UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
DC 20549
FORM
10-K
ANNUAL
REPORT PURSUANT TO SECTION 13 OR 15(D)
OF
THE SECURITIES EXCHANGE ACT OF 1934
For
the Fiscal Year Ended December 31, 2009
Commission
File Number 1-13374
REALTY
INCOME CORPORATION
(Exact
name of registrant as specified in its charter)
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Maryland
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33-0580106
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(State
or Other Jurisdiction of
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(IRS
Employer
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Incorporation
or Organization)
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Identification
Number)
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600 La
Terraza Boulevard, Escondido, California 92025-3873
(Address
of Principal Executive Offices)
Registrant’s
telephone number, including area code: (760) 741-2111
Securities
registered pursuant to Section 12 (b) of the Act:
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Title
of Each Class
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Name
of Each Exchange
On Which
Registered
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Common
Stock, $1.00 Par Value
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New
York Stock Exchange
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Class
D Preferred Stock, $1.00 Par Value
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New
York Stock Exchange
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Class
E Preferred Stock, $1.00 Par Value
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New
York Stock Exchange
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Securities
registered pursuant to Section 12 (g) of the Act: None
Indicate
by check mark if the registrant is a well-known seasoned issuer, as defined in
Rule 405 of the Securities Act. YES x NO
o
Indicate
by check mark if the registrant is not required to file reports pursuant to
Section 13 or Section 15(d) of the Act. YES o NO
x
Indicate
by check mark whether the registrant (1) has filed all reports required to be
filed by Section 13 or 15 (d) of the Securities Exchange Act of 1934 during the
preceding 12 months (or for such shorter period that the registrant was required
to file such reports), and (2) has been subject to such filing requirements for
the past 90 days. YES x NO
o
Indicate
by check mark whether the registrant has submitted electronically and posted on
its corporate Website, if any, every Interactive Data File required to be
submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this
chapter) during the preceding 12 months (or for such shorter period that the
registrant was required to submit and post such files). YES
o NO
o
Indicate
by check mark if disclosure of delinquent filers pursuant to Item 405 of
Regulation S-K (§229.405 of this chapter) is not contained herein, and will not
be contained, to the best of registrant’s knowledge, in definitive proxy or
information statements incorporated by reference in Part III of this Form 10-K
or any amendment to this Form 10-K. o
Indicate
by check mark whether the registrant is a large accelerated filer, an
accelerated filer, a non-accelerated filer or a smaller reporting
company. See the definitions of “large accelerated filer,”
“accelerated filer” and "smaller reporting company" in Rule 12b-2 of the
Exchange Act.
Large
accelerated filer x Accelerated
filer o Non-accelerated
filer o Smaller
reporting company o
Indicate
by check mark whether the registrant is a shell company (as defined in Rule
12b-2 of the Exchange Act). YES o NO
x
At June
30, 2009, the aggregate market value of the Registrant’s shares of common stock,
$1.00 par value, held by non-affiliates of the Registrant was $2.3 billion based
upon the last reported sale price of $21.92 per share on the New York Stock
Exchange on June 30, 2009, the last business day of the Registrant's most
recently completed second fiscal quarter.
At
February 8, 2010, the number of shares of common stock outstanding was
104,400,757, the number of shares of Class D preferred stock outstanding
was 5,100,000 and the number of shares of Class E preferred stock outstanding
was 8,800,000.
DOCUMENTS
INCORPORATED BY REFERENCE
Part
III, Items 10, 11, 12, 13 and 14 incorporate by reference certain specific
portions of the definitive Proxy Statement for Realty Income Corporation’s
Annual Meeting to be held on May 12, 2010, to be filed pursuant to
Regulation 14A. Only those portions of the proxy statement which are
specifically incorporated by reference herein shall constitute a part of this
annual report.
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Index
to Form 10-K
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PART
I
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Page
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Item
1:
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2
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3
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5
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6
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11
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16
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Item
1A:
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16
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Item
1B:
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25
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Item
2:
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25
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Item
3:
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25
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Item
4:
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25
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PART
II
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Item
5:
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25
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Item
6:
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26
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Item
7:
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27
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27
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31
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39
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40
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40
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Item
7A:
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40
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Item
8:
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42
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Item
9:
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66
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Item
9A:
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67
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Item
9B:
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68
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PART
III
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Item
10:
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68
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Item
11:
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68
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Item
12:
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68
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Item
13:
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68
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Item
14:
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68
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PART
IV
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Item
15:
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69
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72
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PART
I
Item
1: Business
Realty
Income Corporation, The Monthly Dividend Company®, is a
Maryland corporation organized to operate as an equity real estate investment
trust, or REIT. Our primary business objective is to generate dependable monthly
cash distributions from a consistent and predictable level of funds from
operations, or FFO, per share. Our monthly distributions are
supported by the cash flow from our portfolio of retail properties leased to
regional and national retail chains. We have in-house acquisition, leasing,
legal, credit research, real estate research, portfolio management and capital
markets expertise. Over the past 40 years, Realty Income and its predecessors
have been acquiring and owning freestanding retail properties that generate
rental revenue under long-term lease agreements (primarily 15 to 20
years).
In
addition, we seek to increase distributions to common stockholders and FFO per
share through both active portfolio management and the acquisition of additional
properties. Our portfolio management focus includes:
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Contractual
rent increases on existing leases;
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Rent
increases at the termination of existing leases, when market conditions
permit; and
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The
active management of our property portfolio, including re-leasing vacant
properties and selectively selling properties, thereby mitigating our
exposure to certain tenants and
markets.
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In
acquiring additional properties, we adhere to a focused strategy of primarily
acquiring properties that are:
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Freestanding,
single-tenant, retail locations;
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Leased
to regional and national retail chains;
and
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Leased
under long-term, net-lease
agreements.
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At
December 31, 2009, we owned a diversified portfolio:
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Of
2,339 retail properties;
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With
an occupancy rate of 96.8%, or 2,264 properties occupied and only 75
properties available for lease;
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Leased
to 118 different retail chains doing business in 30 separate retail
industries;
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Located
in 49 states;
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With
over 19.1 million square feet of leasable space;
and
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With
an average leasable retail space per property of approximately 8,200
square feet.
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Of the
2,339 properties in the portfolio, 2,328, or 99.5%, are single-tenant, retail
properties and the remaining 11 are multi-tenant, distribution and office
properties. At December 31, 2009, of the 2,328 single-tenant properties, 2,254
were leased with a weighted average remaining lease term (excluding extension
options) of approximately 11.2 years.
In
addition, at December 31, 2009, our wholly-owned taxable REIT subsidiary, Crest
Net Lease, Inc. ("Crest"), had an inventory of three properties valued at
$3.8 million, which are classified as held for sale. Crest was created to buy
and sell properties, primarily to individual investors who are involved in
tax-deferred exchanges under Section 1031 of the Internal Revenue Code of 1986,
as amended (the "Code"). In addition to the three properties, Crest also holds
notes receivable on properties previously sold of $22.2 million at
December
31, 2009.
We
typically acquire retail store properties under long-term leases with retail
chain store operators. These transactions generally provide capital to owners of
retail real estate and retail chains for expansion or other corporate purposes.
Our acquisition and investment activities are concentrated in well-defined
target markets and generally focus on retail chains providing goods and services
that satisfy basic consumer needs.
Our
net-lease agreements generally:
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Are
for initial terms of 15 to 20
years;
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Require
the tenant to pay minimum monthly rent and property operating expenses
(taxes, insurance and maintenance);
and
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Provide
for future rent increases based on increases in the consumer price index
(typically subject to ceilings), fixed increases, or additional rent
calculated as a percentage of the tenants’ gross sales above a specified
level.
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We
commenced operations as a REIT on August 15, 1994 through the merger of 25
public and private real estate limited partnerships. Each of the partnerships
was formed between 1970 and 1989 for the purpose of acquiring and managing
long-term, net-leased properties.
The
seven senior officers of Realty Income owned 1.1% of our outstanding common
stock with a market value of $28.9 million at February 8, 2010. The
directors and seven senior officers of Realty Income, as a group, owned 1.3% of
our outstanding common stock with a market value of $35.6 million at
February 8, 2010.
Our
common stock is listed on The New York Stock Exchange ("NYSE") under the ticker
symbol "O" with a cusip number of 756109-104. Our central index key number is
726728.
Our
Class D cumulative redeemable preferred stock is listed on the NYSE under the
ticker symbol "OprD" with a cusip number of 756109-609.
Our
Class E cumulative redeemable preferred stock is listed on the NYSE under the
ticker symbol "OprE" with a cusip number of 756109-708.
In
February 2010, we had 72 employees as compared to 69 employees in February
2009.
We
maintain an Internet website at www.realtyincome.com. On our website we make
available, free of charge, copies of our annual report on Form 10-K, quarterly
reports on Form 10-Q, Form 3s, Form 4s, Form 5s, current reports on
Form 8-K, and amendments to those reports, as soon as reasonably
practicable after we electronically file these reports with the Securities and
Exchange Commission, or SEC. None of the information on our website
is deemed to be part of this report.
Increases
in Monthly Distributions to Common Stockholders
We have
continued our 40-year policy of paying distributions monthly. Monthly
distributions per share increased in January 2010 by $0.0003125 to $0.143. The
increase in January 2010 was our 49th
consecutive quarterly increase and the 56th
increase in the amount of our dividend since our listing on the NYSE in 1994. In
2009, we paid three monthly cash distributions per share in the amount of
$0.14175, three in the amount of $0.1420625, three in the amount of $0.142375
and three in the amount of $0.1426875, totaling $1.706625. In December 2009 and
January 2010, we declared distributions of $0.143 per share, which were paid in
January 2010 and will be paid in February 2010, respectively.
The
monthly distribution of $0.143 per share represents a current annualized
distribution of $1.716 per share, and an annualized distribution yield of
approximately 6.7% based on the last reported sale price of our common stock on
the NYSE of $25.74 on February 8, 2010. Although we expect to continue our
policy of paying monthly distributions, we cannot guarantee that we will
maintain our current level of distributions, that we will continue our pattern
of increasing distributions per share, or what our actual distribution yield
will be in any future period.
Acquisitions
During 2009
During
2009, we invested $57.9 million in 16 new properties with an initial weighted
average contractual lease rate of 9.7%. These 16 properties are located in five
states, contain over 278,000 leasable square feet, and are 100% leased with an
average lease term of 17.9 years. The 16 new properties we acquired are
net-leased to four different retail chains. There were no acquisitions by Crest
in 2009.
We made
fewer portfolio acquisitions in 2008 and 2009 than in previous years because we
felt that preserving our capital resources and maintaining a high level of
liquidity until property prices adjusted and the general economy improved was
the prudent course of action. In late 2009, we felt that market conditions had
become more attractive for acquisitions, and we currently believe that there are
many retail chains, with solid operating concepts, that are in need of capital.
We believe that our solid financial position, strong balance sheet and access to
capital give us the ability to expand our acquisition activities in 2010 and
invest in new retail properties that have the potential to contribute to our
earnings.
The
initial weighted average contractual lease rate is computed as estimated
contractual net operating income (in a net-leased property that is equal to the
aggregate base cash flow or, in the case of properties under development, the
estimated aggregate base cash flow under the lease) for the first year of each
lease, divided by the estimated total cost of the properties. Since it is
possible that a tenant could default on the payment of contractual rent, we
cannot assure you that the actual return on the funds invested will remain at
the percentages listed above.
Investments
in Existing Properties
In
2009, we capitalized costs of $3.1 million on existing properties in our
portfolio, consisting of $1.2 million for re-leasing costs and $1.9 million for
building improvements.
Net
Income Available to Common Stockholders
Net
income available to common stockholders was $106.9 million in 2009 versus
$107.6 million in 2008, a decrease of $714,000. On a diluted per common
share basis, net income was $1.03 per share in 2009 as compared to $1.06 per
share in 2008.
The
calculation to determine net income available to common stockholders includes
gains from the sale of properties. The amount of gains varies from period to
period based on the timing of property sales and can significantly impact net
income available to common stockholders.
The
gain from the sale of properties during 2009 was $8.1 million, as compared to
$13.6 million during 2008.
Funds
from Operations (FFO)
In
2009, our FFO increased by $4.9 million, or 2.6%, to $190.4 million versus
$185.5 million in 2008. On a diluted per common share basis, FFO
was $1.84 in 2009 compared to $1.83 in 2008, an increase of $0.01, or
0.5%.
See our
discussion of FFO in the section entitled "Management’s Discussion and Analysis
of Financial Condition and Results of Operations" in this annual report, which
includes a reconciliation of net income available to common stockholders to
FFO.
Crest’s
Property Sales
During
2009, Crest sold two properties from its inventory for an aggregate of
$2.0 million, which resulted in no gain.
Crest’s
Property Inventory
Crest’s
had an inventory of three properties valued at $3.8 million at December 31,
2009, which is included in "real estate held for sale, net" on our consolidated
balance sheet at December 31, 2009.
Note
Redemption
Upon
their maturity in January 2009, we redeemed, using cash on hand, the $20 million
outstanding principal amount of our 8% Notes due 2009, or 2009 Notes. The 2009
Notes were redeemed at a redemption price equal to 100% of the principal amount,
plus accrued and unpaid interest. We have no debt maturities until March
2013.
Retirement
of Board Members
William
E. Clark, our previous non-executive chairman, retired from the Board of
Directors in February 2009. Mr.
Clark had served as our Chairman of the Board since the inception of Realty
Income. Our Corporate Governance and Nominating Committee recommended, and the
Board of Directors elected, Donald R. Cameron as our new non-executive
chairman.
Roger
P. Kuppinger and Willard H Smith Jr retired from the Board of Directors in May
2009, at which time Ronald L. Merriman succeeded Mr. Kuppinger as chairman of
the Audit Committee.
Distributions
are paid monthly to our common, Class D preferred and Class E preferred
stockholders if, and when, declared by our Board of Directors.
In
order to maintain our status as a REIT for federal income tax purposes, we
generally are required to distribute dividends to our stockholders aggregating
annually at least 90% of our REIT taxable income (determined without regard to
the dividends paid deduction and excluding net capital gains), and we are
subject to income tax to the extent we distribute less than 100% of our REIT
taxable income (including net capital gains). In 2009, our cash distributions
totaled $202.3 million, or approximately 130.5% of our estimated REIT
taxable income of $155.0 million. Our estimated REIT taxable income
reflects non-cash deductions for depreciation and amortization. Our estimated
REIT taxable income is presented to show our compliance with REIT distribution
requirements and is not a measure of our liquidity or performance.
We
intend to continue to make distributions to our stockholders that are sufficient
to meet this distribution requirement and that will reduce our exposure to
income taxes. Furthermore, we believe our funds from operations are more than
sufficient to support our current level of cash distributions to our
stockholders. Our 2009 cash distributions to common stockholders totaled
$178.0 million, representing 93.5% of our funds from operations available
to common stockholders of $190.4 million.
The
Class D preferred stockholders receive cumulative distributions at a rate of
7.375% per annum on the $25 per share liquidation preference (equivalent to
$1.84375 per annum per share). The Class E preferred stockholders receive
cumulative distributions at a rate of 6.75% per annum on the $25 per share
liquidation preference (equivalent to $1.6875 per annum per share). Dividends on
our Class D and Class E preferred stock are current.
Future
distributions will be at the discretion of our Board of Directors and will
depend on, among other things, our results of operations, FFO, cash flow from
operations, financial condition and capital requirements, the annual
distribution requirements under the REIT provisions of the Code, our debt
service requirements and any other factors the Board of Directors may deem
relevant. In addition, our credit facility contains financial covenants that
could limit the amount of distributions payable by us in the event of a
deterioration in our results of operations or financial condition, and which
prohibit the payment of distributions on the common or preferred stock in the
event that we fail to pay when due (subject to any applicable grace period) any
principal or interest on borrowings under our credit facility.
Distributions
of our current and accumulated earnings and profits for federal income tax
purposes generally will be taxable to stockholders as ordinary income, except to
the extent that we recognize capital gains and declare a capital gains dividend,
or that such amounts constitute "qualified dividend income" subject to a reduced
tax rate. The maximum tax rate of non-corporate taxpayers for "qualified
dividend income" has generally been reduced to 15% (until it “sunsets” or
reverts to the provisions of prior law, which under current law will occur with
respect to taxable years beginning after December 31, 2010). In general,
dividends payable by REITs are not eligible for the reduced tax rate on
corporate dividends, except to the extent the REIT’s dividends are attributable
to dividends received from taxable corporations (such as our taxable REIT
subsidiary, Crest), to income that was subject to tax at the corporate or REIT
level (for example, if we distribute taxable income that we retained and paid
tax on in the prior taxable year) or, as discussed above, dividends properly
designated by us as "capital gain dividends." Distributions in excess of
earnings and profits generally will be treated as a non-taxable reduction in the
stockholders' basis in their stock. Distributions above that basis, generally,
will be taxable as a capital gain to stockholders who hold their shares as a
capital asset. Approximately 24.1% of the distributions to our common
stockholders, made or deemed to have been made in 2009, were classified as a
return of capital for federal income tax purposes. We are unable to predict the
portion of future distributions that may be classified as a return of
capital.
Capital
Philosophy
Historically,
we have met our long-term capital needs through the issuance of common stock,
preferred stock and long-term unsecured notes and bonds. Over the long term, we
believe that common stock should be the majority of our capital structure.
However, we may issue additional preferred stock or debt securities from time to
time. We may issue common stock when we believe that our share price is at a
level that allows for the proceeds of any offering to be accretively invested
into additional properties. In addition, we may issue common stock to
permanently finance properties that were financed by our credit facility or debt
securities. However, we cannot assure you that we will have access to the
capital markets at times and at terms that are acceptable to us.
Conservative
Capital Structure
We
believe that our stockholders are best served by a conservative capital
structure. Therefore, we seek to maintain a conservative debt level on our
balance sheet and solid interest and fixed charge coverage ratios. At December
31, 2009, our total outstanding credit facility borrowings and outstanding notes
were $1.355 billion, or approximately 30.8% of our total market
capitalization of $4.40 billion.
We
define our total market capitalization at December 31, 2009 as the sum
of:
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Shares
of our common stock outstanding of 104,286,705 multiplied by the last
reported sales price of our common stock on the NYSE of $25.91 per share
on December 31, 2009, or $2.70
billion;
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Aggregate
liquidation value (par value of $25 per share) of the Class D preferred
stock of $127.5 million;
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Aggregate
liquidation value (par value of $25 per share) of the Class E preferred
stock of $220 million;
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Outstanding
notes of $1.35 billion; and
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Outstanding
borrowings of $4.6 million on our credit
facility.
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Investment
Philosophy
We
believe that owning an actively managed, diversified portfolio of retail
properties under long-term, net leases produces consistent and predictable
income. Net leases typically require the tenant to be responsible for monthly
rent and property operating expenses including property taxes, insurance and
maintenance. In addition, tenants are typically responsible for future rent
increases based on increases in the consumer price index (typically subject to
ceilings), fixed increases or additional rent calculated as a percentage of the
tenants' gross sales above a specified level. We believe that a portfolio of
properties under long-term leases, coupled with the tenant's responsibility for
property expenses, generally produces a more predictable income stream than many
other types of real estate portfolios, while continuing to offer the potential
for growth in rental income.
Investment
Strategy
When
identifying new properties for acquisition, our focus is generally on providing
capital to retail chain owners and operators by acquiring, then leasing back,
retail store locations. We categorize retail tenants as: 1) venture market,
2) middle market, and 3) upper market. Venture companies typically
offer a new retail concept in one geographic region of the country and operate
between five and 50 retail locations. Middle market retail chains typically have
50 to 500 retail locations, operations in more than one geographic region, have
been successful through one or more economic cycles, and have a proven,
replicable concept. The upper market retail chains typically consist of
companies with 500 or more locations, operating nationally, in a proven, mature
retail concept. Upper market retail chains generally have strong operating
histories and access to several sources of capital.
We
primarily focus on acquiring properties leased to middle market retail chains
that we believe are attractive for investment because:
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They
generally have overcome many of the operational and managerial obstacles
that can adversely affect venture
retailers;
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They
typically require capital to fund expansion but have more limited
financing options than upper market retail
chains;
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They
generally have provided us with attractive risk-adjusted returns over time
since their financial strength has, in many cases, tended to improve as
their businesses have matured;
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Their
relatively large size allows them to spread corporate expenses across a
greater number of stores; and
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Middle
market retailers typically have the critical mass to survive if a number
of locations are closed due to
underperformance.
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Historically,
our investment focus has primarily been on retail industries that have a service
component because we believe the lease revenue from these types of businesses is
more stable. Because of this investment focus, for the quarter ended December
31, 2009, approximately 84.3% of our rental revenue was derived from retailers
with a service component in their business. Furthermore, we believe these
service-oriented businesses would be difficult to duplicate over the Internet
and that our properties continue to perform well relative to competition from
Internet businesses.
Credit
Strategy
We
generally provide sale-leaseback financing to less than investment grade retail
chains. We typically acquire and lease back properties to regional and national
retail chains and believe that within this market we can achieve an attractive
risk-adjusted return on the financing we provide to retailers. Since 1970, our
overall weighted average occupancy rate at the end of each year has been 98.3%,
and our occupancy rate at the end of each year has never been below
96%.
We
believe the principal financial obligations of most retailers typically include
their bank and other debt, payment obligations to suppliers and real estate
lease obligations. Because we typically own the land and building in which a
tenant conducts its retail business, we believe the risk of default on a
retailers’ lease obligations is less than the retailers' unsecured general
obligations. It has been our experience that since retailers must retain their
profitable retail locations in order to survive, in the event of reorganization
they are less likely to reject a lease for a profitable location because this
would terminate their right to use the property. Thus, as the property owner, we
believe we will fare better than unsecured creditors of the same retailer in the
event of reorganization. If a property is rejected by the tenant during
reorganization, we own the property and can either lease it to a new tenant or
sell the property. In addition, we believe that the risk of default on the real
estate leases can be further mitigated by monitoring the performance of the
retailers' individual unit locations and considering whether to sell locations
that are weaker performers.
In
order to qualify for inclusion in our portfolio, new property acquisitions must
meet stringent investment and credit requirements. The properties must generate
attractive current yields and the tenant must meet our credit
profile. We have established a three-part analysis that examines each
potential investment based on:
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Industry,
company, market conditions and credit
profile;
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Store
profitability, if profitability data is available;
and
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Overall
real estate characteristics, including property value and comparative
rental rates.
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The
typical profile of companies whose properties have been approved for acquisition
are those with 50 or more retail locations. Generally the
properties:
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Are
located in highly visible areas;
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Have
easy access to major thoroughfares;
and
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Have
attractive demographics.
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Acquisition
Strategy
We seek
to invest in industries in which several, well-organized, regional and national
retail chains are capturing market share through service, quality control,
economies of scale, advertising and the selection of prime retail locations. We
execute our acquisition strategy by acting as a source of capital to regional
and national retail chain store owners and operators, doing business in a
variety of industries, by acquiring and leasing back retail store locations. We
undertake thorough research and analysis to identify what we consider to be
appropriate industries, tenants and property locations for investment. Our
research expertise is fundamental to uncovering net-lease opportunities in
markets where our real estate financing program adds value. In selecting real
estate for potential investment, we generally seek to acquire properties that
have the following characteristics:
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Freestanding,
commercially-zoned property with a single
tenant;
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Properties
that are important retail locations for regional and national retail
chains;
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|
Properties
that we deem to be profitable for the
retailers;
|
|
●
|
Properties
that are located within attractive demographic areas relative to the
business of our tenants, with high visibility and easy access to major
thoroughfares; and
|
|
●
|
Properties
that can be purchased with the simultaneous execution or assumption of
long-term, net-lease agreements, offering both current income and the
potential for rent increases.
|
Impact
of Real Estate and Credit Markets
In the
commercial retail real estate market throughout 2008 and 2009, property prices
generally continued to decline and lease rates rose. Likewise, the U.S. credit
markets have experienced significant price volatility, dislocations and
liquidity disruptions, which have impacted our access to and the cost of our
capital. We continue to monitor the commercial retail real estate and U.S.
credit markets carefully and, if required, will make decisions to adjust our
business strategy accordingly. See Item 1A entitled "Risk Factors" in this
annual report.
Portfolio
Management Strategy
The
active management of the property portfolio is an essential component of our
long-term strategy. We continually monitor our portfolio for any changes that
could affect the performance of the industries, tenants and locations in which
we have invested. We also regularly analyze our portfolio with a view toward
optimizing its returns and enhancing its credit quality. Our executives review
industry research, tenant research, property due diligence and significant
portfolio management activities. This monitoring typically includes regular
review and analysis of:
|
●
|
The
performance of various retail industries;
and
|
|
●
|
The
operation, management, business planning and financial condition of the
tenants.
|
We have
an active portfolio management program that incorporates the sale of assets when
we believe the reinvestment of the sale proceeds will:
|
●
|
generate
higher returns;
|
|
●
|
enhance
the credit quality of our real estate
portfolio;
|
|
●
|
extend
our average remaining lease term;
or
|
|
●
|
decrease
tenant or industry concentration.
|
At
December 31, 2009, we classified real estate with a carrying amount of
$8.3 million as held for sale on our balance sheet, which includes three
properties owned by Crest, valued at $3.8 million. Additionally, we anticipate
selling investment properties in our portfolio that have not yet been
specifically identified, from which we anticipate receiving between $10 million
and $35 million in proceeds during the next 12 months. We intend to invest these
proceeds into new property acquisitions, if there are attractive opportunities
available. However, we cannot guarantee that we will sell properties during the
next 12 months or be able to invest the proceeds from the sales of any
properties in new properties.
Universal
Shelf Registration
In
March 2009, we filed a shelf registration statement with the SEC, which is
effective for a term of three years, to replace our prior shelf registration
statement which was set to expire in April 2009. Our new shelf
registration statement expires in March 2012. In accordance with the
SEC rules, the amount of securities to be issued pursuant to this shelf
registration statement was not specified when it was filed and there is no
specific dollar limit. The securities covered by this registration statement
include common stock, preferred stock, debt securities, or any combination of
these securities. We may periodically offer one or more of these securities in
amounts, prices and on terms to be announced when and if the securities are
offered. The specifics of any future offerings, along with the use of proceeds
of any securities offered, will be described in detail in a prospectus
supplement, or other offering materials, at the time of any
offering.
$355
Million Acquisition Credit Facility
In May
2008, we entered into a $355 million revolving, unsecured credit facility which
replaced our previous $300 million acquisition credit facility. The term of our
credit facility is for three years, until May 2011, plus two, one-year extension
options. Under our credit facility, our investment grade credit ratings provide
for financing at the London Interbank Offered Rate, commonly referred to as
LIBOR, plus 100 basis points with a facility fee of 27.5 basis points, for
all-in drawn pricing of 127.5 basis points over LIBOR. We also have other
interest rate options available to us. At December 31, 2009, we had a borrowing
capacity of $350.4 million available on our credit facility and an outstanding
balance of $4.6 million at an effective interest rate of 1.23%.
We
expect to use our credit facility to acquire additional retail properties and
for other corporate purposes. Any additional borrowings will increase our
exposure to interest rate risk. We have the right to request an increase in the
borrowing capacity of the credit facility, up to $100 million, to a total
borrowing capacity of $455 million. Any increase in the borrowing
capacity is subject to approval by the banks participating in our credit
facility.
We
generally use our credit facility for the short-term financing of new property
acquisitions. Thereafter, when capital is available on acceptable terms, we
generally seek to refinance those borrowings with the net proceeds of long-term
or permanent financing, which may include the issuance of common stock,
preferred stock or debt securities. We cannot assure you, however, that we will
be able to obtain any such refinancing, or that market conditions prevailing at
the time of refinancing will enable us to issue equity or debt securities upon
acceptable terms.
Credit
Agency Ratings
We are
currently assigned investment grade corporate credit ratings on our senior
unsecured notes. Fitch Ratings has assigned a rating of BBB+, Moody’s Investors
Service has assigned a rating of Baa1 and Standard & Poor’s Ratings Group
has assigned a rating of BBB to our senior notes. All of these ratings have
"stable" outlooks.
We have
also been assigned credit ratings on our preferred stock. Fitch Ratings has
assigned a rating of BBB-, Moody’s has assigned a rating of Baa2 and Standard
& Poor’s has assigned a rating of BB+ to our preferred stock. All of these
ratings have "stable" outlooks.
The
credit ratings assigned to us could change based upon, among other things, our
results of operations and financial condition. These ratings are subject to
ongoing evaluation by credit rating agencies and we cannot assure you that our
ratings will not be changed or withdrawn by a rating agency in the future if, in
its judgment, circumstances warrant. Moreover, a rating is not a recommendation
to buy, sell or hold our debt securities, preferred stock or common
stock.
Mortgage
Debt
We have
no mortgage debt on any of our properties.
No
Off-Balance Sheet Arrangements or Unconsolidated Investments
We have
no unconsolidated or off-balance sheet investments in "variable interest
entities" or off-balance sheet financing, nor do we engage in trading activities
involving energy or commodity contracts or other derivative instruments.
Additionally, we have no joint ventures or mandatorily redeemable preferred
stock. As such, our financial position and results of operations are not
affected by accounting regulations regarding the consolidation of off-balance
sheet entities and classification of financial instruments with characteristics
of both liabilities and equity.
Competitive
Strategy
We
believe that to successfully pursue our investment philosophy and strategy, we
must seek to maintain the following competitive advantages:
|
●
|
Size and Type of Investment
Properties: We believe smaller ($500,000 to $10,000,000) net-leased
retail properties represent an attractive investment opportunity in
today's real estate environment. Due to the complexities of acquiring and
managing a large portfolio of relatively small assets, we believe these
types of properties have not experienced significant institutional
ownership interest or the corresponding yield reduction experienced by
larger income-producing properties. We believe the less intensive
day-to-day property management required by net-lease agreements, coupled
with the active management of a large portfolio of smaller properties, is
an effective investment strategy. The tenants of our freestanding retail
properties generally provide goods and services that satisfy basic
consumer needs. In order to grow and expand, they generally need capital.
Since the acquisition of real estate is typically the single largest
capital expenditure of many of these retailers, our method of purchasing
the property and then leasing it back, under a net-lease arrangement,
allows the retail chain to free up
capital.
|
|
●
|
Investment in New Retail
Industries: We will seek to further diversify our portfolio among a
variety of retail industries. We believe diversification will allow us to
invest in retail industries that currently are growing and have
characteristics we find attractive. These characteristics include, but are
not limited to, retail industries that are dominated by local store
operators where regional and national chain store operators can increase
market share and dominance by consolidating local operators and
streamlining their operations, as well as capitalizing on major
demographic shifts in a population
base.
|
|
●
|
Diversification:
Diversification of the portfolio by retail industry type, tenant, and
geographic location is key to our objective of providing predictable
investment results for our stockholders, therefore further diversification
of our portfolio is a continuing objective. At December 31, 2009, our
retail property portfolio consisted of 2,339 properties located in 49
states, leased to 118 retail chains doing business in 30 industry
segments. Each of the 30 industry segments, represented in our property
portfolio, individually accounted for no more than 21.3% of our rental
revenue for the quarter ended December 31,
2009.
|
|
●
|
Management
Specialization: We believe that our management's specialization in
single-tenant retail properties, operated under net-lease agreements, is
important to meeting our objectives. We plan to maintain this
specialization and will seek to employ and train high-quality
professionals in this specialized area of real estate ownership, finance
and management.
|
|
●
|
Technology: We intend
to stay at the forefront of technology in our efforts to efficiently and
economically carry out our operations. We maintain sophisticated
information systems that allow us to analyze our portfolio's performance
and actively manage our investments. We believe that technology and
information-based systems play an important role in our competitiveness as
an investment manager and source of capital to a variety of industries and
tenants.
|
At
December 31, 2009, we owned a diversified portfolio:
|
●
|
Of
2,339 retail properties;
|
|
●
|
With
an occupancy rate of 96.8%, or 2,264 properties occupied and only 75
properties available for lease;
|
|
●
|
Leased
to 118 different retail chains doing business in 30 separate retail
industries;
|
|
●
|
Located
in 49 states;
|
|
●
|
With
over 19.1 million square feet of leasable space;
and
|
|
●
|
With
an average leasable retail space per property of approximately 8,200
square feet.
|
In
addition to our real estate portfolio, our subsidiary, Crest, had an inventory
of three properties located in three states at December 31, 2009. These
properties are valued at $3.8 million and are classified as held for
sale.
At
December 31, 2009, of our 2,339 retail properties, 2,254 were leased under
net-lease agreements. A net lease typically requires the tenant to be
responsible for minimum monthly rent and property operating expenses including
property taxes, insurance and maintenance. In addition, our tenants are
typically responsible for future rent increases based on increases in the
consumer price index (typically subject to ceilings), fixed increases or
additional rent calculated as a percentage of the tenants' gross sales above a
specified level.
Our
net-leased retail properties primarily are leased to regional and national
retail chain store operators. Most buildings are single-story structures with
adequate parking on site to accommodate peak retail traffic periods. The
properties tend to be on major thoroughfares with relatively high traffic
counts, adequate access and proximity to a sufficient population base to
constitute a suitable market or trade area for the retailer's
business.
Our
net-lease agreements generally:
|
●
|
Are
for initial terms of 15 to 20
years;
|
|
●
|
Require
the tenant to pay minimum monthly rents and property operating expenses
(taxes, insurance and maintenance);
and
|
|
●
|
Provide
for future rent increases based on increases in the consumer price index
(typically subject to ceilings), fixed increases, or additional rent
calculated as a percentage of the tenants' gross sales above a specified
level. Where leases provide for rent increases based on increases in the
consumer price index, generally these increases become part of the new
permanent base rent. Where leases provide for percentage rent, this
additional rent is typically payable only if the tenants' gross sales, for
a given period (usually one year), exceed a specified level and is then
typically calculated as a percentage of only the amount of gross sales in
excess of that level.
|
|
Industry
Diversification
|
The
following table sets forth certain information regarding Realty Income’s
property portfolio (excluding properties owned by Crest) classified according to
the business of the respective tenants, expressed as a percentage of our total
rental revenue:
|
Percentage
of Rental Revenue(1)
|
||||||||||||||||||||||||||||
|
For
the Quarter
|
For
the Years Ended
|
|||||||||||||||||||||||||||
|
Industries
|
Ended
December
31,
2009
|
Dec
31,
2009
|
Dec
31,
2008
|
Dec
31,
2007
|
Dec
31,
2006
|
Dec
31,
2005
|
Dec
31,
2004
|
|||||||||||||||||||||
|
Apparel
stores
|
1.1 | % | 1.1 | % | 1.1 | % | 1.2 | % | 1.7 | % | 1.6 | % | 1.8 | % | ||||||||||||||
|
Automotive
collision services
|
1.1 | 1.1 | 1.0 | 1.1 | 1.3 | 1.3 | 1.0 | |||||||||||||||||||||
|
Automotive
parts
|
1.6 | 1.5 | 1.6 | 2.1 | 2.8 | 3.4 | 3.8 | |||||||||||||||||||||
|
Automotive
service
|
4.8 | 4.8 | 4.8 | 5.2 | 6.9 | 7.6 | 7.7 | |||||||||||||||||||||
|
Automotive
tire services
|
6.7 | 6.9 | 6.7 | 7.3 | 6.1 | 7.2 | 7.8 | |||||||||||||||||||||
|
Book
stores
|
0.2 | 0.2 | 0.2 | 0.2 | 0.2 | 0.3 | 0.3 | |||||||||||||||||||||
|
Business
services
|
* | * | * | 0.1 | 0.1 | 0.1 | 0.1 | |||||||||||||||||||||
|
Child
care
|
6.9 | 7.3 | 7.6 | 8.4 | 10.3 | 12.7 | 14.4 | |||||||||||||||||||||
|
Consumer
electronics
|
0.6 | 0.7 | 0.8 | 0.9 | 1.1 | 1.3 | 2.1 | |||||||||||||||||||||
|
Convenience
stores
|
17.0 | 16.9 | 15.8 | 14.0 | 16.1 | 18.7 | 19.2 | |||||||||||||||||||||
|
Crafts
and novelties
|
0.3 | 0.3 | 0.3 | 0.3 | 0.4 | 0.4 | 0.5 | |||||||||||||||||||||
|
Distribution
and office
|
1.1 | 1.0 | 1.0 | 0.6 | -- | -- | -- | |||||||||||||||||||||
|
Drug
stores
|
4.3 | 4.3 | 4.1 | 2.7 | 2.9 | 2.8 | 0.1 | |||||||||||||||||||||
|
Entertainment
|
1.3 | 1.3 | 1.2 | 1.4 | 1.6 | 2.1 | 2.3 | |||||||||||||||||||||
|
Equipment
rental services
|
0.2 | 0.2 | 0.2 | 0.2 | 0.2 | 0.4 | 0.3 | |||||||||||||||||||||
|
Financial
services
|
0.2 | 0.2 | 0.2 | 0.2 | 0.1 | 0.1 | 0.1 | |||||||||||||||||||||
|
General
merchandise
|
0.8 | 0.8 | 0.8 | 0.7 | 0.6 | 0.5 | 0.4 | |||||||||||||||||||||
|
Grocery
stores
|
0.7 | 0.7 | 0.7 | 0.7 | 0.7 | 0.7 | 0.8 | |||||||||||||||||||||
|
Health
and fitness
|
6.1 | 5.9 | 5.6 | 5.1 | 4.3 | 3.7 | 4.0 | |||||||||||||||||||||
|
Home
furnishings
|
1.3 | 1.3 | 2.4 | 2.6 | 3.1 | 3.7 | 4.1 | |||||||||||||||||||||
|
Home
improvement
|
1.9 | 1.9 | 1.9 | 2.1 | 3.4 | 1.1 | 1.0 | |||||||||||||||||||||
|
Motor
vehicle dealerships
|
2.8 | 2.7 | 3.1 | 3.1 | 3.4 | 2.6 | 0.6 | |||||||||||||||||||||
|
Office
supplies
|
1.0 | 1.0 | 1.0 | 1.1 | 1.3 | 1.5 | 1.6 | |||||||||||||||||||||
|
Pet
supplies and services
|
0.9 | 0.9 | 0.8 | 0.9 | 1.1 | 1.3 | 1.4 | |||||||||||||||||||||
|
Private
education
|
0.9 | 0.9 | 0.8 | 0.8 | 0.8 | 0.8 | 1.1 | |||||||||||||||||||||
|
Restaurants
|
21.3 | 21.3 | 21.8 | 21.2 | 11.9 | 9.4 | 9.7 | |||||||||||||||||||||
|
Shoe
stores
|
-- | -- | -- | -- | -- | 0.3 | 0.3 | |||||||||||||||||||||
|
Sporting
goods
|
2.5 | 2.6 | 2.3 | 2.6 | 2.9 | 3.4 | 3.4 | |||||||||||||||||||||
|
Theaters
|
9.3 | 9.2 | 9.0 | 9.0 | 9.6 | 5.2 | 3.5 | |||||||||||||||||||||
|
Travel
plazas
|
0.2 | 0.2 | 0.2 | 0.2 | 0.3 | 0.3 | 0.4 | |||||||||||||||||||||
|
Video
rental
|
1.1 | 1.0 | 1.1 | 1.7 | 2.1 | 2.5 | 2.8 | |||||||||||||||||||||
|
Other
|
1.8 | 1.8 | 1.9 | 2.3 | 2.7 | 3.0 | 3.4 | |||||||||||||||||||||
|
Totals
|
100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | ||||||||||||||
|
|
*
Less than 0.1%
|
|
(1)
|
Includes
rental revenue for all properties owned by Realty Income at the end of
each period presented, including revenue from properties reclassified as
discontinued operations.
|
Service
Category Diversification
The
following table sets forth certain information regarding the properties owned by
Realty Income (excluding properties owned by Crest) at December 31, 2009,
classified according to the retail business types and the level of services they
provide (dollars in thousands):
|
Industry
|
Number
of
Properties
|
Rental
Revenue for the Quarter Ended December 31, 2009(1)
|
Percentage
of
Rental
Revenue
|
|||||||||
|
Tenants Providing Services
|
||||||||||||
|
Automotive
collision services
|
13 | $ | 884 | 1.1 | % | |||||||
|
Automotive
service
|
236 | 3,902 | 4.8 | |||||||||
|
Child
care
|
252 | 5,665 | 6.9 | |||||||||
|
Entertainment
|
8 | 1,083 | 1.3 | |||||||||
|
Equipment
rental services
|
2 | 150 | 0.2 | |||||||||
|
Financial
services
|
13 | 188 | 0.2 | |||||||||
|
Health
and fitness
|
31 | 4,999 | 6.1 | |||||||||
|
Private
education
|
11 | 719 | 0.9 | |||||||||
|
Theaters
|
34 | 7,585 | 9.3 | |||||||||
|
Other
|
12 | 1,465 | 1.8 | |||||||||
| 612 | 26,640 | 32.6 | ||||||||||
|
Tenants Selling Goods and
Services
|
||||||||||||
|
Automotive
parts (with installation)
|
23 | 468 | 0.5 | |||||||||
|
Automotive
tire services
|
154 | 5,447 | 6.7 | |||||||||
|
Business
services
|
1 | 5 | * | |||||||||
|
Convenience
stores
|
584 | 13,898 | 17.0 | |||||||||
|
Distribution
and office
|
3 | 864 | 1.1 | |||||||||
|
Home
improvement
|
3 | 111 | 0.1 | |||||||||
|
Motor
vehicle dealerships
|
17 | 2,252 | 2.8 | |||||||||
|
Pet
supplies and services
|
12 | 702 | 0.9 | |||||||||
|
Restaurants
|
637 | 17,461 | 21.3 | |||||||||
|
Travel
plazas
|
1 | 187 | 0.2 | |||||||||
|
Video
rental
|
27 | 866 | 1.1 | |||||||||
| 1,462 | 42,261 | 51.7 | ||||||||||
|
Tenants Selling Goods
|
||||||||||||
|
Apparel
stores
|
6 | 902 | 1.1 | |||||||||
|
Automotive
parts
|
49 | 884 | 1.1 | |||||||||
|
Book
stores
|
2 | 146 | 0.2 | |||||||||
|
Consumer
electronics
|
9 | 524 | 0.6 | |||||||||
|
Crafts
and novelties
|
5 | 227 | 0.3 | |||||||||
|
Drug
stores
|
51 | 3,482 | 4.3 | |||||||||
|
General
merchandise
|
33 | 684 | 0.8 | |||||||||
|
Grocery
stores
|
9 | 578 | 0.7 | |||||||||
|
Home
furnishings
|
43 | 1,101 | 1.3 | |||||||||
|
Home
improvement
|
29 | 1,451 | 1.8 | |||||||||
|
Office
supplies
|
10 | 788 | 1.0 | |||||||||
|
Pet
supplies
|
2 | 40 | * | |||||||||
|
Sporting
goods
|
17 | 2,087 | 2.5 | |||||||||
| 265 | 12,894 | 15.7 | ||||||||||
|
Totals
|
2,339 | $ | 81,795 | 100.0 | % | |||||||
|
|
*
Less than 0.1%
|
|
|
(1)
|
Includes
rental revenue for all properties owned by Realty Income at December 31,
2009, including revenue from properties reclassified as discontinued
operations of $169.
|
Lease
Expirations
The
following table sets forth certain information regarding Realty Income’s
property portfolio (excluding properties owned by Crest) regarding the timing of
the lease term expirations (excluding extension options) on our 2,254 net
leased, single-tenant retail properties as of December 31, 2009 (dollars in
thousands):
|
Total
Portfolio
|
Initial
Expirations(3)
|
Subsequent
Expirations(4)
|
||||||||||||||||||||||||||||||||||
|
Year
|
Total
Number
of Leases
Expiring(1)
|
Rental
Revenue
for
the
Quarter
Ended December 31, 2009(2)
|
%
of
Total
Rental Revenue
|
Number
of
Leases Expiring
|
Rental
Revenue
for
the
Quarter
Ended December 31, 2009
|
%
of
Total
Rental Revenue
|
Number
of
Leases Expiring
|
Rental
Revenue
for
the
Quarter
Ended December 31, 2009
|
%
of
Total
Rental Revenue
|
|||||||||||||||||||||||||||
|
2010
|
141 | $ | 2,776 | 3.5 | % | 45 | $ | 997 | 1.3 | % | 96 | $ | 1,779 | 2.2 | % | |||||||||||||||||||||
|
2011
|
115 | 3,384 | 4.3 | 53 | 1,909 | 2.4 | 62 | 1,475 | 1.9 | |||||||||||||||||||||||||||
|
2012
|
135 | 3,189 | 4.0 | 72 | 1,861 | 2.3 | 63 | 1,328 | 1.7 | |||||||||||||||||||||||||||
|
2013
|
140 | 5,040 | 6.3 | 98 | 3,447 | 4.3 | 42 | 1,593 | 2.0 | |||||||||||||||||||||||||||
|
2014
|
107 | 3,305 | 4.2 | 71 | 2,457 | 3.1 | 36 | 848 | 1.1 | |||||||||||||||||||||||||||
|
2015
|
115 | 2,986 | 3.8 | 81 | 2,218 | 2.8 | 34 | 768 | 1.0 | |||||||||||||||||||||||||||
|
2016
|
115 | 2,085 | 2.6 | 112 | 2,006 | 2.5 | 3 | 79 | 0.1 | |||||||||||||||||||||||||||
|
2017
|
49 | 1,835 | 2.3 | 42 | 1,662 | 2.1 | 7 | 173 | 0.2 | |||||||||||||||||||||||||||
|
2018
|
42 | 1,869 | 2.4 | 33 | 1,553 | 2.0 | 9 | 316 | 0.4 | |||||||||||||||||||||||||||
|
2019
|
99 | 5,148 | 6.5 | 92 | 4,665 | 5.9 | 7 | 483 | 0.6 | |||||||||||||||||||||||||||
|
2020
|
80 | 3,224 | 4.1 | 74 | 3,059 | 3.9 | 6 | 165 | 0.2 | |||||||||||||||||||||||||||
|
2021
|
177 | 7,553 | 9.5 | 170 | 7,163 | 9.0 | 7 | 390 | 0.5 | |||||||||||||||||||||||||||
|
2022
|
100 | 2,938 | 3.7 | 98 | 2,858 | 3.6 | 2 | 80 | 0.1 | |||||||||||||||||||||||||||
|
2023
|
249 | 8,169 | 10.3 | 248 | 8,124 | 10.2 | 1 | 45 | 0.1 | |||||||||||||||||||||||||||
|
2024
|
62 | 1,697 | 2.1 | 61 | 1,675 | 2.1 | 1 | 22 | * | |||||||||||||||||||||||||||
|
2025
|
69 | 5,389 | 6.8 | 65 | 5,317 | 6.7 | 4 | 72 | 0.1 | |||||||||||||||||||||||||||
|
2026
|
108 | 6,169 | 7.8 | 105 | 5,932 | 7.5 | 3 | 237 | 0.3 | |||||||||||||||||||||||||||
|
2027
|
159 | 4,642 | 5.8 | 158 | 4,625 | 5.8 | 1 | 17 | * | |||||||||||||||||||||||||||
|
2028
|
82 | 4,143 | 5.2 | 81 | 4,119 | 5.2 | 1 | 24 | * | |||||||||||||||||||||||||||
|
2029
|
49 | 1,151 | 1.4 | 49 | 1,151 | 1.4 | -- | -- | -- | |||||||||||||||||||||||||||
|
2030
|
20 | 929 | 1.2 | 20 | 929 | 1.2 | -- | -- | -- | |||||||||||||||||||||||||||
|
2031
|
27 | 650 | 0.8 | 27 | 650 | 0.8 | -- | -- | -- | |||||||||||||||||||||||||||
|
2032
|
2 | 57 | 0.1 | 2 | 57 | 0.1 | -- | -- | -- | |||||||||||||||||||||||||||
|
2033
|
7 | 460 | 0.6 | 7 | 460 | 0.6 | -- | -- | -- | |||||||||||||||||||||||||||
|
2034
|
2 | 276 | 0.3 | 2 | 276 | 0.3 | -- | -- | -- | |||||||||||||||||||||||||||
|
2037
|
2 | 354 | 0.4 | 2 | 354 | 0.4 | -- | -- | -- | |||||||||||||||||||||||||||
|
2043
|
1 | 13 | * | -- | -- | -- | 1 | 13 | * | |||||||||||||||||||||||||||
|
Totals
|
2,254 | $ | 79,431 | 100.0 | % | 1,868 | $ | 69,524 | 87.5 | % | 386 | $ | 9,907 | 12.5 | % | |||||||||||||||||||||
*Less
than 0.1%
|
(1)
|
Excludes
ten multi-tenant properties and 75 vacant unleased properties. The lease
expirations for properties under construction are based on the estimated
date of completion of those
properties.
|
|
(2)
|
Includes
rental revenue of $169 from properties reclassified as discontinued
operations and excludes revenue of $2,364 from ten multi-tenant properties
and from 75 vacant and unleased properties at December 31,
2009.
|
|
(3)
|
Represents
leases to the initial tenant of the property that are expiring for the
first time.
|
|
(4)
|
Represents
lease expirations on properties in the portfolio, which have previously
been renewed, extended or
re-tenanted.
|
State
Diversification
The
following table sets forth certain state-by-state information regarding Realty
Income’s property portfolio (excluding properties owned by Crest) as of December
31, 2009 (dollars in thousands):
|
State
|
Number
of
Properties
|
Percent
Leased
|
Approximate
Leasable
Square
Feet
|
Rental
Revenue for the Quarter Ended December 31, 2009(1)
|
Percentage
of
Rental
Revenue
|
|||||||||||||||
|
Alabama
|
63 | 97 | % | 425,300 | $ | 1,822 | 2.2 | % | ||||||||||||
|
Alaska
|
2 | 100 | 128,500 | 277 | 0.3 | |||||||||||||||
|
Arizona
|
79 | 99 | 392,700 | 2,479 | 3.0 | |||||||||||||||
|
Arkansas
|
17 | 94 | 92,400 | 377 | 0.5 | |||||||||||||||
|
California
|
65 | 97 | 1,178,900 | 4,390 | 5.4 | |||||||||||||||
|
Colorado
|
51 | 98 | 471,500 | 1,865 | 2.3 | |||||||||||||||
|
Connecticut
|
24 | 96 | 276,600 | 1,194 | 1.5 | |||||||||||||||
|
Delaware
|
17 | 100 | 33,300 | 429 | 0.5 | |||||||||||||||
|
Florida
|
166 | 93 | 1,426,700 | 6,534 | 8.0 | |||||||||||||||
|
Georgia
|
131 | 96 | 914,300 | 3,872 | 4.7 | |||||||||||||||
|
Idaho
|
12 | 100 | 80,700 | 339 | 0.4 | |||||||||||||||
|
Illinois
|
85 | 98 | 1,008,800 | 4,216 | 5.1 | |||||||||||||||
|
Indiana
|
81 | 96 | 686,400 | 3,244 | 4.0 | |||||||||||||||
|
Iowa
|
21 | 100 | 290,600 | 1,013 | 1.2 | |||||||||||||||
|
Kansas
|
33 | 88 | 573,200 | 1,118 | 1.4 | |||||||||||||||
|
Kentucky
|
22 | 100 | 110,600 | 679 | 0.8 | |||||||||||||||
|
Louisiana
|
32 | 100 | 184,900 | 899 | 1.1 | |||||||||||||||
|
Maine
|
3 | 100 | 22,500 | 161 | 0.2 | |||||||||||||||
|
Maryland
|
28 | 100 | 266,600 | 1,613 | 2.0 | |||||||||||||||
|
Massachusetts
|
64 | 98 | 575,400 | 2,576 | 3.1 | |||||||||||||||
|
Michigan
|
52 | 98 | 257,300 | 1,249 | 1.5 | |||||||||||||||
|
Minnesota
|
21 | 95 | 392,100 | 1,557 | 1.9 | |||||||||||||||
|
Mississippi
|
71 | 96 | 347,600 | 1,470 | 1.8 | |||||||||||||||
|
Missouri
|
62 | 94 | 640,100 | 2,109 | 2.6 | |||||||||||||||
|
Montana
|
2 | 100 | 30,000 | 76 | 0.1 | |||||||||||||||
|
Nebraska
|
19 | 95 | 196,300 | 478 | 0.6 | |||||||||||||||
|
Nevada
|
14 | 100 | 153,300 | 750 | 0.9 | |||||||||||||||
|
New
Hampshire
|
14 | 100 | 109,900 | 585 | 0.7 | |||||||||||||||
|
New
Jersey
|
33 | 100 | 261,300 | 1,936 | 2.4 | |||||||||||||||
|
New
Mexico
|
8 | 100 | 56,400 | 182 | 0.2 | |||||||||||||||
|
New
York
|
40 | 93 | 502,300 | 2,383 | 2.9 | |||||||||||||||
|
North
Carolina
|
96 | 97 | 548,300 | 2,850 | 3.5 | |||||||||||||||
|
North
Dakota
|
6 | 100 | 36,600 | 68 | 0.1 | |||||||||||||||
|
Ohio
|
136 | 96 | 845,500 | 3,323 | 4.1 | |||||||||||||||
|
Oklahoma
|
24 | 100 | 137,400 | 587 | 0.7 | |||||||||||||||
|
Oregon
|
18 | 94 | 297,300 | 894 | 1.1 | |||||||||||||||
|
Pennsylvania
|
98 | 99 | 677,200 | 3,507 | 4.3 | |||||||||||||||
|
Rhode
Island
|
3 | 100 | 11,000 | 58 | 0.1 | |||||||||||||||
|
South
Carolina
|
100 | 100 | 374,400 | 2,252 | 2.8 | |||||||||||||||
|
South
Dakota
|
9 | 100 | 24,900 | 102 | 0.1 | |||||||||||||||
|
Tennessee
|
133 | 96 | 621,800 | 2,925 | 3.6 | |||||||||||||||
|
Texas
|
212 | 97 | 2,280,000 | 7,918 | 9.7 | |||||||||||||||
|
Utah
|
4 | 100 | 25,200 | 91 | 0.1 | |||||||||||||||
|
Vermont
|
4 | 100 | 12,700 | 127 | 0.2 | |||||||||||||||
|
Virginia
|
104 | 98 | 637,100 | 3,513 | 4.3 | |||||||||||||||
|
Washington
|
36 | 94 | 286,200 | 790 | 1.0 | |||||||||||||||
|
West
Virginia
|
2 | 100 | 23,000 | 121 | 0.1 | |||||||||||||||
|
Wisconsin
|
21 | 90 | 252,700 | 779 | 0.9 | |||||||||||||||
|
Wyoming
|
1 | 100 | 4,200 | 18 | * | |||||||||||||||
|
Totals/Average
|
2,339 | 97 | % | 19,182,000 | $ | 81,795 | 100.0 | % | ||||||||||||
* Less
than 0.1%
|
(1)
|
Includes
rental revenue for all properties owned by Realty Income at December 31,
2009, including revenue from properties reclassified as discontinued
operations of $169.
|
This
annual report on Form 10-K, including the documents incorporated herein by
reference, contains forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of
1933, as amended, and Section 21E of the Exchange Act of 1934, as amended. When
used in this annual report, the words "estimated", "anticipated", "expect",
"believe", "intend" and similar expressions are intended to identify
forward-looking statements. Forward-looking statements include discussions of
strategy, plans or intentions of management. Forward-looking statements are
subject to risks, uncertainties, and assumptions about Realty Income
Corporation, including, among other things:
|
●
|
Our
anticipated growth strategies;
|
|
●
|
Our
intention to acquire additional properties and the timing of these
acquisitions;
|
|
●
|
Our
intention to sell properties and the timing of these property
sales;
|
|
●
|
Our
intention to re-lease vacant
properties;
|
|
●
|
Anticipated
trends in our business, including trends in the market for long-term
net-leases of freestanding, single-tenant retail
properties;
|
|
●
|
Future
expenditures for development projects;
and
|
|
●
|
Profitability
of our subsidiary, Crest.
|
Future
events and actual results, financial and otherwise, may differ materially from
the results discussed in the forward-looking statements. In
particular, some of the factors that could cause actual results and future
events to differ materially from those set forth or contemplated in the
forward-looking statements are:
|
●
|
Our
continued qualification as a real estate investment
trust;
|
|
●
|
General
business and economic conditions;
|
|
●
|
Competition;
|
|
●
|
Fluctuating
interest rates;
|
|
●
|
Access
to debt and equity capital markets;
|
|
●
|
Continued
volatility and uncertainty in the credit markets and broader financial
markets;
|
|
●
|
Other
risks inherent in the real estate business including tenant defaults,
potential liability relating to environmental matters, illiquidity of real
estate investments, and potential damages from natural
disasters;
|
|
●
|
Impairments
in the value of our real estate
assets;
|
|
●
|
Changes
in the tax laws of the United States of
America;
|
|
●
|
The
outcome of any legal proceedings to which we are a party;
and
|
|
●
|
Acts
of terrorism and war.
|
Additional
factors that may cause risks and uncertainties include those discussed in the
sections entitled "Business", "Risk Factors" and "Management's Discussion and
Analysis of Financial Condition and Results of Operations" in this annual
report.
Readers
are cautioned not to place undue reliance on forward-looking statements, which
speak only as of the date that this annual report was filed with the SEC. While
forward-looking statements reflect our good faith beliefs, they are not
guarantees of future performance. We undertake no obligation to publicly release
the results of any revisions to these forward-looking statements that may be
made to reflect events or circumstances after the date of this annual report or
to reflect the occurrence of unanticipated events. In light of these risks and
uncertainties, the forward-looking events discussed in this annual report might
not occur.
Item
1A: Risk
Factors
This
"Risk Factors" section contains references to our "capital stock" and to our
"stockholders." Unless expressly stated otherwise, the references to
our "capital stock" represent our common stock and any class or series of our
preferred stock, while the references to our "stockholders" represent holders of
our common stock and any class or series of our preferred stock.
In
order to grow we need to continue to acquire investment
properties. The acquisition of investment properties may be subject
to competitive pressures.
We face
competition in the acquisition, operation and sale of property. We expect
competition from:
|
●
|
Businesses;
|
|
●
|
Individuals;
|
|
●
|
Fiduciary
accounts and plans; and
|
|
●
|
Other
entities engaged in real estate investment and
financing.
|
Some of
these competitors are larger than we are and have greater financial resources.
This competition may result in a higher cost for properties we wish to
purchase.
Negative
market conditions or adverse events affecting our existing or potential tenants,
or the industries in which they operate, could have an adverse impact on our
ability to attract new tenants, re-lease space, collect rent or renew leases,
which could adversely affect our cash flow from operations and inhibit
growth.
Cash
flow from operations depends in part on the ability to lease space to tenants on
economically favorable terms. We could be adversely affected by various facts
and events over which we have limited or no control, such as:
|
●
|
Lack
of demand in areas where our properties are
located;
|
|
●
|
Inability
to retain existing tenants and attract new
tenants;
|
|
●
|
Oversupply
of space and changes in market rental
rates;
|
|
●
|
Our
tenants' creditworthiness and ability to pay rent, which may be affected
by their operations, the current economic situation and competition within
their industries from other
operators;
|
|
●
|
Defaults
by and bankruptcies of tenants, failure of tenants to pay rent on a timely
basis, or failure of tenants to comply with their contractual obligations;
and
|
|
●
|
Economic
or physical decline of the areas where the properties are
located.
|
At any
time, any tenant may experience a downturn in its business that may weaken its
operating results or overall financial condition. As a result, a tenant may
delay lease commencement, fail to make rental payments when due, decline to
extend a lease upon its expiration, become insolvent or declare bankruptcy. Any
tenant bankruptcy or insolvency, leasing delay or failure to make rental
payments when due could result in the termination of the tenant's lease and
material losses to us.
If
tenants do not renew their leases as they expire, we may not be able to rent or
sell the properties. Furthermore, leases that are renewed, and some
new leases for properties that are re-leased, may have terms that are less
economically favorable than expiring lease terms, or may require us to incur
significant costs, such as renovations, tenant improvements or lease transaction
costs. Negative market conditions may cause us to sell vacant properties for
less than their carrying value, which could result in impairments. Any of these
events could adversely affect cash flow from operations and our ability to make
distributions to shareholders and service indebtedness. A significant portion of
the costs of owning property, such as real estate taxes, insurance and
maintenance, are not necessarily reduced when circumstances cause a decrease in
rental revenue from the properties. In a weakened financial condition, tenants
may not be able to pay these costs of ownership and we may be unable to recover
these operating expenses from them.
Further,
the occurrence of a tenant bankruptcy or insolvency could diminish the income we
receive from the tenant's lease or leases. In addition, a bankruptcy court might
authorize the tenant to terminate its leases with us. If that happens, our claim
against the bankrupt tenant for unpaid future rent would be subject to statutory
limitations that most likely would be substantially less than the remaining rent
we are owed under the leases. In addition, any claim we have for unpaid past
rent, if any, may not be paid in full. As a result, tenant bankruptcies may have
a material adverse effect on our results of operations.
Seventy-five
of our properties were available for lease or sale at December 31, 2009, of
which all but one were single-tenant properties. As of February 8, 2010,
transactions to lease or sell ten of the 75 properties were underway or
completed. At December 31, 2009, 36 of our properties under lease were
unoccupied and available for sublease by the tenants, all of which were current
with their rent and other obligations. During 2009, each of our tenants
accounted for less than 10% of our rental revenue.
For
2009, our tenants in the restaurant and convenience store industries accounted
for approximately 21.3% and 17.0%, respectively, of our rental revenue. A
downturn in either of these industries, whether nationwide or limited to
specific sectors of the United States, could adversely affect our tenants in
these industries, which in turn could have a material adverse affect on our
financial position, results of operations and our ability to pay the principal
of and interest on our debt securities and other indebtedness and to make
distributions on our common stock and preferred stock. Individually, each of the
other industries in our property portfolio accounted for less than 10% of our
rental revenue for 2009. Nevertheless, downturns in these other industries could
also adversely affect our tenants, which in turn could also have a material
adverse affect on our financial position, results of operations and our ability
to make debt payments and distributions on our common and preferred
stock.
In
addition, a substantial number of our properties are leased to middle-market
retail chains that generally have more limited financial and other resources
than certain upper-market retail chains, and therefore they are more likely to
be adversely affected by a downturn in their respective businesses or in the
regional or national economy.
As
a property owner, we may be subject to unknown environmental
liabilities.
Investments
in real property can create a potential for environmental liability. An owner of
property can face liability for environmental contamination created by the
presence or discharge of hazardous substances on the property. We can face such
liability regardless of:
|
●
|
Our
knowledge of the contamination;
|
|
●
|
The
timing of the contamination;
|
|
●
|
The
cause of the contamination; or
|
|
●
|
The
party responsible for the contamination of the
property.
|
There
may be environmental problems associated with our properties of which we are
unaware. In that regard, a number of our properties are leased to operators of
convenience stores that sell petroleum-based fuels, as well as to operators of
oil change and tune-up facilities. These facilities, and some other of our
properties, use, or may have used in the past, underground lifts or underground
tanks for the storage of petroleum-based or waste products, which could create a
potential for the release of hazardous substances.
The
presence of hazardous substances on a property may adversely affect our ability
to lease or sell that property and we may incur substantial remediation costs.
Although our leases generally require our tenants to operate in compliance with
all applicable federal, state and local environmental laws, ordinances and
regulations, and to indemnify us against any environmental liabilities arising
from the tenants’ activities on the property, we could nevertheless be subject
to strict liability by virtue of our ownership interest. There also can be no
assurance that our tenants could or would satisfy their indemnification
obligations under their leases. The discovery of environmental liabilities
attached to our properties could have an adverse effect on our results of
operations, our financial condition or our ability to make distributions to
stockholders and to pay the principal of and interest on our debt securities and
other indebtedness.
In
addition, several of our properties were built during the period when asbestos
was commonly used in building construction and other buildings with asbestos may
be acquired by us in the future. Environmental laws govern the presence,
maintenance and removal of asbestos-containing materials, or ACMs, and require
that owners or operators of buildings containing asbestos properly manage and
maintain the asbestos, that they adequately inform or train those who may come
into contact with asbestos and that they undertake special precautions,
including removal or other abatement in the event that asbestos is disturbed
during renovation or demolition of a building. These laws may impose fines and
penalties on building owners or operators for failure to comply with these
requirements and may allow third parties to seek recovery from owners or
operators for personal injury associated with exposure to asbestos
fibers.
It is
also possible that some of our properties may contain or develop harmful mold,
which could lead to liability for adverse health effects and costs of
remediation of the problem. When excessive moisture accumulates in buildings or
on building materials, mold growth may occur, particularly if the moisture
problem remains undiscovered or is not addressed over a period of time. Some
molds may produce airborne toxins or irritants. Concern about indoor exposure to
mold has been increasing, as exposure to mold may cause a variety of adverse
health effects and symptoms,
including
allergic or other reactions. As a result, should our tenants or their employees
or customers be exposed to mold at any of our properties we could be required to
undertake a costly remediation program
to
contain or remove the mold from the affected property, which would reduce our
cash available for distribution. In addition,
exposure to mold by our tenants or others could expose us to liability if
property damage or health concerns arise.
Compliance. We
have not been notified by any governmental authority, and are not otherwise
aware, of any material noncompliance, liability or claim relating to hazardous
substances, toxic substances, or petroleum products in connection with any of
our present properties. In addition, we believe we are in compliance in all
material respects with all present federal, state and local laws relating to
ACMs. Nevertheless, if environmental contamination should exist, we could be
subject to strict liability by virtue of our ownership interest.
Insurance and
Indemnity. In June 2005, we entered into a seven-year
environmental insurance policy ("June 2005 policy") which expires on June 1,
2012 on our property portfolio which replaced the previous five-year
environmental insurance policy. The limits on our current policy are
$10 million per occurrence, and $50 million in the aggregate, subject to a
$40,000 self insurance retention, per occurrence, for properties with
underground storage tanks and a $100,000 self insurance retention, per
occurrence, for all other properties.
Additionally,
in December 2009, we entered into a ten-year environmental insurance policy that
expires in December 2019 that will initially act in an excess capacity to our
June 2005 policy. On June 1, 2012, this policy will become our
primary environmental policy with the same limits as the June 2005 policy,
except that once we pay a total of $1 million for self insurance retention,
there will be a $50,000 per loss maintenance fee, rather than the $100,000 self
insurance retention, per occurrence, for general environmental
claims.
It is
possible that our insurance could be insufficient to address any particular
environmental situation and that, in the future, we could be unable to obtain
insurance for environmental matters at a reasonable cost, or at all. Our tenants
are generally responsible for, and indemnify us against, liabilities for
environmental matters that occur on our properties. For properties
that have underground storage tanks, in addition to providing an indemnity in
our favor, the tenants generally obtain environmental insurance or rely upon the
state funds in the states where these properties are located to reimburse
tenants for environmental remediation.
If
we fail to qualify as a real estate investment trust, the amount of dividends we
are able to pay would decrease, which could adversely affect the market price of
our capital stock and could adversely affect the value of our debt
securities.
Commencing
with our taxable year ended December 31, 1994, we believe that we have been
organized and have operated, and we intend to continue to operate, so as to
qualify as a "REIT" under Sections 856 through 860 of the Code. However, we
cannot assure you that we have been organized or have operated in a manner that
has satisfied the requirements for qualification as a REIT, or that we will
continue to be organized or operate in a manner that will allow us to continue
to qualify as a REIT.
Qualification
as a REIT involves the satisfaction of numerous requirements under highly
technical and complex Code provisions, for which there are only limited judicial
and administrative interpretations, as well as the determination of various
factual matters and circumstances not entirely within our control.
For
example, in order to qualify as a REIT, at least 95% of our gross income in each
year must be derived from qualifying sources, and we must pay distributions to
stockholders aggregating annually at least 90% of our REIT taxable income (as
defined in the Code and determined without regard to the dividends paid
deduction and by excluding net capital gains).
In the
future, it is possible that legislation, new regulations, administrative
interpretations or court decisions will change the tax laws with respect to
qualification as a REIT, or the federal income tax consequences of such
qualification.
If we
fail to satisfy all of the requirements for qualification as a REIT, we may be
subject to certain penalty taxes or, in some circumstances, we may fail to
qualify as a REIT. If we were to fail to qualify as a REIT in any
taxable year:
|
●
|
We
would be required to pay federal income tax (including any applicable
alternative minimum tax) on our taxable income at regular corporate
rates;
|
|
●
|
We
would not be allowed a deduction in computing our taxable income for
amounts distributed to our
stockholders;
|
|
●
|
We
could be disqualified from treatment as a REIT for the four taxable years
following the year during which qualification is
lost;
|
|
●
|
We
would no longer be required to make distributions to stockholders;
and
|
|
●
|
This
treatment would substantially reduce amounts available for investment or
distribution to stockholders because of the additional tax liability for
the years involved, which could have a material adverse effect on the
market price of our capital stock and the value of our debt
securities.
|
Even if
we qualify for and maintain our REIT status, we may be subject to certain
federal, state and local taxes on our income and property. For example, if we
have net income from a prohibited transaction, that income will be subject to a
100% tax. Our subsidiary, Crest, is subject to federal and state taxes at the
applicable tax rates on its income and property.
Distributions
requirements imposed by law limit our flexibility.
To
maintain our status as a REIT for federal income tax purposes, we generally are
required to distribute to our stockholders at least 90% of our REIT taxable
income, determined without regard to the dividends paid deduction and by
excluding net capital gains each year. We also are subject to tax at regular
corporate rates to the extent that we distribute less than 100% of our REIT
taxable income (including net capital gains) each year.
In
addition, we are subject to a 4% nondeductible excise tax to the extent that we
fail to distribute during any calendar year at least the sum of 85% of our
ordinary income for that calendar year, 95% of our capital gain net income for
the calendar year, and any amount of that income that was not distributed in
prior years.
We
intend to continue to make distributions to our stockholders to comply with the
distribution requirements of the Code as well as to reduce our exposure to
federal income taxes and the nondeductible excise tax. Differences in timing
between the receipt of income and the payment of expenses to arrive at taxable
income, along with the effect of required debt amortization payments, could
require us to borrow funds on a short-term basis to meet the distribution
requirements that are necessary to achieve the tax benefits associated with
qualifying as a REIT.
Future
issuances of equity securities could dilute the interest of holders of our
common stock.
Our
future growth will depend, in large part, upon our ability to raise additional
capital. If we were to raise additional capital through the issuance of equity
securities, we could dilute the interests of holders of our common stock. The
interests of our common stockholders could also be diluted by the issuance of
shares of common stock upon the exercise of outstanding options or pursuant to
stock incentive plans. Likewise, our Board of Directors is authorized to cause
us to issue preferred stock of any class or series (with dividend, voting and
other rights as determined by the Board of Directors). Accordingly, the Board of
Directors may authorize the issuance of preferred stock with voting, dividend
and other similar rights that could dilute, or otherwise adversely affect, the
interest of holders of our common stock.
We
are subject to risks associated with debt and capital stock
financing.
We
intend to incur additional indebtedness in the future, including borrowings
under our $355 million acquisition credit facility. At December 31, 2009, we had
borrowings outstanding under our $355 million acquisition credit facility of
$4.6 million and we had a total of $1.355 billion of outstanding credit facility
borrowings and aggregate principal amount of outstanding unsecured senior debt
securities. To the extent that new indebtedness is added to our current debt
levels, the related risks that we now face would increase. As a result, we are
and will be subject to risks associated with debt financing, including the risk
that our cash flow could be insufficient to meet required payments on our debt.
We also face variable interest rate risk as the interest rate on our $355
million credit facility is variable and could therefore increase over
time. We also face the risk that we may be unable to refinance or
repay our debt as it comes due. Given the recent disruptions in the financial
markets, we also face the risk that one or more of the participants in our
credit facility may not be able to lend us money.
In
addition, our $355 million credit facility contains provisions that could limit
the amount of distributions payable by us on our common stock and preferred
stock. In particular, our $355 million acquisition credit facility provides that
the aggregate amount of cash distributions paid on, plus any payments made to
repurchase, our common stock and preferred stock may not exceed the sum of (a)
95% of our funds from operations (as defined in the credit facility) plus (b)
cash distributions on our preferred stock, determined as of the end of each
fiscal quarter for the four fiscal quarters then ending, except that we may
repurchase preferred stock with the net proceeds from the issuance of our common
stock or preferred stock. The credit facility further provides that, in the
event of a failure to pay principal, interest or any other amount payable
thereunder when due or upon the occurrence of certain events of bankruptcy,
insolvency or reorganization with respect to us or any of our subsidiaries, we
and our subsidiaries may not pay any distributions on, or repurchase, any shares
of our capital stock, including our common stock and preferred stock. In
addition, the credit facility provides that, if any other event of default (as
defined in the credit facility) thereunder exists, we and our subsidiaries may
not pay any distributions on, or repurchase, any shares of our capital stock,
including our common stock and preferred stock, except that we may pay cash
distributions to stockholders in the minimum amount necessary to maintain our
status as a REIT. If this were to occur, it would likely have a
material adverse effect on the market price of our outstanding common and
preferred stock and on the value of our debt securities and may adversely affect
our ability to qualify as a REIT or our tax treatment as a REIT.
Our
indebtedness could also have other important consequences to holders of our
common and preferred stock, including:
|
●
|
Increasing
our vulnerability to general adverse economic and industry
conditions;
|
|
●
|
Limiting
our ability to obtain additional financing to fund future working capital,
capital expenditures and other general corporate
requirements;
|
|
●
|
Requiring
the use of a substantial portion of our cash flow from operations for the
payment of principal and interest on our indebtedness, thereby reducing
our ability to use our cash flow to fund working capital, capital
expenditures and general corporate
requirements;
|
|
●
|
Limiting
our flexibility in planning for, or reacting to, changes in our business
and our industry; and
|
|
●
|
Putting
us at a disadvantage compared to our competitors with less
indebtedness.
|
Our
business operations may not generate the cash needed to make distributions on
our capital stock or to service our indebtedness.
Our
ability to make distributions on our common stock and preferred stock and
payments on our indebtedness and to fund planned capital expenditures will
depend on our ability to generate cash in the future. We cannot
assure you that our business will generate sufficient cash flow from operations
or that future borrowings will be available to us in an amount sufficient to
enable us to make distributions on our common stock and preferred stock, to pay
our indebtedness or to fund our other liquidity needs.
The
market value of our capital stock and debt securities could be substantially
affected by various factors.
The
market value of our capital stock and debt securities will depend on many
factors, which may change from time to time, including:
|
●
|
Prevailing
interest rates, increases in which may have an adverse effect on the
market value of our capital stock and debt
securities;
|
|
●
|
The
market for similar securities issued by other
REITs;
|
|
●
|
General
economic and financial market
conditions;
|
|
●
|
The
financial condition, performance and prospects of us, our tenants and our
competitors;
|
|
●
|
Changes
in financial estimates or recommendations by securities analysts with
respect to us, our competitors or our
industry;
|
|
●
|
Changes
in our credit ratings; and
|
|
●
|
Actual
or anticipated variations in quarterly operating
results.
|
In
addition, over the last two years, stock prices in the U.S. markets have been
experiencing extreme price fluctuations, and the market value of our common
stock has fluctuated significantly during this period. As a result of these and
other factors, investors who purchase our capital stock and debt securities may
experience a decrease, which could be substantial and rapid, in the market value
of our capital stock and debt securities, including decreases unrelated to our
operating performance or prospects.
Real
estate ownership is subject to particular economic conditions that may have a
negative impact on our revenue.
We are
subject to all of the inherent risks associated with the ownership of real
estate. In particular, we face the risk that rental revenue from our
properties may be insufficient to cover all corporate operating expenses, debt
service payments on indebtedness we incur and distributions on our capital
stock. Additional real estate ownership risks include:
|
●
|
Adverse
changes in general or local economic
conditions;
|
|
●
|
Changes
in supply of, or demand for, similar or competing
properties;
|
|
●
|
Changes
in interest rates and operating
expenses;
|
|
●
|
Competition
for tenants;
|
|
●
|
Changes
in market rental rates;
|
|
●
|
Inability
to lease properties upon termination of existing
leases;
|
|
●
|
Renewal
of leases at lower rental rates;
|
|
●
|
Inability
to collect rents from tenants due to financial hardship, including
bankruptcy;
|
|
●
|
Changes
in tax, real estate, zoning and environmental laws that may have an
adverse impact upon the value of real
estate;
|
|
●
|
Uninsured
property liability;
|
|
●
|
Property
damage or casualty losses;
|
|
●
|
Unexpected
expenditures for capital improvements or to bring properties into
compliance with applicable federal, state and local
laws;
|
|
●
|
The
need to periodically renovate and repair our
properties;
|
|
●
|
Physical
or weather-related damage to
properties;
|
|
●
|
The
potential risk of functional obsolescence of properties over
time;
|
|
●
|
Acts
of terrorism and war; and
|
|
●
|
Acts
of God and other factors beyond the control of our
management.
|
An
uninsured loss or a loss that exceeds the policy limits on our properties could
subject us to lost capital or revenue on those properties.
Under
the terms and conditions of the leases currently in force on our properties,
tenants generally are required to indemnify and hold us harmless from
liabilities resulting from injury to persons, air, water, land or property, due
to activities conducted on the properties, except for claims arising from the
negligence or intentional misconduct of us or our agents. Additionally, tenants
are generally required, at the tenant's expense, to obtain and keep in full
force during the term of the lease, liability and property damage insurance
policies. The insurance policies our tenants are required to maintain for
property damage are generally in amounts not less than the full replacement cost
of the improvements less slab, foundations, supports and other customarily
excluded improvements. Our tenants are generally required to maintain general
liability coverage varying between $1,000,000 and $10,000,000 depending on the
tenant and the industry in which the tenant operates.
In
addition to the indemnities and required insurance policies identified above,
many of our properties are also covered by flood and earthquake insurance
policies (subject to substantial deductibles) obtained and paid for by the
tenants as part of their risk management programs. Additionally, we have
obtained blanket liability, flood and earthquake (subject to substantial
deductibles) and property damage insurance policies to protect us and our
properties against loss should the indemnities and insurance policies provided
by the tenants fail to restore the properties to their condition prior to a
loss. However, should a loss occur that is uninsured or in an amount exceeding
the combined aggregate limits for the policies noted above, or in the event of a
loss that is subject to a substantial deductible under an insurance policy, we
could lose all or part of our capital invested in, and anticipated revenue from,
one or more of the properties, which could have a material adverse effect on our
results of operations or financial condition and on our ability to pay the
principal of and interest on our debt securities and other indebtedness and to
make distributions to our stockholders. Given the recent disruptions in the
insurance industry, we also face the risk that our insurance carriers may not be
able to provide payment under any potential claims that might arise under the
terms of our insurance policies, and we may not have the ability to purchase
insurance policies we desire.
Compliance
with the Americans with Disabilities Act of 1990 and fire, safety, and other
regulations may require us to make unintended expenditures that could adversely
impact our results of operations.
Our
properties are generally required to comply with the Americans with Disabilities
Act of 1990, or the ADA. The ADA has separate compliance requirements for
"public accommodations" and "commercial facilities," but generally requires that
buildings be made accessible to people with disabilities. Compliance with the
ADA requirements could require removal of access barriers and non-compliance
could result in imposition of fines by the U.S. government or an award of
damages to private litigants. The retailers to whom we lease properties are
obligated by law to comply with the ADA provisions, and we believe that these
retailers may be obligated to cover costs associated with compliance. If
required changes involve greater expenditures than anticipated, or if the
changes must be made on a more accelerated basis than anticipated, the ability
of these retailers to cover costs could be adversely affected and we could be
required to expend our own funds to comply with the provisions of the ADA, which
could materially adversely affect our results of operations or financial
condition and our ability to pay the principal of and interest on our debt
securities and other indebtedness and to make distributions to our stockholders.
In addition, we are required to operate our properties in compliance with fire
and safety regulations, building codes and other land use regulations, as they
may be adopted by governmental agencies and bodies and become applicable to our
properties. We may be required to make substantial capital expenditures to
comply with those requirements and these expenditures could have a material
adverse effect on our results of operations or financial condition and our
ability to pay the principal of and interest on our debt securities and other
indebtedness and to make distributions to our stockholders.
Property
taxes may increase without notice.
The
real property taxes on our properties and any other properties that we develop
or acquire in the future may increase as property tax rates change and as those
properties are assessed or reassessed by tax authorities.
We
depend on key personnel.
We
depend on the efforts of our executive officers and key employees. The loss of
the services of our executive officers and key employees could have a material
adverse effect on our results of operations or financial condition and on our
ability to pay the principal and interest on our debt securities and other
indebtedness and to make distributions to our stockholders. It is possible that
we will not be able to recruit additional personnel with equivalent experience
in the retail, net-lease industry.
Terrorist
attacks and other acts of violence or war may affect the value of our debt and
equity securities, the markets in which we operate and our results of
operations.
Terrorist
attacks may negatively affect our operations, the market price of our capital
stock and the value of our debt securities. There can be no assurance that there
will not be further terrorist attacks against the United States or U.S.
businesses. These attacks, or armed conflicts, may directly impact our physical
facilities or the businesses of our tenants.
If
events like these were to occur, they could cause consumer confidence and
spending to decrease or result in increased volatility in the U.S. and worldwide
financial markets and economy. They also could result in or prolong an economic
recession in the U.S. or abroad. Any of these occurrences could have a
significant adverse impact on our operating results and revenues and on the
market price of our capital stock and on the value of our debt securities. It
could also have an adverse effect on our ability to pay principal and interest
on our debt securities or other indebtedness and to make distributions to our
stockholders.
Disruptions
in the financial markets could affect our ability to obtain financing on
reasonable terms and have other adverse effects on us and the market price of
our common stock.
Over
the last two years, the United States stock and credit markets have experienced
significant price volatility, dislocations and liquidity disruptions, which have
caused market prices of many stocks to fluctuate substantially and the spreads
on prospective debt financings to widen considerably. These circumstances have
materially impacted liquidity in the financial markets, making terms for certain
financings less attractive, and in certain cases have resulted in the
unavailability of certain types of financing. Continued uncertainty in the stock
and credit markets may negatively impact our ability to access additional
financing at reasonable terms, which may negatively affect our ability to make
acquisitions. A prolonged downturn in the stock or credit markets may cause us
to seek alternative sources of potentially less attractive financing, and may
require us to adjust our business plan accordingly. In addition, these factors
may make it more difficult for us to sell properties or may adversely affect the
price we receive for properties that we do sell, as prospective buyers may
experience increased costs of financing or difficulties in obtaining financing.
These events in the stock and credit markets may make it more difficult or
costly for us to raise capital through the issuance of our common stock or
preferred stock. These disruptions in the financial markets also may have a
material adverse effect on the market value of our common stock, the income we
receive from our properties and the lease rates we can charge for our
properties, and may have other unknown adverse effects on us or the economy in
general.
Inflation
may adversely affect our financial condition and results of
operations.
Although
inflation has not materially impacted our results of operations in the recent
past, increased inflation could have a more pronounced negative impact on any
variable rate debt we incur in the future and on our results of operations.
During times when inflation is greater than increases in rent, as provided for
in our leases, rent increases may not keep up with the rate of inflation.
Likewise, even though net leases reduce our exposure to rising property expenses
due to inflation, substantial inflationary pressures and increased costs may
have an adverse impact on our tenants if increases in their operating expenses
exceed increases in revenue, which may adversely affect the tenants' ability to
pay rent.
Current
volatility in market and economic conditions may impact the accuracy of the
various estimates used in the preparation of our financial statements and
footnotes to the financial statements.
Various
estimates are used in the preparation of our financial statements, including
estimates related to asset and liability valuations (or potential impairments),
and various receivables. Often these estimates require the use of market data
values which are currently difficult to assess, as well as estimates of future
performance or receivables collectability which can also be difficult to
accurately predict. Although management believes it has been prudent and used
reasonable judgment in making these estimates, it is possible that actual
results may differ from these estimates.
Item
1B: Unresolved Staff comments
There
are no unresolved staff comments.
Item
2: Properties
Information
pertaining to our properties can be found under Item 1.
Item
3: Legal Proceedings
We are
subject to certain claims and lawsuits in the ordinary course of business, the
outcome of which cannot be determined at this time. In the opinion of
management, any liability we might incur upon the resolution of these claims and
lawsuits will not, in the aggregate, have a material adverse effect on our
consolidated financial position or results of operations.
No
matters were submitted to stockholders during the fourth quarter of the fiscal
year.
PART
II
A. Our
common stock is traded on the NYSE under the ticker symbol “O.” The following
table shows the high and low sales prices per share for our common stock as
reported by the NYSE, and distributions declared per share of common stock for
the periods indicated.
|
Price
Per Share
|
||||||||||||
|
of
Common Stock
|
Distributions
|
|||||||||||
|
High
|
Low
|
Declared(1)
|
||||||||||
|
2009
|
||||||||||||
|
First
quarter
|
$ | 23.41 | $ | 14.26 | $ | 0.425563 | ||||||
|
Second
quarter
|
23.23 | 17.90 | 0.426500 | |||||||||
|
Third
quarter
|
28.20 | 19.83 | 0.427438 | |||||||||
|
Fourth
quarter
|
27.53 | 22.17 | 0.428375 | |||||||||
|
Total
|
$ | 1.707876 | ||||||||||
|
2008
|
||||||||||||
|
First
quarter
|
$ | 27.16 | $ | 20.27 | $ | 0.410875 | ||||||
|
Second
quarter
|
28.15 | 22.67 | 0.412750 | |||||||||
|
Third
quarter
|
34.86 | 21.38 | 0.419625 | |||||||||
|
Fourth
quarter
|
26.50 | 15.00 | 0.424000 | |||||||||
|
Total
|
$ | 1.667250 | ||||||||||
(1)
Common stock cash distributions currently are declared monthly by us based on
financial results for the prior months. At December 31, 2009, a
distribution of $0.143 per common share had been declared and was paid in
January 2010.
There
were 8,755 registered holders of record of our common stock as of January 1,
2010. We estimate that our total number of shareholders is approximately 99,000
when we include both registered and beneficial holders of our common
stock.
Item
6: Selected Financial Data
|
|
(not
covered by Report of Independent Registered Public Accounting
Firm)
|
|
|
(dollars
in thousands, except for per share
data)
|
|
As
of or for the years ended December 31,
|
2009
|
2008
|
2007
|
2006
|
2005
|
|||||||||||||||
|
Total
assets (book value)
|
$ | 2,914,787 | $ | 2,994,179 | $ | 3,077,352 | $ | 2,546,508 | $ | 1,920,988 | ||||||||||
|
Cash
and cash equivalents
|
10,026 | 46,815 | 193,101 | 10,573 | 65,704 | |||||||||||||||
|
Lines
of credit and notes payable
|
1,354,600 | 1,370,000 | 1,470,000 | 920,000 | 891,700 | |||||||||||||||
|
Total
liabilities
|
1,426,778 | 1,439,518 | 1,539,260 | 970,516 | 931,774 | |||||||||||||||
|
Total
stockholders’ equity
|
1,488,009 | 1,554,661 | 1,538,092 | 1,575,992 | 989,214 | |||||||||||||||
|
Net
cash provided by operating activities
|
226,707 | 246,155 | 318,169 | 86,945 | 109,557 | |||||||||||||||
|
Net
change in cash and cash equivalents
|
(36,789 | ) | (146,286 | ) | 182,528 | (55,131 | ) | 63,563 | ||||||||||||
|
Total
revenue
|
327,581 | 327,773 | 291,483 | 234,527 | 190,460 | |||||||||||||||
|
Income
from continuing operations
|
122,133 | 115,427 | 123,778 | 102,227 | 84,717 | |||||||||||||||
|
Income
from discontinued operations
|
8,994 | 16,414 | 16,631 | 8,554 | 14,402 | |||||||||||||||
|
Net
income
|
131,127 | 131,841 | 140,409 | 110,781 | 99,119 | |||||||||||||||
|
Preferred
stock cash dividends
|
(24,253 | ) | (24,253 | ) | (24,253 | ) | (11,362 | ) | (9,403 | ) | ||||||||||
|
Net
income available to common stockholders
|
106,874 | 107,588 | 116,156 | 99,419 | 89,716 | |||||||||||||||
|
Cash
distributions paid to common stockholders
|
178,008 | 169,655 | 157,659 | 129,667 | 108,575 | |||||||||||||||
|
Basic
and diluted net income per common share
|
1.03 | 1.06 | 1.16 | 1.11 | 1.12 | |||||||||||||||
|
Cash
distributions paid per common share
|
1.706625 | 1.662250 | 1.560250 | 1.437250 | 1.346250 | |||||||||||||||
|
Cash
distributions declared per common
share
|
1.707876 | 1.667250 | 1.570500 | 1.447500 | 1.352500 | |||||||||||||||
|
Basic
weighted average number of common
shares outstanding
|
103,577,507 | 101,178,191 | 100,195,031 | 89,766,714 | 79,950,255 | |||||||||||||||
|
Diluted
weighted average number of
common shares outstanding
|
103,581,053 | 101,209,883 | 100,333,966 | 89,917,554 | 80,208,593 | |||||||||||||||
Realty
Income Corporation, The Monthly Dividend Company®, is a
Maryland corporation organized to operate as an equity real estate investment
trust, or REIT. Our primary business objective is to generate dependable monthly
cash distributions from a consistent and predictable level of funds from
operations, or FFO, per share. Our monthly distributions are
supported by the cash flow from our portfolio of retail properties leased to
regional and national retail chains. We have in-house acquisition, leasing,
legal, credit research, real estate research, portfolio management and capital
markets expertise. Over the past 40 years, Realty Income and its predecessors
have been acquiring and owning freestanding retail properties that generate
rental revenue under long-term lease agreements (primarily 15 to 20
years).
In
addition, we seek to increase distributions to stockholders and FFO per share
through both active portfolio management and the acquisition of additional
properties.
At
December 31, 2009, we owned a diversified portfolio:
|
●
|
Of
2,339 retail properties;
|
|
●
|
With
an occupancy rate of 96.8%, or 2,264 properties occupied and only 75
properties available for lease;
|
|
●
|
Leased
to 118 different retail chains doing business in 30 separate retail
industries;
|
|
●
|
Located
in 49 states;
|
|
●
|
With
over 19.1 million square feet of leasable space;
and
|
|
●
|
With
an average leasable retail space per property of approximately 8,200
square feet.
|
Of the
2,339 properties in the portfolio, 2,328, or 99.5%, are single-tenant, retail
properties and the remaining 11 are multi-tenant, distribution and office
properties. At December 31, 2009, of the 2,328 single-tenant properties, 2,254
were leased with a weighted average remaining lease term (excluding extension
options) of approximately 11.2 years.
In
addition, at December 31, 2009, our wholly-owned taxable REIT subsidiary, Crest
Net Lease, Inc. ("Crest"), had an inventory of three properties valued at
$3.8 million, which are classified as held for sale. Crest was created to buy
and sell properties, primarily to individual investors who are involved in
tax-deferred exchanges under Section 1031 of the Internal Revenue Code of 1986,
as amended (the “Code”). In addition to the three properties, Crest also holds
notes receivable of $22.2 million at December 31, 2009. Crest did not acquire
any properties in 2009.
Capital
Philosophy
Historically,
we have met our long-term capital needs through the issuance of common stock,
preferred stock and long-term unsecured notes and bonds. Over the long term, we
believe that common stock should be the majority of our capital structure.
However, we may issue additional preferred stock or debt securities from time to
time. We may issue common stock when we believe that our share price is at a
level that allows for the proceeds of any offering to be accretively invested
into additional properties. In addition, we may issue common stock to
permanently finance properties that were financed by our credit facility or debt
securities. However, we cannot assure you that we will have access to the
capital markets at times and at terms that are acceptable to us.
Conservative
Capital Structure
We
believe that our stockholders are best served by a conservative capital
structure. Therefore, we seek to maintain a conservative debt level on our
balance sheet and solid interest and fixed charge coverage ratios. At December
31, 2009, our total outstanding credit facility borrowings and outstanding notes
were $1.355 billion, or approximately 30.8% of our total market capitalization
of $4.40 billion.
We
define our total market capitalization at December 31, 2009 as the sum
of:
|
●
|
Shares
of our common stock outstanding of 104,286,705 multiplied by the last
reported sales price of our common stock on the NYSE of $25.91 per share
on December 31, 2009, or $2.70
billion;
|
|
●
|
Aggregate
liquidation value (par value of $25 per share) of the Class D preferred
stock of $127.5 million;
|
|
●
|
Aggregate
liquidation value (par value of $25 per share) of the Class E preferred
stock of $220 million;
|
|
●
|
Outstanding
notes of $1.35 billion; and
|
|
●
|
Outstanding
borrowings of $4.6 million on our credit
facility.
|
Mortgage
Debt
We have
no mortgage debt on any of our properties.
$355
Million Acquisition Credit Facility
In May
2008, we entered into a $355 million revolving, unsecured credit facility that
replaced our previous
$300
million acquisition credit facility. The term of our credit facility is for
three years, until May 2011, plus two, one-year extension options. Under our
credit facility, our investment grade credit ratings provide for financing at
the London Interbank Offered Rate, commonly referred to as LIBOR, plus 100 basis
points with a facility fee of 27.5 basis points, for all-in drawn pricing
of 127.5 basis points over LIBOR. We also have other interest rate options
available to us. At December 31, 2009, we had a borrowing capacity of $350.4
million available on our credit facility and an outstanding balance of $4.6
million at an effective interest rate of 1.23%.
We
expect to use the credit facility to acquire additional retail properties and
for other corporate purposes. Any additional borrowings will increase our
exposure to interest rate risk. We have the right to request an increase in the
borrowing capacity of the credit facility, up to $100 million, to a total
borrowing capacity of $455 million. Any increase in the borrowing
capacity is subject to approval by the lending banks participating in our credit
facility.
Cash
Reserves
We are
organized to operate as an equity REIT that acquires and leases properties and
distributes to stockholders, in the form of monthly cash distributions, a
substantial portion of our net cash flow generated from leases on our retail
properties. We intend to retain an appropriate amount of cash as working
capital. At December 31, 2009, we had cash and cash equivalents totaling
$10 million.
We
believe that our cash and cash equivalents on hand, cash provided from operating
activities and borrowing capacity is sufficient to meet our liquidity needs for
the foreseeable future. We intend, however, to use additional sources of capital
to fund property acquisitions and to repay future borrowings under our credit
facility.
Acquisitions
During 2009
During
2009, we invested $57.9 million in 16 new properties with an initial weighted
average contractual lease rate of 9.7%. These 16 properties are located in five
states, contain over 278,000 leasable square feet, and are 100% leased with an
average lease term of 17.9 years. The 16 new properties we acquired are
net-leased to four different retail chains. There were no acquisitions by Crest
in 2009.
We made
fewer portfolio acquisitions in 2008 and 2009 than in previous years because we
felt that preserving our capital resources and maintaining a high level of
liquidity until property prices adjusted and the general economy improved was
the prudent course of action. In late 2009, we felt that market conditions had
become more attractive for acquisitions, and we currently believe that there are
many retail chains, with solid operating concepts, that are in need of capital.
We believe that our solid financial position, strong balance sheet and access to
capital give us the ability to expand our acquisition activities in 2010 and
invest in new retail properties that have the potential to contribute to our
earnings.
The
initial weighted average contractual lease rate is computed as estimated
contractual net operating income (in a net-leased property that is equal to the
aggregate base cash flow or, in the case of properties under development, the
estimated aggregate base cash flow under the lease) for the first year of each
lease, divided by the estimated total cost of the properties. Since it is
possible that a tenant could default on the payment of contractual rent, we
cannot assure you that the actual return on the funds invested will remain at
the percentages listed above.
Impact
of Real Estate and Credit Markets
In the
commercial retail real estate market, property prices generally continued to
decline and lease rates rose throughout 2008 and 2009. Likewise, the U.S. credit
markets have experienced significant price volatility, dislocations and
liquidity disruptions, which have impacted our access to and cost of capital. We
continue to monitor the commercial retail real estate and U.S. credit markets
carefully and, if required, will make decisions to adjust our business strategy
accordingly. See our discussion of "Risk Factors" in this annual
report.
Increases
in Monthly Distributions to Common Stockholders
We have
continued our 40-year policy of paying distributions monthly. Monthly
distributions per share were increased in January 2010 by $0.0003125 to $0.143.
The increase in January 2010 was our 49th
consecutive quarterly increase and the 56th
increase in the amount of our dividend since our listing on the New York Stock
Exchange, or NYSE, in 1994. In 2009, we paid three monthly cash distributions
per share in the amount of $0.14175, three in the amount of $0.1420625, three in
the amount of $0.142375 and three in the amount of $0.1426875, totaling
$1.706625. In December 2009 and January 2010, we declared distributions of
$0.143 per share, which were paid in January 2010 and will be paid in February
2010, respectively.
The
monthly distribution of $0.143 per share represents a current annualized
distribution of $1.716 per share, and an annualized distribution yield of
approximately 6.7% based on the last reported sale price of our common stock on
the NYSE of $25.74 on February 8, 2010. Although we expect to continue our
policy of paying monthly distributions, we cannot guarantee that we will
maintain our current level of distributions, that we will continue our pattern
of increasing distributions per share, or what our actual distribution yield
will be in any future period.
Note
Redemptions
Upon
their maturity in January 2009, we redeemed, using cash on hand, the $20 million
outstanding principal amount of our 8% Notes due 2009, or 2009 Notes. The 2009
Notes were redeemed at a redemption price equal to 100% of the principal amount,
plus accrued and unpaid interest. We have no debt maturities until March
2013.
Universal
Shelf Registration
In
March 2009, we filed a shelf registration statement with the SEC, which is
effective for a term of three years, to replace our prior shelf registration
statement which was set to expire in April 2009. Our new shelf
registration statement expires in March 2012. In accordance with the
SEC rules, the amount of the securities to be issued pursuant to this shelf
registration statement was not specified when it was filed and there is no
specific dollar limit. The securities covered by this registration statement
include common stock, preferred stock, debt securities, or any combination of
these securities. We may periodically offer one or more of these securities in
amounts, prices and on terms to be announced when and if the securities are
offered. The specifics of any future offerings, along with the use of proceeds
of any securities offered, will be described in detail in a prospectus
supplement, or other offering materials, at the time of the
offering.
Credit
Agency Ratings
We are
currently assigned investment grade corporate credit ratings on our senior
unsecured notes. Fitch Ratings has assigned a rating of BBB+, Moody’s Investors
Service has assigned a rating of Baa1 and Standard & Poor’s Ratings Group
has assigned a rating of BBB to our senior notes. All of these ratings have
"stable" outlooks.
We have
also been assigned credit ratings on our preferred stock. Fitch Ratings has
assigned a rating of BBB-, Moody's has assigned a rating of Baa2 and Standard
& Poor’s has assigned a rating of BB+ to our preferred stock. All
of these ratings have "stable" outlooks.
The
credit ratings assigned to us could change based upon, among other things, our
results of operations and financial condition. These ratings are subject to
ongoing evaluation by credit rating agencies and we cannot assure you that our
ratings will not be changed or withdrawn by a rating agency in the future if, in
its judgment, circumstances warrant. Moreover, a rating is not a recommendation
to buy, sell or hold our debt securities, preferred stock or common
stock.
Notes Outstanding
Our
senior unsecured note obligations consist of the following as of December 31,
2009, sorted by maturity date (dollars in millions):
|
5.375%
notes, issued in March 2003 and due in March 2013
|
$ | 100.0 | ||
|
5.5%
notes, issued in November 2003 and due in November 2015
|
150.0 | |||
|
5.95%
notes, issued in September 2006 and due in September 2016
|
275.0 | |||
|
5.375%
notes, issued in September 2005 and due in September 2017
|
175.0 | |||
|
6.75%
notes, issued in September 2007 and due in August 2019
|
550.0 | |||
|
5.875%
bonds, issued in March 2005 and due in March 2035
|
100.0 | |||
| $ | 1,350.0 | |||
All of
our outstanding notes and bonds have fixed interest rates. Interest on all of
our senior note and bond obligations is paid semiannually. All of these notes
and bonds contain various covenants, including: (i) a limitation on incurrence
of any debt which would cause our debt to total adjusted assets ratio to exceed
60%; (ii) a limitation on incurrence of any secured debt which would cause our
secured debt to total adjusted assets ratio to exceed 40%; (iii) a limitation on
incurrence of any debt which would cause our debt service coverage ratio to be
less than 1.5 times; and (iv) the maintenance at all times of total unencumbered
assets not less than 150% of our outstanding unsecured debt. We have been in
compliance with these covenants since each of the notes and bonds was
issued.
The
following is a summary of the key financial covenants for our senior unsecured
notes, as defined and calculated per the terms of our notes. These calculations,
which are not based on U.S. generally accepted accounting principles, or GAAP,
measurements, are presented to investors to show our ability to incur additional
debt under the terms of our notes only and are not measures of our liquidity or
performance. The actual amounts as of December 31, 2009
are:
|
Note
Covenants
|
Required
|
Actual
|
|
Limitation
on incurrence of total debt
|
≤
60%
|
38.6%
|
|
Limitation
on incurrence of secured debt
|
≤
40%
|
0.0%
|
|
Debt
service coverage (trailing 12 months)
|
≥
1.5 x
|
3.6
x
|
|
Maintenance
of total unencumbered assets
|
≥
150% of unsecured debt
|
259%
|
The
following table summarizes the maturity of each of our obligations as of
December 31, 2009 (dollars in millions):
|
Table of Obligations
|
Ground
|
Ground
|
||||||||||||||||||||||||||
|
Leases
|
Leases
|
|||||||||||||||||||||||||||
|
Paid
by
|
Paid
by
|
|||||||||||||||||||||||||||
|
Year
of
|
Credit
|
Realty
|
Our
|
|||||||||||||||||||||||||
|
Maturity
|
Facility
|
Notes
|
Interest(1)
|
Income(2)
|
Tenants(3)
|
Other(4)
|
Totals
|
|||||||||||||||||||||
|
2010
|
$ | -- | $ | -- | $ | 82.4 | $ | 0.1 | $ | 3.7 | $ | 1.5 | $ | 87.7 | ||||||||||||||
|
2011
|
4.6 | -- | 82.4 | 0.1 | 3.7 | -- | 90.8 | |||||||||||||||||||||
|
2012
|
-- | -- | 82.4 | 0.1 | 3.6 | -- | 86.1 | |||||||||||||||||||||
|
2013
|
-- | 100.0 | 78.1 | 0.1 | 3.5 | -- | 181.7 | |||||||||||||||||||||
|
2014
|
-- | -- | 77.0 | 0.1 | 3.3 | -- | 80.4 | |||||||||||||||||||||
|
Thereafter
|
-- | 1,250.0 | 350.9 | 0.8 | 37.7 | -- | 1,639.4 | |||||||||||||||||||||
|
Totals
|
$ | 4.6 | $ | 1,350.0 | $ | 753.2 | $ | 1.3 | $ | 55.5 | $ | 1.5 | $ | 2,166.1 | ||||||||||||||
|
|
(1)
Interest on the credit facility and notes has been calculated based on
outstanding balances as of December 31, 2009 through their respective
maturity dates.
|
|
|
(2)
Realty Income currently pays the ground lessors directly for the rent
under the ground leases. A majority of this rent is reimbursed to Realty
Income as additional rent from our
tenants.
|
|
|
(3)
Our tenants, who are generally sub-tenants under the ground leases, are
responsible for paying the rent under these ground leases. In the event a
tenant fails to pay the ground lease rent, we are primarily
responsible.
|
|
|
(4)
“Other” consists of $295,000 of commitments under construction contracts
and $1.2 million of contingent payments for tenant improvements and
leasing costs.
|
Our
credit facility and note obligations are unsecured. Accordingly, we have not
pledged any assets as collateral for these obligations.
Preferred
Stock Outstanding
In
2004, we issued 5.1 million shares of 7.375% Class D cumulative redeemable
preferred stock. In May 2009, shares of Class D preferred stock became
redeemable at our option for $25 per share, plus any accrued and unpaid
dividends. Dividends on shares of Class D preferred stock are paid monthly
in arrears.
In
2006, we issued 8.8 million shares of 6.75% Class E cumulative redeemable
preferred stock. Beginning December 7, 2011, shares of Class E preferred stock
are redeemable at our option for $25 per share, plus any accrued and unpaid
dividends. Dividends on shares of Class E preferred stock are paid monthly in
arrears.
Dividends
on our Class D and Class E preferred stock are current.
No
Off-Balance Sheet Arrangements or Unconsolidated Investments
We have
no unconsolidated or off-balance sheet investments in "variable interest
entities" or off-balance sheet financing, nor do we engage in trading activities
involving energy or commodity contracts or other derivative instruments.
Additionally, we have no joint ventures or mandatorily redeemable preferred
stock. As such, our financial position and results of operations are not
affected by accounting regulations regarding the consolidation of off-balance
sheet entities and classification of financial instruments with characteristics
of both liabilities and equity.
Critical Accounting
Policies
Our
consolidated financial statements have been prepared in accordance with GAAP.
Our consolidated financial statements are the basis for our discussion and
analysis of financial condition and results of operations. Preparing our
consolidated financial statements requires us to make a number of estimates and
assumptions that affect the reported amounts and disclosures in the consolidated
financial statements. We believe that we have made these estimates and
assumptions in an appropriate manner and in a way that accurately reflects our
financial condition. We continually test and evaluate these estimates and
assumptions using our historical knowledge of the business, as well as other
factors, to ensure that they are reasonable for reporting purposes. However,
actual results may differ from these estimates and assumptions.
In
order to prepare our consolidated financial statements according to the rules
and guidelines set forth by GAAP, many subjective judgments must be made with
regard to critical accounting policies. One of these judgments is our estimate
for useful lives in determining depreciation expense for our properties.
Depreciation of buildings and improvements is generally computed using the
straight–line method over an estimated useful life of 25 years. If we use a
shorter or longer estimated useful life, it could have a material impact on our
results of operations. We believe that 25 years is an appropriate estimate of
useful life. No depreciation has been recorded on Crest's properties that are
classified as held for sale.
When
acquiring a property for investment purposes, we allocate the fair value of real
estate acquired with in-place operating leases to: (1) land, (2) building and
improvements, (3) identified intangible assets and liabilities, based in each
case on their fair values. Intangible assets and liabilities consist of
above-market and below-market leases, the value of in-place leases and tenant
relationships.
Another
significant judgment must be made as to if, and when, impairment losses should
be taken on our properties when events or a change in circumstances indicate
that the carrying amount of the asset may not be recoverable. Generally, a
provision is made for impairment if estimated future operating cash flows
(undiscounted and without interest charges) plus estimated disposition proceeds
(undiscounted) are less than the current book value of the property. Key inputs
that we estimate in this analysis include projected rental rates, capital
expenditures and property sales capitalization rates. If a property is held for
sale, it is carried at the lower of carrying cost or estimated fair value, less
estimated cost to sell. The carrying value of our real estate is the largest
component of our consolidated balance sheet. If events should occur that require
us to reduce the carrying value of our real estate by recording provisions for
impairment, it could have a material impact on our results of
operations.
The
following is a comparison of our results of operations for the years ended
December 31, 2009, 2008 and 2007.
Rental
Revenue
Rental
revenue was $326.1 million for 2009 versus $325.9 million for 2008, an increase
of $249,000, or 0.1%. Rental revenue was $285.1 million in 2007. The increase in
rental revenue in 2009 compared to 2008 is primarily attributable
to:
|
●
|
The
16 retail properties acquired by Realty Income in 2009, which generated
$490,000 of rent in 2009;
|
|
●
|
The
107 retail properties acquired by Realty Income in 2008, which generated
$16.08 million of rent in 2009 compared to $13.04 million in 2008, an
increase of $3.0 million;
|
|
●
|
Same
store rents generated on 2,063 properties during the entire years of 2009
and 2008, increased by $1.3 million, or 0.4%, to $299.15 million from
$297.84 million; net of
|
|
●
|
A net
decrease of $3.7 million relating to the aggregate of (i) development
properties acquired before 2008 that started paying rent in 2008, (ii)
properties that were vacant during part of 2009 or 2008, (iii) properties
sold during 2009 and 2008 and (iv) lease termination settlements, which in
aggregate, totaled $9.2 million in 2009 compared to $12.9 million in 2008;
and
|
|
●
|
A
decrease in straight-line rent and other non-cash adjustments to rent of
$879,000 in 2009 as compared to
2008.
|
Overall,
comparing 2009 versus 2008, revenue has been generally flat as we own 2,339
properties at December
31, 2009, compared to 2,348 properties at December 31, 2008.
Of the
2,339 properties in the portfolio at December 31, 2009, 2,328, or 99.5%, are
single-tenant properties and the remaining 11 are multi-tenant, distribution and
office properties. Of the 2,328 single-tenant properties, 2,254, or 96.8%, were
net leased with a weighted average remaining lease term (excluding rights to
extend a lease at the option of the tenant) of approximately 11.2 years at
December 31, 2009. Of our 2,254 leased single-tenant properties, 2,071 or 91.9%
were under leases that provide for increases in rents through:
|
●
|
Primarily
base rent increases tied to a consumer price index (typically subject to
ceilings);
|
|
●
|
Fixed
increases;
|
|
●
|
Overage
rent based on a percentage of the tenants' gross sales,
or;
|
|
●
|
A
combination of two or more of the above rent
provisions.
|
Percentage
rent, which is included in rental revenue, was $1.3 million in 2009, $1.2
million in 2008 and $795,000 in 2007 (excluding percentage rent reclassified to
discontinued operations of $22,000 in 2008 and $55,000 in 2007). Percentage rent
in 2009 was less than 1% of rental revenue and we anticipate percentage rent to
be less than 1% of rental revenue in 2010.
Our
portfolio of retail real estate, leased primarily to regional and national
chains under net leases, continues to perform well and provide dependable lease
revenue supporting the payment of monthly dividends to our
stockholders. At December 31, 2009, our portfolio of 2,339 retail
properties was 96.8% leased with 75 properties available for lease as compared
to 70 at December 31, 2008.
As of
February 8, 2010, transactions to lease or sell ten of the 75 properties
available for lease at December 31, 2009 were underway or completed. We
anticipate these transactions will be completed during the next several months,
although we cannot guarantee that all of these properties can be leased or sold
within this period. It has been our experience that approximately 1% to 4% of
our property portfolio will be unleased at any given time; however, we cannot
assure you that the number of properties available for lease will not exceed
these levels.
Depreciation
and Amortization
Depreciation
and amortization was $91.4 million in 2009 versus $89.9 million in 2008 and
$75.9 million in 2007. The increases in depreciation and amortization in
2009 and 2008 were primarily due to the acquisition of properties in 2009, 2008
and 2007, which was partially offset by property sales in these
years. As discussed in the section entitled "Funds from Operations
Available to Common Stockholders," depreciation and amortization is a non-cash
item that is added back to net income available to common stockholders for our
calculation of FFO.
Interest
Expense
Interest
expense was $85.5 million in 2009 versus $94.0 million in 2008 and $64.3 million
in 2007. Interest expense decreased in 2009 primarily due to lower average
outstanding balances and, to a lesser extent, lower interest
rates. We redeemed, in November 2008, the $100 million outstanding
principal amount of our 8.25% Monthly Income Senior Notes and, in January 2009,
the $20 million outstanding principal amount of our 8% Notes, both of which
contributed to the decrease in average outstanding balances and lower average
interest rates on our debt.
In May
2008, as a result of entering into our current credit facility, we incurred
$3.2 million of credit facility origination costs that were capitalized and
are being amortized over three years. At December 31, 2009, $1.5
million of the $3.2 million is included in "other assets" on our consolidated
balance sheet.
The
following is a summary of the components of our interest expense (dollars in
thousands):
|
2009
|
2008
|
2007
|
||||||||||
|
Interest
on our credit facility and notes
|
$ | 82,460 | $ | 91,213 | $ | 67,964 | ||||||
|
Interest
included in discontinued operations from real estate acquired for resale
by Crest
|
(595 | ) | (1,797 | ) | (6,201 | ) | ||||||
|
Credit
facility commitment fees
|
990 | 795 | 456 | |||||||||
|
Amortization
of credit facility origination costs and deferred bond financing
costs
|
2,678 | 3,078 | 2,235 | |||||||||
|
Amortization
of settlements on treasury lock agreement
|
-- | 759 | 870 | |||||||||
|
Interest
capitalized
|
(5 | ) | (92 | ) | (993 | ) | ||||||
|
Interest
expense
|
$ | 85,528 | $ | 93,956 | $ | 64,331 | ||||||
|
Credit
facility and notes outstanding
|
2009
|
2008
|
2007
|
||||||||||
|
Average
outstanding balances (dollars in thousands)
|
$ | 1,350,791 | $ | 1,457,222 | $ | 1,111,914 | |||||||
|
Average
interest rates
|
6.10 | % | 6.26 | % | 6.11 | % | |||||||
At
December 31, 2009, the weighted average interest rate on our:
|
●
|
Notes
payable of $1.35 billion was 6.10%;
|
|
●
|
Credit
facility outstanding borrowings of $4.6 million was 1.23%;
and
|
|
●
|
Combined
outstanding notes and credit facility borrowings of $1.355 billion was
6.10%.
|
Interest
Coverage Ratio
Our
interest coverage ratio for 2009 was 3.5 times, for 2008 was 3.2 times and for
2007 was 4.1 times. Interest coverage ratio is calculated as: the
interest coverage amount (as calculated in the following table) divided by
interest expense, including interest recorded as discontinued operations. We
consider interest coverage ratio to be an appropriate supplemental measure of a
company’s ability to meet its interest expense obligations. Our calculation of
interest coverage ratio may be different from the calculation used by other
companies and, therefore, comparability may be limited. This information should
not be considered as an alternative to any GAAP liquidity measures.
The
following is a reconciliation of net cash provided by operating activities on
our consolidated statements of cash flow to our interest coverage amount
(dollars in thousands):
|
2009
|
2008
|
2007
|
||||||||||
|
Net
cash provided by operating activities
|
$ | 226,707 | $ | 246,155 | $ | 318,169 | ||||||
|
Interest
expense
|
85,528 | 93,956 | 64,331 | |||||||||
|
Interest
expense included in discontinued operations(1)
|
595 | 1,797 | 6,201 | |||||||||
|
Income
taxes
|
677 | 1,230 | 1,392 | |||||||||
|
Income
taxes (benefit) included in discontinued operations(1)
|
(645 | ) | 225 | 3,039 | ||||||||
|
Investment
in real estate acquired for resale(1)
|
-- | 9 | 29,886 | |||||||||
|
Proceeds
from sales of real estate acquired for resale(1)
|
(1,987 | ) | (31,455 | ) | (119,790 | ) | ||||||
|
Collection
of note receivables by Crest(1)
|
(129 | ) | (87 | ) | (651 | ) | ||||||
|
Crest
provisions for impairment(1)
|
(277 | ) | (3,374 | ) | -- | |||||||
|
Gain
on sales of real estate acquired for resale(1)
|
-- | 4,642 | 12,319 | |||||||||
|
Amortization
of share-based compensation
|
(4,726 | ) | (5,049 | ) | (3,857 | ) | ||||||
|
Changes
in assets and liabilities:
|
||||||||||||
|
Accounts
receivable and other assets
|
(3,607 | ) | 930 | 49 | ||||||||
|
Accounts
payable, accrued expenses and other liabilities
|
(856 | ) | (1,675 | ) | (21,675 | ) | ||||||
|
Interest
coverage amount
|
$ | 301,280 | $ | 307,304 | $ | 289,413 | ||||||
|
Divided
by interest expense(2)
|
$ | 86,123 | $ | 95,753 | $ | 70,532 | ||||||
|
Interest
coverage ratio
|
3.5 | 3.2 | 4.1 | |||||||||
|
|
(1)
Crest activities.
|
|
|
(2)
Includes interest expense recorded to “income from discontinued
operations, real estate acquired for resale by Crest” on our consolidated
statements of income.
|
Fixed
Charge Coverage Ratio
Our
fixed charge coverage ratio for 2009 was 2.7 times, for 2008 was 2.6 times and
for 2007 was 3.1 times. Fixed charge coverage ratio is calculated in exactly the
same manner as interest coverage ratio, except that preferred stock dividends
are also added to the denominator. We consider fixed charge coverage ratio to be
an appropriate supplemental measure of a company’s ability to make its interest
and preferred stock dividend payments. Our calculation of the fixed charge
coverage ratio may be different from the calculation used by other companies
and, therefore, comparability may be limited. This information should not be
considered as an alternative to any GAAP liquidity measures or information
presented in Exhibit 12.1 to this Annual Report.
Interest
coverage amount divided by interest expense plus preferred stock dividends
(dollars in thousands):
|
2009
|
2008
|
2007
|
||||||||||
|
Interest
coverage amount
|
$ | 301,280 | $ | 307,304 | $ | 289,413 | ||||||
|
Divided
by interest expense plus preferred stock dividends(1)
|
$ | 110,376 | $ | 120,006 | $ | 94,785 | ||||||
|
Fixed
charge coverage ratio
|
2.7 | 2.6 | 3.1 | |||||||||
|
|
(1)
Includes interest expense recorded to “income from discontinued
operations, real estate acquired for resale by Crest” on our consolidated
statements of income.
|
General
and Administrative Expenses
General
and administrative expenses decreased by $672,000 to $20.9 million in 2009 as
compared to $21.6 million in 2008. General and administrative expenses were
$22.7 million in 2007. In 2009, general and administrative expenses
as a percentage of total revenue were 6.4% as compared to 6.6% in 2008 and 7.8%
in 2007. General and administrative expenses decreased during 2009 primarily due
to decreases in employee costs. For 2009, general and administrative expenses
include transaction costs of $62,000 related to the acquisition of 16 new
properties during 2009. Prior to 2009, these transaction costs would have been
capitalized as part of the property investments.
In
February 2010, we had 72 employees as compared to 69 employees in February
2009.
Property
Expenses
Property
expenses are broken down into costs associated with non-net leased multi-tenant
properties, unleased single-tenant properties and general portfolio expenses.
Expenses related to the multi-tenant and unleased single-tenant properties
include, but are not limited to, property taxes, maintenance, insurance,
utilities, property inspections, bad debt expense and legal fees. General
portfolio costs include, but are not limited to, insurance, legal, bad debt
expense, property inspections and title search fees. At December 31, 2009, 75
properties were available for lease, as compared to 70 at December 31, 2008 and
48 at December 31, 2007.
Property
expenses were $6.9 million in 2009, $5.6 million in 2008 and $3.4 million in
2007. The increase in property expenses in 2009 is primarily attributable to an
increase in maintenance and utilities associated with properties available for
lease and an increase in bad debt expense, partially offset by lower property
taxes and legal fees. In 2007, property expenses included provisions for
impairment of $138,000 recorded for one property.
Income
Taxes
Income
taxes were $677,000 in 2009 as compared to $1.2 million in 2008 and $1.4 million
in 2007. These amounts are for city and state income taxes paid by Realty
Income. After conducting an extensive review of our recent state tax filings, we
determined that it was appropriate to amend some prior year tax returns from
which we realized a tax benefit of $308,000.
In
addition, Crest recorded state and federal income tax benefits of $645,000 in
2009 as compared to income tax expense of $225,000 in 2008 and $3.0 million in
2007. These amounts are included in "income from discontinued operations, real
estate acquired for resale by Crest" on our consolidated statements of income.
The Crest 2009 tax benefit includes a benefit of $303,000 attributable to
amendments of certain prior year state tax returns.
Discontinued
Operations
Crest
acquires properties with the intention of reselling them rather than holding
them as investments and operating the properties. Consequently, we typically
classify properties acquired by Crest as held for sale at the date of
acquisition and do not depreciate them. The operation of Crest’s properties is
classified as "income from discontinued operations, real estate acquired for
resale by Crest" on our consolidated statements of income.
If we
decide not to sell a property previously classified as held for sale, the
property is reclassified as real estate held for investment. A property that is
reclassified to held for investment is measured and recorded at the lower of (i)
its carrying amount before the property was classified as held for sale,
adjusted for any depreciation expense that would have been recognized had the
property been continuously classified as held for investment, and (ii) the fair
value at the date of the subsequent decision not to sell.
The
following is a summary of Crest’s "income from discontinued operations, real
estate acquired for resale" on our consolidated statements of income (dollars in
thousands, except per share data):
|
Crest’s
income from discontinued operations, real
estate acquired for resale
|
2009
|
2008
|
2007
|
|||||||||
|
Rental
revenue
|
$ | 246 | $ | 1,830 | $ | 8,165 | ||||||
|
Other
revenue
|
1,403 | 914 | 190 | |||||||||
|
Gain
on sales of real estate acquired for resale
|
-- | 4,642 | 12,319 | |||||||||
|
Interest
expense
|
(595 | ) | (1,797 | ) | (6,201 | ) | ||||||
|
General
and administrative expense
|
(336 | ) | (511 | ) | (691 | ) | ||||||
|
Property
expenses
|
(128 | ) | (133 | ) | (40 | ) | ||||||
|
Provisions
for impairment
|
(277 | ) | (3,374 | ) | -- | |||||||
|
Depreciation(1)
|
-- | (771 | ) | -- | ||||||||
|
Income
taxes
|
645 | (225 | ) | (3,039 | ) | |||||||
|
Income
from discontinued operations, real
estate acquired for resale by Crest
|
$ | 958 | $ | 575 | $ | 10,703 | ||||||
|
Per
common share, basic and diluted
|
$ | 0.01 | $ | 0.01 | $ | 0.11 | ||||||
(1)
Depreciation was recorded on one property that was classified as held for
investment. This property was sold in 2008.
Realty
Income’s operations from seven investment properties classified as held for sale
at December 31, 2009, plus properties sold in 2009, 2008 and 2007 have been
classified as discontinued operations. The following is a summary of Realty
Income’s "income from discontinued operations, real estate held for investment"
on our consolidated statements of income (dollars in thousands, except per share
data):
|
Realty
Income’s income from discontinued operations, real estate held for
investment
|
2009
|
2008
|
2007
|
|||||||||
|
Gain
on sales of investment properties
|
$ | 8,044 | $ | 13,314 | $ | 1,724 | ||||||
|
Rental
revenue
|
1,178 | 3,831 | 5,907 | |||||||||
|
Other
revenue
|
35 | 96 | 6 | |||||||||
|
Depreciation
and amortization
|
(564 | ) | (1,093 | ) | (1,390 | ) | ||||||
|
Property
expenses
|
(547 | ) | (309 | ) | (185 | ) | ||||||
|
Provisions
for impairment
|
(110 | ) | -- | (134 | ) | |||||||
|
Income
from discontinued operations, real
estate held for investment
|
$ | 8,036 | $ | 15,839 | $ | 5,928 | ||||||
|
Per
common share, basic and diluted
|
$ | 0.08 | $ | 0.16 | $ | 0.06 |
The
following is a summary of our total income from discontinued operations (dollars
in thousands, except per share data):
|
Total
discontinued operations
|
2009
|
2008
|
2007
|
|||||||||
|
Real
estate acquired for resale by Crest
|
$ | 958 | $ | 575 | $ | 10,703 | ||||||
|
Real
estate held for investment
|
8,036 | 15,839 | 5,928 | |||||||||
|
Income
from discontinued operations
|
$ | 8,994 | $ | 16,414 | $ | 16,631 | ||||||
|
Per
common share, basic and diluted
|
$ | 0.09 | $ | 0.16 | $ | 0.17 | ||||||
The
above per share amounts have each been calculated independently.
Crest’s
Property Sales
In
2009, Crest sold two properties for $2.0 million, which resulted in no gain. In
2008, Crest sold 25 properties for $50.7 million, which resulted in a gain of
$4.6 million. In 2008, as part of two sales, Crest provided buyer financing of
$19.2 million. In 2007, Crest sold 62 properties for $123.6 million, which
resulted in a gain of $12.3 million. In 2007, as part of two sales, Crest
provided buyer financing of $3.8 million, of which $619,000 was paid in full in
November 2007. Crest’s gains on sales are reported before income taxes and are
included in discontinued operations.
Crest’s
Property Inventory
At
December 31, 2009, Crest had an inventory of three properties valued at $3.8
million, all of which are classified as held for sale. At December 31,
2008, Crest had a property inventory of five properties valued at
$6.0 million.
Gain
on Sales of Investment Properties by Realty Income
In
2009, we sold 25 investment properties for $20.3 million, which resulted in a
gain of $8.0 million. The results of operations for these properties have been
reclassified as discontinued operations. Additionally, we received proceeds of
$170,000 from the sale of excess land from one property, which resulted in a
gain of $15,000. This gain is included in "other revenue" on our consolidated
statement of income for 2009 because this excess land was associated with a
property that continues to be owned as part of our core operations.
In
2008, we sold 29 investment properties for an aggregate of $27.4 million, which
resulted in a gain of $13.3 million. The results of operations for these
properties have been reclassified as discontinued
operations. Additionally, we received proceeds of $439,000 from the
sale of excess land from one property, which resulted in a gain of $236,000.
This gain is included in "other revenue" on our consolidated statement of income
for 2008 because this excess land was associated with a property that continues
to be owned as part of our core operations.
In
2007, we sold ten investment properties for $7.0 million, which resulted in a
gain of $1.7 million. The results of operations for these properties have been
reclassified as discontinued operations. Additionally, we sold excess land and
improvements from five properties for an aggregate of $4.4 million, which
resulted in a gain of $1.8 million. This gain is included in "other
revenue" on our consolidated statement of income for 2007 because these
improvements and excess land were associated with properties that continue to be
owned as part of our core operations.
We have
an active portfolio management program that incorporates the sale of assets when
we believe the reinvestment of the sale proceeds will:
|
●
|
generate
higher returns;
|
|
●
|
enhance
the credit quality of our real estate
portfolio;
|
|
●
|
extend
our average remaining lease term;
or
|
|
●
|
decrease
tenant or industry concentration.
|
At
December 31, 2009, we classified real estate with a carrying amount of $8.3
million as held for sale on our balance sheet, which includes three properties
owned by Crest, valued at $3.8 million. Additionally, we anticipate selling
investment properties from our portfolio that have not yet been specifically
identified, from which we anticipate receiving between $10 million and $35
million in proceeds during the next 12 months. We intend to invest these
proceeds into new property acquisitions, if there are attractive opportunities
available. However, we cannot guarantee that we will sell properties during the
next 12 months or be able to invest the proceeds from the sales of any
properties in new properties.
Provisions
for Impairment on Real Estate Acquired for Resale by Crest
In
2009, provisions for impairment of $277,000 were recorded by Crest on three
retail properties held for sale and two properties which were sold in 2009. In
2008, provisions for impairment of $3.4 million were recorded by Crest on three
properties held for sale. No provisions for impairment were recorded by Crest in
2007. These provisions for impairment adjusted the carrying values to the
estimated fair-market values of those properties, net of estimated selling
costs, and are included in "income from discontinued operations, real estate
acquired for resale by Crest" on our consolidated statements of
income.
Provisions
for Impairment on Realty Income Investment Properties
In
2009, we recorded a provision for impairment of $110,000 on one property, which
is included in "income from discontinued operations, real estate held for
investment" on our consolidated statement of income for 2009, as the property is
held for sale. No provisions for impairment were recorded in 2008. In 2007, we recorded a
provision for impairment of $134,000 on one property, which is included in
"income from discontinued operations, real estate held for investment" on our
consolidated statement of income for 2007, as the property was subsequently
sold. Additionally, in 2007, we recorded a provision for impairment of $138,000
on another property, which is included in property expense on our consolidated
statement of income for 2007.
Preferred
Stock Dividends
Preferred
stock cash dividends totaled $24.3 million in 2009, 2008 and
2007.
Net
Income Available to Common Stockholders
Net
income available to common stockholders was $106.9 million in 2009, a decrease
of $714,000 as compared to $107.6 million in 2008. Net income available to
common stockholders in 2007 was $116.2 million.
The
calculation to determine net income available to common stockholders includes
gains from the sale of properties. The amount of gains varies from period to
period based on the timing of property sales and can significantly impact net
income available to common stockholders.
Gain
from the sale of investment properties and the sale of excess land recognized
during 2009 was $8.1
million, as compared to a $13.6 million gain recognized during 2008 and a $3.6
million gain recognized during 2007. Crest’s recognized no gain from the sale of
properties during 2009 as compared to $4.6 million during 2008 and $12.3 million
during 2007.
FFO for
2009 increased by $4.9 million, or 2.6%, to $190.4 million, as compared to
$185.5 million in 2008 and $189.7 million in 2007. The following is a
reconciliation of net income available to common stockholders (which we believe
is the most comparable GAAP measure) to FFO. Also presented is information
regarding distributions paid to common stockholders and the weighted average
number of common shares used for the basic and diluted computation per share
(dollars in thousands, except per share amounts):
|
2009
|
2008
|
2007
|
||||||||||
|
Net
income available to common stockholders
|
$ | 106,874 | $ | 107,588 | $ | 116,156 | ||||||
|
Depreciation
and amortization:
|
||||||||||||
|
Continuing
operations
|
91,383 | 89,941 | 75,932 | |||||||||
|
Discontinued
operations
|
564 | 1,864 | 1,390 | |||||||||
|
Depreciation
of furniture, fixtures and equipment
|
(318 | ) | (319 | ) | (244 | ) | ||||||
|
Gain
on sales of land and investment properties:
|
||||||||||||
|
Continuing
operations
|
(15 | ) | (236 | ) | (1,835 | ) | ||||||
|
Discontinued
operations
|
(8,044 | ) | (13,314 | ) | (1,724 | ) | ||||||
|
FFO
available to common stockholders
|
$ | 190,444 | $ | 185,524 | $ | 189,675 | ||||||
|
FFO
per common share:
|
||||||||||||
|
Basic
|
$ | 1.84 | $ | 1.83 | $ | 1.89 | ||||||
|
Diluted
|
$ | 1.84 | $ | 1.83 | $ | 1.89 | ||||||
|
Distributions
paid to common stockholders
|
$ | 178,008 | $ | 169,655 | $ | 157,659 | ||||||
|
FFO
in excess of distributions paid to common
stockholders
|
$ | 12,436 | $ | 15,869 | $ | 32,016 | ||||||
|
Weighted
average number of common shares used
for computation per share:
|
||||||||||||
|
Basic
|
103,577,507 | 101,178,191 | 100,195,031 | |||||||||
|
Diluted
|
103,581,053 | 101,209,883 | 100,333,966 | |||||||||
We
define FFO, a non-GAAP measure, consistent with the National Association of Real
Estate Investment Trust’s definition, as net income available to common
stockholders, plus depreciation and amortization of real estate assets, reduced
by gains on sales of investment properties and extraordinary items.
We
consider FFO to be an appropriate supplemental measure of a REIT’s operating
performance as it is based on a net income analysis of property portfolio
performance that adds back non-cash items such as depreciation. The historical
accounting convention used for real estate assets requires straight-line
depreciation of buildings and improvements, which implies that the value of real
estate assets diminishes predictably over time. Since real estate values
historically rise and fall with market conditions, presentations of operating
results for a REIT, using historical accounting for depreciation, could be less
informative. The use of FFO is recommended by the REIT industry as a
supplemental performance measure. In addition, FFO is used as a measure of our
compliance with the financial covenants of our credit facility.
Presentation
of this information is intended to assist the reader in comparing the operating
performance of different REITs, although it should be noted that not all REITs
calculate FFO the same way, so comparisons with other REITs may not be
meaningful. Furthermore, FFO is not necessarily indicative of cash flow
available to fund cash needs and should not be considered as an alternative to
net income as an indication of our performance. In addition, FFO should not be
considered as an alternative to reviewing our cash flows from operating,
investing and financing activities as a measure of liquidity, of our ability to
make cash distributions or of our ability to pay interest payments.
Other
Non-Cash Items and Capitalized Expenditures
The
following information includes non-cash items and capitalized expenditures on
existing properties in our portfolio. These items are not included in the
adjustments to net income available to common stockholders to arrive at FFO.
Analysts and investors often request this supplemental information.
|
(dollars
in thousands)
|
2009
|
2008
|
2007
|
|||||||||
|
Amortization
of share-based compensation
|
$ | 4,726 | $ | 5,049 | $ | 3,857 | ||||||
|
Amortization
of deferred note financing costs(1)
|
1,363 | 1,748 | 1,494 | |||||||||
|
Crest
provisions for impairment
|
277 | 3,374 | -- | |||||||||
|
Provisions
for impairment
|
110 | -- | 272 | |||||||||
|
Amortization
of settlements on treasury lock agreements(2)
|
-- | 759 | 870 | |||||||||
|
Capitalized
leasing costs and commissions
|
(1,185 | ) | (956 | ) | (614 | ) | ||||||
|
Capitalized
building improvements
|
(1,879 | ) | (1,498 | ) | (1,258 | ) | ||||||
|
Straight-line
rent revenue(3)
|
(1,117 | ) | (1,997 | ) | (1,217 | ) | ||||||
|
(1)
|
Amortization
of deferred note financing costs includes the amortization of costs
incurred and capitalized when our notes were issued in October 1998,
January 1999, March 2003, November 2003, March 2005, September 2005,
September 2006 and September 2007. These costs are being amortized over
the lives of these notes. No costs associated with our credit facility
agreements or annual fees paid to credit rating agencies have been
included.
|
|
(2)
|
The
settlement on the treasury lock agreements resulted from an interest rate
risk prevention strategy that we used in 1997 and 1998, which correlated
to pending issuances of senior note securities. We have not employed this
strategy since 1998.
|
|
(3)
|
A
negative amount indicates that our straight-line rent was greater than our
actual cash rent collected.
|
Tenant
leases generally provide for limited increases in rent as a result of increases
in the tenants' sales volumes, increases in the consumer price index (typically
subject to ceilings), and/or fixed increases. We expect that inflation will
cause these lease provisions to result in rent increases over time. During times
when inflation is greater than increases in rent, as provided for in the leases,
rent increases may not keep up with the rate of inflation.
Of our
2,339 retail properties in the portfolio, approximately 96.4% or 2,254 are
leased to tenants under net leases where the tenant is responsible for property
expenses. Net leases tend to reduce our exposure to rising property expenses due
to inflation. Inflation and increased costs may have an adverse impact on our
tenants if increases in their operating expenses exceed increases in
revenue.
For
information on the impact of recent accounting pronouncements on our business,
see note 2 of the Notes to Consolidated Financial Statements.
We are
exposed to interest rate changes primarily as a result of our credit facility
and long-term notes and bonds used to maintain liquidity and expand our real
estate investment portfolio and operations. Our interest rate risk management
objective is to limit the impact of interest rate changes on earnings and cash
flow and to lower our overall borrowing costs. To achieve these objectives we
issue long-term notes and bonds, primarily at fixed rates. We were not a party
to any derivative financial instruments at December 31, 2009. We do not enter
into any derivative transactions for speculative or trading
purposes.
The
following table presents by year of expected maturity, the principal amounts,
average interest rates and fair values as of December 31, 2009. This information
is presented to evaluate the expected cash flows and sensitivity to interest
rate changes (dollars in millions):
Expected Maturity
Data
|
Year
of maturity
|
Fixed
rate debt
|
Average
interest rate
on
fixed rate debt
|
Variable
rate
debt
|
Average
interest rate
on
variable rate debt
|
||||||||||||
|
2010
|
$ | -- | -- | % | $ | -- | -- | % | ||||||||
|
2011(1)
|
-- | -- | 4.6 | 1.231 | ||||||||||||
|
2012
|
-- | -- | -- | -- | ||||||||||||
|
2013(2)
|
100.0 | 5.375 | -- | -- | ||||||||||||
|
2014
|
-- | -- | -- | -- | ||||||||||||
|
Thereafter(3)
|
1,250.0 | 6.162 | -- | -- | ||||||||||||
|
Totals
|
$ | 1,350.0 | 6.103 | % | $ | -- | 1.231 | % | ||||||||
|
Fair
Value(4)
|
$ | 1,276.4 | $ | -- | ||||||||||||
|
(1)
|
The
credit facility expires in May
2011.
|
|
(2)
|
$100
million matures in March 2013.
|
|
(3)
|
$150
million matures in November 2015, $275 million matures in September 2016,
$175 million matures in September 2017, $550 million matures in
August 2019 and $100 million matures in March
2035.
|
|
(4)
|
We
base the fair value of the fixed rate debt at December 31, 2009 on
indicative market prices and recent trading activity of our notes
payable.
|
The
table incorporates only those exposures that exist as of December 31, 2009. It
does not consider those exposures or positions that could arise after that date.
As a result, our ultimate realized gain or loss, with respect to interest rate
fluctuations, would depend on the exposures that arise during the period, our
hedging strategies at the time, and interest rates.
All of
our outstanding notes and bonds have fixed interest rates. Our credit facility
interest rate is variable. Based on our credit facility balance of $4.6 million
at December 31, 2009, a 1% change in interest rates would change our interest
costs by $46,000 per year.
Table
of Contents
|
|
A.
|
Report
of Independent Registered Public Accounting
Firm
|
|
|
B.
|
Consolidated
Balance Sheets,
|
|
|
December
31, 2009 and 2008
|
|
|
C.
|
Consolidated
Statements of Income,
|
|
|
Years
ended December 31, 2009, 2008 and
2007
|
|
|
D.
|
Consolidated
Statements of Stockholders’ Equity,
|
|
|
Years
ended December 31, 2009, 2008 and
2007
|
|
|
E.
|
Consolidated
Statements of Cash Flows,
|
|
|
Years
ended December 31, 2009, 2008 and
2007
|
|
|
F.
|
Notes
to Consolidated Financial
Statements
|
|
|
G.
|
Consolidated
Quarterly Financial Data
|
|
|
(unaudited)
for 2009 and 2008
|
|
|
H.
|
Schedule
III Real Estate and Accumulated
Depreciation
|
|
|
Schedules
not filed: All schedules, other than that indicated in the
Table of Contents, have been omitted as the required information is either
not material, inapplicable or the information is presented in the
financial statements or related
notes.
|
Report of Independent
Registered Public Accounting Firm
The
Board of Directors and Stockholders
Realty
Income Corporation:
We have
audited the accompanying consolidated balance sheets of Realty Income
Corporation and subsidiaries as of December 31, 2009 and 2008, and the related
consolidated statements of income, stockholders’ equity, and cash flows for each
of the years in the three-year period ended December 31, 2009. In connection
with our audits of the consolidated financial statements, we have also audited
the financial statement schedule III. We have also audited Realty Income
Corporation’s internal control over financial reporting as of December 31, 2009,
based on criteria established in Internal Control-Integrated
Framework issued by the Committee of Sponsoring Organizations of the
Treadway Commission (COSO). Realty Income Corporation’s management is
responsible for these consolidated financial statements and financial statement
schedule, for maintaining effective internal control over financial reporting,
and for its assessment of the effectiveness of internal control over financial
reporting, included in the accompanying Management’s Report on Internal Control
Over Financial Reporting. Our responsibility is to express an opinion
on these consolidated financial statements and financial statement schedule, and
an opinion on Realty Income Corporation's internal control over financial
reporting based on our audits.
We
conducted our audits in accordance with the standards of the Public Company
Accounting Oversight Board (United States). Those standards require
that we plan and perform the audits to obtain reasonable assurance about whether
the financial statements are free of material misstatement and whether effective
internal control over financial reporting was maintained in all material
respects. Our audits of the consolidated financial statements
included examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statements, assessing the accounting principles
used and significant estimates made by management, and evaluating the overall
financial statement presentation. Our audit of internal control over
financial reporting included obtaining an understanding of internal control over
financial reporting, assessing the risk that a material weakness exists, and
testing and evaluating the design and operating effectiveness of internal
control based on the assessed risk. Our audits also included
performing such other procedures as we considered necessary in the
circumstances. We believe that our audits provide a reasonable basis
for our opinions.
A
company’s internal control over financial reporting is a process designed 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. A company’s internal
control over financial reporting includes those policies and procedures that (1)
pertain to the maintenance of records that, in reasonable detail, accurately and
fairly reflect the transactions and dispositions of the assets of the company;
(2) provide reasonable assurance that transactions are recorded as necessary to
permit preparation of financial statements in accordance with generally accepted
accounting principles, and that receipts and expenditures of the company are
being made only in accordance with authorizations of management and directors of
the company; and (3) provide reasonable assurance regarding prevention or timely
detection of unauthorized acquisition, use, or disposition of the company’s
assets that could have a material effect on the financial
statements.
Because
of its inherent limitations, internal control over financial reporting may not
prevent or detect misstatements. Also, projections of any evaluation
of effectiveness to future periods are subject to the risk that controls may
become inadequate because of changes in conditions, or that the degree of
compliance with the policies or procedures may deteriorate.
In our
opinion, the consolidated financial statements referred to above present fairly,
in all material respects, the financial position of Realty Income Corporation
and subsidiaries as of December 31, 2009 and 2008, and the results of their
operations and their cash flows for each of the years in the three-year
period ended December 31, 2009, in conformity with U.S. generally accepted
accounting principles. Additionally, in our opinion, the related
financial statement schedule, when considered in relation to the basic
consolidated financial statements taken as a whole, presents fairly, in all
material respects, the information set forth therein. Also in our opinion,
Realty Income Corporation maintained, in all material respects, effective
internal control over financial reporting as of December 31, 2009, based on
criteria established in Internal Control-Integrated
Framework issued by the Committee of Sponsoring Organizations of the
Treadway Commission.
/s/ KPMG
San
Diego, California
February
10, 2010
REALTY
INCOME CORPORATION AND SUBSIDIARIES
|
Consolidated
Balance Sheets
|
December
31, 2009 and 2008
(dollars
in thousands, except per share data)
|
2009
|
2008
|
|||||||
|
ASSETS
|
||||||||
|
Real
estate, at cost:
|
||||||||
|
Land
|
$ | 1,169,295 | $ | 1,157,885 | ||||
|
Buildings
and improvements
|
2,270,161 | 2,251,025 | ||||||
|
Total
real estate, at cost
|
3,439,456 | 3,408,910 | ||||||
|
Less
accumulated depreciation and amortization
|
(630,840 | ) | (553,417 | ) | ||||
|
Net
real estate held for investment
|
2,808,616 | 2,855,493 | ||||||
|
Real
estate held for sale, net
|
8,266 | 6,660 | ||||||
|
Net
real estate
|
2,816,882 | 2,862,153 | ||||||
|
Cash
and cash equivalents
|
10,026 | 46,815 | ||||||
|
Accounts
receivable, net
|
10,396 | 10,624 | ||||||
|
Goodwill
|
17,206 | 17,206 | ||||||
|
Other
assets, net
|
60,277 | 57,381 | ||||||
|
Total
assets
|
$ | 2,914,787 | $ | 2,994,179 | ||||
|
LIABILITIES
AND STOCKHOLDERS' EQUITY
|
||||||||
|
Distributions
payable
|
$ | 16,926 | $ | 16,793 | ||||
|
Accounts
payable and accrued expenses
|
38,445 | 38,027 | ||||||
|
Other
liabilities
|
16,807 | 14,698 | ||||||
|
Line
of credit payable
|
4,600 | -- | ||||||
|
Notes
payable
|
1,350,000 | 1,370,000 | ||||||
|
Total
liabilities
|
1,426,778 | 1,439,518 | ||||||
|
Commitments
and contingencies
|
||||||||
|
Stockholders’
equity:
|
||||||||
|
Preferred
stock and paid in capital, par value $1.00 per share, 20,000,000 shares
authorized, 13,900,000 shares issued and outstanding in 2009 and
2008
|
337,790 | 337,790 | ||||||
|
Common
stock and paid in capital, par value $1.00 per share, 200,000,000 shares
authorized, 104,286,705 and 104,211,541 shares issued and outstanding as
of December 31, 2009 and 2008, respectively
|
1,629,237 | 1,624,622 | ||||||
|
Distributions
in excess of net income
|
(479,018 | ) | (407,751 | ) | ||||
|
Total
stockholders' equity
|
1,488,009 | 1,554,661 | ||||||
|
Total
liabilities and stockholders' equity
|
$ | 2,914,787 | $ | 2,994,179 | ||||
|
The
accompanying notes to consolidated financial statements are an integral
part of these statements.
|
REALTY INCOME CORPORATION AND SUBSIDIARIES
|
Consolidated
Statements Of Income
|
Years
Ended December 31, 2009, 2008 and 2007
(dollars
in thousands, except per share data)
|
2009
|
2008
|
2007
|
||||||||||
|
REVENUE
|
||||||||||||
|
Rental
|
$ | 326,145 | $ | 325,896 | $ | 285,133 | ||||||
|
Other
|
1,436 | 1,877 | 6,350 | |||||||||
|
Total
revenue
|
327,581 | 327,773 | 291,483 | |||||||||
|
EXPENSES
|
||||||||||||
|
Depreciation
and amortization
|
91,383 | 89,941 | 75,932 | |||||||||
|
Interest
|
85,528 | 93,956 | 64,331 | |||||||||
|
General
and administrative
|
20,946 | 21,618 | 22,694 | |||||||||
|
Property
|
6,914 | 5,601 | 3,356 | |||||||||
|
Income
taxes
|
677 | 1,230 | 1,392 | |||||||||
|
Total
expenses
|
205,448 | 212,346 | 167,705 | |||||||||
|
Income
from continuing operations
|
122,133 | 115,427 | 123,778 | |||||||||
|
Income
from discontinued operations:
|
||||||||||||
|
Real
estate acquired for resale by Crest
|
958 | 575 | 10,703 | |||||||||
|
Real
estate held for investment
|
8,036 | 15,839 | 5,928 | |||||||||
|
Total
income from discontinued operations
|
8,994 | 16,414 | 16,631 | |||||||||
|
Net
income
|
131,127 | 131,841 | 140,409 | |||||||||
|
Preferred
stock cash dividends
|
(24,253 | ) | (24,253 | ) | (24,253 | ) | ||||||
|
Net
income available to common stockholders
|
$ | 106,874 | $ | 107,588 | $ | 116,156 | ||||||
|
Amounts
available to common stockholders per common share:
|
||||||||||||
|
Income
from continuing operations:
|
||||||||||||
|
Basic
|
$ | 0.94 | $ | 0.90 | $ | 0.99 | ||||||
|
Diluted
|
$ | 0.94 | $ | 0.90 | $ | 0.99 | ||||||
|
Net
income:
|
||||||||||||
|
Basic
|
$ | 1.03 | $ | 1.06 | $ | 1.16 | ||||||
|
Diluted
|
$ | 1.03 | $ | 1.06 | $ | 1.16 | ||||||
|
Weighted
average common shares outstanding:
|
||||||||||||
|
Basic
|
103,577,507 | 101,178,191 | 100,195,031 | |||||||||
|
Diluted
|
103,581,053 | 101,209,883 | 100,333,966 | |||||||||
The
accompanying notes to consolidated financial statements are an integral part of
these statements.
REALTY
INCOME CORPORATION AND SUBSIDIARIES
|
Consolidated Statements Of
Stockholders’ Equity
|
Years
Ended December 31, 2009, 2008 and 2007
(dollars
in thousands)
|
Preferred
|
Common
|
|||||||||||||||||||||||
|
Shares
of
|
Shares
of
|
stock
and
|
stock
and
|
Distributions
|
||||||||||||||||||||
|
preferred
stock
|
common
stock
|
paid
in
capital
|
paid
in
capital
|
in
excess of
net
income
|
Total
|
|||||||||||||||||||
|
Balance,
December 31, 2006
|
13,900,000 | 100,746,226 | $ | 337,781 | $ | 1,540,365 | $ | (302,154 | ) | $ | 1,575,992 | |||||||||||||
|
Net
income
|
-- | -- | -- | -- | 140,409 | 140,409 | ||||||||||||||||||
|
Distributions
paid and payable
|
-- | -- | -- | -- | (182,990 | ) | (182,990 | ) | ||||||||||||||||
|
Preferred
stock issuance cost
|
-- | -- | 9 | -- | -- | 9 | ||||||||||||||||||
|
Share-based
compensation
|
-- | 336,491 | -- | 4,672 | -- | 4,672 | ||||||||||||||||||
|
Balance,
December 31, 2007
|
13,900,000 | 101,082,717 | 337,790 | 1,545,037 | (344,735 | ) | 1,538,092 | |||||||||||||||||
|
Net
income
|
-- | -- | -- | -- | 131,841 | 131,841 | ||||||||||||||||||
|
Distributions
paid and payable
|
-- | -- | -- | -- | (194,857 | ) | (194,857 | ) | ||||||||||||||||
|
Shares issued
in stock
offering,
net of offering costs of $4,024
|
-- | 2,925,000 | -- | 74,425 | -- | 74,425 | ||||||||||||||||||
|
Share-based
compensation
|
-- | 203,824 | -- | 5,160 | -- | 5,160 | ||||||||||||||||||
|
Balance,
December 31, 2008
|
13,900,000 | 104,211,541 | 337,790 | 1,624,622 | (407,751 | ) | 1,554,661 | |||||||||||||||||
|
Net
income
|
-- | -- | -- | -- | 131,127 | 131,127 | ||||||||||||||||||
|
Distributions
paid and payable
|
-- | -- | -- | -- | (202,394 | ) | (202,394 | ) | ||||||||||||||||
|
Share-based
compensation
|
-- | 75,164 | -- | 4,615 | -- | 4,615 | ||||||||||||||||||
|
Balance,
December 31, 2009
|
13,900,000 | 104,286,705 | $ | 337,790 | $ | 1,629,237 | $ | (479,018 | ) | $ | 1,488,009 | |||||||||||||
The
accompanying notes to consolidated financial statements are an integral part of
these statements.
REALTY
INCOME CORPORATION AND SUBSIDIARIES
|
Consolidated
Statements Of Cash Flows
|
Years
Ended December 31, 2009, 2008 and 2007
(dollars
in thousands)
|
2009
|
2008
|
2007
|
||||||||||
|
CASH
FLOWS FROM OPERATING ACTIVITIES
|
||||||||||||
|
Net
income
|
$ | 131,127 | $ | 131,841 | $ | 140,409 | ||||||
|
Adjustments
to net income:
|
||||||||||||
|
Depreciation
and amortization
|
91,383 | 89,941 | 75,932 | |||||||||
|
Income
from discontinued operations:
|
||||||||||||
|
Real
estate acquired for resale
|
(958 | ) | (575 | ) | (10,703 | ) | ||||||
|
Real
estate held for investment
|
(8,036 | ) | (15,839 | ) | (5,928 | ) | ||||||
|
Gain
on sales of land and improvements
|
(15 | ) | (236 | ) | (1,835 | ) | ||||||
|
Amortization
of share-based compensation
|
4,726 | 5,049 | 3,857 | |||||||||
|
Provisions
for impairment on real estate held for investment
|
-- | -- | 138 | |||||||||
|
Cash
provided by (used in) discontinued operations:
|
||||||||||||
|
Real
estate acquired for resale
|
1,235 | 78 | (1,610 | ) | ||||||||
|
Real
estate held for investment
|
666 | 3,618 | 5,728 | |||||||||
|
Investment
in real estate acquired for resale
|
-- | (9 | ) | (29,886 | ) | |||||||
|
Proceeds
from sales of real estate acquired for resale
|
1,987 | 31,455 | 119,790 | |||||||||
|
Collection
of notes receivable by Crest
|
129 | 87 | 651 | |||||||||
|
Change
in assets and liabilities:
|
||||||||||||
|
Accounts
receivable and other assets
|
3,607 | (930 | ) | (49 | ) | |||||||
|
Accounts
payable, accrued expenses and other liabilities
|
856 | 1,675 | 21,675 | |||||||||
|
Net
cash provided by operating activities
|
226,707 | 246,155 | 318,169 | |||||||||
|
CASH
FLOWS FROM INVESTING ACTIVITIES
|
||||||||||||
|
Proceeds
from sales of investment properties:
|
||||||||||||
|
Continuing
operations
|
170 | 439 | 4,370 | |||||||||
|
Discontinued
operations
|
15,425 | 24,191 | 7,014 | |||||||||
|
Acquisition
of and improvements to investment properties
|
(60,459 | ) | (194,106 | ) | (506,360 | ) | ||||||
|
Intangibles
acquired in connection with acquisitions of investment
properties
|
(860 | ) | (397 | ) | (997 | ) | ||||||
|
Restricted
escrow funds acquired in connection with acquisitions of investment
properties
|
-- | -- | (2,648 | ) | ||||||||
|
Net
cash used in investing activities
|
(45,724 | ) | (169,873 | ) | (498,621 | ) | ||||||
|
CASH
FLOWS FROM FINANCING ACTIVITIES
|
||||||||||||
|
Cash
distributions to common stockholders
|
(178,008 | ) | (169,655 | ) | (157,659 | ) | ||||||
|
Cash
dividends to preferred stockholders
|
(24,253 | ) | (24,253 | ) | (24,583 | ) | ||||||
|
Principal
payment on notes payable
|
(20,000 | ) | (100,000 | ) | -- | |||||||
|
Proceeds
from common stock offerings, net
|
-- | 74,425 | -- | |||||||||
|
Debt
issuance costs
|
-- | (3,196 | ) | -- | ||||||||
|
Proceeds
from notes issued, net
|
-- | -- | 544,397 | |||||||||
|
Borrowings
from lines of credit
|
4,600 | -- | 407,800 | |||||||||
|
Payments
under lines of credit
|
-- | -- | (407,800 | ) | ||||||||
|
Proceeds
from preferred stock offerings, net
|
-- | -- | 9 | |||||||||
|
Other
items
|
(111 | ) | 111 | 816 | ||||||||
|
Net
cash (used in) provided by financing activities
|
(217,772 | ) | (222,568 | ) | 362,980 | |||||||
|
Net
(decrease) increase in cash and cash equivalents
|
(36,789 | ) | (146,286 | ) | 182,528 | |||||||
|
Cash
and cash equivalents, beginning of year
|
46,815 | 193,101 | 10,573 | |||||||||
|
Cash
and cash equivalents, end of year
|
$ | 10,026 | $ | 46,815 | $ | 193,101 | ||||||
For
supplemental disclosures, see note 13.
The
accompanying notes to consolidated financial statements are an integral part of
these statements.
REALTY
INCOME CORPORATION AND SUBSIDIARIES
|
Notes
To Consolidated Financial
Statements
|
December
31, 2009, 2008 and 2007
1. Organization
and Operation
Realty
Income Corporation (“Realty Income,” the “Company,” “we", “our” or "us") is
organized as a Maryland corporation. We invest in commercial retail real estate
and have elected to be taxed as a real estate investment trust
("REIT").
At
December 31, 2009, we owned 2,339 properties, located in 49 states, containing
over 19.1 million leasable square feet, along with three properties owned
by our wholly-owned taxable REIT subsidiary, Crest Net Lease, Inc. ("Crest").
Crest was created to buy and sell properties, primarily to individual investors
who are involved in tax-deferred exchanges under Section 1031 of the Internal
Revenue Code of 1986, as amended (the "Code").
Information
with respect to number of properties, square feet, average initial lease term
and weighted average contractual lease rate is unaudited.
|
2.
|
Summary
of Significant Accounting Policies and Procedures and Recent Accounting
Pronouncements
|
Federal Income Taxes. We have
elected to be taxed as a REIT under the Code. We believe we have qualified and
continue to qualify as a REIT. Under the REIT operating structure, we are
permitted to deduct distributions paid to our stockholders and generally will
not be required to pay federal corporate income taxes on such income.
Accordingly, no provision has been made for federal income taxes in the
accompanying consolidated financial statements, except for the federal income
taxes of Crest, which are included in discontinued operations.
Earnings
and profits that determine the taxability of distributions to stockholders
differ from net income reported for financial reporting purposes due to
differences in the estimated useful lives and methods used to compute
depreciation and the carrying value (basis) of the investments in properties for
tax purposes, among other things.
The
following reconciles our net income available to common stockholders to taxable
income (dollars in thousands):
|
2009(1)
|
2008
|
2007
|
||||||||||
|
Net
income available to common stockholders
|
$ | 106,874 | $ | 107,588 | $ | 116,156 | ||||||
|
Preferred
stock cash dividends
|
24,253 | 24,253 | 24,583 | |||||||||
|
Depreciation
and amortization timing differences
|
27,094 | 28,624 | 22,668 | |||||||||
|
Tax
gain on the sales of real estate less than book gain
|
(5,436 | ) | (4,518 | ) | -- | |||||||
|
Tax
loss on the sale of real estate less than book gain
|
-- | -- | (3,839 | ) | ||||||||
|
Dividends
received from Crest
|
-- | 2,500 | 3,300 | |||||||||
|
Elimination
of net revenue and expenses from Crest
|
378 | 270 | (6,677 | ) | ||||||||
|
Adjustment
for share-based compensation
|
1,824 | 2,270 | 314 | |||||||||
|
Adjustment
for straight-line rent
|
(1,117 | ) | (1,997 | ) | (1,217 | ) | ||||||
|
Adjustment
for an increase (decrease) in prepaid rent
|
1,273 | (1,226 | ) | 5,608 | ||||||||
|
Other
adjustments
|
(191 | ) | (321 | ) | (453 | ) | ||||||
|
Taxable
net income, before our dividends paid deduction
|
$ | 154,952 | $ | 157,443 | $ | 160,443 | ||||||
|
(1)
|
The 2009 information presented is
a reconciliation of our net income available to common stockholders to
estimated taxable net
income.
|
We
regularly analyze our various federal and state filing positions and only
recognize the income tax effect in our financial statements when certain
criteria regarding uncertain income tax positions have been met. We believe that
our income tax positions would more likely than not be sustained upon
examination by all relevant taxing authorities. Therefore, no reserves for
uncertain income tax positions have been recorded in our financial
statements.
Absent
an election to the contrary, if a REIT acquires property that is or has been
owned by a C corporation in a transaction in which the tax basis of the property
in the hands of the REIT is determined by reference to the tax basis of the
property in the hands of the C corporation, and the REIT recognizes gain on the
disposition of such property during the 10 year period beginning on the date on
which it acquired the property, then the REIT will be required to pay tax at the
highest regular corporate tax rate on this gain to the extent of the excess of
the fair market value of the property over the REIT’s adjusted basis in the
property, in each case determined as of the date the REIT acquired the property.
In August 2007, we acquired 100% of the stock of a C corporation that owned
real property. At the time of acquisition, the C corporation became a Qualified
REIT Subsidiary, was deemed to be liquidated for Federal income tax purposes,
and the real property was deemed to be transferred to us with a carryover tax
basis. As of December 31, 2009, we have built-in gains of $60 million with
respect to such property. We do not expect that we will be required to pay
income tax on the built-in gains in these properties during the ten-year
period ending August 28, 2017. It is our intent, and we have the ability, to
defer any dispositions of these properties to periods when the related gains
would not be subject to the built-in gain income tax or otherwise to defer the
recognition of the built-in gain related to these properties. However, our plans
could change and it may be necessary to dispose of one or more of these
properties in a taxable transaction before August 28, 2017, in which case we
would be required to pay corporate level tax with respect to the built-in gains
on these properties as described above.
Net Income Per Common Share.
Basic net income per common share is computed by dividing net income available
to common stockholders by the weighted average number of common shares
outstanding during each period. Diluted net income per common share is computed
by dividing net income available to common stockholders for the period by the
weighted average number of common shares that would have been outstanding
assuming the issuance of common shares for all potentially dilutive common
shares outstanding during the reporting period.
The
following is a reconciliation of the denominator of the basic net income per
common share computation to the denominator of the diluted net income per common
share computation:
|
2009
|
2008
|
2007
|
|
|
Weighted
average shares used for the basic net income per share
computation
|
103,577,507
|
101,178,191
|
100,195,031
|
|
Incremental
shares from share-based compensation
|
3,546
|
31,692
|
138,935
|
|
Adjusted
weighted average shares used for diluted net income per share
computation
|
103,581,053
|
101,209,883
|
100,333,966
|
|
Unvested
shares from share-based compensation that were
anti-dilutive
|
542,368
|
614,917
|
243,631
|
No
stock options were anti-dilutive in 2009, 2008 or 2007.
Other Assets. Other assets
consist of the following (dollars in thousands) at:
|
December
31,
|
2009
|
2008
|
||||||
|
Notes
receivable issued in connection with Crest property sales
|
$ | 22,214 | $ | 22,344 | ||||
|
Deferred
bond financing costs, net
|
11,899 | 13,249 | ||||||
|
Value
of in-place and above-market leases, net
|
10,928 | 10,534 | ||||||
|
Prepaid
expenses
|
7,738 | 4,244 | ||||||
|
Escrow
deposits for Section 1031 tax-deferred exchanges
|
4,479 | 3,174 | ||||||
|
Credit
facility organization costs, net
|
1,470 | 2,552 | ||||||
|
Corporate
assets, net of accumulated depreciation and amortization
|
1,058 | 1,277 | ||||||
|
Other
items
|
491 | 7 | ||||||
| $ | 60,277 | $ | 57,381 | |||||
Distributions Payable.
Distributions payable consist of the following declared distributions
(dollars in thousands) at:
|
December
31,
|
2009
|
2008
|
||||||
|
Common
stock distributions
|
$ | 14,905 | $ | 14,772 | ||||
|
Preferred
stock dividends
|
2,021 | 2,021 | ||||||
| $ | 16,926 | $ | 16,793 | |||||
Accounts Payable and Accrued
Expenses. Accounts payable and accrued expenses consist of the following
(dollars in thousands) at:
|
December
31,
|
2009
|
2008
|
||||||
|
Bond
interest payable
|
$ | 25,972 | $ | 26,706 | ||||
|
Other
items
|
12,473 | 11,321 | ||||||
| $ | 38,445 | $ | 38,027 | |||||
Other Liabilities. Other
liabilities consist of the following (dollars in thousands) at:
|
December
31,
|
2009
|
2008
|
||||||
|
Rent
received in advance
|
$ | 10,341 | $ | 9,083 | ||||
|
Security
deposits
|
4,334 | 3,937 | ||||||
|
Value
of below-market leases, net
|
2,132 | 1,678 | ||||||
| $ | 16,807 | $ | 14,698 | |||||
Discontinued Operations.
Realty Income's operations from seven investment properties classified as held
for sale at December 31, 2009, plus properties sold in 2009, 2008 and 2007, are
reported as discontinued operations. Their respective results of operations have
been reclassified as "income from discontinued operations, real estate held for
investment" on our consolidated statements of income. We do not depreciate
properties that are classified as held for sale.
Crest
acquires properties with the intention of reselling them rather than holding
them for investment and operating the properties. Consequently, we typically
classify properties acquired by Crest as held for sale at the date of
acquisition and do not depreciate them. As a result, the operations of Crest’s
properties are classified as "income from discontinued operations, real estate
acquired for resale by Crest" on our consolidated statements of
income.
No debt
was assumed by buyers of our investment properties, or repaid as a result of our
investment property sales, and we do not allocate interest expense to
discontinued operations related to real estate held for investment. We allocate
interest expense related to borrowings specifically attributable to Crest’s
properties. The interest expense amounts allocated to the Crest
properties held for sale are included in "income from discontinued operations,
real estate acquired for resale by Crest" on our consolidated statements of
income.
If
circumstances arise, which were previously considered unlikely and, as a result,
we decide not to sell a property previously classified as held for sale, the
property is reclassified as real estate held for investment. A property that is
reclassified to held for investment is measured and recorded at the lower of (i)
its carrying amount before the property was classified as held for sale,
adjusted for any depreciation expense that would have been recognized had the
property been continuously classified as held for investment, or (ii) the fair
value at the date of the subsequent decision not to sell.
The
following is a summary of Crest’s "income from discontinued operations, real
estate acquired for resale" on our consolidated statements of income (dollars in
thousands):
|
Crest’s
income from discontinued operations, real
estate acquired for resale
|
2009
|
2008
|
2007
|
|||||||||
|
Rental
revenue
|
$ | 246 | $ | 1,830 | $ | 8,165 | ||||||
|
Other
revenue
|
1,403 | 914 | 190 | |||||||||
|
Gain
on sales of real estate acquired for resale
|
-- | 4,642 | 12,319 | |||||||||
|
Interest
expense
|
(595 | ) | (1,797 | ) | (6,201 | ) | ||||||
|
General
and administrative expense
|
(336 | ) | (511 | ) | (691 | ) | ||||||
|
Property
expenses
|
(128 | ) | (133 | ) | (40 | ) | ||||||
|
Provisions
for impairment
|
(277 | ) | (3,374 | ) | -- | |||||||
|
Depreciation(1)
|
-- | (771 | ) | -- | ||||||||
|
Income
taxes
|
645 | (225 | ) | (3,039 | ) | |||||||
|
Income
from discontinued operations, real
estate acquired for resale by Crest
|
$ | 958 | $ | 575 | $ | 10,703 | ||||||
|
(1)
|
Depreciation
was recorded on one property that was classified as held for
investment. This property was sold in
2008.
|
The
following is a summary of Realty Income’s "income from discontinued operations,
from real estate held for investment" on our consolidated statements of income
(dollars in thousands):
|
Realty
Income’s income from discontinued operations, real estate held for
investment
|
2009
|
2008
|
2007
|
|||||||||
|
Gain
on sales of investment properties
|
$ | 8,044 | $ | 13,314 | $ | 1,724 | ||||||
|
Rental
revenue
|
1,178 | 3,831 | 5,907 | |||||||||
|
Other
revenue
|
35 | 96 | 6 | |||||||||
|
Depreciation
and amortization
|
(564 | ) | (1,093 | ) | (1,390 | ) | ||||||
|
Property
expenses
|
(547 | ) | (309 | ) | (185 | ) | ||||||
|
Provisions
for impairment
|
(110 | ) | -- | (134 | ) | |||||||
|
Income
from discontinued operations, real
estate held for investment
|
$ | 8,036 | $ | 15,839 | $ | 5,928 | ||||||
The
following is a summary of our total income from discontinued operations (dollars
in thousands, except per share data):
|
Total
discontinued operations
|
2009
|
2008
|
2007
|
|||||||||
|
Real
estate acquired for resale by Crest
|
$ | 958 | $ | 575 | $ | 10,703 | ||||||
|
Real
estate held for investment
|
8,036 | 15,839 | 5,928 | |||||||||
|
Income
from discontinued operations
|
$ | 8,994 | $ | 16,414 | $ | 16,631 | ||||||
|
Per
common share, basic and diluted
|
$ | 0.09 | $ | 0.16 | $ | 0.17 | ||||||
The per
share amounts for "income from discontinued operations" above and the "income
from continuing operations" and "net income" reported on the consolidated
statements of income have each been calculated independently.
Revenue Recognition and Accounts
Receivable. All leases are accounted for as operating leases. Under this
method, lease payments that have fixed and determinable rent increases are
recognized on a straight-line basis over the lease term. Any rental revenue
contingent upon a tenant’s sales is recognized only after the tenant exceeds
their sales breakpoint. Rental increases based upon changes in the consumer
price indexes are recognized only after the changes in the indexes have occurred
and are then applied according to the lease agreements.
We
recognize an allowance for doubtful accounts relating to accounts receivable for
amounts deemed uncollectible. We consider tenant specific issues, such as
financial stability and ability to pay, when determining collectibility of
accounts receivable and appropriate allowances to record. Our allowance for
doubtful accounts at December 31, 2009 was $865,000 and at December 31, 2008 was
$637,000.
Other
revenue includes non-operating interest earned from investments in money market
funds and other notes of $51,000 in 2009, $1.4 million in 2008 and $3.6 million
in 2007.
Principles of Consolidation.
The accompanying consolidated financial statements include the accounts of
Realty Income, Crest and other entities for which we make operating and
financial decisions (i.e. control), after elimination of all material
intercompany balances and transactions. All of Realty Income’s subsidiaries are
wholly-owned. We have no unconsolidated or off-balance sheet investments in
variable interest entities.
Cash Equivalents. We consider
all short-term, highly liquid investments that are readily convertible to cash
and have an original maturity of three months or less at the time of purchase to
be cash equivalents. Our cash equivalents are primarily investments in United
States Treasury or government money market funds.
Gain on Sales of Properties.
When real estate is sold, the related net book value of the applicable assets is
removed and a gain from the sale is recognized in our consolidated statements of
income. We generally record a gain from the sale of real estate provided that
various criteria, relating to the terms of the sale and any subsequent
involvement by us with the real estate, have been met.
Allocation of the Purchase Price of
Real Estate Acquisitions. When acquiring a property for investment
purposes, we allocate the fair value of real estate acquired with in-place
operating leases to: 1) land, 2) building and improvements, and 3) identified
intangible assets and liabilities, based in each case on their fair values.
Intangible assets and liabilities consist of above-market and below-market
leases, the value of in-place leases and tenant relationships.
The
fair value of the tangible assets of an acquired property (which includes land
and buildings/improvements) is determined by valuing the property as if it were
vacant, and the “as-if-vacant” value is then allocated to land and
buildings/improvements based on our determination of the relative fair value of
these assets. Our determinations are based on a real estate appraisal for each
property, generated by an independent appraisal firm, and consider estimates of
carrying costs during the expected lease-up periods, current market conditions,
as well as costs to execute similar leases. In allocating the fair value to
identified intangibles for above-market or below-market leases, an amount is
recorded based on the present value of the difference between (i) the
contractual amount to be paid pursuant to the in-place lease and (ii) our
estimate of fair market lease rate for the corresponding in-place lease,
measured over a period equal to the remaining term of the lease.
Capitalized
above-market lease values are amortized as a reduction of rental income over the
remaining terms of the respective leases. Capitalized below-market lease values
are amortized as an increase to rental income over the remaining terms of the
respective leases and expected below-market renewal option periods.
The
aggregate value of other acquired intangible assets consists of the value of
in-place leases and tenant relationships. These are measured by the excess of
the purchase price paid for a property, after adjusting for above or
below-market lease value, less the estimated fair value of the property “as if
vacant,” determined as set forth above. The value of in-place leases, exclusive
of the value of above-market and below-market in-place leases, is amortized to
expense over the remaining periods of the respective leases. If a lease were to
be terminated prior to its stated expiration, all unamortized amounts relating
to that lease would be recorded to revenue or expense as
appropriate.
Depreciation and Amortization.
Land, buildings and improvements are recorded and stated at cost. Major
replacements and betterments, which improve or extend the life of the asset, are
capitalized and depreciated over their estimated useful lives, while ordinary
repairs and maintenance are expensed as incurred. Buildings and improvements
that are under redevelopment, or are being developed, are carried at cost and no
depreciation is recorded on these assets. Additionally, amounts essential to the
development of the property, such as pre-construction, development,
construction, interest and any other costs incurred during the period of
development are capitalized. We cease capitalization when the property is
available for occupancy upon substantial completion of tenant improvements, but
in any event no later than one year from the completion of major construction
activity.
Properties
are depreciated using the straight-line method over the estimated useful lives
of the assets. The estimated useful lives are as
follows:
Buildings 25
years
Building
improvements 4
to 15 years
Tenant
improvements and lease
commissions The
shorter of the term of the related lease or useful life
Acquired
in-place
leases
Remaining terms of the respective leases
Provisions for Impairment. We
review long-lived assets for impairment whenever events or changes in
circumstances indicate that the carrying amount of an asset may not be
recoverable. Generally, a provision for impairment is recorded if estimated
future operating cash flows (undiscounted and without interest charges) plus
estimated disposition proceeds (undiscounted) are less than the current book
value of the property. Key inputs that we estimate in this analysis include
projected rental rates, capital expenditures and property sales capitalization
rates. Additionally, a property classified as held for sale is carried at the
lower of carrying cost or estimated fair value, less estimated cost to
sell.
In
2009, we recorded a provision for impairment of $110,000 on one retail
investment property in the convenience store industry, which is held for sale.
This provision for impairment is included in "income from discontinued
operations, real estate held for investment" on our consolidated statement of
income for 2009. Additionally, in 2009, Crest recorded total provisions for
impairment of $277,000 on three retail properties held for sale at December 31,
2009 and two properties which were sold in 2009. These provisions for impairment
are included in "income from discontinued operations, real estate acquired for
resale by Crest" on our consolidated statement of income for 2009.
No
provisions for impairment were recorded by Realty Income in 2008. In 2008, Crest
recorded total provisions for impairment of $3.4 million on three retail
properties, which were held for sale at December 31, 2008. These provisions for
impairment are included in "income from discontinued operations, real estate
acquired for resale by Crest" on our consolidated statement of income for
2008.
In
2007, we recorded a provision for impairment of $134,000 on one retail
investment property in the motor vehicle industry. This provision for
impairment is included in “income from discontinued operations, real estate held
for investment” on our consolidated statement of income for 2007. In
2007, we also recorded a provision for impairment of $138,000 on one retail
investment property in the consumer electronics industry. This
provision for impairment is included in "property expense" on our consolidated
statement of income for 2007. No provisions for impairment were
recorded by Crest in 2007.
Asset Retirement Obligations. We analyze our future legal obligations associated with the other-than-temporary removal of tangible long-lived assets, also referred to as asset retirement obligations. When we determine that we have a legal obligation to provide services upon the retirement of a tangible long-lived asset, we record a liability for this obligation based on the estimated fair market value of this obligation and adjust the carrying amount of the related long-lived asset by the same amount. This asset is amortized over its estimated useful life. The estimated fair value of the asset retirement obligation is calculated by discounting the future cash flows using a credit-adjusted risk-free interest rate.
Goodwill. Goodwill is tested
for impairment during the second quarter of each year as well as when events or
circumstances occur indicating that our goodwill might be
impaired. We did not record any new goodwill or impairment on our
existing goodwill during 2009, 2008 or 2007.
Sales Taxes. We collect and
remit sales taxes assessed by different governmental authorities that are both
imposed on and concurrent with a revenue-producing transaction between us and
our tenants. We report the collection of these taxes on a net basis (excluded
from revenues). The amounts of these taxes are not significant to our financial
position or results of operations.
Use of Estimates. The
consolidated financial statements were prepared in conformity with U.S.
generally accepted accounting principles, or GAAP, which requires management to
make estimates and assumptions that affect the reported amounts of assets and
liabilities, the disclosure of contingent assets and liabilities at the date of
the financial statements, and the reported amounts of revenue and expenses
during the reporting period. Actual results could differ from those
estimates.
Impact of Recent Accounting
Pronouncements. In August 2009, the Financial Accounting Standards Board
("FASB") issued Accounting Standards Update ("ASU") No. 2009-05, Fair Value Measurements and
Disclosures. ASU No. 2009-05, which became effective for us in 2009,
provides clarification to measuring the fair value of a liability. In
circumstances in which a quoted market price in an active market for the
identical liability is not available, a reporting entity is required to measure
fair value by using either (1) a valuation technique that uses quoted prices for
identical or similar liabilities or (2) another valuation technique, such as a
present value technique or a technique that is based on the amount paid or
received by the reporting entity to transfer an identical liability. ASU No.
2009-05 only applies to our disclosures in note 12 related to the estimated fair
value of our notes payable and did not have a significant impact on our footnote
disclosures.
In
January 2010, the FASB issued ASU No. 2010-06, Fair Value Measurements and
Disclosures (Topic 820): Improving Disclosures about Fair Value
Measurements. Effective for interim and annual reporting periods
beginning after December 15, 2009, this ASU requires new disclosures and
clarifies existing disclosure requirements about fair value
measurement. ASU No. 2010-06 only applies to our disclosures in note 12
related to the estimated fair values of our notes payable and notes receivable
and is not expected to have a significant impact on our footnote
disclosures.
Reclassifications. Certain of
the 2008 and 2007 balances have been reclassified to conform to the 2009
presentation.
3. Retail
Properties Acquired
We
acquire land, buildings and improvements that are used by retail
operators.
A. During
2009, Realty Income invested $57.9 million in 16 new properties with an initial
weighted average contractual lease rate of 9.7%. These 16 properties are located
in five states, contain over 278,000 leasable square feet, and are 100% leased
with an average lease term of 17.9 years. The initial weighted average
contractual lease rate is computed by dividing the estimated aggregate base cash
flow for the first year of each lease by the estimated total cost of the
properties. In connection with these acquisitions, transaction costs of $62,000
were recorded to "general and administrative" expense on our consolidated
statement of income for 2009.
In
comparison, during 2008, Realty Income invested $189.6 million in 108 new retail
properties and properties under development with an initial weighted average
contractual lease rate of 8.7%. These 108 properties are located in 14 states,
contain over 714,000 leasable square feet, and are 100% leased with an average
lease term of 20.6 years.
B. During
2009 and 2008, Crest did not invest in any new retail properties.
C. Crest’s
property inventory at December 31, 2009 consisted of three properties valued at
$3.8 million, and at December 31, 2008, consisted of five properties valued
at $6.0 million. These amounts are included on our consolidated balance
sheets in "real estate held for sale, net."
D. Of
the $57.9 million invested by Realty Income in 2009, $10.5 million was used to
acquire three retail properties with existing leases. Realty Income recorded
$1.4 million as the intangible value of the in-place leases, $150,000 as the
intangible value of above-market leases and $655,000 as the intangible value of
below-market leases for 2009. The value of the in-place and above-market leases
are recorded to "other assets" on our consolidated balance sheet, as of December
31, 2009, and the value of the below-market leases are recorded to "other
liabilities" on our consolidated balance sheet as of December 31, 2009. All of
these amounts are amortized over the life of the respective leases.
Of the
$189.6 million invested by Realty Income in 2008, $10.0 million was used to
acquire two retail properties with existing leases. Realty Income recorded
$397,000 as the intangible value of the in-place leases for
2008. This amount is recorded to "other assets" on our consolidated
balance sheets and amortized over the life of the respective
leases.
4. Credit
Facility
In May
2008, we entered into a $355 million revolving, unsecured credit facility that
replaced our previous $300 million acquisition credit facility. The term of
our credit facility is for three years, until May 2011, plus two, one-year
extension options. Under our credit facility, our investment grade credit
ratings provide for financing at the London Interbank Offered Rate, commonly
referred to as LIBOR, plus 100 basis points with a facility commitment fee of
27.5 basis points, for all-in drawn pricing of 127.5 basis points over LIBOR. We
also have other interest rate options available to us. Our credit facility is
unsecured and, accordingly, we have not pledged any assets as collateral for
this obligation.
In May
2008, as a result of entering into our current credit facility, we incurred $3.2
million of credit facility origination costs that were capitalized and are being
amortized over three years. Included in "other assets" on our consolidated
balance sheets, at December 31, 2009, is $1.5 million of the $3.2 million, and
at December 31, 2008, is $2.6 million.
In
2009, we did not utilize our credit facility until December and we did not
utilize our credit facility during 2008. Our average borrowing rate on our
credit facility during December 2009 was 1.2% and during 2007 was 6.0%. Our
effective borrowing rate at December 31, 2009 was 1.2% and at December 31, 2008
was 1.4%. Our current and prior credit facilities are and were subject to
various leverage and interest coverage ratio limitations. We are and have been
in compliance with these covenants.
5. Notes
Payable
|
A.
|
General
|
Our
senior unsecured note obligations consist of the following, sorted by maturity
date, (dollars in millions):
|
December
31,
|
2009
|
2008
|
||||||
|
8%
notes, issued in January 1999 and due in January 2009
|
$ | -- | $ | 20.0 | ||||
|
5.375%
notes, issued in March 2003 and due in March 2013
|
100.0 | 100.0 | ||||||
|
5.5%
notes, issued in November 2003 and due in November 2015
|
150.0 | 150.0 | ||||||
|
5.95%
notes, issued in September 2006 and due in September 2016
|
275.0 | 275.0 | ||||||
|
5.375%
notes, issued in September 2005 and due in September 2017
|
175.0 | 175.0 | ||||||
|
6.75%
notes, issued in September 2007 and due in August 2019
|
550.0 | 550.0 | ||||||
|
5.875%
bonds, issued in March 2005 and due in March 2035
|
100.0 | 100.0 | ||||||
| $ | 1,350.0 | $ | 1,370.0 | |||||
The
following table summarizes the maturity of our notes payable as of December 31,
2009 (dollars in millions):
|
Year
of Maturity
|
Notes
|
|||
|
2010
|
$ | -- | ||
|
2011
|
-- | |||
|
2012
|
-- | |||
|
2013
|
100.0 | |||
|
2014
|
-- | |||
|
Thereafter
|
1,250.0 | |||
|
Totals
|
$ | 1,350.0 | ||
Interest
incurred on all of the notes for 2009 was $82.5 million, for 2008 was $91.2
million and for 2007 was $67.1 million. The interest rate on each of these notes
is fixed.
Our
outstanding notes are unsecured; accordingly, we have not pledged any assets as
collateral for these or any other obligations. Interest on all of the senior
note obligations is paid semiannually.
All of
these notes contain various covenants, including: (i) a limitation on incurrence
of any debt which would cause our debt to total adjusted assets ratio to exceed
60%; (ii) a limitation on incurrence of any secured debt which would cause our
secured debt to total adjusted assets ratio to exceed 40%; (iii) a limitation on
incurrence of any debt which would cause our debt service coverage ratio to be
less than 1.5 times; and (iv) the maintenance at all times of total unencumbered
assets not less than 150% of our outstanding unsecured debt. We have been in
compliance with these covenants since each of the notes were
issued.
|
B.
|
Note
Redemptions
|
On
their maturity date in January 2009, we redeemed, using cash on hand, all of our
outstanding 8.00% notes issued in January 1999 at a redemption price equal to
100% of the principal amount, plus accrued and unpaid interest.
On
their maturity date in November 2008, we redeemed, using proceeds from our
September 2008 common stock offering and cash on hand, all of our outstanding
8.25% senior notes issued in October 1998 (the "2008 Notes") at a redemption
price equal to 100% of the principal amount, plus accrued and unpaid
interest.
|
C.
|
Note
Issuance
|
In
September 2007, we issued $550 million in aggregate principal amount of 6.75%
senior unsecured notes due 2019 (the “2019 Notes”). The price to the investor
for the 2019 Notes was 99.827% of the principal amount for an effective yield of
6.772%. The net proceeds of approximately $544.4 million from this offering were
used to fund certain property acquisitions, repay borrowings under our
acquisition credit facility and for general corporate purposes, including
additional property acquisitions.
6. Common
Stock Offerings
In
September 2008, we issued 2.925 million shares of common stock at a price of
$26.82 per share. The net proceeds of approximately $74.4 million were used,
along with our available cash on hand, to redeem the $100
million outstanding principal amount of our 2008 Notes in November
2008.
7. Preferred
Stock
A. In
2004, we issued 5.1 million shares of 7.375% Monthly Income Class D
cumulative redeemable preferred stock. In May 2009, the Class D preferred
shares became redeemable, at our option, for $25 per share. During 2009, 2008
and 2007, we paid twelve monthly dividends to holders of our Class D preferred
stock totaling $1.8437508 per share, or $9.4 million, and at December 31, 2009,
a monthly dividend of $0.1536459 per share was payable and was paid in January
2010.
B. In
2006, we issued 8.8 million shares of 6.75% Monthly Income Class E cumulative
redeemable preferred stock. Beginning December 7, 2011, the Class E preferred
shares are redeemable, at our option, for $25 per share. During both 2009 and
2008, we paid twelve monthly dividends to holders of our Class E preferred stock
totaling $1.6875 per share, or $14.9 million, and at December 31, 2009, a
monthly dividend of $0.140625 per share was payable and was paid in January
2010. During 2007, we paid twelve monthly dividends to holders of our Class E
preferred stock totaling $1.725 per share, or $15.2 million. In January 2007, we
paid the first Class E preferred dividend of $0.178125 per share, which covered
a period of 38 days.
8. Distributions
Paid and Payable
|
A.
|
Common
Stock
|
We pay
monthly distributions to our common stockholders. The following is a
summary of monthly distributions paid per common share for the
years:
|
Month
|
2009
|
2008
|
2007
|
|||||||||
|
January
|
$ | 0.1417500 | $ | 0.136750 | $ | 0.126500 | ||||||
|
February
|
0.1417500 | 0.136750 | 0.126500 | |||||||||
|
March
|
0.1417500 | 0.136750 | 0.126500 | |||||||||
|
April
|
0.1420625 | 0.137375 | 0.127125 | |||||||||
|
May
|
0.1420625 | 0.137375 | 0.127125 | |||||||||
|
June
|
0.1420625 | 0.137375 | 0.127125 | |||||||||
|
July
|
0.1423750 | 0.138000 | 0.127750 | |||||||||
|
August
|
0.1423750 | 0.138000 | 0.127750 | |||||||||
|
September
|
0.1423750 | 0.140500 | 0.135500 | |||||||||
|
October
|
0.1426875 | 0.141125 | 0.136125 | |||||||||
|
November
|
0.1426875 | 0.141125 | 0.136125 | |||||||||
|
December
|
0.1426875 | 0.141125 | 0.136125 | |||||||||
|
Total
|
$ | 1.7066250 | $ | 1.662250 | $ | 1.560250 | ||||||
The
following presents the federal income tax characterization of distributions paid
or deemed to be paid per common share for the years:
|
2009
|
2008
|
2007
|
||||||||||
|
Ordinary
income
|
$ | 1.2739214 | $ | 1.2681285 | $ | 1.3847719 | ||||||
|
Nontaxable
distributions
|
0.4113034 | 0.3121490 | 0.1754781 | |||||||||
|
Capital
gain
|
0.0214002 | 0.0819725 | -- | |||||||||
|
Totals
|
$ | 1.7066250 | $ | 1.6622500 | $ | 1.5602500 | ||||||
At
December 31, 2009, a distribution of $0.143 per common share was payable and was
paid in January 2010. At December 31, 2008, a distribution of $0.14175 per
common share was payable and was paid in January 2009.
|
B.
|
Class
D Preferred Stock
|
Dividends
of $0.1536459 per share are paid monthly in arrears on the Class D
preferred stock. We declared dividends to holders of our Class D preferred stock
totaling $9.4 million in 2009, 2008 and 2007, respectively.
The
following presents the federal income tax characterization of dividends paid per
share to our Class D preferred stockholders for the years:
|
2009
|
2008
|
2007
|
||||||||||
|
Ordinary
income
|
$ | 1.8206316 | $ | 1.7528280 | $ | 1.8437508 | ||||||
|
Capital
gain
|
0.0231192 | 0.0909228 | -- | |||||||||
|
Totals
|
$ | 1.8437508 | $ | 1.8437508 | $ | 1.8437508 | ||||||
|
C.
|
Class
E Preferred Stock
|
Dividends
of $0.140625 per share are paid monthly in arrears on the Class E preferred
stock. We declared dividends to holders of our Class E preferred
stock totaling $14.9 million in 2009, 2008 and 2007. The first Class E dividend
was paid in January 2007.
The
following presents the federal income tax characterization of dividends paid per
share to our Class E preferred stockholders for the years:
|
2009
|
2008
|
2007
|
||||||||||
|
Ordinary
income
|
$ | 1.6663392 | $ | 1.6042824 | $ | 1.7250000 | ||||||
|
Capital
gain
|
0.0211608 | 0.0832176 | -- | |||||||||
|
Totals
|
$ | 1.6875000 | $ | 1.6875000 | $ | 1.7250000 | ||||||
9. Operating
Leases
A. At
December 31, 2009, we owned 2,339 properties in 49 states, plus an additional
three properties owned by Crest. Of the 2,339 properties, 2,328, or 99.5%, are
single-tenant, retail properties and the remaining 11 are multi-tenant,
distribution and office properties. At December 31, 2009, 75 properties were
vacant and available for lease or sale.
Substantially
all leases are net leases where the tenant pays property taxes and assessments,
maintains the interior and exterior of the building and leased premises, and
carries insurance coverage for public liability, property damage, fire and
extended coverage.
Rent
based on a percentage of a tenants’ gross sales (percentage rents) for 2009 was
$1.3 million, for 2008 was $1.3 million and for 2007 was $851,000, including
amounts recorded to discontinued operations of $22,000 in 2008 and $55,000 in
2007.
At
December 31, 2009, minimum future annual rents to be received on the operating
leases for the next five years and thereafter are as follows (dollars in
thousands):
|
2010
|
$ | 320,273 | |
|
2011
|
310,454 | ||
|
2012
|
297,332 | ||
|
2013
|
281,468 | ||
|
2014
|
264,021 | ||
|
Thereafter
|
2,223,917 | ||
|
Total
|
$ | 3,697,465 |
B. Major
Tenants – No individual tenant’s rental revenue, including percentage rents,
represented more than 10% of our total revenue for each of the years ended
December 31, 2009, 2008 or 2007.
10. Gain
on Sales of Real Estate Acquired for Resale by Crest
In
2009, Crest sold two properties for $2.0 million, which resulted in no gain. In
2008, Crest sold 25 properties for $50.7 million, which resulted in a gain of
$4.6 million. In 2008, as part of two sales, Crest provided buyer financing of
$19.2 million. In 2007, Crest sold 62 properties for $123.6 million, which
resulted in a gain of $12.3 million. In 2007, as part of two sales, Crest
provided buyer financing of $3.8 million, of which $619,000 was paid in full in
November 2007. Crest’s gains on sales are reported before income taxes and are
included in discontinued operations.
11. Gain
on Sales of Investment Properties by Realty Income
In
2009, we sold 25 investment properties for $20.3 million, which resulted in a
gain of $8.0 million. The results of operations for these properties have been
reclassified as discontinued operations. Additionally, we received proceeds of
$170,000 from the sale of excess land from one property, which resulted in a
gain of $15,000. This gain is included in "other revenue" on our consolidated
statement of income for 2009 because this excess land was associated with a
property that continues to be owned as part of our core operations.
In
2008, we sold 29 investment properties for $27.4 million, which resulted in a
gain of $13.3 million. The results of operations for these properties have
been reclassified as discontinued operations. Additionally, we
received proceeds of $439,000 from the sale of excess land from one property,
which resulted in a gain of $236,000. This gain is included in “other revenue”
on our consolidated statement of income for 2008 because this excess land was
associated with a property that continues to be owned as part of our core
operations.
In
2007, we sold ten investment properties for $7.0 million, which resulted in a
gain of $1.7 million. The results of operations for these properties have been
reclassified as discontinued operations. Additionally, we sold excess land and
improvements from five properties for an aggregate of $4.4 million, which
resulted in a gain of $1.8 million. This gain is reported in “other
revenue” on our consolidated statement of income for 2007 because these
improvements and excess land were associated with properties that continue to be
owned as part of our core operations.
12. Fair
Value of Financial Instruments
Fair
value is defined as the price that would be received from the sale of an asset
or paid to transfer a liability in an orderly transaction between market
participants at the measurement date, and establishes a framework for measuring
the fair value of an asset. The disclosure for assets and liabilities measured
at fair value requires allocation to a three-level valuation hierarchy. This
valuation hierarchy is based upon the transparency of inputs to the valuation of
an asset or liability as of the measurement date. Categorization within this
hierarchy is based upon the lowest level of input that is significant to the
fair value measurement.
We
believe that the carrying values reflected in our consolidated balance sheets
reasonably approximate the fair values for cash and cash equivalents, accounts
receivable, and all liabilities, due to their short-term nature, except for the
notes receivable issued in connection with property sales and the notes payable,
which are disclosed below (dollars in millions):
|
Carrying
value per
|
Estimated
fair
|
|||||||
|
At
December 31, 2009
|
balance
sheet
|
market
value
|
||||||
|
Notes
receivable issued in connection with Crest property sales
|
$ | 22.2 | $ | 20.0 | ||||
|
Notes
payable
|
$ | 1,350.0 | $ | 1,276.4 | ||||
|
Carrying
value per
|
Estimated
fair
|
|||||||
|
At
December 31, 2008
|
balance
sheet
|
market
value
|
||||||
|
Notes
receivable issued in connection with Crest property sales
|
$ | 22.3 | $ | 21.9 | ||||
|
Notes
payable
|
$ | 1,370.0 | $ | 949.4 | ||||
The
estimated fair value of the notes receivable issued in connection with property
sales has been calculated by discounting the future cash flows using an interest
rate based upon the current 5-year, 7-year, or 10-year Treasury yield curve,
plus an applicable credit-adjusted spread. The notes receivable were issued in
connection with the sale of three Crest properties. Payments to us on these
notes receivable are current and no allowance for doubtful accounts has been
recorded for them.
The
estimated fair value of the notes payable is based upon indicative market prices
and recent trading activity of our notes payable.
13. Supplemental
Disclosures of Cash Flow Information
Interest
paid in 2009 was $83.2 million, in 2008 was $90.3 million and in 2007 was $56.7
million.
Interest
capitalized to properties under development in 2009 was $5,000, in 2008 was
$92,000 and in 2007 was $993,000.
Income taxes paid by Realty Income and Crest in 2009 were $1.2 million, in 2008 were $1.7 million and in 2007 were $4.3 million.
The
following non-cash investing and financing activities are included in the
accompanying consolidated financial statements:
|
A.
|
Share-based
compensation expense for 2009 was $4.7 million, for 2008 was $5.0 million
and for 2007 was $3.9 million.
|
|
B.
|
See
“Provisions for Impairment” in note 2 for a discussion of provisions for
impairments recorded by Realty Income and
Crest.
|
|
C.
|
In
2008, Crest sold two properties for $23.5 million and received notes
totaling $19.2 million from the buyers, which are included in “other
assets” on our consolidated balance
sheets.
|
|
D.
|
In
2007, Crest sold two properties for an aggregate of $5.5 million and
received notes totaling $3.8 million from the buyers, of which
$619,000 was paid in full in November 2007. The remaining note is included
in “other assets” on our consolidated balance
sheets.
|
|
E.
|
At
December 31, 2009, Realty Income had escrow deposits of $4.5 million held
for tax-deferred exchanges under Section 1031 of the Code. The $4.5
million is included in "other assets" on our consolidated balance sheet at
December 31, 2009.
|
|
F.
|
At
December 31, 2008, Realty Income had escrow deposits of $3.2 million held
for tax-deferred exchanges under Section 1031 of the Code. The
$3.2 million is included in “other assets” on our consolidated balance
sheet at December 31, 2008.
|
|
G.
|
At
December 31, 2009, Realty Income recorded $1.5 million for a new
environmental insurance policy, which supplements its primary insurance
policy. The $1.5 million is included in "other assets" and
"accounts payable and accrued expenses" on our consolidated balance sheet
at December 31, 2009.
|
|
H.
|
In
2009, Realty Income and Crest amended certain prior year state tax returns
and determined that it is more-likely-than-not that we will be collecting
refunds in the future as a result of these amendments. As a
result of this, in 2009, Realty Income recorded a tax receivable of
$454,000 and Crest recorded a tax receivable of
$303,000.
|
|
I.
|
In
accordance with our policy, we recorded adjustments to our estimated legal
obligations related to asset retirement obligations on two land leases in
the following amounts: a reduction of $63,000 in 2009 and increases of
$335,000 in 2008 and $239,000 in 2007. These asset retirement obligations
account for the difference between our obligations to the landlord under
the two land leases and our subtenant’s obligations to us under the
subleases.
|
|
J.
|
In
connection with the acquisition of seven properties during 2007, we
acquired restricted escrow funds totaling $2.6 million. During the
remainder of 2007, all of these funds were invested in improvements to
these properties.
|
14. Employee
Benefit Plan
We have
a 401(k) plan covering substantially all of our employees. Under our 401(k)
plan, employees may elect to make contributions to the plan up to a maximum of
60% of their compensation, subject to limits under the IRS Code. We match 50% of
our employee’s contributions, up to 3% of the employee’s compensation. Our
aggregate matching contributions each year have been immaterial to our results
of operations.
15. Common
Stock Incentive Plan
In
2003, our Board of Directors adopted, and stockholders approved, the 2003
Incentive Award Plan of Realty Income Corporation (the "Stock Plan") to
enable us to attract and retain the services of directors, employees
and consultants, considered essential to our long-term success. The
Stock Plan offers our directors, employees and consultants an opportunity to own
stock in Realty Income and/or rights that will reflect our
growth, development and financial success. The Stock Plan was amended and
restated by our Board of Directors in February 2006 and in May 2007. Under the
terms of this plan, the aggregate number of shares of our common stock subject
to options, stock purchase rights (SPR), stock appreciation rights
(SAR) and other awards will be no more than 3,428,000 shares. The maximum
number of shares that may be subject to options, SPR, SAR and other
awards granted under the plan to any individual in any calendar year may
not exceed 1,600,000 shares. This plan has a term of 10 years from the date
it was adopted by our Board of Directors, which was March 12, 2003. To date, we
have not issued any SPR or SAR.
The
amount of share-based compensation costs recognized in "general and
administrative expense" on our consolidated statements of income during 2009 was
$4.7 million, during 2008 was $5.0 million and during 2007 was $3.9
million.
The
following table summarizes our common stock grant activity under our Stock Plan.
Our common stock grants vest over periods ranging from immediately to 10
years.
|
2009
|
2008
|
2007
|
||||||||||||||||||||||
|
Number
of shares
|
Weighted
average
price(1)
|
Number
of shares
|
Weighted
average price(1)
|
Number
of shares
|
Weighted
average price(1)
|
|||||||||||||||||||
|
Outstanding
nonvested shares, beginning of year
|
994,453 | $ | 19.70 | 994,572 | $ | 19.46 | 868,726 | $ | 17.96 | |||||||||||||||
|
Shares
granted
|
142,860 | 22.86 | 249,447 | 26.63 | 276,631 | 27.64 | ||||||||||||||||||
|
Shares
vested
|
(214,521 | ) | 23.14 | (188,215 | ) | 21.96 | (149,284 | ) | 20.94 | |||||||||||||||
|
Shares
forfeited
|
(69,558 | ) | 25.95 | (61,351 | ) | 22.13 | (1,501 | ) | 24.81 | |||||||||||||||
|
Outstanding
nonvested shares, end of year
|
853,234 | $ | 19.14 | 994,453 | $ | 19.70 | 994,572 | $ | 19.46 | |||||||||||||||
|
(1)
|
Grant
date fair value.
|
During
2009, we issued 142,860 shares of common stock under our Stock Plan. These
shares vest over the following service periods: 25,000 vested immediately,
14,500 vest over a service period of three years and 103,360 vest over a service
period of five years.
The
vesting schedule for shares granted to non-employee directors is as
follows:
|
●
|
For
directors with less than six years of service at the date of grant, shares
vest in 33.33% increments on each of the first three anniversaries of the
date the shares of stock are
granted;
|
|
●
|
For
directors with six years of service at the date of grant, shares vest in
50% increments on each of the first two anniversaries of the date the
shares of stock are granted;
|
|
●
|
For
directors with seven years of service at the date of grant, shares are
100% vested on the first anniversary of the date the shares of stock are
granted; and
|
|
●
|
For
directors with eight or more years of service at the date of grant, there
is immediate vesting as of the date the shares of stock are
granted.
|
In
August 2008, our Board of Directors approved a new vesting schedule for shares
granted to employees after August 20, 2008. The reason for this change was to
provide a shorter vesting period for employees who were closer to the age of
retirement, and to adjust the vesting period for employees age 55 and below to
be more in line with comparable vesting schedules in the market. The new vesting
schedule for shares granted to employees is as follows:
|
●
|
For
employees age 55 and below at the grant date, shares vest in 20%
increments on each of the first five anniversaries of the grant
date;
|
|
●
|
For
employees age 56 at the grant date, shares vest in 25% increments on each
of the first four anniversaries of the grant
date;
|
|
●
|
For
employees age 57 at the grant date, shares vest in 33.33% increments on
each of the first three anniversaries of the grant
date;
|
|
●
|
For
employees age 58 at the grant date, shares vest in 50% increments on each
of the first two anniversaries of the grant
date;
|
|
●
|
For
employees age 59 at the grant date, shares are 100% vested on the first
anniversary of the grant date; and
|
|
●
|
For
employees age 60 and above at the grant date, shares vest immediately on
the grant date.
|
In
addition, after they have been employed for six full months, all non-executive
employees receive 200 shares of nonvested stock which vests over a five year
period.
Prior
to August 20, 2008, shares granted to employees age 49 and below at the grant
date vested in 10% increments on each of the first ten anniversaries of the
grant date, and shares granted to employees age 50 through 55 at the grant date
vested in 20% increments on each of the first five anniversaries of the grant
date. The consolidation of these two groups represents the only
difference between the new and prior vesting schedules.
As of
December 31, 2009, the remaining unamortized share-based compensation expense
totaled $16.3 million, which is being amortized on a straight-line basis
over the service period of each applicable award. The amount of share-based
compensation is based on the fair value of the stock at the grant date. We
define the grant date as the date the recipient and Realty Income have a mutual
understanding of the key terms and condition of the award, and the recipient of
the grant begins to benefit from, or be adversely affected by, subsequent
changes in the price of the shares.
The
effect of pre-vesting forfeitures on our recorded expense has historically been
negligible. Any future pre-vesting forfeitures are also expected to be
negligible, and we will record the benefit related to such forfeitures as they
occur. Under the terms of our Stock Plan, we pay non-refundable dividends to the
holders of our nonvested shares. Applicable accounting guidance requires that
the dividends paid to holders of these nonvested shares be charged as
compensation expense to the extent that they relate to nonvested shares that do
not or are not expected to vest. However, given the negligible historical and
prospective forfeiture rate determined by us, we did not record any amount to
compensation expense related to dividends paid in 2009, 2008 or
2007.
No
stock options were granted after January 1, 2002, all outstanding options were
fully vested as of December
31, 2006, and 2006 represented the last year for which we recorded expense on
our stock option awards. Stock options were granted with an exercise price equal
to the underlying stock’s fair market value at the date of grant. Stock options
expire ten years from the date they are granted and vested over service periods
of one, three, four or five years.
The
following table summarizes our stock option activity for the years:
|
2009
|
2008
|
2007
|
||||||||||||||||||||||
|
Number
of shares
|
Weighted
average exercise price
|
Number
of shares
|
Weighted
average exercise price
|
Number
of shares
|
Weighted
average exercise price
|
|||||||||||||||||||
|
Outstanding
options, beginning
of year
|
21,294 | $ | 13.33 | 45,007 | $ | 12.71 | 106,368 | $ | 13.06 | |||||||||||||||
|
Options
exercised
|
(15,448 | ) | 12.81 | (23,713 | ) | 12.15 | (61,361 | ) | 13.32 | |||||||||||||||
|
Outstanding
and exercisable options, end
of year
|
5,846 | $ | 14.70 | 21,294 | $ | 13.33 | 45,007 | $ | 12.71 | |||||||||||||||
At
December 31, 2009, the options outstanding and exercisable had an exercise price
of $14.70, an expiration date of December 2011 and a remaining term of 2.0
years.
The
intrinsic value of a stock option is the amount by which the market value of the
underlying stock at December 31 of each year exceeds the exercise price of the
option. The market value of our stock was $25.91, $23.15 and $27.02 at December
31, 2009, 2008 and 2007, respectively. The total intrinsic value of options
exercised during the years ended December 31, 2009, 2008 and 2007 was $157,000,
$319,000 and $904,000, respectively. The aggregate intrinsic value of options
outstanding and exercisable was $66,000, $209,000 and $644,000 at December 31,
2009, 2008 and 2007, respectively.
16. Segment Information
We
evaluate performance and make resource allocation decisions on an industry by
industry basis. For financial reporting purposes, we have grouped our tenants
into 31 industry and activity segments (including properties owned by Crest that
are grouped together as a segment). All of the properties are incorporated into
one of the applicable segments. Because almost all of our leases require the
tenant to pay operating expenses, revenue is the only component of segment
profit and loss we measure.
The
following tables set forth certain information regarding the properties owned by
us, classified according to the business of the respective tenants, as of
December 31, 2009 (dollars in thousands):
|
Assets,
as of December 31:
|
2009
|
2008
|
||||||
|
Segment
net real estate:
|
||||||||
|
Automotive
service
|
$ | 105,085 | $ | 107,942 | ||||
|
Automotive
tire services
|
201,233 | 207,409 | ||||||
|
Child
care
|
77,769 | 83,844 | ||||||
|
Convenience
stores
|
477,555 | 472,588 | ||||||
|
Drug
stores
|
141,057 | 145,919 | ||||||
|
Health
and fitness
|
197,820 | 167,658 | ||||||
|
Motor
vehicle dealerships
|
91,690 | 94,883 | ||||||
|
Restaurants
|
729,489 | 751,466 | ||||||
|
Sporting
goods
|
63,665 | 65,657 | ||||||
|
Theaters
|
290,386 | 299,690 | ||||||
|
21
non-reportable segments
|
441,133 | 465,097 | ||||||
|
Total
segment net real estate
|
2,816,882 | 2,862,153 | ||||||
|
Other
intangible assets - Automotive tire service
|
647 | 706 | ||||||
|
Other
intangible assets - Drug stores
|
6,066 | 6,727 | ||||||
|
Other
intangible assets - Grocery stores
|
860 | 911 | ||||||
|
Other
intangible assets - Health and fitness
|
845 | -- | ||||||
|
Other
intangible assets - Theaters
|
1,885 | 2,190 | ||||||
|
Other
intangible assets - non-reportable segments
|
625 | -- | ||||||
|
Goodwill
– Automotive service
|
1,338 | 1,338 | ||||||
|
Goodwill
– Child care
|
5,353 | 5,353 | ||||||
|
Goodwill
– Convenience stores
|
2,074 | 2,074 | ||||||
|
Goodwill
– Home furnishings
|
1,557 | 1,557 | ||||||
|
Goodwill
– Restaurants
|
3,779 | 3,779 | ||||||
|
Goodwill
– non reportable segments
|
3,105 | 3,105 | ||||||
|
Other
corporate assets
|
69,771 | 104,286 | ||||||
|
Total
assets
|
$ | 2,914,787 | $ | 2,994,179 | ||||
|
Revenue
|
||||||||||||
|
For
the years ended December 31,
|
2009
|
2008
|
2007
|
|||||||||
|
Segment
rental revenue:
|
||||||||||||
|
Automotive
service
|
$ | 15,735 | $ | 15,817 | $ | 15,047 | ||||||
|
Automotive
tire services
|
22,616 | 22,040 | 21,113 | |||||||||
|
Child
care
|
23,761 | 24,247 | 23,129 | |||||||||
|
Convenience
stores
|
55,114 | 51,949 | 40,727 | |||||||||
|
Drug
stores
|
13,727 | 13,125 | 7,632 | |||||||||
|
Health
and fitness
|
19,280 | 18,390 | 14,874 | |||||||||
|
Motor
vehicle dealerships
|
8,837 | 9,290 | 8,640 | |||||||||
|
Restaurants
|
69,456 | 70,986 | 59,058 | |||||||||
|
Sporting
goods
|
8,363 | 8,480 | 8,265 | |||||||||
|
Theaters
|
30,078 | 29,640 | 26,120 | |||||||||
|
21
non-reportable segments(1)
|
59,178 | 61,932 | 60,528 | |||||||||
|
Total
rental revenue
|
326,145 | 325,896 | 285,133 | |||||||||
|
Other
revenue
|
1,436 | 1,877 | 6,350 | |||||||||
|
Total
revenue
|
$ | 327,581 | $ | 327,773 | $ | 291,483 | ||||||
|
|
(1) Crest’s
revenue appears in “income from discontinued operations, real estate
acquired for resale by Crest” and is not included in this table, which
covers revenue but does not include revenue classified as part of income
from discontinued operations.
|
17. Commitments
and Contingencies
In the
ordinary course of our business, we are party to various legal actions which we
believe are routine in nature and incidental to the operation of our business.
We believe that the outcome of the proceedings will not have a material adverse
effect upon our consolidated financial position or results of
operations.
At
December 31, 2009, we have contingent payments of $1.2 million for tenant
improvements and leasing costs. In addition, we have committed $295,000 under
construction contracts, which is expected to be paid in the next six
months.
We have
certain properties that are subject to ground leases which are accounted for as
operating leases. At December 31, 2009, minimum future rental
payments for the next five years and thereafter are as follows (dollars in
thousands):
|
Ground
Leases Paid by Realty Income (1)
|
Ground
Leases Paid by Our Tenants (2)
|
Total
|
||||||||||
|
2010
|
$ | 82 | $ | 3,750 | $ | 3,832 | ||||||
|
2011
|
69 | 3,736 | 3,805 | |||||||||
|
2012
|
69 | 3,627 | 3,696 | |||||||||
|
2013
|
69 | 3,485 | 3,554 | |||||||||
|
2014
|
69 | 3,250 | 3,319 | |||||||||
|
Thereafter
|
832 | 37,662 | 38,494 | |||||||||
|
Total
|
$ | 1,190 | $ | 55,510 | $ | 56,700 | ||||||
|
|
(1)
Realty Income currently pays the ground lessors directly for the rent
under the ground leases. A majority of this rent is reimbursed to Realty
Income as additional rent from our
tenants.
|
|
|
(2)
Our tenants, who are generally sub-tenants under the ground leases, are
responsible for paying the rent under these ground leases. In the event a
tenant fails to pay the ground lease rent, we are primarily
responsible.
|
18. Subsequent
Events
We
evaluated all events subsequent to the balance sheet date of December 31, 2009,
through February 10, 2010, which is the date our consolidated financial
statements were issued. We determined that no subsequent events require
disclosure or adjustment to the consolidated financial statements, except as
follows:
In
January 2010 and February 2010, we declared the following dividends, which will
be paid in February 2010 and March 2010, respectively:
|
●
|
$0.143
per share to our common
stockholders;
|
|
●
|
$0.1536459
per share to our Class D preferred stockholders;
and
|
|
●
|
$1.675
per share to our Class E preferred
stockholders.
|
REALTY
INCOME CORPORATION AND SUBSIDIARIES
|
Consolidated
Quarterly Financial Data
|
(dollars
in thousands, except per share data)
(not
covered by Report of Independent Registered Public Accounting Firm)
|
First
|
Second
|
Third
|
Fourth
|
|||||||||||||||||
|
Quarter
|
Quarter
|
Quarter
|
Quarter
|
Year(2)
|
||||||||||||||||
|
2009(1)
|
||||||||||||||||||||
|
Total
revenue
|
$ | 82,558 | $ | 81,376 | $ | 81,851 | $ | 81,796 | $ | 327,581 | ||||||||||
|
Depreciation
and amortization expense
|
22,787 | 22,826 | 22,845 | 22,925 | 91,383 | |||||||||||||||
|
Interest
expense
|
21,410 | 21,367 | 21,374 | 21,377 | 85,528 | |||||||||||||||
|
Other
expenses
|
8,405 | 7,136 | 6,540 | 6,456 | 28,537 | |||||||||||||||
|
Income
from continuing operations
|
29,956 | 30,047 | 31,092 | 31,038 | 122,133 | |||||||||||||||
|
Income
from discontinued operations
|
128 | 2,513 | 2,060 | 4,293 | 8,994 | |||||||||||||||
|
Net
income
|
30,084 | 32,560 | 33,152 | 35,331 | 131,127 | |||||||||||||||
|
Net
income available to common
stockholders
|
24,021 | 26,497 | 27,089 | 29,268 | 106,874 | |||||||||||||||
|
Net
income per common share:
Basic
and diluted
|
0.23 | 0.26 | 0.26 | 0.28 | 1.03 | |||||||||||||||
|
Dividends
paid per common share
|
0.4252500 | 0.4261875 | 0.4271250 | 0.4280625 | 1.7066250 | |||||||||||||||
|
2008(1)
|
||||||||||||||||||||
|
Total
revenue
|
$ | 82,050 | $ | 81,589 | $ | 81,932 | $ | 82,203 | $ | 327,773 | ||||||||||
|
Depreciation
and amortization expense
|
21,920 | 22,616 | 22,669 | 22,735 | 89,941 | |||||||||||||||
|
Interest
expense
|
23,386 | 23,929 | 23,915 | 22,726 | 93,956 | |||||||||||||||
|
Other
expenses
|
7,150 | 7,233 | 7,115 | 6,954 | 28,449 | |||||||||||||||
|
Income
from continuing operations
|
29,594 | 27,811 | 28,233 | 29,788 | 115,427 | |||||||||||||||
|
Income
from discontinued operations
|
167 | 5,240 | 6,464 | 4,544 | 16,414 | |||||||||||||||
|
Net
income
|
29,761 | 33,051 | 34,697 | 34,332 | 131,841 | |||||||||||||||
|
Net
income available to common
stockholders
|
23,698 | 26,988 | 28,634 | 28,269 | 107,588 | |||||||||||||||
|
Net
income per common share:
Basic
and diluted
|
0.24 | 0.27 | 0.29 | 0.27 | 1.06 | |||||||||||||||
|
Dividends
paid per common share
|
0.4102500 | 0.4121250 | 0.4165000 | 0.4233750 | 1.6622500 | |||||||||||||||
|
(1)
|
The
consolidated quarterly financial data includes revenues and expenses from
our continuing and discontinued operations. The results of operations
related to certain properties, classified as held for sale or disposed of,
have been reclassified to income from discontinued operations. Therefore,
some of the information may not agree to our previously filed
10-Qs.
|
|
(2)
|
Amounts
for each period are calculated independently. The sum of the quarters may
differ from the annual amount.
|
We have
had no disagreements with our independent registered public accounting firm on
accountancy or financial disclosure, nor have we changed accountants in the two
most recent fiscal years.
Item
9A: Controls and Procedures
Evaluation
of Disclosure Controls and Procedures
We
maintain disclosure controls and procedures (as defined in Rules 13a-15(e) and
15d-15(e) of the Securities Exchange Act of 1934, as amended) that are designed
to ensure that information required to be disclosed in our Exchange Act reports
is recorded, processed, summarized and reported within the time periods
specified in the Securities and Exchange Commission’s rules and forms, and that
such information is accumulated and communicated to our management, including
our Chief Executive Officer and Chief Financial Officer, as appropriate, to
allow timely decisions regarding required disclosure. In designing and
evaluating the disclosure controls and procedures, management recognized that
any controls and procedures, no matter how well designed and operated, can
provide only reasonable assurance of achieving the desired control objectives,
and management necessarily was required to apply its judgment in evaluating the
cost-benefit relationship of possible controls and procedures.
As of
and for the year ended December 31, 2009, we carried out an evaluation of the
effectiveness of the design and operation of our disclosure controls and
procedures, under the supervision and with the participation of management,
including our Chief Executive Officer and Chief Financial Officer. Based on the
foregoing, our Chief Executive Officer and Chief Financial Officer concluded
that our disclosure controls and procedures were effective and were operating at
a reasonable assurance level.
Management's Report on Internal
Control Over Financial Reporting
Internal
control over financial reporting refers to the process designed by, or under the
supervision of, our Chief Executive Officer and Chief Financial Officer, and
effected by our Board of 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:
(1)
Pertain to the maintenance of records that in reasonable detail accurately and
fairly reflect the transactions and dispositions of the assets of the
Company;
(2)
Provide reasonable assurance that transactions are recorded as necessary to
permit preparation of financial statements in accordance with generally accepted
accounting principles, and that receipts and expenditures of the Company are
being made only in accordance with authorizations of management and directors of
the Company; and
(3)
Provide reasonable assurance regarding prevention or timely detection of
unauthorized acquisition, use or disposition of the Company's assets that could
have a material effect on the financial statements.
Management
is responsible for establishing and maintaining adequate internal control over
financial reporting for the Company.
Management
has used the framework set forth in the report entitled "Internal
Control--Integrated Framework" published by the Committee of Sponsoring
Organizations ("COSO") of the Treadway Commission to evaluate the effectiveness
of the Company's internal control over financial reporting. Management has
concluded that the Company's internal control over financial reporting was
effective as of the end of the most recent fiscal year. KPMG LLP has
issued an attestation report on the effectiveness of the Company's internal
control over financial reporting.
Submitted
on February 10, 2010 by,
Thomas
A Lewis, Chief Executive Officer and Vice Chairman
Paul M.
Meurer, Chief Financial Officer, Executive Vice President and
Treasurer
Changes
in Internal Controls
There
were no significant changes in our internal controls or in other factors that
could significantly affect these controls subsequent to the date of their
evaluation in the fourth quarter of 2009. As of December 31, 2009, there were no
material weaknesses in our internal controls, and therefore no corrective
actions were taken.
Limitations
on the Effectiveness of Controls
Internal
control over financial reporting cannot provide absolute assurance of achieving
financial reporting objectives because of its inherent limitations. Internal
control over financial reporting is a process that involves human diligence and
compliance and is subject to lapses in judgment and breakdowns resulting from
human failures. Internal control over financial reporting also can be
circumvented by collusion or improper management override. Because of such
limitations, there is a risk that material misstatements may not be prevented or
detected on a timely basis by internal control over financial reporting.
However, these inherent limitations are known features of the financial
reporting process. Therefore, it is possible to design into the process
safeguards to reduce, though not eliminate, this risk.
Item
9B: Other
Information
None.
PART
III
The
information required by this item is set forth under the captions “Board of
Directors” and “Executive Officers of the Company” and “Section 16(a) Beneficial
Ownership Reporting Compliance” in our definitive Proxy Statement for the 2010
Annual Meeting of Stockholders, to be filed pursuant to Regulation 14A, and is
incorporated herein by reference. The Annual Meeting of Stockholders is
presently scheduled to be held on May 12, 2010.
Item
11: Executive
Compensation
The
information required by this item is set forth under the caption “Executive
Compensation” in our definitive Proxy Statement for the 2010 Annual Meeting of
Stockholders, to be filed pursuant to Regulation 14A, and is incorporated herein
by reference.
Item
12: Security Ownership of Certain Beneficial Owners and
Management and Related Stockholder Matters
The
information required by this item is set forth under the caption “Security
Ownership of Certain Beneficial Owners and Management” in our definitive Proxy
Statement for the 2010 Annual Meeting of Stockholders, to be filed pursuant to
Regulation 14A, and is incorporated herein by reference.
The
information required by this item is set forth under the caption “Related Party
Transactions” in our definitive Proxy Statement for the 2010 Annual Meeting of
Stockholders, to be filed pursuant to Regulation 14A, and is incorporated herein
by reference.
The
information required by this item is set forth under the caption “Independent
Registered Public Accounting Firm Fees and Services” in our definitive Proxy
Statement for the 2010 Annual Meeting of Stockholders, to be filed pursuant to
Regulation 14A, and is incorporated herein by reference.
PART
IV
A. The
following documents are filed as part of this report.
|
1.
|
Financial
Statements (see Item 8)
|
a. Report
of Independent Registered Public Accounting Firm
b. Consolidated
Balance Sheets,
December
31, 2009 and 2008
c. Consolidated
Statements of Income,
Years
ended December 31, 2009, 2008 and 2007
d. Consolidated
Statements of Stockholders’ Equity,
Years
ended December 31, 2009, 2008 and 2007
e. Consolidated
Statements of Cash Flows,
Years
ended December 31, 2009, 2008 and 2007
f. Notes
to Consolidated Financial Statements
g. Consolidated
Quarterly Financial Data,
(unaudited)
for 2009 and 2008
|
2.
|
Financial
Statement Schedule. Reference is made to page F-1 of this
report for Schedule III Real Estate and Accumulated Depreciation
(electronically filed with the Securities and Exchange
Commission).
|
|
|
Schedules
not Filed: All schedules, other than those indicated in the
Table of Contents, have been omitted as the required information is either
not material, inapplicable or the information is presented in the
financial statements or related
notes.
|
|
3.
|
Exhibits
|
Articles of Incorporation
and By-Laws
Exhibit
No. Description
|
|
3.1
|
Articles
of Incorporation of the Company, as amended by amendment No. 1 dated
May 10, 2005 and amendment No. 2 dated May 10, 2005 (filed as
exhibit 3.1 to the Company’s Form 10-Q for the quarter ended June 30,
2005, and incorporated herein by
reference).
|
|
|
3.2
|
Amended
and Restated Bylaws of the Company dated December 12, 2007 (filed as
exhibit 3.1 to the Company's Form 8-K, filed on December 13, 2007 and
dated December 12, 2007 and incorporated herein by reference), as amended
on May 13, 2008 (amendment filed as exhibit 3.1 to the Company’s Form 8-K,
filed on May 14, 2008 and dated May 13, 2008, and incorporated herein by
reference).
|
|
|
3.3
|
Articles
Supplementary to the Articles of Incorporation of the Company classifying
and designating the 7.375% Monthly Income Class D Cumulative Redeemable
Preferred Stock (filed as exhibit 3.8 to the Company’s Form 8-A, filed on
May 25, 2004 and incorporated herein by
reference).
|
|
3.4
|
Articles
Supplementary to the Articles of Incorporation of the Company classifying
and designating additional shares of the 7.375% Monthly Income Class D
Cumulative Redeemable Preferred Stock (filed as exhibit 3.2 to the
Company's Form 8-K, filed on October 19, 2004 and dated October 12, 2004,
and incorporated herein by
reference).
|
|
|
3.5
|
Articles
Supplementary to the Articles of Incorporation of the Company classifying
and designating the 6.75% Class E Cumulative Redeemable Preferred Stock
(filed as exhibit 3.5 to the Company’s Form 8-A, filed on December 5, 2006
and incorporated herein by
reference).
|
|
|
Instruments defining
the rights of security holders, including
indentures
|
|
|
4.1
|
Indenture
dated as of October 28, 1998 between the Company and The Bank of New York
(filed as exhibit 4.1 to the Company’s Form 8-K, filed on October 28, 1998
and dated October 27, 1998 and incorporated herein by
reference).
|
|
|
4.2
|
Form
of 5.375% Senior Notes due 2013 (filed as exhibit 4.2 to the Company’s
Form 8-K, filed on March 7, 2003 and dated March 5, 2003 and incorporated
herein by reference).
|
|
|
4.3
|
Officer’s
Certificate pursuant to sections 201, 301 and 303 of the Indenture dated
October 28, 1998 between the Company and The Bank of New York, as
Trustee, establishing a series of securities entitled 5.375% Senior Notes
due 2013 (filed as exhibit 4.3 to the Company’s Form 8-K, filed on
March 7, 2003 and dated March 5, 2003 and incorporated herein by
reference).
|
|
|
4.4
|
Form
of 5.50% Senior Notes due 2015 (filed as exhibit 4.2 to the Company’s Form
8-K, filed on November 24, 2003 and dated November 19, 2003 and
incorporated herein by reference).
|
|
|
4.5
|
Officer’s
Certificate pursuant to sections 201, 301 and 303 of the Indenture dated
October 28, 1998 between the Company and The Bank of New York, as
Trustee, establishing a series of securities entitled 5.50% Senior Notes
due 2015 (filed as exhibit 4.3 to the Company’s Form 8-K, filed on
November 24, 2003 and dated November 19, 2003 and incorporated herein
by reference).
|
|
|
4.6
|
Form
of 5.875% Senior Notes due 2035 (filed as exhibit 4.2 to the Company’s
Form 8-K, filed on March 11, 2005 and dated March 8, 2005 and
incorporated herein by reference).
|
|
|
4.7
|
Officer’s
Certificate pursuant to sections 201, 301 and 303 of the Indenture dated
October 28, 1998 between the Company and The Bank of New York, as
Trustee, establishing a series of securities entitled 5.875% Senior
Debentures due 2035 (filed as exhibit 4.3 to the Company’s Form 8-K,
filed on March 11, 2005 and dated March 8, 2005 and incorporated
herein by reference).
|
|
|
4.8
|
Form
of 5.375% Senior Notes due 2017 (filed as exhibit 4.2 to the Company’s
Form 8-K, filed on September 16, 2005 and dated September 8, 2005 and
incorporated herein by reference).
|
|
|
4.9
|
Officer’s
Certificate pursuant to sections 201, 301 and 303 of the Indenture dated
October 28, 1998 between the Company and The Bank of New York, as
Trustee, establishing a series of securities entitled 5.375% Senior Notes
due 2017 (filed as exhibit 4.3 to the Company’s Form 8-K, filed on
September 16, 2005 and dated September 8, 2005 and incorporated
herein by reference).
|
|
|
4.10
|
Form
of 5.95% Senior Notes due 2016 (filed as exhibit 4.2 to the Company’s Form
8-K, filed on September 18, 2006 and dated September 6, 2006 and
incorporated herein by reference).
|
|
|
4.11
|
Officer’s
Certificate pursuant to sections 201, 301 and 303 of the Indenture dated
October
28, 1998 between the Company and The Bank of New York, as Trustee,
establishing a series of securities entitled 5.95% Senior Notes due 2016
(filed as exhibit 4.3 to the Company’s Form 8-K, filed on September 18,
2006 and dated September 6, 2006 and incorporated herein by
reference).
|
|
|
4.12
|
Form
of 6.75% Notes due 2019 (filed as exhibit 4.2 to Company’s Form 8-K, filed
on September 5, 2007 and dated August 30, 2007 and incorporated herein by
reference).
|
|
|
4.13
|
Officer’s
Certificate pursuant to sections 201, 301 and 303 of the Indenture dated
October
28, 1998 between the Company and The Bank of New York Trust Company, N.A.,
as Trustee, establishing a series of securities entitled 6.75% Senior
Notes due 2019 (filed as exhibit 4.3 to the Company’s Form 8-K, filed on
September 5, 2007 and dated August
30, 2007 and incorporated herein by
reference).
|
|
|
Material
Contracts
|
|
|
10.1
|
Form
indemnification agreement between the Company and each executive officer
and each director of the Board of Directors of the Company (filed as
exhibit 10.1 to the Company’s Form 8-K, filed on August 26, 2005 and dated
August 23, 2005 and incorporated herein by
reference).
|
|
|
10.2
|
1994
Stock Option and Incentive Plan (filed as Exhibit 4.1 to the Company’s
Registration Statement on Form S-8 (registration number 33-95708), dated
August 11, 1995, and incorporated herein by
reference).
|
|
|
10.3
|
First
Amendment to the 1994 Stock Option and Incentive Plan, dated June 12, 1997
(filed as Exhibit 10.9 to the Company’s Form 8-B, filed on July 29, 1997
and incorporated herein by
reference).
|
|
|
10.4
|
Second
Amendment to the 1994 Stock Option and Incentive Plan, dated December 16,
1997 (filed as Exhibit 10.9 to the Company’s Form 10-K for the year ended
December 31, 1997 and incorporated herein by
reference).
|
|
|
10.5
|
Management
Incentive Plan (filed as Exhibit 10.10 to the Company’s Form 10-K for the
year ended December 31, 1997 and incorporated herein by
reference).
|
|
|
10.6
|
Form
of Nonqualified Stock Option Agreement for Independent Directors (filed as
Exhibit 10.11 to the Company’s Form 10-K for the year ended December 31,
1997 and incorporated herein by
reference).
|
|
|
10.7
|
Form
of Restricted Stock Agreement between the Company and Executive Officers
(filed as exhibit 10.11 to the Company’s Form 8-K, filed on January 6,
2005 and dated January
1, 2005 and incorporated herein by
reference).
|
|
|
10.8
|
2003
Stock Incentive Award Plan of Realty Income Corporation, as amended and
restated February 21, 2006 (filed as exhibit 10.10 to the Company’s Form
10-K for the year ended December 31, 2005 and incorporated herein by
reference).
|
|
|
10.9
|
Amendment
dated May 15, 2007 to the Amended and Restated 2003 Stock Incentive Award
Plan of Realty Income Corporation (filed as exhibit 10.1 to the Company’s
Form 10-Q, for the quarter ended June 30, 2007 and incorporated herein by
reference).
|
|
|
10.10
|
Form
of Restricted Stock Agreement (filed as exhibit 10.2 to the Company’s Form
10-Q, for the quarter ended June 30, 2007 and incorporated herein by
reference).
|
|
|
10.11
|
Credit
Agreement dated May 15, 2008 (filed as exhibit 10.1 to the Company’s Form
8-K, filed on May 16, 2008 and dated May 15, 2008 and incorporated herein
by reference).
|
|
|
10.12
|
Amended
and Restated Form of Employment Agreement between the Company and its
Executive Officers (filed as exhibit 10.1 to the Company’s Form 8-K, filed
on January 7, 2010 and dated January 5, 2010 and incorporated herein by
reference).
|
|
|
Statement of
Ratios
|
|
|
*12.1
|
Statements
re computation of ratios.
|
|
|
Subsidiaries of the
Registrant
|
|
|
*21.1
|
Subsidiaries
of the Company as of February 10,
2010.
|
|
|
Consents of Experts
and Counsel
|
|
|
*23.1
|
Consent
of Independent Registered Public Accounting
Firm.
|
|
|
Certifications
|
|
|
*31.1
|
Rule
13a-14(a) Certifications as filed by the Chief Executive Officer pursuant
to SEC release No. 33-8212 and
34-47551.
|
|
|
*31.2
|
Rule
13a-14(a) Certifications as filed by the Chief Financial Officer pursuant
to SEC release No. 33-8212 and
34-47551.
|
|
|
*32
|
Section
1350 Certifications as furnished by the Chief Executive Officer and the
Chief Financial Officer pursuant to SEC release No. 33-8212 and
34-47551.
|
|
|
*
Filed herewith.
|
Pursuant
to the requirements of Section 13 or 15(d) 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.
REALTY
INCOME CORPORATION
By: /s/THOMAS A.
LEWIS Date: February 10, 2010
Thomas
A. Lewis
Vice
Chairman of the Board of Directors,
Chief
Executive Officer
Pursuant
to the requirements of the Securities Exchange Act of 1934, this report has been
signed by the following persons on behalf of the registrant and in the
capacities and on the dates indicated.
By: /s/DONALD R.
CAMERON
Date: February 10,
2010
Donald
R. Cameron
Non-Executive
Chairman of the Board of Directors
By: /s/THOMAS A.
LEWIS Date:
February 10, 2010
Thomas
A. Lewis
Vice
Chairman of the Board of Directors,
Chief
Executive Officer
(Principal
Executive Officer)
By: /s/KATHLEEN R. ALLEN,
Ph.D.
Date: February 10, 2010
Kathleen
R. Allen, Ph.D.
Director
By: /s/PRIYA CHERIAN
HUSKINS Date:
February 10, 2010
Priya
Cherian Huskins
Director
By: /s/MICHAEL D.
MCKEE
Date: February 10,
2010
Michael
D. McKee
Director
By: /s/GREGORY T.
MCLAUGHLIN
Date: February 10, 2010
Gregory
T. McLaughlin
Director
By: /s/RONALD L.
MERRIMAN
Date: February 10, 2010
Ronald
L. Merriman
Director
By: /s/PAUL M.
MEURER Date: February 10, 2010
Paul M.
Meurer
Executive
Vice President, Chief Financial Officer and Treasurer
(Principal
Financial Officer)
By: /s/GREGORY J.
FAHEY
Date: February 10, 2010
Gregory
J. Fahey
Vice
President, Controller
(Principal
Accounting Officer)
|
REALTY
INCOME CORPORATION AND SUBSIDIARIES
|
|||||||||||||||||
|
SCHEDULE
III REAL ESTATE AND ACCUMULATED DEPRECIATION
|
|||||||||||||||||
|
Cost Capitalized
|
Life
on
|
||||||||||||||||
|
Subsequent
|
Gross Amount at Which Carried |
|
which
|
||||||||||||||
| Initial Cost to Company |
|
to
Acquisition
|
at Close of Period (Notes 2, 3, 5, 6 and 7) |
|
depreciation
|
||||||||||||
|
Buildings,
|
Buildings,
|
in
latest
|
|||||||||||||||
|
Improvements
|
Improvements
|
Income
|
|||||||||||||||
|
and
|
and
|
Accumulated
|
Statement
is
|
||||||||||||||
|
Description
|
Acquisition
|
Carrying
|
Acquisition
|
Depreciation
|
Date
of
|
Date
|
Computed
|
||||||||||
|
(Note
1)
|
Land
|
Fees
|
Improvements
|
Costs
|
Land
|
Fees
|
Total
|
(Note
4)
|
Construction
|
Acquired
|
(in
Months)
|
||||||
|
Apparel Stores
|
|||||||||||||||||
|
Little
Rock
|
AR
|
1,079,232
|
2,594,956
|
40,439
|
52,605
|
1,079,232
|
2,688,000
|
3,767,232
|
1,239,119
|
07/21/98
|
300
|
||||||
|
Mesa
|
AZ
|
619,035
|
867,013
|
1,760
|
43,549
|
619,035
|
912,322
|
1,531,357
|
411,523
|
02/11/99
|
300
|
||||||
|
Danbury
|
CT
|
1,096,861
|
6,217,688
|
43,163
|
None
|
1,096,861
|
6,260,851
|
7,357,712
|
3,087,358
|
09/30/97
|
300
|
||||||
|
Manchester
|
CT
|
771,660
|
3,653,539
|
1,661
|
None
|
771,660
|
3,655,200
|
4,426,860
|
1,723,532
|
03/26/98
|
300
|
||||||
|
Manchester
|
CT
|
1,250,464
|
5,917,037
|
3,555
|
None
|
1,250,464
|
5,920,592
|
7,171,056
|
2,791,623
|
03/26/98
|
300
|
||||||
|
Staten
Island
|
NY
|
4,202,093
|
3,385,021
|
None
|
None
|
4,202,093
|
3,385,021
|
7,587,114
|
1,596,290
|
03/26/98
|
300
|
||||||
|
Automotive Collision
Services
|
|||||||||||||||||
|
Highlands
Ranch
|
CO
|
583,289
|
2,139,057
|
None
|
None
|
583,289
|
2,139,057
|
2,722,346
|
487,707
|
07/10/07
|
08/11/03
|
300
|
|||||
|
Littleton
|
CO
|
601,388
|
2,169,898
|
None
|
None
|
601,388
|
2,169,898
|
2,771,286
|
347,971
|
02/02/06
|
11/12/04
|
300
|
|||||
|
Parker
|
CO
|
678,768
|
2,100,854
|
None
|
None
|
678,768
|
2,100,854
|
2,779,622
|
485,743
|
02/20/04
|
07/03/03
|
300
|
|||||
|
Thornton
|
CO
|
693,323
|
1,896,616
|
None
|
128
|
693,323
|
1,896,744
|
2,590,067
|
380,558
|
10/05/04
|
10/15/03
|
300
|
|||||
|
Cumming
|
GA
|
661,624
|
1,822,363
|
None
|
None
|
661,624
|
1,822,363
|
2,483,987
|
453,884
|
09/18/03
|
12/31/02
|
300
|
|||||
|
Douglasville
|
GA
|
679,868
|
1,935,515
|
None
|
None
|
679,868
|
1,935,515
|
2,615,383
|
487,810
|
08/11/03
|
12/30/02
|
300
|
|||||
|
Morrow
|
GA
|
725,948
|
1,846,315
|
None
|
None
|
725,948
|
1,846,315
|
2,572,263
|
470,745
|
07/07/03
|
08/30/02
|
300
|
|||||
|
Peachtree
City
|
GA
|
1,190,380
|
689,284
|
None
|
None
|
1,190,380
|
689,284
|
1,879,664
|
192,693
|
12/16/02
|
09/19/02
|
300
|
|||||
|
Ham
Lake
|
MN
|
192,610
|
1,930,958
|
None
|
None
|
192,610
|
1,930,958
|
2,123,568
|
389,622
|
07/01/04
|
10/31/03
|
300
|
|||||
|
Cary
|
NC
|
610,389
|
1,492,235
|
None
|
None
|
610,389
|
1,492,235
|
2,102,624
|
216,374
|
05/25/06
|
300
|
||||||
|
Durham
|
NC
|
680,969
|
1,323,140
|
None
|
24
|
680,969
|
1,323,164
|
2,004,133
|
191,864
|
05/25/06
|
300
|
||||||
|
Wilmington
|
NC
|
378,813
|
1,150,679
|
None
|
None
|
378,813
|
1,150,679
|
1,529,492
|
204,252
|
07/15/05
|
12/21/04
|
300
|
|||||
|
Bartlett
|
TN
|
648,526
|
1,960,733
|
None
|
None
|
648,526
|
1,960,733
|
2,609,259
|
395,636
|
08/03/04
|
10/27/03
|
300
|
|||||
|
Automotive Parts
|
|||||||||||||||||
|
Millbrook
|
AL
|
108,000
|
518,741
|
4,157
|
211
|
108,000
|
523,109
|
631,109
|
227,361
|
12/10/98
|
01/21/99
|
300
|
|||||
|
Montgomery
|
AL
|
254,465
|
502,350
|
10,819
|
211
|
254,465
|
513,380
|
767,845
|
233,071
|
06/30/98
|
300
|
||||||
|
Wynne
|
AR
|
70,000
|
547,576
|
26,595
|
None
|
70,000
|
574,171
|
644,171
|
264,673
|
11/10/98
|
02/24/99
|
300
|
|||||
|
Phoenix
|
AZ
|
231,000
|
513,057
|
None
|
88
|
231,000
|
513,145
|
744,145
|
450,069
|
11/09/87
|
300
|
||||||
|
Phoenix
|
AZ
|
222,950
|
495,178
|
None
|
190
|
222,950
|
495,368
|
718,318
|
396,629
|
11/02/89
|
300
|
||||||
|
Tucson
|
AZ
|
194,250
|
431,434
|
None
|
None
|
194,250
|
431,434
|
625,684
|
379,888
|
10/30/87
|
300
|
||||||
|
Grass
Valley
|
CA
|
325,000
|
384,955
|
None
|
None
|
325,000
|
384,955
|
709,955
|
329,256
|
05/20/88
|
300
|
||||||
|
Jackson
|
CA
|
300,000
|
390,849
|
6,775
|
96
|
300,000
|
397,720
|
697,720
|
334,041
|
05/17/88
|
300
|
||||||
|
Sacramento
|
CA
|
210,000
|
466,419
|
None
|
127
|
210,000
|
466,546
|
676,546
|
409,151
|
11/25/87
|
300
|
||||||
|
Turlock
|
CA
|
222,250
|
493,627
|
None
|
None
|
222,250
|
493,627
|
715,877
|
431,233
|
12/30/87
|
300
|
||||||
|
Denver
|
CO
|
141,400
|
314,056
|
None
|
146
|
141,400
|
314,202
|
455,602
|
275,557
|
11/18/87
|
300
|
||||||
|
Denver
|
CO
|
315,000
|
699,623
|
None
|
128
|
315,000
|
699,751
|
1,014,751
|
599,219
|
05/16/88
|
300
|
||||||
|
Littleton
|
CO
|
252,925
|
561,758
|
None
|
274
|
252,925
|
562,032
|
814,957
|
487,039
|
02/12/88
|
300
|
||||||
|
Smyrna
|
DE
|
232,273
|
472,855
|
None
|
None
|
232,273
|
472,855
|
705,128
|
215,150
|
08/07/98
|
300
|
||||||
|
Deerfield
Beach
|
FL
|
475,000
|
871,738
|
2,420
|
16,071
|
475,000
|
890,229
|
1,365,229
|
375,729
|
01/29/99
|
300
|
||||||
|
Atlanta
|
GA
|
652,551
|
763,360
|
None
|
45,476
|
652,551
|
808,836
|
1,461,387
|
340,016
|
12/18/98
|
300
|
||||||
|
Council
Bluffs
|
IA
|
194,355
|
431,668
|
None
|
None
|
194,355
|
431,668
|
626,023
|
369,690
|
05/19/88
|
300
|
||||||
|
Lewiston
|
ID
|
138,950
|
308,612
|
None
|
None
|
138,950
|
308,612
|
447,562
|
272,812
|
09/16/87
|
300
|
||||||
|
Moscow
|
ID
|
117,250
|
260,417
|
None
|
None
|
117,250
|
260,417
|
377,667
|
230,208
|
09/14/87
|
300
|
||||||
|
Peoria
|
IL
|
193,868
|
387,737
|
19,808
|
None
|
193,868
|
407,545
|
601,413
|
206,395
|
11/26/96
|
300
|
||||||
|
Brazil
|
IN
|
183,952
|
453,831
|
8,942
|
173
|
183,952
|
462,946
|
646,898
|
196,459
|
03/31/99
|
300
|
||||||
|
Muncie
|
IN
|
148,901
|
645,660
|
147,678
|
28,805
|
148,901
|
822,143
|
971,044
|
369,897
|
11/26/96
|
300
|
||||||
|
Princeton
|
IN
|
134,209
|
560,113
|
None
|
211
|
134,209
|
560,324
|
694,533
|
241,829
|
03/31/99
|
300
|
||||||
|
Vincennes
|
IN
|
185,312
|
489,779
|
None
|
173
|
185,312
|
489,952
|
675,264
|
211,489
|
03/31/99
|
300
|
||||||
|
Kansas
City
|
KS
|
185,955
|
413,014
|
12,810
|
None
|
185,955
|
425,824
|
611,779
|
354,494
|
05/13/88
|
300
|
||||||
|
Kansas
City
|
KS
|
222,000
|
455,881
|
18,738
|
146
|
222,000
|
474,765
|
696,765
|
394,093
|
05/16/88
|
300
|
||||||
|
Alma
|
MI
|
155,000
|
600,282
|
None
|
122
|
155,000
|
600,404
|
755,404
|
255,071
|
04/29/99
|
02/10/99
|
300
|
|||||
|
Lansing
|
MI
|
265,000
|
574,931
|
57,278
|
209
|
265,000
|
632,418
|
897,418
|
266,871
|
04/30/99
|
12/03/98
|
300
|
|||||
|
Sturgis
|
MI
|
109,558
|
550,274
|
None
|
None
|
109,558
|
550,274
|
659,832
|
243,015
|
12/30/98
|
300
|
||||||
|
Batesville
|
MS
|
190,124
|
485,670
|
None
|
None
|
190,124
|
485,670
|
675,794
|
222,599
|
07/27/98
|
300
|
||||||
|
Horn
Lake
|
MS
|
142,702
|
514,779
|
None
|
211
|
142,702
|
514,990
|
657,692
|
237,773
|
06/30/98
|
300
|
||||||
|
Cost Capitalized
|
Life
on
|
||||||||||||||||
|
Subsequent
|
Gross Amount at Which Carried |
|
which
|
||||||||||||||
| Initial Cost to Company |
|
to
Acquisition
|
at Close of Period (Notes 2, 3, 5, 6 and 7) |
|
depreciation
|
||||||||||||
|
Buildings,
|
Buildings,
|
in
latest
|
|||||||||||||||
|
Improvements
|
Improvements
|
Income
|
|||||||||||||||
|
and
|
and
|
Accumulated
|
Statement
is
|
||||||||||||||
|
Description
|
Acquisition
|
Carrying
|
Acquisition
|
Depreciation
|
Date
of
|
Date
|
Computed
|
||||||||||
|
(Note
1)
|
Land
|
Fees
|
Improvements
|
Costs
|
Land
|
Fees
|
Total
|
(Note
4)
|
Construction
|
Acquired
|
(in
Months)
|
||||||
|
Jackson
|
MS
|
248,483
|
572,522
|
None
|
211
|
248,483
|
572,733
|
821,216
|
232,001
|
11/16/99
|
300
|
||||||
|
Richland
|
MS
|
243,565
|
558,645
|
None
|
211
|
243,565
|
558,856
|
802,421
|
224,522
|
12/21/99
|
300
|
||||||
|
Missoula
|
MT
|
163,100
|
362,249
|
None
|
None
|
163,100
|
362,249
|
525,349
|
318,969
|
10/30/87
|
300
|
||||||
|
Kearney
|
NE
|
173,950
|
344,393
|
None
|
191
|
173,950
|
344,584
|
518,534
|
267,368
|
05/01/90
|
300
|
||||||
|
Omaha
|
NE
|
196,000
|
435,321
|
None
|
None
|
196,000
|
435,321
|
631,321
|
372,818
|
05/26/88
|
300
|
||||||
|
Omaha
|
NE
|
199,100
|
412,042
|
None
|
None
|
199,100
|
412,042
|
611,142
|
352,465
|
05/27/88
|
300
|
||||||
|
Rio
Rancho
|
NM
|
211,577
|
469,923
|
None
|
None
|
211,577
|
469,923
|
681,500
|
407,285
|
02/26/88
|
300
|
||||||
|
Las
Vegas
|
NV
|
161,000
|
357,585
|
260,000
|
None
|
161,000
|
617,585
|
778,585
|
410,196
|
10/29/87
|
300
|
||||||
|
Canton
|
OH
|
396,560
|
597,553
|
None
|
25,682
|
396,560
|
623,235
|
1,019,795
|
273,137
|
08/14/98
|
300
|
||||||
|
Hamilton
|
OH
|
183,000
|
515,727
|
2,941
|
122
|
183,000
|
518,790
|
701,790
|
221,871
|
04/07/99
|
12/03/98
|
300
|
|||||
|
Hubbard
|
OH
|
147,043
|
481,217
|
450
|
156
|
147,043
|
481,823
|
628,866
|
222,323
|
06/30/98
|
300
|
||||||
|
Albany
|
OR
|
152,250
|
338,153
|
None
|
215
|
152,250
|
338,368
|
490,618
|
300,247
|
08/24/87
|
300
|
||||||
|
Beaverton
|
OR
|
210,000
|
466,419
|
None
|
215
|
210,000
|
466,634
|
676,634
|
414,080
|
08/26/87
|
300
|
||||||
|
Portland
|
OR
|
190,750
|
423,664
|
None
|
215
|
190,750
|
423,879
|
614,629
|
376,136
|
08/12/87
|
300
|
||||||
|
Portland
|
OR
|
147,000
|
326,493
|
None
|
215
|
147,000
|
326,708
|
473,708
|
289,899
|
08/26/87
|
300
|
||||||
|
Salem
|
OR
|
136,500
|
303,170
|
None
|
215
|
136,500
|
303,385
|
439,885
|
269,200
|
08/20/87
|
300
|
||||||
|
Butler
|
PA
|
339,929
|
633,078
|
20,558
|
230
|
339,929
|
653,866
|
993,795
|
294,862
|
08/07/98
|
300
|
||||||
|
Dover
|
PA
|
265,112
|
593,341
|
None
|
None
|
265,112
|
593,341
|
858,453
|
273,925
|
06/30/98
|
300
|
||||||
|
Enola
|
PA
|
220,228
|
546,026
|
None
|
None
|
220,228
|
546,026
|
766,254
|
242,988
|
11/10/98
|
300
|
||||||
|
Hanover
|
PA
|
132,500
|
719,511
|
None
|
232
|
132,500
|
719,743
|
852,243
|
298,815
|
07/26/99
|
05/13/99
|
300
|
|||||
|
Harrisburg
|
PA
|
327,781
|
608,291
|
None
|
None
|
327,781
|
608,291
|
936,072
|
280,826
|
06/30/98
|
300
|
||||||
|
Harrisburg
|
PA
|
283,417
|
352,473
|
None
|
None
|
283,417
|
352,473
|
635,890
|
159,205
|
09/30/98
|
300
|
||||||
|
Lancaster
|
PA
|
199,899
|
774,838
|
10,913
|
None
|
199,899
|
785,751
|
985,650
|
358,433
|
08/14/98
|
300
|
||||||
|
New
Castle
|
PA
|
180,009
|
525,774
|
8,120
|
230
|
180,009
|
534,124
|
714,133
|
246,981
|
06/30/98
|
300
|
||||||
|
Reading
|
PA
|
379,000
|
658,722
|
10,100
|
232
|
379,000
|
669,054
|
1,048,054
|
283,351
|
06/09/99
|
12/04/98
|
300
|
|||||
|
Columbia
|
TN
|
273,120
|
431,716
|
None
|
211
|
273,120
|
431,927
|
705,047
|
182,092
|
06/30/99
|
300
|
||||||
|
Bellevue
|
WA
|
185,500
|
411,997
|
None
|
117
|
185,500
|
412,114
|
597,614
|
365,714
|
08/06/87
|
300
|
||||||
|
Bellingham
|
WA
|
168,000
|
373,133
|
None
|
117
|
168,000
|
373,250
|
541,250
|
331,223
|
08/20/87
|
300
|
||||||
|
Hazel
Dell
|
WA
|
168,000
|
373,135
|
None
|
None
|
168,000
|
373,135
|
541,135
|
318,627
|
05/23/88
|
300
|
||||||
|
Kenmore
|
WA
|
199,500
|
443,098
|
None
|
117
|
199,500
|
443,215
|
642,715
|
393,316
|
08/20/87
|
300
|
||||||
|
Kennewick
|
WA
|
161,350
|
358,365
|
None
|
9
|
161,350
|
358,374
|
519,724
|
318,044
|
08/26/87
|
300
|
||||||
|
Kent
|
WA
|
199,500
|
443,091
|
None
|
117
|
199,500
|
443,208
|
642,708
|
393,310
|
08/06/87
|
300
|
||||||
|
Lakewood
|
WA
|
191,800
|
425,996
|
None
|
117
|
191,800
|
426,113
|
617,913
|
378,138
|
08/18/87
|
300
|
||||||
|
Moses
Lake
|
WA
|
138,600
|
307,831
|
None
|
None
|
138,600
|
307,831
|
446,431
|
273,194
|
08/12/87
|
300
|
||||||
|
Renton
|
WA
|
185,500
|
412,003
|
None
|
117
|
185,500
|
412,120
|
597,620
|
364,286
|
09/15/87
|
300
|
||||||
|
Seattle
|
WA
|
162,400
|
360,697
|
None
|
117
|
162,400
|
360,814
|
523,214
|
320,187
|
08/20/87
|
300
|
||||||
|
Silverdale
|
WA
|
183,808
|
419,777
|
None
|
117
|
183,808
|
419,894
|
603,702
|
371,158
|
09/16/87
|
300
|
||||||
|
Tacoma
|
WA
|
196,000
|
435,324
|
None
|
117
|
196,000
|
435,441
|
631,441
|
383,390
|
10/15/87
|
300
|
||||||
|
Vancouver
|
WA
|
180,250
|
400,343
|
None
|
215
|
180,250
|
400,558
|
580,808
|
355,438
|
08/20/87
|
300
|
||||||
|
Walla
Walla
|
WA
|
170,100
|
377,793
|
None
|
6,604
|
170,100
|
384,397
|
554,497
|
337,894
|
08/06/87
|
300
|
||||||
|
Wenatchee
|
WA
|
148,400
|
329,602
|
None
|
None
|
148,400
|
329,602
|
478,002
|
292,515
|
08/25/87
|
300
|
||||||
|
Automotive Service
|
|||||||||||||||||
|
Flagstaff
|
AZ
|
144,821
|
417,485
|
None
|
None
|
144,821
|
417,485
|
562,306
|
189,540
|
04/11/02
|
08/29/97
|
300
|
|||||
|
Mesa
|
AZ
|
210,620
|
475,072
|
None
|
None
|
210,620
|
475,072
|
685,692
|
144,893
|
05/14/02
|
300
|
||||||
|
Phoenix
|
AZ
|
189,341
|
546,984
|
None
|
110
|
189,341
|
547,094
|
736,435
|
166,871
|
05/14/02
|
300
|
||||||
|
Phoenix
|
AZ
|
384,608
|
279,824
|
None
|
None
|
384,608
|
279,824
|
664,432
|
85,344
|
05/14/02
|
300
|
||||||
|
Sierra
Vista
|
AZ
|
175,114
|
345,508
|
None
|
None
|
175,114
|
345,508
|
520,622
|
105,378
|
05/14/02
|
300
|
||||||
|
Tucson
|
AZ
|
226,596
|
437,972
|
None
|
None
|
226,596
|
437,972
|
664,568
|
133,580
|
05/14/02
|
300
|
||||||
|
Bakersfield
|
CA
|
65,165
|
206,927
|
None
|
None
|
65,165
|
206,927
|
272,092
|
63,111
|
05/14/02
|
300
|
||||||
|
Chula
Vista
|
CA
|
313,293
|
409,654
|
None
|
None
|
313,293
|
409,654
|
722,947
|
223,261
|
05/01/96
|
01/19/96
|
300
|
|||||
|
Dublin
|
CA
|
415,620
|
1,153,928
|
None
|
None
|
415,620
|
1,153,928
|
1,569,548
|
351,946
|
05/14/02
|
300
|
||||||
|
Folsom
|
CA
|
471,813
|
325,610
|
None
|
None
|
471,813
|
325,610
|
797,423
|
99,309
|
05/14/02
|
300
|
||||||
|
Indio
|
CA
|
264,956
|
265,509
|
None
|
None
|
264,956
|
265,509
|
530,465
|
80,978
|
05/14/02
|
300
|
||||||
|
Los
Angeles
|
CA
|
580,446
|
158,876
|
None
|
None
|
580,446
|
158,876
|
739,322
|
48,455
|
05/14/02
|
300
|
||||||
|
Cost Capitalized
|
Life
on
|
||||||||||||||||
|
Subsequent
|
Gross Amount at Which Carried |
|
which
|
||||||||||||||
| Initial Cost to Company |
|
to
Acquisition
|
at Close of Period (Notes 2, 3, 5, 6 and 7) |
|
depreciation
|
||||||||||||
|
Buildings,
|
Buildings,
|
in
latest
|
|||||||||||||||
|
Improvements
|
Improvements
|
Income
|
|||||||||||||||
|
and
|
and
|
Accumulated
|
Statement
is
|
||||||||||||||
|
Description
|
Acquisition
|
Carrying
|
Acquisition
|
Depreciation
|
Date
of
|
Date
|
Computed
|
||||||||||
|
(Note
1)
|
Land
|
Fees
|
Improvements
|
Costs
|
Land
|
Fees
|
Total
|
(Note
4)
|
Construction
|
Acquired
|
(in
Months)
|
||||||
|
Oxnard
|
CA
|
186,980
|
198,236
|
None
|
None
|
186,980
|
198,236
|
385,216
|
60,460
|
05/14/02
|
300
|
||||||
|
Simi
Valley
|
CA
|
213,920
|
161,012
|
None
|
None
|
213,920
|
161,012
|
374,932
|
49,107
|
05/14/02
|
300
|
||||||
|
Vacaville
|
CA
|
358,067
|
284,931
|
None
|
None
|
358,067
|
284,931
|
642,998
|
86,902
|
05/14/02
|
300
|
||||||
|
Aurora
|
CO
|
231,314
|
430,495
|
None
|
None
|
231,314
|
430,495
|
661,809
|
39,462
|
09/04/07
|
300
|
||||||
|
Broomfield
|
CO
|
154,930
|
503,626
|
None
|
None
|
154,930
|
503,626
|
658,556
|
269,440
|
08/22/96
|
03/15/96
|
300
|
|||||
|
Denver
|
CO
|
79,717
|
369,587
|
None
|
169
|
79,717
|
369,756
|
449,473
|
360,640
|
10/08/85
|
300
|
||||||
|
Denver
|
CO
|
239,024
|
444,785
|
None
|
None
|
239,024
|
444,785
|
683,809
|
40,772
|
09/04/07
|
300
|
||||||
|
Lakewood
|
CO
|
70,422
|
132,296
|
None
|
None
|
70,422
|
132,296
|
202,718
|
12,127
|
09/04/07
|
300
|
||||||
|
Longmont
|
CO
|
87,385
|
163,169
|
None
|
None
|
87,385
|
163,169
|
250,554
|
14,957
|
09/04/07
|
300
|
||||||
|
Thornton
|
CO
|
276,084
|
415,464
|
None
|
None
|
276,084
|
415,464
|
691,548
|
215,191
|
12/31/96
|
10/31/96
|
300
|
|||||
|
Hartford
|
CT
|
248,540
|
482,460
|
None
|
None
|
248,540
|
482,460
|
731,000
|
256,508
|
09/30/96
|
300
|
||||||
|
Southington
|
CT
|
225,882
|
672,910
|
None
|
None
|
225,882
|
672,910
|
898,792
|
337,466
|
06/06/97
|
300
|
||||||
|
Vernon
|
CT
|
81,529
|
300,518
|
None
|
None
|
81,529
|
300,518
|
382,047
|
90,656
|
06/27/02
|
300
|
||||||
|
Carol
City
|
FL
|
163,239
|
262,726
|
None
|
None
|
163,239
|
262,726
|
425,965
|
79,256
|
06/27/02
|
300
|
||||||
|
Jacksonville
|
FL
|
76,585
|
355,066
|
6,980
|
240
|
76,585
|
362,286
|
438,871
|
346,025
|
12/23/85
|
300
|
||||||
|
Lauderdale
Lakes
|
FL
|
65,987
|
305,931
|
None
|
None
|
65,987
|
305,931
|
371,918
|
294,905
|
02/19/86
|
300
|
||||||
|
Orange
City
|
FL
|
99,613
|
139,008
|
None
|
None
|
99,613
|
139,008
|
238,621
|
42,395
|
05/14/02
|
300
|
||||||
|
Seminole
|
FL
|
68,000
|
315,266
|
None
|
124
|
68,000
|
315,390
|
383,390
|
305,834
|
12/23/85
|
300
|
||||||
|
Sunrise
|
FL
|
80,253
|
372,070
|
None
|
None
|
80,253
|
372,070
|
452,323
|
358,770
|
02/14/86
|
300
|
||||||
|
Tampa
|
FL
|
70,000
|
324,538
|
None
|
162
|
70,000
|
324,700
|
394,700
|
314,855
|
12/27/85
|
300
|
||||||
|
Tampa
|
FL
|
67,000
|
310,629
|
None
|
124
|
67,000
|
310,753
|
377,753
|
301,338
|
12/27/85
|
300
|
||||||
|
Tampa
|
FL
|
86,502
|
401,041
|
None
|
141
|
86,502
|
401,182
|
487,684
|
380,871
|
07/23/86
|
300
|
||||||
|
Atlanta
|
GA
|
55,840
|
258,889
|
None
|
452
|
55,840
|
259,341
|
315,181
|
251,890
|
11/27/85
|
300
|
||||||
|
Bogart
|
GA
|
66,807
|
309,733
|
None
|
None
|
66,807
|
309,733
|
376,540
|
300,344
|
12/20/85
|
300
|
||||||
|
Douglasville
|
GA
|
214,771
|
129,519
|
None
|
None
|
214,771
|
129,519
|
344,290
|
39,501
|
05/14/02
|
300
|
||||||
|
Duluth
|
GA
|
222,275
|
316,925
|
None
|
None
|
222,275
|
316,925
|
539,200
|
152,032
|
10/24/97
|
06/20/97
|
300
|
|||||
|
Duluth
|
GA
|
290,842
|
110,056
|
None
|
None
|
290,842
|
110,056
|
400,898
|
33,565
|
05/14/02
|
300
|
||||||
|
Gainesville
|
GA
|
53,589
|
248,452
|
None
|
None
|
53,589
|
248,452
|
302,041
|
240,921
|
12/19/85
|
300
|
||||||
|
Kennesaw
|
GA
|
266,865
|
139,425
|
None
|
None
|
266,865
|
139,425
|
406,290
|
42,523
|
05/14/02
|
300
|
||||||
|
Marietta
|
GA
|
60,900
|
293,461
|
67,871
|
446
|
60,900
|
361,778
|
422,678
|
290,417
|
12/26/85
|
300
|
||||||
|
Marietta
|
GA
|
69,561
|
346,024
|
None
|
356
|
69,561
|
346,380
|
415,941
|
329,979
|
06/03/86
|
300
|
||||||
|
Norcross
|
GA
|
244,124
|
151,831
|
None
|
None
|
244,124
|
151,831
|
395,955
|
46,306
|
05/14/02
|
300
|
||||||
|
Norcross
|
GA
|
503,773
|
937,121
|
39,032
|
21,600
|
503,773
|
997,753
|
1,501,526
|
119,282
|
11/22/06
|
300
|
||||||
|
Riverdale
|
GA
|
58,444
|
270,961
|
None
|
None
|
58,444
|
270,961
|
329,405
|
261,974
|
01/15/86
|
300
|
||||||
|
Rome
|
GA
|
56,454
|
261,733
|
None
|
None
|
56,454
|
261,733
|
318,187
|
253,800
|
12/19/85
|
300
|
||||||
|
Snellville
|
GA
|
253,316
|
132,124
|
None
|
None
|
253,316
|
132,124
|
385,440
|
40,296
|
05/14/02
|
300
|
||||||
|
Tucker
|
GA
|
78,646
|
364,625
|
None
|
9,589
|
78,646
|
374,214
|
452,860
|
354,182
|
12/18/85
|
300
|
||||||
|
Arlington
Hts
|
IL
|
441,437
|
215,983
|
None
|
None
|
441,437
|
215,983
|
657,420
|
65,873
|
05/14/02
|
300
|
||||||
|
Chicago
|
IL
|
329,076
|
255,294
|
None
|
None
|
329,076
|
255,294
|
584,370
|
77,863
|
05/14/02
|
300
|
||||||
|
Round Lake
Beach
|
IL
|
472,132
|
236,585
|
None
|
None
|
472,132
|
236,585
|
708,717
|
72,157
|
05/14/02
|
300
|
||||||
|
Westchester
|
IL
|
421,239
|
184,812
|
None
|
None
|
421,239
|
184,812
|
606,051
|
56,366
|
05/14/02
|
300
|
||||||
|
Anderson
|
IN
|
232,170
|
385,661
|
None
|
163
|
232,170
|
385,824
|
617,994
|
185,864
|
12/19/97
|
300
|
||||||
|
Indianapolis
|
IN
|
231,384
|
428,307
|
None
|
None
|
231,384
|
428,307
|
659,691
|
227,716
|
09/27/96
|
300
|
||||||
|
Michigan
City
|
IN
|
392,638
|
297,650
|
-3,065
|
None
|
389,573
|
297,650
|
687,223
|
90,782
|
05/14/02
|
300
|
||||||
|
Warsaw
|
IN
|
140,893
|
228,116
|
None
|
None
|
140,893
|
228,116
|
369,009
|
69,574
|
05/14/02
|
300
|
||||||
|
Olathe
|
KS
|
217,995
|
367,055
|
None
|
16,747
|
217,995
|
383,802
|
601,797
|
185,359
|
04/22/97
|
11/11/96
|
300
|
|||||
|
Topeka
|
KS
|
32,022
|
60,368
|
None
|
None
|
32,022
|
60,368
|
92,390
|
5,534
|
09/04/07
|
300
|
||||||
|
Louisville
|
KY
|
56,054
|
259,881
|
None
|
64
|
56,054
|
259,945
|
315,999
|
252,059
|
12/17/85
|
300
|
||||||
|
Newport
|
KY
|
323,511
|
289,017
|
None
|
None
|
323,511
|
289,017
|
612,528
|
142,045
|
09/17/97
|
300
|
||||||
|
Billerica
|
MA
|
399,043
|
462,240
|
None
|
None
|
399,043
|
462,240
|
861,283
|
234,874
|
04/02/97
|
300
|
||||||
|
East
Falmouth
|
MA
|
191,302
|
340,539
|
None
|
None
|
191,302
|
340,539
|
531,841
|
103,863
|
05/14/02
|
300
|
||||||
|
East
Wareham
|
MA
|
149,680
|
278,669
|
None
|
None
|
149,680
|
278,669
|
428,349
|
84,992
|
05/14/02
|
300
|
||||||
|
Fairhaven
|
MA
|
138,957
|
289,294
|
None
|
None
|
138,957
|
289,294
|
428,251
|
88,232
|
05/14/02
|
300
|
||||||
|
Gardner
|
MA
|
138,990
|
289,361
|
None
|
None
|
138,990
|
289,361
|
428,351
|
88,253
|
05/14/02
|
300
|
||||||
|
Hyannis
|
MA
|
180,653
|
458,522
|
None
|
None
|
180,653
|
458,522
|
639,175
|
138,321
|
06/27/02
|
300
|
||||||
|
Lenox
|
MA
|
287,769
|
535,273
|
None
|
232
|
287,769
|
535,505
|
823,274
|
231,106
|
03/31/99
|
300
|
||||||
|
Cost Capitalized
|
Life
on
|
||||||||||||||||
|
Subsequent
|
Gross Amount at Which Carried |
|
which
|
||||||||||||||
|
Initial
Cost to Company
|
|
to
Acquisition
|
at Close of Period (Notes 2, 3, 5, 6 and 7) |
|
depreciation
|
||||||||||||
|
Buildings,
|
Buildings,
|
in
latest
|
|||||||||||||||
|
Improvements
|
Improvements
|
Income
|
|||||||||||||||
|
and
|
and
|
Accumulated
|
Statement
is
|
||||||||||||||
|
Description
|
Acquisition
|
Carrying
|
Acquisition
|
Depreciation
|
Date
of
|
Date
|
Computed
|
||||||||||
|
(Note
1)
|
Land
|
Fees
|
Improvements
|
Costs
|
Land
|
Fees
|
Total
|
(Note
4)
|
Construction
|
Acquired
|
(in
Months)
|
||||||
|
Newburyport
|
MA
|
274,698
|
466,449
|
None
|
None
|
274,698
|
466,449
|
741,147
|
140,712
|
06/27/02
|
300
|
||||||
|
North
Reading
|
MA
|
180,546
|
351,161
|
None
|
None
|
180,546
|
351,161
|
531,707
|
107,102
|
05/14/02
|
300
|
||||||
|
Orleans
|
MA
|
138,212
|
394,065
|
None
|
None
|
138,212
|
394,065
|
532,277
|
120,187
|
05/14/02
|
300
|
||||||
|
Aberdeen
|
MD
|
223,617
|
225,605
|
None
|
None
|
223,617
|
225,605
|
449,222
|
68,058
|
06/27/02
|
300
|
||||||
|
Bethesda
|
MD
|
282,717
|
525,928
|
None
|
None
|
282,717
|
525,928
|
808,645
|
48,210
|
09/04/07
|
300
|
||||||
|
Capital
Heights
|
MD
|
547,173
|
219,979
|
-12,319
|
None
|
534,854
|
219,979
|
754,833
|
67,090
|
05/14/02
|
300
|
||||||
|
Clinton
|
MD
|
70,880
|
328,620
|
11,440
|
459
|
70,880
|
340,519
|
411,399
|
321,928
|
11/15/85
|
300
|
||||||
|
Lexington
Park
|
MD
|
111,396
|
335,288
|
-7,600
|
None
|
103,796
|
335,288
|
439,084
|
102,259
|
05/14/02
|
300
|
||||||
|
Kalamazoo
|
MI
|
391,745
|
296,975
|
-2,196
|
None
|
389,549
|
296,975
|
686,524
|
90,576
|
05/14/02
|
300
|
||||||
|
Portage
|
MI
|
402,409
|
286,441
|
-2,112
|
None
|
400,297
|
286,441
|
686,738
|
87,363
|
05/14/02
|
300
|
||||||
|
Southfield
|
MI
|
275,952
|
350,765
|
None
|
None
|
275,952
|
350,765
|
626,717
|
106,982
|
05/14/02
|
300
|
||||||
|
Troy
|
MI
|
214,893
|
199,299
|
None
|
None
|
214,893
|
199,299
|
414,192
|
60,785
|
05/14/02
|
300
|
||||||
|
Minneapolis
|
MN
|
58,000
|
268,903
|
1,485
|
5
|
58,000
|
270,393
|
328,393
|
260,759
|
12/18/85
|
300
|
||||||
|
St.
Cloud
|
MN
|
203,338
|
258,626
|
None
|
None
|
203,338
|
258,626
|
461,964
|
78,019
|
06/27/02
|
300
|
||||||
|
Independence
|
MO
|
297,641
|
233,152
|
None
|
None
|
297,641
|
233,152
|
530,793
|
121,628
|
12/20/96
|
300
|
||||||
|
Asheville
|
NC
|
441,746
|
242,565
|
None
|
None
|
441,746
|
242,565
|
684,311
|
73,980
|
05/14/02
|
300
|
||||||
|
Charlotte
|
NC
|
508,100
|
457,295
|
None
|
None
|
508,100
|
457,295
|
965,395
|
121,183
|
05/27/03
|
300
|
||||||
|
Concord
|
NC
|
237,688
|
357,976
|
None
|
152
|
237,688
|
358,128
|
595,816
|
164,309
|
11/05/97
|
300
|
||||||
|
Durham
|
NC
|
55,074
|
255,336
|
None
|
289
|
55,074
|
255,625
|
310,699
|
248,511
|
11/13/85
|
300
|
||||||
|
Durham
|
NC
|
354,676
|
361,203
|
3,400
|
266
|
354,676
|
364,869
|
719,545
|
180,831
|
08/29/97
|
03/31/97
|
300
|
|||||
|
Fayetteville
|
NC
|
224,326
|
257,733
|
None
|
205
|
224,326
|
257,938
|
482,264
|
124,227
|
12/03/97
|
300
|
||||||
|
Greensboro
|
NC
|
286,068
|
244,606
|
None
|
None
|
286,068
|
244,606
|
530,674
|
74,596
|
05/14/02
|
300
|
||||||
|
Matthews
|
NC
|
295,580
|
338,472
|
10,000
|
192
|
295,580
|
348,664
|
644,244
|
158,060
|
08/28/98
|
02/27/98
|
300
|
|||||
|
Pineville
|
NC
|
254,460
|
355,630
|
None
|
205
|
254,460
|
355,835
|
610,295
|
174,912
|
08/28/97
|
04/16/97
|
300
|
|||||
|
Raleigh
|
NC
|
89,145
|
413,301
|
None
|
94
|
89,145
|
413,395
|
502,540
|
403,209
|
10/28/85
|
300
|
||||||
|
Raleigh
|
NC
|
398,694
|
263,621
|
None
|
None
|
398,694
|
263,621
|
662,315
|
128,700
|
10/01/97
|
300
|
||||||
|
Salisbury
|
NC
|
235,614
|
150,592
|
None
|
None
|
235,614
|
150,592
|
386,206
|
45,929
|
05/14/02
|
300
|
||||||
|
Fargo
|
ND
|
53,973
|
100,262
|
None
|
None
|
53,973
|
100,262
|
154,235
|
9,191
|
09/04/07
|
300
|
||||||
|
Lincoln
|
NE
|
337,138
|
316,958
|
None
|
None
|
337,138
|
316,958
|
654,096
|
96,669
|
05/14/02
|
300
|
||||||
|
Scotts
Bluff
|
NE
|
33,307
|
63,355
|
None
|
None
|
33,307
|
63,355
|
96,662
|
5,807
|
09/04/07
|
300
|
||||||
|
Cherry
Hill
|
NJ
|
463,808
|
862,240
|
None
|
None
|
463,808
|
862,240
|
1,326,048
|
79,038
|
09/04/07
|
300
|
||||||
|
Edison
|
NJ
|
448,936
|
238,773
|
None
|
None
|
448,936
|
238,773
|
687,709
|
72,822
|
05/14/02
|
300
|
||||||
|
Glassboro
|
NJ
|
182,013
|
312,480
|
None
|
None
|
182,013
|
312,480
|
494,493
|
94,265
|
06/27/02
|
300
|
||||||
|
Hamilton
Square
|
NJ
|
422,477
|
291,555
|
None
|
None
|
422,477
|
291,555
|
714,032
|
88,921
|
05/14/02
|
300
|
||||||
|
Hamilton
Township
|
NJ
|
265,238
|
298,167
|
None
|
None
|
265,238
|
298,167
|
563,405
|
90,937
|
05/14/02
|
300
|
||||||
|
Pleasantville
|
NJ
|
77,105
|
144,693
|
None
|
None
|
77,105
|
144,693
|
221,798
|
13,263
|
09/04/07
|
300
|
||||||
|
Randolph
|
NJ
|
452,629
|
390,163
|
None
|
None
|
452,629
|
390,163
|
842,792
|
118,997
|
05/14/02
|
300
|
||||||
|
Westfield
|
NJ
|
705,337
|
288,720
|
None
|
None
|
705,337
|
288,720
|
994,057
|
88,055
|
05/14/02
|
300
|
||||||
|
Woodbury
|
NJ
|
212,788
|
320,283
|
None
|
None
|
212,788
|
320,283
|
533,071
|
97,683
|
05/14/02
|
300
|
||||||
|
Las
Vegas
|
NV
|
326,879
|
359,101
|
None
|
None
|
326,879
|
359,101
|
685,980
|
109,524
|
05/14/02
|
300
|
||||||
|
Las
Vegas
|
NV
|
316,441
|
369,768
|
None
|
None
|
316,441
|
369,768
|
686,209
|
112,777
|
05/14/02
|
300
|
||||||
|
Las
Vegas
|
NV
|
252,169
|
562,715
|
None
|
None
|
252,169
|
562,715
|
814,884
|
171,626
|
05/14/02
|
300
|
||||||
|
Sparks
|
NV
|
326,813
|
306,311
|
None
|
None
|
326,813
|
306,311
|
633,124
|
93,423
|
05/14/02
|
300
|
||||||
|
Albion
|
NY
|
170,589
|
317,424
|
None
|
None
|
170,589
|
317,424
|
488,013
|
137,013
|
03/31/99
|
300
|
||||||
|
Bethpage
|
NY
|
334,120
|
621,391
|
None
|
None
|
334,120
|
621,391
|
955,511
|
56,961
|
09/04/07
|
300
|
||||||
|
Commack
|
NY
|
400,427
|
744,533
|
None
|
None
|
400,427
|
744,533
|
1,144,960
|
68,249
|
09/04/07
|
300
|
||||||
|
Dansville
|
NY
|
181,664
|
337,991
|
None
|
None
|
181,664
|
337,991
|
519,655
|
145,891
|
03/31/99
|
300
|
||||||
|
East
Amherst
|
NY
|
260,708
|
484,788
|
None
|
156
|
260,708
|
484,944
|
745,652
|
209,266
|
03/31/99
|
300
|
||||||
|
East
Syracuse
|
NY
|
250,609
|
466,264
|
None
|
156
|
250,609
|
466,420
|
717,029
|
201,267
|
03/31/99
|
300
|
||||||
|
Freeport
|
NY
|
134,828
|
251,894
|
None
|
None
|
134,828
|
251,894
|
386,722
|
23,090
|
09/04/07
|
300
|
||||||
|
Johnson
City
|
NY
|
242,863
|
451,877
|
None
|
156
|
242,863
|
452,033
|
694,896
|
195,057
|
03/31/99
|
300
|
||||||
|
Queens
Village
|
NY
|
242,775
|
451,749
|
None
|
None
|
242,775
|
451,749
|
694,524
|
41,410
|
09/04/07
|
300
|
||||||
|
Riverhead
|
NY
|
143,929
|
268,795
|
None
|
None
|
143,929
|
268,795
|
412,724
|
24,639
|
09/04/07
|
300
|
||||||
|
Wellsville
|
NY
|
161,331
|
300,231
|
None
|
None
|
161,331
|
300,231
|
461,562
|
129,591
|
03/31/99
|
300
|
||||||
|
West
Amherst
|
NY
|
268,692
|
499,619
|
None
|
156
|
268,692
|
499,775
|
768,467
|
215,668
|
03/31/99
|
300
|
||||||
|
Akron
|
OH
|
139,126
|
460,334
|
None
|
None
|
139,126
|
460,334
|
599,460
|
226,293
|
09/18/97
|
300
|
||||||
|
Cost Capitalized
|
Life
on
|
||||||||||||||||
|
Subsequent
|
Gross Amount at Which Carried |
|
which
|
||||||||||||||
| Initial Cost to Company |
|
to
Acquisition
|
at Close of Period (Notes 2, 3, 5, 6 and 7) |
|
depreciation
|
||||||||||||
|
Buildings,
|
Buildings,
|
in
latest
|
|||||||||||||||
|
Improvements
|
Improvements
|
Income
|
|||||||||||||||
|
and
|
and
|
Accumulated
|
Statement
is
|
||||||||||||||
|
Description
|
Acquisition
|
Carrying
|
Acquisition
|
Depreciation
|
Date
of
|
Date
|
Computed
|
||||||||||
|
(Note
1)
|
Land
|
Fees
|
Improvements
|
Costs
|
Land
|
Fees
|
Total
|
(Note
4)
|
Construction
|
Acquired
|
(in
Months)
|
||||||
|
Beaver
Creek
|
OH
|
349,091
|
251,127
|
None
|
None
|
349,091
|
251,127
|
600,218
|
53,155
|
09/17/04
|
300
|
||||||
|
Beavercreek
|
OH
|
205,000
|
492,538
|
None
|
None
|
205,000
|
492,538
|
697,538
|
252,014
|
02/13/97
|
09/09/96
|
300
|
|||||
|
Canal
Winchester
|
OH
|
443,751
|
825,491
|
None
|
None
|
443,751
|
825,491
|
1,269,242
|
230,807
|
12/19/02
|
08/21/02
|
300
|
|||||
|
Centerville
|
OH
|
305,000
|
420,448
|
None
|
None
|
305,000
|
420,448
|
725,448
|
226,341
|
07/24/96
|
06/28/96
|
300
|
|||||
|
Cincinnati
|
OH
|
293,005
|
201,340
|
None
|
None
|
293,005
|
201,340
|
494,345
|
98,922
|
09/17/97
|
300
|
||||||
|
Cincinnati
|
OH
|
211,185
|
392,210
|
None
|
None
|
211,185
|
392,210
|
603,395
|
96,092
|
11/03/03
|
300
|
||||||
|
Cincinnati
|
OH
|
305,556
|
244,662
|
None
|
None
|
305,556
|
244,662
|
550,218
|
51,786
|
09/17/04
|
300
|
||||||
|
Cincinnati
|
OH
|
589,286
|
160,932
|
None
|
None
|
589,286
|
160,932
|
750,218
|
34,063
|
09/17/04
|
300
|
||||||
|
Cincinnati
|
OH
|
159,375
|
265,842
|
None
|
None
|
159,375
|
265,842
|
425,217
|
56,270
|
09/17/04
|
300
|
||||||
|
Cincinnati
|
OH
|
350,000
|
300,217
|
None
|
None
|
350,000
|
300,217
|
650,217
|
60,544
|
12/20/04
|
300
|
||||||
|
Cleveland
|
OH
|
215,111
|
216,517
|
None
|
None
|
215,111
|
216,517
|
431,628
|
65,316
|
06/27/02
|
300
|
||||||
|
Columbus
|
OH
|
71,098
|
329,627
|
None
|
27
|
71,098
|
329,654
|
400,752
|
321,595
|
10/02/85
|
300
|
||||||
|
Columbus
|
OH
|
75,761
|
351,247
|
None
|
None
|
75,761
|
351,247
|
427,008
|
342,590
|
10/24/85
|
300
|
||||||
|
Columbus
|
OH
|
245,036
|
470,468
|
None
|
122
|
245,036
|
470,590
|
715,626
|
264,274
|
12/22/95
|
300
|
||||||
|
Columbus
|
OH
|
432,110
|
386,553
|
None
|
None
|
432,110
|
386,553
|
818,663
|
102,436
|
05/27/03
|
300
|
||||||
|
Columbus
|
OH
|
466,696
|
548,133
|
None
|
None
|
466,696
|
548,133
|
1,014,829
|
145,254
|
05/27/03
|
300
|
||||||
|
Columbus
|
OH
|
337,679
|
272,484
|
None
|
None
|
337,679
|
272,484
|
610,163
|
57,675
|
09/17/04
|
300
|
||||||
|
Columbus
|
OH
|
190,000
|
260,162
|
None
|
None
|
190,000
|
260,162
|
450,162
|
55,067
|
09/17/04
|
300
|
||||||
|
Columbus
|
OH
|
371,429
|
278,734
|
None
|
None
|
371,429
|
278,734
|
650,163
|
58,998
|
09/17/04
|
300
|
||||||
|
Columbus
|
OH
|
214,737
|
85,425
|
19,605
|
5
|
214,737
|
105,035
|
319,772
|
19,057
|
09/17/04
|
300
|
||||||
|
Cuyahoga
Falls
|
OH
|
253,750
|
271,400
|
None
|
None
|
253,750
|
271,400
|
525,150
|
57,446
|
09/17/04
|
300
|
||||||
|
Dayton
|
OH
|
70,000
|
324,538
|
None
|
286
|
70,000
|
324,824
|
394,824
|
316,718
|
10/31/85
|
300
|
||||||
|
Dublin
|
OH
|
437,887
|
428,046
|
None
|
None
|
437,887
|
428,046
|
865,933
|
113,431
|
05/27/03
|
300
|
||||||
|
Eastlake
|
OH
|
321,347
|
459,774
|
None
|
209
|
321,347
|
459,983
|
781,330
|
258,259
|
12/22/95
|
300
|
||||||
|
Fairfield
|
OH
|
323,408
|
235,024
|
None
|
None
|
323,408
|
235,024
|
558,432
|
115,495
|
09/17/97
|
300
|
||||||
|
Fairlawn
|
OH
|
280,000
|
270,150
|
None
|
None
|
280,000
|
270,150
|
550,150
|
57,181
|
09/17/04
|
300
|
||||||
|
Findlay
|
OH
|
283,515
|
397,004
|
None
|
None
|
283,515
|
397,004
|
680,519
|
191,227
|
12/24/97
|
300
|
||||||
|
Hamilton
|
OH
|
252,608
|
413,279
|
None
|
None
|
252,608
|
413,279
|
665,887
|
207,325
|
03/31/97
|
10/04/96
|
300
|
|||||
|
Huber
Heights
|
OH
|
282,000
|
449,381
|
None
|
None
|
282,000
|
449,381
|
731,381
|
232,928
|
12/03/96
|
07/18/96
|
300
|
|||||
|
Lima
|
OH
|
241,132
|
114,085
|
None
|
None
|
241,132
|
114,085
|
355,217
|
24,148
|
09/17/04
|
300
|
||||||
|
Marion
|
OH
|
100,000
|
275,162
|
None
|
None
|
100,000
|
275,162
|
375,162
|
55,491
|
12/20/04
|
300
|
||||||
|
Mason
|
OH
|
310,990
|
405,373
|
None
|
None
|
310,990
|
405,373
|
716,363
|
107,423
|
05/27/03
|
300
|
||||||
|
Middleburg
Hghts
|
OH
|
317,308
|
307,842
|
None
|
None
|
317,308
|
307,842
|
625,150
|
65,160
|
09/17/04
|
300
|
||||||
|
Milford
|
OH
|
353,324
|
269,997
|
None
|
None
|
353,324
|
269,997
|
623,321
|
132,707
|
09/18/97
|
300
|
||||||
|
Mt.
Vernon
|
OH
|
216,115
|
375,357
|
None
|
None
|
216,115
|
375,357
|
591,472
|
180,797
|
12/30/97
|
300
|
||||||
|
Northwood
|
OH
|
65,978
|
263,912
|
36,827
|
362
|
65,978
|
301,101
|
367,079
|
265,690
|
09/12/86
|
180
|
||||||
|
Norwalk
|
OH
|
200,205
|
366,000
|
None
|
None
|
200,205
|
366,000
|
566,205
|
176,289
|
12/19/97
|
300
|
||||||
|
Parma
|
OH
|
268,966
|
381,184
|
None
|
None
|
268,966
|
381,184
|
650,150
|
80,684
|
09/17/04
|
300
|
||||||
|
Reynoldsburg
|
OH
|
267,750
|
497,371
|
None
|
None
|
267,750
|
497,371
|
765,121
|
105,277
|
09/15/04
|
300
|
||||||
|
Reynoldsburg
|
OH
|
374,000
|
176,162
|
None
|
None
|
374,000
|
176,162
|
550,162
|
37,287
|
09/17/04
|
300
|
||||||
|
S.
Euclid
|
OH
|
337,593
|
451,944
|
None
|
None
|
337,593
|
451,944
|
789,537
|
119,765
|
05/27/03
|
300
|
||||||
|
Sandusky
|
OH
|
264,708
|
404,011
|
None
|
230
|
264,708
|
404,241
|
668,949
|
194,690
|
12/19/97
|
300
|
||||||
|
Solon
|
OH
|
794,305
|
222,797
|
None
|
None
|
794,305
|
222,797
|
1,017,102
|
59,041
|
05/27/03
|
300
|
||||||
|
Springboro
|
OH
|
191,911
|
522,902
|
None
|
None
|
191,911
|
522,902
|
714,813
|
267,392
|
03/07/97
|
300
|
||||||
|
Springfield
|
OH
|
320,000
|
280,217
|
None
|
None
|
320,000
|
280,217
|
600,217
|
59,312
|
09/17/04
|
300
|
||||||
|
Springfield
|
OH
|
189,091
|
136,127
|
None
|
None
|
189,091
|
136,127
|
325,218
|
28,813
|
09/17/04
|
300
|
||||||
|
Stow
|
OH
|
310,000
|
415,150
|
None
|
None
|
310,000
|
415,150
|
725,150
|
87,873
|
09/17/04
|
300
|
||||||
|
Toledo
|
OH
|
91,655
|
366,621
|
36,699
|
369
|
91,655
|
403,689
|
495,344
|
368,396
|
09/12/86
|
180
|
||||||
|
Toledo
|
OH
|
73,408
|
293,632
|
43,892
|
364
|
73,408
|
337,888
|
411,296
|
295,736
|
09/12/86
|
180
|
||||||
|
Toledo
|
OH
|
120,000
|
230,217
|
None
|
None
|
120,000
|
230,217
|
350,217
|
48,729
|
09/17/04
|
300
|
||||||
|
Toledo
|
OH
|
250,000
|
175,217
|
None
|
25
|
250,000
|
175,242
|
425,242
|
37,093
|
09/17/04
|
300
|
||||||
|
Toledo
|
OH
|
320,000
|
280,217
|
None
|
None
|
320,000
|
280,217
|
600,217
|
59,312
|
09/17/04
|
300
|
||||||
|
Toledo
|
OH
|
250,000
|
530,217
|
None
|
None
|
250,000
|
530,217
|
780,217
|
112,229
|
09/17/04
|
300
|
||||||
|
West
Chester
|
OH
|
446,449
|
768,644
|
None
|
None
|
446,449
|
768,644
|
1,215,093
|
197,671
|
06/27/03
|
03/11/03
|
300
|
|||||
|
Zanesville
|
OH
|
125,000
|
300,162
|
None
|
None
|
125,000
|
300,162
|
425,162
|
63,534
|
09/17/04
|
300
|
||||||
|
Midwest
City
|
OK
|
106,312
|
333,551
|
None
|
None
|
106,312
|
333,551
|
439,863
|
151,847
|
08/06/98
|
08/08/97
|
300
|
|||||
|
Cost Capitalized
|
Life
on
|
||||||||||||||||
|
Subsequent
|
Gross Amount at Which Carried |
|
which
|
||||||||||||||
| Initial Cost to Company |
|
to
Acquisition
|
at Close of Period (Notes 2, 3, 5, 6 and 7) |
|
depreciation
|
||||||||||||
|
Buildings,
|
Buildings,
|
in
latest
|
|||||||||||||||
|
Improvements
|
Improvements
|
Income
|
|||||||||||||||
|
and
|
and
|
Accumulated
|
Statement
is
|
||||||||||||||
|
Description
|
Acquisition
|
Carrying
|
Acquisition
|
Depreciation
|
Date
of
|
Date
|
Computed
|
||||||||||
|
(Note
1)
|
Land
|
Fees
|
Improvements
|
Costs
|
Land
|
Fees
|
Total
|
(Note
4)
|
Construction
|
Acquired
|
(in
Months)
|
||||||
|
Oklahoma
City
|
OK
|
143,655
|
295,422
|
None
|
None
|
143,655
|
295,422
|
439,077
|
138,371
|
03/06/98
|
07/29/97
|
300
|
|||||
|
Tulsa
|
OK
|
133,648
|
249,702
|
None
|
None
|
133,648
|
249,702
|
383,350
|
22,889
|
09/04/07
|
300
|
||||||
|
Portland
|
OR
|
251,499
|
345,952
|
None
|
None
|
251,499
|
345,952
|
597,451
|
100,325
|
09/26/02
|
300
|
||||||
|
Salem
|
OR
|
337,711
|
253,855
|
None
|
None
|
337,711
|
253,855
|
591,566
|
77,424
|
05/14/02
|
300
|
||||||
|
Bethel
Park
|
PA
|
299,595
|
331,264
|
None
|
None
|
299,595
|
331,264
|
630,859
|
159,566
|
12/19/97
|
300
|
||||||
|
Bethlehem
|
PA
|
275,328
|
389,067
|
None
|
457
|
275,328
|
389,524
|
664,852
|
187,648
|
12/19/97
|
300
|
||||||
|
Bethlehem
|
PA
|
229,162
|
310,526
|
None
|
None
|
229,162
|
310,526
|
539,688
|
149,566
|
12/24/97
|
300
|
||||||
|
Bridgeville
|
PA
|
275,000
|
375,150
|
None
|
None
|
275,000
|
375,150
|
650,150
|
79,406
|
09/17/04
|
300
|
||||||
|
Coraopolis
|
PA
|
225,000
|
375,150
|
None
|
None
|
225,000
|
375,150
|
600,150
|
79,406
|
09/17/04
|
300
|
||||||
|
Harrisburg
|
PA
|
131,529
|
220,317
|
-2,515
|
None
|
129,014
|
220,317
|
349,331
|
67,193
|
05/14/02
|
300
|
||||||
|
Monroeville
|
PA
|
275,000
|
250,150
|
None
|
None
|
275,000
|
250,150
|
525,150
|
52,948
|
09/17/04
|
300
|
||||||
|
Philadelphia
|
PA
|
858,500
|
877,744
|
None
|
1,540
|
858,500
|
879,284
|
1,737,784
|
566,960
|
05/19/95
|
12/05/94
|
300
|
|||||
|
Pittsburgh
|
PA
|
378,715
|
685,374
|
None
|
None
|
378,715
|
685,374
|
1,064,089
|
196,828
|
08/22/02
|
01/17/02
|
300
|
|||||
|
Pittsburgh
|
PA
|
219,938
|
408,466
|
None
|
None
|
219,938
|
408,466
|
628,404
|
100,074
|
11/03/03
|
300
|
||||||
|
Pittsburgh
|
PA
|
175,000
|
300,150
|
None
|
None
|
175,000
|
300,150
|
475,150
|
63,531
|
09/17/04
|
300
|
||||||
|
Pittsburgh
|
PA
|
243,750
|
406,400
|
None
|
None
|
243,750
|
406,400
|
650,150
|
86,021
|
09/17/04
|
300
|
||||||
|
Pittsburgh
|
PA
|
208,333
|
416,817
|
None
|
None
|
208,333
|
416,817
|
625,150
|
88,226
|
09/17/04
|
300
|
||||||
|
Pittsburgh
|
PA
|
121,429
|
303,721
|
None
|
None
|
121,429
|
303,721
|
425,150
|
64,287
|
09/17/04
|
300
|
||||||
|
Warminster
|
PA
|
323,847
|
216,999
|
-3,929
|
None
|
319,918
|
216,999
|
536,917
|
66,181
|
05/14/02
|
300
|
||||||
|
Wexford
|
PA
|
284,375
|
240,775
|
None
|
None
|
284,375
|
240,775
|
525,150
|
50,964
|
09/17/04
|
300
|
||||||
|
York
|
PA
|
249,436
|
347,424
|
None
|
232
|
249,436
|
347,656
|
597,092
|
167,402
|
12/30/97
|
300
|
||||||
|
Charleston
|
SC
|
217,250
|
294,079
|
None
|
None
|
217,250
|
294,079
|
511,329
|
145,520
|
07/14/97
|
03/13/97
|
300
|
|||||
|
Columbia
|
SC
|
267,622
|
298,594
|
None
|
7,127
|
267,622
|
305,721
|
573,343
|
146,442
|
03/31/98
|
11/05/97
|
300
|
|||||
|
Greenville
|
SC
|
221,946
|
315,163
|
None
|
8,538
|
221,946
|
323,701
|
545,647
|
162,121
|
09/05/97
|
03/31/97
|
300
|
|||||
|
Lexington
|
SC
|
241,534
|
342,182
|
None
|
302
|
241,534
|
342,484
|
584,018
|
146,910
|
09/24/98
|
300
|
||||||
|
North
Charleston
|
SC
|
174,980
|
341,466
|
5,875
|
5,260
|
174,980
|
352,601
|
527,581
|
156,766
|
08/06/98
|
03/12/98
|
300
|
|||||
|
Sioux
Falls
|
SD
|
48,833
|
91,572
|
None
|
None
|
48,833
|
91,572
|
140,405
|
8,394
|
09/04/07
|
300
|
||||||
|
Brentwood
|
TN
|
305,546
|
505,728
|
None
|
None
|
305,546
|
505,728
|
811,274
|
241,899
|
03/13/98
|
05/28/97
|
300
|
|||||
|
Hendersonville
|
TN
|
175,764
|
327,096
|
None
|
None
|
175,764
|
327,096
|
502,860
|
91,042
|
01/21/03
|
300
|
||||||
|
Hermitage
|
TN
|
560,443
|
1,011,799
|
None
|
None
|
560,443
|
1,011,799
|
1,572,242
|
299,963
|
10/15/01
|
05/09/01
|
300
|
|||||
|
Hermitage
|
TN
|
204,296
|
172,695
|
None
|
None
|
204,296
|
172,695
|
376,991
|
52,670
|
05/14/02
|
300
|
||||||
|
Madison
|
TN
|
175,769
|
327,068
|
None
|
None
|
175,769
|
327,068
|
502,837
|
91,034
|
01/21/03
|
300
|
||||||
|
Memphis
|
TN
|
108,094
|
217,079
|
None
|
None
|
108,094
|
217,079
|
325,173
|
66,206
|
05/14/02
|
300
|
||||||
|
Memphis
|
TN
|
214,110
|
193,591
|
None
|
None
|
214,110
|
193,591
|
407,701
|
59,042
|
05/14/02
|
300
|
||||||
|
Memphis
|
TN
|
215,017
|
216,794
|
None
|
None
|
215,017
|
216,794
|
431,811
|
65,400
|
06/27/02
|
300
|
||||||
|
Murfreesboro
|
TN
|
150,411
|
215,528
|
None
|
None
|
150,411
|
215,528
|
365,939
|
65,734
|
05/14/02
|
300
|
||||||
|
Nashville
|
TN
|
342,960
|
227,440
|
None
|
None
|
342,960
|
227,440
|
570,400
|
111,774
|
09/17/97
|
300
|
||||||
|
Carrollton
|
TX
|
174,284
|
98,623
|
None
|
None
|
174,284
|
98,623
|
272,907
|
30,078
|
05/14/02
|
300
|
||||||
|
Carrolton
|
TX
|
177,041
|
199,088
|
None
|
None
|
177,041
|
199,088
|
376,129
|
60,720
|
05/14/02
|
300
|
||||||
|
Dallas
|
TX
|
234,604
|
325,951
|
None
|
None
|
234,604
|
325,951
|
560,555
|
174,384
|
08/09/96
|
02/19/96
|
300
|
|||||
|
Fort
Worth
|
TX
|
83,530
|
111,960
|
None
|
None
|
83,530
|
111,960
|
195,490
|
34,146
|
05/14/02
|
300
|
||||||
|
Houston
|
TX
|
285,000
|
369,697
|
None
|
None
|
285,000
|
369,697
|
654,697
|
180,496
|
08/08/97
|
08/08/97
|
300
|
|||||
|
Humble
|
TX
|
257,169
|
325,652
|
None
|
None
|
257,169
|
325,652
|
582,821
|
99,322
|
05/14/02
|
300
|
||||||
|
Lake
Jackson
|
TX
|
197,170
|
256,376
|
None
|
None
|
197,170
|
256,376
|
453,546
|
78,193
|
05/14/02
|
300
|
||||||
|
Lewisville
|
TX
|
199,942
|
324,736
|
None
|
None
|
199,942
|
324,736
|
524,678
|
173,733
|
08/02/96
|
02/14/96
|
300
|
|||||
|
Lewisville
|
TX
|
130,238
|
207,683
|
None
|
None
|
130,238
|
207,683
|
337,921
|
62,651
|
06/27/02
|
300
|
||||||
|
San
Antonio
|
TX
|
198,828
|
437,422
|
7,385
|
23,232
|
198,828
|
468,039
|
666,867
|
253,975
|
09/15/95
|
300
|
||||||
|
Richmond
|
VA
|
403,549
|
876,981
|
None
|
None
|
403,549
|
876,981
|
1,280,530
|
207,954
|
07/08/04
|
10/17/02
|
300
|
|||||
|
Roanoke
|
VA
|
349,628
|
322,545
|
None
|
203
|
349,628
|
322,748
|
672,376
|
155,518
|
12/19/97
|
300
|
||||||
|
Warrenton
|
VA
|
186,723
|
241,173
|
None
|
None
|
186,723
|
241,173
|
427,896
|
73,554
|
05/14/02
|
300
|
||||||
|
Bremerton
|
WA
|
261,172
|
373,080
|
None
|
None
|
261,172
|
373,080
|
634,252
|
195,475
|
03/19/97
|
07/24/96
|
300
|
|||||
|
Tacoma
|
WA
|
109,127
|
202,691
|
None
|
None
|
109,127
|
202,691
|
311,818
|
18,580
|
09/04/07
|
300
|
||||||
|
Milwaukee
|
WI
|
173,005
|
499,244
|
None
|
172
|
173,005
|
499,416
|
672,421
|
280,451
|
12/22/95
|
300
|
||||||
|
Milwaukee
|
WI
|
152,509
|
475,480
|
None
|
None
|
152,509
|
475,480
|
627,989
|
252,796
|
09/27/96
|
300
|
||||||
|
New
Berlin
|
WI
|
188,491
|
466,268
|
None
|
172
|
188,491
|
466,440
|
654,931
|
261,930
|
12/22/95
|
300
|
||||||
|
Racine
|
WI
|
184,002
|
114,167
|
None
|
None
|
184,002
|
114,167
|
298,169
|
34,819
|
05/14/02
|
300
|
||||||
|
Cost Capitalized
|
Life
on
|
||||||||||||||||
|
Subsequent
|
Gross Amount at Which Carried |
|
which
|
||||||||||||||
|
Initial
Cost to Company
|
|
to
Acquisition
|
at Close of Period (Notes 2, 3, 5, 6 and 7) |
|
depreciation
|
||||||||||||
|
Buildings,
|
Buildings,
|
in
latest
|
|||||||||||||||
|
Improvements
|
Improvements
|
Income
|
|||||||||||||||
|
and
|
and
|
Accumulated
|
Statement
is
|
||||||||||||||
|
Description
|
Acquisition
|
Carrying
|
Acquisition
|
Depreciation
|
Date
of
|
Date
|
Computed
|
||||||||||
|
(Note
1)
|
Land
|
Fees
|
Improvements
|
Costs
|
Land
|
Fees
|
Total
|
(Note
4)
|
Construction
|
Acquired
|
(in
Months)
|
||||||
|
Automotive Tire Services
|
|||||||||||||||||
|
Athens
|
AL
|
760,031
|
1,413,494
|
None
|
None
|
760,031
|
1,413,494
|
2,173,525
|
176,683
|
11/22/06
|
300
|
||||||
|
Auburn
|
AL
|
660,210
|
1,228,112
|
None
|
500
|
660,210
|
1,228,612
|
1,888,822
|
153,585
|
11/22/06
|
300
|
||||||
|
Birmingham
|
AL
|
635,111
|
1,180,909
|
None
|
500
|
635,111
|
1,181,409
|
1,816,520
|
147,685
|
11/22/06
|
300
|
||||||
|
Daphne
|
AL
|
876,139
|
1,629,123
|
None
|
500
|
876,139
|
1,629,623
|
2,505,762
|
203,711
|
11/22/06
|
300
|
||||||
|
Decatur
|
AL
|
635,111
|
1,181,499
|
None
|
500
|
635,111
|
1,181,999
|
1,817,110
|
147,758
|
11/22/06
|
300
|
||||||
|
Dothan
|
AL
|
455,651
|
565,343
|
None
|
None
|
455,651
|
565,343
|
1,020,994
|
26,000
|
10/17/08
|
06/10/08
|
300
|
|||||
|
Foley
|
AL
|
870,031
|
1,617,357
|
None
|
500
|
870,031
|
1,617,857
|
2,487,888
|
202,241
|
11/22/06
|
300
|
||||||
|
Gardendale
|
AL
|
610,055
|
1,134,554
|
None
|
500
|
610,055
|
1,135,054
|
1,745,109
|
141,256
|
11/22/06
|
300
|
||||||
|
Hoover
|
AL
|
504,396
|
938,299
|
None
|
None
|
504,396
|
938,299
|
1,442,695
|
117,283
|
11/22/06
|
300
|
||||||
|
Hoover
|
AL
|
620,270
|
1,153,493
|
None
|
None
|
620,270
|
1,153,493
|
1,773,763
|
144,183
|
11/22/06
|
300
|
||||||
|
Huntsville
|
AL
|
499,843
|
929,863
|
None
|
500
|
499,843
|
930,363
|
1,430,206
|
116,304
|
11/22/06
|
300
|
||||||
|
Huntsville
|
AL
|
635,111
|
1,181,499
|
None
|
None
|
635,111
|
1,181,499
|
1,816,610
|
147,683
|
11/22/06
|
300
|
||||||
|
Madison
|
AL
|
635,111
|
1,181,532
|
None
|
None
|
635,111
|
1,181,532
|
1,816,643
|
147,687
|
11/22/06
|
300
|
||||||
|
Mobile
|
AL
|
635,111
|
1,181,499
|
None
|
None
|
635,111
|
1,181,499
|
1,816,610
|
147,683
|
11/22/06
|
300
|
||||||
|
Mobile
|
AL
|
525,750
|
977,810
|
None
|
None
|
525,750
|
977,810
|
1,503,560
|
122,222
|
11/22/06
|
300
|
||||||
|
Montgomery
|
AL
|
544,181
|
654,046
|
None
|
500
|
544,181
|
654,546
|
1,198,727
|
41,051
|
01/24/08
|
300
|
||||||
|
Orange
Beach
|
AL
|
630,244
|
1,172,036
|
None
|
500
|
630,244
|
1,172,536
|
1,802,780
|
146,576
|
11/22/06
|
300
|
||||||
|
Pelham
|
AL
|
635,111
|
1,180,909
|
None
|
None
|
635,111
|
1,180,909
|
1,816,020
|
147,610
|
11/22/06
|
300
|
||||||
|
Phenix
City
|
AL
|
630,244
|
1,172,024
|
None
|
500
|
630,244
|
1,172,524
|
1,802,768
|
146,574
|
11/22/06
|
300
|
||||||
|
Tucson
|
AZ
|
178,297
|
396,004
|
None
|
12
|
178,297
|
396,016
|
574,313
|
312,599
|
01/19/90
|
300
|
||||||
|
Arvada
|
CO
|
301,489
|
931,092
|
None
|
None
|
301,489
|
931,092
|
1,232,581
|
339,886
|
09/22/00
|
11/18/99
|
300
|
|||||
|
Aurora
|
CO
|
221,691
|
492,382
|
None
|
None
|
221,691
|
492,382
|
714,073
|
388,663
|
01/29/90
|
300
|
||||||
|
Aurora
|
CO
|
353,283
|
1,135,051
|
None
|
None
|
353,283
|
1,135,051
|
1,488,334
|
399,196
|
01/03/01
|
03/10/00
|
300
|
|||||
|
Colorado
Springs
|
CO
|
280,193
|
622,317
|
None
|
None
|
280,193
|
622,317
|
902,510
|
491,227
|
01/23/90
|
300
|
||||||
|
Colorado
Springs
|
CO
|
192,988
|
433,542
|
None
|
None
|
192,988
|
433,542
|
626,530
|
295,822
|
05/20/93
|
300
|
||||||
|
Denver
|
CO
|
688,292
|
1,331,224
|
None
|
None
|
688,292
|
1,331,224
|
2,019,516
|
372,518
|
01/10/03
|
05/30/02
|
300
|
|||||
|
Westminster
|
CO
|
526,620
|
1,099,523
|
None
|
None
|
526,620
|
1,099,523
|
1,626,143
|
386,700
|
01/12/01
|
01/18/00
|
300
|
|||||
|
Destin
|
FL
|
1,034,411
|
1,922,591
|
None
|
None
|
1,034,411
|
1,922,591
|
2,957,002
|
240,320
|
11/22/06
|
300
|
||||||
|
Ft. Walton
Bch
|
FL
|
635,111
|
1,181,032
|
None
|
500
|
635,111
|
1,181,532
|
1,816,643
|
147,700
|
11/22/06
|
300
|
||||||
|
Ft. Walton
Bch
|
FL
|
635,111
|
1,181,032
|
None
|
500
|
635,111
|
1,181,532
|
1,816,643
|
147,700
|
11/22/06
|
300
|
||||||
|
Lakeland
|
FL
|
500,000
|
645,402
|
None
|
None
|
500,000
|
645,402
|
1,145,402
|
291,695
|
06/04/98
|
12/31/97
|
300
|
|||||
|
Milton
|
FL
|
635,111
|
1,181,145
|
None
|
None
|
635,111
|
1,181,145
|
1,816,256
|
147,639
|
11/22/06
|
300
|
||||||
|
Niceville
|
FL
|
920,803
|
1,711,621
|
None
|
None
|
920,803
|
1,711,621
|
2,632,424
|
213,949
|
11/22/06
|
300
|
||||||
|
Orlando
|
FL
|
635,111
|
1,181,076
|
None
|
500
|
635,111
|
1,181,576
|
1,816,687
|
147,705
|
11/22/06
|
300
|
||||||
|
Orlando
|
FL
|
630,244
|
1,172,023
|
None
|
None
|
630,244
|
1,172,023
|
1,802,267
|
146,499
|
11/22/06
|
300
|
||||||
|
Oviedo
|
FL
|
971,996
|
1,806,780
|
None
|
None
|
971,996
|
1,806,780
|
2,778,776
|
225,844
|
11/22/06
|
300
|
||||||
|
Pace
|
FL
|
630,244
|
1,171,993
|
None
|
500
|
630,244
|
1,172,493
|
1,802,737
|
146,570
|
11/22/06
|
300
|
||||||
|
Panama City
Bch
|
FL
|
635,111
|
1,181,076
|
None
|
500
|
635,111
|
1,181,576
|
1,816,687
|
147,705
|
11/22/06
|
300
|
||||||
|
Pensacola
|
FL
|
308,067
|
573,708
|
None
|
143
|
308,067
|
573,851
|
881,918
|
71,717
|
11/22/06
|
300
|
||||||
|
Pensacola
|
FL
|
635,111
|
1,181,063
|
None
|
None
|
635,111
|
1,181,063
|
1,816,174
|
147,629
|
11/22/06
|
300
|
||||||
|
Pensacola
|
FL
|
588,305
|
1,094,130
|
None
|
None
|
588,305
|
1,094,130
|
1,682,435
|
136,762
|
11/22/06
|
300
|
||||||
|
Sanford
|
FL
|
630,244
|
1,172,023
|
None
|
None
|
630,244
|
1,172,023
|
1,802,267
|
146,499
|
11/22/06
|
300
|
||||||
|
St.
Cloud
|
FL
|
525,207
|
976,968
|
None
|
None
|
525,207
|
976,968
|
1,502,175
|
122,117
|
11/22/06
|
300
|
||||||
|
Tallahassee
|
FL
|
419,902
|
781,405
|
None
|
None
|
419,902
|
781,405
|
1,201,307
|
97,671
|
11/22/06
|
300
|
||||||
|
Tallahassee
|
FL
|
611,916
|
1,137,986
|
None
|
500
|
611,916
|
1,138,486
|
1,750,402
|
142,319
|
11/22/06
|
300
|
||||||
|
Tampa
|
FL
|
427,395
|
472,030
|
None
|
None
|
427,395
|
472,030
|
899,425
|
213,360
|
06/10/98
|
12/05/97
|
300
|
|||||
|
Union
Park
|
FL
|
1,004,103
|
1,866,287
|
None
|
None
|
1,004,103
|
1,866,287
|
2,870,390
|
233,282
|
11/22/06
|
300
|
||||||
|
Alpharetta
|
GA
|
630,244
|
1,171,870
|
None
|
500
|
630,244
|
1,172,370
|
1,802,614
|
146,555
|
11/22/06
|
300
|
||||||
|
Columbus
|
GA
|
630,244
|
1,171,988
|
None
|
None
|
630,244
|
1,171,988
|
1,802,232
|
146,494
|
11/22/06
|
300
|
||||||
|
Conyers
|
GA
|
531,935
|
1,180,296
|
None
|
None
|
531,935
|
1,180,296
|
1,712,231
|
363,610
|
03/28/02
|
11/13/01
|
300
|
|||||
|
Conyers
|
GA
|
635,111
|
1,181,027
|
None
|
None
|
635,111
|
1,181,027
|
1,816,138
|
147,624
|
11/22/06
|
300
|
||||||
|
Duluth
|
GA
|
638,509
|
1,186,594
|
None
|
None
|
638,509
|
1,186,594
|
1,825,103
|
290,711
|
11/29/03
|
300
|
||||||
|
Hiram
|
GA
|
635,111
|
1,181,017
|
None
|
None
|
635,111
|
1,181,017
|
1,816,128
|
147,623
|
11/22/06
|
300
|
||||||
|
Cost Capitalized
|
Life
on
|
||||||||||||||||
|
Subsequent
|
Gross Amount at Which Carried |
|
which
|
||||||||||||||
|
Initial
Cost to Company
|
|
to
Acquisition
|
at Close of Period (Notes 2, 3, 5, 6 and 7) |
|
depreciation
|
||||||||||||
|
Buildings,
|
Buildings,
|
in
latest
|
|||||||||||||||
|
Improvements
|
Improvements
|
Income
|
|||||||||||||||
|
and
|
and
|
Accumulated
|
Statement
is
|
||||||||||||||
|
Description
|
Acquisition
|
Carrying
|
Acquisition
|
Depreciation
|
Date
of
|
Date
|
Computed
|
||||||||||
|
(Note
1)
|
Land
|
Fees
|
Improvements
|
Costs
|
Land
|
Fees
|
Total
|
(Note
4)
|
Construction
|
Acquired
|
(in
Months)
|
||||||
|
Kennesaw
|
GA
|
519,903
|
967,180
|
None
|
None
|
519,903
|
967,180
|
1,487,083
|
120,893
|
11/22/06
|
300
|
||||||
|
Lawrenceville
|
GA
|
635,111
|
1,181,137
|
None
|
500
|
635,111
|
1,181,637
|
1,816,748
|
147,713
|
11/22/06
|
300
|
||||||
|
Marietta
|
GA
|
500,293
|
930,657
|
None
|
None
|
500,293
|
930,657
|
1,430,950
|
116,328
|
11/22/06
|
300
|
||||||
|
Mcdonough
|
GA
|
635,111
|
1,181,032
|
None
|
500
|
635,111
|
1,181,532
|
1,816,643
|
147,700
|
11/22/06
|
300
|
||||||
|
Peachtree
City
|
GA
|
625,316
|
1,162,827
|
None
|
None
|
625,316
|
1,162,827
|
1,788,143
|
145,349
|
11/22/06
|
300
|
||||||
|
Roswell
|
GA
|
515,617
|
959,138
|
None
|
None
|
515,617
|
959,138
|
1,474,755
|
119,888
|
11/22/06
|
300
|
||||||
|
Sandy
Springs
|
GA
|
586,211
|
1,090,241
|
None
|
None
|
586,211
|
1,090,241
|
1,676,452
|
136,276
|
11/22/06
|
300
|
||||||
|
Stockbridge
|
GA
|
632,128
|
1,175,478
|
None
|
500
|
632,128
|
1,175,978
|
1,808,106
|
147,006
|
11/22/06
|
300
|
||||||
|
Aurora
|
IL
|
513,204
|
953,885
|
None
|
None
|
513,204
|
953,885
|
1,467,089
|
233,698
|
11/29/03
|
300
|
||||||
|
Joliet
|
IL
|
452,267
|
840,716
|
None
|
None
|
452,267
|
840,716
|
1,292,983
|
205,971
|
11/29/03
|
300
|
||||||
|
Niles
|
IL
|
366,969
|
682,306
|
None
|
None
|
366,969
|
682,306
|
1,049,275
|
167,161
|
11/29/03
|
300
|
||||||
|
Orland
Park
|
IL
|
663,087
|
1,232,240
|
None
|
None
|
663,087
|
1,232,240
|
1,895,327
|
301,895
|
11/29/03
|
300
|
||||||
|
Vernon
Hills
|
IL
|
524,948
|
975,668
|
None
|
None
|
524,948
|
975,668
|
1,500,616
|
239,035
|
11/29/03
|
300
|
||||||
|
Village
ofLombard
|
IL
|
428,170
|
795,965
|
None
|
2,000
|
428,170
|
797,965
|
1,226,135
|
195,517
|
11/29/03
|
300
|
||||||
|
West
Dundee
|
IL
|
530,835
|
986,628
|
None
|
None
|
530,835
|
986,628
|
1,517,463
|
241,720
|
11/29/03
|
300
|
||||||
|
Overland
Park
|
KS
|
1,101,841
|
2,047,067
|
None
|
None
|
1,101,841
|
2,047,067
|
3,148,908
|
501,527
|
11/29/03
|
300
|
||||||
|
Allston
|
MA
|
576,505
|
1,071,520
|
None
|
None
|
576,505
|
1,071,520
|
1,648,025
|
262,517
|
11/29/03
|
300
|
||||||
|
Shrewsbury
|
MA
|
721,065
|
1,339,913
|
None
|
None
|
721,065
|
1,339,913
|
2,060,978
|
328,275
|
11/29/03
|
300
|
||||||
|
Waltham
|
MA
|
338,955
|
630,279
|
None
|
None
|
338,955
|
630,279
|
969,234
|
154,414
|
11/29/03
|
300
|
||||||
|
Weymouth
|
MA
|
752,234
|
1,397,799
|
None
|
None
|
752,234
|
1,397,799
|
2,150,033
|
342,457
|
11/29/03
|
300
|
||||||
|
Woburn
|
MA
|
676,968
|
1,258,018
|
None
|
None
|
676,968
|
1,258,018
|
1,934,986
|
308,210
|
11/29/03
|
300
|
||||||
|
Annapolis
|
MD
|
780,806
|
1,450,860
|
None
|
None
|
780,806
|
1,450,860
|
2,231,666
|
355,457
|
11/29/03
|
300
|
||||||
|
Bowie
|
MD
|
734,558
|
1,364,970
|
None
|
None
|
734,558
|
1,364,970
|
2,099,528
|
334,414
|
11/29/03
|
300
|
||||||
|
Capital
Heights
|
MD
|
701,705
|
1,303,958
|
None
|
None
|
701,705
|
1,303,958
|
2,005,663
|
319,466
|
11/29/03
|
300
|
||||||
|
Germantown
|
MD
|
808,296
|
1,501,913
|
None
|
None
|
808,296
|
1,501,913
|
2,310,209
|
367,965
|
11/29/03
|
300
|
||||||
|
Waldorf
|
MD
|
427,033
|
793,854
|
None
|
None
|
427,033
|
793,854
|
1,220,887
|
194,490
|
11/29/03
|
300
|
||||||
|
Eagan
|
MN
|
902,443
|
845,536
|
None
|
None
|
902,443
|
845,536
|
1,747,979
|
384,744
|
06/19/98
|
02/20/98
|
300
|
|||||
|
Ferguson
|
MO
|
386,112
|
717,856
|
None
|
None
|
386,112
|
717,856
|
1,103,968
|
175,871
|
11/29/03
|
300
|
||||||
|
Grandview
|
MO
|
347,150
|
711,024
|
None
|
None
|
347,150
|
711,024
|
1,058,174
|
321,179
|
08/20/98
|
02/20/98
|
300
|
|||||
|
Independence
|
MO
|
721,020
|
1,339,829
|
None
|
None
|
721,020
|
1,339,829
|
2,060,849
|
328,254
|
11/29/03
|
300
|
||||||
|
Charlotte
|
NC
|
181,662
|
338,164
|
None
|
None
|
181,662
|
338,164
|
519,826
|
82,846
|
11/29/03
|
300
|
||||||
|
Clemmons
|
NC
|
630,000
|
1,100,160
|
None
|
None
|
630,000
|
1,100,160
|
1,730,160
|
93,514
|
11/09/07
|
300
|
||||||
|
Jamestown
|
NC
|
650,000
|
857,823
|
None
|
None
|
650,000
|
857,823
|
1,507,823
|
72,915
|
11/09/07
|
300
|
||||||
|
Matthews
|
NC
|
489,063
|
909,052
|
None
|
None
|
489,063
|
909,052
|
1,398,115
|
222,714
|
11/29/03
|
300
|
||||||
|
Omaha
|
NE
|
253,128
|
810,922
|
None
|
None
|
253,128
|
810,922
|
1,064,050
|
333,878
|
07/22/99
|
03/04/99
|
300
|
|||||
|
Manchester
|
NH
|
722,532
|
1,342,636
|
None
|
None
|
722,532
|
1,342,636
|
2,065,168
|
328,942
|
11/29/03
|
300
|
||||||
|
Newington
|
NH
|
690,753
|
1,283,624
|
None
|
None
|
690,753
|
1,283,624
|
1,974,377
|
314,484
|
11/29/03
|
300
|
||||||
|
Salem
|
NH
|
597,833
|
1,111,059
|
None
|
None
|
597,833
|
1,111,059
|
1,708,892
|
272,205
|
11/29/03
|
300
|
||||||
|
Deptford
|
NJ
|
619,376
|
1,151,062
|
None
|
None
|
619,376
|
1,151,062
|
1,770,438
|
282,006
|
11/29/03
|
300
|
||||||
|
Maple
Shade
|
NJ
|
508,285
|
944,750
|
None
|
None
|
508,285
|
944,750
|
1,453,035
|
231,460
|
11/29/03
|
300
|
||||||
|
Akron
|
OH
|
242,133
|
450,467
|
None
|
None
|
242,133
|
450,467
|
692,600
|
110,360
|
11/29/03
|
300
|
||||||
|
Cambridge
|
OH
|
103,368
|
192,760
|
None
|
7
|
103,368
|
192,767
|
296,135
|
47,228
|
11/29/03
|
300
|
||||||
|
Canton
|
OH
|
337,161
|
626,948
|
None
|
None
|
337,161
|
626,948
|
964,109
|
153,598
|
11/29/03
|
300
|
||||||
|
Cleveland
|
OH
|
582,107
|
1,081,848
|
None
|
None
|
582,107
|
1,081,848
|
1,663,955
|
265,049
|
11/29/03
|
300
|
||||||
|
Columbus
|
OH
|
385,878
|
717,422
|
None
|
None
|
385,878
|
717,422
|
1,103,300
|
175,764
|
11/29/03
|
300
|
||||||
|
Oklahoma
City
|
OK
|
509,370
|
752,691
|
None
|
None
|
509,370
|
752,691
|
1,262,061
|
317,556
|
04/14/99
|
09/24/98
|
300
|
|||||
|
Oklahoma
City
|
OK
|
404,815
|
771,625
|
None
|
None
|
404,815
|
771,625
|
1,176,440
|
325,524
|
04/09/99
|
10/16/98
|
300
|
|||||
|
Greensburg
|
PA
|
594,891
|
1,105,589
|
None
|
None
|
594,891
|
1,105,589
|
1,700,480
|
270,865
|
11/29/03
|
300
|
||||||
|
Lancaster
|
PA
|
431,050
|
801,313
|
None
|
None
|
431,050
|
801,313
|
1,232,363
|
196,318
|
11/29/03
|
300
|
||||||
|
Mechanicsburg
|
PA
|
455,854
|
847,377
|
None
|
None
|
455,854
|
847,377
|
1,303,231
|
207,603
|
11/29/03
|
300
|
||||||
|
Monroeville
|
PA
|
723,660
|
1,344,733
|
None
|
None
|
723,660
|
1,344,733
|
2,068,393
|
329,455
|
11/29/03
|
300
|
||||||
|
Philadelphia
|
PA
|
334,939
|
622,821
|
None
|
None
|
334,939
|
622,821
|
957,760
|
152,587
|
11/29/03
|
300
|
||||||
|
Pittsburgh
|
PA
|
384,756
|
715,339
|
None
|
None
|
384,756
|
715,339
|
1,100,095
|
175,254
|
11/29/03
|
300
|
||||||
|
York
|
PA
|
389,291
|
723,760
|
None
|
None
|
389,291
|
723,760
|
1,113,051
|
177,317
|
11/29/03
|
300
|
||||||
|
Columbia
|
SC
|
343,785
|
295,001
|
183,130
|
None
|
343,785
|
478,131
|
821,916
|
248,620
|
05/27/97
|
02/07/97
|
300
|
|||||
|
Sioux
Falls
|
SD
|
332,979
|
498,108
|
None
|
None
|
332,979
|
498,108
|
831,087
|
226,653
|
06/01/99
|
02/27/98
|
300
|
|||||
|
Cost Capitalized
|
Life
on
|
||||||||||||||||
|
Subsequent
|
Gross Amount at Which Carried |
which
|
|||||||||||||||
| Initial Cost to Company |
|
to
Acquisition
|
at Close of Period (Notes 2, 3, 5, 6 and 7) |
|
depreciation
|
||||||||||||
|
Buildings,
|
Buildings,
|
in
latest
|
|||||||||||||||
|
Improvements
|
Improvements
|
Income
|
|||||||||||||||
|
and
|
and
|
Accumulated
|
Statement
is
|
||||||||||||||
|
Description
|
Acquisition
|
Carrying
|
Acquisition
|
Depreciation
|
Date
of
|
Date
|
Computed
|
||||||||||
|
(Note
1)
|
Land
|
Fees
|
Improvements
|
Costs
|
Land
|
Fees
|
Total
|
(Note
4)
|
Construction
|
Acquired
|
(in
Months)
|
||||||
|
Goodlettsville
|
TN
|
601,306
|
1,117,504
|
None
|
None
|
601,306
|
1,117,504
|
1,718,810
|
273,784
|
11/29/03
|
300
|
||||||
|
Arlington
|
TX
|
599,558
|
1,114,256
|
None
|
None
|
599,558
|
1,114,256
|
1,713,814
|
272,989
|
11/29/03
|
300
|
||||||
|
Austin
|
TX
|
185,454
|
411,899
|
None
|
None
|
185,454
|
411,899
|
597,353
|
323,777
|
02/06/90
|
300
|
||||||
|
Austin
|
TX
|
710,485
|
1,320,293
|
None
|
None
|
710,485
|
1,320,293
|
2,030,778
|
323,467
|
11/29/03
|
300
|
||||||
|
Austin
|
TX
|
590,828
|
1,098,073
|
None
|
None
|
590,828
|
1,098,073
|
1,688,901
|
269,023
|
11/29/03
|
300
|
||||||
|
Austin
|
TX
|
569,909
|
1,059,195
|
None
|
None
|
569,909
|
1,059,195
|
1,629,104
|
259,499
|
11/29/03
|
300
|
||||||
|
Austin
|
TX
|
532,497
|
989,715
|
None
|
None
|
532,497
|
989,715
|
1,522,212
|
242,476
|
11/29/03
|
300
|
||||||
|
Carrollton
|
TX
|
568,401
|
1,056,394
|
None
|
None
|
568,401
|
1,056,394
|
1,624,795
|
258,812
|
11/29/03
|
300
|
||||||
|
Conroe
|
TX
|
396,068
|
736,346
|
None
|
None
|
396,068
|
736,346
|
1,132,414
|
180,401
|
11/29/03
|
300
|
||||||
|
Dallas
|
TX
|
191,267
|
424,811
|
None
|
15,282
|
191,267
|
440,093
|
631,360
|
350,046
|
01/26/90
|
300
|
||||||
|
Fort
Worth
|
TX
|
543,950
|
1,010,984
|
None
|
None
|
543,950
|
1,010,984
|
1,554,934
|
247,687
|
11/29/03
|
300
|
||||||
|
Garland
|
TX
|
242,887
|
539,461
|
None
|
None
|
242,887
|
539,461
|
782,348
|
425,824
|
01/19/90
|
300
|
||||||
|
Harlingen
|
TX
|
134,599
|
298,948
|
None
|
None
|
134,599
|
298,948
|
433,547
|
235,975
|
01/17/90
|
300
|
||||||
|
Houston
|
TX
|
151,018
|
335,417
|
None
|
None
|
151,018
|
335,417
|
486,435
|
264,762
|
01/25/90
|
300
|
||||||
|
Houston
|
TX
|
392,113
|
729,002
|
None
|
None
|
392,113
|
729,002
|
1,121,115
|
178,601
|
11/29/03
|
300
|
||||||
|
Houston
|
TX
|
1,030,379
|
1,914,353
|
None
|
None
|
1,030,379
|
1,914,353
|
2,944,732
|
469,012
|
11/29/03
|
300
|
||||||
|
Houston
|
TX
|
619,101
|
1,150,551
|
None
|
None
|
619,101
|
1,150,551
|
1,769,652
|
281,881
|
11/29/03
|
300
|
||||||
|
Houston
|
TX
|
642,495
|
1,193,997
|
None
|
None
|
642,495
|
1,193,997
|
1,836,492
|
292,525
|
11/29/03
|
300
|
||||||
|
Houston
|
TX
|
872,866
|
1,621,829
|
None
|
None
|
872,866
|
1,621,829
|
2,494,695
|
397,344
|
11/29/03
|
300
|
||||||
|
Humble
|
TX
|
612,414
|
1,138,132
|
None
|
None
|
612,414
|
1,138,132
|
1,750,546
|
278,838
|
11/29/03
|
300
|
||||||
|
Leon
Valley
|
TX
|
178,221
|
395,834
|
None
|
None
|
178,221
|
395,834
|
574,055
|
312,452
|
01/17/90
|
300
|
||||||
|
Leon
Valley
|
TX
|
529,967
|
985,046
|
None
|
None
|
529,967
|
985,046
|
1,515,013
|
241,331
|
11/29/03
|
300
|
||||||
|
Mesquite
|
TX
|
591,538
|
1,099,363
|
None
|
None
|
591,538
|
1,099,363
|
1,690,901
|
269,340
|
11/29/03
|
300
|
||||||
|
N. Richland
Hills
|
TX
|
509,861
|
947,707
|
None
|
None
|
509,861
|
947,707
|
1,457,568
|
232,183
|
11/29/03
|
300
|
||||||
|
Pasadena
|
TX
|
107,391
|
238,519
|
None
|
None
|
107,391
|
238,519
|
345,910
|
188,275
|
01/24/90
|
300
|
||||||
|
Plano
|
TX
|
187,564
|
417,157
|
700
|
None
|
187,564
|
417,857
|
605,421
|
329,108
|
01/18/90
|
300
|
||||||
|
Plano
|
TX
|
494,407
|
918,976
|
None
|
None
|
494,407
|
918,976
|
1,413,383
|
225,145
|
11/29/03
|
300
|
||||||
|
Richardson
|
TX
|
555,188
|
1,031,855
|
None
|
None
|
555,188
|
1,031,855
|
1,587,043
|
252,800
|
11/29/03
|
300
|
||||||
|
San
Antonio
|
TX
|
245,164
|
544,518
|
None
|
None
|
245,164
|
544,518
|
789,682
|
428,023
|
02/14/90
|
300
|
||||||
|
San
Antonio
|
TX
|
688,249
|
1,278,967
|
None
|
None
|
688,249
|
1,278,967
|
1,967,216
|
313,343
|
11/29/03
|
300
|
||||||
|
Stafford
|
TX
|
706,786
|
1,313,395
|
None
|
None
|
706,786
|
1,313,395
|
2,020,181
|
321,778
|
11/29/03
|
300
|
||||||
|
Waco
|
TX
|
401,999
|
747,362
|
None
|
None
|
401,999
|
747,362
|
1,149,361
|
183,100
|
11/29/03
|
300
|
||||||
|
Webster
|
TX
|
600,261
|
1,115,563
|
None
|
None
|
600,261
|
1,115,563
|
1,715,824
|
273,309
|
11/29/03
|
300
|
||||||
|
Bountiful
|
UT
|
183,750
|
408,115
|
None
|
111
|
183,750
|
408,226
|
591,976
|
322,159
|
01/30/90
|
300
|
||||||
|
Alexandria
|
VA
|
542,791
|
1,008,832
|
None
|
None
|
542,791
|
1,008,832
|
1,551,623
|
247,160
|
11/29/03
|
300
|
||||||
|
Alexandria
|
VA
|
592,698
|
1,101,517
|
None
|
None
|
592,698
|
1,101,517
|
1,694,215
|
269,867
|
11/29/03
|
300
|
||||||
|
Chesapeake
|
VA
|
770,000
|
1,112,334
|
None
|
None
|
770,000
|
1,112,334
|
1,882,334
|
94,548
|
11/09/07
|
300
|
||||||
|
Lynchburg
|
VA
|
342,751
|
637,329
|
None
|
None
|
342,751
|
637,329
|
980,080
|
156,142
|
11/29/03
|
300
|
||||||
|
Virginia
Beach
|
VA
|
780,000
|
1,026,384
|
None
|
None
|
780,000
|
1,026,384
|
1,806,384
|
87,243
|
11/09/07
|
300
|
||||||
|
Woodbridge
|
VA
|
774,854
|
1,439,806
|
None
|
None
|
774,854
|
1,439,806
|
2,214,660
|
352,748
|
11/29/03
|
300
|
||||||
|
Tacoma
|
WA
|
187,111
|
415,579
|
None
|
None
|
187,111
|
415,579
|
602,690
|
328,038
|
01/25/90
|
300
|
||||||
|
Brown
Deer
|
WI
|
257,408
|
802,141
|
None
|
None
|
257,408
|
802,141
|
1,059,549
|
354,341
|
12/15/98
|
07/16/98
|
300
|
|||||
|
Delafield
|
WI
|
324,574
|
772,702
|
None
|
None
|
324,574
|
772,702
|
1,097,276
|
317,441
|
07/29/99
|
02/26/99
|
300
|
|||||
|
Madison
|
WI
|
452,630
|
811,977
|
None
|
None
|
452,630
|
811,977
|
1,264,607
|
364,093
|
10/20/98
|
04/07/98
|
300
|
|||||
|
Oak
Creek
|
WI
|
420,465
|
852,408
|
None
|
None
|
420,465
|
852,408
|
1,272,873
|
382,222
|
08/07/98
|
03/20/98
|
300
|
|||||
|
Book Stores
|
|||||||||||||||||
|
Tampa
|
FL
|
998,250
|
3,696,707
|
None
|
None
|
998,250
|
3,696,707
|
4,694,957
|
1,891,415
|
03/11/97
|
300
|
||||||
|
Matthews
|
NC
|
768,222
|
843,401
|
21,654
|
418
|
768,222
|
865,473
|
1,633,695
|
382,300
|
12/31/98
|
300
|
||||||
|
Business Services
|
|||||||||||||||||
|
Midland
|
TX
|
45,500
|
101,058
|
None
|
295
|
45,500
|
101,353
|
146,853
|
89,136
|
10/27/87
|
300
|
||||||
|
Child Care
|
|||||||||||||||||
|
Birmingham
|
AL
|
63,800
|
295,791
|
None
|
None
|
63,800
|
295,791
|
359,591
|
295,791
|
10/31/84
|
300
|
||||||
|
Cost Capitalized
|
Life
on
|
||||||||||||||||
|
Subsequent
|
Gross Amount at Which Carried |
|
which
|
||||||||||||||
| Initial Cost to Company |
|
to
Acquisition
|
at Close of Period (Notes 2, 3, 5, 6 and 7) |
|
depreciation
|
||||||||||||
|
Buildings,
|
Buildings,
|
in
latest
|
|||||||||||||||
|
Improvements
|
Improvements
|
Income
|
|||||||||||||||
|
and
|
and
|
Accumulated
|
Statement
is
|
||||||||||||||
|
Description
|
Acquisition
|
Carrying
|
Acquisition
|
Depreciation
|
Date
of
|
Date
|
Computed
|
||||||||||
|
(Note
1)
|
Land
|
Fees
|
Improvements
|
Costs
|
Land
|
Fees
|
Total
|
(Note
4)
|
Construction
|
Acquired
|
(in
Months)
|
||||||
|
Avondale
|
AZ
|
242,723
|
1,129,139
|
None
|
None
|
242,723
|
1,129,139
|
1,371,862
|
476,207
|
04/20/99
|
07/28/98
|
300
|
|||||
|
Chandler
|
AZ
|
291,720
|
647,923
|
None
|
110
|
291,720
|
648,033
|
939,753
|
566,057
|
12/11/87
|
300
|
||||||
|
Chandler
|
AZ
|
271,695
|
603,446
|
None
|
29,100
|
271,695
|
632,546
|
904,241
|
532,537
|
12/14/87
|
300
|
||||||
|
Mesa
|
AZ
|
308,951
|
1,025,612
|
None
|
None
|
308,951
|
1,025,612
|
1,334,563
|
422,248
|
07/26/99
|
01/13/99
|
300
|
|||||
|
Phoenix
|
AZ
|
115,000
|
285,172
|
39,971
|
22,413
|
115,000
|
347,556
|
462,556
|
303,011
|
02/08/84
|
180
|
||||||
|
Phoenix
|
AZ
|
318,500
|
707,397
|
None
|
134
|
318,500
|
707,531
|
1,026,031
|
596,217
|
09/29/88
|
300
|
||||||
|
Phoenix
|
AZ
|
264,504
|
587,471
|
None
|
88
|
264,504
|
587,559
|
852,063
|
454,172
|
06/29/90
|
300
|
||||||
|
Phoenix
|
AZ
|
260,719
|
516,181
|
None
|
32,173
|
260,719
|
548,354
|
809,073
|
392,124
|
12/26/90
|
300
|
||||||
|
Scottsdale
|
AZ
|
291,993
|
648,529
|
None
|
110
|
291,993
|
648,639
|
940,632
|
566,596
|
12/14/87
|
300
|
||||||
|
Tempe
|
AZ
|
292,200
|
648,989
|
None
|
110
|
292,200
|
649,099
|
941,299
|
560,294
|
03/10/88
|
300
|
||||||
|
Tucson
|
AZ
|
304,500
|
676,303
|
None
|
107
|
304,500
|
676,410
|
980,910
|
570,064
|
09/28/88
|
300
|
||||||
|
Tucson
|
AZ
|
283,500
|
546,878
|
None
|
110
|
283,500
|
546,988
|
830,488
|
460,952
|
09/29/88
|
300
|
||||||
|
Calabasas
|
CA
|
156,430
|
725,248
|
100,838
|
58,993
|
156,430
|
885,079
|
1,041,509
|
736,652
|
09/26/85
|
300
|
||||||
|
Carmichael
|
CA
|
131,035
|
607,507
|
5,528
|
25,249
|
131,035
|
638,284
|
769,319
|
579,650
|
08/22/86
|
300
|
||||||
|
Chino
|
CA
|
155,000
|
634,071
|
None
|
22
|
155,000
|
634,093
|
789,093
|
634,073
|
10/06/83
|
180
|
||||||
|
Chula
Vista
|
CA
|
350,563
|
778,614
|
None
|
None
|
350,563
|
778,614
|
1,129,177
|
685,589
|
10/30/87
|
300
|
||||||
|
Corona
|
CA
|
144,856
|
671,584
|
None
|
54
|
144,856
|
671,638
|
816,494
|
671,634
|
12/19/84
|
300
|
||||||
|
El
Cajon
|
CA
|
157,804
|
731,621
|
None
|
122
|
157,804
|
731,743
|
889,547
|
709,533
|
12/19/85
|
300
|
||||||
|
Escondido
|
CA
|
276,286
|
613,638
|
4,030
|
44,389
|
276,286
|
662,057
|
938,343
|
545,123
|
12/31/87
|
300
|
||||||
|
Folsom
|
CA
|
281,563
|
625,363
|
None
|
None
|
281,563
|
625,363
|
906,926
|
550,901
|
10/23/87
|
300
|
||||||
|
Mission
Viejo
|
CA
|
353,891
|
744,367
|
12,500
|
None
|
353,891
|
756,867
|
1,110,758
|
525,432
|
06/24/93
|
300
|
||||||
|
Moreno
Valley
|
CA
|
304,489
|
676,214
|
None
|
131
|
304,489
|
676,345
|
980,834
|
614,411
|
02/11/87
|
300
|
||||||
|
Oceanside
|
CA
|
145,568
|
674,889
|
11,000
|
22,105
|
145,568
|
707,994
|
853,562
|
680,639
|
12/23/85
|
300
|
||||||
|
Palmdale
|
CA
|
249,490
|
554,125
|
9,864
|
None
|
249,490
|
563,989
|
813,479
|
474,234
|
09/14/88
|
300
|
||||||
|
Rancho
Cordova
|
CA
|
276,328
|
613,733
|
24,967
|
None
|
276,328
|
638,700
|
915,028
|
516,402
|
03/22/89
|
300
|
||||||
|
Rancho
Cucamonga
|
CA
|
471,733
|
1,047,739
|
49,000
|
80
|
471,733
|
1,096,819
|
1,568,552
|
916,153
|
12/30/87
|
300
|
||||||
|
Roseville
|
CA
|
297,343
|
660,411
|
27,496
|
None
|
297,343
|
687,907
|
985,250
|
594,705
|
10/21/87
|
300
|
||||||
|
Sacramento
|
CA
|
290,734
|
645,732
|
None
|
127
|
290,734
|
645,859
|
936,593
|
568,656
|
10/05/87
|
300
|
||||||
|
Santee
|
CA
|
248,418
|
551,748
|
None
|
15
|
248,418
|
551,763
|
800,181
|
491,605
|
07/23/87
|
300
|
||||||
|
Simi
Valley
|
CA
|
208,585
|
967,055
|
22,800
|
75,638
|
208,585
|
1,065,493
|
1,274,078
|
995,094
|
12/20/85
|
300
|
||||||
|
Valencia
|
CA
|
301,295
|
669,185
|
25,000
|
80
|
301,295
|
694,265
|
995,560
|
581,261
|
06/23/88
|
300
|
||||||
|
Walnut
|
CA
|
217,365
|
1,007,753
|
1,200
|
51,312
|
217,365
|
1,060,265
|
1,277,630
|
961,908
|
08/22/86
|
300
|
||||||
|
Aurora
|
CO
|
287,000
|
637,440
|
None
|
196
|
287,000
|
637,636
|
924,636
|
556,902
|
12/31/87
|
300
|
||||||
|
Broomfield
|
CO
|
107,000
|
403,080
|
16,438
|
8,241
|
107,000
|
427,759
|
534,759
|
418,998
|
01/12/83
|
180
|
||||||
|
Broomfield
|
CO
|
155,306
|
344,941
|
25,000
|
128
|
155,306
|
370,069
|
525,375
|
310,347
|
03/15/88
|
300
|
||||||
|
Colorado
Springs
|
CO
|
58,400
|
271,217
|
25,000
|
128
|
58,400
|
296,345
|
354,745
|
281,272
|
12/22/82
|
180
|
||||||
|
Colorado
Springs
|
CO
|
115,542
|
535,700
|
None
|
146
|
115,542
|
535,846
|
651,388
|
500,939
|
12/04/86
|
300
|
||||||
|
Fort
Collins
|
CO
|
55,200
|
256,356
|
None
|
None
|
55,200
|
256,356
|
311,556
|
256,356
|
12/22/82
|
180
|
||||||
|
Fort
Collins
|
CO
|
137,734
|
638,593
|
None
|
22,196
|
137,734
|
660,789
|
798,523
|
626,341
|
03/25/86
|
300
|
||||||
|
Greeley
|
CO
|
58,400
|
270,755
|
25,000
|
196
|
58,400
|
295,951
|
354,351
|
283,340
|
11/21/84
|
300
|
||||||
|
Greenwood
Village
|
CO
|
131,216
|
608,372
|
6,862
|
175
|
131,216
|
615,409
|
746,625
|
568,969
|
12/05/86
|
300
|
||||||
|
Littleton
|
CO
|
161,617
|
358,956
|
None
|
146
|
161,617
|
359,102
|
520,719
|
313,696
|
12/10/87
|
300
|
||||||
|
Longmont
|
CO
|
115,592
|
535,931
|
None
|
146
|
115,592
|
536,077
|
651,669
|
515,178
|
03/25/86
|
300
|
||||||
|
Louisville
|
CO
|
58,089
|
269,313
|
None
|
274
|
58,089
|
269,587
|
327,676
|
269,472
|
06/22/84
|
300
|
||||||
|
Parker
|
CO
|
153,551
|
341,042
|
None
|
274
|
153,551
|
341,316
|
494,867
|
300,592
|
10/19/87
|
300
|
||||||
|
Westminster
|
CO
|
306,387
|
695,737
|
None
|
196
|
306,387
|
695,933
|
1,002,320
|
574,084
|
09/27/89
|
300
|
||||||
|
Bradenton
|
FL
|
160,060
|
355,501
|
25,000
|
None
|
160,060
|
380,501
|
540,561
|
318,404
|
05/05/88
|
300
|
||||||
|
Clearwater
|
FL
|
42,223
|
269,380
|
None
|
124
|
42,223
|
269,504
|
311,727
|
269,504
|
12/22/81
|
180
|
||||||
|
Jacksonville
|
FL
|
48,000
|
243,060
|
None
|
None
|
48,000
|
243,060
|
291,060
|
243,060
|
12/22/81
|
180
|
||||||
|
Jacksonville
|
FL
|
184,800
|
410,447
|
22,872
|
189
|
184,800
|
433,508
|
618,308
|
348,438
|
03/30/89
|
300
|
||||||
|
Margate
|
FL
|
66,686
|
309,183
|
None
|
424
|
66,686
|
309,607
|
376,293
|
289,054
|
12/16/86
|
300
|
||||||
|
Melbourne
|
FL
|
256,439
|
549,345
|
None
|
None
|
256,439
|
549,345
|
805,784
|
381,922
|
04/16/93
|
300
|
||||||
|
Niceville
|
FL
|
73,696
|
341,688
|
None
|
None
|
73,696
|
341,688
|
415,384
|
319,444
|
12/03/86
|
300
|
||||||
|
Orlando
|
FL
|
68,001
|
313,922
|
None
|
497
|
68,001
|
314,419
|
382,420
|
307,441
|
09/04/85
|
300
|
||||||
|
Orlando
|
FL
|
159,177
|
353,538
|
None
|
184
|
159,177
|
353,722
|
512,899
|
315,127
|
07/02/87
|
300
|
||||||
|
Orlando
|
FL
|
190,050
|
422,107
|
5,707
|
189
|
190,050
|
428,003
|
618,053
|
348,277
|
03/30/89
|
300
|
||||||
|
Cost Capitalized
|
Life
on
|
||||||||||||||||
|
Subsequent
|
Gross Amount at Which Carried |
|
which
|
||||||||||||||
| Initial Cost to Company |
|
to
Acquisition
|
at Close of Period (Notes 2, 3, 5, 6 and 7) |
|
depreciation
|
||||||||||||
|
Buildings,
|
Buildings,
|
in
latest
|
|||||||||||||||
|
Improvements
|
Improvements
|
Income
|
|||||||||||||||
|
and
|
and
|
Accumulated
|
Statement
is
|
||||||||||||||
|
Description
|
Acquisition
|
Carrying
|
Acquisition
|
Depreciation
|
Date
of
|
Date
|
Computed
|
||||||||||
|
(Note
1)
|
Land
|
Fees
|
Improvements
|
Costs
|
Land
|
Fees
|
Total
|
(Note
4)
|
Construction
|
Acquired
|
(in
Months)
|
||||||
|
Oviedo
|
FL
|
166,409
|
369,598
|
None
|
184
|
166,409
|
369,782
|
536,191
|
324,294
|
11/20/87
|
300
|
||||||
|
Panama
City
|
FL
|
69,500
|
244,314
|
14,500
|
240
|
69,500
|
259,054
|
328,554
|
253,392
|
06/15/82
|
180
|
||||||
|
Pensacola
|
FL
|
147,000
|
326,492
|
20,000
|
240
|
147,000
|
346,732
|
493,732
|
270,393
|
03/28/89
|
300
|
||||||
|
Royal Palm
Beach
|
FL
|
194,193
|
431,309
|
25,000
|
None
|
194,193
|
456,309
|
650,502
|
367,952
|
11/15/88
|
300
|
||||||
|
Spring
Hill
|
FL
|
146,939
|
326,356
|
None
|
None
|
146,939
|
326,356
|
473,295
|
286,232
|
11/24/87
|
300
|
||||||
|
St.
Augustine
|
FL
|
44,800
|
213,040
|
23,090
|
189
|
44,800
|
236,319
|
281,119
|
215,843
|
12/22/81
|
180
|
||||||
|
Sunrise
|
FL
|
245,000
|
533,280
|
92,266
|
28,408
|
245,000
|
653,954
|
898,954
|
455,112
|
05/25/89
|
300
|
||||||
|
Tampa
|
FL
|
53,385
|
199,846
|
None
|
None
|
53,385
|
199,846
|
253,231
|
199,846
|
12/22/81
|
180
|
||||||
|
Duluth
|
GA
|
310,000
|
1,040,008
|
None
|
None
|
310,000
|
1,040,008
|
1,350,008
|
424,719
|
08/25/99
|
06/07/99
|
300
|
|||||
|
Ellenwood
|
GA
|
119,678
|
275,414
|
None
|
205
|
119,678
|
275,619
|
395,297
|
230,359
|
11/16/88
|
300
|
||||||
|
Lawrenceville
|
GA
|
141,449
|
314,161
|
3,766
|
None
|
141,449
|
317,927
|
459,376
|
268,606
|
07/07/88
|
300
|
||||||
|
Lithia
Springs
|
GA
|
187,444
|
363,358
|
None
|
147
|
187,444
|
363,505
|
550,949
|
291,292
|
12/28/89
|
300
|
||||||
|
Lithonia
|
GA
|
239,715
|
524,459
|
24,410
|
26,108
|
239,715
|
574,977
|
814,692
|
413,917
|
08/20/91
|
300
|
||||||
|
Marietta
|
GA
|
148,620
|
330,090
|
25,000
|
205
|
148,620
|
355,295
|
503,915
|
290,135
|
09/16/88
|
300
|
||||||
|
Marietta
|
GA
|
292,250
|
649,095
|
None
|
415
|
292,250
|
649,510
|
941,760
|
540,560
|
12/02/88
|
300
|
||||||
|
Marietta
|
GA
|
295,750
|
596,299
|
None
|
426
|
295,750
|
596,725
|
892,475
|
496,600
|
12/30/88
|
300
|
||||||
|
Marietta
|
GA
|
301,000
|
668,529
|
None
|
11,707
|
301,000
|
680,236
|
981,236
|
556,742
|
12/30/88
|
300
|
||||||
|
Smyrna
|
GA
|
274,750
|
610,229
|
None
|
415
|
274,750
|
610,644
|
885,394
|
510,257
|
11/15/88
|
300
|
||||||
|
Stockbridge
|
GA
|
168,700
|
374,688
|
24,894
|
415
|
168,700
|
399,997
|
568,697
|
319,051
|
03/28/89
|
300
|
||||||
|
Stone
Mountain
|
GA
|
65,000
|
-
|
None
|
None
|
65,000
|
-
|
65,000
|
0
|
06/19/85
|
300
|
||||||
|
Cedar
Rapids
|
IA
|
194,950
|
427,085
|
None
|
None
|
194,950
|
427,085
|
622,035
|
310,052
|
09/24/92
|
300
|
||||||
|
Iowa
City
|
IA
|
186,900
|
408,910
|
None
|
None
|
186,900
|
408,910
|
595,810
|
298,351
|
09/24/92
|
300
|
||||||
|
Addison
|
IL
|
125,780
|
583,146
|
None
|
241
|
125,780
|
583,387
|
709,167
|
560,646
|
03/25/86
|
300
|
||||||
|
Algonquin
|
IL
|
241,500
|
509,629
|
None
|
20,382
|
241,500
|
530,011
|
771,511
|
406,904
|
07/10/90
|
300
|
||||||
|
Aurora
|
IL
|
165,679
|
398,738
|
27,450
|
21,087
|
165,679
|
447,275
|
612,954
|
342,581
|
12/21/88
|
300
|
||||||
|
Aurora
|
IL
|
468,000
|
1,259,926
|
None
|
None
|
468,000
|
1,259,926
|
1,727,926
|
506,161
|
10/26/99
|
06/14/99
|
300
|
|||||
|
Bartlett
|
IL
|
120,824
|
560,166
|
None
|
241
|
120,824
|
560,407
|
681,231
|
538,561
|
03/25/86
|
300
|
||||||
|
Carol
Stream
|
IL
|
122,831
|
586,416
|
None
|
241
|
122,831
|
586,657
|
709,488
|
563,789
|
03/25/86
|
300
|
||||||
|
Crystal
Lake
|
IL
|
400,000
|
1,259,424
|
None
|
None
|
400,000
|
1,259,424
|
1,659,424
|
510,148
|
09/28/99
|
05/14/99
|
300
|
|||||
|
Elk Grove
Village
|
IL
|
126,860
|
588,175
|
None
|
241
|
126,860
|
588,416
|
715,276
|
565,480
|
03/26/86
|
300
|
||||||
|
Glendale
Heights
|
IL
|
318,500
|
707,399
|
None
|
172
|
318,500
|
707,571
|
1,026,071
|
591,454
|
11/16/88
|
300
|
||||||
|
Hoffman
Estates
|
IL
|
318,500
|
707,399
|
None
|
172
|
318,500
|
707,571
|
1,026,071
|
581,934
|
03/31/89
|
300
|
||||||
|
Lake in the
Hills
|
IL
|
375,000
|
1,127,678
|
None
|
None
|
375,000
|
1,127,678
|
1,502,678
|
456,787
|
09/03/99
|
05/14/99
|
300
|
|||||
|
Lockport
|
IL
|
189,477
|
442,018
|
None
|
151
|
189,477
|
442,169
|
631,646
|
389,318
|
10/29/87
|
300
|
||||||
|
Naperville
|
IL
|
425,000
|
1,230,654
|
None
|
None
|
425,000
|
1,230,654
|
1,655,654
|
494,396
|
10/06/99
|
05/19/99
|
300
|
|||||
|
O'Fallon
|
IL
|
141,250
|
313,722
|
None
|
None
|
141,250
|
313,722
|
454,972
|
276,237
|
10/30/87
|
300
|
||||||
|
Oswego
|
IL
|
380,000
|
1,165,818
|
None
|
None
|
380,000
|
1,165,818
|
1,545,818
|
476,096
|
08/18/99
|
06/30/99
|
300
|
|||||
|
Palatine
|
IL
|
121,911
|
565,232
|
None
|
241
|
121,911
|
565,473
|
687,384
|
543,430
|
03/25/86
|
300
|
||||||
|
Roselle
|
IL
|
297,541
|
561,037
|
None
|
172
|
297,541
|
561,209
|
858,750
|
467,197
|
12/30/88
|
300
|
||||||
|
Schaumburg
|
IL
|
218,798
|
485,955
|
20,461
|
None
|
218,798
|
506,416
|
725,214
|
428,111
|
12/17/87
|
300
|
||||||
|
Vernon
Hills
|
IL
|
132,523
|
614,430
|
None
|
241
|
132,523
|
614,671
|
747,194
|
590,713
|
03/25/86
|
300
|
||||||
|
Westmont
|
IL
|
124,742
|
578,330
|
None
|
413
|
124,742
|
578,743
|
703,485
|
556,061
|
03/25/86
|
300
|
||||||
|
Carmel
|
IN
|
217,565
|
430,742
|
None
|
432
|
217,565
|
431,174
|
648,739
|
324,766
|
12/27/90
|
300
|
||||||
|
Fishers
|
IN
|
60,000
|
278,175
|
None
|
154
|
60,000
|
278,329
|
338,329
|
276,165
|
04/30/85
|
300
|
||||||
|
Fishers
|
IN
|
212,118
|
419,958
|
None
|
595
|
212,118
|
420,553
|
632,671
|
316,742
|
12/27/90
|
300
|
||||||
|
Highland
|
IN
|
220,460
|
436,476
|
None
|
404
|
220,460
|
436,880
|
657,340
|
328,966
|
12/26/90
|
300
|
||||||
|
Indianapolis
|
IN
|
245,000
|
544,153
|
None
|
365
|
245,000
|
544,518
|
789,518
|
420,795
|
06/29/90
|
300
|
||||||
|
Lenexa
|
KS
|
318,500
|
707,399
|
14,200
|
167
|
318,500
|
721,766
|
1,040,266
|
588,285
|
03/31/89
|
300
|
||||||
|
Olathe
|
KS
|
304,500
|
676,308
|
37,904
|
9,147
|
304,500
|
723,359
|
1,027,859
|
584,124
|
09/28/88
|
300
|
||||||
|
Overland
Park
|
KS
|
357,500
|
1,115,171
|
None
|
None
|
357,500
|
1,115,171
|
1,472,671
|
459,116
|
07/23/99
|
05/14/99
|
300
|
|||||
|
Shawnee
|
KS
|
315,000
|
699,629
|
None
|
233
|
315,000
|
699,862
|
1,014,862
|
587,375
|
10/27/88
|
300
|
||||||
|
Shawnee
|
KS
|
288,246
|
935,875
|
None
|
None
|
288,246
|
935,875
|
1,224,121
|
407,146
|
12/29/98
|
08/24/98
|
300
|
|||||
|
Wichita
|
KS
|
108,569
|
350,312
|
None
|
None
|
108,569
|
350,312
|
458,881
|
1,182
|
12/16/86
|
300
|
||||||
|
Wichita
|
KS
|
209,890
|
415,549
|
25,699
|
16,136
|
209,890
|
457,384
|
667,274
|
327,055
|
12/26/90
|
300
|
||||||
|
Lexington
|
KY
|
210,427
|
420,883
|
None
|
None
|
210,427
|
420,883
|
631,310
|
314,455
|
08/20/91
|
300
|
||||||
|
Acton
|
MA
|
315,533
|
700,813
|
None
|
278
|
315,533
|
701,091
|
1,016,624
|
590,741
|
09/30/88
|
300
|
||||||
|
Cost Capitalized
|
Life
on
|
||||||||||||||||
|
Subsequent
|
Gross Amount at Which Carried |
|
which
|
||||||||||||||
| Initial Cost to Company |
|
to
Acquisition
|
at Close of Period (Notes 2, 3, 5, 6 and 7) |
|
depreciation
|
||||||||||||
|
Buildings,
|
Buildings,
|
in
latest
|
|||||||||||||||
|
Improvements
|
Improvements
|
Income
|
|||||||||||||||
|
and
|
and
|
Accumulated
|
Statement
is
|
||||||||||||||
|
Description
|
Acquisition
|
Carrying
|
Acquisition
|
Depreciation
|
Date
of
|
Date
|
Computed
|
||||||||||
|
(Note
1)
|
Land
|
Fees
|
Improvements
|
Costs
|
Land
|
Fees
|
Total
|
(Note
4)
|
Construction
|
Acquired
|
(in
Months)
|
||||||
|
Marlborough
|
MA
|
352,765
|
776,488
|
None
|
286
|
352,765
|
776,774
|
1,129,539
|
649,280
|
11/04/88
|
300
|
||||||
|
Westborough
|
MA
|
359,412
|
773,877
|
None
|
250
|
359,412
|
774,127
|
1,133,539
|
647,048
|
11/01/88
|
300
|
||||||
|
Ellicott
City
|
MD
|
219,368
|
630,839
|
26,550
|
None
|
219,368
|
657,389
|
876,757
|
534,720
|
12/19/88
|
300
|
||||||
|
Frederick
|
MD
|
203,352
|
1,017,109
|
None
|
None
|
203,352
|
1,017,109
|
1,220,461
|
466,175
|
07/06/98
|
300
|
||||||
|
Olney
|
MD
|
342,500
|
760,701
|
4,400
|
41,605
|
342,500
|
806,706
|
1,149,206
|
669,437
|
12/18/87
|
300
|
||||||
|
Waldorf
|
MD
|
130,430
|
604,702
|
None
|
731
|
130,430
|
605,433
|
735,863
|
605,241
|
09/26/84
|
300
|
||||||
|
Waldorf
|
MD
|
237,207
|
526,844
|
None
|
399
|
237,207
|
527,243
|
764,450
|
460,647
|
12/31/87
|
300
|
||||||
|
Canton
|
MI
|
55,000
|
378,848
|
2,913
|
None
|
55,000
|
381,761
|
436,761
|
378,860
|
10/06/82
|
180
|
||||||
|
Apple
Valley
|
MN
|
113,523
|
526,319
|
None
|
333
|
113,523
|
526,652
|
640,175
|
506,123
|
03/26/86
|
300
|
||||||
|
Brooklyn
Park
|
MN
|
118,111
|
547,587
|
None
|
333
|
118,111
|
547,920
|
666,031
|
526,563
|
03/26/86
|
300
|
||||||
|
Eagan
|
MN
|
112,127
|
519,845
|
None
|
925
|
112,127
|
520,770
|
632,897
|
500,018
|
03/31/86
|
300
|
||||||
|
Eden
Prairie
|
MN
|
124,286
|
576,243
|
None
|
333
|
124,286
|
576,576
|
700,862
|
554,104
|
03/27/86
|
300
|
||||||
|
Maple
Grove
|
MN
|
313,250
|
660,149
|
None
|
460
|
313,250
|
660,609
|
973,859
|
510,078
|
07/11/90
|
300
|
||||||
|
Plymouth
|
MN
|
134,221
|
622,350
|
None
|
182
|
134,221
|
622,532
|
756,753
|
582,017
|
12/12/86
|
300
|
||||||
|
White Bear
Lake
|
MN
|
242,165
|
537,856
|
None
|
460
|
242,165
|
538,316
|
780,481
|
412,497
|
08/30/90
|
300
|
||||||
|
Florissant
|
MO
|
181,300
|
402,672
|
23,000
|
41
|
181,300
|
425,713
|
607,013
|
333,488
|
03/29/89
|
300
|
||||||
|
Florissant
|
MO
|
318,500
|
707,399
|
None
|
None
|
318,500
|
707,399
|
1,025,899
|
581,891
|
03/30/89
|
300
|
||||||
|
Gladstone
|
MO
|
294,000
|
652,987
|
None
|
326
|
294,000
|
653,313
|
947,313
|
550,529
|
09/29/88
|
300
|
||||||
|
Lee's
Summit
|
MO
|
239,627
|
532,220
|
None
|
179
|
239,627
|
532,399
|
772,026
|
426,852
|
09/27/89
|
300
|
||||||
|
Lee's
Summit
|
MO
|
330,000
|
993,787
|
None
|
None
|
330,000
|
993,787
|
1,323,787
|
409,138
|
07/26/99
|
06/17/99
|
300
|
|||||
|
Lee's
Summit
|
MO
|
313,740
|
939,367
|
None
|
None
|
313,740
|
939,367
|
1,253,107
|
383,622
|
09/08/99
|
06/30/99
|
300
|
|||||
|
Liberty
|
MO
|
65,400
|
303,211
|
25,000
|
None
|
65,400
|
328,211
|
393,611
|
311,342
|
06/18/85
|
300
|
||||||
|
North Kansas
City
|
MO
|
307,784
|
910,401
|
None
|
None
|
307,784
|
910,401
|
1,218,185
|
401,573
|
09/28/99
|
08/21/98
|
300
|
|||||
|
Pearl
|
MS
|
121,801
|
270,524
|
18,837
|
11,896
|
121,801
|
301,257
|
423,058
|
245,179
|
11/15/88
|
300
|
||||||
|
Cary
|
NC
|
75,200
|
262,973
|
15,000
|
94
|
75,200
|
278,067
|
353,267
|
264,275
|
01/25/84
|
180
|
||||||
|
Charlotte
|
NC
|
27,551
|
247,000
|
None
|
168
|
27,551
|
247,168
|
274,719
|
247,011
|
12/23/81
|
180
|
||||||
|
Charlotte
|
NC
|
134,582
|
268,222
|
24,478
|
139
|
134,582
|
292,839
|
427,421
|
234,736
|
11/16/88
|
300
|
||||||
|
Concord
|
NC
|
32,441
|
190,859
|
None
|
139
|
32,441
|
190,998
|
223,439
|
190,938
|
12/23/81
|
180
|
||||||
|
Durham
|
NC
|
175,700
|
390,234
|
26,312
|
94
|
175,700
|
416,640
|
592,340
|
334,590
|
03/29/89
|
300
|
||||||
|
Durham
|
NC
|
220,728
|
429,380
|
None
|
270
|
220,728
|
429,650
|
650,378
|
344,494
|
12/29/89
|
300
|
||||||
|
Durham
|
NC
|
238,000
|
471,201
|
5,375
|
25
|
238,000
|
476,601
|
714,601
|
342,932
|
08/20/91
|
300
|
||||||
|
Kernersville
|
NC
|
162,216
|
316,300
|
None
|
316
|
162,216
|
316,616
|
478,832
|
254,005
|
12/14/89
|
300
|
||||||
|
Bellevue
|
NE
|
60,568
|
280,819
|
None
|
345
|
60,568
|
281,164
|
341,732
|
262,565
|
12/16/86
|
300
|
||||||
|
Omaha
|
NE
|
60,500
|
280,491
|
None
|
179
|
60,500
|
280,670
|
341,170
|
280,536
|
08/01/84
|
300
|
||||||
|
Omaha
|
NE
|
53,000
|
245,720
|
22,027
|
179
|
53,000
|
267,926
|
320,926
|
248,189
|
10/11/84
|
300
|
||||||
|
Omaha
|
NE
|
142,867
|
317,315
|
None
|
312
|
142,867
|
317,627
|
460,494
|
277,393
|
12/09/87
|
300
|
||||||
|
Londonderry
|
NH
|
335,467
|
745,082
|
None
|
332
|
335,467
|
745,414
|
1,080,881
|
600,599
|
08/18/89
|
300
|
||||||
|
Clementon
|
NJ
|
279,851
|
554,060
|
None
|
399
|
279,851
|
554,459
|
834,310
|
401,791
|
09/09/91
|
300
|
||||||
|
Las
Vegas
|
NV
|
201,250
|
446,983
|
None
|
126
|
201,250
|
447,109
|
648,359
|
345,534
|
06/29/90
|
300
|
||||||
|
Sparks
|
NV
|
244,752
|
543,605
|
19,912
|
285
|
244,752
|
563,802
|
808,554
|
478,796
|
01/29/88
|
300
|
||||||
|
Beavercreek
|
OH
|
179,552
|
398,786
|
None
|
273
|
179,552
|
399,059
|
578,611
|
356,832
|
06/30/87
|
300
|
||||||
|
Centerville
|
OH
|
174,519
|
387,613
|
None
|
273
|
174,519
|
387,886
|
562,405
|
345,482
|
07/23/87
|
300
|
||||||
|
Dublin
|
OH
|
84,000
|
389,446
|
None
|
230
|
84,000
|
389,676
|
473,676
|
380,017
|
10/08/85
|
300
|
||||||
|
Englewood
|
OH
|
74,000
|
343,083
|
None
|
327
|
74,000
|
343,410
|
417,410
|
334,842
|
10/23/85
|
300
|
||||||
|
Forest
Park
|
OH
|
170,778
|
379,305
|
None
|
151
|
170,778
|
379,456
|
550,234
|
335,603
|
09/28/87
|
300
|
||||||
|
Huber
Heights
|
OH
|
245,000
|
544,153
|
None
|
176
|
245,000
|
544,329
|
789,329
|
415,355
|
09/27/90
|
300
|
||||||
|
Loveland
|
OH
|
206,136
|
457,829
|
23,656
|
23
|
206,136
|
481,508
|
687,644
|
415,257
|
03/20/87
|
300
|
||||||
|
Pickerington
|
OH
|
87,580
|
406,055
|
None
|
None
|
87,580
|
406,055
|
493,635
|
379,621
|
12/11/86
|
300
|
||||||
|
Westerville
|
OH
|
82,000
|
380,173
|
None
|
122
|
82,000
|
380,295
|
462,295
|
370,911
|
10/08/85
|
300
|
||||||
|
Westerville
|
OH
|
294,350
|
646,557
|
None
|
176
|
294,350
|
646,733
|
941,083
|
495,511
|
09/26/90
|
300
|
||||||
|
Broken
Arrow
|
OK
|
78,705
|
220,434
|
None
|
None
|
78,705
|
220,434
|
299,139
|
220,434
|
01/27/83
|
180
|
||||||
|
Midwest
City
|
OK
|
67,800
|
314,338
|
None
|
124
|
67,800
|
314,462
|
382,262
|
309,315
|
08/14/85
|
300
|
||||||
|
Oklahoma
City
|
OK
|
50,800
|
214,474
|
None
|
173
|
50,800
|
214,647
|
265,447
|
214,517
|
06/15/82
|
180
|
||||||
|
Oklahoma
City
|
OK
|
79,000
|
366,261
|
17,659
|
173
|
79,000
|
384,093
|
463,093
|
379,213
|
11/14/84
|
300
|
||||||
|
Yukon
|
OK
|
61,000
|
282,812
|
27,000
|
173
|
61,000
|
309,985
|
370,985
|
293,072
|
05/02/85
|
300
|
||||||
|
Beaverton
|
OR
|
135,148
|
626,647
|
None
|
249
|
135,148
|
626,896
|
762,044
|
585,689
|
12/17/86
|
300
|
||||||
|
Cost Capitalized
|
Life
on
|
||||||||||||||||
|
Subsequent
|
Gross Amount at Which Carried |
|
which
|
||||||||||||||
| Initial Cost to Company |
|
to
Acquisition
|
at Close of Period (Notes 2, 3, 5, 6 and 7) |
|
depreciation
|
||||||||||||
|
Buildings,
|
Buildings,
|
in
latest
|
|||||||||||||||
|
Improvements
|
Improvements
|
Income
|
|||||||||||||||
|
and
|
and
|
Accumulated
|
Statement
is
|
||||||||||||||
|
Description
|
Acquisition
|
Carrying
|
Acquisition
|
Depreciation
|
Date
of
|
Date
|
Computed
|
||||||||||
|
(Note
1)
|
Land
|
Fees
|
Improvements
|
Costs
|
Land
|
Fees
|
Total
|
(Note
4)
|
Construction
|
Acquired
|
(in
Months)
|
||||||
|
Charleston
|
SC
|
125,593
|
278,947
|
None
|
361
|
125,593
|
279,308
|
404,901
|
239,053
|
05/26/88
|
300
|
||||||
|
Charleston
|
SC
|
140,700
|
312,498
|
25,000
|
223
|
140,700
|
337,721
|
478,421
|
269,409
|
03/28/89
|
300
|
||||||
|
Columbia
|
SC
|
58,160
|
269,643
|
None
|
330
|
58,160
|
269,973
|
328,133
|
269,913
|
11/14/84
|
300
|
||||||
|
Elgin
|
SC
|
160,831
|
313,600
|
None
|
223
|
160,831
|
313,823
|
474,654
|
251,745
|
12/14/89
|
300
|
||||||
|
Goose
Creek
|
SC
|
61,635
|
192,905
|
None
|
223
|
61,635
|
193,128
|
254,763
|
192,983
|
12/22/81
|
180
|
||||||
|
Summerville
|
SC
|
44,400
|
174,500
|
None
|
168
|
44,400
|
174,668
|
219,068
|
174,511
|
12/22/81
|
180
|
||||||
|
Sumter
|
SC
|
56,010
|
268,903
|
None
|
1,351
|
56,010
|
270,254
|
326,264
|
266,407
|
06/18/85
|
300
|
||||||
|
Memphis
|
TN
|
238,263
|
504,897
|
None
|
248
|
238,263
|
505,145
|
743,408
|
425,700
|
09/29/88
|
300
|
||||||
|
Memphis
|
TN
|
238,000
|
528,608
|
None
|
349
|
238,000
|
528,957
|
766,957
|
445,698
|
09/30/88
|
300
|
||||||
|
Nashville
|
TN
|
274,298
|
609,223
|
None
|
293
|
274,298
|
609,516
|
883,814
|
501,193
|
03/30/89
|
300
|
||||||
|
Arlington
|
TX
|
82,109
|
380,677
|
None
|
149
|
82,109
|
380,826
|
462,935
|
380,765
|
12/13/84
|
300
|
||||||
|
Arlington
|
TX
|
238,000
|
528,604
|
16,747
|
404
|
238,000
|
545,755
|
783,755
|
446,887
|
09/26/88
|
300
|
||||||
|
Arlington
|
TX
|
241,500
|
550,559
|
33,725
|
13,377
|
241,500
|
597,661
|
839,161
|
478,562
|
09/22/89
|
300
|
||||||
|
Austin
|
TX
|
103,600
|
230,532
|
8,750
|
142
|
103,600
|
239,424
|
343,024
|
236,063
|
10/29/82
|
180
|
||||||
|
Austin
|
TX
|
88,872
|
222,684
|
48,416
|
14,887
|
88,872
|
285,987
|
374,859
|
238,918
|
01/12/83
|
180
|
||||||
|
Austin
|
TX
|
134,383
|
623,103
|
None
|
566
|
134,383
|
623,669
|
758,052
|
582,570
|
12/23/86
|
300
|
||||||
|
Austin
|
TX
|
236,733
|
640,023
|
36,746
|
11,951
|
236,733
|
688,720
|
925,453
|
486,050
|
09/27/88
|
300
|
||||||
|
Austin
|
TX
|
191,636
|
425,629
|
15,530
|
294
|
191,636
|
441,453
|
633,089
|
364,148
|
12/22/88
|
300
|
||||||
|
Austin
|
TX
|
217,878
|
483,913
|
29,469
|
None
|
217,878
|
513,382
|
731,260
|
407,558
|
06/22/89
|
300
|
||||||
|
Bedford
|
TX
|
241,500
|
550,559
|
None
|
73
|
241,500
|
550,632
|
792,132
|
462,033
|
09/22/89
|
300
|
||||||
|
Carrollton
|
TX
|
277,850
|
617,113
|
12,086
|
18,283
|
277,850
|
647,482
|
925,332
|
545,647
|
12/11/87
|
300
|
||||||
|
Cedar
Park
|
TX
|
168,857
|
375,036
|
5,200
|
142
|
168,857
|
380,378
|
549,235
|
315,988
|
11/21/88
|
300
|
||||||
|
Colleyville
|
TX
|
250,000
|
1,070,360
|
None
|
None
|
250,000
|
1,070,360
|
1,320,360
|
437,109
|
08/17/99
|
05/14/99
|
300
|
|||||
|
Converse
|
TX
|
217,000
|
481,963
|
None
|
294
|
217,000
|
482,257
|
699,257
|
406,267
|
09/28/88
|
300
|
||||||
|
Corinth
|
TX
|
285,000
|
1,041,626
|
None
|
None
|
285,000
|
1,041,626
|
1,326,626
|
432,270
|
06/04/99
|
05/19/99
|
300
|
|||||
|
Denton
|
TX
|
192,777
|
428,121
|
None
|
237
|
192,777
|
428,358
|
621,135
|
389,313
|
01/07/87
|
300
|
||||||
|
Euless
|
TX
|
234,111
|
519,962
|
None
|
217
|
234,111
|
520,179
|
754,290
|
467,010
|
05/08/87
|
300
|
||||||
|
Flower
Mound
|
TX
|
202,773
|
442,845
|
8,877
|
9,358
|
202,773
|
461,080
|
663,853
|
406,921
|
04/20/87
|
300
|
||||||
|
Flower
Mound
|
TX
|
281,735
|
1,099,726
|
None
|
None
|
281,735
|
1,099,726
|
1,381,461
|
463,690
|
04/23/99
|
01/13/99
|
300
|
|||||
|
Fort
Worth
|
TX
|
85,518
|
396,495
|
24,625
|
95
|
85,518
|
421,215
|
506,733
|
381,545
|
12/03/86
|
300
|
||||||
|
Fort
Worth
|
TX
|
238,000
|
528,608
|
None
|
95
|
238,000
|
528,703
|
766,703
|
445,552
|
09/26/88
|
300
|
||||||
|
Fort
Worth
|
TX
|
216,160
|
427,962
|
None
|
95
|
216,160
|
428,057
|
644,217
|
319,707
|
02/07/91
|
300
|
||||||
|
Garland
|
TX
|
211,050
|
468,749
|
19,199
|
17,516
|
211,050
|
505,464
|
716,514
|
375,258
|
12/12/89
|
300
|
||||||
|
Grand
Prairie
|
TX
|
167,164
|
371,276
|
30,086
|
19,492
|
167,164
|
420,854
|
588,018
|
325,096
|
12/13/88
|
300
|
||||||
|
Houston
|
TX
|
60,000
|
278,175
|
None
|
263
|
60,000
|
278,438
|
338,438
|
275,326
|
05/01/85
|
300
|
||||||
|
Houston
|
TX
|
139,125
|
308,997
|
19,128
|
3,036
|
139,125
|
331,161
|
470,286
|
284,039
|
05/22/87
|
300
|
||||||
|
Houston
|
TX
|
141,296
|
313,824
|
12,442
|
7
|
141,296
|
326,273
|
467,569
|
282,316
|
07/24/87
|
300
|
||||||
|
Houston
|
TX
|
219,100
|
486,631
|
None
|
256
|
219,100
|
486,887
|
705,987
|
410,259
|
09/30/88
|
300
|
||||||
|
Houston
|
TX
|
149,109
|
323,314
|
None
|
14,118
|
149,109
|
337,432
|
486,541
|
278,480
|
06/26/89
|
300
|
||||||
|
Houston
|
TX
|
294,582
|
919,276
|
None
|
None
|
294,582
|
919,276
|
1,213,858
|
396,870
|
01/11/99
|
08/14/98
|
300
|
|||||
|
Humble
|
TX
|
278,915
|
1,034,868
|
None
|
None
|
278,915
|
1,034,868
|
1,313,783
|
426,051
|
07/19/99
|
05/14/99
|
300
|
|||||
|
Katy
|
TX
|
309,898
|
983,041
|
None
|
None
|
309,898
|
983,041
|
1,292,939
|
430,925
|
11/30/98
|
08/21/98
|
300
|
|||||
|
Mansfield
|
TX
|
181,375
|
402,839
|
46,878
|
17,315
|
181,375
|
467,032
|
648,407
|
327,218
|
12/20/89
|
300
|
||||||
|
Mesquite
|
TX
|
85,000
|
394,079
|
9,855
|
12,885
|
85,000
|
416,819
|
501,819
|
399,390
|
10/24/84
|
300
|
||||||
|
Mesquite
|
TX
|
139,466
|
326,525
|
7,902
|
343
|
139,466
|
334,770
|
474,236
|
243,084
|
10/08/92
|
300
|
||||||
|
Pasadena
|
TX
|
60,000
|
278,173
|
8,630
|
10
|
60,000
|
286,813
|
346,813
|
278,567
|
10/23/84
|
300
|
||||||
|
Plano
|
TX
|
261,912
|
581,658
|
30,831
|
18,311
|
261,912
|
630,800
|
892,712
|
541,860
|
01/06/87
|
300
|
||||||
|
Plano
|
TX
|
250,514
|
556,399
|
None
|
73
|
250,514
|
556,472
|
806,986
|
486,090
|
12/10/87
|
300
|
||||||
|
Plano
|
TX
|
259,000
|
575,246
|
None
|
124
|
259,000
|
575,370
|
834,370
|
484,911
|
09/27/88
|
300
|
||||||
|
Round
Rock
|
TX
|
80,525
|
373,347
|
None
|
552
|
80,525
|
373,899
|
454,424
|
349,120
|
12/16/86
|
300
|
||||||
|
Round
Rock
|
TX
|
186,380
|
413,957
|
30,800
|
266
|
186,380
|
445,023
|
631,403
|
353,817
|
04/19/89
|
300
|
||||||
|
San
Antonio
|
TX
|
130,833
|
606,596
|
None
|
115
|
130,833
|
606,711
|
737,544
|
583,005
|
03/24/86
|
300
|
||||||
|
San
Antonio
|
TX
|
102,512
|
475,288
|
None
|
456
|
102,512
|
475,744
|
578,256
|
444,518
|
12/03/86
|
300
|
||||||
|
San
Antonio
|
TX
|
81,530
|
378,007
|
None
|
266
|
81,530
|
378,273
|
459,803
|
353,428
|
12/11/86
|
300
|
||||||
|
San
Antonio
|
TX
|
139,125
|
308,997
|
30,885
|
13,246
|
139,125
|
353,128
|
492,253
|
283,999
|
05/22/87
|
300
|
||||||
|
San
Antonio
|
TX
|
181,412
|
402,923
|
None
|
418
|
181,412
|
403,341
|
584,753
|
359,183
|
07/07/87
|
300
|
||||||
|
Cost Capitalized
|
Life
on
|
||||||||||||||||
|
Subsequent
|
Gross Amount at Which Carried |
|
which
|
||||||||||||||
| Initial Cost to Company |
|
to
Acquisition
|
at Close of Period (Notes 2, 3, 5, 6 and 7) |
depreciation
|
|||||||||||||
|
Buildings,
|
Buildings,
|
in
latest
|
|||||||||||||||
|
Improvements
|
Improvements
|
Income
|
|||||||||||||||
|
and
|
and
|
Accumulated
|
Statement
is
|
||||||||||||||
|
Description
|
Acquisition
|
Carrying
|
Acquisition
|
Depreciation
|
Date
of
|
Date
|
Computed
|
||||||||||
|
(Note
1)
|
Land
|
Fees
|
Improvements
|
Costs
|
Land
|
Fees
|
Total
|
(Note
4)
|
Construction
|
Acquired
|
(in
Months)
|
||||||
|
San
Antonio
|
TX
|
234,500
|
520,831
|
None
|
304
|
234,500
|
521,135
|
755,635
|
455,165
|
12/29/87
|
300
|
||||||
|
San
Antonio
|
TX
|
217,000
|
481,967
|
None
|
276
|
217,000
|
482,243
|
699,243
|
404,702
|
10/14/88
|
300
|
||||||
|
San
Antonio
|
TX
|
182,868
|
406,155
|
18,940
|
None
|
182,868
|
425,095
|
607,963
|
351,166
|
12/06/88
|
300
|
||||||
|
San
Antonio
|
TX
|
220,500
|
447,108
|
None
|
276
|
220,500
|
447,384
|
667,884
|
367,912
|
03/30/89
|
300
|
||||||
|
Southlake
|
TX
|
228,279
|
511,750
|
None
|
95
|
228,279
|
511,845
|
740,124
|
368,448
|
03/10/93
|
300
|
||||||
|
Sugar
Land
|
TX
|
339,310
|
1,000,876
|
None
|
None
|
339,310
|
1,000,876
|
1,340,186
|
418,698
|
05/30/99
|
01/13/99
|
300
|
|||||
|
Layton
|
UT
|
136,574
|
269,008
|
None
|
314
|
136,574
|
269,322
|
405,896
|
214,840
|
02/01/90
|
300
|
||||||
|
Sandy
|
UT
|
168,089
|
373,330
|
None
|
314
|
168,089
|
373,644
|
541,733
|
293,554
|
02/01/90
|
300
|
||||||
|
Centreville
|
VA
|
371,000
|
824,003
|
None
|
223
|
371,000
|
824,226
|
1,195,226
|
661,429
|
09/29/89
|
300
|
||||||
|
Chesapeake
|
VA
|
190,050
|
422,107
|
24,568
|
94
|
190,050
|
446,769
|
636,819
|
359,275
|
03/28/89
|
300
|
||||||
|
Glen
Allen
|
VA
|
74,643
|
346,060
|
None
|
223
|
74,643
|
346,283
|
420,926
|
346,167
|
06/20/84
|
300
|
||||||
|
Portsmouth
|
VA
|
171,575
|
381,073
|
24,932
|
203
|
171,575
|
406,208
|
577,783
|
328,621
|
12/21/88
|
300
|
||||||
|
Richmond
|
VA
|
71,001
|
327,771
|
None
|
129
|
71,001
|
327,900
|
398,901
|
320,686
|
09/04/85
|
300
|
||||||
|
Richmond
|
VA
|
269,500
|
598,567
|
None
|
199
|
269,500
|
598,766
|
868,266
|
492,394
|
03/28/89
|
300
|
||||||
|
Virginia
Beach
|
VA
|
69,080
|
320,270
|
None
|
13,825
|
69,080
|
334,095
|
403,175
|
321,152
|
11/15/84
|
300
|
||||||
|
Woodbridge
|
VA
|
358,050
|
795,239
|
None
|
407
|
358,050
|
795,646
|
1,153,696
|
670,336
|
09/29/88
|
300
|
||||||
|
Federal
Way
|
WA
|
150,785
|
699,101
|
None
|
117
|
150,785
|
699,218
|
850,003
|
653,319
|
12/17/86
|
300
|
||||||
|
Federal
Way
|
WA
|
261,943
|
581,782
|
27,500
|
None
|
261,943
|
609,282
|
871,225
|
496,538
|
11/21/88
|
300
|
||||||
|
Kent
|
WA
|
128,300
|
539,141
|
None
|
None
|
128,300
|
539,141
|
667,441
|
539,141
|
06/03/83
|
180
|
||||||
|
Kent
|
WA
|
140,763
|
678,809
|
None
|
117
|
140,763
|
678,926
|
819,689
|
634,359
|
12/17/86
|
300
|
||||||
|
Kirkland
|
WA
|
301,000
|
668,534
|
None
|
None
|
301,000
|
668,534
|
969,534
|
577,126
|
03/31/88
|
300
|
||||||
|
Puyallup
|
WA
|
195,552
|
434,327
|
27,000
|
None
|
195,552
|
461,327
|
656,879
|
374,174
|
12/06/88
|
300
|
||||||
|
Redmond
|
WA
|
279,830
|
621,513
|
None
|
117
|
279,830
|
621,630
|
901,460
|
553,824
|
07/27/87
|
300
|
||||||
|
Renton
|
WA
|
111,183
|
515,490
|
None
|
None
|
111,183
|
515,490
|
626,673
|
495,421
|
03/24/86
|
300
|
||||||
|
Appleton
|
WI
|
196,000
|
424,038
|
None
|
354
|
196,000
|
424,392
|
620,392
|
327,927
|
07/10/90
|
300
|
||||||
|
Waukesha
|
WI
|
233,100
|
461,500
|
None
|
354
|
233,100
|
461,854
|
694,954
|
347,930
|
12/13/90
|
300
|
||||||
|
Waukesha
|
WI
|
215,950
|
427,546
|
None
|
354
|
215,950
|
427,900
|
643,850
|
322,348
|
12/13/90
|
300
|
||||||
|
Consumer Electronics
|
|||||||||||||||||
|
Mary
Esther
|
FL
|
149,696
|
363,263
|
None
|
None
|
149,696
|
363,263
|
512,959
|
190,713
|
11/26/96
|
300
|
||||||
|
Merritt
Island
|
FL
|
309,652
|
482,459
|
None
|
None
|
309,652
|
482,459
|
792,111
|
253,291
|
11/26/96
|
300
|
||||||
|
Smyrna
|
GA
|
1,094,058
|
3,090,236
|
None
|
None
|
1,094,058
|
3,090,236
|
4,184,294
|
1,550,154
|
06/09/97
|
300
|
||||||
|
Richmond
|
IN
|
93,999
|
193,753
|
None
|
None
|
93,999
|
193,753
|
287,752
|
101,720
|
11/26/96
|
300
|
||||||
|
Jackson
|
MI
|
550,162
|
571,590
|
None
|
None
|
550,162
|
571,590
|
1,121,752
|
248,766
|
01/15/99
|
09/25/98
|
300
|
|||||
|
Tupelo
|
MS
|
121,697
|
637,691
|
None
|
15
|
121,697
|
637,706
|
759,403
|
334,801
|
11/26/96
|
300
|
||||||
|
Pineville
|
NC
|
567,864
|
840,284
|
3,125
|
19,654
|
567,864
|
863,063
|
1,430,927
|
372,659
|
12/31/98
|
300
|
||||||
|
Westbury
|
NY
|
6,333,590
|
3,952,773
|
4,073
|
None
|
6,333,590
|
3,956,846
|
10,290,436
|
1,944,994
|
09/29/97
|
300
|
||||||
|
Convenience Stores
|
|||||||||||||||||
|
Daphne
|
AL
|
140,000
|
391,637
|
None
|
None
|
140,000
|
391,637
|
531,637
|
90,727
|
03/18/04
|
300
|
||||||
|
Mobile
|
AL
|
190,000
|
301,637
|
None
|
None
|
190,000
|
301,637
|
491,637
|
69,877
|
03/18/04
|
300
|
||||||
|
Mobile
|
AL
|
180,000
|
421,637
|
None
|
None
|
180,000
|
421,637
|
601,637
|
97,677
|
03/18/04
|
300
|
||||||
|
Florence
|
AZ
|
150,000
|
371,637
|
None
|
None
|
150,000
|
371,637
|
521,637
|
86,093
|
03/18/04
|
300
|
||||||
|
Gilbert
|
AZ
|
680,000
|
1,111,637
|
None
|
None
|
680,000
|
1,111,637
|
1,791,637
|
257,527
|
03/18/04
|
300
|
||||||
|
Litchfield
Park
|
AZ
|
610,000
|
531,637
|
None
|
None
|
610,000
|
531,637
|
1,141,637
|
123,160
|
03/18/04
|
300
|
||||||
|
Marana
|
AZ
|
180,000
|
331,637
|
None
|
None
|
180,000
|
331,637
|
511,637
|
76,827
|
03/18/04
|
300
|
||||||
|
Marana
|
AZ
|
330,000
|
911,637
|
None
|
None
|
330,000
|
911,637
|
1,241,637
|
211,193
|
03/18/04
|
300
|
||||||
|
Maricopa
|
AZ
|
170,000
|
361,637
|
None
|
None
|
170,000
|
361,637
|
531,637
|
83,777
|
03/18/04
|
300
|
||||||
|
Mesa
|
AZ
|
560,000
|
821,637
|
None
|
None
|
560,000
|
821,637
|
1,381,637
|
190,343
|
03/18/04
|
300
|
||||||
|
Mesa
|
AZ
|
750,000
|
1,071,637
|
None
|
None
|
750,000
|
1,071,637
|
1,821,637
|
248,260
|
03/18/04
|
300
|
||||||
|
Mesa
|
AZ
|
810,000
|
1,061,637
|
None
|
None
|
810,000
|
1,061,637
|
1,871,637
|
245,943
|
03/18/04
|
300
|
||||||
|
Mesa
|
AZ
|
890,000
|
1,081,637
|
None
|
None
|
890,000
|
1,081,637
|
1,971,637
|
250,577
|
03/18/04
|
300
|
||||||
|
Mesa
|
AZ
|
780,000
|
1,071,637
|
None
|
None
|
780,000
|
1,071,637
|
1,851,637
|
248,260
|
03/18/04
|
300
|
||||||
|
Mesa
|
AZ
|
900,000
|
1,191,637
|
None
|
None
|
900,000
|
1,191,637
|
2,091,637
|
276,060
|
03/18/04
|
300
|
||||||
|
Payson
|
AZ
|
210,000
|
351,637
|
None
|
None
|
210,000
|
351,637
|
561,637
|
81,460
|
03/18/04
|
300
|
||||||
|
Cost Capitalized
|
Life
on
|
||||||||||||||||
|
Subsequent
|
Gross Amount at Which Carried |
|
which
|
||||||||||||||
| Initial Cost to Company |
|
to
Acquisition
|
at Close of Period (Notes 2, 3, 5, 6 and 7) |
|
depreciation
|
||||||||||||
|
Buildings,
|
Buildings,
|
in
latest
|
|||||||||||||||
|
Improvements
|
Improvements
|
Income
|
|||||||||||||||
|
and
|
and
|
Accumulated
|
Statement
is
|
||||||||||||||
|
Description
|
Acquisition
|
Carrying
|
Acquisition
|
Depreciation
|
Date
of
|
Date
|
Computed
|
||||||||||
|
(Note
1)
|
Land
|
Fees
|
Improvements
|
Costs
|
Land
|
Fees
|
Total
|
(Note
4)
|
Construction
|
Acquired
|
(in
Months)
|
||||||
|
Payson
|
AZ
|
260,000
|
311,637
|
None
|
None
|
260,000
|
311,637
|
571,637
|
72,193
|
03/18/04
|
300
|
||||||
|
Peoria
|
AZ
|
520,000
|
751,637
|
None
|
None
|
520,000
|
751,637
|
1,271,637
|
174,127
|
03/18/04
|
300
|
||||||
|
Phoenix
|
AZ
|
440,000
|
511,637
|
None
|
None
|
440,000
|
511,637
|
951,637
|
118,527
|
03/18/04
|
300
|
||||||
|
Phoenix
|
AZ
|
360,000
|
421,637
|
None
|
None
|
360,000
|
421,637
|
781,637
|
97,677
|
03/18/04
|
300
|
||||||
|
Phoenix
|
AZ
|
710,000
|
591,637
|
None
|
None
|
710,000
|
591,637
|
1,301,637
|
137,060
|
03/18/04
|
300
|
||||||
|
Phoenix
|
AZ
|
320,000
|
661,637
|
None
|
None
|
320,000
|
661,637
|
981,637
|
153,277
|
03/18/04
|
300
|
||||||
|
Phoenix
|
AZ
|
450,000
|
651,637
|
None
|
None
|
450,000
|
651,637
|
1,101,637
|
150,960
|
03/18/04
|
300
|
||||||
|
Phoenix
|
AZ
|
430,000
|
711,637
|
None
|
None
|
430,000
|
711,637
|
1,141,637
|
164,860
|
03/18/04
|
300
|
||||||
|
Phoenix
|
AZ
|
730,000
|
931,637
|
None
|
None
|
730,000
|
931,637
|
1,661,637
|
215,827
|
03/18/04
|
300
|
||||||
|
Phoenix
|
AZ
|
400,000
|
931,637
|
None
|
None
|
400,000
|
931,637
|
1,331,637
|
215,827
|
03/18/04
|
300
|
||||||
|
Phoenix
|
AZ
|
790,000
|
1,051,637
|
None
|
None
|
790,000
|
1,051,637
|
1,841,637
|
243,627
|
03/18/04
|
300
|
||||||
|
Pinetop
|
AZ
|
170,000
|
311,637
|
None
|
None
|
170,000
|
311,637
|
481,637
|
72,193
|
03/18/04
|
300
|
||||||
|
Queen
Creek
|
AZ
|
520,000
|
891,637
|
None
|
None
|
520,000
|
891,637
|
1,411,637
|
206,560
|
03/18/04
|
300
|
||||||
|
Scottsdale
|
AZ
|
210,000
|
201,637
|
None
|
None
|
210,000
|
201,637
|
411,637
|
46,710
|
03/18/04
|
300
|
||||||
|
Scottsdale
|
AZ
|
660,000
|
1,031,637
|
None
|
None
|
660,000
|
1,031,637
|
1,691,637
|
238,993
|
03/18/04
|
300
|
||||||
|
Sierra
Vista
|
AZ
|
110,000
|
301,637
|
None
|
None
|
110,000
|
301,637
|
411,637
|
69,877
|
03/18/04
|
300
|
||||||
|
Tempe
|
AZ
|
620,000
|
1,071,637
|
None
|
None
|
620,000
|
1,071,637
|
1,691,637
|
248,260
|
03/18/04
|
300
|
||||||
|
Tempe
|
AZ
|
270,000
|
461,637
|
None
|
None
|
270,000
|
461,637
|
731,637
|
106,943
|
03/18/04
|
300
|
||||||
|
Tolleson
|
AZ
|
460,000
|
1,231,637
|
None
|
None
|
460,000
|
1,231,637
|
1,691,637
|
285,327
|
03/18/04
|
300
|
||||||
|
Tombstone
|
AZ
|
110,000
|
381,637
|
None
|
None
|
110,000
|
381,637
|
491,637
|
88,410
|
03/18/04
|
300
|
||||||
|
Tucson
|
AZ
|
220,000
|
311,637
|
None
|
None
|
220,000
|
311,637
|
531,637
|
72,193
|
03/18/04
|
300
|
||||||
|
Tucson
|
AZ
|
240,000
|
341,637
|
None
|
None
|
240,000
|
341,637
|
581,637
|
79,143
|
03/18/04
|
300
|
||||||
|
Tucson
|
AZ
|
550,000
|
511,637
|
None
|
None
|
550,000
|
511,637
|
1,061,637
|
118,527
|
03/18/04
|
300
|
||||||
|
Tucson
|
AZ
|
126,000
|
234,565
|
None
|
None
|
126,000
|
234,565
|
360,565
|
53,559
|
04/14/04
|
300
|
||||||
|
Wellton
|
AZ
|
120,000
|
291,637
|
None
|
None
|
120,000
|
291,637
|
411,637
|
67,560
|
03/18/04
|
300
|
||||||
|
Wickenburg
|
AZ
|
150,000
|
291,637
|
None
|
None
|
150,000
|
291,637
|
441,637
|
67,560
|
03/18/04
|
300
|
||||||
|
Manchester
|
CT
|
118,262
|
305,510
|
None
|
None
|
118,262
|
305,510
|
423,772
|
180,760
|
03/03/95
|
300
|
||||||
|
Vernon
|
CT
|
179,646
|
319,372
|
None
|
None
|
179,646
|
319,372
|
499,018
|
188,961
|
03/09/95
|
300
|
||||||
|
Westbrook
|
CT
|
98,247
|
373,340
|
None
|
None
|
98,247
|
373,340
|
471,587
|
220,893
|
03/09/95
|
300
|
||||||
|
Camden
|
DE
|
113,811
|
174,435
|
None
|
None
|
113,811
|
174,435
|
288,246
|
47,381
|
03/19/03
|
300
|
||||||
|
Camden
|
DE
|
250,528
|
379,165
|
None
|
None
|
250,528
|
379,165
|
629,693
|
102,999
|
03/19/03
|
300
|
||||||
|
Dewey
|
DE
|
147,465
|
224,665
|
None
|
None
|
147,465
|
224,665
|
372,130
|
61,027
|
03/19/03
|
300
|
||||||
|
Dover
|
DE
|
278,804
|
421,707
|
None
|
None
|
278,804
|
421,707
|
700,511
|
114,557
|
03/19/03
|
300
|
||||||
|
Dover
|
DE
|
367,137
|
554,207
|
None
|
None
|
367,137
|
554,207
|
921,344
|
150,552
|
03/19/03
|
300
|
||||||
|
Dover
|
DE
|
367,425
|
554,884
|
None
|
None
|
367,425
|
554,884
|
922,309
|
150,736
|
03/19/03
|
300
|
||||||
|
Felton
|
DE
|
307,260
|
464,391
|
None
|
None
|
307,260
|
464,391
|
771,651
|
126,152
|
03/19/03
|
300
|
||||||
|
Greenwood
|
DE
|
632,303
|
1,176,711
|
None
|
None
|
632,303
|
1,176,711
|
1,809,014
|
100,019
|
11/29/07
|
300
|
||||||
|
Harrington
|
DE
|
563,812
|
849,220
|
None
|
None
|
563,812
|
849,220
|
1,413,032
|
230,697
|
03/19/03
|
300
|
||||||
|
Milford
|
DE
|
310,049
|
468,575
|
None
|
None
|
310,049
|
468,575
|
778,624
|
127,289
|
03/19/03
|
300
|
||||||
|
Newcastle
|
DE
|
589,325
|
887,488
|
None
|
None
|
589,325
|
887,488
|
1,476,813
|
241,094
|
03/19/03
|
300
|
||||||
|
Smyrna
|
DE
|
121,774
|
186,436
|
None
|
None
|
121,774
|
186,436
|
308,210
|
50,641
|
03/19/03
|
300
|
||||||
|
Smyrna
|
DE
|
401,135
|
605,332
|
None
|
None
|
401,135
|
605,332
|
1,006,467
|
164,441
|
03/19/03
|
300
|
||||||
|
Townsend
|
DE
|
241,416
|
365,749
|
None
|
None
|
241,416
|
365,749
|
607,165
|
99,355
|
03/19/03
|
300
|
||||||
|
Wilmington
|
DE
|
280,682
|
424,525
|
None
|
None
|
280,682
|
424,525
|
705,207
|
115,322
|
03/19/03
|
300
|
||||||
|
Archer
|
FL
|
296,238
|
578,145
|
None
|
None
|
296,238
|
578,145
|
874,383
|
245,710
|
05/07/99
|
300
|
||||||
|
Bushnell
|
FL
|
130,000
|
291,637
|
None
|
None
|
130,000
|
291,637
|
421,637
|
67,560
|
03/18/04
|
300
|
||||||
|
Clearwater
|
FL
|
359,792
|
311,845
|
None
|
None
|
359,792
|
311,845
|
671,637
|
72,241
|
03/18/04
|
300
|
||||||
|
Cocoa
|
FL
|
323,827
|
287,810
|
None
|
None
|
323,827
|
287,810
|
611,637
|
66,673
|
03/18/04
|
300
|
||||||
|
Deltona
|
FL
|
140,000
|
321,637
|
None
|
None
|
140,000
|
321,637
|
461,637
|
74,510
|
03/18/04
|
300
|
||||||
|
Ellenton
|
FL
|
250,000
|
261,637
|
None
|
None
|
250,000
|
261,637
|
511,637
|
60,610
|
03/18/04
|
300
|
||||||
|
Englewood
|
FL
|
270,000
|
331,637
|
None
|
None
|
270,000
|
331,637
|
601,637
|
76,827
|
03/18/04
|
300
|
||||||
|
Gainesville
|
FL
|
515,834
|
873,187
|
None
|
None
|
515,834
|
873,187
|
1,389,021
|
371,103
|
05/07/99
|
300
|
||||||
|
Gainesville
|
FL
|
480,318
|
600,633
|
None
|
None
|
480,318
|
600,633
|
1,080,951
|
255,268
|
05/07/99
|
300
|
||||||
|
Gainesville
|
FL
|
347,310
|
694,859
|
None
|
None
|
347,310
|
694,859
|
1,042,169
|
295,314
|
05/07/99
|
300
|
||||||
|
Gainesville
|
FL
|
339,263
|
658,807
|
None
|
None
|
339,263
|
658,807
|
998,070
|
279,992
|
05/07/99
|
300
|
||||||
|
Gainesville
|
FL
|
351,921
|
552,557
|
None
|
None
|
351,921
|
552,557
|
904,478
|
234,835
|
05/07/99
|
300
|
||||||
|
Cost Capitalized
|
Life
on
|
||||||||||||||||
|
Subsequent
|
Gross Amount at Which Carried |
|
which
|
||||||||||||||
| Initial Cost to Company |
|
to
Acquisition
|
at Close of Period (Notes 2, 3, 5, 6 and 7) |
|
depreciation
|
||||||||||||
|
Buildings,
|
Buildings,
|
in
latest
|
|||||||||||||||
|
Improvements
|
Improvements
|
Income
|
|||||||||||||||
|
and
|
and
|
Accumulated
|
Statement
is
|
||||||||||||||
|
Description
|
Acquisition
|
Carrying
|
Acquisition
|
Depreciation
|
Date
of
|
Date
|
Computed
|
||||||||||
|
(Note
1)
|
Land
|
Fees
|
Improvements
|
Costs
|
Land
|
Fees
|
Total
|
(Note
4)
|
Construction
|
Acquired
|
(in
Months)
|
||||||
|
Gainesville
|
FL
|
500,032
|
850,291
|
None
|
None
|
500,032
|
850,291
|
1,350,323
|
361,372
|
05/07/99
|
300
|
||||||
|
Homosassa
Springs
|
FL
|
740,000
|
621,637
|
None
|
None
|
740,000
|
621,637
|
1,361,637
|
144,010
|
03/18/04
|
300
|
||||||
|
Hudson
|
FL
|
300,000
|
351,637
|
None
|
None
|
300,000
|
351,637
|
651,637
|
81,460
|
03/18/04
|
300
|
||||||
|
Intercession
City
|
FL
|
161,776
|
319,861
|
None
|
None
|
161,776
|
319,861
|
481,637
|
74,098
|
03/18/04
|
300
|
||||||
|
Jacksonville
|
FL
|
266,111
|
494,206
|
None
|
None
|
266,111
|
494,206
|
760,317
|
112,844
|
04/01/04
|
300
|
||||||
|
Jacksonville
Bch
|
FL
|
522,188
|
371,885
|
None
|
None
|
522,188
|
371,885
|
894,073
|
158,050
|
05/07/99
|
300
|
||||||
|
Key
West
|
FL
|
873,700
|
627,937
|
None
|
None
|
873,700
|
627,937
|
1,501,637
|
145,469
|
03/18/04
|
300
|
||||||
|
Key
West
|
FL
|
492,785
|
208,852
|
None
|
None
|
492,785
|
208,852
|
701,637
|
48,381
|
03/18/04
|
300
|
||||||
|
Lakeland
|
FL
|
527,076
|
464,561
|
None
|
None
|
527,076
|
464,561
|
991,637
|
107,621
|
03/18/04
|
300
|
||||||
|
Lakeland
|
FL
|
300,000
|
321,637
|
None
|
None
|
300,000
|
321,637
|
621,637
|
74,510
|
03/18/04
|
300
|
||||||
|
Lakeport
|
FL
|
180,342
|
331,295
|
None
|
None
|
180,342
|
331,295
|
511,637
|
76,747
|
03/18/04
|
300
|
||||||
|
Land
O'Lakes
|
FL
|
120,000
|
361,637
|
None
|
None
|
120,000
|
361,637
|
481,637
|
83,777
|
03/18/04
|
300
|
||||||
|
Lutz
|
FL
|
480,000
|
421,637
|
None
|
None
|
480,000
|
421,637
|
901,637
|
97,677
|
03/18/04
|
300
|
||||||
|
Naples
|
FL
|
150,000
|
301,637
|
None
|
None
|
150,000
|
301,637
|
451,637
|
69,877
|
03/18/04
|
300
|
||||||
|
Naples
|
FL
|
620,000
|
381,637
|
None
|
None
|
620,000
|
381,637
|
1,001,637
|
88,410
|
03/18/04
|
300
|
||||||
|
New Port
Richey
|
FL
|
190,000
|
601,637
|
None
|
None
|
190,000
|
601,637
|
791,637
|
139,377
|
03/18/04
|
300
|
||||||
|
North Fort
Meyers
|
FL
|
140,000
|
281,637
|
None
|
None
|
140,000
|
281,637
|
421,637
|
65,243
|
03/18/04
|
300
|
||||||
|
Okeechobee
|
FL
|
195,075
|
346,562
|
None
|
None
|
195,075
|
346,562
|
541,637
|
80,284
|
03/18/04
|
300
|
||||||
|
Orlando
|
FL
|
240,000
|
301,637
|
None
|
None
|
240,000
|
301,637
|
541,637
|
69,877
|
03/18/04
|
300
|
||||||
|
Palm
Bay
|
FL
|
230,880
|
300,757
|
None
|
None
|
230,880
|
300,757
|
531,637
|
69,673
|
03/18/04
|
300
|
||||||
|
Palm
Harbor
|
FL
|
510,000
|
381,637
|
None
|
None
|
510,000
|
381,637
|
891,637
|
88,410
|
03/18/04
|
300
|
||||||
|
Panama
City
|
FL
|
210,000
|
431,637
|
None
|
None
|
210,000
|
431,637
|
641,637
|
99,993
|
03/18/04
|
300
|
||||||
|
Pensacola
|
FL
|
168,000
|
312,727
|
None
|
None
|
168,000
|
312,727
|
480,727
|
71,403
|
04/14/04
|
300
|
||||||
|
Port
Charlotte
|
FL
|
170,000
|
311,637
|
None
|
None
|
170,000
|
311,637
|
481,637
|
72,193
|
03/18/04
|
300
|
||||||
|
Port
Orange
|
FL
|
609,438
|
512,199
|
None
|
None
|
609,438
|
512,199
|
1,121,637
|
118,657
|
03/18/04
|
300
|
||||||
|
Pt
Charlotte
|
FL
|
200,000
|
356,637
|
None
|
None
|
200,000
|
356,637
|
556,637
|
82,618
|
03/18/04
|
300
|
||||||
|
Punta
Gorda
|
FL
|
400,000
|
511,637
|
None
|
None
|
400,000
|
511,637
|
911,637
|
118,527
|
03/18/04
|
300
|
||||||
|
Tallahassee
|
FL
|
600,000
|
341,637
|
None
|
None
|
600,000
|
341,637
|
941,637
|
79,143
|
03/18/04
|
300
|
||||||
|
Tampa
|
FL
|
300,000
|
301,637
|
None
|
None
|
300,000
|
301,637
|
601,637
|
69,877
|
03/18/04
|
300
|
||||||
|
Tampa
|
FL
|
380,000
|
361,637
|
None
|
None
|
380,000
|
361,637
|
741,637
|
83,777
|
03/18/04
|
300
|
||||||
|
Tampa
|
FL
|
320,000
|
591,637
|
None
|
None
|
320,000
|
591,637
|
911,637
|
137,060
|
03/18/04
|
300
|
||||||
|
Webster
|
FL
|
640,000
|
1,071,637
|
None
|
None
|
640,000
|
1,071,637
|
1,711,637
|
248,260
|
03/18/04
|
300
|
||||||
|
Winter
Springs
|
FL
|
150,000
|
291,637
|
None
|
None
|
150,000
|
291,637
|
441,637
|
67,560
|
03/18/04
|
300
|
||||||
|
Augusta
|
GA
|
620,000
|
383,232
|
None
|
None
|
620,000
|
383,232
|
1,003,232
|
160,314
|
07/22/99
|
300
|
||||||
|
Augusta
|
GA
|
540,000
|
337,853
|
None
|
None
|
540,000
|
337,853
|
877,853
|
141,331
|
07/22/99
|
300
|
||||||
|
Augusta
|
GA
|
510,000
|
392,929
|
None
|
None
|
510,000
|
392,929
|
902,929
|
164,371
|
07/22/99
|
300
|
||||||
|
Augusta
|
GA
|
180,000
|
422,020
|
None
|
None
|
180,000
|
422,020
|
602,020
|
176,542
|
07/22/99
|
300
|
||||||
|
Augusta
|
GA
|
260,000
|
392,171
|
None
|
None
|
260,000
|
392,171
|
652,171
|
164,055
|
07/22/99
|
300
|
||||||
|
Augusta
|
GA
|
240,000
|
451,637
|
None
|
None
|
240,000
|
451,637
|
691,637
|
104,627
|
03/18/04
|
300
|
||||||
|
Cahutta
|
GA
|
437,500
|
813,742
|
None
|
None
|
437,500
|
813,742
|
1,251,242
|
202,073
|
10/16/03
|
300
|
||||||
|
Calhoun
|
GA
|
122,500
|
228,742
|
None
|
None
|
122,500
|
228,742
|
351,242
|
56,798
|
10/16/03
|
300
|
||||||
|
Calhoun
|
GA
|
262,500
|
488,742
|
None
|
None
|
262,500
|
488,742
|
751,242
|
121,365
|
10/16/03
|
300
|
||||||
|
Cartersville
|
GA
|
262,500
|
488,742
|
None
|
None
|
262,500
|
488,742
|
751,242
|
121,365
|
10/16/03
|
300
|
||||||
|
Chatsworth
|
GA
|
140,000
|
261,242
|
None
|
47
|
140,000
|
261,289
|
401,289
|
64,877
|
10/16/03
|
300
|
||||||
|
Chatsworth
|
GA
|
140,000
|
261,242
|
None
|
47
|
140,000
|
261,289
|
401,289
|
64,877
|
10/16/03
|
300
|
||||||
|
Chatsworth
|
GA
|
140,000
|
261,242
|
None
|
47
|
140,000
|
261,289
|
401,289
|
64,877
|
10/16/03
|
300
|
||||||
|
Chickamauga
|
GA
|
181,731
|
338,742
|
None
|
None
|
181,731
|
338,742
|
520,473
|
84,115
|
10/16/03
|
300
|
||||||
|
Dalton
|
GA
|
171,500
|
319,742
|
None
|
None
|
171,500
|
319,742
|
491,242
|
79,396
|
10/16/03
|
300
|
||||||
|
Dalton
|
GA
|
87,500
|
163,742
|
None
|
None
|
87,500
|
163,742
|
251,242
|
40,656
|
10/16/03
|
300
|
||||||
|
Dalton
|
GA
|
485,650
|
903,162
|
None
|
None
|
485,650
|
903,162
|
1,388,812
|
224,279
|
10/16/03
|
300
|
||||||
|
Dalton
|
GA
|
146,000
|
272,385
|
None
|
None
|
146,000
|
272,385
|
418,385
|
67,636
|
10/16/03
|
300
|
||||||
|
Dalton
|
GA
|
420,000
|
781,242
|
None
|
None
|
420,000
|
781,242
|
1,201,242
|
194,002
|
10/16/03
|
300
|
||||||
|
Dalton
|
GA
|
210,000
|
391,242
|
None
|
None
|
210,000
|
391,242
|
601,242
|
97,152
|
10/16/03
|
300
|
||||||
|
Dalton
|
GA
|
332,500
|
618,742
|
None
|
None
|
332,500
|
618,742
|
951,242
|
153,648
|
10/16/03
|
300
|
||||||
|
Decatur
|
GA
|
529,383
|
532,429
|
None
|
None
|
529,383
|
532,429
|
1,061,812
|
267,041
|
06/27/97
|
300
|
||||||
|
Dunwoody
|
GA
|
545,462
|
724,254
|
None
|
None
|
545,462
|
724,254
|
1,269,716
|
363,265
|
06/27/97
|
300
|
||||||
|
Cost Capitalized
|
Life
on
|
||||||||||||||||
|
Subsequent
|
Gross Amount at Which Carried |
|
which
|
||||||||||||||
| Initial Cost to Company |
|
to
Acquisition
|
at Close of Period (Notes 2, 3, 5, 6 and 7) |
|
depreciation
|
||||||||||||
|
Buildings,
|
Buildings,
|
in
latest
|
|||||||||||||||
|
Improvements
|
Improvements
|
Income
|
|||||||||||||||
|
and
|
and
|
Accumulated
|
Statement
is
|
||||||||||||||
|
Description
|
Acquisition
|
Carrying
|
Acquisition
|
Depreciation
|
Date
of
|
Date
|
Computed
|
||||||||||
|
(Note
1)
|
Land
|
Fees
|
Improvements
|
Costs
|
Land
|
Fees
|
Total
|
(Note
4)
|
Construction
|
Acquired
|
(in
Months)
|
||||||
|
Flintstone
|
GA
|
157,500
|
293,742
|
None
|
None
|
157,500
|
293,742
|
451,242
|
72,940
|
10/16/03
|
300
|
||||||
|
Lafayette
|
GA
|
122,500
|
228,742
|
None
|
None
|
122,500
|
228,742
|
351,242
|
56,798
|
10/16/03
|
300
|
||||||
|
Lithonia
|
GA
|
386,784
|
776,436
|
None
|
None
|
386,784
|
776,436
|
1,163,220
|
389,455
|
06/27/97
|
300
|
||||||
|
Mableton
|
GA
|
491,069
|
355,957
|
None
|
None
|
491,069
|
355,957
|
847,026
|
178,524
|
06/27/97
|
300
|
||||||
|
Martinez
|
GA
|
450,000
|
402,777
|
None
|
None
|
450,000
|
402,777
|
852,777
|
168,491
|
07/22/99
|
300
|
||||||
|
Martinez
|
GA
|
830,000
|
871,637
|
None
|
None
|
830,000
|
871,637
|
1,701,637
|
201,927
|
03/18/04
|
300
|
||||||
|
Norcross
|
GA
|
384,162
|
651,273
|
None
|
None
|
384,162
|
651,273
|
1,035,435
|
326,662
|
06/27/97
|
300
|
||||||
|
Ringgold
|
GA
|
350,000
|
651,242
|
None
|
None
|
350,000
|
651,242
|
1,001,242
|
161,719
|
10/16/03
|
300
|
||||||
|
Ringgold
|
GA
|
234,500
|
1,168,914
|
None
|
None
|
234,500
|
1,168,914
|
1,403,414
|
239,051
|
10/16/03
|
300
|
||||||
|
Ringgold
|
GA
|
385,000
|
716,242
|
-21,175
|
None
|
363,825
|
716,242
|
1,080,067
|
177,860
|
10/16/03
|
300
|
||||||
|
Ringgold
|
GA
|
482,251
|
896,851
|
None
|
None
|
482,251
|
896,851
|
1,379,102
|
222,712
|
10/16/03
|
300
|
||||||
|
Rocky
Face
|
GA
|
164,231
|
306,241
|
None
|
None
|
164,231
|
306,241
|
470,472
|
76,044
|
10/16/03
|
300
|
||||||
|
Rome
|
GA
|
210,000
|
391,242
|
None
|
None
|
210,000
|
391,242
|
601,242
|
97,152
|
10/16/03
|
300
|
||||||
|
Rome
|
GA
|
199,199
|
371,183
|
None
|
None
|
199,199
|
371,183
|
570,382
|
92,171
|
10/16/03
|
300
|
||||||
|
Rome
|
GA
|
201,791
|
375,997
|
None
|
None
|
201,791
|
375,997
|
577,788
|
93,366
|
10/16/03
|
300
|
||||||
|
Rome
|
GA
|
315,000
|
586,242
|
None
|
None
|
315,000
|
586,242
|
901,242
|
145,577
|
10/16/03
|
300
|
||||||
|
Rossville
|
GA
|
157,500
|
293,742
|
None
|
None
|
157,500
|
293,742
|
451,242
|
72,940
|
10/16/03
|
300
|
||||||
|
Summerville
|
GA
|
66,231
|
124,242
|
None
|
None
|
66,231
|
124,242
|
190,473
|
30,847
|
10/16/03
|
300
|
||||||
|
Trenton
|
GA
|
129,231
|
241,242
|
None
|
None
|
129,231
|
241,242
|
370,473
|
59,902
|
10/16/03
|
300
|
||||||
|
Belvidere
|
IL
|
768,748
|
1,426,176
|
1,500
|
None
|
768,748
|
1,427,676
|
2,196,424
|
2,377
|
12/28/09
|
300
|
||||||
|
Dekalb
|
IL
|
661,500
|
1,226,500
|
2,000
|
None
|
661,500
|
1,228,500
|
1,890,000
|
2,044
|
12/28/09
|
300
|
||||||
|
Godfrey
|
IL
|
374,586
|
733,190
|
None
|
314
|
374,586
|
733,504
|
1,108,090
|
367,776
|
06/27/97
|
300
|
||||||
|
Granite
City
|
IL
|
362,287
|
737,255
|
None
|
314
|
362,287
|
737,569
|
1,099,856
|
369,817
|
06/27/97
|
300
|
||||||
|
Hartford
|
IL
|
599,172
|
1,110,747
|
2,000
|
None
|
599,172
|
1,112,747
|
1,711,919
|
1,851
|
12/28/09
|
300
|
||||||
|
Love's
Park
|
IL
|
547,582
|
1,016,523
|
1,500
|
None
|
547,582
|
1,018,023
|
1,565,605
|
83,315
|
12/20/07
|
300
|
||||||
|
Loves
Park
|
IL
|
760,725
|
1,410,775
|
2,000
|
None
|
760,725
|
1,412,775
|
2,173,500
|
2,351
|
12/28/09
|
300
|
||||||
|
Machesney
Park
|
IL
|
562,275
|
1,043,225
|
1,000
|
None
|
562,275
|
1,044,225
|
1,606,500
|
1,739
|
12/28/09
|
300
|
||||||
|
Madison
|
IL
|
173,812
|
625,030
|
None
|
314
|
173,812
|
625,344
|
799,156
|
313,536
|
06/27/97
|
300
|
||||||
|
Marengo
|
IL
|
501,948
|
930,688
|
1,500
|
None
|
501,948
|
932,188
|
1,434,136
|
1,551
|
12/28/09
|
300
|
||||||
|
Rochelle
|
IL
|
607,418
|
1,128,145
|
1,000
|
None
|
607,418
|
1,129,145
|
1,736,563
|
92,331
|
12/20/07
|
300
|
||||||
|
Rockford
|
IL
|
463,050
|
858,450
|
1,500
|
None
|
463,050
|
859,950
|
1,323,000
|
1,431
|
12/28/09
|
300
|
||||||
|
Rockford
|
IL
|
388,631
|
720,244
|
1,500
|
None
|
388,631
|
721,744
|
1,110,375
|
1,200
|
12/28/09
|
300
|
||||||
|
Tuscola
|
IL
|
752,456
|
1,394,419
|
3,000
|
None
|
752,456
|
1,397,419
|
2,149,875
|
2,324
|
12/28/09
|
300
|
||||||
|
Albany
|
IN
|
427,437
|
794,632
|
2,000
|
None
|
427,437
|
796,632
|
1,224,069
|
83,950
|
05/25/07
|
300
|
||||||
|
Alexandria
|
IN
|
139,219
|
259,369
|
None
|
None
|
139,219
|
259,369
|
398,588
|
27,230
|
05/25/07
|
300
|
||||||
|
Anderson
|
IN
|
147,263
|
274,307
|
None
|
None
|
147,263
|
274,307
|
421,570
|
28,799
|
05/25/07
|
300
|
||||||
|
Anderson
|
IN
|
283,430
|
527,190
|
2,000
|
None
|
283,430
|
529,190
|
812,620
|
55,868
|
05/25/07
|
300
|
||||||
|
Elkhart
|
IN
|
495,914
|
922,471
|
1,500
|
None
|
495,914
|
923,971
|
1,419,885
|
97,244
|
05/25/07
|
300
|
||||||
|
Frankfort
|
IN
|
208,666
|
388,345
|
2,000
|
None
|
208,666
|
390,345
|
599,011
|
41,290
|
05/25/07
|
300
|
||||||
|
Greenwood
|
IN
|
173,250
|
323,022
|
None
|
None
|
173,250
|
323,022
|
496,272
|
33,914
|
05/25/07
|
300
|
||||||
|
Hartford
City
|
IN
|
250,310
|
465,702
|
2,000
|
None
|
250,310
|
467,702
|
718,012
|
49,412
|
05/25/07
|
300
|
||||||
|
Indianapolis
|
IN
|
129,938
|
242,134
|
None
|
None
|
129,938
|
242,134
|
372,072
|
25,421
|
05/25/07
|
300
|
||||||
|
Indianapolis
|
IN
|
269,294
|
500,939
|
1,500
|
None
|
269,294
|
502,439
|
771,733
|
52,983
|
05/25/07
|
300
|
||||||
|
Indianapolis
|
IN
|
318,432
|
592,193
|
1,500
|
None
|
318,432
|
593,693
|
912,125
|
62,564
|
05/25/07
|
300
|
||||||
|
Knox
|
IN
|
341,250
|
633,499
|
1,500
|
None
|
341,250
|
634,999
|
976,249
|
56,297
|
10/09/07
|
300
|
||||||
|
Lafayette
|
IN
|
147,263
|
274,309
|
None
|
None
|
147,263
|
274,309
|
421,572
|
28,799
|
05/25/07
|
300
|
||||||
|
Lafayette
|
IN
|
112,613
|
209,959
|
None
|
None
|
112,613
|
209,959
|
322,572
|
22,042
|
05/25/07
|
300
|
||||||
|
Marion
|
IN
|
209,196
|
389,995
|
1,500
|
None
|
209,196
|
391,495
|
600,691
|
41,334
|
05/25/07
|
300
|
||||||
|
Michigan
City
|
IN
|
227,500
|
422,249
|
1,500
|
None
|
227,500
|
423,749
|
651,249
|
37,636
|
10/09/07
|
300
|
||||||
|
Mishawaka
|
IN
|
123,983
|
231,743
|
2,000
|
None
|
123,983
|
233,743
|
357,726
|
24,846
|
05/25/07
|
300
|
||||||
|
Morristown
|
IN
|
366,590
|
682,082
|
2,000
|
None
|
366,590
|
684,082
|
1,050,672
|
72,132
|
05/25/07
|
300
|
||||||
|
Muncie
|
IN
|
103,950
|
193,870
|
None
|
None
|
103,950
|
193,870
|
297,820
|
20,353
|
05/25/07
|
300
|
||||||
|
Muncie
|
IN
|
184,237
|
342,974
|
2,000
|
None
|
184,237
|
344,974
|
529,211
|
36,526
|
05/25/07
|
300
|
||||||
|
New
Albany
|
IN
|
181,459
|
289,353
|
None
|
211
|
181,459
|
289,564
|
471,023
|
171,253
|
03/03/95
|
300
|
||||||
|
New
Albany
|
IN
|
262,465
|
331,796
|
None
|
211
|
262,465
|
332,007
|
594,472
|
196,365
|
03/06/95
|
300
|
||||||
|
New
Castle
|
IN
|
138,600
|
258,672
|
None
|
None
|
138,600
|
258,672
|
397,272
|
27,157
|
05/25/07
|
300
|
||||||
|
Cost Capitalized
|
Life
on
|
||||||||||||||||
|
Subsequent
|
Gross Amount at Which Carried |
|
which
|
||||||||||||||
| Initial Cost to Company |
|
to
Acquisition
|
at Close
of Period (Notes 2, 3, 5, 6 and 7)
|
|
depreciation
|
||||||||||||
|
Buildings,
|
Buildings,
|
in
latest
|
|||||||||||||||
|
Improvements
|
Improvements
|
Income
|
|||||||||||||||
|
and
|
and
|
Accumulated
|
Statement
is
|
||||||||||||||
|
Description
|
Acquisition
|
Carrying
|
Acquisition
|
Depreciation
|
Date
of
|
Date
|
Computed
|
||||||||||
|
(Note
1)
|
Land
|
Fees
|
Improvements
|
Costs
|
Land
|
Fees
|
Total
|
(Note
4)
|
Construction
|
Acquired
|
(in
Months)
|
||||||
|
New
Castle
|
IN
|
79,854
|
149,572
|
1,000
|
None
|
79,854
|
150,572
|
230,426
|
15,960
|
05/25/07
|
300
|
||||||
|
New
Castle
|
IN
|
203,941
|
380,019
|
1,500
|
None
|
203,941
|
381,519
|
585,460
|
40,286
|
05/25/07
|
300
|
||||||
|
Richmond
|
IN
|
281,248
|
523,589
|
1,500
|
None
|
281,248
|
525,089
|
806,337
|
55,361
|
05/25/07
|
300
|
||||||
|
Richmond
|
IN
|
255,908
|
476,528
|
2,000
|
None
|
255,908
|
478,528
|
734,436
|
50,549
|
05/25/07
|
300
|
||||||
|
Rushville
|
IN
|
138,600
|
258,672
|
None
|
None
|
138,600
|
258,672
|
397,272
|
27,157
|
05/25/07
|
300
|
||||||
|
Rushville
|
IN
|
121,275
|
226,497
|
None
|
None
|
121,275
|
226,497
|
347,772
|
23,779
|
05/25/07
|
300
|
||||||
|
South
Bend
|
IN
|
372,387
|
693,064
|
2,000
|
None
|
372,387
|
695,064
|
1,067,451
|
73,285
|
05/25/07
|
300
|
||||||
|
Wabash
|
IN
|
430,437
|
800,871
|
2,000
|
None
|
430,437
|
802,871
|
1,233,308
|
84,605
|
05/25/07
|
300
|
||||||
|
Wabash
|
IN
|
334,923
|
623,488
|
1,500
|
None
|
334,923
|
624,988
|
959,911
|
65,850
|
05/25/07
|
300
|
||||||
|
Warsaw
|
IN
|
415,275
|
772,713
|
1,500
|
None
|
415,275
|
774,213
|
1,189,488
|
81,519
|
05/25/07
|
300
|
||||||
|
West
Lafayette
|
IN
|
1,052,628
|
1,340,855
|
2,000
|
None
|
1,052,628
|
1,342,855
|
2,395,483
|
141,080
|
05/25/07
|
300
|
||||||
|
Zionsville
|
IN
|
910,595
|
1,691,926
|
2,000
|
None
|
910,595
|
1,693,926
|
2,604,521
|
178,166
|
05/25/07
|
300
|
||||||
|
Berea
|
KY
|
252,077
|
360,815
|
None
|
197
|
252,077
|
361,012
|
613,089
|
213,516
|
03/08/95
|
300
|
||||||
|
Elizabethtown
|
KY
|
286,106
|
286,106
|
None
|
211
|
286,106
|
286,317
|
572,423
|
169,332
|
03/03/95
|
300
|
||||||
|
Lebanon
|
KY
|
158,052
|
316,105
|
None
|
197
|
158,052
|
316,302
|
474,354
|
187,062
|
03/03/95
|
300
|
||||||
|
Louisville
|
KY
|
198,926
|
368,014
|
None
|
211
|
198,926
|
368,225
|
567,151
|
217,794
|
03/03/95
|
300
|
||||||
|
Louisville
|
KY
|
216,849
|
605,697
|
None
|
None
|
216,849
|
605,697
|
822,546
|
327,952
|
06/18/96
|
11/17/95
|
300
|
|||||
|
Mt.
Washington
|
KY
|
327,245
|
479,593
|
None
|
None
|
327,245
|
479,593
|
806,838
|
251,818
|
12/06/96
|
05/31/96
|
300
|
|||||
|
Owensboro
|
KY
|
360,000
|
590,000
|
None
|
None
|
360,000
|
590,000
|
950,000
|
339,250
|
08/25/95
|
300
|
||||||
|
Alexandria
|
LA
|
170,000
|
371,637
|
None
|
None
|
170,000
|
371,637
|
541,637
|
86,093
|
03/18/04
|
300
|
||||||
|
Baton
Rouge
|
LA
|
500,000
|
521,637
|
None
|
None
|
500,000
|
521,637
|
1,021,637
|
120,843
|
03/18/04
|
300
|
||||||
|
Baton
Rouge
|
LA
|
210,000
|
361,637
|
None
|
None
|
210,000
|
361,637
|
571,637
|
83,777
|
03/18/04
|
300
|
||||||
|
Bossier
City
|
LA
|
230,000
|
431,637
|
None
|
None
|
230,000
|
431,637
|
661,637
|
99,993
|
03/18/04
|
300
|
||||||
|
Destrehan
|
LA
|
200,000
|
411,637
|
None
|
None
|
200,000
|
411,637
|
611,637
|
95,360
|
03/18/04
|
300
|
||||||
|
Lafayette
|
LA
|
240,000
|
391,637
|
None
|
None
|
240,000
|
391,637
|
631,637
|
90,727
|
03/18/04
|
300
|
||||||
|
Shreveport
|
LA
|
192,500
|
358,227
|
None
|
None
|
192,500
|
358,227
|
550,727
|
81,793
|
04/14/04
|
300
|
||||||
|
Amherst
|
MA
|
110,969
|
639,806
|
None
|
None
|
110,969
|
639,806
|
750,775
|
163,151
|
08/18/03
|
300
|
||||||
|
North
Reading
|
MA
|
574,601
|
756,174
|
None
|
None
|
574,601
|
756,174
|
1,330,775
|
192,824
|
08/18/03
|
300
|
||||||
|
Seekonk
|
MA
|
298,354
|
268,518
|
None
|
None
|
298,354
|
268,518
|
566,872
|
158,873
|
03/03/95
|
300
|
||||||
|
Berlin
|
MD
|
255,951
|
387,395
|
None
|
None
|
255,951
|
387,395
|
643,346
|
105,235
|
03/19/03
|
300
|
||||||
|
Crisfield
|
MD
|
219,704
|
333,024
|
None
|
None
|
219,704
|
333,024
|
552,728
|
90,464
|
03/19/03
|
300
|
||||||
|
Hebron
|
MD
|
376,251
|
567,844
|
None
|
None
|
376,251
|
567,844
|
944,095
|
154,257
|
03/19/03
|
300
|
||||||
|
La
Plata
|
MD
|
1,017,544
|
2,706,729
|
None
|
None
|
1,017,544
|
2,706,729
|
3,724,273
|
798,237
|
08/06/02
|
300
|
||||||
|
Mechanicsville
|
MD
|
1,540,335
|
2,860,928
|
None
|
None
|
1,540,335
|
2,860,928
|
4,401,263
|
862,987
|
06/27/02
|
300
|
||||||
|
Millersville
|
MD
|
830,737
|
2,696,245
|
None
|
None
|
830,737
|
2,696,245
|
3,526,982
|
813,414
|
06/27/02
|
300
|
||||||
|
Breckenridge
|
MI
|
437,500
|
811,968
|
1,500
|
None
|
437,500
|
813,468
|
1,250,968
|
72,061
|
10/09/07
|
300
|
||||||
|
Carson
City
|
MI
|
262,500
|
486,468
|
2,000
|
None
|
262,500
|
488,468
|
750,968
|
43,421
|
10/09/07
|
300
|
||||||
|
Charlevoix
|
MI
|
385,000
|
713,013
|
2,500
|
None
|
385,000
|
715,513
|
1,100,513
|
63,545
|
10/09/07
|
300
|
||||||
|
Cheboygan
|
MI
|
280,000
|
518,013
|
2,500
|
None
|
280,000
|
520,513
|
800,513
|
46,320
|
10/09/07
|
300
|
||||||
|
Clare
|
MI
|
306,250
|
567,718
|
2,000
|
None
|
306,250
|
569,718
|
875,968
|
50,598
|
10/09/07
|
300
|
||||||
|
Clare
|
MI
|
229,250
|
426,218
|
500
|
None
|
229,250
|
426,718
|
655,968
|
37,762
|
10/09/07
|
300
|
||||||
|
Comstock
|
MI
|
315,000
|
583,761
|
2,500
|
None
|
315,000
|
586,261
|
901,261
|
52,128
|
10/09/07
|
300
|
||||||
|
Farwell
|
MI
|
437,500
|
811,468
|
2,000
|
None
|
437,500
|
813,468
|
1,250,968
|
72,130
|
10/09/07
|
300
|
||||||
|
Flint
|
MI
|
194,492
|
476,504
|
None
|
209
|
194,492
|
476,713
|
671,205
|
267,656
|
12/21/95
|
300
|
||||||
|
Gladwin
|
MI
|
140,000
|
259,013
|
1,500
|
None
|
140,000
|
260,513
|
400,513
|
23,217
|
10/09/07
|
300
|
||||||
|
Grand
Rapids
|
MI
|
437,500
|
812,261
|
1,500
|
None
|
437,500
|
813,761
|
1,251,261
|
72,087
|
10/09/07
|
300
|
||||||
|
Kalamazoo
|
MI
|
238,000
|
442,249
|
1,000
|
None
|
238,000
|
443,249
|
681,249
|
39,290
|
10/09/07
|
300
|
||||||
|
Kalkaska
|
MI
|
437,500
|
809,513
|
3,500
|
None
|
437,500
|
813,013
|
1,250,513
|
72,294
|
10/09/07
|
300
|
||||||
|
Lake
City
|
MI
|
115,500
|
213,513
|
1,500
|
None
|
115,500
|
215,013
|
330,513
|
19,198
|
10/09/07
|
300
|
||||||
|
Lakeview
|
MI
|
96,250
|
177,718
|
2,000
|
None
|
96,250
|
179,718
|
275,968
|
16,148
|
10/09/07
|
300
|
||||||
|
Mackinaw
City
|
MI
|
455,000
|
844,513
|
1,000
|
None
|
455,000
|
845,513
|
1,300,513
|
74,824
|
10/09/07
|
300
|
||||||
|
Mecosta
|
MI
|
122,500
|
227,468
|
1,000
|
None
|
122,500
|
228,468
|
350,968
|
20,318
|
10/09/07
|
300
|
||||||
|
Midland
|
MI
|
437,500
|
811,013
|
2,000
|
None
|
437,500
|
813,013
|
1,250,513
|
72,089
|
10/09/07
|
300
|
||||||
|
Mount
Pleasant
|
MI
|
162,750
|
300,794
|
2,500
|
None
|
162,750
|
303,294
|
466,044
|
27,131
|
10/09/07
|
300
|
||||||
|
Mount
Pleasant
|
MI
|
463,750
|
860,718
|
1,500
|
None
|
463,750
|
862,218
|
1,325,968
|
76,368
|
10/09/07
|
300
|
||||||
|
Mount
Pleasant
|
MI
|
210,000
|
388,968
|
2,000
|
None
|
210,000
|
390,968
|
600,968
|
34,809
|
10/09/07
|
300
|
||||||
|
Cost Capitalized
|
Life
on
|
||||||||||||||||
|
Subsequent
|
Gross Amount at Which Carried |
|
which
|
||||||||||||||
| Initial Cost to Company |
|
to
Acquisition
|
at Close of Period (Notes 2, 3, 5, 6 and 7) |
|
depreciation
|
||||||||||||
|
Buildings,
|
Buildings,
|
in
latest
|
|||||||||||||||
|
Improvements
|
Improvements
|
Income
|
|||||||||||||||
|
and
|
and
|
Accumulated
|
Statement
is
|
||||||||||||||
|
Description
|
Acquisition
|
Carrying
|
Acquisition
|
Depreciation
|
Date
of
|
Date
|
Computed
|
||||||||||
|
(Note
1)
|
Land
|
Fees
|
Improvements
|
Costs
|
Land
|
Fees
|
Total
|
(Note
4)
|
Construction
|
Acquired
|
(in
Months)
|
||||||
|
Mount
Pleasant
|
MI
|
437,500
|
810,968
|
2,500
|
None
|
437,500
|
813,468
|
1,250,968
|
72,198
|
10/09/07
|
300
|
||||||
|
Mount
Pleasant
|
MI
|
350,000
|
649,468
|
1,500
|
None
|
350,000
|
650,968
|
1,000,968
|
57,707
|
10/09/07
|
300
|
||||||
|
Mount
Pleasant
|
MI
|
175,000
|
324,468
|
1,500
|
None
|
175,000
|
325,968
|
500,968
|
28,999
|
10/09/07
|
300
|
||||||
|
Petoskey
|
MI
|
490,000
|
909,513
|
1,000
|
None
|
490,000
|
910,513
|
1,400,513
|
80,565
|
10/09/07
|
300
|
||||||
|
Prudenville
|
MI
|
133,000
|
245,013
|
2,500
|
None
|
133,000
|
247,513
|
380,513
|
22,205
|
10/09/07
|
300
|
||||||
|
Saginaw
|
MI
|
262,500
|
486,513
|
1,500
|
None
|
262,500
|
488,013
|
750,513
|
43,313
|
10/09/07
|
300
|
||||||
|
Standish
|
MI
|
92,750
|
171,263
|
1,500
|
None
|
92,750
|
172,763
|
265,513
|
15,466
|
10/09/07
|
300
|
||||||
|
Traverse
City
|
MI
|
210,000
|
389,002
|
2,000
|
None
|
210,000
|
391,002
|
601,002
|
34,812
|
10/09/07
|
300
|
||||||
|
Walker
|
MI
|
586,250
|
1,088,499
|
1,500
|
None
|
586,250
|
1,089,999
|
1,676,249
|
96,488
|
10/09/07
|
300
|
||||||
|
Brandon
|
MS
|
671,486
|
1,247,588
|
None
|
None
|
671,486
|
1,247,588
|
1,919,074
|
226,646
|
06/30/05
|
300
|
||||||
|
Flowood
|
MS
|
437,926
|
813,832
|
None
|
None
|
437,926
|
813,832
|
1,251,758
|
147,847
|
06/30/05
|
300
|
||||||
|
Flowood
|
MS
|
399,972
|
743,347
|
None
|
None
|
399,972
|
743,347
|
1,143,319
|
135,042
|
06/30/05
|
300
|
||||||
|
Jackson
|
MS
|
329,904
|
613,221
|
None
|
None
|
329,904
|
613,221
|
943,125
|
111,402
|
06/30/05
|
300
|
||||||
|
Jackson
|
MS
|
540,108
|
1,003,600
|
None
|
None
|
540,108
|
1,003,600
|
1,543,708
|
182,321
|
06/30/05
|
300
|
||||||
|
Marion
|
MS
|
350,341
|
651,013
|
None
|
None
|
350,341
|
651,013
|
1,001,354
|
118,268
|
06/30/05
|
300
|
||||||
|
Meridian
|
MS
|
437,926
|
813,671
|
None
|
None
|
437,926
|
813,671
|
1,251,597
|
147,817
|
06/30/05
|
300
|
||||||
|
Meridian
|
MS
|
405,811
|
754,030
|
None
|
None
|
405,811
|
754,030
|
1,159,841
|
136,983
|
06/30/05
|
300
|
||||||
|
Meridian
|
MS
|
145,975
|
271,478
|
None
|
None
|
145,975
|
271,478
|
417,453
|
49,319
|
06/30/05
|
300
|
||||||
|
Meridian
|
MS
|
280,273
|
520,887
|
None
|
None
|
280,273
|
520,887
|
801,160
|
94,628
|
06/30/05
|
300
|
||||||
|
Meridian
|
MS
|
321,146
|
596,794
|
None
|
None
|
321,146
|
596,794
|
917,940
|
106,428
|
07/19/05
|
300
|
||||||
|
Newton
|
MS
|
467,121
|
867,891
|
None
|
None
|
467,121
|
867,891
|
1,335,012
|
157,667
|
06/30/05
|
300
|
||||||
|
Pearl
|
MS
|
544,488
|
1,011,733
|
None
|
None
|
544,488
|
1,011,733
|
1,556,221
|
183,799
|
06/30/05
|
300
|
||||||
|
Philadelphia
|
MS
|
472,960
|
878,735
|
None
|
None
|
472,960
|
878,735
|
1,351,695
|
159,637
|
06/30/05
|
300
|
||||||
|
Southaven
|
MS
|
310,000
|
641,637
|
None
|
None
|
310,000
|
641,637
|
951,637
|
148,643
|
03/18/04
|
300
|
||||||
|
Terry
|
MS
|
583,901
|
1,084,930
|
None
|
None
|
583,901
|
1,084,930
|
1,668,831
|
197,096
|
06/30/05
|
300
|
||||||
|
Waveland
|
MS
|
180,000
|
331,637
|
None
|
None
|
180,000
|
331,637
|
511,637
|
76,827
|
03/18/04
|
300
|
||||||
|
Aberdeen
|
NC
|
600,000
|
300,625
|
None
|
None
|
600,000
|
300,625
|
900,625
|
107,701
|
01/25/01
|
300
|
||||||
|
Archdale
|
NC
|
410,000
|
731,637
|
None
|
None
|
410,000
|
731,637
|
1,141,637
|
169,493
|
03/18/04
|
300
|
||||||
|
Banner
Elk
|
NC
|
386,993
|
718,861
|
2,000
|
None
|
386,993
|
720,861
|
1,107,854
|
51,867
|
03/27/08
|
300
|
||||||
|
Banner
Elk
|
NC
|
355,330
|
660,558
|
1,500
|
None
|
355,330
|
662,058
|
1,017,388
|
47,601
|
03/27/08
|
300
|
||||||
|
Blowing
Rock
|
NC
|
369,403
|
685,693
|
2,500
|
None
|
369,403
|
688,193
|
1,057,596
|
49,578
|
03/27/08
|
300
|
||||||
|
Burgaw
|
NC
|
198,774
|
369,653
|
1,000
|
None
|
198,774
|
370,653
|
569,427
|
26,666
|
03/27/08
|
300
|
||||||
|
Burgaw
|
NC
|
457,356
|
849,377
|
1,500
|
None
|
457,356
|
850,877
|
1,308,233
|
61,133
|
03/27/08
|
300
|
||||||
|
Carolina
Beach
|
NC
|
457,356
|
848,929
|
2,000
|
None
|
457,356
|
850,929
|
1,308,285
|
61,189
|
03/27/08
|
300
|
||||||
|
Cary
|
NC
|
255,064
|
473,349
|
2,500
|
None
|
255,064
|
475,849
|
730,913
|
34,360
|
03/27/08
|
300
|
||||||
|
Charlotte
|
NC
|
300,000
|
291,637
|
None
|
None
|
300,000
|
291,637
|
591,637
|
67,560
|
03/18/04
|
300
|
||||||
|
Charlotte
|
NC
|
640,000
|
581,637
|
None
|
None
|
640,000
|
581,637
|
1,221,637
|
134,743
|
03/18/04
|
300
|
||||||
|
Durham
|
NC
|
720,000
|
851,637
|
None
|
None
|
720,000
|
851,637
|
1,571,637
|
197,293
|
03/18/04
|
300
|
||||||
|
Goldsboro
|
NC
|
460,000
|
740,625
|
None
|
None
|
460,000
|
740,625
|
1,200,625
|
265,368
|
01/25/01
|
300
|
||||||
|
Greensboro
|
NC
|
700,000
|
655,000
|
None
|
None
|
700,000
|
655,000
|
1,355,000
|
267,458
|
10/27/99
|
300
|
||||||
|
Greenville
|
NC
|
330,000
|
515,000
|
None
|
None
|
330,000
|
515,000
|
845,000
|
296,125
|
08/25/95
|
300
|
||||||
|
Hampstead
|
NC
|
562,900
|
1,045,971
|
1,000
|
None
|
562,900
|
1,046,971
|
1,609,871
|
75,135
|
03/27/08
|
300
|
||||||
|
Holly
Ridge
|
NC
|
721,215
|
1,339,486
|
1,500
|
None
|
721,215
|
1,340,986
|
2,062,201
|
96,258
|
03/27/08
|
300
|
||||||
|
Hubert
|
NC
|
404,584
|
750,372
|
2,500
|
None
|
404,584
|
752,872
|
1,157,456
|
54,213
|
03/27/08
|
300
|
||||||
|
Jacksonville
|
NC
|
150,000
|
530,000
|
None
|
None
|
150,000
|
530,000
|
680,000
|
304,750
|
08/25/95
|
300
|
||||||
|
Jacksonville
|
NC
|
180,000
|
371,637
|
None
|
None
|
180,000
|
371,637
|
551,637
|
86,093
|
03/18/04
|
300
|
||||||
|
Jacksonville
|
NC
|
140,000
|
260,727
|
None
|
None
|
140,000
|
260,727
|
400,727
|
59,530
|
04/14/04
|
300
|
||||||
|
Jacksonville
|
NC
|
351,812
|
653,367
|
1,500
|
None
|
351,812
|
654,867
|
1,006,679
|
47,086
|
03/27/08
|
300
|
||||||
|
Kinston
|
NC
|
550,000
|
1,057,833
|
None
|
None
|
550,000
|
1,057,833
|
1,607,833
|
516,502
|
10/24/97
|
300
|
||||||
|
Raleigh
|
NC
|
740,000
|
791,637
|
None
|
None
|
740,000
|
791,637
|
1,531,637
|
183,393
|
03/18/04
|
300
|
||||||
|
Richlands
|
NC
|
492,537
|
914,735
|
1,500
|
None
|
492,537
|
916,235
|
1,408,772
|
65,817
|
03/27/08
|
300
|
||||||
|
Richlands
|
NC
|
376,439
|
698,103
|
2,500
|
None
|
376,439
|
700,603
|
1,077,042
|
50,467
|
03/27/08
|
300
|
||||||
|
Riegelwood
|
NC
|
-
|
452,416
|
1,500
|
None
|
-
|
453,916
|
453,916
|
34,631
|
03/27/08
|
300
|
||||||
|
Rose
Hill
|
NC
|
198,774
|
369,153
|
1,500
|
None
|
198,774
|
370,653
|
569,427
|
26,717
|
03/27/08
|
300
|
||||||
|
Roxboro
|
NC
|
243,112
|
368,107
|
None
|
None
|
243,112
|
368,107
|
611,219
|
99,995
|
03/19/03
|
300
|
||||||
|
Salisbury
|
NC
|
474,946
|
882,203
|
2,000
|
None
|
474,946
|
884,203
|
1,359,149
|
63,573
|
03/27/08
|
300
|
||||||
|
Cost Capitalized
|
Life
on
|
||||||||||||||||
|
Subsequent
|
Gross Amount at Which Carried |
|
which
|
||||||||||||||
| Initial Cost to Company |
|
to
Acquisition
|
at Close of Period (Notes 2, 3, 5, 6 and 7) |
|
depreciation
|
||||||||||||
|
Buildings,
|
Buildings,
|
in
latest
|
|||||||||||||||
|
Improvements
|
Improvements
|
Income
|
|||||||||||||||
|
and
|
and
|
Accumulated
|
Statement
is
|
||||||||||||||
|
Description
|
Acquisition
|
Carrying
|
Acquisition
|
Depreciation
|
Date
of
|
Date
|
Computed
|
||||||||||
|
(Note
1)
|
Land
|
Fees
|
Improvements
|
Costs
|
Land
|
Fees
|
Total
|
(Note
4)
|
Construction
|
Acquired
|
(in
Months)
|
||||||
|
Shallotte
|
NC
|
492,537
|
914,766
|
1,500
|
None
|
492,537
|
916,266
|
1,408,803
|
65,820
|
03/27/08
|
300
|
||||||
|
Wallace
|
NC
|
-
|
175,408
|
2,000
|
None
|
-
|
177,408
|
177,408
|
17,563
|
03/27/08
|
300
|
||||||
|
Whitelake
|
NC
|
351,812
|
653,367
|
1,500
|
None
|
351,812
|
654,867
|
1,006,679
|
47,086
|
03/27/08
|
300
|
||||||
|
Wilmington
|
NC
|
228,678
|
424,774
|
1,500
|
None
|
228,678
|
426,274
|
654,952
|
30,703
|
03/27/08
|
300
|
||||||
|
Wilmington
|
NC
|
527,718
|
979,145
|
2,500
|
None
|
527,718
|
981,645
|
1,509,363
|
70,608
|
03/27/08
|
300
|
||||||
|
Wilmington
|
NC
|
351,812
|
653,930
|
1,000
|
None
|
351,812
|
654,930
|
1,006,742
|
47,039
|
03/27/08
|
300
|
||||||
|
Wilmington
|
NC
|
474,946
|
881,640
|
2,000
|
None
|
474,946
|
883,640
|
1,358,586
|
63,533
|
03/27/08
|
300
|
||||||
|
Wilmington
|
NC
|
-
|
351,366
|
2,000
|
None
|
-
|
353,366
|
353,366
|
44,773
|
03/27/08
|
300
|
||||||
|
Wilmington
|
NC
|
364,126
|
676,287
|
1,500
|
None
|
364,126
|
677,787
|
1,041,913
|
48,729
|
03/27/08
|
300
|
||||||
|
Wilmington
|
NC
|
439,765
|
817,271
|
1,000
|
None
|
439,765
|
818,271
|
1,258,036
|
58,745
|
03/27/08
|
300
|
||||||
|
Wilmington
|
NC
|
-
|
804,196
|
1,500
|
None
|
-
|
805,696
|
805,696
|
57,895
|
03/27/08
|
300
|
||||||
|
Wilmington
|
NC
|
334,222
|
621,320
|
1,000
|
None
|
334,222
|
622,320
|
956,542
|
44,701
|
03/27/08
|
300
|
||||||
|
Wilmington
|
NC
|
386,993
|
718,788
|
1,500
|
None
|
386,993
|
720,288
|
1,107,281
|
51,775
|
03/27/08
|
300
|
||||||
|
Wilmington
|
NC
|
439,765
|
815,793
|
2,500
|
None
|
439,765
|
818,293
|
1,258,058
|
58,902
|
03/27/08
|
300
|
||||||
|
Wilmington
|
NC
|
527,718
|
979,102
|
2,500
|
None
|
527,718
|
981,602
|
1,509,320
|
70,605
|
03/27/08
|
300
|
||||||
|
Wilmington
|
NC
|
334,222
|
620,284
|
2,000
|
None
|
334,222
|
622,284
|
956,506
|
44,803
|
03/27/08
|
300
|
||||||
|
Wilmington
|
NC
|
334,222
|
620,751
|
1,500
|
None
|
334,222
|
622,251
|
956,473
|
44,749
|
03/27/08
|
300
|
||||||
|
Winston-Salem
|
NC
|
320,000
|
311,637
|
None
|
None
|
320,000
|
311,637
|
631,637
|
72,193
|
03/18/04
|
300
|
||||||
|
Zebulon
|
NC
|
306,077
|
568,087
|
2,500
|
None
|
306,077
|
570,587
|
876,664
|
41,149
|
03/27/08
|
300
|
||||||
|
Farmingdale
|
NJ
|
1,459,957
|
2,712,264
|
None
|
None
|
1,459,957
|
2,712,264
|
4,172,221
|
800,078
|
08/06/02
|
300
|
||||||
|
Galloway
|
NJ
|
1,367,872
|
2,540,604
|
None
|
None
|
1,367,872
|
2,540,604
|
3,908,476
|
766,373
|
06/27/02
|
300
|
||||||
|
Hamilton
|
NJ
|
1,539,117
|
2,858,630
|
None
|
None
|
1,539,117
|
2,858,630
|
4,397,747
|
863,247
|
06/27/02
|
300
|
||||||
|
MillVille
|
NJ
|
953,891
|
1,771,782
|
None
|
None
|
953,891
|
1,771,782
|
2,725,673
|
534,478
|
06/27/02
|
300
|
||||||
|
Toms
River
|
NJ
|
1,265,861
|
2,351,154
|
None
|
None
|
1,265,861
|
2,351,154
|
3,617,015
|
709,619
|
06/27/02
|
300
|
||||||
|
Toms
River
|
NJ
|
982,526
|
1,824,961
|
None
|
None
|
982,526
|
1,824,961
|
2,807,487
|
550,178
|
06/27/02
|
300
|
||||||
|
Albuquerque
|
NM
|
200,000
|
271,637
|
None
|
None
|
200,000
|
271,637
|
471,637
|
62,927
|
03/18/04
|
300
|
||||||
|
Kingston
|
NY
|
257,763
|
456,042
|
None
|
None
|
257,763
|
456,042
|
713,805
|
268,305
|
04/06/95
|
300
|
||||||
|
Atwater
|
OH
|
118,555
|
266,748
|
None
|
209
|
118,555
|
266,957
|
385,512
|
157,845
|
03/03/95
|
300
|
||||||
|
Bellefontaine
|
OH
|
560,000
|
1,039,610
|
2,500
|
None
|
560,000
|
1,042,110
|
1,602,110
|
78,418
|
02/29/08
|
300
|
||||||
|
Bellefontaine
|
OH
|
455,000
|
845,610
|
1,500
|
None
|
455,000
|
847,110
|
1,302,110
|
63,685
|
02/29/08
|
300
|
||||||
|
Columbus
|
OH
|
147,296
|
304,411
|
None
|
122
|
147,296
|
304,533
|
451,829
|
180,138
|
03/03/95
|
300
|
||||||
|
Columbus
|
OH
|
273,085
|
471,693
|
None
|
122
|
273,085
|
471,815
|
744,900
|
264,962
|
12/21/95
|
300
|
||||||
|
Cuyahoga
Falls
|
OH
|
321,792
|
1,144,619
|
None
|
None
|
321,792
|
1,144,619
|
1,466,411
|
303,442
|
03/03/95
|
300
|
||||||
|
De
Graff
|
OH
|
302,750
|
561,860
|
2,500
|
None
|
302,750
|
564,360
|
867,110
|
42,587
|
02/29/08
|
300
|
||||||
|
Eaton
|
OH
|
164,588
|
306,934
|
None
|
None
|
164,588
|
306,934
|
471,522
|
32,225
|
05/25/07
|
300
|
||||||
|
Galion
|
OH
|
138,981
|
327,597
|
None
|
209
|
138,981
|
327,806
|
466,787
|
193,848
|
03/06/95
|
300
|
||||||
|
Groveport
|
OH
|
277,198
|
445,497
|
None
|
122
|
277,198
|
445,619
|
722,817
|
250,249
|
12/21/95
|
300
|
||||||
|
Jackson
Center
|
OH
|
367,500
|
682,110
|
2,500
|
None
|
367,500
|
684,610
|
1,052,110
|
51,606
|
02/29/08
|
300
|
||||||
|
Kento
|
OH
|
140,000
|
261,462
|
1,000
|
None
|
140,000
|
262,462
|
402,462
|
14,503
|
08/29/08
|
300
|
||||||
|
Marysville
|
OH
|
507,500
|
943,110
|
1,500
|
None
|
507,500
|
944,610
|
1,452,110
|
70,998
|
02/29/08
|
300
|
||||||
|
Marysville
|
OH
|
700,000
|
1,300,610
|
1,500
|
None
|
700,000
|
1,302,110
|
2,002,110
|
97,810
|
02/29/08
|
300
|
||||||
|
Marysville
|
OH
|
350,000
|
650,610
|
1,500
|
None
|
350,000
|
652,110
|
1,002,110
|
49,060
|
02/29/08
|
300
|
||||||
|
Perrysburg
|
OH
|
211,678
|
390,680
|
None
|
None
|
211,678
|
390,680
|
602,358
|
204,156
|
01/10/96
|
09/01/95
|
300
|
|||||
|
Russells
Point
|
OH
|
546,000
|
1,013,610
|
2,500
|
None
|
546,000
|
1,016,110
|
1,562,110
|
76,468
|
02/29/08
|
300
|
||||||
|
Streetsboro
|
OH
|
402,988
|
533,349
|
None
|
None
|
402,988
|
533,349
|
936,337
|
250,674
|
01/27/97
|
09/03/96
|
300
|
|||||
|
Tipp
City
|
OH
|
355,009
|
588,111
|
None
|
None
|
355,009
|
588,111
|
943,120
|
281,305
|
01/31/97
|
06/27/96
|
300
|
|||||
|
Triffin
|
OH
|
117,017
|
273,040
|
None
|
209
|
117,017
|
273,249
|
390,266
|
161,568
|
03/07/95
|
300
|
||||||
|
Wadsworth
|
OH
|
266,507
|
496,917
|
None
|
None
|
266,507
|
496,917
|
763,424
|
244,483
|
11/26/96
|
07/01/96
|
300
|
|||||
|
Tulsa
|
OK
|
126,545
|
508,266
|
None
|
173
|
126,545
|
508,439
|
634,984
|
254,982
|
06/27/97
|
300
|
||||||
|
Aliquippa
|
PA
|
226,195
|
452,631
|
None
|
None
|
226,195
|
452,631
|
678,826
|
107,875
|
01/29/04
|
300
|
||||||
|
Beaver
|
PA
|
95,626
|
223,368
|
None
|
None
|
95,626
|
223,368
|
318,994
|
53,234
|
01/29/04
|
300
|
||||||
|
Beaver
Falls
|
PA
|
92,207
|
230,758
|
None
|
None
|
92,207
|
230,758
|
322,965
|
54,995
|
01/29/04
|
300
|
||||||
|
Cornwells
Heights
|
PA
|
569,763
|
387,611
|
None
|
None
|
569,763
|
387,611
|
957,374
|
102,711
|
05/29/03
|
300
|
||||||
|
Doylestown
|
PA
|
800,134
|
1,226,452
|
None
|
None
|
800,134
|
1,226,452
|
2,026,586
|
325,004
|
05/29/03
|
300
|
||||||
|
East
Caln
|
PA
|
1,722,222
|
576
|
None
|
None
|
1,722,222
|
576
|
1,722,798
|
157
|
02/25/03
|
300
|
||||||
|
Lansdale
|
PA
|
1,356,324
|
385,761
|
None
|
None
|
1,356,324
|
385,761
|
1,742,085
|
102,220
|
05/29/03
|
300
|
||||||
|
Cost Capitalized
|
Life
on
|
||||||||||||||||
|
Subsequent
|
Gross Amount at Which Carried |
|
which
|
||||||||||||||
| Initial Cost to Company |
|
to
Acquisition
|
at Close of Period (Notes 2, 3, 5, 6 and 7) |
|
depreciation
|
||||||||||||
|
Buildings,
|
Buildings,
|
in
latest
|
|||||||||||||||
|
Improvements
|
Improvements
|
Income
|
|||||||||||||||
|
and
|
and
|
Accumulated
|
Statement
is
|
||||||||||||||
|
Description
|
Acquisition
|
Carrying
|
Acquisition
|
Depreciation
|
Date
of
|
Date
|
Computed
|
||||||||||
|
(Note
1)
|
Land
|
Fees
|
Improvements
|
Costs
|
Land
|
Fees
|
Total
|
(Note
4)
|
Construction
|
Acquired
|
(in
Months)
|
||||||
|
Penndel
|
PA
|
739,487
|
1,003,809
|
None
|
None
|
739,487
|
1,003,809
|
1,743,296
|
266,004
|
05/29/03
|
300
|
||||||
|
Perryopolis
|
PA
|
148,953
|
134,299
|
None
|
None
|
148,953
|
134,299
|
283,252
|
32,006
|
01/29/04
|
300
|
||||||
|
Philadelphia
|
PA
|
808,681
|
256,843
|
None
|
None
|
808,681
|
256,843
|
1,065,524
|
68,058
|
05/29/03
|
300
|
||||||
|
Philadelphia
|
PA
|
425,928
|
167,147
|
None
|
None
|
425,928
|
167,147
|
593,075
|
44,288
|
05/29/03
|
300
|
||||||
|
Philadelphia
|
PA
|
390,342
|
226,919
|
None
|
None
|
390,342
|
226,919
|
617,261
|
60,128
|
05/29/03
|
300
|
||||||
|
Philadelphia
|
PA
|
541,792
|
236,049
|
None
|
None
|
541,792
|
236,049
|
777,841
|
62,547
|
05/29/03
|
300
|
||||||
|
Philadelphia
|
PA
|
530,018
|
214,977
|
None
|
None
|
530,018
|
214,977
|
744,995
|
56,963
|
05/29/03
|
300
|
||||||
|
Philadelphia
|
PA
|
614,101
|
277,277
|
None
|
None
|
614,101
|
277,277
|
891,378
|
73,473
|
05/29/03
|
300
|
||||||
|
Philadelphia
|
PA
|
1,011,389
|
491,302
|
None
|
None
|
1,011,389
|
491,302
|
1,502,691
|
130,189
|
05/29/03
|
300
|
||||||
|
Philadelphia
|
PA
|
935,672
|
448,426
|
None
|
None
|
935,672
|
448,426
|
1,384,098
|
118,827
|
05/29/03
|
300
|
||||||
|
Philadelphia
|
PA
|
689,172
|
426,596
|
None
|
None
|
689,172
|
426,596
|
1,115,768
|
113,042
|
05/29/03
|
300
|
||||||
|
Philadelphia
|
PA
|
349,294
|
134,485
|
None
|
None
|
349,294
|
134,485
|
483,779
|
35,633
|
05/29/03
|
300
|
||||||
|
Philadelphia
|
PA
|
557,515
|
244,121
|
None
|
None
|
557,515
|
244,121
|
801,636
|
61,437
|
09/16/03
|
300
|
||||||
|
Pittsburgh
|
PA
|
497,668
|
320,170
|
None
|
None
|
497,668
|
320,170
|
817,838
|
76,305
|
01/29/04
|
300
|
||||||
|
Pittsburgh
|
PA
|
296,277
|
287,540
|
None
|
None
|
296,277
|
287,540
|
583,817
|
68,528
|
01/29/04
|
300
|
||||||
|
Pittsburgh
|
PA
|
395,417
|
474,741
|
None
|
None
|
395,417
|
474,741
|
870,158
|
113,145
|
01/29/04
|
300
|
||||||
|
Pittsburgh
|
PA
|
118,118
|
231,108
|
None
|
None
|
118,118
|
231,108
|
349,226
|
55,079
|
01/29/04
|
300
|
||||||
|
South
Park
|
PA
|
252,247
|
436,182
|
None
|
None
|
252,247
|
436,182
|
688,429
|
103,915
|
01/29/04
|
300
|
||||||
|
Southampton
|
PA
|
783,279
|
163,721
|
None
|
None
|
783,279
|
163,721
|
947,000
|
43,380
|
05/29/03
|
300
|
||||||
|
Valencia
|
PA
|
440,565
|
278,492
|
None
|
None
|
440,565
|
278,492
|
719,057
|
66,372
|
01/29/04
|
300
|
||||||
|
Verona
|
PA
|
171,411
|
257,358
|
None
|
None
|
171,411
|
257,358
|
428,769
|
61,335
|
01/29/04
|
300
|
||||||
|
Willow
Grove
|
PA
|
329,934
|
73,123
|
None
|
None
|
329,934
|
73,123
|
403,057
|
19,372
|
05/29/03
|
300
|
||||||
|
Aiken
|
SC
|
320,000
|
432,527
|
None
|
None
|
320,000
|
432,527
|
752,527
|
180,937
|
07/22/99
|
300
|
||||||
|
Aiken
|
SC
|
330,000
|
472,679
|
None
|
None
|
330,000
|
472,679
|
802,679
|
197,733
|
07/22/99
|
300
|
||||||
|
Aiken
|
SC
|
560,000
|
543,588
|
None
|
None
|
560,000
|
543,588
|
1,103,588
|
227,395
|
07/22/99
|
300
|
||||||
|
Aiken
|
SC
|
360,000
|
542,982
|
None
|
None
|
360,000
|
542,982
|
902,982
|
227,143
|
07/22/99
|
300
|
||||||
|
Aiken
|
SC
|
540,000
|
388,058
|
None
|
None
|
540,000
|
388,058
|
928,058
|
162,333
|
07/22/99
|
300
|
||||||
|
Aiken
|
SC
|
250,000
|
251,770
|
None
|
None
|
250,000
|
251,770
|
501,770
|
105,321
|
07/22/99
|
300
|
||||||
|
Belvedere
|
SC
|
490,000
|
463,080
|
None
|
None
|
490,000
|
463,080
|
953,080
|
193,717
|
07/22/99
|
300
|
||||||
|
Bishopville
|
SC
|
191,738
|
356,130
|
1,500
|
None
|
191,738
|
357,630
|
549,368
|
25,784
|
03/27/08
|
300
|
||||||
|
Bonneau
|
SC
|
128,411
|
239,191
|
1,500
|
None
|
128,411
|
240,691
|
369,102
|
17,403
|
03/27/08
|
300
|
||||||
|
Camden
|
SC
|
269,136
|
499,897
|
1,500
|
None
|
269,136
|
501,397
|
770,533
|
36,087
|
03/27/08
|
300
|
||||||
|
Charleston
|
SC
|
170,000
|
350,000
|
None
|
None
|
170,000
|
350,000
|
520,000
|
201,250
|
08/25/95
|
300
|
||||||
|
Columbia
|
SC
|
150,000
|
450,000
|
None
|
None
|
150,000
|
450,000
|
600,000
|
258,750
|
08/25/95
|
300
|
||||||
|
Columbia
|
SC
|
520,000
|
471,637
|
None
|
None
|
520,000
|
471,637
|
991,637
|
109,260
|
03/18/04
|
300
|
||||||
|
Conway
|
SC
|
325,426
|
604,464
|
1,500
|
None
|
325,426
|
605,964
|
931,390
|
43,581
|
03/27/08
|
300
|
||||||
|
Conway
|
SC
|
-
|
251,890
|
1,000
|
None
|
-
|
252,890
|
252,890
|
28,225
|
03/27/08
|
300
|
||||||
|
Cordova
|
SC
|
137,207
|
255,025
|
2,000
|
None
|
137,207
|
257,025
|
394,232
|
18,626
|
03/27/08
|
300
|
||||||
|
Eastover
|
SC
|
138,966
|
258,625
|
1,000
|
None
|
138,966
|
259,625
|
398,591
|
18,709
|
03/27/08
|
300
|
||||||
|
Florence
|
SC
|
193,497
|
359,413
|
1,500
|
None
|
193,497
|
360,913
|
554,410
|
26,019
|
03/27/08
|
300
|
||||||
|
Florence
|
SC
|
337,740
|
627,293
|
1,500
|
None
|
337,740
|
628,793
|
966,533
|
45,217
|
03/27/08
|
300
|
||||||
|
Goose
Creek
|
SC
|
150,000
|
241,637
|
None
|
None
|
150,000
|
241,637
|
391,637
|
55,977
|
03/18/04
|
300
|
||||||
|
Greenville
|
SC
|
390,000
|
462,847
|
None
|
None
|
390,000
|
462,847
|
852,847
|
193,620
|
07/22/99
|
300
|
||||||
|
Greenville
|
SC
|
300,000
|
402,392
|
None
|
None
|
300,000
|
402,392
|
702,392
|
168,330
|
07/22/99
|
300
|
||||||
|
Greenville
|
SC
|
370,000
|
432,695
|
None
|
None
|
370,000
|
432,695
|
802,695
|
181,007
|
07/22/99
|
300
|
||||||
|
Greenville
|
SC
|
620,000
|
483,604
|
None
|
None
|
620,000
|
483,604
|
1,103,604
|
202,302
|
07/22/99
|
300
|
||||||
|
Greenville
|
SC
|
680,000
|
423,604
|
None
|
None
|
680,000
|
423,604
|
1,103,604
|
177,202
|
07/22/99
|
300
|
||||||
|
Greer
|
SC
|
400,000
|
502,879
|
None
|
None
|
400,000
|
502,879
|
902,879
|
210,366
|
07/22/99
|
300
|
||||||
|
Hemingway
|
SC
|
246,269
|
458,069
|
1,500
|
None
|
246,269
|
459,569
|
705,838
|
33,090
|
03/27/08
|
300
|
||||||
|
Hilton
Head
|
SC
|
500,000
|
691,637
|
None
|
None
|
500,000
|
691,637
|
1,191,637
|
160,227
|
03/18/04
|
300
|
||||||
|
Hilton
Head
|
SC
|
185,500
|
344,510
|
None
|
None
|
185,500
|
344,510
|
530,010
|
78,663
|
04/14/04
|
300
|
||||||
|
Irmo
|
SC
|
690,000
|
461,637
|
None
|
None
|
690,000
|
461,637
|
1,151,637
|
106,943
|
03/18/04
|
300
|
||||||
|
Jackson
|
SC
|
170,000
|
632,626
|
None
|
None
|
170,000
|
632,626
|
802,626
|
264,644
|
07/22/99
|
300
|
||||||
|
Kingstree
|
SC
|
-
|
301,766
|
2,000
|
None
|
-
|
303,766
|
303,766
|
31,684
|
03/27/08
|
300
|
||||||
|
Kingstree
|
SC
|
209,328
|
389,965
|
1,000
|
None
|
209,328
|
390,965
|
600,293
|
28,121
|
03/27/08
|
300
|
||||||
|
Lake
City
|
SC
|
202,292
|
376,398
|
1,500
|
None
|
202,292
|
377,898
|
580,190
|
27,237
|
03/27/08
|
300
|
||||||
|
Cost Capitalized
|
Life
on
|
||||||||||||||||
|
Subsequent
|
Gross Amount at Which Carried |
|
which
|
||||||||||||||
| Initial Cost to Company |
|
to
Acquisition
|
at Close of Period (Notes 2, 3, 5, 6 and 7) |
depreciation
|
|||||||||||||
|
Buildings,
|
Buildings,
|
in
latest
|
|||||||||||||||
|
Improvements
|
Improvements
|
Income
|
|||||||||||||||
|
and
|
and
|
Accumulated
|
Statement
is
|
||||||||||||||
|
Description
|
Acquisition
|
Carrying
|
Acquisition
|
Depreciation
|
Date
of
|
Date
|
Computed
|
||||||||||
|
(Note
1)
|
Land
|
Fees
|
Improvements
|
Costs
|
Land
|
Fees
|
Total
|
(Note
4)
|
Construction
|
Acquired
|
(in
Months)
|
||||||
|
Lexington
|
SC
|
255,000
|
545,000
|
None
|
None
|
255,000
|
545,000
|
800,000
|
313,375
|
08/25/95
|
300
|
||||||
|
Lexington
|
SC
|
640,000
|
563,891
|
None
|
None
|
640,000
|
563,891
|
1,203,891
|
235,888
|
07/22/99
|
300
|
||||||
|
Lexington
|
SC
|
540,000
|
563,588
|
None
|
None
|
540,000
|
563,588
|
1,103,588
|
235,762
|
07/22/99
|
300
|
||||||
|
Lexington
|
SC
|
360,000
|
843,891
|
None
|
None
|
360,000
|
843,891
|
1,203,891
|
353,022
|
07/22/99
|
300
|
||||||
|
Lugoff
|
SC
|
200,533
|
372,490
|
1,500
|
None
|
200,533
|
373,990
|
574,523
|
26,957
|
03/27/08
|
300
|
||||||
|
Moncks
Corner
|
SC
|
351,812
|
654,578
|
1,000
|
None
|
351,812
|
655,578
|
1,007,390
|
47,085
|
03/27/08
|
300
|
||||||
|
Moncks
Corner
|
SC
|
404,584
|
752,083
|
-108,790
|
None
|
404,584
|
643,293
|
1,047,877
|
46,602
|
03/27/08
|
300
|
||||||
|
Mt.
Pleasant
|
SC
|
668,443
|
1,241,940
|
1,000
|
None
|
668,443
|
1,242,940
|
1,911,383
|
89,180
|
03/27/08
|
300
|
||||||
|
Myrtle
Beach
|
SC
|
140,725
|
261,942
|
1,000
|
None
|
140,725
|
262,942
|
403,667
|
18,946
|
03/27/08
|
300
|
||||||
|
Myrtle
Beach
|
SC
|
492,537
|
913,807
|
2,500
|
None
|
492,537
|
916,307
|
1,408,844
|
65,926
|
03/27/08
|
300
|
||||||
|
Myrtle
Beach
|
SC
|
527,718
|
980,766
|
1,500
|
None
|
527,718
|
982,266
|
1,509,984
|
70,550
|
03/27/08
|
300
|
||||||
|
Myrtle
Beach
|
SC
|
703,624
|
1,307,326
|
1,000
|
None
|
703,624
|
1,308,326
|
2,011,950
|
93,866
|
03/27/08
|
300
|
||||||
|
Myrtle
Beach
|
SC
|
-
|
176,002
|
1,500
|
None
|
-
|
177,502
|
177,502
|
12,875
|
03/27/08
|
300
|
||||||
|
Myrtle
Beach
|
SC
|
-
|
753,979
|
1,500
|
None
|
-
|
755,479
|
755,479
|
54,296
|
03/27/08
|
300
|
||||||
|
Myrtle
Beach
|
SC
|
-
|
327,278
|
1,000
|
None
|
-
|
328,278
|
328,278
|
42,805
|
03/27/08
|
300
|
||||||
|
Myrtle
Beach
|
SC
|
-
|
277,019
|
1,000
|
None
|
-
|
278,019
|
278,019
|
31,677
|
03/27/08
|
300
|
||||||
|
North
Augusta
|
SC
|
400,000
|
452,777
|
None
|
None
|
400,000
|
452,777
|
852,777
|
189,408
|
07/22/99
|
300
|
||||||
|
North
Augusta
|
SC
|
330,000
|
481,637
|
None
|
None
|
330,000
|
481,637
|
811,637
|
111,577
|
03/18/04
|
300
|
||||||
|
North
Augusta
|
SC
|
490,000
|
1,221,637
|
None
|
None
|
490,000
|
1,221,637
|
1,711,637
|
283,010
|
03/18/04
|
300
|
||||||
|
North
Charleston
|
SC
|
400,000
|
650,000
|
None
|
None
|
400,000
|
650,000
|
1,050,000
|
373,750
|
08/25/95
|
300
|
||||||
|
Orangeburg
|
SC
|
320,000
|
691,637
|
None
|
None
|
320,000
|
691,637
|
1,011,637
|
160,227
|
03/18/04
|
300
|
||||||
|
Pinewood
|
SC
|
325,426
|
605,076
|
1,500
|
None
|
325,426
|
606,576
|
932,002
|
43,625
|
03/27/08
|
300
|
||||||
|
Simpsonville
|
SC
|
530,000
|
573,485
|
None
|
None
|
530,000
|
573,485
|
1,103,485
|
239,902
|
07/22/99
|
300
|
||||||
|
Spartanburg
|
SC
|
470,000
|
432,879
|
None
|
None
|
470,000
|
432,879
|
902,879
|
181,083
|
07/22/99
|
300
|
||||||
|
Summerton
|
SC
|
142,484
|
265,326
|
1,500
|
None
|
142,484
|
266,826
|
409,310
|
19,276
|
03/27/08
|
300
|
||||||
|
Summerville
|
SC
|
115,000
|
515,000
|
None
|
None
|
115,000
|
515,000
|
630,000
|
296,125
|
08/25/95
|
300
|
||||||
|
Summerville
|
SC
|
297,500
|
553,227
|
None
|
None
|
297,500
|
553,227
|
850,727
|
126,318
|
04/14/04
|
300
|
||||||
|
Sumter
|
SC
|
211,087
|
392,065
|
1,500
|
None
|
211,087
|
393,565
|
604,652
|
28,359
|
03/27/08
|
300
|
||||||
|
Sumter
|
SC
|
263,859
|
490,128
|
1,500
|
None
|
263,859
|
491,628
|
755,487
|
35,387
|
03/27/08
|
300
|
||||||
|
Sumter
|
SC
|
362,367
|
673,012
|
1,500
|
None
|
362,367
|
674,512
|
1,036,879
|
48,494
|
03/27/08
|
300
|
||||||
|
Sumter
|
SC
|
181,183
|
336,587
|
1,500
|
None
|
181,183
|
338,087
|
519,270
|
24,383
|
03/27/08
|
300
|
||||||
|
Sumter
|
SC
|
154,797
|
287,584
|
1,500
|
None
|
154,797
|
289,084
|
443,881
|
20,872
|
03/27/08
|
300
|
||||||
|
Sumter
|
SC
|
351,812
|
653,469
|
1,500
|
None
|
351,812
|
654,969
|
1,006,781
|
47,093
|
03/27/08
|
300
|
||||||
|
Sumter
|
SC
|
334,222
|
620,801
|
1,500
|
None
|
334,222
|
622,301
|
956,523
|
44,752
|
03/27/08
|
300
|
||||||
|
Sumter
|
SC
|
281,450
|
522,796
|
1,500
|
None
|
281,450
|
524,296
|
805,746
|
37,728
|
03/27/08
|
300
|
||||||
|
Sumter
|
SC
|
149,520
|
278,284
|
1,000
|
None
|
149,520
|
279,284
|
428,804
|
20,118
|
03/27/08
|
300
|
||||||
|
Sumter
|
SC
|
146,002
|
271,250
|
1,500
|
None
|
146,002
|
272,750
|
418,752
|
19,701
|
03/27/08
|
300
|
||||||
|
Sumter
|
SC
|
372,921
|
693,113
|
1,000
|
None
|
372,921
|
694,113
|
1,067,034
|
49,847
|
03/27/08
|
300
|
||||||
|
Sumter
|
SC
|
149,520
|
277,726
|
1,500
|
None
|
149,520
|
279,226
|
428,746
|
20,165
|
03/27/08
|
300
|
||||||
|
Sumter
|
SC
|
262,100
|
486,861
|
1,500
|
None
|
262,100
|
488,361
|
750,461
|
35,153
|
03/27/08
|
300
|
||||||
|
Sumter
|
SC
|
184,701
|
344,620
|
None
|
None
|
184,701
|
344,620
|
529,321
|
24,697
|
03/27/08
|
300
|
||||||
|
West
Aiken
|
SC
|
400,000
|
402,665
|
None
|
None
|
400,000
|
402,665
|
802,665
|
168,444
|
07/22/99
|
300
|
||||||
|
West
Columbia
|
SC
|
410,000
|
693,574
|
None
|
None
|
410,000
|
693,574
|
1,103,574
|
290,140
|
07/22/99
|
300
|
||||||
|
West
Columbia
|
SC
|
336,000
|
624,727
|
None
|
None
|
336,000
|
624,727
|
960,727
|
142,643
|
04/14/04
|
300
|
||||||
|
Arrington
|
TN
|
385,000
|
716,242
|
None
|
None
|
385,000
|
716,242
|
1,101,242
|
177,860
|
10/16/03
|
300
|
||||||
|
Athens
|
TN
|
175,000
|
326,242
|
None
|
None
|
175,000
|
326,242
|
501,242
|
81,010
|
10/16/03
|
300
|
||||||
|
Athens
|
TN
|
124,179
|
231,860
|
None
|
None
|
124,179
|
231,860
|
356,039
|
57,572
|
10/16/03
|
300
|
||||||
|
Benton
|
TN
|
192,500
|
358,742
|
None
|
None
|
192,500
|
358,742
|
551,242
|
89,081
|
10/16/03
|
300
|
||||||
|
Chattanooga
|
TN
|
181,731
|
338,741
|
None
|
None
|
181,731
|
338,741
|
520,472
|
84,115
|
10/16/03
|
300
|
||||||
|
Chattanooga
|
TN
|
168,000
|
313,242
|
None
|
None
|
168,000
|
313,242
|
481,242
|
77,782
|
10/16/03
|
300
|
||||||
|
Chattanooga
|
TN
|
175,000
|
326,242
|
-79,571
|
None
|
162,879
|
258,792
|
421,671
|
64,260
|
10/16/03
|
300
|
||||||
|
Chattanooga
|
TN
|
159,979
|
298,346
|
None
|
None
|
159,979
|
298,346
|
458,325
|
74,083
|
10/16/03
|
300
|
||||||
|
Chattanooga
|
TN
|
105,000
|
196,242
|
None
|
None
|
105,000
|
196,242
|
301,242
|
48,727
|
10/16/03
|
300
|
||||||
|
Chattanooga
|
TN
|
245,000
|
456,242
|
None
|
None
|
245,000
|
456,242
|
701,242
|
113,294
|
10/16/03
|
300
|
||||||
|
Chattanooga
|
TN
|
297,500
|
553,742
|
None
|
None
|
297,500
|
553,742
|
851,242
|
137,506
|
10/16/03
|
300
|
||||||
|
Chattanooga
|
TN
|
323,750
|
822,529
|
None
|
None
|
323,750
|
822,529
|
1,146,279
|
184,341
|
10/16/03
|
300
|
||||||
|
Cost Capitalized
|
Life
on
|
||||||||||||||||
|
Subsequent
|
Gross Amount at Which Carried |
|
which
|
||||||||||||||
| Initial Cost to Company |
|
to
Acquisition
|
at Close of Period (Notes 2, 3, 5, 6 and 7) |
|
depreciation
|
||||||||||||
|
Buildings,
|
Buildings,
|
in
latest
|
|||||||||||||||
|
Improvements
|
Improvements
|
Income
|
|||||||||||||||
|
and
|
and
|
Accumulated
|
Statement
is
|
||||||||||||||
|
Description
|
Acquisition
|
Carrying
|
Acquisition
|
Depreciation
|
Date
of
|
Date
|
Computed
|
||||||||||
|
(Note
1)
|
Land
|
Fees
|
Improvements
|
Costs
|
Land
|
Fees
|
Total
|
(Note
4)
|
Construction
|
Acquired
|
(in
Months)
|
||||||
|
Chattanooga
|
TN
|
280,000
|
521,242
|
None
|
None
|
280,000
|
521,242
|
801,242
|
129,435
|
10/16/03
|
300
|
||||||
|
Chattanooga
|
TN
|
257,250
|
478,992
|
None
|
None
|
257,250
|
478,992
|
736,242
|
118,943
|
10/16/03
|
300
|
||||||
|
Chattanooga
|
TN
|
283,209
|
527,201
|
None
|
None
|
283,209
|
527,201
|
810,410
|
130,915
|
10/16/03
|
300
|
||||||
|
Chattanooga
|
TN
|
542,500
|
1,008,742
|
None
|
None
|
542,500
|
1,008,742
|
1,551,242
|
250,498
|
10/16/03
|
300
|
||||||
|
Chattanooga
|
TN
|
332,500
|
618,742
|
None
|
None
|
332,500
|
618,742
|
951,242
|
153,648
|
10/16/03
|
300
|
||||||
|
Chattanooga
|
TN
|
300,373
|
559,077
|
-39,679
|
None
|
260,694
|
559,077
|
819,771
|
138,831
|
10/16/03
|
300
|
||||||
|
Chattanooga
|
TN
|
175,000
|
326,242
|
None
|
None
|
175,000
|
326,242
|
501,242
|
81,010
|
10/16/03
|
300
|
||||||
|
Cleveland
|
TN
|
110,009
|
205,545
|
None
|
None
|
110,009
|
205,545
|
315,554
|
51,037
|
10/16/03
|
300
|
||||||
|
Cleveland
|
TN
|
227,500
|
423,742
|
None
|
None
|
227,500
|
423,742
|
651,242
|
105,223
|
10/16/03
|
300
|
||||||
|
Cleveland
|
TN
|
280,000
|
521,242
|
None
|
None
|
280,000
|
521,242
|
801,242
|
129,435
|
10/16/03
|
300
|
||||||
|
Cleveland
|
TN
|
245,000
|
456,242
|
None
|
None
|
245,000
|
456,242
|
701,242
|
113,294
|
10/16/03
|
300
|
||||||
|
Cleveland
|
TN
|
157,500
|
293,742
|
None
|
None
|
157,500
|
293,742
|
451,242
|
72,940
|
10/16/03
|
300
|
||||||
|
Cleveland
|
TN
|
122,500
|
228,742
|
None
|
None
|
122,500
|
228,742
|
351,242
|
56,798
|
10/16/03
|
300
|
||||||
|
Cleveland
|
TN
|
300,373
|
559,077
|
None
|
None
|
300,373
|
559,077
|
859,450
|
138,831
|
10/16/03
|
300
|
||||||
|
Dayton
|
TN
|
262,500
|
488,742
|
None
|
None
|
262,500
|
488,742
|
751,242
|
121,365
|
10/16/03
|
300
|
||||||
|
Decatur
|
TN
|
181,731
|
338,742
|
None
|
None
|
181,731
|
338,742
|
520,473
|
84,115
|
10/16/03
|
300
|
||||||
|
Dunlap
|
TN
|
315,000
|
586,242
|
None
|
None
|
315,000
|
586,242
|
901,242
|
145,577
|
10/16/03
|
300
|
||||||
|
Etowah
|
TN
|
192,500
|
358,742
|
None
|
None
|
192,500
|
358,742
|
551,242
|
89,081
|
10/16/03
|
300
|
||||||
|
Gallatin
|
TN
|
525,000
|
976,242
|
None
|
None
|
525,000
|
976,242
|
1,501,242
|
242,427
|
10/16/03
|
300
|
||||||
|
Gray
|
TN
|
191,151
|
355,563
|
None
|
None
|
191,151
|
355,563
|
546,714
|
30,221
|
11/29/07
|
300
|
||||||
|
Harrison
|
TN
|
484,313
|
900,680
|
None
|
None
|
484,313
|
900,680
|
1,384,993
|
223,663
|
10/16/03
|
300
|
||||||
|
Hixson
|
TN
|
271,250
|
504,992
|
None
|
None
|
271,250
|
504,992
|
776,242
|
125,400
|
10/16/03
|
300
|
||||||
|
Hixson
|
TN
|
513,215
|
954,355
|
None
|
None
|
513,215
|
954,355
|
1,467,570
|
236,992
|
10/16/03
|
300
|
||||||
|
Hixson
|
TN
|
94,500
|
176,742
|
None
|
None
|
94,500
|
176,742
|
271,242
|
43,885
|
10/16/03
|
300
|
||||||
|
Hixson
|
TN
|
300,373
|
559,077
|
None
|
None
|
300,373
|
559,077
|
859,450
|
138,831
|
10/16/03
|
300
|
||||||
|
Kimball
|
TN
|
332,500
|
618,742
|
None
|
None
|
332,500
|
618,742
|
951,242
|
153,648
|
10/16/03
|
300
|
||||||
|
Kingsport
|
TN
|
155,603
|
289,545
|
None
|
None
|
155,603
|
289,545
|
445,148
|
24,610
|
11/29/07
|
300
|
||||||
|
Kingsport
|
TN
|
310,303
|
576,845
|
None
|
None
|
310,303
|
576,845
|
887,148
|
49,030
|
11/29/07
|
300
|
||||||
|
La
Vergne
|
TN
|
340,000
|
650,000
|
None
|
None
|
340,000
|
650,000
|
990,000
|
373,750
|
08/25/95
|
300
|
||||||
|
Le
Vergne
|
TN
|
577,500
|
1,073,742
|
-15,745
|
None
|
561,755
|
1,073,742
|
1,635,497
|
266,640
|
10/16/03
|
300
|
||||||
|
Manchester
|
TN
|
266,119
|
495,463
|
None
|
None
|
266,119
|
495,463
|
761,582
|
123,034
|
10/16/03
|
300
|
||||||
|
Manchester
|
TN
|
281,675
|
524,352
|
None
|
None
|
281,675
|
524,352
|
806,027
|
130,208
|
10/16/03
|
300
|
||||||
|
Manchester
|
TN
|
319,846
|
595,242
|
None
|
None
|
319,846
|
595,242
|
915,088
|
147,812
|
10/16/03
|
300
|
||||||
|
Monteagle
|
TN
|
271,173
|
504,849
|
None
|
None
|
271,173
|
504,849
|
776,022
|
125,365
|
10/16/03
|
300
|
||||||
|
Mt.
Juliet
|
TN
|
397,128
|
738,764
|
None
|
None
|
397,128
|
738,764
|
1,135,892
|
183,454
|
10/16/03
|
300
|
||||||
|
Murfreesboro
|
TN
|
549,500
|
1,021,742
|
None
|
None
|
549,500
|
1,021,742
|
1,571,242
|
253,726
|
10/16/03
|
300
|
||||||
|
Murfreesboro
|
TN
|
467,810
|
870,032
|
None
|
None
|
467,810
|
870,032
|
1,337,842
|
216,052
|
10/16/03
|
300
|
||||||
|
Murfreesboro
|
TN
|
300,373
|
559,077
|
None
|
None
|
300,373
|
559,077
|
859,450
|
138,831
|
10/16/03
|
300
|
||||||
|
Nashville
|
TN
|
498,628
|
927,264
|
None
|
None
|
498,628
|
927,264
|
1,425,892
|
230,264
|
10/16/03
|
300
|
||||||
|
Ocoee
|
TN
|
119,792
|
223,713
|
-11,239
|
None
|
108,553
|
223,713
|
332,266
|
55,549
|
10/16/03
|
300
|
||||||
|
Ooltewah
|
TN
|
234,231
|
436,241
|
None
|
None
|
234,231
|
436,241
|
670,472
|
108,327
|
10/16/03
|
300
|
||||||
|
Ooltewah
|
TN
|
700,000
|
1,301,242
|
-190,623
|
None
|
635,909
|
1,174,710
|
1,810,619
|
296,555
|
10/16/03
|
300
|
||||||
|
Ooltewah
|
TN
|
105,000
|
196,242
|
None
|
None
|
105,000
|
196,242
|
301,242
|
48,727
|
10/16/03
|
300
|
||||||
|
Red
Bank
|
TN
|
350,000
|
651,242
|
None
|
None
|
350,000
|
651,242
|
1,001,242
|
161,719
|
10/16/03
|
300
|
||||||
|
Roan
Mountain
|
TN
|
286,303
|
532,274
|
None
|
None
|
286,303
|
532,274
|
818,577
|
45,242
|
11/29/07
|
300
|
||||||
|
Shelbyville
|
TN
|
320,229
|
595,953
|
None
|
None
|
320,229
|
595,953
|
916,182
|
147,989
|
10/16/03
|
300
|
||||||
|
Smyrna
|
TN
|
426,466
|
793,251
|
None
|
None
|
426,466
|
793,251
|
1,219,717
|
196,984
|
10/16/03
|
300
|
||||||
|
Smyrna
|
TN
|
630,000
|
1,170,036
|
None
|
None
|
630,000
|
1,170,036
|
1,800,036
|
154,054
|
09/27/06
|
300
|
||||||
|
Soddy
Daisy
|
TN
|
297,500
|
553,732
|
None
|
None
|
297,500
|
553,732
|
851,232
|
137,504
|
10/16/03
|
300
|
||||||
|
Soddy
Daisy
|
TN
|
350,000
|
651,242
|
None
|
None
|
350,000
|
651,242
|
1,001,242
|
161,719
|
10/16/03
|
300
|
||||||
|
Soddy
Daisy
|
TN
|
245,000
|
456,242
|
None
|
None
|
245,000
|
456,242
|
701,242
|
113,294
|
10/16/03
|
300
|
||||||
|
Sweetwater
|
TN
|
122,500
|
228,742
|
None
|
None
|
122,500
|
228,742
|
351,242
|
56,798
|
10/16/03
|
300
|
||||||
|
Sweetwater
|
TN
|
339,231
|
1,131,287
|
None
|
None
|
339,231
|
1,131,287
|
1,470,518
|
203,423
|
10/16/03
|
300
|
||||||
|
Sweetwater
|
TN
|
133,000
|
248,242
|
None
|
None
|
133,000
|
248,242
|
381,242
|
61,640
|
10/16/03
|
300
|
||||||
|
Abingdon
|
VA
|
57,847
|
107,997
|
None
|
None
|
57,847
|
107,997
|
165,844
|
9,178
|
11/29/07
|
300
|
||||||
|
Big Stone
Gap
|
VA
|
527,303
|
979,860
|
None
|
None
|
527,303
|
979,860
|
1,507,163
|
83,287
|
11/29/07
|
300
|
||||||
|
Cost Capitalized
|
Life
on
|
||||||||||||||||
|
Subsequent
|
Gross Amount at Which Carried |
|
which
|
||||||||||||||
| Initial Cost to Company |
|
to
Acquisition
|
at Close of Period (Notes 2, 3, 5, 6 and 7) |
|
depreciation
|
||||||||||||
|
Buildings,
|
Buildings,
|
in
latest
|
|||||||||||||||
|
Improvements
|
Improvements
|
Income
|
|||||||||||||||
|
and
|
and
|
Accumulated
|
Statement
is
|
||||||||||||||
|
Description
|
Acquisition
|
Carrying
|
Acquisition
|
Depreciation
|
Date
of
|
Date
|
Computed
|
||||||||||
|
(Note
1)
|
Land
|
Fees
|
Improvements
|
Costs
|
Land
|
Fees
|
Total
|
(Note
4)
|
Construction
|
Acquired
|
(in
Months)
|
||||||
|
Bristol
|
VA
|
213,369
|
396,824
|
None
|
None
|
213,369
|
396,824
|
610,193
|
33,728
|
11/29/07
|
300
|
||||||
|
Bristol
|
VA
|
268,303
|
498,845
|
None
|
None
|
268,303
|
498,845
|
767,148
|
42,400
|
11/29/07
|
300
|
||||||
|
Bristol
|
VA
|
171,156
|
318,428
|
None
|
None
|
171,156
|
318,428
|
489,584
|
27,065
|
11/29/07
|
300
|
||||||
|
Castlewood
|
VA
|
387,303
|
720,307
|
None
|
None
|
387,303
|
720,307
|
1,107,610
|
61,225
|
11/29/07
|
300
|
||||||
|
Cedar
Bluff
|
VA
|
492,303
|
915,307
|
None
|
None
|
492,303
|
915,307
|
1,407,610
|
77,800
|
11/29/07
|
300
|
||||||
|
Chatham
|
VA
|
347,728
|
525,031
|
None
|
None
|
347,728
|
525,031
|
872,759
|
142,626
|
03/19/03
|
300
|
||||||
|
Chesapeake
|
VA
|
225,000
|
400,366
|
None
|
None
|
225,000
|
400,366
|
625,366
|
70,064
|
08/18/05
|
300
|
||||||
|
Clintwood
|
VA
|
378,553
|
703,610
|
None
|
None
|
378,553
|
703,610
|
1,082,163
|
59,805
|
11/29/07
|
300
|
||||||
|
Coeburn
|
VA
|
168,934
|
314,764
|
None
|
None
|
168,934
|
314,764
|
483,698
|
26,753
|
11/29/07
|
300
|
||||||
|
Coeburn
|
VA
|
312,303
|
581,021
|
None
|
None
|
312,303
|
581,021
|
893,324
|
49,385
|
11/29/07
|
300
|
||||||
|
Coeburn
|
VA
|
282,303
|
525,307
|
None
|
None
|
282,303
|
525,307
|
807,610
|
44,650
|
11/29/07
|
300
|
||||||
|
Collinsville
|
VA
|
84,465
|
130,137
|
None
|
None
|
84,465
|
130,137
|
214,602
|
35,346
|
03/19/03
|
300
|
||||||
|
Danville
|
VA
|
149,276
|
227,333
|
None
|
None
|
149,276
|
227,333
|
376,609
|
61,751
|
03/19/03
|
300
|
||||||
|
Danville
|
VA
|
83,644
|
128,884
|
None
|
None
|
83,644
|
128,884
|
212,528
|
35,006
|
03/19/03
|
300
|
||||||
|
Danville
|
VA
|
266,722
|
403,501
|
None
|
None
|
266,722
|
403,501
|
670,223
|
109,611
|
03/19/03
|
300
|
||||||
|
Franklin
|
VA
|
536,667
|
863,699
|
None
|
None
|
536,667
|
863,699
|
1,400,366
|
151,147
|
08/18/05
|
300
|
||||||
|
Gate
City
|
VA
|
422,303
|
784,845
|
None
|
None
|
422,303
|
784,845
|
1,207,148
|
66,710
|
11/29/07
|
300
|
||||||
|
Glen
Allen
|
VA
|
700,000
|
440,965
|
None
|
297
|
700,000
|
441,262
|
1,141,262
|
206,617
|
04/17/98
|
300
|
||||||
|
Hampton
|
VA
|
433,985
|
459,108
|
None
|
297
|
433,985
|
459,405
|
893,390
|
215,112
|
04/17/98
|
300
|
||||||
|
Highland
Springs
|
VA
|
396,720
|
598,547
|
None
|
None
|
396,720
|
598,547
|
995,267
|
162,598
|
03/19/03
|
300
|
||||||
|
Honaker
|
VA
|
492,303
|
915,307
|
None
|
None
|
492,303
|
915,307
|
1,407,610
|
77,800
|
11/29/07
|
300
|
||||||
|
Martinsville
|
VA
|
246,820
|
373,653
|
None
|
None
|
246,820
|
373,653
|
620,473
|
101,502
|
03/19/03
|
300
|
||||||
|
Martinsville
|
VA
|
83,521
|
128,706
|
None
|
None
|
83,521
|
128,706
|
212,227
|
34,958
|
03/19/03
|
300
|
||||||
|
Midlothian
|
VA
|
325,000
|
302,872
|
None
|
None
|
325,000
|
302,872
|
627,872
|
149,875
|
08/21/97
|
300
|
||||||
|
Newport
News
|
VA
|
490,616
|
605,304
|
None
|
297
|
490,616
|
605,601
|
1,096,217
|
254,249
|
01/20/00
|
04/17/98
|
300
|
|||||
|
Norton
|
VA
|
157,826
|
293,688
|
None
|
None
|
157,826
|
293,688
|
451,514
|
24,962
|
11/29/07
|
300
|
||||||
|
Norton
|
VA
|
457,303
|
849,860
|
None
|
None
|
457,303
|
849,860
|
1,307,163
|
72,237
|
11/29/07
|
300
|
||||||
|
Norton
|
VA
|
222,256
|
413,344
|
None
|
None
|
222,256
|
413,344
|
635,600
|
35,133
|
11/29/07
|
300
|
||||||
|
Pound
|
VA
|
256,170
|
476,327
|
None
|
None
|
256,170
|
476,327
|
732,497
|
40,486
|
11/29/07
|
300
|
||||||
|
Pound
|
VA
|
276,303
|
513,717
|
None
|
None
|
276,303
|
513,717
|
790,020
|
43,664
|
11/29/07
|
300
|
||||||
|
Richlands
|
VA
|
140,051
|
261,125
|
None
|
None
|
140,051
|
261,125
|
401,176
|
22,194
|
11/29/07
|
300
|
||||||
|
Richmond
|
VA
|
700,000
|
400,740
|
None
|
297
|
700,000
|
401,037
|
1,101,037
|
187,780
|
04/17/98
|
300
|
||||||
|
Richmond
|
VA
|
400,000
|
250,875
|
None
|
297
|
400,000
|
251,172
|
651,172
|
117,592
|
04/17/98
|
300
|
||||||
|
Richmond
|
VA
|
1,000,000
|
740
|
None
|
297
|
1,000,000
|
1,037
|
1,001,037
|
446
|
04/17/98
|
300
|
||||||
|
Richmond
|
VA
|
700,000
|
100,695
|
None
|
297
|
700,000
|
100,992
|
800,992
|
47,259
|
04/17/98
|
300
|
||||||
|
Richmond
|
VA
|
1,144,841
|
3,371,146
|
None
|
None
|
1,144,841
|
3,371,146
|
4,515,987
|
992,648
|
08/22/02
|
300
|
||||||
|
Richmond
|
VA
|
298,227
|
451,014
|
None
|
None
|
298,227
|
451,014
|
749,241
|
122,518
|
03/19/03
|
300
|
||||||
|
Richmond
|
VA
|
329,698
|
498,015
|
None
|
None
|
329,698
|
498,015
|
827,713
|
135,287
|
03/19/03
|
300
|
||||||
|
Richmond
|
VA
|
213,982
|
324,659
|
None
|
None
|
213,982
|
324,659
|
538,641
|
88,192
|
03/19/03
|
300
|
||||||
|
Richmond
|
VA
|
482,735
|
727,776
|
None
|
None
|
482,735
|
727,776
|
1,210,511
|
197,705
|
03/19/03
|
300
|
||||||
|
Richmond
|
VA
|
350,453
|
529,365
|
None
|
None
|
350,453
|
529,365
|
879,818
|
143,803
|
03/19/03
|
300
|
||||||
|
Richmond
|
VA
|
323,496
|
488,918
|
None
|
None
|
323,496
|
488,918
|
812,414
|
132,815
|
03/19/03
|
300
|
||||||
|
Richmond
|
VA
|
278,443
|
421,584
|
None
|
None
|
278,443
|
421,584
|
700,027
|
114,523
|
03/19/03
|
300
|
||||||
|
Roanoke
|
VA
|
325,000
|
575,366
|
None
|
None
|
325,000
|
575,366
|
900,366
|
100,689
|
08/18/05
|
300
|
||||||
|
Rosedale
|
VA
|
211,147
|
393,160
|
None
|
None
|
211,147
|
393,160
|
604,307
|
33,417
|
11/29/07
|
300
|
||||||
|
Sandston
|
VA
|
152,535
|
232,528
|
None
|
None
|
152,535
|
232,528
|
385,063
|
63,163
|
03/19/03
|
300
|
||||||
|
South
Boston
|
VA
|
160,893
|
244,778
|
None
|
None
|
160,893
|
244,778
|
405,671
|
66,491
|
03/19/03
|
300
|
||||||
|
St.
Paul
|
VA
|
334,803
|
622,807
|
None
|
None
|
334,803
|
622,807
|
957,610
|
52,937
|
11/29/07
|
300
|
||||||
|
St.
Paul
|
VA
|
422,303
|
785,307
|
None
|
None
|
422,303
|
785,307
|
1,207,610
|
66,750
|
11/29/07
|
300
|
||||||
|
Stafford
|
VA
|
271,865
|
601,997
|
None
|
6
|
271,865
|
602,003
|
873,868
|
314,042
|
12/20/96
|
300
|
||||||
|
Staunton
|
VA
|
675,000
|
1,000,366
|
None
|
None
|
675,000
|
1,000,366
|
1,675,366
|
175,064
|
08/18/05
|
300
|
||||||
|
Suffolk
|
VA
|
700,000
|
1,000,366
|
None
|
None
|
700,000
|
1,000,366
|
1,700,366
|
175,064
|
08/18/05
|
300
|
||||||
|
Tazewell
|
VA
|
153,382
|
285,882
|
None
|
None
|
153,382
|
285,882
|
439,264
|
24,298
|
11/29/07
|
300
|
||||||
|
Troutville
|
VA
|
575,000
|
975,366
|
None
|
None
|
575,000
|
975,366
|
1,550,366
|
170,689
|
08/18/05
|
300
|
||||||
|
Virginia
Beach
|
VA
|
1,194,560
|
2,218,773
|
None
|
None
|
1,194,560
|
2,218,773
|
3,413,333
|
669,315
|
06/27/02
|
300
|
||||||
|
Warrenton
|
VA
|
515,971
|
649,125
|
None
|
None
|
515,971
|
649,125
|
1,165,096
|
338,627
|
12/20/96
|
300
|
||||||
|
Cost Capitalized
|
Life
on
|
||||||||||||||||
|
Subsequent
|
Gross Amount at Which Carried |
|
which
|
||||||||||||||
|
Initial
Cost to Company
|
|
to
Acquisition
|
at Close of Period (Notes 2, 3, 5, 6 and 7) |
depreciation
|
|||||||||||||
|
Buildings,
|
Buildings,
|
in
latest
|
|||||||||||||||
|
Improvements
|
Improvements
|
Income
|
|||||||||||||||
|
and
|
and
|
Accumulated
|
Statement
is
|
||||||||||||||
|
Description
|
Acquisition
|
Carrying
|
Acquisition
|
Depreciation
|
Date
of
|
Date
|
Computed
|
||||||||||
|
(Note
1)
|
Land
|
Fees
|
Improvements
|
Costs
|
Land
|
Fees
|
Total
|
(Note
4)
|
Construction
|
Acquired
|
(in
Months)
|
||||||
|
Weber
City
|
VA
|
369,803
|
687,345
|
None
|
None
|
369,803
|
687,345
|
1,057,148
|
58,423
|
11/29/07
|
300
|
||||||
|
Williamsburg
|
VA
|
838,172
|
1,556,910
|
None
|
None
|
838,172
|
1,556,910
|
2,395,082
|
469,592
|
06/27/02
|
300
|
||||||
|
Wise
|
VA
|
334,803
|
622,360
|
None
|
None
|
334,803
|
622,360
|
957,163
|
52,899
|
11/29/07
|
300
|
||||||
|
Wise
|
VA
|
66,733
|
124,517
|
None
|
None
|
66,733
|
124,517
|
191,250
|
10,582
|
11/29/07
|
300
|
||||||
|
Wise
|
VA
|
527,303
|
979,860
|
None
|
None
|
527,303
|
979,860
|
1,507,163
|
83,287
|
11/29/07
|
300
|
||||||
|
Wytheville
|
VA
|
1,222,535
|
1,577,830
|
None
|
None
|
1,222,535
|
1,577,830
|
2,800,365
|
276,120
|
08/18/05
|
300
|
||||||
|
Yorktown
|
VA
|
309,435
|
447,144
|
None
|
297
|
309,435
|
447,441
|
756,876
|
209,504
|
04/17/98
|
300
|
||||||
|
East
Troy
|
WI
|
578,813
|
1,072,938
|
2,000
|
None
|
578,813
|
1,074,938
|
1,653,750
|
1,788
|
12/28/09
|
300
|
||||||
|
Craft and Novelty
|
|||||||||||||||||
|
Cutler
Ridge
|
FL
|
743,498
|
657,485
|
182,751
|
35,162
|
743,498
|
875,398
|
1,618,896
|
379,591
|
12/31/98
|
300
|
||||||
|
Tampa
|
FL
|
401,874
|
933,768
|
28,336
|
None
|
401,874
|
962,104
|
1,363,978
|
455,933
|
12/23/97
|
300
|
||||||
|
Rockford
|
IL
|
159,587
|
618,398
|
None
|
None
|
159,587
|
618,398
|
777,985
|
324,659
|
11/26/96
|
300
|
||||||
|
Stony
Brook
|
NY
|
980,000
|
1,801,586
|
5,641
|
232
|
980,000
|
1,807,459
|
2,787,459
|
790,424
|
01/11/99
|
300
|
||||||
|
Pleasant
Hills
|
PA
|
631,084
|
1,172,563
|
None
|
None
|
631,084
|
1,172,563
|
1,803,647
|
334,178
|
11/01/02
|
300
|
||||||
|
Distribution and Office
|
|||||||||||||||||
|
Escondido
|
CA
|
1,949,339
|
12,966,248
|
4,018
|
None
|
1,949,339
|
12,970,266
|
14,919,605
|
1,200,037
|
08/13/07
|
01/18/06
|
300
|
|||||
|
Lenexa
|
KS
|
3,688,591
|
6,850,770
|
None
|
None
|
3,688,591
|
6,850,770
|
10,539,361
|
1,084,705
|
01/06/06
|
300
|
||||||
|
Wilbraham
|
MA
|
9,626,112
|
17,877,779
|
2,500
|
None
|
9,626,112
|
17,880,279
|
27,506,391
|
1,698,955
|
08/30/07
|
300
|
||||||
|
Drug Stores
|
|||||||||||||||||
|
Montgomery
|
AL
|
1,150,000
|
1,479,627
|
None
|
None
|
1,150,000
|
1,479,627
|
2,629,627
|
288,535
|
02/09/05
|
300
|
||||||
|
Bakersfield
|
CA
|
-
|
3,501,678
|
None
|
None
|
-
|
3,501,678
|
3,501,678
|
262,625
|
02/26/08
|
300
|
||||||
|
Encinitas
|
CA
|
-
|
3,751,713
|
None
|
None
|
-
|
3,751,713
|
3,751,713
|
281,378
|
02/26/08
|
300
|
||||||
|
Indio
|
CA
|
2,205,539
|
4,096,524
|
None
|
None
|
2,205,539
|
4,096,524
|
6,302,063
|
307,238
|
02/21/08
|
300
|
||||||
|
Tracy
|
CA
|
2,467,993
|
4,584,246
|
None
|
None
|
2,467,993
|
4,584,246
|
7,052,239
|
374,380
|
12/20/07
|
300
|
||||||
|
Colorado
Springs
|
CO
|
1,025,000
|
1,645,371
|
None
|
None
|
1,025,000
|
1,645,371
|
2,670,371
|
320,839
|
02/09/05
|
300
|
||||||
|
Fort
Collins
|
CO
|
1,100,000
|
1,385,014
|
None
|
None
|
1,100,000
|
1,385,014
|
2,485,014
|
270,069
|
02/09/05
|
300
|
||||||
|
Casselberry
|
FL
|
1,075,020
|
1,664,284
|
None
|
None
|
1,075,020
|
1,664,284
|
2,739,304
|
751,729
|
09/30/98
|
300
|
||||||
|
Adel
|
GA
|
500,000
|
1,056,116
|
None
|
None
|
500,000
|
1,056,116
|
1,556,116
|
198,896
|
04/29/05
|
300
|
||||||
|
Blackshear
|
GA
|
430,000
|
1,005,393
|
None
|
None
|
430,000
|
1,005,393
|
1,435,393
|
189,343
|
04/29/05
|
300
|
||||||
|
Bowdon
|
GA
|
410,000
|
1,010,615
|
None
|
None
|
410,000
|
1,010,615
|
1,420,615
|
190,327
|
04/29/05
|
300
|
||||||
|
Cairo
|
GA
|
330,000
|
1,152,243
|
None
|
None
|
330,000
|
1,152,243
|
1,482,243
|
217,000
|
04/29/05
|
300
|
||||||
|
Quitman
|
GA
|
730,000
|
856,586
|
None
|
None
|
730,000
|
856,586
|
1,586,586
|
167,026
|
02/09/05
|
300
|
||||||
|
Woodstock
|
GA
|
930,000
|
1,035,544
|
None
|
None
|
930,000
|
1,035,544
|
1,965,544
|
195,027
|
04/29/05
|
300
|
||||||
|
Blackfoot
|
ID
|
560,000
|
1,932,186
|
None
|
None
|
560,000
|
1,932,186
|
2,492,186
|
376,768
|
02/09/05
|
300
|
||||||
|
Burley
|
ID
|
700,000
|
2,011,543
|
None
|
None
|
700,000
|
2,011,543
|
2,711,543
|
392,242
|
02/09/05
|
300
|
||||||
|
Chubbuck
|
ID
|
890,000
|
1,267,183
|
None
|
None
|
890,000
|
1,267,183
|
2,157,183
|
247,092
|
02/09/05
|
300
|
||||||
|
Salem
|
IN
|
-
|
2,351,296
|
None
|
None
|
-
|
2,351,296
|
2,351,296
|
317,425
|
08/16/06
|
300
|
||||||
|
Elkton
|
MD
|
1,751,013
|
3,252,546
|
None
|
None
|
1,751,013
|
3,252,546
|
5,003,559
|
243,939
|
02/21/08
|
300
|
||||||
|
Laurel
|
MD
|
-
|
2,400,696
|
None
|
None
|
-
|
2,400,696
|
2,400,696
|
324,094
|
08/16/06
|
300
|
||||||
|
Portland
|
ME
|
2,100,849
|
3,902,402
|
None
|
None
|
2,100,849
|
3,902,402
|
6,003,251
|
318,695
|
12/20/07
|
300
|
||||||
|
Gladwin
|
MI
|
1,365,747
|
2,536,910
|
None
|
None
|
1,365,747
|
2,536,910
|
3,902,657
|
190,267
|
02/21/08
|
300
|
||||||
|
Metamora
|
MI
|
859,139
|
2,291,557
|
None
|
None
|
859,139
|
2,291,557
|
3,150,696
|
309,360
|
08/16/06
|
300
|
||||||
|
Carson
City
|
NV
|
800,000
|
2,770,950
|
None
|
None
|
800,000
|
2,770,950
|
3,570,950
|
540,327
|
02/09/05
|
300
|
||||||
|
Reno
|
NV
|
1,100,000
|
2,602,911
|
None
|
None
|
1,100,000
|
2,602,911
|
3,702,911
|
507,559
|
02/09/05
|
300
|
||||||
|
Reno
|
NV
|
850,000
|
2,306,647
|
None
|
None
|
850,000
|
2,306,647
|
3,156,647
|
449,787
|
02/09/05
|
300
|
||||||
|
Sparks
|
NV
|
1,000,000
|
2,271,513
|
None
|
None
|
1,000,000
|
2,271,513
|
3,271,513
|
442,936
|
02/09/05
|
300
|
||||||
|
Sun
Valley
|
NV
|
550,000
|
2,678,380
|
None
|
None
|
550,000
|
2,678,380
|
3,228,380
|
522,275
|
02/09/05
|
300
|
||||||
|
Cortland
|
OH
|
1,440,000
|
1,364,725
|
1,250
|
None
|
1,440,000
|
1,365,975
|
2,805,975
|
266,274
|
02/09/05
|
300
|
||||||
|
Madison
|
OH
|
580,000
|
1,272,742
|
None
|
None
|
580,000
|
1,272,742
|
1,852,742
|
239,694
|
04/29/05
|
300
|
||||||
|
Mayfield
Heights
|
OH
|
-
|
2,703,730
|
None
|
None
|
-
|
2,703,730
|
2,703,730
|
202,779
|
02/21/08
|
300
|
||||||
|
Warren
|
OH
|
960,000
|
1,326,083
|
None
|
None
|
960,000
|
1,326,083
|
2,286,083
|
258,577
|
02/09/05
|
300
|
||||||
|
Warren
|
OH
|
800,000
|
1,241,503
|
None
|
None
|
800,000
|
1,241,503
|
2,041,503
|
242,084
|
02/09/05
|
300
|
||||||
|
Cost Capitalized
|
Life
on
|
||||||||||||||||
|
Subsequent
|
Gross Amount at Which Carried |
|
which
|
||||||||||||||
| Initial Cost to Company |
|
to
Acquisition
|
at Close of Period (Notes 2, 3, 5, 6 and 7) |
depreciation
|
|||||||||||||
|
Buildings,
|
Buildings,
|
in
latest
|
|||||||||||||||
|
Improvements
|
Improvements
|
Income
|
|||||||||||||||
|
and
|
and
|
Accumulated
|
Statement
is
|
||||||||||||||
|
Description
|
Acquisition
|
Carrying
|
Acquisition
|
Depreciation
|
Date
of
|
Date
|
Computed
|
||||||||||
|
(Note
1)
|
Land
|
Fees
|
Improvements
|
Costs
|
Land
|
Fees
|
Total
|
(Note
4)
|
Construction
|
Acquired
|
(in
Months)
|
||||||
|
Willowick
|
OH
|
530,000
|
1,241,308
|
None
|
None
|
530,000
|
1,241,308
|
1,771,308
|
233,774
|
04/29/05
|
300
|
||||||
|
Beaver
|
PA
|
-
|
3,003,160
|
None
|
None
|
-
|
3,003,160
|
3,003,160
|
245,258
|
12/20/07
|
300
|
||||||
|
Delmont
|
PA
|
720,000
|
1,246,023
|
10,475
|
None
|
720,000
|
1,256,498
|
1,976,498
|
244,800
|
02/09/05
|
300
|
||||||
|
Gettysburg
|
PA
|
-
|
2,500,750
|
None
|
None
|
-
|
2,500,750
|
2,500,750
|
337,601
|
08/16/06
|
300
|
||||||
|
Girard
|
PA
|
-
|
1,782,996
|
None
|
None
|
-
|
1,782,996
|
1,782,996
|
489,730
|
02/09/05
|
300
|
||||||
|
Johnstown
|
PA
|
250,000
|
2,593,436
|
None
|
None
|
250,000
|
2,593,436
|
2,843,436
|
505,711
|
02/09/05
|
300
|
||||||
|
Johnstown
|
PA
|
600,000
|
2,010,255
|
None
|
None
|
600,000
|
2,010,255
|
2,610,255
|
391,991
|
02/09/05
|
300
|
||||||
|
Murrysville
|
PA
|
710,000
|
1,666,912
|
None
|
None
|
710,000
|
1,666,912
|
2,376,912
|
325,036
|
02/09/05
|
300
|
||||||
|
Oakdale
|
PA
|
1,255,750
|
2,995,001
|
None
|
None
|
1,255,750
|
2,995,001
|
4,250,751
|
404,325
|
08/16/06
|
300
|
||||||
|
Philadelphia
|
PA
|
-
|
3,803,732
|
None
|
None
|
-
|
3,803,732
|
3,803,732
|
285,278
|
02/26/08
|
300
|
||||||
|
Reading
|
PA
|
1,400,000
|
3,304,996
|
None
|
None
|
1,400,000
|
3,304,996
|
4,704,996
|
247,873
|
02/21/08
|
300
|
||||||
|
Saint
Marys
|
PA
|
1,663,632
|
3,090,403
|
None
|
None
|
1,663,632
|
3,090,403
|
4,754,035
|
252,383
|
12/20/07
|
300
|
||||||
|
Slippery
Rock
|
PA
|
-
|
1,778,404
|
None
|
None
|
-
|
1,778,404
|
1,778,404
|
484,332
|
02/09/05
|
300
|
||||||
|
West
Norriton
|
PA
|
-
|
3,603,611
|
None
|
None
|
-
|
3,603,611
|
3,603,611
|
270,269
|
02/21/08
|
300
|
||||||
|
Wexford
|
PA
|
2,300,000
|
2,606,080
|
None
|
None
|
2,300,000
|
2,606,080
|
4,906,080
|
195,455
|
02/21/08
|
300
|
||||||
|
Yeadon
|
PA
|
-
|
3,253,285
|
None
|
None
|
-
|
3,253,285
|
3,253,285
|
265,685
|
12/20/07
|
300
|
||||||
|
Fredericksburg
|
VA
|
-
|
2,901,815
|
None
|
None
|
-
|
2,901,815
|
2,901,815
|
217,635
|
02/21/08
|
300
|
||||||
|
Buckhannon
|
WV
|
1,716,898
|
3,189,190
|
None
|
None
|
1,716,898
|
3,189,190
|
4,906,088
|
239,188
|
02/21/08
|
300
|
||||||
|
Entertainment
|
|||||||||||||||||
|
Riverside
|
CA
|
7,800,000
|
130
|
-416,985
|
None
|
7,383,015
|
130
|
7,383,145
|
36
|
07/05/02
|
300
|
||||||
|
Vista
|
CA
|
2,300,000
|
22
|
None
|
None
|
2,300,000
|
22
|
2,300,022
|
9
|
03/31/99
|
300
|
||||||
|
Dania
|
FL
|
8,272,080
|
1,713
|
None
|
36
|
8,272,080
|
1,749
|
8,273,829
|
722
|
03/31/99
|
300
|
||||||
|
Marietta
|
GA
|
1,500,000
|
768
|
None
|
None
|
1,500,000
|
768
|
1,500,768
|
247
|
06/29/01
|
300
|
||||||
|
Norcross
|
GA
|
1,600,000
|
768
|
None
|
None
|
1,600,000
|
768
|
1,600,768
|
247
|
06/29/01
|
300
|
||||||
|
Greensboro
|
NC
|
4,000,000
|
463
|
None
|
None
|
4,000,000
|
463
|
4,000,463
|
130
|
07/05/02
|
300
|
||||||
|
Brookhaven
|
NY
|
1,500,000
|
745
|
None
|
None
|
1,500,000
|
745
|
1,500,745
|
312
|
07/23/99
|
300
|
||||||
|
Riverhead
|
NY
|
6,200,000
|
744
|
None
|
None
|
6,200,000
|
744
|
6,200,744
|
311
|
07/23/99
|
300
|
||||||
|
Equipment Rental Services
|
|||||||||||||||||
|
Lake
Worth
|
FL
|
679,079
|
1,262,568
|
None
|
None
|
679,079
|
1,262,568
|
1,941,647
|
326,163
|
07/03/03
|
300
|
||||||
|
Lewisville
|
TX
|
1,010,134
|
1,877,384
|
None
|
None
|
1,010,134
|
1,877,384
|
2,887,518
|
484,991
|
07/03/03
|
300
|
||||||
|
Financial Services
|
|||||||||||||||||
|
Phoenix
|
AZ
|
245,137
|
456,324
|
None
|
None
|
245,137
|
456,324
|
701,461
|
34,224
|
02/01/08
|
300
|
||||||
|
Canon
City
|
CO
|
66,500
|
147,699
|
None
|
146
|
66,500
|
147,845
|
214,345
|
129,653
|
11/12/87
|
300
|
||||||
|
Colorado
Springs
|
CO
|
313,250
|
695,730
|
40,500
|
20,171
|
313,250
|
756,401
|
1,069,651
|
690,144
|
03/10/87
|
300
|
||||||
|
Clearwater
|
FL
|
476,179
|
725,023
|
6,500
|
120
|
476,179
|
731,643
|
1,207,822
|
322,416
|
12/31/98
|
300
|
||||||
|
Orlando
|
FL
|
532,556
|
940,177
|
None
|
None
|
532,556
|
940,177
|
1,472,733
|
130,025
|
06/09/06
|
12/15/05
|
300
|
|||||
|
Hinesville
|
GA
|
172,611
|
383,376
|
23,850
|
17,822
|
172,611
|
425,048
|
597,659
|
339,436
|
12/22/87
|
300
|
||||||
|
Couer
D'Alene
|
ID
|
165,900
|
368,468
|
None
|
None
|
165,900
|
368,468
|
534,368
|
325,725
|
09/21/87
|
300
|
||||||
|
Blue
Springs
|
MO
|
222,569
|
494,333
|
None
|
56
|
222,569
|
494,389
|
716,958
|
400,080
|
07/31/89
|
300
|
||||||
|
Albuquerque
|
NM
|
80,500
|
178,794
|
8,003
|
299
|
80,500
|
187,096
|
267,596
|
159,087
|
10/29/87
|
300
|
||||||
|
Santa
Fe
|
NM
|
70,000
|
155,473
|
None
|
327
|
70,000
|
155,800
|
225,800
|
137,077
|
10/29/87
|
300
|
||||||
|
Pasadena
|
TX
|
385,199
|
716,468
|
None
|
None
|
385,199
|
716,468
|
1,101,667
|
53,735
|
02/01/08
|
300
|
||||||
|
Madison
|
WI
|
154,375
|
287,794
|
None
|
None
|
154,375
|
287,794
|
442,169
|
21,585
|
02/01/08
|
300
|
||||||
|
Milwaukee
|
WI
|
265,985
|
495,071
|
None
|
None
|
265,985
|
495,071
|
761,056
|
37,130
|
02/01/08
|
300
|
||||||
|
General Merchandise
|
|||||||||||||||||
|
Canon
City
|
CO
|
339,045
|
630,531
|
None
|
None
|
339,045
|
630,531
|
969,576
|
78,816
|
11/02/06
|
300
|
||||||
|
Monte
Vista
|
CO
|
47,652
|
582,159
|
None
|
None
|
47,652
|
582,159
|
629,811
|
257,134
|
12/23/98
|
300
|
||||||
|
Groveland
|
FL
|
101,782
|
189,258
|
None
|
189
|
101,782
|
189,447
|
291,229
|
81,750
|
03/31/99
|
300
|
||||||
|
Clarinda
|
IA
|
439,267
|
816,010
|
None
|
None
|
439,267
|
816,010
|
1,255,277
|
118,321
|
05/25/06
|
300
|
||||||
|
Garnett
|
KS
|
59,690
|
518,121
|
None
|
None
|
59,690
|
518,121
|
577,811
|
228,850
|
12/23/98
|
300
|
||||||
|
Cost Capitalized
|
Life
on
|
||||||||||||||||
|
Subsequent
|
Gross Amount at Which Carried |
|
which
|
||||||||||||||
| Initial Cost to Company |
|
to
Acquisition
|
at Close of Period (Notes 2, 3, 5, 6 and 7) |
|
depreciation
|
||||||||||||
|
Buildings,
|
Buildings,
|
in
latest
|
|||||||||||||||
|
Improvements
|
Improvements
|
Income
|
|||||||||||||||
|
and
|
and
|
Accumulated
|
Statement
is
|
||||||||||||||
|
Description
|
Acquisition
|
Carrying
|
Acquisition
|
Depreciation
|
Date
of
|
Date
|
Computed
|
||||||||||
|
(Note
1)
|
Land
|
Fees
|
Improvements
|
Costs
|
Land
|
Fees
|
Total
|
(Note
4)
|
Construction
|
Acquired
|
(in
Months)
|
||||||
|
Hillsboro
|
KS
|
335,292
|
622,914
|
None
|
None
|
335,292
|
622,914
|
958,206
|
90,323
|
05/25/06
|
300
|
||||||
|
Phillipsburg
|
KS
|
423,725
|
787,146
|
None
|
None
|
423,725
|
787,146
|
1,210,871
|
114,136
|
05/25/06
|
300
|
||||||
|
Caledonia
|
MN
|
89,723
|
559,300
|
None
|
None
|
89,723
|
559,300
|
649,023
|
247,041
|
12/23/98
|
300
|
||||||
|
Long
Prarie
|
MN
|
88,892
|
553,997
|
None
|
None
|
88,892
|
553,997
|
642,889
|
244,697
|
12/23/98
|
300
|
||||||
|
Paynesvile
|
MN
|
49,483
|
525,406
|
None
|
None
|
49,483
|
525,406
|
574,889
|
232,069
|
12/23/98
|
300
|
||||||
|
Spring
Valley
|
MN
|
69,785
|
579,238
|
None
|
None
|
69,785
|
579,238
|
649,023
|
255,847
|
12/23/98
|
300
|
||||||
|
Warroad
|
MN
|
70,000
|
580,000
|
None
|
None
|
70,000
|
580,000
|
650,000
|
256,167
|
12/23/98
|
300
|
||||||
|
Independence
|
MO
|
210,643
|
467,844
|
None
|
None
|
210,643
|
467,844
|
678,487
|
378,588
|
07/31/89
|
300
|
||||||
|
Kansas
City
|
MO
|
210,070
|
466,571
|
None
|
202
|
210,070
|
466,773
|
676,843
|
399,703
|
05/13/88
|
300
|
||||||
|
Kansas
City
|
MO
|
168,350
|
373,910
|
None
|
202
|
168,350
|
374,112
|
542,462
|
320,346
|
05/26/88
|
300
|
||||||
|
Willow
Springs
|
MO
|
416,494
|
773,718
|
None
|
None
|
416,494
|
773,718
|
1,190,212
|
112,189
|
05/25/06
|
300
|
||||||
|
Mayville
|
ND
|
59,333
|
565,562
|
None
|
None
|
59,333
|
565,562
|
624,895
|
249,821
|
12/23/98
|
300
|
||||||
|
Ainsworth
|
NE
|
362,675
|
673,768
|
None
|
None
|
362,675
|
673,768
|
1,036,443
|
97,696
|
05/25/06
|
300
|
||||||
|
Imperial
|
NE
|
388,599
|
721,914
|
None
|
None
|
388,599
|
721,914
|
1,110,513
|
102,271
|
06/28/06
|
300
|
||||||
|
Bloomfield
|
NM
|
59,559
|
616,252
|
None
|
None
|
59,559
|
616,252
|
675,811
|
272,192
|
12/23/98
|
300
|
||||||
|
Milwaukie
|
OR
|
180,250
|
400,336
|
49,088
|
24,082
|
180,250
|
473,506
|
653,756
|
371,312
|
08/06/87
|
300
|
||||||
|
Memphis
|
TN
|
197,708
|
507,647
|
17,670
|
23,366
|
197,708
|
548,683
|
746,391
|
234,144
|
09/30/98
|
300
|
||||||
|
Amarillo
|
TX
|
140,000
|
419,734
|
None
|
173
|
140,000
|
419,907
|
559,907
|
353,724
|
09/12/88
|
300
|
||||||
|
Coleman
|
TX
|
243,060
|
451,661
|
None
|
None
|
243,060
|
451,661
|
694,721
|
65,491
|
05/25/06
|
300
|
||||||
|
Colorado
City
|
TX
|
92,535
|
505,276
|
None
|
None
|
92,535
|
505,276
|
597,811
|
223,177
|
12/23/98
|
300
|
||||||
|
Devine
|
TX
|
212,408
|
394,735
|
None
|
None
|
212,408
|
394,735
|
607,143
|
57,237
|
05/25/06
|
300
|
||||||
|
Midland
|
TX
|
544,075
|
1,322,431
|
None
|
None
|
544,075
|
1,322,431
|
1,866,506
|
628,042
|
02/03/98
|
300
|
||||||
|
Presidio
|
TX
|
407,657
|
757,362
|
None
|
None
|
407,657
|
757,362
|
1,165,019
|
109,817
|
05/25/06
|
300
|
||||||
|
Winnsboro
|
TX
|
79,280
|
1,299,056
|
None
|
None
|
79,280
|
1,299,056
|
1,378,336
|
162,572
|
10/19/06
|
09/07/06
|
300
|
|||||
|
Yoakum
|
TX
|
390,147
|
724,821
|
None
|
None
|
390,147
|
724,821
|
1,114,968
|
105,099
|
05/25/06
|
300
|
||||||
|
Puyallup
|
WA
|
173,250
|
384,795
|
None
|
22,956
|
173,250
|
407,751
|
581,001
|
345,385
|
09/15/87
|
300
|
||||||
|
Redmond
|
WA
|
196,000
|
435,317
|
42,356
|
29,290
|
196,000
|
506,963
|
702,963
|
392,293
|
09/17/87
|
300
|
||||||
|
Tacoma
|
WA
|
189,000
|
419,777
|
None
|
19,263
|
189,000
|
439,040
|
628,040
|
377,086
|
08/25/87
|
300
|
||||||
|
Grocery Stores
|
|||||||||||||||||
|
Cloverdale
|
CA
|
1,505,000
|
2,795,321
|
None
|
None
|
1,505,000
|
2,795,321
|
4,300,321
|
703,489
|
09/30/03
|
300
|
||||||
|
Fortuna
|
CA
|
1,190,000
|
2,210,308
|
None
|
None
|
1,190,000
|
2,210,308
|
3,400,308
|
556,261
|
09/30/03
|
300
|
||||||
|
Boulder
|
CO
|
426,675
|
1,199,508
|
None
|
91,455
|
426,675
|
1,290,963
|
1,717,638
|
1,060,217
|
01/05/84
|
180
|
||||||
|
Council
Bluffs
|
IA
|
255,217
|
117,792
|
47,188
|
16,846
|
255,217
|
181,826
|
437,043
|
87,187
|
11/26/96
|
300
|
||||||
|
Warsaw
|
IN
|
2,140,000
|
4,689,646
|
None
|
None
|
2,140,000
|
4,689,646
|
6,829,646
|
539,298
|
02/09/07
|
300
|
||||||
|
Reno
|
NV
|
456,000
|
562,344
|
19,733
|
30,571
|
456,000
|
612,648
|
1,068,648
|
491,873
|
05/26/88
|
300
|
||||||
|
Central
Point
|
OR
|
840,000
|
1,560,308
|
None
|
None
|
840,000
|
1,560,308
|
2,400,308
|
392,677
|
09/30/03
|
300
|
||||||
|
Phoenix
|
OR
|
840,000
|
1,560,308
|
None
|
None
|
840,000
|
1,560,308
|
2,400,308
|
392,677
|
09/30/03
|
300
|
||||||
|
Sheboygan
|
WI
|
1,513,216
|
4,427,968
|
15,220
|
10,182
|
1,513,216
|
4,453,370
|
5,966,586
|
1,852,260
|
06/03/99
|
08/24/98
|
300
|
|||||
|
Health and Fitness
|
|||||||||||||||||
|
Paradise
Valley
|
AZ
|
2,608,389
|
3,418,783
|
None
|
None
|
2,608,389
|
3,418,783
|
6,027,172
|
1,076,883
|
06/06/02
|
06/26/01
|
300
|
|||||
|
Diamond
Bar
|
CA
|
3,038,879
|
4,338,722
|
None
|
None
|
3,038,879
|
4,338,722
|
7,377,601
|
1,771,124
|
03/21/00
|
09/29/98
|
300
|
|||||
|
Norco
|
CA
|
1,247,243
|
3,807,569
|
None
|
None
|
1,247,243
|
3,807,569
|
5,054,812
|
1,489,291
|
12/13/00
|
06/29/99
|
300
|
|||||
|
Casselberry
|
FL
|
1,979,598
|
8,256,394
|
14,554
|
171,522
|
1,979,598
|
8,442,470
|
10,422,068
|
3,009,331
|
12/30/03
|
05/31/95
|
300
|
|||||
|
Coral
Springs
|
FL
|
891,496
|
2,798,204
|
None
|
None
|
891,496
|
2,798,204
|
3,689,700
|
1,253,482
|
11/03/98
|
03/30/98
|
300
|
|||||
|
Hialeah
|
FL
|
2,104,393
|
3,910,500
|
None
|
None
|
2,104,393
|
3,910,500
|
6,014,893
|
436,656
|
03/26/07
|
300
|
||||||
|
Miami
|
FL
|
3,115,101
|
4,439,526
|
None
|
None
|
3,115,101
|
4,439,526
|
7,554,627
|
1,700,897
|
05/19/00
|
06/07/99
|
300
|
|||||
|
Oakland
Park
|
FL
|
2,800,000
|
2,196,480
|
None
|
None
|
2,800,000
|
2,196,480
|
4,996,480
|
651,814
|
07/06/01
|
03/27/01
|
300
|
|||||
|
Orlando
|
FL
|
2,144,778
|
3,755,905
|
None
|
None
|
2,144,778
|
3,755,905
|
5,900,683
|
923,432
|
08/07/03
|
11/26/02
|
300
|
|||||
|
Pembroke
Pines
|
FL
|
1,714,388
|
4,387,824
|
None
|
None
|
1,714,388
|
4,387,824
|
6,102,212
|
1,595,513
|
12/11/00
|
10/01/99
|
300
|
|||||
|
Alsip
|
IL
|
2,944,221
|
5,467,839
|
None
|
None
|
2,944,221
|
5,467,839
|
8,412,060
|
9,113
|
12/30/09
|
300
|
||||||
|
Bolinbrook
|
IL
|
3,010,512
|
8,161,186
|
None
|
None
|
3,010,512
|
8,161,186
|
11,171,698
|
675,176
|
10/26/07
|
01/24/07
|
300
|
|||||
|
Glendale
Heights
|
IL
|
1,213,770
|
2,255,063
|
None
|
None
|
1,213,770
|
2,255,063
|
3,468,833
|
251,813
|
03/26/07
|
300
|
||||||
|
Waukegan
|
IL
|
2,961,950
|
5,500,766
|
None
|
None
|
2,961,950
|
5,500,766
|
8,462,716
|
9,168
|
12/30/09
|
300
|
||||||
|
Cost Capitalized
|
Life
on
|
||||||||||||||||
|
Subsequent
|
Gross Amount at Which Carried |
|
which
|
||||||||||||||
| Initial Cost to Company |
|
to
Acquisition
|
at Close of Period (Notes 2, 3, 5, 6 and 7) |
|
depreciation
|
||||||||||||
|
Buildings,
|
Buildings,
|
in
latest
|
|||||||||||||||
|
Improvements
|
Improvements
|
Income
|
|||||||||||||||
|
and
|
and
|
Accumulated
|
Statement
is
|
||||||||||||||
|
Description
|
Acquisition
|
Carrying
|
Acquisition
|
Depreciation
|
Date
of
|
Date
|
Computed
|
||||||||||
|
(Note
1)
|
Land
|
Fees
|
Improvements
|
Costs
|
Land
|
Fees
|
Total
|
(Note
4)
|
Construction
|
Acquired
|
(in
Months)
|
||||||
|
Indianapolis
|
IN
|
3,008,186
|
6,999,881
|
None
|
None
|
3,008,186
|
6,999,881
|
10,008,067
|
737,603
|
03/20/07
|
08/03/06
|
300
|
|||||
|
Southport
|
IN
|
2,121,873
|
7,522,735
|
None
|
None
|
2,121,873
|
7,522,735
|
9,644,608
|
574,196
|
12/20/07
|
06/08/07
|
300
|
|||||
|
Nottingham
|
MD
|
3,055,453
|
5,675,230
|
None
|
None
|
3,055,453
|
5,675,230
|
8,730,683
|
633,733
|
03/26/07
|
300
|
||||||
|
Roseville
|
MN
|
3,611,925
|
8,804,654
|
None
|
None
|
3,611,925
|
8,804,654
|
12,416,579
|
675,965
|
06/05/08
|
04/18/07
|
300
|
|||||
|
East
Brunswick
|
NJ
|
1,654,529
|
3,073,912
|
None
|
None
|
1,654,529
|
3,073,912
|
4,728,441
|
353,499
|
02/16/07
|
300
|
||||||
|
Yonkers
|
NY
|
1,488,894
|
2,765,894
|
None
|
None
|
1,488,894
|
2,765,894
|
4,254,788
|
308,857
|
03/26/07
|
300
|
||||||
|
Beachwood
|
OH
|
1,504,354
|
2,794,305
|
None
|
None
|
1,504,354
|
2,794,305
|
4,298,659
|
321,339
|
02/16/07
|
300
|
||||||
|
Philadelphia
|
PA
|
2,254,830
|
4,188,725
|
None
|
None
|
2,254,830
|
4,188,725
|
6,443,555
|
481,703
|
02/16/07
|
300
|
||||||
|
Cypress
|
TX
|
1,417,377
|
5,696,789
|
None
|
None
|
1,417,377
|
5,696,789
|
7,114,166
|
806,964
|
05/15/06
|
09/14/05
|
300
|
|||||
|
Dallas
|
TX
|
5,293,733
|
6,555,637
|
None
|
None
|
5,293,733
|
6,555,637
|
11,849,370
|
866,585
|
08/04/06
|
11/09/05
|
300
|
|||||
|
Fort
Worth
|
TX
|
1,445,901
|
5,277,886
|
None
|
None
|
1,445,901
|
5,277,886
|
6,723,787
|
2,020,287
|
06/02/00
|
06/30/99
|
300
|
|||||
|
Keller
|
TX
|
1,478,222
|
5,679,604
|
None
|
None
|
1,478,222
|
5,679,604
|
7,157,826
|
951,711
|
09/08/05
|
12/16/04
|
300
|
|||||
|
McKinney
|
TX
|
1,805,460
|
5,972,111
|
None
|
None
|
1,805,460
|
5,972,111
|
7,777,571
|
946,554
|
12/07/05
|
04/20/05
|
300
|
|||||
|
Plano
|
TX
|
3,178,115
|
5,832,224
|
None
|
None
|
3,178,115
|
5,832,224
|
9,010,339
|
924,579
|
12/06/05
|
04/22/05
|
300
|
|||||
|
San
Antonio
|
TX
|
1,120,000
|
2,075,196
|
None
|
None
|
1,120,000
|
2,075,196
|
3,195,196
|
38,045
|
07/29/09
|
300
|
||||||
|
San
Antonio
|
TX
|
1,200,000
|
2,489,568
|
None
|
None
|
1,200,000
|
2,489,568
|
3,689,568
|
45,642
|
07/29/09
|
300
|
||||||
|
Kent
|
WA
|
4,086,250
|
7,588,750
|
None
|
None
|
4,086,250
|
7,588,750
|
11,675,000
|
12,648
|
12/21/09
|
300
|
||||||
|
Home Furnishings
|
|||||||||||||||||
|
Osceola
|
AR
|
88,759
|
520,047
|
4,083
|
None
|
88,759
|
524,130
|
612,889
|
240,129
|
06/30/98
|
300
|
||||||
|
Danbury
|
CT
|
643,736
|
3,621,163
|
41,456
|
None
|
643,736
|
3,662,619
|
4,306,355
|
1,810,788
|
09/30/97
|
300
|
||||||
|
Brandon
|
FL
|
430,000
|
1,020,608
|
None
|
218
|
430,000
|
1,020,826
|
1,450,826
|
471,192
|
06/26/98
|
300
|
||||||
|
Jupiter
|
FL
|
1,698,316
|
3,209,801
|
None
|
106
|
1,698,316
|
3,209,907
|
4,908,223
|
1,235,739
|
05/03/00
|
300
|
||||||
|
Melbourne
|
FL
|
269,697
|
522,414
|
None
|
220
|
269,697
|
522,634
|
792,331
|
274,327
|
11/26/96
|
300
|
||||||
|
Ocala
|
FL
|
339,690
|
543,504
|
None
|
12,737
|
339,690
|
556,241
|
895,931
|
286,136
|
11/26/96
|
300
|
||||||
|
Tampa
|
FL
|
685,000
|
885,624
|
None
|
218
|
685,000
|
885,842
|
1,570,842
|
408,875
|
06/26/98
|
300
|
||||||
|
Tampa
|
FL
|
494,763
|
767,737
|
71,880
|
1,854
|
494,763
|
841,471
|
1,336,234
|
412,641
|
12/31/98
|
300
|
||||||
|
West Palm
Beach
|
FL
|
347,651
|
706,081
|
69,111
|
32,441
|
347,651
|
807,633
|
1,155,284
|
364,853
|
12/31/98
|
300
|
||||||
|
Rome
|
GA
|
254,902
|
486,812
|
None
|
455
|
254,902
|
487,267
|
742,169
|
255,699
|
11/26/96
|
300
|
||||||
|
Davenport
|
IA
|
270,000
|
930,689
|
None
|
146
|
270,000
|
930,835
|
1,200,835
|
429,732
|
06/26/98
|
300
|
||||||
|
Boise
|
ID
|
158,400
|
351,812
|
None
|
5,602
|
158,400
|
357,414
|
515,814
|
304,258
|
05/06/88
|
300
|
||||||
|
Nampa
|
ID
|
183,743
|
408,101
|
None
|
6,375
|
183,743
|
414,476
|
598,219
|
352,780
|
05/06/88
|
300
|
||||||
|
Joilet
|
IL
|
440,000
|
910,689
|
None
|
244
|
440,000
|
910,933
|
1,350,933
|
420,449
|
06/26/98
|
300
|
||||||
|
Anderson
|
IN
|
180,628
|
653,162
|
100,170
|
15,955
|
180,628
|
769,287
|
949,915
|
370,462
|
11/26/96
|
300
|
||||||
|
Wichita
|
KS
|
430,000
|
740,725
|
None
|
146
|
430,000
|
740,871
|
1,170,871
|
342,031
|
06/26/98
|
300
|
||||||
|
Alexandria
|
LA
|
400,000
|
810,608
|
None
|
None
|
400,000
|
810,608
|
1,210,608
|
374,229
|
06/26/98
|
300
|
||||||
|
Monroe
|
LA
|
450,000
|
835,608
|
None
|
None
|
450,000
|
835,608
|
1,285,608
|
385,770
|
06/26/98
|
300
|
||||||
|
Shreveport
|
LA
|
525,000
|
725,642
|
None
|
None
|
525,000
|
725,642
|
1,250,642
|
335,003
|
06/26/98
|
300
|
||||||
|
Battle
Creek
|
MI
|
485,000
|
895,689
|
None
|
209
|
485,000
|
895,898
|
1,380,898
|
413,527
|
06/26/98
|
300
|
||||||
|
Eden
Prairie
|
MN
|
500,502
|
1,055,244
|
None
|
None
|
500,502
|
1,055,244
|
1,555,746
|
458,995
|
03/01/99
|
300
|
||||||
|
Gulfport
|
MS
|
299,464
|
502,326
|
49,988
|
16,756
|
299,464
|
569,070
|
868,534
|
276,533
|
11/26/96
|
300
|
||||||
|
Hattiesburg
|
MS
|
300,000
|
660,608
|
None
|
None
|
300,000
|
660,608
|
960,608
|
304,979
|
06/26/98
|
300
|
||||||
|
Ridgeland
|
MS
|
281,867
|
769,890
|
None
|
211
|
281,867
|
770,101
|
1,051,968
|
386,261
|
06/27/97
|
300
|
||||||
|
Omaha
|
NE
|
1,956,296
|
3,949,402
|
None
|
None
|
1,956,296
|
3,949,402
|
5,905,698
|
2,007,387
|
04/04/97
|
300
|
||||||
|
Staten
Island
|
NY
|
3,190,883
|
2,569,802
|
9,932
|
31
|
3,190,883
|
2,579,765
|
5,770,648
|
1,212,162
|
03/26/98
|
300
|
||||||
|
Lancaster
|
OH
|
250,000
|
830,689
|
None
|
230
|
250,000
|
830,919
|
1,080,919
|
383,587
|
06/26/98
|
300
|
||||||
|
Altoona
|
PA
|
455,000
|
745,694
|
None
|
None
|
455,000
|
745,694
|
1,200,694
|
344,260
|
06/26/98
|
300
|
||||||
|
Erie
|
PA
|
510,000
|
900,689
|
None
|
None
|
510,000
|
900,689
|
1,410,689
|
415,816
|
06/26/98
|
300
|
||||||
|
Pennsdale
|
PA
|
315,000
|
835,648
|
None
|
None
|
315,000
|
835,648
|
1,150,648
|
385,788
|
06/26/98
|
300
|
||||||
|
Whitehall
|
PA
|
515,525
|
1,146,868
|
None
|
457
|
515,525
|
1,147,325
|
1,662,850
|
529,710
|
06/30/98
|
300
|
||||||
|
Columbia
|
SC
|
600,000
|
900,725
|
None
|
428
|
600,000
|
901,153
|
1,501,153
|
416,013
|
06/26/98
|
300
|
||||||
|
Jackson
|
TN
|
380,000
|
750,608
|
None
|
82
|
380,000
|
750,690
|
1,130,690
|
346,536
|
06/26/98
|
300
|
||||||
|
Memphis
|
TN
|
804,262
|
1,432,520
|
None
|
192
|
804,262
|
1,432,712
|
2,236,974
|
718,551
|
06/30/97
|
300
|
||||||
|
Abilene
|
TX
|
400,000
|
680,616
|
None
|
None
|
400,000
|
680,616
|
1,080,616
|
314,215
|
06/26/98
|
300
|
||||||
|
Cedar
Park
|
TX
|
253,591
|
827,237
|
None
|
3,011
|
253,591
|
830,248
|
1,083,839
|
424,699
|
03/26/97
|
300
|
||||||
|
Cost Capitalized
|
Life
on
|
||||||||||||||||
|
Subsequent
|
Gross Amount at Which Carried |
|
which
|
||||||||||||||
| Initial Cost to Company |
|
to
Acquisition
|
at Close of Period (Notes 2, 3, 5, 6 and 7) |
|
depreciation
|
||||||||||||
|
Buildings,
|
Buildings,
|
in
latest
|
|||||||||||||||
|
Improvements
|
Improvements
|
Income
|
|||||||||||||||
|
and
|
and
|
Accumulated
|
Statement
is
|
||||||||||||||
|
Description
|
Acquisition
|
Carrying
|
Acquisition
|
Depreciation
|
Date
of
|
Date
|
Computed
|
||||||||||
|
(Note
1)
|
Land
|
Fees
|
Improvements
|
Costs
|
Land
|
Fees
|
Total
|
(Note
4)
|
Construction
|
Acquired
|
(in
Months)
|
||||||
|
Houston
|
TX
|
867,767
|
687,042
|
163,642
|
2,277
|
867,767
|
852,961
|
1,720,728
|
365,350
|
03/07/97
|
300
|
||||||
|
Plainview
|
TX
|
125,000
|
734,558
|
40,000
|
10,725
|
125,000
|
785,283
|
910,283
|
457,692
|
01/24/84
|
180
|
||||||
|
San
Antonio
|
TX
|
323,451
|
637,991
|
47,914
|
34,266
|
323,451
|
720,171
|
1,043,622
|
360,185
|
12/31/98
|
300
|
||||||
|
Spring
|
TX
|
1,794,872
|
1,810,069
|
35,899
|
152
|
1,794,872
|
1,846,120
|
3,640,992
|
891,083
|
09/29/97
|
300
|
||||||
|
Webster
|
TX
|
283,604
|
538,002
|
2,470
|
226
|
283,604
|
540,698
|
824,302
|
271,363
|
06/13/97
|
300
|
||||||
|
Lacey
|
WA
|
171,150
|
380,125
|
21,071
|
117
|
171,150
|
401,313
|
572,463
|
342,725
|
08/13/87
|
300
|
||||||
|
Pasco
|
WA
|
161,700
|
359,142
|
56,707
|
7,222
|
161,700
|
423,071
|
584,771
|
320,860
|
08/18/87
|
300
|
||||||
|
Eau
Claire
|
WI
|
260,000
|
820,689
|
None
|
146
|
260,000
|
820,835
|
1,080,835
|
378,948
|
06/26/98
|
300
|
||||||
|
La
Crosse
|
WI
|
372,883
|
877,812
|
None
|
146
|
372,883
|
877,958
|
1,250,841
|
405,320
|
06/26/98
|
300
|
||||||
|
Home Improvement
|
|||||||||||||||||
|
Lawndale
|
CA
|
667,007
|
1,238,841
|
None
|
None
|
667,007
|
1,238,841
|
1,905,848
|
547,153
|
12/31/98
|
300
|
||||||
|
Los
Angeles
|
CA
|
902,494
|
1,676,204
|
None
|
None
|
902,494
|
1,676,204
|
2,578,698
|
740,321
|
12/31/98
|
300
|
||||||
|
Los
Angeles
|
CA
|
163,668
|
304,097
|
None
|
78
|
163,668
|
304,175
|
467,843
|
134,349
|
12/31/98
|
300
|
||||||
|
Van
Nuys
|
CA
|
750,293
|
1,393,545
|
None
|
None
|
750,293
|
1,393,545
|
2,143,838
|
615,480
|
12/31/98
|
300
|
||||||
|
West
Covina
|
CA
|
311,040
|
577,733
|
None
|
None
|
311,040
|
577,733
|
888,773
|
255,165
|
12/31/98
|
300
|
||||||
|
Orange
Park
|
FL
|
478,314
|
618,348
|
None
|
None
|
478,314
|
618,348
|
1,096,662
|
273,092
|
12/31/98
|
300
|
||||||
|
Pensacola
|
FL
|
419,842
|
1,899,287
|
63,585
|
240
|
419,842
|
1,963,112
|
2,382,954
|
1,024,264
|
11/26/96
|
300
|
||||||
|
Des
Moines
|
IA
|
225,771
|
682,604
|
None
|
None
|
225,771
|
682,604
|
908,375
|
299,200
|
01/29/99
|
300
|
||||||
|
Broadview
|
IL
|
345,166
|
641,739
|
None
|
None
|
345,166
|
641,739
|
986,905
|
283,445
|
12/31/98
|
300
|
||||||
|
Springfield
|
IL
|
219,859
|
630,595
|
17,583
|
17
|
219,859
|
648,195
|
868,054
|
334,120
|
11/26/96
|
300
|
||||||
|
Lenexa
|
KS
|
1,051,077
|
1,952,233
|
None
|
None
|
1,051,077
|
1,952,233
|
3,003,310
|
309,104
|
01/06/06
|
300
|
||||||
|
Baltimore
|
MD
|
171,320
|
318,882
|
None
|
86
|
171,320
|
318,968
|
490,288
|
140,857
|
12/31/98
|
300
|
||||||
|
Blue
Springs
|
MO
|
870,071
|
1,616,080
|
None
|
None
|
870,071
|
1,616,080
|
2,486,151
|
255,879
|
01/06/06
|
300
|
||||||
|
Chillicothe
|
MO
|
804,948
|
1,495,138
|
None
|
None
|
804,948
|
1,495,138
|
2,300,086
|
236,730
|
01/06/06
|
300
|
||||||
|
Columbia
|
MO
|
2,039,436
|
3,787,757
|
None
|
30
|
2,039,436
|
3,787,787
|
5,827,223
|
599,733
|
01/06/06
|
300
|
||||||
|
Columbia,
|
MO
|
1,080,521
|
2,006,915
|
None
|
None
|
1,080,521
|
2,006,915
|
3,087,436
|
317,762
|
01/06/06
|
300
|
||||||
|
Fulton
|
MO
|
791,603
|
1,470,353
|
None
|
None
|
791,603
|
1,470,353
|
2,261,956
|
232,806
|
01/06/06
|
300
|
||||||
|
Jefferson
City
|
MO
|
1,481,299
|
2,751,217
|
None
|
None
|
1,481,299
|
2,751,217
|
4,232,516
|
435,609
|
01/06/06
|
300
|
||||||
|
Kirksville
|
MO
|
1,421,788
|
2,640,696
|
None
|
None
|
1,421,788
|
2,640,696
|
4,062,484
|
418,110
|
01/06/06
|
300
|
||||||
|
Macon
|
MO
|
493,394
|
916,537
|
None
|
None
|
493,394
|
916,537
|
1,409,931
|
145,118
|
01/06/06
|
300
|
||||||
|
Moberly
|
MO
|
1,293,387
|
2,402,283
|
None
|
None
|
1,293,387
|
2,402,283
|
3,695,670
|
380,360
|
01/06/06
|
300
|
||||||
|
Omaha
|
NE
|
1,515,773
|
2,816,678
|
None
|
None
|
1,515,773
|
2,816,678
|
4,332,451
|
445,975
|
01/06/06
|
300
|
||||||
|
Rochester
|
NY
|
158,168
|
294,456
|
None
|
None
|
158,168
|
294,456
|
452,624
|
130,062
|
12/31/98
|
300
|
||||||
|
Carrollton
|
TX
|
201,569
|
374,342
|
None
|
None
|
201,569
|
374,342
|
575,911
|
90,466
|
12/05/03
|
300
|
||||||
|
Mesquite
|
TX
|
1,049,287
|
1,949,085
|
134,528
|
76,032
|
1,049,287
|
2,159,645
|
3,208,932
|
750,655
|
03/28/02
|
300
|
||||||
|
Midland
|
TX
|
1,590,052
|
2,953,473
|
None
|
None
|
1,590,052
|
2,953,473
|
4,543,525
|
467,633
|
01/06/06
|
300
|
||||||
|
Odessa
|
TX
|
1,346,834
|
2,501,783
|
None
|
None
|
1,346,834
|
2,501,783
|
3,848,617
|
396,116
|
01/06/06
|
300
|
||||||
|
Pasadena
|
TX
|
147,535
|
274,521
|
None
|
None
|
147,535
|
274,521
|
422,056
|
121,249
|
12/31/98
|
300
|
||||||
|
Plano
|
TX
|
363,851
|
676,249
|
None
|
None
|
363,851
|
676,249
|
1,040,100
|
298,679
|
12/31/98
|
300
|
||||||
|
San
Antonio
|
TX
|
367,890
|
683,750
|
None
|
None
|
367,890
|
683,750
|
1,051,640
|
301,992
|
12/31/98
|
300
|
||||||
|
Chesapeake
|
VA
|
144,014
|
649,869
|
None
|
11,754
|
144,014
|
661,623
|
805,637
|
616,379
|
12/22/86
|
300
|
||||||
|
Spokane
|
WA
|
66,150
|
146,921
|
None
|
242
|
66,150
|
147,163
|
213,313
|
128,979
|
11/18/87
|
300
|
||||||
|
Motor Vehicle Delaerships
|
|||||||||||||||||
|
Robertsdale
|
AL
|
3,026,015
|
6,117,490
|
None
|
None
|
3,026,015
|
6,117,490
|
9,143,505
|
736,961
|
01/29/07
|
04/07/06
|
300
|
|||||
|
Golden
|
CO
|
4,004,339
|
1,602,070
|
-155,187
|
196
|
3,849,152
|
1,602,266
|
5,451,418
|
344,479
|
08/25/04
|
300
|
||||||
|
Longmont
|
CO
|
2,502,092
|
6,906,609
|
None
|
None
|
2,502,092
|
6,906,609
|
9,408,701
|
1,484,920
|
08/25/04
|
300
|
||||||
|
Gulf
Breeze
|
FL
|
3,518,413
|
905,480
|
None
|
None
|
3,518,413
|
905,480
|
4,423,893
|
134,313
|
04/07/06
|
300
|
||||||
|
Snellville
|
GA
|
1,137,266
|
3,221,767
|
None
|
51
|
1,137,266
|
3,221,818
|
4,359,084
|
519,878
|
10/25/05
|
300
|
||||||
|
Woodstock
|
GA
|
2,509,102
|
2,509,993
|
None
|
None
|
2,509,102
|
2,509,993
|
5,019,095
|
422,515
|
10/25/05
|
300
|
||||||
|
Island
Lake
|
IL
|
2,107,134
|
6,383,412
|
None
|
None
|
2,107,134
|
6,383,412
|
8,490,546
|
1,168,524
|
12/31/04
|
300
|
||||||
|
Colfax
|
NC
|
1,125,979
|
2,196,033
|
None
|
None
|
1,125,979
|
2,196,033
|
3,322,012
|
440,452
|
12/31/04
|
300
|
||||||
|
Statesville
|
NC
|
2,353,825
|
4,159,653
|
None
|
None
|
2,353,825
|
4,159,653
|
6,513,478
|
810,613
|
05/13/04
|
300
|
||||||
|
Chichester
|
NH
|
578,314
|
4,546,307
|
None
|
None
|
578,314
|
4,546,307
|
5,124,621
|
899,874
|
10/01/04
|
300
|
||||||
|
Cost Capitalized
|
Life
on
|
||||||||||||||||
|
Subsequent
|
Gross Amount at Which Carried |
|
which
|
||||||||||||||
| Initial Cost to Company |
|
to
Acquisition
|
at Close of Period (Notes 2, 3, 5, 6 and 7) |
|
depreciation
|
||||||||||||
|
Buildings,
|
Buildings,
|
in
latest
|
|||||||||||||||
|
Improvements
|
Improvements
|
Income
|
|||||||||||||||
|
and
|
and
|
Accumulated
|
Statement
is
|
||||||||||||||
|
Description
|
Acquisition
|
Carrying
|
Acquisition
|
Depreciation
|
Date
of
|
Date
|
Computed
|
||||||||||
|
(Note
1)
|
Land
|
Fees
|
Improvements
|
Costs
|
Land
|
Fees
|
Total
|
(Note
4)
|
Construction
|
Acquired
|
(in
Months)
|
||||||
|
Churchville
|
NY
|
1,000,000
|
5,755,166
|
None
|
None
|
1,000,000
|
5,755,166
|
6,755,166
|
821,089
|
06/06/06
|
03/23/06
|
300
|
|||||
|
Green
|
OH
|
715,953
|
554,589
|
None
|
None
|
715,953
|
554,589
|
1,270,542
|
95,637
|
02/13/06
|
01/19/05
|
300
|
|||||
|
Hillsboro
|
OR
|
1,611,084
|
1,936,755
|
None
|
None
|
1,611,084
|
1,936,755
|
3,547,839
|
255,006
|
09/01/06
|
300
|
||||||
|
Woods
Village
|
OR
|
3,822,277
|
5,687,110
|
None
|
None
|
3,822,277
|
5,687,110
|
9,509,387
|
684,247
|
09/01/06
|
300
|
||||||
|
Myrtle
Beach
|
SC
|
4,099,824
|
2,081,997
|
-1,800,804
|
None
|
2,299,020
|
2,081,997
|
4,381,017
|
398,934
|
07/28/00
|
03/03/05
|
300
|
|||||
|
Austin
|
TX
|
2,100,000
|
3,900,895
|
None
|
None
|
2,100,000
|
3,900,895
|
6,000,895
|
305,568
|
01/31/08
|
300
|
||||||
|
Katy
|
TX
|
1,347,454
|
8,564,135
|
None
|
None
|
1,347,454
|
8,564,135
|
9,911,589
|
1,420,123
|
10/28/05
|
01/25/05
|
300
|
|||||
|
Office Supplies
|
|||||||||||||||||
|
Lakewood
|
CA
|
1,398,387
|
3,098,607
|
None
|
None
|
1,398,387
|
3,098,607
|
4,496,994
|
1,606,036
|
01/29/97
|
300
|
||||||
|
Riverside
|
CA
|
1,410,177
|
1,659,850
|
None
|
None
|
1,410,177
|
1,659,850
|
3,070,027
|
816,027
|
09/17/97
|
300
|
||||||
|
Casselberry
|
FL
|
-
|
1,277,112
|
None
|
None
|
-
|
1,277,112
|
1,277,112
|
210,716
|
07/14/05
|
01/25/05
|
300
|
|||||
|
Hutchinson
|
KS
|
269,964
|
1,704,013
|
52,136
|
None
|
269,964
|
1,756,149
|
2,026,113
|
860,762
|
06/25/97
|
300
|
||||||
|
Salina
|
KS
|
240,423
|
1,829,837
|
51,939
|
None
|
240,423
|
1,881,776
|
2,122,199
|
932,130
|
06/25/97
|
300
|
||||||
|
Sikeston
|
MO
|
409,114
|
2,005,416
|
None
|
None
|
409,114
|
2,005,416
|
2,414,530
|
638,378
|
01/24/02
|
300
|
||||||
|
Helena
|
MT
|
564,241
|
1,503,118
|
14,233
|
None
|
564,241
|
1,517,351
|
2,081,592
|
762,543
|
06/09/97
|
300
|
||||||
|
Asheboro
|
NC
|
465,557
|
2,176,416
|
21,418
|
None
|
465,557
|
2,197,834
|
2,663,391
|
1,045,605
|
03/27/98
|
300
|
||||||
|
Westbury
|
NY
|
3,808,076
|
2,377,932
|
None
|
None
|
3,808,076
|
2,377,932
|
6,186,008
|
1,168,902
|
09/29/97
|
300
|
||||||
|
New
Philiadelphia
|
OH
|
726,636
|
1,650,672
|
7,960
|
None
|
726,636
|
1,658,632
|
2,385,268
|
836,355
|
05/30/97
|
300
|
||||||
|
Pet Supplies and Services
|
|||||||||||||||||
|
Tampa
|
FL
|
347,794
|
905,248
|
46,000
|
29,793
|
347,794
|
981,041
|
1,328,835
|
421,333
|
12/31/98
|
300
|
||||||
|
Duluth
|
GA
|
361,058
|
1,591,629
|
None
|
None
|
361,058
|
1,591,629
|
1,952,687
|
638,422
|
01/27/99
|
09/29/98
|
300
|
|||||
|
Marietta
|
GA
|
495,412
|
1,526,370
|
None
|
None
|
495,412
|
1,526,370
|
2,021,782
|
595,591
|
05/28/99
|
09/29/98
|
300
|
|||||
|
Indianapolis
|
IN
|
427,000
|
1,296,901
|
None
|
None
|
427,000
|
1,296,901
|
1,723,901
|
500,114
|
03/10/00
|
01/19/99
|
300
|
|||||
|
Sudbury
|
MA
|
543,038
|
2,477,213
|
None
|
None
|
543,038
|
2,477,213
|
3,020,251
|
936,280
|
11/12/99
|
09/30/98
|
300
|
|||||
|
Tyngsborough
|
MA
|
312,204
|
1,222,522
|
None
|
None
|
312,204
|
1,222,522
|
1,534,726
|
564,391
|
06/12/98
|
300
|
||||||
|
Warren
|
MI
|
356,348
|
903,351
|
15,018
|
15,844
|
356,348
|
934,213
|
1,290,561
|
436,649
|
01/09/98
|
300
|
||||||
|
Matthews
|
NC
|
610,177
|
1,394,743
|
None
|
None
|
610,177
|
1,394,743
|
2,004,920
|
639,257
|
07/17/98
|
300
|
||||||
|
North
Plainfield
|
NJ
|
985,430
|
1,590,447
|
None
|
17
|
985,430
|
1,590,464
|
2,575,894
|
650,357
|
09/24/98
|
300
|
||||||
|
Albuquerque
|
NM
|
684,036
|
874,914
|
300,000
|
42,875
|
684,036
|
1,217,789
|
1,901,825
|
533,233
|
12/31/98
|
300
|
||||||
|
Maineville
|
OH
|
173,105
|
384,468
|
4,835
|
12,720
|
173,105
|
402,023
|
575,128
|
349,997
|
03/06/87
|
300
|
||||||
|
Dickson
City
|
PA
|
659,790
|
1,880,722
|
5,396
|
None
|
659,790
|
1,886,118
|
2,545,908
|
945,160
|
06/20/97
|
300
|
||||||
|
Mt
Pleasant
|
SC
|
40,700
|
180,400
|
17,385
|
18,938
|
40,700
|
216,723
|
257,423
|
188,646
|
12/22/81
|
180
|
||||||
|
Clarksville
|
TN
|
290,775
|
395,870
|
None
|
13
|
290,775
|
395,883
|
686,658
|
207,845
|
11/26/96
|
300
|
||||||
|
Private Education
|
|||||||||||||||||
|
Mobile
|
AL
|
78,400
|
237,671
|
40,370
|
5,564
|
78,400
|
283,605
|
362,005
|
249,029
|
10/15/82
|
180
|
||||||
|
Peoria
|
AZ
|
281,750
|
625,779
|
69,854
|
32,448
|
281,750
|
728,081
|
1,009,831
|
557,327
|
03/30/88
|
300
|
||||||
|
Coconut
Creek
|
FL
|
310,111
|
1,243,682
|
None
|
None
|
310,111
|
1,243,682
|
1,553,793
|
516,415
|
08/02/99
|
12/01/98
|
300
|
|||||
|
Las
Vegas
|
NV
|
1,080,444
|
3,346,772
|
None
|
None
|
1,080,444
|
3,346,772
|
4,427,216
|
1,578,465
|
03/04/98
|
300
|
||||||
|
Arlington
|
TX
|
195,650
|
387,355
|
None
|
6,796
|
195,650
|
394,151
|
589,801
|
290,906
|
02/07/91
|
300
|
||||||
|
Austin
|
TX
|
238,000
|
528,604
|
77,988
|
24,766
|
238,000
|
631,358
|
869,358
|
439,404
|
04/06/89
|
300
|
||||||
|
Coppell
|
TX
|
208,641
|
463,398
|
28,600
|
8,150
|
208,641
|
500,148
|
708,789
|
406,609
|
12/11/87
|
300
|
||||||
|
Missouri
City
|
TX
|
221,025
|
437,593
|
2,202
|
21,467
|
221,025
|
461,262
|
682,287
|
343,896
|
12/13/90
|
300
|
||||||
|
Sugar
Land
|
TX
|
1,600,000
|
6,300,995
|
None
|
None
|
1,600,000
|
6,300,995
|
7,900,995
|
892,638
|
06/28/06
|
300
|
||||||
|
Chantilly
|
VA
|
688,917
|
3,208,607
|
None
|
None
|
688,917
|
3,208,607
|
3,897,524
|
1,295,292
|
05/07/99
|
09/30/98
|
300
|
|||||
|
Kingstowne
|
VA
|
300,000
|
1,191,396
|
None
|
None
|
300,000
|
1,191,396
|
1,491,396
|
455,017
|
08/22/00
|
11/08/99
|
300
|
|||||
|
Restaurants
|
|||||||||||||||||
|
Alabaster
|
AL
|
335,197
|
622,697
|
None
|
None
|
335,197
|
622,697
|
957,894
|
81,988
|
09/14/06
|
300
|
||||||
|
Andalusia
|
AL
|
252,403
|
468,949
|
None
|
None
|
252,403
|
468,949
|
721,352
|
61,745
|
09/14/06
|
300
|
||||||
|
Atmore
|
AL
|
272,044
|
505,636
|
None
|
None
|
272,044
|
505,636
|
777,680
|
169,383
|
08/31/01
|
300
|
||||||
|
Attalla
|
AL
|
148,993
|
276,890
|
None
|
None
|
148,993
|
276,890
|
425,883
|
36,457
|
09/14/06
|
300
|
||||||
|
Cost Capitalized
|
Life
on
|
||||||||||||||||
|
Subsequent
|
Gross Amount at Which Carried |
|
which
|
||||||||||||||
| Initial Cost to Company |
|
to
Acquisition
|
at Close of Period (Notes 2, 3, 5, 6 and 7) |
|
depreciation
|
||||||||||||
|
Buildings,
|
Buildings,
|
in
latest
|
|||||||||||||||
|
Improvements
|
Improvements
|
Income
|
|||||||||||||||
|
and
|
and
|
Accumulated
|
Statement
is
|
||||||||||||||
|
Description
|
Acquisition
|
Carrying
|
Acquisition
|
Depreciation
|
Date
of
|
Date
|
Computed
|
||||||||||
|
(Note
1)
|
Land
|
Fees
|
Improvements
|
Costs
|
Land
|
Fees
|
Total
|
(Note
4)
|
Construction
|
Acquired
|
(in
Months)
|
||||||
|
Bessemer
|
AL
|
172,438
|
320,429
|
None
|
None
|
172,438
|
320,429
|
492,867
|
42,190
|
09/14/06
|
300
|
||||||
|
Boaz
|
AL
|
829,001
|
1,541,245
|
None
|
None
|
829,001
|
1,541,245
|
2,370,246
|
192,654
|
11/01/06
|
300
|
||||||
|
Brent
|
AL
|
134,432
|
249,846
|
None
|
None
|
134,432
|
249,846
|
384,278
|
32,896
|
09/14/06
|
300
|
||||||
|
Clanton
|
AL
|
230,036
|
427,391
|
None
|
None
|
230,036
|
427,391
|
657,427
|
143,174
|
08/31/01
|
300
|
||||||
|
Demopolis
|
AL
|
251,349
|
466,972
|
None
|
None
|
251,349
|
466,972
|
718,321
|
156,433
|
08/31/01
|
300
|
||||||
|
Enterprise
|
AL
|
840,946
|
1,563,474
|
None
|
None
|
840,946
|
1,563,474
|
2,404,420
|
195,433
|
11/01/06
|
300
|
||||||
|
Evergreen
|
AL
|
148,982
|
276,881
|
None
|
None
|
148,982
|
276,881
|
425,863
|
36,456
|
09/14/06
|
300
|
||||||
|
Fort
Payne
|
AL
|
303,056
|
563,001
|
None
|
None
|
303,056
|
563,001
|
866,057
|
188,603
|
08/31/01
|
300
|
||||||
|
Fort
Payne
|
AL
|
814,113
|
1,513,596
|
None
|
None
|
814,113
|
1,513,596
|
2,327,709
|
189,198
|
11/01/06
|
300
|
||||||
|
Gadsden
|
AL
|
242,194
|
449,977
|
None
|
None
|
242,194
|
449,977
|
692,171
|
59,247
|
09/14/06
|
300
|
||||||
|
Gadsden
|
AL
|
851,124
|
1,582,332
|
None
|
456
|
851,124
|
1,582,788
|
2,433,912
|
197,939
|
11/01/06
|
300
|
||||||
|
Gardendale
|
AL
|
398,669
|
740,568
|
None
|
None
|
398,669
|
740,568
|
1,139,237
|
248,088
|
08/31/01
|
300
|
||||||
|
Greenville
|
AL
|
226,108
|
420,117
|
None
|
None
|
226,108
|
420,117
|
646,225
|
55,315
|
09/14/06
|
300
|
||||||
|
Haleyville
|
AL
|
262,500
|
488,357
|
None
|
None
|
262,500
|
488,357
|
750,857
|
39,881
|
12/21/07
|
300
|
||||||
|
Hamilton
|
AL
|
214,198
|
397,991
|
None
|
None
|
214,198
|
397,991
|
612,189
|
52,402
|
09/14/06
|
300
|
||||||
|
Hoover
|
AL
|
251,434
|
467,185
|
None
|
None
|
251,434
|
467,185
|
718,619
|
156,504
|
08/31/01
|
300
|
||||||
|
Hueytown
|
AL
|
281,422
|
522,828
|
None
|
None
|
281,422
|
522,828
|
804,250
|
68,839
|
09/14/06
|
300
|
||||||
|
Huntsville
|
AL
|
826,840
|
1,537,233
|
None
|
None
|
826,840
|
1,537,233
|
2,364,073
|
192,153
|
11/01/06
|
300
|
||||||
|
Huntsville
|
AL
|
811,599
|
1,508,927
|
None
|
None
|
811,599
|
1,508,927
|
2,320,526
|
188,615
|
11/01/06
|
300
|
||||||
|
Leeds
|
AL
|
171,145
|
318,028
|
None
|
None
|
171,145
|
318,028
|
489,173
|
41,874
|
09/14/06
|
300
|
||||||
|
Mobile
|
AL
|
286,333
|
531,950
|
None
|
None
|
286,333
|
531,950
|
818,283
|
70,040
|
09/14/06
|
300
|
||||||
|
Montgomery
|
AL
|
143,693
|
267,060
|
None
|
None
|
143,693
|
267,060
|
410,753
|
35,163
|
09/14/06
|
300
|
||||||
|
Montgomery
|
AL
|
145,206
|
269,870
|
None
|
None
|
145,206
|
269,870
|
415,076
|
35,533
|
09/14/06
|
300
|
||||||
|
Montgomery
|
AL
|
380,468
|
706,777
|
None
|
None
|
380,468
|
706,777
|
1,087,245
|
90,703
|
10/12/06
|
300
|
||||||
|
Opp
|
AL
|
160,778
|
298,782
|
None
|
None
|
160,778
|
298,782
|
459,560
|
38,344
|
10/12/06
|
300
|
||||||
|
Prattville
|
AL
|
254,278
|
472,432
|
None
|
None
|
254,278
|
472,432
|
726,710
|
62,203
|
09/14/06
|
300
|
||||||
|
Sylacauga
|
AL
|
801,413
|
1,490,012
|
15,338
|
None
|
801,413
|
1,505,350
|
2,306,763
|
188,755
|
11/01/06
|
300
|
||||||
|
Trussville
|
AL
|
256,485
|
476,510
|
None
|
None
|
256,485
|
476,510
|
732,995
|
61,152
|
10/12/06
|
300
|
||||||
|
Warrior
|
AL
|
159,109
|
295,676
|
None
|
None
|
159,109
|
295,676
|
454,785
|
38,931
|
09/14/06
|
300
|
||||||
|
Arkadelphia
|
AR
|
248,868
|
462,744
|
None
|
None
|
248,868
|
462,744
|
711,612
|
59,386
|
10/12/06
|
300
|
||||||
|
Bentonville
|
AR
|
377,086
|
700,582
|
None
|
None
|
377,086
|
700,582
|
1,077,668
|
234,691
|
08/31/01
|
300
|
||||||
|
Conway
|
AR
|
941,465
|
1,750,100
|
None
|
None
|
941,465
|
1,750,100
|
2,691,565
|
218,761
|
11/01/06
|
300
|
||||||
|
El
Dorado
|
AR
|
907,534
|
1,687,608
|
None
|
None
|
907,534
|
1,687,608
|
2,595,142
|
210,950
|
11/01/06
|
300
|
||||||
|
Hope
|
AR
|
288,643
|
536,715
|
None
|
None
|
288,643
|
536,715
|
825,358
|
179,791
|
08/31/01
|
300
|
||||||
|
Jacksonville
|
AR
|
267,376
|
497,124
|
None
|
None
|
267,376
|
497,124
|
764,500
|
65,455
|
09/14/06
|
300
|
||||||
|
Jonesboro
|
AR
|
173,984
|
323,371
|
None
|
None
|
173,984
|
323,371
|
497,355
|
27,487
|
11/16/07
|
300
|
||||||
|
Little
Rock
|
AR
|
317,000
|
589,377
|
None
|
None
|
317,000
|
589,377
|
906,377
|
197,433
|
08/31/01
|
300
|
||||||
|
Little
Rock
|
AR
|
216,570
|
402,459
|
None
|
None
|
216,570
|
402,459
|
619,029
|
34,209
|
11/16/07
|
300
|
||||||
|
Malvern
|
AR
|
219,703
|
408,588
|
None
|
None
|
219,703
|
408,588
|
628,291
|
53,797
|
09/14/06
|
300
|
||||||
|
North Little
Rock
|
AR
|
376,320
|
699,138
|
None
|
None
|
376,320
|
699,138
|
1,075,458
|
59,427
|
11/16/07
|
300
|
||||||
|
Pocahontas
|
AR
|
241,128
|
447,988
|
None
|
None
|
241,128
|
447,988
|
689,116
|
57,492
|
10/12/06
|
300
|
||||||
|
Russellville
|
AR
|
864,497
|
1,607,158
|
None
|
None
|
864,497
|
1,607,158
|
2,471,655
|
200,894
|
11/01/06
|
300
|
||||||
|
Siloam
Springs
|
AR
|
190,000
|
352,808
|
None
|
None
|
190,000
|
352,808
|
542,808
|
171,101
|
11/20/97
|
300
|
||||||
|
Glendale
|
AZ
|
624,761
|
895,976
|
None
|
110
|
624,761
|
896,086
|
1,520,847
|
494,320
|
03/06/96
|
300
|
||||||
|
Glendale
|
AZ
|
1,511,430
|
3,264,231
|
None
|
None
|
1,511,430
|
3,264,231
|
4,775,661
|
400,021
|
11/06/06
|
05/16/06
|
300
|
|||||
|
Glendale
|
AZ
|
740,707
|
1,376,143
|
None
|
None
|
740,707
|
1,376,143
|
2,116,850
|
130,732
|
08/28/07
|
300
|
||||||
|
Goodyear
|
AZ
|
794,360
|
1,274,445
|
None
|
None
|
794,360
|
1,274,445
|
2,068,805
|
166,866
|
02/23/06
|
04/08/05
|
300
|
|||||
|
Phoenix
|
AZ
|
704,014
|
1,307,998
|
None
|
None
|
704,014
|
1,307,998
|
2,012,012
|
124,258
|
08/28/07
|
300
|
||||||
|
Phoenix
|
AZ
|
766,680
|
1,424,378
|
None
|
None
|
766,680
|
1,424,378
|
2,191,058
|
135,314
|
08/28/07
|
300
|
||||||
|
Phoenix
|
AZ
|
813,750
|
1,511,928
|
None
|
None
|
813,750
|
1,511,928
|
2,325,678
|
143,631
|
08/28/07
|
300
|
||||||
|
Surprise
|
AZ
|
681,288
|
1,008,310
|
None
|
None
|
681,288
|
1,008,310
|
1,689,598
|
195,387
|
09/29/04
|
04/16/04
|
300
|
|||||
|
Tempe
|
AZ
|
525,463
|
976,404
|
None
|
None
|
525,463
|
976,404
|
1,501,867
|
92,757
|
08/28/07
|
300
|
||||||
|
Tucson
|
AZ
|
107,393
|
500,154
|
None
|
None
|
107,393
|
500,154
|
607,547
|
483,914
|
01/17/86
|
300
|
||||||
|
Tucson
|
AZ
|
463,231
|
860,982
|
None
|
None
|
463,231
|
860,982
|
1,324,213
|
81,791
|
08/28/07
|
300
|
||||||
|
Tucson
|
AZ
|
496,194
|
922,053
|
None
|
None
|
496,194
|
922,053
|
1,418,247
|
87,593
|
08/28/07
|
300
|
||||||
|
Yuma
|
AZ
|
236,121
|
541,651
|
None
|
None
|
236,121
|
541,651
|
777,772
|
251,864
|
05/28/98
|
300
|
||||||
|
Cost Capitalized
|
Life
on
|
||||||||||||||||
|
Subsequent
|
Gross Amount at Which Carried |
|
which
|
||||||||||||||
| Initial Cost to Company |
|
to
Acquisition
|
at Close of Period (Notes 2, 3, 5, 6 and 7) |
|
depreciation
|
||||||||||||
|
Buildings,
|
Buildings,
|
in
latest
|
|||||||||||||||
|
Improvements
|
Improvements
|
Income
|
|||||||||||||||
|
and
|
and
|
Accumulated
|
Statement
is
|
||||||||||||||
|
Description
|
Acquisition
|
Carrying
|
Acquisition
|
Depreciation
|
Date
of
|
Date
|
Computed
|
||||||||||
|
(Note
1)
|
Land
|
Fees
|
Improvements
|
Costs
|
Land
|
Fees
|
Total
|
(Note
4)
|
Construction
|
Acquired
|
(in
Months)
|
||||||
|
Barstow
|
CA
|
689,842
|
690,204
|
None
|
None
|
689,842
|
690,204
|
1,380,046
|
311,745
|
09/24/98
|
300
|
||||||
|
Fresno
|
CA
|
561,502
|
1,043,688
|
None
|
None
|
561,502
|
1,043,688
|
1,605,190
|
99,146
|
08/28/07
|
300
|
||||||
|
Livermore
|
CA
|
662,161
|
823,242
|
None
|
None
|
662,161
|
823,242
|
1,485,403
|
371,834
|
09/23/98
|
300
|
||||||
|
Northridge
|
CA
|
-
|
-
|
None
|
102
|
-
|
102
|
102
|
98
|
04/01/70
|
300
|
||||||
|
Rancho
Cucamonga
|
CA
|
95,192
|
441,334
|
None
|
61
|
95,192
|
441,395
|
536,587
|
428,013
|
12/20/85
|
300
|
||||||
|
Riverside
|
CA
|
90,000
|
170,394
|
135,301
|
None
|
90,000
|
305,695
|
395,695
|
212,610
|
12/09/76
|
300
|
||||||
|
Sacramento
|
CA
|
386,793
|
417,290
|
None
|
127
|
386,793
|
417,417
|
804,210
|
191,332
|
07/31/98
|
300
|
||||||
|
San
Dimas
|
CA
|
240,562
|
445,521
|
46,026
|
None
|
240,562
|
491,547
|
732,109
|
462,397
|
03/12/81
|
180
|
||||||
|
San
Ramon
|
CA
|
406,000
|
1,126,930
|
None
|
None
|
406,000
|
1,126,930
|
1,532,930
|
1,126,930
|
12/08/83
|
180
|
||||||
|
Aurora
|
CO
|
288,558
|
537,322
|
None
|
None
|
288,558
|
537,322
|
825,880
|
51,041
|
08/28/07
|
300
|
||||||
|
Colorado
Springs
|
CO
|
152,000
|
704,736
|
None
|
None
|
152,000
|
704,736
|
856,736
|
664,862
|
09/30/86
|
300
|
||||||
|
Denver
|
CO
|
540,250
|
1,132,450
|
None
|
None
|
540,250
|
1,132,450
|
1,672,700
|
225,925
|
07/29/04
|
03/29/04
|
300
|
|||||
|
Lakewood
|
CO
|
1,606,511
|
5,865
|
None
|
None
|
1,606,511
|
5,865
|
1,612,376
|
1,262
|
07/26/06
|
12/31/02
|
300
|
|||||
|
Littleton
|
CO
|
700,000
|
1,301,370
|
None
|
None
|
700,000
|
1,301,370
|
2,001,370
|
123,628
|
08/28/07
|
300
|
||||||
|
Parker
|
CO
|
778,054
|
1,148,443
|
None
|
98
|
778,054
|
1,148,541
|
1,926,595
|
206,148
|
06/10/05
|
02/23/05
|
300
|
|||||
|
Westminster
|
CO
|
261,466
|
487,102
|
None
|
None
|
261,466
|
487,102
|
748,568
|
46,272
|
08/28/07
|
300
|
||||||
|
Cromwell
|
CT
|
531,861
|
989,638
|
None
|
None
|
531,861
|
989,638
|
1,521,499
|
80,815
|
12/19/07
|
300
|
||||||
|
Danbury
|
CT
|
548,459
|
284,639
|
None
|
None
|
548,459
|
284,639
|
833,098
|
91,557
|
12/19/01
|
300
|
||||||
|
East
Windsor
|
CT
|
-
|
1,235,134
|
None
|
None
|
-
|
1,235,134
|
1,235,134
|
117,315
|
08/30/07
|
300
|
||||||
|
Manchester
|
CT
|
-
|
1,353,727
|
None
|
None
|
-
|
1,353,727
|
1,353,727
|
128,582
|
08/30/07
|
300
|
||||||
|
Meriden
|
CT
|
369,482
|
687,116
|
None
|
None
|
369,482
|
687,116
|
1,056,598
|
65,274
|
08/28/07
|
300
|
||||||
|
New
Milford
|
CT
|
-
|
705,127
|
None
|
None
|
-
|
705,127
|
705,127
|
66,965
|
08/30/07
|
300
|
||||||
|
Norwich
|
CT
|
644,000
|
1,198,741
|
None
|
None
|
644,000
|
1,198,741
|
1,842,741
|
113,863
|
08/30/07
|
300
|
||||||
|
Plainville
|
CT
|
-
|
1,452,933
|
None
|
None
|
-
|
1,452,933
|
1,452,933
|
138,006
|
08/30/07
|
300
|
||||||
|
Torrington
|
CT
|
504,167
|
939,051
|
None
|
None
|
504,167
|
939,051
|
1,443,218
|
89,193
|
08/30/07
|
300
|
||||||
|
Unionville
|
CT
|
167,740
|
316,672
|
None
|
None
|
167,740
|
316,672
|
484,412
|
101,861
|
12/19/01
|
300
|
||||||
|
Waterbury
|
CT
|
521,021
|
705,163
|
None
|
None
|
521,021
|
705,163
|
1,226,184
|
226,826
|
12/19/01
|
300
|
||||||
|
West
Haven
|
CT
|
540,663
|
1,006,829
|
None
|
None
|
540,663
|
1,006,829
|
1,547,492
|
95,632
|
08/30/07
|
300
|
||||||
|
Windsor
Locks
|
CT
|
844,967
|
1,571,965
|
None
|
None
|
844,967
|
1,571,965
|
2,416,932
|
149,319
|
08/30/07
|
300
|
||||||
|
Newark
|
DE
|
647,500
|
1,203,300
|
None
|
None
|
647,500
|
1,203,300
|
1,850,800
|
114,312
|
08/28/07
|
300
|
||||||
|
Casselberry
|
FL
|
403,900
|
897,075
|
None
|
10
|
403,900
|
897,085
|
1,300,985
|
708,823
|
12/29/89
|
300
|
||||||
|
Chipley
|
FL
|
270,439
|
502,655
|
None
|
None
|
270,439
|
502,655
|
773,094
|
168,384
|
08/31/01
|
300
|
||||||
|
Clearwater
|
FL
|
484,090
|
899,658
|
None
|
None
|
484,090
|
899,658
|
1,383,748
|
85,466
|
08/28/07
|
300
|
||||||
|
Cutler
Bay
|
FL
|
962,500
|
1,788,329
|
None
|
None
|
962,500
|
1,788,329
|
2,750,829
|
169,889
|
08/28/07
|
300
|
||||||
|
DeFuniak
|
FL
|
269,554
|
501,010
|
None
|
None
|
269,554
|
501,010
|
770,564
|
167,833
|
08/31/01
|
300
|
||||||
|
Jacksonville
|
FL
|
150,210
|
693,445
|
None
|
240
|
150,210
|
693,685
|
843,895
|
678,445
|
09/13/85
|
300
|
||||||
|
Jacksonville
|
FL
|
143,299
|
664,373
|
None
|
240
|
143,299
|
664,613
|
807,912
|
644,418
|
12/13/85
|
300
|
||||||
|
Jacksonville
|
FL
|
1,451,180
|
658,461
|
25,752
|
23,207
|
1,451,180
|
707,420
|
2,158,600
|
92,024
|
08/04/06
|
05/09/06
|
300
|
|||||
|
Lake
Mary
|
FL
|
774,043
|
1,438,165
|
None
|
None
|
774,043
|
1,438,165
|
2,212,208
|
136,623
|
08/28/07
|
300
|
||||||
|
Land O'
Lakes
|
FL
|
770,136
|
1,190,937
|
None
|
None
|
770,136
|
1,190,937
|
1,961,073
|
185,284
|
10/21/05
|
03/24/05
|
300
|
|||||
|
Margate
|
FL
|
688,583
|
1,279,430
|
None
|
None
|
688,583
|
1,279,430
|
1,968,013
|
121,544
|
08/28/07
|
300
|
||||||
|
Melbourne
|
FL
|
-
|
790,083
|
500
|
None
|
-
|
790,583
|
790,583
|
87,350
|
08/30/07
|
300
|
||||||
|
Miami
|
FL
|
962,500
|
1,788,139
|
None
|
None
|
962,500
|
1,788,139
|
2,750,639
|
169,871
|
08/28/07
|
300
|
||||||
|
Miami
Beach
|
FL
|
786,510
|
1,461,294
|
None
|
None
|
786,510
|
1,461,294
|
2,247,804
|
138,821
|
08/28/07
|
300
|
||||||
|
New Port
Richey
|
FL
|
929,402
|
1,459,392
|
56,969
|
32,400
|
929,402
|
1,548,761
|
2,478,163
|
181,225
|
11/13/06
|
08/01/06
|
300
|
|||||
|
North Miami
Bch.
|
FL
|
505,870
|
940,302
|
None
|
None
|
505,870
|
940,302
|
1,446,172
|
89,326
|
08/28/07
|
300
|
||||||
|
Orlando
|
FL
|
230,000
|
1,066,339
|
None
|
327
|
230,000
|
1,066,666
|
1,296,666
|
1,037,324
|
11/18/85
|
300
|
||||||
|
Orlando
|
FL
|
209,800
|
972,679
|
None
|
314
|
209,800
|
972,993
|
1,182,793
|
921,215
|
08/15/86
|
300
|
||||||
|
Orlando
|
FL
|
600,000
|
949,489
|
None
|
None
|
600,000
|
949,489
|
1,549,489
|
403,754
|
05/27/99
|
12/18/98
|
300
|
|||||
|
Orlando
|
FL
|
1,135,310
|
1,306,940
|
None
|
189
|
1,135,310
|
1,307,129
|
2,442,439
|
146,451
|
01/10/07
|
06/30/06
|
300
|
|||||
|
Orlando
|
FL
|
735,000
|
1,367,891
|
None
|
None
|
735,000
|
1,367,891
|
2,102,891
|
129,932
|
08/30/07
|
300
|
||||||
|
Orlando
|
FL
|
-
|
790,583
|
None
|
None
|
-
|
790,583
|
790,583
|
75,083
|
08/30/07
|
300
|
||||||
|
Oviedo
|
FL
|
204,200
|
911,338
|
None
|
None
|
204,200
|
911,338
|
1,115,538
|
357,095
|
03/27/00
|
08/24/99
|
300
|
|||||
|
Oviedo
|
FL
|
456,108
|
847,515
|
None
|
18
|
456,108
|
847,533
|
1,303,641
|
139,844
|
11/21/05
|
300
|
||||||
|
Oviedo
|
FL
|
465,993
|
866,048
|
None
|
None
|
465,993
|
866,048
|
1,332,041
|
82,273
|
08/28/07
|
300
|
||||||
|
Palm
Bay
|
FL
|
330,000
|
556,668
|
None
|
None
|
330,000
|
556,668
|
886,668
|
240,416
|
02/17/99
|
12/29/98
|
300
|
|||||
|
Cost Capitalized
|
Life
on
|
||||||||||||||||
|
Subsequent
|
Gross Amount at Which Carried |
|
which
|
||||||||||||||
| Initial Cost to Company |
|
to
Acquisition
|
at Close of Period (Notes 2, 3, 5, 6 and 7) |
|
depreciation
|
||||||||||||
|
Buildings,
|
Buildings,
|
in
latest
|
|||||||||||||||
|
Improvements
|
Improvements
|
Income
|
|||||||||||||||
|
and
|
and
|
Accumulated
|
Statement
is
|
||||||||||||||
|
Description
|
Acquisition
|
Carrying
|
Acquisition
|
Depreciation
|
Date
of
|
Date
|
Computed
|
||||||||||
|
(Note
1)
|
Land
|
Fees
|
Improvements
|
Costs
|
Land
|
Fees
|
Total
|
(Note
4)
|
Construction
|
Acquired
|
(in
Months)
|
||||||
|
Panama
City
|
FL
|
202,047
|
375,424
|
None
|
None
|
202,047
|
375,424
|
577,471
|
48,179
|
10/12/06
|
300
|
||||||
|
Pembroke
Pines
|
FL
|
741,074
|
1,376,913
|
None
|
None
|
741,074
|
1,376,913
|
2,117,987
|
130,805
|
08/28/07
|
300
|
||||||
|
St.
Petersburg
|
FL
|
379,455
|
705,487
|
None
|
None
|
379,455
|
705,487
|
1,084,942
|
67,019
|
08/28/07
|
300
|
||||||
|
Tallahassee
|
FL
|
385,000
|
715,857
|
None
|
None
|
385,000
|
715,857
|
1,100,857
|
58,461
|
12/25/07
|
300
|
||||||
|
Tallahassee
|
FL
|
175,000
|
325,857
|
None
|
None
|
175,000
|
325,857
|
500,857
|
26,611
|
12/25/07
|
300
|
||||||
|
Tampa
|
FL
|
962,500
|
1,788,133
|
None
|
None
|
962,500
|
1,788,133
|
2,750,633
|
169,871
|
08/28/07
|
300
|
||||||
|
Tampa
|
FL
|
700,000
|
1,300,785
|
None
|
None
|
700,000
|
1,300,785
|
2,000,785
|
123,572
|
08/28/07
|
300
|
||||||
|
Tampa
|
FL
|
545,211
|
1,013,321
|
None
|
None
|
545,211
|
1,013,321
|
1,558,532
|
96,263
|
08/28/07
|
300
|
||||||
|
Albany
|
GA
|
326,690
|
607,247
|
None
|
None
|
326,690
|
607,247
|
933,937
|
98,171
|
12/22/05
|
300
|
||||||
|
Americus
|
GA
|
709,624
|
1,319,578
|
None
|
None
|
709,624
|
1,319,578
|
2,029,202
|
164,946
|
11/01/06
|
300
|
||||||
|
Augusta
|
GA
|
827,895
|
1,539,237
|
None
|
None
|
827,895
|
1,539,237
|
2,367,132
|
192,403
|
11/01/06
|
300
|
||||||
|
Cairo
|
GA
|
210,000
|
390,566
|
None
|
None
|
210,000
|
390,566
|
600,566
|
31,896
|
12/25/07
|
300
|
||||||
|
Duluth
|
GA
|
536,205
|
996,521
|
None
|
None
|
536,205
|
996,521
|
1,532,726
|
94,668
|
08/28/07
|
300
|
||||||
|
Gainesville
|
GA
|
952,660
|
1,770,931
|
None
|
None
|
952,660
|
1,770,931
|
2,723,591
|
221,365
|
11/01/06
|
300
|
||||||
|
Garden
City
|
GA
|
197,225
|
438,043
|
32,125
|
10,819
|
197,225
|
480,987
|
678,212
|
376,166
|
04/20/89
|
300
|
||||||
|
Lagrange
|
GA
|
853,599
|
1,586,959
|
None
|
None
|
853,599
|
1,586,959
|
2,440,558
|
198,369
|
11/01/06
|
300
|
||||||
|
Lilburn
|
GA
|
237,822
|
442,409
|
None
|
None
|
237,822
|
442,409
|
680,231
|
42,026
|
08/28/07
|
300
|
||||||
|
Lithonia
|
GA
|
89,220
|
413,647
|
None
|
None
|
89,220
|
413,647
|
502,867
|
413,647
|
01/04/85
|
300
|
||||||
|
Marietta
|
GA
|
423,132
|
786,530
|
None
|
None
|
423,132
|
786,530
|
1,209,662
|
74,719
|
08/28/07
|
300
|
||||||
|
Norcross
|
GA
|
827,707
|
1,538,875
|
None
|
None
|
827,707
|
1,538,875
|
2,366,582
|
192,358
|
11/01/06
|
300
|
||||||
|
Roswell
|
GA
|
310,767
|
578,088
|
None
|
None
|
310,767
|
578,088
|
888,855
|
54,915
|
08/28/07
|
300
|
||||||
|
Savannah
|
GA
|
719,188
|
1,337,352
|
None
|
None
|
719,188
|
1,337,352
|
2,056,540
|
167,168
|
11/01/06
|
300
|
||||||
|
Snellville
|
GA
|
710,600
|
1,321,389
|
52,416
|
593
|
710,600
|
1,374,398
|
2,084,998
|
167,461
|
11/01/06
|
300
|
||||||
|
Statesboro
|
GA
|
201,250
|
446,983
|
None
|
415
|
201,250
|
447,398
|
648,648
|
355,859
|
11/14/89
|
300
|
||||||
|
Statesboro
|
GA
|
926,462
|
1,722,290
|
None
|
None
|
926,462
|
1,722,290
|
2,648,752
|
215,285
|
11/01/06
|
300
|
||||||
|
Stone
Mountain
|
GA
|
215,940
|
1,001,188
|
51,876
|
356
|
215,940
|
1,053,420
|
1,269,360
|
993,747
|
10/30/86
|
300
|
||||||
|
Thomasville
|
GA
|
300,211
|
558,074
|
None
|
None
|
300,211
|
558,074
|
858,285
|
90,221
|
12/22/05
|
300
|
||||||
|
Thomasville
|
GA
|
894,504
|
1,662,939
|
None
|
None
|
894,504
|
1,662,939
|
2,557,443
|
207,866
|
11/01/06
|
300
|
||||||
|
Valdosta
|
GA
|
901,658
|
1,676,225
|
None
|
None
|
901,658
|
1,676,225
|
2,577,883
|
209,527
|
11/01/06
|
300
|
||||||
|
Warner
Robins
|
GA
|
896,841
|
1,667,267
|
None
|
None
|
896,841
|
1,667,267
|
2,564,108
|
208,407
|
11/01/06
|
300
|
||||||
|
Washington
|
GA
|
292,628
|
543,862
|
None
|
None
|
292,628
|
543,862
|
836,490
|
182,188
|
08/31/01
|
300
|
||||||
|
Waycross
|
GA
|
223,475
|
415,563
|
None
|
None
|
223,475
|
415,563
|
639,038
|
67,182
|
12/22/05
|
300
|
||||||
|
Waycross
|
GA
|
956,765
|
1,778,566
|
None
|
None
|
956,765
|
1,778,566
|
2,735,331
|
222,320
|
11/01/06
|
300
|
||||||
|
Altoona
|
IA
|
654,179
|
1,285,639
|
None
|
None
|
654,179
|
1,285,639
|
1,939,818
|
226,644
|
06/11/05
|
12/30/04
|
300
|
|||||
|
Ankeny
|
IA
|
100,000
|
349,218
|
25,075
|
9,065
|
100,000
|
383,358
|
483,358
|
368,422
|
07/28/83
|
180
|
||||||
|
Burlington
|
IA
|
653,057
|
1,214,571
|
None
|
284
|
653,057
|
1,214,855
|
1,867,912
|
151,915
|
11/01/06
|
300
|
||||||
|
Cedar
Falls
|
IA
|
208,411
|
387,971
|
None
|
None
|
208,411
|
387,971
|
596,382
|
62,721
|
12/22/05
|
300
|
||||||
|
Cedar
Falls
|
IA
|
187,250
|
349,057
|
None
|
None
|
187,250
|
349,057
|
536,307
|
28,502
|
12/21/07
|
300
|
||||||
|
Cedar
Rapids
|
IA
|
125,076
|
233,206
|
None
|
None
|
125,076
|
233,206
|
358,282
|
37,701
|
12/22/05
|
300
|
||||||
|
Cedar
Rapids
|
IA
|
822,331
|
1,528,939
|
None
|
None
|
822,331
|
1,528,939
|
2,351,270
|
191,116
|
11/01/06
|
300
|
||||||
|
Clive
|
IA
|
840,697
|
1,563,046
|
None
|
None
|
840,697
|
1,563,046
|
2,403,743
|
195,380
|
11/01/06
|
300
|
||||||
|
Fort
Dodge
|
IA
|
388,815
|
722,573
|
None
|
None
|
388,815
|
722,573
|
1,111,388
|
95,139
|
09/14/06
|
300
|
||||||
|
Oelwein
|
IA
|
84,244
|
157,375
|
None
|
None
|
84,244
|
157,375
|
241,619
|
25,441
|
12/22/05
|
300
|
||||||
|
Urbandale
|
IA
|
395,896
|
735,724
|
None
|
None
|
395,896
|
735,724
|
1,131,620
|
96,870
|
09/14/06
|
300
|
||||||
|
Waterloo
|
IA
|
263,555
|
490,374
|
None
|
None
|
263,555
|
490,374
|
753,929
|
76,008
|
02/28/06
|
300
|
||||||
|
Boise
|
ID
|
190,894
|
423,981
|
None
|
366
|
190,894
|
424,347
|
615,241
|
363,324
|
05/17/88
|
300
|
||||||
|
Boise
|
ID
|
161,352
|
334,041
|
None
|
366
|
161,352
|
334,407
|
495,759
|
280,617
|
10/07/88
|
300
|
||||||
|
Nampa
|
ID
|
74,156
|
343,820
|
None
|
259
|
74,156
|
344,079
|
418,235
|
321,473
|
12/31/86
|
300
|
||||||
|
Rexburg
|
ID
|
90,760
|
420,787
|
None
|
11,524
|
90,760
|
432,311
|
523,071
|
416,769
|
11/25/85
|
300
|
||||||
|
Alton
|
IL
|
225,785
|
419,315
|
None
|
None
|
225,785
|
419,315
|
645,100
|
351,981
|
10/18/88
|
300
|
||||||
|
Buffalo
Grove
|
IL
|
306,250
|
569,693
|
None
|
None
|
306,250
|
569,693
|
875,943
|
54,118
|
08/28/07
|
300
|
||||||
|
Centralia
|
IL
|
225,966
|
420,573
|
None
|
None
|
225,966
|
420,573
|
646,539
|
67,992
|
12/22/05
|
300
|
||||||
|
Champaign
|
IL
|
805,888
|
1,498,402
|
None
|
284
|
805,888
|
1,498,686
|
2,304,574
|
187,394
|
11/01/06
|
300
|
||||||
|
Countryside
|
IL
|
301,000
|
559,824
|
None
|
None
|
301,000
|
559,824
|
860,824
|
53,179
|
08/28/07
|
300
|
||||||
|
Effingham
|
IL
|
783,528
|
1,456,874
|
None
|
None
|
783,528
|
1,456,874
|
2,240,402
|
182,108
|
11/01/06
|
300
|
||||||
|
Elgin
|
IL
|
700,000
|
1,300,943
|
None
|
None
|
700,000
|
1,300,943
|
2,000,943
|
123,587
|
08/28/07
|
300
|
||||||
|
Cost Capitalized
|
Life
on
|
||||||||||||||||
|
Subsequent
|
Gross Amount at Which Carried |
|
which
|
||||||||||||||
| Initial Cost to Company |
|
to
Acquisition
|
at Close of Period (Notes 2, 3, 5, 6 and 7) |
|
depreciation
|
||||||||||||
|
Buildings,
|
Buildings,
|
in
latest
|
|||||||||||||||
|
Improvements
|
Improvements
|
Income
|
|||||||||||||||
|
and
|
and
|
Accumulated
|
Statement
is
|
||||||||||||||
|
Description
|
Acquisition
|
Carrying
|
Acquisition
|
Depreciation
|
Date
of
|
Date
|
Computed
|
||||||||||
|
(Note
1)
|
Land
|
Fees
|
Improvements
|
Costs
|
Land
|
Fees
|
Total
|
(Note
4)
|
Construction
|
Acquired
|
(in
Months)
|
||||||
|
Fairview
Heights
|
IL
|
660,652
|
1,227,321
|
None
|
None
|
660,652
|
1,227,321
|
1,887,973
|
202,508
|
11/21/05
|
300
|
||||||
|
Gurnee
|
IL
|
735,000
|
1,365,747
|
None
|
None
|
735,000
|
1,365,747
|
2,100,747
|
129,744
|
08/28/07
|
300
|
||||||
|
Joliet
|
IL
|
280,903
|
522,424
|
None
|
None
|
280,903
|
522,424
|
803,327
|
49,629
|
08/28/07
|
300
|
||||||
|
Lincoln
|
IL
|
206,532
|
383,970
|
None
|
None
|
206,532
|
383,970
|
590,502
|
128,625
|
08/31/01
|
300
|
||||||
|
Marion
|
IL
|
831,323
|
1,545,566
|
None
|
None
|
831,323
|
1,545,566
|
2,376,889
|
193,195
|
11/01/06
|
300
|
||||||
|
Moline
|
IL
|
781,044
|
1,452,262
|
None
|
None
|
781,044
|
1,452,262
|
2,233,306
|
181,532
|
11/01/06
|
300
|
||||||
|
Mt
Vernon
|
IL
|
883,110
|
1,641,741
|
None
|
None
|
883,110
|
1,641,741
|
2,524,851
|
205,216
|
11/01/06
|
300
|
||||||
|
Oswego
|
IL
|
953,394
|
1,208,677
|
1,988
|
32,452
|
953,394
|
1,243,117
|
2,196,511
|
196,842
|
06/15/05
|
06/24/05
|
300
|
|||||
|
Peoria
|
IL
|
662,460
|
1,060,577
|
None
|
45
|
662,460
|
1,060,622
|
1,723,082
|
209,306
|
10/13/04
|
06/15/04
|
300
|
|||||
|
Rock
Island
|
IL
|
138,463
|
258,066
|
None
|
None
|
138,463
|
258,066
|
396,529
|
41,720
|
12/22/05
|
300
|
||||||
|
Springfield
|
IL
|
846,830
|
1,574,436
|
None
|
None
|
846,830
|
1,574,436
|
2,421,266
|
196,803
|
11/01/06
|
300
|
||||||
|
Swansea
|
IL
|
890,625
|
1,655,743
|
21,860
|
40,551
|
890,625
|
1,718,154
|
2,608,779
|
222,423
|
11/01/06
|
300
|
||||||
|
Waukegan
|
IL
|
496,908
|
923,576
|
None
|
None
|
496,908
|
923,576
|
1,420,484
|
87,738
|
08/28/07
|
300
|
||||||
|
Waukegan
|
IL
|
1,330,000
|
2,470,909
|
None
|
None
|
1,330,000
|
2,470,909
|
3,800,909
|
201,790
|
12/21/07
|
300
|
||||||
|
Westmont
|
IL
|
475,300
|
883,468
|
None
|
None
|
475,300
|
883,468
|
1,358,768
|
83,927
|
08/28/07
|
300
|
||||||
|
Anderson
|
IN
|
831,077
|
1,545,131
|
None
|
None
|
831,077
|
1,545,131
|
2,376,208
|
193,140
|
11/01/06
|
300
|
||||||
|
Elkhart
|
IN
|
496,306
|
922,168
|
None
|
None
|
496,306
|
922,168
|
1,418,474
|
152,158
|
11/21/05
|
300
|
||||||
|
Elkhart
|
IN
|
835,890
|
1,554,487
|
None
|
None
|
835,890
|
1,554,487
|
2,390,377
|
194,295
|
11/01/06
|
300
|
||||||
|
Evansville
|
IN
|
136,738
|
254,864
|
None
|
None
|
136,738
|
254,864
|
391,602
|
41,202
|
12/22/05
|
300
|
||||||
|
Indianapolis
|
IN
|
437,500
|
813,225
|
None
|
None
|
437,500
|
813,225
|
1,250,725
|
77,255
|
08/28/07
|
300
|
||||||
|
Jasper
|
IN
|
129,919
|
242,199
|
None
|
None
|
129,919
|
242,199
|
372,118
|
39,154
|
12/22/05
|
300
|
||||||
|
Kokomo
|
IN
|
417,330
|
775,555
|
None
|
None
|
417,330
|
775,555
|
1,192,885
|
117,626
|
03/28/06
|
300
|
||||||
|
Marion
|
IN
|
426,384
|
792,314
|
None
|
None
|
426,384
|
792,314
|
1,218,698
|
128,091
|
12/13/05
|
300
|
||||||
|
Marion
|
IN
|
685,194
|
1,274,206
|
None
|
None
|
685,194
|
1,274,206
|
1,959,400
|
159,275
|
11/01/06
|
300
|
||||||
|
Michigan
City
|
IN
|
840,998
|
1,563,545
|
None
|
None
|
840,998
|
1,563,545
|
2,404,543
|
195,442
|
11/01/06
|
300
|
||||||
|
Muncie
|
IN
|
136,400
|
632,380
|
8,000
|
None
|
136,400
|
640,380
|
776,780
|
607,761
|
03/18/86
|
300
|
||||||
|
Muncie
|
IN
|
67,156
|
149,157
|
13,837
|
None
|
67,156
|
162,994
|
230,150
|
130,362
|
03/30/88
|
300
|
||||||
|
Muncie
|
IN
|
644,177
|
1,196,786
|
None
|
None
|
644,177
|
1,196,786
|
1,840,963
|
197,470
|
11/21/05
|
300
|
||||||
|
Munster
|
IN
|
560,000
|
1,040,943
|
None
|
None
|
560,000
|
1,040,943
|
1,600,943
|
98,887
|
08/28/07
|
300
|
||||||
|
New
Castle
|
IN
|
246,192
|
320,572
|
9,317
|
None
|
246,192
|
329,889
|
576,081
|
289,001
|
01/07/87
|
300
|
||||||
|
Newburgh
|
IN
|
161,193
|
300,280
|
None
|
None
|
161,193
|
300,280
|
461,473
|
48,544
|
12/22/05
|
300
|
||||||
|
South
Bend
|
IN
|
133,200
|
617,545
|
None
|
None
|
133,200
|
617,545
|
750,745
|
591,709
|
04/28/86
|
300
|
||||||
|
Terre
Haute
|
IN
|
767,189
|
1,426,532
|
None
|
None
|
767,189
|
1,426,532
|
2,193,721
|
178,315
|
11/01/06
|
300
|
||||||
|
Valparaiso
|
IN
|
365,612
|
679,507
|
None
|
None
|
365,612
|
679,507
|
1,045,119
|
107,589
|
01/11/06
|
300
|
||||||
|
Washington
|
IN
|
155,856
|
290,368
|
None
|
None
|
155,856
|
290,368
|
446,224
|
46,942
|
12/22/05
|
300
|
||||||
|
Westfield
|
IN
|
213,341
|
477,300
|
None
|
211
|
213,341
|
477,511
|
690,852
|
377,717
|
12/21/89
|
300
|
||||||
|
Chanute
|
KS
|
330,852
|
615,008
|
None
|
None
|
330,852
|
615,008
|
945,860
|
80,976
|
09/14/06
|
300
|
||||||
|
Derby
|
KS
|
96,060
|
445,359
|
None
|
None
|
96,060
|
445,359
|
541,419
|
434,383
|
10/29/85
|
300
|
||||||
|
El
Dorado
|
KS
|
87,400
|
405,206
|
None
|
7,558
|
87,400
|
412,764
|
500,164
|
395,903
|
04/10/86
|
300
|
||||||
|
Fort
Scott
|
KS
|
269,301
|
500,698
|
None
|
None
|
269,301
|
500,698
|
769,999
|
65,925
|
09/14/06
|
300
|
||||||
|
Overland
Park
|
KS
|
408,578
|
759,513
|
None
|
None
|
408,578
|
759,513
|
1,168,091
|
72,152
|
08/28/07
|
300
|
||||||
|
Overland
Park
|
KS
|
754,020
|
1,401,069
|
None
|
None
|
754,020
|
1,401,069
|
2,155,089
|
133,099
|
08/28/07
|
300
|
||||||
|
Parsons
|
KS
|
318,516
|
592,099
|
None
|
None
|
318,516
|
592,099
|
910,615
|
77,960
|
09/14/06
|
300
|
||||||
|
Shawnee
|
KS
|
953,916
|
1,773,245
|
None
|
None
|
953,916
|
1,773,245
|
2,727,161
|
221,654
|
11/01/06
|
300
|
||||||
|
Topeka
|
KS
|
232,146
|
431,853
|
None
|
None
|
232,146
|
431,853
|
663,999
|
41,024
|
08/28/07
|
300
|
||||||
|
Wichita
|
KS
|
98,000
|
454,350
|
6,265
|
233
|
98,000
|
460,848
|
558,848
|
432,135
|
08/08/86
|
300
|
||||||
|
Wichita
|
KS
|
787,377
|
1,463,936
|
None
|
None
|
787,377
|
1,463,936
|
2,251,313
|
182,991
|
11/01/06
|
300
|
||||||
|
Bowling
Green
|
KY
|
685,246
|
1,273,002
|
None
|
None
|
685,246
|
1,273,002
|
1,958,248
|
210,045
|
11/21/05
|
300
|
||||||
|
Hazard
|
KY
|
243,836
|
453,025
|
None
|
None
|
243,836
|
453,025
|
696,861
|
59,648
|
09/14/06
|
300
|
||||||
|
Hopkinsville
|
KY
|
801,532
|
1,490,241
|
None
|
None
|
801,532
|
1,490,241
|
2,291,773
|
186,279
|
11/01/06
|
300
|
||||||
|
Lexington
|
KY
|
122,200
|
1,400
|
None
|
31,495
|
122,200
|
32,895
|
155,095
|
4,787
|
12/03/86
|
300
|
||||||
|
Lexington
|
KY
|
655,085
|
1,216,983
|
None
|
None
|
655,085
|
1,216,983
|
1,872,068
|
200,802
|
11/21/05
|
300
|
||||||
|
Louisville
|
KY
|
821,990
|
1,528,282
|
None
|
None
|
821,990
|
1,528,282
|
2,350,272
|
191,034
|
11/01/06
|
300
|
||||||
|
Madisonville
|
KY
|
422,501
|
784,831
|
None
|
None
|
422,501
|
784,831
|
1,207,332
|
103,336
|
09/14/06
|
300
|
||||||
|
Middlesboro
|
KY
|
859,709
|
1,598,332
|
None
|
None
|
859,709
|
1,598,332
|
2,458,041
|
199,790
|
11/01/06
|
300
|
||||||
|
Murray
|
KY
|
831,246
|
1,545,422
|
None
|
None
|
831,246
|
1,545,422
|
2,376,668
|
193,177
|
11/01/06
|
300
|
||||||
|
Cost Capitalized
|
Life
on
|
||||||||||||||||
|
Subsequent
|
Gross Amount at Which Carried |
|
which
|
||||||||||||||
| Initial Cost to Company |
|
to
Acquisition
|
at Close of Period (Notes 2, 3, 5, 6 and 7) |
|
depreciation
|
||||||||||||
|
Buildings,
|
Buildings,
|
in
latest
|
|||||||||||||||
|
Improvements
|
Improvements
|
Income
|
|||||||||||||||
|
and
|
and
|
Accumulated
|
Statement
is
|
||||||||||||||
|
Description
|
Acquisition
|
Carrying
|
Acquisition
|
Depreciation
|
Date
of
|
Date
|
Computed
|
||||||||||
|
(Note
1)
|
Land
|
Fees
|
Improvements
|
Costs
|
Land
|
Fees
|
Total
|
(Note
4)
|
Construction
|
Acquired
|
(in
Months)
|
||||||
|
Paducah
|
KY
|
673,551
|
1,251,276
|
None
|
None
|
673,551
|
1,251,276
|
1,924,827
|
206,461
|
11/21/05
|
300
|
||||||
|
Richmond
|
KY
|
913,770
|
1,698,726
|
None
|
None
|
913,770
|
1,698,726
|
2,612,496
|
212,340
|
11/01/06
|
300
|
||||||
|
Alexandria
|
LA
|
1,270,223
|
2,361,174
|
None
|
None
|
1,270,223
|
2,361,174
|
3,631,397
|
295,146
|
11/01/06
|
300
|
||||||
|
Bossier
City
|
LA
|
172,269
|
320,497
|
None
|
None
|
172,269
|
320,497
|
492,766
|
42,199
|
09/14/06
|
300
|
||||||
|
Deridder
|
LA
|
371,127
|
690,819
|
None
|
None
|
371,127
|
690,819
|
1,061,946
|
70,220
|
06/22/07
|
300
|
||||||
|
Hammond
|
LA
|
1,011,084
|
1,879,972
|
None
|
None
|
1,011,084
|
1,879,972
|
2,891,056
|
234,995
|
11/01/06
|
300
|
||||||
|
Houma
|
LA
|
1,061,671
|
1,973,864
|
None
|
None
|
1,061,671
|
1,973,864
|
3,035,535
|
246,732
|
11/01/06
|
300
|
||||||
|
Jennings
|
LA
|
107,120
|
496,636
|
None
|
16
|
107,120
|
496,652
|
603,772
|
484,408
|
10/17/85
|
300
|
||||||
|
Jonesboro
|
LA
|
163,651
|
304,492
|
None
|
None
|
163,651
|
304,492
|
468,143
|
40,091
|
09/14/06
|
300
|
||||||
|
Morgan
City
|
LA
|
832,895
|
1,548,993
|
None
|
None
|
832,895
|
1,548,993
|
2,381,888
|
193,623
|
11/01/06
|
300
|
||||||
|
Natchitoches
|
LA
|
291,675
|
541,890
|
None
|
None
|
291,675
|
541,890
|
833,565
|
181,531
|
08/31/01
|
300
|
||||||
|
New
Iberia
|
LA
|
917,582
|
1,706,269
|
None
|
None
|
917,582
|
1,706,269
|
2,623,851
|
213,282
|
11/01/06
|
300
|
||||||
|
Opelousas
|
LA
|
949,157
|
1,764,908
|
36,600
|
20,490
|
949,157
|
1,821,998
|
2,771,155
|
226,730
|
11/01/06
|
300
|
||||||
|
Pineville
|
LA
|
1,136,612
|
2,113,040
|
None
|
None
|
1,136,612
|
2,113,040
|
3,249,652
|
264,129
|
11/01/06
|
300
|
||||||
|
Ruston
|
LA
|
170,274
|
316,792
|
None
|
None
|
170,274
|
316,792
|
487,066
|
41,711
|
09/14/06
|
300
|
||||||
|
Ruston
|
LA
|
982,427
|
1,826,696
|
None
|
None
|
982,427
|
1,826,696
|
2,809,123
|
228,336
|
11/01/06
|
300
|
||||||
|
Shreveport
|
LA
|
359,268
|
667,417
|
None
|
None
|
359,268
|
667,417
|
1,026,685
|
223,582
|
08/31/01
|
300
|
||||||
|
Shreveport
|
LA
|
154,671
|
287,815
|
None
|
None
|
154,671
|
287,815
|
442,486
|
37,896
|
09/14/06
|
300
|
||||||
|
Shreveport
|
LA
|
200,033
|
372,059
|
None
|
None
|
200,033
|
372,059
|
572,092
|
48,988
|
09/14/06
|
300
|
||||||
|
Shreveport
|
LA
|
259,987
|
483,401
|
None
|
None
|
259,987
|
483,401
|
743,388
|
63,648
|
09/14/06
|
300
|
||||||
|
Shreveport
|
LA
|
269,130
|
500,382
|
None
|
None
|
269,130
|
500,382
|
769,512
|
65,884
|
09/14/06
|
300
|
||||||
|
Vivian
|
LA
|
135,568
|
252,338
|
None
|
None
|
135,568
|
252,338
|
387,906
|
33,224
|
09/14/06
|
300
|
||||||
|
Winnfield
|
LA
|
145,973
|
271,661
|
None
|
None
|
145,973
|
271,661
|
417,634
|
35,769
|
09/14/06
|
300
|
||||||
|
Zachary
|
LA
|
898,306
|
1,670,527
|
None
|
None
|
898,306
|
1,670,527
|
2,568,833
|
208,815
|
11/01/06
|
300
|
||||||
|
Amesbury
|
MA
|
-
|
790,494
|
None
|
None
|
-
|
790,494
|
790,494
|
125,052
|
08/30/07
|
300
|
||||||
|
Attleboro
|
MA
|
369,815
|
693,655
|
None
|
None
|
369,815
|
693,655
|
1,063,470
|
223,124
|
12/19/01
|
300
|
||||||
|
Auburn
|
MA
|
418,250
|
779,623
|
500
|
None
|
418,250
|
780,123
|
1,198,373
|
74,164
|
08/30/07
|
300
|
||||||
|
Billerica
|
MA
|
398,292
|
740,107
|
None
|
None
|
398,292
|
740,107
|
1,138,399
|
62,906
|
11/14/07
|
300
|
||||||
|
Chicopee
|
MA
|
761,606
|
1,417,624
|
None
|
None
|
761,606
|
1,417,624
|
2,179,230
|
134,657
|
08/30/07
|
300
|
||||||
|
Chicopee
Falls
|
MA
|
302,982
|
565,894
|
None
|
None
|
302,982
|
565,894
|
868,876
|
53,743
|
08/30/07
|
300
|
||||||
|
East
Longmeadow
|
MA
|
614,319
|
1,144,128
|
None
|
None
|
614,319
|
1,144,128
|
1,758,447
|
108,675
|
08/30/07
|
300
|
||||||
|
Fall
River
|
MA
|
962,500
|
1,787,831
|
None
|
None
|
962,500
|
1,787,831
|
2,750,331
|
169,844
|
08/28/07
|
300
|
||||||
|
Gardner
|
MA
|
-
|
828,564
|
None
|
None
|
-
|
828,564
|
828,564
|
119,778
|
08/30/07
|
300
|
||||||
|
Great
Barrington
|
MA
|
422,625
|
788,089
|
None
|
None
|
422,625
|
788,089
|
1,210,714
|
74,851
|
08/30/07
|
300
|
||||||
|
Greenfield
|
MA
|
389,436
|
726,452
|
None
|
None
|
389,436
|
726,452
|
1,115,888
|
68,996
|
08/30/07
|
300
|
||||||
|
Greenfield
|
MA
|
761,417
|
1,417,273
|
None
|
None
|
761,417
|
1,417,273
|
2,178,690
|
134,624
|
08/30/07
|
300
|
||||||
|
Hanover
|
MA
|
397,203
|
281,202
|
None
|
None
|
397,203
|
281,202
|
678,405
|
90,452
|
12/19/01
|
300
|
||||||
|
Haverhill
|
MA
|
568,635
|
1,058,815
|
None
|
None
|
568,635
|
1,058,815
|
1,627,450
|
100,570
|
08/30/07
|
300
|
||||||
|
Holyoke
|
MA
|
577,667
|
1,076,023
|
None
|
None
|
577,667
|
1,076,023
|
1,653,690
|
102,205
|
08/30/07
|
300
|
||||||
|
Hyannis
|
MA
|
687,917
|
1,280,767
|
None
|
None
|
687,917
|
1,280,767
|
1,968,684
|
121,656
|
08/30/07
|
300
|
||||||
|
Lawrence
|
MA
|
910,000
|
1,690,877
|
None
|
None
|
910,000
|
1,690,877
|
2,600,877
|
160,629
|
08/28/07
|
300
|
||||||
|
Lee
|
MA
|
540,506
|
1,007,010
|
None
|
None
|
540,506
|
1,007,010
|
1,547,516
|
95,649
|
08/30/07
|
300
|
||||||
|
North
Adams
|
MA
|
377,300
|
703,914
|
None
|
None
|
377,300
|
703,914
|
1,081,214
|
66,855
|
08/30/07
|
300
|
||||||
|
Norwood
|
MA
|
840,616
|
1,563,923
|
None
|
None
|
840,616
|
1,563,923
|
2,404,539
|
148,555
|
08/30/07
|
300
|
||||||
|
Palmer
|
MA
|
141,524
|
598,480
|
None
|
None
|
141,524
|
598,480
|
740,004
|
192,509
|
12/19/01
|
300
|
||||||
|
Peabody
|
MA
|
529,555
|
222,590
|
None
|
None
|
529,555
|
222,590
|
752,145
|
71,598
|
12/19/01
|
300
|
||||||
|
Pittsfield
|
MA
|
286,241
|
950,022
|
None
|
None
|
286,241
|
950,022
|
1,236,263
|
305,589
|
12/19/01
|
300
|
||||||
|
Quincy
|
MA
|
289,121
|
539,719
|
None
|
None
|
289,121
|
539,719
|
828,840
|
51,256
|
08/30/07
|
300
|
||||||
|
Raynham
|
MA
|
761,417
|
1,417,287
|
None
|
None
|
761,417
|
1,417,287
|
2,178,704
|
134,624
|
08/30/07
|
300
|
||||||
|
Sagamore
Beach
|
MA
|
620,188
|
1,155,007
|
None
|
None
|
620,188
|
1,155,007
|
1,775,195
|
109,708
|
08/30/07
|
300
|
||||||
|
Saugus
|
MA
|
-
|
737,971
|
None
|
None
|
-
|
737,971
|
737,971
|
98,207
|
08/30/07
|
300
|
||||||
|
Seekonk
|
MA
|
614,417
|
1,144,267
|
None
|
None
|
614,417
|
1,144,267
|
1,758,684
|
108,688
|
08/30/07
|
300
|
||||||
|
South
Dartmouth
|
MA
|
379,217
|
707,492
|
None
|
None
|
379,217
|
707,492
|
1,086,709
|
67,194
|
08/30/07
|
300
|
||||||
|
Springfield
|
MA
|
230,030
|
865,572
|
None
|
None
|
230,030
|
865,572
|
1,095,602
|
278,424
|
12/19/01
|
300
|
||||||
|
Springfield
|
MA
|
227,207
|
958,444
|
None
|
None
|
227,207
|
958,444
|
1,185,651
|
308,298
|
12/19/01
|
300
|
||||||
|
Stoneham
|
MA
|
397,544
|
191,717
|
None
|
None
|
397,544
|
191,717
|
589,261
|
61,667
|
12/19/01
|
300
|
||||||
|
Cost Capitalized
|
Life
on
|
||||||||||||||||
|
Subsequent
|
Gross Amount at Which Carried |
|
which
|
||||||||||||||
| Initial Cost to Company |
|
to
Acquisition
|
at Close of Period (Notes 2, 3, 5, 6 and 7) |
|
depreciation
|
||||||||||||
|
Buildings,
|
Buildings,
|
in
latest
|
|||||||||||||||
|
Improvements
|
Improvements
|
Income
|
|||||||||||||||
|
and
|
and
|
Accumulated
|
Statement
is
|
||||||||||||||
|
Description
|
Acquisition
|
Carrying
|
Acquisition
|
Depreciation
|
Date
of
|
Date
|
Computed
|
||||||||||
|
(Note
1)
|
Land
|
Fees
|
Improvements
|
Costs
|
Land
|
Fees
|
Total
|
(Note
4)
|
Construction
|
Acquired
|
(in
Months)
|
||||||
|
Sudbury
|
MA
|
-
|
633,843
|
None
|
None
|
-
|
633,843
|
633,843
|
80,569
|
08/30/07
|
300
|
||||||
|
Swansea
|
MA
|
173,853
|
488,699
|
None
|
None
|
173,853
|
488,699
|
662,552
|
157,197
|
12/19/01
|
300
|
||||||
|
Tewksbury
|
MA
|
392,079
|
730,927
|
None
|
None
|
392,079
|
730,927
|
1,123,006
|
69,421
|
08/30/07
|
300
|
||||||
|
Ware
|
MA
|
220,457
|
412,133
|
500
|
None
|
220,457
|
412,633
|
633,090
|
39,252
|
08/30/07
|
300
|
||||||
|
West
Springfield
|
MA
|
243,556
|
455,532
|
None
|
None
|
243,556
|
455,532
|
699,088
|
43,258
|
08/30/07
|
300
|
||||||
|
West
Springfield
|
MA
|
761,417
|
1,417,273
|
None
|
None
|
761,417
|
1,417,273
|
2,178,690
|
134,624
|
08/30/07
|
300
|
||||||
|
Wollaston
|
MA
|
411,366
|
766,745
|
None
|
None
|
411,366
|
766,745
|
1,178,111
|
72,824
|
08/30/07
|
300
|
||||||
|
Worcester
|
MA
|
578,336
|
1,077,426
|
None
|
None
|
578,336
|
1,077,426
|
1,655,762
|
102,338
|
08/30/07
|
300
|
||||||
|
Hagerstown
|
MD
|
499,396
|
928,250
|
None
|
None
|
499,396
|
928,250
|
1,427,646
|
88,182
|
08/28/07
|
300
|
||||||
|
Waterville
|
ME
|
-
|
717,653
|
None
|
None
|
-
|
717,653
|
717,653
|
68,155
|
08/30/07
|
300
|
||||||
|
Windham
|
ME
|
-
|
831,301
|
1,000
|
None
|
-
|
832,301
|
832,301
|
79,184
|
08/30/07
|
300
|
||||||
|
Canton
|
MI
|
279,923
|
521,223
|
None
|
None
|
279,923
|
521,223
|
801,146
|
49,514
|
08/28/07
|
300
|
||||||
|
Comstock
Park
|
MI
|
810,477
|
1,506,864
|
None
|
None
|
810,477
|
1,506,864
|
2,317,341
|
188,357
|
11/01/06
|
300
|
||||||
|
Flint
|
MI
|
827,853
|
-
|
None
|
None
|
827,853
|
-
|
827,853
|
-
|
04/13/95
|
300
|
||||||
|
Flint
|
MI
|
885,144
|
1,645,531
|
None
|
None
|
885,144
|
1,645,531
|
2,530,675
|
205,690
|
11/01/06
|
300
|
||||||
|
Lansing
|
MI
|
873,536
|
1,623,973
|
None
|
None
|
873,536
|
1,623,973
|
2,497,509
|
202,995
|
11/01/06
|
300
|
||||||
|
Livonia
|
MI
|
350,000
|
651,446
|
None
|
None
|
350,000
|
651,446
|
1,001,446
|
61,885
|
08/28/07
|
300
|
||||||
|
Saginaw
|
MI
|
766,531
|
1,425,263
|
None
|
None
|
766,531
|
1,425,263
|
2,191,794
|
178,157
|
11/01/06
|
300
|
||||||
|
Taylor
|
MI
|
847,070
|
1,574,821
|
None
|
284
|
847,070
|
1,575,105
|
2,422,175
|
196,946
|
11/01/06
|
300
|
||||||
|
Westland
|
MI
|
869,530
|
1,616,568
|
None
|
None
|
869,530
|
1,616,568
|
2,486,098
|
202,070
|
11/01/06
|
300
|
||||||
|
Roseville
|
MN
|
281,600
|
1,305,560
|
None
|
182
|
281,600
|
1,305,742
|
1,587,342
|
1,305,741
|
12/18/84
|
300
|
||||||
|
Belton
|
MO
|
89,328
|
418,187
|
22,270
|
14,516
|
89,328
|
454,973
|
544,301
|
450,027
|
12/18/84
|
300
|
||||||
|
Bolivar
|
MO
|
237,094
|
440,596
|
None
|
None
|
237,094
|
440,596
|
677,690
|
147,596
|
08/31/01
|
300
|
||||||
|
Bridgeton
|
MO
|
743,559
|
1,382,610
|
16,250
|
503
|
743,559
|
1,399,363
|
2,142,922
|
178,633
|
11/01/06
|
300
|
||||||
|
Buffalo
|
MO
|
159,346
|
296,519
|
None
|
24
|
159,346
|
296,543
|
455,889
|
39,050
|
09/14/06
|
300
|
||||||
|
Cape
Girardeau
|
MO
|
450,078
|
836,372
|
None
|
None
|
450,078
|
836,372
|
1,286,450
|
132,426
|
01/11/06
|
300
|
||||||
|
Cape
Girardeau
|
MO
|
745,915
|
1,386,950
|
None
|
None
|
745,915
|
1,386,950
|
2,132,865
|
173,368
|
11/01/06
|
300
|
||||||
|
Carthage
|
MO
|
85,020
|
394,175
|
None
|
398
|
85,020
|
394,573
|
479,593
|
382,429
|
12/03/85
|
300
|
||||||
|
Farmington
|
MO
|
780,812
|
1,451,767
|
None
|
None
|
780,812
|
1,451,767
|
2,232,579
|
181,470
|
11/01/06
|
300
|
||||||
|
Festus
|
MO
|
808,595
|
1,503,364
|
None
|
None
|
808,595
|
1,503,364
|
2,311,959
|
187,919
|
11/01/06
|
300
|
||||||
|
Fulton
|
MO
|
210,199
|
466,861
|
13,395
|
493
|
210,199
|
480,749
|
690,948
|
417,524
|
07/30/87
|
300
|
||||||
|
Hazelwood
|
MO
|
157,117
|
725,327
|
-104,329
|
337
|
157,117
|
621,335
|
778,452
|
619,427
|
08/28/85
|
300
|
||||||
|
Jefferson
City
|
MO
|
713,088
|
1,325,993
|
None
|
None
|
713,088
|
1,325,993
|
2,039,081
|
165,748
|
11/01/06
|
300
|
||||||
|
Joplin
|
MO
|
301,207
|
559,953
|
None
|
None
|
301,207
|
559,953
|
861,160
|
73,727
|
09/14/06
|
300
|
||||||
|
Joplin
|
MO
|
281,001
|
522,428
|
None
|
None
|
281,001
|
522,428
|
803,429
|
68,786
|
09/14/06
|
300
|
||||||
|
Kansas
City
|
MO
|
315,334
|
586,423
|
None
|
None
|
315,334
|
586,423
|
901,757
|
55,706
|
08/28/07
|
300
|
||||||
|
Mountain
Grove
|
MO
|
219,704
|
408,591
|
None
|
None
|
219,704
|
408,591
|
628,295
|
53,798
|
09/14/06
|
300
|
||||||
|
Mt.
Vernon
|
MO
|
160,000
|
282,586
|
None
|
None
|
160,000
|
282,586
|
442,586
|
137,044
|
11/20/97
|
300
|
||||||
|
Nevada
|
MO
|
222,552
|
494,296
|
None
|
None
|
222,552
|
494,296
|
716,848
|
440,402
|
07/30/87
|
300
|
||||||
|
Nevada
|
MO
|
290,795
|
540,616
|
None
|
None
|
290,795
|
540,616
|
831,411
|
71,181
|
09/14/06
|
300
|
||||||
|
Nixa
|
MO
|
251,387
|
467,430
|
None
|
None
|
251,387
|
467,430
|
718,817
|
61,545
|
09/14/06
|
300
|
||||||
|
Ozark
|
MO
|
140,000
|
292,482
|
None
|
None
|
140,000
|
292,482
|
432,482
|
141,844
|
11/20/97
|
300
|
||||||
|
Poplar
Bluff
|
MO
|
774,256
|
1,439,603
|
None
|
None
|
774,256
|
1,439,603
|
2,213,859
|
179,949
|
11/01/06
|
300
|
||||||
|
Raymore
|
MO
|
726,583
|
1,351,055
|
None
|
None
|
726,583
|
1,351,055
|
2,077,638
|
168,881
|
11/01/06
|
300
|
||||||
|
Sedalia
|
MO
|
269,798
|
599,231
|
11,556
|
None
|
269,798
|
610,787
|
880,585
|
491,652
|
07/31/89
|
300
|
||||||
|
Sedalia
|
MO
|
696,604
|
1,295,380
|
None
|
598
|
696,604
|
1,295,978
|
1,992,582
|
162,040
|
11/01/06
|
300
|
||||||
|
Springfield
|
MO
|
251,381
|
467,418
|
None
|
None
|
251,381
|
467,418
|
718,799
|
61,543
|
09/14/06
|
300
|
||||||
|
Springfield
|
MO
|
225,939
|
420,162
|
None
|
None
|
225,939
|
420,162
|
646,101
|
53,921
|
10/12/06
|
300
|
||||||
|
St.
Charles
|
MO
|
175,413
|
809,791
|
None
|
384
|
175,413
|
810,175
|
985,588
|
794,661
|
08/28/85
|
300
|
||||||
|
St.
Charles
|
MO
|
695,121
|
1,001,878
|
None
|
1,338
|
695,121
|
1,003,216
|
1,698,337
|
562,925
|
12/22/95
|
03/16/95
|
300
|
|||||
|
St.
Joseph
|
MO
|
960,412
|
1,785,308
|
None
|
None
|
960,412
|
1,785,308
|
2,745,720
|
223,162
|
11/01/06
|
300
|
||||||
|
St.
Robert
|
MO
|
329,242
|
611,728
|
None
|
None
|
329,242
|
611,728
|
940,970
|
204,925
|
08/31/01
|
300
|
||||||
|
St.
Robert
|
MO
|
744,158
|
1,383,694
|
None
|
None
|
744,158
|
1,383,694
|
2,127,852
|
172,960
|
11/01/06
|
300
|
||||||
|
Sullivan
|
MO
|
85,500
|
396,400
|
-40,743
|
13,514
|
85,500
|
369,171
|
454,671
|
356,446
|
12/27/84
|
300
|
||||||
|
Webb
City
|
MO
|
337,647
|
627,628
|
None
|
None
|
337,647
|
627,628
|
965,275
|
82,638
|
09/14/06
|
300
|
||||||
|
Biloxi
|
MS
|
414,902
|
770,725
|
None
|
None
|
414,902
|
770,725
|
1,185,627
|
101,479
|
09/14/06
|
300
|
||||||
|
Cost Capitalized
|
Life
on
|
||||||||||||||||
|
Subsequent
|
Gross Amount at Which Carried |
|
which
|
||||||||||||||
| Initial Cost to Company |
|
to
Acquisition
|
at Close of Period (Notes 2, 3, 5, 6 and 7) |
|
depreciation
|
||||||||||||
|
Buildings,
|
Buildings,
|
in
latest
|
|||||||||||||||
|
Improvements
|
Improvements
|
Income
|
|||||||||||||||
|
and
|
and
|
Accumulated
|
Statement
is
|
||||||||||||||
|
Description
|
Acquisition
|
Carrying
|
Acquisition
|
Depreciation
|
Date
of
|
Date
|
Computed
|
||||||||||
|
(Note
1)
|
Land
|
Fees
|
Improvements
|
Costs
|
Land
|
Fees
|
Total
|
(Note
4)
|
Construction
|
Acquired
|
(in
Months)
|
||||||
|
Canton
|
MS
|
163,193
|
303,268
|
None
|
None
|
163,193
|
303,268
|
466,461
|
39,930
|
09/14/06
|
300
|
||||||
|
Carthage
|
MS
|
157,803
|
293,257
|
None
|
None
|
157,803
|
293,257
|
451,060
|
38,612
|
09/14/06
|
300
|
||||||
|
Columbus
|
MS
|
128,409
|
238,775
|
None
|
None
|
128,409
|
238,775
|
367,184
|
38,602
|
12/22/05
|
300
|
||||||
|
Columbus
|
MS
|
117,411
|
218,350
|
None
|
None
|
117,411
|
218,350
|
335,761
|
35,299
|
12/22/05
|
300
|
||||||
|
Columbus
|
MS
|
720,310
|
1,339,963
|
None
|
None
|
720,310
|
1,339,963
|
2,060,273
|
167,494
|
11/01/06
|
300
|
||||||
|
Corinth
|
MS
|
285,607
|
530,598
|
None
|
None
|
285,607
|
530,598
|
816,205
|
69,862
|
09/14/06
|
300
|
||||||
|
Corinth
|
MS
|
867,086
|
1,612,029
|
None
|
None
|
867,086
|
1,612,029
|
2,479,115
|
201,502
|
11/01/06
|
300
|
||||||
|
Flowood
|
MS
|
154,733
|
287,549
|
None
|
None
|
154,733
|
287,549
|
442,282
|
37,861
|
09/14/06
|
300
|
||||||
|
Forest
|
MS
|
106,457
|
198,007
|
None
|
None
|
106,457
|
198,007
|
304,464
|
32,011
|
12/22/05
|
300
|
||||||
|
Fulton
|
MS
|
239,686
|
445,337
|
None
|
None
|
239,686
|
445,337
|
685,023
|
149,185
|
08/31/01
|
300
|
||||||
|
Gautier
|
MS
|
241,995
|
449,607
|
None
|
None
|
241,995
|
449,607
|
691,602
|
59,198
|
09/14/06
|
300
|
||||||
|
Greenville
|
MS
|
311,324
|
578,378
|
None
|
None
|
311,324
|
578,378
|
889,702
|
193,754
|
08/31/01
|
300
|
||||||
|
Greenwood
|
MS
|
177,329
|
329,520
|
None
|
None
|
177,329
|
329,520
|
506,849
|
43,387
|
09/14/06
|
300
|
||||||
|
Hattiesburg
|
MS
|
856,070
|
1,592,088
|
None
|
None
|
856,070
|
1,592,088
|
2,448,158
|
199,010
|
11/01/06
|
300
|
||||||
|
Hernando
|
MS
|
137,898
|
256,282
|
None
|
None
|
137,898
|
256,282
|
394,180
|
33,744
|
09/14/06
|
300
|
||||||
|
Houston
|
MS
|
226,962
|
421,695
|
None
|
None
|
226,962
|
421,695
|
648,657
|
55,523
|
09/14/06
|
300
|
||||||
|
Indianola
|
MS
|
270,639
|
502,822
|
None
|
None
|
270,639
|
502,822
|
773,461
|
168,443
|
08/31/01
|
300
|
||||||
|
Iuka
|
MS
|
139,243
|
258,779
|
None
|
None
|
139,243
|
258,779
|
398,022
|
34,073
|
09/14/06
|
300
|
||||||
|
Jackson
|
MS
|
237,982
|
442,154
|
None
|
None
|
237,982
|
442,154
|
680,136
|
58,217
|
09/14/06
|
300
|
||||||
|
Jackson
|
MS
|
352,003
|
653,900
|
None
|
None
|
352,003
|
653,900
|
1,005,903
|
83,917
|
10/12/06
|
300
|
||||||
|
Kosciusko
|
MS
|
311,422
|
578,550
|
None
|
None
|
311,422
|
578,550
|
889,972
|
76,176
|
09/14/06
|
300
|
||||||
|
Laurel
|
MS
|
778,938
|
1,448,844
|
None
|
None
|
778,938
|
1,448,844
|
2,227,782
|
181,104
|
11/01/06
|
300
|
||||||
|
Magee
|
MS
|
264,395
|
491,206
|
None
|
None
|
264,395
|
491,206
|
755,601
|
64,675
|
09/14/06
|
300
|
||||||
|
Meridian
|
MS
|
-
|
2,481,172
|
None
|
None
|
-
|
2,481,172
|
2,481,172
|
302,915
|
11/01/06
|
300
|
||||||
|
Moss
Point
|
MS
|
287,821
|
534,713
|
None
|
None
|
287,821
|
534,713
|
822,534
|
70,404
|
09/14/06
|
300
|
||||||
|
Natchez
|
MS
|
402,589
|
747,934
|
None
|
None
|
402,589
|
747,934
|
1,150,523
|
90,999
|
12/21/06
|
300
|
||||||
|
Newton
|
MS
|
284,350
|
528,311
|
None
|
None
|
284,350
|
528,311
|
812,661
|
176,981
|
08/31/01
|
300
|
||||||
|
Olive
Branch
|
MS
|
332,234
|
617,192
|
None
|
None
|
332,234
|
617,192
|
949,426
|
81,264
|
09/14/06
|
300
|
||||||
|
Olive
Branch
|
MS
|
362,276
|
673,055
|
None
|
None
|
362,276
|
673,055
|
1,035,331
|
57,210
|
11/16/07
|
300
|
||||||
|
Oxford
|
MS
|
164,058
|
304,873
|
None
|
None
|
164,058
|
304,873
|
468,931
|
40,142
|
09/14/06
|
300
|
||||||
|
Oxford
|
MS
|
297,182
|
552,097
|
None
|
None
|
297,182
|
552,097
|
849,279
|
70,852
|
10/12/06
|
300
|
||||||
|
Pearl
|
MS
|
334,822
|
621,994
|
None
|
None
|
334,822
|
621,994
|
956,816
|
208,365
|
08/31/01
|
300
|
||||||
|
Philadelphia
|
MS
|
292,868
|
543,912
|
None
|
None
|
292,868
|
543,912
|
836,780
|
71,615
|
09/14/06
|
300
|
||||||
|
Pontotoc
|
MS
|
285,006
|
529,492
|
None
|
None
|
285,006
|
529,492
|
814,498
|
69,716
|
09/14/06
|
300
|
||||||
|
Southaven
|
MS
|
498,426
|
925,905
|
None
|
None
|
498,426
|
925,905
|
1,424,331
|
78,702
|
11/16/07
|
300
|
||||||
|
Starkville
|
MS
|
175,436
|
326,005
|
None
|
None
|
175,436
|
326,005
|
501,441
|
42,924
|
09/14/06
|
300
|
||||||
|
Tupelo
|
MS
|
166,869
|
310,095
|
None
|
None
|
166,869
|
310,095
|
476,964
|
40,829
|
09/14/06
|
300
|
||||||
|
Tupelo
|
MS
|
225,934
|
419,857
|
None
|
None
|
225,934
|
419,857
|
645,791
|
55,281
|
09/28/06
|
300
|
||||||
|
Vicksburg
|
MS
|
275,895
|
512,632
|
None
|
None
|
275,895
|
512,632
|
788,527
|
67,497
|
09/28/06
|
300
|
||||||
|
Vicksburg
|
MS
|
698,189
|
1,298,881
|
68,650
|
479
|
698,189
|
1,368,010
|
2,066,199
|
163,866
|
11/01/06
|
300
|
||||||
|
West
Point
|
MS
|
87,859
|
163,468
|
None
|
None
|
87,859
|
163,468
|
251,327
|
26,427
|
12/22/05
|
300
|
||||||
|
Wiggins
|
MS
|
268,104
|
498,095
|
None
|
None
|
268,104
|
498,095
|
766,199
|
65,583
|
09/14/06
|
300
|
||||||
|
Albemarle
|
NC
|
721,392
|
1,341,825
|
None
|
223
|
721,392
|
1,342,048
|
2,063,440
|
167,805
|
11/01/06
|
300
|
||||||
|
Asheville
|
NC
|
838,421
|
1,558,792
|
None
|
None
|
838,421
|
1,558,792
|
2,397,213
|
194,848
|
11/01/06
|
300
|
||||||
|
Asheville
|
NC
|
264,226
|
491,419
|
None
|
None
|
264,226
|
491,419
|
755,645
|
46,683
|
08/28/07
|
300
|
||||||
|
Fayetteville
|
NC
|
116,240
|
590,854
|
None
|
317
|
116,240
|
591,171
|
707,411
|
547,019
|
12/20/84
|
300
|
||||||
|
Forest
City
|
NC
|
872,424
|
1,621,940
|
None
|
None
|
872,424
|
1,621,940
|
2,494,364
|
202,741
|
11/01/06
|
300
|
||||||
|
Goldsboro
|
NC
|
811,502
|
1,509,029
|
None
|
624
|
811,502
|
1,509,653
|
2,321,155
|
188,788
|
11/01/06
|
300
|
||||||
|
Kernersville
|
NC
|
836,896
|
1,556,334
|
None
|
223
|
836,896
|
1,556,557
|
2,393,453
|
194,618
|
11/01/06
|
300
|
||||||
|
Roanoke
Rapids
|
NC
|
834,223
|
1,551,226
|
None
|
None
|
834,223
|
1,551,226
|
2,385,449
|
193,902
|
11/01/06
|
300
|
||||||
|
Salisbury
|
NC
|
777,412
|
1,445,863
|
None
|
None
|
777,412
|
1,445,863
|
2,223,275
|
180,732
|
11/01/06
|
300
|
||||||
|
Sylva
|
NC
|
919,724
|
1,709,783
|
None
|
None
|
919,724
|
1,709,783
|
2,629,507
|
213,722
|
11/01/06
|
300
|
||||||
|
Wilkesboro
|
NC
|
183,050
|
406,562
|
None
|
139
|
183,050
|
406,701
|
589,751
|
362,313
|
07/24/87
|
300
|
||||||
|
Winston
Salem
|
NC
|
126,423
|
235,323
|
None
|
None
|
126,423
|
235,323
|
361,746
|
38,043
|
12/22/05
|
300
|
||||||
|
Winston-Salem
|
NC
|
353,239
|
656,427
|
None
|
None
|
353,239
|
656,427
|
1,009,666
|
219,897
|
08/31/01
|
300
|
||||||
|
Devils
Lake
|
ND
|
150,390
|
279,798
|
None
|
None
|
150,390
|
279,798
|
430,188
|
45,234
|
12/22/05
|
300
|
||||||
|
Cost Capitalized
|
Life
on
|
||||||||||||||||
|
Subsequent
|
Gross Amount at Which Carried |
|
which
|
||||||||||||||
| Initial Cost to Company |
|
to
Acquisition
|
at Close of Period (Notes 2, 3, 5, 6 and 7) |
|
depreciation
|
||||||||||||
|
Buildings,
|
Buildings,
|
in
latest
|
|||||||||||||||
|
Improvements
|
Improvements
|
Income
|
|||||||||||||||
|
and
|
and
|
Accumulated
|
Statement
is
|
||||||||||||||
|
Description
|
Acquisition
|
Carrying
|
Acquisition
|
Depreciation
|
Date
of
|
Date
|
Computed
|
||||||||||
|
(Note
1)
|
Land
|
Fees
|
Improvements
|
Costs
|
Land
|
Fees
|
Total
|
(Note
4)
|
Construction
|
Acquired
|
(in
Months)
|
||||||
|
Fargo
|
ND
|
217,057
|
403,609
|
None
|
None
|
217,057
|
403,609
|
620,666
|
65,250
|
12/22/05
|
300
|
||||||
|
Jamestown
|
ND
|
136,523
|
254,045
|
None
|
None
|
136,523
|
254,045
|
390,568
|
41,071
|
12/22/05
|
300
|
||||||
|
Minot
|
ND
|
153,870
|
286,260
|
None
|
None
|
153,870
|
286,260
|
440,130
|
46,279
|
12/22/05
|
300
|
||||||
|
Bellevue
|
NE
|
-
|
1,004,384
|
None
|
None
|
-
|
1,004,384
|
1,004,384
|
166,950
|
09/20/05
|
02/24/05
|
300
|
|||||
|
Omaha
|
NE
|
592,716
|
1,009,253
|
None
|
None
|
592,716
|
1,009,253
|
1,601,969
|
179,308
|
05/05/05
|
12/21/04
|
300
|
|||||
|
Omaha
|
NE
|
444,460
|
825,938
|
None
|
None
|
444,460
|
825,938
|
1,270,398
|
130,774
|
01/11/06
|
300
|
||||||
|
Omaha
|
NE
|
350,000
|
650,877
|
None
|
None
|
350,000
|
650,877
|
1,000,877
|
61,831
|
08/28/07
|
300
|
||||||
|
Papillion
|
NE
|
654,788
|
908,685
|
None
|
None
|
654,788
|
908,685
|
1,563,473
|
165,782
|
03/09/05
|
01/12/05
|
300
|
|||||
|
Concord
|
NH
|
577,667
|
1,075,628
|
None
|
None
|
577,667
|
1,075,628
|
1,653,295
|
102,167
|
08/30/07
|
300
|
||||||
|
Concord
|
NH
|
849,884
|
1,581,175
|
None
|
None
|
849,884
|
1,581,175
|
2,431,059
|
150,194
|
08/30/07
|
300
|
||||||
|
Dover
|
NH
|
687,917
|
1,280,378
|
None
|
None
|
687,917
|
1,280,378
|
1,968,295
|
121,619
|
08/30/07
|
300
|
||||||
|
Keene
|
NH
|
253,769
|
310,470
|
None
|
None
|
253,769
|
310,470
|
564,239
|
99,866
|
12/19/01
|
300
|
||||||
|
Laconia
|
NH
|
330,520
|
467,594
|
None
|
None
|
330,520
|
467,594
|
798,114
|
150,408
|
12/19/01
|
300
|
||||||
|
Manchester
|
NH
|
266,337
|
486,676
|
None
|
None
|
266,337
|
486,676
|
753,013
|
156,546
|
12/19/01
|
300
|
||||||
|
North
Conway
|
NH
|
473,031
|
607,020
|
None
|
None
|
473,031
|
607,020
|
1,080,051
|
195,256
|
12/19/01
|
300
|
||||||
|
Portsmouth
|
NH
|
391,650
|
730,167
|
None
|
None
|
391,650
|
730,167
|
1,121,817
|
69,349
|
08/30/07
|
300
|
||||||
|
Rochester
|
NH
|
262,059
|
695,771
|
None
|
None
|
262,059
|
695,771
|
957,830
|
223,805
|
12/19/01
|
300
|
||||||
|
Bloomfield
|
NJ
|
556,520
|
260,498
|
None
|
None
|
556,520
|
260,498
|
817,018
|
83,792
|
12/19/01
|
300
|
||||||
|
Clark
|
NJ
|
541,792
|
1,009,085
|
None
|
None
|
541,792
|
1,009,085
|
1,550,877
|
95,846
|
08/30/07
|
300
|
||||||
|
Hackettstown
|
NJ
|
307,186
|
525,142
|
None
|
None
|
307,186
|
525,142
|
832,328
|
168,919
|
12/19/01
|
300
|
||||||
|
Hazlet
|
NJ
|
614,417
|
1,143,885
|
None
|
None
|
614,417
|
1,143,885
|
1,758,302
|
108,652
|
08/30/07
|
300
|
||||||
|
Hillsdale
|
NJ
|
398,221
|
204,106
|
None
|
None
|
398,221
|
204,106
|
602,327
|
65,652
|
12/19/01
|
300
|
||||||
|
Middletown
|
NJ
|
-
|
640,403
|
None
|
None
|
-
|
640,403
|
640,403
|
98,552
|
08/30/07
|
300
|
||||||
|
Moorestown
|
NJ
|
294,708
|
550,139
|
None
|
None
|
294,708
|
550,139
|
844,847
|
52,246
|
08/30/07
|
300
|
||||||
|
Morris
Plains
|
NJ
|
366,982
|
188,123
|
None
|
None
|
366,982
|
188,123
|
555,105
|
60,511
|
12/19/01
|
300
|
||||||
|
Mt.
Holly
|
NJ
|
-
|
1,092,178
|
None
|
None
|
-
|
1,092,178
|
1,092,178
|
89,191
|
12/17/07
|
300
|
||||||
|
Passaic
|
NJ
|
328,284
|
612,517
|
None
|
None
|
328,284
|
612,517
|
940,801
|
58,172
|
08/30/07
|
300
|
||||||
|
Pompton
Plains
|
NJ
|
455,700
|
849,125
|
None
|
None
|
455,700
|
849,125
|
1,304,825
|
80,650
|
08/30/07
|
300
|
||||||
|
Toms
River
|
NJ
|
826,449
|
1,537,659
|
None
|
None
|
826,449
|
1,537,659
|
2,364,108
|
146,060
|
08/30/07
|
300
|
||||||
|
Albuquerque
|
NM
|
732,059
|
1,036,922
|
None
|
None
|
732,059
|
1,036,922
|
1,768,981
|
153,938
|
06/21/05
|
01/19/05
|
300
|
|||||
|
Albuquerque
|
NM
|
471,899
|
876,928
|
None
|
None
|
471,899
|
876,928
|
1,348,827
|
83,306
|
08/28/07
|
300
|
||||||
|
Albany
|
NY
|
457,538
|
852,510
|
None
|
None
|
457,538
|
852,510
|
1,310,048
|
80,971
|
08/30/07
|
300
|
||||||
|
Amherst
|
NY
|
412,349
|
767,082
|
None
|
None
|
412,349
|
767,082
|
1,179,431
|
72,871
|
08/28/07
|
300
|
||||||
|
Buffalo
|
NY
|
317,454
|
591,060
|
None
|
None
|
317,454
|
591,060
|
908,514
|
56,146
|
08/28/07
|
300
|
||||||
|
Carmel
|
NY
|
266,619
|
707,819
|
None
|
None
|
266,619
|
707,819
|
974,438
|
227,680
|
12/19/01
|
300
|
||||||
|
Clifton
Park
|
NY
|
1,040,997
|
1,936,100
|
None
|
None
|
1,040,997
|
1,936,100
|
2,977,097
|
183,912
|
08/30/07
|
300
|
||||||
|
East
Greenbush
|
NY
|
623,313
|
1,160,389
|
None
|
None
|
623,313
|
1,160,389
|
1,783,702
|
110,220
|
08/30/07
|
300
|
||||||
|
Elsmere
|
NY
|
316,382
|
590,387
|
None
|
None
|
316,382
|
590,387
|
906,769
|
56,069
|
08/30/07
|
300
|
||||||
|
Fulton
|
NY
|
294,009
|
653,006
|
3,800
|
2,220
|
294,009
|
659,026
|
953,035
|
574,645
|
12/24/87
|
300
|
||||||
|
Kingston
|
NY
|
430,667
|
802,583
|
None
|
None
|
430,667
|
802,583
|
1,233,250
|
76,228
|
08/30/07
|
300
|
||||||
|
Latham
|
NY
|
651,167
|
1,212,133
|
None
|
None
|
651,167
|
1,212,133
|
1,863,300
|
115,135
|
08/30/07
|
300
|
||||||
|
Middletown
|
NY
|
242,459
|
796,905
|
None
|
151
|
242,459
|
797,056
|
1,039,515
|
256,374
|
12/19/01
|
300
|
||||||
|
New
Hartford
|
NY
|
226,041
|
422,563
|
None
|
None
|
226,041
|
422,563
|
648,604
|
40,126
|
08/30/07
|
300
|
||||||
|
Plattsburgh
|
NY
|
977,012
|
1,817,269
|
None
|
None
|
977,012
|
1,817,269
|
2,794,281
|
172,623
|
08/30/07
|
300
|
||||||
|
Watertown
|
NY
|
139,199
|
645,355
|
4,846
|
180
|
139,199
|
650,381
|
789,580
|
610,948
|
08/18/86
|
300
|
||||||
|
Akron
|
OH
|
723,347
|
17
|
10,940
|
44,667
|
723,347
|
55,624
|
778,971
|
15,810
|
12/22/94
|
300
|
||||||
|
Akron
|
OH
|
318,182
|
593,654
|
None
|
None
|
318,182
|
593,654
|
911,836
|
56,380
|
08/30/07
|
300
|
||||||
|
Akron
|
OH
|
318,182
|
593,654
|
None
|
None
|
318,182
|
593,654
|
911,836
|
56,380
|
08/30/07
|
300
|
||||||
|
Beavercreek
|
OH
|
229,445
|
428,857
|
None
|
None
|
229,445
|
428,857
|
658,302
|
40,724
|
08/30/07
|
300
|
||||||
|
Cincinnati
|
OH
|
299,187
|
556,978
|
None
|
None
|
299,187
|
556,978
|
856,165
|
52,890
|
08/28/07
|
300
|
||||||
|
Defiance
|
OH
|
71,273
|
135,109
|
None
|
358
|
71,273
|
135,467
|
206,740
|
12,858
|
08/30/07
|
300
|
||||||
|
Elyria
|
OH
|
79,545
|
150,491
|
None
|
None
|
79,545
|
150,491
|
230,036
|
14,279
|
08/30/07
|
300
|
||||||
|
Marion
|
OH
|
739,651
|
1,375,358
|
None
|
None
|
739,651
|
1,375,358
|
2,115,009
|
171,918
|
11/01/06
|
300
|
||||||
|
Maumee
|
OH
|
296,970
|
555,134
|
None
|
None
|
296,970
|
555,134
|
852,104
|
52,718
|
08/30/07
|
300
|
||||||
|
Mentor
|
OH
|
394,450
|
734,205
|
None
|
None
|
394,450
|
734,205
|
1,128,655
|
69,736
|
08/28/07
|
300
|
||||||
|
Mount
Vernon
|
OH
|
147,212
|
276,407
|
None
|
None
|
147,212
|
276,407
|
423,619
|
26,240
|
08/30/07
|
300
|
||||||
|
Cost Capitalized
|
Life
on
|
||||||||||||||||
|
Subsequent
|
Gross Amount at Which Carried |
|
which
|
||||||||||||||
|
Initial
Cost to Company
|
|
to
Acquisition
|
at Close of Period (Notes 2, 3, 5, 6 and 7) |
|
depreciation
|
||||||||||||
|
Buildings,
|
Buildings,
|
in
latest
|
|||||||||||||||
|
Improvements
|
Improvements
|
Income
|
|||||||||||||||
|
and
|
and
|
Accumulated
|
Statement
is
|
||||||||||||||
|
Description
|
Acquisition
|
Carrying
|
Acquisition
|
Depreciation
|
Date
of
|
Date
|
Computed
|
||||||||||
|
(Note
1)
|
Land
|
Fees
|
Improvements
|
Costs
|
Land
|
Fees
|
Total
|
(Note
4)
|
Construction
|
Acquired
|
(in
Months)
|
||||||
|
Mt.
Vernon
|
OH
|
726,626
|
1,351,151
|
None
|
284
|
726,626
|
1,351,435
|
2,078,061
|
168,987
|
11/01/06
|
300
|
||||||
|
North
Canton
|
OH
|
487,879
|
908,806
|
None
|
None
|
487,879
|
908,806
|
1,396,685
|
86,319
|
08/30/07
|
300
|
||||||
|
Parma
|
OH
|
473,710
|
881,038
|
None
|
None
|
473,710
|
881,038
|
1,354,748
|
83,697
|
08/28/07
|
300
|
||||||
|
Parma
Heights
|
OH
|
275,758
|
514,866
|
None
|
None
|
275,758
|
514,866
|
790,624
|
48,895
|
08/30/07
|
300
|
||||||
|
Sandusky
|
OH
|
824,270
|
1,532,494
|
None
|
None
|
824,270
|
1,532,494
|
2,356,764
|
191,560
|
11/01/06
|
300
|
||||||
|
Sandusky
|
OH
|
128,158
|
240,761
|
None
|
None
|
128,158
|
240,761
|
368,919
|
22,855
|
08/30/07
|
300
|
||||||
|
Stow
|
OH
|
317,546
|
712,455
|
None
|
None
|
317,546
|
712,455
|
1,030,001
|
622,238
|
12/31/87
|
300
|
||||||
|
Toledo
|
OH
|
633,461
|
1,177,718
|
None
|
None
|
633,461
|
1,177,718
|
1,811,179
|
111,881
|
08/28/07
|
300
|
||||||
|
Troy
|
OH
|
255,353
|
476,973
|
None
|
None
|
255,353
|
476,973
|
732,326
|
45,295
|
08/30/07
|
300
|
||||||
|
Vandalia
|
OH
|
145,833
|
273,579
|
None
|
None
|
145,833
|
273,579
|
419,412
|
25,973
|
08/30/07
|
300
|
||||||
|
Westlake
|
OH
|
169,697
|
317,897
|
None
|
None
|
169,697
|
317,897
|
487,594
|
30,183
|
08/30/07
|
300
|
||||||
|
Wooster
|
OH
|
763,642
|
1,419,901
|
None
|
284
|
763,642
|
1,420,185
|
2,183,827
|
177,581
|
11/01/06
|
300
|
||||||
|
Bixby
|
OK
|
145,791
|
271,272
|
None
|
None
|
145,791
|
271,272
|
417,063
|
43,856
|
12/22/05
|
300
|
||||||
|
Broken
Arrow
|
OK
|
245,000
|
369,002
|
None
|
None
|
245,000
|
369,002
|
614,002
|
177,734
|
12/12/97
|
300
|
||||||
|
Checotah
|
OK
|
153,232
|
285,092
|
None
|
None
|
153,232
|
285,092
|
438,324
|
46,090
|
12/22/05
|
300
|
||||||
|
Idabel
|
OK
|
214,244
|
398,545
|
None
|
None
|
214,244
|
398,545
|
612,789
|
133,504
|
08/31/01
|
300
|
||||||
|
Norman
|
OK
|
734,335
|
335,097
|
None
|
78,328
|
734,335
|
413,425
|
1,147,760
|
70,722
|
09/29/95
|
06/05/95
|
300
|
|||||
|
Oklahoma
City
|
OK
|
759,826
|
-
|
None
|
8
|
759,826
|
8
|
759,834
|
7
|
07/06/95
|
300
|
||||||
|
Oklahoma
City
|
OK
|
1,165,405
|
2,165,989
|
None
|
173
|
1,165,405
|
2,166,162
|
3,331,567
|
270,791
|
11/01/06
|
300
|
||||||
|
Owasso
|
OK
|
327,043
|
607,645
|
None
|
None
|
327,043
|
607,645
|
934,688
|
203,557
|
08/31/01
|
300
|
||||||
|
Tahlequah
|
OK
|
224,982
|
418,341
|
None
|
None
|
224,982
|
418,341
|
643,323
|
67,632
|
12/22/05
|
300
|
||||||
|
Tulsa
|
OK
|
295,993
|
549,981
|
None
|
None
|
295,993
|
549,981
|
845,974
|
184,240
|
08/31/01
|
300
|
||||||
|
Tulsa
|
OK
|
490,000
|
910,004
|
None
|
173
|
490,000
|
910,177
|
1,400,177
|
144,127
|
01/24/06
|
300
|
||||||
|
Tulsa
|
OK
|
360,500
|
669,605
|
None
|
173
|
360,500
|
669,778
|
1,030,278
|
97,136
|
05/10/06
|
300
|
||||||
|
Tulsa
|
OK
|
1,021,904
|
1,899,486
|
None
|
173
|
1,021,904
|
1,899,659
|
2,921,563
|
237,478
|
11/01/06
|
300
|
||||||
|
Hermiston
|
OR
|
85,560
|
396,675
|
18,088
|
421
|
85,560
|
415,184
|
500,744
|
401,745
|
12/18/84
|
300
|
||||||
|
Lake
Oswego
|
OR
|
175,899
|
815,508
|
None
|
None
|
175,899
|
815,508
|
991,407
|
815,508
|
05/16/84
|
300
|
||||||
|
Salem
|
OR
|
198,540
|
495,748
|
None
|
None
|
198,540
|
495,748
|
694,288
|
359,054
|
05/23/89
|
300
|
||||||
|
Abington
|
PA
|
778,103
|
1,445,849
|
None
|
None
|
778,103
|
1,445,849
|
2,223,952
|
137,354
|
08/28/07
|
300
|
||||||
|
Feasterville
|
PA
|
236,303
|
441,673
|
None
|
None
|
236,303
|
441,673
|
677,976
|
41,942
|
08/30/07
|
300
|
||||||
|
Gap
|
PA
|
-
|
1,012,812
|
1,000
|
None
|
-
|
1,013,812
|
1,013,812
|
96,428
|
08/30/07
|
300
|
||||||
|
Gettysburg
|
PA
|
289,040
|
809,676
|
None
|
None
|
289,040
|
809,676
|
1,098,716
|
260,444
|
12/19/01
|
300
|
||||||
|
Greensburg
|
PA
|
315,000
|
586,368
|
None
|
None
|
315,000
|
586,368
|
901,368
|
55,701
|
08/28/07
|
300
|
||||||
|
Harrisburg
|
PA
|
577,667
|
1,075,635
|
None
|
None
|
577,667
|
1,075,635
|
1,653,302
|
102,168
|
08/30/07
|
300
|
||||||
|
Horsham
|
PA
|
554,361
|
1,032,352
|
None
|
None
|
554,361
|
1,032,352
|
1,586,713
|
98,056
|
08/30/07
|
300
|
||||||
|
Indiana
|
PA
|
828,653
|
1,540,630
|
None
|
439
|
828,653
|
1,541,069
|
2,369,722
|
192,680
|
11/01/06
|
300
|
||||||
|
Lancaster
|
PA
|
170,304
|
413,960
|
None
|
None
|
170,304
|
413,960
|
584,264
|
133,155
|
12/19/01
|
300
|
||||||
|
Lancaster
|
PA
|
276,251
|
460,784
|
None
|
None
|
276,251
|
460,784
|
737,035
|
148,217
|
12/19/01
|
300
|
||||||
|
Lebanon
|
PA
|
-
|
1,292,172
|
None
|
None
|
-
|
1,292,172
|
1,292,172
|
142,696
|
08/30/07
|
300
|
||||||
|
Philadelphia
|
PA
|
423,333
|
787,125
|
None
|
None
|
423,333
|
787,125
|
1,210,458
|
74,775
|
08/28/07
|
300
|
||||||
|
Philadelphia
|
PA
|
503,556
|
937,999
|
None
|
None
|
503,556
|
937,999
|
1,441,555
|
89,093
|
08/30/07
|
300
|
||||||
|
Cranston
|
RI
|
-
|
790,899
|
None
|
None
|
-
|
790,899
|
790,899
|
117,303
|
08/30/07
|
300
|
||||||
|
North
Providence
|
RI
|
-
|
790,921
|
None
|
None
|
-
|
790,921
|
790,921
|
108,291
|
08/30/07
|
300
|
||||||
|
Pawtucket
|
RI
|
-
|
457,462
|
None
|
None
|
-
|
457,462
|
457,462
|
56,623
|
08/30/07
|
300
|
||||||
|
Aiken
|
SC
|
240,937
|
447,656
|
None
|
None
|
240,937
|
447,656
|
688,593
|
58,941
|
09/14/06
|
300
|
||||||
|
Gaffney
|
SC
|
727,738
|
1,353,238
|
19,998
|
29,532
|
727,738
|
1,402,768
|
2,130,506
|
176,565
|
11/01/06
|
300
|
||||||
|
Lancaster
|
SC
|
778,616
|
1,448,099
|
None
|
None
|
778,616
|
1,448,099
|
2,226,715
|
181,011
|
11/01/06
|
300
|
||||||
|
Rock
Hill
|
SC
|
826,216
|
1,536,499
|
None
|
223
|
826,216
|
1,536,722
|
2,362,938
|
192,139
|
11/01/06
|
300
|
||||||
|
Chamberlain
|
SD
|
139,587
|
259,627
|
None
|
None
|
139,587
|
259,627
|
399,214
|
41,972
|
12/22/05
|
300
|
||||||
|
Madison
|
SD
|
112,143
|
208,660
|
None
|
None
|
112,143
|
208,660
|
320,803
|
33,733
|
12/22/05
|
300
|
||||||
|
Rapid
City
|
SD
|
197,967
|
368,047
|
None
|
None
|
197,967
|
368,047
|
566,014
|
59,500
|
12/22/05
|
300
|
||||||
|
Sioux
Falls
|
SD
|
340,718
|
633,332
|
None
|
None
|
340,718
|
633,332
|
974,050
|
74,944
|
01/19/07
|
300
|
||||||
|
Spearfish
|
SD
|
142,114
|
264,320
|
None
|
None
|
142,114
|
264,320
|
406,434
|
42,731
|
12/22/05
|
300
|
||||||
|
Watertown
|
SD
|
197,559
|
367,289
|
None
|
None
|
197,559
|
367,289
|
564,848
|
59,378
|
12/22/05
|
300
|
||||||
|
Winner
|
SD
|
115,591
|
215,063
|
None
|
None
|
115,591
|
215,063
|
330,654
|
34,768
|
12/22/05
|
300
|
||||||
|
Antioch
|
TN
|
244,470
|
453,991
|
None
|
None
|
244,470
|
453,991
|
698,461
|
58,272
|
10/02/06
|
300
|
||||||
|
Cost Capitalized
|
Life
on
|
||||||||||||||||
|
Subsequent
|
Gross Amount at Which Carried |
|
which
|
||||||||||||||
| Initial Cost to Company |
|
to
Acquisition
|
at Close of Period (Notes 2, 3, 5, 6 and 7) |
depreciation
|
|||||||||||||
|
Buildings,
|
Buildings,
|
in
latest
|
|||||||||||||||
|
Improvements
|
Improvements
|
Income
|
|||||||||||||||
|
and
|
and
|
Accumulated
|
Statement
is
|
||||||||||||||
|
Description
|
Acquisition
|
Carrying
|
Acquisition
|
Depreciation
|
Date
of
|
Date
|
Computed
|
||||||||||
|
(Note
1)
|
Land
|
Fees
|
Improvements
|
Costs
|
Land
|
Fees
|
Total
|
(Note
4)
|
Construction
|
Acquired
|
(in
Months)
|
||||||
|
Bartlett
|
TN
|
152,469
|
283,343
|
None
|
None
|
152,469
|
283,343
|
435,812
|
37,307
|
09/14/06
|
300
|
||||||
|
Brownsville
|
TN
|
289,379
|
538,081
|
None
|
None
|
289,379
|
538,081
|
827,460
|
180,248
|
08/31/01
|
300
|
||||||
|
Chattanooga
|
TN
|
827,594
|
1,538,633
|
None
|
None
|
827,594
|
1,538,633
|
2,366,227
|
192,328
|
11/01/06
|
300
|
||||||
|
Chattanooga
|
TN
|
933,003
|
1,734,392
|
None
|
538
|
933,003
|
1,734,930
|
2,667,933
|
216,954
|
11/01/06
|
300
|
||||||
|
Collierville
|
TN
|
433,503
|
805,339
|
None
|
None
|
433,503
|
805,339
|
1,238,842
|
68,454
|
11/16/07
|
300
|
||||||
|
Columbia
|
TN
|
410,242
|
761,854
|
None
|
None
|
410,242
|
761,854
|
1,172,096
|
97,781
|
10/02/06
|
300
|
||||||
|
Dyersburg
|
TN
|
695,135
|
1,292,644
|
7,850
|
25,735
|
695,135
|
1,326,229
|
2,021,364
|
167,391
|
11/01/06
|
300
|
||||||
|
Germantown
|
TN
|
356,774
|
662,837
|
None
|
None
|
356,774
|
662,837
|
1,019,611
|
56,341
|
11/16/07
|
300
|
||||||
|
Greeneville
|
TN
|
936,669
|
1,741,253
|
None
|
None
|
936,669
|
1,741,253
|
2,677,922
|
217,655
|
11/01/06
|
300
|
||||||
|
Henderson
|
TN
|
155,954
|
289,815
|
None
|
None
|
155,954
|
289,815
|
445,769
|
38,159
|
09/14/06
|
300
|
||||||
|
Hermitage
|
TN
|
341,251
|
633,742
|
None
|
None
|
341,251
|
633,742
|
974,993
|
81,340
|
10/02/06
|
300
|
||||||
|
Jackson
|
TN
|
126,158
|
234,594
|
None
|
None
|
126,158
|
234,594
|
360,752
|
37,926
|
12/22/05
|
300
|
||||||
|
Jackson
|
TN
|
312,734
|
581,049
|
None
|
None
|
312,734
|
581,049
|
893,783
|
49,389
|
11/16/07
|
300
|
||||||
|
Johnson
City
|
TN
|
881,225
|
1,638,285
|
None
|
None
|
881,225
|
1,638,285
|
2,519,510
|
204,784
|
11/01/06
|
300
|
||||||
|
Kingsport
|
TN
|
786,332
|
1,462,055
|
29,450
|
26,441
|
786,332
|
1,517,946
|
2,304,278
|
189,681
|
11/01/06
|
300
|
||||||
|
Manchester
|
TN
|
411,504
|
764,208
|
None
|
None
|
411,504
|
764,208
|
1,175,712
|
98,083
|
10/02/06
|
300
|
||||||
|
Martin
|
TN
|
173,616
|
322,616
|
None
|
None
|
173,616
|
322,616
|
496,232
|
42,478
|
09/14/06
|
300
|
||||||
|
Mcminnville
|
TN
|
703,355
|
1,307,903
|
3,300
|
576
|
703,355
|
1,311,779
|
2,015,134
|
164,876
|
11/01/06
|
300
|
||||||
|
Mcminnville
|
TN
|
442,735
|
635,260
|
None
|
None
|
442,735
|
635,260
|
1,077,995
|
77,271
|
12/21/06
|
300
|
||||||
|
Memphis
|
TN
|
405,274
|
1,060,680
|
None
|
5,568
|
405,274
|
1,066,248
|
1,471,522
|
618,995
|
06/30/95
|
03/17/95
|
300
|
|||||
|
Memphis
|
TN
|
148,386
|
275,760
|
None
|
None
|
148,386
|
275,760
|
424,146
|
36,308
|
09/14/06
|
300
|
||||||
|
Memphis
|
TN
|
254,423
|
472,680
|
None
|
None
|
254,423
|
472,680
|
727,103
|
60,661
|
10/12/06
|
300
|
||||||
|
Memphis
|
TN
|
871,951
|
1,621,017
|
None
|
538
|
871,951
|
1,621,555
|
2,493,506
|
202,782
|
11/01/06
|
300
|
||||||
|
Memphis
|
TN
|
309,358
|
574,779
|
None
|
None
|
309,358
|
574,779
|
884,137
|
48,856
|
11/16/07
|
300
|
||||||
|
Memphis
|
TN
|
374,048
|
694,918
|
None
|
None
|
374,048
|
694,918
|
1,068,966
|
59,068
|
11/16/07
|
300
|
||||||
|
Milan
|
TN
|
138,159
|
256,766
|
None
|
None
|
138,159
|
256,766
|
394,925
|
33,808
|
09/14/06
|
300
|
||||||
|
Millington
|
TN
|
285,613
|
530,630
|
None
|
None
|
285,613
|
530,630
|
816,243
|
177,758
|
08/31/01
|
300
|
||||||
|
Morristown
|
TN
|
182,935
|
340,274
|
None
|
None
|
182,935
|
340,274
|
523,209
|
55,011
|
12/22/05
|
300
|
||||||
|
Murfreesboro
|
TN
|
376,568
|
699,322
|
None
|
None
|
376,568
|
699,322
|
1,075,890
|
89,756
|
10/02/06
|
300
|
||||||
|
Murfreesboro
|
TN
|
383,266
|
712,027
|
None
|
None
|
383,266
|
712,027
|
1,095,293
|
86,630
|
12/21/06
|
300
|
||||||
|
Nashville
|
TN
|
147,915
|
274,675
|
None
|
None
|
147,915
|
274,675
|
422,590
|
35,260
|
10/02/06
|
300
|
||||||
|
Nashville
|
TN
|
432,494
|
803,192
|
None
|
None
|
432,494
|
803,192
|
1,235,686
|
103,086
|
10/02/06
|
300
|
||||||
|
Nashville
|
TN
|
350,983
|
651,806
|
None
|
None
|
350,983
|
651,806
|
1,002,789
|
83,658
|
10/02/06
|
300
|
||||||
|
Newport
|
TN
|
640,841
|
1,191,858
|
None
|
538
|
640,841
|
1,192,396
|
1,833,237
|
149,137
|
11/01/06
|
300
|
||||||
|
Ripley
|
TN
|
231,552
|
430,232
|
None
|
None
|
231,552
|
430,232
|
661,784
|
144,125
|
08/31/01
|
300
|
||||||
|
Sevierville
|
TN
|
423,790
|
787,301
|
None
|
None
|
423,790
|
787,301
|
1,211,091
|
103,661
|
09/28/06
|
300
|
||||||
|
Shelbyville
|
TN
|
245,370
|
455,662
|
None
|
None
|
245,370
|
455,662
|
701,032
|
58,486
|
10/02/06
|
300
|
||||||
|
Trenton
|
TN
|
174,379
|
324,032
|
None
|
None
|
174,379
|
324,032
|
498,411
|
42,664
|
09/14/06
|
300
|
||||||
|
Allen
|
TX
|
165,000
|
306,771
|
None
|
None
|
165,000
|
306,771
|
471,771
|
128,333
|
07/09/99
|
05/28/99
|
300
|
|||||
|
Amarillo
|
TX
|
763,283
|
1,995,460
|
None
|
None
|
763,283
|
1,995,460
|
2,758,743
|
88,069
|
09/12/08
|
03/03/08
|
300
|
|||||
|
Arlington
|
TX
|
560,000
|
1,040,667
|
None
|
None
|
560,000
|
1,040,667
|
1,600,667
|
98,862
|
08/28/07
|
300
|
||||||
|
Arlington
|
TX
|
536,130
|
996,532
|
None
|
None
|
536,130
|
996,532
|
1,532,662
|
94,668
|
08/28/07
|
300
|
||||||
|
Arlington
|
TX
|
269,284
|
500,766
|
None
|
None
|
269,284
|
500,766
|
770,050
|
47,571
|
08/28/07
|
300
|
||||||
|
Austin
|
TX
|
699,395
|
1,167,223
|
None
|
33,728
|
699,395
|
1,200,951
|
1,900,346
|
177,361
|
02/15/06
|
09/15/05
|
300
|
|||||
|
Austin
|
TX
|
976,803
|
1,361,281
|
36,880
|
41,456
|
976,803
|
1,439,617
|
2,416,420
|
176,880
|
10/23/06
|
06/19/06
|
300
|
|||||
|
Austin
|
TX
|
1,049,946
|
1,952,028
|
None
|
None
|
1,049,946
|
1,952,028
|
3,001,974
|
244,002
|
11/01/06
|
300
|
||||||
|
Bedford
|
TX
|
919,303
|
98,231
|
None
|
95
|
919,303
|
98,326
|
1,017,629
|
98,269
|
12/27/94
|
300
|
||||||
|
Cedar
Park
|
TX
|
634,489
|
1,472,504
|
None
|
28,618
|
634,489
|
1,501,122
|
2,135,611
|
205,375
|
06/19/06
|
01/13/06
|
300
|
|||||
|
Coppell
|
TX
|
212,875
|
396,007
|
None
|
None
|
212,875
|
396,007
|
608,882
|
37,619
|
08/28/07
|
300
|
||||||
|
Crockett
|
TX
|
90,780
|
420,880
|
19,412
|
8,495
|
90,780
|
448,787
|
539,567
|
415,593
|
12/17/85
|
300
|
||||||
|
Dallas
|
TX
|
242,025
|
479,170
|
None
|
None
|
242,025
|
479,170
|
721,195
|
351,747
|
06/25/91
|
300
|
||||||
|
Dallas
|
TX
|
742,507
|
-
|
None
|
26,577
|
742,507
|
26,577
|
769,084
|
638
|
04/13/95
|
300
|
||||||
|
Dallas
|
TX
|
386,451
|
718,361
|
None
|
None
|
386,451
|
718,361
|
1,104,812
|
68,243
|
08/28/07
|
300
|
||||||
|
El
Campo
|
TX
|
98,060
|
454,631
|
None
|
None
|
98,060
|
454,631
|
552,691
|
442,143
|
11/25/85
|
300
|
||||||
|
Ennis
|
TX
|
173,250
|
384,793
|
None
|
148
|
173,250
|
384,941
|
558,191
|
336,237
|
12/28/87
|
300
|
||||||
|
Fort
Worth
|
TX
|
223,195
|
492,067
|
None
|
None
|
223,195
|
492,067
|
715,262
|
372,036
|
06/26/91
|
300
|
||||||
|
Cost Capitalized
|
Life
on
|
||||||||||||||||
|
Subsequent
|
Gross Amount at Which Carried |
|
which
|
||||||||||||||
| Initial Cost to Company |
|
to
Acquisition
|
at Close of Period (Notes 2, 3, 5, 6 and 7) |
|
depreciation
|
||||||||||||
|
Buildings,
|
Buildings,
|
in
latest
|
|||||||||||||||
|
Improvements
|
Improvements
|
Income
|
|||||||||||||||
|
and
|
and
|
Accumulated
|
Statement
is
|
||||||||||||||
|
Description
|
Acquisition
|
Carrying
|
Acquisition
|
Depreciation
|
Date
of
|
Date
|
Computed
|
||||||||||
|
(Note
1)
|
Land
|
Fees
|
Improvements
|
Costs
|
Land
|
Fees
|
Total
|
(Note
4)
|
Construction
|
Acquired
|
(in
Months)
|
||||||
|
Fort
Worth
|
TX
|
423,281
|
382,059
|
None
|
None
|
423,281
|
382,059
|
805,340
|
227,325
|
02/10/95
|
300
|
||||||
|
Georgetown
|
TX
|
870,981
|
1,177,824
|
12,750
|
137
|
870,981
|
1,190,711
|
2,061,692
|
166,984
|
06/02/06
|
01/13/06
|
300
|
|||||
|
Grand
Prairie
|
TX
|
280,000
|
520,197
|
None
|
None
|
280,000
|
520,197
|
800,197
|
49,419
|
08/28/07
|
300
|
||||||
|
Greenville
|
TX
|
909,311
|
1,690,848
|
5,400
|
697
|
909,311
|
1,696,945
|
2,606,256
|
213,541
|
11/01/06
|
300
|
||||||
|
Harker
Heights
|
TX
|
943,812
|
1,897,644
|
None
|
None
|
943,812
|
1,897,644
|
2,841,456
|
90,126
|
08/28/08
|
03/20/08
|
300
|
|||||
|
Hillsboro
|
TX
|
75,992
|
352,316
|
78,212
|
14,563
|
75,992
|
445,091
|
521,083
|
361,559
|
08/01/84
|
300
|
||||||
|
Houston
|
TX
|
194,994
|
386,056
|
None
|
None
|
194,994
|
386,056
|
581,050
|
283,394
|
06/25/91
|
300
|
||||||
|
Houston
|
TX
|
184,175
|
364,636
|
None
|
None
|
184,175
|
364,636
|
548,811
|
267,671
|
06/25/91
|
300
|
||||||
|
Houston
|
TX
|
1,096,376
|
2,300,690
|
235,500
|
102,730
|
1,096,376
|
2,638,920
|
3,735,296
|
1,219,331
|
09/05/97
|
300
|
||||||
|
Houston
|
TX
|
989,152
|
1,838,713
|
None
|
133
|
989,152
|
1,838,846
|
2,827,998
|
229,871
|
11/01/06
|
300
|
||||||
|
Houston
|
TX
|
962,500
|
1,788,491
|
None
|
None
|
962,500
|
1,788,491
|
2,750,991
|
169,904
|
08/28/07
|
300
|
||||||
|
Houston
|
TX
|
441,943
|
821,760
|
None
|
None
|
441,943
|
821,760
|
1,263,703
|
78,065
|
08/28/07
|
300
|
||||||
|
Houston
|
TX
|
335,664
|
624,233
|
None
|
None
|
335,664
|
624,233
|
959,897
|
59,300
|
08/28/07
|
300
|
||||||
|
Hurst
|
TX
|
215,623
|
401,245
|
None
|
None
|
215,623
|
401,245
|
616,868
|
38,116
|
08/28/07
|
300
|
||||||
|
Irving
|
TX
|
1,500,411
|
2,156
|
None
|
None
|
1,500,411
|
2,156
|
1,502,567
|
593
|
02/05/03
|
300
|
||||||
|
Irving
|
TX
|
291,971
|
543,094
|
None
|
None
|
291,971
|
543,094
|
835,065
|
51,592
|
08/28/07
|
300
|
||||||
|
Killeen
|
TX
|
262,500
|
583,014
|
None
|
14,398
|
262,500
|
597,412
|
859,912
|
534,327
|
05/29/87
|
300
|
||||||
|
Killeen
|
TX
|
1,327,348
|
2,467,204
|
None
|
None
|
1,327,348
|
2,467,204
|
3,794,552
|
308,399
|
11/01/06
|
300
|
||||||
|
Lewisville
|
TX
|
448,000
|
832,667
|
None
|
None
|
448,000
|
832,667
|
1,280,667
|
79,102
|
08/28/07
|
300
|
||||||
|
Live
Oak
|
TX
|
727,956
|
1,214,835
|
181,920
|
33,148
|
727,956
|
1,429,903
|
2,157,859
|
205,137
|
09/27/05
|
06/01/05
|
300
|
|||||
|
Longview
|
TX
|
1,231,857
|
2,289,864
|
None
|
None
|
1,231,857
|
2,289,864
|
3,521,721
|
286,232
|
11/01/06
|
300
|
||||||
|
Lufkin
|
TX
|
105,904
|
490,998
|
None
|
5
|
105,904
|
491,003
|
596,907
|
479,004
|
10/08/85
|
300
|
||||||
|
Lufkin
|
TX
|
128,842
|
239,585
|
None
|
None
|
128,842
|
239,585
|
368,427
|
38,733
|
12/22/05
|
300
|
||||||
|
Lumberton
|
TX
|
111,146
|
206,720
|
None
|
None
|
111,146
|
206,720
|
317,866
|
33,420
|
12/22/05
|
300
|
||||||
|
Mesquite
|
TX
|
134,940
|
625,612
|
None
|
106
|
134,940
|
625,718
|
760,658
|
601,347
|
03/20/86
|
300
|
||||||
|
Mesquite
|
TX
|
729,596
|
120,820
|
None
|
None
|
729,596
|
120,820
|
850,416
|
120,820
|
12/23/94
|
300
|
||||||
|
Mesquite
|
TX
|
984,909
|
1,831,268
|
None
|
None
|
984,909
|
1,831,268
|
2,816,177
|
228,907
|
11/01/06
|
300
|
||||||
|
Mexia
|
TX
|
93,620
|
434,046
|
None
|
30
|
93,620
|
434,076
|
527,696
|
420,914
|
12/18/85
|
300
|
||||||
|
New
Braunfels
|
TX
|
185,500
|
411,997
|
None
|
304
|
185,500
|
412,301
|
597,801
|
373,103
|
03/26/87
|
300
|
||||||
|
New
Braunfels
|
TX
|
860,262
|
1,169,016
|
250,000
|
56,722
|
860,262
|
1,475,738
|
2,336,000
|
187,780
|
02/14/06
|
10/12/05
|
300
|
|||||
|
Palestine
|
TX
|
825,066
|
1,534,394
|
None
|
None
|
825,066
|
1,534,394
|
2,359,460
|
191,798
|
11/01/06
|
300
|
||||||
|
Plano
|
TX
|
2,420,222
|
769
|
None
|
None
|
2,420,222
|
769
|
2,420,991
|
231
|
03/12/03
|
06/27/02
|
300
|
|||||
|
Plano
|
TX
|
840,000
|
1,560,819
|
None
|
None
|
840,000
|
1,560,819
|
2,400,819
|
148,276
|
08/28/07
|
300
|
||||||
|
Plano
|
TX
|
581,637
|
1,081,045
|
None
|
None
|
581,637
|
1,081,045
|
1,662,682
|
102,697
|
08/28/07
|
300
|
||||||
|
Porter
|
TX
|
227,067
|
333,031
|
None
|
None
|
227,067
|
333,031
|
560,098
|
198,154
|
02/09/95
|
300
|
||||||
|
San
Antonio
|
TX
|
835,431
|
1,185,257
|
None
|
49,931
|
835,431
|
1,235,188
|
2,070,619
|
193,571
|
12/02/05
|
06/24/05
|
300
|
|||||
|
San
Antonio
|
TX
|
690,443
|
1,109,136
|
None
|
40,933
|
690,443
|
1,150,069
|
1,840,512
|
183,029
|
10/24/05
|
06/27/05
|
300
|
|||||
|
San
Antonio
|
TX
|
835,586
|
1,227,220
|
None
|
45,378
|
835,586
|
1,272,598
|
2,108,184
|
163,251
|
09/14/06
|
05/09/06
|
300
|
|||||
|
Santa
Fe
|
TX
|
304,414
|
623,331
|
None
|
None
|
304,414
|
623,331
|
927,745
|
293,946
|
03/23/98
|
300
|
||||||
|
Sealy
|
TX
|
197,871
|
391,753
|
None
|
None
|
197,871
|
391,753
|
589,624
|
287,576
|
06/25/91
|
300
|
||||||
|
Spring
|
TX
|
378,654
|
704,206
|
None
|
None
|
378,654
|
704,206
|
1,082,860
|
66,897
|
08/28/07
|
300
|
||||||
|
Stafford
|
TX
|
214,024
|
423,733
|
None
|
None
|
214,024
|
423,733
|
637,757
|
311,052
|
06/26/91
|
300
|
||||||
|
Temple
|
TX
|
302,505
|
291,414
|
None
|
None
|
302,505
|
291,414
|
593,919
|
173,391
|
02/09/95
|
300
|
||||||
|
Temple
|
TX
|
797,574
|
1,193,813
|
None
|
385
|
797,574
|
1,194,198
|
1,991,772
|
159,337
|
09/14/06
|
04/07/06
|
300
|
|||||
|
Texarkana
|
TX
|
311,263
|
578,266
|
None
|
None
|
311,263
|
578,266
|
889,529
|
193,716
|
08/31/01
|
300
|
||||||
|
Vidor
|
TX
|
146,291
|
271,990
|
None
|
None
|
146,291
|
271,990
|
418,281
|
43,972
|
12/22/05
|
300
|
||||||
|
Waxahachie
|
TX
|
326,935
|
726,137
|
None
|
16,869
|
326,935
|
743,006
|
1,069,941
|
648,287
|
12/29/87
|
300
|
||||||
|
Waxahachie
|
TX
|
1,035,794
|
1,925,746
|
None
|
None
|
1,035,794
|
1,925,746
|
2,961,540
|
240,717
|
11/01/06
|
300
|
||||||
|
Sandy
|
UT
|
635,945
|
884,792
|
None
|
220
|
635,945
|
885,012
|
1,520,957
|
497,042
|
12/22/95
|
300
|
||||||
|
Bluefield
|
VA
|
845,277
|
1,571,754
|
None
|
None
|
845,277
|
1,571,754
|
2,417,031
|
196,468
|
11/01/06
|
300
|
||||||
|
Chester
|
VA
|
541,628
|
1,008,771
|
None
|
None
|
541,628
|
1,008,771
|
1,550,399
|
95,816
|
08/30/07
|
300
|
||||||
|
Colonial
Heights
|
VA
|
350,000
|
425,146
|
None
|
21
|
350,000
|
425,167
|
775,167
|
119,756
|
12/26/02
|
300
|
||||||
|
Danville
|
VA
|
751,055
|
1,396,772
|
None
|
585
|
751,055
|
1,397,357
|
2,148,412
|
174,757
|
11/01/06
|
300
|
||||||
|
Hampton
|
VA
|
805,000
|
1,495,800
|
None
|
None
|
805,000
|
1,495,800
|
2,300,800
|
142,099
|
08/28/07
|
300
|
||||||
|
Martinsville
|
VA
|
833,114
|
1,549,167
|
None
|
None
|
833,114
|
1,549,167
|
2,382,281
|
193,645
|
11/01/06
|
300
|
||||||
|
Midlothian
|
VA
|
421,479
|
785,639
|
None
|
None
|
421,479
|
785,639
|
1,207,118
|
74,618
|
08/30/07
|
300
|
||||||
|
Cost Capitalized
|
Life
on
|
||||||||||||||||
|
Subsequent
|
Gross Amount at Which Carried |
|
which
|
||||||||||||||
| Initial Cost to Company |
|
to
Acquisition
|
at Close of Period (Notes 2, 3, 5, 6 and 7) |
|
depreciation
|
||||||||||||
|
Buildings,
|
Buildings,
|
in
latest
|
|||||||||||||||
|
Improvements
|
Improvements
|
Income
|
|||||||||||||||
|
and
|
and
|
Accumulated
|
Statement
is
|
||||||||||||||
|
Description
|
Acquisition
|
Carrying
|
Acquisition
|
Depreciation
|
Date
of
|
Date
|
Computed
|
||||||||||
|
(Note
1)
|
Land
|
Fees
|
Improvements
|
Costs
|
Land
|
Fees
|
Total
|
(Note
4)
|
Construction
|
Acquired
|
(in
Months)
|
||||||
|
Richmond
|
VA
|
326,265
|
608,812
|
None
|
None
|
326,265
|
608,812
|
935,077
|
57,820
|
08/30/07
|
300
|
||||||
|
Richmond
|
VA
|
385,000
|
717,891
|
None
|
None
|
385,000
|
717,891
|
1,102,891
|
68,182
|
08/30/07
|
300
|
||||||
|
Staunton
|
VA
|
867,684
|
1,613,368
|
17,107
|
39,799
|
867,684
|
1,670,274
|
2,537,958
|
209,734
|
11/01/06
|
300
|
||||||
|
Suffolk
|
VA
|
816,986
|
1,519,214
|
None
|
None
|
816,986
|
1,519,214
|
2,336,200
|
189,901
|
11/01/06
|
300
|
||||||
|
Williamsburg
|
VA
|
651,167
|
1,212,201
|
None
|
None
|
651,167
|
1,212,201
|
1,863,368
|
115,142
|
08/30/07
|
300
|
||||||
|
Woodbridge
|
VA
|
962,500
|
1,788,300
|
None
|
None
|
962,500
|
1,788,300
|
2,750,800
|
169,887
|
08/28/07
|
300
|
||||||
|
Bennington
|
VT
|
118,823
|
673,551
|
None
|
None
|
118,823
|
673,551
|
792,374
|
216,657
|
12/19/01
|
300
|
||||||
|
Brattleboro
|
VT
|
-
|
738,115
|
None
|
None
|
-
|
738,115
|
738,115
|
104,054
|
08/30/07
|
300
|
||||||
|
Rutland
|
VT
|
812,197
|
1,511,184
|
None
|
None
|
812,197
|
1,511,184
|
2,323,381
|
143,545
|
08/30/07
|
300
|
||||||
|
Williston
|
VT
|
-
|
1,197,659
|
None
|
None
|
-
|
1,197,659
|
1,197,659
|
141,578
|
08/30/07
|
300
|
||||||
|
Spokane
|
WA
|
479,531
|
646,719
|
None
|
None
|
479,531
|
646,719
|
1,126,250
|
304,983
|
03/27/98
|
300
|
||||||
|
Tacoma
|
WA
|
198,857
|
921,947
|
51,224
|
653
|
198,857
|
973,824
|
1,172,681
|
930,907
|
05/29/84
|
300
|
||||||
|
Grafton
|
WI
|
149,778
|
332,664
|
None
|
172
|
149,778
|
332,836
|
482,614
|
292,961
|
10/29/87
|
300
|
||||||
|
Green
Bay
|
WI
|
308,131
|
572,756
|
None
|
None
|
308,131
|
572,756
|
880,887
|
90,686
|
01/11/06
|
300
|
||||||
|
Sturgeon
Bay
|
WI
|
214,865
|
477,221
|
34,385
|
None
|
214,865
|
511,606
|
726,471
|
423,724
|
12/01/87
|
300
|
||||||
|
Parkersburg
|
WV
|
722,732
|
1,343,920
|
None
|
284
|
722,732
|
1,344,204
|
2,066,936
|
168,083
|
11/01/06
|
300
|
||||||
|
Laramie
|
WY
|
210,000
|
466,417
|
None
|
None
|
210,000
|
466,417
|
676,417
|
364,603
|
03/12/90
|
300
|
||||||
|
Sporting Goods
|
|||||||||||||||||
|
Anchorage
|
AK
|
1,486,000
|
5,045,244
|
None
|
None
|
1,486,000
|
5,045,244
|
6,531,244
|
1,656,513
|
10/17/01
|
300
|
||||||
|
Mesa
|
AZ
|
984,890
|
1,536,269
|
None
|
None
|
984,890
|
1,536,269
|
2,521,159
|
176,653
|
02/12/07
|
300
|
||||||
|
Fresno
|
CA
|
1,650,000
|
3,321,244
|
None
|
None
|
1,650,000
|
3,321,244
|
4,971,244
|
1,090,467
|
10/17/01
|
300
|
||||||
|
Daytona
Beach
|
FL
|
608,790
|
2,557,564
|
None
|
None
|
608,790
|
2,557,564
|
3,166,354
|
623,846
|
09/10/03
|
04/18/03
|
300
|
|||||
|
Fort
Meyers
|
FL
|
1,695,000
|
2,025,554
|
None
|
None
|
1,695,000
|
2,025,554
|
3,720,554
|
665,053
|
10/17/01
|
300
|
||||||
|
Gainesville
|
FL
|
1,296,000
|
2,234,554
|
None
|
None
|
1,296,000
|
2,234,554
|
3,530,554
|
733,675
|
10/17/01
|
300
|
||||||
|
Melbourne
|
FL
|
994,000
|
4,076,554
|
None
|
None
|
994,000
|
4,076,554
|
5,070,554
|
1,338,465
|
10/17/01
|
300
|
||||||
|
Orlando
|
FL
|
1,197,000
|
2,573,554
|
None
|
None
|
1,197,000
|
2,573,554
|
3,770,554
|
844,980
|
10/17/01
|
300
|
||||||
|
Pooler
|
GA
|
1,339,957
|
1,831,350
|
None
|
None
|
1,339,957
|
1,831,350
|
3,171,307
|
271,314
|
03/01/06
|
300
|
||||||
|
Geneva
|
IL
|
2,082,000
|
1,838,888
|
None
|
None
|
2,082,000
|
1,838,888
|
3,920,888
|
603,762
|
10/17/01
|
300
|
||||||
|
Bowie
|
MD
|
2,084,000
|
3,046,888
|
None
|
None
|
2,084,000
|
3,046,888
|
5,130,888
|
1,000,389
|
10/17/01
|
300
|
||||||
|
Glendale
|
NY
|
5,559,686
|
4,447,566
|
None
|
None
|
5,559,686
|
4,447,566
|
10,007,252
|
896,926
|
12/29/04
|
300
|
||||||
|
Mechanicsburg
|
PA
|
2,101,415
|
3,902,912
|
None
|
None
|
2,101,415
|
3,902,912
|
6,004,327
|
1,268,445
|
11/08/01
|
300
|
||||||
|
Columbia
|
SC
|
1,145,120
|
2,770,957
|
None
|
432
|
1,145,120
|
2,771,389
|
3,916,509
|
243,528
|
03/03/05
|
300
|
||||||
|
Spartanburg
|
SC
|
1,234,815
|
3,111,921
|
-428,405
|
None
|
806,410
|
3,111,921
|
3,918,331
|
595,220
|
03/03/05
|
300
|
||||||
|
El
Paso
|
TX
|
700,000
|
2,501,244
|
None
|
None
|
700,000
|
2,501,244
|
3,201,244
|
821,233
|
10/17/01
|
300
|
||||||
|
Fredericksburg
|
VA
|
1,941,000
|
2,979,888
|
None
|
None
|
1,941,000
|
2,979,888
|
4,920,888
|
978,391
|
10/17/01
|
300
|
||||||
|
Theaters
|
|||||||||||||||||
|
Fairbanks
|
AK
|
2,586,879
|
9,575
|
None
|
None
|
2,586,879
|
9,575
|
2,596,454
|
3,463
|
09/27/00
|
300
|
||||||
|
Huntsville
|
AL
|
2,810,868
|
14,308
|
None
|
None
|
2,810,868
|
14,308
|
2,825,176
|
5,175
|
09/27/00
|
300
|
||||||
|
Naples
|
FL
|
2,618,441
|
8,979,199
|
None
|
None
|
2,618,441
|
8,979,199
|
11,597,640
|
3,337,249
|
09/27/00
|
300
|
||||||
|
Chamblee
|
GA
|
4,329,404
|
14,942
|
None
|
None
|
4,329,404
|
14,942
|
4,344,346
|
5,215
|
09/27/00
|
300
|
||||||
|
Council
Bluffs
|
IA
|
4,924,553
|
11,652,293
|
None
|
None
|
4,924,553
|
11,652,293
|
16,576,846
|
879,351
|
01/31/08
|
300
|
||||||
|
Dubuque
|
IA
|
3,185,053
|
5,915,983
|
None
|
None
|
3,185,053
|
5,915,983
|
9,101,036
|
463,419
|
01/31/08
|
300
|
||||||
|
Edwardsville
|
IL
|
4,270,500
|
9,070,885
|
None
|
None
|
4,270,500
|
9,070,885
|
13,341,385
|
1,557,159
|
09/28/05
|
300
|
||||||
|
Lake in the
Hills
|
IL
|
3,297,566
|
9,364,286
|
None
|
None
|
3,297,566
|
9,364,286
|
12,661,852
|
1,607,526
|
09/28/05
|
300
|
||||||
|
Marion
|
IL
|
832,500
|
3,499,885
|
None
|
None
|
832,500
|
3,499,885
|
4,332,385
|
600,804
|
09/28/05
|
300
|
||||||
|
Mattoon
|
IL
|
543,183
|
5,110,193
|
None
|
None
|
543,183
|
5,110,193
|
5,653,376
|
877,240
|
09/28/05
|
300
|
||||||
|
Pekin
|
IL
|
1,575,231
|
9,183,100
|
None
|
None
|
1,575,231
|
9,183,100
|
10,758,331
|
1,576,422
|
09/28/05
|
300
|
||||||
|
Rockford
|
IL
|
4,270,500
|
16,675,954
|
-1,779
|
None
|
4,268,721
|
16,675,954
|
20,944,675
|
2,862,696
|
09/28/05
|
300
|
||||||
|
Springfield
|
IL
|
3,151,838
|
10,404,452
|
None
|
None
|
3,151,838
|
10,404,452
|
13,556,290
|
1,786,088
|
09/28/05
|
300
|
||||||
|
Bloomington
|
IN
|
2,498,642
|
7,934,745
|
None
|
None
|
2,498,642
|
7,934,745
|
10,433,387
|
1,362,122
|
09/28/05
|
300
|
||||||
|
Columbus
|
IN
|
1,999,812
|
7,234,361
|
None
|
None
|
1,999,812
|
7,234,361
|
9,234,173
|
1,241,889
|
09/28/05
|
300
|
||||||
|
Indianapolis
|
IN
|
2,700,395
|
17,672,980
|
None
|
None
|
2,700,395
|
17,672,980
|
20,373,375
|
2,832,065
|
09/28/05
|
300
|
||||||
|
Terre
Haute
|
IN
|
1,249,321
|
9,835,885
|
None
|
None
|
1,249,321
|
9,835,885
|
11,085,206
|
1,688,484
|
09/28/05
|
300
|
||||||
|
Cost Capitalized
|
Life
on
|
||||||||||||||||
|
Subsequent
|
Gross Amount at Which Carried |
|
which
|
||||||||||||||
| Initial Cost to Company |
|
to
Acquisition
|
at Close of Period (Notes 2, 3, 5, 6 and 7) |
depreciation
|
|||||||||||||
|
Buildings,
|
Buildings,
|
in
latest
|
|||||||||||||||
|
Improvements
|
Improvements
|
Income
|
|||||||||||||||
|
and
|
and
|
Accumulated
|
Statement
is
|
||||||||||||||
|
Description
|
Acquisition
|
Carrying
|
Acquisition
|
Depreciation
|
Date
of
|
Date
|
Computed
|
||||||||||
|
(Note
1)
|
Land
|
Fees
|
Improvements
|
Costs
|
Land
|
Fees
|
Total
|
(Note
4)
|
Construction
|
Acquired
|
(in
Months)
|
||||||
|
Coon
Rapids
|
MN
|
2,460,040
|
14,964,514
|
None
|
None
|
2,460,040
|
14,964,514
|
17,424,554
|
2,568,899
|
09/28/05
|
300
|
||||||
|
Inver
Grove
|
MN
|
2,863,272
|
15,274,237
|
None
|
None
|
2,863,272
|
15,274,237
|
18,137,509
|
2,622,068
|
09/28/05
|
300
|
||||||
|
Poplar
Bluff
|
MO
|
1,106,618
|
4,872,502
|
None
|
None
|
1,106,618
|
4,872,502
|
5,979,120
|
836,436
|
09/28/05
|
300
|
||||||
|
Rockaway
|
NJ
|
8,634,576
|
14,679,823
|
None
|
None
|
8,634,576
|
14,679,823
|
23,314,399
|
1,790,069
|
12/06/06
|
04/13/05
|
300
|
|||||
|
Binghamton
|
NY
|
2,700,000
|
5,570,505
|
9,196
|
None
|
2,700,000
|
5,579,701
|
8,279,701
|
956,748
|
09/29/05
|
300
|
||||||
|
Akron
|
OH
|
1,511,018
|
1,386
|
None
|
None
|
1,511,018
|
1,386
|
1,512,404
|
501
|
09/27/00
|
300
|
||||||
|
Columbus
|
OH
|
2,103,351
|
5,161,550
|
None
|
None
|
2,103,351
|
5,161,550
|
7,264,901
|
1,471,029
|
11/01/02
|
300
|
||||||
|
Hillsboro
|
OR
|
4,915,032
|
16,377
|
None
|
None
|
4,915,032
|
16,377
|
4,931,409
|
5,923
|
09/27/00
|
300
|
||||||
|
Portland
|
OR
|
2,793,001
|
9,942
|
None
|
None
|
2,793,001
|
9,942
|
2,802,943
|
3,596
|
09/27/00
|
300
|
||||||
|
Fort
Worth
|
TX
|
2,280,000
|
2,802,189
|
None
|
None
|
2,280,000
|
2,802,189
|
5,082,189
|
387,636
|
07/26/06
|
300
|
||||||
|
Laredo
|
TX
|
2,161,477
|
5,561,558
|
None
|
None
|
2,161,477
|
5,561,558
|
7,723,035
|
696,751
|
10/11/06
|
08/09/05
|
300
|
|||||
|
Longview
|
TX
|
2,887,500
|
5,363,826
|
None
|
None
|
2,887,500
|
5,363,826
|
8,251,326
|
867,152
|
12/21/05
|
300
|
||||||
|
Waco
|
TX
|
1,013,706
|
5,880,539
|
None
|
None
|
1,013,706
|
5,880,539
|
6,894,245
|
754,669
|
10/06/06
|
300
|
||||||
|
Glen
Allen
|
VA
|
1,314,065
|
9,748,457
|
None
|
None
|
1,314,065
|
9,748,457
|
11,062,522
|
3,623,140
|
09/27/00
|
300
|
||||||
|
Sterling
|
VA
|
4,546,305
|
33,325
|
None
|
None
|
4,546,305
|
33,325
|
4,579,630
|
11,492
|
09/27/00
|
300
|
||||||
|
Marysville
|
WA
|
1,988,142
|
-
|
None
|
None
|
1,988,142
|
-
|
1,988,142
|
-
|
07/27/00
|
300
|
||||||
|
Fitchburg
|
WI
|
5,540,553
|
10,290,483
|
None
|
None
|
5,540,553
|
10,290,483
|
15,831,036
|
806,088
|
01/31/08
|
300
|
||||||
|
Travel Plazas
|
|||||||||||||||||
|
Baltimore
|
MD
|
1,740,080
|
4,580,068
|
None
|
None
|
1,740,080
|
4,580,068
|
6,320,148
|
1,176,278
|
12/24/03
|
04/01/03
|
300
|
|||||
|
Video Rental
|
|||||||||||||||||
|
Birmingham
|
AL
|
392,795
|
865,115
|
None
|
357
|
392,795
|
865,472
|
1,258,267
|
425,444
|
09/30/97
|
300
|
||||||
|
Southington
|
CT
|
399,562
|
1,009,125
|
None
|
None
|
399,562
|
1,009,125
|
1,408,687
|
445,701
|
12/29/98
|
300
|
||||||
|
Port St.
Lucie
|
FL
|
612,695
|
702,209
|
4,825
|
345
|
612,695
|
707,379
|
1,320,074
|
308,872
|
12/09/98
|
09/08/98
|
300
|
|||||
|
Brunswick
|
GA
|
290,369
|
788,880
|
None
|
345
|
290,369
|
789,225
|
1,079,594
|
380,121
|
12/31/97
|
300
|
||||||
|
Plainfield
|
IN
|
453,645
|
908,485
|
None
|
173
|
453,645
|
908,658
|
1,362,303
|
434,517
|
01/30/98
|
300
|
||||||
|
Topeka
|
KS
|
285,802
|
966,286
|
None
|
146
|
285,802
|
966,432
|
1,252,234
|
465,492
|
12/19/97
|
300
|
||||||
|
Wichita
|
KS
|
289,714
|
797,856
|
None
|
146
|
289,714
|
798,002
|
1,087,716
|
355,127
|
11/23/98
|
300
|
||||||
|
Winchester
|
KY
|
355,474
|
929,177
|
None
|
173
|
355,474
|
929,350
|
1,284,824
|
429,040
|
06/30/98
|
300
|
||||||
|
Centerville
|
OH
|
601,408
|
758,192
|
None
|
173
|
601,408
|
758,365
|
1,359,773
|
350,102
|
06/30/98
|
300
|
||||||
|
Dayton
|
OH
|
401,723
|
698,872
|
None
|
173
|
401,723
|
699,045
|
1,100,768
|
322,717
|
06/29/98
|
300
|
||||||
|
Forest
Park
|
OH
|
328,187
|
921,232
|
None
|
173
|
328,187
|
921,405
|
1,249,592
|
446,853
|
11/14/97
|
300
|
||||||
|
Franklin
|
OH
|
337,572
|
777,943
|
None
|
173
|
337,572
|
778,116
|
1,115,688
|
374,706
|
12/30/97
|
300
|
||||||
|
Springboro
|
OH
|
261,916
|
897,489
|
None
|
173
|
261,916
|
897,662
|
1,159,578
|
405,447
|
09/21/98
|
300
|
||||||
|
Bartlett
|
TN
|
420,000
|
674,437
|
None
|
345
|
420,000
|
674,782
|
1,094,782
|
285,063
|
05/12/99
|
02/23/99
|
300
|
|||||
|
Clarksville
|
TN
|
499,885
|
840,869
|
None
|
201
|
499,885
|
841,070
|
1,340,955
|
377,088
|
10/02/98
|
300
|
||||||
|
Hendersonville
|
TN
|
333,677
|
938,592
|
None
|
201
|
333,677
|
938,793
|
1,272,470
|
452,177
|
12/10/97
|
300
|
||||||
|
Jackson
|
TN
|
381,076
|
857,261
|
27,890
|
201
|
381,076
|
885,352
|
1,266,428
|
427,651
|
09/26/97
|
300
|
||||||
|
Memphis
|
TN
|
381,265
|
900,580
|
7,860
|
518
|
381,265
|
908,958
|
1,290,223
|
427,914
|
03/31/98
|
300
|
||||||
|
Murfreesboro
|
TN
|
406,056
|
886,293
|
None
|
201
|
406,056
|
886,494
|
1,292,550
|
435,795
|
09/26/97
|
300
|
||||||
|
Murfreesboro
|
TN
|
385,437
|
782,396
|
None
|
201
|
385,437
|
782,597
|
1,168,034
|
337,796
|
03/11/99
|
300
|
||||||
|
Smyrna
|
TN
|
302,372
|
836,214
|
None
|
201
|
302,372
|
836,415
|
1,138,787
|
411,181
|
09/02/97
|
300
|
||||||
|
Beaumont
|
TX
|
326,041
|
834,895
|
None
|
57
|
326,041
|
834,952
|
1,160,993
|
409,597
|
09/05/97
|
300
|
||||||
|
Hurst
|
TX
|
373,084
|
871,163
|
16,135
|
333
|
373,084
|
887,631
|
1,260,715
|
402,421
|
07/29/98
|
300
|
||||||
|
Lubbock
|
TX
|
266,805
|
857,492
|
None
|
None
|
266,805
|
857,492
|
1,124,297
|
424,392
|
08/29/97
|
300
|
||||||
|
Woodway
|
TX
|
372,487
|
835,198
|
None
|
None
|
372,487
|
835,198
|
1,207,685
|
402,287
|
12/16/97
|
300
|
||||||
|
Hampton
|
VA
|
373,499
|
836,071
|
None
|
None
|
373,499
|
836,071
|
1,209,570
|
402,705
|
12/19/97
|
300
|
||||||
|
Virginia
Beach
|
VA
|
551,588
|
797,260
|
None
|
None
|
551,588
|
797,260
|
1,348,848
|
378,601
|
02/23/98
|
300
|
||||||
|
Cost Capitalized
|
Life
on
|
||||||||||||||||
|
Subsequent
|
Gross Amount at Which Carried |
|
which
|
||||||||||||||
| Initial Cost to Company |
|
to
Acquisition
|
at Close of Period (Notes 2, 3, 5, 6 and 7) |
|
depreciation
|
||||||||||||
|
Buildings,
|
Buildings,
|
in
latest
|
|||||||||||||||
|
Improvements
|
Improvements
|
Income
|
|||||||||||||||
|
and
|
and
|
Accumulated
|
Statement
is
|
||||||||||||||
|
Description
|
Acquisition
|
Carrying
|
Acquisition
|
Depreciation
|
Date
of
|
Date
|
Computed
|
||||||||||
|
(Note
1)
|
Land
|
Fees
|
Improvements
|
Costs
|
Land
|
Fees
|
Total
|
(Note
4)
|
Construction
|
Acquired
|
(in
Months)
|
||||||
|
Other
|
|||||||||||||||||
|
El
Centro
|
CA
|
520,000
|
2,185,899
|
None
|
None
|
520,000
|
2,185,899
|
2,705,899
|
25,502
|
01/20/09
|
09/17/09
|
300
|
|||||
|
Lakewood
|
NY
|
144,859
|
526,301
|
None
|
171
|
144,859
|
526,472
|
671,331
|
276,317
|
11/26/96
|
300
|
||||||
|
Lubbock
|
TX
|
49,000
|
108,831
|
10,282
|
2,181
|
49,000
|
121,294
|
170,294
|
96,913
|
10/29/87
|
300
|
||||||
|
San
Diego
|
CA
|
3,745,000
|
8,885,351
|
113,731
|
35,308
|
3,745,000
|
9,034,390
|
12,779,390
|
7,065,643
|
03/08/86
|
03/25/86
|
300
|
|||||
|
San
Diego
|
CA
|
2,485,160
|
8,697,822
|
854,875
|
109,794
|
2,485,160
|
9,662,491
|
12,147,651
|
13,517,126
|
01/23/89
|
09/19/86
|
300
|
|||||
|
San
Diego
|
CA
|
5,797,411
|
15,473,497
|
208,470
|
75,947
|
5,797,411
|
15,757,914
|
21,555,325
|
10,373,675
|
01/20/89
|
08/05/87
|
300
|
|||||
|
Humble
|
TX
|
106,000
|
545,518
|
43,180
|
2,201
|
106,000
|
590,899
|
696,899
|
562,354
|
03/25/86
|
300
|
||||||
|
Venice
|
FL
|
259,686
|
362,562
|
4,535
|
None
|
259,686
|
367,097
|
626,783
|
192,814
|
11/26/96
|
300
|
||||||
|
Jackson
|
MS
|
405,360
|
656,296
|
-124,313
|
21,768
|
405,360
|
553,751
|
959,111
|
354,255
|
11/26/96
|
300
|
||||||
|
Meridian
|
MS
|
181,156
|
515,598
|
75,460
|
None
|
181,156
|
591,058
|
772,214
|
290,471
|
11/26/96
|
300
|
||||||
|
N. Richland
Hills
|
TX
|
238,000
|
528,608
|
4,810
|
6,933
|
238,000
|
540,351
|
778,351
|
410,961
|
09/26/88
|
300
|
||||||
|
Crest Net
Lease
|
2,556,276
|
1,186,974
|
15,350
|
None
|
2,556,276
|
1,202,324
|
3,758,600
|
-
|
|||||||||
|
Misc
Investments
|
-
|
398,245
|
None
|
28,079
|
-
|
426,324
|
426,324
|
409,238
|
|||||||||
|
1,177,324,627
|
2,263,983,137
|
4,972,842
|
3,496,212
|
1,174,323,681
|
2,275,453,137
|
3,449,776,818
|
632,894,759
|
||||||||||
|
Note
1.
|
Two thousand
three hundred twenty-eight of the properties are single-tenant retail
outlets.
|
||||||||||||
|
One property
in Sheboygan, WI, one property in Lenexa, KS, one property in Humble, TX,
one property in Escondido, CA, one property in Houston, TX, one property
in Cedar Park, TX, one property in Cutler Ridge, FL, one property in
Wilbraham, MA and three other properties in San Diego, CA are
multi-tenant, distribution and office properties.
|
|||||||||||||
|
All properties
were acquired on an all cash basis except one; no encumbrances were
outstanding for the periods presented.
|
|||||||||||||
|
Note
2.
|
The aggregate
cost for federal income tax purposes is $3,297,276,963.
|
||||||||||||
|
Note
3.
|
The following
is a reconciliation of total real estate carrying value for the years
ended December 31:
|
2009
|
2008
|
2007
|
|||||||||
|
Balance at
Beginning of Period
|
3,416,323,971
|
3,294,949,787
|
2,882,410,454
|
||||||||||
|
Additions
During Period:
|
|||||||||||||
|
Acquisitions
|
57,937,191
|
189,627,022
|
533,726,159
|
||||||||||
|
Less
amounts allocated to intangible assets that are included in Other Assets
on our Consolidated Balance Sheets
|
(860,287)
|
(397,402)
|
(996,575)
|
||||||||||
|
Equipment
|
25,500
|
89,250
|
100,500
|
||||||||||
|
Improvements,
Etc.
|
1,853,609
|
1,408,690
|
1,157,862
|
||||||||||
|
Other
(Leasing Costs)
|
1,185,163
|
1,290,807
|
613,593
|
||||||||||
|
Total
Additions
|
60,141,176
|
192,018,367
|
534,601,539
|
||||||||||
|
Deductions
During Period:
|
|||||||||||||
|
Cost
of Real Estate Sold
|
25,420,455
|
67,079,032
|
121,734,428
|
||||||||||
|
Less
amounts allocated to intangible assets that are included in Other Assets
on our Consolidated Balance Sheets
|
0
|
0
|
0
|
||||||||||
|
Cost
of Equipment Sold
|
2,750
|
0
|
0
|
||||||||||
|
Releasing
costs
|
801,363
|
191,151
|
55,856
|
||||||||||
|
Other
(including Provisions for Impairment)
|
463,761
|
3,374,000
|
271,922
|
||||||||||
|
Total
Deductions
|
26,688,329
|
70,644,183
|
122,062,206
|
||||||||||
|
Balance at
Close of Period
|
3,449,776,818
|
3,416,323,971
|
3,294,949,787
|
||||||||||
|
Note
4.
|
The following
is a reconciliation of accumulated depreciation for the years
ended:
|
||||||||||||
|
Balance at
Beginning of Period
|
554,171,306
|
470,695,343
|
397,329,170
|
||||||||||
|
Additions
During Period - Provision for Depreciation
|
90,524,336
|
90,424,612
|
76,089,713
|
||||||||||
|
Deductions
During Period:
|
|||||||||||||
|
Accumulated
depreciation of real estate and equipment sold
|
11,800,883
|
6,948,649
|
2,723,540
|
||||||||||
|
Balance at
Close of Period
|
632,894,759
|
554,171,306
|
470,695,343
|
||||||||||
|
Note
5.
|
In 2009,
provisions for impairment were recorded on one Realty Income property and
five Crest properties.
|
||||||||||||
|
In 2008, no
provisions for impairment were recorded on Realty Income properties.
Provisons for impairment were recorded on three Crest
properties.
|
|||||||||||||
|
In 2007,
provisions for impairment were recorded on two Realty Income properties
and one Crest property.
|
|||||||||||||
|
Note
6.
|
In accordance
with FASB 143 and FASB interpretation No. 47, we recorded in aggregate
negative $62,571 in 2009, $335,283 in 2008 and $238,680 in 2007 to two
buildings for the fair value of legal obligations to peform
asset-retirement activities that are conditional on future events. These
two properties are reported in the drug store industry and are located in
Girard, PA and Slippery Rock, PA.
|
||||||||||||
|
|
|||||||||||||
|
See
report of independent registered public accounting firm.
|
|||||||||||||
F-45