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The information in this prospectus is not complete and may be changed. We may not sell these securities pursuant to this prospectus until the registration statement filed with the SEC is effective. This prospectus is not an offer to sell these securities in any state where the offer or sale is not permitted. |
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• | The amount of dividends we may pay, if any, is uncertain. Due to the risks involved in the ownership of real estate, there is no guarantee of any return on your investment in our common stock, and you may lose your investment. |
• | We are a “blind pool,” as we currently own no properties and have not identified any specific properties for purchase, and we have no operating history. |
• | This investment has limited liquidity. No public market currently exists, and one may never exist, for shares of our common stock. If you are able to sell your shares, you would likely have to sell them at a substantial discount to their market value. |
• | You should consider an investment in our common stock a long-term investment. If we do not successfully implement our exit strategy, you may suffer losses on your investment, or your shares may continue to have limited liquidity. |
• | The offering price for our shares is not intended to reflect the book value or net asset value of our investments, or our expected cash flow. Until such time as our shares are valued by our board of directors, the price of our shares is not intended to reflect the net asset value of our shares. |
• | We may pay distributions from sources other than cash flow from operations, including borrowings and proceeds from the sale of our securities or asset sales, and we have no limits on the amounts we may pay from such other sources. Payments of distributions from sources other than cash flows from operations may reduce the amount of capital we ultimately invest in real estate and may negatively impact the value of your investment. As a result, the amount of distributions paid at any time may not reflect the current performance of our properties or our current operating cash flows. |
• | This is a “best efforts” offering. If we are not able to raise a substantial amount of capital in the near term, we may have difficulties investing in properties and our ability to achieve our investment objectives could be adversely affected. |
• | There are substantial conflicts of interest between us and our advisor and its affiliates. Key persons associated with our advisor perform similar duties for other Cole-sponsored programs that may use investment strategies similar to ours creating potential conflicts of interest when allocating investment opportunities. In addition, our advisor and its affiliates have substantial discretion in managing our operations, and we pay them substantial fees. |
• | Although you will be provided with information about our investments after the investments have been made, you will be unable to evaluate the economic merit of future investments, including how the proceeds from this offering will be invested. This makes an investment in our shares speculative. |
• | Our board of directors may change our investment objectives and certain investment policies without stockholder approval. |
• | We expect to incur debt, which could adversely impact your investment if the value of the property securing the debt falls or if we are forced to refinance the debt during adverse economic conditions. |
• | We may suffer from delays in our advisor locating suitable investments, which could adversely affect our ability to pay distributions and the value of your investment. |
• | If we fail to qualify as a REIT, cash available for distributions to be paid to you could decrease materially. |
• | For qualified accounts, if an investment in our shares constitutes a prohibited transaction under the Employee Retirement Income Security Act of 1974, as amended (ERISA), you may be subject to the imposition of significant excise taxes and penalties with respect to the amount invested. |
Selling | Dealer | Net Proceeds | ||||||||||||||
Price to Public | Commissions | Manager Fee | (Before Expenses) | |||||||||||||
Primary Offering Per Share | $ | 10.00 | $ | 0.70 | $ | 0.20 | $ | 9.10 | ||||||||
Total Minimum | $ | 2,500,000 | $ | 175,000 | $ | 50,000 | $ | 2,275,000 | ||||||||
Total Maximum | $ | 3,500,000,000 | $ | 245,000,000 | $ | 70,000,000 | $ | 3,185,000,000 | ||||||||
Distribution Reinvestment Plan Per Share | $ | 9.50 | $ | — | $ | — | $ | 9.50 | ||||||||
Total Maximum | $ | 475,000,000 | $ | — | $ | — | $ | 475,000,000 |
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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. |
• | Alabama — Investors must have a liquid net worth of at least ten times their investment in us and similar programs. | |
• | California — Investors must have either (i) a net worth of at least $250,000, or (ii) a gross annual income of at least $75,000 and a net worth of at least $75,000. In addition, the investment must not exceed ten percent (10%) of the net worth of the investor. | |
• | Iowa and Ohio — Investors may not invest, in the aggregate, more than 10% of their liquid net worth in us and all of our affiliates. | |
• | Kansas and Massachusetts — It is recommended by the office of the Kansas Securities Commissioner and the Massachusetts Securities Division that investors in Kansas and Massachusetts, respectively, not invest, in the aggregate, more than 10% of their liquid net worth in this and similar direct participation investments. For purposes of this recommendation, “liquid net worth” is defined as that portion of net worth that consists of cash, cash equivalents and readily marketable securities. | |
• | Kentucky, Michigan, Oregon, Pennsylvania and Tennessee — Investors must have a liquid net worth of at least 10 times their investment in us. |
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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 lack of 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. |
• | 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 United States 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; | |
• | a person or entity subject to additional restrictions imposed by any of the following statutes or regulations and executive orders issued thereunder: the Trading with the Enemy Act, the National Emergencies Act, the Antiterrorism and Effective Death Penalty Act of 1996, the International Emergency Economic Powers Act, the United Nations Participation Act, the International Security and Development Cooperation Act, the Nuclear Proliferation Prevention Act of 1994, the Foreign Narcotics Kingpin Designation Act, the Iran and Libya Sanctions Act of 1996, the Cuban Democracy Act, the Cuban Liberty and Democratic Solidarity Act and the Foreign Operations, Export Financing and Related Programs Appropriations Act or any other law of similar import as to any non-U.S. country, as each such act or law has been or may be amended, adjusted, modified or reviewed 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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Q: | What is a REIT? | |
A: | In general, a REIT is a company that: | |
• pays distributions to investors of at least 90% of its taxable income; | ||
• avoids the “double taxation” treatment of income that generally results from investments in a corporation because a REIT generally is not subject to federal corporate income taxes on its net income, provided certain income tax requirements are satisfied; and | ||
• combines the capital of many investors to acquire a large-scale diversified real estate portfolio under professional management. | ||
Q: | How are you different from your competitors who offer non-traded finite-life public REIT shares or real estate limited partnership units? | |
A: | We believe that our sponsor’s disciplined investment focus on core commercial real estate and experience in managing such properties will distinguish us from other non-traded REITs. We use the term “core” to describe existing properties currently operating and generating income, that are leased to national and regional creditworthy tenants under long-term net leases and are strategically located. In addition, core properties typically have high occupancy rates (greater than 90%) and low to moderate leverage (0% to 50% loan to value). | |
We intend to invest primarily in income-producing necessity retail properties that are single-tenant or multi-tenant “power centers,” which are leased to national and regional creditworthy tenants under long-term leases, and are strategically located throughout the United States and U.S. protectorates. Necessity retail properties are properties leased to retail tenants that attract consumers for everyday needs, such as pharmacies, home improvement stores, national superstores, restaurants and regional retailers. We expect that most of our properties will be subject to triple net and double net leases, whereby the tenant is obligated to pay for most of the expenses of maintaining the property. Through our investments in core commercial real estate, we expect to achieve a relatively predictable and stable stream of income, which will provide a principal source of return for investors in our common stock, and the potential for capital appreciation in the value of our real estate assets. | ||
For over three decades, our sponsor, Cole Real Estate Investments, has developed and utilized this investment approach in acquiring and managing core commercial real estate assets in the retail sector. We believe that our sponsor’s experience in assembling real estate portfolios, which principally focus on national and regional creditworthy tenants subject to long-term net leases, will provide us with a competitive advantage. In addition, our sponsor has built a business of over 200 employees, who are experienced in the various aspects of acquiring, financing and managing commercial real estate, and that our access to these resources also will provide us with an advantage. | ||
Q: | Will you invest in anything other than retail commercial properties? | |
A: | Yes. We also may invest in other income-producing properties, such as office and industrial properties, which may share certain core characteristics with our retail investments, such as a principal creditworthy tenant, a long-term net lease, and a strategic location. Our sponsor’s disciplined investment focus on core commercial real estate historically has included office and industrial properties. To the extent that we invest in office and industrial properties, we will focus on core properties that are essential to the business operations of the tenant. These types of properties are often referred to as mission critical properties. We believe investments in these properties are consistent with our goal of providing investors with a relatively stable stream of current income and an opportunity for capital appreciation. Our portfolio also may include other income-producing real estate, as well as real estate-related investments |
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such as mortgage, mezzanine, bridge and other loans and securities related to real estate assets. 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 forgo a high quality investment because it does not precisely fit our expected portfolio composition. Our goal is to assemble a portfolio that is diversified by investment type, investment size and investment risk, which will provide attractive and reasonably stable returns to our investors. See the section of this prospectus captioned “Investment Objectives and Policies — Acquisition and Investment Policies” for a more detailed discussion of all of the types of investments we may make. |
Q: | Generally, what are 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 what is known as triple net or double net leases. Triple net leases typically require the tenant to pay all costs associated with a property in addition to the base rent and percentage rent, if any, including capital expenditures for the roof and the building structure. Double net leases typically hold the landlord responsible for the capital expenditures for the roof and structure, while the tenant is responsible for all lease payments and remaining operating expenses associated with the property. This helps ensure the predictability and stability of our expenses, which 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 and include renewal options. We may, however, enter into leases that have a shorter term. |
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 many 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 will meet with the senior management to discuss the company’s business plan and strategy. We may use an industry credit rating service to determine the creditworthiness of potential tenants and any personal guarantor or corporate guarantor of the tenant. We consider the reports produced by these services along with the relevant financial and other data relating to the proposed tenant before acquiring a property subject to an existing lease or entering into a new lease. |
Q: | What is the experience of your sponsor and your advisor? |
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 Advisors), Cole Capital Partners, LLC (Cole Capital Partners) and other affiliates of our advisor. From January 1, 2001 to December 31, 2010, Cole Real Estate Investments sponsored 68 prior programs, including 65 privately offered programs, and Cole Credit Property Trust II, Inc. (CCPT II), Cole Credit Property Trust III, Inc. (CCPT III) and Cole Corporate Income Trust, Inc. (CCIT), all publicly offered REITs. These prior programs had raised approximately $5.3 billion from over 106,000 investors and had purchased 1,359 properties located in 45 states and the U.S. Virgin Islands at an acquisition cost of $7.3 billion as of December 31, 2010. CCPT III currently is raising capital pursuant to a follow-on public offering of shares of its common stock, and CCIT recently commenced its initial public offering of shares of its common stock. |
For over three decades, our sponsor, Cole Real Estate Investments, has developed and utilized a conservative investment approach that focuses on single-tenant commercial properties, which are leased to name-brand creditworthy tenants, subject to long-term “net” leases. While our sponsor has used this investment strategy primarily in the retail sector, our sponsor has also used the same investment strategy (single-tenant commercial properties subject to long-term net leases with creditworthy tenants) in the office and industrial sector. We expect that our sponsor’s prior experience in applying this conservative and disciplined investment strategy in both the retail and corporate sectors will provide us with a |
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competitive advantage, as our advisor, an affiliate of our sponsor, acquires and manages, on our behalf, a portfolio of necessity retail properties. In addition, our sponsor has built an organization of over 200 employees, who are experienced in the various aspects of acquiring, financing and managing commercial real estate, and we believe that our access to these resources will also provide us with a competitive advantage. | ||
Our advisor is Cole REIT Advisors IV, LLC (CR IV Advisors), 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 several years. For additional information about the key personnel of our advisor, see the section of this prospectus captioned “Management — The Advisor.” | ||
Q: | What will be the source of your distributions? | |
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. | ||
Q: | Do you expect to acquire properties in transactions with affiliates of your advisor? | |
A: | Other than as set forth below, our board of directors is expected to adopt a policy to prohibit acquisitions and loans from or to affiliates of our advisor. First, from time to time, our advisor may direct certain of its affiliates to acquire properties that would be suitable investments for us or our advisor may create special purposes entities to acquire properties that would be suitable investments for us. Subsequently, we may acquire such properties from such affiliates of our advisor but only at cost, including acquisition-related expenses. In addition, 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. In no event will our advisor or any of its affiliates be paid more than one acquisition fee in connection with any such transaction. | |
Second, 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 transaction as fair, competitive and commercially reasonable, and no less favorable to us than comparable loans between unaffiliated parties. | ||
Finally, our advisor or its affiliates may pay costs on our behalf, pending our reimbursement, or we may defer payment of fees to our advisor or its affiliates, neither of which would be considered a loan. | ||
Notwithstanding any of the foregoing, none of these restrictions would preclude us from paying our advisor or its affiliates fees or other compensation in connection with internalizing our advisor if our board of directors determines an internalization transaction is in the best interests of our stockholders. See the section of this prospectus captioned “Management Compensation — Becoming Self-Administered.” |
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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 a joint venture that exceed the percentage of our investment in the joint venture. | |
Q: | Will the distributions I receive be taxable as ordinary income? | |
A: | Generally, unless your investment is held in a qualified tax-exempt account, distributions that you receive, including distributions that are reinvested pursuant to our distribution reinvestment plan, will be taxed as ordinary income to the extent they are from current or accumulated earnings and profits. We expect that some portion of your distributions in any given year may not be subject to tax because depreciation and other non-cash expenses reduce taxable income but do not reduce cash available for distribution. In addition, distributions may be made from other sources, such as borrowings in anticipation of future operating cash flows or proceeds of this offering, which would not be currently taxed. The portion of your distribution that is not currently taxable 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 your investment is sold or we are liquidated, at which time you likely will be taxed at 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 “Federal Income Tax Considerations.” | |
Q: | What will you do with the money raised in this offering before you invest the proceeds in real estate? | |
A: | Until we invest the proceeds of this offering in real estate, we may invest in short-term, highly liquid or other authorized investments. We may not be able to invest the proceeds from this offering in real estate promptly and such short-term investments will not earn as high of a return as we expect to earn on our real estate investments. | |
Q: | How does a “best efforts” offering work? | |
A: | When shares are offered to the public on a “best efforts” basis, the dealer manager and the broker-dealers participating in the offering are only required to use their best efforts to sell the shares and have no firm commitment or obligation to purchase any of the shares. Therefore, we may not sell all of the shares that we are offering. | |
Q: | Who can buy shares? | |
A: | In order to buy shares of our common stock, you must meet our minimum suitability standards, which generally require that you have either (1) a net worth of at least $70,000 and a gross annual income of at least $70,000, or (2) a net worth of at least $250,000. For this purpose, net worth does not include your home, home furnishings and automobiles. You may be required to meet certain state suitability standards. In addition, all investors must meet suitability standards determined by his or her broker or financial advisor. You should carefully read the more detailed description under “Suitability Standards” immediately following the cover page of this prospectus. | |
Q: | For whom might an investment in our shares be appropriate? | |
A: | An investment in our shares may be appropriate for you if, in addition to meeting the suitability standards described above, you seek to diversify your personal portfolio with a real estate-based investment, seek to receive current income, and seek the opportunity to achieve capital appreciation over an investment horizon of more than seven years. An investment in our shares has limited liquidity and |
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therefore is not appropriate if you may require liquidity within several years from the date of your investment or seek a guaranteed stream of income. | ||
Q: | May I make an investment through my IRA or other tax-deferred account? | |
A: | Yes. You may make an investment through your IRA or other tax-deferred 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 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 account, (4) whether the investment will generate unrelated business taxable income (UBTI) to your IRA, plan or other account, (5) whether there is sufficient liquidity for such investment under your IRA, plan or other account, and (6) the need to value the assets of your IRA, plan or other account annually or more frequently. 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 Internal Revenue Code of 1986, as amended (Internal Revenue Code). | |
Q: | Is there any minimum investment required? | |
A: | The minimum investment generally is 250 shares. You may not transfer any of your shares if such transfer would result in your owning less than the minimum investment amount, unless you transfer all of your shares. In addition, you may not transfer or subdivide your shares so as to retain less than the number of shares required for the minimum purchase. In order to satisfy the minimum purchase requirements for retirement plans, unless otherwise prohibited by state law, a husband and wife may jointly contribute funds from their separate individual retirement accounts (IRAs), provided that each such contribution is made in increments of $1,000. | |
After you have purchased the minimum investment amount in this offering or have satisfied the minimum purchase requirement of any other Cole-sponsored public real estate program, any additional purchase must be in increments of at least 100 shares or made pursuant to our distribution reinvestment plan, which may be in lesser amounts. | ||
Q: | How do I subscribe for shares? | |
A: | If you choose to purchase shares in this offering, in addition to reading this prospectus, you will need to complete and sign a subscription agreement, similar to the one contained in this prospectus as Appendix B, for a specific number of shares and pay for the shares at the time you subscribe. After you become a stockholder, you may purchase additional shares by completing and signing an additional investment subscription agreement, similar to the one contained in this prospectus as Appendix C. | |
Q: | Who is the transfer agent? | |
A: | The name, address and telephone number of our transfer agent is as follows: |
To ensure that any account changes are made promptly and accurately, all changes, including your address, ownership type and distribution mailing address, should be directed to the transfer agent. | ||
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; |
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• a annual Form 1099; | ||
• supplements to the prospectus during the offering period; and | ||
• notification to Maryland residents regarding the sources of their distributions if such distributions are not entirely from our funds from operations, which will be sent via U.S. mail in connection with every third monthly distribution statement and/or check, as applicable. | ||
Except as set forth above, we will provide this information to you via one or more of the following methods, in our discretion and with your consent, if necessary: | ||
• U.S. mail or other courier; | ||
• facsimile; | ||
• electronic delivery, including email and/or CD-ROM; or | ||
• posting, or providing a link, on our affiliated website, which is www.colecapital.com. | ||
Q: | When will I get my detailed tax information? | |
A: | Your Form 1099 tax information will be placed in the mail by January 31 of each year. | |
Q: | Who can help answer my questions? | |
A: | If you have more questions about the offering or if you would like additional copies of this prospectus, you should contact your registered representative or contact: |
2575 E. Camelback Road, Suite 500
Phoenix, Arizona 85016
(866) 341-2653
Attn: Investor Services
www.colecapital.com
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• | to acquire quality commercial real estate properties, net leased under long-term leases to creditworthy tenants, which provide current operating cash flows; | |
• | 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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• | The amount of dividends we may pay, if any, is uncertain. Due to the risks involved in the ownership of real estate, there is no guarantee of any return on your investment in our common stock, and you may lose your investment. | |
• | We are a “blind pool,” as we currently own no properties and have not identified any specific properties for purchase, and we have no operating history. | |
• | This investment has limited liquidity. No public market currently exists, and one may never exist, for shares of our common stock. If you are able to sell your shares, you would likely have to sell them at a substantial discount to their market value. | |
• | You should consider an investment in our common stock a long-term investment. If we do not successfully implement our exit strategy, you may suffer losses on your investment, or your shares may continue to have limited liquidity. | |
• | The offering price for our shares is not intended to reflect the book value or net asset value of our investments, or our expected cash flow. Until such time as our shares are valued by our board of directors, the price of our shares is not intended to reflect the net asset value of our shares. | |
• | We may pay distributions from sources other than cash flow from operations, including borrowings and proceeds from the sale of our securities or asset sales, and we have no limits on the amounts we may pay from such other sources. Payments of distributions from sources other than cash flows from operations may reduce the amount of capital we ultimately invest in real estate and may negatively impact the value of your investment. As a result, the amount of distributions paid at any time may not reflect the current performance of our properties or our current operating cash flows. | |
• | This is a “best efforts’’ offering. If we are not able to raise a substantial amount of capital in the near term, we may have difficulties investing in properties and our ability to achieve our investment objectives could be adversely affected. | |
• | There are substantial conflicts of interest between us and our advisor and its affiliates. Key persons associated with our advisor perform similar duties for other Cole-sponsored programs that may use investment strategies similar to ours creating potential conflicts of interest when allocating investment opportunities. In addition, our advisor and its affiliates have substantial discretion in managing our operations, and we pay them substantial fees. | |
• | Although you will be provided with information about our investments after the investments have been made, you will be unable to evaluate the economic merit of future investments, including how the proceeds from this offering will be invested. This makes an investment in our shares speculative. | |
• | Our board of directors may change our investment objectives and certain investment policies without stockholder approval. | |
• | We expect to incur debt, which could adversely impact your investment if the value of the property securing the debt falls or if we are forced to refinance the debt during adverse economic conditions. | |
• | We may suffer from delays in our advisor locating suitable investments, which could adversely affect our ability to pay distributions and the value of your investment. | |
• | If we fail to qualify as a REIT, cash available for distributions to be paid to you could decrease materially. | |
• | For qualified accounts, if an investment in our shares constitutes a prohibited transaction under ERISA, you may be subject to the imposition of significant excise taxes and penalties with respect to the amount invested. |
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Minimum Offering | Maximum Offering | Maximum Offering | ||||||||||||||||||||||
(Not Including Distribution | (Including Distribution | (Not Including Distribution | ||||||||||||||||||||||
Reinvestment Plan) | Reinvestment Plan) | Reinvestment Plan) | ||||||||||||||||||||||
Amount | Percent | Amount | Percent | Amount | Percent | |||||||||||||||||||
Gross Offering Proceeds | $ | 2,500,000 | 100 | % | $ | 3,975,000,000 | 100 | % | $ | 3,500,000,000 | 100 | % | ||||||||||||
Less Public Offering Expenses: | ||||||||||||||||||||||||
Selling Commissions and Dealer Manager Fee | 225,000 | 9.0 | % | 315,000,000 | 7.9 | % | 315,000,000 | 9.0 | % | |||||||||||||||
Other Organization and Offering Expenses | 37,500 | 1.5 | % | 59,625,000 | 1.5 | % | 52,500,000 | 1.5 | % | |||||||||||||||
Amount Available for Investment | 2,237,500 | 89.5 | % | 3,600,375,000 | 90.6 | % | 3,132,500,000 | 89.5 | % | |||||||||||||||
Acquisition and Development: | ||||||||||||||||||||||||
Acquisition Fee | 43,616 | 1.7 | % | 70,182,749 | 1.8 | % | 61,062,378 | 1.7 | % | |||||||||||||||
Acquisition Expenses | 10,904 | 0.4 | % | 17,545,687 | 0.4 | % | 15,265,595 | 0.4 | % | |||||||||||||||
Initial Working Capital Reserve | 2,181 | 0.1 | % | 3,509,137 | 0.1 | % | 3,053,119 | 0.1 | % | |||||||||||||||
Amount Invested in Assets | $ | 2,180,799 | 87.3 | % | $ | 3,509,137,427 | 88.3 | % | $ | 3,053,118,908 | 87.3 | % | ||||||||||||
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• | Our advisor and its affiliates will receive substantial fees in connection with the services provided to us, and, while those fees are approved on an annual basis by our independent directors, the approval process may be impacted by the fact that our stockholders invested with the understanding and expectation that an affiliate of Cole Real Estate Investments would act as our advisor; | |
• | 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, many of which have investment objectives similar to ours, and such persons must determine how to allocate their time and other resources among us and the other Cole-sponsored programs; and | |
• | We have retained Cole Realty Advisors, Inc. (Cole Realty Advisors), an affiliate of our advisor, to manage and lease some or all of our properties. |
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(1) | Cole Holdings Corporation, an affiliate of our sponsor, currently owns 20,000 shares of our common stock, which represents 100% of the outstanding shares of common stock, as of May 26, 2011. Pursuant to our charter, 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. After this offering, Cole Holdings Corporation will own between 8% of our common stock, assuming a minimum offering, and less than 0.01% of our common stock, assuming a maximum offering, including the sale of 50,000,000 shares pursuant to the distribution reinvestment plan. |
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(2) | CR IV Advisors 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. CR IV Advisors is a disregarded entity for federal tax purposes, and its activity will be reported on the federal tax return of Cole Holdings Corporation. | |
(3) | Our operating partnership will file its own federal tax return, separate from our federal tax return. |
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Type of Compensation | Determination of Amount | Estimated Amount for Minimum Offering/Maximum Offering | ||
Offering Stage | ||||
Selling Commissions | We generally will pay to our affiliated dealer manager, Cole Capital Corporation, 7% of the gross proceeds of our primary offering. Cole Capital Corporation will reallow 100% of the selling commissions to participating broker-dealers. We will not pay any selling commissions with respect to sales of shares under our distribution reinvestment plan. | $175,000/$245,000,000 | ||
Dealer Manager Fee | We generally will pay to Cole Capital Corporation 2% of the gross proceeds of our primary offering. Cole Capital Corporation may reallow all or a portion of its dealer manager fee to participating broker-dealers. We will not pay a dealer manager fee with respect to sales of shares under our distribution reinvestment plan. | $50,000/$70,000,000 | ||
Reimbursement of Other Organization and Offering Expenses | Our advisor, CR IV Advisors, will incur or pay our organization and offering expenses (excluding selling commissions and the dealer manager fee). We will then reimburse our advisor for these amounts up to 1.5% of aggregate gross offering proceeds. | $37,500/$59,625,000 Assuming we raise the maximum offering amount, we expect approximately $31,487,310 (0.8% of aggregate gross offering proceeds) of such reimbursement to cover offering expenses that are deemed to be underwriting expenses, and we expect that approximately $28,137,690 (0.7% of aggregate gross offering proceeds) of such reimbursement to cover non-underwriting organization and offering expenses. |
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Type of Compensation | Determination of Amount | Estimated Amount for Minimum Offering/Maximum Offering | ||
Acquisition and Operations Stage | ||||
Acquisition Fee | We will pay to our advisor 2% of: (i) the contract purchase price of each property or asset; (ii) the amount paid in respect of the development, construction or improvement of each asset we acquire; (iii) the purchase price of any loan we acquire; and (iv) the principal amount of any loan we originate. | $43,616/$70,182,749 assuming no debt or $174,464/$280,730,996 assuming leverage of 75% of the contract purchase price. | ||
Advisory Fee | We will pay to our advisor a monthly advisory fee based upon our monthly average invested assets. Monthly average invested assets will equal the average book value of our assets invested, directly or indirectly, in equity interests in and loans secured by our real estate, before reserves for depreciation and amortization or bad debts or other similar non-cash reserves, other than impairment charges, computed | The annualized advisory fee rate, and the actual dollar amounts, are dependent upon the amount of our monthly average invested assets and, therefore, cannot be determined at the present time. Based on the following assumed levels of monthly average invested assets, our annualized advisory fee will be as follows: |
by taking the average of such values at the end of each business day, over the course of the month. After our board of directors begins to determine the estimated per share value of our common stock, the monthly | Monthly Average Invested Assets | Annualized Effective Fee Rate | Annualized Advisory Fee | |||||||||
advisory fee will be based upon the value | $1 billion | 0.75% | $ | 7,500,000 | ||||||||
of our assets invested, directly or | $2 billion | 0.75% | $ | 15,000,000 | ||||||||
indirectly, in equity interests in and loans | $3 billion | 0.7333% | $ | 22,000,000 | ||||||||
secured by our real estate as determined | $4 billion | 0.7250% | $ | 29,000,000 | ||||||||
by our board of directors. Any portion of | $5 billion | 0.7100% | $ | 35,500,000 | ||||||||
this fee may be deferred and paid in a subsequent year. |
The advisory fee will be calculated according to the following fee schedule: |
Monthly | ||||||||
Average | Annualized | |||||||
Invested | Fee Rate for | |||||||
Assets Range | Each Range | |||||||
$0 — $2 billion | 0.75% | |||||||
over $2 billion — $4 billion | 0.70% | |||||||
over $4 billion | 0.65% |
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Type of Compensation | Determination of Amount | Estimated Amount for Minimum Offering/Maximum Offering | ||
Operating Expenses | We will reimburse our advisor for acquisition expenses incurred in acquiring each property or in the origination or acquisition of a loan. We expect these expenses to be approximately 0.5% of the purchase price of each property or the amount of each loan; provided, however, that acquisition expenses are not included in the contract purchase price of a property. We will also reimburse our advisor for the expenses incurred in connection with its provision of advisory and administrative services, including related personnel costs and payments to third party service providers; provided, however, that we will not reimburse our advisor for the salaries and benefits paid to our personnel in connection with services for which our advisor receives acquisition fees, and we will not reimburse our advisor for salaries and benefits paid to our executive officers. | $10,904/$17,545,687 estimated for reimbursement of acquisition expenses assuming no debt or $43,616/$70,182,748 estimated for reimbursement of acquisition expenses assuming leverage of 75% of the contract purchase price. For all other reimbursements, actual amounts are dependent upon the expenses incurred and, therefore, cannot be determined at the present time. | ||
Liquidation/Listing Stage | ||||
Disposition Fee | For substantial assistance in connection with the sale of properties, we will pay our advisor or its affiliates an amount equal to up to one-half of the brokerage commission paid on the sale of property, not to exceed 1% of the contract price of the property sold; provided, however, in no event may the disposition fee paid to our advisor or its affiliates, when added to the real estate commissions paid to unaffiliated third parties, exceed the lesser of the customary competitive real estate commission or an amount equal to 6% of the contract sales price. | Actual amounts are dependent upon the contract price of properties sold and, therefore, cannot be determined at the present time. Because the disposition fee is based on a fixed percentage of the contract price for sold properties the actual amount of the disposition fees cannot be determined at the present time. | ||
Subordinated Fee | After investors have received a return of their net capital invested and an 8% annual cumulative, non-compounded return, then our advisor will be entitled to receive 15% of the remaining net sale proceeds. We cannot assure you that we will provide this 8% return, which we have disclosed solely as a measure for our advisor’s incentive compensation. | Actual amounts are dependent upon results of operations and, therefore, cannot be determined at the present time. There is no limit on the aggregate amount of these payments. |
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• | identify and acquire investments that further our investment objectives; | |
• | increase awareness of the Cole Credit Property Trust IV, 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 | |
• | be continuously aware of, and interpret, marketing trends and conditions. |
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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 our policies or objectives; | |
• | 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 otherwise adversely affect the operation and maintenance of the property, could cause a default under the mortgage loan financing documents applicable to the property and result in late charges, penalties and interest, and could 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 under, and possibly result in personal liability in connection with, 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-owner 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-owner; |
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• | 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, including the advisory agreement and the dealer manager agreement; | |
• | public offerings of equity by us, which entitle our dealer manager to fees and will likely entitle our advisor to increased acquisition and asset management fees; | |
• | property acquisitions from other Cole-sponsored real estate programs, which might entitle affiliates of our advisor to real estate commissions and possible success-based sale fees in connection with its services for the seller; | |
• | property acquisitions from third parties, which entitle our advisor to acquisition fees and advisory fees; | |
• | property dispositions, which may entitle our advisor or its affiliates to disposition fees; | |
• | borrowings to acquire properties, which borrowings will increase the acquisition and asset management fees payable to our advisor; | |
• | whether and when we seek to sell our company, liquidate our assets or list our common stock on a national securities exchange, which liquidation or listing could entitle our advisor to the payment of fees; and | |
• | how and when to recommend to our board of directors a proposed strategy to provide our investors with liquidity, which proposed strategy, if implemented, could entitle our advisor to the payment of fees. |
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• | any person who beneficially owns 10% or more of the voting power of the corporation’s shares; or | |
• | an affiliate or associate of the corporation who, at any time within the two-year period prior to the date in question, was the beneficial owner of 10% or more of the voting power of the then outstanding voting stock of the corporation. |
• | 80% of the votes entitled to be cast by holders of outstanding shares of voting stock of the corporation; and | |
• | two-thirds of the votes entitled to be cast by holders of voting stock of the corporation other than shares held by the interested stockholder with whom or with whose affiliate the business combination is to be effected or held by an affiliate or associate of the interested stockholder. |
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• | 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; or | |
• | 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 (the 40% test). “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. |
• | limitations on capital structure; | |
• | restrictions on specified investments; | |
• | restrictions on specified investments; | |
• | prohibitions on transactions with affiliates; | |
• | compliance with reporting, record keeping, voting, proxy disclosure and other rules and regulations that would significantly change our operations; and | |
• | potentially, compliance with daily valuation requirements. |
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• | the election or removal of directors; | |
• | any amendment of our charter, except that our board of directors may amend our charter without stockholder approval to increase or decrease the aggregate number of our shares, to increase or decrease the number of our shares of any class or series that we have the authority to issue, to change our name, to change the name or other designation or the par value of any class or series of our stock and the aggregate par value of our stock or to effect certain reverse stock splits; provided, however, that any such amendment does not adversely affect the rights, preferences and privileges of the stockholders; | |
• | our dissolution; and | |
• | a merger or consolidation of the sale or other disposition of all or substantially all of our assets. |
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• | changes in general economic or local conditions; | |
• | changes in supply of or demand for similar or competing properties in an area; |
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• | changes in interest rates and availability of permanent mortgage funds that may render the sale of a property difficult or unattractive; | |
• | the illiquidity of real estate investments generally; | |
• | changes in tax, real estate, environmental and zoning laws; and | |
• | periods of high interest rates and tight money supply. |
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• | the values of our potential investments in commercial properties could decrease below the amount paid for such investments; | |
• | revenues from such properties could decrease due to low or no rental income during vacant periods, lower future rental rates and/or increased tenant improvement expenses or concessions; and/or | |
• | revenues from such properties that secure loans could decrease, making it more difficult for us to meet our payment obligations. |
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• | poor economic conditions may result in tenant defaults under leases; | |
• | poor economic conditions may result in lower revenue to us from retailers who pay us a percentage of their revenues under percentage rent leases; | |
• | re-leasing may require concessions or reduced rental rates under the new leases; | |
• | changes in interest rates and availability of permanent mortgage funds that may render the sale of a property difficult or unattractive; |
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• | constricted access to credit may result in tenant defaults or non-renewals under leases; and | |
• | increased insurance premiums may reduce funds available for distribution or, to the extent such increases are passed through to tenants, may lead to tenant defaults. Increased insurance premiums may make it difficult to increase rents to tenants on turnover, which may adversely affect our ability to increase our returns. |
• | Debt Markets — Although there are signs of recovery, 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 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. 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 the U.S. economy. |
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• | the development company fails to develop the property; | |
• | all or a specified portion of the pre-leased tenants fail to take possession under their leases for any reason; or | |
• | we are unable to raise sufficient proceeds from our offering to pay the purchase price at closing. |
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• | your investment is consistent with your fiduciary obligations under ERISA and the Internal Revenue Code; | |
• | your investment is made in accordance with the documents and instruments governing your plan or IRA, including your plan’s investment policy; | |
• | your investment satisfies the prudence and diversification requirements of ERISA and other applicable provisions of ERISA and the Internal Revenue Code; | |
• | your investment will not impair the liquidity of the plan or IRA; | |
• | your investment will not produce UBTI 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 plan or IRA; and | |
• | your investment will not constitute a prohibited transaction under Section 406 of ERISA or Section 4975 of the Internal Revenue Code. |
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Minimum Offering | Maximum Offering | Maximum Offering | ||||||||||||||||||||||
(Not Including Distribution | (Including Distribution | (Not Including Distribution | ||||||||||||||||||||||
Reinvestment Plan)(1) | Reinvestment Plan)(2) | Reinvestment Plan)(3) | ||||||||||||||||||||||
Amount | Percent | Amount | Percent | Amount | Percent | |||||||||||||||||||
Gross Offering Proceeds | $ | 2,500,000 | 100 | % | $ | 3,975,000,000 | 100 | % | $ | 3,500,000,000 | 100 | % | ||||||||||||
Less Public Offering Expenses: | ||||||||||||||||||||||||
Selling Commissions and Dealer Manager Fee(4) | 225,000 | 9.0 | % | 315,000,000 | 7.9 | % | 315,000,000 | 9.0 | % | |||||||||||||||
Other Organization and Offering Expenses(5) | 37,500 | 1.5 | % | 59,625,000 | 1.5 | % | 52,500,000 | 1.5 | % | |||||||||||||||
Amount Available for Investment(6) | 2,237,500 | 89.5 | % | 3,600,375,000 | 90.6 | % | 3,132,500,000 | 89.5 | % | |||||||||||||||
Acquisition and Development: | ||||||||||||||||||||||||
Acquisition Fee(7) | 43,616 | 1.7 | % | 70,182,749 | 1.8 | % | 61,062,378 | 1.7 | % | |||||||||||||||
Acquisition Expenses(8) | 10,904 | 0.4 | % | 17,545,687 | 0.4 | % | 15,265,595 | 0.4 | % | |||||||||||||||
Initial Working Capital Reserve(9) | 2,181 | 0.1 | % | 3,509,137 | 0.1 | % | 3,053,119 | 0.1 | % | |||||||||||||||
Amount Invested in Assets(10) | $ | 2,180,799 | 87.3 | % | $ | 3,509,137,427 | 88.3 | % | $ | 3,053,118,908 | 87.3 | % | ||||||||||||
(1) | Assumes the sale to the public of 250,000 shares at $10.00 per share pursuant to the primary offering and no shares sold pursuant to the distribution reinvestment plan. | |
(2) | Assumes the sale to the public of 350,000,000 shares at $10.00 per share pursuant to the primary offering and 50,000,000 shares at $9.50 per share pursuant to the distribution reinvestment plan. | |
(3) | Assumes the sale to the public of 350,000,000 shares at $10.00 per share pursuant to the primary offering and no shares sold pursuant to the distribution reinvestment plan. | |
(4) | Includes selling commissions equal to 7% of the gross proceeds of our primary offering, which commissions may be reduced under certain circumstances, and a dealer manager fee equal to 2% of the gross proceeds of our primary offering, both of which are payable to the dealer manager, an affiliate of our advisor. The dealer manager will reallow 100% of the selling commissions to participating broker-dealers. In addition, the dealer-manager, in its sole discretion, may reallow to broker-dealers participating in this offering up to all of its dealer manager fee to participating broker- dealers as marketing fees and due diligence expense allowance based on such factors as the participating broker-dealer’s level of marketing support, level of due diligence review and likelihood of success of its sales efforts, each as compared to those of the other participating broker-dealers. We will not pay a selling commission or a dealer manager fee on shares purchased pursuant to our distribution reinvestment plan. The amount of selling commissions may be reduced under certain circumstances for volume discounts and other types of |
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sales. Furthermore, we may increase the dealer manager fee to 3% of aggregate gross offering proceeds for purchases made through certain selected dealers, in which event the selling commission would be reduced to 6% of gross offering proceeds for those purchases. See the “Plan of Distribution” section of this prospectus for a description of such provisions. | ||
(5) | These organization and offering expenses consist of all expenses (other than selling commissions and the dealer manager fee) to be paid by us in connection with the offering, including (i) our legal, accounting, printing, mailing and filing fees, charges of our transfer agent for account set up 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 to reimburse our advisor for the portion of the salaries paid to employees of its affiliates that are attributed to services rendered to our advisor in connection with preparing supplemental sales materials for us, holding educational conferences and attending retail seminars conducted by broker-dealers; and (iii) reimbursements for our dealer manager’s wholesaling costs, and other marketing and organization costs, including payments made to participating broker-dealers. Expenses relating to educational conferences and retail seminars described in (ii) above and expenses described in (iii) above will constitute underwriting compensation. | |
In addition, we expect our sponsor will pay approximately $1,170,490 (an amount equal to 0.03% of gross offering proceeds, excluding proceeds from our distribution reinvestment plan) for offering expenses that are deemed to be underwriting expenses, without reimbursement by us. If actual non-underwriting organization and offering expenses exceed the estimated amount given in the table, leaving us with fewer funds available to reimburse our advisor for underwriting expenses, our sponsor will pay an amount greater than 0.03% of gross offering proceeds, excluding proceeds from our distribution reinvestment plan, without reimbursement by us, but in no event will such amount exceed 1% of gross offering proceeds, excluding proceeds from our distribution reinvestment plan. Conversely, if actual non-underwriting organization and offering expenses are less than the estimated amount given in the table, providing us with greater funds available to reimburse our advisor for underwriting expenses, we will utilize the additional funds to reimburse our advisor for underwriting expenses, and our sponsor will pay an amount less than 0.03% of gross offering proceeds, excluding proceeds from our distribution reinvestment plan, without reimbursement by us. In no event will the total amount of underwriting compensation paid by us, in the form of organization and offering expense reimbursements, and by our sponsor exceed an amount equal to 1% of the gross offering proceeds, excluding proceeds from our distribution reinvestment plan. Accordingly, in no event will such payments for underwriting expenses, combined with selling commissions and the dealer manager fee, exceed 10% of the gross offering proceeds, excluding proceeds from our distribution reinvestment plan. See the “Plan of Distribution” section of this prospectus. | ||
In no event will total organization and offering expenses, including selling commissions, the dealer manager fee and reimbursement of other organization and offering expenses, exceed 15% of the gross proceeds of this offering. | ||
(6) | Until required in connection with the acquisition of real estate or other real estate-related investments, substantially all of the net proceeds of this offering and, thereafter, any working capital reserves we may have, may be invested in short-term, highly-liquid investments including government obligations, bank certificates of deposit, short-term debt obligations and interest-bearing accounts. | |
(7) | Acquisition fees are defined generally as fees and commissions paid by any party to any person in connection with identifying, reviewing, evaluating, investing in and the purchase, development or construction of properties, or the making or investing in loans or other real estate-related investments. We will pay our advisor acquisition fees up to a maximum amount of 2% of the contract purchase price of each property or asset acquired. For purposes of this table, we have assumed that the aggregate contract purchase price for our assets will be an amount equal to the estimated amount invested in assets. With respect to any loan we originate or acquire, we will pay our advisor an acquisition fee of 2% of the amount of the loan. For purposes of this table, we also have assumed that no financing is used to acquire properties or other real estate assets. We may incur additional fees, such as real estate commissions, |
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development fees, construction fees, non-recurring management fees, loan fees or points, or any fee of a similar nature. Acquisition fees do not include acquisition expenses. | ||
(8) | Acquisition expenses include legal fees and expenses, travel expenses, costs of appraisals, nonrefundable option payments on property not acquired, accounting fees and expenses, title insurance premiums and other closing costs and miscellaneous expenses relating to the selection, acquisition and development of real estate properties. For purposes of this table, we have assumed average expenses of 0.5% of the estimated amount invested in assets; however, expenses on a particular acquisition may be higher. Acquisition expenses are not included in the contract purchase price of an asset. Notwithstanding the foregoing, the total of all acquisition expenses and acquisition fees paid by any party to any party, including any real estate commission, selection fee, development fees paid to an affiliate of our advisor, construction fee paid to an affiliate of our advisor, non-recurring management fee, loan fees or point or any fee of a similar nature, payable with respect to a particular property or investment shall be reasonable, and shall not exceed an amount equal to 6% of the contract purchase price of the property, or in the case of a mortgage loan 6% of the funds advanced, unless a majority of our directors (including a majority of our independent directors) not otherwise interested in the transaction approve fees and expenses in excess of this limit and determine the transaction to be commercially competitive, fair and reasonable to us. | |
(9) | Working capital reserves typically are utilized for extraordinary expenses that are not covered by revenue generated by the property, such as tenant improvements, leasing commissions and major capital expenditures. Alternatively, a lender may require its own formula for escrow of working capital reserves. Because we expect most of our leases will be triple net or double net leases, as described elsewhere herein, we do not expect to maintain significant working capital reserves. | |
(10) | Includes amounts anticipated to be invested in properties net of organization and offering expenses, acquisition fees and expenses and initial working capital reserves. |
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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, including loan administration, underwriting or broker commissions, and servicing, engineering, inspection and other fees, whether such amounts are paid by us or 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 for its own account. |
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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. | 44 | Executive Vice President, Chief Financial Officer and Treasurer | ||||
Marc T. Nemer | 38 | Director | ||||
Independent Director 1 | Independent Director | |||||
Independent Director 2 | Independent Director | |||||
Independent Director 3 | Independent Director |
* | As of May 26, 2011. |
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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; |
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• | fees, compensation and expenses, including organization and offering expenses, acquisition fees and acquisition expenses, total operating expenses, real estate commissions on the resale of property, incentive fees, and advisor compensation; | |
• | any change or 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. |
• | 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; |
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• | the director or officer actually received an improper personal benefit in money, property or services; | |
• | with respect to any criminal proceeding, the director or officer had reasonable cause to believe his act or omission was unlawful; or | |
• | in a proceeding by us or on our behalf, the director or officer was adjudged to be liable to us or for a judgment of liability on the basis that personal benefit was improperly received (although in either case a court may order indemnification solely for expenses). |
• | the directors, our advisor or its affiliates have determined, in good faith, that the course of conduct that 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 non-independent directors, our advisor or its affiliates, 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. |
• | 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 Securities and Exchange |
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Commission 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. |
Name | Age* | Position(s) | ||||
Christopher H. Cole | 58 | Chief Executive Officer | ||||
Marc T. Nemer | 38 | President | ||||
D. Kirk McAllaster, Jr. | 44 | Executive Vice President and Chief Financial Officer | ||||
Mitchell A. Sabshon | 59 | Executive Vice President and Chief Operating Officer | ||||
Jeffrey C. Holland | 40 | Executive Vice President and Head of Capital Markets | ||||
Thomas W. Roberts | 52 | Executive Vice President and Managing Director of Real Estate | ||||
John M. Pons | 47 | Executive Vice President, Secretary and General Counsel | ||||
Chong P. Huan | 53 | Executive Vice President and Chief Technology Officer | ||||
Kim S. Kundrak | 54 | Chief Acquisitions Officer |
* | As of May 26, 2011. |
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• | find, evaluate, present and recommend to us investment opportunities consistent with our investment policies and objectives; | |
• | serve as our investment and financial advisor and provide research and economic and statistical data in connection with our assets and our investment policies; | |
• | provide the daily management and perform and supervise the various administrative functions reasonably necessary for our management and operations; | |
• | investigate, select, and, on our behalf, engage and conduct business with such third parties as the advisor deems necessary to the proper performance of its obligations under the advisory agreement; | |
• | consult with, and provide information to, our officers and board of directors and assist the board of directors in formulating and implementing of our financial policies; | |
• | 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; |
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• | 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; | |
• | 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 Securities and Exchange Commission, Internal Revenue Service and other state or federal governmental agencies; and | |
• | dispose of properties on our behalf in compliance with our investment objectives and policies, and at the appropriate time, advise our board of directors on the timing and method of providing our investors with liquidity. |
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Estimated Amount for Minimum | ||||
Type of Compensation(1) | Determination of Amount | Offering/Maximum Offering(2) | ||
Offering Stage | ||||
Selling Commissions — Cole Capital Corporation(3) | We generally will pay to our affiliated dealer manager, Cole Capital Corporation, 7% of the gross proceeds of our primary offering. Cole Capital Corporation will reallow 100% of selling commissions to participating broker-dealers. We will not pay any selling commissions with respect to sales of shares under our distribution reinvestment plan. | $175,000/$245,000,000 | ||
Dealer Manager Fee — Cole Capital Corporation(3) | We generally will pay to Cole Capital Corporation 2% of the gross proceeds of our primary offering. Cole Capital Corporation may reallow all or a portion of its dealer manager fee to participating broker-dealers. We will not pay a dealer manager fee with respect to sales of shares under our distribution reinvestment plan. | $50,000/$70,000,000 | ||
Reimbursement of Other Organization and Offering Expenses — CR IV Advisors(4) | Our advisor will incur or pay our organization and offering expenses (excluding selling commissions and the dealer manager fee). We will then reimburse our advisor for these amounts up to 1.5% of gross offering proceeds. | $37,500/$59,625,000 Assuming we raise the maximum offering amount, we expect approximately $31,487,310 (0.8% of aggregate gross offering proceeds) of such reimbursement to cover offering expenses that are deemed to be underwriting expenses, and we expect approximately $28,137,690 (0.7% of aggregate gross offering proceeds) of such reimbursement to cover non-underwriting organization and offering expenses. | ||
Acquisition and Operations Stage | ||||
Acquisition Fee — CR IV Advisors(5) | In consideration for finding, evaluating, structuring and negotiating our real estate acquisitions, we will pay to our advisor up to 2% of: (i) the contract purchase price of each property or asset; (ii) the amount paid in respect of the development, construction or improvement of each asset we acquire; (iii) the purchase price of any loan we acquire; and (iv) the principal amount of any loan we originate. | $43,616/$70,182,749 assuming no debt or $174,464/$280,730,996 assuming leverage of 75% of the contract purchase price. |
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Estimated Amount for Minimum | ||||
Type of Compensation(1) | Determination of Amount | Offering/Maximum Offering(2) | ||
Advisory Fee — CR IV Advisors(6) | In consideration for the day-to-day management of our company, we will pay to our advisor a monthly advisory fee based upon our monthly average invested assets. Monthly average invested assets will equal the average book value of our assets invested, directly or indirectly, in equity interests in and loans secured by our real estate, before | The annualized advisory fee rate, and the actual dollar amounts, are dependent upon the amount of our monthly average invested assets and, therefore, cannot be determined at the present time. Based on the following assumed levels of monthly average invested assets, our annualized advisory fee will be as follows: |
reserves for depreciation and amortization or bad debts or other similar non-cash reserves, other than impairment charges, computed by taking the average | Monthly Average Invested Assets | Annualized Effective Fee Rate | Annualized Advisory Fee | |||||||||
of such values at the end of each business | $1 billion | 0.75% | $ | 7,500,000 | ||||||||
day, over the course of the month. After our | $2 billion | 0.75% | $ | 15,000,000 | ||||||||
board of directors begins to determine the | $3 billion | 0.7333% | $ | 22,000,000 | ||||||||
estimated per share value of our common | $4 billion | 0.7250% | $ | 29,000,000 | ||||||||
stock, the monthly advisory fee will be based | $5 billion | 0.7100% | $ | 35,500,000 | ||||||||
upon the value of our assets invested, directly or indirectly, in equity interests in and loans secured by our real estate as determined by our board of directors. Any portion of this fee may be deferred and paid in a subsequent year. |
The advisory fee will be calculated according to the following fee schedule: |
Monthly | Annualized | |||||||
Average | Fee Rate | |||||||
Invested | for Each | |||||||
Assets Range | Range | |||||||
$0 — $2 billion | 0.75% | |||||||
over $2 billion — $4 billion | 0.70% | |||||||
over $4 billion | 0.65% |
Operating Expenses — CR IV Advisors(7) | We will reimburse our advisor for acquisition expenses incurred in the process of acquiring each property or in the origination or acquisition of a loan. We expect these expenses will be approximately 0.5% of the purchase price of each property or of the amount of each loan; provided, however, that acquisition expenses are not included in the contract purchase price of a property. We also will reimburse our advisor for the expenses incurred in connection with its provision of advisory and administrative services, including related personnel costs and payments to third party service providers; provided, however, that we will not reimburse our advisor for the salaries and benefits paid to personnel in connection with services for which our advisor receives acquisition fees, and we will not reimburse our advisor for salaries and benefits paid to our executive officers | $10,904/$17,545,687 estimated for reimbursement of acquisition expenses assuming no debt or $43,616/$70,182,748 estimated for reimbursement of acquisition expenses assuming leverage of 75% of the contract purchase price. |
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Estimated Amount for Minimum | ||||
Type of Compensation(1) | Determination of Amount | Offering/Maximum Offering(2) | ||
Liquidity/Listing Stage | ||||
Disposition Fee — CR IV Advisors or its affiliates | For substantial assistance in connection with the sale of properties, we will pay our advisor or its affiliates an amount equal to up to one-half of the brokerage commission paid on the sale of property, not to exceed 1% of the contract price of the properties sold; provided, however, in no event may the disposition fee paid to our advisor or its affiliates, when added to the real estate commissions paid to unaffiliated third parties, exceed the lesser of the customary competitive real estate commission or an amount equal to 6% of the contract sales price. | Actual amounts are dependent upon the contract price of properties sold and, therefore, cannot be determined at the present time. Because the disposition fee is based on a fixed percentage of the contract price for sold properties the actual amount of the disposition fees cannot be determined at the present time. | ||
Subordinated Performance Fee — CR IV Advisors(9) | After investors have received a return of their net capital invested and an 8% annual cumulative, non-compounded return, then our advisor will be entitled to receive 15% of the remaining net sale proceeds. We cannot assure you that we will provide this 8% return, which we have disclosed solely as a measure for our advisor’s incentive compensation. | Actual amounts are dependent upon results of operations and, therefore, cannot be determined at the present time. There is no limit on the aggregate amount of these payments. |
(1) | We will pay all fees, commissions and expenses in cash, other than the subordinated performance fee, which we may pay in cash, common stock, a promissory note or any combination of the foregoing, as we may determine in our discretion. | |
(2) | The estimated minimum dollar amounts are based on the sale to the public of 250,000 shares at $10.00 per share pursuant to the primary offering and no shares pursuant to our distribution reinvestment plan. The estimated maximum dollar amounts are based on the sale to the public of 350,000,000 shares at $10.00 per share and 50,000,000 shares at $9.50 per share pursuant to our distribution reinvestment plan. | |
(3) | These payments are underwriting compensation. Underwriting compensation paid from any source in connection with this offering may not exceed 10% of the gross proceeds of the primary offering. Selling commissions and, in some cases, the dealer manager fee, will not be charged with regard to shares sold to or for the account of certain categories of purchasers. See the “Plan of Distribution” section of this prospectus. Selling commissions and the dealer manager fee will not be paid with respect to shares sold pursuant to our distribution reinvestment plan. | |
(4) | These organization and offering expenses consist of all expenses (other than selling commissions and the dealer manager fee) to be paid by us in connection with the offering, including: (i) our legal, accounting, printing, mailing and filing fees, charges of our transfer agent for account set up 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 to reimburse our advisor for the portion of the salaries paid to employees of its affiliates that are attributed to services rendered to our advisor in connection with preparing supplemental sales materials for us, holding educational conferences and attending retail seminars conducted by broker-dealers; and (iii) reimbursements for our dealer manager’s wholesaling costs, and other marketing and organization costs, including payments made to participating broker-dealers. Expenses relating to educational conferences and retail seminars described in (ii) above and expenses described in (iii) above will constitute underwriting compensation. |
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In addition, we expect our sponsor will pay approximately $1,170,490 (an amount equal to 0.03% of gross offering proceeds, excluding proceeds from our distribution reinvestment plan) for offering expenses that are deemed to be underwriting expenses, without reimbursement by us. If actual non-underwriting organization and offering expenses exceed the estimated amount given in the table, leaving us with fewer funds available to reimburse our advisor for underwriting expenses, our sponsor will pay an amount greater than 0.03% of gross offering proceeds, excluding proceeds from our distribution reinvestment plan, without reimbursement by us, but in no event will such amount exceed 1% of gross offering proceeds, excluding proceeds from our distribution reinvestment plan. Conversely, if actual non-underwriting organization and offering expenses are less than the estimated amount given in the table, providing us with greater funds available to reimburse our advisor for underwriting expenses, we will utilize the additional funds to reimburse our advisor for underwriting expenses, and our sponsor will pay an amount less than 0.03% of gross offering proceeds, excluding proceeds from our distribution reinvestment plan, without reimbursement by us. In no event will the total amount of underwriting compensation paid by us, in the form of organization and offering expense reimbursements, and by our sponsor exceed an amount equal to 1% of the gross offering proceeds, excluding proceeds from our distribution reinvestment plan. Accordingly, in no event will such payments for underwriting expenses, combined with selling commissions and the dealer manager fee, exceed 10% of the gross offering proceeds, excluding proceeds from our distribution reinvestment plan. See the “Plan of Distribution” section of this prospectus. |
In no event will total organization and offering expenses, including selling commissions, the dealer manager fee and reimbursement of other organization and offering expenses, exceed 15% of the gross proceeds of this offering. | ||
(5) | Any portion of this fee may be deferred and paid in a subsequent year. Pursuant to our charter, in accordance with the NASAA REIT Guidelines, our total of all acquisition fees and expenses relating to any purchase, including fees and expenses paid to third parties, shall not exceed 6% of the contract purchase price unless a majority of our directors (including a majority of our independent directors) not otherwise interested in the transaction approve fees and expenses in excess of this limit and determine the transaction to be commercially competitive, fair and reasonable to us. Included in the computation of such fees will be any real estate commission, acquisition fee, development fee, construction fee, non-recurring management fee, loan fees or points, or any fee of a similar nature. On a quarterly basis, we will review the total acquisition fees and expenses relating to each purchase to ensure that such fees and expenses do not exceed 6% of the contract purchase price. For a description of the duties of our advisor pursuant to the advisory agreement, including acquisition services, see the section of this prospectus captioned “Management — The Advisory Agreement.” | |
(6) | An asset’s book value typically will equal its cost. However, in the event that an asset suffers an impairment, we will reduce the real estate and related intangible assets and liabilities to their estimated fair market value. See the section of this prospectus captioned “Management’s Discussion and Analysis of Financial Condition and Results of Operations — Application of Critical Accounting Policies — Investment in and Valuation of Real Estate and Related Assets” for additional information. For a description of the duties of our advisor pursuant to the advisory agreement, including day-to-day advisory services, see the section of this prospectus captioned “Management — The Advisory Agreement.” Our advisor has agreed to waive its right to an advisory fee during the first six months following the date we break escrow and admit investors in this offering. | |
(7) | We will reimburse our advisor for the portion of the salaries paid to employees of Cole Real Estate Investments who are dual employees of our advisor, including executive officers and key personnel of our advisor who are not also executive officers of our company, that are attributed to services rendered by our advisor in connection with our operations, including non-offering related legal and accounting services. Additional services may be provided to us by third parties, for which they will be separately compensated either directly by us or by our advisor and reimbursed by us. In the event that our advisor engages a third party to perform services that we have engaged our advisor to perform pursuant to the advisory agreement, such third parties will be compensated by the advisor out of its advisory fee. | |
We will not reimburse our advisor for any amount by which the operating expenses (which exclude, among other things, the expenses of raising capital, interest payments, taxes, non-cash items such as depreciation, amortization and bad debt reserves, and acquisition fees and acquisition expenses) paid |
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during the four preceding fiscal quarters exceeds the greater of (i) 2% of average invested assets, or (ii) 25% of net income other than any additions to reserves for depreciation, bad debt or other similar non-cash reserves and excluding any gain from the sale of assets for that period. We will perform the above calculation on a quarterly basis to ensure that the operating expense reimbursements are within these limitations. Acquisition expenses are accounted for separately. | ||
We lease our office space from an affiliate of our advisor and share the space with other Cole-related entities. The amount we will pay under the lease will be determined on a monthly basis based upon on the allocation of the overall lease cost to the approximate percentage of time, size of the area that we utilize and other resources allocated to us. | ||
(8) | Although we are most likely to pay disposition fees to CCI Advisors or its affiliates at the time of our liquidation, these fees may be earned during our operational state if we sell properties prior to our liquidation. | |
(9) | We will pay a subordinated performance fee under only one of the following alternative events: (i) if our shares are listed on a national securities exchange, our advisor will be entitled to a subordinated performance fee equal to 15% of the amount, if any, by which (1) the market value of our outstanding stock plus distributions paid by us prior to listing, exceeds (2) the sum of the total amount of capital raised from investors and the amount of distributions necessary to generate an 8% annual cumulative, non-compounded return to investors; (ii) if our company is sold or our assets are liquidated, our advisor will be entitled to a subordinated performance fee equal to 15% of the net sale proceeds remaining after investors have received a return of their capital invested and an 8% annual cumulative, non-compounded return; or (iii) upon termination of the advisory agreement, our advisor may be entitled to a subordinated performance fee similar to that to which it would have been entitled had the portfolio been liquidated (based on an independent appraised value of the portfolio) on the date of termination. Under our charter, we could not increase these success-based fees without the approval of a majority of our independent directors, and any increase in these fees would have to be reasonable. Our charter provides that these subordinated fees are “presumptively reasonable” if they do not exceed 15% of the balance of such net proceeds or such net market value remaining after investors have received a return of their net capital contributions and an 8% per year cumulative, non-compounded return. | |
The subordinated performance fee likely will be paid in the form of a non-interest bearing promissory note that will be repaid from the net sale proceeds of each sale after the date of the termination or listing, although, at our discretion, we may pay this fee with cash or shares of our common stock, or any combination of the foregoing. At the time of such sale, we may, however, again at our discretion, pay all or a portion of such promissory note with shares of our common stock. If shares are used for payment, we do not anticipate that they will be registered under the Securities Act and, therefore, will be subject to restrictions on transferability. Any portion of the subordinated performance fee that our advisor receives prior to our listing will offset the amount otherwise due pursuant to the subordinated performance fee payable upon listing. In no event will the amount paid to our advisor under the promissory note, if any, exceed the amount considered presumptively reasonable by the NASAA REIT Guidelines. Any subordinated performance fee payable in respect of net sale proceeds that is not paid at the date of sale because investors have not received their required minimum distribution will be deferred and paid at such time as the subordination conditions have been satisfied. | ||
The market value of our outstanding stock will be calculated based on the average market value of the shares issued and outstanding at listing over the 30 trading days beginning 180 days after the shares are first listed. We have the option to cause our operating partnership to pay the subordinated performance fee in the form of stock, cash, a non-interest bearing promissory note or any combination thereof. In the event the subordinated performance fee is earned by our advisor, any previous payments of the subordinated participation in net sale proceeds will offset the amounts due pursuant to the subordinated performance fee, and we will not be required to pay our advisor any further subordinated participation in net sale proceeds. |
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Common Stock | ||||||||
Beneficially Owned(2) | ||||||||
Number of Shares | Percentage | |||||||
Name of Beneficial Owner(1) | of Common Stock | of Class | ||||||
Christopher H. Cole, Chairman of the Board of Directors, Chief Executive Officer and President(3) | 20,000 | 100 | % | |||||
Marc T. Nemer, Director | — | — | ||||||
Independent Director 1 | — | — | ||||||
Independent Director 2 | — | — | ||||||
Independent Director 3 | — | — | ||||||
D. Kirk McAllaster, Jr., Executive Vice President, Chief Financial Officer and Treasurer | — | — | ||||||
All directors and executive officers as a group (six persons)(3) | 20,000 | 100 | % |
(1) | Address of each beneficial owner listed is 2575 East Camelback Road, Suite 500, Phoenix, Arizona 85016. | |
(2) | For purposes of calculating the percentage beneficially owned, the number of shares of common stock deemed outstanding includes (a) 20,000 shares outstanding as of May 26, 2011, and (b) shares issuable pursuant to options held by the respective person or group that may be exercised within 60 days following the date of this prospectus. Beneficial ownership is determined in accordance with the rules of the Securities and Exchange Commission 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. | |
(3) | 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. Pursuant to our charter, 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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• | We will not purchase or lease properties from our sponsor, our advisor, any of our directors or any of their respective affiliates unless a majority of the directors, including a majority of the independent directors, not otherwise interested in such transaction determines that such transaction is fair and reasonable to us and at a price to us no greater than the cost of the property to the seller or lessor, unless there is substantial justification for any amount that exceeds such cost and such excess amount is determined to be reasonable. In no event will we acquire any property at an amount in excess of its current appraised value. We will not sell or lease properties to our sponsor, our advisor, any of our directors or any of their respective affiliates unless a majority of the directors, including a majority of the independent directors, not otherwise interested in the transaction determines that the transaction is fair and reasonable to us. | |
• | We will not make any loans to our sponsor, our advisor, any of our directors or any of their respective affiliates, except that we may make or invest in mortgage loans involving our sponsor, our advisor, our directors or their respective affiliates, provided, among other things, that an appraisal of the underlying property is obtained from an independent appraiser and the transaction is approved by a majority of the directors, including a majority of the independent directors, not otherwise interested in such transaction as fair and reasonable to us and on terms no less favorable to us than those available from unaffiliated third parties. In addition, our sponsor, our advisor, any of our directors and any of their respective affiliates will not make loans to us or to joint ventures in which we are a joint venture partner unless approved by a majority of our directors, including a majority of the independent directors, not otherwise interested in the transaction as fair, competitive and commercially reasonable, and no less favorable to us than comparable loans between unaffiliated parties. | |
• | Our advisor and its affiliates will be entitled to reimbursement, at cost, for actual expenses incurred by them on behalf of us or joint ventures in which we are a joint venture partner; provided, however, our advisor must reimburse us for the amount, if any, by which our total operating expenses, including the advisor asset management fee, paid during the immediately prior four consecutive fiscal quarters exceeded the greater of: (i) 2% of our average invested assets for such year, or (ii) 25% of our net income, before any additions to reserves for depreciation, bad debts or other similar non-cash reserves and excluding any gain from the sale of our assets, for such year. | |
• | 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 and the advisors of the other programs, with oversight by their respective boards of directors, will examine the following factors, among others, in determining the entity for which the investment opportunity is most appropriate: |
• | the investment objective of each entity; | |
• | 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; |
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• | the policy of each entity relating to leverage of properties; | |
• | the income tax effects of the purchase to each entity; and | |
• | the size of the investment. |
• | We will not enter into any other transaction with our sponsor, our advisor, any of our directors or any of their affiliates, including the acceptance of goods or services from our sponsor, our advisor, any of our directors or any of their affiliates, unless a majority of our directors, including a majority of the independent directors, not otherwise interested in the transaction approve such transaction as fair and reasonable to us and on terms and conditions not less favorable to us than those available from unaffiliated third parties. |
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• | to acquire quality commercial real estate properties, net leased under long-term leases to creditworthy tenants, which provide current operating cash flows; | |
• | 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. |
• | Cole’s Disciplined Investment Approach. Mr. Cole began investing in commercial real estate in 1979, focusing primarily on retail and office properties, and raw land in the metropolitan Phoenix area. From 1979 until the end of 1999, Mr. Cole, together with various investment partners, acquired 78 commercial properties and raw land. During that time, Mr. Cole founded what is now Cole Real Estate Investments. From 2001 until the end of 2010, our sponsor’s real estate programs acquired 1,359 commercial properties, predominantly in the retail sector. See the section of this prospectus captioned “Prior Performance Summary” for a discussion of the historical experience of the real estate programs managed over the last ten years by our sponsor. Under Mr. Cole’s leadership, our sponsor developed an investment approach that focuses on acquiring single-tenant necessity corporate properties subject to long-term net leases to creditworthy tenants. In addition, our sponsor’s investment strategy targets properties that typically have high occupancy rates (greater than 90%) and low to moderate leverage (0% to 50% loan to value). While our sponsor historically has applied its investment approach predominantly in the retail sector, our sponsor has utilized this investment approach in the corporate sector as well. We expect that our advisor will apply this disciplined investment approach to our investments in necessity retail and other income-producing properties. | |
• | Experienced Advisor. Mr. Cole, our advisor’s chief executive officer, Mr. Roberts, our advisor’s executive vice president and managing director of real estate, and Mr. Kundrak, our advisor’s senior vice president and chief acquisitions officer, have 31, 24 and 28 years of commercial real estate experience, respectively, and each has more than 24 years of retail real estate experience. Additionally, our executive management team has extensive public company operating experience with five of our senior executives having held senior positions at publicly held REITs. | |
• | 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 CCPT I, CCPT II and CCPT III have a 97% occupancy rate as of December 31, 2010. | |
• | Strong Industry Relationships. We believe that our advisor’s 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 advisor’s 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 advisor’s strong relationships with the tenant and leasing brokerage communities are expected to aid in attracting and retaining tenants. |
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• | 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 to potential sellers of properties. 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; | |
• | 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; | |
• | neighborhood growth patters and economic conditions; | |
• | presence of nearby properties that may positively or negatively impact store sales at the subject property; and | |
• | lease terms, including length of lease term, scope of landlord responsibilities, presence and frequency of contractual rental increases, renewal option provisions, exclusive and permitted use provisions, co-tenancy requirements and termination options. |
• | 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. |
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• | 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; | |
• | title and liability insurance policies; and | |
• | tenant estoppel certificates. |
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• | we may enter into a joint venture with third parties who have an executed lease with the developer who has an executed lease in place with the future tenant whereby we will provide a portion of the equity or debt financing; | |
• | we would accrue a preferred return 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 an option or contract to purchase, or a right of first refusal to purchase, the property or 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; | |
• | 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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• | will not borrow in excess of 75% of the aggregate cost (or 300% of net assets) (before deducting depreciation or other non-cash reserves) of our gross assets, unless excess borrowing is 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%); | |
• | will not make investments in unimproved property or mortgage loans on unimproved property in excess of 10% of our total assets; | |
• | will not 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; | |
• | will not 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; | |
• | will not 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; | |
• | will not 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; | |
• | will not 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; |
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• | will not issue equity securities on a deferred payment basis or other similar arrangement; | |
• | will not issue debt securities in the absence of adequate cash flow to cover debt service; | |
• | will not issue shares that are assessable after we have received the consideration for which our board of directors authorized their issuance; | |
• | will not 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); | |
• | will not 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; | |
• | will not make any investment that we believe will be inconsistent with our objectives of 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 | |
• | will continually review our investment activity to ensure that we are not classified as an “investment company” under the Investment Company Act. |
• | 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; or | |
• | 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 (the 40% test). “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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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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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 | % | ||||||
Type of Property | New | Used | Construction | |||||||||
Retail/Commercial | 25.7 | % | 73.1 | % | 1.2 | % | ||||||
Land | — | 100 | % | — | ||||||||
Data Center | — | — | 100 | % |
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Properties Purchased | ||||||||
% of Total | ||||||||
Location | Number | Purchase Price | ||||||
South | 4 | 40.4 | % | |||||
West | 4 | 37.0 | % | |||||
Midwest | 2 | 22.6 | % | |||||
10 | 100.0 | % | ||||||
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Properties Purchased | ||||||||
% of Total | ||||||||
Purchase | ||||||||
Location | Number | Price | ||||||
South | 674 | 48.0 | % | |||||
Midwest | 307 | 24.6 | % | |||||
West | 111 | 19.7 | % | |||||
Northeast | 79 | 7.6 | % | |||||
U.S. Virgin Islands | 1 | 0.1 | % | |||||
1,172 | 100.0 | % | ||||||
Type of Property | New | Used | Construction | |||||||||
Retail/Commercial | 10.7 | % | 89.3 | % | — |
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Properties Purchased | ||||||||
% of Total | ||||||||
Purchase | ||||||||
Location | Number | Price | ||||||
South | 519 | 50.9 | % | |||||
Midwest | 174 | 18.4 | % | |||||
West | 86 | 22.4 | % | |||||
Northeast | 60 | 8.3 | % | |||||
839 | 100.0 | % | ||||||
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• | a merger, offer, or proxy contest; | |
• | the assumption of control by a holder of a large block of our securities; or | |
• | the removal of incumbent management. |
• | stock exchanges in which we are the successor; and | |
• | transfers of less than substantially all of our assets. |
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• | five or fewer individuals (as defined in the Internal Revenue Code to include certain tax exempt organizations and trusts) may not own, directly or indirectly, more than 50% in value of our outstanding shares during the last half of a taxable year; and | |
• | 100 or more persons must beneficially own our shares during at least 335 days of a taxable year of 12 months or during a proportionate part of a shorter taxable year. |
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• | with respect to transfers only, results in our common stock being owned by fewer than 100 persons; | |
• | results in our being “closely held” within the meaning of Section 856(h) of the Internal Revenue Code; | |
• | results in our owning, directly or indirectly, more than 9.8% of the ownership interests in any tenant or subtenant; or | |
• | otherwise results in our disqualification as a REIT. |
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• | the amount of time required for us to invest the funds received in the offering; | |
• | our operating and interest expenses, including fees and expenses paid to our advisor; | |
• | the ability of tenants to meet their obligations under the leases associated with our properties; | |
• | the amount of distributions or dividends received by us from our indirect real estate investments; | |
• | our ability to keep our properties occupied; | |
• | our ability to maintain or increase rental rates when renewing or replacing current leases; |
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• | capital expenditures and reserves for such expenditures; | |
• | the issuance of additional shares; | |
• | the amount of cash used to repurchase shares under our share redemption program; and | |
• | financings and refinancings. |
• | are not liable personally or individually in any manner whatsoever for any debt, act, omission or obligation incurred by us or our board of directors; and | |
• | are under no obligation to us or our creditors with respect to their shares other than the obligation to pay to us the full amount of the consideration for which their shares were issued. |
• | any person who beneficially owns 10% or more of the voting power of the corporation’s shares; or | |
• | an affiliate or associate of the corporation who, at any time within the two-year period prior to the date in question, was the beneficial owner of 10% or more of the voting power of the then outstanding voting stock of the corporation. |
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• | 80% of the votes entitled to be cast by holders of outstanding shares of voting stock of the corporation; and | |
• | two-thirds of the votes entitled to be cast by holders of voting stock of the corporation other than shares held by the interested stockholder with whom or with whose affiliate the business combination is to be effected or held by an affiliate or associate of the interested stockholder. |
• | owned by the acquiring person; | |
• | owned by our officers; and | |
• | owned by our employees who are also directors. |
• | 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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• | a classified board of directors; | |
• | a two-thirds vote requirement for removing a director; | |
• | a requirement that the number of directors be fixed only by vote of the directors; | |
• | a requirement 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 majority requirement for the calling of a special meeting of stockholders. |
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• | a transaction involving our securities that have been listed on a national securities exchange for at least 12 months; or | |
• | a transaction involving our conversion to trust or association form if, as a consequence of the transaction, there will be no significant adverse change in stockholder voting rights, the term of our existence, compensation to our advisor or our investment objectives. |
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• | that includes provisions that would 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; | |
• | that results in our stockholders having an adverse change in their voting rights; | |
• | in which our investor’s rights to access records of the Roll-up Entity will be less than those provided in the section of this prospectus entitled “— Meetings and Special Voting Requirements” above; or | |
• | in which any of the costs of the Roll-up Transaction would be borne by us if the Roll-up Transaction is rejected by the stockholders. |
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• | individual or aggregate values of our assets; | |
• | real estate market fluctuations affecting our assets generally; | |
• | adverse or beneficial developments with respect to one or more assets in our portfolio; | |
• | our costs of the offering; or | |
• | our costs of acquiring assets. |
• | net amounts that might be realized in a sale of our assets in an orderly liquidation; | |
• | net amounts that might be realized in a bulk portfolio sale of our assets; | |
• | separate valuations of our assets (including any impairments); | |
• | our going concern value; | |
• | private real estate market conditions; | |
• | public real estate market conditions; | |
• | our business plan and characteristics and factors specific to our portfolio or securities; | |
• | the prices at which our securities were sold in other offerings, such as a distribution reinvestment plan offering; | |
• | the prices paid for our securities in other transactions, including secondary market trades; and | |
• | the relative prices paid for comparable companies listed on a national securities exchange. |
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• | the estimated value per share would actually be realized by our stockholders upon liquidation, bulk portfolio sales of our assets, sale of our company or listing of the common stock on an exchange; | |
• | any stockholder would be able to realize estimated share values in any attempt to sell shares; | |
• | the estimated value per share would be related to any individual or aggregated value estimates or appraisals of our assets; or | |
• | the estimated value, or method used to estimate value, would be found by any regulatory authority to comply with the ERISA, FINRA or other regulatory requirements. |
• | financial statements prepared in accordance with GAAP that are audited and reported on by independent certified public accountants; | |
• | 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 other fees paid to our advisor and any affiliates 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 our independent directors that our policies are in the best interests of our stockholders and the basis for such determination; and | |
• | a separately stated, 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 disclosure has been examined and commented upon in the report by our independent directors with regard to the fairness of such transactions. |
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• | prior to the time of such reinvestment, the participant has received the final prospectus and any supplements thereto offering interests in the subsequent Cole-sponsored program and such prospectus allows investments pursuant to a distribution reinvestment plan; | |
• | a registration statement covering the interests in the subsequent Cole-sponsored program has been declared effective under the Securities Act; | |
• | the offer and sale of such interests are qualified for sale under applicable state securities laws; | |
• | the participant executes the subscription agreement included with the prospectus for the subsequent Cole-sponsored program; and | |
• | the participant qualifies under applicable investor suitability standards as contained in the prospectus for the subsequent Cole-sponsored program. |
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• | first, to us until we have received aggregate distributions with respect to the current fiscal year equal to the minimum amount necessary for us to distribute to our stockholders to enable us to maintain our status as a REIT under the Internal Revenue Code with respect to such fiscal year; | |
• | next, to the limited partners until our limited partners have received aggregate distributions equal to the amount that would have been distributed to them with respect to all prior fiscal years had all CCPT IV OP income for all such prior fiscal years been allocated to us, each limited partner held a number of our common shares equal to the number of CCPT IV OP units that it holds and the REIT had distributed all such amounts to our stockholders (including the limited partners); | |
• | next, after the establishment of reasonable cash reserves for our expenses and obligations of CCPT IV OP, to us and to the limited partners until each partner has received aggregate distributions with respect to the current fiscal year and all fiscal years had all CCPT IV OP income for the current fiscal year and all such prior fiscal years been allocated to us, our income with respect to the current fiscal year and each such prior fiscal year equaled the minimum amount necessary to maintain our status as a REIT under the Internal Revenue Code, each limited partner held a number of common shares equal to the number of CCPT IV OP units that we hold and we had distributed all such amounts to our stockholders (including the limited partners); and |
• | finally, to us and the limited partners in accordance with the partners’ percentage interests in CCPT IV OP. |
• | all expenses relating to the formation and continuity of our existence; | |
• | all expenses relating to the public offering and registration of securities by us; | |
• | all expenses associated with the preparation and filing of any periodic reports by us under federal, state or local laws or regulations; | |
• | all expenses associated with compliance by us with applicable laws, rules and regulations; | |
• | all costs and expenses relating to any issuance or redemption of partnership interests or shares of our common stock; and | |
• | all of our other operating or administrative costs incurred in the ordinary course of our business on behalf of CCPT IV OP. |
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• | any amendment affecting the conversion factor or the exchange right in a manner adverse to the limited partners; | |
• | any amendment that would adversely affect the rights of the limited partners to receive the distributions payable to them pursuant to the partnership agreement (other than the issuance of additional limited partnership interests); | |
• | any amendment that would alter the allocations of CCPT IV OP’s profit and loss to the limited partners (other than the issuance of additional limited partnership interests); | |
• | any amendment that would impose on the limited partners any obligation to make additional capital contributions to CCPT IV OP; and | |
• | any amendment pursuant to a plan of merger, plan of exchange or plan of conversion, unless the partnership agreement of the surviving limited partnership does not materially differ from the partnership agreement of CCPT IV OP immediately before the transaction. |
• | we declare for bankruptcy or withdraw from the partnership, provided, however, that the remaining partners may decide to continue the business; |
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• | ninety days after the sale or other disposition of all or substantially all of the assets of the partnership; and | |
• | we elect, as the general partner, to dissolve the partnership. |
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• | we will be taxed at regular corporate rates on our undistributed REIT taxable income, including undistributed net capital gains; | |
• | under some circumstances, we will be subject to alternative minimum tax; | |
• | if we have net income from the sale or other disposition of “foreclosure property” (described below) that is held primarily for sale to customers in the ordinary course of business or other non-qualifying income from foreclosure property, we will be subject to tax at the highest corporate rate on that income; | |
• | if we have net income from prohibited transactions (described below), our income from such prohibited transaction will be subject to a 100% tax; | |
• | if we fail to satisfy either of the 75% or 95% gross income tests (discussed below) but have nonetheless maintained our qualification as a REIT because applicable conditions have been met, we will be subject to a 100% tax on an amount equal to the greater of the amount by which we fail the 75% or 95% test multiplied by a fraction calculated to reflect our profitability; | |
• | if we fail to satisfy the asset tests (discussed below) and continue to qualify as a REIT because we meet other requirements, we will have to pay a tax equal to the greater of $50,000 or the highest corporate income tax rate multiplied by the net income generated by the non-qualifying assets during the time we failed to satisfy the asset tests; | |
• | if we fail to satisfy REIT requirements other than the gross income and asset tests, we can continue to qualify as a REIT if our failure was due to reasonable cause and not willful neglect, but we must pay $50,000 for each failure; | |
• | if we fail to distribute during each year at least the sum of (i) 85% of our REIT ordinary income for the year, (ii) 95% of our REIT capital gain net income for such year and (iii) any undistributed taxable income from prior periods, we will be subject to a 4% excise tax on the excess of the required distribution over the amounts actually distributed; and | |
• | if we acquire any asset from a C corporation (i.e., a corporation generally subject to corporate-level tax) in a carryover-basis transaction and we subsequently recognize gain on the disposition of the asset during the ten-year period beginning on the date on which we acquired the asset, then a portion of the |
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gains may be subject to tax at the highest regular corporate rate, pursuant to guidelines issued by the Internal Revenue Service (this is known as the Built-In-Gains-Tax). |
• | be a domestic corporation; | |
• | elect to be taxed as a REIT and satisfy relevant filing and other administrative requirements; | |
• | be managed by one or more trustees or directors; | |
• | have transferable shares; | |
• | not be a financial institution or an insurance company; | |
• | use a calendar year for federal income tax purposes; | |
• | have at least 100 stockholders for at least 335 days of each taxable year of 12 months; and | |
• | not be closely held. |
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• | At least 75% of our gross income, excluding gross income from prohibited transactions, for each taxable year must be derived directly or indirectly from investments relating to real property or mortgages on real property. Gross income includes “rents from real property” and, in some circumstances, interest, but excludes gross income from dispositions of property held primarily for sale to customers in the ordinary course of a trade or business. Such dispositions are referred to as “prohibited transactions.” This is known as the 75% Income Test. | |
• | At least 95% of our gross income, excluding gross income from prohibited transactions, for each taxable year must be derived from the real property investments described above and from distributions, interest and gains from the sale or disposition of stock or securities or from any combination of the foregoing. This is known as the 95% Income Test. |
• | the amount of rent received from a tenant generally must not be based in whole or in part on the income or profits of any person; however, an amount received or accrued generally will not be excluded from the term “rents from real property” solely by reason of being based on a fixed percentage or percentages of gross receipts or sales; | |
• | rents received from a tenant will not qualify as “rents from real property” if an owner of 10% or more of the REIT directly or constructively owns 10% or more of the tenant or a subtenant of the tenant (in which case only rent attributable to the subtenant is disqualified); | |
• | if rent attributable to personal property leased in connection with a lease of real property is greater than 15% of the total rent received under the lease, then the portion of rent attributable to the personal property will not qualify as “rents from real property”; and | |
• | the REIT must not operate or manage the property or furnish or render services to tenants, other than through an “independent contractor” who is adequately compensated and from whom the REIT does not derive any income. However, a REIT may provide services with respect to its properties, and the income derived therefrom will qualify as “rents from real property” if the services are “usually or |
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customarily rendered” in connection with the rental of space only and are not otherwise considered “rendered to the occupant.” Even if the services with respect to a property are impermissible tenant services, the income derived therefrom will qualify as “rents from real property” if such income does not exceed 1% of all amounts received or accrued with respect to that property. Additionally, a REIT may, under certain circumstances, furnish or render services to tenants that are not usually or customarily rendered through a TRS. Subject to certain exceptions, a TRS is any corporation, other than a REIT, in which we directly or indirectly own stock and with respect to which a joint election has been made by us and the corporation to treat the corporation as a TRS of ours. It also includes any corporation, other than a REIT or a qualified REIT subsidiary, in which a TRS of ours owns, directly or indirectly, more than 35% of the voting power or value. |
• | our failure to meet these tests was due to reasonable cause and not due to willful neglect; | |
• | we attach a schedule of our income sources to our federal income tax return; and | |
• | any incorrect information on the schedule is not due to fraud with intent to evade tax. |
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• | First, at least 75% of the value of our total assets must be represented by real estate assets, cash, cash items and government securities. The term “real estate assets” includes real property, mortgages on real property, shares in other qualified REITs and a proportionate share of any real estate assets owned by a partnership in which we are a partner or of any qualified REIT subsidiary of ours. | |
• | Second, no more than 25% of our total assets may be represented by securities other than those in the 75% asset class. | |
• | Third, of the investments included in the 25% asset class, except with respect to TRS and assets satisfying the 75% test, the value of any one issuer’s securities may not exceed 5% of the value of our total assets. Additionally, we may not own more than 10% of any one issuer’s outstanding securities measured by either voting power or value. | |
• | Fourth, no more than 25% of the value of our total assets may consist of the securities of one or more TRSs. |
• | If we meet the asset tests at the close of any quarter, we will not lose our REIT status for a failure to satisfy the asset tests at the end of a later quarter if such failure occurs solely because of changes in asset values. If our failure to satisfy the asset tests results from an acquisition of securities or other property during a quarter, we can cure the failure by disposing of a sufficient amount of nonqualifying assets within 30 days after the close of that quarter. We will maintain adequate records of the value of our assets to ensure compliance with the asset tests and will take other action within 30 days after the close of any quarter as may be required to cure any noncompliance. | |
• | For violations of any of the asset tests due to reasonable cause that are larger than $10,000,000, we may avoid disqualification as a REIT after the 30 day cure period by taking certain steps, including the disposition of sufficient assets within the six month period described above to meet the applicable asset test, paying a tax equal to the greater of $50,000 or the highest corporate tax rate multiplied by the net income generated by the non-qualifying assets during the period of time that the assets were held as non-qualifying assets, and filing a schedule with the IRS that describes the non-qualifying assets. |
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• | 85% of our ordinary income for that year; | |
• | 95% of our capital gain net income other than the capital gain net income that we elect to retain and pay tax on for that year; and | |
• | any undistributed taxable income from prior periods. |
• | we would be required to pay the tax on these gains; | |
• | our stockholders, while required to include their proportionate share of the undistributed long-term capital gains in income, would receive a credit or refund for their share of the tax paid by us; and | |
• | the basis of a stockholder’s shares would be increased by the difference between the designated amount included in the stockholder’s long-term capital gains and the tax deemed paid with respect to such shares. |
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• | a citizen or resident of the United States; | |
• | a corporation, partnership or other entity created or organized in or under the laws of the United States or of any political subdivision thereof; | |
• | an estate or trust, the income of which is subject to U.S. federal income taxation regardless of its source; or | |
• | a trust, if a U.S. court is able to exercise primary supervision over the administration of the trust and one or more U.S. persons have the authority to control all substantial decisions of the trust. |
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• | results in a “complete termination” of the stockholder’s interest in us under Section 302(b)(3) of the Internal Revenue Code; | |
• | is “substantially disproportionate” with respect to the stockholder under Section 302(b)(2) of the Internal Revenue Code (i.e., if the percentage of the voting stock of the corporation owned by a stockholder immediately after the repurchase is less than 80% of the percentage of that owned by such stockholder immediately before the repurchase (taking into account Internal Revenue Code Section 318 constructive ownership rules); or |
• | is “not essentially equivalent to a dividend” with respect to the stockholder under Section 302(b)(1) of the Internal Revenue Code (i.e., if it results in a “meaningful reduction” in the stockholder’s interest in us). |
• | fails to furnish his or her taxpayer identification number or, for an individual, his or her Social Security Number; | |
• | furnishes an incorrect tax identification number; | |
• | is notified by the Internal Revenue Service that he or she has failed to properly report payments of interest and distributions or is otherwise subject to backup withholding; or | |
• | under some circumstances, fails to certify, under penalties of perjury, that he or she has furnished a correct tax identification number and that (a) he or she has not been notified by the Internal Revenue Service that he or she is subject to backup withholding for failure to report interest and distribution payments or (b) he or she has been notified by the Internal Revenue Service that he or she is no longer subject to backup withholding. |
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• | 35% of designated capital gain distributions or, if greater, 35% of the amount of any distributions that could be designated as capital gain distributions; and | |
• | 30% of ordinary income distributions (i.e., distributions paid out of our earnings and profits). |
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• | whether the investment is in accordance with the documents and instruments governing such Plan or IRA; | |
• | whether the investment satisfies the prudence and diversification and other fiduciary requirements of ERISA, if applicable; | |
• | whether the investment will result in UBTI to the Plan or IRA (see “Federal Income Tax Considerations — Treatment of Tax-Exempt Stockholders”); | |
• | whether there is sufficient liquidity for the Plan or IRA, considering the minimum and other distribution requirements under the Internal Revenue Code and the liquidity needs of such Plan or IRA, after taking this investment into account; | |
• | a need to value the assets of the Plan or IRA annually or more frequently; |
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• | whether the investment would constitute or give rise to a prohibited transaction under ERISA and/or the Internal Revenue Code, if applicable; | |
• | whether the investment is consistent with the applicable provisions of ERISA, the Internal Revenue Code, and other applicable laws; and | |
• | whether the assets of the entity in which the investment is made will be treated as “plan assets” of the Plan or IRA investor. |
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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 Securities and Exchange Commission; |
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• | 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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Per Share | Total Minimum | Total Maximum | ||||||||||
Primary Offering | ||||||||||||
Price to Public | $ | 10.00 | $ | 2,500,000 | $ | 3,500,000,000 | ||||||
Selling Commissions(1) | 0.70 | 175,000 | 245,000,000 | |||||||||
Dealer Manager Fee(2) | 0.20 | 50,000 | 70,000,000 | |||||||||
Proceeds to Cole Credit Property Trust IV, Inc.(3) | $ | 9.10 | $ | 2,275,000 | $ | 3,185,000,000 | ||||||
Distribution Reinvestment Plan | ||||||||||||
Price to Public | $ | 9.50 | $ | 475,000,000 | ||||||||
Selling Commissions | — | — | ||||||||||
Dealer Manager Fee | — | — | ||||||||||
Proceeds to Cole Credit Property Trust IV, Inc.(3) | $ | 9.50 | $ | 475,000,000 | ||||||||
(1) | All selling commissions will be reallowed to participating broker-dealers. | |
(2) | All or a portion of the dealer manager fee will be reallowed to participating broker-dealers. | |
(3) | Before payment of other organization and offering expenses. |
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Percent of | ||||||||
Maximum Offering | ||||||||
(Not Including | ||||||||
Estimated | Distribution | |||||||
Amount | Reinvestment Plan) | |||||||
Selling commissions | $ | 245,000,000 | 7.0 | % | ||||
Dealer manager fee reallowance to participating broker-dealers | 45,500,000 | 1.3 | % | |||||
Dealer manager wholesaling commissions, salaries and expense reimbursement | 48,192,100 | 1.4 | % | |||||
Broker-dealer conference fees, training and education meetings, business entertainment, logoed items and sales incentives | 8,565,700 | 0.2 | % | |||||
Due diligence allowance | 300,000 | 0.0 | %* | |||||
Legal fees of the dealer manager | 100,000 | 0.0 | %* | |||||
Total(1) | $ | 347,657,800 | 9.9 | % | ||||
* | Less than 0.01% |
(1) | Of this total amount, $245,000,000 and $70,000,000 (7% and 2% of gross offering proceeds, excluding proceeds from our distribution reinvestment plan) will be paid by us from the proceeds of this offering in the form of selling commissions and dealer manager fees, respectively. The remaining $32,657,800 (1% of gross offering proceeds, excluding proceeds from our distribution reinvestment plan) in expenses will be paid from other sources, as follows. We expect approximately $31,487,310 (0.9% of gross offering proceeds, excluding proceeds from our distribution reinvestment plan) will be paid from proceeds from this offering in the form of reimbursements to our advisor for other organization and offering expenses, and approximately $1,170,490 (an amount equal to 0.03% of gross offering proceeds, excluding proceeds from our distribution reinvestment plan) will be paid from our sponsor without reimbursement by us. |
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Selling | Selling | Effective | Dealer | Net | ||||||||||||||||
Commission | Commission | Purchase Price | Manager Fee | Proceeds | ||||||||||||||||
Subscription Amount | Percent | per Share | per Share | per Share | per Share | |||||||||||||||
Up to $500,000 | 7.00 | % | $ | .70 | $ | 10.00 | $ | 0.20 | $ | 9.10 | ||||||||||
$500,001-$1,000,000 | 6.00 | % | $ | .60 | $ | 9.90 | $ | 0.20 | $ | 9.10 | ||||||||||
$1,000,001-$2,000,000 | 5.00 | % | $ | .50 | $ | 9.80 | $ | 0.20 | $ | 9.10 | ||||||||||
$2,000,001-$3,000,000 | 4.00 | % | $ | .40 | $ | 9.70 | $ | 0.20 | $ | 9.10 | ||||||||||
$3,000,001-$4,000,000 | 3.00 | % | $ | .30 | $ | 9.60 | $ | 0.20 | $ | 9.10 | ||||||||||
Over $4,000,000 | 2.00 | % | $ | .20 | $ | 9.50 | $ | 0.20 | $ | 9.10 |
• | an individual, his or her spouse and their children under the age of 21 who purchase the shares for his, her or their own account; | |
• | a corporation, partnership, association, joint-stock company, trust fund or any organized group of persons, whether incorporated or not; | |
• | an employees’ trust, pension, profit-sharing or other employee benefit plan qualified under Section 401(a) of the Internal Revenue Code; and | |
• | all commingled trust funds maintained by a given bank. |
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F-2
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(Formerly Cole Advisor Retail Income REIT, Inc.)
CONSOLIDATED BALANCE SHEETS
March 31, 2011 | December 31, 2010 | |||||||
(Unaudited) | ||||||||
ASSETS | ||||||||
Cash and cash equivalents | $ | 200,000 | $ | 200,000 | ||||
Total Assets | $ | 200,000 | $ | 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 | 200 | ||||||
Capital in excess of par value | 199,800 | 199,800 | ||||||
Total Stockholder’s Equity | $ | 200,000 | $ | 200,000 | ||||
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(Formerly Cole Advisor Retail Income REIT, Inc.)
NOTES TO CONSOLIDATED BALANCE SHEETS
As of March 31, 2011 (Unaudited) and December 31, 2010
NOTE 1 — | ORGANIZATION |
NOTE 2 — | CAPITALIZATION |
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Table of Contents
(Formerly Cole Advisor Retail Income REIT, Inc.)
NOTES TO CONSOLIDATED BALANCE SHEETS
As of March 31, 2011 (Unaudited) and December 31, 2010 — (Continued)
NOTE 3 — | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES |
NOTE 4 — | RELATED PARTY ARRANGEMENTS |
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(Formerly Cole Advisor Retail Income REIT, Inc.)
NOTES TO CONSOLIDATED BALANCE SHEETS
As of March 31, 2011 (Unaudited) and December 31, 2010 — (Continued)
NOTE 5 — | ECONOMIC DEPENDENCY |
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Table of Contents
• | 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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Cole Credit Property | Cole Credit Property | Cole Net Lease | ||||||||||
Trust II, Inc.(4) | Trust III, Inc.(5) | Portfolio VI(6)(7) | ||||||||||
Dollar amount offered | $ | 2,270,000,000 | $ | 5,227,500,000 | $ | 25,640,000 | ||||||
Dollar amount raised | 2,162,851,236 | 2,485,789,148 | 25,640,000 | |||||||||
Percentage amount raised | 100.0 | % | 100.0 | % | 100.0 | % | ||||||
Less offering expenses: | ||||||||||||
Selling commissions and discounts retained by affiliates | 6.3 | % | 6.8 | % | 5.5 | % | ||||||
Organizational expenses(1) | 2.4 | % | 3.0 | % | 1.0 | % | ||||||
Other | — | — | — | |||||||||
Reserves | 0.1 | % | 0.1 | % | 0.9 | % | ||||||
Percent available for investment | 91.2 | % | 90.1 | % | 92.6 | % | ||||||
Acquisition costs:(2) | ||||||||||||
Prepaid items and fees related to purchase of property | 1.1 | % | 0.5 | % | 0.7 | % | ||||||
Cash down payment | 88.1 | % | 87.6 | % | 91.9 | % | ||||||
Acquisition fees(3) | 2.0 | % | 2.0 | % | — | |||||||
Other | — | — | — | |||||||||
Total acquisition cost | 91.2 | % | 90.1 | % | 92.6 | % | ||||||
Percent leverage | 50 | % | 35 | % | 54 | % | ||||||
Date offering began | 6/27/2005 | 10/15/2008 | 9/10/2007 | |||||||||
Length of offering (in months) | Ongoing | Ongoing | 5 | |||||||||
Months to invest 90% of amount available for investment | 40 | 24 | 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 costs expressed as a percentage represent the costs incurred to acquire real estate with the initial capital raised in the respective offerings and do not include the costs incurred to acquire additional real estate with the proceeds from financing transactions and excess working capital. | |
(3) | Acquisition fees include fees paid to the sponsor or affiliates based upon the terms of the offering memorandum or prospectus. | |
(4) | 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 |
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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, 2010. 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 $144.5 million as of December 31, 2010. | ||
(5) | These amounts include Cole Credit Property Trust III, Inc.’s initial and follow-on offerings. Cole Credit Property Trust III, Inc. began its initial offering on October 1, 2008 and closed its initial offering on October 1, 2010. The total dollar amount registered and available to be offered in the initial offering was $2.49 billion. The total dollar amount raised in the initial offering was $2.2 billion. Cole Credit Property Trust III, Inc. began its follow-on offering on October 1, 2010. The total dollar amount registered and available to be offered in the follow-on offering was $2.7 billion. The total dollar amount raised in the follow-on offering was $316.3 million as of December 31, 2010. It took Cole Credit Property Trust III, Inc. 23 months to invest 90% of the amount available for investment in its initial and follow-on offerings. | |
(6) | The Offering is a Delaware Statutory Trust Program sponsored by Cole Real Estate Investments which consists of the sale of Delaware statutory trust interests in properties initially 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. | |
(7) | Acquisition cost amounts represent the costs paid by the tenant-in-common or Delaware statutory trust investors to acquire interest in the properties. |
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Cole Credit Property | Cole Credit Property | Cole Net Lease | ||||||||||
Trust II, Inc. | Trust III, Inc. | Portfolio VI | ||||||||||
Date offering commenced | 6/27/2005 | 10/15/2008 | 9/10/2007 | |||||||||
Dollar amount raised | $ | 2,162,851,236 | $ | 2,485,789,148 | $ | 25,639,300 | ||||||
Amount paid to sponsor from proceeds of offering: | ||||||||||||
Underwriting fees | 25,741,562 | 24,501,423 | 256,401 | |||||||||
Acquisition fees and real estate commissions(1) | 68,046,144 | 61,275,869 | — | |||||||||
Advisory fees | — | — | — | |||||||||
Other(2) | 20,819,387 | 10,805,697 | — | |||||||||
Amount of cash generated from operations before deducting payments to sponsor | 398,931,974 | 54,293,903 | 5,285,977 | |||||||||
Amount paid to sponsor from operations: | ||||||||||||
Property management fees | 15,426,105 | 3,239,994 | — | |||||||||
Partnership management fees(3) | 25,953,917 | 9,173,459 | 74,797 | |||||||||
Reimbursements | 5,421,724 | 6,115,956 | — | |||||||||
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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60 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) | 964,045 | |||
Advisory fees | — | |||
Other(2) | 14,500 | |||
Amount of cash generated from operations before deducting payments to sponsor | 80,532,948 | |||
Amount paid to sponsor from operations: | ||||
Property management fees | 2,411,047 | |||
Partnership management fees(3) | 3,413,397 | |||
Reimbursements | — | |||
Leasing commissions | 10,500 | |||
Other(4) | — | |||
Amount of property sales and refinancing before deducting payments to sponsor | ||||
Cash(5) | 11,438,651 | |||
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 asset management fees and expenses. | |
(4) | Amounts primarily relate to construction management fees. | |
(5) | Amounts herein include initial investments of capital raised and properties acquired through reinvested amounts. | |
(6) | 60 of the offerings of the prior programs aggregated herein were not closed within the past three years and therefore are not shown separately. Amounts presented represent aggregate payments to the sponsor in the most recent three years. The programs have similar investment objectives to this program. |
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Cole Collateralized Senior Notes IV, LLC | ||||||||||||||||||||
May 2005 | ||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||
2006 | 2007 | 2008 | 2009 | 2010 | ||||||||||||||||
Gross Revenues | $ | 2,070,894 | $ | 1,520,899 | $ | 1,419,521 | $ | 683,412 | $ | 320,154 | ||||||||||
Profit (loss) on sale of properties | — | 121,341 | — | — | (354,000 | ) | ||||||||||||||
Less: | ||||||||||||||||||||
Operating expenses(1) | 1,131,745 | 85,088 | 146,340 | 138,335 | 261,741 | |||||||||||||||
Interest paid to note investors | 2,371,674 | 2,369,739 | 2,369,739 | 2,369,739 | 2,424,395 | |||||||||||||||
Other interest expense | 536,618 | 343,887 | 191,182 | 48,481 | — | |||||||||||||||
Depreciation and amortization(2) | 426,629 | 460,010 | 540,056 | 611,779 | 463,232 | |||||||||||||||
Net Income (loss) — Tax Basis(3) | $ | (2,395,772 | ) | $ | (1,616,484 | ) | $ | (1,827,796 | ) | $ | (2,484,922 | ) | $ | (3,183,214 | ) | |||||
Taxable income | ||||||||||||||||||||
— from operations(4)(9) | $ | (2,395,772 | ) | $ | (1,737,825 | ) | $ | (1,827,796 | ) | $ | (2,484,922 | ) | $ | (2,829,214 | ) | |||||
— from gain (loss) on sale | — | 121,341 | — | — | (354,000 | ) | ||||||||||||||
Cash generated | ||||||||||||||||||||
— from operations | 402,531 | 1,091,924 | 1,081,999 | 496,596 | 58,413 | |||||||||||||||
— from sales | 28,358,859 | 7,870,622 | 1,222,901 | — | — | |||||||||||||||
— from refinancing | — | — | — | — | — | |||||||||||||||
Cash generated from operations, sales and refinancing | 28,761,390 | 8,962,546 | 2,304,900 | 496,596 | 58,413 | |||||||||||||||
Less: Cash distributions to investors(11) | ||||||||||||||||||||
— from operating cash flow | 402,531 | 1,091,924 | 1,081,999 | 496,596 | 58,413 | |||||||||||||||
— from sales and refinancing | 1,969,143 | 1,277,815 | 1,287,740 | (10) | 1,873,143 | (10) | 2,365,982 | (10) | ||||||||||||
— from other | — | — | — | — | — | |||||||||||||||
Cash generated (deficiency) after cash distributions | $ | 26,389,716 | $ | 6,592,807 | $ | (64,839 | ) | $ | (1,873,143 | ) | $ | (2,365,982 | ) | |||||||
Less: Special items (not including sales and refinancing) | — | — | — | — | — | |||||||||||||||
Cash generated (deficiency) after cash distributions and special items | $ | 26,389,716 | $ | 6,592,807 | $ | (64,839 | ) | $ | (1,873,143 | ) | $ | (2,365,982 | ) | |||||||
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 properties at the end of the last year reported in the table | �� | 2 | % |
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Cole Credit Property Trust II, Inc. | ||||||||||||||||||||
June 2005 | ||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||
2006 | 2007 | 2008 | 2009 | 2010 | ||||||||||||||||
Gross Revenues | $ | 19,519,507 | $ | 92,100,308 | $ | 202,282,667 | $ | 276,026,961 | $ | 269,274,321 | ||||||||||
Equity in income of unconsolidated joint venture | — | — | 470,978 | 612,432 | 964,828 | |||||||||||||||
Profit (loss) on sale of properties | — | — | — | — | — | |||||||||||||||
Less: | ||||||||||||||||||||
Operating expenses(1) | 3,306,511 | 12,662,270 | 32,191,062 | 50,986,169 | 47,170,233 | |||||||||||||||
Interest expense | 8,397,634 | 39,075,748 | 78,063,338 | 98,996,703 | 102,976,724 | |||||||||||||||
Depreciation and amortization(2) | 6,469,366 | 30,482,273 | 63,858,422 | 90,750,170 | 85,162,219 | |||||||||||||||
Impairment of real estate assets | — | 5,400,000 | 3,550,000 | 13,500,000 | 4,500,435 | |||||||||||||||
Net Income (loss) — GAAP Basis(6) | $ | 1,345,996 | $ | 4,480,017 | $ | 25,090,823 | $ | 22,406,351 | $ | 30,429,538 | ||||||||||
Taxable income | ||||||||||||||||||||
— from operations(4) | $ | 3,104,068 | $ | 15,703,828 | $ | 42,432,587 | $ | 53,168,771 | $ | 45,882,738 | (7) | |||||||||
— from gain on sale | — | — | — | — | — | |||||||||||||||
Cash generated | ||||||||||||||||||||
— from operations | 7,861,475 | 43,366,041 | 96,073,918 | 116,871,698 | 105,627,000 | |||||||||||||||
— from sales | — | — | — | — | — | |||||||||||||||
— from refinancing | — | — | — | — | — | |||||||||||||||
Cash generated from operations, sales and refinancing | 7,861,475 | 43,366,041 | 96,073,918 | 116,871,698 | 105,627,000 | |||||||||||||||
Less: Cash distributions to investors | ||||||||||||||||||||
— from operating cash flow | 7,075,329 | 37,727,364 | 96,051,343 | 116,871,698 | 105,627,000 | |||||||||||||||
— from sales and refinancing | — | — | — | — | — | |||||||||||||||
— from other(8) | — | — | — | 18,111,554 | 23,623,894 | |||||||||||||||
Cash generated (deficiency) after cash distributions | 786,146 | 5,638,677 | 22,575 | (18,111,554 | ) | (23,623,894 | ) | |||||||||||||
Less: Special items (not including sales and refinancing) | — | — | — | — | — | |||||||||||||||
Cash generated (deficiency) after cash distributions and special items | $ | 786,146 | $ | 5,638,677 | $ | 22,575 | $ | (18,111,554 | ) | $ | (23,623,894 | ) | ||||||||
Tax and distribution data per $1,000 invested | ||||||||||||||||||||
Federal income tax results: | ||||||||||||||||||||
Ordinary income (loss) | ||||||||||||||||||||
— from operations | $ | 10.13 | $ | 16.80 | $ | 21.02 | $ | 27.24 | $ | 22.20 | ||||||||||
— from recapture | — | — | — | — | — | |||||||||||||||
Capital gain (loss) | — | — | — | — | — | |||||||||||||||
Cash distributions to investors | ||||||||||||||||||||
Source (on a GAAP basis) | ||||||||||||||||||||
— Investment income | 26.40 | 25.00 | 30.00 | 26.00 | 21.90 | |||||||||||||||
— Return of capital | 36.46 | 37.00 | 36.00 | 41.00 | 40.50 | |||||||||||||||
Source (on a cash basis) | ||||||||||||||||||||
— Sales | — | — | — | — | — | |||||||||||||||
— Refinancing | — | — | — | — | — | |||||||||||||||
— Operations | 62.86 | 62.00 | 66.00 | 58.01 | 50.99 | |||||||||||||||
— Other(8) | — | — | — | 8.99 | 11.41 | |||||||||||||||
Amount (in percentage terms) remaining invested in program properties at the end of the last year reported in the table | 100 | % |
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Cole Credit Property Trust III, Inc. | ||||||||||||
October 2008 | ||||||||||||
(Unaudited) | ||||||||||||
2008 | 2009 | 2010 | ||||||||||
Gross Revenues | $ | 3,621 | $ | 23,503,760 | $ | 144,833,874 | ||||||
Equity in income of unconsolidated joint venture | — | — | (206,200 | ) | ||||||||
Profit (loss) on sale of properties | — | — | — | |||||||||
Less: | ||||||||||||
Operating expenses(1) | 104,769 | 23,312,360 | 85,592,289 | |||||||||
Interest expense | — | 2,538,176 | 26,311,592 | |||||||||
Depreciation and amortization(2) | — | 5,474,070 | 39,326,534 | |||||||||
Net Loss including noncontrolling interest | (101,148 | ) | (7,820,846 | ) | (6,292,765 | ) | ||||||
Net loss allocated to noncontrolling interest | — | — | (309,976 | ) | ||||||||
Net Loss attributable to company — GAAP Basis(6) | $ | (101,148 | ) | $ | (7,820,846 | ) | $ | (6,292,765 | ) | |||
Taxable income | ||||||||||||
— from operations(4) | $ | (101,148 | ) | $ | (7,820,846 | ) | $ | 61,688,877 | (7) | |||
— from gain on sale | — | — | — | |||||||||
Cash generated | ||||||||||||
— from operations | (27,507 | ) | 74,038 | 35,790,249 | ||||||||
— from sales | — | — | — | |||||||||
— from refinancing | — | — | — | |||||||||
Cash generated from operations, sales and refinancing | (27,507 | ) | 74,038 | 35,792,000 | ||||||||
Less: Cash distributions to investors | ||||||||||||
— from operating cash flow | — | 74,038 | 35,792,000 | |||||||||
— from sales and refinancing | — | — | — | |||||||||
— from other(8) | — | 9,063,571 | 11,647,000 | |||||||||
Cash generated (deficiency) after cash distributions | (27,507 | ) | (9,063,571 | ) | (11,647,000 | ) | ||||||
Less: Special items (not including sales and refinancing) | — | — | — | |||||||||
Cash generated (deficiency) after cash distributions and special items | $ | (27,507 | ) | $ | (9,063,571 | ) | $ | (11,647,000 | ) | |||
Tax and distribution data per $1,000 invested | ||||||||||||
Federal income tax results: | ||||||||||||
Ordinary income (loss) | ||||||||||||
— from operations | $ | (505.74 | ) | $ | (9.02 | ) | $ | 28.47 | ||||
— from recapture | — | — | — | |||||||||
Capital gain (loss) | — | — | — | |||||||||
Cash distributions to investors | ||||||||||||
Source (on a GAAP basis) | ||||||||||||
— Investment income | — | 30.00 | 35.00 | |||||||||
— Return of capital | — | 24.00 | 29.00 | |||||||||
Source (on a cash basis) | ||||||||||||
— Sales | — | — | — | |||||||||
— Refinancing | — | — | — | |||||||||
— Operations | — | 0.44 | 48.29 | |||||||||
— Other(8) | — | 53.56 | 15.71 | |||||||||
Amount (in percentage terms) remaining invested in program properties at the end of the last year reported in the table | 100 | % |
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Walgreens — Edgewood, NM | ||||||||||||||||||||
September 2004 | ||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||
2006 | 2007 | 2008 | 2009 | 2010 | ||||||||||||||||
Gross Revenues | $ | 276,137 | $ | 276,538 | $ | 275,854 | $ | 298,614 | $ | 275,646 | ||||||||||
Profit (loss) on sale of properties | — | — | — | — | — | |||||||||||||||
Less: | ||||||||||||||||||||
Operating expenses(1) | 13,699 | 14,229 | 14,347 | 14,648 | 13,806 | |||||||||||||||
Interest expense | 118,666 | 118,666 | 118,991 | 128,744 | 118,666 | |||||||||||||||
Depreciation and amortization(2) | — | — | — | — | — | |||||||||||||||
Net Income (loss) — Tax Basis(3) | $ | 143,772 | $ | 143,643 | $ | 142,516 | $ | 155,222 | $ | 143,174 | ||||||||||
Taxable income | ||||||||||||||||||||
— from operations(4) | $ | 143,772 | $ | 143,643 | $ | 142,516 | $ | 155,222 | $ | 143,174 | ||||||||||
— from gain on sale | — | — | — | — | — | |||||||||||||||
Cash generated | ||||||||||||||||||||
— from operations | 143,772 | 143,643 | 142,516 | 155,222 | 143,174 | |||||||||||||||
— from sales | — | — | — | — | — | |||||||||||||||
— from refinancing | — | — | — | — | — | |||||||||||||||
Cash generated from operations, sales and refinancing | 143,772 | 143,643 | 142,516 | 155,222 | 143,174 | |||||||||||||||
Less: Cash distributions to investors | ||||||||||||||||||||
— from operating cash flow | 144,072 | 144,072 | 144,072 | 144,070 | 144,070 | |||||||||||||||
— from sales and refinancing | — | — | — | — | — | |||||||||||||||
— from other | — | — | — | — | — | |||||||||||||||
Cash generated (deficiency) after cash distributions | (300 | ) | (429 | ) | (1,556 | ) | 11,152 | (896 | ) | |||||||||||
Less: Special items (not including sales and refinancing | — | — | — | — | — | |||||||||||||||
Cash generated (deficiency) after cash distributions and special items | $ | (300 | ) | $ | (429 | ) | $ | (1,556 | ) | $ | 11,152 | $ | (896 | ) | ||||||
Tax and distribution data per $1,000 invested | ||||||||||||||||||||
Federal income tax results: | ||||||||||||||||||||
Ordinary income (loss) | ||||||||||||||||||||
— from operations | $ | 67.37 | $ | 67.31 | $ | 66.78 | $ | 72.74 | $ | 67.09 | ||||||||||
— 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 properties at the end of the last year reported in the table | 100 | % |
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Gander Mountain — Hermantown, MN | ||||||||||||||||||||
September 2005 | ||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||
2006 | 2007 | 2008 | 2009 | 2010 | ||||||||||||||||
Gross Revenues | $ | 885,140 | $ | 1,063,286 | $ | 896,361 | $ | 901,115 | $ | 916,365 | ||||||||||
Profit (loss) on sale of properties | — | — | — | — | — | |||||||||||||||
Less: | ||||||||||||||||||||
Operating expenses(1) | 26,926 | 171,824 | 34,853 | 31,397 | 31,838 | |||||||||||||||
Depreciation and amortization(2) | — | — | — | — | — | |||||||||||||||
Net Income (loss) — Tax Basis(3) | $ | 858,214 | $ | 891,462 | $ | 861,508 | $ | 869,718 | $ | 884,527 | ||||||||||
Taxable income | ||||||||||||||||||||
— from operations(4) | $ | 858,214 | $ | 891,462 | $ | 861,508 | $ | 869,718 | $ | 884,527 | ||||||||||
— from gain on sale | — | — | — | — | — | |||||||||||||||
Cash generated | ||||||||||||||||||||
— from operations | 858,214 | 891,462 | 861,508 | 869,718 | 884,527 | |||||||||||||||
— from sales | — | — | — | — | — | |||||||||||||||
— from refinancing | — | — | — | — | — | |||||||||||||||
Cash generated from operations, sales and refinancing | 858,214 | 891,462 | 861,508 | 869,718 | 884,527 | |||||||||||||||
Less: Cash distributions to investors | ||||||||||||||||||||
— from operating cash flow | 861,636 | 861,636 | 861,650 | 861,643 | 871,311 | |||||||||||||||
— from sales and refinancing | — | — | — | — | — | |||||||||||||||
— from other | — | — | — | — | — | |||||||||||||||
Cash generated (deficiency) after cash distributions | (3,422 | ) | 29,826 | (142 | ) | 8,075 | 13,216 | |||||||||||||
Less: Special items (not including sales and refinancing | — | — | — | — | — | |||||||||||||||
Cash generated (deficiency) after cash distributions and special items | $ | (3,422 | ) | $ | 29,826 | $ | (142 | ) | $ | 8,075 | $ | 13,216 | ||||||||
Tax and distribution data per $1,000 invested | ||||||||||||||||||||
Federal income tax results: | ||||||||||||||||||||
Ordinary income (loss) | ||||||||||||||||||||
— from operations | $ | 73.21 | $ | 76.04 | $ | 73.49 | $ | 74.19 | $ | 75.45 | ||||||||||
— from recapture | — | — | — | — | — | |||||||||||||||
Capital gain (loss) | — | — | — | — | — | |||||||||||||||
Cash distributions to investors | ||||||||||||||||||||
Source (on a tax basis) | ||||||||||||||||||||
— Investment income | 73.50 | 73.50 | 73.50 | 73.50 | 74.32 | |||||||||||||||
— Return of capital | — | — | — | — | — | |||||||||||||||
Source (on a cash basis) | ||||||||||||||||||||
— Sales | — | — | — | — | — | |||||||||||||||
— Refinancing | — | — | — | — | — | |||||||||||||||
— Operations | 73.50 | 73.50 | 73.50 | 73.50 | 74.32 | |||||||||||||||
— Other | — | — | — | — | — | |||||||||||||||
Amount (in percentage terms) remaining invested in program properties at the end of the last year reported in the table | 100 | % |
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Best Buy — Baytown, TX | ||||||||||||||||||||
October 2005 | ||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||
2006 | 2007 | 2008 | 2009 | 2010 | ||||||||||||||||
Gross Revenues | $ | 489,624 | $ | 490,312 | $ | 488,836 | $ | 528,932 | $ | 488,255 | ||||||||||
Profit (loss) on sale of properties | — | — | — | — | — | |||||||||||||||
Less: | ||||||||||||||||||||
Operating expenses(1) | 7,846 | 17,573 | 8,823 | 8,973 | 11,232 | |||||||||||||||
Interest Expense | — | — | — | — | — | |||||||||||||||
Depreciation and amortization(2) | — | — | — | — | — | |||||||||||||||
Net Income (loss) — Tax Basis(3) | $ | 481,778 | $ | 472,739 | $ | 480,013 | $ | 519,959 | $ | 477,023 | ||||||||||
Taxable income | ||||||||||||||||||||
— from operations(4) | $ | 481,778 | $ | 472,739 | $ | 480,013 | $ | 519,959 | $ | 477,023 | ||||||||||
— from gain on sale | — | — | — | — | — | |||||||||||||||
Cash generated | ||||||||||||||||||||
— from operations | 481,778 | 472,739 | 480,013 | 519,959 | 477,023 | |||||||||||||||
— from sales | — | — | — | — | — | |||||||||||||||
— from refinancing | — | — | — | — | — | |||||||||||||||
Cash generated from operations, sales and refinancing | 481,778 | 472,739 | 480,013 | 519,959 | 477,023 | |||||||||||||||
Less: Cash distributions to investors | ||||||||||||||||||||
— from operating cash flow | 445,785 | 478,572 | 478,573 | 478,574 | 478,574 | |||||||||||||||
— from sales and refinancing | — | — | — | — | — | |||||||||||||||
— from other | — | — | — | — | — | |||||||||||||||
Cash generated (deficiency) after cash distributions | 35,993 | (5,833 | ) | 1,440 | 41,385 | (1,551 | ) | |||||||||||||
Less: Special items (not including sales and refinancing | — | — | — | — | — | |||||||||||||||
Cash generated (deficiency) after cash distributions and special items | $ | 35,993 | $ | (5,833 | ) | $ | 1,440 | $ | 41,385 | $ | (1,551 | ) | ||||||||
Tax and distribution data per $1,000 invested | ||||||||||||||||||||
Federal income tax results: | ||||||||||||||||||||
Ordinary income (loss) | ||||||||||||||||||||
— from operations | $ | 57.89 | $ | 56.80 | $ | 57.67 | $ | 62.47 | $ | 57.31 | ||||||||||
— from recapture | — | — | — | — | — | |||||||||||||||
Capital gain (loss) | — | — | — | — | — | |||||||||||||||
Cash distributions to investors | ||||||||||||||||||||
Source (on a tax basis) | ||||||||||||||||||||
— Investment income | 53.56 | 57.50 | 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 | 57.50 | |||||||||||||||
— Other | — | — | — | — | — | |||||||||||||||
Amount (in percentage terms) remaining invested in program properties at the end of the last year reported in the table | 100 | % |
A-11
Table of Contents
Walgreens — Natchitoches, LA | ||||||||||||||||||||
November 2005 | ||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||
2006 | 2007 | 2008 | 2009 | 2010 | ||||||||||||||||
Gross Revenues | $ | 242,647 | $ | 255,718 | $ | 255,356 | $ | 255,068 | $ | 255,068 | ||||||||||
Profit (loss) on sale of properties | — | — | — | — | — | |||||||||||||||
Less: | ||||||||||||||||||||
Operating expenses(1) | 10,747 | 9,056 | 9,097 | 8,546 | 8,995 | |||||||||||||||
Interest expense | 116,328 | 130,858 | 131,217 | 130,858 | 130,858 | |||||||||||||||
Depreciation and amortization(2) | — | — | — | — | — | |||||||||||||||
Net Income (loss) — Tax Basis(3) | $ | 115,572 | $ | 115,804 | $ | 115,042 | $ | 115,664 | $ | 115,215 | ||||||||||
Taxable income | ||||||||||||||||||||
— from operations(4) | $ | 115,572 | $ | 115,804 | $ | 115,042 | $ | 115,664 | $ | 115,215 | ||||||||||
— from gain on sale | — | — | — | — | — | |||||||||||||||
Cash generated | ||||||||||||||||||||
— from operations | 115,572 | 115,804 | 115,042 | 115,664 | 115,215 | |||||||||||||||
— from sales | — | — | — | — | — | |||||||||||||||
— from refinancing | — | — | — | — | — | |||||||||||||||
Cash generated from operations, sales and refinancing | 115,572 | 115,804 | 115,042 | 115,664 | 115,215 | |||||||||||||||
Less: Cash distributions to investors | ||||||||||||||||||||
— from operating cash flow | 99,268 | 114,600 | 114,597 | 114,595 | 114,595 | |||||||||||||||
— from sales and refinancing | — | — | — | — | — | |||||||||||||||
— from other | — | — | — | — | — | |||||||||||||||
Cash generated (deficiency) after cash distributions | 16,304 | 1,204 | 445 | 1,069 | 620 | |||||||||||||||
Less: Special items (not including sales and refinancing | — | — | — | — | — | |||||||||||||||
Cash generated (deficiency) after cash distributions and special items | $ | 16,304 | $ | 1,204 | $ | 445 | $ | 1,069 | $ | 620 | ||||||||||
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 | $ | 65.35 | ||||||||||
— from recapture | — | — | — | — | — | |||||||||||||||
Capital gain (loss) | — | — | — | — | — | |||||||||||||||
Cash distributions to investors | ||||||||||||||||||||
Source (on a tax basis) | ||||||||||||||||||||
— Investment income | 56.31 | 65.00 | 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 | 65.00 | |||||||||||||||
— Other | — | — | — | — | — | |||||||||||||||
Amount (in percentage terms) remaining invested in program properties at the end of the last year reported in the table | 100 | % |
A-12
Table of Contents
Kohl’s — Lakewood, CO | ||||||||||||||||||||
November 2005 | ||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||
2006 | 2007 | 2008 | 2009 | 2010 | ||||||||||||||||
Gross Revenues | $ | 1,009,577 | $ | 1,064,348 | $ | 1,150,875 | $ | 972,785 | $ | 1,061,191 | ||||||||||
Profit (loss) on sale of properties | — | — | — | — | — | |||||||||||||||
Less: | ||||||||||||||||||||
Operating expenses(1) | 27,941 | 23,997 | 26,791 | 22,020 | 22,223 | |||||||||||||||
Interest expense | 524,194 | 586,904 | 588,512 | 586,904 | 586,904 | |||||||||||||||
Depreciation and amortization(2) | — | — | — | — | — | |||||||||||||||
Net Income (loss) — Tax Basis(3) | $ | 457,442 | $ | 453,447 | $ | 535,572 | $ | 363,861 | $ | 452,064 | ||||||||||
Taxable income | ||||||||||||||||||||
— from operations(4) | $ | 457,442 | $ | 453,447 | $ | 535,572 | $ | 363,861 | $ | 452,064 | ||||||||||
— from gain on sale | — | — | — | — | — | |||||||||||||||
Cash generated | ||||||||||||||||||||
— from operations | 457,442 | 453,447 | 535,572 | 363,861 | 452,064 | |||||||||||||||
— from sales | — | — | — | — | — | |||||||||||||||
— from refinancing | — | — | — | — | — | |||||||||||||||
Cash generated from operations, sales and refinancing | 457,442 | 453,447 | 535,572 | 363,861 | 452,064 | |||||||||||||||
Less: Cash distributions to investors | ||||||||||||||||||||
— from operating cash flow | 387,805 | 447,660 | 445,460 | 447,660 | 447,660 | |||||||||||||||
— from sales and refinancing | — | — | — | — | — | |||||||||||||||
— from other | — | — | — | — | — | |||||||||||||||
�� | ||||||||||||||||||||
Cash generated (deficiency) after cash distributions | 69,637 | 5,787 | 90,112 | (83,799 | ) | 4,404 | ||||||||||||||
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 | ) | $ | 4,404 | |||||||||
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 | $ | 60.59 | ||||||||||
— from recapture | — | — | — | — | — | |||||||||||||||
Capital gain (loss) | — | — | — | — | — | |||||||||||||||
Cash distributions to investors | ||||||||||||||||||||
Source (on a tax basis) | ||||||||||||||||||||
— Investment income | 51.98 | 60.00 | 59.71 | 60.00 | 60.00 | |||||||||||||||
— Return of capital | — | — | — | — | — | |||||||||||||||
Source (on a cash basis) | ||||||||||||||||||||
— Sales | — | — | — | — | — | |||||||||||||||
— Refinancing | — | — | — | — | — | |||||||||||||||
— Operations | 51.98 | 60.00 | 59.71 | 60.00 | 60.00 | |||||||||||||||
— Other | — | — | — | — | — | |||||||||||||||
Amount (in percentage terms) remaining invested in program properties at the end of the last year reported in the table | 100 | % |
A-13
Table of Contents
The Shoppes at North Village — St. Joseph, MO | ||||||||||||||||||||
December 2005 | ||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||
2006 | 2007 | 2008 | 2009 | 2010 | ||||||||||||||||
Gross Revenues | $ | 2,824,347 | $ | 4,209,047 | $ | 4,139,927 | $ | 3,977,184 | $ | 4,140,512 | ||||||||||
Profit (loss) on sale of properties | — | — | — | — | — | |||||||||||||||
Less: | ||||||||||||||||||||
Operating expenses(1) | 871,927 | 1,270,287 | 1,486,329 | 1,285,810 | 1,354,968 | |||||||||||||||
Interest expense | 1,094,702 | 1,611,155 | 1,615,569 | 1,611,154 | 1,611,155 | |||||||||||||||
Depreciation and amortization(2) | — | — | — | — | — | |||||||||||||||
Net Income (loss) — Tax Basis(3) | $ | 857,718 | $ | 1,327,605 | $ | 1,038,029 | $ | 1,080,220 | $ | 1,174,389 | ||||||||||
Taxable income | ||||||||||||||||||||
— from operations(4) | $ | 857,718 | $ | 1,327,605 | $ | 1,038,029 | $ | 1,080,220 | $ | 1,174,389 | ||||||||||
— from gain on sale | — | — | — | — | — | |||||||||||||||
Cash generated | ||||||||||||||||||||
— from operations | 857,718 | 1,327,605 | 1,038,029 | 1,080,220 | 1,174,389 | |||||||||||||||
— from sales | — | — | — | — | — | |||||||||||||||
— from refinancing | — | — | — | — | — | |||||||||||||||
Cash generated from operations, sales and refinancing | 857,718 | 1,327,605 | 1,038,029 | 1,080,220 | 1,174,389 | |||||||||||||||
Less: Cash distributions to investors | ||||||||||||||||||||
— from operating cash flow | 808,917 | 1,246,236 | 1,176,954 | 846,026 | 910,836 | |||||||||||||||
— from sales and refinancing | — | — | — | — | — | |||||||||||||||
— from other | — | — | — | — | — | |||||||||||||||
Cash generated (deficiency) after cash distributions | 48,801 | 81,369 | (138,925 | ) | 234,194 | 263,553 | ||||||||||||||
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 | $ | 263,553 | |||||||||
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 | $ | 57.48 | ||||||||||
— from recapture | — | — | — | — | — | |||||||||||||||
Capital gain (loss) | — | — | — | — | — | |||||||||||||||
Cash distributions to investors | ||||||||||||||||||||
Source (on a tax basis) | ||||||||||||||||||||
— Investment income | 39.59 | 61.00 | 57.18 | 41.84 | 45.01 | |||||||||||||||
— Return of capital | — | — | 0.43 | — | — | |||||||||||||||
Source (on a cash basis) | ||||||||||||||||||||
— Sales | — | — | — | — | — | |||||||||||||||
— Refinancing | — | — | — | — | — | |||||||||||||||
— Operations | 39.59 | 61.00 | 57.18 | 41.84 | 45.01 | |||||||||||||||
— Other | — | — | 0.43 | — | — | |||||||||||||||
Amount (in percentage terms) remaining invested in program properties at the end of the last year reported in the table | 100 | % |
A-14
Table of Contents
Walgreens — Sumter, SC | ||||||||||||||||||||
January 2006 | ||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||
2006 | 2007 | 2008 | 2009 | 2010 | ||||||||||||||||
Gross Revenues | $ | 314,624 | $ | 325,980 | $ | 325,445 | $ | 325,085 | $ | 325,085 | ||||||||||
Profit (loss) on sale of properties | — | — | — | — | — | |||||||||||||||
Less: | ||||||||||||||||||||
Operating expenses(1) | 14,066 | 13,354 | 13,830 | 12,921 | 12,704 | |||||||||||||||
Interest expense | 158,325 | 171,598 | 172,138 | 171,668 | 171,668 | |||||||||||||||
Depreciation and amortization(2) | — | — | — | — | — | |||||||||||||||
Net Income (loss) — Tax Basis(3) | $ | 142,233 | $ | 141,028 | $ | 139,477 | $ | 140,496 | $ | 140,713 | ||||||||||
Taxable income | ||||||||||||||||||||
— from operations(4) | $ | 142,233 | $ | 141,028 | $ | 139,477 | $ | 140,496 | $ | 140,713 | ||||||||||
— from gain on sale | — | — | — | — | — | |||||||||||||||
Cash generated | ||||||||||||||||||||
— from operations | 142,233 | 141,028 | 139,477 | 140,496 | 140,713 | |||||||||||||||
— from sales | — | — | — | — | — | |||||||||||||||
— from refinancing | — | — | — | — | — | |||||||||||||||
Cash generated from operations, sales and refinancing | 142,233 | 141,028 | 139,477 | 140,496 | 140,713 | |||||||||||||||
Less: Cash distributions to investors | ||||||||||||||||||||
— from operating cash flow | 121,169 | 139,884 | 139,887 | 139,880 | 139,880 | |||||||||||||||
— from sales and refinancing | — | — | — | — | — | |||||||||||||||
— from other | — | — | — | — | — | |||||||||||||||
Cash generated (deficiency) after cash distributions | 21,064 | 1,144 | (410 | ) | 616 | 833 | ||||||||||||||
Less: Special items (not including sales and refinancing | — | — | — | — | — | |||||||||||||||
Cash generated (deficiency) after cash distributions and special items | $ | 21,064 | $ | 1,144 | $ | (410 | ) | $ | 616 | $ | 833 | |||||||||
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 | $ | 65.39 | ||||||||||
— from recapture | — | — | — | — | — | |||||||||||||||
Capital gain (loss) | — | — | — | — | — | |||||||||||||||
Cash distributions to investors | ||||||||||||||||||||
Source (on a tax basis) | ||||||||||||||||||||
— Investment income | 56.31 | 65.00 | 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 | 65.00 | |||||||||||||||
— Other | — | — | — | — | — | |||||||||||||||
Amount (in percentage terms) remaining invested in program properties at the end of the last year reported in the table | 100 | % |
A-15
Table of Contents
Kohl’s — St. Joseph, MO | ||||||||||||||||||||
February 2006 | ||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||
2006 | 2007 | 2008 | 2009 | 2010 | ||||||||||||||||
Gross Revenues | $ | 564,619 | $ | 710,939 | $ | 801,046 | $ | 694,012 | $ | 728,238 | ||||||||||
Profit (loss) on sale of properties | — | — | — | — | — | |||||||||||||||
Less: | ||||||||||||||||||||
Operating expenses(1) | 159,442 | 179,656 | 170,276 | 162,445 | 148,858 | |||||||||||||||
Interest expense | 190,758 | 325,358 | 326,249 | 325,358 | 325,358 | |||||||||||||||
Depreciation and amortization(2) | — | — | — | — | — | |||||||||||||||
Net Income (loss) — Tax Basis(3) | $ | 214,419 | $ | 205,925 | $ | 304,521 | $ | 206,209 | $ | 254,022 | ||||||||||
Taxable income | ||||||||||||||||||||
— from operations(4) | $ | 214,419 | $ | 205,925 | $ | 304,521 | $ | 206,209 | $ | 254,022 | ||||||||||
— from gain on sale | — | — | — | — | — | |||||||||||||||
Cash generated | ||||||||||||||||||||
— from operations | 214,419 | 205,925 | 304,521 | 206,209 | 254,022 | |||||||||||||||
— from sales | — | — | — | — | — | |||||||||||||||
— from refinancing | — | — | — | — | — | |||||||||||||||
Cash generated from operations, sales and refinancing | 214,419 | 205,925 | 304,521 | 206,209 | 254,022 | |||||||||||||||
Less: Cash distributions to investors | ||||||||||||||||||||
— from operating cash flow | 132,308 | 247,020 | 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 | ) | 7,002 | |||||||||||||
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 | ) | $ | 7,002 | ||||||||
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 | $ | 61.70 | ||||||||||
— from recapture | — | — | — | — | — | |||||||||||||||
Capital gain (loss) | — | — | — | — | — | |||||||||||||||
Cash distributions to investors | ||||||||||||||||||||
Source (on a tax basis) | ||||||||||||||||||||
— Investment income | 32.14 | 60.00 | 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 | 60.00 | |||||||||||||||
— Other | — | — | — | — | — | |||||||||||||||
Amount (in percentage terms) remaining invested in program properties at the end of the last year reported in the table | 100 | % |
A-16
Table of Contents
Home Depot — Bellingham, WA | ||||||||||||||||||||
April 2006 | ||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||
2006 | 2007 | 2008 | 2009 | 2010 | ||||||||||||||||
Gross Revenues | $ | 608,739 | $ | 1,571,778 | $ | 1,572,745 | $ | 1,568,675 | $ | 1,698,802 | ||||||||||
Profit (loss) on sale of properties | — | — | — | — | — | |||||||||||||||
Less: | ||||||||||||||||||||
Operating expenses(1) | 14,676 | 54,775 | 60,817 | 59,764 | 61,629 | |||||||||||||||
Depreciation and amortization(2) | — | — | — | — | — | |||||||||||||||
Net Income (loss) — Tax Basis(3) | $ | 594,063 | $ | 1,517,003 | $ | 1,511,928 | $ | 1,508,911 | $ | 1,637,173 | ||||||||||
Taxable income | ||||||||||||||||||||
— from operations(4) | $ | 594,063 | $ | 1,517,003 | $ | 1,511,928 | $ | 1,508,911 | $ | 1,637,173 | ||||||||||
— from gain on sale | — | — | — | — | — | |||||||||||||||
Cash generated | ||||||||||||||||||||
— from operations | 594,063 | 1,517,003 | 1,511,928 | 1,508,911 | 1,637,173 | |||||||||||||||
— from sales | — | — | — | — | — | |||||||||||||||
— from refinancing | — | — | — | — | — | |||||||||||||||
Cash generated from operations, sales and refinancing | 594,063 | 1,517,003 | 1,511,928 | 1,508,911 | 1,637,173 | |||||||||||||||
Less: Cash distributions to investors | ||||||||||||||||||||
— from operating cash flow | 463,771 | 1,494,708 | 1,494,264 | 1,494,715 | 1,494,715 | |||||||||||||||
— from sales and refinancing | — | — | — | — | — | |||||||||||||||
— from other | — | — | — | — | — | |||||||||||||||
Cash generated (deficiency) after cash distributions | 130,292 | 22,295 | 17,664 | 14,196 | 142,458 | |||||||||||||||
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 | $ | 142,458 | ||||||||||
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 | $ | 66.27 | ||||||||||
— from recapture | — | — | — | — | — | |||||||||||||||
Capital gain (loss) | — | — | — | — | — | |||||||||||||||
Cash distributions to investors | ||||||||||||||||||||
Source (on a tax basis) | ||||||||||||||||||||
— Investment income | 18.77 | 60.50 | 60.48 | 60.50 | 60.50 | |||||||||||||||
— Return of capital | — | — | — | — | — | |||||||||||||||
Source (on a cash basis) | ||||||||||||||||||||
— Sales | — | — | — | — | — | |||||||||||||||
— Refinancing | — | — | — | — | — | |||||||||||||||
— Operations | 18.77 | 60.50 | 60.48 | 60.50 | 60.50 | |||||||||||||||
— Other | — | — | — | — | — | |||||||||||||||
Amount (in percentage terms) remaining invested in program properties at the end of the last year reported in the table | 100 | % |
A-17
Table of Contents
Cole Net Lease Portfolio I | ||||||||||||||||||||
May 2006 | ||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||
2006 | 2007 | 2008 | 2009 | 2010 | ||||||||||||||||
Gross Revenues | $ | 583,357 | $ | 1,429,279 | $ | 1,426,846 | $ | 1,424,945 | $ | 1,425,015 | ||||||||||
Profit (loss) on sale of properties | — | — | 15,000 | — | — | |||||||||||||||
Less: | ||||||||||||||||||||
Operating expenses(1) | 26,130 | 36,148 | 49,261 | 45,508 | 38,796 | |||||||||||||||
Interest expense | 265,912 | 752,356 | 754,449 | 752,387 | 752,387 | |||||||||||||||
Depreciation and amortization(2) | — | — | — | — | — | |||||||||||||||
Net Income (loss) — Tax Basis(3) | $ | 291,315 | $ | 640,775 | $ | 638,136 | $ | 627,050 | $ | 633,832 | ||||||||||
Taxable income | ||||||||||||||||||||
— from operations(4) | $ | 291,315 | $ | 640,775 | $ | 623,136 | $ | 627,050 | $ | 633,832 | ||||||||||
— from gain on sale | — | — | 15,000 | — | — | |||||||||||||||
Cash generated | ||||||||||||||||||||
— from operations | 291,315 | 640,775 | 623,136 | 627,050 | 633,832 | |||||||||||||||
— from sales | — | — | 15,000 | — | — | |||||||||||||||
— from refinancing | — | — | — | — | — | |||||||||||||||
Cash generated from operations, sales and refinancing | 291,315 | 640,775 | 638,136 | 627,050 | 633,832 | |||||||||||||||
Less: Cash distributions to investors | ||||||||||||||||||||
— from operating cash flow | 203,698 | 623,484 | 623,482 | 623,480 | 623,481 | |||||||||||||||
— from sales and refinancing | — | — | 15,000 | — | — | |||||||||||||||
— from other | — | — | — | — | — | |||||||||||||||
Cash generated (deficiency) after cash distributions | 87,617 | 17,291 | (346 | ) | 3,570 | 10,351 | ||||||||||||||
Less: Special items (not including sales and refinancing | — | — | — | — | — | |||||||||||||||
Cash generated (deficiency) after cash distributions and special items | $ | 87,617 | $ | 17,291 | $ | (346 | ) | $ | 3,570 | $ | 10,351 | |||||||||
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 | $ | 66.08 | ||||||||||
— 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 | 65.00 | |||||||||||||||
— Return of capital | — | — | — | — | — | |||||||||||||||
Source (on a cash basis) | ||||||||||||||||||||
— Sales | — | — | 1.56 | — | — | |||||||||||||||
— Refinancing | — | — | — | — | — | |||||||||||||||
— Operations | 21.24 | 65.00 | 63.44 | 65.00 | 65.00 | |||||||||||||||
— Other | — | — | — | — | — | |||||||||||||||
Amount (in percentage terms) remaining invested in program properties at the end of the last year reported in the table | 100 | % |
A-18
Table of Contents
Cole Net Lease Portfolio II | ||||||||||||||||||||
June 2006 | ||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||
2006 | 2007 | 2008 | 2009 | 2010 | ||||||||||||||||
Gross Revenues | $ | 313,447 | $ | 1,539,612 | $ | 1,579,494 | $ | 1,529,434 | $ | 1,528,068 | ||||||||||
Profit (loss) on sale of properties | — | — | — | — | — | |||||||||||||||
Less: | ||||||||||||||||||||
Operating expenses(1) | 4,849 | 64,435 | 75,030 | 71,118 | 69,062 | |||||||||||||||
Interest expense | 133,317 | 797,719 | 799,905 | 797,719 | 797,719 | |||||||||||||||
Depreciation and amortization(2) | — | — | — | — | — | |||||||||||||||
Net Income (loss) — Tax Basis(3) | $ | 175,281 | $ | 677,458 | $ | 704,559 | $ | 660,597 | $ | 661,287 | ||||||||||
Taxable income | ||||||||||||||||||||
— from operations(4) | $ | 175,281 | $ | 677,458 | $ | 704,559 | $ | 660,597 | $ | 661,287 | ||||||||||
— from gain on sale | — | — | — | — | — | |||||||||||||||
Cash generated | ||||||||||||||||||||
— from operations | 175,281 | 677,458 | 704,559 | 660,597 | 661,287 | |||||||||||||||
— from sales | — | — | — | — | — | |||||||||||||||
— from refinancing | — | — | — | — | — | |||||||||||||||
Cash generated from operations, sales and refinancing | 175,281 | 677,458 | 704,559 | 660,597 | 661,287 | |||||||||||||||
Less: Cash distributions to investors | ||||||||||||||||||||
— from operating cash flow | 77,402 | 650,712 | 650,718 | 650,710 | 650,710 | |||||||||||||||
— from sales and refinancing | — | — | — | — | — | |||||||||||||||
— from other | — | — | — | — | — | |||||||||||||||
Cash generated (deficiency) after cash distributions | 97,879 | 26,746 | 53,841 | 9,887 | 10,577 | |||||||||||||||
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 | $ | 10,577 | ||||||||||
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 | $ | 66.06 | ||||||||||
— from recapture | — | — | — | — | — | |||||||||||||||
Capital gain (loss) | — | — | — | — | — | |||||||||||||||
Cash distributions to investors | ||||||||||||||||||||
Source (on a tax basis) | ||||||||||||||||||||
— Investment income | 7.73 | 65.00 | 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 | 65.00 | |||||||||||||||
— Other | — | — | — | — | — | |||||||||||||||
Amount (in percentage terms) remaining invested in program properties at the end of the last year reported in the table | 100 | % |
A-19
Table of Contents
Barrywoods Crossing — Kansas City, MO | ||||||||||||||||||||
July 2006 | ||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||
2006 | 2007 | 2008 | 2009 | 2010 | ||||||||||||||||
Gross Revenues | $ | 969,929 | $ | 3,887,472 | $ | 4,145,429 | $ | 3,894,998 | $ | 4,516,114 | ||||||||||
Profit (loss) on sale of properties | — | — | — | — | ||||||||||||||||
Less: | ||||||||||||||||||||
Operating expenses(1) | 642,129 | 1,261,696 | 1,391,359 | 1,333,093 | 1,437,777 | |||||||||||||||
Interest expense | 126,766 | 1,521,195 | 1,546,548 | 1,542,323 | 1,542,323 | |||||||||||||||
Depreciation and amortization(2) | — | — | — | — | — | |||||||||||||||
Net Income (loss) — Tax Basis(3) | $ | 201,034 | $ | 1,104,581 | $ | 1,207,522 | $ | 1,019,582 | $ | 1,536,014 | ||||||||||
Taxable income | ||||||||||||||||||||
— from operations(4) | $ | 201,034 | $ | 1,104,581 | $ | 1,207,522 | $ | 1,019,582 | $ | 1,536,014 | ||||||||||
— from gain on sale | — | — | — | — | — | |||||||||||||||
Cash generated | ||||||||||||||||||||
— from operations | 201,034 | 1,104,581 | 1,207,522 | 1,019,582 | 1,536,014 | |||||||||||||||
— from sales | — | — | — | — | — | |||||||||||||||
— from refinancing | — | — | — | — | — | |||||||||||||||
Cash generated from operations, sales and refinancing | 201,034 | 1,104,581 | 1,207,522 | 1,019,582 | 1,536,014 | |||||||||||||||
Less: Cash distributions to investors | ||||||||||||||||||||
— from operating cash flow | — | 1,486,685 | 1,198,964 | 893,615 | 1,007,503 | |||||||||||||||
— from sales and refinancing | — | — | — | — | — | |||||||||||||||
— from other | — | — | — | — | — | |||||||||||||||
Cash generated (deficiency) after cash distributions | 201,034 | (382,104 | ) | 8,558 | 125,967 | 528,511 | ||||||||||||||
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 | $ | 528,511 | |||||||||
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 | $ | 75.29 | ||||||||||
— from recapture | — | — | — | — | — | |||||||||||||||
Capital gain (loss) | — | — | — | — | — | |||||||||||||||
Cash distributions to investors | ||||||||||||||||||||
Source (on a tax basis) | ||||||||||||||||||||
— Investment income | — | 64.00 | 50.31 | 41.52 | 49.39 | |||||||||||||||
— Return of capital | — | 8.88 | 8.46 | 2.28 | — | |||||||||||||||
Source (on a cash basis) | ||||||||||||||||||||
— Sales | — | — | — | — | — | |||||||||||||||
— Refinancing | — | — | — | — | — | |||||||||||||||
— Operations | — | 64.00 | 50.31 | 41.52 | 49.39 | |||||||||||||||
— Other | — | 8.88 | 8.46 | 2.28 | — | |||||||||||||||
Amount (in percentage terms) remaining invested in program properties at the end of the last year reported in the table | 100 | % |
A-20
Table of Contents
Cole Net Lease Portfolio III | ||||||||||||||||||||
December 2006 | ||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||
2006 | 2007 | 2008 | 2009 | 2010 | ||||||||||||||||
Gross Revenues | $ | — | $ | 2,447,247 | $ | 2,416,921 | $ | 2,413,694 | $ | 2,413,690 | ||||||||||
Profit (loss) on sale of properties | — | — | 13,766 | — | — | |||||||||||||||
Less: | ||||||||||||||||||||
Operating expenses(1) | — | 119,032 | 109,158 | 107,334 | 105,115 | |||||||||||||||
Interest expense | — | 1,241,384 | 1,305,593 | 1,302,026 | 1,302,026 | |||||||||||||||
Depreciation and amortization(2) | — | — | — | — | — | |||||||||||||||
Net Income (loss) — Tax Basis(3) | $ | — | $ | 1,086,831 | $ | 1,015,936 | $ | 1,004,334 | $ | 1,006,549 | ||||||||||
Taxable income | ||||||||||||||||||||
— from operations(4) | $ | — | $ | 1,086,831 | $ | 1,002,170 | $ | 1,004,334 | $ | 1,006,549 | ||||||||||
— from gain on sale | — | — | 13,766 | — | — | |||||||||||||||
Cash generated | ||||||||||||||||||||
— from operations | — | 1,086,831 | 1,002,170 | 1,004,334 | 1,006,549 | |||||||||||||||
— from sales | — | — | 21,115 | — | — | |||||||||||||||
— from refinancing | — | — | — | — | — | |||||||||||||||
Cash generated from operations, sales and refinancing | — | 1,086,831 | 1,023,285 | 1,004,334 | 1,006,549 | |||||||||||||||
Less: Cash distributions to investors | ||||||||||||||||||||
— from operating cash flow | — | 1,004,184 | 1,004,185 | 1,004,184 | 1,004,184 | |||||||||||||||
— from sales and refinancing | — | — | 13,766 | — | — | |||||||||||||||
— from other | — | — | — | — | — | |||||||||||||||
Cash generated (deficiency) after cash distributions | — | 82,647 | 5,334 | 150 | 2,365 | |||||||||||||||
Less: Special items (not including sales and refinancing | — | — | — | — | — | |||||||||||||||
Cash generated (deficiency) after cash distributions and special items | $ | — | $ | 82,647 | $ | 5,334 | $ | 150 | $ | 2,365 | ||||||||||
Tax and distribution data per $1,000 invested | ||||||||||||||||||||
Federal income tax results: | ||||||||||||||||||||
Ordinary income (loss) | ||||||||||||||||||||
— from operations | $ | — | $ | 70.35 | $ | 64.87 | $ | 65.01 | $ | 65.15 | ||||||||||
— from recapture | — | — | — | — | — | |||||||||||||||
Capital gain (loss) | — | — | 0.89 | — | — | |||||||||||||||
Cash distributions to investors | ||||||||||||||||||||
Source (on a tax basis) | ||||||||||||||||||||
— Investment income | — | 65.00 | 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 | 65.00 | |||||||||||||||
— Other | — | — | — | — | — | |||||||||||||||
Amount (in percentage terms) remaining invested in program properties at the end of the last year reported in the table | 100 | % |
A-21
Table of Contents
Centerpointe Shopping Center — Woodridge, IL | ||||||||||||||||
May 2007 | ||||||||||||||||
(Unaudited) | ||||||||||||||||
2007 | 2008 | 2009 | 2010 | |||||||||||||
Gross Revenues | $ | 2,632,042 | $ | 4,241,709 | $ | 4,267,839 | $ | 4,178,527 | ||||||||
Profit (loss) on sale of properties | — | — | — | — | ||||||||||||
Less: | ||||||||||||||||
Operating expenses(1) | 643,478 | 1,525,240 | 1,393,905 | 1,274,911 | ||||||||||||
Interest expense | 837,535 | 1,525,064 | 1,520,897 | 1,520,897 | ||||||||||||
Depreciation and amortization(2) | — | — | — | — | ||||||||||||
Net Income (loss) — Tax Basis(3) | $ | 1,151,029 | $ | 1,191,405 | $ | 1,353,037 | $ | 1,382,719 | ||||||||
Taxable income | ||||||||||||||||
— from operations(4) | $ | 1,151,029 | $ | 1,191,405 | $ | 1,353,037 | $ | 1,382,719 | ||||||||
— from gain on sale | — | — | — | — | ||||||||||||
Cash generated | ||||||||||||||||
— from operations | 1,151,029 | 1,191,405 | 1,353,037 | 1,382,719 | ||||||||||||
— from sales | — | — | — | — | ||||||||||||
— from refinancing | — | — | — | — | ||||||||||||
Cash generated from operations, sales and refinancing | 1,151,029 | 1,191,405 | 1,353,037 | 1,382,719 | ||||||||||||
Less: Cash distributions to investors | ||||||||||||||||
— from operating cash flow | 807,647 | 1,334,400 | 1,334,400 | 1,225,408 | ||||||||||||
— from sales and refinancing | — | — | — | — | ||||||||||||
— from other | — | — | — | — | ||||||||||||
Cash generated (deficiency) after cash distributions | 343,382 | (142,995 | ) | 18,637 | 157,311 | |||||||||||
Less: Special items (not including sales and refinancing | — | — | — | — | ||||||||||||
Cash generated (deficiency) after cash distributions and special items | $ | 343,382 | $ | (142,995 | ) | $ | 18,637 | $ | 157,311 | |||||||
Tax and distribution data per $1,000 invested | ||||||||||||||||
Federal income tax results: | ||||||||||||||||
Ordinary income (loss) | ||||||||||||||||
— from operations | $ | 52.08 | $ | 53.91 | $ | 61.22 | $ | 62.57 | ||||||||
— from recapture | — | — | — | — | ||||||||||||
Capital gain (loss) | — | — | — | — | ||||||||||||
Cash distributions to investors | ||||||||||||||||
Source (on a tax basis) | ||||||||||||||||
— Investment income | 36.55 | 60.38 | 60.38 | 55.45 | ||||||||||||
— Return of capital | — | — | — | — | ||||||||||||
Source (on a cash basis) | ||||||||||||||||
— Sales | — | — | — | — | ||||||||||||
— Refinancing | — | — | — | — | ||||||||||||
— Operations | 36.55 | 60.38 | 60.38 | 55.45 | ||||||||||||
— Other | — | — | — | — | ||||||||||||
Amount (in percentage terms) remaining invested in program properties at the end of the last year reported in the table | 100 | % |
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Table of Contents
Cole Net Lease Portfolio IV | ||||||||||||||||
May 2007 | ||||||||||||||||
(Unaudited) | ||||||||||||||||
2007 | 2008 | 2009 | 2010 | |||||||||||||
Gross Revenues | $ | 533,742 | $ | 904,933 | $ | 890,068 | $ | 898,522 | ||||||||
Profit (loss) on sale of properties | — | — | — | — | ||||||||||||
Less: | ||||||||||||||||
Operating expenses(1) | 57,576 | 150,569 | 136,884 | 150,707 | ||||||||||||
Interest expense | 217,699 | 368,879 | 367,871 | 367,871 | ||||||||||||
Depreciation and amortization(2) | — | — | — | — | ||||||||||||
Net Income (loss) — Tax Basis(3) | $ | 258,467 | $ | 385,485 | $ | 385,313 | $ | 379,944 | ||||||||
Taxable income | ||||||||||||||||
— from operations(4) | $ | 258,467 | $ | 385,485 | $ | 385,313 | $ | 379,944 | ||||||||
— from gain on sale | — | — | — | — | ||||||||||||
Cash generated | ||||||||||||||||
— from operations | 258,467 | 385,485 | 385,313 | 379,944 | ||||||||||||
— from sales | — | — | — | — | ||||||||||||
— from refinancing | — | — | — | — | ||||||||||||
Cash generated from operations, sales and refinancing | 258,467 | 385,485 | 385,313 | 379,944 | ||||||||||||
Less: Cash distributions to investors | ||||||||||||||||
— from operating cash flow | 232,801 | 360,185 | 360,180 | 370,085 | ||||||||||||
— from sales and refinancing | — | — | — | — | ||||||||||||
— from other | — | — | — | — | ||||||||||||
Cash generated (deficiency) after cash distributions | 25,666 | 25,300 | 25,133 | 9,859 | ||||||||||||
Less: Special items (not including sales and refinancing | — | — | — | — | ||||||||||||
Cash generated (deficiency) after cash distributions and special items | $ | 25,666 | $ | 25,300 | $ | 25,133 | $ | 9,859 | ||||||||
Tax and distribution data per $1,000 invested | ||||||||||||||||
Federal income tax results: | ||||||||||||||||
Ordinary income (loss) | ||||||||||||||||
— from operations | $ | 43.06 | $ | 64.22 | $ | 64.19 | $ | 63.29 | ||||||||
— from recapture | — | — | — | — | ||||||||||||
Capital gain (loss) | — | — | — | — | ||||||||||||
Cash distributions to investors | ||||||||||||||||
Source (on a tax basis) | ||||||||||||||||
— Investment income | 38.78 | 60.00 | 60.00 | 61.65 | ||||||||||||
— Return of capital | — | — | — | — | ||||||||||||
Source (on a cash basis) | ||||||||||||||||
— Sales | — | — | — | — | ||||||||||||
— Refinancing | — | — | — | — | ||||||||||||
— Operations | 38.78 | 60.00 | 60.00 | 61.65 | ||||||||||||
— Other | — | — | — | — | ||||||||||||
Amount (in percentage terms) remaining invested in program properties at the end of the last year reported in the table | 100 | % |
A-23
Table of Contents
Cole Net Lease Portfolio V | ||||||||||||||||
June 2007 | ||||||||||||||||
(Unaudited) | ||||||||||||||||
2007 | 2008 | 2009 | 2010 | |||||||||||||
Gross Revenues | $ | 1,216,587 | $ | 2,873,638 | $ | 3,074,756 | $ | 2,870,184 | ||||||||
Profit (loss) on sale of properties | — | — | — | — | ||||||||||||
Less: | ||||||||||||||||
Operating expenses(1) | 33,570 | 109,101 | 104,964 | 104,694 | ||||||||||||
Interest expense | 444,412 | 1,378,431 | 1,374,664 | 1,374,664 | ||||||||||||
Depreciation and amortization(2) | — | — | — | — | ||||||||||||
Net Income (loss) — Tax Basis(3) | $ | 738,605 | $ | 1,386,106 | $ | 1,595,128 | $ | 1,390,826 | ||||||||
Taxable income | ||||||||||||||||
— from operations(4) | $ | 738,605 | $ | 1,386,106 | $ | 1,595,128 | $ | 1,390,826 | ||||||||
— from gain on sale | — | — | — | — | ||||||||||||
Cash generated | ||||||||||||||||
— from operations | 738,605 | 1,386,106 | 1,595,128 | 1,390,826 | ||||||||||||
— from sales | — | — | — | — | ||||||||||||
— from refinancing | — | — | — | — | ||||||||||||
Cash generated from operations, sales and refinancing | 738,605 | 1,386,106 | 1,595,128 | 1,390,826 | ||||||||||||
Less: Cash distributions to investors | ||||||||||||||||
— from operating cash flow | 550,545 | 1,449,144 | 1,449,147 | 1,501,499 | ||||||||||||
— from sales and refinancing | — | — | — | — | ||||||||||||
— from other | — | — | — | — | ||||||||||||
Cash generated (deficiency) after cash distributions | 188,060 | (63,038 | ) | 145,981 | (110,673 | ) | ||||||||||
Less: Special items (not including sales and refinancing | — | — | — | — | ||||||||||||
Cash generated (deficiency) after cash distributions and special items | $ | 188,060 | $ | (63,038 | ) | $ | 145,981 | $ | (110,673 | ) | ||||||
Tax and distribution data per $1,000 invested | ||||||||||||||||
Federal income tax results: | ||||||||||||||||
Ordinary income (loss) | ||||||||||||||||
— from operations | $ | 33.64 | $ | 63.13 | $ | 72.65 | $ | 63.34 | ||||||||
— from recapture | — | — | — | — | ||||||||||||
Capital gain (loss) | — | — | — | — | ||||||||||||
Cash distributions to investors | ||||||||||||||||
Source (on a tax basis) | ||||||||||||||||
— Investment income | 25.07 | 66.00 | 66.00 | 68.38 | ||||||||||||
— Return of capital | — | — | — | — | ||||||||||||
Source (on a cash basis) | ||||||||||||||||
— Sales | — | — | — | — | ||||||||||||
— Refinancing | — | — | — | — | ||||||||||||
— Operations | 25.07 | 66.00 | 66.00 | 68.38 | ||||||||||||
— Other | — | — | — | — | ||||||||||||
Amount (in percentage terms) remaining invested in program properties at the end of the last year reported in the table | 100 | % |
A-24
Table of Contents
Cole Net Lease Portfolio VI | ||||||||||||||||
September 2007 | ||||||||||||||||
(Unaudited) | ||||||||||||||||
2007 | 2008 | 2009 | 2010 | |||||||||||||
Gross Revenues | $ | 598,105 | $ | 3,551,029 | $ | 3,497,557 | $ | 3,491,178 | ||||||||
Profit (loss) on sale of properties | — | — | — | — | ||||||||||||
Less: | ||||||||||||||||
Operating expenses(1) | 45,111 | 229,233 | 212,360 | 203,081 | ||||||||||||
Interest expense | 144,049 | 1,700,718 | 1,696,068 | 1,696,069 | ||||||||||||
Depreciation and amortization(2) | — | — | — | — | ||||||||||||
Net Income (loss) — Tax Basis(3) | $ | 408,945 | $ | 1,621,078 | $ | 1,589,129 | $ | 1,592,028 | ||||||||
Taxable income | ||||||||||||||||
— from operations(4) | $ | 408,945 | $ | 1,621,078 | $ | 1,589,129 | $ | 1,592,028 | ||||||||
— from gain on sale | — | — | — | — | ||||||||||||
Cash generated | ||||||||||||||||
— from operations | 408,945 | 1,621,078 | 1,589,129 | 1,592,028 | ||||||||||||
— from sales | — | — | — | — | ||||||||||||
— from refinancing | — | — | — | — | ||||||||||||
Cash generated from operations, sales and refinancing | 408,945 | 1,621,078 | 1,589,129 | 1,592,028 | ||||||||||||
Less: Cash distributions to investors | ||||||||||||||||
— from operating cash flow | 269,301 | 1,589,676 | 1,589,678 | 1,589,678 | ||||||||||||
— from sales and refinancing | — | — | — | — | ||||||||||||
— from other | — | — | — | — | ||||||||||||
Cash generated (deficiency) after cash distributions | 139,644 | 31,402 | (549 | ) | 2,350 | |||||||||||
Less: Special items (not including sales and refinancing | — | — | — | — | ||||||||||||
Cash generated (deficiency) after cash distributions and special items | $ | 139,644 | $ | 31,402 | $ | (549 | ) | $ | 2,350 | |||||||
Tax and distribution data per $1,000 invested | ||||||||||||||||
Federal income tax results: | ||||||||||||||||
Ordinary income (loss) | ||||||||||||||||
— from operations | $ | 17.58 | $ | 63.22 | $ | 61.98 | $ | 62.09 | ||||||||
— from recapture | — | — | — | — | ||||||||||||
Capital gain (loss) | — | — | — | — | ||||||||||||
Cash distributions to investors | ||||||||||||||||
Source (on a tax basis) | ||||||||||||||||
— Investment income | 11.57 | 62.00 | 62.00 | 62.00 | ||||||||||||
— Return of capital | — | — | — | — | ||||||||||||
Source (on a cash basis) | ||||||||||||||||
— Sales | — | — | — | — | ||||||||||||
— Refinancing | — | — | — | — | ||||||||||||
— Operations | 11.57 | 62.00 | 62.00 | 62.00 | ||||||||||||
— Other | — | — | — | — | ||||||||||||
Amount (in percentage terms) remaining invested in program properties at the end of the last year reported in the table | 100 | % |
A-25
Table of Contents
(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 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 partnership will not be significantly different between the two bases of accounting. | |
(4) | Cash generated from operation 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 income which is reported to them on Form 1099-INT, thus tax and cash distribution data per $1,000 invested is not included. | |
(6) | Cole Credit Property Trust, Inc., Cole Credit Property Trust II, Inc. and Cole Credit Property Trust III, Inc. maintain their books on a GAAP basis of accounting rather than on a tax basis. | |
(7) | Due to the timing of tax return filings, amounts shown represent estimates and may change when tax returns are filed at a future date. | |
(8) | Includes cash flows from operations in excess of distributions from previous periods and cash proceeds from line of credit borrowings. | |
(9) | Cash generated from operations for this program generally includes net income (loss) plus depreciation and amortization, plus distributions in the form of interest paid to note investors, minus, where applicable, profit on sale of properties. | |
(10) | Includes cash flows from sales in excess of distributions from previous periods. | |
(11) | Investors in this program receive interest income per annum. Amounts represent the funding source of the interest payments, the total of which is disclosed above in interest paid to note investors. |
A-26
Table of Contents
Cole | ||||||||||||
Collateralized | Cole | |||||||||||
Senior Notes, | Santa Fe | |||||||||||
Program Name | LLC | Investors, LP | ||||||||||
Dollar amount raised | $ | 28,038,500 | $ | 6,180,000 | ||||||||
Number of properties purchased | 45 | 1 | ||||||||||
Date of closing of offering | 6/3/2004 | 11/20/2002 | ||||||||||
Date of first sale of property | 11/6/2003 | 11/30/2007 | ||||||||||
Date of final sale of property | 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 | $ | — | (2) | $ | (304 | ) | ||||||
— from recapture | — | (2) | 429 | |||||||||
Capital gain (loss) | — | (2) | 1,762 | |||||||||
Deferred gain | ||||||||||||
— Capital | — | (2) | — | |||||||||
— Ordinary | — | (2) | — | |||||||||
Cash distributions to investors: | ||||||||||||
Source (on Tax Basis)(1) | ||||||||||||
— Investment income | — | (2) | 824 | |||||||||
— Return of capital | 28,038,500 | (2) | 1,000 | |||||||||
Source (on Cash Basis) | ||||||||||||
— Sales | 85,696,933 | (3) | 1,731 | |||||||||
— Refinancing | — | (2) | — | |||||||||
— Operations | (506,433) | (2) | 93 | |||||||||
— Other | — | (2) | — | |||||||||
Receivable on net purchase money financing | — | (2) | — |
A-27
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 | — | — | — | (2 | ) |
(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-28
Table of Contents
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 Collateralized Senior Notes II, LLC | ||||||||||||||||||||||||||||||||||||||||||||
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 VI(4)(6) | Various | 02/08 | 23,798,400 | 29,740,000 | — | — | 53,538,400 | 29,740,000 | 23,798,400 | 53,538,400 | 386,094 | |||||||||||||||||||||||||||||||||
Cole Acquisitions I, LLC(5) | ||||||||||||||||||||||||||||||||||||||||||||
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(7) | 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 | |||||||||||||||||||||||||||||||||
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 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. |
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(5) | 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. | |
(6) | DST Interests in Cole Net Lease Portfolio VI include: Mercedes Benz West Covina, CA, Walgreens Westford, MA, Walgreens Wilmington, MA, Walgreens Brenham, TX, Starbucks Crestwood, KY, Starbucks Danville, KY, and Starbucks Somerset, KY. | |
(7) | Home Depot Colma, CA was acquired by Cole Credit Property Fund, LP and Cole Credit Property Fund II, LP. |
A-30
Table of Contents
COLE CREDIT PROPERTY TRUST IV, INC.
EFFECTIVE AS OF , 2011
D-1
Table of Contents
D-2
Table of Contents
D-3
Table of Contents
D-4
Table of Contents
![(COLE LOGO)](https://capedge.com/proxy/S-11A/0000950123-11-054380/g27338g2733855.gif)
Prospectus
Up to 400,000,000 Shares of Common Stock
Offered to the Public
ALPHABETICAL INDEX | Page | |||
Cautionary Note Regarding Forward-Looking Statements | 52 | |||
Conflicts of Interest | 77 | |||
Description of Shares | 112 | |||
Estimated Use of Proceeds | 53 | |||
Experts | 164 | |||
Federal Income Tax Considerations | 134 | |||
Index to Consolidated Balance Sheets | F-1 | |||
How to Subscribe | 163 | |||
Investment by Tax-Exempt Entities and ERISA Considerations | 150 | |||
Investment Objectives and Policies | 83 | |||
Legal Matters | 164 | |||
Management | 56 | |||
Management Compensation | 70 | |||
Management’s Discussion and Analysis of Financial Conditions and Results of Operations | 99 | |||
Our Operating Partnership Agreement | 130 | |||
Plan of Distribution | 156 | |||
Prior Performance Summary | 104 | |||
Prospectus Summary | 7 | |||
Questions and Answers About This Offering | 1 | |||
Risk Factors | 19 | |||
Stock Ownership | 76 | |||
Suitability Standards | i | |||
Summary of Distribution Reinvestment Plan | 126 | |||
Supplemental Sales Material | 164 | |||
Where You Can Find More Information | 164 |
![(COLE LOGO)](https://capedge.com/proxy/S-11A/0000950123-11-054380/g27338g2733855.gif)
Table of Contents
Item 30. | Quantitative and Qualitative Disclosures about Market Risk |
Item 31. | Other Expenses of Issuance and Distribution. |
SEC registration fee | $ | 285,200 | ||
FINRA filing fee | 75,500 | |||
Printing expenses | * | |||
Legal fees and expenses | * | |||
Accounting fees and expenses | * | |||
Blue sky fees and expenses | * | |||
Itemized and detailed due diligence expenses | * | |||
Advertising and sales literature | * | |||
Advertising and sales expenses | * | |||
Transfer agent and escrow fees | * | |||
Total expenses | $ | * | ||
* | To be filed by amendment. |
Item 32. | Sales to Special Parties. |
Item 33. | Recent Sales of Unregistered Securities. |
II-1
Table of Contents
Item 34. | Indemnification of the Officers and Directors |
II-2
Table of Contents
Item 35. | Treatment of Proceeds from Shares Being Registered. |
Item 36. | Financial Statements and Exhibits. |
Item 37. | Undertakings. |
II-3
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II-4
Table of Contents
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 | 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 | 01/04/08 | 01/11/08 | 01/16/08 | |||||||||
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 Automotive Dealership | Bank of America Delray Beach, FL Bank | |||||||||
Gross leasable square footage | 78,430 | 46,535 | 54,254 | |||||||||
Date of purchase | 01/17/08 | 01/25/08 | 01/31/08 | |||||||||
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-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 | 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 | 01/31/08 | 01/31/08 | 01/31/08 | |||||||||
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 | Cole | Cole | ||||||||||
Credit Property | Credit Property | Credit Property | ||||||||||
Program: | Trust II, Inc. | Trust II, Inc. | Trust II, Inc. | |||||||||
Name, location, type of property | CarMax Raleigh, NC Automotive Dealership | Office Depot Alcoa, TN Office Supply | CarMax Pineville, NC Automotive Dealership | |||||||||
Gross leasable square footage | 57,010 | 26,850 | 16,375 | |||||||||
Date of purchase | 01/31/08 | 01/31/08 | 01/31/08 | |||||||||
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 | Cole | Cole | ||||||||||
Credit Property | Credit Property | Credit Property | ||||||||||
Program: | Trust II, Inc. | Trust II, Inc. | Trust II, 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 | 02/06/08 | 02/06/08 | 02/06/08 | |||||||||
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-7
Table of Contents
Cole | Cole | Cole | ||||||||||
Credit Property | Credit Property | Credit Property | ||||||||||
Program: | Trust II, Inc. | Trust II, Inc. | Trust II, 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 | 02/06/08 | 02/06/08 | 02/06/08 | |||||||||
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 | 02/06/08 | 02/06/08 | 02/28/08 | |||||||||
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(1) 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 | 02/29/08 | 03/04/08 | 03/11/08 | |||||||||
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-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 | 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 | 03/25/08 | 03/25/08 | 03/25/08 | |||||||||
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 | 03/25/08 | 03/25/08 | 03/25/08 | |||||||||
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 | 03/25/08 | 03/25/08 | 03/25/08 | |||||||||
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-9
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 | 03/25/08 | 03/25/08 | 03/25/08 | |||||||||
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 | 03/25/08 | 03/25/08 | 03/25/08 | |||||||||
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 | 03/25/08 | 03/25/08 | 03/25/08 | |||||||||
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-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 | 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 | 03/25/08 | 03/31/08 | 04/07/08 | |||||||||
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 | 04/14/08 | 05/01/08 | 05/08/08 | |||||||||
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 | 05/08/08 | 05/14/08 | 05/22/08 | |||||||||
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-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 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 | 05/30/08 | 06/02/08 | 06/02/08 | |||||||||
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 | 06/02/08 | 06/05/08 | 06/11/08 | |||||||||
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 | LA Fitness Brooklyn Park, MN Fitness | |||||||||
Gross leasable square footage | 14,820 | 94,817 | 45,000 | |||||||||
Date of purchase | 06/11/08 | 06/12/08 | 06/17/08 | |||||||||
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-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 | 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 | 06/20/08 | 07/02/08 | 07/11/08 | |||||||||
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 | LA Fitness Matteson, IL Fitness | Walgreens Columbus, MS Drugstore | |||||||||
Gross leasable square footage | 13,770 | 45,000 | 14,450 | |||||||||
Date of purchase | 07/15/08 | 07/16/08 | 07/24/08 | |||||||||
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 | LA Fitness Greenwood, IN Fitness | JoAnn’s Fabric Alpharetta, GA Specialty Retail | |||||||||
Gross leasable square footage | 30,420 | 45,000 | 38,418 | |||||||||
Date of purchase | 07/30/08 | 08/05/08 | 08/05/08 | |||||||||
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-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 | 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 | 08/05/08 | 08/05/08 | 08/05/08 | |||||||||
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 | 08/21/08 | 08/21/08 | 08/21/08 | |||||||||
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 | 08/21/08 | 08/21/08 | 08/21/08 | |||||||||
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-14
Table of Contents
Cole Credit | Cole Credit | |||||||||||
Property Trust II, | Property Trust II, | Cole Credit Property | ||||||||||
Program: | Inc. | Inc. | Trust II, 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 | 08/21/08 | 08/21/08 | 08/27/08 | |||||||||
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 | 08/28/08 | 09/15/08 | 09/15/08 | |||||||||
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 | 09/15/08 | 09/15/08 | 09/15/08 | |||||||||
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-15
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 | 09/15/08 | 09/15/08 | 09/15/08 | |||||||||
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 | 09/15/08 | 09/15/08 | 09/15/08 | |||||||||
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 | 09/15/08 | 09/15/08 | �� | 09/15/08 | ||||||||
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-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 | 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 | 09/15/08 | 09/15/08 | 09/15/08 | |||||||||
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 | 09/15/08 | 09/15/08 | 09/15/08 | |||||||||
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 Sweetwater, TX Specialty Retail | |||||||||
Gross leasable square footage | 7,692 | 9,163 | 8,256 | |||||||||
Date of purchase | 09/15/08 | 09/15/08 | 09/15/08 | |||||||||
Mortgage financing at date of purchase | $ | — | $ | — | $ | — | ||||||
Cash down payment | 1,235,863 | 588,347 | 1,085,875 | |||||||||
Contract purchase price plus acquisition fee | 1,235,863 | 588,347 | 1,085,875 | |||||||||
Other cash expenditures expensed | — | — | — | |||||||||
Other cash expenditures capitalized | 27,643 | 27,929 | 15,448 | |||||||||
Total acquisition cost | $ | 1,263,506 | $ | 616,276 | $ | 1,101,323 | ||||||
II-17
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 Mineral Wells, TX Specialty Retail | Aaron’s Rents Wichita, KS Specialty Retail | Aaron’s Rents Wilton, NY Specialty Retail | |||||||||
Gross leasable square footage | 8,000 | 7,577 | 41,063 | |||||||||
Date of purchase | 09/15/08 | 09/15/08 | 09/15/08 | |||||||||
Mortgage financing at date of purchase | $ | — | $ | — | $ | — | ||||||
Cash down payment | 994,207 | 870,848 | 2,864,922 | |||||||||
Contract purchase price plus acquisition fee | 994,207 | 870,848 | 2,864,922 | |||||||||
Other cash expenditures expensed | — | — | — | |||||||||
Other cash expenditures capitalized | 14,143 | 29,656 | 36,576 | |||||||||
Total acquisition cost | $ | 1,008,350 | $ | 900,504 | $ | 2,901,498 | ||||||
Cole Credit | Cole Credit | Cole Credit | ||||||||||
Property Trust II, | Property Trust II, | Property Trust II, | ||||||||||
Program: | Inc. | Inc. | Inc. | |||||||||
Name, location, type of property | HH Gregg Grove City, OH Consumer Electronics | Lowe’s Chester, NY Home Improvement | BJ’s Wholesale Club Ft. Lauderdale, FL Warehouse | |||||||||
Gross leasable square footage | 30,167 | 131,798 | 119,598 | |||||||||
Date of purchase | 09/17/08 | 09/19/08 | 09/23/08 | |||||||||
Mortgage financing at date of purchase | $ | — | $ | — | $ | — | ||||||
Cash down payment | 6,020,040 | 7,177,778 | 28,838,314 | |||||||||
Contract purchase price plus acquisition fee | 6,020,040 | 7,177,778 | 28,838,314 | |||||||||
Other cash expenditures expensed | — | — | — | |||||||||
Other cash expenditures capitalized | 37,410 | 55,468 | 24,290 | |||||||||
Total acquisition cost | $ | 6,057,450 | $ | 7,233,246 | $ | 28,862,604 | ||||||
Cole Credit | Cole Credit | Cole Credit | ||||||||||
Property Trust II, | Property Trust II, | Property Trust II, | ||||||||||
Program: | Inc. | Inc. | Inc. | |||||||||
Name, location, type of property | HH Gregg Mt. Juliet, TN Consumer Electronics | Winter Garden Village Winter Garden, FL Shopping Center | FedEx Huntsville, AL Distribution Center | |||||||||
Gross leasable square footage | 30,000 | 698,210 | 56,360 | |||||||||
Date of purchase | 09/23/08 | 09/26/08 | 09/30/08 | |||||||||
Mortgage financing at date of purchase | $ | — | $ | 105,700,000 | $ | — | ||||||
Cash down payment | 6,472,920 | 78,258,312 | 11,166,742 | |||||||||
Contract purchase price plus acquisition fee | 6,472,920 | 183,958,312 | 11,166,742 | |||||||||
Other cash expenditures expensed | — | — | — | |||||||||
Other cash expenditures capitalized | 28,789 | 1,076,828 | 34,450 | |||||||||
Total acquisition cost | $ | 6,501,709 | $ | 185,035,140 | $ | 11,201,192 | ||||||
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 | AT&T (1) Santa Clara, CA Office | Best Buy(1) Las Cruces, NM Consumer Electronics | CVS(1) Columbia I, TN Drugstore | |||||||||
Gross leasable square footage | 33,257 | 30,000 | 10,715 | |||||||||
Date of purchase | 09/30/08 | 09/30/08 | 09/30/08 | |||||||||
Mortgage financing at date of purchase | $ | 6,032,000 | $ | 3,809,000 | $ | 1,715,000 | ||||||
Cash down payment | 4,372,000 | 2,413,000 | 937,000 | |||||||||
Contract purchase price plus acquisition fee | 10,404,000 | 6,222,000 | 2,652,000 | |||||||||
Other cash expenditures expensed | — | — | — | |||||||||
Other cash expenditures capitalized | 8,942 | 14,417 | 47,475 | |||||||||
Total acquisition cost | $ | 10,412,942 | $ | 6,236,417 | $ | 2,699,475 | ||||||
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(1) Columbia II, TN Drugstore | CVS(1) Hamilton, OH Drugstore | CVS(1) Mechanicville, NY Drugstore | |||||||||
Gross leasable square footage | 10,759 | 11,180 | 10,125 | |||||||||
Date of purchase | 09/30/08 | 09/30/08 | 09/30/08 | |||||||||
Mortgage financing at date of purchase | $ | 1,735,000 | $ | 1,787,500 | $ | 1,290,000 | ||||||
Cash down payment | 713,000 | 1,884,500 | 1,362,000 | |||||||||
Contract purchase price plus acquisition fee | 2,448,000 | 3,672,000 | 2,652,000 | |||||||||
Other cash expenditures expensed | — | — | — | |||||||||
Other cash expenditures capitalized | 47,416 | 12,915 | 13,049 | |||||||||
Total acquisition cost | $ | 2,495,416 | $ | 3,684,915 | $ | 2,665,049 | ||||||
Cole Credit | Cole Credit | Cole Credit | ||||||||||
Property Trust II, | Property Trust II, | Property Trust II, | ||||||||||
Program: | Inc. | Inc. | Inc. | |||||||||
Name, location, type of property | Home Depot(1) Colma, CA Home Improvement | Office Depot(1) Laurel, MS Office Supply | Office Depot(1) London, KY Office Supply | |||||||||
Gross leasable square footage | 99,970 | 20,515 | 20,468 | |||||||||
Date of purchase | 09/30/08 | 09/30/08 | 09/30/08 | |||||||||
Mortgage financing at date of purchase | $ | 21,613,000 | $ | 1,270,000 | $ | 1,680,000 | ||||||
Cash down payment | 18,483,200 | 1,433,000 | 1,890,000 | |||||||||
Contract purchase price plus acquisition fee | 40,096,200 | 2,703,000 | 3,570,000 | |||||||||
Other cash expenditures expensed | — | — | — | |||||||||
Other cash expenditures capitalized | 39,368 | 12,699 | 13,447 | |||||||||
Total acquisition cost | $ | 40,135,568 | $ | 2,715,699 | $ | 3,583,447 | ||||||
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 | Payless Shoes(1) Columbia, SC Specialty Retail | Staples(1) Angola, IN Office Supply | TJ Maxx(1) Staunton, VA Department Store | |||||||||
Gross leasable square footage | 5,534 | 24,049 | 78,823 | |||||||||
Date of purchase | 09/30/08 | 09/30/08 | 09/30/08 | |||||||||
Mortgage financing at date of purchase | $ | 860,000 | $ | 1,999,000 | $ | 3,116,000 | ||||||
Cash down payment | 568,000 | 1,265,000 | 1,270,000 | |||||||||
Contract purchase price plus acquisition fee | 1,428,000 | 3,264,000 | 4,386,000 | |||||||||
Other cash expenditures expensed | — | — | — | |||||||||
Other cash expenditures capitalized | 14,681 | 12,578 | 12,627 | |||||||||
Total acquisition cost | $ | 1,442,681 | $ | 3,276,578 | $ | 4,398,627 | ||||||
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(1) Akron, OH Drugstore | Walgreens(1) Broken Arrow, OK Drugstore | Walgreens(1) Crossville, TN Drugstore | |||||||||
Gross leasable square footage | 13,500 | 12,751 | 15,070 | |||||||||
Date of purchase | 09/30/08 | 09/30/08 | 09/30/08 | |||||||||
Mortgage financing at date of purchase | $ | 1,900,000 | $ | 1,127,500 | $ | 2,753,000 | ||||||
Cash down payment | 976,400 | 1,014,500 | 1,786,000 | |||||||||
Contract purchase price plus acquisition fee | 2,876,400 | 2,142,000 | 4,539,000 | |||||||||
Other cash expenditures expensed | — | — | — | |||||||||
Other cash expenditures capitalized | 12,811 | 13,338 | 13,175 | |||||||||
Total acquisition cost | $ | 2,889,211 | $ | 2,155,338 | $ | 4,552,175 | ||||||
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(1) Jacksonville, AR Drugstore | Walgreens(1) LaMarque, TX Drugstore | Walgreens(1) Tulsa (Memorial), OK Drugstore | |||||||||
Gross leasable square footage | 14,560 | 15,120 | 13,500 | |||||||||
Date of purchase | 09/30/08 | 09/30/08 | 09/30/08 | |||||||||
Mortgage financing at date of purchase | $ | 2,510,750 | $ | 2,277,000 | $ | 1,926,000 | ||||||
Cash down payment | 2,640,250 | 2,323,200 | 1,083,000 | |||||||||
Contract purchase price plus acquisition fee | 5,151,000 | 4,600,200 | 3,009,000 | |||||||||
Other cash expenditures expensed | — | — | — | |||||||||
Other cash expenditures capitalized | 14,165 | 14,458 | 13,633 | |||||||||
Total acquisition cost | $ | 5,165,165 | $ | 4,614,658 | $ | 3,022,633 | ||||||
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 | Walgreens(1) Newton, IA Drugstore | Walgreens(1) Saginaw, MI Drugstore | Walgreens(1) Seattle, WA Drugstore | |||||||||
Gross leasable square footage | 15,047 | 15,120 | 14,410 | |||||||||
Date of purchase | 09/30/08 | 09/30/08 | 09/30/08 | |||||||||
Mortgage financing at date of purchase | $ | 2,393,000 | $ | 2,282,500 | $ | 3,349,500 | ||||||
Cash down payment | 2,023,600 | 2,001,500 | 3,555,900 | |||||||||
Contract purchase price plus acquisition fee | 4,416,600 | 4,284,000 | 6,905,400 | |||||||||
Other cash expenditures expensed | — | — | — | |||||||||
Other cash expenditures capitalized | 13,644 | 12,940 | 10,524 | |||||||||
Total acquisition cost | $ | 4,430,244 | $ | 4,296,940 | $ | 6,915,924 | ||||||
Cole Credit | Cole Credit | Cole Credit | ||||||||||
Property Trust II, | Property Trust II, | Property Trust II, | ||||||||||
Program: | Inc. | Inc. | Inc. | |||||||||
Name, location, type of property | Walgreens(1) Tulsa, OK Drugstore | FedEx Baton Rouge, LA Distribution Center | CVS Atlanta, GA Drugstore | |||||||||
Gross leasable square footage | 13,000 | 29,400 | 12,013 | |||||||||
Date of purchase | 09/30/08 | 10/03/08 | 10/07/08 | |||||||||
Mortgage financing at date of purchase | $ | 1,215,500 | $ | — | $ | — | ||||||
Cash down payment | 1,018,300 | 9,178,858 | 3,917,820 | |||||||||
Contract purchase price plus acquisition fee | 2,233,800 | 9,178,858 | 3,917,820 | |||||||||
Other cash expenditures expensed | — | — | — | |||||||||
Other cash expenditures capitalized | 13,338 | 39,249 | 27,360 | |||||||||
Total acquisition cost | $ | 2,247,138 | $ | 9,218,107 | $ | 3,945,180 | ||||||
Cole Credit | Cole Credit | Cole Credit | ||||||||||
Property Trust II, | Property Trust II, | Property Trust II, | ||||||||||
Program: | Inc. | Inc. | Inc. | |||||||||
Name, location, type of property | Tractor Supply Baldwinsville, NY Specialty Retail | BE Aerospace Winston-Salem, NC Warehouse | Church’s Chicken Birmingham (29th Ave), AL Restaurant | |||||||||
Gross leasable square footage | 24,727 | 89,600 | 787 | |||||||||
Date of purchase | 10/15/08 | 10/31/08 | 10/31/08 | |||||||||
Mortgage financing at date of purchase | $ | 2,024,013 | $ | — | $ | 40,011 | ||||||
Cash down payment | 1,446,149 | 5,528,400 | 36,489 | |||||||||
Contract purchase price plus acquisition fee | 3,470,162 | 5,528,400 | 76,500 | |||||||||
Other cash expenditures expensed | — | — | — | |||||||||
Other cash expenditures capitalized | 29,036 | 33,724 | 5,304 | |||||||||
Total acquisition cost | $ | 3,499,198 | $ | 5,562,124 | $ | 81,804 | ||||||
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 | Church’s Chicken Birmingham (Ensley), AL Restaurant | Church’s Chicken Birmingham (Jefferson), AL Restaurant | Church’s Chicken Birmingham (Vanderbilt), AL Restaurant | |||||||||
Gross leasable square footage | 1,130 | 1,750 | 1,364 | |||||||||
Date of purchase | 10/31/08 | 10/31/08 | 10/31/08 | |||||||||
Mortgage financing at date of purchase | $ | 40,011 | $ | 375,732 | $ | 301,451 | ||||||
Cash down payment | 36,489 | 342,659 | 274,916 | |||||||||
Contract purchase price plus acquisition fee | 76,500 | 718,391 | 576,367 | |||||||||
Other cash expenditures expensed | — | — | — | |||||||||
Other cash expenditures capitalized | 5,304 | 5,305 | 5,305 | |||||||||
Total acquisition cost | $ | 81,804 | $ | 723,696 | $ | 581,672 | ||||||
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 Greensboro, AL Restaurant | Church’s Chicken Montgomery (Day), AL Restaurant | Church’s Chicken Montgomery (South), AL Restaurant | |||||||||
Gross leasable square footage | 787 | 1,560 | 1,230 | |||||||||
Date of purchase | 10/31/08 | 10/31/08 | 10/31/08 | |||||||||
Mortgage financing at date of purchase | $ | 338,402 | $ | 259,909 | $ | 472,192 | ||||||
Cash down payment | 308,614 | 237,031 | 430,627 | |||||||||
Contract purchase price plus acquisition fee | 647,016 | 496,940 | 902,819 | |||||||||
Other cash expenditures expensed | — | — | — | |||||||||
Other cash expenditures capitalized | 5,592 | 5,406 | 5,407 | |||||||||
Total acquisition cost | $ | 652,608 | $ | 502,346 | $ | 908,226 | ||||||
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 | Church’s Chicken Montgomery (Fairview), AL Restaurant | Church’s Chicken Montgomery (Hwy 31), AL Restaurant | Church’s Chicken Montgomery (Wetumpka), AL Restaurant | |||||||||
Gross leasable square footage | 1,286 | 1,230 | 1,781 | |||||||||
Date of purchase | 10/31/08 | 10/31/08 | 10/31/08 | |||||||||
Mortgage financing at date of purchase | $ | 400,082 | $ | 379,328 | $ | 272,019 | ||||||
Cash down payment | 364,864 | 345,938 | 248,075 | |||||||||
Contract purchase price plus acquisition fee | 764,946 | 725,266 | 520,094 | |||||||||
Other cash expenditures expensed | — | — | — | |||||||||
Other cash expenditures capitalized | 5,406 | 5,406 | 5,406 | |||||||||
Total acquisition cost | $ | 770,352 | $ | 730,672 | $ | 525,500 | ||||||
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 Phenix City, AL Restaurant | Church’s Chicken Talladega, AL Restaurant | Church’s Chicken West Birmingham, AL Restaurant | |||||||||
Gross leasable square footage | 1,335 | 1,232 | 1,395 | |||||||||
Date of purchase | 10/31/08 | 10/31/08 | 10/31/08 | |||||||||
Mortgage financing at date of purchase | $ | 439,166 | $ | 206,453 | $ | 221,387 | ||||||
Cash down payment | 400,508 | 188,281 | 201,900 | |||||||||
Contract purchase price plus acquisition fee | 839,674 | 394,734 | 423,287 | |||||||||
Other cash expenditures expensed | — | — | — | |||||||||
Other cash expenditures capitalized | 5,775 | 5,488 | 5,304 | |||||||||
Total acquisition cost | $ | 845,449 | $ | 400,222 | $ | 428,591 | ||||||
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 | Church’s Chicken Little Rock (12th St), AR Restaurant | Church’s Chicken Little Rock (Geyer), AR Restaurant | Church’s Chicken Little Rock (MLK), AR Restaurant | |||||||||
Gross leasable square footage | 945 | 1,144 | 945 | |||||||||
Date of purchase | 10/31/08 | 10/31/08 | 10/31/08 | |||||||||
Mortgage financing at date of purchase | $ | 271,305 | $ | 309,080 | $ | 118,614 | ||||||
Cash down payment | 247,424 | 281,873 | 108,174 | |||||||||
Contract purchase price plus acquisition fee | 518,729 | 590,953 | 226,788 | |||||||||
Other cash expenditures expensed | — | — | — | |||||||||
Other cash expenditures capitalized | 5,189 | 5,190 | 5,189 | |||||||||
Total acquisition cost | $ | 523,918 | $ | 596,143 | $ | 231,977 | ||||||
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 North Little Rock, AR Restaurant | Church’s Chicken Pine Bluff, AR Restaurant | Church’s Chicken Nogales, AZ Restaurant | |||||||||
Gross leasable square footage | 1,230 | 945 | 1,144 | |||||||||
Date of purchase | 10/31/08 | 10/31/08 | 10/31/08 | |||||||||
Mortgage financing at date of purchase | $ | 49,138 | $ | 626,959 | $ | 295,098 | ||||||
Cash down payment | 44,812 | 571,772 | 269,121 | |||||||||
Contract purchase price plus acquisition fee | 93,950 | 1,198,731 | 564,219 | |||||||||
Other cash expenditures expensed | — | — | — | |||||||||
Other cash expenditures capitalized | 5,189 | 7,200 | 5,468 | |||||||||
Total acquisition cost | $ | 99,139 | $ | 1,205,931 | $ | 569,687 | ||||||
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 (4245 Central), AZ Restaurant | Church’s Chicken Phoenix (7444 Central), AZ Restaurant | Church’s Chicken Phoenix (Roosevelt), AZ Restaurant | |||||||||
Gross leasable square footage | 1,157 | 966 | 1,156 | |||||||||
Date of purchase | 10/31/08 | 10/31/08 | 10/31/08 | |||||||||
Mortgage financing at date of purchase | $ | 269,924 | $ | 474,007 | $ | 288,142 | ||||||
Cash down payment | 246,164 | 432,282 | 262,778 | |||||||||
Contract purchase price plus acquisition fee | 516,088 | 906,289 | 550,920 | |||||||||
Other cash expenditures expensed | — | — | — | |||||||||
Other cash expenditures capitalized | 4,952 | 4,952 | 4,952 | |||||||||
Total acquisition cost | $ | 521,040 | $ | 911,241 | $ | 555,872 | ||||||
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 | Church’s Chicken Phoenix (E Thomas), AZ Restaurant | Church’s Chicken Phoenix (Grand), AZ Restaurant | Church’s Chicken Phoenix (35th Ave), AZ Restaurant | |||||||||
Gross leasable square footage | 1,176 | 1,169 | 1,144 | |||||||||
Date of purchase | 10/31/08 | 10/31/08 | 10/31/08 | |||||||||
Mortgage financing at date of purchase | $ | 345,198 | $ | 250,297 | $ | 393,080 | ||||||
Cash down payment | 314,811 | 228,266 | 358,479 | |||||||||
Contract purchase price plus acquisition fee | 660,009 | 478,563 | 751,559 | |||||||||
Other cash expenditures expensed | — | — | — | |||||||||
Other cash expenditures capitalized | 4,952 | 4,951 | 4,952 | |||||||||
Total acquisition cost | $ | 664,961 | $ | 483,514 | $ | 756,511 | ||||||
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 (W Thomas), AZ Restaurant | Church’s Chicken Tucson (Golf Links), AZ Restaurant | Church’s Chicken Tucson (Grant), AZ Restaurant | |||||||||
Gross leasable square footage | 1,172 | 987 | 1,176 | |||||||||
Date of purchase | 10/31/08 | 10/31/08 | 10/31/08 | |||||||||
Mortgage financing at date of purchase | $ | 279,370 | $ | 314,739 | $ | 276,165 | ||||||
Cash down payment | 254,780 | 287,034 | 251,855 | |||||||||
Contract purchase price plus acquisition fee | 534,150 | 601,773 | 528,020 | |||||||||
Other cash expenditures expensed | — | — | — | |||||||||
Other cash expenditures capitalized | 4,951 | 4,952 | 4,952 | |||||||||
Total acquisition cost | $ | 539,101 | $ | 606,725 | $ | 532,972 | ||||||
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 | Church’s Chicken Tucson (Oracle), AZ Restaurant | Church’s Chicken Tucson (Valencia), AZ Restaurant | Church’s Chicken Americus, GA Restaurant | |||||||||
Gross leasable square footage | 1,155 | 1,106 | 1,335 | |||||||||
Date of purchase | 10/31/08 | 10/31/08 | 10/31/08 | |||||||||
Mortgage financing at date of purchase | $ | 186,239 | $ | 319,272 | $ | 258,631 | ||||||
Cash down payment | 169,846 | 291,167 | 235,865 | |||||||||
Contract purchase price plus acquisition fee | 356,085 | 610,439 | 494,496 | |||||||||
Other cash expenditures expensed | — | — | — | |||||||||
Other cash expenditures capitalized | 4,951 | 4,952 | 4,951 | |||||||||
Total acquisition cost | $ | 361,036 | $ | 615,391 | $ | 499,447 | ||||||
Cole Credit | Cole Credit | Cole Credit | ||||||||||
Property Trust II, | Property Trust II, | Property Trust II, | ||||||||||
Program: | Inc. | Inc. | Inc. | |||||||||
Name, location, type of property | Church’s Chicken Atlanta (Campbelton), GA Restaurant | Church’s Chicken Atlanta (Cleveland), GA Restaurant | Church’s Chicken Atlanta (MLK), GA Restaurant | |||||||||
Gross leasable square footage | 1,144 | 1,350 | 1,144 | |||||||||
Date of purchase | 10/31/08 | 10/31/08 | 10/31/08 | |||||||||
Mortgage financing at date of purchase | $ | 281,549 | $ | 307,062 | $ | 276,957 | ||||||
Cash down payment | 256,765 | 280,033 | 252,578 | |||||||||
Contract purchase price plus acquisition fee | 538,314 | 587,095 | 529,535 | |||||||||
Other cash expenditures expensed | — | — | — | |||||||||
Other cash expenditures capitalized | 4,951 | 4,988 | 4,951 | |||||||||
Total acquisition cost | $ | 543,265 | $ | 592,083 | $ | 534,486 | ||||||
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 | Church’s Chicken Atlanta (Moreland), GA Restaurant | Church’s Chicken Columbus (Buena Vista), GA Restaurant | Church’s Chicken Columbus (Ft. Benning), GA Restaurant | |||||||||
Gross leasable square footage | 1,176 | 1,335 | 1,169 | |||||||||
Date of purchase | 10/31/08 | 10/31/08 | 10/31/08 | |||||||||
Mortgage financing at date of purchase | $ | 376,283 | $ | 468,923 | $ | 99,600 | ||||||
Cash down payment | 343,161 | 427,647 | 90,832 | |||||||||
Contract purchase price plus acquisition fee | 719,444 | 896,570 | 190,432 | |||||||||
Other cash expenditures expensed | — | — | — | |||||||||
Other cash expenditures capitalized | 5,216 | 5,342 | 4,951 | |||||||||
Total acquisition cost | $ | 724,660 | $ | 901,912 | $ | 195,383 | ||||||
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 Cordele, GA Restaurant | Church’s Chicken Decatur (1805 Candler), GA Restaurant | Church’s Chicken Decatur (2700 Candler), GA Restaurant | |||||||||
Gross leasable square footage | 420 | 1,134 | 1,155 | |||||||||
Date of purchase | 10/31/08 | 10/31/08 | 10/31/08 | |||||||||
Mortgage financing at date of purchase | $ | 270,647 | $ | 266,180 | $ | 279,838 | ||||||
Cash down payment | 246,822 | 242,749 | 255,206 | |||||||||
Contract purchase price plus acquisition fee | 517,469 | 508,929 | 535,044 | |||||||||
Other cash expenditures expensed | — | — | — | |||||||||
Other cash expenditures capitalized | 5,166 | 4,960 | 4,951 | |||||||||
Total acquisition cost | $ | 522,635 | $ | 513,889 | $ | 539,995 | ||||||
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 | Church’s Chicken Decatur (Decatur), GA Restaurant | Church’s Chicken Decatur (Wesley Chapel), GA Restaurant | Church’s Chicken East Point, GA Restaurant | |||||||||
Gross leasable square footage | 1,491 | 1,302 | 1,320 | |||||||||
Date of purchase | 10/31/08 | 10/31/08 | 10/31/08 | |||||||||
Mortgage financing at date of purchase | $ | 280,127 | $ | 261,576 | $ | 286,491 | ||||||
Cash down payment | 255,469 | 238,551 | 261,273 | |||||||||
Contract purchase price plus acquisition fee | 535,596 | 500,127 | 547,764 | |||||||||
Other cash expenditures expensed | — | — | — | |||||||||
Other cash expenditures capitalized | 4,951 | 4,952 | 5,048 | |||||||||
Total acquisition cost | $ | 540,547 | $ | 505,079 | $ | 552,812 | ||||||
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 Valley, GA Restaurant | Church’s Chicken Griffin, GA Restaurant | Church’s Chicken LaGrange, GA Restaurant | |||||||||
Gross leasable square footage | 1,176 | 1,335 | 1,335 | |||||||||
Date of purchase | 10/31/08 | 10/31/08 | 10/31/08 | |||||||||
Mortgage financing at date of purchase | $ | 318,999 | $ | 314,631 | $ | 230,535 | ||||||
Cash down payment | 290,919 | 286,936 | 210,243 | |||||||||
Contract purchase price plus acquisition fee | 609,918 | 601,567 | 440,778 | |||||||||
Other cash expenditures expensed | — | — | — | |||||||||
Other cash expenditures capitalized | 4,961 | 4,968 | 4,951 | |||||||||
Total acquisition cost | $ | 614,879 | $ | 606,535 | $ | 445,729 | ||||||
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 (Georgia), GA Restaurant | Church’s Chicken Macon (Pio Nono), GA Restaurant | Church’s Chicken Macon (Shurling), GA Restaurant | |||||||||
Gross leasable square footage | 1,169 | 1,335 | 1,144 | |||||||||
Date of purchase | 10/31/08 | 10/31/08 | 10/31/08 | |||||||||
Mortgage financing at date of purchase | $ | 225,619 | $ | 335,637 | $ | 408,473 | ||||||
Cash down payment | 205,758 | 306,094 | 372,518 | |||||||||
Contract purchase price plus acquisition fee | 431,377 | 641,731 | 780,991 | |||||||||
Other cash expenditures expensed | — | — | — | |||||||||
Other cash expenditures capitalized | 4,952 | 4,992 | 5,080 | |||||||||
Total acquisition cost | $ | 436,329 | $ | 646,723 | $ | 786,071 | ||||||
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 | Church’s Chicken Marietta, GA Restaurant | Church’s Chicken Kansas City, KS Restaurant | Church’s Chicken Kansas City (Blue Ridge), MO Restaurant | |||||||||
Gross leasable square footage | 1,122 | 940 | 1,395 | |||||||||
Date of purchase | 10/31/08 | 10/31/08 | 10/31/08 | |||||||||
Mortgage financing at date of purchase | $ | 223,270 | $ | 375,383 | $ | 441,310 | ||||||
Cash down payment | 203,617 | 342,339 | 402,464 | |||||||||
Contract purchase price plus acquisition fee | 426,887 | 717,722 | 843,774 | |||||||||
Other cash expenditures expensed | — | — | — | |||||||||
Other cash expenditures capitalized | 5,150 | 5,709 | 5,625 | |||||||||
Total acquisition cost | $ | 432,037 | $ | 723,431 | $ | 849,399 | ||||||
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 (12th St), MO Restaurant | Church’s Chicken Kansas City (Gregory), MO Restaurant | Church’s Chicken Kansas City (Indiana), MO Restaurant | |||||||||
Gross leasable square footage | 1,080 | 1,774 | 1,245 | |||||||||
Date of purchase | 10/31/08 | 10/31/08 | 10/31/08 | |||||||||
Mortgage financing at date of purchase | $ | 553,206 | $ | 436,595 | $ | 318,954 | ||||||
Cash down payment | 504,511 | 398,164 | 290,877 | |||||||||
Contract purchase price plus acquisition fee | 1,057,717 | 834,759 | 609,831 | |||||||||
Other cash expenditures expensed | — | — | — | |||||||||
Other cash expenditures capitalized | 5,625 | 5,625 | 5,626 | |||||||||
Total acquisition cost | $ | 1,063,342 | $ | 840,384 | $ | 615,457 | ||||||
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 (Prospect), MO Restaurant | Church’s Chicken Fort Worth (28th St), TX Restaurant | Church’s Chicken Gulfport, MS Restaurant | |||||||||
Gross leasable square footage | 1,110 | 1,172 | 983 | |||||||||
Date of purchase | 10/31/08 | 10/31/08 | 10/31/08 | |||||||||
Mortgage financing at date of purchase | $ | 372,309 | $ | 202,621 | $ | 453,269 | ||||||
Cash down payment | 339,537 | 184,785 | 413,370 | |||||||||
Contract purchase price plus acquisition fee | 711,846 | 387,406 | 866,639 | |||||||||
Other cash expenditures expensed | — | — | — | |||||||||
Other cash expenditures capitalized | 5,625 | 5,244 | 4,951 | |||||||||
Total acquisition cost | $ | 717,471 | $ | 392,650 | $ | 871,590 | ||||||
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 | Church’s Chicken Jackson (Ellis), MS Restaurant | Church’s Chicken Jackson (Northside), MS Restaurant | Church’s Chicken Jackson (Terry), MS Restaurant | |||||||||
Gross leasable square footage | 1,335 | 1,472 | 1,200 | |||||||||
Date of purchase | 10/31/08 | 10/31/08 | 10/31/08 | |||||||||
Mortgage financing at date of purchase | $ | 881,939 | $ | 323,662 | $ | 454,422 | ||||||
Cash down payment | 804,307 | 295,172 | 414,422 | |||||||||
Contract purchase price plus acquisition fee | 1,686,246 | 618,834 | 868,844 | |||||||||
Other cash expenditures expensed | — | — | — | |||||||||
Other cash expenditures capitalized | 5,747 | 5,748 | 5,748 | |||||||||
Total acquisition cost | $ | 1,691,993 | $ | 624,582 | $ | 874,592 | ||||||
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 (Woodrow Wilson), MS Restaurant | Church’s Chicken Laurel, MS Restaurant | Church’s Chicken Vicksburg, MS Restaurant | |||||||||
Gross leasable square footage | 1,335 | 985 | 983 | |||||||||
Date of purchase | 10/31/08 | 10/31/08 | 10/31/08 | |||||||||
Mortgage financing at date of purchase | $ | 287,786 | $ | 526,565 | $ | 207,872 | ||||||
Cash down payment | 262,453 | 480,215 | 189,573 | |||||||||
Contract purchase price plus acquisition fee | 550,239 | 1,006,780 | 397,445 | |||||||||
Other cash expenditures expensed | — | — | — | |||||||||
Other cash expenditures capitalized | 5,748 | 5,357 | 4,951 | |||||||||
Total acquisition cost | $ | 555,987 | $ | 1,012,137 | $ | 402,396 | ||||||
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 | Church’s Chicken Albuquerque (Broadway), NM Restaurant | Church’s Chicken Albuquerque (Fourth), NM Restaurant | Church’s Chicken Albuquerque (Isleta), 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 | $ | 359,424 | $ | 306,040 | $ | 519,573 | ||||||
Cash down payment | 327,787 | 279,101 | 473,838 | |||||||||
Contract purchase price plus acquisition fee | 687,211 | 585,141 | 993,411 | |||||||||
Other cash expenditures expensed | — | — | — | |||||||||
Other cash expenditures capitalized | 5,578 | 4,952 | 6,252 | |||||||||
Total acquisition cost | $ | 692,789 | $ | 590,093 | $ | 999,663 | ||||||
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 (Juan Tabo), NM Restaurant | Church’s Chicken Hobbs, NM Restaurant | Church’s Chicken Roswell, NM Restaurant | |||||||||
Gross leasable square footage | 1,190 | 1,144 | 1,144 | |||||||||
Date of purchase | 10/31/08 | 10/31/08 | 10/31/08 | |||||||||
Mortgage financing at date of purchase | $ | 205,443 | $ | 617,934 | $ | 315,859 | ||||||
Cash down payment | 187,359 | 563,540 | 288,055 | |||||||||
Contract purchase price plus acquisition fee | 392,802 | 1,181,474 | 603,914 | |||||||||
Other cash expenditures expensed | — | — | — | |||||||||
Other cash expenditures capitalized | 4,951 | 7,428 | 5,516 | |||||||||
Total acquisition cost | $ | 397,753 | $ | 1,188,902 | $ | 609,430 | ||||||
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 Altus, OK Restaurant | Church’s Chicken Midwest City, OK Restaurant | Church’s Chicken Oklahoma City (23rd), OK Restaurant | |||||||||
Gross leasable square footage | 1,390 | 1,350 | 945 | |||||||||
Date of purchase | 10/31/08 | 10/31/08 | 10/31/08 | |||||||||
Mortgage financing at date of purchase | $ | 186,155 | $ | 398,549 | $ | 259,595 | ||||||
Cash down payment | 169,768 | 363,466 | 236,744 | |||||||||
Contract purchase price plus acquisition fee | 355,923 | 762,015 | 496,339 | |||||||||
Other cash expenditures expensed | — | — | — | |||||||||
Other cash expenditures capitalized | 5,411 | 5,976 | 5,976 | |||||||||
Total acquisition cost | $ | 361,334 | $ | 767,991 | $ | 502,315 | ||||||
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 | Church’s Chicken Oklahoma City (44th), OK Restaurant | Church’s Chicken The Village, OK Restaurant | Church’s Chicken Tulsa (Peoria), OK Restaurant | |||||||||
Gross leasable square footage | 1,500 | 1,335 | 1,491 | |||||||||
Date of purchase | 10/31/08 | 10/31/08 | 10/31/08 | |||||||||
Mortgage financing at date of purchase | $ | 292,081 | $ | 328,037 | $ | 445,986 | ||||||
Cash down payment | 266,371 | 299,163 | 406,728 | |||||||||
Contract purchase price plus acquisition fee | 558,452 | 627,200 | 852,714 | |||||||||
Other cash expenditures expensed | — | — | — | |||||||||
Other cash expenditures capitalized | 5,976 | 5,189 | 6,005 | |||||||||
Total acquisition cost | $ | 564,428 | $ | 632,389 | $ | 858,719 | ||||||
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 Tulsa (Garnett), OK Restaurant | Church’s Chicken Memphis (2275 Elvis Presley), TN Restaurant | Church’s Chicken Memphis (4458 Elvis Presley), TN Restaurant | |||||||||
Gross leasable square footage | 1,100 | 1,276 | 1,008 | |||||||||
Date of purchase | 10/31/08 | 10/31/08 | 10/31/08 | |||||||||
Mortgage financing at date of purchase | $ | 573,052 | $ | 193,368 | $ | 40,011 | ||||||
Cash down payment | 522,609 | 176,347 | 36,489 | |||||||||
Contract purchase price plus acquisition fee | 1,095,661 | 369,715 | 76,500 | |||||||||
Other cash expenditures expensed | — | — | — | |||||||||
Other cash expenditures capitalized | 6,005 | 4,952 | 4,951 | |||||||||
Total acquisition cost | $ | 1,101,666 | $ | 374,667 | $ | 81,451 | ||||||
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 | Church’s Chicken Memphis (Airways), TN Restaurant | Church’s Chicken Memphis (Bellevue), TN Restaurant | Church’s Chicken Memphis (Chelsea), TN Restaurant | |||||||||
Gross leasable square footage | 875 | 960 | 1,140 | |||||||||
Date of purchase | 10/31/08 | 10/31/08 | 10/31/08 | |||||||||
Mortgage financing at date of purchase | $ | 68,992 | $ | 130,900 | $ | 190,327 | ||||||
Cash down payment | 62,920 | 119,378 | 173,574 | |||||||||
Contract purchase price plus acquisition fee | 131,912 | 250,278 | 363,901 | |||||||||
Other cash expenditures expensed | — | — | — | |||||||||
Other cash expenditures capitalized | 4,951 | 4,952 | 4,952 | |||||||||
Total acquisition cost | $ | 136,863 | $ | 255,230 | $ | 368,853 | ||||||
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 (Frayser), TN Restaurant | Church’s Chicken Memphis (Jackson), TN Restaurant | Church’s Chicken Memphis (Park), TN Restaurant | |||||||||
Gross leasable square footage | 1,176 | 960 | 960 | |||||||||
Date of purchase | 10/31/08 | 10/31/08 | 10/31/08 | |||||||||
Mortgage financing at date of purchase | $ | 389,148 | $ | 40,011 | $ | 250,409 | ||||||
Cash down payment | 354,894 | 36,489 | 228,367 | |||||||||
Contract purchase price plus acquisition fee | 744,042 | 76,500 | 478,776 | |||||||||
Other cash expenditures expensed | — | — | — | |||||||||
Other cash expenditures capitalized | 4,951 | 4,951 | 4,951 | |||||||||
Total acquisition cost | $ | 748,993 | $ | 81,451 | $ | 483,727 | ||||||
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 | Church’s Chicken Memphis (Third), TN Restaurant | Church’s Chicken Memphis (Summer), TN Restaurant | Church’s Chicken Memphis (Sycamore View), TN Restaurant | |||||||||
Gross leasable square footage | 1,230 | 1,134 | 1,230 | |||||||||
Date of purchase | 10/31/08 | 10/31/08 | 10/31/08 | |||||||||
Mortgage financing at date of purchase | $ | 282,753 | $ | 93,610 | $ | 445,939 | ||||||
Cash down payment | 257,863 | 85,370 | 406,685 | |||||||||
Contract purchase price plus acquisition fee | 540,616 | 178,980 | 852,624 | |||||||||
Other cash expenditures expensed | — | — | — | |||||||||
Other cash expenditures capitalized | 36,564 | 4,952 | 4,951 | |||||||||
Total acquisition cost | $ | 577,180 | $ | 183,932 | $ | 857,575 | ||||||
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 Abilene, TX Restaurant | Church’s Chicken Alamo, TX Restaurant | Church’s Chicken Arlington, TX Restaurant | |||||||||
Gross leasable square footage | 1,543 | 1,176 | 787 | |||||||||
Date of purchase | 10/31/08 | 10/31/08 | 10/31/08 | |||||||||
Mortgage financing at date of purchase | $ | 230,301 | $ | 1,508,134 | $ | 129,701 | ||||||
Cash down payment | 210,029 | 1,375,381 | 118,284 | |||||||||
Contract purchase price plus acquisition fee | 440,330 | 2,883,515 | 247,985 | |||||||||
Other cash expenditures expensed | — | — | — | |||||||||
Other cash expenditures capitalized | 5,243 | 5,243 | 5,244 | |||||||||
Total acquisition cost | $ | 445,573 | $ | 2,888,758 | $ | 253,229 | ||||||
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 | Church’s Chicken Austin (Airport), TX Restaurant | Church’s Chicken Austin (Cameron), TX Restaurant | Church’s Chicken Austin (Research), TX Restaurant | |||||||||
Gross leasable square footage | 1,945 | 1,122 | 1,924 | |||||||||
Date of purchase | 10/31/08 | 10/31/08 | 10/31/08 | |||||||||
Mortgage financing at date of purchase | $ | 683,454 | $ | 693,511 | $ | 592,644 | ||||||
Cash down payment | 623,294 | 632,465 | 540,477 | |||||||||
Contract purchase price plus acquisition fee | 1,306,748 | 1,325,976 | 1,133,121 | |||||||||
Other cash expenditures expensed | — | — | — | |||||||||
Other cash expenditures capitalized | 5,243 | 5,243 | 5,243 | |||||||||
Total acquisition cost | $ | 1,311,991 | $ | 1,331,219 | $ | 1,138,364 | ||||||
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 (Riverside), TX Restaurant | Church’s Chicken Austin (Oltorf), TX Restaurant | Church’s Chicken Balch Springs, TX Restaurant | |||||||||
Gross leasable square footage | 1,758 | 886 | 1,945 | |||||||||
Date of purchase | 10/31/08 | 10/31/08 | 10/31/08 | |||||||||
Mortgage financing at date of purchase | $ | 522,960 | $ | 50,082 | $ | 373,465 | ||||||
Cash down payment | 476,926 | 45,673 | 340,590 | |||||||||
Contract purchase price plus acquisition fee | 999,886 | 95,755 | 714,055 | |||||||||
Other cash expenditures expensed | — | — | — | |||||||||
Other cash expenditures capitalized | 5,243 | 5,243 | 5,244 | |||||||||
Total acquisition cost | $ | 1,005,129 | $ | 100,998 | $ | 719,299 | ||||||
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 | Church’s Chicken Beeville, TX Restaurant | Church’s Chicken Brownsville (Boca Chica), TX Restaurant | Church’s Chicken Brownsville (Farm), TX Restaurant | |||||||||
Gross leasable square footage | 1,360 | 1,335 | 420 | |||||||||
Date of purchase | 10/31/08 | 10/31/08 | 10/31/08 | |||||||||
Mortgage financing at date of purchase | $ | 187,945 | $ | 775,279 | $ | 506,149 | ||||||
Cash down payment | 171,400 | 707,035 | 461,594 | |||||||||
Contract purchase price plus acquisition fee | 359,345 | 1,482,314 | 967,743 | |||||||||
Other cash expenditures expensed | — | — | — | |||||||||
Other cash expenditures capitalized | 5,243 | 5,243 | 5,244 | |||||||||
Total acquisition cost | $ | 364,588 | $ | 1,487,557 | $ | 972,987 | ||||||
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 Brownsville (International), TX Restaurant | Church’s Chicken Brownsville (Padre Island), TX Restaurant | Church’s Chicken Brownsville (Southmost), TX Restaurant | |||||||||
Gross leasable square footage | 1,169 | 1,723 | 1,784 | |||||||||
Date of purchase | 10/31/08 | 10/31/08 | 10/31/08 | |||||||||
Mortgage financing at date of purchase | $ | 672,366 | $ | 692,234 | $ | 426,697 | ||||||
Cash down payment | 613,181 | 631,300 | 389,138 | |||||||||
Contract purchase price plus acquisition fee | 1,285,547 | 1,323,534 | 815,835 | |||||||||
Other cash expenditures expensed | — | — | — | |||||||||
Other cash expenditures capitalized | 5,243 | 5,243 | 5,243 | |||||||||
Total acquisition cost | $ | 1,290,790 | $ | 1,328,777 | $ | 821,078 | ||||||
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 (Elizabeth), TX Restaurant | Church’s Chicken Bryan, TX Restaurant | Church’s Chicken Carrolton, TX Restaurant | |||||||||
Gross leasable square footage | 1,428 | 1,200 | 1,934 | |||||||||
Date of purchase | 10/31/08 | 10/31/08 | 10/31/08 | |||||||||
Mortgage financing at date of purchase | $ | 416,576 | $ | 494,249 | $ | 322,460 | ||||||
Cash down payment | 379,907 | 450,743 | 294,076 | |||||||||
Contract purchase price plus acquisition fee | 796,483 | 944,992 | 616,536 | |||||||||
Other cash expenditures expensed | — | — | — | |||||||||
Other cash expenditures capitalized | 5,244 | 5,244 | 5,243 | |||||||||
Total acquisition cost | $ | 801,727 | $ | 950,236 | $ | 621,779 | ||||||
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 | Church’s Chicken Cleburne, TX Restaurant | Church’s Chicken Coperas Cove, TX Restaurant | Church’s Chicken Dallas (Buckner), TX Restaurant | |||||||||
Gross leasable square footage | 1,150 | 1,122 | 1,462 | |||||||||
Date of purchase | 10/31/08 | 10/31/08 | 10/31/08 | |||||||||
Mortgage financing at date of purchase | $ | 250,473 | $ | 169,131 | $ | 237,648 | ||||||
Cash down payment | 228,425 | 154,244 | 216,728 | |||||||||
Contract purchase price plus acquisition fee | 478,898 | 323,375 | 454,376 | |||||||||
Other cash expenditures expensed | — | — | — | |||||||||
Other cash expenditures capitalized | 5,244 | 5,243 | 5,244 | |||||||||
Total acquisition cost | $ | 484,142 | $ | 328,618 | $ | 459,620 | ||||||
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 (Camp Wisdom), TX Restaurant | Church’s Chicken Dallas (Gaston), TX Restaurant | Church’s Chicken Dallas (Inwood), TX Restaurant | |||||||||
Gross leasable square footage | 2,123 | 1,386 | 1,100 | |||||||||
Date of purchase | 10/31/08 | 10/31/08 | 10/31/08 | |||||||||
Mortgage financing at date of purchase | $ | 207,473 | $ | 121,065 | $ | 464,240 | ||||||
Cash down payment | 189,210 | 110,409 | 423,375 | |||||||||
Contract purchase price plus acquisition fee | 396,683 | 231,474 | 887,615 | |||||||||
Other cash expenditures expensed | — | — | — | |||||||||
Other cash expenditures capitalized | 5,244 | 5,243 | 5,244 | |||||||||
Total acquisition cost | $ | 401,927 | $ | 236,717 | $ | 892,859 | ||||||
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 (Lancaster), TX Restaurant | Church’s Chicken Dallas (Singleton), TX Restaurant | Church’s Chicken Dallas (Mockingbird), TX Restaurant | |||||||||
Gross leasable square footage | 852 | 780 | 1,800 | |||||||||
Date of purchase | 10/31/08 | 10/31/08 | 10/31/08 | |||||||||
Mortgage financing at date of purchase | $ | 277,499 | $ | 40,011 | $ | 292,357 | ||||||
Cash down payment | 253,072 | 36,489 | 266,621 | |||||||||
Contract purchase price plus acquisition fee | 530,571 | 76,500 | 558,978 | |||||||||
Other cash expenditures expensed | — | — | — | |||||||||
Other cash expenditures capitalized | 5,244 | 5,243 | 5,244 | |||||||||
Total acquisition cost | $ | 535,815 | $ | 81,743 | $ | 564,222 | ||||||
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 | Church’s Chicken Donna, TX Restaurant | Church’s Chicken Eagle Pass, TX Restaurant | Church’s Chicken Edinburg, TX Restaurant | |||||||||
Gross leasable square footage | 1,470 | 1,335 | 1,924 | |||||||||
Date of purchase | 10/31/08 | 10/31/08 | 10/31/08 | |||||||||
Mortgage financing at date of purchase | $ | 648,743 | $ | 474,311 | $ | 816,250 | ||||||
Cash down payment | 591,638 | 432,560 | 744,400 | |||||||||
Contract purchase price plus acquisition fee | 1,240,381 | 906,871 | 1,560,650 | |||||||||
Other cash expenditures expensed | — | — | — | |||||||||
Other cash expenditures capitalized | 5,244 | 5,243 | 5,243 | |||||||||
Total acquisition cost | $ | 1,245,625 | $ | 912,114 | $ | 1,565,893 | ||||||
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 Elsa, TX Restaurant | Church’s Chicken Floresville, TX Restaurant | Church’s Chicken Fort Worth (Lackland), TX Restaurant | |||||||||
Gross leasable square footage | 420 | 1,218 | 1,406 | |||||||||
Date of purchase | 10/31/08 | 10/31/08 | 10/31/08 | |||||||||
Mortgage financing at date of purchase | $ | 678,816 | $ | 237,552 | $ | 373,926 | ||||||
Cash down payment | 619,064 | 216,642 | 341,011 | |||||||||
Contract purchase price plus acquisition fee | 1,297,880 | 454,194 | 714,937 | |||||||||
Other cash expenditures expensed | — | — | — | |||||||||
Other cash expenditures capitalized | 5,243 | 5,243 | 5,244 | |||||||||
Total acquisition cost | $ | 1,303,123 | $ | 459,437 | $ | 720,181 | ||||||
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 (Mansfield), TX Restaurant | Church’s Chicken Fort Worth (Miller), TX Restaurant | Church’s Chicken Fort Worth (Seminary), TX Restaurant | |||||||||
Gross leasable square footage | 1,320 | 1,176 | 1,430 | |||||||||
Date of purchase | 10/31/08 | 10/31/08 | 10/31/08 | |||||||||
Mortgage financing at date of purchase | $ | 325,264 | $ | 293,535 | $ | 348,382 | ||||||
Cash down payment | 296,634 | 267,697 | 317,715 | |||||||||
Contract purchase price plus acquisition fee | 621,898 | 561,232 | 666,097 | |||||||||
Other cash expenditures expensed | — | — | — | |||||||||
Other cash expenditures capitalized | 5,243 | 5,243 | 5,243 | |||||||||
Total acquisition cost | $ | 627,141 | $ | 566,475 | $ | 671,340 | ||||||
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 | Church’s Chicken Garland, TX Restaurant | Church’s Chicken Grand Prairie (Main), TX Restaurant | Church’s Chicken Grand Prairie (Pioneer), TX Restaurant | |||||||||
Gross leasable square footage | 1,280 | 1,496 | 1,169 | |||||||||
Date of purchase | 10/31/08 | 10/31/08 | 10/31/08 | |||||||||
Mortgage financing at date of purchase | $ | 211,939 | $ | 266,579 | $ | 358,086 | ||||||
Cash down payment | 193,283 | 166,633 | 326,566 | |||||||||
Contract purchase price plus acquisition fee | 405,222 | 433,212 | 684,652 | |||||||||
Other cash expenditures expensed | — | — | — | |||||||||
Other cash expenditures capitalized | 5,243 | 5,244 | 5,243 | |||||||||
Total acquisition cost | $ | 410,465 | $ | 438,456 | $ | 689,895 | ||||||
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 Greenville, TX Restaurant | Church’s Chicken Haltom City, TX Restaurant | Church’s Chicken Harlingen (Sunshine), TX Restaurant | |||||||||
Gross leasable square footage | 983 | 950 | 1,470 | |||||||||
Date of purchase | 10/31/08 | 10/31/08 | 10/31/08 | |||||||||
Mortgage financing at date of purchase | $ | 312,666 | $ | 426,881 | $ | 362,832 | ||||||
Cash down payment | 285,144 | 389,305 | 330,894 | |||||||||
Contract purchase price plus acquisition fee | 597,810 | 816,186 | 693,726 | |||||||||
Other cash expenditures expensed | — | — | — | |||||||||
Other cash expenditures capitalized | 5,243 | 5,243 | 5,244 | |||||||||
Total acquisition cost | $ | 603,053 | $ | 821,429 | $ | 698,970 | ||||||
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 Harlingen (Tyler), TX Restaurant | Church’s Chicken Hildalgo, TX Restaurant | Church’s Chicken Irving, TX Restaurant | |||||||||
Gross leasable square footage | 1,516 | 2,600 | 780 | |||||||||
Date of purchase | 10/31/08 | 10/31/08 | 10/31/08 | |||||||||
Mortgage financing at date of purchase | $ | 962,822 | $ | 749,623 | $ | 357,100 | ||||||
Cash down payment | 878,071 | 683,637 | 325,667 | |||||||||
Contract purchase price plus acquisition fee | 1,840,893 | 1,433,260 | 682,767 | |||||||||
Other cash expenditures expensed | — | — | — | |||||||||
Other cash expenditures capitalized | 5,243 | 5,244 | 5,243 | |||||||||
Total acquisition cost | $ | 1,846,136 | $ | 1,438,504 | $ | 688,010 | ||||||
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 | Church’s Chicken Kilgore, TX Restaurant | Church’s Chicken Killeen, TX Restaurant | Church’s Chicken Kingsville, TX Restaurant | |||||||||
Gross leasable square footage | 2,080 | 1,122 | 994 | |||||||||
Date of purchase | 10/31/08 | 10/31/08 | 10/31/08 | |||||||||
Mortgage financing at date of purchase | $ | 236,648 | $ | 343,002 | $ | 302,827 | ||||||
Cash down payment | 215,817 | 312,809 | 276,170 | |||||||||
Contract purchase price plus acquisition fee | 452,465 | 655,811 | 578,997 | |||||||||
Other cash expenditures expensed | — | — | — | |||||||||
Other cash expenditures capitalized | 5,283 | 5,243 | 5,243 | |||||||||
Total acquisition cost | $ | 457,748 | $ | 661,054 | $ | 584,240 | ||||||
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 Kirby, TX Restaurant | Church’s Chicken La Feria, TX Restaurant | Church’s Chicken Laredo (Guadalupe), TX Restaurant | |||||||||
Gross leasable square footage | 1,800 | 2,123 | 1,590 | |||||||||
Date of purchase | 10/31/08 | 10/31/08 | 10/31/08 | |||||||||
Mortgage financing at date of purchase | $ | 55,725 | $ | 554,919 | $ | 420,758 | ||||||
Cash down payment | 50,819 | 506,073 | 383,721 | |||||||||
Contract purchase price plus acquisition fee | 106,544 | 1,060,992 | 804,479 | |||||||||
Other cash expenditures expensed | — | — | — | |||||||||
Other cash expenditures capitalized | 5,244 | 5,243 | 5,244 | |||||||||
Total acquisition cost | $ | 111,788 | $ | 1,066,235 | $ | 809,723 | ||||||
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 Laredo (San Bernardo), TX Restaurant | Church’s Chicken Lewisville, TX Restaurant | Church’s Chicken Longview, TX Restaurant | |||||||||
Gross leasable square footage | 1,180 | 1,144 | 1,169 | |||||||||
Date of purchase | 10/31/08 | 10/31/08 | 10/31/08 | |||||||||
Mortgage financing at date of purchase | $ | 739,289 | $ | 667,723 | $ | 290,655 | ||||||
Cash down payment | 674,214 | 608,948 | 265,070 | |||||||||
Contract purchase price plus acquisition fee | 1,413,503 | 1,276,671 | 555,725 | |||||||||
Other cash expenditures expensed | — | — | — | |||||||||
Other cash expenditures capitalized | 5,243 | 5,243 | 5,243 | |||||||||
Total acquisition cost | $ | 1,418,746 | $ | 1,281,914 | $ | 560,968 | ||||||
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 | Church’s Chicken Lubbock (Ave Q), TX Restaurant | Church’s Chicken Lubbock (Broadway), TX Restaurant | Church’s Chicken Marlin, TX Restaurant | |||||||||
Gross leasable square footage | 2,123 | 950 | 1,274 | |||||||||
Date of purchase | 10/31/08 | 10/31/08 | 10/31/08 | |||||||||
Mortgage financing at date of purchase | $ | 456,863 | $ | 40,011 | $ | 149,954 | ||||||
Cash down payment | 416,647 | 36,489 | 136,755 | |||||||||
Contract purchase price plus acquisition fee | 873,510 | 76,500 | 286,709 | |||||||||
Other cash expenditures expensed | — | — | — | |||||||||
Other cash expenditures capitalized | 5,243 | 5,243 | 5,243 | |||||||||
Total acquisition cost | $ | 878,753 | $ | 81,743 | $ | 291,952 | ||||||
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 (10th St), TX Restaurant | Church’s Chicken McAllen (Nolana), TX Restaurant | Church’s Chicken Mercedes, TX Restaurant | |||||||||
Gross leasable square footage | 1,144 | 1,336 | 1,176 | |||||||||
Date of purchase | 10/31/08 | 10/31/08 | 10/31/08 | |||||||||
Mortgage financing at date of purchase | $ | 40,011 | $ | 618,863 | $ | 580,934 | ||||||
Cash down payment | 36,489 | 564,388 | 529,798 | |||||||||
Contract purchase price plus acquisition fee | 76,500 | 1,183,251 | 1,110,732 | |||||||||
Other cash expenditures expensed | — | — | — | |||||||||
Other cash expenditures capitalized | 5,243 | 5,243 | 5,243 | |||||||||
Total acquisition cost | $ | 81,743 | $ | 1,188,494 | $ | 1,115,975 | ||||||
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 Mesquite, TX Restaurant | Church’s Chicken Midland, TX Restaurant | Church’s Chicken Mission, TX Restaurant | |||||||||
Gross leasable square footage | 1,945 | 983 | 1,470 | |||||||||
Date of purchase | 10/31/08 | 10/31/08 | 10/31/08 | |||||||||
Mortgage financing at date of purchase | $ | 276,588 | $ | 61,712 | $ | 609,998 | ||||||
Cash down payment | 252,241 | 56,280 | 556,303 | |||||||||
Contract purchase price plus acquisition fee | 528,829 | 117,992 | 1,166,301 | |||||||||
Other cash expenditures expensed | — | — | — | |||||||||
Other cash expenditures capitalized | 5,244 | 5,243 | 5,243 | |||||||||
Total acquisition cost | $ | 534,073 | $ | 123,235 | $ | 1,171,544 | ||||||
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 | Church’s Chicken New Braunfels, TX Restaurant | Church’s Chicken Odessa (Andrews), TX Restaurant | Church’s Chicken Odessa (County), TX Restaurant | |||||||||
Gross leasable square footage | 1,144 | 983 | 1,335 | |||||||||
Date of purchase | 10/31/08 | 10/31/08 | 10/31/08 | |||||||||
Mortgage financing at date of purchase | $ | 285,884 | $ | 440,751 | $ | 575,440 | ||||||
Cash down payment | 260,720 | 401,955 | 524,787 | |||||||||
Contract purchase price plus acquisition fee | 546,604 | 842,706 | 1,100,227 | |||||||||
Other cash expenditures expensed | — | — | — | |||||||||
Other cash expenditures capitalized | 5,243 | 5,243 | 5,244 | |||||||||
Total acquisition cost | $ | 551,847 | $ | 847,949 | $ | 1,105,471 | ||||||
Cole Credit | Cole Credit | Cole Credit | ||||||||||
Property Trust II, | Property Trust II, | Property Trust II, | ||||||||||
Program: | Inc. | Inc. | Inc. | |||||||||
Name, location, type of property | Church’s Chicken Pharr, TX Restaurant | Church’s Chicken Pleasanton, TX Restaurant | Church’s Chicken Port Isabel, TX Restaurant | |||||||||
Gross leasable square footage | 1,800 | 420 | 2,123 | |||||||||
Date of purchase | 10/31/08 | 10/31/08 | 10/31/08 | |||||||||
Mortgage financing at date of purchase | $ | 538,466 | $ | 515,344 | $ | 468,804 | ||||||
Cash down payment | 491,069 | 469,980 | 427,537 | |||||||||
Contract purchase price plus acquisition fee | 1,029,535 | 985,324 | 896,341 | |||||||||
Other cash expenditures expensed | — | — | — | |||||||||
Other cash expenditures capitalized | 5,243 | 5,244 | 5,244 | |||||||||
Total acquisition cost | $ | 1,034,778 | $ | 990,568 | $ | 901,585 | ||||||
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 Port Lavaca, TX Restaurant | Church’s Chicken Raymondville, TX Restaurant | Church’s Chicken Richland Hills, TX Restaurant | |||||||||
Gross leasable square footage | 1,750 | 1,169 | 1,100 | |||||||||
Date of purchase | 10/31/08 | 10/31/08 | 10/31/08 | |||||||||
Mortgage financing at date of purchase | $ | 381,214 | $ | 583,733 | $ | 192,104 | ||||||
Cash down payment | 347,657 | 532,351 | 175,195 | |||||||||
Contract purchase price plus acquisition fee | 728,871 | 1,116,084 | 367,299 | |||||||||
Other cash expenditures expensed | — | — | — | |||||||||
Other cash expenditures capitalized | 5,243 | 5,243 | 5,243 | |||||||||
Total acquisition cost | $ | 734,114 | $ | 1,121,327 | $ | 372,542 | ||||||
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 | Church’s Chicken Rio Grand City, TX Restaurant | Church’s Chicken Roma, TX Restaurant | Church’s Chicken San Antonio (Commercial), TX Restaurant | |||||||||
Gross leasable square footage | 420 | 1,512 | 576 | |||||||||
Date of purchase | 10/31/08 | 10/31/08 | 10/31/08 | |||||||||
Mortgage financing at date of purchase | $ | 1,053,427 | $ | 671,362 | $ | 207,055 | ||||||
Cash down payment | 960,701 | 612,265 | 188,828 | |||||||||
Contract purchase price plus acquisition fee | 2,014,128 | 1,283,627 | 395,883 | |||||||||
Other cash expenditures expensed | — | — | — | |||||||||
Other cash expenditures capitalized | 5,243 | 5,244 | 5,244 | |||||||||
Total acquisition cost | $ | 2,019,371 | $ | 1,288,871 | $ | 401,127 | ||||||
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 (Five Palms), TX Restaurant | Church’s Chicken San Antonio (Flores), TX Restaurant | Church’s Chicken San Antonio (Gen McMullen), TX Restaurant | |||||||||
Gross leasable square footage | 1,512 | 764 | 1,855 | |||||||||
Date of purchase | 10/31/08 | 10/31/08 | 10/31/08 | |||||||||
Mortgage financing at date of purchase | $ | 568,079 | $ | 124,546 | $ | 437,939 | ||||||
Cash down payment | 518,073 | 113,583 | 399,390 | |||||||||
Contract purchase price plus acquisition fee | 1,086,152 | 238,129 | 837,329 | |||||||||
Other cash expenditures expensed | — | — | — | |||||||||
Other cash expenditures capitalized | 5,244 | 5,244 | 5,244 | |||||||||
Total acquisition cost | $ | 1,091,396 | $ | 243,373 | $ | 842,573 | ||||||
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 San Antonio (Goliad), TX Restaurant | Church’s Chicken San Antonio (Huebner), TX Restaurant | Church’s Chicken San Antonio (New Braunfels), TX Restaurant | |||||||||
Gross leasable square footage | 638 | 420 | 5,468 | |||||||||
Date of purchase | 10/31/08 | 10/31/08 | 10/31/08 | |||||||||
Mortgage financing at date of purchase | $ | 551,084 | $ | 204,433 | $ | 408,373 | ||||||
Cash down payment | 502,575 | 186,438 | 372,426 | |||||||||
Contract purchase price plus acquisition fee | 1,053,659 | 390,871 | 780,799 | |||||||||
Other cash expenditures expensed | — | — | — | |||||||||
Other cash expenditures capitalized | 5,243 | 5,244 | 5,243 | |||||||||
Total acquisition cost | $ | 1,058,902 | $ | 396,115 | $ | 786,042 | ||||||
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 | Church’s Chicken San Antonio (Hwy 90), TX Restaurant | Church’s Chicken San Antonio (Perrin Beitel), TX Restaurant | Church’s Chicken San Antonio (Rigsby), TX Restaurant | |||||||||
Gross leasable square footage | 1,260 | 1,144 | 480 | |||||||||
Date of purchase | 10/31/08 | 10/31/08 | 10/31/08 | |||||||||
Mortgage financing at date of purchase | $ | 358,496 | $ | 537,298 | $ | 193,864 | ||||||
Cash down payment | 326,939 | 490,003 | 176,800 | |||||||||
Contract purchase price plus acquisition fee | 685,435 | 1,027,301 | 370,664 | |||||||||
Other cash expenditures expensed | — | — | — | |||||||||
Other cash expenditures capitalized | 5,243 | 5,244 | 5,243 | |||||||||
Total acquisition cost | $ | 690,678 | $ | 1,032,545 | $ | 375,907 | ||||||
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 (San Pedro), TX Restaurant | Church’s Chicken San Antonio (Walzem), TX Restaurant | Church’s Chicken San Antonio (West), TX Restaurant | |||||||||
Gross leasable square footage | 1,500 | 1,296 | 1,144 | |||||||||
Date of purchase | 10/31/08 | 10/31/08 | 10/31/08 | |||||||||
Mortgage financing at date of purchase | $ | 392,419 | $ | 326,872 | $ | 201,356 | ||||||
Cash down payment | 357,878 | 298,100 | 183,632 | |||||||||
Contract purchase price plus acquisition fee | 750,297 | 624,972 | 384,988 | |||||||||
Other cash expenditures expensed | — | — | — | |||||||||
Other cash expenditures capitalized | 5,243 | 5,244 | 5,243 | |||||||||
Total acquisition cost | $ | 755,540 | $ | 630,216 | $ | 390,231 | ||||||
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 (Bitters), TX Restaurant | Church’s Chicken San Antonio (Wurzbach), TX Restaurant | Church’s Chicken San Antonio (White), TX Restaurant | |||||||||
Gross leasable square footage | 2,378 | 1,118 | 800 | |||||||||
Date of purchase | 10/31/08 | 10/31/08 | 10/31/08 | |||||||||
Mortgage financing at date of purchase | $ | 249,028 | $ | 212,761 | $ | 488,212 | ||||||
Cash down payment | 227,108 | 194,032 | 445,238 | |||||||||
Contract purchase price plus acquisition fee | 476,136 | 406,793 | 933,450 | |||||||||
Other cash expenditures expensed | — | — | — | |||||||||
Other cash expenditures capitalized | 5,243 | 5,244 | 5,243 | |||||||||
Total acquisition cost | $ | 481,379 | $ | 412,037 | $ | 938,693 | ||||||
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 | Church’s Chicken San Antonio (Zarzamora), TX Restaurant | Church’s Chicken San Benito, TX Restaurant | Church’s Chicken Temple, TX Restaurant | |||||||||
Gross leasable square footage | 780 | 1,335 | 1,176 | |||||||||
Date of purchase | 10/31/08 | 10/31/08 | 10/31/08 | |||||||||
Mortgage financing at date of purchase | $ | 162,249 | $ | 1,248,408 | $ | 573,162 | ||||||
Cash down payment | 147,967 | 1,138,518 | 522,709 | |||||||||
Contract purchase price plus acquisition fee | 310,216 | 2,386,926 | 1,095,871 | |||||||||
Other cash expenditures expensed | — | — | — | |||||||||
Other cash expenditures capitalized | 5,243 | 5,244 | 5,243 | |||||||||
Total acquisition cost | $ | 315,459 | $ | 2,392,170 | $ | 1,101,114 | ||||||
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 Tyler, TX Restaurant | Church’s Chicken Universal City, TX Restaurant | Church’s Chicken Victoria (Ben Jordan), TX Restaurant | |||||||||
Gross leasable square footage | 1,144 | 1,169 | 1,169 | |||||||||
Date of purchase | 10/31/08 | 10/31/08 | 10/31/08 | |||||||||
Mortgage financing at date of purchase | $ | 311,207 | $ | 319,430 | $ | 250,733 | ||||||
Cash down payment | 283,812 | 291,312 | 228,662 | |||||||||
Contract purchase price plus acquisition fee | 595,019 | 610,742 | 479,395 | |||||||||
Other cash expenditures expensed | — | — | — | |||||||||
Other cash expenditures capitalized | 5,243 | 5,244 | 5,243 | |||||||||
Total acquisition cost | $ | 600,262 | $ | 615,986 | $ | 484,638 | ||||||
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 Victoria (Rio Grande), TX Restaurant | Church’s Chicken Waco, TX Restaurant | Church’s Chicken Weslaco (Hwy 83), TX Restaurant | |||||||||
Gross leasable square footage | 1,701 | 1,196 | 1,300 | |||||||||
Date of purchase | 10/31/08 | 10/31/08 | 10/31/08 | |||||||||
Mortgage financing at date of purchase | $ | 242,767 | $ | 398,736 | $ | 613,636 | ||||||
Cash down payment | 221,397 | 363,636 | 559,621 | |||||||||
Contract purchase price plus acquisition fee | 464,164 | 762,372 | 1,173,257 | |||||||||
Other cash expenditures expensed | — | — | — | |||||||||
Other cash expenditures capitalized | 5,244 | 5,244 | 5,243 | |||||||||
Total acquisition cost | $ | 469,408 | $ | 767,616 | $ | 1,178,500 | ||||||
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 | Church’s Chicken Weslaco (Texas), TX Restaurant | Church’s Chicken Norfolk (Hampton), VA Restaurant | Church’s Chicken Norfolk (Princess Ann), VA Restaurant | |||||||||
Gross leasable square footage | 1,575 | 1,100 | 1,572 | |||||||||
Date of purchase | 10/31/08 | 10/31/08 | 10/31/08 | |||||||||
Mortgage financing at date of purchase | $ | 787,813 | $ | 240,954 | $ | 372,815 | ||||||
Cash down payment | 718,465 | 219,744 | 339,998 | |||||||||
Contract purchase price plus acquisition fee | 1,506,278 | 460,698 | 712,813 | |||||||||
Other cash expenditures expensed | — | — | — | |||||||||
Other cash expenditures capitalized | 5,243 | 5,448 | 5,720 | |||||||||
Total acquisition cost | $ | 1,511,521 | $ | 466,146 | $ | 718,533 | ||||||
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 Portsmouth, VA Restaurant | Tractor Supply LaGrange, KY Specialty Retail | Walgreens Evansville, IN Drugstore | |||||||||
Gross leasable square footage | 1,169 | 19,097 | 14,820 | |||||||||
Date of purchase | 10/31/08 | 11/19/08 | 11/25/08 | |||||||||
Mortgage financing at date of purchase | $ | 426,285 | $ | — | $ | — | ||||||
Cash down payment | 388,761 | 3,372,715 | 4,794,000 | |||||||||
Contract purchase price plus acquisition fee | 815,046 | 3,372,715 | 4,794,000 | |||||||||
Other cash expenditures expensed | — | — | — | |||||||||
Other cash expenditures capitalized | 5,832 | 37,160 | 18,173 | |||||||||
Total acquisition cost | $ | 820,878 | $ | 3,409,875 | $ | 4,812,173 | ||||||
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 Carrolton, TX Drugstore | CVS Kissimmee, FL Drugstore | CVS Lake Worth, TX Drugstore | |||||||||
Gross leasable square footage | 9,504 | 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 | 2,158,728 | 2,568,258 | 1,886,184 | |||||||||
Contract purchase price plus acquisition fee | 2,158,728 | 2,568,258 | 1,886,184 | |||||||||
Other cash expenditures expensed | — | — | — | |||||||||
Other cash expenditures capitalized | 33,223 | 31,085 | 32,669 | |||||||||
Total acquisition cost | $ | 2,191,951 | $ | 2,599,343 | $ | 1,918,853 | ||||||
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 | CVS Richardson, TX Drugstore | CVS River Oaks, TX Drugstore | CVS The Colony, TX Drugstore | |||||||||
Gross leasable square footage | 10,560 | 10,908 | 9,504 | |||||||||
Date of purchase | 12/19/08 | 12/19/08 | 12/19/08 | |||||||||
Mortgage financing at date of purchase | $ | — | $ | — | $ | — | ||||||
Cash down payment | 2,450,448 | 2,809,080 | 2,000,118 | |||||||||
Contract purchase price plus acquisition fee | 2,450,448 | 2,809,080 | 2,000,118 | |||||||||
Other cash expenditures expensed | — | — | — | |||||||||
Other cash expenditures capitalized | 35,734 | 37,644 | 33,292 | |||||||||
Total acquisition cost | $ | 2,486,182 | $ | 2,846,724 | $ | 2,033,410 | ||||||
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, TX Drugstore | CVS Wichita Falls (SW), TX Drugstore | BJ’s Wholesale Club Woodstock, GA Warehouse | |||||||||
Gross leasable square footage | 9,504 | 9,504 | 115,426 | |||||||||
Date of purchase | 12/19/08 | 12/19/08 | 01/29/09 | |||||||||
Mortgage financing at date of purchase | $ | — | $ | — | $ | 10,131,105 | ||||||
Cash down payment | 1,918,416 | 2,197,386 | 6,239,895 | |||||||||
Contract purchase price plus acquisition fee | 1,918,416 | 2,197,386 | 16,371,000 | |||||||||
Other cash expenditures expensed | — | — | 35,072 | |||||||||
Other cash expenditures capitalized | 32,924 | 34,535 | — | |||||||||
Total acquisition cost | $ | 1,951,340 | $ | 2,231,921 | $ | 16,406,072 | ||||||
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 Tilton, NH Restaurant | Kohl’s Tilton, NH Department Store | Lowe’s Tilton, NH Home Improvement | |||||||||
Gross leasable square footage | —(3 | ) | —(3 | ) | ��(3 | ) | ||||||
Date of purchase | 03/27/09 | 03/27/09 | 03/27/09 | |||||||||
Mortgage financing at date of purchase | $ | 1,260,000 | $ | 3,780,000 | $ | 12,960,000 | ||||||
Cash down payment | 75,415 | 299,382 | 765,248 | |||||||||
Contract purchase price plus acquisition fee | 1,335,415 | 4,079,382 | 13,725,248 | |||||||||
Other cash expenditures expensed | 38,692 | 85,563 | 240,669 | |||||||||
Other cash expenditures capitalized | — | — | — | |||||||||
Total acquisition cost | $ | 1,374,107 | $ | 4,164,945 | $ | 13,965,917 | ||||||
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 | CVS Myrtle Beach, SC Drugstore | Walgreens Austin, MN Drugstore | Walgreens Canton, IL Drugstore | |||||||||
Gross leasable square footage | 11,970 | 14,820 | 14,490 | |||||||||
Date of purchase | 03/27/09 | 03/27/09 | 03/27/09 | |||||||||
Mortgage financing at date of purchase | $ | 4,788,000 | $ | 3,531,000 | $ | 4,428,500 | ||||||
Cash down payment | 426,905 | 199,004 | 510,026 | |||||||||
Contract purchase price plus acquisition fee | 5,214,905 | 3,730,004 | 4,938,526 | |||||||||
Other cash expenditures expensed | 34,254 | 29,241 | 31,968 | |||||||||
Other cash expenditures capitalized | — | — | — | |||||||||
Total acquisition cost | $ | 5,249,159 | $ | 3,759,245 | $ | 4,970,494 | ||||||
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 Galloway, OH Drugstore | Walgreens Humble, TX Drugstore | Walgreens Memphis, TN Drugstore | |||||||||
Gross leasable square footage | 14,560 | 14,560 | 14,490 | |||||||||
Date of purchase | 03/27/09 | 03/27/09 | 03/27/09 | |||||||||
Mortgage financing at date of purchase | $ | 4,250,000 | $ | 4,395,000 | $ | 5,058,000 | ||||||
Cash down payment | 596,022 | 849,386 | 611,607 | |||||||||
Contract purchase price plus acquisition fee | 4,846,022 | 5,244,386 | 5,669,607 | |||||||||
Other cash expenditures expensed | 35,594 | 26,980 | 39,684 | |||||||||
Other cash expenditures capitalized | — | — | — | |||||||||
Total acquisition cost | $ | 4,881,616 | $ | 5,271,366 | $ | 5,709,291 | ||||||
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 Parkville, MO Drugstore | Walgreens San Antonio, TX Drugstore | Walgreens Toledo, OH Drugstore | |||||||||
Gross leasable square footage | 14,820 | 14,560 | 14,820 | |||||||||
Date of purchase | 03/27/09 | 03/27/09 | 03/27/09 | |||||||||
Mortgage financing at date of purchase | $ | 4,274,000 | $ | 4,060,000 | $ | 5,400,000 | ||||||
Cash down payment | 518,459 | 789,006 | 284,527 | |||||||||
Contract purchase price plus acquisition fee | 4,792,459 | 4,849,006 | 5,684,527 | |||||||||
Other cash expenditures expensed | 26,571 | 25,754 | 37,312 | |||||||||
Other cash expenditures capitalized | — | — | — | |||||||||
Total acquisition cost | $ | 4,819,030 | $ | 4,874,760 | $ | 5,721,839 | ||||||
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 | CVS Maynard, MA Drugstore | CVS Waynesville, NC Drugstore | Walgreens Antioch, TN Drugstore | |||||||||
Gross leasable square footage | 10,880 | 10,055 | 14,490 | |||||||||
Date of purchase | 03/31/09 | 03/31/09 | 03/31/09 | |||||||||
Mortgage financing at date of purchase | $ | 5,596,000 | $ | 3,966,000 | $ | 4,425,000 | ||||||
Cash down payment | 247,873 | 331,115 | 424,006 | |||||||||
Contract purchase price plus acquisition fee | 5,843,873 | 4,297,115 | 4,849,006 | |||||||||
Other cash expenditures expensed | 35,716 | 29,908 | 48,728 | |||||||||
Other cash expenditures capitalized | — | — | — | |||||||||
Total acquisition cost | $ | 5,879,589 | $ | 4,327,023 | $ | 4,897,734 | ||||||
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 Decatur, IL Drugstore | Walgreens Long Beach, MS Drugstore | Walgreens Roselle, NJ Drugstore | |||||||||
Gross leasable square footage | 14,490 | 14,820 | 12,875 | |||||||||
Date of purchase | 03/31/09 | 03/31/09 | 03/31/09 | |||||||||
Mortgage financing at date of purchase | $ | 4,003,000 | $ | 3,662,000 | $ | 5,742,000 | ||||||
Cash down payment | 562,525 | 417,133 | 673,608 | |||||||||
Contract purchase price plus acquisition fee | 4,565,525 | 4,079,133 | 6,415,608 | |||||||||
Other cash expenditures expensed | 30,383 | 26,200 | 110,185 | |||||||||
Other cash expenditures capitalized | — | — | — | |||||||||
Total acquisition cost | $ | 4,595,908 | $ | 4,105,333 | $ | 6,525,793 | ||||||
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 Saraland, AL Drugstore | LA Fitness League City, TX Fitness | Tractor Supply Lowville, NY Specialty Retail | |||||||||
Gross leasable square footage | 14,560 | 45,000 | 19,097 | |||||||||
Date of purchase | 03/31/09 | 05/21/10 | 06/03/10 | |||||||||
Mortgage financing at date of purchase | $ | 5,079,000 | $ | — | $ | — | ||||||
Cash down payment | 366,807 | 7,481,700 | 2,246,040 | |||||||||
Contract purchase price plus acquisition fee | 5,445,807 | 7,481,700 | 2,246,040 | |||||||||
Other cash expenditures expensed | 28,667 | 63,035 | 31,086 | |||||||||
Other cash expenditures capitalized | — | — | — | |||||||||
Total acquisition cost | $ | 5,474,474 | $ | 7,544,735 | $ | 2,277,126 | ||||||
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 | Tractor Supply Malone, NY Specialty Retail | LA Fitness Naperville, IL Fitness | CVS Indianapolis, IN Drugstore | |||||||||
Gross leasable square footage | 19,097 | 45,000 | 12,222 | |||||||||
Date of purchase | 06/03/10 | 06/30/10 | 07/21/10 | |||||||||
Mortgage financing at date of purchase | $ | — | $ | — | $ | — | ||||||
Cash down payment | 2,292,960 | 9,384,000 | 3,282,386 | |||||||||
Contract purchase price plus acquisition fee | 2,292,960 | 9,384,000 | 3,282,386 | |||||||||
Other cash expenditures expensed | 31,723 | 66,148 | 19,675 | |||||||||
Other cash expenditures capitalized | — | — | — | |||||||||
Total acquisition cost | $ | 2,324,683 | $ | 9,450,148 | $ | 3,302,061 | ||||||
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 Elletsville, IN Specialty Retail | CVS Lincoln, IL Drugstore | Ruth Chris Metairie, LA Restaurant | |||||||||
Gross leasable square footage | 19,097 | 13,225 | 5,189 | |||||||||
Date of purchase | 09/13/10 | 09/17/10 | 09/27/10 | |||||||||
Mortgage financing at date of purchase | $ | — | $ | — | $ | — | ||||||
Cash down payment | 2,658,182 | 3,243,600 | 3,616,364 | |||||||||
Contract purchase price plus acquisition fee | 2,658,182 | 3,243,600 | 3,616,364 | |||||||||
Other cash expenditures expensed | 46,081 | 20,032 | 24,344 | |||||||||
Other cash expenditures capitalized | — | — | — | |||||||||
Total acquisition cost | $ | 2,704,263 | $ | 3,263,632 | $ | 3,640,708 | ||||||
Cole Credit | Cole Credit | Cole Credit | ||||||||||
Property Trust II, | Property Trust II, | Property Trust II, | ||||||||||
Program: | Inc. | Inc. | Inc. | |||||||||
Name, location, type of property | Ruth Chris Sarasota, FL Restaurant | Columbus Fish Market Grandview, OH Restaurant | J. Jill Tilton, NH Department Store | |||||||||
Gross leasable square footage | 7,726 | 7,766 | 573,000 | |||||||||
Date of purchase | 09/27/10 | 09/27/10 | 09/30/10 | |||||||||
Mortgage financing at date of purchase | $ | — | $ | — | $ | — | ||||||
Cash down payment | 3,078,998 | 3,327,054 | 23,538,461 | |||||||||
Contract purchase price plus acquisition fee | 3,078,998 | 3,327,054 | 23,538,461 | |||||||||
Other cash expenditures expensed | 20,273 | 23,976 | 212,919 | |||||||||
Other cash expenditures capitalized | — | — | — | |||||||||
Total acquisition cost | $ | 3,099,271 | $ | 3,351,030 | $ | 23,751,380 | ||||||
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 | Childtime Childcare Cuyahoga Falls, OH Child Care and Development | Childtime Childcare Arlington, TX Child Care and Development | Childtime Childcare Oklahoma City, OK Child Care and Development | |||||||||
Gross leasable square footage | 5,934 | 10,845 | 6,656 | |||||||||
Date of purchase | 12/15/10 | 12/15/10 | 12/15/10 | |||||||||
Mortgage financing at date of purchase | $ | — | $ | — | $ | — | ||||||
Cash down payment | 837,082 | 997,767 | 529,217 | |||||||||
Contract purchase price plus acquisition fee | 837,082 | 997,767 | 529,217 | |||||||||
Other cash expenditures expensed | 39,206 | 34,422 | 23,825 | |||||||||
Other cash expenditures capitalized | — | — | — | |||||||||
Total acquisition cost | $ | 876,288 | $ | 1,032,189 | $ | 553,042 | ||||||
Cole Credit | Cole Credit | Cole Credit | ||||||||||
Property Trust II, | Property Trust II, | Property Trust II, | ||||||||||
Program: | Inc. | Inc. | Inc. | |||||||||
Name, location, type of property | Childtime Childcare Oklahoma City, OK Child Care and Development | Childtime Childcare Rochester, NY Child Care and Development | TutorTime Pittsburgh, PA Child Care and Development | |||||||||
Gross leasable square footage | 6,671 | 4,801 | 10,071 | |||||||||
Date of purchase | 12/15/10 | 12/15/10 | 12/15/10 | |||||||||
Mortgage financing at date of purchase | $ | — | $ | — | $ | — | ||||||
Cash down payment | 913,645 | 733,724 | 1,222,192 | |||||||||
Contract purchase price plus acquisition fee | 913,645 | 733,724 | 1,222,192 | |||||||||
Other cash expenditures expensed | 33,310 | 27,953 | 41,934 | |||||||||
Other cash expenditures capitalized | — | — | — | |||||||||
Total acquisition cost | $ | 946,955 | $ | 761,677 | $ | 1,264,126 | ||||||
Cole Credit | Cole Credit | Cole Credit | ||||||||||
Property Trust II, | Property Trust II, | Property Trust II, | ||||||||||
Program: | Inc. | Inc. | Inc. | |||||||||
Name, location, type of property | Childtime Childcare Modesto, CA Child Care and Development | CVS Azle, TX Drugstore | Logan’s Roadhouse Trussville, AL Restaurant | |||||||||
Gross leasable square footage | 6,464 | 12,900 | 7,236 | |||||||||
Date of purchase | 12/15/10 | 12/16/10 | 12/17/10 | |||||||||
Mortgage financing at date of purchase | $ | — | $ | — | $ | — | ||||||
Cash down payment | 899,581 | 4,947,000 | 2,789,259 | |||||||||
Contract purchase price plus acquisition fee | 899,581 | 4,947,000 | 2,789,259 | |||||||||
Other cash expenditures expensed | 31,307 | 26,788 | 18,578 | |||||||||
Other cash expenditures capitalized | — | — | — | |||||||||
Total acquisition cost | $ | 930,888 | $ | 4,973,788 | $ | 2,807,837 | ||||||
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 | Logan’s Roadhouse Wichita Falls, TX Restaurant | Ivex Packaging New Castle, PA Distribution Center | Walgreens Mt. Pleasant, TX Drugstore | |||||||||
Gross leasable square footage | 8,026 | 135,303 | 14,820 | |||||||||
Date of purchase | 12/17/10 | 12/20/10 | 12/21/10 | |||||||||
Mortgage financing at date of purchase | $ | — | $ | — | $ | — | ||||||
Cash down payment | 2,789,259 | 5,100,000 | 5,647,740 | |||||||||
Contract purchase price plus acquisition fee | 2,789,259 | 5,100,000 | 5,647,740 | |||||||||
Other cash expenditures expensed | 19,370 | 37,769 | 24,500 | |||||||||
Other cash expenditures capitalized | — | — | — | |||||||||
Total acquisition cost | $ | 2,808,629 | $ | 5,137,769 | $ | 5,672,240 | ||||||
Cole Credit | Cole Credit | Cole Credit | ||||||||||
Property Trust II, | Property Trust II, | Property Trust II, | ||||||||||
Program: | Inc. | Inc. | Inc. | |||||||||
Name, location, type of property | Advanced Auto Charlotte, NC Automotive Parts | Advanced Auto Irvington, NJ Automotive Parts | Advanced Auto Midwest City, OK Automotive Parts | |||||||||
Gross leasable square footage | 6,896 | 6,684 | 7,000 | |||||||||
Date of purchase | 12/22/10 | 12/22/10 | 12/22/10 | |||||||||
Mortgage financing at date of purchase | $ | — | $ | — | $ | — | ||||||
Cash down payment | 1,656,805 | 2,297,126 | 1,703,886 | |||||||||
Contract purchase price plus acquisition fee | 1,656,805 | 2,297,126 | 1,703,886 | |||||||||
Other cash expenditures expensed | 25,630 | 55,588 | 31,382 | |||||||||
Other cash expenditures capitalized | — | — | — | |||||||||
Total acquisition cost | $ | 1,682,435 | $ | 2,352,714 | $ | 1,735,268 | ||||||
Cole Credit | Cole Credit | Cole Credit | ||||||||||
Property Trust II, | Property Trust II, | Property Trust II, | ||||||||||
Program: | Inc. | Inc. | Inc. | |||||||||
Name, location, type of property | Advanced Auto Penns Grove, NJ Automotive Parts | Advanced Auto St. Francis, WI Automotive Parts | Advanced Auto Willingboro, NJ Automotive Parts | |||||||||
Gross leasable square footage | 7,000 | 6,889 | 6,781 | |||||||||
Date of purchase | 12/22/10 | 12/22/10 | 12/22/10 | |||||||||
Mortgage financing at date of purchase | $ | — | $ | — | $ | — | ||||||
Cash down payment | 1,585,823 | 1,653,698 | 1,822,973 | |||||||||
Contract purchase price plus acquisition fee | 1,585,823 | 1,653,698 | 1,822,973 | |||||||||
Other cash expenditures expensed | 45,921 | 25,831 | 48,798 | |||||||||
Other cash expenditures capitalized | — | — | — | |||||||||
Total acquisition cost | $ | 1,631,744 | $ | 1,679,529 | $ | 1,871,771 | ||||||
II-52
Table of Contents
Cole Credit | Cole Credit | Cole Credit | ||||||||||
Property Trust II, | Property Trust II, | Property Trust III, | ||||||||||
Program: | Inc. | Inc. | Inc. | |||||||||
Name, location, type of property | Advanced Auto Dunellen, NJ Automotive Parts | JoAnn’s Fabric Independence, MO Specialty Retail | CVS(1) Fredericksburg, VA Drugstore | |||||||||
Gross leasable square footage | 6,781 | 46,350 | 12,900 | |||||||||
Date of purchase | 12/22/10 | 12/23/10 | 01/06/09 | |||||||||
Mortgage financing at date of purchase | $ | — | $ | — | $ | 5,504,000 | ||||||
Cash down payment | 2,753,375 | 4,625,000 | 734,861 | |||||||||
Contract purchase price plus acquisition fee | 2,753,375 | 4,625,000 | 6,238,861 | |||||||||
Other cash expenditures expensed | 61,045 | 19,287 | 115,852 | |||||||||
Other cash expenditures capitalized | — | — | — | |||||||||
Total acquisition cost | $ | 2,814,420 | $ | 4,644,287 | $ | 6,354,713 | ||||||
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(1) Indianapolis, IN Drugstore | Walgreens(1) Tulsa (South Yale), OK Drugstore | Kohl’s(1) Burnsville, MN Department Store | |||||||||
Gross leasable square footage | 14,820 | 13,650 | 101,346 | |||||||||
Date of purchase | 01/06/09 | 01/06/09 | 01/09/09 | |||||||||
Mortgage financing at date of purchase | $ | 5,625,000 | $ | 3,512,000 | $ | 9,310,000 | ||||||
Cash down payment | 750,000 | 468,040 | 1,241,900 | |||||||||
Contract purchase price plus acquisition fee | 6,375,000 | 3,980,040 | 10,551,900 | |||||||||
Other cash expenditures expensed | 31,054 | 21,365 | 22,080 | |||||||||
Other cash expenditures capitalized | — | — | — | |||||||||
Total acquisition cost | $ | 6,406,054 | $ | 4,001,405 | $ | 10,573,980 | ||||||
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(1) Fredericksburg, VA Drugstore | Sam’s Club(1) Hoover, AL Warehouse | Lowe’s Las Vegas, NV Home Improvement | |||||||||
Gross leasable square footage | 14,820 | 115,347 | —(3 | ) | ||||||||
Date of purchase | 01/09/09 | 01/15/09 | 03/31/09 | |||||||||
Mortgage financing at date of purchase | $ | 6,560,000 | $ | 11,070,000 | $ | — | ||||||
Cash down payment | 875,047 | 1,476,000 | 10,954,800 | |||||||||
Contract purchase price plus acquisition fee | 7,435,047 | 12,546,000 | 10,954,800 | |||||||||
Other cash expenditures expensed | 132,900 | 107,454 | 17,639 | |||||||||
Other cash expenditures capitalized | — | — | — | |||||||||
Total acquisition cost | $ | 7,567,947 | $ | 12,653,454 | $ | 10,972,439 | ||||||
II-53
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 | Wal-Mart Las Vegas, NV Discount Retail | Wal-Mart Albuquerque, NM Discount Retail | Home Depot Las Vegas, NV Home Improvement | |||||||||
Gross leasable square footage | —(3 | ) | —(3 | ) | —(3 | ) | ||||||
Date of purchase | 03/31/09 | 03/31/09 | 04/15/09 | |||||||||
Mortgage financing at date of purchase | $ | — | $ | — | $ | — | ||||||
Cash down payment | 15,060,300 | 18,416,100 | 8,544,802 | |||||||||
Contract purchase price plus acquisition fee | 15,060,300 | 18,416,100 | 8,544,802 | |||||||||
Other cash expenditures expensed | 48,935 | 55,309 | 54,958 | |||||||||
Other cash expenditures capitalized | — | — | — | |||||||||
Total acquisition cost | $ | 15,109,235 | $ | 18,471,409 | $ | 8,599,760 | ||||||
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 Odessa, TX Home Improvement | Home Depot San Diego, CA Home Improvement | Home Depot San Jose, CA Home Improvement | |||||||||
Gross leasable square footage | —(3 | ) | —(3 | ) | —(3 | ) | ||||||
Date of purchase | 04/15/09 | 04/15/09 | 04/15/09 | |||||||||
Mortgage financing at date of purchase | $ | — | $ | — | $ | — | ||||||
Cash down payment | 9,444,938 | 12,599,724 | 8,187,190 | |||||||||
Contract purchase price plus acquisition fee | 9,444,938 | 12,599,724 | 8,187,190 | |||||||||
Other cash expenditures expensed | 62,326 | 55,125 | 54,441 | |||||||||
Other cash expenditures capitalized | — | — | — | |||||||||
Total acquisition cost | $ | 9,507,264 | $ | 12,654,849 | $ | 8,241,631 | ||||||
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 Dunkirk, NY Drugstore | Aaron Rents Humble, TX Specialty Retail | Aaron Rents Indianapolis, IN Specialty Retail | |||||||||
Gross leasable square footage | 13,650 | 8,000 | 7,667 | |||||||||
Date of purchase | 05/29/09 | 05/29/09 | 05/29/09 | |||||||||
Mortgage financing at date of purchase | $ | — | $ | — | $ | — | ||||||
Cash down payment | 3,937,971 | 1,412,700 | 998,580 | |||||||||
Contract purchase price plus acquisition fee | 3,937,971 | 1,412,700 | 998,580 | |||||||||
Other cash expenditures expensed | 33,273 | 18,647 | 22,055 | |||||||||
Other cash expenditures capitalized | — | — | — | |||||||||
Total acquisition cost | $ | 3,971,244 | $ | 1,431,347 | $ | 1,020,635 | ||||||
II-54
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 Rents Meadville, PA Specialty Retail | Aaron Rents Mexia, TX Specialty Retail | Aaron Rents Minden, LA Specialty Retail | |||||||||
Gross leasable square footage | 11,988 | 8,000 | 8,000 | |||||||||
Date of purchase | 05/29/09 | 05/29/09 | 05/29/09 | |||||||||
Mortgage financing at date of purchase | $ | — | $ | — | $ | — | ||||||
Cash down payment | 1,158,720 | 1,096,500 | 1,377,000 | |||||||||
Contract purchase price plus acquisition fee | 1,158,720 | 1,096,500 | 1,377,000 | |||||||||
Other cash expenditures expensed | 33,218 | 17,744 | 20,243 | |||||||||
Other cash expenditures capitalized | — | — | — | |||||||||
Total acquisition cost | $ | 1,191,938 | $ | 1,114,244 | $ | 1,397,243 | ||||||
Cole Credit | Cole Credit | Cole Credit | ||||||||||
Property Trust III, | Property Trust III, | Property Trust III, | ||||||||||
Program: | Inc. | Inc. | Inc. | |||||||||
Name, location, type of property | Aaron Rents Odessa, TX Specialty Retail | Aaron Rents Oxford, AL Specialty Retail | Aaron Rents Shawnee, OK Specialty Retail | |||||||||
Gross leasable square footage | 6,240 | 7,480 | 8,000 | |||||||||
Date of purchase | 05/29/09 | 05/29/09 | 05/29/09 | |||||||||
Mortgage financing at date of purchase | $ | — | $ | — | $ | — | ||||||
Cash down payment | 748,680 | 758,880 | 1,250,520 | |||||||||
Contract purchase price plus acquisition fee | 748,680 | 758,880 | 1,250,520 | |||||||||
Other cash expenditures expensed | 17,006 | 19,294 | 19,563 | |||||||||
Other cash expenditures capitalized | — | — | — | |||||||||
Total acquisition cost | $ | 765,686 | $ | 778,174 | $ | 1,270,083 | ||||||
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 Rents Battle Creek, MI Specialty Retail | Aaron Rents Chattanooga, TN Specialty Retail | Aaron Rents Columbia, SC Specialty Retail | |||||||||
Gross leasable square footage | 8,400 | 11,368 | 12,516 | |||||||||
Date of purchase | 06/18/09 | 06/18/09 | 06/18/09 | |||||||||
Mortgage financing at date of purchase | $ | — | $ | — | $ | — | ||||||
Cash down payment | 954,720 | 1,052,640 | 1,207,680 | |||||||||
Contract purchase price plus acquisition fee | 954,720 | 1,052,640 | 1,207,680 | |||||||||
Other cash expenditures expensed | 19,883 | 20,711 | 17,871 | |||||||||
Other cash expenditures capitalized | — | — | — | |||||||||
Total acquisition cost | $ | 974,603 | $ | 1,073,351 | $ | 1,225,551 | ||||||
II-55
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 Rents Mansura, LA Specialty Retail | Aaron Rents Statesboro, GA Specialty Retail | Aaron Rents Pasadena, TX Specialty Retail | |||||||||
Gross leasable square footage | 7,207 | 8,050 | 8,000 | |||||||||
Date of purchase | 06/18/09 | 06/18/09 | 06/18/09 | |||||||||
Mortgage financing at date of purchase | $ | — | $ | — | $ | — | ||||||
Cash down payment | 539,580 | 1,248,480 | 1,410,660 | |||||||||
Contract purchase price plus acquisition fee | 539,580 | 1,248,480 | 1,410,660 | |||||||||
Other cash expenditures expensed | 19,192 | 17,484 | 18,082 | |||||||||
Other cash expenditures capitalized | — | — | — | |||||||||
Total acquisition cost | $ | 558,772 | $ | 1,265,964 | $ | 1,428,742 | ||||||
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 Rents Killeen, TX Specialty Retail | Aaron Rents Livingston, TX Specialty Retail | Academy Sports Bossier City, LA Sporting Goods | |||||||||
Gross leasable square footage | 37,500 | 10,000 | 89,929 | |||||||||
Date of purchase | 06/18/09 | 06/18/09 | 06/19/09 | |||||||||
Mortgage financing at date of purchase | $ | — | $ | — | $ | — | ||||||
Cash down payment | 3,333,360 | 1,401,480 | 8,670,000 | |||||||||
Contract purchase price plus acquisition fee | 3,333,360 | 1,401,480 | 8,670,000 | |||||||||
Other cash expenditures expensed | 21,395 | 18,173 | 30,810 | |||||||||
Other cash expenditures capitalized | — | — | — | |||||||||
Total acquisition cost | $ | 3,354,755 | $ | 1,419,653 | $ | 8,700,810 | ||||||
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 Laredo, TX Sporting Goods | Academy Sports Montgomery, AL Sporting Goods | Academy Sports Fort Worth, TX Sporting Goods | |||||||||
Gross leasable square footage | 86,000 | 76,786 | 83,741 | |||||||||
Date of purchase | 06/19/09 | 06/19/09 | 06/19/09 | |||||||||
Mortgage financing at date of purchase | $ | — | $ | — | $ | — | ||||||
Cash down payment | 9,078,000 | 9,588,000 | 7,752,000 | |||||||||
Contract purchase price plus acquisition fee | 9,078,000 | 9,588,000 | 7,752,000 | |||||||||
Other cash expenditures expensed | 28,182 | 22,860 | 26,785 | |||||||||
Other cash expenditures capitalized | — | — | — | |||||||||
Total acquisition cost | $ | 9,106,182 | $ | 9,610,860 | $ | 7,778,785 | ||||||
II-56
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 Fort Mill, SC Restaurant | Cracker Barrel Piedmont, SC Restaurant | Cracker Barrel Rocky Mount, NC Restaurant | |||||||||
Gross leasable square footage | 10,179 | 10,170 | 10,097 | |||||||||
Date of purchase | 06/30/09 | 06/30/09 | 06/30/09 | |||||||||
Mortgage financing at date of purchase | $ | — | $ | — | $ | — | ||||||
Cash down payment | 3,135,834 | 3,533,001 | 2,842,812 | |||||||||
Contract purchase price plus acquisition fee | 3,135,834 | 3,533,001 | 2,842,812 | |||||||||
Other cash expenditures expensed | 6,269 | 6,405 | 6,188 | |||||||||
Other cash expenditures capitalized | — | — | — | |||||||||
Total acquisition cost | $ | 3,142,103 | $ | 3,539,406 | $ | 2,849,000 | ||||||
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 Greensboro, NC Restaurant | Cracker Barrel Mebane, NC Restaurant | Cracker Barrel Braselton, GA Restaurant | |||||||||
Gross leasable square footage | 10,170 | 9,984 | 10,101 | |||||||||
Date of purchase | 06/30/09 | 06/30/09 | 06/30/09 | |||||||||
Mortgage financing at date of purchase | $ | — | $ | — | $ | — | ||||||
Cash down payment | 3,125,730 | 2,702,796 | 3,155,867 | |||||||||
Contract purchase price plus acquisition fee | 3,125,730 | 2,702,796 | 3,155,867 | |||||||||
Other cash expenditures expensed | 6,285 | 6,690 | 6,094 | |||||||||
Other cash expenditures capitalized | — | — | — | |||||||||
Total acquisition cost | $ | 3,132,015 | $ | 2,709,486 | $ | 3,161,961 | ||||||
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 Bremen, GA Restaurant | Cracker Barrel Waynesboro, VA Restaurant | Cracker Barrel Woodstock, VA Restaurant | |||||||||
Gross leasable square footage | 10,141 | 10,041 | 10,161 | |||||||||
Date of purchase | 06/30/09 | 06/30/09 | 06/30/09 | |||||||||
Mortgage financing at date of purchase | $ | — | $ | — | $ | — | ||||||
Cash down payment | 2,883,417 | 3,248,630 | 2,646,694 | |||||||||
Contract purchase price plus acquisition fee | 2,883,417 | 3,248,630 | 2,646,694 | |||||||||
Other cash expenditures expensed | 6,000 | 6,688 | 5,932 | |||||||||
Other cash expenditures capitalized | — | — | — | |||||||||
Total acquisition cost | $ | 2,889,417 | $ | 3,255,318 | $ | 2,652,626 | ||||||
II-57
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 Bristol, VA Restaurant | Cracker Barrel Emporia, VA Restaurant | Cracker Barrel Abilene, TX Restaurant | |||||||||
Gross leasable square footage | 10,182 | 10,024 | 10,101 | |||||||||
Date of purchase | 06/30/09 | 06/30/09 | 06/30/09 | |||||||||
Mortgage financing at date of purchase | $ | — | $ | — | $ | — | ||||||
Cash down payment | 2,719,791 | 2,769,534 | 3,421,986 | |||||||||
Contract purchase price plus acquisition fee | 2,719,791 | 2,769,534 | 3,421,986 | |||||||||
Other cash expenditures expensed | 5,957 | 6,524 | 8,603 | |||||||||
Other cash expenditures capitalized | — | — | — | |||||||||
Total acquisition cost | $ | 2,725,748 | $ | 2,776,058 | $ | 3,430,589 | ||||||
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 San Antonio, TX Restaurant | Cracker Barrel Sherman, TX Restaurant | Aaron Rents Benton Harbor, MI Specialty Retail | |||||||||
Gross leasable square footage | 9,984 | 10,158 | 6,745 | |||||||||
Date of purchase | 06/30/09 | 06/30/09 | 06/30/09 | |||||||||
Mortgage financing at date of purchase | $ | — | $ | — | $ | — | ||||||
Cash down payment | 3,461,928 | 3,345,326 | 987,360 | |||||||||
Contract purchase price plus acquisition fee | 3,461,928 | 3,345,326 | 987,360 | |||||||||
Other cash expenditures expensed | 8,646 | 8,521 | 32,745 | |||||||||
Other cash expenditures capitalized | — | — | — | |||||||||
Total acquisition cost | $ | 3,470,574 | $ | 3,353,847 | $ | 1,020,105 | ||||||
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 Rents Richmond, VA Specialty Retail | Aaron Rents Pensacola, FL Specialty Retail | Aaron Rents El Dorado, AR Specialty Retail | |||||||||
Gross leasable square footage | 11,616 | 8,398 | 4,860 | |||||||||
Date of purchase | 06/30/09 | 06/30/09 | 06/30/09 | |||||||||
Mortgage financing at date of purchase | $ | — | $ | — | $ | — | ||||||
Cash down payment | 1,759,500 | 841,500 | 898,620 | |||||||||
Contract purchase price plus acquisition fee | 1,759,500 | 841,500 | 898,620 | |||||||||
Other cash expenditures expensed | 39,861 | 33,906 | 21,279 | |||||||||
Other cash expenditures capitalized | — | — | — | |||||||||
Total acquisition cost | $ | 1,799,361 | $ | 875,406 | $ | 919,899 | ||||||
II-58
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 Rents Copperas Cove, TX Specialty Retail | Aaron Rents Port Lavaca, TX Specialty Retail | Aaron Rents Haltom City, TX Specialty Retail | |||||||||
Gross leasable square footage | 11,387 | 8,000 | 10,000 | |||||||||
Date of purchase | 06/30/09 | 06/30/09 | 06/30/09 | |||||||||
Mortgage financing at date of purchase | $ | — | $ | — | $ | — | ||||||
Cash down payment | 1,447,396 | 1,218,900 | 1,653,420 | |||||||||
Contract purchase price plus acquisition fee | 1,447,396 | 1,218,900 | 1,653,420 | |||||||||
Other cash expenditures expensed | 20,549 | 20,284 | 32,802 | |||||||||
Other cash expenditures capitalized | — | — | — | |||||||||
Total acquisition cost | $ | 1,467,945 | $ | 1,239,184 | $ | 1,686,222 | ||||||
Cole Credit | Cole Credit | Cole Credit | ||||||||||
Property Trust III, | Property Trust III, | Property Trust III, | ||||||||||
Program: | Inc. | Inc. | Inc. | |||||||||
Name, location, type of property | LA Fitness Carmel, IN Fitness | Kohl’s Tavares, FL Department Store | HH Gregg North Charleston, SC Consumer Electronics | |||||||||
Gross leasable square footage | 45,000 | —(3 | ) | 30,167 | ||||||||
Date of purchase | 06/30/09 | 06/30/09 | 07/02/09 | |||||||||
Mortgage financing at date of purchase | $ | — | $ | — | $ | — | ||||||
Cash down payment | 8,275,909 | 8,636,340 | 5,704,860 | |||||||||
Contract purchase price plus acquisition fee | 8,275,909 | 8,636,340 | 5,704,860 | |||||||||
Other cash expenditures expensed | 33,093 | 30,194 | 25,838 | |||||||||
Other cash expenditures capitalized | — | — | — | |||||||||
Total acquisition cost | $ | 8,309,002 | $ | 8,666,534 | $ | 5,730,698 | ||||||
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 Edmond, OK Drugstore | Cracker Barrel Columbus, GA Restaurant | Walgreens Stillwater, OK Drugstore | |||||||||
Gross leasable square footage | 13,905 | 10,000 | 15,120 | |||||||||
Date of purchase | 07/07/09 | 07/15/09 | 07/21/09 | |||||||||
Mortgage financing at date of purchase | $ | — | $ | — | $ | — | ||||||
Cash down payment | 4,174,860 | 3,092,978 | 4,031,040 | |||||||||
Contract purchase price plus acquisition fee | 4,174,860 | 3,092,978 | 4,031,040 | |||||||||
Other cash expenditures expensed | 26,957 | 6,059 | 26,732 | |||||||||
Other cash expenditures capitalized | — | — | — | |||||||||
Total acquisition cost | $ | 4,201,817 | $ | 3,099,037 | $ | 4,057,772 | ||||||
II-59
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 | Kohl’s Port Orange, FL Department Store | Walgreens Denton, TX Drugstore | Tractor Supply Roswell, NM Specialty Retail | |||||||||
Gross leasable square footage | —(3 | ) | 14,820 | 19,097 | ||||||||
Date of purchase | 07/23/09 | 07/24/09 | 07/27/09 | |||||||||
Mortgage financing at date of purchase | $ | — | $ | — | $ | — | ||||||
Cash down payment | 9,953,160 | 4,539,000 | 2,729,520 | |||||||||
Contract purchase price plus acquisition fee | 9,953,160 | 4,539,000 | 2,729,520 | |||||||||
Other cash expenditures expensed | 29,048 | 26,470 | 19,181 | |||||||||
Other cash expenditures capitalized | — | — | — | |||||||||
Total acquisition cost | $ | 9,982,208 | $ | 4,565,470 | $ | 2,748,701 | ||||||
Cole Credit | Cole Credit | Cole Credit | ||||||||||
Property Trust III, | Property Trust III, | Property Trust III, | ||||||||||
Program: | Inc. | Inc. | Inc. | |||||||||
Name, location, type of property | Tractor Supply Edinburg, TX Specialty Retail | Tractor Supply Del Rio, TX Specialty Retail | Kohl’s Monrovia, CA Department Store | |||||||||
Gross leasable square footage | 18,800 | 19,097 | 76,804 | |||||||||
Date of purchase | 07/27/09 | 07/27/09 | 07/30/09 | |||||||||
Mortgage financing at date of purchase | $ | — | $ | — | $ | — | ||||||
Cash down payment | 3,152,820 | 2,427,600 | 13,150,860 | |||||||||
Contract purchase price plus acquisition fee | 3,152,820 | 2,427,600 | 13,150,860 | |||||||||
Other cash expenditures expensed | 19,852 | 19,065 | 31,415 | |||||||||
Other cash expenditures capitalized | — | — | — | |||||||||
Total acquisition cost | $ | 3,172,672 | $ | 2,446,665 | $ | 13,182,275 | ||||||
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 Rancho Cordova, CA Department Store | Harris Teeter Durham, NC Grocery | CVS Southaven, MS Drugstore | |||||||||
Gross leasable square footage | 76,158 | —(3 | ) | 13,225 | ||||||||
Date of purchase | 07/30/09 | 07/31/09 | 07/31/09 | |||||||||
Mortgage financing at date of purchase | $ | — | $ | — | $ | — | ||||||
Cash down payment | 7,428,660 | 3,309,900 | 5,414,832 | |||||||||
Contract purchase price plus acquisition fee | 7,428,660 | 3,309,900 | 5,414,832 | |||||||||
Other cash expenditures expensed | 27,960 | 32,484 | 25,113 | |||||||||
Other cash expenditures capitalized | — | — | — | |||||||||
Total acquisition cost | $ | 7,456,620 | $ | 3,342,384 | $ | 5,439,945 | ||||||
II-60
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 Oak Forest, IL Drugstore | CVS Noblesville, IN Drugstore | CVS Liberty, MO Drugstore | |||||||||
Gross leasable square footage | 13,225 | 12,900 | 12,900 | |||||||||
Date of purchase | 08/13/09 | 08/13/09 | 08/13/09 | |||||||||
Mortgage financing at date of purchase | $ | — | $ | — | $ | — | ||||||
Cash down payment | 4,710,714 | 6,219,198 | 5,086,902 | |||||||||
Contract purchase price plus acquisition fee | 4,710,714 | 6,219,198 | 5,086,902 | |||||||||
Other cash expenditures expensed | 21,111 | 20,517 | 18,703 | |||||||||
Other cash expenditures capitalized | — | — | — | |||||||||
Total acquisition cost | $ | 4,731,825 | $ | 6,239,715 | $ | 5,105,605 | ||||||
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 Sparks, NV Drugstore | �� | CVS Edinburg, TX Drugstore | CVS McAllen, TX Drugstore | ||||||||
Gross leasable square footage | 13,625 | 13,204 | 13,225 | |||||||||
Date of purchase | 08/13/09 | 08/13/09 | 08/13/09 | |||||||||
Mortgage financing at date of purchase | $ | — | $ | — | $ | — | ||||||
Cash down payment | 5,939,236 | 3,977,019 | 4,595,363 | |||||||||
Contract purchase price plus acquisition fee | 5,939,236 | 3,977,019 | 4,595,363 | |||||||||
Other cash expenditures expensed | 24,454 | 24,842 | 26,066 | |||||||||
Other cash expenditures capitalized | — | — | — | |||||||||
Total acquisition cost | $ | 5,963,690 | $ | 4,001,861 | $ | 4,621,429 | ||||||
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 Newport News, VA Drugstore | CVS Virginia Beach, VA Drugstore | CVS Raymore, MO Drugstore | |||||||||
Gross leasable square footage | 13,225 | 13,225 | 12,900 | |||||||||
Date of purchase | 08/13/09 | 08/13/09 | 08/14/09 | |||||||||
Mortgage financing at date of purchase | $ | — | $ | — | $ | — | ||||||
Cash down payment | 5,182,129 | 6,082,542 | 4,806,240 | |||||||||
Contract purchase price plus acquisition fee | 5,182,129 | 6,082,542 | 4,806,240 | |||||||||
Other cash expenditures expensed | 25,626 | 27,259 | 13,877 | |||||||||
Other cash expenditures capitalized | — | — | — | |||||||||
Total acquisition cost | $ | 5,207,755 | $ | 6,109,801 | $ | 4,820,117 | ||||||
II-61
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 Kyle, TX Drugstore | CVS Thomasville, NC Drugstore | Aaron Rents Texas City, TX Specialty Retail | |||||||||
Gross leasable square footage | 13,225 | 13,225 | 11,943 | |||||||||
Date of purchase | 08/14/09 | 08/14/09 | 08/31/09 | |||||||||
Mortgage financing at date of purchase | $ | — | $ | — | $ | — | ||||||
Cash down payment | 4,182,000 | 3,353,760 | 2,032,860 | |||||||||
Contract purchase price plus acquisition fee | 4,182,000 | 3,353,760 | 2,032,860 | |||||||||
Other cash expenditures expensed | 20,394 | 13,760 | 10,555 | |||||||||
Other cash expenditures capitalized | — | — | — | |||||||||
Total acquisition cost | $ | 4,202,394 | $ | 3,367,520 | $ | 2,043,415 | ||||||
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 Bourbonnais, IL Consumer Electronics | Best Buy Coral Springs, FL Consumer Electronics | Best Buy Lakewood, CO Consumer Electronics | |||||||||
Gross leasable square footage | 46,996 | 52,550 | 45,976 | |||||||||
Date of purchase | 08/31/09 | 08/31/09 | 08/31/09 | |||||||||
Mortgage financing at date of purchase | $ | — | $ | — | $ | — | ||||||
Cash down payment | 6,154,354 | 6,364,248 | 8,429,094 | |||||||||
Contract purchase price plus acquisition fee | 6,154,354 | 6,364,248 | 8,429,094 | |||||||||
Other cash expenditures expensed | 31,360 | 28,870 | 34,287 | |||||||||
Other cash expenditures capitalized | — | — | — | |||||||||
Total acquisition cost | $ | 6,185,714 | $ | 6,393,118 | $ | 8,463,381 | ||||||
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 Nampa, ID Drugstore | CVS Lee’s Summit, MO Drugstore | Walgreens Grand Junction, CO Drugstore | |||||||||
Gross leasable square footage | 14,490 | 12,900 | 14,490 | |||||||||
Date of purchase | 09/18/09 | 09/29/09 | 09/30/09 | |||||||||
Mortgage financing at date of purchase | $ | — | $ | — | $ | — | ||||||
Cash down payment | 4,462,500 | 4,465,560 | 4,488,000 | |||||||||
Contract purchase price plus acquisition fee | 4,462,500 | 4,465,560 | 4,488,000 | |||||||||
Other cash expenditures expensed | 29,704 | 15,401 | 25,157 | |||||||||
Other cash expenditures capitalized | — | — | — | |||||||||
Total acquisition cost | $ | 4,492,204 | $ | 4,480,961 | $ | 4,513,157 | ||||||
II-62
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 McPherson, KS Drugstore | Walgreens St. George, UT Drugstore | Walgreens Houston (Quitman), TX Drugstore | |||||||||
Gross leasable square footage | 13,650 | 14,490 | 13,650 | |||||||||
Date of purchase | 09/30/09 | 09/30/09 | 09/30/09 | |||||||||
Mortgage financing at date of purchase | $ | — | $ | — | $ | — | ||||||
Cash down payment | 4,092,240 | 6,528,000 | 5,948,903 | |||||||||
Contract purchase price plus acquisition fee | 4,092,240 | 6,528,000 | 5,948,903 | |||||||||
Other cash expenditures expensed | 15,460 | 27,063 | 25,311 | |||||||||
Other cash expenditures capitalized | — | — | — | |||||||||
Total acquisition cost | $ | 4,107,700 | $ | 6,555,063 | $ | 5,974,214 | ||||||
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 Spearfish, SD Drugstore | Walgreens Papillion, NE Drugstore | Walgreens Chickasha, OK Drugstore | |||||||||
Gross leasable square footage | 14,820 | 14,820 | 14,820 | |||||||||
Date of purchase | 10/06/09 | 10/06/09 | 10/14/09 | |||||||||
Mortgage financing at date of purchase | $ | — | $ | — | $ | — | ||||||
Cash down payment | 4,972,500 | 4,217,700 | 4,117,740 | |||||||||
Contract purchase price plus acquisition fee | 4,972,500 | 4,217,700 | 4,117,740 | |||||||||
Other cash expenditures expensed | 30,998 | 22,587 | 22,082 | |||||||||
Other cash expenditures capitalized | — | — | — | |||||||||
Total acquisition cost | $ | 5,003,498 | $ | 4,240,287 | $ | 4,139,822 | ||||||
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 Irmo, SC Specialty Retail | Walgreens Warner Robins, GA Drugstore | Home Depot Winchester, VA Home Improvement | |||||||||
Gross leasable square footage | 19,097 | 14,820 | 465,600 | |||||||||
Date of purchase | 10/15/09 | 10/20/09 | 10/21/09 | |||||||||
Mortgage financing at date of purchase | $ | — | $ | — | $ | — | ||||||
Cash down payment | 2,550,000 | 4,080,000 | 29,172,000 | |||||||||
Contract purchase price plus acquisition fee | 2,550,000 | 4,080,000 | 29,172,000 | |||||||||
Other cash expenditures expensed | 28,442 | 17,748 | 61,414 | |||||||||
Other cash expenditures capitalized | — | — | — | |||||||||
Total acquisition cost | $ | 2,578,442 | $ | 4,097,748 | $ | 29,233,414 | ||||||
II-63
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 | Home Depot Tucson, AZ Home Improvement | Walgreens Goose Creek, SC Drugstore | LA Fitness Glendale, AZ Fitness | |||||||||
Gross leasable square footage | —(3 | ) | 14,820 | 38,000 | ||||||||
Date of purchase | 10/21/09 | 10/29/09 | 10/30/09 | |||||||||
Mortgage financing at date of purchase | $ | — | $ | — | $ | — | ||||||
Cash down payment | 11,566,800 | 5,253,000 | 6,528,000 | |||||||||
Contract purchase price plus acquisition fee | 11,566,800 | 5,253,000 | 6,528,000 | |||||||||
Other cash expenditures expensed | 31,956 | 35,145 | 23,668 | |||||||||
Other cash expenditures capitalized | — | — | — | |||||||||
Total acquisition cost | $ | 11,598,756 | $ | 5,288,145 | $ | 6,551,668 | ||||||
Cole Credit | Cole Credit | Cole Credit | ||||||||||
Property Trust III, | Property Trust III, | Property Trust III, | ||||||||||
Program: | Inc. | Inc. | Inc. | |||||||||
Name, location, type of property | Staples Iowa City, IA Office Supply | University Plaza Flagstaff, AZ Shopping Center | Walgreens South Bend, IN Drugstore | |||||||||
Gross leasable square footage | 18,049 | 163,620 | 14,550 | |||||||||
Date of purchase | 11/13/09 | 11/17/09 | 11/18/09 | |||||||||
Mortgage financing at date of purchase | $ | — | $ | — | $ | — | ||||||
Cash down payment | 4,263,600 | 17,508,300 | 5,036,250 | |||||||||
Contract purchase price plus acquisition fee | 4,263,600 | 17,508,300 | 5,036,250 | |||||||||
Other cash expenditures expensed | 22,885 | 100,027 | 20,369 | |||||||||
Other cash expenditures capitalized | — | — | — | |||||||||
Total acquisition cost | $ | 4,286,485 | $ | 17,608,327 | $ | 5,056,619 | ||||||
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 Kansas City, MO Department Store | LA Fitness Spring, TX Fitness | Publix Mountain Brook, AL Grocery | |||||||||
Gross leasable square footage | —(3 | ) | 45,000 | 44,271 | ||||||||
Date of purchase | 11/20/09 | 11/20/09 | 12/01/09 | |||||||||
Mortgage financing at date of purchase | $ | — | $ | — | $ | — | ||||||
Cash down payment | 8,096,250 | 7,509,750 | 6,222,000 | |||||||||
Contract purchase price plus acquisition fee | 8,096,250 | 7,509,750 | 6,222,000 | |||||||||
Other cash expenditures expensed | 28,136 | 31,784 | 30,615 | |||||||||
Other cash expenditures capitalized | — | — | — | |||||||||
Total acquisition cost | $ | 8,124,386 | $ | 7,541,534 | $ | 6,252,615 | ||||||
II-64
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 | Kohl’s Columbia, SC Department Store | Walgreens Machesney Park, IL Drugstore | Advanced Auto Huntsville, TX Automotive Parts | |||||||||
Gross leasable square footage | 89,706 | 14,490 | 6,000 | |||||||||
Date of purchase | 12/07/09 | 12/16/09 | 12/19/09 | |||||||||
Mortgage financing at date of purchase | $ | — | $ | — | $ | — | ||||||
Cash down payment | 12,138,000 | 4,256,460 | 1,331,203 | |||||||||
Contract purchase price plus acquisition fee | 12,138,000 | 4,256,460 | 1,331,203 | |||||||||
Other cash expenditures expensed | 26,860 | 18,960 | 20,135 | |||||||||
Other cash expenditures capitalized | — | — | — | |||||||||
Total acquisition cost | $ | 12,164,860 | $ | 4,275,420 | $ | 1,351,338 | ||||||
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 Lubbock, TX Automotive Parts | Advanced Auto Deer Park, TX Automotive Parts | Advanced Auto Houston (Wallisville), TX Automotive Parts | |||||||||
Gross leasable square footage | 6,000 | 6,000 | 7,000 | |||||||||
Date of purchase | 12/19/09 | 12/16/09 | 12/16/09 | |||||||||
Mortgage financing at date of purchase | $ | — | $ | — | $ | — | ||||||
Cash down payment | 1,244,297 | 1,502,780 | 1,540,072 | |||||||||
Contract purchase price plus acquisition fee | 1,244,297 | 1,502,780 | 1,540,072 | |||||||||
Other cash expenditures expensed | 23,522 | 20,199 | 20,712 | |||||||||
Other cash expenditures capitalized | — | — | — | |||||||||
Total acquisition cost | $ | 1,267,819 | $ | 1,522,979 | $ | 1,560,784 | ||||||
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 (Imperial), TX Automotive Parts | Advanced Auto Kingwood, TX Automotive Parts | Advanced Auto Houston (Aldine), TX Automotive Parts | |||||||||
Gross leasable square footage | 8,000 | 6,000 | 7,000 | |||||||||
Date of purchase | 12/16/09 | 12/16/09 | 12/16/09 | |||||||||
Mortgage financing at date of purchase | $ | — | $ | — | $ | — | ||||||
Cash down payment | 1,253,574 | 1,509,810 | 1,398,858 | |||||||||
Contract purchase price plus acquisition fee | 1,253,574 | 1,509,810 | 1,398,858 | |||||||||
Other cash expenditures expensed | 19,918 | 19,898 | 21,201 | |||||||||
Other cash expenditures capitalized | — | — | — | |||||||||
Total acquisition cost | $ | 1,273,492 | $ | 1,529,708 | $ | 1,420,059 | ||||||
II-65
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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 | Advanced Auto Humble, TX Automotive Parts | Advanced Auto Webster, TX Automotive Parts | Tractor Supply Gloucester, NJ Specialty Retail | |||||||||
Gross leasable square footage | 7,000 | 7,000 | 22,670 | |||||||||
Date of purchase | 12/16/09 | 12/16/09 | 12/17/09 | |||||||||
Mortgage financing at date of purchase | $ | — | $ | — | $ | — | ||||||
Cash down payment | 1,525,827 | 1,530,642 | 5,457,000 | |||||||||
Contract purchase price plus acquisition fee | 1,525,827 | 1,530,642 | 5,457,000 | |||||||||
Other cash expenditures expensed | 22,039 | 20,324 | 83,474 | |||||||||
Other cash expenditures capitalized | — | — | — | |||||||||
Total acquisition cost | $ | 1,547,866 | $ | 1,550,966 | $ | 5,540,474 | ||||||
Cole Credit | Cole Credit | Cole Credit | ||||||||||
Property Trust III, | Property Trust III, | Property Trust III, | ||||||||||
Program: | Inc. | Inc. | Inc. | |||||||||
Name, location, type of property | Walgreens Janesville, WI Drugstore | Mueller Regional Retail District Austin, TX Shopping Center | Walgreens South Bend (Ironwood), IN Drugstore | |||||||||
Gross leasable square footage | 14,490 | 341,736 | 14,820 | |||||||||
Date of purchase | 12/17/09 | 12/18/09 | 12/21/09 | |||||||||
Mortgage financing at date of purchase | $ | — | $ | — | $ | — | ||||||
Cash down payment | 6,014,940 | 68,595,000 | 6,056,250 | |||||||||
Contract purchase price plus acquisition fee | 6,014,940 | 68,595,000 | 6,056,250 | |||||||||
Other cash expenditures expensed | 16,735 | 220,243 | 22,608 | |||||||||
Other cash expenditures capitalized | — | — | — | |||||||||
Total acquisition cost | $ | 6,031,675 | $ | 68,815,243 | $ | 6,078,858 | ||||||
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 Brooklyn Park, MD Drugstore | Fed Ex Effingham, IL Distribution | CVS Meridianville, AL Drugstore | |||||||||
Gross leasable square footage | 14,560 | 101,240 | 13,225 | |||||||||
Date of purchase | 12/23/09 | 12/29/09 | 12/29/09 | |||||||||
Mortgage financing at date of purchase | $ | — | $ | — | $ | — | ||||||
Cash down payment | 4,925,580 | 14,433,000 | 4,046,340 | |||||||||
Contract purchase price plus acquisition fee | 4,925,580 | 14,433,000 | 4,046,340 | |||||||||
Other cash expenditures expensed | 134,044 | 21,800 | 25,138 | |||||||||
Other cash expenditures capitalized | — | — | — | |||||||||
Total acquisition cost | $ | 5,059,624 | $ | 14,454,800 | $ | 4,071,478 | ||||||
II-66
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 St. Charles, IL Drugstore | Walgreens Elgin, IL Drugstore | Valero Rio Hondo, TX Convenience Store | |||||||||
Gross leasable square footage | 14,490 | 14,490 | 6,350 | |||||||||
Date of purchase | 12/29/09 | 12/29/09 | 12/30/09 | |||||||||
Mortgage financing at date of purchase | $ | — | $ | — | $ | — | ||||||
Cash down payment | 4,143,750 | 4,526,250 | 2,619,057 | |||||||||
Contract purchase price plus acquisition fee | 4,143,750 | 4,526,250 | 2,619,057 | |||||||||
Other cash expenditures expensed | 11,386 | 12,451 | 14,777 | |||||||||
Other cash expenditures capitalized | — | — | — | |||||||||
Total acquisition cost | $ | 4,155,136 | $ | 4,538,701 | $ | 2,633,834 | ||||||
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 Pharr, TX Convenience Store | Valero Andrews, TX Convenience Store | Valero LaFeria, TX Convenience Store | |||||||||
Gross leasable square footage | 8,528 | 4,656 | 4,950 | |||||||||
Date of purchase | 12/30/09 | 12/30/09 | 12/30/09 | |||||||||
Mortgage financing at date of purchase | $ | — | $ | — | $ | — | ||||||
Cash down payment | 2,525,901 | 2,413,590 | 1,955,554 | |||||||||
Contract purchase price plus acquisition fee | 2,525,901 | 2,413,590 | 1,955,554 | |||||||||
Other cash expenditures expensed | 14,543 | 14,574 | 13,991 | |||||||||
Other cash expenditures capitalized | — | — | — | |||||||||
Total acquisition cost | $ | 2,540,444 | $ | 2,428,164 | $ | 1,969,545 | ||||||
Cole Credit | Cole Credit | Cole Credit | ||||||||||
Property Trust III, | Property Trust III, | Property Trust III, | ||||||||||
Program: | Inc. | Inc. | Inc. | |||||||||
Name, location, type of property | Kum & Go Rogers, AR Convenience Store | Kum & Go Lowell, AR Convenience Store | Kum & Go Bentonville, AR Convenience Store | |||||||||
Gross leasable square footage | 3,391 | 4,692 | 3,392 | |||||||||
Date of purchase | 12/31/09 | 12/31/09 | 12/31/09 | |||||||||
Mortgage financing at date of purchase | $ | — | $ | — | $ | — | ||||||
Cash down payment | 2,142,000 | 2,131,200 | 1,884,000 | |||||||||
Contract purchase price plus acquisition fee | 2,142,000 | 2,131,200 | 1,884,000 | |||||||||
Other cash expenditures expensed | 16,353 | 15,796 | 14,957 | |||||||||
Other cash expenditures capitalized | — | — | — | |||||||||
Total acquisition cost | $ | 2,158,353 | $ | 2,146,996 | $ | 1,898,957 | ||||||
II-67
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 Twin Falls, ID Drugstore | Walgreens Loves Park, IL Drugstore | Walgreens Framingham, MA Drugstore | |||||||||
Gross leasable square footage | 14,820 | 14,490 | 14,820 | |||||||||
Date of purchase | 01/14/10 | 01/19/10 | 01/19/10 | |||||||||
Mortgage financing at date of purchase | $ | — | $ | — | $ | — | ||||||
Cash down payment | 4,926,600 | 4,018,800 | 6,082,260 | |||||||||
Contract purchase price plus acquisition fee | 4,926,600 | 4,018,800 | 6,082,260 | |||||||||
Other cash expenditures expensed | 27,614 | 25,120 | 26,355 | |||||||||
Other cash expenditures capitalized | — | — | — | |||||||||
Total acquisition cost | $ | 4,954,214 | $ | 4,043,920 | $ | 6,108,615 | ||||||
Cole Credit | Cole Credit | Cole Credit | ||||||||||
Property Trust III, | Property Trust III, | Property Trust III, | ||||||||||
Program: | Inc. | Inc. | Inc. | |||||||||
Name, location, type of property | CarMax Garland, TX Auto Dealership | Walgreens Appleton (Meade), WI Drugstore | LA Fitness Highland, CA Fitness | |||||||||
Gross leasable square footage | 82,169 | 16,853 | 45,000 | |||||||||
Date of purchase | 01/29/10 | 02/03/10 | 02/04/10 | |||||||||
Mortgage financing at date of purchase | $ | — | $ | — | $ | — | ||||||
Cash down payment | 14,280,000 | 3,843,360 | 9,399,300 | |||||||||
Contract purchase price plus acquisition fee | 14,280,000 | 3,843,360 | 9,399,300 | |||||||||
Other cash expenditures expensed | 34,240 | 21,591 | 24,631 | |||||||||
Other cash expenditures capitalized | — | — | — | |||||||||
Total acquisition cost | $ | 14,314,240 | $ | 3,864,951 | $ | 9,423,931 | ||||||
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 Cleveland (Clark), OH Drugstore | Walgreens Appleton (Northland), WI Drugstore | Walgreens Lancaster, SC Drugstore | |||||||||
Gross leasable square footage | 14,820 | 14,490 | 14,820 | |||||||||
Date of purchase | 02/10/10 | 02/18/10 | 02/19/10 | |||||||||
Mortgage financing at date of purchase | $ | — | $ | — | $ | — | ||||||
Cash down payment | 5,559,000 | 5,407,020 | 6,015,134 | |||||||||
Contract purchase price plus acquisition fee | 5,559,000 | 5,407,020 | 6,015,134 | |||||||||
Other cash expenditures expensed | 25,467 | 23,603 | 39,359 | |||||||||
Other cash expenditures capitalized | — | — | — | |||||||||
Total acquisition cost | $ | 5,584,467 | $ | 5,430,623 | $ | 6,054,493 | ||||||
II-68
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 Greenville, NC Drugstore | Walgreens Baytown, TX Drugstore | Walgreens North Platte, NE Drugstore | |||||||||
Gross leasable square footage | 14,490 | 14,820 | 14,820 | |||||||||
Date of purchase | 02/19/10 | 02/23/10 | 02/23/10 | |||||||||
Mortgage financing at date of purchase | $ | — | $ | — | $ | — | ||||||
Cash down payment | 6,314,935 | 4,901,100 | 5,143,421 | |||||||||
Contract purchase price plus acquisition fee | 6,314,935 | 4,901,100 | 5,143,421 | |||||||||
Other cash expenditures expensed | 33,705 | 27,914 | 25,636 | |||||||||
Other cash expenditures capitalized | — | — | — | |||||||||
Total acquisition cost | $ | 6,348,640 | $ | 4,929,014 | $ | 5,169,057 | ||||||
Cole Credit | Cole Credit | Cole Credit | ||||||||||
Property Trust III, | Property Trust III, | Property Trust III, | ||||||||||
Program: | Inc. | Inc. | Inc. | |||||||||
Name, location, type of property | Cigna Pointe Plano, TX Healthcare | Walgreens Kingman, AZ Drugstore | Walgreens Omaha, NE Drugstore | |||||||||
Gross leasable square footage | 209,089 | 15,696 | 14,550 | |||||||||
Date of purchase | 02/24/10 | 02/25/10 | 02/25/10 | |||||||||
Mortgage financing at date of purchase | $ | — | $ | — | $ | — | ||||||
Cash down payment | 50,490,000 | 6,145,500 | 5,304,000 | |||||||||
Contract purchase price plus acquisition fee | 50,490,000 | 6,145,500 | 5,304,000 | |||||||||
Other cash expenditures expensed | 73,830 | 23,761 | 25,781 | |||||||||
Other cash expenditures capitalized | — | — | — | |||||||||
Total acquisition cost | $ | 50,563,830 | $ | 6,169,261 | $ | 5,329,781 | ||||||
Cole Credit | Cole Credit | Cole Credit | ||||||||||
Property Trust III, | Property Trust III, | Property Trust III, | ||||||||||
Program: | Inc. | Inc. | Inc. | |||||||||
Name, location, type of property | Kum & Go Story City, IA Convenience Store | Kum & Go Ottumwa, IA Convenience Store | Kum & Go West Branch, IA Convenience Store | |||||||||
Gross leasable square footage | 3,008 | 4,000 | 3,164 | |||||||||
Date of purchase | 02/25/10 | 02/25/10 | 02/25/10 | |||||||||
Mortgage financing at date of purchase | $ | — | $ | — | $ | — | ||||||
Cash down payment | 2,091,000 | 1,860,000 | 1,116,000 | |||||||||
Contract purchase price plus acquisition fee | 2,091,000 | 1,860,000 | 1,116,000 | |||||||||
Other cash expenditures expensed | 28,704 | 28,282 | 28,244 | |||||||||
Other cash expenditures capitalized | — | — | — | |||||||||
Total acquisition cost | $ | 2,119,704 | $ | 1,888,282 | $ | 1,144,244 | ||||||
II-69
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 Augusta, ME Drugstore | O’Reilly Auto Parts LaPlace, LA Automotive Parts | O’Reilly Auto Parts New Roads, LA Automotive Parts | |||||||||
Gross leasable square footage | 14,065 | 7,000 | 6,800 | |||||||||
Date of purchase | 03/05/10 | 03/12/10 | 03/12/10 | |||||||||
Mortgage financing at date of purchase | $ | — | $ | — | $ | — | ||||||
Cash down payment | 6,552,727 | 1,041,498 | 837,041 | |||||||||
Contract purchase price plus acquisition fee | 6,552,727 | 1,041,498 | 837,041 | |||||||||
Other cash expenditures expensed | 43,603 | 22,491 | 22,657 | |||||||||
Other cash expenditures capitalized | — | — | — | |||||||||
Total acquisition cost | $ | 6,596,330 | $ | 1,063,989 | $ | 859,698 | ||||||
Cole Credit | Cole Credit | Cole Credit | ||||||||||
Property Trust III, | Property Trust III, | Property Trust III, | ||||||||||
Program: | Inc. | Inc. | Inc. | |||||||||
Name, location, type of property | O’Reilly Auto Parts Beaux Bridge, LA Automotive Parts | Cargill Blair, NE Office Building | Walgreens North Mankato, MN Drugstore | |||||||||
Gross leasable square footage | 6,800 | 30,000 | 14,550 | |||||||||
Date of purchase | 03/15/10 | 03/17/10 | 03/18/10 | |||||||||
Mortgage financing at date of purchase | $ | — | $ | — | $ | — | ||||||
Cash down payment | 823,319 | 5,054,103 | 5,171,400 | |||||||||
Contract purchase price plus acquisition fee | 823,319 | 5,054,103 | 5,171,400 | |||||||||
Other cash expenditures expensed | 22,464 | 40,230 | 28,975 | |||||||||
Other cash expenditures capitalized | — | — | — | |||||||||
Total acquisition cost | $ | 845,783 | $ | 5,094,333 | $ | 5,200,375 | ||||||
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 New Port Richey, FL Drugstore | Kohl’s McAllen, TX Department Store | Sunset Valley Austin, TX Shopping Center | |||||||||
Gross leasable square footage | 13,813 | 88,248 | 147,841 | |||||||||
Date of purchase | 03/26/10 | 03/26/10 | 03/26/10 | |||||||||
Mortgage financing at date of purchase | $ | — | $ | — | $ | — | ||||||
Cash down payment | 3,381,300 | 7,446,000 | 36,210,000 | |||||||||
Contract purchase price plus acquisition fee | 3,381,300 | 7,446,000 | 36,210,000 | |||||||||
Other cash expenditures expensed | 21,015 | 36,265 | 111,611 | |||||||||
Other cash expenditures capitalized | — | — | — | |||||||||
Total acquisition cost | $ | 3,402,315 | $ | 7,482,265 | $ | 36,321,611 | ||||||
II-70
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 Birmingham, AL Drugstore | Advanced Auto Twinsburg, OH Automotive Parts | Advanced Auto Canton, OH Automotive Parts | |||||||||
Gross leasable square footage | 13,905 | 6,000 | 7,000 | |||||||||
Date of purchase | 03/30/10 | 03/31/10 | 03/31/10 | |||||||||
Mortgage financing at date of purchase | $ | — | $ | — | $ | — | ||||||
Cash down payment | 3,188,520 | 1,289,320 | 1,390,260 | |||||||||
Contract purchase price plus acquisition fee | 3,188,520 | 1,289,320 | 1,390,260 | |||||||||
Other cash expenditures expensed | 23,766 | 32,226 | 30,788 | |||||||||
Other cash expenditures capitalized | — | — | — | |||||||||
Total acquisition cost | $ | 3,212,286 | $ | 1,321,546 | $ | 1,421,048 | ||||||
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 Delaware, OH Automotive Parts | Advanced Auto Holland, OH Automotive Parts | Applebee’s Joplin, MO Restaurant | |||||||||
Gross leasable square footage | 7,000 | 6,000 | 5,386 | |||||||||
Date of purchase | 03/31/10 | 03/31/10 | 03/31/10 | |||||||||
Mortgage financing at date of purchase | $ | — | $ | — | $ | — | ||||||
Cash down payment | 1,524,900 | 1,349,460 | 2,152,200 | |||||||||
Contract purchase price plus acquisition fee | 1,524,900 | 1,349,460 | 2,152,200 | |||||||||
Other cash expenditures expensed | 30,690 | 30,164 | 21,858 | |||||||||
Other cash expenditures capitalized | — | — | — | |||||||||
Total acquisition cost | $ | 1,555,590 | $ | 1,379,624 | $ | 2,174,058 | ||||||
Cole Credit | Cole Credit | Cole Credit | ||||||||||
Property Trust III, | Property Trust III, | Property Trust III, | ||||||||||
Program: | Inc. | Inc. | Inc. | |||||||||
Name, location, type of property | Applebee’s Rolla, MO Restaurant | Applebee’s Marion, IL Restaurant | Applebee’s Elizabeth City, NC Restaurant | |||||||||
Gross leasable square footage | 4,791 | 5,403 | 4,676 | |||||||||
Date of purchase | 03/31/10 | 03/31/10 | 03/31/10 | |||||||||
Mortgage financing at date of purchase | $ | — | $ | — | $ | — | ||||||
Cash down payment | 2,239,920 | 1,768,680 | 1,938,000 | |||||||||
Contract purchase price plus acquisition fee | 2,239,920 | 1,768,680 | 1,938,000 | |||||||||
Other cash expenditures expensed | 21,225 | 22,189 | 18,460 | |||||||||
Other cash expenditures capitalized | — | — | — | |||||||||
Total acquisition cost | $ | 2,261,145 | $ | 1,790,869 | $ | 1,956,460 | ||||||
II-71
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 | Applebee’s Memphis, TN Restaurant | Applebee’s Madisonville, KY Restaurant | Applebee’s Farmington, MO Restaurant | |||||||||
Gross leasable square footage | 4,830 | 5,393 | 3,894 | |||||||||
Date of purchase | 03/31/10 | 03/31/10 | 03/31/10 | |||||||||
Mortgage financing at date of purchase | $ | — | $ | — | $ | — | ||||||
Cash down payment | 2,132,820 | 1,922,700 | 2,161,992 | |||||||||
Contract purchase price plus acquisition fee | 2,132,820 | 1,922,700 | 2,161,992 | |||||||||
Other cash expenditures expensed | 20,845 | 21,874 | 22,065 | |||||||||
Other cash expenditures capitalized | — | — | — | |||||||||
Total acquisition cost | $ | 2,153,665 | $ | 1,944,574 | $ | 2,184,057 | ||||||
Cole Credit | Cole Credit | Cole Credit | ||||||||||
Property Trust III, | Property Trust III, | Property Trust III, | ||||||||||
Program: | Inc. | Inc. | Inc. | |||||||||
Name, location, type of property | Applebee’s Vincennes, IN Restaurant | Aaron Rents Auburndale, FL Specialty Retail | Aaron Rents Bloomsburg, PA Specialty Retail | |||||||||
Gross leasable square footage | 5,840 | 148,922 | 12,000 | |||||||||
Date of purchase | 03/31/10 | 03/31/10 | 03/31/10 | |||||||||
Mortgage financing at date of purchase | $ | — | $ | — | $ | — | ||||||
Cash down payment | 1,882,104 | 5,283,000 | 825,000 | |||||||||
Contract purchase price plus acquisition fee | 1,882,104 | 5,283,000 | 825,000 | |||||||||
Other cash expenditures expensed | 20,295 | 125,645 | 45,227 | |||||||||
Other cash expenditures capitalized | — | — | — | |||||||||
Total acquisition cost | $ | 1,902,399 | $ | 5,408,645 | $ | 870,227 | ||||||
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 Rents Bowling Green, OH Specialty Retail | Aaron Rents Mission, TX Specialty Retail | Aaron Rents North Olmstead, OH Specialty Retail | |||||||||
Gross leasable square footage | 8,000 | 8,000 | 7,800 | |||||||||
Date of purchase | 03/31/10 | 03/31/10 | 03/31/10 | |||||||||
Mortgage financing at date of purchase | $ | — | $ | — | $ | — | ||||||
Cash down payment | 1,180,000 | 1,091,000 | 928,000 | |||||||||
Contract purchase price plus acquisition fee | 1,180,000 | 1,091,000 | 928,000 | |||||||||
Other cash expenditures expensed | 42,707 | 39,324 | 37,843 | |||||||||
Other cash expenditures capitalized | — | — | — | |||||||||
Total acquisition cost | $ | 1,222,707 | $ | 1,130,324 | $ | 965,843 | ||||||
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 | Aaron Rents Redford, MI Specialty Retail | Aaron Rents Springdale, AR Specialty Retail | Aaron Rents Valley, AL Specialty Retail | |||||||||
Gross leasable square footage | 8,025 | 8,000 | 6,950 | |||||||||
Date of purchase | 03/31/10 | 03/31/10 | 03/31/10 | |||||||||
Mortgage financing at date of purchase | $ | — | $ | — | $ | — | ||||||
Cash down payment | 901,000 | 1,330,000 | 804,000 | |||||||||
Contract purchase price plus acquisition fee | 901,000 | 1,330,000 | 804,000 | |||||||||
Other cash expenditures expensed | 35,604 | 47,444 | 33,843 | |||||||||
Other cash expenditures capitalized | — | — | — | |||||||||
Total acquisition cost | $ | 936,604 | $ | 1,377,444 | $ | 837,843 | ||||||
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 Rents Kennett, MO Specialty Retail | Aaron Rents Kent, OH Specialty Retail | Aaron Rents Kingsville, TX Specialty Retail | |||||||||
Gross leasable square footage | 7,276 | 16,547 | 8,000 | |||||||||
Date of purchase | 03/31/10 | 03/31/10 | 03/31/10 | |||||||||
Mortgage financing at date of purchase | $ | — | $ | — | $ | — | ||||||
Cash down payment | 641,000 | 1,225,000 | 1,193,000 | |||||||||
Contract purchase price plus acquisition fee | 641,000 | 1,225,000 | 1,193,000 | |||||||||
Other cash expenditures expensed | 29,783 | 46,100 | 40,424 | |||||||||
Other cash expenditures capitalized | — | — | — | |||||||||
Total acquisition cost | $ | 670,783 | $ | 1,271,100 | $ | 1,233,424 | ||||||
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 Rents Magnolia, MS Specialty Retail | Aaron Rents Marion, SC Specialty Retail | Aaron Rents Oneonta, AL Specialty Retail | |||||||||
Gross leasable square footage | 125,000 | 8,000 | 8,000 | |||||||||
Date of purchase | 03/31/10 | 03/31/10 | 03/31/10 | |||||||||
Mortgage financing at date of purchase | $ | — | $ | — | $ | — | ||||||
Cash down payment | 2,945,000 | 627,000 | 1,170,000 | |||||||||
Contract purchase price plus acquisition fee | 2,945,000 | 627,000 | 1,170,000 | |||||||||
Other cash expenditures expensed | 79,936 | 30,258 | 41,455 | |||||||||
Other cash expenditures capitalized | — | — | — | |||||||||
Total acquisition cost | $ | 3,024,936 | $ | 657,258 | $ | 1,211,455 | ||||||
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 Rents West Lafayette, IN Specialty Retail | Aaron Rents Charlotte, NC Specialty Retail | LA Fitness Denton, TX Fitness | |||||||||
Gross leasable square footage | 5,935 | 8,775 | 45,000 | |||||||||
Date of purchase | 03/31/10 | 03/31/10 | 03/31/10 | |||||||||
Mortgage financing at date of purchase | $ | — | $ | — | $ | — | ||||||
Cash down payment | 1,102,000 | 1,195,000 | 7,981,500 | |||||||||
Contract purchase price plus acquisition fee | 1,102,000 | 1,195,000 | 7,981,500 | |||||||||
Other cash expenditures expensed | 40,369 | 41,605 | 39,415 | |||||||||
Other cash expenditures capitalized | — | — | — | |||||||||
Total acquisition cost | $ | 1,142,369 | $ | 1,236,605 | $ | 8,020,915 | ||||||
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 Pearsall, TX Specialty Retail | Walgreens Janesville, WI Drugstore | Tractor Supply Summerdale, AL Specialty Retail | |||||||||
Gross leasable square footage | 18,948 | 14,820 | 19,097 | |||||||||
Date of purchase | 04/09/10 | 04/13/10 | 04/14/10 | |||||||||
Mortgage financing at date of purchase | $ | — | $ | — | $ | — | ||||||
Cash down payment | 2,485,953 | 4,360,500 | 2,517,625 | |||||||||
Contract purchase price plus acquisition fee | 2,485,953 | 4,360,500 | 2,517,625 | |||||||||
Other cash expenditures expensed | 25,629 | 24,595 | 22,885 | |||||||||
Other cash expenditures capitalized | — | — | — | |||||||||
Total acquisition cost | $ | 2,511,582 | $ | 4,385,095 | $ | 2,540,510 | ||||||
Cole Credit | Cole Credit | Cole Credit | ||||||||||
Property Trust III, | Property Trust III, | Property Trust III, | ||||||||||
Program: | Inc. | Inc. | Inc. | |||||||||
Name, location, type of property | National Tire and Battery Nashville, TN Automotive Parts | Fed Ex Beekmantown, NY Distribution | Kum & Go Sloan, IA Convenience Store | |||||||||
Gross leasable square footage | 8,074 | 49,768 | 4,794 | |||||||||
Date of purchase | 04/21/10 | 04/23/10 | 04/23/10 | |||||||||
Mortgage financing at date of purchase | $ | — | $ | — | $ | — | ||||||
Cash down payment | 1,744,047 | 5,431,500 | 2,652,000 | |||||||||
Contract purchase price plus acquisition fee | 1,744,047 | 5,431,500 | 2,652,000 | |||||||||
Other cash expenditures expensed | 20,821 | 28,890 | 26,132 | |||||||||
Other cash expenditures capitalized | — | — | — | |||||||||
Total acquisition cost | $ | 1,764,868 | $ | 5,460,390 | $ | 2,678,132 | ||||||
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 | Fed Ex Lafayette, IN Distribution | Advanced Auto Sylvania, OH Automotive Parts | Walgreens Durham, NC Drugstore | |||||||||
Gross leasable square footage | 22,194 | 6,000 | 14,820 | |||||||||
Date of purchase | 04/27/10 | 04/28/10 | 04/28/10 | |||||||||
Mortgage financing at date of purchase | $ | — | $ | — | $ | — | ||||||
Cash down payment | 4,582,860 | 1,265,820 | 5,916,000 | |||||||||
Contract purchase price plus acquisition fee | 4,582,860 | 1,265,820 | 5,916,000 | |||||||||
Other cash expenditures expensed | 23,630 | 30,508 | 22,973 | |||||||||
Other cash expenditures capitalized | — | — | — | |||||||||
Total acquisition cost | $ | 4,606,490 | $ | 1,296,328 | $ | 5,938,973 | ||||||
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 Killeen, TX Sporting Goods | Tractor Supply Kenedy, TX Specialty Retail | Experian Schaumburg, IL Office Building | |||||||||
Gross leasable square footage | 96,645 | 18,800 | 177,893 | |||||||||
Date of purchase | 04/29/10 | 04/29/10 | 04/30/10 | |||||||||
Mortgage financing at date of purchase | $ | — | $ | — | $ | — | ||||||
Cash down payment | 6,834,000 | 2,526,279 | 30,600,000 | |||||||||
Contract purchase price plus acquisition fee | 6,834,000 | 2,526,279 | 30,600,000 | |||||||||
Other cash expenditures expensed | 30,636 | 26,672 | 60,672 | |||||||||
Other cash expenditures capitalized | — | — | — | |||||||||
Total acquisition cost | $ | 6,864,636 | $ | 2,552,951 | $ | 30,660,672 | ||||||
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 Stillwater, OK Specialty Retail | Tractor Supply Glenpool, OK Specialty Retail | Tractor Supply Gibsonia, PA Specialty Retail | |||||||||
Gross leasable square footage | 19,180 | 19,097 | 19,097 | |||||||||
Date of purchase | 05/04/10 | 05/04/10 | 05/05/10 | |||||||||
Mortgage financing at date of purchase | $ | — | $ | — | $ | — | ||||||
Cash down payment | 2,475,540 | 2,413,320 | 3,185,460 | |||||||||
Contract purchase price plus acquisition fee | 2,475,540 | 2,413,320 | 3,185,460 | |||||||||
Other cash expenditures expensed | 25,591 | 25,297 | 60,239 | |||||||||
Other cash expenditures capitalized | — | — | — | |||||||||
Total acquisition cost | $ | 2,501,131 | $ | 2,438,617 | $ | 3,245,699 | ||||||
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 | Walgreens Lancaster (Palmdale), CA Drugstore | Northern Tool Ocala, FL Specialty Retail | Walgreens Beloit, WI Drugstore | |||||||||
Gross leasable square footage | 13,650 | 26,054 | 14,820 | |||||||||
Date of purchase | 05/17/10 | 05/20/10 | 05/20/10 | |||||||||
Mortgage financing at date of purchase | $ | — | $ | — | $ | — | ||||||
Cash down payment | 5,647,740 | 3,588,360 | 4,396,200 | |||||||||
Contract purchase price plus acquisition fee | 5,647,740 | 3,588,360 | 4,396,200 | |||||||||
Other cash expenditures expensed | 42,143 | 30,727 | 23,002 | |||||||||
Other cash expenditures capitalized | — | — | — | |||||||||
Total acquisition cost | $ | 5,689,883 | $ | 3,619,087 | $ | 4,419,202 | ||||||
Cole Credit | Cole Credit | Cole Credit | ||||||||||
Property Trust III, | Property Trust III, | Property Trust III, | ||||||||||
Program: | Inc. | Inc. | Inc. | |||||||||
Name, location, type of property | Igloo Distribution Facility Katy, TX Distribution | Tractor Supply Ballinger, TX Specialty Retail | Tractor Supply Murphy, NC Specialty Retail | |||||||||
Gross leasable square footage | 914,195 | 19,097 | 19,097 | |||||||||
Date of purchase | 05/21/10 | 05/21/10 | 05/21/10 | |||||||||
Mortgage financing at date of purchase | $ | — | $ | — | $ | — | ||||||
Cash down payment | 38,862,000 | 2,543,595 | 2,898,935 | |||||||||
Contract purchase price plus acquisition fee | 38,862,000 | 2,543,595 | 2,898,935 | |||||||||
Other cash expenditures expensed | 99,997 | 27,186 | 26,365 | |||||||||
Other cash expenditures capitalized | — | — | — | |||||||||
Total acquisition cost | $ | 38,961,997 | $ | 2,570,781 | $ | 2,925,300 | ||||||
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 Rocky Mount, NC Drugstore | Whole Foods Hinsdale, IL Grocery | AT&T Regional Headquarters Dallas, TX Office Building | |||||||||
Gross leasable square footage | 14,820 | 48,835 | 206,040 | |||||||||
Date of purchase | 05/26/10 | 05/28/10 | 05/28/10 | |||||||||
Mortgage financing at date of purchase | $ | — | $ | — | $ | — | ||||||
Cash down payment | 5,980,260 | 11,842,200 | 29,988,000 | |||||||||
Contract purchase price plus acquisition fee | 5,980,260 | 11,842,200 | 29,988,000 | |||||||||
Other cash expenditures expensed | 19,953 | 28,837 | 85,953 | |||||||||
Other cash expenditures capitalized | — | — | — | |||||||||
Total acquisition cost | $ | 6,000,213 | $ | 11,871,037 | $ | 30,073,953 | ||||||
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 | Kum & Go Tipton, IA Convenience Store | AutoZone Mt. Orab, OH Automotive Parts | AutoZone Hamilton, OH Automotive Parts | |||||||||
Gross leasable square footage | 5,118 | 6,816 | 6,816 | |||||||||
Date of purchase | 05/28/10 | 06/09/10 | 06/09/10 | |||||||||
Mortgage financing at date of purchase | $ | — | $ | — | $ | — | ||||||
Cash down payment | 2,544,000 | 1,391,280 | 1,668,720 | |||||||||
Contract purchase price plus acquisition fee | 2,544,000 | 1,391,280 | 1,668,720 | |||||||||
Other cash expenditures expensed | 33,070 | 25,643 | 26,959 | |||||||||
Other cash expenditures capitalized | — | — | — | |||||||||
Total acquisition cost | $ | 2,577,070 | $ | 1,416,923 | $ | 1,695,679 | ||||||
Cole Credit | Cole Credit | Cole Credit | ||||||||||
Property Trust III, | Property Trust III, | Property Trust III, | ||||||||||
Program: | Inc. | Inc. | Inc. | |||||||||
Name, location, type of property | AutoZone Trenton, OH Automotive Parts | AutoZone Blanchester, OH Automotive Parts | AutoZone Nashville, TN Automotive Parts | |||||||||
Gross leasable square footage | 6,816 | 7,370 | 6,815 | |||||||||
Date of purchase | 06/09/10 | 06/09/10 | 06/09/10 | |||||||||
Mortgage financing at date of purchase | $ | — | $ | — | $ | — | ||||||
Cash down payment | 1,031,220 | 1,075,590 | 1,706,455 | |||||||||
Contract purchase price plus acquisition fee | 1,031,220 | 1,075,590 | 1,706,455 | |||||||||
Other cash expenditures expensed | 26,048 | 27,429 | 24,602 | |||||||||
Other cash expenditures capitalized | — | — | — | |||||||||
Total acquisition cost | $ | 1,057,268 | $ | 1,103,019 | $ | 1,731,057 | ||||||
Cole Credit | Cole Credit | Cole Credit | ||||||||||
Property Trust III, | Property Trust III, | Property Trust III, | ||||||||||
Program: | Inc. | Inc. | Inc. | |||||||||
Name, location, type of property | Evans Exchange Evans, GA Shopping Center | Staples Houston, TX Office Supply | CVS Ft. Myers, FL Drugstore | |||||||||
Gross leasable square footage | 54,948(3 | ) | 20,060 | 12,900 | ||||||||
Date of purchase | 06/11/10 | 06/17/10 | 06/18/10 | |||||||||
Mortgage financing at date of purchase | $ | 5,840,667 | $ | — | $ | — | ||||||
Cash down payment | 13,947,336 | 3,765,840 | 6,085,320 | |||||||||
Contract purchase price plus acquisition fee | 19,788,003 | 3,765,840 | 6,085,320 | |||||||||
Other cash expenditures expensed | 107,587 | 25,093 | 24,609 | |||||||||
Other cash expenditures capitalized | — | — | — | |||||||||
Total acquisition cost | $ | 19,895,590 | $ | 3,790,933 | $ | 6,109,929 | ||||||
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 | Walgreens Fort Mill, SC Drugstore | Lowe’s Sanford, ME Home Improvement | Stripes Eagle Pass, TX Convenience Store | |||||||||
Gross leasable square footage | 14,820 | —(3 | ) | 4,888 | ||||||||
Date of purchase | 06/24/10 | 06/28/10 | 06/29/10 | |||||||||
Mortgage financing at date of purchase | $ | — | $ | — | $ | — | ||||||
Cash down payment | 4,445,969 | 9,562,500 | 2,912,567 | |||||||||
Contract purchase price plus acquisition fee | 4,445,969 | 9,562,500 | 2,912,567 | |||||||||
Other cash expenditures expensed | 45,257 | 67,591 | 10,744 | |||||||||
Other cash expenditures capitalized | — | — | — | |||||||||
Total acquisition cost | $ | 4,491,226 | $ | 9,630,091 | $ | 2,923,311 | ||||||
Cole Credit | Cole Credit | Cole Credit | ||||||||||
Property Trust III, | Property Trust III, | Property Trust III, | ||||||||||
Program: | Inc. | Inc. | Inc. | |||||||||
Name, location, type of property | Stripes Edinburg, TX Convenience Store | Stripes Palmhurst, TX Convenience Store | Stripes Ranchito, TX Convenience Store | |||||||||
Gross leasable square footage | 3,600 | 2,925 | 4,888 | |||||||||
Date of purchase | 06/29/10 | 06/29/10 | 06/29/10 | |||||||||
Mortgage financing at date of purchase | $ | — | $ | — | $ | — | ||||||
Cash down payment | 2,473,655 | 1,030,613 | 2,703,214 | |||||||||
Contract purchase price plus acquisition fee | 2,473,655 | 1,030,613 | 2,703,214 | |||||||||
Other cash expenditures expensed | 10,744 | 10,744 | 11,130 | |||||||||
Other cash expenditures capitalized | — | — | — | |||||||||
Total acquisition cost | $ | 2,484,399 | $ | 1,041,357 | $ | 2,714,344 | ||||||
Cole Credit | Cole Credit | Cole Credit | ||||||||||
Property Trust III, | Property Trust III, | Property Trust III, | ||||||||||
Program: | Inc. | Inc. | Inc. | |||||||||
Name, location, type of property | Atascocita Commons Humble, TX Shopping Center | Tractor Supply Southwick, MA Specialty Retail | Tractor Supply Belchertown, MA Specialty Retail | |||||||||
Gross leasable square footage | 306,890(3 | ) | 19,097 | 19,097 | ||||||||
Date of purchase | 06/29/10 | 06/29/10 | 06/29/10 | |||||||||
Mortgage financing at date of purchase | $ | — | $ | — | $ | — | ||||||
Cash down payment | 57,630,000 | 4,487,185 | 3,712,438 | |||||||||
Contract purchase price plus acquisition fee | 57,630,000 | 4,487,185 | 3,712,438 | |||||||||
Other cash expenditures expensed | 141,889 | 23,778 | 21,742 | |||||||||
Other cash expenditures capitalized | — | — | — | |||||||||
Total acquisition cost | $ | 57,771,889 | $ | 4,510,963 | $ | 3,734,180 | ||||||
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 | AutoZone Pearl River, LA Automotive Parts | AutoZone Rapid City, SD Automotive Parts | Chili’s Flanders, NJ Restaurant | |||||||||
Gross leasable square footage | 7,370 | 7,381 | 6,046 | |||||||||
Date of purchase | 06/30/10 | 06/30/10 | 06/30/10 | |||||||||
Mortgage financing at date of purchase | $ | — | $ | — | $ | — | ||||||
Cash down payment | 1,428,000 | 1,186,770 | 2,478,532 | |||||||||
Contract purchase price plus acquisition fee | 1,428,000 | 1,186,770 | 2,478,532 | |||||||||
Other cash expenditures expensed | 38,406 | 27,731 | 32,246 | |||||||||
Other cash expenditures capitalized | — | — | — | |||||||||
Total acquisition cost | $ | 1,466,406 | $ | 1,214,501 | $ | 2,510,778 | ||||||
Cole Credit | Cole Credit | Cole Credit | ||||||||||
Property Trust III, | Property Trust III, | Property Trust III, | ||||||||||
Program: | Inc. | Inc. | Inc. | |||||||||
Name, location, type of property | Chili’s Ramsey, NJ Restaurant | Macaroni Grill Flanders, NJ Restaurant | Macaroni Grill Mt. Laurel, NJ Restaurant | |||||||||
Gross leasable square footage | 6,148 | 6,874 | 7,058 | |||||||||
Date of purchase | 06/30/10 | 06/30/10 | 06/30/10 | |||||||||
Mortgage financing at date of purchase | $ | — | $ | — | $ | — | ||||||
Cash down payment | 1,850,337 | 1,343,414 | 1,403,122 | |||||||||
Contract purchase price plus acquisition fee | 1,850,337 | 1,343,414 | 1,403,122 | |||||||||
Other cash expenditures expensed | 35,463 | 35,691 | 64,284 | |||||||||
Other cash expenditures capitalized | — | — | — | |||||||||
Total acquisition cost | $ | 1,885,800 | $ | 1,379,105 | $ | 1,467,406 | ||||||
Cole Credit | Cole Credit | Cole Credit | ||||||||||
Property Trust III, | Property Trust III, | Property Trust III, | ||||||||||
Program: | Inc. | Inc. | Inc. | |||||||||
Name, location, type of property | Macaroni Grill Ramsey, NJ Restaurant | Macaroni Grill West Windsor, NJ Restaurant | On the Border Alpharetta, GA Restaurant | |||||||||
Gross leasable square footage | 8,074 | 7,913 | 6,660 | |||||||||
Date of purchase | 06/30/10 | 06/30/10 | 06/30/10 | |||||||||
Mortgage financing at date of purchase | $ | — | $ | — | $ | — | ||||||
Cash down payment | 2,537,561 | 1,562,341 | 2,997,871 | |||||||||
Contract purchase price plus acquisition fee | 2,537,561 | 1,562,341 | 2,997,871 | |||||||||
Other cash expenditures expensed | 39,101 | 27,929 | 15,074 | |||||||||
Other cash expenditures capitalized | — | — | — | |||||||||
Total acquisition cost | $ | 2,576,662 | $ | 1,590,270 | $ | 3,012,945 | ||||||
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 | On the Border Auburn Hills, MI Restaurant | On the Border Buford, GA Restaurant | On the Border Burleson, TX Restaurant | |||||||||
Gross leasable square footage | 8,367 | 6,088 | 6,082 | |||||||||
Date of purchase | 06/30/10 | 06/30/10 | 06/30/10 | |||||||||
Mortgage financing at date of purchase | $ | — | $ | — | $ | — | ||||||
Cash down payment | 3,234,227 | 2,705,505 | 3,257,494 | |||||||||
Contract purchase price plus acquisition fee | 3,234,227 | 2,705,505 | 3,257,494 | |||||||||
Other cash expenditures expensed | 14,945 | 14,914 | 22,275 | |||||||||
Other cash expenditures capitalized | — | — | — | |||||||||
Total acquisition cost | $ | 3,249,172 | $ | 2,720,419 | $ | 3,279,769 | ||||||
Cole Credit | Cole Credit | Cole Credit | ||||||||||
Property Trust III, | Property Trust III, | Property Trust III, | ||||||||||
Program: | Inc. | Inc. | Inc. | |||||||||
Name, location, type of property | On the Border College Station, TX Restaurant | On the Border Columbus, OH Restaurant | On the Border Concord Mills, NC Restaurant | |||||||||
Gross leasable square footage | 6,652 | 7,671 | 6,102 | |||||||||
Date of purchase | 06/30/10 | 06/30/10 | 06/30/10 | |||||||||
Mortgage financing at date of purchase | $ | — | $ | — | $ | — | ||||||
Cash down payment | 2,978,865 | 2,971,056 | 2,979,296 | |||||||||
Contract purchase price plus acquisition fee | 2,978,865 | 2,971,056 | 2,979,296 | |||||||||
Other cash expenditures expensed | 21,825 | 19,520 | 15,527 | |||||||||
Other cash expenditures capitalized | — | — | — | |||||||||
Total acquisition cost | $ | 3,000,690 | $ | 2,990,576 | $ | 2,994,823 | ||||||
Cole Credit | Cole Credit | Cole Credit | ||||||||||
Property Trust III, | Property Trust III, | Property Trust III, | ||||||||||
Program: | Inc. | Inc. | Inc. | |||||||||
Name, location, type of property | On the Border Denton, TX Restaurant | On the Border Desoto, TX Restaurant | On the Border Fort Worth, TX Restaurant | |||||||||
Gross leasable square footage | 5,661 | 9,231 | 7,127 | |||||||||
Date of purchase | 06/30/10 | 06/30/10 | 06/30/10 | |||||||||
Mortgage financing at date of purchase | $ | — | $ | — | $ | — | ||||||
Cash down payment | 2,880,412 | 3,270,358 | 3,542,132 | |||||||||
Contract purchase price plus acquisition fee | 2,880,412 | 3,270,358 | 3,542,132 | |||||||||
Other cash expenditures expensed | 21,309 | 22,308 | 23,139 | |||||||||
Other cash expenditures capitalized | — | — | — | |||||||||
Total acquisition cost | $ | 2,901,721 | $ | 3,292,666 | $ | 3,565,271 | ||||||
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 | On the Border Garland, TX Restaurant | On the Border Kansas City, MO Restaurant | On the Border Lee’s Summit, MO Restaurant | |||||||||
Gross leasable square footage | 5,948 | 6,780 | 5,780 | |||||||||
Date of purchase | 06/30/10 | 06/30/10 | 06/30/10 | |||||||||
Mortgage financing at date of purchase | $ | — | $ | — | $ | — | ||||||
Cash down payment | 2,221,582 | 2,564,167 | 2,407,823 | |||||||||
Contract purchase price plus acquisition fee | 2,221,582 | 2,564,167 | 2,407,823 | |||||||||
Other cash expenditures expensed | 18,638 | 15,125 | 15,180 | |||||||||
Other cash expenditures capitalized | — | — | — | |||||||||
Total acquisition cost | $ | 2,240,220 | $ | 2,579,292 | $ | 2,423,003 | ||||||
Cole Credit | Cole Credit | Cole Credit | ||||||||||
Property Trust III, | Property Trust III, | Property Trust III, | ||||||||||
Program: | Inc. | Inc. | Inc. | |||||||||
Name, location, type of property | On the Border Lubbock, TX Restaurant | On the Border Mesa, AZ Restaurant | On the Border Mt. Laurel, NJ Restaurant | |||||||||
Gross leasable square footage | 6,745 | 6,586 | 7,041 | |||||||||
Date of purchase | 06/30/10 | 06/30/10 | 06/30/10 | |||||||||
Mortgage financing at date of purchase | $ | — | $ | — | $ | — | ||||||
Cash down payment | 3,313,867 | 2,964,131 | 2,869,419 | |||||||||
Contract purchase price plus acquisition fee | 3,313,867 | 2,964,131 | 2,869,419 | |||||||||
Other cash expenditures expensed | 22,426 | 13,523 | 8,914 | |||||||||
Other cash expenditures capitalized | — | — | — | |||||||||
Total acquisition cost | $ | 3,336,293 | $ | 2,977,654 | $ | 2,878,333 | ||||||
Cole Credit | Cole Credit | Cole Credit | ||||||||||
Property Trust III, | Property Trust III, | Property Trust III, | ||||||||||
Program: | Inc. | Inc. | Inc. | |||||||||
Name, location, type of property | On the Border Naperville, IL Restaurant | On the Border Novi, MI Restaurant | On the Border Oklahoma City, OK Restaurant | |||||||||
Gross leasable square footage | 6,906 | 8,017 | 7,289 | |||||||||
Date of purchase | 06/30/10 | 06/30/10 | 06/30/10 | |||||||||
Mortgage financing at date of purchase | $ | — | $ | — | $ | — | ||||||
Cash down payment | 3,465,155 | 2,881,239 | 2,936,070 | |||||||||
Contract purchase price plus acquisition fee | 3,465,155 | 2,881,239 | 2,936,070 | |||||||||
Other cash expenditures expensed | 20,530 | 14,698 | 18,738 | |||||||||
Other cash expenditures capitalized | — | — | — | |||||||||
Total acquisition cost | $ | 3,485,685 | $ | 2,895,937 | $ | 2,954,808 | ||||||
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 | On the Border Peoria, AZ Restaurant | On the Border Rockwell, TX Restaurant | On the Border Rogers, AR Restaurant | |||||||||
Gross leasable square footage | 6,506 | 6,668 | 5,782 | |||||||||
Date of purchase | 06/30/10 | 06/30/10 | 06/30/10 | |||||||||
Mortgage financing at date of purchase | $ | — | $ | — | $ | — | ||||||
Cash down payment | 2,601,532 | 3,081,477 | 1,939,417 | |||||||||
Contract purchase price plus acquisition fee | 2,601,532 | 3,081,477 | 1,939,417 | |||||||||
Other cash expenditures expensed | 13,402 | 21,800 | 19,991 | |||||||||
Other cash expenditures capitalized | — | — | — | |||||||||
Total acquisition cost | $ | 2,614,934 | $ | 3,103,277 | $ | 1,959,408 | ||||||
Cole Credit | Cole Credit | Cole Credit | ||||||||||
Property Trust III, | Property Trust III, | Property Trust III, | ||||||||||
Program: | Inc. | Inc. | Inc. | |||||||||
Name, location, type of property | On the Border Tulsa, OK Restaurant | On the Border West Windsor, NJ Restaurant | On the Border West Springfield, MA Restaurant | |||||||||
Gross leasable square footage | 7,559 | 7,611 | 8,248 | |||||||||
Date of purchase | 06/30/10 | 06/30/10 | 06/30/10 | |||||||||
Mortgage financing at date of purchase | $ | — | $ | — | $ | — | ||||||
Cash down payment | 3,395,252 | 3,579,566 | 3,954,279 | |||||||||
Contract purchase price plus acquisition fee | 3,395,252 | 3,579,566 | 3,954,279 | |||||||||
Other cash expenditures expensed | 19,051 | 55,149 | 17,803 | |||||||||
Other cash expenditures capitalized | — | — | — | |||||||||
Total acquisition cost | $ | 3,414,303 | $ | 3,634,715 | $ | 3,972,082 | ||||||
Cole Credit | Cole Credit | Cole Credit | ||||||||||
Property Trust III, | Property Trust III, | Property Trust III, | ||||||||||
Program: | Inc. | Inc. | Inc. | |||||||||
Name, location, type of property | On the Border Woodbridge, VA Restaurant | Best Buy Montgomery, AL Specialty Retail | City Center Plaza Bellevue, WA Office Building | |||||||||
Gross leasable square footage | 7,878 | 30,505 | 583,179 | |||||||||
Date of purchase | 06/30/10 | 07/06/10 | 07/09/10 | |||||||||
Mortgage financing at date of purchase | $ | — | $ | — | $ | — | ||||||
Cash down payment | 3,569,830 | 6,222,000 | 316,200,000 | |||||||||
Contract purchase price plus acquisition fee | 3,569,830 | 6,222,000 | 316,200,000 | |||||||||
Other cash expenditures expensed | 29,048 | 25,743 | 727,590 | |||||||||
Other cash expenditures capitalized | — | — | — | |||||||||
Total acquisition cost | $ | 3,598,878 | $ | 6,247,743 | $ | 316,927,590 | ||||||
II-82
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 | AutoZone Hartville, OH Automotive Parts | Walgreens Leland, NC Drugstore | Walgreens Durham, NC Drugstore | |||||||||
Gross leasable square footage | 7,381 | 14,820 | 14,606 | |||||||||
Date of purchase | 07/14/10 | 07/15/10 | 07/20/10 | |||||||||
Mortgage financing at date of purchase | $ | — | $ | — | $ | — | ||||||
Cash down payment | 1,236,240 | 4,901,100 | 5,513,350 | |||||||||
Contract purchase price plus acquisition fee | 1,236,240 | 4,901,100 | 5,513,350 | |||||||||
Other cash expenditures expensed | 24,761 | 22,506 | 50,012 | |||||||||
Other cash expenditures capitalized | — | — | — | |||||||||
Total acquisition cost | $ | 1,261,001 | $ | 4,923,606 | $ | 5,563,362 | ||||||
Cole Credit | Cole Credit | Cole Credit | ||||||||||
Property Trust III, | Property Trust III, | Property Trust III, | ||||||||||
Program: | Inc. | Inc. | Inc. | |||||||||
Name, location, type of property | Tire Kingdom Auburndale, FL Automotive Parts | Tractor Supply St. John, IN Specialty Retail | Home Depot Slidell, LA Home Improvement | |||||||||
Gross leasable square footage | 6,922 | 24,727 | —(3 | ) | ||||||||
Date of purchase | 07/20/10 | 07/28/10 | 07/28/10 | |||||||||
Mortgage financing at date of purchase | $ | — | $ | — | $ | — | ||||||
Cash down payment | 2,297,040 | 4,549,200 | 3,777,784 | |||||||||
Contract purchase price plus acquisition fee | 2,297,040 | 4,549,200 | 3,777,784 | |||||||||
Other cash expenditures expensed | 20,062 | 10,842 | 58,002 | |||||||||
Other cash expenditures capitalized | — | — | — | |||||||||
Total acquisition cost | $ | 2,317,102 | $ | 4,560,042 | $ | 3,835,786 | ||||||
Cole Credit | Cole Credit | Cole Credit | ||||||||||
Property Trust III, | Property Trust III, | Property Trust III, | ||||||||||
Program: | Inc. | Inc. | Inc. | |||||||||
Name, location, type of property | Stop & Shop Stamford, CT Grocery | Home Depot Tolleson, AZ Home Improvement | Advanced Auto Sapulpa, OK Automotive Parts | |||||||||
Gross leasable square footage | 69,733 | 466,694 | 6,784 | |||||||||
Date of purchase | 07/30/10 | 07/30/10 | 08/03/10 | |||||||||
Mortgage financing at date of purchase | $ | — | $ | — | $ | — | ||||||
Cash down payment | 31,110,000 | 31,054,152 | 1,441,266 | |||||||||
Contract purchase price plus acquisition fee | 31,110,000 | 31,054,152 | 1,441,266 | |||||||||
Other cash expenditures expensed | 98,441 | 69,738 | 20,805 | |||||||||
Other cash expenditures capitalized | — | — | — | |||||||||
Total acquisition cost | $ | 31,208,441 | $ | 31,123,890 | $ | 1,462,071 | ||||||
II-83
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 Franklin, IN Automotive Parts | Advanced Auto Grand Rapids, MI Automotive Parts | Tractor Supply Troy, MO Specialty Retail | |||||||||
Gross leasable square footage | 6,157 | 6,133 | 19,100 | |||||||||
Date of purchase | 08/12/10 | 08/12/10 | 08/13/10 | |||||||||
Mortgage financing at date of purchase | $ | — | $ | — | $ | — | ||||||
Cash down payment | 1,490,279 | 1,366,800 | 2,671,429 | |||||||||
Contract purchase price plus acquisition fee | 1,490,279 | 1,366,800 | 2,671,429 | |||||||||
Other cash expenditures expensed | 18,145 | 15,767 | 25,499 | |||||||||
Other cash expenditures capitalized | — | — | — | |||||||||
Total acquisition cost | $ | 1,508,424 | $ | 1,382,567 | $ | 2,696,928 | ||||||
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 Union, MO Specialty Retail | Tractor Supply Alton, IL Specialty Retail | Fed Ex Northwood, OH Distribution | |||||||||
Gross leasable square footage | 19,097 | 19,097 | 89,921 | |||||||||
Date of purchase | 08/13/10 | 08/13/10 | 08/17/10 | |||||||||
Mortgage financing at date of purchase | $ | — | $ | — | $ | — | ||||||
Cash down payment | 2,914,286 | 2,914,286 | 4,970,460 | |||||||||
Contract purchase price plus acquisition fee | 2,914,286 | 2,914,286 | 4,970,460 | |||||||||
Other cash expenditures expensed | 25,588 | 22,785 | 23,067 | |||||||||
Other cash expenditures capitalized | — | — | — | |||||||||
Total acquisition cost | $ | 2,939,874 | $ | 2,937,071 | $ | 4,993,527 | ||||||
Cole Credit | Cole Credit | Cole Credit | ||||||||||
Property Trust III, | Property Trust III, | Property Trust III, | ||||||||||
Program: | Inc. | Inc. | Inc. | |||||||||
Name, location, type of property | LA Fitness Dallas, TX Fitness | CarMax Austin, TX Auto Dealership | Manchester Highlands St. Louis, MO Shopping Center | |||||||||
Gross leasable square footage | 45,000 | 55,888 | 136,273(3 | ) | ||||||||
Date of purchase | 08/17/10 | 08/25/10 | 08/26/10 | |||||||||
Mortgage financing at date of purchase | $ | — | $ | — | $ | — | ||||||
Cash down payment | 9,792,000 | 21,675,000 | 49,470,000 | |||||||||
Contract purchase price plus acquisition fee | 9,792,000 | 21,675,000 | 49,470,000 | |||||||||
Other cash expenditures expensed | 34,141 | 39,470 | 111,109 | |||||||||
Other cash expenditures capitalized | — | — | — | |||||||||
Total acquisition cost | $ | 9,826,141 | $ | 21,714,470 | $ | 49,581,109 | ||||||
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 | Academy Sports Austin, TX Sporting Goods | Whittwood Town Center Whittier, CA Shopping Center | Lowe’s Ticonderoga, NY Home Improvement | |||||||||
Gross leasable square footage | 89,807 | 533,518(3 | ) | —(3 | ) | |||||||
Date of purchase | 08/26/10 | 08/27/10 | 08/31/10 | |||||||||
Mortgage financing at date of purchase | $ | — | $ | — | $ | — | ||||||
Cash down payment | 10,544,760 | 85,170,000 | 8,899,329 | |||||||||
Contract purchase price plus acquisition fee | 10,544,760 | 85,170,000 | 8,899,329 | |||||||||
Other cash expenditures expensed | 35,790 | 188,146 | 52,880 | |||||||||
Other cash expenditures capitalized | — | — | — | |||||||||
Total acquisition cost | $ | 10,580,550 | $ | 85,358,146 | $ | 8,952,209 | ||||||
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/Tres Amigos Ringgold, GA Drugstore/ Restaurant | CVS/Noble Roman Mishawaka, IN Drugstore/ Restaurant | Tractor Supply Wauseon, OH Specialty Retail | |||||||||
Gross leasable square footage | 15,029(3 | ) | 12,376 | 19,097 | ||||||||
Date of purchase | 08/31/10 | 09/08/10 | 09/13/10 | |||||||||
Mortgage financing at date of purchase | $ | — | $ | — | $ | — | ||||||
Cash down payment | 4,069,800 | 4,702,960 | 2,548,081 | |||||||||
Contract purchase price plus acquisition fee | 4,069,800 | 4,702,960 | 2,548,081 | |||||||||
Other cash expenditures expensed | 39,661 | 31,896 | 47,079 | |||||||||
Other cash expenditures capitalized | — | — | — | |||||||||
Total acquisition cost | $ | 4,109,461 | $ | 4,734,856 | $ | 2,595,160 | ||||||
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 Sellersburg, IN Specialty Retail | Lakeshore Crossing Gainesville, GA Shopping Center | Tractor Supply Hamilton, OH Specialty Retail | |||||||||
Gross leasable square footage | 19,097 | 123,978 | 40,700 | |||||||||
Date of purchase | 09/13/10 | 09/15/10 | 09/17/10 | |||||||||
Mortgage financing at date of purchase | $ | — | $ | — | $ | — | ||||||
Cash down payment | 2,658,182 | 9,180,000 | 1,713,600 | |||||||||
Contract purchase price plus acquisition fee | 2,658,182 | 9,180,000 | 1,713,600 | |||||||||
Other cash expenditures expensed | 21,252 | 44,775 | 26,369 | |||||||||
Other cash expenditures capitalized | — | — | — | |||||||||
Total acquisition cost | $ | 2,679,434 | $ | 9,224,775 | $ | 1,739,969 | ||||||
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 | Advanced Auto Bonita Springs, FL Automotive Parts | Tractor Supply Dixon, CA Specialty Retail | Tractor Supply Lawrence, KS Specialty Retail | |||||||||
Gross leasable square footage | 6,880 | 24,727 | 19,097 | |||||||||
Date of purchase | 09/22/10 | 09/24/10 | 09/24/10 | |||||||||
Mortgage financing at date of purchase | $ | — | $ | — | $ | — | ||||||
Cash down payment | 2,894,901 | 5,117,850 | 2,826,420 | |||||||||
Contract purchase price plus acquisition fee | 2,894,901 | 5,117,850 | 2,826,420 | |||||||||
Other cash expenditures expensed | 22,717 | 29,290 | 25,414 | |||||||||
Other cash expenditures capitalized | — | — | — | |||||||||
Total acquisition cost | $ | 2,917,618 | $ | 5,147,140 | $ | 2,851,834 | ||||||
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 Nixa, MO Specialty Retail | Albertson’s Tucson (Silverbell), AZ Grocery | Albertson’s Mesa, AZ Grocery | |||||||||
Gross leasable square footage | 19,180 | 60,315 | 51,393 | |||||||||
Date of purchase | 09/24/10 | 09/29/10 | 09/29/10 | |||||||||
Mortgage financing at date of purchase | $ | — | $ | — | $ | — | ||||||
Cash down payment | 2,395,980 | 11,077,940 | 6,188,945 | |||||||||
Contract purchase price plus acquisition fee | 2,395,980 | 11,077,940 | 6,188,945 | |||||||||
Other cash expenditures expensed | 24,716 | 22,787 | 20,284 | |||||||||
Other cash expenditures capitalized | — | — | — | |||||||||
Total acquisition cost | $ | 2,420,696 | $ | 11,100,727 | $ | 6,209,229 | ||||||
Cole Credit | Cole Credit | Cole Credit | ||||||||||
Property Trust III, | Property Trust III, | Property Trust III, | ||||||||||
Program: | Inc. | Inc. | Inc. | |||||||||
Name, location, type of property | Albertson’s Phoenix, AZ Grocery | CVS Weaverville, NC Drugstore | Wawa Portsmouth, VA Convenience Store | |||||||||
Gross leasable square footage | 56,742 | 13,225 | —(3 | ) | ||||||||
Date of purchase | 09/29/10 | 09/30/10 | 09/30/10 | |||||||||
Mortgage financing at date of purchase | $ | — | $ | — | $ | — | ||||||
Cash down payment | 7,139,812 | 6,260,296 | 2,346,000 | |||||||||
Contract purchase price plus acquisition fee | 7,139,812 | 6,260,296 | 2,346,000 | |||||||||
Other cash expenditures expensed | 21,434 | 34,653 | 42,648 | |||||||||
Other cash expenditures capitalized | — | — | — | |||||||||
Total acquisition cost | $ | 7,161,246 | $ | 6,294,949 | $ | 2,388,648 | ||||||
II-86
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 Janesville, WI Automotive Parts | �� | Advanced Auto Appleton, WI Automotive Parts | LA Fitness Oakdale, MN Fitness | ||||||||
Gross leasable square footage | 6,892 | 6,892 | 42,348 | |||||||||
Date of purchase | 09/30/10 | 09/30/10 | 09/30/10 | |||||||||
Mortgage financing at date of purchase | $ | — | $ | — | $ | — | ||||||
Cash down payment | 1,726,860 | 1,470,840 | 8,807,700 | |||||||||
Contract purchase price plus acquisition fee | 1,726,860 | 1,470,840 | 8,807,700 | |||||||||
Other cash expenditures expensed | 17,218 | 17,146 | 28,524 | |||||||||
Other cash expenditures capitalized | — | — | — | |||||||||
Total acquisition cost | $ | 1,744,078 | $ | 1,487,986 | $ | 8,836,224 | ||||||
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 Augusta, ME Specialty Retail | Shoppes at Port Arthur Port Arthur, TX Shopping Center | CVS Lynchburg, VA Drugstore | |||||||||
Gross leasable square footage | 19,097 | 95,877 | 10,125 | |||||||||
Date of purchase | 10/12/10 | 10/12/10 | 10/12/10 | |||||||||
Mortgage financing at date of purchase | $ | — | $ | — | $ | — | ||||||
Cash down payment | 2,835,600 | 15,300,000 | 3,278,280 | |||||||||
Contract purchase price plus acquisition fee | 2,835,600 | 15,300,000 | 3,278,280 | |||||||||
Other cash expenditures expensed | 43,648 | 65,192 | 42,761 | |||||||||
Other cash expenditures capitalized | — | — | — | |||||||||
Total acquisition cost | $ | 2,879,248 | $ | 15,365,192 | $ | 3,321,041 | ||||||
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 Gulf Breeze, FL Drugstore | Applebee’s Tyler, TX Restaurant | Applebee’s Adrian, MI Restaurant | |||||||||
Gross leasable square footage | —(3 | ) | 5,895 | 5,589 | ||||||||
Date of purchase | 10/13/10 | 10/13/10 | 10/13/10 | |||||||||
Mortgage financing at date of purchase | $ | — | $ | — | $ | — | ||||||
Cash down payment | 1,904,340 | 2,772,308 | 2,285,679 | |||||||||
Contract purchase price plus acquisition fee | 1,904,340 | 2,772,308 | 2,285,679 | |||||||||
Other cash expenditures expensed | 24,052 | 31,597 | 20,531 | |||||||||
Other cash expenditures capitalized | — | — | — | |||||||||
Total acquisition cost | $ | 1,928,392 | $ | 2,803,905 | $ | 2,306,210 | ||||||
II-87
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 | Applebee’s Wytheville, VA Restaurant | Applebee’s Norton, VA Restaurant | Applebee’s Kalamazoo, MI Restaurant | |||||||||
Gross leasable square footage | 4,352 | 3,670 | 5,675 | |||||||||
Date of purchase | 10/13/10 | 10/13/10 | 10/13/10 | |||||||||
Mortgage financing at date of purchase | $ | — | $ | — | $ | — | ||||||
Cash down payment | 1,676,273 | 1,691,317 | 2,208,849 | |||||||||
Contract purchase price plus acquisition fee | 1,676,273 | 1,691,317 | 2,208,849 | |||||||||
Other cash expenditures expensed | 21,826 | 21,686 | 20,379 | |||||||||
Other cash expenditures capitalized | — | — | — | |||||||||
Total acquisition cost | $ | 1,698,099 | $ | 1,713,003 | $ | 2,229,228 | ||||||
Cole Credit | Cole Credit | Cole Credit | ||||||||||
Property Trust III, | Property Trust III, | Property Trust III, | ||||||||||
Program: | Inc. | Inc. | Inc. | |||||||||
Name, location, type of property | Applebee’s Owatonna, MN Restaurant | Applebee’s West Memphis, AR Restaurant | Applebee’s Horn Lake, MS Restaurant | |||||||||
Gross leasable square footage | 5,459 | 4,237 | 5,035 | |||||||||
Date of purchase | 10/13/10 | 10/13/10 | 10/13/10 | |||||||||
Mortgage financing at date of purchase | $ | — | $ | — | $ | — | ||||||
Cash down payment | 2,458,461 | 1,523,786 | 1,687,048 | |||||||||
Contract purchase price plus acquisition fee | 2,458,461 | 1,523,786 | 1,687,048 | |||||||||
Other cash expenditures expensed | 19,400 | 22,810 | 21,254 | |||||||||
Other cash expenditures capitalized | — | — | — | |||||||||
Total acquisition cost | $ | 2,477,861 | $ | 1,546,596 | $ | 1,708,302 | ||||||
Cole Credit | Cole Credit | Cole Credit | ||||||||||
Property Trust III, | Property Trust III, | Property Trust III, | ||||||||||
Program: | Inc. | Inc. | Inc. | |||||||||
Name, location, type of property | Applebee’s Chambersburg, PA Restaurant | Applebee’s Bartlett, TN Restaurant | Applebee’s Lufkin, TX Restaurant | |||||||||
Gross leasable square footage | 5,553 | 4,360 | 5,199 | |||||||||
Date of purchase | 10/13/10 | 10/13/10 | 10/13/10 | |||||||||
Mortgage financing at date of purchase | $ | — | $ | — | $ | — | ||||||
Cash down payment | 2,013,574 | 1,904,733 | 2,013,574 | |||||||||
Contract purchase price plus acquisition fee | 2,013,574 | 1,904,733 | 2,013,574 | |||||||||
Other cash expenditures expensed | 24,628 | 20,714 | 27,927 | |||||||||
Other cash expenditures capitalized | — | — | — | |||||||||
Total acquisition cost | $ | 2,038,202 | $ | 1,925,447 | $ | 2,041,501 | ||||||
II-88
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 | Applebee’s Swansea, IL Restaurant | CompUSA Arlington, TX Consumer Electronics | Big O Tire Phoenix, AZ Automotive Parts | |||||||||
Gross leasable square footage | 5,728 | 25,000 | 4,560 | |||||||||
Date of purchase | 10/13/10 | 10/18/10 | 10/20/10 | |||||||||
Mortgage financing at date of purchase | $ | — | $ | — | $ | — | ||||||
Cash down payment | 1,888,308 | 3,340,500 | 1,511,028 | |||||||||
Contract purchase price plus acquisition fee | 1,888,308 | 3,340,500 | 1,511,028 | |||||||||
Other cash expenditures expensed | 20,884 | 57,362 | 19,396 | |||||||||
Other cash expenditures capitalized | — | — | — | |||||||||
Total acquisition cost | $ | 1,909,192 | $ | 3,397,862 | $ | 1,530,424 | ||||||
Cole Credit | Cole Credit | Cole Credit | ||||||||||
Property Trust III, | Property Trust III, | Property Trust III, | ||||||||||
Program: | Inc. | Inc. | Inc. | |||||||||
Name, location, type of property | Fed Ex Dublin, VA Distribution | CVS Madison Heights, VA Drugstore | Petco & Portrait Innovations Lake Charles, LA Specialty Retail | |||||||||
Gross leasable square footage | 32,105 | 10,125 | 17,678 | |||||||||
Date of purchase | 10/21/10 | 10/22/10 | 10/25/10 | |||||||||
Mortgage financing at date of purchase | $ | — | $ | — | $ | — | ||||||
Cash down payment | 3,341,772 | 2,973,300 | 3,978,872 | |||||||||
Contract purchase price plus acquisition fee | 3,341,772 | 2,973,300 | 3,978,872 | |||||||||
Other cash expenditures expensed | 49,051 | 41,106 | 45,022 | |||||||||
Other cash expenditures capitalized | — | — | — | |||||||||
Total acquisition cost | $ | 3,390,823 | $ | 3,014,406 | $ | 4,023,894 | ||||||
Cole Credit | Cole Credit | Cole Credit | ||||||||||
Property Trust III, | Property Trust III, | Property Trust III, | ||||||||||
Program: | Inc. | Inc. | Inc. | |||||||||
Name, location, type of property | Albertson’s Durango, CO Grocery | Albertson’s Fort Collins, CO Grocery | Albertson’s Denver, CO Grocery | |||||||||
Gross leasable square footage | 47,481 | 51,230 | 53,208 | |||||||||
Date of purchase | 10/26/10 | 10/26/10 | 10/26/10 | |||||||||
Mortgage financing at date of purchase | $ | — | $ | — | $ | — | ||||||
Cash down payment | 7,690,091 | 8,828,668 | 7,834,467 | |||||||||
Contract purchase price plus acquisition fee | 7,690,091 | 8,828,668 | 7,834,467 | |||||||||
Other cash expenditures expensed | 21,551 | 21,976 | 21,571 | |||||||||
Other cash expenditures capitalized | — | — | — | |||||||||
Total acquisition cost | $ | 7,711,642 | $ | 8,850,644 | $ | 7,856,038 | ||||||
II-89
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 | Albertson’s Silver City, NM Grocery | Albertson’s Clovis, NM Grocery | Albertson’s Los Lunas, NM Grocery | |||||||||
Gross leasable square footage | 39,385 | 43,484 | 54,349 | |||||||||
Date of purchase | 10/26/10 | 10/26/10 | 10/26/10 | |||||||||
Mortgage financing at date of purchase | $ | — | $ | — | $ | — | ||||||
Cash down payment | 7,261,509 | 8,010,855 | 8,329,111 | |||||||||
Contract purchase price plus acquisition fee | 7,261,509 | 8,010,855 | 8,329,111 | |||||||||
Other cash expenditures expensed | 24,745 | 25,636 | 26,016 | |||||||||
Other cash expenditures capitalized | — | — | — | |||||||||
Total acquisition cost | $ | 7,286,254 | $ | 8,036,491 | $ | 8,355,127 | ||||||
Cole Credit | Cole Credit | Cole Credit | ||||||||||
Property Trust III, | Property Trust III, | Property Trust III, | ||||||||||
Program: | Inc. | Inc. | Inc. | |||||||||
Name, location, type of property | Albertson’s Albuquerque (Lomas), NM Grocery | Albertson’s Yuma, AZ Grocery | Albertson’s El Paso, TX Grocery | |||||||||
Gross leasable square footage | 65,145 | 57,835 | 55,143 | |||||||||
Date of purchase | 10/26/10 | 10/26/10 | 10/26/10 | |||||||||
Mortgage financing at date of purchase | $ | — | $ | — | $ | — | ||||||
Cash down payment | 8,996,059 | 8,966,372 | 9,054,216 | |||||||||
Contract purchase price plus acquisition fee | 8,996,059 | 8,966,372 | 9,054,216 | |||||||||
Other cash expenditures expensed | 26,810 | 17,837 | 25,151 | |||||||||
Other cash expenditures capitalized | — | — | — | |||||||||
Total acquisition cost | $ | 9,022,869 | $ | 8,984,209 | $ | 9,079,367 | ||||||
Cole Credit | Cole Credit | Cole Credit | ||||||||||
Property Trust III, | Property Trust III, | Property Trust III, | ||||||||||
Program: | Inc. | Inc. | Inc. | |||||||||
Name, location, type of property | Albertson’s Albuquerque, NM (Academy) Grocery | Albertson’s Scottsdale, AZ Grocery | Albertson’s Tucson (Grant), AZ Grocery | |||||||||
Gross leasable square footage | 65,413 | 62,119 | 49,491 | |||||||||
Date of purchase | 10/26/10 | 10/26/10 | 10/26/10 | |||||||||
Mortgage financing at date of purchase | $ | — | $ | — | $ | — | ||||||
Cash down payment | 9,180,554 | 11,570,434 | 5,551,817 | |||||||||
Contract purchase price plus acquisition fee | 9,180,554 | 11,570,434 | 5,551,817 | |||||||||
Other cash expenditures expensed | 27,030 | 18,193 | 16,145 | |||||||||
Other cash expenditures capitalized | — | — | — | |||||||||
Total acquisition cost | $ | 9,207,584 | $ | 11,588,627 | $ | 5,567,962 | ||||||
II-90
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 | Albertson’s Lake Havasu City, AZ Grocery | Albertson’s Farmington, NM Grocery | Albertson’s Baton Rouge, LA (College) Grocery | |||||||||
Gross leasable square footage | 57,471 | 57,100 | 61,741 | |||||||||
Date of purchase | 10/26/10 | 10/26/10 | 10/26/10 | |||||||||
Mortgage financing at date of purchase | $ | — | $ | — | $ | — | ||||||
Cash down payment | 7,245,285 | 5,233,715 | 8,019,573 | |||||||||
Contract purchase price plus acquisition fee | 7,245,285 | 5,233,715 | 8,019,573 | |||||||||
Other cash expenditures expensed | 17,504 | 22,330 | 22,098 | |||||||||
Other cash expenditures capitalized | — | — | — | |||||||||
Total acquisition cost | $ | 7,262,789 | $ | 5,256,045 | $ | 8,041,671 | ||||||
Cole Credit | Cole Credit | Cole Credit | ||||||||||
Property Trust III, | Property Trust III, | Property Trust III, | ||||||||||
Program: | Inc. | Inc. | Inc. | |||||||||
Name, location, type of property | Albertson’s Baton Rouge, LA (Airline) Grocery | Albertson’s Baton Rouge, LA (George) Grocery | Albertson’s Alexandria, LA Grocery | |||||||||
Gross leasable square footage | 66,430 | 66,057 | 62,117 | |||||||||
Date of purchase | 10/26/10 | 10/26/10 | 10/26/10 | |||||||||
Mortgage financing at date of purchase | $ | — | $ | — | $ | — | ||||||
Cash down payment | 11,066,478 | 9,652,184 | 8,384,352 | |||||||||
Contract purchase price plus acquisition fee | 11,066,478 | 9,652,184 | 8,384,352 | |||||||||
Other cash expenditures expensed | 24,832 | 23,610 | 22,436 | |||||||||
Other cash expenditures capitalized | — | — | — | |||||||||
Total acquisition cost | $ | 11,091,310 | $ | 9,675,794 | $ | 8,406,788 | ||||||
Cole Credit | Cole Credit | Cole Credit | ||||||||||
Property Trust III, | Property Trust III, | Property Trust III, | ||||||||||
Program: | Inc. | Inc. | Inc. | |||||||||
Name, location, type of property | Albertson’s Lafayette, LA Grocery | Albertson’s Fort Worth, TX (Oakmont) Grocery | Albertson’s Abilene, TX Grocery | |||||||||
Gross leasable square footage | 74,493 | 64,886 | 67,270 | |||||||||
Date of purchase | 10/26/10 | 10/26/10 | 10/26/10 | |||||||||
Mortgage financing at date of purchase | $ | — | $ | — | $ | — | ||||||
Cash down payment | 10,974,484 | 7,247,564 | 8,122,046 | |||||||||
Contract purchase price plus acquisition fee | 10,974,484 | 7,247,564 | 8,122,046 | |||||||||
Other cash expenditures expensed | 24,757 | 23,228 | 24,159 | |||||||||
Other cash expenditures capitalized | — | — | — | |||||||||
Total acquisition cost | $ | 10,999,241 | $ | 7,270,792 | $ | 8,146,205 | ||||||
II-91
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 | Albertson’s Weatherford, TX Grocery | Albertson’s Fort Worth, TX (Beach) Grocery | Albertson’s Midland, TX Grocery | |||||||||
Gross leasable square footage | 57,671 | 52,700 | 66,068 | |||||||||
Date of purchase | 10/26/10 | 10/26/10 | 10/26/10 | |||||||||
Mortgage financing at date of purchase | $ | — | $ | — | $ | — | ||||||
Cash down payment | 8,024,559 | 9,669,780 | 11,505,417 | |||||||||
Contract purchase price plus acquisition fee | 8,024,559 | 9,669,780 | 11,505,417 | |||||||||
Other cash expenditures expensed | 24,055 | 25,806 | 27,761 | |||||||||
Other cash expenditures capitalized | — | — | — | |||||||||
Total acquisition cost | $ | 8,048,614 | $ | 9,695,586 | $ | 11,533,178 | ||||||
Cole Credit | Cole Credit | Cole Credit | ||||||||||
Property Trust III, | Property Trust III, | Property Trust III, | ||||||||||
Program: | Inc. | Inc. | Inc. | |||||||||
Name, location, type of property | Albertson’s Odessa, TX Grocery | Albertson’s Bossier City, LA Grocery | Albertson’s Fort Worth, TX (Clifford) Grocery | |||||||||
Gross leasable square footage | 61,955 | 59,777 | 61,247 | |||||||||
Date of purchase | 10/26/10 | 10/26/10 | 10/26/10 | |||||||||
Mortgage financing at date of purchase | $ | — | $ | — | $ | — | ||||||
Cash down payment | 10,363,093 | 7,341,428 | 6,424,391 | |||||||||
Contract purchase price plus acquisition fee | 10,363,093 | 7,341,428 | 6,424,391 | |||||||||
Other cash expenditures expensed | 26,545 | 21,470 | 22,351 | |||||||||
Other cash expenditures capitalized | — | — | — | |||||||||
Total acquisition cost | $ | 10,389,638 | $ | 7,362,898 | $ | 6,446,742 | ||||||
Cole Credit | Cole Credit | Cole Credit | ||||||||||
Property Trust III, | Property Trust III, | Property Trust III, | ||||||||||
Program: | Inc. | Inc. | Inc. | |||||||||
Name, location, type of property | Albertson’s Arlington, TX Grocery | Albertson’s Fort Worth, TX (Sycamore) Grocery | Giant Eagle Lancaster, OH Grocery | |||||||||
Gross leasable square footage | 63,124 | 58,723 | 92,490(3 | ) | ||||||||
Date of purchase | 10/26/10 | 10/26/10 | 10/29/10 | |||||||||
Mortgage financing at date of purchase | $ | — | $ | — | $ | — | ||||||
Cash down payment | 8,580,787 | 7,833,635 | 15,874,161 | |||||||||
Contract purchase price plus acquisition fee | 8,580,787 | 7,833,635 | 15,874,161 | |||||||||
Other cash expenditures expensed | 24,648 | 23,852 | 44,800 | |||||||||
Other cash expenditures capitalized | — | — | — | |||||||||
Total acquisition cost | $ | 8,605,435 | $ | 7,857,487 | $ | 15,918,961 | ||||||
II-92
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 | Kohl’s Salina, KS Department Store | CVS Auburndale, FL Drugstore | CVS Lake Wales, FL Drugstore | |||||||||
Gross leasable square footage | 64,239 | 13,086 | 11,200 | |||||||||
Date of purchase | 10/29/10 | 11/01/10 | 11/01/10 | |||||||||
Mortgage financing at date of purchase | $ | — | $ | — | $ | — | ||||||
Cash down payment | 4,941,900 | 2,984,744 | 3,244,445 | |||||||||
Contract purchase price plus acquisition fee | 4,941,900 | 2,984,744 | 3,244,445 | |||||||||
Other cash expenditures expensed | 43,360 | 34,357 | 34,581 | |||||||||
Other cash expenditures capitalized | — | — | — | |||||||||
Total acquisition cost | $ | 4,985,260 | $ | 3,019,101 | $ | 3,279,026 | ||||||
Cole Credit | Cole Credit | Cole Credit | ||||||||||
Property Trust III, | Property Trust III, | Property Trust III, | ||||||||||
Program: | Inc. | Inc. | Inc. | |||||||||
Name, location, type of property | Fed Ex Bossier City, LA Distribution | Ulta Jackson, TN Specialty Retail | Tractor Supply Little Rock, AR Specialty Retail | |||||||||
Gross leasable square footage | 64,402 | 9,991 | 19,097 | |||||||||
Date of purchase | 11/01/10 | 11/05/10 | 11/09/10 | |||||||||
Mortgage financing at date of purchase | $ | — | $ | — | $ | — | ||||||
Cash down payment | 5,386,020 | 2,733,600 | 2,507,160 | |||||||||
Contract purchase price plus acquisition fee | 5,386,020 | 2,733,600 | 2,507,160 | |||||||||
Other cash expenditures expensed | 47,211 | 37,312 | 24,595 | |||||||||
Other cash expenditures capitalized | — | — | — | |||||||||
Total acquisition cost | $ | 5,433,231 | $ | 2,770,912 | $ | 2,531,755 | ||||||
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 Jefferson City, MO Specialty Retail | Walgreens Tucson (River), AZ Drugstore | Wal-Mart Pueblo, CO Discount Retail | |||||||||
Gross leasable square footage | 19,500 | 15,120 | 202,847 | |||||||||
Date of purchase | 11/09/10 | 11/12/10 | 11/12/10 | |||||||||
Mortgage financing at date of purchase | $ | — | $ | — | $ | — | ||||||
Cash down payment | 1,941,060 | 5,559,000 | 15,300,000 | |||||||||
Contract purchase price plus acquisition fee | 1,941,060 | 5,559,000 | 15,300,000 | |||||||||
Other cash expenditures expensed | 22,700 | 44,212 | 39,285 | |||||||||
Other cash expenditures capitalized | — | — | — | |||||||||
Total acquisition cost | $ | 1,963,760 | $ | 5,603,212 | $ | 15,339,285 | ||||||
II-93
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 | Volusia Square Daytona Beach, FL Shopping Center | CSAA Oklahoma City, OK Office Building | Dell Perot Systems Lincoln, NE Office Building | |||||||||
Gross leasable square footage | 228,139(3 | ) | 147,107 | 150,000 | ||||||||
Date of purchase | 11/12/10 | 11/15/10 | 11/15/10 | |||||||||
Mortgage financing at date of purchase | $ | — | $ | — | $ | — | ||||||
Cash down payment | 31,620,000 | 29,937,000 | 22,542,000 | |||||||||
Contract purchase price plus acquisition fee | 31,620,000 | 29,937,000 | 22,542,000 | |||||||||
Other cash expenditures expensed | 59,597 | 47,537 | 36,058 | |||||||||
Other cash expenditures capitalized | — | — | — | |||||||||
Total acquisition cost | $ | 31,679,597 | $ | 29,984,537 | $ | 22,578,058 | ||||||
Cole Credit | Cole Credit | Cole Credit | ||||||||||
Property Trust III, | Property Trust III, | Property Trust III, | ||||||||||
Program: | Inc. | Inc. | Inc. | |||||||||
Name, location, type of property | Breakfast Point Panama City Beach, FL Shopping Center | Stripes Haskell, TX Convenience Store | Stripes Carrizo Springs, TX Convenience Store | |||||||||
Gross leasable square footage | 97,931 | 6,309 | 6,838 | |||||||||
Date of purchase | 11/18/10 | 11/22/10 | 11/22/10 | |||||||||
Mortgage financing at date of purchase | $ | — | $ | — | $ | — | ||||||
Cash down payment | 16,320,000 | 2,538,604 | 2,910,903 | |||||||||
Contract purchase price plus acquisition fee | 16,320,000 | 2,538,604 | 2,910,903 | |||||||||
Other cash expenditures expensed | 88,888 | 10,006 | 9,857 | |||||||||
Other cash expenditures capitalized | — | — | — | |||||||||
Total acquisition cost | $ | 16,408,888 | $ | 2,548,610 | $ | 2,920,760 | ||||||
Cole Credit | Cole Credit | Cole Credit | ||||||||||
Property Trust III, | Property Trust III, | Property Trust III, | ||||||||||
Program: | Inc. | Inc. | Inc. | |||||||||
Name, location, type of property | Stripes Laredo, TX Convenience Store | Tractor Supply Franklin, NC Specialty Retail | Walgreens Matteson, IL Drugstore | |||||||||
Gross leasable square footage | 4,679 | 19,097 | 14,550 | |||||||||
Date of purchase | 11/22/10 | 11/30/10 | 11/30/10 | |||||||||
Mortgage financing at date of purchase | $ | — | $ | — | $ | — | ||||||
Cash down payment | 2,881,609 | 2,927,400 | 4,182,000 | |||||||||
Contract purchase price plus acquisition fee | 2,881,609 | 2,927,400 | 4,182,000 | |||||||||
Other cash expenditures expensed | 10,107 | 25,532 | 22,540 | |||||||||
Other cash expenditures capitalized | — | — | — | |||||||||
Total acquisition cost | $ | 2,891,716 | $ | 2,952,932 | $ | 4,204,540 | ||||||
II-94
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 New Albany, OH Drugstore | Prairie Market East Oswego, IL Shopping Center | Walgreens Grayson, GA Drugstore | |||||||||
Gross leasable square footage | 14,820 | 52,492(3 | ) | 14,560 | ||||||||
Date of purchase | 12/02/10 | 12/03/10 | 12/07/10 | |||||||||
Mortgage financing at date of purchase | $ | — | $ | — | $ | — | ||||||
Cash down payment | 4,182,000 | 25,602,000 | 4,712,400 | |||||||||
Contract purchase price plus acquisition fee | 4,182,000 | 25,602,000 | 4,712,400 | |||||||||
Other cash expenditures expensed | 24,467 | 169,805 | 22,000 | |||||||||
Other cash expenditures capitalized | — | — | — | |||||||||
Total acquisition cost | $ | 4,206,467 | $ | 25,771,805 | $ | 4,734,400 | ||||||
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 Tucson (Harrison), AZ Drugstore | Walgreens Pueblo, CO Drugstore | Stearns Crossing Bartlett, IL Shopping Center | |||||||||
Gross leasable square footage | 14,490 | 13,813 | 96,613 | |||||||||
Date of purchase | 12/07/10 | 12/07/10 | 12/09/10 | |||||||||
Mortgage financing at date of purchase | $ | — | $ | — | $ | — | ||||||
Cash down payment | 5,197,920 | 3,564,900 | 12,622,500 | |||||||||
Contract purchase price plus acquisition fee | 5,197,920 | 3,564,900 | 12,622,500 | |||||||||
Other cash expenditures expensed | 22,949 | 25,766 | 56,328 | |||||||||
Other cash expenditures capitalized | — | — | — | |||||||||
Total acquisition cost | $ | 5,220,869 | $ | 3,590,666 | $ | 12,678,828 | ||||||
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 Sedalia, MO Specialty Retail | Sherwin Williams Muskegon, MI Specialty Retail | Kohl’s Onalaska, WI Department Store | |||||||||
Gross leasable square footage | 19,028 | 8,000 | 86,432 | |||||||||
Date of purchase | 12/10/10 | 12/10/10 | 12/13/10 | |||||||||
Mortgage financing at date of purchase | $ | — | $ | — | $ | — | ||||||
Cash down payment | 2,174,640 | 1,453,500 | 7,395,000 | |||||||||
Contract purchase price plus acquisition fee | 2,174,640 | 1,453,500 | 7,395,000 | |||||||||
Other cash expenditures expensed | 22,604 | 24,916 | 15,610 | |||||||||
Other cash expenditures capitalized | — | — | — | |||||||||
Total acquisition cost | $ | 2,197,244 | $ | 1,478,416 | $ | 7,410,610 | ||||||
II-95
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 Athens, GA Drugstore | CVS Boca Raton, FL Drugstore | CVS Brownsville, TX Drugstore | |||||||||
Gross leasable square footage | 14,781 | 14,422 | 13,000 | |||||||||
Date of purchase | 12/14/10 | 12/14/10 | 12/14/10 | |||||||||
Mortgage financing at date of purchase | $ | — | $ | — | $ | — | ||||||
Cash down payment | 6,375,450 | 3,850,039 | 5,947,965 | |||||||||
Contract purchase price plus acquisition fee | 6,375,450 | 3,850,039 | 5,947,965 | |||||||||
Other cash expenditures expensed | 25,151 | 21,854 | 48,090 | |||||||||
Other cash expenditures capitalized | — | — | — | |||||||||
Total acquisition cost | $ | 6,400,601 | $ | 3,871,893 | $ | 5,996,055 | ||||||
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 Cayce, SC Drugstore | CVS City of Industry, CA Drugstore | CVS Jacksonville, FL Drugstore | |||||||||
Gross leasable square footage | 11,982 | 12,837 | 13,204 | |||||||||
Date of purchase | 12/14/10 | 12/14/10 | 12/14/10 | |||||||||
Mortgage financing at date of purchase | $ | — | $ | — | $ | — | ||||||
Cash down payment | 5,082,330 | 3,614,892 | 6,838,403 | |||||||||
Contract purchase price plus acquisition fee | 5,082,330 | 3,614,892 | 6,838,403 | |||||||||
Other cash expenditures expensed | 28,153 | 19,018 | 23,971 | |||||||||
Other cash expenditures capitalized | — | — | — | |||||||||
Total acquisition cost | $ | 5,110,483 | $ | 3,633,910 | $ | 6,862,374 | ||||||
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 Lawrence, KS Drugstore | CVS Lawrenceville, NJ Drugstore | CVS Mineola, NY Drugstore | |||||||||
Gross leasable square footage | 12,900 | 15,260 | 12,838 | |||||||||
Date of purchase | 12/14/10 | 12/14/10 | 12/14/10 | |||||||||
Mortgage financing at date of purchase | $ | — | $ | — | $ | — | ||||||
Cash down payment | 5,519,185 | 9,243,493 | 4,317,320 | |||||||||
Contract purchase price plus acquisition fee | 5,519,185 | 9,243,493 | 4,317,320 | |||||||||
Other cash expenditures expensed | 22,601 | 133,975 | 33,405 | |||||||||
Other cash expenditures capitalized | — | — | — | |||||||||
Total acquisition cost | $ | 5,541,786 | $ | 9,377,468 | $ | 4,350,725 | ||||||
II-96
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 Minneapolis, MN Drugstore | CVS Naples, FL Drugstore | CVS Southaven (Goodman), MS Drugstore | |||||||||
Gross leasable square footage | 13,000 | 12,944 | 13,938 | |||||||||
Date of purchase | 12/14/10 | 12/14/10 | 12/14/10 | |||||||||
Mortgage financing at date of purchase | $ | — | $ | — | $ | — | ||||||
Cash down payment | 4,356,245 | 3,862,522 | 6,916,177 | |||||||||
Contract purchase price plus acquisition fee | 4,356,245 | 3,862,522 | 6,916,177 | |||||||||
Other cash expenditures expensed | 21,376 | 21,791 | 34,618 | |||||||||
Other cash expenditures capitalized | — | — | — | |||||||||
Total acquisition cost | $ | 4,377,621 | $ | 3,884,313 | $ | 6,950,795 | ||||||
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 The Village, OK Drugstore | Folsum Gateway II Folsom, CA Shopping Center | Tutor Time Downingtown, PA Child Care and Development | |||||||||
Gross leasable square footage | 12,939 | 109,127 | 11,757 | |||||||||
Date of purchase | 12/14/10 | 12/15/10 | 12/15/10 | |||||||||
Mortgage financing at date of purchase | $ | — | $ | — | $ | — | ||||||
Cash down payment | 5,544,256 | 36,720,000 | 2,026,353 | |||||||||
Contract purchase price plus acquisition fee | 5,544,256 | 36,720,000 | 2,026,353 | |||||||||
Other cash expenditures expensed | 32,607 | 121,651 | 56,627 | |||||||||
Other cash expenditures capitalized | — | — | — | |||||||||
Total acquisition cost | $ | 5,576,863 | $ | 36,841,651 | $ | 2,082,980 | ||||||
Cole Credit | Cole Credit | Cole Credit | ||||||||||
Property Trust III, | Property Trust III, | Property Trust III, | ||||||||||
Program: | Inc. | Inc. | Inc. | |||||||||
Name, location, type of property | Childtime Childcare Bedford, OH Child Care and Development | Childtime Childcare Modesto, CA Child Care and Development | Tutor Time Austin, TX Child Care and Development | |||||||||
Gross leasable square footage | 5,500 | 6,310 | 10,994 | |||||||||
Date of purchase | 12/15/10 | 12/15/10 | 12/15/10 | |||||||||
Mortgage financing at date of purchase | $ | — | $ | — | $ | — | ||||||
Cash down payment | 796,250 | 1,224,999 | 1,752,110 | |||||||||
Contract purchase price plus acquisition fee | 796,250 | 1,224,999 | 1,752,110 | |||||||||
Other cash expenditures expensed | 26,423 | 36,081 | 49,269 | |||||||||
Other cash expenditures capitalized | — | — | — | |||||||||
Total acquisition cost | $ | 822,673 | $ | 1,261,080 | $ | 1,801,379 | ||||||
II-97
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 | Children’s Courtyard Grand Prairie, TX Child Care and Development | Childtime Childcare Oklahoma City, OK (Western) Child Care and Development | Childtime Childcare Oklahoma City, OK (Rockwell) Child Care and Development | |||||||||
Gross leasable square footage | 8,409 | 6,597 | 6,594 | |||||||||
Date of purchase | 12/15/10 | 12/15/10 | 12/15/10 | |||||||||
Mortgage financing at date of purchase | $ | — | $ | — | $ | — | ||||||
Cash down payment | 949,683 | 767,359 | 714,582 | |||||||||
Contract purchase price plus acquisition fee | 949,683 | 767,359 | 714,582 | |||||||||
Other cash expenditures expensed | 28,946 | 25,744 | 24,392 | |||||||||
Other cash expenditures capitalized | — | — | — | |||||||||
Total acquisition cost | $ | 978,629 | $ | 793,103 | $ | 738,974 | ||||||
Cole Credit | Cole Credit | Cole Credit | ||||||||||
Property Trust III, | Property Trust III, | Property Trust III, | ||||||||||
Program: | Inc. | Inc. | Inc. | |||||||||
Name, location, type of property | HealthNow Corporate Headquarters Buffalo, NY Office Building | Thorntons Bloomington, IL Convenience Store | Thorntons Clarksville, IN Convenience Store | |||||||||
Gross leasable square footage | 430,458 | 2,971 | 4,889 | |||||||||
Date of purchase | 12/16/10 | 12/17/10 | 12/17/10 | |||||||||
Mortgage financing at date of purchase | $ | — | $ | — | $ | — | ||||||
Cash down payment | 86,190,000 | 1,993,080 | 2,029,800 | |||||||||
Contract purchase price plus acquisition fee | 86,190,000 | 1,993,080 | 2,029,800 | |||||||||
Other cash expenditures expensed | 366,312 | 6,890 | 6,949 | |||||||||
Other cash expenditures capitalized | — | — | — | |||||||||
Total acquisition cost | $ | 86,556,312 | $ | 1,999,970 | $ | 2,036,749 | ||||||
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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 | Thorntons Edinburgh, IN Convenience Store | Thorntons Evansville (Rosenberger), IN Convenience Store | Thorntons Evansville, IN Convenience Store | |||||||||
Gross leasable square footage | 3,080 | 2,800 | 2,939 | |||||||||
Date of purchase | 12/17/10 | 12/17/10 | 12/17/10 | |||||||||
Mortgage financing at date of purchase | $ | — | $ | — | $ | — | ||||||
Cash down payment | 2,261,340 | 2,097,120 | 2,121,600 | |||||||||
Contract purchase price plus acquisition fee | 2,261,340 | 2,097,120 | 2,121,600 | |||||||||
Other cash expenditures expensed | 6,949 | 6,949 | 6,949 | |||||||||
Other cash expenditures capitalized | — | — | — | |||||||||
Total acquisition cost | $ | 2,268,289 | $ | 2,104,069 | $ | 2,128,549 | ||||||
Cole Credit | Cole Credit | Cole Credit | ||||||||||
Property Trust III, | Property Trust III, | Property Trust III, | ||||||||||
Program: | Inc. | Inc. | Inc. | |||||||||
Name, location, type of property | Thorntons Franklin Park, IL Convenience Store | Thorntons Galloway, OH Convenience Store | Thorntons Henderson (Green), KY Convenience Store | |||||||||
Gross leasable square footage | 3,321 | 3,758 | 3,434 | |||||||||
Date of purchase | 12/17/10 | 12/17/10 | 12/17/10 | |||||||||
Mortgage financing at date of purchase | $ | — | $ | — | $ | — | ||||||
Cash down payment | 3,302,760 | 1,999,200 | 2,041,020 | |||||||||
Contract purchase price plus acquisition fee | 3,302,760 | 1,999,200 | 2,041,020 | |||||||||
Other cash expenditures expensed | 6,890 | 6,949 | 6,949 | |||||||||
Other cash expenditures capitalized | — | — | — | |||||||||
Total acquisition cost | $ | 3,309,650 | $ | 2,006,149 | $ | 2,047,969 | ||||||
Cole Credit | Cole Credit | Cole Credit | ||||||||||
Property Trust III, | Property Trust III, | Property Trust III, | ||||||||||
Program: | Inc. | Inc. | Inc. | |||||||||
Name, location, type of property | Thorntons Henderson, KY Convenience Store | Thorntons Jeffersonville, IN Convenience Store | Thorntons Joliet, IL Convenience Store | |||||||||
Gross leasable square footage | 3,846 | 3,082 | 3,840 | |||||||||
Date of purchase | 12/17/10 | 12/17/10 | 12/17/10 | |||||||||
Mortgage financing at date of purchase | $ | — | $ | — | $ | — | ||||||
Cash down payment | 4,136,100 | 3,011,040 | 3,573,060 | |||||||||
Contract purchase price plus acquisition fee | 4,136,100 | 3,011,040 | 3,573,060 | |||||||||
Other cash expenditures expensed | 6,949 | 6,949 | 6,890 | |||||||||
Other cash expenditures capitalized | — | — | — | |||||||||
Total acquisition cost | $ | 4,143,049 | $ | 3,017,989 | $ | 3,579,950 | ||||||
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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 | Thorntons Louisville, KY Convenience Store | Thorntons Oaklawn, IL Convenience Store | Thorntons Ottawa, IL Convenience Store | |||||||||
Gross leasable square footage | 4,390 | 2,210 | 4,901 | |||||||||
Date of purchase | 12/17/10 | 12/17/10 | 12/17/10 | |||||||||
Mortgage financing at date of purchase | $ | — | $ | — | $ | — | ||||||
Cash down payment | 2,094,060 | 2,179,740 | 2,728,500 | |||||||||
Contract purchase price plus acquisition fee | 2,094,060 | 2,179,740 | 2,728,500 | |||||||||
Other cash expenditures expensed | 6,949 | 6,890 | 6,890 | |||||||||
Other cash expenditures capitalized | — | — | — | |||||||||
Total acquisition cost | $ | 2,101,009 | $ | 2,186,630 | $ | 2,735,390 | ||||||
Cole Credit | Cole Credit | Cole Credit | ||||||||||
Property Trust III, | Property Trust III, | Property Trust III, | ||||||||||
Program: | Inc. | Inc. | Inc. | |||||||||
Name, location, type of property | Thorntons Plainfield, IL Convenience Store | Thorntons Roselle, IL Convenience Store | Thorntons Shelbyville, KY Convenience Store | |||||||||
Gross leasable square footage | 3,080 | 3,080 | 3,150 | |||||||||
Date of purchase | 12/17/10 | 12/17/10 | 12/17/10 | |||||||||
Mortgage financing at date of purchase | $ | — | $ | — | $ | — | ||||||
Cash down payment | 2,306,220 | 2,837,640 | 2,341,920 | |||||||||
Contract purchase price plus acquisition fee | 2,306,220 | 2,837,640 | 2,341,920 | |||||||||
Other cash expenditures expensed | 6,890 | 6,890 | 6,949 | |||||||||
Other cash expenditures capitalized | — | — | — | |||||||||
Total acquisition cost | $ | 2,313,110 | $ | 2,844,530 | $ | 2,348,869 | ||||||
Cole Credit | Cole Credit | Cole Credit | ||||||||||
Property Trust III, | Property Trust III, | Property Trust III, | ||||||||||
Program: | Inc. | Inc. | Inc. | |||||||||
Name, location, type of property | Thorntons South Elgin, IL Convenience Store | Thorntons Springfield, IL Convenience Store | Thorntons Summit, IL Convenience Store | |||||||||
Gross leasable square footage | 3,080 | 3,034 | 3,840 | |||||||||
Date of purchase | 12/17/10 | 12/17/10 | 12/17/10 | |||||||||
Mortgage financing at date of purchase | $ | — | $ | — | $ | — | ||||||
Cash down payment | 3,194,640 | 4,016,760 | 2,123,640 | |||||||||
Contract purchase price plus acquisition fee | 3,194,640 | 4,016,760 | 2,123,640 | |||||||||
Other cash expenditures expensed | 6,890 | 6,890 | 6,890 | |||||||||
Other cash expenditures capitalized | — | — | — | |||||||||
Total acquisition cost | $ | 3,201,530 | $ | 4,023,650 | $ | 2,130,530 | ||||||
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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 | Thorntons Terre Haute, IN Convenience Store | Thorntons Waukegan, IL Convenience Store | Thorntons Westmond, IL Convenience Store | |||||||||
Gross leasable square footage | 3,080 | 3,840 | 3,840 | |||||||||
Date of purchase | 12/17/10 | 12/17/10 | 12/17/10 | |||||||||
Mortgage financing at date of purchase | $ | — | $ | — | $ | — | ||||||
Cash down payment | 2,825,400 | 2,277,660 | 3,818,880 | |||||||||
Contract purchase price plus acquisition fee | 2,825,400 | 2,277,660 | 3,818,880 | |||||||||
Other cash expenditures expensed | 6,949 | 6,890 | 6,890 | |||||||||
Other cash expenditures capitalized | — | — | — | |||||||||
Total acquisition cost | $ | 2,832,349 | $ | 2,284,550 | $ | 3,825,770 | ||||||
Cole Credit | Cole Credit | Cole Credit | ||||||||||
Property Trust III, | Property Trust III, | Property Trust III, | ||||||||||
Program: | Inc. | Inc. | Inc. | |||||||||
Name, location, type of property | Waterside Marketplace Chesterfield Township, MI Shopping Center | Advanced Auto Howell, MI Automotive Parts | Advanced Auto Salem, OH Automotive Parts | |||||||||
Gross leasable square footage | 243,934 | 6,781 | 6,141 | |||||||||
Date of purchase | 12/20/10 | 12/20/10 | 12/20/10 | |||||||||
Mortgage financing at date of purchase | $ | — | $ | — | $ | — | ||||||
Cash down payment | 27,030,000 | 1,652,301 | 1,298,182 | |||||||||
Contract purchase price plus acquisition fee | 27,030,000 | 1,652,301 | 1,298,182 | |||||||||
Other cash expenditures expensed | 389,026 | 24,923 | 22,805 | |||||||||
Other cash expenditures capitalized | — | — | — | |||||||||
Total acquisition cost | $ | 27,419,026 | $ | 1,677,224 | $ | 1,320,987 | ||||||
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 Lehigh Acres, FL Automotive Parts | Advanced Auto Bethel, OH Automotive Parts | Advanced Auto Crestwood, KY Automotive Parts | |||||||||
Gross leasable square footage | 6,913 | 6,786 | 6,124 | |||||||||
Date of purchase | 12/21/10 | 12/22/10 | 12/22/10 | |||||||||
Mortgage financing at date of purchase | $ | — | $ | — | $ | — | ||||||
Cash down payment | 2,391,894 | 1,417,399 | 1,759,152 | |||||||||
Contract purchase price plus acquisition fee | 2,391,894 | 1,417,399 | 1,759,152 | |||||||||
Other cash expenditures expensed | 17,497 | 13,100 | 13,521 | |||||||||
Other cash expenditures capitalized | — | — | — | |||||||||
Total acquisition cost | $ | 2,409,391 | $ | 1,430,499 | $ | 1,772,673 | ||||||
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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 | Advanced Auto Hillview, KY Automotive Parts | CVS Gainesville, TX Drugstore | Falcon Valley Lenexa, KS Shopping Center | |||||||||
Gross leasable square footage | 6,128 | 13,813 | 76,784 | |||||||||
Date of purchase | 12/22/10 | 12/23/10 | 12/23/10 | |||||||||
Mortgage financing at date of purchase | $ | — | $ | — | $ | — | ||||||
Cash down payment | 1,441,142 | 3,188,334 | 12,750,000 | |||||||||
Contract purchase price plus acquisition fee | 1,441,142 | 3,188,334 | 12,750,000 | |||||||||
Other cash expenditures expensed | 12,787 | 20,866 | 57,353 | |||||||||
Other cash expenditures capitalized | — | — | — | |||||||||
Total acquisition cost | $ | 1,453,929 | $ | 3,209,200 | $ | 12,807,353 | ||||||
Cole Credit | Cole Credit | Cole Credit | ||||||||||
Property Trust III, | Property Trust III, | Property Trust III, | ||||||||||
Program: | Inc. | Inc. | Inc. | |||||||||
Name, location, type of property | Red Oak Village San Marcos, TX Shopping Center | O’Reilly Auto Parts Christianburg, VA Automotive Parts | O’Reilly Auto Parts Highlands, TX Automotive Parts | |||||||||
Gross leasable square footage | 172,916(3 | ) | 7,200 | 6,000 | ||||||||
Date of purchase | 12/23/10 | 12/23/10 | 12/23/10 | |||||||||
Mortgage financing at date of purchase | $ | — | $ | — | $ | — | ||||||
Cash down payment | 22,440,000 | 1,187,739 | 955,485 | |||||||||
Contract purchase price plus acquisition fee | 22,440,000 | 1,187,739 | 955,485 | |||||||||
Other cash expenditures expensed | 67,169 | 26,157 | 20,901 | |||||||||
Other cash expenditures capitalized | — | — | — | |||||||||
Total acquisition cost | $ | 22,507,169 | $ | 1,213,896 | $ | 976,386 | ||||||
Cole Credit | Cole Credit | Cole Credit | ||||||||||
Property Trust III, | Property Trust III, | Property Trust III, | ||||||||||
Program: | Inc. | Inc. | Inc. | |||||||||
Name, location, type of property | O’Reilly Auto Parts San Antonio, TX Automotive Parts | Best Buy Pineville, NC Consumer Electronics | Walgreens Fayetteville, NC Drugstore | |||||||||
Gross leasable square footage | 6,800 | 50,548 | 14,820 | |||||||||
Date of purchase | 12/23/10 | 12/28/10 | 12/30/10 | |||||||||
Mortgage financing at date of purchase | $ | — | $ | 5,528,999 | $ | — | ||||||
Cash down payment | 1,331,100 | 3,202,201 | 6,287,672 | |||||||||
Contract purchase price plus acquisition fee | 1,331,100 | 8,731,200 | 6,287,672 | |||||||||
Other cash expenditures expensed | 25,602 | 47,509 | 26,432 | |||||||||
Other cash expenditures capitalized | — | — | — | |||||||||
Total acquisition cost | $ | 1,356,702 | $ | 8,778,709 | $ | 6,314,104 | ||||||
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Cole Credit | Cole Credit | Cole Collateralized | ||||||||||
Property Trust III, | Property Trust III, | Senior Notes II, | ||||||||||
Program: | Inc. | Inc. | LLC | |||||||||
Name, location, type of property | Stripes Portales, NM Convenience Store | Stripes Fort Stockton, TX Convenience Store | CVS(2) Fredericksburg, VA Drugstore | |||||||||
Gross leasable square footage | 4,833 | 9,950 | 12,900 | |||||||||
Date of purchase | 12/30/10 | 12/30/10 | 11/19/08 | |||||||||
Mortgage financing at date of purchase | $ | — | $ | — | $ | — | ||||||
Cash down payment | 2,629,378 | 4,963,934 | 6,238,861 | |||||||||
Contract purchase price plus acquisition fee | 2,629,378 | 4,963,934 | 6,238,861 | |||||||||
Other cash expenditures expensed | 9,184 | 9,792 | 113,704 | |||||||||
Other cash expenditures capitalized | — | — | — | |||||||||
Total acquisition cost | $ | 2,638,562 | $ | 4,973,726 | $ | 6,352,565 | ||||||
Cole Collateralized | Cole Collateralized | Cole Collateralized | ||||||||||
Senior Notes II, | Senior Notes II, | Senior Notes III, | ||||||||||
Program: | LLC | LLC | LLC | |||||||||
Name, location, type of property | Walgreens(2) Fredericksburg, VA Drugstore | Kohl’s(2) Burnsville, MN Department Store | Walgreens Indianapolis, IN Drugstore | |||||||||
Gross leasable square footage | 14,820 | 101,346 | 14,820 | |||||||||
Date of purchase | 11/19/08 | 12/19/08 | 12/12/08 | |||||||||
Mortgage financing at date of purchase | $ | — | $ | — | $ | — | ||||||
Cash down payment | 7,435,047 | 10,551,900 | 6,375,000 | |||||||||
Contract purchase price plus acquisition fee | 7,435,047 | 10,551,900 | 6,375,000 | |||||||||
Other cash expenditures expensed | 131,342 | 20,875 | 30,865 | |||||||||
Other cash expenditures capitalized | — | — | — | |||||||||
Total acquisition cost | $ | 7,566,389 | $ | 10,572,775 | $ | 6,405,865 | ||||||
Cole Collateralized | Cole Collateralized | Cole Collateralized | ||||||||||
Senior Notes III, | Senior Notes IV, | Senior Notes IV, | ||||||||||
Program: | LLC | LLC | LLC | |||||||||
Name, location, type of property | Walgreens(2) Tulsa (S Yale), OK Drugstore | Land Parcel Canyon Trails, AZ Land | Sam’s Club(2) Hoover, AL Warehouse | |||||||||
Gross leasable square footage | 13,650 | 591,458 | 115,347 | |||||||||
Date of purchase | 12/12/08 | 05/14/08 | 12/16/08 | |||||||||
Mortgage financing at date of purchase | $ | — | $ | 200,000 | $ | — | ||||||
Cash down payment | 3,980,040 | 1,840,000 | 12,546,000 | |||||||||
Contract purchase price plus acquisition fee | 3,980,040 | 2,040,000 | 12,546,000 | |||||||||
Other cash expenditures expensed | 21,365 | 56,399 | 105,467 | |||||||||
Other cash expenditures capitalized | — | — | — | |||||||||
Total acquisition cost | $ | 4,001,405 | $ | 2,096,399 | $ | 12,651,467 | ||||||
(1) | These properties were acquired at their original cost from an affiliate. | |
(2) | These properties were sold at their original cost to an affiliate. | |
(3) | 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) | May 26, 2011 | ||||
/s/ D. Kirk McAllaster, Jr. D. Kirk McAllaster, Jr. | Executive Vice President, Chief Financial Officer and Treasurer (Principal Financial Officer) | May 26, 2011 | ||||
/s/ Simon J. Misselbrook Simon J. Misselbrook | Vice President of Accounting (Principal Accounting Officer) | May 26, 2011 | ||||
/s/ Marc T. Nemer Marc T. Nemer | Director | May 26, 2011 |
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Table of Contents
1 | .1 | Form of Dealer Manager Agreement between Cole Credit Property Trust IV, Inc. and Cole Capital Corporation. | ||
3 | .1 | Articles of Incorporation of Cole Retail Property Trust, Inc. (n/k/a Cole Credit Property Trust IV, Inc.). | ||
3 | .2 | Articles of Amendment of Cole Retail Property Trust, Inc. (n/k/a Cole Credit Property Trust IV, Inc.). | ||
3 | .3 | Articles of Amendment of Cole Advisor Retail Income REIT, Inc. (n/k/a Cole Credit Property Trust IV, Inc.). | ||
3 | .4 | Form of First Articles of Amendment and Restatement of Cole Credit Property Trust IV, Inc. | ||
3 | .5 | Form of Bylaws of Cole Credit Property Trust IV, Inc. | ||
4 | .1** | Form of Subscription Agreement and Subscription Agreement Signature Page. | ||
4 | .2** | Form of Additional Investment Subscription Agreement. | ||
5 | .1** | Form of Opinion of Venable LLP as to legality of securities. | ||
8 | .1** | Form of Opinion of Morris, Manning & Martin, LLP as to tax matters. | ||
10 | .1 | Form of Advisory Agreement by and between Cole Credit Property Trust IV, Inc. and Cole REIT Advisors IV, LLC. | ||
10 | .2** | Agreement of Limited Partnership of Cole Operating Partnership IV, LP, by and between Cole Credit Property Trust IV, Inc. and the limited partners thereto. | ||
10 | .3 | Distribution Reinvestment Plan (included as Appendix D to the prospectus). | ||
10 | .4** | Form of Escrow Agreement. | ||
14 | .1** | Cole Credit Property Trust IV, Inc. Credit Business Conduct and Ethics. | ||
21 | .1** | Subsidiaries of the Registrant. | ||
23 | .1 | Consent of Deloitte & Touche LLP, Independent Registered Public Accounting Firm. | ||
23 | .2** | Consent of Venable LLP (included in Exhibit 5.1). | ||
23 | .3** | Consent of Morris, Manning & Martin, LLP (included in Exhibit 8.1). | ||
24 | .1 | Power of Attorney (included on signature page to the registration statement). |
** | To be filed by amendment. |
II-105