of purchase | $ | — | $ | — | $ | 31,500,000 | ||||||
Cash down payment | 3,649,560 | 3,269,100 | 27,660,000 | |||||||||
Contract purchase price plus acquisition fee | 3,649,560 | 3,269,100 | 59,160,000 | |||||||||
Other cash expenditures expensed | — | — | — | |||||||||
Other cash expenditures capitalized | 6,214 | 8,631 | 80,573 | |||||||||
Total acquisition cost | $ | 3,655,774 | $ | 3,277,731 | $ | 59,240,573 | ||||||
Cole Credit | Cole Credit | Cole Credit | ||||||||||
Property Trust II, | Property Trust II, | Property Trust II, | ||||||||||
Program: | Inc. | Inc. | Inc. | |||||||||
Name, location, type of property | Chamber’s Corners Wayland, MI Shopping Center | Ashley Furniture Anderson, SC Home Furnishings | Best Buy Fayetteville, NC Consumer Electronics | |||||||||
Gross leasable square footage | 99,564 | 23,800 | 45,582 | |||||||||
Date of purchase | 9/19/07 | 9/28/07 | 10/4/07 | |||||||||
Mortgage financing at date of purchase | $ | — | $ | — | $ | — | ||||||
Cash down payment | 8,999,565 | 4,386,000 | 6,810,540 | |||||||||
Contract purchase price plus acquisition fee | 8,999,565 | 4,386,000 | 6,810,540 | |||||||||
Other cash expenditures expensed | — | — | — | |||||||||
Other cash expenditures capitalized | 34,799 | 21,995 | 18,351 | |||||||||
Total acquisition cost | $ | 9,034,364 | $ | 4,407,995 | $ | 6,828,891 | ||||||
II-20
Table of Contents
Cole Credit | Cole Credit | Cole Credit | ||||||||||
Property Trust II, | Property Trust II, | Property Trust II, | ||||||||||
Program: | Inc. | Inc. | Inc. | |||||||||
Name, location, type of property | Massard Farms Fort Smith, AR Shopping Center | Wal-Mart Whiteville, NC Discount Retail | Staples Moraine, OH Office Supply | |||||||||
Gross leasable square footage | 126,584 | 65,930 | 20,388 | |||||||||
Date of purchase | 10/11/07 | 10/11/07 | 10/12/07 | |||||||||
Mortgage financing at date of purchase | $ | 10,237,000 | $ | — | $ | — | ||||||
Cash down payment | 5,808,000 | 2,720,340 | 3,876,000 | |||||||||
Contract purchase price plus acquisition fee | 16,045,000 | 2,720,340 | 3,876,000 | |||||||||
Other cash expenditures expensed | — | — | — | |||||||||
Other cash expenditures capitalized | 58,094 | 30,178 | 26,944 | |||||||||
Total acquisition cost | $ | 16,103,094 | $ | 2,750,518 | $ | 3,902,944 | ||||||
Cole Credit | Cole Credit | Cole Credit | ||||||||||
Property Trust II, | Property Trust II, | Property Trust II, | ||||||||||
Program: | Inc. | Inc. | Inc. | |||||||||
Name, location, type of property | Wickes Furniture Chicago, IL Home Furnishings | Walgreens Brentwood, TN Drugstore | Starbucks Bowling Green, KY Restaurant | |||||||||
Gross leasable square footage | 48,000 | 14,820 | 1,850 | |||||||||
Date of purchase | 10/17/07 | 10/17/07 | 10/23/07 | |||||||||
Mortgage financing at date of purchase | $ | 15,925,000 | $ | — | $ | — | ||||||
Cash down payment | 7,983,800 | 5,752,800 | 1,690,140 | |||||||||
Contract purchase price plus acquisition fee | 23,908,800 | 5,752,800 | 1,690,140 | |||||||||
Other cash expenditures expensed | — | — | — | |||||||||
Other cash expenditures capitalized | 17,258 | 31,821 | 12,574 | |||||||||
Total acquisition cost | $ | 23,926,058 | $ | 5,784,621 | $ | 1,702,714 | ||||||
Cole Credit | Cole Credit | Cole Credit | ||||||||||
Property Trust II, | Property Trust II, | Property Trust II, | ||||||||||
Program: | Inc. | Inc. | Inc. | |||||||||
Name, location, type of property | Walgreens Harriman, TN Drugstore | Starbucks Shawnee, OK Restaurant | Stations Casino Las Vegas, NV Office | |||||||||
Gross leasable square footage | 14,820 | 1,750 | 138,558 | |||||||||
Date of purchase | 10/24/07 | 10/31/07 | 11/1/07 | |||||||||
Mortgage financing at date of purchase | $ | — | $ | — | $ | 42,250,000 | ||||||
Cash down payment | 5,128,475 | 1,118,847 | 29,150,000 | |||||||||
Contract purchase price plus acquisition fee | 5,128,475 | 1,118,847 | 71,400,000 | |||||||||
Other cash expenditures expensed | — | — | — | |||||||||
Other cash expenditures capitalized | 38,710 | 7,448 | 66,499 | |||||||||
Total acquisition cost | $ | 5,167,185 | $ | 1,126,295 | $ | 71,466,499 | ||||||
II-21
Table of Contents
Cole Credit | Cole Credit | Cole Credit | ||||||||||
Property Trust II, | Property Trust II, | Property Trust II, | ||||||||||
Program: | Inc. | Inc. | Inc. | |||||||||
Name, location, type of property | Starbucks Oklahoma City, OK Restaurant | Starbucks Powell, TN Restaurant | Starbucks Seymour, TN Restaurant | |||||||||
Gross leasable square footage | 1,750 | 1,850 | 1,850 | |||||||||
Date of purchase | 11/20/07 | 11/26/07 | 11/26/07 | |||||||||
Mortgage financing at date of purchase | $ | — | $ | — | $ | — | ||||||
Cash down payment | 1,263,444 | 1,350,480 | 1,378,020 | |||||||||
Contract purchase price plus acquisition fee | 1,263,444 | 1,350,480 | 1,378,020 | |||||||||
Other cash expenditures expensed | — | — | — | |||||||||
Other cash expenditures capitalized | 11,128 | 20,772 | 19,370 | |||||||||
Total acquisition cost | $ | 1,274,572 | $ | 1,371,252 | $ | 1,397,390 | ||||||
Cole Credit | Cole Credit | Cole Credit | ||||||||||
Property Trust II, | Property Trust II, | Property Trust II, | ||||||||||
Program: | Inc. | Inc. | Inc. | |||||||||
Name, location, type of property | Starbucks Chattanooga, TN Restaurant | Starbucks Maryville, TN Restaurant | Walgreens Beverly Hills, TX Drugstore | |||||||||
Gross leasable square footage | 1,850 | 1,850 | 13,905 | |||||||||
Date of purchase | 11/26/07 | 11/26/07 | 12/5/07 | |||||||||
Mortgage financing at date of purchase | $ | — | $ | — | $ | — | ||||||
Cash down payment | 1,448,400 | 1,519,800 | 3,672,000 | |||||||||
Contract purchase price plus acquisition fee | 1,448,400 | 1,519,800 | 3,672,000 | |||||||||
Other cash expenditures expensed | — | — | — | |||||||||
Other cash expenditures capitalized | 19,977 | 19,919 | 15,712 | |||||||||
Total acquisition cost | $ | 1,468,377 | $ | 1,539,719 | $ | 3,687,712 | ||||||
Cole Credit | Cole Credit | Cole Credit | ||||||||||
Property Trust II, | Property Trust II, | Property Trust II, | ||||||||||
Program: | Inc. | Inc. | Inc. | |||||||||
Name, location, type of property | Walgreens Waco, TX Drugstore | Allstate Cross Plains, WI Office | Mealey’s Furniture Maple Shade, NJ Home Furnishings | |||||||||
Gross leasable square footage | 13,905 | 34,992 | 66,750 | |||||||||
Date of purchase | 12/5/07 | 12/7/07 | 12/13/07 | |||||||||
Mortgage financing at date of purchase | $ | — | $ | — | $ | — | ||||||
Cash down payment | 3,672,000 | 5,834,400 | 5,457,000 | |||||||||
Contract purchase price plus acquisition fee | 3,672,000 | 5,834,400 | 5,457,000 | |||||||||
Other cash expenditures expensed | — | — | — | |||||||||
Other cash expenditures capitalized | 15,651 | 31,832 | 102,996 | |||||||||
Total acquisition cost | $ | 3,687,651 | $ | 5,866,232 | $ | 5,559,996 | ||||||
II-22
Table of Contents
Cole Credit | Cole Credit | Cole Credit | ||||||||||
Property Trust II, | Property Trust II, | Property Trust II, | ||||||||||
Program: | Inc. | Inc. | Inc. | |||||||||
Name, location, type of property | Circle K Akron (Brittain), OH Convenience Store | Circle K Cuyahoga Falls (Portage), OH Convenience Store | Circle K Cleveland, OH Convenience Store | |||||||||
Gross leasable square footage | 2,857 | 2,959 | 4,318 | |||||||||
Date of purchase | 12/20/07 | 12/20/07 | 12/20/07 | |||||||||
Mortgage financing at date of purchase | $ | 640,000 | $ | 710,000 | $ | 810,000 | ||||||
Cash down payment | 627,175 | 701,406 | 807,451 | |||||||||
Contract purchase price plus acquisition fee | 1,267,175 | 1,411,406 | 1,617,451 | |||||||||
Other cash expenditures expensed | — | — | — | |||||||||
Other cash expenditures capitalized | 6,639 | 7,394 | 8,473 | |||||||||
Total acquisition cost | $ | 1,273,814 | $ | 1,418,800 | $ | 1,625,924 | ||||||
Cole Credit | Cole Credit | Cole Credit | ||||||||||
Property Trust II, | Property Trust II, | Property Trust II, | ||||||||||
Program: | Inc. | Inc. | Inc. | |||||||||
Name, location, type of property | Circle K Akron (Cuyahoga), OH Convenience Store | Circle K Augusta, GA Convenience Store | Circle K Auburn, AL Convenience Store | |||||||||
Gross leasable square footage | 2,800 | 3,010 | 2,772 | |||||||||
Date of purchase | 12/20/07 | 12/20/07 | 12/20/07 | |||||||||
Mortgage financing at date of purchase | $ | 860,000 | $ | 530,000 | $ | 820,000 | ||||||
Cash down payment | 798,660 | 592,944 | 941,682 | |||||||||
Contract purchase price plus acquisition fee | 1,658,660 | 1,122,944 | 1,761,682 | |||||||||
Other cash expenditures expensed | — | — | — | |||||||||
Other cash expenditures capitalized | 8,689 | 5,882 | 9,230 | |||||||||
Total acquisition cost | $ | 1,667,349 | $ | 1,128,826 | $ | 1,770,912 | ||||||
Cole Credit | Cole Credit | Cole Credit | ||||||||||
Property Trust II, | Property Trust II, | Property Trust II, | ||||||||||
Program: | Inc. | Inc. | Inc. | |||||||||
Name, location, type of property | Circle K El Paso (Americas), TX Convenience Store | Circle K Fort Mill, SC Convenience Store | Circle K Mt. Pleasant, SC Convenience Store | |||||||||
Gross leasable square footage | 3,500 | 6,553 | 2,820 | |||||||||
Date of purchase | 12/20/07 | 12/20/07 | 12/20/07 | |||||||||
Mortgage financing at date of purchase | $ | 1,170,000 | $ | 1,240,000 | $ | 750,000 | ||||||
Cash down payment | 1,086,187 | 1,160,420 | 815,939 | |||||||||
Contract purchase price plus acquisition fee | 2,256,187 | 2,400,420 | 1,565,939 | |||||||||
Other cash expenditures expensed | — | — | — | |||||||||
Other cash expenditures capitalized | 11,819 | 12,576 | 8,204 | |||||||||
Total acquisition cost | $ | 2,268,006 | $ | 2,412,996 | $ | 1,574,143 | ||||||
II-23
Table of Contents
Cole Credit | Cole Credit | Cole Credit | ||||||||||
Property Trust II, | Property Trust II, | Property Trust II, | ||||||||||
Program: | Inc. | Inc. | Inc. | |||||||||
Name, location, type of property | Circle K Goose Creek, SC Convenience Store | Circle K Akron (1693 Market), OH Convenience Store | Circle K Akron (Waterloo), OH Convenience Store | |||||||||
Gross leasable square footage | 2,632 | 4,977 | 2,800 | |||||||||
Date of purchase | 12/20/07 | 12/20/07 | 12/20/07 | |||||||||
Mortgage financing at date of purchase | $ | 670,000 | $ | 850,000 | $ | 630,000 | ||||||
Cash down payment | 720,802 | 780,596 | 577,467 | |||||||||
Contract purchase price plus acquisition fee | 1,390,802 | 1,630,596 | 1,207,467 | |||||||||
Other cash expenditures expensed | — | — | — | |||||||||
Other cash expenditures capitalized | 7,286 | 9,816 | 7,268 | |||||||||
Total acquisition cost | $ | 1,398,088 | $ | 1,640,412 | $ | 1,214,735 | ||||||
Cole Credit | Cole Credit | Cole Credit | ||||||||||
Property Trust II, | Property Trust II, | Property Trust II, | ||||||||||
Program: | Inc. | Inc. | Inc. | |||||||||
Name, location, type of property | Circle K Parma, OH Convenience Store | Circle K Twinsburg, OH Convenience Store | Circle K Cuyahoga Falls (Bath), OH Convenience Store | |||||||||
Gross leasable square footage | 3,039 | 3,298 | 4,269 | |||||||||
Date of purchase | 12/20/07 | 12/20/07 | 12/20/07 | |||||||||
Mortgage financing at date of purchase | $ | 670,000 | $ | 690,000 | $ | 1,040,000 | ||||||
Cash down payment | 609,708 | 692,911 | 1,024,046 | |||||||||
Contract purchase price plus acquisition fee | 1,279,708 | 1,382,911 | 2,064,046 | |||||||||
Other cash expenditures expensed | — | — | — | |||||||||
Other cash expenditures capitalized | 7,704 | 8,325 | 12,425 | |||||||||
Total acquisition cost | $ | 1,287,412 | $ | 1,391,236 | $ | 2,076,471 | ||||||
Cole Credit | Cole Credit | Cole Credit | ||||||||||
Property Trust II, | Property Trust II, | Property Trust II, | ||||||||||
Program: | Inc. | Inc. | Inc. | |||||||||
Name, location, type of property | Circle K Charlotte (Independence), NC Convenience Store | Circle K Savannah (King George), GA Convenience Store | Circle K Phenix City, AL Convenience Store | |||||||||
Gross leasable square footage | 2,556 | 2,477 | 2,580 | |||||||||
Date of purchase | 12/20/07 | 12/20/07 | 12/20/07 | |||||||||
Mortgage financing at date of purchase | $ | 965,000 | $ | 800,000 | $ | 820,000 | ||||||
Cash down payment | 954,562 | 840,917 | 810,596 | |||||||||
Contract purchase price plus acquisition fee | 1,919,562 | 1,640,917 | 1,630,596 | |||||||||
Other cash expenditures expensed | — | — | — | |||||||||
Other cash expenditures capitalized | 11,556 | 9,878 | 9,816 | |||||||||
Total acquisition cost | $ | 1,931,118 | $ | 1,650,795 | $ | 1,640,412 | ||||||
II-24
Table of Contents
Cole Credit | Cole Credit | Cole Credit | ||||||||||
Property Trust II, | Property Trust II, | Property Trust II, | ||||||||||
Program: | Inc. | Inc. | Inc. | |||||||||
Name, location, type of property | Circle K Macon (Riverside), GA Convenience Store | Circle K Lanett, AL Convenience Store | Circle K Monroe, LA Convenience Store | |||||||||
Gross leasable square footage | 2,660 | 2,631 | 4,140 | |||||||||
Date of purchase | 12/20/07 | 12/20/07 | 12/20/07 | |||||||||
Mortgage financing at date of purchase | $ | 600,000 | $ | 455,000 | $ | 780,000 | ||||||
Cash down payment | 679,708 | 411,899 | 778,355 | |||||||||
Contract purchase price plus acquisition fee | 1,279,708 | 866,899 | 1,558,355 | |||||||||
Other cash expenditures expensed | — | — | — | |||||||||
Other cash expenditures capitalized | 7,704 | 5,219 | 9,381 | |||||||||
Total acquisition cost | $ | 1,287,412 | $ | 872,118 | $ | 1,567,736 | ||||||
Cole Credit | Cole Credit | Cole Credit | ||||||||||
Property Trust II, | Property Trust II, | Property Trust II, | ||||||||||
Program: | Inc. | Inc. | Inc. | |||||||||
Name, location, type of property | Circle K Akron (1559 Market), OH Convenience Store | Circle K Akron (Ridgewood), OH Convenience Store | Circle K Akron (Manchester), OH Convenience Store | |||||||||
Gross leasable square footage | 1,624 | 2,635 | 2,800 | |||||||||
Date of purchase | 12/20/07 | 12/20/07 | 12/20/07 | |||||||||
Mortgage financing at date of purchase | $ | 720,000 | $ | 640,000 | $ | 840,000 | ||||||
Cash down payment | 764,929 | 690,249 | 830,546 | |||||||||
Contract purchase price plus acquisition fee | 1,484,929 | 1,330,249 | 1,670,546 | |||||||||
Other cash expenditures expensed | — | — | — | |||||||||
Other cash expenditures capitalized | 8,812 | 7,894 | 9,913 | |||||||||
Total acquisition cost | $ | 1,493,741 | $ | 1,338,143 | $ | 1,680,459 | ||||||
Cole Credit | Cole Credit | Cole Credit | ||||||||||
Property Trust II, | Property Trust II, | Property Trust II, | ||||||||||
Program: | Inc. | Inc. | Inc. | |||||||||
Name, location, type of property | Circle K Barberton (31st), OH Convenience Store | Circle K Charlotte (Sharon), NC Convenience Store | Circle K Savannah (Johnny Mercer), GA Convenience Store | |||||||||
Gross leasable square footage | 2,800 | 2,477 | 1,152 | |||||||||
Date of purchase | 12/20/07 | 12/20/07 | 12/20/07 | |||||||||
Mortgage financing at date of purchase | $ | 480,000 | $ | 1,000,000 | $ | 740,000 | ||||||
Cash down payment | 509,953 | 990,218 | 899,610 | |||||||||
Contract purchase price plus acquisition fee | 989,953 | 1,990,218 | 1,639,610 | |||||||||
Other cash expenditures expensed | — | — | — | |||||||||
Other cash expenditures capitalized | 5,874 | 11,810 | 9,730 | |||||||||
Total acquisition cost | $ | 995,827 | $ | 2,002,028 | $ | 1,649,340 | ||||||
II-25
Table of Contents
Cole Credit | Cole Credit | Cole Credit | ||||||||||
Property Trust II, | Property Trust II, | Property Trust II, | ||||||||||
Program: | Inc. | Inc. | Inc. | |||||||||
Name, location, type of property | Circle K Columbus (Buena Vista), GA Convenience Store | Circle K Columbus (Airport), GA Convenience Store | Circle K Opelika (Columbus), AL Convenience Store | |||||||||
Gross leasable square footage | 2,205 | 2,205 | 3,796 | |||||||||
Date of purchase | 12/20/07 | 12/20/07 | 12/20/07 | |||||||||
Mortgage financing at date of purchase | $ | 770,000 | $ | 730,000 | $ | 1,160,000 | ||||||
Cash down payment | 869,610 | 837,425 | 1,232,387 | |||||||||
Contract purchase price plus acquisition fee | 1,639,610 | 1,567,425 | 2,392,387 | |||||||||
Other cash expenditures expensed | — | — | — | |||||||||
Other cash expenditures capitalized | 9,730 | 9,302 | 14,197 | |||||||||
Total acquisition cost | $ | 1,649,340 | $ | 1,576,727 | $ | 2,406,584 | ||||||
Cole Credit | Cole Credit | Cole Credit | ||||||||||
Property Trust II, | Property Trust II, | Property Trust II, | ||||||||||
Program: | Inc. | Inc. | Inc. | |||||||||
Name, location, type of property | Circle K Baton Rouge (Burbank), LA Convenience Store | Circle K West Monroe (503), LA Convenience Store | Circle K Copley, OH Convenience Store | |||||||||
Gross leasable square footage | 2,400 | 3,327 | 2,439 | |||||||||
Date of purchase | 12/20/07 | 12/20/07 | 12/20/07 | |||||||||
Mortgage financing at date of purchase | $ | 470,000 | $ | 750,000 | $ | 590,000 | ||||||
Cash down payment | 499,329 | 745,241 | 584,159 | |||||||||
Contract purchase price plus acquisition fee | 969,329 | 1,495,241 | 1,174,159 | |||||||||
Other cash expenditures expensed | — | — | — | |||||||||
Other cash expenditures capitalized | 5,753 | 8,874 | 6,254 | |||||||||
Total acquisition cost | $ | 975,082 | $ | 1,504,115 | $ | 1,180,413 | ||||||
Cole Credit | Cole Credit | Cole Credit | ||||||||||
Property Trust II, | Property Trust II, | Property Trust II, | ||||||||||
Program: | Inc. | Inc. | Inc. | |||||||||
Name, location, type of property | Circle K Akron (Albrecht), OH Convenience Store | Circle K Akron (1178 Arlington), OH Convenience Store | Circle K Kent, OH Convenience Store | |||||||||
Gross leasable square footage | 2,763 | 2,862 | 2,068 | |||||||||
Date of purchase | 12/20/07 | 12/20/07 | 12/20/07 | |||||||||
Mortgage financing at date of purchase | $ | 570,000 | $ | 720,000 | $ | 500,000 | ||||||
Cash down payment | 562,961 | 721,949 | 509,365 | |||||||||
Contract purchase price plus acquisition fee | 1,132,961 | 1,441,949 | 1,009,365 | |||||||||
Other cash expenditures expensed | — | — | — | |||||||||
Other cash expenditures capitalized | 6,024 | 7,668 | 5,367 | |||||||||
Total acquisition cost | $ | 1,138,985 | $ | 1,449,617 | $ | 1,014,732 | ||||||
II-26
Table of Contents
Cole Credit | Cole Credit | Cole Credit | ||||||||||
Property Trust II, | Property Trust II, | Property Trust II, | ||||||||||
Program: | Inc. | Inc. | Inc. | |||||||||
Name, location, type of property | Circle K Huntersville, NC Convenience Store | Circle K Springdale, SC Convenience Store | Circle K Charleston, SC Convenience Store | |||||||||
Gross leasable square footage | 2,170 | 1,800 | 3,000 | |||||||||
Date of purchase | 12/20/07 | 12/20/07 | 12/20/07 | |||||||||
Mortgage financing at date of purchase | $ | 1,030,000 | $ | 860,000 | $ | 1,330,000 | ||||||
Cash down payment | 1,019,628 | 911,537 | 1,317,007 | |||||||||
Contract purchase price plus acquisition fee | 2,049,628 | 1,771,537 | 2,647,007 | |||||||||
Other cash expenditures expensed | — | — | — | |||||||||
Other cash expenditures capitalized | 10,900 | 9,421 | 14,076 | |||||||||
Total acquisition cost | $ | 2,060,528 | $ | 1,780,958 | $ | 2,661,083 | ||||||
Cole Credit | Cole Credit | Cole Credit | ||||||||||
Property Trust II, | Property Trust II, | Property Trust II, | ||||||||||
Program: | Inc. | Inc. | Inc. | |||||||||
Name, location, type of property | Circle K Port Wentworth, GA Convenience Store | Circle K Columbus (Warm Springs), GA Convenience Store | Circle K Baton Rouge (Jefferson), LA Convenience Store | |||||||||
Gross leasable square footage | 3,760 | 4,934 | 2,780 | |||||||||
Date of purchase | 12/20/07 | 12/20/07 | 12/20/07 | |||||||||
Mortgage financing at date of purchase | $ | 1,150,000 | $ | 940,000 | $ | 510,000 | ||||||
Cash down payment | 1,215,828 | 1,058,130 | 592,062 | |||||||||
Contract purchase price plus acquisition fee | 2,365,828 | 1,998,130 | 1,102,062 | |||||||||
Other cash expenditures expensed | — | — | — | |||||||||
Other cash expenditures capitalized | 12,580 | 10,625 | 5,860 | |||||||||
Total acquisition cost | $ | 2,378,408 | $ | 2,008,755 | $ | 1,107,922 | ||||||
Cole Credit | Cole Credit | Cole Credit | ||||||||||
Property Trust II, | Property Trust II, | Property Trust II, | ||||||||||
Program: | Inc. | Inc. | Inc. | |||||||||
Name, location, type of property | Circle K Cuyahoga Falls (State), OH Convenience Store | Circle K Akron (940 Arlington), OH Convenience Store | Circle K Akron (Exchange), OH Convenience Store | |||||||||
Gross leasable square footage | 2,100 | 2,800 | 3,190 | |||||||||
Date of purchase | 12/20/07 | 12/20/07 | 12/20/07 | |||||||||
Mortgage financing at date of purchase | $ | 490,000 | $ | 580,000 | $ | 750,000 | ||||||
Cash down payment | 560,332 | 573,305 | 743,119 | |||||||||
Contract purchase price plus acquisition fee | 1,050,332 | 1,153,305 | 1,493,119 | |||||||||
Other cash expenditures expensed | — | — | — | |||||||||
Other cash expenditures capitalized | 5,854 | 6,429 | 8,322 | |||||||||
Total acquisition cost | $ | 1,056,186 | $ | 1,159,734 | $ | 1,501,441 | ||||||
II-27
Table of Contents
Cole Credit | Cole Credit | Cole Credit | ||||||||||
Property Trust II, | Property Trust II, | Property Trust II, | ||||||||||
Program: | Inc. | Inc. | Inc. | |||||||||
Name, location, type of property | Circle K Bedford, OH Convenience Store | Circle K Columbia (Hardscrabble), SC Convenience Store | Circle K El Paso (Mesa), TX Convenience Store | |||||||||
Gross leasable square footage | 2,450 | 2,477 | 3,150 | |||||||||
Date of purchase | 12/20/07 | 12/20/07 | 12/20/07 | |||||||||
Mortgage financing at date of purchase | $ | 660,000 | $ | 900,000 | $ | 610,000 | ||||||
Cash down payment | 637,469 | 881,445 | 553,603 | |||||||||
�� | ||||||||||||
Contract purchase price plus acquisition fee | 1,297,469 | 1,781,445 | 1,163,603 | |||||||||
Other cash expenditures expensed | — | — | — | |||||||||
Other cash expenditures capitalized | 7,232 | 9,929 | 6,486 | |||||||||
Total acquisition cost | $ | 1,304,701 | $ | 1,791,374 | $ | 1,170,089 | ||||||
Cole Credit | Cole Credit | Cole Credit | ||||||||||
Property Trust II, | Property Trust II, | Property Trust II, | ||||||||||
Program: | Inc. | Inc. | Inc. | |||||||||
Name, location, type of property | Circle K Valley, AL Convenience Store | Circle K Columbus (Midland), GA Convenience Store | Circle K Columbus (Bradley), GA Convenience Store | |||||||||
Gross leasable square footage | 3,312 | 3,760 | 4,750 | |||||||||
Date of purchase | 12/20/07 | 12/20/07 | 12/20/07 | |||||||||
Mortgage financing at date of purchase | $ | 800,000 | $ | 1,240,000 | $ | 1,600,000 | ||||||
Cash down payment | 785,795 | 1,313,748 | 1,798,132 | |||||||||
Contract purchase price plus acquisition fee | 1,585,795 | 2,553,748 | 3,398,132 | |||||||||
Other cash expenditures expensed | — | — | — | |||||||||
Other cash expenditures capitalized | 8,839 | 14,235 | 18,939 | |||||||||
Total acquisition cost | $ | 1,594,634 | $ | 2,567,983 | $ | 3,417,071 | ||||||
Cole Credit | Cole Credit | Cole Credit | ||||||||||
Property Trust II, | Property Trust II, | Property Trust II, | ||||||||||
Program: | Inc. | Inc. | Inc. | |||||||||
Name, location, type of property | Circle K Baton Rouge (Floynell), LA Convenience Store | Circle K Akron (Darrow), OH Convenience Store | Circle K Barberton (Wooster), OH Convenience Store | |||||||||
Gross leasable square footage | 2,780 | 2,800 | 3,600 | |||||||||
Date of purchase | 12/20/07 | 12/20/07 | 12/20/07 | |||||||||
Mortgage financing at date of purchase | $ | 670,000 | $ | 640,000 | $ | 1,140,000 | ||||||
Cash down payment | 761,335 | 596,483 | 1,147,495 | |||||||||
Contract purchase price plus acquisition fee | 1,431,335 | 1,236,483 | 2,287,495 | |||||||||
Other cash expenditures expensed | — | — | — | |||||||||
Other cash expenditures capitalized | 7,978 | 6,658 | 12,317 | |||||||||
Total acquisition cost | $ | 1,439,313 | $ | 1,243,141 | $ | 2,299,812 | ||||||
II-28
Table of Contents
Cole Credit | Cole Credit | Cole Credit | ||||||||||
Property Trust II, | Property Trust II, | Property Trust II, | ||||||||||
Program: | Inc. | Inc. | Inc. | |||||||||
Name, location, type of property | Circle K Norton, OH Convenience Store | Circle K Willoughby, OH Convenience Store | Circle K Columbia (Garners), SC Convenience Store | |||||||||
Gross leasable square footage | 3,750 | 2,938 | 2,600 | |||||||||
Date of purchase | 12/20/07 | 12/20/07 | 12/20/07 | |||||||||
Mortgage financing at date of purchase | $ | 730,000 | $ | 610,000 | $ | 1,080,000 | ||||||
Cash down payment | 733,172 | 605,876 | 1,073,542 | |||||||||
Contract purchase price plus acquisition fee | 1,463,172 | 1,215,876 | 2,153,542 | |||||||||
Other cash expenditures expensed | — | — | — | |||||||||
Other cash expenditures capitalized | 7,879 | 6,547 | 11,596 | |||||||||
Total acquisition cost | $ | 1,471,051 | $ | 1,222,423 | $ | 2,165,138 | ||||||
Cole Credit | Cole Credit | Cole Credit | ||||||||||
Property Trust II, | Property Trust II, | Property Trust II, | ||||||||||
Program: | Inc. | Inc. | Inc. | |||||||||
Name, location, type of property | Circle K El Paso (Zaragosa),TX Convenience Store | Circle K Martinez, GA Convenience Store | Circle K Pine Mountain, GA Convenience Store | |||||||||
Gross leasable square footage | 3,800 | 2,250 | 3,285 | |||||||||
Date of purchase | 12/20/07 | 12/20/07 | 12/20/07 | |||||||||
Mortgage financing at date of purchase | $ | 1,090,000 | $ | 630,000 | $ | 600,000 | ||||||
Cash down payment | 1,012,023 | 668,308 | 564,355 | |||||||||
Contract purchase price plus acquisition fee | 2,102,023 | 1,298,308 | 1,164,355 | |||||||||
Other cash expenditures expensed | — | — | — | |||||||||
Other cash expenditures capitalized | 11,318 | 6,991 | 6,270 | |||||||||
Total acquisition cost | $ | 2,113,341 | $ | 1,305,299 | $ | 1,170,625 | ||||||
Cole Credit | Cole Credit | Cole Credit | ||||||||||
Property Trust II, | Property Trust II, | Property Trust II, | ||||||||||
Program: | Inc. | Inc. | Inc. | |||||||||
Name, location, type of property | Circle K Beaufort, SC Convenience Store | Circle K West Monroe (1602), LA Convenience Store | Circle K Akron (Main), OH Convenience Store | |||||||||
Gross leasable square footage | 3,054 | 3,927 | 1,710 | |||||||||
Date of purchase | 12/20/07 | 12/20/07 | 12/20/07 | |||||||||
Mortgage financing at date of purchase | $ | 830,000 | $ | 850,000 | $ | 600,000 | ||||||
Cash down payment | 839,253 | 850,165 | 606,518 | |||||||||
Contract purchase price plus acquisition fee | 1,669,253 | 1,700,165 | 1,206,518 | |||||||||
Other cash expenditures expensed | — | — | — | |||||||||
Other cash expenditures capitalized | 8,988 | 9,156 | 6,754 | |||||||||
Total acquisition cost | $ | 1,678,241 | $ | 1,709,321 | $ | 1,213,272 | ||||||
II-29
Table of Contents
Cole Credit | Cole Credit | Cole Credit | ||||||||||
Property Trust II, | Property Trust II, | Property Trust II, | ||||||||||
Program: | Inc. | Inc. | Inc. | |||||||||
Name, location, type of property | Circle K Akron (Brown), OH Convenience Store | Circle K Canton (12th), OH Convenience Store | Circle K Maple Heights, OH Convenience Store | |||||||||
Gross leasable square footage | 3,258 | 2,800 | 2,967 | |||||||||
Date of purchase | 12/20/07 | 12/20/07 | 12/20/07 | |||||||||
Mortgage financing at date of purchase | $ | 640,000 | $ | 555,000 | $ | 760,000 | ||||||
Cash down payment | 690,264 | 630,894 | 755,882 | |||||||||
Contract purchase price plus acquisition fee | 1,330,264 | 1,185,894 | 1,515,882 | |||||||||
Other cash expenditures expensed | — | — | — | |||||||||
Other cash expenditures capitalized | 7,446 | 6,639 | 8,486 | |||||||||
Total acquisition cost | $ | 1,337,710 | $ | 1,192,533 | $ | 1,524,368 | ||||||
Cole Credit | Cole Credit | Cole Credit | ||||||||||
Property Trust II, | Property Trust II, | Property Trust II, | ||||||||||
Program: | Inc. | Inc. | Inc. | |||||||||
Name, location, type of property | Circle K Brookpark, OH Convenience Store | Circle K Charlotte (Sugar Creek), NC Convenience Store | Circle K Mobile (Airport), AL Convenience Store | |||||||||
Gross leasable square footage | 2,740 | 2,770 | 2,448 | |||||||||
Date of purchase | 12/20/07 | 12/20/07 | 12/20/07 | |||||||||
Mortgage financing at date of purchase | $ | 690,000 | $ | 1,030,000 | $ | 860,000 | ||||||
Cash down payment | 691,824 | 1,022,112 | 996,181 | |||||||||
Contract purchase price plus acquisition fee | 1,381,824 | 2,052,112 | 1,856,181 | |||||||||
Other cash expenditures expensed | — | — | — | |||||||||
Other cash expenditures capitalized | 7,736 | 11,488 | 10,391 | |||||||||
Total acquisition cost | $ | 1,389,560 | $ | 2,063,600 | $ | 1,866,572 | ||||||
Cole Credit | Cole Credit | Cole Credit | ||||||||||
Property Trust II, | Property Trust II, | Property Trust II, | ||||||||||
Program: | Inc. | Inc. | Inc. | |||||||||
Name, location, type of property | Circle K Bluffton, SC Convenience Store | Circle K Macon (Arkwright), GA Convenience Store | Circle K Mobile (Moffett), AL Convenience Store | |||||||||
Gross leasable square footage | 1,760 | 2,248 | 678 | |||||||||
Date of purchase | 12/20/07 | 12/20/07 | 12/20/07 | |||||||||
Mortgage financing at date of purchase | $ | 1,230,000 | $ | 560,000 | $ | 655,000 | ||||||
Cash down payment | 1,409,904 | 605,270 | 933,067 | |||||||||
Contract purchase price plus acquisition fee | 2,639,904 | 1,165,270 | 1,588,067 | |||||||||
Other cash expenditures expensed | — | — | — | |||||||||
Other cash expenditures capitalized | 14,777 | 6,523 | 8,889 | |||||||||
Total acquisition cost | $ | 2,654,681 | $ | 1,171,793 | $ | 1,596,956 | ||||||
II-30
Table of Contents
Cole Credit | Cole Credit | Cole Credit | ||||||||||
Property Trust II, | Property Trust II, | Property Trust II, | ||||||||||
Program: | Inc. | Inc. | Inc. | |||||||||
Name, location, type of property | Circle K Shreveport, LA Convenience Store | Circle K Albuquerque, NM Convenience Store | Circle K Bossier City, LA Convenience Store | |||||||||
Gross leasable square footage | 3,180 | 7,200 | 2,800 | |||||||||
Date of purchase | 12/20/07 | 12/20/07 | 12/20/07 | |||||||||
Mortgage financing at date of purchase | $ | 620,000 | $ | 650,000 | $ | 780,000 | ||||||
Cash down payment | 617,454 | 647,751 | 775,241 | |||||||||
Contract purchase price plus acquisition fee | 1,237,454 | 1,297,751 | 1,555,241 | |||||||||
Other cash expenditures expensed | — | — | — | |||||||||
Other cash expenditures capitalized | 271,629 | 34,075 | 1,882 | |||||||||
Total acquisition cost | $ | 1,509,083 | $ | 1,331,826 | $ | 1,557,123 | ||||||
Cole Credit | Cole Credit | Cole Credit | ||||||||||
Property Trust II, | Property Trust II, | Property Trust II, | ||||||||||
Program: | Inc. | Inc. | Inc. | |||||||||
Name, location, type of property | Circle K Barberton (5th), OH Convenience Store | Circle K Canton (Tuscarawas), OH Convenience Store | Circle K Fairlawn, OH Convenience Store | |||||||||
Gross leasable square footage | 2,900 | 4,500 | 4,647 | |||||||||
Date of purchase | 12/20/07 | 12/20/07 | 12/20/07 | |||||||||
Mortgage financing at date of purchase | $ | 630,000 | $ | 1,130,000 | $ | 800,000 | ||||||
Cash down payment | 626,552 | 1,105,014 | 837,638 | |||||||||
Contract purchase price plus acquisition fee | 1,256,552 | 2,235,014 | 1,637,638 | |||||||||
Other cash expenditures expensed | — | — | — | |||||||||
Other cash expenditures capitalized | 15,532 | 12,368 | 16,713 | |||||||||
Total acquisition cost | $ | 1,272,084 | $ | 2,247,382 | $ | 1,654,351 | ||||||
Cole Credit | Cole Credit | Cole Credit | ||||||||||
Property Trust II, | Property Trust II, | Property Trust II, | ||||||||||
Program: | Inc. | Inc. | Inc. | |||||||||
Name, location, type of property | Circle K Northfield, OH Convenience Store | Circle K Seville, OH Convenience Store | Circle K Columbus (Lumpkin), GA Convenience Store | |||||||||
Gross leasable square footage | 2,874 | 2,531 | 2,700 | |||||||||
Date of purchase | 12/20/07 | 12/20/07 | 12/20/07 | |||||||||
Mortgage financing at date of purchase | $ | 990,000 | $ | 1,300,000 | $ | 800,000 | ||||||
Cash down payment | 987,525 | 1,192,505 | 899,435 | |||||||||
Contract purchase price plus acquisition fee | 1,977,525 | 2,492,505 | 1,699,435 | |||||||||
Other cash expenditures expensed | — | — | — | |||||||||
Other cash expenditures capitalized | 4,683 | (12,407 | ) | 362 | ||||||||
Total acquisition cost | $ | 1,982,208 | $ | 2,480,098 | $ | 1,699,797 | ||||||
II-31
Table of Contents
Cole Credit | Cole Credit | Cole Credit | ||||||||||
Property Trust II, | Property Trust II, | Property Trust II, | ||||||||||
Program: | Inc. | Inc. | Inc. | |||||||||
Name, location, type of property | Circle K N. Augusta, GA Convenience Store | Circle K Opelika (2nd), AL Convenience Store | Walgreens Cincinnati, OH Drugstore | |||||||||
Gross leasable square footage | 2,240 | 3,211 | 15,120 | |||||||||
Date of purchase | 12/20/07 | 12/20/07 | 12/21/07 | |||||||||
Mortgage financing at date of purchase | $ | 590,000 | $ | 630,000 | $ | — | ||||||
Cash down payment | 625,354 | 698,649 | 4,987,800 | |||||||||
Contract purchase price plus acquisition fee | 1,215,354 | 1,328,649 | 4,987,800 | |||||||||
Other cash expenditures expensed | — | — | — | |||||||||
Other cash expenditures capitalized | 6,725 | 12,452 | 32,219 | |||||||||
Total acquisition cost | $ | 1,222,079 | $ | 1,341,101 | $ | 5,020,019 | ||||||
Cole Credit | Cole Credit | Cole Credit | ||||||||||
Property Trust II, | Property Trust II, | Property Trust II, | ||||||||||
Program: | Inc. | Inc. | Inc. | |||||||||
Name, location, type of property | Tractor Supply Rome, NY Specialty Retail | HH Gregg Greensboro, NC Consumer Electronics | Starbucks Altus, OK Restaurant | |||||||||
Gross leasable square footage | 19,097 | 30,167 | 1,741 | |||||||||
Date of purchase | 1/4/08 | 1/11/08 | 1/16/08 | |||||||||
Mortgage financing at date of purchase | $ | — | $ | — | $ | — | ||||||
Cash down payment | 3,213,000 | 6,936,000 | 1,195,862 | |||||||||
Contract purchase price plus acquisition fee | 3,213,000 | 6,936,000 | 1,195,862 | |||||||||
Other cash expenditures expensed | — | — | — | |||||||||
Other cash expenditures capitalized | 36,291 | 25,101 | 17,473 | |||||||||
Total acquisition cost | $ | 3,249,291 | $ | 6,961,101 | $ | 1,213,335 | ||||||
Cole Credit | Cole Credit | Cole Credit | ||||||||||
Property Trust II, | Property Trust II, | Property Trust II, | ||||||||||
Program: | Inc. | Inc. | Inc. | |||||||||
Name, location, type of property | Milford Commons Milford, NH Shopping Center | CarMax Greenville, SC Auto Dealership | Bank of America Delray Beach, FL Bank | |||||||||
Gross leasable square footage | 78,430 | 46,535 | 54,254 | |||||||||
Date of purchase | 1/17/08 | 1/25/08 | 1/31/08 | |||||||||
Mortgage financing at date of purchase | $ | 5,816,924 | $ | 15,125,000 | $ | 10,632,014 | ||||||
Cash down payment | 2,292,076 | 7,315,000 | 4,667,986 | |||||||||
Contract purchase price plus acquisition fee | 8,109,000 | 22,440,000 | 15,300,000 | |||||||||
Other cash expenditures expensed | — | — | — | |||||||||
Other cash expenditures capitalized | 97,029 | 47,000 | 240,104 | |||||||||
Total acquisition cost | $ | 8,206,029 | $ | 22,487,000 | $ | 15,540,104 | ||||||
II-32
Table of Contents
Cole Credit | Cole Credit | Cole Credit | ||||||||||
Property Trust II, | Property Trust II, | Property Trust II, | ||||||||||
Program: | Inc. | Inc. | Inc. | |||||||||
Name, location, type of property | Arby’s New Castle, PA Restaurant | Mustang Engineering Houston, TX Office | Circuit City Kennesaw, GA Consumer Electronics | |||||||||
Gross leasable square footage | 3,283 | 136,954 | 182,035 | |||||||||
Date of purchase | 1/31/08 | 1/31/08 | 1/31/08 | |||||||||
Mortgage financing at date of purchase | $ | 1,063,201 | $ | 13,467,218 | $ | 14,176,019 | ||||||
Cash down payment | 487,199 | 5,912,782 | 6,060,781 | |||||||||
Contract purchase price plus acquisition fee | 1,550,400 | 19,380,000 | 20,236,800 | |||||||||
Other cash expenditures expensed | — | — | — | |||||||||
Other cash expenditures capitalized | 41,196 | 163,269 | 140,168 | |||||||||
Total acquisition cost | $ | 1,591,596 | $ | 19,543,269 | $ | 20,376,968 | ||||||
Cole Credit | Cole Credit | Cole Credit | ||||||||||
Property Trust II, | Property Trust II, | Property Trust II, | ||||||||||
Program: | Inc. | Inc. | Inc. | |||||||||
Name, location, type of property | CarMax Raleigh, NC Auto Dealership | Office Depot Alcoa, TN Office Supply | CarMax Pineville, NC Auto Dealership | |||||||||
Gross leasable square footage | 57,010 | 26,850 | 16,375 | |||||||||
Date of purchase | 1/31/08 | 1/31/08 | 1/31/08 | |||||||||
Mortgage financing at date of purchase | $ | 6,520,969 | $ | 2,888,364 | $ | 7,017,129 | ||||||
Cash down payment | 2,806,931 | 842,796 | 3,068,631 | |||||||||
Contract purchase price plus acquisition fee | 9,327,900 | 3,731,160 | 10,085,760 | |||||||||
Other cash expenditures expensed | — | — | — | |||||||||
Other cash expenditures capitalized | 85,562 | 50,844 | 84,739 | |||||||||
Total acquisition cost | $ | 9,413,462 | $ | 3,782,004 | $ | 10,170,499 | ||||||
Cole Credit | Cole Credit | Cole Credit | ||||||||||
Property Trust II, | Property Trust II, | Property Trust II, | ||||||||||
Program: | Inc. | Inc. | Inc. | |||||||||
Name, location, type of property | FedEx Mishawaka, IN Distribution Center | Best Buy Wichita, KS Consumer Electronics | Boscov’s Voorhees, NJ Department Store | |||||||||
Gross leasable square footage | 54,804 | 66,756 | 173,767 | |||||||||
Date of purchase | 2/6/08 | 2/6/08 | 2/6/08 | |||||||||
Mortgage financing at date of purchase | $ | 2,799,764 | $ | 8,080,331 | $ | 3,189,604 | ||||||
Cash down payment | 1,210,876 | 3,467,089 | 982,196 | |||||||||
Contract purchase price plus acquisition fee | 4,010,640 | 11,547,420 | 4,171,800 | |||||||||
Other cash expenditures expensed | — | — | — | |||||||||
Other cash expenditures capitalized | 40,541 | 111,473 | 101,795 | |||||||||
Total acquisition cost | $ | 4,051,181 | $ | 11,658,893 | $ | 4,273,595 | ||||||
II-33
Table of Contents
Cole Credit | Cole Credit | Cole Credit | ||||||||||
Property Trust II, | Property Trust II, | Property Trust II, | ||||||||||
Program: | Inc. | Inc. | Inc. | |||||||||
Name, location, type of property | Bridgestone/ Firestone Atlanta, GA Automotive Parts | Academy Sports Lufkin, TX Sporting Goods | Marsh Supermarkets Indianapolis, IN Grocery | |||||||||
Gross leasable square footage | 10,325 | 60,750 | 65,000 | |||||||||
Date of purchase | 2/6/08 | 2/6/08 | 2/6/08 | |||||||||
Mortgage financing at date of purchase | $ | 1,754,282 | $ | 3,685,765 | $ | 10,242,174 | ||||||
Cash down payment | 726,358 | 1,618,235 | 4,360,146 | |||||||||
Contract purchase price plus acquisition fee | 2,480,640 | 5,304,000 | 14,602,320 | |||||||||
Other cash expenditures expensed | — | — | — | |||||||||
Other cash expenditures capitalized | 29,749 | 57,877 | 97,290 | |||||||||
Total acquisition cost | $ | 2,510,389 | $ | 5,361,877 | $ | 14,699,610 | ||||||
Cole Credit | Cole Credit | Cole Credit | ||||||||||
Property Trust II, | Property Trust II, | Property Trust II, | ||||||||||
Program: | Inc. | Inc. | Inc. | |||||||||
Name, location, type of property | CVS Indianapolis, IN Drugstore | Hilltop Plaza Bridgeton, MO Shopping Center | Starbucks Stillwater, OK Restaurant | |||||||||
Gross leasable square footage | 10,880 | 302,921 | 1,850 | |||||||||
Date of purchase | 2/6/08 | 2/6/08 | 2/28/08 | |||||||||
Mortgage financing at date of purchase | $ | 2,675,724 | $ | — | $ | — | ||||||
Cash down payment | 1,088,076 | 23,658,900 | 1,329,517 | |||||||||
Contract purchase price plus acquisition fee | 3,763,800 | 23,658,900 | 1,329,517 | |||||||||
Other cash expenditures expensed | — | — | — | |||||||||
Other cash expenditures capitalized | 37,575 | 40,446 | 18,850 | |||||||||
Total acquisition cost | $ | 3,801,375 | $ | 23,699,346 | $ | 1,348,367 | ||||||
Cole Credit | Cole Credit | Cole Credit | ||||||||||
Property Trust II, | Property Trust II, | Property Trust II, | ||||||||||
Program: | Inc. | Inc. | Inc. | |||||||||
Name, location, type of property | Walgreens(2) Oneida, TN Drugstore | Starbucks Memphis, TN Restaurant | Starbucks Ponca City, OK Restaurant | |||||||||
Gross leasable square footage | 14,820 | 1,853 | 1,750 | |||||||||
Date of purchase | 2/29/08 | 3/4/08 | 3/11/08 | |||||||||
Mortgage financing at date of purchase | $ | 3,800,000 | $ | — | $ | — | ||||||
Cash down payment | 1,222,901 | 1,394,340 | 1,082,988 | |||||||||
Contract purchase price plus acquisition fee | 5,022,901 | 1,394,340 | 1,082,988 | |||||||||
Other cash expenditures expensed | — | — | — | |||||||||
Other cash expenditures capitalized | 146,858 | 29,221 | 19,939 | |||||||||
Total acquisition cost | $ | 5,169,759 | $ | 1,423,561 | $ | 1,102,927 | ||||||
II-34
Table of Contents
Cole Credit | Cole Credit | Cole Credit | ||||||||||
Property Trust II, | Property Trust II, | Property Trust II, | ||||||||||
Program: | Inc. | Inc. | Inc. | |||||||||
Name, location, type of property | Starbucks Kingsport, TN Restaurant | Pep Boys El Centro, CA Automotive Parts | Pep Boys Lakeland, FL Automotive Parts | |||||||||
Gross leasable square footage | 1,850 | 18,196 | 20,747 | |||||||||
Date of purchase | 3/25/08 | 3/25/08 | 3/25/08 | |||||||||
Mortgage financing at date of purchase | $ | — | $ | — | $ | — | ||||||
Cash down payment | 1,354,560 | 2,474,520 | 2,771,340 | |||||||||
Contract purchase price plus acquisition fee | 1,354,560 | 2,474,520 | 2,771,340 | |||||||||
Other cash expenditures expensed | — | — | — | |||||||||
Other cash expenditures capitalized | 27,139 | 12,505 | 13,605 | |||||||||
Total acquisition cost | $ | 1,381,699 | $ | 2,487,025 | $ | 2,784,945 | ||||||
Cole Credit | Cole Credit | Cole Credit | ||||||||||
Property Trust II, | Property Trust II, | Property Trust II, | ||||||||||
Program: | Inc. | Inc. | Inc. | |||||||||
Name, location, type of property | Pep Boys Tamarac, FL Automotive Parts | Pep Boys Clarksville, IN Automotive Parts | Pep Boys Frederick, MD Automotive Parts | |||||||||
Gross leasable square footage | 18,020 | 22,211 | 17,690 | |||||||||
Date of purchase | 3/25/08 | 3/25/08 | 3/25/08 | |||||||||
Mortgage financing at date of purchase | $ | — | $ | — | $ | — | ||||||
Cash down payment | 4,166,700 | 2,567,340 | 4,811,340 | |||||||||
Contract purchase price plus acquisition fee | 4,166,700 | 2,567,340 | 4,811,340 | |||||||||
Other cash expenditures expensed | — | — | — | |||||||||
Other cash expenditures capitalized | 19,135 | 15,984 | 21,064 | |||||||||
Total acquisition cost | $ | 4,185,835 | $ | 2,583,324 | $ | 4,832,404 | ||||||
Cole Credit | Cole Credit | Cole Credit | ||||||||||
Property Trust II, | Property Trust II, | Property Trust II, | ||||||||||
Program: | Inc. | Inc. | Inc. | |||||||||
Name, location, type of property | Pep Boys West Warwick, RI Automotive Parts | Pep Boys Pasadena, TX Automotive Parts | Pep Boys Orem, UT Automotive Parts | |||||||||
Gross leasable square footage | 22,211 | 22,341 | 21,770 | |||||||||
Date of purchase | 3/25/08 | 3/25/08 | 3/25/08 | |||||||||
Mortgage financing at date of purchase | $ | — | $ | — | $ | — | ||||||
Cash down payment | 3,776,040 | 5,046,960 | 3,149,760 | |||||||||
Contract purchase price plus acquisition fee | 3,776,040 | 5,046,960 | 3,149,760 | |||||||||
Other cash expenditures expensed | — | — | — | |||||||||
Other cash expenditures capitalized | 17,951 | 62,959 | (24,491 | ) | ||||||||
Total acquisition cost | $ | 3,793,991 | $ | 5,109,919 | $ | 3,125,269 | ||||||
II-35
Table of Contents
Cole Credit | Cole Credit | Cole Credit | ||||||||||
Property Trust II, | Property Trust II, | Property Trust II, | ||||||||||
Program: | Inc. | Inc. | Inc. | |||||||||
Name, location, type of property | Pep Boys Hampton, VA Automotive Parts | Pep Boys Redlands, CA Automotive Parts | Pep Boys El Paso, CO Automotive Parts | |||||||||
Gross leasable square footage | 22,211 | 22,290 | 22,211 | |||||||||
Date of purchase | 3/25/08 | 3/25/08 | 3/25/08 | |||||||||
Mortgage financing at date of purchase | $ | — | $ | — | $ | — | ||||||
Cash down payment | 4,077,960 | 4,712,400 | 2,718,300 | |||||||||
Contract purchase price plus acquisition fee | 4,077,960 | 4,712,400 | 2,718,300 | |||||||||
Other cash expenditures expensed | — | — | — | |||||||||
Other cash expenditures capitalized | 18,157 | 20,439 | 12,232 | |||||||||
Total acquisition cost | $ | 4,096,117 | $ | 4,732,839 | $ | 2,730,532 | ||||||
Cole Credit | Cole Credit | Cole Credit | ||||||||||
Property Trust II, | Property Trust II, | Property Trust II, | ||||||||||
Program: | Inc. | Inc. | Inc. | |||||||||
Name, location, type of property | Pep Boys Tampa, FL Automotive Parts | Pep Boys Fort Myers, FL Automotive Parts | Pep Boys Arlington Heights, IL Automotive Parts | |||||||||
Gross leasable square footage | 22,356 | 22,225 | 20,464 | |||||||||
Date of purchase | 3/25/08 | 3/25/08 | 3/25/08 | |||||||||
Mortgage financing at date of purchase | $ | — | $ | — | $ | — | ||||||
Cash down payment | 1,963,500 | 3,108,960 | 6,261,780 | |||||||||
Contract purchase price plus acquisition fee | 1,963,500 | 3,108,960 | 6,261,780 | |||||||||
Other cash expenditures expensed | — | — | — | |||||||||
Other cash expenditures capitalized | 10,017 | 14,328 | 25,570 | |||||||||
Total acquisition cost | $ | 1,973,517 | $ | 3,123,288 | $ | 6,287,350 | ||||||
Cole Credit | Cole Credit | Cole Credit | ||||||||||
Property Trust II, | Property Trust II, | Property Trust II, | ||||||||||
Program: | Inc. | Inc. | Inc. | |||||||||
Name, location, type of property | Pep Boys Nashua, NH Automotive Parts | Pep Boys Albuquerque, NM Automotive Parts | Pep Boys New Hartford, NY Automotive Parts | |||||||||
Gross leasable square footage | 19,300 | 21,768 | 22,211 | |||||||||
Date of purchase | 3/25/08 | 3/25/08 | 3/25/08 | |||||||||
Mortgage financing at date of purchase | $ | — | $ | — | $ | — | ||||||
Cash down payment | 4,462,500 | 3,848,460 | 2,416,380 | |||||||||
Contract purchase price plus acquisition fee | 4,462,500 | 3,848,460 | 2,416,380 | |||||||||
Other cash expenditures expensed | — | — | — | |||||||||
Other cash expenditures capitalized | 18,798 | 19,065 | 11,095 | |||||||||
Total acquisition cost | $ | 4,481,298 | $ | 3,867,525 | $ | 2,427,475 | ||||||
II-36
Table of Contents
Cole Credit | Cole Credit | Cole Credit | ||||||||||
Property Trust II, | Property Trust II, | Property Trust II, | ||||||||||
Program: | Inc. | Inc. | Inc. | |||||||||
Name, location, type of property | Pep Boys San Antonio, TX Automotive Parts | Walgreens Batesville, MS Drugstore | Tractor Supply Clovis, NM Specialty Retail | |||||||||
Gross leasable square footage | 22,373 | 14,250 | 19,097 | |||||||||
Date of purchase | 3/25/08 | 3/31/08 | 4/7/08 | |||||||||
Mortgage financing at date of purchase | $ | — | $ | — | $ | — | ||||||
Cash down payment | 2,509,200 | 5,427,420 | 3,121,200 | |||||||||
Contract purchase price plus acquisition fee | 2,509,200 | 5,427,420 | 3,121,200 | |||||||||
Other cash expenditures expensed | — | — | — | |||||||||
Other cash expenditures capitalized | 11,445 | 31,609 | 26,120 | |||||||||
Total acquisition cost | $ | 2,520,645 | $ | 5,459,029 | $ | 3,147,320 | ||||||
Cole Credit | Cole Credit | Cole Credit | ||||||||||
Property Trust II, | Property Trust II, | Property Trust II, | ||||||||||
Program: | Inc. | Inc. | Inc. | |||||||||
Name, location, type of property | BJ’s Wholesale Club Haverhill, MA Warehouse | Walgreens Elmira, NY Drugstore | Tractor Supply Carroll, OH Specialty Retail | |||||||||
Gross leasable square footage | 119,598 | 14,820 | 40,700 | |||||||||
Date of purchase | 4/14/08 | 5/1/08 | 5/8/08 | |||||||||
Mortgage financing at date of purchase | $ | — | $ | — | $ | — | ||||||
Cash down payment | 19,788,000 | 6,197,520 | 2,040,000 | |||||||||
Contract purchase price plus acquisition fee | 19,788,000 | 6,197,520 | 2,040,000 | |||||||||
Other cash expenditures expensed | — | — | — | |||||||||
Other cash expenditures capitalized | 52,683 | 37,837 | 30,879 | |||||||||
Total acquisition cost | $ | 19,840,683 | $ | 6,235,357 | $ | 2,070,879 | ||||||
Cole Credit | Cole Credit | Cole Credit | ||||||||||
Property Trust II, | Property Trust II, | Property Trust II, | ||||||||||
Program: | Inc. | Inc. | Inc. | |||||||||
Name, location, type of property | CVS Onley, VA Drugstore | Walgreens Hibbing, MN Drugstore | Allstate Yuma, AZ Office | |||||||||
Gross leasable square footage | 13,225 | 14,820 | 28,800 | |||||||||
Date of purchase | 5/8/08 | 5/14/08 | 5/22/08 | |||||||||
Mortgage financing at date of purchase | $ | — | $ | — | $ | — | ||||||
Cash down payment | 5,595,720 | 4,284,000 | 7,840,137 | |||||||||
Contract purchase price plus acquisition fee | 5,595,720 | 4,284,000 | 7,840,137 | |||||||||
Other cash expenditures expensed | — | — | — | |||||||||
Other cash expenditures capitalized | 18,725 | 25,881 | 38,569 | |||||||||
Total acquisition cost | $ | 5,614,445 | $ | 4,309,881 | $ | 7,878,706 | ||||||
II-37
Table of Contents
Cole Credit | Cole Credit | Cole Credit | ||||||||||
Property Trust II, | Property Trust II, | Property Trust II, | ||||||||||
Program: | Inc. | Inc. | Inc. | |||||||||
Name, location, type of property | Walgreens Essex, MD Drugstore | Convergy’s Las Cruces, NM Office | Walgreens Bath, NY Drugstore | |||||||||
Gross leasable square footage | 14,820 | 45,761 | 12,222 | |||||||||
Date of purchase | 5/30/08 | 6/2/08 | 6/2/08 | |||||||||
Mortgage financing at date of purchase | $ | — | $ | — | $ | — | ||||||
Cash down payment | 6,617,760 | 8,273,485 | 4,320,726 | |||||||||
Contract purchase price plus acquisition fee | 6,617,760 | 8,273,485 | 4,320,726 | |||||||||
Other cash expenditures expensed | — | — | — | |||||||||
Other cash expenditures capitalized | 41,097 | 55,078 | 31,798 | |||||||||
Total acquisition cost | $ | 6,658,857 | $ | 8,328,563 | $ | 4,352,524 | ||||||
Cole Credit | Cole Credit | Cole Credit | ||||||||||
Property Trust II, | Property Trust II, | Property Trust II, | ||||||||||
Program: | Inc. | Inc. | Inc. | |||||||||
Name, location, type of property | Walgreens Chino Valley, AZ Drugstore | III Forks Dallas, TX Restaurant | Kohl’s Grand Forks, ND Department Store | |||||||||
Gross leasable square footage | 14,820 | 21,145 | 68,725 | |||||||||
Date of purchase | 6/2/08 | 6/5/08 | 6/11/08 | |||||||||
Mortgage financing at date of purchase | $ | — | $ | — | $ | — | ||||||
Cash down payment | 5,543,700 | 11,220,000 | 8,695,500 | |||||||||
Contract purchase price plus acquisition fee | 5,543,700 | 11,220,000 | 8,695,500 | |||||||||
Other cash expenditures expensed | — | — | — | |||||||||
Other cash expenditures capitalized | 24,526 | 51,821 | 22,385 | |||||||||
Total acquisition cost | $ | 5,568,226 | $ | 11,271,821 | $ | 8,717,885 | ||||||
Cole Credit | Cole Credit | Cole Credit | ||||||||||
Property Trust II, | Property Trust II, | Property Trust II, | ||||||||||
Program: | Inc. | Inc. | Inc. | |||||||||
Name, location, type of property | Walgreens Albany, GA Drugstore | Coral Walk Cape Coral, FL Shopping Center | L.A. Fitness Brooklyn Park, MN Fitness | |||||||||
Gross leasable square footage | 14,820 | 94,817 | 45,000 | |||||||||
Date of purchase | 6/11/08 | 6/12/08 | 6/17/08 | |||||||||
Mortgage financing at date of purchase | $ | — | $ | — | $ | — | ||||||
Cash down payment | 4,692,000 | 27,540,000 | 10,659,000 | |||||||||
Contract purchase price plus acquisition fee | 4,692,000 | 27,540,000 | 10,659,000 | |||||||||
Other cash expenditures expensed | — | — | — | |||||||||
Other cash expenditures capitalized | 27,220 | 2,397,962 | 24,728 | |||||||||
Total acquisition cost | $ | 4,719,220 | $ | 29,937,962 | $ | 10,683,728 | ||||||
II-38
Table of Contents
Cole Credit | Cole Credit | Cole Credit | ||||||||||
Property Trust II, | Property Trust II, | Property Trust II, | ||||||||||
Program: | Inc. | Inc. | Inc. | |||||||||
Name, location, type of property | Market Pointe Papillion, NE Shopping Center | Petsmart McCarran, NV Specialty Retail | Cumming Town Center Cumming, GA Shopping Center | |||||||||
Gross leasable square footage | 254,125 | 870,720 | 310,192 | |||||||||
Date of purchase | 6/20/08 | 7/2/08 | 7/11/08 | |||||||||
Mortgage financing at date of purchase | $ | — | $ | — | $ | — | ||||||
Cash down payment | 26,010,000 | 52,555,500 | 59,548,929 | |||||||||
Contract purchase price plus acquisition fee | 26,010,000 | 52,555,500 | 59,548,929 | |||||||||
Other cash expenditures expensed | — | — | — | |||||||||
Other cash expenditures capitalized | 83,527 | 351,110 | 5,724,660 | |||||||||
Total acquisition cost | $ | 26,093,527 | $ | 52,906,610 | $ | 65,273,589 | ||||||
Cole Credit | Cole Credit | Cole Credit | ||||||||||
Property Trust II, | Property Trust II, | Property Trust II, | ||||||||||
Program: | Inc. | Inc. | Inc. | |||||||||
Name, location, type of property | Walgreens Rome, NY Drugstore | L.A. Fitness Matteson, IL Fitness | Walgreens Columbus, MS Drugstore | |||||||||
Gross leasable square footage | 13,770 | 45,000 | 14,450 | |||||||||
Date of purchase | 7/15/08 | 7/16/08 | 7/24/08 | |||||||||
Mortgage financing at date of purchase | $ | — | $ | — | $ | — | ||||||
Cash down payment | 4,567,282 | 10,290,780 | 4,508,400 | |||||||||
Contract purchase price plus acquisition fee | 4,567,282 | 10,290,780 | 4,508,400 | |||||||||
Other cash expenditures expensed | — | — | — | |||||||||
Other cash expenditures capitalized | 37,016 | 24,201 | 22,652 | |||||||||
Total acquisition cost | $ | 4,604,298 | $ | 10,314,981 | $ | 4,531,052 | ||||||
Cole Credit | Cole Credit | Cole Credit | ||||||||||
Property Trust II, | Property Trust II, | Property Trust II, | ||||||||||
Program: | Inc. | Inc. | Inc. | |||||||||
Name, location, type of property | Weston Shops Weston, FL Shopping Center | L.A. Fitness Greenwood, IN Fitness | JoAnn’s Fabric Alpharetta, GA Specialty Retail | |||||||||
Gross leasable square footage | 30,420 | 45,000 | 38,418 | |||||||||
Date of purchase | 7/30/08 | 8/5/08 | 8/5/08 | |||||||||
Mortgage financing at date of purchase | $ | — | $ | — | $ | — | ||||||
Cash down payment | 16,728,000 | 10,817,100 | 6,569,820 | |||||||||
Contract purchase price plus acquisition fee | 16,728,000 | 10,817,100 | 6,569,820 | |||||||||
Other cash expenditures expensed | — | — | — | |||||||||
Other cash expenditures capitalized | 58,772 | 19,587 | 30,176 | |||||||||
Total acquisition cost | $ | 16,786,772 | $ | 10,836,687 | $ | 6,599,996 | ||||||
II-39
Table of Contents
Cole Credit | Cole Credit | Cole Credit | ||||||||||
Property Trust II, | Property Trust II, | Property Trust II, | ||||||||||
Program: | Inc. | Inc. | Inc. | |||||||||
Name, location, type of property | Petsmart Chattanooga, TN Specialty Retail | Petsmart Daytona Beach, FL Specialty Retail | Petsmart Fredericksburg, VA Specialty Retail | |||||||||
Gross leasable square footage | 26,040 | 26,194 | 26,051 | |||||||||
Date of purchase | 8/5/08 | 8/5/08 | 8/5/08 | |||||||||
Mortgage financing at date of purchase | $ | — | $ | — | $ | — | ||||||
Cash down payment | 4,911,300 | 5,439,660 | 5,302,980 | |||||||||
Contract purchase price plus acquisition fee | 4,911,300 | 5,439,660 | 5,302,980 | |||||||||
Other cash expenditures expensed | — | — | — | |||||||||
Other cash expenditures capitalized | 33,209 | 28,342 | 27,755 | |||||||||
Total acquisition cost | $ | 4,944,509 | $ | 5,468,002 | $ | 5,330,735 | ||||||
Cole Credit | Cole Credit | Cole Credit | ||||||||||
Property Trust II, | Property Trust II, | Property Trust II, | ||||||||||
Program: | Inc. | Inc. | Inc. | |||||||||
Name, location, type of property | Ferguson Enterprises Shallotte, NC Specialty Retail | Ferguson Enterprises Salisbury, MD Specialty Retail | Ferguson Enterprises Powhatan, VA Specialty Retail | |||||||||
Gross leasable square footage | 17,234 | 97,912 | 48,131 | |||||||||
Date of purchase | 8/21/08 | 8/21/08 | 8/21/08 | |||||||||
Mortgage financing at date of purchase | $ | — | $ | — | $ | — | ||||||
Cash down payment | 2,541,551 | 10,997,986 | 7,529,534 | |||||||||
Contract purchase price plus acquisition fee | 2,541,551 | 10,997,986 | 7,529,534 | |||||||||
Other cash expenditures expensed | — | — | — | |||||||||
Other cash expenditures capitalized | 29,635 | 119,536 | 74,475 | |||||||||
Total acquisition cost | $ | 2,571,186 | $ | 11,117,522 | $ | 7,604,009 | ||||||
Cole Credit | Cole Credit | Cole Credit | ||||||||||
Property Trust II, | Property Trust II, | Property Trust II, | ||||||||||
Program: | Inc. | Inc. | Inc. | |||||||||
Name, location, type of property | Ferguson Enterprises Ocala, FL Specialty Retail | Ferguson Enterprises Front Royal, VA Specialty Retail | Ferguson Enterprises Cohasset, MN Specialty Retail | |||||||||
Gross leasable square footage | 55,321 | 764,000 | 14,300 | |||||||||
Date of purchase | 8/21/08 | 8/21/08 | 8/21/08 | |||||||||
Mortgage financing at date of purchase | $ | — | $ | — | $ | — | ||||||
Cash down payment | 7,113,824 | 45,305,275 | 1,501,525 | |||||||||
Contract purchase price plus acquisition fee | 7,113,824 | 45,305,275 | 1,501,525 | |||||||||
Other cash expenditures expensed | — | — | — | |||||||||
Other cash expenditures capitalized | 39,611 | 281,253 | 28,638 | |||||||||
Total acquisition cost | $ | 7,153,435 | $ | 45,586,528 | $ | 1,530,163 | ||||||
II-40
Table of Contents
Cole Credit | Cole Credit | Cole Credit | ||||||||||
Property Trust II, | Property Trust II, | Property Trust II, | ||||||||||
Program: | Inc. | Inc. | Inc. | |||||||||
Name, location, type of property | Ferguson Enterprises Auburn, AL Specialty Retail | Ferguson Enterprises Charlotte, NC Specialty Retail | Home Depot Lakewood, CO Home Improvement | |||||||||
Gross leasable square footage | 15,000 | 99,945 | 102,000 | |||||||||
Date of purchase | 8/21/08 | 8/21/08 | 8/27/08 | |||||||||
Mortgage financing at date of purchase | $ | — | $ | — | $ | 8,034,632 | ||||||
Cash down payment | 2,329,039 | 11,210,380 | 3,491,368 | |||||||||
Contract purchase price plus acquisition fee | 2,329,039 | 11,210,380 | 11,526,000 | |||||||||
Other cash expenditures expensed | — | — | — | |||||||||
Other cash expenditures capitalized | 33,040 | 35,761 | 33,433 | |||||||||
Total acquisition cost | $ | 2,362,079 | $ | 11,246,141 | $ | 11,559,433 | ||||||
Cole Credit | Cole Credit | Cole Credit | ||||||||||
Property Trust II, | Property Trust II, | Property Trust II, | ||||||||||
Program: | Inc. | Inc. | Inc. | |||||||||
Name, location, type of property | Walgreens Mobile, AL Drugstore | Aaron’s Rents Alamogordo, NM Specialty Retail | Aaron’s Rents Anderson, SC Specialty Retail | |||||||||
Gross leasable square footage | 13,360 | 8,006 | 9,475 | |||||||||
Date of purchase | 8/28/08 | 9/15/08 | 9/15/08 | |||||||||
Mortgage financing at date of purchase | $ | — | $ | — | $ | — | ||||||
Cash down payment | 5,523,300 | 880,584 | 1,145,665 | |||||||||
Contract purchase price plus acquisition fee | 5,523,300 | 880,584 | 1,145,665 | |||||||||
Other cash expenditures expensed | — | — | — | |||||||||
Other cash expenditures capitalized | 30,395 | 28,166 | 29,600 | |||||||||
Total acquisition cost | $ | 5,553,695 | $ | 908,750 | $ | 1,175,265 | ||||||
Cole Credit | Cole Credit | Cole Credit | ||||||||||
Property Trust II, | Property Trust II, | Property Trust II, | ||||||||||
Program: | Inc. | Inc. | Inc. | |||||||||
Name, location, type of property | Aaron’s Rents Baton Rouge, LA Specialty Retail | Aaron’s Rents Beeville, TX Specialty Retail | Aaron’s Rents Calmet City, IL Specialty Retail | |||||||||
Gross leasable square footage | 7,959 | 7,969 | 9,001 | |||||||||
Date of purchase | 9/15/08 | 9/15/08 | 9/15/08 | |||||||||
Mortgage financing at date of purchase | $ | — | $ | — | $ | — | ||||||
Cash down payment | 857,730 | 1,566,182 | 1,454,381 | |||||||||
Contract purchase price plus acquisition fee | 857,730 | 1,566,182 | 1,454,381 | |||||||||
Other cash expenditures expensed | — | — | — | |||||||||
Other cash expenditures capitalized | 28,897 | 33,183 | 35,931 | |||||||||
Total acquisition cost | $ | 886,627 | $ | 1,599,365 | $ | 1,490,312 | ||||||
II-41
Table of Contents
Cole Credit | Cole Credit | Cole Credit | ||||||||||
Property Trust II, | Property Trust II, | Property Trust II, | ||||||||||
Program: | Inc. | Inc. | Inc. | |||||||||
Name, location, type of property | Aaron’s Rents Charlotte, NC Specialty Retail | Aaron’s Rents Chiefland, FL Specialty Retail | Aaron’s Rents Clanton, AL Specialty Retail | |||||||||
Gross leasable square footage | 6,287 | 7,692 | 8,000 | |||||||||
Date of purchase | 9/15/08 | 9/15/08 | 9/15/08 | |||||||||
Mortgage financing at date of purchase | $ | — | $ | — | $ | — | ||||||
Cash down payment | 913,871 | 1,414,526 | 1,222,902 | |||||||||
Contract purchase price plus acquisition fee | 913,871 | 1,414,526 | 1,222,902 | |||||||||
Other cash expenditures expensed | — | — | — | |||||||||
Other cash expenditures capitalized | 27,387 | 27,461 | 29,798 | |||||||||
Total acquisition cost | $ | 941,258 | $ | 1,441,987 | $ | 1,252,700 | ||||||
Cole Credit | Cole Credit | Cole Credit | ||||||||||
Property Trust II, | Property Trust II, | Property Trust II, | ||||||||||
Program: | Inc. | Inc. | Inc. | |||||||||
Name, location, type of property | Aaron’s Rents Essex, MD Specialty Retail | Aaron’s Rents Forrest City, AR Specialty Retail | Aaron’s Rents Griffin, GA Specialty Retail | |||||||||
Gross leasable square footage | 14,220 | 6,896 | 7,692 | |||||||||
Date of purchase | 9/15/08 | 9/15/08 | 9/15/08 | |||||||||
Mortgage financing at date of purchase | $ | — | $ | — | $ | — | ||||||
Cash down payment | 2,098,730 | 1,158,864 | 1,777,529 | |||||||||
Contract purchase price plus acquisition fee | 2,098,730 | 1,158,864 | 1,777,529 | |||||||||
Other cash expenditures expensed | — | — | — | |||||||||
Other cash expenditures capitalized | 72,931 | 32,776 | 27,772 | |||||||||
Total acquisition cost | $ | 2,171,661 | $ | 1,191,640 | $ | 1,805,301 | ||||||
Cole Credit | Cole Credit | Cole Credit | ||||||||||
Property Trust II, | Property Trust II, | Property Trust II, | ||||||||||
Program: | Inc. | Inc. | Inc. | |||||||||
Name, location, type of property | Aaron’s Rents Grovetown, GA Specialty Retail | Aaron’s Rents Harrisonville, MO Specialty Retail | Aaron’s Rents Hartsville, SC Specialty Retail | |||||||||
Gross leasable square footage | 7,692 | 6,741 | 9,459 | |||||||||
Date of purchase | 9/15/08 | 9/15/08 | 9/15/08 | |||||||||
Mortgage financing at date of purchase | $ | — | $ | — | $ | — | ||||||
Cash down payment | 1,237,009 | 720,773 | 1,355,439 | |||||||||
Contract purchase price plus acquisition fee | 1,237,009 | 720,773 | 1,355,439 | |||||||||
Other cash expenditures expensed | — | — | — | |||||||||
Other cash expenditures capitalized | 26,801 | 28,733 | 29,496 | |||||||||
Total acquisition cost | $ | 1,263,810 | $ | 749,506 | $ | 1,384,935 | ||||||
II-42
Table of Contents
Cole Credit | Cole Credit | Cole Credit | ||||||||||
Property Trust II, | Property Trust II, | Property Trust II, | ||||||||||
Program: | Inc. | Inc. | Inc. | |||||||||
Name, location, type of property | Aaron’s Rents Largo, FL Specialty Retail | Aaron’s Rents Mansfield, TX Specialty Retail | Aaron’s Rents Navasota, TX Specialty Retail | |||||||||
Gross leasable square footage | 14,299 | 9,459 | 7,692 | |||||||||
Date of purchase | 9/15/08 | 9/15/08 | 9/15/08 | |||||||||
Mortgage financing at date of purchase | $ | — | $ | — | $ | — | ||||||
Cash down payment | 783,331 | 1,396,495 | 1,326,292 | |||||||||
Contract purchase price plus acquisition fee | 783,331 | 1,396,495 | 1,326,292 | |||||||||
Other cash expenditures expensed | — | — | — | |||||||||
Other cash expenditures capitalized | 27,054 | 32,391 | 32,405 | |||||||||
Total acquisition cost | $ | 810,385 | $ | 1,428,886 | $ | 1,358,697 | ||||||
Cole Credit | Cole Credit | Cole Credit | ||||||||||
Property Trust II, | Property Trust II, | Property Trust II, | ||||||||||
Program: | Inc. | Inc. | Inc. | |||||||||
Name, location, type of property | Aaron’s Rents Okeechobee, FL Specialty Retail | Aaron’s Rents Rensselaer, NY Specialty Retail | Aaron’s Rents Rome, NY Specialty Retail | |||||||||
Gross leasable square footage | 7,597 | 14,714 | 13,146 | |||||||||
Date of purchase | 9/15/08 | 9/15/08 | 9/15/08 | |||||||||
Mortgage financing at date of purchase | $ | — | $ | — | $ | — | ||||||
Cash down payment | 1,585,525 | 1,581,454 | 1,169,759 | |||||||||
Contract purchase price plus acquisition fee | 1,585,525 | 1,581,454 | 1,169,759 | |||||||||
Other cash expenditures expensed | — | — | — | |||||||||
Other cash expenditures capitalized | 27,526 | 33,281 | 31,459 | |||||||||
Total acquisition cost | $ | 1,613,051 | $ | 1,614,735 | $ | 1,201,218 | ||||||
Cole Credit | Cole Credit | Cole Credit | ||||||||||
Property Trust II, | Property Trust II, | Property Trust II, | ||||||||||
Program: | Inc. | Inc. | Inc. | |||||||||
Name, location, type of property | Aaron’s Rents Sandersville, GA Specialty Retail | Aaron’s Rents Shreveport, LA Specialty Retail | Aaron’s Rents Stuart, FL Specialty Retail | |||||||||
Gross leasable square footage | 7,692 | 9,163 | 19,479 | |||||||||
Date of purchase | 9/15/08 | 9/15/08 | 9/15/08 | |||||||||
Mortgage financing at date of purchase | $ | — | $ | — | $ | — | ||||||
Cash down payment | 1,235,863 | 588,347 | 2,121,684 | |||||||||
Contract purchase price plus acquisition fee | 1,235,863 | 588,347 | 2,121,684 | |||||||||
Other cash expenditures expensed | — | — | — | |||||||||
Other cash expenditures capitalized | 27,643 | 27,929 | 29,591 | |||||||||
Total acquisition cost | $ | 1,263,506 | $ | 616,276 | $ | 2,151,275 | ||||||
II-43
Table of Contents
Cole Credit | Cole Credit | Cole Credit | ||||||||||
Property Trust II, | Property Trust II, | Property Trust II, | ||||||||||
Program: | Inc. | Inc. | Inc. | |||||||||
Name, location, type of property | Aaron’s Rents Wichita, KS Specialty Retail | Aaron’s Rents Wilton, NY Specialty Retail | HH Gregg Grove City, OH Consumer Electronics | |||||||||
Gross leasable square footage | 7,577 | 41,063 | 30,167 | |||||||||
Date of purchase | 9/15/08 | 9/15/08 | 9/17/08 | |||||||||
Mortgage financing at date of purchase | $ | — | $ | — | $ | — | ||||||
Cash down payment | 870,848 | 2,864,922 | 6,020,040 | |||||||||
Contract purchase price plus acquisition fee | 870,848 | 2,864,922 | 6,020,040 | |||||||||
Other cash expenditures expensed | — | — | — | |||||||||
Other cash expenditures capitalized | 29,656 | 36,576 | 37,410 | |||||||||
Total acquisition cost | $ | 900,504 | $ | 2,901,498 | $ | 6,057,450 | ||||||
Cole Credit | Cole Credit | Cole Credit | ||||||||||
Property Trust II, | Property Trust II, | Property Trust II, | ||||||||||
Program: | Inc. | Inc. | Inc. | |||||||||
Name, location, type of property | Lowe’s Chester, NY Home Improvement | BJ’s Wholesale Club Ft. Lauderdale, FL Warehouse | HH Gregg Mt. Juliet, TN Consumer Electronics | |||||||||
Gross leasable square footage | 131,798 | 119,598 | 30,000 | |||||||||
Date of purchase | 9/19/08 | 9/23/08 | 9/23/08 | |||||||||
Mortgage financing at date of purchase | $ | — | $ | — | $ | — | ||||||
Cash down payment | 7,177,778 | 28,838,314 | 6,472,920 | |||||||||
Contract purchase price plus acquisition fee | 7,177,778 | 28,838,314 | 6,472,920 | |||||||||
Other cash expenditures expensed | — | — | — | |||||||||
Other cash expenditures capitalized | 55,468 | 24,290 | 28,789 | |||||||||
Total acquisition cost | $ | 7,233,246 | $ | 28,862,604 | $ | 6,501,709 | ||||||
Cole Credit | Cole Credit | Cole Credit | ||||||||||
Property Trust II, | Property Trust II, | Property Trust II, | ||||||||||
Program: | Inc. | Inc. | Inc. | |||||||||
Name, location, type of property | Winter Garden Village Winter Garden, FL Shopping Center | FedEx Huntsville, AL Distribution Center | AT&T(2) Santa Clara, CA Office | |||||||||
Gross leasable square footage | 698,210 | 56,360 | 33,257 | |||||||||
Date of purchase | 9/26/08 | 9/30/08 | 9/30/08 | |||||||||
Mortgage financing at date of purchase | $ | 105,700,000 | $ | — | $ | 6,032,000 | ||||||
Cash down payment | 78,258,312 | 11,166,742 | 4,372,000 | |||||||||
Contract purchase price plus acquisition fee | 183,958,312 | 11,166,742 | 10,404,000 | |||||||||
Other cash expenditures expensed | — | — | — | |||||||||
Other cash expenditures capitalized | 1,076,828 | 34,450 | 8,942 | |||||||||
Total acquisition cost | $ | 185,035,140 | $ | 11,201,192 | $ | 10,412,942 | ||||||
II-44
Table of Contents
Cole Credit | Cole Credit | Cole Credit | ||||||||||
Property Trust II, | Property Trust II, | Property Trust II, | ||||||||||
Program: | Inc. | Inc. | Inc. | |||||||||
Name, location, type of property | Best Buy(2) Las Cruces, NM Consumer Electronics | CVS(2) Columbia I, TN Drugstore | CVS(2) Columbia II, TN Drugstore | |||||||||
Gross leasable square footage | 30,000 | 10,715 | 10,759 | |||||||||
Date of purchase | 9/30/08 | 9/30/08 | 9/30/08 | |||||||||
Mortgage financing at date of purchase | $ | 3,809,000 | $ | 1,715,000 | $ | 1,735,000 | ||||||
Cash down payment | 2,413,000 | 937,000 | 713,000 | |||||||||
Contract purchase price plus acquisition fee | 6,222,000 | 2,652,000 | 2,448,000 | |||||||||
Other cash expenditures expensed | — | — | — | |||||||||
Other cash expenditures capitalized | 14,417 | 47,475 | 47,416 | |||||||||
Total acquisition cost | $ | 6,236,417 | $ | 2,699,475 | $ | 2,495,416 | ||||||
Cole Credit | Cole Credit | Cole Credit | ||||||||||
Property Trust II, | Property Trust II, | Property Trust II, | ||||||||||
Program: | Inc. | Inc. | Inc. | |||||||||
Name, location, type of property | CVS(2) Hamilton, OH Drugstore | CVS(2) Mechanicville, NY Drugstore | Home Depot(2) Colma, CA Home Improvement | |||||||||
Gross leasable square footage | 11,180 | 10,125 | 99,970 | |||||||||
Date of purchase | 9/30/08 | 9/30/08 | 9/30/08 | |||||||||
Mortgage financing at date of purchase | $ | 1,787,500 | $ | 1,290,000 | $ | 21,613,000 | ||||||
Cash down payment | 1,884,500 | 1,362,000 | 18,483,200 | |||||||||
Contract purchase price plus acquisition fee | 3,672,000 | 2,652,000 | 40,096,200 | |||||||||
Other cash expenditures expensed | — | — | — | |||||||||
Other cash expenditures capitalized | 12,915 | 13,049 | 39,368 | |||||||||
Total acquisition cost | $ | 3,684,915 | $ | 2,665,049 | $ | 40,135,568 | ||||||
Cole Credit | Cole Credit | Cole Credit | ||||||||||
Property Trust II, | Property Trust II, | Property Trust II, | ||||||||||
Program: | Inc. | Inc. | Inc. | |||||||||
Name, location, type of property | Office Depot(2) Laurel, MS Office Supply | Office Depot(2) London, KY Office Supply | Payless Shoes(2) Columbia, SC Specialty Retail | |||||||||
Gross leasable square footage | 20,515 | 20,468 | 5,534 | |||||||||
Date of purchase | 9/30/08 | 9/30/08 | 9/30/08 | |||||||||
Mortgage financing at date of purchase | $ | 1,270,000 | $ | 1,680,000 | $ | 860,000 | ||||||
Cash down payment | 1,433,000 | 1,890,000 | 568,000 | |||||||||
Contract purchase price plus acquisition fee | 2,703,000 | 3,570,000 | 1,428,000 | |||||||||
Other cash expenditures expensed | — | — | — | |||||||||
Other cash expenditures capitalized | 12,699 | 13,447 | 14,681 | |||||||||
Total acquisition cost | $ | 2,715,699 | $ | 3,583,447 | $ | 1,442,681 | ||||||
II-45
Table of Contents
Cole Credit | Cole Credit | Cole Credit | ||||||||||
Property Trust II, | Property Trust II, | Property Trust II, | ||||||||||
Program: | Inc. | Inc. | Inc. | |||||||||
Name, location, type of property | Staples(2) Angola, IN Office Supply | TJ Maxx(2) Staunton, VA Department Store | Walgreens(2) Akron, OH Drugstore | |||||||||
Gross leasable square footage | 24,049 | 78,823 | 13,500 | |||||||||
Date of purchase | 9/30/08 | 9/30/08 | 9/30/08 | |||||||||
Mortgage financing at date of purchase | $ | 1,999,000 | $ | 3,116,000 | $ | 1,900,000 | ||||||
Cash down payment | 1,265,000 | 1,270,000 | 976,400 | |||||||||
Contract purchase price plus acquisition fee | 3,264,000 | 4,386,000 | 2,876,400 | |||||||||
Other cash expenditures expensed | — | — | — | |||||||||
Other cash expenditures capitalized | 12,578 | 12,627 | 12,811 | |||||||||
Total acquisition cost | $ | 3,276,578 | $ | 4,398,627 | $ | 2,889,211 | ||||||
Cole Credit | Cole Credit | Cole Credit | ||||||||||
Property Trust II, | Property Trust II, | Property Trust II, | ||||||||||
Program: | Inc. | Inc. | Inc. | |||||||||
Name, location, type of property | Walgreens(2) Broken Arrow, OK Drugstore | Walgreens(2) Crossville, TN Drugstore | Walgreens(2) Jacksonville, AR Drugstore | |||||||||
Gross leasable square footage | 12,751 | 15,070 | 14,560 | |||||||||
Date of purchase | 9/30/08 | 9/30/08 | 9/30/08 | |||||||||
Mortgage financing at date of purchase | $ | 1,127,500 | $ | 2,753,000 | $ | 2,510,750 | ||||||
Cash down payment | 1,014,500 | 1,786,000 | 2,640,250 | |||||||||
Contract purchase price plus acquisition fee | 2,142,000 | 4,539,000 | 5,151,000 | |||||||||
Other cash expenditures expensed | — | — | — | |||||||||
Other cash expenditures capitalized | 13,338 | 13,175 | 14,165 | |||||||||
Total acquisition cost | $ | 2,155,338 | $ | 4,552,175 | $ | 5,165,165 | ||||||
Cole Credit | Cole Credit | Cole Credit | ||||||||||
Property Trust II, | Property Trust II, | Property Trust II, | ||||||||||
Program: | Inc. | Inc. | Inc. | |||||||||
Name, location, type of property | Walgreens(2) LaMarque, TX Drugstore | Walgreens(2) Tulsa (Memorial), OK Drugstore | Walgreens(2) Newton, IA Drugstore | |||||||||
Gross leasable square footage | 15,120 | 13,500 | 15,047 | |||||||||
Date of purchase | 9/30/08 | 9/30/08 | 9/30/08 | |||||||||
Mortgage financing at date of purchase | $ | 2,277,000 | $ | 1,926,000 | $ | 2,393,000 | ||||||
Cash down payment | 2,323,200 | 1,083,000 | 2,023,600 | |||||||||
Contract purchase price plus acquisition fee | 4,600,200 | 3,009,000 | 4,416,600 | |||||||||
Other cash expenditures expensed | — | — | — | |||||||||
Other cash expenditures capitalized | 14,458 | 13,633 | 13,644 | |||||||||
Total acquisition cost | $ | 4,614,658 | $ | 3,022,633 | $ | 4,430,244 | ||||||
II-46
Table of Contents
Cole Credit | Cole Credit | Cole Credit | ||||||||||
Property Trust II, | Property Trust II, | Property Trust II, | ||||||||||
Program: | Inc. | Inc. | Inc. | |||||||||
Name, location, type of property | Walgreens(2) Saginaw, MI Drugstore | Walgreens(2) Seattle, WA Drugstore | Walgreens(2) Tulsa, OK Drugstore | |||||||||
Gross leasable square footage | 15,120 | 14,410 | 13,000 | |||||||||
Date of purchase | 9/30/08 | 9/30/08 | 9/30/08 | |||||||||
Mortgage financing at date of purchase | $ | 2,282,500 | $ | 3,349,500 | $ | 1,215,500 | ||||||
Cash down payment | 2,001,500 | 3,555,900 | 1,018,300 | |||||||||
Contract purchase price plus acquisition fee | 4,284,000 | 6,905,400 | 2,233,800 | |||||||||
Other cash expenditures expensed | — | — | — | |||||||||
Other cash expenditures capitalized | 12,940 | 10,524 | 13,338 | |||||||||
Total acquisition cost | $ | 4,296,940 | $ | 6,915,924 | $ | 2,247,138 | ||||||
Cole Credit | Cole Credit | Cole Credit | ||||||||||
Property Trust II, | Property Trust II, | Property Trust II, | ||||||||||
Program: | Inc. | Inc. | Inc. | |||||||||
Name, location, type of property | FedEx Baton Rouge, LA Distribution Center | CVS Atlanta, GA Drugstore | Tractor Supply Baldwinsville, NY Specialty Retail | |||||||||
Gross leasable square footage | 29,400 | 12,013 | 24,727 | |||||||||
Date of purchase | 10/3/08 | 10/7/08 | 10/15/08 | |||||||||
Mortgage financing at date of purchase | $ | — | $ | — | $ | 2,024,013 | ||||||
Cash down payment | 9,178,858 | 3,917,820 | 1,446,149 | |||||||||
Contract purchase price plus acquisition fee | 9,178,858 | 3,917,820 | 3,470,162 | |||||||||
Other cash expenditures expensed | — | — | — | |||||||||
Other cash expenditures capitalized | 39,249 | 27,360 | 29,036 | |||||||||
Total acquisition cost | $ | 9,218,107 | $ | 3,945,180 | $ | 3,499,198 | ||||||
Cole Credit | Cole Credit | Cole Credit | ||||||||||
Property Trust II, | Property Trust II, | Property Trust II, | ||||||||||
Program: | Inc. | Inc. | Inc. | |||||||||
Name, location, type of property | BE Aerospace Winston-Salem, NC Warehouse | Church’s Chicken Birmingham (29th), AL Restaurant | Church’s Chicken Birmingham (Ensley), AL Restaurant | |||||||||
Gross leasable square footage | 89,600 | 787 | 1,130 | |||||||||
Date of purchase | 10/31/08 | 10/31/08 | 10/31/08 | |||||||||
Mortgage financing at date of purchase | $ | — | $ | 40,011 | $ | 40,011 | ||||||
Cash down payment | 5,528,400 | 36,489 | 36,489 | |||||||||
Contract purchase price plus acquisition fee | 5,528,400 | 76,500 | 76,500 | |||||||||
Other cash expenditures expensed | — | — | — | |||||||||
Other cash expenditures capitalized | 33,724 | 5,304 | 5,304 | |||||||||
Total acquisition cost | $ | 5,562,124 | $ | 81,804 | $ | 81,804 | ||||||
II-47
Table of Contents
Cole Credit | Cole Credit | Cole Credit | ||||||||||
Property Trust II, | Property Trust II, | Property Trust II, | ||||||||||
Program: | Inc. | Inc. | Inc. | |||||||||
Name, location, type of property | Church’s Chicken Birmingham (Jefferson), AL Restaurant | Church’s Chicken Birmingham (Vanderbilt), AL Restaurant | Church’s Chicken Greensboro, AL Restaurant | |||||||||
Gross leasable square footage | 1,750 | 1,364 | 787 | |||||||||
Date of purchase | 10/31/08 | 10/31/08 | 10/31/08 | |||||||||
Mortgage financing at date of purchase | $ | 375,732 | $ | 301,451 | $ | 338,402 | ||||||
Cash down payment | 342,659 | 274,916 | 308,614 | |||||||||
Contract purchase price plus acquisition fee | 718,391 | 576,367 | 647,016 | |||||||||
Other cash expenditures expensed | — | — | — | |||||||||
Other cash expenditures capitalized | 5,305 | 5,305 | 5,592 | |||||||||
Total acquisition cost | $ | 723,696 | $ | 581,672 | $ | 652,608 | ||||||
Cole Credit | Cole Credit | Cole Credit | ||||||||||
Property Trust II, | Property Trust II, | Property Trust II, | ||||||||||
Program: | Inc. | Inc. | Inc. | |||||||||
Name, location, type of property | Church’s Chicken Montgomery (Day), AL Restaurant | Church’s Chicken Montgomery (South), AL Restaurant | Church’s Chicken Montgomery (Fairview), AL Restaurant | |||||||||
Gross leasable square footage | 1,560 | 1,230 | 1,286 | |||||||||
Date of purchase | 10/31/08 | 10/31/08 | 10/31/08 | |||||||||
Mortgage financing at date of purchase | $ | 259,909 | $ | 472,192 | $ | 400,082 | ||||||
Cash down payment | 237,031 | 430,627 | 364,864 | |||||||||
Contract purchase price plus acquisition fee | 496,940 | 902,819 | 764,946 | |||||||||
Other cash expenditures expensed | — | — | — | |||||||||
Other cash expenditures capitalized | 5,406 | 5,407 | 5,406 | |||||||||
Total acquisition cost | $ | 502,346 | $ | 908,226 | $ | 770,352 | ||||||
Cole Credit | Cole Credit | Cole Credit | ||||||||||
Property Trust II, | Property Trust II, | Property Trust II, | ||||||||||
Program: | Inc. | Inc. | Inc. | |||||||||
Name, location, type of property | Church’s Chicken Montgomery (Hwy 31), AL Restaurant | Church’s Chicken Montgomery (Wetumpka), AL Restaurant | Church’s Chicken Phenix City, AL Restaurant | |||||||||
Gross leasable square footage | 1,230 | 1,781 | 1,335 | |||||||||
Date of purchase | 10/31/08 | 10/31/08 | 10/31/08 | |||||||||
Mortgage financing at date of purchase | $ | 379,328 | $ | 272,019 | $ | 439,166 | ||||||
Cash down payment | 345,938 | 248,075 | 400,508 | |||||||||
Contract purchase price plus acquisition fee | 725,266 | 520,094 | 839,674 | |||||||||
Other cash expenditures expensed | — | — | — | |||||||||
Other cash expenditures capitalized | 5,406 | 5,406 | 5,775 | |||||||||
Total acquisition cost | $ | 730,672 | $ | 525,500 | $ | 845,449 | ||||||
II-48
Table of Contents
Cole Credit | Cole Credit | Cole Credit | ||||||||||
Property Trust II, | Property Trust II, | Property Trust II, | ||||||||||
Program: | Inc. | Inc. | Inc. | |||||||||
Name, location, type of property | Church’s Chicken Talladega, AL Restaurant | Church’s Chicken W. Birmingham, AL Restaurant | Church’s Chicken Little Rock (12th), AR Restaurant | |||||||||
Gross leasable square footage | 1,232 | 1,395 | 945 | |||||||||
Date of purchase | 10/31/08 | 10/31/08 | 10/31/08 | |||||||||
Mortgage financing at date of purchase | $ | 206,453 | $ | 221,387 | $ | 271,305 | ||||||
Cash down payment | 188,281 | 201,900 | 247,424 | |||||||||
Contract purchase price plus acquisition fee | 394,734 | 423,287 | 518,729 | |||||||||
Other cash expenditures expensed | — | — | — | |||||||||
Other cash expenditures capitalized | 5,488 | 5,304 | 5,189 | |||||||||
Total acquisition cost | $ | 400,222 | $ | 428,591 | $ | 523,918 | ||||||
Cole Credit | Cole Credit | Cole Credit | ||||||||||
Property Trust II, | Property Trust II, | Property Trust II, | ||||||||||
Program: | Inc. | Inc. | Inc. | |||||||||
Name, location, type of property | Church’s Chicken Little Rock (Geyer), AR Restaurant | Church’s Chicken Little Rock (MLK), AR Restaurant | Church’s Chicken N. Little Rock, AR Restaurant | |||||||||
Gross leasable square footage | 1,144 | 945 | 1,230 | |||||||||
Date of purchase | 10/31/08 | 10/31/08 | 10/31/08 | |||||||||
Mortgage financing at date of purchase | $ | 309,080 | $ | 118,614 | $ | 49,138 | ||||||
Cash down payment | 281,873 | 108,174 | 44,812 | |||||||||
Contract purchase price plus acquisition fee | 590,953 | 226,788 | 93,950 | |||||||||
Other cash expenditures expensed | — | — | — | |||||||||
Other cash expenditures capitalized | 5,190 | 5,189 | 5,189 | |||||||||
Total acquisition cost | $ | 596,143 | $ | 231,977 | $ | 99,139 | ||||||
Cole Credit | Cole Credit | Cole Credit | ||||||||||
Property Trust II, | Property Trust II, | Property Trust II, | ||||||||||
Program: | Inc. | Inc. | Inc. | |||||||||
Name, location, type of property | Church’s Chicken Pine Bluff, AR Restaurant | Church’s Chicken Nogales, AZ Restaurant | Church’s Chicken Phoenix (4245 Central), AZ Restaurant | |||||||||
Gross leasable square footage | 945 | 1,144 | 1,157 | |||||||||
Date of purchase | 10/31/08 | 10/31/08 | 10/31/08 | |||||||||
Mortgage financing at date of purchase | $ | 626,959 | $ | 295,098 | $ | 269,924 | ||||||
Cash down payment | 571,772 | 269,121 | 246,164 | |||||||||
Contract purchase price plus acquisition fee | 1,198,731 | 564,219 | 516,088 | |||||||||
Other cash expenditures expensed | — | — | — | |||||||||
Other cash expenditures capitalized | 7,200 | 5,468 | 4,952 | |||||||||
Total acquisition cost | $ | 1,205,931 | $ | 569,687 | $ | 521,040 | ||||||
II-49
Table of Contents
Cole Credit | Cole Credit | Cole Credit | ||||||||||
Property Trust II, | Property Trust II, | Property Trust II, | ||||||||||
Program: | Inc. | Inc. | Inc. | |||||||||
Name, location, type of property | Church’s Chicken Phoenix (7444 Central), AZ Restaurant | Church’s Chicken Phoenix (Roosevelt), AZ Restaurant | Church’s Chicken Phoenix (E. Thomas), AZ Restaurant | |||||||||
Gross leasable square footage | 966 | 1,156 | 1,176 | |||||||||
Date of purchase | 10/31/08 | 10/31/08 | 10/31/08 | |||||||||
Mortgage financing at date of purchase | $ | 474,007 | $ | 288,142 | $ | 345,198 | ||||||
Cash down payment | 432,282 | 262,778 | 314,811 | |||||||||
Contract purchase price plus acquisition fee | 906,289 | 550,920 | 660,009 | |||||||||
Other cash expenditures expensed | — | — | — | |||||||||
Other cash expenditures capitalized | 4,952 | 4,952 | 4,952 | |||||||||
Total acquisition cost | $ | 911,241 | $ | 555,872 | $ | 664,961 | ||||||
Cole Credit | Cole Credit | Cole Credit | ||||||||||
Property Trust II, | Property Trust II, | Property Trust II, | ||||||||||
Program: | Inc. | Inc. | Inc. | |||||||||
Name, location, type of property | Church’s Chicken Phoenix (Grand), AZ Restaurant | Church’s Chicken Phoenix (35th), AZ Restaurant | Church’s Chicken Phoenix (W. Thomas), AZ Restaurant | |||||||||
Gross leasable square footage | 1,169 | 1,144 | 1,172 | |||||||||
Date of purchase | 10/31/08 | 10/31/08 | 10/31/08 | |||||||||
Mortgage financing at date of purchase | $ | 250,297 | $ | 393,080 | $ | 279,370 | ||||||
Cash down payment | 228,266 | 358,479 | 254,780 | |||||||||
Contract purchase price plus acquisition fee | 478,563 | 751,559 | 534,150 | |||||||||
Other cash expenditures expensed | — | — | — | |||||||||
Other cash expenditures capitalized | 4,951 | 4,952 | 4,951 | |||||||||
Total acquisition cost | $ | 483,514 | $ | 756,511 | $ | 539,101 | ||||||
Cole Credit | Cole Credit | Cole Credit | ||||||||||
Property Trust II, | Property Trust II, | Property Trust II, | ||||||||||
Program: | Inc. | Inc. | Inc. | |||||||||
Name, location, type of property | Church’s Chicken Tucson (Golf), AZ Restaurant | Church’s Chicken Tucson (Grant), AZ Restaurant | Church’s Chicken Tucson (Oracle), AZ Restaurant | |||||||||
Gross leasable square footage | 987 | 1,176 | 1,155 | |||||||||
Date of purchase | 10/31/08 | 10/31/08 | 10/31/08 | |||||||||
Mortgage financing at date of purchase | $ | 314,739 | $ | 276,165 | $ | 186,239 | ||||||
Cash down payment | 287,034 | 251,855 | 169,846 | |||||||||
Contract purchase price plus acquisition fee | 601,773 | 528,020 | 356,085 | |||||||||
Other cash expenditures expensed | — | — | — | |||||||||
Other cash expenditures capitalized | 4,952 | 4,952 | 4,951 | |||||||||
Total acquisition cost | $ | 606,725 | $ | 532,972 | $ | 361,036 | ||||||
II-50
Table of Contents
Cole Credit | Cole Credit | Cole Credit | ||||||||||
Property Trust II, | Property Trust II, | Property Trust II, | ||||||||||
Program: | Inc. | Inc. | Inc. | |||||||||
Name, location, type of property | Church’s Chicken Tucson (Valencia), AZ Restaurant | Church’s Chicken Americus, GA Restaurant | Church’s Chicken Atlanta (Campbleton), GA Restaurant | |||||||||
Gross leasable square footage | 1,106 | 1,335 | 1,144 | |||||||||
Date of purchase | 10/31/08 | 10/31/08 | 10/31/08 | |||||||||
Mortgage financing at date of purchase | $ | 319,272 | $ | 258,631 | $ | 281,549 | ||||||
Cash down payment | 291,167 | 235,865 | 256,765 | |||||||||
Contract purchase price plus acquisition fee | 610,439 | 494,496 | 538,314 | |||||||||
Other cash expenditures expensed | — | — | — | |||||||||
Other cash expenditures capitalized | 4,952 | 4,951 | 4,951 | |||||||||
Total acquisition cost | $ | 615,391 | $ | 499,447 | $ | 543,265 | ||||||
Cole Credit | Cole Credit | Cole Credit | ||||||||||
Property Trust II, | Property Trust II, | Property Trust II, | ||||||||||
Program: | Inc. | Inc. | Inc. | |||||||||
Name, location, type of property | Church’s Chicken Atlanta (Cleveland), GA Restaurant | Church’s Chicken Atlanta (MLK), GA Restaurant | Church’s Chicken Atlanta (Moreland), GA Restaurant | |||||||||
Gross leasable square footage | 1,350 | 1,144 | 1,176 | |||||||||
Date of purchase | 10/31/08 | 10/31/08 | 10/31/08 | |||||||||
Mortgage financing at date of purchase | $ | 307,062 | $ | 276,957 | $ | 376,283 | ||||||
Cash down payment | 280,033 | 252,578 | 343,161 | |||||||||
Contract purchase price plus acquisition fee | 587,095 | 529,535 | 719,444 | |||||||||
Other cash expenditures expensed | — | — | — | |||||||||
Other cash expenditures capitalized | 4,988 | 4,951 | 5,216 | |||||||||
Total acquisition cost | $ | 592,083 | $ | 534,486 | $ | 724,660 | ||||||
Cole Credit | Cole Credit | Cole Credit | ||||||||||
Property Trust II, | Property Trust II, | Property Trust II, | ||||||||||
Program: | Inc. | Inc. | Inc. | |||||||||
Name, location, type of property | Church’s Chicken Columbus (Buena Vista), GA Restaurant | Church’s Chicken Columbus (Ft. Benning), GA Restaurant | Church’s Chicken Cordele, GA Restaurant | |||||||||
Gross leasable square footage | 1,335 | 1,169 | 420 | |||||||||
Date of purchase | 10/31/08 | 10/31/08 | 10/31/08 | |||||||||
Mortgage financing at date of purchase | $ | 468,923 | $ | 99,600 | $ | 270,647 | ||||||
Cash down payment | 427,647 | 90,832 | 246,822 | |||||||||
Contract purchase price plus acquisition fee | 896,570 | 190,432 | 517,469 | |||||||||
Other cash expenditures expensed | — | — | — | |||||||||
Other cash expenditures capitalized | 5,342 | 4,951 | 5,166 | |||||||||
Total acquisition cost | $ | 901,912 | $ | 195,383 | $ | 522,635 | ||||||
II-51
Table of Contents
Cole Credit | Cole Credit | Cole Credit | ||||||||||
Property Trust II, | Property Trust II, | Property Trust II, | ||||||||||
Program: | Inc. | Inc. | Inc. | |||||||||
Name, location, type of property | Church’s Chicken Decatur (1805 Candler), GA Restaurant | Church’s Chicken Decatur (2700 Candler), GA Restaurant | Church’s Chicken Decatur (Decatur), GA Restaurant | |||||||||
Gross leasable square footage | 1,134 | 1,155 | 1,491 | |||||||||
Date of purchase | 10/31/08 | 10/31/08 | 10/31/08 | |||||||||
Mortgage financing at date of purchase | $ | 266,180 | $ | 279,838 | $ | 280,127 | ||||||
Cash down payment | 242,749 | 255,206 | 255,469 | |||||||||
Contract purchase price plus acquisition fee | 508,929 | 535,044 | 535,596 | |||||||||
Other cash expenditures expensed | — | — | — | |||||||||
Other cash expenditures capitalized | 4,960 | 4,951 | 4,951 | |||||||||
Total acquisition cost | $ | 513,889 | $ | 539,995 | $ | 540,547 | ||||||
Cole Credit | Cole Credit | Cole Credit | ||||||||||
Property Trust II, | Property Trust II, | Property Trust II, | ||||||||||
Program: | Inc. | Inc. | Inc. | |||||||||
Name, location, type of property | Church’s Chicken Decatur (Wesley), GA Restaurant | Church’s Chicken East Point, GA Restaurant | Church’s Chicken Fort Valley, GA Restaurant | |||||||||
Gross leasable square footage | 1,302 | 1,320 | 1,176 | |||||||||
Date of purchase | 10/31/08 | 10/31/08 | 10/31/08 | |||||||||
Mortgage financing at date of purchase | $ | 261,576 | $ | 286,491 | $ | 318,999 | ||||||
Cash down payment | 238,551 | 261,273 | 290,919 | |||||||||
Contract purchase price plus acquisition fee | 500,127 | 547,764 | 609,918 | |||||||||
Other cash expenditures expensed | — | — | — | |||||||||
Other cash expenditures capitalized | 4,952 | 5,048 | 4,961 | |||||||||
Total acquisition cost | $ | 505,079 | $ | 552,812 | $ | 614,879 | ||||||
Cole Credit | Cole Credit | Cole Credit | ||||||||||
Property Trust II, | Property Trust II, | Property Trust II, | ||||||||||
Program: | Inc. | Inc. | Inc. | |||||||||
Name, location, type of property | Church’s Chicken Griffin, GA Restaurant | Church’s Chicken LaGrange, GA Restaurant | Church’s Chicken Macon (Georgia), GA Restaurant | |||||||||
Gross leasable square footage | 1,335 | 1,335 | 1,169 | |||||||||
Date of purchase | 10/31/08 | 10/31/08 | 10/31/08 | |||||||||
Mortgage financing at date of purchase | $ | 314,631 | $ | 230,535 | $ | 225,619 | ||||||
Cash down payment | 286,936 | 210,243 | 205,758 | |||||||||
Contract purchase price plus acquisition fee | 601,567 | 440,778 | 431,377 | |||||||||
Other cash expenditures expensed | — | — | — | |||||||||
Other cash expenditures capitalized | 4,968 | 4,951 | 4,952 | |||||||||
Total acquisition cost | $ | 606,535 | $ | 445,729 | $ | 436,329 | ||||||
II-52
Table of Contents
Cole Credit | Cole Credit | Cole Credit | ||||||||||
Property Trust II, | Property Trust II, | Property Trust II, | ||||||||||
Program: | Inc. | Inc. | Inc. | |||||||||
Name, location, type of property | Church’s Chicken Macon (Pio Nono), GA Restaurant | Church’s Chicken Macon (Shurling), GA Restaurant | Church’s Chicken Marietta, GA Restaurant | |||||||||
Gross leasable square footage | 1,335 | 1,144 | 1,122 | |||||||||
Date of purchase | 10/31/08 | 10/31/08 | 10/31/08 | |||||||||
Mortgage financing at date of purchase | $ | 335,637 | $ | 408,473 | $ | 223,270 | ||||||
Cash down payment | 306,094 | 372,518 | 203,617 | |||||||||
Contract purchase price plus acquisition fee | 641,731 | 780,991 | 426,887 | |||||||||
Other cash expenditures expensed | — | — | — | |||||||||
Other cash expenditures capitalized | 4,992 | 5,080 | 5,150 | |||||||||
Total acquisition cost | $ | 646,723 | $ | 786,071 | $ | 432,037 | ||||||
Cole Credit | Cole Credit | Cole Credit | ||||||||||
Property Trust II, | Property Trust II, | Property Trust II, | ||||||||||
Program: | Inc. | Inc. | Inc. | |||||||||
Name, location, type of property | Church’s Chicken Kansas City, KS Restaurant | Church’s Chicken Kansas City (Blue Ridge), MO Restaurant | Church’s Chicken Kansas City (12th St), MO Restaurant | |||||||||
Gross leasable square footage | 940 | 1,395 | 1,080 | |||||||||
Date of purchase | 10/31/08 | 10/31/08 | 10/31/08 | |||||||||
Mortgage financing at date of purchase | $ | 375,383 | $ | 441,310 | $ | 553,206 | ||||||
Cash down payment | 342,339 | 402,464 | 504,511 | |||||||||
Contract purchase price plus acquisition fee | 717,722 | 843,774 | 1,057,717 | |||||||||
Other cash expenditures expensed | — | — | — | |||||||||
Other cash expenditures capitalized | 5,709 | 5,625 | 5,625 | |||||||||
Total acquisition cost | $ | 723,431 | $ | 849,399 | $ | 1,063,342 | ||||||
Cole Credit | Cole Credit | Cole Credit | ||||||||||
Property Trust II, | Property Trust II, | Property Trust II, | ||||||||||
Program: | Inc. | Inc. | Inc. | |||||||||
Name, location, type of property | Church’s Chicken Kansas City (Gregory), MO Restaurant | Church’s Chicken Kansas City (Indiana), MO Restaurant | Church’s Chicken Kansas City (Prospect), MO Restaurant | |||||||||
Gross leasable square footage | 1,774 | 1,245 | 1,110 | |||||||||
Date of purchase | 10/31/08 | 10/31/08 | 10/31/08 | |||||||||
Mortgage financing at date of purchase | $ | 436,595 | $ | 318,954 | $ | 372,309 | ||||||
Cash down payment | 398,164 | 290,877 | 339,537 | |||||||||
Contract purchase price plus acquisition fee | 834,759 | 609,831 | 711,846 | |||||||||
Other cash expenditures expensed | — | — | — | |||||||||
Other cash expenditures capitalized | 5,625 | 5,626 | 5,625 | |||||||||
Total acquisition cost | $ | 840,384 | $ | 615,457 | $ | 717,471 | ||||||
II-53
Table of Contents
Cole Credit | Cole Credit | Cole Credit | ||||||||||
Property Trust II, | Property Trust II, | Property Trust II, | ||||||||||
Program: | Inc. | Inc. | Inc. | |||||||||
Name, location, type of property | Church’s Chicken Fort Worth (28th), TX Restaurant | Church’s Chicken Gulfport, MS Restaurant | Church’s Chicken Jackson (Ellis), MS Restaurant | |||||||||
Gross leasable square footage | 1,172 | 983 | 1,335 | |||||||||
Date of purchase | 10/31/08 | 10/31/08 | 10/31/08 | |||||||||
Mortgage financing at date of purchase | $ | 202,621 | $ | 453,269 | $ | 881,939 | ||||||
Cash down payment | 184,785 | 413,370 | 804,307 | |||||||||
Contract purchase price plus acquisition fee | 387,406 | 866,639 | 1,686,246 | |||||||||
Other cash expenditures expensed | — | — | — | |||||||||
Other cash expenditures capitalized | 5,244 | 4,951 | 5,747 | |||||||||
Total acquisition cost | $ | 392,650 | $ | 871,590 | $ | 1,691,993 | ||||||
Cole Credit | Cole Credit | Cole Credit | ||||||||||
Property Trust II, | Property Trust II, | Property Trust II, | ||||||||||
Program: | Inc. | Inc. | Inc. | |||||||||
Name, location, type of property | Church’s Chicken Jackson (Northside), MS Restaurant | Church’s Chicken Jackson (Terry), MS Restaurant | Church’s Chicken Jackson (Woodrow), MS Restaurant | |||||||||
Gross leasable square footage | 1,472 | 1,200 | 1,335 | |||||||||
Date of purchase | 10/31/08 | 10/31/08 | 10/31/08 | |||||||||
Mortgage financing at date of purchase | $ | 323,662 | $ | 454,422 | $ | 287,786 | ||||||
Cash down payment | 295,172 | 414,422 | 262,453 | |||||||||
Contract purchase price plus acquisition fee | 618,834 | 868,844 | 550,239 | |||||||||
Other cash expenditures expensed | — | — | — | |||||||||
Other cash expenditures capitalized | 5,748 | 5,748 | 5,748 | |||||||||
Total acquisition cost | $ | 624,582 | $ | 874,592 | $ | 555,987 | ||||||
Cole Credit | Cole Credit | Cole Credit | ||||||||||
Property Trust II, | Property Trust II, | Property Trust II, | ||||||||||
Program: | Inc. | Inc. | Inc. | |||||||||
Name, location, type of property | Church’s Chicken Laurel, MS Restaurant | Church’s Chicken Vicksburg, MS Restaurant | Church’s Chicken Albuquerque (Broadway), NM Restaurant | |||||||||
Gross leasable square footage | 985 | 983 | 1,190 | |||||||||
Date of purchase | 10/31/08 | 10/31/08 | 10/31/08 | |||||||||
Mortgage financing at date of purchase | $ | 526,565 | $ | 207,872 | $ | 359,424 | ||||||
Cash down payment | 480,215 | 189,573 | 327,787 | |||||||||
Contract purchase price plus acquisition fee | 1,006,780 | 397,445 | 687,211 | |||||||||
Other cash expenditures expensed | — | — | — | |||||||||
Other cash expenditures capitalized | 5,357 | 4,951 | 5,578 | |||||||||
Total acquisition cost | $ | 1,012,137 | $ | 402,396 | $ | 692,789 | ||||||
II-54
Table of Contents
Cole Credit | Cole Credit | Cole Credit | ||||||||||
Property Trust II, | Property Trust II, | Property Trust II, | ||||||||||
Program: | Inc. | Inc. | Inc. | |||||||||
Name, location, type of property | Church’s Chicken Albuquerque (Fourth), NM Restaurant | Church’s Chicken Albuquerque (Isleta), NM Restaurant | Church’s Chicken Albuquerque (Juan Tabo), NM Restaurant | |||||||||
Gross leasable square footage | 1,190 | 1,190 | 1,190 | |||||||||
Date of purchase | 10/31/08 | 10/31/08 | 10/31/08 | |||||||||
Mortgage financing at date of purchase | $ | 306,040 | $ | 519,573 | $ | 205,443 | ||||||
Cash down payment | 279,101 | 473,838 | 187,359 | |||||||||
Contract purchase price plus acquisition fee | 585,141 | 993,411 | 392,802 | |||||||||
Other cash expenditures expensed | — | — | — | |||||||||
Other cash expenditures capitalized | 4,952 | 6,252 | 4,951 | |||||||||
Total acquisition cost | $ | 590,093 | $ | 999,663 | $ | 397,753 | ||||||
Cole Credit | Cole Credit | Cole Credit | ||||||||||
Property Trust II, | Property Trust II, | Property Trust II, | ||||||||||
Program: | Inc. | Inc. | Inc. | |||||||||
Name, location, type of property | Church’s Chicken Hobbs, NM Restaurant | Church’s Chicken Roswell, NM Restaurant | Church’s Chicken Altus, OK Restaurant | |||||||||
Gross leasable square footage | 1,144 | 1,144 | 1,390 | |||||||||
Date of purchase | 10/31/08 | 10/31/08 | 10/31/08 | |||||||||
Mortgage financing at date of purchase | $ | 617,934 | $ | 315,859 | $ | 186,155 | ||||||
Cash down payment | 563,540 | 288,055 | 169,768 | |||||||||
Contract purchase price plus acquisition fee | 1,181,474 | 603,914 | 355,923 | |||||||||
Other cash expenditures expensed | — | — | — | |||||||||
Other cash expenditures capitalized | 7,428 | 5,516 | 5,411 | |||||||||
Total acquisition cost | $ | 1,188,902 | $ | 609,430 | $ | 361,334 | ||||||
Cole Credit | Cole Credit | Cole Credit | ||||||||||
Property Trust II, | Property Trust II, | Property Trust II, | ||||||||||
Program: | Inc. | Inc. | Inc. | |||||||||
Name, location, type of property | Church’s Chicken Midwest City, OK Restaurant | Church’s Chicken Oklahoma City (23rd), OK Restaurant | Church’s Chicken Oklahoma City (44th), OK Restaurant | |||||||||
Gross leasable square footage | 1,350 | 945 | 1,500 | |||||||||
Date of purchase | 10/31/08 | 10/31/08 | 10/31/08 | |||||||||
Mortgage financing at date of purchase | $ | 398,549 | $ | 259,595 | $ | 292,081 | ||||||
Cash down payment | 363,466 | 236,744 | 266,371 | |||||||||
Contract purchase price plus acquisition fee | 762,015 | 496,339 | 558,452 | |||||||||
Other cash expenditures expensed | — | — | — | |||||||||
Other cash expenditures capitalized | 5,976 | 5,976 | 5,976 | |||||||||
Total acquisition cost | $ | 767,991 | $ | 502,315 | $ | 564,428 | ||||||
II-55
Table of Contents
Cole Credit | Cole Credit | Cole Credit | ||||||||||
Property Trust II, | Property Trust II, | Property Trust II, | ||||||||||
Program: | Inc. | Inc. | Inc. | |||||||||
Name, location, type of property | Church’s Chicken The Village, OK Restaurant | Church’s Chicken Tulsa (Peoria), OK Restaurant | Church’s Chicken Tulsa (Garnett), OK Restaurant | |||||||||
Gross leasable square footage | 1,335 | 1,491 | 1,100 | |||||||||
Date of purchase | 10/31/08 | 10/31/08 | 10/31/08 | |||||||||
Mortgage financing at date of purchase | $ | 328,037 | $ | 445,986 | $ | 573,052 | ||||||
Cash down payment | 299,163 | 406,728 | 522,609 | |||||||||
Contract purchase price plus acquisition fee | 627,200 | 852,714 | 1,095,661 | |||||||||
Other cash expenditures expensed | — | — | — | |||||||||
Other cash expenditures capitalized | 5,189 | 6,005 | 6,005 | |||||||||
Total acquisition cost | $ | 632,389 | $ | 858,719 | $ | 1,101,666 | ||||||
Cole Credit | Cole Credit | Cole Credit | ||||||||||
Property Trust II, | Property Trust II, | Property Trust II, | ||||||||||
Program: | Inc. | Inc. | Inc. | |||||||||
Name, location, type of property | Church’s Chicken Memphis (2275 Elvis Presley), TN Restaurant | Church’s Chicken Memphis (4458 Elvis Presley), TN Restaurant | Church’s Chicken Memphis (Airways), TN Restaurant | |||||||||
Gross leasable square footage | 1,276 | 1,008 | 875 | |||||||||
Date of purchase | 10/31/08 | 10/31/08 | 10/31/08 | |||||||||
Mortgage financing at date of purchase | $ | 193,368 | $ | 40,011 | $ | 68,992 | ||||||
Cash down payment | 176,347 | 36,489 | 62,920 | |||||||||
Contract purchase price plus acquisition fee | 369,715 | 76,500 | 131,912 | |||||||||
Other cash expenditures expensed | — | — | — | |||||||||
Other cash expenditures capitalized | 4,952 | 4,951 | 4,951 | |||||||||
Total acquisition cost | $ | 374,667 | $ | 81,451 | $ | 136,863 | ||||||
Cole Credit | Cole Credit | Cole Credit | ||||||||||
Property Trust II, | Property Trust II, | Property Trust II, | ||||||||||
Program: | Inc. | Inc. | Inc. | |||||||||
Name, location, type of property | Church’s Chicken Memphis (Bellevue), TN Restaurant | Church’s Chicken Memphis (Chelsea), TN Restaurant | Church’s Chicken Memphis (Frayser), TN Restaurant | |||||||||
Gross leasable square footage | 960 | 1,140 | 1,176 | |||||||||
Date of purchase | 10/31/08 | 10/31/08 | 10/31/08 | |||||||||
Mortgage financing at date of purchase | $ | 130,900 | $ | 190,327 | $ | 389,148 | ||||||
Cash down payment | 119,378 | 173,574 | 354,894 | |||||||||
Contract purchase price plus acquisition fee | 250,278 | 363,901 | 744,042 | |||||||||
Other cash expenditures expensed | — | — | — | |||||||||
Other cash expenditures capitalized | 4,952 | 4,952 | 4,951 | |||||||||
Total acquisition cost | $ | 255,230 | $ | 368,853 | $ | 748,993 | ||||||
II-56
Table of Contents
Cole Credit | Cole Credit | Cole Credit | ||||||||||
Property Trust II, | Property Trust II, | Property Trust II, | ||||||||||
Program: | Inc. | Inc. | Inc. | |||||||||
Name, location, type of property | Church’s Chicken Memphis (Jackson), TN Restaurant | Church’s Chicken Memphis (Park), TN Restaurant | Church’s Chicken Memphis (Third), TN Restaurant | |||||||||
Gross leasable square footage | 960 | 960 | 1,230 | |||||||||
Date of purchase | 10/31/08 | 10/31/08 | 10/31/08 | |||||||||
Mortgage financing at date of purchase | $ | 40,011 | $ | 250,409 | $ | 282,753 | ||||||
Cash down payment | 36,489 | 228,367 | 257,863 | |||||||||
Contract purchase price plus acquisition fee | 76,500 | 478,776 | 540,616 | |||||||||
Other cash expenditures expensed | — | — | — | |||||||||
Other cash expenditures capitalized | 4,951 | 4,951 | 36,564 | |||||||||
Total acquisition cost | $ | 81,451 | $ | 483,727 | $ | 577,180 | ||||||
Cole Credit | Cole Credit | Cole Credit | ||||||||||
Property Trust II, | Property Trust II, | Property Trust II, | ||||||||||
Program: | Inc. | Inc. | Inc. | |||||||||
Name, location, type of property | Church’s Chicken Memphis (Summer), TN Restaurant | Church’s Chicken Memphis (Sycamore), TN Restaurant | Church’s Chicken Abilene, TX Restaurant | |||||||||
Gross leasable square footage | 1,134 | 1,230 | 1,543 | |||||||||
Date of purchase | 10/31/08 | 10/31/08 | 10/31/08 | |||||||||
Mortgage financing at date of purchase | $ | 93,610 | $ | 445,939 | $ | 230,301 | ||||||
Cash down payment | 85,370 | 406,685 | 210,029 | |||||||||
Contract purchase price plus acquisition fee | 178,980 | 852,624 | 440,330 | |||||||||
Other cash expenditures expensed | — | — | — | |||||||||
Other cash expenditures capitalized | 4,952 | 4,951 | 5,243 | |||||||||
Total acquisition cost | $ | 183,932 | $ | 857,575 | $ | 445,573 | ||||||
Cole Credit | Cole Credit | Cole Credit | ||||||||||
Property Trust II, | Property Trust II, | Property Trust II, | ||||||||||
Program: | Inc. | Inc. | Inc. | |||||||||
Name, location, type of property | Church’s Chicken Alamo, TX Restaurant | Church’s Chicken Arlington, TX Restaurant | Church’s Chicken Austin (Airport), TX Restaurant | |||||||||
Gross leasable square footage | 1,176 | 787 | 1,945 | |||||||||
Date of purchase | 10/31/08 | 10/31/08 | 10/31/08 | |||||||||
Mortgage financing at date of purchase | $ | 1,508,134 | $ | 129,701 | $ | 683,454 | ||||||
Cash down payment | 1,375,381 | 118,284 | 623,294 | |||||||||
Contract purchase price plus acquisition fee | 2,883,515 | 247,985 | 1,306,748 | |||||||||
Other cash expenditures expensed | — | — | — | |||||||||
Other cash expenditures capitalized | 5,243 | 5,244 | 5,243 | |||||||||
Total acquisition cost | $ | 2,888,758 | $ | 253,229 | $ | 1,311,991 | ||||||
II-57
Table of Contents
Cole Credit | Cole Credit | Cole Credit | ||||||||||
Property Trust II, | Property Trust II, | Property Trust II, | ||||||||||
Program: | Inc. | Inc. | Inc. | |||||||||
Name, location, type of property | Church’s Chicken Austin (Cameron), TX Restaurant | Church’s Chicken Austin (Research), TX Restaurant | Church’s Chicken Austin (Riverside), TX Restaurant | |||||||||
Gross leasable square footage | 1,122 | 1,924 | 1,758 | |||||||||
Date of purchase | 10/31/08 | 10/31/08 | 10/31/08 | |||||||||
Mortgage financing at date of purchase | $ | 693,511 | $ | 592,644 | $ | 522,960 | ||||||
Cash down payment | 632,465 | 540,477 | 476,926 | |||||||||
Contract purchase price plus acquisition fee | 1,325,976 | 1,133,121 | 999,886 | |||||||||
Other cash expenditures expensed | — | — | — | |||||||||
Other cash expenditures capitalized | 5,243 | 5,243 | 5,243 | |||||||||
Total acquisition cost | $ | 1,331,219 | $ | 1,138,364 | $ | 1,005,129 | ||||||
Cole Credit | Cole Credit | Cole Credit | ||||||||||
Property Trust II, | Property Trust II, | Property Trust II, | ||||||||||
Program: | Inc. | Inc. | Inc. | |||||||||
Name, location, type of property | Church’s Chicken Austin (Oltorf), TX Restaurant | Church’s Chicken Balch Springs, TX Restaurant | Church’s Chicken Beeville, TX Restaurant | |||||||||
Gross leasable square footage | 886 | 1,945 | 1,360 | |||||||||
Date of purchase | 10/31/08 | 10/31/08 | 10/31/08 | |||||||||
Mortgage financing at date of purchase | $ | 50,082 | $ | 373,465 | $ | 187,945 | ||||||
Cash down payment | 45,673 | 340,590 | 171,400 | |||||||||
Contract purchase price plus acquisition fee | 95,755 | 714,055 | 359,345 | |||||||||
Other cash expenditures expensed | — | — | — | |||||||||
Other cash expenditures capitalized | 5,243 | 5,244 | 5,243 | |||||||||
Total acquisition cost | $ | 100,998 | $ | 719,299 | $ | 364,588 | ||||||
Cole Credit | Cole Credit | Cole Credit | ||||||||||
Property Trust II, | Property Trust II, | Property Trust II, | ||||||||||
Program: | Inc. | Inc. | Inc. | |||||||||
Name, location, type of property | Church’s Chicken Brownsville (Boca), TX Restaurant | Church’s Chicken Brownsville (Farm), TX Restaurant | Church’s Chicken Brownsville (International), TX Restaurant | |||||||||
Gross leasable square footage | 1,335 | 420 | 1,169 | |||||||||
Date of purchase | 10/31/08 | 10/31/08 | 10/31/08 | |||||||||
Mortgage financing at date of purchase | $ | 775,279 | $ | 506,149 | $ | 672,366 | ||||||
Cash down payment | 707,035 | 461,594 | 613,181 | |||||||||
Contract purchase price plus acquisition fee | 1,482,314 | 967,743 | 1,285,547 | |||||||||
Other cash expenditures expensed | — | — | — | |||||||||
Other cash expenditures capitalized | 5,243 | 5,244 | 5,243 | |||||||||
Total acquisition cost | $ | 1,487,557 | $ | 972,987 | $ | 1,290,790 | ||||||
II-58
Table of Contents
Cole Credit | Cole Credit | Cole Credit | ||||||||||
Property Trust II, | Property Trust II, | Property Trust II, | ||||||||||
Program: | Inc. | Inc. | Inc. | |||||||||
Name, location, type of property | Church’s Chicken Brownsville (Padre), TX Restaurant | Church’s Chicken Brownsville (Southmost), TX Restaurant | Church’s Chicken Brownsville (Elizabeth), TX Restaurant | |||||||||
Gross leasable square footage | 1,723 | 1,784 | 1,428 | |||||||||
Date of purchase | 10/31/08 | 10/31/08 | 10/31/08 | |||||||||
Mortgage financing at date of purchase | $ | 692,234 | $ | 426,697 | $ | 416,576 | ||||||
Cash down payment | 631,300 | 389,138 | 379,907 | |||||||||
Contract purchase price plus acquisition fee | 1,323,534 | 815,835 | 796,483 | |||||||||
Other cash expenditures expensed | — | — | — | |||||||||
Other cash expenditures capitalized | 5,243 | 5,243 | 5,244 | |||||||||
Total acquisition cost | $ | 1,328,777 | $ | 821,078 | $ | 801,727 | ||||||
Cole Credit | Cole Credit | Cole Credit | ||||||||||
Property Trust II, | Property Trust II, | Property Trust II, | ||||||||||
Program: | Inc. | Inc. | Inc. | |||||||||
Name, location, type of property | Church’s Chicken Bryan, TX Restaurant | Church’s Chicken Carrollton, TX Restaurant | Church’s Chicken Cleburne, TX Restaurant | |||||||||
Gross leasable square footage | 1,200 | 1,934 | 1,150 | |||||||||
Date of purchase | 10/31/08 | 10/31/08 | 10/31/08 | |||||||||
Mortgage financing at date of purchase | $ | 494,249 | $ | 322,460 | $ | 250,473 | ||||||
Cash down payment | 450,743 | 294,076 | 228,425 | |||||||||
Contract purchase price plus acquisition fee | 944,992 | 616,536 | 478,898 | |||||||||
Other cash expenditures expensed | — | — | — | |||||||||
Other cash expenditures capitalized | 5,244 | 5,243 | 5,244 | |||||||||
Total acquisition cost | $ | 950,236 | $ | 621,779 | $ | 484,142 | ||||||
Cole Credit | Cole Credit | Cole Credit | ||||||||||
Property Trust II, | Property Trust II, | Property Trust II, | ||||||||||
Program: | Inc. | Inc. | Inc. | |||||||||
Name, location, type of property | Church’s Chicken Copperas Cove, TX Restaurant | Church’s Chicken Dallas (Buckner), TX Restaurant | Church’s Chicken Dallas (Camp Wisdom), TX Restaurant | |||||||||
Gross leasable square footage | 1,122 | 1,462 | 2,123 | |||||||||
Date of purchase | 10/31/08 | 10/31/08 | 10/31/08 | |||||||||
Mortgage financing at date of purchase | $ | 169,131 | $ | 237,648 | $ | 207,473 | ||||||
Cash down payment | 154,244 | 216,728 | 189,210 | |||||||||
Contract purchase price plus acquisition fee | 323,375 | 454,376 | 396,683 | |||||||||
Other cash expenditures expensed | — | — | — | |||||||||
Other cash expenditures capitalized | 5,243 | 5,244 | 5,244 | |||||||||
Total acquisition cost | $ | 328,618 | $ | 459,620 | $ | 401,927 | ||||||
II-59
Table of Contents
Cole Credit | Cole Credit | Cole Credit | ||||||||||
Property Trust II, | Property Trust II, | Property Trust II, | ||||||||||
Program: | Inc. | Inc. | Inc. | |||||||||
Name, location, type of property | Church’s Chicken Dallas (Gaston), TX Restaurant | Church’s Chicken Dallas (Inwood), TX Restaurant | Church’s Chicken Dallas (Lancaster), TX Restaurant | |||||||||
Gross leasable square footage | 1,386 | 1,100 | 852 | |||||||||
Date of purchase | 10/31/08 | 10/31/08 | 10/31/08 | |||||||||
Mortgage financing at date of purchase | $ | 121,065 | $ | 464,240 | $ | 277,499 | ||||||
Cash down payment | 110,409 | 423,375 | 253,072 | |||||||||
Contract purchase price plus acquisition fee | 231,474 | 887,615 | 530,571 | |||||||||
Other cash expenditures expensed | — | — | — | |||||||||
Other cash expenditures capitalized | 5,243 | 5,244 | 5,244 | |||||||||
Total acquisition cost | $ | 236,717 | $ | 892,859 | $ | 535,815 | ||||||
Cole Credit | Cole Credit | Cole Credit | ||||||||||
Property Trust II, | Property Trust II, | Property Trust II, | ||||||||||
Program: | Inc. | Inc. | Inc. | |||||||||
Name, location, type of property | Church’s Chicken Dallas (Singleton), TX Restaurant | Church’s Chicken Dallas (Mockingbird), TX Restaurant | Church’s Chicken Donna, TX Restaurant | |||||||||
Gross leasable square footage | 780 | 1,800 | 1,470 | |||||||||
Date of purchase | 10/31/08 | 10/31/08 | 10/31/08 | |||||||||
Mortgage financing at date of purchase | $ | 40,011 | $ | 292,357 | $ | 648,743 | ||||||
Cash down payment | 36,489 | 266,621 | 591,638 | |||||||||
Contract purchase price plus acquisition fee | 76,500 | 558,978 | 1,240,381 | |||||||||
Other cash expenditures expensed | — | — | — | |||||||||
Other cash expenditures capitalized | 5,243 | 5,244 | 5,244 | |||||||||
Total acquisition cost | $ | 81,743 | $ | 564,222 | $ | 1,245,625 | ||||||
Cole Credit | Cole Credit | Cole Credit | ||||||||||
Property Trust II, | Property Trust II, | Property Trust II, | ||||||||||
Program: | Inc. | Inc. | Inc. | |||||||||
Name, location, type of property | Church’s Chicken Eagle Pass, TX Restaurant | Church’s Chicken Edinburg, TX Restaurant | Church’s Chicken Elsa, TX Restaurant | |||||||||
Gross leasable square footage | 1,335 | 1,924 | 420 | |||||||||
Date of purchase | 10/31/08 | 10/31/08 | 10/31/08 | |||||||||
Mortgage financing at date of purchase | $ | 474,311 | $ | 816,250 | $ | 678,816 | ||||||
Cash down payment | 432,560 | 744,400 | 619,064 | |||||||||
Contract purchase price plus acquisition fee | 906,871 | 1,560,650 | 1,297,880 | |||||||||
Other cash expenditures expensed | — | — | — | |||||||||
Other cash expenditures capitalized | 5,243 | 5,243 | 5,243 | |||||||||
Total acquisition cost | $ | 912,114 | $ | 1,565,893 | $ | 1,303,123 | ||||||
II-60
Table of Contents
Cole Credit | Cole Credit | Cole Credit | ||||||||||
Property Trust II, | Property Trust II, | Property Trust II, | ||||||||||
Program: | Inc. | Inc. | Inc. | |||||||||
Name, location, type of property | Church’s Chicken Floresville, TX Restaurant | Church’s Chicken Fort Worth (Lackland), TX Restaurant | Church’s Chicken Fort Worth (Mansfield), TX Restaurant | |||||||||
Gross leasable square footage | 1,218 | 1,406 | 1,320 | |||||||||
Date of purchase | 10/31/08 | 10/31/08 | 10/31/08 | |||||||||
Mortgage financing at date of purchase | $ | 237,552 | $ | 373,926 | $ | 325,264 | ||||||
Cash down payment | 216,642 | 341,011 | 296,634 | |||||||||
Contract purchase price plus acquisition fee | 454,194 | 714,937 | 621,898 | |||||||||
Other cash expenditures expensed | — | — | — | |||||||||
Other cash expenditures capitalized | 5,243 | 5,244 | 5,243 | |||||||||
Total acquisition cost | $ | 459,437 | $ | 720,181 | $ | 627,141 | ||||||
Cole Credit | Cole Credit | Cole Credit | ||||||||||
Property Trust II, | Property Trust II, | Property Trust II, | ||||||||||
Program: | Inc. | Inc. | Inc. | |||||||||
Name, location, type of property | Church’s Chicken Fort Worth (Miller), TX Restaurant | Church’s Chicken Fort Worth (Seminary), TX Restaurant | Church’s Chicken Garland, TX Restaurant | |||||||||
Gross leasable square footage | 1,176 | 1,430 | 1,280 | |||||||||
Date of purchase | 10/31/08 | 10/31/08 | 10/31/08 | |||||||||
Mortgage financing at date of purchase | $ | 293,535 | $ | 348,382 | $ | 211,939 | ||||||
Cash down payment | 267,697 | 317,715 | 193,283 | |||||||||
Contract purchase price plus acquisition fee | 561,232 | 666,097 | 405,222 | |||||||||
Other cash expenditures expensed | — | — | — | |||||||||
Other cash expenditures capitalized | 5,243 | 5,243 | 5,243 | |||||||||
Total acquisition cost | $ | 566,475 | $ | 671,340 | $ | 410,465 | ||||||
Cole Credit | Cole Credit | Cole Credit | ||||||||||
Property Trust II, | Property Trust II, | Property Trust II, | ||||||||||
Program: | Inc. | Inc. | Inc. | |||||||||
Name, location, type of property | Church’s Chicken Grand Prairie (Main), TX Restaurant | Church’s Chicken Grand Prairie (Pioneer), TX Restaurant | Church’s Chicken Greenville, TX Restaurant | |||||||||
Gross leasable square footage | 1,496 | 1,169 | 983 | |||||||||
Date of purchase | 10/31/08 | 10/31/08 | 10/31/08 | |||||||||
Mortgage financing at date of purchase | $ | 266,579 | $ | 358,086 | $ | 312,666 | ||||||
Cash down payment | 166,633 | 326,566 | 285,144 | |||||||||
Contract purchase price plus acquisition fee | 433,212 | 684,652 | 597,810 | |||||||||
Other cash expenditures expensed | — | — | — | |||||||||
Other cash expenditures capitalized | 5,244 | 5,243 | 5,243 | |||||||||
Total acquisition cost | $ | 438,456 | $ | 689,895 | $ | 603,053 | ||||||
II-61
Table of Contents
Cole Credit | Cole Credit | Cole Credit | ||||||||||
Property Trust II, | Property Trust II, | Property Trust II, | ||||||||||
Program: | Inc. | Inc. | Inc. | |||||||||
Name, location, type of property | Church’s Chicken Haltom City, TX Restaurant | Church’s Chicken Harlingen (Sunshine), TX Restaurant | Church’s Chicken Harlingen (Tyler), TX Restaurant | |||||||||
Gross leasable square footage | 950 | 1,470 | 1,516 | |||||||||
Date of purchase | 10/31/08 | 10/31/08 | 10/31/08 | |||||||||
Mortgage financing at date of purchase | $ | 426,881 | $ | 362,832 | $ | 962,822 | ||||||
Cash down payment | 389,305 | 330,894 | 878,071 | |||||||||
Contract purchase price plus acquisition fee | 816,186 | 693,726 | 1,840,893 | |||||||||
Other cash expenditures expensed | — | — | — | |||||||||
Other cash expenditures capitalized | 5,243 | 5,244 | 5,243 | |||||||||
Total acquisition cost | $ | 821,429 | $ | 698,970 | $ | 1,846,136 | ||||||
Cole Credit | Cole Credit | Cole Credit | ||||||||||
Property Trust II, | Property Trust II, | Property Trust II, | ||||||||||
Program: | Inc. | Inc. | Inc. | |||||||||
Name, location, type of property | Church’s Chicken Hildalgo, TX Restaurant | Church’s Chicken Irving, TX Restaurant | Church’s Chicken Kilgore, TX Restaurant | |||||||||
Gross leasable square footage | 2,600 | 780 | 2,080 | |||||||||
Date of purchase | 10/31/08 | 10/31/08 | 10/31/08 | |||||||||
Mortgage financing at date of purchase | $ | 749,623 | $ | 357,100 | $ | 236,648 | ||||||
Cash down payment | 683,637 | 325,667 | 215,817 | |||||||||
Contract purchase price plus acquisition fee | 1,433,260 | 682,767 | 452,465 | |||||||||
Other cash expenditures expensed | — | — | — | |||||||||
Other cash expenditures capitalized | 5,244 | 5,243 | 5,283 | |||||||||
Total acquisition cost | $ | 1,438,504 | $ | 688,010 | $ | 457,748 | ||||||
Cole Credit | Cole Credit | Cole Credit | ||||||||||
Property Trust II, | Property Trust II, | Property Trust II, | ||||||||||
Program: | Inc. | Inc. | Inc. | |||||||||
Name, location, type of property | Church’s Chicken Killeen, TX Restaurant | Church’s Chicken Kingsville, TX Restaurant | Church’s Chicken Kirby, TX Restaurant | |||||||||
Gross leasable square footage | 1,122 | 994 | 1,800 | |||||||||
Date of purchase | 10/31/08 | 10/31/08 | 10/31/08 | |||||||||
Mortgage financing at date of purchase | $ | 343,002 | $ | 302,827 | $ | 55,725 | ||||||
Cash down payment | 312,809 | 276,170 | 50,819 | |||||||||
Contract purchase price plus acquisition fee | 655,811 | 578,997 | 106,544 | |||||||||
Other cash expenditures expensed | — | — | — | |||||||||
Other cash expenditures capitalized | 5,243 | 5,243 | 5,244 | |||||||||
Total acquisition cost | $ | 661,054 | $ | 584,240 | $ | 111,788 | ||||||
II-62
Table of Contents
Cole Credit | Cole Credit | Cole Credit | ||||||||||
Property Trust II, | Property Trust II, | Property Trust II, | ||||||||||
Program: | Inc. | Inc. | Inc. | |||||||||
Name, location, type of property | Church’s Chicken LaFeria, TX Restaurant | Church’s Chicken Laredo (Guadalupe), TX Restaurant | Church’s Chicken Laredo (San Bernardo), TX Restaurant | |||||||||
Gross leasable square footage | 2,123 | 1,590 | 1,180 | |||||||||
Date of purchase | 10/31/08 | 10/31/08 | 10/31/08 | |||||||||
Mortgage financing at date of purchase | $ | 554,919 | $ | 420,758 | $ | 739,289 | ||||||
Cash down payment | 506,073 | 383,721 | 674,214 | |||||||||
Contract purchase price plus acquisition fee | 1,060,992 | 804,479 | 1,413,503 | |||||||||
Other cash expenditures expensed | — | — | — | |||||||||
Other cash expenditures capitalized | 5,243 | 5,244 | 5,243 | |||||||||
Total acquisition cost | $ | 1,066,235 | $ | 809,723 | $ | 1,418,746 | ||||||
Cole Credit | Cole Credit | Cole Credit | ||||||||||
Property Trust II, | Property Trust II, | Property Trust II, | ||||||||||
Program: | Inc. | Inc. | Inc. | |||||||||
Name, location, type of property | Church’s Chicken Lewisville, TX Restaurant | Church’s Chicken Longview, TX Restaurant | Church’s Chicken Lubbock (Ave. Q), TX Restaurant | |||||||||
Gross leasable square footage | 1,144 | 1,169 | 2,123 | |||||||||
Date of purchase | 10/31/08 | 10/31/08 | 10/31/08 | |||||||||
Mortgage financing at date of purchase | $ | 667,723 | $ | 290,655 | $ | 456,863 | ||||||
Cash down payment | 608,948 | 265,070 | 416,647 | |||||||||
Contract purchase price plus acquisition fee | 1,276,671 | 555,725 | 873,510 | |||||||||
Other cash expenditures expensed | — | — | — | |||||||||
Other cash expenditures capitalized | 5,243 | 5,243 | 5,243 | |||||||||
Total acquisition cost | $ | 1,281,914 | $ | 560,968 | $ | 878,753 | ||||||
Cole Credit | Cole Credit | Cole Credit | ||||||||||
Property Trust II, | Property Trust II, | Property Trust II, | ||||||||||
Program: | Inc. | Inc. | Inc. | |||||||||
Name, location, type of property | Church’s Chicken Lubbock (Broadway), TX Restaurant | Church’s Chicken Marlin, TX Restaurant | Church’s Chicken McAllen (10th), TX Restaurant | |||||||||
Gross leasable square footage | 950 | 1,274 | 1,144 | |||||||||
Date of purchase | 10/31/08 | 10/31/08 | 10/31/08 | |||||||||
Mortgage financing at date of purchase | $ | 40,011 | $ | 149,954 | $ | 40,011 | ||||||
Cash down payment | 36,489 | 136,755 | 36,489 | |||||||||
Contract purchase price plus acquisition fee | 76,500 | 286,709 | 76,500 | |||||||||
Other cash expenditures expensed | — | — | — | |||||||||
Other cash expenditures capitalized | 5,243 | 5,243 | 5,243 | |||||||||
Total acquisition cost | $ | 81,743 | $ | 291,952 | $ | 81,743 | ||||||
II-63
Table of Contents
Cole Credit | Cole Credit | Cole Credit | ||||||||||
Property Trust II, | Property Trust II, | Property Trust II, | ||||||||||
Program: | Inc. | Inc. | Inc. | |||||||||
Name, location, type of property | Church’s Chicken McAllen (Nolana), TX Restaurant | Church’s Chicken Mercedes, TX Restaurant | Church’s Chicken Mesquite, TX Restaurant | |||||||||
Gross leasable square footage | 1,336 | 1,176 | 1,945 | |||||||||
Date of purchase | 10/31/08 | 10/31/08 | 10/31/08 | |||||||||
Mortgage financing at date of purchase | $ | 618,863 | $ | 580,934 | $ | 276,588 | ||||||
Cash down payment | 564,388 | 529,798 | 252,241 | |||||||||
Contract purchase price plus acquisition fee | 1,183,251 | 1,110,732 | 528,829 | |||||||||
Other cash expenditures expensed | — | — | — | |||||||||
Other cash expenditures capitalized | 5,243 | 5,243 | 5,244 | |||||||||
Total acquisition cost | $ | 1,188,494 | $ | 1,115,975 | $ | 534,073 | ||||||
Cole Credit | Cole Credit | Cole Credit | ||||||||||
Property Trust II, | Property Trust II, | Property Trust II, | ||||||||||
Program: | Inc. | Inc. | Inc. | |||||||||
Name, location, type of property | Church’s Chicken Midland, TX Restaurant | Church’s Chicken Mission, TX Restaurant | Church’s Chicken New Braunfels, TX Restaurant | |||||||||
Gross leasable square footage | 983 | 1,470 | 1,144 | |||||||||
Date of purchase | 10/31/08 | 10/31/08 | 10/31/08 | |||||||||
Mortgage financing at date of purchase | $ | 61,712 | $ | 609,998 | $ | 285,884 | ||||||
Cash down payment | 56,280 | 556,303 | 260,720 | |||||||||
Contract purchase price plus acquisition fee | 117,992 | 1,166,301 | 546,604 | |||||||||
Other cash expenditures expensed | — | — | — | |||||||||
Other cash expenditures capitalized | 5,243 | 5,243 | 5,243 | |||||||||
Total acquisition cost | $ | 123,235 | $ | 1,171,544 | $ | 551,847 | ||||||
Cole Credit | Cole Credit | Cole Credit | ||||||||||
Property Trust II, | Property Trust II, | Property Trust II, | ||||||||||
Program: | Inc. | Inc. | Inc. | |||||||||
Name, location, type of property | Church’s Chicken Odessa (Andrews), TX Restaurant | Church’s Chicken Odessa (County), TX Restaurant | Church’s Chicken Pharr, TX Restaurant | |||||||||
Gross leasable square footage | 983 | 1,335 | 1,800 | |||||||||
Date of purchase | 10/31/08 | 10/31/08 | 10/31/08 | |||||||||
Mortgage financing at date of purchase | $ | 440,751 | $ | 575,440 | $ | 538,466 | ||||||
Cash down payment | 401,955 | 524,787 | 491,069 | |||||||||
Contract purchase price plus acquisition fee | 842,706 | 1,100,227 | 1,029,535 | |||||||||
Other cash expenditures expensed | — | — | — | |||||||||
Other cash expenditures capitalized | 5,243 | 5,244 | 5,243 | |||||||||
Total acquisition cost | $ | 847,949 | $ | 1,105,471 | $ | 1,034,778 | ||||||
II-64
Table of Contents
Cole Credit | Cole Credit | Cole Credit | ||||||||||
Property Trust II, | Property Trust II, | Property Trust II, | ||||||||||
Program: | Inc. | Inc. | Inc. | |||||||||
Name, location, type of property | Church’s Chicken Pleasanton, TX Restaurant | Church’s Chicken Port Isabel, TX Restaurant | Church’s Chicken Port Lavaca, TX Restaurant | |||||||||
Gross leasable square footage | 420 | 2,123 | 1,750 | |||||||||
Date of purchase | 10/31/08 | 10/31/08 | 10/31/08 | |||||||||
Mortgage financing at date of purchase | $ | 515,344 | $ | 468,804 | $ | 381,214 | ||||||
Cash down payment | 469,980 | 427,537 | 347,657 | |||||||||
Contract purchase price plus acquisition fee | 985,324 | 896,341 | 728,871 | |||||||||
Other cash expenditures expensed | — | — | — | |||||||||
Other cash expenditures capitalized | 5,244 | 5,244 | 5,243 | |||||||||
Total acquisition cost | $ | 990,568 | $ | 901,585 | $ | 734,114 | ||||||
Cole Credit | Cole Credit | Cole Credit | ||||||||||
Property Trust II, | Property Trust II, | Property Trust II, | ||||||||||
Program: | Inc. | Inc. | Inc. | |||||||||
Name, location, type of property | Church’s Chicken Raymondville, TX Restaurant | Church’s Chicken Richland Hills, TX Restaurant | Church’s Chicken Rio Grand City, TX Restaurant | |||||||||
Gross leasable square footage | 1,169 | 1,100 | 420 | |||||||||
Date of purchase | 10/31/08 | 10/31/08 | 10/31/08 | |||||||||
Mortgage financing at date of purchase | $ | 583,733 | $ | 192,104 | $ | 1,053,427 | ||||||
Cash down payment | 532,351 | 175,195 | 960,701 | |||||||||
Contract purchase price plus acquisition fee | 1,116,084 | 367,299 | 2,014,128 | |||||||||
Other cash expenditures expensed | — | — | — | |||||||||
Other cash expenditures capitalized | 5,243 | 5,243 | 5,243 | |||||||||
Total acquisition cost | $ | 1,121,327 | $ | 372,542 | $ | 2,019,371 | ||||||
Cole Credit | Cole Credit | Cole Credit | ||||||||||
Property Trust II, | Property Trust II, | Property Trust II, | ||||||||||
Program: | Inc. | Inc. | Inc. | |||||||||
Name, location, type of property | Church’s Chicken Roma, TX Restaurant | Church’s Chicken San Antonio (Commercial), TX Restaurant | Church’s Chicken San Antonio (Five Palms), TX Restaurant | |||||||||
Gross leasable square footage | 1,512 | 576 | 1,512 | |||||||||
Date of purchase | 10/31/08 | 10/31/08 | 10/31/08 | |||||||||
Mortgage financing at date of purchase | $ | 671,362 | $ | 207,055 | $ | 568,079 | ||||||
Cash down payment | 612,265 | 188,828 | 518,073 | |||||||||
Contract purchase price plus acquisition fee | 1,283,627 | 395,883 | 1,086,152 | |||||||||
Other cash expenditures expensed | — | — | — | |||||||||
Other cash expenditures capitalized | 5,244 | 5,244 | 5,244 | |||||||||
Total acquisition cost | $ | 1,288,871 | $ | 401,127 | $ | 1,091,396 | ||||||
II-65
Table of Contents
Cole Credit | Cole Credit | Cole Credit | ||||||||||
Property Trust II, | Property Trust II, | Property Trust II, | ||||||||||
Program: | Inc. | Inc. | Inc. | |||||||||
Name, location, type of property | Church’s Chicken San Antonio (Flores), TX Restaurant | Church’s Chicken San Antonio (General McMullen), TX Restaurant | Church’s Chicken San Antonio (Goliad), TX Restaurant | |||||||||
Gross leasable square footage | 764 | 1,855 | 638 | |||||||||
Date of purchase | 10/31/08 | 10/31/08 | 10/31/08 | |||||||||
Mortgage financing at date of purchase | $ | 124,546 | $ | 437,939 | $ | 551,084 | ||||||
Cash down payment | 113,583 | 399,390 | 502,575 | |||||||||
Contract purchase price plus acquisition fee | 238,129 | 837,329 | 1,053,659 | |||||||||
Other cash expenditures expensed | — | — | — | |||||||||
Other cash expenditures capitalized | 5,244 | 5,244 | 5,243 | |||||||||
Total acquisition cost | $ | 243,373 | $ | 842,573 | $ | 1,058,902 | ||||||
Cole Credit | Cole Credit | Cole Credit | ||||||||||
Property Trust II, | Property Trust II, | Property Trust II, | ||||||||||
Program: | Inc. | Inc. | Inc. | |||||||||
Name, location, type of property | Church’s Chicken San Antonio (Huebner), TX Restaurant | Church’s Chicken San Antonio (New Braunfels), TX Restaurant | Church’s Chicken San Antonio (Hwy 90), TX Restaurant | |||||||||
Gross leasable square footage | 420 | 5,468 | 1,260 | |||||||||
Date of purchase | 10/31/08 | 10/31/08 | 10/31/08 | |||||||||
Mortgage financing at date of purchase | $ | 204,433 | $ | 408,373 | $ | 358,496 | ||||||
Cash down payment | 186,438 | 372,426 | 326,939 | |||||||||
Contract purchase price plus acquisition fee | 390,871 | 780,799 | 685,435 | |||||||||
Other cash expenditures expensed | — | — | — | |||||||||
Other cash expenditures capitalized | 5,244 | 5,243 | 5,243 | |||||||||
Total acquisition cost | $ | 396,115 | $ | 786,042 | $ | 690,678 | ||||||
Cole Credit | Cole Credit | Cole Credit | ||||||||||
Property Trust II, | Property Trust II, | Property Trust II, | ||||||||||
Program: | Inc. | Inc. | Inc. | |||||||||
Name, location, type of property | Church’s Chicken San Antonio (Perrin Beitel), TX Restaurant | Church’s Chicken San Antonio (Rigsby), TX Restaurant | Church’s Chicken San Antonio (San Pedro), TX Restaurant | |||||||||
Gross leasable square footage | 1,144 | 480 | 1,500 | |||||||||
Date of purchase | 10/31/08 | 10/31/08 | 10/31/08 | |||||||||
Mortgage financing at date of purchase | $ | 537,298 | $ | 193,864 | $ | 392,419 | ||||||
Cash down payment | 490,003 | 176,800 | 357,878 | |||||||||
Contract purchase price plus acquisition fee | 1,027,301 | 370,664 | 750,297 | |||||||||
Other cash expenditures expensed | — | — | — | |||||||||
Other cash expenditures capitalized | 5,244 | 5,243 | 5,243 | |||||||||
Total acquisition cost | $ | 1,032,545 | $ | 375,907 | $ | 755,540 | ||||||
II-66
Table of Contents
Cole Credit | Cole Credit | Cole Credit | ||||||||||
Property Trust II, | Property Trust II, | Property Trust II, | ||||||||||
Program: | Inc. | Inc. | Inc. | |||||||||
Name, location, type of property | Church’s Chicken San Antonio (Walzem), TX Restaurant | Church’s Chicken San Antonio (West), TX Restaurant | Church’s Chicken San Antonio (Bitters), TX Restaurant | |||||||||
Gross leasable square footage | 1,296 | 1,144 | 2,378 | |||||||||
Date of purchase | 10/31/08 | 10/31/08 | 10/31/08 | |||||||||
Mortgage financing at date of purchase | $ | 326,872 | $ | 201,356 | $ | 249,028 | ||||||
Cash down payment | 298,100 | 183,632 | 227,108 | |||||||||
Contract purchase price plus acquisition fee | 624,972 | 384,988 | 476,136 | |||||||||
Other cash expenditures expensed | — | — | — | |||||||||
Other cash expenditures capitalized | 5,244 | 5,243 | 5,243 | |||||||||
Total acquisition cost | $ | 630,216 | $ | 390,231 | $ | 481,379 | ||||||
Cole Credit | Cole Credit | Cole Credit | ||||||||||
Property Trust II, | Property Trust II, | Property Trust II, | ||||||||||
Program: | Inc. | Inc. | Inc. | |||||||||
Name, location, type of property | Church’s Chicken San Antonio (Wurzbach), TX Restaurant | Church’s Chicken San Antonio (White), TX Restaurant | Church’s Chicken San Antonio (Zarzamora), TX Restaurant | |||||||||
Gross leasable square footage | 1,118 | 800 | 780 | |||||||||
Date of purchase | 10/31/08 | 10/31/08 | 10/31/08 | |||||||||
Mortgage financing at date of purchase | $ | 212,761 | $ | 488,212 | $ | 162,249 | ||||||
Cash down payment | 194,032 | 445,238 | 147,967 | |||||||||
Contract purchase price plus acquisition fee | 406,793 | 933,450 | 310,216 | |||||||||
Other cash expenditures expensed | — | — | — | |||||||||
Other cash expenditures capitalized | 5,244 | 5,243 | 5,243 | |||||||||
Total acquisition cost | $ | 412,037 | $ | 938,693 | $ | 315,459 | ||||||
Cole Credit | Cole Credit | Cole Credit | ||||||||||
Property Trust II, | Property Trust II, | Property Trust II, | ||||||||||
Program: | Inc. | Inc. | Inc. | |||||||||
Name, location, type of property | Church’s Chicken San Benito, TX Restaurant | Church’s Chicken Temple, TX Restaurant | Church’s Chicken Tyler, TX Restaurant | |||||||||
Gross leasable square footage | 1,335 | 1,176 | 1,144 | |||||||||
Date of purchase | 10/31/08 | 10/31/08 | 10/31/08 | |||||||||
Mortgage financing at date of purchase | $ | 1,248,408 | $ | 573,162 | $ | 311,207 | ||||||
Cash down payment | 1,138,518 | 522,709 | 283,812 | |||||||||
Contract purchase price plus acquisition fee | 2,386,926 | 1,095,871 | 595,019 | |||||||||
Other cash expenditures expensed | — | — | — | |||||||||
Other cash expenditures capitalized | 5,244 | 5,243 | 5,243 | |||||||||
Total acquisition cost | $ | 2,392,170 | $ | 1,101,114 | $ | 600,262 | ||||||
II-67
Table of Contents
Cole Credit | Cole Credit | Cole Credit | ||||||||||
Property Trust II, | Property Trust II, | Property Trust II, | ||||||||||
Program: | Inc. | Inc. | Inc. | |||||||||
Name, location, type of property | Church’s Chicken Universal City, TX Restaurant | Church’s Chicken Victoria (Ben Jordan), TX Restaurant | Church’s Chicken Victoria (Rio Grande), TX Restaurant | |||||||||
Gross leasable square footage | 1,169 | 1,169 | 1,701 | |||||||||
Date of purchase | 10/31/08 | 10/31/08 | 10/31/08 | |||||||||
Mortgage financing at date of purchase | $ | 319,430 | $ | 250,733 | $ | 242,767 | ||||||
Cash down payment | 291,312 | 228,662 | 221,397 | |||||||||
Contract purchase price plus acquisition fee | 610,742 | 479,395 | 464,164 | |||||||||
Other cash expenditures expensed | — | — | — | |||||||||
Other cash expenditures capitalized | 5,244 | 5,243 | 5,244 | |||||||||
Total acquisition cost | $ | 615,986 | $ | 484,638 | $ | 469,408 | ||||||
Cole Credit | Cole Credit | Cole Credit | ||||||||||
Property Trust II, | Property Trust II, | Property Trust II, | ||||||||||
Program: | Inc. | Inc. | Inc. | |||||||||
Name, location, type of property | Church’s Chicken Waco, TX Restaurant | Church’s Chicken Weslaco (Hwy 83), TX Restaurant | Church’s Chicken Weslaco (TX), TX Restaurant | |||||||||
Gross leasable square footage | 1,196 | 1,300 | 1,575 | |||||||||
Date of purchase | 10/31/08 | 10/31/08 | 10/31/08 | |||||||||
Mortgage financing at date of purchase | $ | 398,736 | $ | 613,636 | $ | 787,813 | ||||||
Cash down payment | 363,636 | 559,621 | 718,465 | |||||||||
Contract purchase price plus acquisition fee | 762,372 | 1,173,257 | 1,506,278 | |||||||||
Other cash expenditures expensed | — | — | — | |||||||||
Other cash expenditures capitalized | 5,244 | 5,243 | 5,243 | |||||||||
Total acquisition cost | $ | 767,616 | $ | 1,178,500 | $ | 1,511,521 | ||||||
Cole Credit | Cole Credit | Cole Credit | ||||||||||
Property Trust II, | Property Trust II, | Property Trust II, | ||||||||||
Program: | Inc. | Inc. | Inc. | |||||||||
Name, location, type of property | Church’s Chicken Norfolk (Hampton), VA Restaurant | Church’s Chicken Norfolk (Princess Ann), VA Restaurant | Church’s Chicken Portsmouth, VA Restaurant | |||||||||
Gross leasable square footage | 1,100 | 1,572 | 1,169 | |||||||||
Date of purchase | 10/31/08 | 10/31/08 | 10/31/08 | |||||||||
Mortgage financing at date of purchase | $ | 240,954 | $ | 372,815 | $ | 426,285 | ||||||
Cash down payment | 219,744 | 339,998 | 388,761 | |||||||||
Contract purchase price plus acquisition fee | 460,698 | 712,813 | 815,046 | |||||||||
Other cash expenditures expensed | — | — | — | |||||||||
Other cash expenditures capitalized | 5,448 | 5,720 | 5,832 | |||||||||
Total acquisition cost | $ | 466,146 | $ | 718,533 | $ | 820,878 | ||||||
II-68
Table of Contents
Cole Credit | Cole Credit | Cole Credit | ||||||||||
Property Trust II, | Property Trust II, | Property Trust II, | ||||||||||
Program: | Inc. | Inc. | Inc. | |||||||||
Name, location, type of property | Tractor Supply LaGrange, KY Specialty Retail | Walgreens Evansville, IN Drugstore | CVS Carrollton, TX Drugstore | |||||||||
Gross leasable square footage | 19,097 | 14,820 | 9,504 | |||||||||
Date of purchase | 11/19/08 | 11/25/08 | 12/19/08 | |||||||||
Mortgage financing at date of purchase | $ | — | $ | — | $ | — | ||||||
Cash down payment | 3,372,715 | 4,794,000 | 2,158,728 | |||||||||
Contract purchase price plus acquisition fee | 3,372,715 | 4,794,000 | 2,158,728 | |||||||||
Other cash expenditures expensed | — | — | — | |||||||||
Other cash expenditures capitalized | 37,160 | 18,173 | 33,223 | |||||||||
Total acquisition cost | $ | 3,409,875 | $ | 4,812,173 | $ | 2,191,951 | ||||||
Cole Credit | Cole Credit | Cole Credit | ||||||||||
Property Trust II, | Property Trust II, | Property Trust II, | ||||||||||
Program: | Inc. | Inc. | Inc. | |||||||||
Name, location, type of property | CVS Kissimmee, FL Drugstore | CVS Lake Worth, TX Drugstore | CVS Richardson, TX Drugstore | |||||||||
Gross leasable square footage | 9,504 | 9,504 | 10,560 | |||||||||
Date of purchase | 12/19/08 | 12/19/08 | 12/19/08 | |||||||||
Mortgage financing at date of purchase | $ | — | $ | — | $ | — | ||||||
Cash down payment | 2,568,258 | 1,886,184 | 2,450,448 | |||||||||
Contract purchase price plus acquisition fee | 2,568,258 | 1,886,184 | 2,450,448 | |||||||||
Other cash expenditures expensed | — | — | — | |||||||||
Other cash expenditures capitalized | 31,085 | 32,669 | 35,734 | |||||||||
Total acquisition cost | $ | 2,599,343 | $ | 1,918,853 | $ | 2,486,182 | ||||||
Cole Credit | Cole Credit | Cole Credit | ||||||||||
Property Trust II, | Property Trust II, | Property Trust II, | ||||||||||
Program: | Inc. | Inc. | Inc. | |||||||||
Name, location, type of property | CVS River Oaks, TX Drugstore | CVS The Colony, TX Drugstore | CVS Wichita Falls, TX Drugstore | |||||||||
Gross leasable square footage | 10,908 | 9,504 | 9,504 | |||||||||
Date of purchase | 12/19/08 | 12/19/08 | 12/19/08 | |||||||||
Mortgage financing at date of purchase | $ | — | $ | — | $ | — | ||||||
Cash down payment | 2,809,080 | 2,000,118 | 1,918,416 | |||||||||
Contract purchase price plus acquisition fee | 2,809,080 | 2,000,118 | 1,918,416 | |||||||||
Other cash expenditures expensed | — | — | — | |||||||||
Other cash expenditures capitalized | 37,644 | 33,292 | 32,924 | |||||||||
Total acquisition cost | $ | 2,846,724 | $ | 2,033,410 | $ | 1,951,340 | ||||||
II-69
Table of Contents
Cole Credit | Cole Credit | Cole Credit | ||||||||||
Property Trust II, | Property Trust II, | Property Trust II, | ||||||||||
Program: | Inc. | Inc. | Inc. | |||||||||
Name, location, type of property | CVS Wichita Falls (SW), TX Drugstore | BJ’s Wholesale Club Woodstock, GA Warehouse | Chili’s Tilton, NH Restaurant | |||||||||
Gross leasable square footage | 9,504 | 115,426 | —(4 | ) | ||||||||
Date of purchase | 12/19/08 | 1/29/09 | 3/27/09 | |||||||||
Mortgage financing at date of purchase | $ | — | $ | 10,131,105 | $ | 1,260,000 | ||||||
Cash down payment | 2,197,386 | 6,239,895 | 75,415 | |||||||||
Contract purchase price plus acquisition fee | 2,197,386 | 16,371,000 | 1,335,415 | |||||||||
Other cash expenditures expensed | — | 35,072 | 38,692 | |||||||||
Other cash expenditures capitalized | 34,535 | — | — | |||||||||
Total acquisition cost | $ | 2,231,921 | $ | 16,406,072 | $ | 1,374,107 | ||||||
Cole Credit | Cole Credit | Cole Credit | ||||||||||
Property Trust II, | Property Trust II, | Property Trust II, | ||||||||||
Program: | Inc. | Inc. | Inc. | |||||||||
Name, location, type of property | Kohl’s Tilton, NH Department Store | Lowe’s Tilton, NH Home Improvement | CVS Myrtle Beach, SC Drugstore | |||||||||
Gross leasable square footage | —(4 | ) | —(4 | ) | 11,970 | |||||||
Date of purchase | 3/27/09 | 3/27/09 | 3/27/09 | |||||||||
Mortgage financing at date of purchase | $ | 3,780,000 | $ | 12,960,000 | $ | 4,788,000 | ||||||
Cash down payment | 299,382 | 765,248 | 426,905 | |||||||||
Contract purchase price plus acquisition fee | 4,079,382 | 13,725,248 | 5,214,905 | |||||||||
Other cash expenditures expensed | 85,563 | 240,669 | 34,254 | |||||||||
Other cash expenditures capitalized | — | — | — | |||||||||
Total acquisition cost | $ | 4,164,945 | $ | 13,965,917 | $ | 5,249,159 | ||||||
Cole Credit | Cole Credit | Cole Credit | ||||||||||
Property Trust II, | Property Trust II, | Property Trust II, | ||||||||||
Program: | Inc. | Inc. | Inc. | |||||||||
Name, location, type of property | Walgreens Austin, MN Drugstore | Walgreens Canton, IL Drugstore | Walgreens Galloway, OH Drugstore | |||||||||
Gross leasable square footage | 14,820 | 14,490 | 14,560 | |||||||||
Date of purchase | 3/27/09 | 3/27/09 | 3/27/09 | |||||||||
Mortgage financing at date of purchase | $ | 3,531,000 | $ | 4,428,500 | $ | 4,250,000 | ||||||
Cash down payment | 199,004 | 510,026 | 596,022 | |||||||||
Contract purchase price plus acquisition fee | 3,730,004 | 4,938,526 | 4,846,022 | |||||||||
Other cash expenditures expensed | 29,241 | 31,968 | 35,594 | |||||||||
Other cash expenditures capitalized | — | — | — | |||||||||
Total acquisition cost | $ | 3,759,245 | $ | 4,970,494 | $ | 4,881,616 | ||||||
II-70
Table of Contents
Cole Credit | Cole Credit | Cole Credit | ||||||||||
Property Trust II, | Property Trust II, | Property Trust II, | ||||||||||
Program: | Inc. | Inc. | Inc. | |||||||||
Name, location, type of property | Walgreens Humble, TX Drugstore | Walgreens Memphis, TN Drugstore | Walgreens Parkville, MO Drugstore | |||||||||
Gross leasable square footage | 14,560 | 14,490 | 14,820 | |||||||||
Date of purchase | 3/27/09 | 3/27/09 | 3/27/09 | |||||||||
Mortgage financing at date of purchase | $ | 4,395,000 | $ | 5,058,000 | $ | 4,274,000 | ||||||
Cash down payment | 849,386 | 611,607 | 518,459 | |||||||||
Contract purchase price plus acquisition fee | 5,244,386 | 5,669,607 | 4,792,459 | |||||||||
Other cash expenditures expensed | 26,980 | 39,684 | 26,571 | |||||||||
Other cash expenditures capitalized | — | — | — | |||||||||
Total acquisition cost | $ | 5,271,366 | $ | 5,709,291 | $ | 4,819,030 | ||||||
Cole Credit | Cole Credit | Cole Credit | ||||||||||
Property Trust II, | Property Trust II, | Property Trust II, | ||||||||||
Program: | Inc. | Inc. | Inc. | |||||||||
Name, location, type of property | Walgreens San Antonio, TX Drugstore | Walgreens Toledo, OH Drugstore | CVS Maynard, MA Drugstore | |||||||||
Gross leasable square footage | 14,560 | 14,820 | 10,880 | |||||||||
Date of purchase | 3/27/09 | 3/27/09 | 3/31/09 | |||||||||
Mortgage financing at date of purchase | $ | 4,060,000 | $ | 5,400,000 | $ | 5,596,000 | ||||||
Cash down payment | 789,006 | 284,527 | 247,873 | |||||||||
Contract purchase price plus acquisition fee | 4,849,006 | 5,684,527 | 5,843,873 | |||||||||
Other cash expenditures expensed | 25,754 | 37,312 | 35,716 | |||||||||
Other cash expenditures capitalized | — | — | — | |||||||||
Total acquisition cost | $ | 4,874,760 | $ | 5,721,839 | $ | 5,879,589 | ||||||
Cole Credit | Cole Credit | Cole Credit | ||||||||||
Property Trust II, | Property Trust II, | Property Trust II, | ||||||||||
Program: | Inc. | Inc. | Inc. | |||||||||
Name, location, type of property | CVS Waynesville, NC Drugstore | Walgreens Antioch, TN Drugstore | Walgreens Decatur, IL Drugstore | |||||||||
Gross leasable square footage | 10,055 | 14,490 | 14,490 | |||||||||
Date of purchase | 3/31/09 | 3/31/09 | 3/31/09 | |||||||||
Mortgage financing at date of purchase | $ | 3,966,000 | $ | 4,425,000 | $ | 4,003,000 | ||||||
Cash down payment | 331,115 | 424,006 | 562,525 | |||||||||
Contract purchase price plus acquisition fee | 4,297,115 | 4,849,006 | 4,565,525 | |||||||||
Other cash expenditures expensed | 29,908 | 48,728 | 30,383 | |||||||||
Other cash expenditures capitalized | — | — | — | |||||||||
Total acquisition cost | $ | 4,327,023 | $ | 4,897,734 | $ | 4,595,908 | ||||||
II-71
Table of Contents
Cole Credit | Cole Credit | Cole Credit | ||||||||||
Property Trust II, | Property Trust II, | Property Trust II, | ||||||||||
Program: | Inc. | Inc. | Inc. | |||||||||
Name, location, type of property | Walgreens Long Beach, MS Drugstore | Walgreens Roselle, NJ Drugstore | Walgreens Saraland, AL Drugstore | |||||||||
Gross leasable square footage | 14,820 | 12,875 | 14,560 | |||||||||
Date of purchase | 3/31/09 | 3/31/09 | 3/31/09 | |||||||||
Mortgage financing at date of purchase | $ | 3,662,000 | $ | 5,742,000 | $ | 5,079,000 | ||||||
Cash down payment | 417,133 | 673,608 | 366,807 | |||||||||
Contract purchase price plus acquisition fee | 4,079,133 | 6,415,608 | 5,445,807 | |||||||||
Other cash expenditures expensed | 26,200 | 110,185 | 28,667 | |||||||||
Other cash expenditures capitalized | — | — | — | |||||||||
Total acquisition cost | $ | 4,105,333 | $ | 6,525,793 | $ | 5,474,474 | ||||||
Cole Credit | Cole Credit | Cole Credit | ||||||||||
Property Trust III, | Property Trust III, | Property Trust III, | ||||||||||
Program: | Inc. | Inc. | Inc. | |||||||||
Name, location, type of property | CVS(2) Fredericksburg, VA Drugstore | Walgreens(2) Indianapolis, IN Drugstore | Walgreens(2) Tulsa (S. Yale), OK Drugstore | |||||||||
Gross leasable square footage | 12,900 | 14,820 | 13,650 | |||||||||
Date of purchase | 1/6/09 | 1/6/09 | 1/6/09 | |||||||||
Mortgage financing at date of purchase | $ | 5,504,000 | $ | 5,625,000 | $ | 3,512,000 | ||||||
Cash down payment | 734,861 | 750,000 | 468,040 | |||||||||
Contract purchase price plus acquisition fee | 6,238,861 | 6,375,000 | 3,980,040 | |||||||||
Other cash expenditures expensed | 115,852 | 31,054 | 21,365 | |||||||||
Other cash expenditures capitalized | — | — | — | |||||||||
Total acquisition cost | $ | 6,354,713 | $ | 6,406,054 | $ | 4,001,405 | ||||||
Cole Credit | Cole Credit | Cole Credit | ||||||||||
Property Trust III, | Property Trust III, | Property Trust III, | ||||||||||
Program: | Inc. | Inc. | Inc. | |||||||||
Name, location, type of property | Kohl’s(2) Burnsville, MN Department Store | Walgreens(2) Fredericksburg, VA Drugstore | Sam’s Club(2) Hoover, AL Warehouse | |||||||||
Gross leasable square footage | 101,346 | 14,820 | 115,347 | |||||||||
Date of purchase | 1/9/09 | 1/9/09 | 1/15/09 | |||||||||
Mortgage financing at date of purchase | $ | 9,310,000 | $ | 6,560,000 | $ | 11,070,000 | ||||||
Cash down payment | 1,241,900 | 875,047 | 1,476,000 | |||||||||
Contract purchase price plus acquisition fee | 10,551,900 | 7,435,047 | 12,546,000 | |||||||||
Other cash expenditures expensed | 22,080 | 132,900 | 107,454 | |||||||||
Other cash expenditures capitalized | — | — | — | |||||||||
Total acquisition cost | $ | 10,573,980 | $ | 7,567,947 | $ | 12,653,454 | ||||||
II-72
Table of Contents
Cole Credit | Cole Credit | Cole Credit | ||||||||||
Property Trust III, | Property Trust III, | Property Trust III, | ||||||||||
Program: | Inc. | Inc. | Inc. | |||||||||
Name, location, type of property | Lowe’s Las Vegas, NV Home Improvement | Wal-Mart Las Vegas, NV Discount Retail | Wal-Mart Albuquerque, NM Discount Retail | |||||||||
Gross leasable square footage | —(4 | ) | —(4 | ) | —(4 | ) | ||||||
Date of purchase | 3/31/09 | 3/31/09 | 3/31/09 | |||||||||
Mortgage financing at date of purchase | $ | — | $ | — | $ | — | ||||||
Cash down payment | 10,954,800 | 15,060,300 | 18,416,100 | |||||||||
Contract purchase price plus acquisition fee | 10,954,800 | 15,060,300 | 18,416,100 | |||||||||
Other cash expenditures expensed | 17,639 | 48,935 | 55,309 | |||||||||
Other cash expenditures capitalized | — | — | — | |||||||||
Total acquisition cost | $ | 10,972,439 | $ | 15,109,235 | $ | 18,471,409 | ||||||
Cole Credit | Cole Credit | Cole Credit | ||||||||||
Property Trust III, | Property Trust III, | Property Trust III, | ||||||||||
Program: | Inc. | Inc. | Inc. | |||||||||
Name, location, type of property | Home Depot Las Vegas, NV Home Improvement | Home Depot Odessa, TX Home Improvement | Home Depot San Diego, CA Home Improvement | |||||||||
Gross leasable square footage | —(4 | ) | —(4 | ) | —(4 | ) | ||||||
Date of purchase | 4/15/09 | 4/15/09 | 4/15/09 | |||||||||
Mortgage financing at date of purchase | $ | — | $ | — | $ | — | ||||||
Cash down payment | 8,544,802 | 9,444,938 | 12,599,724 | |||||||||
Contract purchase price plus acquisition fee | 8,544,802 | 9,444,938 | 12,599,724 | |||||||||
Other cash expenditures expensed | 54,958 | 62,326 | 55,125 | |||||||||
Other cash expenditures capitalized | — | — | — | |||||||||
Total acquisition cost | $ | 8,599,760 | $ | 9,507,264 | $ | 12,654,849 | ||||||
Cole Credit | Cole Credit | Cole Credit | ||||||||||
Property Trust III, | Property Trust III, | Property Trust III, | ||||||||||
Program: | Inc. | Inc. | Inc. | |||||||||
Name, location, type of property | Home Depot San Jose, CA Home Improvement | Walgreens Dunkirk, NY Drugstore | Aaron’s Rents Humble, TX Specialty Retail | |||||||||
Gross leasable square footage | —(4 | ) | 13,650 | 8,000 | ||||||||
Date of purchase | 4/15/09 | 5/29/09 | 5/29/09 | |||||||||
Mortgage financing at date of purchase | $ | — | $ | — | $ | — | ||||||
Cash down payment | 8,187,190 | 3,937,971 | 1,412,700 | |||||||||
Contract purchase price plus acquisition fee | 8,187,190 | 3,937,971 | 1,412,700 | |||||||||
Other cash expenditures expensed | 54,441 | 33,273 | 18,647 | |||||||||
Other cash expenditures capitalized | — | — | — | |||||||||
Total acquisition cost | $ | 8,241,631 | $ | 3,971,244 | $ | 1,431,347 | ||||||
II-73
Table of Contents
Cole Credit | Cole Credit | Cole Credit | ||||||||||
Property Trust III, | Property Trust III, | Property Trust III, | ||||||||||
Program: | Inc. | Inc. | Inc. | |||||||||
Name, location, type of property | Aaron’s Rents Indianapolis, IN Specialty Retail | Aaron’s Rents Meadville, PA Specialty Retail | Aaron’s Rents Mexia, TX Specialty Retail | |||||||||
Gross leasable square footage | 7,667 | 11,988 | 8,000 | |||||||||
Date of purchase | 5/29/09 | 5/29/09 | 5/29/09 | |||||||||
Mortgage financing at date of purchase | $ | — | $ | — | $ | — | ||||||
Cash down payment | 998,580 | 1,158,720 | 1,096,500 | |||||||||
Contract purchase price plus acquisition fee | 998,580 | 1,158,720 | 1,096,500 | |||||||||
Other cash expenditures expensed | 22,055 | 33,218 | 17,744 | |||||||||
Other cash expenditures capitalized | — | — | — | |||||||||
Total acquisition cost | $ | 1,020,635 | $ | 1,191,938 | $ | 1,114,244 | ||||||
Cole Credit | Cole Credit | Cole Credit | ||||||||||
Property Trust III, | Property Trust III, | Property Trust III, | ||||||||||
Program: | Inc. | Inc. | Inc. | |||||||||
Name, location, type of property | Aaron’s Rents Minden, LA Specialty Retail | Aaron’s Rents Odessa, TX Specialty Retail | Aaron’s Rents Oxford, AL Specialty Retail | |||||||||
Gross leasable square footage | 8,000 | 6,240 | 7,480 | |||||||||
Date of purchase | 5/29/09 | 5/29/09 | 5/29/09 | |||||||||
Mortgage financing at date of purchase | $ | — | $ | — | $ | — | ||||||
Cash down payment | 1,377,000 | 748,680 | 758,880 | |||||||||
Contract purchase price plus acquisition fee | 1,377,000 | 748,680 | 758,880 | |||||||||
Other cash expenditures expensed | 20,243 | 17,006 | 19,294 | |||||||||
Other cash expenditures capitalized | — | — | — | |||||||||
Total acquisition cost | $ | 1,397,243 | $ | 765,686 | $ | 778,174 | ||||||
Cole Credit | Cole Credit | Cole Credit | ||||||||||
Property Trust III, | Property Trust III, | Property Trust III, | ||||||||||
Program: | Inc. | Inc. | Inc. | |||||||||
Name, location, type of property | Aaron’s Rents Shawnee, OK Specialty Retail | Aaron’s Rents Battle Creek, MI Specialty Retail | Aaron’s Rents Chattanooga, TN Specialty Retail | |||||||||
Gross leasable square footage | 8,000 | 8,400 | 11,368 | |||||||||
Date of purchase | 5/29/09 | 6/18/09 | 6/18/09 | |||||||||
Mortgage financing at date of purchase | $ | — | $ | — | $ | — | ||||||
Cash down payment | 1,250,520 | 954,720 | 1,052,640 | |||||||||
Contract purchase price plus acquisition fee | 1,250,520 | 954,720 | 1,052,640 | |||||||||
Other cash expenditures expensed | 19,563 | 19,883 | 20,711 | |||||||||
Other cash expenditures capitalized | — | — | — | |||||||||
Total acquisition cost | $ | 1,270,083 | $ | 974,603 | $ | 1,073,351 | ||||||
II-74
Table of Contents
Cole Credit | Cole Credit | Cole Credit | ||||||||||
Property Trust III, | Property Trust III, | Property Trust III, | ||||||||||
Program: | Inc. | Inc. | Inc. | |||||||||
Name, location, type of property | Aaron’s Rents Columbia, SC Specialty Retail | Aaron’s Rents Mansura, LA Specialty Retail | Aaron’s Rents Statesboro, GA Specialty Retail | |||||||||
Gross leasable square footage | 12,516 | 7,207 | 8,050 | |||||||||
Date of purchase | 6/18/09 | 6/18/09 | 6/18/09 | |||||||||
Mortgage financing at date of purchase | $ | — | $ | — | $ | — | ||||||
Cash down payment | 1,207,680 | 539,580 | 1,248,480 | |||||||||
Contract purchase price plus acquisition fee | 1,207,680 | 539,580 | 1,248,480 | |||||||||
Other cash expenditures expensed | 17,871 | 19,192 | 17,484 | |||||||||
Other cash expenditures capitalized | — | — | — | |||||||||
Total acquisition cost | $ | 1,225,551 | $ | 558,772 | $ | 1,265,964 | ||||||
Cole Credit | Cole Credit | Cole Credit | ||||||||||
Property Trust III, | Property Trust III, | Property Trust III, | ||||||||||
Program: | Inc. | Inc. | Inc. | |||||||||
Name, location, type of property | Aaron’s Rents Pasadena, TX Specialty Retail | Aaron’s Rents Killeen, TX Specialty Retail | Aaron’s Rents Livingston, TX Specialty Retail | |||||||||
Gross leasable square footage | 8,000 | 37,500 | 10,000 | |||||||||
Date of purchase | 6/18/09 | 6/18/09 | 6/18/09 | |||||||||
Mortgage financing at date of purchase | $ | — | $ | — | $ | — | ||||||
Cash down payment | 1,410,660 | 3,333,360 | 1,401,480 | |||||||||
Contract purchase price plus acquisition fee | 1,410,660 | 3,333,360 | 1,401,480 | |||||||||
Other cash expenditures expensed | 18,082 | 21,395 | 18,173 | |||||||||
Other cash expenditures capitalized | — | — | — | |||||||||
Total acquisition cost | $ | 1,428,742 | $ | 3,354,755 | $ | 1,419,653 | ||||||
Cole Credit | Cole Credit | Cole Credit | ||||||||||
Property Trust III, | Property Trust III, | Property Trust III, | ||||||||||
Program: | Inc. | Inc. | Inc. | |||||||||
Name, location, type of property | Academy Sports Bossier City, LA Sporting Goods | Academy Sports Laredo, TX Sporting Goods | Academy Sports Montgomery, AL Sporting Goods | |||||||||
Gross leasable square footage | 89,929 | 86,000 | 76,786 | |||||||||
Date of purchase | 6/19/09 | 6/19/09 | 6/19/09 | |||||||||
Mortgage financing at date of purchase | $ | — | $ | — | $ | — | ||||||
Cash down payment | 8,670,000 | 9,078,000 | 9,588,000 | |||||||||
Contract purchase price plus acquisition fee | 8,670,000 | 9,078,000 | 9,588,000 | |||||||||
Other cash expenditures expensed | 30,810 | 28,182 | 22,860 | |||||||||
Other cash expenditures capitalized | — | — | — | |||||||||
Total acquisition cost | $ | 8,700,810 | $ | 9,106,182 | $ | 9,610,860 | ||||||
II-75
Table of Contents
Cole Credit | Cole Credit | Cole Credit | ||||||||||
Property Trust III, | Property Trust III, | Property Trust III, | ||||||||||
Program: | Inc. | Inc. | Inc. | |||||||||
Name, location, type of property | Academy Sports Fort Worth, TX Sporting Goods | Cracker Barrel Fort Mill, SC Restaurant | Cracker Barrel Piedmont, SC Restaurant | |||||||||
Gross leasable square footage | 83,741 | 10,179 | 10,170 | |||||||||
Date of purchase | 6/19/09 | 6/30/09 | 6/30/09 | |||||||||
Mortgage financing at date of purchase | $ | — | $ | — | $ | — | ||||||
Cash down payment | 7,752,000 | 3,135,834 | 3,533,001 | |||||||||
Contract purchase price plus acquisition fee | 7,752,000 | 3,135,834 | 3,533,001 | |||||||||
Other cash expenditures expensed | 26,785 | 6,269 | 6,405 | |||||||||
Other cash expenditures capitalized | — | — | — | |||||||||
Total acquisition cost | $ | 7,778,785 | $ | 3,142,103 | $ | 3,539,406 | ||||||
Cole Credit | Cole Credit | Cole Credit | ||||||||||
Property Trust III, | Property Trust III, | Property Trust III, | ||||||||||
Program: | Inc. | Inc. | Inc. | |||||||||
Name, location, type of property | Cracker Barrel Rocky Mount, NC Restaurant | Cracker Barrel Greensboro, NC Restaurant | Cracker Barrel Mebane, NC Restaurant | |||||||||
Gross leasable square footage | 10,097 | 10,170 | 9,984 | |||||||||
Date of purchase | 6/30/09 | 6/30/09 | 6/30/09 | |||||||||
Mortgage financing at date of purchase | $ | — | $ | — | $ | — | ||||||
Cash down payment | 2,842,812 | 3,125,730 | 2,702,796 | |||||||||
Contract purchase price plus acquisition fee | 2,842,812 | 3,125,730 | 2,702,796 | |||||||||
Other cash expenditures expensed | 6,188 | 6,285 | 6,690 | |||||||||
Other cash expenditures capitalized | — | — | — | |||||||||
Total acquisition cost | $ | 2,849,000 | $ | 3,132,015 | $ | 2,709,486 | ||||||
Cole Credit | Cole Credit | Cole Credit | ||||||||||
Property Trust III, | Property Trust III, | Property Trust III, | ||||||||||
Program: | Inc. | Inc. | Inc. | |||||||||
Name, location, type of property | Cracker Barrel Braselton, GA Restaurant | Cracker Barrel Bremen, GA Restaurant | Cracker Barrel Waynesboro, VA Restaurant | |||||||||
Gross leasable square footage | 10,101 | 10,141 | 10,041 | |||||||||
Date of purchase | 6/30/09 | 6/30/09 | 6/30/09 | |||||||||
Mortgage financing at date of purchase | $ | — | $ | — | $ | — | ||||||
Cash down payment | 3,155,867 | 2,883,417 | 3,248,630 | |||||||||
Contract purchase price plus acquisition fee | 3,155,867 | 2,883,417 | 3,248,630 | |||||||||
Other cash expenditures expensed | 6,094 | 6,000 | 6,688 | |||||||||
Other cash expenditures capitalized | — | — | — | |||||||||
Total acquisition cost | $ | 3,161,961 | $ | 2,889,417 | $ | 3,255,318 | ||||||
II-76
Table of Contents
Cole Credit | Cole Credit | Cole Credit | ||||||||||
Property Trust III, | Property Trust III, | Property Trust III, | ||||||||||
Program: | Inc. | Inc. | Inc. | |||||||||
Name, location, type of property | Cracker Barrel Woodstock, VA Restaurant | Cracker Barrel Bristol, VA Restaurant | Cracker Barrel Emporia, VA Restaurant | |||||||||
Gross leasable square footage | 10,161 | 10,182 | 10,024 | |||||||||
Date of purchase | 6/30/09 | 6/30/09 | 6/30/09 | |||||||||
Mortgage financing at date of purchase | $ | — | $ | — | $ | — | ||||||
Cash down payment | 2,646,694 | 2,719,791 | 2,769,534 | |||||||||
Contract purchase price plus acquisition fee | 2,646,694 | 2,719,791 | 2,769,534 | |||||||||
Other cash expenditures expensed | 5,932 | 5,957 | 6,524 | |||||||||
Other cash expenditures capitalized | — | — | — | |||||||||
Total acquisition cost | $ | 2,652,626 | $ | 2,725,748 | $ | 2,776,058 | ||||||
Cole Credit | Cole Credit | Cole Credit | ||||||||||
Property Trust III, | Property Trust III, | Property Trust III, | ||||||||||
Program: | Inc. | Inc. | Inc. | |||||||||
Name, location, type of property | Cracker Barrel Abilene, TX Restaurant | Cracker Barrel San Antonio, TX Restaurant | Cracker Barrel Sherman, TX Restaurant | |||||||||
Gross leasable square footage | 10,101 | 9,984 | 10,158 | |||||||||
Date of purchase | 6/30/09 | 6/30/09 | 6/30/09 | |||||||||
Mortgage financing at date of purchase | $ | — | $ | — | $ | — | ||||||
Cash down payment | 3,421,986 | 3,461,928 | 3,345,326 | |||||||||
Contract purchase price plus acquisition fee | 3,421,986 | 3,461,928 | 3,345,326 | |||||||||
Other cash expenditures expensed | 8,603 | 8,646 | 8,521 | |||||||||
Other cash expenditures capitalized | — | — | — | |||||||||
Total acquisition cost | $ | 3,430,589 | $ | 3,470,574 | $ | 3,353,847 | ||||||
Cole Credit | Cole Credit | Cole Credit | ||||||||||
Property Trust III, | Property Trust III, | Property Trust III, | ||||||||||
Program: | Inc. | Inc. | Inc. | |||||||||
Name, location, type of property | Aaron’s Rents Benton Harbor, MI Specialty Retail | Aaron’s Rents Richmond, VA Specialty Retail | Aaron’s Rents Pensacola, FL Specialty Retail | |||||||||
Gross leasable square footage | 6,745 | 11,616 | 8,398 | |||||||||
Date of purchase | 6/30/09 | 6/30/09 | 6/30/09 | |||||||||
Mortgage financing at date of purchase | $ | — | $ | — | $ | — | ||||||
Cash down payment | 987,360 | 1,759,500 | 841,500 | |||||||||
Contract purchase price plus acquisition fee | 987,360 | 1,759,500 | 841,500 | |||||||||
Other cash expenditures expensed | 32,745 | 39,861 | 33,906 | |||||||||
Other cash expenditures capitalized | — | — | — | |||||||||
Total acquisition cost | $ | 1,020,105 | $ | 1,799,361 | $ | 875,406 | ||||||
II-77
Table of Contents
Cole Credit | Cole Credit | Cole Credit | ||||||||||
Property Trust III, | Property Trust III, | Property Trust III, | ||||||||||
Program: | Inc. | Inc. | Inc. | |||||||||
Name, location, type of property | Aaron’s Rents El Dorado, AR Specialty Retail | Aaron’s Rents Copperas Cove, TX Specialty Retail | Aaron’s Rents Port Lavaca, TX Specialty Retail | |||||||||
Gross leasable square footage | 4,860 | 11,387 | 8,000 | |||||||||
Date of purchase | 6/30/09 | 6/30/09 | 6/30/09 | |||||||||
Mortgage financing at date of purchase | $ | — | $ | — | $ | — | ||||||
Cash down payment | 898,620 | 1,447,396 | 1,218,900 | |||||||||
Contract purchase price plus acquisition fee | 898,620 | 1,447,396 | 1,218,900 | |||||||||
Other cash expenditures expensed | 21,279 | 20,549 | 20,284 | |||||||||
Other cash expenditures capitalized | — | — | — | |||||||||
Total acquisition cost | $ | 919,899 | $ | 1,467,945 | $ | 1,239,184 | ||||||
Cole Credit | Cole Credit | Cole Credit | ||||||||||
Property Trust III, | Property Trust III, | Property Trust III, | ||||||||||
Program: | Inc. | Inc. | Inc. | |||||||||
Name, location, type of property | Aaron’s Rents Haltom City, TX Specialty Retail | L.A. Fitness Carmel, IN Fitness | Kohl’s Tavares, FL Department Store | |||||||||
Gross leasable square footage | 10,000 | 45,000 | —(4 | ) | ||||||||
Date of purchase | 6/30/09 | 6/30/09 | 6/30/09 | |||||||||
Mortgage financing at date of purchase | $ | — | $ | — | $ | — | ||||||
Cash down payment | 1,653,420 | 8,275,909 | 8,636,340 | |||||||||
Contract purchase price plus acquisition fee | 1,653,420 | 8,275,909 | 8,636,340 | |||||||||
Other cash expenditures expensed | 32,802 | 33,093 | 30,194 | |||||||||
Other cash expenditures capitalized | — | — | — | |||||||||
Total acquisition cost | $ | 1,686,222 | $ | 8,309,002 | $ | 8,666,534 | ||||||
Cole Credit | Cole Credit | Cole Credit | ||||||||||
Property Trust III, | Property Trust III, | Property Trust III, | ||||||||||
Program: | Inc. | Inc. | Inc. | |||||||||
Name, location, type of property | HH Gregg N. Charleston, SC Consumer Electronics | Walgreens Edmond, OK Drugstore | Cracker Barrel Columbus, GA Restaurant | |||||||||
Gross leasable square footage | 30,167 | 13,905 | 10,000 | |||||||||
Date of purchase | 7/2/09 | 7/7/09 | 7/15/09 | |||||||||
Mortgage financing at date of purchase | $ | — | $ | — | $ | — | ||||||
Cash down payment | 5,704,860 | 4,174,860 | 3,092,978 | |||||||||
Contract purchase price plus acquisition fee | 5,704,860 | 4,174,860 | 3,092,978 | |||||||||
Other cash expenditures expensed | 25,838 | 26,957 | 6,059 | |||||||||
Other cash expenditures capitalized | — | — | — | |||||||||
Total acquisition cost | $ | 5,730,698 | $ | 4,201,817 | $ | 3,099,037 | ||||||
II-78
Table of Contents
Cole Credit | Cole Credit | Cole Credit | ||||||||||
Property Trust III, | Property Trust III, | Property Trust III, | ||||||||||
Program: | Inc. | Inc. | Inc. | |||||||||
Name, location, type of property | Walgreens Stillwater, OK Drugstore | Kohl’s Port Orange, FL Department Store | Walgreens Denton, TX Drugstore | |||||||||
Gross leasable square footage | 15,120 | —(4 | ) | 14,820 | ||||||||
Date of purchase | 7/21/09 | 7/23/09 | 7/24/09 | |||||||||
Mortgage financing at date of purchase | $ | — | $ | — | $ | — | ||||||
Cash down payment | 4,031,040 | 9,953,160 | 4,539,000 | |||||||||
Contract purchase price plus acquisition fee | 4,031,040 | 9,953,160 | 4,539,000 | |||||||||
Other cash expenditures expensed | 26,732 | 29,048 | 26,470 | |||||||||
Other cash expenditures capitalized | — | — | — | |||||||||
Total acquisition cost | $ | 4,057,772 | $ | 9,982,208 | $ | 4,565,470 | ||||||
Cole Credit | Cole Credit | Cole Credit | ||||||||||
Property Trust III, | Property Trust III, | Property Trust III, | ||||||||||
Program: | Inc. | Inc. | Inc. | |||||||||
Name, location, type of property | Tractor Supply Roswell, NM Specialty Retail | Tractor Supply Edinburg, TX Specialty Retail | Tractor Supply Del Rio, TX Specialty Retail | |||||||||
Gross leasable square footage | 19,097 | 18,800 | 19,097 | |||||||||
Date of purchase | 7/27/09 | 7/27/09 | 7/27/09 | |||||||||
Mortgage financing at date of purchase | $ | — | $ | — | $ | — | ||||||
Cash down payment | 2,729,520 | 3,152,820 | 2,427,600 | |||||||||
Contract purchase price plus acquisition fee | 2,729,520 | 3,152,820 | 2,427,600 | |||||||||
Other cash expenditures expensed | 19,181 | 19,852 | 19,065 | |||||||||
Other cash expenditures capitalized | — | — | — | |||||||||
Total acquisition cost | $ | 2,748,701 | $ | 3,172,672 | $ | 2,446,665 | ||||||
Cole Credit | Cole Credit | Cole Credit | ||||||||||
Property Trust III, | Property Trust III, | Property Trust III, | ||||||||||
Program: | Inc. | Inc. | Inc. | |||||||||
Name, location, type of property | Kohl’s Monrovia, CA Department Store | Kohl’s Rancho Cordova, CA Department Store | Harris Teeter Durham, NC Grocery | |||||||||
Gross leasable square footage | 76,804 | 76,158 | —(4 | ) | ||||||||
Date of purchase | 7/30/09 | 7/30/09 | 7/31/09 | |||||||||
Mortgage financing at date of purchase | $ | — | $ | — | $ | — | ||||||
Cash down payment | 13,150,860 | 7,428,660 | 3,309,900 | |||||||||
Contract purchase price plus acquisition fee | 13,150,860 | 7,428,660 | 3,309,900 | |||||||||
Other cash expenditures expensed | 31,415 | 27,960 | 32,484 | |||||||||
Other cash expenditures capitalized | — | — | — | |||||||||
Total acquisition cost | $ | 13,182,275 | $ | 7,456,620 | $ | 3,342,384 | ||||||
II-79
Table of Contents
Cole Credit | Cole Credit | Cole Credit | ||||||||||
Property Trust III, | Property Trust III, | Property Trust III, | ||||||||||
Program: | Inc. | Inc. | Inc. | |||||||||
Name, location, type of property | CVS Southaven, MS Drugstore | CVS Oak Forest, IL Drugstore | CVS Noblesville, IN Drugstore | |||||||||
Gross leasable square footage | 13,225 | 13,225 | 12,900 | |||||||||
Date of purchase | 7/31/09 | 8/13/09 | 8/13/09 | |||||||||
Mortgage financing at date of purchase | $ | — | $ | — | $ | — | ||||||
Cash down payment | 5,414,832 | 4,710,714 | 6,219,198 | |||||||||
Contract purchase price plus acquisition fee | 5,414,832 | 4,710,714 | 6,219,198 | |||||||||
Other cash expenditures expensed | 25,113 | 21,111 | 20,517 | |||||||||
Other cash expenditures capitalized | — | — | — | |||||||||
Total acquisition cost | $ | 5,439,945 | $ | 4,731,825 | $ | 6,239,715 | ||||||
Cole Credit | Cole Credit | Cole Credit | ||||||||||
Property Trust III, | Property Trust III, | Property Trust III, | ||||||||||
Program: | Inc. | Inc. | Inc. | |||||||||
Name, location, type of property | CVS Liberty, MO Drugstore | CVS Sparks, NV Drugstore | CVS Edinburg, TX Drugstore | |||||||||
Gross leasable square footage | 12,900 | 13,625 | 13,204 | |||||||||
Date of purchase | 8/13/09 | 8/13/09 | 8/13/09 | |||||||||
Mortgage financing at date of purchase | $ | — | $ | — | $ | — | ||||||
Cash down payment | 5,086,902 | 5,939,236 | 3,977,019 | |||||||||
Contract purchase price plus acquisition fee | 5,086,902 | 5,939,236 | 3,977,019 | |||||||||
Other cash expenditures expensed | 18,703 | 24,454 | 24,842 | |||||||||
Other cash expenditures capitalized | — | — | — | |||||||||
Total acquisition cost | $ | 5,105,605 | $ | 5,963,690 | $ | 4,001,861 | ||||||
Cole Credit | Cole Credit | Cole Credit | ||||||||||
Property Trust III, | Property Trust III, | Property Trust III, | ||||||||||
Program: | Inc. | Inc. | Inc. | |||||||||
Name, location, type of property | CVS McAllen, TX Drugstore | CVS Newport News, VA Drugstore | CVS Virginia Beach, VA Drugstore | |||||||||
Gross leasable square footage | 13,225 | 13,225 | 13,225 | |||||||||
Date of purchase | 8/13/09 | 8/13/09 | 8/13/09 | |||||||||
Mortgage financing at date of purchase | $ | — | $ | — | $ | — | ||||||
Cash down payment | 4,595,363 | 5,182,129 | 6,082,542 | |||||||||
Contract purchase price plus acquisition fee | 4,595,363 | 5,182,129 | 6,082,542 | |||||||||
Other cash expenditures expensed | 26,066 | 25,626 | 27,259 | |||||||||
Other cash expenditures capitalized | — | — | — | |||||||||
Total acquisition cost | $ | 4,621,429 | $ | 5,207,755 | $ | 6,109,801 | ||||||
II-80
Table of Contents
Cole Credit | Cole Credit | Cole Credit | ||||||||||
Property Trust III, | Property Trust III, | Property Trust III, | ||||||||||
Program: | Inc. | Inc. | Inc. | |||||||||
Name, location, type of property | CVS Raymore, MO Drugstore | CVS Kyle, TX Drugstore | CVS Thomasville, NC Drugstore | |||||||||
Gross leasable square footage | 12,900 | 13,225 | 13,225 | |||||||||
Date of purchase | 8/14/09 | 8/14/09 | 8/14/09 | |||||||||
Mortgage financing at date of purchase | $ | — | $ | — | $ | — | ||||||
Cash down payment | 4,806,240 | 4,182,000 | 3,353,760 | |||||||||
Contract purchase price plus acquisition fee | 4,806,240 | 4,182,000 | 3,353,760 | |||||||||
Other cash expenditures expensed | 13,877 | 20,394 | 13,760 | |||||||||
Other cash expenditures capitalized | — | — | — | |||||||||
Total acquisition cost | $ | 4,820,117 | $ | 4,202,394 | $ | 3,367,520 | ||||||
Cole Credit | Cole Credit | Cole Credit | ||||||||||
Property Trust III, | Property Trust III, | Property Trust III, | ||||||||||
Program: | Inc. | Inc. | Inc. | |||||||||
Name, location, type of property | Aaron’s Rents Texas City, TX Specialty Retail | Best Buy Bourbonnais, IL Consumer Electronics | Best Buy Coral Springs, FL Consumer Electronics | |||||||||
Gross leasable square footage | 11,943 | 46,996 | 52,550 | |||||||||
Date of purchase | 8/31/09 | 8/31/09 | 8/31/09 | |||||||||
Mortgage financing at date of purchase | $ | — | $ | — | $ | — | ||||||
Cash down payment | 2,032,860 | 6,154,354 | 6,364,248 | |||||||||
Contract purchase price plus acquisition fee | 2,032,860 | 6,154,354 | 6,364,248 | |||||||||
Other cash expenditures expensed | 10,555 | 31,360 | 28,870 | |||||||||
Other cash expenditures capitalized | — | — | — | |||||||||
Total acquisition cost | $ | 2,043,415 | $ | 6,185,714 | $ | 6,393,118 | ||||||
Cole Credit | Cole Credit | Cole Credit | ||||||||||
Property Trust III, | Property Trust III, | Property Trust III, | ||||||||||
Program: | Inc. | Inc. | Inc. | |||||||||
Name, location, type of property | Best Buy Lakewood, CO Consumer Electronics | Walgreens Nampa, ID Drugstore | CVS Lee’s Summit, MO Drugstore | |||||||||
Gross leasable square footage | 45,976 | 14,490 | 12,900 | |||||||||
Date of purchase | 8/31/09 | 9/18/09 | 9/29/09 | |||||||||
Mortgage financing at date of purchase | $ | — | $ | — | $ | — | ||||||
Cash down payment | 8,429,094 | 4,462,500 | 4,465,560 | |||||||||
Contract purchase price plus acquisition fee | 8,429,094 | 4,462,500 | 4,465,560 | |||||||||
Other cash expenditures expensed | 34,287 | 29,704 | 15,401 | |||||||||
Other cash expenditures capitalized | — | — | — | |||||||||
Total acquisition cost | $ | 8,463,381 | $ | 4,492,204 | $ | 4,480,961 | ||||||
II-81
Table of Contents
Cole Credit | Cole Credit | Cole Credit | ||||||||||
Property Trust III, | Property Trust III, | Property Trust III, | ||||||||||
Program: | Inc. | Inc. | Inc. | |||||||||
Name, location, type of property | Walgreens Grand Junction, CO Drugstore | Walgreens McPherson, KS Drugstore | Walgreens St. George, UT Drugstore | |||||||||
Gross leasable square footage | 14,490 | 13,650 | 14,490 | |||||||||
Date of purchase | 9/30/09 | 9/30/09 | 9/30/09 | |||||||||
Mortgage financing at date of purchase | $ | — | $ | — | $ | — | ||||||
Cash down payment | 4,488,000 | 4,092,240 | 6,528,000 | |||||||||
Contract purchase price plus acquisition fee | 4,488,000 | 4,092,240 | 6,528,000 | |||||||||
Other cash expenditures expensed | 25,157 | 15,460 | 27,063 | |||||||||
Other cash expenditures capitalized | — | — | — | |||||||||
Total acquisition cost | $ | 4,513,157 | $ | 4,107,700 | $ | 6,555,063 | ||||||
Cole Credit | Cole Credit | Cole Credit | ||||||||||
Property Trust III, | Property Trust III, | Property Trust III, | ||||||||||
Program: | Inc. | Inc. | Inc. | |||||||||
Name, location, type of property | Walgreens Houston (Quitman), TX Drugstore | Walgreens Spearfish, SD Drugstore | Walgreens Papillion, NE Drugstore | |||||||||
Gross leasable square footage | 13,650 | 14,820 | 14,820 | |||||||||
Date of purchase | 9/30/09 | 10/6/09 | 10/6/09 | |||||||||
Mortgage financing at date of purchase | $ | — | $ | — | $ | — | ||||||
Cash down payment | 5,948,903 | 4,972,500 | 4,217,700 | |||||||||
Contract purchase price plus acquisition fee | 5,948,903 | 4,972,500 | 4,217,700 | |||||||||
Other cash expenditures expensed | 25,311 | 30,998 | 22,587 | |||||||||
Other cash expenditures capitalized | — | — | — | |||||||||
Total acquisition cost | $ | 5,974,214 | $ | 5,003,498 | $ | 4,240,287 | ||||||
Cole Credit | Cole Credit | Cole Credit | ||||||||||
Property Trust III, | Property Trust III, | Property Trust III, | ||||||||||
Program: | Inc. | Inc. | Inc. | |||||||||
Name, location, type of property | Walgreens Chickasha, OK Drugstore | Tractor Supply Irmo, SC Specialty Retail | Walgreens Warner Robins, GA Drugstore | |||||||||
Gross leasable square footage | 14,820 | 19,097 | 14,820 | |||||||||
Date of purchase | 10/14/09 | 10/15/09 | 10/20/09 | |||||||||
Mortgage financing at date of purchase | $ | — | $ | — | $ | — | ||||||
Cash down payment | 4,117,740 | 2,550,000 | 4,080,000 | |||||||||
Contract purchase price plus acquisition fee | 4,117,740 | 2,550,000 | 4,080,000 | |||||||||
Other cash expenditures expensed | 22,082 | 28,442 | 17,748 | |||||||||
Other cash expenditures capitalized | — | — | — | |||||||||
Total acquisition cost | $ | 4,139,822 | $ | 2,578,442 | $ | 4,097,748 | ||||||
II-82
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Cole Credit | Cole Credit | Cole Credit | ||||||||||
Property Trust III, | Property Trust III, | Property Trust III, | ||||||||||
Program: | Inc. | Inc. | Inc. | |||||||||
Name, location, type of property | Home Depot Winchester, VA Home Improvement | Home Depot Tucson, AZ Home Improvement | Walgreens Goose Creek, SC Drugstore | |||||||||
Gross leasable square footage | 465,600 | — | (4) | 14,820 | ||||||||
Date of purchase | 10/21/09 | 10/21/09 | 10/29/09 | |||||||||
Mortgage financing at date of purchase | $ | — | $ | — | $ | — | ||||||
Cash down payment | 29,172,000 | 11,566,800 | 5,253,000 | |||||||||
Contract purchase price plus acquisition fee | 29,172,000 | 11,566,800 | 5,253,000 | |||||||||
Other cash expenditures expensed | 61,414 | 31,956 | 35,145 | |||||||||
Other cash expenditures capitalized | — | — | — | |||||||||
Total acquisition cost | $ | 29,233,414 | $ | 11,598,756 | $ | 5,288,145 | ||||||
Cole Credit | Cole Credit | Cole Credit | ||||||||||
Property Trust III, | Property Trust III, | Property Trust III, | ||||||||||
Program: | Inc. | Inc. | Inc. | |||||||||
Name, location, type of property | L.A. Fitness Glendale, AZ Fitness | Staples Iowa City, IA Office Supply | University Plaza Flagstaff, AZ Shopping Center | |||||||||
Gross leasable square footage | 38,000 | 18,049 | 163,620 | |||||||||
Date of purchase | 10/30/09 | 11/13/09 | 11/17/09 | |||||||||
Mortgage financing at date of purchase | $ | — | $ | — | $ | — | ||||||
Cash down payment | 6,528,000 | 4,263,600 | 17,508,300 | |||||||||
Contract purchase price plus acquisition fee | 6,528,000 | 4,263,600 | 17,508,300 | |||||||||
Other cash expenditures expensed | 23,668 | 22,885 | 100,027 | |||||||||
Other cash expenditures capitalized | — | — | — | |||||||||
Total acquisition cost | $ | 6,551,668 | $ | 4,286,485 | $ | 17,608,327 | ||||||
Cole Credit | Cole Credit | Cole Credit | ||||||||||
Property Trust III, | Property Trust III, | Property Trust III, | ||||||||||
Program: | Inc. | Inc. | Inc. | |||||||||
Name, location, type of property | Walgreens South Bend, IN Drugstore | Lowe’s Kansas City, MO Home Improvement | L.A. Fitness Spring, TX Fitness | |||||||||
Gross leasable square footage | 14,550 | — | (4) | 45,000 | ||||||||
Date of purchase | 11/18/09 | 11/20/09 | 11/20/09 | |||||||||
Mortgage financing at date of purchase | $ | — | $ | — | $ | — | ||||||
Cash down payment | 5,036,250 | 8,096,250 | 7,509,750 | |||||||||
Contract purchase price plus acquisition fee | 5,036,250 | 8,096,250 | 7,509,750 | |||||||||
Other cash expenditures expensed | 20,369 | 28,136 | 31,784 | |||||||||
Other cash expenditures capitalized | — | — | — | |||||||||
Total acquisition cost | $ | 5,056,619 | $ | 8,124,386 | $ | 7,541,534 | ||||||
II-83
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Cole Credit | Cole Credit | Cole Credit | ||||||||||
Property Trust III, | Property Trust III, | Property Trust III, | ||||||||||
Program: | Inc. | Inc. | Inc. | |||||||||
Name, location, type of property | Publix Mountain Brook, AL Grocery | Kohl’s Columbia, SC Department Store | Walgreens Machesney Park, IL Drugstore | |||||||||
Gross leasable square footage | 44,271 | 89,706 | 14,490 | |||||||||
Date of purchase | 12/1/09 | 12/7/09 | 12/16/09 | |||||||||
Mortgage financing at date of purchase | $ | — | $ | — | $ | — | ||||||
Cash down payment | 6,222,000 | 12,138,000 | 4,256,460 | |||||||||
Contract purchase price plus acquisition fee | 6,222,000 | 12,138,000 | 4,256,460 | |||||||||
Other cash expenditures expensed | 30,615 | 26,860 | 18,960 | |||||||||
Other cash expenditures capitalized | — | — | — | |||||||||
Total acquisition cost | $ | 6,252,615 | $ | 12,164,860 | $ | 4,275,420 | ||||||
Cole Credit | Cole Credit | Cole Credit | ||||||||||
Property Trust III, | Property Trust III, | Property Trust III, | ||||||||||
Program: | Inc. | Inc. | Inc. | |||||||||
Name, location, type of property | Advanced Auto Huntsville, TX Automotive Parts | Advanced Auto Lubbock, TX Automotive Parts | Advanced Auto Deer Park, TX Automotive Parts | |||||||||
Gross leasable square footage | 6,000 | 6,000 | 6,000 | |||||||||
Date of purchase | 12/16/09 | 12/16/09 | 12/16/09 | |||||||||
Mortgage financing at date of purchase | $ | — | $ | — | $ | — | ||||||
Cash down payment | 1,331,203 | 1,244,297 | 1,502,780 | |||||||||
Contract purchase price plus acquisition fee | 1,331,203 | 1,244,297 | 1,502,780 | |||||||||
Other cash expenditures expensed | 20,135 | 23,522 | 20,199 | |||||||||
Other cash expenditures capitalized | — | — | — | |||||||||
Total acquisition cost | $ | 1,351,338 | $ | 1,267,819 | $ | 1,522,979 | ||||||
Cole Credit | Cole Credit | Cole Credit | ||||||||||
Property Trust III, | Property Trust III, | Property Trust III, | ||||||||||
Program: | Inc. | Inc. | Inc. | |||||||||
Name, location, type of property | Advanced Auto Houston (Wallisville), TX Automotive Parts | Advanced Auto Houston (Imperial), TX Automotive Parts | Advanced Auto Kingwood, TX Automotive Parts | |||||||||
Gross leasable square footage | 7,000 | 8,000 | 6,000 | |||||||||
Date of purchase | 12/16/09 | 12/16/09 | 12/16/09 | |||||||||
Mortgage financing at date of purchase | $ | — | $ | — | $ | — | ||||||
Cash down payment | 1,540,072 | 1,253,574 | 1,509,810 | |||||||||
Contract purchase price plus acquisition fee | 1,540,072 | 1,253,574 | 1,509,810 | |||||||||
Other cash expenditures expensed | 20,712 | 19,918 | 19,898 | |||||||||
Other cash expenditures capitalized | — | — | — | |||||||||
Total acquisition cost | $ | 1,560,784 | $ | 1,273,492 | $ | 1,529,708 | ||||||
II-84
Table of Contents
Cole Credit | Cole Credit | Cole Credit | ||||||||||
Property Trust III, | Property Trust III, | Property Trust III, | ||||||||||
Program: | Inc. | Inc. | Inc. | |||||||||
Name, location, type of property | Advanced Auto Houston (Aldine), TX Automotive Parts | Advanced Auto Humble, TX Automotive Parts | Advanced Auto Webster, TX Automotive Parts | |||||||||
Gross leasable square footage | 7,000 | 7,000 | 7,000 | |||||||||
Date of purchase | 12/16/09 | 12/16/09 | 12/16/09 | |||||||||
Mortgage financing at date of purchase | $ | — | $ | — | $ | — | ||||||
Cash down payment | 1,398,858 | 1,525,827 | 1,530,642 | |||||||||
Contract purchase price plus acquisition fee | 1,398,858 | 1,525,827 | 1,530,642 | |||||||||
Other cash expenditures expensed | 21,201 | 22,039 | 20,324 | |||||||||
Other cash expenditures capitalized | — | — | — | |||||||||
Total acquisition cost | $ | 1,420,059 | $ | 1,547,866 | $ | 1,550,966 | ||||||
Cole Credit | Cole Credit | Cole Credit | ||||||||||
Property Trust III, | Property Trust III, | Property Trust III, | ||||||||||
Program: | Inc. | Inc. | Inc. | |||||||||
Name, location, type of property | Tractor Supply Gloucester, NJ Specialty Retail | Walgreens Janesville, WI Drugstore | Mueller Regional Retail District Austin, TX Shopping Center | |||||||||
Gross leasable square footage | 22,670 | 14,490 | 341,736 | |||||||||
Date of purchase | 12/17/09 | 12/17/09 | 12/18/09 | |||||||||
Mortgage financing at date of purchase | $ | — | $ | — | $ | — | ||||||
Cash down payment | 5,457,000 | 6,014,940 | 68,595,000 | |||||||||
Contract purchase price plus acquisition fee | 5,457,000 | 6,014,940 | 68,595,000 | |||||||||
Other cash expenditures expensed | 83,474 | 16,735 | 220,243 | |||||||||
Other cash expenditures capitalized | — | — | — | |||||||||
Total acquisition cost | $ | 5,540,474 | $ | 6,031,675 | $ | 68,815,243 | ||||||
Cole Credit | Cole Credit | Cole Credit | ||||||||||
Property Trust III, | Property Trust III, | Property Trust III, | ||||||||||
Program: | Inc. | Inc. | Inc. | |||||||||
Name, location, type of property | Walgreens S. Bend (Ironwood), IN Drugstore | Walgreens Brooklyn Park, MD Drugstore | FedEx Effingham, IL Distribution Center | |||||||||
Gross leasable square footage | 14,820 | 14,560 | 101,240 | |||||||||
Date of purchase | 12/21/09 | 12/23/09 | 12/29/09 | |||||||||
Mortgage financing at date of purchase | $ | — | $ | — | $ | — | ||||||
Cash down payment | 6,056,250 | 4,925,580 | 14,433,000 | |||||||||
Contract purchase price plus acquisition fee | 6,056,250 | 4,925,580 | 14,433,000 | |||||||||
Other cash expenditures expensed | 22,608 | 134,044 | 21,800 | |||||||||
Other cash expenditures capitalized | — | — | — | |||||||||
Total acquisition cost | $ | 6,078,858 | $ | 5,059,624 | $ | 14,454,800 | ||||||
II-85
Table of Contents
Cole Credit | Cole Credit | Cole Credit | ||||||||||
Property Trust III, | Property Trust III, | Property Trust III, | ||||||||||
Program: | Inc. | Inc. | Inc. | |||||||||
Name, location, type of property | CVS Meridianville, AL Drugstore | Walgreens St. Charles, IL Drugstore | Walgreens Elgin, IL Drugstore | |||||||||
Gross leasable square footage | 13,225 | 14,490 | 14,490 | |||||||||
Date of purchase | 12/29/09 | 12/29/09 | 12/29/09 | |||||||||
Mortgage financing at date of purchase | $ | — | $ | — | $ | — | ||||||
Cash down payment | 4,046,340 | 4,143,750 | 4,526,250 | |||||||||
Contract purchase price plus acquisition fee | 4,046,340 | 4,143,750 | 4,526,250 | |||||||||
Other cash expenditures expensed | 25,138 | 11,386 | 12,451 | |||||||||
Other cash expenditures capitalized | — | — | — | |||||||||
Total acquisition cost | $ | 4,071,478 | $ | 4,155,136 | $ | 4,538,701 | ||||||
Cole Credit | Cole Credit | Cole Credit | ||||||||||
Property Trust III, | Property Trust III, | Property Trust III, | ||||||||||
Program: | Inc. | Inc. | Inc. | |||||||||
Name, location, type of property | Valero Rio Hondo, TX Convenience Store | Valero Pharr, TX Convenience Store | Valero Andrews, TX Convenience Store | |||||||||
Gross leasable square footage | 6,350 | 8,528 | 4,656 | |||||||||
Date of purchase | 12/30/09 | 12/30/09 | 12/30/09 | |||||||||
Mortgage financing at date of purchase | $ | — | $ | — | $ | — | ||||||
Cash down payment | 2,619,057 | 2,525,901 | 2,413,590 | |||||||||
Contract purchase price plus acquisition fee | 2,619,057 | 2,525,901 | 2,413,590 | |||||||||
Other cash expenditures expensed | 14,777 | 14,543 | 14,574 | |||||||||
Other cash expenditures capitalized | — | — | — | |||||||||
Total acquisition cost | $ | 2,633,834 | $ | 2,540,444 | $ | 2,428,164 | ||||||
Cole Credit | Cole Credit | Cole Credit | ||||||||||
Property Trust III, | Property Trust III, | Property Trust III, | ||||||||||
Program: | Inc. | Inc. | Inc. | |||||||||
Name, location, type of property | Valero LaFeria, TX Convenience Store | Kum & Go Rogers, AR Convenience Store | Kum & Go Lowell, AR Convenience Store | |||||||||
Gross leasable square footage | 4,950 | 3,391 | 4,692 | |||||||||
Date of purchase | 12/30/09 | 12/31/09 | 12/31/09 | |||||||||
Mortgage financing at date of purchase | $ | — | $ | — | $ | — | ||||||
Cash down payment | 1,955,554 | 2,142,000 | 2,131,200 | |||||||||
Contract purchase price plus acquisition fee | 1,955,554 | 2,142,000 | 2,131,200 | |||||||||
Other cash expenditures expensed | 13,991 | 16,353 | 15,796 | |||||||||
Other cash expenditures capitalized | — | — | — | |||||||||
Total acquisition cost | $ | 1,969,545 | $ | 2,158,353 | $ | 2,146,996 | ||||||
II-86
Table of Contents
Cole Credit | Cole Collateralized | Cole Collateralized | ||||||||||
Property Trust III, | Senior Notes II, | Senior Notes II, | ||||||||||
Program: | Inc. | LLC | LLC | |||||||||
Name, location, type of property | Kum & Go Bentonville, AR Convenience Store | Walgreens Ozark, MO Drugstore | Logan’s Roadhouse Florence, AL Restaurant | |||||||||
Gross leasable square footage | 3,392 | 14,820 | 8,014 | |||||||||
Date of purchase | 12/31/09 | 1/30/07 | 3/29/07 | |||||||||
Mortgage financing at date of purchase | $ | — | $ | 2,952,000 | $ | 3,872,000 | ||||||
Cash down payment | 1,884,000 | 811,800 | 1,064,800 | |||||||||
Contract purchase price plus acquisition fee | 1,884,000 | 3,763,800 | 4,936,800 | |||||||||
Other cash expenditures expensed | 14,957 | — | — | |||||||||
Other cash expenditures capitalized | — | 34,812 | 31,766 | |||||||||
Total acquisition cost | $ | 1,898,957 | $ | 3,798,612 | $ | 4,968,566 | ||||||
Cole Collateralized | Cole Collateralized | Cole Collateralized | ||||||||||
Senior Notes II, | Senior Notes II, | Senior Notes II, | ||||||||||
Program: | LLC | LLC | LLC | |||||||||
Name, location, type of property | Logan’s Roadhouse Houston, TX Restaurant | Logan’s Roadhouse Waco, TX Restaurant | Logan’s Roadhouse Tuscaloosa, AL Restaurant | |||||||||
Gross leasable square footage | 7,990 | 8,060 | 7,839 | |||||||||
Date of purchase | 3/28/07 | 3/28/07 | 3/28/07 | |||||||||
Mortgage financing at date of purchase | $ | 1,638,000 | $ | 2,489,000 | $ | 3,339,500 | ||||||
Cash down payment | 450,960 | 685,240 | 919,000 | |||||||||
Contract purchase price plus acquisition fee | 2,088,960 | 3,174,240 | 4,258,500 | |||||||||
Other cash expenditures expensed | — | — | — | |||||||||
Other cash expenditures capitalized | 20,592 | 20,950 | 28,348 | |||||||||
Total acquisition cost | $ | 2,109,552 | $ | 3,195,190 | $ | 4,286,848 | ||||||
Cole Collateralized | Cole Collateralized | Cole Collateralized | ||||||||||
Senior Notes II, | Senior Notes II, | Senior Notes II, | ||||||||||
Program: | LLC | LLC | LLC | |||||||||
Name, location, type of property | Logan’s Roadhouse Killeen, TX Restaurant | Walgreens Ellenton, FL Drugstore | CVS(2) Flowery Branch, GA Drugstore | |||||||||
Gross leasable square footage | 7,969 | 14,490 | 12,900 | |||||||||
Date of purchase | 3/28/07 | 3/30/07 | 6/11/07 | |||||||||
Mortgage financing at date of purchase | $ | 2,568,500 | $ | 4,616,000 | $ | 3,880,000 | ||||||
Cash down payment | 706,720 | 1,269,400 | 970,000 | |||||||||
Contract purchase price plus acquisition fee | 3,275,220 | 5,885,400 | 4,850,000 | |||||||||
Other cash expenditures expensed | — | — | — | |||||||||
Other cash expenditures capitalized | 21,719 | 55,703 | 141,709 | |||||||||
Total acquisition cost | $ | 3,296,939 | $ | 5,941,103 | $ | 4,991,709 | ||||||
II-87
Table of Contents
Cole Collateralized | Cole Collateralized | Cole Collateralized | ||||||||||
Senior Notes II, | Senior Notes II, | Senior Notes II, | ||||||||||
Program: | LLC | LLC | LLC | |||||||||
Name, location, type of property | Wal-Mart(2) Chanute, KS Discount Retail | Walgreens Mineral Wells, TX Drugstore | Walgreens Gretna, LA Drugstore | |||||||||
Gross leasable square footage | 154,756 | 14,787 | 14,490 | |||||||||
Date of purchase | 6/11/07 | 5/17/07 | 5/18/07 | |||||||||
Mortgage financing at date of purchase | $ | 3,517,000 | $ | 3,544,000 | $ | — | ||||||
Cash down payment | 879,224 | 974,600 | 6,446,400 | |||||||||
Contract purchase price plus acquisition fee | 4,396,224 | 4,518,600 | 6,446,400 | |||||||||
Other cash expenditures expensed | — | — | — | |||||||||
Other cash expenditures capitalized | 118,291 | 20,918 | 24,522 | |||||||||
Total acquisition cost | $ | 4,514,515 | $ | 4,539,518 | $ | 6,470,922 | ||||||
Cole Collateralized | Cole Collateralized | Cole Collateralized | ||||||||||
Senior Notes II, | Senior Notes II, | Senior Notes II, | ||||||||||
Program: | LLC | LLC | LLC | |||||||||
Name, location, type of property | Walgreens Brenham, TX Drugstore | Kohl’s(3) Burnsville, MN Department Store | CVS(3) Fredericksburg, VA Drugstore | |||||||||
Gross leasable square footage | 14,550 | 101,346 | 12,900 | |||||||||
Date of purchase | 8/9/07 | 12/19/08 | 11/19/08 | |||||||||
Mortgage financing at date of purchase | $ | 3,400,000 | $ | — | $ | — | ||||||
Cash down payment | 1,828,000 | 10,551,900 | 6,238,861 | |||||||||
Contract purchase price plus acquisition fee | 5,228,000 | 10,551,900 | 6,238,861 | |||||||||
Other cash expenditures expensed | — | — | — | |||||||||
Other cash expenditures capitalized | 25,134 | 20,875 | 113,704 | |||||||||
Total acquisition cost | $ | 5,253,134 | $ | 10,572,775 | $ | 6,352,565 | ||||||
Cole Collateralized | Cole Collateralized | Cole Collateralized | ||||||||||
Senior Notes II, | Senior Notes III, | Senior Notes III, | ||||||||||
Program: | LLC | LLC | LLC | |||||||||
Name, location, type of property | Walgreens(3) Fredericksburg, VA Drugstore | CVS(3) Flowery Branch, GA Drugstore | Wal-Mart(3) Chanute, KS Discount Retail | |||||||||
Gross leasable square footage | 14,820 | 12,900 | 154,756 | |||||||||
Date of purchase | 11/19/08 | 4/26/07 | 5/9/07 | |||||||||
Mortgage financing at date of purchase | $ | — | $ | 3,880,000 | $ | 3,517,000 | ||||||
Cash down payment | 7,435,047 | 1,067,000 | 967,148 | |||||||||
Contract purchase price plus acquisition fee | 7,435,047 | 4,947,000 | 4,484,148 | |||||||||
Other cash expenditures expensed | — | — | — | |||||||||
Other cash expenditures capitalized | 131,342 | 44,709 | 30,367 | |||||||||
Total acquisition cost | $ | 7,566,389 | $ | 4,991,709 | $ | 4,514,515 | ||||||
II-88
Table of Contents
Cole Collateralized | Cole Collateralized | Cole Collateralized | ||||||||||
Senior Notes III, | Senior Notes III, | Senior Notes III, | ||||||||||
Program: | LLC | LLC | LLC | |||||||||
Name, location, type of property | Taco Bell Connersville, IN Restaurant | Taco Bell Linton, IN Restaurant | Taco Bell Elwood, IN Restaurant | |||||||||
Gross leasable square footage | 2,084 | 2,435 | 2,098 | |||||||||
Date of purchase | 7/19/07 | 7/19/07 | 7/19/07 | |||||||||
Mortgage financing at date of purchase | $ | — | $ | — | $ | — | ||||||
Cash down payment | 1,823,780 | 1,778,613 | 1,342,452 | |||||||||
Contract purchase price plus acquisition fee | 1,823,780 | 1,778,613 | 1,342,452 | |||||||||
Other cash expenditures expensed | — | — | — | |||||||||
Other cash expenditures capitalized | 19,506 | 19,469 | 7,785 | |||||||||
Total acquisition cost | $ | 1,843,286 | $ | 1,798,082 | $ | 1,350,237 | ||||||
Cole Collateralized | Cole Collateralized | Cole Collateralized | ||||||||||
Senior Notes III, | Senior Notes III, | Senior Notes III, | ||||||||||
Program: | LLC | LLC | LLC | |||||||||
Name, location, type of property | Taco Bell Owensboro, KY Restaurant | Walgreens Wilmington, MA Drugstore | Penske West Covina, CA Automotive Services | |||||||||
Gross leasable square footage | 2,442 | 15,466 | 81,530 | |||||||||
Date of purchase | 7/19/07 | 7/31/07 | 7/31/07 | |||||||||
Mortgage financing at date of purchase | $ | — | $ | 4,630,000 | $ | 17,000,000 | ||||||
Cash down payment | 2,269,941 | 2,495,000 | 10,725,130 | |||||||||
Contract purchase price plus acquisition fee | 2,269,941 | 7,125,000 | 27,725,130 | |||||||||
Other cash expenditures expensed | — | — | — | |||||||||
Other cash expenditures capitalized | 22,839 | 34,230 | 78,818 | |||||||||
Total acquisition cost | $ | 2,292,780 | $ | 7,159,230 | $ | 27,803,948 | ||||||
Cole Collateralized | Cole Collateralized | Cole Collateralized | ||||||||||
Senior Notes III, | Senior Notes III, | Senior Notes III, | ||||||||||
Program: | LLC | LLC | LLC | |||||||||
Name, location, type of property | Walgreens Westford, MA Drugstore | Walgreens(3) Indianapolis, IN Drugstore | Walgreens(3) Tulsa (S. Yale), OK Drugstore | |||||||||
Gross leasable square footage | 14,820 | 14,820 | 13,650 | |||||||||
Date of purchase | 8/3/07 | 12/12/08 | 12/12/08 | |||||||||
Mortgage financing at date of purchase | $ | 4,710,000 | $ | — | $ | — | ||||||
Cash down payment | 2,534,000 | 6,375,000 | 3,980,040 | |||||||||
Contract purchase price plus acquisition fee | 7,244,000 | 6,375,000 | 3,980,040 | |||||||||
Other cash expenditures expensed | — | — | — | |||||||||
Other cash expenditures capitalized | 26,411 | 30,865 | 21,365 | |||||||||
Total acquisition cost | $ | 7,270,411 | $ | 6,405,865 | $ | 4,001,405 | ||||||
II-89
Table of Contents
Cole Collateralized | Cole Collateralized | Cole Collateralized | ||||||||||
Senior Notes IV, | Senior Notes IV, | Senior Notes IV, | ||||||||||
Program: | LLC | LLC | LLC | |||||||||
Name, location, type of property | Tractor Supply Rutland, VT Specialty Retail | Tractor Supply Watertown, WI Specialty Retail | Starbucks Somerset, KY Restaurant | |||||||||
Gross leasable square footage | 21,688 | 22,627 | 1,853 | |||||||||
Date of purchase | 2/7/07 | 2/7/07 | 8/10/07 | |||||||||
Mortgage financing at date of purchase | $ | 3,047,000 | $ | 2,900,000 | $ | — | ||||||
Cash down payment | 876,270 | 833,750 | 1,570,000 | |||||||||
Contract purchase price plus acquisition fee | 3,923,270 | 3,733,750 | 1,570,000 | |||||||||
Other cash expenditures expensed | — | — | — | |||||||||
Other cash expenditures capitalized | 65,493 | 30,123 | 19,764 | |||||||||
Total acquisition cost | $ | 3,988,763 | $ | 3,763,873 | $ | 1,589,764 | ||||||
Cole Collateralized | Cole Collateralized | Cole Collateralized | ||||||||||
Senior Notes IV, | Senior Notes IV, | Senior Notes IV, | ||||||||||
Program: | LLC | LLC | LLC | |||||||||
Name, location, type of property | Starbucks Crestwood, KY Restaurant | Starbucks Danville, KY Restaurant | Walgreens Gulf Breeze, FL Drugstore | |||||||||
Gross leasable square footage | 1,853 | 1,853 | 14,287 | |||||||||
Date of purchase | 8/10/07 | 8/10/07 | 8/17/07 | |||||||||
Mortgage financing at date of purchase | $ | — | $ | — | $ | 3,194,480 | ||||||
Cash down payment | 1,550,000 | 1,629,000 | 783,520 | |||||||||
Contract purchase price plus acquisition fee | 1,550,000 | 1,629,000 | 3,978,000 | |||||||||
Other cash expenditures expensed | — | — | — | |||||||||
Other cash expenditures capitalized | 19,719 | 19,807 | 46,779 | |||||||||
Total acquisition cost | $ | 1,569,719 | $ | 1,648,807 | $ | 4,024,779 | ||||||
Cole Collateralized | Cole Collateralized | Cole Collateralized | ||||||||||
Senior Notes IV, | Senior Notes IV, | Senior Notes IV, | ||||||||||
Program: | LLC | LLC | LLC | |||||||||
Name, location, type of property | Walgreens(3) Oneida, TN Drugstore | Land Parcel Canyon Trails, AZ Land | Sam’s Club(3) Hoover, AL Warehouse | |||||||||
Gross leasable square footage | 14,820 | 591,458 | 115,347 | |||||||||
Date of purchase | 8/30/07 | 5/14/08 | 12/16/08 | |||||||||
Mortgage financing at date of purchase | $ | 3,800,000 | $ | 200,000 | $ | — | ||||||
Cash down payment | 1,323,359 | 1,840,000 | 12,546,000 | |||||||||
Contract purchase price plus acquisition fee | 5,123,359 | 2,040,000 | 12,546,000 | |||||||||
Other cash expenditures expensed | — | — | — | |||||||||
Other cash expenditures capitalized | 47,905 | 56,399 | 105,467 | |||||||||
Total acquisition cost | $ | 5,171,264 | $ | 2,096,399 | $ | 12,651,467 | ||||||
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Cole Acquisitions I, | ||||
Program: | LLC(1) | |||
Name, location, type of property | Centerpointe at Woodridge Woodridge, IL Shopping Center | |||
Gross leasable square footage | 465,437 | |||
Date of purchase | 2/8/07 | |||
Mortgage financing at date of purchase | $ | 36,200,000 | ||
Cash down payment | 10,407,500 | |||
Contract purchase price plus acquisition fee | 46,607,500 | |||
Other cash expenditures expensed | — | |||
Other cash expenditures capitalized | 69,949 | |||
Total acquisition cost | $ | 46,677,449 | ||
(1) | 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. | |
(2) | These properties were acquired at their original cost from an affiliate. | |
(3) | These properties were sold at their original cost to an affiliate. | |
(4) | These properties are subject to a ground lease. |
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By: | /s/ Christopher H. Cole |
Name | Title | Date | ||||
/s/ Christopher H. Cole Christopher H. Cole | Chairman of the Board, Chief Executive Officer and President (Principal Executive Officer) | December 3, 2010 | ||||
/s/ D. Kirk McAllaster, Jr. D. Kirk McAllaster, Jr. | Executive Vice President, Chief Financial Officer and Treasurer (Principal Financial and Accounting Officer) | December 3, 2010 | ||||
/s/ Marc T. Nemer Marc T. Nemer | Director | December 3, 2010 |
Table of Contents
1 | .1** | Form of Distribution Agreement | ||
1 | .2** | Form of Participating Broker-Dealer Agreement | ||
3 | .1** | Form of Articles of Amendment and Restatement of Cole Advisor Retail Income REIT, Inc. | ||
3 | .2** | Bylaws of Cole Advisor Retail Income REIT, Inc. | ||
5 | .1** | Form of Opinion of Goodwin Procter LLP as to legality of securities | ||
8 | .1** | Form of Opinion of Goodwin Procter LLP as to tax matters | ||
10 | .1** | Form of Advisory Agreement | ||
10 | .2** | Independent Valuation Expert Agreement | ||
10 | .3** | Form of Escrow Agreement | ||
21 | .1** | Subsidiaries of the registrant | ||
23 | .1 | Consent of Deloitte & Touche LLP, Independent Registered Public Accounting Firm | ||
23 | .2** | Consent of Goodwin Procter LLP (included in Exhibit 5.1 and Exhibit 8.1) | ||
23 | .3** | Consent of Independent Valuation Expert |
** | To be filed by amendment. |