DOCUMENTS INCORPORATED BY REFERENCE:
| 1. | Registrant incorporates by reference portions of the Commercial Net Lease Realty, Inc. Annual Report to Shareholders for the fiscal year ended December 31, 2003 (Items 5, 6, 7, 7A and 8 of Part II). | ||
| 2 | Registrant incorporates by reference portions of the Commercial Net Lease Realty, Inc. Proxy Statement for the 2004 Annual Meeting of Shareholders (Items 10, 11, 12, 13 and 14 of Part III). | ||
PART I
Item 1. Business
Commercial Net Lease Realty, Inc., a Maryland corporation is a fully integrated, self-administered real estate investment trust (“REIT”) formed in 1984. Commercial Net Lease Realty, Inc. and its wholly-owned subsidiaries (collectively, the “Registrant” or the “Company”), acquires, owns, manages and indirectly, through investment interests, develops primarily single-tenant retail, office and industrial properties that are generally leased under long-term commercial net leases. The Company’s executive offices are located at 450 S. Orange Avenue, Suite 900, Orlando, Florida 32801, and its telephone number is (407) 265-7348. The Company has an internet website at www.nnnreit.com where the Company’s filings with the Securities and Exchange Commission can be downloaded free of charge.
The Company’s strategy is to invest primarily in single-tenant, retail, office and industrial properties which typically are located along intensive commercial corridors near traffic generators, such as regional malls, business developments and major thoroughfares. Management believes that these types of properties when leased to high-quality tenants provide attractive opportunities for a stable current return and the potential for capital appreciation. In management’s view, these types of properties also provide the Company with flexibility in use and tenant selection when the properties are re-let.
The Company will hold its properties until it determines that the sale of the properties is advantageous in view of the Company’s investment objectives. In deciding whether to sell properties, the Company will consider factors such as potential capital appreciation, net cash flow, potential use of sale proceeds and federal income tax considerations.
Properties
As of December 31, 2003, the Company owned 339 properties (the “Properties”) that are leased to established tenants, including Academy, Barnes & Noble, Bennigan’s, Best Buy, Borders, Eckerd, Jared Jewelers, OfficeMax, The Sports Authority and the United States of America. Approximately 97 percent of the gross leasable area of the Company’s portfolio of Properties was leased at December 31, 2003.
The Properties are generally leased under net leases pursuant to which the tenant typically will bear responsibility for substantially all property costs and expenses associated with ongoing maintenance and operation. Certain of the Company’s Properties, including the two office buildings acquired during 2003 (see “Item 2. Properties”), are subject to leases under which the Company retains responsibility for certain costs and expenses associated with the Property. The leases of each of the Company’s Properties require payment of base rent plus, generally, either percentage rent based on the tenant’s gross sales or contractual increases in base rent.
During 2003, one of the Company’s lessees, Eckerd Corporation, accounted for more than 10 percent of the Company’s total rental income (including the Company’s share of rental income from nine properties owned by one of the Company’s unconsolidated affiliates). As of December 31, 2003, Eckerd Corporation leased 52 properties (including three properties under leases with one of the Company’s unconsolidated affiliates). Based on the minimum rental payments required by the leases, Eckerd Corporation may continue to account for more than 10 percent of the Company’s total rental income in 2004. In August 2003, the Company entered into lease agreements with the United States of America, which the Company expects to account for more than 10 percent of the Company’s total rental income in future years. Any failure of these lessees to make the lease payments when they are due could materially affect the Company’s income.
Investments in Consolidated Subsidiaries
During its course of business, the Company has formed or acquired 21 wholly-owned subsidiaries primarily to facilitate the acquisition and development of real estate of certain properties. Some of the subsidiaries were formed to hold an interest in certain of the Company’s unconsolidated affiliates. Each of the wholly-owned subsidiaries is a qualified real estate investment trust subsidiary as defined under the Internal Revenue Code Section 856(i)(2).
Investments in Unconsolidated Affiliates
In May 1999, the Company transferred its build-to-suit development operation to a 95 percent owned, taxable unconsolidated subsidiary, Commercial Net Lease Realty Services, Inc. (“Services”). The Company contributed $5,700,000 of real estate and other assets to Services in exchange for shares of non-voting common stock. In connection with its contribution, the Company received a 95 percent, non-controlling interest in Services and was entitled to receive 95 percent of the dividends paid by Services. On December 31, 2001, the Company contributed an additional $20,042,000 of real estate. As a result of its additional contribution, effective January 1, 2002, the Company holds a 98.7 percent, non-controlling interest in Services and is entitled to receive 98.7 percent of the dividends paid by Services. Gary M. Ralston, James M. Seneff, Jr. and Kevin B. Habicht, each of which are officers and directors of the Company, own the remaining 1.3 percent interest, which is 100 percent of the voting interest in Services. The Company has a secured line of credit agreement with Services for a $35,000,000 revolving credit facility. The credit facility is secured by a first mortgage on Services’ properties. In addition, the Company has lines of credit and security agreements with wholly-owned subsidiaries of Services for an aggregate amount of $115,000,000 of revolving credit facilities and is secured by a pledge of the real estate and/or the other assets owned by the respective borrower. Collectively, these agreements provide an aggregate borrowing capacity of $150,000,000 to Services and its wholly-owned subsidiaries and each agreement has an expiration date of May 9, 2006. Services primarily acquires, develops, leases and sells freestanding net leased properties. The Company accounts for its interest in Services and its wholly-owned subsidiaries under the equity method of accounting.
In September 1997, Net Lease Realty III, Inc., a wholly-owned subsidiary of the Company, formed a limited partnership, Net Lease Institutional Realty L.P. (the “Partnership”), with The Northern Trust Company, Trustee of the Retirement Plan for the Chicago Transit Authority Employees (“CTA”) to acquire, own and manage nine properties. Net Lease Realty III, Inc. was the sole general partner (the “General Partner”) with a 20 percent interest in the Partnership, and CTA is the sole limited partner with an 80 percent interest in the Partnership. Pursuant to the Limited Partnership Agreement (“Agreement”), the General Partner is responsible for the management of the Partnership’s properties. Net income and losses of the Partnership are to be allocated to the partners in accordance with their respective percentage interest in the Partnership. The Partnership secured a $12,000,000 non-recourse mortgage on the Partnership’s nine properties in September 1997 at a 7.37% interest rate.
As of December 31, 2003, the Partnership owned nine properties (the “Partnership Properties”) leased to eight tenants. Generally, the leases of the Partnership Properties provide for initial terms of 15 to 20 years with annual base rent ranging from $100,000 to $730,000 and building sites ranging from 11,000 to 70,000 square feet. The Partnership Properties are generally leased under net leases pursuant to which the tenant typically will bear the responsibility for substantially all property costs and expenses related to ongoing maintenance and operation, including utilities, property taxes and insurance.
Under the terms of the Agreement, CTA had the right to convert its 80 percent interest into shares of the Company’s common stock. In October 2003, CTA exercised that right and based on the terms and calculation defined in the Agreement, the Company issued 953,551 shares of common stock to CTA in a private transaction in February 2004.
The Company has entered into five limited liability company (“LLC”) agreements between June 2001 and July 2003, with CNL Commercial Finance, Inc. (“CCF”), a related party. Each of the LLCs holds an interest in mortgage loans and is 100 percent equity financed. The Company holds a non-voting and non-controlling interest in each of the LLCs ranging from 36.7 to 44.0 percent and accounts for its interests under the equity method of accounting. In 2003, in connection with a loan to CCF from an affiliate of James M. Seneff, Jr., an officer and director of the Company, the Company pledged a portion of its interest in two of the LLCs as partial collateral for the loan.
In May 2002, the Company contributed cash to purchase a combined 25 percent partnership interest in CNL Plaza, Ltd. and CNL Plaza Venture, Ltd. (collectively, “Plaza”), which owns a 346,000 square foot office building and an interest in an adjacent parking garage. Affiliates of James M. Seneff, Jr., an officer and director of the Company, and Robert A. Bourne, a member of the Company’s board of directors, own the remaining partnership interests. The Company accounts for its 25 percent interest in the Plaza under the equity method of accounting. Since November 1999, the Company has leased its office space from Plaza. The Company’s lease expires in October 2014. In addition, the Company has severally guaranteed 41.67% of a $15,500,000 promissory note on behalf of Plaza. The maximum obligation to the Company is $6,458,300 plus interest. Interest accrues at a rate of LIBOR plus 200 basis point per annum on the unpaid principal amount. This guarantee shall continue through the loan maturity in November 2004. Plaza intends to renew the promissory note in 2004.
Advisory Services
In January 1998, the Company acquired its external advisor, CNL Realty Advisors, Inc. (the “Advisor”), which resulted in the Company becoming a self-administered and self-managed REIT (the “Advisor Transaction”). Pursuant to an agreement and plan of merger, the Advisor was merged into a wholly-owned subsidiary of the Company pursuant to which all of the outstanding common stock of the Advisor was exchanged for 220,000 shares of common stock of the Company and the right, based upon the Company’s completed property acquisitions and completed development projects in accordance with the merger agreement, to receive up to 1,980,000 additional shares (the “Share Balance”) of the Company’s common stock, for a period of up to five years. The Company has issued the entire Share Balance as of December 31, 2001. Upon the consummation of the Advisor Transaction, all personnel employed by the Advisor became employees of the Company. Following consummation of the Advisor Transaction, the Company’s agreement with its Advisor and the obligation of the Company to pay any fees there under was terminated. For a complete description of the Advisor Transaction, see the Company’s Proxy Statement dated November 13, 1997, for the Company’s 1997 annual meeting of stockholders.
Merger
In December 2001, the Company acquired 100 percent of Captec Net Lease Realty, Inc. (“Captec”), a publicly traded real estate investment trust, which owned 135 freestanding, net lease properties located in 26 states. Captec shareholders had the right to receive $11,839,000 in cash, 4,349,918 newly issued shares of the Company’s common stock and 1,999,974 newly issued shares of the Company’s 9% Series A Preferred Stock. The merger was accounted for under the purchase method of accounting. Under the purchase method of accounting, the merger acquisition price of $124,722,000 was allocated to the assets acquired and liabilities assumed at their fair values. As a result, the Company did not record goodwill.
In January 2002, beneficial owners of shares of Captec stock held of record by Cede & Co. who alleged that they did not vote for the merger (and who alleged that they caused a written demand for appraisal of their Captec shares to be served on Captec), filed in the Chancery Court of the State of Delaware in and for New Castle County a Petition for Appraisal of Stock (“Appraisal Action”). The Appraisal Action alleged that 1,037,946 shares of Captec dissented from the merger and sought to require the Company to pay to all Captec stockholders who demanded appraisal of their shares the fair value of those shares, with interest from the date of the merger. Appraisal Action also sought to require the Company to pay all costs of the proceeding, including fees and expenses for plaintiff’s attorneys and experts. As a result of this action, the plaintiffs were not entitled to receive the Company’s common and Series A Preferred Stock shares as offered in the original merger consideration. Accordingly, the Company reduced the number of common and Series A Preferred Stock shares issued and outstanding by 474,037 and 217,950, respectively, which represents the number of shares that would have been issued to the plaintiffs had they accepted the original merger consideration. In 2003, the Company further reduced the number of common and Series A Preferred Stock shares issued and outstanding by 824 and 379, respectively. As of December 31, 2002, the Company had recorded the value of these shares at the original consideration share price in addition to the cash portion of the original merger consideration as other liabilities totaling $13,278,000. In February 2003, the Company entered into a settlement agreement with the beneficial owners of the alleged 1,037,946 dissenting shares (including the petitioners in the Appraisal Action) which required the Company to pay $15,569,000, which approximated the value of the original merger consideration (which included cash, common stock and Series A Preferred Stock shares) at the time of the litigation settlement plus the dividends that would have been paid if the shares had been issued at the time of the merger. On February 13, 2003, the parties filed a stipulation and order of dismissal and the Court entered the order of dismissal, dismissing the Appraisal Action with prejudice.
Competition
The Company generally competes with other REITs, commercial developers, real estate limited partnerships and other investors, including but not limited to, insurance companies, pension funds and financial institutions, in the acquisition, leasing, financing, development and disposition of investments in net-leased properties. Over 60 other publicly traded REITs own, manage or develop retail, office or industrial properties.
Employees
As of December 31, 2003, the Company employed 44 full-time persons including executive, administrative and field personnel. Reference is made to “Item 10. Directors and Executive Officers of the Registrant” for a listing of the Company’s Executive Officers.
Item 2. Properties
As of December 31, 2003, the Company owned 339 Properties located in 39 states, of which 97 percent of the gross leasable area is leased to established retail and office tenants. Reference is made to the Schedule of Real Estate and Accumulated Depreciation and Amortization filed with this report for a listing of the Properties and their respective carrying costs.
Description of Retail and Office Properties
Retail Properties
Land. The Company’s retail Property sites range from approximately 15,000 to 774,000 (average of 110,000) square feet depending upon building size and local demographic factors. Sites purchased by the Company are in locations zoned for commercial use which have been reviewed for traffic patterns and volume. Land costs range from approximately $73,000 to $8,882,000 (average of $1,134,000).
Buildings. The buildings generally are single-story structures constructed from various combinations of stucco, steel, wood, brick and tile. Building sizes range from approximately 1,000 to 135,000 (average of 21,000) square feet. Building costs range from $44,000 to $9,170,000 (average of $1,622,000) for each retail Property, depending upon the size of the building and the site and the area in which the Property is located. Generally, the retail Properties owned by the Company are freestanding, with paved parking areas.
Leases. Although there are variations in the specific terms of the leases, the following is a summarized description of the general structure of the Company’s leases. Generally, the leases of the Properties owned by the Company provide for initial terms of 10 to 20 years. As of December 31, 2003, the weighted average remaining lease term was approximately 11 years. The Properties are generally leased under net leases pursuant to which the tenant typically will bear responsibility for substantially all property costs and expenses associated with ongoing maintenance and operation, including utilities, property taxes and insurance. In addition, the majority of the Company’s leases provide that the tenant is responsible for roof and structural repairs. The leases of the Properties provide for annual base rental payments (payable in monthly installments) ranging from $23,000 to $1,248,000 (average of $264,000). Generally, the leases provide for either percentage rent or contractual increases in annual rent. Leases which provide for contractual increases in annual rent generally have increases which range from two to 12 percent after every one to five years of the lease term. In addition, for those leases which provide for the payment of percentage rent, such rent is generally one to eight percent of the tenants’ annual gross sales for the respective location, less the amount of annual base rent payable in that lease year. As of December 31, 2003, 83 percent of the Company’s annualized base rent was derived from retail Properties, with leases representing approximately: (i) 80 percent of annual base rent include contractual increases, (ii) 25 percent of annual base rent include percentage rent provisions and (iii) 15 percent of annual base rent include both contractual and percentage rent provisions.
Generally, the leases of the Properties provide the tenant with one, two, three or four five-year renewal options subject to the same terms and conditions as the initial lease. Some of the leases also provide that in the event the Company wishes to sell the Property subject to that lease, the Company first must offer the lessee the right to purchase the Property on the same terms and conditions and for the same price as any offer which the Company has received for the sale of the Property.
Certain of the Company’s Properties have leases that provide the tenant with a purchase option to acquire the Property from the Company. The purchase price calculations are generally stated in the lease agreement or are based on current market value.
Office Properties
In August 2003, the Company acquired two office buildings and a related parking garage in the Washington, D.C. metropolitan area (“Office Properties”), for $142,800,000. In addition, the Company has agreed to fund an additional $26,544,000 for building and tenant improvements, and other costs related to the lease. As of December 31, 2003, the Company had funded $11,438,000 of these improvements. These properties include two office buildings which have an aggregate of 555,000 rentable square feet (505,000 usable square feet for purposes of calculating rent) and a two-level garage with 1,079 parking spaces. The Office Properties are leased substantially to The United States of America (“USA”) to be used as the headquarters of the Transportation Security Administration. The lease was executed in December 2002 and USA began occupying space in the buildings in phases beginning in January 2003. The lease will expire in 2014. USA executed a modified net lease (i.e., the landlord pays certain property related operating costs), that commenced for a portion of the properties in December 2002. Once fully occupied, USA will pay approximately $18,300,000 in annual rent for the Office Properties. USA is responsible for the actual amount of real estate taxes above the base year amount and increases in operating expenses above an expected base year amount, subject to a consumer price index cap. As landlord, the Company is responsible for property insurance.
General
During 2003, one of the Company’s lessees, Eckerd Corporation (a retail drugstore chain that is a wholly-owned subsidiary of J.C. Penney Company, Inc.) accounted for more than 10 percent of the Company’s total rental income (including the Company’s share of rental income from the Partnership Properties). As of December 31, 2003, Eckerd Corporation leased 52 properties (including three properties under leases with the Partnership), representing nine percent of the Company’s total assets. For information regarding the results of operations and financial condition of this entity, refer to the Annual Report on Form 10-K of the J.C. Penney Company, Inc., Note 17 (Roll forward of Restructuring Reserves) and Note 20 (Segment Reporting) of the Notes to the Financial Statements, as filed with the Securities and Exchange Commission for the year ended January 25, 2003.
The Company generally competes with other REITs, commercial developers, real estate limited partnerships and other investors, including but not limited to, insurance companies, pension funds and financial institutions in the acquisition, leasing, financing, development and disposition of investments in net leased properties.
Investments in real property create a potential for environmental liability on the part of the owner of such property from the presence or discharge of hazardous substances on the property. It is the Company’s policy, as a part of its acquisition due diligence process, generally to obtain a Phase I environmental site assessment for each property and where warranted, a Phase II environmental site assessment. Phase I assessments involve site reconnaissance and review of regulatory files identifying potential areas of concern, whereas Phase II assessments involve some degree of soil and/or groundwater testing. The Company may acquire a property whose environmental site assessment indicates that a contamination or potential contamination exists, subject to a determination of the level of risk and potential cost of remediation. In such cases, the Company requires the seller and/or tenant to (i) remediate the problem prior to the Company’s acquiring the property, (ii) indemnify the Company for environmental liabilities or (iii) agree to other arrangements deemed appropriate by the Company to address environmental conditions at the property. The Company has 18 Properties currently under some level of environmental remediation. The seller or the tenant is contractually responsible for the cost of the environmental remediation for each of these Properties.
The Company’s principal executive offices are located at 450 South Orange Avenue, Suite 900, Orlando, Florida 32801. The Company’s telephone number is (407) 265-7348.
Item 3. Legal Proceedings
The Company was a defendant in a lawsuit filed in December 1998 in the United States District Court for the District of Puerto Rico. The plaintiff, Ysiem Corporation, alleged that the Company was in breach of a ground lease agreement with the plaintiff regarding a land parcel owned by the plaintiff and was seeking damages of $7,500,000 and/or specific performance of the execution of the ground lease. In January 2002, the District Court Judge granted the Company’s motion for summary judgment of dismissal of the action. The plaintiff subsequently appealed the summary judgment to the U.S. First Circuit Court of Appeals. In May 2003, the U.S. First Circuit Court of Appeals affirmed the dismissal and that dismissal is now final.
In January 2002, Calapasas Investment Partnership No. 1 Limited Partnership (“Calapasas”), a Captec stockholder, filed a class action complaint against Captec, certain former Captec directors, and the Company (as successor in interest to Captec) in the United States District Court for the Northern District of California. In its complaint Calapasas alleged that Captec and certain of its directors violated provisions of the Securities and Exchange Act of 1934 by misrepresenting the value of certain Captec assets on certain of its financial statements in 2000 and 2001 (the “Calapasas Action”). The Calapasas Action asserts that it is brought on behalf of a class consisting of all persons and entities (except insiders) that purchased Captec common stock between August 9, 2000 and prior to July 2, 2001. The Calapasas Action seeks to be certified as a class action and seeks compensatory and punitive damages for the plaintiff and other members of the class, as well as costs and expenses, including fees for plaintiff’s attorneys, accountants and experts. The Calapasas Action could result in damage awards against Captec and/or its directors, damages for which the Company, as successor in interest to Captec, could be responsible. In October 2002, the Calapasas Action was dismissed by the Court with leave to amend. A Second Amended Complaint was filed by Calapasas Investment Partnership No. 1 Limited Partnership in November 2002, which, among other things, reduced the alleged plaintiff class to those persons and entities (except insiders) who purchased common stock of Captec between March 30, 2001 and July 2, 2001. A Motion to Dismiss the Second Amended Complaint was filed by the defendants in December 2002. In August 2003, the Motion to Dismiss the Second Amended Complaint was denied by the court. In October 2003, the parties to the litigation, through their respective counsel, entered into a Memorandum of Understanding which sets out the essential terms of settlement of this claim. Pursuant to the Memorandum of Understanding, the total settlement amount to be paid to the plaintiffs is $225,000, which includes payment of attorneys’ fees and costs to plaintiffs’ counsel. The settlement contemplated by the Memorandum of Understanding is subject to final judicial approval of all settlement terms and a final judgment of dismissal with prejudice of the Calapasas Action.
In the ordinary course of its business, the Company is a party to various other legal actions which management believes is routine in nature and incidental to the operation of the business of the Company. Management believes that the outcome of the proceedings will not have a material adverse effect upon its operations or financial condition.
Item 4. Submission of Matters to a Vote of Security Holders
None.
PART II
Item 5. Market for Registrant’s Common Equity and Related Stockholder Matters
Certain information responsive to this Item is contained in the section captioned “Share Price and Dividend Data” on page 73 of the Registrant’s Annual Report to Shareholders for the year ended December 31, 2003; the information in such section is filed as an exhibit to this report and the cited portion of which is incorporated herein by reference.
Reference is made to the Registrant’s definitive proxy statement to be filed with the Commission pursuant to Regulation 14(a); certain information responsive to this Item is contained in the section thereof captioned “Executive Compensation – Equity Compensation Plan Information,” and the information in such section is incorporated herein by reference.
Item 6. Selected Financial Data
Certain information responsive to this Item is contained in the section captioned “Historical Financial Highlights” on pages 8 and 9 of the Registrant’s Annual Report to Shareholders for the year ended December 31, 2003; the information in such section is filed as an exhibit to this report and the cited portion of which is incorporated herein by reference. For a discussion of material events affecting the comparability of the information reflected in the selected financial data, refer to the section captioned “Management’s Discussion and Analysis of Financial Condition and Results of Operations” on pages 14 through 36 of the Registrant’s Annual Report to Shareholders for the year ended December 31, 2003. The information in such section is filed as an exhibit to this report and the cited portion of which is incorporated herein by reference.
Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations
Information responsive to this Item is contained in the section captioned “Management’s Discussion and Analysis of Financial Condition and Results of Operations” on pages 14 through 36 of the Registrant’s Annual Report to Shareholders for the year ended December 31, 2003; the information in such section is filed as an exhibit to this report and the cited portion of which is incorporated herein by reference.
Item 7A. Quantitative and Qualitative Disclosures About Market Risk
Information responsive to this Item is contained in the section captioned “Management’s Discussion and Analysis of Financial Condition and Results of Operations”, subsection “Quantitative and Qualitative Disclosures About Market Risk”, on pages 35 and 36 of the Registrant’s Annual Report to Shareholders for the year ended December 31, 2003; the information in such section is filed as an exhibit to this report and the cited portion of which is incorporated herein by reference.
Item 8. Financial Statements and Supplementary Data
Certain information responsive to this Item is contained in the section captioned “Consolidated Quarterly Financial Data” on page 72 of the Registrant’s Annual Report to Shareholders for the year ended December 31, 2003; the information in such section is filed as an exhibit to this report and the cited portion of which is incorporated herein by reference. The financial statements of the Registrant, together with the report thereon of KPMG LLP, appearing in the Annual Report to Shareholders for the year ended December 31, 2003, are incorporated herein by reference.
Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure
None.
Item 9A. Controls and Procedures
Quarterly Evaluation. The Company carried out an evaluation as of December 31, 2003 of the effectiveness of the design and operation of its “disclosure controls and procedures,” which the Company refers to as disclosure controls. This evaluation was done under the supervision and with the participation of management, including the Company’s Chief Executive Officer and Chief Financial Officer. Rules adopted by the Commission require the Company present the conclusions of the Chief Executive Officer and Chief Financial Officer about the effectiveness of the Company’s disclosure controls as of the end of the period covered by this annual report.
CEO and CFO Certifications. Included as Exhibits 31.1, 31.2 and 31.3 to this Annual Report on Form 10-K are forms of “Certification” of the Company’s Chief Executive Officer and Chief Financial Officer. The forms of Certification are required in accordance with Section 302 of the Sarbanes-Oxley Act of 2002. This section of the Annual Report on Form 10-K which you are currently reading is the information concerning the evaluation referred to in the Section 302 certifications. This information should be read in conjunction with the Section 302 certifications for a more complete understanding of the topics presented.
Disclosure Controls and Procedures and Internal Control over Financial Reporting. Disclosure controls and procedures are designed with the objective of ensuring that information required to be disclosed in our reports filed or submitted under the Exchange Act, such as this Annual Report on Form 10-K, is recorded, processed, summarized and reported within the time periods specified in the Commission’s rules and forms. Disclosure controls and procedures are also designed with the objective of ensuring that such information is accumulated and communicated to the Company’s management, including the Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosure.
Internal control over financial reporting is a process designed by, or under the supervision of, the Company’s Chief Executive Officer and Chief Financial Officer, and effected by the Company’s board of directors (the “Directors”), management and other personnel, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles and includes those policies and procedures that:
| • | pertain to the maintenance of records that in reasonable detail accurately and fairly reflect the transactions and dispositions of the Company’s assets; |
| • | provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that the Company’s receipts and expenditures are being made only in accordance with authorizations of management or the Directors; and |
| • | provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of the Company’s assets that could have a material adverse effect on the Company’s financial statements. |
Limitations on the Effectiveness of Controls. Management, including the Company’s Chief Executive Officer and Chief Financial Officer, do not expect that our disclosure controls and procedures or the Company’s internal control over financial reporting will prevent all errors and all fraud. A control system, no matter how well conceived and operated, can provide only reasonable, not absolute, assurance that the objectives of the control system are met. Further, the design of a control system must reflect the fact that there are resource constraints, and the benefits of controls must be considered relative to their costs. Because of the inherent limitations in all control systems, no evaluation of controls can provide absolute assurance that all control issues and instances of fraud, if any, within the company have been detected. These inherent limitations include the realities that judgments in decision-making can be faulty, and that breakdowns can occur because of simple error or mistake. Additionally, controls can be circumvented by the individual acts of some persons, by collusion of two or more people, or by management’s override of the control. The design of any system of controls also is based in part upon certain assumptions about the likelihood of future events, and there can be no assurance that any design will succeed in achieving its stated goals under all potential future conditions; over time, controls may become inadequate because of changes in conditions, or the degree of compliance with the policies or procedures may deteriorate. Because of the inherent limitations in a cost-effective control system, misstatements due to error or fraud may occur and not be detected.
Conclusions. Based upon the evaluation, the Company’s Chief Executive Officer and Chief Financial Officer have concluded that, as of December 31, 2003 and subject to the limitations noted above, the Company’s disclosure controls and procedures were effective at the reasonable assurance level to ensure that material information relating to the Company and its consolidated subsidiaries is made known to management, including the Chief Executive Officer and Chief Financial Officer.
During the three months ended December 31, 2003, there were no significant changes in the Company’s internal control over financial reporting that has materially affected, or are reasonably likely to materially affect, the Company’s internal control for financial reporting.
PART III
Item 10. Directors and Executive Officers of the Registrant
Reference is made to the Registrant’s definitive proxy statement to be filed with the Commission pursuant to Regulation 14(a); information responsive to this Item is contained in the sections thereof captioned “Proposal I: Election of Directors – Nominees,” “Proposal I: Election of Directors – Executive Officers,” “Proposal I: Election of Directors – Code of Business Conduct” and “Security Ownership,” and the information in such sections is incorporated herein by reference.
Item 11. Executive Compensation
Reference is made to the Registrant’s definitive proxy statement to be filed with the Commission pursuant to Regulation 14(a); information responsive to this Item is contained in the section thereof captioned “Proposal I: Election of Directors – Compensation of Directors,” “Executive Compensation,” “Compensation Committee Report” and “Performance Graph,” and the information in such sections is incorporated herein by reference.
Item 12. Security Ownership of Certain Beneficial Owners and Management
Reference is made to the Registrant’s definitive proxy statement to be filed with the Commission pursuant to Regulation 14(a); information responsive to this Item is contained in the section thereof captioned “Executive Compensation – Equity Compensation Plan Information,” “Security Ownership,” and the information in such section is incorporated herein by reference.
Item 13. Certain Relationships and Related Transactions
Reference is made to the Registrant’s definitive proxy statement to be filed with the Commission pursuant to Regulation 14(a); information responsive to this Item is contained in the section thereof captioned “Certain Transactions,” and the information in such section is incorporated herein by reference.
Item 14. Principal Accounting Fees and Services
Reference is made to the Registrant’s definitive proxy statement to be filed with the Commission pursuant to Regulation 14(a); information responsive to this Item is contained in the section thereof captioned “Audit Committee Report,” and the information in such section is incorporated herein by reference.
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PART IV | |||||
| Item 15. | Exhibits, Financial Statement Schedules, and Reports on Form 8-K | ||||
| (a) | The following documents are filed as a part of this report. | ||||
| (1) | Financial Statements | ||||
| Independent Auditors' Report | |||||
| Consolidated Balance Sheets as of December 31, 2003 and 2002 | |||||
| Consolidated Statements of Earnings for the years ended December 31, 2003, 2002 and 2001 | |||||
| Consolidated Statements of Stockholders' Equity for the years ended December 31, 2003, 2002 and 2001 | |||||
| Consolidated Statements of Cash Flows for the years ended December 31, 2003, 2002 and 2001 | |||||
| Notes to Consolidated Financial Statements | |||||
| (2) | Financial Statement Schedules | ||||
| Report of Independent Auditors' on Supplementary Information | |||||
| Schedule III - Real Estate and Accumulated Depreciation and Amortization and Notes as of December 31, 2003 | |||||
| Schedule IV - Mortgage Loans on Real Estate and Notes as of December 31, 2003 | |||||
| All other schedules are omitted because they are not applicable or because the required information is shown in the financial statements or the notes thereto. | |||||
| (3) | Exhibits | ||||
| 3. | Articles of Incorporation and By-laws | ||||
| 3.1 | First Amended and Restated Articles of Incorporation of the Registrant (filed as Exhibit 3.1 to the Registrant's Registration Statement No. 333-64511 on Form S-3 and incorporated herein by reference). | ||||
| 3.2 | Articles Supplementary Establishing and Fixing the Rights and Preferences of a Series of Preferred Stock (9% Series A Non-Voting Preferred Stock, par value $0.01 per share (the “Series A Preferred Stock”) (filed as Exhibit 3 to the Registrant’s Form 8-A dated November 26, 2001 and filed with the Securities and Exchange Commission on November 27, 2001, and incorporated herein by reference). | ||||
| 3.3 | Articles Supplementary Classifying and Designating 10,000 Preferred Shares as the Series B Preferred Stock (filed as Exhibit 3 to the Registrant’s Form 8-A dated August 12, 2003 and filed with the Securities and Exchange Commission on August 13, 2003, and incorporated herein by reference). | ||||
| 3.4 | Amended and Restated Bylaws of the Registrant (filed herewith). | ||||
| 4. | Instruments defining the rights of security holders, including indentures | ||||
| 4.1 | Specimen Certificate of Common Stock, par value $0.01 per share, of the Registrant (filed as Exhibit 3.4 to the Registrant’s Registration Statement No. 1-11290 on Form 8-B and incorporated herein by reference). | ||||
| 4.2 | Form of Indenture dated March 25, 1998, by and among Registrant and First Union National Bank, Trustee, relating to $100,000,00 of 7.125% Notes due 2008 (filed as Exhibit 4.1 to the Registrant’s Current Report on Form 8-K dated March 20, 1998, and incorporated herein by reference). | ||||
| 4.3 | Form of Supplement Indenture No. 1 dated March 25, 1998, by and among Registrant and First Union National Bank, Trustee, relating to $100,000,000 of 7.125% Notes due 2008 (filed as Exhibit 4.2 to the Registrant’s Current Report on Form 8-K dated March 20, 1998, and incorporated herein by reference). | ||||
| 4.4 | Form of 7.125% Note due 2008 (filed as Exhibit 4.3 to the Registrant’s Current Report on Form 8-K dated March 20, 1998, and incorporated herein by reference). | ||||
| 4.5 | Form of Supplemental Indenture No. 2 dated June 21, 1999, by and among Registrant and First Union National Bank, Trustee, relating to $100,000,000 of 8.125% Notes due 2004 (filed as Exhibit 4.2 to the Registrant’s Current Report on Form 8-K dated June 17, 1999, and incorporated herein by reference). | ||||
| 4.6 | Form of 8.125% Notes due 2004 (filed as Exhibit 4.3 to the Registrant’s Current Report on Form 8-K dated June 17, 1999, and incorporated herein by reference). | ||||
| 4.7 | Form of Supplemental Indenture No. 3 dated September 20, 2000, by and among Registrant and First Union National Bank, Trustee, relating to $20,000,000 of 8.5% Notes due 2010 (filed as Exhibit 4.2 to the Registrant’s Current Report on Form 8-K dated September 20, 2000, and incorporated herein by reference). | ||||
| 4.8 | Form of 8.5% Notes due 2010 (filed as Exhibit 4.3 to the Registrant’s Current Report on Form 8-K dated September 20, 2000, and incorporated herein by reference). | ||||
| 4.9 | Form of Supplement Indenture No. 4 dated May 30, 2002, by and among Registrant and Wachovia Bank, National Association, Trustee, relating to $50,000,000 of 7.75% Notes due 2012 (filed as Exhibit 4.2 to the Registrant’s Current Report on Form 8-K dated June 4, 2002, and incorporated herein by reference). | ||||
| 4.10 | Form of 7.75% Notes due 2012 (filed as Exhibit 4.3 to the Registrant’s Current Report on Form 8-K dated June 4, 2002 and incorporated herein by reference). | ||||
| 4.11 | Articles Supplementary Establishing and Fixing the Rights and Preferences of a Series of Preferred Stock (the Series A Preferred Stock) (filed as Exhibit 3 to the Registrant’s Form 8-A dated November 26, 2001 and filed with the Securities and Exchange Commission on November 27, 2001, and incorporated herein by reference). | ||||
| 4.12 | Specimen Stock Certificate relating to the Series A Preferred Stock (filed as Exhibit 4 to the Registrant’s Form 8-A dated November 26, 2001 and filed with the Securities and Exchange Commission on November 27, 2001, and incorporated herein by reference). | ||||
| 4.13 | Articles Supplementary Classifying and Designating 10,000 Preferred Shares as the Series B Preferred Stock (filed as Exhibit 3 to the Registrant’s Form 8-A dated August 12, 2003 and filed with the Securities and Exchange Commission on August 13, 2003, and incorporated herein by reference). | ||||
| 4.14 | Investment Agreement between the Registrant and The County Employees’ and Officers’ Annuity & Benefit Fund of Cook County dated August 12, 2003 (filed as Exhibit 2 to the Registrant’s Form 8-A dated August 12, 2003 and filed with the Securities and Exchange Commission on August 13, 2003, and incorporated herein by reference). | ||||
| 4.15 | Specimen Stock Certificate relating to the Series B Preferred Stock (filed as Exhibit 4 to the Registrant’s Form 8-A dated August 12, 2003 and filed with the Securities and Exchange Commission on August 13, 2003,and incorporated herein by reference). | ||||
| 10. | Material Contracts | ||||
| 10.1 | Letter Agreement dated July 10, 1992, amending Stock Purchase Agreement dated January 23, 1992 (filed as Exhibit 10.34 to the Registrant’s Quarterly Report on Form 10-Q for the quarter ended June 30, 1992, and incorporated herein by reference). | ||||
| 10.2 | Loan Agreement, dated January 19, 1996, among Registrant and Principal Mutual Life Insurance Company relating to a $39,450,000 loan (filed as Exhibit 10.12 to the Registrant’s Annual Report on Form 10-K for the year ended December 31, 1995, and incorporated herein by reference). | ||||
| 10.3 | Secured Promissory Note, dated January 19, 1996, among Registrant and Principal Mutual Life Insurance Company relating to a $39,450,000 loan (filed as Exhibit 10.13 to the Registrant’s Annual Report on Form 10-K for the year ended December 31, 1995, and incorporated herein by reference). | ||||
| 10.4 | Agreement and Plan of Merger dated May 15, 1997, by and among Commercial Net Lease Realty, Inc., Net Lease Realty II, Inc., CNL Realty Advisors, Inc. and the Stockholders of CNL Realty Advisors, Inc. (filed as Exhibit 10.1 to the Registrant’s Current Report on Form 8-K dated May 16, 1997, and incorporated herein by reference). | ||||
| 10.5 | 2000 Performance Incentive Plan (filed as Exhibit 99 to the Registrant’s Registration Statement No. 333-64794 on Form S-8 and incorporated herein by reference). | ||||
| 10.6 | Third Renewal Promissory Note dated as of April 1, 2001, by Commercial Net Lease Realty Services, Inc. in favor of Registrant relating to an $85,000,000 line of credit (filed as Exhibit 10.13 to the Registrant’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2001, and incorporated herein by reference). | ||||
| 10.7 | Third Modification of Amended and Restated Secured Revolving Line of Credit and Security Agreement and Other Loan Documents effective as of April 1, 2001, by and between Registrant as lender and Commercial Net Lease Realty Services, Inc., as borrower, relating to an $85,000,000 line of credit (filed as Exhibit 10.14 to the Registrant’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2001, and incorporated herein by reference). | ||||
| 10.8 | Fourth Modification of Amended and Restated Secured Revolving Line of Credit and Security Agreement and Other Loan Documents effective as of July 1, 2001, by and between Registrant as lender and Commercial Net Lease Realty Services, Inc., as borrower, relating to an $85,000,000 line of credit (filed as Exhibit 10.15 to the Registrant’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2001, and incorporated herein by reference). | ||||
| 10.9 | Agreement and Plan of Merger, dated as of July 1, 2001, among Commercial Net Lease Realty, Inc. and Captec Net Lease Realty, Inc. (filed as Exhibit 99.1 to the Registrant’s Current Report on Form 8-K dated July 3, 2001, and incorporated herein by reference). | ||||
| 10.10 | Seventh Amended and Restated Line of Credit and Security Agreement, dated May 9, 2003, by and among Registrant, certain lenders and Wachovia Bank, N.A., as the Agent, relating to a $225,000,000 loan (filed as Exhibit 10.11 to the Registrant’s Current Report on Form 8-K dated July 11, 2003, and incorporated herein by reference). | ||||
| 10.11 | Real Estate Purchase Contract, dated as of July 23, 2003, by and between MCI Worldcom Network Services, Inc. and the Company (filed as Exhibit 10.1 to the Registrant’s Current Report on Form 8-K dated July 25, 2003, and incorporated herein by reference). | ||||
| 10.12 | U.S. Government Lease for Real Property, dated as of December 17, 2002, between MCI Worldcom Network Services, Inc. and the United States of America (filed as Exhibit 10.2 to the Registrant’s Current Report on Form 8-K dated July 25, 2003, and incorporated herein by reference). | ||||
| 12. | Statement of Computation of Ratios of Earnings to Fixed Charges (filed herewith). | ||||
| 13. | Annual Report to Shareholders for the year ended December 31, 2003 (filed herewith). | ||||
| 23. | Consent of Independent Accountants dated March 10, 2004 (filed herewith). | ||||
| 31. | Section 302 Certifications | ||||
| 31.1 | Certification of Chief Executive Officer (Craig Macnab - as of February 16, 2004) pursuant to Rule 13a-14, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 (filed herewith). | ||||
| 31.2 | Certification of Chief Executive Officer (James M. Seneff, Jr. - prior to February 16, 2004) pursuant to Rule 13a-14, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 (filed herewith). | ||||
| 31.3 | Certification of Chief Financial Officer pursuant to Rule 13a-14, as adopted pursuantto Section 302 of the Sarbanes-Oxley Act of 2002 (filed herewith). | ||||
| 32. | Section 906 Certifications | ||||
| 32.1 | Certification of Chief Executive Officer (Craig Macnab - as of February 16, 2004) pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (filed herewith). | ||||
| 32.2 | Certification of Chief Executive Officer (James M. Seneff, Jr. - prior to February 16, 2004) pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (filed herewith). | ||||
| 32.3 | Certification of Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (filed herewith). | ||||
| (b) | The Registrant filed the following reports on Form 8-K during the quarter ended December 31, 2003: | ||||
| 1. | November 4, 2003 for the purpose of filing under Items 7 (Financial Statements and Exhibits) and 12 (Results of Operations and Financial Condition) a press release announcing its results of operations and financial condition for the quarter and year ended September 30, 2003. | ||||
| 2. | November 26, 2003 for the purpose of filing under Items 5 (Other Events and Regulation FD Disclosure) and 7 (Financial Statements and Exhibits) announcing entry into a Limited Partnership Agreement by and between Net Lease Realty III, Inc., a wholly-owned subsidiary of the Company and Northern Trust Company. | ||||
| 3. | December 3, 2003 for the purpose of filing under Item 5 (Other Events) a press release announcing that the Company agreed to issue and sell in an underwritten public offering approximately 3,000,000 shares of its common stock. | ||||
| 4. | December 3, 2003 for the purpose of filing under Items 5 (Other Events) and 7 (Financial Statements and Exhibits) with respect to an announcement of the filing of a Prospectus Supplement to the Registration Statement on Form S-3, File No. 333-105635, for the offering by the Registrant of 3,250,000 shares of the Registrant’s Common Stock, par value $0.01. | ||||
| 5. | December 4, 2003 for the purpose of amending the Form 8-K filed on November 26, 2003 for the purpose of filing under Items 5 (Other Events and Regulation FD Disclosure) and 7 (Financial Statements and Exhibits) announcing entry into a Limited Partnership Agreement by and between Net Lease Realty III, Inc., a wholly-owned subsidiary of the Company and Northern Trust Company. | ||||
| SIGNATURES | ||||
| Pursuant to the requirements
of Section 13 or 15(d) of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be
signed on its behalf by the undersigned thereunto duly authorized on the 12th day of March, 2004. COMMERCIAL NET LEASE REALTY, INC. | ||||
| By: | /s/Craig Macnab
Craig Macnab Chief Executive Officer |
By: | /s/James M. Seneff, Jr.
James M. Seneff, Jr. Chairman of the Board of Directors |
Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.
| Signature | Title | Date | ||
| /s/James M. Seneff, Jr. James M. Seneff, Jr. |
Chairman of the Board of Directors | March 12, 2004 | ||
| /s/Robert A. Bourne Robert A. Bourne |
Vice Chairman of the Board of Directors | March 12, 2004 | ||
| /s/Clifford R. Hinkle Clifford R. Hinkle |
Director | March 12, 2004 | ||
| /s/Richard B. Jennings Richard B. Jennings |
Director | March 12, 2004 | ||
| /s/Ted B. Lanier Ted B. Lanier |
Director | March 12, 2004 | ||
| /s/Robert C. Legler Robert C. Legler |
Director | March 12, 2004 | ||
| /s/Robert Martinez Robert Martinez |
Director | March 12, 2004 | ||
| /s/Gary M. Ralston Gary M. Ralston |
Director, President and Chief Operating Officer |
March 12, 2004 | ||
| /s/Kevin B. Habicht Kevin B. Habicht |
Director, Chief Financial Officer (Principal Financial and Accounting Officer), Executive Vice President, Assistant Secretary and Treasurer |
March 12, 2004 |
Report of Independent Auditors’ on Supplementary Information
The Board of Directors
Commercial Net Lease Realty, Inc.:
Under date of January 16, 2004, except as to the eighth paragraph of Note 4 to the consolidated
financial statements, which is as of February 2, 2004, we reported on the consolidated balance
sheets of Commercial Net Lease Realty, Inc. and subsidiaries as of December 31, 2003 and
2002, and the related consolidated statements of earnings, stockholders’ equity and cash
flows for each of the years in the three-year period ended December 31, 2003. These
consolidated financial statements and our report thereon are both included in Item 15(a)1 of
Form 10-K and incorporated by reference in the annual report on Form 10-K for the year 2003. In
connection with our audits of the aforementioned consolidated financial statements, we also
audited the related consolidated financial statement schedules as of December 31, 2003. These
consolidated financial statement schedules are the responsibility of the Company’s
management. Our responsibility is to express an opinion on these consolidated financial
statement schedules based on our audits.
In our opinion, such consolidated financial statement schedules, when considered in relation to
the basic consolidated financial statements taken as a whole, present fairly, in all material
respects, the information set forth therein.
Orlando, Florida
January 16, 2004
|
COMMERCIAL NET LEASE REALTY, INC. AND SUBSIDIARIES SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION AND AMORTIZATION December 31, 2003 | |||||||||||||
| Initial Cost to Company | |||||||||||||
| Encumbrances (k) | Land | Building, Improvements and Leasehold Interests | |||||||||||
|
Real Estate the Company has Invested in Under Operating Leases: | |||||||||||||
| Academy: | |||||||||||||
| Houston, TX | $ | - | $ | 1,074,232 | $ | - | |||||||
| Houston, TX | - | 699,165 | - | ||||||||||
| N. Richland Hills, TX | - | 1,307,655 | - | ||||||||||
| Houston, TX | - | 3,086,610 | - | ||||||||||
| Houston, TX | - | 795,005 | - | ||||||||||
| Baton Rouge, LA | - | 1,547,501 | - | ||||||||||
| Houston, TX | - | 2,310,845 | 1,627,872 | ||||||||||
| Pasadena, TX | - | 899,768 | 2,180,574 | ||||||||||
| Beaumont, TX | - | 1,423,700 | 2,449,261 | ||||||||||
| Ace Hardware and Lighting: | |||||||||||||
| Bourbonnais, IL | - | 298,192 | 1,329,492 | ||||||||||
| Adam's Sports Grill: | |||||||||||||
| Chandler, AZ | - | 654,765 | 765,164 | ||||||||||
| Albertsons: | |||||||||||||
| Sonora, CA | - | 587,782 | 1,620,311 | ||||||||||
| American Signature Home: | |||||||||||||
| White Marsh, MD | - | 3,762,030 | - | ||||||||||
| Amoco: | |||||||||||||
| Miami, FL | - | 969,156 | - | ||||||||||
| Sunrise, FL | - | 949,185 | - | ||||||||||
| Applebee's: | |||||||||||||
| Ballwin, MO | - | 1,496,173 | 1,403,581 | ||||||||||
| Arby's: | |||||||||||||
| Colorado Springs, CO | - | 205,957 | 533,540 | ||||||||||
| Thomson, GA | - | 267,842 | 503,550 | ||||||||||
| Whitmore Lake, MI | - | 170,515 | 468,916 | ||||||||||
| Albuquerque, NM | - | 442,991 | 507,790 | ||||||||||
| Albuquerque, NM | - | 250,881 | 513,970 | ||||||||||
| Santa Fe, NM | - | 450,358 | 341,960 | ||||||||||
| Washington Courthouse, OH | - | 156,875 | 545,841 | ||||||||||
| Ashley Furniture: | |||||||||||||
| Altamonte Springs, FL | - | 2,906,409 | 4,877,225 | ||||||||||
| Babies “R” Us: | |||||||||||||
| Arlington, TX | - | 830,689 | 2,611,867 | ||||||||||
| Independence, MO | - | 1,678,794 | 2,301,909 | ||||||||||
| Barnes & Noble: | |||||||||||||
| Brandon, FL | 1,154,893 | (j) | 1,476,407 | 1,527,150 | |||||||||
| Denver, CO | - | 3,244,785 | 2,722,087 | ||||||||||
| Houston, TX | - | 3,307,562 | 2,396,024 | ||||||||||
| Plantation, FL | 5,054,673 | (p) | 3,616,357 | - | |||||||||
| Freehold, NJ | (r) | - | 2,917,219 | 2,260,663 | |||||||||
| Dayton, OH | - | 1,412,614 | 3,223,467 | ||||||||||
| Redding, CA | - | 497,179 | 1,625,702 | ||||||||||
| Marlton, NJ | - | 2,831,370 | 4,318,554 | ||||||||||
| Bed, Bath & Beyond: | |||||||||||||
| Richmond, VA | 2,897,190 | (p) | 1,184,144 | 3,154,970 | |||||||||
| Los Angeles, CA | - | 6,318,023 | 3,089,396 | ||||||||||
| Glendale, AZ | - | 1,082,092 | - | ||||||||||
| Bedford Furniture: | |||||||||||||
| Everett, PA | - | 226,366 | 1,159,833 | ||||||||||
| Bennigan's: | |||||||||||||
| Aurora, CO | - | 1,064,850 | 1,260,409 | ||||||||||
| Milford, CT | (r) | - | 921,200 | 697,298 | |||||||||
| Altamonte Springs, FL | - | 1,088,282 | 924,425 | ||||||||||
| Gainsville, FL | - | 751,687 | 848,816 | ||||||||||
| Jacksonville, FL | - | 1,359,559 | 1,026,095 | ||||||||||
| Schaumburg, IL | - | 2,064,964 | 1,311,190 | ||||||||||
| Flint, MI | (r) | - | 496,299 | 895,296 | |||||||||
| Raleigh, NC | - | 793,017 | 876,727 | ||||||||||
| Tulsa, OK | (r) | - | 1,013,184 | 1,290,590 | |||||||||
| Wichita Falls, TX | - | 818,611 | 1,107,418 | ||||||||||
| Best Buy: | |||||||||||||
| Brandon, FL | - | 2,985,156 | 2,772,137 | ||||||||||
| Evanston, IL | - | 1,850,996 | - | ||||||||||
| Cuyahoga Falls, OH | - | 3,708,980 | 2,359,377 | ||||||||||
| Rockville, MD | - | 6,233,342 | 3,418,783 | ||||||||||
| Fairfax, VA | - | 3,052,477 | 3,218,018 | ||||||||||
| St. Petersburg, FL | 4,623,176 | (p) | 4,031,744 | 2,959,316 | |||||||||
| North Fayette, PA | - | 2,330,847 | 2,292,932 | ||||||||||
| Denver, CO | - | 8,881,890 | 4,372,684 | ||||||||||
| Big D’s: | |||||||||||||
| Eden Prairie, MN | - | 64,916 | 180,538 | ||||||||||
| Blockbuster: | |||||||||||||
| Conyers, GA | - | 320,029 | 556,282 | ||||||||||
| Mobile, AL | - | 491,453 | 498,488 | ||||||||||
| Mobile, AL | - | 843,121 | 562,498 | ||||||||||
| Gainesville, GA | - | 294,882 | 611,570 | ||||||||||
| Glasgow, KY | - | 302,859 | 560,904 | ||||||||||
| Alice, TX | - | 318,285 | 578,268 | ||||||||||
| Kingsville, TX | - | 498,849 | 457,695 | ||||||||||
| BMW: | |||||||||||||
| Duluth, GA | - | 4,433,613 | 4,080,186 | ||||||||||
| Bodyworks Unlimited: | |||||||||||||
| Rincon, GA | - | 244,607 | 1,166,045 | ||||||||||
| Borders Books & Music: | |||||||||||||
| Wilmington, DE | 3,496,479 | (j) | 3,030,769 | 6,061,538 | |||||||||
| Richmond, VA | 1,836,973 | (j) | 2,177,310 | 2,599,587 | |||||||||
| Ft. Lauderdale, FL | 4,869,746 | (p) | 3,164,984 | 3,934,577 | |||||||||
| Bangor, ME | - | 1,546,915 | 2,486,761 | ||||||||||
| Altamonte Springs, FL | - | 1,947,198 | - | ||||||||||
| Boston Market: | |||||||||||||
| Geneva, IL | - | 1,125,347 | 1,036,952 | ||||||||||
| Orland Park, IL | - | 562,384 | 556,201 | ||||||||||
| Wheaton, IL | - | 1,115,457 | 1,014,184 | ||||||||||
| Burton, MI | - | 619,778 | 707,242 | ||||||||||
| Novi, MI | - | 835,669 | 651,108 | ||||||||||
| North Olmsted, OH | - | 601,800 | 460,521 | ||||||||||
| Warren, OH | - | 562,446 | 467,592 | ||||||||||
| Dunmore, PA | - | 773,882 | 496,976 | ||||||||||
| Buffalo Wild Wings: | |||||||||||||
| Michigan City, IN | - | 162,538 | 492,007 | ||||||||||
| Burger King: | |||||||||||||
| Colonial Heights, VA | - | 662,345 | 609,787 | ||||||||||
| Carino's: | |||||||||||||
| Beaumont, TX | - | 439,076 | 1,363,447 | ||||||||||
| Lewisville, TX | - | 1,369,836 | 1,018,659 | ||||||||||
| Lubbock, TX | - | 1,007,432 | 1,205,512 | ||||||||||
| Champps: | |||||||||||||
| Alpharetta, GA | - | 3,032,965 | 1,641,820 | ||||||||||
| Irving, TX | - | 1,760,020 | 1,724,220 | ||||||||||
| Checkers: | |||||||||||||
| Orlando, FL | - | 256,568 | - | ||||||||||
| Claim Jumper: | |||||||||||||
| Tempe, AZ | - | 2,530,892 | 2,920,575 | ||||||||||
| Roseville, CA | - | 1,556,732 | 2,013,650 | ||||||||||
| CompUSA: | |||||||||||||
| Baton Rouge, LA | (r) | - | 609,069 | 913,603 | |||||||||
| Miami, FL | 1,761,205 | (j) | 2,713,192 | 1,866,676 | |||||||||
| Dave’s: | |||||||||||||
| Maple Heights, OH | - | 1,034,758 | 2,874,414 | ||||||||||
| Dave & Buster’s: | |||||||||||||
| Utica, MI | - | 3,776,169 | - | ||||||||||
| Denny's: | |||||||||||||
| Columbus,TX | - | 428,429 | 816,644 | ||||||||||
| Dick's Clothing: | |||||||||||||
| Taylor, MI | - | 1,920,032 | 3,526,868 | ||||||||||
| White Marsh, MD | - | 2,680,532 | 3,916,889 | ||||||||||
| Dollar Tree: | |||||||||||||
| Garland, TX | - | 239,014 | 626,170 | ||||||||||
| Copperas Cove, TX | - | 241,650 | 511,624 | ||||||||||
| Donato's: | |||||||||||||
| Medina, OH | - | 405,113 | 463,582 | ||||||||||
| East Meets West: | |||||||||||||
| Southfield, MI | - | 366,448 | 643,759 | ||||||||||
| Eckerd: | |||||||||||||
| San Antonio, TX | 471,062 | (j) | 440,985 | - | |||||||||
| Dallas, TX | 453,841 | (j) | 541,493 | - | |||||||||
| Arlington, TX | 386,490 | (j) | 368,964 | - | |||||||||
| Millville, NJ | 479,363 | (j) | 417,603 | - | |||||||||
| Atlanta, GA | 428,386 | (j) | 445,593 | - | |||||||||
| Mantua, NJ | 498,350 | (j) | 344,022 | - | |||||||||
| Amarillo, TX | 443,443 | (j) | 329,231 | - | |||||||||
| Amarillo, TX | 576,326 | (j) | 650,864 | - | |||||||||
| Glassboro, NJ | 546,735 | (j) | 534,243 | - | |||||||||
| Kissimmee, FL | 636,919 | (j) | 715,480 | - | |||||||||
| Tampa, FL | - | 604,682 | - | ||||||||||
| Lafayette, LA | - | 967,528 | - | ||||||||||
| Douglasville, GA | - | 413,438 | 995,209 | ||||||||||
| Moore, OK | - | 414,738 | - | ||||||||||
| Midwest City, OK | - | 673,369 | 1,103,351 | ||||||||||
| Irving, TX | - | 1,000,222 | - | ||||||||||
| Jasper, FL | - | 291,147 | - | ||||||||||
| Williston, FL | - | 622,403 | - | ||||||||||
| Pantego, TX | - | 1,016,062 | 1,448,911 | ||||||||||
| Conyers, GA | - | 574,666 | 998,900 | ||||||||||
| Norman, OK | - | 1,065,562 | - | ||||||||||
| Chattanooga, TN | - | 474,267 | - | ||||||||||
| Arlington, TX | - | 2,078,542 | - | ||||||||||
| Leavenworth, KS | - | 726,438 | - | ||||||||||
| Augusta, GA | - | 568,606 | 1,326,748 | ||||||||||
| Riverdale, GA | - | 1,088,896 | 1,707,448 | ||||||||||
| Warner Robins, GA | - | 707,488 | - | ||||||||||
| Lewisville, TX | - | 789,237 | - | ||||||||||
| Forest Hill, TX | - | 692,165 | - | ||||||||||
| Del City, OK | - | 1,387,362 | - | ||||||||||
| Arlington, TX | - | 414,568 | - | ||||||||||
| Garland, TX | - | 522,461 | - | ||||||||||
| Garland, TX | - | 1,476,838 | - | ||||||||||
| Oklahoma City, OK | - | 1,581,480 | - | ||||||||||
| Vineland, NJ | 518,906 | (j) | 2,068,089 | - | |||||||||
| Dallas, TX | - | 2,617,656 | - | ||||||||||
| Gladstone, MO | 242,372 | 1,851,374 | - | ||||||||||
| Falls Church, VA | - | 3,127,139 | - | ||||||||||
| West Mifflin, PA | - | 1,401,632 | 2,043,862 | ||||||||||
| Norfolk, PA | - | 2,742,194 | 1,796,508 | ||||||||||
| Thorndale, PA | - | 2,260,618 | 2,472,039 | ||||||||||
| Enterprise Rent-A-Car: | |||||||||||||
| Wilmington, NC | - | 218,126 | 327,329 | ||||||||||
| Fantastic Sams: | |||||||||||||
| Eden Prairie, MN | - | 64,916 | 180,538 | ||||||||||
| Fazoli's Restaurant: | |||||||||||||
| Bay City, MI | - | 647,055 | 633,899 | ||||||||||
| Food 4 Less: | |||||||||||||
| Lemon Grove, CA | - | 3,695,816 | - | ||||||||||
| Chula Vista, CA | - | 3,568,862 | - | ||||||||||
| Gateway: | |||||||||||||
| Glendale, AZ | - | 341,713 | 982,429 | ||||||||||
| Gen-X Clothing: | |||||||||||||
| Federal Way, WA | - | 2,037,392 | 1,661,577 | ||||||||||
| Golden Corral: | |||||||||||||
| Leitchfield, KY | - | 73,660 | 306,642 | ||||||||||
| Atlanta, TX | - | 88,457 | 368,317 | ||||||||||
| Abbeville, LA | - | 98,577 | 362,416 | ||||||||||
| Lake Placid, FL | - | 115,113 | 305,074 | ||||||||||
| Tampa, FL | - | 1,187,614 | 1,339,000 | ||||||||||
| Brandon, FL | - | 1,329,793 | 1,390,502 | ||||||||||
| Dallas, TX | - | 1,138,129 | 1,024,747 | ||||||||||
| Good Guys, The: | |||||||||||||
| Foothill Ranch, CA | - | 1,456,113 | 2,505,022 | ||||||||||
| East Palo Alto, CA | - | 2,271,634 | 3,404,843 | ||||||||||
| GymKix: | |||||||||||||
| Copperas Cove, TX | - | 203,908 | 431,715 | ||||||||||
| H&R Block: | |||||||||||||
| Swansea, IL | - | 45,842 | 132,440 | ||||||||||
| Hancock Fabrics: | |||||||||||||
| Arlington, TX | - | 317,838 | 1,680,428 | ||||||||||
| Hastings: | |||||||||||||
| Nacogdoches, TX | - | 397,074 | 1,257,402 | ||||||||||
| Haverty's: | |||||||||||||
| Clearwater, FL | - | 1,184,438 | 2,526,207 | ||||||||||
| Orlando, FL | (r) | 1,155,629 | (j) | 820,397 | 2,184,721 | ||||||||
| Pensacola, FL | 1,123,972 | 633,125 | 1,595,405 | ||||||||||
| Bowie, MD | - | 1,965,508 | 4,221,074 | ||||||||||
| Heilig-Meyers: | |||||||||||||
| Baltimore, MD | - | 469,782 | 813,074 | ||||||||||
| Glen Burnie, MD | - | 631,712 | 931,931 | ||||||||||
| Hollywood Video: | |||||||||||||
| Cincinnati, OH | - | 282,200 | 520,623 | ||||||||||
| Clifton, CO | - | 245,462 | 732,477 | ||||||||||
| Home Depot: | |||||||||||||
| Sunrise, FL | - | 5,148,657 | - | ||||||||||
| HomeGoods: | |||||||||||||
| Fairfax, VA | - | 977,839 | 1,414,261 | ||||||||||
| Hooters: | |||||||||||||
| Tampa, FL | - | 783,923 | 504,768 | ||||||||||
| Hy-Vee: | |||||||||||||
| St. Joseph, MO | - | 1,579,583 | 2,849,246 | ||||||||||
| International House of Pancakes: | |||||||||||||
| Stafford, TX | 366,832 | (j) | 382,084 | - | |||||||||
| Sunset Hills, MO | 387,706 | (j) | 271,853 | - | |||||||||
| Las Vegas, NV | 435,903 | (j) | 519,947 | - | |||||||||
| Ft. Worth, TX | 405,526 | (j) | 430,896 | - | |||||||||
| Arlington, TX | 389,416 | (j) | 404,512 | - | |||||||||
| Matthews, NC | 398,286 | (j) | 380,043 | - | |||||||||
| Phoenix, AZ | 400,966 | (j) | 483,374 | - | |||||||||
| Midwest City, OK | - | 407,268 | - | ||||||||||
| Jared Jewelers: | |||||||||||||
| Richmond, VA | - | 955,134 | 1,336,152 | ||||||||||
| Brandon, FL | - | 1,196,900 | 1,182,150 | ||||||||||
| Lithonia, GA | - | 1,270,517 | 1,215,818 | ||||||||||
| Houston, TX | - | 1,675,739 | 1,439,597 | ||||||||||
| Jo-Ann Etc: | |||||||||||||
| Corpus Christi, TX | - | 818,448 | 896,395 | ||||||||||
| Just For Feet: | |||||||||||||
| Albuquerque, NM | - | 1,441,777 | 2,335,475 | ||||||||||
| Kash N’ Karry: | |||||||||||||
| Palm Harbor, FL | - | 335,851 | 1,925,276 | ||||||||||
| Gainesville, FL | - | 317,386 | 1,248,404 | ||||||||||
| Brandon, FL | - | 322,476 | 1,221,661 | ||||||||||
| Sarasota, FL | - | 470,600 | 1,343,746 | ||||||||||
| Keg Steakhouse: | |||||||||||||
| Gresham, OR | - | 817,311 | 108,294 | ||||||||||
| Bellingham, WA | (r) | - | 397,443 | 455,605 | |||||||||
| Lynnwood, WA | - | 1,255,513 | 649,236 | ||||||||||
| Tacoma, WA | - | 526,792 | 794,722 | ||||||||||
| KFC: | |||||||||||||
| Marysville, WA | - | 646,779 | 545,592 | ||||||||||
| Erie, PA | - | 516,508 | 496,092 | ||||||||||
| Lee County: | |||||||||||||
| Ft. Myers, FL | - | 1,956,579 | 4,046,646 | ||||||||||
| Lowe’s: | |||||||||||||
| Memphis, TN | - | 3,214,835 | 9,169,885 | ||||||||||
| Magic Dollar: | |||||||||||||
| Memphis, TN | - | 549,309 | 539,643 | ||||||||||
| MCI: | |||||||||||||
| Arlington, VA | 806,269 | (s) | 222,721 | 1,088,680 | |||||||||
| Merchant's Square: | |||||||||||||
| Corpus Christi, TX | - | 223,998 | 2,158,955 | ||||||||||
| Merryland Chinese Buffet: | |||||||||||||
| Red Oak, TX | - | 73,290 | 520,950 | ||||||||||
| Mi Pueblo Foods: | |||||||||||||
| Watsonville, CA | - | 805,056 | 1,648,934 | ||||||||||
| Michaels: | |||||||||||||
| Fairfax, VA | - | 986,131 | 1,426,254 | ||||||||||
| Grapevine, TX | - | 1,017,934 | 2,066,715 | ||||||||||
| Mortgage Marketing: | |||||||||||||
| Swansea, IL | - | 91,709 | 264,956 | ||||||||||
| Mountain Jack's: | |||||||||||||
| Centerville, OH | - | 850,625 | 1,059,430 | ||||||||||
| Office Depot: | |||||||||||||
| Arlington, TX | 771,974 | (j) | 596,024 | 1,411,432 | |||||||||
| Richmond, VA | - | 888,772 | 1,948,036 | ||||||||||
| OfficeMax: | |||||||||||||
| Corpus Christi, TX | - | 893,270 | 978,344 | ||||||||||
| Dallas, TX | 1,087,668 | (j) | 1,118,500 | 1,709,891 | |||||||||
| Cincinnati, OH | 814,499 | (j) | 543,489 | 1,574,551 | |||||||||
| Evanston, IL | 1,394,179 | (j) | 1,867,831 | 1,757,618 | |||||||||
| Altamonte Springs, FL | - | 1,689,793 | 3,050,160 | ||||||||||
| Cutler Ridge, FL | - | 989,370 | 1,479,119 | ||||||||||
| Sacramento, CA | - | 1,144,167 | 2,961,206 | ||||||||||
| Salinas, CA | - | 1,353,217 | 1,829,325 | ||||||||||
| Redding, CA | - | 667,174 | 2,181,563 | ||||||||||
| Kelso, WA | - | 868,003 | - | ||||||||||
| Lynchburg, VA | - | 561,509 | - | ||||||||||
| Leesburg, FL | - | 640,019 | - | ||||||||||
| Tigard, OR | - | 1,539,873 | 2,247,321 | ||||||||||
| Dover, NJ | - | 1,138,296 | 3,238,083 | ||||||||||
| Griffin, GA | - | 685,470 | - | ||||||||||
| Party City: | |||||||||||||
| Memphis, TN | - | 266,383 | - | ||||||||||
| Penn Station Subs: | |||||||||||||
| Florissant, MO | - | 77,726 | 138,547 | ||||||||||
| Perfect Teeth: | |||||||||||||
| Rio Rancho, NM | - | 61,517 | 122,142 | ||||||||||
| Petco: | |||||||||||||
| Grand Forks, ND | - | 306,629 | 909,671 | ||||||||||
| PETsMART: | |||||||||||||
| Chicago, IL | - | 2,724,138 | 3,565,721 | ||||||||||
| Pier 1 Imports: | |||||||||||||
| Anchorage, AK | - | 928,321 | 1,662,584 | ||||||||||
| Memphis, TN | - | 713,319 | 821,770 | ||||||||||
| Sanford, FL | - | 738,051 | 803,082 | ||||||||||
| Knoxville, TN | - | 467,169 | 734,833 | ||||||||||
| Mason, OH | - | 593,571 | 885,047 | ||||||||||
| Harlingen, TX | - | 316,640 | 756,406 | ||||||||||
| Valdosta, GA | - | 390,838 | 805,912 | ||||||||||
| Pizza Hut: | |||||||||||||
| Monroeville, AL | - | 547,300 | 44,237 | ||||||||||
| Popeye’s: | |||||||||||||
| Snellville, GA | - | 642,169 | 436,512 | ||||||||||
| Print & Pack Plus: | |||||||||||||
| Eden Prairie, MN | - | 75,736 | 210,628 | ||||||||||
| Quizno’s: | |||||||||||||
| Rio Rancho, NM | - | 48,566 | 96,428 | ||||||||||
| Rally’s: | |||||||||||||
| Toledo, OH | - | 125,882 | 319,770 | ||||||||||
| Red Dragon Chinese Restaurant: | |||||||||||||
| Columbus, OH | - | 1,032,008 | 1,107,250 | ||||||||||
| Rent-A-Center: | |||||||||||||
| Rio Rancho, NM | - | 145,698 | 289,284 | ||||||||||
| Rite Aid: | |||||||||||||
| Mobile, AL | - | 1,136,618 | 1,694,187 | ||||||||||
| Orange Beach, AL | - | 1,409,980 | 1,996,043 | ||||||||||
| Roadhouse Grill: | |||||||||||||
| Cheektowaga, NY | - | 689,040 | 386,251 | ||||||||||
| Robb & Stucky: | |||||||||||||
| Ft. Myers, FL | - | 2,188,440 | 6,225,401 | ||||||||||
| Roger & Marv’s: | |||||||||||||
| Kenosha, WI | - | 1,917,607 | 3,431,363 | ||||||||||
| Ross Dress For Less: | |||||||||||||
| Coral Gables, FL | - | 1,782,346 | 1,661,174 | ||||||||||
| Lodi, CA | - | 613,710 | 1,414,592 | ||||||||||
| Schlotzsky’s Deli: | |||||||||||||
| Phoenix, AZ | - | 706,306 | 315,469 | ||||||||||
| Scottsdale, AZ | - | 717,138 | 310,610 | ||||||||||
| 7-Eleven: | |||||||||||||
| Land’O Lakes, FL | - | 1,076,572 | - | ||||||||||
| Tampa Palms, FL | - | 1,080,670 | - | ||||||||||
| Shop & Save: | |||||||||||||
| Homestead, PA | - | 1,139,419 | - | ||||||||||
| Skipper’s Fish & Chips: | |||||||||||||
| Salem, OR | - | 555,951 | 735,651 | ||||||||||
| Spokane, WA | - | 470,840 | 530,289 | ||||||||||
| Sports Authority: | |||||||||||||
| Dallas, TX | - | 1,311,440 | - | ||||||||||
| Tampa, FL | - | 2,127,503 | 1,521,730 | ||||||||||
| Memphis, TN | - | 820,340 | - | ||||||||||
| Little Rock, AR | - | 3,113,375 | 2,660,206 | ||||||||||
| Woodbridge, NJ | - | 3,749,990 | 5,982,660 | ||||||||||
| Star Cafe: | |||||||||||||
| Henderson, TX | - | 453,329 | 463,648 | ||||||||||
| Steak & Ale: | |||||||||||||
| Jacksonville, FL | - | 986,565 | 855,523 | ||||||||||
| Indianapolis, IN | - | 398,841 | 1,011,771 | ||||||||||
| Oklahoma City, OK | - | 463,814 | 927,781 | ||||||||||
| Richmond, VA | - | 712,840 | 995,148 | ||||||||||
| Garland, TX | - | 366,044 | 932,988 | ||||||||||
| Stillwater Medical: | |||||||||||||
| Stillwater, OK | - | 253,603 | 1,086,792 | ||||||||||
| Stop & Go: | |||||||||||||
| Grand Prairie, TX | - | 421,254 | 684,568 | ||||||||||
| Kennedale, TX | - | 399,988 | 692,190 | ||||||||||
| Subway: | |||||||||||||
| Eden Prairie, MN | - | 54,097 | 150,449 | ||||||||||
| SuperValu: | |||||||||||||
| Huntington, WV | - | 1,254,238 | 760,602 | ||||||||||
| Warwick, RI | - | 1,699,330 | - | ||||||||||
| Swansea Quick Cash: | |||||||||||||
| Swansea, IL | - | 45,815 | 132,365 | ||||||||||
| Taco Bell: | |||||||||||||
| Ocala, FL | - | 275,023 | 754,990 | ||||||||||
| Ormond Beach, FL | - | 632,337 | 525,616 | ||||||||||
| Brooklyn Park, MN | - | 283,782 | 418,740 | ||||||||||
| Chanhassen, MN | - | 291,317 | 648,900 | ||||||||||
| Saint Cloud, MN | - | 279,243 | 301,790 | ||||||||||
| West Saint Paul, MN | - | 476,860 | 1,292,650 | ||||||||||
| Phoenix, AZ | - | 593,718 | 282,777 | ||||||||||
| Taco Bron Restaurant: | |||||||||||||
| Tucson, AZ | - | 827,002 | 305,209 | ||||||||||
| Tara Grinna Swimwear: | |||||||||||||
| Conway, SC | - | 247,173 | 1,140,660 | ||||||||||
| Target: | |||||||||||||
| Chico, CA | - | 1,269,272 | 4,213,165 | ||||||||||
| Victorville, CA | - | 1,908,815 | 4,029,669 | ||||||||||
| San Diego, CA | - | 2,672,390 | 4,270,693 | ||||||||||
| Texas Roadhouse: | |||||||||||||
| Grand Junction, CO | - | 584,237 | 920,143 | ||||||||||
| Thornton, CO | - | 598,556 | 1,019,164 | ||||||||||
| TGI Friday’s: | |||||||||||||
| Corpus Christi, TX | - | 1,209,702 | 1,532,125 | ||||||||||
| Top’s: | |||||||||||||
| Lacy, WA | - | 2,777,449 | 7,082,150 | ||||||||||
| United States of America: | |||||||||||||
| Arlington, VA | 94,193,731 | (s) | 24,077,279 | 117,691,770 | |||||||||
| United Trust Bank: | |||||||||||||
| Bridgeview, IL | - | 673,238 | 744,154 | ||||||||||
| Vacant Property: | |||||||||||||
| Vernon, TX | - | 105,798 | 328,943 | ||||||||||
| Raleigh, NC | 1,548,625 | 1,848,026 | 1,753,635 | ||||||||||
| Tampa, FL | 1,329,548 | 1,454,908 | 2,045,833 | ||||||||||
| Arlington, VA | - | 435,002 | 2,299,881 | ||||||||||
| Plymouth Meeting, PA | - | 2,911,111 | - | ||||||||||
| Augusta, GA | - | 176,656 | 674,253 | ||||||||||
| Florissant, MO | - | 247,746 | 441,608 | ||||||||||
| Hammond, LA | - | 247,600 | 813,514 | ||||||||||
| Mesa, AZ | - | 195,652 | 512,566 | ||||||||||
| Indianapolis, IN | - | 639,584 | 1,015,173 | ||||||||||
| Montgomery, AL | - | 1,418,158 | 1,140,080 | ||||||||||
| Value City: | |||||||||||||
| Florissant, MO | - | 2,490,210 | 2,937,449 | ||||||||||
| Vons: | |||||||||||||
| Moreno Valley, CA | - | 759,052 | 1,652,164 | ||||||||||
| Walgreens: | |||||||||||||
| Sunrise, FL | - | 1,957,974 | 1,400,970 | ||||||||||
| Wal-Mart: | |||||||||||||
| Sealy, TX | - | 1,344,244 | 1,483,362 | ||||||||||
| Aransas Pass, TX | - | 190,505 | 2,640,175 | ||||||||||
| Winfield, AL | - | 419,811 | 1,684,505 | ||||||||||
| Beeville, TX | - | 507,231 | 2,315,424 | ||||||||||
| Corpus Christi, TX | - | 630,043 | 3,131,407 | ||||||||||
| Waremart: | |||||||||||||
| Eureka, CA | - | 3,135,036 | 5,470,607 | ||||||||||
| Washington Bike Center: | |||||||||||||
| Fairfax, VA | - | 192,830 | 278,892 | ||||||||||
| Wendy’s Old Fashioned Hamburger: | |||||||||||||
| Fenton, MO | - | 307,068 | 496,410 | ||||||||||
| Sacramento, CA | - | 585,872 | - | ||||||||||
| New Kensington, PA | - | 501,136 | 333,445 | ||||||||||
| Whataburger: | |||||||||||||
| Albuquerque, NM | - | 624,318 | 418,975 | ||||||||||
| Warehouse Music: | |||||||||||||
| Homewood, AL | - | 1,031,974 | 696,950 | ||||||||||
| Winn-Dixie: | |||||||||||||
| Dallas, GA | - | 1,287,630 | 1,952,791 | ||||||||||
| Woodstock, GA | - | 1,937,017 | 1,284,901 | ||||||||||
| Columbus, GA | - | 1,023,371 | 1,874,875 | ||||||||||
| Leasehold Interests: | - | 3,380,756 | - | ||||||||||
| $ | 138,387,257 | $ | 388,287,778 | $ | 498,123,221 | ||||||||
|
Real Estate the Company has Invested in Under Direct Financing Leases: | |||||||||||||
| Academy: | |||||||||||||
| Houston, TX | $ | - | $ | - | $ | 1,924,740 | |||||||
| Houston, TX | - | - | 1,867,519 | ||||||||||
| N. Richland Hills, TX | - | - | 2,253,408 | ||||||||||
| Houston, TX | - | - | 2,112,335 | ||||||||||
| Houston, TX | - | - | 1,910,697 | ||||||||||
| Baton Rouge, LA | - | - | 2,405,466 | ||||||||||
| Barnes & Noble: | |||||||||||||
| Plantation, FL | - | - | 3,498,559 | ||||||||||
| Best Buy: | |||||||||||||
| Evanston, IL | - | - | 3,400,057 | ||||||||||
| Borders Books & Music: | |||||||||||||
| Altamonte Springs, FL | - | - | 3,267,579 | ||||||||||
| Checkers: | |||||||||||||
| Orlando, FL | - | - | 286,910 | ||||||||||
| Dave & Buster’s: | |||||||||||||
| Utica, MI | - | - | 4,888,743 | ||||||||||
| Eckerd: | |||||||||||||
| San Antonio, TX | - | - | 783,974 | ||||||||||
| Dallas, TX | - | - | 638,684 | ||||||||||
| Arlington, TX | - | - | 636,070 | ||||||||||
| Millville, NJ | - | - | 828,942 | ||||||||||
| Atlanta, GA | - | - | 668,390 | ||||||||||
| Mantua, NJ | - | - | 951,795 | ||||||||||
| Vineland, NJ | - | - | - | ||||||||||
| Amarillo, TX | - | - | 849,071 | ||||||||||
| Amarillo, TX | - | - | 869,846 | ||||||||||
| Amarillo, TX | 376,646 | (j) | 158,851 | 855,348 | |||||||||
| Glassboro, NJ | - | - | 887,497 | ||||||||||
| Kissimmee, FL | - | - | 933,852 | ||||||||||
| Alice, TX | 382,180 | (j) | 189,187 | 804,963 | |||||||||
| Tampa, FL | - | - | 1,090,532 | ||||||||||
| Lafayette, LA | - | - | 949,128 | ||||||||||
| Moore, OK | - | - | 879,296 | ||||||||||
| East Point, GA | - | 336,610 | 1,173,529 | ||||||||||
| Irving, TX | - | - | 1,228,436 | ||||||||||
| Ft. Worth, TX | - | 399,592 | 2,529,969 | ||||||||||
| Williston, FL | - | - | 355,757 | ||||||||||
| Jasper, FL | - | - | 347,474 | ||||||||||
| Oklahoma City, OK | - | (l) | 1,365,125 | ||||||||||
| Oklahoma City, OK | - | (l) | 1,419,093 | ||||||||||
| Norman, OK | - | - | 1,225,477 | ||||||||||
| Chattanooga, TN | - | - | 1,344,240 | ||||||||||
| Del City, OK | - | - | - | ||||||||||
| Arlington, TX | - | - | - | ||||||||||
| Kennett Square, PA | - | (l) | - | ||||||||||
| Arlington, TX | - | - | 3,201,489 | ||||||||||
| Food 4 Less: | |||||||||||||
| Lemon Grove, CA | - | - | 4,068,179 | ||||||||||
| Chula Vista, CA | - | - | 4,266,181 | ||||||||||
| Food Lion: | |||||||||||||
| Keystone Heights, FL | 743,954 | (j) | 88,604 | 1,845,988 | |||||||||
| Chattanooga, TN | 783,551 | (j) | 336,488 | 1,701,072 | |||||||||
| Lynchburg, VA | - | 128,216 | 1,674,167 | ||||||||||
| Martinsburg, WV | 766,116 | (j) | 448,648 | 1,543,573 | |||||||||
| Good Guys, The: | |||||||||||||
| Stockton, CA | 1,367,272 | (j) | 580,609 | 2,974,868 | |||||||||
| Heilig-Meyers: | |||||||||||||
| York, PA | - | 279,312 | 1,109,609 | ||||||||||
| Marlow Heights, MD | - | 415,926 | 1,397,178 | ||||||||||
| International House of Pancakes: | |||||||||||||
| Stafford, TX | - | - | 571,832 | ||||||||||
| Sunset Hills, MO | - | - | 736,345 | ||||||||||
| Las Vegas, NV | - | - | 613,582 | ||||||||||
| Ft. Worth, TX | - | - | 623,641 | ||||||||||
| Arlington, TX | - | - | 608,132 | ||||||||||
| Matthews, NC | - | - | 655,668 | ||||||||||
| Phoenix, AZ | - | - | 559,307 | ||||||||||
| Jared Jewelers: | |||||||||||||
| Aurora, IL | - | (l) | 1,928,871 | ||||||||||
| Glendale, AZ | - | (l) | 1,599,105 | ||||||||||
| Oviedo, FL | 594,382 | (l) | 1,500,145 | ||||||||||
| Phoenix, AZ | 533,748 | (l) | 1,241,825 | ||||||||||
| Toledo, OH | - | (l) | 1,457,625 | ||||||||||
| Lewisville, TX | 369,300 | (l) | 1,502,903 | ||||||||||
| Kash ’N Karry: | |||||||||||||
| Brandon, FL | 3,276,291 | (p) | 1,234,519 | 3,255,257 | |||||||||
| Levitz: | |||||||||||||
| Tempe, AZ | - | 634,444 | 2,225,991 | ||||||||||
| Sports Authority: | |||||||||||||
| Dallas, TX | - | - | 2,658,976 | ||||||||||
| Shop & Save: | |||||||||||||
| Homestead, PA | - | - | 2,578,098 | ||||||||||
| SuperValu: | |||||||||||||
| Warwick, RI | - | - | 2,978,154 | ||||||||||
| $ | 9,193,440 | $ | 5,231,005 | $ | 102,510,261 | ||||||||
|
COMMERCIAL NET LEASE REALTY, INC. AND SUBSIDIARIES SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION AND AMORTIZATION December 31, 2003 | ||||||||||||||||||
|
Costs Capitalized Subsequent to Acquisition |
Gross Amount at Which Carried at Close of Period(b) | |||||||||||||||||
| Improvements | Carrying Costs | Land | Building, Improvements and Leasehold Interests | Total | ||||||||||||||
|
Real estate the company has invested in under operating leases: | ||||||||||||||||||
| Academy: | ||||||||||||||||||
| Houston, TX | $ | - | $ | - | $ | 1,074,232 | $ | (c) | $ | 1,074,232 | ||||||||
| Houston, TX | - | - | 699,165 | (c) | 699,165 | |||||||||||||
| N. Richland Hills, TX | - | - | 1,307,655 | (c) | 1,307,655 | |||||||||||||
| Houston, TX | - | - | 2,098,895 | (c) | 2,098,895 | |||||||||||||
| Houston, TX | - | - | 795,005 | (c) | 795,005 | |||||||||||||
| Baton Rouge, LA | - | - | 1,547,501 | (c) | 1,547,501 | |||||||||||||
| Houston, TX | - | - | 2,310,845 | 1,627,872 | 3,938,717 | |||||||||||||
| Pasadena, TX | - | - | 899,768 | 2,180,574 | 3,080,342 | |||||||||||||
| Beaumont, TX | - | - | 1,423,700 | 2,449,261 | 3,872,961 | |||||||||||||
| Ace Hardware and Lighting: | ||||||||||||||||||
| Bourbonnais, IL | - | - | 298,192 | 1,329,492 | 1,627,684 | |||||||||||||
| Adams Sports Grill: | ||||||||||||||||||
| Chandler, AZ | 7,500 | - | 654,765 | 772,664 | 1,427,429 | |||||||||||||
| Albertsons: | ||||||||||||||||||
| Sonora, CA | - | - | 587,782 | 1,620,311 | 2,208,093 | |||||||||||||
| American Signature Home: | ||||||||||||||||||
| White Marsh, MD | 3,006,391 | - | 3,762,030 | 3,006,391 | 6,768,421 | |||||||||||||
| Amoco: | ||||||||||||||||||
| Miami, FL | - | - | 969,156 | - | 969,156 | |||||||||||||
| Sunrise, FL | - | - | 949,185 | - | 949,185 | |||||||||||||
| Applebee's: | ||||||||||||||||||
| Ballwin, CA | - | - | 1,496,173 | 1,403,581 | 2,899,754 | |||||||||||||
| Arby's: | ||||||||||||||||||
| Colorado Springs, CO | - | - | 205,957 | 533,540 | 739,497 | |||||||||||||
| Thomson, GA | - | - | 267,842 | 503,550 | 771,392 | |||||||||||||
| Whitmore Lake, MI | - | - | 170,515 | 468,916 | 639,431 | |||||||||||||
| Albuquerque, NM | - | - | 442,991 | 507,790 | 950,781 | |||||||||||||
| Albuquerque, NM | - | - | 250,881 | 513,970 | 764,851 | |||||||||||||
| Santa Fe, NM | - | - | 450,358 | 341,960 | 792,318 | |||||||||||||
| Washington Courthouse, OH | - | - | 156,875 | 545,841 | 702,716 | |||||||||||||
| Ashley Furniture: | ||||||||||||||||||
| Altamonte Springs, FL | 315,000 | - | 2,906,409 | 5,192,225 | 8,098,634 | |||||||||||||
| Babies “R” Us: | ||||||||||||||||||
| Arlington, TX | - | - | 830,689 | 2,611,867 | 3,442,556 | |||||||||||||
| Independence, MO | - | - | 1,678,794 | 2,301,909 | 3,980,703 | |||||||||||||
| Barnes & Noble: | ||||||||||||||||||
| Brandon, FL | - | - | 1,476,407 | 1,527,150 | 3,003,557 | |||||||||||||
| Denver, CO | - | - | 3,244,785 | 2,722,087 | 5,966,872 | |||||||||||||
| Houston, TX | - | - | 3,307,562 | 2,396,024 | 5,703,586 | |||||||||||||
| Plantation, FL | - | - | 3,616,457 | (c) | 3,616,457 | |||||||||||||
| Freehold, NJ | - | - | 2,917,219 | 2,260,663 | 5,177,882 | |||||||||||||
| Dayton, OH | - | - | 1,412,614 | 3,223,467 | 4,636,081 | |||||||||||||
| Redding, CA | - | - | 497,179 | 1,625,702 | 2,122,881 | |||||||||||||
| Marlton, NJ | - | - | 2,831,370 | 4,318,554 | 7,149,924 | |||||||||||||
| Bed, Bath & Beyond: | ||||||||||||||||||
| Richmond, VA | - | - | 1,184,144 | 2,842,759 | (o) | 4,026,903 | ||||||||||||
| Los Angeles, CA | - | - | 6,318,023 | 3,089,396 | 9,407,419 | |||||||||||||
| Glendale, AZ | 2,758,452 | - | 1,082,092 | 2,758,452 | 3,840,544 | |||||||||||||
| Bedford Furniture: | ||||||||||||||||||
| Everett, PA | 7,830 | - | 226,366 | 817,667 | 1,044,033 | |||||||||||||
| Bennigan's: | ||||||||||||||||||
| Aurora, CO | - | - | 1,064,850 | 1,260,409 | 2,325,259 | |||||||||||||
| Milford, CT | - | - | 921,200 | 697,298 | 1,618,498 | |||||||||||||
| Altamonte Springs, FL | - | - | 1,088,282 | 924,425 | 2,012,707 | |||||||||||||
| Gainsville, FL | - | - | 751,687 | 848,816 | 1,600,503 | |||||||||||||
| Jacksonville, FL | - | - | 1,359,559 | 1,026,095 | 2,385,654 | |||||||||||||
| Schaumburg, IL | - | - | 2,064,964 | 1,311,190 | 3,376,154 | |||||||||||||
| Flint, MI | - | - | 496,299 | 895,296 | 1,391,595 | |||||||||||||
| Raleigh, NC | - | - | 793,017 | 876,727 | 1,669,744 | |||||||||||||
| Tulsa, OK | - | - | 1,013,184 | 1,290,590 | 2,303,774 | |||||||||||||
| Wichita Falls, TX | - | - | 818,611 | 1,107,418 | 1,926,029 | |||||||||||||
| Best Buy: | ||||||||||||||||||
| Brandon, FL | - | - | 2,985,156 | 2,772,137 | 5,757,293 | |||||||||||||
| Evanston, IL | - | - | 1,850,996 | (c) | 1,850,996 | |||||||||||||
| Cuyahoga Falls, OH | - | - | 3,708,980 | 2,359,377 | 6,068,357 | |||||||||||||
| Rockville, MD | - | - | 6,233,342 | 3,418,783 | 9,652,125 | |||||||||||||
| Fairfax, VA | - | - | 3,052,477 | 3,218,018 | 6,270,495 | |||||||||||||
| St. Petersburg, FL | - | - | 4,031,744 | 2,610,980 | (o) | 6,642,724 | ||||||||||||
| North Fayette, PA | - | - | 2,330,847 | 2,292,932 | 4,623,779 | |||||||||||||
| Denver, CO | - | - | 8,881,890 | 4,372,684 | 13,254,574 | |||||||||||||
| Big D’s: | ||||||||||||||||||
| Eden Prairie, MN | 80,809 | - | 64,916 | 261,347 | 326,263 | |||||||||||||
| Blockbuster: | ||||||||||||||||||
| Conyers, GA | - | - | 320,029 | 556,282 | 876,311 | |||||||||||||
| Mobile, AL | - | - | 491,453 | 498,488 | 989,941 | |||||||||||||
| Mobile, AL | - | - | 843,121 | 562,498 | 1,405,619 | |||||||||||||
| Gainesville, GA | - | - | 294,882 | 611,570 | 906,452 | |||||||||||||
| Glasgow, KY | - | - | 302,859 | 560,904 | 863,763 | |||||||||||||
| Alice, TX | - | - | 318,285 | 578,268 | 896,553 | |||||||||||||
| Kingsville, TX | - | - | 498,849 | 457,695 | 956,544 | |||||||||||||
| BMW: | ||||||||||||||||||
| Duluth, GA | - | - | 4,433,613 | 4,080,186 | 8,513,799 | |||||||||||||
| Bodyworks Unlimited: | ||||||||||||||||||
| Rincon, GA | - | - | 244,607 | 791,808 | 1,036,415 | |||||||||||||
| Borders Books & Music: | ||||||||||||||||||
| Wilmington, DE | - | - | 2,994,400 | 6,061,538 | 9,055,938 | |||||||||||||
| Richmond, VA | - | - | 2,177,310 | 2,599,587 | 4,776,897 | |||||||||||||
| Ft. Lauderdale, FL | - | - | 3,164,984 | 3,319,234 | (o) | 6,484,218 | ||||||||||||
| Bangor, ME | - | - | 1,546,915 | 2,486,761 | 4,033,676 | |||||||||||||
| Altamonte Springs, FL | - | - | 1,947,198 | (c) | 1,947,198 | |||||||||||||
| Boston Market: | ||||||||||||||||||
| Geneva, IL | - | - | 1,125,347 | 893,485 | 2,018,832 | |||||||||||||
| Orland Park, IL | - | - | 562,384 | 377,244 | 939,628 | |||||||||||||
| Wheaton, IL | - | - | 1,115,457 | 872,736 | 1,988,193 | |||||||||||||
| Burton, MI | - | - | 619,778 | 707,242 | 1,327,020 | |||||||||||||
| Novi, MI | - | - | 835,669 | 297,567 | 1,133,236 | |||||||||||||
| North Olmsted, OH | - | - | 601,800 | 389,065 | 990,865 | |||||||||||||
| Warren, OH | - | - | 562,446 | 467,592 | 1,030,038 | |||||||||||||
| Dunmore, PA | - | - | 773,882 | 469,434 | 1,243,316 | |||||||||||||
| Buffalo Wild Wings: | ||||||||||||||||||
| Michigan City, IN | - | - | 162,538 | 492,007 | 654,545 | |||||||||||||
| Burger King: | ||||||||||||||||||
| Colonial Heights, VA | - | - | 662,345 | 609,787 | 1,272,132 | |||||||||||||
| Carino's: | ||||||||||||||||||
| Beaumont, TX | - | - | 439,076 | 1,363,447 | 1,802,523 | |||||||||||||
| Lewisville, TX | - | - | 1,369,836 | 1,018,659 | 2,388,495 | |||||||||||||
| Lubbock, TX | - | - | 1,007,432 | 1,205,512 | 2,212,944 | |||||||||||||
| Champps: | ||||||||||||||||||
| Alpharetta, GA | - | - | 3,032,965 | 1,641,820 | 4,674,785 | |||||||||||||
| Irving, TX | - | - | 1,760,020 | 1,724,220 | 3,484,240 | |||||||||||||
| Checkers: | ||||||||||||||||||
| Orlando, FL | - | - | 256,568 | (c) | 256,568 | |||||||||||||
| Claim Jumper: | ||||||||||||||||||
| Tempe, AZ | - | - | 2,530,892 | 2,920,575 | 5,451,467 | |||||||||||||
| Roseville, CA | - | - | 1,556,732 | 2,013,650 | 3,570,382 | |||||||||||||
| CompUSA: | ||||||||||||||||||
| Baton Rouge. LA | - | - | 609,069 | 913,603 | 1,522,672 | |||||||||||||
| Miami, FL | - | - | 2,713,192 | 1,866,676 | 4,579,868 | |||||||||||||
| Dave's: | ||||||||||||||||||
| Maple Heights, OH | - | - | 1,034,758 | 2,874,414 | 3,909,172 | |||||||||||||
| Dave & Buster's: | ||||||||||||||||||
| Utica, MI | - | - | 3,776,169 | (c) | 3,776,169 | |||||||||||||
| Denny's: | ||||||||||||||||||
| Columbus, TX | - | - | 428,429 | 816,644 | 1,245,073 | |||||||||||||
| Dick's Clothing: | ||||||||||||||||||
| Taylor, MI | - | - | 1,920,032 | 3,526,868 | 5,446,900 | |||||||||||||
| White Marsh, MD | - | - | 2,680,532 | 3,916,889 | 6,597,421 | |||||||||||||
| Dollar Tree: | ||||||||||||||||||
| Garland, TX | - | - | 239,014 | 626,170 | 865,184 | |||||||||||||
| Copperas Cove, TX | 194,167 | - | 241,650 | 705,791 | 947,441 | |||||||||||||
| Donato's: | ||||||||||||||||||
| Medina, OH | - | - | 405,113 | 463,582 | 868,695 | |||||||||||||
| East Meets West: | ||||||||||||||||||
| Southfiled, MI | 38,660 | - | 405,108 | 643,759 | 1,048,867 | |||||||||||||
| Eckerd: | ||||||||||||||||||
| San Antonio, TX | - | - | 440,985 | (c) | 440,985 | |||||||||||||
| Dallas, TX | - | - | 541,493 | (c) | 541,493 | |||||||||||||
| Arlington, TX | - | - | 368,964 | (c) | 368,964 | |||||||||||||
| Millville, NJ | - | - | 417,603 | (c) | 417,603 | |||||||||||||
| Atlanta, GA | - | - | 445,593 | (c) | 445,593 | |||||||||||||
| Mantua, NJ | - | - | 344,022 | (c) | 344,022 | |||||||||||||
| Amarillo, TX | - | - | 329,231 | (c) | 329,231 | |||||||||||||
| Amarillo, TX | - | - | 650,864 | (c) | 650,864 | |||||||||||||
| Glassboro, NJ | - | - | 534,243 | (c) | 534,243 | |||||||||||||
| Kissimmee, FL | - | - | 715,480 | (c) | 715,480 | |||||||||||||
| Tampa, FL | - | - | 604,682 | (c) | 604,682 | |||||||||||||
| Lafayette, LA | - | - | 967,528 | (c) | 967,528 | |||||||||||||
| Douglasville, GA | - | - | 413,438 | 995,209 | 1,408,647 | |||||||||||||
| Moore, OK | - | - | 414,738 | (c) | 414,738 | |||||||||||||
| Midwest City, OK | - | - | 673,369 | 1,103,351 | 1,776,720 | |||||||||||||
| Irving, TX | - | - | 1,000,222 | (c) | 1,000,222 | |||||||||||||
| Jasper, FL | - | - | 291,147 | (c) | 291,147 | |||||||||||||
| Williston, FL | - | - | 622,403 | (c) | 622,403 | |||||||||||||
| Pantego, TX | - | - | 1,016,062 | 1,448,911 | 2,464,973 | |||||||||||||
| Conyers, GA | - | - | 574,666 | 998,900 | 1,573,566 | |||||||||||||
| Norman, OK | - | - | 1,065,562 | (c) | 1,065,562 | |||||||||||||
| Chattanooga, TN | - | - | 457,659 | (c) | 457,659 | |||||||||||||
| Arlington, TX | 1,396,508 | - | 2,078,542 | 1,396,508 | 3,475,050 | |||||||||||||
| Leavenworth, KS | 1,330,830 | - | 726,438 | 1,330,830 | 2,057,268 | |||||||||||||
| Augusta, GA | - | - | 568,606 | 1,326,748 | 1,895,354 | |||||||||||||
| Riverdale, GA | - | - | 1,088,896 | 1,707,448 | 2,796,344 | |||||||||||||
| Warner Robins, GA | 1,227,330 | - | 707,488 | 1,227,330 | 1,934,818 | |||||||||||||
| Lewisville, TX | 1,335,426 | - | 789,237 | 1,335,426 | 2,124,663 | |||||||||||||
| Forest Hill, TX | 1,174,549 | - | 692,165 | 1,174,549 | 1,866,714 | |||||||||||||
| Del City, OK | - | - | 1,387,362 | (c) | 1,387,362 | |||||||||||||
| Arlington, TX | - | - | 414,568 | (c) | 414,568 | |||||||||||||
| Garland, TX | 1,418,531 | - | 522,461 | 1,418,531 | 1,940,992 | |||||||||||||
| Garland, TX | 1,400,278 | - | 1,476,838 | 1,400,278 | 2,877,116 | |||||||||||||
| Oklahoma City, OK | 1,471,105 | - | 1,581,480 | 1,471,105 | 3,052,585 | |||||||||||||
| Vineland, NJ | - | - | 2,068,089 | (c) | 2,068,089 | |||||||||||||
| Dallas, TX | 2,570,569 | - | 2,617,656 | 2,570,569 | 5,188,225 | |||||||||||||
| Gladstone, MO | 1,739,568 | - | 1,851,374 | 1,739,568 | 3,590,942 | |||||||||||||
| Falls Church, VA | 2,424,664 | - | 3,127,139 | 2,412,036 | (q) | 5,539,175 | ||||||||||||
| West Mifflin, PA | - | - | 1,401,632 | 2,043,862 | 3,445,494 | |||||||||||||
| Norfolk, PA | - | - | 2,742,194 | 1,796,508 | 4,538,702 | |||||||||||||
| Thorndale, PA | - | - | 2,260,618 | 2,472,039 | 4,732,657 | |||||||||||||
| Enterprise Rent-A-Car: | ||||||||||||||||||
| Wilmington, NC | - | - | 218,126 | 327,329 | 545,455 | |||||||||||||
| Fantastic Sams: | ||||||||||||||||||
| Eden Prairie, MN | 80,809 | - | 64,916 | 261,347 | 326,263 | |||||||||||||
| Fazoli's Restaurant: | ||||||||||||||||||
| Bay City, MI | - | - | 647,055 | 633,899 | 1,280,954 | |||||||||||||
| Food 4 Less: | ||||||||||||||||||
| Lemon Grove, CA | - | - | 3,695,816 | (c) | 3,695,816 | |||||||||||||
| Chula Vista, CA | - | - | 3,568,862 | (c) | 3,568,862 | |||||||||||||
| Gateway: | ||||||||||||||||||
| Glendale, AZ | - | - | 341,713 | 982,429 | 1,324,142 | |||||||||||||
| Gen-X Clothing: | ||||||||||||||||||
| Federal Way, WA | 257,414 | - | 2,037,392 | 1,918,991 | 3,956,383 | |||||||||||||
| Golden Corral: | ||||||||||||||||||
| Leitchfield, KY | - | - | 73,660 | 306,642 | 380,302 | |||||||||||||
| Atlanta, TX | - | - | 88,457 | 368,317 | 456,774 | |||||||||||||
| Abbeville, LA | - | - | 98,577 | 362,416 | 460,993 | |||||||||||||
| Lake Placid, FL | - | - | 115,113 | 305,074 | 420,187 | |||||||||||||
| Tampa, FL | - | - | 1,187,614 | 1,339,000 | 2,526,614 | |||||||||||||
| Brandon, FL | - | - | 1,329,793 | 1,390,502 | 2,720,295 | |||||||||||||
| Dallas, TX | - | - | 1,138,129 | 1,024,747 | 2,162,876 | |||||||||||||
| Good Guys, The: | ||||||||||||||||||
| Foothill Ranch, CA | - | - | 1,456,113 | 2,505,022 | 3,961,135 | |||||||||||||
| East Palo Alto, CA | - | - | 2,271,634 | 3,404,843 | 5,676,477 | |||||||||||||
| GymKix: | ||||||||||||||||||
| Copperas Cove, TX | 171,477 | - | 203,908 | 603,192 | 807,100 | |||||||||||||
| H&R Block: | ||||||||||||||||||
| Swansea, IL | 69,029 | - | 45,842 | 201,469 | 247,311 | |||||||||||||
| Hancock Fabrics: | ||||||||||||||||||
| Arlington, TX | 242,483 | - | 317,838 | 1,922,911 | 2,240,749 | |||||||||||||
| Hastings: | ||||||||||||||||||
| Nacogdoches, TX | - | - | 397,074 | 1,257,402 | 1,654,476 | |||||||||||||
| Haverty's: | ||||||||||||||||||
| Clearwater, FL | 44,005 | - | 1,184,438 | 2,570,212 | 3,754,650 | |||||||||||||
| Orlando, FL | - | - | 820,397 | 2,184,721 | 3,005,118 | |||||||||||||
| Pensacola, FL | - | - | 633,125 | 1,595,405 | 2,228,530 | |||||||||||||
| Bowie, MD | - | - | 1,965,508 | 4,221,074 | 6,186,582 | |||||||||||||
| Heilig-Meyers: | ||||||||||||||||||
| Baltimore, MD | - | - | 469,782 | 813,074 | 1,282,856 | |||||||||||||
| Glen Burnie, MD | - | - | 631,712 | 931,931 | 1,563,643 | |||||||||||||
| Hollywood Video: | ||||||||||||||||||
| Cincinnati, OH | 261,237 | - | 543,437 | 520,623 | 1,064,060 | |||||||||||||
| Clifton, CO | - | - | 245,462 | 732,477 | 977,939 | |||||||||||||
| Home Depot: | ||||||||||||||||||
| Sunrise, FL | - | - | 5,148,657 | - | 5,148,657 | |||||||||||||
| HomeGoods: | ||||||||||||||||||
| Fairfax, VA | 937,301 | - | 977,839 | 2,351,562 | 3,329,401 | |||||||||||||
| Hooters: | ||||||||||||||||||
| Tampa, FL | - | - | 783,923 | 504,768 | 1,288,691 | |||||||||||||
| Hy-Vee: | ||||||||||||||||||
| St. Joseph, MO | - | - | 1,579,583 | 2,849,246 | 4,428,829 | |||||||||||||
| International House of Pancakes: | ||||||||||||||||||
| Stafford, TX | - | - | 331,756 | (c) | 331,756 | |||||||||||||
| Sunset Hills, MO | - | - | 271,853 | (c) | 271,853 | |||||||||||||
| Las Vegas, NV | - | - | 519,947 | (c) | 519,947 | |||||||||||||
| Ft. Worth, TX | - | - | 430,896 | (c) | 430,896 | |||||||||||||
| Arlington, TX | - | - | 404,512 | (c) | 404,512 | |||||||||||||
| Matthews, NC | - | - | 380,043 | (c) | 380,043 | |||||||||||||
| Phoenix, AZ | - | - | 483,374 | (c) | 483,374 | |||||||||||||
| Midwest City, OK | - | - | 407,268 | - | 407,268 | |||||||||||||
| Jared Jewelers: | ||||||||||||||||||
| Richmond, VA | - | - | 955,134 | 1,336,152 | 2,291,286 | |||||||||||||
| Brandon, FL | - | - | 1,196,900 | 1,182,150 | 2,379,050 | |||||||||||||
| Lithonia, GA | - | - | 1,270,517 | 1,215,818 | 2,486,335 | |||||||||||||
| Houston, TX | - | - | 1,675,739 | 1,439,597 | 3,115,336 | |||||||||||||
| Jo-Ann Etc: | ||||||||||||||||||
| Corpus Christi, TX | 12,222 | - | 818,448 | 908,617 | 1,727,065 | |||||||||||||
| Just For Feet: | ||||||||||||||||||
| Albuquerque, NM | - | - | 1,441,777 | 2,335,475 | 3,777,252 | |||||||||||||
| Kash N’ Karry: | ||||||||||||||||||
| Palm Harbor, FL | - | - | 335,851 | 1,925,276 | 2,261,127 | |||||||||||||
| Gainesville, FL | - | - | 317,386 | 1,248,404 | 1,565,790 | |||||||||||||
| Brandon, FL | - | - | 322,476 | 1,221,661 | 1,544,137 | |||||||||||||
| Sarasota, FL | - | - | 470,600 | 1,343,746 | 1,814,346 | |||||||||||||
| Keg Steakhouse: | ||||||||||||||||||
| Gresham, OR | - | - | 817,311 | 108,294 | 925,605 | |||||||||||||
| Bellingham, WA | - | - | 397,443 | 455,605 | 853,048 | |||||||||||||
| Lynnwood, WA | - | - | 1,255,513 | 649,236 | 1,904,749 | |||||||||||||
| Tacoma, WA | - | - | 526,792 | 794,722 | 1,321,514 | |||||||||||||
| KFC: | ||||||||||||||||||
| Marysville, WA | - | - | 646,779 | 545,592 | 1,192,371 | |||||||||||||
| Erie, PA | - | - | 516,508 | 496,092 | 1,012,600 | |||||||||||||
| Lee County: | ||||||||||||||||||
| Ft. Myers, FL | 3,450 | - | 1,956,579 | 4,048,646 | 6,005,225 | |||||||||||||
| Lowe’s: | ||||||||||||||||||
| Memphis, TN | - | - | 3,214,835 | 9,169,885 | 12,384,720 | |||||||||||||
| Magic Dollar: | ||||||||||||||||||
| Memphis, TN | 364,460 | - | 549,309 | 904,102 | 1,453,412 | |||||||||||||
| MCI: | ||||||||||||||||||
| Arlington, VA | - | - | 222,721 | 1,088,680 | 1,311,401 | |||||||||||||
| Merchant's Square: | ||||||||||||||||||
| Corpus Christi, TX | - | - | 223,998 | 2,158,955 | 2,382,953 | |||||||||||||
| Merryland Chinese Buffet: | ||||||||||||||||||
| Red Oak, TX | - | - | 73,290 | 520,950 | 594,240 | |||||||||||||
| Mi Pueblo Foods: | ||||||||||||||||||
| Watsonville, CA | - | - | 805,056 | 1,648,934 | 2,453,990 | |||||||||||||
| Michaels: | ||||||||||||||||||
| Fairfax, VA | 706,501 | - | 986,131 | 2,132,755 | 3,118,886 | |||||||||||||
| Grapevine, TX | - | - | 1,017,934 | 2,066,715 | 3,084,649 | |||||||||||||
| Mortgage Marketing: | ||||||||||||||||||
| Swansea, IL | - | - | 91,709 | 264,956 | 356,665 | |||||||||||||
| Mountain Jack's: | ||||||||||||||||||
| Centerville, OH | - | - | 850,625 | 1,059,430 | 1,910,055 | |||||||||||||
| Office Depot: | ||||||||||||||||||
| Arlington, TX | - | - | 596,024 | 1,411,432 | 2,007,456 | |||||||||||||
| Richmond, VA | - | - | 888,772 | 1,948,036 | 2,836,808 | |||||||||||||
| OfficeMax: | ||||||||||||||||||
| Corpus Christi, TX | 76,664 | - | 893,270 | 1,055,008 | 1,948,278 | |||||||||||||
| Dallas, TX | - | - | 1,118,500 | 1,709,891 | 2,828,391 | |||||||||||||
| Cincinnati, OH | - | - | 543,489 | 1,574,551 | 2,118,040 | |||||||||||||
| Evanston, IL | - | - | 1,867,831 | 1,757,618 | 3,625,449 | |||||||||||||
| Altamonte Springs, FL | - | - | 1,689,793 | 3,050,160 | 4,739,953 | |||||||||||||
| Cutler Ridge, FL | - | - | 989,370 | 1,479,119 | 2,468,489 | |||||||||||||
| Sacramento, CA | - | - | 1,144,167 | 2,961,206 | 4,105,373 | |||||||||||||
| Salinas, CA | - | - | 1,353,217 | 1,829,325 | 3,182,542 | |||||||||||||
| Redding, CA | - | - | 667,174 | 2,181,563 | 2,848,737 | |||||||||||||
| Kelso, WA | 1,805,539 | - | 868,003 | 1,805,539 | 2,673,542 | |||||||||||||
| Lynchburg, VA | 1,851,326 | - | 561,509 | 1,851,326 | 2,412,835 | |||||||||||||
| Leesburg, FL | 1,929,028 | - | 640,019 | 1,929,028 | 2,569,047 | |||||||||||||
| Tigard, OR | - | - | 1,539,873 | 2,247,321 | 3,787,194 | |||||||||||||
| Dover, NJ | - | - | 1,138,296 | 3,238,083 | 4,376,379 | |||||||||||||
| Griffin, GA | 1,801,905 | - | 685,470 | 1,801,905 | 2,487,375 | |||||||||||||
| Party City: | ||||||||||||||||||
| Memphis, TN | 1,136,334 | - | 266,383 | 1,136,334 | 1,402,717 | |||||||||||||
| Penn Station Subs: | ||||||||||||||||||
| Florissant, MO | - | - | 77,726 | 138,547 | 216,273 | |||||||||||||
| Perfect Teeth: | ||||||||||||||||||
| Rio Rancho, NM | - | - | 61,517 | 122,142 | 183,659 | |||||||||||||
| Petco: | ||||||||||||||||||
| Grand Forks, ND | - | - | 306,629 | 909,671 | 1,216,300 | |||||||||||||
| PETsMART: | ||||||||||||||||||
| Chicago, IL | - | - | 2,724,138 | 3,565,721 | 6,289,859 | |||||||||||||
| Pier 1 Imports: | ||||||||||||||||||
| Anchorage, AK | - | - | 928,321 | 1,662,584 | 2,590,905 | |||||||||||||
| Memphis, TN | - | - | 713,319 | 821,770 | 1,535,089 | |||||||||||||
| Sanford, FL | - | - | 738,051 | 803,082 | 1,541,133 | |||||||||||||
| Knoxville, TN | - | - | 467,169 | 734,833 | 1,202,002 | |||||||||||||
| Mason, OH | - | - | 593,571 | 885,047 | 1,478,618 | |||||||||||||
| Harlingen, TX | - | - | 316,640 | 756,406 | 1,073,046 | |||||||||||||
| Valdosta, GA | - | - | 390,838 | 805,912 | 1,196,750 | |||||||||||||
| Pizza Hut: | ||||||||||||||||||
| Monroeville, AL | - | - | 547,300 | 44,237 | 591,537 | |||||||||||||
| Popeye’s: | ||||||||||||||||||
| Snellville, GA | - | - | 642,169 | 436,512 | 1,078,681 | |||||||||||||
| Print & Pack Plus: | ||||||||||||||||||
| Eden Prairie, MN | 94,277 | - | 75,736 | 304,905 | 380,641 | |||||||||||||
| Quizno’s: | ||||||||||||||||||
| Rio Rancho, NM | 13,398 | - | 48,566 | 109,826 | 158,392 | |||||||||||||
| Rally’s: | ||||||||||||||||||
| Toledo, OH | - | - | 125,882 | 319,770 | 445,652 | |||||||||||||
| Red Dragon Chinese Restaurant: | ||||||||||||||||||
| Columbus, OH | - | - | 1,032,008 | 1,107,250 | 2,139,258 | |||||||||||||
| Rent-A-Center: | ||||||||||||||||||
| Rio Rancho, NM | 40,193 | - | 145,698 | 329,477 | 475,175 | |||||||||||||
| Rite Aid: | ||||||||||||||||||
| Mobile, AL | - | - | 1,136,618 | 1,694,187 | 2,830,805 | |||||||||||||
| Orange Beach, AL | - | - | 1,409,980 | 1,996,043 | 3,406,023 | |||||||||||||
| Roadhouse Grill: | ||||||||||||||||||
| Cheektowaga, NY | - | - | 689,040 | 386,251 | 1,075,291 | |||||||||||||
| Robb & Stucky: | ||||||||||||||||||
| Ft. Myers, FL | - | - | 2,188,440 | 6,225,401 | 8,413,841 | |||||||||||||
| Roger & Marv’s: | ||||||||||||||||||
| Kenosha, WI | - | - | 1,917,607 | 3,431,363 | 5,348,970 | |||||||||||||
| Ross Dress For Less: | ||||||||||||||||||
| Coral Gables, FL | - | - | 1,782,346 | 1,661,174 | 3,443,520 | |||||||||||||
| Lodi, CA | - | - | 613,710 | 1,414,592 | 2,028,302 | |||||||||||||
| Schlotzsky’s Deli: | ||||||||||||||||||
| Phoenix, AZ | - | - | 706,306 | 315,469 | 1,021,775 | |||||||||||||
| Scottsdale, AZ | - | - | 717,138 | 310,610 | 1,027,748 | |||||||||||||
| 7-Eleven: | ||||||||||||||||||
| Land’O Lakes, FL | 816,944 | - | 1,076,572 | 816,944 | 1,893,516 | |||||||||||||
| Tampa Palms, FL | 917,432 | - | 1,080,670 | 917,432 | 1,998,102 | |||||||||||||
| Shop & Save: | ||||||||||||||||||
| Homestead, PA | - | - | 1,139,419 | (c) | 1,139,419 | |||||||||||||
| Skipper’s Fish & Chips: | ||||||||||||||||||
| Salem, OR | - | - | 555,951 | 735,651 | 1,291,602 | |||||||||||||
| Spokane, WA | - | - | 470,840 | 530,289 | 1,001,129 | |||||||||||||
| Sports Authority: | ||||||||||||||||||
| Dallas, TX | - | - | 1,311,440 | (c) | 1,311,440 | |||||||||||||
| Tampa, FL | - | - | 2,127,503 | 1,521,730 | 3,649,233 | |||||||||||||
| Memphis, TN | 2,573,264 | - | 820,340 | 2,573,264 | 3,393,604 | |||||||||||||
| Little Rock, AR | - | - | 3,113,375 | 2,660,206 | 5,773,581 | |||||||||||||
| Woodbridge, NJ | - | - | 3,749,990 | 5,982,660 | 9,732,650 | |||||||||||||
| Star Cafe: | ||||||||||||||||||
| Henderson, TX | - | - | 151,832 | 149,844 | 301,676 | |||||||||||||
| Steak & Ale: | ||||||||||||||||||
| Jacksonville, FL | - | - | 986,565 | 855,523 | 1,842,088 | |||||||||||||
| Indianpolis, IN | - | - | 398,841 | 1,011,771 | 1,410,612 | |||||||||||||
| Oklahoma City, OK | - | - | 463,814 | 927,781 | 1,391,595 | |||||||||||||
| Richmond, VA | - | - | 712,840 | 995,148 | 1,707,988 | |||||||||||||
| Garland, TX | - | - | 366,044 | 932,988 | 1,299,032 | |||||||||||||
| Stillwater Medical: | ||||||||||||||||||
| Stillwater, OK | - | - | 253,603 | 1,086,792 | 1,340,395 | |||||||||||||
| Stop & Go: | ||||||||||||||||||
| Grand Prairie, TX | - | - | 421,254 | 684,568 | 1,105,822 | |||||||||||||
| Kennedale, TX | - | - | 399,988 | 692,190 | 1,092,178 | |||||||||||||
| Subway: | ||||||||||||||||||
| Eden Prairie, MN | 67,341 | - | 54,097 | 217,790 | 271,887 | |||||||||||||
| SuperValu: | ||||||||||||||||||
| Huntington, WV | - | - | 1,254,238 | 760,602 | 2,014,840 | |||||||||||||
| Warwick, RI | - | - | 1,699,330 | (c) | 1,699,330 | |||||||||||||
| Swansea Quick Cash: | ||||||||||||||||||
| Swansea, IL | - | - | 45,815 | 132,365 | 178,180 | |||||||||||||
| Taco Bell: | ||||||||||||||||||
| Ocala, FL | - | - | 275,023 | 754,990 | 1,030,013 | |||||||||||||
| Ormond Beach, FL | - | - | 632,337 | 525,616 | 1,157,953 | |||||||||||||
| Brooklyn Park, MN | - | - | 283,782 | 418,740 | 702,522 | |||||||||||||
| Chanhassen, MN | - | - | 291,317 | 648,900 | 940,217 | |||||||||||||
| Saint Cloud, MN | - | - | 279,243 | 301,790 | 581,033 | |||||||||||||
| West Saint Paul, MN | - | - | 476,860 | 1,292,650 | 1,769,510 | |||||||||||||
| Phoenix, AZ | - | - | 593,718 | 282,777 | 876,495 | |||||||||||||
| Taco Bron Restaurant: | ||||||||||||||||||
| Tuscon, AZ | 17,814 | - | 844,816 | 305,209 | 1,150,025 | |||||||||||||
| Tara Grinna Restaurant: | ||||||||||||||||||
| Conway, SC | - | - | 247,173 | 1,140,660 | 1,387,833 | |||||||||||||
| Target: | ||||||||||||||||||
| Chico, CA | - | - | 1,269,272 | 4,213,165 | 5,482,437 | |||||||||||||
| Victorville, CA | - | - | 1,908,815 | 4,029,669 | 5,938,484 | |||||||||||||
| San Diego, CA | - | - | 2,672,390 | 4,270,693 | 6,943,083 | |||||||||||||
| Texas Roadhouse: | ||||||||||||||||||
| Grand Junction, CO | - | - | 584,237 | 920,143 | 1,504,380 | |||||||||||||
| Thornton, CO | - | - | 598,556 | 1,019,164 | 1,617,720 | |||||||||||||
| TGI Friday’s: | ||||||||||||||||||
| Corpus Christi, TX | - | - | 1,209,702 | 1,532,125 | 2,741,827 | |||||||||||||
| Top’s: | ||||||||||||||||||
| Lacy, WA | - | - | 2,777,449 | 7,082,150 | 9,859,599 | |||||||||||||
| United States of America: | ||||||||||||||||||
| Arlington, VA | 11,437,619 | - | 24,077,279 | 129,129,389 | 153,206,668 | |||||||||||||
| United Trust Bank: | ||||||||||||||||||
| Bridgeview, IL | - | - | 673,238 | 744,154 | 1,417,392 | |||||||||||||
| Vacant Property: | ||||||||||||||||||
| Vernon, TX | - | - | 105,798 | 328,943 | 434,741 | |||||||||||||
| Raleigh, NC | - | - | 1,848,026 | 1,753,635 | 3,601,661 | |||||||||||||
| Tampa, FL | - | - | 1,454,908 | 2,045,833 | 3,500,741 | |||||||||||||
| Arlington, TX | 334,058 | - | 435,002 | 2,633,939 | 3,068,941 | |||||||||||||
| Plymouth Meeting, PA | 2,250,620 | - | 2,911,111 | 2,250,620 | 5,161,731 | |||||||||||||
| Augusta, GA | - | - | 176,656 | 674,253 | 850,909 | |||||||||||||
| Florissant, MO | - | - | 247,746 | 441,608 | 689,354 | |||||||||||||
| Hammond, LA | - | - | 247,600 | 813,514 | 1,061,114 | |||||||||||||
| Mesa, AZ | - | - | 195,652 | 512,566 | 708,218 | |||||||||||||
| Indianapolis, IN | - | - | 639,584 | 1,015,173 | 1,654,757 | |||||||||||||
| Montgomery, AL | - | - | 1,418,158 | 1,140,080 | 2,558,238 | |||||||||||||
| Value City: | ||||||||||||||||||
| Florissant, MO | - | - | 2,490,210 | 2,937,449 | 5,427,659 | |||||||||||||
| Vons: | ||||||||||||||||||
| Moreno Valley, CA | - | - | 759,050 | 1,652,164 | 2,411,214 | |||||||||||||
| Walgreens: | ||||||||||||||||||
| Sunrise, FL | - | - | 1,957,974 | 1,400,970 | 3,358,944 | |||||||||||||
| Wal-Mart: | ||||||||||||||||||
| Sealy, TX | - | - | 1,344,244 | 1,483,362 | 2,827,606 | |||||||||||||
| Aransas Pass, TX | - | - | 190,505 | 2,640,175 | 2,830,680 | |||||||||||||
| Winfield, AL | - | - | 419,811 | 1,684,505 | 2,104,316 | |||||||||||||
| Beeville, TX | - | - | 507,231 | 2,315,424 | 2,822,655 | |||||||||||||
| Corpus Christi, TX | - | - | 630,043 | 3,131,407 | 3,761,450 | |||||||||||||
| Waremart: | ||||||||||||||||||
| Eureka, CA | - | - | 3,135,036 | 5,470,607 | 8,605,643 | |||||||||||||
| Washington Bike Center: | ||||||||||||||||||
| Fairfax, VA | - | - | 192,830 | 278,892 | 471,722 | |||||||||||||
| Wendy’s Old Fashioned Hamburger: | ||||||||||||||||||
| Fenton, MO | - | - | 307,068 | 496,410 | 803,478 | |||||||||||||
| Sacramento, CA | - | - | 585,872 | - | 585,872 | |||||||||||||
| New Kensington, PA | - | - | 501,136 | 333,445 | 834,581 | |||||||||||||
| Whataburger: | ||||||||||||||||||
| Albuquerque, NM | - | - | 624,318 | 418,975 | 1,043,293 | |||||||||||||
| Warehouse Music: | ||||||||||||||||||
| Homewood, AL | - | - | 1,031,974 | 696,950 | 1,728,924 | |||||||||||||
| Winn-Dixie: | ||||||||||||||||||
| Dallas, GA | - | - | 1,287,630 | 1,952,791 | 3,240,421 | |||||||||||||
| Woodstock, GA | - | - | 1,937,017 | 1,284,901 | 3,221,918 | |||||||||||||
| Columbus, GA | - | - | 1,023,371 | 1,874,875 | 2,898,246 | |||||||||||||
| Leasehold Interests: | - | - | 3,380,756 | - | 3,380,756 | |||||||||||||
| $ | 54,212,312 | $ | - | $ | 387,213,073 | $ | 548,773,407 | $ | 935,986,480 | |||||||||
|
Real Estate the Company has Invested in Under Direct Financing Leases: | ||||||||||||||||||
| Academy: | ||||||||||||||||||
| Houston, TX | $ | - | $ | - | $ | - | $ | (c) | $ | (c) | ||||||||
| Houston, TX | - | - | - | (c) | (c) | |||||||||||||
| N. Richland Hills, TX | - | - | - | (c) | (c) | |||||||||||||
| Houston, TX | - | - | - | (c) | (c) | |||||||||||||
| Houston, TX | - | - | - | (c) | (c) | |||||||||||||
| Baton Rouge, LA | - | - | - | (c) | (c) | |||||||||||||
| Barnes & Noble: | ||||||||||||||||||
| Plantation, FL | - | - | - | (c) | (c) | |||||||||||||
| Best Buy: | ||||||||||||||||||
| Evanston, IL | - | - | - | (c) | (c) | |||||||||||||
| Borders Books & Music: | ||||||||||||||||||
| Altamonte Springs, FL | - | - | - | (c) | (c) | |||||||||||||
| Checkers: | ||||||||||||||||||
| Orlando, FL | - | - | - | (c) | (c) | |||||||||||||
| Dave & Buster’s: | ||||||||||||||||||
| Utica, MI | - | - | - | (c) | (c) | |||||||||||||
| Eckerd: | ||||||||||||||||||
| San Antonio, TX | - | - | - | (c) | (c) | |||||||||||||
| Dallas, TX | - | - | - | (c) | (c) | |||||||||||||
| Arlington, TX | - | - | - | (c) | (c) | |||||||||||||
| Millville, NJ | - | - | - | (c) | (c) | |||||||||||||
| Atlanta, GA | - | - | - | (c) | (c) | |||||||||||||
| Mantua, NJ | - | - | - | (c) | (c) | |||||||||||||
| Vineland, NJ | 1,901,335 | - | - | (c) | (c) | |||||||||||||
| Amarillo, TX | - | - | - | (c) | (c) | |||||||||||||
| Amarillo, TX | - | - | - | (c) | (c) | |||||||||||||
| Amarillo, TX | - | - | (d) | (d) | (d) | |||||||||||||
| Glassboro, NJ | - | - | - | (c) | (c) | |||||||||||||
| Kissimmee, FL | - | - | - | (c) | (c) | |||||||||||||
| Alice, TX | - | - | (d) | (d) | (d) | |||||||||||||
| Tampa, FL | - | - | - | (c) | (c) | |||||||||||||
| Lafayette, LA | - | - | - | (c) | (c) | |||||||||||||
| Moore, OK | - | - | - | (c) | (c) | |||||||||||||
| East Point, GA | - | - | (d) | (d) | (d) | |||||||||||||
| Irving, TX | - | - | - | (c) | (c) | |||||||||||||
| Ft. Worth, TX | 78,461 | - | (d) | (d) | (d) | |||||||||||||
| Williston, FL | - | - | - | (c) | (c) | |||||||||||||
| Jasper, FL | - | - | - | (c) | (c) | |||||||||||||
| Oklahoma City, OK | - | - | (l) | (c) | (c) | |||||||||||||
| Oklahoma City, OK | - | - | (l) | (c) | (c) | |||||||||||||
| Norman, OK | - | - | - | (c) | (c) | |||||||||||||
| Chattanooga, TN | - | - | - | (c) | (c) | |||||||||||||
| Del City, OK | 1,376,025 | - | - | (c) | (c) | |||||||||||||
| Arlington, TX | 1,416,071 | - | - | (c) | (c) | |||||||||||||
| Kennett Square, PA | 1,984,435 | - | (l) | (c) | (c) | |||||||||||||
| Arlington, TX | - | - | - | (c) | (c) | |||||||||||||
| Food 4 Less: | ||||||||||||||||||
| Lemon Grove, CA | - | - | - | (c) | (c) | |||||||||||||
| Chula Vista, CA | - | - | - | (c) | (c) | |||||||||||||
| Food Lion: | ||||||||||||||||||
| Keystone Heights, FL | - | - | (d) | (d) | (d) | |||||||||||||
| Chattanooga, TN | - | - | (d) | (d) | (d) | |||||||||||||
| Lynchburg, VA | - | - | (d) | (d) | (d) | |||||||||||||
| Martinsburg, WV | - | - | (d) | (d) | (d) | |||||||||||||
| Good Guys, The: | ||||||||||||||||||
| Stockton, CA | - | - | (d) | (d) | (d) | |||||||||||||
| Heilig-Meyers: | ||||||||||||||||||
| York, PA | - | - | (d) | (d) | (d) | |||||||||||||
| Marlow Heights, MD | - | - | (d) | (d) | (d) | |||||||||||||
| International House of Pancakes: | ||||||||||||||||||
| Stafford, TX | - | - | - | (c) | (c) | |||||||||||||
| Sunset Hills, MO | - | - | - | (c) | (c) | |||||||||||||
| Las Vegas, NV | - | - | - | (c) | (c) | |||||||||||||
| Ft. Worth, TX | - | - | - | (c) | (c) | |||||||||||||
| Arlington, TX | - | - | - | (c) | (c) | |||||||||||||
| Matthews, NC | - | - | - | (c) | (c) | |||||||||||||
| Phoenix, AZ | - | - | - | (c) | (c) | |||||||||||||
| Jared Jewelers: | ||||||||||||||||||
| Aurora, IL | - | - | (l) | (c) | (c) | |||||||||||||
| Glendale, AZ | - | - | (l) | (c) | (c) | |||||||||||||
| Oviedo, FL | - | - | (l) | (c) | (c) | |||||||||||||
| Phoenix, AZ | - | - | (l) | (c) | (c) | |||||||||||||
| Toledo, OH | - | - | (l) | (c) | (c) | |||||||||||||
| Lewisville, TX | - | - | (l) | (c) | (c) | |||||||||||||
| Kash ’N Karry: | ||||||||||||||||||
| Brandon, FL | - | - | (d) | (d) | (d) | |||||||||||||
| Levitz: | ||||||||||||||||||
| Tempe, AZ | - | - | (d) | (d) | (d) | |||||||||||||
| Sports Authority: | ||||||||||||||||||
| Dallas, TX | - | - | - | (c) | (c) | |||||||||||||
| Shop & Save: | ||||||||||||||||||
| Homestead, PA | - | - | - | (c) | (c) | |||||||||||||
| SuperValu: | ||||||||||||||||||
| Warwick, RI | - | - | - | (c) | (c) | |||||||||||||
| $ | 6,756,327 | $ | - | $ | - | $ | - | $ | - | |||||||||
|
COMMERCIAL NET LEASE REALTY, INC. AND SUBSIDIARIES SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION AND AMORTIZATION December 31, 2003 | |||||||||||||
| Accumulated Depreciation and Amortization | Date of Construction | Date Acquired | Life on Which Depreciation and Amortization in Latest Income Statement is Computed | ||||||||||
|
Real Estate the Company has Invested in Under Operating Leases: | |||||||||||||
| Academy: | |||||||||||||
| Houston, TX | $ | (c) | 1994 | 05/95 | (c) | ||||||||
| Houston, TX | (c) | 1995 | 06/95 | (c) | |||||||||
| N. Richland Hills, TX | (c) | 1996 | 08/95 | (f) | (c) | ||||||||
| Houston, TX | (c) | 1996 | 02/96 | (f) | (c) | ||||||||
| Houston, TX | (c) | 1996 | 06/96 | (f) | (c) | ||||||||
| Baton Rouge, LA | (c) | 1997 | 08/96 | (f) | (c) | ||||||||
| Houston, TX | 195,005 | 1976 | 03/99 | 40 years | |||||||||
| Pasadena, TX | 261,215 | 1994 | 03/99 | 40 years | |||||||||
| Beaumont, TX | 293,401 | 1992 | 03/99 | 40 years | |||||||||
| Ace Hardware and Lighting: | |||||||||||||
| Bourbonnais, IL | 86,061 | 1997 | 11/98 | 37.4 years | |||||||||
| Adams Sport Grill: | |||||||||||||
| Chandler, AZ | 40,555 | 1997 | 12/01 | 40 years | |||||||||
| Albertsons: | |||||||||||||
| Sonora, CA | 8,439 | 1984 | 03/99 | 40 years | |||||||||
| American Signature Home: | |||||||||||||
| White Marsh, MD | 435,300 | 1998 | 03/98 | (g) | 40 years | ||||||||
| Amoco: | |||||||||||||
| Miami, FL | - | (e) | 05/03 | 40 years | |||||||||
| Sunrise, FL | - | (e) | 05/03 | 40 years | |||||||||
| Applebee's: | |||||||||||||
| Ballwin, CA | 71,641 | 1995 | 12/01 | 40 years | |||||||||
| Arby's: | |||||||||||||
| Colorado Springs, CO | 27,233 | 1998 | 12/01 | 40 years | |||||||||
| Thomson, GA | 25,702 | 1997 | 12/01 | 40 years | |||||||||
| Whitmore Lake, MI | 23,934 | 1993 | 12/01 | 40 years | |||||||||
| Albuquerque, NM | 25,919 | 1993 | 12/01 | 40 years | |||||||||
| Albuquerque, NM | 26,234 | 1988 | 12/01 | 40 years | |||||||||
| Santa Fe, NM | 17,454 | 1998 | 12/01 | 40 years | |||||||||
| Washington Courthouse, OH | 27,861 | 1998 | 12/01 | 40 years | |||||||||
| Ashley Furniture: | |||||||||||||
| Altamonte Springs, FL | 778,294 | 1997 | 09/97 | 40 years | |||||||||
| Babies “R” Us: | |||||||||||||
| Arlington, TX | 490,269 | 1996 | 06/96 | 40 years | |||||||||
| Independence, MO | 117,493 | 1996 | 12/01 | 40 years | |||||||||
| Barnes & Noble: | |||||||||||||
| Brandon, FL | 342,771 | 1995 | 08/94 | (f) | 40 years | ||||||||
| Denver, CO | 629,595 | 1994 | 09/94 | 40 years | |||||||||
| Houston, TX | 494,188 | 1995 | 10/94 | (f) | 40 years | ||||||||
| Plantation, FL | (c) | 1996 | 05/95 | (f) | (c) | ||||||||
| Freehold, NJ | 447,737 | 1995 | 01/96 | 40 years | |||||||||
| Dayton, OH | 533,887 | 1996 | 05/97 | 40 years | |||||||||
| Redding, CA | 265,870 | 1997 | 06/97 | 40 years | |||||||||
| Marlton, NJ | 553,315 | 1998 | 11/98 | 40 years | |||||||||
| Bed, Bath & Beyond: | |||||||||||||
| Richmond, VA | 112,526 | 1997 | 06/98 | 33 years | |||||||||
| Los Angeles, CA | 395,829 | 1975 | 11/98 | 40 years | |||||||||
| Glendale, AZ | 307,452 | 1999 | 12/98 | (g) | 40 years | ||||||||
| Bedford Furniture: | |||||||||||||
| Everett, PA | 62,277 | 1998 | 11/98 | 40 years | |||||||||
| Bennigan's: | |||||||||||||
| Aurora, CO | 64,333 | 1996 | 12/01 | 40 years | |||||||||
| Milford, CT | 35,591 | 1988 | 12/01 | 40 years | |||||||||
| Altamonte Springs, FL | 47,184 | 1988 | 12/01 | 40 years | |||||||||
| Gainsville, FL | 43,325 | 1993 | 12/01 | 40 years | |||||||||
| Jacksonville, FL | 52,374 | 1993 | 12/01 | 40 years | |||||||||
| Schaumburg, IL | 66,925 | 1988 | 12/01 | 40 years | |||||||||
| Flint, MI | 45,697 | 1993 | 12/01 | 40 years | |||||||||
| Raleigh, NC | 44,750 | 1993 | 12/01 | 40 years | |||||||||
| Tulsa, OK | 65,874 | 1993 | 12/01 | 40 years | |||||||||
| Wichita Falls, TX | 56,524 | 1993 | 12/01 | 40 years | |||||||||
| Best Buy: | |||||||||||||
| Brandon, FL | 476,461 | 1996 | 02/97 | 40 years | |||||||||
| Evanston, IL | (c) | 1994 | 02/97 | (c) | |||||||||
| Cuyahoga Falls, OH | 385,856 | 1970 | 06/97 | 40 years | |||||||||
| Rockville, MD | 551,991 | 1995 | 07/97 | 40 years | |||||||||
| Fairfax, VA | 512,872 | 1995 | 08/97 | 40 years | |||||||||
| St. Petersburg, FL | 118,116 | 1997 | 09/97 | 33 years | |||||||||
| North Fayette, PA | 317,667 | 1997 | 06/98 | 40 years | |||||||||
| Denver, CO | 277,848 | 1991 | 06/01 | 40 years | |||||||||
| Big D's: | |||||||||||||
| Eden Prairie, MN | 10,005 | 1997 | 12/01 | 40 years | |||||||||
| Blockbuster: | |||||||||||||
| Conyers, GA | 90,975 | 1997 | 06/97 | 40 years | |||||||||
| Mobile, AL | 25,444 | 1997 | 12/01 | 40 years | |||||||||
| Mobile, AL | 28,711 | 1997 | 12/01 | 40 years | |||||||||
| Gainesville, GA | 31,215 | 1997 | 12/01 | 40 years | |||||||||
| Glasgow, KY | 28,629 | 1997 | 12/01 | 40 years | |||||||||
| Alice, TX | 29,516 | 1995 | 12/01 | 40 years | |||||||||
| Kingsville, TX | 23,362 | 1995 | 12/01 | 40 years | |||||||||
| BMW: | |||||||||||||
| Duluth, GA | 208,260 | 1984 | 12/01 | 40 years | |||||||||
| Bodyworks Unlimited: | |||||||||||||
| Rincon, GA | 61,684 | 1997 | 11/98 | 37.4 years | |||||||||
| Borders Books & Music: | |||||||||||||
| Wilmington, DE | 1,367,920 | 1994 | 12/94 | 40 years | |||||||||
| Richmond, VA | 556,384 | 1995 | 06/95 | 40 years | |||||||||
| Ft. Lauderdale, FL | 159,256 | 1995 | 02/96 | 33 years | |||||||||
| Bangor, ME | 467,995 | 1996 | 06/96 | 40 years | |||||||||
| Altamonte Springs, FL | (c) | 1997 | 09/97 | (c) | |||||||||
| Boston Market: | |||||||||||||
| Geneva, IL | 48,054 | 1996 | 12/01 | 40 years | |||||||||
| Orland Park, IL | 22,310 | 1995 | 12/01 | 40 years | |||||||||
| Wheaton, IL | 46,961 | 1995 | 12/01 | 40 years | |||||||||
| Burton, MI | 36,099 | 1997 | 12/01 | 40 years | |||||||||
| Novi, MI | 21,224 | 1995 | 12/01 | 40 years | |||||||||
| North Olmsted, OH | 21,078 | 1996 | 12/01 | 40 years | |||||||||
| Warren, OH | 23,867 | 1997 | 12/01 | 40 years | |||||||||
| Dunmore, PA | 24,431 | 1996 | 12/01 | 40 years | |||||||||
| Buffalo Wild Wings: | |||||||||||||
| Michigan City, IN | 25,113 | 1996 | 12/01 | 40 years | |||||||||
| Burger King: | |||||||||||||
| Colonial Heights, VA | 31,125 | 1997 | 12/01 | 40 years | |||||||||
| Carino's: | |||||||||||||
| Beaumont, TX | 69,593 | 2000 | 12/01 | 40 years | |||||||||
| Lewisville, TX | 51,994 | 1994 | 12/01 | 40 years | |||||||||
| Lubbock, TX | 61,531 | 1995 | 12/01 | 40 years | |||||||||
| Champps: | |||||||||||||
| Alpharetta, GA | 83,801 | 1999 | 12/01 | 40 years | |||||||||
| Irving, TX | 88,007 | 2000 | 12/01 | 40 years | |||||||||
| Checkers: | |||||||||||||
| Orlando, FL | (c) | 1988 | 07/92 | (c) | |||||||||
| Claim Jumper: | |||||||||||||
| Tempe, AZ | 149,071 | 2000 | 12/01 | 40 years | |||||||||
| Roseville, CA | 102,780 | 2001 | 12/01 | 40 years | |||||||||
| CompUSA: | |||||||||||||
| Baton Rouge, LA | 182,782 | 1995 | 12/95 | 40 years | |||||||||
| Miami, FL | 452,797 | 1994 | 04/94 | 40 years | |||||||||
| Dave’s: | |||||||||||||
| Maple Heights, OH | 494,040 | 1985 | 02/97 | 40 years | |||||||||
| Dave & Buster's: | |||||||||||||
| Utica, MI | (c) | 1998 | 06/98 | (c) | |||||||||
| Denny's: | |||||||||||||
| Columbus, TX | 41,683 | 1997 | 12/01 | 40 years | |||||||||
| Dick’s Clothing: | |||||||||||||
| Taylor, MI | 643,274 | 1996 | 08/96 | 40 years | |||||||||
| White Marsh, VA | 714,411 | 1996 | 08/96 | 40 years | |||||||||
| Dollar Tree: | |||||||||||||
| Garland, TX | 39,136 | 1994 | 02/94 | 40 years | |||||||||
| Copperas Cove, TX | 72,485 | 1972 | 11/98 | 40 years | |||||||||
| Donato's: | |||||||||||||
| Medina, OH | 23,662 | 1996 | 12/01 | 40 years | |||||||||
| East Meets West: | |||||||||||||
| Southfield, MI | 34,791 | 1976 | 12/01 | 40 years | |||||||||
| Eckerd: | |||||||||||||
| San Antonio, TX | (c) | 1993 | 12/93 | (c) | |||||||||
| Dallas, TX | (c) | 1994 | 01/94 | (c) | |||||||||
| Arlington, TX | (c) | 1994 | 02/94 | (c) | |||||||||
| Millville, NJ | (c) | 1994 | 03/94 | (c) | |||||||||
| Atlanta, GA | (c) | 1994 | 03/94 | (c) | |||||||||
| Mantua, NJ | (c) | 1994 | 06/94 | (c) | |||||||||
| Amarillo, TX | (c) | 1994 | 12/94 | (c) | |||||||||
| Amarillo, TX | (c) | 1994 | 12/94 | (c) | |||||||||
| Glassboro, NJ | (c) | 1994 | 12/94 | (c) | |||||||||
| Kissimmee, FL | (c) | 1995 | 04/95 | (c) | |||||||||
| Tampa, FL | (c) | 1995 | 12/95 | (c) | |||||||||
| Lafayette, LA | (c) | 1995 | 01/96 | (c) | |||||||||
| Douglasville, GA | 197,107 | 1996 | 01/96 | 40 years | |||||||||
| Moore, OK | (c) | 1995 | 01/96 | (c) | |||||||||
| Midwest City, OK | 215,850 | 1996 | 03/96 | 40 years | |||||||||
| Irving, TX | (c) | 1996 | 12/96 | (c) | |||||||||
| Jasper, FL | (c) | 1994 | 01/97 | (c) | |||||||||
| Williston, FL | (c) | 1995 | 01/97 | (c) | |||||||||
| Pantego, TX | 236,957 | 1997 | 06/97 | 40 years | |||||||||
| Conyers, GA | 163,362 | 1997 | 06/97 | 40 years | |||||||||
| Norman, OK | (c) | 1997 | 06/97 | (c) | |||||||||
| Chattanooga, TN | (c) | 1997 | 09/97 | (c) | |||||||||
| Arlington, TX | 187,656 | 1998 | 11/97 | (g) | 40 years | ||||||||
| Leavenworth, KS | 184,375 | 1998 | 11/97 | (g) | 40 years | ||||||||
| Augusta, GA | 200,394 | 1997 | 12/97 | 40 years | |||||||||
| Riverdale, GA | 257,896 | 1997 | 12/97 | 40 years | |||||||||
| Warner Robins, GA | 152,138 | 1999 | 3/98 | (g) | 40 years | ||||||||
| Lewisville, TX | 176,666 | 1998 | 04/98 | (g) | 40 years | ||||||||
| Forest Hill, TX | 157,830 | 1998 | 04/98 | (g) | 40 years | ||||||||
| Del City, OK | (c) | 1998 | 05/98 | (c) | |||||||||
| Arlington, TX | (c) | 1998 | 05/98 | (c) | |||||||||
| Garland, TX | 178,794 | 1998 | 06/98 | (g) | 40 years | ||||||||
| Garland, TX | 179,411 | 1998 | 06/98 | (g) | 40 years | ||||||||
| Oklahoma City, OK | 182,356 | 1999 | 08/98 | (g) | 40 years | ||||||||
| Vineland, NJ | (c) | 1999 | 09/98 | (c) | |||||||||
| Dallas, TX | 13,388 | 2003 | 06/99 | 40 years | |||||||||
| Gladstone, MO | 146,776 | 2000 | 12/99 | (g) | 40 years | ||||||||
| Falls Church, VA | 105,527 | 2002 | 10/01 | 40 years | |||||||||
| West Mifflin, PA | 95,806 | 2002 | 02/02 | 40 years) | |||||||||
| Norfolk, PA | 84,211 | 2002 | 02/02 | 40 years | |||||||||
| Thorndale, PA | 115,877 | 2002 | 02/02 | 40 years | |||||||||
| Enterprise Rent-A-Car: | |||||||||||||
| Wilmington, NC | 16,707 | 1995 | 12/01 | 40 years | |||||||||
| Fantastic Sams: | |||||||||||||
| Eden Prairie, MN | 10,005 | 1997 | 12/01 | 40 years | |||||||||
| Fazoli’s Restaurant: | |||||||||||||
| Bay City, MI | 32,355 | 1997 | 12/01 | 40 years | |||||||||
| Food 4 Less: | |||||||||||||
| Lemon Grove, CA | (c) | 1996 | 07/95 | (f) | (c) | ||||||||
| Chula Vista, CA | (c) | 1995 | 11/98 | (c) | |||||||||
| Gateway: | |||||||||||||
| Glendale, AZ | 109,058 | 1999 | 12/98 | (g) | 40 years | ||||||||
| Gen-X Clothing: | |||||||||||||
| Federal Way, WA | 231,538 | 1995 | 12/95 | 40 years | |||||||||
| Golden Corral: | |||||||||||||
| Leitchfield, KY | 172,027 | 1984 | 12/84 | 35 years | |||||||||
| Atlanta, GA | 206,258 | 1985 | 01/85 | 35 years | |||||||||
| Abbeville, LA | 199,329 | 1985 | 04/85 | 35 years | |||||||||
| Lake Placid, FL | 167,791 | 1985 | 05/85 | 35 years | |||||||||
| Tampa, FL | 68,345 | 1997 | 12/01 | 40 years | |||||||||
| Brandon, FL | 70,974 | 1998 | 12/01 | 40 years | |||||||||
| Dallas, TX | 52,305 | 1994 | 12/01 | 40 years | |||||||||
| Good Guys, The: | |||||||||||||
| Foothill Ranch, CA | 438,716 | 1995 | 12/96 | 40 years | |||||||||
| East Palo Alto, CA | 407,872 | 1999 | 12/98 | (f) | 40 years | ||||||||
| GymKix: | |||||||||||||
| Copperas Cove, TX | 61,451 | 1972 | 11/98 | 40 years | |||||||||
| H&R Block: | |||||||||||||
| Swansea, IL | 9,029 | 1997 | 12/01 | 40 years | |||||||||
| Hancock Fabrics: | |||||||||||||
| Arlington, TX | 260,571 | 1996 | 06/96 | 40 years | |||||||||
| Hastings: | |||||||||||||
| Nacogdoches, TX | 161,105 | 1997 | 11/98 | 40 years | |||||||||
| Haverty's: | |||||||||||||
| Clearwater, FL | 672,791 | 1992 | 05/93 | 40 years | |||||||||
| Orlando, FL | 578,727 | 1992 | 05/93 | 40 years | |||||||||
| Pensacola, FL | 299,582 | 1994 | 06/96 | 40 years | |||||||||
| Bowie, MD | 488,804 | 1997 | 12/97 | 38.5 years | |||||||||
| Heilig-Meyers: | |||||||||||||
| Baltimore, MD | 104,175 | 1968 | 11/98 | 40 years | |||||||||
| Glen Burnie, MD | 119,357 | 1968 | 11/98 | 40 years | |||||||||
| Hollywood Video: | |||||||||||||
| Cincinnati, OH | 26,573 | 1998 | 12/01 | 40 years | |||||||||
| Clifton, CO | 37,387 | 1998 | 12/01 | 40 years | |||||||||
| Home Depot: | |||||||||||||
| Sunrise, FL | - | (e) | 05/03 | 40 years | |||||||||
| HomeGoods: | |||||||||||||
| Fairfax, VA | 95,231 | 1995 | 12/95 | 40 years | |||||||||
| Hooters: | |||||||||||||
| Tampa, FL | 25,764 | 1993 | 12/01 | 40 years | |||||||||
| Hy-Vee: | |||||||||||||
| St. Joseph, MO | 92,013 | 2002 | 09/02 | 40 years | |||||||||
| International House of Pancakes: | |||||||||||||
| Stafford, TX | (c) | 1992 | 10/93 | (c) | |||||||||
| Sunset Hills, MO | (c) | 1993 | 10/93 | (c) | |||||||||
| Las Vegas, NV | (c) | 1993 | 12/93 | (c) | |||||||||
| Ft. Worth, TX | (c) | 1993 | 12/93 | (c) | |||||||||
| Arlington, TX | (c) | 1993 | 12/93 | (c) | |||||||||
| Matthews, NC | (c) | 1993 | 12/93 | (c) | |||||||||
| Phoenix, AZ | (c) | 1993 | 12/93 | (c) | |||||||||
| Midwest City, OK | - | (i) | 03/96 | (i) | |||||||||
| Jared Jewelers: | |||||||||||||
| Richmond, VA | 68,199 | 1998 | 12/01 | 40 years | |||||||||
| Brandon, FL | 48,071 | 2002 | 05/02 | 40 years | |||||||||
| Lithonia, GA | 49,440 | 2002 | 05/02 | 40 years | |||||||||
| Houston, TX | 37,490 | 2002 | 12/02 | 40 years | |||||||||
| Jo-Ann Etc: | |||||||||||||
| Corpus Christi, TX | 229,384 | 1967 | 11/93 | 40 years | |||||||||
| Just For Feet: | |||||||||||||
| Albuquerque, NM | 381,947 | 1997 | 06/97 | 40 years | |||||||||
| Kash N’ Karry: | |||||||||||||
| Palm Harbor, FL | 10,027 | 1983 | 03/99 | 40 years | |||||||||
| Gainesville, FL | 6,502 | 1982 | 03/99 | 40 years | |||||||||
| Brandon, FL | 6,363 | 1983 | 03/99 | 40 years | |||||||||
| Sarasota, FL | 6,999 | 19833 | 03/99 | 40 years | |||||||||
| Keg Steakhouse: | |||||||||||||
| Gresham, OR | 5,527 | 1993 | 12/01 | 40 years | |||||||||
| Bellingham, WA | 23,255 | 1981 | 12/01 | 40 years | |||||||||
| Lynnwood, WA | 33,138 | 1992 | 12/01 | 40 years | |||||||||
| Tacoma, WA | 40,564 | 1981 | 12/01 | 40 years | |||||||||
| KFC: | |||||||||||||
| Marysville, WA | 27,848 | 1996 | 12/01 | 40 years | |||||||||
| Erie, PA | 25,321 | 1996 | 12/01 | 40 years | |||||||||
| Lee County: | |||||||||||||
| Ft. Myers | 610,993 | 1997 | 12/97 | 40 years | |||||||||
| Lowe’s: | |||||||||||||
| Memphis, TN | 353,762 | 06/02 | 06/02 | 40 years | |||||||||
| Magic Dollar: | |||||||||||||
| Memphis, TN | 82,175 | 1998 | 11/98 | 40 years | |||||||||
| MCI: | |||||||||||||
| Arlington, VA | 10,206 | 1982 | 08/03 | 40 years | |||||||||
| Merchant's Square: | |||||||||||||
| Corpus Christi, TX | 258,625 | 1983 | 03/99 | 40 years | |||||||||
| Merryland Chinese Buffet: | |||||||||||||
| Red Oak, TX | 26,590 | 1986 | 12/01 | 40 years | |||||||||
| Mi Pueblo Foods: | |||||||||||||
| Watsonville, CA | 8,588 | 1984 | 03/99 | 40 years | |||||||||
| Michaels: | |||||||||||||
| Fairfax, VA | 129,632 | 1995 | 12/95 | 40 years | |||||||||
| Grapevine, TX | 286,326 | 1998 | 06/98 | 40 years | |||||||||
| Mortgage Marketing: | |||||||||||||
| Swansea, IL | 13,531 | 1997 | 12/01 | 40 years | |||||||||
| Mountain Jack's: | |||||||||||||
| Centerville, OH | 54,075 | 1986 | 12/01 | 40 years | |||||||||
| Office Depot: | |||||||||||||
| Arlington, TX | 349,837 | 1991 | 01/94 | 40 years | |||||||||
| Richmond, VA | 369,577 | 1996 | 05/96 | 40 years | |||||||||
| OfficeMax: | |||||||||||||
| Corpus Christi, TX | 266,600 | 1967 | 11/93 | 40 years | |||||||||
| Dallas, TX | 427,590 | 1993 | 12/93 | 40 years | |||||||||
| Cincinnati, OH | 373,282 | 1994 | 07/94 | 40 years | |||||||||
| Evanston, IL | 376,179 | 1995 | 06/95 | 40 years | |||||||||
| Altamonte Springs, FL | 600,760 | 1995 | 01/96 | 40 years | |||||||||
| Cutler Ridge, FL | 277,643 | 1995 | 06/96 | 40 years | |||||||||
| Sacramento, CA | 518,407 | 1996 | 12/96 | 40 years | |||||||||
| Salinas, CA | 314,415 | 1995 | 02/97 | 40 years | |||||||||
| Redding, CA | 356,776 | 1997 | 06/97 | 40 years | |||||||||
| Kelso, WA | 268,950 | 1998 | 09/97 | (g) | 40 years | ||||||||
| Lynchburg, VA | 244,915 | 1998 | 02/98 | 40 years | |||||||||
| Leesburg, FL | 243,138 | 1998 | 08/98 | 40 years | |||||||||
| Tigard, OR | 287,938 | 1995 | 11/98 | 40 years | |||||||||
| Dover, NJ | 414,879 | 1995 | 11/98 | 40 years | |||||||||
| Griffin, GA | 212,099 | 1999 | 11/98 | (g) | 40 years | ||||||||
| Party City: | |||||||||||||
| Memphis, TN | 129,021 | 1999 | 12/98 | 40 years | |||||||||
| Penn Station Subs: | |||||||||||||
| Florissant, MO | 7,076 | 1997 | 12/01 | 40 years | |||||||||
| Perfect Teeth: | |||||||||||||
| Rio Rancho, NM | 6,238 | 1997 | 12/01 | 40 years | |||||||||
| Petco: | |||||||||||||
| Grand Forks, ND | 137,422 | 1996 | 12/97 | 40 years | |||||||||
| PETsMART: | |||||||||||||
| Chicago, IL | 471,707 | 1998 | 09/98 | 40 years | |||||||||
| Pier 1 Imports: | |||||||||||||
| Anchorage, AK | 325,828 | 1995 | 02/96 | 40 years | |||||||||
| Memphis, TN | 134,394 | 1997 | 09/96 | (f) | 40 years | ||||||||
| Sanford, FL | 116,280 | 1998 | 06/97 | (f) | 40 years | ||||||||
| Knoxville, TN | 91,089 | 1999 | 01/98 | (f) | 40 years | ||||||||
| Mason, OH | 100,490 | 1999 | 06/98 | (f) | 40 years | ||||||||
| Harlingen, TX | 79,580 | 1999 | 11/98 | (f) | 40 years | ||||||||
| Valdosta, GA | 83,110 | 1999 | 01/99 | (f) | 40 years | ||||||||
| Pizza Hut: | |||||||||||||
| Monroeville, AL | 2,258 | 1996 | 12/01 | 40 years | |||||||||
| Popeye’s: | |||||||||||||
| Snellville, GA | 22,280 | 1995 | 12/01 | 40 years | |||||||||
| Print & Pack Plus: | |||||||||||||
| Eden Prairie, MN | 11,673 | 1997 | 12/01 | 40 years | |||||||||
| Quizno’s: | |||||||||||||
| Rio Rancho, NM | 5,166 | 1997 | 12/01 | 40 years | |||||||||
| Rally’s: | |||||||||||||
| Toledo, OH | 94,860 | 1989 | 07/92 | 38.8 years | |||||||||
| Red Dragon Chinese Restaurant: | |||||||||||||
| Columbus, OH | 56,516 | 1998 | 12/01 | 40 years | |||||||||
| Rent-A-Center: | |||||||||||||
| Rio Rancho, NM | 15,815 | 1997 | 12/01 | 40 years | |||||||||
| Rite Aid: | |||||||||||||
| Mobile, AL | 86,474 | 2000 | 12/01 | 40 years | |||||||||
| Orange Beach, AL | 101,881 | 2000 | 12/01 | 40 years | |||||||||
| Roadhouse Grill: | |||||||||||||
| Cheektowaga, NY | 19,715 | 1994 | 12/01 | 40 years | |||||||||
| Robb & Stucky: | |||||||||||||
| Ft. Myers, FL | 951,124 | 1997 | 12/97 | 40 years | |||||||||
| Roger & Marv’s: | |||||||||||||
| Kenosha, WI | 585,077 | 1992 | 02/97 | 40 years | |||||||||
| Ross Dress For Less: | |||||||||||||
| Coral Gables, FL | 254,041 | 1994 | 06/96 | 40 years | |||||||||
| Lodi, CA | 7,368 | 1984 | 03/99 | 40 years | |||||||||
| Schlotzsky’s Deli: | |||||||||||||
| Phoenix, AZ | 16,397 | 1995 | 12/01 | 40 years | |||||||||
| Scottsdale, AZ | 15,854 | 1995 | 12/01 | 40 years | |||||||||
| 7-Eleven: | |||||||||||||
| Land’O Lakes, FL | 101,267 | 1999 | 10/98 | (g) | 40 years | ||||||||
| Tampa Palms, FL | 109,901 | 1999 | 12/98 | (g) | 40 years | ||||||||
| Shop & Save: | |||||||||||||
| Homestead, PA | (c) | 1994 | 02/97 | (c) | |||||||||
| Skipper’s Fish & Chips: | |||||||||||||
| Salem, OR | 37,549 | 1996 | 12/01 | 40 years | |||||||||
| Spokane, WA | 27,067 | 1996 | 12/01 | 40 years | |||||||||
| Sports Authority: | |||||||||||||
| Dallas, TX | (c) | 1994 | 03/94 | (c) | |||||||||
| Tampa, FL | 285,641 | 1994 | 06/96 | 40 years | |||||||||
| Memphis, TN | 335,060 | 1998 | 12/97 | (g) | 40 years | ||||||||
| Little Rock, AR | 351,923 | 1998 | 09/98 | 40 years | |||||||||
| Woodbridge, NJ | 143,335 | 1994 | 01/03 | 40 years | |||||||||
| Star Cafe: | |||||||||||||
| Henderson, TX | 13,005 | 1995 | 12/01 | 40 years | |||||||||
| Steak & Ale: | |||||||||||||
| Jacksonville, FL | 43,667 | 1996 | 12/01 | 40 years | |||||||||
| Indianpolis, IN | 51,643 | 1996 | 12/01 | 40 years | |||||||||
| Oklahoma City, OK | 47,356 | 1996 | 12/01 | 40 years | |||||||||
| Richmond, VA | 50,794 | 1996 | 12/01 | 40 years | |||||||||
| Garland, TX | 47,621 | 1996 | 12/01 | 40 years | |||||||||
| Stillwater Medical: | |||||||||||||
| Stillwater, OK | 72,453 | 1998 | 11/98 | 37.5 years | |||||||||
| Stop & Go: | |||||||||||||
| Grand Prairie, TX | 34,941 | 1986 | 12/01 | 40 years | |||||||||
| Kennedale, TX | 35,330 | 1985 | 12/01 | 40 years | |||||||||
| Subway: | |||||||||||||
| Eden Prairie, MN | 8,338 | 1997 | 12/01 | 40 years | |||||||||
| SuperValu: | |||||||||||||
| Huntington, WV | 130,729 | 1971 | 02/97 | 40 years | |||||||||
| Warwick, RI | (c) | 1992 | 02/97 | (c) | |||||||||
| Swansea Quick Cash: | |||||||||||||
| Swansea, IL | 6,758 | 1997 | 12/01 | 40 years | |||||||||
| Taco Bell: | |||||||||||||
| Ocala, FL | 38,536 | 2001 | 12/01 | 40 years | |||||||||
| Ormond Beach, FL | 26,828 | 2001 | 12/01 | 40 years | |||||||||
| Brooklyn Park, MN | 21,373 | 1996 | 12/01 | 40 years | |||||||||
| Chanhassen, MN | 33,121 | 1997 | 12/01 | 40 years | |||||||||
| Saint Cloud, MN | 15,404 | 1999 | 12/01 | 40 years | |||||||||
| West Saint Paul, MN | 65,979 | 1999 | 12/01 | 40 years | |||||||||
| Phoenix, AZ | 14,139 | 1999 | 12/01 | 40 years | |||||||||
| Taco Bron Restaurant: | |||||||||||||
| Tuscon, AZ | 16,469 | 1974 | 12/01 | 40 years | |||||||||
| Tara Grinna Swimwear: | |||||||||||||
| Conway, SC | 73,837 | 1997 | 11/98 | 37.4 years | |||||||||
| Target: | |||||||||||||
| Chico, CA | 21,944 | 1983 | 03/99 | 40 years | |||||||||
| Victorville, CA | 20,988 | 1983 | 03/99 | 40 years | |||||||||
| San Diego, CA | 22,243 | 1984 | 03/99 | 40 years | |||||||||
| Texas Roadhouse: | |||||||||||||
| Grand Junction, CO | 46,966 | 1997 | 12/01 | 40 years | |||||||||
| Thornton, CO | 52,020 | 1998 | 12/01 | 40 years | |||||||||
| TGI Friday’s: | |||||||||||||
| Corpus Christi, TX | 78,202 | 1995 | 12/01 | 40 years | |||||||||
| Top’s: | |||||||||||||
| Lacy, WA | 1,217,245 | 1992 | 02/97 | 40 years | |||||||||
| United States of America: | |||||||||||||
| Arlington, VA | 1,108,377 | 1982 | 08/03 | 40 years | |||||||||
| United Trust Bank: | |||||||||||||
| Bridgeview, IL | 37,983 | 1997 | 12/01 | 40 years | |||||||||
| Vacant Property: | |||||||||||||
| Vernon, TX | 180,919 | 1985 | 03/85 | 35 years | |||||||||
| Raleigh, NC | 329,293 | 1995 | 06/96 | 40 years | |||||||||
| Tampa, FL | 384,162 | 1992 | 06/96 | 40 years | |||||||||
| Arlington, TX | 352,351 | 1996 | 06/96 | 40 years | |||||||||
| Plymouth Meeting, PA | 264,917 | 1999 | 10/98 | (g) | 40 years | ||||||||
| Augusta, GA | 34,415 | 1998 | 12/01 | 40 years | |||||||||
| Florissant, MO | 22,540 | 1997 | 12/01 | 40 years | |||||||||
| Hammond, LA | 41,523 | 1997 | 12/01 | 40 years | |||||||||
| Mesa, AZ | 26,162 | 1997 | 12/01 | 40 years | |||||||||
| Indianapolis, IN | 51,816 | 1996 | 12/01 | 40 years | |||||||||
| Montgomery, AL | 58,191 | 1999 | 12/01 | 40 years | |||||||||
| Value City: | |||||||||||||
| Florissant, MO | 52,017 | 1996 | 04/03 | 40 years | |||||||||
| Von’s: | |||||||||||||
| Moreno Valley, CA | 197,915 | 1983 | 03/99 | 40 years | |||||||||
| Walgreens: | |||||||||||||
| Sunrise, FL | 21,890 | 1994 | 05/03 | 40 years | |||||||||
| Wal-Mart: | |||||||||||||
| Sealy, TX | 177,694 | 1982 | 03/99 | 40 years | |||||||||
| Aransas Pass, TX | 316,271 | 1983 | 03/99 | 40 years | |||||||||
| Winfield, AL | 201,790 | 1983 | 03/99 | 40 years | |||||||||
| Beeville, TX | 277,368 | 1983 | 03/99 | 40 years | |||||||||
| Corpus Christi, TX | 375,116 | 1983 | 03/99 | 40 years | |||||||||
| Waremart: | |||||||||||||
| Eureka, CA | 940,261 | 1965 | 02/97 | 40 years | |||||||||
| Washington Bike Center: | |||||||||||||
| Fairfax, VA | 16,951 | 1995 | 12/95 | 40 years | |||||||||
| Wendy’s Old Fashioned Hamburger: | |||||||||||||
| Fenton, MO | 173,343 | 1985 | 07/92 | 33 years | |||||||||
| Sacramento, CA | - | (i) | 02/98 | (i) | |||||||||
| New Kensington, PA | 17,020 | 1980 | 12/01 | 40 years | |||||||||
| Whataburger: | |||||||||||||
| Albuquerque, NM | 21,385 | 1995 | 12/01 | 40 years | |||||||||
| Warehouse Music: | |||||||||||||
| Homewood, AL | 35,574 | 1997 | 12/01 | 40 years | |||||||||
| Winn-Dixie: | |||||||||||||
| Dallas, GA | 30,512 | 1997 | 05/03 | 40 years | |||||||||
| Woodstock, GA | 20,077 | 1997 | 05/03 | 40 years | |||||||||
| Columbus, GA | 21,483 | 1984 | 07/03 | 40 years | |||||||||
| Leasehold Interests: | 1,302,983 | - | (n) | (m) | |||||||||
| $ | 48,862,786 | ||||||||||||
|
Real Estate the Company has Invested in Under Direct Financing Leases: | |||||||||||||
| Academy: | |||||||||||||
| Houston, TX | $ | (c) | 1994 | 05/95 | (c) | ||||||||
| Houston, TX | (c) | 1995 | 06/95 | (c) | |||||||||
| N. Richland Hills, TX | (c) | 1996 | 08/95 | (f) | (c) | ||||||||
| Houston, TX | (c) | 1996 | 02/96 | (f) | (c) | ||||||||
| Houston, TX | (c) | 1996 | 06/96 | (f) | (c) | ||||||||
| Baton Rouge, LA | (c) | 1997 | 08/96 | (f) | (c) | ||||||||
| Barnes & Noble: | |||||||||||||
| Plantation, FL | (c) | 1996 | 05/95 | (f) | (c) | ||||||||
| Best Buy: | |||||||||||||
| Evanston, IL | (c) | 1994 | 02/97 | (c) | |||||||||
| Borders Books & Music: | |||||||||||||
| Altamonte Springs, FL | (c) | 1997 | 09/97 | (c) | |||||||||
| Checkers: | |||||||||||||
| Orlando, FL | (c) | 1988 | 07/92 | (c) | |||||||||
| Dave & Buster’s: | |||||||||||||
| Utica, MI | (c) | 1998 | 06/98 | (c) | |||||||||
| Eckerd: | |||||||||||||
| San Antonio, TX | (c) | 1993 | 12/93 | (c) | |||||||||
| Dallas, TX | (c) | 1994 | 01/94 | (c) | |||||||||
| Arlington, TX | (c) | 1994 | 02/94 | (c) | |||||||||
| Millville, NJ | (c) | 1994 | 03/94 | (c) | |||||||||
| Atlanta, GA | (c) | 1994 | 03/94 | (c) | |||||||||
| Mantua, NJ | (c) | 1994 | 06/94 | (c) | |||||||||
| Vineland, NJ | (c) | 1999 | 03/99 | (h) | (c) | ||||||||
| Amarillo, TX | (c) | 1994 | 12/94 | (c) | |||||||||
| Amarillo, TX | (c) | 1994 | 12/94 | (c) | |||||||||
| Amarillo, TX | (d) | 1994 | 12/94 | (d) | |||||||||
| Glassboro, NJ | (c) | 1994 | 12/94 | (c) | |||||||||
| Kissimmee, FL | (c) | 1995 | 04/95 | (c) | |||||||||
| Alice, TX | (d) | 1995 | 06/95 | (d) | |||||||||
| Tampa, FL | (c) | 1995 | 12/95 | (c) | |||||||||
| Lafayette, LA | (c) | 1995 | 01/96 | (c) | |||||||||
| Moore, OK | (c) | 1995 | 01/96 | (c) | |||||||||
| East Point, GA | (d) | 1996 | 12/96 | (d) | |||||||||
| Irving, TX | (c) | 1996 | 12/96 | (c) | |||||||||
| Ft. Worth, TX | (d) | 1996 | 12/96 | (d) | |||||||||
| Williston, FL | (c) | 1995 | 01/97 | (c) | |||||||||
| Jasper, FL | (c) | 1994 | 01/97 | (c) | |||||||||
| Oklahoma City, OK | (c) | 1997 | 06/97 | (c) | |||||||||
| Oklahoma City, OK | (c) | 1997 | 06/97 | (c) | |||||||||
| Norman, OK | (c) | 1997 | 06/97 | (c) | |||||||||
| Chattanooga, TN | (c) | 1997 | 09/97 | (c) | |||||||||
| Del City, OK | (c) | 1998 | 10/98 | (h) | (c) | ||||||||
| Arlington, TX | (c) | 1998 | 11/98 | (h) | (c) | ||||||||
| Kennett Square, PA | (c) | 2000 | 12/00 | (c) | |||||||||
| Arlington, TX | (c) | 2002 | 02/02 | (c) | |||||||||
| Food 4 Less: | |||||||||||||
| Lemon Grove, CA | (c) | 1996 | 07/95 | (f) | (c) | ||||||||
| Chula Vista, CA | (c) | 1995 | 11/98 | (c) | |||||||||
| Food Lion: | |||||||||||||
| Keystone Heights, FL | (d) | 1993 | 05/93 | (d) | |||||||||
| Chattanooga, TN | (d) | 1993 | 10/93 | (d) | |||||||||
| Lynchburg, VA | (d) | 1994 | 01/94 | (d) | |||||||||
| Martinsburg, WV | (d) | 1994 | 08/94 | (d) | |||||||||
| Good Guys, The: | |||||||||||||
| Stockton, CA | (d) | 1991 | 07/94 | (d) | |||||||||
| Heilig-Meyers: | |||||||||||||
| York, PA | (d) | 1997 | 11/98 | (d) | |||||||||
| Marlow Heights, MD | (d) | 1968 | 11/98 | (d) | |||||||||
| International House of Pancakes: | |||||||||||||
| Stafford, TX | (c) | 1992 | 10/93 | (c) | |||||||||
| Sunset Hills, MO | (c) | 1993 | 10/93 | (c) | |||||||||
| Las Vegas, NV | (c) | 1993 | 12/93 | (c) | |||||||||
| Ft. Worth, TX | (c) | 1993 | 12/93 | (c) | |||||||||
| Arlington, TX | (c) | 1993 | 12/93 | (c) | |||||||||
| Matthews, NC | (c) | 1993 | 12/93 | (c) | |||||||||
| Phoenix, AZ | (c) | 1993 | 12/93 | (c) | |||||||||
| Jared Jewelers: | |||||||||||||
| Aurora, IL | (c) | 2000 | 12/01 | (c) | |||||||||
| Glendale, AZ | (c) | 1998 | 12/01 | (c) | |||||||||
| Oviedo, FL | (c) | 1998 | 12/01 | (c) | |||||||||
| Phoenix, AZ | (c) | 1998 | 12/01 | (c) | |||||||||
| Toledo, OH | (c) | 1998 | 12/01 | (c) | |||||||||
| Lewisville, TX | (c) | 1998 | 12/01 | (c) | |||||||||
| Kash ’N Karry: | |||||||||||||
| Brandon, FL | (d) | 1997 | 10/96 | (f) | (d) | ||||||||
| Levitz: | |||||||||||||
| Tempe, AZ | (d) | 1994 | 01/95 | (d) | |||||||||
| Sports Authority: | |||||||||||||
| Dallas, TX | (c) | 1994 | 03/94 | (c) | |||||||||
| Shop & Save: | |||||||||||||
| Homestead, PA | (c) | 1994 | 02/97 | (c) | |||||||||
| SuperValu: | |||||||||||||
| Warwick, RI | (c) | 1992 | 02/97 | (c) | |||||||||
| $ | - | ||||||||||||
|
COMMERCIAL NET LEASE REALTY, INC. AND SUBSIDIARIES NOTES TO SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION AND AMORTIZATION December 31, 2003 | |
| (a) | Transactions in real estate and
accumulated depreciation during 2003, 2002 and 2001 are summarized as follows: |
| 2003 | 2002 | 2001 | |||||||||
| Land, buildings and leasehold interests: | |||||||||||
| Balance at beginning of year | $ | 742,136,056 | $ | 737,957,846 | $ | 542,400,536 | |||||
|
Acquisitions, completed construction and tenant improvements |
216,643,624 | 40,106,987 | 253,240,399 | ||||||||
|
Disposition of land, buildings and leasehold interests |
(22,793,200 | ) | (32,643,284 | ) | (57,557,741 | ) | |||||
|
Provision for loss on impairment of real estate |
- | (3,285,493 | ) | (125,348 | ) | ||||||
| Balance at the close of year | $ | 935,986,480 | $ | 742,136,056 | $ | 737,957,846 | |||||
| Accumulated depreciation and amortization: | |||||||||||
| Balance at the beginning of year | $ | 38,671,148 | $ | 31,678,077 | $ | 27,438,288 | |||||
|
Disposition of land, building, and leasehold interests |
(1,298,033 | ) | (3,155,003 | ) | (3,262,991 | ) | |||||
| Depreciation and amortization expense | 11,489,671 | 10,148,074 | 7,502,780 | ||||||||
| Balance at the close of year | $ | 48,862,786 | $ | 38,671,148 | $ | 31,678,077 | |||||
| (b) | As of December 31, 2003, all of the leases are treated as operating leases for federal income tax purposes. As of December 31, 2003, the aggregate cost of the properties owned by the Company and its subsidiaries for federal income tax purposes was $998,750,890. |
| (c) | For financial reporting purposes, the portion of the lease relating to the building has been recorded as a direct financing lease; therefore, depreciation is not applicable. |
| (d) | For financial reporting purposes, the lease for the land and building has been recorded as a direct financing lease; therefore, depreciation is not applicable. |
| (e) | The Company owns only the land for this building. |
| (f) | Date acquired represents acquisition date of land. Pursuant to lease agreement, the Company purchased the buildings from the tenants upon completion of construction, generally within 12 months from the acquisition of the land. |
| (g) | Date acquired represents acquisition date of land. The Company developed the buildings, generally completing construction within 12 months from the acquisition date of the land. |
| (h) | Date acquired represents date of building construction completion. The land has been recorded as operating lease. |
| (i) | The Company owns only the land for this property, which is subject to a ground lease between the Company and the tenant. The tenant funded the improvements on the property. |
| (j) | Property is encumbered as a part of the Company's $39,450,000 long-term, fixed rate mortgage and security agreement. |
| (k) | Encumbered properties for which the portion of the lease relating to the land is accounted for as an operating lease and the portion of the lease relating to the building is accounted for as a direct financing lease, the total amount of the encumbrance is listed with the land portion of the property. |
| (l) | The Company owns only the building for this property. The land is subject to a ground lease between the Company and an unrelated third party. |
| (m) | The leasehold interests are amortized over the life of the respective leases which range from 4.5 and 12.5 years. |
| (n) | The leasehold interest sites were acquired between August 1999 and August 2001. |
| (o) | In 2002, this property was contributed down to a wholly-owned subsidiary of the Company at the property's net book value. |
| (p) | Property is encumbered as a part of the Company's $21,000,000 long-term, fixed rate mortgage and security agreement. |
| (q) | In 2002, this property was owned by a wholly-owned limited liability entity that was dissolved into the Company. |
| (r) | The tenant of this property has subleased the property. The tenant continues to be responsible for complying with all the terms of the lease agreement and is continuing to pay rent on this property to the Company. |
| (s) | Property is encumbered as a part of hte Company's $95,000,000 long-term, fixed rate mortgage and security agreement. |
| See accompanying report of independent auditors' on supplementary information. | |
|
COMMERCIAL NET LEASE REALTY, INC. AND SUBSIDIARIES SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE December 31, 2003 | |||||||||||||
| Description |
Interest Rate |
Final Maturity Date |
Periodic Payment Terms |
Prior Liens |
Face Amount of Mortgages |
Carrying Amount of Mortgages |
(e) |
Principal Amount of Loans Subject to Delinquent Principal or Interest | |||||
| First mortgages on properties: | |||||||||||||
| National City, CA | 11.5% | 2009 | (b) | - | $ | 2,765,000 | $ | 1,384,815 | $ | - | |||
| San Jose, CA | 11.5% | 2009 | (b) | - | 2,565,000 | 1,338,400 | - | ||||||
| Rockledge, FL | 10.0% | 2018 | (b) | - | 400,000 | 377,432 | - | ||||||
| Bonham, TX | 10.0% | 2013 | (b) | - | 210,000 | 190,830 | - | ||||||
| Duncanville, TX | 10.0% | 2007 | (d) | - | 690,018 | 406,956 | - | ||||||
| Independence, MO | 10.0% | 2007 | (d) | - | 1,068,788 | 474,339 | - | ||||||
| Lawton and Oklahoma City, OK(g) | 8.5% | 2007 | (c) | - | 4,399,805 | 1,644,243 | - | ||||||
| Burleson, TX(g) | 8.5% | 2007 | (c) | - | 2,355,279 | 409,445 | - | ||||||
| Bellingham, WA | 7.2% | 2013 | (b) | - | 2,605,000 | 2,600,883 | - | ||||||
| Indianapolis, IN | 10.5% | 2004 | (b) | - | 286,000 | 184,000 | - | ||||||
| Lodi, CA | 10.5% | 2004 | (b) | - | 93,222 | 57,439 | - | ||||||
| Sonora, CA | 10.5% | 2004 | (b) | - | 150,651 | 95,618 | - | ||||||
| Mira Mesa, CA | 10.5% | 2004 | (b) | - | 369,447 | 265,860 | - | ||||||
|
Revolving lines of credit secured by various properties: | |||||||||||||
|
Commercial Net Lease Realty Services, Inc. |
Prime rate + 0.25% | 2006 | (c) | - | 12,587,705 | 12,587,705 | - | ||||||
| $ | 30,545,915 | $ | 22,017,965 | (a) | $ | - | |||||||
| (a) | The following shows the
changes in the carrying amounts of mortgage loans during the years: | |||||||||
| 2003 | 2002 | 2001 | ||||||||
| Balance at beginning of year | $ | 21,910,551 | $ | 88,111,817 | $ | 69,756,217 | ||||
| New mortgage loans | 35,027,502 | 30,716,396 | 43,984,088 | (f) | ||||||
| Deductions during the year: | ||||||||||
| Collections of principal | (34,920,088 | ) | (96,917,662 | ) | (25,628,488 | ) | ||||
| Balance at the close of year | $ | 22,017,965 | $ | 21,910,551 | $ | 88,111,817 | ||||
| (b) | Principal and interest is
payable at level amounts over the life of the loan. | |||||||||
| (c) | Interest only payments are
due quarterly. Principal is due at maturity. | |||||||||
| (d) | Interest only payments
are due monthly. Principal is due at maturity. | |||||||||
| (e) | Mortgages held by the
Company and its subsidiaries for federal income tax purposes for the years ended December
31, 2003, 2002 and 2001 were $22,017,965, $21,910,551, and $88,111,817, respectively. | |||||||||
| (f) | Mortgages totaling
$3,444,610, $599,252, and $610,000 were accepted in connection with real estate transactions
for the years ended December 31, 2003, 2002 and 2001, respectively. | |||||||||
| (g) | As of December 31, 1999,
mortgages totaling $6,755,084 were accepted as payment towards the principal balance of the
revolving line of credit for Commercial Net Lease Realty Services, Inc. (an unconsolidated
affiliate of the Company). The mortgagees are affiliates of certain members of
the Company's board of directors. | |||||||||
| See
accompanying report of independent auditors’ on supplementary information.
| ||||||||||
| EXHIBITS EXHIBIT INDEX | ||||
| Exhibit Number | ||||
| (3) |
Exhibits | |||
| 3. | Articles of Incorporation and By-laws | |||
| 3.1 | First Amended and Restated Articles of Incorporation of the Registrant (filed as Exhibit 3.1 to the Registrant's Registration Statement No. 333-64511 on Form S-3 and incorporated herein by reference). | |||
| 3.2 | Articles Supplementary Establishing and Fixing the Rights and Preferences of a Series of Preferred Stock (9% Series A Non-Voting Preferred Stock, par value $0.01 per share (the “Series A Preferred Stock”) (filed as Exhibit 3 to the Registrant’s Form 8-A dated November 26, 2001 and filed with the Securities and Exchange Commission on November 27, 2001, and incorporated herein by reference). | |||
| 3.3 | Articles Supplementary Classifying and Designating 10,000 Preferred Shares as the Series B Preferred Stock (filed as Exhibit 3 to the Registrant’s Form 8-A dated August 12, 2003 and filed with the Securities and Exchange Commission on August 13, 2003, and incorporated herein by reference). | |||
| 3.4 | Amended and Restated Bylaws of the Registrant (filed herewith). | |||
| 4. | Instruments defining the rights of security holders, including indentures | |||
| 4.1 | Specimen Certificate of Common Stock, par value $0.01 per share, of the Registrant (filed as Exhibit 3.4 to the Registrant’s Registration Statement No. 1-11290 on Form 8-B and incorporated herein by reference). | |||
| 4.2 | Form of Indenture dated March 25, 1998, by and among Registrant and First Union National Bank, Trustee, relating to $100,000,00 of 7.125% Notes due 2008 (filed as Exhibit 4.1 to the Registrant’s Current Report on Form 8-K dated March 20, 1998, and incorporated herein by reference). | |||
| 4.3 | Form of Supplement Indenture No. 1 dated March 25, 1998, by and among Registrant and First Union National Bank, Trustee, relating to $100,000,000 of 7.125% Notes due 2008 (filed as Exhibit 4.2 to the Registrant’s Current Report on Form 8-K dated March 20, 1998, and incorporated herein by reference). | |||
| 4.4 | Form of 7.125% Note due 2008 (filed as Exhibit 4.3 to the Registrant’s Current Report on Form 8-K dated March 20, 1998, and incorporated herein by reference). | |||
| 4.5 | Form of Supplemental Indenture No. 2 dated June 21, 1999, by and among Registrant and First Union National Bank, Trustee, relating to $100,000,000 of 8.125% Notes due 2004 (filed as Exhibit 4.2 to the Registrant’s Current Report on Form 8-K dated June 17, 1999, and incorporated herein by reference). | |||
| 4.6 | Form of 8.125% Notes due 2004 (filed as Exhibit 4.3 to the Registrant’s Current Report on Form 8-K dated June 17, 1999, and incorporated herein by reference). | |||
| 4.7 | Form of Supplemental Indenture No. 3 dated September 20, 2000, by and among Registrant and First Union National Bank, Trustee, relating to $20,000,000 of 8.5% Notes due 2010 (filed as Exhibit 4.2 to the Registrant’s Current Report on Form 8-K dated September 20, 2000, and incorporated herein by reference). | |||
| 4.8 | Form of 8.5% Notes due 2010 (filed as Exhibit 4.3 to the Registrant’s Current Report on Form 8-K dated September 20, 2000, and incorporated herein by reference). | |||
| 4.9 | Form of Supplement Indenture No. 4 dated May 30, 2002, by and among Registrant and Wachovia Bank, National Association, Trustee, relating to $50,000,000 of 7.75% Notes due 2012 (filed as Exhibit 4.2 to the Registrant’s Current Report on Form 8-K dated June 4, 2002, and incorporated herein by reference). | |||
| 4.10 | Form of 7.75% Notes due 2012 (filed as Exhibit 4.3 to the Registrant’s Current Report on Form 8-K dated June 4, 2002 and incorporated herein by reference). | |||
| 4.11 | Articles Supplementary Establishing and Fixing the Rights and Preferences of a Series of Preferred Stock (the Series A Preferred Stock) (filed as Exhibit 3 to the Registrant’s Form 8-A dated November 26, 2001 and filed with the Securities and Exchange Commission on November 27, 2001, and incorporated herein by reference). | |||
| 4.12 | Specimen Stock Certificate relating to the Series A Preferred Stock (filed as Exhibit 4 to the Registrant’s Form 8-A dated November 26, 2001 and filed with the Securities and Exchange Commission on November 27, 2001, and incorporated herein by reference). | |||
| 4.13 | Articles Supplementary Classifying and Designating 10,000 Preferred Shares as the Series B Preferred Stock (filed as Exhibit 3 to the Registrant’s Form 8-A dated August 12, 2003 and filed with the Securities and Exchange Commission on August 13, 2003, and incorporated herein by reference). | |||
| 4.14 | Investment Agreement between the Registrant and The County Employees’ and Officers’ Annuity & Benefit Fund of Cook County dated August 12, 2003 (filed as Exhibit 2 to the Registrant’s Form 8-A dated August 12, 2003 and filed with the Securities and Exchange Commission on August 13, 2003, and incorporated herein by reference). | |||
| 4.15 | Specimen Stock Certificate relating to the Series B Preferred Stock (filed as Exhibit 4 to the Registrant’s Form 8-A dated August 12, 2003 and filed with the Securities and Exchange Commission on August 13, 2003, and incorporated herein by reference). | |||
| 10. | Material Contracts | |||
| 10.1 | Letter Agreement dated July 10, 1992, amending Stock Purchase Agreement dated January 23, 1992 (filed as Exhibit 10.34 to the Registrant’s Quarterly Report on Form 10-Q for the quarter ended June 30, 1992, and incorporated herein by reference). | |||
| 10.2 | Loan Agreement, dated January 19, 1996, among Registrant and Principal Mutual Life Insurance Company relating to a $39,450,000 loan (filed as Exhibit 10.12 to the Registrant’s Annual Report on Form 10-K for the year ended December 31, 1995, and incorporated herein by reference). | |||
| 10.3 | Secured Promissory Note, dated January 19, 1996, among Registrant and Principal Mutual Life Insurance Company relating to a $39,450,000 loan (filed as Exhibit 10.13 to the Registrant’s Annual Report on Form 10-K for the year ended December 31, 1995, and incorporated herein by reference). | |||
| 10.4 | Agreement and Plan of Merger dated May 15, 1997, by and among Commercial Net Lease Realty, Inc., Net Lease Realty II, Inc., CNL Realty Advisors, Inc. and the Stockholders of CNL Realty Advisors, Inc. (filed as Exhibit 10.1 to the Registrant’s Current Report on Form 8-K dated May 16, 1997, and incorporated herein by reference). | |||
| 10.5 | 2000 Performance Incentive Plan (filed as Exhibit 99 to the Registrant’s Registration Statement No. 333-64794 on Form S-8 and incorporated herein by reference). | |||
| 10.6 | Third Renewal Promissory Note dated as of April 1, 2001, by Commercial Net Lease Realty Services, Inc. in favor of Registrant relating to an $85,000,000 line of credit (filed as Exhibit 10.13 to the Registrant’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2001, and incorporated herein by reference). | |||
| 10.7 | Third Modification of Amended and Restated Secured Revolving Line of Credit and Security Agreement and Other Loan Documents effective as of April 1, 2001, by and between Registrant as lender and Commercial Net Lease Realty Services, Inc., as borrower, relating to an $85,000,000 line of credit (filed as Exhibit 10.14 to the Registrant’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2001, and incorporated herein by reference). | |||
| 10.8 | Fourth Modification of Amended and Restated Secured Revolving Line of Credit and Security Agreement and Other Loan Documents effective as of July 1, 2001, by and between Registrant as lender and Commercial Net Lease Realty Services, Inc., as borrower, relating to an $85,000,000 line of credit (filed as Exhibit 10.15 to the Registrant’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2001, and incorporated herein by reference). | |||
| 10.9 | Agreement and Plan of Merger, dated as of July 1, 2001, among Commercial Net Lease Realty, Inc. and Captec Net Lease Realty, Inc. (filed as Exhibit 99.1 to the Registrant’s Current Report on Form 8-K dated July 3, 2001, and incorporated herein by reference). | |||
| 10.10 | Seventh Amended and Restated Line of Credit and Security Agreement, dated May 9, 2003, by and among Registrant, certain lenders and Wachovia Bank, N.A., as the Agent, relating to a $225,000,000 loan (filed as Exhibit 10.11 to the Registrant’s Current Report on Form 8-K dated July 11, 2003, and incorporated herein by reference). | |||
| 10.11 | Real Estate Purchase Contract, dated as of July 23, 2003, by and between MCI Worldcom Network Services, Inc. and the Company (filed as Exhibit 10.1 to the Registrant’s Current Report on Form 8-K dated July 25, 2003, and incorporated herein by reference). | |||
| 10.12 | U.S. Government Lease for Real Property, dated as of December 17, 2002, between MCI Worldcom Network Services, Inc. and the United States of America (filed as Exhibit 10.2 to the Registrant’s Current Report on Form 8-K dated July 25, 2003, and incorporated herein by reference). | |||
| 12. | Statement of Computation of Ratios of Earnings to Fixed Charges (filed herewith). | |||
| 13. | Annual Report to Shareholders for the year ended December 31, 2003 (filed herewith). | |||
| 23. | Consent of Independent Accountants dated March 10, 2004 (filed herewith). | |||
| 31. | Section 302 Certifications | |||
| 31.1 | Certification of Chief Executive Officer (Craig Macnab - as of February 16, 2004) pursuant to Rule 13a-14, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 (filed herewith). | |||
| 31.2 | Certification of Chief Executive Officer (James M. Seneff, Jr. - prior to February 16, 2004) pursuant to Rule 13a-14, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 (filed herewith). | |||
| 31.3 | Certification of Chief Financial Officer pursuant to Rule 13a-14, as adopted pursuantto Section 302 of the Sarbanes-Oxley Act of 2002 (filed herewith). | |||
| 32. | Section 906 Certifications | |||
| 32.1 | Certification of Chief Executive Officer (Craig Macnab - as of February 16, 2004) pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (filed herewith). | |||
| 32.2 | Certification of Chief Executive Officer (James M. Seneff, Jr. - prior to February 16, 2004) pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (filed herewith). | |||
| 32.3 | Certification of Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (filed herewith). | |||
| (b) | The Registrant filed the following reports on Form 8-K during the quarter ended December 31, 2003: | |||
| 1. | November 4, 2003 for the purpose of filing under Items 7 (Financial Statements and Exhibits) and 12 (Results of Operations and Financial Condition) a press release announcing its results of operations and financial condition for the quarter and year ended September 30, 2003. | |||
| 2. | November 26, 2003 for the purpose of filing under Items 5 (Other Events and Regulation FD Disclosure) and 7 (Financial Statements and Exhibits) announcing entry into a Limited Partnership Agreement by and between Net Lease Realty III, Inc., a wholly-owned subsidiary of the Company and Northern Trust Company. | |||
| 3. | December 3, 2003 for the purpose of filing under Item 5 (Other Events) a press release announcing that the Company agreed to issue and sell in an underwritten public offering approximately 3,000,000 shares of its common stock. | |||
| 4. | December 3, 2003 for the purpose of filing under Items 5 (Other Events) and 7 (Financial Statements and Exhibits) with respect to an announcement of the filing of a Prospectus Supplement to the Registration Statement on Form S-3, File No. 333-105635, for the offering by the Registrant of 3,250,000 shares of the Registrant’s Common Stock, par value $0.01. | |||
| 5. | December 4, 2003 for the purpose of amending the Form 8-K filed on November 26, 2003 for the purpose of filing under Items 5 (Other Events and Regulation FD Disclosure) and 7 (Financial Statements and Exhibits) announcing entry into a Limited Partnership Agreement by and between Net Lease Realty III, Inc., a wholly-owned subsidiary of the Company and Northern Trust Company. | |||