Exhibit 99.2

 

THE COMPANIES

 

American Realty Capital Properties, Inc., Safari Acquisition, LLC, Thunder Acquisition, LLC, and Clark Acquisition, LLC

 

American Realty Capital Properties, Inc., or ARCP, is a Maryland corporation incorporated in December 2010 that qualified as a REIT for U.S. federal income tax purposes commencing with its initial taxable year ended December 31, 2011. In July 2011, ARCP commenced an initial public offering on a “reasonable best efforts” basis, which closed on September 6, 2011. ARCP common stock began trading on The NASDAQ Capital Market under the symbol “ARCP” on September 7, 2011. On February 28, 2013, ARCP common stock was transferred to The NASDAQ Global Select Market, or the NASDAQ.

 

ARCP acquires, owns and operates single-tenant, freestanding commercial real estate properties. ARCP has acquired properties with a combination of long-term and medium-term leases and intends to continue to acquire properties with approximately 70% long-term leases and 30% medium-term leases, with an average remaining lease term of 10 to 12 years. ARCP considers properties that are leased on a “medium-term” basis to mean properties originally leased long-term (ten years or longer) that currently have a primary remaining lease duration of generally three to eight years, on average. ARCP expects this investment strategy to develop growth potential from below market leases. Additionally, ARCP owns a portfolio that uniquely combines a portfolio of properties with stable income from high credit quality tenants, with properties that have substantial growth opportunities.

 

Substantially all of ARCP’s business is conducted through its operating partnership, ARC Properties Operating Partnership, L.P., of which ARCP is the sole general partner.

 

As of September 30, 2013, ARCP owned 1,219 properties (excluding one vacant property classified as held for sale) consisting of 20.4 million square feet, 100% leased with a weighted average remaining lease term of 9.5 years. In constructing its portfolio, ARCP is committed to diversification (industry, tenant and geography). As of September 30, 2013, rental revenues derived from investment grade tenants and tenants affiliated with investment grade entities as determined by a major rating agency approximated 59% (the rating of each parent company has been attributed to its wholly owned subsidiary for purposes of this disclosure). ARCP’s strategy encompasses receiving the majority of its revenue from investment grade tenants as ARCP further acquires properties and enters into (or assumes) medium-term lease and long-term lease arrangements. The foregoing excludes properties owned by CapLease (as defined and described below), which was acquired by ARCP pursuant to a merger on November 5, 2013. If the properties owned by CapLease were included, ARCP would have owned 1,287 properties, consisting of 33.5 million square feet, which are 99% leased with a weighted average remaining lease term of 8.1 years, with 66.7% of rental revenues derived from investment grade tenants and tenants affiliated with investment grade entities as determined by a major credit agency.

   

ARCP’s principal executive offices are located at 405 Park Avenue, 15^th Floor, New York, New York 10022, and its telephone number is (212) 415-6500.

 

The entity into which CapLease merged, Safari Acquisition, LLC, or the CapLease Merger Sub, is a Delaware limited liability company and a direct wholly owned subsidiary of ARCP that was formed for the purpose of acquiring CapLease pursuant to the merger agreement with CapLease.

 

The entity into which ARCT IV (as defined and described below) will merge, Thunder Acquisition, LLC, or the ARCT IV Merger Sub, is a Delaware limited liability company and a direct wholly owned subsidiary of ARCP that was formed for the purpose of acquiring ARCT IV pursuant to the merger agreement with ARCT IV.

 

The entity into which Cole (as defined and described below) will merge, Clark Acquisition, LLC, or the Cole Merger Sub, is a Delaware limited liability company and a direct wholly owned subsidiary of ARCP that was formed for the purpose of acquiring Cole pursuant to the merger agreement with Cole.

 

 

American Realty Capital Trust IV, Inc.

 

 

American Realty Capital Trust IV, Inc., or ARCT IV, is a Maryland corporation incorporated in February 2012 that qualified as a REIT for U.S. federal income tax purposes commencing with its initial taxable year ended December 31, 2012. ARCT IV is a non-traded REIT. ARCT IV was formed to acquire a diversified portfolio of commercial real estate, which consists primarily of freestanding single tenant properties net leased to investment grade and other credit worthy tenants. In June 2012, ARCT IV commenced an initial public offering on a “reasonable best efforts” basis to sell up to 60.0 million shares of common stock, excluding 10.0 million shares issuable pursuant to a distribution reinvestment plan, offered at a price of $25.00 per share, subject to certain volume and other discounts, which we refer to as the ARCT IV IPO. In September 2012, ARCT IV commenced real estate operations. As of November 15, 2013, ARCT IV had issued 70.2 million shares of ARCT IV common stock in connection with the ARCT IV IPO and had issued 0.9 million shares of ARCT IV common stock under its distribution reinvestment plan. As of November 15, 2013, ARCT IV had 71.1 million shares of common stock outstanding, including unvested restricted shares and shares issued pursuant to ARCT IV’s distribution reinvestment plan and 1.2 million shares issuable in exchange for outstanding operating partnership units.

 

Substantially all of ARCT IV’s business is conducted through the ARCT IV OP, of which ARCT IV is the sole general partner.

 

As of September 30, 2013, ARCT IV owned 1,203 properties comprised of 9.2 million square feet, which were 100% leased with a weighted average remaining lease term of 11.5 years. In constructing the portfolio, ARCT IV has been committed to diversification by industry, tenant and geography.

 

ARCT IV’s principal executive offices are located at 405 Park Avenue, 15^th Floor, New York, New York 10022, and its telephone number is (212) 415-6500.

 

ARCT IV and ARCP each were sponsored directly by ARC Capital, LLC, or ARC. The ARCT IV Advisor is a Delaware limited liability company indirectly wholly owned by ARC. ARC Properties Advisors, LLC, which we refer to as the ARCP Manager, is a Delaware limited liability company wholly owned by ARC and is ARCP’s external manager. ARC and its affiliates, including the ARCT IV Advisor and ARCP Manager, provide investment, management and advisory services, as well as certain acquisition and debt capital services to ARCT IV and ARCP, as applicable. ARCT IV and ARCP pay management fees and certain other fees to, and reimburse certain expenses of, the ARCT IV Advisor and ARCP Manager, respectively. Affiliates of ARC also provide similar services for American Realty Capital New York Recovery REIT, Inc., Phillips Edison — ARC Shopping Center REIT Inc., American Realty Capital — Retail Centers of America, Inc., American Realty Capital Healthcare Trust, Inc., American Realty Capital Daily Net Asset Value Trust, Inc., ARC Realty Finance Trust, Inc., American Realty Capital Global Trust, Inc., American Realty Capital Healthcare Trust II, Inc., American Realty Capital Trust V, Inc., Phillips Edison — ARC Grocery Center REIT II, Inc. and American Realty Capital Hospitality Trust, Inc., as well as Business Development Corporation of America, a business development company. Certain of the ARC-sponsored REITs have investment strategies substantially similar to those of ARCT IV, ARCP and the combined company.

 

CapLease, Inc.

 

CapLease, Inc., or CapLease, was a REIT that primarily acquired, owned and managed a diversified portfolio of single tenant commercial real estate properties subject to long-term leases to high credit quality tenants. CapLease focused on properties that are subject to a lease that requires the tenant to pay all or substantially all property operating expenses, such as utilities, real estate taxes, insurance and routine maintenance. ARCP acquired CapLease on November 5, 2013. CapLease made an election to qualify, and believes it operated so as to qualify, as a REIT commencing with its taxable year ended December 31, 2004. In addition to its portfolio of owned properties, CapLease had a modest portfolio of first mortgage loans and other debt investments on single tenant properties.

 

 

CapLease conducted its business through a variety of subsidiaries. CapLease owned most of its owned properties through its predecessor and operating partnership, Caplease, LP. CapLease was the indirect sole general partner of, and owned approximately 96.8% of the common equity of, CapLease, LP prior to the merger.

 

As of September 30, 2013, CapLease owned 68 properties comprised of 13.1 million square feet, which were 96.8% leased with a weighted average remaining lease term of approximately 5.9 years.

 

CapLease’s principal executive offices were located at 1065 Avenue of the Americas, New York, New York 10018, and its telephone number was (212) 217-6300.

 

Cole Real Estate Investments, Inc.

  

Cole Real Estate Investments, Inc., or Cole, (formerly known as Cole Credit Property Trust III, Inc., or CCPT III is a Maryland corporation incorporated in January 2008 that elected to be taxed as a REIT for U.S. federal income tax purposes commencing with its taxable year ended December 31, 2009. Cole operates through two business segments, Real Estate Investment, or REI, and Private Capital Management, or PCM. Substantially all of Cole’s REI segment is conducted through Cole REIT III Operating Partnership, LP (“CCPT III OP”), a Delaware limited partnership. Substantially all of Cole’s PCM segment is conducted through Cole Capital Advisors, Inc., or CCA, an Arizona corporation. CCA is treated as a taxable REIT subsidiary, or TRS, under Section 856 of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”).

 

On June 20, 2013, Cole listed its common stock on the New York Stock Exchange under the ticker symbol “COLE”. As of September 30, 2013, Cole had issued approximately 499.9 million shares of its common stock in public offerings made from January 2009 until April 2013, for aggregate gross proceeds of $5.0 billion (including shares sold pursuant to its distribution reinvestment program), before share redemptions pursuant to Cole’s share redemption program of $174.7 million and offering costs, selling commissions and dealer management fees of $463.2 million. In addition, Cole purchased $250.0 million of shares of its common stock pursuant to a tender offer and redeemed an aggregate of $0.4 million of fractional shares.

 

As of September 30, 2013, Cole owned 1,026 properties, comprising 44.8 million rentable square feet of single and multi-tenant retail and commercial space, which are leased to national and regional credit worthy tenants under long-term triple net leases or double net leases, located in 48 states, which include properties owned through consolidated joint ventures. As of September 30, 2013, the rentable space at these properties was 99% leased, with a weighted average remaining lease term of 11.9 years. As of September 30, 2013, rental revenues derived from investment-grade quality tenants and tenants affiliated with investment grade entities as determined by a major rating agency approximated 59% (the rating of each parent company has been attributed to its wholly owned subsidiary for purposes of this disclosure). As of September 30, 2013, Cole also owned 21 commercial mortgage-backed securities, three notes receivable and, through unconsolidated joint ventures, had interests in 12 properties comprising 2.3 million rentable square feet of commercial and retail space.

 

Cole acquires and operates a diverse portfolio of core commercial real estate investments primarily consisting of necessity retail properties located throughout the United States, including U.S. protectorates.

  

Cole’s principal executive offices are located at 2325 East Camelback Road, Suite 1100, Phoenix, Arizona 85016, and its telephone number is (602) 778-8700.

 

Fortress Portfolio

 

On July 24, 2013, ARC and another related entity, on behalf of ARCP and certain other entities sponsored directly or indirectly by ARC, entered into a purchase and sale agreement with subsidiaries of Fortress Investment Group LLC, or Fortress, for the purchase and sale of 196 properties owned by Fortress for an aggregate contract purchase price of approximately $972.5 million, subject to adjustments set forth in the purchase and sale agreement and exclusive of closing costs, which was allocated to ARCP based on the pro-rata fair value of the properties acquired by ARCP relative to the fair value of all 196 properties to be acquired from Fortress. Of the 196 properties, 120 properties are expected to be acquired by ARCP from Fortress, or the Fortress Portfolio, for a purchase price of approximately $601.2 million, subject to adjustments set forth in the purchase and sale agreement and exclusive of closing costs. The Fortress Portfolio is comprised of 6.1 million square feet, and is 100% leased with a weighted average remaining lease term of approximately 12.6 years and is currently leased to 17 distinct tenants. The leases are generally triple net. On October 1, 2013, ARCP closed on 41 of the 120 properties for a total purchase price of $200.3 million, exclusive of closing costs. The remaining properties are expected to close in the fourth quarter of 2013.

  

 

Inland Portfolio

 

On August 8, 2013 the ARCP Manager entered into a purchase and sale agreement with Inland American Real Estate Trust, Inc., or Inland, for the purchase and sale of the equity interests of 67 companies owned by Inland for an aggregate contract purchase price of approximately $2.3 billion, subject to adjustments set forth in the purchase and sale agreement and exclusive of closing costs. Of the 67 companies, the equity interests of 10 companies, or the Inland Portfolio, will be acquired by ARCP from Inland for a purchase price of approximately $501.0 million, subject to adjustments set forth in the purchase and sale agreement and exclusive of closing costs, which was allocated to ARCP based on the pro-rata fair value of the Inland Portfolio relative to the fair value of all 67 companies to be acquired by ARCP and other entities sponsored directly or indirectly by the ARC from Inland. The Inland Portfolio includes 33 properties, comprised of approximately 7.0 million square feet and is 96.2% leased, with a weighted average remaining lease term of approximately 4.4 years. The properties are currently leased to 26 distinct tenants. The leases are generally triple net. As of September 30, 2013, ARCP has closed on five of the 33 properties for a total purchase price of $56.4 million, exclusive of closing costs. The remaining properties are expected to close in the fourth quarter of 2013.

 

 

 

Property Portfolio Information

 

At September 30, 2013, ARCP owned a diversified portfolio:

 

·

of 1,219 properties, excluding one vacant property classified as held for sale;

 

·

with an occupancy rate of 100%;

 

·

leased to 183 different retail and other commercial enterprises doing business in 32 separate industries;

 

·

located in 48 states and Puerto Rico;

 

·

with approximately 20.4 million square feet of leasable space; and

 

·

with an average leasable space per property of approximately 16,700 square feet.

 

The properties owned by ARCP include 447 net lease properties, or the GE Portfolio, acquired by ARCP on June 27, 2013 from certain affiliates of GE Capital Corp., or GE Capital.. The 447 properties are subject to 409 property operating leases and 38 direct financing leases. The GE Capital Portfolio contains approximately 2.0 million rentable square feet and consists of 444 restaurants (including three other revenue generating assets) and three retail properties. The purchase price for the GE Capital Portfolio was approximately $774 million exclusive of closing costs.

 

At September 30, 2013, ARCT IV owned a diversified portfolio:

 

·

of 1,203 properties;

 

·

with an occupancy rate of 100%;

 

·

leased to 276 different retail and other commercial enterprises doing business in 25 separate industries;

 

·

located in 46 states and the District of Columbia;

 

·

with approximately 9.2 million square feet of leasable space; and

 

·

with an average leasable space per property of approximately 7,600 square feet.

 

The properties owned by ARCT IV include 924 net lease properties acquired by ARCT IV from certain affiliates of GE Capital. The 924 properties are subject to 912 property operating leases and 12 direct financing leases. The portfolio contains approximately 3.4 million rentable square feet and consists primarily of quick service, family dining, and casual dining restaurants.

 

At September 30, 2013, CapLease owned a diversified portfolio:

 

·

of 68 properties;

 

·

with an occupancy rate of 96.8%;

 

·

leased to 48 different retail and other commercial enterprises doing business in 23 separate industries;

 

·

located in 26 states and Puerto Rico;

 

·

with approximately 13.1 million square feet of leasable space; and

 

·

with an average leasable space per property of approximately 193,300 square feet.

 

At September 30, 2013, Fortress Portfolio consisted of a diversified portfolio:

 

·

of 120 properties;

 

·

with an occupancy rate of 100%;

 

·

leased to 17 different retail and other commercial enterprises doing business in 7 separate industries;

 

·

located in 30 states;

 

·

with approximately 6.1 million square feet of leasable space; and

 

·

with an average leasable space per property of approximately 51,000 square feet.

 

 

At September 30, 2013, Inland Portfolio consisted of a diversified portfolio:

 

·

of 28 properties;

 

·

with an occupancy rate of 96.2%;

 

·

leased to 25 different retail and other commercial enterprises doing business in 14 separate industries;

 

·

located in 14 states;

 

·

with approximately 6.3 million square feet of leasable space; and

 

·

with an average leasable space per property of approximately 208,500 square feet.

 

At September 30, 2013, Cole owned a diversified portfolio:

 

·

of 1,026 properties;

 

·

with an occupancy rate of 99%;

 

·

leased to 642 different retail and other commercial enterprises doing business in 46 separate industries;

 

·

located in 48 states;

 

·

with approximately 44.8 million square feet of leasable space; and

 

·

with an average leasable space per property of approximately 43,700 square feet.

  

Combined Property Portfolio

 

As of September 30, 2013, ARCP after giving effect to the closing of the CapLease Merger and assuming the ARCT IV Merger and Cole Merger are consummated and assuming the closing of the Inland and Fortress acquisitions, on a pro forma basis, owned a portfolio with the following characteristics:

 

·

3,664 properties, excluding one vacant property classified as held for sale;

 

·

with an occupancy rate of 99%;

 

·

leased to 1,071 different retail and other commercial enterprises doing business in 71 separate industries;

 

·

located in 49 states, the District of Columbia, and Puerto Rico;

 

·

with approximately 99.9 million square feet of leasable space; and

 

·

with an average leasable space per property of approximately 27,200 square feet

 

There were no tenants whose annualized rental income on a straight-line basis represent greater than 10% of the total annualized rental income on a straight-line basis for the pro forma portfolio properties of ARCP.

 

All of the following property portfolio information is provided to illustrate the pro forma combined property portfolio of ARCP, ARCT IV, CapLease, Fortress, Inland and Cole post-merger. This information includes an illustration of the combined portfolio by industry, property type and geography, as well as a combined lease expiration schedule. The ARCP information represents quarterly information for the 1,219 properties owned at September 30, 2013. The ARCT IV information represents quarterly information for the 1,203 properties owned at September 30, 2013. The CapLease information represents quarterly information for the 68 properties owned at September 30, 2013. The Fortress information represents the 120 properties to be acquired under the ARCP purchase agreement with Fortress at September 30, 2013. The Inland information represents the 28 properties remaining to be acquired under the ARCP purchase agreement with Inland at September 30, 2013. The Cole information represents quarterly information for the 1,026 properties owned at September 30, 2013.

 

 

Industry Diversification

 

The following table sets forth a certain information regarding the property portfolios classified according to the business of the respective tenants, expressed as a percentage of total annualized rental income on a straight-line basis:

 

Percentage of Annualized Rental Income (1)

 

Industry		ARCP				ARCT IV				CapLease				Fortress				Inland				Cole				Combined Total
3rd Party Logistics			0.55	%			-				-				-				3.94	%			-				0.24	%
Advertising			-				0.04	%			-				-				-				-				0.01	%
Aerospace			1.06	%			3.92	%			-				-				-				-				0.71	%
Agricultural Products & Services			0.64	%			-				-				-				-				0.08	%			0.16	%
Alcohol Distribution			-				-				-				-				1.27	%			-				0.04	%
Animal Supplies			-				-				-				-				-				3.96	%			1.94	%
Auto Manufacturer			-				-				2.30	%			0.00	%			-				-				0.27	%
Auto Retail			2.45	%			0.09	%			2.61	%			38.50	%			-				2.02	%			3.10	%
Auto Services			0.30	%			0.36	%			-				-				-				0.05	%			0.13	%
Bolts, Nuts, Screws, Rivets & Washers			-				-				-				-				2.06	%			-				0.07	%
Casual Dining			6.90	%			19.34	%			-				17.88	%			-				4.17	%			6.48	%
Childcare and development			-				-				-				-				-				0.05	%			0.02	%
Consulting			-				-				3.51	%			-				-				-				0.41	%
Consumer Goods			0.27	%			-				-				-				-				-				0.05	%
Consumer Products			9.32	%			2.39	%			8.24	%			-				-				1.86	%			4.03	%
Discount Retail			10.26	%			6.26	%			-				-				-				2.58	%			4.09	%
Distribution			-				-				-				-				1.28	%			-				0.04	%
Diversified Industrial			0.45	%			-				10.16	%			3.20	%			8.46	%			-				1.67	%
Education			-				-				-				0.47	%			-				2.70	%			1.34	%
Family Dining			6.86	%			8.59	%			-				-				-				3.75	%			4.29	%
Financial Services			0.54	%			0.05	%			4.93	%			-				-				2.32	%			1.83	%
Fitness			0.47	%			-				-				-				0.38	%			2.86	%			1.51	%
Freight			6.85	%			3.11	%			1.27	%			-				-				0.62	%			2.20	%
Furniture Rental & Leasing			-				-				-				-				-				0.83	%			0.41	%
Gas/Convenience			2.74	%			0.72	%			-				-				-				2.79	%			2.00	%
Government Services			2.47	%			-				12.82	%			-				-				0.80	%			2.39	%
Haircare Services			-				0.01	%			-				-				-				-				0.00	%
Healthcare			5.59	%			2.32	%			3.88	%			-				-				4.33	%			3.98	%
Heavy Equipment			1.00	%			-				-				-				-				-				0.20	%
Home Maintenance			0.96	%			0.54	%			4.21	%			-				-				3.44	%			2.44	%
Hotel			-				-				2.06	%			-				-				-				0.24	%
Information and communications			-				-				-				-				-				0.12	%			0.06	%
Insurance			4.57	%			0.03	%			13.46	%			-				2.74	%			1.95	%			3.54	%
Jewelry			-				-				3.65	%			-				-				-				0.43	%
Manufacturing			-				-				-				-				16.44	%			1.46	%			1.26	%
Marine Products			0.12	%			-				-				-				-				0.23	%			0.13	%
Media			-				-				1.89	%			-				-				-				0.22	%
Motor Cycle			-				0.56	%			-				-				-				-				0.07	%
Movie Theater			-				-				-				-				2.12	%			-				0.07	%
Office Products			-				-				-				-				-				0.89	%			0.44	%
Oil/Gas			-				-				2.99	%			-				-				1.50	%			1.09	%
Packaging			0.63	%			-				-				-				-				-				0.12	%
Parking			-				0.00	%			-				-				-				-				0.00	%
Personal services			-				-				-				-				-				0.70	%			0.34	%
Pharmacy			8.92	%			1.64	%			0.78	%			33.87	%			-				8.82	%			7.54	%
Printing Services			-				0.06	%			-				-				-				-				0.01	%
Professional Services			-				-				0.49	%			-				-				2.32	%			1.20	%
Publishing			-				-				1.12	%			-				10.26	%			-				0.47	%
Quick Service Restaurant			11.30	%			31.90	%			-				1.07	%			-				1.80	%			7.22	%
Retail - Department Stores			1.97	%			2.30	%			4.34	%			-				-				5.13	%			3.71	%
Retail - Discount			-				-				-				-				-				2.37	%			1.16	%
Retail - Electronics and appliances			-				-				-				-				-				0.06	%			0.03	%
Retail - Grocery			-				-				-				-				-				1.35	%			0.66	%
Retail - Hobby/books/music			-				-				-				-				-				1.16	%			0.57	%
Retail - Home furnishings			-				-				-				-				-				0.37	%			0.18	%
Retail - Internet			-				-				-				-				-				2.36	%			1.16	%
Retail - Office supply stores			-				-				-				-				-				0.28	%			0.14	%
Retail - Pet supply stores			-				-				-				-				-				0.44	%			0.22	%
Retail - Sporting Goods			0.62	%			-				-				-				1.35	%			2.28	%			1.28	%
Retail - Variety			-				-				-				-				-				2.86	%			1.40	%
Retail - Wholesale			0.37	%			-				-				-				-				4.10	%			2.08	%
Retail Banking			9.58	%			8.40	%			1.50	%			5.01	%			-				0.96	%			3.78	%
Specialty Retail			1.14	%			2.07	%			0.70	%			-				-				6.98	%			4.00	%
Storage Facility			0.19	%			-				-				-				-				-				0.04	%
Supermarket			0.50	%			5.26	%			4.66	%			-				-				6.75	%			4.64	%
Technology			-				-				-				-				5.87	%			-				0.19	%
Telecommunications			-				0.04	%			4.54	%			-				41.88	%			3.55	%			3.66	%
Transportation			-				-				-				-				1.95	%			-				0.06	%
Travel Centers			0.41	%			-				-				-				-				-				0.08	%
Various			-				-				3.89	%			-				-				-				0.46	%
Total			100.00	%			100.00	%			100.00	%			100.00	%			100.00	%			100.00	%			100.00	%

 

 

Property Type Diversification

 

The following table sets forth a certain property type information regarding the property portfolios (dollars in thousands):

 

ARCP
Property Type		Number of Properties				Approximate Leaseable Square Feet				Annualized Rental Income (1)				Percentage of Rental Revenue
Retail			1,133				8,021,932			$	149,604				63.31	%
Office			39				2,339,472				36,955				15.64	%
Distribution			47				10,038,453				49,737				21.05	%
Total			1,219				20,399,857			$	236,296				100.00	%

 

 

ARCT IV

 

Property Type		Number of Properties				Approximate Leaseable Square Feet				Annualized Rental Income (1)				Percentage of Rental Revenue
Retail			1,171				6,061,548			$	131,673				85.51	%
Office			21				169,796				3,597				2.34	%
Distribution			5				2,931,669				18,644				12.11	%
Parking Lot			1				8,400				1				0.00	%
Billboard			5				-				61				0.04	%
Total			1,203				9,171,413			$	153,976				100.00	%

 

 

CapLease
Property Type		Number of Properties				Approximate Leaseable Square Feet				Annualized Rental Income (1)				Percentage of Rental Revenue
Retail			16				1,172,481			$	13,720				9.65	%
Office			40				6,222,267				100,865				70.95	%
Distribution			11				5,645,138				26,863				18.89	%
Industrial			1				107,520				728				0.51	%
Total			68				13,147,406			$	142,176				100.00	%

 

 

Fortress Portfolio
Property Type		Number of Properties				Approximate Leaseable Square Feet				Annualized Rental Income (1)				Percentage of Rental Revenue
Retail			107				1,181,840			$	21,585				52.96	%
Office			2				27,924				775				1.90	%
Distribution			11				4,905,659				18,399				45.14	%
Total			120				6,115,423			$	40,759				100.00	%

 

 

Inland Portfolio
Property Type		Number of Properties				Approximate Leaseable Square Feet				Annualized Rental Income (1)				Percentage of Rental Revenue
Retail			4				365,099			$	2,646				6.69	%
Office			6				1,993,466				22,447				56.72	%
Distribution			14				3,657,828				14,483				36.59	%
Vacant			4				239,547				-				0.00	%
Total			28				6,255,940			$	39,576				100.00	%

 

 

Cole

 

Property Type		Number of Properties				Approximate Leaseable Square Feet				Annualized Rental Income (1)				Percentage of Rental Revenue
Retail			894				18,098,000			$	273,365				46.27	%
Office			34				5,937,000				122,722				20.77	%
Industrial			21				9,299,000				44,081				7.46	%
Multi-Tenant Retail			77				11,465,000				150,733				25.50	%
Total			1,026				44,799,000			$	590,901				100.00	%

 

Combined

 

Property Type		Number of Properties				Approximate Leaseable Square Feet				Annualized Rental Income (1)				Percentage of Rental Revenue
Retail			3,325				34,898,902			$	592,592				49.23	%
Office			142				16,689,925				287,362				23.87	%
Distribution			88				27,178,747				128,126				10.65	%
Parking Lot			1				8,400				1				0.00	%
Billboard			5				-				61				0.01	%
Vacant			4				239,547				-				0.00	%
Industrial			22				9,406,520				44,809				3.72	%
Multi-Tenant Retail			77				11,465,000				150,733				12.52	%
Total			3,664				99,887,041			$	1,203,684				100.00	%

 

 

 

Geographic Diversification

 

The following table sets forth a certain state-by-state information regarding the property portfolios (dollars in thousands):

 

ARCP
State/Possession		Number of Properties				Approximate Leaseable Square Feet				Annualized Rental Income (1)				Percentage of Rental Revenue
Alabama			43				578,951			$	8,122				3.44	%
Arizona			8				74,227				1,613				0.68	%
Arkansas			35				386,630				4,393				1.86	%
California			16				1,450,328				12,488				5.28	%
Colorado			13				238,886				4,673				1.98	%
Connecticut			10				37,126				1,184				0.50	%
Delaware			4				12,369				286				0.12	%
Florida			38				227,787				5,792				2.45	%
Georgia			64				403,579				8,896				3.77	%
Idaho			8				71,565				1,552				0.66	%
Illinois			42				1,486,911				19,123				8.09	%
Indiana			28				1,762,150				8,288				3.51	%
Iowa			19				671,074				4,810				2.04	%
Kansas			24				1,328,245				5,121				2.17	%
Kentucky			28				663,260				5,929				2.51	%
Louisiana			28				221,238				2,871				1.21	%
Maine			2				146,430				2,819				1.19	%
Maryland			3				25,110				744				0.31	%
Massachusetts			18				435,195				6,157				2.61	%
Michigan			79				685,759				12,740				5.39	%
Minnesota			11				200,487				1,693				0.72	%
Mississippi			36				1,380,764				8,327				3.52	%
Missouri			86				942,859				11,019				4.66	%
Montana			5				55,377				856				0.36	%
Nebraska			3				25,355				409				0.17	%
Nevada			12				100,660				2,414				1.02	%
New Hampshire			10				65,328				1,349				0.57	%
New Jersey			9				90,531				2,748				1.16	%
New Mexico			10				54,475				870				0.37	%
New York			25				326,461				7,522				3.18	%
North Carolina			57				1,146,449				11,163				4.72	%
North Dakota			4				31,318				572				0.24	%
Ohio			63				1,197,640				10,754				4.55	%
Oklahoma			23				375,143				3,070				1.30	%
Oregon			6				25,143				652				0.28	%
Pennsylvania			69				365,231				8,697				3.68	%
Rhode Island			7				136,188				2,416				1.02	%
South Carolina			31				655,029				7,056				2.99	%
South Dakota			2				49,641				415				0.18	%
Tennessee			49				371,959				6,589				2.79	%
Texas			130				1,187,775				17,620				7.46	%
Utah			3				14,009				415				0.18	%
Vermont			4				15,432				335				0.14	%
Virginia			25				150,269				3,395				1.44	%
Washington			5				219,700				3,139				1.33	%
West Virginia			9				57,079				1,434				0.61	%
Wisconsin			9				198,127				2,085				0.88	%
Wyoming			4				23,558				577				0.24	%
Puerto Rico			2				31,050				1,104				0.47	%
Total			1,219				20,399,857			$	236,296				100.00	%

 

  

ARCT IV
State/Possession		Number of Properties				Approximate Leaseable Square Feet				Annualized Rental Income (1)				Percentage of Rental Revenue
Alabama			53				198,417			$	7,650				4.97	%
Alaska			1				2,805				-				0.00	%
Arizona			20				77,375				2,193				1.42	%
Arkansas			36				120,183				740				0.48	%
California			13				67,360				1,760				1.14	%
Colorado			13				79,444				912				0.59	%
Connecticut			4				10,351				193				0.13	%
Florida			106				1,634,386				23,147				15.03	%
Georgia			64				256,343				6,065				3.94	%
Idaho			6				30,288				1,911				1.24	%
Illinois			54				234,929				6,067				3.95	%
Indiana			38				537,246				10,282				6.68	%
Iowa			13				153,282				1,669				1.08	%
Kansas			8				59,883				1,005				0.65	%
Kentucky			21				96,476				2,593				1.68	%
Louisiana			27				84,170				2,856				1.85	%
Maine			3				151,684				1,082				0.70	%
Maryland			10				33,034				1,886				1.22	%
Massachusetts			7				590,962				4,469				2.90	%
Michigan			41				224,670				3,785				2.46	%
Minnesota			11				81,968				807				0.52	%
Mississippi			15				42,900				1,715				1.11	%
Missouri			25				145,173				2,153				1.40	%
Nebraska			7				27,464				535				0.35	%
Nevada			2				16,083				203				0.13	%
New Hampshire			2				13,319				257				0.17	%
New Jersey			3				7,606				307				0.20	%
New Mexico			13				63,644				2,281				1.48	%
New York			28				112,822				3,001				1.95	%
North Carolina			50				261,615				6,322				4.11	%
North Dakota			1				7,930				480				0.31	%
Ohio			78				1,608,855				10,764				6.99	%
Oklahoma			12				72,398				1,194				0.78	%
Oregon			6				29,534				-				0.00	%
Pennsylvania			36				390,113				6,942				4.51	%
Rhode Island			6				25,454				829				0.54	%
South Carolina			45				153,815				3,401				2.21	%
South Dakota			3				34,773				364				0.24	%
Tennessee			40				121,782				3,329				2.16	%
Texas			156				846,808				16,046				10.42	%
Utah			3				9,518				275				0.18	%
Virginia			39				135,344				3,263				2.12	%
Washington			7				30,733				2,383				1.55	%
West Virginia			23				106,676				1,971				1.28	%
Wisconsin			49				151,086				4,388				2.85	%
Wyoming			4				27,502				457				0.30	%
District of Columbia			1				3,210				44				0.03	%
Total			1,203				9,171,413			$	153,976				100.00	%

 

 

CapLease
State/Possession		Number of Properties				Approximate Leaseable Square Feet				Annualized Rental Income (1)				Percentage of Rental Revenue
Alabama			2				131,894			$	4,097				2.88	%
California			5				1,388,786				12,468				8.77	%
Colorado			3				420,471				7,664				5.39	%
Florida			1				307,275				2,121				1.49	%
Georgia			4				264,165				2,027				1.43	%
Illinois			2				543,750				8,635				6.08	%
Indiana			3				1,696,719				4,079				2.87	%
Kansas			2				266,644				4,521				3.18	%
Kentucky			6				446,274				2,874				2.02	%
Louisiana			1				133,841				2,314				1.63	%
Maryland			2				430,967				9,652				6.79	%
Massachusetts			1				88,420				758				0.53	%
Michigan			1				196,057				1,812				1.28	%
Nebraska			2				426,399				5,537				3.89	%
New Jersey			2				517,215				9,056				6.37	%
New York			1				98,184				1,312				0.92	%
North Carolina			1				191,681				2,093				1.47	%
Ohio			1				111,776				984				0.69	%
Oklahoma			1				328,545				4,250				2.99	%
Pennsylvania			5				2,341,034				16,150				11.36	%
South Carolina			1				-				-				0.00	%
Tennessee			3				193,983				2,454				1.73	%
Texas			11				1,598,049				22,333				15.71	%
Virginia			4				658,728				8,819				6.20	%
Washington			1				155,200				2,834				1.99	%
Wisconsin			1				154,849				2,031				1.43	%
Puerto Rico			1				56,500				1,301				0.91	%
Total			68				13,147,406			$	142,176				100.00	%

 

 

Fortress Portfolio
State/Possession		Number of Properties				Approximate Leaseable Square Feet				Annualized Rental Income (1)				Percentage of Rental Revenue
Alabama			2				20,403			$	319				0.78	%
Arizona			3				34,725				807				1.98	%
Arkansas			1				9,921				188				0.46	%
California			21				232,323				4,376				10.74	%
Colorado			4				280,770				1,642				4.03	%
Connecticut			1				12,900				545				1.34	%
Delaware			2				21,438				444				1.09	%
Florida			7				34,132				917				2.25	%
Georgia			3				1,290,631				4,173				10.24	%
Illinois			3				1,027,669				3,586				8.80	%
Louisiana			4				52,900				1,451				3.56	%
Maine			4				44,720				697				1.71	%
Maryland			1				10,825				188				0.46	%
Massachusetts			2				24,983				991				2.43	%
Mississippi			1				2,271				136				0.33	%
Missouri			2				23,691				468				1.15	%
New Hampshire			2				22,360				310				0.76	%
New Jersey			3				27,100				607				1.49	%
New Mexico			3				42,024				1,127				2.77	%
North Carolina			4				27,847				664				1.63	%
Ohio			8				687,537				2,843				6.98	%
Oklahoma			1				13,225				218				0.53	%
Oregon			1				20,207				218				0.53	%
Pennsylvania			14				1,126,202				5,742				14.09	%
South Carolina			2				19,842				376				0.92	%
Tennessee			2				26,450				509				1.25	%
Texas			10				880,043				5,091				12.49	%
Virginia			5				63,706				1,526				3.74	%
Washington			1				10,000				188				0.46	%
West Virginia			3				24,578				412				1.01	%
Total			120				6,115,423			$	40,759				100.00	%

 

 

Inland Portfolio
State/Possession		Number of Properties				Approximate Leaseable Square Feet				Annualized Rental Income (1)				Percentage of Rental Revenue
California			1				72,347			$	1,764				4.46	%
Georgia			1				46,000				838				2.12	%
Illinois			8				1,083,586				6,743				17.04	%
Indiana			1				1,091,435				4,061				10.26	%
Iowa			1				126,900				264				0.67	%
Maryland			1				120,000				2,239				5.66	%
Michigan			1				423,230				1,295				3.27	%
Missouri			1				1,461,274				16,572				41.87	%
North Carolina			2				507,774				1,060				2.68	%
Ohio			1				86,000				-				0.00	%
Pennsylvania			1				178,600				613				1.55	%
Texas			3				366,344				1,557				3.93	%
Virginia			1				7,488				-				0.00	%
Wisconsin			5				684,962				2,570				6.49	%
Total			28				6,255,940			$	39,576				100.00	%

 

 

Cole

 

State		Number of Properties				Approximate Leaseable Square Feet				Annualized Rental Income (1)				Percentage of Rental Revenue
Alabama			27				1,286,000			$	16,401				2.78	%
Alaska			2				92,000				1,615				0.27	%
Arizona			41				2,975,000				49,047				8.30	%
Arkansas			16				335,000				3,652				0.62	%
California			22				2,905,000				40,689				6.89	%
Colorado			15				803,000				9,123				1.54	%
Connecticut			1				70,000				2,511				0.42	%
Delaware			2				35,000				624				0.11	%
Florida			81				3,287,000				39,697				6.72	%
Georgia			43				3,293,000				47,030				7.96	%
Idaho			2				24,000				498				0.08	%
Illinois			46				1,550,000				30,864				5.22	%
Indiana			44				531,000				10,017				1.70	%
Iowa			14				475,000				4,787				0.81	%
Kansas			7				205,000				2,602				0.44	%
Kentucky			17				139,000				3,535				0.60	%
Louisiana			31				866,000				9,032				1.53	%
Maine			14				282,000				3,325				0.56	%
Maryland			6				366,000				7,346				1.25	%
Massachusetts			10				1,222,000				14,332				2.43	%
Michigan			43				1,691,000				21,943				3.71	%
Minnesota			7				111,000				2,379				0.40	%
Mississippi			11				258,000				2,899				0.49	%
Missouri			26				428,000				6,316				1.07	%
Montana			1				16,000				261				0.04	%
Nebraska			5				225,000				3,739				0.63	%
Nevada			17				699,000				7,428				1.26	%
New Hampshire			4				126,000				2,023				0.34	%
New Jersey			14				891,000				20,450				3.46	%
New Mexico			18				685,000				7,739				1.31	%
New York			7				651,000				9,979				1.69	%
North Carolina			34				1,549,000				13,728				2.32	%
North Dakota			1				70,000				926				0.16	%
Ohio			72				1,718,000				18,214				3.08	%
Oklahoma			21				446,000				7,774				1.32	%
Oregon			2				229,000				2,897				0.49	%
Pennsylvania			15				1,046,000				8,035				1.36	%
Rhode Island			1				52,000				1,010				0.17	%
South Carolina			27				2,148,000				16,885				2.86	%
South Dakota			2				22,000				491				0.08	%
Tennessee			19				2,676,000				16,063				2.72	%
Texas			187				6,484,000				96,812				16.38	%
Utah			2				63,000				496				0.08	%
Vermont			3				7,000				134				0.02	%
Virginia			23				1,335,000				18,407				3.12	%
Washington			6				40,000				939				0.16	%
West Virginia			1				11,000				302				0.05	%
Wisconsin			16				381,000				5,905				1.00	%
Total			1,026				44,799,000			$	590,901				100.00	%

 

 

Combined

State		Number of Properties				Approximate Leaseable Square Feet				Annualized Rental Income (1)				Percentage of Rental Revenue
Alabama			127				2,215,665			$	36,589				3.04	%
Alaska			3				94,805				1,615				0.13	%
Arizona			72				3,161,327				53,660				4.46	%
Arkansas			88				851,734				8,973				0.75	%
California			78				6,116,144				73,546				6.11	%
Colorado			48				1,822,571				24,014				2.00	%
Connecticut			16				130,377				4,433				0.37	%
Delaware			8				68,807				1,354				0.11	%
Florida			233				5,490,580				71,674				5.95	%
Georgia			179				5,553,718				69,029				5.73	%
Idaho			16				125,853				3,961				0.33	%
Illinois			155				5,926,845				75,018				6.23	%
Indiana			114				5,618,550				36,727				3.05	%
Iowa			47				1,426,256				11,529				0.96	%
Kansas			41				1,859,772				13,248				1.10	%
Kentucky			72				1,345,010				14,932				1.24	%
Louisiana			91				1,358,149				18,524				1.54	%
Maine			23				624,834				7,923				0.66	%
Maryland			23				985,936				22,055				1.83	%
Massachusetts			38				2,361,560				26,707				2.22	%
Michigan			165				3,220,716				41,575				3.45	%
Minnesota			29				393,455				4,879				0.41	%
Mississippi			63				1,683,935				13,076				1.09	%
Missouri			140				3,000,997				36,528				3.03	%
Montana			6				71,377				1,117				0.09	%
Nebraska			17				704,218				10,220				0.85	%
Nevada			31				815,743				10,045				0.84	%
New Hampshire			18				227,007				3,939				0.33	%
New Jersey			31				1,533,452				33,167				2.76	%
New Mexico			44				845,143				12,017				1.00	%
New York			61				1,188,467				21,815				1.81	%
North Carolina			148				3,684,366				35,029				2.91	%
North Dakota			6				109,248				1,977				0.16	%
Ohio			223				5,409,808				43,559				3.62	%
Oklahoma			58				1,235,311				16,507				1.37	%
Oregon			15				303,884				3,767				0.31	%
Pennsylvania			140				5,447,180				46,180				3.84	%
Rhode Island			14				213,642				4,255				0.35	%
South Carolina			106				2,976,686				27,718				2.30	%
South Dakota			7				106,414				1,271				0.11	%
Tennessee			113				3,390,174				28,944				2.40	%
Texas			497				11,361,021				159,459				13.25	%
Utah			8				86,527				1,186				0.10	%
Vermont			7				22,432				469				0.04	%
Virginia			97				2,350,535				35,411				2.94	%
Washington			20				455,633				9,482				0.79	%
West Virginia			36				199,333				4,120				0.34	%
Wisconsin			80				1,570,024				16,979				1.41	%
Wyoming			8				51,060				1,035				0.09	%
Puerto Rico			3				87,550				2,403				0.20	%
District of Columbia			1				3,210				44				0.00	%
Total			3,664				99,887,041			$	1,203,684				100.00	%

 

 

Lease Expirations

 

The following table sets forth certain information regarding the property portfolio and the timing of the lease term expirations (excluding rights to extend a lease at the option of the tenant) on net leased, single-tenant properties (for properties under direct financing leases, average annual rent amounts represent cash rent on these properties) (dollars in thousands):

 

ARCP Operating Leases
Period of Expiration		Number of Leases Expiring				Average Annual Rent				Percentage of Average Annual Rent (1)				Leased Square Feet
October 1, 2013 through December 31, 2013			4			$	187				0.08	%			11,283
2014			35				6,066				2.61	%			310,480
2015			46				7,191				3.10	%			822,071
2016			56				6,493				2.80	%			282,097
2017			95				12,236				5.27	%			891,254
2018			113				18,919				8.15	%			1,300,205
2019			66				9,873				4.26	%			449,793
2020			79				8,892				3.83	%			486,265
2021			64				13,729				5.92	%			933,406
2022			126				24,287				10.47	%			4,088,678
2023			64				25,173				10.85	%			2,676,651
Total			748			$	133,046				57.35	%			12,252,183

 

 

ARCP Direct Financing Leases
Period of Expiration		Number of Leases Expiring				Average Annual Rent				Percentage of Average Annual Rent (1)				Leased Square Feet
October 1, 2013 through December 31, 2013			-			$	-				0.00	%			-
2014			1				72				1.68	%			2,463
2015			2				174				4.06	%			6,698
2016			-				-				0.00	%			-
2017			5				881				20.54	%			22,815
2018			8				706				16.46	%			28,177
2019			6				677				15.78	%			18,280
2020			-				-				0.00	%			-
2021			1				122				2.84	%			2,995
2022			1				100				2.33	%			4,747
2023			8				832				19.39	%			37,662
Total			32			$	3,564				83.08	%			123,837

 

 

ARCT IV Operating Leases
Period of Expiration		Number of Leases Expiring				Average Annual Rent				Percentage of Average Annual Rent (1)				Leased Square Feet
October 1, 2013 through December 31, 2013			24			$	736				0.48	%			60,318
2014			43				3,371				2.21	%			158,344
2015			67				2,332				1.53	%			208,505
2016			51				3,079				2.02	%			171,888
2017			110				11,826				7.75	%			502,070
2018			55				3,615				2.37	%			195,662
2019			32				2,675				1.75	%			115,635
2020			42				3,487				2.29	%			157,401
2021			31				2,306				1.51	%			100,249
2022			36				11,861				7.78	%			1,450,642
2023			46				5,945				3.90	%			548,771
Total			537			$	51,233				33.59	%			3,669,485

 

 

ARCT IV Direct Financing Leases
Period of Expiration		Number of Leases Expiring				Average Annual Rent				Percentage of Average Annual Rent (1)				Leased Square Feet
October 1, 2013 through December 31, 2013			-			$	-				0.00	%			-
2014			4				447				31.02	%			11,297
2015			1				123				8.54	%			3,208
2016			1				112				7.77	%			2,309
2017			-				-				0.00	%			-
2018			1				198				13.74	%			4,572
2019			2				256				17.77	%			8,332
2020			-				-				0.00	%			-
2021			-				-				0.00	%			-
2022			-				-				0.00	%			-
2023			-				-				0.00	%			-
Total			9			$	1,136				78.83	%			29,718

 

 

CapLease
Period of Expiration		Number of Leases Expiring				Average Annual Rent				Percentage of Average Annual Rent (1)				Leased Square Feet
October 1, 2013 through December 31, 2013			1			$	6,723				4.73	%			207,055
2014			4				3,279				2.31	%			988,089
2015			5				10,999				7.74	%			865,703
2016			10				17,527				12.33	%			1,312,058
2017			8				22,569				15.87	%			2,856,984
2018			3				4,305				3.03	%			227,672
2019			4				9,374				6.59	%			422,210
2020			8				16,952				11.92	%			1,049,555
2021			19				23,848				16.77	%			3,293,772
2022			2				6,837				4.81	%			368,813
2023			2				4,091				2.88	%			134,979
Total			66			$	126,504				88.98	%			11,726,890

 

 

Fortress
Period of Expiration		Number of Leases Expiring				Average Annual Rent				Percentage of Average Annual Rent (1)				Leased Square Feet
October 1, 2013 through December 31, 2013			-			$	-				0.00	%			-
2014			-				-				0.00	%			-
2015			-				-				0.00	%			-
2016			1				71				0.17	%			2,207
2017			-				-				0.00	%			-
2018			6				795				1.95	%			46,163
2019			14				3,846				9.44	%			292,441
2020			3				513				1.26	%			128,086
2021			11				16,242				39.85	%			4,722,622
2022			11				1,647				4.04	%			105,278
2023			6				854				2.10	%			48,169
Total			52			$	23,968				58.81	%			5,344,966

 

 

Inland
Period of Expiration		Number of Leases Expiring				Average Annual Rent				Percentage of Average Annual Rent (1)				Leased Square Feet
October 1, 2013 through December 31, 2013			-			$	-				0.00	%			-
2014			1				433				1.09	%			23,218
2015			4				4,067				10.28	%			802,501
2016			4				5,273				13.32	%			1,377,801
2017			3				19,706				49.79	%			1,860,374
2018			1				628				1.59	%			175,052
2019			1				60				0.15	%			43,500
2020			-				-				0.00	%			-
2021			4				4,413				11.15	%			718,652
2022			4				3,393				8.57	%			588,658
2023			1				838				2.12	%			46,000
Total			23			$	38,811				98.07	%			5,635,756

 

 

Cole
Period of Expiration		Number of Leases Expiring				Average Annual Rent				Percentage of Average Annual Rent (1)				Leased Square Feet
October 1, 2013 through December 31, 2013			19			$	757				0.13	%			61,000
2014			65				4,698				0.80	%			244,000
2015			88				6,996				1.18	%			418,000
2016			130				15,943				2.70	%			1,171,000
2017			142				14,638				2.48	%			1,023,000
2018			192				30,978				5.24	%			2,295,000
2019			108				28,327				4.79	%			2,354,000
2020			57				14,786				2.50	%			1,157,000
2021			78				36,415				6.16	%			2,949,000
2022			74				24,205				4.10	%			2,829,000
2023			88				40,926				6.93	%			2,610,000
Total			1,041			$	218,669				37.01	%			17,111,000

 

 

Combined
Period of Expiration		Number of Leases Expiring				Average Annual Rent				Percentage of Average Annual Rent (1)				Leased Square Feet
October 1, 2013 through December 31, 2013			48			$	8,403				0.70	%			339,656
2014			153				18,366				1.53	%			1,737,891
2015			213				31,882				2.65	%			3,126,686
2016			253				48,498				4.03	%			4,319,360
2017			363				81,856				6.80	%			7,156,497
2018			379				60,144				5.00	%			4,272,503
2019			233				55,088				4.58	%			3,704,191
2020			189				44,630				3.71	%			2,978,307
2021			208				97,075				8.06	%			12,720,696
2022			254				72,330				6.01	%			9,435,816
2023			215				78,659				6.53	%			6,102,232
Total			2,508			$	596,931				49.59	%			55,893,835

 

(1)

Annualized rental income as of September 30, 2013 for each portfolio and combined on a straight-line basis. 38 ARCP properties and 12 ARCT IV properties have leases that are accounted for as direct financing leases. Amounts reflected is the cash rent per the term of the leases.  Annual rental income is based on the acquisition date of the respective company and amounts will be recalculated upon the merger date based on the remaining lease terms as of that date.