COLE CREDIT PROPERTY TRUST III, INC.
The accompanying notes are an integral part of these consolidated financial statements.
COLE CREDIT PROPERTY TRUST III, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
NOTE 1 — ORGANIZATION AND BUSINESS
Cole Credit Property Trust III, Inc. (the “Company”) is a Maryland corporation that was formed on January 22, 2008, which has elected to be taxed, and currently qualifies, as a real estate investment trust (“REIT”) for federal income tax purposes. Substantially all of the Company’s business is conducted through Cole REIT III Operating Partnership, LP (“CCPT III OP”), a Delaware limited partnership. The Company is the sole general partner of, and owns a 99.99% partnership interest in, CCPT III OP. Cole REIT Advisors III, LLC (“CR III Advisors”), the advisor to the Company, is the sole limited partner and owner of an insignificant noncontrolling partnership interest of less than 0.01% of CCPT III OP.
As of December 31, 2012, the Company owned 1,014 properties, comprising 43.1 million rentable square feet of single and multi-tenant retail and commercial space located in 47 states, which include properties owned through consolidated joint venture arrangements. As of December 31, 2012, the rentable space at these properties was 99% leased. As of December 31, 2012, the Company also owned 29 commercial mortgage backed securities (“CMBS”) and three notes receivable. In addition, through unconsolidated joint venture arrangements, as of December 31, 2012, the Company had interests in 12 properties comprising 2.3 million rentable square feet of commercial and retail space.
The Company ceased offering shares of common stock in its initial primary offering (the “Initial Offering”) on October 1, 2010. At the completion of the Initial Offering, a total of approximately 217.5 million shares of common stock had been issued, including approximately 211.6 million shares issued in the primary offering and approximately 5.9 million shares issued pursuant to a distribution reinvestment plan (the “DRIP”). The remaining 32.5 million unsold shares in the Initial Offering were deregistered.
The Company ceased offering shares of its common stock pursuant to a follow-on offering of up to 275.0 million shares (the “Follow-on Offering”) on April 27, 2012. At the completion of the Follow-on Offering, a total of approximately 262.2 million shares of common stock had been issued, including approximately 242.9 million shares issued in the primary offering and approximately 19.3 million shares issued pursuant to the DRIP. The remaining 12.8 million unsold shares in the Follow-on Offering were deregistered.
In addition, the Company registered 75.0 million shares of common stock under the DRIP pursuant to a registration statement filed on Form S-3 (the “DRIP Offering” and collectively with the Initial Offering and Follow-on Offering, the “Offerings”), which was filed with the SEC on March 14, 2012 and automatically became effective with the SEC upon filing. The Company will continue to issue shares of common stock under the DRIP Offering until such time as the Company’s shares are listed on a national securities exchange or the DRIP Offering is otherwise terminated by the Company’s board of directors.
As of December 31, 2012, the Company had issued approximately 492.1 million shares of its common stock in the Offerings, including approximately 12.4 million shares issued in the DRIP Offering. The Company had aggregate gross proceeds from the Offerings of $4.9 billion (including shares sold pursuant to the Company’s DRIP) as of December 31, 2012, before share redemptions of $122.4 million and offering costs, selling commissions and dealer management fees of $463.2 million.
On March 5, 2013, the Company, Cole Holdings Corporation (“Holdings”), an Arizona corporation that is the parent company and indirect owner of the Company’s advisor and is wholly owned by Christopher H. Cole, the chairman of the board of directors, chief executive officer and president of the Company (the “Holdings Stockholder”), CREInvestments, LLC, a Maryland limited liability company and a wholly-owned subsidiary of the Company (“Merger Sub”), and the Holdings Stockholder entered into an Agreement and Plan of Merger (the “Merger Agreement”). The Merger Agreement provides for the merger of Holdings with and into Merger Sub (the “Merger”), with Merger Sub surviving and continuing its existence under the laws of the state of Maryland as a wholly owned subsidiary of the Company. Upon consummation of the Merger, the Company intends to list its shares of common stock on the New York Stock Exchange. Refer to Note 2 for further discussion regarding the Merger.
COLE CREDIT PROPERTY TRUST III, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – (Continued)
NOTE 2 — MERGER AGREEMENT
A special committee of independent directors of the Company unanimously recommended the Merger and the board of directors of the Company (the “Board”) unanimously approved the Merger Agreement, the Merger and the other transactions contemplated by the Merger Agreement. Pursuant to the terms and subject to the conditions set forth in the Merger Agreement, at the effective time of the Merger, the outstanding shares of common stock, par value $0.01 per share, of Holdings (“Holdings Common Stock”) will be converted into the right to receive upfront consideration from the Company of $20.0 million in cash, subject to adjustment, and 10,711,225 newly-issued shares of common stock of the Company (the “Upfront Stock Consideration”). The Merger Agreement also includes the following contingent amounts to be paid by the Company: (i) upon a listing of the Company’s common stock on the New York Stock Exchange (“NYSE”), 2,142,245 newly-issued shares of the Company’s common stock will be payable to the Holdings Stockholder (the “Listing Consideration”), and (ii) additional shares of the Company’s common stock are potentially payable in 2017 as an “earn-out” contingent upon the acquired business’ demonstrated financial success based on two criteria: (a) the acquired business generating Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) above a minimum threshold and (b) the Company’s stock performance relative to its peer group (the “Earnout Consideration”). The Upfront Stock Consideration and the Listing Consideration are subject to a three-year lockup with approximately one-third of the shares released each year. The stock consideration payable in 2017 is subject to a lockup until December 31, 2017. Additionally, pursuant to the terms of the Company’s advisory agreement with its current advisor, Holdings may receive an additional amount of the Company’s common stock based on the average closing price over a period of 30 consecutive trading days beginning 180 days after the Company’s shares of common stock are listed; however, Holdings has agreed, as part of the transaction, to a 25% reduction from the amount payable under the advisory agreement as a result of a listing of the Company’s common stock, if any. Other executives of Holdings would receive a portion of the consideration to be paid in connection with the Merger pursuant to certain bonus arrangements.
The Merger Agreement contains customary representations, warranties, covenants and agreements of Holdings, the Holdings Stockholder, the Company and Merger Sub. The consummation of the Merger is subject to various conditions for the benefit of the Company and Merger Sub, on the one hand, or Holdings and the Holdings Stockholder, on the other hand, or for all parties’ benefit, as applicable, including, among others, (i) the absence of any law or order prohibiting the consummation of the Merger, (ii) certain consents, approvals, permits and authorizations having been obtained, (iii) receipt of certain regulatory approvals, (iv) subject to the standards set forth in the Merger Agreement, the accuracy of the representations and warranties of each party thereto, (v) compliance by each party with its covenants and agreements under the Merger Agreement in all material respects, (vi) no event, change, effect, development, condition or occurrence that has had or would reasonably be expected to have, individually or in the aggregate, a material adverse effect on the Company or Holdings, (vii) the delivery of certain opinions of counsel related to the qualification of the Merger as a “reorganization” for tax purposes and the qualification of the Company as a real estate investment trust, and (viii) no pending litigation challenging the Merger which, if determined adversely to the Company, Holdings or the Holdings Stockholder, would be, or would be reasonably likely to be, material to (a) the combined business of the Company, Holdings and their subsidiaries and as a result of which the Company’s special committee of the Board has determined that the Merger and the other transactions contemplated by the Merger Agreement are no longer in the best interests of the Company’s stockholders or (b) the Holdings Stockholder and as a result of which the Holdings Stockholder has determined that the Merger and the other transactions contemplated by the Merger Agreement are no longer in the best interests of the Holdings Stockholder.
The Merger Agreement contains certain termination rights for both the Company and Holdings, including the right to terminate the Merger Agreement if the Merger is not consummated on or before June 30, 2013 and if the requisite regulatory approvals are not obtained. The Holdings Stockholder has also agreed, subject to certain limitations, to indemnify the Company with respect to certain representations and warranties regarding Holdings and other matters.
If the Merger is completed, the Company and the Holdings Stockholder will enter into a customary escrow agreement pursuant to which approximately one-third of the Upfront Stock Consideration will be escrowed, in part to satisfy the Holding Stockholder’s indemnity obligations. If listing occurs during the first year after closing, one-third of the Listing Consideration will be added to the escrowed shares, subject to the same escrow terms.
At the closing of the Merger, the Company would enter into a registration rights agreement pursuant to which the Company will agree to customary demand and piggyback registration rights with respect to the shares of the Company’s common stock issued pursuant to the Merger Agreement.
As of December 31, 2012, the Company had incurred $3.5 million for legal, consulting and other expenses related to the Merger, which is included in acquisition related expenses in the consolidated statements of operations. Subsequent to December 31, 2012, the Company has incurred $11.1 million of such Merger expenses.
COLE CREDIT PROPERTY TRUST III, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – (Continued)
NOTE 3 — SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The summary of significant accounting policies presented below is designed to assist in understanding the Company’s consolidated financial statements. These accounting policies conform to accounting principles generally accepted in the United States of America (“GAAP”), in all material respects, and have been consistently applied in preparing the accompanying consolidated financial statements.
Principles of Consolidation and Basis of Presentation
The consolidated financial statements include the accounts of the Company, its wholly-owned subsidiaries and consolidated joint venture arrangements in which the Company has controlling financial interests. The portions of the consolidated joint venture arrangements not owned by the Company were presented as noncontrolling interests as of and during the period consolidated. All intercompany balances and transactions have been eliminated in consolidation. Certain prior year balances have been reclassified in the consolidated balance sheets and statements of operations to conform with the current year presentation of real estate assets held for sale and discontinued operations.
The Company evaluates its relationships and investments to determine if it has variable interests. A variable interest is an investment or other interest that will absorb portions of an entity’s expected losses or receive portions of the entity’s expected residual returns. If the Company determines that it has a variable interest in an entity, it evaluates whether such interest is in a variable interest entity (“VIE”). A VIE is broadly defined as an entity where either (1) the equity investors as a group, if any, lack the power through voting or similar rights to direct the activities of an entity that most significantly impact the entity’s economic performance or (2) the equity investment at risk is insufficient to finance that entity’s activities without additional subordinated financial support. The Company consolidates any VIEs when it is determined to be the primary beneficiary of the VIE’s operations.
A variable interest holder is considered to be the primary beneficiary of a VIE if it has the power to direct the activities of a VIE that most significantly impact the entity’s economic performance and has the obligation to absorb losses of, or the right to receive benefits from, the entity that could potentially be significant to the VIE. The Company qualitatively assesses whether it is (or is not) the primary beneficiary of a VIE. Consideration of various factors include, but are not limited to, the Company’s ability to direct the activities that most significantly impact the entity’s economic performance, its form of ownership interest, its representation on the entity’s governing body, the size and seniority of its investment, its ability and the rights of other investors to participate in policy making decisions and to replace the manager of and/or liquidate the entity.
The Company continually evaluates the need to consolidate joint ventures based on standards set forth in GAAP. In determining whether the Company has a controlling interest in a joint venture and the requirement to consolidate the accounts of that entity, management considers factors such as ownership interest, power to make decisions and contractual and substantive participating rights of the partners/members as well as whether the entity is a VIE for which the Company is the primary beneficiary. As of December 31, 2012, the Company consolidated the accounts of three joint ventures (the “Consolidated Joint Ventures”), which held real estate assets with an aggregate book value of $55.0 million.
In addition, the Company evaluates its investments in marketable securities to determine if they represent variable interests in VIEs. As of December 31, 2012, the Company determined that investments in marketable securities are variable interests in VIEs, of which the Company is not the primary beneficiary because it does not have the ability to direct the activities of the VIEs that most significantly impact each entity’s economic performance. The Company’s maximum exposure to loss from these investments does not exceed their aggregate amortized cost basis of $271.1 million.
Use of Estimates
The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
COLE CREDIT PROPERTY TRUST III, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – (Continued)
Investment in and Valuation of Real Estate Assets
Real estate assets are stated at cost, less accumulated depreciation and amortization. Amounts capitalized to real estate assets consist of the cost of acquisition, excluding acquisition related expenses, construction and any tenant improvements, major improvements and betterments that extend the useful life of the real estate assets and leasing costs. All repairs and maintenance are expensed as incurred.
The Company is required to make subjective assessments as to the useful lives of its depreciable assets. The Company considers the period of future benefit of each respective asset to determine the appropriate useful life of the assets. Real estate assets, other than land, are depreciated or amortized on a straight-line basis. The estimated useful lives of the Company’s real estate assets by class are generally as follows:
|
| |
| Buildings | 40 years |
| Tenant improvements | Lesser of useful life or lease term |
| Intangible lease assets | Lease term |
The Company continually monitors events and changes in circumstances that could indicate that the carrying amounts of its real estate assets may not be recoverable. Impairment indicators that the Company considers include, but are not limited to, bankruptcy or other credit concerns of a property’s major tenant, such as a history of late payments, rental concessions and other factors, a significant decrease in a property’s revenues due to lease terminations, vacancies, co-tenancy clauses, reduced lease rates or other circumstances. When indicators of potential impairment are present, the Company assesses the recoverability of the assets by determining whether the carrying amount of the assets will be recovered through the undiscounted future cash flows expected from the use of the assets and their eventual disposition. In the event that such expected undiscounted future cash flows do not exceed the carrying amount, the Company will adjust the real estate assets to their respective fair values and recognize an impairment loss. Generally, fair value is determined using a discounted cash flow analysis and recent comparable sales transactions. No impairment indicators were identified and no impairment losses were recorded during the years ended December 31, 2012, 2011, and 2010.
When developing estimates of expected future cash flows, the Company makes certain assumptions regarding future market rental income amounts subsequent to the expiration of current lease agreements, property operating expenses, terminal capitalization and discount rates, the expected number of months it takes to re-lease the property, required tenant improvements and the number of years the property will be held for investment. The use of alternative assumptions in estimating expected future cash flows could result in a different determination of the property’s expected future cash flows and a different conclusion regarding the existence of an impairment, the extent of such loss, if any, as well as the fair value of the real estate assets.
When a real estate asset is identified by the Company as held for sale, the Company ceases depreciation and amortization of the assets related to the property and estimates the fair value, net of selling costs. If, in management’s opinion, the fair value, net of selling costs, of the asset is less than the carrying amount of the asset, an adjustment to the carrying amount would be recorded to reflect the estimated fair value of the property, net of selling costs.
Allocation of Purchase Price of Real Estate Assets
Upon the acquisition of real properties, the Company allocates the purchase price to acquired tangible assets, consisting of land, buildings and improvements, and identified intangible assets and liabilities, consisting of the value of above market and below market leases and the value of in-place leases, based in each case on their respective fair values. Acquisition related expenses are expensed as incurred. The Company utilizes independent appraisals to assist in the determination of the fair values of the tangible assets of an acquired property (which includes land and building). The Company obtains an independent appraisal for each real property acquisition. The information in the appraisal, along with any additional information available to the Company’s management, is used in estimating the amount of the purchase price that is allocated to land. Other information in the appraisal, such as building value and market rents, may be used by the Company’s management in estimating the allocation of purchase price to the building and to intangible lease assets and liabilities. The appraisal firm has no involvement in management’s allocation decisions other than providing this market information.
COLE CREDIT PROPERTY TRUST III, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – (Continued)
The fair values of above market and below market lease intangibles are recorded based on the present value (using a discount rate which reflects the risks associated with the leases acquired) of the difference between (1) the contractual amounts to be paid pursuant to the in-place leases and (2) an estimate of fair market lease rates for the corresponding in-place leases, which is generally obtained from independent appraisals, measured over a period equal to the remaining non-cancelable term of the lease including any bargain renewal periods, with respect to a below market lease. The above market and below market lease intangibles are capitalized as intangible lease assets or liabilities, respectively. Above market leases are amortized as a reduction to rental income over the remaining terms of the respective leases. Below market leases are amortized as an increase to rental income over the remaining terms of the respective leases, including any bargain renewal periods. In considering whether or not the Company expects a tenant to execute a bargain renewal option, the Company evaluates economic factors and certain qualitative factors at the time of acquisition, such as the financial strength of the tenant, remaining lease term, the tenant mix of the leased property, the Company’s relationship with the tenant and the availability of competing tenant space. If a lease were to be terminated prior to its stated expiration, all unamortized amounts of above market or below market lease intangibles relating to that lease would be recorded as an adjustment to rental income.
The fair values of in-place leases include estimates of direct costs associated with obtaining a new tenant and opportunity costs associated with lost rental and other property income which are avoided by acquiring a property with an in-place lease. Direct costs associated with obtaining a new tenant include commissions and other direct costs and are estimated in part by utilizing information obtained from independent appraisals and management’s consideration of current market costs to execute a similar lease. The intangible values of opportunity costs, which are calculated using the contractual amounts to be paid pursuant to the in-place leases over a market absorption period for a similar lease, are capitalized as intangible lease assets and are amortized to expense over the remaining term of the respective leases. If a lease were to be terminated prior to its stated expiration, all unamortized amounts of in-place lease assets relating to that lease would be expensed.
The Company estimates the fair value of assumed mortgage notes payable based upon indications of current market pricing for similar types of debt financing with similar maturities. Assumed mortgage notes payable are initially recorded at their estimated fair value as of the assumption date, and the difference between such estimated fair value and the mortgage note’s outstanding principal balance is amortized to interest expense over the term of the respective mortgage note payable.
The determination of the fair values of the real estate assets and liabilities acquired requires the use of significant assumptions with regard to the current market rental rates, rental growth rates, capitalization and discount rates, interest rates and other variables. The use of alternative estimates may result in a different allocation of the Company’s purchase price, which could impact the Company’s results of operations.
Discontinued Operations
Upon the disposal of a real estate asset or the determination of a real estate asset as being held for sale, the Company determines if the asset disposed of is considered a component of the Company. A component is comprised of operations and cash flows that can clearly be distinguished, operationally and for financial reporting purposes, from the rest of the Company. If the asset is considered a component of the Company, the results of operations and gains or losses on the sale of the component are required to be presented in discontinued operations if both of the following criteria are met: (1) the operations and cash flows of the asset have been (or will be) eliminated from the ongoing operations of the Company as a result of the disposal transaction and (2) the Company will not have any significant continuing involvement in the operations of the asset after the disposal transaction. Also, the prior period results of operations for the asset are reclassified and presented in discontinued operations in the prior consolidated statements of operations.
Sale of Real Estate Assets
Gains on the sale of real estate assets are generally recognized by the full accrual method when the following criteria are met: (1) the gain is determinable, that is, the collectability of the sales price is reasonably assured or the amount that will not be collectible can be estimated, and (2) the earnings process is virtually complete, that is, the Company is not obligated to perform significant activities after the sale to earn the gain.
COLE CREDIT PROPERTY TRUST III, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – (Continued)
Investment in Notes Receivable
Notes receivable consist of loans acquired by the Company, which are secured by real estate properties. Notes receivable are recorded at stated principal amounts net of any discount or premium and deferred loan origination costs or fees. The related discounts or premiums are accreted or amortized over the life of the related note receivable. The Company defers certain loan origination and commitment fees and amortizes them as an adjustment of yield over the term of the related note receivable. The related accretion of discounts and/or amortization of premiums and origination costs are recorded in interest income on notes receivable. The Company evaluates the collectability of both interest and principal on each note receivable to determine whether it is collectible, primarily through the evaluation of credit quality indicators such as underlying collateral and payment history. A note receivable is considered to be impaired, when based upon current information and events, it is probable that the Company will be unable to collect all amounts due according to the existing contractual terms. If a note receivable is considered to be impaired, the amount of loss is calculated by comparing the recorded investment to the value determined by discounting the expected future cash flows at the note receivable’s effective interest rate or to the value of the underlying collateral if the note receivable is collateral dependent. Interest income on performing notes receivable is accrued as earned. Interest income on impaired notes receivable is recognized on a cash basis. Evaluating notes receivable for potential impairment can require management to exercise significant judgments. No impairment losses or allowances were recorded related to notes receivable for the years ended December 31, 2012, 2011 and 2010.
Investment in Marketable Securities
Investments in marketable securities consist of investments in CMBS, including those pledged as collateral. The Company classifies its investments as available-for-sale because although the Company does not actively trade these securities, the Company may sell them prior to their maturity. These investments are carried at estimated fair value with unrealized gains and losses reported in accumulated other comprehensive income (loss). The Company uses estimated non-binding quoted market prices from the trading desks of financial institutions that are dealers in such securities, where available, for similar CMBS tranches that actively participate in the CMBS market and industry benchmarks, such as Trepp’s CMBS Analytics, where applicable. Market conditions, such as interest rates, liquidity, trading activity and credit spreads may cause significant variability to the received quotes. If the Company is unable to obtain quotes or if the Company believes the quotes received are inaccurate, the Company would estimate fair value using internal models that primarily consider Trepp’s CMBS Analytics, expected cash flows, known and expected defaults and rating agency reports. Changes in market conditions could result in a significant increase or decrease in the recorded amount of the securities. Significant judgment is involved in valuations and different judgments and assumptions used in management’s valuation could result in alternative valuations. If there are significant disruptions to the financial markets, the Company’s estimates of fair value may have significant volatility. Upon the sale of a security, the realized net gain or loss is computed on a specific identification basis.
The Company monitors its available-for-sale securities for impairments. A loss is recognized when the Company determines that a decline in the estimated fair value of a security below its amortized cost is other-than-temporary. The Company considers many factors in determining whether the impairment of a security is deemed to be other-than-temporary, including, but not limited to, the length of time the security has had a decline in estimated fair value below its amortized cost, the amount of the unrealized loss, the intent and ability of the Company to hold the security for a period of time sufficient for a recovery in value, recent events specific to the issuer or industry, external credit ratings and recent changes in such ratings. The analysis of determining whether the impairment of a security is deemed to be other-than-temporary requires significant judgments and assumptions. The use of alternative judgments and assumptions could result in a different conclusion.
Accretion of discounts on the CMBS is recognized based on the effective yield method and is recorded in the accompanying consolidated statements of operations in interest income on marketable securities. The effective yield on these CMBS is based on the projected cash flows from each security, which are estimated based on the Company’s observation of current information and events and include assumptions related to interest rates, prepayment rates and the timing and amount of credit losses. The Company reviews and, if appropriate, makes adjustments to its cash flow projections based on input and analysis received from external sources, internal models, and its judgment about interest rates, prepayment rates, the timing and amount of credit losses, and other factors. Changes in cash flows from those originally projected, or from those estimated at the last evaluation, may result in a prospective change in the yield/interest income recognized on such securities. Actual maturities of the securities are affected by the contractual lives of the associated mortgage collateral, periodic payments of principal, and prepayments of principal. Therefore actual maturities of the securities may be shorter than stated contractual maturities.
COLE CREDIT PROPERTY TRUST III, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – (Continued)
Cash and Cash Equivalents
The Company considers all highly liquid instruments with maturities when purchased of three months or less to be cash equivalents. The Company considers investments in highly liquid money market accounts to be cash equivalents.
Restricted Cash and Escrows
Included in restricted cash was $14.0 million and $15.2 million as of December 31, 2012 and 2011, respectively, held by lenders in escrow accounts for tenant and capital improvements, leasing commissions, repairs and maintenance and other lender reserves for certain properties, in accordance with the respective lender’s loan agreement. Also included in restricted cash was $4.4 million and $387,000 held by lenders in a lockbox account, as of December 31, 2012 and 2011, respectively. As part of certain debt agreements, rents from certain encumbered properties are deposited directly into a lockbox account, from which the monthly debt service payment is disbursed to the lender and the excess is disbursed to the Company. In addition, the Company had escrowed investor proceeds for which shares of common stock had not been issued of $1.9 million in restricted cash as of December 31, 2011. There were no escrowed investor proceeds included in restricted cash as December 31, 2012.
Investment in Unconsolidated Joint Ventures
Investment in unconsolidated joint ventures as of December 31, 2012 consisted of the Company’s interest in seven joint ventures that owned 12 multi-tenant properties (the “Unconsolidated Joint Ventures”). The Company accounts for the Unconsolidated Joint Ventures using the equity method of accounting as the Company has the ability to exercise significant influence, but not control, over operating and financial policies of these investments. The equity method of accounting requires the investment to be initially recorded at cost and subsequently adjusted for the Company’s share of equity in the joint venture’s earnings and distributions. The Company is required to determine whether an event or change in circumstances has occurred that may have a significant adverse effect on the fair value of its investment in the joint venture. If an event or change in circumstance has occurred, the Company is required to evaluate the joint venture for potential impairment and determine if the carrying amount of its investment exceeds its fair value. An impairment charge is recorded when an impairment is deemed to be other-than-temporary. To determine whether an impairment is other-than-temporary, the Company considers whether it has the ability and intent to hold the investment until the carrying amount is fully recovered. The evaluation of an investment in a joint venture for potential impairment requires the Company’s management to exercise significant judgment and to make certain assumptions. The use of different judgments and assumptions could result in different conclusions. No impairment indicators were identified and no impairment losses were recorded related to the Unconsolidated Joint Ventures for the years ended December 31, 2012, 2011 or 2010.
Rents and Tenant Receivables
Rents and tenant receivables primarily includes amounts to be collected in future periods related to the recognition of rental income on a straight-line basis over the lease term and cost recoveries due from tenants. The Company makes estimates of the uncollectability of its accounts receivable related to base rents, expense reimbursements and other revenues. The Company analyzes accounts receivable and historical bad debt levels, customer creditworthiness and current economic trends when evaluating the adequacy of the allowance for doubtful accounts. In addition, tenants in bankruptcy, if any, are analyzed and estimates are made in connection with the expected recovery of pre-petition and post-petition claims. The Company’s reported net income or loss is directly affected by management’s estimate of the collectability of accounts receivable. The Company records allowances for those balances that the Company deems to be uncollectible, including any amounts relating to straight-line rent receivables.
Prepaid Expenses
Prepaid expenses include expenses paid as of the balance sheet date that relate to future periods and will be expensed or reclassified to another account during the period to which the costs relate. Any amounts with no future economic benefit are charged to earnings when identified.
COLE CREDIT PROPERTY TRUST III, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – (Continued)
Derivative Instruments and Hedging Activities
The Company accounts for its derivative instruments, including certain derivative instruments embedded in other contracts, at fair value. Accounting for changes in the fair value of a derivative instrument depends on the intended use of the derivative instrument and the designation of the derivative instrument. The change in fair value of the effective portion of the derivative instrument that is designated as a hedge is recorded as other comprehensive income (loss). The changes in fair value for derivative instruments that are not designated as a hedge or that do not meet the hedge accounting criteria are recorded as a gain or loss to operations.
Deferred Financing Costs
Deferred financing costs are capitalized and amortized on a straight-line basis over the term of the related financing arrangement, which approximates the effective interest method. If a note payable is prepaid, any unamortized deferred financing costs related to the note payable would be expensed. Amortization of deferred financing costs, including any write-offs, was $14.1 million, $8.4 million and $2.7 million for the years ended December 31, 2012, 2011 and 2010, respectively, and was recorded in interest expense in the consolidated statements of operations.
Revenue Recognition
Certain properties have leases where minimum rental payments increase during the term of the lease. The Company records rental income for the full term of each lease on a straight-line basis. When the Company acquires a property, the terms of existing leases are considered to commence as of the acquisition date for the purpose of determining this calculation. The Company defers the recognition of contingent rental income, such as percentage rents, until the specific target that triggers the contingent rental income is achieved. Expected reimbursements from tenants for recoverable real estate taxes and operating expenses are included in tenant reimbursement income in the period when such costs are incurred.
Income Taxes
The Company qualified and elected to be taxed as a REIT for federal income tax purposes under Sections 856 through 860 of the Internal Revenue Code of 1986, as amended. The Company generally is not subject to federal corporate income tax to the extent it distributes its taxable income to its stockholders, and so long as it, among other things, distributes at least 90% of its annual taxable income (computed without regard to the dividends paid deduction and excluding net capital gains). REITs are subject to a number of other organizational and operational requirements. Even if the Company maintains its qualification for taxation as a REIT, it may be subject to certain state and local taxes on its income and property, and federal income and excise taxes on its undistributed income.
Concentration of Credit Risk
As of December 31, 2012, the Company had cash on deposit, including restricted cash, in 12 financial institutions, eight of which had deposits in excess of federally insured levels, totaling $93.0 million; however, the Company has not experienced any losses in such accounts. The Company limits significant cash investments to accounts held by financial institutions with high credit standing; therefore, the Company believes it is not exposed to any significant credit risk on its cash deposits.
No single tenant accounted for greater than 10% of the Company’s 2012 gross annualized rental revenues. Tenants in the restaurant industry comprised 10% of the Company’s 2012 gross annualized rental revenues. Additionally, the Company has certain geographic concentrations in its property holdings. In particular, as of December 31, 2012, 190 of the Company’s properties were located in Texas accounting for 17% of its 2012 gross annualized rental revenues.
Offering and Related Costs
CR III Advisors funds all of the organization and offering costs on the Company’s behalf and is reimbursed for such costs up to 1.5% of gross proceeds from the Offerings, excluding selling commissions and the dealer-manager fee. During the years ended December 31, 2012, 2011 and 2010, the Company recorded $13.2 million, $21.6 million and $14.0 million, respectively, of organization and offering expense reimbursements for services provided by, and costs incurred by, CR III Advisors. The offering costs, which include items such as legal and accounting fees, marketing, personnel and promotional printing costs, are recorded as a reduction of capital in excess of par value along with sales commissions and dealer manager fees of 7% and 2%, respectively. Organization costs are expensed when incurred.
COLE CREDIT PROPERTY TRUST III, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – (Continued)
Due to Affiliates
Certain affiliates of the Company’s advisor received, and will continue to receive fees, reimbursements, and compensation in connection with services provided relating to the acquisition, management, financing, leasing and sale of the assets of the Company.
Stockholders’ Equity
As of December 31, 2012 and 2011, the Company was authorized to issue 990.0 million shares of common stock and 10.0 million shares of preferred stock. All shares of such stock have a par value of $0.01 per share. The Company’s board of directors may amend the charter to authorize the issuance of additional shares of capital stock without obtaining stockholder approval.
Redeemable Common Stock
The Company has adopted a share redemption program that permits its stockholders to sell their shares, which is limited to redemptions that can be funded with cumulative net proceeds from the Company’s DRIP and subject to other limitations discussed in Note 17 to these consolidated financial statements. The Company records amounts that are redeemable under the share redemption program as redeemable common stock outside of permanent equity in its consolidated balance sheets. Changes in the amount of redeemable stock from period to period are recorded as an adjustment to capital in excess of par value.
Earnings (Loss) Per Share
Earnings per share are calculated based on the weighted average number of common shares outstanding during each period presented. Diluted income per share considers the effect of any potentially dilutive share equivalents, of which the Company had none for each of the years ended December 31, 2012, 2011 and 2010.
Reportable Segments
The Company’s operating segment consists of commercial properties, which include activities related to investing in real estate including retail, office and distribution properties and other real estate related assets. The commercial properties are geographically diversified throughout the United States and have similar economic characteristics. The Company evaluates operating performance on an overall portfolio level; therefore, the Company’s properties are one reportable segment.
Interest
Interest is charged to interest expense as it accrues, unless the interest relates to loans on properties under development, in which case it is capitalized. During the years ended December 31, 2012, 2011 and 2010, the Company capitalized $299,000, $48,000, and $26,000 respectively, of interest costs relating to the development projects as discussed in Note 5 to these consolidated financial statements.
Distributions Payable and Distribution Policy
In order to maintain its status as a REIT, the Company is required to, among other things, make distributions each taxable year equal to at least 90% of its taxable income, computed without regard to the dividends paid deduction and excluding net capital gains. To the extent funds are available, the Company intends to pay regular distributions to stockholders. Distributions are paid to stockholders of record as of the applicable record dates.
The Company’s board of directors authorized a daily distribution, based on 366 days in the calendar year, of $0.001776144 per share (which equates to 6.50% on an annualized basis calculated at the current rate, assuming a $10.00 per share purchase price) for stockholders of record as of the close of business on each day of the periods commencing on January 1, 2012 and ending on December 31, 2012. As of December 31, 2012, the Company had distributions payable of $26.4 million.
COLE CREDIT PROPERTY TRUST III, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – (Continued)
Repurchase Agreements
In certain circumstances the Company may obtain financing through a repurchase agreement. The Company evaluates the initial transfer of a financial instrument and the related repurchase agreement for sale accounting treatment. In instances where the Company maintains effective control over the transferred securities, the Company accounts for the transaction as a secured borrowing, and accordingly, both the securities and related repurchase agreement payable are recorded separately in the consolidated balance sheets. In instances where the Company does not maintain effective control over the transferred securities, the Company accounts for the transaction as a sale of securities for proceeds consisting of cash and a forward purchase contract.
Recent Accounting Pronouncements
In May 2011, the U.S. Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update 2011-04, Fair Value Measurements and Disclosures (Topic 820): Amendments to Achieve Common Fair Value Measurements and Disclosure Requirements in U.S. GAAP and IFRS, (“ASU 2011-04”), which converges guidance between GAAP and International Financial Reporting Standards to provide a uniform framework of fair value measurements and requires additional disclosures including quantifiable information about measurements to changes in unobservable inputs for Level 3 fair value measurements. ASU 2011-04 became effective for the Company on January 1, 2012. The adoption of ASU 2011-04 did not have a material impact on the Company’s consolidated financial statements.
In June 2011, the FASB issued Accounting Standards Update 2011-05, Presentation of Comprehensive Income, which requires the presentation of comprehensive income in either (1) a continuous statement of comprehensive income or (2) two separate but consecutive statements. The Company elected to present two separate but consecutive statements herein.
NOTE 4 — FAIR VALUE MEASUREMENTS
GAAP defines fair value, establishes a framework for measuring fair value and requires disclosures about fair value measurements. GAAP emphasizes that fair value is intended to be a market-based measurement, as opposed to a transaction-specific measurement.
Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Depending on the nature of the asset or liability, various techniques and assumptions can be used to estimate the fair value. Assets and liabilities are measured using inputs from three levels of the fair value hierarchy, as follows:
Level 1 – Inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date. An active market is defined as a market in which transactions for the assets or liabilities occur with sufficient frequency and volume to provide pricing information on an ongoing basis.
Level 2 – Inputs include quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active (markets with few transactions), inputs other than quoted prices that are observable for the asset or liability (i.e. interest rates, yield curves, etc.), and inputs that are derived principally from or corroborated by observable market data correlation or other means (market corroborated inputs).
Level 3 – Unobservable inputs, which are only used to the extent that observable inputs are not available, reflect the Company’s assumptions about the pricing of an asset or liability.
The following describes the methods the Company uses to estimate the fair value of the Company’s financial assets and liabilities:
Cash and cash equivalents and restricted cash – The Company considers the carrying values of these financial assets to approximate fair value because of the short period of time between their origination and their expected realization.
Notes receivable – The fair value is estimated by discounting the expected cash flows on the notes at rates at which management believes similar loans would be made as of December 31, 2012 and 2011. The estimated fair value of these notes was $97.3 million and $69.0 million as of December 31, 2012 and 2011, respectively, as compared to the carrying value of $90.4 million and $64.7 million as of December 31, 2012 and 2011, respectively. The fair value of the Company’s notes receivable is estimated using Level 2 inputs.
COLE CREDIT PROPERTY TRUST III, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – (Continued)
Notes payable and other borrowings – The fair value is estimated by discounting the expected cash flows based on estimated borrowing rates available to the Company as of December 31, 2012 and 2011. The estimated fair value of the notes payable and other borrowings was $3.4 billion and $2.4 billion as of December 31, 2012 and 2011, respectively, as compared to the carrying value of $3.3 billion and $2.4 billion as of December 31, 2012 and 2011, respectively. The fair value of the Company’s notes payable and other borrowings is estimated using Level 2 inputs.
Marketable securities – The Company’s marketable securities are carried at fair value and are valued using Level 3 inputs. The Company used estimated non-binding quoted market prices from the trading desks of financial institutions that are dealers in such securities for similar CMBS tranches that actively participate in the CMBS market and industry benchmarks, such as Trepp’s CMBS Analytics. As of December 31, 2012 and 2011, no marketable securities were valued using internal models.
Derivative Instruments – The Company’s derivative instruments represent interest rate swaps. All derivative instruments are carried at fair value and are valued using Level 2 inputs. The fair value of these instruments is determined using interest rate market pricing models. The Company includes the impact of credit valuation adjustments on derivative instruments measured at fair value.
Earnout Agreements – The Company has acquired certain properties subject to earnout provisions obligating the Company to pay additional consideration to the seller contingent on the future leasing and occupancy of vacant space at each property. Earnout payments are based on a predetermined formula and have set time periods regarding the obligation to make the payment as set forth in the respective purchase and sale agreement. If, at the end of the respective time period, certain space has not been leased and occupied, the Company will have no further obligation under the applicable earnout provision. The earnouts are carried at fair value and are valued using Level 3 inputs, including estimated timing and probability of leasing the vacant space, as there is no public market for this item and thus Level 1 and Level 2 inputs are unavailable for an item of this nature. Earnouts are recorded upon acquisition of the related property at their estimated fair value, and any changes to the estimated fair value are reflected in the statements of operations. The estimated fair value of these agreements totaled $5.3 million and $5.5 million as of December 31, 2012 and 2011, respectively, and is included in the accompanying consolidated balance sheets in other liabilities. During the year ended December 31, 2012, the Company recorded additional earnout liabilities with an aggregate estimated fair value of $6.5 million upon purchase of certain properties. In addition, during the year ended December 31, 2012, the Company increased the fair value of the outstanding earnout agreements by $789,000, which is recorded in the accompanying consolidated statements of operations in acquisition related expenses. During the year ended December 31, 2012, the obligations under certain earnout provisions were satisfied and the Company paid $7.4 million to the seller.
Considerable judgment is necessary to develop estimated fair values of financial assets and liabilities. Accordingly, the estimates presented herein are not necessarily indicative of the amounts the Company could realize, or be liable for, on disposition of the financial assets and liabilities. As of December 31, 2012, there have been no transfers of financial assets or liabilities between levels.
In accordance with the fair value hierarchy described above, the following table shows the fair value of the Company’s financial assets and liabilities that are required to be measured at fair value on a recurring basis as of December 31, 2012 and 2011 (in thousands):
COLE CREDIT PROPERTY TRUST III, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – (Continued)
|
| | | | | | | | | | | | | | | |
| | Balance as of
December 31, 2012 | | Quoted Prices in Active Markets for Identical Assets (Level 1) | | Significant Other Observable Inputs (Level 2) | | Significant Unobservable Inputs (Level 3) |
| Assets: | | | | | | | |
| Marketable securities | $ | 317,201 |
| | $ | — |
| | $ | — |
| | $ | 317,201 |
|
| Liabilities: | | | | | | | |
| Interest rate swaps | $ | (23,046 | ) | | $ | — |
| | $ | (23,046 | ) | | $ | — |
|
| Earnout agreements | (5,339 | ) | | — |
| | — |
| | (5,339 | ) |
| Total liabilities | $ | (28,385 | ) | | $ | — |
| | $ | (23,046 | ) | | $ | (5,339 | ) |
| | | | | | | | |
| | | | | | | | |
| Balance as of
December 31, 2011 | | Quoted Prices in Active Markets for Identical Assets (Level 1) | | Significant Other Observable Inputs (Level 2) | | Significant Unobservable Inputs (Level 3) |
| Assets: | | | | | | | |
| Marketable securities | $ | 114,129 |
| | $ | — |
| | $ | — |
| | $ | 114,129 |
|
| Liabilities: | | | | | | | |
| Interest rate swaps | $ | (26,092 | ) | | $ | — |
| | $ | (26,092 | ) | | $ | — |
|
| Earnout agreements | (5,519 | ) | | — |
| | — |
| | (5,519 | ) |
| Total liabilities | $ | (31,611 | ) | | $ | — |
| | $ | (26,092 | ) | | $ | (5,519 | ) |
The following table shows a reconciliation of the change in fair value of the Company’s marketable securities with significant unobservable inputs (Level 3) for the years ended December 31, 2012 and 2011 (in thousands):
|
| | | | | | | | |
| | | Year Ended December 31, |
| | | 2012 | | 2011 |
| Balance at beginning of year | $ | 114,129 |
| | $ | — |
|
| Total gains or losses | | | |
| | Reclassification of previous unrealized gain on marketable securities into net income | (8,852 | ) | | — |
|
| | Unrealized gain included in other comprehensive income (loss), net | 53,664 |
| | 1,335 |
|
| Purchases, issuances, settlements, sales and accretion | | | |
| | Purchases | 205,986 |
| | 112,032 |
|
| | Issuances | — |
| | — |
|
| | Sales | (50,967 | ) | | — |
|
| | Accretion included in earnings, net | 3,241 |
| | 762 |
|
| Balance at end of year | $ | 317,201 |
| | $ | 114,129 |
|
COLE CREDIT PROPERTY TRUST III, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – (Continued)
NOTE 5 — REAL ESTATE ACQUISITIONS
2012 Property Acquisitions
During the year ended December 31, 2012, the Company acquired interests in 349 commercial properties for an aggregate purchase price of $2.0 billion (the “2012 Acquisitions”). The Company purchased the 2012 Acquisitions with net proceeds from the Follow-on Offering, the DRIP Offering, borrowings and the sale of properties and other investments. The Company allocated the purchase price of these properties to the fair value of the assets acquired and liabilities assumed. The following table summarizes the purchase price allocation (in thousands):
|
| | | |
| | December 31, 2012 |
| Land | $ | 412,674 |
|
| Building and improvements | 1,330,874 |
|
| Acquired in-place leases | 252,186 |
|
| Acquired above market leases | 38,260 |
|
| Acquired below market leases | (39,054 | ) |
| Total purchase price | $ | 1,994,940 |
|
The Company recorded revenue for the year ended December 31, 2012 of $81.4 million, respectively, and a net loss for the year ended December 31, 2012 of $25.7 million, respectively, related to the 2012 Acquisitions. The Company expensed $60.4 million of property related acquisition costs for the year ended December 31, 2012.
The following information summarizes selected financial information of the Company, as if all of the 2012 Acquisitions were completed on January 1, 2011 for each period presented below. The table below presents the Company’s estimated revenue and net income, on a pro forma basis, for the years ended December 31, 2012 and 2011, respectively (in thousands):
|
| | | | | | | | |
| | | Year Ended December 31, |
| | | 2012 | | 2011 |
| Pro forma basis (unaudited): | | | | |
| Revenue | | $ | 661,650 |
| | $ | 531,356 |
|
| Net income | | $ | 296,683 |
| | $ | 45,793 |
|
The unaudited pro forma information for the year ended December 31, 2012 was adjusted to exclude $60.4 million of property related acquisition costs recorded during the year ended December 31, 2012. These costs were recognized in the unaudited pro forma information for the year ended December 31, 2011. The unaudited pro forma information is presented for informational purposes only and may not be indicative of what actual results of operations would have been had the transactions occurred at the beginning of 2011, nor does it purport to represent the results of future operations.
2012 Investments in Development Projects
During the year ended December 31, 2012, the Company acquired a completed development project for an aggregate purchase price of $7.7 million through the repayment of a construction loan facility and the purchase of the joint venture partner’s noncontrolling interest. The Company also completed the construction of a single tenant office building. Total costs for the construction of the building were $12.2 million. The development of these projects was initiated in 2011, and therefore, these properties are not included in the 2012 Acquisitions.
2012 Investments in Unconsolidated Joint Ventures
During the year ended December 31, 2012, the Company acquired financial interests in two unconsolidated joint venture arrangements for an aggregate investment of $46.5 million. In addition, the Company acquired a $27.7 million financial interest in one of the Consolidated Joint Ventures during the year ended December 31, 2012, whose only assets are interests in three of the Unconsolidated Joint Ventures.
COLE CREDIT PROPERTY TRUST III, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – (Continued)
In connection with the acquired interests in the unconsolidated joint venture arrangements discussed above, one of the Unconsolidated Joint Ventures borrowed $17.6 million (the “Advance Note”) from one of the Consolidated Joint Ventures and fully repaid the Advance Note during the year ended December 31, 2012. The Advance Note had a variable interest rate equal to the one-month LIBOR plus 225 basis points. During the year ended December 31, 2012, the Company recorded $107,000 of interest income on the Advance Note. No financing coordination fees were incurred in connection with the Advance Note.
2011 Property Acquisitions
During the year ended December 31, 2011, the Company acquired interests in 244 commercial properties, including the properties held in two of the Consolidated Joint Ventures, for an aggregate purchase price of $2.2 billion (the “2011 Acquisitions”). The Company purchased the 2011 Acquisitions with net proceeds from the Offerings and through the issuance or assumption of mortgage notes and credit facility borrowings. The Company allocated the purchase price of the 2011 Acquisitions to the fair value of the assets acquired and liabilities assumed. The following table summarizes the purchase price allocation (in thousands):
|
| | | |
| | December 31, 2011 |
| Land | $ | 448,728 |
|
| Building and improvements | 1,491,347 |
|
| Acquired in-place leases | 244,776 |
|
| Acquired above market leases | 69,823 |
|
| Acquired below market leases | (32,402 | ) |
| Fair value adjustment of assumed notes payable | 438 |
|
| Total purchase price | $ | 2,222,710 |
|
The Company recorded revenue for the year ended December 31, 2011 of $84.6 million, respectively, and a net loss for the year ended December 31, 2011 of $16.5 million, respectively, related to the 2011 Acquisitions. The Company expensed $59.4 million of acquisition costs for the year ended December 31, 2011.
The following information summarizes selected financial information of the Company, as if all of the 2011 Acquisitions were completed on January 1, 2010 for each period presented below. The table below presents the Company’s estimated revenue and net income, on a pro forma basis, for the years ended December 31, 2011 and 2010, respectively (in thousands):
|
| | | | | | | | |
| | | Year Ended December 31, |
| | | 2011 | | 2010 |
| Pro forma basis (unaudited): | | | | |
| Revenue | | $ | 474,975 |
| | $ | 336,716 |
|
| Net income | | $ | 159,743 |
| | $ | 34,158 |
|
The unaudited pro forma information for the year ended December 31, 2011 was adjusted to exclude $59.4 million of acquisition costs recorded during the year ended December 31, 2011. These costs were recognized in the unaudited pro forma information for the year ended December 31, 2010. The unaudited pro forma information is presented for informational purposes only and may not be indicative of what actual results of operations would have been had the transactions occurred at the beginning of 2010, nor does it purport to represent the results of future operations.
2011 Investments in Development Projects
During the year ended December 31, 2011, the Company acquired a completed development project for an aggregate purchase price of $5.9 million through the repayment of a construction loan facility and the purchase of the joint venture partner’s noncontrolling interest. The development of this project was initiated in 2010, and therefore, this property purchase is not included in the 2011 Acquisitions.
COLE CREDIT PROPERTY TRUST III, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – (Continued)
In addition, the Company and one of the Consolidated Joint Ventures acquired three land parcels for development of two office facilities and a single tenant commercial property. As of December 31, 2011, the aggregate construction costs incurred of $12.3 million are included in the accompanying December 31, 2011 consolidated balance sheet in building and improvements. The land acquired for an aggregate amount of $9.3 million is included in land, and the aggregate construction facility borrowings of $4.6 million are included in notes payable and other borrowings in the accompanying December 31, 2011 consolidated balance sheet. As discussed above, the Company completed two of the three projects during the year ended December 31, 2012.
2011 Investments in Unconsolidated Joint Ventures
During the year ended December 31, 2011, the Company acquired an interest in an unconsolidated joint venture arrangement for $7.7 million.
NOTE 6 — ACQUIRED INTANGIBLE LEASE ASSETS
Acquired intangible lease assets consisted of the following (in thousands):
|
| | | | | | | | | |
| | | | As of December 31, |
| | | | 2012 | | 2011 |
| Acquired in-place leases, net of accumulated amortization of $101,392 and $50,715, | | | | |
| | respectively (with a weighted average life of 12.7 and 15.3 years, respectively) | | $ | 710,469 |
| | $ | 543,663 |
|
| Acquired above market leases, net of accumulated amortization of $20,866 and $11,115, | | | | |
| | respectively (with a weighted average life of 13.2 and 15.9 years, respectively) | | 150,494 |
| | 139,153 |
|
| | | | $ | 860,963 |
| | $ | 682,816 |
|
Amortization expense related to the acquired in-place lease assets for the years ended December 31, 2012, 2011 and 2010 was $55.9 million, $33.1 million and $12.0 million, respectively. Amortization expense related to the acquired above market lease assets for the years ended December 31, 2012, 2011 and 2010 was $11.6 million, $6.9 million and $2.1 million, respectively.
Estimated amortization expense of the intangible lease assets, excluding the intangible lease assets related to the Held for Sale Properties (as defined below), as of December 31, 2012 for each of the five succeeding fiscal years is as follows:
|
| | | | | | | | |
| | | Amortization |
| Year Ending December 31, | | Leases In-Place | | Above Market Leases |
| 2013 | | $ | 64,896 |
| | $ | 13,723 |
|
| 2014 | | $ | 62,474 |
| | $ | 13,283 |
|
| 2015 | | $ | 61,208 |
| | $ | 13,063 |
|
| 2016 | | $ | 58,201 |
| | $ | 12,476 |
|
| 2017 | | $ | 56,076 |
| | $ | 12,028 |
|
NOTE 7 — INVESTMENT IN NOTES RECEIVABLE
During the year ended December 31, 2012, the Company acquired a $25.0 million junior mezzanine loan (the “Mezzanine Loan”), secured by equity interests in a joint venture which owns 15 shopping centers. The Mezzanine Loan has an interest rate of LIBOR plus 9.0% with a LIBOR floor of 0.50% and matures in July 2015 with two one-year extension options. As of December 31, 2012, investment in notes receivable included $25.4 million related to the Mezzanine Loan, which consisted of the outstanding face amount of the loan of $25.0 million, $500,000 of acquisition costs and accumulated amortization of acquisition costs of $65,000. The acquisition costs are amortized over the term of the loan using the effective interest rate method. Interest only payments are due each month. There were no amounts past due as of December 31, 2012.
In addition, as of December 31, 2012, the Company owned two mortgage notes receivable, each of which is secured by an office building (collectively the “Mortgage Notes”). As of December 31, 2012 and 2011, investment in notes receivable included $64.9 million and $64.7 million, respectively, related to the Mortgage Notes. As of December 31, 2012, the Mortgage Notes balance consisted of the outstanding face amount of the notes of $72.9 million, a $12.0 million discount, $1.3 million of acquisition costs and net accumulated accretion of discounts and amortization of acquisition costs of $2.8 million. As of
COLE CREDIT PROPERTY TRUST III, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – (Continued)
December 31, 2011, the Mortgage Notes balance consisted of the outstanding face amount of the notes of $73.7 million, a $12.0 million discount, $1.3 million of acquisition costs and net accumulated accretion of discounts and amortization of acquisition costs of $1.7 million. The discount is accreted and acquisition costs are amortized over the terms of each respective Mortgage Note using the effective interest rate method. The Mortgage Notes have a fixed interest rate of 5.93% per annum and mature on October 1, 2018. Interest and principal payments are due each month until October 1, 2018. There were no amounts past due as of December 31, 2012.
The Company evaluates the collectability of both interest and principal on each note receivable to determine whether it is collectible, primarily through the evaluation of credit quality indicators, such as underlying collateral and payment history. No impairment losses were recorded related to notes receivable for the years ended December 31, 2012, 2011 or 2010. In addition, no allowances for uncollectability were recorded related to notes receivable as of December 31, 2012 or 2011.
NOTE 8 — INVESTMENT IN MARKETABLE SECURITIES
During the year ended December 31, 2012, the Company sold six CMBS and half of the Company’s investment in two CMBS for aggregate proceeds of $63.4 million and realized a gain on the sale of $12.5 million, of which $8.9 million had previously been recorded in other comprehensive income (loss). As of December 31, 2012, the Company owned 29 CMBS, with an estimated aggregate fair value of $317.2 million. As of December 31, 2011, the Company owned 11 CMBS, with an estimated aggregate fair value of $114.1 million.
As of December 31, 2012, certain of these securities were pledged as collateral under repurchase agreements (the “Repurchase Agreements”), as discussed in Note 11 to these consolidated financial statements. The following table provides the activity for the CMBS during the year ended December 31, 2012 (in thousands):
|
| | | | | | | | | | | |
| | Amortized Cost Basis | | Unrealized Gain | | Fair Value |
| Marketable securities as of December 31, 2011 | $ | 112,794 |
| | $ | 1,335 |
| | $ | 114,129 |
|
| Face value of marketable securities acquired | 320,020 |
| | — |
| | 320,020 |
|
| Discounts on purchase of marketable securities, net of acquisition costs | (114,034 | ) | | — |
| | (114,034 | ) |
| Net accretion on marketable securities | 3,241 |
| | — |
| | 3,241 |
|
| Increase in fair value of marketable securities | — |
| | 53,664 |
| | 53,664 |
|
| Decrease due to sale of marketable securities | (50,967 | ) | | (8,852 | ) | | (59,819 | ) |
| Marketable securities as of December 31, 2012 | $ | 271,054 |
| | $ | 46,147 |
| | $ | 317,201 |
|
The following table shows the fair value and gross unrealized gains and losses of the Company’s CMBS as of December 31, 2012 (in thousands) and the length of time the CMBS has been in the unrealized gain or continuous loss position:
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Less than 12 months | | 12 Months or More | | Total |
Description of Securities | Fair Value | | Unrealized Gains | | Unrealized (Losses) | | Fair Value | | Unrealized Gains | | Unrealized (Losses) | | Fair Value | | Unrealized Gains | | Unrealized (Losses) |
| CMBS | $ | 317,201 |
| | $ | 48,192 |
| | $ | (2,045 | ) | | $ | — |
| | $ | — |
| | $ | — |
| | $ | 317,201 |
| | $ | 48,192 |
| | $ | (2,045 | ) |
As of December 31, 2012, the unrealized losses of $2.0 million were deemed to be a temporary impairment based upon the following: (1) the Company having no intent to sell these securities, (2) it is more likely than not that the Company will not be required to sell the securities before recovery and (3) the Company’s expectation to recover the entire amortized cost basis of these securities. The Company determined that the unrealized losses of $2.0 million resulted from volatility in interest rates and credit spreads and other qualitative factors relating to macro-credit conditions in the mortgage market. Additionally, as of December 31, 2012, the Company had determined that the subordinate CMBS tranches below the Company’s CMBS investment adequately protected the Company’s ability to recover its investment and that the Company’s estimates of anticipated future cash flows from the CMBS investment had not been adversely impacted by any deterioration in the creditworthiness of the specific CMBS issuers.
COLE CREDIT PROPERTY TRUST III, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – (Continued)
The scheduled maturity of the Company’s CMBS as of December 31, 2012 is as follows (in thousands):
|
| | | | | | | |
| | Amortized Cost | | Estimated Fair Value |
| Due within one year | $ | — |
| | $ | — |
|
| Due after one year through five years | — |
| | — |
|
| Due after five years through ten years | 260,412 |
| | 307,396 |
|
| Due after ten years | 10,642 |
| | 9,805 |
|
| | $ | 271,054 |
| | $ | 317,201 |
|
Actual maturities of marketable securities can differ from contractual maturities because borrowers may have the right to prepay their respective loan balances at any time. In addition, factors such as prepayments and interest rates may affect the yields on the marketable securities.
NOTE 9 — DISCONTINUED OPERATIONS
During the year ended December 31, 2012, the Company disposed of 26 single-tenant properties and two multi-tenant properties for an aggregate gross sales price of $573.8 million (the “2012 Property Dispositions”). As of the respective closing dates of the 2012 Property Dispositions, the major class of assets and liabilities of these properties included net total investment in real estate assets of $450.2 million, straight-line rent receivables of $12.7 million, notes payable of $180.3 million, which includes $24.3 million assumed by the buyer, and net below market lease liabilities of $9.0 million. The Company has no continuing involvement with the 2012 Property Dispositions. The Company also classified two properties as held for sale as of December 31, 2012 (the “Held for Sale Properties”). The results of operations for the 2012 Property Dispositions and the Held for Sale Properties (collectively, the “Discontinued Operations Properties”) have been presented as discontinued operations on the Company’s consolidated statements of operations for all periods presented.
The following table summarizes the operating income from discontinued operations of the Discontinued Operations Properties for the years ended December 31, 2012, 2011 and 2010 (in thousands):
|
| | | | | | | | | | | |
| | Year Ended December 31, |
| | 2012 | | 2011 | | 2010 |
| Total revenue | $ | 34,308 |
| | $ | 42,322 |
| | $ | 25,318 |
|
| Total expenses | 27,182 |
| | 28,269 |
| | 22,499 |
|
| Income from discontinued operations | 7,126 |
| | 14,053 |
| | 2,819 |
|
| Gain on sale of real estate assets | 108,457 |
| | — |
| | — |
|
| Total income from discontinued operations | $ | 115,583 |
| | $ | 14,053 |
| | $ | 2,819 |
|
The following table presents the major classes of assets and liabilities of the Held for Sale Properties as of December 31, 2012 and 2011 (in thousands):
|
| | | | | | | |
| | Year Ended December 31, |
| | 2012 | | 2011 |
| Investment in real estate assets, net | $ | 15,376 |
| | $ | 15,759 |
|
| Straight-line rent receivables | 109 |
| | 77 |
|
| Assets related to real estate held for sale, net | $ | 15,485 |
| | $ | 15,836 |
|
| | | | |
Liabilities related to real estate assets held for sale (1) | $ | 322 |
| | $ | 347 |
|
________________
(1) Liabilities related to real estate assets held for sale includes net below market lease liabilities and prepaid rent and are included in derivative liabilities, deferred rent and other liabilities in the Company’s consolidated balance sheets for all periods presented.
COLE CREDIT PROPERTY TRUST III, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – (Continued)
NOTE 10 — DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES
In the normal course of business, the Company uses certain types of derivative instruments for the purpose of managing or hedging its interest rate risks. The following table summarizes the terms of the Company’s executed swap agreements designated as hedging instruments (in thousands): |
| | | | | | | | | | | | | | | | | | | |
| | | | Outstanding Notional | | | | | | | | Fair Value of Liabilities |
| | Balance Sheet | | Amount as of | | Interest | | Effective | | Maturity | | December 31, | | December 31, |
| | Location | | December 31, 2012 | | Rates (1) | | Dates | | Dates | | 2012 | | 2011 |
| Interest Rate Swaps | Derivative liabilities, deferred rent and other liabilities | | $ | 744,250 |
| | 3.15% to 6.83% | | 12/18/2009 to 12/14/2012 | | 6/27/2014 to 4/1/2021 | | $ | (23,046 | ) | | $ | (26,092 | ) |
| |
| (1) | The interest rates consist of the underlying index swapped to a fixed rate and the applicable interest rate spread. |
Additional disclosures related to the fair value of the Company’s derivative instruments are included in Note 4 to these consolidated financial statements. The notional amount under the agreements is an indication of the extent of the Company’s involvement in each instrument, but does not represent exposure to credit, interest rate or market risks.
Accounting for changes in the fair value of a derivative instrument depends on the intended use and designation of the derivative instrument. The Company designated the interest rate swaps as cash flow hedges, to hedge the variability of the anticipated cash flows on its variable rate notes payable. The change in fair value of the effective portion of the derivative instruments that are designated as hedges is recorded in other comprehensive income or loss. The ineffective portion of the change in fair value of the derivative instruments is recorded in interest expense.
The following table summarizes the gains and losses on the Company’s derivative instruments and hedging activities for the years ended December 31, 2012, 2011 and 2010 (in thousands):
|
| | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | Amount of Loss Recognized in Other Comprehensive Income (Loss) | | Amount of Loss Reclassified from Accumulated Other Comprehensive Income (Loss) to Interest Expense (1) |
| | | | Year Ended December 31, | | Year Ended December 31, |
| Derivatives in Cash Flow Hedging Relationships | | 2012 | | 2011 | | 2010 | | 2012 | | 2011 | | 2010 |
Interest Rate Swaps | | $ | (6,217 | ) | | $ | (18,904 | ) | | $ | (7,053 | ) | | $ | 9,263 |
| | $ | — |
| | $ | — |
|
| |
| (1) | During the year ended December 31, 2012, an interest rate swap was designated as ineffective and the unrealized loss was reclassified from accumulated other comprehensive income (loss) into interest expense as it related to one of the 2012 Property Dispositions and the Company terminated the swap when the property was sold. |
The Company has agreements with each of its derivative counterparties that contain a provision whereby if the Company defaults on certain of its unsecured indebtedness, then the Company could also be declared in default on its derivative obligations resulting in an acceleration of payment. In addition, the Company is exposed to credit risk in the event of non-performance by its derivative counterparties. The Company believes it mitigates its credit risk by entering into agreements with credit-worthy counterparties. The Company records credit risk valuation adjustments on its interest rate swaps based on the respective credit quality of the Company and the counterparty. As of both December 31, 2012 and 2011, there were no events of default related to the interest rate swaps. As of December 31, 2011, there were no termination events related to the interest rate swaps.
COLE CREDIT PROPERTY TRUST III, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – (Continued)
NOTE 11 — NOTES PAYABLE AND OTHER BORROWINGS
As of December 31, 2012, the Company and the Consolidated Joint Ventures had $3.3 billion of debt outstanding, with a weighted average years to maturity of 5.3 years and weighted average interest rate of 4.38%. The following table summarizes the debt activity during the year ended and balances as of December 31, 2012 (in thousands):
|
| | | | | | | | | | | | | | | | | | | |
| | | | During the Year Ended December 31, 2012 | | |
| | Balance as of December 31, 2011 | | Debt Issuance and Assumptions | | Repayments | | Other (1) | | Balance as of
December 31, 2012 |
| Fixed rate debt | $ | 1,560,068 |
| | $ | 898,906 |
| | $ | (226,556 | ) | | $ | 79,123 |
| | $ | 2,311,541 |
|
| Variable rate debt | 132,143 |
| | 31,799 |
| | — |
| | (79,000 | ) | | 84,942 |
|
| Construction facilities | 4,614 |
| | 28,364 |
| | (5,220 | ) | | — |
| | 27,758 |
|
| Credit facility | 647,750 |
| | 1,010,000 |
| | (890,000 | ) | | — |
| | 767,750 |
|
| Repurchase agreements | 29,409 |
| | 80,184 |
| | (9,536 | ) | | — |
| | 100,057 |
|
Total(2) | $ | 2,373,984 |
| | $ | 2,049,253 |
| | $ | (1,131,312 | ) | | $ | 123 |
| | $ | 3,292,048 |
|
| |
| (1) | Represents fair value adjustment of assumed mortgage notes payable, net of amortization, of $123,000. In addition, $79.0 million of variable rate debt outstanding as of December 31, 2012 was effectively fixed through the use of an interest rate swap with an effective date of June 29, 2012. |
| |
| (2) | The table above does not include loan amounts associated with certain unconsolidated joint venture arrangements of $195.8 million, of which $10.2 million is recourse to CCPT III OP. These loans mature on various dates ranging from October 2015 to July 2021. |
As of December 31, 2012, the fixed rate debt includes $465.5 million of variable rate debt subject to interest rate swap agreements which had the effect of fixing the variable interest rates per annum through the maturity date of the loan. In addition, the fixed rate debt includes mortgage notes assumed with an aggregate face amount of $40.7 million and an aggregate fair value of $39.4 million at the date of assumption. The fixed rate debt has interest rates ranging from 2.75% to 6.83% per annum. The variable rate debt has variable interest rates ranging from LIBOR plus 225 basis points to 325 basis points per annum. In addition, the construction facilities have interest rates ranging from LIBOR plus 235 basis points to 250 basis points per annum, with certain debt containing LIBOR floors. The debt outstanding matures on various dates from February 2013 through January 2023. The aggregate balance of gross real estate and related assets, net of gross intangible lease liabilities, securing the fixed and variable rate debt outstanding was $4.8 billion as of December 31, 2012. Each of the mortgage notes payable is secured by the respective properties on which the debt was placed.
As of December 31, 2012, the Company had $89.8 million available for borrowing under a senior unsecured credit facility (the “Credit Facility”) based on the underlying collateral pool of $1.4 billion. The Credit Facility provides borrowings up to $857.5 million, which includes a $278.75 million term loan (the “Term Loan”) and up to $578.75 million in revolving loans (the “Revolving Loans”). The Credit Facility may be increased to a maximum of $950.0 million. Depending upon the type of loan specified and overall leverage ratio, the Revolving Loans bear interest at either LIBOR plus an interest rate spread ranging from 2.25% to 3.00% or a base rate plus an interest rate spread ranging from 1.25% to 2.00%. The base rate is greater of (1) LIBOR plus 1.00%, (2) Bank of America N.A.’s Prime Rate or (3) the Federal Funds Rate plus 0.50%. During the year ended December 31, 2011, the Company executed two swap agreements associated with the Term Loan, which had the effect of fixing the variable interest rates per annum through the maturity date of the respective loan at 3.45% and 3.15%, respectively. The Revolving Loans and Term Loan had a combined weighted average interest rate of 3.37% as of December 31, 2012.
The Repurchase Agreements have interest rates ranging from LIBOR plus 120 basis points to 175 basis points and mature on various dates from January 2013 through March 2013. Upon maturity, the Company may elect to renew the Repurchase Agreements for a period of 90 days until the CMBS mature. The CMBS have a weighted average remaining term of 9.5 years. Under the Repurchase Agreements, the lender retains the right to mark the underlying collateral to fair value. A reduction in the value of the pledged assets would require the Company to provide additional collateral to fund margin calls. As of December 31, 2012, the securities held as collateral had a fair value of $266.1 million and an amortized cost of $224.9 million. There was no cash collateral held by the counterparty as of December 31, 2012. The Repurchase Agreements are being accounted for as secured borrowings because the Company maintains effective control of the financed assets. The Repurchase Agreements are non-recourse to the Company and CCPT III OP.
COLE CREDIT PROPERTY TRUST III, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – (Continued)
The Credit Facility and certain notes payable contain customary affirmative, negative and financial covenants, representations, warranties and borrowing conditions. These agreements also include usual and customary events of default and remedies for facilities of this nature. Based on the Company’s analysis and review of its results of operations and financial condition, the Company believes it was in compliance with the covenants of the Credit Facility and such notes payable as of December 31, 2012.
The following table summarizes the scheduled aggregate principal repayments for the Company’s outstanding debt as of December 31, 2012 for each of the five succeeding fiscal years and the period thereafter:
|
| | | | |
| Year Ending December 31, |
| Principal Repayments(1)(2) |
| 2013 | $ | 164,330 |
|
| 2014 | 651,232 |
|
| 2015 | 337,704 |
|
| 2016 | 169,274 |
|
| 2017 | 190,666 |
|
| Thereafter | 1,779,782 |
|
| Total | $ | 3,292,988 |
|
________________
(1) Assumes the Company accepts the interest rates that one lender may reset on September 1, 2013 and February 1, 2015, respectively, related to mortgage notes payable of $30.0 million and $32.0 million, respectively.
(2) Principal payment amounts reflect actual payments based on the face amount of notes payable secured by the Company’s wholly-owned properties and Consolidated Joint Ventures. As of December 31, 2012, the fair value adjustment, net of amortization, of mortgage notes assumed was $940,000.
NOTE 12 — ACQUIRED BELOW MARKET LEASE INTANGIBLES
Acquired below market lease intangibles consisted of the following (in thousands):
|
| | | | | | | | | |
| | | | As of December 31, |
| | | | 2012 | | 2011 |
| Acquired below market leases, net of accumulated amortization of $16,389 and $8,782, | | | | |
| | respectively (with a weighted average life of 10.6 and 14.1 years, respectively) | | $ | 113,607 |
| | $ | 93,050 |
|
The increase in rental and other property income resulting from the amortization of the intangible lease liability for the years ended December 31, 2012, 2011 and 2010 was $9.0 million, $5.1 million and $2.1 million, respectively.
Estimated amortization of the intangible lease liability, excluding the below market lease intangibles related to the Held for Sale Properties, as of December 31, 2012 for each of the five succeeding fiscal years is as follows (in thousands):
|
| | | | |
| Year Ending December 31, | | Amortization of Below Market Leases |
| 2013 | | $ | 10,363 |
|
| 2014 | | $ | 10,106 |
|
| 2015 | | $ | 9,859 |
|
| 2016 | | $ | 9,537 |
|
| 2017 | | $ | 8,894 |
|
COLE CREDIT PROPERTY TRUST III, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – (Continued)
NOTE 13 — SUPPLEMENTAL CASH FLOW DISCLOSURES
Supplemental cash flow disclosures for the years ended December 31, 2012, 2011 and 2010 are as follows (in thousands):
|
| | | | | | | | | | | |
| | Year Ended December 31, |
| | 2012 | | 2011 | | 2010 |
| Supplemental Disclosures of Non-Cash Investing and Financing Activities: | | | | | |
| Distributions declared and unpaid | $ | 26,399 |
| | $ | 20,858 |
| | $ | 14,448 |
|
| Fair value of mortgage notes assumed in real estate acquisitions at date of assumption | $ | 24,000 |
| | $ | 4,863 |
| | $ | 10,577 |
|
| Common stock issued through distribution reinvestment plan | $ | 169,079 |
| | $ | 110,093 |
| | $ | 65,174 |
|
| Net unrealized loss on interest rate swaps | $ | (6,217 | ) | | $ | (18,904 | ) | | $ | (7,035 | ) |
| Unrealized gain on marketable securities | $ | 53,664 |
| | $ | 1,335 |
| | $ | — |
|
| Earnout liabilities recorded upon property acquisitions | $ | 6,460 |
| | $ | 5,519 |
| | $ | — |
|
| Accrued expenditures | $ | 10,667 |
| | $ | 2,864 |
| | $ | 1,743 |
|
| Notes payable assumed by buyer in real estate disposition | $ | 24,250 |
| | $ | — |
| | $ | — |
|
| Supplemental Cash Flow Disclosures: | | | | | |
| Interest paid, net of capitalized interest of $299, $48 and $26, respectively | $ | 121,211 |
| | $ | 75,945 |
| | $ | 20,627 |
|
NOTE 14— COMMITMENTS AND CONTINGENCIES
Litigation
In the ordinary course of business, the Company may become subject to litigation or claims. As of December 31, 2012, the Company was not aware of any pending legal proceedings of which the outcome is reasonably possible to have a material effect on its results of operations, financial condition or liquidity.
Purchase Commitments
As of December 31, 2012, the Company owned one land parcel, upon which an office building is being developed. Based on budgeted construction costs, the cost to complete the facility is estimated to be $45.8 million. The construction is being funded by a construction loan facility totaling $33.8 million. As of December 31, 2012, the Company had incurred $40.2 million in construction costs and $19.9 million was outstanding under the construction facility. Additionally, the Company had properties subject to earnout provisions obligating it to pay additional consideration to the seller contingent on the future leasing and occupancy of vacant space at the properties, as discussed in Note 4 to these consolidated financial statements.
Environmental Matters
In connection with the ownership and operation of real estate, the Company potentially may be liable for costs and damages related to environmental matters. The Company owns certain properties that are subject to environmental remediation. In each case, the seller of the property, the tenant of the property and/or another third party has been identified as the responsible party for environmental remediation costs related to the respective property. Additionally, in connection with the purchase of certain of the properties, the respective sellers and/or tenants have indemnified the Company against future remediation costs. In addition, the Company carries environmental liability insurance on its properties that provides limited coverage for remediation liability and pollution liability for third-party bodily injury and property damage claims. Accordingly, the Company does not believe that it is reasonably possible that the environmental matters identified at such properties will have a material effect on its results of operations, financial condition or liquidity, nor is it aware of any environmental matters at other properties which it believes are reasonably possible to have a material effect on its results of operations, financial condition or liquidity.
COLE CREDIT PROPERTY TRUST III, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – (Continued)
NOTE 15 — RELATED-PARTY TRANSACTIONS AND ARRANGEMENTS
The Company has incurred commissions, fees and expenses payable to CR III Advisors or its affiliates in connection with the Offerings, and has incurred and will continue to incur commissions, fees and expenses in connection with the acquisition, management and sale of the assets of the Company.
Offerings
In connection with the Initial Offering and Follow-on Offering, Cole Capital Corporation (“Cole Capital”), the Company’s dealer manager, which is affiliated with our advisor, received a selling commission of up to 7% of gross offering proceeds, before reallowance of commissions earned by participating broker-dealers. Cole Capital reallowed 100% of selling commissions earned to participating broker-dealers. In addition, Cole Capital received 2% of gross offering proceeds, before reallowance to participating broker-dealers, as a dealer manager fee in connection with the Initial Offering and Follow-on Offering. Cole Capital, in its sole discretion, reallowed a portion of its dealer manager fee to such participating broker-dealers as a marketing and due diligence expense reimbursement, based on factors such as the volume of shares sold by such participating broker-dealers and the amount of marketing support provided by such participating broker-dealers. No selling commissions or dealer manager fees were paid to Cole Capital or any other broker-dealers with respect to shares sold under the Company’s DRIP.
All other organization and offering expenses associated with the sale of the Company’s common stock (excluding selling commissions and the dealer manager fee) were paid by CR III Advisors or its affiliates and were reimbursed by the Company up to 1.5% of aggregate gross offering proceeds. A portion of the other organization and offering expenses may be underwriting compensation.
The Company recorded commissions, fees and expense reimbursements as shown in the table below for services provided by CR III Advisors and its affiliates related to the services described above during the years indicated (in thousands):
|
| | | | | | | | | | | | |
| | | Year Ended December 31, |
| | | 2012 | | 2011 | | 2010 |
| Offering: | | | | | | |
| Selling commissions | | $ | 56,264 |
| | $ | 88,660 |
| | $ | 98,980 |
|
| Selling commissions reallowed by Cole Capital | | $ | 56,264 |
| | $ | 88,660 |
| | $ | 98,980 |
|
| Dealer manager fee | | $ | 16,662 |
| | $ | 25,890 |
| | $ | 28,773 |
|
| Dealer manager fee reallowed by Cole Capital | | $ | 8,446 |
| | $ | 13,089 |
| | $ | 14,485 |
|
| Other organization and offering expenses | | $ | 13,188 |
| | $ | 21,572 |
| | $ | 14,013 |
|
Acquisitions and Operations
CR III Advisors or its affiliates also receive acquisition and advisory fees of up to 2% of the contract purchase price of each asset for the acquisition, development or construction of properties and will be reimbursed for acquisition expenses incurred in the process of acquiring properties, so long as the total acquisition fees and expenses relating to the transaction does not exceed 6% of the contract purchase price.
The Company paid, and expects to continue to pay, CR III Advisors a monthly asset management fee of 0.0417%, which is one-twelfth of 0.5%, of the Company’s average invested assets for that month (the “Asset Management Fee”). The Company will reimburse costs and expenses incurred by CR III Advisors in providing asset management services.
The Company paid, and expects to continue to pay, Cole Realty Advisors, Inc. (“Cole Realty Advisors”), its property manager, which is affiliated with our advisor, fees for the management and leasing of the Company’s properties. Property management fees are up to 2% of gross revenue for single-tenant properties and 4% of gross revenue for multi-tenant properties and leasing commissions will be at prevailing market rates; provided however, that the aggregate of all property management and leasing fees paid to affiliates of our advisor plus all payments to third parties will not exceed the amount that other nonaffiliated management and leasing companies generally charge for similar services in the same geographic location. Cole Realty Advisors may subcontract its duties for a fee that may be less than the fee provided for in the property management agreement. The Company reimburses Cole Realty Advisors’ costs of managing and leasing the properties.
COLE CREDIT PROPERTY TRUST III, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – (Continued)
The Company reimburses CR III Advisors for all expenses it paid or incurred in connection with the services provided to the Company, subject to the limitation that the Company will not reimburse CR III Advisors for any amount by which its operating expenses (including the Asset Management Fee) at the end of the four preceding fiscal quarters exceeds the greater of (1) 2% of average invested assets, or (2) 25% of net income other than any additions to reserves for depreciation, bad debts or other similar non-cash reserves and excluding any gain from the sale of assets for that period, unless the Company’s independent directors find that a higher level of expense is justified for that year based on unusual and non-recurring factors. The Company will not reimburse CR III Advisors for personnel costs in connection with services for which CR III Advisors receives acquisition fees and real estate commissions.
If CR III Advisors, or its affiliates, provides substantial services, as determined by the independent directors, in connection with the origination or refinancing of any debt financing obtained by the Company that is used to acquire properties or to make other permitted investments, or that is assumed, directly or indirectly, in connection with the acquisition of properties, the Company will pay CR III Advisors or its affiliates a financing coordination fee equal to 1% of the amount available and/or outstanding under such financing; provided however, that CR III Advisors or its affiliates shall not be entitled to a financing coordination fee in connection with the refinancing of any loan secured by any particular property that was previously subject to a refinancing in which CR III Advisors or its affiliates received such a fee. Financing coordination fees payable from loan proceeds from permanent financing will be paid to CR III Advisors or its affiliates as the Company acquires and/or assumes such permanent financing. With respect to any revolving line of credit, no financing coordination fees will be paid on loan proceeds from any line of credit unless all net offering proceeds received as of the date proceeds from the line of credit are drawn for the purpose of acquiring assets have been invested. In addition, with respect to any revolving line of credit, CR III Advisors or its affiliates will receive financing coordination fees only in connection with amounts being drawn for the first time and not upon any re-drawing of amounts that had been repaid by the Company.
The Company recorded fees and expense reimbursements as shown in the table below for services provided by CR III Advisors and its affiliates related to the services described above during the years indicated (in thousands):
|
| | | | | | | | | | | | |
| | | Year Ended December 31, |
| | | 2012 | | 2011 | | 2010 |
| Acquisitions and Operations: | | | | | | |
| Acquisition fees and expenses | | $ | 50,615 |
| | $ | 49,888 |
| | $ | 48,802 |
|
| Asset management fees and expenses | | $ | 32,416 |
| | $ | 20,317 |
| | $ | 8,187 |
|
| Property management and leasing fees and expenses | | $ | 14,876 |
| | $ | 9,437 |
| | $ | 3,811 |
|
| Operating expenses | | $ | 3,193 |
| | $ | 2,324 |
| | $ | 1,642 |
|
| Financing coordination fees | | $ | 11,078 |
| | $ | 14,920 |
| | $ | 9,512 |
|
Liquidation/Listing
If CR III Advisors, or its affiliates, provides a substantial amount of services, as determined by the Company’s independent directors, in connection with the sale of one or more properties, the Company will pay CR III Advisors or its affiliates up to one-half of the brokerage commission paid, but in no event to exceed an amount equal to 3% of the sales price of each property sold. In no event will the combined real estate commission paid to CR III Advisors, its affiliates and unaffiliated third parties exceed 6% of the contract sales price. In addition, after investors have received a return of their net capital contributions and an 8% cumulative, non-compounded annual return, then CR III Advisors is entitled to receive 15% of the remaining net sale proceeds.
Upon listing of the Company’s common stock on a national securities exchange, a fee equal to 15% of the amount by which the market value of the Company’s outstanding stock plus all distributions paid by the Company prior to listing, exceeds the sum of the total amount of capital raised from investors and the amount of cash flow necessary to generate an 8% cumulative, non-compounded annual return to investors will be paid to CR III Advisors (the “Subordinated Incentive Listing Fee”). However, Holdings has agreed, as part of the Merger, to a 25% reduction from the amount payable under the advisory agreement as a result of a listing of the Company’s common stock.
COLE CREDIT PROPERTY TRUST III, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – (Continued)
Upon termination of the advisory agreement with CR III Advisors, other than termination by the Company because of a material breach of the advisory agreement by CR III Advisors, a performance fee of 15% of the amount, if any, by which the appraised asset value at the time of such termination plus total distributions paid to stockholders through the termination date exceeds the aggregate capital contribution contributed by investors less distributions from sale proceeds plus payment to investors of an 8% annual, cumulative, non-compounded return on capital. No subordinated performance fee will be paid to the extent that the Company has already paid or become obligated to pay CR III Advisors a subordinated participation in net sale proceeds or the Subordinated Incentive Listing Fee.
During the years ended December 31, 2012 and 2011, no commissions or fees were incurred for services provided by CR III Advisors and its affiliates related to the services described above.
Due to Affiliates
As of December 31, 2012, $4.5 million had been incurred primarily for services relating to the management of the Company’s properties by CR III Advisors and its affiliates, but had not yet been reimbursed by the Company and were included in due to affiliates on the consolidated balance sheets. As of December 31, 2011, $4.8 million had been incurred primarily for other organization and offering, operating and acquisition expenses, by CR III Advisors and its affiliates, but had not yet been reimbursed by the Company and were included in due to affiliates on the consolidated balance sheets.
Transactions
On March 5, 2012, we entered in the Merger Agreement. See Note 2 for a further explanation of the Merger.
NOTE 16 — ECONOMIC DEPENDENCY
Under various agreements, the Company has engaged or will engage CR III Advisors and its affiliates to provide certain services that are essential to the Company, including asset management services, supervision of the management and leasing of properties owned by the Company, asset acquisition and disposition decisions, the sale of shares of the Company’s common stock available for issuance, as well as other administrative responsibilities for the Company including accounting services and investor relations. As a result of these relationships, the Company is dependent upon CR III Advisors and its affiliates. In the event that these companies are unable to provide the Company with these services, the Company would be required to find alternative providers of these services.
NOTE 17 — STOCKHOLDERS’ EQUITY
Distribution Reinvestment Plan
Pursuant to the DRIP, the Company allows stockholders of its common stock to elect to have the distributions the stockholders receive reinvested in additional shares of the Company’s common stock. The purchase price per share under the amended and restated DRIP will be $9.50 per share until the Company’s board of directors determines a reasonable estimate of the value of the Company’s shares. Thereafter, the purchase price per share under the Company’s DRIP will be the most recently disclosed per share value as determined in accordance with the Company’s valuation policy. No sales commissions or dealer manager fees will be paid on shares sold under the DRIP. The Company’s board of directors may terminate or amend the DRIP at the Company’s discretion at any time upon 10 days prior written notice to the stockholders. During the years ended December 31, 2012 and 2011, approximately 17.8 million shares and approximately 11.6 million shares were purchased under the DRIP for $169.1 million and $110.1 million, respectively, which were recorded as redeemable common stock on the consolidated balance sheets, net of redemptions paid of $68.6 million and $41.9 million, respectively. The Company will continue to issue shares of common stock under the DRIP Offering until such time as the Company’s shares are listed on a national securities exchange or the DRIP Offering is otherwise terminated by the Company’s board of directors.
COLE CREDIT PROPERTY TRUST III, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – (Continued)
Share Redemption Program
The Company’s share redemption program permits its stockholders to sell their shares back to the Company after they have held them for at least one year, subject to the significant conditions and limitations described below.
There are several restrictions on a stockholder’s ability to sell their shares to the Company under the program. The stockholders generally have to hold their shares for one year in order to participate in the program; however, the Company may waive the one year holding period in the event of the death or bankruptcy of a stockholder. In addition, the Company will limit the number of shares redeemed pursuant to the Company’s share redemption program as follows: (1) the redemptions are limited to 5% of the weighted average number of shares outstanding during the trailing twelve months prior to the end of the fiscal quarter for which redemptions are being paid (the “Trailing Twelve-month Cap”) (provided, however, that while shares subject to a redemption requested upon death of a stockholder will be included in calculating the maximum number of shares that may be redeemed, such shares will not be subject to the Trailing Twelve-month Cap); and (2) funding for the redemption of shares will be limited to the net proceeds the Company receives from the sale of shares under the DRIP. In an effort to accommodate redemption requests throughout the calendar year, the Company limits quarterly redemptions to approximately 1.25% of the weighted average number of shares outstanding during the trailing twelve-month period ending on the last day of the fiscal quarter, and funding for redemptions for each quarter generally will be limited to the net proceeds the Company receives from the sale of shares in the respective quarter under the DRIP (provided, however, that while shares subject to a redemption requested upon the death of a stockholder will be included in calculating the maximum number of shares that may be redeemed, such shares will not be subject to the quarterly percentage caps); however, the Company’s board of directors may waive these quarterly limitations in its sole discretion, subject to the Trailing Twelve-month Cap. During the term of the Offering and until such time as the Company’s board of directors determines a reasonable estimate of the value of the Company’s shares, the redemption price per share (other than for shares purchased pursuant to the DRIP) will depend on the length of time the stockholder has held such shares as follows: after one year from the purchase date—95% of the amount the stockholder paid for each share; after two years from the purchase date—97.5% of the amount the stockholder paid for each share; after three years from the purchase date—100% of the amount the stockholder paid for each share. During this time period, the redemption price for shares purchased pursuant to the DRIP will be the amount paid for such shares.
Upon receipt of a request for redemption, the Company may conduct a Uniform Commercial Code search to ensure that no liens are held against the shares. The Company’s share redemption program provides that repurchases will be made no later than the end of the month following the end of each fiscal quarter. If the Company cannot purchase all shares presented for redemption in any fiscal quarter, it will give priority to the redemption of deceased stockholders’ shares. The Company next will give priority to requests for full redemption of accounts with a balance of 250 shares or less at the time the Company receives the request, in order to reduce the expense of maintaining small accounts. Thereafter, the Company will honor the remaining redemption requests on a pro rata basis. The Company’s board of directors may amend, suspend or terminate the share redemption program at any time upon 30 days prior written notice to the stockholders. During the years ended December 31, 2012 and 2011, the Company redeemed approximately 7.0 million and approximately 4.3 million shares under the share redemption program for $68.6 million and $41.9 million, respectively.
NOTE 18 — INCOME TAXES
For federal income tax purposes, distributions to stockholders are characterized as ordinary dividends, capital gain distributions, or nontaxable distributions. Nontaxable distributions will reduce U.S. stockholders’ basis (but not below zero) in their shares. The following table shows the character of distributions the Company paid on a percentage basis during the years ended December 31, 2012, 2011 and 2010.
|
| | | | | | | | | |
| | | Year Ended December 31, |
| Character of Distributions (unaudited): | | 2012 | | 2011 | | 2010 |
| Ordinary dividends | | 52 | % | | 61 | % | | 55 | % |
| Capital gain distributions | | 15 | % | | — | % | | — | % |
| Nontaxable distributions | | 33 | % | | 39 | % | | 45 | % |
| Total | | 100 | % | | 100 | % | | 100 | % |
As of December 31, 2012, the tax basis carrying value of the Company’s land and depreciable real estate assets was $6.7 billion. During the years ended December 31, 2012, 2011 and 2010, the Company incurred state and local income and franchise taxes of $1.8 million, $1.3 million and $780,000, respectively, which were recorded in general and administrative expenses on the consolidated statements of operations.
COLE CREDIT PROPERTY TRUST III, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – (Continued)
NOTE 19 — OPERATING LEASES
The Company’s properties are leased to tenants under operating leases for which the terms and expirations vary. The leases frequently have provisions to extend the lease agreement and other terms and conditions as negotiated. The Company retains substantially all of the risks and benefits of ownership of the real estate assets leased to tenants. As of December 31, 2012, the weighted average remaining lease term, including the Consolidated Joint Ventures’ leases, was 12.7 years.
The future minimum rental income from the Company’s investment in real estate assets under non-cancelable operating leases, excluding the operating leases related to the Held for Sale Properties, as of December 31, 2012 is as follows (in thousands):
|
| | | | |
| Year Ending December 31, | | Amount |
| 2013 | | $ | 560,733 |
|
| 2014 | | 554,263 |
|
| 2015 | | 549,491 |
|
| 2016 | | 535,888 |
|
| 2017 | | 523,321 |
|
| Thereafter | | 4,411,626 |
|
| Total | | $ | 7,135,322 |
|
NOTE 20 — QUARTERLY RESULTS (UNAUDITED)
Presented below is a summary of the unaudited quarterly financial information for the years ended December 31, 2012 and 2011 (in thousands, except for per share amounts). In the opinion of management, the information for the interim periods presented includes all adjustments which are of a normal and recurring nature, necessary to present a fair presentation of the results for each period. In addition, the Company has adjusted the information for discontinued operations.
|
| | | | | | | | | | | | | | | | | |
| | | 2012 | |
| | | First Quarter | | Second Quarter | | Third Quarter | | Fourth Quarter | |
| Revenues | | $ | 114,175 |
| | $ | 132,591 |
| | $ | 143,529 |
| | $ | 152,647 |
| |
| Operating income | | $ | 41,205 |
| | $ | 49,216 |
| | $ | 59,768 |
| | $ | 58,695 |
| |
| Net income | | $ | 35,950 |
| | $ | 23,090 |
| | $ | 18,570 |
| | $ | 125,828 |
| (2) |
| Net income attributable to the Company | | $ | 35,937 |
| | $ | 23,223 |
| | $ | 18,567 |
| | $ | 125,611 |
| (2) |
Basic and diluted net income per common share (1) | | $ | 0.08 |
| | $ | 0.05 |
| | $ | 0.04 |
| | $ | 0.27 |
| |
Basic and diluted net income attributable to the Company per common share (1) | | $ | 0.08 |
| | $ | 0.05 |
| | $ | 0.04 |
| | $ | 0.27 |
| |
| Distributions declared per common share | | $ | 0.16 |
| | $ | 0.16 |
| | $ | 0.16 |
| | $ | 0.16 |
| |
(1) Based on the weighted average number of shares outstanding as of December 31, 2012.
(2) Net income for the fourth quarter of 2012 includes a gain on sale of marketable securities of $12.5 million and a gain on sale of real estate of $108.5 million.
COLE CREDIT PROPERTY TRUST III, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – (Continued)
|
| | | | | | | | | | | | | | | | | |
| | | 2011 | |
| | | First Quarter | | Second Quarter | | Third Quarter | | Fourth Quarter | |
| Revenues | | $ | 61,312 |
| | $ | 70,944 |
| | $ | 86,912 |
| | $ | 104,812 |
| |
| Operating income | | $ | 23,750 |
| | $ | 23,724 |
| | $ | 19,560 |
| | $ | 41,833 |
| |
| Net income | | $ | 14,548 |
| | $ | 10,491 |
| | $ | 1,282 |
| | $ | 19,450 |
| |
| Net income attributable to the Company | | $ | 14,260 |
| | $ | 10,480 |
| | $ | 1,271 |
| | $ | 19,285 |
| |
Basic and diluted net income per common share (1) | | $ | 0.05 |
| | $ | 0.03 |
| | $ | 0.00 |
|
| $ | 0.07 |
| |
Basic and diluted net income attributable to the Company per common share (1) | | $ | 0.05 |
| | $ | 0.03 |
| | $ | 0.00 |
| | $ | 0.07 |
| |
| Distributions declared per common share | | $ | 0.16 |
| | $ | 0.16 |
| | $ | 0.16 |
| | $ | 0.17 |
| |
(1) Based on the weighted average number of shares outstanding as of December 31, 2011.
NOTE 21 — SUBSEQUENT EVENTS
Issuance of Shares of Common Stock in the DRIP Offering
The Company continues to issue shares of common stock under the DRIP Offering. As of March 26, 2013, the Company had issued, approximately 17.0 million shares pursuant to the DRIP Offering, resulting in gross proceeds to the Company of $161.8 million.
Redemption of Shares of Common Stock
Subsequent to December 31, 2012, the Company redeemed approximately 2.8 million shares for $27.8 million at an average price per share of $9.80.
Entry into the Merger Agreement
Subsequent to December 31, 2012, the Company entered into the Merger Agreement, as discussed in Note 2 to these consolidated financial statements.
Entry into Employment Agreements with Key Personnel
Subsequent to December 31, 2012, we, along with CCPT III OP, entered into employment agreements with each of Christopher H. Cole and Marc T. Nemer, to become effective as of the date of consummation of the Merger. The amounts to be paid pursuant to the employment agreements are for future services to be rendered to the Company and are not part of the Merger consideration. Under Mr. Cole’s employment agreement, upon the consummation of the Merger, Mr. Cole, the current chairman of the Board and chief executive officer and president of the Company, will serve as executive chairman of the Board, reporting to the Board, and will no longer serve as the chief executive officer and president of the Company. Under Mr. Nemer’s employment agreement, upon the consummation of the Merger, Mr. Nemer, a current director of the Company, will continue to be a director and will assume the positions of chief executive officer and president of the Company. The employment agreements provide the executives with compensation for their services rendered after the consummation of the Merger and provide incentives to reward outstanding future performance. The term of each employment agreement ends on December 31, 2016 and will be automatically renewed for annual terms thereafter unless earlier terminated by the Company or the executive.
COLE CREDIT PROPERTY TRUST III, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – (Continued)
Legal Proceedings
In connection with the Merger, on March 20, 2013, a putative class action and derivative lawsuit was filed in the Circuit Court for Baltimore City, Maryland against and purportedly on behalf of the Company captioned Strub, et al. v. Cole Holdings Corporation, et al. (“Strub”). The complaint names as defendants Holdings; CR III Advisors; Merger Sub; Cole Capital Advisors, Inc., Equity Fund Advisors, Inc. (an affiliate of Holdings), Cole Capital, and Cole Realty Advisors, Inc. (together, “Cole Holding Entities”); each of the directors of the Company; and the Company. Strub alleges that the defendants breached their fiduciary duties and duties of loyalty, candor and due care by causing the Company to enter into the Merger Agreement, failing to implement appropriate measures to ensure that the Company’s relationship with CR III Advisors did not become a vehicle for wrongful self-dealing, failing to consider and explore strategic alternatives to the Merger, failing to seek stockholder approval for the Merger, and by engaging in self-interested and otherwise conflicted actions. It also alleges that the Merger Sub and Cole Holdings Entities aided and abetted those breaches of fiduciary duty, and that Messrs. Cole and Nemer will be unjustly enriched by and following the Merger. Strub seeks a declaration that the conduct of the defendants is a breach of fiduciary duty or aiding and abetting such breaches and that the Merger Agreement is null and void; an order requiring stockholder approval of any acquisition of CR III Advisors or any Cole Holdings Entities; awarding damages and restitution, and disgorgement by each director; an award of plaintiffs’ reasonable attorneys’ fees, expert fees, interest, and cost of suit, and other relief. On March 28, 2013, Strub sought an injunction against the Merger closing until stockholder approval is obtained. The defendants intend to oppose that application.
In addition, on March 25, 2013, a putative class action lawsuit was filed in the Circuit Court for Baltimore City, Maryland captioned Rodgers v. Cole Credit Property Trust III, et al. (“Rodgers”). This complaint names as defendants the Company; Cole REIT III Operating Partnership, LP (“CCPT III OP”); CR III Advisors; Merger Sub; and each of the Company’s directors. Rodgers alleges that the Company’s directors breached their fiduciary duties by entering into the Merger Agreement, failing to provide transparency and a stockholder vote, structuring the transaction to prevent other potential buyers from buying the Company, and failing to disclose to stockholders a third party’s interest in acquiring the Company. It also alleges that CR III Advisors breached its fiduciary duty by ignoring and failing to disclose a third party offer; and that the Company, CCPT III OP, Merger Sub, and the directors aided and abetted the alleged breach of fiduciary duty by CR III Advisors. Rodgers seeks a declaration that the defendants have committed a gross abuse of trust and have breached and/or aided and abetted breach of fiduciary duties; that the Merger is therefore unlawful and unenforceable, and that the Merger and any related agreements should be rescinded and invalidated; declaring that the Merger and Merger Agreement should be rescinded and parties restored to their original position; imposing a constructive trust in favor of the plaintiff and class on any benefits, property or value improperly received by, traceable to, or in possession of defendants as a result of wrongful conduct; enjoining defendants from consummating the Merger until the Company has a process to obtain a merger agreement providing best possible terms to stockholders; rescinding the Merger to the extent implemented or granting rescissory damages; directing the directors to account to plaintiff and class for damages as a result of their wrongdoing; awarding compensatory damages and interest; awarding costs, including reasonable attorneys’ and experts’ fees; and granting further equitable relief that is deemed just and proper.
The outcome of these matters cannot be predicted at this time and no provisions for losses, if any, have been recorded in the accompanying consolidated financial statements.
Unsolicited Proposal
On March 19, 2013, the Company’s board of directors received an unsolicited proposal from American Realty Capital Properties, Inc. (“ARCP”) to acquire the Company for a combination of cash and shares of ARCP common stock. The special committee of the Company’s board of directors, which consists of all of the independent directors of the Company (the “Special Committee”), reviewed the unsolicited proposal from ARCP and determined that the proposed sale to ARCP would not be in the best interests of the Company and its stockholders. Further, the Special Committee affirmed its commitment to the Merger.
On March 27, 2013, the Company’s board of directors received a revised unsolicited proposal from ARCP to acquire the Company after the Merger, for a combination of cash and shares of ARCP common stock. The Special Committee is currently reviewing the revised proposal from ARCP.
COLE CREDIT PROPERTY TRUST III, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – (Continued)
Investment in Real Estate and Related Assets
Subsequent to December 31, 2012, the Company acquired a 100% interest in nine commercial real estate properties for an aggregate purchase price of $25.3 million. The acquisitions were funded with net proceeds from the DRIP Offering and the sale of properties and other investments. The Company has not completed its initial purchase price allocations with respect to these properties and therefore cannot provide similar disclosures to those included in Note 5 to these consolidated financial statements for these properties.
Property Dispositions
Subsequent to December 31, 2012, the Company sold the Held for Sale Properties discussed in Note 9 to these consolidated financial statements for an aggregate sales price of $21.3 million, exclusive of closing costs. In addition, the Company sold eight additional properties for an aggregate sales price of $34.0 million, exclusive of closing costs. The purchase price of each property sold subsequent to December 31, 2012 was greater than the respective book value of each property. As of December 31, 2012 the potential buyers of these eight properties either had not been identified or there had not been a binding purchase and sale agreement entered into for the sale of these properties. Therefore, the Company believes that the sale of these properties was not considered to be probable, as such, the requirements under GAAP to treat the properties as held for sale were not met as of December 31, 2012.
Notes Payable and Other Borrowings
Subsequent to December 31, 2012, the Company entered into a loan agreement for $74.3 million secured by a commercial property with a purchase price of $135.0 million. In addition, the Company repaid $13.2 million of debt outstanding and $160.0 million under the Credit Facility. As of March 26, 2013, the Company had $23.1 million outstanding under the construction facilities and $607.8 million outstanding under the Credit Facility.
COLE CREDIT PROPERTY TRUST III, INC.
SCHEDULE III - REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION
(in thousands)
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | Gross Amount at | | | | | | |
| | | | | | | | | | | | Which Carried | | | | | | |
| | | | | | Initial Costs to Company | | Total | | At December 31, | | Accumulated | | | | |
| | | | | | | | Buildings & | | Adjustment | | 2012 | | Depreciation | | Date | | Date |
| Description (a) | | Encumbrances | | Land | | Improvements | | to Basis | | (b) (c) | | (d) (e) | | Acquired | | Constructed |
| Real Estate Held for Investment the Company has Invested in Under Operating Leases |
| Aaron Rents | | | | | | | | | | | | | | | | |
| | Auburndale, FL | | $ | 2,647 |
| | $ | 1,224 |
| | $ | 3,478 |
| | $ | 1,273 |
| | $ | 5,975 |
| | $ | 307 |
| | 3/31/2010 | | 2009 |
| | Battle Creek, MI | | 407 |
| | 228 |
| | 485 |
| | — |
| | 713 |
| | 49 |
| | 6/18/2009 | | 1956 |
| | Benton Harbor, MI | | 401 |
| | 261 |
| | 385 |
| | — |
| | 646 |
| | 39 |
| | 6/30/2009 | | 1973 |
| | Bloomsburg, PA | | 400 |
| | 152 |
| | 770 |
| | — |
| | 922 |
| | 66 |
| | 3/31/2010 | | 2009 |
| | Bowling Green, OH | | 564 |
| | 154 |
| | 805 |
| | — |
| | 959 |
| | 66 |
| | 3/31/2010 | | 2009 |
| | Charlotte, NC | | 579 |
| | 279 |
| | 714 |
| | — |
| | 993 |
| | 54 |
| | 3/31/2010 | | 1994 |
| | Chattanooga, TN | | 490 |
| | 587 |
| | 384 |
| | — |
| | 971 |
| | 37 |
| | 6/18/2009 | | 1989 |
| | Columbia, SC | | 556 |
| | 549 |
| | 473 |
| | — |
| | 1,022 |
| | 46 |
| | 6/18/2009 | | 1977 |
| | Copperas Cove, TX | | 668 |
| | 304 |
| | 964 |
| | — |
| | 1,268 |
| | 90 |
| | 6/30/2009 | | 2007 |
| | El Dorado, AR | | 356 |
| | 208 |
| | 456 |
| | — |
| | 664 |
| | 43 |
| | 6/30/2009 | | 2000 |
| | Haltom City, TX | | 752 |
| | 258 |
| | 1,185 |
| | — |
| | 1,443 |
| | 107 |
| | 6/30/2009 | | 2008 |
| | Humble, TX | | 663 |
| | 430 |
| | 734 |
| | — |
| | 1,164 |
| | 69 |
| | 5/29/2009 | | 2008 |
| | Indianapolis, IN | | 436 |
| | 170 |
| | 654 |
| | — |
| | 824 |
| | 64 |
| | 5/29/2009 | | 1998 |
| | Kennett, MO | | 319 |
| | 165 |
| | 406 |
| | — |
| | 571 |
| | 31 |
| | 3/31/2010 | | 1999 |
| | Kent, OH | | 614 |
| | 356 |
| | 1,138 |
| | — |
| | 1,494 |
| | 116 |
| | 3/31/2010 | | 1999 |
| | Killeen , TX | | 1,558 |
| | 608 |
| | 2,241 |
| | — |
| | 2,849 |
| | 213 |
| | 6/18/2009 | | 1981 |
| | Kingsville, TX | | 599 |
| | 369 |
| | 770 |
| | — |
| | 1,139 |
| | 56 |
| | 3/31/2010 | | 2009 |
| | Lafayette, IN | | 550 |
| | 249 |
| | 735 |
| | — |
| | 984 |
| | 54 |
| | 3/31/2010 | | 1990 |
| | Livingston, TX | | 645 |
| | 131 |
| | 1,052 |
| | — |
| | 1,183 |
| | 96 |
| | 6/18/2009 | | 2008 |
| | Magnolia, MS | | 1,473 |
| | 209 |
| | 2,393 |
| | — |
| | 2,602 |
| | 208 |
| | 3/31/2010 | | 2000 |
| | Mansura, LA | | 254 |
| | 54 |
| | 417 |
| | (10 | ) | | 461 |
| | 39 |
| | 6/18/2009 | | 2000 |
| | Marion, SC | | 319 |
| | 82 |
| | 484 |
| | — |
| | 566 |
| | 35 |
| | 3/31/2010 | | 1998 |
| | Meadville, PA | | 512 |
| | 168 |
| | 841 |
| | — |
| | 1,009 |
| | 91 |
| | 5/29/2009 | | 1994 |
| | Mexia, TX | | 490 |
| | 114 |
| | 813 |
| | — |
| | 927 |
| | 76 |
| | 5/29/2009 | | 2007 |
| | Minden, LA | | 645 |
| | 252 |
| | 831 |
| | — |
| | 1,083 |
| | 78 |
| | 5/29/2009 | | 2008 |
| | Mission, TX | | 549 |
| | 347 |
| | 694 |
| | — |
| | 1,041 |
| | 51 |
| | 3/31/2010 | | 2009 |
| | North Olmsted, OH | | 449 |
| | 151 |
| | 535 |
| | — |
| | 686 |
| | 46 |
| | 3/31/2010 | | 1960 |
| | Odessa, TX | | 356 |
| | 67 |
| | 567 |
| | — |
| | 634 |
| | 53 |
| | 5/29/2009 | | 2006 |
| | Oneonta, AL | | 614 |
| | 218 |
| | 792 |
| | — |
| | 1,010 |
| | 66 |
| | 3/31/2010 | | 2008 |
| | Oxford , AL | | 356 |
| | 263 |
| | 389 |
| | — |
| | 652 |
| | 37 |
| | 5/29/2009 | | 1989 |
| | Pasadena, TX | | 659 |
| | 377 |
| | 787 |
| | — |
| | 1,164 |
| | 72 |
| | 6/18/2009 | | 2009 |
| | Pensacola, FL | | 347 |
| | 263 |
| | 423 |
| | — |
| | 686 |
| | 43 |
| | 6/30/2009 | | 1979 |
| | Port Lavaca, TX | | 534 |
| | 128 |
| | 894 |
| | — |
| | 1,022 |
| | 81 |
| | 6/30/2009 | | 2007 |
| | Redford, MI | | 434 |
| | 215 |
| | 477 |
| | — |
| | 692 |
| | 42 |
| | 3/31/2010 | | 1972 |
| | Richmond, VA | | 774 |
| | 419 |
| | 1,032 |
| | — |
| | 1,451 |
| | 94 |
| | 6/30/2009 | | 1988 |
| | Shawnee, OK | | 588 |
| | 428 |
| | 634 |
| | — |
| | 1,062 |
| | 60 |
| | 5/29/2009 | | 2008 |
| | Springdale, AR | | 624 |
| | 500 |
| | 655 |
| | — |
| | 1,155 |
| | 50 |
| | 3/31/2010 | | 2009 |
| | Statesboro, GA | | 579 |
| | 311 |
| | 734 |
| | — |
| | 1,045 |
| | 67 |
| | 6/18/2009 | | 2008 |
| | Texas City, TX | | 895 |
| | 294 |
| | 1,311 |
| | — |
| | 1,605 |
| | 115 |
| | 8/31/2009 | | 1991 |
| | Valley, AL | | 409 |
| | 139 |
| | 569 |
| | — |
| | 708 |
| | 48 |
| | 3/31/2010 | | 2009 |
| Academy Sports | | | | | | | | | | | | | | | | |
| | Austin, TX | | 5,044 |
| | 3,699 |
| | 4,930 |
| | — |
| | 8,629 |
| | 305 |
| | 8/26/2010 | | 1988 |
| | Bossier City, LA | | 3,806 |
| | 1,920 |
| | 5,410 |
| | — |
| | 7,330 |
| | 495 |
| | 6/19/2009 | | 2008 |
| | Fort Worth, TX | | 3,414 |
| | 1,871 |
| | 4,117 |
| | — |
| | 5,988 |
| | 377 |
| | 6/19/2009 | | 2009 |
| | Killeen, TX | | 3,320 |
| | 1,227 |
| | 4,716 |
| | — |
| | 5,943 |
| | 340 |
| | 4/29/2010 | | 2009 |
| | Laredo, TX | | 3,961 |
| | 2,133 |
| | 4,839 |
| | — |
| | 6,972 |
| | 440 |
| | 6/19/2009 | | 2008 |
| | Montgomery, AL | | (f) |
| | 1,290 |
| | 5,644 |
| | — |
| | 6,934 |
| | 526 |
| | 6/19/2009 | | 2009 |
| Advanced Auto | | | | | | | | | | | | | | | | |
| | Appleton, WI | | (f) |
| | 393 |
| | 904 |
| | — |
| | 1,297 |
| | 55 |
| | 9/30/2010 | | 2007 |
| | Bedford, IN | | 760 |
| | 71 |
| | 1,056 |
| | — |
| | 1,127 |
| | 55 |
| | 1/4/2011 | | 2007 |
| | Bethel, OH | | 730 |
| | 276 |
| | 889 |
| | — |
| | 1,165 |
| | 58 |
| | 12/22/2010 | | 2008 |
COLE CREDIT PROPERTY TRUST III, INC.
SCHEDULE III - REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION
(in thousands)
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | Gross Amount at | | | | | | |
| | | | | | | | | | | | Which Carried | | | | | | |
| | | | | | Initial Costs to Company | | Total | | At December 31, | | Accumulated | | | | |
| | | | | | | | Buildings & | | Adjustment | | 2012 | | Depreciation | | Date | | Date |
| Description (a) | | Encumbrances | | Land | | Improvements | | to Basis | | (b) (c) | | (d) (e) | | Acquired | | Constructed |
| Advanced Auto (continued) | | | | | | | | | | | | | | |
| | Bonita Springs, FL | | $ | 1,561 |
| | $ | 1,094 |
| | $ | 1,134 |
| | $ | — |
| | $ | 2,228 |
| | $ | 69 |
| | 9/22/2010 | | 2007 |
| | Brownstown, MI | | (f) |
| | 771 |
| | 924 |
| | — |
| | 1,695 |
| | 33 |
| | 9/23/2011 | | 2008 |
| | Candler, NC | | — |
| | 343 |
| | 1,007 |
| | — |
| | 1,350 |
| | 8 |
| | 9/28/2012 | | 2012 |
| | Canton, OH | | 660 |
| | 343 |
| | 870 |
| | — |
| | 1,213 |
| | 65 |
| | 3/31/2010 | | 2007 |
| | Charlotte, NC | | (f) |
| | 395 |
| | 749 |
| | — |
| | 1,144 |
| | 32 |
| | 5/12/2011 | | 2001 |
| | Crestwood, KY | | 1,030 |
| | 374 |
| | 1,015 |
| | — |
| | 1,389 |
| | 55 |
| | 12/22/2010 | | 2009 |
| | Dayton, OH | | — |
| | 605 |
| | 918 |
| | — |
| | 1,523 |
| | 15 |
| | 6/21/2012 | | 2007 |
| | Deer Park, TX | | 739 |
| | 219 |
| | 1,131 |
| | — |
| | 1,350 |
| | 87 |
| | 12/16/2009 | | 2008 |
| | Delaware, OH | | 730 |
| | 467 |
| | 906 |
| | — |
| | 1,373 |
| | 72 |
| | 3/31/2010 | | 2008 |
| | Florence, KY | | — |
| | 599 |
| | 966 |
| | — |
| | 1,565 |
| | 16 |
| | 6/21/2012 | | 2008 |
| | Frankfort, KY | | (f) |
| | 660 |
| | 786 |
| | — |
| | 1,446 |
| | 13 |
| | 5/15/2012 | | 2007 |
| | Franklin, IN | | 738 |
| | 384 |
| | 918 |
| | — |
| | 1,302 |
| | 57 |
| | 8/12/2010 | | 2010 |
| | Georgetown, KY | | — |
| | 511 |
| | 892 |
| | — |
| | 1,403 |
| | 15 |
| | 5/15/2012 | | 2007 |
| | Grand Rapids, MI | | 657 |
| | 344 |
| | 656 |
| | — |
| | 1,000 |
| | 42 |
| | 8/12/2010 | | 2008 |
| | Hillview, KY | | 740 |
| | 302 |
| | 889 |
| | — |
| | 1,191 |
| | 48 |
| | 12/22/2010 | | 2009 |
| | Holland, OH | | 668 |
| | 126 |
| | 1,050 |
| | — |
| | 1,176 |
| | 77 |
| | 3/31/2010 | | 2008 |
| | Houston (Aldine), TX | | 690 |
| | 190 |
| | 1,072 |
| | — |
| | 1,262 |
| | 83 |
| | 12/16/2009 | | 2006 |
| | Houston (Imperial), TX | | 623 |
| | 139 |
| | 995 |
| | — |
| | 1,134 |
| | 77 |
| | 12/16/2009 | | 2008 |
| | Houston (Wallisville), TX | | 757 |
| | 140 |
| | 1,245 |
| | — |
| | 1,385 |
| | 96 |
| | 12/16/2009 | | 2008 |
| | Howell, MI | | 830 |
| | 639 |
| | 833 |
| | — |
| | 1,472 |
| | 47 |
| | 12/20/2010 | | 2008 |
| | Humble, TX | | 757 |
| | 292 |
| | 1,086 |
| | — |
| | 1,378 |
| | 84 |
| | 12/16/2009 | | 2007 |
| | Huntsville, TX | | 619 |
| | 134 |
| | 1,046 |
| | — |
| | 1,180 |
| | 81 |
| | 12/16/2009 | | 2008 |
| | Janesville, WI | | 939 |
| | 277 |
| | 1,209 |
| | — |
| | 1,486 |
| | 73 |
| | 9/30/2010 | | 2007 |
| | Kingwood, TX | | 743 |
| | 183 |
| | 1,183 |
| | — |
| | 1,366 |
| | 91 |
| | 12/16/2009 | | 2009 |
| | Lehigh Acres, FL | | 1,425 |
| | 582 |
| | 1,441 |
| | — |
| | 2,023 |
| | 77 |
| | 12/21/2010 | | 2008 |
| | Lubbock, TX | | 579 |
| | 88 |
| | 1,012 |
| | — |
| | 1,100 |
| | 78 |
| | 12/16/2009 | | 2008 |
| | Massillon, OH | | (f) |
| | 270 |
| | 1,210 |
| | — |
| | 1,480 |
| | 50 |
| | 6/21/2011 | | 2007 |
| | Milwaukee, WI | | (f) |
| | 507 |
| | 1,107 |
| | — |
| | 1,614 |
| | 45 |
| | 6/10/2011 | | 2008 |
| | Mishawaka, IN | | — |
| | 510 |
| | 1,009 |
| | — |
| | 1,519 |
| | 14 |
| | 6/21/2012 | | 2007 |
| | Monroe, MI | | (f) |
| | 599 |
| | 846 |
| | — |
| | 1,445 |
| | 36 |
| | 6/21/2011 | | 2007 |
| | Richmond, IN | | — |
| | 365 |
| | 1,379 |
| | — |
| | 1,744 |
| | 21 |
| | 6/21/2012 | | 2006 |
| | Rock Hill, SC | | (f) |
| | 345 |
| | 589 |
| | — |
| | 934 |
| | 24 |
| | 5/12/2011 | | 1995 |
| | Romulus, MI | | (f) |
| | 537 |
| | 1,021 |
| | — |
| | 1,558 |
| | 37 |
| | 9/23/2011 | | 2007 |
| | Salem, OH | | 660 |
| | 254 |
| | 869 |
| | — |
| | 1,123 |
| | 47 |
| | 12/20/2010 | | 2009 |
| | Sapulpa, OK | | 704 |
| | 360 |
| | 893 |
| | — |
| | 1,253 |
| | 54 |
| | 8/3/2010 | | 2007 |
| | South Lyon, MI | | (f) |
| | 569 |
| | 898 |
| | — |
| | 1,467 |
| | 38 |
| | 6/21/2011 | | 2008 |
| | Spring, TX | | — |
| | 409 |
| | 1,143 |
| | — |
| | 1,552 |
| | 17 |
| | 6/21/2012 | | 2007 |
| | Sylvania, OH | | 639 |
| | 115 |
| | 983 |
| | — |
| | 1,098 |
| | 70 |
| | 4/28/2010 | | 2009 |
| | Twinsburg, OH | | 639 |
| | 355 |
| | 770 |
| | — |
| | 1,125 |
| | 57 |
| | 3/31/2010 | | 2008 |
| | Vermillion, OH | | (f) |
| | 270 |
| | 722 |
| | — |
| | 992 |
| | 30 |
| | 6/21/2011 | | 2006 |
| | Washington Township, MI | | (f) |
| | 779 |
| | 1,012 |
| | — |
| | 1,791 |
| | 36 |
| | 9/23/2011 | | 2008 |
| | Webster, TX | | 757 |
| | 293 |
| | 1,089 |
| | — |
| | 1,382 |
| | 84 |
| | 12/16/2009 | | 2008 |
| AGCO Corporation | | | | | | | | | | | | | | | | |
| | Duluth, GA | | 8,600 |
| | 2,785 |
| | 12,570 |
| | 9 |
| | 15,364 |
| | 427 |
| | 12/21/2011 | | 1998 |
| Albertson’s | | | | | | | | | | | | | | | | |
| | Abilene, TX | | 3,981 |
| | 1,085 |
| | 4,871 |
| | — |
| | 5,956 |
| | 276 |
| | 10/26/2010 | | 2010 |
| | Albuquerque (Academy), NM | | 4,500 |
| | 2,257 |
| | 5,204 |
| | — |
| | 7,461 |
| | 353 |
| | 10/26/2010 | | 1997 |
| | Albuquerque (Lomas), NM | | 4,410 |
| | 2,960 |
| | 4,409 |
| | — |
| | 7,369 |
| | 314 |
| | 10/26/2010 | | 2003 |
| | Alexandria, LA | | 4,110 |
| | 1,428 |
| | 5,066 |
| | — |
| | 6,494 |
| | 287 |
| | 10/26/2010 | | 2000 |
| | Arlington, TX | | 4,206 |
| | 984 |
| | 5,732 |
| | — |
| | 6,716 |
| | 325 |
| | 10/26/2010 | | 2002 |
COLE CREDIT PROPERTY TRUST III, INC.
SCHEDULE III - REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION
(in thousands)
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | Gross Amount at | | | | | | |
| | | | | | | | | | | | Which Carried | | | | | | |
| | | | | | Initial Costs to Company | | Total | | At December 31, | | Accumulated | | | | |
| | | | | | | | Buildings & | | Adjustment | | 2012 | | Depreciation | | Date | | Date |
| Description (a) | | Encumbrances | | Land | | Improvements | | to Basis | | (b) (c) | | (d) (e) | | Acquired | | Constructed |
| Albertson’s (continued) | | | | | | | | | | | | | | | | |
| | Baton Rouge (Airline), LA | | $ | 5,425 |
| | $ | 2,200 |
| | $ | 6,003 |
| | $ | — |
| | $ | 8,203 |
| | $ | 340 |
| | 10/26/2010 | | 2004 |
| | Baton Rouge (College), LA | | 3,931 |
| | 1,733 |
| | 4,615 |
| | — |
| | 6,348 |
| | 262 |
| | 10/26/2010 | | 2002 |
| | Baton Rouge (George), LA | | 4,731 |
| | 2,023 |
| | 5,273 |
| | — |
| | 7,296 |
| | 300 |
| | 10/26/2010 | | 2003 |
| | Bossier City, LA | | 3,599 |
| | 2,006 |
| | 4,000 |
| | — |
| | 6,006 |
| | 228 |
| | 10/26/2010 | | 2000 |
| | Clovis, NM | | 3,927 |
| | 757 |
| | 3,625 |
| | — |
| | 4,382 |
| | 252 |
| | 10/26/2010 | | 2010 |
| | Denver, CO | | 3,840 |
| | 1,858 |
| | 5,253 |
| | — |
| | 7,111 |
| | 296 |
| | 10/26/2010 | | 2002 |
| | Durango, CO | | 3,770 |
| | 4,549 |
| | 2,276 |
| | — |
| | 6,825 |
| | 131 |
| | 10/26/2010 | | 1993 |
| | El Paso, TX | | 4,438 |
| | 1,341 |
| | 4,206 |
| | — |
| | 5,547 |
| | 238 |
| | 10/26/2010 | | 2009 |
| | Farmington, NM | | 2,566 |
| | 1,237 |
| | 3,136 |
| | — |
| | 4,373 |
| | 233 |
| | 10/26/2010 | | 2002 |
| | Fort Collins, CO | | 4,328 |
| | 1,362 |
| | 6,186 |
| | — |
| | 7,548 |
| | 348 |
| | 10/26/2010 | | 2009 |
| | Fort Worth (Beach), TX | | 4,740 |
| | 2,097 |
| | 5,299 |
| | — |
| | 7,396 |
| | 299 |
| | 10/26/2010 | | 2009 |
| | Fort Worth (Clifford), TX | | 3,149 |
| | 1,187 |
| | 4,089 |
| | — |
| | 5,276 |
| | 232 |
| | 10/26/2010 | | 2002 |
| | Fort Worth (Oakmont), TX | | 3,553 |
| | 1,859 |
| | 4,200 |
| | — |
| | 6,059 |
| | 239 |
| | 10/26/2010 | | 2000 |
| | Fort Worth (Sycamore), TX | | 3,840 |
| | 962 |
| | 5,174 |
| | — |
| | 6,136 |
| | 293 |
| | 10/26/2010 | | 2010 |
| | Lafayette, LA | | 5,380 |
| | 1,676 |
| | 6,442 |
| | — |
| | 8,118 |
| | 365 |
| | 10/26/2010 | | 2002 |
| | Lake Havasu City, AZ | | 3,552 |
| | 1,037 |
| | 5,361 |
| | — |
| | 6,398 |
| | 311 |
| | 10/26/2010 | | 2003 |
| | Las Cruces, NM | | (f) |
| | 1,567 |
| | 5,581 |
| | — |
| | 7,148 |
| | 323 |
| | 1/28/2011 | | 1997 |
| | Los Lunas, NM | | 4,083 |
| | 1,236 |
| | 4,976 |
| | — |
| | 6,212 |
| | 333 |
| | 10/26/2010 | | 2003 |
| | Mesa, AZ | | 3,034 |
| | 1,739 |
| | 3,748 |
| | — |
| | 5,487 |
| | 228 |
| | 9/29/2010 | | 1997 |
| | Midland, TX | | 5,640 |
| | 1,470 |
| | 5,129 |
| | — |
| | 6,599 |
| | 293 |
| | 10/26/2010 | | 2000 |
| | Odessa, TX | | 5,080 |
| | 1,201 |
| | 4,425 |
| | — |
| | 5,626 |
| | 253 |
| | 10/26/2010 | | 2008 |
| | Phoenix, AZ | | 3,500 |
| | 2,241 |
| | 4,086 |
| | — |
| | 6,327 |
| | 249 |
| | 9/29/2010 | | 1998 |
| | Scottsdale, AZ | | 5,672 |
| | 2,932 |
| | 7,046 |
| | — |
| | 9,978 |
| | 407 |
| | 10/26/2010 | | 2002 |
| | Silver City, NM | | 3,560 |
| | 647 |
| | 3,987 |
| | — |
| | 4,634 |
| | 267 |
| | 10/26/2010 | | 1995 |
| | Tucson (Grant), AZ | | 2,721 |
| | 1,464 |
| | 3,456 |
| | — |
| | 4,920 |
| | 203 |
| | 10/26/2010 | | 1994 |
| | Tucson (Silverbell), AZ | | 5,430 |
| | 2,649 |
| | 7,001 |
| | — |
| | 9,650 |
| | 419 |
| | 9/29/2010 | | 2000 |
| | Weatherford, TX | | 3,934 |
| | 1,686 |
| | 4,836 |
| | — |
| | 6,522 |
| | 274 |
| | 10/26/2010 | | 2001 |
| | Yuma, AZ | | 4,395 |
| | 1,320 |
| | 6,597 |
| | — |
| | 7,917 |
| | 379 |
| | 10/26/2010 | | 2004 |
| Amazon | | | | | | | | | | | | | | | | |
| | Charleston, TN | | 38,500 |
| | 2,265 |
| | 44,536 |
| | — |
| | 46,801 |
| | 846 |
| | 4/30/2012 | | 2011 |
| | Chattanooga, TN | | 40,800 |
| | 1,768 |
| | 46,969 |
| | — |
| | 48,737 |
| | 893 |
| | 4/30/2012 | | 2011 |
| | West Columbia, SC | | 41,900 |
| | 3,062 |
| | 47,338 |
| | — |
| | 50,400 |
| | 900 |
| | 4/30/2012 | | 2012 |
| Applebee’s | | | | | | | | | | | | | | | | |
| | Adrian, MI | | (f) |
| | 312 |
| | 1,537 |
| | — |
| | 1,849 |
| | 87 |
| | 10/13/2010 | | 1995 |
| | Bartlett, TN | | (f) |
| | 674 |
| | 874 |
| | — |
| | 1,548 |
| | 50 |
| | 10/13/2010 | | 1990 |
| | Chambersburg, PA | | (f) |
| | 709 |
| | 983 |
| | — |
| | 1,692 |
| | 56 |
| | 10/13/2010 | | 1995 |
| | Elizabeth City, NC | | (f) |
| | 392 |
| | 1,282 |
| | — |
| | 1,674 |
| | 91 |
| | 3/31/2010 | | 1997 |
| | Farmington, MO | | (f) |
| | 360 |
| | 1,483 |
| | — |
| | 1,843 |
| | 105 |
| | 3/31/2010 | | 1999 |
| | Horn Lake, MS | | (f) |
| | 646 |
| | 813 |
| | — |
| | 1,459 |
| | 46 |
| | 10/13/2010 | | 1994 |
| | Joplin, MO | | (f) |
| | 578 |
| | 1,290 |
| | — |
| | 1,868 |
| | 92 |
| | 3/31/2010 | | 1994 |
| | Kalamazoo, MI | | (f) |
| | 562 |
| | 1,288 |
| | — |
| | 1,850 |
| | 73 |
| | 10/13/2010 | | 1994 |
| | Lufkin, TX | | (f) |
| | 617 |
| | 1,106 |
| | — |
| | 1,723 |
| | 63 |
| | 10/13/2010 | | 1998 |
| | Madisonville, KY | | (f) |
| | 521 |
| | 1,166 |
| | — |
| | 1,687 |
| | 83 |
| | 3/31/2010 | | 1997 |
| | Marion, IL | | (f) |
| | 429 |
| | 1,165 |
| | — |
| | 1,594 |
| | 83 |
| | 3/31/2010 | | 1998 |
| | Memphis, TN | | (f) |
| | 779 |
| | 1,112 |
| | — |
| | 1,891 |
| | 79 |
| | 3/31/2010 | | 1999 |
| | Norton, VA | | (f) |
| | 530 |
| | 928 |
| | — |
| | 1,458 |
| | 52 |
| | 10/13/2010 | | 2006 |
| | Owatonna, MN | | (f) |
| | 590 |
| | 1,439 |
| | — |
| | 2,029 |
| | 82 |
| | 10/13/2010 | | 1996 |
| | Rolla, MO | | (f) |
| | 569 |
| | 1,370 |
| | — |
| | 1,939 |
| | 97 |
| | 3/31/2010 | | 1997 |
| | Swansea, IL | | (f) |
| | 559 |
| | 1,036 |
| | — |
| | 1,595 |
| | 59 |
| | 10/13/2010 | | 1998 |
COLE CREDIT PROPERTY TRUST III, INC.
SCHEDULE III - REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION
(in thousands)
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | Gross Amount at | | | | | | |
| | | | | | | | | | | | Which Carried | | | | | | |
| | | | | | Initial Costs to Company | | Total | | At December 31, | | Accumulated | | | | |
| | | | | | | | Buildings & | | Adjustment | | 2012 | | Depreciation | | Date | | Date |
| Description (a) | | Encumbrances | | Land | | Improvements | | to Basis | | (b) (c) | | (d) (e) | | Acquired | | Constructed |
| Applebee’s (continued) | | | | | | | | | | | | | | | | |
| | Tyler, TX | | $ (f) |
| | $ | 852 |
| | $ | 1,418 |
| | $ | — |
| | $ | 2,270 |
| | $ | 81 |
| | 10/13/2010 | | 1993 |
| | Vincennes, IN | | (f) |
| | 383 |
| | 1,248 |
| | — |
| | 1,631 |
| | 89 |
| | 3/31/2010 | | 1995 |
| | West Memphis, AR | | (f) |
| | 518 |
| | 829 |
| | — |
| | 1,347 |
| | 47 |
| | 10/13/2010 | | 2006 |
| | Wytheville, VA | | (f) |
| | 419 |
| | 959 |
| | — |
| | 1,378 |
| | 55 |
| | 10/13/2010 | | 1997 |
| Apollo Group | | | | | | | | | | | | | | | | |
| | Phoenix, AZ | | 79,000 |
| | 13,270 |
| | 123,533 |
| | — |
| | 136,803 |
| | 5,779 |
| | 3/24/2011 | | 2008 |
| AT&T | | | | | | | | | | | | | | | | |
| | Dallas, TX | | 17,350 |
| | 887 |
| | 24,073 |
| | — |
| | 24,960 |
| | 2,234 |
| | 5/28/2010 | | 2001 |
| Atascocita Commons | | | | | | | | | | | | | | | | |
| | Humble, TX | | 28,250 |
| | 13,051 |
| | 39,287 |
| | (7 | ) | | 52,331 |
| | 2,663 |
| | 6/29/2010 | | 2008 |
| Autozone | | | | | | | | | | | | | | | | |
| | Blanchester, OH | | 535 |
| | 160 |
| | 755 |
| | — |
| | 915 |
| | 57 |
| | 6/9/2010 | | 2008 |
| | Hamilton, OH | | 814 |
| | 610 |
| | 760 |
| | — |
| | 1,370 |
| | 58 |
| | 6/9/2010 | | 2008 |
| | Hartville, OH | | 614 |
| | 111 |
| | 951 |
| | — |
| | 1,062 |
| | 68 |
| | 7/14/2010 | | 2007 |
| | Hernando, MS | | — |
| | 111 |
| | 712 |
| | — |
| | 823 |
| | 10 |
| | 6/11/2012 | | 2003 |
| | Mount Orab, OH | | 679 |
| | 306 |
| | 833 |
| | — |
| | 1,139 |
| | 62 |
| | 6/9/2010 | | 2009 |
| | Nashville, TN | | 861 |
| | 441 |
| | 979 |
| | — |
| | 1,420 |
| | 66 |
| | 6/9/2010 | | 2009 |
| | Pearl River, LA | | 719 |
| | 193 |
| | 1,046 |
| | — |
| | 1,239 |
| | 68 |
| | 6/30/2010 | | 2007 |
| | Rapid City, SD | | 571 |
| | 365 |
| | 839 |
| | — |
| | 1,204 |
| | 58 |
| | 6/30/2010 | | 2008 |
| | Trenton, OH | | 504 |
| | 288 |
| | 598 |
| | — |
| | 886 |
| | 45 |
| | 6/9/2010 | | 2008 |
| Banner Life | | | | | | | | | | | | | | | | |
| | Urbana, MD | | 19,600 |
| | 3,730 |
| | 29,863 |
| | — |
| | 33,593 |
| | 1,364 |
| | 6/2/2011 | | 2011 |
| Belleview Plaza | | | | | | | | | | | | | | | | |
| | Pensacola, FL | | 4,145 |
| | 1,033 |
| | 6,039 |
| | 237 |
| | 7,309 |
| | 183 |
| | 12/13/2011 | | 2009 |
| Benihana | | | | | | | | | | | | | | | | |
| | Alpharetta, GA | | — |
| | 625 |
| | 1,033 |
| | — |
| | 1,658 |
| | 10 |
| | 8/21/2012 | | 2003 |
| | Anchorage, AK | | — |
| | 1,399 |
| | 1,921 |
| | — |
| | 3,320 |
| | 19 |
| | 8/21/2012 | | 1998 |
| | Dallas, TX | | — |
| | 3,049 |
| | 661 |
| | — |
| | 3,710 |
| | 7 |
| | 8/21/2012 | | 1975 |
| | Farmington Hills, MI | | — |
| | 1,413 |
| | 2,699 |
| | — |
| | 4,112 |
| | 27 |
| | 8/21/2012 | | 2012 |
| | Maple Grove, MN | | — |
| | 1,279 |
| | 2,419 |
| | — |
| | 3,698 |
| | 23 |
| | 8/21/2012 | | 2006 |
| | North Bay Village, FL | | — |
| | 2,763 |
| | 1,015 |
| | — |
| | 3,778 |
| | 10 |
| | 8/21/2012 | | 1972 |
| | Schaumburg, IL | | — |
| | 1,876 |
| | 1,275 |
| | — |
| | 3,151 |
| | 15 |
| | 8/21/2012 | | 1992 |
| | Stuart, FL | | — |
| | 2,059 |
| | 1,227 |
| | — |
| | 3,286 |
| | 12 |
| | 8/21/2012 | | 1976 |
| | Wheeling, IL | | — |
| | 776 |
| | 805 |
| | — |
| | 1,581 |
| | 9 |
| | 8/21/2012 | | 2001 |
| Best Buy | | | | | | | | | | | | | | | | |
| | Bourbannais, IL | | (f) |
| | 1,181 |
| | 3,809 |
| | — |
| | 4,990 |
| | 380 |
| | 8/31/2009 | | 1991 |
| | Coral Springs, FL | | 3,400 |
| | 2,654 |
| | 2,959 |
| | — |
| | 5,613 |
| | 278 |
| | 8/31/2009 | | 1993 |
| | Indianapolis, IN | | (f) |
| | 808 |
| | 3,468 |
| | — |
| | 4,276 |
| | 139 |
| | 7/20/2011 | | 2009 |
| | Kenosha, WI | | (f) |
| | 1,470 |
| | 4,518 |
| | — |
| | 5,988 |
| | 176 |
| | 7/12/2011 | | 2008 |
| | Lakewood , CO | | — |
| | 2,318 |
| | 4,603 |
| | — |
| | 6,921 |
| | 422 |
| | 8/31/2009 | | 1990 |
| | Marquette, MI | | (f) |
| | 561 |
| | 3,732 |
| | (2 | ) | | 4,291 |
| | 210 |
| | 2/16/2011 | | 2010 |
| | Montgomery, AL | | 3,148 |
| | 986 |
| | 4,116 |
| | — |
| | 5,102 |
| | 285 |
| | 7/6/2010 | | 2003 |
| | Norton Shores, MI | | (f) |
| | 1,323 |
| | 3,489 |
| | — |
| | 4,812 |
| | 166 |
| | 3/30/2011 | | 2001 |
| | Pineville, NC | | 5,296 |
| | 1,611 |
| | 6,003 |
| | — |
| | 7,614 |
| | 339 |
| | 12/28/2010 | | 2003 |
| | Richmond, IN | | (f) |
| | 359 |
| | 3,644 |
| | — |
| | 4,003 |
| | 138 |
| | 7/27/2011 | | 2011 |
| | Southaven, MS | | (f) |
| | 1,258 |
| | 2,901 |
| | — |
| | 4,159 |
| | 108 |
| | 9/26/2011 | | 2007 |
| Big O Tires | | | | | | | | | | | | | | | | |
| | Phoenix, AZ | | 782 |
| | 554 |
| | 731 |
| | — |
| | 1,285 |
| | 42 |
| | 10/20/2010 | | 2010 |
| Bi-Lo Grocery | | | | | | | | | | | | | | | | |
| | Greenwood, SC | | (f) |
| | 189 |
| | 3,288 |
| | — |
| | 3,477 |
| | 144 |
| | 5/3/2011 | | 1999 |
| | Mt. Pleasant, SC | | (f) |
| | 2,374 |
| | 5,441 |
| | — |
| | 7,815 |
| | 234 |
| | 5/3/2011 | | 2003 |
| | | | | | | | | | | | | | | | | | |
COLE CREDIT PROPERTY TRUST III, INC.
SCHEDULE III - REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION
(in thousands)
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | Gross Amount at | | | | | | |
| | | | | | | | | | | | Which Carried | | | | | | |
| | | | | | Initial Costs to Company | | Total | | At December 31, | | Accumulated | | | | |
| | | | | | | | Buildings & | | Adjustment | | 2012 | | Depreciation | | Date | | Date |
| Description (a) | | Encumbrances | | Land | | Improvements | | to Basis | | (b) (c) | | (d) (e) | | Acquired | | Constructed |
| BJ’s Wholesale Club | | | | | | | | | | | | | | | | |
| | Auburn, ME | | (f) |
| | $ | 4,419 |
| | $ | 8,603 |
| | $ | — |
| | $ | 13,022 |
| | $ | 397 |
| | 9/30/2011 | | 1995 |
| | Boynton Beach, FL | | (f) |
| | 6,320 |
| | 9,164 |
| | — |
| | 15,484 |
| | 320 |
| | 9/30/2011 | | 2001 |
| | California (Lexington Park), MD | | (f) |
| | 5,347 |
| | 10,404 |
| | — |
| | 15,751 |
| | 352 |
| | 9/30/2011 | | 2003 |
| | Deptford, NJ | | 11,004 |
| | 1,764 |
| | 13,244 |
| | — |
| | 15,008 |
| | 476 |
| | 9/30/2011 | | 1995 |
| | Greenfield, MA | | 8,416 |
| | 2,796 |
| | 9,060 |
| | — |
| | 11,856 |
| | 390 |
| | 9/30/2011 | | 1997 |
| | Jacksonville, FL | | (f) |
| | 4,840 |
| | 13,342 |
| | — |
| | 18,182 |
| | 468 |
| | 9/30/2011 | | 2003 |
| | Lancaster, PA | | 13,621 |
| | 3,586 |
| | 14,934 |
| | — |
| | 18,520 |
| | 536 |
| | 9/30/2011 | | 1986 |
| | Leominster, MA | | (f) |
| | 5,227 |
| | 13,147 |
| | — |
| | 18,374 |
| | 572 |
| | 9/30/2011 | | 1993 |
| | Pembroke Pines, FL | | 8,446 |
| | 5,162 |
| | 7,122 |
| | — |
| | 12,284 |
| | 251 |
| | 9/30/2011 | | 1997 |
| | Portsmouth, NH | | (f) |
| | 6,980 |
| | 13,264 |
| | — |
| | 20,244 |
| | 613 |
| | 9/30/2011 | | 1993 |
| | Westminster, MD | | 13,978 |
| | 5,712 |
| | 13,238 |
| | — |
| | 18,950 |
| | 484 |
| | 9/30/2011 | | 2001 |
| | Uxbridge (DC), MA | | 12,645 |
| | 2,778 |
| | 24,514 |
| | — |
| | 27,292 |
| | 937 |
| | 9/30/2011 | | 2006 |
| Bonefish | | | | | | | | | | | | | | | | |
| | Gainesville, VA | | (f) |
| | 1,234 |
| | 1,491 |
| | — |
| | 2,725 |
| | 30 |
| | 3/14/2012 | | 2004 |
| | Independence, OH | | (f) |
| | 932 |
| | 1,865 |
| | — |
| | 2,797 |
| | 38 |
| | 3/14/2012 | | 2006 |
| | Lakeland, FL | | (f) |
| | 767 |
| | 1,484 |
| | — |
| | 2,251 |
| | 30 |
| | 3/14/2012 | | 2003 |
| Breakfast Pointe | | | | | | | | | | | | | | | | |
| | Panama Beach City, FL | | 8,050 |
| | 2,938 |
| | 11,444 |
| | 104 |
| | 14,486 |
| | 669 |
| | 11/18/2010 | | 2009 |
| California Pizza Kitchen | | | | | | | | | | | | | | | | |
| | Alpharetta, GA | | (f) |
| | 1,322 |
| | 2,224 |
| | — |
| | 3,546 |
| | 85 |
| | 7/7/2011 | | 1994 |
| | Atlanta, GA | | (f) |
| | 1,691 |
| | 1,658 |
| | — |
| | 3,349 |
| | 63 |
| | 7/7/2011 | | 1993 |
| | Grapevine, TX | | (f) |
| | 1,271 |
| | 1,742 |
| | — |
| | 3,013 |
| | 66 |
| | 7/7/2011 | | 1994 |
| | Schaumburg, IL | | (f) |
| | 1,283 |
| | 2,175 |
| | — |
| | 3,458 |
| | 82 |
| | 7/7/2011 | | 1995 |
| | Scottsdale, AZ | | (f) |
| | 1,555 |
| | 1,529 |
| | — |
| | 3,084 |
| | 58 |
| | 7/7/2011 | | 1994 |
| Camp Creek Marketplace | | | | | | | | | | | | | | | | |
| | East Point, GA | | 42,000 |
| | 5,907 |
| | 63,695 |
| | 463 |
| | 70,065 |
| | 3,005 |
| | 5/13/2011 | | 2003 |
| Caremark Towers | | | | | | | | | | | | | | | | |
| | Glenview, IL | | 25,155 |
| | 3,357 |
| | 32,822 |
| | 170 |
| | 36,349 |
| | 1,324 |
| | 11/3/2011 | | 1980 |
| Cargill | | | | | | | | | | | | | | | | |
| | Blair, NE | | 2,515 |
| | 263 |
| | 4,160 |
| | — |
| | 4,423 |
| | 321 |
| | 3/17/2010 | | 2009 |
| Carmax | | | | | | | | | | | | | | | | |
| | Austin, TX | | 9,900 |
| | 3,268 |
| | 15,016 |
| | — |
| | 18,284 |
| | 899 |
| | 8/25/2010 | | 2004 |
| | Henderson, NV | | (f) |
| | 3,092 |
| | 12,994 |
| | — |
| | 16,086 |
| | 473 |
| | 9/21/2011 | | 2002 |
| Carraba’s | | | | | | | | | | | | | | | | |
| | Bowie, MD | | (f) |
| | 1,664 |
| | 1,673 |
| | — |
| | 3,337 |
| | 34 |
| | 3/14/2012 | | 2003 |
| | Brooklyn, OH | | (f) |
| | 1,002 |
| | 1,686 |
| | — |
| | 2,688 |
| | 34 |
| | 3/14/2012 | | 2002 |
| | Columbia, SC | | (f) |
| | 1,257 |
| | 1,482 |
| | — |
| | 2,739 |
| | 30 |
| | 3/14/2012 | | 2000 |
| | Duluth, GA | | (f) |
| | 1,290 |
| | 1,884 |
| | — |
| | 3,174 |
| | 38 |
| | 3/14/2012 | | 2004 |
| | Johnson City, TN | | (f) |
| | 1,292 |
| | 1,782 |
| | — |
| | 3,074 |
| | 36 |
| | 3/14/2012 | | 2003 |
| | Louisville, CO | | (f) |
| | 797 |
| | 1,218 |
| | — |
| | 2,015 |
| | 25 |
| | 3/14/2012 | | 2000 |
| | Scottsdale, AZ | | (f) |
| | 953 |
| | 1,002 |
| | — |
| | 1,955 |
| | 20 |
| | 3/14/2012 | | 2000 |
| | Tampa, FL | | (f) |
| | 1,795 |
| | 1,366 |
| | — |
| | 3,161 |
| | 28 |
| | 3/14/2012 | | 1994 |
| | Washington Township, OH | | (f) |
| | 881 |
| | 1,529 |
| | — |
| | 2,410 |
| | 31 |
| | 3/14/2012 | | 2001 |
| Century Town Center | | | | | | | | | | | | | | | | |
| | Vero Beach, FL | | 8,130 |
| | 4,142 |
| | 8,549 |
| | 309 |
| | 13,000 |
| | 399 |
| | 6/9/2011 | | 2008 |
| Children’s Courtyard | | | | | | | | | | | | | | | | |
| | Grand Prairie, TX | | (f) |
| | 225 |
| | 727 |
| | — |
| | 952 |
| | 38 |
| | 12/15/2010 | | 1999 |
| Childtime Childcare | | | | | | | | | | | | | | | | |
| | Bedford, OH | | (f) |
| | 77 |
| | 549 |
| | — |
| | 626 |
| | 30 |
| | 12/15/2010 | | 1979 |
| | Modesto (Floyd), CA | | (f) |
| | 265 |
| | 685 |
| | — |
| | 950 |
| | 41 |
| | 12/15/2010 | | 1988 |
| | Oklahoma City (Rockwell), OK | | (f) |
| | 56 |
| | 562 |
| | — |
| | 618 |
| | 30 |
| | 12/15/2010 | | 1986 |
COLE CREDIT PROPERTY TRUST III, INC.
SCHEDULE III - REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION
(in thousands)
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | Gross Amount at | | | | | | |
| | | | | | | | | | | | Which Carried | | | | | | |
| | | | | | Initial Costs to Company | | Total | | At December 31, | | Accumulated | | | | |
| | | | | | | | Buildings & | | Adjustment | | 2012 | | Depreciation | | Date | | Date |
| Description (a) | | Encumbrances | | Land | | Improvements | | to Basis | | (b) (c) | | (d) (e) | | Acquired | | Constructed |
| Childtime Childcare (continued) | | | | | | | | | | | | | | |
| | Oklahoma City (Western), OK | | $ (f) |
| | $ | 77 |
| | $ | 561 |
| | $ | — |
| | $ | 638 |
| | $ | 30 |
| | 12/15/2010 | | 1985 |
| Chili’s | | | | | | | | | | | | | | | | |
| | Flanders, NJ | | 1,508 |
| | 624 |
| | 1,472 |
| | — |
| | 2,096 |
| | 95 |
| | 6/30/2010 | | 2003 |
| Cigna | | | | | | | | | | | | | | | | |
| | Phoenix, AZ | | — |
| | 5,359 |
| | 15,568 |
| | — |
| | 20,927 |
| | 20 |
| | 12/19/2012 | | 2012 |
| | Plano, TX | | 31,400 |
| | 7,782 |
| | 38,237 |
| | — |
| | 46,019 |
| | 3,402 |
| | 2/24/2010 | | 2009 |
| Cleveland Town Center | | | | | | | | | | | | | | | | |
| | Cleveland, TN | | — |
| | 1,623 |
| | 14,831 |
| | — |
| | 16,454 |
| | 455 |
| | 12/20/2011 | | 2008 |
| CompUSA | | | | | | | | | | | | | | | | |
| | Arlington, TX | | 1,770 |
| | 1,215 |
| | 1,426 |
| | 65 |
| | 2,706 |
| | 116 |
| | 10/18/2010 | | 1992 |
| ConAgra Foods | | | | | | | | | | | | | | | | |
| | Milton, PA | | 16,245 |
| | 3,404 |
| | 22,867 |
| | 209 |
| | 26,480 |
| | 947 |
| | 6/14/2011 | | 1991 |
| Cost Plus | | | | | | | | | | | | | | | | |
| | La Quinta, CA | | — |
| | 1,073 |
| | 3,590 |
| | — |
| | 4,663 |
| | 4 |
| | 12/31/2012 | | 2007 |
| Cracker Barrel | | | | | | | | | | | | | | | | |
| | Abilene, TX | | — |
| | 1,110 |
| | 1,666 |
| | — |
| | 2,776 |
| | 185 |
| | 6/30/2009 | | 2005 |
| | Bristol, VA | | — |
| | 578 |
| | 1,643 |
| | — |
| | 2,221 |
| | 182 |
| | 6/30/2009 | | 2006 |
| | Columbus, GA | | — |
| | 1,002 |
| | 1,535 |
| | — |
| | 2,537 |
| | 168 |
| | 7/15/2009 | | 2003 |
| | Fort Mill, SC | | — |
| | 969 |
| | 1,615 |
| | — |
| | 2,584 |
| | 178 |
| | 6/30/2009 | | 2006 |
| | Greensboro, NC | | — |
| | 1,127 |
| | 1,473 |
| | — |
| | 2,600 |
| | 164 |
| | 6/30/2009 | | 2005 |
| | Piedmont, SC | | — |
| | 1,218 |
| | 1,672 |
| | — |
| | 2,890 |
| | 185 |
| | 6/30/2009 | | 2005 |
| | Rocky Mount, SC | | — |
| | 920 |
| | 1,433 |
| | — |
| | 2,353 |
| | 161 |
| | 6/30/2009 | | 2006 |
| | San Antonio, TX | | — |
| | 1,129 |
| | 1,687 |
| | — |
| | 2,816 |
| | 186 |
| | 6/30/2009 | | 2005 |
| | Sherman, TX | | — |
| | 1,217 |
| | 1,579 |
| | — |
| | 2,796 |
| | 172 |
| | 6/30/2009 | | 2007 |
| | Waynesboro, VA | | — |
| | 1,072 |
| | 1,608 |
| | — |
| | 2,680 |
| | 177 |
| | 6/30/2009 | | 2004 |
| Crossroads Marketplace | | | | | | | | | | | | | | | | |
| | Warner Robbins, GA | | (f) |
| | 2,128 |
| | 8,517 |
| | 20 |
| | 10,665 |
| | 264 |
| | 12/20/2011 | | 2008 |
| CSAA | | | | | | | | | | | | | | | | |
| | Oklahoma City, OK | | (f) |
| | 2,861 |
| | 23,059 |
| | — |
| | 25,920 |
| | 1,631 |
| | 11/15/2010 | | 2009 |
| CVS | | | | | | | | | | | | | | | | |
| | Anderson, SC | | 1,166 |
| | 618 |
| | 1,231 |
| | — |
| | 1,849 |
| | 23 |
| | 4/26/2012 | | 1998 |
| | Athens, GA | | (f) |
| | 1,907 |
| | 3,234 |
| | — |
| | 5,141 |
| | 170 |
| | 12/14/2010 | | 2009 |
| | Auburndale, FL | | 1,565 |
| | 1,152 |
| | 1,641 |
| | — |
| | 2,793 |
| | 89 |
| | 11/1/2010 | | 1999 |
| | Bellevue, OH | | 1,011 |
| | 175 |
| | 1,777 |
| | — |
| | 1,952 |
| | 51 |
| | 11/4/2011 | | 1998 |
| | Boca Raton, FL | | 2,625 |
| | — |
| | 2,862 |
| | — |
| | 2,862 |
| | 150 |
| | 12/14/2010 | | 2009 |
| | Brownsville, TX | | (f) |
| | 1,156 |
| | 3,114 |
| | — |
| | 4,270 |
| | 165 |
| | 12/14/2010 | | 2009 |
| | Cayce, SC | | (f) |
| | 1,639 |
| | 2,548 |
| | — |
| | 4,187 |
| | 134 |
| | 12/14/2010 | | 2009 |
| | Charlotte, NC | | (f) |
| | 1,147 |
| | 1,660 |
| | — |
| | 2,807 |
| | 74 |
| | 4/26/2011 | | 2008 |
| | Cherry Hill, NJ | | (f) |
| | 6,236 |
| | — |
| | — |
| | 6,236 |
| | — |
| | 10/13/2011 | | (g) |
| | Chicago (W. 103rd St), IL | | (f) |
| | 980 |
| | 5,670 |
| | — |
| | 6,650 |
| | 185 |
| | 9/16/2011 | | 2009 |
| | City of Industry, CA | | 2,500 |
| | — |
| | 3,270 |
| | — |
| | 3,270 |
| | 171 |
| | 12/14/2010 | | 2009 |
| | Dolton, IL | | (f) |
| | 528 |
| | 4,484 |
| | — |
| | 5,012 |
| | 175 |
| | 7/8/2011 | | 2008 |
| | Dover, DE | | 2,046 |
| | 3,678 |
| | — |
| | — |
| | 3,678 |
| | — |
| | 1/7/2011 | | (g) |
| | Eden, NC | | — |
| | 830 |
| | 1,277 |
| | — |
| | 2,107 |
| | 24 |
| | 4/26/2012 | | 1998 |
| | Edinburg, TX | | 2,003 |
| | 1,133 |
| | 2,327 |
| | — |
| | 3,460 |
| | 202 |
| | 8/13/2009 | | 2008 |
| | Edison, NJ | | (f) |
| | 3,159 |
| | — |
| | — |
| | 3,159 |
| | — |
| | 4/13/2011 | | (g) |
| | Evansville, IN | | 1,850 |
| | 355 |
| | 2,255 |
| | — |
| | 2,610 |
| | 85 |
| | 7/11/2011 | | 2000 |
| | Fredericksburg, VA | | — |
| | 1,936 |
| | 3,737 |
| | — |
| | 5,673 |
| | 371 |
| | 1/6/2009 | | 2008 |
| | Ft. Myers, FL | | 3,025 |
| | 2,412 |
| | 2,586 |
| | — |
| | 4,998 |
| | 168 |
| | 6/18/2010 | | 2009 |
| | Gainesville, TX | | 2,215 |
| | 432 |
| | 2,350 |
| | — |
| | 2,782 |
| | 135 |
| | 12/23/2010 | | 2003 |
| | Greenville, SC | | 1,840 |
| | 1,206 |
| | 1,531 |
| | — |
| | 2,737 |
| | 28 |
| | 4/26/2012 | | 1998 |
COLE CREDIT PROPERTY TRUST III, INC.
SCHEDULE III - REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION
(in thousands)
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | Gross Amount at | | | | | | |
| | | | | | | | | | | | Which Carried | | | | | | |
| | | | | | Initial Costs to Company | | Total | | At December 31, | | Accumulated | | | | |
| | | | | | | | Buildings & | | Adjustment | | 2012 | | Depreciation | | Date | | Date |
| Description (a) | | Encumbrances | | Land | | Improvements | | to Basis | | (b) (c) | | (d) (e) | | Acquired | | Constructed |
| CVS (continued) | | | | | | | | | | | | | | | | |
| | Gulf Breeze, FL | | $ | 1,079 |
| | $ | 1,843 |
| | $ | — |
| | $ | — |
| | $ | 1,843 |
| | $ | — |
| | 10/12/2010 | | (g) |
| | Jacksonville, FL | | 3,715 |
| | 2,552 |
| | 3,441 |
| | — |
| | 5,993 |
| | 180 |
| | 12/14/2010 | | 2009 |
| | Kernersville, NC | | — |
| | 905 |
| | 1,209 |
| | — |
| | 2,114 |
| | 22 |
| | 4/26/2012 | | 1998 |
| | Lake Havasu City, AZ | | (f) |
| | 1,438 |
| | 3,780 |
| | — |
| | 5,218 |
| | 126 |
| | 9/16/2011 | | 2008 |
| | Lake Wales, FL | | 1,625 |
| | 1,173 |
| | 1,715 |
| | — |
| | 2,888 |
| | 92 |
| | 11/1/2010 | | 1999 |
| | Lawrence, KS | | 2,908 |
| | 1,080 |
| | 3,491 |
| | — |
| | 4,571 |
| | 186 |
| | 12/14/2010 | | 2009 |
| | Lawrenceville, GA | | 2,940 |
| | 2,387 |
| | 2,117 |
| | — |
| | 4,504 |
| | 91 |
| | 7/8/2011 | | 2008 |
| | Lawrenceville, NJ | | 5,170 |
| | 3,531 |
| | 4,387 |
| | — |
| | 7,918 |
| | 230 |
| | 12/14/2010 | | 2009 |
| | Liberty, MO | | — |
| | 1,506 |
| | 2,508 |
| | — |
| | 4,014 |
| | 219 |
| | 8/13/2009 | | 2009 |
| | Lynchburg, VA | | 1,748 |
| | 723 |
| | 2,122 |
| | — |
| | 2,845 |
| | 134 |
| | 10/12/2010 | | 1999 |
| | Madison, NC | | 1,587 |
| | 269 |
| | 1,654 |
| | — |
| | 1,923 |
| | 31 |
| | 4/26/2012 | | 1998 |
| | Madison Heights, VA | | 1,592 |
| | 863 |
| | 1,726 |
| | — |
| | 2,589 |
| | 110 |
| | 10/22/2010 | | 1997 |
| | Meridianville, AL | | 1,990 |
| | 1,021 |
| | 2,454 |
| | — |
| | 3,475 |
| | 189 |
| | 12/30/2009 | | 2008 |
| | Mineola, NY | | 2,280 |
| | — |
| | 3,166 |
| | — |
| | 3,166 |
| | 166 |
| | 12/14/2010 | | 2008 |
| | Minneapolis, MN | | (f) |
| | 260 |
| | 4,447 |
| | — |
| | 4,707 |
| | 250 |
| | 12/14/2010 | | 2009 |
| | Mishawaka, IN | | 2,258 |
| | 422 |
| | 3,469 |
| | (8 | ) | | 3,883 |
| | 201 |
| | 9/8/2010 | | 2006 |
| | Moonville, SC | | 1,163 |
| | 757 |
| | 1,024 |
| | — |
| | 1,781 |
| | 19 |
| | 4/26/2012 | | 1998 |
| | Naples, FL | | 2,675 |
| | — |
| | 2,943 |
| | — |
| | 2,943 |
| | 154 |
| | 12/14/2010 | | 2009 |
| | New Port Richey, FL | | 1,670 |
| | 1,032 |
| | 2,271 |
| | — |
| | 3,303 |
| | 161 |
| | 3/26/2010 | | 2004 |
| | Noblesville, IN | | — |
| | 1,084 |
| | 2,684 |
| | — |
| | 3,768 |
| | 233 |
| | 8/13/2009 | | 2009 |
| | Oak Forest, IL | | — |
| | 1,235 |
| | 2,731 |
| | — |
| | 3,966 |
| | 236 |
| | 8/13/2009 | | 2009 |
| | Oklahoma City, OK | | — |
| | 752 |
| | 1,228 |
| | — |
| | 1,980 |
| | 17 |
| | 6/4/2012 | | 1996 |
| | Phoenix, AZ | | (f) |
| | 2,051 |
| | 4,087 |
| | — |
| | 6,138 |
| | 136 |
| | 9/16/2011 | | 2008 |
| | Ringgold, GA | | 1,948 |
| | 961 |
| | 2,418 |
| | — |
| | 3,379 |
| | 159 |
| | 8/31/2010 | | 2007 |
| | Sherman, TX | | (f) |
| | 935 |
| | 2,646 |
| | — |
| | 3,581 |
| | 105 |
| | 6/10/2011 | | 1999 |
| | Southaven (Goodman), MS | | 4,270 |
| | 1,489 |
| | 3,503 |
| | — |
| | 4,992 |
| | 184 |
| | 12/14/2010 | | 2009 |
| | Southaven, MS | | 2,700 |
| | 1,885 |
| | 2,836 |
| | — |
| | 4,721 |
| | 248 |
| | 7/31/2009 | | 2009 |
| | Sparks, NV | | 2,711 |
| | 2,100 |
| | 2,829 |
| | — |
| | 4,929 |
| | 242 |
| | 8/13/2009 | | 2009 |
| | St. Augustine, FL | | (f) |
| | 1,283 |
| | 3,364 |
| | — |
| | 4,647 |
| | 147 |
| | 4/26/2011 | | 2008 |
| | The Village, OK | | 3,425 |
| | 1,039 |
| | 2,472 |
| | — |
| | 3,511 |
| | 127 |
| | 12/14/2010 | | 2009 |
| | Titusville, PA | | (f) |
| | 849 |
| | 1,499 |
| | — |
| | 2,348 |
| | 43 |
| | 11/4/2011 | | 1998 |
| | Warren, OH | | (f) |
| | 329 |
| | 1,191 |
| | — |
| | 1,520 |
| | 36 |
| | 11/4/2011 | | 1998 |
| | Weaverville, NC | | 3,098 |
| | 1,559 |
| | 3,365 |
| | — |
| | 4,924 |
| | 199 |
| | 9/30/2010 | | 2009 |
| CVS/Huntington Bank | | | | | | | | | | | | | | | | |
| | Northville, MI | | (f) |
| | 3,695 |
| | — |
| | — |
| | 3,695 |
| | — |
| | 8/17/2011 | | (g) |
| Dahl’s Supermarket | | | | | | | | | | | | | | | | |
| | Des Moines (Beaver), IA | | (f) |
| | 373 |
| | 2,825 |
| | — |
| | 3,198 |
| | 128 |
| | 6/15/2011 | | 1985 |
| | Des Moines (Ingersoll), IA | | (f) |
| | 1,968 |
| | 7,786 |
| | — |
| | 9,754 |
| | 318 |
| | 6/15/2011 | | 2011 |
| | Des Moines (Fleur), IA | | (f) |
| | 453 |
| | 1,685 |
| | — |
| | 2,138 |
| | 77 |
| | 6/15/2011 | | 2002 |
| | Johnston, IA | | (f) |
| | 1,948 |
| | 5,548 |
| | — |
| | 7,496 |
| | 231 |
| | 6/15/2011 | | 2000 |
| Davita Dialysis | | | | | | | | | | | | | | | | |
| | Augusta, GA | | (f) |
| | 99 |
| | 1,433 |
| | 1 |
| | 1,533 |
| | 61 |
| | 7/22/2011 | | 2000 |
| | Casselberry, FL | | (f) |
| | 313 |
| | 1,556 |
| | 1 |
| | 1,870 |
| | 50 |
| | 12/9/2011 | | 2007 |
| | Douglasville, GA | | (f) |
| | 97 |
| | 1,467 |
| | (1 | ) | | 1,563 |
| | 62 |
| | 7/22/2011 | | 2001 |
| | Ft. Wayne, IN | | (f) |
| | 252 |
| | 2,305 |
| | — |
| | 2,557 |
| | 52 |
| | 2/16/2012 | | 2008 |
| | Grand Rapids, MI | | (f) |
| | 123 |
| | 1,372 |
| | — |
| | 1,495 |
| | 79 |
| | 4/19/2011 | | 1997 |
| | Lawrenceville, NJ | | (f) |
| | 518 |
| | 2,217 |
| | — |
| | 2,735 |
| | 48 |
| | 3/23/2012 | | 2009 |
| | Sanford, FL | | (f) |
| | 426 |
| | 2,015 |
| | — |
| | 2,441 |
| | 66 |
| | 12/19/2011 | | 2005 |
| | Willow Grove, PA | | (f) |
| | 273 |
| | 2,575 |
| | — |
| | 2,848 |
| | 92 |
| | 10/28/2011 | | 2010 |
| Dell Perot | | | | | | | | | | | | | | | | |
| | Lincoln, NE | | (f) |
| | 1,607 |
| | 17,059 |
| | — |
| | 18,666 |
| | 1,173 |
| | 11/15/2010 | | 2009 |
COLE CREDIT PROPERTY TRUST III, INC.
SCHEDULE III - REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION
(in thousands)
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | Gross Amount at | | | | | | |
| | | | | | | | | | | | Which Carried | | | | | | |
| | | | | | Initial Costs to Company | | Total | | At December 31, | | Accumulated | | | | |
| | | | | | | | Buildings & | | Adjustment | | 2012 | | Depreciation | | Date | | Date |
| Description (a) | | Encumbrances | | Land | | Improvements | | to Basis | | (b) (c) | | (d) (e) | | Acquired | | Constructed |
| Del Monte Plaza | | | | | | | | | | | | | | | | |
| | Reno, NV | | $ | 9,953 |
| | $ | 3,429 |
| | $ | 12,252 |
| | $ | 49 |
| | $ | 15,730 |
| | $ | 365 |
| | 11/2/2011 | | 2011 |
| Denver West Plaza | | | | | | | | | | | | | | | | |
| | Lakewood , CO | | (f) |
| | 2,369 |
| | 9,847 |
| | — |
| | 12,216 |
| | 410 |
| | 7/22/2011 | | 2002 |
| Dick’s Sporting Goods | | | | | | | | | | | | | | | | |
| | Charleston, SC | | (f) |
| | 3,060 |
| | 3,809 |
| | — |
| | 6,869 |
| | 190 |
| | 8/31/2011 | | 2005 |
| | Fort Gratiot, MI | | 3,411 |
| | 699 |
| | 4,826 |
| | — |
| | 5,525 |
| | 86 |
| | 6/29/2012 | | 2010 |
| | Jackson, TN | | (f) |
| | 1,433 |
| | 3,988 |
| | — |
| | 5,421 |
| | 302 |
| | 2/25/2011 | | 2007 |
| Diamond Crossing | | | | | | | | | | | | | | | | |
| | Anchorage, AK | | 7,980 |
| | 5,753 |
| | 8,769 |
| | — |
| | 14,522 |
| | 312 |
| | 9/27/2011 | | 2007 |
| Dollar General | | | | | | | | | | | | | | | | |
| | Cade, LA | | — |
| | 178 |
| | 945 |
| | — |
| | 1,123 |
| | 1 |
| | 12/18/2012 | | 2012 |
| | Grambling, LA | | — |
| | 509 |
| | 718 |
| | — |
| | 1,227 |
| | 2 |
| | 11/30/2012 | | 2012 |
| | Lake Charles, LA | | — |
| | 351 |
| | 716 |
| | — |
| | 1,067 |
| | 2 |
| | 11/30/2012 | | 2012 |
| | Lakeland, FL | | — |
| | 342 |
| | 1,621 |
| | — |
| | 1,963 |
| | 2 |
| | 12/18/2012 | | 2012 |
| | Lowell, OH | | — |
| | 142 |
| | 970 |
| | — |
| | 1,112 |
| | 3 |
| | 11/30/2012 | | 2012 |
| | Lyerly, GA | | — |
| | 230 |
| | 781 |
| | — |
| | 1,011 |
| | 3 |
| | 11/30/2012 | | 2012 |
| | Orange, TX | | — |
| | 300 |
| | 886 |
| | — |
| | 1,186 |
| | 3 |
| | 11/30/2012 | | 2012 |
| | Phenix City, AL | | — |
| | 255 |
| | 721 |
| | — |
| | 976 |
| | 3 |
| | 11/30/2012 | | 2012 |
| | Ponca City, OK | | — |
| | 177 |
| | 971 |
| | — |
| | 1,148 |
| | 1 |
| | 12/20/2012 | | 2012 |
| | Tahlequah, OK | | — |
| | 121 |
| | 946 |
| | — |
| | 1,067 |
| | 1 |
| | 12/20/2012 | | 2012 |
| | Vidor, TX | | — |
| | 197 |
| | 804 |
| | — |
| | 1,001 |
| | 3 |
| | 11/30/2012 | | 2012 |
| | Wagoner, OK | | — |
| | 23 |
| | 954 |
| | — |
| | 977 |
| | 1 |
| | 12/20/2012 | | 2012 |
| Eastland Center | | | | | | | | | | | | | | | | |
| | West Covina, CA | | 90,000 |
| | 41,559 |
| | 102,941 |
| | 242 |
| | 144,742 |
| | 1,879 |
| | 5/14/2012 | | 1998 |
| Encana Oil & Gas | | | | | | | | | | | | | | | | |
| | Plano, TX | | 66,000 |
| | 2,623 |
| | 101,829 |
| | — |
| | 104,452 |
| | 355 |
| | 11/27/2012 | | 2012 |
| Emdeon | | | | | | | | | | | | | | | | |
| | Nashville, TN | | 4,700 |
| | 556 |
| | 8,015 |
| | — |
| | 8,571 |
| | 283 |
| | 9/29/2011 | | 2010 |
| Evans Exchange | | | | | | | | | | | | | | | | |
| | Evans, GA | | 6,730 |
| | 2,761 |
| | 7,996 |
| | — |
| | 10,757 |
| | 517 |
| | 6/10/2010 | | (g) |
| Experian | | | | | | | | | | | | | | | | |
| | Schaumburg, IL | | 18,900 |
| | 4,359 |
| | 20,834 |
| | — |
| | 25,193 |
| | 1,911 |
| | 4/30/2010 | | 1999 |
| Fairlane Green | | | | | | | | | | | | | | | | |
| | Allen Park, MI | | 24,000 |
| | 14,975 |
| | 27,109 |
| | 165 |
| | 42,249 |
| | 855 |
| | 2/22/2012 | | 2005 |
| Falcon Valley | | | | | | | | | | | | | | | | |
| | Lenexa, KS | | 6,375 |
| | 1,946 |
| | 8,992 |
| | — |
| | 10,938 |
| | 506 |
| | 12/23/2010 | | 2008 |
| Family Dollar | | | | | | | | | | | | | | | | |
| | Abbeville, LA | | 740 |
| | 128 |
| | 898 |
| | — |
| | 1,026 |
| | 18 |
| | 4/30/2012 | | 2005 |
| | Alamogordo, NM | | 524 |
| | 154 |
| | 732 |
| | — |
| | 886 |
| | 14 |
| | 4/30/2012 | | 2001 |
| | Alexandria, LA | | 458 |
| | 136 |
| | 548 |
| | — |
| | 684 |
| | 11 |
| | 4/30/2012 | | 2005 |
| | Altha, FL | | (f) |
| | 132 |
| | 699 |
| | — |
| | 831 |
| | 14 |
| | 4/30/2012 | | 2011 |
| | Apopka, FL | | 1,127 |
| | 626 |
| | 954 |
| | — |
| | 1,580 |
| | 18 |
| | 4/30/2012 | | 2011 |
| | Avondale, AZ | | 974 |
| | 566 |
| | 1,014 |
| | — |
| | 1,580 |
| | 19 |
| | 4/30/2012 | | 2002 |
| | Baton Rouge, LA | | (f) |
| | 399 |
| | 637 |
| | — |
| | 1,036 |
| | 13 |
| | 4/30/2012 | | 2003 |
| | Battle Mountain, NV | | (f) |
| | 162 |
| | 1,230 |
| | — |
| | 1,392 |
| | 24 |
| | 4/30/2012 | | 2009 |
| | Beaumont (College), TX | | (f) |
| | 226 |
| | 733 |
| | — |
| | 959 |
| | 14 |
| | 4/30/2012 | | 2003 |
| | Beaumont (Highway 105), TX | | 654 |
| | 229 |
| | 700 |
| | — |
| | 929 |
| | 14 |
| | 4/30/2012 | | 2003 |
| | Beaumont (Washington), TX | | (f) |
| | 331 |
| | 959 |
| | — |
| | 1,290 |
| | 19 |
| | 4/30/2012 | | 2003 |
| | Beaver, UT | | 646 |
| | 108 |
| | 663 |
| | — |
| | 771 |
| | 13 |
| | 4/30/2012 | | 2007 |
| | Berkeley, MO | | 969 |
| | 263 |
| | 1,045 |
| | — |
| | 1,308 |
| | 20 |
| | 4/30/2012 | | 2003 |
| | Bethel, OH | | 852 |
| | 275 |
| | 974 |
| | — |
| | 1,249 |
| | 13 |
| | 7/11/2012 | | 2005 |
COLE CREDIT PROPERTY TRUST III, INC.
SCHEDULE III - REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION
(in thousands)
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | Gross Amount at | | | | | | |
| | | | | | | | | | | | Which Carried | | | | | | |
| | | | | | Initial Costs to Company | | Total | | At December 31, | | Accumulated | | | | |
| | | | | | | | Buildings & | | Adjustment | | 2012 | | Depreciation | | Date | | Date |
| Description (a) | | Encumbrances | | Land | | Improvements | | to Basis | | (b) (c) | | (d) (e) | | Acquired | | Constructed |
| Family Dollar (continued) | | | | | | | | | | | | | | | |
| | Brazoria, TX | | $ (f) |
| | $ | 251 |
| | $ | 800 |
| | $ | — |
| | $ | 1,051 |
| | $ | 16 |
| | 4/30/2012 | | 2002 |
| | Bristol, FL | | 631 |
| | 227 |
| | 684 |
| | — |
| | 911 |
| | 13 |
| | 4/30/2012 | | 2011 |
| | Bristol, VA | | 608 |
| | 174 |
| | 676 |
| | — |
| | 850 |
| | 13 |
| | 4/30/2012 | | 1978 |
| | Brooklyn, MI | | (f) |
| | 113 |
| | 590 |
| | — |
| | 703 |
| | 11 |
| | 4/30/2012 | | 2002 |
| | Burton, MI | | 866 |
| | 132 |
| | 842 |
| | — |
| | 974 |
| | 16 |
| | 4/30/2012 | | 2003 |
| | Canton, OH | | 460 |
| | 91 |
| | 581 |
| | — |
| | 672 |
| | 13 |
| | 4/30/2012 | | 2004 |
| | Casa Grande, AZ | | (f) |
| | 92 |
| | 716 |
| | — |
| | 808 |
| | 14 |
| | 4/30/2012 | | 2003 |
| | Cleveland , OH | | 1,079 |
| | 53 |
| | 1,380 |
| | — |
| | 1,433 |
| | 19 |
| | 7/11/2012 | | 2003 |
| | Cleveland (Pearl), OH | | 1,370 |
| | 278 |
| | 1,437 |
| | — |
| | 1,715 |
| | 32 |
| | 4/30/2012 | | 1994 |
| | Clovis, NM | | 657 |
| | 95 |
| | 889 |
| | — |
| | 984 |
| | 17 |
| | 4/30/2012 | | 2004 |
| | Cockrell Hill, TX | | 970 |
| | 579 |
| | 807 |
| | — |
| | 1,386 |
| | 16 |
| | 4/30/2012 | | 2002 |
| | Converse, TX | | 409 |
| | 144 |
| | 501 |
| | — |
| | 645 |
| | 12 |
| | 4/30/2012 | | 2003 |
| | Coolidge, AZ | | 603 |
| | 106 |
| | 832 |
| | — |
| | 938 |
| | 16 |
| | 4/30/2012 | | 2000 |
| | Dacano, CO | | 757 |
| | 180 |
| | 878 |
| | — |
| | 1,058 |
| | 17 |
| | 4/30/2012 | | 2003 |
| | Dallas, TX | | 627 |
| | 270 |
| | 676 |
| | — |
| | 946 |
| | 13 |
| | 4/30/2012 | | 2004 |
| | Deland, FL | | 1,057 |
| | 548 |
| | 1,014 |
| | — |
| | 1,562 |
| | 19 |
| | 4/30/2012 | | 2011 |
| | Deltona (1401), FL | | 686 |
| | 196 |
| | 879 |
| | — |
| | 1,075 |
| | 17 |
| | 4/30/2012 | | 2004 |
| | Deltona (2901), FL | | 1,042 |
| | 277 |
| | 1,048 |
| | — |
| | 1,325 |
| | 20 |
| | 4/30/2012 | | 2011 |
| | Des Moines, IA | | 822 |
| | 363 |
| | 840 |
| | — |
| | 1,203 |
| | 15 |
| | 4/30/2012 | | 2003 |
| | Dickinson, TX | | 681 |
| | 163 |
| | 811 |
| | — |
| | 974 |
| | 16 |
| | 4/30/2012 | | 2010 |
| | El Dorado, AR | | 663 |
| | 78 |
| | 861 |
| | — |
| | 939 |
| | 18 |
| | 4/30/2012 | | 2002 |
| | Farmerville, LA | | 722 |
| | 146 |
| | 704 |
| | — |
| | 850 |
| | 14 |
| | 4/30/2012 | | 2003 |
| | Fort Dodge, IA | | 408 |
| | 107 |
| | 499 |
| | — |
| | 606 |
| | 9 |
| | 4/30/2012 | | 2002 |
| | Fort Lupton, CO | | 916 |
| | 197 |
| | 1,061 |
| | — |
| | 1,258 |
| | 21 |
| | 4/30/2012 | | 2003 |
| | Fort Meade, FL | | 417 |
| | 214 |
| | 555 |
| | — |
| | 769 |
| | 11 |
| | 4/30/2012 | | 2000 |
| | Fort Mohave, AZ | | (f) |
| | 266 |
| | 627 |
| | — |
| | 893 |
| | 13 |
| | 4/30/2012 | | 2001 |
| | Fort Myers, FL | | 973 |
| | 254 |
| | 995 |
| | — |
| | 1,249 |
| | 20 |
| | 4/30/2012 | | 2002 |
| | Gainesville, FL | | 1,002 |
| | 505 |
| | 903 |
| | — |
| | 1,408 |
| | 17 |
| | 4/30/2012 | | 2011 |
| | Gallup, NM | | (f) |
| | 207 |
| | 1,252 |
| | — |
| | 1,459 |
| | 24 |
| | 4/30/2012 | | 2007 |
| | Green Bay, WI | | (f) |
| | 312 |
| | 916 |
| | — |
| | 1,228 |
| | 18 |
| | 4/30/2012 | | 2011 |
| | Greenville, MS | | (f) |
| | 138 |
| | 782 |
| | — |
| | 920 |
| | 15 |
| | 4/30/2012 | | 2011 |
| | Guadalupe, AZ | | (f) |
| | 339 |
| | 657 |
| | — |
| | 996 |
| | 13 |
| | 4/30/2012 | | 2004 |
| | Gulfport, MS | | (f) |
| | 375 |
| | 1,045 |
| | — |
| | 1,420 |
| | 20 |
| | 4/30/2012 | | 2007 |
| | Hernandez, NM | | 1,152 |
| | 124 |
| | 1,174 |
| | — |
| | 1,298 |
| | 22 |
| | 4/30/2012 | | 2008 |
| | Homedale, ID | | 973 |
| | 64 |
| | 804 |
| | — |
| | 868 |
| | 16 |
| | 4/30/2012 | | 2006 |
| | Hot Springs, AR | | (f) |
| | 266 |
| | 772 |
| | — |
| | 1,038 |
| | 15 |
| | 4/30/2012 | | 2011 |
| | Houston (Freeway), TX | | 920 |
| | 969 |
| | 416 |
| | — |
| | 1,385 |
| | 8 |
| | 4/30/2012 | | 1981 |
| | Houston (Jester), TX | | (f) |
| | 106 |
| | 631 |
| | — |
| | 737 |
| | 12 |
| | 4/30/2012 | | 2002 |
| | Houston (Kuykendahl), TX | | (f) |
| | 593 |
| | 1,016 |
| | — |
| | 1,609 |
| | 20 |
| | 4/30/2012 | | 2009 |
| | Houston (Mount), TX | | (f) |
| | 150 |
| | 893 |
| | — |
| | 1,043 |
| | 17 |
| | 4/30/2012 | | 2002 |
| | Houston (Veterans), TX | | 911 |
| | 358 |
| | 883 |
| | — |
| | 1,241 |
| | 17 |
| | 4/30/2012 | | 2002 |
| | Houston, TX | | 886 |
| | 244 |
| | 962 |
| | — |
| | 1,206 |
| | 19 |
| | 4/30/2012 | | 2002 |
| | Hudson, MI | | 833 |
| | 86 |
| | 858 |
| | — |
| | 944 |
| | 16 |
| | 4/30/2012 | | 2005 |
| | Indianapolis, IN | | 613 |
| | 275 |
| | 620 |
| | — |
| | 895 |
| | 12 |
| | 4/30/2012 | | 2003 |
| | Jacksonville (Lem Turner), FL | | 1,028 |
| | 605 |
| | 866 |
| | — |
| | 1,471 |
| | 17 |
| | 4/30/2012 | | 2008 |
| | Jacksonville (Moncrief), FL | | 789 |
| | 333 |
| | 812 |
| | — |
| | 1,145 |
| | 16 |
| | 4/30/2012 | | 2011 |
| | Jacksonville, AR | | 571 |
| | 135 |
| | 701 |
| | — |
| | 836 |
| | 15 |
| | 4/30/2012 | | 2002 |
| | Jemison, AL | | 757 |
| | 145 |
| | 923 |
| | — |
| | 1,068 |
| | 18 |
| | 4/30/2012 | | 2011 |
| | Kansas City (Blue Ridge), MO | | 683 |
| | 280 |
| | 749 |
| | — |
| | 1,029 |
| | 14 |
| | 4/30/2012 | | 2003 |
COLE CREDIT PROPERTY TRUST III, INC.
SCHEDULE III - REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION
(in thousands)
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | Gross Amount at | | | | | | |
| | | | | | | | | | | | Which Carried | | | | | | |
| | | | | | Initial Costs to Company | | Total | | At December 31, | | Accumulated | | | | |
| | | | | | | | Buildings & | | Adjustment | | 2012 | | Depreciation | | Date | | Date |
| Description (a) | | Encumbrances | | Land | | Improvements | | to Basis | | (b) (c) | | (d) (e) | | Acquired | | Constructed |
| Family Dollar (continued) | | | | | | | | | | | | | | | |
| | Kansas City (Meyer), MO | | $ | 970 |
| | $ | 218 |
| | $ | 1,155 |
| | $ | — |
| | $ | 1,373 |
| | $ | 22 |
| | 4/30/2012 | | 2004 |
| | Kansas City (Prospect), MO | | 1,211 |
| | 200 |
| | 1,497 |
| | — |
| | 1,697 |
| | 29 |
| | 4/30/2012 | | 2004 |
| | Kansas City (State), KS | | 982 |
| | 247 |
| | 1,127 |
| | — |
| | 1,374 |
| | 22 |
| | 4/30/2012 | | 2002 |
| | Kentwood, LA | | 683 |
| | 144 |
| | 693 |
| | — |
| | 837 |
| | 14 |
| | 4/30/2012 | | 2003 |
| | Kentwood, MI | | 739 |
| | 307 |
| | 699 |
| | — |
| | 1,006 |
| | 13 |
| | 4/30/2012 | | 2001 |
| | Kingston, OK | | (f) |
| | 25 |
| | 571 |
| | — |
| | 596 |
| | 11 |
| | 4/30/2012 | | 2000 |
| | Kissimmee, FL | | 970 |
| | 679 |
| | 804 |
| | — |
| | 1,483 |
| | 15 |
| | 4/30/2012 | | 2011 |
| | Lake City, FL | | 622 |
| | 174 |
| | 785 |
| | — |
| | 959 |
| | 15 |
| | 4/30/2012 | | 2011 |
| | Lakeland, FL | | 732 |
| | 370 |
| | 697 |
| | — |
| | 1,067 |
| | 14 |
| | 4/30/2012 | | 2003 |
| | Las Vegas, NV | | 876 |
| | 321 |
| | 954 |
| | — |
| | 1,275 |
| | 18 |
| | 4/30/2012 | | 2005 |
| | Leander, TX | | 557 |
| | 314 |
| | 503 |
| | — |
| | 817 |
| | 13 |
| | 4/30/2012 | | 2004 |
| | Little Rock, AR | | 467 |
| | 99 |
| | 600 |
| | — |
| | 699 |
| | 12 |
| | 4/30/2012 | | 2002 |
| | Loveland, OH | | 798 |
| | 250 |
| | 905 |
| | — |
| | 1,155 |
| | 8 |
| | 9/24/2012 | | 2002 |
| | Lufkin, TX | | 1,153 |
| | 231 |
| | 1,323 |
| | — |
| | 1,554 |
| | 26 |
| | 4/30/2012 | | 2004 |
| | Lynn, MA | | 1,222 |
| | 824 |
| | 980 |
| | — |
| | 1,804 |
| | 19 |
| | 4/30/2012 | | 2003 |
| | Macon, GA | | 673 |
| | 226 |
| | 781 |
| | — |
| | 1,007 |
| | 15 |
| | 4/30/2012 | | 2011 |
| | Marshall, TX | | (f) |
| | 91 |
| | 610 |
| | — |
| | 701 |
| | 12 |
| | 4/30/2012 | | 2001 |
| | McAllen, TX | | 857 |
| | 247 |
| | 774 |
| | — |
| | 1,021 |
| | 15 |
| | 4/30/2012 | | 2004 |
| | Memphis (Austin), TN | | (f) |
| | 295 |
| | 859 |
| | — |
| | 1,154 |
| | 17 |
| | 4/30/2012 | | 2004 |
| | Memphis (Lamar), TN | | 638 |
| | 199 |
| | 722 |
| | — |
| | 921 |
| | 14 |
| | 4/30/2012 | | 2003 |
| | Memphis (Millbranch), TN | | 1,251 |
| | 438 |
| | 1,294 |
| | — |
| | 1,732 |
| | 25 |
| | 4/30/2012 | | 2005 |
| | Memphis (Neely), TN | | 973 |
| | 391 |
| | 967 |
| | — |
| | 1,358 |
| | 19 |
| | 4/30/2012 | | 2003 |
| | Mexia, TX | | (f) |
| | 64 |
| | 515 |
| | — |
| | 579 |
| | 10 |
| | 4/30/2012 | | 2000 |
| | Middletown, OH | | 660 |
| | 200 |
| | 790 |
| | — |
| | 990 |
| | 16 |
| | 4/30/2012 | | 2001 |
| | Milton, FL | | 644 |
| | 229 |
| | 695 |
| | — |
| | 924 |
| | 14 |
| | 4/30/2012 | | 2010 |
| | Milwaukee, WI | | 970 |
| | 253 |
| | 1,067 |
| | — |
| | 1,320 |
| | 21 |
| | 4/30/2012 | | 2003 |
| | Mohave Valley, AZ | | (f) |
| | 256 |
| | 364 |
| | — |
| | 620 |
| | 8 |
| | 4/30/2012 | | 2003 |
| | Montgomery, AL | | 959 |
| | 506 |
| | 864 |
| | — |
| | 1,370 |
| | 17 |
| | 4/30/2012 | | 2010 |
| | New Orleans, LA | | 1,146 |
| | 683 |
| | 915 |
| | — |
| | 1,598 |
| | 18 |
| | 4/30/2012 | | 2005 |
| | Newaygo, MI | | 689 |
| | 244 |
| | 616 |
| | — |
| | 860 |
| | 11 |
| | 4/30/2012 | | 2002 |
| | Noonday, TX | | 625 |
| | 120 |
| | 810 |
| | — |
| | 930 |
| | 16 |
| | 4/30/2012 | | 2004 |
| | Ocala (28th St.), FL | | (f) |
| | 236 |
| | 942 |
| | — |
| | 1,178 |
| | 18 |
| | 4/30/2012 | | 2006 |
| | Ocala (Maricamp), FL | | 968 |
| | 348 |
| | 1,017 |
| | — |
| | 1,365 |
| | 19 |
| | 4/30/2012 | | 2011 |
| | Okeechobee, FL | | 894 |
| | 395 |
| | 956 |
| | — |
| | 1,351 |
| | 18 |
| | 4/30/2012 | | 2011 |
| | Ormond Beach, FL | | (f) |
| | 733 |
| | 872 |
| | — |
| | 1,605 |
| | 17 |
| | 4/30/2012 | | 2011 |
| | Palestine, TX | | 671 |
| | 160 |
| | 757 |
| | — |
| | 917 |
| | 15 |
| | 4/30/2012 | | 2000 |
| | Pembroke Park, FL | | 1,141 |
| | 668 |
| | 930 |
| | — |
| | 1,598 |
| | 18 |
| | 4/30/2012 | | 2006 |
| | Penn Yan, NY | | 525 |
| | 286 |
| | 501 |
| | — |
| | 787 |
| | 10 |
| | 4/30/2012 | | 2003 |
| | Pensacola, FL | | 559 |
| | 131 |
| | 652 |
| | — |
| | 783 |
| | 13 |
| | 4/30/2012 | | 2003 |
| | Petersburg, VA | | 948 |
| | 250 |
| | 924 |
| | — |
| | 1,174 |
| | 18 |
| | 4/30/2012 | | 2003 |
| | Pharr, TX | | 969 |
| | 287 |
| | 628 |
| | — |
| | 915 |
| | 13 |
| | 4/30/2012 | | 2002 |
| | Phoenix (McDowell), AZ | | 1,040 |
| | 525 |
| | 1,039 |
| | — |
| | 1,564 |
| | 20 |
| | 4/30/2012 | | 2003 |
| | Phoenix (Southern), AZ | | (f) |
| | 1,063 |
| | 899 |
| | — |
| | 1,962 |
| | 17 |
| | 4/30/2012 | | 2003 |
| | Plant City (Baker), FL | | 1,173 |
| | 650 |
| | 1,007 |
| | — |
| | 1,657 |
| | 19 |
| | 4/30/2012 | | 2005 |
| | Plant City (Gordon), FL | | (f) |
| | 356 |
| | 935 |
| | — |
| | 1,291 |
| | 18 |
| | 4/30/2012 | | 2004 |
| | Pontiac, MI | | 962 |
| | 250 |
| | 829 |
| | — |
| | 1,079 |
| | 16 |
| | 4/30/2012 | | 2003 |
| | Port Arthur, TX | | 1,044 |
| | 271 |
| | 1,090 |
| | — |
| | 1,361 |
| | 21 |
| | 4/30/2012 | | 2005 |
| | Princeton, IN | | 526 |
| | 346 |
| | 446 |
| | — |
| | 792 |
| | 9 |
| | 4/30/2012 | | 2000 |
| | Raymondville, TX | | 542 |
| | 120 |
| | 609 |
| | — |
| | 729 |
| | 12 |
| | 4/30/2012 | | 2002 |
COLE CREDIT PROPERTY TRUST III, INC.
SCHEDULE III - REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION
(in thousands)
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | Gross Amount at | | | | | | |
| | | | | | | | | | | | Which Carried | | | | | | |
| | | | | | Initial Costs to Company | | Total | | At December 31, | | Accumulated | | | | |
| | | | | | | | Buildings & | | Adjustment | | 2012 | | Depreciation | | Date | | Date |
| Description (a) | | Encumbrances | | Land | | Improvements | | to Basis | | (b) (c) | | (d) (e) | | Acquired | | Constructed |
| Family Dollar (continued) | | | | | | | | | | | | | | | |
| | Rio Grande, TX | | $ (f) |
| | $ | 201 |
| | $ | 852 |
| | $ | — |
| | $ | 1,053 |
| | $ | 17 |
| | 4/30/2012 | | 2003 |
| | Robstown, TX | | 550 |
| | 59 |
| | 759 |
| | — |
| | 818 |
| | 19 |
| | 4/30/2012 | | 2003 |
| | Roswell, NM | | 766 |
| | 128 |
| | 928 |
| | — |
| | 1,056 |
| | 18 |
| | 4/30/2012 | | 2004 |
| | Royse City, TX | | 972 |
| | 530 |
| | 802 |
| | — |
| | 1,332 |
| | 16 |
| | 4/30/2012 | | 2002 |
| | Saginaw, MI | | (f) |
| | 161 |
| | 936 |
| | — |
| | 1,097 |
| | 18 |
| | 4/30/2012 | | 2003 |
| | San Angelo, TX | | 891 |
| | 283 |
| | 952 |
| | — |
| | 1,235 |
| | 22 |
| | 4/30/2012 | | 2011 |
| | San Antonio (Culebra), TX | | 864 |
| | 396 |
| | 851 |
| | — |
| | 1,247 |
| | 20 |
| | 4/30/2012 | | 2004 |
| | San Antonio (Cupples), TX | | 1,143 |
| | 226 |
| | 1,373 |
| | — |
| | 1,599 |
| | 34 |
| | 4/30/2012 | | 2004 |
| | San Antonio (Foster), TX | | 506 |
| | 190 |
| | 572 |
| | — |
| | 762 |
| | 14 |
| | 4/30/2012 | | 2004 |
| | San Antonio (Marbach), TX | | 598 |
| | 260 |
| | 632 |
| | — |
| | 892 |
| | 15 |
| | 4/30/2012 | | 2004 |
| | San Antonio (Valley Hi), TX | | 800 |
| | 295 |
| | 826 |
| | — |
| | 1,121 |
| | 20 |
| | 4/30/2012 | | 2002 |
| | San Antonio (Zarzamora), TX | | 728 |
| | 286 |
| | 812 |
| | — |
| | 1,098 |
| | 20 |
| | 4/30/2012 | | 2004 |
| | San Benito, TX | | 598 |
| | 147 |
| | 610 |
| | — |
| | 757 |
| | 12 |
| | 4/30/2012 | | 2004 |
| | San Diego, TX | | 602 |
| | 62 |
| | 651 |
| | — |
| | 713 |
| | 13 |
| | 4/30/2012 | | 2004 |
| | Seymour, IN | | (f) |
| | 222 |
| | 736 |
| | — |
| | 958 |
| | 14 |
| | 4/30/2012 | | 2000 |
| | Shreveport, LA | | 892 |
| | 228 |
| | 784 |
| | — |
| | 1,012 |
| | 15 |
| | 4/30/2012 | | 2005 |
| | St. Louis (Ferry), MO | | (f) |
| | 343 |
| | 989 |
| | — |
| | 1,332 |
| | 19 |
| | 4/30/2012 | | 2003 |
| | St. Louis, MO | | 972 |
| | 258 |
| | 1,053 |
| | — |
| | 1,311 |
| | 20 |
| | 4/30/2012 | | 2003 |
| | St. Peter, MN | | 409 |
| | 105 |
| | 559 |
| | — |
| | 664 |
| | 13 |
| | 4/30/2012 | | 1960 |
| | St. Petersburg (34th), FL | | 1,093 |
| | 802 |
| | 833 |
| | — |
| | 1,635 |
| | 16 |
| | 4/30/2012 | | 2011 |
| | Tallahassee, FL | | (f) |
| | 674 |
| | 748 |
| | — |
| | 1,422 |
| | 15 |
| | 4/30/2012 | | 2011 |
| | Tampa (22nd St.), FL | | 1,005 |
| | 584 |
| | 912 |
| | — |
| | 1,496 |
| | 18 |
| | 4/30/2012 | | 2008 |
| | Tampa (MLK), FL | | 1,168 |
| | 886 |
| | 869 |
| | — |
| | 1,755 |
| | 17 |
| | 4/30/2012 | | 2011 |
| | Terre Haute, IN | | 394 |
| | 90 |
| | 542 |
| | — |
| | 632 |
| | 10 |
| | 4/30/2012 | | 2011 |
| | Topeka, KS | | (f) |
| | 265 |
| | 1,243 |
| | — |
| | 1,508 |
| | 24 |
| | 4/30/2012 | | 2004 |
| | Tyler, TX | | 416 |
| | 107 |
| | 509 |
| | — |
| | 616 |
| | 10 |
| | 4/30/2012 | | 2003 |
| | Victoria, TX | | (f) |
| | 399 |
| | 164 |
| | — |
| | 563 |
| | 3 |
| | 4/30/2012 | | 2003 |
| | Waco, TX | | 440 |
| | 128 |
| | 504 |
| | — |
| | 632 |
| | 12 |
| | 4/30/2012 | | 2001 |
| Family Fare Supermarket | | | | | | | | | | | | | | | | |
| | Battle Creek, MI | | (f) |
| | 1,400 |
| | 5,754 |
| | — |
| | 7,154 |
| | 292 |
| | 1/31/2011 | | 2010 |
| FedEx | | | | | | | | | | | | | | | | |
| | Beekmantown, NY | | 2,614 |
| | 299 |
| | 3,403 |
| | — |
| | 3,702 |
| | 238 |
| | 4/23/2010 | | 2008 |
| | Bossier City, LA | | (f) |
| | 197 |
| | 4,139 |
| | — |
| | 4,336 |
| | 267 |
| | 11/1/2010 | | 2009 |
| | Dublin, VA | | (f) |
| | 159 |
| | 2,765 |
| | — |
| | 2,924 |
| | 163 |
| | 10/21/2010 | | 2008 |
| | Effingham, IL | | 7,040 |
| | 1,321 |
| | 11,137 |
| | — |
| | 12,458 |
| | 859 |
| | 12/29/2009 | | 2008 |
| | Lafayette, IN | | 2,230 |
| | 513 |
| | 3,356 |
| | — |
| | 3,869 |
| | 230 |
| | 4/27/2010 | | 2008 |
| | McComb, MS | | (f) |
| | 569 |
| | 2,396 |
| | — |
| | 2,965 |
| | 109 |
| | 5/5/2011 | | 2008 |
| | Northwood, OH | | 2,410 |
| | 457 |
| | 3,944 |
| | — |
| | 4,401 |
| | 250 |
| | 8/17/2010 | | 1998 |
| Fire Mountain Restaurant | | | | | | | | | | | | | | | | |
| | Bossier City, LA | | — |
| | 1,045 |
| | 1,537 |
| | — |
| | 2,582 |
| | 70 |
| | 4/29/2011 | | 2004 |
| | Cullman, AL | | — |
| | 865 |
| | 1,185 |
| | — |
| | 2,050 |
| | 56 |
| | 4/29/2011 | | 1996 |
| | Horn Lake, MS | | — |
| | 846 |
| | 1,270 |
| | — |
| | 2,116 |
| | 60 |
| | 4/29/2011 | | 1995 |
| Fleming’s Steakhouse | | | | | | | | | | | | | | | | |
| | Englewood, CO | | (f) |
| | 1,278 |
| | 2,256 |
| | — |
| | 3,534 |
| | 46 |
| | 3/14/2012 | | 2004 |
| Folsum Gateway II | | | | | | | | | | | | | | | | |
| | Folsum, CA | | 21,600 |
| | 7,293 |
| | 23,038 |
| | 1,407 |
| | 31,738 |
| | 1,288 |
| | 12/15/2010 | | 2008 |
| Food Lion | | | | | | | | | | | | | | | | |
| | Moyock, NC | | (f) |
| | 937 |
| | 2,389 |
| | — |
| | 3,326 |
| | 116 |
| | 7/21/2011 | | 1999 |
COLE CREDIT PROPERTY TRUST III, INC.
SCHEDULE III - REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION
(in thousands)
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | Gross Amount at | | | | | | |
| | | | | | | | | | | | Which Carried | | | | | | |
| | | | | | Initial Costs to Company | | Total | | At December 31, | | Accumulated | | | | |
| | | | | | | | Buildings & | | Adjustment | | 2012 | | Depreciation | | Date | | Date |
| Description (a) | | Encumbrances | | Land | | Improvements | | to Basis | | (b) (c) | | (d) (e) | | Acquired | | Constructed |
| Garden Ridge | | | | | | | | | | | | | | | | |
| | Stockbridge, GA | | $ | — |
| | $ | 1,647 |
| | $ | 5,651 |
| | $ | — |
| | $ | 7,298 |
| | $ | 7 |
| | 12/17/2012 | | 1998 |
| Giant Eagle | | | | | | | | | | | | | | | | |
| | Lancaster, OH | | 7,800 |
| | 2,283 |
| | 11,700 |
| | — |
| | 13,983 |
| | 657 |
| | 10/29/2010 | | 2008 |
| | Lewis Center, OH | | 10,843 |
| | 2,345 |
| | 15,440 |
| | — |
| | 17,785 |
| | 510 |
| | 10/5/2011 | | 2000 |
| | Gahanna, OH | | — |
| | 4,530 |
| | 15,261 |
| | — |
| | 19,791 |
| | 16 |
| | 12/20/2012 | | 2002 |
| Glen’s Market | | | | | | | | | | | | | | | | |
| | Manistee, MI | | (f) |
| | 387 |
| | 4,230 |
| | — |
| | 4,617 |
| | 192 |
| | 5/19/2011 | | 2009 |
| Glynn Isles Market | | | | | | | | | | | | | | | | |
| | Brunswick, GA | | (f) |
| | 2,578 |
| | 31,677 |
| | — |
| | 34,255 |
| | 1,155 |
| | 9/29/2011 | | 2007 |
| Golden Corral | | | | | | | | | | | | | | | | |
| | Akron, OH | | 1,166 |
| | 531 |
| | 1,384 |
| | — |
| | 1,915 |
| | 27 |
| | 5/16/2012 | | 2003 |
| | Bakersfield, CA | | — |
| | 2,011 |
| | 1,990 |
| | — |
| | 4,001 |
| | 44 |
| | 3/21/2012 | | 2011 |
| | Canton, OH | | 1,280 |
| | 538 |
| | 1,560 |
| | — |
| | 2,098 |
| | 30 |
| | 5/16/2012 | | 2002 |
| | Cincinnati, OH | | 1,242 |
| | 632 |
| | 1,377 |
| | — |
| | 2,009 |
| | 24 |
| | 5/16/2012 | | 1999 |
| | Clarksville, IN | | 1,589 |
| | 734 |
| | 1,815 |
| | — |
| | 2,549 |
| | 31 |
| | 5/16/2012 | | 2002 |
| | Cleveland, OH | | 1,437 |
| | 828 |
| | 1,460 |
| | — |
| | 2,288 |
| | 28 |
| | 5/16/2012 | | 2004 |
| | Dayton (Kingsridge), OH | | (f) |
| | 416 |
| | 1,028 |
| | — |
| | 1,444 |
| | 18 |
| | 5/16/2012 | | 2000 |
| | Dayton (Miller), OH | | 1,638 |
| | 712 |
| | 1,859 |
| | — |
| | 2,571 |
| | 32 |
| | 5/16/2012 | | 2002 |
| | Dayton, OH | | (f) |
| | 580 |
| | 1,097 |
| | — |
| | 1,677 |
| | 20 |
| | 5/16/2012 | | 2000 |
| | Elyria, OH | | 1,160 |
| | 1,057 |
| | 879 |
| | — |
| | 1,936 |
| | 19 |
| | 5/16/2012 | | 2004 |
| | Fairfield, OH | | 889 |
| | 612 |
| | 770 |
| | — |
| | 1,382 |
| | 14 |
| | 5/16/2012 | | 1999 |
| | Grove City, OH | | 1,171 |
| | 1,331 |
| | 625 |
| | — |
| | 1,956 |
| | 15 |
| | 5/16/2012 | | 2007 |
| | Independence, MO | | (f) |
| | 1,046 |
| | 2,074 |
| | — |
| | 3,120 |
| | 73 |
| | 9/28/2011 | | 2010 |
| | Louisville, KY | | — |
| | 816 |
| | 951 |
| | — |
| | 1,767 |
| | 17 |
| | 5/16/2012 | | 2001 |
| | Monroeville, PA | | (f) |
| | 1,330 |
| | 489 |
| | — |
| | 1,819 |
| | 12 |
| | 5/16/2012 | | 1982 |
| | Northfield, OH | | (f) |
| | 906 |
| | 340 |
| | — |
| | 1,246 |
| | 11 |
| | 5/16/2012 | | 2004 |
| | Ontario, OH | | 1,339 |
| | 477 |
| | 1,784 |
| | — |
| | 2,261 |
| | 33 |
| | 5/16/2012 | | 2004 |
| | Richmond, IN | | — |
| | 505 |
| | 715 |
| | — |
| | 1,220 |
| | 13 |
| | 5/16/2012 | | 2002 |
| | San Angelo, TX | | — |
| | 503 |
| | 1,427 |
| | — |
| | 1,930 |
| | 30 |
| | 3/21/2012 | | 2012 |
| | Spring, TX | | — |
| | 2,567 |
| | 1,385 |
| | — |
| | 3,952 |
| | 28 |
| | 4/5/2012 | | 2011 |
| | Springfield, OH | | 689 |
| | 501 |
| | 606 |
| | — |
| | 1,107 |
| | 12 |
| | 5/16/2012 | | 2000 |
| | Toledo, OH | | — |
| | 744 |
| | 2,056 |
| | — |
| | 2,800 |
| | 38 |
| | 5/16/2012 | | 2004 |
| Gold’s Gym | | | | | | | | | | | | | | | | |
| | Broken Arrow, OK | | — |
| | 753 |
| | 5,481 |
| | — |
| | 6,234 |
| | 69 |
| | 8/15/2012 | | 2009 |
| Goodyear | | | | | | | | | | | | | | | | |
| | Columbia, SC | | — |
| | 524 |
| | 1,768 |
| | 8 |
| | 2,300 |
| | 29 |
| | 5/23/2012 | | 2010 |
| | Corpus Christi, TX | | (f) |
| | 666 |
| | 1,214 |
| | — |
| | 1,880 |
| | 23 |
| | 4/27/2012 | | 2008 |
| | Cumming (Old Atlanta), GA | | 1,664 |
| | 1,006 |
| | 1,240 |
| | — |
| | 2,246 |
| | 20 |
| | 5/23/2012 | | 2010 |
| | Cumming, GA | | 1,614 |
| | 387 |
| | 2,068 |
| | — |
| | 2,455 |
| | 33 |
| | 5/23/2012 | | 2010 |
| Greenway Commons | | | | | | | | | | | | | | | | |
| | Houston, TX | | 33,000 |
| | 35,421 |
| | 28,002 |
| | 5 |
| | 63,428 |
| | 638 |
| | 3/23/2012 | | 2008 |
| Hanes Distribution | | | | | | | | | | | | | | | | |
| | Rural Hall, NC | | 18,100 |
| | 1,487 |
| | 26,580 |
| | — |
| | 28,067 |
| | 1,488 |
| | 1/10/2011 | | 1992 |
| Harris Teeter | | | | | | | | | | | | | | | | |
| | Durham, NC | | 1,700 |
| | 2,852 |
| | — |
| | — |
| | 2,852 |
| | — |
| | 7/31/2009 | | (g) |
| HealthNow | | | | | | | | | | | | | | | | |
| | Buffalo, NY | | 42,500 |
| | 1,699 |
| | 69,587 |
| | 150 |
| | 71,436 |
| | 4,047 |
| | 12/16/2010 | | 2007 |
| HH Gregg Appliances | | | | | | | | | | | | | | | | |
| | Chesterfield, MO | | — |
| | 1,188 |
| | 3,445 |
| | — |
| | 4,633 |
| | 35 |
| | 9/18/2012 | | 2012 |
| | Joliet, IL | | (f) |
| | 1,221 |
| | 1,173 |
| | — |
| | 2,394 |
| | 39 |
| | 2/17/2012 | | 2011 |
| | Merrillville, IN | | (f) |
| | 319 |
| | 3,617 |
| | 112 |
| | 4,048 |
| | 100 |
| | 2/17/2012 | | 2011 |
COLE CREDIT PROPERTY TRUST III, INC.
SCHEDULE III - REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION
(in thousands)
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | Gross Amount at | | | | | | |
| | | | | | | | | | | | Which Carried | | | | | | |
| | | | | | Initial Costs to Company | | Total | | At December 31, | | Accumulated | | | | |
| | | | | | | | Buildings & | | Adjustment | | 2012 | | Depreciation | | Date | | Date |
| Description (a) | | Encumbrances | | Land | | Improvements | | to Basis | | (b) (c) | | (d) (e) | | Acquired | | Constructed |
| HH Gregg Appliances (continued) | | | | | | | | | | | | | | |
| | North Charleston, SC | | $ | 2,700 |
| | $ | 1,665 |
| | $ | 3,369 |
| | $ | — |
| | $ | 5,034 |
| | $ | 338 |
| | 7/2/2009 | | 2000 |
| | North Fayette, PA | | (f) |
| | 1,561 |
| | 1,941 |
| | — |
| | 3,502 |
| | 69 |
| | 10/14/2011 | | 1999 |
| Highlands Ranch | | | | | | | | | | | | | | | | |
| | Highland Ranch, CO | | 3,475 |
| | 2,017 |
| | 3,713 |
| | — |
| | 5,730 |
| | 153 |
| | 8/16/2011 | | 2007 |
| Hillside Town Centre | | | | | | | | | | | | | | | | |
| | Chicago, IL | | — |
| | 7,677 |
| | 16,199 |
| | — |
| | 23,876 |
| | 168 |
| | 9/28/2012 | | 2009 |
| Hobby Lobby | | | | | | | | | | | | | | | | |
| | Concord , NC | | (f) |
| | 1,425 |
| | 3,703 |
| | — |
| | 5,128 |
| | 135 |
| | 12/12/2011 | | 2004 |
| | Avon, IL | | (f) |
| | 1,810 |
| | 3,355 |
| | — |
| | 5,165 |
| | 143 |
| | 6/17/2011 | | 2007 |
| | Logan, UT | | (f) |
| | 1,379 |
| | 2,804 |
| | — |
| | 4,183 |
| | 106 |
| | 10/20/2011 | | 2008 |
| Hobby Lobby Center | | | | | | | | | | | | | | | | |
| | Greenville, SC | | (f) |
| | 2,173 |
| | 3,858 |
| | — |
| | 6,031 |
| | 165 |
| | 7/22/2011 | | 2003 |
| Home Depot | | | | | | | | | | | | | | | | |
| | Evans, GA | | 5,551 |
| | 5,561 |
| | — |
| | — |
| | 5,561 |
| | — |
| | 6/11/2010 | | (g) |
| | Kennesaw, GA | | 7,884 |
| | 1,640 |
| | 1,321 |
| | 8,179 |
| | 11,140 |
| | 191 |
| | 11/4/2011 | |
|
| | Las Vegas , NV | | (f) |
| | 7,167 |
| | — |
| | — |
| | 7,167 |
| | — |
| | 4/15/2009 | | (g) |
| | Odessa, TX | | (f) |
| | 4,704 |
| | — |
| | — |
| | 4,704 |
| | — |
| | 4/15/2009 | | (g) |
| | San Diego, CA | | 6,350 |
| | 10,288 |
| | — |
| | — |
| | 10,288 |
| | — |
| | 4/15/2009 | | (g) |
| | Slidell, LA | | 1,996 |
| | 3,631 |
| | — |
| | — |
| | 3,631 |
| | — |
| | 7/28/2010 | | (g) |
| | Tolleson, AZ | | 17,050 |
| | 3,461 |
| | 22,327 |
| | — |
| | 25,788 |
| | 1,390 |
| | 7/30/2010 | | 2009 |
| | Tucson, AZ | | 6,025 |
| | 6,125 |
| | — |
| | — |
| | 6,125 |
| | — |
| | 10/21/2009 | | (g) |
| | Winchester, VA | | 14,900 |
| | 1,724 |
| | 20,703 |
| | 196 |
| | 22,623 |
| | 1,720 |
| | 10/21/2009 | | 2008 |
| Igloo | | | | | | | | | | | | | | | | |
| | Katy, TX | | 20,300 |
| | 4,117 |
| | 32,552 |
| | — |
| | 36,669 |
| | 2,172 |
| | 5/21/2010 | | 2004 |
| Indian Lakes Crossing | | | | | | | | | | | | | | | | |
| | Virginia Beach, VA | | 7,178 |
| | 7,010 |
| | 6,172 |
| | — |
| | 13,182 |
| | 158 |
| | 1/31/2012 | | 2008 |
| Irving Oil | | | | | | | | | | | | | | | | |
| | Belfast, ME | | (f) |
| | 267 |
| | 606 |
| | — |
| | 873 |
| | 17 |
| | 12/29/2011 | | 1997 |
| | Bethel, ME | | (f) |
| | 104 |
| | 354 |
| | — |
| | 458 |
| | 10 |
| | 12/29/2011 | | 1990 |
| | Boothbay Harbor, ME | | (f) |
| | 399 |
| | 403 |
| | — |
| | 802 |
| | 11 |
| | 12/29/2011 | | 1993 |
| | Caribou, ME | | (f) |
| | 130 |
| | 375 |
| | — |
| | 505 |
| | 11 |
| | 12/29/2011 | | 1990 |
| | Conway, NH | | (f) |
| | 198 |
| | 371 |
| | — |
| | 569 |
| | 10 |
| | 12/29/2011 | | 2004 |
| | Dover, NH | | (f) |
| | 416 |
| | 477 |
| | — |
| | 893 |
| | 13 |
| | 12/29/2011 | | 1988 |
| | Fort Kent, ME | | (f) |
| | 220 |
| | 405 |
| | — |
| | 625 |
| | 11 |
| | 12/29/2011 | | 1988 |
| | Kennebunk, ME | | (f) |
| | 313 |
| | 659 |
| | — |
| | 972 |
| | 19 |
| | 12/29/2011 | | 2002 |
| | Lincoln, ME | | (f) |
| | 240 |
| | 379 |
| | — |
| | 619 |
| | 11 |
| | 12/29/2011 | | 1985 |
| | Orono, ME | | (f) |
| | 195 |
| | 240 |
| | — |
| | 435 |
| | 7 |
| | 12/29/2011 | | 1984 |
| | Rochester, NH | | (f) |
| | 344 |
| | 476 |
| | — |
| | 820 |
| | 14 |
| | 12/29/2011 | | 1970 |
| | Rutland, VT | | (f) |
| | 178 |
| | 214 |
| | — |
| | 392 |
| | 6 |
| | 12/29/2011 | | 1984 |
| | Saco, ME | | (f) |
| | 286 |
| | 527 |
| | — |
| | 813 |
| | 15 |
| | 12/29/2011 | | 1995 |
| | Skowhegan, ME | | (f) |
| | 368 |
| | 510 |
| | — |
| | 878 |
| | 14 |
| | 12/29/2011 | | 1988 |
| | West Dummerston, VT | | (f) |
| | 99 |
| | 344 |
| | — |
| | 443 |
| | 10 |
| | 12/29/2011 | | 1993 |
| | Westminster, VT | | (f) |
| | 64 |
| | 402 |
| | — |
| | 466 |
| | 12 |
| | 12/29/2011 | | 1990 |
| Jo-Ann’s | | | | | | | | | | | | | | | | |
| | Shakopee, MN | | — |
| | 787 |
| | 1,527 |
| | — |
| | 2,314 |
| | 13 |
| | 9/1/2012 | | 2012 |
| Kingman Gateway | | | | | | | | | | | | | | | | |
| | Kingman, AZ | | — |
| | 1,418 |
| | 3,085 |
| | — |
| | 4,503 |
| | 129 |
| | 8/16/2011 | | 2009 |
| Kirkland’s | | | | | | | | | | | | | | | | |
| | Wilimington, NC | | — |
| | 911 |
| | 795 |
| | — |
| | 1,706 |
| | 1 |
| | 12/21/2012 | | 2012 |
| Kohl’s | | | | | | | | | | | | | | | | |
| | Brownsville, TX | | (f) |
| | 6,247 |
| | — |
| | — |
| | 6,247 |
| | — |
| | 8/16/2011 | | (g) |
| | Burnsville, MN | | — |
| | 3,830 |
| | 5,854 |
| | — |
| | 9,684 |
| | 594 |
| | 1/9/2009 | | 1991 |
COLE CREDIT PROPERTY TRUST III, INC.
SCHEDULE III - REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION
(in thousands)
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | Gross Amount at | | | | | | |
| | | | | | | | | | | | Which Carried | | | | | | |
| | | | | | Initial Costs to Company | | Total | | At December 31, | | Accumulated | | | | |
| | | | | | | | Buildings & | | Adjustment | | 2012 | | Depreciation | | Date | | Date |
| Description (a) | | Encumbrances | | Land | | Improvements | | to Basis | | (b) (c) | | (d) (e) | | Acquired | | Constructed |
| Kohl’s (continued) | | | | | | | | | | | | | | | | |
| | Columbia, SC | | $ | 6,275 |
| | $ | 1,484 |
| | $ | 9,462 |
| | $ | — |
| | $ | 10,946 |
| | $ | 734 |
| | 12/7/2009 | | 2007 |
| | Fort Dodge, IA | | (f) |
| | 1,246 |
| | 2,922 |
| | — |
| | 4,168 |
| | 82 |
| | 12/14/2011 | | 2011 |
| | McAllen, TX | | 3,591 |
| | 1,094 |
| | 5,565 |
| | — |
| | 6,659 |
| | 402 |
| | 3/26/2010 | | 2005 |
| | Monroe, MI | | 5,146 |
| | 880 |
| | 4,044 |
| | — |
| | 4,924 |
| | 163 |
| | 6/30/2011 | | 2006 |
| | Monrovia, CA | | 6,500 |
| | 5,441 |
| | 5,505 |
| | — |
| | 10,946 |
| | 519 |
| | 7/30/2009 | | 1982 |
| | Onalaska, WI | | 3,550 |
| | 1,541 |
| | 5,148 |
| | — |
| | 6,689 |
| | 298 |
| | 12/13/2010 | | 1992 |
| | Palm Coast, FL | | (f) |
| | 10,900 |
| | — |
| | — |
| | 10,900 |
| | — |
| | 3/10/2011 | | (g) |
| | Rancho Cordova, CA | | (f) |
| | 2,848 |
| | 4,100 |
| | — |
| | 6,948 |
| | 426 |
| | 7/30/2009 | | 1982 |
| | Rice Lake, WI | | (f) |
| | 1,249 |
| | 3,927 |
| | — |
| | 5,176 |
| | 160 |
| | 5/5/2011 | | 2011 |
| | Saginaw, MI | | (f) |
| | 1,062 |
| | 5,941 |
| | — |
| | 7,003 |
| | 272 |
| | 3/10/2011 | | 2011 |
| | Salina, KS | | (f) |
| | 636 |
| | 4,653 |
| | — |
| | 5,289 |
| | 261 |
| | 10/29/2010 | | 2008 |
| | Spartanburg , SC | | — |
| | 3,046 |
| | 5,713 |
| | — |
| | 8,759 |
| | 8 |
| | 12/6/2012 | | 2006 |
| | Tavares, FL | | 4,400 |
| | 7,926 |
| | — |
| | — |
| | 7,926 |
| | — |
| | 6/30/2009 | | (g) |
| Kohl’s Academy | | | | | | | | | | | | | | | | |
| | Hixson, TN | | — |
| | 1,297 |
| | 8,935 |
| | — |
| | 10,232 |
| | 30 |
| | 11/13/2012 | | 2011 |
| Kohl’s Plaza | | | | | | | | | | | | | | | | |
| | Napa, CA | | (f) |
| | 1,573 |
| | 15,630 |
| | (42 | ) | | 17,161 |
| | 569 |
| | 8/23/2011 | | 1983 |
| Kum & Go | | | | | | | | | | | | | | | | |
| | Sloan, IA | | (f) |
| | 336 |
| | 1,839 |
| | — |
| | 2,175 |
| | 133 |
| | 4/23/2010 | | 2008 |
| | Story City, IA | | (f) |
| | 216 |
| | 1,395 |
| | — |
| | 1,611 |
| | 113 |
| | 2/25/2010 | | 2006 |
| | Tipton, IA | | (f) |
| | 289 |
| | 1,848 |
| | — |
| | 2,137 |
| | 126 |
| | 5/28/2010 | | 2008 |
| | West Branch, IA | | (f) |
| | 132 |
| | 808 |
| | — |
| | 940 |
| | 66 |
| | 2/25/2010 | | 1997 |
| Kyle Marketplace | | | | | | | | | | | | | | | | |
| | Kyle, TX | | 24,750 |
| | 5,954 |
| | 36,810 |
| | 71 |
| | 42,835 |
| | 1,036 |
| | 12/30/2011 | | 2007 |
| L.A. Fitness | | | | | | | | | | | | | | | | |
| | Avondale, AZ | | (f) |
| | 1,730 |
| | 5,750 |
| | — |
| | 7,480 |
| | 214 |
| | 8/31/2011 | | 2006 |
| | Broadview, IL | | (f) |
| | 2,202 |
| | 6,671 |
| | — |
| | 8,873 |
| | 286 |
| | 5/18/2011 | | 2010 |
| | Carmel, IN | | 3,645 |
| | 1,392 |
| | 5,435 |
| | — |
| | 6,827 |
| | 537 |
| | 6/30/2009 | | 2008 |
| | Dallas, TX | | 4,712 |
| | 1,824 |
| | 6,656 |
| | — |
| | 8,480 |
| | 437 |
| | 8/17/2010 | | 2008 |
| | Denton, TX | | 3,960 |
| | 1,635 |
| | 5,082 |
| | — |
| | 6,717 |
| | 396 |
| | 3/31/2010 | | 2009 |
| | Duncanville, TX | | (f) |
| | 429 |
| | 5,843 |
| | — |
| | 6,272 |
| | 204 |
| | 9/26/2011 | | 2007 |
| | Easton, PA | | (f) |
| | 765 |
| | 6,622 |
| | — |
| | 7,387 |
| | 133 |
| | 4/27/2012 | | 1979 |
| | Glendale, AZ | | 3,193 |
| | 1,920 |
| | 3,214 |
| | — |
| | 5,134 |
| | 303 |
| | 10/30/2009 | | 2005 |
| | Highland, CA | | 4,700 |
| | 1,255 |
| | 6,777 |
| | — |
| | 8,032 |
| | 533 |
| | 2/4/2010 | | 2009 |
| | Indianapolis, IN | | (f) |
| | 2,029 |
| | 4,184 |
| | — |
| | 6,213 |
| | 200 |
| | 3/31/2011 | | 2009 |
| | Marana, CA | | — |
| | 1,098 |
| | 5,410 |
| | — |
| | 6,508 |
| | 39 |
| | 9/13/2012 | | 2011 |
| | Oakdale, MN | | 4,749 |
| | 1,667 |
| | 5,674 |
| | — |
| | 7,341 |
| | 343 |
| | 9/30/2010 | | 2009 |
| | Oswego, IL | | (f) |
| | 1,958 |
| | 6,280 |
| | — |
| | 8,238 |
| | 132 |
| | 3/23/2012 | | 2008 |
| | Spring, TX | | — |
| | 1,372 |
| | 5,011 |
| | — |
| | 6,383 |
| | 403 |
| | 11/20/2009 | | 2006 |
| Lakeshore Crossing | | | | | | | | | | | | | | | | |
| | Gainesville, GA | | 4,400 |
| | 2,314 |
| | 5,802 |
| | 191 |
| | 8,307 |
| | 362 |
| | 9/15/2010 | | 1994 |
| Lowe’s | | | | | | | | | | | | | | | | |
| | Burlington, IA | | (f) |
| | 1,134 |
| | 5,677 |
| | — |
| | 6,811 |
| | 107 |
| | 4/27/2012 | | 1996 |
| | Columbia, SC | | (f) |
| | 9,565 |
| | — |
| | — |
| | 9,565 |
| | — |
| | 2/10/2011 | | (g) |
| | Denver, CO | | — |
| | 12,634 |
| | — |
| | — |
| | 12,634 |
| | — |
| | 2/2/2011 | | (g) |
| | Kansas City, MO | | 4,250 |
| | 4,323 |
| | — |
| | — |
| | 4,323 |
| | — |
| | 11/20/2009 | | (g) |
| | Las Vegas , NV | | 5,765 |
| | 9,096 |
| | — |
| | — |
| | 9,096 |
| | — |
| | 3/31/2009 | | (g) |
| | Miamisburg, OH | | 6,375 |
| | 2,155 |
| | 6,320 |
| | — |
| | 8,475 |
| | 262 |
| | 9/9/2011 | | 1994 |
| | Sanford, ME | | 4,672 |
| | 8,482 |
| | — |
| | — |
| | 8,482 |
| | — |
| | 6/28/2010 | | (g) |
| | Ticonderoga, NY | | 4,345 |
| | 7,344 |
| | — |
| | — |
| | 7,344 |
| | — |
| | 8/31/2010 | | (g) |
| Macaroni Grill | | | | | | | | | | | | | | | | |
| | Flanders, NJ | | 915 |
| | 477 |
| | 1,125 |
| | — |
| | 1,602 |
| | 72 |
| | 6/30/2010 | | 2003 |
COLE CREDIT PROPERTY TRUST III, INC.
SCHEDULE III - REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION
(in thousands)
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | Gross Amount at | | | | | | |
| | | | | | | | | | | | Which Carried | | | | | | |
| | | | | | Initial Costs to Company | | Total | | At December 31, | | Accumulated | | | | |
| | | | | | | | Buildings & | | Adjustment | | 2012 | | Depreciation | | Date | | Date |
| Description (a) | | Encumbrances | | Land | | Improvements | | to Basis | | (b) (c) | | (d) (e) | | Acquired | | Constructed |
| Macaroni Grill (continued) | | | | | | | | | | | | | | |
| | Mt. Laurel, NJ | | $ | 713 |
| | $ | 791 |
| | $ | 1,612 |
| | $ | — |
| | $ | 2,403 |
| | $ | 104 |
| | 6/30/2010 | | 2004 |
| | West Windsor, NJ | | 1,043 |
| | 515 |
| | 932 |
| | — |
| | 1,447 |
| | 60 |
| | 6/30/2010 | | 1998 |
| Mattress Firm | | | | | | | | | | | | | | | | |
| | Fairview Heights, IL | | — |
| | 140 |
| | 703 |
| | — |
| | 843 |
| | 9 |
| | 7/23/2012 | | 1977 |
| | Melbourne, FL | | — |
| | 361 |
| | 768 |
| | — |
| | 1,129 |
| | 5 |
| | 10/5/2012 | | 2011 |
| MedAssets | | | | | | | | | | | | | | | | |
| | Plano, TX | | 19,873 |
| | 6,589 |
| | 6,052 |
| | 27,511 |
| | 40,152 |
| | — |
| | 11/22/2011 | | (g) |
| Merrill Lynch | | | | | | | | | | | | | | | | |
| | Hopewell Township, NJ | | — |
| | 15,073 |
| | 88,852 |
| | — |
| | 103,925 |
| | 137 |
| | 12/12/2012 | | 2001 |
| Michael’s | | | | | | | | | | | | | | | | |
| | Lafayette, LA | | (f) |
| | 1,345 |
| | 2,570 |
| | — |
| | 3,915 |
| | 70 |
| | 3/9/2012 | | 2011 |
| Midtowne Park | | | | | | | | | | | | | | | | |
| | Anderson, SC | | 16,645 |
| | 5,765 |
| | 18,119 |
| | — |
| | 23,884 |
| | 506 |
| | 12/20/2011 | | 2008 |
| MotoMart | | | | | | | | | | | | | | | | |
| | Saint Charles, MO | | (f) |
| | 990 |
| | 1,609 |
| | — |
| | 2,599 |
| | 34 |
| | 3/30/2012 | | 2009 |
| Mueller Regional Retail District | | | | | | | | | | | | | | |
| | Austin, TX | | 34,300 |
| | 9,918 |
| | 45,299 |
| | 354 |
| | 55,571 |
| | 3,813 |
| | 12/18/2009 | | 2008 |
| National Tire & Battery | | | | | | | | | | | | | | | | |
| | Nashville, TN | | 799 |
| | 372 |
| | 1,138 |
| | — |
| | 1,510 |
| | 82 |
| | 4/21/2010 | | 2010 |
| Nature Coast Commons | | | | | | | | | | | | | | | | |
| | Spring Hill, FL | | 21,850 |
| | 6,114 |
| | 19,094 |
| | 536 |
| | 25,744 |
| | 956 |
| | 6/21/2011 | | 2009 |
| Northern Tool & Equipment | | | | | | | | | | | | | | |
| | Ocala, FL | | 1,650 |
| | 1,167 |
| | 1,796 |
| | — |
| | 2,963 |
| | 143 |
| | 5/20/2010 | | 2009 |
| North Point Shopping Center | | | | | | | | | | | | | | |
| | Cape Coral, FL | | (f) |
| | 1,244 |
| | 8,152 |
| | (69 | ) | | 9,327 |
| | 389 |
| | 4/13/2011 | | 2008 |
| Office Depot | | | | | | | | | | | | | | | | |
| | Alvin, TX | | (f) |
| | 567 |
| | 1,916 |
| | — |
| | 2,483 |
| | 105 |
| | 11/4/2011 | | 2009 |
| | Corsicana, TX | | (f) |
| | 613 |
| | 1,566 |
| | — |
| | 2,179 |
| | 72 |
| | 4/29/2011 | | 2007 |
| | Houston, TX | | (f) |
| | 1,667 |
| | 1,856 |
| | — |
| | 3,523 |
| | 82 |
| | 4/29/2011 | | 2009 |
| | Mobile, AL | | (f) |
| | 553 |
| | 1,708 |
| | — |
| | 2,261 |
| | 91 |
| | 4/29/2011 | | 2008 |
| Old Country Buffet | | | | | | | | | | | | | | | | |
| | Coon Rapids, MN | | — |
| | 1,291 |
| | 1,229 |
| | — |
| | 2,520 |
| | 56 |
| | 4/29/2011 | | 2003 |
| On the Border | | | | | | | | | | | | | | | | |
| | Alpharetta, GA | | 1,329 |
| | 1,240 |
| | 1,406 |
| | — |
| | 2,646 |
| | 91 |
| | 6/30/2010 | | 1997 |
| | Auburn Hills, MI | | 1,283 |
| | 859 |
| | 1,976 |
| | — |
| | 2,835 |
| | 128 |
| | 6/30/2010 | | 1999 |
| | Buford, GA | | 1,236 |
| | 1,140 |
| | 1,277 |
| | — |
| | 2,417 |
| | 82 |
| | 6/30/2010 | | 2001 |
| | Burleson, TX | | 1,439 |
| | 980 |
| | 1,791 |
| | — |
| | 2,771 |
| | 116 |
| | 6/30/2010 | | 2000 |
| | College Station, TX | | 1,376 |
| | 1,242 |
| | 1,402 |
| | — |
| | 2,644 |
| | 91 |
| | 6/30/2010 | | 1997 |
| | Columbus, OH | | 1,925 |
| | 1,245 |
| | 1,410 |
| | — |
| | 2,655 |
| | 91 |
| | 6/30/2010 | | 1997 |
| | Concord Mills, NC | | 1,363 |
| | 1,296 |
| | 1,350 |
| | — |
| | 2,646 |
| | 87 |
| | 6/30/2010 | | 2000 |
| | Denton, TX | | 1,317 |
| | 1,028 |
| | 1,480 |
| | — |
| | 2,508 |
| | 96 |
| | 6/30/2010 | | 2002 |
| | DeSoto, TX | | 1,482 |
| | 838 |
| | 1,915 |
| | — |
| | 2,753 |
| | 125 |
| | 6/30/2010 | | 1983 |
| | Fort Worth, TX | | 1,575 |
| | 1,188 |
| | 1,857 |
| | — |
| | 3,045 |
| | 120 |
| | 6/30/2010 | | 1999 |
| | Garland, TX | | 1,020 |
| | 690 |
| | 1,311 |
| | — |
| | 2,001 |
| | 84 |
| | 6/30/2010 | | 2007 |
| | Kansas City, MO | | 1,454 |
| | 904 |
| | 1,403 |
| | — |
| | 2,307 |
| | 90 |
| | 6/30/2010 | | 1997 |
| | Lee’s Summit, MO | | 1,200 |
| | 845 |
| | 1,331 |
| | — |
| | 2,176 |
| | 86 |
| | 6/30/2010 | | 2002 |
| | Lubbock, TX | | 1,376 |
| | 743 |
| | 1,996 |
| | — |
| | 2,739 |
| | 129 |
| | 6/30/2010 | | 1994 |
| | Mesa, AZ | | 1,804 |
| | 1,121 |
| | 1,468 |
| | — |
| | 2,589 |
| | 95 |
| | 6/30/2010 | | 2002 |
| | Mt. Laurel, NJ | | 1,447 |
| | 559 |
| | 1,139 |
| | — |
| | 1,698 |
| | 73 |
| | 6/30/2010 | | 2004 |
| | Naperville, IL | | 1,494 |
| | 1,260 |
| | 1,786 |
| | (66 | ) | | 2,980 |
| | 115 |
| | 6/30/2010 | | 1997 |
| | Novi, MI | | 1,177 |
| | 653 |
| | 1,837 |
| | — |
| | 2,490 |
| | 119 |
| | 6/30/2010 | | 1997 |
| | Oklahoma City, OK | | 1,266 |
| | 880 |
| | 1,659 |
| | — |
| | 2,539 |
| | 107 |
| | 6/30/2010 | | 1996 |
COLE CREDIT PROPERTY TRUST III, INC.
SCHEDULE III - REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION
(in thousands)
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | Gross Amount at | | | | | | |
| | | | | | | | | | | | Which Carried | | | | | | |
| | | | | | Initial Costs to Company | | Total | | At December 31, | | Accumulated | | | | |
| | | | | | | | Buildings & | | Adjustment | | 2012 | | Depreciation | | Date | | Date |
| Description (a) | | Encumbrances | | Land | | Improvements | | to Basis | | (b) (c) | | (d) (e) | | Acquired | | Constructed |
| On the Border (continued) | | | | | | | | | | | | | | |
| | Peoria, AZ | | $ | 1,562 |
| | $ | 1,071 |
| | $ | 1,245 |
| | $ | — |
| | $ | 2,316 |
| | $ | 81 |
| | 6/30/2010 | | 2002 |
| | Rockwall, TX | | 1,355 |
| | 761 |
| | 1,836 |
| | — |
| | 2,597 |
| | 119 |
| | 6/30/2010 | | 1999 |
| | Rogers, AR | | 950 |
| | 551 |
| | 1,176 |
| | — |
| | 1,727 |
| | 76 |
| | 6/30/2010 | | 2002 |
| | Tulsa, OK | | 1,427 |
| | 952 |
| | 1,907 |
| | — |
| | 2,859 |
| | 124 |
| | 6/30/2010 | | 1995 |
| | West Springfield, MA | | 2,000 |
| | 1,015 |
| | 2,361 |
| | — |
| | 3,376 |
| | 153 |
| | 6/30/2010 | | 1995 |
| | West Windsor, NJ | | 2,433 |
| | 1,114 |
| | 2,013 |
| | — |
| | 3,127 |
| | 130 |
| | 6/30/2010 | | 1998 |
| | Woodbridge, VA | | 1,685 |
| | 1,587 |
| | 1,540 |
| | — |
| | 3,127 |
| | 100 |
| | 6/30/2010 | | 1998 |
| O’Reilly’s Auto Parts | | | | | | | | | | | | | | | | |
| | Breaux Bridge, LA | | 401 |
| | 91 |
| | 608 |
| | — |
| | 699 |
| | 43 |
| | 3/15/2010 | | 2009 |
| | Central, LA | | (f) |
| | 75 |
| | 737 |
| | — |
| | 812 |
| | 29 |
| | 6/10/2011 | | 2010 |
| | Christiansburg, VA | | 646 |
| | 205 |
| | 763 |
| | — |
| | 968 |
| | 40 |
| | 12/23/2010 | | 2010 |
| | Highlands, TX | | 485 |
| | 217 |
| | 605 |
| | — |
| | 822 |
| | 33 |
| | 12/23/2010 | | 2010 |
| | Houston, TX | | 560 |
| | 254 |
| | 680 |
| | — |
| | 934 |
| | 36 |
| | 1/13/2011 | | 2010 |
| | LaPlace, LA | | 507 |
| | 221 |
| | 682 |
| | — |
| | 903 |
| | 48 |
| | 3/12/2010 | | 2008 |
| | Louisville, KY | | — |
| | 494 |
| | 844 |
| | — |
| | 1,338 |
| | 10 |
| | 7/10/2012 | | 2011 |
| | New Roads, LA | | 410 |
| | 111 |
| | 616 |
| | — |
| | 727 |
| | 44 |
| | 3/12/2010 | | 2008 |
| | Ravenna, OH | | (f) |
| | 102 |
| | 866 |
| | — |
| | 968 |
| | 45 |
| | 1/25/2011 | | 2010 |
| | San Antonio, TX | | 703 |
| | 356 |
| | 853 |
| | — |
| | 1,209 |
| | 45 |
| | 12/23/2010 | | 2010 |
| | Willard, OH | | — |
| | 121 |
| | 843 |
| | — |
| | 964 |
| | 12 |
| | 6/8/2012 | | 2011 |
| Outback Steakhouse | | | | | | | | | | | | | | | | |
| | Baton Rouge, LA | | 1,080 |
| | 567 |
| | 1,178 |
| | — |
| | 1,745 |
| | 24 |
| | 3/14/2012 | | 2001 |
| | Boardman Township, OH | | 1,700 |
| | 690 |
| | 2,052 |
| | — |
| | 2,742 |
| | 41 |
| | 3/14/2012 | | 1995 |
| | Centennial, CO | | 1,560 |
| | 1,150 |
| | 1,274 |
| | — |
| | 2,424 |
| | 26 |
| | 3/14/2012 | | 1996 |
| | Colonial Heights, VA | | 2,160 |
| | 1,656 |
| | 1,715 |
| | — |
| | 3,371 |
| | 35 |
| | 3/14/2012 | | 2000 |
| | Conroe, TX | | 1,530 |
| | 944 |
| | 1,394 |
| | — |
| | 2,338 |
| | 28 |
| | 3/14/2012 | | 2001 |
| | Fort Smith, AR | | 1,620 |
| | 1,017 |
| | 1,558 |
| | — |
| | 2,575 |
| | 32 |
| | 3/14/2012 | | 1999 |
| | Fort Wayne, IN | | 1,570 |
| | 701 |
| | 1,806 |
| | — |
| | 2,507 |
| | 37 |
| | 3/14/2012 | | 2000 |
| | Garner, NC | | 1,580 |
| | 1,005 |
| | 1,508 |
| | — |
| | 2,513 |
| | 30 |
| | 3/14/2012 | | 2004 |
| | Houston, TX | | 1,620 |
| | 1,076 |
| | 1,449 |
| | — |
| | 2,525 |
| | 29 |
| | 3/14/2012 | | 1998 |
| | Independence, OH | | (f) |
| | 695 |
| | 1,398 |
| | — |
| | 2,093 |
| | 28 |
| | 3/14/2012 | | 2006 |
| | Jacksonville, FL | | 1,620 |
| | 836 |
| | 1,601 |
| | — |
| | 2,437 |
| | 32 |
| | 3/14/2012 | | 2001 |
| | Las Cruces, NM | | 1,120 |
| | 491 |
| | 1,299 |
| | — |
| | 1,790 |
| | 26 |
| | 3/14/2012 | | 2000 |
| | Lees Summit, MO | | 920 |
| | 522 |
| | 921 |
| | — |
| | 1,443 |
| | 19 |
| | 3/14/2012 | | 1999 |
| | Lexington, KY | | 1,820 |
| | 1,153 |
| | 1,587 |
| | — |
| | 2,740 |
| | 32 |
| | 3/14/2012 | | 2002 |
| | McAllen, TX | | 770 |
| | 426 |
| | 665 |
| | — |
| | 1,091 |
| | 13 |
| | 3/14/2012 | | 1999 |
| | Newport News, VA | | 2,060 |
| | 1,577 |
| | 1,430 |
| | — |
| | 3,007 |
| | 29 |
| | 3/14/2012 | | 1993 |
| | Pittsburg, PA | | 1,630 |
| | 999 |
| | 1,627 |
| | — |
| | 2,626 |
| | 33 |
| | 3/14/2012 | | 1995 |
| | Sebring , FL | | 1,470 |
| | 810 |
| | 1,617 |
| | — |
| | 2,427 |
| | 33 |
| | 3/14/2012 | | 2001 |
| | Southgate, MI | | 1,680 |
| | 809 |
| | 2,010 |
| | — |
| | 2,819 |
| | 41 |
| | 3/14/2012 | | 1994 |
| | Winchester, VA | | 2,190 |
| | 1,508 |
| | 1,848 |
| | — |
| | 3,356 |
| | 37 |
| | 3/14/2012 | | 2006 |
| Oxford Exchange | | | | | | | | | | | | | | | | |
| | Oxford, GA | | (f) |
| | 3,946 |
| | 37,509 |
| | 494 |
| | 41,949 |
| | 1,870 |
| | 4/18/2011 | | 2006 |
| Owens Corning | | | | | | | | | | | | | | | | |
| | Newark, OH | | (f) |
| | 499 |
| | 9,537 |
| | — |
| | 10,036 |
| | 366 |
| | 7/8/2011 | | 2007 |
| Petco | | | | | | | | | | | | | | | | |
| | Dardenne Prairie, MO | | (f) |
| | 781 |
| | 1,525 |
| | — |
| | 2,306 |
| | 81 |
| | 2/22/2011 | | 2009 |
| | Lake Charles, LA | | 2,145 |
| | 412 |
| | 2,852 |
| | — |
| | 3,264 |
| | 168 |
| | 10/25/2010 | | 2008 |
| Petsmart | | | | | | | | | | | | | | | | |
| | Bellingham, WA | | 2,526 |
| | 1,019 |
| | 2,286 |
| | — |
| | 3,305 |
| | 45 |
| | 4/30/2012 | | 1993 |
| | Boca Raton, FL | | (f) |
| | 3,379 |
| | 3,748 |
| | — |
| | 7,127 |
| | 148 |
| | 7/21/2011 | | 2001 |
| | Braintree, MA | | (f) |
| | 3,539 |
| | 4,775 |
| | — |
| | 8,314 |
| | 196 |
| | 7/21/2011 | | 1996 |
| | Dallas, TX | | (f) |
| | 901 |
| | 3,858 |
| | — |
| | 4,759 |
| | 146 |
| | 7/21/2011 | | 1998 |
COLE CREDIT PROPERTY TRUST III, INC.
SCHEDULE III - REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION
(in thousands)
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | Gross Amount at | | | | | | |
| | | | | | | | | | | | Which Carried | | | | | | |
| | | | | | Initial Costs to Company | | Total | | At December 31, | | Accumulated | | | | |
| | | | | | | | Buildings & | | Adjustment | | 2012 | | Depreciation | | Date | | Date |
| Description (a) | | Encumbrances | | Land | | Improvements | | to Basis | | (b) (c) | | (d) (e) | | Acquired | | Constructed |
| Petsmart (continued) | | | | | | | | | | | | | | | |
| | Evanston, IL | | $ (f) |
| | $ | 792 |
| | $ | 5,522 |
| | $ | — |
| | $ | 6,314 |
| | $ | 208 |
| | 7/21/2011 | | 2001 |
| | Flint, MI | | (f) |
| | 565 |
| | 2,986 |
| | — |
| | 3,551 |
| | 153 |
| | 7/21/2011 | | 1996 |
| | Lake Mary, FL | | (f) |
| | 2,035 |
| | 2,323 |
| | — |
| | 4,358 |
| | 99 |
| | 7/21/2011 | | 1997 |
| | Oxon Hill, MD | | (f) |
| | 2,426 |
| | 2,993 |
| | — |
| | 5,419 |
| | 125 |
| | 7/21/2011 | | 1998 |
| | Parma, OH | | (f) |
| | 866 |
| | 2,848 |
| | — |
| | 3,714 |
| | 103 |
| | 8/4/2011 | | 1996 |
| | Phoenix, AZ | | 51,250 |
| | 3,750 |
| | 80,003 |
| | 304 |
| | 84,057 |
| | 3,166 |
| | 8/23/2011 | | 2008 |
| | Plantation, FL | | (f) |
| | 1,077 |
| | 3,868 |
| | — |
| | 4,945 |
| | 153 |
| | 7/21/2011 | | 2001 |
| | Southlake, TX | | (f) |
| | 2,653 |
| | 3,748 |
| | — |
| | 6,401 |
| | 143 |
| | 7/21/2011 | | 1998 |
| | Tallahassee, FL | | (f) |
| | 1,221 |
| | 1,341 |
| | — |
| | 2,562 |
| | 65 |
| | 7/21/2011 | | 1998 |
| | Westlake Village, CA | | (f) |
| | 1,892 |
| | 4,908 |
| | — |
| | 6,800 |
| | 208 |
| | 7/21/2011 | | 1998 |
| Petsmart/Hallmark | | | | | | | | | | | | | | | | |
| | Cincinnati, OH | | — |
| | 942 |
| | 3,417 |
| | — |
| | 4,359 |
| | 99 |
| | 2/14/2012 | | 1998 |
| Petsmart/Bevmo | | | | | | | | | | | | | | | | |
| | Redding, CA | | 3,206 |
| | 1,185 |
| | 3,484 |
| | — |
| | 4,669 |
| | 76 |
| | 3/21/2012 | | 1989 |
| Petsmart/Travos Credit Union | | | | | | | | | | | | | | |
| | Mercad, CA | | 2,974 |
| | 1,389 |
| | 3,135 |
| | — |
| | 4,524 |
| | 69 |
| | 3/21/2012 | | 1993 |
| Pick N Save Center | | | | | | | | | | | | | | | | |
| | Wauwatosa, WI | | — |
| | 2,787 |
| | 12,081 |
| | — |
| | 14,868 |
| | 14 |
| | 12/21/2012 | | 2012 |
| Pier 1 Imports | | | | | | | | | | | | | | | | |
| | Victoria, TX | | — |
| | 390 |
| | 1,500 |
| | — |
| | 1,890 |
| | 19 |
| | 7/2/2012 | | 2011 |
| Pinehurst Square West | | | | | | | | | | | | | | | | |
| | Bismark, ND | | (f) |
| | 3,690 |
| | 5,564 |
| | — |
| | 9,254 |
| | 420 |
| | 1/28/2011 | | 2006 |
| PLS Financial Services | | | | | | | | | | | | | | | | |
| | Calumet Park, IL | | (f) |
| | 165 |
| | 959 |
| | — |
| | 1,124 |
| | 35 |
| | 8/18/2011 | | 2005 |
| | Chicago (Diversey), IL | | (f) |
| | 301 |
| | 566 |
| | — |
| | 867 |
| | 20 |
| | 8/18/2011 | | 2001 |
| | Compton, CA | | (f) |
| | 1,054 |
| | 221 |
| | — |
| | 1,275 |
| | 7 |
| | 10/26/2011 | | 2005 |
| | Dallas (Camp Wisdom), TX | | (f) |
| | 283 |
| | 351 |
| | — |
| | 634 |
| | 13 |
| | 8/18/2011 | | 1983 |
| | Dallas (Davis), TX | | (f) |
| | 156 |
| | 619 |
| | — |
| | 775 |
| | 23 |
| | 8/18/2011 | | 2003 |
| | Fort Worth, TX | | (f) |
| | 181 |
| | 688 |
| | — |
| | 869 |
| | 25 |
| | 8/18/2011 | | 2003 |
| | Grand Prairie, TX | | (f) |
| | 479 |
| | 123 |
| | — |
| | 602 |
| | 6 |
| | 8/18/2011 | | 1971 |
| | Houston, TX | | (f) |
| | 175 |
| | 262 |
| | — |
| | 437 |
| | 11 |
| | 8/18/2011 | | 2005 |
| | Kenosha, WI | | (f) |
| | 120 |
| | 521 |
| | — |
| | 641 |
| | 19 |
| | 8/18/2011 | | 2005 |
| | Mesa (Broadway), AZ | | (f) |
| | 225 |
| | 394 |
| | — |
| | 619 |
| | 15 |
| | 8/18/2011 | | 2006 |
| | Mesquite, TX | | (f) |
| | 197 |
| | 712 |
| | — |
| | 909 |
| | 26 |
| | 8/18/2011 | | 2006 |
| | Phoenix, AZ | | (f) |
| | 183 |
| | 670 |
| | — |
| | 853 |
| | 19 |
| | 11/4/2011 | | 2006 |
| | Tucson, AZ | | (f) |
| | 278 |
| | 467 |
| | — |
| | 745 |
| | 18 |
| | 8/18/2011 | | 2005 |
| Prairie Market | | | | | | | | | | | | | | | | |
| | Oswego, IL | | 12,500 |
| | 12,997 |
| | 10,840 |
| | 106 |
| | 23,943 |
| | 646 |
| | 12/3/2010 | | (g) |
| Publix | | | | | | | | | | | | | | | | |
| | Mountain Brook, AL | | 3,275 |
| | 2,492 |
| | 2,830 |
| | — |
| | 5,322 |
| | 231 |
| | 12/1/2009 | | 2004 |
| RaceTrac | | | | | | | | | | | | | | | | |
| | Atlanta, GA | | (f) |
| | 989 |
| | 1,074 |
| | — |
| | 2,063 |
| | 31 |
| | 12/21/2011 | | 2004 |
| | Belleview, FL | | (f) |
| | 882 |
| | 2,712 |
| | — |
| | 3,594 |
| | 79 |
| | 12/21/2011 | | 2007 |
| | Bessemer, AL | | (f) |
| | 982 |
| | 1,703 |
| | — |
| | 2,685 |
| | 50 |
| | 12/21/2011 | | 2003 |
| | Denton, TX | | (f) |
| | 960 |
| | 1,690 |
| | — |
| | 2,650 |
| | 48 |
| | 12/21/2011 | | 2003 |
| | Houston (Hwy 6N), TX | | (f) |
| | 888 |
| | 950 |
| | — |
| | 1,838 |
| | 27 |
| | 12/21/2011 | | 1995 |
| | Houston (Kuykendahl), TX | | (f) |
| | 1,043 |
| | 1,036 |
| | — |
| | 2,079 |
| | 30 |
| | 12/21/2011 | | 1997 |
| | Jacksonville, FL | | (f) |
| | 1,178 |
| | 2,462 |
| | — |
| | 3,640 |
| | 73 |
| | 12/21/2011 | | 2011 |
| | Leesburg, FL | | (f) |
| | 1,185 |
| | 2,375 |
| | — |
| | 3,560 |
| | 70 |
| | 12/21/2011 | | 2007 |
| | Mobile, AL | | (f) |
| | 650 |
| | 908 |
| | — |
| | 1,558 |
| | 26 |
| | 12/21/2011 | | 1998 |
| | | | | | | | | | | | | | | | | | |
COLE CREDIT PROPERTY TRUST III, INC.
SCHEDULE III - REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION
(in thousands)
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | Gross Amount at | | | | | | |
| | | | | | | | | | | | Which Carried | | | | | | |
| | | | | | Initial Costs to Company | | Total | | At December 31, | | Accumulated | | | | |
| | | | | | | | Buildings & | | Adjustment | | 2012 | | Depreciation | | Date | | Date |
| Description (a) | | Encumbrances | | Land | | Improvements | | to Basis | | (b) (c) | | (d) (e) | | Acquired | | Constructed |
| Red Oak Village | | | | | | | | | | | | | | | | |
| | San Marcos, TX | | $ | 12,480 |
| | $ | 4,222 |
| | $ | 16,434 |
| | $ | — |
| | $ | 20,656 |
| | $ | 1,004 |
| | 12/23/2010 | | 2008 |
| Riverside Centre | | | | | | | | | | | | | | | | |
| | St. Augustine, FL | | (f) |
| | 1,368 |
| | 3,148 |
| | 267 |
| | 4,783 |
| | 150 |
| | 6/8/2011 | | 2007 |
| Road Ranger | | | | | | | | | | | | | | | | |
| | Winnebago, IL | | — |
| | 638 |
| | 3,129 |
| | — |
| | 3,767 |
| | 30 |
| | 8/30/2012 | | 1998 |
| RSA Security | | | | | | | | | | | | | | | | |
| | Bedford, MA | | 51,400 |
| | 13,692 |
| | 67,747 |
| | — |
| | 81,439 |
| | 1,024 |
| | 7/25/2012 | | 2001 |
| Ryan’s | | | | | | | | | | | | | | | | |
| | Asheville, NC | | — |
| | 1,177 |
| | 1,233 |
| | — |
| | 2,410 |
| | 58 |
| | 4/29/2011 | | 1996 |
| | Beckley, WV | | — |
| | 1,102 |
| | 1,307 |
| | — |
| | 2,409 |
| | 61 |
| | 4/29/2011 | | 1995 |
| | Columbus, GA | | — |
| | 1,394 |
| | 1,325 |
| | — |
| | 2,719 |
| | 61 |
| | 4/29/2011 | | 2002 |
| | Commerce, GA | | — |
| | 817 |
| | 946 |
| | — |
| | 1,763 |
| | 44 |
| | 4/29/2011 | | 1996 |
| | Jasper, AL | | — |
| | 663 |
| | 1,439 |
| | — |
| | 2,102 |
| | 66 |
| | 4/29/2011 | | 2000 |
| | Owensboro, KY | | — |
| | 1,239 |
| | 893 |
| | — |
| | 2,132 |
| | 41 |
| | 4/29/2011 | | 1997 |
| | Paducah, KY | | — |
| | 1,013 |
| | 858 |
| | — |
| | 1,871 |
| | 40 |
| | 4/29/2011 | | 1995 |
| | Pearl, MS | | — |
| | 913 |
| | 1,135 |
| | — |
| | 2,048 |
| | 53 |
| | 4/29/2011 | | 2000 |
| | Prattville, AL | | — |
| | 876 |
| | 1,125 |
| | — |
| | 2,001 |
| | 52 |
| | 4/29/2011 | | 1997 |
| | Rome, GA | | — |
| | 919 |
| | 682 |
| | — |
| | 1,601 |
| | 35 |
| | 4/29/2011 | | 1983 |
| | Sevierville, TN | | — |
| | 725 |
| | 673 |
| | — |
| | 1,398 |
| | 31 |
| | 4/29/2011 | | 2003 |
| | Texas City, TX | | — |
| | 677 |
| | 1,593 |
| | — |
| | 2,270 |
| | 73 |
| | 4/29/2011 | | 2002 |
| Sam’s Club | | | | | | | | | | | | | | | | |
| | Colorado Springs, CO | | 9,581 |
| | 2,626 |
| | 10,817 |
| | — |
| | 13,443 |
| | 358 |
| | 1/20/2012 | | 1998 |
| | Douglasville, GA | | (f) |
| | 2,016 |
| | 9,290 |
| | — |
| | 11,306 |
| | 416 |
| | 7/28/2011 | | 1999 |
| | Hoover, AL | | (f) |
| | 2,083 |
| | 9,223 |
| | — |
| | 11,306 |
| | 1,013 |
| | 1/15/2009 | | 2000 |
| Santa Rosa Commons | | | | | | | | | | | | | | | | |
| | Pace, FL | | 13,000 |
| | 2,887 |
| | 19,811 |
| | 112 |
| | 22,810 |
| | 892 |
| | 6/30/2011 | | 2008 |
| San Tan Marketplace | | | | | | | | | | | | | | | | |
| | Gilbert, AZ | | 27,400 |
| | 10,800 |
| | 40,312 |
| | — |
| | 51,112 |
| | 885 |
| | 3/30/2012 | | 2005 |
| Shelby Corners | | | | | | | | | | | | | | | | |
| | Utica, MI | | (f) |
| | 957 |
| | 2,753 |
| | — |
| | 3,710 |
| | 128 |
| | 7/8/2011 | | 2008 |
| Sherwin Williams | | | | | | | | | | | | | | | | |
| | Muskegon, MI | | (f) |
| | 158 |
| | 880 |
| | — |
| | 1,038 |
| | 49 |
| | 12/10/2010 | | 2008 |
| Sherwood Retail Center | | | | | | | | | | | | | | | | |
| | Sherwood, AR | | — |
| | 2,143 |
| | 3,198 |
| | — |
| | 5,341 |
| | 63 |
| | 6/4/2012 | | 2005 |
| Shoppes at Port Arthur | | | | | | | | | | | | | | | | |
| | Port Arthur, TX | | 8,077 |
| | 2,618 |
| | 11,463 |
| | — |
| | 14,081 |
| | 741 |
| | 10/12/2010 | | 2008 |
| Shoppes at Sherbrooke | | | | | | | | | | | | | | | | |
| | Lake Worth, FL | | — |
| | 3,161 |
| | 5,609 |
| | 55 |
| | 8,825 |
| | 115 |
| | 4/27/2012 | | 2004 |
| Shoppes at Sugarmill Woods | | | | | | | | | | | | | | |
| | Homosassa, FL | | — |
| | 882 |
| | 5,381 |
| | 112 |
| | 6,375 |
| | 166 |
| | 12/13/2011 | | 2008 |
| Silverado Plaza | | | | | | | | | | | | | | | | |
| | Tucson, AZ | | 4,701 |
| | 1,893 |
| | 6,914 |
| | — |
| | 8,807 |
| | 204 |
| | 12/22/2011 | | 1998 |
| Sprouts | | | | | | | | | | | | | | | | |
| | Centennial, CO | | — |
| | 1,692 |
| | 6,070 |
| | — |
| | 7,762 |
| | 22 |
| | 11/14/2012 | | 2009 |
| Staples | | | | | | | | | | | | | | | | |
| | Houston, TX | | 1,815 |
| | 1,020 |
| | 2,232 |
| | — |
| | 3,252 |
| | 151 |
| | 6/17/2010 | | 2008 |
| | Iowa City, IA | | — |
| | 1,223 |
| | 2,201 |
| | — |
| | 3,424 |
| | 190 |
| | 11/13/2009 | | 2009 |
| | Pensacola, FL | | (f) |
| | 1,503 |
| | 2,011 |
| | — |
| | 3,514 |
| | 125 |
| | 1/6/2011 | | 2010 |
| Stearns Crossing | | | | | | | | | | | | | | | | |
| | Bartlett, IL | | 7,060 |
| | 3,733 |
| | 7,649 |
| | 76 |
| | 11,458 |
| | 484 |
| | 12/9/2010 | | 1999 |
COLE CREDIT PROPERTY TRUST III, INC.
SCHEDULE III - REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION
(in thousands)
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | Gross Amount at | | | | | | |
| | | | | | | | | | | | Which Carried | | | | | | |
| | | | | | Initial Costs to Company | | Total | | At December 31, | | Accumulated | | | | |
| | | | | | | | Buildings & | | Adjustment | | 2012 | | Depreciation | | Date | | Date |
| Description (a) | | Encumbrances | | Land | | Improvements | | to Basis | | (b) (c) | | (d) (e) | | Acquired | | Constructed |
| St. Luke’s Urgent Care | | | | | | | | | | | | | | | | |
| | Creve Coeur, MO | | $ (f) |
| | $ | 1,067 |
| | $ | 3,867 |
| | $ | — |
| | $ | 4,934 |
| | $ | 185 |
| | 5/20/2011 | | 2010 |
| Stop & Shop | | | | | | | | | | | | | | | | |
| | Cranston, RI | | (f) |
| | 13,301 |
| | — |
| | — |
| | 13,301 |
| | — |
| | 8/5/2011 | | (g) |
| | Stamford, CT | | 14,900 |
| | 12,881 |
| | 14,592 |
| | — |
| | 27,473 |
| | 926 |
| | 7/30/2010 | | 2006 |
| Stripes | | | | | | | | | | | | | | | | |
| | Andrews, TX | | (f) |
| | 110 |
| | 1,777 |
| | — |
| | 1,887 |
| | 137 |
| | 12/30/2009 | | 2008 |
| | Brady, TX | | — |
| | 205 |
| | 2,628 |
| | — |
| | 2,833 |
| | 30 |
| | 8/30/2012 | | 2007 |
| | Brownsville, TX | | — |
| | 561 |
| | 2,715 |
| | — |
| | 3,276 |
| | 31 |
| | 8/30/2012 | | 2007 |
| | Carrizo Springs, TX | | (f) |
| | 400 |
| | 2,221 |
| | — |
| | 2,621 |
| | 125 |
| | 11/22/2010 | | 2010 |
| | Corpus Christi (Everh), TX | | — |
| | 882 |
| | 2,645 |
| | — |
| | 3,527 |
| | 30 |
| | 8/30/2012 | | 2007 |
| | Corpus Christi (Padre), TX | | — |
| | 700 |
| | 2,689 |
| | — |
| | 3,389 |
| | 31 |
| | 8/30/2012 | | 2007 |
| | Corpus Christi, TX | | — |
| | 684 |
| | 1,606 |
| | — |
| | 2,290 |
| | 20 |
| | 8/30/2012 | | 2007 |
| | Eagle Pass, TX | | (f) |
| | 656 |
| | 1,897 |
| | — |
| | 2,553 |
| | 122 |
| | 6/29/2010 | | 2009 |
| | Edinburg (Hwy 107), TX | — |
| | 405 |
| | 2,419 |
| | — |
| | 2,824 |
| | 28 |
| | 8/30/2012 | | 2007 |
| | Edinburg (Raul), TX | | — |
| | 408 |
| | 1,997 |
| | — |
| | 2,405 |
| | 23 |
| | 8/30/2012 | | 2007 |
| | Edinburg, TX | | (f) |
| | 906 |
| | 1,259 |
| | — |
| | 2,165 |
| | 81 |
| | 6/29/2010 | | 1999 |
| | Fort Stockton, TX | | (f) |
| | 1,035 |
| | 3,319 |
| | — |
| | 4,354 |
| | 284 |
| | 12/30/2010 | | 2010 |
| | Haskell, TX | | (f) |
| | 93 |
| | 2,130 |
| | — |
| | 2,223 |
| | 121 |
| | 11/22/2010 | | 2010 |
| | Houston, TX | | — |
| | 878 |
| | 1,676 |
| | — |
| | 2,554 |
| | 22 |
| | 8/30/2012 | | 2007 |
| | LaFeria, TX | | (f) |
| | 321 |
| | 1,271 |
| | — |
| | 1,592 |
| | 99 |
| | 12/30/2009 | | 2008 |
| | Laredo (La Pita Mangana), TX | | (f) |
| | 419 |
| | 1,741 |
| | — |
| | 2,160 |
| | 99 |
| | 11/22/2010 | | 2010 |
| | Laredo (Willow), TX | | (f) |
| | 438 |
| | 1,785 |
| | — |
| | 2,223 |
| | 74 |
| | 8/3/2011 | | 2010 |
| | Midland, TX | | — |
| | 1,152 |
| | 3,945 |
| | — |
| | 5,097 |
| | 44 |
| | 8/30/2012 | | 2006 |
| | Mission, TX | | — |
| | 1,009 |
| | 2,238 |
| | — |
| | 3,247 |
| | 26 |
| | 8/30/2012 | | 2003 |
| | Odessa (Kermit), TX | | — |
| | 733 |
| | 5,594 |
| | — |
| | 6,327 |
| | 58 |
| | 8/30/2012 | | 1998 |
| | Odessa, TX | | (f) |
| | 139 |
| | 2,175 |
| | — |
| | 2,314 |
| | 186 |
| | 6/30/2011 | | 2011 |
| | Palmhurst, TX | | (f) |
| | 467 |
| | 448 |
| | — |
| | 915 |
| | 29 |
| | 6/29/2010 | | 1986 |
| | Pharr, TX | | (f) |
| | 384 |
| | 1,712 |
| | — |
| | 2,096 |
| | 133 |
| | 12/30/2009 | | 1997 |
| | Portales, NM | | (f) |
| | 313 |
| | 1,913 |
| | — |
| | 2,226 |
| | 184 |
| | 12/30/2010 | | 2010 |
| | Rio Hondo, TX | | (f) |
| | 273 |
| | 1,840 |
| | — |
| | 2,113 |
| | 141 |
| | 12/30/2009 | | 2007 |
| | San Angelo (Sherwood), TX | — |
| | 958 |
| | 2,704 |
| | — |
| | 3,662 |
| | 32 |
| | 8/30/2012 | | 2007 |
| | San Angelo, TX | | — |
| | 601 |
| | 3,609 |
| | — |
| | 4,210 |
| | 38 |
| | 8/30/2012 | | 1997 |
| | San Benito (Ranchito), TX | | (f) |
| | 401 |
| | 1,967 |
| | — |
| | 2,368 |
| | 126 |
| | 6/29/2010 | | 2010 |
| Sunset Valley Shopping Center | | | | | | | | | | | | | | |
| | Austin, TX | | 17,441 |
| | 10,249 |
| | 19,345 |
| | 131 |
| | 29,725 |
| | 1,460 |
| | 3/26/2010 | | 2007 |
| Sysmex | | | | | | | | | | | | | | | | |
| | Lincolnshire, IL | | 22,500 |
| | 3,778 |
| | 41,462 |
| | 736 |
| | 45,976 |
| | 58 |
| | 8/31/2012 | | 2010 |
| Telegraph Plaza | | | | | | | | | | | | | | | | |
| | Monroe, MI | | — |
| | 1,076 |
| | 5,059 |
| | — |
| | 6,135 |
| | 253 |
| | 6/30/2011 | | 2006 |
| The Crossing | | | | | | | | | | | | | | | | |
| | Killeen, TX | | (f) |
| | 1,280 |
| | 6,767 |
| | (35 | ) | | 8,012 |
| | 284 |
| | 7/20/2011 | | 2011 |
| The Forum | | | | | | | | | | | | | | | | |
| | Fort Myers, FL | | (f) |
| | 8,091 |
| | 20,504 |
| | — |
| | 28,595 |
| | 949 |
| | 7/22/2011 | | 2008 |
| The Medicines Company | | | | | | | | | | | | | | | | |
| | Parsippany, NJ | | 27,700 |
| | 4,195 |
| | 39,488 |
| | 23 |
| | 43,706 |
| | 1,066 |
| | 2/27/2012 | | 2009 |
| The Plaza | | | | | | | | | | | | | | | | |
| | Queen Creek, AZ | | 7,290 |
| | 2,659 |
| | 9,523 |
| | — |
| | 12,182 |
| | 418 |
| | 8/12/2011 | | 2007 |
| Thornton’s | | | | | | | | | | | | | | | | |
| | Bloomington, IL | | 953 |
| | 777 |
| | 1,031 |
| | — |
| | 1,808 |
| | 58 |
| | 12/17/2010 | | 1992 |
COLE CREDIT PROPERTY TRUST III, INC.
SCHEDULE III - REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION
(in thousands)
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | Gross Amount at | | | | | | |
| | | | | | | | | | | | Which Carried | | | | | | |
| | | | | | Initial Costs to Company | | Total | | At December 31, | | Accumulated | | | | |
| | | | | | | | Buildings & | | Adjustment | | 2012 | | Depreciation | | Date | | Date |
| Description (a) | | Encumbrances | | Land | | Improvements | | to Basis | | (b) (c) | | (d) (e) | | Acquired | | Constructed |
| Thorton’s (continued) | | | | | | | | | | | | | | | | |
| | Clarksville, IN | | $ | 1,007 |
| | $ | 894 |
| | $ | 948 |
| | $ | — |
| | $ | 1,842 |
| | $ | 53 |
| | 12/17/2010 | | 2005 |
| | Edinburgh, IN | | 1,047 |
| | 780 |
| | 1,138 |
| | — |
| | 1,918 |
| | 67 |
| | 12/17/2010 | | 1997 |
| | Evansville (Rosenberger), IN | | 1,032 |
| | 727 |
| | 1,039 |
| | — |
| | 1,766 |
| | 63 |
| | 12/17/2010 | | 2007 |
| | Evansville, IN | | 1,082 |
| | 674 |
| | 1,040 |
| | — |
| | 1,714 |
| | 65 |
| | 12/17/2010 | | 1998 |
| | Franklin Park, IL | | 1,628 |
| | 1,427 |
| | 1,373 |
| | — |
| | 2,800 |
| | 79 |
| | 12/17/2010 | | 1999 |
| | Galloway, OH | | 953 |
| | 578 |
| | 1,134 |
| | — |
| | 1,712 |
| | 66 |
| | 12/17/2010 | | 1998 |
| | Henderson (Green), KY | | 1,007 |
| | 702 |
| | 1,031 |
| | — |
| | 1,733 |
| | 62 |
| | 12/17/2010 | | 2009 |
| | Henderson, KY | | 1,975 |
| | 1,212 |
| | 2,089 |
| | — |
| | 3,301 |
| | 119 |
| | 12/17/2010 | | 2007 |
| | Jeffersonville, IN | | 1,439 |
| | 1,475 |
| | 1,057 |
| | — |
| | 2,532 |
| | 64 |
| | 12/17/2010 | | 1995 |
| | Joliet, IL | | 1,761 |
| | 1,209 |
| | 1,789 |
| | — |
| | 2,998 |
| | 101 |
| | 12/17/2010 | | 2000 |
| | Louisville, KY | | 1,037 |
| | 684 |
| | 1,154 |
| | — |
| | 1,838 |
| | 66 |
| | 12/17/2010 | | 1994 |
| | Oaklawn, IL | | 1,111 |
| | 1,233 |
| | 667 |
| | — |
| | 1,900 |
| | 42 |
| | 12/17/2010 | | 1994 |
| | Ottawa, IL | | 1,300 |
| | 599 |
| | 1,751 |
| | — |
| | 2,350 |
| | 98 |
| | 12/17/2010 | | 2006 |
| | Plainfield, IL | | 1,102 |
| | 829 |
| | 1,166 |
| | — |
| | 1,995 |
| | 67 |
| | 12/17/2010 | | 2005 |
| | Roselle, IL | | 1,399 |
| | 926 |
| | 1,425 |
| | — |
| | 2,351 |
| | 83 |
| | 12/17/2010 | | 1996 |
| | Shelbyville, KY | | 1,116 |
| | 533 |
| | 1,356 |
| | — |
| | 1,889 |
| | 81 |
| | 12/17/2010 | | 2007 |
| | South Elgin, IL | | 1,628 |
| | 1,452 |
| | 1,278 |
| | — |
| | 2,730 |
| | 74 |
| | 12/17/2010 | | 2007 |
| | Springfield, IL | | 1,915 |
| | 1,221 |
| | 2,053 |
| | — |
| | 3,274 |
| | 116 |
| | 12/17/2010 | | 2008 |
| | Summit, IL | | 1,116 |
| | 1,316 |
| | 662 |
| | — |
| | 1,978 |
| | 37 |
| | 12/17/2010 | | 2000 |
| | Terre Haute, IN | | 1,350 |
| | 908 |
| | 1,409 |
| | (37 | ) | | 2,280 |
| | 83 |
| | 12/17/2010 | | 1999 |
| | Waukegan, IL | | 1,161 |
| | 797 |
| | 1,199 |
| | — |
| | 1,996 |
| | 68 |
| | 12/17/2010 | | 1999 |
| | Westmont, IL | | 1,881 |
| | 1,150 |
| | 1,926 |
| | — |
| | 3,076 |
| | 110 |
| | 12/17/2010 | | 1997 |
| Tire Kingdom | | | | | | | | | | | | | | | | |
| | Auburndale, FL | | 1,205 |
| | 625 |
| | 1,487 |
| | — |
| | 2,112 |
| | 94 |
| | 7/20/2010 | | 2010 |
| Toys R Us/Mr. Hero | | | | | | | | | | | | | | | | |
| | Parma, OH | | — |
| | 1,192 |
| | 2,151 |
| | — |
| | 3,343 |
| | 60 |
| | 4/11/2012 | | 1986 |
| Toys R Us/Babies R Us | | | | | | | | | | | | | | | | |
| | Coral Springs, FL | | — |
| | 2,507 |
| | 4,675 |
| | — |
| | 7,182 |
| | 43 |
| | 9/27/2012 | | 2010 |
| Tractor Supply | | | | | | | | | | | | | | | | |
| | Alamogordo, NM | | 1,943 |
| | 529 |
| | 2,188 |
| | — |
| | 2,717 |
| | 41 |
| | 4/20/2012 | | 2011 |
| | Alton, IL | | 1,404 |
| | 419 |
| | 2,009 |
| | — |
| | 2,428 |
| | 129 |
| | 8/13/2010 | | 2008 |
| | Augusta, ME | | 1,423 |
| | 362 |
| | 2,121 |
| | — |
| | 2,483 |
| | 133 |
| | 10/12/2010 | | 2009 |
| | Bainbridge, GA | | (f) |
| | 456 |
| | 1,812 |
| | — |
| | 2,268 |
| | 60 |
| | 11/16/2011 | | 2008 |
| | Ballinger, TX | | 1,248 |
| | 369 |
| | 1,841 |
| | — |
| | 2,210 |
| | 130 |
| | 5/21/2010 | | 2010 |
| | Belchertown, MA | | 1,823 |
| | 1,001 |
| | 2,149 |
| | — |
| | 3,150 |
| | 160 |
| | 6/29/2010 | | 2008 |
| | Columbia, SC | | (f) |
| | 773 |
| | 1,794 |
| | — |
| | 2,567 |
| | 41 |
| | 3/30/2012 | | 2011 |
| | Del Rio, TX | | 1,113 |
| | 657 |
| | 1,387 |
| | — |
| | 2,044 |
| | 131 |
| | 7/27/2009 | | 2009 |
| | Dixon, CA | | 2,962 |
| | 848 |
| | 3,528 |
| | — |
| | 4,376 |
| | 223 |
| | 9/24/2010 | | 2007 |
| | Edinburg, TX | | 1,451 |
| | 571 |
| | 2,051 |
| | — |
| | 2,622 |
| | 190 |
| | 7/27/2009 | | 2009 |
| | Franklin, NC | | 1,480 |
| | 422 |
| | 1,914 |
| | — |
| | 2,336 |
| | 118 |
| | 11/30/2010 | | 2009 |
| | Gibsonia, PA | | 1,648 |
| | 726 |
| | 2,074 |
| | — |
| | 2,800 |
| | 155 |
| | 5/5/2010 | | 2010 |
| | Glenpool, OK | | 1,180 |
| | 174 |
| | 1,941 |
| | — |
| | 2,115 |
| | 137 |
| | 5/4/2010 | | 2009 |
| | Gloucester, NJ | | 2,600 |
| | 1,590 |
| | 2,962 |
| | — |
| | 4,552 |
| | 253 |
| | 12/17/2009 | | 2009 |
| | Grayson, KY | | (f) |
| | 406 |
| | 1,967 |
| | — |
| | 2,373 |
| | 76 |
| | 6/30/2011 | | 2011 |
| | Hamilton, OH | | 932 |
| | 418 |
| | 1,045 |
| | — |
| | 1,463 |
| | 70 |
| | 9/17/2010 | | 1975 |
| | Irmo, SC | | 1,125 |
| | 697 |
| | 1,501 |
| | — |
| | 2,198 |
| | 165 |
| | 10/15/2009 | | 2009 |
| | Jackson, CA | | — |
| | 1,062 |
| | 3,620 |
| | — |
| | 4,682 |
| | 4 |
| | 12/18/2012 | | 2012 |
| | Jefferson City, MO | | 1,125 |
| | 398 |
| | 1,269 |
| | — |
| | 1,667 |
| | 76 |
| | 11/9/2010 | | 2009 |
| | Kenedy, TX | | 1,220 |
| | 215 |
| | 1,985 |
| | — |
| | 2,200 |
| | 144 |
| | 4/29/2010 | | 2009 |
| | Lawrence, KS | | 1,377 |
| | 427 |
| | 2,016 |
| | — |
| | 2,443 |
| | 119 |
| | 9/24/2010 | | 2010 |
| | Little Rock, AR | | 1,500 |
| | 834 |
| | 1,223 |
| | — |
| | 2,057 |
| | 74 |
| | 11/9/2010 | | 2009 |
COLE CREDIT PROPERTY TRUST III, INC.
SCHEDULE III - REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION
(in thousands)
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | Gross Amount at | | | | | | |
| | | | | | | | | | | | Which Carried | | | | | | |
| | | | | | Initial Costs to Company | | Total | | At December 31, | | Accumulated | | | | |
| | | | | | | | Buildings & | | Adjustment | | 2012 | | Depreciation | | Date | | Date |
| Description (a) | | Encumbrances | | Land | | Improvements | | to Basis | | (b) (c) | | (d) (e) | | Acquired | | Constructed |
| Tractor Supply (continued) | | | | | | | | | | | | | | | |
| | Middletown, DE | | $ | — |
| | $ | 1,306 |
| | $ | 2,703 |
| | $ | — |
| | $ | 4,009 |
| | $ | 42 |
| | 6/29/2012 | | 2007 |
| | Mishawaka, IN | | (f) |
| | 450 |
| | 1,856 |
| | — |
| | 2,306 |
| | 60 |
| | 11/18/2011 | | 2011 |
| | Murphy, NC | | 1,402 |
| | 789 |
| | 1,580 |
| | — |
| | 2,369 |
| | 120 |
| | 5/21/2010 | | 2010 |
| | Nixa, MO | | 1,346 |
| | 430 |
| | 1,697 |
| | — |
| | 2,127 |
| | 101 |
| | 9/24/2010 | | 2009 |
| | Pearsall, TX | | 1,199 |
| | 120 |
| | 2,117 |
| | — |
| | 2,237 |
| | 154 |
| | 4/9/2010 | | 2009 |
| | Rincon, GA | | (f) |
| | 678 |
| | 1,509 |
| | — |
| | 2,187 |
| | 65 |
| | 8/23/2011 | | 2007 |
| | Roswell, TX | | 1,180 |
| | 728 |
| | 1,469 |
| | — |
| | 2,197 |
| | 138 |
| | 7/27/2009 | | 2009 |
| | Sedalia, MO | | 1,090 |
| | 414 |
| | 1,567 |
| | — |
| | 1,981 |
| | 87 |
| | 12/10/2010 | | 2010 |
| | Sellersburg, IN | | 1,433 |
| | 815 |
| | 1,426 |
| | — |
| | 2,241 |
| | 89 |
| | 9/13/2010 | | 2010 |
| | Southwick, MA | | 2,428 |
| | 1,521 |
| | 2,261 |
| | — |
| | 3,782 |
| | 169 |
| | 6/29/2010 | | 2008 |
| | St. John, IN | | 2,247 |
| | 360 |
| | 3,445 |
| | — |
| | 3,805 |
| | 235 |
| | 7/28/2010 | | 2007 |
| | Stillwater, OK | | 1,205 |
| | 163 |
| | 1,999 |
| | — |
| | 2,162 |
| | 141 |
| | 5/4/2010 | | 2008 |
| | Summerdale, AL | | 1,210 |
| | 238 |
| | 1,783 |
| | — |
| | 2,021 |
| | 139 |
| | 4/14/2010 | | 2010 |
| | Troy, MO | | 1,286 |
| | 623 |
| | 1,529 |
| | — |
| | 2,152 |
| | 100 |
| | 8/13/2010 | | 2009 |
| | Tuscaloosa, AL | | — |
| | 641 |
| | 1,951 |
| | — |
| | 2,592 |
| | 7 |
| | 11/21/2012 | | 2012 |
| | Union, MO | | 1,404 |
| | 512 |
| | 1,784 |
| | — |
| | 2,296 |
| | 115 |
| | 8/13/2010 | | 2008 |
| | Wauseon, OH | | 1,374 |
| | 596 |
| | 1,563 |
| | — |
| | 2,159 |
| | 110 |
| | 9/13/2010 | | 2007 |
| Trader Joe’s | | | | | | | | | | | | | | | | |
| | Lexington, KY | | 3,519 |
| | 2,431 |
| | 3,233 |
| | — |
| | 5,664 |
| | 48 |
| | 7/17/2012 | | 2012 |
| | Sarasota, FL | | — |
| | 1,748 |
| | 4,959 |
| | — |
| | 6,707 |
| | 43 |
| | 9/25/2012 | | 2008 |
| Tutor Time | | | | | | | | | | | | | | | | |
| | Austin, TX | | (f) |
| | 216 |
| | 1,445 |
| | — |
| | 1,661 |
| | 88 |
| | 12/15/2010 | | 2000 |
| | Downingtown, PA | | (f) |
| | 143 |
| | 1,473 |
| | — |
| | 1,616 |
| | 84 |
| | 12/15/2010 | | 1998 |
| Ulta Salon | | | | | | | | | | | | | | | | |
| | Jackson, TN | | 1,454 |
| | 557 |
| | 1,832 |
| | — |
| | 2,389 |
| | 127 |
| | 11/5/2010 | | 2010 |
| | Fort Gratiot, MI | | 1,104 |
| | 289 |
| | 1,382 |
| | — |
| | 1,671 |
| | 19 |
| | 6/29/2012 | | 2012 |
| United Technologies | | | | | | | | | | | | | | | | |
| | Bradenton, FL | | 10,050 |
| | 2,094 |
| | 16,618 |
| | — |
| | 18,712 |
| | 541 |
| | 12/8/2011 | | 2004 |
| University Plaza | | | | | | | | | | | | | | | | |
| | Flagstaff, AZ | | 8,350 |
| | 3,008 |
| | 11,545 |
| | 845 |
| | 15,398 |
| | 1,130 |
| | 11/17/2009 | | 1982 |
| USAA | | | | | | | | | | | | | | | | |
| | Fayetteville, NC | | — |
| | 636 |
| | 1,512 |
| | — |
| | 2,148 |
| | 16 |
| | 8/29/2012 | | 2012 |
| VA Clinic | | | | | | | | | | | | | | | | |
| | Oceanside, CA | | 27,750 |
| | 4,373 |
| | 36,082 |
| | — |
| | 40,455 |
| | 1,027 |
| | 12/22/2011 | | 2010 |
| Valley Blend | | | | | | | | | | | | | | | | |
| | Huntsville, AL | | — |
| | 9,051 |
| | 55,664 |
| | — |
| | 64,715 |
| | 63 |
| | 12/19/2012 | | 2001 |
| Volusia Square | | | | | | | | | | | | | | | | |
| | Daytona Beach, FL | | 16,557 |
| | 7,004 |
| | 22,427 |
| | (25 | ) | | 29,406 |
| | 1,495 |
| | 11/12/2010 | | 2010 |
| Walgreens | | | | | | | | | | | | | | | | |
| | Albuquerque, NM | | (f) |
| | 1,066 |
| | 1,870 |
| | 76 |
| | 3,012 |
| | 54 |
| | 11/17/2011 | | 1996 |
| | Anthony, TX | | (f) |
| | 1,125 |
| | 2,831 |
| | — |
| | 3,956 |
| | 112 |
| | 8/29/2011 | | 2008 |
| | Appleton (Meade), WI | | 1,880 |
| | 885 |
| | 2,505 |
| | — |
| | 3,390 |
| | 183 |
| | 2/3/2010 | | 2008 |
| | Appleton(Northland), WI | 2,736 |
| | 1,385 |
| | 3,249 |
| | — |
| | 4,634 |
| | 237 |
| | 2/18/2010 | | 2008 |
| | Augusta, ME | | 3,157 |
| | 2,271 |
| | 3,172 |
| | — |
| | 5,443 |
| | 231 |
| | 3/5/2010 | | 2007 |
| | Bartlett, TN | | (f) |
| | 1,716 |
| | 1,516 |
| | — |
| | 3,232 |
| | 58 |
| | 8/1/2011 | | 2001 |
| | Baytown, TX | | 2,480 |
| | 1,151 |
| | 2,786 |
| | — |
| | 3,937 |
| | 208 |
| | 2/23/2010 | | 2009 |
| | Beloit, WI | | 2,184 |
| | 763 |
| | 3,064 |
| | — |
| | 3,827 |
| | 205 |
| | 5/20/2010 | | 2008 |
| | Birmingham, AL | | 1,560 |
| | 660 |
| | 2,015 |
| | — |
| | 2,675 |
| | 152 |
| | 3/30/2010 | | 1999 |
| | Brooklyn Park, MD | | 2,226 |
| | 1,323 |
| | 3,301 |
| | — |
| | 4,624 |
| | 254 |
| | 12/23/2009 | | 2008 |
| | Brownwood, TX | | (f) |
| | 1,511 |
| | 3,527 |
| | — |
| | 5,038 |
| | 165 |
| | 3/30/2011 | | 2008 |
| | Cape Carteret, NC | | 2,400 |
| | 971 |
| | 2,461 |
| | — |
| | 3,432 |
| | 99 |
| | 8/15/2011 | | 2008 |
| | Chicago (79th St.), IL | | (f) |
| | 976 |
| | 2,116 |
| | — |
| | 3,092 |
| | 87 |
| | 5/5/2011 | | 2003 |
COLE CREDIT PROPERTY TRUST III, INC.
SCHEDULE III - REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION
(in thousands)
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | Gross Amount at | | | | | | |
| | | | | | | | | | | | Which Carried | | | | | | |
| | | | | | Initial Costs to Company | | Total | | At December 31, | | Accumulated | | | | |
| | | | | | | | Buildings & | | Adjustment | | 2012 | | Depreciation | | Date | | Date |
| Description (a) | | Encumbrances | | Land | | Improvements | | to Basis | | (b) (c) | | (d) (e) | | Acquired | | Constructed |
| Walgreens (continued) | | | | | | | | | | | | | | | | |
| | Chicago (N. Canfield), IL | | $ (f) |
| | $ | 818 |
| | $ | 3,317 |
| | $ | — |
| | $ | 4,135 |
| | $ | 143 |
| | 4/28/2011 | | 2000 |
| | Chickasha, TX | | 1,869 |
| | 746 |
| | 2,900 |
| | — |
| | 3,646 |
| | 245 |
| | 10/14/2009 | | 2007 |
| | Clarkston, MI | | (f) |
| | 1,506 |
| | 2,885 |
| | — |
| | 4,391 |
| | 111 |
| | 6/24/2011 | | 2001 |
| | Cleveland (Clark), OH | | 2,692 |
| | 451 |
| | 4,312 |
| | — |
| | 4,763 |
| | 313 |
| | 2/10/2010 | | 2008 |
| | Country Club Hills, MO | | (f) |
| | 717 |
| | 3,697 |
| | — |
| | 4,414 |
| | 168 |
| | 3/9/2011 | | 2009 |
| | Decatur, GA | | (f) |
| | 1,490 |
| | 2,167 |
| | — |
| | 3,657 |
| | 96 |
| | 5/5/2011 | | 2001 |
| | Denton, TX | | — |
| | 887 |
| | 3,535 |
| | — |
| | 4,422 |
| | 310 |
| | 7/24/2009 | | 2009 |
| | Dubuque, IA | | (f) |
| | 825 |
| | 3,259 |
| | — |
| | 4,084 |
| | 122 |
| | 8/12/2011 | | 2008 |
| | Durham (Guess), NC | | 2,871 |
| | 1,315 |
| | 3,225 |
| | — |
| | 4,540 |
| | 203 |
| | 7/20/2010 | | 2010 |
| | Durham (Highway 54), NC | | 2,849 |
| | 2,067 |
| | 2,827 |
| | — |
| | 4,894 |
| | 197 |
| | 4/28/2010 | | 2008 |
| | Edmond, OK | | 2,250 |
| | 901 |
| | 2,656 |
| | — |
| | 3,557 |
| | 263 |
| | 7/7/2009 | | 2000 |
| | Elgin, IL | | 2,260 |
| | 1,561 |
| | 2,469 |
| | — |
| | 4,030 |
| | 192 |
| | 12/30/2009 | | 2002 |
| | Fayetteville, NC | | (f) |
| | 916 |
| | 4,118 |
| | — |
| | 5,034 |
| | 216 |
| | 12/30/2010 | | 2009 |
| | Fort Mill, SC | | 2,272 |
| | 1,137 |
| | 2,532 |
| | — |
| | 3,669 |
| | 166 |
| | 6/24/2010 | | 2010 |
| | Framingham, MA | | 3,046 |
| | 2,234 |
| | 2,852 |
| | — |
| | 5,086 |
| | 220 |
| | 1/19/2010 | | 2007 |
| | Fredericksburg, VA | | 3,773 |
| | 2,729 |
| | 4,072 |
| | — |
| | 6,801 |
| | 405 |
| | 1/9/2009 | | 2008 |
| | Goose Creek, SC | | 2,700 |
| | 1,277 |
| | 3,240 |
| | — |
| | 4,517 |
| | 267 |
| | 10/29/2009 | | 2009 |
| | Grand Junction , CO | | — |
| | 1,041 |
| | 3,215 |
| | — |
| | 4,256 |
| | 271 |
| | 9/30/2009 | | 2009 |
| | Grayson, GA | | 2,720 |
| | 1,129 |
| | 2,965 |
| | — |
| | 4,094 |
| | 157 |
| | 12/7/2010 | | 2004 |
| | Greenville, NC | | 3,030 |
| | 645 |
| | 3,532 |
| | — |
| | 4,177 |
| | 261 |
| | 2/19/2010 | | 2009 |
| | Independence, MO | | (f) |
| | 1,240 |
| | 2,436 |
| | — |
| | 3,676 |
| | 105 |
| | 5/5/2011 | | 2001 |
| | Indianapolis, IN | | — |
| | 842 |
| | 4,798 |
| | — |
| | 5,640 |
| | 476 |
| | 1/6/2009 | | 2008 |
| | Janesville (W Court), WI | 2,235 |
| | 689 |
| | 3,099 |
| | — |
| | 3,788 |
| | 213 |
| | 4/13/2010 | | 2010 |
| | Janesville, WI | | 2,640 |
| | 1,423 |
| | 3,776 |
| | — |
| | 5,199 |
| | 291 |
| | 12/18/2009 | | 2008 |
| | Kingman, AZ | | 2,997 |
| | 839 |
| | 4,369 |
| | — |
| | 5,208 |
| | 318 |
| | 2/25/2010 | | 2009 |
| | La Crosse, WI | | (f) |
| | 1,638 |
| | 3,107 |
| | — |
| | 4,745 |
| | 128 |
| | 5/6/2011 | | 2009 |
| | Lafayette, IN | | 2,350 |
| | 635 |
| | 2,425 |
| | — |
| | 3,060 |
| | 111 |
| | 3/31/2011 | | 2008 |
| | Lancaster (Palmdale), CA | 2,719 |
| | 1,349 |
| | 3,219 |
| | — |
| | 4,568 |
| | 216 |
| | 5/17/2010 | | 2009 |
| | Lancaster, SC | | 2,980 |
| | 2,021 |
| | 2,970 |
| | — |
| | 4,991 |
| | 219 |
| | 2/19/2010 | | 2009 |
| | Leland, NC | | 2,472 |
| | 1,252 |
| | 2,835 |
| | — |
| | 4,087 |
| | 179 |
| | 7/15/2010 | | 2008 |
| | Liberty Township, OH | | (f) |
| | 1,353 |
| | 3,285 |
| | — |
| | 4,638 |
| | 153 |
| | 3/31/2011 | | 2011 |
| | Loves Park, IL | | 1,767 |
| | 892 |
| | 2,644 |
| | — |
| | 3,536 |
| | 199 |
| | 1/19/2010 | | 2008 |
| | Machesney Park, IL | | 1,869 |
| | 875 |
| | 2,918 |
| | — |
| | 3,793 |
| | 225 |
| | 12/16/2009 | | 2008 |
| | Madisonville, KY | | (f) |
| | 1,083 |
| | 2,517 |
| | — |
| | 3,600 |
| | 101 |
| | 6/28/2011 | | 2007 |
| | Matteson, IL | | 2,450 |
| | 430 |
| | 3,246 |
| | — |
| | 3,676 |
| | 174 |
| | 11/30/2010 | | 2008 |
| | Medina, OH | | (f) |
| | 829 |
| | 2,966 |
| | — |
| | 3,795 |
| | 126 |
| | 5/5/2011 | | 2001 |
| | Muscatine, IA | | (f) |
| | 532 |
| | 2,450 |
| | — |
| | 2,982 |
| | 105 |
| | 5/5/2011 | | 2001 |
| | New Albany, OR | | (f) |
| | 1,095 |
| | 2,533 |
| | — |
| | 3,628 |
| | 136 |
| | 12/2/2010 | | 2006 |
| | North Mankato, MN | | 2,530 |
| | 1,841 |
| | 2,572 |
| | — |
| | 4,413 |
| | 182 |
| | 3/18/2010 | | 2008 |
| | North Platte, NE | | 2,328 |
| | 1,123 |
| | 3,367 |
| | — |
| | 4,490 |
| | 246 |
| | 2/23/2010 | | 2009 |
| | Omaha, NE | | 2,580 |
| | 1,183 |
| | 3,734 |
| | — |
| | 4,917 |
| | 273 |
| | 2/25/2010 | | 2009 |
| | Papillion, NE | | 1,967 |
| | 1,039 |
| | 2,731 |
| | — |
| | 3,770 |
| | 222 |
| | 10/6/2009 | | 2009 |
| | Pueblo, CO | | (f) |
| | 510 |
| | 2,651 |
| | — |
| | 3,161 |
| | 138 |
| | 12/7/2010 | | 2003 |
| | Roanoke, VA | | (f) |
| | 1,042 |
| | 3,923 |
| | — |
| | 4,965 |
| | 176 |
| | 4/26/2011 | | 2009 |
| | Rocky Mount, NC | | 2,995 |
| | 1,419 |
| | 3,516 |
| | — |
| | 4,935 |
| | 236 |
| | 5/26/2010 | | 2009 |
| | South Bend (Ironwood), IN | | 3,120 |
| | 1,538 |
| | 3,657 |
| | — |
| | 5,195 |
| | 283 |
| | 12/21/2009 | | 2006 |
| | South Bend, IN | | — |
| | 1,234 |
| | 3,245 |
| | — |
| | 4,479 |
| | 255 |
| | 11/18/2009 | | 2007 |
| | Spearfish, SD | | 2,426 |
| | 1,028 |
| | 3,355 |
| | — |
| | 4,383 |
| | 274 |
| | 10/6/2009 | | 2008 |
| | Springdale, AR | | 3,025 |
| | 1,099 |
| | 3,535 |
| | — |
| | 4,634 |
| | 143 |
| | 6/29/2011 | | 2009 |
| | St. Charles, IL | | 2,030 |
| | 1,457 |
| | 2,243 |
| | — |
| | 3,700 |
| | 175 |
| | 12/30/2009 | | 2002 |
COLE CREDIT PROPERTY TRUST III, INC.
SCHEDULE III - REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION
(in thousands)
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | Gross Amount at | | �� | | | | |
| | | | | | | | | | | | Which Carried | | | | | | |
| | | | | | Initial Costs to Company | | Total | | At December 31, | | Accumulated | | | | |
| | | | | | | | Buildings & | | Adjustment | | 2012 | | Depreciation | | Date | | Date |
| Description (a) | | Encumbrances | | Land | | Improvements | | to Basis | | (b) (c) | | (d) (e) | | Acquired | | Constructed |
| Walgreens (continued) | | | | | | | | | | | | | | | | |
| | Stillwater, OK | | $ (f) |
| | $ | 562 |
| | $ | 2,903 |
| | $ | 8 |
| | $ | 3,473 |
| | $ | 289 |
| | 7/21/2009 | | 2000 |
| | Tucson (Harrison), AZ | | 2,910 |
| | 1,415 |
| | 3,075 |
| | — |
| | 4,490 |
| | 160 |
| | 12/7/2010 | | 2004 |
| | Tucson (River), AZ | | (f) |
| | 1,353 |
| | 3,390 |
| | — |
| | 4,743 |
| | 186 |
| | 11/12/2010 | | 2003 |
| | Tulsa, OK | | 2,016 |
| | 1,130 |
| | 2,414 |
| | — |
| | 3,544 |
| | 249 |
| | 1/6/2009 | | 2001 |
| | Twin Falls, ID | | 2,432 |
| | 1,088 |
| | 3,153 |
| | — |
| | 4,241 |
| | 240 |
| | 1/14/2010 | | 2009 |
| | Union City, GA | | (f) |
| | 916 |
| | 3,120 |
| | — |
| | 4,036 |
| | 112 |
| | 9/9/2011 | | 2005 |
| | Warner Robins, GA | | — |
| | 1,171 |
| | 2,585 |
| | — |
| | 3,756 |
| | 219 |
| | 10/20/2009 | | 2007 |
| | Watertown, NY | | (f) |
| | 2,696 |
| | 2,545 |
| | — |
| | 5,241 |
| | 117 |
| | 7/26/2011 | | 2006 |
| | Wichita, KS | | (f) |
| | 667 |
| | 2,727 |
| | — |
| | 3,394 |
| | 101 |
| | 8/1/2011 | | 2000 |
| | Wilmington, NC | | (f) |
| | 1,126 |
| | 3,704 |
| | — |
| | 4,830 |
| | 163 |
| | 4/21/2011 | | 2010 |
| | Xenia, OH | | (f) |
| | 840 |
| | 3,575 |
| | — |
| | 4,415 |
| | 112 |
| | 10/4/2011 | | 2009 |
| Wal-Mart | | | | | | | | | | | | | | | | |
| | Albuquerque, NM | | 9,698 |
| | 14,432 |
| | — |
| | — |
| | 14,432 |
| | — |
| | 3/31/2009 | | (g) |
| | Cary, NC | | — |
| | 2,749 |
| | 5,062 |
| | — |
| | 7,811 |
| | 7 |
| | 12/21/2012 | | 2005 |
| | Douglasville, GA | | (f) |
| | 4,781 |
| | 13,166 |
| | — |
| | 17,947 |
| | 628 |
| | 7/28/2011 | | 1999 |
| | Lancaster, SC | | — |
| | 2,664 |
| | 10,223 |
| | — |
| | 12,887 |
| | 359 |
| | 12/21/2011 | | 1999 |
| | Las Vegas , NV | | 7,925 |
| | 13,237 |
| | — |
| | — |
| | 13,237 |
| | — |
| | 3/31/2009 | | (g) |
| | Pueblo, CO | | 8,250 |
| | 1,877 |
| | 10,162 |
| | — |
| | 12,039 |
| | 679 |
| | 11/12/2010 | | 1998 |
| | Riverside, CA | | 55,000 |
| | 12,078 |
| | 72,714 |
| | — |
| | 84,792 |
| | 2,676 |
| | 7/25/2011 | | 2011 |
| Waterside Marketplace | | | | | | | | | | | | | | | | |
| | Chesterfield, MI | | 19,350 |
| | 8,078 |
| | 15,727 |
| | 911 |
| | 24,716 |
| | 1,463 |
| | 12/20/2010 | | 2007 |
| WaWa | | | | | | | | | | | | | | | | |
| | Gap, PA | | — |
| | 912 |
| | 4,550 |
| | — |
| | 5,462 |
| | 45 |
| | 8/29/2012 | | 2005 |
| | Portsmouth, VA | | 1,241 |
| | 2,080 |
| | — |
| | — |
| | 2,080 |
| | — |
| | 9/30/2010 | | (g) |
| Wells Fargo | | | | | | | | | | | | | | | | |
| | Hillsboro, NH | | 13,500 |
| | 8,088 |
| | 15,955 |
| | — |
| | 24,043 |
| | 1,247 |
| | 12/8/2010 | | 1979 |
| Wendy’s | | | | | | | | | | | | | | | | |
| | Avon (10565 US36), IN | | — |
| | 820 |
| | 636 |
| | — |
| | 1,456 |
| | 1 |
| | 12/27/2012 | | 1999 |
| | Avon (5201 US36), IN | | — |
| | 686 |
| | 596 |
| | — |
| | 1,282 |
| | 1 |
| | 12/27/2012 | | 1990 |
| | Bellingham, WA | | — |
| | 395 |
| | 574 |
| | — |
| | 969 |
| | 1 |
| | 12/27/2012 | | 1994 |
| | Bothell, WA | | — |
| | 317 |
| | 407 |
| | — |
| | 724 |
| | — |
| | 12/27/2012 | | 2004 |
| | Carmel (116th St), IN | | — |
| | 881 |
| | 73 |
| | — |
| | 954 |
| | — |
| | 12/27/2012 | | 1980 |
| | Carmel (Michigan Rd), IN | | — |
| | 826 |
| | 556 |
| | — |
| | 1,382 |
| | 1 |
| | 12/27/2012 | | 2001 |
| | Fishers (116th St), IN | | — |
| | 722 |
| | 561 |
| | — |
| | 1,283 |
| | 1 |
| | 12/27/2012 | | 1999 |
| | Fishers (Olivia), IN | | — |
| | 559 |
| | 652 |
| | — |
| | 1,211 |
| | 1 |
| | 12/27/2012 | | 2012 |
| | Greenfield, IN | | — |
| | 343 |
| | 390 |
| | — |
| | 733 |
| | — |
| | 12/27/2012 | | 1980 |
| | Henderson (Eastern), NV | — |
| | 589 |
| | 643 |
| | — |
| | 1,232 |
| | 1 |
| | 12/27/2012 | | 2000 |
| | Henderson (Green), NV | | — |
| | 748 |
| | 926 |
| | — |
| | 1,674 |
| | 1 |
| | 12/27/2012 | | 1997 |
| | Henderson (Lake), NV | | — |
| | 670 |
| | 507 |
| | — |
| | 1,177 |
| | 1 |
| | 12/27/2012 | | 1999 |
| | Indianapolis, IN | | — |
| | 641 |
| | 533 |
| | — |
| | 1,174 |
| | 1 |
| | 12/27/2012 | | 1993 |
| | Las Vegas (Lake Mead), NV | | — |
| | 460 |
| | 609 |
| | — |
| | 1,069 |
| | 1 |
| | 12/27/2012 | | 1995 |
| | Las Vegas (Nellis), NV | | — |
| | 647 |
| | 514 |
| | — |
| | 1,161 |
| | 1 |
| | 12/27/2012 | | 1984 |
| | Las Vegas (Rancho), NV | | — |
| | 755 |
| | 809 |
| | — |
| | 1,564 |
| | 1 |
| | 12/27/2012 | | 1991 |
| | Las Vegas (W Flamingo), NV | | — |
| | 556 |
| | 552 |
| | — |
| | 1,108 |
| | 1 |
| | 12/27/2012 | | 1986 |
| | Las Vegas (Charleston), NV | | — |
| | 761 |
| | 625 |
| | — |
| | 1,386 |
| | 1 |
| | 12/27/2012 | | 1976 |
| | Las Vegas (E. Flamingo), NV | | — |
| | 319 |
| | 539 |
| | — |
| | 858 |
| | 1 |
| | 12/27/2012 | | 1976 |
| | Lebanon, IN | | — |
| | 1,445 |
| | 767 |
| | — |
| | 2,212 |
| | 1 |
| | 12/27/2012 | | 2012 |
| | Noblesville, IN | | — |
| | 546 |
| | 69 |
| | — |
| | 615 |
| | — |
| | 12/27/2012 | | 2012 |
COLE CREDIT PROPERTY TRUST III, INC.
SCHEDULE III - REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION
(in thousands)
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | Gross Amount at | | | | | | |
| | | | | | | | | | | | Which Carried | | | | | | |
| | | | | | Initial Costs to Company | | Total | | At December 31, | | Accumulated | | | | |
| | | | | | | | Buildings & | | Adjustment | | 2012 | | Depreciation | | Date | | Date |
| Description (a) | | Encumbrances | | Land | | Improvements | | to Basis | | (b) (c) | | (d) (e) | | Acquired | | Constructed |
| Wendy’s (continued) | | | | | | | | | | | | | | | |
| | Port Angeles, WA | | — |
| | 437 |
| | 1,237 |
| | — |
| | 1,674 |
| | 1 |
| | 12/27/2012 | | 1980 |
| | Redmond, WA | | $ | — |
| | $ | 730 |
| | $ | 246 |
| | $ | — |
| | $ | 976 |
| | $ | — |
| | 12/27/2012 | | 1977 |
| | San Antonio (De Zavala), TX | | — |
| | 927 |
| | 520 |
| | — |
| | 1,447 |
| | 1 |
| | 12/27/2012 | | 1995 |
| | San Antonio (Loop 410), TX | | — |
| | 627 |
| | 461 |
| | — |
| | 1,088 |
| | — |
| | 12/27/2012 | | 1990 |
| | San Antonio (Southcross), TX | | — |
| | 572 |
| | 927 |
| | — |
| | 1,499 |
| | 1 |
| | 12/27/2012 | | 1992 |
| | San Antonio (Stone Oak), TX | | — |
| | 863 |
| | 248 |
| | — |
| | 1,111 |
| | — |
| | 12/27/2012 | | 2000 |
| | San Antonio, TX | | — |
| | 1,108 |
| | 244 |
| | — |
| | 1,352 |
| | — |
| | 12/27/2012 | | 2003 |
| | San Marcos, TX | | — |
| | 575 |
| | 778 |
| | — |
| | 1,353 |
| | 1 |
| | 12/27/2012 | | 2002 |
| | Schertz, TX | | — |
| | 984 |
| | 213 |
| | — |
| | 1,197 |
| | — |
| | 12/27/2012 | | 1994 |
| | Selma, TX | | — |
| | 1,368 |
| | 252 |
| | — |
| | 1,620 |
| | — |
| | 12/27/2012 | | 2003 |
| | Silverdale, WA | | — |
| | 1,144 |
| | 1,777 |
| | — |
| | 2,921 |
| | 2 |
| | 12/27/2012 | | 1995 |
| West Marine | | | | | | | | | | | | | | | | |
| | Fort Lauderdale, FL | | (f) |
| | 3,772 |
| | 6,685 |
| | — |
| | 10,457 |
| | 148 |
| | 3/15/2012 | | 2011 |
| | Harrison Township, MI | | (f) |
| | 666 |
| | 2,623 |
| | — |
| | 3,289 |
| | 50 |
| | 4/30/2012 | | 2009 |
| West/East Valley Shopping Center | | | | | | | | | | | | | | |
| | Saginaw, MI | | — |
| | 299 |
| | 3,111 |
| | — |
| | 3,410 |
| | 5 |
| | 12/31/2012 | | 2009 |
| | Saginaw (East), MI | | — |
| | 729 |
| | 19,679 |
| | — |
| | 20,408 |
| | 33 |
| | 12/31/2012 | | 1996 |
| Whittwood Town Center | | | | | | | | | | | | | | | | |
| | Whittier, CA | | 43,000 |
| | 35,268 |
| | 64,486 |
| | 408 |
| | 100,162 |
| | 5,081 |
| | 8/27/2010 | | 2006 |
| White Oak Village | | | | | | | | | | | | | | | | |
| | Richmond, VA | | 34,250 |
| | 12,243 |
| | 44,405 |
| | — |
| | 56,648 |
| | 481 |
| | 8/30/2012 | | 2008 |
| Whole Foods | | | | | | | | | | | | | | | | |
| | Hinsdale, IL | | 5,710 |
| | 4,227 |
| | 6,749 |
| | — |
| | 10,976 |
| | 491 |
| | 5/28/2010 | | 1999 |
| Widewater Village | | | | | | | | | | | | | | | | |
| | Uniontown, PA | | — |
| | 1,785 |
| | 4,208 |
| | — |
| | 5,993 |
| | 103 |
| | 4/30/2012 | | 2008 |
| Winchester Station | | | | | | | | | | | | | | | | |
| | Winchester, VA | | 17,000 |
| | 4,743 |
| | 24,724 |
| | — |
| | 29,467 |
| | 834 |
| | 9/29/2011 | | 2005 |
| | | | $ | 2,415,190 |
| | $ | 1,495,935 |
| | $ | 4,372,195 |
| | $ | 46,399 |
| | $ | 5,914,529 |
| | | | | | |
| | | | | | | | | | | | | | | | | | |
(a) As of December 31, 2012, the Company owned 807 single-tenant retail properties, 120 single-tenant freestanding commercial properties, 70 multi-tenant retail properties, 16 office and industrial properties and one land parcel.
(b) The aggregate cost for federal income tax purposes is approximately $6.9 billion.
COLE CREDIT PROPERTY TRUST III, INC.
SCHEDULE III - REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION
(in thousands)
(c) The following is a reconciliation of total real estate carrying value for the years ended December 31: |
| | | | | | | | | | | | | | |
| | | | 2012 | 2011 | 2010 |
| Balance, beginning of period | | $ | 4,498,384 |
| | $ | 2,572,898 |
| | $ | 596,425 |
|
| | Additions | | | | | | |
| | | Acquisitions | | 1,743,548 |
| | 1,922,180 |
| | 1,975,533 |
|
| | | Improvements | | 98,337 |
| | 3,376 |
| | 1,003 |
|
| | | Adjustment to basis | | — |
| | — |
| | — |
|
| | Total additions | | 1,841,885 |
| | 1,925,556 |
| | 1,976,536 |
|
| | Deductions | | | | | | |
| | | Cost of real estate sold | | (425,577 | ) | | — |
| | — |
|
| | | Other (including provisions for impairment of real estate assets) | | (163 | ) | | (70 | ) | | (63 | ) |
| | Total deductions | | (425,740 | ) | | (70 | ) | | (63 | ) |
| Balance, end of period | | $ | 5,914,529 |
| | $ | 4,498,384 |
| | $ | 2,572,898 |
|
(d) The following is a reconciliation of accumulated depreciation for the years ended December 31:
|
| | | | | | | | | | | | | | |
| | | | 2012 | 2011 | 2010 |
| Balance, beginning of period | | $ | 98,707 |
| | $ | 28,868 |
| | $ | 3,178 |
|
| | Additions | | | | | | |
| | | Acquisitions - Depreciation Expense for Building, Acquisitions Costs & Tenant Improvements Acquired | | 109,614 |
| | 69,756 |
| | 25,672 |
|
| | | Improvements - Depreciation Expense for Tenant Improvements and Building Equipment | | 919 |
| | 83 |
| | 18 |
|
| | Total additions | | 110,533 |
| | 69,839 |
| | 25,690 |
|
| | Deductions | | | | | | |
| | | Cost of real estate sold | | (20,541 | ) | | — |
| | — |
|
| | | Other (including provisions for impairment of real estate assets) | | — |
| | — |
| | — |
|
| | Total deductions | | (20,541 | ) | | — |
| | — |
|
| Balance, end of period | | $ | 188,699 |
| | $ | 98,707 |
| | $ | 28,868 |
|
(e) The Company’s assets are depreciated or amortized using the straight-lined method over the useful lives of the assets by class. Generally, tenant improvements and lease intangibles are amortized over the respective lease term and buildings are depreciated over 40 years.
(f) Property is included in the Credit Facility’s underlying collateral pool of 309 commercial properties. As of December 31, 2012, the Company had $767.8 million outstanding under the Credit Facility.
(g) Subject to a ground lease and therefore date constructed is not applicable.
COLE CREDIT PROPERTY TRUST III, INC.
SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE
(in thousands)
|
| | | | | | | | | | | | | | | | | | | | |
| Mortgage Loans Receivable | | Description | | Location | | Interest Rate as of December 31, 2012 (a) | | Final Maturity Date | | Periodic Payment Terms (b) | | Prior Liens | | Outstanding Face Amount of Mortgages (in thousands) | | Carrying Amount of Mortgages (in thousands)(c) |
| Consol Energy Notes | | Office | | (d) | | 5.93% | | 10/1/2018 | | P & I | | None | | $ | 72,860 |
| | $ | 64,923 |
|
| Junior Mezzanine Note | | Retail | | (e) | | 9.50% | | 7/1/2015 | | I | | None | | 25,000 |
| | 25,435 |
|
| | | | | | | | | | | | | | | $ | 97,860 |
| | $ | 90,358 |
|
(a) Represents the interest rate in effect under the loan as of December 31, 2012.
(b) P & I = Principal and interest payments; I = Interest only.
(c) The aggregate cost for Federal Income Tax purposes is $87.7 million
(d) The Consol Energy Notes are secured by two office buildings located in Pennsylvania.
(e) The Junior Mezzanine Note is secured by 15 commercial retail centers located in various states.
The following shows changes in the carrying amounts of mortgage loans receivable during the period (in thousands): |
| | | | | | | | | | | | |
| | | 2012 | | 2011 | | 2010 |
| Balance, beginning of period | | $ | 64,683 |
| | $ | 63,933 |
| | $ | — |
|
| Additions: | | | | | | |
| New mortgage loans | | 25,000 |
| | — |
| | 74,000 |
|
| Discount on new mortgage loans and capitalized loan costs | | — |
| | — |
| | (12,000 | ) |
| Acquisition costs related to investment in mortgage notes receivable | | 500 |
| | — |
| | 1,291 |
|
| Deductions: | | | | | | |
| Collections of principal | | (864 | ) | | (276 | ) | | — |
|
| Accretion of discount and amortization of premium and capitalized loan costs | | 1,039 |
| | 1,026 |
| | 642 |
|
| Balance, end of period | | $ | 90,358 |
| | $ | 64,683 |
| | $ | 63,933 |
|
