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, 2008
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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Name
of Each Exchange
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Title
of Each Class
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On
Which Registered
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Common
Stock, $1.00 Par Value
Class
D Preferred Stock, $1.00 Par Value
Class
E Preferred Stock, $1.00 Par Value
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New
York Stock Exchange
New
York Stock Exchange
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 if disclosure of delinquent filers pursuant to Item 405 of
Regulation S-K 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. x
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, 2008, the aggregate market value of the Registrant’s shares of common stock,
$1.00 par value, held by non-affiliates of the Registrant was $2.2 billion, at
the New York Stock Exchange (“NYSE”) closing price of $22.76.
At February
9, 2009, the number of shares of common stock outstanding was 104,319,051, the
number of Class D preferred stock outstanding was 5,100,000 and the number
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, 2009, 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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Item
1A:
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Item
1B:
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Item
2:
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Item
3:
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Item
4:
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PART
II
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Item
5:
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Item
6:
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Item
7:
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Item
7A:
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Item
8:
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Item
9:
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Item
9A:
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Item
9B:
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PART
III
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Item
10:
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Item
11:
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Item
12:
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Item
13:
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Item
14:
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PART
IV
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Item
15:
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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, retail and real estate research, portfolio management and
capital markets expertise. Over the past 39 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, 2008, we owned a diversified portfolio:
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Of
2,348 retail properties;
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With
an occupancy rate of 97.0%, or 2,278 properties occupied of the 2,348
properties in the portfolio;
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With
only 70 properties available for
lease;
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Leased
to 119 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 8,130
square feet.
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Of the
2,348 properties in the portfolio, 2,337, or 99.5%, are single-tenant, retail
properties and the remaining 11 are multi-tenant, distribution and office
properties. At December 31, 2008, 2,268 of the 2,337 single-tenant properties
were leased with a weighted average remaining lease term (excluding extension
options) of approximately 11.9 years.
In
addition, at December 31, 2008, our wholly-owned taxable REIT subsidiary, Crest
Net Lease, Inc. (“Crest”), had an inventory of five properties with a
carrying value of $6.0 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 “Tax
Code”). We anticipate Crest will not acquire any properties in
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 to a lesser degree,
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
eight senior officers of Realty Income owned 1.2% of our outstanding common
stock with a market value of $25.9 million at February 9, 2009. The
directors and eight senior officers of Realty Income, as a group, owned 2.5% of
our outstanding common stock with a market value of $52.1 million
at February 9, 2009.
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 2009, we had 69 permanent employees as compared to 75 permanent
employees in February 2008.
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, 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
continue our 39-year policy of paying distributions monthly. Monthly
distributions per share increased in January 2009 by $0.000625 to
$0.14175. The increase in January 2009 was our 45th
consecutive quarterly increase and the 52nd
increase in the amount of our dividend since our listing on the NYSE in 1994. In
2008, we paid three monthly cash distributions per share in the amount of
$0.13675, three in the amount of $0.137375, two in the amount of $0.138, one in
the amount of $0.1405 and three in the amount of $0.141125, totaling $1.66225.
In December 2008 and January 2009, we declared distributions of $0.14175 per
share, which were paid in January 2009 and will be paid in February 2009,
respectively.
The
monthly distribution of $0.14175 per share represents a current annualized
distribution of $1.701 per share, and an annualized distribution yield of
approximately 8.4% based on the last reported sale price of our common stock on
the NYSE of $20.19 on February 9, 2009. 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 2008
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%. $181.4 million of these acquisitions occurred in the first quarter
of 2008 while only $8.2 million was invested during the remainder of
2008. 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. The 108 new properties acquired by Realty Income are
net-leased to eight different retail chains in the following seven industries:
automotive tire service, convenience store, drug store, financial services,
motor vehicle dealership, restaurant and theater. There were no
acquisitions by Crest in 2008.
Our
2008 portfolio acquisitions were lower than in recent years primarily due to
uncertainty in the commercial retail real estate market. Property
prices continued to decline and lease rates rose throughout 2008. We
continue to monitor the acquisition market carefully and will acquire properties
for long-term investment when we believe the transactions are accretive to our
shareholders.
The
initial weighted average contractual lease rate is computed as estimated
contractual net operating income (in a net-leased property this is equal to the
base rent or, in the case of properties under development, the estimated base
rent under the lease) for the first year of each lease, divided by the estimated
total costs. 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
2008, we capitalized costs of $2.8 million on existing properties in our
portfolio, consisting of $956,000 for re-leasing costs and $1.5 million for
building improvements.
$355
Million Acquisition Credit Facility
In May
2008, we entered into a new $355 million acquisition credit facility which
replaced our existing $300 million acquisition credit facility that was
scheduled to expire in October 2008. The term of the new credit
facility is for three years until May 2011, plus two, one-year extension
options. Under the new 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.
Issuance
of Common Stock
In
September 2008, we issued 2,925,000 shares of common stock at a price of $26.82
per share. The net proceeds of $74.4 million were used, along
with our available cash on hand, to repay the $100 million outstanding principal
amount of our 8.25% Monthly Income Senior Notes (“2008 Notes”) in November 2008
and the $20 million outstanding principal amount of our 8% Notes (“2009 Notes”)
in January 2009.
Note
Redemptions
In
November 2008, we redeemed the $100 million outstanding principal amount of our
2008 Notes. In January 2009, we redeemed the $20 million outstanding
principal amount of our 2009 Notes. The 2008 Notes and 2009 Notes
were redeemed at a redemption price equal to 100% of the principal amount, plus
accrued and unpaid interest. We now have no debt maturities until
2013.
Retirement
of Chairman of the Board of Directors
William
E. Clark, our previous non-executive chairman, retired from the Board of
Directors effective February 10, 2009. Our Corporate Governance
and Nominating Committee recommended, and the Board of Directors elected, Donald
R. Cameron as the new non-executive chairman effective upon Mr. Clark’s
retirement. Mr. Cameron has served on Realty Income's Board of Directors
since 1994, and has been Realty Income's lead independent director since May
2004.
Net
Income Available to Common Stockholders
Net
income available to common stockholders was $107.6 million in 2008 versus
$116.2 million in 2007, a decrease of $8.6 million. On a diluted per common
share basis, net income was $1.06 per share in 2008 as compared to $1.16 per
share in 2007.
The
calculation to determine net income available to common stockholders includes
gains from the sales 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 recognized during 2008 from the sales of investment properties and from the
additional proceeds received from a sale of excess land was $13.6 million, as
compared to a $3.6 million gain recognized from the sales of investment
properties and excess land during 2007.
Funds
from Operations (FFO)
In
2008, our FFO decreased by $4.2 million, or 2.2%, to $185.5 million versus
$189.7 million in 2007. On a diluted per common share basis, FFO
was $1.83 in 2008 compared to $1.89 in 2007, a decrease of $0.06, or
3.2%.
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
2008, Crest sold 25 properties from its inventory for an aggregate of
$50.7 million, which resulted in a gain of $4.6 million. Crest’s
gains are included in “income from discontinued operations, real estate acquired
for resale by Crest” on our consolidated statements of income.
Crest’s
Property Inventory
Crest’s
had an inventory of five properties with a carrying value of $6.0 million at
December 31, 2008, which is included in “real estate held for sale, net” on our
consolidated balance sheet.
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 tax 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 2008, our cash distributions
totaled $193.9 million, or approximately 122.7% of our estimated REIT
taxable income of $158.0 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. Our 2008 cash distributions to common stockholders totaled
$169.7 million, representing 91.5% of our funds from operations available
to common stockholders of $185.5 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).
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 Tax 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 18.8% of the distributions to our common
stockholders, made or deemed to have been made in 2008, 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.
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, to a lesser degree, 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
In
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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We also
focus on, and have selectively made investments in, properties of upper market
retail chains. We believe upper market retail chains can be attractive for
investment because:
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They
typically are of a higher credit
quality;
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They
usually are larger public and private retailers with more commonly
recognized brand names;
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They
utilize a larger building ranging in size from 10,000 to 50,000 square
feet; and
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They
are able to grow because access to capital facilitates larger transaction
sizes.
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While
our investment strategy focuses primarily on acquiring properties leased to
middle and upper market retail chains, we also selectively seek investment
opportunities with venture market retail chains. Periodically, venture market
opportunities arise where we feel that the real estate used by the tenant is
high quality and can be purchased at favorable prices. To meet our stringent
investment standards, however, venture retail companies must have a well-defined
retailing concept and strong financial prospects. These opportunities are
examined on a case by case basis and we are highly selective in making
investments in this area.
Historically,
our investment focus has 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,
2008, approximately 83.2% 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 98.4%, and the occupancy rate at the end of each
year has never been below 97%.
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 appropriate industries,
tenants and property locations for investment. Our research expertise is
instrumental 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;
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Properties
that are located within attractive demographic areas relative to the
business of their tenants, with high visibility and easy access to major
thoroughfares; and
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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.
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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, or extend our average
remaining lease term. At December 31, 2008, we classified real estate with a
carrying amount of $6.7 million as held for sale on our balance sheet,
which includes $6.0 million for properties owned by
Crest. 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. However, we cannot guarantee that we will sell properties during
the next 12 months.
Universal
Shelf Registration
In
April 2006, we filed a shelf registration statement with the SEC, which is
effective for a term of three years. 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. The securities covered
by this registration statement include common stock, preferred stock, debt
securities, or any combination of such 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. There is no
specific limit to the dollar amount of new securities that can be issued under
this shelf registration before it expires in April 2009, and our common stock,
preferred stock and notes issued after April 2006 were all issued pursuant to
this universal shelf registration statement. Our plan is to file a
new shelf registration statement prior to April 2009, when our existing shelf
registration statement expires.
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 February 9, 2009, our total outstanding borrowings were
$1.35 billion of senior unsecured notes, or approximately 35.5% of our
total market capitalization of $3.80 billion. We had no borrowings on our
$355 million credit facility.
We
define our total market capitalization at February 9, 2009 as the sum
of:
|
·
|
Shares
of our common stock outstanding of 104,319,051 multiplied by the last
reported sales price of our common stock on the NYSE of $20.19 per share
on February 9, 2009, or $2.11
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; and
|
|
·
|
Outstanding
notes of $1.35 billion.
|
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 terms that are acceptable to us.
$355
Million Acquisition Credit Facility
In May
2008, we entered into a new $355 million revolving, unsecured credit facility
which replaced our existing $300 million acquisition credit facility that was
scheduled to expire in October 2008. The term of the new credit
facility is for three years until May 2011, plus two, one-year extension
options. Under the new credit facility, our investment grade credit
ratings provided 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 February 9, 2009, we had a borrowing capacity of $355
million available on our new credit facility and no outstanding
balance.
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 the approval of our credit facility’s lending
banks.
We use our credit facility for the short-term financing of new property acquisitions. When outstanding borrowings under the credit facility reach a certain level (generally in the range of $100 million to $200 million) and 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, convertible preferred stock, debt securities or convertible 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.
As we
have no joint ventures, off-balance sheet entities, or mandatory redeemable
preferred stock, our financial position or results of operations are currently
not affected by Financial Accounting Standards Board Interpretation No. 46R,
Consolidation of Variable
Interest Entities and Statement of Financial Accounting Standards No.
150, Accounting for Certain
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: Though we specialize in single-tenant
properties, 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, 2008, our retail property portfolio
consisted of 2,348 properties located in 49 states, leased to 119 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 20.8% of our rental revenue for the quarter ended
December 31, 2008.
|
|
·
|
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 will play an increasingly
important role in our competitiveness as an investment manager and source
of capital to a variety of industries and
tenants.
|
At
December 31, 2008, we owned a diversified portfolio:
|
·
|
Of
2,348 retail properties;
|
|
·
|
With
an occupancy rate of 97.0%, or 2,278 properties occupied of the 2,348
properties in the portfolio;
|
|
·
|
With
only 70 properties available for
lease;
|
|
·
|
Leased
to 119 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 8,130
square feet.
|
In
addition to our real estate portfolio, our subsidiary, Crest had an inventory of
five properties located in five states at December 31, 2008. These properties
have a carrying value of $6.0 million and are classified as held for
sale.
At
December 31, 2008, 2,268 of our 2,348 retail properties 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, to a
lesser degree, 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.
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,
2008
|
Dec
31,
2008
|
Dec
31,
2007
|
Dec
31,
2006
|
Dec
31,
2005
|
Dec
31,
2004
|
Dec
31,
2003
|
|||||||||||||||||||||
|
Apparel
stores
|
1.1 | % | 1.1 | % | 1.2 | % | 1.7 | % | 1.6 | % | 1.8 | % | 2.1 | % | ||||||||||||||
|
Automotive
collision services
|
1.0 | 1.0 | 1.1 | 1.3 | 1.3 | 1.0 | 0.3 | |||||||||||||||||||||
|
Automotive
parts
|
1.6 | 1.6 | 2.1 | 2.8 | 3.4 | 3.8 | 4.5 | |||||||||||||||||||||
|
Automotive
service
|
4.7 | 4.8 | 5.2 | 6.9 | 7.6 | 7.7 | 8.3 | |||||||||||||||||||||
|
Automotive
tire services
|
6.8 | 6.7 | 7.3 | 6.1 | 7.2 | 7.8 | 3.1 | |||||||||||||||||||||
|
Book
stores
|
0.2 | 0.2 | 0.2 | 0.2 | 0.3 | 0.3 | 0.4 | |||||||||||||||||||||
|
Business
services
|
* | * | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | |||||||||||||||||||||
|
Child
care
|
7.5 | 7.6 | 8.4 | 10.3 | 12.7 | 14.4 | 17.8 | |||||||||||||||||||||
|
Consumer
electronics
|
0.8 | 0.8 | 0.9 | 1.1 | 1.3 | 2.1 | 3.0 | |||||||||||||||||||||
|
Convenience
stores
|
16.4 | 15.8 | 14.0 | 16.1 | 18.7 | 19.2 | 13.3 | |||||||||||||||||||||
|
Crafts
and novelties
|
0.3 | 0.3 | 0.3 | 0.4 | 0.4 | 0.5 | 0.6 | |||||||||||||||||||||
|
Distribution
and office
|
1.0 | 1.0 | 0.6 | -- | -- | -- | -- | |||||||||||||||||||||
|
Drug
stores
|
4.2 | 4.1 | 2.7 | 2.9 | 2.8 | 0.1 | 0.2 | |||||||||||||||||||||
|
Entertainment
|
1.2 | 1.2 | 1.4 | 1.6 | 2.1 | 2.3 | 2.6 | |||||||||||||||||||||
|
Equipment
rental services
|
0.2 | 0.2 | 0.2 | 0.2 | 0.4 | 0.3 | 0.2 | |||||||||||||||||||||
|
Financial
services
|
0.3 | 0.2 | 0.2 | 0.1 | 0.1 | 0.1 | -- | |||||||||||||||||||||
|
General
merchandise
|
0.8 | 0.8 | 0.7 | 0.6 | 0.5 | 0.4 | 0.5 | |||||||||||||||||||||
|
Grocery
stores
|
0.7 | 0.7 | 0.7 | 0.7 | 0.7 | 0.8 | 0.4 | |||||||||||||||||||||
|
Health
and fitness
|
5.7 | 5.6 | 5.1 | 4.3 | 3.7 | 4.0 | 3.8 | |||||||||||||||||||||
|
Home
furnishings
|
2.6 | 2.4 | 2.6 | 3.1 | 3.7 | 4.1 | 4.9 | |||||||||||||||||||||
|
Home
improvement
|
1.8 | 1.9 | 2.1 | 3.4 | 1.1 | 1.0 | 1.1 | |||||||||||||||||||||
|
Motor
vehicle dealerships
|
3.1 | 3.1 | 3.1 | 3.4 | 2.6 | 0.6 | -- | |||||||||||||||||||||
|
Office
supplies
|
1.0 | 1.0 | 1.1 | 1.3 | 1.5 | 1.6 | 1.9 | |||||||||||||||||||||
|
Pet
supplies and services
|
0.9 | 0.8 | 0.9 | 1.1 | 1.3 | 1.4 | 1.7 | |||||||||||||||||||||
|
Private
education
|
0.8 | 0.8 | 0.8 | 0.8 | 0.8 | 1.1 | 1.2 | |||||||||||||||||||||
|
Restaurants
|
20.8 | 21.8 | 21.2 | 11.9 | 9.4 | 9.7 | 11.8 | |||||||||||||||||||||
|
Shoe
stores
|
-- | -- | -- | -- | 0.3 | 0.3 | 0.9 | |||||||||||||||||||||
|
Sporting
goods
|
2.3 | 2.3 | 2.6 | 2.9 | 3.4 | 3.4 | 3.8 | |||||||||||||||||||||
|
Theaters
|
9.1 | 9.0 | 9.0 | 9.6 | 5.2 | 3.5 | 4.1 | |||||||||||||||||||||
|
Travel
plazas
|
0.2 | 0.2 | 0.2 | 0.3 | 0.3 | 0.4 | 0.3 | |||||||||||||||||||||
|
Video
rental
|
1.0 | 1.1 | 1.7 | 2.1 | 2.5 | 2.8 | 3.3 | |||||||||||||||||||||
|
Other
|
1.9 | 1.9 | 2.3 | 2.7 | 3.0 | 3.4 | 3.8 | |||||||||||||||||||||
|
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, 2008,
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, 2008(1)
|
Percentage
of
Rental
Revenue
|
|||||||||
|
Tenants Providing Services
|
||||||||||||
|
Automotive
collision services
|
13 | $ | 852 | 1.0 | % | |||||||
|
Automotive
service
|
235 | 3,908 | 4.7 | |||||||||
|
Child
care
|
263 | 6,201 | 7.5 | |||||||||
|
Entertainment
|
8 | 999 | 1.2 | |||||||||
|
Equipment
rental services
|
3 | 158 | 0.2 | |||||||||
|
Financial
services
|
13 | 209 | 0.3 | |||||||||
|
Health
and fitness
|
26 | 4,685 | 5.7 | |||||||||
|
Private
education
|
7 | 631 | 0.8 | |||||||||
|
Theaters
|
34 | 7,507 | 9.1 | |||||||||
|
Other
|
9 | 1,557 | 1.9 | |||||||||
| 611 | 26,707 | 32.4 | ||||||||||
|
Tenants Selling Goods and
Services
|
||||||||||||
|
Automotive
parts (with installation)
|
26 | 510 | 0.6 | |||||||||
|
Automotive
tire services
|
155 | 5,647 | 6.8 | |||||||||
|
Business
services
|
1 | 13 | * | |||||||||
|
Convenience
stores
|
574 | 13,518 | 16.4 | |||||||||
|
Distribution
and office
|
3 | 847 | 1.0 | |||||||||
|
Home
improvement
|
3 | 108 | 0.1 | |||||||||
|
Motor
vehicle dealerships
|
21 | 2,603 | 3.1 | |||||||||
|
Pet
supplies and services
|
10 | 666 | 0.8 | |||||||||
|
Restaurants
|
642 | 17,217 | 20.8 | |||||||||
|
Travel
plazas
|
1 | 187 | 0.2 | |||||||||
|
Video
rental
|
32 | 829 | 1.0 | |||||||||
| 1,468 | 42,145 | 50.8 | ||||||||||
|
Tenants Selling Goods
|
||||||||||||
|
Apparel
stores
|
6 | 902 | 1.1 | |||||||||
|
Automotive
parts
|
51 | 842 | 1.0 | |||||||||
|
Book
stores
|
2 | 156 | 0.2 | |||||||||
|
Consumer
electronics
|
13 | 686 | 0.8 | |||||||||
|
Crafts
and novelties
|
5 | 242 | 0.3 | |||||||||
|
Drug
stores
|
51 | 3,481 | 4.2 | |||||||||
|
General
merchandise
|
33 | 694 | 0.8 | |||||||||
|
Grocery
stores
|
9 | 577 | 0.7 | |||||||||
|
Home
furnishings
|
44 | 2,127 | 2.6 | |||||||||
|
Home
improvement
|
29 | 1,420 | 1.7 | |||||||||
|
Office
supplies
|
10 | 788 | 1.0 | |||||||||
|
Pet
supplies
|
2 | 43 | 0.1 | |||||||||
|
Sporting
goods
|
14 | 1,877 | 2.3 | |||||||||
| 269 | 13,835 | 16.8 | ||||||||||
|
Totals
|
2,348 | $ | 82,687 | 100.0 | % | |||||||
|
|
*
Less than 0.1%
|
|
(1)
|
Includes
rental revenue for all properties owned by Realty Income at December 31,
2008, including revenue from properties reclassified as discontinued
operations of $44.
|
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 2,268 net
leased, single-tenant retail properties as of December 31, 2008 (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, 2008(2)
|
%
of
Total
Rental Revenue
|
Number
of
Leases
Expiring
|
Rental
Revenue
for
the
Quarter
Ended December 31, 2008
|
%
of
Total
Rental Revenue
|
Number
of Leases Expiring
|
Rental
Revenue
for
the
Quarter
Ended December 31, 2008
|
%
of
Total
Rental Revenue
|
|||||||||||||||||||||||||||
|
2009
|
148 | $ | 3,084 | 3.9 | % | 36 | $ | 787 | 1.0 | % | 112 | $ | 2,297 | 2.9 | % | |||||||||||||||||||||
|
2010
|
102 | 2,197 | 2.7 | 48 | 1,227 | 1.5 | 54 | 970 | 1.2 | |||||||||||||||||||||||||||
|
2011
|
105 | 3,137 | 3.9 | 57 | 2,055 | 2.6 | 48 | 1,082 | 1.3 | |||||||||||||||||||||||||||
|
2012
|
113 | 2,681 | 3.3 | 75 | 1,864 | 2.3 | 38 | 817 | 1.0 | |||||||||||||||||||||||||||
|
2013
|
140 | 5,316 | 6.7 | 99 | 4,329 | 5.4 | 41 | 987 | 1.3 | |||||||||||||||||||||||||||
|
2014
|
55 | 2,125 | 2.7 | 36 | 1,780 | 2.2 | 19 | 345 | 0.5 | |||||||||||||||||||||||||||
|
2015
|
108 | 2,857 | 3.6 | 85 | 2,318 | 2.9 | 23 | 539 | 0.7 | |||||||||||||||||||||||||||
|
2016
|
114 | 2,015 | 2.5 | 112 | 1,987 | 2.5 | 2 | 28 | * | |||||||||||||||||||||||||||
|
2017
|
49 | 1,894 | 2.4 | 41 | 1,745 | 2.2 | 8 | 149 | 0.2 | |||||||||||||||||||||||||||
|
2018
|
42 | 1,888 | 2.4 | 34 | 1,689 | 2.1 | 8 | 199 | 0.3 | |||||||||||||||||||||||||||
|
2019
|
100 | 4,856 | 6.1 | 94 | 4,526 | 5.7 | 6 | 330 | 0.4 | |||||||||||||||||||||||||||
|
2020
|
82 | 2,987 | 3.7 | 79 | 2,923 | 3.6 | 3 | 64 | 0.1 | |||||||||||||||||||||||||||
|
2021
|
170 | 7,503 | 9.4 | 169 | 7,448 | 9.3 | 1 | 55 | 0.1 | |||||||||||||||||||||||||||
|
2022
|
101 | 2,951 | 3.7 | 100 | 2,903 | 3.6 | 1 | 48 | 0.1 | |||||||||||||||||||||||||||
|
2023
|
245 | 7,754 | 9.7 | 243 | 7,680 | 9.6 | 2 | 74 | 0.1 | |||||||||||||||||||||||||||
|
2024
|
62 | 1,815 | 2.3 | 62 | 1,815 | 2.3 | -- | -- | -- | |||||||||||||||||||||||||||
|
2025
|
70 | 5,466 | 6.9 | 66 | 5,398 | 6.8 | 4 | 68 | 0.1 | |||||||||||||||||||||||||||
|
2026
|
122 | 6,866 | 8.6 | 120 | 6,809 | 8.5 | 2 | 57 | 0.1 | |||||||||||||||||||||||||||
|
2027
|
152 | 4,622 | 5.8 | 151 | 4,605 | 5.8 | 1 | 17 | * | |||||||||||||||||||||||||||
|
2028
|
82 | 4,009 | 5.0 | 80 | 3,938 | 4.9 | 2 | 71 | 0.1 | |||||||||||||||||||||||||||
|
2029
|
45 | 1,099 | 1.4 | 45 | 1,099 | 1.4 | -- | -- | -- | |||||||||||||||||||||||||||
|
2030
|
20 | 924 | 1.2 | 20 | 924 | 1.2 | -- | -- | -- | |||||||||||||||||||||||||||
|
2031
|
27 | 649 | 0.8 | 27 | 649 | 0.8 | -- | -- | -- | |||||||||||||||||||||||||||
|
2032
|
2 | 57 | 0.1 | 2 | 57 | 0.1 | -- | -- | -- | |||||||||||||||||||||||||||
|
2033
|
7 | 422 | 0.5 | 7 | 422 | 0.5 | -- | -- | -- | |||||||||||||||||||||||||||
|
2034
|
2 | 230 | 0.3 | 2 | 230 | 0.3 | -- | -- | -- | |||||||||||||||||||||||||||
|
2037
|
2 | 354 | 0.4 | 2 | 354 | 0.4 | -- | -- | -- | |||||||||||||||||||||||||||
|
2043
|
1 | 13 | * | -- | -- | -- | 1 | 13 | * | |||||||||||||||||||||||||||
|
Totals
|
2,268 | $ | 79,771 | 100.0 | % | 1,892 | $ | 71,561 | 89.5 | % | 376 | $ | 8,210 | 10.5 | % | |||||||||||||||||||||
* Less
than 0.1%
|
(1)
|
Excludes
ten multi-tenant properties and 70 vacant unleased properties, one of
which is a multi-tenant property. The lease expirations for
properties under construction are based on the estimated date of
completion of those
properties.
|
|
(2)
|
Includes
rental revenue of $44 from properties reclassified as discontinued
operations and excludes revenue of $2,916 from ten multi-tenant properties
and from 70 vacant and unleased properties at December 31,
2008.
|
|
(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, 2008 (dollars in thousands):
|
State
|
Number
of
Properties
|
Percent
Leased
|
Approximate
Leasable
Square
Feet
|
Rental
Revenue for the Quarter Ended December 31, 2008(1)
|
Percentage
of
Rental
Revenue
|
|||||||||||||||
|
Alabama
|
63 | 98 | % | 425,400 | $ | 1,893 | 2.3 | % | ||||||||||||
|
Alaska
|
2 | 100 | 128,500 | 277 | 0.3 | |||||||||||||||
|
Arizona
|
80 | 98 | 395,800 | 2,418 | 2.9 | |||||||||||||||
|
Arkansas
|
18 | 100 | 98,500 | 417 | 0.5 | |||||||||||||||
|
California
|
64 | 100 | 1,160,700 | 4,505 | 5.4 | |||||||||||||||
|
Colorado
|
53 | 96 | 486,300 | 1,902 | 2.3 | |||||||||||||||
|
Connecticut
|
24 | 100 | 276,600 | 1,310 | 1.6 | |||||||||||||||
|
Delaware
|
17 | 100 | 33,300 | 428 | 0.5 | |||||||||||||||
|
Florida
|
168 | 98 | 1,449,300 | 6,786 | 8.2 | |||||||||||||||
|
Georgia
|
132 | 98 | 926,900 | 3,992 | 4.8 | |||||||||||||||
|
Idaho
|
13 | 92 | 85,400 | 338 | 0.4 | |||||||||||||||
|
Illinois
|
74 | 97 | 877,800 | 4,211 | 5.1 | |||||||||||||||
|
Indiana
|
82 | 96 | 689,600 | 3,213 | 3.9 | |||||||||||||||
|
Iowa
|
22 | 95 | 296,100 | 1,006 | 1.2 | |||||||||||||||
|
Kansas
|
33 | 94 | 579,100 | 1,121 | 1.4 | |||||||||||||||
|
Kentucky
|
22 | 100 | 110,600 | 673 | 0.8 | |||||||||||||||
|
Louisiana
|
33 | 94 | 190,400 | 877 | 1.1 | |||||||||||||||
|
Maine
|
3 | 100 | 22,500 | 161 | 0.2 | |||||||||||||||
|
Maryland
|
29 | 97 | 271,200 | 1,587 | 1.9 | |||||||||||||||
|
Massachusetts
|
66 | 100 | 580,400 | 2,618 | 3.2 | |||||||||||||||
|
Michigan
|
52 | 98 | 257,300 | 1,243 | 1.5 | |||||||||||||||
|
Minnesota
|
21 | 100 | 392,100 | 1,572 | 1.9 | |||||||||||||||
|
Mississippi
|
71 | 97 | 347,600 | 1,478 | 1.8 | |||||||||||||||
|
Missouri
|
62 | 97 | 640,100 | 2,076 | 2.5 | |||||||||||||||
|
Montana
|
2 | 100 | 30,000 | 76 | 0.1 | |||||||||||||||
|
Nebraska
|
19 | 100 | 196,300 | 645 | 0.8 | |||||||||||||||
|
Nevada
|
15 | 93 | 191,000 | 883 | 1.1 | |||||||||||||||
|
New
Hampshire
|
14 | 100 | 109,900 | 557 | 0.7 | |||||||||||||||
|
New
Jersey
|
33 | 100 | 261,300 | 1,930 | 2.3 | |||||||||||||||
|
New
Mexico
|
8 | 100 | 56,400 | 191 | 0.2 | |||||||||||||||
|
New
York
|
40 | 95 | 502,700 | 2,493 | 3.0 | |||||||||||||||
|
North
Carolina
|
96 | 99 | 548,300 | 2,865 | 3.5 | |||||||||||||||
|
North
Dakota
|
6 | 100 | 36,600 | 73 | 0.1 | |||||||||||||||
|
Ohio
|
137 | 98 | 852,200 | 3,377 | 4.1 | |||||||||||||||
|
Oklahoma
|
25 | 96 | 145,900 | 582 | 0.7 | |||||||||||||||
|
Oregon
|
18 | 100 | 297,300 | 885 | 1.1 | |||||||||||||||
|
Pennsylvania
|
99 | 100 | 683,800 | 3,527 | 4.3 | |||||||||||||||
|
Rhode
Island
|
3 | 100 | 11,000 | 57 | 0.1 | |||||||||||||||
|
South
Carolina
|
100 | 98 | 374,400 | 2,190 | 2.6 | |||||||||||||||
|
South
Dakota
|
9 | 100 | 24,900 | 102 | 0.1 | |||||||||||||||
|
Tennessee
|
135 | 96 | 635,500 | 2,920 | 3.5 | |||||||||||||||
|
Texas
|
214 | 92 | 2,241,700 | 7,814 | 9.5 | |||||||||||||||
|
Utah
|
5 | 80 | 30,600 | 87 | 0.1 | |||||||||||||||
|
Vermont
|
4 | 100 | 12,700 | 125 | 0.2 | |||||||||||||||
|
Virginia
|
104 | 99 | 637,100 | 3,496 | 4.2 | |||||||||||||||
|
Washington
|
35 | 91 | 230,300 | 792 | 1.0 | |||||||||||||||
|
West
Virginia
|
2 | 100 | 23,000 | 121 | 0.1 | |||||||||||||||
|
Wisconsin
|
20 | 90 | 248,100 | 774 | 0.9 | |||||||||||||||
|
Wyoming
|
1 | 100 | 4,200 | 23 | * | |||||||||||||||
|
Totals/Average
|
2,348 | 97 | % | 19,106,700 | $ | 82,687 | 100.0 | % | ||||||||||||
* Less
than 0.1%
|
|
(1)
|
Includes
rental revenue for all properties owned by Realty Income at December 31,
2008, including revenue from properties reclassified as discontinued
operations of $44.
|
Description
of Leasing Structure
At
December 31, 2008, 2,268 of our 2,348 retail properties were leased under
net-lease agreements. 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 to a lesser degree,
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.
|
Certain
Properties under Development
Of the
108 properties Realty Income acquired in 2008, four were development properties,
all of which were occupied and paying rent at December 31,
2008. In the case of development properties, we either enter into an
agreement with a retail chain where the retailer retains a contractor to
construct the building and we fund the costs of that development, or we fund a
developer who constructs the building. In either case, there is an executed
lease with a retail tenant at the time of the land purchase (with a fixed rent
commencement date) and there is a requirement to complete the construction in a
timely basis and within a specific budget, typically within eight months after
we purchase the land. The tenant or developer generally is required to pay
construction cost overruns to the extent that they exceed the construction
budget by more than a predetermined amount. We also enter into a lease with the
tenant at the time we purchase the land, which generally requires the tenant to
begin paying base rent when the store opens for business. The base rent is
calculated by multiplying a predetermined capitalization rate by our total
investment in the property including the land cost for the property,
construction costs and capitalized interest. Crest did not acquire
any development property in 2008. Both Realty Income and Crest will
continue to pursue development opportunities under similar arrangements in the
future.
This
annual report on Form 10-K, including documents incorporated by reference,
contains forward-looking statements within the meaning of Section 27A of the
Securities Act of 1933 and Section 21E of the Exchange Act of 1934. 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 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 Net Lease, Inc.
(“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 to differ
materially 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. 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 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 to pay rent on a timely basis, or
failure to comply with their contractual
obligations;
|
|
·
|
The
need to periodically renovate and repair our
properties;
|
|
·
|
Physical
or weather-related damage to
properties;
|
|
·
|
Economic
or physical decline of the areas where the properties are located;
and
|
|
·
|
The
potential risk of functional obsolescence of properties over
time.
|
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
of our properties were available for lease or sale at December 31, 2008, of
which all but one were single-tenant properties. As
of February 9, 2009, transactions to lease or sell 13 of the 70
properties were underway or completed. At December 31, 2008, 30 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 2008, each of our tenants accounted for less than
10% of our rental revenue.
For
2008, our tenants in the restaurant and convenience store industries accounted
for approximately 20.8% and 16.4%, 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
2008. 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.
On
January 22, 2008, Buffets Holdings, Inc. (“Buffets Holdings”), together with
each of its subsidiaries, filed voluntary petitions for reorganization under
Chapter 11 of the U.S. Bankruptcy Code. Realty Income owned 116
properties and Crest owned three properties leased to subsidiaries of Buffets,
Inc. (“Buffets”) and guaranteed by Buffets. Buffets is a subsidiary
of Buffets Holdings. In February 2008, Buffets Holdings elected to
reject the leases for 12 properties owned by Realty Income and two properties
owned by Crest, and returned those 14 properties to us. In July 2008,
Realty Income reached an agreement with Buffets Holdings for the continued lease
of all of its remaining properties. The terms of the agreement were
approved by the Bankruptcy Court on September 15, 2008. Under the
terms of the agreement, all 105 of the remaining leases, including 104 owned by
Realty Income and one owned by Crest, will be assumed and continue to be
operated by Buffets Holdings. Rents were modified on many of the
assumed properties, from an annualized rent of $22.4 million to
$19.4 million, or 87% of previous rents. In addition, the
majority of the leases call for annual increases in rent. Buffets
Holdings continues to be our largest tenant and represents approximately 6.0% of
Realty Income’s annualized lease revenue as of December 31, 2008.
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 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 the Company 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 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. Nevertheless, if environmental contamination should
exist, we could be subject to strict liability by virtue of our ownership
interest. In addition, we believe we are in compliance in all
material respects with all present federal, state and local laws relating to
ACMs.
Insurance and
Indemnity. In June 2005, we entered into a seven-year
environmental insurance policy 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. 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.
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, and 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 February
9, 2009, we had no borrowings outstanding under our $355 million acquisition
credit facility and we had $1.35 billion of 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 there under 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 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
occurs, 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, stock prices in the U.S. markets have recently 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 general 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 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;
|
|
·
|
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.
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 and your
investment. 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.
Such
events 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.
Recent
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.
The
United States stock and credit markets have recently 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 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, 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)
|
||||||||||
|
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 | ||||||||||
|
2007
|
||||||||||||
|
First
quarter
|
$ | 30.36 | $ | 26.02 | $ | 0.380125 | ||||||
|
Second
quarter
|
29.13 | 24.53 | 0.382000 | |||||||||
|
Third
quarter
|
28.79 | 22.87 | 0.399375 | |||||||||
|
Fourth
quarter
|
30.70 | 26.31 | 0.409000 | |||||||||
|
Total
|
$ | 1.570500 | ||||||||||
(1) Common
stock cash distributions currently are declared monthly by us based on financial
results for the prior months. At December 31, 2008, a distribution of
$0.14175 per common share had been declared and was paid in January
2009.
There
were 9,046 registered holders of record of our common stock as of January 1,
2009. We estimate that our total number of shareholders is approximately 80,000
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,
|
2008
|
2007
|
2006
|
2005
|
2004
|
|||||||||||||||
|
Total
assets (book value)
|
$ | 2,994,179 | $ | 3,077,352 | $ | 2,546,508 | $ | 1,920,988 | $ | 1,442,315 | ||||||||||
|
Cash
and cash equivalents
|
46,815 | 193,101 | 10,573 | 65,704 | 2,141 | |||||||||||||||
|
Lines
of credit and notes payable
|
1,370,000 | 1,470,000 | 920,000 | 891,700 | 503,600 | |||||||||||||||
|
Total
liabilities
|
1,439,518 | 1,539,260 | 970,516 | 931,774 | 528,580 | |||||||||||||||
|
Total
stockholders’ equity
|
1,554,661 | 1,538,092 | 1,575,992 | 989,214 | 913,735 | |||||||||||||||
|
Net
cash provided by operating activities
|
246,155 | 318,169 | 86,945 | 109,557 | 178,337 | |||||||||||||||
|
Net
change in cash and cash equivalents
|
(146,286 | ) | 182,528 | (55,131 | ) | 63,563 | (2,696 | ) | ||||||||||||
|
Total
revenue
|
330,200 | 294,317 | 237,416 | 193,285 | 170,474 | |||||||||||||||
|
Income
from continuing operations
|
116,846 | 125,743 | 104,129 | 86,784 | 79,663 | |||||||||||||||
|
Income
from discontinued operations
|
14,995 | 14,666 | 6,652 | 12,335 | 23,734 | |||||||||||||||
|
Net
income
|
131,841 | 140,409 | 110,781 | 99,119 | 103,397 | |||||||||||||||
|
Preferred
stock cash dividends
|
(24,253 | ) | (24,253 | ) | (11,362 | ) | (9,403 | ) | (9,455 | ) | ||||||||||
|
Excess
of redemption value over carrying value of preferred shares
redeemed
|
-- | -- | -- | -- | (3,774 | ) | ||||||||||||||
|
Net
income available to common stockholders
|
107,588 | 116,156 | 99,419 | 89,716 | 90,168 | |||||||||||||||
|
Cash
distributions paid to common stockholders
|
169,655 | 157,659 | 129,667 | 108,575 | 97,420 | |||||||||||||||
|
Basic
and diluted net income per common share
|
1.06 | 1.16 | 1.11 | 1.12 | 1.15 | |||||||||||||||
|
Cash
distributions paid per common share
|
1.66225 | 1.56025 | 1.43725 | 1.34625 | 1.24125 | |||||||||||||||
|
Cash
distributions declared per common
share
|
1.66725 | 1.57050 | 1.44750 | 1.35250 | 1.25125 | |||||||||||||||
|
Basic
weighted average number of common
shares outstanding
|
101,178,191 | 100,195,031 | 89,766,714 | 79,950,255 | 78,518,296 | |||||||||||||||
|
Diluted
weighted average number of
common shares outstanding
|
101,209,883 | 100,333,966 | 89,917,554 | 80,208,593 | 78,598,788 | |||||||||||||||
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. The 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, retail research and real estate research, portfolio management
and capital markets expertise. Over the past 39 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, 2008, we owned a diversified portfolio:
|
·
|
Of
2,348 retail properties;
|
|
·
|
With
an occupancy rate of 97.0%, or 2,278 properties occupied of the 2,348
properties in the portfolio;
|
|
·
|
With
only 70 properties available for
lease;
|
|
·
|
Leased
to 119 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 8,130
square feet.
|
Of the
2,348 properties in the portfolio, 2,337, or 99.5%, are single-tenant, retail
properties and the remaining 11 are multi-tenant properties. At December 31,
2008, 2,268 of the 2,337 single-tenant properties were leased with a weighted
average remaining lease term (excluding extension options) of approximately
11.9 years.
In
addition, at December 31, 2008, our wholly-owned taxable REIT subsidiary, Crest
Net Lease, Inc. (“Crest”), had an inventory of five properties with a
carrying value of $6.0 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 “Tax
Code”). In addition to the five properties, Crest also holds notes
receivable of $22.3 million at December 31, 2008. We anticipate Crest will not
acquire any properties in 2009.
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, 2008, we had cash and cash equivalents totaling
$46.8 million. We used $20 million of this amount to retire our
8.0% notes that matured in January 2009.
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.
$355
Million Acquisition Credit Facility
In May
2008, we entered into a new $355 million revolving, unsecured credit facility
which replaced our existing $300 million acquisition credit facility that was
scheduled to expire in October 2008. The term of the new credit facility is for
three years until May 2011, plus two, one-year extension
options. Under the new 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 February 9, 2009, we had a borrowing capacity of
$355 million available on our new credit facility and no outstanding
balance.
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 on our credit
facility.
Issuance
of Common Stock
In
September 2008, we issued 2,925,000 shares of common stock at a price of $26.82
per share. The net proceeds of $74.4 million were used, along with
our available cash on hand, to repay the $100 million outstanding principal
amount of our 8.25% Monthly Income Senior Notes (“2008 Notes”) in November 2008
and the $20 million outstanding principal amount of our 8% Notes (“2009 Notes”)
in January 2009.
Note
Redemptions
In
November 2008, we redeemed the $100 million outstanding principal amount of our
2008 Notes. In January 2009, we redeemed the $20 million outstanding
principal amount of our 2009 Notes. The 2008 Notes and 2009 Notes
were redeemed at a redemption price equal to 100% of the principal amount, plus
accrued and unpaid interest. We now have no debt maturities until
2013.
Mortgage
Debt
We have
no mortgage debt on any of our properties.
Universal
Shelf Registration
In
April 2006, we filed a shelf registration statement with the SEC, which is
effective for a term of three years. 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. The securities covered
by this registration statement include common stock, preferred stock, debt
securities, or any combination of such 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. There is no
specific limit to the dollar amount of new securities that can be issued under
this shelf registration before it expires in April 2009, and our common stock,
preferred stock and notes issued after April 2006 were all issued pursuant to
this universal shelf registration statement. Our plan is to file a
new shelf registration statement prior to April 2009, when our existing shelf
registration statement expires.
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 February 9, 2009, our total outstanding credit facility borrowings and
outstanding notes were $1.35 billion or approximately 35.5% of our total
market capitalization of $3.80 billion.
We
define our total market capitalization at February 9, 2009 as the sum
of:
|
·
|
Shares
of our common stock outstanding of 104,319,051 multiplied by the last
reported sales price of our common stock on the NYSE of $20.19 per share
on February 9, 2009, or $2.11
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; and
|
|
·
|
Outstanding
notes of $1.35 billion.
|
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 terms that are acceptable to us.
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,
2008, sorted by maturity date (dollars in millions):
|
8%
notes, issued in January 1999 and due in January 2009 (1)
|
$ | 20.0 | ||
|
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 | |||
| $ | 1,370.0 | |||
(1) In
January 2009, the 8% notes were paid off and the balance of our outstanding
notes was reduced to $1.35 billion.
All of
our outstanding notes and bonds have fixed interest rates.
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.
The following is a summary of the key financial covenants to our senior unsecured notes, as defined and calculated per the terms of our notes. These calculations, which are not based on 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, 2008 are:
|
Note
Covenants
|
Required
|
Actual
|
|||
|
Limitation
on incurrence of total debt
|
≤
60%
|
39.0 | % | ||
|
Limitation
on incurrence of secured debt
|
≤
40%
|
0.0 | % | ||
|
Debt
service coverage (trailing 12 months)
|
≥
1.5 x
|
3.4 | x | ||
|
Maintenance
of total unencumbered assets
|
≥
150% of unsecured debt
|
256 | % | ||
The
following table summarizes the maturity of each of our obligations as of
December 31, 2008 (dollars in millions):
|
|
Table of
Obligations
|
|
Ground
|
Ground
|
|||||||||||||||||||||||||||
|
Leases
|
Leases
|
|||||||||||||||||||||||||||
|
Paid
by
|
Paid
by
|
|||||||||||||||||||||||||||
|
Year
of
|
Credit
|
Realty
|
Our
|
|||||||||||||||||||||||||
|
Maturity
|
Facility
(1)
|
Notes
(2)
|
Interest
(3)
|
Income(4)
|
Tenants(5)
|
Other
(6)
|
Totals
|
|||||||||||||||||||||
|
2009
|
$ | -- | $ | 20.0 | $ | 82.5 | $ | 0.1 | $ | 3.8 | $ | 1.2 | $ | 107.6 | ||||||||||||||
|
2010
|
-- | -- | 82.4 | 0.1 | 3.7 | -- | 86.2 | |||||||||||||||||||||
|
2011
|
-- | -- | 82.4 | 0.1 | 3.7 | -- | 86.2 | |||||||||||||||||||||
|
2012
|
-- | -- | 82.4 | 0.1 | 3.6 | -- | 86.1 | |||||||||||||||||||||
|
2013
|
-- | 100.0 | 78.1 | 0.1 | 3.4 | -- | 181.6 | |||||||||||||||||||||
|
Thereafter
|
-- | 1,250.0 | 427.9 | 0.9 | 40.8 | -- | 1,719.6 | |||||||||||||||||||||
|
Totals
|
$ | -- | $ | 1,370.0 | $ | 835.7 | $ | 1.4 | $ | 59.0 | $ | 1.2 | $ | 2,267.3 | ||||||||||||||
|
|
(1)
There was no outstanding credit facility balance on February 9,
2009.
|
|
|
(2)
The $20.0 million outstanding principal amount of our 8% notes was paid
off in January 2009.
|
|
|
(3)
Interest on the credit facility and notes has been calculated based on
outstanding balances as of December 31, 2008 through their respective
maturity dates.
|
|
|
(4)
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.
|
|
|
(5)
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.
|
|
|
(6)
“Other” consists of $208,000 of commitments under construction contracts
and $977,000 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. Beginning May 27, 2009, shares of Class D preferred
stock are 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
December 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.
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.
As we
have no joint ventures, off-balance sheet entities, or mandatory redeemable
preferred stock, our financial position or results of operations are currently
not affected by Financial Accounting Standard Board Interpretation No. 46R,
Consolidation of Variable
Interest Entities and Statement of Financial Accounting Standard No. 150,
Accounting for Certain
Financial Instruments with Characteristics of both Liabilities and
Equity.
Acquisitions
During 2008
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%. $181.4 million of these acquisitions occurred in the first quarter
of 2008 while only $8.2 million was invested during the remainder of
2008. 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. The 108 new properties acquired by Realty Income are
net-leased to eight different retail chains in the following seven industries:
automotive tire service, convenience store, drug store, financial services,
motor vehicle dealership, restaurant and theater. There were no
acquisitions by Crest in 2008.
Our
2008 portfolio acquisitions were lower than in recent years primarily due to
uncertainty in the commercial retail real estate market. Property
prices continued to decline and lease rates rose throughout 2008. We
continue to monitor the acquisition market carefully and will acquire properties
for long-term investment when we believe the transactions are accretive to our
shareholders.
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
base rent or, in the case of properties under development, the estimated base
rent under the lease) for the first year of each lease, divided by the estimated
total costs. 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.
Increases
in Monthly Distributions to Common Stockholders
We
continue our 39-year policy of paying distributions monthly. Monthly
distributions per share were increased in January 2009 by $0.000625 to
$0.14175. The increase in January 2009 was our 45th
consecutive quarterly increase and the 52nd
increase in the amount of our dividend since our listing on the New York Stock
Exchange, or NYSE, in 1994. In 2008, we paid three monthly cash distributions
per share in the amount of $0.13675, three in the amount of $0.137375, two in
the amount of $0.138, one in the amount of $0.1405 and three in the amount of
$0.141125, totaling $1.66225. In December 2008 and January 2009, we declared
distributions of $0.14175 per share, which were paid in January 2009 and will be
paid in February 2009, respectively.
The
monthly distribution of $0.14175 per share represents a current annualized
distribution of $1.701 per share, and an annualized distribution yield of
approximately 8.4% based on the last reported sale price of our common stock on
the NYSE of $20.19 on February 9, 2009. 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.
Critical Accounting
Policies
Our
consolidated financial statements have been prepared in accordance with U.S.
generally accepted accounting principles (“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 properties that are classified
as held for sale.
When we
acquire a property for investment purposes, we allocate the purchase price to
the various components of the acquisition based upon the fair value of each
component. The components typically include (i) land, (ii) building and
improvements, (iii) intangible assets related to above and below market leases,
and (iv) value of costs to obtain tenants.
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 loss if estimated future operating cash flows
(undiscounted and without interest charges) plus estimated disposition proceeds
(undiscounted) are less than the current book value. Impairment losses are
measured as the amount by which the current book value of the asset exceeds the
fair value of the asset. If a property is held for sale, it is carried at the
lower of carrying cost or estimated fair value, less 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 losses, 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, 2008, 2007 and 2006.
Rental
Revenue
Rental
revenue was $328.3 million for 2008 versus $288.0 million for 2007, an increase
of $40.3 million, or 14.0%. Rental revenue was $235.4 million in 2006. The
increase in rental revenue in 2008 compared to 2007 is primarily attributable
to:
|
·
|
The
108 retail properties acquired by Realty Income in 2008, which generated
$13.1 million of rent in 2008;
|
|
·
|
The
325 retail properties acquired by Realty Income in 2007, which generated
$41.1 million of rent in 2008 compared to $13.6 million in 2007, an
increase of $27.5 million;
|
|
·
|
Same
store rents generated on 1,772 properties during the entire years of 2008
and 2007, which includes rent modifications on some of the 104 leases
to Buffets, Inc., increased by $2.7 million, or 1.1%, to $258.7
million from $255.9 million; and
|
|
·
|
An
increase in straight-line rent and other non-cash adjustments to rent of
$766,000 in 2008 as compared to 2007; net
of
|
|
·
|
A net
decrease of $3.9 million relating to the aggregate of (i) development
properties acquired before 2007 that started paying rent in 2007, (ii)
properties that were vacant during part of 2008 or 2007, (iii) properties
sold during 2008 and 2007 and (iv) lease termination
settlements. These items totaled $13.24 million, in aggregate,
in 2008 compared to $17.18 million in
2007.
|
Excluding
104 leases with Buffets Holdings, Inc., same store rents generated on 1,668
properties during the entire years of 2008 and 2007 increased in 2008 by
$3.2 million, or 1.4%, to $237.1 million from $233.9 million in
2007.
Of the
2,348 properties in the portfolio at December 31, 2008, 2,337, or 99.5%, are
single-tenant properties and the remaining 11 are multi-tenant properties. Of
the 2,337 single-tenant properties, 2,268, or 97.0%, were net leased with a
weighted average remaining lease term (excluding rights to extend a lease at the
option of the tenant) of approximately 11.9 years at December 31, 2008. Of
our 2,268 leased single-tenant properties, 2,066 or 91.1% 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;
|
|
·
|
To
a lesser degree, 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 2008, $831,000 in
2007 and $1.1 million in 2006. Percentage rent in 2008 was less than 1% of
rental revenue and we anticipate percentage rent to be less than 1% of rental
revenue in 2009.
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, 2008, our portfolio of 2,348 retail
properties was 97.0% leased with 70 properties available for lease, one of which
is a multi-tenant property.
As
of February 9, 2009, transactions to lease or sell 13 of the 70 properties
available for lease at December 31, 2008 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 3% 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.
Interest
Expense
Interest
expense was $94.0 million in 2008 versus $64.3 million in 2007 and $51.4 million
in 2006. Interest expense increased in 2008 primarily due to higher average
senior notes outstanding and, to a lesser extent, due to higher interest
rates. We issued $550 million of 12-year notes in September
2007, which contributed to the increase in average outstanding balances and
higher average interest rates on our debt.
In May
2008, as a result of entering into our new credit facility, we incurred
$3.2 million of credit facility origination costs which were capitalized to
other assets. Also, we expensed $235,000 of unamortized credit facility
origination costs from our prior credit facility, which are included in
amortization of credit facility origination costs in the table
below.
The
following is a summary of the components of our interest expense (dollars in
thousands):
|
2008
|
2007
|
2006
|
||||||||||
|
Interest
on our credit facility and notes
|
$ | 91,213 | $ | 67,964 | $ | 54,068 | ||||||
|
Interest
included in discontinued operations from real estate acquired for resale
by Crest
|
(1,797 | ) | (6,201 | ) | (3,708 | ) | ||||||
|
Amortization
of settlements on treasury lock agreement
|
759 | 870 | 717 | |||||||||
|
Credit
facility commitment fees
|
795 | 456 | 456 | |||||||||
|
Amortization
of credit facility origination costs and deferred bond financing
costs
|
3,078 | 2,235 | 2,014 | |||||||||
|
Interest
capitalized
|
(92 | ) | (993 | ) | (2,184 | ) | ||||||
|
Interest
expense
|
$ | 93,956 | $ | 64,331 | $ | 51,363 | ||||||
|
Credit
facility and notes outstanding
|
2008
|
2007
|
2006
|
|||||||||
|
Average
outstanding balances (dollars in thousands)
|
$ | 1,457,222 | $ | 1,111,914 | $ | 881,669 | ||||||
|
Average
interest rates
|
6.26 | % | 6.11 | % | 6.13 | % | ||||||
At February
9, 2009, the weighted average interest rate on our notes payable of $1.35
billion was 6.10% and the average interest rate on our credit line was
1.45%. There was no outstanding balance on our credit line
at February 9, 2009.
Interest
Coverage Ratio
Our
interest coverage ratio for 2008 was 3.2 times and for 2007 and 2006 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):
|
2008
|
2007
|
2006
|
||||||||||
|
Net
cash provided by operating activities
|
$ | 246,155 | $ | 318,169 | $ | 86,945 | ||||||
|
Interest
expense
|
93,956 | 64,331 | 51,363 | |||||||||
|
Interest
expense included in discontinued operations(1)
|
1,797 | 6,201 | 3,708 | |||||||||
|
Income
taxes
|
1,230 | 1,392 | 747 | |||||||||
|
Income
taxes included in discontinued operations(1)
|
225 | 3,039 | 494 | |||||||||
|
Investment
in real estate acquired for resale(1)
|
9 | 29,886 | 113,166 | |||||||||
|
Proceeds
from sales of real estate acquired for resale(1)
|
(31,455 | ) | (119,790 | ) | (22,405 | ) | ||||||
|
Collection
of a note receivable by Crest(1)
|
(87 | ) | (651 | ) | (1,333 | ) | ||||||
|
Crest
provisions for impairment(1)
|
(3,374 | ) | -- | (1,188 | ) | |||||||
|
Gain
on sales of real estate acquired for resale(1)
|
4,642 | 12,319 | 2,219 | |||||||||
|
Amortization
of share-based compensation
|
(5,049 | ) | (3,857 | ) | (2,951 | ) | ||||||
|
Changes
in assets and liabilities:
|
||||||||||||
|
Accounts
receivable and other assets
|
930 | 49 | (4,418 | ) | ||||||||
|
Accounts
payable, accrued expenses and other liabilities
|
(1,675 | ) | (21,675 | ) | (3,208 | ) | ||||||
|
Interest
coverage amount
|
$ | 307,304 | $ | 289,413 | $ | 223,139 | ||||||
|
Divided
by interest expense(2)
|
$ | 95,753 | $ | 70,532 | $ | 55,071 | ||||||
|
Interest
coverage ratio
|
3.2 | 4.1 | 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 2008 was 2.6 times, for 2007 was 3.1 times and
for 2006 was 3.4 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):
|
2008
|
2007
|
2006
|
||||||||||
|
Interest
coverage amount
|
$ | 307,304 | $ | 289,413 | $ | 223,139 | ||||||
|
Divided
by interest expense plus preferred stock dividends (1)
|
$ | 120,006 | $ | 94,785 | $ | 66,433 | ||||||
|
Fixed
charge coverage ratio
|
2.6 | 3.1 | 3.4 | |||||||||
|
|
(1)
Includes interest expense recorded to “income from discontinued
operations, real estate acquired for resale by Crest” on our consolidated
statements of income.
|
Depreciation
and Amortization
Depreciation
and amortization was $90.7 million in 2008 versus $76.7 million in 2007 and
$58.8 million in 2006. The increases in depreciation and amortization in
2008 and 2007 were due to the acquisition of properties in 2008, 2007 and 2006,
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 excluded
from our calculation of FFO.
General
and Administrative Expenses
General
and administrative expenses decreased by $1.1 million to $21.6 million in 2008
as compared to $22.7 million in 2007. General and administrative
expenses were $17.5 million in 2006. In 2008, general and
administrative expenses as a percentage of total revenue were 6.5% as compared
to 7.7% in 2007 and 7.4% in 2006. General and administrative expenses
decreased during 2008 primarily due to decreases in employee costs.
In
February 2009, we had 69 permanent employees as compared to 75 permanent
employees in February 2008.
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, 2008, 70
properties were available for lease, as compared to 48 at December 31, 2007 and
26 at December 31, 2006.
Property
expenses were $5.8 million in 2008, $3.5 million in 2007 and $3.3 million in
2006. The increase in property expenses in 2008 is primarily attributable to an
increase in property taxes, maintenance, utilities, legal fees and bad debt
expense associated with properties available for lease. In 2007,
property expenses included provisions for impairment of $138,000 recorded for
one property.
Income
Taxes
Income
taxes were $1.2 million in 2008 as compared to $1.4 million in 2007 and $747,000
in 2006. These amounts are for city and state income taxes paid by
Realty Income.
In
addition, Crest incurred state and federal income taxes of $225,000 in 2008 as
compared to $3.0 million in 2007 and $494,000 in 2006. These amounts
are included in “income from discontinued operations, real estate acquired for
resale by Crest” on our consolidated statements of income.
Loss
on Extinguishment of Debt
In
September 2006, we redeemed all of our outstanding $110 million, 7.75%,
unsecured notes due May 2007 (the “2007 Notes”). The 2007 Notes were
redeemed at a redemption price equal to 100% of the principal amount of the 2007
Notes, plus accrued and unpaid interest, as well as a make-whole payment of $1.6
million. The make-whole payment was recorded as a loss on
extinguishment of debt on our 2006 consolidated statement of
income. For 2006, the make-whole payment represented approximately
$0.017 per share.
Discontinued
Operations
Crest
acquires properties with the intention of reselling them rather than holding
them as investments and operating the properties. Consequently, we
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
|
2008
|
2007
|
2006
|
|||||||||
|
Gain
on sales of real estate acquired for resale
|
$ | 4,642 | $ | 12,319 | $ | 2,219 | ||||||
|
Rental
revenue
|
1,830 | 8,165 | 5,065 | |||||||||
|
Other
revenue
|
914 | 190 | 15 | |||||||||
|
Interest
expense
|
(1,797 | ) | (6,201 | ) | (3,708 | ) | ||||||
|
General
and administrative expense
|
(511 | ) | (691 | ) | (440 | ) | ||||||
|
Property
expenses
|
(133 | ) | (40 | ) | (67 | ) | ||||||
|
Provisions
for impairment
|
(3,374 | ) | -- | (1,188 | ) | |||||||
|
Depreciation
(1)
|
(771 | ) | -- | -- | ||||||||
|
Income
taxes
|
(225 | ) | (3,039 | ) | (494 | ) | ||||||
|
Income
from discontinued operations, real
estate acquired for resale by Crest
|
$ | 575 | $ | 10,703 | $ | 1,402 | ||||||
|
Per
common share, basic and diluted
|
$ | 0.01 | $ | 0.11 | $ | 0.02 | ||||||
(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 two investment properties classified as held for sale
at December 31, 2008, plus properties sold in 2008, 2007 and 2006 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
|
2008
|
2007
|
2006
|
|||||||||
|
Gain
on sales of investment properties
|
$ | 13,314 | $ | 1,724 | $ | 3,036 | ||||||
|
Rental
revenue
|
1,461 | 3,075 | 3,177 | |||||||||
|
Other
revenue
|
40 | 4 | 34 | |||||||||
|
Depreciation
and amortization
|
(302 | ) | (636 | ) | (825 | ) | ||||||
|
Property
expenses
|
(93 | ) | (70 | ) | (156 | ) | ||||||
|
Provisions
for impairment
|
-- | (134 | ) | (16 | ) | |||||||
|
Income
from discontinued operations, real
estate held for investment
|
$ | 14,420 | $ | 3,963 | $ | 5,250 | ||||||
|
Per
common share, basic and diluted
|
$ | 0.14 | $ | 0.04 | $ | 0.06 |
The
following is a summary of our total income from discontinued operations (dollars
in thousands, except per share data):
|
2008
|
2007
|
2006
|
||||||||||
|
Real
estate acquired for resale by Crest
|
$ | 575 | $ | 10,703 | $ | 1,402 | ||||||
|
Real
estate held for investment
|
14,420 | 3,963 | 5,250 | |||||||||
|
Income
from discontinued operations
|
$ | 14,995 | $ | 14,666 | $ | 6,652 | ||||||
|
Per
common share, basic and diluted
|
$ | 0.15 | $ | 0.15 | $ | 0.07 | ||||||
The
above per share amounts have each been calculated independently.
Crest’s
Property Sales
In
2008, Crest sold 25 properties for $50.7 million, which resulted in a gain of
$4.6 million. As part of two sales during 2008, Crest provided
partial financing to the buyers 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 partial
financing to the buyer of $3.8 million, of which $619,000 was paid in full in
November 2007. In 2006, Crest sold 13 properties for $22.4 million,
which resulted in a gain of $2.2 million. In 2005, as part of one
sale, Crest provided partial buyer financing of $1.3 million, which was paid in
full in February 2006. Crest’s gains on sales are reported before
income taxes and are included in discontinued operations.
Crest’s
Property Inventory
At
December 31, 2008, Crest had an inventory of five properties with a carrying
value of $6.0 million, all of which are classified as held for sale. At
December 31, 2007, Crest had a property inventory of 30 properties with a
carrying value of $56.2 million.
Gain
on Sales of Investment Properties by Realty Income
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 statements of income 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. In addition, 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
from the land and improvements sales is reported in “other revenue” on our
consolidated statements of income because these improvements and excess land
were associated with properties that continue to be owned as part of our core
operations.
In
2006, we sold or exchanged 13 investment properties for $10.7 million, which
resulted in a gain of $3.0 million, which is included in discontinued
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 or extend our average
remaining lease term. At December 31, 2008, we classified real estate with a
carrying amount of $6.7 million as held for sale on our balance sheet, which
includes five properties owned by Crest, with a carrying value of $6.0
million. Additionally, we anticipate selling investment properties
from our portfolio that we 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. However, we cannot guarantee that we will sell properties
during the next 12 months.
Provisions
for Impairment on Real Estate Acquired for Resale by Crest
In
2008, provisions for impairment of $3.4 million were recorded by Crest on three
properties held for sale. In February 2008, Buffets Holdings elected
to reject the leases for two of these three properties. No provisions
for impairment were recorded by Crest in 2007. In 2006, provisions
for impairment of $1.2 million were recorded by Crest on three
properties. One of the three properties was sold in 2007 and the
other two properties were sold in 2008. The above provisions for
impairment reduced the carrying costs to the estimated fair-market value of
those properties, net of estimated selling costs, and are included in “income
from discontinued operations, real estate acquired for resale by
Crest.”
Provisions
for Impairment on Realty Income Investment Properties
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 statements of income, as the property was
subsequently sold. Additionally, we recorded a provision for
impairment of $138,000 on another property in 2007, which is included in
property expense on our consolidated statements of income. In 2006,
we recorded a provision for impairment of $16,000 on one property, which is
included in “income from discontinued operations, real estate held for
investment.”
Preferred
Stock Dividends
Preferred
stock cash dividends totaled $24.3 million in 2008 and 2007 as compared to
$11.4 million in 2006.
Net
Income Available to Common Stockholders
Net
income available to common stockholders was $107.6 million in 2008, a decrease
of $8.6 million as compared to $116.2 million in 2007. Net income available
to common stockholders in 2006 was $99.4 million.
The
calculation to determine net income available to common stockholders includes
gains from the sales 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.
During
2008, the gain recognized from the sales of investment properties and from the
additional proceeds received from a sale of excess land was $13.6 million, as
compared to gains recognized from the sales of investment properties of
$3.6 million during 2007 and $3.0 million during 2006. Crest’s
gain recognized from the sale of properties during 2008 was $4.6 million as
compared to $12.3 million during 2007 and $2.2 million during 2006.
FFO for
2008 decreased by $4.2 million, or 2.2%, to $185.5 million as compared to
$189.7 million in 2007 and $155.8 million in 2006. 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 shares used for the basic and diluted computation per share (dollars
in thousands, except per share amounts):
|
2008
|
2007
|
2006
|
||||||||||
|
Net
income available to common stockholders
|
$ | 107,588 | $ | 116,156 | $ | 99,419 | ||||||
|
Depreciation
and amortization:
|
||||||||||||
|
Continuing
operations
|
90,732 | 76,686 | 58,783 | |||||||||
|
Discontinued
operations
|
1,073 | 636 | 825 | |||||||||
|
Depreciation
of furniture, fixtures and equipment
|
(319 | ) | (244 | ) | (192 | ) | ||||||
|
Gain
on sales of land and investment properties:
|
||||||||||||
|
Continuing
operations
|
(236 | ) | (1,835 | ) | -- | |||||||
|
Discontinued
operations
|
(13,314 | ) | (1,724 | ) | (3,036 | ) | ||||||
|
FFO
available to common stockholders
|
$ | 185,524 | $ | 189,675 | $ | 155,799 | ||||||
|
FFO
per common share:
|
||||||||||||
|
Basic
|
$ | 1.83 | $ | 1.89 | $ | 1.74 | ||||||
|
Diluted
|
$ | 1.83 | $ | 1.89 | $ | 1.73 | ||||||
|
Distributions
paid to common stockholders
|
$ | 169,655 | $ | 157,659 | $ | 129,667 | ||||||
|
FFO
in excess of distributions paid to common stockholders
|
$ | 15,869 | $ | 32,016 | $ | 26,132 | ||||||
|
Weighted
average number of common shares used for computation per
share:
|
||||||||||||
|
Basic
|
101,178,191 | 100,195,031 | 89,766,714 | |||||||||
|
Diluted
|
101,209,883 | 100,333,966 | 89,917,554 | |||||||||
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 excludes 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)
|
2008
|
2007
|
2006
|
|||||||||
|
Amortization
of settlements on treasury lock agreements(1)
|
$ | 759 | $ | 870 | $ | 717 | ||||||
|
Amortization
of deferred note financing costs(2)
|
1,748 | 1,494 | 1,287 | |||||||||
|
Amortization
of share-based compensation
|
5,049 | 3,857 | 2,951 | |||||||||
|
Capitalized
leasing costs and commissions
|
(956 | ) | (614 | ) | (761 | ) | ||||||
|
Capitalized
building improvements
|
(1,498 | ) | (1,258 | ) | (203 | ) | ||||||
|
Straight-line
rent revenue(3)
|
(1,997 | ) | (1,217 | ) | (1,515 | ) | ||||||
|
Provisions
for impairment
|
-- | 272 | 16 | |||||||||
|
Crest
provisions for impairment
|
3,374 | -- | 1,188 | |||||||||
|
Gain
on reinstatement of property carrying value
|
-- | -- | (716 | ) | ||||||||
|
(1)
|
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.
|
|
(2)
|
Amortization
of deferred note financing costs includes the amortization of costs
incurred and capitalized when our notes were issued in May 1997, 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.
|
|
(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.
Approximately
96.6% or 2,268 of our 2,348 retail properties in the portfolio 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 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, primarily at fixed rates, and may selectively enter into
derivative financial instruments, such as interest rate lock agreements,
interest rate swaps and caps in order to mitigate our interest rate risk on a
related financial instrument. We were not a party to any derivative financial
instruments at December 31, 2008. We do not enter into any derivative
transactions for speculative or trading purposes.
Our
interest rate risk is monitored using a variety of techniques. The following
table presents by year of expected maturity, the principal amounts, average
interest rates and fair values as of December 31, 2008. 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
|
||||||||||||
|
2009(1)
|
$ | 20.0 | 8.000 | % | $ | -- | -- | % | ||||||||
|
2010
|
-- | -- | -- | -- | ||||||||||||
|
2011(2)
|
-- | -- | -- | -- | ||||||||||||
|
2012
|
-- | -- | -- | -- | ||||||||||||
|
2013(3)
|
100.0 | 5.375 | -- | -- | ||||||||||||
|
Thereafter(4)
|
1,250.0 | 6.162 | -- | -- | ||||||||||||
|
Totals
|
$ | 1,370.0 | 6.131 | % | $ | -- | -- | % | ||||||||
|
Fair
Value(5)
|
$ | 949.4 | $ | -- | ||||||||||||
(1) $20
million matured and was retired in January 2009.
|
(2)
|
The
credit facility expires in May 2011. There was no outstanding
credit facility balance as of February 9,
2009.
|
|
(3)
|
$100
million matures in March
2013.
|
|
(4)
|
$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.
|
|
(5)
|
We
base the fair value of the fixed rate debt at December 31, 2008 on the
closing market price or indicative price per each
note.
|
The
table incorporates only those exposures that exist as of December 31, 2008. 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. At December 31, 2008, our credit
facility balance was zero; however, we intend to borrow funds on our credit
facility in the future. Based on a hypothetical credit facility
borrowing of $50 million, a 1% change in interest rates would change our
interest costs by $500,000 per year.
Table
of Contents
|
|
A.
|
Report
of Independent Registered Public Accounting
Firm
|
|
|
B.
|
Consolidated
Balance Sheets,
|
|
|
December
31, 2008 and 2007
|
|
|
C.
|
Consolidated
Statements of Income,
|
|
|
Years
ended December 31, 2008, 2007 and
2006
|
|
|
D.
|
Consolidated
Statements of Stockholders’ Equity,
|
|
|
Years
ended December 31, 2008, 2007 and
2006
|
|
|
E.
|
Consolidated
Statements of Cash Flows,
|
|
|
Years
ended December 31, 2008, 2007 and
2006
|
|
|
F.
|
Notes
to Consolidated Financial
Statements
|
|
|
G.
|
Consolidated
Quarterly Financial Data
|
|
|
(unaudited)
for 2008 and 2007
|
|
|
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, 2008 and 2007, 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, 2008. In connection
with our audits of the consolidated financial statements, we have
also audited the financial statement schedule III of the Company.
We have also audited Realty Income Corporation’s internal control over
financial reporting as of December 31, 2008, 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 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, 2008 and 2007, and the results of their
operations and their cash flows for each of the years in the three-year period
ended December 31, 2008, 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, 2008, 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, 2009
|
REALTY
INCOME CORPORATION AND SUBSIDIARIES
Consolidated
Balance Sheets
|
December
31, 2008 and 2007
(dollars
in thousands, except per share data)
|
2008
|
2007
|
|||||||
|
ASSETS
|
||||||||
|
Real
estate, at cost:
|
||||||||
|
Land
|
$ | 1,157,885 | $ | 1,110,897 | ||||
|
Buildings
and improvements
|
2,251,025 | 2,127,897 | ||||||
| 3,408,910 | 3,238,794 | |||||||
|
Less
accumulated depreciation and amortization
|
(553,417 | ) | (470,695 | ) | ||||
|
Net
real estate held for investment
|
2,855,493 | 2,768,099 | ||||||
|
Real
estate held for sale, net
|
6,660 | 56,156 | ||||||
|
Net
real estate
|
2,862,153 | 2,824,255 | ||||||
|
Cash
and cash equivalents
|
46,815 | 193,101 | ||||||
|
Accounts
receivable
|
10,624 | 7,142 | ||||||
|
Goodwill
|
17,206 | 17,206 | ||||||
|
Other
assets, net
|
57,381 | 35,648 | ||||||
|
Total
assets
|
$ | 2,994,179 | $ | 3,077,352 | ||||
|
LIABILITIES
AND STOCKHOLDERS’ EQUITY
|
||||||||
|
Distributions
payable
|
$ | 16,793 | $ | 15,844 | ||||
|
Accounts
payable and accrued expenses
|
38,027 | 38,112 | ||||||
|
Other
liabilities
|
14,698 | 15,304 | ||||||
|
Lines
of credit payable
|
-- | -- | ||||||
|
Notes
payable
|
1,370,000 | 1,470,000 | ||||||
|
Total
liabilities
|
1,439,518 | 1,539,260 | ||||||
|
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 2008 and 2007
|
337,790 | 337,790 | ||||||
|
Common
stock and paid in capital, par value $1.00 per share,
|
||||||||
|
200,000,000
shares authorized, 104,211,541 and 101,082,717
|
||||||||
|
shares
issued and outstanding in 2008 and 2007, respectively
|
1,624,622 | 1,545,037 | ||||||
|
Distributions
in excess of net income
|
(407,751 | ) | (344,735 | ) | ||||
|
Total
stockholders’ equity
|
1,554,661 | 1,538,092 | ||||||
|
Total
liabilities and stockholders’ equity
|
$ | 2,994,179 | $ | 3,077,352 | ||||
|
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, 2008, 2007 and 2006
(dollars
in thousands, except per share data)
|
2008
|
2007
|
2006
|
||||||||||
|
REVENUE
|
||||||||||||
|
Rental
|
$ | 328,266 | $ | 287,965 | $ | 235,374 | ||||||
|
Other
|
1,934 | 6,352 | 2,042 | |||||||||
| 330,200 | 294,317 | 237,416 | ||||||||||
|
EXPENSES
|
||||||||||||
|
Interest
|
93,956 | 64,331 | 51,363 | |||||||||
|
Depreciation
and amortization
|
90,732 | 76,686 | 58,783 | |||||||||
|
General
and administrative
|
21,618 | 22,694 | 17,539 | |||||||||
|
Property
|
5,818 | 3,471 | 3,300 | |||||||||
|
Income
taxes
|
1,230 | 1,392 | 747 | |||||||||
|
Loss
on extinguishment of debt
|
-- | -- | 1,555 | |||||||||
| 213,354 | 168,574 | 133,287 | ||||||||||
|
Income
from continuing operations
|
116,846 | 125,743 | 104,129 | |||||||||
|
Income
from discontinued operations:
|
||||||||||||
|
Real
estate acquired for resale by Crest
|
575 | 10,703 | 1,402 | |||||||||
|
Real
estate held for investment
|
14,420 | 3,963 | 5,250 | |||||||||
| 14,995 | 14,666 | 6,652 | ||||||||||
|
Net
income
|
131,841 | 140,409 | 110,781 | |||||||||
|
Preferred
stock cash dividends
|
(24,253 | ) | (24,253 | ) | (11,362 | ) | ||||||
|
Net
income available to common stockholders
|
$ | 107,588 | $ | 116,156 | $ | 99,419 | ||||||
|
Amounts
available to common stockholders per common share:
|
||||||||||||
|
Income
from continuing operations:
|
||||||||||||
|
Basic
|
$ | 0.92 | $ | 1.01 | $ | 1.03 | ||||||
|
Diluted
|
$ | 0.91 | $ | 1.01 | $ | 1.03 | ||||||
|
Net
income, basic and diluted
|
$ | 1.06 | $ | 1.16 | $ | 1.11 | ||||||
|
Weighted
average common shares outstanding:
|
||||||||||||
|
Basic
|
101,178,191 | 100,195,031 | 89,766,714 | |||||||||
|
Diluted
|
101,209,883 | 100,333,966 | 89,917,554 | |||||||||
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, 2008, 2007 and 2006
(dollars
in thousands)
|
Shares
of
preferred
stock
|
Shares
of
common
stock
|
Preferred
stock and
paid
in
capital
|
Common
stock
and
paid
in
capital
|
Distributions
in excess of
net
income
|
Total
|
|||||||||||||||||||
|
Balance,
December 31, 2005
|
5,100,000 | 83,696,647 | $ | 123,804 | $ | 1,134,300 | $ | (268,890 | ) | $ | 989,214 | |||||||||||||
|
Net
income
|
-- | -- | -- | -- | 110,781 | 110,781 | ||||||||||||||||||
|
Distributions
paid and payable
|
-- | -- | -- | -- | (144,045 | ) | (144,045 | ) | ||||||||||||||||
|
Shares
issued in stock offerings, net of
offering
costs of $20,911
|
-- | 16,815,000 | -- | 402,745 | -- | 402,745 | ||||||||||||||||||
|
Shares
issued in stock offering, net of offering costs of $6,023
|
8,800,000 | -- | 213,977 | -- | -- | 213,977 | ||||||||||||||||||
|
Share-based
compensation
|
-- | 234,579 | -- | 3,320 | -- | 3,320 | ||||||||||||||||||
|
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 | |||||||||||||
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, 2008, 2007 and 2006
(dollars
in thousands)
|
2008
|
2007
|
2006
|
||||||||||
|
CASH
FLOWS FROM OPERATING ACTIVITIES
|
||||||||||||
|
Net
income
|
$ | 131,841 | $ | 140,409 | $ | 110,781 | ||||||
|
Adjustments
to net income:
|
||||||||||||
|
Depreciation
and amortization
|
90,732 | 76,686 | 58,783 | |||||||||
|
Income
from discontinued operations:
|
||||||||||||
|
Real
estate acquired for resale
|
(575 | ) | (10,703 | ) | (1,402 | ) | ||||||
|
Real
estate held for investment
|
(14,420 | ) | (3,963 | ) | (5,250 | ) | ||||||
|
Gain
on sales of land and improvements
|
(236 | ) | (1,835 | ) | -- | |||||||
|
Gain
on reinstatement of property carrying value
|
-- | -- | (716 | ) | ||||||||
|
Amortization
of share-based compensation
|
5,049 | 3,857 | 2,951 | |||||||||
|
Provisions
for impairment on real estate held
|
||||||||||||
|
for
investment
|
-- | 138 | -- | |||||||||
|
Cash
provided by (used in) discontinued operations:
|
||||||||||||
|
Real
estate acquired for resale
|
78 | (1,610 | ) | 371 | ||||||||
|
Real
estate held for investment
|
1,408 | 3,009 | 3,055 | |||||||||
|
Investment
in real estate acquired for resale
|
(9 | ) | (29,886 | ) | (113,166 | ) | ||||||
|
Proceeds
from sales of real estate acquired for resale
|
31,455 | 119,790 | 22,405 | |||||||||
|
Collection
of notes receivable by Crest
|
87 | 651 | 1,333 | |||||||||
|
Change
in assets and liabilities:
|
||||||||||||
|
Accounts
receivable and other assets
|
(930 | ) | (49 | ) | 4,418 | |||||||
|
Accounts
payable, accrued expenses and
|
||||||||||||
|
other
liabilities
|
1,675 | 21,675 | 3,382 | |||||||||
|
Net
cash provided by operating activities
|
246,155 | 318,169 | 86,945 | |||||||||
|
CASH
FLOWS FROM INVESTING ACTIVITIES
|
||||||||||||
|
Proceeds
from sales of investment properties:
|
||||||||||||
|
Continuing
operations
|
439 | 4,370 | 2 | |||||||||
|
Discontinued
operations
|
24,191 | 7,014 | 9,804 | |||||||||
|
Acquisition
of and improvements to investment properties
|
(194,106 | ) | (506,360 | ) | (654,149 | ) | ||||||
|
Intangibles
acquired in connection with acquisitions of
|
||||||||||||
|
investment
properties
|
(397 | ) | (997 | ) | (937 | ) | ||||||
|
Restricted
escrow funds acquired in connection with
|
||||||||||||
|
acquisitions
of investment properties
|
-- | (2,648 | ) | -- | ||||||||
|
Net
cash used in investing activities
|
(169,873 | ) | (498,621 | ) | (645,280 | ) | ||||||
|
REALTY
INCOME CORPORATION AND SUBSIDIARIES
Consolidated
Statements Of Cash Flows
(Continued)
|
Years
Ended December 31, 2008, 2007 and 2006
(dollars
in thousands)
|
2008
|
2007
|
2006
|
||||||||||
|
CASH
FLOWS FROM FINANCING ACTIVITIES
|
||||||||||||
|
Cash
distributions to common stockholders
|
(169,655 | ) | (157,659 | ) | (129,667 | ) | ||||||
|
Cash
dividends to preferred stockholders
|
(24,253 | ) | (24,583 | ) | (9,403 | ) | ||||||
|
Proceeds
from common stock offerings, net
|
74,425 | -- | 402,745 | |||||||||
|
Credit
facility origination costs
|
(3,196 | ) | -- | -- | ||||||||
|
Principal
payment on notes payable
|
(100,000 | ) | -- | (110,000 | ) | |||||||
|
Proceeds
from notes issued, net
|
-- | 544,397 | 271,883 | |||||||||
|
Borrowings
from lines of credit
|
-- | 407,800 | 523,200 | |||||||||
|
Payments
under lines of credit
|
-- | (407,800 | ) | (659,900 | ) | |||||||
|
Proceeds
from preferred stock offerings, net
|
-- | 9 | 213,977 | |||||||||
|
Proceeds
from other stock issuances
|
111 | 816 | 369 | |||||||||
|
Net
cash provided by (used in) financing activities
|
(222,568 | ) | 362,980 | 503,204 | ||||||||
|
Net
increase (decrease) in cash and cash equivalents
|
(146,286 | ) | 182,528 | (55,131 | ) | |||||||
|
Cash
and cash equivalents, beginning of year
|
193,101 | 10,573 | 65,704 | |||||||||
|
Cash
and cash equivalents, end of year
|
$ | 46,815 | $ | 193,101 | $ | 10,573 | ||||||
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, 2008, 2007 and 2006
1. Organization
and Operation
Realty
Income Corporation (“Realty Income,” the “Company,” “we” or “our”) 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, 2008, we owned 2,348 properties, located in 49 states, containing
over 19.1 million leasable square feet, along with five 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 “Tax 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
Federal Income
Taxes. We have elected to be taxed as a real estate investment
trust (“REIT”) under the Tax 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 federal income taxes of Crest, which totaled
$181,000 in 2008, $2.5 million in 2007 and $396,000 in 2006 and 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):
|
2008(1)
|
2007
|
2006
|
||||||||||
|
Net
income available to common stockholders
|
$ | 107,588 | $ | 116,156 | $ | 99,419 | ||||||
|
Preferred
dividends
|
24,253 | 24,583 | 11,362 | |||||||||
|
Depreciation
and amortization timing differences
|
28,624 | 22,668 | 16,612 | |||||||||
|
Tax
gain on the sales of real estate less than book gain
|
(3,925 | ) | -- | -- | ||||||||
|
Tax
loss on the sale of real estate less than book gain
|
-- | (3,839 | ) | (3,529 | ) | |||||||
|
Dividends
received from Crest
|
2,500 | 3,300 | 500 | |||||||||
|
Elimination
of net revenue and expenses from Crest
|
270 | (6,677 | ) | 2,440 | ||||||||
|
Adjustment
for share-based compensation
|
2,270 | 314 | (63 | ) | ||||||||
|
Adjustment
for straight-line rent
|
(1,997 | ) | (1,217 | ) | (1,515 | ) | ||||||
|
Adjustment
for an increase (decrease) in prepaid rent
|
(1,226 | ) | 5,608 | (1,681 | ) | |||||||
|
Other
adjustments
|
(358 | ) | (453 | ) | (718 | ) | ||||||
|
Taxable
net income, before our dividends paid deduction
|
$ | 157,999 | $ | 160,443 | $ | 122,827 | ||||||
(1)
The 2008 information presented is a reconciliation of our net income available
to common stockholders to estimated taxable net income.
In June
2006, the Financial Accounting Standards Board (“FASB”) issued Interpretation
No. 48, Accounting for
Uncertainty in Income Taxes, an interpretation of FASB Statement No.
109. Interpretation No. 48 applies to all tax positions
accounted for under Statement No. 109 and clarifies the accounting for
uncertainty in income taxes by defining criteria that a tax position on an
individual matter must meet before that position is recognized in the financial
statements. We were subject to the provisions of Interpretation No.
48 since January 2007 and from that time we have analyzed our various federal
and state filing positions. 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 pursuant to Interpretation No. 48 and we did not
record a cumulative effect adjustment related to its adoption.
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, 2008, we have built-in gains of $59 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:
|
2008
|
2007
|
2006
|
||||||||||
|
Weighted
average shares used for the basic net income per share
computation
|
101,178,191 | 100,195,031 | 89,766,714 | |||||||||
|
Incremental
shares from share-based compensation
|
31,692 | 138,935 | 150,840 | |||||||||
|
Adjusted
weighted average shares used for diluted net income per share
computation
|
101,209,883 | 100,333,966 | 89,917,554 | |||||||||
|
Unvested
shares from share-based compensation that were
anti-dilutive
|
614,917 | 243,631 | 235,035 | |||||||||
No
stock options were anti-dilutive in 2008, 2007 or 2006.
Discontinued
Operations. In accordance with FASB Statement No. 144,
Accounting for the Impairment
or Disposal of Long-Lived Assets, Realty Income’s operations from two
investment properties classified as held for sale at December 31, 2008, plus
properties sold in 2008, 2007 and 2006, are reported as discontinued
operations. Their respective results of operations have been
reclassified to “income from discontinued operations, real estate held for
investment” on our consolidated statements of income. We do not
depreciate properties once they 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. In accordance with Statement
No. 144, 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, 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):
|
Crest’s
income from discontinued operations, real
estate acquired for resale
|
2008
|
2007
|
2006
|
|||||||||
|
Gain
on sales of real estate acquired for resale
|
$ | 4,642 | $ | 12,319 | $ | 2,219 | ||||||
|
Rental
revenue
|
1,830 | 8,165 | 5,065 | |||||||||
|
Other
revenue
|
914 | 190 | 15 | |||||||||
|
Interest
expense
|
(1,797 | ) | (6,201 | ) | (3,708 | ) | ||||||
|
General
and administrative expense
|
(511 | ) | (691 | ) | (440 | ) | ||||||
|
Property
expenses
|
(133 | ) | (40 | ) | (67 | ) | ||||||
|
Provisions
for impairment
|
(3,374 | ) | -- | (1,188 | ) | |||||||
|
Depreciation
(1)
|
(771 | ) | -- | -- | ||||||||
|
Income
taxes
|
(225 | ) | (3,039 | ) | (494 | ) | ||||||
|
Income
from discontinued operations, real
estate acquired for resale by Crest
|
$ | 575 | $ | 10,703 | $ | 1,402 | ||||||
|
(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
|
2008
|
2007
|
2006
|
|||||||||
|
Gain
on sales of investment properties
|
$ | 13,314 | $ | 1,724 | $ | 3,036 | ||||||
|
Rental
revenue
|
1,461 | 3,075 | 3,177 | |||||||||
|
Other
revenue
|
40 | 4 | 34 | |||||||||
|
Depreciation
and amortization
|
(302 | ) | (636 | ) | (825 | ) | ||||||
|
Property
expenses
|
(93 | ) | (70 | ) | (156 | ) | ||||||
|
Provisions
for impairment
|
-- | (134 | ) | (16 | ) | |||||||
|
Income
from discontinued operations, real
estate held for investment
|
$ | 14,420 | $ | 3,963 | $ | 5,250 | ||||||
The
following is a summary of our total income from discontinued operations (dollars
in thousands, except per share data):
|
Total
discontinued operations
|
2008
|
2007
|
2006
|
|||||||||
|
Real
estate acquired for resale by Crest
|
$ | 575 | $ | 10,703 | $ | 1,402 | ||||||
|
Real
estate held for investment
|
14,420 | 3,963 | 5,250 | |||||||||
|
Income
from discontinued operations
|
$ | 14,995 | $ | 14,666 | $ | 6,652 | ||||||
|
Per
common share, basic and diluted
|
$ | 0.15 | $ | 0.15 | $ | 0.07 | ||||||
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 rent, when determining
collectibility of accounts receivable and appropriate allowances to
record. The allowance for doubtful accounts was $637,000 at December
31, 2008 and $795,000 at December 31, 2007.
Other
revenue includes non-operating interest earned from investments in money market
funds and other notes of $1.4 million in 2008, $3.6 million in 2007 and $1.2
million in 2006.
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 and Crest’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. We recognize gains on sales of properties in
accordance with FASB Statement No. 66, Accounting for Sales of Real
Estate.
Allocation of the Purchase Price of
Real Estate Acquisitions. When we acquire a property for
investment purposes, we allocate the purchase price to the various components of
the acquisition based upon the fair value of each component. The components
typically include (i) land, (ii) building and improvements, (iii) intangible
assets related to above and below market leases, and (iv) value of costs to
obtain tenants.
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 operating
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 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. Impairment loss is measured as the amount by which the
current book value of the asset exceeds the fair value of the asset. If a
property is held for sale, it is carried at the lower of cost or estimated fair
value, less estimated cost to sell. In 2008, Crest recorded 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 statements of income.
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 (“Discontinued
Operations”). 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. No provisions for
impairment were recorded by Crest in 2007.
In
2006, we recorded a provision for impairment of $16,000 on one retail investment
property in the restaurant industry. This provision for impairment is
included in Discontinued Operations. Additionally, in 2006, Crest
recorded provisions for impairment of $1.2 million on three retail
properties. One was sold in 2007 and two were sold in
2008. The provisions for impairment recorded by Crest are included in
“income from discontinued operations, real estate acquired for resale by Crest”
on our consolidated statements of income.
The
provisions for impairment recorded in 2008, 2007 and 2006 reduced the carrying
values to the estimated fair-market value of those properties, net of estimated
selling costs.
Acquired In-place
Leases. In accordance with FASB Statement No. 141,
Business Combinations,
the fair value of the real estate acquired with in-place operating leases is
allocated to the acquired tangible assets, consisting of land, building and
improvements, and identified intangible assets and liabilities, consisting of
the value of above-market and below-market leases, the value of in-place leases
and tenant relationships, based in each case on their fair values.
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.
Share-based
Compensation. Effective
January 1, 2006, we adopted FASB Statement No. 123R, Share-Based
Payments. Statement No. 123R requires companies to
recognize in the income statement the grant-date fair value of stock options and
other equity-based compensation issued to employees. Effective
January 1, 2002, we adopted the fair value recognition provisions of FASB
Statement No. 123, Accounting for Stock-Based
Compensation, and starting January 1, 2002 expensed costs for all stock
option awards granted, modified, or settled.
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 2008, 2007 or 2006.
Other Assets. Other
assets consist of the following (dollars in thousands) at:
|
December
31,
|
2008
|
2007
|
||||||
|
Notes
receivable issued in conjunction with Crest property sales
|
$ | 22,344 | $ | 3,132 | ||||
|
Deferred
bond financing costs, net
|
13,249 | 14,940 | ||||||
|
Value
of in-place and above-market leases, net
|
10,534 | 11,211 | ||||||
|
Prepaid
expenses
|
4,244 | 3,803 | ||||||
|
Escrow
deposits for Section 1031 tax-deferred exchanges
|
3,174 | -- | ||||||
|
Credit
facility organization costs, net
|
2,552 | 434 | ||||||
|
Corporate
assets, net of accumulated depreciation and amortization
|
1,277 | 1,356 | ||||||
|
Settlements
on treasury lock agreements
|
-- | 759 | ||||||
|
Other
items
|
7 | 13 | ||||||
| $ | 57,381 | $ | 35,648 | |||||
Distributions
Payable. Distributions payable consist of the following
declared distributions (dollars in thousands) at:
|
December
31,
|
2008
|
2007
|
||||||
|
Common
stock distributions
|
$ | 14,772 | $ | 13,823 | ||||
|
Preferred
stock dividends
|
2,021 | 2,021 | ||||||
| $ | 16,793 | $ | 15,844 | |||||
Accounts Payable and Accrued
Expenses. Accounts payable and accrued expenses consist of the
following (dollars in thousands) at:
|
December
31,
|
2008
|
2007
|
||||||
|
Bond
interest payable
|
$ | 26,706 | $ | 24,987 | ||||
|
Other
items
|
11,321 | 13,125 | ||||||
| $ | 38,027 | $ | 38,112 | |||||
Other
Liabilities. Other liabilities consist of the following
(dollars in thousands) at:
|
December
31,
|
2008
|
2007
|
||||||
|
Rent
received in advance
|
$ | 9,083 | $ | 10,626 | ||||
|
Security
deposits
|
3,937 | 2,818 | ||||||
|
Value
of in-place below-market leases, net
|
1,678 | 1,860 | ||||||
| $ | 14,698 | $ | 15,304 | |||||
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, 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 September 2006, the FASB issued Statement
No. 157, Fair Value
Measurements. Statement No. 157 sets out a framework for
measuring fair value, and requires additional disclosures about fair-value
measurements. Statement No. 157 became effective for us at the
beginning of 2008 and did not have an impact on our financial position or
results of operations. In February 2008, the FASB delayed the
effective date of Statement No. 157 for non-financial assets and non-financial
liabilities, except for items that are recognized or disclosed at fair value in
the financial statements on a recurring basis, to the beginning of
2009. For additional discussion of Statement No. 157, see note
12.
In
February 2007, the FASB issued Statement No. 159, The Fair Value option for Financial
Assets and Financial Liabilities-including an Amendment of FASB Statement No.
115. Statement No. 159 permits entities to choose to measure
many financial instruments and certain other items at fair value. We
have elected not to use the fair value measurement provisions of Statement No.
159.
In
December 2007, the FASB issued Statement No. 141R (revised 2007), Business
Combinations. Effective January 1, 2009, Statement No. 141R
changes the accounting treatment and disclosures for certain specific items in a
business combination. Under Statement No. 141R, a company that
acquires another entity is required to recognize all the assets acquired and
liabilities assumed at the acquisition-date fair value with limited
exceptions. Statement 141R requires transaction costs to be expensed
as incurred, rather than capitalized. Statement No. 141R is not
expected to have a significant impact on our financial position or results of
operations.
In
December 2007, the FASB issued Statement No. 160, Noncontrolling Interest in
Consolidated Financial Statements. Effective January 1, 2009,
Statement No. 160 clarifies that a noncontrolling interest in a subsidiary is an
ownership interest in the consolidated entity that should be reported as equity
in the consolidated financial statements. This statement also
requires consolidated net income to be reported at amounts that include the
amounts attributable to both the parent and the noncontrolling interest and
requires disclosure, on the face of the consolidated statement of income, of the
amounts of the consolidated net income attributable to the parent and to the
noncontrolling interest. We currently do not have any minority or
noncontrolling interest in a subsidiary, and, therefore, Statement No. 160 will
not have an impact on our consolidated financial statements.
In June
2008, the FASB issued FASB Staff Position (“FSP”) EITF No. 03-6-1, Determining Whether Instruments
Granted in Share-Based Payment Transactions Are Participating
Securities. Effective January 1, 2009, FSP EITF No. 03-6-1
clarifies that all outstanding nonvested share-based payment awards that contain
rights to nonforfeitable dividends are considered “participating securities,” as
defined by FSP EITF No. 03-6-1, which requires the two-class method of computing
basic and diluted earnings per share to be applied. FSP
EITF
No.
03-6-1 is not expected to have a significant impact on our calculation of basic
and diluted earnings per share.
Reclassifications. Certain
of the 2007 and 2006 balances have been reclassified to conform to the 2008
presentation.
3. Retail
Properties Acquired
We
acquire land, buildings and improvements that are used by retail
operators.
A. 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. The initial weighted average contractual lease rate is
computed by dividing the estimated aggregate base rent for the first year of
each lease by the estimated total cost of the properties.
In
comparison, during 2007, Realty Income and Crest invested $533.7 million,
in aggregate, in 357 new retail properties and properties under development.
These 357 retail properties are located in 38 states, contain over 1.9 million
leasable square feet, and are 100% leased with an average lease term of 19.3
years.
Of the
$533.7 million invested during 2007, Realty Income invested $503.8 million in
325 new retail properties and properties under development with an initial
weighted average contractual lease rate of 8.6%. These 325 properties
are located in 38 states, contain over 1.8 million leasable square feet, and are
100% leased with an average lease term of 19.2 years.
B. During
2008, Crest did not invest in any new retail properties. In
comparison, during 2007, Crest invested $29.9 million in 32 retail
properties.
C. Crest’s
property inventory at December 31, 2008 consisted of five properties for
$6.0 million and at December 31, 2007 consisted of 30 properties for
$56.2 million. These amounts are included on our consolidated
balance sheets in “real estate held for sale, net.”
D. Of
the $189.6 million invested by Realty Income in 2008, $10.0 million was used to
acquire two retail properties with existing leases. In accordance
with FASB Statement No. 141, Business Combinations, Realty
Income recorded $397,000 as the intangible value of the in-place
leases. This amount is recorded to “other assets” on our consolidated
balance sheets and amortized over the life of the respective
leases.
Of the
$533.7 million invested in 2007, $14.7 million was used to acquire
five properties with existing leases already in-place with retail
tenants. In accordance with Statement No. 141, Realty Income recorded
$1.8 million as the intangible value of the in-place leases and $784,000 as
the intangible value of below-market leases. These amounts are recorded to
“other assets” and “other liabilities,” respectively, on our consolidated
balance sheets and are amortized over the life of the respective
leases.
4. Credit
Facility
In May
2008, we entered into a new $355 million acquisition credit facility which
replaced our existing $300 million acquisition credit facility that was
scheduled to expire in October 2008. The term of the new credit
facility is for three years, until May 2011, plus two, one-year extension
options. Under the new credit facility, our investment grade credit
ratings provide for financing at LIBOR (London Interbank Offered Rate) 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 new credit facility, we incurred $3.2
million of credit facility origination costs which were capitalized to other
assets. Also, we expensed $235,000 of unamortized credit facility
origination costs from our prior credit facility, which are included in interest
expense.
We did
not utilize our credit facility during 2008. Our effective borrowing
rate at December 31, 2008 was 1.4% and at December 31, 2007 was
5.2%. Our average borrowing rate on our credit facility during 2007
was 6.0%, compared to 5.7% in 2006. Our current and prior credit facilities are
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,
|
2008
|
2007
|
||||||
|
8.25%
notes, issued in October 1998 and due in November 2008
|
$ | -- | $ | 100.0 | ||||
|
8%
notes, issued in January 1999 and due in January 2009
|
20.0 | 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 | ||||||
| $ | 1,370.0 | $ | 1,470.0 | |||||
The
following table summarizes the maturity of our notes payable as of December 31,
2008 (dollars in millions):
|
Year
of Maturity(1)
|
Notes
|
|||
|
2009(2)
|
$ | 20.0 | ||
|
2013
|
100.0 | |||
|
After
2013
|
1,250.0 | |||
|
Totals
|
$ | 1,370.0 | ||
(1) There
are no maturities in 2010, 2011 and 2012.
(2) $20.0
million matured and was paid off in January 2009.
Interest
incurred on all of the notes for 2008 was $91.2 million, for 2007 was $67.1
million and for 2006 was $49.6 million. The interest rate on each of
these notes is fixed.
Our
outstanding notes are unsecured and; 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
|
In
January 2009 on their maturity date, we redeemed 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 using cash on
hand.
In
November 2008 on their maturity date, we redeemed 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, using
proceeds from our September 2008 common stock offering and cash on
hand.
In May
1998, we entered into a treasury interest rate lock agreement associated with
the 2008 Notes. In settlement of the agreement, we made a payment of
$8.7 million in 1998. The payment on the agreement was amortized over 10 years
(the life of the notes) as a yield adjustment to interest
expense. After taking into effect the results of the treasury lock
settlement, the effective rate to us on the 2008 Notes was 9.12%.
In
September 2006, we redeemed all of our outstanding 2007 Notes at a redemption
price equal to 100% of the principal amount, plus accrued and unpaid interest
and a make-whole payment of $1.6 million. The make-whole payment
was recorded as a “loss on extinguishment of debt” on our 2006 consolidated
statement of income. For 2006, the make-whole payment represented
approximately $0.017 per share.
|
C.
|
Note
Issuances
|
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.
In
September 2006, we issued $275 million in aggregate principal amount of 5.95%
senior unsecured notes due 2016 (the “2016 Notes”). The price to the
investor for the 2016 Notes was 99.74% of the principal amount for an effective
yield of 5.985%. The net proceeds of approximately
$271.9 million from this offering were used for general corporate purposes
and to redeem the outstanding $110 million 7.75% unsecured notes due May 2007
(the “2007 Notes”), which were issued in May 1997.
6. Common
Stock Offerings
A. 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.
B. In
October and November 2006, we issued an aggregate of 6.9 million shares of
common stock at a price of $26.40 per share. The net proceeds of
approximately $173.2 million were used to fund new property acquisitions and for
other general corporate purposes.
C. In
September 2006, we issued 4.715 million shares of common stock at a price of
$24.32 per share. The net proceeds of approximately $109 million from
this offering were used to fund new property acquisitions, repay borrowings
under our credit facility and for other general corporate purposes.
D. In
March 2006, we issued 5.2 million shares of common stock at a price of $24.39
per share. The net proceeds of approximately $120.5 million were used
to fund new property acquisitions and for other general corporate
purposes.
7. Preferred
Stock
A. In
2004, we issued 5.1 million shares of 7.375% Monthly Income Class D
cumulative redeemable preferred stock. The net proceeds of
$123.8 million from this issuance were used to redeem a portion of the
outstanding Class B and Class C preferred stock, repay borrowings outstanding
under our acquisition credit facility and for other general corporate
purposes. Beginning May 27, 2009, the Class D preferred shares
are redeemable, at our option, for $25 per share. During 2008, 2007
and 2006, 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, 2008 a
monthly dividend of $0.1536459 per share was payable and was paid in January
2009.
B. In
2006, we issued 8.8 million shares of 6.75% Monthly Income Class E cumulative
redeemable preferred stock. The net proceeds of $214 million from
this issuance were used to repay borrowings under our credit facility and for
other general corporate purposes. Beginning December 7, 2011, the
Class E preferred shares are redeemable, at our option, for $25 per
share. During 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, 2008 a monthly dividend of $0.140625 per share was payable and was
paid in January 2009. 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
|
2008
|
2007
|
2006
|
|||||||||
|
January
|
$ | 0.136750 | $ | 0.126500 | $ | 0.116250 | ||||||
|
February
|
0.136750 | 0.126500 | 0.116250 | |||||||||
|
March
|
0.136750 | 0.126500 | 0.116250 | |||||||||
|
April
|
0.137375 | 0.127125 | 0.116875 | |||||||||
|
May
|
0.137375 | 0.127125 | 0.116875 | |||||||||
|
June
|
0.137375 | 0.127125 | 0.116875 | |||||||||
|
July
|
0.138000 | 0.127750 | 0.117500 | |||||||||
|
August
|
0.138000 | 0.127750 | 0.117500 | |||||||||
|
September
|
0.140500 | 0.135500 | 0.125250 | |||||||||
|
October
|
0.141125 | 0.136125 | 0.125875 | |||||||||
|
November
|
0.141125 | 0.136125 | 0.125875 | |||||||||
|
December
|
0.141125 | 0.136125 | 0.125875 | |||||||||
|
Total
|
$ | 1.662250 | $ | 1.560250 | $ | 1.437250 | ||||||
The
following presents the federal income tax characterization of distributions paid
or deemed to be paid per common share for the years:
|
|
2008
|
2007
|
2006
|
|||||||||
|
Ordinary
income
|
$ | 1.2681285 | $ | 1.3847719 | $ | 1.2945466 | ||||||
|
Nontaxable
distributions
|
0.3121490 | 0.1754781 | 0.1427034 | |||||||||
|
Capital
gain
|
0.0819725 | -- | -- | |||||||||
|
Totals
|
$ | 1.6622500 | $ | 1.5602500 | $ | 1.4372500 | ||||||
At
December 31, 2008, a distribution of $0.14175 per common share was payable and
was paid in January 2009. At December 31, 2007, a distribution of
$0.13675 per common share was payable and was paid in January 2008.
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 2008, $9.4 million in 2007, and
$9.8 million in 2006.
The
following presents the federal income tax characterization of dividends paid per
share to our Class D preferred stockholders for the years:
|
2008
|
2007
|
2006
|
||||||||||
|
Ordinary
income
|
$ | 1.7528280 | $ | 1.8437508 | $ | 1.8437508 | ||||||
|
Capital
gain
|
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 2008, $14.9 million in 2007 and
$1.6 million in 2006. 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:
|
2008
|
2007
|
2006
|
||||||||||
|
Ordinary
income
|
$ | 1.6042824 | $ | 1.7250000 | $ | -- | ||||||
|
Capital
gain
|
0.0832176 | -- | -- | |||||||||
|
Totals
|
$ | 1.6875000 | $ | 1.7250000 | $ | -- | ||||||
9. Operating
Leases
A. At
December 31, 2008, we owned 2,348 properties in 49 states, plus an additional
five properties owned by Crest. Of the 2,348 properties, 2,337, or 99.5%, are
single-tenant, retail properties and the remaining 11 are multi-tenant
properties. At December 31, 2008, 70 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 2008 was
$1.3 million, for 2007 was $851,000 and for 2006 was $1.1 million, including
amounts recorded to discontinued operations.
At
December 31, 2008, minimum future annual rents to be received on the operating
leases for the next five years and thereafter are as follows (dollars in
thousands):
|
2009
|
$ | 318,175 | ||
|
2010
|
307,087 | |||
|
2011
|
297,390 | |||
|
2012
|
285,142 | |||
|
2013
|
269,336 | |||
|
Thereafter
|
2,416,358 | |||
|
Total
|
$ | 3,893,488 |
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, 2008, 2007 or 2006.
10. Gain
on Sales of Real Estate Acquired for Resale by Crest
In
2008, Crest sold 25 properties for $50.7 million, which resulted in a gain of
$4.6 million. As part of two sales during 2008, Crest provided
partial financing to the buyers 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 partial
financing to the buyer of $3.8 million, of which $619,000 was paid in full in
November 2007. In 2006, Crest sold 13 properties for $22.4 million,
which resulted in a gain of $2.2 million. Partial buyer
financing of $1.3 million, related to one 2005 property sale, was paid in full
in February 2006. 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
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 statements of income 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. In addition, 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
from the land and improvements sales is reported in “other revenue” on our
consolidated statements of income because these improvements and excess land
were associated with properties that continue to be owned as part of our core
operations.
In
2006, we sold or exchanged 13 investment properties for $10.7 million, which
resulted in a gain of $3.0 million which is included in discontinued
operations.
12. Fair
Value of Financial Instruments
Statement
No. 157 defines fair value 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 fair value. Statement No. 157 also establishes a
three-level valuation hierarchy for disclosure of fair value
measurements. The valuation hierarchy is based upon the transparency
of inputs to the valuation of an asset or liability as of the measurement
date. A financial instrument’s categorization within this hierarchy
is based upon the lowest level of input that is significant to the fair value
measurement. This statement applies to fair value measurements and
disclosures that are already required or permitted by most existing FASB
accounting standards.
We
believe that the carrying values reflected in the consolidated balance sheets,
at December 31, 2008 and 2007, respectively, 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 payable and
the notes receivable issued in conjunction with Crest property sales, which are
disclosed below (dollars in millions):
|
At
December 31, 2008
|
Carrying
value per
balance
sheet
|
Estimated
fair
market
value
|
||||||
|
Notes
receivable issued in conjunction with Crest property sales
|
$ | 22.3 | $ | 21.9 | ||||
|
Notes
payable
|
$ | 1,370.0 | $ | 949.4 | ||||
|
At
December 31, 2007
|
Carrying
value per
balance
sheet
|
Estimated
fair
market
value
|
||||||
|
Notes
receivable issued in conjunction with Crest property sales
|
$ | 3.1 | $ | 2.8 | ||||
|
Notes
payable
|
$ | 1,470.0 | $ | 1,412.5 | ||||
The
estimated fair value of the notes receivable issued in conjunction with Crest
property sales has been calculated by discounting the future cash flows using an
interest rate based upon the current 7-year or 10-year Treasury Yield Curve plus
an applicable credit-adjusted spread. Because this methodology includes
unobservable inputs that reflect our own internal assumptions and calculations,
the measurement of fair value related to these notes receivable issued in
conjunction with Crest property sales is categorized as level 3 on the
three-level valuation hierarchy as defined by Statement No. 157.
The
estimated fair value of the notes payable is based upon the closing market price
per note or indicative price per note. Because these note prices represent
inputs that are less observable by the public and are not necessarily reflected
in active markets, the measurement of the fair value related to these notes
payable is categorized as level 2 on the three-level valuation hierarchy as
defined by Statement No. 157.
13. Supplemental
Disclosures of Cash Flow Information
Interest
paid in 2008 was $90.3 million, in 2007 was $56.7 million and in 2006 was $52.4
million.
Interest
capitalized to properties under development in 2008 was $92,000, in 2007 was
$993,000 and in 2006 was $2.2 million.
Income
taxes paid by Realty Income and Crest in 2008 were $1.7 million, in 2007 were
$4.3 million and in 2006 were $775,000.
The
following non-cash investing and financing activities are included in the
accompanying consolidated financial statements:
|
A.
|
Share-based
compensation expense for 2008 was $5.0 million, for 2007 was $3.9 million
and for 2006 was $3.0 million.
|
|
B.
|
See
“Provisions for Impairment” in note 2 for a discussion of 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 sheet at December 31,
2008.
|
|
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 at
December 31, 2008 and December 31,
2007.
|
|
E.
|
At
December 31, 2008, Realty Income has escrow deposits of $3.2 million held
for tax-deferred exchanges under Section 1031 of the Tax
Code. The $3.2 million is included in “other assets” on our
consolidated balance sheet at December 31,
2008.
|
|
F.
|
In
accordance with FASB Statement No. 143, Accounting for Asset
Retirement Obligations, we recorded an additional $335,000 in 2008
of estimated legal obligations related to asset retirement obligations on
two land leases and an additional $239,000 in 2007 of estimated legal
obligations on these two land leases. 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.
|
|
G.
|
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.
|
|
H.
|
In
2006, we exchanged one of our properties for a different property that was
leased to the same tenant. As part of this transaction,
accumulated depreciation was reduced by $67,000 and a gain of $67,000 was
recorded. The original cost of and the value received for the
property exchanged was $900,000. This transaction had no impact
on land or building and
improvements.
|
|
I.
|
In
2006, we received shares of a public company as settlement of a bankruptcy
claim associated with a former tenant. We recorded a value of
$207,000, which is in “other revenue” on our 2006 consolidated income
statement. The shares were sold in January
2007.
|
|
J.
|
Accrued
costs on properties under development resulted in an increase in buildings
and improvements and accounts payable of $1.7 million in
2006.
|
|
K.
|
In
2004, we recorded an impairment of $716,000 on one property to reduce its
carrying value to zero. This loss was the result of a dispute
with the original owner and tenant in their bankruptcy
proceeding. Our title insurance company failed to timely record
the deed on this property upon our original acquisition, which resulted in
a claim by the bankruptcy trustee that Realty Income did not have legal
title to the property. In the second quarter of 2006, this
issue was resolved and we obtained title to the property. At
that time we reinstated the original carrying value adjusted for
depreciation on our balance sheet and recorded other revenue of
$716,000. We also reversed accrued liabilities and property
expenses of $133,000 associated with this property. As part of
the settlement, these costs became the responsibility of the title
insurance company.
|
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, stock purchase rights, stock appreciation
rights 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 charged against income during 2008 was
$5.0 million, during 2007 was $3.9 million and during 2006 was $3.0
million.
No
stock options were granted after January 1, 2002 and all outstanding options
were fully vested as of December 31, 2006. 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:
|
2008
|
2007
|
2006
|
||||||||||||||||||||||
|
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
|
45,007 | $ | 12.71 | 106,368 | $ | 13.06 | 135,348 | $ | 13.02 | |||||||||||||||
|
Options
exercised
|
(23,713 | ) | 12.15 | (61,361 | ) | 13.32 | (28,696 | ) | 12.86 | |||||||||||||||
|
Options
forfeited
|
-- | -- | -- | -- | (284 | ) | 14.70 | |||||||||||||||||
|
Outstanding
and exercisable options, end
of year
|
21,294 | $ | 13.33 | 45,007 | $ | 12.71 | 106,368 | $ | 13.06 | |||||||||||||||
At
December 31, 2008, the options outstanding and exercisable had exercise prices
ranging from $11.78 to $14.70, with a weighted average price of $13.33, and
expiration dates ranging from May 2009 to December 2011 with a weighted average
remaining term of 3.8 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 the Company’s stock was $23.15, $27.02
and $27.70 at December 31, 2008, 2007 and 2006, respectively. The total
intrinsic value of options exercised during the years ended December 31, 2008,
2007 and 2006 was $319,000, $904,000 and $268,000, respectively. The
total intrinsic value of options vested during the year ended December 31, 2006
was $143,000. The aggregate intrinsic value of options outstanding
and exercisable was $209,000, $644,000 and $1.6 million at December 31, 2008,
2007 and 2006, respectively.
The
following table summarizes our common stock grant activity under our Stock Plan
for the years 2008, 2007 and 2006. Our common stock grants vest over
periods ranging from immediately to 10 years.
|
2008
|
2007
|
2006
|
||||||||||||||||||||||
|
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
|
994,572 | $ | 19.46 | 868,726 | $ | 17.96 | 788,722 | $ | 17.83 | |||||||||||||||
|
Shares
granted
|
249,447 | 26.63 | 276,631 | 27.64 | 210,332 | 21.72 | ||||||||||||||||||
|
Shares
vested
|
(188,215 | ) | 21.96 | (149,284 | ) | 20.94 | (125,879 | ) | 20.39 | |||||||||||||||
|
Shares
forfeited
|
(61,351 | ) | 22.13 | (1,501 | ) | 24.81 | (4,449 | ) | 21.35 | |||||||||||||||
|
Outstanding
nonvested shares, end of year
|
994,453 | $ | 19.70 | 994,572 | $ | 19.46 | 868,726 | $ | 17.96 | |||||||||||||||
|
(1)
|
Grant
date fair value.
|
During
2008, we issued 249,447 shares of common stock under our Stock
Plan. These shares vest over the following service periods: 24,350
vested immediately, 16,000 vest over a service period of one year, 156 vest over
a service period of two years, 12,000 vest over a service period of three years,
3,681 vest over a service period of four years, 92,553 vest over a service
period of five years and 100,707 vest over a service period of 10
years.
The
vesting schedule for shares granted to non-employee directors is as
follows:
|
·
|
Shares
vest in 33.33% increments on each of the first three anniversaries of the
date the shares of stock are granted to directors with less than 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 to directors with six 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 to directors with seven years of service at the date of grant;
and
|
|
·
|
There
is immediate vesting as of the date the shares of stock are granted to
directors with eight or more years of service at the date of
grant.
|
The
vesting schedule for shares granted to employees in 2008 is as
follows:
|
·
|
For
employees age 49 and below at the grant date, shares vest in 10%
increments on each of the first ten anniversaries of the grant
date;
|
|
·
|
For
employees age 50 through 55 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.
As of
December 31, 2008, the remaining unamortized share-based compensation expense
totaled $19.6 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. Under Statement No.
123R, the dividends paid to holders of these nonvested shares should be charged
as compensation expense to the extent that they relate to nonvested shares that
do not or are not expected to vest. 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 2008, 2007 or
2006.
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, 2008 (dollars in thousands):
|
Assets,
as of December 31:
|
2008
|
2007
|
||||||
|
Segment
net real estate:
|
||||||||
|
Automotive
service
|
$ | 106,581 | $ | 110,100 | ||||
|
Automotive
tire services
|
208,770 | 212,747 | ||||||
|
Child
care
|
85,120 | 90,757 | ||||||
|
Convenience
stores
|
472,588 | 408,119 | ||||||
|
Drug
stores
|
145,919 | 100,154 | ||||||
|
Health
and fitness
|
167,658 | 169,109 | ||||||
|
Home
furnishings
|
51,910 | 55,503 | ||||||
|
Home
improvement
|
57,664 | 59,497 | ||||||
|
Motor
vehicle dealerships
|
105,087 | 101,887 | ||||||
|
Restaurants
|
751,466 | 776,715 | ||||||
|
Theaters
|
299,690 | 267,413 | ||||||
|
20
non-reportable segments
|
409,700 | 472,254 | ||||||
|
Total
segment net real estate
|
2,862,153 | 2,824,255 | ||||||
|
Other
intangible assets – Automotive tire service
|
706 | 765 | ||||||
|
Other
intangible assets – Drug stores
|
6,727 | 6,988 | ||||||
|
Other
intangible assets – Grocery stores
|
911 | 962 | ||||||
|
Other
intangible assets – Theaters
|
2,190 | 2,496 | ||||||
|
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
|
104,286 | 224,680 | ||||||
|
Total
assets
|
$ | 2,994,179 | $ | 3,077,352 | ||||
|
Revenue
|
||||||||||||
|
For
the years ended December 31,
|
2008
|
2007
|
2006
|
|||||||||
|
Segment
rental revenue(1):
|
||||||||||||
|
Automotive
service
|
$ | 15,819 | $ | 15,051 | $ | 16,415 | ||||||
|
Automotive
tire services
|
22,165 | 21,235 | 14,501 | |||||||||
|
Child
care
|
24,848 | 23,895 | 24,207 | |||||||||
|
Convenience
stores
|
52,027 | 40,727 | 38,283 | |||||||||
|
Drug
stores
|
13,323 | 7,830 | 6,986 | |||||||||
|
Health
and fitness
|
18,390 | 14,874 | 10,212 | |||||||||
|
Home
furnishings
|
7,879 | 7,786 | 7,629 | |||||||||
|
Home
improvement
|
6,108 | 6,116 | 7,127 | |||||||||
|
Motor
vehicle dealerships
|
10,358 | 9,540 | 7,890 | |||||||||
|
Restaurants
|
71,508 | 59,585 | 26,945 | |||||||||
|
Theaters
|
29,640 | 26,121 | 22,905 | |||||||||
|
20
non-reportable segments
|
56,201 | 55,205 | 52,274 | |||||||||
|
Total
rental revenue
|
328,266 | 287,965 | 235,374 | |||||||||
|
Other
revenue
|
1,934 | 6,352 | 2,042 | |||||||||
|
Total
revenue
|
$ | 330,200 | $ | 294,317 | $ | 237,416 | ||||||
|
|
(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, 2008, we have committed $208,000 under construction
contracts. These costs are expected to be paid in the next six
months. In addition, we also have contingent payments for tenant
improvements and leasing costs of $977,000.
We have
certain properties that are subject to ground leases which are accounted for as
operating leases. At December 31, 2008, 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
|
||||||||||
|
2009
|
$ | 92 | $ | 3,791 | $ | 3,883 | ||||||
|
2010
|
82 | 3,680 | 3,762 | |||||||||
|
2011
|
69 | 3,667 | 3,736 | |||||||||
|
2012
|
69 | 3,563 | 3,632 | |||||||||
|
2013
|
69 | 3,420 | 3,489 | |||||||||
|
Thereafter
|
900 | 40,801 | 41,701 | |||||||||
|
Total
|
$ | 1,281 | $ | 58,922 | $ | 60,203 | ||||||
|
|
(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.
|
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)
|
||||||||||||||||
|
2008(1)
|
||||||||||||||||||||
|
Total
revenue
|
$ | 82,776 | $ | 82,177 | $ | 82,521 | $ | 82,726 | $ | 330,200 | ||||||||||
|
Interest
expense
|
23,386 | 23,929 | 23,915 | 22,726 | 93,956 | |||||||||||||||
|
Depreciation
and amortization expense
|
22,848 | 22,080 | 22,869 | 22,935 | 90,732 | |||||||||||||||
|
Other
expenses
|
7,188 | 7,237 | 7,170 | 7,071 | 28,666 | |||||||||||||||
|
Income
from continuing operations
|
29,354 | 28,931 | 28,567 | 29,994 | 116,846 | |||||||||||||||
|
Income
from discontinued operations
|
407 | 4,120 | 6,130 | 4,338 | 14,995 | |||||||||||||||
|
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
|
0.410250 | 0.412125 | 0.416500 | 0.423375 | 1.66225 | |||||||||||||||
|
2007(1)
|
||||||||||||||||||||
|
Total
revenue
|
$ | 70,642 | $ | 70,030 | $ | 73,530 | $ | 80,115 | $ | 294,317 | ||||||||||
|
Interest
expense
|
12,420 | 13,029 | 16,163 | 22,719 | 64,331 | |||||||||||||||
|
Depreciation
and amortization expense
|
17,956 | 18,349 | 19,433 | 20,948 | 76,686 | |||||||||||||||
|
Other
expenses
|
6,193 | 7,148 | 7,442 | 6,774 | 27,557 | |||||||||||||||
|
Income
from continuing operations
|
34,073 | 31,504 | 30,492 | 29,674 | 125,743 | |||||||||||||||
|
Income
from discontinued operations
|
2,250 | 5,432 | 3,481 | 3,502 | 14,666 | |||||||||||||||
|
Net
income
|
36,323 | 36,936 | 33,973 | 33,176 | 140,409 | |||||||||||||||
|
Net
income available to common
stockholders
|
30,260 | 30,873 | 27,910 | 27,113 | 116,156 | |||||||||||||||
|
Net
income per common share:
|
||||||||||||||||||||
|
Basic
and diluted
|
0.30 | 0.31 | 0.28 | 0.27 | 1.16 | |||||||||||||||
|
Dividends
paid per common share
|
0.379500 | 0.381375 | 0.391000 | 0.408375 | 1.56025 | |||||||||||||||
|
(1)
|
The
consolidated quarterly financial data includes revenues and expenses from
our continuing and discontinued operations. The results of
operations related to certain properties, that have been classified as
held for sale or have been 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 Securities Exchange Act 1934 Rules 13a-15(e) and 15d-15(e)) 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, 2008, 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, 2009 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 have not been any significant changes in our
internal controls or in other factors that could significantly affect these
controls subsequent to the date of their evaluation. 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 2009
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, 2009.
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 2009 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 2009 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 2009 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 2009 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. Reports
of Independent Registered Public Accounting Firm
b. Consolidated
Balance Sheets,
December
31, 2008 and 2007
c. Consolidated
Statements of Income,
Years
ended December 31, 2008, 2007 and 2006
d. Consolidated
Statements of Stockholders’ Equity,
Years
ended December 31, 2008, 2007 and 2006
e. Consolidated
Statements of Cash Flows,
Years
ended December 31, 2008, 2007 and 2006
f. Notes
to Consolidated Financial Statements
g. Consolidated
Quarterly Financial Data,
(unaudited)
for 2008 and 2007
|
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
|
Bylaws
of the Company, as amended by amendment No. 1 dated March 20, 2000
and amendment No. 2 dated June 15, 2005 , and as amended and
restated on December 12, 2007 and as amended and restated on May 13, 2008
(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
|
Pricing
Committee Resolutions and Form of 8% Notes due 2009 (filed as exhibit 4.2
to the Company’s Form 8-K, filed on January 22, 1999 and dated January 21,
1999 and incorporated herein by
reference).
|
|
|
4.3
|
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).
|
|
|
4.4
|
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).
|
|
|
4.5
|
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).
|
|
|
4.6
|
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).
|
|
|
4.7
|
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).
|
|
|
4.8
|
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).
|
|
|
4.9
|
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).
|
|
|
4.10
|
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).
|
|
|
4.11
|
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).
|
|
|
4.12
|
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).
|
|
|
4.13
|
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).
|
|
|
4.14
|
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
|
$355
million 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 10.2 to the Company’s Form 10-Q for
the quarter ended September 30, 2008 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,
2009.
|
|
|
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, 2009
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, 2009
Donald
R. Cameron
Chairman
of the Board of Directors
By: /s/THOMAS A.
LEWIS
Date: February 10,
2009
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, 2009
Kathleen
R. Allen, Ph.D.
Director
By: /s/PRIYA CHERIAN
HUSKINS Date:
February 10, 2009
Priya
Cherian Huskins
Director
By: /s/ROGER P.
KUPPINGER
Date: February 10, 2009
Roger
P. Kuppinger
Director
By: /s/MICHAEL D.
MCKEE
Date: February 10, 2009
Michael
D. McKee
Director
By: /s/GREGORY T.
MCLAUGHLIN Date:
February 10, 2009
Gregory
T. McLaughlin
Director
By: /s/RONALD L.
MERRIMAN Date: February 10, 2009
Ronald
L. Merriman
Director
By: /s/WILLARD H. SMITH
JR
Date: February 10, 2009
Willard
H. Smith Jr
Director
By: /s/PAUL M.
MEURER
Date: February 10,
2009
Paul M.
Meurer
Executive
Vice President, Chief Financial Officer and Treasurer
(Principal
Financial Officer)
By: /s/GREGORY J.
FAHEY Date:
February 10, 2009
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 | 52,746 | 1,079,232 | 2,688,141 | 3,767,373 | 1,121,148 |
07/21/98
|
300 | ||||||||||||||||||||||||||||
|
Mesa
|
AZ
|
619,035 | 867,013 | 1,760 | 43,447 | 619,035 | 912,220 | 1,531,255 | 372,484 |
02/11/99
|
300 | ||||||||||||||||||||||||||||
|
Danbury
|
CT
|
1,083,296 | 6,217,688 | 40,544 | 6 | 1,083,296 | 6,258,238 | 7,341,534 | 2,834,275 |
09/30/97
|
300 | ||||||||||||||||||||||||||||
|
Manchester
|
CT
|
771,660 | 3,653,539 | 1,661 |
None
|
771,660 | 3,655,200 | 4,426,860 | 1,577,280 |
03/26/98
|
300 | ||||||||||||||||||||||||||||
|
Manchester
|
CT
|
1,250,464 | 5,917,037 | 3,555 |
None
|
1,250,464 | 5,920,592 | 7,171,056 | 2,554,704 |
03/26/98
|
300 | ||||||||||||||||||||||||||||
|
Staten
Island
|
NY
|
4,202,093 | 3,385,021 |
None
|
898 | 4,202,093 | 3,385,919 | 7,588,012 | 1,461,787 |
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 | 402,145 |
07/10/07
|
08/11/03
|
300 | |||||||||||||||||||||||||||
|
Littleton
|
CO
|
601,388 | 2,169,898 |
None
|
None
|
601,388 | 2,169,898 | 2,771,286 | 261,175 |
02/02/06
|
11/12/04
|
300 | |||||||||||||||||||||||||||
|
Parker
|
CO
|
678,768 | 2,100,854 |
None
|
None
|
678,768 | 2,100,854 | 2,779,622 | 401,709 |
02/20/04
|
07/03/03
|
300 | |||||||||||||||||||||||||||
|
Thornton
|
CO
|
693,323 | 1,896,616 |
None
|
128 | 693,323 | 1,896,744 | 2,590,067 | 304,667 |
10/05/04
|
10/15/03
|
300 | |||||||||||||||||||||||||||
|
Cumming
|
GA
|
661,624 | 1,822,363 |
None
|
None
|
661,624 | 1,822,363 | 2,483,987 | 380,990 |
09/18/03
|
12/31/02
|
300 | |||||||||||||||||||||||||||
|
Douglasville
|
GA
|
679,868 | 1,935,515 |
None
|
None
|
679,868 | 1,935,515 | 2,615,383 | 410,390 |
08/11/03
|
12/30/02
|
300 | |||||||||||||||||||||||||||
|
Morrow
|
GA
|
725,948 | 1,846,315 |
None
|
None
|
725,948 | 1,846,315 | 2,572,263 | 396,892 |
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 | 165,122 |
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 | 312,384 |
07/01/04
|
10/31/03
|
300 | |||||||||||||||||||||||||||
|
Cary
|
NC
|
610,389 | 1,492,235 |
None
|
None
|
610,389 | 1,492,235 | 2,102,624 | 156,685 |
05/25/06
|
300 | ||||||||||||||||||||||||||||
|
Durham
|
NC
|
680,969 | 1,323,140 |
None
|
24 | 680,969 | 1,323,164 | 2,004,133 | 138,933 |
05/25/06
|
300 | ||||||||||||||||||||||||||||
|
Wilmington
|
NC
|
378,813 | 1,150,679 |
None
|
None
|
378,813 | 1,150,679 | 1,529,492 | 158,225 |
07/15/05
|
12/21/04
|
300 | |||||||||||||||||||||||||||
|
Bartlett
|
TN
|
648,526 | 1,960,733 |
None
|
None
|
648,526 | 1,960,733 | 2,609,259 | 317,207 |
08/03/04
|
10/27/03
|
300 | |||||||||||||||||||||||||||
|
Automotive Parts
|
|||||||||||||||||||||||||||||||||||||||
|
Millbrook
|
AL
|
108,000 | 518,741 |
None
|
276 | 108,000 | 519,017 | 627,017 | 206,617 |
12/10/98
|
01/21/99
|
300 | |||||||||||||||||||||||||||
|
Montgomery
|
AL
|
254,465 | 502,350 |
None
|
211 | 254,465 | 502,561 | 757,026 | 211,898 |
06/30/98
|
300 | ||||||||||||||||||||||||||||
|
Blytheville
|
AR
|
137,913 | 509,447 | 6,000 | 211 | 137,913 | 515,658 | 653,571 | 220,826 |
06/30/98
|
300 | ||||||||||||||||||||||||||||
|
Wynne
|
AR
|
70,000 | 547,576 | 26,595 | 211 | 70,000 | 574,382 | 644,382 | 242,780 |
11/10/98
|
02/24/99
|
300 | |||||||||||||||||||||||||||
|
Phoenix
|
AZ
|
231,000 | 513,057 |
None
|
88 | 231,000 | 513,145 | 744,145 | 427,793 |
11/09/87
|
300 | ||||||||||||||||||||||||||||
|
Phoenix
|
AZ
|
71,750 | 159,359 | 13,463 | 198 | 71,750 | 173,020 | 244,770 | 133,337 |
11/19/87
|
300 | ||||||||||||||||||||||||||||
|
Phoenix
|
AZ
|
222,950 | 495,178 |
None
|
88 | 222,950 | 495,266 | 718,216 | 375,665 |
11/02/89
|
300 | ||||||||||||||||||||||||||||
|
Tucson
|
AZ
|
194,250 | 431,434 |
None
|
176 | 194,250 | 431,610 | 625,860 | 361,310 |
10/30/87
|
300 | ||||||||||||||||||||||||||||
|
Grass
Valley
|
CA
|
325,000 | 384,955 |
None
|
None
|
325,000 | 384,955 | 709,955 | 312,547 |
05/20/88
|
300 | ||||||||||||||||||||||||||||
|
Jackson
|
CA
|
300,000 | 390,849 |
None
|
371 | 300,000 | 391,220 | 691,220 | 316,199 |
05/17/88
|
300 | ||||||||||||||||||||||||||||
|
Sacramento
|
CA
|
210,000 | 466,419 |
None
|
127 | 210,000 | 466,546 | 676,546 | 388,887 |
11/25/87
|
300 | ||||||||||||||||||||||||||||
|
Turlock
|
CA
|
222,250 | 493,627 |
None
|
None
|
222,250 | 493,627 | 715,877 | 409,841 |
12/30/87
|
300 | ||||||||||||||||||||||||||||
|
Denver
|
CO
|
141,400 | 314,056 |
None
|
146 | 141,400 | 314,202 | 455,602 | 261,900 |
11/18/87
|
300 | ||||||||||||||||||||||||||||
|
Denver
|
CO
|
315,000 | 699,623 |
None
|
128 | 315,000 | 699,751 | 1,014,751 | 569,058 |
05/16/88
|
300 | ||||||||||||||||||||||||||||
|
Littleton
|
CO
|
252,925 | 561,758 |
None
|
274 | 252,925 | 562,032 | 814,957 | 462,699 |
02/12/88
|
300 | ||||||||||||||||||||||||||||
|
Smyrna
|
DE
|
232,273 | 472,855 |
None
|
None
|
232,273 | 472,855 | 705,128 | 196,235 |
08/07/98
|
300 | ||||||||||||||||||||||||||||
|
Atlanta
|
GA
|
652,551 | 763,360 |
None
|
45,476 | 652,551 | 808,836 | 1,461,387 | 307,174 |
12/18/98
|
300 | ||||||||||||||||||||||||||||
|
Council
Bluffs
|
IA
|
194,355 | 431,668 |
None
|
6 | 194,355 | 431,674 | 626,029 | 351,102 |
05/19/88
|
300 | ||||||||||||||||||||||||||||
|
Boise
|
ID
|
190,080 | 422,172 |
None
|
414 | 190,080 | 422,586 | 612,666 | 343,569 |
05/06/88
|
300 | ||||||||||||||||||||||||||||
|
Lewiston
|
ID
|
138,950 | 308,612 |
None
|
None
|
138,950 | 308,612 | 447,562 | 259,387 |
09/16/87
|
300 | ||||||||||||||||||||||||||||
|
Moscow
|
ID
|
117,250 | 260,417 |
None
|
None
|
117,250 | 260,417 | 377,667 | 218,879 |
09/14/87
|
300 | ||||||||||||||||||||||||||||
|
Peoria
|
IL
|
193,868 | 387,737 | 19,808 | 230 | 193,868 | 407,775 | 601,643 | 189,795 |
11/26/96
|
300 | ||||||||||||||||||||||||||||
|
Brazil
|
IN
|
183,952 | 453,831 | 1,525 | 173 | 183,952 | 455,529 | 639,481 | 177,841 |
03/31/99
|
300 | ||||||||||||||||||||||||||||
|
Muncie
|
IN
|
148,901 | 645,660 | 147,678 | 28,972 | 148,901 | 822,310 | 971,211 | 327,512 |
11/26/96
|
300 | ||||||||||||||||||||||||||||
|
Princeton
|
IN
|
134,209 | 560,113 |
None
|
211 | 134,209 | 560,324 | 694,533 | 219,383 |
03/31/99
|
300 | ||||||||||||||||||||||||||||
|
Vincennes
|
IN
|
185,312 | 489,779 |
None
|
173 | 185,312 | 489,952 | 675,264 | 191,863 |
03/31/99
|
300 | ||||||||||||||||||||||||||||
|
Kansas
City
|
KS
|
185,955 | 413,014 |
None
|
146 | 185,955 | 413,160 | 599,115 | 335,961 |
05/13/88
|
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
|
||||||||||||||||||||||||||||||||||||
|
Description
|
Acquisition
|
Carrying
|
Acquisition
|
Depreciation
|
Date
of
|
Date
|
is
Computed
|
||||||||||||||||||||||||||||||||
|
(Note
1)
|
Land
|
Fees
|
Improvements
|
Costs
|
Land
|
Fees
|
Total
|
(Note
4)
|
Construction
|
Acquired
|
(in
Months)
|
||||||||||||||||||||||||||||
|
Kansas
City
|
KS
|
222,000 | 455,881 | 18,738 | 146 | 222,000 | 474,765 | 696,765 | 371,938 |
05/16/88
|
300 | ||||||||||||||||||||||||||||
|
Alma
|
MI
|
155,000 | 600,282 |
None
|
None
|
155,000 | 600,282 | 755,282 | 231,047 |
04/29/99
|
02/10/99
|
300 | |||||||||||||||||||||||||||
|
Lansing
|
MI
|
265,000 | 574,931 | 57,278 |
None
|
265,000 | 632,209 | 897,209 | 238,126 |
04/30/99
|
12/03/98
|
300 | |||||||||||||||||||||||||||
|
Sturgis
|
MI
|
109,558 | 550,274 |
None
|
None
|
109,558 | 550,274 | 659,832 | 221,004 |
12/30/98
|
300 | ||||||||||||||||||||||||||||
|
Independence
|
MO
|
210,643 | 467,844 |
None
|
239 | 210,643 | 468,083 | 678,726 | 358,875 |
07/31/89
|
300 | ||||||||||||||||||||||||||||
|
Batesville
|
MS
|
190,124 | 485,670 |
None
|
211 | 190,124 | 485,881 | 676,005 | 203,248 |
07/27/98
|
300 | ||||||||||||||||||||||||||||
|
Horn
Lake
|
MS
|
142,702 | 514,779 |
None
|
211 | 142,702 | 514,990 | 657,692 | 217,140 |
06/30/98
|
300 | ||||||||||||||||||||||||||||
|
Jackson
|
MS
|
248,483 | 572,522 |
None
|
211 | 248,483 | 572,733 | 821,216 | 209,058 |
11/16/99
|
300 | ||||||||||||||||||||||||||||
|
Richland
|
MS
|
243,565 | 558,645 |
None
|
211 | 243,565 | 558,856 | 802,421 | 202,134 |
12/21/99
|
300 | ||||||||||||||||||||||||||||
|
Missoula
|
MT
|
163,100 | 362,249 |
None
|
None
|
163,100 | 362,249 | 525,349 | 303,231 |
10/30/87
|
300 | ||||||||||||||||||||||||||||
|
Kearney
|
NE
|
173,950 | 344,393 |
None
|
179 | 173,950 | 344,572 | 518,522 | 252,882 |
05/01/90
|
300 | ||||||||||||||||||||||||||||
|
Omaha
|
NE
|
196,000 | 435,321 |
None
|
None
|
196,000 | 435,321 | 631,321 | 354,068 |
05/26/88
|
300 | ||||||||||||||||||||||||||||
|
Omaha
|
NE
|
199,100 | 412,042 |
None
|
6 | 199,100 | 412,048 | 611,148 | 334,598 |
05/27/88
|
300 | ||||||||||||||||||||||||||||
|
Rio
Rancho
|
NM
|
211,577 | 469,923 |
None
|
None
|
211,577 | 469,923 | 681,500 | 386,970 |
02/26/88
|
300 | ||||||||||||||||||||||||||||
|
Las
Vegas
|
NV
|
161,000 | 357,585 | 260,000 |
None
|
161,000 | 617,585 | 778,585 | 377,327 |
10/29/87
|
300 | ||||||||||||||||||||||||||||
|
Canton
|
OH
|
396,560 | 597,553 |
None
|
230 | 396,560 | 597,783 | 994,343 | 248,028 |
08/14/98
|
300 | ||||||||||||||||||||||||||||
|
Hamilton
|
OH
|
183,000 | 515,727 | 2,941 | 122 | 183,000 | 518,790 | 701,790 | 200,924 |
04/07/99
|
12/03/98
|
300 | |||||||||||||||||||||||||||
|
Hubbard
|
OH
|
147,043 | 481,217 | 450 | 230 | 147,043 | 481,897 | 628,940 | 202,996 |
06/30/98
|
300 | ||||||||||||||||||||||||||||
|
Albany
|
OR
|
152,250 | 338,153 |
None
|
218 | 152,250 | 338,371 | 490,621 | 285,478 |
08/24/87
|
300 | ||||||||||||||||||||||||||||
|
Beaverton
|
OR
|
210,000 | 466,419 |
None
|
218 | 210,000 | 466,637 | 676,637 | 393,724 |
08/26/87
|
300 | ||||||||||||||||||||||||||||
|
Portland
|
OR
|
190,750 | 423,664 |
None
|
218 | 190,750 | 423,882 | 614,632 | 357,642 |
08/12/87
|
300 | ||||||||||||||||||||||||||||
|
Portland
|
OR
|
147,000 | 326,493 |
None
|
218 | 147,000 | 326,711 | 473,711 | 275,638 |
08/26/87
|
300 | ||||||||||||||||||||||||||||
|
Salem
|
OR
|
136,500 | 303,170 |
None
|
218 | 136,500 | 303,388 | 439,888 | 255,955 |
08/20/87
|
300 | ||||||||||||||||||||||||||||
|
Butler
|
PA
|
339,929 | 633,078 | 9,175 | 230 | 339,929 | 642,483 | 982,412 | 268,527 |
08/07/98
|
300 | ||||||||||||||||||||||||||||
|
Dover
|
PA
|
265,112 | 593,341 |
None
|
None
|
265,112 | 593,341 | 858,453 | 250,191 |
06/30/98
|
300 | ||||||||||||||||||||||||||||
|
Enola
|
PA
|
220,228 | 546,026 |
None
|
None
|
220,228 | 546,026 | 766,254 | 221,147 |
11/10/98
|
300 | ||||||||||||||||||||||||||||
|
Hanover
|
PA
|
132,500 | 719,511 |
None
|
232 | 132,500 | 719,743 | 852,243 | 269,988 |
07/26/99
|
05/13/99
|
300 | |||||||||||||||||||||||||||
|
Harrisburg
|
PA
|
327,781 | 608,291 |
None
|
None
|
327,781 | 608,291 | 936,072 | 256,494 |
06/30/98
|
300 | ||||||||||||||||||||||||||||
|
Harrisburg
|
PA
|
283,417 | 352,473 |
None
|
None
|
283,417 | 352,473 | 635,890 | 145,106 |
09/30/98
|
300 | ||||||||||||||||||||||||||||
|
Lancaster
|
PA
|
199,899 | 774,838 | 10,913 |
None
|
199,899 | 785,751 | 985,650 | 326,712 |
08/14/98
|
300 | ||||||||||||||||||||||||||||
|
New
Castle
|
PA
|
180,009 | 525,774 | 3,860 | 230 | 180,009 | 529,864 | 709,873 | 225,602 |
06/30/98
|
300 | ||||||||||||||||||||||||||||
|
Reading
|
PA
|
379,000 | 658,722 | 10,100 | 232 | 379,000 | 669,054 | 1,048,054 | 255,946 |
06/09/99
|
12/04/98
|
300 | |||||||||||||||||||||||||||
|
Columbia
|
TN
|
273,120 | 431,716 |
None
|
211 | 273,120 | 431,927 | 705,047 | 164,781 |
06/30/99
|
300 | ||||||||||||||||||||||||||||
|
Lubbock
|
TX
|
49,000 | 108,831 |
None
|
None
|
49,000 | 108,831 | 157,831 | 91,100 |
10/29/87
|
300 | ||||||||||||||||||||||||||||
|
Bellevue
|
WA
|
185,500 | 411,997 |
None
|
225 | 185,500 | 412,222 | 597,722 | 347,853 |
08/06/87
|
300 | ||||||||||||||||||||||||||||
|
Bellingham
|
WA
|
168,000 | 373,133 |
None
|
117 | 168,000 | 373,250 | 541,250 | 314,947 |
08/20/87
|
300 | ||||||||||||||||||||||||||||
|
Hazel
Dell
|
WA
|
168,000 | 373,135 |
None
|
None
|
168,000 | 373,135 | 541,135 | 302,274 |
05/23/88
|
300 | ||||||||||||||||||||||||||||
|
Kenmore
|
WA
|
199,500 | 443,098 |
None
|
225 | 199,500 | 443,323 | 642,823 | 374,101 |
08/20/87
|
300 | ||||||||||||||||||||||||||||
|
Kennewick
|
WA
|
161,350 | 358,365 |
None
|
373 | 161,350 | 358,738 | 520,088 | 302,622 |
08/26/87
|
300 | ||||||||||||||||||||||||||||
|
Kent
|
WA
|
199,500 | 443,091 |
None
|
117 | 199,500 | 443,208 | 642,708 | 373,986 |
08/06/87
|
300 | ||||||||||||||||||||||||||||
|
Lakewood
|
WA
|
191,800 | 425,996 |
None
|
225 | 191,800 | 426,221 | 618,021 | 359,668 |
08/18/87
|
300 | ||||||||||||||||||||||||||||
|
Moses
Lake
|
WA
|
138,600 | 307,831 |
None
|
None
|
138,600 | 307,831 | 446,431 | 259,785 |
08/12/87
|
300 | ||||||||||||||||||||||||||||
|
Pasco
|
WA
|
161,700 | 359,142 |
None
|
364 | 161,700 | 359,506 | 521,206 | 303,277 |
08/18/87
|
300 | ||||||||||||||||||||||||||||
|
Renton
|
WA
|
185,500 | 412,003 |
None
|
225 | 185,500 | 412,228 | 597,728 | 346,447 |
09/15/87
|
300 | ||||||||||||||||||||||||||||
|
Seattle
|
WA
|
162,400 | 360,697 |
None
|
225 | 162,400 | 360,922 | 523,322 | 304,561 |
08/20/87
|
300 | ||||||||||||||||||||||||||||
|
Silverdale
|
WA
|
183,808 | 419,777 |
None
|
117 | 183,808 | 419,894 | 603,702 | 352,873 |
09/16/87
|
300 | ||||||||||||||||||||||||||||
|
Tacoma
|
WA
|
196,000 | 435,324 |
None
|
117 | 196,000 | 435,441 | 631,441 | 364,453 |
10/15/87
|
300 | ||||||||||||||||||||||||||||
|
Vancouver
|
WA
|
180,250 | 400,343 |
None
|
215 | 180,250 | 400,558 | 580,808 | 337,958 |
08/20/87
|
300 | ||||||||||||||||||||||||||||
|
Walla
Walla
|
WA
|
170,100 | 377,793 |
None
|
6,604 | 170,100 | 384,397 | 554,497 | 320,118 |
08/06/87
|
300 | ||||||||||||||||||||||||||||
|
Wenatchee
|
WA
|
148,400 | 329,602 |
None
|
None
|
148,400 | 329,602 | 478,002 | 278,159 |
08/25/87
|
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
|
||||||||||||||||||||||||||||||||||||
|
Description
|
Acquisition
|
Carrying
|
Acquisition
|
Depreciation
|
Date
of
|
Date
|
is
Computed
|
||||||||||||||||||||||||||||||||
|
(Note
1)
|
Land
|
Fees
|
Improvements
|
Costs
|
Land
|
Fees
|
Total
|
(Note
4)
|
Construction
|
Acquired
|
(in
Months)
|
||||||||||||||||||||||||||||
|
Automotive Service
|
|||||||||||||||||||||||||||||||||||||||
|
Flagstaff
|
AZ
|
144,821 | 417,485 |
None
|
None
|
144,821 | 417,485 | 562,306 | 172,841 |
04/11/02
|
08/29/97
|
300 | |||||||||||||||||||||||||||
|
Mesa
|
AZ
|
210,620 | 475,072 |
None
|
None
|
210,620 | 475,072 | 685,692 | 125,890 |
05/14/02
|
300 | ||||||||||||||||||||||||||||
|
Phoenix
|
AZ
|
189,341 | 546,984 |
None
|
110 | 189,341 | 547,094 | 736,435 | 144,969 |
05/14/02
|
300 | ||||||||||||||||||||||||||||
|
Phoenix
|
AZ
|
384,608 | 279,824 |
None
|
None
|
384,608 | 279,824 | 664,432 | 74,151 |
05/14/02
|
300 | ||||||||||||||||||||||||||||
|
Sierra
Vista
|
AZ
|
175,114 | 345,508 |
None
|
None
|
175,114 | 345,508 | 520,622 | 91,558 |
05/14/02
|
300 | ||||||||||||||||||||||||||||
|
Tucson
|
AZ
|
226,596 | 437,972 |
None
|
None
|
226,596 | 437,972 | 664,568 | 116,061 |
05/14/02
|
300 | ||||||||||||||||||||||||||||
|
Bakersfield
|
CA
|
65,165 | 206,927 |
None
|
None
|
65,165 | 206,927 | 272,092 | 54,834 |
05/14/02
|
300 | ||||||||||||||||||||||||||||
|
Chula
Vista
|
CA
|
313,293 | 409,654 |
None
|
16 | 313,293 | 409,670 | 722,963 | 206,891 |
05/01/96
|
01/19/96
|
300 | |||||||||||||||||||||||||||
|
Dublin
|
CA
|
415,620 | 1,153,928 |
None
|
None
|
415,620 | 1,153,928 | 1,569,548 | 305,789 |
05/14/02
|
300 | ||||||||||||||||||||||||||||
|
Folsom
|
CA
|
471,813 | 325,610 |
None
|
None
|
471,813 | 325,610 | 797,423 | 86,284 |
05/14/02
|
300 | ||||||||||||||||||||||||||||
|
Indio
|
CA
|
264,956 | 265,509 |
None
|
None
|
264,956 | 265,509 | 530,465 | 70,358 |
05/14/02
|
300 | ||||||||||||||||||||||||||||
|
Los
Angeles
|
CA
|
580,446 | 158,876 |
None
|
None
|
580,446 | 158,876 | 739,322 | 42,100 |
05/14/02
|
300 | ||||||||||||||||||||||||||||
|
Oxnard
|
CA
|
186,980 | 198,236 |
None
|
None
|
186,980 | 198,236 | 385,216 | 52,531 |
05/14/02
|
300 | ||||||||||||||||||||||||||||
|
Simi
Valley
|
CA
|
213,920 | 161,012 |
None
|
None
|
213,920 | 161,012 | 374,932 | 42,666 |
05/14/02
|
300 | ||||||||||||||||||||||||||||
|
Vacaville
|
CA
|
358,067 | 284,931 |
None
|
None
|
358,067 | 284,931 | 642,998 | 75,505 |
05/14/02
|
300 | ||||||||||||||||||||||||||||
|
Aurora
|
CO
|
231,314 | 430,495 |
None
|
None
|
231,314 | 430,495 | 661,809 | 22,242 |
09/04/07
|
300 | ||||||||||||||||||||||||||||
|
Broomfield
|
CO
|
154,930 | 503,626 |
None
|
450 | 154,930 | 504,076 | 659,006 | 249,745 |
08/22/96
|
03/15/96
|
300 | |||||||||||||||||||||||||||
|
Denver
|
CO
|
79,717 | 369,587 |
None
|
169 | 79,717 | 369,756 | 449,473 | 348,567 |
10/08/85
|
300 | ||||||||||||||||||||||||||||
|
Denver
|
CO
|
239,024 | 444,785 |
None
|
None
|
239,024 | 444,785 | 683,809 | 22,980 |
09/04/07
|
300 | ||||||||||||||||||||||||||||
|
Lakewood
|
CO
|
70,422 | 132,296 |
None
|
None
|
70,422 | 132,296 | 202,718 | 6,835 |
09/04/07
|
300 | ||||||||||||||||||||||||||||
|
Longmont
|
CO
|
87,385 | 163,169 |
None
|
None
|
87,385 | 163,169 | 250,554 | 8,430 |
09/04/07
|
300 | ||||||||||||||||||||||||||||
|
Thornton
|
CO
|
276,084 | 415,464 |
None
|
205 | 276,084 | 415,669 | 691,753 | 198,778 |
12/31/96
|
10/31/96
|
300 | |||||||||||||||||||||||||||
|
Hartford
|
CT
|
248,540 | 482,460 |
None
|
None
|
248,540 | 482,460 | 731,000 | 237,209 |
09/30/96
|
300 | ||||||||||||||||||||||||||||
|
Southington
|
CT
|
225,882 | 672,910 |
None
|
None
|
225,882 | 672,910 | 898,792 | 310,549 |
06/06/97
|
300 | ||||||||||||||||||||||||||||
|
Vernon
|
CT
|
81,529 | 300,518 |
None
|
None
|
81,529 | 300,518 | 382,047 | 78,636 |
06/27/02
|
300 | ||||||||||||||||||||||||||||
|
Carol
City
|
FL
|
163,239 | 262,726 |
None
|
None
|
163,239 | 262,726 | 425,965 | 68,747 |
06/27/02
|
300 | ||||||||||||||||||||||||||||
|
Jacksonville
|
FL
|
76,585 | 355,066 | 6,980 | 124 | 76,585 | 362,170 | 438,755 | 333,927 |
12/23/85
|
300 | ||||||||||||||||||||||||||||
|
Lauderdale
Lakes
|
FL
|
65,987 | 305,931 |
None
|
None
|
65,987 | 305,931 | 371,918 | 284,727 |
02/19/86
|
300 | ||||||||||||||||||||||||||||
|
Orange
City
|
FL
|
99,613 | 139,008 |
None
|
None
|
99,613 | 139,008 | 238,621 | 36,835 |
05/14/02
|
300 | ||||||||||||||||||||||||||||
|
Seminole
|
FL
|
68,000 | 315,266 |
None
|
124 | 68,000 | 315,390 | 383,390 | 295,392 |
12/23/85
|
300 | ||||||||||||||||||||||||||||
|
Sunrise
|
FL
|
80,253 | 372,070 |
None
|
None
|
80,253 | 372,070 | 452,323 | 346,492 |
02/14/86
|
300 | ||||||||||||||||||||||||||||
|
Tampa
|
FL
|
70,000 | 324,538 |
None
|
162 | 70,000 | 324,700 | 394,700 | 304,100 |
12/27/85
|
300 | ||||||||||||||||||||||||||||
|
Tampa
|
FL
|
67,000 | 310,629 |
None
|
124 | 67,000 | 310,753 | 377,753 | 291,050 |
12/27/85
|
300 | ||||||||||||||||||||||||||||
|
Tampa
|
FL
|
86,502 | 401,041 |
None
|
141 | 86,502 | 401,182 | 487,684 | 367,312 |
07/23/86
|
300 | ||||||||||||||||||||||||||||
|
Atlanta
|
GA
|
55,840 | 258,889 |
None
|
244 | 55,840 | 259,133 | 314,973 | 243,363 |
11/27/85
|
300 | ||||||||||||||||||||||||||||
|
Bogart
|
GA
|
66,807 | 309,733 |
None
|
None
|
66,807 | 309,733 | 376,540 | 290,102 |
12/20/85
|
300 | ||||||||||||||||||||||||||||
|
Douglasville
|
GA
|
214,771 | 129,519 |
None
|
None
|
214,771 | 129,519 | 344,290 | 34,320 |
05/14/02
|
300 | ||||||||||||||||||||||||||||
|
Duluth
|
GA
|
222,275 | 316,925 |
None
|
151 | 222,275 | 317,076 | 539,351 | 139,506 |
10/24/97
|
06/20/97
|
300 | |||||||||||||||||||||||||||
|
Duluth
|
GA
|
290,842 | 110,056 |
None
|
None
|
290,842 | 110,056 | 400,898 | 29,163 |
05/14/02
|
300 | ||||||||||||||||||||||||||||
|
Gainesville
|
GA
|
53,589 | 248,452 |
None
|
None
|
53,589 | 248,452 | 302,041 | 232,706 |
12/19/85
|
300 | ||||||||||||||||||||||||||||
|
Kennesaw
|
GA
|
266,865 | 139,425 |
None
|
None
|
266,865 | 139,425 | 406,290 | 36,946 |
05/14/02
|
300 | ||||||||||||||||||||||||||||
|
Marietta
|
GA
|
60,900 | 293,461 | 67,871 | 239 | 60,900 | 361,571 | 422,471 | 276,197 |
12/26/85
|
300 | ||||||||||||||||||||||||||||
|
Marietta
|
GA
|
69,561 | 346,024 |
None
|
356 | 69,561 | 346,380 | 415,941 | 318,360 |
06/03/86
|
300 | ||||||||||||||||||||||||||||
|
Norcross
|
GA
|
244,124 | 151,831 |
None
|
None
|
244,124 | 151,831 | 395,955 | 40,233 |
05/14/02
|
300 | ||||||||||||||||||||||||||||
|
Riverdale
|
GA
|
58,444 | 270,961 |
None
|
None
|
58,444 | 270,961 | 329,405 | 252,986 |
01/15/86
|
300 | ||||||||||||||||||||||||||||
|
Rome
|
GA
|
56,454 | 261,733 |
None
|
None
|
56,454 | 261,733 | 318,187 | 245,145 |
12/19/85
|
300 | ||||||||||||||||||||||||||||
|
Snellville
|
GA
|
253,316 | 132,124 |
None
|
None
|
253,316 | 132,124 | 385,440 | 35,011 |
05/14/02
|
300 | ||||||||||||||||||||||||||||
|
Tucker
|
GA
|
78,646 | 364,625 |
None
|
5,237 | 78,646 | 369,862 | 448,508 | 345,769 |
12/18/85
|
300 | ||||||||||||||||||||||||||||
|
Arlington
Hts
|
IL
|
441,437 | 215,983 |
None
|
None
|
441,437 | 215,983 | 657,420 | 57,234 |
05/14/02
|
300 | ||||||||||||||||||||||||||||
|
Chicago
|
IL
|
329,076 | 255,294 |
None
|
None
|
329,076 | 255,294 | 584,370 | 67,651 |
05/14/02
|
300 | ||||||||||||||||||||||||||||
|
Round
Lake Beach
|
IL
|
472,132 | 236,585 |
None
|
None
|
472,132 | 236,585 | 708,717 | 62,693 |
05/14/02
|
300 | ||||||||||||||||||||||||||||
|
Westchester
|
IL
|
421,239 | 184,812 |
None
|
None
|
421,239 | 184,812 | 606,051 | 48,973 |
05/14/02
|
300 | ||||||||||||||||||||||||||||
|
Anderson
|
IN
|
232,170 | 385,661 |
None
|
163 | 232,170 | 385,824 | 617,994 | 170,405 |
12/19/97
|
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
|
||||||||||||||||||||||||||||||||||||
|
Description
|
Acquisition
|
Carrying
|
Acquisition
|
Depreciation
|
Date
of
|
Date
|
is
Computed
|
||||||||||||||||||||||||||||||||
|
(Note
1)
|
Land
|
Fees
|
Improvements
|
Costs
|
Land
|
Fees
|
Total
|
(Note
4)
|
Construction
|
Acquired
|
(in
Months)
|
||||||||||||||||||||||||||||
|
Indianapolis
|
IN
|
231,384 | 428,307 |
None
|
None
|
231,384 | 428,307 | 659,691 | 210,584 |
09/27/96
|
300 | ||||||||||||||||||||||||||||
|
Michigan
City
|
IN
|
392,638 | 297,650 | -3,065 |
None
|
392,638 | 294,585 | 687,223 | 78,876 |
05/14/02
|
300 | ||||||||||||||||||||||||||||
|
Warsaw
|
IN
|
140,893 | 228,116 |
None
|
None
|
140,893 | 228,116 | 369,009 | 60,449 |
05/14/02
|
300 | ||||||||||||||||||||||||||||
|
Olathe
|
KS
|
217,995 | 367,055 |
None
|
None
|
217,995 | 367,055 | 585,050 | 170,677 |
04/22/97
|
11/11/96
|
300 | |||||||||||||||||||||||||||
|
Topeka
|
KS
|
32,022 | 60,368 |
None
|
None
|
32,022 | 60,368 | 92,390 | 3,119 |
09/04/07
|
300 | ||||||||||||||||||||||||||||
|
Louisville
|
KY
|
56,054 | 259,881 |
None
|
64 | 56,054 | 259,945 | 315,999 | 243,452 |
12/17/85
|
300 | ||||||||||||||||||||||||||||
|
Newport
|
KY
|
323,511 | 289,017 |
None
|
None
|
323,511 | 289,017 | 612,528 | 130,484 |
09/17/97
|
300 | ||||||||||||||||||||||||||||
|
Billerica
|
MA
|
399,043 | 462,240 |
None
|
None
|
399,043 | 462,240 | 861,283 | 216,384 |
04/02/97
|
300 | ||||||||||||||||||||||||||||
|
East
Falmouth
|
MA
|
191,302 | 340,539 |
None
|
None
|
191,302 | 340,539 | 531,841 | 90,241 |
05/14/02
|
300 | ||||||||||||||||||||||||||||
|
East
Wareham
|
MA
|
149,680 | 278,669 |
None
|
None
|
149,680 | 278,669 | 428,349 | 73,845 |
05/14/02
|
300 | ||||||||||||||||||||||||||||
|
Fairhaven
|
MA
|
138,957 | 289,294 |
None
|
None
|
138,957 | 289,294 | 428,251 | 76,661 |
05/14/02
|
300 | ||||||||||||||||||||||||||||
|
Gardner
|
MA
|
138,990 | 289,361 |
None
|
None
|
138,990 | 289,361 | 428,351 | 76,678 |
05/14/02
|
300 | ||||||||||||||||||||||||||||
|
Hyannis
|
MA
|
180,653 | 458,522 |
None
|
None
|
180,653 | 458,522 | 639,175 | 119,980 |
06/27/02
|
300 | ||||||||||||||||||||||||||||
|
Lenox
|
MA
|
287,769 | 535,273 |
None
|
232 | 287,769 | 535,505 | 823,274 | 209,649 |
03/31/99
|
300 | ||||||||||||||||||||||||||||
|
Newburyport
|
MA
|
274,698 | 466,449 |
None
|
None
|
274,698 | 466,449 | 741,147 | 122,054 |
06/27/02
|
300 | ||||||||||||||||||||||||||||
|
North
Reading
|
MA
|
180,546 | 351,161 |
None
|
None
|
180,546 | 351,161 | 531,707 | 93,055 |
05/14/02
|
300 | ||||||||||||||||||||||||||||
|
Orleans
|
MA
|
138,212 | 394,065 |
None
|
None
|
138,212 | 394,065 | 532,277 | 104,425 |
05/14/02
|
300 | ||||||||||||||||||||||||||||
|
Aberdeen
|
MD
|
223,617 | 225,605 |
None
|
None
|
223,617 | 225,605 | 449,222 | 59,033 |
06/27/02
|
300 | ||||||||||||||||||||||||||||
|
Bethesda
|
MD
|
282,717 | 525,928 |
None
|
None
|
282,717 | 525,928 | 808,645 | 27,173 |
09/04/07
|
300 | ||||||||||||||||||||||||||||
|
Capital
Heights
|
MD
|
547,173 | 219,979 | -12,319 |
None
|
547,173 | 207,660 | 754,833 | 58,291 |
05/14/02
|
300 | ||||||||||||||||||||||||||||
|
Clinton
|
MD
|
70,880 | 328,620 | 11,440 | 459 | 70,880 | 340,519 | 411,399 | 310,335 |
11/15/85
|
300 | ||||||||||||||||||||||||||||
|
Lexington
Park
|
MD
|
111,396 | 335,288 | -7,600 |
None
|
111,396 | 327,688 | 439,084 | 88,848 |
05/14/02
|
300 | ||||||||||||||||||||||||||||
|
Kalamazoo
|
MI
|
391,745 | 296,975 | -2,196 |
None
|
391,745 | 294,779 | 686,524 | 78,697 |
05/14/02
|
300 | ||||||||||||||||||||||||||||
|
Portage
|
MI
|
402,409 | 286,441 | -2,112 |
None
|
402,409 | 284,329 | 686,738 | 75,905 |
05/14/02
|
300 | ||||||||||||||||||||||||||||
|
Southfield
|
MI
|
275,952 | 350,765 |
None
|
None
|
275,952 | 350,765 | 626,717 | 92,951 |
05/14/02
|
300 | ||||||||||||||||||||||||||||
|
Troy
|
MI
|
214,893 | 199,299 |
None
|
None
|
214,893 | 199,299 | 414,192 | 52,813 |
05/14/02
|
300 | ||||||||||||||||||||||||||||
|
Minneapolis
|
MN
|
58,000 | 268,903 |
None
|
479 | 58,000 | 269,382 | 327,382 | 252,162 |
12/18/85
|
300 | ||||||||||||||||||||||||||||
|
St.
Cloud
|
MN
|
203,338 | 258,626 |
None
|
None
|
203,338 | 258,626 | 461,964 | 67,674 |
06/27/02
|
300 | ||||||||||||||||||||||||||||
|
Independence
|
MO
|
297,641 | 233,152 |
None
|
None
|
297,641 | 233,152 | 530,793 | 112,302 |
12/20/96
|
300 | ||||||||||||||||||||||||||||
|
Asheville
|
NC
|
441,746 | 242,565 |
None
|
None
|
441,746 | 242,565 | 684,311 | 64,278 |
05/14/02
|
300 | ||||||||||||||||||||||||||||
|
Charlotte
|
NC
|
508,100 | 457,295 |
None
|
None
|
508,100 | 457,295 | 965,395 | 102,891 |
05/27/03
|
300 | ||||||||||||||||||||||||||||
|
Concord
|
NC
|
237,688 | 357,976 |
None
|
152 | 237,688 | 358,128 | 595,816 | 149,965 |
11/05/97
|
300 | ||||||||||||||||||||||||||||
|
Durham
|
NC
|
55,074 | 255,336 |
None
|
121 | 55,074 | 255,457 | 310,531 | 240,138 |
11/13/85
|
300 | ||||||||||||||||||||||||||||
|
Durham
|
NC
|
354,676 | 361,203 | 3,400 | 351 | 354,676 | 364,954 | 719,630 | 165,933 |
08/29/97
|
03/31/97
|
300 | |||||||||||||||||||||||||||
|
Fayetteville
|
NC
|
224,326 | 257,733 |
None
|
205 | 224,326 | 257,938 | 482,264 | 113,876 |
12/03/97
|
300 | ||||||||||||||||||||||||||||
|
Greensboro
|
NC
|
286,068 | 244,606 |
None
|
None
|
286,068 | 244,606 | 530,674 | 64,812 |
05/14/02
|
300 | ||||||||||||||||||||||||||||
|
Matthews
|
NC
|
295,580 | 338,472 | 10,000 | 15,993 | 295,580 | 364,465 | 660,045 | 159,388 |
08/28/98
|
02/27/98
|
300 | |||||||||||||||||||||||||||
|
Pineville
|
NC
|
254,460 | 355,630 |
None
|
356 | 254,460 | 355,986 | 610,446 | 160,797 |
08/28/97
|
04/16/97
|
300 | |||||||||||||||||||||||||||
|
Raleigh
|
NC
|
89,145 | 413,301 |
None
|
94 | 89,145 | 413,395 | 502,540 | 389,618 |
10/28/85
|
300 | ||||||||||||||||||||||||||||
|
Raleigh
|
NC
|
398,694 | 263,621 |
None
|
None
|
398,694 | 263,621 | 662,315 | 118,155 |
10/01/97
|
300 | ||||||||||||||||||||||||||||
|
Salisbury
|
NC
|
235,614 | 150,592 |
None
|
None
|
235,614 | 150,592 | 386,206 | 39,905 |
05/14/02
|
300 | ||||||||||||||||||||||||||||
|
Fargo
|
ND
|
53,973 | 100,262 |
None
|
None
|
53,973 | 100,262 | 154,235 | 5,180 |
09/04/07
|
300 | ||||||||||||||||||||||||||||
|
Lincoln
|
NE
|
337,138 | 316,958 |
None
|
None
|
337,138 | 316,958 | 654,096 | 83,991 |
05/14/02
|
300 | ||||||||||||||||||||||||||||
|
Scottsbluff
|
NE
|
33,307 | 63,355 |
None
|
None
|
33,307 | 63,355 | 96,662 | 3,273 |
09/04/07
|
300 | ||||||||||||||||||||||||||||
|
Cherry
Hill
|
NJ
|
463,808 | 862,240 |
None
|
None
|
463,808 | 862,240 | 1,326,048 | 44,549 |
09/04/07
|
300 | ||||||||||||||||||||||||||||
|
Edison
|
NJ
|
448,936 | 238,773 |
None
|
None
|
448,936 | 238,773 | 687,709 | 63,271 |
05/14/02
|
300 | ||||||||||||||||||||||||||||
|
Glassboro
|
NJ
|
182,013 | 312,480 |
None
|
None
|
182,013 | 312,480 | 494,493 | 81,766 |
06/27/02
|
300 | ||||||||||||||||||||||||||||
|
Hamilton
Square
|
NJ
|
422,477 | 291,555 |
None
|
None
|
422,477 | 291,555 | 714,032 | 77,258 |
05/14/02
|
300 | ||||||||||||||||||||||||||||
|
Hamilton
Township
|
NJ
|
265,238 | 298,167 |
None
|
None
|
265,238 | 298,167 | 563,405 | 79,011 |
05/14/02
|
300 | ||||||||||||||||||||||||||||
|
Pleasantville
|
NJ
|
77,105 | 144,693 |
None
|
None
|
77,105 | 144,693 | 221,798 | 7,476 |
09/04/07
|
300 | ||||||||||||||||||||||||||||
|
Randolph
|
NJ
|
452,629 | 390,163 |
None
|
None
|
452,629 | 390,163 | 842,792 | 103,391 |
05/14/02
|
300 | ||||||||||||||||||||||||||||
|
Westfield
|
NJ
|
705,337 | 288,720 |
None
|
None
|
705,337 | 288,720 | 994,057 | 76,506 |
05/14/02
|
300 | ||||||||||||||||||||||||||||
|
Woodbury
|
NJ
|
212,788 | 320,283 |
None
|
None
|
212,788 | 320,283 | 533,071 | 84,871 |
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
|
|||||||||||||||||||||||||||||||||
|
Description
|
Acquisition
|
Carrying
|
Acquisition
|
Depreciation
|
Date
of
|
Date
|
is
Computed
|
|||||||||||||||||||||||||||||
|
(Note
1)
|
Land
|
Fees
|
Improvements
|
Costs
|
Land
|
Fees
|
Total
|
(Note
4)
|
Construction
|
Acquired
|
(in
Months)
|
|||||||||||||||||||||||||
|
Las
Vegas
|
NV
|
326,879 | 359,101 |
None
|
None
|
326,879 | 359,101 | 685,980 | 95,160 |
05/14/02
|
300 | |||||||||||||||||||||||||
|
Las
Vegas
|
NV
|
316,441 | 369,768 |
None
|
None
|
316,441 | 369,768 | 686,209 | 97,987 |
05/14/02
|
300 | |||||||||||||||||||||||||
|
Las
Vegas
|
NV
|
252,169 | 562,715 |
None
|
None
|
252,169 | 562,715 | 814,884 | 149,117 |
05/14/02
|
300 | |||||||||||||||||||||||||
|
Sparks
|
NV
|
326,813 | 306,311 |
None
|
None
|
326,813 | 306,311 | 633,124 | 81,170 |
05/14/02
|
300 | |||||||||||||||||||||||||
|
Albion
|
NY
|
170,589 | 317,424 |
None
|
None
|
170,589 | 317,424 | 488,013 | 124,316 |
03/31/99
|
300 | |||||||||||||||||||||||||
|
Bethpage
|
NY
|
334,120 | 621,391 |
None
|
None
|
334,120 | 621,391 | 955,511 | 32,105 |
09/04/07
|
300 | |||||||||||||||||||||||||
|
Commack
|
NY
|
400,427 | 744,533 |
None
|
None
|
400,427 | 744,533 | 1,144,960 | 38,467 |
09/04/07
|
300 | |||||||||||||||||||||||||
|
Dansville
|
NY
|
181,664 | 337,991 |
None
|
None
|
181,664 | 337,991 | 519,655 | 132,372 |
03/31/99
|
300 | |||||||||||||||||||||||||
|
East
Amherst
|
NY
|
260,708 | 484,788 |
None
|
None
|
260,708 | 484,788 | 745,496 | 189,867 |
03/31/99
|
300 | |||||||||||||||||||||||||
|
East
Syracuse
|
NY
|
250,609 | 466,264 |
None
|
None
|
250,609 | 466,264 | 716,873 | 182,609 |
03/31/99
|
300 | |||||||||||||||||||||||||
|
Freeport
|
NY
|
134,828 | 251,894 |
None
|
None
|
134,828 | 251,894 | 386,722 | 13,014 |
09/04/07
|
300 | |||||||||||||||||||||||||
|
Johnson
City
|
NY
|
242,863 | 451,877 |
None
|
None
|
242,863 | 451,877 | 694,740 | 176,974 |
03/31/99
|
300 | |||||||||||||||||||||||||
|
Queens
Village
|
NY
|
242,775 | 451,749 |
None
|
None
|
242,775 | 451,749 | 694,524 | 23,340 |
09/04/07
|
300 | |||||||||||||||||||||||||
|
Riverhead
|
NY
|
143,929 | 268,795 |
None
|
None
|
143,929 | 268,795 | 412,724 | 13,888 |
09/04/07
|
300 | |||||||||||||||||||||||||
|
Wellsville
|
NY
|
161,331 | 300,231 |
None
|
None
|
161,331 | 300,231 | 461,562 | 117,582 |
03/31/99
|
300 | |||||||||||||||||||||||||
|
West
Amherst
|
NY
|
268,692 | 499,619 |
None
|
None
|
268,692 | 499,619 | 768,311 | 195,676 |
03/31/99
|
300 | |||||||||||||||||||||||||
|
Akron
|
OH
|
139,126 | 460,334 |
None
|
None
|
139,126 | 460,334 | 599,460 | 207,879 |
09/18/97
|
300 | |||||||||||||||||||||||||
|
Beaver
Creek
|
OH
|
349,091 | 251,127 |
None
|
None
|
349,091 | 251,127 | 600,218 | 43,110 |
09/17/04
|
300 | |||||||||||||||||||||||||
|
Beavercreek
|
OH
|
205,000 | 492,538 |
None
|
None
|
205,000 | 492,538 | 697,538 | 232,313 |
02/13/97
|
09/09/96
|
300 | ||||||||||||||||||||||||
|
Canal
Winchester
|
OH
|
443,751 | 825,491 |
None
|
None
|
443,751 | 825,491 | 1,269,242 | 197,787 |
12/19/02
|
08/21/02
|
300 | ||||||||||||||||||||||||
|
Centerville
|
OH
|
305,000 | 420,448 |
None
|
None
|
305,000 | 420,448 | 725,448 | 209,524 |
07/24/96
|
06/28/96
|
300 | ||||||||||||||||||||||||
|
Cincinnati
|
OH
|
293,005 | 201,340 |
None
|
None
|
293,005 | 201,340 | 494,345 | 90,868 |
09/17/97
|
300 | |||||||||||||||||||||||||
|
Cincinnati
|
OH
|
211,185 | 392,210 |
None
|
None
|
211,185 | 392,210 | 603,395 | 80,403 |
11/03/03
|
300 | |||||||||||||||||||||||||
|
Cincinnati
|
OH
|
305,556 | 244,662 |
None
|
None
|
305,556 | 244,662 | 550,218 | 42,000 |
09/17/04
|
300 | |||||||||||||||||||||||||
|
Cincinnati
|
OH
|
589,286 | 160,932 |
None
|
None
|
589,286 | 160,932 | 750,218 | 27,626 |
09/17/04
|
300 | |||||||||||||||||||||||||
|
Cincinnati
|
OH
|
159,375 | 265,842 |
None
|
None
|
159,375 | 265,842 | 425,217 | 45,636 |
09/17/04
|
300 | |||||||||||||||||||||||||
|
Cincinnati
|
OH
|
350,000 | 300,217 |
None
|
None
|
350,000 | 300,217 | 650,217 | 48,535 |
12/20/04
|
300 | |||||||||||||||||||||||||
|
Cleveland
|
OH
|
215,111 | 216,517 |
None
|
None
|
215,111 | 216,517 | 431,628 | 56,655 |
06/27/02
|
300 | |||||||||||||||||||||||||
|
Columbus
|
OH
|
71,098 | 329,627 |
None
|
195 | 71,098 | 329,822 | 400,920 | 311,018 |
10/02/85
|
300 | |||||||||||||||||||||||||
|
Columbus
|
OH
|
75,761 | 351,247 |
None
|
168 | 75,761 | 351,415 | 427,176 | 331,216 |
10/24/85
|
300 | |||||||||||||||||||||||||
|
Columbus
|
OH
|
245,036 | 470,468 |
None
|
122 | 245,036 | 470,590 | 715,626 | 245,431 |
12/22/95
|
300 | |||||||||||||||||||||||||
|
Columbus
|
OH
|
432,110 | 386,553 |
None
|
None
|
432,110 | 386,553 | 818,663 | 86,974 |
05/27/03
|
300 | |||||||||||||||||||||||||
|
Columbus
|
OH
|
466,696 | 548,133 |
None
|
None
|
466,696 | 548,133 | 1,014,829 | 123,329 |
05/27/03
|
300 | |||||||||||||||||||||||||
|
Columbus
|
OH
|
337,679 | 272,484 |
None
|
None
|
337,679 | 272,484 | 610,163 | 46,776 |
09/17/04
|
300 | |||||||||||||||||||||||||
|
Columbus
|
OH
|
190,000 | 260,162 |
None
|
None
|
190,000 | 260,162 | 450,162 | 44,661 |
09/17/04
|
300 | |||||||||||||||||||||||||
|
Columbus
|
OH
|
371,429 | 278,734 |
None
|
None
|
371,429 | 278,734 | 650,163 | 47,849 |
09/17/04
|
300 | |||||||||||||||||||||||||
|
Columbus
|
OH
|
214,737 | 85,425 |
None
|
96 | 214,737 | 85,521 | 300,258 | 14,668 |
09/17/04
|
300 | |||||||||||||||||||||||||
|
Cuyahoga
Falls
|
OH
|
253,750 | 271,400 |
None
|
None
|
253,750 | 271,400 | 525,150 | 46,590 |
09/17/04
|
300 | |||||||||||||||||||||||||
|
Dayton
|
OH
|
70,000 | 324,538 |
None
|
393 | 70,000 | 324,931 | 394,931 | 306,103 |
10/31/85
|
300 | |||||||||||||||||||||||||
|
Dublin
|
OH
|
437,887 | 428,046 |
None
|
None
|
437,887 | 428,046 | 865,933 | 96,309 |
05/27/03
|
300 | |||||||||||||||||||||||||
|
Eastlake
|
OH
|
321,347 | 459,774 |
None
|
None
|
321,347 | 459,774 | 781,121 | 239,849 |
12/22/95
|
300 | |||||||||||||||||||||||||
|
Fairfield
|
OH
|
323,408 | 235,024 |
None
|
None
|
323,408 | 235,024 | 558,432 | 106,094 |
09/17/97
|
300 | |||||||||||||||||||||||||
|
Fairlawn
|
OH
|
280,000 | 270,150 |
None
|
None
|
280,000 | 270,150 | 550,150 | 46,375 |
09/17/04
|
300 | |||||||||||||||||||||||||
|
Findlay
|
OH
|
283,515 | 397,004 |
None
|
None
|
283,515 | 397,004 | 680,519 | 175,347 |
12/24/97
|
300 | |||||||||||||||||||||||||
|
Hamilton
|
OH
|
252,608 | 413,279 |
None
|
None
|
252,608 | 413,279 | 665,887 | 190,794 |
03/31/97
|
10/04/96
|
300 | ||||||||||||||||||||||||
|
Huber
Heights
|
OH
|
282,000 | 449,381 |
None
|
None
|
282,000 | 449,381 | 731,381 | 214,953 |
12/03/96
|
07/18/96
|
300 | ||||||||||||||||||||||||
|
Lima
|
OH
|
241,132 | 114,085 |
None
|
None
|
241,132 | 114,085 | 355,217 | 19,584 |
09/17/04
|
300 | |||||||||||||||||||||||||
|
Marion
|
OH
|
100,000 | 275,162 |
None
|
None
|
100,000 | 275,162 | 375,162 | 44,485 |
12/20/04
|
300 | |||||||||||||||||||||||||
|
Mason
|
OH
|
310,990 | 405,373 |
None
|
None
|
310,990 | 405,373 | 716,363 | 91,208 |
05/27/03
|
300 | |||||||||||||||||||||||||
|
Middleburg
Hghts
|
OH
|
317,308 | 307,842 |
None
|
None
|
317,308 | 307,842 | 625,150 | 52,846 |
09/17/04
|
300 | |||||||||||||||||||||||||
|
Milford
|
OH
|
353,324 | 269,997 |
None
|
None
|
353,324 | 269,997 | 623,321 | 121,907 |
09/18/97
|
300 | |||||||||||||||||||||||||
|
Mt.
Vernon
|
OH
|
216,115 | 375,357 |
None
|
None
|
216,115 | 375,357 | 591,472 | 165,783 |
12/30/97
|
300 | |||||||||||||||||||||||||
|
Northwood
|
OH
|
65,978 | 263,912 |
None
|
1,179 | 65,978 | 265,091 | 331,069 | 264,725 |
09/12/86
|
180 | |||||||||||||||||||||||||
|
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
|
||||||||||||||||||||||||||||||||||||
|
Description
|
Acquisition
|
Carrying
|
Acquisition
|
Depreciation
|
Date
of
|
Date
|
is
Computed
|
||||||||||||||||||||||||||||||||
|
(Note
1)
|
Land
|
Fees
|
Improvements
|
Costs
|
Land
|
Fees
|
Total
|
(Note
4)
|
Construction
|
Acquired
|
(in
Months)
|
||||||||||||||||||||||||||||
|
Norwalk
|
OH
|
200,205 | 366,000 |
None
|
None
|
200,205 | 366,000 | 566,205 | 161,649 |
12/19/97
|
300 | ||||||||||||||||||||||||||||
|
Parma
|
OH
|
268,966 | 381,184 |
None
|
None
|
268,966 | 381,184 | 650,150 | 65,436 |
09/17/04
|
300 | ||||||||||||||||||||||||||||
|
Reynoldsburg
|
OH
|
267,750 | 497,371 |
None
|
None
|
267,750 | 497,371 | 765,121 | 85,382 |
09/15/04
|
300 | ||||||||||||||||||||||||||||
|
Reynoldsburg
|
OH
|
374,000 | 176,162 |
None
|
None
|
374,000 | 176,162 | 550,162 | 30,241 |
09/17/04
|
300 | ||||||||||||||||||||||||||||
|
S.
Euclid
|
OH
|
337,593 | 451,944 |
None
|
None
|
337,593 | 451,944 | 789,537 | 101,687 |
05/27/03
|
300 | ||||||||||||||||||||||||||||
|
Sandusky
|
OH
|
264,708 | 404,011 |
None
|
230 | 264,708 | 404,241 | 668,949 | 178,484 |
12/19/97
|
300 | ||||||||||||||||||||||||||||
|
Solon
|
OH
|
794,305 | 222,797 |
None
|
None
|
794,305 | 222,797 | 1,017,102 | 50,129 |
05/27/03
|
300 | ||||||||||||||||||||||||||||
|
Springboro
|
OH
|
191,911 | 522,902 |
None
|
None
|
191,911 | 522,902 | 714,813 | 246,476 |
03/07/97
|
300 | ||||||||||||||||||||||||||||
|
Springfield
|
OH
|
320,000 | 280,217 |
None
|
None
|
320,000 | 280,217 | 600,217 | 48,104 |
09/17/04
|
300 | ||||||||||||||||||||||||||||
|
Springfield
|
OH
|
189,091 | 136,127 |
None
|
None
|
189,091 | 136,127 | 325,218 | 23,368 |
09/17/04
|
300 | ||||||||||||||||||||||||||||
|
Stow
|
OH
|
310,000 | 415,150 |
None
|
None
|
310,000 | 415,150 | 725,150 | 71,267 |
09/17/04
|
300 | ||||||||||||||||||||||||||||
|
Toledo
|
OH
|
91,655 | 366,621 |
None
|
1,179 | 91,655 | 367,800 | 459,455 | 367,435 |
09/12/86
|
180 | ||||||||||||||||||||||||||||
|
Toledo
|
OH
|
73,408 | 293,632 |
None
|
1,179 | 73,408 | 294,811 | 368,219 | 294,445 |
09/12/86
|
180 | ||||||||||||||||||||||||||||
|
Toledo
|
OH
|
120,000 | 230,217 |
None
|
None
|
120,000 | 230,217 | 350,217 | 39,520 |
09/17/04
|
300 | ||||||||||||||||||||||||||||
|
Toledo
|
OH
|
250,000 | 175,217 |
None
|
25 | 250,000 | 175,242 | 425,242 | 30,079 |
09/17/04
|
300 | ||||||||||||||||||||||||||||
|
Toledo
|
OH
|
320,000 | 280,217 |
None
|
None
|
320,000 | 280,217 | 600,217 | 48,104 |
09/17/04
|
300 | ||||||||||||||||||||||||||||
|
Toledo
|
OH
|
250,000 | 530,217 |
None
|
None
|
250,000 | 530,217 | 780,217 | 91,020 |
09/17/04
|
300 | ||||||||||||||||||||||||||||
|
West
Chester
|
OH
|
446,449 | 768,644 |
None
|
None
|
446,449 | 768,644 | 1,215,093 | 166,925 |
06/27/03
|
03/11/03
|
300 | |||||||||||||||||||||||||||
|
Zanesville
|
OH
|
125,000 | 300,162 |
None
|
None
|
125,000 | 300,162 | 425,162 | 51,527 |
09/17/04
|
300 | ||||||||||||||||||||||||||||
|
Midwest
City
|
OK
|
106,312 | 333,551 |
None
|
None
|
106,312 | 333,551 | 439,863 | 138,505 |
08/06/98
|
08/08/97
|
300 | |||||||||||||||||||||||||||
|
Oklahoma
City
|
OK
|
143,655 | 295,422 |
None
|
None
|
143,655 | 295,422 | 439,077 | 126,554 |
03/06/98
|
07/29/97
|
300 | |||||||||||||||||||||||||||
|
Tulsa
|
OK
|
133,648 | 249,702 |
None
|
None
|
133,648 | 249,702 | 383,350 | 12,901 |
09/04/07
|
300 | ||||||||||||||||||||||||||||
|
Portland
|
OR
|
251,499 | 345,952 |
None
|
None
|
251,499 | 345,952 | 597,451 | 86,487 |
09/26/02
|
300 | ||||||||||||||||||||||||||||
|
Salem
|
OR
|
337,711 | 253,855 |
None
|
None
|
337,711 | 253,855 | 591,566 | 67,270 |
05/14/02
|
300 | ||||||||||||||||||||||||||||
|
Bethel
Park
|
PA
|
299,595 | 331,264 |
None
|
None
|
299,595 | 331,264 | 630,859 | 146,316 |
12/19/97
|
300 | ||||||||||||||||||||||||||||
|
Bethlehem
|
PA
|
275,328 | 389,067 |
None
|
457 | 275,328 | 389,524 | 664,852 | 171,994 |
12/19/97
|
300 | ||||||||||||||||||||||||||||
|
Bethlehem
|
PA
|
229,162 | 310,526 |
None
|
None
|
229,162 | 310,526 | 539,688 | 137,145 |
12/24/97
|
300 | ||||||||||||||||||||||||||||
|
Bridgeville
|
PA
|
275,000 | 375,150 |
None
|
None
|
275,000 | 375,150 | 650,150 | 64,400 |
09/17/04
|
300 | ||||||||||||||||||||||||||||
|
Coraopolis
|
PA
|
225,000 | 375,150 |
None
|
None
|
225,000 | 375,150 | 600,150 | 64,400 |
09/17/04
|
300 | ||||||||||||||||||||||||||||
|
Harrisburg
|
PA
|
131,529 | 220,317 | -2,515 |
None
|
131,529 | 217,802 | 349,331 | 58,380 |
05/14/02
|
300 | ||||||||||||||||||||||||||||
|
Monroeville
|
PA
|
275,000 | 250,150 |
None
|
None
|
275,000 | 250,150 | 525,150 | 42,942 |
09/17/04
|
300 | ||||||||||||||||||||||||||||
|
Philadelphia
|
PA
|
858,500 | 877,744 |
None
|
None
|
858,500 | 877,744 | 1,736,244 | 536,828 |
05/19/95
|
12/05/94
|
300 | |||||||||||||||||||||||||||
|
Pittsburgh
|
PA
|
378,715 | 685,374 |
None
|
None
|
378,715 | 685,374 | 1,064,089 | 169,413 |
08/22/02
|
01/17/02
|
300 | |||||||||||||||||||||||||||
|
Pittsburgh
|
PA
|
219,938 | 408,466 |
None
|
None
|
219,938 | 408,466 | 628,404 | 83,736 |
11/03/03
|
300 | ||||||||||||||||||||||||||||
|
Pittsburgh
|
PA
|
175,000 | 300,150 |
None
|
None
|
175,000 | 300,150 | 475,150 | 51,525 |
09/17/04
|
300 | ||||||||||||||||||||||||||||
|
Pittsburgh
|
PA
|
243,750 | 406,400 |
None
|
None
|
243,750 | 406,400 | 650,150 | 69,765 |
09/17/04
|
300 | ||||||||||||||||||||||||||||
|
Pittsburgh
|
PA
|
208,333 | 416,817 |
None
|
None
|
208,333 | 416,817 | 625,150 | 71,553 |
09/17/04
|
300 | ||||||||||||||||||||||||||||
|
Pittsburgh
|
PA
|
121,429 | 303,721 |
None
|
None
|
121,429 | 303,721 | 425,150 | 52,138 |
09/17/04
|
300 | ||||||||||||||||||||||||||||
|
Warminster
|
PA
|
323,847 | 216,999 | -3,929 |
None
|
323,847 | 213,070 | 536,917 | 57,501 |
05/14/02
|
300 | ||||||||||||||||||||||||||||
|
Wexford
|
PA
|
284,375 | 240,775 |
None
|
None
|
284,375 | 240,775 | 525,150 | 41,333 |
09/17/04
|
300 | ||||||||||||||||||||||||||||
|
York
|
PA
|
249,436 | 347,424 |
None
|
232 | 249,436 | 347,656 | 597,092 | 153,458 |
12/30/97
|
300 | ||||||||||||||||||||||||||||
|
Charleston
|
SC
|
217,250 | 294,079 |
None
|
151 | 217,250 | 294,230 | 511,480 | 133,908 |
07/14/97
|
03/13/97
|
300 | |||||||||||||||||||||||||||
|
Columbia
|
SC
|
267,622 | 298,594 |
None
|
7,250 | 267,622 | 305,844 | 573,466 | 133,197 |
03/31/98
|
11/05/97
|
300 | |||||||||||||||||||||||||||
|
Greenville
|
SC
|
221,946 | 315,163 |
None
|
8,684 | 221,946 | 323,847 | 545,793 | 148,149 |
09/05/97
|
03/31/97
|
300 | |||||||||||||||||||||||||||
|
Lexington
|
SC
|
241,534 | 342,182 |
None
|
544 | 241,534 | 342,726 | 584,260 | 133,436 |
09/24/98
|
300 | ||||||||||||||||||||||||||||
|
North
Charleston
|
SC
|
174,980 | 341,466 |
None
|
15,690 | 174,980 | 357,156 | 532,136 | 157,128 |
08/06/98
|
03/12/98
|
300 | |||||||||||||||||||||||||||
|
Sioux
Falls
|
SD
|
48,833 | 91,572 |
None
|
None
|
48,833 | 91,572 | 140,405 | 4,731 |
09/04/07
|
300 | ||||||||||||||||||||||||||||
|
Brentwood
|
TN
|
305,546 | 505,728 |
None
|
None
|
305,546 | 505,728 | 811,274 | 221,670 |
03/13/98
|
05/28/97
|
300 | |||||||||||||||||||||||||||
|
Hendersonville
|
TN
|
175,764 | 327,096 |
None
|
None
|
175,764 | 327,096 | 502,860 | 77,958 |
01/21/03
|
300 | ||||||||||||||||||||||||||||
|
Hermitage
|
TN
|
560,443 | 1,011,799 |
None
|
None
|
560,443 | 1,011,799 | 1,572,242 | 259,491 |
10/15/01
|
05/09/01
|
300 | |||||||||||||||||||||||||||
|
Hermitage
|
TN
|
204,296 | 172,695 |
None
|
None
|
204,296 | 172,695 | 376,991 | 45,762 |
05/14/02
|
300 | ||||||||||||||||||||||||||||
|
Madison
|
TN
|
175,769 | 327,068 |
None
|
None
|
175,769 | 327,068 | 502,837 | 77,951 |
01/21/03
|
300 | ||||||||||||||||||||||||||||
|
Memphis
|
TN
|
108,094 | 217,079 |
None
|
None
|
108,094 | 217,079 | 325,173 | 57,523 |
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
|
|||||||||||||||||||||||||||||||||
|
Description
|
Acquisition
|
Carrying
|
Acquisition
|
Depreciation
|
Date
of
|
Date
|
is
Computed
|
|||||||||||||||||||||||||||||
|
(Note
1)
|
Land
|
Fees
|
Improvements
|
Costs
|
Land
|
Fees
|
Total
|
(Note
4)
|
Construction
|
Acquired
|
(in
Months)
|
|||||||||||||||||||||||||
|
Memphis
|
TN
|
214,110 | 193,591 |
None
|
None
|
214,110 | 193,591 | 407,701 | 51,299 |
05/14/02
|
300 | |||||||||||||||||||||||||
|
Memphis
|
TN
|
215,017 | 216,794 |
None
|
None
|
215,017 | 216,794 | 431,811 | 56,728 |
06/27/02
|
300 | |||||||||||||||||||||||||
|
Murfreesboro
|
TN
|
150,411 | 215,528 |
None
|
None
|
150,411 | 215,528 | 365,939 | 57,113 |
05/14/02
|
300 | |||||||||||||||||||||||||
|
Nashville
|
TN
|
342,960 | 227,440 |
None
|
None
|
342,960 | 227,440 | 570,400 | 102,677 |
09/17/97
|
300 | |||||||||||||||||||||||||
|
Carrollton
|
TX
|
174,284 | 98,623 |
None
|
None
|
174,284 | 98,623 | 272,907 | 26,133 |
05/14/02
|
300 | |||||||||||||||||||||||||
|
Carrolton
|
TX
|
177,041 | 199,088 |
None
|
None
|
177,041 | 199,088 | 376,129 | 52,756 |
05/14/02
|
300 | |||||||||||||||||||||||||
|
Dallas
|
TX
|
234,604 | 325,951 |
None
|
None
|
234,604 | 325,951 | 560,555 | 161,346 |
08/09/96
|
02/19/96
|
300 | ||||||||||||||||||||||||
|
Fort
Worth
|
TX
|
83,530 | 111,960 |
None
|
None
|
83,530 | 111,960 | 195,490 | 29,668 |
05/14/02
|
300 | |||||||||||||||||||||||||
|
Houston
|
TX
|
285,000 | 369,697 |
None
|
None
|
285,000 | 369,697 | 654,697 | 165,708 |
08/08/97
|
08/08/97
|
300 | ||||||||||||||||||||||||
|
Humble
|
TX
|
257,169 | 325,652 |
None
|
None
|
257,169 | 325,652 | 582,821 | 86,296 |
05/14/02
|
300 | |||||||||||||||||||||||||
|
Lake
Jackson
|
TX
|
197,170 | 256,376 |
None
|
None
|
197,170 | 256,376 | 453,546 | 67,938 |
05/14/02
|
300 | |||||||||||||||||||||||||
|
Lewisville
|
TX
|
199,942 | 324,736 |
None
|
None
|
199,942 | 324,736 | 524,678 | 160,744 |
08/02/96
|
02/14/96
|
300 | ||||||||||||||||||||||||
|
Lewisville
|
TX
|
130,238 | 207,683 |
None
|
None
|
130,238 | 207,683 | 337,921 | 54,344 |
06/27/02
|
300 | |||||||||||||||||||||||||
|
San
Antonio
|
TX
|
198,828 | 437,422 |
None
|
342 | 198,828 | 437,764 | 636,592 | 232,616 |
09/15/95
|
300 | |||||||||||||||||||||||||
|
Richmond
|
VA
|
403,549 | 876,981 |
None
|
None
|
403,549 | 876,981 | 1,280,530 | 172,874 |
07/08/04
|
10/17/02
|
300 | ||||||||||||||||||||||||
|
Roanoke
|
VA
|
349,628 | 322,545 |
None
|
203 | 349,628 | 322,748 | 672,376 | 142,575 |
12/19/97
|
300 | |||||||||||||||||||||||||
|
Warrenton
|
VA
|
186,723 | 241,173 |
None
|
None
|
186,723 | 241,173 | 427,896 | 63,907 |
05/14/02
|
300 | |||||||||||||||||||||||||
|
Bremerton
|
WA
|
261,172 | 373,080 |
None
|
None
|
261,172 | 373,080 | 634,252 | 180,551 |
03/19/97
|
07/24/96
|
300 | ||||||||||||||||||||||||
|
Tacoma
|
WA
|
109,127 | 202,691 |
None
|
None
|
109,127 | 202,691 | 311,818 | 10,472 |
09/04/07
|
300 | |||||||||||||||||||||||||
|
Milwaukee
|
WI
|
173,005 | 499,244 |
None
|
172 | 173,005 | 499,416 | 672,421 | 260,447 |
12/22/95
|
300 | |||||||||||||||||||||||||
|
Milwaukee
|
WI
|
152,509 | 475,480 |
None
|
None
|
152,509 | 475,480 | 627,989 | 233,777 |
09/27/96
|
300 | |||||||||||||||||||||||||
|
New
Berlin
|
WI
|
188,491 | 466,268 |
None
|
172 | 188,491 | 466,440 | 654,931 | 243,244 |
12/22/95
|
300 | |||||||||||||||||||||||||
|
Racine
|
WI
|
184,002 | 114,167 |
None
|
None
|
184,002 | 114,167 | 298,169 | 30,253 |
05/14/02
|
300 | |||||||||||||||||||||||||
|
Automotive Tire Services
|
||||||||||||||||||||||||||||||||||||
|
Athens
|
AL
|
760,031 | 1,413,494 |
None
|
None
|
760,031 | 1,413,494 | 2,173,525 | 120,143 |
11/22/06
|
300 | |||||||||||||||||||||||||
|
Auburn
|
AL
|
660,210 | 1,228,112 |
None
|
None
|
660,210 | 1,228,112 | 1,888,322 | 104,386 |
11/22/06
|
300 | |||||||||||||||||||||||||
|
Birmingham
|
AL
|
635,111 | 1,180,909 |
None
|
None
|
635,111 | 1,180,909 | 1,816,020 | 100,373 |
11/22/06
|
300 | |||||||||||||||||||||||||
|
Daphne
|
AL
|
876,139 | 1,629,123 |
None
|
None
|
876,139 | 1,629,123 | 2,505,262 | 138,471 |
11/22/06
|
300 | |||||||||||||||||||||||||
|
Decatur
|
AL
|
635,111 | 1,181,499 |
None
|
None
|
635,111 | 1,181,499 | 1,816,610 | 100,423 |
11/22/06
|
300 | |||||||||||||||||||||||||
|
Dothan
|
AL
|
455,651 | 565,120 |
None
|
None
|
455,651 | 565,120 | 1,020,771 | 3,387 |
10/17/08
|
06/10/08
|
300 | ||||||||||||||||||||||||
|
Foley
|
AL
|
870,031 | 1,617,357 |
None
|
None
|
870,031 | 1,617,357 | 2,487,388 | 137,471 |
11/22/06
|
300 | |||||||||||||||||||||||||
|
Gardendale
|
AL
|
610,055 | 1,134,554 |
None
|
None
|
610,055 | 1,134,554 | 1,744,609 | 95,761 |
11/22/06
|
300 | |||||||||||||||||||||||||
|
Hoover
|
AL
|
504,396 | 938,299 |
None
|
None
|
504,396 | 938,299 | 1,442,695 | 79,751 |
11/22/06
|
300 | |||||||||||||||||||||||||
|
Hoover
|
AL
|
620,270 | 1,153,493 |
None
|
None
|
620,270 | 1,153,493 | 1,773,763 | 98,043 |
11/22/06
|
300 | |||||||||||||||||||||||||
|
Huntsville
|
AL
|
499,843 | 929,863 |
None
|
None
|
499,843 | 929,863 | 1,429,706 | 79,034 |
11/22/06
|
300 | |||||||||||||||||||||||||
|
Huntsville
|
AL
|
635,111 | 1,181,499 |
None
|
None
|
635,111 | 1,181,499 | 1,816,610 | 100,423 |
11/22/06
|
300 | |||||||||||||||||||||||||
|
Madison
|
AL
|
635,111 | 1,181,532 |
None
|
None
|
635,111 | 1,181,532 | 1,816,643 | 100,426 |
11/22/06
|
300 | |||||||||||||||||||||||||
|
Mobile
|
AL
|
635,111 | 1,181,499 |
None
|
None
|
635,111 | 1,181,499 | 1,816,610 | 100,423 |
11/22/06
|
300 | |||||||||||||||||||||||||
|
Mobile
|
AL
|
525,750 | 977,810 |
None
|
None
|
525,750 | 977,810 | 1,503,560 | 83,110 |
11/22/06
|
300 | |||||||||||||||||||||||||
|
Montgomery
|
AL
|
544,181 | 654,046 |
None
|
None
|
544,181 | 654,046 | 1,198,227 | 14,814 |
01/24/08
|
300 | |||||||||||||||||||||||||
|
Orange
Beach
|
AL
|
630,244 | 1,172,036 |
None
|
None
|
630,244 | 1,172,036 | 1,802,280 | 99,619 |
11/22/06
|
300 | |||||||||||||||||||||||||
|
Pelham
|
AL
|
635,111 | 1,180,909 |
None
|
None
|
635,111 | 1,180,909 | 1,816,020 | 100,373 |
11/22/06
|
300 | |||||||||||||||||||||||||
|
Phenix
City
|
AL
|
630,244 | 1,172,024 |
None
|
None
|
630,244 | 1,172,024 | 1,802,268 | 99,618 |
11/22/06
|
300 | |||||||||||||||||||||||||
|
Tucson
|
AZ
|
178,297 | 396,004 |
None
|
338 | 178,297 | 396,342 | 574,639 | 296,230 |
01/19/90
|
300 | |||||||||||||||||||||||||
|
Arvada
|
CO
|
301,489 | 931,092 |
None
|
None
|
301,489 | 931,092 | 1,232,581 | 302,642 |
09/22/00
|
11/18/99
|
300 | ||||||||||||||||||||||||
|
Aurora
|
CO
|
221,691 | 492,382 |
None
|
None
|
221,691 | 492,382 | 714,073 | 367,919 |
01/29/90
|
300 | |||||||||||||||||||||||||
|
Aurora
|
CO
|
353,283 | 1,135,051 |
None
|
None
|
353,283 | 1,135,051 | 1,488,334 | 353,794 |
01/03/01
|
03/10/00
|
300 | ||||||||||||||||||||||||
|
Colorado
Springs
|
CO
|
280,193 | 622,317 |
None
|
None
|
280,193 | 622,317 | 902,510 | 465,009 |
01/23/90
|
300 | |||||||||||||||||||||||||
|
Colorado
Springs
|
CO
|
192,988 | 433,542 |
None
|
None
|
192,988 | 433,542 | 626,530 | 278,095 |
05/20/93
|
300 | |||||||||||||||||||||||||
|
Denver
|
CO
|
688,292 | 1,331,224 |
None
|
None
|
688,292 | 1,331,224 | 2,019,516 | 319,269 |
01/10/03
|
05/30/02
|
300 | ||||||||||||||||||||||||
|
Westminster
|
CO
|
526,620 | 1,099,523 |
None
|
None
|
526,620 | 1,099,523 | 1,626,143 | 342,719 |
01/12/01
|
01/18/00
|
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
|
|||||||||||||||||||||||||||||||||
|
Description
|
Acquisition
|
Carrying
|
Acquisition
|
Depreciation
|
Date
of
|
Date
|
is
Computed
|
|||||||||||||||||||||||||||||
|
(Note
1)
|
Land
|
Fees
|
Improvements
|
Costs
|
Land
|
Fees
|
Total
|
(Note
4)
|
Construction
|
Acquired
|
(in
Months)
|
|||||||||||||||||||||||||
|
Destin
|
FL
|
1,034,411 | 1,922,591 |
None
|
None
|
1,034,411 | 1,922,591 | 2,957,002 | 163,416 |
11/22/06
|
300 | |||||||||||||||||||||||||
|
Ft.
Walton Bch
|
FL
|
635,111 | 1,181,032 |
None
|
None
|
635,111 | 1,181,032 | 1,816,143 | 100,384 |
11/22/06
|
300 | |||||||||||||||||||||||||
|
Ft.
Walton Bch
|
FL
|
635,111 | 1,181,032 |
None
|
None
|
635,111 | 1,181,032 | 1,816,143 | 100,384 |
11/22/06
|
300 | |||||||||||||||||||||||||
|
Lakeland
|
FL
|
500,000 | 645,402 |
None
|
None
|
500,000 | 645,402 | 1,145,402 | 265,879 |
06/04/98
|
12/31/97
|
300 | ||||||||||||||||||||||||
|
Milton
|
FL
|
635,111 | 1,181,145 |
None
|
None
|
635,111 | 1,181,145 | 1,816,256 | 100,393 |
11/22/06
|
300 | |||||||||||||||||||||||||
|
Niceville
|
FL
|
920,803 | 1,711,621 |
None
|
None
|
920,803 | 1,711,621 | 2,632,424 | 145,484 |
11/22/06
|
300 | |||||||||||||||||||||||||
|
Orlando
|
FL
|
635,111 | 1,181,076 |
None
|
None
|
635,111 | 1,181,076 | 1,816,187 | 100,387 |
11/22/06
|
300 | |||||||||||||||||||||||||
|
Orlando
|
FL
|
630,244 | 1,172,023 |
None
|
None
|
630,244 | 1,172,023 | 1,802,267 | 99,618 |
11/22/06
|
300 | |||||||||||||||||||||||||
|
Oviedo
|
FL
|
971,996 | 1,806,780 |
None
|
None
|
971,996 | 1,806,780 | 2,778,776 | 153,572 |
11/22/06
|
300 | |||||||||||||||||||||||||
|
Pace
|
FL
|
630,244 | 1,171,993 |
None
|
None
|
630,244 | 1,171,993 | 1,802,237 | 99,615 |
11/22/06
|
300 | |||||||||||||||||||||||||
|
Panama
City Bch
|
FL
|
635,111 | 1,181,076 |
None
|
None
|
635,111 | 1,181,076 | 1,816,187 | 100,387 |
11/22/06
|
300 | |||||||||||||||||||||||||
|
Pensacola
|
FL
|
308,067 | 573,708 |
None
|
None
|
308,067 | 573,708 | 881,775 | 48,761 |
11/22/06
|
300 | |||||||||||||||||||||||||
|
Pensacola
|
FL
|
635,111 | 1,181,063 |
None
|
None
|
635,111 | 1,181,063 | 1,816,174 | 100,386 |
11/22/06
|
300 | |||||||||||||||||||||||||
|
Pensacola
|
FL
|
588,305 | 1,094,130 |
None
|
None
|
588,305 | 1,094,130 | 1,682,435 | 92,997 |
11/22/06
|
300 | |||||||||||||||||||||||||
|
Sanford
|
FL
|
630,244 | 1,172,023 |
None
|
None
|
630,244 | 1,172,023 | 1,802,267 | 99,618 |
11/22/06
|
300 | |||||||||||||||||||||||||
|
St.
Cloud
|
FL
|
525,207 | 976,968 |
None
|
None
|
525,207 | 976,968 | 1,502,175 | 83,038 |
11/22/06
|
300 | |||||||||||||||||||||||||
|
Tallahassee
|
FL
|
419,902 | 781,405 |
None
|
None
|
419,902 | 781,405 | 1,201,307 | 66,415 |
11/22/06
|
300 | |||||||||||||||||||||||||
|
Tallahassee
|
FL
|
611,916 | 1,137,986 |
None
|
None
|
611,916 | 1,137,986 | 1,749,902 | 96,725 |
11/22/06
|
300 | |||||||||||||||||||||||||
|
Tampa
|
FL
|
427,395 | 472,030 |
None
|
None
|
427,395 | 472,030 | 899,425 | 194,479 |
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 | 158,630 |
11/22/06
|
300 | |||||||||||||||||||||||||
|
Alpharetta
|
GA
|
630,244 | 1,171,870 |
None
|
None
|
630,244 | 1,171,870 | 1,802,114 | 99,605 |
11/22/06
|
300 | |||||||||||||||||||||||||
|
Columbus
|
GA
|
630,244 | 1,171,988 |
None
|
None
|
630,244 | 1,171,988 | 1,802,232 | 99,615 |
11/22/06
|
300 | |||||||||||||||||||||||||
|
Conyers
|
GA
|
531,935 | 1,180,296 |
None
|
None
|
531,935 | 1,180,296 | 1,712,231 | 316,398 |
03/28/02
|
11/13/01
|
300 | ||||||||||||||||||||||||
|
Conyers
|
GA
|
635,111 | 1,181,027 |
None
|
None
|
635,111 | 1,181,027 | 1,816,138 | 100,383 |
11/22/06
|
300 | |||||||||||||||||||||||||
|
Duluth
|
GA
|
638,509 | 1,186,594 |
None
|
None
|
638,509 | 1,186,594 | 1,825,103 | 243,248 |
11/29/03
|
300 | |||||||||||||||||||||||||
|
Hiram
|
GA
|
635,111 | 1,181,017 |
None
|
None
|
635,111 | 1,181,017 | 1,816,128 | 100,382 |
11/22/06
|
300 | |||||||||||||||||||||||||
|
Kennesaw
|
GA
|
519,903 | 967,180 |
None
|
None
|
519,903 | 967,180 | 1,487,083 | 82,206 |
11/22/06
|
300 | |||||||||||||||||||||||||
|
Lawrenceville
|
GA
|
635,111 | 1,181,137 |
None
|
None
|
635,111 | 1,181,137 | 1,816,248 | 100,393 |
11/22/06
|
300 | |||||||||||||||||||||||||
|
Marietta
|
GA
|
500,293 | 930,657 |
None
|
None
|
500,293 | 930,657 | 1,430,950 | 79,102 |
11/22/06
|
300 | |||||||||||||||||||||||||
|
Mcdonough
|
GA
|
635,111 | 1,181,032 |
None
|
None
|
635,111 | 1,181,032 | 1,816,143 | 100,384 |
11/22/06
|
300 | |||||||||||||||||||||||||
|
Norcross
|
GA
|
503,773 | 937,121 |
None
|
None
|
503,773 | 937,121 | 1,440,894 | 79,651 |
11/22/06
|
300 | |||||||||||||||||||||||||
|
Peachtree
City
|
GA
|
625,316 | 1,162,827 |
None
|
None
|
625,316 | 1,162,827 | 1,788,143 | 98,836 |
11/22/06
|
300 | |||||||||||||||||||||||||
|
Roswell
|
GA
|
515,617 | 959,138 |
None
|
None
|
515,617 | 959,138 | 1,474,755 | 81,523 |
11/22/06
|
300 | |||||||||||||||||||||||||
|
Sandy
Springs
|
GA
|
586,211 | 1,090,241 |
None
|
None
|
586,211 | 1,090,241 | 1,676,452 | 92,666 |
11/22/06
|
300 | |||||||||||||||||||||||||
|
Stockbridge
|
GA
|
632,128 | 1,175,478 |
None
|
None
|
632,128 | 1,175,478 | 1,807,606 | 99,912 |
11/22/06
|
300 | |||||||||||||||||||||||||
|
Aurora
|
IL
|
513,204 | 953,885 |
None
|
None
|
513,204 | 953,885 | 1,467,089 | 195,542 |
11/29/03
|
300 | |||||||||||||||||||||||||
|
Joliet
|
IL
|
452,267 | 840,716 |
None
|
None
|
452,267 | 840,716 | 1,292,983 | 172,343 |
11/29/03
|
300 | |||||||||||||||||||||||||
|
Niles
|
IL
|
366,969 | 682,306 |
None
|
None
|
366,969 | 682,306 | 1,049,275 | 139,869 |
11/29/03
|
300 | |||||||||||||||||||||||||
|
Orland
Park
|
IL
|
663,087 | 1,232,240 |
None
|
None
|
663,087 | 1,232,240 | 1,895,327 | 252,605 |
11/29/03
|
300 | |||||||||||||||||||||||||
|
Vernon
Hills
|
IL
|
524,948 | 975,668 |
None
|
None
|
524,948 | 975,668 | 1,500,616 | 200,008 |
11/29/03
|
300 | |||||||||||||||||||||||||
|
Village
of Lombar
|
IL
|
428,170 | 795,965 |
None
|
2,000 | 428,170 | 797,965 | 1,226,135 | 163,567 |
11/29/03
|
300 | |||||||||||||||||||||||||
|
West
Dundee
|
IL
|
530,835 | 986,628 |
None
|
None
|
530,835 | 986,628 | 1,517,463 | 202,255 |
11/29/03
|
300 | |||||||||||||||||||||||||
|
Overland
Park
|
KS
|
1,101,841 | 2,047,067 |
None
|
None
|
1,101,841 | 2,047,067 | 3,148,908 | 419,645 |
11/29/03
|
300 | |||||||||||||||||||||||||
|
Allston
|
MA
|
576,505 | 1,071,520 |
None
|
None
|
576,505 | 1,071,520 | 1,648,025 | 219,656 |
11/29/03
|
300 | |||||||||||||||||||||||||
|
Shrewsbury
|
MA
|
721,065 | 1,339,913 |
None
|
None
|
721,065 | 1,339,913 | 2,060,978 | 274,678 |
11/29/03
|
300 | |||||||||||||||||||||||||
|
Waltham
|
MA
|
338,955 | 630,279 |
None
|
None
|
338,955 | 630,279 | 969,234 | 129,203 |
11/29/03
|
300 | |||||||||||||||||||||||||
|
Weymouth
|
MA
|
752,234 | 1,397,799 |
None
|
None
|
752,234 | 1,397,799 | 2,150,033 | 286,545 |
11/29/03
|
300 | |||||||||||||||||||||||||
|
Woburn
|
MA
|
676,968 | 1,258,018 |
None
|
None
|
676,968 | 1,258,018 | 1,934,986 | 257,890 |
11/29/03
|
300 | |||||||||||||||||||||||||
|
Annapolis
|
MD
|
780,806 | 1,450,860 |
None
|
None
|
780,806 | 1,450,860 | 2,231,666 | 297,422 |
11/29/03
|
300 | |||||||||||||||||||||||||
|
Bowie
|
MD
|
734,558 | 1,364,970 |
None
|
None
|
734,558 | 1,364,970 | 2,099,528 | 279,815 |
11/29/03
|
300 | |||||||||||||||||||||||||
|
Capital
Heights
|
MD
|
701,705 | 1,303,958 |
None
|
None
|
701,705 | 1,303,958 | 2,005,663 | 267,307 |
11/29/03
|
300 | |||||||||||||||||||||||||
|
Germantown
|
MD
|
808,296 | 1,501,913 |
None
|
None
|
808,296 | 1,501,913 | 2,310,209 | 307,888 |
11/29/03
|
300 | |||||||||||||||||||||||||
|
Waldorf
|
MD
|
427,033 | 793,854 |
None
|
None
|
427,033 | 793,854 | 1,220,887 | 162,736 |
11/29/03
|
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
|
||||||||||||||||||||||||||||||||||||
|
Description
|
Acquisition
|
Carrying
|
Acquisition
|
Depreciation
|
Date
of
|
Date
|
is
Computed
|
||||||||||||||||||||||||||||||||
|
(Note
1)
|
Land
|
Fees
|
Improvements
|
Costs
|
Land
|
Fees
|
Total
|
(Note
4)
|
Construction
|
Acquired
|
(in
Months)
|
||||||||||||||||||||||||||||
|
Eagan
|
MN
|
902,443 | 845,536 |
None
|
300 | 902,443 | 845,836 | 1,748,279 | 351,223 |
06/19/98
|
02/20/98
|
300 | |||||||||||||||||||||||||||
|
Ferguson
|
MO
|
386,112 | 717,856 |
None
|
None
|
386,112 | 717,856 | 1,103,968 | 147,156 |
11/29/03
|
300 | ||||||||||||||||||||||||||||
|
Grandview
|
MO
|
347,150 | 711,024 |
None
|
None
|
347,150 | 711,024 | 1,058,174 | 292,738 |
08/20/98
|
02/20/98
|
300 | |||||||||||||||||||||||||||
|
Independence
|
MO
|
721,020 | 1,339,829 |
None
|
None
|
721,020 | 1,339,829 | 2,060,849 | 274,661 |
11/29/03
|
300 | ||||||||||||||||||||||||||||
|
Charlotte
|
NC
|
181,662 | 338,164 |
None
|
None
|
181,662 | 338,164 | 519,826 | 69,320 |
11/29/03
|
300 | ||||||||||||||||||||||||||||
|
Clemmons
|
NC
|
630,000 | 1,100,160 |
None
|
None
|
630,000 | 1,100,160 | 1,730,160 | 49,507 |
11/09/07
|
300 | ||||||||||||||||||||||||||||
|
Jamestown
|
NC
|
650,000 | 857,823 |
None
|
None
|
650,000 | 857,823 | 1,507,823 | 38,602 |
11/09/07
|
300 | ||||||||||||||||||||||||||||
|
Matthews
|
NC
|
489,063 | 909,052 |
None
|
None
|
489,063 | 909,052 | 1,398,115 | 186,352 |
11/29/03
|
300 | ||||||||||||||||||||||||||||
|
Omaha
|
NE
|
253,128 | 810,922 |
None
|
None
|
253,128 | 810,922 | 1,064,050 | 301,441 |
07/22/99
|
03/04/99
|
300 | |||||||||||||||||||||||||||
|
Manchester
|
NH
|
722,532 | 1,342,636 |
None
|
None
|
722,532 | 1,342,636 | 2,065,168 | 275,236 |
11/29/03
|
300 | ||||||||||||||||||||||||||||
|
Newington
|
NH
|
690,753 | 1,283,624 |
None
|
None
|
690,753 | 1,283,624 | 1,974,377 | 263,139 |
11/29/03
|
300 | ||||||||||||||||||||||||||||
|
Salem
|
NH
|
597,833 | 1,111,059 |
None
|
None
|
597,833 | 1,111,059 | 1,708,892 | 227,763 |
11/29/03
|
300 | ||||||||||||||||||||||||||||
|
Deptford
|
NJ
|
619,376 | 1,151,062 |
None
|
None
|
619,376 | 1,151,062 | 1,770,438 | 235,964 |
11/29/03
|
300 | ||||||||||||||||||||||||||||
|
Maple
Shade
|
NJ
|
508,285 | 944,750 |
None
|
None
|
508,285 | 944,750 | 1,453,035 | 193,670 |
11/29/03
|
300 | ||||||||||||||||||||||||||||
|
Akron
|
OH
|
242,133 | 450,467 |
None
|
None
|
242,133 | 450,467 | 692,600 | 92,342 |
11/29/03
|
300 | ||||||||||||||||||||||||||||
|
Cambridge
|
OH
|
103,368 | 192,760 |
None
|
7 | 103,368 | 192,767 | 296,135 | 39,517 |
11/29/03
|
300 | ||||||||||||||||||||||||||||
|
Canton
|
OH
|
337,161 | 626,948 |
None
|
None
|
337,161 | 626,948 | 964,109 | 128,520 |
11/29/03
|
300 | ||||||||||||||||||||||||||||
|
Cleveland
|
OH
|
582,107 | 1,081,848 |
None
|
None
|
582,107 | 1,081,848 | 1,663,955 | 221,775 |
11/29/03
|
300 | ||||||||||||||||||||||||||||
|
Columbus
|
OH
|
385,878 | 717,422 |
None
|
None
|
385,878 | 717,422 | 1,103,300 | 147,067 |
11/29/03
|
300 | ||||||||||||||||||||||||||||
|
Oklahoma
City
|
OK
|
509,370 | 752,691 |
None
|
None
|
509,370 | 752,691 | 1,262,061 | 287,448 |
04/14/99
|
09/24/98
|
300 | |||||||||||||||||||||||||||
|
Oklahoma
City
|
OK
|
404,815 | 771,625 |
None
|
None
|
404,815 | 771,625 | 1,176,440 | 294,659 |
04/09/99
|
10/16/98
|
300 | |||||||||||||||||||||||||||
|
Greensburg
|
PA
|
594,891 | 1,105,589 |
None
|
None
|
594,891 | 1,105,589 | 1,700,480 | 226,642 |
11/29/03
|
300 | ||||||||||||||||||||||||||||
|
Lancaster
|
PA
|
431,050 | 801,313 |
None
|
None
|
431,050 | 801,313 | 1,232,363 | 164,265 |
11/29/03
|
300 | ||||||||||||||||||||||||||||
|
Mechanicsburg
|
PA
|
455,854 | 847,377 |
None
|
None
|
455,854 | 847,377 | 1,303,231 | 173,708 |
11/29/03
|
300 | ||||||||||||||||||||||||||||
|
Monroeville
|
PA
|
723,660 | 1,344,733 |
None
|
None
|
723,660 | 1,344,733 | 2,068,393 | 275,666 |
11/29/03
|
300 | ||||||||||||||||||||||||||||
|
Philadelphia
|
PA
|
334,939 | 622,821 |
None
|
None
|
334,939 | 622,821 | 957,760 | 127,674 |
11/29/03
|
300 | ||||||||||||||||||||||||||||
|
Pittsburgh
|
PA
|
384,756 | 715,339 |
None
|
None
|
384,756 | 715,339 | 1,100,095 | 146,640 |
11/29/03
|
300 | ||||||||||||||||||||||||||||
|
York
|
PA
|
389,291 | 723,760 |
None
|
None
|
389,291 | 723,760 | 1,113,051 | 148,367 |
11/29/03
|
300 | ||||||||||||||||||||||||||||
|
Columbia
|
SC
|
343,785 | 295,001 | 183,130 | 25,941 | 343,785 | 504,072 | 847,857 | 244,426 |
05/27/97
|
02/07/97
|
300 | |||||||||||||||||||||||||||
|
Sioux
Falls
|
SD
|
332,979 | 498,108 |
None
|
None
|
332,979 | 498,108 | 831,087 | 206,729 |
06/01/99
|
02/27/98
|
300 | |||||||||||||||||||||||||||
|
Goodlettsville
|
TN
|
601,306 | 1,117,504 |
None
|
None
|
601,306 | 1,117,504 | 1,718,810 | 229,084 |
11/29/03
|
300 | ||||||||||||||||||||||||||||
|
Arlington
|
TX
|
599,558 | 1,114,256 |
None
|
None
|
599,558 | 1,114,256 | 1,713,814 | 228,418 |
11/29/03
|
300 | ||||||||||||||||||||||||||||
|
Austin
|
TX
|
185,454 | 411,899 |
None
|
None
|
185,454 | 411,899 | 597,353 | 306,442 |
02/06/90
|
300 | ||||||||||||||||||||||||||||
|
Austin
|
TX
|
710,485 | 1,320,293 |
None
|
None
|
710,485 | 1,320,293 | 2,030,778 | 270,655 |
11/29/03
|
300 | ||||||||||||||||||||||||||||
|
Austin
|
TX
|
590,828 | 1,098,073 |
None
|
None
|
590,828 | 1,098,073 | 1,688,901 | 225,100 |
11/29/03
|
300 | ||||||||||||||||||||||||||||
|
Austin
|
TX
|
569,909 | 1,059,195 |
None
|
None
|
569,909 | 1,059,195 | 1,629,104 | 217,131 |
11/29/03
|
300 | ||||||||||||||||||||||||||||
|
Austin
|
TX
|
532,497 | 989,715 |
None
|
None
|
532,497 | 989,715 | 1,522,212 | 202,887 |
11/29/03
|
300 | ||||||||||||||||||||||||||||
|
Carrollton
|
TX
|
568,401 | 1,056,394 |
None
|
None
|
568,401 | 1,056,394 | 1,624,795 | 216,557 |
11/29/03
|
300 | ||||||||||||||||||||||||||||
|
Conroe
|
TX
|
396,068 | 736,346 |
None
|
None
|
396,068 | 736,346 | 1,132,414 | 150,947 |
11/29/03
|
300 | ||||||||||||||||||||||||||||
|
Dallas
|
TX
|
191,267 | 424,811 |
None
|
15,282 | 191,267 | 440,093 | 631,360 | 329,093 |
01/26/90
|
300 | ||||||||||||||||||||||||||||
|
Fort
Worth
|
TX
|
543,950 | 1,010,984 |
None
|
None
|
543,950 | 1,010,984 | 1,554,934 | 207,248 |
11/29/03
|
300 | ||||||||||||||||||||||||||||
|
Garland
|
TX
|
242,887 | 539,461 |
None
|
None
|
242,887 | 539,461 | 782,348 | 403,097 |
01/19/90
|
300 | ||||||||||||||||||||||||||||
|
Harlingen
|
TX
|
134,599 | 298,948 |
None
|
None
|
134,599 | 298,948 | 433,547 | 223,381 |
01/17/90
|
300 | ||||||||||||||||||||||||||||
|
Houston
|
TX
|
151,018 | 335,417 |
None
|
141 | 151,018 | 335,558 | 486,576 | 250,765 |
01/25/90
|
300 | ||||||||||||||||||||||||||||
|
Houston
|
TX
|
392,113 | 729,002 |
None
|
None
|
392,113 | 729,002 | 1,121,115 | 149,441 |
11/29/03
|
300 | ||||||||||||||||||||||||||||
|
Houston
|
TX
|
1,030,379 | 1,914,353 |
None
|
None
|
1,030,379 | 1,914,353 | 2,944,732 | 392,438 |
11/29/03
|
300 | ||||||||||||||||||||||||||||
|
Houston
|
TX
|
619,101 | 1,150,551 |
None
|
None
|
619,101 | 1,150,551 | 1,769,652 | 235,859 |
11/29/03
|
300 | ||||||||||||||||||||||||||||
|
Houston
|
TX
|
642,495 | 1,193,997 |
None
|
None
|
642,495 | 1,193,997 | 1,836,492 | 244,765 |
11/29/03
|
300 | ||||||||||||||||||||||||||||
|
Houston
|
TX
|
872,866 | 1,621,829 |
None
|
None
|
872,866 | 1,621,829 | 2,494,695 | 332,471 |
11/29/03
|
300 | ||||||||||||||||||||||||||||
|
Humble
|
TX
|
612,414 | 1,138,132 |
None
|
None
|
612,414 | 1,138,132 | 1,750,546 | 233,313 |
11/29/03
|
300 | ||||||||||||||||||||||||||||
|
Leon
Valley
|
TX
|
178,221 | 395,834 |
None
|
None
|
178,221 | 395,834 | 574,055 | 295,776 |
01/17/90
|
300 | ||||||||||||||||||||||||||||
|
Leon
Valley
|
TX
|
529,967 | 985,046 |
None
|
None
|
529,967 | 985,046 | 1,515,013 | 201,930 |
11/29/03
|
300 | ||||||||||||||||||||||||||||
|
Mesquite
|
TX
|
591,538 | 1,099,363 |
None
|
None
|
591,538 | 1,099,363 | 1,690,901 | 225,365 |
11/29/03
|
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
|
||||||||||||||||||||||||||||||||||||
|
Description
|
Acquisition
|
Carrying
|
Acquisition
|
Depreciation
|
Date
of
|
Date
|
is
Computed
|
||||||||||||||||||||||||||||||||
|
(Note
1)
|
Land
|
Fees
|
Improvements
|
Costs
|
Land
|
Fees
|
Total
|
(Note
4)
|
Construction
|
Acquired
|
(in
Months)
|
||||||||||||||||||||||||||||
|
N.
Richland Hills
|
TX
|
509,861 | 947,707 |
None
|
None
|
509,861 | 947,707 | 1,457,568 | 194,275 |
11/29/03
|
300 | ||||||||||||||||||||||||||||
|
Pasadena
|
TX
|
107,391 | 238,519 |
None
|
141 | 107,391 | 238,660 | 346,051 | 178,360 |
01/24/90
|
300 | ||||||||||||||||||||||||||||
|
Plano
|
TX
|
187,564 | 417,157 | 700 |
None
|
187,564 | 417,857 | 605,421 | 311,535 |
01/18/90
|
300 | ||||||||||||||||||||||||||||
|
Plano
|
TX
|
494,407 | 918,976 |
None
|
None
|
494,407 | 918,976 | 1,413,383 | 188,386 |
11/29/03
|
300 | ||||||||||||||||||||||||||||
|
Richardson
|
TX
|
555,188 | 1,031,855 |
None
|
None
|
555,188 | 1,031,855 | 1,587,043 | 211,526 |
11/29/03
|
300 | ||||||||||||||||||||||||||||
|
San
Antonio
|
TX
|
245,164 | 544,518 |
None
|
None
|
245,164 | 544,518 | 789,682 | 405,107 |
02/14/90
|
300 | ||||||||||||||||||||||||||||
|
San
Antonio
|
TX
|
688,249 | 1,278,967 |
None
|
None
|
688,249 | 1,278,967 | 1,967,216 | 262,184 |
11/29/03
|
300 | ||||||||||||||||||||||||||||
|
Stafford
|
TX
|
706,786 | 1,313,395 |
None
|
None
|
706,786 | 1,313,395 | 2,020,181 | 269,242 |
11/29/03
|
300 | ||||||||||||||||||||||||||||
|
Waco
|
TX
|
401,999 | 747,362 |
None
|
None
|
401,999 | 747,362 | 1,149,361 | 153,205 |
11/29/03
|
300 | ||||||||||||||||||||||||||||
|
Webster
|
TX
|
600,261 | 1,115,563 |
None
|
None
|
600,261 | 1,115,563 | 1,715,824 | 228,686 |
11/29/03
|
300 | ||||||||||||||||||||||||||||
|
Bountiful
|
UT
|
183,750 | 408,115 |
None
|
143 | 183,750 | 408,258 | 592,008 | 305,096 |
01/30/90
|
300 | ||||||||||||||||||||||||||||
|
Alexandria
|
VA
|
542,791 | 1,008,832 |
None
|
None
|
542,791 | 1,008,832 | 1,551,623 | 206,807 |
11/29/03
|
300 | ||||||||||||||||||||||||||||
|
Alexandria
|
VA
|
592,698 | 1,101,517 |
None
|
None
|
592,698 | 1,101,517 | 1,694,215 | 225,807 |
11/29/03
|
300 | ||||||||||||||||||||||||||||
|
Chesapeake
|
VA
|
770,000 | 1,112,334 |
None
|
None
|
770,000 | 1,112,334 | 1,882,334 | 50,055 |
11/09/07
|
300 | ||||||||||||||||||||||||||||
|
Lynchburg
|
VA
|
342,751 | 637,329 |
None
|
None
|
342,751 | 637,329 | 980,080 | 130,648 |
11/29/03
|
300 | ||||||||||||||||||||||||||||
|
Virginia
Beach
|
VA
|
780,000 | 1,026,384 |
None
|
None
|
780,000 | 1,026,384 | 1,806,384 | 46,187 |
11/09/07
|
300 | ||||||||||||||||||||||||||||
|
Woodbridge
|
VA
|
774,854 | 1,439,806 |
None
|
None
|
774,854 | 1,439,806 | 2,214,660 | 295,156 |
11/29/03
|
300 | ||||||||||||||||||||||||||||
|
Tacoma
|
WA
|
187,111 | 415,579 |
None
|
108 | 187,111 | 415,687 | 602,798 | 310,637 |
01/25/90
|
300 | ||||||||||||||||||||||||||||
|
Brown
Deer
|
WI
|
257,408 | 802,141 |
None
|
None
|
257,408 | 802,141 | 1,059,549 | 322,256 |
12/15/98
|
07/16/98
|
300 | |||||||||||||||||||||||||||
|
Delafield
|
WI
|
324,574 | 772,702 |
None
|
None
|
324,574 | 772,702 | 1,097,276 | 286,533 |
07/29/99
|
02/26/99
|
300 | |||||||||||||||||||||||||||
|
Madison
|
WI
|
452,630 | 811,977 |
None
|
None
|
452,630 | 811,977 | 1,264,607 | 331,613 |
10/20/98
|
04/07/98
|
300 | |||||||||||||||||||||||||||
|
Oak
Creek
|
WI
|
420,465 | 852,408 |
None
|
None
|
420,465 | 852,408 | 1,272,873 | 348,126 |
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 | 1,743,546 |
03/11/97
|
300 | ||||||||||||||||||||||||||||
|
Matthews
|
NC
|
768,222 | 843,401 | 21,654 | 501 | 768,222 | 865,556 | 1,633,778 | 346,582 |
12/31/98
|
300 | ||||||||||||||||||||||||||||
|
Business Services
|
|||||||||||||||||||||||||||||||||||||||
|
Midland
|
TX
|
45,500 | 101,058 |
None
|
299 | 45,500 | 101,357 | 146,857 | 84,690 |
10/27/87
|
300 | ||||||||||||||||||||||||||||
|
Child Care
|
|||||||||||||||||||||||||||||||||||||||
|
Birmingham
|
AL
|
63,800 | 295,791 |
None
|
96 | 63,800 | 295,887 | 359,687 | 289,342 |
10/31/84
|
300 | ||||||||||||||||||||||||||||
|
Mobile
|
AL
|
78,400 | 237,671 | 25,000 | 411 | 78,400 | 263,082 | 341,482 | 245,402 |
10/15/82
|
180 | ||||||||||||||||||||||||||||
|
Avondale
|
AZ
|
242,723 | 1,129,139 |
None
|
None
|
242,723 | 1,129,139 | 1,371,862 | 431,041 |
04/20/99
|
07/28/98
|
300 | |||||||||||||||||||||||||||
|
Chandler
|
AZ
|
291,720 | 647,923 |
None
|
212 | 291,720 | 648,135 | 939,855 | 538,054 |
12/11/87
|
300 | ||||||||||||||||||||||||||||
|
Chandler
|
AZ
|
271,695 | 603,446 |
None
|
236 | 271,695 | 603,682 | 875,377 | 501,166 |
12/14/87
|
300 | ||||||||||||||||||||||||||||
|
Mesa
|
AZ
|
308,951 | 1,025,612 |
None
|
None
|
308,951 | 1,025,612 | 1,334,563 | 381,223 |
07/26/99
|
01/13/99
|
300 | |||||||||||||||||||||||||||
|
Phoenix
|
AZ
|
318,500 | 707,397 |
None
|
239 | 318,500 | 707,636 | 1,026,136 | 565,987 |
09/29/88
|
300 | ||||||||||||||||||||||||||||
|
Phoenix
|
AZ
|
264,504 | 587,471 |
None
|
88 | 264,504 | 587,559 | 852,063 | 429,532 |
06/29/90
|
300 | ||||||||||||||||||||||||||||
|
Phoeniz
|
AZ
|
115,000 | 285,172 | 33,426 | 22,571 | 115,000 | 341,169 | 456,169 | 294,009 |
02/08/84
|
180 | ||||||||||||||||||||||||||||
|
Phoeniz
|
AZ
|
260,719 | 516,181 |
None
|
305 | 260,719 | 516,486 | 777,205 | 367,536 |
12/26/90
|
300 | ||||||||||||||||||||||||||||
|
Scottsdale
|
AZ
|
291,993 | 648,529 |
None
|
110 | 291,993 | 648,639 | 940,632 | 538,469 |
12/14/87
|
300 | ||||||||||||||||||||||||||||
|
Tempe
|
AZ
|
292,200 | 648,989 |
None
|
110 | 292,200 | 649,099 | 941,299 | 532,250 |
03/10/88
|
300 | ||||||||||||||||||||||||||||
|
Tucson
|
AZ
|
304,500 | 676,303 |
None
|
242 | 304,500 | 676,545 | 981,045 | 541,184 |
09/28/88
|
300 | ||||||||||||||||||||||||||||
|
Tucson
|
AZ
|
283,500 | 546,878 |
None
|
245 | 283,500 | 547,123 | 830,623 | 437,619 |
09/29/88
|
300 | ||||||||||||||||||||||||||||
|
Calabasas
|
CA
|
156,430 | 725,248 | 100,838 | 59,030 | 156,430 | 885,116 | 1,041,546 | 698,855 |
09/26/85
|
300 | ||||||||||||||||||||||||||||
|
Carmichael
|
CA
|
131,035 | 607,507 | 5,528 | 25,249 | 131,035 | 638,284 | 769,319 | 556,033 |
08/22/86
|
300 | ||||||||||||||||||||||||||||
|
Chino
|
CA
|
155,000 | 634,071 |
None
|
83 | 155,000 | 634,154 | 789,154 | 634,153 |
10/06/83
|
180 | ||||||||||||||||||||||||||||
|
Chula
Vista
|
CA
|
350,563 | 778,614 |
None
|
None
|
350,563 | 778,614 | 1,129,177 | 651,761 |
10/30/87
|
300 | ||||||||||||||||||||||||||||
|
Corona
|
CA
|
144,856 | 671,584 |
None
|
91 | 144,856 | 671,675 | 816,531 | 653,298 |
12/19/84
|
300 | ||||||||||||||||||||||||||||
|
El
Cajon
|
CA
|
157,804 | 731,621 |
None
|
122 | 157,804 | 731,743 | 889,547 | 685,317 |
12/19/85
|
300 | ||||||||||||||||||||||||||||
|
Escondido
|
CA
|
276,286 | 613,638 | 4,030 | 44,389 | 276,286 | 662,057 | 938,343 | 513,686 |
12/31/87
|
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
|
||||||||||||||||||||||||||||||||||||
|
Description
|
Acquisition
|
Carrying
|
Acquisition
|
Depreciation
|
Date
of
|
Date
|
is
Computed
|
||||||||||||||||||||||||||||||||
|
(Note
1)
|
Land
|
Fees
|
Improvements
|
Costs
|
Land
|
Fees
|
Total
|
(Note
4)
|
Construction
|
Acquired
|
(in
Months)
|
||||||||||||||||||||||||||||
|
Folsom
|
CA
|
281,563 | 625,363 |
None
|
199 | 281,563 | 625,562 | 907,125 | 524,023 |
10/23/87
|
300 | ||||||||||||||||||||||||||||
|
Mission
Viejo
|
CA
|
353,891 | 744,367 | 12,500 | 20,183 | 353,891 | 777,050 | 1,130,941 | 515,734 |
06/24/93
|
300 | ||||||||||||||||||||||||||||
|
Moreno
Valley
|
CA
|
304,489 | 676,214 |
None
|
78 | 304,489 | 676,292 | 980,781 | 584,704 |
02/11/87
|
300 | ||||||||||||||||||||||||||||
|
Oceanside
|
CA
|
145,568 | 674,889 | 11,000 | 22,105 | 145,568 | 707,994 | 853,562 | 651,002 |
12/23/85
|
300 | ||||||||||||||||||||||||||||
|
Palmdale
|
CA
|
249,490 | 554,125 | 9,864 |
None
|
249,490 | 563,989 | 813,479 | 449,010 |
09/14/88
|
300 | ||||||||||||||||||||||||||||
|
Rancho
Cordova
|
CA
|
276,328 | 613,733 | 24,967 |
None
|
276,328 | 638,700 | 915,028 | 488,315 |
03/22/89
|
300 | ||||||||||||||||||||||||||||
|
Rancho
Cucamonga
|
CA
|
471,733 | 1,047,739 |
None
|
80 | 471,733 | 1,047,819 | 1,519,552 | 869,914 |
12/30/87
|
300 | ||||||||||||||||||||||||||||
|
Roseville
|
CA
|
297,343 | 660,411 | 27,496 | 199 | 297,343 | 688,106 | 985,449 | 564,210 |
10/21/87
|
300 | ||||||||||||||||||||||||||||
|
Sacramento
|
CA
|
290,734 | 645,732 |
None
|
127 | 290,734 | 645,859 | 936,593 | 540,576 |
10/05/87
|
300 | ||||||||||||||||||||||||||||
|
Santee
|
CA
|
248,418 | 551,748 |
None
|
15 | 248,418 | 551,763 | 800,181 | 467,539 |
07/23/87
|
300 | ||||||||||||||||||||||||||||
|
Simi
Valley
|
CA
|
208,585 | 967,055 | 22,800 | 75,675 | 208,585 | 1,065,530 | 1,274,115 | 944,085 |
12/20/85
|
300 | ||||||||||||||||||||||||||||
|
Valencia
|
CA
|
301,295 | 669,185 | 25,000 | 80 | 301,295 | 694,265 | 995,560 | 550,531 |
06/23/88
|
300 | ||||||||||||||||||||||||||||
|
Walnut
|
CA
|
217,365 | 1,007,753 | 1,200 | 51,312 | 217,365 | 1,060,265 | 1,277,630 | 924,213 |
08/22/86
|
300 | ||||||||||||||||||||||||||||
|
Aurora
|
CO
|
141,811 | 657,497 |
None
|
202 | 141,811 | 657,699 | 799,510 | 610,050 |
03/25/86
|
300 | ||||||||||||||||||||||||||||
|
Aurora
|
CO
|
287,000 | 637,440 |
None
|
155 | 287,000 | 637,595 | 924,595 | 529,398 |
12/31/87
|
300 | ||||||||||||||||||||||||||||
|
Broomfield
|
CO
|
107,000 | 403,080 | 16,438 | 8,045 | 107,000 | 427,563 | 534,563 | 414,863 |
01/12/83
|
180 | ||||||||||||||||||||||||||||
|
Broomfield
|
CO
|
155,306 | 344,941 | 25,000 | 209 | 155,306 | 370,150 | 525,456 | 292,970 |
03/15/88
|
300 | ||||||||||||||||||||||||||||
|
Colorado
Springs
|
CO
|
58,400 | 271,217 | 25,000 | 288 | 58,400 | 296,505 | 354,905 | 279,688 |
12/22/82
|
180 | ||||||||||||||||||||||||||||
|
Colorado
Springs
|
CO
|
115,542 | 535,700 |
None
|
146 | 115,542 | 535,846 | 651,388 | 482,715 |
12/04/86
|
300 | ||||||||||||||||||||||||||||
|
Englewood
|
CO
|
131,216 | 608,372 |
None
|
146 | 131,216 | 608,518 | 739,734 | 548,188 |
12/05/86
|
300 | ||||||||||||||||||||||||||||
|
Fort
Collins
|
CO
|
55,200 | 256,356 |
None
|
3,600 | 55,200 | 259,956 | 315,156 | 259,956 |
12/22/82
|
180 | ||||||||||||||||||||||||||||
|
Fort
Collins
|
CO
|
117,105 | 542,950 |
None
|
310 | 117,105 | 543,260 | 660,365 | 503,803 |
03/25/86
|
300 | ||||||||||||||||||||||||||||
|
Fort
Collins
|
CO
|
137,734 | 638,593 |
None
|
22,196 | 137,734 | 660,789 | 798,523 | 600,592 |
03/25/86
|
300 | ||||||||||||||||||||||||||||
|
Greeley
|
CO
|
58,400 | 270,755 | 25,000 | 382 | 58,400 | 296,137 | 354,537 | 274,719 |
11/21/84
|
300 | ||||||||||||||||||||||||||||
|
Littleton
|
CO
|
161,617 | 358,956 |
None
|
438 | 161,617 | 359,394 | 521,011 | 298,402 |
12/10/87
|
300 | ||||||||||||||||||||||||||||
|
Longmont
|
CO
|
115,592 | 535,931 |
None
|
146 | 115,592 | 536,077 | 651,669 | 497,265 |
03/25/86
|
300 | ||||||||||||||||||||||||||||
|
Louisville
|
CO
|
58,089 | 269,313 |
None
|
566 | 58,089 | 269,879 | 327,968 | 266,466 |
06/22/84
|
300 | ||||||||||||||||||||||||||||
|
Parker
|
CO
|
153,551 | 341,042 |
None
|
566 | 153,551 | 341,608 | 495,159 | 286,062 |
10/19/87
|
300 | ||||||||||||||||||||||||||||
|
Westminster
|
CO
|
306,387 | 695,737 |
None
|
155 | 306,387 | 695,892 | 1,002,279 | 545,949 |
09/27/89
|
300 | ||||||||||||||||||||||||||||
|
Bradenton
|
FL
|
160,060 | 355,501 | 25,000 | 134 | 160,060 | 380,635 | 540,695 | 302,012 |
05/05/88
|
300 | ||||||||||||||||||||||||||||
|
Clearwater
|
FL
|
42,223 | 269,380 |
None
|
124 | 42,223 | 269,504 | 311,727 | 269,488 |
12/22/81
|
180 | ||||||||||||||||||||||||||||
|
Jacksonville
|
FL
|
48,000 | 243,060 |
None
|
233 | 48,000 | 243,293 | 291,293 | 243,293 |
12/22/81
|
180 | ||||||||||||||||||||||||||||
|
Jacksonville
|
FL
|
184,800 | 410,447 | 22,872 | 312 | 184,800 | 433,631 | 618,431 | 328,357 |
03/30/89
|
300 | ||||||||||||||||||||||||||||
|
Margate
|
FL
|
66,686 | 309,183 |
None
|
184 | 66,686 | 309,367 | 376,053 | 278,421 |
12/16/86
|
300 | ||||||||||||||||||||||||||||
|
Melbourne
|
FL
|
256,439 | 549,345 |
None
|
None
|
256,439 | 549,345 | 805,784 | 360,078 |
04/16/93
|
300 | ||||||||||||||||||||||||||||
|
Niceville
|
FL
|
73,696 | 341,688 |
None
|
None
|
73,696 | 341,688 | 415,384 | 307,838 |
12/03/86
|
300 | ||||||||||||||||||||||||||||
|
Orlando
|
FL
|
68,001 | 313,922 |
None
|
497 | 68,001 | 314,419 | 382,420 | 297,153 |
09/04/85
|
300 | ||||||||||||||||||||||||||||
|
Orlando
|
FL
|
159,177 | 353,538 |
None
|
319 | 159,177 | 353,857 | 513,034 | 299,805 |
07/02/87
|
300 | ||||||||||||||||||||||||||||
|
Orlando
|
FL
|
190,050 | 422,107 | 5,707 | 312 | 190,050 | 428,126 | 618,176 | 329,559 |
03/30/89
|
300 | ||||||||||||||||||||||||||||
|
Oviedo
|
FL
|
166,409 | 369,598 |
None
|
319 | 166,409 | 369,917 | 536,326 | 308,354 |
11/20/87
|
300 | ||||||||||||||||||||||||||||
|
Panama
City
|
FL
|
69,500 | 244,314 | 14,500 | 2,113 | 69,500 | 260,927 | 330,427 | 254,039 |
06/15/82
|
180 | ||||||||||||||||||||||||||||
|
Pensacola
|
FL
|
147,000 | 326,492 | 20,000 | 96 | 147,000 | 346,588 | 493,588 | 255,072 |
03/28/89
|
300 | ||||||||||||||||||||||||||||
|
Royal
Palm Beach
|
FL
|
194,193 | 431,309 | 25,000 | 134 | 194,193 | 456,443 | 650,636 | 347,971 |
11/15/88
|
300 | ||||||||||||||||||||||||||||
|
Spring
Hill
|
FL
|
146,939 | 326,356 |
None
|
326 | 146,939 | 326,682 | 473,621 | 272,227 |
11/24/87
|
300 | ||||||||||||||||||||||||||||
|
St.
Augustine
|
FL
|
44,800 | 213,040 | 23,090 | 323 | 44,800 | 236,453 | 281,253 | 213,667 |
12/22/81
|
180 | ||||||||||||||||||||||||||||
|
Sunrise
|
FL
|
245,000 | 533,280 | 92,266 | 14,265 | 245,000 | 639,811 | 884,811 | 420,155 |
05/25/89
|
300 | ||||||||||||||||||||||||||||
|
Tampa
|
FL
|
53,385 | 199,846 |
None
|
134 | 53,385 | 199,980 | 253,365 | 199,980 |
12/22/81
|
180 | ||||||||||||||||||||||||||||
|
Duluth
|
GA
|
310,000 | 1,040,008 |
None
|
None
|
310,000 | 1,040,008 | 1,350,008 | 383,119 |
08/25/99
|
06/07/99
|
300 | |||||||||||||||||||||||||||
|
Ellenwood
|
GA
|
119,678 | 275,414 |
None
|
363 | 119,678 | 275,777 | 395,455 | 218,695 |
11/16/88
|
300 | ||||||||||||||||||||||||||||
|
Lawrenceville
|
GA
|
141,449 | 314,161 | 3,766 | 13,877 | 141,449 | 331,804 | 473,253 | 268,546 |
07/07/88
|
300 | ||||||||||||||||||||||||||||
|
Lithia
Springs
|
GA
|
187,444 | 363,358 |
None
|
240 | 187,444 | 363,598 | 551,042 | 276,675 |
12/28/89
|
300 | ||||||||||||||||||||||||||||
|
Lithonia
|
GA
|
239,715 | 524,459 | 24,410 | 26,108 | 239,715 | 574,977 | 814,692 | 387,957 |
08/20/91
|
300 | ||||||||||||||||||||||||||||
|
Marietta
|
GA
|
148,620 | 330,090 | 25,000 | 383 | 148,620 | 355,473 | 504,093 | 274,199 |
09/16/88
|
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
|
||||||||||||||||||||||||||||||||||||
|
Description
|
Acquisition
|
Carrying
|
Acquisition
|
Depreciation
|
Date
of
|
Date
|
is
Computed
|
||||||||||||||||||||||||||||||||
|
(Note
1)
|
Land
|
Fees
|
Improvements
|
Costs
|
Land
|
Fees
|
Total
|
(Note
4)
|
Construction
|
Acquired
|
(in
Months)
|
||||||||||||||||||||||||||||
|
Marietta
|
GA
|
292,250 | 649,095 |
None
|
292 | 292,250 | 649,387 | 941,637 | 512,927 |
12/02/88
|
300 | ||||||||||||||||||||||||||||
|
Marietta
|
GA
|
295,750 | 596,299 |
None
|
292 | 295,750 | 596,591 | 892,341 | 471,221 |
12/30/88
|
300 | ||||||||||||||||||||||||||||
|
Marietta
|
GA
|
301,000 | 668,529 |
None
|
292 | 301,000 | 668,821 | 969,821 | 528,278 |
12/30/88
|
300 | ||||||||||||||||||||||||||||
|
Smyrna
|
GA
|
274,750 | 610,229 |
None
|
215 | 274,750 | 610,444 | 885,194 | 484,177 |
11/15/88
|
300 | ||||||||||||||||||||||||||||
|
Stockbridge
|
GA
|
168,700 | 374,688 | 24,894 | 208 | 168,700 | 399,790 | 568,490 | 301,355 |
03/28/89
|
300 | ||||||||||||||||||||||||||||
|
Stone
Mountain
|
GA
|
65,000 | 301,357 |
None
|
16,232 | 65,000 | 317,589 | 382,589 | 289,526 |
06/19/85
|
300 | ||||||||||||||||||||||||||||
|
Cedar
Rapids
|
IA
|
194,950 | 427,085 |
None
|
None
|
194,950 | 427,085 | 622,035 | 293,041 |
09/24/92
|
300 | ||||||||||||||||||||||||||||
|
Iowa
City
|
IA
|
186,900 | 408,910 |
None
|
None
|
186,900 | 408,910 | 595,810 | 282,115 |
09/24/92
|
300 | ||||||||||||||||||||||||||||
|
Johnston
|
IA
|
186,996 | 347,278 | 701 | 4 | 186,996 | 347,983 | 534,979 | 238,349 |
08/19/91
|
300 | ||||||||||||||||||||||||||||
|
Addison
|
IL
|
125,780 | 583,146 |
None
|
241 | 125,780 | 583,387 | 709,167 | 541,143 |
03/25/86
|
300 | ||||||||||||||||||||||||||||
|
Algonquin
|
IL
|
241,500 | 509,629 |
None
|
20,382 | 241,500 | 530,011 | 771,511 | 381,751 |
07/10/90
|
300 | ||||||||||||||||||||||||||||
|
Aurora
|
IL
|
165,679 | 398,738 | 25,000 | 406 | 165,679 | 424,144 | 589,823 | 318,541 |
12/21/88
|
300 | ||||||||||||||||||||||||||||
|
Aurora
|
IL
|
468,000 | 1,259,926 |
None
|
None
|
468,000 | 1,259,926 | 1,727,926 | 455,764 |
10/26/99
|
06/14/99
|
300 | |||||||||||||||||||||||||||
|
Bartlett
|
IL
|
120,824 | 560,166 |
None
|
241 | 120,824 | 560,407 | 681,231 | 519,824 |
03/25/86
|
300 | ||||||||||||||||||||||||||||
|
Carol
Stream
|
IL
|
122,831 | 586,416 |
None
|
241 | 122,831 | 586,657 | 709,488 | 544,176 |
03/25/86
|
300 | ||||||||||||||||||||||||||||
|
Crystal
Lake
|
IL
|
400,000 | 1,259,424 |
None
|
None
|
400,000 | 1,259,424 | 1,659,424 | 459,771 |
09/28/99
|
05/14/99
|
300 | |||||||||||||||||||||||||||
|
Elk
Grove Village
|
IL
|
126,860 | 588,175 |
None
|
241 | 126,860 | 588,416 | 715,276 | 545,808 |
03/26/86
|
300 | ||||||||||||||||||||||||||||
|
Glendale
Heights
|
IL
|
318,500 | 707,399 |
None
|
172 | 318,500 | 707,571 | 1,026,071 | 561,163 |
11/16/88
|
300 | ||||||||||||||||||||||||||||
|
Hoffman
Estates
|
IL
|
318,500 | 707,399 |
None
|
172 | 318,500 | 707,571 | 1,026,071 | 551,778 |
03/31/89
|
300 | ||||||||||||||||||||||||||||
|
Lake
in the Hills
|
IL
|
375,000 | 1,127,678 |
None
|
None
|
375,000 | 1,127,678 | 1,502,678 | 411,680 |
09/03/99
|
05/14/99
|
300 | |||||||||||||||||||||||||||
|
Lockport
|
IL
|
189,477 | 442,018 |
None
|
557 | 189,477 | 442,575 | 632,052 | 370,489 |
10/29/87
|
300 | ||||||||||||||||||||||||||||
|
Naperville
|
IL
|
425,000 | 1,230,654 |
None
|
None
|
425,000 | 1,230,654 | 1,655,654 | 445,170 |
10/06/99
|
05/19/99
|
300 | |||||||||||||||||||||||||||
|
O'Fallon
|
IL
|
141,250 | 313,722 |
None
|
468 | 141,250 | 314,190 | 455,440 | 263,075 |
10/30/87
|
300 | ||||||||||||||||||||||||||||
|
Oswego
|
IL
|
380,000 | 1,165,818 |
None
|
1,182 | 380,000 | 1,167,000 | 1,547,000 | 430,645 |
08/18/99
|
06/30/99
|
300 | |||||||||||||||||||||||||||
|
Palatine
|
IL
|
121,911 | 565,232 |
None
|
241 | 121,911 | 565,473 | 687,384 | 524,524 |
03/25/86
|
300 | ||||||||||||||||||||||||||||
|
Roselle
|
IL
|
297,541 | 561,037 |
None
|
172 | 297,541 | 561,209 | 858,750 | 443,193 |
12/30/88
|
300 | ||||||||||||||||||||||||||||
|
Schaumburg
|
IL
|
218,798 | 485,955 | 20,461 | 4,551 | 218,798 | 510,967 | 729,765 | 409,318 |
12/17/87
|
300 | ||||||||||||||||||||||||||||
|
Vernon
Hills
|
IL
|
132,523 | 614,430 |
None
|
241 | 132,523 | 614,671 | 747,194 | 570,165 |
03/25/86
|
300 | ||||||||||||||||||||||||||||
|
Westmont
|
IL
|
124,742 | 578,330 |
None
|
413 | 124,742 | 578,743 | 703,485 | 536,683 |
03/25/86
|
300 | ||||||||||||||||||||||||||||
|
Carmel
|
IN
|
217,565 | 430,742 |
None
|
567 | 217,565 | 431,309 | 648,874 | 306,864 |
12/27/90
|
300 | ||||||||||||||||||||||||||||
|
Fishers
|
IN
|
212,118 | 419,958 |
None
|
731 | 212,118 | 420,689 | 632,807 | 299,257 |
12/27/90
|
300 | ||||||||||||||||||||||||||||
|
Highland
|
IN
|
220,460 | 436,476 |
None
|
226 | 220,460 | 436,702 | 657,162 | 310,873 |
12/26/90
|
300 | ||||||||||||||||||||||||||||
|
Indianapolis
|
IN
|
245,000 | 544,153 |
None
|
365 | 245,000 | 544,518 | 789,518 | 397,912 |
06/29/90
|
300 | ||||||||||||||||||||||||||||
|
Noblesville
|
IN
|
60,000 | 278,175 |
None
|
289 | 60,000 | 278,464 | 338,464 | 267,665 |
04/30/85
|
300 | ||||||||||||||||||||||||||||
|
Lenexa
|
KS
|
318,500 | 707,399 | 14,200 | 4,208 | 318,500 | 725,807 | 1,044,307 | 560,751 |
03/31/89
|
300 | ||||||||||||||||||||||||||||
|
Olathe
|
KS
|
304,500 | 676,308 | 37,904 | 9,316 | 304,500 | 723,528 | 1,028,028 | 549,576 |
09/28/88
|
300 | ||||||||||||||||||||||||||||
|
Overland
Park
|
KS
|
357,500 | 1,115,171 |
None
|
None
|
357,500 | 1,115,171 | 1,472,671 | 414,509 |
07/23/99
|
05/14/99
|
300 | |||||||||||||||||||||||||||
|
Shawnee
|
KS
|
315,000 | 699,629 |
None
|
379 | 315,000 | 700,008 | 1,015,008 | 557,515 |
10/27/88
|
300 | ||||||||||||||||||||||||||||
|
Shawnee
|
KS
|
288,246 | 935,875 |
None
|
None
|
288,246 | 935,875 | 1,224,121 | 369,711 |
12/29/98
|
08/24/98
|
300 | |||||||||||||||||||||||||||
|
Wichita
|
KS
|
108,569 | 401,829 |
None
|
167 | 108,569 | 401,996 | 510,565 | 352,017 |
12/16/86
|
300 | ||||||||||||||||||||||||||||
|
Wichita
|
KS
|
209,890 | 415,549 | 25,699 | 16,136 | 209,890 | 457,384 | 667,274 | 304,072 |
12/26/90
|
300 | ||||||||||||||||||||||||||||
|
Lexington
|
KY
|
210,427 | 420,883 |
None
|
None
|
210,427 | 420,883 | 631,310 | 297,969 |
08/20/91
|
300 | ||||||||||||||||||||||||||||
|
Acton
|
MA
|
315,533 | 700,813 |
None
|
278 | 315,533 | 701,091 | 1,016,624 | 560,641 |
09/30/88
|
300 | ||||||||||||||||||||||||||||
|
Marlborough
|
MA
|
352,765 | 776,488 |
None
|
619 | 352,765 | 777,107 | 1,129,872 | 616,343 |
11/04/88
|
300 | ||||||||||||||||||||||||||||
|
Westborough
|
MA
|
359,412 | 773,877 |
None
|
565 | 359,412 | 774,442 | 1,133,854 | 614,232 |
11/01/88
|
300 | ||||||||||||||||||||||||||||
|
Ellicott
City
|
MD
|
219,368 | 630,839 | 26,550 |
None
|
219,368 | 657,389 | 876,757 | 505,780 |
12/19/88
|
300 | ||||||||||||||||||||||||||||
|
Frederick
|
MD
|
203,352 | 1,017,109 |
None
|
None
|
203,352 | 1,017,109 | 1,220,461 | 425,491 |
07/06/98
|
300 | ||||||||||||||||||||||||||||
|
Olney
|
MD
|
342,500 | 760,701 |
None
|
20,969 | 342,500 | 781,670 | 1,124,170 | 632,125 |
12/18/87
|
300 | ||||||||||||||||||||||||||||
|
Waldorf
|
MD
|
130,430 | 604,702 |
None
|
731 | 130,430 | 605,433 | 735,863 | 593,264 |
09/26/84
|
300 | ||||||||||||||||||||||||||||
|
Waldorf
|
MD
|
237,207 | 526,844 |
None
|
399 | 237,207 | 527,243 | 764,450 | 437,738 |
12/31/87
|
300 | ||||||||||||||||||||||||||||
|
Canton
|
MI
|
55,000 | 378,848 |
None
|
None
|
55,000 | 378,848 | 433,848 | 378,848 |
10/06/82
|
180 | ||||||||||||||||||||||||||||
|
Apple
Valley
|
MN
|
113,523 | 526,319 |
None
|
498 | 113,523 | 526,817 | 640,340 | 488,672 |
03/26/86
|
300 | ||||||||||||||||||||||||||||
|
Brooklyn
Park
|
MN
|
118,111 | 547,587 |
None
|
498 | 118,111 | 548,085 | 666,196 | 508,402 |
03/26/86
|
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
|
||||||||||||||||||||||||||||||||||||
|
Description
|
Acquisition
|
Carrying
|
Acquisition
|
Depreciation
|
Date
of
|
Date
|
is
Computed
|
||||||||||||||||||||||||||||||||
|
(Note
1)
|
Land
|
Fees
|
Improvements
|
Costs
|
Land
|
Fees
|
Total
|
(Note
4)
|
Construction
|
Acquired
|
(in
Months)
|
||||||||||||||||||||||||||||
|
Eagan
|
MN
|
112,127 | 519,845 |
None
|
776 | 112,127 | 520,621 | 632,748 | 482,703 |
03/31/86
|
300 | ||||||||||||||||||||||||||||
|
Eden
Prairie
|
MN
|
124,286 | 576,243 |
None
|
498 | 124,286 | 576,741 | 701,027 | 534,987 |
03/27/86
|
300 | ||||||||||||||||||||||||||||
|
Maple
Grove
|
MN
|
313,250 | 660,149 |
None
|
466 | 313,250 | 660,615 | 973,865 | 482,671 |
07/11/90
|
300 | ||||||||||||||||||||||||||||
|
Plymouth
|
MN
|
134,221 | 622,350 |
None
|
673 | 134,221 | 623,023 | 757,244 | 561,348 |
12/12/86
|
300 | ||||||||||||||||||||||||||||
|
White
Bear Lake
|
MN
|
242,165 | 537,856 |
None
|
466 | 242,165 | 538,322 | 780,487 | 389,924 |
08/30/90
|
300 | ||||||||||||||||||||||||||||
|
Florissant
|
MO
|
181,300 | 402,672 | 23,000 | 230 | 181,300 | 425,902 | 607,202 | 314,702 |
03/29/89
|
300 | ||||||||||||||||||||||||||||
|
Florissant
|
MO
|
318,500 | 707,399 |
None
|
230 | 318,500 | 707,629 | 1,026,129 | 551,999 |
03/30/89
|
300 | ||||||||||||||||||||||||||||
|
Gladstone
|
MO
|
294,000 | 652,987 |
None
|
506 | 294,000 | 653,493 | 947,493 | 522,659 |
09/29/88
|
300 | ||||||||||||||||||||||||||||
|
Lee's
Summit
|
MO
|
239,627 | 532,220 |
None
|
348 | 239,627 | 532,568 | 772,195 | 404,397 |
09/27/89
|
300 | ||||||||||||||||||||||||||||
|
Lee's
Summit
|
MO
|
330,000 | 993,787 |
None
|
None
|
330,000 | 993,787 | 1,323,787 | 369,387 |
07/26/99
|
06/17/99
|
300 | |||||||||||||||||||||||||||
|
Lee's
Summit
|
MO
|
313,740 | 939,367 |
None
|
None
|
313,740 | 939,367 | 1,253,107 | 346,047 |
09/08/99
|
06/30/99
|
300 | |||||||||||||||||||||||||||
|
Liberty
|
MO
|
65,400 | 303,211 | 25,000 | 169 | 65,400 | 328,380 | 393,780 | 300,285 |
06/18/85
|
300 | ||||||||||||||||||||||||||||
|
North
Kansas City
|
MO
|
307,784 | 910,401 |
None
|
None
|
307,784 | 910,401 | 1,218,185 | 365,157 |
09/28/99
|
08/21/98
|
300 | |||||||||||||||||||||||||||
|
Pearl
|
MS
|
121,801 | 270,524 | 18,837 | 12,287 | 121,801 | 301,648 | 423,449 | 230,209 |
11/15/88
|
300 | ||||||||||||||||||||||||||||
|
Cary
|
NC
|
75,200 | 262,973 | 15,000 | 322 | 75,200 | 278,295 | 353,495 | 263,493 |
01/25/84
|
180 | ||||||||||||||||||||||||||||
|
Charlotte
|
NC
|
27,551 | 247,000 |
None
|
367 | 27,551 | 247,367 | 274,918 | 247,280 |
12/23/81
|
180 | ||||||||||||||||||||||||||||
|
Charlotte
|
NC
|
134,582 | 268,222 | 24,478 | 297 | 134,582 | 292,997 | 427,579 | 221,345 |
11/16/88
|
300 | ||||||||||||||||||||||||||||
|
Concord
|
NC
|
32,441 | 190,859 |
None
|
290 | 32,441 | 191,149 | 223,590 | 191,062 |
12/23/81
|
180 | ||||||||||||||||||||||||||||
|
Durham
|
NC
|
175,700 | 390,234 | 26,312 | 94 | 175,700 | 416,640 | 592,340 | 315,451 |
03/29/89
|
300 | ||||||||||||||||||||||||||||
|
Durham
|
NC
|
220,728 | 429,380 |
None
|
101 | 220,728 | 429,481 | 650,209 | 327,183 |
12/29/89
|
300 | ||||||||||||||||||||||||||||
|
Durham
|
NC
|
238,000 | 471,201 |
None
|
232 | 238,000 | 471,433 | 709,433 | 323,517 |
08/20/91
|
300 | ||||||||||||||||||||||||||||
|
Kernersville
|
NC
|
162,216 | 316,300 |
None
|
316 | 162,216 | 316,616 | 478,832 | 241,245 |
12/14/89
|
300 | ||||||||||||||||||||||||||||
|
Bellevue
|
NE
|
60,568 | 280,819 |
None
|
345 | 60,568 | 281,164 | 341,732 | 252,886 |
12/16/86
|
300 | ||||||||||||||||||||||||||||
|
Omaha
|
NE
|
60,500 | 280,491 |
None
|
324 | 60,500 | 280,815 | 341,315 | 276,571 |
08/01/84
|
300 | ||||||||||||||||||||||||||||
|
Omaha
|
NE
|
53,000 | 245,720 | 22,027 | 324 | 53,000 | 268,071 | 321,071 | 240,913 |
10/11/84
|
300 | ||||||||||||||||||||||||||||
|
Omaha
|
NE
|
142,867 | 317,315 |
None
|
312 | 142,867 | 317,627 | 460,494 | 263,579 |
12/09/87
|
300 | ||||||||||||||||||||||||||||
|
Londonderry
|
NH
|
335,467 | 745,082 |
None
|
332 | 335,467 | 745,414 | 1,080,881 | 568,978 |
08/18/89
|
300 | ||||||||||||||||||||||||||||
|
Clementon
|
NJ
|
279,851 | 554,060 |
None
|
399 | 279,851 | 554,459 | 834,310 | 378,815 |
09/09/91
|
300 | ||||||||||||||||||||||||||||
|
Las
Vegas
|
NV
|
201,250 | 446,983 |
None
|
126 | 201,250 | 447,109 | 648,359 | 326,772 |
06/29/90
|
300 | ||||||||||||||||||||||||||||
|
Sparks
|
NV
|
244,752 | 543,605 | 19,912 | 126 | 244,752 | 563,643 | 808,395 | 452,395 |
01/29/88
|
300 | ||||||||||||||||||||||||||||
|
Beavercreek
|
OH
|
179,552 | 398,786 |
None
|
273 | 179,552 | 399,059 | 578,611 | 339,362 |
06/30/87
|
300 | ||||||||||||||||||||||||||||
|
Centerville
|
OH
|
174,519 | 387,613 |
None
|
273 | 174,519 | 387,886 | 562,405 | 328,522 |
07/23/87
|
300 | ||||||||||||||||||||||||||||
|
Dublin
|
OH
|
84,000 | 389,446 |
None
|
406 | 84,000 | 389,852 | 473,852 | 367,459 |
10/08/85
|
300 | ||||||||||||||||||||||||||||
|
Englewood
|
OH
|
74,000 | 343,083 |
None
|
503 | 74,000 | 343,586 | 417,586 | 323,679 |
10/23/85
|
300 | ||||||||||||||||||||||||||||
|
Forest
Park
|
OH
|
170,778 | 379,305 |
None
|
151 | 170,778 | 379,456 | 550,234 | 319,146 |
09/28/87
|
300 | ||||||||||||||||||||||||||||
|
Huber
Heights
|
OH
|
245,000 | 544,153 |
None
|
344 | 245,000 | 544,497 | 789,497 | 392,745 |
09/27/90
|
300 | ||||||||||||||||||||||||||||
|
Loveland
|
OH
|
206,136 | 457,829 |
None
|
192 | 206,136 | 458,021 | 664,157 | 394,350 |
03/20/87
|
300 | ||||||||||||||||||||||||||||
|
Maineville
|
OH
|
173,105 | 384,468 |
None
|
151 | 173,105 | 384,619 | 557,724 | 331,163 |
03/06/87
|
300 | ||||||||||||||||||||||||||||
|
Pickerington
|
OH
|
87,580 | 406,055 |
None
|
176 | 87,580 | 406,231 | 493,811 | 366,005 |
12/11/86
|
300 | ||||||||||||||||||||||||||||
|
Westerville
|
OH
|
82,000 | 380,173 |
None
|
466 | 82,000 | 380,639 | 462,639 | 358,844 |
10/08/85
|
300 | ||||||||||||||||||||||||||||
|
Westerville
|
OH
|
294,350 | 646,557 |
None
|
237 | 294,350 | 646,794 | 941,144 | 468,868 |
09/26/90
|
300 | ||||||||||||||||||||||||||||
|
Broken
Arrow
|
OK
|
78,705 | 220,434 |
None
|
1,700 | 78,705 | 222,134 | 300,839 | 222,134 |
01/27/83
|
180 | ||||||||||||||||||||||||||||
|
Midwest
City
|
OK
|
67,800 | 314,338 |
None
|
403 | 67,800 | 314,741 | 382,541 | 299,340 |
08/14/85
|
300 | ||||||||||||||||||||||||||||
|
Oklahoma
City
|
OK
|
50,800 | 214,474 |
None
|
3,186 | 50,800 | 217,660 | 268,460 | 217,495 |
06/15/82
|
180 | ||||||||||||||||||||||||||||
|
Oklahoma
City
|
OK
|
79,000 | 366,261 | 17,659 | 634 | 79,000 | 384,554 | 463,554 | 369,242 |
11/14/84
|
300 | ||||||||||||||||||||||||||||
|
Yukon
|
OK
|
61,000 | 282,812 | 27,000 | 552 | 61,000 | 310,364 | 371,364 | 282,126 |
05/02/85
|
300 | ||||||||||||||||||||||||||||
|
Beaverton
|
OR
|
135,148 | 626,647 |
None
|
218 | 135,148 | 626,865 | 762,013 | 564,199 |
12/17/86
|
300 | ||||||||||||||||||||||||||||
|
Charleston
|
SC
|
125,593 | 278,947 |
None
|
513 | 125,593 | 279,460 | 405,053 | 227,117 |
05/26/88
|
300 | ||||||||||||||||||||||||||||
|
Charleston
|
SC
|
140,700 | 312,498 | 25,000 | 332 | 140,700 | 337,830 | 478,530 | 253,789 |
03/28/89
|
300 | ||||||||||||||||||||||||||||
|
Columbia
|
SC
|
58,160 | 269,643 |
None
|
1,435 | 58,160 | 271,078 | 329,238 | 264,362 |
11/14/84
|
300 | ||||||||||||||||||||||||||||
|
Elgin
|
SC
|
160,831 | 313,600 |
None
|
285 | 160,831 | 313,885 | 474,716 | 239,123 |
12/14/89
|
300 | ||||||||||||||||||||||||||||
|
Goose
Creek
|
SC
|
61,635 | 192,905 |
None
|
515 | 61,635 | 193,420 | 255,055 | 193,231 |
12/22/81
|
180 | ||||||||||||||||||||||||||||
|
Summerville
|
SC
|
44,400 | 174,500 |
None
|
63 | 44,400 | 174,563 | 218,963 | 174,560 |
12/22/81
|
180 | ||||||||||||||||||||||||||||
|
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
|
||||||||||||||||||||||||||||||||||||
|
Description
|
Acquisition
|
Carrying
|
Acquisition
|
Depreciation
|
Date
of
|
Date
|
is
Computed
|
||||||||||||||||||||||||||||||||
|
(Note
1)
|
Land
|
Fees
|
Improvements
|
Costs
|
Land
|
Fees
|
Total
|
(Note
4)
|
Construction
|
Acquired
|
(in
Months)
|
||||||||||||||||||||||||||||
|
Sumter
|
SC
|
56,010 | 268,903 |
None
|
1,351 | 56,010 | 270,254 | 326,264 | 257,517 |
06/18/85
|
300 | ||||||||||||||||||||||||||||
|
Memphis
|
TN
|
238,263 | 504,897 |
None
|
719 | 238,263 | 505,616 | 743,879 | 404,476 |
09/29/88
|
300 | ||||||||||||||||||||||||||||
|
Memphis
|
TN
|
238,000 | 528,608 |
None
|
738 | 238,000 | 529,346 | 767,346 | 423,447 |
09/30/88
|
300 | ||||||||||||||||||||||||||||
|
Memphis
|
TN
|
221,501 | 491,962 |
None
|
344 | 221,501 | 492,306 | 713,807 | 356,686 |
08/31/90
|
300 | ||||||||||||||||||||||||||||
|
Nashville
|
TN
|
274,298 | 609,223 |
None
|
308 | 274,298 | 609,531 | 883,829 | 475,299 |
03/30/89
|
300 | ||||||||||||||||||||||||||||
|
Arlington
|
TX
|
82,109 | 380,677 |
None
|
149 | 82,109 | 380,826 | 462,935 | 370,447 |
12/13/84
|
300 | ||||||||||||||||||||||||||||
|
Arlington
|
TX
|
238,000 | 528,604 |
None
|
487 | 238,000 | 529,091 | 767,091 | 423,100 |
09/26/88
|
300 | ||||||||||||||||||||||||||||
|
Arlington
|
TX
|
241,500 | 550,559 |
None
|
13,389 | 241,500 | 563,948 | 805,448 | 450,972 |
09/22/89
|
300 | ||||||||||||||||||||||||||||
|
Arlington
|
TX
|
195,650 | 387,355 |
None
|
100 | 195,650 | 387,455 | 583,105 | 273,244 |
02/07/91
|
300 | ||||||||||||||||||||||||||||
|
Austin
|
TX
|
103,600 | 230,532 | 8,750 | 15,557 | 103,600 | 254,839 | 358,439 | 250,574 |
10/29/82
|
180 | ||||||||||||||||||||||||||||
|
Austin
|
TX
|
88,872 | 222,684 | 48,416 | 14,887 | 88,872 | 285,987 | 374,859 | 231,256 |
01/12/83
|
180 | ||||||||||||||||||||||||||||
|
Austin
|
TX
|
134,383 | 623,103 |
None
|
901 | 134,383 | 624,004 | 758,387 | 561,491 |
12/23/86
|
300 | ||||||||||||||||||||||||||||
|
Austin
|
TX
|
236,733 | 640,023 | 36,746 | 24,446 | 236,733 | 701,215 | 937,948 | 465,599 |
09/27/88
|
300 | ||||||||||||||||||||||||||||
|
Austin
|
TX
|
191,636 | 425,629 | 15,530 | 252 | 191,636 | 441,411 | 633,047 | 344,257 |
12/22/88
|
300 | ||||||||||||||||||||||||||||
|
Austin
|
TX
|
238,000 | 528,604 |
None
|
218 | 238,000 | 528,822 | 766,822 | 410,666 |
04/06/89
|
300 | ||||||||||||||||||||||||||||
|
Austin
|
TX
|
217,878 | 483,913 | 29,469 | 99 | 217,878 | 513,481 | 731,359 | 385,140 |
06/22/89
|
300 | ||||||||||||||||||||||||||||
|
Bedford
|
TX
|
241,500 | 550,559 |
None
|
73 | 241,500 | 550,632 | 792,132 | 443,044 |
09/22/89
|
300 | ||||||||||||||||||||||||||||
|
Carrollton
|
TX
|
277,850 | 617,113 | 12,086 | 18,283 | 277,850 | 647,482 | 925,332 | 514,154 |
12/11/87
|
300 | ||||||||||||||||||||||||||||
|
Cedar
Park
|
TX
|
168,857 | 375,036 | 5,200 | 242 | 168,857 | 380,478 | 549,335 | 299,497 |
11/21/88
|
300 | ||||||||||||||||||||||||||||
|
Colleyville
|
TX
|
250,000 | 1,070,360 |
None
|
None
|
250,000 | 1,070,360 | 1,320,360 | 394,294 |
08/17/99
|
05/14/99
|
300 | |||||||||||||||||||||||||||
|
Converse
|
TX
|
217,000 | 481,963 |
None
|
153 | 217,000 | 482,116 | 699,116 | 385,582 |
09/28/88
|
300 | ||||||||||||||||||||||||||||
|
Coppell
|
TX
|
208,641 | 463,398 |
None
|
279 | 208,641 | 463,677 | 672,318 | 384,846 |
12/11/87
|
300 | ||||||||||||||||||||||||||||
|
Corinth
|
TX
|
285,000 | 1,041,626 |
None
|
None
|
285,000 | 1,041,626 | 1,326,626 | 390,605 |
06/04/99
|
05/19/99
|
300 | |||||||||||||||||||||||||||
|
Denton
|
TX
|
192,777 | 428,121 |
None
|
237 | 192,777 | 428,358 | 621,135 | 370,533 |
01/07/87
|
300 | ||||||||||||||||||||||||||||
|
Duncanville
|
TX
|
93,000 | 431,172 | 28,378 | 11,209 | 93,000 | 470,759 | 563,759 | 431,329 |
05/08/85
|
300 | ||||||||||||||||||||||||||||
|
Euless
|
TX
|
234,111 | 519,962 |
None
|
217 | 234,111 | 520,179 | 754,290 | 444,230 |
05/08/87
|
300 | ||||||||||||||||||||||||||||
|
Flower
Mound
|
TX
|
202,773 | 442,845 | 8,877 | 9,358 | 202,773 | 461,080 | 663,853 | 384,011 |
04/20/87
|
300 | ||||||||||||||||||||||||||||
|
Flower
Mound
|
TX
|
281,735 | 1,099,726 |
None
|
None
|
281,735 | 1,099,726 | 1,381,461 | 419,701 |
04/23/99
|
01/13/99
|
300 | |||||||||||||||||||||||||||
|
Fort
Worth
|
TX
|
85,518 | 396,495 | 24,625 | 211 | 85,518 | 421,331 | 506,849 | 365,896 |
12/03/86
|
300 | ||||||||||||||||||||||||||||
|
Fort
Worth
|
TX
|
238,000 | 528,608 |
None
|
95 | 238,000 | 528,703 | 766,703 | 422,871 |
09/26/88
|
300 | ||||||||||||||||||||||||||||
|
Fort
Worth
|
TX
|
216,160 | 427,962 |
None
|
95 | 216,160 | 428,057 | 644,217 | 301,886 |
02/07/91
|
300 | ||||||||||||||||||||||||||||
|
Garland
|
TX
|
211,050 | 468,749 |
None
|
197 | 211,050 | 468,946 | 679,996 | 351,856 |
12/12/89
|
300 | ||||||||||||||||||||||||||||
|
Grand
Prairie
|
TX
|
167,164 | 371,276 | 30,086 | 19,492 | 167,164 | 420,854 | 588,018 | 302,649 |
12/13/88
|
300 | ||||||||||||||||||||||||||||
|
Houston
|
TX
|
60,000 | 278,175 |
None
|
297 | 60,000 | 278,472 | 338,472 | 266,883 |
05/01/85
|
300 | ||||||||||||||||||||||||||||
|
Houston
|
TX
|
139,125 | 308,997 | 19,128 | 36 | 139,125 | 328,161 | 467,286 | 267,097 |
05/22/87
|
300 | ||||||||||||||||||||||||||||
|
Houston
|
TX
|
141,296 | 313,824 | 12,442 | 15,664 | 141,296 | 341,930 | 483,226 | 271,456 |
07/24/87
|
300 | ||||||||||||||||||||||||||||
|
Houston
|
TX
|
219,100 | 486,631 |
None
|
256 | 219,100 | 486,887 | 705,987 | 389,345 |
09/30/88
|
300 | ||||||||||||||||||||||||||||
|
Houston
|
TX
|
219,100 | 486,628 |
None
|
273 | 219,100 | 486,901 | 706,001 | 386,166 |
11/16/88
|
300 | ||||||||||||||||||||||||||||
|
Houston
|
TX
|
149,109 | 323,314 |
None
|
14,118 | 149,109 | 337,432 | 486,541 | 262,908 |
06/26/89
|
300 | ||||||||||||||||||||||||||||
|
Houston
|
TX
|
294,582 | 919,276 |
None
|
None
|
294,582 | 919,276 | 1,213,858 | 360,098 |
01/11/99
|
08/14/98
|
300 | |||||||||||||||||||||||||||
|
Humble
|
TX
|
278,915 | 1,034,868 |
None
|
None
|
278,915 | 1,034,868 | 1,313,783 | 384,656 |
07/19/99
|
05/14/99
|
300 | |||||||||||||||||||||||||||
|
Katy
|
TX
|
309,898 | 983,041 |
None
|
None
|
309,898 | 983,041 | 1,292,939 | 391,603 |
11/30/98
|
08/21/98
|
300 | |||||||||||||||||||||||||||
|
Mansfield
|
TX
|
181,375 | 402,839 | 26,878 | 8,800 | 181,375 | 438,517 | 619,892 | 303,084 |
12/20/89
|
300 | ||||||||||||||||||||||||||||
|
Mesquite
|
TX
|
85,000 | 394,079 | 9,855 | 12,885 | 85,000 | 416,819 | 501,819 | 387,372 |
10/24/84
|
300 | ||||||||||||||||||||||||||||
|
Mesquite
|
TX
|
139,466 | 326,525 |
None
|
257 | 139,466 | 326,782 | 466,248 | 231,506 |
10/08/92
|
300 | ||||||||||||||||||||||||||||
|
Pasadena
|
TX
|
60,000 | 278,173 |
None
|
428 | 60,000 | 278,601 | 338,601 | 272,313 |
10/23/84
|
300 | ||||||||||||||||||||||||||||
|
Plano
|
TX
|
261,912 | 581,658 | 30,831 | 18,311 | 261,912 | 630,800 | 892,712 | 509,889 |
01/06/87
|
300 | ||||||||||||||||||||||||||||
|
Plano
|
TX
|
250,514 | 556,399 |
None
|
73 | 250,514 | 556,472 | 806,986 | 461,962 |
12/10/87
|
300 | ||||||||||||||||||||||||||||
|
Plano
|
TX
|
259,000 | 575,246 |
None
|
240 | 259,000 | 575,486 | 834,486 | 460,341 |
09/27/88
|
300 | ||||||||||||||||||||||||||||
|
Round
Rock
|
TX
|
80,525 | 373,347 |
None
|
556 | 80,525 | 373,903 | 454,428 | 336,414 |
12/16/86
|
300 | ||||||||||||||||||||||||||||
|
Round
Rock
|
TX
|
186,380 | 413,957 | 30,800 | 214 | 186,380 | 444,971 | 631,351 | 333,253 |
04/19/89
|
300 | ||||||||||||||||||||||||||||
|
San
Antonio
|
TX
|
130,833 | 606,596 |
None
|
254 | 130,833 | 606,850 | 737,683 | 562,880 |
03/24/86
|
300 | ||||||||||||||||||||||||||||
|
San
Antonio
|
TX
|
102,512 | 475,288 |
None
|
443 | 102,512 | 475,731 | 578,243 | 428,449 |
12/03/86
|
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
|
||||||||||||||||||||||||||||||||||||
|
Description
|
Acquisition
|
Carrying
|
Acquisition
|
Depreciation
|
Date
of
|
Date
|
is
Computed
|
||||||||||||||||||||||||||||||||
|
(Note
1)
|
Land
|
Fees
|
Improvements
|
Costs
|
Land
|
Fees
|
Total
|
(Note
4)
|
Construction
|
Acquired
|
(in
Months)
|
||||||||||||||||||||||||||||
|
San
Antonio
|
TX
|
81,530 | 378,007 |
None
|
254 | 81,530 | 378,261 | 459,791 | 340,701 |
12/11/86
|
300 | ||||||||||||||||||||||||||||
|
San
Antonio
|
TX
|
139,125 | 308,997 | 30,885 | 13,246 | 139,125 | 353,128 | 492,253 | 265,308 |
05/22/87
|
300 | ||||||||||||||||||||||||||||
|
San
Antonio
|
TX
|
181,412 | 402,923 |
None
|
759 | 181,412 | 403,682 | 585,094 | 341,867 |
07/07/87
|
300 | ||||||||||||||||||||||||||||
|
San
Antonio
|
TX
|
234,500 | 520,831 |
None
|
644 | 234,500 | 521,475 | 755,975 | 432,873 |
12/29/87
|
300 | ||||||||||||||||||||||||||||
|
San
Antonio
|
TX
|
217,000 | 481,967 |
None
|
375 | 217,000 | 482,342 | 699,342 | 384,107 |
10/14/88
|
300 | ||||||||||||||||||||||||||||
|
San
Antonio
|
TX
|
182,868 | 406,155 | 18,940 | 110 | 182,868 | 425,205 | 608,073 | 331,510 |
12/06/88
|
300 | ||||||||||||||||||||||||||||
|
San
Antonio
|
TX
|
220,500 | 447,108 |
None
|
375 | 220,500 | 447,483 | 667,983 | 348,918 |
03/30/89
|
300 | ||||||||||||||||||||||||||||
|
Southlake
|
TX
|
228,279 | 511,750 |
None
|
95 | 228,279 | 511,845 | 740,124 | 348,813 |
03/10/93
|
300 | ||||||||||||||||||||||||||||
|
Sugar
Land
|
TX
|
339,310 | 1,000,876 |
None
|
None
|
339,310 | 1,000,876 | 1,340,186 | 378,663 |
05/30/99
|
01/13/99
|
300 | |||||||||||||||||||||||||||
|
Layton
|
UT
|
136,574 | 269,008 |
None
|
347 | 136,574 | 269,355 | 405,929 | 204,255 |
02/01/90
|
300 | ||||||||||||||||||||||||||||
|
Sandy
|
UT
|
168,089 | 373,330 |
None
|
347 | 168,089 | 373,677 | 541,766 | 277,932 |
02/01/90
|
300 | ||||||||||||||||||||||||||||
|
Centreville
|
VA
|
371,000 | 824,003 |
None
|
94 | 371,000 | 824,097 | 1,195,097 | 626,547 |
09/29/89
|
300 | ||||||||||||||||||||||||||||
|
Chesapeake
|
VA
|
190,050 | 422,107 | 24,568 | 94 | 190,050 | 446,769 | 636,819 | 339,143 |
03/28/89
|
300 | ||||||||||||||||||||||||||||
|
Glen
Allen
|
VA
|
74,643 | 346,060 |
None
|
94 | 74,643 | 346,154 | 420,797 | 341,976 |
06/20/84
|
300 | ||||||||||||||||||||||||||||
|
Portsmouth
|
VA
|
171,575 | 381,073 | 24,932 | 203 | 171,575 | 406,208 | 577,783 | 309,990 |
12/21/88
|
300 | ||||||||||||||||||||||||||||
|
Richmond
|
VA
|
71,001 | 327,771 |
None
|
7,947 | 71,001 | 335,718 | 406,719 | 317,874 |
09/04/85
|
300 | ||||||||||||||||||||||||||||
|
Richmond
|
VA
|
269,500 | 598,567 |
None
|
334 | 269,500 | 598,901 | 868,401 | 467,081 |
03/28/89
|
300 | ||||||||||||||||||||||||||||
|
Virginia
Beach
|
VA
|
69,080 | 320,270 |
None
|
952 | 69,080 | 321,222 | 390,302 | 313,283 |
11/15/84
|
300 | ||||||||||||||||||||||||||||
|
Woodbridge
|
VA
|
358,050 | 795,239 |
None
|
278 | 358,050 | 795,517 | 1,153,567 | 636,175 |
09/29/88
|
300 | ||||||||||||||||||||||||||||
|
Federal
Way
|
WA
|
150,785 | 699,101 |
None
|
225 | 150,785 | 699,326 | 850,111 | 629,478 |
12/17/86
|
300 | ||||||||||||||||||||||||||||
|
Federal
Way
|
WA
|
261,943 | 581,782 | 27,500 |
None
|
261,943 | 609,282 | 871,225 | 469,517 |
11/21/88
|
300 | ||||||||||||||||||||||||||||
|
Kent
|
WA
|
128,300 | 539,141 |
None
|
22,213 | 128,300 | 561,354 | 689,654 | 561,354 |
06/03/83
|
180 | ||||||||||||||||||||||||||||
|
Kent
|
WA
|
140,763 | 678,809 |
None
|
225 | 140,763 | 679,034 | 819,797 | 611,212 |
12/17/86
|
300 | ||||||||||||||||||||||||||||
|
Kirkland
|
WA
|
301,000 | 668,534 |
None
|
108 | 301,000 | 668,642 | 969,642 | 548,368 |
03/31/88
|
300 | ||||||||||||||||||||||||||||
|
Puyallup
|
WA
|
195,552 | 434,327 | 27,000 |
None
|
195,552 | 461,327 | 656,879 | 353,341 |
12/06/88
|
300 | ||||||||||||||||||||||||||||
|
Redmond
|
WA
|
279,830 | 621,513 |
None
|
225 | 279,830 | 621,738 | 901,568 | 526,802 |
07/27/87
|
300 | ||||||||||||||||||||||||||||
|
Renton
|
WA
|
111,183 | 515,490 |
None
|
108 | 111,183 | 515,598 | 626,781 | 478,327 |
03/24/86
|
300 | ||||||||||||||||||||||||||||
|
Appleton
|
WI
|
196,000 | 424,038 |
None
|
354 | 196,000 | 424,392 | 620,392 | 310,354 |
07/10/90
|
300 | ||||||||||||||||||||||||||||
|
Waukesha
|
WI
|
233,100 | 461,500 |
None
|
354 | 233,100 | 461,854 | 694,954 | 328,640 |
12/13/90
|
300 | ||||||||||||||||||||||||||||
|
Waukesha
|
WI
|
215,950 | 427,546 |
None
|
354 | 215,950 | 427,900 | 643,850 | 304,473 |
12/13/90
|
300 | ||||||||||||||||||||||||||||
|
Consumer Electronics
|
|||||||||||||||||||||||||||||||||||||||
|
Mary
Esther
|
FL
|
149,696 | 363,263 |
None
|
323 | 149,696 | 363,586 | 513,282 | 176,336 |
11/26/96
|
300 | ||||||||||||||||||||||||||||
|
Melbourne
|
FL
|
269,697 | 522,414 |
None
|
1,827 | 269,697 | 524,241 | 793,938 | 254,903 |
11/26/96
|
300 | ||||||||||||||||||||||||||||
|
Merritt
Island
|
FL
|
309,652 | 482,459 |
None
|
323 | 309,652 | 482,782 | 792,434 | 234,145 |
11/26/96
|
300 | ||||||||||||||||||||||||||||
|
Ocala
|
FL
|
339,690 | 543,504 |
None
|
323 | 339,690 | 543,827 | 883,517 | 263,752 |
11/26/96
|
300 | ||||||||||||||||||||||||||||
|
Tallahassee
|
FL
|
319,807 | 502,697 |
None
|
1,823 | 319,807 | 504,520 | 824,327 | 245,336 |
11/26/96
|
300 | ||||||||||||||||||||||||||||
|
Smyrna
|
GA
|
1,094,058 | 3,090,236 |
None
|
411 | 1,094,058 | 3,090,647 | 4,184,705 | 1,426,955 |
06/09/97
|
300 | ||||||||||||||||||||||||||||
|
Richmond
|
IN
|
93,999 | 193,753 |
None
|
257 | 93,999 | 194,010 | 288,009 | 94,109 |
11/26/96
|
300 | ||||||||||||||||||||||||||||
|
Jackson
|
MI
|
550,162 | 571,590 |
None
|
602 | 550,162 | 572,192 | 1,122,354 | 226,504 |
01/15/99
|
09/25/98
|
300 | |||||||||||||||||||||||||||
|
Tupelo
|
MS
|
121,697 | 637,691 |
None
|
290 | 121,697 | 637,981 | 759,678 | 309,557 |
11/26/96
|
300 | ||||||||||||||||||||||||||||
|
Pineville
|
NC
|
567,864 | 840,284 |
None
|
36,277 | 567,864 | 876,561 | 1,444,425 | 367,034 |
12/31/98
|
300 | ||||||||||||||||||||||||||||
|
Lakewood
|
NY
|
144,859 | 526,301 |
None
|
422 | 144,859 | 526,723 | 671,582 | 255,678 |
11/26/96
|
300 | ||||||||||||||||||||||||||||
|
Westbury
|
NY
|
6,333,590 | 3,952,773 | 4,073 |
None
|
6,333,590 | 3,956,846 | 10,290,436 | 1,786,068 |
09/29/97
|
300 | ||||||||||||||||||||||||||||
|
Defiance
|
OH
|
97,978 | 601,863 |
None
|
168 | 97,978 | 602,031 | 700,009 | 292,071 |
11/26/96
|
300 | ||||||||||||||||||||||||||||
|
Convenience Stores
|
|||||||||||||||||||||||||||||||||||||||
|
Daphne
|
AL
|
140,000 | 391,637 |
None
|
None
|
140,000 | 391,637 | 531,637 | 75,061 |
03/18/04
|
300 | ||||||||||||||||||||||||||||
|
Mobile
|
AL
|
190,000 | 301,637 |
None
|
None
|
190,000 | 301,637 | 491,637 | 57,811 |
03/18/04
|
300 | ||||||||||||||||||||||||||||
|
Mobile
|
AL
|
180,000 | 421,637 |
None
|
None
|
180,000 | 421,637 | 601,637 | 80,811 |
03/18/04
|
300 | ||||||||||||||||||||||||||||
|
Florence
|
AZ
|
150,000 | 371,637 |
None
|
None
|
150,000 | 371,637 | 521,637 | 71,228 |
03/18/04
|
300 | ||||||||||||||||||||||||||||
|
Gilbert
|
AZ
|
680,000 | 1,111,637 |
None
|
None
|
680,000 | 1,111,637 | 1,791,637 | 213,061 |
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
|
||||||||||||||||||||||||||||||
|
Description
|
Acquisition
|
Carrying
|
Acquisition
|
Depreciation
|
Date
of
|
Date
|
is
Computed
|
||||||||||||||||||||||||||
|
(Note
1)
|
Land
|
Fees
|
Improvements
|
Costs
|
Land
|
Fees
|
Total
|
(Note
4)
|
Construction
|
Acquired
|
(in
Months)
|
||||||||||||||||||||||
|
Litchfield
Park
|
AZ
|
610,000 | 531,637 |
None
|
None
|
610,000 | 531,637 | 1,141,637 | 101,894 |
03/18/04
|
300 | ||||||||||||||||||||||
|
Marana
|
AZ
|
180,000 | 331,637 |
None
|
None
|
180,000 | 331,637 | 511,637 | 63,561 |
03/18/04
|
300 | ||||||||||||||||||||||
|
Marana
|
AZ
|
330,000 | 911,637 |
None
|
None
|
330,000 | 911,637 | 1,241,637 | 174,728 |
03/18/04
|
300 | ||||||||||||||||||||||
|
Maricopa
|
AZ
|
170,000 | 361,637 |
None
|
None
|
170,000 | 361,637 | 531,637 | 69,311 |
03/18/04
|
300 | ||||||||||||||||||||||
|
Mesa
|
AZ
|
560,000 | 821,637 |
None
|
None
|
560,000 | 821,637 | 1,381,637 | 157,478 |
03/18/04
|
300 | ||||||||||||||||||||||
|
Mesa
|
AZ
|
750,000 | 1,071,637 |
None
|
None
|
750,000 | 1,071,637 | 1,821,637 | 205,394 |
03/18/04
|
300 | ||||||||||||||||||||||
|
Mesa
|
AZ
|
810,000 | 1,061,637 |
None
|
None
|
810,000 | 1,061,637 | 1,871,637 | 203,478 |
03/18/04
|
300 | ||||||||||||||||||||||
|
Mesa
|
AZ
|
890,000 | 1,081,637 |
None
|
None
|
890,000 | 1,081,637 | 1,971,637 | 207,311 |
03/18/04
|
300 | ||||||||||||||||||||||
|
Mesa
|
AZ
|
780,000 | 1,071,637 |
None
|
None
|
780,000 | 1,071,637 | 1,851,637 | 205,394 |
03/18/04
|
300 | ||||||||||||||||||||||
|
Mesa
|
AZ
|
900,000 | 1,191,637 |
None
|
None
|
900,000 | 1,191,637 | 2,091,637 | 228,394 |
03/18/04
|
300 | ||||||||||||||||||||||
|
Payson
|
AZ
|
210,000 | 351,637 |
None
|
None
|
210,000 | 351,637 | 561,637 | 67,394 |
03/18/04
|
300 | ||||||||||||||||||||||
|
Payson
|
AZ
|
260,000 | 311,637 |
None
|
None
|
260,000 | 311,637 | 571,637 | 59,728 |
03/18/04
|
300 | ||||||||||||||||||||||
|
Peoria
|
AZ
|
520,000 | 751,637 |
None
|
None
|
520,000 | 751,637 | 1,271,637 | 144,061 |
03/18/04
|
300 | ||||||||||||||||||||||
|
Phoenix
|
AZ
|
440,000 | 511,637 |
None
|
None
|
440,000 | 511,637 | 951,637 | 98,061 |
03/18/04
|
300 | ||||||||||||||||||||||
|
Phoenix
|
AZ
|
360,000 | 421,637 |
None
|
None
|
360,000 | 421,637 | 781,637 | 80,811 |
03/18/04
|
300 | ||||||||||||||||||||||
|
Phoenix
|
AZ
|
710,000 | 591,637 |
None
|
None
|
710,000 | 591,637 | 1,301,637 | 113,394 |
03/18/04
|
300 | ||||||||||||||||||||||
|
Phoenix
|
AZ
|
320,000 | 661,637 |
None
|
None
|
320,000 | 661,637 | 981,637 | 126,811 |
03/18/04
|
300 | ||||||||||||||||||||||
|
Phoenix
|
AZ
|
450,000 | 651,637 |
None
|
None
|
450,000 | 651,637 | 1,101,637 | 124,894 |
03/18/04
|
300 | ||||||||||||||||||||||
|
Phoenix
|
AZ
|
430,000 | 711,637 |
None
|
None
|
430,000 | 711,637 | 1,141,637 | 136,394 |
03/18/04
|
300 | ||||||||||||||||||||||
|
Phoenix
|
AZ
|
730,000 | 931,637 |
None
|
None
|
730,000 | 931,637 | 1,661,637 | 178,561 |
03/18/04
|
300 | ||||||||||||||||||||||
|
Phoenix
|
AZ
|
400,000 | 931,637 |
None
|
None
|
400,000 | 931,637 | 1,331,637 | 178,561 |
03/18/04
|
300 | ||||||||||||||||||||||
|
Phoenix
|
AZ
|
790,000 | 1,051,637 |
None
|
None
|
790,000 | 1,051,637 | 1,841,637 | 201,561 |
03/18/04
|
300 | ||||||||||||||||||||||
|
Pinetop
|
AZ
|
170,000 | 311,637 |
None
|
None
|
170,000 | 311,637 | 481,637 | 59,728 |
03/18/04
|
300 | ||||||||||||||||||||||
|
Queen
Creek
|
AZ
|
520,000 | 891,637 |
None
|
None
|
520,000 | 891,637 | 1,411,637 | 170,894 |
03/18/04
|
300 | ||||||||||||||||||||||
|
Scottsdale
|
AZ
|
210,000 | 201,637 |
None
|
None
|
210,000 | 201,637 | 411,637 | 38,644 |
03/18/04
|
300 | ||||||||||||||||||||||
|
Scottsdale
|
AZ
|
660,000 | 1,031,637 |
None
|
None
|
660,000 | 1,031,637 | 1,691,637 | 197,728 |
03/18/04
|
300 | ||||||||||||||||||||||
|
Sierra
Vista
|
AZ
|
110,000 | 301,637 |
None
|
None
|
110,000 | 301,637 | 411,637 | 57,811 |
03/18/04
|
300 | ||||||||||||||||||||||
|
Tempe
|
AZ
|
620,000 | 1,071,637 |
None
|
None
|
620,000 | 1,071,637 | 1,691,637 | 205,394 |
03/18/04
|
300 | ||||||||||||||||||||||
|
Tempe
|
AZ
|
270,000 | 461,637 |
None
|
None
|
270,000 | 461,637 | 731,637 | 88,478 |
03/18/04
|
300 | ||||||||||||||||||||||
|
Tolleson
|
AZ
|
460,000 | 1,231,637 |
None
|
None
|
460,000 | 1,231,637 | 1,691,637 | 236,061 |
03/18/04
|
300 | ||||||||||||||||||||||
|
Tombstone
|
AZ
|
110,000 | 381,637 |
None
|
None
|
110,000 | 381,637 | 491,637 | 73,144 |
03/18/04
|
300 | ||||||||||||||||||||||
|
Tucson
|
AZ
|
220,000 | 311,637 |
None
|
None
|
220,000 | 311,637 | 531,637 | 59,728 |
03/18/04
|
300 | ||||||||||||||||||||||
|
Tucson
|
AZ
|
240,000 | 341,637 |
None
|
None
|
240,000 | 341,637 | 581,637 | 65,478 |
03/18/04
|
300 | ||||||||||||||||||||||
|
Tucson
|
AZ
|
550,000 | 511,637 |
None
|
None
|
550,000 | 511,637 | 1,061,637 | 98,061 |
03/18/04
|
300 | ||||||||||||||||||||||
|
Tucson
|
AZ
|
126,000 | 234,565 |
None
|
None
|
126,000 | 234,565 | 360,565 | 44,176 |
04/14/04
|
300 | ||||||||||||||||||||||
|
Wellton
|
AZ
|
120,000 | 291,637 |
None
|
None
|
120,000 | 291,637 | 411,637 | 55,894 |
03/18/04
|
300 | ||||||||||||||||||||||
|
Wickenburg
|
AZ
|
150,000 | 291,637 |
None
|
None
|
150,000 | 291,637 | 441,637 | 55,894 |
03/18/04
|
300 | ||||||||||||||||||||||
|
Manchester
|
CT
|
118,262 | 305,510 |
None
|
None
|
118,262 | 305,510 | 423,772 | 168,540 |
03/03/95
|
300 | ||||||||||||||||||||||
|
Vernon
|
CT
|
179,646 | 319,372 |
None
|
None
|
179,646 | 319,372 | 499,018 | 176,187 |
03/09/95
|
300 | ||||||||||||||||||||||
|
Westbrook
|
CT
|
98,247 | 373,340 |
None
|
None
|
98,247 | 373,340 | 471,587 | 205,959 |
03/09/95
|
300 | ||||||||||||||||||||||
|
Camden
|
DE
|
113,811 | 174,435 |
None
|
None
|
113,811 | 174,435 | 288,246 | 40,404 |
03/19/03
|
300 | ||||||||||||||||||||||
|
Camden
|
DE
|
250,528 | 379,165 |
None
|
None
|
250,528 | 379,165 | 629,693 | 87,833 |
03/19/03
|
300 | ||||||||||||||||||||||
|
Dewey
|
DE
|
147,465 | 224,665 |
None
|
None
|
147,465 | 224,665 | 372,130 | 52,040 |
03/19/03
|
300 | ||||||||||||||||||||||
|
Dover
|
DE
|
278,804 | 421,707 |
None
|
None
|
278,804 | 421,707 | 700,511 | 97,688 |
03/19/03
|
300 | ||||||||||||||||||||||
|
Dover
|
DE
|
367,137 | 554,207 |
None
|
None
|
367,137 | 554,207 | 921,344 | 128,384 |
03/19/03
|
300 | ||||||||||||||||||||||
|
Dover
|
DE
|
367,425 | 554,884 |
None
|
None
|
367,425 | 554,884 | 922,309 | 128,541 |
03/19/03
|
300 | ||||||||||||||||||||||
|
Felton
|
DE
|
307,260 | 464,391 |
None
|
None
|
307,260 | 464,391 | 771,651 | 107,577 |
03/19/03
|
300 | ||||||||||||||||||||||
|
Greenwood
|
DE
|
632,303 | 1,176,711 |
None
|
None
|
632,303 | 1,176,711 | 1,809,014 | 52,950 |
11/29/07
|
300 | ||||||||||||||||||||||
|
Harrington
|
DE
|
563,812 | 849,220 |
None
|
None
|
563,812 | 849,220 | 1,413,032 | 196,729 |
03/19/03
|
300 | ||||||||||||||||||||||
|
Milford
|
DE
|
310,049 | 468,575 |
None
|
None
|
310,049 | 468,575 | 778,624 | 108,546 |
03/19/03
|
300 | ||||||||||||||||||||||
|
Newcastle
|
DE
|
589,325 | 887,488 |
None
|
None
|
589,325 | 887,488 | 1,476,813 | 205,594 |
03/19/03
|
300 | ||||||||||||||||||||||
|
Smyrna
|
DE
|
121,774 | 186,436 |
None
|
None
|
121,774 | 186,436 | 308,210 | 43,184 |
03/19/03
|
300 | ||||||||||||||||||||||
|
Smyrna
|
DE
|
401,135 | 605,332 |
None
|
None
|
401,135 | 605,332 | 1,006,467 | 140,228 |
03/19/03
|
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
|
|||||||||||||||||||||||||||||||||
|
Description
|
Acquisition
|
Carrying
|
Acquisition
|
Depreciation
|
Date
of
|
Date
|
is
Computed
|
|||||||||||||||||||||||||||||
|
(Note
1)
|
Land
|
Fees
|
Improvements
|
Costs
|
Land
|
Fees
|
Total
|
(Note
4)
|
Construction
|
Acquired
|
(in
Months)
|
|||||||||||||||||||||||||
|
Townsend
|
DE
|
241,416 | 365,749 |
None
|
None
|
241,416 | 365,749 | 607,165 | 84,725 |
03/19/03
|
300 | |||||||||||||||||||||||||
|
Wilmington
|
DE
|
280,682 | 424,525 |
None
|
None
|
280,682 | 424,525 | 705,207 | 98,341 |
03/19/03
|
300 | |||||||||||||||||||||||||
|
Archer
|
FL
|
296,238 | 578,145 |
None
|
51 | 296,238 | 578,196 | 874,434 | 222,635 |
05/07/99
|
300 | |||||||||||||||||||||||||
|
Bushnell
|
FL
|
130,000 | 291,637 |
None
|
None
|
130,000 | 291,637 | 421,637 | 55,894 |
03/18/04
|
300 | |||||||||||||||||||||||||
|
Clearwater
|
FL
|
359,792 | 311,845 |
None
|
None
|
359,792 | 311,845 | 671,637 | 59,768 |
03/18/04
|
300 | |||||||||||||||||||||||||
|
Cocoa
|
FL
|
323,827 | 287,810 |
None
|
None
|
323,827 | 287,810 | 611,637 | 55,161 |
03/18/04
|
300 | |||||||||||||||||||||||||
|
Deltona
|
FL
|
140,000 | 321,637 |
None
|
None
|
140,000 | 321,637 | 461,637 | 61,644 |
03/18/04
|
300 | |||||||||||||||||||||||||
|
Ellenton
|
FL
|
250,000 | 261,637 |
None
|
None
|
250,000 | 261,637 | 511,637 | 50,144 |
03/18/04
|
300 | |||||||||||||||||||||||||
|
Englewood
|
FL
|
270,000 | 331,637 |
None
|
None
|
270,000 | 331,637 | 601,637 | 63,561 |
03/18/04
|
300 | |||||||||||||||||||||||||
|
Gainesville
|
FL
|
515,834 | 873,187 |
None
|
None
|
515,834 | 873,187 | 1,389,021 | 336,176 |
05/07/99
|
300 | |||||||||||||||||||||||||
|
Gainesville
|
FL
|
480,318 | 600,633 |
None
|
None
|
480,318 | 600,633 | 1,080,951 | 231,242 |
05/07/99
|
300 | |||||||||||||||||||||||||
|
Gainesville
|
FL
|
347,310 | 694,859 |
None
|
None
|
347,310 | 694,859 | 1,042,169 | 267,519 |
05/07/99
|
300 | |||||||||||||||||||||||||
|
Gainesville
|
FL
|
339,263 | 658,807 |
None
|
None
|
339,263 | 658,807 | 998,070 | 253,639 |
05/07/99
|
300 | |||||||||||||||||||||||||
|
Gainesville
|
FL
|
351,921 | 552,557 |
None
|
None
|
351,921 | 552,557 | 904,478 | 212,733 |
05/07/99
|
300 | |||||||||||||||||||||||||
|
Gainesville
|
FL
|
500,032 | 850,291 |
None
|
None
|
500,032 | 850,291 | 1,350,323 | 327,361 |
05/07/99
|
300 | |||||||||||||||||||||||||
|
Homosassa
Springs
|
FL
|
740,000 | 621,637 |
None
|
None
|
740,000 | 621,637 | 1,361,637 | 119,144 |
03/18/04
|
300 | |||||||||||||||||||||||||
|
Hudson
|
FL
|
300,000 | 351,637 |
None
|
None
|
300,000 | 351,637 | 651,637 | 67,394 |
03/18/04
|
300 | |||||||||||||||||||||||||
|
Intercession
City
|
FL
|
161,776 | 319,861 |
None
|
None
|
161,776 | 319,861 | 481,637 | 61,304 |
03/18/04
|
300 | |||||||||||||||||||||||||
|
Jacksonville
|
FL
|
266,111 | 494,206 |
None
|
None
|
266,111 | 494,206 | 760,317 | 93,075 |
04/01/04
|
300 | |||||||||||||||||||||||||
|
Jacksonville
Bch
|
FL
|
522,188 | 371,885 |
None
|
None
|
522,188 | 371,885 | 894,073 | 143,174 |
05/07/99
|
300 | |||||||||||||||||||||||||
|
Key
West
|
FL
|
873,700 | 627,937 |
None
|
None
|
873,700 | 627,937 | 1,501,637 | 120,352 |
03/18/04
|
300 | |||||||||||||||||||||||||
|
Key
West
|
FL
|
492,785 | 208,852 |
None
|
None
|
492,785 | 208,852 | 701,637 | 40,027 |
03/18/04
|
300 | |||||||||||||||||||||||||
|
Lakeland
|
FL
|
527,076 | 464,561 |
None
|
None
|
527,076 | 464,561 | 991,637 | 89,038 |
03/18/04
|
300 | |||||||||||||||||||||||||
|
Lakeland
|
FL
|
300,000 | 321,637 |
None
|
None
|
300,000 | 321,637 | 621,637 | 61,644 |
03/18/04
|
300 | |||||||||||||||||||||||||
|
Lakeport
|
FL
|
180,342 | 331,295 |
None
|
None
|
180,342 | 331,295 | 511,637 | 63,495 |
03/18/04
|
300 | |||||||||||||||||||||||||
|
Land
O'Lakes
|
FL
|
120,000 | 361,637 |
None
|
None
|
120,000 | 361,637 | 481,637 | 69,311 |
03/18/04
|
300 | |||||||||||||||||||||||||
|
Lutz
|
FL
|
480,000 | 421,637 |
None
|
None
|
480,000 | 421,637 | 901,637 | 80,811 |
03/18/04
|
300 | |||||||||||||||||||||||||
|
Naples
|
FL
|
150,000 | 301,637 |
None
|
None
|
150,000 | 301,637 | 451,637 | 57,811 |
03/18/04
|
300 | |||||||||||||||||||||||||
|
Naples
|
FL
|
620,000 | 381,637 |
None
|
None
|
620,000 | 381,637 | 1,001,637 | 73,144 |
03/18/04
|
300 | |||||||||||||||||||||||||
|
New
Port Richey
|
FL
|
190,000 | 601,637 |
None
|
None
|
190,000 | 601,637 | 791,637 | 115,311 |
03/18/04
|
300 | |||||||||||||||||||||||||
|
North
Fort Meyers
|
FL
|
140,000 | 281,637 |
None
|
None
|
140,000 | 281,637 | 421,637 | 53,978 |
03/18/04
|
300 | |||||||||||||||||||||||||
|
Okeechobee
|
FL
|
195,075 | 346,562 |
None
|
None
|
195,075 | 346,562 | 541,637 | 66,422 |
03/18/04
|
300 | |||||||||||||||||||||||||
|
Orlando
|
FL
|
240,000 | 301,637 |
None
|
None
|
240,000 | 301,637 | 541,637 | 57,811 |
03/18/04
|
300 | |||||||||||||||||||||||||
|
Palm
Bay
|
FL
|
230,880 | 300,757 |
None
|
None
|
230,880 | 300,757 | 531,637 | 57,642 |
03/18/04
|
300 | |||||||||||||||||||||||||
|
Palm
Harbor
|
FL
|
510,000 | 381,637 |
None
|
None
|
510,000 | 381,637 | 891,637 | 73,144 |
03/18/04
|
300 | |||||||||||||||||||||||||
|
Panama
City
|
FL
|
210,000 | 431,637 |
None
|
None
|
210,000 | 431,637 | 641,637 | 82,728 |
03/18/04
|
300 | |||||||||||||||||||||||||
|
Pensacola
|
FL
|
168,000 | 312,727 |
None
|
None
|
168,000 | 312,727 | 480,727 | 58,894 |
04/14/04
|
300 | |||||||||||||||||||||||||
|
Port
Charlotte
|
FL
|
170,000 | 311,637 |
None
|
None
|
170,000 | 311,637 | 481,637 | 59,728 |
03/18/04
|
300 | |||||||||||||||||||||||||
|
Port
Orange
|
FL
|
609,438 | 512,199 |
None
|
None
|
609,438 | 512,199 | 1,121,637 | 98,169 |
03/18/04
|
300 | |||||||||||||||||||||||||
|
Pt
Charlotte
|
FL
|
200,000 | 356,637 |
None
|
None
|
200,000 | 356,637 | 556,637 | 68,353 |
03/18/04
|
300 | |||||||||||||||||||||||||
|
Punta
Gorda
|
FL
|
400,000 | 511,637 |
None
|
None
|
400,000 | 511,637 | 911,637 | 98,061 |
03/18/04
|
300 | |||||||||||||||||||||||||
|
Tallahassee
|
FL
|
600,000 | 341,637 |
None
|
None
|
600,000 | 341,637 | 941,637 | 65,478 |
03/18/04
|
300 | |||||||||||||||||||||||||
|
Tampa
|
FL
|
300,000 | 301,637 |
None
|
None
|
300,000 | 301,637 | 601,637 | 57,811 |
03/18/04
|
300 | |||||||||||||||||||||||||
|
Tampa
|
FL
|
380,000 | 361,637 |
None
|
None
|
380,000 | 361,637 | 741,637 | 69,311 |
03/18/04
|
300 | |||||||||||||||||||||||||
|
Tampa
|
FL
|
320,000 | 591,637 |
None
|
None
|
320,000 | 591,637 | 911,637 | 113,394 |
03/18/04
|
300 | |||||||||||||||||||||||||
|
Webster
|
FL
|
640,000 | 1,071,637 |
None
|
None
|
640,000 | 1,071,637 | 1,711,637 | 205,394 |
03/18/04
|
300 | |||||||||||||||||||||||||
|
Winter
Springs
|
FL
|
150,000 | 291,637 |
None
|
None
|
150,000 | 291,637 | 441,637 | 55,894 |
03/18/04
|
300 | |||||||||||||||||||||||||
|
Augusta
|
GA
|
620,000 | 383,232 |
None
|
None
|
620,000 | 383,232 | 1,003,232 | 144,984 |
07/22/99
|
300 | |||||||||||||||||||||||||
|
Augusta
|
GA
|
540,000 | 337,853 |
None
|
None
|
540,000 | 337,853 | 877,853 | 127,817 |
07/22/99
|
300 | |||||||||||||||||||||||||
|
Augusta
|
GA
|
510,000 | 392,929 |
None
|
None
|
510,000 | 392,929 | 902,929 | 148,653 |
07/22/99
|
300 | |||||||||||||||||||||||||
|
Augusta
|
GA
|
180,000 | 422,020 |
None
|
None
|
180,000 | 422,020 | 602,020 | 159,661 |
07/22/99
|
300 | |||||||||||||||||||||||||
|
Augusta
|
GA
|
260,000 | 392,171 |
None
|
None
|
260,000 | 392,171 | 652,171 | 148,368 |
07/22/99
|
300 | |||||||||||||||||||||||||
|
Augusta
|
GA
|
240,000 | 451,637 |
None
|
None
|
240,000 | 451,637 | 691,637 | 86,561 |
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
|
|||||||||||||||||||||||||||||||||
|
Description
|
Acquisition
|
Carrying
|
Acquisition
|
Depreciation
|
Date
of
|
Date
|
is
Computed
|
|||||||||||||||||||||||||||||
|
(Note
1)
|
Land
|
Fees
|
Improvements
|
Costs
|
Land
|
Fees
|
Total
|
(Note
4)
|
Construction
|
Acquired
|
(in
Months)
|
|||||||||||||||||||||||||
|
Cahutta
|
GA
|
437,500 | 813,742 |
None
|
None
|
437,500 | 813,742 | 1,251,242 | 169,523 |
10/16/03
|
300 | |||||||||||||||||||||||||
|
Calhoun
|
GA
|
122,500 | 228,742 |
None
|
None
|
122,500 | 228,742 | 351,242 | 47,648 |
10/16/03
|
300 | |||||||||||||||||||||||||
|
Calhoun
|
GA
|
262,500 | 488,742 |
None
|
None
|
262,500 | 488,742 | 751,242 | 101,815 |
10/16/03
|
300 | |||||||||||||||||||||||||
|
Chatsworth
|
GA
|
140,000 | 261,242 |
None
|
None
|
140,000 | 261,242 | 401,242 | 54,419 |
10/16/03
|
300 | |||||||||||||||||||||||||
|
Chatsworth
|
GA
|
140,000 | 261,242 |
None
|
None
|
140,000 | 261,242 | 401,242 | 54,419 |
10/16/03
|
300 | |||||||||||||||||||||||||
|
Chatsworth
|
GA
|
140,000 | 261,242 |
None
|
None
|
140,000 | 261,242 | 401,242 | 54,419 |
10/16/03
|
300 | |||||||||||||||||||||||||
|
Chickamauga
|
GA
|
181,731 | 338,742 |
None
|
None
|
181,731 | 338,742 | 520,473 | 70,565 |
10/16/03
|
300 | |||||||||||||||||||||||||
|
Dalton
|
GA
|
171,500 | 319,742 |
None
|
None
|
171,500 | 319,742 | 491,242 | 66,607 |
10/16/03
|
300 | |||||||||||||||||||||||||
|
Dalton
|
GA
|
87,500 | 163,742 |
None
|
None
|
87,500 | 163,742 | 251,242 | 34,107 |
10/16/03
|
300 | |||||||||||||||||||||||||
|
Dalton
|
GA
|
485,650 | 903,162 |
None
|
None
|
485,650 | 903,162 | 1,388,812 | 188,153 |
10/16/03
|
300 | |||||||||||||||||||||||||
|
Dalton
|
GA
|
146,000 | 272,385 |
None
|
None
|
146,000 | 272,385 | 418,385 | 56,741 |
10/16/03
|
300 | |||||||||||||||||||||||||
|
Dalton
|
GA
|
420,000 | 781,242 |
None
|
None
|
420,000 | 781,242 | 1,201,242 | 162,752 |
10/16/03
|
300 | |||||||||||||||||||||||||
|
Dalton
|
GA
|
210,000 | 391,242 |
None
|
None
|
210,000 | 391,242 | 601,242 | 81,502 |
10/16/03
|
300 | |||||||||||||||||||||||||
|
Dalton
|
GA
|
332,500 | 618,742 |
None
|
None
|
332,500 | 618,742 | 951,242 | 128,898 |
10/16/03
|
300 | |||||||||||||||||||||||||
|
Decatur
|
GA
|
529,383 | 532,429 |
None
|
None
|
529,383 | 532,429 | 1,061,812 | 245,744 |
06/27/97
|
300 | |||||||||||||||||||||||||
|
Dunwoody
|
GA
|
545,462 | 724,254 |
None
|
None
|
545,462 | 724,254 | 1,269,716 | 334,295 |
06/27/97
|
300 | |||||||||||||||||||||||||
|
Euharlee
|
GA
|
262,500 | 488,742 |
None
|
None
|
262,500 | 488,742 | 751,242 | 101,815 |
10/16/03
|
300 | |||||||||||||||||||||||||
|
Flintstone
|
GA
|
157,500 | 293,742 |
None
|
None
|
157,500 | 293,742 | 451,242 | 61,190 |
10/16/03
|
300 | |||||||||||||||||||||||||
|
Lafayette
|
GA
|
122,500 | 228,742 |
None
|
None
|
122,500 | 228,742 | 351,242 | 47,648 |
10/16/03
|
300 | |||||||||||||||||||||||||
|
Lithonia
|
GA
|
386,784 | 776,436 |
None
|
None
|
386,784 | 776,436 | 1,163,220 | 358,397 |
06/27/97
|
300 | |||||||||||||||||||||||||
|
Mableton
|
GA
|
491,069 | 355,957 |
None
|
None
|
491,069 | 355,957 | 847,026 | 164,286 |
06/27/97
|
300 | |||||||||||||||||||||||||
|
Martinez
|
GA
|
450,000 | 402,777 |
None
|
None
|
450,000 | 402,777 | 852,777 | 152,380 |
07/22/99
|
300 | |||||||||||||||||||||||||
|
Martinez
|
GA
|
830,000 | 871,637 |
None
|
None
|
830,000 | 871,637 | 1,701,637 | 167,061 |
03/18/04
|
300 | |||||||||||||||||||||||||
|
Norcross
|
GA
|
384,162 | 651,273 |
None
|
None
|
384,162 | 651,273 | 1,035,435 | 300,611 |
06/27/97
|
300 | |||||||||||||||||||||||||
|
Ringgold
|
GA
|
350,000 | 651,242 |
None
|
None
|
350,000 | 651,242 | 1,001,242 | 135,669 |
10/16/03
|
300 | |||||||||||||||||||||||||
|
Ringgold
|
GA
|
234,500 | 1,168,914 |
None
|
None
|
234,500 | 1,168,914 | 1,403,414 | 192,294 |
10/16/03
|
300 | |||||||||||||||||||||||||
|
Ringgold
|
GA
|
385,000 | 716,242 | -21,175 |
None
|
385,000 | 695,067 | 1,080,067 | 149,211 |
10/16/03
|
300 | |||||||||||||||||||||||||
|
Ringgold
|
GA
|
482,251 | 896,851 |
None
|
None
|
482,251 | 896,851 | 1,379,102 | 186,838 |
10/16/03
|
300 | |||||||||||||||||||||||||
|
Rocky
Face
|
GA
|
164,231 | 306,241 |
None
|
None
|
164,231 | 306,241 | 470,472 | 63,794 |
10/16/03
|
300 | |||||||||||||||||||||||||
|
Rome
|
GA
|
210,000 | 391,242 |
None
|
None
|
210,000 | 391,242 | 601,242 | 81,502 |
10/16/03
|
300 | |||||||||||||||||||||||||
|
Rome
|
GA
|
199,199 | 371,183 |
None
|
None
|
199,199 | 371,183 | 570,382 | 77,323 |
10/16/03
|
300 | |||||||||||||||||||||||||
|
Rome
|
GA
|
201,791 | 375,997 |
None
|
None
|
201,791 | 375,997 | 577,788 | 78,327 |
10/16/03
|
300 | |||||||||||||||||||||||||
|
Rome
|
GA
|
315,000 | 586,242 |
None
|
None
|
315,000 | 586,242 | 901,242 | 122,127 |
10/16/03
|
300 | |||||||||||||||||||||||||
|
Rossville
|
GA
|
157,500 | 293,742 |
None
|
None
|
157,500 | 293,742 | 451,242 | 61,190 |
10/16/03
|
300 | |||||||||||||||||||||||||
|
Summerville
|
GA
|
66,231 | 124,242 |
None
|
None
|
66,231 | 124,242 | 190,473 | 25,878 |
10/16/03
|
300 | |||||||||||||||||||||||||
|
Trenton
|
GA
|
129,231 | 241,242 |
None
|
None
|
129,231 | 241,242 | 370,473 | 50,253 |
10/16/03
|
300 | |||||||||||||||||||||||||
|
Godfrey
|
IL
|
374,586 | 733,190 |
None
|
None
|
374,586 | 733,190 | 1,107,776 | 338,425 |
06/27/97
|
300 | |||||||||||||||||||||||||
|
Granite
City
|
IL
|
362,287 | 737,255 |
None
|
None
|
362,287 | 737,255 | 1,099,542 | 340,303 |
06/27/97
|
300 | |||||||||||||||||||||||||
|
Love's
Park
|
IL
|
547,582 | 1,016,523 | 1,500 |
None
|
547,582 | 1,018,023 | 1,565,605 | 42,504 |
12/20/07
|
300 | |||||||||||||||||||||||||
|
Madison
|
IL
|
173,812 | 625,030 |
None
|
None
|
173,812 | 625,030 | 798,842 | 288,511 |
06/27/97
|
300 | |||||||||||||||||||||||||
|
Rochelle
|
IL
|
607,418 | 1,128,145 | 1,000 |
None
|
607,418 | 1,129,145 | 1,736,563 | 47,105 |
12/20/07
|
300 | |||||||||||||||||||||||||
|
Albany
|
IN
|
427,437 | 794,632 | 2,000 |
None
|
427,437 | 796,632 | 1,224,069 | 51,964 |
05/25/07
|
300 | |||||||||||||||||||||||||
|
Alexandria
|
IN
|
139,219 | 259,369 |
None
|
None
|
139,219 | 259,369 | 398,588 | 16,856 |
05/25/07
|
300 | |||||||||||||||||||||||||
|
Anderson
|
IN
|
147,263 | 274,307 |
None
|
None
|
147,263 | 274,307 | 421,570 | 17,827 |
05/25/07
|
300 | |||||||||||||||||||||||||
|
Anderson
|
IN
|
283,430 | 527,190 | 2,000 |
None
|
283,430 | 529,190 | 812,620 | 34,581 |
05/25/07
|
300 | |||||||||||||||||||||||||
|
Elkhart
|
IN
|
495,914 | 922,471 | 1,500 |
None
|
495,914 | 923,971 | 1,419,885 | 60,195 |
05/25/07
|
300 | |||||||||||||||||||||||||
|
Frankfort
|
IN
|
208,666 | 388,345 | 2,000 |
None
|
208,666 | 390,345 | 599,011 | 25,556 |
05/25/07
|
300 | |||||||||||||||||||||||||
|
Greenwood
|
IN
|
173,250 | 323,022 |
None
|
None
|
173,250 | 323,022 | 496,272 | 20,993 |
05/25/07
|
300 | |||||||||||||||||||||||||
|
Hartford
City
|
IN
|
250,310 | 465,702 | 2,000 |
None
|
250,310 | 467,702 | 718,012 | 30,584 |
05/25/07
|
300 | |||||||||||||||||||||||||
|
Indianapolis
|
IN
|
129,938 | 242,134 |
None
|
None
|
129,938 | 242,134 | 372,072 | 15,735 |
05/25/07
|
300 | |||||||||||||||||||||||||
|
Indianapolis
|
IN
|
269,294 | 500,939 | 1,500 |
None
|
269,294 | 502,439 | 771,733 | 32,795 |
05/25/07
|
300 | |||||||||||||||||||||||||
|
Indianapolis
|
IN
|
318,432 | 592,193 | 1,500 |
None
|
318,432 | 593,693 | 912,125 | 38,727 |
05/25/07
|
300 | |||||||||||||||||||||||||
|
Knox
|
IN
|
341,250 | 633,499 | 1,500 |
None
|
341,250 | 634,999 | 976,249 | 30,807 |
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
|
||||||||||||||||||||||||||||||||||||
|
Description
|
Acquisition
|
Carrying
|
Acquisition
|
Depreciation
|
Date
of
|
Date
|
is
Computed
|
||||||||||||||||||||||||||||||||
|
(Note
1)
|
Land
|
Fees
|
Improvements
|
Costs
|
Land
|
Fees
|
Total
|
(Note
4)
|
Construction
|
Acquired
|
(in
Months)
|
||||||||||||||||||||||||||||
|
Lafayette
|
IN
|
147,263 | 274,309 |
None
|
None
|
147,263 | 274,309 | 421,572 | 17,827 |
05/25/07
|
300 | ||||||||||||||||||||||||||||
|
Lafayette
|
IN
|
112,613 | 209,959 |
None
|
None
|
112,613 | 209,959 | 322,572 | 13,644 |
05/25/07
|
300 | ||||||||||||||||||||||||||||
|
Marion
|
IN
|
209,196 | 389,995 | 1,500 |
None
|
209,196 | 391,495 | 600,691 | 25,584 |
05/25/07
|
300 | ||||||||||||||||||||||||||||
|
Michigan
City
|
IN
|
227,500 | 422,249 | 1,500 |
None
|
227,500 | 423,749 | 651,249 | 20,596 |
10/09/07
|
300 | ||||||||||||||||||||||||||||
|
Mishawaka
|
IN
|
123,983 | 231,743 | 2,000 |
None
|
123,983 | 233,743 | 357,726 | 15,377 |
05/25/07
|
300 | ||||||||||||||||||||||||||||
|
Morristown
|
IN
|
366,590 | 682,082 | 2,000 |
None
|
366,590 | 684,082 | 1,050,672 | 44,649 |
05/25/07
|
300 | ||||||||||||||||||||||||||||
|
Muncie
|
IN
|
103,950 | 193,870 |
None
|
None
|
103,950 | 193,870 | 297,820 | 12,598 |
05/25/07
|
300 | ||||||||||||||||||||||||||||
|
Muncie
|
IN
|
184,237 | 342,974 | 2,000 |
None
|
184,237 | 344,974 | 529,211 | 22,607 |
05/25/07
|
300 | ||||||||||||||||||||||||||||
|
New
Albany
|
IN
|
181,459 | 289,353 |
None
|
211 | 181,459 | 289,564 | 471,023 | 159,637 |
03/03/95
|
300 | ||||||||||||||||||||||||||||
|
New
Albany
|
IN
|
262,465 | 331,796 |
None
|
211 | 262,465 | 332,007 | 594,472 | 183,051 |
03/06/95
|
300 | ||||||||||||||||||||||||||||
|
New
Castle
|
IN
|
138,600 | 258,672 |
None
|
None
|
138,600 | 258,672 | 397,272 | 16,810 |
05/25/07
|
300 | ||||||||||||||||||||||||||||
|
New
Castle
|
IN
|
79,854 | 149,572 | 1,000 |
None
|
79,854 | 150,572 | 230,426 | 9,877 |
05/25/07
|
300 | ||||||||||||||||||||||||||||
|
New
Castle
|
IN
|
203,941 | 380,019 | 1,500 |
None
|
203,941 | 381,519 | 585,460 | 24,935 |
05/25/07
|
300 | ||||||||||||||||||||||||||||
|
Richmond
|
IN
|
281,248 | 523,589 | 1,500 |
None
|
281,248 | 525,089 | 806,337 | 34,267 |
05/25/07
|
300 | ||||||||||||||||||||||||||||
|
Richmond
|
IN
|
255,908 | 476,528 | 2,000 |
None
|
255,908 | 478,528 | 734,436 | 31,288 |
05/25/07
|
300 | ||||||||||||||||||||||||||||
|
Rushville
|
IN
|
138,600 | 258,672 |
None
|
None
|
138,600 | 258,672 | 397,272 | 16,810 |
05/25/07
|
300 | ||||||||||||||||||||||||||||
|
Rushville
|
IN
|
121,275 | 226,497 |
None
|
None
|
121,275 | 226,497 | 347,772 | 14,719 |
05/25/07
|
300 | ||||||||||||||||||||||||||||
|
South
Bend
|
IN
|
372,387 | 693,064 | 2,000 |
None
|
372,387 | 695,064 | 1,067,451 | 45,363 |
05/25/07
|
300 | ||||||||||||||||||||||||||||
|
Wabash
|
IN
|
430,437 | 800,871 | 2,000 |
None
|
430,437 | 802,871 | 1,233,308 | 52,370 |
05/25/07
|
300 | ||||||||||||||||||||||||||||
|
Wabash
|
IN
|
334,923 | 623,488 | 1,500 |
None
|
334,923 | 624,988 | 959,911 | 40,761 |
05/25/07
|
300 | ||||||||||||||||||||||||||||
|
Warsaw
|
IN
|
415,275 | 772,713 | 1,500 |
None
|
415,275 | 774,213 | 1,189,488 | 50,461 |
05/25/07
|
300 | ||||||||||||||||||||||||||||
|
West
Lafayette
|
IN
|
0 | 1,340,855 | 2,000 |
None
|
- | 1,342,855 | 1,342,855 | 87,245 |
05/25/07
|
300 | ||||||||||||||||||||||||||||
|
Zionsville
|
IN
|
910,595 | 1,691,926 | 2,000 |
None
|
910,595 | 1,693,926 | 2,604,521 | 110,289 |
05/25/07
|
300 | ||||||||||||||||||||||||||||
|
Berea
|
KY
|
252,077 | 360,815 |
None
|
115 | 252,077 | 360,930 | 613,007 | 199,054 |
03/08/95
|
300 | ||||||||||||||||||||||||||||
|
Elizabethtown
|
KY
|
286,106 | 286,106 |
None
|
211 | 286,106 | 286,317 | 572,423 | 157,845 |
03/03/95
|
300 | ||||||||||||||||||||||||||||
|
Lebanon
|
KY
|
158,052 | 316,105 |
None
|
115 | 158,052 | 316,220 | 474,272 | 174,388 |
03/03/95
|
300 | ||||||||||||||||||||||||||||
|
Louisville
|
KY
|
198,926 | 368,014 |
None
|
211 | 198,926 | 368,225 | 567,151 | 203,031 |
03/03/95
|
300 | ||||||||||||||||||||||||||||
|
Louisville
|
KY
|
216,849 | 605,697 |
None
|
None
|
216,849 | 605,697 | 822,546 | 303,724 |
06/18/96
|
11/17/95
|
300 | |||||||||||||||||||||||||||
|
Mt.
Washington
|
KY
|
327,245 | 479,593 |
None
|
None
|
327,245 | 479,593 | 806,838 | 232,634 |
12/06/96
|
05/31/96
|
300 | |||||||||||||||||||||||||||
|
Owensboro
|
KY
|
360,000 | 590,000 |
None
|
None
|
360,000 | 590,000 | 950,000 | 315,650 |
08/25/95
|
300 | ||||||||||||||||||||||||||||
|
Alexandria
|
LA
|
170,000 | 371,637 |
None
|
None
|
170,000 | 371,637 | 541,637 | 71,228 |
03/18/04
|
300 | ||||||||||||||||||||||||||||
|
Baton
Rouge
|
LA
|
500,000 | 521,637 |
None
|
None
|
500,000 | 521,637 | 1,021,637 | 99,978 |
03/18/04
|
300 | ||||||||||||||||||||||||||||
|
Baton
Rouge
|
LA
|
210,000 | 361,637 |
None
|
None
|
210,000 | 361,637 | 571,637 | 69,311 |
03/18/04
|
300 | ||||||||||||||||||||||||||||
|
Bossier
City
|
LA
|
230,000 | 431,637 |
None
|
None
|
230,000 | 431,637 | 661,637 | 82,728 |
03/18/04
|
300 | ||||||||||||||||||||||||||||
|
Destrehan
|
LA
|
200,000 | 411,637 |
None
|
None
|
200,000 | 411,637 | 611,637 | 78,894 |
03/18/04
|
300 | ||||||||||||||||||||||||||||
|
Lafayette
|
LA
|
240,000 | 391,637 |
None
|
None
|
240,000 | 391,637 | 631,637 | 75,061 |
03/18/04
|
300 | ||||||||||||||||||||||||||||
|
Shreveport
|
LA
|
192,500 | 358,227 |
None
|
None
|
192,500 | 358,227 | 550,727 | 67,464 |
04/14/04
|
300 | ||||||||||||||||||||||||||||
|
Amherst
|
MA
|
110,969 | 639,806 |
None
|
None
|
110,969 | 639,806 | 750,775 | 137,558 |
08/18/03
|
300 | ||||||||||||||||||||||||||||
|
North
Reading
|
MA
|
574,601 | 756,174 |
None
|
None
|
574,601 | 756,174 | 1,330,775 | 162,577 |
08/18/03
|
300 | ||||||||||||||||||||||||||||
|
Seekonk
|
MA
|
298,354 | 268,518 |
None
|
None
|
298,354 | 268,518 | 566,872 | 148,133 |
03/03/95
|
300 | ||||||||||||||||||||||||||||
|
Berlin
|
MD
|
255,951 | 387,395 |
None
|
None
|
255,951 | 387,395 | 643,346 | 89,739 |
03/19/03
|
300 | ||||||||||||||||||||||||||||
|
Crisfield
|
MD
|
219,704 | 333,024 |
None
|
None
|
219,704 | 333,024 | 552,728 | 77,143 |
03/19/03
|
300 | ||||||||||||||||||||||||||||
|
Hebron
|
MD
|
376,251 | 567,844 |
None
|
None
|
376,251 | 567,844 | 944,095 | 131,543 |
03/19/03
|
300 | ||||||||||||||||||||||||||||
|
La
Plata
|
MD
|
1,017,544 | 2,706,729 |
None
|
None
|
1,017,544 | 2,706,729 | 3,724,273 | 689,968 |
08/06/02
|
300 | ||||||||||||||||||||||||||||
|
Mechanicsville
|
MD
|
1,540,335 | 2,860,928 |
None
|
None
|
1,540,335 | 2,860,928 | 4,401,263 | 748,550 |
06/27/02
|
300 | ||||||||||||||||||||||||||||
|
Millersville
|
MD
|
830,737 | 2,696,245 |
None
|
None
|
830,737 | 2,696,245 | 3,526,982 | 705,564 |
06/27/02
|
300 | ||||||||||||||||||||||||||||
|
Breckenridge
|
MI
|
437,500 | 811,968 | 1,500 |
None
|
437,500 | 813,468 | 1,250,968 | 39,433 |
10/09/07
|
300 | ||||||||||||||||||||||||||||
|
Carson
City
|
MI
|
262,500 | 486,468 | 2,000 |
None
|
262,500 | 488,468 | 750,968 | 23,763 |
10/09/07
|
300 | ||||||||||||||||||||||||||||
|
Charlevoix
|
MI
|
385,000 | 713,013 | 2,500 |
None
|
385,000 | 715,513 | 1,100,513 | 34,775 |
10/09/07
|
300 | ||||||||||||||||||||||||||||
|
Cheboygan
|
MI
|
280,000 | 518,013 | 2,500 |
None
|
280,000 | 520,513 | 800,513 | 25,350 |
10/09/07
|
300 | ||||||||||||||||||||||||||||
|
Clare
|
MI
|
306,250 | 567,718 | 2,000 |
None
|
306,250 | 569,718 | 875,968 | 27,690 |
10/09/07
|
300 | ||||||||||||||||||||||||||||
|
Clare
|
MI
|
229,250 | 426,218 | 500 |
None
|
229,250 | 426,718 | 655,968 | 20,663 |
10/09/07
|
300 | ||||||||||||||||||||||||||||
|
Comstock
|
MI
|
315,000 | 583,761 | 2,500 |
None
|
315,000 | 586,261 | 901,261 | 28,527 |
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
|
|||||||||||||||||||||||||||||||||
|
Description
|
Acquisition
|
Carrying
|
Acquisition
|
Depreciation
|
Date
of
|
Date
|
is
Computed
|
|||||||||||||||||||||||||||||
|
(Note
1)
|
Land
|
Fees
|
Improvements
|
Costs
|
Land
|
Fees
|
Total
|
(Note
4)
|
Construction
|
Acquired
|
(in
Months)
|
|||||||||||||||||||||||||
|
Farwell
|
MI
|
437,500 | 811,468 | 2,000 |
None
|
437,500 | 813,468 | 1,250,968 | 39,471 |
10/09/07
|
300 | |||||||||||||||||||||||||
|
Flint
|
MI
|
194,492 | 476,504 |
None
|
None
|
194,492 | 476,504 | 670,996 | 248,577 |
12/21/95
|
300 | |||||||||||||||||||||||||
|
Gladwin
|
MI
|
140,000 | 259,013 | 1,500 |
None
|
140,000 | 260,513 | 400,513 | 12,706 |
10/09/07
|
300 | |||||||||||||||||||||||||
|
Grand
Rapids
|
MI
|
437,500 | 812,261 | 1,500 |
None
|
437,500 | 813,761 | 1,251,261 | 39,446 |
10/09/07
|
300 | |||||||||||||||||||||||||
|
Kalamazoo
|
MI
|
238,000 | 442,249 | 1,000 |
None
|
238,000 | 443,249 | 681,249 | 21,500 |
10/09/07
|
300 | |||||||||||||||||||||||||
|
Kalkaska
|
MI
|
437,500 | 809,513 | 3,500 |
None
|
437,500 | 813,013 | 1,250,513 | 39,564 |
10/09/07
|
300 | |||||||||||||||||||||||||
|
Lake
City
|
MI
|
115,500 | 213,513 | 1,500 |
None
|
115,500 | 215,013 | 330,513 | 10,507 |
10/09/07
|
300 | |||||||||||||||||||||||||
|
Lakeview
|
MI
|
96,250 | 177,718 | 2,000 |
None
|
96,250 | 179,718 | 275,968 | 8,840 |
10/09/07
|
300 | |||||||||||||||||||||||||
|
Mackinaw
City
|
MI
|
455,000 | 844,513 | 1,000 |
None
|
455,000 | 845,513 | 1,300,513 | 40,943 |
10/09/07
|
300 | |||||||||||||||||||||||||
|
Mecosta
|
MI
|
122,500 | 227,468 | 1,000 |
None
|
122,500 | 228,468 | 350,968 | 11,119 |
10/09/07
|
300 | |||||||||||||||||||||||||
|
Midland
|
MI
|
437,500 | 811,013 | 2,000 |
None
|
437,500 | 813,013 | 1,250,513 | 39,449 |
10/09/07
|
300 | |||||||||||||||||||||||||
|
Mount
Pleasant
|
MI
|
162,750 | 300,794 | 2,500 |
None
|
162,750 | 303,294 | 466,044 | 14,850 |
10/09/07
|
300 | |||||||||||||||||||||||||
|
Mount
Pleasant
|
MI
|
463,750 | 860,718 | 1,500 |
None
|
463,750 | 862,218 | 1,325,968 | 41,789 |
10/09/07
|
300 | |||||||||||||||||||||||||
|
Mount
Pleasant
|
MI
|
210,000 | 388,968 | 2,000 |
None
|
210,000 | 390,968 | 600,968 | 19,050 |
10/09/07
|
300 | |||||||||||||||||||||||||
|
Mount
Pleasant
|
MI
|
437,500 | 810,968 | 2,500 |
None
|
437,500 | 813,468 | 1,250,968 | 39,509 |
10/09/07
|
300 | |||||||||||||||||||||||||
|
Mount
Pleasant
|
MI
|
350,000 | 649,468 | 1,500 |
None
|
350,000 | 650,968 | 1,000,968 | 31,578 |
10/09/07
|
300 | |||||||||||||||||||||||||
|
Mount
Pleasant
|
MI
|
175,000 | 324,468 | 1,500 |
None
|
175,000 | 325,968 | 500,968 | 15,870 |
10/09/07
|
300 | |||||||||||||||||||||||||
|
Petoskey
|
MI
|
490,000 | 909,513 | 1,000 |
None
|
490,000 | 910,513 | 1,400,513 | 44,085 |
10/09/07
|
300 | |||||||||||||||||||||||||
|
Prudenville
|
MI
|
133,000 | 245,013 | 2,500 |
None
|
133,000 | 247,513 | 380,513 | 12,155 |
10/09/07
|
300 | |||||||||||||||||||||||||
|
Saginaw
|
MI
|
262,500 | 486,513 | 1,500 |
None
|
262,500 | 488,013 | 750,513 | 23,702 |
10/09/07
|
300 | |||||||||||||||||||||||||
|
Standish
|
MI
|
92,750 | 171,263 | 1,500 |
None
|
92,750 | 172,763 | 265,513 | 8,465 |
10/09/07
|
300 | |||||||||||||||||||||||||
|
Traverse
City
|
MI
|
210,000 | 389,002 | 2,000 |
None
|
210,000 | 391,002 | 601,002 | 19,052 |
10/09/07
|
300 | |||||||||||||||||||||||||
|
Walker
|
MI
|
586,250 | 1,088,499 | 1,500 |
None
|
586,250 | 1,089,999 | 1,676,249 | 52,798 |
10/09/07
|
300 | |||||||||||||||||||||||||
|
Brandon
|
MS
|
671,486 | 1,247,588 |
None
|
None
|
671,486 | 1,247,588 | 1,919,074 | 176,742 |
06/30/05
|
300 | |||||||||||||||||||||||||
|
Flowood
|
MS
|
437,926 | 813,832 |
None
|
None
|
437,926 | 813,832 | 1,251,758 | 115,293 |
06/30/05
|
300 | |||||||||||||||||||||||||
|
Flowood
|
MS
|
399,972 | 743,347 |
None
|
None
|
399,972 | 743,347 | 1,143,319 | 105,308 |
06/30/05
|
300 | |||||||||||||||||||||||||
|
Jackson
|
MS
|
329,904 | 613,221 |
None
|
None
|
329,904 | 613,221 | 943,125 | 86,873 |
06/30/05
|
300 | |||||||||||||||||||||||||
|
Jackson
|
MS
|
540,108 | 1,003,600 |
None
|
None
|
540,108 | 1,003,600 | 1,543,708 | 142,177 |
06/30/05
|
300 | |||||||||||||||||||||||||
|
Marion
|
MS
|
350,341 | 651,013 |
None
|
None
|
350,341 | 651,013 | 1,001,354 | 92,227 |
06/30/05
|
300 | |||||||||||||||||||||||||
|
Meridian
|
MS
|
437,926 | 813,671 |
None
|
None
|
437,926 | 813,671 | 1,251,597 | 115,271 |
06/30/05
|
300 | |||||||||||||||||||||||||
|
Meridian
|
MS
|
405,811 | 754,030 |
None
|
None
|
405,811 | 754,030 | 1,159,841 | 106,821 |
06/30/05
|
300 | |||||||||||||||||||||||||
|
Meridian
|
MS
|
145,975 | 271,478 |
None
|
None
|
145,975 | 271,478 | 417,453 | 38,460 |
06/30/05
|
300 | |||||||||||||||||||||||||
|
Meridian
|
MS
|
280,273 | 520,887 |
None
|
None
|
280,273 | 520,887 | 801,160 | 73,793 |
06/30/05
|
300 | |||||||||||||||||||||||||
|
Meridian
|
MS
|
321,146 | 596,794 |
None
|
None
|
321,146 | 596,794 | 917,940 | 82,557 |
07/19/05
|
300 | |||||||||||||||||||||||||
|
Newton
|
MS
|
467,121 | 867,891 |
None
|
None
|
467,121 | 867,891 | 1,335,012 | 122,952 |
06/30/05
|
300 | |||||||||||||||||||||||||
|
Pearl
|
MS
|
544,488 | 1,011,733 |
None
|
None
|
544,488 | 1,011,733 | 1,556,221 | 143,329 |
06/30/05
|
300 | |||||||||||||||||||||||||
|
Philadelphia
|
MS
|
472,960 | 878,735 |
None
|
None
|
472,960 | 878,735 | 1,351,695 | 124,488 |
06/30/05
|
300 | |||||||||||||||||||||||||
|
Southaven
|
MS
|
310,000 | 641,637 |
None
|
None
|
310,000 | 641,637 | 951,637 | 122,978 |
03/18/04
|
300 | |||||||||||||||||||||||||
|
Terry
|
MS
|
583,901 | 1,084,930 |
None
|
None
|
583,901 | 1,084,930 | 1,668,831 | 153,699 |
06/30/05
|
300 | |||||||||||||||||||||||||
|
Waveland
|
MS
|
180,000 | 331,637 |
None
|
None
|
180,000 | 331,637 | 511,637 | 63,561 |
03/18/04
|
300 | |||||||||||||||||||||||||
|
Aberdeen
|
NC
|
600,000 | 300,625 |
None
|
None
|
600,000 | 300,625 | 900,625 | 95,676 |
01/25/01
|
300 | |||||||||||||||||||||||||
|
Archdale
|
NC
|
410,000 | 731,637 |
None
|
None
|
410,000 | 731,637 | 1,141,637 | 140,228 |
03/18/04
|
300 | |||||||||||||||||||||||||
|
Banner
Elk
|
NC
|
386,993 | 718,861 | 2,000 |
None
|
386,993 | 720,861 | 1,107,854 | 22,913 |
03/27/08
|
300 | |||||||||||||||||||||||||
|
Banner
Elk
|
NC
|
355,330 | 660,558 | 1,500 |
None
|
355,330 | 662,058 | 1,017,388 | 21,029 |
03/27/08
|
300 | |||||||||||||||||||||||||
|
Blowing
Rock
|
NC
|
369,403 | 685,693 | 2,500 |
None
|
369,403 | 688,193 | 1,057,596 | 21,900 |
03/27/08
|
300 | |||||||||||||||||||||||||
|
Burgaw
|
NC
|
198,774 | 369,653 | 1,000 |
None
|
198,774 | 370,653 | 569,427 | 11,780 |
03/27/08
|
300 | |||||||||||||||||||||||||
|
Burgaw
|
NC
|
457,356 | 849,377 | 1,500 |
None
|
457,356 | 850,877 | 1,308,233 | 27,008 |
03/27/08
|
300 | |||||||||||||||||||||||||
|
Carolina
Beach
|
NC
|
457,356 | 848,929 | 2,000 |
None
|
457,356 | 850,929 | 1,308,285 | 27,032 |
03/27/08
|
300 | |||||||||||||||||||||||||
|
Cary
|
NC
|
255,064 | 473,349 | 2,500 |
None
|
255,064 | 475,849 | 730,913 | 15,176 |
03/27/08
|
300 | |||||||||||||||||||||||||
|
Charlotte
|
NC
|
300,000 | 291,637 |
None
|
None
|
300,000 | 291,637 | 591,637 | 55,894 |
03/18/04
|
300 | |||||||||||||||||||||||||
|
Charlotte
|
NC
|
640,000 | 581,637 |
None
|
None
|
640,000 | 581,637 | 1,221,637 | 111,478 |
03/18/04
|
300 | |||||||||||||||||||||||||
|
Durham
|
NC
|
720,000 | 851,637 |
None
|
None
|
720,000 | 851,637 | 1,571,637 | 163,228 |
03/18/04
|
300 | |||||||||||||||||||||||||
|
Goldsboro
|
NC
|
460,000 | 740,625 |
None
|
None
|
460,000 | 740,625 | 1,200,625 | 235,743 |
01/25/01
|
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
|
|||||||||||||||||||||||||||||||||
|
Description
|
Acquisition
|
Carrying
|
Acquisition
|
Depreciation
|
Date
of
|
Date
|
is
Computed
|
|||||||||||||||||||||||||||||
|
(Note
1)
|
Land
|
Fees
|
Improvements
|
Costs
|
Land
|
Fees
|
Total
|
(Note
4)
|
Construction
|
Acquired
|
(in
Months)
|
|||||||||||||||||||||||||
|
Greensboro
|
NC
|
700,000 | 655,000 |
None
|
None
|
700,000 | 655,000 | 1,355,000 | 241,258 |
10/27/99
|
300 | |||||||||||||||||||||||||
|
Greenville
|
NC
|
330,000 | 515,000 |
None
|
None
|
330,000 | 515,000 | 845,000 | 275,525 |
08/25/95
|
300 | |||||||||||||||||||||||||
|
Hampstead
|
NC
|
562,900 | 1,045,971 | 1,000 |
None
|
562,900 | 1,046,971 | 1,609,871 | 33,196 |
03/27/08
|
300 | |||||||||||||||||||||||||
|
Holly
Ridge
|
NC
|
721,215 | 1,339,486 | 1,500 |
None
|
721,215 | 1,340,986 | 2,062,201 | 42,528 |
03/27/08
|
300 | |||||||||||||||||||||||||
|
Hubert
|
NC
|
404,584 | 750,372 | 2,500 |
None
|
404,584 | 752,872 | 1,157,456 | 23,948 |
03/27/08
|
300 | |||||||||||||||||||||||||
|
Jacksonville
|
NC
|
150,000 | 530,000 |
None
|
None
|
150,000 | 530,000 | 680,000 | 283,550 |
08/25/95
|
300 | |||||||||||||||||||||||||
|
Jacksonville
|
NC
|
180,000 | 371,637 |
None
|
None
|
180,000 | 371,637 | 551,637 | 71,228 |
03/18/04
|
300 | |||||||||||||||||||||||||
|
Jacksonville
|
NC
|
140,000 | 260,727 |
None
|
None
|
140,000 | 260,727 | 400,727 | 49,101 |
04/14/04
|
300 | |||||||||||||||||||||||||
|
Jacksonville
|
NC
|
351,812 | 653,367 | 1,500 |
None
|
351,812 | 654,867 | 1,006,679 | 20,801 |
03/27/08
|
300 | |||||||||||||||||||||||||
|
Kinston
|
NC
|
550,000 | 1,057,833 |
None
|
None
|
550,000 | 1,057,833 | 1,607,833 | 474,189 |
10/24/97
|
300 | |||||||||||||||||||||||||
|
Raleigh
|
NC
|
740,000 | 791,637 |
None
|
None
|
740,000 | 791,637 | 1,531,637 | 151,728 |
03/18/04
|
300 | |||||||||||||||||||||||||
|
Richlands
|
NC
|
492,537 | 914,735 | 1,500 |
None
|
492,537 | 916,235 | 1,408,772 | 29,078 |
03/27/08
|
300 | |||||||||||||||||||||||||
|
Richlands
|
NC
|
376,439 | 698,103 | 2,500 |
None
|
376,439 | 700,603 | 1,077,042 | 22,293 |
03/27/08
|
300 | |||||||||||||||||||||||||
|
Riegelwood
|
NC
|
0 | 452,416 | 1,500 |
None
|
- | 453,916 | 453,916 | 15,298 |
03/27/08
|
300 | |||||||||||||||||||||||||
|
Rose
Hill
|
NC
|
198,774 | 369,153 | 1,500 |
None
|
198,774 | 370,653 | 569,427 | 11,801 |
03/27/08
|
300 | |||||||||||||||||||||||||
|
Roxboro
|
NC
|
243,112 | 368,107 |
None
|
None
|
243,112 | 368,107 | 611,219 | 85,271 |
03/19/03
|
300 | |||||||||||||||||||||||||
|
Salisbury
|
NC
|
474,946 | 882,203 | 2,000 |
None
|
474,946 | 884,203 | 1,359,149 | 28,085 |
03/27/08
|
300 | |||||||||||||||||||||||||
|
Shallotte
|
NC
|
492,537 | 914,766 | 1,500 |
None
|
492,537 | 916,266 | 1,408,803 | 29,079 |
03/27/08
|
300 | |||||||||||||||||||||||||
|
Wallace
|
NC
|
0 | 175,408 | 2,000 |
None
|
- | 177,408 | 177,408 | 7,755 |
03/27/08
|
300 | |||||||||||||||||||||||||
|
Whitelake
|
NC
|
351,812 | 653,367 | 1,500 |
None
|
351,812 | 654,867 | 1,006,679 | 20,801 |
03/27/08
|
300 | |||||||||||||||||||||||||
|
Wilmington
|
NC
|
228,678 | 424,774 | 1,500 |
None
|
228,678 | 426,274 | 654,952 | 13,563 |
03/27/08
|
300 | |||||||||||||||||||||||||
|
Wilmington
|
NC
|
527,718 | 979,145 | 2,500 |
None
|
527,718 | 981,645 | 1,509,363 | 31,193 |
03/27/08
|
300 | |||||||||||||||||||||||||
|
Wilmington
|
NC
|
351,812 | 653,930 | 1,000 |
None
|
351,812 | 654,930 | 1,006,742 | 20,782 |
03/27/08
|
300 | |||||||||||||||||||||||||
|
Wilmington
|
NC
|
474,946 | 881,640 | 2,000 |
None
|
474,946 | 883,640 | 1,358,586 | 28,067 |
03/27/08
|
300 | |||||||||||||||||||||||||
|
Wilmington
|
NC
|
0 | 351,366 | 2,000 |
None
|
- | 353,366 | 353,366 | 19,778 |
03/27/08
|
300 | |||||||||||||||||||||||||
|
Wilmington
|
NC
|
364,126 | 676,287 | 1,500 |
None
|
364,126 | 677,787 | 1,041,913 | 21,527 |
03/27/08
|
300 | |||||||||||||||||||||||||
|
Wilmington
|
NC
|
439,765 | 817,271 | 1,000 |
None
|
439,765 | 818,271 | 1,258,036 | 25,954 |
03/27/08
|
300 | |||||||||||||||||||||||||
|
Wilmington
|
NC
|
0 | 804,196 | 1,500 |
None
|
- | 805,696 | 805,696 | 25,578 |
03/27/08
|
300 | |||||||||||||||||||||||||
|
Wilmington
|
NC
|
334,222 | 621,320 | 1,000 |
None
|
334,222 | 622,320 | 956,542 | 19,748 |
03/27/08
|
300 | |||||||||||||||||||||||||
|
Wilmington
|
NC
|
386,993 | 718,788 | 1,500 |
None
|
386,993 | 720,288 | 1,107,281 | 22,873 |
03/27/08
|
300 | |||||||||||||||||||||||||
|
Wilmington
|
NC
|
439,765 | 815,793 | 2,500 |
None
|
439,765 | 818,293 | 1,258,058 | 26,020 |
03/27/08
|
300 | |||||||||||||||||||||||||
|
Wilmington
|
NC
|
527,718 | 979,102 | 2,500 |
None
|
527,718 | 981,602 | 1,509,320 | 31,191 |
03/27/08
|
300 | |||||||||||||||||||||||||
|
Wilmington
|
NC
|
334,222 | 620,284 | 2,000 |
None
|
334,222 | 622,284 | 956,506 | 19,791 |
03/27/08
|
300 | |||||||||||||||||||||||||
|
Wilmington
|
NC
|
334,222 | 620,751 | 1,500 |
None
|
334,222 | 622,251 | 956,473 | 19,768 |
03/27/08
|
300 | |||||||||||||||||||||||||
|
Winston-Salem
|
NC
|
320,000 | 311,637 |
None
|
None
|
320,000 | 311,637 | 631,637 | 59,728 |
03/18/04
|
300 | |||||||||||||||||||||||||
|
Zebulon
|
NC
|
306,077 | 568,087 | 2,500 |
None
|
306,077 | 570,587 | 876,664 | 18,176 |
03/27/08
|
300 | |||||||||||||||||||||||||
|
Galloway
|
NJ
|
1,367,872 | 2,540,604 |
None
|
None
|
1,367,872 | 2,540,604 | 3,908,476 | 664,748 |
06/27/02
|
300 | |||||||||||||||||||||||||
|
Hamilton
|
NJ
|
1,539,117 | 2,858,630 |
None
|
None
|
1,539,117 | 2,858,630 | 4,397,747 | 748,902 |
06/27/02
|
300 | |||||||||||||||||||||||||
|
MillVille
|
NJ
|
953,891 | 1,771,782 |
None
|
None
|
953,891 | 1,771,782 | 2,725,673 | 463,607 |
06/27/02
|
300 | |||||||||||||||||||||||||
|
Toms
River
|
NJ
|
1,265,861 | 2,351,154 |
None
|
None
|
1,265,861 | 2,351,154 | 3,617,015 | 615,573 |
06/27/02
|
300 | |||||||||||||||||||||||||
|
Toms
River
|
NJ
|
982,526 | 1,824,961 |
None
|
None
|
982,526 | 1,824,961 | 2,807,487 | 477,179 |
06/27/02
|
300 | |||||||||||||||||||||||||
|
Wall
|
NJ
|
1,459,957 | 2,712,264 |
None
|
None
|
1,459,957 | 2,712,264 | 4,172,221 | 691,588 |
08/06/02
|
300 | |||||||||||||||||||||||||
|
Albuquerque
|
NM
|
200,000 | 271,637 |
None
|
None
|
200,000 | 271,637 | 471,637 | 52,061 |
03/18/04
|
300 | |||||||||||||||||||||||||
|
Kingston
|
NY
|
257,763 | 456,042 |
None
|
None
|
257,763 | 456,042 | 713,805 | 250,063 |
04/06/95
|
300 | |||||||||||||||||||||||||
|
Atwater
|
OH
|
118,555 | 266,748 |
None
|
None
|
118,555 | 266,748 | 385,303 | 147,156 |
03/03/95
|
300 | |||||||||||||||||||||||||
|
Bellefontaine
|
OH
|
560,000 | 1,039,610 | 2,500 |
None
|
560,000 | 1,042,110 | 1,602,110 | 36,584 |
02/29/08
|
300 | |||||||||||||||||||||||||
|
Bellefontaine
|
OH
|
455,000 | 845,610 | 1,500 |
None
|
455,000 | 847,110 | 1,302,110 | 29,711 |
02/29/08
|
300 | |||||||||||||||||||||||||
|
Columbus
|
OH
|
147,296 | 304,411 |
None
|
122
|
147,296 | 304,533 | 451,829 | 167,937 |
03/03/95
|
300 | |||||||||||||||||||||||||
|
Columbus
|
OH
|
273,085 | 471,693 |
None
|
122
|
273,085 | 471,815 | 744,900 | 246,070 |
12/21/95
|
300 | |||||||||||||||||||||||||
|
Cuyahoga
Falls
|
OH
|
321,792 | 1,144,619 |
None
|
None
|
321,792 | 1,144,619 | 1,466,411 | 257,657 |
03/03/95
|
300 | |||||||||||||||||||||||||
|
De
Graff
|
OH
|
302,750 | 561,860 | 2,500 |
None
|
302,750 | 564,360 | 867,110 | 19,863 |
02/29/08
|
300 | |||||||||||||||||||||||||
|
Eaton
|
OH
|
164,588 | 306,934 |
None
|
None
|
164,588 | 306,934 | 471,522 | 19,947 |
05/25/07
|
300 | |||||||||||||||||||||||||
|
Galion
|
OH
|
138,981 | 327,597 |
None
|
7
|
138,981 | 327,604 | 466,585 | 180,731 |
03/06/95
|
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
|
||||||||||||||||||||||||||||||||||||
|
Description
|
Acquisition
|
Carrying
|
Acquisition
|
Depreciation
|
Date
of
|
Date
|
is
Computed
|
||||||||||||||||||||||||||||||||
|
(Note
1)
|
Land
|
Fees
|
Improvements
|
Costs
|
Land
|
Fees
|
Total
|
(Note
4)
|
Construction
|
Acquired
|
(in
Months)
|
||||||||||||||||||||||||||||
|
Groveport
|
OH
|
277,198 | 445,497 |
None
|
122 | 277,198 | 445,619 | 722,817 | 232,405 |
12/21/95
|
300 | ||||||||||||||||||||||||||||
|
Jackson
Center
|
OH
|
367,500 | 682,110 | 2,500 |
None
|
367,500 | 684,610 | 1,052,110 | 24,072 |
02/29/08
|
300 | ||||||||||||||||||||||||||||
|
Kento
|
OH
|
140,000 | 261,462 | 1,000 |
None
|
140,000 | 262,462 | 402,462 | 3,945 |
08/29/08
|
300 | ||||||||||||||||||||||||||||
|
Marysville
|
OH
|
507,500 | 943,110 | 1,500 |
None
|
507,500 | 944,610 | 1,452,110 | 33,123 |
02/29/08
|
300 | ||||||||||||||||||||||||||||
|
Marysville
|
OH
|
700,000 | 1,300,610 | 1,500 |
None
|
700,000 | 1,302,110 | 2,002,110 | 45,636 |
02/29/08
|
300 | ||||||||||||||||||||||||||||
|
Marysville
|
OH
|
350,000 | 650,610 | 1,500 |
None
|
350,000 | 652,110 | 1,002,110 | 22,886 |
02/29/08
|
300 | ||||||||||||||||||||||||||||
|
Perrysburg
|
OH
|
211,678 | 390,680 |
None
|
None
|
211,678 | 390,680 | 602,358 | 188,529 |
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 | 35,674 |
02/29/08
|
300 | ||||||||||||||||||||||||||||
|
Streetsboro
|
OH
|
402,988 | 533,349 |
None
|
None
|
402,988 | 533,349 | 936,337 | 229,340 |
01/27/97
|
09/03/96
|
300 | |||||||||||||||||||||||||||
|
Tipp
City
|
OH
|
355,009 | 588,111 |
None
|
None
|
355,009 | 588,111 | 943,120 | 257,781 |
01/31/97
|
06/27/96
|
300 | |||||||||||||||||||||||||||
|
Triffin
|
OH
|
117,017 | 273,040 |
None
|
None
|
117,017 | 273,040 | 390,057 | 150,627 |
03/07/95
|
300 | ||||||||||||||||||||||||||||
|
Wadsworth
|
OH
|
266,507 | 496,917 |
None
|
None
|
266,507 | 496,917 | 763,424 | 224,606 |
11/26/96
|
07/01/96
|
300 | |||||||||||||||||||||||||||
|
Tulsa
|
OK
|
126,545 | 508,266 |
None
|
173 | 126,545 | 508,439 | 634,984 | 234,616 |
06/27/97
|
300 | ||||||||||||||||||||||||||||
|
Aliquippa
|
PA
|
226,195 | 452,631 |
None
|
None
|
226,195 | 452,631 | 678,826 | 89,770 |
01/29/04
|
300 | ||||||||||||||||||||||||||||
|
Beaver
|
PA
|
95,626 | 223,368 |
None
|
None
|
95,626 | 223,368 | 318,994 | 44,299 |
01/29/04
|
300 | ||||||||||||||||||||||||||||
|
Beaver
Falls
|
PA
|
92,207 | 230,758 |
None
|
None
|
92,207 | 230,758 | 322,965 | 45,765 |
01/29/04
|
300 | ||||||||||||||||||||||||||||
|
Cornwells
Heights
|
PA
|
569,763 | 387,611 |
None
|
None
|
569,763 | 387,611 | 957,374 | 87,207 |
05/29/03
|
300 | ||||||||||||||||||||||||||||
|
Doylestown
|
PA
|
800,134 | 1,226,452 |
None
|
None
|
800,134 | 1,226,452 | 2,026,586 | 275,946 |
05/29/03
|
300 | ||||||||||||||||||||||||||||
|
East
Caln
|
PA
|
1,722,222 | 576 |
None
|
None
|
1,722,222 | 576 | 1,722,798 | 133 |
02/25/03
|
300 | ||||||||||||||||||||||||||||
|
Lansdale
|
PA
|
1,356,324 | 385,761 |
None
|
None
|
1,356,324 | 385,761 | 1,742,085 | 86,790 |
05/29/03
|
300 | ||||||||||||||||||||||||||||
|
Penndel
|
PA
|
739,487 | 1,003,809 |
None
|
None
|
739,487 | 1,003,809 | 1,743,296 | 225,852 |
05/29/03
|
300 | ||||||||||||||||||||||||||||
|
Perryopolis
|
PA
|
148,953 | 134,299 |
None
|
None
|
148,953 | 134,299 | 283,252 | 26,634 |
01/29/04
|
300 | ||||||||||||||||||||||||||||
|
Philadelphia
|
PA
|
808,681 | 256,843 |
None
|
None
|
808,681 | 256,843 | 1,065,524 | 57,784 |
05/29/03
|
300 | ||||||||||||||||||||||||||||
|
Philadelphia
|
PA
|
425,928 | 167,147 |
None
|
None
|
425,928 | 167,147 | 593,075 | 37,603 |
05/29/03
|
300 | ||||||||||||||||||||||||||||
|
Philadelphia
|
PA
|
390,342 | 226,919 |
None
|
None
|
390,342 | 226,919 | 617,261 | 51,051 |
05/29/03
|
300 | ||||||||||||||||||||||||||||
|
Philadelphia
|
PA
|
541,792 | 236,049 |
None
|
None
|
541,792 | 236,049 | 777,841 | 53,105 |
05/29/03
|
300 | ||||||||||||||||||||||||||||
|
Philadelphia
|
PA
|
530,018 | 214,977 |
None
|
None
|
530,018 | 214,977 | 744,995 | 48,364 |
05/29/03
|
300 | ||||||||||||||||||||||||||||
|
Philadelphia
|
PA
|
614,101 | 277,277 |
None
|
None
|
614,101 | 277,277 | 891,378 | 62,382 |
05/29/03
|
300 | ||||||||||||||||||||||||||||
|
Philadelphia
|
PA
|
1,011,389 | 491,302 |
None
|
None
|
1,011,389 | 491,302 | 1,502,691 | 110,537 |
05/29/03
|
300 | ||||||||||||||||||||||||||||
|
Philadelphia
|
PA
|
935,672 | 448,426 |
None
|
None
|
935,672 | 448,426 | 1,384,098 | 100,890 |
05/29/03
|
300 | ||||||||||||||||||||||||||||
|
Philadelphia
|
PA
|
689,172 | 426,596 |
None
|
None
|
689,172 | 426,596 | 1,115,768 | 95,979 |
05/29/03
|
300 | ||||||||||||||||||||||||||||
|
Philadelphia
|
PA
|
349,294 | 134,485 |
None
|
None
|
349,294 | 134,485 | 483,779 | 30,254 |
05/29/03
|
300 | ||||||||||||||||||||||||||||
|
Philadelphia
|
PA
|
557,515 | 244,121 |
None
|
None
|
557,515 | 244,121 | 801,636 | 51,672 |
09/16/03
|
300 | ||||||||||||||||||||||||||||
|
Pittsburgh
|
PA
|
497,668 | 320,170 |
None
|
None
|
497,668 | 320,170 | 817,838 | 63,498 |
01/29/04
|
300 | ||||||||||||||||||||||||||||
|
Pittsburgh
|
PA
|
296,277 | 287,540 |
None
|
None
|
296,277 | 287,540 | 583,817 | 57,027 |
01/29/04
|
300 | ||||||||||||||||||||||||||||
|
Pittsburgh
|
PA
|
395,417 | 474,741 |
None
|
None
|
395,417 | 474,741 | 870,158 | 94,155 |
01/29/04
|
300 | ||||||||||||||||||||||||||||
|
Pittsburgh
|
PA
|
118,118 | 231,108 |
None
|
None
|
118,118 | 231,108 | 349,226 | 45,834 |
01/29/04
|
300 | ||||||||||||||||||||||||||||
|
South
Park
|
PA
|
252,247 | 436,182 |
None
|
None
|
252,247 | 436,182 | 688,429 | 86,468 |
01/29/04
|
300 | ||||||||||||||||||||||||||||
|
Southampton
|
PA
|
783,279 | 163,721 |
None
|
None
|
783,279 | 163,721 | 947,000 | 36,831 |
05/29/03
|
300 | ||||||||||||||||||||||||||||
|
Valencia
|
PA
|
440,565 | 278,492 |
None
|
None
|
440,565 | 278,492 | 719,057 | 55,232 |
01/29/04
|
300 | ||||||||||||||||||||||||||||
|
Verona
|
PA
|
171,411 | 257,358 |
None
|
None
|
171,411 | 257,358 | 428,769 | 51,041 |
01/29/04
|
300 | ||||||||||||||||||||||||||||
|
Willow
Grove
|
PA
|
329,934 | 73,123 |
None
|
None
|
329,934 | 73,123 | 403,057 | 16,447 |
05/29/03
|
300 | ||||||||||||||||||||||||||||
|
Aiken
|
SC
|
320,000 | 432,527 |
None
|
None
|
320,000 | 432,527 | 752,527 | 163,636 |
07/22/99
|
300 | ||||||||||||||||||||||||||||
|
Aiken
|
SC
|
330,000 | 472,679 |
None
|
None
|
330,000 | 472,679 | 802,679 | 178,826 |
07/22/99
|
300 | ||||||||||||||||||||||||||||
|
Aiken
|
SC
|
560,000 | 543,588 |
None
|
None
|
560,000 | 543,588 | 1,103,588 | 205,652 |
07/22/99
|
300 | ||||||||||||||||||||||||||||
|
Aiken
|
SC
|
360,000 | 542,982 |
None
|
None
|
360,000 | 542,982 | 902,982 | 205,424 |
07/22/99
|
300 | ||||||||||||||||||||||||||||
|
Aiken
|
SC
|
540,000 | 388,058 |
None
|
None
|
540,000 | 388,058 | 928,058 | 146,810 |
07/22/99
|
300 | ||||||||||||||||||||||||||||
|
Aiken
|
SC
|
250,000 | 251,770 |
None
|
None
|
250,000 | 251,770 | 501,770 | 95,250 |
07/22/99
|
300 | ||||||||||||||||||||||||||||
|
Belvedere
|
SC
|
490,000 | 463,080 |
None
|
None
|
490,000 | 463,080 | 953,080 | 175,194 |
07/22/99
|
300 | ||||||||||||||||||||||||||||
|
Bishopville
|
SC
|
191,738 | 356,130 | 1,500 |
None
|
191,738 | 357,630 | 549,368 | 11,389 |
03/27/08
|
300 | ||||||||||||||||||||||||||||
|
Bonneau
|
SC
|
128,411 | 239,191 | 1,500 |
None
|
128,411 | 240,691 | 369,102 | 7,686 |
03/27/08
|
300 | ||||||||||||||||||||||||||||
|
Camden
|
SC
|
269,136 | 499,897 | 1,500 |
None
|
269,136 | 501,397 | 770,533 | 15,941 |
03/27/08
|
300 | ||||||||||||||||||||||||||||
|
Charleston
|
SC
|
170,000 | 350,000 |
None
|
None
|
170,000 | 350,000 | 520,000 | 187,250 |
08/25/95
|
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
|
|||||||||||||||||||||||||||||||||
|
Description
|
Acquisition
|
Carrying
|
Acquisition
|
Depreciation
|
Date
of
|
Date
|
is
Computed
|
|||||||||||||||||||||||||||||
|
(Note
1)
|
Land
|
Fees
|
Improvements
|
Costs
|
Land
|
Fees
|
Total
|
(Note
4)
|
Construction
|
Acquired
|
(in
Months)
|
|||||||||||||||||||||||||
|
Columbia
|
SC
|
150,000 | 450,000 |
None
|
None
|
150,000 | 450,000 | 600,000 | 240,750 |
08/25/95
|
300 | |||||||||||||||||||||||||
|
Columbia
|
SC
|
520,000 | 471,637 |
None
|
None
|
520,000 | 471,637 | 991,637 | 90,394 |
03/18/04
|
300 | |||||||||||||||||||||||||
|
Conway
|
SC
|
325,426 | 604,464 | 1,500 |
None
|
325,426 | 605,964 | 931,390 | 19,253 |
03/27/08
|
300 | |||||||||||||||||||||||||
|
Conway
|
SC
|
0 | 251,890 | 1,000 |
None
|
- | 252,890 | 252,890 | 12,468 |
03/27/08
|
300 | |||||||||||||||||||||||||
|
Cordova
|
SC
|
137,207 | 255,025 | 2,000 |
None
|
137,207 | 257,025 | 394,232 | 8,225 |
03/27/08
|
300 | |||||||||||||||||||||||||
|
Eastover
|
SC
|
138,966 | 258,625 | 1,000 |
None
|
138,966 | 259,625 | 398,591 | 8,264 |
03/27/08
|
300 | |||||||||||||||||||||||||
|
Florence
|
SC
|
193,497 | 359,413 | 1,500 |
None
|
193,497 | 360,913 | 554,410 | 11,493 |
03/27/08
|
300 | |||||||||||||||||||||||||
|
Florence
|
SC
|
337,740 | 627,293 | 1,500 |
None
|
337,740 | 628,793 | 966,533 | 19,976 |
03/27/08
|
300 | |||||||||||||||||||||||||
|
Goose
Creek
|
SC
|
150,000 | 241,637 |
None
|
None
|
150,000 | 241,637 | 391,637 | 46,311 |
03/18/04
|
300 | |||||||||||||||||||||||||
|
Greenville
|
SC
|
390,000 | 462,847 |
None
|
None
|
390,000 | 462,847 | 852,847 | 175,106 |
07/22/99
|
300 | |||||||||||||||||||||||||
|
Greenville
|
SC
|
300,000 | 402,392 |
None
|
None
|
300,000 | 402,392 | 702,392 | 152,235 |
07/22/99
|
300 | |||||||||||||||||||||||||
|
Greenville
|
SC
|
370,000 | 432,695 |
None
|
None
|
370,000 | 432,695 | 802,695 | 163,699 |
07/22/99
|
300 | |||||||||||||||||||||||||
|
Greenville
|
SC
|
620,000 | 483,604 |
None
|
None
|
620,000 | 483,604 | 1,103,604 | 182,958 |
07/22/99
|
300 | |||||||||||||||||||||||||
|
Greenville
|
SC
|
680,000 | 423,604 |
None
|
None
|
680,000 | 423,604 | 1,103,604 | 160,258 |
07/22/99
|
300 | |||||||||||||||||||||||||
|
Greer
|
SC
|
400,000 | 502,879 |
None
|
None
|
400,000 | 502,879 | 902,879 | 190,251 |
07/22/99
|
300 | |||||||||||||||||||||||||
|
Hemingway
|
SC
|
246,269 | 458,069 | 1,500 |
None
|
246,269 | 459,569 | 705,838 | 14,617 |
03/27/08
|
300 | |||||||||||||||||||||||||
|
Hilton
Head
|
SC
|
500,000 | 691,637 |
None
|
None
|
500,000 | 691,637 | 1,191,637 | 132,561 |
03/18/04
|
300 | |||||||||||||||||||||||||
|
Hilton
Head
|
SC
|
185,500 | 344,510 |
None
|
None
|
185,500 | 344,510 | 530,010 | 64,883 |
04/14/04
|
300 | |||||||||||||||||||||||||
|
Irmo
|
SC
|
690,000 | 461,637 |
None
|
None
|
690,000 | 461,637 | 1,151,637 | 88,478 |
03/18/04
|
300 | |||||||||||||||||||||||||
|
Jackson
|
SC
|
170,000 | 632,626 |
None
|
None
|
170,000 | 632,626 | 802,626 | 239,339 |
07/22/99
|
300 | |||||||||||||||||||||||||
|
Kingstree
|
SC
|
0 | 301,766 | 2,000 |
None
|
- | 303,766 | 303,766 | 13,995 |
03/27/08
|
300 | |||||||||||||||||||||||||
|
Kingstree
|
SC
|
209,328 | 389,965 | 1,000 |
None
|
209,328 | 390,965 | 600,293 | 12,423 |
03/27/08
|
300 | |||||||||||||||||||||||||
|
Lake
City
|
SC
|
202,292 | 376,398 | 1,500 |
None
|
202,292 | 377,898 | 580,190 | 12,031 |
03/27/08
|
300 | |||||||||||||||||||||||||
|
Lexington
|
SC
|
255,000 | 545,000 |
None
|
None
|
255,000 | 545,000 | 800,000 | 291,575 |
08/25/95
|
300 | |||||||||||||||||||||||||
|
Lexington
|
SC
|
640,000 | 563,891 |
None
|
None
|
640,000 | 563,891 | 1,203,891 | 213,333 |
07/22/99
|
300 | |||||||||||||||||||||||||
|
Lexington
|
SC
|
540,000 | 563,588 |
None
|
None
|
540,000 | 563,588 | 1,103,588 | 213,218 |
07/22/99
|
300 | |||||||||||||||||||||||||
|
Lexington
|
SC
|
360,000 | 843,891 |
None
|
None
|
360,000 | 843,891 | 1,203,891 | 319,266 |
07/22/99
|
300 | |||||||||||||||||||||||||
|
Lugoff
|
SC
|
200,533 | 372,490 | 1,500 |
None
|
200,533 | 373,990 | 574,523 | 11,907 |
03/27/08
|
300 | |||||||||||||||||||||||||
|
Moncks
Corner
|
SC
|
351,812 | 654,578 | 1,000 |
None
|
351,812 | 655,578 | 1,007,390 | 20,802 |
03/27/08
|
300 | |||||||||||||||||||||||||
|
Moncks
Corner
|
SC
|
404,584 | 752,083 | 1,500 |
None
|
404,584 | 753,583 | 1,158,167 | 23,927 |
03/27/08
|
300 | |||||||||||||||||||||||||
|
Mt.
Pleasant
|
SC
|
668,443 | 1,241,940 | 1,000 |
None
|
668,443 | 1,242,940 | 1,911,383 | 39,402 |
03/27/08
|
300 | |||||||||||||||||||||||||
|
Myrtle
Beach
|
SC
|
140,725 | 261,942 | 1,000 |
None
|
140,725 | 262,942 | 403,667 | 8,369 |
03/27/08
|
300 | |||||||||||||||||||||||||
|
Myrtle
Beach
|
SC
|
492,537 | 913,807 | 2,500 |
None
|
492,537 | 916,307 | 1,408,844 | 29,124 |
03/27/08
|
300 | |||||||||||||||||||||||||
|
Myrtle
Beach
|
SC
|
527,718 | 980,766 | 1,500 |
None
|
527,718 | 982,266 | 1,509,984 | 31,169 |
03/27/08
|
300 | |||||||||||||||||||||||||
|
Myrtle
Beach
|
SC
|
703,624 | 1,307,326 | 1,000 |
None
|
703,624 | 1,308,326 | 2,011,950 | 41,473 |
03/27/08
|
300 | |||||||||||||||||||||||||
|
Myrtle
Beach
|
SC
|
0 | 176,002 | 1,500 |
None
|
- | 177,502 | 177,502 | 5,685 |
03/27/08
|
300 | |||||||||||||||||||||||||
|
Myrtle
Beach
|
SC
|
0 | 753,979 | 1,500 |
None
|
- | 755,479 | 755,479 | 23,987 |
03/27/08
|
300 | |||||||||||||||||||||||||
|
Myrtle
Beach
|
SC
|
0 | 327,278 | 1,000 |
None
|
- | 328,278 | 328,278 | 18,911 |
03/27/08
|
300 | |||||||||||||||||||||||||
|
Myrtle
Beach
|
SC
|
0 | 277,019 | 1,000 |
None
|
- | 278,019 | 278,019 | 13,994 |
03/27/08
|
300 | |||||||||||||||||||||||||
|
North
Augusta
|
SC
|
400,000 | 452,777 |
None
|
None
|
400,000 | 452,777 | 852,777 | 171,296 |
07/22/99
|
300 | |||||||||||||||||||||||||
|
North
Augusta
|
SC
|
330,000 | 481,637 |
None
|
None
|
330,000 | 481,637 | 811,637 | 92,311 |
03/18/04
|
300 | |||||||||||||||||||||||||
|
North
Augusta
|
SC
|
490,000 | 1,221,637 |
None
|
None
|
490,000 | 1,221,637 | 1,711,637 | 234,144 |
03/18/04
|
300 | |||||||||||||||||||||||||
|
North
Charleston
|
SC
|
400,000 | 650,000 |
None
|
None
|
400,000 | 650,000 | 1,050,000 | 347,750 |
08/25/95
|
300 | |||||||||||||||||||||||||
|
Orangeburg
|
SC
|
320,000 | 691,637 |
None
|
None
|
320,000 | 691,637 | 1,011,637 | 132,561 |
03/18/04
|
300 | |||||||||||||||||||||||||
|
Pinewood
|
SC
|
325,426 | 605,076 | 1,500 |
None
|
325,426 | 606,576 | 932,002 | 19,272 |
03/27/08
|
300 | |||||||||||||||||||||||||
|
Simpsonville
|
SC
|
530,000 | 573,485 |
None
|
None
|
530,000 | 573,485 | 1,103,485 | 216,963 |
07/22/99
|
300 | |||||||||||||||||||||||||
|
Spartanburg
|
SC
|
470,000 | 432,879 |
None
|
None
|
470,000 | 432,879 | 902,879 | 163,768 |
07/22/99
|
300 | |||||||||||||||||||||||||
|
Summerton
|
SC
|
142,484 | 265,326 | 1,500 |
None
|
142,484 | 266,826 | 409,310 | 8,513 |
03/27/08
|
300 | |||||||||||||||||||||||||
|
Summerville
|
SC
|
115,000 | 515,000 |
None
|
None
|
115,000 | 515,000 | 630,000 | 275,525 |
08/25/95
|
300 | |||||||||||||||||||||||||
|
Summerville
|
SC
|
297,500 | 553,227 |
None
|
None
|
297,500 | 553,227 | 850,727 | 104,189 |
04/14/04
|
300 | |||||||||||||||||||||||||
|
Sumter
|
SC
|
211,087 | 392,065 | 1,500 |
None
|
211,087 | 393,565 | 604,652 | 12,527 |
03/27/08
|
300 | |||||||||||||||||||||||||
|
Sumter
|
SC
|
263,859 | 490,128 | 1,500 |
None
|
263,859 | 491,628 | 755,487 | 15,632 |
03/27/08
|
300 | |||||||||||||||||||||||||
|
Sumter
|
SC
|
362,367 | 673,012 | 1,500 |
None
|
362,367 | 674,512 | 1,036,879 | 21,423 |
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
|
|||||||||||||||||||||||||||||||||
|
Description
|
Acquisition
|
Carrying
|
Acquisition
|
Depreciation
|
Date
of
|
Date
|
is
Computed
|
|||||||||||||||||||||||||||||
|
(Note
1)
|
Land
|
Fees
|
Improvements
|
Costs
|
Land
|
Fees
|
Total
|
(Note
4)
|
Construction
|
Acquired
|
(in
Months)
|
|||||||||||||||||||||||||
|
Sumter
|
SC
|
181,183 | 336,587 | 1,500 |
None
|
181,183 | 338,087 | 519,270 | 10,770 |
03/27/08
|
300 | |||||||||||||||||||||||||
|
Sumter
|
SC
|
154,797 | 287,584 | 1,500 |
None
|
154,797 | 289,084 | 443,881 | 9,218 |
03/27/08
|
300 | |||||||||||||||||||||||||
|
Sumter
|
SC
|
351,812 | 653,469 | 1,500 |
None
|
351,812 | 654,969 | 1,006,781 | 20,805 |
03/27/08
|
300 | |||||||||||||||||||||||||
|
Sumter
|
SC
|
334,222 | 620,801 | 1,500 |
None
|
334,222 | 622,301 | 956,523 | 19,770 |
03/27/08
|
300 | |||||||||||||||||||||||||
|
Sumter
|
SC
|
281,450 | 522,796 | 1,500 |
None
|
281,450 | 524,296 | 805,746 | 16,667 |
03/27/08
|
300 | |||||||||||||||||||||||||
|
Sumter
|
SC
|
149,520 | 278,284 | 1,000 |
None
|
149,520 | 279,284 | 428,804 | 8,886 |
03/27/08
|
300 | |||||||||||||||||||||||||
|
Sumter
|
SC
|
146,002 | 271,250 | 1,500 |
None
|
146,002 | 272,750 | 418,752 | 8,701 |
03/27/08
|
300 | |||||||||||||||||||||||||
|
Sumter
|
SC
|
372,921 | 693,113 | 1,000 |
None
|
372,921 | 694,113 | 1,067,034 | 22,022 |
03/27/08
|
300 | |||||||||||||||||||||||||
|
Sumter
|
SC
|
149,520 | 277,726 | 1,500 |
None
|
149,520 | 279,226 | 428,746 | 8,906 |
03/27/08
|
300 | |||||||||||||||||||||||||
|
Sumter
|
SC
|
262,100 | 486,861 | 1,500 |
None
|
262,100 | 488,361 | 750,461 | 15,529 |
03/27/08
|
300 | |||||||||||||||||||||||||
|
Sumter
|
SC
|
184,701 | 344,620 |
None
|
None
|
184,701 | 344,620 | 529,321 | 10,912 |
03/27/08
|
300 | |||||||||||||||||||||||||
|
West
Aiken
|
SC
|
400,000 | 402,665 |
None
|
None
|
400,000 | 402,665 | 802,665 | 152,338 |
07/22/99
|
300 | |||||||||||||||||||||||||
|
West
Columbia
|
SC
|
410,000 | 693,574 |
None
|
None
|
410,000 | 693,574 | 1,103,574 | 262,397 |
07/22/99
|
300 | |||||||||||||||||||||||||
|
West
Columbia
|
SC
|
336,000 | 624,727 |
None
|
None
|
336,000 | 624,727 | 960,727 | 117,654 |
04/14/04
|
300 | |||||||||||||||||||||||||
|
Arrington
|
TN
|
385,000 | 716,242 |
None
|
None
|
385,000 | 716,242 | 1,101,242 | 149,211 |
10/16/03
|
300 | |||||||||||||||||||||||||
|
Athens
|
TN
|
175,000 | 326,242 |
None
|
None
|
175,000 | 326,242 | 501,242 | 67,961 |
10/16/03
|
300 | |||||||||||||||||||||||||
|
Athens
|
TN
|
124,179 | 231,860 |
None
|
None
|
124,179 | 231,860 | 356,039 | 48,298 |
10/16/03
|
300 | |||||||||||||||||||||||||
|
Benton
|
TN
|
192,500 | 358,742 |
None
|
None
|
192,500 | 358,742 | 551,242 | 74,732 |
10/16/03
|
300 | |||||||||||||||||||||||||
|
Chattanooga
|
TN
|
181,731 | 338,741 |
None
|
None
|
181,731 | 338,741 | 520,472 | 70,565 |
10/16/03
|
300 | |||||||||||||||||||||||||
|
Chattanooga
|
TN
|
168,000 | 313,242 |
None
|
None
|
168,000 | 313,242 | 481,242 | 65,252 |
10/16/03
|
300 | |||||||||||||||||||||||||
|
Chattanooga
|
TN
|
175,000 | 326,242 | -79,571 |
None
|
175,000 | 246,671 | 421,671 | 53,909 |
10/16/03
|
300 | |||||||||||||||||||||||||
|
Chattanooga
|
TN
|
159,979 | 298,346 |
None
|
None
|
159,979 | 298,346 | 458,325 | 62,149 |
10/16/03
|
300 | |||||||||||||||||||||||||
|
Chattanooga
|
TN
|
105,000 | 196,242 |
None
|
None
|
105,000 | 196,242 | 301,242 | 40,877 |
10/16/03
|
300 | |||||||||||||||||||||||||
|
Chattanooga
|
TN
|
245,000 | 456,242 |
None
|
None
|
245,000 | 456,242 | 701,242 | 95,044 |
10/16/03
|
300 | |||||||||||||||||||||||||
|
Chattanooga
|
TN
|
297,500 | 553,742 |
None
|
None
|
297,500 | 553,742 | 851,242 | 115,357 |
10/16/03
|
300 | |||||||||||||||||||||||||
|
Chattanooga
|
TN
|
323,750 | 822,529 |
None
|
None
|
323,750 | 822,529 | 1,146,279 | 151,440 |
10/16/03
|
300 | |||||||||||||||||||||||||
|
Chattanooga
|
TN
|
280,000 | 521,242 |
None
|
None
|
280,000 | 521,242 | 801,242 | 108,586 |
10/16/03
|
300 | |||||||||||||||||||||||||
|
Chattanooga
|
TN
|
257,250 | 478,992 |
None
|
None
|
257,250 | 478,992 | 736,242 | 99,784 |
10/16/03
|
300 | |||||||||||||||||||||||||
|
Chattanooga
|
TN
|
283,209 | 527,201 |
None
|
None
|
283,209 | 527,201 | 810,410 | 109,827 |
10/16/03
|
300 | |||||||||||||||||||||||||
|
Chattanooga
|
TN
|
542,500 | 1,008,742 |
None
|
None
|
542,500 | 1,008,742 | 1,551,242 | 210,148 |
10/16/03
|
300 | |||||||||||||||||||||||||
|
Chattanooga
|
TN
|
332,500 | 618,742 |
None
|
None
|
332,500 | 618,742 | 951,242 | 128,898 |
10/16/03
|
300 | |||||||||||||||||||||||||
|
Chattanooga
|
TN
|
175,000 | 326,242 |
None
|
None
|
175,000 | 326,242 | 501,242 | 67,961 |
10/16/03
|
300 | |||||||||||||||||||||||||
|
Cleveland
|
TN
|
110,009 | 205,545 |
None
|
None
|
110,009 | 205,545 | 315,554 | 42,816 |
10/16/03
|
300 | |||||||||||||||||||||||||
|
Cleveland
|
TN
|
227,500 | 423,742 |
None
|
None
|
227,500 | 423,742 | 651,242 | 88,273 |
10/16/03
|
300 | |||||||||||||||||||||||||
|
Cleveland
|
TN
|
280,000 | 521,242 |
None
|
None
|
280,000 | 521,242 | 801,242 | 108,586 |
10/16/03
|
300 | |||||||||||||||||||||||||
|
Cleveland
|
TN
|
245,000 | 456,242 |
None
|
None
|
245,000 | 456,242 | 701,242 | 95,044 |
10/16/03
|
300 | |||||||||||||||||||||||||
|
Cleveland
|
TN
|
157,500 | 293,742 |
None
|
None
|
157,500 | 293,742 | 451,242 | 61,190 |
10/16/03
|
300 | |||||||||||||||||||||||||
|
Cleveland
|
TN
|
122,500 | 228,742 |
None
|
None
|
122,500 | 228,742 | 351,242 | 47,648 |
10/16/03
|
300 | |||||||||||||||||||||||||
|
Cleveland
|
TN
|
300,373 | 559,077 |
None
|
None
|
300,373 | 559,077 | 859,450 | 116,468 |
10/16/03
|
300 | |||||||||||||||||||||||||
|
Dayton
|
TN
|
262,500 | 488,742 |
None
|
None
|
262,500 | 488,742 | 751,242 | 101,815 |
10/16/03
|
300 | |||||||||||||||||||||||||
|
Decatur
|
TN
|
181,731 | 338,742 |
None
|
None
|
181,731 | 338,742 | 520,473 | 70,565 |
10/16/03
|
300 | |||||||||||||||||||||||||
|
Dunlap
|
TN
|
315,000 | 586,242 |
None
|
None
|
315,000 | 586,242 | 901,242 | 122,127 |
10/16/03
|
300 | |||||||||||||||||||||||||
|
Etowah
|
TN
|
192,500 | 358,742 |
None
|
None
|
192,500 | 358,742 | 551,242 | 74,732 |
10/16/03
|
300 | |||||||||||||||||||||||||
|
Gallatin
|
TN
|
525,000 | 976,242 |
None
|
None
|
525,000 | 976,242 | 1,501,242 | 203,377 |
10/16/03
|
300 | |||||||||||||||||||||||||
|
Gray
|
TN
|
191,151 | 355,563 |
None
|
None
|
191,151 | 355,563 | 546,714 | 15,999 |
11/29/07
|
300 | |||||||||||||||||||||||||
|
Harrison
|
TN
|
484,313 | 900,680 |
None
|
None
|
484,313 | 900,680 | 1,384,993 | 187,635 |
10/16/03
|
300 | |||||||||||||||||||||||||
|
Hixson
|
TN
|
271,250 | 504,992 |
None
|
None
|
271,250 | 504,992 | 776,242 | 105,200 |
10/16/03
|
300 | |||||||||||||||||||||||||
|
Hixson
|
TN
|
513,215 | 954,355 |
None
|
None
|
513,215 | 954,355 | 1,467,570 | 198,818 |
10/16/03
|
300 | |||||||||||||||||||||||||
|
Hixson
|
TN
|
94,500 | 176,742 |
None
|
None
|
94,500 | 176,742 | 271,242 | 36,815 |
10/16/03
|
300 | |||||||||||||||||||||||||
|
Hixson
|
TN
|
300,373 | 559,077 |
None
|
None
|
300,373 | 559,077 | 859,450 | 116,468 |
10/16/03
|
300 | |||||||||||||||||||||||||
|
Kimball
|
TN
|
332,500 | 618,742 |
None
|
None
|
332,500 | 618,742 | 951,242 | 128,898 |
10/16/03
|
300 | |||||||||||||||||||||||||
|
Kingsport
|
TN
|
155,603 | 289,545 |
None
|
None
|
155,603 | 289,545 | 445,148 | 13,028 |
11/29/07
|
300 | |||||||||||||||||||||||||
|
Kingsport
|
TN
|
310,303 | 576,845 |
None
|
None
|
310,303 | 576,845 | 887,148 | 25,956 |
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
|
|||||||||||||||||||||||||||||||||
|
Description
|
Acquisition
|
Carrying
|
Acquisition
|
Depreciation
|
Date
of
|
Date
|
is
Computed
|
|||||||||||||||||||||||||||||
|
(Note
1)
|
Land
|
Fees
|
Improvements
|
Costs
|
Land
|
Fees
|
Total
|
(Note
4)
|
Construction
|
Acquired
|
(in
Months)
|
|||||||||||||||||||||||||
|
La
Vergne
|
TN
|
340,000 | 650,000 |
None
|
None
|
340,000 | 650,000 | 990,000 | 347,750 |
08/25/95
|
300 | |||||||||||||||||||||||||
|
Le
Vergne
|
TN
|
577,500 | 1,073,742 | -15,745 |
None
|
577,500 | 1,057,997 | 1,635,497 | 223,690 |
10/16/03
|
300 | |||||||||||||||||||||||||
|
Manchester
|
TN
|
266,119 | 495,463 |
None
|
None
|
266,119 | 495,463 | 761,582 | 103,215 |
10/16/03
|
300 | |||||||||||||||||||||||||
|
Manchester
|
TN
|
281,675 | 524,352 |
None
|
None
|
281,675 | 524,352 | 806,027 | 109,234 |
10/16/03
|
300 | |||||||||||||||||||||||||
|
Manchester
|
TN
|
319,846 | 595,242 |
None
|
None
|
319,846 | 595,242 | 915,088 | 124,003 |
10/16/03
|
300 | |||||||||||||||||||||||||
|
Monteagle
|
TN
|
271,173 | 504,849 |
None
|
None
|
271,173 | 504,849 | 776,022 | 105,171 |
10/16/03
|
300 | |||||||||||||||||||||||||
|
Mt.
Juliet
|
TN
|
397,128 | 738,764 |
None
|
None
|
397,128 | 738,764 | 1,135,892 | 153,903 |
10/16/03
|
300 | |||||||||||||||||||||||||
|
Murfreesboro
|
TN
|
549,500 | 1,021,742 |
None
|
None
|
549,500 | 1,021,742 | 1,571,242 | 212,857 |
10/16/03
|
300 | |||||||||||||||||||||||||
|
Murfreesboro
|
TN
|
467,810 | 870,032 |
None
|
None
|
467,810 | 870,032 | 1,337,842 | 181,250 |
10/16/03
|
300 | |||||||||||||||||||||||||
|
Murfreesboro
|
TN
|
300,373 | 559,077 |
None
|
None
|
300,373 | 559,077 | 859,450 | 116,468 |
10/16/03
|
300 | |||||||||||||||||||||||||
|
Nashville
|
TN
|
498,628 | 927,264 |
None
|
None
|
498,628 | 927,264 | 1,425,892 | 193,174 |
10/16/03
|
300 | |||||||||||||||||||||||||
|
Ocoee
|
TN
|
119,792 | 223,713 | -11,239 |
None
|
119,792 | 212,474 | 332,266 | 46,601 |
10/16/03
|
300 | |||||||||||||||||||||||||
|
Ooltewah
|
TN
|
234,231 | 436,241 |
None
|
None
|
234,231 | 436,241 | 670,472 | 90,877 |
10/16/03
|
300 | |||||||||||||||||||||||||
|
Ooltewah
|
TN
|
700,000 | 1,301,242 | -190,623 |
None
|
700,000 | 1,110,619 | 1,810,619 | 249,777 |
10/16/03
|
300 | |||||||||||||||||||||||||
|
Ooltewah
|
TN
|
105,000 | 196,242 |
None
|
None
|
105,000 | 196,242 | 301,242 | 40,877 |
10/16/03
|
300 | |||||||||||||||||||||||||
|
Red
Bank
|
TN
|
350,000 | 651,242 |
None
|
None
|
350,000 | 651,242 | 1,001,242 | 135,669 |
10/16/03
|
300 | |||||||||||||||||||||||||
|
Red
Bank
|
TN
|
300,373 | 559,077 | -39,679 |
None
|
300,373 | 519,398 | 819,771 | 116,468 |
10/16/03
|
300 | |||||||||||||||||||||||||
|
Roan
Mountain
|
TN
|
286,303 | 532,274 |
None
|
None
|
286,303 | 532,274 | 818,577 | 23,951 |
11/29/07
|
300 | |||||||||||||||||||||||||
|
Royal
|
TN
|
320,229 | 595,953 |
None
|
None
|
320,229 | 595,953 | 916,182 | 124,151 |
10/16/03
|
300 | |||||||||||||||||||||||||
|
Smyrna
|
TN
|
426,466 | 793,251 |
None
|
None
|
426,466 | 793,251 | 1,219,717 | 165,254 |
10/16/03
|
300 | |||||||||||||||||||||||||
|
Smyrna
|
TN
|
630,000 | 1,170,036 |
None
|
None
|
630,000 | 1,170,036 | 1,800,036 | 107,253 |
09/27/06
|
300 | |||||||||||||||||||||||||
|
Soddy
Daisy
|
TN
|
297,500 | 553,732 |
None
|
None
|
297,500 | 553,732 | 851,232 | 115,355 |
10/16/03
|
300 | |||||||||||||||||||||||||
|
Soddy
Daisy
|
TN
|
350,000 | 651,242 |
None
|
None
|
350,000 | 651,242 | 1,001,242 | 135,669 |
10/16/03
|
300 | |||||||||||||||||||||||||
|
Soddy
Daisy
|
TN
|
245,000 | 456,242 |
None
|
None
|
245,000 | 456,242 | 701,242 | 95,044 |
10/16/03
|
300 | |||||||||||||||||||||||||
|
Sweetwater
|
TN
|
122,500 | 228,742 |
None
|
None
|
122,500 | 228,742 | 351,242 | 47,648 |
10/16/03
|
300 | |||||||||||||||||||||||||
|
Sweetwater
|
TN
|
339,231 | 1,131,287 |
None
|
None
|
339,231 | 1,131,287 | 1,470,518 | 158,172 |
10/16/03
|
300 | |||||||||||||||||||||||||
|
Sweetwater
|
TN
|
133,000 | 248,242 |
None
|
None
|
133,000 | 248,242 | 381,242 | 51,711 |
10/16/03
|
300 | |||||||||||||||||||||||||
|
Abingdon
|
VA
|
57,847 | 107,997 |
None
|
None
|
57,847 | 107,997 | 165,844 | 4,858 |
11/29/07
|
300 | |||||||||||||||||||||||||
|
Big
Stone Gap
|
VA
|
527,303 | 979,860 |
None
|
None
|
527,303 | 979,860 | 1,507,163 | 44,092 |
11/29/07
|
300 | |||||||||||||||||||||||||
|
Bristol
|
VA
|
213,369 | 396,824 |
None
|
None
|
213,369 | 396,824 | 610,193 | 17,855 |
11/29/07
|
300 | |||||||||||||||||||||||||
|
Bristol
|
VA
|
268,303 | 498,845 |
None
|
None
|
268,303 | 498,845 | 767,148 | 22,446 |
11/29/07
|
300 | |||||||||||||||||||||||||
|
Bristol
|
VA
|
171,156 | 318,428 |
None
|
None
|
171,156 | 318,428 | 489,584 | 14,328 |
11/29/07
|
300 | |||||||||||||||||||||||||
|
Castlewood
|
VA
|
387,303 | 720,307 |
None
|
None
|
387,303 | 720,307 | 1,107,610 | 32,412 |
11/29/07
|
300 | |||||||||||||||||||||||||
|
Cedar
Bluff
|
VA
|
492,303 | 915,307 |
None
|
None
|
492,303 | 915,307 | 1,407,610 | 41,187 |
11/29/07
|
300 | |||||||||||||||||||||||||
|
Chatham
|
VA
|
347,728 | 525,031 |
None
|
None
|
347,728 | 525,031 | 872,759 | 121,625 |
03/19/03
|
300 | |||||||||||||||||||||||||
|
Chesapeake
|
VA
|
225,000 | 400,366 |
None
|
None
|
225,000 | 400,366 | 625,366 | 54,049 |
08/18/05
|
300 | |||||||||||||||||||||||||
|
Clintwood
|
VA
|
378,553 | 703,610 |
None
|
None
|
378,553 | 703,610 | 1,082,163 | 31,661 |
11/29/07
|
300 | |||||||||||||||||||||||||
|
Coeburn
|
VA
|
168,934 | 314,764 |
None
|
None
|
168,934 | 314,764 | 483,698 | 14,163 |
11/29/07
|
300 | |||||||||||||||||||||||||
|
Coeburn
|
VA
|
312,303 | 581,021 |
None
|
None
|
312,303 | 581,021 | 893,324 | 26,144 |
11/29/07
|
300 | |||||||||||||||||||||||||
|
Coeburn
|
VA
|
282,303 | 525,307 |
None
|
None
|
282,303 | 525,307 | 807,610 | 23,637 |
11/29/07
|
300 | |||||||||||||||||||||||||
|
Collinsville
|
VA
|
84,465 | 130,137 |
None
|
None
|
84,465 | 130,137 | 214,602 | 30,141 |
03/19/03
|
300 | |||||||||||||||||||||||||
|
Danville
|
VA
|
149,276 | 227,333 |
None
|
None
|
149,276 | 227,333 | 376,609 | 52,658 |
03/19/03
|
300 | |||||||||||||||||||||||||
|
Danville
|
VA
|
83,644 | 128,884 |
None
|
None
|
83,644 | 128,884 | 212,528 | 29,851 |
03/19/03
|
300 | |||||||||||||||||||||||||
|
Danville
|
VA
|
266,722 | 403,501 |
None
|
None
|
266,722 | 403,501 | 670,223 | 93,471 |
03/19/03
|
300 | |||||||||||||||||||||||||
|
Franklin
|
VA
|
536,667 | 863,699 |
None
|
None
|
536,667 | 863,699 | 1,400,366 | 116,599 |
08/18/05
|
300 | |||||||||||||||||||||||||
|
Gate
City
|
VA
|
422,303 | 784,845 |
None
|
None
|
422,303 | 784,845 | 1,207,148 | 35,316 |
11/29/07
|
300 | |||||||||||||||||||||||||
|
Hampton
|
VA
|
433,985 | 459,108 |
None
|
168
|
433,985 | 459,276 | 893,261 | 196,702 |
04/17/98
|
300 | |||||||||||||||||||||||||
|
Highland
Springs
|
VA
|
396,720 | 598,547 |
None
|
None
|
396,720 | 598,547 | 995,267 | 138,656 |
03/19/03
|
300 | |||||||||||||||||||||||||
|
Honaker
|
VA
|
492,303 | 915,307 |
None
|
None
|
492,303 | 915,307 | 1,407,610 | 41,187 |
11/29/07
|
300 | |||||||||||||||||||||||||
|
Martinsville
|
VA
|
246,820 | 373,653 |
None
|
None
|
246,820 | 373,653 | 620,473 | 86,556 |
03/19/03
|
300 | |||||||||||||||||||||||||
|
Martinsville
|
VA
|
83,521 | 128,706 |
None
|
None
|
83,521 | 128,706 | 212,227 | 29,810 |
03/19/03
|
300 | |||||||||||||||||||||||||
|
Midlothian
|
VA
|
325,000 | 302,872 |
None
|
None
|
325,000 | 302,872 | 627,872 | 137,760 |
08/21/97
|
300 | |||||||||||||||||||||||||
|
Newport
News
|
VA
|
490,616 | 605,304 |
None
|
168
|
490,616 | 605,472 | 1,096,088 | 229,991 |
01/20/00
|
04/17/98
|
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
|
|||||||||||||||||||||||||||||||||
|
Description
|
Acquisition
|
Carrying
|
Acquisition
|
Depreciation
|
Date
of
|
Date
|
is
Computed
|
|||||||||||||||||||||||||||||
|
(Note
1)
|
Land
|
Fees
|
Improvements
|
Costs
|
Land
|
Fees
|
Total
|
(Note
4)
|
Construction
|
Acquired
|
(in
Months)
|
|||||||||||||||||||||||||
|
Norton
|
VA
|
157,826 | 293,688 |
None
|
None
|
157,826 | 293,688 | 451,514 | 13,214 |
11/29/07
|
300 | |||||||||||||||||||||||||
|
Norton
|
VA
|
457,303 | 849,860 |
None
|
None
|
457,303 | 849,860 | 1,307,163 | 38,242 |
11/29/07
|
300 | |||||||||||||||||||||||||
|
Norton
|
VA
|
222,256 | 413,344 |
None
|
None
|
222,256 | 413,344 | 635,600 | 18,599 |
11/29/07
|
300 | |||||||||||||||||||||||||
|
Pound
|
VA
|
256,170 | 476,327 |
None
|
None
|
256,170 | 476,327 | 732,497 | 21,433 |
11/29/07
|
300 | |||||||||||||||||||||||||
|
Pound
|
VA
|
276,303 | 513,717 |
None
|
None
|
276,303 | 513,717 | 790,020 | 23,116 |
11/29/07
|
300 | |||||||||||||||||||||||||
|
Richlands
|
VA
|
140,051 | 261,125 |
None
|
None
|
140,051 | 261,125 | 401,176 | 11,749 |
11/29/07
|
300 | |||||||||||||||||||||||||
|
Richmond
|
VA
|
700,000 | 400,740 |
None
|
168 | 700,000 | 400,908 | 1,100,908 | 171,704 |
04/17/98
|
300 | |||||||||||||||||||||||||
|
Richmond
|
VA
|
700,000 | 440,965 |
None
|
168 | 700,000 | 441,133 | 1,141,133 | 188,932 |
04/17/98
|
300 | |||||||||||||||||||||||||
|
Richmond
|
VA
|
400,000 | 250,875 |
None
|
168 | 400,000 | 251,043 | 651,043 | 107,511 |
04/17/98
|
300 | |||||||||||||||||||||||||
|
Richmond
|
VA
|
1,000,000 | 740 |
None
|
168 | 1,000,000 | 908 | 1,000,908 | 371 |
04/17/98
|
300 | |||||||||||||||||||||||||
|
Richmond
|
VA
|
700,000 | 100,695 |
None
|
168 | 700,000 | 100,863 | 800,863 | 43,185 |
04/17/98
|
300 | |||||||||||||||||||||||||
|
Richmond
|
VA
|
1,144,841 | 3,371,146 |
None
|
None
|
1,144,841 | 3,371,146 | 4,515,987 | 857,802 |
08/22/02
|
300 | |||||||||||||||||||||||||
|
Richmond
|
VA
|
298,227 | 451,014 |
None
|
None
|
298,227 | 451,014 | 749,241 | 104,478 |
03/19/03
|
300 | |||||||||||||||||||||||||
|
Richmond
|
VA
|
329,698 | 498,015 |
None
|
None
|
329,698 | 498,015 | 827,713 | 115,366 |
03/19/03
|
300 | |||||||||||||||||||||||||
|
Richmond
|
VA
|
213,982 | 324,659 |
None
|
None
|
213,982 | 324,659 | 538,641 | 75,205 |
03/19/03
|
300 | |||||||||||||||||||||||||
|
Richmond
|
VA
|
482,735 | 727,776 |
None
|
None
|
482,735 | 727,776 | 1,210,511 | 168,594 |
03/19/03
|
300 | |||||||||||||||||||||||||
|
Richmond
|
VA
|
350,453 | 529,365 |
None
|
None
|
350,453 | 529,365 | 879,818 | 122,629 |
03/19/03
|
300 | |||||||||||||||||||||||||
|
Richmond
|
VA
|
323,496 | 488,918 |
None
|
None
|
323,496 | 488,918 | 812,414 | 113,259 |
03/19/03
|
300 | |||||||||||||||||||||||||
|
Richmond
|
VA
|
278,443 | 421,584 |
None
|
None
|
278,443 | 421,584 | 700,027 | 97,660 |
03/19/03
|
300 | |||||||||||||||||||||||||
|
Roanoke
|
VA
|
325,000 | 575,366 |
None
|
None
|
325,000 | 575,366 | 900,366 | 77,674 |
08/18/05
|
300 | |||||||||||||||||||||||||
|
Rosedale
|
VA
|
211,147 | 393,160 |
None
|
None
|
211,147 | 393,160 | 604,307 | 17,691 |
11/29/07
|
300 | |||||||||||||||||||||||||
|
Sandston
|
VA
|
152,535 | 232,528 |
None
|
None
|
152,535 | 232,528 | 385,063 | 53,862 |
03/19/03
|
300 | |||||||||||||||||||||||||
|
South
Boston
|
VA
|
160,893 | 244,778 |
None
|
None
|
160,893 | 244,778 | 405,671 | 56,700 |
03/19/03
|
300 | |||||||||||||||||||||||||
|
St.
Paul
|
VA
|
334,803 | 622,807 |
None
|
None
|
334,803 | 622,807 | 957,610 | 28,025 |
11/29/07
|
300 | |||||||||||||||||||||||||
|
St.
Paul
|
VA
|
422,303 | 785,307 |
None
|
None
|
422,303 | 785,307 | 1,207,610 | 35,337 |
11/29/07
|
300 | |||||||||||||||||||||||||
|
Stafford
|
VA
|
271,865 | 601,997 |
None
|
None
|
271,865 | 601,997 | 873,862 | 289,961 |
12/20/96
|
300 | |||||||||||||||||||||||||
|
Staunton
|
VA
|
675,000 | 1,000,366 |
None
|
None
|
675,000 | 1,000,366 | 1,675,366 | 135,049 |
08/18/05
|
300 | |||||||||||||||||||||||||
|
Suffolk
|
VA
|
700,000 | 1,000,366 |
None
|
None
|
700,000 | 1,000,366 | 1,700,366 | 135,049 |
08/18/05
|
300 | |||||||||||||||||||||||||
|
Tazewell
|
VA
|
153,382 | 285,882 |
None
|
None
|
153,382 | 285,882 | 439,264 | 12,863 |
11/29/07
|
300 | |||||||||||||||||||||||||
|
Troutville
|
VA
|
575,000 | 975,366 |
None
|
None
|
575,000 | 975,366 | 1,550,366 | 131,674 |
08/18/05
|
300 | |||||||||||||||||||||||||
|
Virginia
Beach
|
VA
|
1,194,560 | 2,218,773 |
None
|
None
|
1,194,560 | 2,218,773 | 3,413,333 | 580,564 |
06/27/02
|
300 | |||||||||||||||||||||||||
|
Warrenton
|
VA
|
515,971 | 649,125 |
None
|
None
|
515,971 | 649,125 | 1,165,096 | 312,662 |
12/20/96
|
300 | |||||||||||||||||||||||||
|
Weber
City
|
VA
|
369,803 | 687,345 |
None
|
None
|
369,803 | 687,345 | 1,057,148 | 30,929 |
11/29/07
|
300 | |||||||||||||||||||||||||
|
Williamsburg
|
VA
|
838,172 | 1,556,910 |
None
|
None
|
838,172 | 1,556,910 | 2,395,082 | 407,316 |
06/27/02
|
300 | |||||||||||||||||||||||||
|
Wise
|
VA
|
334,803 | 622,360 |
None
|
None
|
334,803 | 622,360 | 957,163 | 28,005 |
11/29/07
|
300 | |||||||||||||||||||||||||
|
Wise
|
VA
|
66,733 | 124,517 |
None
|
None
|
66,733 | 124,517 | 191,250 | 5,602 |
11/29/07
|
300 | |||||||||||||||||||||||||
|
Wise
|
VA
|
527,303 | 979,860 |
None
|
None
|
527,303 | 979,860 | 1,507,163 | 44,092 |
11/29/07
|
300 | |||||||||||||||||||||||||
|
Wytheville
|
VA
|
1,222,535 | 1,577,830 |
None
|
None
|
1,222,535 | 1,577,830 | 2,800,365 | 213,007 |
08/18/05
|
300 | |||||||||||||||||||||||||
|
Yorktown
|
VA
|
309,435 | 447,144 |
None
|
168 | 309,435 | 447,312 | 756,747 | 191,572 |
04/17/98
|
300 | |||||||||||||||||||||||||
|
Craft and Novelty
|
||||||||||||||||||||||||||||||||||||
|
Cutler
Ridge
|
FL
|
743,498 | 657,485 |
182,751
|
35,192 | 743,498 | 875,428 | 1,618,926 | 333,075 |
12/31/98
|
300 | |||||||||||||||||||||||||
|
Tampa
|
FL
|
401,874 | 933,768 |
28,336
|
19,195 | 401,874 | 981,299 | 1,383,173 | 416,938 |
12/23/97
|
300 | |||||||||||||||||||||||||
|
Rockford
|
IL
|
159,587 | 618,398 |
None
|
22,550 | 159,587 | 640,948 | 800,535 | 322,286 |
11/26/96
|
300 | |||||||||||||||||||||||||
|
Stony
Brook
|
NY
|
980,000 | 1,801,586 |
5,641
|
232 | 980,000 | 1,807,459 | 2,787,459 | 717,750 |
01/11/99
|
300 | |||||||||||||||||||||||||
|
Pleasant
Hills
|
PA
|
631,084 | 1,172,563 |
None
|
None
|
631,084 | 1,172,563 | 1,803,647 | 287,276 |
11/01/02
|
300 | |||||||||||||||||||||||||
|
Distribution and Office
|
||||||||||||||||||||||||||||||||||||
|
Escondido
|
CA
|
1,949,375 | 12,966,248 |
800
|
None
|
1,949,375 | 12,967,048 | 14,916,423 | 681,120 |
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 | 810,675 |
01/06/06
|
300 | |||||||||||||||||||||||||
|
Wilbraham
|
MA
|
9,626,112 | 17,877,779 |
2,500
|
None
|
9,626,112 | 17,880,279 | 27,506,391 | 983,594 |
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
|
|||||||||||||||||||||||||||||||||
|
Description
|
Acquisition
|
Carrying
|
Acquisition
|
Depreciation
|
Date
of
|
Date
|
is
Computed
|
|||||||||||||||||||||||||||||
|
(Note
1)
|
Land
|
Fees
|
Improvements
|
Costs
|
Land
|
Fees
|
Total
|
(Note
4)
|
Construction
|
Acquired
|
(in
Months)
|
|||||||||||||||||||||||||
|
Drug Stores
|
||||||||||||||||||||||||||||||||||||
|
Montgomery
|
AL
|
1,150,000 | 1,479,627 |
None
|
None
|
1,150,000 | 1,479,627 | 2,629,627 | 229,350 |
02/09/05
|
300 | |||||||||||||||||||||||||
|
Bakersfield
|
CA
|
0 | 3,501,678 |
None
|
None
|
- | 3,501,678 | 3,501,678 | 122,558 |
02/26/08
|
300 | |||||||||||||||||||||||||
|
Encinitas
|
CA
|
0 | 3,751,713 |
None
|
None
|
- | 3,751,713 | 3,751,713 | 131,309 |
02/26/08
|
300 | |||||||||||||||||||||||||
|
Indio
|
CA
|
2,205,539 | 4,096,524 |
None
|
None
|
2,205,539 | 4,096,524 | 6,302,063 | 143,377 |
02/21/08
|
300 | |||||||||||||||||||||||||
|
Tracy
|
CA
|
2,467,993 | 4,584,246 |
None
|
None
|
2,467,993 | 4,584,246 | 7,052,239 | 191,010 |
12/20/07
|
300 | |||||||||||||||||||||||||
|
Colorado
Springs
|
CO
|
1,025,000 | 1,645,371 |
None
|
None
|
1,025,000 | 1,645,371 | 2,670,371 | 255,024 |
02/09/05
|
300 | |||||||||||||||||||||||||
|
Fort
Collins
|
CO
|
1,100,000 | 1,385,014 |
None
|
None
|
1,100,000 | 1,385,014 | 2,485,014 | 214,668 |
02/09/05
|
300 | |||||||||||||||||||||||||
|
Casselberry
|
FL
|
1,075,020 | 1,664,284 |
None
|
None
|
1,075,020 | 1,664,284 | 2,739,304 | 685,158 |
09/30/98
|
300 | |||||||||||||||||||||||||
|
Adel
|
GA
|
500,000 | 1,056,116 |
None
|
None
|
500,000 | 1,056,116 | 1,556,116 | 156,651 |
04/29/05
|
300 | |||||||||||||||||||||||||
|
Blackshear
|
GA
|
430,000 | 1,005,393 |
None
|
None
|
430,000 | 1,005,393 | 1,435,393 | 149,127 |
04/29/05
|
300 | |||||||||||||||||||||||||
|
Bowdon
|
GA
|
410,000 | 1,010,615 |
None
|
None
|
410,000 | 1,010,615 | 1,420,615 | 149,902 |
04/29/05
|
300 | |||||||||||||||||||||||||
|
Cairo
|
GA
|
330,000 | 1,152,243 |
None
|
None
|
330,000 | 1,152,243 | 1,482,243 | 170,910 |
04/29/05
|
300 | |||||||||||||||||||||||||
|
Quitman
|
GA
|
730,000 | 856,586 |
None
|
None
|
730,000 | 856,586 | 1,586,586 | 132,762 |
02/09/05
|
300 | |||||||||||||||||||||||||
|
Woodstock
|
GA
|
930,000 | 1,035,544 |
None
|
None
|
930,000 | 1,035,544 | 1,965,544 | 153,606 |
04/29/05
|
300 | |||||||||||||||||||||||||
|
Blackfoot
|
ID
|
560,000 | 1,932,186 |
None
|
None
|
560,000 | 1,932,186 | 2,492,186 | 299,480 |
02/09/05
|
300 | |||||||||||||||||||||||||
|
Burley
|
ID
|
700,000 | 2,011,543 |
None
|
None
|
700,000 | 2,011,543 | 2,711,543 | 311,780 |
02/09/05
|
300 | |||||||||||||||||||||||||
|
Chubbuck
|
ID
|
890,000 | 1,267,183 |
None
|
None
|
890,000 | 1,267,183 | 2,157,183 | 196,405 |
02/09/05
|
300 | |||||||||||||||||||||||||
|
Salem
|
IN
|
0 | 2,351,296 |
None
|
None
|
- | 2,351,296 | 2,351,296 | 223,373 |
08/16/06
|
300 | |||||||||||||||||||||||||
|
Elkton
|
MD
|
1,751,013 | 3,252,546 |
None
|
None
|
1,751,013 | 3,252,546 | 5,003,559 | 113,838 |
02/21/08
|
300 | |||||||||||||||||||||||||
|
Laurel
|
MD
|
0 | 2,400,696 |
None
|
None
|
- | 2,400,696 | 2,400,696 | 228,066 |
08/16/06
|
300 | |||||||||||||||||||||||||
|
Portland
|
ME
|
2,100,849 | 3,902,402 |
None
|
None
|
2,100,849 | 3,902,402 | 6,003,251 | 162,599 |
12/20/07
|
300 | |||||||||||||||||||||||||
|
Gladwin
|
MI
|
1,365,747 | 2,536,910 |
None
|
None
|
1,365,747 | 2,536,910 | 3,902,657 | 88,791 |
02/21/08
|
300 | |||||||||||||||||||||||||
|
Metamora
|
MI
|
859,139 | 2,291,557 |
None
|
None
|
859,139 | 2,291,557 | 3,150,696 | 217,698 |
08/16/06
|
300 | |||||||||||||||||||||||||
|
Carson
City
|
NV
|
800,000 | 2,770,950 |
None
|
None
|
800,000 | 2,770,950 | 3,570,950 | 429,489 |
02/09/05
|
300 | |||||||||||||||||||||||||
|
Reno
|
NV
|
1,100,000 | 2,602,911 |
None
|
None
|
1,100,000 | 2,602,911 | 3,702,911 | 403,443 |
02/09/05
|
300 | |||||||||||||||||||||||||
|
Reno
|
NV
|
850,000 | 2,306,647 |
None
|
None
|
850,000 | 2,306,647 | 3,156,647 | 357,522 |
02/09/05
|
300 | |||||||||||||||||||||||||
|
Sparks
|
NV
|
1,000,000 | 2,271,513 |
None
|
None
|
1,000,000 | 2,271,513 | 3,271,513 | 352,076 |
02/09/05
|
300 | |||||||||||||||||||||||||
|
Sun
Valley
|
NV
|
550,000 | 2,678,380 |
None
|
None
|
550,000 | 2,678,380 | 3,228,380 | 415,140 |
02/09/05
|
300 | |||||||||||||||||||||||||
|
Cortland
|
OH
|
1,440,000 | 1,364,725 | 1,250 |
None
|
1,440,000 | 1,365,975 | 2,805,975 | 211,560 |
02/09/05
|
300 | |||||||||||||||||||||||||
|
Madison
|
OH
|
580,000 | 1,272,742 |
None
|
None
|
580,000 | 1,272,742 | 1,852,742 | 188,784 |
04/29/05
|
300 | |||||||||||||||||||||||||
|
Mayfield
Heights
|
OH
|
0 | 2,703,730 |
None
|
None
|
- | 2,703,730 | 2,703,730 | 94,630 |
02/21/08
|
300 | |||||||||||||||||||||||||
|
Warren
|
OH
|
960,000 | 1,326,083 |
None
|
None
|
960,000 | 1,326,083 | 2,286,083 | 205,534 |
02/09/05
|
300 | |||||||||||||||||||||||||
|
Warren
|
OH
|
800,000 | 1,241,503 |
None
|
None
|
800,000 | 1,241,503 | 2,041,503 | 192,424 |
02/09/05
|
300 | |||||||||||||||||||||||||
|
Willowick
|
OH
|
530,000 | 1,241,308 |
None
|
None
|
530,000 | 1,241,308 | 1,771,308 | 184,122 |
04/29/05
|
300 | |||||||||||||||||||||||||
|
Beaver
|
PA
|
0 | 3,003,160 |
None
|
None
|
- | 3,003,160 | 3,003,160 | 125,131 |
12/20/07
|
300 | |||||||||||||||||||||||||
|
Delmont
|
PA
|
720,000 | 1,246,023 | 10,475 |
None
|
720,000 | 1,256,498 | 1,976,498 | 193,911 |
02/09/05
|
300 | |||||||||||||||||||||||||
|
Gettysburg
|
PA
|
0 | 2,500,750 |
None
|
None
|
- | 2,500,750 | 2,500,750 | 237,571 |
08/16/06
|
300 | |||||||||||||||||||||||||
|
Girard
|
PA
|
0 | 1,812,483 |
None
|
None
|
- | 1,812,483 | 1,812,483 | 365,565 |
02/09/05
|
300 | |||||||||||||||||||||||||
|
Johnstown
|
PA
|
250,000 | 2,593,436 |
None
|
None
|
250,000 | 2,593,436 | 2,843,436 | 401,974 |
02/09/05
|
300 | |||||||||||||||||||||||||
|
Johnstown
|
PA
|
600,000 | 2,010,255 |
None
|
None
|
600,000 | 2,010,255 | 2,610,255 | 311,581 |
02/09/05
|
300 | |||||||||||||||||||||||||
|
Murrysville
|
PA
|
710,000 | 1,666,912 |
None
|
None
|
710,000 | 1,666,912 | 2,376,912 | 258,359 |
02/09/05
|
300 | |||||||||||||||||||||||||
|
Oakdale
|
PA
|
1,255,750 | 2,995,001 |
None
|
None
|
1,255,750 | 2,995,001 | 4,250,751 | 284,525 |
08/16/06
|
300 | |||||||||||||||||||||||||
|
Philadelphia
|
PA
|
0 | 3,803,732 |
None
|
None
|
- | 3,803,732 | 3,803,732 | 133,129 |
02/26/08
|
300 | |||||||||||||||||||||||||
|
Reading
|
PA
|
1,400,000 | 3,304,996 |
None
|
None
|
1,400,000 | 3,304,996 | 4,704,996 | 115,673 |
02/21/08
|
300 | |||||||||||||||||||||||||
|
Saint
Marys
|
PA
|
1,663,632 | 3,090,403 |
None
|
None
|
1,663,632 | 3,090,403 | 4,754,035 | 128,767 |
12/20/07
|
300 | |||||||||||||||||||||||||
|
Slippery
Rock
|
PA
|
0 | 1,811,488 |
None
|
None
|
- | 1,811,488 | 1,811,488 | 359,623 |
02/09/05
|
300 | |||||||||||||||||||||||||
|
West
Norriton
|
PA
|
0 | 3,603,611 |
None
|
None
|
- | 3,603,611 | 3,603,611 | 126,125 |
02/21/08
|
300 | |||||||||||||||||||||||||
|
Wexford
|
PA
|
2,300,000 | 2,606,080 |
None
|
None
|
2,300,000 | 2,606,080 | 4,906,080 | 91,212 |
02/21/08
|
300 | |||||||||||||||||||||||||
|
Yeadon
|
PA
|
0 | 3,253,285 |
None
|
None
|
- | 3,253,285 | 3,253,285 | 135,553 |
12/20/07
|
300 | |||||||||||||||||||||||||
|
Fredericksburg
|
VA
|
0 | 2,901,815 |
None
|
None
|
- | 2,901,815 | 2,901,815 | 101,562 |
02/21/08
|
300 | |||||||||||||||||||||||||
|
Buckhannon
|
WV
|
1,716,898 | 3,189,190 |
None
|
None
|
1,716,898 | 3,189,190 | 4,906,088 | 111,620 |
02/21/08
|
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
|
||||||||||||||||||||||||||||||||||||
|
Description
|
Acquisition
|
Carrying
|
Acquisition
|
Depreciation
|
Date
of
|
Date
|
is
Computed
|
||||||||||||||||||||||||||||||||
|
(Note
1)
|
Land
|
Fees
|
Improvements
|
Costs
|
Land
|
Fees
|
Total
|
(Note
4)
|
Construction
|
Acquired
|
(in
Months)
|
||||||||||||||||||||||||||||
|
Entertainment
|
|||||||||||||||||||||||||||||||||||||||
|
Riverside
|
CA
|
7,800,000 | 130 | -416,985 |
None
|
7,800,000 | (416,855 | ) | 7,383,145 | 31 |
07/05/02
|
300 | |||||||||||||||||||||||||||
|
Vista
|
CA
|
2,300,000 | 22 |
None
|
None
|
2,300,000 | 22 | 2,300,022 | 8 |
03/31/99
|
300 | ||||||||||||||||||||||||||||
|
Dania
|
FL
|
8,272,080 | 1,713 |
None
|
None
|
8,272,080 | 1,713 | 8,273,793 | 648 |
03/31/99
|
300 | ||||||||||||||||||||||||||||
|
Marietta
|
GA
|
1,500,000 | 768 |
None
|
None
|
1,500,000 | 768 | 1,500,768 | 216 |
06/29/01
|
300 | ||||||||||||||||||||||||||||
|
Norcross
|
GA
|
1,600,000 | 768 |
None
|
None
|
1,600,000 | 768 | 1,600,768 | 216 |
06/29/01
|
300 | ||||||||||||||||||||||||||||
|
Greensboro
|
NC
|
4,000,000 | 463 |
None
|
None
|
4,000,000 | 463 | 4,000,463 | 112 |
07/05/02
|
300 | ||||||||||||||||||||||||||||
|
Brookhaven
|
NY
|
1,500,000 | 745 |
None
|
None
|
1,500,000 | 745 | 1,500,745 | 282 |
07/23/99
|
300 | ||||||||||||||||||||||||||||
|
Riverhead
|
NY
|
6,200,000 | 744 |
None
|
None
|
6,200,000 | 744 | 6,200,744 | 281 |
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 | 275,661 |
07/03/03
|
300 | ||||||||||||||||||||||||||||
|
Amarillo
|
TX
|
140,000 | 419,734 |
None
|
173 | 140,000 | 419,907 | 559,907 | 335,674 |
09/12/88
|
300 | ||||||||||||||||||||||||||||
|
Lewisville
|
TX
|
1,010,134 | 1,877,384 |
None
|
None
|
1,010,134 | 1,877,384 | 2,887,518 | 409,895 |
07/03/03
|
300 | ||||||||||||||||||||||||||||
|
Financial Services
|
|||||||||||||||||||||||||||||||||||||||
|
Phoenix
|
AZ
|
245,137 | 456,324 |
None
|
None
|
245,137 | 456,324 | 701,461 | 15,971 |
02/01/08
|
300 | ||||||||||||||||||||||||||||
|
Canon
City
|
CO
|
66,500 | 147,699 |
None
|
146 | 66,500 | 147,845 | 214,345 | 123,215 |
11/12/87
|
300 | ||||||||||||||||||||||||||||
|
Colorado
Springs
|
CO
|
313,250 | 695,730 | 40,500 | 20,171 | 313,250 | 756,401 | 1,069,651 | 656,622 |
03/10/87
|
300 | ||||||||||||||||||||||||||||
|
Clearwater
|
FL
|
476,179 | 725,023 | 6,500 | 26,887 | 476,179 | 758,410 | 1,234,589 | 314,086 |
12/31/98
|
300 | ||||||||||||||||||||||||||||
|
Orlando
|
FL
|
532,556 | 940,177 |
None
|
None
|
532,556 | 940,177 | 1,472,733 | 92,418 |
06/09/06
|
12/15/05
|
300 | |||||||||||||||||||||||||||
|
Hinesville
|
GA
|
172,611 | 383,376 |
None
|
11,006 | 172,611 | 394,382 | 566,993 | 318,984 |
12/22/87
|
300 | ||||||||||||||||||||||||||||
|
Couer
D'Alene
|
ID
|
165,900 | 368,468 |
None
|
None
|
165,900 | 368,468 | 534,368 | 309,696 |
09/21/87
|
300 | ||||||||||||||||||||||||||||
|
Blue
Springs
|
MO
|
222,569 | 494,333 |
None
|
93 | 222,569 | 494,426 | 716,995 | 379,151 |
07/31/89
|
300 | ||||||||||||||||||||||||||||
|
Albuquerque
|
NM
|
80,500 | 178,794 | 8,003 | 299 | 80,500 | 187,096 | 267,596 | 150,460 |
10/29/87
|
300 | ||||||||||||||||||||||||||||
|
Santa
Fe
|
NM
|
70,000 | 155,473 |
None
|
327 | 70,000 | 155,800 | 225,800 | 130,257 |
10/29/87
|
300 | ||||||||||||||||||||||||||||
|
Pasadena
|
TX
|
385,199 | 716,468 |
None
|
None
|
385,199 | 716,468 | 1,101,667 | 25,076 |
02/01/08
|
300 | ||||||||||||||||||||||||||||
|
Madison
|
WI
|
154,375 | 287,794 |
None
|
None
|
154,375 | 287,794 | 442,169 | 10,073 |
02/01/08
|
300 | ||||||||||||||||||||||||||||
|
Milwaukee
|
WI
|
265,985 | 495,071 |
None
|
None
|
265,985 | 495,071 | 761,056 | 17,328 |
02/01/08
|
300 | ||||||||||||||||||||||||||||
|
General Merchandise
|
|||||||||||||||||||||||||||||||||||||||
|
Canon
City
|
CO
|
339,045 | 630,531 |
None
|
None
|
339,045 | 630,531 | 969,576 | 53,595 |
11/02/06
|
300 | ||||||||||||||||||||||||||||
|
Monte
Vista
|
CO
|
47,652 | 582,159 |
None
|
None
|
47,652 | 582,159 | 629,811 | 233,847 |
12/23/98
|
300 | ||||||||||||||||||||||||||||
|
Groveland
|
FL
|
101,782 | 189,258 |
None
|
189 | 101,782 | 189,447 | 291,229 | 74,142 |
03/31/99
|
300 | ||||||||||||||||||||||||||||
|
Titusville
|
FL
|
176,459 | 579,793 |
None
|
22,666 | 176,459 | 602,459 | 778,918 | 294,852 |
11/26/96
|
300 | ||||||||||||||||||||||||||||
|
Clarinda
|
IA
|
439,267 | 816,010 |
None
|
None
|
439,267 | 816,010 | 1,255,277 | 85,681 |
05/25/06
|
300 | ||||||||||||||||||||||||||||
|
Garnett
|
KS
|
59,690 | 518,121 |
None
|
None
|
59,690 | 518,121 | 577,811 | 208,126 |
12/23/98
|
300 | ||||||||||||||||||||||||||||
|
Hillsboro
|
KS
|
335,292 | 622,914 |
None
|
None
|
335,292 | 622,914 | 958,206 | 65,406 |
05/25/06
|
300 | ||||||||||||||||||||||||||||
|
Phillipsburg
|
KS
|
423,725 | 787,146 |
None
|
None
|
423,725 | 787,146 | 1,210,871 | 82,650 |
05/25/06
|
300 | ||||||||||||||||||||||||||||
|
Caledonia
|
MN
|
89,723 | 559,300 |
None
|
None
|
89,723 | 559,300 | 649,023 | 224,669 |
12/23/98
|
300 | ||||||||||||||||||||||||||||
|
Long
Prarie
|
MN
|
88,892 | 553,997 |
None
|
None
|
88,892 | 553,997 | 642,889 | 222,537 |
12/23/98
|
300 | ||||||||||||||||||||||||||||
|
Paynesvile
|
MN
|
49,483 | 525,406 |
None
|
None
|
49,483 | 525,406 | 574,889 | 211,053 |
12/23/98
|
300 | ||||||||||||||||||||||||||||
|
Spring
Valley
|
MN
|
69,785 | 579,238 |
None
|
None
|
69,785 | 579,238 | 649,023 | 232,678 |
12/23/98
|
300 | ||||||||||||||||||||||||||||
|
Warroad
|
MN
|
70,000 | 580,000 |
None
|
None
|
70,000 | 580,000 | 650,000 | 232,967 |
12/23/98
|
300 | ||||||||||||||||||||||||||||
|
Kansas
City
|
MO
|
210,070 | 466,571 |
None
|
239 | 210,070 | 466,810 | 676,880 | 379,606 |
05/13/88
|
300 | ||||||||||||||||||||||||||||
|
Kansas
City
|
MO
|
168,350 | 373,910 |
None
|
239 | 168,350 | 374,149 | 542,499 | 304,240 |
05/26/88
|
300 | ||||||||||||||||||||||||||||
|
Willow
Springs
|
MO
|
416,494 | 773,718 |
None
|
None
|
416,494 | 773,718 | 1,190,212 | 81,240 |
05/25/06
|
300 | ||||||||||||||||||||||||||||
|
Mayville
|
ND
|
59,333 | 565,562 |
None
|
None
|
59,333 | 565,562 | 624,895 | 227,199 |
12/23/98
|
300 | ||||||||||||||||||||||||||||
|
Ainsworth
|
NE
|
362,675 | 673,768 |
None
|
None
|
362,675 | 673,768 | 1,036,443 | 70,746 |
05/25/06
|
300 | ||||||||||||||||||||||||||||
|
Imperial
|
NE
|
388,599 | 721,914 |
None
|
None
|
388,599 | 721,914 | 1,110,513 | 73,395 |
06/28/06
|
300 | ||||||||||||||||||||||||||||
|
Bloomfield
|
NM
|
59,559 | 616,252 |
None
|
None
|
59,559 | 616,252 | 675,811 | 247,542 |
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
|
||||||||||||||||||||||||||||||||||||
|
Description
|
Acquisition
|
Carrying
|
Acquisition
|
Depreciation
|
Date
of
|
Date
|
is
Computed
|
||||||||||||||||||||||||||||||||
|
(Note
1)
|
Land
|
Fees
|
Improvements
|
Costs
|
Land
|
Fees
|
Total
|
(Note
4)
|
Construction
|
Acquired
|
(in
Months)
|
||||||||||||||||||||||||||||
|
Milwaukie
|
OR
|
180,250 | 400,336 | 49,088 | 24,085 | 180,250 | 473,509 | 653,759 | 344,892 |
08/06/87
|
300 | ||||||||||||||||||||||||||||
|
Memphis
|
TN
|
197,708 | 507,647 |
None
|
248 | 197,708 | 507,895 | 705,603 | 209,107 |
09/30/98
|
300 | ||||||||||||||||||||||||||||
|
Coleman
|
TX
|
243,060 | 451,661 |
None
|
None
|
243,060 | 451,661 | 694,721 | 47,424 |
05/25/06
|
300 | ||||||||||||||||||||||||||||
|
Colorado
City
|
TX
|
92,535 | 505,276 |
None
|
None
|
92,535 | 505,276 | 597,811 | 202,966 |
12/23/98
|
300 | ||||||||||||||||||||||||||||
|
Devine
|
TX
|
212,408 | 394,735 |
None
|
None
|
212,408 | 394,735 | 607,143 | 41,447 |
05/25/06
|
300 | ||||||||||||||||||||||||||||
|
Midland
|
TX
|
544,075 | 1,322,431 |
None
|
None
|
544,075 | 1,322,431 | 1,866,506 | 575,145 |
02/03/98
|
300 | ||||||||||||||||||||||||||||
|
Presidio
|
TX
|
407,657 | 757,362 |
None
|
None
|
407,657 | 757,362 | 1,165,019 | 79,523 |
05/25/06
|
300 | ||||||||||||||||||||||||||||
|
Winnsboro
|
TX
|
79,280 | 1,299,056 |
None
|
None
|
79,280 | 1,299,056 | 1,378,336 | 110,609 |
10/19/06
|
09/07/06
|
300 | |||||||||||||||||||||||||||
|
Yoakum
|
TX
|
390,147 | 724,821 |
None
|
None
|
390,147 | 724,821 | 1,114,968 | 76,106 |
05/25/06
|
300 | ||||||||||||||||||||||||||||
|
Provo
|
UT
|
125,395 | 278,507 | 4,568 | 13 | 125,395 | 283,088 | 408,483 | 208,583 |
01/25/90
|
300 | ||||||||||||||||||||||||||||
|
Puyallup
|
WA
|
173,250 | 384,795 |
None
|
23,063 | 173,250 | 407,858 | 581,108 | 326,444 |
09/15/87
|
300 | ||||||||||||||||||||||||||||
|
Redmond
|
WA
|
196,000 | 435,317 | 35,856 | 29,398 | 196,000 | 500,571 | 696,571 | 368,976 |
09/17/87
|
300 | ||||||||||||||||||||||||||||
|
Tacoma
|
WA
|
189,000 | 419,777 |
None
|
19,263 | 189,000 | 439,040 | 628,040 | 356,864 |
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 | 591,676 |
09/30/03
|
300 | ||||||||||||||||||||||||||||
|
Fortuna
|
CA
|
1,190,000 | 2,210,308 |
None
|
None
|
1,190,000 | 2,210,308 | 3,400,308 | 467,848 |
09/30/03
|
300 | ||||||||||||||||||||||||||||
|
Boulder
|
CO
|
426,675 | 1,199,508 |
None
|
91,660 | 426,675 | 1,291,168 | 1,717,843 | 1,039,252 |
01/05/84
|
180 | ||||||||||||||||||||||||||||
|
Council
Bluffs
|
IA
|
255,217 | 117,792 | 47,188 | 16,846 | 255,217 | 181,826 | 437,043 | 73,887 |
11/26/96
|
300 | ||||||||||||||||||||||||||||
|
Warsaw
|
IN
|
2,140,000 | 4,689,646 |
None
|
None
|
2,140,000 | 4,689,646 | 6,829,646 | 351,712 |
02/09/07
|
300 | ||||||||||||||||||||||||||||
|
Reno
|
NV
|
456,000 | 562,344 | 19,733 | 30,375 | 456,000 | 612,452 | 1,068,452 | 459,861 |
05/26/88
|
300 | ||||||||||||||||||||||||||||
|
Central
Point
|
OR
|
840,000 | 1,560,308 |
None
|
None
|
840,000 | 1,560,308 | 2,400,308 | 330,265 |
09/30/03
|
300 | ||||||||||||||||||||||||||||
|
Phoenix
|
OR
|
840,000 | 1,560,308 |
None
|
None
|
840,000 | 1,560,308 | 2,400,308 | 330,265 |
09/30/03
|
300 | ||||||||||||||||||||||||||||
|
Sheboygan
|
WI
|
1,513,216 | 4,427,968 | 15,220 | 12,018 | 1,513,216 | 4,455,206 | 5,968,422 | 1,673,537 |
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 | 940,131 |
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 | 1,597,576 |
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 | 1,336,988 |
12/13/00
|
06/29/99
|
300 | |||||||||||||||||||||||||||
|
Casselberry
|
FL
|
1,979,598 | 8,256,394 | 14,554 | 287,166 | 1,979,598 | 8,558,114 | 10,537,712 | 2,779,882 |
12/30/03
|
05/31/95
|
300 | |||||||||||||||||||||||||||
|
Coral
Springs
|
FL
|
891,496 | 2,798,204 |
None
|
25 | 891,496 | 2,798,229 | 3,689,725 | 1,141,579 |
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 | 280,236 |
03/26/07
|
300 | ||||||||||||||||||||||||||||
|
Miami
|
FL
|
3,115,101 | 4,439,526 |
None
|
25 | 3,115,101 | 4,439,551 | 7,554,652 | 1,523,341 |
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 | 563,955 |
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 | 773,195 |
08/07/03
|
11/26/02
|
300 | |||||||||||||||||||||||||||
|
Pembroke
Pines
|
FL
|
1,714,388 | 4,387,824 |
None
|
25 | 1,714,388 | 4,387,849 | 6,102,237 | 1,420,025 |
12/11/00
|
10/01/99
|
300 | |||||||||||||||||||||||||||
|
Bolinbrook
|
IL
|
3,010,512 | 8,161,186 |
None
|
None
|
3,010,512 | 8,161,186 | 11,171,698 | 348,728 |
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 | 161,611 |
03/26/07
|
300 | ||||||||||||||||||||||||||||
|
Indianapolis
|
IN
|
3,008,186 | 6,999,881 |
None
|
None
|
3,008,186 | 6,999,881 | 10,008,067 | 457,608 |
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 | 273,287 |
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 | 406,724 |
03/26/07
|
300 | ||||||||||||||||||||||||||||
|
Roseville
|
MN
|
3,611,925 | 8,804,654 |
None
|
None
|
3,611,925 | 8,804,654 | 12,416,579 | 323,779 |
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 | 230,543 |
02/16/07
|
300 | ||||||||||||||||||||||||||||
|
Yonkers
|
NY
|
1,488,894 | 2,765,894 |
None
|
None
|
1,488,894 | 2,765,894 | 4,254,788 | 198,221 |
03/26/07
|
300 | ||||||||||||||||||||||||||||
|
Beachwood
|
OH
|
1,504,354 | 2,794,305 |
None
|
None
|
1,504,354 | 2,794,305 | 4,298,659 | 209,566 |
02/16/07
|
300 | ||||||||||||||||||||||||||||
|
Philadelphia
|
PA
|
2,254,830 | 4,188,725 |
None
|
None
|
2,254,830 | 4,188,725 | 6,443,555 | 314,154 |
02/16/07
|
300 | ||||||||||||||||||||||||||||
|
Cypress
|
TX
|
1,417,377 | 5,696,789 |
None
|
None
|
1,417,377 | 5,696,789 | 7,114,166 | 579,093 |
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 | 604,359 |
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 | 1,809,171 |
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 | 724,527 |
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 | 707,669 |
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 | 691,290 |
12/06/05
|
04/22/05
|
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
|
||||||||||||||||||||||||||||||||||||
|
Description
|
Acquisition
|
Carrying
|
Acquisition
|
Depreciation
|
Date
of
|
Date
|
is
Computed
|
||||||||||||||||||||||||||||||||
|
(Note
1)
|
Land
|
Fees
|
Improvements
|
Costs
|
Land
|
Fees
|
Total
|
(Note
4)
|
Construction
|
Acquired
|
(in
Months)
|
||||||||||||||||||||||||||||
|
Home Furnishings
|
|||||||||||||||||||||||||||||||||||||||
|
Osceola
|
AR
|
88,759 | 520,047 |
None
|
None
|
88,759 | 520,047 | 608,806 | 219,285 |
06/30/98
|
300 | ||||||||||||||||||||||||||||
|
Danbury
|
CT
|
630,171 | 3,621,163 | 41,456 | 183 | 630,171 | 3,662,802 | 4,292,973 | 1,661,963 |
09/30/97
|
300 | ||||||||||||||||||||||||||||
|
Brandon
|
FL
|
430,000 | 1,020,608 |
None
|
None
|
430,000 | 1,020,608 | 1,450,608 | 430,354 |
06/26/98
|
300 | ||||||||||||||||||||||||||||
|
Deerfield
Beach
|
FL
|
475,000 | 871,738 |
None
|
48,623 | 475,000 | 920,361 | 1,395,361 | 369,824 |
01/29/99
|
300 | ||||||||||||||||||||||||||||
|
Jupiter
|
FL
|
1,698,316 | 3,209,801 |
None
|
189 | 1,698,316 | 3,209,990 | 4,908,306 | 1,107,357 |
05/03/00
|
300 | ||||||||||||||||||||||||||||
|
Tampa
|
FL
|
685,000 | 885,624 |
None
|
None
|
685,000 | 885,624 | 1,570,624 | 373,436 |
06/26/98
|
300 | ||||||||||||||||||||||||||||
|
Tampa
|
FL
|
494,763 | 767,737 | 71,880 | 1,870 | 494,763 | 841,487 | 1,336,250 | 381,762 |
12/31/98
|
300 | ||||||||||||||||||||||||||||
|
West
Palm Beach
|
FL
|
347,651 | 706,081 | 69,111 | 32,441 | 347,651 | 807,633 | 1,155,284 | 330,600 |
12/31/98
|
300 | ||||||||||||||||||||||||||||
|
Rome
|
GA
|
254,902 | 486,812 |
None
|
251 | 254,902 | 487,063 | 741,965 | 236,239 |
11/26/96
|
300 | ||||||||||||||||||||||||||||
|
Davenport
|
IA
|
270,000 | 930,689 |
None
|
146 | 270,000 | 930,835 | 1,200,835 | 392,475 |
06/26/98
|
300 | ||||||||||||||||||||||||||||
|
Boise
|
ID
|
158,400 | 351,812 |
None
|
3,010 | 158,400 | 354,822 | 513,222 | 286,542 |
05/06/88
|
300 | ||||||||||||||||||||||||||||
|
Nampa
|
ID
|
183,743 | 408,101 |
None
|
3,548 | 183,743 | 411,649 | 595,392 | 332,477 |
05/06/88
|
300 | ||||||||||||||||||||||||||||
|
Joilet
|
IL
|
440,000 | 910,689 |
None
|
None
|
440,000 | 910,689 | 1,350,689 | 384,005 |
06/26/98
|
300 | ||||||||||||||||||||||||||||
|
Anderson
|
IN
|
180,628 | 653,162 | 100,170 | 16,122 | 180,628 | 769,454 | 950,082 | 332,922 |
11/26/96
|
300 | ||||||||||||||||||||||||||||
|
Wichita
|
KS
|
430,000 | 740,725 |
None
|
146 | 430,000 | 740,871 | 1,170,871 | 312,373 |
06/26/98
|
300 | ||||||||||||||||||||||||||||
|
Alexandria
|
LA
|
400,000 | 810,608 |
None
|
None
|
400,000 | 810,608 | 1,210,608 | 341,804 |
06/26/98
|
300 | ||||||||||||||||||||||||||||
|
Monroe
|
LA
|
450,000 | 835,608 |
None
|
None
|
450,000 | 835,608 | 1,285,608 | 352,346 |
06/26/98
|
300 | ||||||||||||||||||||||||||||
|
Shreveport
|
LA
|
525,000 | 725,642 |
None
|
None
|
525,000 | 725,642 | 1,250,642 | 305,977 |
06/26/98
|
300 | ||||||||||||||||||||||||||||
|
Battle
Creek
|
MI
|
485,000 | 895,689 |
None
|
None
|
485,000 | 895,689 | 1,380,689 | 377,680 |
06/26/98
|
300 | ||||||||||||||||||||||||||||
|
Eden
Prairie
|
MN
|
500,502 | 1,055,244 |
None
|
None
|
500,502 | 1,055,244 | 1,555,746 | 416,785 |
03/01/99
|
300 | ||||||||||||||||||||||||||||
|
Gulfport
|
MS
|
299,464 | 502,326 | 29,818 | 17,031 | 299,464 | 549,175 | 848,639 | 245,491 |
11/26/96
|
300 | ||||||||||||||||||||||||||||
|
Hattiesburg
|
MS
|
300,000 | 660,608 |
None
|
None
|
300,000 | 660,608 | 960,608 | 278,554 |
06/26/98
|
300 | ||||||||||||||||||||||||||||
|
Ridgeland
|
MS
|
281,867 | 769,890 |
None
|
211 | 281,867 | 770,101 | 1,051,968 | 355,423 |
06/27/97
|
300 | ||||||||||||||||||||||||||||
|
Omaha
|
NE
|
1,956,296 | 3,949,402 |
None
|
179 | 1,956,296 | 3,949,581 | 5,905,877 | 1,849,420 |
04/04/97
|
300 | ||||||||||||||||||||||||||||
|
Henderson
|
NV
|
1,268,655 | 3,109,995 |
None
|
194 | 1,268,655 | 3,110,189 | 4,378,844 | 1,404,494 |
09/26/97
|
300 | ||||||||||||||||||||||||||||
|
Staten
Island
|
NY
|
3,190,883 | 2,569,802 |
None
|
1,094 | 3,190,883 | 2,570,896 | 5,761,779 | 1,109,943 |
03/26/98
|
300 | ||||||||||||||||||||||||||||
|
Lancaster
|
OH
|
250,000 | 830,689 |
None
|
230 | 250,000 | 830,919 | 1,080,919 | 350,314 |
06/26/98
|
300 | ||||||||||||||||||||||||||||
|
Altoona
|
PA
|
455,000 | 745,694 |
None
|
None
|
455,000 | 745,694 | 1,200,694 | 314,432 |
06/26/98
|
300 | ||||||||||||||||||||||||||||
|
Erie
|
PA
|
510,000 | 900,689 |
None
|
None
|
510,000 | 900,689 | 1,410,689 | 379,788 |
06/26/98
|
300 | ||||||||||||||||||||||||||||
|
Muncy
|
PA
|
315,000 | 835,648 |
None
|
None
|
315,000 | 835,648 | 1,150,648 | 352,363 |
06/26/98
|
300 | ||||||||||||||||||||||||||||
|
Whitehall
|
PA
|
515,525 | 1,146,868 |
None
|
457 | 515,525 | 1,147,325 | 1,662,850 | 483,743 |
06/30/98
|
300 | ||||||||||||||||||||||||||||
|
Columbia
|
SC
|
600,000 | 900,725 |
None
|
428 | 600,000 | 901,153 | 1,501,153 | 379,898 |
06/26/98
|
300 | ||||||||||||||||||||||||||||
|
Jackson
|
TN
|
380,000 | 750,608 |
None
|
None
|
380,000 | 750,608 | 1,130,608 | 316,504 |
06/26/98
|
300 | ||||||||||||||||||||||||||||
|
Memphis
|
TN
|
804,262 | 1,432,520 |
None
|
730 | 804,262 | 1,433,250 | 2,237,512 | 661,744 |
06/30/97
|
300 | ||||||||||||||||||||||||||||
|
Abilene
|
TX
|
400,000 | 680,616 |
None
|
None
|
400,000 | 680,616 | 1,080,616 | 286,991 |
06/26/98
|
300 | ||||||||||||||||||||||||||||
|
Cedar
Park
|
TX
|
253,591 | 827,237 |
None
|
3,011 | 253,591 | 830,248 | 1,083,839 | 391,007 |
03/26/97
|
300 | ||||||||||||||||||||||||||||
|
Houston
|
TX
|
867,767 | 687,042 |
None
|
2,126 | 867,767 | 689,168 | 1,556,935 | 324,533 |
03/07/97
|
300 | ||||||||||||||||||||||||||||
|
Plainview
|
TX
|
125,000 | 734,558 | 40,000 | 21,682 | 125,000 | 796,240 | 921,240 | 447,411 |
01/24/84
|
180 | ||||||||||||||||||||||||||||
|
San
Antonio
|
TX
|
323,451 | 637,991 | 47,914 | 34,266 | 323,451 | 720,171 | 1,043,622 | 331,227 |
12/31/98
|
300 | ||||||||||||||||||||||||||||
|
Spring
|
TX
|
1,794,872 | 1,810,069 |
None
|
133 | 1,794,872 | 1,810,202 | 3,605,074 | 817,370 |
09/29/97
|
300 | ||||||||||||||||||||||||||||
|
Webster
|
TX
|
283,604 | 538,002 | 2,470 | 226 | 283,604 | 540,698 | 824,302 | 249,633 |
06/13/97
|
300 | ||||||||||||||||||||||||||||
|
Lacey
|
WA
|
171,150 | 380,125 | 21,071 | 117 | 171,150 | 401,313 | 572,463 | 324,037 |
08/13/87
|
300 | ||||||||||||||||||||||||||||
|
Eau
Claire
|
WI
|
260,000 | 820,689 |
None
|
146 | 260,000 | 820,835 | 1,080,835 | 346,091 |
06/26/98
|
300 | ||||||||||||||||||||||||||||
|
La
Crosse
|
WI
|
372,883 | 877,812 |
None
|
146 | 372,883 | 877,958 | 1,250,841 | 370,178 |
06/26/98
|
300 | ||||||||||||||||||||||||||||
|
Home Improvements
|
|||||||||||||||||||||||||||||||||||||||
|
Lawndale
|
CA
|
667,007 | 1,238,841 |
None
|
None
|
667,007 | 1,238,841 | 1,905,848 | 497,600 |
12/31/98
|
300 | ||||||||||||||||||||||||||||
|
Los
Angeles
|
CA
|
902,494 | 1,676,204 |
None
|
None
|
902,494 | 1,676,204 | 2,578,698 | 673,273 |
12/31/98
|
300 | ||||||||||||||||||||||||||||
|
Los
Angeles
|
CA
|
163,668 | 304,097 |
None
|
78 | 163,668 | 304,175 | 467,843 | 122,169 |
12/31/98
|
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
|
||||||||||||||||||||||||||||||||||||
|
Description
|
Acquisition
|
Carrying
|
Acquisition
|
Depreciation
|
Date
of
|
Date
|
is
Computed
|
||||||||||||||||||||||||||||||||
|
(Note
1)
|
Land
|
Fees
|
Improvements
|
Costs
|
Land
|
Fees
|
Total
|
(Note
4)
|
Construction
|
Acquired
|
(in
Months)
|
||||||||||||||||||||||||||||
|
Van
Nuys
|
CA
|
750,293 | 1,393,545 |
None
|
None
|
750,293 | 1,393,545 | 2,143,838 | 559,738 |
12/31/98
|
300 | ||||||||||||||||||||||||||||
|
West
Covina
|
CA
|
311,040 | 577,733 |
None
|
None
|
311,040 | 577,733 | 888,773 | 232,055 |
12/31/98
|
300 | ||||||||||||||||||||||||||||
|
Orange
Park
|
FL
|
478,314 | 618,348 |
None
|
280 | 478,314 | 618,628 | 1,096,942 | 248,637 |
12/31/98
|
300 | ||||||||||||||||||||||||||||
|
Pensacola
|
FL
|
419,842 | 1,899,287 | 58,581 | 34,745 | 419,842 | 1,992,613 | 2,412,455 | 969,024 |
11/26/96
|
300 | ||||||||||||||||||||||||||||
|
Des
Moines
|
IA
|
225,771 | 682,604 |
None
|
None
|
225,771 | 682,604 | 908,375 | 271,896 |
01/29/99
|
300 | ||||||||||||||||||||||||||||
|
Broadview
|
IL
|
345,166 | 641,739 |
None
|
None
|
345,166 | 641,739 | 986,905 | 257,776 |
12/31/98
|
300 | ||||||||||||||||||||||||||||
|
Springfield
|
IL
|
219,859 | 630,595 | 17,583 | 4 | 219,859 | 648,182 | 868,041 | 307,259 |
11/26/96
|
300 | ||||||||||||||||||||||||||||
|
Lenexa
|
KS
|
1,051,077 | 1,952,233 |
None
|
None
|
1,051,077 | 1,952,233 | 3,003,310 | 231,014 |
01/06/06
|
300 | ||||||||||||||||||||||||||||
|
Baltimore
|
MD
|
171,320 | 318,882 |
None
|
None
|
171,320 | 318,882 | 490,202 | 128,095 |
12/31/98
|
300 | ||||||||||||||||||||||||||||
|
Blue
Springs
|
MO
|
870,071 | 1,616,080 |
None
|
None
|
870,071 | 1,616,080 | 2,486,151 | 191,236 |
01/06/06
|
300 | ||||||||||||||||||||||||||||
|
Chillicothe
|
MO
|
804,948 | 1,495,138 |
None
|
None
|
804,948 | 1,495,138 | 2,300,086 | 176,925 |
01/06/06
|
300 | ||||||||||||||||||||||||||||
|
Columbia
|
MO
|
2,039,436 | 3,787,757 |
None
|
None
|
2,039,436 | 3,787,757 | 5,827,193 | 448,218 |
01/06/06
|
300 | ||||||||||||||||||||||||||||
|
Columbia,
|
MO
|
1,080,521 | 2,006,915 |
None
|
None
|
1,080,521 | 2,006,915 | 3,087,436 | 237,485 |
01/06/06
|
300 | ||||||||||||||||||||||||||||
|
Fulton
|
MO
|
791,603 | 1,470,353 |
None
|
None
|
791,603 | 1,470,353 | 2,261,956 | 173,992 |
01/06/06
|
300 | ||||||||||||||||||||||||||||
|
Jefferson
City
|
MO
|
1,481,299 | 2,751,217 |
None
|
None
|
1,481,299 | 2,751,217 | 4,232,516 | 325,561 |
01/06/06
|
300 | ||||||||||||||||||||||||||||
|
Kirksville
|
MO
|
1,421,788 | 2,640,696 |
None
|
None
|
1,421,788 | 2,640,696 | 4,062,484 | 312,482 |
01/06/06
|
300 | ||||||||||||||||||||||||||||
|
Macon
|
MO
|
493,394 | 916,537 |
None
|
None
|
493,394 | 916,537 | 1,409,931 | 108,457 |
01/06/06
|
300 | ||||||||||||||||||||||||||||
|
Moberly
|
MO
|
1,293,387 | 2,402,283 |
None
|
None
|
1,293,387 | 2,402,283 | 3,695,670 | 284,269 |
01/06/06
|
300 | ||||||||||||||||||||||||||||
|
Omaha
|
NE
|
1,515,773 | 2,816,678 |
None
|
None
|
1,515,773 | 2,816,678 | 4,332,451 | 333,308 |
01/06/06
|
300 | ||||||||||||||||||||||||||||
|
Rochester
|
NY
|
158,168 | 294,456 |
None
|
None
|
158,168 | 294,456 | 452,624 | 118,284 |
12/31/98
|
300 | ||||||||||||||||||||||||||||
|
Carrollton
|
TX
|
201,569 | 374,342 |
None
|
None
|
201,569 | 374,342 | 575,911 | 75,492 |
12/05/03
|
300 | ||||||||||||||||||||||||||||
|
Mesquite
|
TX
|
1,049,287 | 1,949,085 | 134,528 | 75,976 | 1,049,287 | 2,159,589 | 3,208,876 | 642,387 |
03/28/02
|
300 | ||||||||||||||||||||||||||||
|
Midland
|
TX
|
1,590,052 | 2,953,473 |
None
|
None
|
1,590,052 | 2,953,473 | 4,543,525 | 349,494 |
01/06/06
|
300 | ||||||||||||||||||||||||||||
|
Odessa
|
TX
|
1,346,834 | 2,501,783 |
None
|
None
|
1,346,834 | 2,501,783 | 3,848,617 | 296,044 |
01/06/06
|
300 | ||||||||||||||||||||||||||||
|
Pasadena
|
TX
|
147,535 | 274,521 |
None
|
None
|
147,535 | 274,521 | 422,056 | 110,268 |
12/31/98
|
300 | ||||||||||||||||||||||||||||
|
Plano
|
TX
|
363,851 | 676,249 |
None
|
None
|
363,851 | 676,249 | 1,040,100 | 271,629 |
12/31/98
|
300 | ||||||||||||||||||||||||||||
|
San
Antonio
|
TX
|
367,890 | 683,750 |
None
|
None
|
367,890 | 683,750 | 1,051,640 | 274,642 |
12/31/98
|
300 | ||||||||||||||||||||||||||||
|
Chesapeake
|
VA
|
144,014 | 649,869 |
None
|
11,754 | 144,014 | 661,623 | 805,637 | 594,490 |
12/22/86
|
300 | ||||||||||||||||||||||||||||
|
Spokane
|
WA
|
66,150 | 146,921 |
None
|
242 | 66,150 | 147,163 | 213,313 | 122,555 |
11/18/87
|
300 | ||||||||||||||||||||||||||||
|
Motor Vehicle Delearships
|
|||||||||||||||||||||||||||||||||||||||
|
Robertsdale
|
AL
|
3,026,015 | 6,117,490 |
None
|
None
|
3,026,015 | 6,117,490 | 9,143,505 | 492,261 |
01/29/07
|
04/07/06
|
300 | |||||||||||||||||||||||||||
|
Golden
|
CO
|
4,004,339 | 1,602,070 |
None
|
None
|
4,004,339 | 1,602,070 | 5,606,409 | 280,362 |
08/25/04
|
300 | ||||||||||||||||||||||||||||
|
Longmont
|
CO
|
2,502,092 | 6,906,609 |
None
|
None
|
2,502,092 | 6,906,609 | 9,408,701 | 1,208,656 |
08/25/04
|
300 | ||||||||||||||||||||||||||||
|
Gulf
Breeze
|
FL
|
3,518,413 | 905,480 |
None
|
None
|
3,518,413 | 905,480 | 4,423,893 | 98,094 |
04/07/06
|
300 | ||||||||||||||||||||||||||||
|
Pooler
|
GA
|
1,339,957 | 1,831,350 |
None
|
None
|
1,339,957 | 1,831,350 | 3,171,307 | 198,060 |
03/01/06
|
300 | ||||||||||||||||||||||||||||
|
Snellville
|
GA
|
1,137,266 | 3,221,767 |
None
|
None
|
1,137,266 | 3,221,767 | 4,359,033 | 390,998 |
10/25/05
|
300 | ||||||||||||||||||||||||||||
|
Woodstock
|
GA
|
2,509,102 | 2,509,993 |
None
|
None
|
2,509,102 | 2,509,993 | 5,019,095 | 322,116 |
10/25/05
|
300 | ||||||||||||||||||||||||||||
|
Island
Lake
|
IL
|
2,107,134 | 6,383,412 |
None
|
None
|
2,107,134 | 6,383,412 | 8,490,546 | 913,188 |
12/31/04
|
300 | ||||||||||||||||||||||||||||
|
Colfax
|
NC
|
1,125,979 | 2,196,033 |
None
|
None
|
1,125,979 | 2,196,033 | 3,322,012 | 352,611 |
12/31/04
|
300 | ||||||||||||||||||||||||||||
|
Statesville
|
NC
|
2,353,825 | 4,159,653 |
None
|
None
|
2,353,825 | 4,159,653 | 6,513,478 | 644,227 |
05/13/04
|
300 | ||||||||||||||||||||||||||||
|
Chichester
|
NH
|
578,314 | 4,546,307 |
None
|
None
|
578,314 | 4,546,307 | 5,124,621 | 718,022 |
10/01/04
|
300 | ||||||||||||||||||||||||||||
|
Churchville
|
NY
|
1,000,000 | 5,755,166 |
None
|
None
|
1,000,000 | 5,755,166 | 6,755,166 | 590,883 |
06/06/06
|
03/23/06
|
300 | |||||||||||||||||||||||||||
|
Green
|
OH
|
715,953 | 554,589 |
None
|
None
|
715,953 | 554,589 | 1,270,542 | 73,453 |
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 | 177,536 |
09/01/06
|
300 | ||||||||||||||||||||||||||||
|
Woods
Village
|
OR
|
3,822,277 | 5,687,110 |
None
|
None
|
3,822,277 | 5,687,110 | 9,509,387 | 456,763 |
09/01/06
|
300 | ||||||||||||||||||||||||||||
|
Connellsville
|
PA
|
264,670 | 587,843 |
None
|
1,753 | 264,670 | 589,596 | 854,266 | 497,179 |
08/17/87
|
300 | ||||||||||||||||||||||||||||
|
Columbia
|
SC
|
1,145,120 | 2,770,957 |
None
|
None
|
1,145,120 | 2,770,957 | 3,916,077 | 132,617 |
03/03/05
|
300 | ||||||||||||||||||||||||||||
|
Myrtle
Beach
|
SC
|
4,099,824 | 2,081,997 | -1,800,804 |
None
|
4,099,824 | 281,193 | 4,381,017 | 315,654 |
07/28/00
|
03/03/05
|
300 | |||||||||||||||||||||||||||
|
Spartanburg
|
SC
|
1,234,815 | 3,111,921 | -428,405 |
None
|
1,234,815 | 2,683,516 | 3,918,331 | 470,743 |
03/03/05
|
300 | ||||||||||||||||||||||||||||
|
Austin
|
TX
|
2,100,000 | 3,900,895 |
None
|
None
|
2,100,000 | 3,900,895 | 6,000,895 | 149,533 |
01/31/08
|
300 | ||||||||||||||||||||||||||||
|
Katy
|
TX
|
1,347,454 | 8,564,135 |
None
|
None
|
1,347,454 | 8,564,135 | 9,911,589 | 1,077,557 |
10/28/05
|
01/25/05
|
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
|
||||||||||||||||||||||||||||||||||||
|
Description
|
Acquisition
|
Carrying
|
Acquisition
|
Depreciation
|
Date
of
|
Date
|
is
Computed
|
||||||||||||||||||||||||||||||||
|
(Note
1)
|
Land
|
Fees
|
Improvements
|
Costs
|
Land
|
Fees
|
Total
|
(Note
4)
|
Construction
|
Acquired
|
(in
Months)
|
||||||||||||||||||||||||||||
|
Office Supplies
|
|||||||||||||||||||||||||||||||||||||||
|
Lakewood
|
CA
|
1,398,387 | 3,098,607 |
None
|
None
|
1,398,387 | 3,098,607 | 4,496,994 | 1,482,091 |
01/29/97
|
300 | ||||||||||||||||||||||||||||
|
Riverside
|
CA
|
1,410,177 | 1,659,850 |
None
|
None
|
1,410,177 | 1,659,850 | 3,070,027 | 749,633 |
09/17/97
|
300 | ||||||||||||||||||||||||||||
|
Casselberry
|
FL
|
0 | 1,277,112 |
None
|
None
|
- | 1,277,112 | 1,277,112 | 159,632 |
07/14/05
|
01/25/05
|
300 | |||||||||||||||||||||||||||
|
Hutchinson
|
KS
|
269,964 | 1,704,013 | 36,489 |
None
|
269,964 | 1,740,502 | 2,010,466 | 787,402 |
06/25/97
|
300 | ||||||||||||||||||||||||||||
|
Salina
|
KS
|
240,423 | 1,829,837 | 51,939 |
None
|
240,423 | 1,881,776 | 2,122,199 | 852,010 |
06/25/97
|
300 | ||||||||||||||||||||||||||||
|
Sikeston
|
MO
|
409,114 | 2,005,416 |
None
|
None
|
409,114 | 2,005,416 | 2,414,530 | 558,161 |
01/24/02
|
300 | ||||||||||||||||||||||||||||
|
Helena
|
MT
|
564,241 | 1,503,118 | 14,233 |
None
|
564,241 | 1,517,351 | 2,081,592 | 698,885 |
06/09/97
|
300 | ||||||||||||||||||||||||||||
|
Asheboro
|
NC
|
465,557 | 2,176,416 | 21,418 |
None
|
465,557 | 2,197,834 | 2,663,391 | 955,755 |
03/27/98
|
300 | ||||||||||||||||||||||||||||
|
Westbury
|
NY
|
3,808,076 | 2,377,932 |
None
|
None
|
3,808,076 | 2,377,932 | 6,186,008 | 1,073,785 |
09/29/97
|
300 | ||||||||||||||||||||||||||||
|
New
Philiadelphia
|
OH
|
726,636 | 1,650,672 | 7,960 |
None
|
726,636 | 1,658,632 | 2,385,268 | 769,798 |
05/30/97
|
300 | ||||||||||||||||||||||||||||
|
Pet Supplies and Services
|
|||||||||||||||||||||||||||||||||||||||
|
Tampa
|
FL
|
347,794 | 905,248 | 46,000 | 14,368 | 347,794 | 965,616 | 1,313,410 | 387,955 |
12/31/98
|
300 | ||||||||||||||||||||||||||||
|
Duluth
|
GA
|
361,058 | 1,591,629 |
None
|
None
|
361,058 | 1,591,629 | 1,952,687 | 574,757 |
01/27/99
|
09/29/98
|
300 | |||||||||||||||||||||||||||
|
Marietta
|
GA
|
495,412 | 1,526,370 |
None
|
None
|
495,412 | 1,526,370 | 2,021,782 | 534,537 |
05/28/99
|
09/29/98
|
300 | |||||||||||||||||||||||||||
|
Indianapolis
|
IN
|
427,000 | 1,296,901 |
None
|
None
|
427,000 | 1,296,901 | 1,723,901 | 448,238 |
03/10/00
|
01/19/99
|
300 | |||||||||||||||||||||||||||
|
Sudbury
|
MA
|
543,038 | 2,477,213 |
None
|
None
|
543,038 | 2,477,213 | 3,020,251 | 837,192 |
11/12/99
|
09/30/98
|
300 | |||||||||||||||||||||||||||
|
Tyngsborough
|
MA
|
312,204 | 1,222,522 |
None
|
None
|
312,204 | 1,222,522 | 1,534,726 | 515,490 |
06/12/98
|
300 | ||||||||||||||||||||||||||||
|
Matthews
|
NC
|
610,177 | 1,394,743 |
None
|
None
|
610,177 | 1,394,743 | 2,004,920 | 583,467 |
07/17/98
|
300 | ||||||||||||||||||||||||||||
|
North
Plainfield
|
NJ
|
985,430 | 1,590,447 |
None
|
17 | 985,430 | 1,590,464 | 2,575,894 | 586,736 |
09/24/98
|
300 | ||||||||||||||||||||||||||||
|
Albuquerque
|
NM
|
684,036 | 874,914 | 300,000 | 42,875 | 684,036 | 1,217,789 | 1,901,825 | 479,875 |
12/31/98
|
300 | ||||||||||||||||||||||||||||
|
Dickson
City
|
PA
|
659,790 | 1,880,722 | 5,396 |
None
|
659,790 | 1,886,118 | 2,545,908 | 868,957 |
06/20/97
|
300 | ||||||||||||||||||||||||||||
|
Mt
Pleasant
|
SC
|
40,700 | 180,400 | 17,385 | 18,995 | 40,700 | 216,780 | 257,480 | 183,881 |
12/22/81
|
180 | ||||||||||||||||||||||||||||
|
Clarksville
|
TN
|
290,775 | 395,870 |
None
|
109 | 290,775 | 395,979 | 686,754 | 192,105 |
11/26/96
|
300 | ||||||||||||||||||||||||||||
|
Private Education
|
|||||||||||||||||||||||||||||||||||||||
|
Peoria
|
AZ
|
281,750 | 625,779 | 11,928 | 32,448 | 281,750 | 670,155 | 951,905 | 517,478 |
03/30/88
|
300 | ||||||||||||||||||||||||||||
|
Coconut
Creek
|
FL
|
310,111 | 1,243,682 |
None
|
None
|
310,111 | 1,243,682 | 1,553,793 | 466,667 |
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 | 1,444,594 |
03/04/98
|
300 | ||||||||||||||||||||||||||||
|
Missouri
City
|
TX
|
221,025 | 437,593 | 2,202 | 21,608 | 221,025 | 461,403 | 682,428 | 321,483 |
12/13/90
|
300 | ||||||||||||||||||||||||||||
|
Sugar
Land
|
TX
|
1,600,000 | 6,300,995 |
None
|
None
|
1,600,000 | 6,300,995 | 7,900,995 | 640,598 |
06/28/06
|
300 | ||||||||||||||||||||||||||||
|
Chantilly
|
VA
|
688,917 | 3,208,607 |
None
|
None
|
688,917 | 3,208,607 | 3,897,524 | 1,166,947 |
05/07/99
|
09/30/98
|
300 | |||||||||||||||||||||||||||
|
Kingstowne
|
VA
|
300,000 | 1,191,396 |
None
|
None
|
300,000 | 1,191,396 | 1,491,396 | 407,362 |
08/22/00
|
11/08/99
|
300 | |||||||||||||||||||||||||||
|
Restaurants
|
|||||||||||||||||||||||||||||||||||||||
|
Alabaster
|
AL
|
335,197 | 622,697 |
None
|
None
|
335,197 | 622,697 | 957,894 | 57,081 |
09/14/06
|
300 | ||||||||||||||||||||||||||||
|
Andalusia
|
AL
|
252,403 | 468,949 |
None
|
None
|
252,403 | 468,949 | 721,352 | 42,987 |
09/14/06
|
300 | ||||||||||||||||||||||||||||
|
Atmore
|
AL
|
272,044 | 505,636 |
None
|
None
|
272,044 | 505,636 | 777,680 | 149,157 |
08/31/01
|
300 | ||||||||||||||||||||||||||||
|
Attalla
|
AL
|
148,993 | 276,890 |
None
|
None
|
148,993 | 276,890 | 425,883 | 25,382 |
09/14/06
|
300 | ||||||||||||||||||||||||||||
|
Bessemer
|
AL
|
172,438 | 320,429 |
None
|
None
|
172,438 | 320,429 | 492,867 | 29,373 |
09/14/06
|
300 | ||||||||||||||||||||||||||||
|
Boaz
|
AL
|
829,001 | 1,541,245 |
None
|
None
|
829,001 | 1,541,245 | 2,370,246 | 131,005 |
11/01/06
|
300 | ||||||||||||||||||||||||||||
|
Brent
|
AL
|
134,432 | 249,846 |
None
|
None
|
134,432 | 249,846 | 384,278 | 22,903 |
09/14/06
|
300 | ||||||||||||||||||||||||||||
|
Clanton
|
AL
|
230,036 | 427,391 |
None
|
None
|
230,036 | 427,391 | 657,427 | 126,078 |
08/31/01
|
300 | ||||||||||||||||||||||||||||
|
Demopolis
|
AL
|
251,349 | 466,972 |
None
|
None
|
251,349 | 466,972 | 718,321 | 137,754 |
08/31/01
|
300 | ||||||||||||||||||||||||||||
|
Enterprise
|
AL
|
840,946 | 1,563,474 |
None
|
None
|
840,946 | 1,563,474 | 2,404,420 | 132,894 |
11/01/06
|
300 | ||||||||||||||||||||||||||||
|
Evergreen
|
AL
|
148,982 | 276,881 |
None
|
None
|
148,982 | 276,881 | 425,863 | 25,381 |
09/14/06
|
300 | ||||||||||||||||||||||||||||
|
Fort
Payne
|
AL
|
303,056 | 563,001 |
None
|
None
|
303,056 | 563,001 | 866,057 | 166,083 |
08/31/01
|
300 | ||||||||||||||||||||||||||||
|
Fort
Payne
|
AL
|
814,113 | 1,513,596 |
None
|
None
|
814,113 | 1,513,596 | 2,327,709 | 128,654 |
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
|
||||||||||||||||||||||||||||||||||||
|
Description
|
Acquisition
|
Carrying
|
Acquisition
|
Depreciation
|
Date
of
|
Date
|
is
Computed
|
||||||||||||||||||||||||||||||||
|
(Note
1)
|
Land
|
Fees
|
Improvements
|
Costs
|
Land
|
Fees
|
Total
|
(Note
4)
|
Construction
|
Acquired
|
(in
Months)
|
||||||||||||||||||||||||||||
|
Gadsden
|
AL
|
242,194 | 449,977 |
None
|
None
|
242,194 | 449,977 | 692,171 | 41,248 |
09/14/06
|
300 | ||||||||||||||||||||||||||||
|
Gadsden
|
AL
|
851,124 | 1,582,332 |
None
|
456 | 851,124 | 1,582,788 | 2,433,912 | 134,555 |
11/01/06
|
300 | ||||||||||||||||||||||||||||
|
Gardendale
|
AL
|
398,669 | 740,568 |
None
|
None
|
398,669 | 740,568 | 1,139,237 | 218,465 |
08/31/01
|
300 | ||||||||||||||||||||||||||||
|
Greenville
|
AL
|
226,108 | 420,117 |
None
|
None
|
226,108 | 420,117 | 646,225 | 38,511 |
09/14/06
|
300 | ||||||||||||||||||||||||||||
|
Haleyville
|
AL
|
262,500 | 488,357 |
None
|
None
|
262,500 | 488,357 | 750,857 | 20,347 |
12/21/07
|
300 | ||||||||||||||||||||||||||||
|
Hamilton
|
AL
|
214,198 | 397,991 |
None
|
None
|
214,198 | 397,991 | 612,189 | 36,482 |
09/14/06
|
300 | ||||||||||||||||||||||||||||
|
Hoover
|
AL
|
251,434 | 467,185 |
None
|
None
|
251,434 | 467,185 | 718,619 | 137,816 |
08/31/01
|
300 | ||||||||||||||||||||||||||||
|
Hueytown
|
AL
|
281,422 | 522,828 |
None
|
None
|
281,422 | 522,828 | 804,250 | 47,926 |
09/14/06
|
300 | ||||||||||||||||||||||||||||
|
Huntsville
|
AL
|
826,840 | 1,537,233 |
None
|
None
|
826,840 | 1,537,233 | 2,364,073 | 130,664 |
11/01/06
|
300 | ||||||||||||||||||||||||||||
|
Huntsville
|
AL
|
811,599 | 1,508,927 |
None
|
None
|
811,599 | 1,508,927 | 2,320,526 | 128,258 |
11/01/06
|
300 | ||||||||||||||||||||||||||||
|
Leeds
|
AL
|
171,145 | 318,028 |
None
|
None
|
171,145 | 318,028 | 489,173 | 29,153 |
09/14/06
|
300 | ||||||||||||||||||||||||||||
|
Mobile
|
AL
|
286,333 | 531,950 |
None
|
None
|
286,333 | 531,950 | 818,283 | 48,762 |
09/14/06
|
300 | ||||||||||||||||||||||||||||
|
Montgomery
|
AL
|
143,693 | 267,060 |
None
|
None
|
143,693 | 267,060 | 410,753 | 24,480 |
09/14/06
|
300 | ||||||||||||||||||||||||||||
|
Montgomery
|
AL
|
145,206 | 269,870 |
None
|
None
|
145,206 | 269,870 | 415,076 | 24,738 |
09/14/06
|
300 | ||||||||||||||||||||||||||||
|
Montgomery
|
AL
|
380,468 | 706,777 |
None
|
None
|
380,468 | 706,777 | 1,087,245 | 62,432 |
10/12/06
|
300 | ||||||||||||||||||||||||||||
|
Opp
|
AL
|
160,778 | 298,782 |
None
|
None
|
160,778 | 298,782 | 459,560 | 26,392 |
10/12/06
|
300 | ||||||||||||||||||||||||||||
|
Prattville
|
AL
|
254,278 | 472,432 |
None
|
None
|
254,278 | 472,432 | 726,710 | 43,306 |
09/14/06
|
300 | ||||||||||||||||||||||||||||
|
Sylacauga
|
AL
|
801,413 | 1,490,012 | 5,400 | 19,190 | 801,413 | 1,514,602 | 2,316,015 | 129,893 |
11/01/06
|
300 | ||||||||||||||||||||||||||||
|
Trussville
|
AL
|
256,485 | 476,510 |
None
|
None
|
256,485 | 476,510 | 732,995 | 42,092 |
10/12/06
|
300 | ||||||||||||||||||||||||||||
|
Warrior
|
AL
|
159,109 | 295,676 |
None
|
None
|
159,109 | 295,676 | 454,785 | 27,104 |
09/14/06
|
300 | ||||||||||||||||||||||||||||
|
Arkadelphia
|
AR
|
248,868 | 462,744 |
None
|
None
|
248,868 | 462,744 | 711,612 | 40,876 |
10/12/06
|
300 | ||||||||||||||||||||||||||||
|
Bentonville
|
AR
|
377,086 | 700,582 |
None
|
None
|
377,086 | 700,582 | 1,077,668 | 206,668 |
08/31/01
|
300 | ||||||||||||||||||||||||||||
|
Conway
|
AR
|
941,465 | 1,750,100 |
None
|
None
|
941,465 | 1,750,100 | 2,691,565 | 148,757 |
11/01/06
|
300 | ||||||||||||||||||||||||||||
|
El
Dorado
|
AR
|
907,534 | 1,687,608 |
None
|
None
|
907,534 | 1,687,608 | 2,595,142 | 143,446 |
11/01/06
|
300 | ||||||||||||||||||||||||||||
|
Hope
|
AR
|
288,643 | 536,715 |
None
|
None
|
288,643 | 536,715 | 825,358 | 158,322 |
08/31/01
|
300 | ||||||||||||||||||||||||||||
|
Jacksonville
|
AR
|
267,376 | 497,124 |
None
|
None
|
267,376 | 497,124 | 764,500 | 45,570 |
09/14/06
|
300 | ||||||||||||||||||||||||||||
|
Jonesboro
|
AR
|
173,984 | 323,371 |
None
|
None
|
173,984 | 323,371 | 497,355 | 14,552 |
11/16/07
|
300 | ||||||||||||||||||||||||||||
|
Little
Rock
|
AR
|
317,000 | 589,377 |
None
|
None
|
317,000 | 589,377 | 906,377 | 173,857 |
08/31/01
|
300 | ||||||||||||||||||||||||||||
|
Little
Rock
|
AR
|
216,570 | 402,459 |
None
|
None
|
216,570 | 402,459 | 619,029 | 18,111 |
11/16/07
|
300 | ||||||||||||||||||||||||||||
|
Malvern
|
AR
|
219,703 | 408,588 |
None
|
None
|
219,703 | 408,588 | 628,291 | 37,454 |
09/14/06
|
300 | ||||||||||||||||||||||||||||
|
North
Little Rock
|
AR
|
376,320 | 699,138 |
None
|
None
|
376,320 | 699,138 | 1,075,458 | 31,461 |
11/16/07
|
300 | ||||||||||||||||||||||||||||
|
Pocahontas
|
AR
|
241,128 | 447,988 |
None
|
None
|
241,128 | 447,988 | 689,116 | 39,572 |
10/12/06
|
300 | ||||||||||||||||||||||||||||
|
Russellville
|
AR
|
864,497 | 1,607,158 |
None
|
None
|
864,497 | 1,607,158 | 2,471,655 | 136,607 |
11/01/06
|
300 | ||||||||||||||||||||||||||||
|
Siloam
Springs
|
AR
|
190,000 | 352,808 |
None
|
None
|
190,000 | 352,808 | 542,808 | 156,989 |
11/20/97
|
300 | ||||||||||||||||||||||||||||
|
Glendale
|
AZ
|
624,761 | 895,976 |
None
|
210 | 624,761 | 896,186 | 1,520,947 | 458,559 |
03/06/96
|
300 | ||||||||||||||||||||||||||||
|
Glendale
|
AZ
|
1,511,430 | 3,264,231 |
None
|
None
|
1,511,430 | 3,264,231 | 4,775,661 | 269,451 |
11/06/06
|
05/16/06
|
300 | |||||||||||||||||||||||||||
|
Glendale
|
AZ
|
740,707 | 1,376,143 |
None
|
None
|
740,707 | 1,376,143 | 2,116,850 | 75,686 |
08/28/07
|
300 | ||||||||||||||||||||||||||||
|
Goodyear
|
AZ
|
794,360 | 1,274,445 |
None
|
None
|
794,360 | 1,274,445 | 2,068,805 | 115,888 |
02/23/06
|
04/08/05
|
300 | |||||||||||||||||||||||||||
|
Phoenix
|
AZ
|
704,014 | 1,307,998 |
None
|
None
|
704,014 | 1,307,998 | 2,012,012 | 71,938 |
08/28/07
|
300 | ||||||||||||||||||||||||||||
|
Phoenix
|
AZ
|
766,680 | 1,424,378 |
None
|
None
|
766,680 | 1,424,378 | 2,191,058 | 78,339 |
08/28/07
|
300 | ||||||||||||||||||||||||||||
|
Phoenix
|
AZ
|
813,750 | 1,511,928 |
None
|
None
|
813,750 | 1,511,928 | 2,325,678 | 83,154 |
08/28/07
|
300 | ||||||||||||||||||||||||||||
|
Surprise
|
AZ
|
681,288 | 1,008,310 |
None
|
None
|
681,288 | 1,008,310 | 1,689,598 | 155,055 |
09/29/04
|
04/16/04
|
300 | |||||||||||||||||||||||||||
|
Tempe
|
AZ
|
525,463 | 976,404 |
None
|
None
|
525,463 | 976,404 | 1,501,867 | 53,700 |
08/28/07
|
300 | ||||||||||||||||||||||||||||
|
Tucson
|
AZ
|
107,393 | 500,154 |
None
|
308 | 107,393 | 500,462 | 607,855 | 469,874 |
01/17/86
|
300 | ||||||||||||||||||||||||||||
|
Tucson
|
AZ
|
463,231 | 860,982 |
None
|
None
|
463,231 | 860,982 | 1,324,213 | 47,352 |
08/28/07
|
300 | ||||||||||||||||||||||||||||
|
Tucson
|
AZ
|
496,194 | 922,053 |
None
|
None
|
496,194 | 922,053 | 1,418,247 | 50,711 |
08/28/07
|
300 | ||||||||||||||||||||||||||||
|
Yuma
|
AZ
|
236,121 | 541,651 |
None
|
None
|
236,121 | 541,651 | 777,772 | 230,198 |
05/28/98
|
300 | ||||||||||||||||||||||||||||
|
Barstow
|
CA
|
689,842 | 690,204 |
None
|
None
|
689,842 | 690,204 | 1,380,046 | 284,136 |
09/24/98
|
300 | ||||||||||||||||||||||||||||
|
Fresno
|
CA
|
561,502 | 1,043,688 |
None
|
None
|
561,502 | 1,043,688 | 1,605,190 | 57,399 |
08/28/07
|
300 | ||||||||||||||||||||||||||||
|
Livermore
|
CA
|
662,161 | 823,242 |
None
|
None
|
662,161 | 823,242 | 1,485,403 | 338,905 |
09/23/98
|
300 | ||||||||||||||||||||||||||||
|
Northridge
|
CA
|
0 | 0 |
None
|
102 | - | 102 | 102 | 81 |
04/01/70
|
300 | ||||||||||||||||||||||||||||
|
Rancho
Cucamonga
|
CA
|
95,192 | 441,334 |
None
|
129 | 95,192 | 441,463 | 536,655 | 413,476 |
12/20/85
|
300 | ||||||||||||||||||||||||||||
|
Riverside
|
CA
|
90,000 | 170,394 | 135,301 | 55 | 90,000 | 305,750 | 395,750 | 206,599 |
12/09/76
|
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
|
||||||||||||||||||||||||||||||||||||
|
Description
|
Acquisition
|
Carrying
|
Acquisition
|
Depreciation
|
Date
of
|
Date
|
is
Computed
|
||||||||||||||||||||||||||||||||
|
(Note
1)
|
Land
|
Fees
|
Improvements
|
Costs
|
Land
|
Fees
|
Total
|
(Note
4)
|
Construction
|
Acquired
|
(in
Months)
|
||||||||||||||||||||||||||||
|
Sacramento
|
CA
|
386,793 | 417,290 |
None
|
127 | 386,793 | 417,417 | 804,210 | 174,615 |
07/31/98
|
300 | ||||||||||||||||||||||||||||
|
San
Dimas
|
CA
|
240,562 | 445,521 | 46,026 |
None
|
240,562 | 491,547 | 732,109 | 459,329 |
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 | 29,548 |
08/28/07
|
300 | ||||||||||||||||||||||||||||
|
Colorado
Springs
|
CO
|
152,000 | 704,736 |
None
|
262 | 152,000 | 704,998 | 856,998 | 641,201 |
09/30/86
|
300 | ||||||||||||||||||||||||||||
|
Denver
|
CO
|
540,250 | 1,132,450 |
None
|
None
|
540,250 | 1,132,450 | 1,672,700 | 180,627 |
07/29/04
|
03/29/04
|
300 | |||||||||||||||||||||||||||
|
Lakewood
|
CO
|
1,606,511 | 5,865 |
None
|
None
|
1,606,511 | 5,865 | 1,612,376 | 1,027 |
07/26/06
|
12/31/02
|
300 | |||||||||||||||||||||||||||
|
Littleton
|
CO
|
700,000 | 1,301,370 |
None
|
None
|
700,000 | 1,301,370 | 2,001,370 | 71,574 |
08/28/07
|
300 | ||||||||||||||||||||||||||||
|
Parker
|
CO
|
778,054 | 1,148,443 |
None
|
98 | 778,054 | 1,148,541 | 1,926,595 | 160,191 |
06/10/05
|
02/23/05
|
300 | |||||||||||||||||||||||||||
|
Westminster
|
CO
|
261,466 | 487,102 |
None
|
None
|
261,466 | 487,102 | 748,568 | 26,788 |
08/28/07
|
300 | ||||||||||||||||||||||||||||
|
Cromwell
|
CT
|
531,861 | 989,638 |
None
|
None
|
531,861 | 989,638 | 1,521,499 | 41,230 |
12/19/07
|
300 | ||||||||||||||||||||||||||||
|
Danbury
|
CT
|
548,459 | 284,639 |
None
|
None
|
548,459 | 284,639 | 833,098 | 80,172 |
12/19/01
|
300 | ||||||||||||||||||||||||||||
|
East
Windsor
|
CT
|
0 | 1,235,134 |
None
|
None
|
- | 1,235,134 | 1,235,134 | 67,910 |
08/30/07
|
300 | ||||||||||||||||||||||||||||
|
Manchester
|
CT
|
0 | 1,353,727 |
None
|
None
|
- | 1,353,727 | 1,353,727 | 74,433 |
08/30/07
|
300 | ||||||||||||||||||||||||||||
|
Meriden
|
CT
|
369,482 | 687,116 |
None
|
None
|
369,482 | 687,116 | 1,056,598 | 37,789 |
08/28/07
|
300 | ||||||||||||||||||||||||||||
|
New
Milford
|
CT
|
0 | 705,127 |
None
|
None
|
- | 705,127 | 705,127 | 38,760 |
08/30/07
|
300 | ||||||||||||||||||||||||||||
|
Norwich
|
CT
|
644,000 | 1,198,741 |
None
|
None
|
644,000 | 1,198,741 | 1,842,741 | 65,914 |
08/30/07
|
300 | ||||||||||||||||||||||||||||
|
Plainville
|
CT
|
0 | 1,452,933 |
None
|
None
|
- | 1,452,933 | 1,452,933 | 79,889 |
08/30/07
|
300 | ||||||||||||||||||||||||||||
|
Torrington
|
CT
|
504,167 | 939,051 |
None
|
None
|
504,167 | 939,051 | 1,443,218 | 51,631 |
08/30/07
|
300 | ||||||||||||||||||||||||||||
|
Unionville
|
CT
|
167,740 | 316,672 |
None
|
None
|
167,740 | 316,672 | 484,412 | 89,194 |
12/19/01
|
300 | ||||||||||||||||||||||||||||
|
Waterbury
|
CT
|
521,021 | 705,163 |
None
|
None
|
521,021 | 705,163 | 1,226,184 | 198,619 |
12/19/01
|
300 | ||||||||||||||||||||||||||||
|
West
Haven
|
CT
|
540,663 | 1,006,829 |
None
|
None
|
540,663 | 1,006,829 | 1,547,492 | 55,359 |
08/30/07
|
300 | ||||||||||||||||||||||||||||
|
Windsor
Locks
|
CT
|
844,967 | 1,571,965 |
None
|
None
|
844,967 | 1,571,965 | 2,416,932 | 86,441 |
08/30/07
|
300 | ||||||||||||||||||||||||||||
|
Newark
|
DE
|
647,500 | 1,203,300 |
None
|
None
|
647,500 | 1,203,300 | 1,850,800 | 66,180 |
08/28/07
|
300 | ||||||||||||||||||||||||||||
|
Casselberry
|
FL
|
403,900 | 897,075 |
None
|
323 | 403,900 | 897,398 | 1,301,298 | 670,686 |
12/29/89
|
300 | ||||||||||||||||||||||||||||
|
Chipley
|
FL
|
270,439 | 502,655 |
None
|
None
|
270,439 | 502,655 | 773,094 | 148,278 |
08/31/01
|
300 | ||||||||||||||||||||||||||||
|
Clearwater
|
FL
|
484,090 | 899,658 |
None
|
None
|
484,090 | 899,658 | 1,383,748 | 49,479 |
08/28/07
|
300 | ||||||||||||||||||||||||||||
|
Cutler
Bay
|
FL
|
962,500 | 1,788,329 |
None
|
None
|
962,500 | 1,788,329 | 2,750,829 | 98,356 |
08/28/07
|
300 | ||||||||||||||||||||||||||||
|
DeFuniak
|
FL
|
269,554 | 501,010 |
None
|
None
|
269,554 | 501,010 | 770,564 | 147,793 |
08/31/01
|
300 | ||||||||||||||||||||||||||||
|
Jacksonville
|
FL
|
150,210 | 693,445 |
None
|
None
|
150,210 | 693,445 | 843,655 | 655,905 |
09/13/85
|
300 | ||||||||||||||||||||||||||||
|
Jacksonville
|
FL
|
143,299 | 664,373 |
None
|
None
|
143,299 | 664,373 | 807,672 | 622,617 |
12/13/85
|
300 | ||||||||||||||||||||||||||||
|
Jacksonville
|
FL
|
1,451,180 | 658,461 |
None
|
11,725 | 1,451,180 | 670,186 | 2,121,366 | 60,535 |
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 | 79,096 |
08/28/07
|
300 | ||||||||||||||||||||||||||||
|
Land
O' Lakes
|
FL
|
770,136 | 1,190,937 |
None
|
None
|
770,136 | 1,190,937 | 1,961,073 | 137,646 |
10/21/05
|
03/24/05
|
300 | |||||||||||||||||||||||||||
|
Margate
|
FL
|
688,583 | 1,279,430 |
None
|
None
|
688,583 | 1,279,430 | 1,968,013 | 70,367 |
08/28/07
|
300 | ||||||||||||||||||||||||||||
|
Melbourne
|
FL
|
0 | 790,083 | 500 |
None
|
- | 790,583 | 790,583 | 50,560 |
08/30/07
|
300 | ||||||||||||||||||||||||||||
|
Miami
|
FL
|
962,500 | 1,788,139 |
None
|
None
|
962,500 | 1,788,139 | 2,750,639 | 98,346 |
08/28/07
|
300 | ||||||||||||||||||||||||||||
|
Miami
Beach
|
FL
|
786,510 | 1,461,294 |
None
|
None
|
786,510 | 1,461,294 | 2,247,804 | 80,369 |
08/28/07
|
300 | ||||||||||||||||||||||||||||
|
New
Port Richey
|
FL
|
929,402 | 1,459,392 |
None
|
197 | 929,402 | 1,459,589 | 2,388,991 | 118,116 |
11/13/06
|
08/01/06
|
300 | |||||||||||||||||||||||||||
|
North
Miami Bch.
|
FL
|
505,870 | 940,302 |
None
|
None
|
505,870 | 940,302 | 1,446,172 | 51,714 |
08/28/07
|
300 | ||||||||||||||||||||||||||||
|
Orlando
|
FL
|
230,000 | 1,066,339 |
None
|
461 | 230,000 | 1,066,800 | 1,296,800 | 1,002,250 |
11/18/85
|
300 | ||||||||||||||||||||||||||||
|
Orlando
|
FL
|
209,800 | 972,679 |
None
|
463 | 209,800 | 973,142 | 1,182,942 | 888,638 |
08/15/86
|
300 | ||||||||||||||||||||||||||||
|
Orlando
|
FL
|
600,000 | 949,489 |
None
|
None
|
600,000 | 949,489 | 1,549,489 | 365,774 |
05/27/99
|
12/18/98
|
300 | |||||||||||||||||||||||||||
|
Orlando
|
FL
|
1,135,310 | 1,306,940 |
None
|
46 | 1,135,310 | 1,306,986 | 2,442,296 | 94,157 |
01/10/07
|
06/30/06
|
300 | |||||||||||||||||||||||||||
|
Orlando
|
FL
|
735,000 | 1,367,891 |
None
|
None
|
735,000 | 1,367,891 | 2,102,891 | 75,217 |
08/30/07
|
300 | ||||||||||||||||||||||||||||
|
Orlando
|
FL
|
0 | 790,583 |
None
|
None
|
- | 790,583 | 790,583 | 43,460 |
08/30/07
|
300 | ||||||||||||||||||||||||||||
|
Oviedo
|
FL
|
204,200 | 911,338 |
None
|
None
|
204,200 | 911,338 | 1,115,538 | 320,642 |
03/27/00
|
08/24/99
|
300 | |||||||||||||||||||||||||||
|
Oviedo
|
FL
|
456,108 | 847,515 |
None
|
None
|
456,108 | 847,515 | 1,303,623 | 105,939 |
11/21/05
|
300 | ||||||||||||||||||||||||||||
|
Oviedo
|
FL
|
465,993 | 866,048 |
None
|
None
|
465,993 | 866,048 | 1,332,041 | 47,631 |
08/28/07
|
300 | ||||||||||||||||||||||||||||
|
Palm
Bay
|
FL
|
330,000 | 556,668 |
None
|
None
|
330,000 | 556,668 | 886,668 | 218,150 |
02/17/99
|
12/29/98
|
300 | |||||||||||||||||||||||||||
|
Panama
City
|
FL
|
202,047 | 375,424 |
None
|
None
|
202,047 | 375,424 | 577,471 | 33,162 |
10/12/06
|
300 | ||||||||||||||||||||||||||||
|
Pembroke
Pines
|
FL
|
741,074 | 1,376,913 |
None
|
None
|
741,074 | 1,376,913 | 2,117,987 | 75,728 |
08/28/07
|
300 | ||||||||||||||||||||||||||||
|
St.
Petersburg
|
FL
|
379,455 | 705,487 |
None
|
None
|
379,455 | 705,487 | 1,084,942 | 38,800 |
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
|
||||||||||||||||||||||||||||||||||||
|
Description
|
Acquisition
|
Carrying
|
Acquisition
|
Depreciation
|
Date
of
|
Date
|
is
Computed
|
||||||||||||||||||||||||||||||||
|
(Note
1)
|
Land
|
Fees
|
Improvements
|
Costs
|
Land
|
Fees
|
Total
|
(Note
4)
|
Construction
|
Acquired
|
(in
Months)
|
||||||||||||||||||||||||||||
|
Tallahassee
|
FL
|
385,000 | 715,857 |
None
|
None
|
385,000 | 715,857 | 1,100,857 | 29,826 |
12/25/07
|
300 | ||||||||||||||||||||||||||||
|
Tallahassee
|
FL
|
175,000 | 325,857 |
None
|
None
|
175,000 | 325,857 | 500,857 | 13,576 |
12/25/07
|
300 | ||||||||||||||||||||||||||||
|
Tampa
|
FL
|
962,500 | 1,788,133 |
None
|
None
|
962,500 | 1,788,133 | 2,750,633 | 98,346 |
08/28/07
|
300 | ||||||||||||||||||||||||||||
|
Tampa
|
FL
|
700,000 | 1,300,785 |
None
|
None
|
700,000 | 1,300,785 | 2,000,785 | 71,541 |
08/28/07
|
300 | ||||||||||||||||||||||||||||
|
Tampa
|
FL
|
545,211 | 1,013,321 |
None
|
None
|
545,211 | 1,013,321 | 1,558,532 | 55,730 |
08/28/07
|
300 | ||||||||||||||||||||||||||||
|
Albany
|
GA
|
326,690 | 607,247 |
None
|
None
|
326,690 | 607,247 | 933,937 | 73,881 |
12/22/05
|
300 | ||||||||||||||||||||||||||||
|
Americus
|
GA
|
709,624 | 1,319,578 |
None
|
None
|
709,624 | 1,319,578 | 2,029,202 | 112,163 |
11/01/06
|
300 | ||||||||||||||||||||||||||||
|
Augusta
|
GA
|
827,895 | 1,539,237 |
None
|
None
|
827,895 | 1,539,237 | 2,367,132 | 130,834 |
11/01/06
|
300 | ||||||||||||||||||||||||||||
|
Cairo
|
GA
|
210,000 | 390,566 |
None
|
None
|
210,000 | 390,566 | 600,566 | 16,274 |
12/25/07
|
300 | ||||||||||||||||||||||||||||
|
Duluth
|
GA
|
536,205 | 996,521 |
None
|
None
|
536,205 | 996,521 | 1,532,726 | 54,807 |
08/28/07
|
300 | ||||||||||||||||||||||||||||
|
Gainesville
|
GA
|
952,660 | 1,770,931 |
None
|
None
|
952,660 | 1,770,931 | 2,723,591 | 150,528 |
11/01/06
|
300 | ||||||||||||||||||||||||||||
|
Garden
City
|
GA
|
197,225 | 438,043 | 32,125 | 11,203 | 197,225 | 481,371 | 678,596 | 353,613 |
04/20/89
|
300 | ||||||||||||||||||||||||||||
|
Lagrange
|
GA
|
853,599 | 1,586,959 |
None
|
None
|
853,599 | 1,586,959 | 2,440,558 | 134,890 |
11/01/06
|
300 | ||||||||||||||||||||||||||||
|
Lilburn
|
GA
|
237,822 | 442,409 |
None
|
None
|
237,822 | 442,409 | 680,231 | 24,330 |
08/28/07
|
300 | ||||||||||||||||||||||||||||
|
Lithonia
|
GA
|
89,220 | 413,647 |
None
|
3,769 | 89,220 | 417,416 | 506,636 | 403,652 |
01/04/85
|
300 | ||||||||||||||||||||||||||||
|
Marietta
|
GA
|
423,132 | 786,530 |
None
|
None
|
423,132 | 786,530 | 1,209,662 | 43,257 |
08/28/07
|
300 | ||||||||||||||||||||||||||||
|
Norcross
|
GA
|
827,707 | 1,538,875 |
None
|
None
|
827,707 | 1,538,875 | 2,366,582 | 130,803 |
11/01/06
|
300 | ||||||||||||||||||||||||||||
|
Roswell
|
GA
|
310,767 | 578,088 |
None
|
None
|
310,767 | 578,088 | 888,855 | 31,791 |
08/28/07
|
300 | ||||||||||||||||||||||||||||
|
Savannah
|
GA
|
719,188 | 1,337,352 |
None
|
None
|
719,188 | 1,337,352 | 2,056,540 | 113,674 |
11/01/06
|
300 | ||||||||||||||||||||||||||||
|
Snellville
|
GA
|
710,600 | 1,321,389 | 5,400 | 465 | 710,600 | 1,327,254 | 2,037,854 | 113,290 |
11/01/06
|
300 | ||||||||||||||||||||||||||||
|
Statesboro
|
GA
|
201,250 | 446,983 |
None
|
3,617 | 201,250 | 450,600 | 651,850 | 336,913 |
11/14/89
|
300 | ||||||||||||||||||||||||||||
|
Statesboro
|
GA
|
926,462 | 1,722,290 |
None
|
None
|
926,462 | 1,722,290 | 2,648,752 | 146,393 |
11/01/06
|
300 | ||||||||||||||||||||||||||||
|
Stone
Mountain
|
GA
|
215,940 | 1,001,188 | 51,876 | 1,889 | 215,940 | 1,054,953 | 1,270,893 | 961,025 |
10/30/86
|
300 | ||||||||||||||||||||||||||||
|
Thomasville
|
GA
|
300,211 | 558,074 |
None
|
None
|
300,211 | 558,074 | 858,285 | 67,899 |
12/22/05
|
300 | ||||||||||||||||||||||||||||
|
Thomasville
|
GA
|
894,504 | 1,662,939 |
None
|
None
|
894,504 | 1,662,939 | 2,557,443 | 141,349 |
11/01/06
|
300 | ||||||||||||||||||||||||||||
|
Valdosta
|
GA
|
901,658 | 1,676,225 |
None
|
None
|
901,658 | 1,676,225 | 2,577,883 | 142,478 |
11/01/06
|
300 | ||||||||||||||||||||||||||||
|
Warner
Robins
|
GA
|
896,841 | 1,667,267 |
None
|
None
|
896,841 | 1,667,267 | 2,564,108 | 141,716 |
11/01/06
|
300 | ||||||||||||||||||||||||||||
|
Washington
|
GA
|
292,628 | 543,862 |
None
|
None
|
292,628 | 543,862 | 836,490 | 160,434 |
08/31/01
|
300 | ||||||||||||||||||||||||||||
|
Waycross
|
GA
|
223,475 | 415,563 |
None
|
None
|
223,475 | 415,563 | 639,038 | 50,560 |
12/22/05
|
300 | ||||||||||||||||||||||||||||
|
Waycross
|
GA
|
956,765 | 1,778,566 |
None
|
None
|
956,765 | 1,778,566 | 2,735,331 | 151,177 |
11/01/06
|
300 | ||||||||||||||||||||||||||||
|
Altoona
|
IA
|
654,179 | 1,285,639 |
None
|
None
|
654,179 | 1,285,639 | 1,939,818 | 175,219 |
06/11/05
|
12/30/04
|
300 | |||||||||||||||||||||||||||
|
Ankeny
|
IA
|
100,000 | 349,218 | 25,075 | 555 | 100,000 | 374,848 | 474,848 | 363,559 |
07/28/83
|
180 | ||||||||||||||||||||||||||||
|
Burlington
|
IA
|
653,057 | 1,214,571 |
None
|
284 | 653,057 | 1,214,855 | 1,867,912 | 103,275 |
11/01/06
|
300 | ||||||||||||||||||||||||||||
|
Cedar
Falls
|
IA
|
208,411 | 387,971 |
None
|
None
|
208,411 | 387,971 | 596,382 | 47,202 |
12/22/05
|
300 | ||||||||||||||||||||||||||||
|
Cedar
Falls
|
IA
|
187,250 | 349,057 |
None
|
None
|
187,250 | 349,057 | 536,307 | 14,540 |
12/21/07
|
300 | ||||||||||||||||||||||||||||
|
Cedar
Rapids
|
IA
|
125,076 | 233,206 |
None
|
None
|
125,076 | 233,206 | 358,282 | 28,372 |
12/22/05
|
300 | ||||||||||||||||||||||||||||
|
Cedar
Rapids
|
IA
|
822,331 | 1,528,939 |
None
|
None
|
822,331 | 1,528,939 | 2,351,270 | 129,959 |
11/01/06
|
300 | ||||||||||||||||||||||||||||
|
Clive
|
IA
|
840,697 | 1,563,046 |
None
|
None
|
840,697 | 1,563,046 | 2,403,743 | 132,858 |
11/01/06
|
300 | ||||||||||||||||||||||||||||
|
Fort
Dodge
|
IA
|
388,815 | 722,573 |
None
|
None
|
388,815 | 722,573 | 1,111,388 | 66,236 |
09/14/06
|
300 | ||||||||||||||||||||||||||||
|
Oelwein
|
IA
|
84,244 | 157,375 |
None
|
None
|
84,244 | 157,375 | 241,619 | 19,146 |
12/22/05
|
300 | ||||||||||||||||||||||||||||
|
Urbandale
|
IA
|
395,896 | 735,724 |
None
|
None
|
395,896 | 735,724 | 1,131,620 | 67,441 |
09/14/06
|
300 | ||||||||||||||||||||||||||||
|
Waterloo
|
IA
|
263,555 | 490,374 |
None
|
None
|
263,555 | 490,374 | 753,929 | 56,393 |
02/28/06
|
300 | ||||||||||||||||||||||||||||
|
Boise
|
ID
|
190,894 | 423,981 |
None
|
533 | 190,894 | 424,514 | 615,408 | 345,159 |
05/17/88
|
300 | ||||||||||||||||||||||||||||
|
Boise
|
ID
|
161,352 | 334,041 |
None
|
533 | 161,352 | 334,574 | 495,926 | 266,410 |
10/07/88
|
300 | ||||||||||||||||||||||||||||
|
Nampa
|
ID
|
74,156 | 343,820 |
None
|
378 | 74,156 | 344,198 | 418,354 | 309,787 |
12/31/86
|
300 | ||||||||||||||||||||||||||||
|
Rexburg
|
ID
|
90,760 | 420,787 |
None
|
11,524 | 90,760 | 432,311 | 523,071 | 400,607 |
11/25/85
|
300 | ||||||||||||||||||||||||||||
|
Alton
|
IL
|
225,785 | 419,315 |
None
|
747 | 225,785 | 420,062 | 645,847 | 334,769 |
10/18/88
|
300 | ||||||||||||||||||||||||||||
|
Buffalo
Grove
|
IL
|
306,250 | 569,693 |
None
|
None
|
306,250 | 569,693 | 875,943 | 31,331 |
08/28/07
|
300 | ||||||||||||||||||||||||||||
|
Centralia
|
IL
|
225,966 | 420,573 |
None
|
None
|
225,966 | 420,573 | 646,539 | 51,169 |
12/22/05
|
300 | ||||||||||||||||||||||||||||
|
Champaign
|
IL
|
805,888 | 1,498,402 |
None
|
284 | 805,888 | 1,498,686 | 2,304,574 | 127,401 |
11/01/06
|
300 | ||||||||||||||||||||||||||||
|
Countryside
|
IL
|
301,000 | 559,824 |
None
|
None
|
301,000 | 559,824 | 860,824 | 30,786 |
08/28/07
|
300 | ||||||||||||||||||||||||||||
|
Effingham
|
IL
|
783,528 | 1,456,874 |
None
|
None
|
783,528 | 1,456,874 | 2,240,402 | 123,833 |
11/01/06
|
300 | ||||||||||||||||||||||||||||
|
Elgin
|
IL
|
700,000 | 1,300,943 |
None
|
None
|
700,000 | 1,300,943 | 2,000,943 | 71,549 |
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
|
||||||||||||||||||||||||||||||||||||
|
Description
|
Acquisition
|
Carrying
|
Acquisition
|
Depreciation
|
Date
of
|
Date
|
is
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 | 153,415 |
11/21/05
|
300 | ||||||||||||||||||||||||||||
|
Gurnee
|
IL
|
735,000 | 1,365,747 |
None
|
None
|
735,000 | 1,365,747 | 2,100,747 | 75,114 |
08/28/07
|
300 | ||||||||||||||||||||||||||||
|
Joliet
|
IL
|
280,903 | 522,424 |
None
|
None
|
280,903 | 522,424 | 803,327 | 28,732 |
08/28/07
|
300 | ||||||||||||||||||||||||||||
|
Lincoln
|
IL
|
206,532 | 383,970 |
None
|
None
|
206,532 | 383,970 | 590,502 | 113,266 |
08/31/01
|
300 | ||||||||||||||||||||||||||||
|
Marion
|
IL
|
831,323 | 1,545,566 |
None
|
None
|
831,323 | 1,545,566 | 2,376,889 | 131,372 |
11/01/06
|
300 | ||||||||||||||||||||||||||||
|
Moline
|
IL
|
781,044 | 1,452,262 |
None
|
None
|
781,044 | 1,452,262 | 2,233,306 | 123,441 |
11/01/06
|
300 | ||||||||||||||||||||||||||||
|
Mt
Vernon
|
IL
|
883,110 | 1,641,741 |
None
|
None
|
883,110 | 1,641,741 | 2,524,851 | 139,547 |
11/01/06
|
300 | ||||||||||||||||||||||||||||
|
Oswego
|
IL
|
953,394 | 1,208,677 | 1,988 | 16,252 | 953,394 | 1,226,917 | 2,180,311 | 145,083 |
06/15/05
|
06/24/05
|
300 | |||||||||||||||||||||||||||
|
Peoria
|
IL
|
662,460 | 1,060,577 |
None
|
None
|
662,460 | 1,060,577 | 1,723,037 | 166,881 |
10/13/04
|
06/15/04
|
300 | |||||||||||||||||||||||||||
|
Rock
Island
|
IL
|
138,463 | 258,066 |
None
|
None
|
138,463 | 258,066 | 396,529 | 31,397 |
12/22/05
|
300 | ||||||||||||||||||||||||||||
|
Springfield
|
IL
|
846,830 | 1,574,436 |
None
|
None
|
846,830 | 1,574,436 | 2,421,266 | 133,826 |
11/01/06
|
300 | ||||||||||||||||||||||||||||
|
Swansea
|
IL
|
890,625 | 1,655,743 | 18,250 | 20,571 | 890,625 | 1,694,564 | 2,585,189 | 144,376 |
11/01/06
|
300 | ||||||||||||||||||||||||||||
|
Waukegan
|
IL
|
496,908 | 923,576 |
None
|
None
|
496,908 | 923,576 | 1,420,484 | 50,795 |
08/28/07
|
300 | ||||||||||||||||||||||||||||
|
Waukegan
|
IL
|
1,330,000 | 2,470,909 |
None
|
None
|
1,330,000 | 2,470,909 | 3,800,909 | 102,954 |
12/21/07
|
300 | ||||||||||||||||||||||||||||
|
Westmont
|
IL
|
475,300 | 883,468 |
None
|
None
|
475,300 | 883,468 | 1,358,768 | 48,588 |
08/28/07
|
300 | ||||||||||||||||||||||||||||
|
Anderson
|
IN
|
831,077 | 1,545,131 |
None
|
None
|
831,077 | 1,545,131 | 2,376,208 | 131,335 |
11/01/06
|
300 | ||||||||||||||||||||||||||||
|
Elkhart
|
IN
|
496,306 | 922,168 |
None
|
None
|
496,306 | 922,168 | 1,418,474 | 115,271 |
11/21/05
|
300 | ||||||||||||||||||||||||||||
|
Elkhart
|
IN
|
835,890 | 1,554,487 |
None
|
None
|
835,890 | 1,554,487 | 2,390,377 | 132,116 |
11/01/06
|
300 | ||||||||||||||||||||||||||||
|
Evansville
|
IN
|
136,738 | 254,864 |
None
|
None
|
136,738 | 254,864 | 391,602 | 31,007 |
12/22/05
|
300 | ||||||||||||||||||||||||||||
|
Indianapolis
|
IN
|
437,500 | 813,225 |
None
|
None
|
437,500 | 813,225 | 1,250,725 | 44,726 |
08/28/07
|
300 | ||||||||||||||||||||||||||||
|
Jasper
|
IN
|
129,919 | 242,199 |
None
|
None
|
129,919 | 242,199 | 372,118 | 29,466 |
12/22/05
|
300 | ||||||||||||||||||||||||||||
|
Kokomo
|
IN
|
417,330 | 775,555 |
None
|
None
|
417,330 | 775,555 | 1,192,885 | 86,604 |
03/28/06
|
300 | ||||||||||||||||||||||||||||
|
Marion
|
IN
|
426,384 | 792,314 |
None
|
None
|
426,384 | 792,314 | 1,218,698 | 96,398 |
12/13/05
|
300 | ||||||||||||||||||||||||||||
|
Marion
|
IN
|
685,194 | 1,274,206 |
None
|
None
|
685,194 | 1,274,206 | 1,959,400 | 108,306 |
11/01/06
|
300 | ||||||||||||||||||||||||||||
|
Michigan
City
|
IN
|
840,998 | 1,563,545 |
None
|
None
|
840,998 | 1,563,545 | 2,404,543 | 132,900 |
11/01/06
|
300 | ||||||||||||||||||||||||||||
|
Muncie
|
IN
|
136,400 | 632,380 | 8,000 | 13,335 | 136,400 | 653,715 | 790,115 | 599,994 |
03/18/86
|
300 | ||||||||||||||||||||||||||||
|
Muncie
|
IN
|
67,156 | 149,157 | 8,000 | 158 | 67,156 | 157,315 | 224,471 | 123,220 |
03/30/88
|
300 | ||||||||||||||||||||||||||||
|
Muncie
|
IN
|
644,177 | 1,196,786 |
None
|
None
|
644,177 | 1,196,786 | 1,840,963 | 149,598 |
11/21/05
|
300 | ||||||||||||||||||||||||||||
|
Munster
|
IN
|
560,000 | 1,040,943 |
None
|
None
|
560,000 | 1,040,943 | 1,600,943 | 57,249 |
08/28/07
|
300 | ||||||||||||||||||||||||||||
|
New
Castle
|
IN
|
246,192 | 320,572 | 9,317 | 163 | 246,192 | 330,052 | 576,244 | 273,895 |
01/07/87
|
300 | ||||||||||||||||||||||||||||
|
Newburgh
|
IN
|
161,193 | 300,280 |
None
|
None
|
161,193 | 300,280 | 461,473 | 36,533 |
12/22/05
|
300 | ||||||||||||||||||||||||||||
|
South
Bend
|
IN
|
133,200 | 617,545 |
None
|
19,347 | 133,200 | 636,892 | 770,092 | 590,388 |
04/28/86
|
300 | ||||||||||||||||||||||||||||
|
Terre
Haute
|
IN
|
767,189 | 1,426,532 |
None
|
None
|
767,189 | 1,426,532 | 2,193,721 | 121,254 |
11/01/06
|
300 | ||||||||||||||||||||||||||||
|
Valparaiso
|
IN
|
365,612 | 679,507 |
None
|
None
|
365,612 | 679,507 | 1,045,119 | 80,408 |
01/11/06
|
300 | ||||||||||||||||||||||||||||
|
Washington
|
IN
|
155,856 | 290,368 |
None
|
None
|
155,856 | 290,368 | 446,224 | 35,327 |
12/22/05
|
300 | ||||||||||||||||||||||||||||
|
Westfield
|
IN
|
213,341 | 477,300 |
None
|
211 | 213,341 | 477,511 | 690,852 | 357,410 |
12/21/89
|
300 | ||||||||||||||||||||||||||||
|
Chanute
|
KS
|
330,852 | 615,008 |
None
|
None
|
330,852 | 615,008 | 945,860 | 56,376 |
09/14/06
|
300 | ||||||||||||||||||||||||||||
|
Derby
|
KS
|
96,060 | 445,359 |
None
|
None
|
96,060 | 445,359 | 541,419 | 419,749 |
10/29/85
|
300 | ||||||||||||||||||||||||||||
|
El
Dorado
|
KS
|
87,400 | 405,206 |
None
|
7,558 | 87,400 | 412,764 | 500,164 | 380,981 |
04/10/86
|
300 | ||||||||||||||||||||||||||||
|
Fort
Scott
|
KS
|
269,301 | 500,698 |
None
|
None
|
269,301 | 500,698 | 769,999 | 45,897 |
09/14/06
|
300 | ||||||||||||||||||||||||||||
|
Overland
Park
|
KS
|
408,578 | 759,513 |
None
|
None
|
408,578 | 759,513 | 1,168,091 | 41,771 |
08/28/07
|
300 | ||||||||||||||||||||||||||||
|
Overland
Park
|
KS
|
754,020 | 1,401,069 |
None
|
None
|
754,020 | 1,401,069 | 2,155,089 | 77,057 |
08/28/07
|
300 | ||||||||||||||||||||||||||||
|
Parsons
|
KS
|
318,516 | 592,099 |
None
|
None
|
318,516 | 592,099 | 910,615 | 54,276 |
09/14/06
|
300 | ||||||||||||||||||||||||||||
|
Shawnee
|
KS
|
953,916 | 1,773,245 |
None
|
None
|
953,916 | 1,773,245 | 2,727,161 | 150,725 |
11/01/06
|
300 | ||||||||||||||||||||||||||||
|
Topeka
|
KS
|
232,146 | 431,853 |
None
|
None
|
232,146 | 431,853 | 663,999 | 23,750 |
08/28/07
|
300 | ||||||||||||||||||||||||||||
|
Wichita
|
KS
|
98,000 | 454,350 | 6,265 | 241 | 98,000 | 460,856 | 558,856 | 415,960 |
08/08/86
|
300 | ||||||||||||||||||||||||||||
|
Wichita
|
KS
|
787,377 | 1,463,936 |
None
|
None
|
787,377 | 1,463,936 | 2,251,313 | 124,433 |
11/01/06
|
300 | ||||||||||||||||||||||||||||
|
Bowling
Green
|
KY
|
685,246 | 1,273,002 |
None
|
None
|
685,246 | 1,273,002 | 1,958,248 | 159,125 |
11/21/05
|
300 | ||||||||||||||||||||||||||||
|
Hazard
|
KY
|
243,836 | 453,025 |
None
|
None
|
243,836 | 453,025 | 696,861 | 41,527 |
09/14/06
|
300 | ||||||||||||||||||||||||||||
|
Hopkinsville
|
KY
|
801,532 | 1,490,241 |
None
|
None
|
801,532 | 1,490,241 | 2,291,773 | 126,669 |
11/01/06
|
300 | ||||||||||||||||||||||||||||
|
Lexington
|
KY
|
122,200 | 1,400 |
None
|
31,495 | 122,200 | 32,895 | 155,095 | 3,165 |
12/03/86
|
300 | ||||||||||||||||||||||||||||
|
Lexington
|
KY
|
655,085 | 1,216,983 |
None
|
None
|
655,085 | 1,216,983 | 1,872,068 | 152,123 |
11/21/05
|
300 | ||||||||||||||||||||||||||||
|
Louisville
|
KY
|
821,990 | 1,528,282 |
None
|
None
|
821,990 | 1,528,282 | 2,350,272 | 129,903 |
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
|
||||||||||||||||||||||||||||||||||||
|
Description
|
Acquisition
|
Carrying
|
Acquisition
|
Depreciation
|
Date
of
|
Date
|
is
Computed
|
||||||||||||||||||||||||||||||||
|
(Note
1)
|
Land
|
Fees
|
Improvements
|
Costs
|
Land
|
Fees
|
Total
|
(Note
4)
|
Construction
|
Acquired
|
(in
Months)
|
||||||||||||||||||||||||||||
|
Madisonville
|
KY
|
422,501 | 784,831 |
None
|
None
|
422,501 | 784,831 | 1,207,332 | 71,943 |
09/14/06
|
300 | ||||||||||||||||||||||||||||
|
Middlesboro
|
KY
|
859,709 | 1,598,332 |
None
|
None
|
859,709 | 1,598,332 | 2,458,041 | 135,857 |
11/01/06
|
300 | ||||||||||||||||||||||||||||
|
Murray
|
KY
|
831,246 | 1,545,422 |
None
|
None
|
831,246 | 1,545,422 | 2,376,668 | 131,360 |
11/01/06
|
300 | ||||||||||||||||||||||||||||
|
Paducah
|
KY
|
673,551 | 1,251,276 |
None
|
None
|
673,551 | 1,251,276 | 1,924,827 | 156,410 |
11/21/05
|
300 | ||||||||||||||||||||||||||||
|
Richmond
|
KY
|
913,770 | 1,698,726 |
None
|
None
|
913,770 | 1,698,726 | 2,612,496 | 144,390 |
11/01/06
|
300 | ||||||||||||||||||||||||||||
|
Alexandria
|
LA
|
143,000 | 662,985 |
None
|
15,164 | 143,000 | 678,149 | 821,149 | 632,000 |
01/17/86
|
300 | ||||||||||||||||||||||||||||
|
Alexandria
|
LA
|
1,270,223 | 2,361,174 |
None
|
None
|
1,270,223 | 2,361,174 | 3,631,397 | 200,699 |
11/01/06
|
300 | ||||||||||||||||||||||||||||
|
Bossier
City
|
LA
|
172,269 | 320,497 |
None
|
None
|
172,269 | 320,497 | 492,766 | 29,379 |
09/14/06
|
300 | ||||||||||||||||||||||||||||
|
Deridder
|
LA
|
371,127 | 690,819 |
None
|
None
|
371,127 | 690,819 | 1,061,946 | 42,588 |
06/22/07
|
300 | ||||||||||||||||||||||||||||
|
Hammond
|
LA
|
1,011,084 | 1,879,972 |
None
|
None
|
1,011,084 | 1,879,972 | 2,891,056 | 159,796 |
11/01/06
|
300 | ||||||||||||||||||||||||||||
|
Houma
|
LA
|
1,061,671 | 1,973,864 |
None
|
None
|
1,061,671 | 1,973,864 | 3,035,535 | 167,777 |
11/01/06
|
300 | ||||||||||||||||||||||||||||
|
Jennings
|
LA
|
107,120 | 496,636 |
None
|
156 | 107,120 | 496,792 | 603,912 | 468,220 |
10/17/85
|
300 | ||||||||||||||||||||||||||||
|
Jonesboro
|
LA
|
163,651 | 304,492 |
None
|
None
|
163,651 | 304,492 | 468,143 | 27,912 |
09/14/06
|
300 | ||||||||||||||||||||||||||||
|
Morgan
City
|
LA
|
832,895 | 1,548,993 |
None
|
None
|
832,895 | 1,548,993 | 2,381,888 | 131,663 |
11/01/06
|
300 | ||||||||||||||||||||||||||||
|
Natchitoches
|
LA
|
291,675 | 541,890 |
None
|
None
|
291,675 | 541,890 | 833,565 | 159,855 |
08/31/01
|
300 | ||||||||||||||||||||||||||||
|
New
Iberia
|
LA
|
917,582 | 1,706,269 |
None
|
None
|
917,582 | 1,706,269 | 2,623,851 | 145,032 |
11/01/06
|
300 | ||||||||||||||||||||||||||||
|
Opelousas
|
LA
|
949,157 | 1,764,908 | 5,400 | 495 | 949,157 | 1,770,803 | 2,719,960 | 150,994 |
11/01/06
|
300 | ||||||||||||||||||||||||||||
|
Pineville
|
LA
|
1,136,612 | 2,113,040 |
None
|
None
|
1,136,612 | 2,113,040 | 3,249,652 | 179,607 |
11/01/06
|
300 | ||||||||||||||||||||||||||||
|
Ruston
|
LA
|
170,274 | 316,792 |
None
|
None
|
170,274 | 316,792 | 487,066 | 29,039 |
09/14/06
|
300 | ||||||||||||||||||||||||||||
|
Ruston
|
LA
|
982,427 | 1,826,696 |
None
|
None
|
982,427 | 1,826,696 | 2,809,123 | 155,268 |
11/01/06
|
300 | ||||||||||||||||||||||||||||
|
Shreveport
|
LA
|
359,268 | 667,417 |
None
|
None
|
359,268 | 667,417 | 1,026,685 | 196,885 |
08/31/01
|
300 | ||||||||||||||||||||||||||||
|
Shreveport
|
LA
|
154,671 | 287,815 |
None
|
None
|
154,671 | 287,815 | 442,486 | 26,383 |
09/14/06
|
300 | ||||||||||||||||||||||||||||
|
Shreveport
|
LA
|
200,033 | 372,059 |
None
|
None
|
200,033 | 372,059 | 572,092 | 34,105 |
09/14/06
|
300 | ||||||||||||||||||||||||||||
|
Shreveport
|
LA
|
259,987 | 483,401 |
None
|
None
|
259,987 | 483,401 | 743,388 | 44,312 |
09/14/06
|
300 | ||||||||||||||||||||||||||||
|
Shreveport
|
LA
|
269,130 | 500,382 |
None
|
None
|
269,130 | 500,382 | 769,512 | 45,868 |
09/14/06
|
300 | ||||||||||||||||||||||||||||
|
Vivian
|
LA
|
135,568 | 252,338 |
None
|
None
|
135,568 | 252,338 | 387,906 | 23,131 |
09/14/06
|
300 | ||||||||||||||||||||||||||||
|
Winnfield
|
LA
|
145,973 | 271,661 |
None
|
None
|
145,973 | 271,661 | 417,634 | 24,902 |
09/14/06
|
300 | ||||||||||||||||||||||||||||
|
Zachary
|
LA
|
898,306 | 1,670,527 |
None
|
None
|
898,306 | 1,670,527 | 2,568,833 | 141,994 |
11/01/06
|
300 | ||||||||||||||||||||||||||||
|
Amesbury
|
MA
|
0 | 790,494 |
None
|
None
|
- | 790,494 | 790,494 | 72,389 |
08/30/07
|
300 | ||||||||||||||||||||||||||||
|
Attleboro
|
MA
|
369,815 | 693,655 |
None
|
None
|
369,815 | 693,655 | 1,063,470 | 195,378 |
12/19/01
|
300 | ||||||||||||||||||||||||||||
|
Auburn
|
MA
|
418,250 | 779,623 | 500 |
None
|
418,250 | 780,123 | 1,198,373 | 42,929 |
08/30/07
|
300 | ||||||||||||||||||||||||||||
|
Billerica
|
MA
|
398,292 | 740,107 |
None
|
None
|
398,292 | 740,107 | 1,138,399 | 33,302 |
11/14/07
|
300 | ||||||||||||||||||||||||||||
|
Chicopee
|
MA
|
761,606 | 1,417,624 |
None
|
None
|
761,606 | 1,417,624 | 2,179,230 | 77,952 |
08/30/07
|
300 | ||||||||||||||||||||||||||||
|
Chicopee
Falls
|
MA
|
302,982 | 565,894 |
None
|
None
|
302,982 | 565,894 | 868,876 | 31,107 |
08/30/07
|
300 | ||||||||||||||||||||||||||||
|
East
Longmeadow
|
MA
|
614,319 | 1,144,128 |
None
|
None
|
614,319 | 1,144,128 | 1,758,447 | 62,910 |
08/30/07
|
300 | ||||||||||||||||||||||||||||
|
Fall
River
|
MA
|
962,500 | 1,787,831 |
None
|
None
|
962,500 | 1,787,831 | 2,750,331 | 98,330 |
08/28/07
|
300 | ||||||||||||||||||||||||||||
|
Gardner
|
MA
|
0 | 828,564 |
None
|
None
|
- | 828,564 | 828,564 | 69,335 |
08/30/07
|
300 | ||||||||||||||||||||||||||||
|
Great
Barrington
|
MA
|
422,625 | 788,089 |
None
|
None
|
422,625 | 788,089 | 1,210,714 | 43,328 |
08/30/07
|
300 | ||||||||||||||||||||||||||||
|
Greenfield
|
MA
|
389,436 | 726,452 |
None
|
None
|
389,436 | 726,452 | 1,115,888 | 39,938 |
08/30/07
|
300 | ||||||||||||||||||||||||||||
|
Greenfield
|
MA
|
761,417 | 1,417,273 |
None
|
None
|
761,417 | 1,417,273 | 2,178,690 | 77,933 |
08/30/07
|
300 | ||||||||||||||||||||||||||||
|
Hanover
|
MA
|
397,203 | 281,202 |
None
|
None
|
397,203 | 281,202 | 678,405 | 79,204 |
12/19/01
|
300 | ||||||||||||||||||||||||||||
|
Haverhill
|
MA
|
568,635 | 1,058,815 |
None
|
None
|
568,635 | 1,058,815 | 1,627,450 | 58,218 |
08/30/07
|
300 | ||||||||||||||||||||||||||||
|
Holyoke
|
MA
|
577,667 | 1,076,023 |
None
|
None
|
577,667 | 1,076,023 | 1,653,690 | 59,164 |
08/30/07
|
300 | ||||||||||||||||||||||||||||
|
Hyannis
|
MA
|
687,917 | 1,280,767 |
None
|
None
|
687,917 | 1,280,767 | 1,968,684 | 70,425 |
08/30/07
|
300 | ||||||||||||||||||||||||||||
|
Lawrence
|
MA
|
910,000 | 1,690,877 |
None
|
None
|
910,000 | 1,690,877 | 2,600,877 | 92,994 |
08/28/07
|
300 | ||||||||||||||||||||||||||||
|
Lee
|
MA
|
540,506 | 1,007,010 |
None
|
None
|
540,506 | 1,007,010 | 1,547,516 | 55,368 |
08/30/07
|
300 | ||||||||||||||||||||||||||||
|
North
Adams
|
MA
|
377,300 | 703,914 |
None
|
None
|
377,300 | 703,914 | 1,081,214 | 38,698 |
08/30/07
|
300 | ||||||||||||||||||||||||||||
|
Norwood
|
MA
|
840,616 | 1,563,923 |
None
|
None
|
840,616 | 1,563,923 | 2,404,539 | 85,999 |
08/30/07
|
300 | ||||||||||||||||||||||||||||
|
Palmer
|
MA
|
141,524 | 598,480 |
None
|
None
|
141,524 | 598,480 | 740,004 | 168,570 |
12/19/01
|
300 | ||||||||||||||||||||||||||||
|
Peabody
|
MA
|
529,555 | 222,590 |
None
|
None
|
529,555 | 222,590 | 752,145 | 62,695 |
12/19/01
|
300 | ||||||||||||||||||||||||||||
|
Pittsfield
|
MA
|
286,241 | 950,022 |
None
|
None
|
286,241 | 950,022 | 1,236,263 | 267,588 |
12/19/01
|
300 | ||||||||||||||||||||||||||||
|
Quincy
|
MA
|
289,121 | 539,719 |
None
|
None
|
289,121 | 539,719 | 828,840 | 29,667 |
08/30/07
|
300 | ||||||||||||||||||||||||||||
|
Raynham
|
MA
|
761,417 | 1,417,287 |
None
|
None
|
761,417 | 1,417,287 | 2,178,704 | 77,933 |
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
|
||||||||||||||||||||||||||||||||||||
|
Description
|
Acquisition
|
Carrying
|
Acquisition
|
Depreciation
|
Date
of
|
Date
|
is
Computed
|
||||||||||||||||||||||||||||||||
|
(Note
1)
|
Land
|
Fees
|
Improvements
|
Costs
|
Land
|
Fees
|
Total
|
(Note
4)
|
Construction
|
Acquired
|
(in
Months)
|
||||||||||||||||||||||||||||
|
Sagamore
Beach
|
MA
|
620,188 | 1,155,007 |
None
|
None
|
620,188 | 1,155,007 | 1,775,195 | 63,508 |
08/30/07
|
300 | ||||||||||||||||||||||||||||
|
Saugus
|
MA
|
0 | 737,971 |
None
|
None
|
- | 737,971 | 737,971 | 56,847 |
08/30/07
|
300 | ||||||||||||||||||||||||||||
|
Seekonk
|
MA
|
614,417 | 1,144,267 |
None
|
None
|
614,417 | 1,144,267 | 1,758,684 | 62,917 |
08/30/07
|
300 | ||||||||||||||||||||||||||||
|
South
Dartmouth
|
MA
|
379,217 | 707,492 |
None
|
None
|
379,217 | 707,492 | 1,086,709 | 38,895 |
08/30/07
|
300 | ||||||||||||||||||||||||||||
|
Springfield
|
MA
|
280,920 | 337,325 |
None
|
75 | 280,920 | 337,400 | 618,320 | 95,021 |
12/19/01
|
300 | ||||||||||||||||||||||||||||
|
Springfield
|
MA
|
230,030 | 865,572 |
None
|
None
|
230,030 | 865,572 | 1,095,602 | 243,801 |
12/19/01
|
300 | ||||||||||||||||||||||||||||
|
Springfield
|
MA
|
227,207 | 958,444 |
None
|
None
|
227,207 | 958,444 | 1,185,651 | 269,960 |
12/19/01
|
300 | ||||||||||||||||||||||||||||
|
Stoneham
|
MA
|
397,544 | 191,717 |
None
|
None
|
397,544 | 191,717 | 589,261 | 53,999 |
12/19/01
|
300 | ||||||||||||||||||||||||||||
|
Sudbury
|
MA
|
0 | 633,843 |
None
|
None
|
- | 633,843 | 633,843 | 46,626 |
08/30/07
|
300 | ||||||||||||||||||||||||||||
|
Swansea
|
MA
|
173,853 | 488,699 |
None
|
None
|
173,853 | 488,699 | 662,552 | 137,649 |
12/19/01
|
300 | ||||||||||||||||||||||||||||
|
Tewksbury
|
MA
|
392,079 | 730,927 |
None
|
None
|
392,079 | 730,927 | 1,123,006 | 40,184 |
08/30/07
|
300 | ||||||||||||||||||||||||||||
|
Ware
|
MA
|
220,457 | 412,133 | 500 |
None
|
220,457 | 412,633 | 633,090 | 22,717 |
08/30/07
|
300 | ||||||||||||||||||||||||||||
|
West
Springfield
|
MA
|
243,556 | 455,532 |
None
|
None
|
243,556 | 455,532 | 699,088 | 25,037 |
08/30/07
|
300 | ||||||||||||||||||||||||||||
|
West
Springfield
|
MA
|
761,417 | 1,417,273 |
None
|
None
|
761,417 | 1,417,273 | 2,178,690 | 77,933 |
08/30/07
|
300 | ||||||||||||||||||||||||||||
|
Westboro
|
MA
|
335,191 | 424,534 |
None
|
None
|
335,191 | 424,534 | 759,725 | 119,575 |
12/19/01
|
300 | ||||||||||||||||||||||||||||
|
Wollaston
|
MA
|
411,366 | 766,745 |
None
|
None
|
411,366 | 766,745 | 1,178,111 | 42,154 |
08/30/07
|
300 | ||||||||||||||||||||||||||||
|
Worcester
|
MA
|
578,336 | 1,077,426 |
None
|
None
|
578,336 | 1,077,426 | 1,655,762 | 59,241 |
08/30/07
|
300 | ||||||||||||||||||||||||||||
|
Hagerstown
|
MD
|
499,396 | 928,250 |
None
|
None
|
499,396 | 928,250 | 1,427,646 | 51,052 |
08/28/07
|
300 | ||||||||||||||||||||||||||||
|
La
Plata
|
MD
|
120,140 | 557,000 | 43,209 | 26,303 | 120,140 | 626,512 | 746,652 | 539,019 |
12/03/85
|
300 | ||||||||||||||||||||||||||||
|
Waterville
|
ME
|
0 | 717,653 |
None
|
None
|
- | 717,653 | 717,653 | 39,449 |
08/30/07
|
300 | ||||||||||||||||||||||||||||
|
Windham
|
ME
|
0 | 831,301 | 1,000 |
None
|
- | 832,301 | 832,301 | 45,832 |
08/30/07
|
300 | ||||||||||||||||||||||||||||
|
Canton
|
MI
|
279,923 | 521,223 |
None
|
None
|
279,923 | 521,223 | 801,146 | 28,665 |
08/28/07
|
300 | ||||||||||||||||||||||||||||
|
Comstock
Park
|
MI
|
810,477 | 1,506,864 |
None
|
None
|
810,477 | 1,506,864 | 2,317,341 | 128,082 |
11/01/06
|
300 | ||||||||||||||||||||||||||||
|
Flint
|
MI
|
827,853 | 0 |
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 | 139,869 |
11/01/06
|
300 | ||||||||||||||||||||||||||||
|
Lansing
|
MI
|
873,536 | 1,623,973 |
None
|
None
|
873,536 | 1,623,973 | 2,497,509 | 138,037 |
11/01/06
|
300 | ||||||||||||||||||||||||||||
|
Livonia
|
MI
|
350,000 | 651,446 |
None
|
None
|
350,000 | 651,446 | 1,001,446 | 35,827 |
08/28/07
|
300 | ||||||||||||||||||||||||||||
|
Saginaw
|
MI
|
766,531 | 1,425,263 |
None
|
None
|
766,531 | 1,425,263 | 2,191,794 | 121,146 |
11/01/06
|
300 | ||||||||||||||||||||||||||||
|
Taylor
|
MI
|
847,070 | 1,574,821 |
None
|
284 | 847,070 | 1,575,105 | 2,422,175 | 133,896 |
11/01/06
|
300 | ||||||||||||||||||||||||||||
|
Westland
|
MI
|
869,530 | 1,616,568 |
None
|
None
|
869,530 | 1,616,568 | 2,486,098 | 137,407 |
11/01/06
|
300 | ||||||||||||||||||||||||||||
|
Roseville
|
MN
|
281,600 | 1,305,560 |
None
|
189 | 281,600 | 1,305,749 | 1,587,349 | 1,270,067 |
12/18/84
|
300 | ||||||||||||||||||||||||||||
|
Belton
|
MO
|
89,328 | 418,187 | 22,270 | 14,516 | 89,328 | 454,973 | 544,301 | 433,915 |
12/18/84
|
300 | ||||||||||||||||||||||||||||
|
Bolivar
|
MO
|
237,094 | 440,596 |
None
|
None
|
237,094 | 440,596 | 677,690 | 129,972 |
08/31/01
|
300 | ||||||||||||||||||||||||||||
|
Bridgeton
|
MO
|
743,559 | 1,382,610 | 16,250 | 476 | 743,559 | 1,399,336 | 2,142,895 | 119,621 |
11/01/06
|
300 | ||||||||||||||||||||||||||||
|
Buffalo
|
MO
|
159,346 | 296,519 |
None
|
24 | 159,346 | 296,543 | 455,889 | 27,184 |
09/14/06
|
300 | ||||||||||||||||||||||||||||
|
Cape
Girardeau
|
MO
|
450,078 | 836,372 |
None
|
None
|
450,078 | 836,372 | 1,286,450 | 98,971 |
01/11/06
|
300 | ||||||||||||||||||||||||||||
|
Cape
Girardeau
|
MO
|
745,915 | 1,386,950 |
None
|
None
|
745,915 | 1,386,950 | 2,132,865 | 117,890 |
11/01/06
|
300 | ||||||||||||||||||||||||||||
|
Carthage
|
MO
|
85,020 | 394,175 |
None
|
321 | 85,020 | 394,496 | 479,516 | 369,702 |
12/03/85
|
300 | ||||||||||||||||||||||||||||
|
Farmington
|
MO
|
780,812 | 1,451,767 |
None
|
None
|
780,812 | 1,451,767 | 2,232,579 | 123,399 |
11/01/06
|
300 | ||||||||||||||||||||||||||||
|
Festus
|
MO
|
808,595 | 1,503,364 |
None
|
None
|
808,595 | 1,503,364 | 2,311,959 | 127,785 |
11/01/06
|
300 | ||||||||||||||||||||||||||||
|
Fulton
|
MO
|
210,199 | 466,861 | 9,673 | 179 | 210,199 | 476,713 | 686,912 | 395,788 |
07/30/87
|
300 | ||||||||||||||||||||||||||||
|
Hazelwood
|
MO
|
157,117 | 725,327 | -104,329 | 25,367 | 157,117 | 646,365 | 803,482 | 641,236 |
08/28/85
|
300 | ||||||||||||||||||||||||||||
|
Jefferson
City
|
MO
|
713,088 | 1,325,993 |
None
|
None
|
713,088 | 1,325,993 | 2,039,081 | 112,708 |
11/01/06
|
300 | ||||||||||||||||||||||||||||
|
Joplin
|
MO
|
301,207 | 559,953 |
None
|
None
|
301,207 | 559,953 | 861,160 | 51,329 |
09/14/06
|
300 | ||||||||||||||||||||||||||||
|
Joplin
|
MO
|
281,001 | 522,428 |
None
|
None
|
281,001 | 522,428 | 803,429 | 47,889 |
09/14/06
|
300 | ||||||||||||||||||||||||||||
|
Kansas
City
|
MO
|
315,334 | 586,423 |
None
|
None
|
315,334 | 586,423 | 901,757 | 32,249 |
08/28/07
|
300 | ||||||||||||||||||||||||||||
|
Mountain
Grove
|
MO
|
219,704 | 408,591 |
None
|
None
|
219,704 | 408,591 | 628,295 | 37,454 |
09/14/06
|
300 | ||||||||||||||||||||||||||||
|
Mt.
Vernon
|
MO
|
160,000 | 282,586 |
None
|
None
|
160,000 | 282,586 | 442,586 | 125,741 |
11/20/97
|
300 | ||||||||||||||||||||||||||||
|
Nevada
|
MO
|
222,552 | 494,296 |
None
|
131 | 222,552 | 494,427 | 716,979 | 418,954 |
07/30/87
|
300 | ||||||||||||||||||||||||||||
|
Nevada
|
MO
|
290,795 | 540,616 |
None
|
None
|
290,795 | 540,616 | 831,411 | 49,556 |
09/14/06
|
300 | ||||||||||||||||||||||||||||
|
Nixa
|
MO
|
251,387 | 467,430 |
None
|
None
|
251,387 | 467,430 | 718,817 | 42,848 |
09/14/06
|
300 | ||||||||||||||||||||||||||||
|
Ozark
|
MO
|
140,000 | 292,482 |
None
|
None
|
140,000 | 292,482 | 432,482 | 130,144 |
11/20/97
|
300 | ||||||||||||||||||||||||||||
|
Poplar
Bluff
|
MO
|
774,256 | 1,439,603 |
None
|
None
|
774,256 | 1,439,603 | 2,213,859 | 122,365 |
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
|
||||||||||||||||||||||||||||||||||||
|
Description
|
Acquisition
|
Carrying
|
Acquisition
|
Depreciation
|
Date
of
|
Date
|
is
Computed
|
||||||||||||||||||||||||||||||||
|
(Note
1)
|
Land
|
Fees
|
Improvements
|
Costs
|
Land
|
Fees
|
Total
|
(Note
4)
|
Construction
|
Acquired
|
(in
Months)
|
||||||||||||||||||||||||||||
|
Raymore
|
MO
|
726,583 | 1,351,055 |
None
|
None
|
726,583 | 1,351,055 | 2,077,638 | 114,838 |
11/01/06
|
300 | ||||||||||||||||||||||||||||
|
Sedalia
|
MO
|
269,798 | 599,231 | 11,556 |
None
|
269,798 | 610,787 | 880,585 | 465,349 |
07/31/89
|
300 | ||||||||||||||||||||||||||||
|
Sedalia
|
MO
|
696,604 | 1,295,380 |
None
|
284 | 696,604 | 1,295,664 | 1,992,268 | 110,144 |
11/01/06
|
300 | ||||||||||||||||||||||||||||
|
Springfield
|
MO
|
251,381 | 467,418 |
None
|
None
|
251,381 | 467,418 | 718,799 | 42,847 |
09/14/06
|
300 | ||||||||||||||||||||||||||||
|
Springfield
|
MO
|
225,939 | 420,162 |
None
|
None
|
225,939 | 420,162 | 646,101 | 37,114 |
10/12/06
|
300 | ||||||||||||||||||||||||||||
|
St.
Charles
|
MO
|
175,413 | 809,791 |
None
|
384 | 175,413 | 810,175 | 985,588 | 768,148 |
08/28/85
|
300 | ||||||||||||||||||||||||||||
|
St.
Charles
|
MO
|
695,121 | 1,001,878 |
None
|
1,338 | 695,121 | 1,003,216 | 1,698,337 | 522,725 |
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 | 151,750 |
11/01/06
|
300 | ||||||||||||||||||||||||||||
|
St.
Robert
|
MO
|
329,242 | 611,728 |
None
|
None
|
329,242 | 611,728 | 940,970 | 180,456 |
08/31/01
|
300 | ||||||||||||||||||||||||||||
|
St.
Robert
|
MO
|
744,158 | 1,383,694 |
None
|
None
|
744,158 | 1,383,694 | 2,127,852 | 117,613 |
11/01/06
|
300 | ||||||||||||||||||||||||||||
|
Sullivan
|
MO
|
85,500 | 396,400 | -40,743 | 14,003 | 85,500 | 369,660 | 455,160 | 353,931 |
12/27/84
|
300 | ||||||||||||||||||||||||||||
|
Webb
City
|
MO
|
337,647 | 627,628 |
None
|
None
|
337,647 | 627,628 | 965,275 | 57,533 |
09/14/06
|
300 | ||||||||||||||||||||||||||||
|
Biloxi
|
MS
|
414,902 | 770,725 |
None
|
None
|
414,902 | 770,725 | 1,185,627 | 70,650 |
09/14/06
|
300 | ||||||||||||||||||||||||||||
|
Canton
|
MS
|
163,193 | 303,268 |
None
|
None
|
163,193 | 303,268 | 466,461 | 27,800 |
09/14/06
|
300 | ||||||||||||||||||||||||||||
|
Carthage
|
MS
|
157,803 | 293,257 |
None
|
None
|
157,803 | 293,257 | 451,060 | 26,882 |
09/14/06
|
300 | ||||||||||||||||||||||||||||
|
Columbus
|
MS
|
128,409 | 238,775 |
None
|
None
|
128,409 | 238,775 | 367,184 | 29,051 |
12/22/05
|
300 | ||||||||||||||||||||||||||||
|
Columbus
|
MS
|
117,411 | 218,350 |
None
|
None
|
117,411 | 218,350 | 335,761 | 26,565 |
12/22/05
|
300 | ||||||||||||||||||||||||||||
|
Columbus
|
MS
|
720,310 | 1,339,963 |
None
|
None
|
720,310 | 1,339,963 | 2,060,273 | 113,896 |
11/01/06
|
300 | ||||||||||||||||||||||||||||
|
Corinth
|
MS
|
285,607 | 530,598 |
None
|
None
|
285,607 | 530,598 | 816,205 | 48,638 |
09/14/06
|
300 | ||||||||||||||||||||||||||||
|
Corinth
|
MS
|
867,086 | 1,612,029 |
None
|
None
|
867,086 | 1,612,029 | 2,479,115 | 137,021 |
11/01/06
|
300 | ||||||||||||||||||||||||||||
|
Flowood
|
MS
|
154,733 | 287,549 |
None
|
None
|
154,733 | 287,549 | 442,282 | 26,359 |
09/14/06
|
300 | ||||||||||||||||||||||||||||
|
Forest
|
MS
|
106,457 | 198,007 |
None
|
None
|
106,457 | 198,007 | 304,464 | 24,090 |
12/22/05
|
300 | ||||||||||||||||||||||||||||
|
Fulton
|
MS
|
239,686 | 445,337 |
None
|
None
|
239,686 | 445,337 | 685,023 | 131,372 |
08/31/01
|
300 | ||||||||||||||||||||||||||||
|
Gautier
|
MS
|
241,995 | 449,607 |
None
|
None
|
241,995 | 449,607 | 691,602 | 41,214 |
09/14/06
|
300 | ||||||||||||||||||||||||||||
|
Greenville
|
MS
|
311,324 | 578,378 |
None
|
None
|
311,324 | 578,378 | 889,702 | 170,619 |
08/31/01
|
300 | ||||||||||||||||||||||||||||
|
Greenwood
|
MS
|
177,329 | 329,520 |
None
|
None
|
177,329 | 329,520 | 506,849 | 30,206 |
09/14/06
|
300 | ||||||||||||||||||||||||||||
|
Hattiesburg
|
MS
|
856,070 | 1,592,088 |
None
|
None
|
856,070 | 1,592,088 | 2,448,158 | 135,326 |
11/01/06
|
300 | ||||||||||||||||||||||||||||
|
Hernando
|
MS
|
137,898 | 256,282 |
None
|
None
|
137,898 | 256,282 | 394,180 | 23,493 |
09/14/06
|
300 | ||||||||||||||||||||||||||||
|
Houston
|
MS
|
226,962 | 421,695 |
None
|
None
|
226,962 | 421,695 | 648,657 | 38,655 |
09/14/06
|
300 | ||||||||||||||||||||||||||||
|
Indianola
|
MS
|
270,639 | 502,822 |
None
|
None
|
270,639 | 502,822 | 773,461 | 148,330 |
08/31/01
|
300 | ||||||||||||||||||||||||||||
|
Iuka
|
MS
|
139,243 | 258,779 |
None
|
None
|
139,243 | 258,779 | 398,022 | 23,721 |
09/14/06
|
300 | ||||||||||||||||||||||||||||
|
Jackson
|
MS
|
237,982 | 442,154 |
None
|
None
|
237,982 | 442,154 | 680,136 | 40,531 |
09/14/06
|
300 | ||||||||||||||||||||||||||||
|
Jackson
|
MS
|
352,003 | 653,900 |
None
|
None
|
352,003 | 653,900 | 1,005,903 | 57,761 |
10/12/06
|
300 | ||||||||||||||||||||||||||||
|
Kosciusko
|
MS
|
311,422 | 578,550 |
None
|
None
|
311,422 | 578,550 | 889,972 | 53,034 |
09/14/06
|
300 | ||||||||||||||||||||||||||||
|
Laurel
|
MS
|
778,938 | 1,448,844 |
None
|
None
|
778,938 | 1,448,844 | 2,227,782 | 123,151 |
11/01/06
|
300 | ||||||||||||||||||||||||||||
|
Magee
|
MS
|
264,395 | 491,206 |
None
|
None
|
264,395 | 491,206 | 755,601 | 45,027 |
09/14/06
|
300 | ||||||||||||||||||||||||||||
|
Meridian
|
MS
|
0 | 2,481,172 |
None
|
None
|
- | 2,481,172 | 2,481,172 | 203,668 |
11/01/06
|
300 | ||||||||||||||||||||||||||||
|
Moss
Point
|
MS
|
287,821 | 534,713 |
None
|
None
|
287,821 | 534,713 | 822,534 | 49,015 |
09/14/06
|
300 | ||||||||||||||||||||||||||||
|
Natchez
|
MS
|
402,589 | 747,934 |
None
|
None
|
402,589 | 747,934 | 1,150,523 | 61,081 |
12/21/06
|
300 | ||||||||||||||||||||||||||||
|
Newton
|
MS
|
284,350 | 528,311 |
None
|
None
|
284,350 | 528,311 | 812,661 | 155,849 |
08/31/01
|
300 | ||||||||||||||||||||||||||||
|
Olive
Branch
|
MS
|
332,234 | 617,192 |
None
|
None
|
332,234 | 617,192 | 949,426 | 56,576 |
09/14/06
|
300 | ||||||||||||||||||||||||||||
|
Olive
Branch
|
MS
|
362,276 | 673,055 |
None
|
None
|
362,276 | 673,055 | 1,035,331 | 30,287 |
11/16/07
|
300 | ||||||||||||||||||||||||||||
|
Oxford
|
MS
|
164,058 | 304,873 |
None
|
None
|
164,058 | 304,873 | 468,931 | 27,947 |
09/14/06
|
300 | ||||||||||||||||||||||||||||
|
Oxford
|
MS
|
297,182 | 552,097 |
None
|
None
|
297,182 | 552,097 | 849,279 | 48,769 |
10/12/06
|
300 | ||||||||||||||||||||||||||||
|
Pearl
|
MS
|
334,822 | 621,994 |
None
|
None
|
334,822 | 621,994 | 956,816 | 183,486 |
08/31/01
|
300 | ||||||||||||||||||||||||||||
|
Philadelphia
|
MS
|
292,868 | 543,912 |
None
|
None
|
292,868 | 543,912 | 836,780 | 49,859 |
09/14/06
|
300 | ||||||||||||||||||||||||||||
|
Pontotoc
|
MS
|
285,006 | 529,492 |
None
|
None
|
285,006 | 529,492 | 814,498 | 48,537 |
09/14/06
|
300 | ||||||||||||||||||||||||||||
|
Southaven
|
MS
|
498,426 | 925,905 |
None
|
None
|
498,426 | 925,905 | 1,424,331 | 41,666 |
11/16/07
|
300 | ||||||||||||||||||||||||||||
|
Starkville
|
MS
|
175,436 | 326,005 |
None
|
None
|
175,436 | 326,005 | 501,441 | 29,884 |
09/14/06
|
300 | ||||||||||||||||||||||||||||
|
Tupelo
|
MS
|
166,869 | 310,095 |
None
|
None
|
166,869 | 310,095 | 476,964 | 28,425 |
09/14/06
|
300 | ||||||||||||||||||||||||||||
|
Tupelo
|
MS
|
225,934 | 419,857 |
None
|
None
|
225,934 | 419,857 | 645,791 | 38,487 |
09/28/06
|
300 | ||||||||||||||||||||||||||||
|
Vicksburg
|
MS
|
275,895 | 512,632 |
None
|
None
|
275,895 | 512,632 | 788,527 | 46,991 |
09/28/06
|
300 | ||||||||||||||||||||||||||||
|
Vicksburg
|
MS
|
698,189 | 1,298,881 | 2,250 | 457 | 698,189 | 1,301,588 | 1,999,777 | 110,851 |
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
|
|||||||||||||||||||||||||||||||||
|
Description
|
Acquisition
|
Carrying
|
Acquisition
|
Depreciation
|
Date
of
|
Date
|
is
Computed
|
|||||||||||||||||||||||||||||
|
(Note
1)
|
Land
|
Fees
|
Improvements
|
Costs
|
Land
|
Fees
|
Total
|
(Note
4)
|
Construction
|
Acquired
|
(in
Months)
|
|||||||||||||||||||||||||
|
West
Point
|
MS
|
87,859 | 163,468 |
None
|
None
|
87,859 | 163,468 | 251,327 | 19,888 |
12/22/05
|
300 | |||||||||||||||||||||||||
|
Wiggins
|
MS
|
268,104 | 498,095 |
None
|
None
|
268,104 | 498,095 | 766,199 | 45,659 |
09/14/06
|
300 | |||||||||||||||||||||||||
|
Albemarle
|
NC
|
721,392 | 1,341,825 |
None
|
223 | 721,392 | 1,342,048 | 2,063,440 | 114,087 |
11/01/06
|
300 | |||||||||||||||||||||||||
|
Asheville
|
NC
|
838,421 | 1,558,792 |
None
|
None
|
838,421 | 1,558,792 | 2,397,213 | 132,496 |
11/01/06
|
300 | |||||||||||||||||||||||||
|
Asheville
|
NC
|
264,226 | 491,419 |
None
|
None
|
264,226 | 491,419 | 755,645 | 27,026 |
08/28/07
|
300 | |||||||||||||||||||||||||
|
Fayetteville
|
NC
|
116,240 | 590,854 |
None
|
317 | 116,240 | 591,171 | 707,411 | 530,168 |
12/20/84
|
300 | |||||||||||||||||||||||||
|
Forest
City
|
NC
|
872,424 | 1,621,940 |
None
|
None
|
872,424 | 1,621,940 | 2,494,364 | 137,864 |
11/01/06
|
300 | |||||||||||||||||||||||||
|
Goldsboro
|
NC
|
811,502 | 1,509,029 |
None
|
456 | 811,502 | 1,509,485 | 2,320,987 | 128,324 |
11/01/06
|
300 | |||||||||||||||||||||||||
|
Kernersville
|
NC
|
836,896 | 1,556,334 |
None
|
223 | 836,896 | 1,556,557 | 2,393,453 | 132,321 |
11/01/06
|
300 | |||||||||||||||||||||||||
|
Roanoke
Rapids
|
NC
|
834,223 | 1,551,226 |
None
|
None
|
834,223 | 1,551,226 | 2,385,449 | 131,853 |
11/01/06
|
300 | |||||||||||||||||||||||||
|
Salisbury
|
NC
|
777,412 | 1,445,863 |
None
|
None
|
777,412 | 1,445,863 | 2,223,275 | 122,897 |
11/01/06
|
300 | |||||||||||||||||||||||||
|
Sylva
|
NC
|
919,724 | 1,709,783 |
None
|
None
|
919,724 | 1,709,783 | 2,629,507 | 145,330 |
11/01/06
|
300 | |||||||||||||||||||||||||
|
Wilkesboro
|
NC
|
183,050 | 406,562 |
None
|
139 | 183,050 | 406,701 | 589,751 | 344,554 |
07/24/87
|
300 | |||||||||||||||||||||||||
|
Winston
Salem
|
NC
|
126,423 | 235,323 |
None
|
None
|
126,423 | 235,323 | 361,746 | 28,630 |
12/22/05
|
300 | |||||||||||||||||||||||||
|
Winston-Salem
|
NC
|
353,239 | 656,427 |
None
|
None
|
353,239 | 656,427 | 1,009,666 | 193,640 |
08/31/01
|
300 | |||||||||||||||||||||||||
|
Devils
Lake
|
ND
|
150,390 | 279,798 |
None
|
None
|
150,390 | 279,798 | 430,188 | 34,042 |
12/22/05
|
300 | |||||||||||||||||||||||||
|
Fargo
|
ND
|
217,057 | 403,609 |
None
|
None
|
217,057 | 403,609 | 620,666 | 49,106 |
12/22/05
|
300 | |||||||||||||||||||||||||
|
Jamestown
|
ND
|
136,523 | 254,045 |
None
|
None
|
136,523 | 254,045 | 390,568 | 30,909 |
12/22/05
|
300 | |||||||||||||||||||||||||
|
Minot
|
ND
|
153,870 | 286,260 |
None
|
None
|
153,870 | 286,260 | 440,130 | 34,828 |
12/22/05
|
300 | |||||||||||||||||||||||||
|
Bellevue
|
NE
|
0 | 1,004,384 |
None
|
None
|
- | 1,004,384 | 1,004,384 | 126,775 |
09/20/05
|
02/24/05
|
300 | ||||||||||||||||||||||||
|
Omaha
|
NE
|
592,716 | 1,009,253 |
None
|
None
|
592,716 | 1,009,253 | 1,601,969 | 138,938 |
05/05/05
|
12/21/04
|
300 | ||||||||||||||||||||||||
|
Omaha
|
NE
|
444,460 | 825,938 |
None
|
None
|
444,460 | 825,938 | 1,270,398 | 97,736 |
01/11/06
|
300 | |||||||||||||||||||||||||
|
Omaha
|
NE
|
350,000 | 650,877 |
None
|
None
|
350,000 | 650,877 | 1,000,877 | 35,796 |
08/28/07
|
300 | |||||||||||||||||||||||||
|
Papillion
|
NE
|
654,788 | 908,685 |
None
|
None
|
654,788 | 908,685 | 1,563,473 | 129,434 |
03/09/05
|
01/12/05
|
300 | ||||||||||||||||||||||||
|
Concord
|
NH
|
577,667 | 1,075,628 |
None
|
None
|
577,667 | 1,075,628 | 1,653,295 | 59,142 |
08/30/07
|
300 | |||||||||||||||||||||||||
|
Concord
|
NH
|
849,884 | 1,581,175 |
None
|
None
|
849,884 | 1,581,175 | 2,431,059 | 86,947 |
08/30/07
|
300 | |||||||||||||||||||||||||
|
Dover
|
NH
|
687,917 | 1,280,378 |
None
|
None
|
687,917 | 1,280,378 | 1,968,295 | 70,404 |
08/30/07
|
300 | |||||||||||||||||||||||||
|
Keene
|
NH
|
253,769 | 310,470 |
None
|
None
|
253,769 | 310,470 | 564,239 | 87,447 |
12/19/01
|
300 | |||||||||||||||||||||||||
|
Laconia
|
NH
|
330,520 | 467,594 |
None
|
None
|
330,520 | 467,594 | 798,114 | 131,704 |
12/19/01
|
300 | |||||||||||||||||||||||||
|
Manchester
|
NH
|
266,337 | 486,676 |
None
|
None
|
266,337 | 486,676 | 753,013 | 137,079 |
12/19/01
|
300 | |||||||||||||||||||||||||
|
North
Conway
|
NH
|
473,031 | 607,020 |
None
|
None
|
473,031 | 607,020 | 1,080,051 | 170,976 |
12/19/01
|
300 | |||||||||||||||||||||||||
|
Portsmouth
|
NH
|
391,650 | 730,167 |
None
|
None
|
391,650 | 730,167 | 1,121,817 | 40,142 |
08/30/07
|
300 | |||||||||||||||||||||||||
|
Rochester
|
NH
|
262,059 | 695,771 |
None
|
None
|
262,059 | 695,771 | 957,830 | 195,974 |
12/19/01
|
300 | |||||||||||||||||||||||||
|
Bloomfield
|
NJ
|
556,520 | 260,498 |
None
|
None
|
556,520 | 260,498 | 817,018 | 73,372 |
12/19/01
|
300 | |||||||||||||||||||||||||
|
Clark
|
NJ
|
541,792 | 1,009,085 |
None
|
None
|
541,792 | 1,009,085 | 1,550,877 | 55,482 |
08/30/07
|
300 | |||||||||||||||||||||||||
|
Hackettstown
|
NJ
|
307,186 | 525,142 |
None
|
None
|
307,186 | 525,142 | 832,328 | 147,913 |
12/19/01
|
300 | |||||||||||||||||||||||||
|
Hazlet
|
NJ
|
614,417 | 1,143,885 |
None
|
None
|
614,417 | 1,143,885 | 1,758,302 | 62,896 |
08/30/07
|
300 | |||||||||||||||||||||||||
|
Hillsdale
|
NJ
|
398,221 | 204,106 |
None
|
None
|
398,221 | 204,106 | 602,327 | 57,488 |
12/19/01
|
300 | |||||||||||||||||||||||||
|
Middletown
|
NJ
|
0 | 640,403 |
None
|
None
|
- | 640,403 | 640,403 | 57,046 |
08/30/07
|
300 | |||||||||||||||||||||||||
|
Moorestown
|
NJ
|
294,708 | 550,139 |
None
|
None
|
294,708 | 550,139 | 844,847 | 30,240 |
08/30/07
|
300 | |||||||||||||||||||||||||
|
Morris
Plains
|
NJ
|
366,982 | 188,123 |
None
|
None
|
366,982 | 188,123 | 555,105 | 52,986 |
12/19/01
|
300 | |||||||||||||||||||||||||
|
Mt.
Holly
|
NJ
|
0 | 1,092,178 |
None
|
None
|
- | 1,092,178 | 1,092,178 | 45,504 |
12/17/07
|
300 | |||||||||||||||||||||||||
|
Passaic
|
NJ
|
328,284 | 612,517 |
None
|
None
|
328,284 | 612,517 | 940,801 | 33,671 |
08/30/07
|
300 | |||||||||||||||||||||||||
|
Pompton
Plains
|
NJ
|
455,700 | 849,125 |
None
|
None
|
455,700 | 849,125 | 1,304,825 | 46,685 |
08/30/07
|
300 | |||||||||||||||||||||||||
|
Toms
River
|
NJ
|
826,449 | 1,537,659 |
None
|
None
|
826,449 | 1,537,659 | 2,364,108 | 84,554 |
08/30/07
|
300 | |||||||||||||||||||||||||
|
Albuquerque
|
NM
|
732,059 | 1,036,922 |
None
|
None
|
732,059 | 1,036,922 | 1,768,981 | 118,658 |
06/21/05
|
01/19/05
|
300 | ||||||||||||||||||||||||
|
Albuquerque
|
NM
|
471,899 | 876,928 |
None
|
None
|
471,899 | 876,928 | 1,348,827 | 48,229 |
08/28/07
|
300 | |||||||||||||||||||||||||
|
Albany
|
NY
|
457,538 | 852,510 |
None
|
None
|
457,538 | 852,510 | 1,310,048 | 46,871 |
08/30/07
|
300 | |||||||||||||||||||||||||
|
Amherst
|
NY
|
412,349 | 767,082 |
None
|
None
|
412,349 | 767,082 | 1,179,431 | 42,188 |
08/28/07
|
300 | |||||||||||||||||||||||||
|
Buffalo
|
NY
|
317,454 | 591,060 |
None
|
None
|
317,454 | 591,060 | 908,514 | 32,504 |
08/28/07
|
300 | |||||||||||||||||||||||||
|
Carmel
|
NY
|
266,619 | 707,819 |
None
|
None
|
266,619 | 707,819 | 974,438 | 199,367 |
12/19/01
|
300 | |||||||||||||||||||||||||
|
Clifton
Park
|
NY
|
1,040,997 | 1,936,100 |
None
|
None
|
1,040,997 | 1,936,100 | 2,977,097 | 106,468 |
08/30/07
|
300 | |||||||||||||||||||||||||
|
East
Greenbush
|
NY
|
623,313 | 1,160,389 |
None
|
None
|
623,313 | 1,160,389 | 1,783,702 | 63,804 |
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
|
||||||||||||||||||||||||||||||||||||
|
Description
|
Acquisition
|
Carrying
|
Acquisition
|
Depreciation
|
Date
of
|
Date
|
is
Computed
|
||||||||||||||||||||||||||||||||
|
(Note
1)
|
Land
|
Fees
|
Improvements
|
Costs
|
Land
|
Fees
|
Total
|
(Note
4)
|
Construction
|
Acquired
|
(in
Months)
|
||||||||||||||||||||||||||||
|
Elsmere
|
NY
|
316,382 | 590,387 |
None
|
None
|
316,382 | 590,387 | 906,769 | 32,454 |
08/30/07
|
300 | ||||||||||||||||||||||||||||
|
Fulton
|
NY
|
294,009 | 653,006 | 3,800 | 2,065 | 294,009 | 658,871 | 952,880 | 544,908 |
12/24/87
|
300 | ||||||||||||||||||||||||||||
|
Kingston
|
NY
|
430,667 | 802,583 |
None
|
None
|
430,667 | 802,583 | 1,233,250 | 44,125 |
08/30/07
|
300 | ||||||||||||||||||||||||||||
|
Latham
|
NY
|
651,167 | 1,212,133 |
None
|
None
|
651,167 | 1,212,133 | 1,863,300 | 66,650 |
08/30/07
|
300 | ||||||||||||||||||||||||||||
|
Middletown
|
NY
|
242,459 | 796,905 |
None
|
151 | 242,459 | 797,056 | 1,039,515 | 224,468 |
12/19/01
|
300 | ||||||||||||||||||||||||||||
|
New
Hartford
|
NY
|
226,041 | 422,563 |
None
|
None
|
226,041 | 422,563 | 648,604 | 23,224 |
08/30/07
|
300 | ||||||||||||||||||||||||||||
|
Plattsburgh
|
NY
|
977,012 | 1,817,269 |
None
|
None
|
977,012 | 1,817,269 | 2,794,281 | 99,933 |
08/30/07
|
300 | ||||||||||||||||||||||||||||
|
Watertown
|
NY
|
139,199 | 645,355 |
None
|
24 | 139,199 | 645,379 | 784,578 | 588,919 |
08/18/86
|
300 | ||||||||||||||||||||||||||||
|
Akron
|
OH
|
723,347 | 17 | 10,940 | 44,667 | 723,347 | 55,624 | 778,971 | 5,292 |
12/22/94
|
300 | ||||||||||||||||||||||||||||
|
Akron
|
OH
|
318,182 | 593,654 |
None
|
None
|
318,182 | 593,654 | 911,836 | 32,634 |
08/30/07
|
300 | ||||||||||||||||||||||||||||
|
Akron
|
OH
|
318,182 | 593,654 |
None
|
None
|
318,182 | 593,654 | 911,836 | 32,634 |
08/30/07
|
300 | ||||||||||||||||||||||||||||
|
Beavercreek
|
OH
|
229,445 | 428,857 |
None
|
None
|
229,445 | 428,857 | 658,302 | 23,570 |
08/30/07
|
300 | ||||||||||||||||||||||||||||
|
Cincinnati
|
OH
|
299,187 | 556,978 |
None
|
None
|
299,187 | 556,978 | 856,165 | 30,610 |
08/28/07
|
300 | ||||||||||||||||||||||||||||
|
Defiance
|
OH
|
71,273 | 135,109 |
None
|
None
|
71,273 | 135,109 | 206,382 | 7,414 |
08/30/07
|
300 | ||||||||||||||||||||||||||||
|
Elyria
|
OH
|
79,545 | 150,491 |
None
|
None
|
79,545 | 150,491 | 230,036 | 8,259 |
08/30/07
|
300 | ||||||||||||||||||||||||||||
|
Marion
|
OH
|
739,651 | 1,375,358 |
None
|
None
|
739,651 | 1,375,358 | 2,115,009 | 116,904 |
11/01/06
|
300 | ||||||||||||||||||||||||||||
|
Maumee
|
OH
|
296,970 | 555,134 |
None
|
None
|
296,970 | 555,134 | 852,104 | 30,512 |
08/30/07
|
300 | ||||||||||||||||||||||||||||
|
Mentor
|
OH
|
394,450 | 734,061 |
None
|
None
|
394,450 | 734,061 | 1,128,511 | 40,370 |
08/28/07
|
300 | ||||||||||||||||||||||||||||
|
Mount
Vernon
|
OH
|
147,212 | 276,407 |
None
|
None
|
147,212 | 276,407 | 423,619 | 15,184 |
08/30/07
|
300 | ||||||||||||||||||||||||||||
|
Mt.
Vernon
|
OH
|
726,626 | 1,351,151 |
None
|
284 | 726,626 | 1,351,435 | 2,078,061 | 114,884 |
11/01/06
|
300 | ||||||||||||||||||||||||||||
|
North
Canton
|
OH
|
487,879 | 908,806 |
None
|
None
|
487,879 | 908,806 | 1,396,685 | 49,967 |
08/30/07
|
300 | ||||||||||||||||||||||||||||
|
Parma
|
OH
|
473,710 | 881,038 |
None
|
None
|
473,710 | 881,038 | 1,354,748 | 48,455 |
08/28/07
|
300 | ||||||||||||||||||||||||||||
|
Parma
Heights
|
OH
|
275,758 | 514,866 |
None
|
None
|
275,758 | 514,866 | 790,624 | 28,300 |
08/30/07
|
300 | ||||||||||||||||||||||||||||
|
Sandusky
|
OH
|
824,270 | 1,532,494 |
None
|
None
|
824,270 | 1,532,494 | 2,356,764 | 130,261 |
11/01/06
|
300 | ||||||||||||||||||||||||||||
|
Sandusky
|
OH
|
128,158 | 240,761 |
None
|
None
|
128,158 | 240,761 | 368,919 | 13,224 |
08/30/07
|
300 | ||||||||||||||||||||||||||||
|
Stow
|
OH
|
317,546 | 712,455 |
None
|
1,904 | 317,546 | 714,359 | 1,031,905 | 593,210 |
12/31/87
|
300 | ||||||||||||||||||||||||||||
|
Toledo
|
OH
|
633,461 | 1,177,718 |
None
|
None
|
633,461 | 1,177,718 | 1,811,179 | 64,773 |
08/28/07
|
300 | ||||||||||||||||||||||||||||
|
Troy
|
OH
|
255,353 | 476,973 |
None
|
None
|
255,353 | 476,973 | 732,326 | 26,216 |
08/30/07
|
300 | ||||||||||||||||||||||||||||
|
Vandalia
|
OH
|
145,833 | 273,579 |
None
|
None
|
145,833 | 273,579 | 419,412 | 15,030 |
08/30/07
|
300 | ||||||||||||||||||||||||||||
|
Westlake
|
OH
|
169,697 | 317,897 |
None
|
None
|
169,697 | 317,897 | 487,594 | 17,467 |
08/30/07
|
300 | ||||||||||||||||||||||||||||
|
Wooster
|
OH
|
763,642 | 1,419,901 |
None
|
284 | 763,642 | 1,420,185 | 2,183,827 | 120,728 |
11/01/06
|
300 | ||||||||||||||||||||||||||||
|
Bixby
|
OK
|
145,791 | 271,272 |
None
|
None
|
145,791 | 271,272 | 417,063 | 33,005 |
12/22/05
|
300 | ||||||||||||||||||||||||||||
|
Broken
Arrow
|
OK
|
245,000 | 369,002 |
None
|
None
|
245,000 | 369,002 | 614,002 | 162,974 |
12/12/97
|
300 | ||||||||||||||||||||||||||||
|
Checotah
|
OK
|
153,232 | 285,092 |
None
|
None
|
153,232 | 285,092 | 438,324 | 34,686 |
12/22/05
|
300 | ||||||||||||||||||||||||||||
|
Idabel
|
OK
|
214,244 | 398,545 |
None
|
None
|
214,244 | 398,545 | 612,789 | 117,562 |
08/31/01
|
300 | ||||||||||||||||||||||||||||
|
Norman
|
OK
|
734,335 | 335,097 |
None
|
78,328 | 734,335 | 413,425 | 1,147,760 | 53,377 |
09/29/95
|
06/05/95
|
300 | |||||||||||||||||||||||||||
|
Oklahoma
City
|
OK
|
759,826 | 0 |
None
|
8 | 759,826 | 8 | 759,834 | 5 |
07/06/95
|
300 | ||||||||||||||||||||||||||||
|
Oklahoma
City
|
OK
|
1,165,405 | 2,165,989 |
None
|
173 | 1,165,405 | 2,166,162 | 3,331,567 | 184,116 |
11/01/06
|
300 | ||||||||||||||||||||||||||||
|
Owasso
|
OK
|
327,043 | 607,645 |
None
|
None
|
327,043 | 607,645 | 934,688 | 179,252 |
08/31/01
|
300 | ||||||||||||||||||||||||||||
|
Tahlequah
|
OK
|
224,982 | 418,341 |
None
|
None
|
224,982 | 418,341 | 643,323 | 50,898 |
12/22/05
|
300 | ||||||||||||||||||||||||||||
|
Tulsa
|
OK
|
295,993 | 549,981 |
None
|
None
|
295,993 | 549,981 | 845,974 | 162,241 |
08/31/01
|
300 | ||||||||||||||||||||||||||||
|
Tulsa
|
OK
|
490,000 | 910,004 |
None
|
173 | 490,000 | 910,177 | 1,400,177 | 107,692 |
01/24/06
|
300 | ||||||||||||||||||||||||||||
|
Tulsa
|
OK
|
360,500 | 669,605 |
None
|
173 | 360,500 | 669,778 | 1,030,278 | 70,317 |
05/10/06
|
300 | ||||||||||||||||||||||||||||
|
Tulsa
|
OK
|
1,021,904 | 1,899,486 |
None
|
173 | 1,021,904 | 1,899,659 | 2,921,563 | 161,464 |
11/01/06
|
300 | ||||||||||||||||||||||||||||
|
Hermiston
|
OR
|
85,560 | 396,675 | 13,788 | 421 | 85,560 | 410,884 | 496,444 | 389,202 |
12/18/84
|
300 | ||||||||||||||||||||||||||||
|
Lake
Oswego
|
OR
|
175,899 | 815,508 |
None
|
3 | 175,899 | 815,511 | 991,410 | 807,697 |
05/16/84
|
300 | ||||||||||||||||||||||||||||
|
Salem
|
OR
|
198,540 | 440,964 |
None
|
3 | 198,540 | 440,967 | 639,507 | 340,154 |
05/23/89
|
300 | ||||||||||||||||||||||||||||
|
Abington
|
PA
|
778,103 | 1,445,849 |
None
|
None
|
778,103 | 1,445,849 | 2,223,952 | 79,520 |
08/28/07
|
300 | ||||||||||||||||||||||||||||
|
Feasterville
|
PA
|
236,303 | 441,673 |
None
|
None
|
236,303 | 441,673 | 677,976 | 24,275 |
08/30/07
|
300 | ||||||||||||||||||||||||||||
|
Gap
|
PA
|
0 | 1,012,812 | 1,000 |
None
|
- | 1,013,812 | 1,013,812 | 55,815 |
08/30/07
|
300 | ||||||||||||||||||||||||||||
|
Gettysburg
|
PA
|
289,040 | 809,676 |
None
|
None
|
289,040 | 809,676 | 1,098,716 | 228,057 |
12/19/01
|
300 | ||||||||||||||||||||||||||||
|
Greensburg
|
PA
|
315,000 | 586,368 |
None
|
None
|
315,000 | 586,368 | 901,368 | 32,246 |
08/28/07
|
300 | ||||||||||||||||||||||||||||
|
Harrisburg
|
PA
|
577,667 | 1,075,635 |
None
|
None
|
577,667 | 1,075,635 | 1,653,302 | 59,143 |
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
|
||||||||||||||||||||||||||||||||||||
|
Description
|
Acquisition
|
Carrying
|
Acquisition
|
Depreciation
|
Date
of
|
Date
|
is
Computed
|
||||||||||||||||||||||||||||||||
|
(Note
1)
|
Land
|
Fees
|
Improvements
|
Costs
|
Land
|
Fees
|
Total
|
(Note
4)
|
Construction
|
Acquired
|
(in
Months)
|
||||||||||||||||||||||||||||
|
Horsham
|
PA
|
554,361 | 1,032,352 |
None
|
None
|
554,361 | 1,032,352 | 1,586,713 | 56,762 |
08/30/07
|
300 | ||||||||||||||||||||||||||||
|
Indiana
|
PA
|
828,653 | 1,540,630 |
None
|
284 | 828,653 | 1,540,914 | 2,369,567 | 130,990 |
11/01/06
|
300 | ||||||||||||||||||||||||||||
|
Lancaster
|
PA
|
170,304 | 413,960 |
None
|
None
|
170,304 | 413,960 | 584,264 | 116,597 |
12/19/01
|
300 | ||||||||||||||||||||||||||||
|
Lancaster
|
PA
|
276,251 | 460,784 |
None
|
None
|
276,251 | 460,784 | 737,035 | 129,786 |
12/19/01
|
300 | ||||||||||||||||||||||||||||
|
Lebanon
|
PA
|
0 | 1,292,172 |
None
|
None
|
- | 1,292,172 | 1,292,172 | 82,604 |
08/30/07
|
300 | ||||||||||||||||||||||||||||
|
Philadelphia
|
PA
|
423,333 | 787,125 |
None
|
None
|
423,333 | 787,125 | 1,210,458 | 43,290 |
08/28/07
|
300 | ||||||||||||||||||||||||||||
|
Philadelphia
|
PA
|
503,556 | 937,999 |
None
|
None
|
503,556 | 937,999 | 1,441,555 | 51,573 |
08/30/07
|
300 | ||||||||||||||||||||||||||||
|
Cranston
|
RI
|
0 | 790,899 |
None
|
None
|
- | 790,899 | 790,899 | 67,903 |
08/30/07
|
300 | ||||||||||||||||||||||||||||
|
North
Providence
|
RI
|
0 | 790,921 |
None
|
None
|
- | 790,921 | 790,921 | 62,685 |
08/30/07
|
300 | ||||||||||||||||||||||||||||
|
Pawtucket
|
RI
|
0 | 457,462 |
None
|
None
|
- | 457,462 | 457,462 | 32,772 |
08/30/07
|
300 | ||||||||||||||||||||||||||||
|
Aiken
|
SC
|
240,937 | 447,656 |
None
|
None
|
240,937 | 447,656 | 688,593 | 41,035 |
09/14/06
|
300 | ||||||||||||||||||||||||||||
|
Gaffney
|
SC
|
727,738 | 1,353,238 | 6,800 | 470 | 727,738 | 1,360,508 | 2,088,246 | 116,231 |
11/01/06
|
300 | ||||||||||||||||||||||||||||
|
Lancaster
|
SC
|
778,616 | 1,448,099 |
None
|
None
|
778,616 | 1,448,099 | 2,226,715 | 123,087 |
11/01/06
|
300 | ||||||||||||||||||||||||||||
|
Rock
Hill
|
SC
|
826,216 | 1,536,499 |
None
|
223 | 826,216 | 1,536,722 | 2,362,938 | 130,635 |
11/01/06
|
300 | ||||||||||||||||||||||||||||
|
Chamberlain
|
SD
|
139,587 | 259,627 |
None
|
None
|
139,587 | 259,627 | 399,214 | 31,587 |
12/22/05
|
300 | ||||||||||||||||||||||||||||
|
Madison
|
SD
|
112,143 | 208,660 |
None
|
None
|
112,143 | 208,660 | 320,803 | 25,386 |
12/22/05
|
300 | ||||||||||||||||||||||||||||
|
Rapid
City
|
SD
|
197,967 | 368,047 |
None
|
None
|
197,967 | 368,047 | 566,014 | 44,778 |
12/22/05
|
300 | ||||||||||||||||||||||||||||
|
Sioux
Falls
|
SD
|
340,718 | 633,332 |
None
|
None
|
340,718 | 633,332 | 974,050 | 49,611 |
01/19/07
|
300 | ||||||||||||||||||||||||||||
|
Spearfish
|
SD
|
142,114 | 264,320 |
None
|
None
|
142,114 | 264,320 | 406,434 | 32,158 |
12/22/05
|
300 | ||||||||||||||||||||||||||||
|
Watertown
|
SD
|
197,559 | 367,289 |
None
|
None
|
197,559 | 367,289 | 564,848 | 44,686 |
12/22/05
|
300 | ||||||||||||||||||||||||||||
|
Winner
|
SD
|
115,591 | 215,063 |
None
|
None
|
115,591 | 215,063 | 330,654 | 26,165 |
12/22/05
|
300 | ||||||||||||||||||||||||||||
|
Antioch
|
TN
|
244,470 | 453,991 |
None
|
None
|
244,470 | 453,991 | 698,461 | 40,112 |
10/02/06
|
300 | ||||||||||||||||||||||||||||
|
Bartlett
|
TN
|
152,469 | 283,343 |
None
|
None
|
152,469 | 283,343 | 435,812 | 25,973 |
09/14/06
|
300 | ||||||||||||||||||||||||||||
|
Brownsville
|
TN
|
289,379 | 538,081 |
None
|
None
|
289,379 | 538,081 | 827,460 | 158,725 |
08/31/01
|
300 | ||||||||||||||||||||||||||||
|
Chattanooga
|
TN
|
827,594 | 1,538,633 |
None
|
None
|
827,594 | 1,538,633 | 2,366,227 | 130,783 |
11/01/06
|
300 | ||||||||||||||||||||||||||||
|
Chattanooga
|
TN
|
933,003 | 1,734,392 |
None
|
456 | 933,003 | 1,734,848 | 2,667,851 | 147,480 |
11/01/06
|
300 | ||||||||||||||||||||||||||||
|
Collierville
|
TN
|
433,503 | 805,339 |
None
|
None
|
433,503 | 805,339 | 1,238,842 | 36,240 |
11/16/07
|
300 | ||||||||||||||||||||||||||||
|
Columbia
|
TN
|
410,242 | 761,854 |
None
|
None
|
410,242 | 761,854 | 1,172,096 | 67,307 |
10/02/06
|
300 | ||||||||||||||||||||||||||||
|
Dyersburg
|
TN
|
695,135 | 1,292,644 | 7,850 | 476 | 695,135 | 1,300,970 | 1,996,105 | 111,257 |
11/01/06
|
300 | ||||||||||||||||||||||||||||
|
Germantown
|
TN
|
356,774 | 662,837 |
None
|
None
|
356,774 | 662,837 | 1,019,611 | 29,828 |
11/16/07
|
300 | ||||||||||||||||||||||||||||
|
Greeneville
|
TN
|
936,669 | 1,741,253 |
None
|
None
|
936,669 | 1,741,253 | 2,677,922 | 148,005 |
11/01/06
|
300 | ||||||||||||||||||||||||||||
|
Henderson
|
TN
|
155,954 | 289,815 |
None
|
None
|
155,954 | 289,815 | 445,769 | 26,566 |
09/14/06
|
300 | ||||||||||||||||||||||||||||
|
Hermitage
|
TN
|
341,251 | 633,742 |
None
|
None
|
341,251 | 633,742 | 974,993 | 55,990 |
10/02/06
|
300 | ||||||||||||||||||||||||||||
|
Jackson
|
TN
|
126,158 | 234,594 |
None
|
None
|
126,158 | 234,594 | 360,752 | 28,542 |
12/22/05
|
300 | ||||||||||||||||||||||||||||
|
Jackson
|
TN
|
312,734 | 581,049 |
None
|
None
|
312,734 | 581,049 | 893,783 | 26,147 |
11/16/07
|
300 | ||||||||||||||||||||||||||||
|
Johnson
City
|
TN
|
881,225 | 1,638,285 |
None
|
None
|
881,225 | 1,638,285 | 2,519,510 | 139,253 |
11/01/06
|
300 | ||||||||||||||||||||||||||||
|
Kingsport
|
TN
|
786,332 | 1,462,055 | 6,950 | 494 | 786,332 | 1,469,499 | 2,255,831 | 125,499 |
11/01/06
|
300 | ||||||||||||||||||||||||||||
|
Manchester
|
TN
|
411,504 | 764,208 |
None
|
None
|
411,504 | 764,208 | 1,175,712 | 67,515 |
10/02/06
|
300 | ||||||||||||||||||||||||||||
|
Martin
|
TN
|
173,616 | 322,616 |
None
|
None
|
173,616 | 322,616 | 496,232 | 29,573 |
09/14/06
|
300 | ||||||||||||||||||||||||||||
|
Mcminnville
|
TN
|
703,355 | 1,307,903 | 3,300 | 476 | 703,355 | 1,311,679 | 2,015,034 | 111,796 |
11/01/06
|
300 | ||||||||||||||||||||||||||||
|
Mcminnville
|
TN
|
442,735 | 635,260 |
None
|
None
|
442,735 | 635,260 | 1,077,995 | 51,861 |
12/21/06
|
300 | ||||||||||||||||||||||||||||
|
Memphis
|
TN
|
405,274 | 1,060,680 |
None
|
11,253 | 405,274 | 1,071,933 | 1,477,207 | 581,510 |
06/30/95
|
03/17/95
|
300 | |||||||||||||||||||||||||||
|
Memphis
|
TN
|
148,386 | 275,760 |
None
|
None
|
148,386 | 275,760 | 424,146 | 25,278 |
09/14/06
|
300 | ||||||||||||||||||||||||||||
|
Memphis
|
TN
|
254,423 | 472,680 |
None
|
None
|
254,423 | 472,680 | 727,103 | 41,753 |
10/12/06
|
300 | ||||||||||||||||||||||||||||
|
Memphis
|
TN
|
871,951 | 1,621,017 |
None
|
456 | 871,951 | 1,621,473 | 2,493,424 | 137,843 |
11/01/06
|
300 | ||||||||||||||||||||||||||||
|
Memphis
|
TN
|
309,358 | 574,779 |
None
|
None
|
309,358 | 574,779 | 884,137 | 25,865 |
11/16/07
|
300 | ||||||||||||||||||||||||||||
|
Memphis
|
TN
|
374,048 | 694,918 |
None
|
None
|
374,048 | 694,918 | 1,068,966 | 31,271 |
11/16/07
|
300 | ||||||||||||||||||||||||||||
|
Milan
|
TN
|
138,159 | 256,766 |
None
|
None
|
138,159 | 256,766 | 394,925 | 23,537 |
09/14/06
|
300 | ||||||||||||||||||||||||||||
|
Millington
|
TN
|
285,613 | 530,630 |
None
|
None
|
285,613 | 530,630 | 816,243 | 156,533 |
08/31/01
|
300 | ||||||||||||||||||||||||||||
|
Morristown
|
TN
|
182,935 | 340,274 |
None
|
None
|
182,935 | 340,274 | 523,209 | 41,400 |
12/22/05
|
300 | ||||||||||||||||||||||||||||
|
Murfreesboro
|
TN
|
376,568 | 699,322 |
None
|
None
|
376,568 | 699,322 | 1,075,890 | 61,783 |
10/02/06
|
300 | ||||||||||||||||||||||||||||
|
Murfreesboro
|
TN
|
383,266 | 712,027 |
None
|
None
|
383,266 | 712,027 | 1,095,293 | 58,149 |
12/21/06
|
300 | ||||||||||||||||||||||||||||
|
Nashville
|
TN
|
147,915 | 274,675 |
None
|
None
|
147,915 | 274,675 | 422,590 | 24,273 |
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
|
||||||||||||||||||||||||||||||||||||
|
Description
|
Acquisition
|
Carrying
|
Acquisition
|
Depreciation
|
Date
of
|
Date
|
is
Computed
|
||||||||||||||||||||||||||||||||
|
(Note
1)
|
Land
|
Fees
|
Improvements
|
Costs
|
Land
|
Fees
|
Total
|
(Note
4)
|
Construction
|
Acquired
|
(in
Months)
|
||||||||||||||||||||||||||||
|
Nashville
|
TN
|
432,494 | 803,192 |
None
|
None
|
432,494 | 803,192 | 1,235,686 | 70,958 |
10/02/06
|
300 | ||||||||||||||||||||||||||||
|
Nashville
|
TN
|
350,983 | 651,806 |
None
|
None
|
350,983 | 651,806 | 1,002,789 | 57,586 |
10/02/06
|
300 | ||||||||||||||||||||||||||||
|
Newport
|
TN
|
640,841 | 1,191,858 |
None
|
456 | 640,841 | 1,192,314 | 1,833,155 | 101,365 |
11/01/06
|
300 | ||||||||||||||||||||||||||||
|
Ripley
|
TN
|
231,552 | 430,232 |
None
|
None
|
231,552 | 430,232 | 661,784 | 126,916 |
08/31/01
|
300 | ||||||||||||||||||||||||||||
|
Sevierville
|
TN
|
423,790 | 787,301 |
None
|
None
|
423,790 | 787,301 | 1,211,091 | 72,169 |
09/28/06
|
300 | ||||||||||||||||||||||||||||
|
Shelbyville
|
TN
|
245,370 | 455,662 |
None
|
None
|
245,370 | 455,662 | 701,032 | 40,260 |
10/02/06
|
300 | ||||||||||||||||||||||||||||
|
Trenton
|
TN
|
174,379 | 324,032 |
None
|
None
|
174,379 | 324,032 | 498,411 | 29,703 |
09/14/06
|
300 | ||||||||||||||||||||||||||||
|
Allen
|
TX
|
165,000 | 306,771 |
None
|
None
|
165,000 | 306,771 | 471,771 | 116,062 |
07/09/99
|
05/28/99
|
300 | |||||||||||||||||||||||||||
|
Amarillo
|
TX
|
763,283 | 1,835,517 |
None
|
None
|
763,283 | 1,835,517 | 2,598,800 | 11,082 |
09/12/08
|
03/03/08
|
300 | |||||||||||||||||||||||||||
|
Arlington
|
TX
|
560,000 | 1,040,667 |
None
|
None
|
560,000 | 1,040,667 | 1,600,667 | 57,235 |
08/28/07
|
300 | ||||||||||||||||||||||||||||
|
Arlington
|
TX
|
536,130 | 996,532 |
None
|
None
|
536,130 | 996,532 | 1,532,662 | 54,807 |
08/28/07
|
300 | ||||||||||||||||||||||||||||
|
Arlington
|
TX
|
269,284 | 500,766 |
None
|
None
|
269,284 | 500,766 | 770,050 | 27,540 |
08/28/07
|
300 | ||||||||||||||||||||||||||||
|
Austin
|
TX
|
699,395 | 1,167,223 |
None
|
180 | 699,395 | 1,167,403 | 1,866,798 | 125,449 |
02/15/06
|
09/15/05
|
300 | |||||||||||||||||||||||||||
|
Austin
|
TX
|
976,803 | 1,361,281 | 36,880 | 20,774 | 976,803 | 1,418,935 | 2,395,738 | 114,898 |
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 | 165,921 |
11/01/06
|
300 | ||||||||||||||||||||||||||||
|
Bedford
|
TX
|
919,303 | 98,231 |
None
|
95 | 919,303 | 98,326 | 1,017,629 | 98,250 |
12/27/94
|
300 | ||||||||||||||||||||||||||||
|
Cedar
Park
|
TX
|
634,489 | 1,472,504 |
None
|
158 | 634,489 | 1,472,662 | 2,107,151 | 142,795 |
06/19/06
|
01/13/06
|
300 | |||||||||||||||||||||||||||
|
Coppell
|
TX
|
212,875 | 396,007 |
None
|
None
|
212,875 | 396,007 | 608,882 | 21,779 |
08/28/07
|
300 | ||||||||||||||||||||||||||||
|
Crockett
|
TX
|
90,780 | 420,880 | 19,412 | 8,495 | 90,780 | 448,787 | 539,567 | 397,487 |
12/17/85
|
300 | ||||||||||||||||||||||||||||
|
Dallas
|
TX
|
242,025 | 479,170 |
None
|
None
|
242,025 | 479,170 | 721,195 | 331,889 |
06/25/91
|
300 | ||||||||||||||||||||||||||||
|
Dallas
|
TX
|
742,507 | 0 |
None
|
473 | 742,507 | 473 | 742,980 | 307 |
04/13/95
|
300 | ||||||||||||||||||||||||||||
|
Dallas
|
TX
|
386,451 | 718,361 |
None
|
None
|
386,451 | 718,361 | 1,104,812 | 39,508 |
08/28/07
|
300 | ||||||||||||||||||||||||||||
|
El
Campo
|
TX
|
98,060 | 454,631 |
None
|
141 | 98,060 | 454,772 | 552,832 | 427,290 |
11/25/85
|
300 | ||||||||||||||||||||||||||||
|
Ennis
|
TX
|
173,250 | 384,793 |
None
|
148 | 173,250 | 384,941 | 558,191 | 319,532 |
12/28/87
|
300 | ||||||||||||||||||||||||||||
|
Fort
Worth
|
TX
|
223,195 | 492,067 |
None
|
None
|
223,195 | 492,067 | 715,262 | 351,496 |
06/26/91
|
300 | ||||||||||||||||||||||||||||
|
Fort
Worth
|
TX
|
423,281 | 382,059 |
None
|
None
|
423,281 | 382,059 | 805,340 | 212,043 |
02/10/95
|
300 | ||||||||||||||||||||||||||||
|
Gainesville
|
TX
|
89,220 | 413,644 | 20,713 | 216 | 89,220 | 434,573 | 523,793 | 416,787 |
12/18/84
|
300 | ||||||||||||||||||||||||||||
|
Georgetown
|
TX
|
870,981 | 1,177,824 |
None
|
155 | 870,981 | 1,177,979 | 2,048,960 | 117,325 |
06/02/06
|
01/13/06
|
300 | |||||||||||||||||||||||||||
|
Grand
Prairie
|
TX
|
280,000 | 520,197 |
None
|
None
|
280,000 | 520,197 | 800,197 | 28,611 |
08/28/07
|
300 | ||||||||||||||||||||||||||||
|
Greenville
|
TX
|
909,311 | 1,690,848 | 5,400 | 539 | 909,311 | 1,696,787 | 2,606,098 | 144,699 |
11/01/06
|
300 | ||||||||||||||||||||||||||||
|
Harker
Heights
|
TX
|
943,812 | 1,859,276 |
None
|
None
|
943,812 | 1,859,276 | 2,803,088 | 15,858 |
08/28/08
|
03/20/08
|
300 | |||||||||||||||||||||||||||
|
Hillsboro
|
TX
|
75,992 | 352,316 | 6,801 | 95 | 75,992 | 359,212 | 435,204 | 349,249 |
08/01/84
|
300 | ||||||||||||||||||||||||||||
|
Houston
|
TX
|
194,994 | 386,056 |
None
|
None
|
194,994 | 386,056 | 581,050 | 267,395 |
06/25/91
|
300 | ||||||||||||||||||||||||||||
|
Houston
|
TX
|
184,175 | 364,636 |
None
|
None
|
184,175 | 364,636 | 548,811 | 252,559 |
06/25/91
|
300 | ||||||||||||||||||||||||||||
|
Houston
|
TX
|
1,096,376 | 2,300,690 | 235,500 | 102,871 | 1,096,376 | 2,639,061 | 3,735,437 | 1,097,162 |
09/05/97
|
300 | ||||||||||||||||||||||||||||
|
Houston
|
TX
|
989,152 | 1,838,713 |
None
|
133 | 989,152 | 1,838,846 | 2,827,998 | 156,296 |
11/01/06
|
300 | ||||||||||||||||||||||||||||
|
Houston
|
TX
|
962,500 | 1,788,491 |
None
|
None
|
962,500 | 1,788,491 | 2,750,991 | 98,365 |
08/28/07
|
300 | ||||||||||||||||||||||||||||
|
Houston
|
TX
|
441,943 | 821,760 |
None
|
None
|
441,943 | 821,760 | 1,263,703 | 45,194 |
08/28/07
|
300 | ||||||||||||||||||||||||||||
|
Houston
|
TX
|
335,664 | 624,233 |
None
|
None
|
335,664 | 624,233 | 959,897 | 34,331 |
08/28/07
|
300 | ||||||||||||||||||||||||||||
|
Hurst
|
TX
|
215,623 | 401,245 |
None
|
None
|
215,623 | 401,245 | 616,868 | 22,066 |
08/28/07
|
300 | ||||||||||||||||||||||||||||
|
Irving
|
TX
|
1,500,411 | 2,156 |
None
|
None
|
1,500,411 | 2,156 | 1,502,567 | 507 |
02/05/03
|
300 | ||||||||||||||||||||||||||||
|
Irving
|
TX
|
291,971 | 543,094 |
None
|
None
|
291,971 | 543,094 | 835,065 | 29,868 |
08/28/07
|
300 | ||||||||||||||||||||||||||||
|
Killeen
|
TX
|
262,500 | 583,014 |
None
|
14,398 | 262,500 | 597,412 | 859,912 | 508,102 |
05/29/87
|
300 | ||||||||||||||||||||||||||||
|
Killeen
|
TX
|
1,327,348 | 2,467,204 |
None
|
None
|
1,327,348 | 2,467,204 | 3,794,552 | 209,711 |
11/01/06
|
300 | ||||||||||||||||||||||||||||
|
Lewisville
|
TX
|
448,000 | 832,667 |
None
|
None
|
448,000 | 832,667 | 1,280,667 | 45,795 |
08/28/07
|
300 | ||||||||||||||||||||||||||||
|
Live
Oak
|
TX
|
727,956 | 1,214,835 |
None
|
278 | 727,956 | 1,215,113 | 1,943,069 | 150,140 |
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 | 194,637 |
11/01/06
|
300 | ||||||||||||||||||||||||||||
|
Lufkin
|
TX
|
105,904 | 490,998 |
None
|
5 | 105,904 | 491,003 | 596,907 | 463,006 |
10/08/85
|
300 | ||||||||||||||||||||||||||||
|
Lufkin
|
TX
|
128,842 | 239,585 |
None
|
None
|
128,842 | 239,585 | 368,427 | 29,149 |
12/22/05
|
300 | ||||||||||||||||||||||||||||
|
Lumberton
|
TX
|
111,146 | 206,720 |
None
|
None
|
111,146 | 206,720 | 317,866 | 25,151 |
12/22/05
|
300 | ||||||||||||||||||||||||||||
|
Mesquite
|
TX
|
134,940 | 625,612 |
None
|
106 | 134,940 | 625,718 | 760,658 | 580,449 |
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 | 155,656 |
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
|
||||||||||||||||||||||||||||||||||||
|
Description
|
Acquisition
|
Carrying
|
Acquisition
|
Depreciation
|
Date
of
|
Date
|
is
Computed
|
||||||||||||||||||||||||||||||||
|
(Note
1)
|
Land
|
Fees
|
Improvements
|
Costs
|
Land
|
Fees
|
Total
|
(Note
4)
|
Construction
|
Acquired
|
(in
Months)
|
||||||||||||||||||||||||||||
|
Mexia
|
TX
|
93,620 | 434,046 |
None
|
30 | 93,620 | 434,076 | 527,696 | 406,556 |
12/18/85
|
300 | ||||||||||||||||||||||||||||
|
New
Braunfels
|
TX
|
185,500 | 411,997 |
None
|
494 | 185,500 | 412,491 | 597,991 | 355,170 |
03/26/87
|
300 | ||||||||||||||||||||||||||||
|
New
Braunfels
|
TX
|
860,262 | 1,169,016 |
None
|
348 | 860,262 | 1,169,364 | 2,029,626 | 127,543 |
02/14/06
|
10/12/05
|
300 | |||||||||||||||||||||||||||
|
Palestine
|
TX
|
825,066 | 1,534,394 |
None
|
None
|
825,066 | 1,534,394 | 2,359,460 | 130,422 |
11/01/06
|
300 | ||||||||||||||||||||||||||||
|
Plano
|
TX
|
2,420,222 | 769 |
None
|
None
|
2,420,222 | 769 | 2,420,991 | 200 |
03/12/03
|
06/27/02
|
300 | |||||||||||||||||||||||||||
|
Plano
|
TX
|
840,000 | 1,560,819 |
None
|
None
|
840,000 | 1,560,819 | 2,400,819 | 85,843 |
08/28/07
|
300 | ||||||||||||||||||||||||||||
|
Plano
|
TX
|
581,637 | 1,081,045 |
None
|
None
|
581,637 | 1,081,045 | 1,662,682 | 59,455 |
08/28/07
|
300 | ||||||||||||||||||||||||||||
|
Porter
|
TX
|
227,067 | 333,031 |
None
|
None
|
227,067 | 333,031 | 560,098 | 184,832 |
02/09/95
|
300 | ||||||||||||||||||||||||||||
|
San
Antonio
|
TX
|
835,431 | 1,185,257 |
None
|
49,802 | 835,431 | 1,235,059 | 2,070,490 | 141,267 |
12/02/05
|
06/24/05
|
300 | |||||||||||||||||||||||||||
|
San
Antonio
|
TX
|
690,443 | 1,109,136 |
None
|
41,054 | 690,443 | 1,150,190 | 1,840,633 | 134,651 |
10/24/05
|
06/27/05
|
300 | |||||||||||||||||||||||||||
|
San
Antonio
|
TX
|
835,586 | 1,227,220 |
None
|
45,249 | 835,586 | 1,272,469 | 2,108,055 | 109,718 |
09/14/06
|
05/09/06
|
300 | |||||||||||||||||||||||||||
|
Santa
Fe
|
TX
|
304,414 | 623,331 |
None
|
None
|
304,414 | 623,331 | 927,745 | 269,013 |
03/23/98
|
300 | ||||||||||||||||||||||||||||
|
Sealy
|
TX
|
197,871 | 391,753 |
None
|
None
|
197,871 | 391,753 | 589,624 | 271,341 |
06/25/91
|
300 | ||||||||||||||||||||||||||||
|
Spring
|
TX
|
378,654 | 704,206 |
None
|
None
|
378,654 | 704,206 | 1,082,860 | 38,729 |
08/28/07
|
300 | ||||||||||||||||||||||||||||
|
Stafford
|
TX
|
214,024 | 423,733 |
None
|
None
|
214,024 | 423,733 | 637,757 | 293,491 |
06/26/91
|
300 | ||||||||||||||||||||||||||||
|
Temple
|
TX
|
302,505 | 291,414 |
None
|
None
|
302,505 | 291,414 | 593,919 | 161,735 |
02/09/95
|
300 | ||||||||||||||||||||||||||||
|
Temple
|
TX
|
797,574 | 1,193,813 |
None
|
156 | 797,574 | 1,193,969 | 1,991,543 | 111,548 |
09/14/06
|
04/07/06
|
300 | |||||||||||||||||||||||||||
|
Texarkana
|
TX
|
311,263 | 578,266 |
None
|
None
|
311,263 | 578,266 | 889,529 | 170,586 |
08/31/01
|
300 | ||||||||||||||||||||||||||||
|
Vidor
|
TX
|
146,291 | 271,990 |
None
|
None
|
146,291 | 271,990 | 418,281 | 33,092 |
12/22/05
|
300 | ||||||||||||||||||||||||||||
|
Waxahachie
|
TX
|
326,935 | 726,137 |
None
|
16,869 | 326,935 | 743,006 | 1,069,941 | 613,921 |
12/29/87
|
300 | ||||||||||||||||||||||||||||
|
Waxahachie
|
TX
|
1,035,794 | 1,925,746 |
None
|
None
|
1,035,794 | 1,925,746 | 2,961,540 | 163,687 |
11/01/06
|
300 | ||||||||||||||||||||||||||||
|
Sandy
|
UT
|
635,945 | 884,792 |
None
|
352 | 635,945 | 885,144 | 1,521,089 | 461,756 |
12/22/95
|
300 | ||||||||||||||||||||||||||||
|
Bluefield
|
VA
|
845,277 | 1,571,754 |
None
|
None
|
845,277 | 1,571,754 | 2,417,031 | 133,598 |
11/01/06
|
300 | ||||||||||||||||||||||||||||
|
Chester
|
VA
|
541,628 | 1,008,771 |
None
|
None
|
541,628 | 1,008,771 | 1,550,399 | 55,465 |
08/30/07
|
300 | ||||||||||||||||||||||||||||
|
Colonial
Heights
|
VA
|
350,000 | 425,146 |
None
|
21 | 350,000 | 425,167 | 775,167 | 102,746 |
12/26/02
|
300 | ||||||||||||||||||||||||||||
|
Danville
|
VA
|
751,055 | 1,396,772 |
None
|
456 | 751,055 | 1,397,228 | 2,148,283 | 118,782 |
11/01/06
|
300 | ||||||||||||||||||||||||||||
|
Hampton
|
VA
|
805,000 | 1,495,800 |
None
|
None
|
805,000 | 1,495,800 | 2,300,800 | 82,267 |
08/28/07
|
300 | ||||||||||||||||||||||||||||
|
Martinsville
|
VA
|
833,114 | 1,549,167 |
None
|
None
|
833,114 | 1,549,167 | 2,382,281 | 131,678 |
11/01/06
|
300 | ||||||||||||||||||||||||||||
|
Midlothian
|
VA
|
421,479 | 785,639 |
None
|
None
|
421,479 | 785,639 | 1,207,118 | 43,193 |
08/30/07
|
300 | ||||||||||||||||||||||||||||
|
Richmond
|
VA
|
326,265 | 608,812 |
None
|
None
|
326,265 | 608,812 | 935,077 | 33,467 |
08/30/07
|
300 | ||||||||||||||||||||||||||||
|
Richmond
|
VA
|
385,000 | 717,891 |
None
|
None
|
385,000 | 717,891 | 1,102,891 | 39,467 |
08/30/07
|
300 | ||||||||||||||||||||||||||||
|
Staunton
|
VA
|
867,684 | 1,613,368 | 13,400 | 651 | 867,684 | 1,627,419 | 2,495,103 | 138,980 |
11/01/06
|
300 | ||||||||||||||||||||||||||||
|
Suffolk
|
VA
|
816,986 | 1,519,214 |
None
|
None
|
816,986 | 1,519,214 | 2,336,200 | 129,132 |
11/01/06
|
300 | ||||||||||||||||||||||||||||
|
Williamsburg
|
VA
|
651,167 | 1,212,201 |
None
|
None
|
651,167 | 1,212,201 | 1,863,368 | 66,654 |
08/30/07
|
300 | ||||||||||||||||||||||||||||
|
Woodbridge
|
VA
|
962,500 | 1,788,300 |
None
|
None
|
962,500 | 1,788,300 | 2,750,800 | 98,355 |
08/28/07
|
300 | ||||||||||||||||||||||||||||
|
Bennington
|
VT
|
118,823 | 673,551 |
None
|
None
|
118,823 | 673,551 | 792,374 | 189,715 |
12/19/01
|
300 | ||||||||||||||||||||||||||||
|
Brattleboro
|
VT
|
0 | 738,115 |
None
|
None
|
- | 738,115 | 738,115 | 60,232 |
08/30/07
|
300 | ||||||||||||||||||||||||||||
|
Rutland
|
VT
|
812,197 | 1,511,184 |
None
|
None
|
812,197 | 1,511,184 | 2,323,381 | 83,098 |
08/30/07
|
300 | ||||||||||||||||||||||||||||
|
Williston
|
VT
|
0 | 1,197,659 |
None
|
None
|
- | 1,197,659 | 1,197,659 | 81,956 |
08/30/07
|
300 | ||||||||||||||||||||||||||||
|
Spokane
|
WA
|
479,531 | 646,719 |
None
|
None
|
479,531 | 646,719 | 1,126,250 | 279,114 |
03/27/98
|
300 | ||||||||||||||||||||||||||||
|
Tacoma
|
WA
|
198,857 | 921,947 | 51,224 | 1,860 | 198,857 | 975,031 | 1,173,888 | 919,389 |
05/29/84
|
300 | ||||||||||||||||||||||||||||
|
Grafton
|
WI
|
149,778 | 332,664 |
None
|
172 | 149,778 | 332,836 | 482,614 | 278,474 |
10/29/87
|
300 | ||||||||||||||||||||||||||||
|
Green
Bay
|
WI
|
308,131 | 572,756 |
None
|
None
|
308,131 | 572,756 | 880,887 | 67,776 |
01/11/06
|
300 | ||||||||||||||||||||||||||||
|
Sturgeon
Bay
|
WI
|
214,865 | 477,221 | 16,764 | 11,465 | 214,865 | 505,450 | 720,315 | 405,558 |
12/01/87
|
300 | ||||||||||||||||||||||||||||
|
Parkersburg
|
WV
|
722,732 | 1,343,920 |
None
|
284 | 722,732 | 1,344,204 | 2,066,936 | 114,270 |
11/01/06
|
300 | ||||||||||||||||||||||||||||
|
Laramie
|
WY
|
210,000 | 466,417 |
None
|
None
|
210,000 | 466,417 | 676,417 | 344,897 |
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 | 1,454,704 |
10/17/01
|
300 | ||||||||||||||||||||||||||||
|
Mesa
|
AZ
|
984,890 | 1,536,269 |
None
|
None
|
984,890 | 1,536,269 | 2,521,159 | 115,202 |
02/12/07
|
300 | ||||||||||||||||||||||||||||
|
Fresno
|
CA
|
1,650,000 | 3,321,244 |
None
|
None
|
1,650,000 | 3,321,244 | 4,971,244 | 957,617 |
10/17/01
|
300 | ||||||||||||||||||||||||||||
|
Daytona
Beach
|
FL
|
608,790 | 2,557,564 |
None
|
None
|
608,790 | 2,557,564 | 3,166,354 | 521,547 |
09/10/03
|
04/18/03
|
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
|
|||||||||||||||||||||||||||||||||
|
Description
|
Acquisition
|
Carrying
|
Acquisition
|
Depreciation
|
Date
of
|
Date
|
is
Computed
|
|||||||||||||||||||||||||||||
|
(Note
1)
|
Land
|
Fees
|
Improvements
|
Costs
|
Land
|
Fees
|
Total
|
(Note
4)
|
Construction
|
Acquired
|
(in
Months)
|
|||||||||||||||||||||||||
|
Fort
Meyers
|
FL
|
1,695,000 | 2,025,554 |
None
|
None
|
1,695,000 | 2,025,554 | 3,720,554 | 584,031 |
10/17/01
|
300 | |||||||||||||||||||||||||
|
Gainesville
|
FL
|
1,296,000 | 2,234,554 |
None
|
None
|
1,296,000 | 2,234,554 | 3,530,554 | 644,293 |
10/17/01
|
300 | |||||||||||||||||||||||||
|
Melbourne
|
FL
|
994,000 | 4,076,554 |
None
|
None
|
994,000 | 4,076,554 | 5,070,554 | 1,175,403 |
10/17/01
|
300 | |||||||||||||||||||||||||
|
Orlando
|
FL
|
1,197,000 | 2,573,554 |
None
|
None
|
1,197,000 | 2,573,554 | 3,770,554 | 742,038 |
10/17/01
|
300 | |||||||||||||||||||||||||
|
Geneva
|
IL
|
2,082,000 | 1,838,888 |
None
|
None
|
2,082,000 | 1,838,888 | 3,920,888 | 530,207 |
10/17/01
|
300 | |||||||||||||||||||||||||
|
Bowie
|
MD
|
2,084,000 | 3,046,888 |
None
|
None
|
2,084,000 | 3,046,888 | 5,130,888 | 878,513 |
10/17/01
|
300 | |||||||||||||||||||||||||
|
Glendale
|
NY
|
5,559,686 | 4,447,566 |
None
|
None
|
5,559,686 | 4,447,566 | 10,007,252 | 719,023 |
12/29/04
|
300 | |||||||||||||||||||||||||
|
Mechanicsburg
|
PA
|
2,101,415 | 3,902,912 |
None
|
None
|
2,101,415 | 3,902,912 | 6,004,327 | 1,112,329 |
11/08/01
|
300 | |||||||||||||||||||||||||
|
El
Paso
|
TX
|
700,000 | 2,501,244 |
None
|
None
|
700,000 | 2,501,244 | 3,201,244 | 721,184 |
10/17/01
|
300 | |||||||||||||||||||||||||
|
Fredericksburg
|
VA
|
1,941,000 | 2,979,888 |
None
|
None
|
1,941,000 | 2,979,888 | 4,920,888 | 859,195 |
10/17/01
|
300 | |||||||||||||||||||||||||
|
Theaters
|
||||||||||||||||||||||||||||||||||||
|
Fairbanks
|
AK
|
2,586,879 | 9,575 |
None
|
None
|
2,586,879 | 9,575 | 2,596,454 | 3,080 |
09/27/00
|
300 | |||||||||||||||||||||||||
|
Huntsville
|
AL
|
2,810,868 | 14,308 |
None
|
None
|
2,810,868 | 14,308 | 2,825,176 | 4,602 |
09/27/00
|
300 | |||||||||||||||||||||||||
|
Naples
|
FL
|
2,618,441 | 8,979,199 |
None
|
None
|
2,618,441 | 8,979,199 | 11,597,640 | 2,978,081 |
09/27/00
|
300 | |||||||||||||||||||||||||
|
Chamblee
|
GA
|
4,329,404 | 14,942 |
None
|
None
|
4,329,404 | 14,942 | 4,344,346 | 4,618 |
09/27/00
|
300 | |||||||||||||||||||||||||
|
Council
Bluffs
|
IA
|
4,924,553 | 11,652,293 |
None
|
None
|
4,924,553 | 11,652,293 | 16,576,846 | 413,259 |
01/31/08
|
300 | |||||||||||||||||||||||||
|
Dubuque
|
IA
|
3,185,053 | 5,915,983 |
None
|
None
|
3,185,053 | 5,915,983 | 9,101,036 | 226,779 |
01/31/08
|
300 | |||||||||||||||||||||||||
|
Edwardsville
|
IL
|
4,270,500 | 9,070,885 |
None
|
None
|
4,270,500 | 9,070,885 | 13,341,385 | 1,194,323 |
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 | 1,232,955 |
09/28/05
|
300 | |||||||||||||||||||||||||
|
Marion
|
IL
|
832,500 | 3,499,885 |
None
|
None
|
832,500 | 3,499,885 | 4,332,385 | 460,808 |
09/28/05
|
300 | |||||||||||||||||||||||||
|
Mattoon
|
IL
|
543,183 | 5,110,193 |
None
|
None
|
543,183 | 5,110,193 | 5,653,376 | 672,832 |
09/28/05
|
300 | |||||||||||||||||||||||||
|
Pekin
|
IL
|
1,575,231 | 9,183,100 |
None
|
None
|
1,575,231 | 9,183,100 | 10,758,331 | 1,209,098 |
09/28/05
|
300 | |||||||||||||||||||||||||
|
Rockford
|
IL
|
4,270,500 | 16,675,954 | -1,779 |
None
|
4,270,500 | 16,674,175 | 20,944,675 | 2,195,658 |
09/28/05
|
300 | |||||||||||||||||||||||||
|
Springfield
|
IL
|
3,151,838 | 10,404,452 |
None
|
None
|
3,151,838 | 10,404,452 | 13,556,290 | 1,369,910 |
09/28/05
|
300 | |||||||||||||||||||||||||
|
Bloomington
|
IN
|
2,498,642 | 7,934,745 |
None
|
None
|
2,498,642 | 7,934,745 | 10,433,387 | 1,044,732 |
09/28/05
|
300 | |||||||||||||||||||||||||
|
Columbus
|
IN
|
1,999,812 | 7,234,361 |
None
|
None
|
1,999,812 | 7,234,361 | 9,234,173 | 952,515 |
09/28/05
|
300 | |||||||||||||||||||||||||
|
Indianapolis
|
IN
|
2,700,395 | 17,672,980 |
None
|
None
|
2,700,395 | 17,672,980 | 20,373,375 | 2,125,146 |
09/28/05
|
300 | |||||||||||||||||||||||||
|
Terre
Haute
|
IN
|
1,249,321 | 9,835,885 |
None
|
None
|
1,249,321 | 9,835,885 | 11,085,206 | 1,295,048 |
09/28/05
|
300 | |||||||||||||||||||||||||
|
Coon
Rapids
|
MN
|
2,460,040 | 14,964,514 |
None
|
None
|
2,460,040 | 14,964,514 | 17,424,554 | 1,970,318 |
09/28/05
|
300 | |||||||||||||||||||||||||
|
Inver
Grove
|
MN
|
2,863,272 | 15,274,237 |
None
|
None
|
2,863,272 | 15,274,237 | 18,137,509 | 2,011,098 |
09/28/05
|
300 | |||||||||||||||||||||||||
|
Poplar
Bluff
|
MO
|
1,106,618 | 4,872,502 |
None
|
None
|
1,106,618 | 4,872,502 | 5,979,120 | 641,536 |
09/28/05
|
300 | |||||||||||||||||||||||||
|
Rockaway
|
NJ
|
8,634,576 | 14,679,823 |
None
|
None
|
8,634,576 | 14,679,823 | 23,314,399 | 1,202,876 |
12/06/06
|
04/13/05
|
300 | ||||||||||||||||||||||||
|
Binghamton
|
NY
|
2,700,000 | 5,570,505 |
None
|
None
|
2,700,000 | 5,570,505 | 8,270,505 | 733,449 |
09/29/05
|
300 | |||||||||||||||||||||||||
|
Akron
|
OH
|
1,511,018 | 1,386 |
None
|
None
|
1,511,018 | 1,386 | 1,512,404 | 446 |
09/27/00
|
300 | |||||||||||||||||||||||||
|
Columbus
|
OH
|
2,103,351 | 5,161,550 |
None
|
None
|
2,103,351 | 5,161,550 | 7,264,901 | 1,264,567 |
11/01/02
|
300 | |||||||||||||||||||||||||
|
Hillsboro
|
OR
|
4,915,032 | 16,377 |
None
|
None
|
4,915,032 | 16,377 | 4,931,409 | 5,268 |
09/27/00
|
300 | |||||||||||||||||||||||||
|
Portland
|
OR
|
2,793,001 | 9,942 |
None
|
None
|
2,793,001 | 9,942 | 2,802,943 | 3,198 |
09/27/00
|
300 | |||||||||||||||||||||||||
|
Fort
Worth
|
TX
|
2,280,000 | 2,802,189 |
None
|
None
|
2,280,000 | 2,802,189 | 5,082,189 | 275,548 |
07/26/06
|
300 | |||||||||||||||||||||||||
|
Laredo
|
TX
|
2,161,477 | 5,561,558 |
None
|
None
|
2,161,477 | 5,561,558 | 7,723,035 | 474,289 |
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 | 652,599 |
12/21/05
|
300 | |||||||||||||||||||||||||
|
Waco
|
TX
|
1,013,706 | 5,880,539 |
None
|
None
|
1,013,706 | 5,880,539 | 6,894,245 | 519,448 |
10/06/06
|
300 | |||||||||||||||||||||||||
|
Glen
Allen
|
VA
|
1,314,065 | 9,748,457 |
None
|
None
|
1,314,065 | 9,748,457 | 11,062,522 | 3,233,202 |
09/27/00
|
300 | |||||||||||||||||||||||||
|
Sterling
|
VA
|
4,546,305 | 33,325 |
None
|
None
|
4,546,305 | 33,325 | 4,579,630 | 10,159 |
09/27/00
|
300 | |||||||||||||||||||||||||
|
Marysville
|
WA
|
1,988,142 | 0 |
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 | 394,468 |
01/31/08
|
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
|
||||||||||||||||||||||||||||||||||||
|
Description
|
Acquisition
|
Carrying
|
Acquisition
|
Depreciation
|
Date
of
|
Date
|
is
Computed
|
||||||||||||||||||||||||||||||||
|
(Note
1)
|
Land
|
Fees
|
Improvements
|
Costs
|
Land
|
Fees
|
Total
|
(Note
4)
|
Construction
|
Acquired
|
(in
Months)
|
||||||||||||||||||||||||||||
|
Travel Plazas
|
|||||||||||||||||||||||||||||||||||||||
|
Baltimore
|
MD
|
1,740,080 | 4,580,068 |
None
|
None
|
1,740,080 | 4,580,068 | 6,320,148 | 993,071 |
12/24/03
|
04/01/03
|
300 | |||||||||||||||||||||||||||
|
Video Rental
|
|||||||||||||||||||||||||||||||||||||||
|
Birmingham
|
AL
|
392,795 | 865,115 |
None
|
357 | 392,795 | 865,472 | 1,258,267 | 390,768 |
09/30/97
|
300 | ||||||||||||||||||||||||||||
|
Southington
|
CT
|
399,562 | 1,009,125 |
None
|
None
|
399,562 | 1,009,125 | 1,408,687 | 405,336 |
12/29/98
|
300 | ||||||||||||||||||||||||||||
|
Port
St. Lucie
|
FL
|
612,695 | 702,209 | 4,825 | 348 | 612,695 | 707,382 | 1,320,077 | 280,236 |
12/09/98
|
09/08/98
|
300 | |||||||||||||||||||||||||||
|
Brunswick
|
GA
|
290,369 | 788,880 |
None
|
345 | 290,369 | 789,225 | 1,079,594 | 348,497 |
12/31/97
|
300 | ||||||||||||||||||||||||||||
|
Norcross
|
GA
|
431,284 | 724,037 | 3,500 | 205 | 431,284 | 727,742 | 1,159,026 | 325,081 |
10/01/97
|
300 | ||||||||||||||||||||||||||||
|
Plainfield
|
IN
|
453,645 | 908,485 |
None
|
173 | 453,645 | 908,658 | 1,362,303 | 398,143 |
01/30/98
|
300 | ||||||||||||||||||||||||||||
|
Topeka
|
KS
|
285,802 | 966,286 |
None
|
146 | 285,802 | 966,432 | 1,252,234 | 426,811 |
12/19/97
|
300 | ||||||||||||||||||||||||||||
|
Wichita
|
KS
|
289,714 | 797,856 |
None
|
146 | 289,714 | 798,002 | 1,087,716 | 323,183 |
11/23/98
|
300 | ||||||||||||||||||||||||||||
|
Winchester
|
KY
|
355,474 | 929,177 |
None
|
173 | 355,474 | 929,350 | 1,284,824 | 391,838 |
06/30/98
|
300 | ||||||||||||||||||||||||||||
|
Warren
|
MI
|
356,348 | 903,351 | 15,018 |
None
|
356,348 | 918,369 | 1,274,717 | 397,274 |
01/09/98
|
300 | ||||||||||||||||||||||||||||
|
Centerville
|
OH
|
601,408 | 758,192 |
None
|
173 | 601,408 | 758,365 | 1,359,773 | 319,740 |
06/30/98
|
300 | ||||||||||||||||||||||||||||
|
Dayton
|
OH
|
401,723 | 698,872 |
None
|
173 | 401,723 | 699,045 | 1,100,768 | 294,728 |
06/29/98
|
300 | ||||||||||||||||||||||||||||
|
Forest
Park
|
OH
|
328,187 | 921,232 |
None
|
173 | 328,187 | 921,405 | 1,249,592 | 409,970 |
11/14/97
|
300 | ||||||||||||||||||||||||||||
|
Franklin
|
OH
|
337,572 | 777,943 |
None
|
173 | 337,572 | 778,116 | 1,115,688 | 343,553 |
12/30/97
|
300 | ||||||||||||||||||||||||||||
|
Springboro
|
OH
|
261,916 | 897,489 |
None
|
173 | 261,916 | 897,662 | 1,159,578 | 369,513 |
09/21/98
|
300 | ||||||||||||||||||||||||||||
|
Tulsa
|
OK
|
318,441 | 1,004,663 | 63,968 | 181 | 318,441 | 1,068,812 | 1,387,253 | 460,046 |
09/26/97
|
300 | ||||||||||||||||||||||||||||
|
Bartlett
|
TN
|
420,000 | 674,437 |
None
|
2,102 | 420,000 | 676,539 | 1,096,539 | 259,773 |
05/12/99
|
02/23/99
|
300 | |||||||||||||||||||||||||||
|
Clarksville
|
TN
|
499,885 | 840,869 |
None
|
201 | 499,885 | 841,070 | 1,340,955 | 343,413 |
10/02/98
|
300 | ||||||||||||||||||||||||||||
|
Columbia
|
TN
|
466,469 | 716,723 | 2,455 | 433 | 466,469 | 719,611 | 1,186,080 | 324,007 |
09/26/97
|
300 | ||||||||||||||||||||||||||||
|
Hendersonville
|
TN
|
333,677 | 938,592 |
None
|
201 | 333,677 | 938,793 | 1,272,470 | 414,593 |
12/10/97
|
300 | ||||||||||||||||||||||||||||
|
Jackson
|
TN
|
381,076 | 857,261 | 27,890 | 201 | 381,076 | 885,352 | 1,266,428 | 391,461 |
09/26/97
|
300 | ||||||||||||||||||||||||||||
|
Memphis
|
TN
|
381,265 | 900,580 | 7,860 | 345 | 381,265 | 908,785 | 1,290,050 | 390,004 |
03/31/98
|
300 | ||||||||||||||||||||||||||||
|
Murfreesboro
|
TN
|
406,056 | 886,293 |
None
|
201 | 406,056 | 886,494 | 1,292,550 | 400,304 |
09/26/97
|
300 | ||||||||||||||||||||||||||||
|
Murfreesboro
|
TN
|
385,437 | 782,396 |
None
|
201 | 385,437 | 782,597 | 1,168,034 | 306,460 |
03/11/99
|
300 | ||||||||||||||||||||||||||||
|
Smyrna
|
TN
|
302,372 | 836,214 |
None
|
201 | 302,372 | 836,415 | 1,138,787 | 377,693 |
09/02/97
|
300 | ||||||||||||||||||||||||||||
|
Austin
|
TX
|
407,910 | 885,113 | 1,200 | 155 | 407,910 | 886,468 | 1,294,378 | 391,108 |
12/01/97
|
300 | ||||||||||||||||||||||||||||
|
Beaumont
|
TX
|
326,041 | 834,895 |
None
|
57 | 326,041 | 834,952 | 1,160,993 | 376,190 |
09/05/97
|
300 | ||||||||||||||||||||||||||||
|
Hurst
|
TX
|
373,084 | 871,163 | 16,135 | 181 | 373,084 | 887,479 | 1,260,563 | 365,743 |
07/29/98
|
300 | ||||||||||||||||||||||||||||
|
Lubbock
|
TX
|
266,805 | 857,492 |
None
|
None
|
266,805 | 857,492 | 1,124,297 | 390,092 |
08/29/97
|
300 | ||||||||||||||||||||||||||||
|
Woodway
|
TX
|
372,487 | 835,198 |
None
|
None
|
372,487 | 835,198 | 1,207,685 | 368,879 |
12/16/97
|
300 | ||||||||||||||||||||||||||||
|
Hampton
|
VA
|
373,499 | 836,071 |
None
|
None
|
373,499 | 836,071 | 1,209,570 | 369,262 |
12/19/97
|
300 | ||||||||||||||||||||||||||||
|
Virginia
Beach
|
VA
|
551,588 | 797,260 |
None
|
None
|
551,588 | 797,260 | 1,348,848 | 346,711 |
02/23/98
|
300 | ||||||||||||||||||||||||||||
|
Other
|
|||||||||||||||||||||||||||||||||||||||
|
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 | 634,264 | 99,362 | 2,485,160 | 9,431,448 | 11,916,608 | 11,987,518 |
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 | |||||||||||||||||||||||||||
|
Venice
|
FL
|
259,686 | 362,562 | 4,535 |
None
|
259,686 | 367,097 | 626,783 | 178,009 |
11/26/96
|
300 | ||||||||||||||||||||||||||||
|
Goshen
|
IN
|
115,000 | 533,165 | 14,400 | 5,064 | 115,000 | 552,629 | 667,629 | 496,260 |
07/07/86
|
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
|
||||||||||||||||||||||||||||||||||||
|
Description
|
Acquisition
|
Carrying
|
Acquisition
|
Depreciation
|
Date
of
|
Date
|
is
Computed
|
||||||||||||||||||||||||||||||||
|
(Note
1)
|
Land
|
Fees
|
Improvements
|
Costs
|
Land
|
Fees
|
Total
|
(Note
4)
|
Construction
|
Acquired
|
(in
Months)
|
||||||||||||||||||||||||||||
|
Jackson
|
MS
|
405,360 | 656,296 | -124,313 | 22,043 | 405,360 | 554,026 | 959,386 | 321,285 |
11/26/96
|
300 | ||||||||||||||||||||||||||||
|
Meridian
|
MS
|
181,156 | 515,598 | 75,460 | 6,128 | 181,156 | 597,186 | 778,342 | 267,445 |
11/26/96
|
300 | ||||||||||||||||||||||||||||
|
Humble
|
TX
|
106,000 | 545,518 | 43,180 | 15,306 | 106,000 | 604,004 | 710,004 | 557,789 |
03/25/86
|
300 | ||||||||||||||||||||||||||||
|
N.
Richland Hills
|
TX
|
238,000 | 528,608 | 4,810 | 7,055 | 238,000 | 540,473 | 778,473 | 411,083 |
09/26/88
|
300 | ||||||||||||||||||||||||||||
|
Crest
Net Lease
|
3,278,143 | 2,729,551 | 15,350 |
None
|
3,278,143 | 2,744,901 | 6,023,044 | - | |||||||||||||||||||||||||||||||
|
Misc
Investments
|
412,097 |
None
|
61,696 | - | 473,793 | 473,793 | 447,137 | ||||||||||||||||||||||||||||||||
| 1,164,436,828 | 2,245,167,722 | 3,339,058 | 3,380,363 | 1,164,436,828 | 2,251,887,143 | 3,416,323,971 | 554,171,306 | ||||||||||||||||||||||||||||||||
|
Note
1.
|
Two
thousand three hundred thirty-seven 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
$3,261,632,255.
|
||||||||||||
|
Note
3.
|
The
following is a reconciliation of total real estate carrying value for the
years ended December 31:
|
2008
|
2007
|
2006 | |||||||||
|
Balance
at Beginning of Period
|
3,294,949,787 | 2,882,410,454 | 2,143,854,136 | ||||||||||
|
Additions
During Period:
|
|||||||||||||
|
Acquisitions
|
189,627,022 | 533,726,159 | 769,925,390 | ||||||||||
|
Less
amounts allocated to intangible assets that are included in Other Assets
on our Consolidated Balance Sheets
|
(397,402 | ) | (996,575 | ) | (937,030 | ) | |||||||
|
Equipment
|
89,250 | 100,500 | 4,810 | ||||||||||
|
Improvements,
Etc.
|
1,408,690 | 1,157,862 | 198,488 | ||||||||||
|
Other
(Leasing Costs)
|
1,290,807 | 613,593 | 760,443 | ||||||||||
|
Total
Additions
|
192,018,367 | 534,601,539 | 769,952,101 | ||||||||||
|
Deductions
During Period:
|
|||||||||||||
|
Cost
of Real Estate Sold
|
67,079,032 | 121,734,428 | 30,791,949 | ||||||||||
|
Less
amounts allocated to intangible assets that are included in Other Assets
on our Consolidated Balance Sheets
|
- | - | (205,399 | ) | |||||||||
|
Cost
of Equipment Sold
|
- | - | - | ||||||||||
|
Releasing
costs
|
191,151 | 55,856 | 146,340 | ||||||||||
|
Other
(including Provisions for Impairment)
|
3,374,000 | 271,922 | 662,893 | ||||||||||
|
Total
Deductions
|
70,644,183 | 122,062,206 | 31,395,783 | ||||||||||
|
Balance
at Close of Period
|
3,416,323,971 | 3,294,949,787 | 2,882,410,454 | ||||||||||
|
Note
4.
|
The
following is a reconciliation of accumulated depreciation for the years
ended:
|
||||||||||||
|
2008
|
2007 | 2006 | |||||||||||
|
Balance
at Beginning of Period
|
470,695,343 | 397,329,170 | 341,808,533 | ||||||||||
|
Additions
During Period - Provision for Depreciation
|
90,424,612 | 76,089,713 | 58,602,612 | ||||||||||
|
Deductions
During Period:
|
|||||||||||||
|
Accumulated
depreciation of real estate and equipment sold
|
6,948,649 | 2,723,540 | 3,081,975 | ||||||||||
|
Balance
at Close of Period
|
554,171,306 | 470,695,343 | 397,329,170 | ||||||||||
|
Note
5.
|
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.
|
|||||||||||||
|
In
2006, provisions for impairment were recorded on one Realty Income
property and three Crest properties.
|
|||||||||||||
|
Note
6.
|
In
accordance with FASB 143 and FASB interpretation No. 47, we recorded in
aggregate $335,283 in 2008 and $238,680 in 2007 to two buildings
for
|
||||||||||||
|
the
fair value of legal obligations to perform 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.
|
|||||||||||||
|
Note
7.
|
In
2006, we reduced the value of one building by $174,000 due to damage to
the building, in the video rental industry.
|
||||||||||||
|
See
report of independent registered public accounting firm.
|
|||||||||||||