Document:

exv4w14

 

EXHIBIT 4.14

 

 

CAPITAL AUTOMOTIVE REIT,

as Issuer

and

CAPITAL AUTOMOTIVE L.P.,

as Guarantor

and

WELLS FARGO BANK, NATIONAL ASSOCIATION,

as Trustee

THIRD SUPPLEMENTAL TRUST INDENTURE

Dated as of August 13, 2004

Providing for Guarantee of

6.75% MONTHLY INCOME NOTES DUE 2019

and

6% CONVERTIBLE NOTES DUE MAY 15, 2024

 

 

 

 

     THIS THIRD SUPPLEMENTAL TRUST INDENTURE is made as of this 13th day of August, 2004
(the “Supplemental Indenture”), by and among Capital Automotive REIT, a real
estate investment trust organized under the laws of the State of Maryland, as issuer (the
“Company”), Capital Automotive L.P., a limited partnership organized under the
laws of the State of Delaware, as guarantor (the “Partnership”) and Wells Fargo Bank,
National Association, a national banking association organized under the laws of the United
States of America, as trustee (the “Trustee”). Capitalized terms used and not otherwise
defined herein shall have the respective meanings given them in the Base Indenture (as defined
below).

RECITALS OF THE COMPANY

     WHEREAS, the Company has heretofore entered into a Base Indenture with the Trustee, dated as
of April 15, 2004, as supplemented by the First Supplemental Trust Indenture, dated as of April 15,
2004, between the Company and the Trustee (the “First Supplemental Indenture”); and the
Second Supplemental Trust Indenture, dated as of May 12, 2004, between the Company and the Trustee
(the “Second Supplemental Indenture”) (collectively, the “Base Indenture”),
providing for the issuance from time to time of unsubordinated debentures, notes or other evidences
of indebtedness in series;

     WHEREAS, the Base Indenture is incorporated herein by this reference;

     WHEREAS, under the Base Indenture, the Board of Trustees of the Company may at any time, in
respect of the Securities of any series, add a Guarantor pursuant to a supplemental indenture
executed by the Company, the Guarantor and the Trustee;

     WHEREAS, the Partnership desires to guarantee the Company’s 6.75% Monthly Income Notes due
2019 (the “Income Notes”), having the terms and conditions set forth in the First
Supplemental Indenture;

     WHEREAS, the Partnership desires to guarantee the Company’s 6% Convertible Notes due May 15,
2024 (the “Convertible Notes”), having the terms and conditions set forth in the Second
Supplemental Indenture;

     WHEREAS, all conditions necessary to authorize the execution and delivery of this Supplemental
Indenture and to make it a valid and binding obligation of the Company and the Partnership have
been done or performed;

     NOW THEREFORE, for and in consideration of the agreements and obligations set forth herein and
for good and valuable consideration, the sufficiency of which is hereby acknowledged, the parties
hereto hereby agree as follows:

 

 

ARTICLE I

THE GUARANTEES

     SECTION 1.1 Guarantee of the Income Notes.

     (a) The Partnership shall be a Guarantor of the Income Notes until it is released from and
relieved of its obligations under Article XIII of the Base Indenture.

     (b) The Guarantee shall be issued in substantially the form set out in Exhibit A
hereto.

     SECTION 1.2 Guarantee of the Convertible Notes.

     (a) The Partnership shall be a Guarantor of the Convertible Notes until it is released from
and relieved of its obligations under Article XIII of the Base Indenture.

     (b) The Guarantee shall be issued in substantially the form set out in Exhibit B
hereto.

ARTICLE II

MISCELLANEOUS PROVISIONS

     SECTION 2.1 Ratification and Incorporation of Base Indenture.

     As supplemented by this Supplemental Indenture, the Base Indenture is in all respects ratified
and confirmed, and the Base Indenture together with this Supplemental Indenture shall be read,
taken and construed as one and the same instrument.

     SECTION 2.2 Governing Law.

     This Supplement shall be governed by, and construed in accordance with, the laws of the state
of New York (without giving effect to the conflicts of laws principles thereof).

     SECTION 2.3 Counterparts.

     This Supplemental Indenture may be executed in any number of counterparts, each of which shall
be an original; but such counterparts shall together constitute but one and the same instrument.

     SECTION 2.4 Entire Agreement.

     This Supplemental Indenture, together with the Base Indenture, constitutes the entire
agreement between the parties hereto with respect to the subject matter hereof, and fully
supersedes any prior of contemporaneous agreements relating to such subject matter.

-2-

 

 

     IN WITNESS WHEREOF, the parties hereto have caused this Supplemental Indenture to be duly
executed, all as of the day and year first above written.

	 	 	 	 	 
	 	 	Capital Automotive REIT,
	 	 	as Issuer
	 
	 	 	 	 
	

	 	By:
	 	/s/ David S. Kay
	

	 	 	 	 
	

	 	Name:

Title:
	 	David S. Kay

Senior Vice President

Chief Financial Officer and Treasurer
	 
	 	 	 	 
	 	 	Capital Automotive L.P.,
	Attest:	 	as Guarantor, by Capital Automotive REIT,
	 	 	its general partner

	 	 	 	 	 	 	 
	By:

	 	/s/ John M. Weaver

	 	By:
	 	/s/ David S. Kay

	

	 	 
	 	 	 	 
	Name:

Title:

	 	John M. Weaver

Senior Vice President,

General Counsel and Secretary
	 	Name:

Title:
	 	David S. Kay

Senior Vice President

Chief Financial Officer and Treasurer

	 	 	 	 	 
	 	 	Wells Fargo Bank, National Association,
	 	 	as Trustee
	 
	 	 	 	 
	

	 	By:
	 	/s/ Joseph P. O’Donnell

	

	 	 	 	 
	

	 	Name:

Title:
	 	Joseph P. O’Donnell

Assistant Vice President

[Third Supplemental Trust Indenture]exv4w15

 

EXHIBIT 4.15

 

 

CAPITAL AUTOMOTIVE REIT,

as Issuer

and

CAPITAL AUTOMOTIVE L.P.,

as Guarantor

and

WELLS FARGO BANK, NATIONAL ASSOCIATION,

as Trustee

FOURTH SUPPLEMENTAL TRUST INDENTURE

Dated as of December 21, 2004

Providing for Supplemental and Modified Covenants with respect to

6.75% MONTHLY INCOME NOTES DUE 2019

 

 

 

 

     THIS FOURTH SUPPLEMENTAL TRUST INDENTURE is made as of this 21st day of December,
2004 (the “Supplemental Indenture”), by and among Capital Automotive REIT, a real
estate investment trust organized under the laws of the State of Maryland, as issuer (the
“Company”), Capital Automotive L.P., a limited partnership organized under the
laws of the State of Delaware, as guarantor (referred to herein as either the “Guarantor”
or the “Partnership”) and Wells Fargo Bank, National Association, a national
banking association organized under the laws of the United States of America, as trustee (the
“Trustee”).

RECITALS OF THE COMPANY

     WHEREAS, the Company has heretofore entered into a Base Indenture with the Trustee, dated as
of April 15, 2004, as supplemented by the First Supplemental Trust Indenture, dated as of April 15,
2004, between the Company and the Trustee (the “First Supplemental Indenture”); the Second
Supplemental Trust Indenture, dated as of May 12, 2004, between the Company and the Trustee; and
the Third Supplemental Trust Indenture, dated as of August 13, 2004, among the Company, the
Guarantor and the Trustee (the “Third Supplemental Indenture”) (collectively, the
“Indenture”), providing for the issuance from time to time of unsubordinated debentures,
notes or other evidences of indebtedness in series;

     WHEREAS, the Indenture is incorporated herein by this reference;

     WHEREAS, under the Indenture, the Board of Trustees of the Company and the Guarantor may at
any time, in respect of the Securities of any series, pursuant to a supplemental indenture executed
by the Company, the Guarantor and the Trustee, make any provisions with respect to matters or
questions arising under the Indenture which shall not be inconsistent with the provisions of the
Indenture; provided, however, that no such modifications or amendment may adversely affect the
interest of holders of Securities of any series then outstanding in any material respect;

     WHEREAS, the Company desires to amend the covenants relating to its 6.75% Monthly Income Notes
due 2019 (the “Notes”) set forth in Article III of the First Supplemental Indenture;

     WHEREAS, all conditions necessary to authorize the execution and delivery of this Supplemental
Indenture and to make it a valid and binding obligation of the Company and the Guarantor have been
done or performed;

     NOW THEREFORE, for and in consideration of the agreements and obligations set forth herein and
for good and valuable consideration, the sufficiency of which is hereby acknowledged, the parties
hereto hereby agree as follows:

 

 

ARTICLE I

DEFINED TERMS

     The following defined terms used herein shall, unless the context otherwise requires, have the
meanings specified below. Capitalized terms used and not otherwise defined herein shall have the
respective meanings given them in the Indenture:

     “Secured Debt to Total Assets Ratio” means, for the period for which such ratio is
being calculated, the ratio expressed as a fraction, the numerator of which is the Company’s
consolidated long-term Indebtedness (less payments due within one year) secured by any Lien upon
any of the property of the Company or any Subsidiary, and the denominator of which is the aggregate
book value of all of the Company’s assets plus accumulated depreciation and amortization (less
goodwill) as reflected on the Company’s consolidated financial statements.

     “Total Assets” as of any date means the sum of (i) the Undepreciated Real Estate
Assets and (ii) all other assets of the Company and its Subsidiaries determined on a consolidated
basis in accordance with GAAP (but excluding accounts receivable and intangibles).

     “Undepreciated Real Estate Assets” as of any date means the cost (original cost plus
capital improvements) of the real estate assets of the Company and its Subsidiaries on such date,
before depreciation and amortization, determined on a consolidated basis in accordance with GAAP.

ARTICLE II

COVENANTS

     The following covenants hereby modify and supersede the covenants contained in Article III of
the First Supplemental Indenture.

           SECTION 2.1 Limitations on Incurrence of Debt. 

     (a) The Company will not, and will not permit any Subsidiary to, incur additional Indebtedness
if, immediately after the incurrence of such additional Indebtedness the Company’s Debt to Total
Assets Ratio, calculated on a consolidated basis, would exceed sixty percent (60%), measured as of
the end of the most recent fiscal year or calendar quarter.

     (b) The Company shall not, and shall not permit any Subsidiary to, incur any Indebtedness if
the Company’s Debt Service Coverage Ratio for the four consecutive fiscal quarters most recently
ended prior to the date on which such additional Indebtedness is to be incurred shall have been
less than 1.5 to 1, calculated on a pro forma basis after giving effect to the issuance of the
Notes and the application of the proceeds therefrom, and calculated on the assumption that the
Notes and any other Indebtedness incurred by the Company since the first day of the four-quarter
period and the application of the proceeds therefrom (including to refinance other Indebtedness
since the first day of the four-quarter period) had occurred on the first day of the period.

-2-

 

     (c) The Company will not, and will not permit any Subsidiary to, incur additional Indebtedness
secured by any Lien upon any of the property of the Company or any Subsidiary if, immediately after
the incurrence of such additional Indebtedness the Company’s Secured Debt to Total Assets Ratio
calculated on a consolidated basis, would exceed forty percent (40%), measured as of the end of the
most recent fiscal year or calendar quarter.

     SECTION 2.2 Maintenance of Unencumbered Total Assets.

     The Company and its Subsidiaries shall at all times maintain Unencumbered Total Assets in an
amount not less than one-hundred fifty percent (150%) of the aggregate outstanding principal amount
of the Company’s and its Subsidiaries’ consolidated unsecured Indebtedness.

     SECTION 2.3 Restriction on Subsidiary Indebtedness and Preferred Stock.

     (a) The Company shall not permit the Partnership or any Subsidiary (i) to incur unsecured
Indebtedness, except for Indebtedness payable to the Company or (ii) to guarantee unsecured
Indebtedness, unless in each case the Notes will rank pari passu, with such Indebtedness.

     (b) The Company shall not permit the Partnership to issue, other than to the Company,
preferred units of partnership interest in the Partnership, unless the Notes will rank senior to
any such preferred units.

     (c) If the Partnership issues its Guarantee of the Notes in accordance with Section 3.1 of the
Base Indenture, such Guarantee shall be deemed to satisfy the foregoing conditions.
Notwithstanding the foregoing, the Company and the Trustee agree that the satisfaction of the
provisions of the immediately preceding sentence shall not be the exclusive means of satisfying the
restrictions set forth in Section 2.3(a) and 2.3(b) of this Supplemental Indenture.

     (d) The Partnership issued its Guarantee of the Notes in accordance with Section 3.1 of the
Base Indenture, pursuant to the Third Supplemental Indenture.

     SECTION 2.4 Provision of Financial Information. 

     (a) If the Company shall be required to file reports with the SEC pursuant to Section 13 or
15(d) of the Exchange Act, it will file such reports by the required date and, within 15 days of
such date, deliver copies of all such reports to the Trustee for, and transmit a copy to, each
holder of the Notes. If the Company is not required to file reports with the SEC pursuant to
Section 13 or 15(d) of the Exchange Act, it will deliver to the Trustee and transmit to each holder
of the Notes reports that contain substantially the same kind of information that would have been
included in annual and quarterly reports filed with the SEC had the Company been required to file
such reports, such information to be delivered or transmitted within 15 days after the same would
have been required to be filed with the SEC had the Company been required to file such reports.

     (b) Notwithstanding the foregoing, if the Company is not required to file reports with the SEC
because information about the Company is contained in the reports filed by another entity with the
SEC, the delivery to the Trustee for the Notes of the reports filed by such entity with the

-4-

 

SEC and the transmittal by mail to all holders of the Notes of each annual and quarterly
report filed with the SEC by such entity within the time periods set forth in the preceding
sentence shall be deemed to satisfy the Company’s obligations to provide financial information
under the applicable provisions of the Base Indenture.

ARTICLE III

MISCELLANEOUS PROVISIONS

     SECTION 3.1 Ratification and Incorporation of Indenture.

     As supplemented and modified by this Supplemental Indenture, the Indenture is in all respects
ratified and confirmed, and the Indenture together with this Supplemental Indenture shall be read,
taken and construed as one and the same instrument.

     SECTION 3.2 Governing Law.

     This Supplement shall be governed by, and construed in accordance with, the laws of the state
of New York (without giving effect to the conflicts of laws principles thereof).

     SECTION 3.3 Counterparts.

     This Supplemental Indenture may be executed in any number of counterparts, each of which shall
be an original; but such counterparts shall together constitute but one and the same instrument.

     SECTION 3.4 Entire Agreement.

     This Supplemental Indenture, together with the Indenture, constitutes the entire agreement
between the parties hereto with respect to the subject matter hereof, and fully supersedes any
prior or contemporaneous agreements relating to such subject matter.

-4-

 

 

     IN WITNESS WHEREOF, the parties hereto have caused this Supplemental Indenture to be duly
executed, all as of the day and year first above written.

	 	 	 	 	 
	 	 	Capital Automotive REIT,
	 	 	as Issuer
	 
	 	 	 	 
	

	 	By:
	 	/s/ David S. Kay
	

	 	 	 	 
	

	 	Name:

Title:
	 	David S. Kay

Senior Vice President

Chief Financial Officer and Treasurer
	 
	 	 	 	 
	 	 	Capital Automotive L.P.,
	Attest:	 	as Guarantor, by Capital Automotive REIT,
	 	 	its general partner

	 	 	 	 	 	 	 
	By:

	 	/s/ John M. Weaver
	 	By:
	 	/s/ David S. Kay

	

	 	 
	 	 	 	 
	Name:

Title:

	 	John M. Weaver

Senior Vice President,

General Counsel and Secretary
	 	Name:

Title:
	 	David S. Kay

Senior Vice President

Chief Financial Officer and Treasurer

	 	 	 	 	 
	 	 	Wells Fargo Bank, National Association,
	 	 	as Trustee
	 
	 	 	 	 
	

	 	By:
	 	/s/ Joseph P. O’Donnell
	

	 	 	 	 
	

	 	Name:

Title:
	 	Joseph P. O’Donnell

Assistant Vice President

[Fourth Supplemental Trust Indenture]

 

 

Schedule III — Real Estate and Accumulated Depreciation

Capital Automotive REIT

December 31, 2004

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	Gross Amount at December 31, 2004	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	Building	 	 	 	 	 	 	 	 	 	 	 	 
	City	 	State	 	Encumbrances	 	Land	 	 	and Improvements	 	 	Total (1) (2)	 	 	Accumulated Depreciation (3)	 	 	Date Acquired	 	 	Depreciation Life
	      Automotive Retail Properties and Related Real Estate	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Dothan
	 	AL	 	 	 	 	490,443	 	 	 	2,193,587	 	 	 	2,684,030	 	 	 	500,632	 	 	 	7/23/1998	 	 	30 years
	Irondale
	 	AL	 	 	 	 	400,000	 	 	 	1,601,750	 	 	 	2,001,750	 	 	 	45,946	 	 	 	9/16/2003	 	 	45 years
	Irondale
	 	AL	 	 	 	 	6,401,494	 	 	 	18,730,900	 	 	 	25,132,393	 	 	 	396,810	 	 	 	9/30/2003	 	 	45 years
	Montgomery
	 	AL	 	 	 	 	2,642,944	 	 	 	3,230,264	 	 	 	5,873,208	 	 	 	515,945	 	 	 	3/3/2000	 	 	30 years
	Montgomery
	 	AL	 	 	 	 	2,460,559	 	 	 	3,182,925	 	 	 	5,643,483	 	 	 	508,384	 	 	 	3/3/2000	 	 	30 years
	Montgomery
	 	AL	 	 	 	 	2,847,664	 	 	 	3,237,409	 	 	 	6,085,073	 	 	 	511,788	 	 	 	9/28/2000	 	 	30 years
	Bryant
	 	AR	 	 	 	 	836,766	 	 	 	1,603,687	 	 	 	2,440,453	 	 	 	42,510	 	 	 	1/6/2004	 	 	36 years
	Goodyear
	 	AZ	 	C	 	 	1,349,267	 	 	 	6,125,345	 	 	 	7,474,612	 	 	 	175,790	 	 	 	9/19/2003	 	 	45 years
	Phoenix
	 	AZ	 	 	 	 	33,189,647	 	 	 	77,127,936	 	 	 	110,317,583	 	 	 	3,826,574	 	 	 	9/11/2002	 	 	43 years
	Tucson
	 	AZ	 	C	 	 	4,515,062	 	 	 	5,321,125	 	 	 	9,836,187	 	 	 	1,255,849	 	 	 	5/22/1998	 	 	30 years
	Calabassas
	 	CA	 	D	 	 	4,422,507	 	 	 	3,427,410	 	 	 	7,849,917	 	 	 	210,643	 	 	 	7/16/2002	 	 	40 years
	Clovis
	 	CA	 	 	 	 	2,005,992	 	 	 	3,109,286	 	 	 	5,115,278	 	 	 	3,351	 	 	 	12/3/2004	 	 	38.7 years
	Duarte
	 	CA	 	A	 	 	8,018,176	 	 	 	9,448,336	 	 	 	17,466,512	 	 	 	797,203	 	 	 	8/10/2001	 	 	40 years
	Fresno
	 	CA	 	 	 	 	2,532,898	 	 	 	5,911,846	 	 	 	8,444,745	 	 	 	224,393	 	 	 	4/1/2003	 	 	45 years
	Fresno
	 	CA	 	C	 	 	2,987,833	 	 	 	6,007,953	 	 	 	8,995,787	 	 	 	709,272	 	 	 	6/27/2001	 	 	30 years
	Los Angeles
	 	CA	 	 	 	 	4,898,755	 	 	 	1,950,690	 	 	 	6,849,445	 	 	 	445,197	 	 	 	7/22/1998	 	 	30 years
	Los Angeles
	 	CA	 	 	 	 	2,341,054	 	 	 	1,502,527	 	 	 	3,843,580	 	 	 	342,914	 	 	 	7/22/1998	 	 	30 years
	Rancho Santa Margarita
	 	CA	 	D	 	 	5,132,832	 	 	 	4,419,551	 	 	 	9,552,384	 	 	 	521,753	 	 	 	6/1/2001	 	 	30 years
	Roseville
	 	CA	 	D	 	 	7,076,659	 	 	 	9,941,791	 	 	 	17,018,450	 	 	 	569,582	 	 	 	9/27/2002	 	 	40 years
	San Diego
	 	CA	 	 	 	 	—	 	 	 	16,332,606	 	 	 	16,332,606	 	 	 	607,568	 	 	 	12/23/2003	 	 	28 years
	San Diego
	 	CA	 	 	 	 	—	 	 	 	11,643,767	 	 	 	11,643,767	 	 	 	449,173	 	 	 	12/23/2003	 	 	27 years
	San Diego
	 	CA	 	 	 	 	—	 	 	 	8,786,187	 	 	 	8,786,187	 	 	 	338,927	 	 	 	12/23/2003	 	 	27 years
	San Diego
	 	CA	 	 	 	 	—	 	 	 	11,637,025	 	 	 	11,637,025	 	 	 	332,468	 	 	 	12/23/2003	 	 	32 years
	San Diego
	 	CA	 	 	 	 	5,294,773	 	 	 	—	 	 	 	5,294,773	 	 	 	—	 	 	 	12/23/2003	 	 	 
	San Diego
	 	CA	 	 	 	 	2,791,440	 	 	 	2,085,135	 	 	 	4,876,575	 	 	 	108,570	 	 	 	12/23/2003	 	 	20 years
	San Diego
	 	CA	 	 	 	 	—	 	 	 	1,323,273	 	 	 	1,323,273	 	 	 	51,006	 	 	 	12/23/2003	 	 	27 years
	San Diego
	 	CA	 	 	 	 	—	 	 	 	1,278,792	 	 	 	1,278,792	 	 	 	47,530	 	 	 	12/23/2003	 	 	28 years
	San Rafael
	 	CA	 	 	 	 	2,864,359	 	 	 	3,492,409	 	 	 	6,356,768	 	 	 	705,757	 	 	 	1/14/1999	 	 	20 years
	Santa Monica
	 	CA	 	C	 	 	3,833,129	 	 	 	2,885,258	 	 	 	6,718,388	 	 	 	492,900	 	 	 	11/10/1999	 	 	30 years
	Santa Monica
	 	CA	 	C	 	 	2,562,559	 	 	 	353,329	 	 	 	2,915,888	 	 	 	60,360	 	 	 	11/10/1999	 	 	30 years
	Centennial
	 	CO	 	 	 	 	16,989,544	 	 	 	11,164,414	 	 	 	28,153,958	 	 	 	39,873	 	 	 	11/12/2004	 	 	35 years
	Denver
	 	CO	 	C	 	 	1,993,036	 	 	 	7,243,001	 	 	 	9,236,037	 	 	 	1,765,817	 	 	 	3/31/1998	 	 	30 years
	Englewood
	 	CO	 	 	 	 	2,851,414	 	 	 	2,670,841	 	 	 	5,522,255	 	 	 	186,402	 	 	 	3/29/2002	 	 	40 years
	Lakewood
	 	CO	 	C	 	 	2,737,284	 	 	 	4,299,889	 	 	 	7,037,174	 	 	 	897,475	 	 	 	12/30/1998	 	 	30 years
	Parker
	 	CO	 	 	 	 	3,412,525	 	 	 	2,758,206	 	 	 	6,170,730	 	 	 	14,734	 	 	 	10/29/2004	 	 	39 years
	Fairfield
	 	CT	 	 	 	 	4,700,277	 	 	 	2,002,683	 	 	 	6,702,960	 	 	 	36,344	 	 	 	10/29/2004	 	 	7 years
	Fairfield
	 	CT	 	 	 	 	2,242,266	 	 	 	2,605,058	 	 	 	4,847,323	 	 	 	21,709	 	 	 	10/29/2004	 	 	25 years
	Fairfield
	 	CT	 	 	 	 	2,066,565	 	 	 	1,663,330	 	 	 	3,729,895	 	 	 	15,066	 	 	 	10/29/2004	 	 	23 years

 

 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	Gross Amount at December 31, 2004	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	Building	 	 	 	 	 	 	 	 	 	 	 	 
	City	 	State	 	Encumbrances	 	Land	 	 	and Improvements	 	 	Total (1) (2)	 	 	Accumulated Depreciation (3)	 	 	Date Acquired	 	 	Depreciation Life
	Fairfield
	 	CT	 	 	 	 	337,379	 	 	 	—	 	 	 	337,379	 	 	 	—	 	 	 	10/29/2004	 	 	 
	Fairfield
	 	CT	 	 	 	 	3,829,586	 	 	 	896,931	 	 	 	4,726,517	 	 	 	18,686	 	 	 	10/29/2004	 	 	10 years
	Fairfield
	 	CT	 	 	 	 	2,071,536	 	 	 	1,759,041	 	 	 	3,830,577	 	 	 	15,933	 	 	 	10/29/2004	 	 	23 years
	Clearwater
	 	FL	 	A	 	 	4,115,410	 	 	 	6,633,002	 	 	 	10,748,412	 	 	 	559,659	 	 	 	8/10/2001	 	 	40 years
	Clearwater
	 	FL	 	C	 	 	4,136,070	 	 	 	3,915,854	 	 	 	8,051,924	 	 	 	863,180	 	 	 	9/18/1998	 	 	30 years
	Clearwater
	 	FL	 	C	 	 	331,082	 	 	 	316,218	 	 	 	647,300	 	 	 	69,705	 	 	 	9/18/1998	 	 	30 years
	Dade City
	 	FL	 	 	 	 	548,395	 	 	 	1,088,504	 	 	 	1,636,899	 	 	 	195,023	 	 	 	8/13/1999	 	 	30 years
	Dade City
	 	FL	 	 	 	 	247,301	 	 	 	—	 	 	 	247,301	 	 	 	—	 	 	 	8/13/1999	 	 	 
	Daytona Beach
	 	FL	 	 	 	 	922,825	 	 	 	1,262,355	 	 	 	2,185,180	 	 	 	226,172	 	 	 	8/13/1999	 	 	30 years
	Deland
	 	FL	 	 	 	 	1,248,734	 	 	 	2,705,218	 	 	 	3,953,952	 	 	 	484,685	 	 	 	8/13/1999	 	 	30 years
	Fort Myers
	 	FL	 	 	 	 	1,550,567	 	 	 	1,467,684	 	 	 	3,018,251	 	 	 	250,729	 	 	 	11/4/1999	 	 	30 years
	Fort Myers
	 	FL	 	 	 	 	4,277,225	 	 	 	1,873,800	 	 	 	6,151,025	 	 	 	320,107	 	 	 	11/4/1999	 	 	30 years
	Fort Myers
	 	FL	 	 	 	 	2,745,372	 	 	 	5,517,908	 	 	 	8,263,280	 	 	 	795,246	 	 	 	11/4/1999	 	 	30 years
	Fort Myers
	 	FL	 	 	 	 	836,830	 	 	 	359,379	 	 	 	1,196,208	 	 	 	51,042	 	 	 	9/15/2000	 	 	30 years
	Fort Pierce
	 	FL	 	 	 	 	1,495,661	 	 	 	—	 	 	 	1,495,661	 	 	 	—	 	 	 	12/22/2003	 	 	 
	Hollywood
	 	FL	 	 	 	 	2,061,645	 	 	 	1,314,700	 	 	 	3,376,345	 	 	 	253,810	 	 	 	3/5/1999	 	 	30 years
	Jacksonville
	 	FL	 	 	 	 	1,277,870	 	 	 	3,518,923	 	 	 	4,796,793	 	 	 	158,090	 	 	 	6/13/2003	 	 	30 years
	Jacksonville
	 	FL	 	 	 	 	918,559	 	 	 	—	 	 	 	918,559	 	 	 	—	 	 	 	6/13/2003	 	 	 
	Jacksonville
	 	FL	 	C	 	 	1,154,281	 	 	 	2,116,261	 	 	 	3,270,543	 	 	 	408,556	 	 	 	3/25/1999	 	 	30 years
	Jacksonville
	 	FL	 	C	 	 	860,346	 	 	 	1,678,422	 	 	 	2,538,768	 	 	 	286,730	 	 	 	11/15/1999	 	 	30 years
	Kissimmee
	 	FL	 	D	 	 	3,818,537	 	 	 	5,447,520	 	 	 	9,266,057	 	 	 	277,868	 	 	 	12/16/2002	 	 	40 years
	Miami
	 	FL	 	 	 	 	3,279,263	 	 	 	2,562,606	 	 	 	5,841,869	 	 	 	574,868	 	 	 	8/27/1998	 	 	30 years
	Miami
	 	FL	 	 	 	 	958,959	 	 	 	913,176	 	 	 	1,872,135	 	 	 	204,852	 	 	 	8/27/1998	 	 	30 years
	Miami
	 	FL	 	 	 	 	2,560,916	 	 	 	2,430,812	 	 	 	4,991,727	 	 	 	545,303	 	 	 	8/27/1998	 	 	30 years
	New Smyrna
	 	FL	 	 	 	 	1,443,980	 	 	 	2,392,446	 	 	 	3,836,427	 	 	 	428,646	 	 	 	8/13/1999	 	 	30 years
	New Smyrna
	 	FL	 	 	 	 	336,834	 	 	 	505,236	 	 	 	842,070	 	 	 	90,521	 	 	 	8/13/1999	 	 	30 years
	New Smyrna
	 	FL	 	 	 	 	1,354,320	 	 	 	6,571,096	 	 	 	7,925,416	 	 	 	1,168,687	 	 	 	8/13/1999	 	 	30 years
	Orlando
	 	FL	 	 	 	 	3,176,981	 	 	 	8,057,039	 	 	 	11,234,019	 	 	 	360,834	 	 	 	3/31/2003	 	 	40 years
	Orlando
	 	FL	 	 	 	 	2,119,228	 	 	 	6,422,433	 	 	 	8,541,661	 	 	 	448,176	 	 	 	3/29/2002	 	 	40 years
	Orlando
	 	FL	 	 	 	 	987,116	 	 	 	2,354,020	 	 	 	3,341,136	 	 	 	164,234	 	 	 	3/29/2002	 	 	40 years
	Pensacola
	 	FL	 	 	 	 	943,985	 	 	 	2,846,715	 	 	 	3,790,700	 	 	 	457,966	 	 	 	9/1/1999	 	 	30 years
	Pensacola
	 	FL	 	 	 	 	382,789	 	 	 	195,813	 	 	 	578,602	 	 	 	27,345	 	 	 	9/20/2000	 	 	30 years
	Port Orange
	 	FL	 	 	 	 	426,576	 	 	 	202,295	 	 	 	628,870	 	 	 	36,244	 	 	 	8/13/1999	 	 	30 years
	Sanford
	 	FL	 	 	 	 	3,933,243	 	 	 	4,988,785	 	 	 	8,922,029	 	 	 	129,897	 	 	 	12/22/2003	 	 	40 years
	Sanford
	 	FL	 	 	 	 	2,407,453	 	 	 	2,227,831	 	 	 	4,635,284	 	 	 	155,428	 	 	 	3/29/2002	 	 	40 years
	St. Augustine
	 	FL	 	 	 	 	3,103,266	 	 	 	—	 	 	 	3,103,266	 	 	 	—	 	 	 	12/21/2004	 	 	 
	West Palm Beach
	 	FL	 	 	 	 	3,068,333	 	 	 	12,766,151	 	 	 	15,834,484	 	 	 	691,434	 	 	 	5/27/2003	 	 	30 years
	West Palm Beach
	 	FL	 	 	 	 	3,676,218	 	 	 	5,960,098	 	 	 	9,636,315	 	 	 	261,720	 	 	 	5/27/2003	 	 	37 years
	Atlanta
	 	GA	 	 	 	 	4,758,385	 	 	 	10,531,834	 	 	 	15,290,219	 	 	 	1,918,311	 	 	 	8/13/1999	 	 	30 years
	Chamblee
	 	GA	 	C	 	 	3,249,737	 	 	 	2,844,383	 	 	 	6,094,119	 	 	 	660,236	 	 	 	6/17/1998	 	 	30 years
	Doraville
	 	GA	 	C	 	 	1,046,022	 	 	 	2,218,718	 	 	 	3,264,740	 	 	 	75,386	 	 	 	9/3/2003	 	 	38 years
	Duluth
	 	GA	 	C	 	 	3,050,226	 	 	 	1,243,894	 	 	 	4,294,119	 	 	 	288,732	 	 	 	6/17/1998	 	 	30 years
	Duluth
	 	GA	 	 	 	 	3,291,271	 	 	 	1,515,620	 	 	 	4,806,891	 	 	 	271,549	 	 	 	8/13/1999	 	 	30 years
	Roswell
	 	GA	 	C	 	 	2,956,057	 	 	 	3,061,851	 	 	 	6,017,908	 	 	 	698,791	 	 	 	7/23/1998	 	 	30 years

 

 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	Gross Amount at December 31, 2004	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	Building	 	 	 	 	 	 	 	 	 	 	 	 
	City	 	State	 	Encumbrances	 	Land	 	 	and Improvements	 	 	Total (1) (2)	 	 	Accumulated Depreciation (3)	 	 	Date Acquired	 	 	Depreciation Life
	Smyrna
	 	GA	 	 	 	 	8,523,094	 	 	 	10,021,636	 	 	 	18,544,730	 	 	 	120,630	 	 	 	4/30/2003	 	 	45 years
	Boise
	 	ID	 	C	 	 	2,588,238	 	 	 	7,227,467	 	 	 	9,815,705	 	 	 	1,705,768	 	 	 	5/6/1998	 	 	30 years
	Belleville
	 	IL	 	D	 	 	658,019	 	 	 	2,127,238	 	 	 	2,785,257	 	 	 	375,221	 	 	 	9/10/1999	 	 	30 years
	Glencoe
	 	IL	 	 	 	 	4,962,292	 	 	 	6,066,610	 	 	 	11,028,902	 	 	 	73,024	 	 	 	6/29/2004	 	 	45 years
	Oaklawn
	 	IL	 	C	 	 	5,731,030	 	 	 	3,891,068	 	 	 	9,622,097	 	 	 	90,059	 	 	 	12/22/2003	 	 	45 years
	O’Fallon
	 	IL	 	D	 	 	5,672,561	 	 	 	7,595,913	 	 	 	13,268,473	 	 	 	1,403,134	 	 	 	6/30/1999	 	 	30 years
	O’Fallon
	 	IL	 	D	 	 	1,816,149	 	 	 	2,310,324	 	 	 	4,126,473	 	 	 	426,768	 	 	 	6/30/1999	 	 	30 years
	O’Fallon
	 	IL	 	D	 	 	851,782	 	 	 	2,189,609	 	 	 	3,041,391	 	 	 	331,483	 	 	 	6/8/2000	 	 	30 years
	O’Fallon
	 	IL	 	 	 	 	1,027,623	 	 	 	1,674,119	 	 	 	2,701,741	 	 	 	253,443	 	 	 	6/8/2000	 	 	30 years
	O’Fallon
	 	IL	 	 	 	 	1,460,261	 	 	 	2,255,120	 	 	 	3,715,381	 	 	 	328,872	 	 	 	8/24/2000	 	 	30 years
	Schaumberg
	 	IL	 	 	 	 	5,706,349	 	 	 	19,769,678	 	 	 	25,476,027	 	 	 	695,767	 	 	 	11/5/2003	 	 	45 years
	Decatur
	 	IN	 	C	 	 	1,207,661	 	 	 	4,039,303	 	 	 	5,246,964	 	 	 	454,995	 	 	 	6/17/1998	 	 	45 years
	Elkhart
	 	IN	 	D	 	 	396,639	 	 	 	2,307,567	 	 	 	2,704,206	 	 	 	296,786	 	 	 	11/5/1998	 	 	30 years
	Evansville
	 	IN	 	C	 	 	795,030	 	 	 	1,939,090	 	 	 	2,734,119	 	 	 	450,098	 	 	 	6/17/1998	 	 	30 years
	Fort Wayne
	 	IN	 	C	 	 	547,361	 	 	 	2,203,906	 	 	 	2,751,267	 	 	 	511,569	 	 	 	6/17/1998	 	 	30 years
	Fort Wayne
	 	IN	 	C	 	 	385,416	 	 	 	1,508,703	 	 	 	1,894,119	 	 	 	493,471	 	 	 	6/17/1998	 	 	20 years
	Fort Wayne
	 	IN	 	C	 	 	1,499,957	 	 	 	5,211,666	 	 	 	6,711,623	 	 	 	1,209,729	 	 	 	6/17/1998	 	 	30 years
	Fort Wayne
	 	IN	 	C	 	 	263,895	 	 	 	1,158,798	 	 	 	1,422,693	 	 	 	268,979	 	 	 	6/17/1998	 	 	30 years
	Fort Wayne
	 	IN	 	C	 	 	1,115,426	 	 	 	4,299,643	 	 	 	5,415,069	 	 	 	981,286	 	 	 	7/23/1998	 	 	30 years
	Fort Wayne
	 	IN	 	C	 	 	1,226,279	 	 	 	5,453,191	 	 	 	6,679,470	 	 	 	828,986	 	 	 	7/23/1998	 	 	44 years
	Fort Wayne
	 	IN	 	C	 	 	345,079	 	 	 	863,130	 	 	 	1,208,208	 	 	 	159,439	 	 	 	6/9/1999	 	 	30 years
	Fort Wayne
	 	IN	 	C	 	 	634,218	 	 	 	2,585,702	 	 	 	3,219,921	 	 	 	362,717	 	 	 	8/9/1999	 	 	30 years
	Indianapolis
	 	IN	 	D	 	 	1,093,642	 	 	 	8,439,598	 	 	 	9,533,240	 	 	 	1,207,331	 	 	 	9/29/2000	 	 	30 years
	Merrillville
	 	IN	 	D	 	 	3,170,759	 	 	 	4,146,378	 	 	 	7,317,137	 	 	 	237,553	 	 	 	9/27/2002	 	 	40 years
	Mishawake
	 	IN	 	D	 	 	2,961,641	 	 	 	5,038,044	 	 	 	7,999,685	 	 	 	838,829	 	 	 	11/5/1998	 	 	30 years
	Mishawake
	 	IN	 	D	 	 	5,191,365	 	 	 	7,608,289	 	 	 	12,799,654	 	 	 	1,538,615	 	 	 	11/5/1998	 	 	30 years
	Mishawake
	 	IN	 	D	 	 	1,478,648	 	 	 	920,266	 	 	 	2,398,914	 	 	 	195,665	 	 	 	11/5/1998	 	 	30 years
	Bossier City
	 	LA	 	 	 	 	406,884	 	 	 	409,627	 	 	 	816,511	 	 	 	95,083	 	 	 	6/4/1998	 	 	30 years
	Harvey
	 	LA	 	C	 	 	5,187,029	 	 	 	4,397,058	 	 	 	9,584,087	 	 	 	751,164	 	 	 	11/12/1999	 	 	30 years
	Harvey
	 	LA	 	 	 	 	2,951,396	 	 	 	2,387,074	 	 	 	5,338,470	 	 	 	407,792	 	 	 	11/12/1999	 	 	30 years
	Harvey
	 	LA	 	C	 	 	1,076,066	 	 	 	2,542,908	 	 	 	3,618,974	 	 	 	321,395	 	 	 	3/27/2001	 	 	30 years
	Shreveport
	 	LA	 	D	 	 	536,735	 	 	 	1,380,648	 	 	 	1,917,383	 	 	 	309,720	 	 	 	8/27/1998	 	 	30 years
	Shreveport
	 	LA	 	D	 	 	497,268	 	 	 	967,075	 	 	 	1,464,344	 	 	 	208,590	 	 	 	8/27/1998	 	 	30 years
	Shreveport
	 	LA	 	C	 	 	123,612	 	 	 	470,906	 	 	 	594,518	 	 	 	109,306	 	 	 	6/4/1998	 	 	30 years
	Shreveport
	 	LA	 	C	 	 	2,236,421	 	 	 	4,792,478	 	 	 	7,028,899	 	 	 	1,112,427	 	 	 	6/4/1998	 	 	30 years
	Shreveport
	 	LA	 	 	 	 	1,470,535	 	 	 	1,931,846	 	 	 	3,402,381	 	 	 	448,419	 	 	 	6/4/1998	 	 	30 years
	Shreveport
	 	LA	 	C	 	 	876,554	 	 	 	1,289,605	 	 	 	2,166,159	 	 	 	294,951	 	 	 	6/4/1998	 	 	30 years
	Shreveport
	 	LA	 	 	 	 	431,668	 	 	 	1,119,668	 	 	 	1,551,336	 	 	 	96,152	 	 	 	6/4/1998	 	 	33 years
	Shreveport
	 	LA	 	 	 	 	107,274	 	 	 	96,415	 	 	 	203,689	 	 	 	4,878	 	 	 	4/29/2004	 	 	14 years
	Baltimore
	 	MD	 	 	 	 	4,073,450	 	 	 	2,456,344	 	 	 	6,529,794	 	 	 	51,171	 	 	 	6/30/2004	 	 	26 years
	Baltimore
	 	MD	 	 	 	 	2,375,581	 	 	 	2,779,213	 	 	 	5,154,794	 	 	 	37,632	 	 	 	6/30/2004	 	 	40 years
	Bowie
	 	MD	 	C	 	 	3,600,517	 	 	 	504,858	 	 	 	4,105,375	 	 	 	125,043	 	 	 	2/19/1998	 	 	30 years
	Cumberland
	 	MD	 	 	 	 	420,138	 	 	 	1,380,454	 	 	 	1,800,592	 	 	 	2,739	 	 	 	12/28/2004	 	 	21 years
	Ellicott City
	 	MD	 	 	 	 	2,733,120	 	 	 	3,171,674	 	 	 	5,904,794	 	 	 	50,526	 	 	 	6/30/2004	 	 	34 years

 

 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	Gross Amount at December 31, 2004	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	Building	 	 	 	 	 	 	 	 	 	 	 	 
	City	 	State	 	Encumbrances	 	Land	 	 	and Improvements	 	 	Total (1) (2)	 	 	Accumulated Depreciation (3)	 	 	Date Acquired	 	 	Depreciation Life
	Gaithersburg
	 	MD	 	B	 	 	6,810,506	 	 	 	4,998,589	 	 	 	11,809,095	 	 	 	1,238,051	 	 	 	2/19/1998	 	 	30 years
	Glen Burnie
	 	MD	 	 	 	 	2,517,699	 	 	 	3,387,095	 	 	 	5,904,794	 	 	 	49,583	 	 	 	6/30/2004	 	 	37 years
	Laurel
	 	MD	 	A	 	 	2,663,093	 	 	 	5,682,919	 	 	 	8,346,012	 	 	 	479,496	 	 	 	8/10/2001	 	 	40 years
	Marlow Heights
	 	MD	 	C	 	 	2,005,304	 	 	 	2,358,089	 	 	 	4,363,393	 	 	 	584,051	 	 	 	2/19/1998	 	 	30 years
	Marlow Heights
	 	MD	 	C	 	 	614,767	 	 	 	98,007	 	 	 	712,774	 	 	 	24,274	 	 	 	2/19/1998	 	 	30 years
	Marlow Heights
	 	MD	 	C	 	 	888,234	 	 	 	683,156	 	 	 	1,571,390	 	 	 	169,204	 	 	 	2/19/1998	 	 	30 years
	Marlow Heights
	 	MD	 	C	 	 	771,065	 	 	 	2,934,756	 	 	 	3,705,821	 	 	 	726,881	 	 	 	2/19/1998	 	 	30 years
	Marlow Heights
	 	MD	 	C	 	 	1,177,402	 	 	 	933,763	 	 	 	2,111,165	 	 	 	320,981	 	 	 	2/19/1998	 	 	20 years
	Salisbury
	 	MD	 	C	 	 	220,415	 	 	 	230,757	 	 	 	451,172	 	 	 	57,154	 	 	 	2/27/1998	 	 	30 years
	Salisbury
	 	MD	 	C	 	 	1,122,544	 	 	 	166,184	 	 	 	1,288,728	 	 	 	57,126	 	 	 	2/27/1998	 	 	20 years
	Salisbury
	 	MD	 	C	 	 	634,419	 	 	 	197,652	 	 	 	832,071	 	 	 	48,955	 	 	 	2/27/1998	 	 	30 years
	Salisbury
	 	MD	 	C	 	 	428,563	 	 	 	159,768	 	 	 	588,331	 	 	 	39,571	 	 	 	2/27/1998	 	 	30 years
	Salisbury
	 	MD	 	C	 	 	406,556	 	 	 	163,715	 	 	 	570,271	 	 	 	40,549	 	 	 	2/27/1998	 	 	30 years
	Salisbury
	 	MD	 	C	 	 	246,923	 	 	 	167,699	 	 	 	414,622	 	 	 	41,535	 	 	 	2/27/1998	 	 	30 years
	Salisbury
	 	MD	 	C	 	 	649,805	 	 	 	696,792	 	 	 	1,346,597	 	 	 	172,582	 	 	 	12/27/1998	 	 	30 years
	Silver Spring
	 	MD	 	 	 	 	16,241,860	 	 	 	9,325,618	 	 	 	25,567,478	 	 	 	256,339	 	 	 	3/31/2004	 	 	28.8 years
	Towson
	 	MD	 	 	 	 	2,788,867	 	 	 	2,615,927	 	 	 	5,404,794	 	 	 	35,422	 	 	 	6/30/2004	 	 	40 years
	Waldorf
	 	MD	 	 	 	 	1,827,322	 	 	 	2,063,909	 	 	 	3,891,231	 	 	 	369,784	 	 	 	8/13/1999	 	 	30 years
	Waldorf
	 	MD	 	D	 	 	3,329,652	 	 	 	3,978,480	 	 	 	7,308,132	 	 	 	938,969	 	 	 	5/22/1998	 	 	30 years
	Westminster
	 	MD	 	 	 	 	3,080,570	 	 	 	4,699,223	 	 	 	7,779,794	 	 	 	68,792	 	 	 	6/30/2004	 	 	37 years
	White Marsh
	 	MD	 	A	 	 	4,113,653	 	 	 	9,303,360	 	 	 	13,417,014	 	 	 	784,971	 	 	 	8/10/2001	 	 	40 years
	Ann Arbor
	 	MI	 	 	 	 	1,643,608	 	 	 	2,838,618	 	 	 	4,482,226	 	 	 	51,253	 	 	 	6/28/2004	 	 	30 years
	Bloomfield Hills
	 	MI	 	E	 	 	1,403,970	 	 	 	16,055,554	 	 	 	17,459,524	 	 	 	418,083	 	 	 	12/19/2003	 	 	40 years
	Bloomfield Hills
	 	MI	 	D	 	 	2,590,944	 	 	 	2,825,318	 	 	 	5,416,262	 	 	 	144,116	 	 	 	12/16/2002	 	 	40 years
	Detroit
	 	MI	 	 	 	 	1,397,901	 	 	 	2,128,351	 	 	 	3,526,252	 	 	 	148,541	 	 	 	3/29/2002	 	 	40 years
	Lansing
	 	MI	 	 	 	 	1,590,820	 	 	 	3,425,117	 	 	 	5,015,937	 	 	 	239,045	 	 	 	3/29/2002	 	 	40 years
	Plymouth
	 	MI	 	 	 	 	4,533,623	 	 	 	4,542,676	 	 	 	9,076,299	 	 	 	317,041	 	 	 	3/29/2002	 	 	40 years
	Southfield
	 	MI	 	 	 	 	450,132	 	 	 	677,970	 	 	 	1,128,102	 	 	 	47,317	 	 	 	3/29/2002	 	 	40 years
	Waterford Township
	 	MI	 	C	 	 	2,196,553	 	 	 	4,228,223	 	 	 	6,424,776	 	 	 	110,085	 	 	 	12/19/2003	 	 	40 years
	Ballwin
	 	MO	 	F	 	 	4,202,430	 	 	 	6,803,935	 	 	 	11,006,365	 	 	 	132,311	 	 	 	2/9/2004	 	 	45 years
	Yazoo City
	 	MS	 	C	 	 	938,446	 	 	 	1,647,795	 	 	 	2,586,241	 	 	 	102,934	 	 	 	8/1/2003	 	 	22 years
	Charlotte
	 	NC	 	 	 	 	6,119,289	 	 	 	5,082,461	 	 	 	11,201,750	 	 	 	910,608	 	 	 	8/13/1999	 	 	30 years
	Charlotte
	 	NC	 	 	 	 	520,786	 	 	 	557,672	 	 	 	1,078,458	 	 	 	99,916	 	 	 	8/13/1999	 	 	30 years
	Charlotte
	 	NC	 	 	 	 	2,999,555	 	 	 	3,435,802	 	 	 	6,435,357	 	 	 	600,495	 	 	 	8/13/1999	 	 	30 years
	Charlotte
	 	NC	 	 	 	 	1,913,965	 	 	 	2,760,055	 	 	 	4,674,020	 	 	 	482,593	 	 	 	8/13/1999	 	 	30 years
	Cornelius
	 	NC	 	 	 	 	1,010,854	 	 	 	2,535,582	 	 	 	3,546,437	 	 	 	454,292	 	 	 	8/13/1999	 	 	30 years
	Cornelius
	 	NC	 	 	 	 	537,636	 	 	 	653,550	 	 	 	1,191,186	 	 	 	117,094	 	 	 	8/13/1999	 	 	30 years
	Cornelius
	 	NC	 	 	 	 	999,449	 	 	 	3,797,984	 	 	 	4,797,433	 	 	 	543,323	 	 	 	9/15/2000	 	 	30 years
	Durham
	 	NC	 	 	 	 	9,294,285	 	 	 	—	 	 	 	9,294,285	 	 	 	—	 	 	 	5/2/2003	 	 	 
	Greensboro
	 	NC	 	D	 	 	5,592,703	 	 	 	7,674,657	 	 	 	13,267,359	 	 	 	439,694	 	 	 	9/27/2002	 	 	40 years
	Matthews
	 	NC	 	 	 	 	1,191,844	 	 	 	544,452	 	 	 	1,736,296	 	 	 	1,512	 	 	 	12/30/2004	 	 	15 years
	Monroe
	 	NC	 	 	 	 	1,095,932	 	 	 	2,666,403	 	 	 	3,762,335	 	 	 	477,730	 	 	 	8/13/1999	 	 	30 years
	Pineville
	 	NC	 	 	 	 	3,615,632	 	 	 	2,425,505	 	 	 	6,041,136	 	 	 	169,223	 	 	 	3/29/2002	 	 	40 years
	Burlington
	 	NJ	 	D	 	 	636,471	 	 	 	1,795,592	 	 	 	2,432,063	 	 	 	341,661	 	 	 	4/7/1999	 	 	30 years

 

 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	Gross Amount at December 31, 2004	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	Building	 	 	 	 	 	 	 	 	 	 	 
	City	 	State	 	Encumbrances	 	Land	 	 	and Improvements	 	 	Total (1) (2)	 	 	Accumulated Depreciation (3)	 	 	Date Acquired	 	Depreciation Life
	 
	Burlington
	 	NJ	 	D	 	 	2,541,193	 	 	 	3,858,601	 	 	 	6,399,794	 	 	 	229,104	 	 	1/22/2001	 	40 years
	Pleasantville
	 	NJ	 	D	 	 	1,297,432	 	 	 	1,258,745	 	 	 	2,556,177	 	 	 	239,511	 	 	4/7/1999	 	30 years
	Washington Township
	 	NJ	 	 	 	 	20,975,431	 	 	 	13,158,084	 	 	 	34,133,515	 	 	 	—	 	 	6/30/2004	 	 
	Albuquerque
	 	NM	 	C	 	 	3,132,901	 	 	 	2,254,275	 	 	 	5,387,175	 	 	 	403,891	 	 	8/6/1999	 	30 years
	Albuquerque
	 	NM	 	C	 	 	2,518,774	 	 	 	2,891,422	 	 	 	5,410,196	 	 	 	485,970	 	 	12/16/1999	 	30 years
	Las Vegas
	 	NV	 	C	 	 	5,540,606	 	 	 	8,697,735	 	 	 	14,238,341	 	 	 	2,052,769	 	 	5/19/1998	 	30 years
	Las Vegas
	 	NV	 	D	 	 	4,723,556	 	 	 	7,532,353	 	 	 	12,255,909	 	 	 	525,696	 	 	3/29/2002	 	40 years
	Brockport
	 	NY	 	D	 	 	356,033	 	 	 	2,164,438	 	 	 	2,520,471	 	 	 	417,857	 	 	3/25/1999	 	30 years
	Brockport
	 	NY	 	D	 	 	30,639	 	 	 	26,769	 	 	 	57,407	 	 	 	5,168	 	 	3/25/1999	 	30 years
	Brockport
	 	NY	 	 	 	 	406,164	 	 	 	198,179	 	 	 	604,343	 	 	 	—	 	 	10/20/2004	 	 
	Bedford
	 	OH	 	 	 	 	73,602	 	 	 	1,429,246	 	 	 	1,502,847	 	 	 	256,073	 	 	8/13/1999	 	30 years
	Bedford
	 	OH	 	 	 	 	5,479,675	 	 	 	3,369,828	 	 	 	8,849,503	 	 	 	50,673	 	 	6/30/2004	 	36 years
	Cincinnati
	 	OH	 	 	 	 	1,013,496	 	 	 	1,404,046	 	 	 	2,417,542	 	 	 	274,959	 	 	2/1/1999	 	30 years
	Cincinnati
	 	OH	 	 	 	 	457,295	 	 	 	961,450	 	 	 	1,418,745	 	 	 	188,284	 	 	2/1/1999	 	30 years
	Cincinnati
	 	OH	 	 	 	 	515,525	 	 	 	1,201,554	 	 	 	1,717,078	 	 	 	235,304	 	 	2/1/1999	 	30 years
	Cleveland
	 	OH	 	 	 	 	448,136	 	 	 	1,069,248	 	 	 	1,517,384	 	 	 	191,573	 	 	8/13/1999	 	30 years
	Cleveland
	 	OH	 	 	 	 	3,103,384	 	 	 	5,405,895	 	 	 	8,509,280	 	 	 	50,679	 	 	8/25/2004	 	40 years
	Cleveland Heights
	 	OH	 	D	 	 	818,578	 	 	 	4,279,543	 	 	 	5,098,121	 	 	 	926,664	 	 	10/28/1998	 	30 years
	Columbus
	 	OH	 	 	 	 	2,092,735	 	 	 	3,808,952	 	 	 	5,901,687	 	 	 	682,437	 	 	8/13/1999	 	30 years
	Columbus
	 	OH	 	 	 	 	1,470,122	 	 	 	3,253,940	 	 	 	4,724,062	 	 	 	582,997	 	 	8/13/1999	 	30 years
	Columbus
	 	OH	 	 	 	 	2,125,937	 	 	 	2,598,124	 	 	 	4,724,062	 	 	 	465,497	 	 	8/13/1999	 	30 years
	Columbus
	 	OH	 	 	 	 	1,331,040	 	 	 	2,978,417	 	 	 	4,309,458	 	 	 	291,524	 	 	8/13/1999	 	36 years
	Columbus
	 	OH	 	 	 	 	1,331,040	 	 	 	1,626,584	 	 	 	2,957,624	 	 	 	291,430	 	 	8/13/1999	 	30 years
	Cuyahoga Falls
	 	OH	 	 	 	 	432,246	 	 	 	1,334,192	 	 	 	1,766,438	 	 	 	239,043	 	 	8/13/1999	 	30 years
	Dublin
	 	OH	 	D	 	 	2,632,072	 	 	 	3,804,024	 	 	 	6,436,095	 	 	 	435,931	 	 	12/15/2000	 	30 years
	Dublin
	 	OH	 	D	 	 	4,210,209	 	 	 	9,823,821	 	 	 	14,034,031	 	 	 	914,161	 	 	3/1/2002	 	30 years
	Dublin
	 	OH	 	 	 	 	477,985	 	 	 	2,039,312	 	 	 	2,517,297	 	 	 	57,451	 	 	1/28/2004	 	34 years
	North Olmstead
	 	OH	 	D	 	 	1,974,998	 	 	 	3,187,807	 	 	 	5,162,804	 	 	 	690,266	 	 	10/28/1998	 	30 years
	Worthington
	 	OH	 	C	 	 	1,892,661	 	 	 	5,929,240	 	 	 	7,821,901	 	 	 	557,631	 	 	9/17/2001	 	35 years
	Ada
	 	OK	 	 	 	 	237,123	 	 	 	2,797,228	 	 	 	3,034,351	 	 	 	583,868	 	 	12/7/1998	 	30 years
	Ardmore
	 	OK	 	 	 	 	205,101	 	 	 	1,816,079	 	 	 	2,021,180	 	 	 	379,072	 	 	12/29/1998	 	30 years
	McAlester
	 	OK	 	 	 	 	356,120	 	 	 	3,678,231	 	 	 	4,034,351	 	 	 	767,761	 	 	12/7/1998	 	30 years
	Oklahoma City
	 	OK	 	C	 	 	1,129,351	 	 	 	8,477,273	 	 	 	9,606,624	 	 	 	1,802,612	 	 	11/25/1998	 	30 years
	Oklahoma City
	 	OK	 	D	 	 	1,503,248	 	 	 	5,512,677	 	 	 	7,015,925	 	 	 	505,329	 	 	10/16/2001	 	35 years
	Tulsa
	 	OK	 	C	 	 	1,077,838	 	 	 	5,258,691	 	 	 	6,336,529	 	 	 	1,097,653	 	 	12/11/1998	 	30 years
	Tulsa
	 	OK	 	 	 	 	2,878,551	 	 	 	4,990,840	 	 	 	7,869,392	 	 	 	140,465	 	 	12/19/2003	 	37 years
	Grants Pass
	 	OR	 	C	 	 	1,248,419	 	 	 	1,371,522	 	 	 	2,619,941	 	 	 	253,350	 	 	6/22/1999	 	30 years
	Medford
	 	OR	 	C	 	 	1,360,759	 	 	 	1,503,668	 	 	 	2,864,427	 	 	 	277,761	 	 	6/22/1999	 	30 years
	Medford
	 	OR	 	C	 	 	414,453	 	 	 	781,560	 	 	 	1,196,013	 	 	 	144,372	 	 	6/22/1999	 	30 years
	Medford
	 	OR	 	C	 	 	2,033,425	 	 	 	2,710,753	 	 	 	4,744,178	 	 	 	500,736	 	 	6/22/1999	 	30 years
	Medford
	 	OR	 	C	 	 	2,102,213	 	 	 	3,130,794	 	 	 	5,233,007	 	 	 	578,327	 	 	6/22/1999	 	30 years
	Medford
	 	OR	 	C	 	 	1,182,429	 	 	 	557,500	 	 	 	1,739,929	 	 	 	102,983	 	 	6/22/1999	 	30 years
	Medford
	 	OR	 	C	 	 	1,376,508	 	 	 	4,338,136	 	 	 	5,714,644	 	 	 	524,192	 	 	5/3/2001	 	30 years
	Philadelphia
	 	PA	 	C	 	 	3,006,604	 	 	 	8,082	 	 	 	3,014,686	 	 	 	2,002	 	 	2/19/1998	 	30 years

 

 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	Gross Amount at December 31, 2004	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	Building	 	 	 	 	 	 	 	 	 	 	 
	City	 	State	 	Encumbrances	 	Land	 	 	and Improvements	 	 	Total (1) (2)	 	 	Accumulated Depreciation (3)	 	 	Date Acquired	 	Depreciation Life
	 
	Wilkes-Barre
	 	PA	 	 	 	 	9,175,567	 	 	 	15,879,894	 	 	 	25,055,460	 	 	 	220,554	 	 	7/30/2004	 	33 years
	Warwick
	 	RI	 	 	 	 	14,628,204	 	 	 	23,759,874	 	 	 	38,388,078	 	 	 	531,571	 	 	4/28/2003	 	33.5 years
	Warwick
	 	RI	 	 	 	 	2,180,022	 	 	 	2,345,595	 	 	 	4,525,618	 	 	 	72,521	 	 	4/28/2003	 	15 years
	West Warwick
	 	RI	 	 	 	 	387,685	 	 	 	622,337	 	 	 	1,010,022	 	 	 	42,492	 	 	4/28/2003	 	25 years
	Columbia
	 	SC	 	 	 	 	1,351,718	 	 	 	2,287,864	 	 	 	3,639,582	 	 	 	409,909	 	 	8/13/1999	 	30 years
	Columbia
	 	SC	 	 	 	 	2,834,839	 	 	 	7,376,480	 	 	 	10,211,319	 	 	 	139,797	 	 	12/23/2003	 	45 years
	Florence
	 	SC	 	 	 	 	1,300,237	 	 	 	4,002,699	 	 	 	5,302,937	 	 	 	717,150	 	 	8/13/1999	 	30 years
	Fort Mill
	 	SC	 	 	 	 	1,405,770	 	 	 	3,318,291	 	 	 	4,724,062	 	 	 	594,527	 	 	8/13/1999	 	30 years
	Fort Mill
	 	SC	 	 	 	 	1,371,061	 	 	 	9,924,174	 	 	 	11,295,235	 	 	 	1,337,007	 	 	12/19/2000	 	30 years
	Greenville
	 	SC	 	A	 	 	5,418,789	 	 	 	7,546,222	 	 	 	12,965,012	 	 	 	636,713	 	 	8/10/2001	 	40 years
	Greenville
	 	SC	 	 	 	 	1,664,632	 	 	 	2,771,664	 	 	 	4,436,296	 	 	 	458,018	 	 	8/13/1999	 	30 years
	Greenville
	 	SC	 	 	 	 	1,684,188	 	 	 	1,409,824	 	 	 	3,094,013	 	 	 	252,594	 	 	8/13/1999	 	30 years
	North Charleston
	 	SC	 	 	 	 	4,273,963	 	 	 	952,326	 	 	 	5,226,289	 	 	 	170,625	 	 	8/17/1999	 	30 years
	Chattanooga
	 	TN	 	 	 	 	452,668	 	 	 	1,490,413	 	 	 	1,943,081	 	 	 	267,037	 	 	8/13/1999	 	30 years
	Chattanooga
	 	TN	 	 	 	 	1,433,676	 	 	 	1,752,271	 	 	 	3,185,947	 	 	 	313,949	 	 	8/13/1999	 	30 years
	Chattanooga
	 	TN	 	 	 	 	934,434	 	 	 	2,225,656	 	 	 	3,160,090	 	 	 	414,887	 	 	8/13/1999	 	30 years
	Chattanooga
	 	TN	 	 	 	 	592,846	 	 	 	724,346	 	 	 	1,317,192	 	 	 	129,779	 	 	8/13/1999	 	30 years
	Cleveland
	 	TN	 	 	 	 	581,158	 	 	 	1,891,855	 	 	 	2,473,013	 	 	 	338,957	 	 	8/13/1999	 	30 years
	Cleveland
	 	TN	 	 	 	 	687,598	 	 	 	840,154	 	 	 	1,527,752	 	 	 	150,528	 	 	8/13/1999	 	30 years
	Memphis
	 	TN	 	 	 	 	7,033,876	 	 	 	7,688,034	 	 	 	14,721,910	 	 	 	177,947	 	 	12/22/2003	 	45 years
	Nashville
	 	TN	 	D	 	 	1,035,227	 	 	 	9,509,150	 	 	 	10,544,377	 	 	 	1,281,094	 	 	12/14/2000	 	30 years
	Nashville
	 	TN	 	A	 	 	4,915,601	 	 	 	7,748,510	 	 	 	12,664,112	 	 	 	653,781	 	 	8/10/2001	 	40 years
	Nashville
	 	TN	 	 	 	 	1,783,949	 	 	 	4,412,096	 	 	 	6,196,045	 	 	 	307,928	 	 	3/29/2002	 	40 years
	Nashville
	 	TN	 	 	 	 	1,784,203	 	 	 	3,708,640	 	 	 	5,492,843	 	 	 	243,379	 	 	5/20/2002	 	40 years
	Amarillo
	 	TX	 	C	 	 	1,235,516	 	 	 	3,181,296	 	 	 	4,416,812	 	 	 	787,944	 	 	2/25/1998	 	30 years
	Amarillo
	 	TX	 	C	 	 	1,324,616	 	 	 	3,400,896	 	 	 	4,725,512	 	 	 	842,334	 	 	2/25/1998	 	30 years
	Amarillo
	 	TX	 	C	 	 	871,516	 	 	 	2,245,296	 	 	 	3,116,812	 	 	 	556,115	 	 	2/25/1998	 	30 years
	Amarillo
	 	TX	 	C	 	 	283,516	 	 	 	733,295	 	 	 	1,016,811	 	 	 	181,623	 	 	2/25/1998	 	30 years
	Atlanta
	 	TX	 	D	 	 	459,509	 	 	 	2,571,824	 	 	 	3,031,333	 	 	 	475,073	 	 	6/30/1999	 	30 years
	Austin
	 	TX	 	C	 	 	1,590,983	 	 	 	3,201,370	 	 	 	4,792,353	 	 	 	618,042	 	 	3/24/1999	 	30 years
	Austin
	 	TX	 	 	 	 	779,333	 	 	 	—	 	 	 	779,333	 	 	 	—	 	 	3/24/1999	 	 
	Baytown
	 	TX	 	 	 	 	974,936	 	 	 	1,099,469	 	 	 	2,074,405	 	 	 	196,988	 	 	8/13/1999	 	30 years
	Baytown
	 	TX	 	 	 	 	500,776	 	 	 	1,442,373	 	 	 	1,943,149	 	 	 	258,425	 	 	8/13/1999	 	30 years
	Baytown
	 	TX	 	 	 	 	2,105,575	 	 	 	14,301,756	 	 	 	16,407,331	 	 	 	1,926,764	 	 	12/19/2000	 	30 years
	Bedford
	 	TX	 	C	 	 	2,915,133	 	 	 	10,864,456	 	 	 	13,779,588	 	 	 	1,641,234	 	 	10/12/1999	 	30 years
	Carrolton
	 	TX	 	 	 	 	1,760,053	 	 	 	4,676,768	 	 	 	6,436,821	 	 	 	656,047	 	 	10/6/2000	 	30 years
	Dallas
	 	TX	 	 	 	 	1,605,078	 	 	 	1,294,922	 	 	 	2,900,000	 	 	 	190,814	 	 	1/8/1999	 	30 years
	Dallas
	 	TX	 	C	 	 	528,767	 	 	 	1,574,618	 	 	 	2,103,385	 	 	 	347,097	 	 	9/28/1998	 	30 years
	Dallas
	 	TX	 	 	 	 	12,868,137	 	 	 	2,100,011	 	 	 	14,968,148	 	 	 	69,397	 	 	1/30/2004	 	29 years
	Fort Worth
	 	TX	 	 	 	 	1,153,524	 	 	 	2,204,966	 	 	 	3,358,490	 	 	 	290,933	 	 	1/23/2001	 	30 years
	Fort Worth
	 	TX	 	 	 	 	2,756,582	 	 	 	5,832,981	 	 	 	8,589,563	 	 	 	297,701	 	 	12/23/2002	 	40 years
	Garland
	 	TX	 	 	 	 	1,641,315	 	 	 	4,585,544	 	 	 	6,226,858	 	 	 	291,373	 	 	6/28/2002	 	40 years
	Houston
	 	TX	 	 	 	 	1,782,548	 	 	 	—	 	 	 	1,782,548	 	 	 	—	 	 	3/31/2003	 	 
	Houston
	 	TX	 	C	 	 	9,086,654	 	 	 	10,719,435	 	 	 	19,806,090	 	 	 	2,362,908	 	 	9/28/1998	 	30 years

 

 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	Gross Amount at December 31, 2004	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	Building	 	 	 	 	 	 	 	 	 	 	 
	City	 	State	 	Encumbrances	 	Land	 	 	and Improvements	 	 	Total (1) (2)	 	 	Accumulated Depreciation (3)	 	 	Date Acquired	 	Depreciation Life
	 
	Houston
	 	TX	 	A	 	 	1,092,952	 	 	 	3,383,459	 	 	 	4,476,412	 	 	 	285,479	 	 	8/10/2001	 	40 years
	Houston
	 	TX	 	D	 	 	2,016,154	 	 	 	3,024,231	 	 	 	5,040,384	 	 	 	264,620	 	 	5/6/2002	 	30 years
	Houston
	 	TX	 	C	 	 	1,496,005	 	 	 	2,538,835	 	 	 	4,034,841	 	 	 	529,886	 	 	12/30/1998	 	30 years
	Houston
	 	TX	 	C	 	 	2,336,436	 	 	 	2,098,715	 	 	 	4,435,152	 	 	 	438,032	 	 	12/31/1998	 	30 years
	Houston
	 	TX	 	 	 	 	1,132,586	 	 	 	—	 	 	 	1,132,586	 	 	 	—	 	 	12/30/1998	 	 
	Houston
	 	TX	 	C	 	 	1,219,635	 	 	 	4,531,450	 	 	 	5,751,085	 	 	 	811,885	 	 	8/25/1999	 	30 years
	Houston
	 	TX	 	C	 	 	1,236,831	 	 	 	1,218,208	 	 	 	2,455,040	 	 	 	254,240	 	 	12/30/1998	 	30 years
	Houston
	 	TX	 	C	 	 	4,100,143	 	 	 	5,557,985	 	 	 	9,658,129	 	 	 	1,103,863	 	 	1/6/1999	 	30 years
	Houston
	 	TX	 	C	 	 	216,378	 	 	 	951,547	 	 	 	1,167,925	 	 	 	188,967	 	 	1/6/1999	 	30 years
	Houston
	 	TX	 	C	 	 	223,233	 	 	 	632,551	 	 	 	855,784	 	 	 	125,613	 	 	1/6/1999	 	30 years
	Houston
	 	TX	 	C	 	 	3,151,187	 	 	 	5,632,950	 	 	 	8,784,137	 	 	 	1,118,750	 	 	1/6/1999	 	30 years
	Houston
	 	TX	 	 	 	 	2,150,619	 	 	 	571,686	 	 	 	2,722,304	 	 	 	64,315	 	 	8/28/2001	 	30 years
	Houston
	 	TX	 	D	 	 	1,152,119	 	 	 	5,266,973	 	 	 	6,419,092	 	 	 	446,230	 	 	6/24/2002	 	30 years
	Houston
	 	TX	 	D	 	 	2,048,579	 	 	 	2,268,891	 	 	 	4,317,470	 	 	 	192,225	 	 	6/24/2002	 	30 years
	Houston
	 	TX	 	D	 	 	1,433,342	 	 	 	4,385,556	 	 	 	5,818,898	 	 	 	251,256	 	 	9/16/2002	 	40 years
	Houston
	 	TX	 	 	 	 	1,933,792	 	 	 	5,294,222	 	 	 	7,228,013	 	 	 	145,391	 	 	10/17/2003	 	44 years
	Houston
	 	TX	 	 	 	 	902,168	 	 	 	2,419,499	 	 	 	3,321,667	 	 	 	2,878	 	 	12/16/2004	 	40 years
	Houston
	 	TX	 	 	 	 	295,410	 	 	 	246,345	 	 	 	541,755	 	 	 	642	 	 	12/16/2004	 	16 years
	Houston
	 	TX	 	C	 	 	2,094,123	 	 	 	2,469,920	 	 	 	4,564,043	 	 	 	476,832	 	 	3/25/1999	 	30 years
	Houston
	 	TX	 	D	 	 	7,285,191	 	 	 	11,151,887	 	 	 	18,437,078	 	 	 	2,458,234	 	 	9/1/1998	 	30 years
	Houston
	 	TX	 	D	 	 	3,679,246	 	 	 	8,185,594	 	 	 	11,864,840	 	 	 	1,625,750	 	 	1/22/1999	 	30 years
	Houston
	 	TX	 	D	 	 	1,194,529	 	 	 	3,473,983	 	 	 	4,668,512	 	 	 	765,778	 	 	9/1/1998	 	30 years
	Houston
	 	TX	 	 	 	 	1,065,719	 	 	 	1,455,407	 	 	 	2,521,126	 	 	 	272,889	 	 	5/17/1999	 	30 years
	Houston
	 	TX	 	 	 	 	1,673,876	 	 	 	2,750,896	 	 	 	4,424,772	 	 	 	169,065	 	 	7/10/2002	 	40 years
	Houston
	 	TX	 	 	 	 	1,472,051	 	 	 	4,441,852	 	 	 	5,913,904	 	 	 	282,243	 	 	6/28/2002	 	40 years
	Houston
	 	TX	 	C	 	 	1,686,196	 	 	 	4,531,854	 	 	 	6,218,050	 	 	 	250,196	 	 	10/10/2002	 	40 years
	Houston
	 	TX	 	 	 	 	4,985,549	 	 	 	6,215,450	 	 	 	11,201,000	 	 	 	1,113,602	 	 	8/13/1999	 	30 years
	Houston
	 	TX	 	 	 	 	3,339,559	 	 	 	2,604,323	 	 	 	5,943,882	 	 	 	181,760	 	 	3/29/2002	 	40 years
	Houston
	 	TX	 	 	 	 	165,804	 	 	 	90,102	 	 	 	255,906	 	 	 	6,288	 	 	3/29/2002	 	40 years
	Houston
	 	TX	 	D	 	 	5,518,922	 	 	 	11,227,130	 	 	 	16,746,052	 	 	 	572,902	 	 	12/16/2002	 	40 years
	Irving
	 	TX	 	C	 	 	1,944,648	 	 	 	2,359,288	 	 	 	4,303,936	 	 	 	61,409	 	 	3/31/2003	 	40 years
	Irving
	 	TX	 	 	 	 	4,293,209	 	 	 	2,584,008	 	 	 	6,877,217	 	 	 	158,809	 	 	7/3/2002	 	40 years
	Irving
	 	TX	 	 	 	 	3,800,769	 	 	 	3,350,437	 	 	 	7,151,207	 	 	 	205,912	 	 	7/3/2002	 	40 years
	Irving
	 	TX	 	 	 	 	1,692,863	 	 	 	3,851,859	 	 	 	5,544,723	 	 	 	236,729	 	 	7/3/2002	 	40 years
	Jersey Village
	 	TX	 	C	 	 	5,450,422	 	 	 	9,607,541	 	 	 	15,057,963	 	 	 	770,605	 	 	10/31/2001	 	40 years
	Jersey Village
	 	TX	 	 	 	 	1,175,332	 	 	 	211,272	 	 	 	1,386,604	 	 	 	584	 	 	12/30/2004	 	15 years
	League City
	 	TX	 	 	 	 	1,665,071	 	 	 	3,356,924	 	 	 	5,021,995	 	 	 	275,959	 	 	7/27/2000	 	30 years
	Plano
	 	TX	 	C	 	 	1,796,831	 	 	 	2,766,815	 	 	 	4,563,646	 	 	 	95,064	 	 	3/31/2003	 	40 years
	Plano
	 	TX	 	A	 	 	3,083,307	 	 	 	3,400,604	 	 	 	6,483,912	 	 	 	286,926	 	 	8/10/2001	 	40 years
	Plano
	 	TX	 	C	 	 	7,318,505	 	 	 	6,483,194	 	 	 	13,801,699	 	 	 	1,429,104	 	 	9/28/1998	 	30 years
	Plano
	 	TX	 	C	 	 	2,331,099	 	 	 	2,139,854	 	 	 	4,470,953	 	 	 	413,111	 	 	3/25/1999	 	30 years
	Richardson
	 	TX	 	 	 	 	6,843,575	 	 	 	4,773,825	 	 	 	11,617,400	 	 	 	855,310	 	 	8/13/1999	 	30 years
	Round Rock
	 	TX	 	C	 	 	1,017,942	 	 	 	5,309,017	 	 	 	6,326,959	 	 	 	431,850	 	 	1/13/1999	 	30 years
	Round Rock
	 	TX	 	 	 	 	763,882	 	 	 	—	 	 	 	763,882	 	 	 	—	 	 	1/13/1999	 	 

 

 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	Gross Amount at December 31, 2004	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	Building	 	 	 	 	 	 	 	 	 	 	 
	City	 	State	 	Encumbrances	 	Land	 	 	and Improvements	 	 	Total (1) (2)	 	 	Accumulated Depreciation (3)	 	 	Date Acquired	 	Depreciation Life
	 
	San Angelo
	 	TX	 	D	 	 	1,597,006	 	 	 	2,672,092	 	 	 	4,269,097	 	 	 	589,015	 	 	9/11/1998	 	30 years
	San Angelo
	 	TX	 	D	 	 	788,552	 	 	 	2,015,676	 	 	 	2,804,228	 	 	 	444,320	 	 	9/11/1998	 	30 years
	San Angelo
	 	TX	 	D	 	 	282,954	 	 	 	1,267,274	 	 	 	1,550,228	 	 	 	279,348	 	 	9/11/1998	 	30 years
	San Antonio
	 	TX	 	D	 	 	1,057,102	 	 	 	759,909	 	 	 	1,817,011	 	 	 	170,470	 	 	8/24/1998	 	30 years
	San Antonio
	 	TX	 	D	 	 	1,331,537	 	 	 	1,184,692	 	 	 	2,516,228	 	 	 	265,761	 	 	8/24/1998	 	30 years
	San Antonio
	 	TX	 	D	 	 	3,495,048	 	 	 	5,024,374	 	 	 	8,519,421	 	 	 	1,127,114	 	 	8/24/1998	 	30 years
	San Antonio
	 	TX	 	D	 	 	1,964,831	 	 	 	2,051,398	 	 	 	4,016,229	 	 	 	460,189	 	 	8/24/1998	 	30 years
	San Antonio
	 	TX	 	D	 	 	2,239,624	 	 	 	3,326,606	 	 	 	5,566,230	 	 	 	746,256	 	 	8/24/1998	 	30 years
	Sulpher Springs
	 	TX	 	 	 	 	266,308	 	 	 	1,121,394	 	 	 	1,387,702	 	 	 	364,950	 	 	10/23/1998	 	20 years
	Taylor
	 	TX	 	C	 	 	114,807	 	 	 	1,167,895	 	 	 	1,282,702	 	 	 	243,707	 	 	12/30/1998	 	30 years
	Texarkana
	 	TX	 	D	 	 	142,496	 	 	 	169,189	 	 	 	311,684	 	 	 	37,954	 	 	8/28/1998	 	30 years
	Texarkana
	 	TX	 	D	 	 	1,006,979	 	 	 	1,040,405	 	 	 	2,047,384	 	 	 	229,339	 	 	9/16/1998	 	30 years
	The Meadows
	 	TX	 	 	 	 	3,013,604	 	 	 	3,266,078	 	 	 	6,279,682	 	 	 	585,172	 	 	8/13/1999	 	30 years
	Salt Lake City
	 	UT	 	C	 	 	3,439,460	 	 	 	1,549,000	 	 	 	4,988,460	 	 	 	264,621	 	 	11/5/1999	 	30 years
	Salt Lake City
	 	UT	 	C	 	 	463,711	 	 	 	—	 	 	 	463,711	 	 	 	—	 	 	11/5/1999	 	 
	Salt Lake City
	 	UT	 	C	 	 	1,135,915	 	 	 	5,127,546	 	 	 	6,263,460	 	 	 	875,956	 	 	11/5/1999	 	30 years
	Salt Lake City
	 	UT	 	C	 	 	3,078,497	 	 	 	1,434,963	 	 	 	4,513,460	 	 	 	245,140	 	 	11/5/1999	 	30 years
	Annandale
	 	VA	 	C	 	 	4,026,275	 	 	 	2,405,880	 	 	 	6,432,155	 	 	 	595,889	 	 	2/19/1998	 	30 years
	Arlington
	 	VA	 	B	 	 	4,956,272	 	 	 	1,783,436	 	 	 	6,739,708	 	 	 	441,721	 	 	2/19/1998	 	30 years
	Arlington
	 	VA	 	B	 	 	4,874,676	 	 	 	493,251	 	 	 	5,367,927	 	 	 	122,169	 	 	2/19/1998	 	30 years
	Arlington
	 	VA	 	B	 	 	4,894,106	 	 	 	15,114	 	 	 	4,909,220	 	 	 	3,743	 	 	2/19/1998	 	30 years
	Ashland
	 	VA	 	 	 	 	1,704,577	 	 	 	2,722,411	 	 	 	4,426,988	 	 	 	42,129	 	 	6/29/2004	 	35 years
	Chantilly
	 	VA	 	C	 	 	3,367,127	 	 	 	4,308,211	 	 	 	7,675,338	 	 	 	1,067,058	 	 	2/19/1998	 	30 years
	Chantilly
	 	VA	 	C	 	 	2,017,383	 	 	 	1,422,902	 	 	 	3,440,285	 	 	 	352,425	 	 	2/19/1998	 	30 years
	Chantilly
	 	VA	 	C	 	 	2,456,523	 	 	 	4,537,147	 	 	 	6,993,670	 	 	 	110,125	 	 	2/19/1998	 	40 years
	Chesapeake
	 	VA	 	C	 	 	2,684,078	 	 	 	4,319,163	 	 	 	7,003,241	 	 	 	1,069,771	 	 	2/27/1998	 	30 years
	Chesapeake
	 	VA	 	 	 	 	729,567	 	 	 	—	 	 	 	729,567	 	 	 	—	 	 	2/27/1998	 	 
	Fairfax
	 	VA	 	 	 	 	2,062,679	 	 	 	2,421,474	 	 	 	4,484,153	 	 	 	433,848	 	 	8/13/1999	 	30 years
	Fairfax
	 	VA	 	 	 	 	963,849	 	 	 	2,836,114	 	 	 	3,799,963	 	 	 	511,616	 	 	8/13/1999	 	30 years
	Fredericksburg
	 	VA	 	C	 	 	1,631,722	 	 	 	3,248,564	 	 	 	4,880,286	 	 	 	694,268	 	 	2/19/1998	 	30 years
	Midlothian
	 	VA	 	 	 	 	6,686,067	 	 	 	6,849,516	 	 	 	13,535,583	 	 	 	123,668	 	 	6/29/2004	 	30 years
	Norfolk
	 	VA	 	 	 	 	2,604,806	 	 	 	5,411,569	 	 	 	8,016,376	 	 	 	108,561	 	 	6/16/2004	 	27 years
	Springfield
	 	VA	 	C	 	 	4,221,356	 	 	 	2,107,330	 	 	 	6,328,686	 	 	 	521,944	 	 	2/19/1998	 	30 years
	Sterling
	 	VA	 	 	 	 	2,504,082	 	 	 	14,551,379	 	 	 	17,055,460	 	 	 	1,365,572	 	 	3/1/2001	 	32 years
	Sterling
	 	VA	 	A	 	 	5,588,529	 	 	 	10,396,812	 	 	 	15,985,341	 	 	 	877,231	 	 	8/10/2001	 	40 years
	Tyson’s Corner
	 	VA	 	B	 	 	19,396,815	 	 	 	4,446,289	 	 	 	23,843,104	 	 	 	1,101,258	 	 	2/19/1998	 	30 years
	Tyson’s Corner
	 	VA	 	B	 	 	9,281,370	 	 	 	2,167,729	 	 	 	11,449,099	 	 	 	536,906	 	 	2/19/1998	 	30 years
	Tyson’s Corner
	 	VA	 	B	 	 	665,989	 	 	 	419,089	 	 	 	1,085,078	 	 	 	103,800	 	 	2/19/1998	 	30 years
	Vienna
	 	VA	 	 	 	 	—	 	 	 	17,160,427	 	 	 	17,160,427	 	 	 	47,668	 	 	12/23/2004	 	21 years
	Vienna
	 	VA	 	 	 	 	—	 	 	 	16,916,817	 	 	 	16,916,817	 	 	 	46,991	 	 	12/23/2004	 	23 years
	Vienna
	 	VA	 	 	 	 	—	 	 	 	3,346,790	 	 	 	3,346,790	 	 	 	9,297	 	 	12/23/2004	 	26 years
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 
	 	 	 	 	 	 	866,480,456	 	 	 	1,330,843,276	 	 	 	2,197,323,733	 	 	 	143,885,669	 	 	 	 	 
	 

 

 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	Gross Amount at December 31, 2004	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	Building	 	 	 	 	 	 	 	 	 	 	 
	City	 	State	 	Encumbrances	 	Land	 	 	and Improvements	 	 	Total (1) (2)	 	 	Accumulated Depreciation (3)	 	 	Date Acquired	 	Depreciation Life
	 

	A.	 	Properties are secured by variable rate debt due 8/10/13
	 
	B.	 	Properties are secured by 7.59% fixed rate debt due 12/1/08
	 
	C.	 	Properties are secured by Triple Net Lease Mortgage Notes, Series 2002
	 
	D.	 	Properties are secured by Triple Net Lease Mortgage Notes, Series 2003-1
	 
	E.	 	Property is secured by 5.84% fixed rate debt due 2/1/14
	 
	F.	 	Property is secured by variable rate debt due 10/31/14
	 
	1.	 	The aggregate cost of land, buildings and
improvements on a Federal Income Tax basis is $2,080,417,385 (unaudited) at December 31, 2004.
	 
	2.	 	Reconciliation of Real Estate Properties

	 	 	 	 	 
	Balance at January 1, 2002
	 	$	1,229,693,704	 
	Acquisitions, including WIP costs
	 	 	352,155,187	 
	Dispositions
	 	 	(7,695,765	)
	 
	 	 	 
	Balance at December 31, 2002
	 	 	1,574,153,126	 
	Acquisitions, including WIP costs
	 	 	302,642,419	 
	Dispositions
	 	 	(1,985,228	)
	 
	 	 	 
	Balance at December 31, 2003
	 	 	1,874,810,317	 
	Acquisitions, including WIP costs
	 	 	420,417,906	 
	Dispositions
	 	 	(97,904,490	)
	 
	 	 	 
	Balance at December 31, 2004
	 	$	2,197,323,733	 
	 
	 	 	 

	3.	 	Reconciliation of Accumulated Depreciation

	 	 	 	 	 
	Balance at January 1, 2002
	 	$	59,789,321	 
	2002 depreciation expense, net of retirements
	 	 	25,733,997	 
	 
	 	 	 
	Balance at December 31, 2002
	 	 	85,523,318	 
	2003 depreciation expense, net of retirements
	 	 	30,723,270	 
	 
	 	 	 
	Balance at December 31, 2003
	 	 	116,246,588	 
	2004 depreciation expense, net of retirements
	 	 	27,639,081	 
	 
	 	 	 
	Balance at December 31, 2004
	 	$	143,885,669

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00079-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00079-of-00352.parquet"}]]