##### Table of Contents



UNITED STATES SECURITIES AND EXCHANGE COMMISSION
 Washington, D. C. 20549
 FORM 10-K
 þ
    
    ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 For the fiscal year ended December 31, 2009
 or
 o
    
    TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 For the transition period from  to .
 Commission file number: 000-25771
 
 CORPORATE PROPERTY ASSOCIATES 14 INCORPORATED
  Maryland
(State or other jurisdiction of incorporation or organization)
    
    13-3951476
(I.R.S. Employer Identification No.)50 Rockefeller Plaza 
New York, New York
(Address of principal executive offices)
    
    10020
(Zip code)
 Investor Relations (212) 492-8920
(212) 492-1100
 None    Common Stock, Par Value $0.001 Per Share
 Yes o No þ
 Yes o No þ
 þ o
 Yes
o No o
 o
  Large accelerated filer o
    
    Accelerated filer o
    
    Non-accelerated filer þ
    
    Smaller reporting company o(Do not check if a smaller reporting company)
 o þ
   DOCUMENTS INCORPORATED BY REFERENCE




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##### 



TABLE OF CONTENTS
 Page No.PART IItem 1. Business
    
    
    2Item 1A. Risk Factors
    
    
    10Item 1B. Unresolved Staff Comments
    
    
    18Item 2. Properties
    
    
    19Item 3. Legal Proceedings
    
    
    19Item 4. Removed and Reserved
    
    
    19PART IIItem 5. Market for Registrants Common Equity, Related Stockholder Matters and Issuer Purchases of
Equity Securities
    
    
    20Item 6. Selected Financial Data
    
    
    21Item 7. Managements Discussion and Analysis of Financial Condition and Results of Operations
    
    
    22Item 7A. Quantitative and Qualitative Disclosures About Market Risk
    
    
    38Item 8. Financial Statements and Supplementary Data
    
    
    41Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure
    
    
    83Item 9A(T). Controls and Procedures
    
    
    83Item 9B. Other Information
    
    
    83PART IIIItem 10. Directors, Executive Officers and Corporate Governance
    
    
    84Item 11. Executive Compensation
    
    
    84Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters
    
    
    84Item 13. Certain Relationships and Related Transactions, and Director Independence
    
    
    84Item 14. Principal Accounting Fees and Services
    
    
    84PART IVItem 15. Exhibits, Financial Statement Schedules
    
    
    84SIGNATURES
    
    
    86Exhibit 21.1Exhibit 23.1Exhibit 31.1Exhibit 31.2Exhibit 32
  Forward-Looking Statements
  CPA®:14 2009 10-K 1




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##### Table of Contents



Item 1.
    
    Business.
 (a) General Development of Business
 Overview
   
    
    clauses providing for mandated rent increases or periodic rent increases over the term
of the lease tied to increases in the Consumer Price Index (CPI) or other similar indices
for the jurisdiction in which the property is located or, when appropriate, increases tied
to the volume of sales at the property;
 
    
    indemnification for environmental and other liabilities;
 
    
    operational or financial covenants of the tenant; and
 
    
    guarantees of lease obligations from parent companies or letters of credit.
  ® ® ® ®
   Significant Developments during 2009 include:
 Impairment Charges
 Redemption Plan
 CPA®:14 2009 10-K 2




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##### Table of Contents



Net Asset Values
 (b) Financial Information About Segments
  (c) Narrative Description of Business
 Business Objectives and Strategy
   
    
    own a diversified portfolio of triple-net leased real estate;
    
    fund distributions to shareholders; and
    
    increase our equity in our real estate by making regular principal payments on mortgage loans for our properties.
  ®
 Our Portfolio
  Geographic Diversification
  Consolidated Investments
    
    
    Equity Investments in Real Estate(b)Annualized
    
    
    % of Annualized
    
    
    Annualized
    
    
    % of AnnualizedContractual Lease
    
    
    Contractual
    
    
    Contractual Lease
    
    
    ContractualRegion
    
    Revenue(a)
    
    
    Lease Revenue
    
    
    Revenue(a)
    
    
    Lease RevenueUnited StatesEast
    
    $
    38,687
    
    
    
    25
    %
    
    $
    4,036
    
    
    
    8
    %Midwest
    
    
    32,712
    
    
    
    21
    
    
    
    8,352
    
    
    
    17South
    
    
    28,628
    
    
    
    19
    
    
    
    11,200
    
    
    
    23West
    
    
    27,023
    
    
    
    18
    
    
    
    13,115
    
    
    
    27Total U.S.
    
    
    127,050
    
    
    
    83
    
    
    
    36,703
    
    
    
    75InternationalEurope (c)
    
    
    26,816
    
    
    
    17
    
    
    
    12,291
    
    
    
    25Total
    
    $
    153,866
    
    
    
    100
    %
    
    $
    48,994
    
    
    
    100
    %
 
 (a)
    
    Reflects annualized contractual minimum base rent for the fourth quarter of 2009. CPA®:14 2009 10-K 3




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(b)
    
    Reflects our pro rata share of annualized contractual minimum base rent for the fourth
quarter of 2009 from equity investments in real estate.(c)
    
    Reflects investments in Finland, France, Germany, and the Netherlands. Property Diversification
  Consolidated Investments
    
    
    Equity Investments in Real Estate(b)Annualized
    
    
    % of Annualized
    
    
    Annualized
    
    
    % of AnnualizedContractual Lease
    
    
    Contractual
    
    
    Contractual Lease
    
    
    ContractualProperty Type
    
    Revenue(a)
    
    
    Lease Revenue
    
    
    Revenue(a)
    
    
    Lease RevenueIndustrial
    
    $
    49,660
    
    
    
    32
    %
    
    $
    13,335
    
    
    
    27
    %Warehouse/distribution
    
    
    46,829
    
    
    
    30
    
    
    
    8,655
    
    
    
    18Office
    
    
    29,881
    
    
    
    19
    
    
    
    5,758
    
    
    
    12Retail
    
    
    15,802
    
    
    
    10
    
    
    
    11,624
    
    
    
    24Other properties (c)
    
    
    11,694
    
    
    
    9
    
    
    
    9,622
    
    
    
    19Total
    
    $
    153,866
    
    
    
    100
    %
    
    $
    48,994
    
    
    
    100
    %
 
 (a)
    
    Reflects annualized contractual minimum base rent for the fourth quarter of 2009.(b)
    
    Reflects our pro rata share of annualized contractual minimum base rent for the fourth
quarter of 2009 from equity investments in real estate.(c)
    
    Other properties include education and childcare and leisure;
movie theaters; sports/fitness;
and storage/trucking facilities, as well as undeveloped land. Tenant Diversification
  Consolidated Investments
    
    
    Equity Investments in Real Estate(c)Annualized
    
    
    % of Annualized
    
    
    Annualized
    
    
    % of AnnualizedContractual Lease
    
    
    Contractual
    
    
    Contractual Lease
    
    
    ContractualTenant Industry(a)
    
    Revenue(b)
    
    
    Lease Revenue
    
    
    Revenue(b)
    
    
    Lease RevenueRetail trade
    
    $
    42,217
    
    
    
    27
    %
    
    $
    15,189
    
    
    
    31
    %Electronics
    
    
    18,209
    
    
    
    12
    
    
    
    10,795
    
    
    
    22Automobile
    
    
    16,529
    
    
    
    11
    
    
    
    
    
    
    
    Transportation  cargo
    
    
    12,104
    
    
    
    8
    
    
    
    
    
    
    
    Construction and building
    
    
    10,759
    
    
    
    7
    
    
    
    6,691
    
    
    
    14Leisure, amusement, entertainment
    
    
    8,872
    
    
    
    6
    
    
    
    5,811
    
    
    
    12Beverages, food, and tobacco
    
    
    7,282
    
    
    
    5
    
    
    
    1,763
    
    
    
    4Consumer non-durable goods
    
    
    6,421
    
    
    
    4
    
    
    
    
    
    
    
    Business and commercial services
    
    
    5,977
    
    
    
    4
    
    
    
    2,474
    
    
    
    5Chemicals, plastics, rubber, and
glass
    
    
    5,412
    
    
    
    4
    
    
    
    
    
    
    
    Machinery
    
    
    4,491
    
    
    
    3
    
    
    
    
    
    
    
    Healthcare, education and childcare
    
    
    4,472
    
    
    
    3
    
    
    
    
    
    
    
    Media: printing and publishing
    
    
    2,286
    
    
    
    1
    
    
    
    1,597
    
    
    
    3Buildings and real estate
    
    
    
    
    
    
    
    
    
    
    2,437
    
    
    
    5Other (d)
    
    
    8,835
    
    
    
    5
    
    
    
    2,237
    
    
    
    4Total
    
    $
    153,866
    
    
    
    100
    %
    
    $
    48,994
    
    
    
    100
    %
 
 (a)
    
    Based on the Moodys Investors Service, Inc. classification system and information provided
by the tenant.(b)
    
    Reflects annualized contractual minimum base rent for the fourth quarter of 2009.(c)
    
    Reflects our pro rata share of annualized contractual minimum base rent for the fourth
quarter of 2009 from equity investments in real estate. CPA®:14 2009 10-K 4




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(d)
    
    Other includes revenue from tenants in our consolidated investments in the following
industries: aerospace and defense (1%); consumer and durable goods (1%); forest products and
paper (1%); hotels and gaming (1%); mining (1%) and banking (less than 1%). For our equity
investments in real estate, other consists of revenue from tenants in the following
industries: personal transportation (3%) and grocery (1%). Lease Expirations
  Consolidated Investments
    
    
    Equity Investments in Real Estate(b)Annualized
    
    
    % of Annualized
    
    
    Annualized
    
    
    % of AnnualizedContractual Lease
    
    
    Contractual
    
    
    Contractual Lease
    
    
    ContractualYear of Lease Expiration
    
    Revenue(a)
    
    
    Lease Revenue
    
    
    Revenue(a)
    
    
    Lease Revenue2010
    
    $
    6,229
    
    
    
    4
    %
    
    $
    
    
    
    
    
    %2011
    
    
    6,245
    
    
    
    4
    
    
    
    
    
    
    
    2012
    
    
    722
    
    
    
    
    
    
    
    
    
    
    
    2013
    
    
    1,223
    
    
    
    1
    
    
    
    
    
    
    
    2014
    
    
    2,400
    
    
    
    2
    
    
    
    1,312
    
    
    
    32015
    
    
    23,570
    
    
    
    15
    
    
    
    2,474
    
    
    
    52016
    
    
    8,056
    
    
    
    5
    
    
    
    1,763
    
    
    
    42017
    
    
    14,691
    
    
    
    10
    
    
    
    
    
    
    
    2018
    
    
    2,810
    
    
    
    2
    
    
    
    8,972
    
    
    
    182019
    
    
    17,688
    
    
    
    11
    
    
    
    3,347
    
    
    
    72020-2024
    
    
    70,232
    
    
    
    46
    
    
    
    13,632
    
    
    
    282025-2029
    
    
    
    
    
    
    
    
    
    
    5,202
    
    
    
    112030 and thereafter
    
    
    
    
    
    
    
    
    
    
    12,292
    
    
    
    24Total
    
    $
    153,866
    
    
    
    100
    %
    
    $
    48,994
    
    
    
    100
    %
 (a)
    
    Reflects annualized contractual minimum base rent for the fourth quarter of 2009.(b)
    
    Reflects our pro rata share of annualized contractual minimum base rent for the fourth
quarter of 2009 from equity investments in real estate. Asset Management
   Holding Period
   CPA®:14 2009 10-K 5




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® ® ® ®
 Financing Strategies
    2010
    
    $
    66,666
    (a)(b)2011
    
    
    255,794

(a)(c)2012
    
    
    151,263

(a)(c)2013
    
    
    
    (a)2014
    
    
    15,076
    (a)
 
 (a)
    
    Excludes our pro rata share of mortgage obligations of equity investments in real estate
totaling $4.2 million in 2010, $9.8 million in 2011, $28.9 million in 2012, $32.4 million in
2013 and $16.7 million in 2014.(b)
    
    Of the amount shown, $5.4 million was paid in the first quarter of 2010.(c)
    
    Inclusive of amounts attributable to noncontrolling interests totaling $29.3 million in 2011
and $2.5 million in 2012. CPA®:14 2009 10-K 6




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Investment Strategies
     Tenant/Borrower Evaluation
 Properties Important to Tenant/Borrower Operations
 Diversification
 Lease Terms
 Collateral Evaluation
 CPA®:14 2009 10-K 7




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Transaction Provisions to Enhance and Protect Value
 Other Equity Enhancements
 Investment Decisions ® ® ® ® ®
  
    
    Nathaniel S. Coolidge,Chairman  Former senior vice president
and head of the bond and corporate finance department of John
Hancock Mutual Life Insurance (currently known as John Hancock
Life Insurance Company). Mr. Coolidges responsibilities included
overseeing its entire portfolio of fixed income investments.
    
    Trevor P. Bond Co-founder of Credit Suisses real estate equity
group. Currently managing member of private investment vehicle,
Maidstone Investment Co., LLC.
    
    Axel K.A. Hansing Currently serving as a senior partner at
Coller Capital, Ltd., a global leader in the private equity
secondary market, and responsible for investment activity in parts
of Europe, Turkey and South Africa.
    
    Frank J. Hoenemeyer Former vice chairman and chief investment
officer of the Prudential Insurance Company of America. As chief
investment officer, he was responsible for all of Prudential
Insurance Company of Americas investments including stocks, bonds
and real estate.
 
    
    Dr. Lawrence R. Klein Currently serving as professor emeritus
of economics and finance at the University of Pennsylvania and its
Wharton School. Recipient of the 1980 Nobel Prize in economic
sciences and former consultant to both the Federal Reserve Board
and the Presidents Council of Economic Advisors.
 CPA®:14 2009 10-K 8




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
    
    Nick J.M. van Ommen Former chief executive officer of the
European Public Real Estate Association promoting, developing and
representing the European public real estate sector, with over
twenty years of financial industry experience.
    
    Dr. Karsten von Köller Currently chairman of Lone Star Germany
GmbH, deputy chairman of the Supervisory Board of Corealcredit
Bank AG, deputy chairman of the Supervisory Board of MHB Bank AG,
and vice chairman of the Supervisory Board of IKB Deutsche
Industriebank AG. Former chief executive officer of Eurohypo AG.
 Segments
  Competition
  Environmental Matters
  Transactions with Affiliates
 ®
 Types of Investments
  Other Investments
  CPA®:14 2009 10-K 9




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(d) Financial Information About Geographic Areas
  (e) Available Information
   
 Item 1A.
    
    Risk Factors.
  The current financial and economic crisis has adversely affected, and may continue to adversely
affect, our business.
 ,
 CPA®:14 2009 10-K 10




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We are subject to the risks of real estate ownership, which could reduce the value of our
properties.
  
    
    changes in the general economic climate;
    
    changes in local conditions such as an oversupply of space or reduction in demand for real estate;
    
    changes in interest rates and the availability of financing; and
    
    changes in laws and governmental regulations, including those governing real estate usage, zoning and taxes.
 We may have difficulty selling or re-leasing our properties.
  We have recognized, and may in the future recognize, substantial impairment charges on our
properties.
  The inability of a tenant in a single tenant property to pay rent will reduce our revenues.
  The bankruptcy or insolvency of tenants or borrowers may cause a reduction in revenue.
  
    
    the loss of lease or interest payments;
    
    an increase in the costs incurred to carry the property;
    
    litigation;
    
    a reduction in the value of our shares; and
    
    a decrease in distributions to our shareholders.
  CPA®:14 2009 10-K 11




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® ®
  Our distributions may exceed our adjusted cash flow from operating activities and our earnings in
accordance with accounting principles generally accepted in the U.S. (GAAP).
   We do not fully control the management for our properties.
  CPA®:14 2009 10-K 12




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Our leases may permit tenants to purchase a property at a predetermined price, which could limit
our realization of any appreciation or result in a loss.
  Our success is dependent on the performance of the advisor.
 ®
 The advisor may be subject to conflicts of interest.
  
    
    the receipt of compensation by the advisor for property purchases, leases, sales and
financing for us, which may cause the advisor to engage in transactions that generate
higher fees, rather than transactions that are more appropriate or beneficial for our
business;
 
    
    agreements between us and the advisor, including agreements regarding compensation, will
not be negotiated on an arms-length basis as would occur if the agreements were with
unaffiliated third parties;
 
    
    acquisitions of single properties or portfolios of properties from affiliates, including
WPC or the CPA® REITs, subject to our investment policies and procedures, which
may take the form of a direct purchase of assets, a merger or another type of transaction;
 
    
    competition with certain affiliates for property acquisitions, which may cause the
advisor and its affiliates to direct properties suitable for us to other related entities;
 
    
    a decision by the advisor (on our behalf) of whether to hold or sell a property could
impact the timing and amount of fees payable to the advisor because it receives asset
management fees and may decide not to sell a property;
 
    
    disposition, incentive and termination fees, which are based on the sale price of
properties or the terms of a liquidity transaction, may cause a conflict between the
advisors desire to sell a property or engage in a liquidity transaction and our interests.
 We delegate our management functions to the advisor.
  The termination or replacement of the advisor could trigger a default or repayment event under our
financing arrangements for some of our assets.
  CPA®:14 2009 10-K 13




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Our estimated annual net asset value is based in part on information that the advisor provides to a
third party.
  Appraisals that we obtain may include leases in place on the property being appraised, and if the
leases terminate, the value of the property may become significantly lower.
  We are not required to meet any diversification standards; therefore, our investments may become
subject to concentration of risk.
  Our use of debt to finance investments could adversely affect our cash flow and distributions to
shareholders.
   Failure to qualify as a REIT would adversely affect our operations and ability to make
distributions.
   CPA®:14 2009 10-K 14




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Dividends payable by REITs generally do not qualify for reduced U.S. federal income tax rates
because qualifying REITs do not pay U.S. federal income tax on their net income.
  The ability of our board of directors to change our investment policies or revoke our REIT election
without shareholder approval may cause adverse consequences to our shareholders.
   Potential liability for environmental matters could adversely affect our financial condition.
  
    
    Responsibility and liability for the cost of investigation, removal or remediation of
hazardous or toxic substances released on or from our property, generally without regard to
our knowledge of, or responsibility for, the presence of these contaminants.
 
    
    Liability for claims by third parties based on damages to natural resources or property,
personal injuries, or costs of removal or remediation of hazardous or toxic substances in,
on, or migrating from our property.
 
    
    Responsibility for managing asbestos-containing building materials, and third-party
claims for exposure to those materials.
  CPA®:14 2009 10-K 15




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International investments involve additional risks.
  
    
    Changing governmental rules and policies;
 
    
    Enactment of laws relating to the foreign ownership of property and laws relating to the
ability of foreign entities to remove invested capital or profits earned from activities
within the country to the U.S.;
 
    
    Expropriation;
 
    
    Legal systems under which the ability to enforce contractual rights and remedies may be
more limited than would be the case under U.S. law;
 
    
    The difficulty in conforming obligations in other countries and the burden of complying
with a wide variety of foreign laws, which may be more stringent than U.S. laws, including
tax requirements and land use, zoning and environmental laws, as well as changes in such
laws;
    
    Adverse market conditions caused by changes in national or local economic or political conditions;
    
    Changes in relative interest rates;
    
    Changes in the availability, cost and terms of mortgage funds resulting from varying national economic policies;
    
    Restrictions and/or significant costs in repatriating cash
and cash equivalents held in foreign bank accounts; and
    
    Changes in real estate and other tax rates and other operating expenses in particular countries.
    The returns on our investments in net leased properties may not be as great as returns on equity
investments in real properties during strong real estate markets.
  CPA®:14 2009 10-K 16




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A potential change in U.S. accounting standards regarding operating leases may make the leasing of
facilities less attractive to our potential domestic tenants, which could reduce overall demand for
our leasing services.
  Our net tangible book value may be adversely affected if we are required to adopt certain fair
value accounting provisions.
   Your investment return may be reduced if we are required to register as an investment company under
the Investment Company Act.
  
    
    limitations on capital structure;
    
    restrictions on specified investments;
    
    prohibitions on transactions with affiliates; and
 
    
    compliance with reporting, record keeping, voting, proxy disclosure and other rules and
regulations that would significantly increase our operating expenses.
  CPA®:14 2009 10-K 17




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There is not, and may never be, an active public trading market for our shares, so it will be
difficult for shareholders to sell shares quickly.
  Maryland law could restrict change in control.
  
    
    any person who beneficially owns 10% or more of the voting power of outstanding shares,
referred to as an interested shareholder;
 
    
    an affiliate who, at any time within the two-year period prior to the date in question,
was the beneficial owner of 10% or more of the voting power of our outstanding shares, also
referred to as an interested shareholder; or
 
    
    an affiliate of an interested shareholder.
   Shareholders equity may be diluted
  
 Item 1B.
    
    Unresolved Staff Comments.
  CPA®:14 2009 10-K 18




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Item 2.
    
    Properties.
   
 Item 3.
    
    Legal Proceedings.
  
 Item 4.
    
    Removed and Reserved.
 CPA®:14 2009 10-K 19




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Item 5.
    
    Market for Registrants Common Equity, Related Stockholder Matters and Issuer Purchases of
Equity Securities.
 Unlisted Shares and Distributions
   Years ended December 31,2009
    
    
    2008First quarter
    
    $
    0.1976
    
    
    $
    0.1954Second quarter
    
    
    0.1981
    
    
    
    0.1959Third quarter
    
    
    0.1986
    
    
    
    0.1964Fourth quarter
    
    
    0.1991
    
    
    
    0.1971$
    0.7934
    
    
    $
    0.7848
 Unregistered Sales of Equity Securities
  Issuer Purchases of Equity Securities
 Total number of
    
    
    Maximum number (orshares
    
    
    approximate dollar value)purchased as part of
    
    
    of shares that may yet beTotal number of
    
    
    Average price
    
    
    publicly announced
    
    
    purchased under the2009 Period
    
    shares purchased(a)
    
    
    paid per share
    
    
    plans or programs(a)
    
    
    plans or programs(a)October
    
    
    
    
    
    
    
    
    
    
    N/A
    
    
    
    N/ANovember
    
    
    
    
    
    
    
    
    
    
    N/A
    
    
    
    N/ADecember
    
    
    39,391
    
    
    $
    12.28
    
    
    
    N/A
    
    
    
    N/ATotal
    
    
    39,391
 
 (a)
    
    Represents shares of our common stock purchased pursuant to our redemption plan. The amount
of shares purchasable in any period depends on the availability of funds generated by our
dividend reinvestment and share purchase plan and other factors at the discretion of our board
of directors. In September 2009, our board of directors approved the suspension of our
redemption plan, effective for all redemption requests received subsequent to September 1,
2009, subject to limited exceptions in cases of death or qualifying
disability. During the first quarter of 2010, our board of directors
re-evaluated the status of our redemption plan and determined to keep
the suspension in place. The suspension continues as of the date of
this Report and will remain in effect until our board of directors, in its discretion, determines to reinstate
the redemption plan.  We cannot give any assurances as to the
timing of any further actions by the board with regard to the plan. The redemption
plan will terminate if and when our shares are listed on a national securities market. CPA®:14 2009 10-K 20




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Item 6.
    
    Selected Financial Data.
   Years ended December 31,2009
    
    
    2008
    
    
    2007
    
    
    2006
    
    
    2005Operating Data(a)Total revenues (b)
    
    $
    169,985
    
    
    $
    163,475
    
    
    $
    160,546
    
    
    $
    130,134
    
    
    $
    127,138(Loss) income from continuing operations
    
    
    (2,891
    )
    
    
    44,209
    
    
    
    55,979
    
    
    
    58,224
    
    
    
    46,477Net income (c)
    
    
    7,001
    
    
    
    47,201
    
    
    
    65,954
    
    
    
    71,574
    
    
    
    49,402Less: Net income attributable to noncontrolling
interests
    
    
    (1,685
    )
    
    
    (2,037
    )
    
    
    (1,564
    )
    
    
    (1,956
    )
    
    
    (2,153
    )Net income attributable to CPA®:14 shareholders
    
    
    5,316
    
    
    
    45,164
    
    
    
    64,390
    
    
    
    69,618
    
    
    
    47,249Earnings per share:(Loss) income from continuing operations attributable to
CPA®:14 shareholders
    
    
    (0.05
    )
    
    
    0.48
    
    
    
    0.62
    
    
    
    0.83
    
    
    
    0.68Net income attributable to CPA®:14 shareholders
    
    
    0.06
    
    
    
    0.51
    
    
    
    0.73
    
    
    
    0.99
    
    
    
    0.69Cash distributions declared per share
    
    
    0.7934
    
    
    
    0.7848
    
    
    
    0.7766
    
    
    
    0.7711
    
    
    
    0.7646Balance Sheet DataTotal assets
    
    $
    1,551,969
    
    
    $
    1,637,430
    
    
    $
    1,715,148
    
    
    $
    1,675,323
    
    
    $
    1,295,036Net investments in real estate(d)
    
    
    1,310,471
    
    
    
    1,368,111
    
    
    
    1,433,314
    
    
    
    1,491,815
    
    
    
    1,202,567Long-term obligations (e)
    
    
    812,543
    
    
    
    821,262
    
    
    
    861,902
    
    
    
    826,459
    
    
    
    679,522Other InformationCash flow from operating activities
    
    $
    87,900
    
    
    $
    110,697
    
    
    $
    89,730
    
    
    $
    102,232
    
    
    $
    70,895Cash distributions paid
    
    
    68,832
    
    
    
    68,851
    
    
    
    68,323
    
    
    
    83,633
    
    
    
    51,905Payment of mortgage principal (f)
    
    
    44,873
    
    
    
    17,383
    
    
    
    16,552
    
    
    
    12,580
    
    
    
    12,433
 
 (a)
    
    Certain prior year balances have been retrospectively adjusted as discontinued operations and
for the adoption of recent accounting guidance for noncontrolling interests.(b)
    
    Total revenues during 2009, 2008 and 2007 include lease revenue from properties acquired in
the Merger in December 2006.(c)
    
    Results for 2009 and 2008 reflected impairment charges totaling $41.0 million and $10.9
million, respectively.(d)
    
    Net investments in real estate consists of net investments in properties, net investment in
direct financing leases, equity investments in real estate, real estate under construction and
assets held for sale, as applicable.(e)
    
    Represents mortgage and note obligations and deferred acquisition fee installments.(f)
    
    Represents scheduled mortgage principal payments. CPA®:14 2009 10-K 21




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##### Table of Contents



Item 7.
    
    Managements Discussion and Analysis of Financial Condition and Results of Operations.
  Business Overview
  Financial Highlights
  Years ended December 31,2009
    
    
    2008
    
    
    2007Total revenues
    
    $
    169,985
    
    
    $
    163,475
    
    
    $
    160,546Net income attributable to
CPA®:14 shareholders
    
    
    5,316
    
    
    
    45,164
    
    
    
    64,390Cash flow from operating activities
    
    
    87,900
    
    
    
    110,697
    
    
    
    89,730
      Current Trends
 ®
 CPA®:14 2009 10-K 22




---



##### Table of Contents



Financing Conditions
   Corporate Defaults
     CPA®:14 2009 10-K 23




---



##### Table of Contents



Net Asset Values
   Redemptions and Distributions
  Inflation and Foreign Exchange Rates
    How We Evaluate Results of Operations
  CPA®:14 2009 10-K 24




---



##### Table of Contents



Results of Operations
  Years ended December 31,2009
    
    
    2008
    
    
    2007Rental income
    
    $
    147,184
    
    
    $
    142,549
    
    
    $
    138,638Interest income from direct
financing leases
    
    
    14,356
    
    
    
    15,359
    
    
    
    16,472$
    161,540
    
    
    $
    157,908
    
    
    $
    155,110
 CPA®:14 2009 10-K 25




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##### Table of Contents



Years ended December 31,Lessee
    
    2009
    
    
    2008
    
    
    2007Carrefour France, SAS (a) (b)
    
    $
    22,177
    
    
    $
    19,656
    
    
    $
    17,379Petsmart, Inc. (c)
    
    
    8,303
    
    
    
    8,215
    
    
    
    8,303Federal Express Corporation (c)
    
    
    7,044
    
    
    
    6,967
    
    
    
    6,891Dicks Sporting Goods, Inc.
    
    
    6,939
    
    
    
    7,076
    
    
    
    6,832Atrium Companies, Inc.
    
    
    5,277
    
    
    
    5,170
    
    
    
    5,017Metaldyne Company LLC(d)
    
    
    5,210
    
    
    
    3,899
    
    
    
    3,797Tower Automotive, Inc. (b)
    
    
    4,629
    
    
    
    4,493
    
    
    
    4,194Perkin Elmer, Inc. (a) (e)
    
    
    4,552
    
    
    
    4,802
    
    
    
    3,838Katun Corporation (a)
    
    
    4,501
    
    
    
    4,497
    
    
    
    4,400Caremark Rx, Inc.
    
    
    4,300
    
    
    
    4,300
    
    
    
    4,300McLane Company Food Service Inc.
    
    
    3,736
    
    
    
    3,706
    
    
    
    3,569Amylin Pharmaceuticals, Inc. (f)
    
    
    3,635
    
    
    
    
    
    
    
    Amerix Corp. (b)
    
    
    3,241
    
    
    
    2,980
    
    
    
    2,928Rave Reviews Cinemas LLC
    
    
    3,037
    
    
    
    2,907
    
    
    
    2,888Gibson Guitar Corp. (c)
    
    
    2,727
    
    
    
    2,658
    
    
    
    2,556Builders FirstSource, Inc. (c)
    
    
    2,719
    
    
    
    2,692
    
    
    
    2,633Gerber Scientific, Inc.
    
    
    2,668
    
    
    
    2,591
    
    
    
    2,508Collins & Aikman Corporation(g)
    
    
    2,564
    
    
    
    2,488
    
    
    
    3,644Waddington North America, Inc.
    
    
    2,536
    
    
    
    2,536
    
    
    
    2,468Other (a) (c)
    
    
    61,745
    
    
    
    66,275
    
    
    
    66,965$
    161,540
    
    
    $
    157,908
    
    
    $
    155,110
 
 (a)
    
    Amounts are subject to fluctuations in foreign currency exchange rates. The average rate for
the U.S. dollar in relation to the Euro during the year ended December 31, 2009 strengthened
by approximately 5% in comparison to 2008, resulting in a negative impact on lease revenues
for our Euro-denominated investments in 2009. This impact was mitigated in some cases by CPI
or similar rent increases.(b)
    
    Increase was due to CPI-based (or equivalent) rent increase.(c)
    
    These revenues are generated in consolidated ventures, generally with our affiliates, and
include lease revenues applicable to noncontrolling interests totaling $9.8 million, $7.2
million and $6.4 million for the years ended December 31, 2009, 2008 and 2007, respectively.(d)
    
    Increase is due to amortization of a lease termination payment. In December 2009, we entered
into a lease settlement with Metaldyne upon its emergence from bankruptcy whereby Metaldyne
terminated its lease for four of the five properties it leases from us. Metaldyne will
continue to lease the fifth property at a reduced rent. We entered into direct leases with
existing subtenants at two of the properties vacated by Metaldyne, while the other two
properties remain vacant at the date of this Report. During 2009, we
recognized an impairment charge of $4.0 million on a property leased
to Metaldyne (Note 11).(e)
    
    We acquired an additional property leased to this tenant in December 2007.(f)
    
    We consolidated this venture as of September 30, 2009 (Note 6).(g)
    
    Decrease in 2008 was due to the sale of two properties in December 2007. CPA ® :14 2009 10-K 26




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##### Table of Contents



OwnershipInterest at
    
    
    Years ended December 31,Lessee
    
    December 31, 2009
    
    
    2009
    
    
    2008
    
    
    2007Hellweg Die Profi-Baumarkte GmbH & Co. KG (a)
    
    
    32
    %
    
    $
    35,889
    
    
    $
    37,128
    
    
    $
    25,536U-Haul Moving Partners, Inc. and Mercury Partners, L.P. (b)
    
    
    12
    %
    
    
    30,589
    
    
    
    28,541
    
    
    
    28,541True Value Company
    
    
    50
    %
    
    
    14,492
    
    
    
    14,698
    
    
    
    14,169Advanced Micro Devices, Inc.
    
    
    67
    %
    
    
    11,175
    
    
    
    11,175
    
    
    
    10,451Life Time Fitness, Inc.
    
    
    56
    %
    
    
    9,272
    
    
    
    9,272
    
    
    
    9,216CheckFree Holdings, Inc.
    
    
    50
    %
    
    
    4,964
    
    
    
    4,830
    
    
    
    4,711Best Buy Co., Inc.
    
    
    37
    %
    
    
    4,553
    
    
    
    4,421
    
    
    
    4,484Compucom Systems, Inc.
    
    
    67
    %
    
    
    5,020
    
    
    
    4,902
    
    
    
    4,549Del Monte Corporation (b)
    
    
    50
    %
    
    
    3,529
    
    
    
    3,241
    
    
    
    2,955The Upper Deck Company
    
    
    50
    %
    
    
    3,194
    
    
    
    3,194
    
    
    
    3,194Dicks Sporting Goods, Inc.
    
    
    45
    %
    
    
    3,141
    
    
    
    3,141
    
    
    
    3,030ShopRite Supermarkets, Inc.
    
    
    45
    %
    
    
    2,484
    
    
    
    2,461
    
    
    
    2,442Town Sports International Holdings, Inc.
    
    
    56
    %
    
    
    1,086
    
    
    
    1,086
    
    
    
    1,086Amylin Pharmaceuticals, Inc. (c)
    
    
    50
    %
    
    
    
    
    
    
    3,343
    
    
    
    3,343$
    129,388
    
    
    $
    131,433
    
    
    $
    117,707
 
 (a)
    
    We acquired our interest in this venture during 2007. In addition to lease revenues, the
venture also earned interest income of $27.1 million, $28.1 million and $19.5 million on a
note receivable during 2009, 2008 and 2007, respectively. Amounts are subject to fluctuations
in foreign currency exchange rates.(b)
    
    Increase was due to CPI-based (or equivalent) rent increase.(c)
    
    We consolidated this venture as of September 30, 2009 (Note 6). Lease Revenues
  2009 vs. 2008
 2008 vs. 2007
 Other Operating Income
  CPA ® :14 2009 10-K 27




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##### Table of Contents



2009 vs. 2008
 2008 vs. 2007
 Depreciation and Amortization
 2009 vs. 2008
 2008 vs. 2007
 Property Expense
 2009 vs. 2008
 2008 vs. 2007
 General and Administrative
 2009 vs. 2008
 2008 vs. 2007 ®
 CPA ® :14 2009 10-K 28




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##### Table of Contents



Impairment Charges
  Lessee
    
    2009
    
    
    2008
    
    
    2007
    
    
    ReasonNortel Networks Inc.
    
    $
    22,152
    
    
    $
    
    
    
    $
    
    
    
    Tenant filed for bankruptcyBuffets, Inc.
    
    
    8,100
    
    
    
    
    
    
    
    
    
    
    Tenant filed for bankruptcyMetaldyne Company
    
    
    4,027
    
    
    
    
    
    
    
    
    
    
    Tenant filed for bankruptcyNexpak Corporation
    
    
    3,500
    
    
    
    
    
    
    
    
    
    
    Tenant filed for bankruptcyVarious lessees
    
    
    2,566
    
    
    
    1,139
    
    
    
    345
    
    
    Decline in unguaranteed residual value or estimated fair market value of propertiesImpairment charges from continuing operations
    
    $
    40,345
    
    
    $
    1,139
    
    
    $
    345
  Income from Equity Investments in Real Estate
  2009 vs. 2008
 2008 vs. 2007
 Other Income and (Expenses)
  2009 vs. 2008
 CPA ® :14 2009 10-K 29




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##### Table of Contents



2008 vs. 2007
 Advisor Settlement
  Provision for Income Taxes
 2009 vs. 2008
 Discontinued Operations
 2009
 2008
 2007
 Net Income Attributable to CPA ® :14 Shareholders
 2009 vs. 2008 ®
 2008 vs. 2007 ®
 Financial Condition
 Sources and Uses of Cash during the Year
  Operating Activities
 CPA ® :14 2009 10-K 30




---



##### Table of Contents



Investing Activities
 Financing Activities
   CPA ® :14 2009 10-K 31




---



##### Table of Contents



Summary of Financing
  December 31,2009
    
    
    2008BalanceFixed rate
    
    $
    684,284
    
    
    $
    691,263Variable rate (a)
    
    
    121,379
    
    
    
    119,531Total
    
    $
    805,663
    
    
    $
    810,794Percent of total debtFixed rate
    
    
    85
    %
    
    
    85
    %Variable rate (a)
    
    
    15
    %
    
    
    15
    %100
    %
    
    
    100
    %Weighted average interest rate at end of yearFixed rate
    
    
    7.2
    %
    
    
    7.4
    %Variable rate (a)
    
    
    6.2
    %
    
    
    6.2
    %
 
 (a)
    
    Variable rate debt at December 31, 2009 included (i) $18.4 million that has been effectively
converted to fixed rate debt through interest rate swap derivative instruments and (ii) $97.7
million in mortgage obligations that bore interest at fixed rates but that convert to variable
rates during their term. The interest rate for one of these loans, which had an outstanding
balance of $8.0 million at December 31, 2009, is scheduled to reset to a variable rate in
April 2010. Cash Resources
   Cash Requirements
  CPA ® :14 2009 10-K 32




---



##### Table of Contents



Off-Balance Sheet Arrangements and Contractual Obligations
  Less than
    
    
    
    
    
    
    
    
    
    More thanTotal
    
    
    1 Year
    
    
    1-3 Years
    
    
    3-5 Years
    
    
    5 YearsNon-recourse debt  Principal
    
    $
    805,663
    
    
    $
    86,262
    
    
    $
    434,601
    
    
    $
    37,277
    
    
    $
    247,523Deferred acquisition fees  Principal
    
    
    6,880
    
    
    
    2,645
    
    
    
    2,557
    
    
    
    893
    
    
    
    785Interest on borrowings and deferred acquisition fees (a)
    
    
    195,447
    
    
    
    54,325
    
    
    
    63,405
    
    
    
    33,669
    
    
    
    44,048Subordinated disposition fees (b)
    
    
    5,722
    
    
    
    
    
    
    
    5,722
    
    
    
    
    
    
    
    Operating and other lease commitments (c)
    
    
    4,462
    
    
    
    641
    
    
    
    1,305
    
    
    
    1,310
    
    
    
    1,206$
    1,018,174
    
    
    $
    143,873
    
    
    $
    507,590
    
    
    $
    73,149
    
    
    $
    293,562
 
 (a)
    
    Interest on unhedged variable rate debt obligations was calculated using the applicable
annual variable interest rates and balances outstanding at December 31, 2009.(b)
    
    Payable to the advisor, subject to meeting contingencies, in connection with any liquidity
event. There can be no assurance that any liquidity event will be achieved in this time frame.
See Holding Period in Item 1 above.(c)
    
    Operating and other lease commitments consist primarily of rent obligations under ground
leases and our share of future minimum rents payable under an office cost-sharing agreement
with certain affiliates for the purpose of leasing office space used for the administration of
real estate entities. Amounts under the cost-sharing agreement are allocated among the
entities based on gross revenues and are adjusted quarterly. The table above excludes the
rental obligations under ground leases of two ventures in which we own a combined interest of
32%. These obligations total approximately $34.6 million over the lease terms, which extend
through 2091. We account for these ventures under the equity method of accounting.    CPA ® :14 2009 10-K 33




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##### Table of Contents



OwnershipInterest at
    
    
    
    
    
    
    Total ThirdLessee
    
    December 31, 2009
    
    
    Total Assets
    
    
    Party Debt
    
    
    Maturity DateShopRite Supermarkets, Inc.
    
    
    45
    %
    
    $
    16,342
    
    
    $
    9,483
    
    
    
    7/2010The Upper Deck Company
    
    
    50
    %
    
    
    27,693
    
    
    
    10,403
    
    
    
    2/2011Del Monte Corporation
    
    
    50
    %
    
    
    14,505
    
    
    
    10,389
    
    
    
    8/2011Advanced Micro Devices, Inc. (a)
    
    
    67
    %
    
    
    88,182
    
    
    
    33,502
    
    
    
    1/2012Best Buy Co., Inc.
    
    
    37
    %
    
    
    42,562
    
    
    
    24,594
    
    
    
    2/2012True Value Company
    
    
    50
    %
    
    
    131,196
    
    
    
    69,165
    
    
    
    1/2013&2/2013U-Haul Moving Partners, Inc. and Mercury Partners, LP
    
    
    12
    %
    
    
    294,101
    
    
    
    164,328
    
    
    
    5/2014Checkfree Holdings, Inc.
    
    
    50
    %
    
    
    33,745
    
    
    
    29,500
    
    
    
    6/2016Life Time Fitness, Inc. and Town Sports
International Holdings, Inc.
    
    
    56
    %
    
    
    114,443
    
    
    
    83,249
    
    
    
    12/2016&5/2017Hellweg Die Profi-Baumarkte GmbH & Co. KG(b)
    
    
    32
    %
    
    
    470,451
    
    
    
    404,267
    
    
    
    4/2017Compucom Systems, Inc. (c)
    
    
    67
    %
    
    
    32,738
    
    
    
    21,748
    
    
    
    3/2019Dicks Sporting Goods, Inc.
    
    
    45
    %
    
    
    27,756
    
    
    
    22,185
    
    
    
    1/2022$
    1,293,714
    
    
    $
    882,813
 
 (a)
    
    In July 2009, this venture restructured its existing non-recourse mortgage debt and made an
$8.0 million partial paydown of the loan balance.(b)
    
    Ownership interest represents our combined interest in two ventures. Total assets excludes a
note receivable from an unaffiliated third party. Total third party debt excludes a related
noncontrolling interest that is redeemable by the unaffiliated third party. The note
receivable and noncontrolling interest each had a carrying value of $337.4 million at December
31, 2009. Dollar amounts shown are based on the exchange rate of the Euro at December 31,
2009.(c)
    
    In April 2009, this venture refinanced its existing non-recourse mortgage debt for new
non-recourse financing of $22.6 million.  Critical Accounting Estimates
  CPA ® :14 2009 10-K 34




---



##### Table of Contents



Classification of Real Estate Assets
  Identification of Tangible and Intangible Assets in Connection with Real Estate Acquisitions
     Basis of Consolidation
  CPA ® :14 2009 10-K 35




---



##### Table of Contents



Impairments
  Real Estate
  Direct Financing Leases
  CPA ® :14 2009 10-K 36




---



##### Table of Contents



Assets Held for Sale
   Equity Investments in Real Estate
  Marketable Securities
  Provision for Uncollected Amounts from Lessees
  Income Taxes
  CPA ® :14 2009 10-K 37




---



##### Table of Contents



Future Accounting Requirements
  
 Item 7A.
    
    Quantitative and Qualitative Disclosures About Market Risk
 Market Risks
   Interest Rate Risk
   ®
 CPA ® :14 2009 10-K 38




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##### Table of Contents



2010
    
    
    2011
    
    
    2012
    
    
    2013
    
    
    2014
    
    
    Thereafter
    
    
    Total
    
    
    Fair valueFixed rate debt
    
    $
    80,719
    
    
    $
    266,222
    
    
    $
    156,746
    
    
    $
    4,535
    
    
    $
    19,636
    
    
    $
    156,426
    
    
    $
    684,284
    
    
    $
    642,901Variable rate debt
    
    $
    5,543
    
    
    $
    5,796
    
    
    $
    5,837
    
    
    $
    6,314
    
    
    $
    6,792
    
    
    $
    91,097
    
    
    $
    121,379
    
    
    $
    120,555
  Foreign Currency Exchange Rate Risk
   CPA ® :14 2009 10-K 39




---



##### Table of Contents



Lease Revenues(a)
    
    2010
    
    
    2011
    
    
    2012
    
    
    2013
    
    
    2014
    
    
    Thereafter
    
    
    TotalEuro
    
    $
    26,697
    
    
    $
    24,679
    
    
    $
    23,333
    
    
    $
    23,676
    
    
    $
    23,901
    
    
    $
    51,643
    
    
    $
    173,929British pound sterling
    
    
    272
    
    
    
    358
    
    
    
    367
    
    
    
    395
    
    
    
    403
    
    
    
    6,464
    
    
    
    8,259$
    26,969
    
    
    $
    25,037
    
    
    $
    23,700
    
    
    $
    24,071
    
    
    $
    24,304
    
    
    $
    58,107
    
    
    $
    182,188
  Debt Service(a) (b)
    
    2010
    
    
    2011
    
    
    2012
    
    
    2013
    
    
    2014
    
    
    Thereafter
    
    
    TotalEuro
    
    $
    15,335
    
    
    $
    15,142
    
    
    $
    14,860
    
    
    $
    14,854
    
    
    $
    14,941
    
    
    $
    221,483
    
    
    $
    296,615British pound sterling
    
    
    456
    
    
    
    458
    
    
    
    460
    
    
    
    460
    
    
    
    460
    
    
    
    100,857
    
    
    
    103,151$
    15,791
    
    
    $
    15,600
    
    
    $
    15,320
    
    
    $
    15,314
    
    
    $
    15,401
    
    
    $
    322,340
    
    
    $
    399,766
 
 (a)
    
    Based on the applicable exchange rate at December 31, 2009. Contractual rents and debt
obligations are denominated in the functional currency of the country of each property.(b)
    
    Interest on unhedged variable rate debt obligations was calculated using the applicable
annual interest rates and balances outstanding at December 31, 2009. Other
  CPA ® :14 2009 10-K 40




---



##### Table of Contents



Item 8.
    
    Financial Statements and Supplementary Data.
  Report of Independent Registered Public Accounting Firm
    
    
    42Consolidated Balance Sheets
    
    
    43Consolidated Statements of Income
    
    
    44Consolidated Statements of Comprehensive Income
    
    
    45Consolidated Statements of Equity
    
    
    46Consolidated Statements of Cash Flows
    
    
    47Notes to Consolidated Financial Statements
    
    
    49Schedule III  Real Estate and Accumulated Depreciation
    
    
    79Notes to Schedule III
    
    
    82
  CPA ® :14 2009 10-K 41




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##### Table of Contents



REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
   
 CPA ® :14 2009 10-K 42




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##### Table of Contents



PART II
 Item 8.
    
    Financial Statements
 CORPORATE PROPERTY ASSOCIATES 14 INCORPORATED
 
 CONSOLIDATED BALANCE SHEETS
 (in thousands, except share and per share amounts)
 December 31,2009
    
    
    2008AssetsInvestments in real estate:Real estate, at cost
    
    $
    1,255,966
    
    
    $
    1,275,775Accumulated depreciation
    
    
    (215,967
    )
    
    
    (188,739
    )Net investment in properties
    
    
    1,039,999
    
    
    
    1,087,036Net investment in direct financing leases
    
    
    112,428
    
    
    
    124,731Assets held for sale
    
    
    8,651
    
    
    
    Equity investments in real estate
    
    
    149,393
    
    
    
    156,344Net investments in real estate
    
    
    1,310,471
    
    
    
    1,368,111Cash and cash equivalents
    
    
    93,310
    
    
    
    125,746Intangible assets, net
    
    
    63,804
    
    
    
    72,877Other assets, net
    
    
    84,384
    
    
    
    70,696Total assets
    
    $
    1,551,969
    
    
    $
    1,637,430Liabilities and EquityLiabilities:Non-recourse debt
    
    $
    805,663
    
    
    $
    810,794Accounts payable, accrued expenses and other liabilities
    
    
    19,975
    
    
    
    19,149Prepaid and deferred rental income and security deposits
    
    
    28,108
    
    
    
    25,650Due to affiliates
    
    
    16,380
    
    
    
    21,322Distributions payable
    
    
    17,143
    
    
    
    17,315Total liabilities
    
    
    887,269
    
    
    
    894,230Commitments and contingencies (Note 13)Equity:CPA®:14 shareholders equity:Common stock, $0.001 par value; 120,000,000 shares authorized; 95,058,267
and 93,654,012
shares issued, respectively
    
    
    95
    
    
    
    94Additional paid-in capital
    
    
    934,117
    
    
    
    916,069Distributions in excess of accumulated earnings
    
    
    (190,437
    )
    
    
    (127,093
    )Accumulated other comprehensive income
    
    
    8,838
    
    
    
    4,427752,613
    
    
    
    793,497Less, treasury stock at cost, 8,955,254 and 5,804,003 shares, respectively
    
    
    (105,419
    )
    
    
    (66,845
    )Total CPA®:14 shareholders equity
    
    
    647,194
    
    
    
    726,652Noncontrolling interests
    
    
    17,506
    
    
    
    16,548Total equity
    
    
    664,700
    
    
    
    743,200Total liabilities and equity
    
    $
    1,551,969
    
    
    $
    1,637,430
  CPA ® :14 2009 10-K 43




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##### Table of Contents



CORPORATE PROPERTY ASSOCIATES 14 INCORPORATED
 
 CONSOLIDATED STATEMENTS OF INCOME
 (in thousands, except share and per share amounts)
 Years ended December 31,2009
    
    
    2008
    
    
    2007RevenuesRental income
    
    $
    147,184
    
    
    $
    142,549
    
    
    $
    138,638Interest income from direct financing leases
    
    
    14,356
    
    
    
    15,359
    
    
    
    16,472Other operating income
    
    
    8,445
    
    
    
    5,567
    
    
    
    5,436169,985
    
    
    
    163,475
    
    
    
    160,546Operating ExpensesDepreciation and amortization
    
    
    (36,167
    )
    
    
    (32,019
    )
    
    
    (32,576
    )Property expenses
    
    
    (41,803
    )
    
    
    (33,094
    )
    
    
    (30,497
    )General and administrative
    
    
    (6,747
    )
    
    
    (8,282
    )
    
    
    (7,957
    )Impairment charges
    
    
    (40,345
    )
    
    
    (1,139
    )
    
    
    (345
    )(125,062
    )
    
    
    (74,534
    )
    
    
    (71,375
    )Other Income and ExpensesIncome from equity investments in real estate
    
    
    13,845
    
    
    
    637
    
    
    
    17,089Other interest income
    
    
    1,558
    
    
    
    4,121
    
    
    
    3,950Other income and (expenses)
    
    
    1,446
    
    
    
    3,847
    
    
    
    10,979Advisor settlement (Note 14)
    
    
    
    
    
    
    10,868
    
    
    
    Interest expense
    
    
    (61,326
    )
    
    
    (61,965
    )
    
    
    (63,262
    )(44,477
    )
    
    
    (42,492
    )
    
    
    (31,244
    )Income from continuing operations before income taxes
    
    
    446
    
    
    
    46,449
    
    
    
    57,927Provision for income taxes
    
    
    (3,337
    )
    
    
    (2,240
    )
    
    
    (1,948
    )(Loss) income from continuing operations
    
    
    (2,891
    )
    
    
    44,209
    
    
    
    55,979Discontinued OperationsIncome from operations of discontinued properties
    
    
    1,281
    
    
    
    2,468
    
    
    
    2,195Gain on sale of real estate
    
    
    8,611
    
    
    
    524
    
    
    
    7,780Income from discontinued operations
    
    
    9,892
    
    
    
    2,992
    
    
    
    9,975Net Income
    
    
    7,001
    
    
    
    47,201
    
    
    
    65,954Less: Net income attributable to noncontrolling interests
    
    
    (1,685
    )
    
    
    (2,037
    )
    
    
    (1,564
    )Net Income Attributable to CPA®:14 Shareholders
    
    $
    5,316
    
    
    $
    45,164
    
    
    $
    64,390Earnings Per Share(Loss) income from continuing operations attributable to CPA®:14
shareholders
    
    $
    (0.05
    )
    
    $
    0.48
    
    
    $
    0.62Income from discontinued operations attributable to CPA®:14 shareholders
    
    
    0.11
    
    
    
    0.03
    
    
    
    0.11Net income attributable to CPA®:14 shareholders
    
    $
    0.06
    
    
    $
    0.51
    
    
    $
    0.73Weighted Average Shares Outstanding
    
    
    87,078,468
    
    
    
    88,174,907
    
    
    
    87,860,052Amounts Attributable to CPA®:14 Shareholders(Loss) income from continuing operations, net of tax
    
    $
    (4,377
    )
    
    $
    42,174
    
    
    $
    54,413Income from discontinued operations, net of tax
    
    
    9,693
    
    
    
    2,990
    
    
    
    9,977Net income
    
    $
    5,316
    
    
    $
    45,164
    
    
    $
    64,390
  CPA ® :14 2009 10-K 44




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##### Table of Contents



CORPORATE PROPERTY ASSOCIATES 14 INCORPORATED
 
 CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
 (in thousands)
 Years ended December 31,2009
    
    
    2008
    
    
    2007Net Income
    
    $
    7,001
    
    
    $
    47,201
    
    
    $
    65,954Other Comprehensive Income:Foreign currency translation adjustment
    
    
    823
    
    
    
    (9,006
    )
    
    
    5,888Change in unrealized gain (loss) on marketable securities
    
    
    1,199
    
    
    
    (2,385
    )
    
    
    385Change in unrealized gain (loss) on derivative instruments
    
    
    2,426
    
    
    
    (2,256
    )
    
    
    4,448
    
    
    
    (13,647
    )
    
    
    6,273Comprehensive income
    
    
    11,449
    
    
    
    33,554
    
    
    
    72,227Amounts Attributable to Noncontrolling Interests:Net income
    
    
    (1,685
    )
    
    
    (2,037
    )
    
    
    (1,564
    )Change in unrealized gain on marketable securities
    
    
    (37
    )
    
    
    
    
    
    
    Comprehensive income attributable to noncontrolling interests
    
    
    (1,722
    )
    
    
    (2,037
    )
    
    
    (1,564
    )Comprehensive Income Attributable to CPA®:14 Shareholders
    
    $
    9,727
    
    
    $
    31,517
    
    
    $
    70,663
  CPA ® :14 2009 10-K 45




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##### Table of Contents



CORPORATE PROPERTY ASSOCIATES 14 INCORPORATED
 
 CONSOLIDATED STATEMENTS OF EQUITY
 For the years ended December 31, 2009, 2008 and 2007
 (in thousands, except share and per share amounts)
 CPA:14 ShareholdersDistributions
    
    
    AccumulatedAdditional
    
    
    in Excess of
    
    
    Other
    
    
    
    
    
    
    TotalCommon
    
    
    Paid-In
    
    
    Accumulated
    
    
    Comprehensive
    
    
    Treasury
    
    
    CPA®:14
    
    
    NoncontrollingShares
    
    
    Stock
    
    
    Capital
    
    
    Earnings
    
    
    Income
    
    
    Stock
    
    
    Shareholders
    
    
    Interests
    
    
    TotalBalance at January 1, 2007
    
    
    87,652,705
    
    
    $
    90
    
    
    $
    874,370
    
    
    $
    (99,485
    )
    
    $
    11,801
    
    
    $
    (29,216
    )
    
    $
    757,560
    
    
    $
    19,465
    
    
    $
    777,025Shares issued $.001 par, at $13.20 per share,
net of offering costs
    
    
    745,265
    
    
    
    1
    
    
    
    9,156
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    9,157
    
    
    
    
    
    
    
    9,157Shares, $.001 par, issued to the advisor at
$13.20 per share
    
    
    852,132
    
    
    
    1
    
    
    
    11,247
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    11,248
    
    
    
    
    
    
    
    11,248Distributions declared ($0.7766 per share)
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (68,112
    )
    
    
    
    
    
    
    
    
    
    
    (68,112
    )
    
    
    
    
    
    
    (68,112
    )Distributions to noncontrolling interests
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (2,996
    )
    
    
    (2,996
    )Net income
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    64,390
    
    
    
    
    
    
    
    
    
    
    
    64,390
    
    
    
    1,564
    
    
    
    65,954Other comprehensive income:Foreign currency translation adjustment
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    5,888
    
    
    
    
    
    
    
    5,888
    
    
    
    
    
    
    
    5,888Change in unrealized gain on
marketable securities
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    385
    
    
    
    
    
    
    
    385
    
    
    
    
    
    
    
    385Repurchase of shares
    
    
    (1,432,031
    )
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (17,556
    )
    
    
    (17,556
    )
    
    
    
    
    
    
    (17,556
    )Balance at December 31, 2007
    
    
    87,818,071
    
    
    
    92
    
    
    
    894,773
    
    
    
    (103,207
    )
    
    
    18,074
    
    
    
    (46,772
    )
    
    
    762,960
    
    
    
    18,033
    
    
    
    780,993Shares issued $.001 par, at $14.00 - $14.50
per share, net of offering costs
    
    
    691,750
    
    
    
    1
    
    
    
    9,147
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    9,148
    
    
    
    
    
    
    
    9,148Shares, $.001 par, issued to the advisor at
$14.00 - $14.50 per share
    
    
    850,258
    
    
    
    1
    
    
    
    12,149
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    12,150
    
    
    
    
    
    
    
    12,150Distributions declared ($0.7848 per share)
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (69,050
    )
    
    
    
    
    
    
    
    
    
    
    (69,050
    )
    
    
    
    
    
    
    (69,050
    )Distributions to noncontrolling interests
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (3,522
    )
    
    
    (3,522
    )Net income
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    45,164
    
    
    
    
    
    
    
    
    
    
    
    45,164
    
    
    
    2,037
    
    
    
    47,201Other comprehensive loss:Foreign currency translation adjustment
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (9,006
    )
    
    
    
    
    
    
    (9,006
    )
    
    
    
    
    
    
    (9,006
    )Change in unrealized loss on marketable securities
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (2,385
    )
    
    
    
    
    
    
    (2,385
    )
    
    
    
    
    
    
    (2,385
    )Change in unrealized loss on derivative instrument
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (2,256
    )
    
    
    
    
    
    
    (2,256
    )
    
    
    
    
    
    
    (2,256
    )Repurchase of shares
    
    
    (1,510,070
    )
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (20,073
    )
    
    
    (20,073
    )
    
    
    
    
    
    
    (20,073
    )Balance at December 31, 2008
    
    
    87,850,009
    
    
    
    94
    
    
    
    916,069
    
    
    
    (127,093
    )
    
    
    4,427
    
    
    
    (66,845
    )
    
    
    726,652
    
    
    
    16,548
    
    
    
    743,200Shares issued $.001 par, at $13.00 and $14.00
per share, net of offering costs
    
    
    667,773
    
    
    
    
    
    
    
    8,844
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    8,844
    
    
    
    
    
    
    
    8,844Shares, $.001 par, issued to the advisor at
$13.00 per share
    
    
    736,482
    
    
    
    1
    
    
    
    9,204
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    9,205
    
    
    
    
    
    
    
    9,205Distributions declared ($0.7934 per share)
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (68,660
    )
    
    
    
    
    
    
    
    
    
    
    (68,660
    )
    
    
    
    
    
    
    (68,660
    )Distributions to noncontrolling interests
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (2,543
    )
    
    
    (2,543
    )Consolidation of a venture
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    1,779
    
    
    
    1,779Net income
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    5,316
    
    
    
    
    
    
    
    
    
    
    
    5,316
    
    
    
    1,685
    
    
    
    7,001Other comprehensive income:Foreign currency translation adjustment
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    823
    
    
    
    
    
    
    
    823
    
    
    
    
    
    
    
    823Change in unrealized gain on marketable securities
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    1,162
    
    
    
    
    
    
    
    1,162
    
    
    
    37
    
    
    
    1,199Change in unrealized gain on derivative instrument
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    2,426
    
    
    
    
    
    
    
    2,426
    
    
    
    
    
    
    
    2,426Repurchase of shares
    
    
    (3,151,251
    )
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (38,574
    )
    
    
    (38,574
    )
    
    
    
    
    
    
    (38,574
    )Balance at December 31, 2009
    
    
    86,103,013
    
    
    $
    95
    
    
    $
    934,117
    
    
    $
    (190,437
    )
    
    $
    8,838
    
    
    $
    (105,419
    )
    
    $
    647,194
    
    
    $
    17,506
    
    
    $
    664,700
  CPA ® :14 2009 10-K 46




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##### Table of Contents



CORPORATE PROPERTY ASSOCIATES 14 INCORPORATED
 
 CONSOLIDATED STATEMENTS OF CASH FLOWS  (in thousands)
 Years ended December 31,2009
    
    
    2008
    
    
    2007Cash Flows  Operating ActivitiesNet income
    
    $
    7,001
    
    
    $
    47,201
    
    
    $
    65,954Adjustments to net income:Depreciation and amortization, including intangible assets and deferred financing costs
    
    
    39,803
    
    
    
    37,792
    
    
    
    40,139Straight-line rent and financing lease adjustments
    
    
    1,766
    
    
    
    (1,225
    )
    
    
    (2,289
    )Income from equity investments in real estate in excess of distributions received
    
    
    1,476
    
    
    
    12,447
    
    
    
    598Issuance of shares to affiliate in satisfaction of fees due
    
    
    9,204
    
    
    
    12,150
    
    
    
    11,346Realized gain on foreign currency transactions, derivative instruments and other, net
    
    
    (227
    )
    
    
    (3,435
    )
    
    
    (2,018
    )Realized gain on sale of real estate
    
    
    (8,611
    )
    
    
    (1,062
    )
    
    
    (17,289
    )Realized gain on sale of securities
    
    
    
    
    
    
    (708
    )
    
    
    (1,648
    )Unrealized (gain) loss on foreign currency transactions, derivative instruments and
other, net
    
    
    (1,219
    )
    
    
    356
    
    
    
    (23
    )Reversal of unrealized gain on derivative instruments
    
    
    
    
    
    
    708
    
    
    
    2,207Impairment charges
    
    
    40,345
    
    
    
    1,139
    
    
    
    345Change in other operating assets and liabilities, net
    
    
    (1,638
    )
    
    
    5,334
    
    
    
    (7,592
    )Net cash provided by operating activities
    
    
    87,900
    
    
    
    110,697
    
    
    
    89,730Cash Flows  Investing ActivitiesEquity distributions received in excess of equity income in real estate
    
    
    12,313
    
    
    
    7,921
    
    
    
    57,150Acquisitions of real estate and other capitalized costs
    
    
    (2,914
    )
    
    
    
    
    
    
    (14,017
    )Contributions to equity investments in real estate
    
    
    (5,344
    )
    
    
    (11,928
    )
    
    
    (18,647
    )Purchase of a FDIC guaranteed unsecured note
    
    
    (5,000
    )
    
    
    
    
    
    
    Proceeds from sale of real estate and securities
    
    
    26,247
    
    
    
    15,765
    
    
    
    52,380Exercise of common warrants
    
    
    
    
    
    
    
    
    
    
    (999
    )Increase in cash due to consolidation of a venture
    
    
    309
    
    
    
    
    
    
    
    Funds released from restricted account
    
    
    
    
    
    
    
    
    
    
    617Payment of deferred acquisition fees to an affiliate
    
    
    (3,638
    )
    
    
    (3,846
    )
    
    
    (4,369
    )Net cash provided by investing activities
    
    
    21,973
    
    
    
    7,912
    
    
    
    72,115Cash Flows  Financing ActivitiesDistributions paid
    
    
    (68,832
    )
    
    
    (68,851
    )
    
    
    (68,323
    )Distributions paid to noncontrolling interests
    
    
    (2,543
    )
    
    
    (3,522
    )
    
    
    (2,996
    )Proceeds from mortgages and credit facility
    
    
    27,750
    
    
    
    9,740
    
    
    
    171,657Prepayment of mortgage principal and credit facility
    
    
    (22,219
    )
    
    
    (20,510
    )
    
    
    (134,074
    )Scheduled payments of mortgage principal
    
    
    (44,873
    )
    
    
    (17,383
    )
    
    
    (16,552
    )Deferred financing costs and mortgage deposits
    
    
    (962
    )
    
    
    (576
    )
    
    
    (768
    )Proceeds from stock issuance, net of costs
    
    
    8,844
    
    
    
    9,148
    
    
    
    9,059Purchase of treasury stock
    
    
    (38,574
    )
    
    
    (20,073
    )
    
    
    (17,556
    )Net cash used in financing activities
    
    
    (141,409
    )
    
    
    (112,027
    )
    
    
    (59,553
    )
  CPA ® :14 2009 10-K 47




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##### Table of Contents



CORPORATE PROPERTY ASSOCIATES 14 INCORPORATED
CONSOLIDATED STATEMENTS OF CASH FLOWS, CONTINUED
 Years ended December 31,2009
    
    
    2008
    
    
    2007Change in Cash and Cash Equivalents During the YearEffect of exchange rate changes on cash
    
    
    (900
    )
    
    
    (3,339
    )
    
    
    1,221Net (decrease) increase in cash and cash equivalents
    
    
    (32,436
    )
    
    
    3,243
    
    
    
    103,513Cash and cash equivalents, beginning of year
    
    
    125,746
    
    
    
    122,503
    
    
    
    18,991Cash and cash equivalents, end of year
    
    $
    93,310
    
    
    $
    125,746
    
    
    $
    122,504Supplemental cash flow informationInterest paid
    
    $
    58,411
    
    
    $
    61,316
    
    
    $
    60,805Income taxes paid
    
    $
    4,412
    
    
    $
    631
    
    
    $
    931
   CPA ® :14 2009 10-K 48




---



##### Table of Contents



NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
 Note 1. Business and Organization
  Note 2. Summary of Significant Accounting Policies
 Basis of Consolidation
      CPA ® :14 2009 10-K 49




---



##### Table of Contents



Notes to Consolidated Financial Statements
 Out-of-Period Adjustments
   Use of Estimates
  Reclassifications and Revisions
  Purchase Price Allocation
     CPA ® :14 2009 10-K 50




---



##### Table of Contents



Notes to Consolidated Financial Statements
 Cash and Cash Equivalents
  Marketable Securities
  Other Assets and Other Liabilities
  Deferred Acquisition Fees Payable to Affiliate
  Treasury Stock
  Real Estate Leased to Others
    Operating leases
 Direct financing method
  CPA ® :14 2009 10-K 51




---



##### Table of Contents



Notes to Consolidated Financial Statements
 Depreciation
  Impairments
  Real Estate
  Direct Financing Leases
  Assets Held for Sale
   Equity Investments in Real Estate
  CPA ® :14 2009 10-K 52




---



##### Table of Contents



Notes to Consolidated Financial Statements
 Marketable Securities
  Assets Held for Sale
    Foreign Currency Translation
    CPA ® :14 2009 10-K 53




---



##### Table of Contents



Notes to Consolidated Financial Statements
 Derivative Instruments
  Income Taxes
    Earnings Per Share
  Subsequent Events
  Future Accounting Requirements
  Note 3. Agreements and Transactions with Related Parties
  CPA ® :14 2009 10-K 54




---



##### Table of Contents



Notes to Consolidated Financial Statements
 Asset Management and Performance Fees
 1
 Transaction Fees
 ®
  Other Expenses
   CPA ® :14 2009 10-K 55




---



##### Table of Contents



Notes to Consolidated Financial Statements
 Joint Ventures and Other Transactions with Affiliates
   Note 4. Net Investments in Properties
 Net Investments in Properties
  December 31,2009
    
    
    2008Land
    
    $
    228,279
    
    
    $
    231,325Buildings
    
    
    1,027,687
    
    
    
    1,044,450Less: Accumulated depreciation
    
    
    (215,967
    )
    
    
    (188,739
    )$
    1,039,999
    
    
    $
    1,087,036
  Years ending December 31,2010
    
    $
    140,3922011
    
    
    137,6822012
    
    
    136,0122013
    
    
    136,0392014
    
    
    134,658Thereafter through 2031
    
    
    590,072
  Acquisition Costs
  CPA ® :14 2009 10-K 56




---



##### Table of Contents



Notes to Consolidated Financial Statements
 Tenant Matters
  Note 5. Net Investment in Direct Financing Leases
  December 31,2009
    
    
    2008Minimum lease payments receivable
    
    $
    154,586
    
    
    $
    199,384Unguaranteed residual value
    
    
    107,588
    
    
    
    120,009262,174
    
    
    
    319,393Less: unearned income
    
    
    (149,746
    )
    
    
    (194,662
    )$
    112,428
    
    
    $
    124,731
  Years ending December 31,2010
    
    $
    14,1572011
    
    
    14,2562012
    
    
    14,2562013
    
    
    14,2562014
    
    
    14,256Thereafter through 2023
    
    
    83,405
  CPA ® :14 2009 10-K 57




---



##### Table of Contents



Notes to Consolidated Financial Statements
 Note 6. Equity Investments in Real Estate
  ®
  OwnershipInterest at
    
    
    Carrying Value at December 31,Lessee
    
    Subsidiary Name(s)
    
    December 31, 2009
    
    
    2009
    
    
    2008Advanced Micro Devices, Inc.
    
    Delaware Chip LLC
    
    
    67
    %
    
    $
    33,571
    
    
    $
    29,579True Value Company
    
    Bolt (DE) LP, Hammer (DE) LP and Wrench (DE) LP
    
    
    50
    %
    
    
    31,433
    
    
    
    31,916Hellweg Die Profi-Baumarkte GmbH & Co. KG (a)
    
    HLWG Two (Ger) LLC and HLWG Two Lender SARL
    
    
    32
    %
    
    
    15,369
    
    
    
    19,399U-Haul Moving Partners, Inc. and Mercury Partners, LP
    
    UH Storage (DE) LP
    
    
    12
    %
    
    
    12,639
    
    
    
    12,992The Upper Deck Company
    
    Cards LLC
    
    
    50
    %
    
    
    11,491
    
    
    
    11,673Best Buy Co., Inc. (b)
    
    BB (Multi) LP
    
    
    37
    %
    
    
    11,183
    
    
    
    12,469Life Time Fitness, Inc. and Town Sports International
Holdings, Inc.
    
    LT Landlord (MN-FL) LLC and Bos Club LL (MA) LLC
    
    
    56
    %
    
    
    10,343
    
    
    
    10,898Compucom Systems, Inc. (b)
    
    Comp Delaware LP
    
    
    67
    %
    
    
    8,638
    
    
    
    10,958Del Monte Corporation (b)
    
    Delmo 11/12 (DE) LLC
    
    
    50
    %
    
    
    7,233
    
    
    
    8,135ShopRite Supermarkets, Inc.
    
    BVNY (DE) LLC
    
    
    45
    %
    
    
    6,719
    
    
    
    6,696Checkfree Holdings, Inc.
    
    Carey Norcross LLC
    
    
    50
    %
    
    
    1,506
    
    
    
    1,653Amylin Pharmaceuticals, Inc.
    
    Gena LLC
    
    
    50
    %
    
    
    
    
    
    
    493Dicks Sporting Goods, Inc.
    
    CP GAL Plainfield LLC
    
    
    45
    %
    
    
    (732
    )
    
    
    (517
    )$
    149,393
    
    
    $
    156,344
 
 (a)
    
    Carrying value of investment is affected by the impact of fluctuations in the exchange rate
of the Euro.(b)
    
    Decrease was primarily due to amortization of differences between the fair value of the
investment at the date of acquisition of the venture and the carrying value of its net assets
at that date. Advanced Micro Devices
  CPA ® :14 2009 10-K 58




---



##### Table of Contents



Notes to Consolidated Financial Statements
 Hellweg Die Profi-Baumarkte GmbH & Co. KG
    Upper Deck
  Compucom Systems
  Del Monte Corporation
  Amylin Pharmaceuticals
  Dicks Sporting Goods
  CPA ® :14 2009 10-K 59




---



##### Table of Contents



Notes to Consolidated Financial Statements
   December 31, 2009HLWG
    
    
    LTBos Club
    
    
    
    
    
    
    Carey
    
    
    Comp
    
    
    CP GAL
    
    
    
    
    
    
    Delmo
    
    
    
    
    
    
    HLWG
    
    
    Two
    
    
    Landlord
    
    
    UHBB (Multi)
    
    
    Bolt (DE)
    
    
    LL (MA)
    
    
    BVNY
    
    
    Norcross
    
    
    Delaware
    
    
    Plainfield
    
    
    Delaware
    
    
    11/12 (DE)
    
    
    Hammer
    
    
    Two (Ger)
    
    
    Lender
    
    
    (MN-FL)
    
    
    Storage
    
    
    WrenchTotal
    
    
    LP
    
    
    LP
    
    
    LLC
    
    
    (DE) LLC
    
    
    LLC
    
    
    LP
    
    
    LLC
    
    
    Chip LLC
    
    
    LLC
    
    
    (DE) LP
    
    
    LLC
    
    
    SARL
    
    
    LLC
    
    
    (DE) LP
    
    
    (DE) LP
    
    
    All Others(d)AssetsNet investments in real estate (a)
    
    $
    1,126,362
    
    
    $
    42,250
    
    
    $
    40,332
    
    
    $
    7,498
    
    
    $
    16,254
    
    
    $
    33,085
    
    
    $
    30,346
    
    
    $
    26,370
    
    
    $
    77,313
    
    
    $
    13,198
    
    
    $
    29,298
    
    
    $
    412,606
    
    
    $
    
    
    
    $
    106,442
    
    
    $
    231,202
    
    
    $
    33,275
    
    
    $
    26,893Note receivable
    
    
    337,397
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    337,397
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Intangible assets
    
    
    75,809
    
    
    
    
    
    
    
    4,214
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    28,154
    
    
    
    
    
    
    
    
    
    
    
    39,457
    
    
    
    3,984
    
    
    
    Other assets, net (b)
    
    
    91,543
    
    
    
    312
    
    
    
    7,056
    
    
    
    170
    
    
    
    88
    
    
    
    660
    
    
    
    2,392
    
    
    
    1,386
    
    
    
    10,869
    
    
    
    244
    
    
    
    5,763
    
    
    
    17,016
    
    
    
    12,675
    
    
    
    333
    
    
    
    23,442
    
    
    
    7,274
    
    
    
    1,863Total assets
    
    $
    1,631,111
    
    
    $
    42,562
    
    
    $
    51,602
    
    
    $
    7,668
    
    
    $
    16,342
    
    
    $
    33,745
    
    
    $
    32,738
    
    
    $
    27,756
    
    
    $
    88,182
    
    
    $
    13,442
    
    
    $
    35,061
    
    
    $
    457,776
    
    
    $
    350,072
    
    
    $
    106,775
    
    
    $
    294,101
    
    
    $
    44,533
    
    
    $
    28,756Liabilities and EquityNon-recourse debt
    
    $
    882,813
    
    
    $
    24,594
    
    
    $
    24,889
    
    
    $
    7,733
    
    
    $
    9,483
    
    
    $
    29,500
    
    
    $
    21,748
    
    
    $
    22,185
    
    
    $
    33,502
    
    
    $
    10,389
    
    
    $
    19,605
    
    
    $
    100,043
    
    
    $
    304,224
    
    
    $
    75,516
    
    
    $
    164,328
    
    
    $
    24,671
    
    
    $
    10,403Other liabilities (c)
    
    
    60,677
    
    
    
    666
    
    
    
    395
    
    
    
    139
    
    
    
    40
    
    
    
    378
    
    
    
    1,629
    
    
    
    1,122
    
    
    
    10,327
    
    
    
    341
    
    
    
    275
    
    
    
    18,045
    
    
    
    3,444
    
    
    
    1,336
    
    
    
    20,234
    
    
    
    1,293
    
    
    
    1,013Total liabilities
    
    
    943,490
    
    
    
    25,260
    
    
    
    25,284
    
    
    
    7,872
    
    
    
    9,523
    
    
    
    29,878
    
    
    
    23,377
    
    
    
    23,307
    
    
    
    43,829
    
    
    
    10,730
    
    
    
    19,880
    
    
    
    118,088
    
    
    
    307,668
    
    
    
    76,852
    
    
    
    184,562
    
    
    
    25,964
    
    
    
    11,416Redeemable noncontrolling
interest
    
    
    337,397
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    337,397
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Partners/ members equity
    
    
    350,224
    
    
    
    17,302
    
    
    
    26,318
    
    
    
    (204
    )
    
    
    6,819
    
    
    
    3,867
    
    
    
    9,361
    
    
    
    4,449
    
    
    
    44,353
    
    
    
    2,712
    
    
    
    15,181
    
    
    
    2,291
    
    
    
    42,404
    
    
    
    29,923
    
    
    
    109,539
    
    
    
    18,569
    
    
    
    17,340Total liabilities and equity
    
    $
    1,631,111
    
    
    $
    42,562
    
    
    $
    51,602
    
    
    $
    7,668
    
    
    $
    16,342
    
    
    $
    33,745
    
    
    $
    32,738
    
    
    $
    27,756
    
    
    $
    88,182
    
    
    $
    13,442
    
    
    $
    35,061
    
    
    $
    457,776
    
    
    $
    350,072
    
    
    $
    106,775
    
    
    $
    294,101
    
    
    $
    44,533
    
    
    $
    28,756
 December 31, 2008HLWG
    
    
    LTBos Club
    
    
    
    
    
    
    Carey
    
    
    Comp
    
    
    CP GAL
    
    
    
    
    
    
    Delmo
    
    
    
    
    
    
    HLWG
    
    
    Two
    
    
    Landlord
    
    
    UHBB (Multi)
    
    
    Bolt (DE)
    
    
    LL (MA)
    
    
    BVNY
    
    
    Norcross
    
    
    Delaware
    
    
    Plainfield
    
    
    Delaware
    
    
    11/12 (DE)
    
    
    Hammer
    
    
    Two (Ger)
    
    
    Lender
    
    
    (MN-FL)
    
    
    Storage
    
    
    WrenchTotal
    
    
    LP
    
    
    LP
    
    
    LLC
    
    
    (DE) LLC
    
    
    LLC
    
    
    LP
    
    
    LLC
    
    
    Chip LLC
    
    
    LLC
    
    
    (DE) LP
    
    
    LLC
    
    
    SARL
    
    
    LLC
    
    
    (DE) LP
    
    
    (DE) LP
    
    
    All Others(d)AssetsNet investments in real estate (a)
    
    $
    1,150,575
    
    
    $
    42,043
    
    
    $
    41,319
    
    
    $
    7,645
    
    
    $
    16,119
    
    
    $
    34,023
    
    
    $
    31,059
    
    
    $
    26,975
    
    
    $
    78,551
    
    
    $
    13,669
    
    
    $
    30,040
    
    
    $
    407,079
    
    
    $
    
    
    
    $
    108,810
    
    
    $
    235,930
    
    
    $
    34,085
    
    
    $
    43,228Note receivable
    
    
    331,841
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    331,841
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Intangible assets
    
    
    80,035
    
    
    
    
    
    
    
    4,496
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    29,181
    
    
    
    
    
    
    
    
    
    
    
    42,108
    
    
    
    4,250
    
    
    
    Other assets, net (b)
    
    
    118,293
    
    
    
    
    
    
    
    6,579
    
    
    
    179
    
    
    
    173
    
    
    
    349
    
    
    
    3
    
    
    
    1,566
    
    
    
    11,079
    
    
    
    311
    
    
    
    5,480
    
    
    
    45,074
    
    
    
    16,938
    
    
    
    450
    
    
    
    22,066
    
    
    
    6,912
    
    
    
    1,134Total assets
    
    $
    1,680,744
    
    
    $
    42,043
    
    
    $
    52,394
    
    
    $
    7,824
    
    
    $
    16,292
    
    
    $
    34,372
    
    
    $
    31,062
    
    
    $
    28,541
    
    
    $
    89,630
    
    
    $
    13,980
    
    
    $
    35,520
    
    
    $
    481,334
    
    
    $
    348,779
    
    
    $
    109,260
    
    
    $
    300,104
    
    
    $
    45,247
    
    
    $
    44,362Liabilities and EquityNon-recourse debt
    
    $
    930,902
    
    
    $
    25,249
    
    
    $
    25,346
    
    
    $
    7,842
    
    
    $
    9,768
    
    
    $
    29,840
    
    
    $
    18,738
    
    
    $
    22,489
    
    
    $
    43,000
    
    
    $
    10,665
    
    
    $
    19,970
    
    
    $
    99,245
    
    
    $
    302,024
    
    
    $
    77,102
    
    
    $
    168,202
    
    
    $
    25,130
    
    
    $
    46,292Other liabilities (c)
    
    
    74,700
    
    
    
    512
    
    
    
    394
    
    
    
    161
    
    
    
    41
    
    
    
    375
    
    
    
    370
    
    
    
    1,125
    
    
    
    10,120
    
    
    
    252
    
    
    
    273
    
    
    
    34,049
    
    
    
    3,636
    
    
    
    1,259
    
    
    
    19,302
    
    
    
    1,319
    
    
    
    1,512Total liabilities
    
    
    1,005,602
    
    
    
    25,761
    
    
    
    25,740
    
    
    
    8,003
    
    
    
    9,809
    
    
    
    30,215
    
    
    
    19,108
    
    
    
    23,614
    
    
    
    53,120
    
    
    
    10,917
    
    
    
    20,243
    
    
    
    133,294
    
    
    
    305,660
    
    
    
    78,361
    
    
    
    187,504
    
    
    
    26,449
    
    
    
    47,804Redeemable noncontrolling
interest
    
    
    331,841
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    331,841
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Partners/ members equity
    
    
    343,301
    
    
    
    16,282
    
    
    
    26,654
    
    
    
    (179
    )
    
    
    6,483
    
    
    
    4,157
    
    
    
    11,954
    
    
    
    4,927
    
    
    
    36,510
    
    
    
    3,063
    
    
    
    15,277
    
    
    
    16,199
    
    
    
    43,119
    
    
    
    30,899
    
    
    
    112,600
    
    
    
    18,798
    
    
    
    (3,442
    )Total liabilities and equity
    
    $
    1,680,744
    
    
    $
    42,043
    
    
    $
    52,394
    
    
    $
    7,824
    
    
    $
    16,292
    
    
    $
    34,372
    
    
    $
    31,062
    
    
    $
    28,541
    
    
    $
    89,630
    
    
    $
    13,980
    
    
    $
    35,520
    
    
    $
    481,334
    
    
    $
    348,779
    
    
    $
    109,260
    
    
    $
    300,104
    
    
    $
    45,247
    
    
    $
    44,362
 (a)
    
    Net investments in real estate consists of net investments in properties and net
investments in direct financing leases.(b)
    
    Other assets, net consisted primarily of escrow balances, tenant security deposits held by
lenders and restricted cash balances aggregating $50.2 million and $77.9 million at December
31, 2009 and 2008, respectively; cash and cash equivalents aggregating $14.6 million and $17.3
million at December 31, 2009 and 2008, respectively; deferred rental income aggregating $14.0 million and
$12.3 million at December 31, 2009 and 2008, respectively; and deferred charges
aggregating $5.3 million and $6.0 million at December 31, 2009 and 2008, respectively.
Deferred rental income is the cumulative difference for operating leases between scheduled
rents that vary during the lease term, and rent recognized on a straight-line basis.Deferred
charges are costs incurred in connection with mortgage financings and refinancings that are
amortized over the terms of the mortgages and included in Interest expense in the consolidated
financial statements. CPA ® :14 2009 10-K 60




---



##### Table of Contents



Notes to Consolidated Financial Statements
 (c)
    
    Other liabilities consists primarily of miscellaneous amounts held on behalf of tenants.(d)
    
    All Others includes unconsolidated ventures that were not significant to the consolidated
financial statements.  Year ended December 31,  2009HLWG
    
    
    LTBos Club
    
    
    
    
    
    
    Carey
    
    
    Comp
    
    
    CP GAL
    
    
    
    
    
    
    Delmo
    
    
    
    
    
    
    HLWG
    
    
    Two
    
    
    Landlord
    
    
    UHBB (Multi)
    
    
    Bolt (DE)
    
    
    LL (MA)
    
    
    BVNY
    
    
    Norcross
    
    
    Delaware
    
    
    Plainfield
    
    
    Delaware
    
    
    11/12 (DE)
    
    
    Hammer
    
    
    Two (Ger)
    
    
    Lender
    
    
    (MN-FL)
    
    
    Storage
    
    
    WrenchTotal
    
    
    LP
    
    
    LP
    
    
    LLC
    
    
    (DE) LLC
    
    
    LLC
    
    
    LP
    
    
    LLC
    
    
    Chip LLC
    
    
    LLC
    
    
    (DE) LP
    
    
    LLC
    
    
    SARL
    
    
    LLC
    
    
    (DE) LP
    
    
    (DE) LP
    
    
    All Others(d)RevenuesLease revenues (a)
    
    $
    129,385
    
    
    $
    4,553
    
    
    $
    5,906
    
    
    $
    1,086
    
    
    $
    2,484
    
    
    $
    4,964
    
    
    $
    5,020
    
    
    $
    3,141
    
    
    $
    11,175
    
    
    $
    3,264
    
    
    $
    3,777
    
    
    $
    35,889
    
    
    $
    
    
    
    $
    9,272
    
    
    $
    30,589
    
    
    $
    4,809
    
    
    $
    3,456Interest income on note
receivable
    
    
    27,128
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    27,128
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Other operating income
    
    
    328
    
    
    
    
    
    
    
    
    
    
    
    21
    
    
    
    1
    
    
    
    190
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    5
    
    
    
    
    
    
    
    91
    
    
    
    
    
    
    
    
    
    
    
    12
    
    
    
    
    
    
    
    8156,841
    
    
    
    4,553
    
    
    
    5,906
    
    
    
    1,107
    
    
    
    2,485
    
    
    
    5,154
    
    
    
    5,020
    
    
    
    3,141
    
    
    
    11,175
    
    
    
    3,269
    
    
    
    3,777
    
    
    
    35,980
    
    
    
    27,128
    
    
    
    9,272
    
    
    
    30,601
    
    
    
    4,809
    
    
    
    3,464Operating ExpensesDepreciation and amortization
    
    
    (27,432
    )
    
    
    
    
    
    
    (1,269
    )
    
    
    (147
    )
    
    
    
    
    
    
    (935
    )
    
    
    (713
    )
    
    
    (605
    )
    
    
    (1,238
    )
    
    
    (470
    )
    
    
    (742
    )
    
    
    (10,453
    )
    
    
    
    
    
    
    (2,368
    )
    
    
    (7,379
    )
    
    
    (1,075
    )
    
    
    (38
    )Other operating expenses (b)
    
    
    (5,120
    )
    
    
    
    
    
    
    (4
    )
    
    
    (2
    )
    
    
    (6
    )
    
    
    (17
    )
    
    
    (9
    )
    
    
    (3
    )
    
    
    (22
    )
    
    
    (7
    )
    
    
    (2
    )
    
    
    (4,685
    )
    
    
    (79
    )
    
    
    (5
    )
    
    
    (241
    )
    
    
    (19
    )
    
    
    (19
    )(32,552
    )
    
    
    
    
    
    
    (1,273
    )
    
    
    (149
    )
    
    
    (6
    )
    
    
    (952
    )
    
    
    (722
    )
    
    
    (608
    )
    
    
    (1,260
    )
    
    
    (477
    )
    
    
    (744
    )
    
    
    (15,138
    )
    
    
    (79
    )
    
    
    (2,373
    )
    
    
    (7,620
    )
    
    
    (1,094
    )
    
    
    (57
    )Other Income and ExpensesOther income and (expenses),
net (c)
    
    
    (1,020
    )
    
    
    
    
    
    
    4
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    1
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    6
    
    
    
    (367
    )
    
    
    (708
    )
    
    
    28
    
    
    
    8
    
    
    
    8
    
    
    
    Interest expense
    
    
    (52,472
    )
    
    
    (1,952
    )
    
    
    (1,494
    )
    
    
    (451
    )
    
    
    (764
    )
    
    
    (1,877
    )
    
    
    (1,342
    )
    
    
    (1,409
    )
    
    
    (1,936
    )
    
    
    (858
    )
    
    
    (1,172
    )
    
    
    (5,301
    )
    
    
    (16,170
    )
    
    
    (4,513
    )
    
    
    (10,861
    )
    
    
    (1,474
    )
    
    
    (898
    )(53,492
    )
    
    
    (1,952
    )
    
    
    (1,490
    )
    
    
    (451
    )
    
    
    (764
    )
    
    
    (1,877
    )
    
    
    (1,341
    )
    
    
    (1,409
    )
    
    
    (1,936
    )
    
    
    (858
    )
    
    
    (1,166
    )
    
    
    (5,668
    )
    
    
    (16,878
    )
    
    
    (4,485
    )
    
    
    (10,853
    )
    
    
    (1,466
    )
    
    
    (898
    )Net Income
    
    
    70,797
    
    
    
    2,601
    
    
    
    3,143
    
    
    
    507
    
    
    
    1,715
    
    
    
    2,325
    
    
    
    2,957
    
    
    
    1,124
    
    
    
    7,979
    
    
    
    1,934
    
    
    
    1,867
    
    
    
    15,174
    
    
    
    10,171
    
    
    
    2,414
    
    
    
    12,128
    
    
    
    2,249
    
    
    
    2,509Net income attributable to
redeemable noncontrolling
interest
    
    
    (23,549
    )
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (23,549
    )
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Net (Loss) Income Attributable
to Partners/Members
    
    $
    47,248
    
    
    $
    2,601
    
    
    $
    3,143
    
    
    $
    507
    
    
    $
    1,715
    
    
    $
    2,325
    
    
    $
    2,957
    
    
    $
    1,124
    
    
    $
    7,979
    
    
    $
    1,934
    
    
    $
    1,867
    
    
    $
    (8,375
    )
    
    $
    10,171
    
    
    $
    2,414
    
    
    $
    12,128
    
    
    $
    2,249
    
    
    $
    2,509
 CPA ® :14 2009 10-K 61




---



##### Table of Contents



Notes to Consolidated Financial Statements
  Year ended December 31,  2008HLWG
    
    
    LTBos Club
    
    
    
    
    
    
    Carey
    
    
    Comp
    
    
    CP GAL
    
    
    
    
    
    
    Delmo
    
    
    
    
    
    
    HLWG
    
    
    Two
    
    
    Landlord
    
    
    UHBB (Multi)
    
    
    Bolt (DE)
    
    
    LL (MA)
    
    
    BVNY
    
    
    Norcross
    
    
    Delaware
    
    
    Plainfield
    
    
    Delaware
    
    
    11/12 (DE)
    
    
    Hammer
    
    
    Two (Ger)
    
    
    Lender
    
    
    (MN-FL)
    
    
    Storage
    
    
    WrenchTotal
    
    
    LP
    
    
    LP
    
    
    LLC
    
    
    (DE) LLC
    
    
    LLC
    
    
    LP
    
    
    LLC
    
    
    Chip LLC
    
    
    LLC
    
    
    (DE) LP
    
    
    LLC
    
    
    SARL
    
    
    LLC
    
    
    (DE) LP
    
    
    (DE) LP
    
    
    All Others(d)RevenuesLease revenues (a)
    
    $
    131,433
    
    
    $
    4,421
    
    
    $
    5,906
    
    
    $
    1,086
    
    
    $
    2,461
    
    
    $
    4,830
    
    
    $
    4,902
    
    
    $
    3,141
    
    
    $
    11,175
    
    
    $
    3,000
    
    
    $
    3,776
    
    
    $
    37,128
    
    
    $
    
    
    
    $
    9,272
    
    
    $
    28,541
    
    
    $
    5,016
    
    
    $
    6,778Interest income on note
receivable
    
    
    28,062
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    28,062
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Other operating income
    
    
    366
    
    
    
    86
    
    
    
    1
    
    
    
    1
    
    
    
    1
    
    
    
    
    
    
    
    149
    
    
    
    4
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    113
    
    
    
    
    
    
    
    1
    
    
    
    5
    
    
    
    
    
    
    
    5159,861
    
    
    
    4,507
    
    
    
    5,907
    
    
    
    1,087
    
    
    
    2,462
    
    
    
    4,830
    
    
    
    5,051
    
    
    
    3,145
    
    
    
    11,175
    
    
    
    3,000
    
    
    
    3,776
    
    
    
    37,241
    
    
    
    28,062
    
    
    
    9,273
    
    
    
    28,546
    
    
    
    5,016
    
    
    
    6,783Operating ExpensesDepreciation and amortization
    
    
    (27,983
    )
    
    
    
    
    
    
    (1,269
    )
    
    
    (147
    )
    
    
    
    
    
    
    (935
    )
    
    
    (713
    )
    
    
    (619
    )
    
    
    (1,238
    )
    
    
    (470
    )
    
    
    (742
    )
    
    
    (10,674
    )
    
    
    
    
    
    
    (2,224
    )
    
    
    (7,379
    )
    
    
    (1,075
    )
    
    
    (498
    )Other operating expenses (b)
    
    
    (3,510
    )
    
    
    (187
    )
    
    
    (5
    )
    
    
    
    
    
    
    (4
    )
    
    
    (2
    )
    
    
    (86
    )
    
    
    
    
    
    
    (25
    )
    
    
    (3
    )
    
    
    (4
    )
    
    
    (2,748
    )
    
    
    (123
    )
    
    
    (111
    )
    
    
    (135
    )
    
    
    (36
    )
    
    
    (41
    )(31,493
    )
    
    
    (187
    )
    
    
    (1,274
    )
    
    
    (147
    )
    
    
    (4
    )
    
    
    (937
    )
    
    
    (799
    )
    
    
    (619
    )
    
    
    (1,263
    )
    
    
    (473
    )
    
    
    (746
    )
    
    
    (13,422
    )
    
    
    (123
    )
    
    
    (2,335
    )
    
    
    (7,514
    )
    
    
    (1,111
    )
    
    
    (539
    )Other Income and ExpensesOther income and (expenses),
net (c)
    
    
    (2,620
    )
    
    
    
    
    
    
    42
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    106
    
    
    
    
    
    
    
    2
    
    
    
    47
    
    
    
    (349
    )
    
    
    (2,649
    )
    
    
    105
    
    
    
    13
    
    
    
    61
    
    
    
    2Interest expense
    
    
    (59,568
    )
    
    
    (2,003
    )
    
    
    (1,524
    )
    
    
    (458
    )
    
    
    (782
    )
    
    
    (1,901
    )
    
    
    (1,404
    )
    
    
    (1,427
    )
    
    
    (4,654
    )
    
    
    (880
    )
    
    
    (1,196
    )
    
    
    (5,549
    )
    
    
    (17,244
    )
    
    
    (4,688
    )
    
    
    (11,137
    )
    
    
    (1,505
    )
    
    
    (3,216
    )(62,188
    )
    
    
    (2,003
    )
    
    
    (1,482
    )
    
    
    (458
    )
    
    
    (782
    )
    
    
    (1,901
    )
    
    
    (1,404
    )
    
    
    (1,321
    )
    
    
    (4,654
    )
    
    
    (878
    )
    
    
    (1,149
    )
    
    
    (5,898
    )
    
    
    (19,893
    )
    
    
    (4,583
    )
    
    
    (11,124
    )
    
    
    (1,444
    )
    
    
    (3,214
    )Net Income
    
    
    66,180
    
    
    
    2,317
    
    
    
    3,151
    
    
    
    482
    
    
    
    1,676
    
    
    
    1,992
    
    
    
    2,848
    
    
    
    1,205
    
    
    
    5,258
    
    
    
    1,649
    
    
    
    1,881
    
    
    
    17,921
    
    
    
    8,046
    
    
    
    2,355
    
    
    
    9,908
    
    
    
    2,461
    
    
    
    3,030Net income attributable to
redeemable noncontrolling
interest
    
    
    (26,775
    )
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (26,775
    )
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Net (Loss) Income Attributable
to Partners/Members
    
    $
    39,405
    
    
    $
    2,317
    
    
    $
    3,151
    
    
    $
    482
    
    
    $
    1,676
    
    
    $
    1,992
    
    
    $
    2,848
    
    
    $
    1,205
    
    
    $
    5,258
    
    
    $
    1,649
    
    
    $
    1,881
    
    
    $
    (8,854
    )
    
    $
    8,046
    
    
    $
    2,355
    
    
    $
    9,908
    
    
    $
    2,461
    
    
    $
    3,030
 CPA ® :14 2009 10-K 62




---



##### Table of Contents



Notes to Consolidated Financial Statements
  Year ended December 31, 2007HLWG
    
    
    LTBos Club
    
    
    
    
    
    
    Carey
    
    
    Comp
    
    
    CP GAL
    
    
    
    
    
    
    Delmo
    
    
    
    
    
    
    HLWG
    
    
    Two
    
    
    Landlord
    
    
    UHBB (Multi)
    
    
    Bolt (DE)
    
    
    LL (MA)
    
    
    BVNY
    
    
    Norcross
    
    
    Delaware
    
    
    Plainfield
    
    
    Delaware
    
    
    11/12 (DE)
    
    
    Hammer
    
    
    Two (Ger)
    
    
    Lender
    
    
    (MN-FL)
    
    
    Storage
    
    
    WrenchTotal
    
    
    LP
    
    
    LP
    
    
    LLC
    
    
    (DE) LLC
    
    
    LLC
    
    
    LP
    
    
    LLC
    
    
    Chip LLC
    
    
    LLC
    
    
    (DE) LP
    
    
    LLC
    
    
    SARL
    
    
    LLC
    
    
    (DE) LP
    
    
    (DE) LP
    
    
    All Others(d)RevenuesLease revenues (a)
    
    $
    120,777
    
    
    $
    4,484
    
    
    $
    5,840
    
    
    $
    1,086
    
    
    $
    2,442
    
    
    $
    4,711
    
    
    $
    4,549
    
    
    $
    3,030
    
    
    $
    10,451
    
    
    $
    2,735
    
    
    $
    3,737
    
    
    $
    25,536
    
    
    $
    
    
    
    $
    9,216
    
    
    $
    28,541
    
    
    $
    4,592
    
    
    $
    9,827Interest income on note
receivable
    
    
    19,336
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    19,336
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Other operating income
    
    
    138
    
    
    
    
    
    
    
    2
    
    
    
    
    
    
    
    
    
    
    
    3
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    1
    
    
    
    35
    
    
    
    96
    
    
    
    
    
    
    
    
    
    
    
    1
    
    
    
    
    
    
    
    140,251
    
    
    
    4,484
    
    
    
    5,842
    
    
    
    1,086
    
    
    
    2,442
    
    
    
    4,714
    
    
    
    4,549
    
    
    
    3,030
    
    
    
    10,451
    
    
    
    2,736
    
    
    
    3,772
    
    
    
    25,632
    
    
    
    19,336
    
    
    
    9,216
    
    
    
    28,542
    
    
    
    4,592
    
    
    
    9,827Operating ExpensesDepreciation and amortization
    
    
    (24,300
    )
    
    
    
    
    
    
    (1,269
    )
    
    
    (147
    )
    
    
    
    
    
    
    (935
    )
    
    
    (713
    )
    
    
    (592
    )
    
    
    (1,238
    )
    
    
    (470
    )
    
    
    (742
    )
    
    
    (7,034
    )
    
    
    
    
    
    
    (1,792
    )
    
    
    (7,379
    )
    
    
    (1,076
    )
    
    
    (913
    )Other operating expenses (b)
    
    
    (2,213
    )
    
    
    (37
    )
    
    
    (4
    )
    
    
    (3
    )
    
    
    (2
    )
    
    
    (10
    )
    
    
    (165
    )
    
    
    (3
    )
    
    
    (25
    )
    
    
    (10
    )
    
    
    (4
    )
    
    
    (1,444
    )
    
    
    (249
    )
    
    
    (117
    )
    
    
    (83
    )
    
    
    (4
    )
    
    
    (53
    )(26,513
    )
    
    
    (37
    )
    
    
    (1,273
    )
    
    
    (150
    )
    
    
    (2
    )
    
    
    (945
    )
    
    
    (878
    )
    
    
    (595
    )
    
    
    (1,263
    )
    
    
    (480
    )
    
    
    (746
    )
    
    
    (8,478
    )
    
    
    (249
    )
    
    
    (1,909
    )
    
    
    (7,462
    )
    
    
    (1,080
    )
    
    
    (966
    )Other Income and ExpensesOther income and (expenses),
net (c)
    
    
    15,689
    
    
    
    
    
    
    
    44
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    1
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    69
    
    
    
    758
    
    
    
    2,155
    
    
    
    313
    
    
    
    25
    
    
    
    87
    
    
    
    12,237Interest expense
    
    
    (52,280
    )
    
    
    (2,069
    )
    
    
    (1,544
    )
    
    
    (345
    )
    
    
    (798
    )
    
    
    (1,899
    )
    
    
    (1,440
    )
    
    
    (1,336
    )
    
    
    (4,854
    )
    
    
    (895
    )
    
    
    (1,212
    )
    
    
    (4,065
    )
    
    
    (11,979
    )
    
    
    (4,619
    )
    
    
    (11,335
    )
    
    
    (1,524
    )
    
    
    (2,366
    )(36,591
    )
    
    
    (2,069
    )
    
    
    (1,500
    )
    
    
    (345
    )
    
    
    (798
    )
    
    
    (1,899
    )
    
    
    (1,439
    )
    
    
    (1,336
    )
    
    
    (4,854
    )
    
    
    (895
    )
    
    
    (1,143
    )
    
    
    (3,307
    )
    
    
    (9,824
    )
    
    
    (4,306
    )
    
    
    (11,310
    )
    
    
    (1,437
    )
    
    
    9,871Net Income
    
    
    77,147
    
    
    
    2,378
    
    
    
    3,069
    
    
    
    591
    
    
    
    1,642
    
    
    
    1,870
    
    
    
    2,232
    
    
    
    1,099
    
    
    
    4,334
    
    
    
    1,361
    
    
    
    1,883
    
    
    
    13,847
    
    
    
    9,263
    
    
    
    3,001
    
    
    
    9,770
    
    
    
    2,075
    
    
    
    18,732Net income attributable to
redeemable noncontrolling
interest
    
    
    (18,346
    )
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (18,346
    )
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Net Income (Loss) Attributable
to Partners/Members
    
    $
    58,801
    
    
    $
    2,378
    
    
    $
    3,069
    
    
    $
    591
    
    
    $
    1,642
    
    
    $
    1,870
    
    
    $
    2,232
    
    
    $
    1,099
    
    
    $
    4,334
    
    
    $
    1,361
    
    
    $
    1,883
    
    
    $
    (4,499
    )
    
    $
    9,263
    
    
    $
    3,001
    
    
    $
    9,770
    
    
    $
    2,075
    
    
    $
    18,732
 (a)
    
    Lease revenues consists of rental income and interest income from direct financing leases.(b)
    
    Other operating expenses consists of property expenses, general and administrative expenses
and provision for foreign, state and local income taxes.(c)
    
    Other income and (expenses), net consists primarily of other interest income and unrealized
gains (losses) on derivative instruments. For the year ended December 31, 2007, All Others
included a gain of $12.3 million recognized by a venture in connection with the sale of
several properties. The venture had no other assets following the sale.(d)
    
    All Others includes unconsolidated ventures that were not significant to the consolidated
financial statements. CPA ® :14 2009 10-K 63




---



##### Table of Contents



Notes to Consolidated Financial Statements
   Year ended December 31, 2009LTBos Club
    
    
    
    
    
    
    Carey
    
    
    Comp
    
    
    CP GAL
    
    
    
    
    
    
    Delmo
    
    
    
    
    
    
    
    
    
    
    HLWG Two
    
    
    LandlordBB (Multi)
    
    
    Bolt (DE)
    
    
    LL (MA)
    
    
    BVNY (DE)
    
    
    Norcross
    
    
    Delaware
    
    
    Plainfield
    
    
    Delaware
    
    
    11/12 (DE)
    
    
    Hammer
    
    
    HLWG Two
    
    
    Lender
    
    
    (MN-FL)
    
    
    UH Storage
    
    
    WrenchLP
    
    
    LP
    
    
    LLC
    
    
    LLC
    
    
    LLC
    
    
    LP
    
    
    LLC
    
    
    Chip LLC
    
    
    LLC
    
    
    (DE) LP
    
    
    (Ger) LLC
    
    
    SARL
    
    
    LLC
    
    
    (DE) LP
    
    
    (DE) LPNet cash provided by (used in):Operating activities
    
    $
    2,308
    
    
    $
    3,942
    
    
    $
    642
    
    
    $
    1,626
    
    
    $
    2,970
    
    
    $
    3,723
    
    
    $
    1,924
    
    
    $
    9,649
    
    
    $
    2,560
    
    
    $
    2,332
    
    
    $
    2,403
    
    
    $
    3,099
    
    
    $
    5,005
    
    
    $
    20,061
    
    
    $
    2,946Investing activities
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    27,516
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Financing activities
    
    
    (2,207
    )
    
    
    (3,935
    )
    
    
    (642
    )
    
    
    (1,626
    )
    
    
    (2,958
    )
    
    
    (3,723
    )
    
    
    (1,906
    )
    
    
    (9,637
    )
    
    
    (2,560
    )
    
    
    (2,328
    )
    
    
    (31,224
    )
    
    
    (6,556
    )
    
    
    (4,976
    )
    
    
    (19,065
    )
    
    
    (2,937
    )Effect of exchange rate
changes on cash
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    1,518
    
    
    
    (287
    )
    
    
    
    
    
    
    
    
    
    
    Net increase (decrease) in
cash and cash equivalents
    
    
    101
    
    
    
    7
    
    
    
    
    
    
    
    
    
    
    
    12
    
    
    
    
    
    
    
    18
    
    
    
    12
    
    
    
    
    
    
    
    4
    
    
    
    213
    
    
    
    (3,744
    )
    
    
    29
    
    
    
    996
    
    
    
    9Cash and cash equivalents,
beginning of year
    
    
    3
    
    
    
    3
    
    
    
    
    
    
    
    
    
    
    
    210
    
    
    
    
    
    
    
    
    
    
    
    2
    
    
    
    
    
    
    
    4
    
    
    
    339
    
    
    
    12,900
    
    
    
    8
    
    
    
    3,447
    
    
    
    2Cash and cash equivalents,
end of year
    
    $
    104
    
    
    $
    10
    
    
    $
    
    
    
    $
    
    
    
    $
    222
    
    
    $
    
    
    
    $
    18
    
    
    $
    14
    
    
    $
    
    
    
    $
    8
    
    
    $
    552
    
    
    $
    9,156
    
    
    $
    37
    
    
    $
    4,443
    
    
    $
    11
 Year ended December 31, 2008LTBos Club
    
    
    
    
    
    
    Carey
    
    
    Comp
    
    
    CP GAL
    
    
    
    
    
    
    Delmo
    
    
    
    
    
    
    
    
    
    
    HLWG Two
    
    
    LandlordBB (Multi)
    
    
    Bolt (DE)
    
    
    LL (MA)
    
    
    BVNY (DE)
    
    
    Norcross
    
    
    Delaware
    
    
    Plainfield
    
    
    Delaware
    
    
    11/12 (DE)
    
    
    Hammer
    
    
    HLWG Two
    
    
    Lender
    
    
    (MN-FL)
    
    
    UH Storage
    
    
    WrenchLP
    
    
    LP
    
    
    LLC
    
    
    LLC
    
    
    LLC
    
    
    LP
    
    
    LLC
    
    
    Chip LLC
    
    
    LLC
    
    
    (DE) LP
    
    
    (Ger) LLC
    
    
    SARL
    
    
    LLC
    
    
    (DE) LP
    
    
    (DE) LPNet cash provided by (used in):Operating activities
    
    $
    2,357
    
    
    $
    3,810
    
    
    $
    590
    
    
    $
    1,602
    
    
    $
    2,953
    
    
    $
    3,947
    
    
    $
    1,386
    
    
    $
    5,845
    
    
    $
    2,194
    
    
    $
    2,242
    
    
    $
    (3,615
    )
    
    $
    6,470
    
    
    $
    4,606
    
    
    $
    17,266
    
    
    $
    2,834Investing activities
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    55,150
    
    
    
    
    
    
    
    440
    
    
    
    
    
    
    
    Financing activities
    
    
    (2,357
    )
    
    
    (3,807
    )
    
    
    (590
    )
    
    
    (1,602
    )
    
    
    (2,745
    )
    
    
    (3,947
    )
    
    
    (1,386
    )
    
    
    (5,845
    )
    
    
    (2,194
    )
    
    
    (2,241
    )
    
    
    (51,562
    )
    
    
    (2,472
    )
    
    
    (5,068
    )
    
    
    (13,822
    )
    
    
    (2,834
    )Effect of exchange rate
changes on cash
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (2,423
    )
    
    
    (434
    )
    
    
    
    
    
    
    
    
    
    
    Net increase (decrease) in
cash and cash equivalents
    
    
    
    
    
    
    3
    
    
    
    
    
    
    
    
    
    
    
    208
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    1
    
    
    
    (2,450
    )
    
    
    3,564
    
    
    
    (22
    )
    
    
    3,444
    
    
    
    Cash and cash equivalents,
beginning of year
    
    
    3
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    2
    
    
    
    
    
    
    
    
    
    
    
    2
    
    
    
    
    
    
    
    3
    
    
    
    2,789
    
    
    
    9,336
    
    
    
    30
    
    
    
    3
    
    
    
    2Cash and cash equivalents,
end of year
    
    $
    3
    
    
    $
    3
    
    
    $
    
    
    
    $
    
    
    
    $
    210
    
    
    $
    
    
    
    $
    
    
    
    $
    2
    
    
    $
    
    
    
    $
    4
    
    
    $
    339
    
    
    $
    12,900
    
    
    $
    8
    
    
    $
    3,447
    
    
    $
    2
 CPA ® :14 2009 10-K 64




---



##### Table of Contents



Notes to Consolidated Financial Statements
  Year ended December 31,  2007LTBos Club
    
    
    
    
    
    
    Carey
    
    
    Comp
    
    
    CP GAL
    
    
    
    
    
    
    Delmo
    
    
    
    
    
    
    
    
    
    
    HLWG Two
    
    
    LandlordBB (Multi)
    
    
    Bolt (DE)
    
    
    LL (MA)
    
    
    BVNY (DE)
    
    
    Norcross
    
    
    Delaware
    
    
    Plainfield
    
    
    Delaware
    
    
    11/12 (DE)
    
    
    Hammer
    
    
    HLWG Two
    
    
    Lender
    
    
    (MN-FL)
    
    
    UH Storage
    
    
    WrenchLP
    
    
    LP
    
    
    LLC
    
    
    LLC
    
    
    LLC
    
    
    LP
    
    
    LLC
    
    
    Chip LLC
    
    
    LLC
    
    
    (DE) LP
    
    
    (Ger) LLC
    
    
    SARL
    
    
    LLC
    
    
    (DE) LP
    
    
    (DE) LPNet cash provided by (used in):Operating activities
    
    $
    3,070
    
    
    $
    3,694
    
    
    $
    787
    
    
    $
    1,586
    
    
    $
    2,825
    
    
    $
    3,106
    
    
    $
    2,375
    
    
    $
    5,951
    
    
    $
    1,900
    
    
    $
    2,199
    
    
    $
    1,843
    
    
    $
    8,787
    
    
    $
    4,506
    
    
    $
    17,097
    
    
    $
    2,752Investing activities
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (2,698
    )
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (502,011
    )
    
    
    (314,210
    )
    
    
    
    
    
    
    
    
    
    
    Financing activities
    
    
    (3,073
    )
    
    
    (3,696
    )
    
    
    (787
    )
    
    
    (1,586
    )
    
    
    (2,826
    )
    
    
    (3,106
    )
    
    
    323
    
    
    
    (5,952
    )
    
    
    (1,900
    )
    
    
    (2,198
    )
    
    
    502,684
    
    
    
    314,157
    
    
    
    (4,476
    )
    
    
    (17,094
    )
    
    
    (2,751
    )Effect of exchange rate
changes on cash
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    273
    
    
    
    602
    
    
    
    
    
    
    
    
    
    
    
    Net increase (decrease) in
cash and cash equivalents
    
    
    (3
    )
    
    
    (2
    )
    
    
    
    
    
    
    
    
    
    
    (1
    )
    
    
    
    
    
    
    
    
    
    
    (1
    )
    
    
    
    
    
    
    1
    
    
    
    2,789
    
    
    
    9,336
    
    
    
    30
    
    
    
    3
    
    
    
    1Cash and cash equivalents,
beginning of year
    
    
    6
    
    
    
    2
    
    
    
    
    
    
    
    
    
    
    
    3
    
    
    
    
    
    
    
    
    
    
    
    3
    
    
    
    
    
    
    
    2
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    1Cash and cash equivalents,
end of year
    
    $
    3
    
    
    $
    
    
    
    $
    
    
    
    $
    
    
    
    $
    2
    
    
    $
    
    
    
    $
    
    
    
    $
    2
    
    
    $
    
    
    
    $
    3
    
    
    $
    2,789
    
    
    $
    9,336
    
    
    $
    30
    
    
    $
    3
    
    
    $
    2
  LTBos Club
    
    
    
    
    
    
    Carey
    
    
    Comp
    
    
    CP GAL
    
    
    
    
    
    
    Delmo
    
    
    
    
    
    
    
    
    
    
    HLWG Two
    
    
    LandlordYears ending
    
    BB (Multi)
    
    
    Bolt (DE)
    
    
    LL (MA)
    
    
    BVNY (DE)
    
    
    Norcross
    
    
    Delaware
    
    
    Plainfield
    
    
    Delaware
    
    
    11/12 (DE)
    
    
    Hammer
    
    
    HLWG Two
    
    
    Lender
    
    
    (MN-FL)
    
    
    UH Storage
    
    
    WrenchDecember 31,
    
    LP
    
    
    LP
    
    
    LLC
    
    
    LLC
    
    
    LLC
    
    
    LP
    
    
    LLC
    
    
    Chip LLC
    
    
    LLC
    
    
    (DE) LP
    
    
    (Ger) LLC
    
    
    SARL
    
    
    LLC
    
    
    (DE) LP
    
    
    (DE) LP2010
    
    $
    676
    
    
    $
    488
    
    
    $
    115
    
    
    $
    9,483
    
    
    $
    362
    
    
    $
    1,278
    
    
    $
    324
    
    
    $
    1,536
    
    
    $
    297
    
    
    $
    387
    
    
    $
    1,006
    
    
    $
    3,059
    
    
    $
    1,682
    
    
    $
    4,136
    
    
    $
    4872011
    
    
    729
    
    
    
    518
    
    
    
    122
    
    
    
    
    
    
    
    386
    
    
    
    1,278
    
    
    
    344
    
    
    
    1,536
    
    
    
    10,092
    
    
    
    410
    
    
    
    1,257
    
    
    
    4,207
    
    
    
    1,782
    
    
    
    4,415
    
    
    
    5162012
    
    
    23,189
    
    
    
    545
    
    
    
    128
    
    
    
    
    
    
    
    405
    
    
    
    1,278
    
    
    
    366
    
    
    
    30,430
    
    
    
    
    
    
    
    432
    
    
    
    1,509
    
    
    
    4,589
    
    
    
    1,877
    
    
    
    4,683
    
    
    
    5442013
    
    
    
    
    
    
    23,338
    
    
    
    136
    
    
    
    
    
    
    
    436
    
    
    
    1,278
    
    
    
    390
    
    
    
    
    
    
    
    
    
    
    
    18,376
    
    
    
    1,760
    
    
    
    5,737
    
    
    
    2,002
    
    
    
    5,028
    
    
    
    23,1242014
    
    
    
    
    
    
    
    
    
    
    144
    
    
    
    
    
    
    
    465
    
    
    
    1,278
    
    
    
    415
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    2,011
    
    
    
    6,119
    
    
    
    2,121
    
    
    
    146,066
    
    
    
    Thereafter
    
    
    
    
    
    
    
    
    
    
    7,088
    
    
    
    
    
    
    
    27,446
    
    
    
    15,358
    
    
    
    20,346
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    92,500
    
    
    
    280,513
    
    
    
    66,052
    
    
    
    
    
    
    
    Total
    
    $
    24,594
    
    
    $
    24,889
    
    
    $
    7,733
    
    
    $
    9,483
    
    
    $
    29,500
    
    
    $
    21,748
    
    
    $
    22,185
    
    
    $
    33,502
    
    
    $
    10,389
    
    
    $
    19,605
    
    
    $
    100,043
    
    
    $
    304,224
    
    
    $
    75,516
    
    
    $
    164,328
    
    
    $
    24,671
  CPA ® :14 2009 10-K 65




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##### Table of Contents



Notes to Consolidated Financial Statements
 Note 7. Intangibles
  December 31,2009
    
    2008Lease IntangiblesIn-place lease
    
    
    $
    37,533
    
    
    $
    33,420Tenant relationship
    
    
    
    12,678
    
    
    
    10,217Above-market rent
    
    
    
    42,057
    
    
    
    42,333Less: accumulated amortization
    
    
    
    (28,464
    )
    
    
    (13,093
    )$
    63,804
    
    
    $
    72,877Below-market rent
    
    
    $
    (5,855
    )
    
    $
    (5,365
    )Less: accumulated amortization
    
    
    
    459
    
    
    
    286$
    (5,396
    )
    
    $
    (5,079
    )
  Note 8. Interest in Mortgage Loan Securitization
   Fair value as of
    
    
    1% adverse
    
    
    2% adverseDecember 31, 2009
    
    
    change
    
    
    changeFair value of our interest in CCMT
    
    $
    12,163
    
    
    $
    11,894
    
    
    $
    11,632
   Note 9. Fair Value Measurements
  CPA ® :14 2009 10-K 66




---



##### Table of Contents



Notes to Consolidated Financial Statements
 Items Measured at Fair Value on a Recurring Basis
  Fair Value Measurements at Reporting Date Using:Quoted Prices inActive Markets for
    
    
    Significant Other
    
    
    UnobservableIdentical Assets
    
    
    Observable Inputs
    
    
    InputsDescription
    
    December 31, 2009
    
    
    (Level 1)
    
    
    (Level 2)
    
    
    (Level 3)Assets:Money market funds
    
    $
    84,089
    
    
    $
    84,089
    
    
    $
    
    
    
    $
    Debt/equity securities
    
    
    16,171
    
    
    
    342
    
    
    
    
    
    
    
    15,829Derivative assets
    
    
    1,494
    
    
    
    
    
    
    
    
    
    
    
    1,494$
    101,754
    
    
    $
    84,431
    
    
    $
    
    
    
    $
    17,323Liabilities:Derivative liabilities
    
    $
    (967
    )
    
    $
    
    
    
    $
    (967
    )
    
    $
    
 Fair Value Measurements at Reporting Date Using:Quoted Prices inActive Markets for
    
    
    Significant Other
    
    
    UnobservableIdentical Assets
    
    
    Observable Inputs
    
    
    InputsDescription
    
    December 31, 2008
    
    
    (Level 1)
    
    
    (Level 2)
    
    
    (Level 3)Assets:Money market funds
    
    $
    99,180
    
    
    $
    99,180
    
    
    $
    
    
    
    $
    Debt/equity securities
    
    
    13,968
    
    
    
    181
    
    
    
    
    
    
    
    13,787Derivative assets
    
    
    1,601
    
    
    
    
    
    
    
    
    
    
    
    1,601$
    114,749
    
    
    $
    99,361
    
    
    $
    
    
    
    $
    15,388Liabilities:Derivative liabilities
    
    $
    (2,256
    )
    
    $
    
    
    
    $
    (2,256
    )
    
    $
    
  CPA ® :14 2009 10-K 67




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##### Table of Contents



Notes to Consolidated Financial Statements
 Fair Value Measurements Using SignificantUnobservable Inputs (Level 3 Only)Debt/Equity
    
    
    Derivative
    
    
    
    
    
    
    Debt/Equity
    
    
    DerivativeSecurities
    
    
    Assets
    
    
    Total Assets
    
    
    Securities
    
    
    Assets
    
    
    Total AssetsYear ended December 31,  2009
    
    
    Year ended December 31,  2008Beginning balance
    
    $
    13,787
    
    
    $
    1,601
    
    
    $
    15,388
    
    
    $
    16,408
    
    
    $
    2,564
    
    
    $
    18,972Total gains or losses (realized and unrealized):Included in earnings
    
    
    1,254
    
    
    
    98
    
    
    
    1,352
    
    
    
    (96
    )
    
    
    (255
    )
    
    
    (351
    )Included in other comprehensive income
    
    
    1,037
    
    
    
    
    
    
    
    1,037
    
    
    
    (2,208
    )
    
    
    
    
    
    
    (2,208
    )Amortization and accretion
    
    
    (249
    )
    
    
    
    
    
    
    (249
    )
    
    
    (317
    )
    
    
    
    
    
    
    (317
    )Purchases, issuances, and settlements
    
    
    
    
    
    
    (205
    )
    
    
    (205
    )
    
    
    
    
    
    
    (708
    )
    
    
    (708
    )Ending balance
    
    $
    15,829
    
    
    $
    1,494
    
    
    $
    17,323
    
    
    $
    13,787
    
    
    $
    1,601
    
    
    $
    15,388The amount of total gains or losses for the period
included in earnings attributable to the change in
unrealized gains or losses relating to assets
still held at the reporting date
    
    $
    1,254
    
    
    $
    (66
    )
    
    $
    1,188
    
    
    $
    (96
    )
    
    $
    (963
    )
    
    $
    (1,059
    )
   December 31, 2009
    
    
    December 31, 2008Carrying Value
    
    
    Fair Value
    
    
    Carrying Value
    
    
    Fair ValueNon-recourse debt
    
    $
    805,663
    
    
    $
    763,456
    
    
    $
    810,794
    
    
    $
    791,337Debt/equity securities (a)
    
    
    14,139
    
    
    
    16,171
    
    
    
    14,208
    
    
    
    13,968
 
 (a)
    
    Carrying value represents historical cost for debt and equity securities.  Items Measured at Fair Value on a Non-Recurring Basis
  CPA ® :14 2009 10-K 68




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##### Table of Contents



Notes to Consolidated Financial Statements
  Year ended December 31, 2009
    
    
    Year ended December 31, 2008Total Fair Value
    
    
    Total Impairment
    
    
    Total Fair Value
    
    
    Total ImpairmentMeasurements
    
    
    Charges
    
    
    Measurements
    
    
    ChargesAssets:Net investments in properties
    
    $
    59,067
    
    
    $
    37,779
    
    
    $
    46,327
    
    
    $
    1,029Net investments in direct financing leases
    
    
    14,621
    
    
    
    2,566
    
    
    
    17,701
    
    
    
    110Equity investments in real estate
    
    
    11,491
    
    
    
    671
    
    
    
    24,940
    
    
    
    9,820$
    85,179
    
    
    $
    41,016
    
    
    $
    88,968
    
    
    $
    10,959
 Note 10. Risk Management and Use of Financial Instruments
 Risk Management
  Foreign Currency Exchange
  Use of Derivative Financial Instruments
   CPA ® :14 2009 10-K 69




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##### Table of Contents



Notes to Consolidated Financial Statements
  Balance Sheet
    
    
    Asset Derivatives Fair Value at
    
    
    Liability Derivatives Fair Value atLocation
    
    
    December 31, 2009
    
    
    December 31, 2008
    
    
    December 31, 2009
    
    
    December 31, 2008Derivatives designated as hedging instrumentsInterest rate swaps
    
    Other liabilities
    
    $
    
    
    
    $
    
    
    
    $
    (967
    )
    
    $
    (2,256
    )Derivatives not designated as hedging instrumentsStock warrants
    
    Other assets
    
    
    1,494
    
    
    
    1,601
    
    
    
    
    
    
    
    Total derivatives
    
    
    
    
    
    $
    1,494
    
    
    $
    1,601
    
    
    $
    (967
    )
    
    $
    (2,256
    )
  Amount of Gain (Loss) Recognized inOCI on Derivative (Effective Portion)Year ended December 31,Derivatives in Cash Flow Hedging Relationships
    
    2009
    
    
    2008
    
    
    2007Interest rate swaps
    
    $
    2,037
    
    
    $
    (2,256
    )
    
    $
    Total
    
    $
    2,037
    
    
    $
    (2,256
    )
    
    $
    
  Amount of Gain (Loss) Recognized inIncome on DerivativesDerivatives not in Cash
    
    Location of Gain (Loss)
    
    Years ended December 31,Flow Hedging Relationships
    
    Recognized in Income
    
    2009
    
    
    2008
    
    
    2007Stock warrants
    
    Other income and (expenses)
    
    $
    98
    
    
    $
    (255
    )
    
    $
    (247
    )Interest rate swap (a)
    
    Interest expense
    
    
    (791
    )
    
    
    
    
    
    
    Total
    
    
    
    
    
    $
    (693
    )
    
    $
    (255
    )
    
    $
    (247
    )
 (a)
    
    During 2009, we determined that an interest rate swap was no longer designated as a hedging
instrument due to the sale of the property and the payoff of the underlying mortgage loan in
May 2009. As a result, the change in fair value of the swap was recorded in interest expense.  Interest Rate Swaps
  CPA ® :14 2009 10-K 70




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##### Table of Contents



Notes to Consolidated Financial Statements
  Notional
    
    
    Effective
    
    
    Effective
    
    
    Expiration
    
    
    Fair Value atType
    
    
    Amount
    
    
    Interest Rate
    
    
    Date
    
    
    Date
    
    
    December 31, 20091-Month LIBOR
    
    Pay-fixed swap
    
    $
    12,076
    
    
    
    5.6
    %
    
    
    3/2008
    
    
    
    3/2018
    
    
    $
    (524
    )1-Month LIBOR
    
    Pay-fixed swap
    
    
    6,304
    
    
    
    6.4
    %
    
    
    7/2008
    
    
    
    7/2018
    
    
    
    (443
    )$
    (967
    )
 Embedded Credit Derivative
  Stock Warrants
   Other
   Portfolio Concentration Risk
  CPA ® :14 2009 10-K 71




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##### Table of Contents



Notes to Consolidated Financial Statements
    Note 11. Impairment Charges
  Years ended December 31,2009
    
    
    2008
    
    
    2007Net investments in properties (a)
    
    $
    37,779
    
    
    $
    1,029
    
    
    $
    Net investment in direct financing lease
    
    
    2,566
    
    
    
    110
    
    
    
    345Total impairment charges included in expenses
    
    
    40,345
    
    
    
    1,139
    
    
    
    345Equity investments in real estate (b)
    
    
    671
    
    
    
    9,820
    
    
    
    Total impairment charges
    
    $
    41,016
    
    
    $
    10,959
    
    
    $
    345
 
 (a)
    
    Impairment charges on our equity investments are included in Income from equity investments
in real estate in our consolidated statements of operations.  Nortel Networks Inc.
  CPA ® :14 2009 10-K 72




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##### Table of Contents



Notes to Consolidated Financial Statements
 Buffets, Inc.
  Metaldyne Company
  Nexpak Corporation
  The Upper Deck Company
  Other
       Note 12. Debt
  CPA ® :14 2009 10-K 73




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##### Table of Contents



Notes to Consolidated Financial Statements
  Years ending December 31,
    
    Total Debt2010
    
    $
    86,2622011
    
    
    272,0182012
    
    
    162,5832013
    
    
    10,8492014
    
    
    26,428Thereafter through 2023
    
    
    247,523Total
    
    $
    805,663
 CPA ® :14 2009 10-K 74




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##### Table of Contents



Notes to Consolidated Financial Statements
 Financing Activity
   Credit Facility
  Note 13. Commitments and Contingencies
  Note 14. Advisor Settlement of SEC Investigation
  Note 15. Equity
 Distributions
  Years ended December 31,2009
    
    
    2008
    
    
    2007Ordinary income
    
    $
    0.59
    
    
    $
    0.69
    
    
    $
    0.43Return of capital
    
    
    0.11
    
    
    
    
    
    
    
    Capital gains
    
    
    0.09
    
    
    
    0.07
    
    
    
    0.250.79
    
    
    
    0.76
    
    
    
    0.68Spillover distribution (a)
    
    
    
    
    
    
    0.02
    
    
    
    0.10$
    0.79
    
    
    $
    0.78
    
    
    $
    0.78
 
 (a)
    
    For 2008 and 2007, this portion of the distribution was paid to shareholders in 2009 and 2008
as ordinary income ($0.02 and $0.06, respectively) and long term capital gain ($0.04 for
2007), however taxed in the year the distribution was declared.  Accumulated Other Comprehensive Income
  December 31,2009
    
    
    2008Unrealized loss on marketable securities
    
    $
    (67
    )
    
    $
    (1,229
    )Unrealized gain (loss) on derivative instruments
    
    
    170
    
    
    
    (2,256
    )Foreign currency translation adjustment
    
    
    8,735
    
    
    
    7,912Accumulated other comprehensive income
    
    $
    8,838
    
    
    $
    4,427
 CPA ® :14
2009 10-K 75




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##### Table of Contents



Notes to Consolidated Financial Statements
 Note 16. Income Taxes
    December 31,2009
    
    
    2008Balance at January 1,
    
    $
    110
    
    
    $
    106Additions based on tax positions related to the current year
    
    
    22
    
    
    
    15Additions for tax positions of prior years
    
    
    
    
    
    
    Reductions for tax positions of prior years
    
    
    
    
    
    
    Settlements
    
    
    
    
    
    
    Reductions for expiration of statute of limitations
    
    
    (11
    )
    
    
    (11
    )Balance at December 31,
    
    $
    121
    
    
    $
    110
   Note 17. Discontinued Operations
  2009
 2008
 2007
 CPA ® :14
2009 10-K 76




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##### Table of Contents



Notes to Consolidated Financial Statements
  Years ended December 31,2009
    
    
    2008
    
    
    2007Revenues
    
    $
    1,903
    
    
    $
    4,926
    
    
    $
    7,250Expenses
    
    
    (622
    )
    
    
    (2,458
    )
    
    
    (5,055
    )Gain on sale of real estate, net
    
    
    8,611
    
    
    
    524
    
    
    
    7,780Income from discontinued operations
    
    $
    9,892
    
    
    $
    2,992
    
    
    $
    9,975
 Note 18. Segment Information
  2009
    
    Domestic
    
    
    Foreign(a)
    
    
    Total CompanyRevenues
    
    $
    138,131
    
    
    $
    31,854
    
    
    $
    169,985Total long-lived assets (b)
    
    
    1,101,460
    
    
    
    209,011
    
    
    
    1,310,471
 2008
    
    Domestic
    
    
    Foreign(a)
    
    
    Total CompanyRevenues
    
    $
    132,494
    
    
    $
    30,981
    
    
    $
    163,475Total long-lived assets (b)
    
    
    1,144,992
    
    
    
    223,119
    
    
    
    1,368,111
 2007
    
    Domestic
    
    
    Foreign(a)
    
    
    Total CompanyRevenues
    
    $
    133,960
    
    
    $
    26,586
    
    
    $
    160,546Total long-lived assets (b)
    
    
    1,189,988
    
    
    
    243,326
    
    
    
    1,433,314
 
 (a)
    
    Consists of operations in the United Kingdom, France, Finland, the Netherlands and Germany.(b)
    
    Consists of real estate, net; net investment in direct financing leases and equity
investments in real estate. Note 19. Selected Quarterly Financial Data (unaudited)
  Three months endedMarch 31, 2009
    
    
    June 30, 2009
    
    
    September 30, 2009
    
    
    December 31, 2009Revenues (a)
    
    $
    38,898
    
    
    $
    41,431
    
    
    $
    44,468
    
    
    $
    45,188Operating expenses (a)
    
    
    (21,582
    )
    
    
    (19,017
    )
    
    
    (43,957
    )
    
    
    (40,506
    )Net income (loss) (b)
    
    
    6,622
    
    
    
    19,212
    
    
    
    (12,039
    )
    
    
    (6,794
    )Less: Net income attributable to
noncontrolling interests
    
    
    (638
    )
    
    
    (628
    )
    
    
    (94
    )
    
    
    (325
    )Net income (loss) attributable to
CPA®:14 shareholders
    
    
    5,984
    
    
    
    18,584
    
    
    
    (12,133
    )
    
    
    (7,119
    )Earnings (loss) per share attributable to
CPA®:14 shareholders
    
    
    0.07
    
    
    
    0.21
    
    
    
    (0.14
    )
    
    
    (0.08
    )Distributions declared per share
    
    
    0.1976
    
    
    
    0.1981
    
    
    
    0.1986
    
    
    
    0.1991
 CPA ® :14
2009 10-K 77




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##### Table of Contents



Notes to Consolidated Financial Statements
 Three months endedMarch 31, 2008
    
    
    June 30, 2008
    
    
    September 30, 2008
    
    
    December 31, 2008Revenues (a)
    
    $
    40,165
    
    
    $
    40,930
    
    
    $
    39,545
    
    
    $
    42,835Operating expenses (a)
    
    
    (18,453
    )
    
    
    (19,146
    )
    
    
    (17,144
    )
    
    
    (19,791
    )Net income (b)
    
    
    22,626
    
    
    
    10,602
    
    
    
    10,189
    
    
    
    3,784Less: Net income attributable to
noncontrolling interests
    
    
    (439
    )
    
    
    (378
    )
    
    
    (576
    )
    
    
    (644
    )Net income attributable to CPA®:14
shareholders
    
    
    22,187
    
    
    
    10,224
    
    
    
    9,613
    
    
    
    3,140Earnings per share attributable to CPA®:14
shareholders
    
    
    0.25
    
    
    
    0.12
    
    
    
    0.11
    
    
    
    0.03Distributions declared per share
    
    
    0.1954
    
    
    
    0.1959
    
    
    
    0.1964
    
    
    
    0.1971
 
 (a)
    
    Certain amounts from previous quarters have been retrospectively adjusted as discontinued
operations (Note 17).(b)
    
    Net income for the fourth quarter of 2009 and 2008 included impairment charges totaling $20.1
million and $9.8 million, respectively, in connection with several properties and equity
investments in real estate (Note 11). CPA ® :14
2009 10-K 78




---



##### Table of Contents



SCHEDULE III  REAL ESTATE and ACCUMULATED DEPRECIATION
at December 31, 2009  (in thousands)
 Life on whichDepreciation inin LatestCosts Capitalized
    
    
    Increase
    
    
    Gross Amount at which Carried
    
    
    
    
    
    
    
    
    
    
    Statement ofInitial Cost to Company
    
    
    Subsequent to
    
    
    (Decrease) in Net
    
    
    at Close of Period
    
    
    Accumulated
    
    
    Date
    
    
    Income isDescription
    
    Encumbrances
    
    
    Land
    
    
    Buildings
    
    
    Acquisition (a)
    
    
    Investments (b)
    
    
    Land
    
    
    Buildings
    
    
    Total
    
    
    Depreciation (c)
    
    
    Acquired
    
    
    ComputedReal Estate Under Operating Leases:Retail store in Torrance, California
    
    $
    27,984
    
    
    $
    13,060
    
    
    $
    6,934
    
    
    $
    204
    
    
    $
    
    
    
    $
    13,060
    
    
    $
    7,138
    
    
    $
    20,198
    
    
    $
    2,010
    
    
    Jul. 1998
    
    40 yrs.Industrial facility in San Clemente, California
    
    
    
    
    
    
    2,390
    
    
    
    
    
    
    
    8,958
    
    
    
    53
    
    
    
    2,390
    
    
    
    9,011
    
    
    
    11,401
    
    
    
    2,304
    
    
    Jul. 1998
    
    40 yrs.Industrial facility in Pittsburgh, Pennsylvania
    
    
    5,851
    
    
    
    620
    
    
    
    6,186
    
    
    
    
    
    
    
    
    
    
    
    620
    
    
    
    6,186
    
    
    
    6,806
    
    
    
    1,708
    
    
    Dec. 1998
    
    40 yrs.Industrial and warehouse facilities in Burbank, California and Las
Vegas, Nevada
    
    
    6,850
    
    
    
    3,860
    
    
    
    8,263
    
    
    
    
    
    
    
    2
    
    
    
    3,860
    
    
    
    8,265
    
    
    
    12,125
    
    
    
    2,200
    
    
    Mar. 1999,
Oct. 1999
    
    40 yrs.Warehouse and distribution facilities in Harrisburg, North
Carolina; Atlanta, Georgia; Cincinnati, Ohio and Elkwood, Virginia
    
    
    12,156
    
    
    
    3,930
    
    
    
    10,398
    
    
    
    8,476
    
    
    
    9
    
    
    
    3,945
    
    
    
    18,868
    
    
    
    22,813
    
    
    
    4,189
    
    
    Jun. 1999,
Dec. 2001
    
    40 yrs.Warehouse and distribution facilities in Burlington, New Jersey;
Shawnee, Kansas and Manassas, Virginia
    
    
    20,533
    
    
    
    3,604
    
    
    
    8,613
    
    
    
    23,709
    
    
    
    
    
    
    
    4,476
    
    
    
    31,450
    
    
    
    35,926
    
    
    
    8,036
    
    
    Aug. 1999
    
    40 yrs.Land in Midlothian, Virginia
    
    
    2,478
    
    
    
    3,515
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    3,515
    
    
    
    
    
    
    
    3,515
    
    
    
    
    
    
    Sep. 1999
    
    N/AOffice facility in Columbia, Maryland
    
    
    12,291
    
    
    
    2,623
    
    
    
    20,233
    
    
    
    3,113
    
    
    
    
    
    
    
    2,623
    
    
    
    23,346
    
    
    
    25,969
    
    
    
    5,782
    
    
    Nov. 1999
    
    40 yrs.Industrial facilities in Welcome, North Carolina, Murrysville,
Pennsylvania and Wylie, Texas
    
    
    12,738
    
    
    
    1,596
    
    
    
    23,910
    
    
    
    875
    
    
    
    (214
    )
    
    
    2,059
    
    
    
    24,108
    
    
    
    26,167
    
    
    
    5,102
    
    
    Nov.  1999,
Dec.  2001
    
    40 yrs.Sports facilities in Salt Lake City, Utah and St. Charles, Missouri
    
    
    6,353
    
    
    
    2,920
    
    
    
    8,660
    
    
    
    836
    
    
    
    
    
    
    
    2,920
    
    
    
    9,496
    
    
    
    12,416
    
    
    
    2,192
    
    
    Dec. 1999,
Dec. 2000
    
    40 yrs.Warehouse and distribution facility in Tempe, Arizona
    
    
    3,035
    
    
    
    940
    
    
    
    4,557
    
    
    
    13
    
    
    
    
    
    
    
    940
    
    
    
    4,570
    
    
    
    5,510
    
    
    
    1,119
    
    
    Jan. 2000
    
    40 yrs.Warehouse and distribution facility in Rock Island, Illinois
    
    
    6,540
    
    
    
    500
    
    
    
    9,945
    
    
    
    1,887
    
    
    
    
    
    
    
    500
    
    
    
    11,832
    
    
    
    12,332
    
    
    
    2,687
    
    
    Feb. 2000
    
    40 yrs.Industrial facility in North Amityville, New York
    
    
    9,503
    
    
    
    2,932
    
    
    
    16,398
    
    
    
    18
    
    
    
    (4,120
    )
    
    
    1,482
    
    
    
    13,746
    
    
    
    15,228
    
    
    
    3,394
    
    
    Feb. 2000
    
    40 yrs.Warehouse and distribution facilities in Monon, Indiana; Champlin,
Minnesota; Robbinsville, New Jersey; Radford, Virginia and North
Salt Lake City, Utah
    
    
    14,907
    
    
    
    4,580
    
    
    
    24,844
    
    
    
    114
    
    
    
    
    
    
    
    4,580
    
    
    
    24,958
    
    
    
    29,538
    
    
    
    5,990
    
    
    May. 2000
    
    40 yrs.Warehouse and distribution facility in Lakewood, New Jersey
    
    
    6,091
    
    
    
    710
    
    
    
    4,531
    
    
    
    3,439
    
    
    
    
    
    
    
    710
    
    
    
    7,970
    
    
    
    8,680
    
    
    
    1,817
    
    
    Jun. 2000
    
    40 yrs.Retail facilities in Kennesaw, Georgia and Leawood, Kansas
    
    
    13,433
    
    
    
    6,230
    
    
    
    15,842
    
    
    
    108
    
    
    
    (357
    )
    
    
    6,230
    
    
    
    15,593
    
    
    
    21,823
    
    
    
    3,720
    
    
    Jun. 2000
    
    40 yrs.Land in Scottsdale, Arizona
    
    
    7,664
    
    
    
    14,600
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    14,600
    
    
    
    
    
    
    
    14,600
    
    
    
    
    
    
    Sep. 2000
    
    N/AIndustrial facility in Albuquerque, New Mexico
    
    
    3,176
    
    
    
    1,490
    
    
    
    4,636
    
    
    
    7
    
    
    
    
    
    
    
    1,490
    
    
    
    4,643
    
    
    
    6,133
    
    
    
    1,078
    
    
    Sep. 2000
    
    40 yrs.Office facility in Houston, Texas
    
    
    4,535
    
    
    
    570
    
    
    
    6,760
    
    
    
    
    
    
    
    
    
    
    
    570
    
    
    
    6,760
    
    
    
    7,330
    
    
    
    1,570
    
    
    Sep. 2000
    
    40 yrs.Office facility in Eagan, Minnesota
    
    
    19,363
    
    
    
    4,225
    
    
    
    15,518
    
    
    
    1
    
    
    
    (9,425
    )
    
    
    1,314
    
    
    
    9,005
    
    
    
    10,319
    
    
    
    3,605
    
    
    Sep. 2000
    
    40 yrs.Warehouse and distribution facilities in Valdosta, Georgia and
Johnson City, Tennessee
    
    
    11,314
    
    
    
    650
    
    
    
    16,889
    
    
    
    410
    
    
    
    
    
    
    
    650
    
    
    
    17,299
    
    
    
    17,949
    
    
    
    3,983
    
    
    Oct. 2000
    
    40 yrs.Land in Elk Grove Village, Illinois
    
    
    2,854
    
    
    
    4,100
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    4,100
    
    
    
    
    
    
    
    4,100
    
    
    
    
    
    
    Oct. 2000
    
    N/AIndustrial facility in Salisbury, North Carolina
    
    
    6,356
    
    
    
    1,370
    
    
    
    2,672
    
    
    
    6,298
    
    
    
    (51
    )
    
    
    1,319
    
    
    
    8,970
    
    
    
    10,289
    
    
    
    1,803
    
    
    Nov. 2000
    
    40 yrs.Office facility in Lafayette, Louisiana
    
    
    2,198
    
    
    
    660
    
    
    
    3,005
    
    
    
    
    
    
    
    
    
    
    
    660
    
    
    
    3,005
    
    
    
    3,665
    
    
    
    679
    
    
    Dec. 2000
    
    40 yrs.Office facility in Collierville, Tennessee
    
    
    39,936
    
    
    
    3,154
    
    
    
    70,646
    
    
    
    12
    
    
    
    
    
    
    
    3,154
    
    
    
    70,658
    
    
    
    73,812
    
    
    
    27,922
    
    
    Dec. 2000
    
    7-40 yrs.Multiplex motion picture theater in Port St. Lucie and Pensacola,
Florida
    
    
    8,434
    
    
    
    3,200
    
    
    
    3,066
    
    
    
    6,800
    
    
    
    (4,112
    )
    
    
    3,685
    
    
    
    5,269
    
    
    
    8,954
    
    
    
    1,122
    
    
    Dec. 2000
    
    40 yrs.Retail, warehouse and distribution facilities in York, Pennsylvania
    
    
    9,456
    
    
    
    1,974
    
    
    
    10,068
    
    
    
    8,433
    
    
    
    (5,456
    )
    
    
    849
    
    
    
    14,170
    
    
    
    15,019
    
    
    
    1,758
    
    
    Dec. 2000
    
    40 yrs.
 CPA ® :14
2009 10-K 79




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##### Table of Contents



SCHEDULE III  REAL ESTATE AND ACCUMULATED DEPRECIATION   (in thousands)
 Life on whichDepreciationin LatestCosts Capitalized
    
    
    Increase
    
    
    Gross Amount at which Carried
    
    
    
    
    
    
    
    
    
    
    Statement ofInitial Cost to Company
    
    
    Subsequent to
    
    
    (Decrease) in Net
    
    
    at Close of Period
    
    
    Accumulated
    
    
    Date
    
    
    Income isDescription
    
    Encumbrances
    
    
    Land
    
    
    Buildings
    
    
    Acquisition (a)
    
    
    Investments (b)
    
    
    Land
    
    
    Buildings
    
    
    Total
    
    
    Depreciation (c)
    
    
    Acquired
    
    
    ComputedReal Estate Under Operating Leases (Continued):Office facilities in Lindon, Utah
    
    
    
    
    
    
    1,390
    
    
    
    1,123
    
    
    
    8,081
    
    
    
    (428
    )
    
    
    1,851
    
    
    
    8,315
    
    
    
    10,166
    
    
    
    2,497
    
    
    Dec. 2000
    
    40 yrs.Office facility in Houston, Texas
    
    
    3,533
    
    
    
    1,025
    
    
    
    4,530
    
    
    
    517
    
    
    
    
    
    
    
    1,025
    
    
    
    5,047
    
    
    
    6,072
    
    
    
    1,066
    
    
    Dec. 2000
    
    40 yrs.Industrial facility in Doncaster, United Kingdom
    
    
    5,341
    
    
    
    
    
    
    
    8,383
    
    
    
    7
    
    
    
    2,415
    
    
    
    
    
    
    
    10,805
    
    
    
    10,805
    
    
    
    417
    
    
    Jan. 2001
    
    21.7 yrs.Industrial and office facilities in Elgin, Illinois; Bozeman,
Montana and Nashville, Tennessee
    
    
    10,910
    
    
    
    3,900
    
    
    
    17,937
    
    
    
    138
    
    
    
    (546
    )
    
    
    3,900
    
    
    
    17,529
    
    
    
    21,429
    
    
    
    3,849
    
    
    Mar. 2001
    
    40 yrs.Warehouse and distribution facility in Duluth, Georgia
    
    
    7,152
    
    
    
    2,167
    
    
    
    11,446
    
    
    
    5
    
    
    
    (3,500
    )
    
    
    1,484
    
    
    
    8,634
    
    
    
    10,118
    
    
    
    2,517
    
    
    Mar. 2001
    
    40 yrs.Industrial facilities in City of Industry, California; Florence,
Kentucky; Chelmsford, Massachusetts and Lancaster, Texas
    
    
    9,599
    
    
    
    4,398
    
    
    
    13,418
    
    
    
    3,745
    
    
    
    24
    
    
    
    4,643
    
    
    
    16,942
    
    
    
    21,585
    
    
    
    3,500
    
    
    Apr. 2001
    
    7-40 yrs.Industrial facilities in Mesa, Arizona and Moorpark, California
    
    
    17,504
    
    
    
    4,000
    
    
    
    14,951
    
    
    
    10,146
    
    
    
    
    
    
    
    5,945
    
    
    
    23,152
    
    
    
    29,097
    
    
    
    4,109
    
    
    Jun. 2001,
Dec. 2006
    
    34.5 yrs.Industrial facilities in South Windsor and Manchester, Connecticut
    
    
    11,449
    
    
    
    1,555
    
    
    
    18,823
    
    
    
    250
    
    
    
    27
    
    
    
    1,555
    
    
    
    19,100
    
    
    
    20,655
    
    
    
    4,028
    
    
    Jul. 2001
    
    N/AIndustrial and office facilities in Rome, Georgia; Niles,
Illinois; Plymouth, Michigan and Twinsburg, Ohio
    
    
    15,163
    
    
    
    4,140
    
    
    
    23,822
    
    
    
    1,373
    
    
    
    (4,027
    )
    
    
    3,789
    
    
    
    21,519
    
    
    
    25,308
    
    
    
    5,329
    
    
    Aug. 2001
    
    40 yrs.Industrial facility in Milford, Ohio
    
    
    9,092
    
    
    
    2,000
    
    
    
    12,869
    
    
    
    
    
    
    
    
    
    
    
    2,000
    
    
    
    12,869
    
    
    
    14,869
    
    
    
    2,668
    
    
    Sep. 2001
    
    40 yrs.Retail facilities in several cities in the following states: Arizona,
California, Florida, Illinois, Massachusetts, Maryland,
Michigan, Minnesota and Texas
    
    
    39,576
    
    
    
    17,100
    
    
    
    54,743
    
    
    
    
    
    
    
    
    
    
    
    17,100
    
    
    
    54,743
    
    
    
    71,843
    
    
    
    11,120
    
    
    Nov. 2001
    
    40 yrs.Office facility in Richardson, Texas
    
    
    27,554
    
    
    
    3,400
    
    
    
    45,054
    
    
    
    66
    
    
    
    (22,652
    )
    
    
    1,481
    
    
    
    24,387
    
    
    
    25,868
    
    
    
    8,839
    
    
    Dec. 2001
    
    40 yrs.Office facility in Turku, Finland
    
    
    47,737
    
    
    
    801
    
    
    
    23,390
    
    
    
    12,291
    
    
    
    14,364
    
    
    
    1,813
    
    
    
    49,033
    
    
    
    50,846
    
    
    
    8,486
    
    
    Dec. 2001,
Dec. 2007
    
    25-40 yrs.Educational facilities in Union, New Jersey; Allentown and
Philadelphia, Pennsylvania and Grand Prairie, Texas
    
    
    5,394
    
    
    
    2,486
    
    
    
    7,602
    
    
    
    
    
    
    
    3
    
    
    
    2,486
    
    
    
    7,605
    
    
    
    10,091
    
    
    
    1,529
    
    
    Dec. 2001
    
    40 yrs.Warehouse, distribution, office and industrial facilities in
Perris, California; Eugene, Oregon; West Jordan, Utah and Tacoma,
Washington
    
    
    6,301
    
    
    
    6,050
    
    
    
    8,198
    
    
    
    
    
    
    
    (1,845
    )
    
    
    4,200
    
    
    
    8,203
    
    
    
    12,403
    
    
    
    1,615
    
    
    Feb. 2002
    
    40 yrs.Warehouse and distribution facilities in Charlotte and
Lincolnton, North Carolina and Mauldin, South Carolina
    
    
    8,127
    
    
    
    1,860
    
    
    
    12,852
    
    
    
    
    
    
    
    1
    
    
    
    1,860
    
    
    
    12,853
    
    
    
    14,713
    
    
    
    2,505
    
    
    Mar. 2002
    
    40 yrs.Warehouse and distribution facilities in Boe, Carpiquet, Mans,
Vendin Le Vieil, Lieusaint, Lagnieu, Luneville and St. Germain de
Puy, France
    
    
    92,700
    
    
    
    15,724
    
    
    
    75,211
    
    
    
    13,755
    
    
    
    53,349
    
    
    
    26,677
    
    
    
    131,362
    
    
    
    158,039
    
    
    
    25,025
    
    
    Mar. 2002
    
    40 yrs.Warehouse, distribution and office facilities in Davenport, Iowa
and Bloomington, Minnesota
    
    
    17,444
    
    
    
    3,260
    
    
    
    26,009
    
    
    
    
    
    
    
    
    
    
    
    3,260
    
    
    
    26,009
    
    
    
    29,269
    
    
    
    4,850
    
    
    Jul. 2002
    
    40 yrs.Industrial facility in Gorinchem, Netherlands
    
    
    6,612
    
    
    
    2,374
    
    
    
    3,864
    
    
    
    
    
    
    
    2,673
    
    
    
    3,440
    
    
    
    5,471
    
    
    
    8,911
    
    
    
    1,025
    
    
    Jul. 2002Industrial facilities in Granite City, Illinois; Kendallville,
Indiana and Clinton Township, Michigan
    
    
    18,453
    
    
    
    4,390
    
    
    
    30,336
    
    
    
    
    
    
    
    (1,022
    )
    
    
    4,390
    
    
    
    29,314
    
    
    
    33,704
    
    
    
    5,809
    
    
    Aug. 2002
    
    40 yrs.Retail facilities in Lombard, Illinois and Fairfax, Virginia
    
    
    12,076
    
    
    
    13,226
    
    
    
    18,248
    
    
    
    
    
    
    
    (1,018
    )
    
    
    13,226
    
    
    
    17,230
    
    
    
    30,456
    
    
    
    1,582
    
    
    Dec. 2006
    
    33.6 yrs.Retail facility in South Tulsa, Oklahoma
    
    
    4,701
    
    
    
    1,649
    
    
    
    3,425
    
    
    
    
    
    
    
    
    
    
    
    1,649
    
    
    
    3,425
    
    
    
    5,074
    
    
    
    352
    
    
    Dec. 2006
    
    30 yrs.Retail and warehouse and distribution facilities in Johnstown and
Whitehall, Pennsylvania
    
    
    4,153
    
    
    
    2,115
    
    
    
    15,945
    
    
    
    
    
    
    
    (609
    )
    
    
    2,115
    
    
    
    15,336
    
    
    
    17,451
    
    
    
    1,560
    
    
    Dec. 2006
    
    30.3 yrs.Warehouse and distribution facility in Dallas, Texas
    
    
    3,504
    
    
    
    323
    
    
    
    6,784
    
    
    
    
    
    
    
    
    
    
    
    323
    
    
    
    6,784
    
    
    
    7,107
    
    
    
    597
    
    
    Dec. 2006
    
    30.8 yrs.
 CPA ® :14
2009 10-K 80




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##### Table of Contents



SCHEDULE III  REAL ESTATE AND ACCUMULATED DEPRECIATION   (in thousands)
 Life on whichDepreciationin LatestCosts Capitalized
    
    
    Increase
    
    
    Gross Amount at which Carried
    
    
    
    
    
    
    
    
    
    
    Statement ofInitial Cost to Company
    
    
    Subsequent to
    
    
    (Decrease) in Net
    
    
    at Close of Period
    
    
    Accumulated
    
    
    Date
    
    
    Income isDescription
    
    Encumbrances
    
    
    Land
    
    
    Buildings
    
    
    Acquisition (a)
    
    
    Investments (b)
    
    
    Land
    
    
    Buildings
    
    
    Total
    
    
    Depreciation (c)
    
    
    Acquired
    
    
    ComputedReal Estate Under Operating Leases (Continued):Industrial facility in Shelburne, Vermont
    
    
    1,876
    
    
    
    955
    
    
    
    2,919
    
    
    
    
    
    
    
    
    
    
    
    955
    
    
    
    2,919
    
    
    
    3,874
    
    
    
    294
    
    
    Dec. 2006
    
    30.6 yrs.Industrial facilities in Fort Dodge, Indiana and Oconomowoc,
Wisconsin
    
    
    6,267
    
    
    
    1,218
    
    
    
    11,879
    
    
    
    2,514
    
    
    
    
    
    
    
    1,218
    
    
    
    14,393
    
    
    
    15,611
    
    
    
    1,638
    
    
    Dec. 2006
    
    23.5 yrs.Industrial facility in Aurora, Illinois
    
    
    8,786
    
    
    
    2,730
    
    
    
    10,391
    
    
    
    
    
    
    
    
    
    
    
    2,730
    
    
    
    10,391
    
    
    
    13,121
    
    
    
    1,039
    
    
    Dec. 2006
    
    30.8 yrs.Industrial facility in Houston, Texas
    
    
    
    
    
    
    2,299
    
    
    
    4,722
    
    
    
    
    
    
    
    
    
    
    
    2,299
    
    
    
    4,722
    
    
    
    7,021
    
    
    
    892
    
    
    Dec. 2006
    
    16.3 yrs.Industrial, warehouse and distribution and office facilities in
Waterloo, Wisconsin
    
    
    
    
    
    
    922
    
    
    
    16,824
    
    
    
    
    
    
    
    (642
    )
    
    
    922
    
    
    
    16,182
    
    
    
    17,104
    
    
    
    2,454
    
    
    Dec. 2006
    
    20.3 yrs.Industrial and warehouse and distribution facilities in Westfield,
Massachusetts
    
    
    6,457
    
    
    
    1,106
    
    
    
    9,952
    
    
    
    
    
    
    
    
    
    
    
    1,106
    
    
    
    9,952
    
    
    
    11,058
    
    
    
    886
    
    
    Dec. 2006
    
    34.7 yrs.Industrial facility in Richmond, Missouri
    
    
    5,630
    
    
    
    530
    
    
    
    6,505
    
    
    
    
    
    
    
    
    
    
    
    530
    
    
    
    6,505
    
    
    
    7,035
    
    
    
    576
    
    
    Dec. 2006
    
    34.8 yrs.Retail facilities in Bourne, Sandwich and Chelmsford, Massachusetts
    
    
    1,423
    
    
    
    1,418
    
    
    
    2,157
    
    
    
    
    
    
    
    
    
    
    
    1,418
    
    
    
    2,157
    
    
    
    3,575
    
    
    
    214
    
    
    Dec. 2006
    
    31.1 yrs.Industrial facility in Carlsbad, California
    
    
    4,763
    
    
    
    2,618
    
    
    
    4,880
    
    
    
    
    
    
    
    
    
    
    
    2,618
    
    
    
    4,880
    
    
    
    7,498
    
    
    
    488
    
    
    Dec. 2006
    
    30.8 yrs.Fitness and recreational facility in Houston, Texas
    
    
    3,745
    
    
    
    1,613
    
    
    
    3,398
    
    
    
    
    
    
    
    
    
    
    
    1,613
    
    
    
    3,398
    
    
    
    5,011
    
    
    
    353
    
    
    Dec. 2006
    
    29.7 yrs.Theater in Hickory Creek, Texas
    
    
    3,792
    
    
    
    3,138
    
    
    
    6,752
    
    
    
    
    
    
    
    
    
    
    
    3,138
    
    
    
    6,752
    
    
    
    9,890
    
    
    
    612
    
    
    Dec. 2006
    
    34 yrs.Educational facilities in Chandler, Arizona; Fleming Island,
Florida; Ackworth, Georgia; Hauppauge and Patchogue, New York;
Sugar Land, Texas; Hampton, Virginia and Silverdale, Washington
    
    
    5,926
    
    
    
    4,312
    
    
    
    9,963
    
    
    
    
    
    
    
    (380
    )
    
    
    4,312
    
    
    
    9,583
    
    
    
    13,895
    
    
    
    1,001
    
    
    Dec. 2006
    
    29.6 yrs.Industrial facility in Indianapolis, Indiana
    
    
    1,822
    
    
    
    1,035
    
    
    
    6,594
    
    
    
    
    
    
    
    
    
    
    
    1,035
    
    
    
    6,594
    
    
    
    7,629
    
    
    
    689
    
    
    Dec. 2006
    
    29.5 yrs.Warehouse and distribution facilities in Greenville, South Carolina
    
    
    4,664
    
    
    
    625
    
    
    
    8,178
    
    
    
    
    
    
    
    
    
    
    
    625
    
    
    
    8,178
    
    
    
    8,803
    
    
    
    906
    
    
    Dec. 2006
    
    27.8 yrs.Industrial and office facilities in San Diego, CA
    
    
    35,350
    
    
    
    7,247
    
    
    
    29,098
    
    
    
    
    
    
    
    
    
    
    
    7,247
    
    
    
    29,098
    
    
    
    36,345
    
    
    
    3,281
    
    
    Dec. 2006
    
    40 yrs.$
    750,605
    
    
    $
    221,102
    
    
    $
    895,749
    
    
    $
    126,599
    
    
    $
    12,516
    
    
    $
    228,279
    
    
    $
    1,027,687
    
    
    $
    1,255,966
    
    
    $
    215,967
 Gross Amount atCosts Capitalized
    
    
    Increase
    
    
    which CarriedInitial Cost to Company
    
    
    Subsequent to
    
    
    (Decrease) in Net
    
    
    at Close of
    
    
    DateDescription
    
    Encumbrances (c)
    
    
    Land
    
    
    Buildings
    
    
    Acquisition (a)
    
    
    Investments (b)
    
    
    Period Total
    
    
    AcquiredDirect Financing Method:Industrial facilities in Dallas and Greenville, Texas
    
    $
    12,104
    
    
    $
    460
    
    
    $
    20,427
    
    
    $
    
    
    
    $
    (3,192
    )
    
    $
    17,695
    
    
    Nov. 1999Multiplex theater facility in Midlothian, Virginia
    
    
    8,800
    
    
    
    
    
    
    
    10,819
    
    
    
    854
    
    
    
    812
    
    
    
    12,485
    
    
    Sep. 1999Office facility in Scottsdale, Arizona
    
    
    13,341
    
    
    
    
    
    
    
    25,415
    
    
    
    
    
    
    
    
    
    
    
    25,415
    
    
    Sep. 2000Warehouse and distribution facility in Elk Grove Village, Illinois
    
    
    1,487
    
    
    
    
    
    
    
    4,172
    
    
    
    4
    
    
    
    (2,040
    )
    
    
    2,136
    
    
    Oct. 2000Multiplex motion picture theater in Pensacola, Florida
    
    
    6,875
    
    
    
    
    
    
    
    4,112
    
    
    
    2,541
    
    
    
    
    
    
    
    6,653
    
    
    Dec. 2000Industrial and manufacturing facilities in Old Fort and
Albemarie, North Carolina; Holmesville, Ohio and Springfield,
Tennessee
    
    
    7,062
    
    
    
    2,961
    
    
    
    24,474
    
    
    
    20
    
    
    
    (9,757
    )
    
    
    17,698
    
    
    Sep. 2001Educational facility in Mooresville, North Carolina
    
    
    5,389
    
    
    
    1,600
    
    
    
    9,276
    
    
    
    130
    
    
    
    (459
    )
    
    
    10,547
    
    
    Feb. 2002Industrial facility in Ashburn Junction, Virginia (d)
    
    
    
    
    
    
    4,683
    
    
    
    15,116
    
    
    
    
    
    
    
    
    
    
    
    19,799
    
    
    Dec. 2006$
    55,058
    
    
    $
    9,704
    
    
    $
    113,811
    
    
    $
    3,549
    
    
    $
    (14,636
    )
    
    $
    112,428
 CPA ® :14 2009 10-K 81




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##### Table of Contents



NOTES to SCHEDULE III  REAL ESTATE and ACCUMULATED DEPRECIATION  (in thousands)
 (a)
    
    Consists of the costs of improvements subsequent to purchase and acquisition costs, including
legal fees, appraisal fees, title costs and other related professional fees.(b)
    
    The increase (decrease) in net investment was primarily due to (i) the amortization of
unearned income from net investment in direct financing leases, which produces a periodic rate
of return that at times may be greater or less than lease payments received, (ii) sales of
properties, (iii) impairment charges, (iv) changes in foreign currency exchange rates and
(v) adjustments in connection with purchasing certain minority interests.(c)
    
    Reconciliation of real estate and accumulated depreciation (see below):
 Reconciliation of Real Estate Subject toOperating LeasesDecember 31,2009
    
    
    2008
    
    
    2007Balance at beginning of year
    
    $
    1,275,775
    
    
    $
    1,301,505
    
    
    $
    1,291,598Additions
    
    
    2,921
    
    
    
    527
    
    
    
    17,524Dispositions
    
    
    (23,473
    )
    
    
    (16,799
    )
    
    
    (30,088
    )Reclassification from equity investment, direct financing
lease or funds held in escrow
    
    
    45,734
    
    
    
    
    
    
    
    Reclassification to assets held for sale
    
    
    (11,421
    )
    
    
    
    
    
    
    Impairment charges
    
    
    (37,779
    )
    
    
    
    
    
    
    Foreign currency translation adjustment
    
    
    4,209
    
    
    
    (9,458
    )
    
    
    22,471Balance at close of year
    
    $
    1,255,966
    
    
    $
    1,275,775
    
    
    $
    1,301,505
 Reconciliation of Accumulated DepreciationDecember 31,2009
    
    
    2008
    
    
    2007Balance at beginning of year
    
    $
    188,739
    
    
    $
    162,374
    
    
    $
    137,262Depreciation expense
    
    
    29,614
    
    
    
    29,527
    
    
    
    29,085Dispositions
    
    
    (2,438
    )
    
    
    (1,883
    )
    
    
    (6,471
    )Reclassification from equity investment
    
    
    2,217
    
    
    
    
    
    
    
    Reclassification to assets held for sale
    
    
    (2,771
    )
    
    
    
    
    
    
    Foreign currency translation adjustment
    
    
    606
    
    
    
    (1,279
    )
    
    
    2,498Balance at close of year
    
    $
    215,967
    
    
    $
    188,739
    
    
    $
    162,374
  CPA ® :14 2009 10-K 82




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##### Table of Contents



Item 9.
    
    Changes in and Disagreements with Accountants on Accounting and Financial Disclosure.
  
 Item 9A(T).
    
    Controls and Procedures.
 Disclosure Controls and Procedures
   Managements Report on Internal Control Over Financial Reporting
      Changes in Internal Control Over Financial Reporting
  
 Item 9B.
    
    Other Information.
  CPA ® :14 2009 10-K 83




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##### Table of Contents



Item 10.
    
    Directors, Executive Officers and Corporate Governance.
  
 Item 11.
    
    Executive Compensation.
  
 Item 12.
    
    Security Ownership of Certain Beneficial Owners and Management and Related Stockholder
Matters.
  
 Item 13.
    
    Certain Relationships and Related Transactions, and Director Independence.
  
 Item 14.
    
    Principal Accountant Fees and Services
  
  
 Item 15.
    
    Exhibits, Financial Statement Schedules.
    Exhibit No.
    
    Description
    
    Method of Filing3.1
    
    
    Articles of Incorporation of Registrant
    
    Incorporated by reference to
Registration Statement on  Form S-11 (No. 333-31437) filed July 16,
19973.2
    
    
    Articles of Amendment
    
    Incorporated by reference to Registration Statement on Form S-11 (No. 333-76761) filed November
16, 19993.3
    
    
    Amended and Restated Bylaws of Registrant
    
    Incorporated by reference to Quarterly Report on Form 10-Q for the quarter ended June 30,
2009 filed August 14, 20094.1
    
    
    Dividend Reinvestment and Share Purchase Plan
    
    Incorporated by reference to
Registration Statement on Form S-3 (No.
333-96869) filed July 22, 200210.1
    
    
    Asset Management Agreement dated as of September 2, 2008 between
Corporate Property Associates 14 Incorporated and W.P. Carey & Co. B.V.
    
    Incorporated by reference to
Quarterly Report on  Form 10-Q for the quarter ended September 30, 2008 filed
November 14, 2008
 CPA ® :14 2009 10-K 84




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##### Table of Contents



Exhibit No.
    
    Description
    
    Method of Filing10.2
    
    
    Amended and Restated Advisory Agreement dated as of October 1, 2009
between Corporate Property Associates 14 Incorporated and Carey Asset
Management Corp.
    
    Incorporated by reference to
Quarterly Report on Form 10-Q for the quarter ended
September 30, 2009 filed November 13, 200921.1
    
    
    Subsidiaries of Registrant
    
    Filed herewith23.1
    
    
    Consent of PricewaterhouseCoopers LLP
    
    Filed herewith31.1
    
    
    Certification pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
    
    Filed herewith31.2
    
    
    Certification pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
    
    Filed herewith32
    
    
    Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
    
    Filed herewith
 CPA ® :14 2009 10-K 85




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##### Table of Contents



SIGNATURES
  Corporate Property Associates 14 IncorporatedDate 3/26/2010
    By:
    /s/ Mark J. DeCesarisMark J. DeCesarisManaging Director and Acting Chief Financial Officer  Signature
    
    Title
    
    Date/s/ Wm. Polk Carey

Wm. Polk Carey
    
    Chairman of the Board and Director
    
    3/26/2010/s/ Gordon F. DuGan

Gordon F. DuGan
    
    Chief Executive Officer
(Principal Executive Officer)
    
    3/26/2010/s/ Mark J. DeCesaris

Mark J. DeCesaris
    
    Managing Director and Acting Chief Financial Officer

(Principal Financial Officer)
    
    3/26/2010/s/ Thomas J. Ridings Jr.

Thomas J. Ridings Jr.
    
    Executive Director and Chief Accounting Officer
(Principal Accounting Officer)
    
    3/26/2010/s/ Marshall E. Blume

Marshall E. Blume
    
    Director
    
    3/26/2010/s/ Richard J. Pinola

Richard J. Pinola
    
    Director
    
    3/26/2010/s/ James D. Price

James D. Price
    
    Director
    
    3/26/2010
 CPA ® :14 2009 10-K 86