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NNN REIT, INC. - Annual Report: 2013 (Form 10-K)


UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549
FORM 10-K
(Mark One)
x ANNUAL REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934.
For the fiscal year ended December 31, 2013
OR
¨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 001-11290
NATIONAL RETAIL PROPERTIES, INC.
(Exact name of registrant as specified in its charter)
 
Maryland
(State or other jurisdiction of
incorporation or organization)
56-1431377
(I.R.S. Employer Identification No.)
450 South Orange Avenue, Suite 900
Orlando, Florida 32801
(Address of principal executive offices, including zip code)
Registrant’s telephone number, including area code: (407) 265-7348
Securities registered pursuant to Section 12(b) of the Act:
 
Title of each class:
Common Stock, $0.01 par value
6.625% Series D Preferred Stock, $0.01 par value
5.700% Series E Preferred Stock, $0.01 par value
Name of exchange on which registered:
New York Stock Exchange
New York Stock Exchange
New York Stock Exchange
Securities registered pursuant to section 12(g) of the Act:
None
(Title of class)
Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.    Yes  x   No  ¨
Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act    Yes  ¨     No  x
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.     Yes  x     No  ¨
Indicate by check mark whether the registrant has submitted electronically and posted on its corporate website, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).    Yes  x    No  ¨
Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K is not contained herein, and will not be contained, to the best of registrant’s knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K.  x
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer or a smaller reporting company. See definition of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act. (Check one):
Large accelerated filer  x
  
Accelerated filer  ¨
  
Non-accelerated filer  ¨
  
Smaller reporting company  ¨
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act).    Yes  ¨    No  x
The aggregate market value of voting common stock held by non-affiliates of the registrant as of June 30, 2013 was $4,057,865,000.
The number of shares of common stock outstanding as of February 11, 2014 was 122,002,008.
DOCUMENTS INCORPORATED BY REFERENCE:
Registrant incorporates by reference into Part III (Items 10, 11, 12, 13 and 14) of this Annual Report on Form 10-K portions of National Retail Properties, Inc.’s definitive Proxy Statement for the 2014 Annual Meeting of Stockholders to be filed with the Securities and Exchange Commission (the “Commission”) pursuant to Regulation 14A. The definitive Proxy Statement will be filed with the Commission not later than 120 days after the end of the fiscal year covered by this Annual Report on Form 10-K.



TABLE OF CONTENTS
 
 
 
PAGE      
REFERENCE
Part I
 
 
Item 1.
Item 1A.
Item 1B.
Item 2.
Item 3.
Item 4.
Part II
 
 
Item 5.
Item 6.
Item 7.
Item 7A.
Item 8.
Item 9.
Item 9A.
Item 9B.
Part III
 
 
Item 10.
Item 11.
Item 12.
Item 13.
Item 14.
Part IV
 
 
Item 15.



PART I
Unless the context otherwise requires, references in this Annual Report on Form 10-K to the terms “registrant” or “NNN” or the “Company” refer to National Retail Properties, Inc. and all of its consolidated subsidiaries. NNN has elected to treat certain subsidiaries as taxable real estate investment trust subsidiaries. These subsidiaries and their majority owned and controlled subsidiaries are collectively referred to as the “TRS.”
Statements contained in this annual report on Form 10-K, including the documents that are incorporated by reference, that are not historical facts are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 (the “Exchange Act”). Also, when NNN uses any of the words “anticipate,” “assume,” “believe,” “estimate,” “expect,” “intend,” or similar expressions, NNN is making forward-looking statements. Although management believes that the expectations reflected in such forward-looking statements are based upon present expectations and reasonable assumptions, NNN’s actual results could differ materially from those set forth in the forward-looking statements. Certain factors that could cause actual results or events to differ materially from those NNN anticipates or projects are described in “Item 1A. Risk Factors” of this Annual Report on Form 10-K.
Given these uncertainties, readers are cautioned not to place undue reliance on such statements, which speak only as of the date of this Annual Report on Form 10-K or any document incorporated herein by reference. NNN undertakes no obligation to publicly release any revisions to these forward-looking statements that may be made to reflect events or circumstances after the date of this Annual Report on Form 10-K.

Item 1.
Business
The Company
NNN, a Maryland corporation, is a fully integrated real estate investment trust (“REIT”) formed in 1984. NNN's assets include: real estate assets, mortgages and notes receivable, and commercial mortgage residual interests.
Real Estate Assets
NNN acquires, owns, invests in and develops properties that are leased primarily to retail tenants under long-term net leases and are primarily held for investment (“Properties” or “Property Portfolio”). As of December 31, 2013, NNN owned 1,860 Properties with an aggregate gross leasable area of 20,402,000 square feet, located in 47 states. Approximately 98 percent of the Properties in NNN’s Property Portfolio were leased as of December 31, 2013.
Competition
NNN generally competes with numerous other REITs, commercial developers, real estate limited partnerships and other investors including but not limited to insurance companies, pension funds and financial institutions that own, manage, finance or develop retail and net leased properties.
Employees
As of January 31, 2014, NNN employed 62 full-time associates including executive and administrative personnel.
Other Information
NNN’s executive offices are located at 450 S. Orange Avenue, Suite 900, Orlando, Florida 32801, and its telephone number is (407) 265-7348. NNN has an Internet website at www.nnnreit.com where NNN’s filings with the Securities and Exchange Commission (the “Commission”) can be downloaded free of charge.

1


The common shares of National Retail Properties, Inc. are traded on the New York Stock Exchange (the “NYSE”) under the ticker symbol “NNN.” The depositary shares, each representing a 1/100th of a share of 6.625% Series D Cumulative Redeemable Preferred Stock, par value $0.01 per share (“Series D Preferred Stock”), of NNN are traded on the NYSE under the ticker symbol “NNNPRD.” The depositary shares, each representing a 1/100th of a share of 5.700% Series E Cumulative Redeemable Preferred Stock, par value $0.01 per share (“Series E Preferred Stock”), of NNN are traded on the NYSE under the ticker symbol “NNNPRE.”
Business Strategies and Policies
The following is a discussion of NNN’s operating strategy and certain of its investment, financing and other policies. These strategies and policies have been set by management and/or the Board of Directors and, in general, may be amended or revised from time to time by management and/or the Board of Directors without a vote of NNN’s stockholders.
Operating Strategies
NNN’s strategy is to invest primarily in retail real estate that is typically well located within each local market for its tenants’ lines of trade. Management believes that these types of properties, generally leased pursuant to triple-net leases, provide attractive opportunities for a stable current return and the potential for increased returns and capital appreciation. Triple-net leases typically require the tenant to pay property operating expenses such as insurance, utilities, repairs, maintenance, capital expenditures, real estate taxes, assessments and other governmental charges. Initial lease terms are generally 15 to 20 years.
NNN holds real estate assets until it determines that the sale of such an asset is advantageous in view of NNN’s investment objectives. In deciding whether to sell a real estate asset, NNN may consider factors such as potential capital appreciation, net cash flow, tenant credit quality, market lease rates, local market conditions, potential use of sale proceeds and federal income tax considerations.
NNN’s management team focuses on certain key indicators to evaluate the financial condition and operating performance of NNN. These key indicators include the composition of the Property Portfolio (such as tenant, geographic and line of trade diversification), the occupancy rate of the Property Portfolio, certain financial performance ratios and profitability measures, industry trends and industry performance compared to that of NNN.
In some cases, NNN’s investment in real estate is in the form of mortgages or other loans which may be secured by real estate or a borrower’s pledge of ownership interests in the entity that owns the real estate or other assets. These investments, which represent less than approximately one-percent of NNN's total assets, may be subordinated to senior loans encumbering the underlying real estate or assets. Subordinated positions are generally subject to a higher risk of nonpayment of principal and interest than the more senior loans.
The operating strategies employed by NNN have allowed NNN to increase the annual dividend (paid quarterly) per common share for 24 consecutive years, one of only four publicly traded REIT's to do so.
Investment in Real Estate or Interests in Real Estate
NNN’s management believes that single tenant, freestanding net lease retail properties will continue to provide attractive investment opportunities and that NNN is well suited to take advantage of these opportunities because of its experience in accessing capital markets, and its ability to identify, underwrite and acquire properties.
In evaluating a particular acquisition, management may consider a variety of factors, including:
the location, visibility and accessibility of the property,
the geographic area and demographic characteristics of the community, as well as the local real estate market, including potential for growth, market rents, and existing or potential competing properties or retailers,
the size and age of the property,
the purchase price,
the non-financial terms of the proposed acquisition,
the availability of funds or other consideration for the proposed acquisition and the cost thereof,
the compatibility of the property with NNN’s existing portfolio,
the quality of construction and design and the current physical condition of the property,
the property level operating history,
the financial and other characteristics of the existing tenant,
the tenant’s business plan, operating history and management team,

2


the tenant’s industry,
the terms of any existing leases,
the rent to be paid by the tenant, and
the potential for, and current extent of, any environmental problems.
NNN intends to engage in future investment activities in a manner that is consistent with the maintenance of its status as a REIT for federal income tax purposes and that will not make NNN an investment company under the Investment Company Act of 1940, as amended.
Equity investments in acquired properties may be subject to existing mortgage financings and other indebtedness or to new indebtedness which may be incurred in connection with acquiring or refinancing these investments.
Investments in Real Estate Mortgages, Commercial Mortgage Residual Interests, and Securities of or Interests in Persons Engaged in Real Estate Activities
While NNN’s primary business objectives emphasize retail properties, NNN may invest in (i) a wide variety of property and tenant types, (ii) leases, mortgages, commercial mortgage residual interests and other types of real estate interests, (iii) loans secured by personal property, (iv) loans secured by partnerships or membership interests in partnerships or limited liability companies, respectively, or (v) securities of other REITs, or other issuers, including for the purpose of exercising control over such entities. For example, NNN from time to time has made investments in mortgage loans, has held mortgages on properties that NNN has sold and has made other loans related to properties acquired or sold.
Financing Strategy
NNN’s financing objective is to manage its capital structure effectively in order to provide sufficient capital to execute its operating strategies while servicing its debt requirements and providing value to its stockholders. NNN generally utilizes debt and equity security offerings, bank borrowings, the sale of properties, and to a lesser extent, internally generated funds to meet its capital needs.
NNN typically funds its short-term liquidity requirements including investments in additional retail properties with cash from its $500,000,000 unsecured revolving credit facility (“Credit Facility”). As of December 31, 2013, $46,400,000 was outstanding and $453,600,000 was available for future borrowings under the Credit Facility.
As of December 31, 2013, NNN’s ratio of total debt to total gross assets (before accumulated depreciation) was approximately 32 percent and the ratio of secured indebtedness to total gross assets was less than one-percent. The ratio of total debt to total market capitalization was approximately 28 percent. Certain financial agreements to which NNN is a party contain covenants that limit NNN’s ability to incur debt under certain circumstances.
NNN anticipates it will be able to obtain additional financing for short-term and long-term liquidity requirements as further described in “Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations – Liquidity.” However, there can be no assurance that additional financing or capital will be available, or that the terms will be acceptable or advantageous to NNN.
The organizational documents of NNN do not limit the absolute amount or percentage of indebtedness that NNN may incur. Additionally, NNN may change its financing strategy at any time. NNN has not engaged in trading, underwriting or agency distribution or sale of securities of other issuers and does not intend to do so.
Strategies and Policy Changes
Any of NNN’s strategies or policies described above may be changed at any time by NNN without notice to or a vote of NNN’s stockholders.
Property Portfolio
As of December 31, 2013, NNN owned 1,860 Properties with an aggregate gross leasable area of 20,402,000 square feet, located in 47 states. Approximately 98 percent of total Properties in the Property Portfolio were leased as of December 31, 2013.

3


The following table summarizes NNN’s Property Portfolio as of December 31, 2013 (in thousands):
 
 
Size(1)
 
Acquisition Cost(2)
High
 
Low
 
Average
 
High
 
Low
 
Average
Land
2,223

 
5
 
100

 
$
8,882

 
$
5

 
$
920

Building
142

 
1
 
11

 
29,373

 
19

 
1,674

(1) 
 Approximate square feet.
(2) 
Costs vary depending upon size and local demographic factors.

As of December 31, 2013, NNN has agreed to fund construction commitments on leased Properties, estimated to be completed within 12 months, as outlined in the table below (dollars in thousands):
Number of properties
 
48

Total commitment(1)
 
$
145,818

Amount funded
 
99,024

Remaining commitment
 
46,794

(1)
Includes land, construction costs and tenant improvements.
As of December 31, 2013, NNN did not have any tenant that accounted for ten percent or more of its rental income.
Leases
The following is a summary of the general structure of NNN’s Property leases, although the specific terms of each lease can vary. Generally, the Property leases provide for initial terms of 15 to 20 years. As of December 31, 2013, the weighted average remaining lease term of the Property Portfolio was approximately 12 years. The Properties are generally leased under net leases, pursuant to which the tenant typically bears responsibility for substantially all property costs and expenses associated with ongoing maintenance and operation, including utilities, property taxes and insurance. NNN's Property leases provide for annual base rental payments (payable in monthly installments) ranging from $1,000 to $2,607,000 (average of $211,000), and generally provide for limited increases in rent as a result of fixed increases, increases in the Consumer Price Index (“CPI”), and/or, to a lesser extent, increases in the tenant’s sales volume.
Generally, the Property leases provide the tenant with one or more multi-year renewal options subject to generally the same terms and conditions provided under the initial lease term. Some of the leases also provide that in the event NNN wishes to sell the Property subject to that lease, NNN first must offer the lessee the right to purchase the Property on the same terms and conditions as any offer which NNN intends to accept for the sale of the Property.
The following table summarizes the lease expirations, assuming none of the tenants exercise renewal options, of NNN’s Property Portfolio for each of the next 10 years and then thereafter in the aggregate as of December 31, 2013:
 
 
% of
Annual
Base
Rent(1)
 
# of
Properties
 
Gross
Leasable
Area(2)
 
 
 
% of
Annual
Base
Rent(1)
 
# of
Properties
 
Gross
Leasable
Area(2)
2014
1.4%
 
32
 
434,000

 
2020
 
3.1%
 
97
 
916,000

2015
1.6%
 
32
 
482,000

 
2021
 
4.6%
 
99
 
918,000

2016
1.7%
 
32
 
567,000

 
2022
 
6.9%
 
92
 
1,150,000

2017
3.5%
 
46
 
1,009,000

 
2023
 
3.3%
 
54
 
962,000

2018
8.3%
 
186
 
1,957,000

 
Thereafter
 
62.1%
 
1,092
 
10,472,000

2019
3.5%
 
57
 
1,005,000

 
 
 
 
 
 
 
 

(1) 
 Based on annualized base rent for all leases in place as of December 31, 2013.
(2) 
Approximate square feet.


4


The following table summarizes the diversification of NNN’s Property Portfolio based on the top 10 lines of trade:
 
 
 
 
 
% of Annual Base Rent(1)
  
 
Top 10 Lines of Trade
 
2013
 
2012
 
2011
1.
 
Convenience stores
 
19.7%
 
19.8%
 
24.6%
2.
 
Restaurants - full service
 
9.7%
 
10.7%
 
9.4%
3.
 
Automotive service
 
7.6%
 
7.6%
 
4.9%
4.
 
Restaurants - limited service
 
5.5%
 
5.2%
 
3.6%
5.
 
Automotive parts
 
5.1%
 
5.6%
 
6.5%
6.
 
Theaters
 
4.5%
 
4.7%
 
5.0%
7.
 
Health and fitness
 
4.3%
 
3.7%
 
2.6%
8.
 
Banks
 
4.1%
 
0.2%
 
0.2%
9.
 
Sporting goods
 
3.7%
 
4.0%
 
4.8%
10.
 
Recreational vehicle dealers, parts and accessories
 
3.2%
 
2.7%
 
2.3%
 
 
Other
 
32.6%
 
35.8%
 
36.1%
 
 
 
 
100.0%
 
100.0%
 
100.0%

(1) 
Based on annualized base rent for all leases in place as of December 31 of the respective year.
The following table shows the top 10 states in which NNN’s Properties are located as of December 31, 2013:
 
 
 
State
 
# of
Properties
 
% of
Annual
Base Rent(1)
1.
 
Texas
 
369
 
20.4%
2.
 
Florida
 
164
 
10.5%
3.
 
Illinois
 
63
 
5.3%
4.
 
Georgia
 
102
 
4.8%
5.
 
North Carolina
 
98
 
4.7%
6.
 
Virginia
 
85
 
4.6%
7.
 
Indiana
 
75
 
3.9%
8.
 
California
 
38
 
3.5%
9.
 
Ohio
 
55
 
3.4%
10.
 
Pennsylvania
 
95
 
3.3%
 
 
Other
 
716
 
35.6%
 
 
 
 
1,860
 
100.0%

(1) 
 Based on annualized base rent for all leases in place as of December 31, 2013.
 Mortgages and Notes Receivable
Mortgage notes are secured by real estate, real estate securities or other assets. Mortgages and notes receivable consisted of the following at December 31 (dollars in thousands):
 
 
2013
 
2012
Mortgages and notes receivable
$
16,942

 
$
26,952

Accrued interest receivable
177

 
858

Unamortized discount

 
(40
)
 
$
17,119

 
$
27,770



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Commercial Mortgage Residual Interests
Orange Avenue Mortgage Investments, Inc. (“OAMI”), a wholly owned and consolidated subsidiary of NNN, holds the residual interests (“Residuals”) from seven commercial real estate loan securitizations. Each of the Residuals is reported at fair value based upon an independent valuation; unrealized gains or losses are reported as other comprehensive income in stockholders’ equity, and other than temporary losses as a result of a change in timing or amount of estimated cash flows are recorded as an other than temporary valuation impairment. The Residuals had an estimated fair value of $11,721,000 and $13,096,000 at December 31, 2013 and 2012, respectively.
Governmental Regulations Affecting Properties
Property Environmental Considerations.  Subject to a determination of the level of risk and potential cost of remediation, NNN may acquire a property where some level of environmental contamination may exist. Investments in real property create a potential for substantial environmental liability for the owner of such property from the presence or discharge of hazardous materials on the property or the improper disposal of hazardous materials emanating from the property, regardless of fault. In order to mitigate exposure to environmental liability, NNN maintains an environmental insurance policy that covers substantially all of the properties which expires in August 2018. As a part of its acquisition due diligence process, NNN generally obtains an environmental site assessment for each property. In such cases where NNN intends to acquire real estate where some level of contamination may exist, NNN generally requires the seller or tenant to (i) remediate the problem, (ii) indemnify NNN for environmental liabilities, and/or (iii) agree to other arrangements deemed appropriate by NNN, including, under certain circumstances, the purchase of environmental insurance to address environmental conditions at the property.
As of February 12, 2014, NNN has 70 Properties currently under some level of environmental remediation and/or monitoring. In general, the seller, a previous owner, the tenant or an adjacent land owner is responsible for the cost of the environmental remediation for each of these Properties.
Americans with Disabilities Act of 1990.  The Properties, as commercial facilities, are required to comply with Title III of the Americans with Disabilities Act of 1990 and similar state and local laws and regulations (collectively, the “ADA”). Investigation of a property may reveal non-compliance with the ADA. The tenants will typically have primary responsibility for complying with the ADA, but NNN may incur costs if the tenant does not comply. As of February 12, 2014, NNN has not been notified by any governmental authority of, nor is NNN’s management aware of, any non-compliance with the ADA that NNN’s management believes would have a material adverse effect on its business, financial position or results of operations.
Other Regulations.  State and local fire, life-safety and similar entities regulate the use of NNN’s Properties. NNN’s leases generally require each tenant to undertake primary responsibility for complying with regulations, but failure to comply could result in fines by governmental authorities, awards of damages to private litigants, or restrictions on the ability to conduct business on such properties.
Item 1A.
Risk Factors
Carefully consider the following risks and all of the other information set forth in this Annual Report on Form 10-K, including the consolidated financial statements and the notes thereto. If any of the events or developments described below were actually to occur, NNN’s business, financial condition or results of operations could be adversely affected.
Financial and economic conditions may have an adverse impact on NNN, its tenants, and commercial real estate in general.
Financial and economic conditions continue to be challenging and volatile and any worsening of such conditions, including any disruption in the capital markets, could adversely affect NNN’s business and results of operations and the financial condition of NNN’s tenants, developers, borrowers, lenders or the institutions that hold NNN’s cash balances and short-term investments, which may expose NNN to increased risks of default by these parties.
There can be no assurance that actions of the United States Government, Federal Reserve or other government and regulatory bodies intended to stabilize the economy or financial markets will achieve their intended effect. Additionally, some of these actions may adversely affect financial institutions, capital providers, retailers, consumers or NNN’s financial condition, results of operations or the trading price of NNN’s shares.

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Potential consequences of the current financial and economic conditions include:
the financial condition of NNN’s tenants may be adversely affected, which may result in tenant defaults under the leases due to bankruptcy, lack of liquidity, operational failures or for other reasons;
the ability to borrow on terms and conditions that NNN finds acceptable may be limited or unavailable, which could reduce NNN’s ability to pursue acquisition and development opportunities and refinance existing debt, reduce NNN’s returns from acquisition and development activities, reduce NNN’s ability to make cash distributions to its shareholders and increase NNN’s future interest expense;
the recognition of impairment charges on or reduced values of NNN’s Properties, which may adversely affect NNN's results of operations;
reduced values of NNN's Properties may limit NNN's ability to dispose of assets at attractive prices and reduce the availability of buyer financing; and
the value and liquidity of NNN’s short-term investments and cash deposits could be reduced as a result of a deterioration of the financial condition of the institutions that hold NNN’s cash deposits or the institutions or assets in which NNN has made short-term investments, the dislocation of the markets for NNN’s short-term investments, increased volatility in market rates for such investments or other factors.

NNN may be unable to obtain debt or equity capital on favorable terms, if at all.
NNN may be unable to obtain capital on favorable terms, if at all, to further its business objectives or meet its existing obligations. Nearly all of NNN’s debt, including the Credit Facility, is subject to balloon principal payments due at maturity. These maturities range between 2014 and 2023. NNN's ability to make these scheduled principal payments may be adversely impacted by NNN’s inability to extend or refinance the Credit Facility, the inability to dispose of assets at an attractive price or the inability to obtain additional debt or equity capital. Capital that may be available may be materially more expensive or available under terms that are materially more restrictive than NNN’s existing capital which would have an adverse impact on NNN’s business, financial condition or results of operations.
Tenants loss of revenues could reduce NNN’s cash flow.
NNN's tenants encounter significant macroeconomic, governmental and competitive forces. Adverse changes in consumer spending or consumer preferences for particular goods, services or store based retailing or the expansion of e-commerce could severely impact their ability to pay rent. The default, financial distress, bankruptcy or liquidation of one or more of NNN’s tenants could cause substantial vacancies in NNN’s Property Portfolio. Vacancies reduce NNN’s revenues, increase property expenses and could decrease the value of each such vacant Property. Upon the expiration of a lease, the tenant may choose not to renew the lease and/or NNN may not be able to re-lease the vacant Property at a comparable lease rate or without incurring additional expenditures in connection with such renewal or re-leasing.
A significant portion of the source of NNN’s Property Portfolio annual base rent is concentrated in specific industry classifications, tenants and in specific geographic locations.
As of December 31, 2013, approximately,
47.7% of NNN’s Property Portfolio annual base rent is generated from five retail lines of trade, including convenience stores (19.7%) and full-service restaurants (9.7%),
22.7% of NNN’s Property Portfolio annual base rent is generated from five tenants, including Susser Holdings Corp. (5.0%), Mister Car Wash (4.9%), The Pantry, Inc. (4.4%), 7-Eleven, Inc. (4.2%) and LA Fitness (4.2%), and
45.6% of NNN’s Property Portfolio annual base rent is generated from five states, including Texas (20.4%) and Florida (10.5%).
Any financial hardship and/or economic changes in these lines of trade, tenants or states could have an adverse effect on NNN’s results of operations.

7


Owning real estate and indirect interests in real estate carries inherent risks.
NNN’s economic performance and the value of its real estate assets are subject to the risk that if NNN’s Properties do not generate revenues sufficient to meet its operating expenses, including debt service, NNN’s cash flow and ability to pay distributions to its shareholders will be adversely affected. As a real estate company, NNN is susceptible to the following real estate industry risks, which are beyond its control:
changes in national, regional and local economic conditions and outlook,
decreases in consumer spending and retail sales or adverse changes in consumer preferences for particular goods, services or store based retailing,
economic downturns in the areas where NNN’s Properties are located,
adverse changes in local real estate market conditions, such as an oversupply of space, reduction in demand for space, intense competition for tenants, or a demographic change,
changes in tenant or consumer preferences that reduce the attractiveness of NNN’s Properties to tenants,
changes in zoning, regulatory restrictions, or tax laws, and
changes in interest rates or availability of financing.
All of these factors could result in decreases in market rental rates and increases in vacancy rates, which could adversely affect NNN’s results of operations.
NNN’s real estate investments are illiquid.
Because real estate investments are relatively illiquid, NNN’s ability to adjust the portfolio promptly in response to economic or other conditions is limited. Certain significant expenditures generally do not change in response to economic or other conditions, including: (i) debt service (if any), (ii) real estate taxes, and (iii) operating and maintenance costs. This combination of variable revenue and relatively fixed expenditures may result, under certain market conditions, in reduced earnings and could have an adverse effect on NNN’s financial condition.
Costs of complying with changes in governmental laws and regulations may adversely affect NNN’s results of operations.
NNN cannot predict what other laws or regulations will be enacted in the future, how future laws or regulations will be administered or interpreted, or how future laws or regulations will affect NNN’s Properties, including, but not limited to environmental laws and regulations. Compliance with new laws or regulations, or stricter interpretation of existing laws, may require NNN, its retail tenants, or consumers to incur significant expenditures, impose significant liability, restrict or prohibit business activities and could cause a material adverse effect on NNN’s results of operation.
NNN may be subject to known or unknown environmental liabilities and hazardous materials on Properties owned by NNN.
There may be known or unknown environmental liabilities associated with properties owned or acquired in the future by NNN. Certain particular uses of some properties may also have a heightened risk of environmental liability because of the hazardous materials used in performing services on those properties, such as convenience stores with underground petroleum storage tanks or auto parts and auto service businesses using petroleum products, paint and machine solvents. Some of NNN’s properties may contain asbestos or asbestos-containing materials, or may contain or may develop mold or other bio-contaminants. Asbestos-containing materials must be handled, managed and removed in accordance with applicable governmental laws, rules and regulations. Mold and other bio-contaminants can produce airborne toxins, may cause a variety of health issues in individuals and must be remediated in accordance with applicable governmental laws, rules and regulations.
As part of its due diligence process, NNN generally obtains an environmental site assessment for each property it acquires. In cases where NNN intends to acquire real estate where some level of contamination may exist, NNN generally requires the seller or tenant to (i) remediate the contamination in accordance with applicable laws, rules and regulations, (ii) indemnify NNN for environmental liabilities, and/or (iii) agree to other arrangements deemed appropriate by NNN, including, under certain circumstances, the purchase of environmental insurance. Although sellers or tenants may be contractually responsible for remediating hazardous materials on a property and may be responsible for indemnifying NNN for any liability resulting from the use of a property and for any failure to comply with any applicable environmental laws, rules or regulations, NNN has no assurance that sellers or tenants shall be able to meet their remediation and indemnity obligations to NNN. A tenant or seller may not have the financial ability to meet its remediation and indemnity obligations to NNN when required. Furthermore, NNN may have strict liability to governmental agencies or third parties as a result of the existence of hazardous materials on properties, whether or not NNN knew about or caused such hazardous materials to exist.

8


As of February 12, 2014, NNN has 70 Properties currently under some level of environmental remediation and/or monitoring. In general, the seller, a previous owner, the tenant or an adjacent land owner is responsible for the cost of the environmental remediation for each of these Properties.
If NNN is responsible for hazardous materials located on its properties, NNN’s liability may include investigation and remediation costs, property damage to third parties, personal injury to third parties, and governmental fines and penalties. Furthermore, the presence of hazardous materials on a property may adversely impact the property value or NNN’s ability to sell the property. Significant environmental liability could impact NNN’s results of operations, ability to make distributions to shareholders, and its ability to meet its debt obligations.
In order to mitigate exposure to environmental liability, NNN maintains an environmental insurance policy that covers substantially all of its Properties which expires in August 2018. However, the policy is subject to exclusions and limitations and does not cover all of the Properties owned by NNN, and for those Properties covered under the policy, insurance may not fully compensate NNN for any environmental liability. NNN has no assurance that the insurer on its environmental insurance policy will be able to meet its obligations under the policy. NNN may not desire to renew the environmental insurance policy in place upon expiration or a replacement policy may not be available at a reasonable cost, if at all.
NNN may not be able to successfully execute its acquisition or development strategies.
NNN may not be able to implement its investment strategies successfully. Additionally, NNN cannot assure that its Property Portfolio will expand at all, or if it will expand at any specified rate or to any specified size. In addition, investment in additional real estate assets is subject to a number of risks. Because NNN expects to invest in markets other than the ones in which its current properties are located or properties which may be leased to tenants other than those to which NNN has historically leased properties, NNN will also be subject to the risks associated with investment in new markets or with new tenants that may be relatively unfamiliar to NNN’s management team.
NNN’s development activities are subject to, without limitation, risks relating to the availability and timely receipt of zoning and other regulatory approvals, the cost and timely completion of construction (including risks from factors beyond NNN’s control, such as weather or labor conditions or material shortages), the risk of finding tenants for the properties and the ability to obtain both construction and permanent financing on favorable terms. These risks could result in substantial unanticipated delays or expenses and, under certain circumstances, could prevent completion of development activities once undertaken or provide a tenant the opportunity to terminate a lease. Any of these situations may delay or eliminate proceeds or cash flows NNN expects from these projects, which could have an adverse effect on NNN’s financial condition.
NNN may not be able to dispose of properties consistent with its operating strategy.
NNN may be unable to sell properties targeted for disposition due to adverse market conditions. This may adversely affect, among other things, NNN’s ability to sell under favorable terms, execute its operating strategy, achieve target earnings or returns, retire or repay debt or pay dividends.
A change in the assumptions used to determine the value of commercial mortgage residual interests could adversely affect NNN’s financial position.
As of December 31, 2013, the Residuals had a carrying value of $11,721,000. The value of these Residuals is based on assumptions made by NNN to determine their fair value. These assumptions include, but are not limited to, discount rate, loan loss, prepayment speed and interest rate assumptions made by NNN to determine their fair value. If actual experience differs materially from these assumptions, the actual future cash flow could be less than expected and the value of the Residuals, as well as NNN’s earnings, could decline.
NNN may suffer a loss in the event of a default or bankruptcy of a borrower.
If a borrower defaults on a mortgage or other loan made by NNN, and does not have sufficient assets to satisfy the loan, NNN may suffer a loss of principal and interest. In the event of the bankruptcy of a borrower, NNN may not be able to recover against all or any of the assets of the borrower, or the collateral may not be sufficient to satisfy the balance due on the loan. In addition, certain of NNN’s loans may be subordinate to other debt of a borrower. These investments are typically loans secured by a borrower’s pledge of its ownership interests in the entity that owns the real estate or other assets. These agreements are typically subordinated to senior loans encumbering the underlying real estate or assets. Subordinated positions are generally subject to a higher risk of nonpayment of principal and interest than the more senior loans. As of December 31, 2013, mortgages and notes receivables had an outstanding principal balance of $16,942,000. If a borrower defaults on the debt senior to NNN’s loan, or in the event of the bankruptcy of a borrower, NNN’s loan will be satisfied only after the borrower’s senior creditors’ claims are satisfied. Where debt senior to NNN’s loans exists, the presence of intercreditor arrangements may limit

9


NNN’s ability to amend loan documents, assign the loans, accept prepayments, exercise remedies and control decisions made in bankruptcy proceedings relating to borrowers. Bankruptcy proceedings and litigation can significantly increase the time needed for NNN to acquire underlying collateral, if any, in the event of a default, during which time the collateral may decline in value. In addition, there are significant costs and delays associated with the foreclosure process.
Certain provisions of NNN’s leases or loan agreements may be unenforceable.
NNN’s rights and obligations with respect to its leases, mortgage loans or other loans are governed by written agreements. A court could determine that one or more provisions of such an agreement are unenforceable, such as a particular remedy, a loan prepayment provision or a provision governing NNN’s security interest in the underlying collateral of a borrower or lessee. NNN could be adversely impacted if this were to happen with respect to an asset or group of assets.
Property ownership through joint ventures and partnerships could limit NNN’s control of those investments.
Joint ventures or partnerships involve risks not otherwise present for direct investments by NNN. It is possible that NNN’s co-venturers or partners may have different interests or goals than NNN at any time and they may take actions contrary to NNN’s requests, policies or objectives, including NNN’s policy with respect to maintaining its qualification as a REIT. Other risks of joint venture or partnership investments include impasses on decisions because in some instances no single co-venturer or partner has full control over the joint venture or partnership, respectively, or the co-venturer or partner may become insolvent, bankrupt or otherwise unable to contribute to the joint venture or partnership, respectively. Further, disputes may develop with a co-venturer or partner over decisions affecting the property, joint venture or partnership that may result in litigation, arbitration or some other form of dispute resolution.
Competition from numerous other REITs, commercial developers, real estate limited partnerships and other investors may impede NNN’s ability to grow.
NNN may not complete suitable property acquisitions or developments on advantageous terms, if at all, due to competition for such properties with others engaged in real estate investment activities or lack of properties for sale on terms deemed acceptable to NNN. NNN’s inability to successfully acquire or develop new properties may affect NNN’s ability to achieve anticipated return on investment or realize its investment strategy, which could have an adverse effect on its results of operations.
NNN's loss of key management personnel could adversely affect performance and the value of its common stock.
NNN is dependent on the efforts of its key management. Competition for senior management personnel can be intense and NNN may not be able to retain its key management. Although NNN believes qualified replacements could be found for any departures of key management, the loss of their services could adversely affect NNN's performance and the value of its common stock.
Uninsured losses may adversely affect NNN’s operating results and asset values.
NNN’s properties are generally covered by comprehensive liability, fire, and extended insurance coverage. NNN believes that the insurance carried on its properties is adequate and in accordance with industry standards. There are, however, types of losses (such as from hurricanes, earthquakes or other types of natural disasters or wars or other acts of violence) which may be uninsurable, or the cost of insuring against these losses may not be economically justifiable. If an uninsured loss occurs or a loss exceeds policy limits, NNN could lose both its invested capital and anticipated revenues from the property, thereby reducing NNN’s cash flow and asset value.

10


Acts of violence, terrorist attacks or war may affect the markets in which NNN operates and NNN’s results of operations.
Terrorist attacks or other acts of violence may negatively affect NNN’s operations. There can be no assurance that there will not be terrorist attacks against businesses within the United States. These attacks may directly or indirectly impact NNN’s physical facilities or the businesses or the financial condition of its tenants, developers, borrowers, lenders or financial institutions with which NNN has a relationship. The United States is engaged in armed conflict, which could have an impact on these parties. The consequences of armed conflict are unpredictable, and NNN may not be able to foresee events that could have an adverse effect on its business or be insured for such.
More generally, any of these events or threats of these events could cause consumer confidence and spending to decrease or result in increased volatility in the United States and worldwide financial markets and economies. They also could result in, or cause a deepening of, economic recession in the United States or abroad. Any of these occurrences could have an adverse impact on NNN’s financial condition or results of operations.
Vacant properties or bankrupt tenants could adversely affect NNN’s business or financial condition.
As of December 31, 2013, NNN owned 33 vacant, un-leased Properties, which accounted for approximately two percent of total Properties held in NNN’s Property Portfolio. NNN is actively marketing these properties for sale or lease but may not be able to sell or lease these properties on favorable terms or at all. The lost revenues and increased property expenses resulting from the rejection by any bankrupt tenant of any of their respective leases with NNN could have a material adverse effect on the liquidity and results of operations of NNN if NNN is unable to re-lease the Properties at comparable rental rates and in a timely manner. As of January 31, 2014, less than one percent of the total gross leasable area of NNN’s Property Portfolio was leased to tenants that have filed a voluntary petition for bankruptcy under Chapter 11 of the U.S. Bankruptcy Code and have the right to reject or affirm their leases with NNN.
The amount of debt NNN has and the restrictions imposed by that debt could adversely affect NNN’s business and financial condition.
As of December 31, 2013, NNN had total mortgage debt outstanding of approximately $9,475,000, total unsecured notes payable of $1,514,184,000 and $46,400,000 outstanding on the Credit Facility. NNN’s organizational documents do not limit the level or amount of debt that it may incur. If NNN incurs additional indebtedness and permits a higher degree of leverage, debt service requirements would increase and could adversely affect NNN’s financial condition and results of operations, as well as NNN’s ability to pay principal and interest on the outstanding indebtedness or cash dividends to its stockholders. In addition, increased leverage could increase the risk that NNN may default on its debt obligations.
The amount of debt outstanding at any time could have important consequences to NNN’s stockholders. For example, it could:
require NNN to dedicate a substantial portion of its cash flow from operations to payments on its debt, thereby reducing funds available for operations, real estate investments and other business opportunities that may arise in the future,
increase NNN’s vulnerability to general adverse economic and industry conditions,
limit NNN’s ability to obtain any additional financing it may need in the future for working capital, debt refinancing, capital expenditures, real estate investments, development or other general corporate purposes,
make it difficult to satisfy NNN’s debt service requirements,
limit NNN’s ability to pay dividends in cash on its outstanding common and preferred stock,
limit NNN’s flexibility in planning for, or reacting to, changes in its business and the factors that affect the profitability of its business, and
limit NNN’s flexibility in conducting its business, which may place NNN at a disadvantage compared to competitors with less debt or debt with less restrictive terms.
NNN’s ability to make scheduled payments of principal or interest on its debt, or to retire or refinance such debt will depend primarily on its future performance, which to a certain extent is subject to the creditworthiness of its tenants, competition, and economic, financial, and other factors beyond its control. There can be no assurance that NNN’s business will continue to generate sufficient cash flow from operations in the future to service its debt or meet its other cash needs. If NNN is unable to generate sufficient cash flow from its business, it may be required to refinance all or a portion of its existing debt, sell assets or obtain additional financing to meet its debt obligations and other cash needs.
NNN cannot assure stockholders that any such refinancing, sale of assets or additional financing would be possible or, if possible, on terms and conditions, including but not limited to the interest rate, which NNN would find acceptable or would not result in a material decline in earnings.

11


NNN is obligated to comply with financial and other covenants in its debt instruments that could restrict its operating activities, and the failure to comply with such covenants could result in defaults that accelerate the payment of such debt.
As of December 31, 2013, NNN had approximately $1,570,059,000 of outstanding indebtedness, of which approximately $9,475,000 was secured indebtedness. NNN’s unsecured debt instruments contain various restrictive covenants which include, among others, provisions restricting NNN’s ability to:
incur or guarantee additional debt,
make certain distributions, investments and other restricted payments,
enter into transactions with certain affiliates,
create certain liens,
consolidate, merge or sell NNN’s assets, and
pre-pay debt.
NNN’s secured debt instruments generally contain customary covenants, including, among others, provisions:
requiring the maintenance of the property securing the debt,
restricting its ability to sell, assign or further encumber the properties securing the debt,
restricting its ability to incur additional debt,
restricting its ability to amend or modify existing leases, and
establishing certain prepayment restrictions.
NNN’s ability to meet some of its debt covenants, including covenants related to the condition of the property or payment of real estate taxes, may be dependent on the performance by NNN’s tenants under their leases.
In addition, certain covenants in NNN’s debt instruments, including its Credit Facility, require NNN, among other things, to:
limit certain leverage ratios,
maintain certain minimum interest and debt service coverage ratios, and
limit investments in certain types of assets.
NNN’s failure to comply with certain of its debt covenants could result in defaults that accelerate the payment under such debt and limit the dividends paid to NNN’s common and preferred stockholders which would likely have a material adverse impact on NNN’s financial condition and results of operations. In addition, these defaults could impair its access to the debt and equity markets.
The market value of NNN’s equity and debt securities is subject to various factors that may cause significant fluctuations or volatility.
As with other publicly traded securities, the market price of NNN’s equity and debt securities depends on various factors, which may change from time-to-time and/or may be unrelated to NNN’s financial condition, operating performance or prospects that may cause significant fluctuations or volatility in such prices. These factors, among others, include:
general economic and financial market conditions,
level and trend of interest rates,
NNN’s ability to access the capital markets to raise additional capital,
the issuance of additional equity or debt securities,
changes in NNN’s funds from operations or earnings estimates,
changes in NNN’s debt ratings or analyst ratings,
NNN’s financial condition and performance,
market perception of NNN compared to other REITs, and
market perception of REITs compared to other investment sectors.

12


NNN’s failure to qualify as a real estate investment trust for federal income tax purposes could result in significant tax liability.
NNN intends to operate in a manner that will allow NNN to continue to qualify as a REIT. NNN believes it has been organized as, and its past and present operations qualify NNN as a REIT. However, the Internal Revenue Service (“IRS”) could successfully assert that NNN is not qualified as such. In addition, NNN may not remain qualified as a REIT in the future. Qualification as a REIT involves the application of highly technical and complex provisions of the Internal Revenue Code of 1986, as amended (the “Code”) for which there are only limited judicial or administrative interpretations and involves the determination of various factual matters and circumstances not entirely within NNN’s control. Furthermore, new tax legislation, administrative guidance or court decisions, in each instance potentially with retroactive effect, could make it more difficult or impossible for NNN to qualify as a REIT or avoid significant tax liability.
If NNN fails to qualify as a REIT, it would not be allowed a deduction for dividends paid to stockholders in computing taxable income and would become subject to federal income tax at regular corporate rates. In this event, NNN could be subject to potentially significant tax liabilities and penalties. Unless entitled to relief under certain statutory provisions, NNN would also be disqualified from treatment as a REIT for the four taxable years following the year during which the qualification was lost.
Even if NNN remains qualified as a REIT, NNN faces other tax liabilities that reduce operating results and cash flow.
Even if NNN remains qualified for taxation as a REIT, NNN is subject to certain federal, state and local taxes on its income and assets, including taxes on any undistributed income, tax on income from some activities conducted as a result of a foreclosure, and state or local income, property and transfer taxes, such as mortgage recording taxes. Any of these taxes would decrease earnings and cash available for distribution to stockholders. In addition, in order to meet the REIT qualification requirements, NNN holds some of its assets through the TRS.
Adverse legislative or regulatory tax changes could reduce NNN’s earnings, cash flow and market price of NNN’s common stock.
At any time, the federal and state income tax laws governing REITs or the administrative interpretations of those laws may change. Any such changes may have retroactive effect, and could adversely affect NNN or its stockholders. Legislation could cause shares in non-REIT corporations to be a more attractive investment to individual investors than shares in REITs, and could have an adverse effect on the value of NNN’s common stock.
Compliance with REIT requirements, including distribution requirements, may limit NNN’s flexibility and negatively affect NNN’s operating decisions.
To maintain its status as a REIT for U.S. federal income tax purposes, NNN must meet certain requirements on an on-going basis, including requirements regarding its sources of income, the nature and diversification of its assets, the amounts NNN distributes to its stockholders and the ownership of its shares. NNN may also be required to make distributions to its stockholders when it does not have funds readily available for distribution or at times when NNN’s funds are otherwise needed to fund expenditures or debt service requirements. NNN generally will not be subject to federal income taxes on amounts distributed to stockholders, providing it distributes 100 percent of its REIT taxable income and meets certain other requirements for qualifying as a REIT. For each of the years in the three-year period ended December 31, 2013, NNN believes it has qualified as a REIT. Notwithstanding NNN’s qualification for taxation as a REIT, NNN is subject to certain state taxes on its income and real estate.
Changes in accounting pronouncements could adversely impact NNN’s or NNN’s tenants’ reported financial performance.
Accounting policies and methods are fundamental to how NNN records and reports its financial condition and results of operations. From time to time the Financial Accounting Standards Board (“FASB”) and the Commission, who create and interpret appropriate accounting standards, may change the financial accounting and reporting standards or their interpretation and application of these standards that govern the preparation of NNN’s financial statements. These changes could have a material impact on NNN’s reported financial condition and results of operations. In some cases, NNN could be required to apply a new or revised standard retroactively, resulting in restating prior period financial statements. Similarly, these changes could have a material impact on NNN’s tenants’ reported financial condition or results of operations and affect their preferences regarding leasing real estate.

13


NNN’s failure to maintain effective internal control over financial reporting could have a material adverse effect on its business, operating results and share price.
Section 404 of the Sarbanes-Oxley Act of 2002 requires annual management assessments of the effectiveness of the Company’s internal control over financial reporting. If NNN fails to maintain the adequacy of its internal control over financial reporting, as such standards may be modified, supplemented or amended from time to time, NNN may not be able to ensure that it can conclude on an ongoing basis that it has effective internal control over financial reporting in accordance with Section 404 of the Sarbanes-Oxley Act of 2002. Moreover, effective internal control over financial reporting, particularly those related to revenue recognition, are necessary for NNN to produce reliable financial reports and to maintain its qualification as a REIT and are important in helping to prevent financial fraud. If NNN cannot provide reliable financial reports or prevent fraud, its business and operating results could be harmed, REIT qualification could be jeopardized, investors could lose confidence in the Company’s reported financial information, and the trading price of NNN’s shares could drop significantly.
NNN’s ability to pay dividends in the future is subject to many factors.
NNN’s ability to pay dividends may be impaired if any of the risks described in this section were to occur. In addition, payment of NNN’s dividends depends upon NNN’s earnings, financial condition, maintenance of NNN’s REIT status and other factors as NNN’s Board of Directors may deem relevant from time to time.
Cybersecurity risks and cyber incidents could adversely affect NNN's business and disrupt operations.

Cyber incidents can result from deliberate attacks or unintentional events. These incidents can include, but are not limited to, gaining unauthorized access to digital systems for purposes of misappropriating assets or sensitive information, corrupting data, or causing operational disruption. The result of these incidents could include, but are not limited to, disrupted operations, misstated financial data, liability for stolen assets or information, increased cybersecurity protection costs, litigation and reputational damage adversely affecting customer or investor confidence. These cyber incidents could negatively impact NNN, NNN's tenants and/or the capital markets.
Future investment in international markets could subject NNN to additional risks.
If NNN expands its operating strategy to include investment in international markets, NNN could face additional risks, including foreign currency exchange rate fluctuations, operational risks due to local economic and political conditions and laws and policies of the U.S. affecting foreign investment.

Item 1B.
Unresolved Staff Comments
None.

Item 2.
Properties
Please refer to Item 1. “Business.”

Item 3.
Legal Proceedings
In the ordinary course of its business, NNN is a party to various legal actions that management believes are routine in nature and incidental to the operation of the business of NNN. Management believes that the outcome of these proceedings will not have a material adverse effect upon its operations, financial condition or liquidity.

Item 4.
Mine Safety Disclosures

None.


14


PART II

Item 5.
Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities
The common stock of NNN currently is traded on the NYSE under the symbol “NNN.” Set forth below is a line graph comparing the cumulative total stockholder return on NNN’s common stock, based on the market price of the common stock and assuming reinvestment of dividends, with the FTSE National Association of Real Estate Investment Trusts Equity Index (“NAREIT”) and the S&P 500 Index (“S&P”) for the five year period commencing December 31, 2008 and ending December 31, 2013. The graph assumes an investment of $100 on December 31, 2008.
Comparison to Five-Year Cumulative Total Return

15


Set forth below is a line graph comparing the cumulative total stockholder return on NNN’s common stock, based on the market price of the common stock and assuming reinvestment of dividends, with the FTSE National Association of Real Estate Investment Trusts Equity Index (“NAREIT”) and the S&P 500 Index (“S&P”) for the fifteen year period commencing December 31, 1998 and ending December 31, 2013. The graph assumes an investment of $100 on December 31, 1998.
Comparison to Fifteen-Year Cumulative Total Return

16


For each calendar quarter and year indicated, the following table reflects respective high, low and closing sales prices for the common stock as quoted by the NYSE and the dividends paid per share in each such period.
2013
 
First
Quarter
 
Second
Quarter
 
Third
Quarter
 
Fourth
Quarter
 
Year
High
 
$
36.18

 
$
41.98

 
$
37.74

 
$
35.51

 
$
41.98

Low
 
31.43

 
31.31

 
30.06

 
30.01

 
30.01

Close
 
36.17

 
34.40

 
31.82

 
30.33

 
30.33

Dividends paid per share
 
0.395

 
0.395

 
0.405

 
0.405

 
1.600

 
 
 
 
 
 
 
 
 
 
 
2012
 
 
 
 
 
 
 
 
 
 
High
 
$
27.81

 
$
28.33

 
$
31.82

 
$
32.39

 
$
32.39

Low
 
26.30

 
26.04

 
28.21

 
29.98

 
26.04

Close
 
27.19

 
28.29

 
30.50

 
31.20

 
31.20

Dividends paid per share
 
0.385

 
0.385

 
0.395

 
0.395

 
1.560

The following table presents the characterizations for tax purposes of such common stock dividends for the years ended December 31: 
 
2013
 
2012
 
 
 
 
 
 
 
 
Ordinary dividends
$
1.224568

 
76.5355
%
 
$
1.199003

 
76.8592
%
Qualified dividends
0.056784

 
3.5490
%
 
0.013346

 
0.8555
%
Capital gain

 

 
0.021358

 
1.3691
%
Unrecaptured Section 1250 Gain
0.000650

 
0.0406
%
 
0.048890

 
3.1340
%
Nontaxable distributions
0.317998

 
19.8749
%
 
0.277403

 
17.7822
%
 
$
1.600000

 
100.0000
%
 
$
1.560000

 
100.0000
%

NNN intends to pay regular quarterly dividends to its stockholders, although all future distributions will be declared and paid at the discretion of the Board of Directors and will depend upon cash generated by operating activities, NNN’s financial condition, capital requirements, annual distribution requirements under the REIT provisions of the Code and such other factors as the Board of Directors deems relevant.
In February 2014, NNN paid dividends to its stockholders of $49,274,000, or $0.405 per share, of common stock.
On January 31, 2014, there were 1,852 stockholders of record of common stock.
In February 2014, NNN declared a dividend on its Series D and E Preferred Stock of 41.40625 and 35.62500 cents per depositary share, respectively, payable March 14, 2014.

17


Item 6.
Selected Financial Data
Historical Financial Highlights
(dollars in thousands, except per share data)
 
 
2013
 
2012
 
2011
 
2010
 
2009
Gross revenues(1)
$
397,006

 
$
342,059

 
$
271,696

 
$
237,062

 
$
243,933

Earnings from continuing operations
155,013

 
133,228

 
84,740

 
64,844

 
50,013

Earnings including noncontrolling interests
160,085

 
141,937

 
92,416

 
73,353

 
56,399

Net earnings attributable to NNN
160,145

 
142,015

 
92,325

 
72,997

 
54,810

Total assets
4,454,523

 
3,988,026

 
3,435,043

 
2,713,575

 
2,590,962

Total debt
1,570,059

 
1,586,964

 
1,339,109

 
1,133,685

 
987,346

Total stockholders’ equity
2,777,045

 
2,296,285

 
2,002,498

 
1,527,483

 
1,564,240

Cash dividends declared to:
 
 
 
 
 
 
 
 
 
Common stockholders
189,107

 
167,495

 
133,720

 
125,391

 
120,256

Series C preferred stockholders

 
1,979

 
6,785

 
6,785

 
6,785

Series D preferred stockholders
19,047

 
15,449

 

 

 

Series E preferred stockholders
8,876

 

 

 

 

Weighted average common shares:
 
 
 
 
 
 
 
 
 
Basic
118,204,148

 
106,965,156

 
88,100,076

 
82,715,645

 
79,846,258

Diluted
119,864,824

 
109,117,515

 
88,837,057

 
82,849,362

 
79,953,499

Per share information:
 
 
 
 
 
 
 
 
 
Earnings from continuing operations:
 
 
 
 
 
 
 
 
 
Basic
$
1.07

 
$
1.05

 
$
0.88

 
$
0.70

 
$
0.52

Diluted
1.06

 
1.03

 
0.87

 
0.70

 
0.52

Net earnings:
 
 
 
 
 
 
 
 
 
Basic
1.11

 
1.13

 
0.96

 
0.80

 
0.60

Diluted
1.10

 
1.11

 
0.96

 
0.80

 
0.60

Cash dividends declared to:
 
 
 
 
 
 
 
 
 
Common stockholders
1.60

 
1.56

 
1.53

 
1.51

 
1.50

Series C preferred depositary stockholders

 
0.537760

 
1.843750

 
1.843750

 
1.843750

Series D preferred depositary stockholders
1.656250

 
1.343403

 

 

 

Series E preferred depositary stockholders
0.771875

 

 

 

 

Other data:
 
 
 
 
 
 
 
 
 
Cash flows provided by (used in):
 
 
 
 
 
 
 
 
 
Operating activities
$
274,421

 
$
228,130

 
$
177,728

 
$
187,914

 
$
149,502

Investing activities
(568,040
)
 
(601,759
)
 
(752,068
)
 
(220,260
)
 
(28,063
)
Financing activities
293,028

 
373,623

 
574,374

 
19,169

 
(108,840
)
Funds from operations – available to common stockholders(2)
229,518

 
193,682

 
139,834

 
108,625

 
90,039

(1) 
Gross revenues include revenues from NNN’s continuing and discontinued operations. In accordance with FASB guidance on Accounting for the Impairment or Disposal of Long-Lived Assets, NNN has classified the revenues related to (i) all Properties which generated revenue that were sold and a leasehold interest which expired and (ii) all Properties which generated revenue and were held for sale at December 31, 2013, as discontinued operations.
(2) 
The National Association of Real Estate Investment Trusts (“NAREIT”) developed Funds from Operations (“FFO”) as a relative non-GAAP financial measure of performance of a REIT in order to recognize that income-producing real estate historically has not depreciated on the basis determined under U.S. generally accepted accounting principles (“GAAP”). FFO is defined by NAREIT and is used by NNN as follows: net earnings (computed in accordance with GAAP) plus depreciation and amortization of real estate assets, excluding gains (or including losses) on the disposition of certain assets, any impairment charges on a depreciable real estate asset and NNN’s share of these items from NNN’s unconsolidated partnerships and joint ventures.

18


FFO is generally considered by industry analysts to be an appropriate measure of operating performance of real estate companies. FFO does not necessarily represent cash provided by operating activities in accordance with GAAP and should not be considered an alternative to net income as an indication of NNN’s operating performance or to cash flow as a measure of liquidity or ability to make distributions. Management considers FFO an appropriate measure of operating performance of an equity REIT because it primarily excludes the assumption that the value of the real estate assets diminishes
predictably over time, and because industry analysts have accepted it as an operating performance measure. NNN’s computation of FFO may differ from the methodology for calculating FFO used by other equity REITs, and therefore, may not be comparable to such other REITs.
All revenue generating property dispositions and revenue generating properties held for sale at December 31, 2013 from NNN’s Property Portfolio are classified as discontinued operations. These properties have not historically been classified as discontinued operations, therefore, prior period comparable consolidated financial statements have been restated to include these properties in earnings from discontinued operations. These adjustments resulted in a decrease in NNN’s reported total revenues and total and per share earnings from continuing operations and an increase in NNN’s earnings from discontinued operations. However, NNN’s total and per share net earnings available to common stockholders is not affected.
The following table reconciles FFO to the most directly comparable GAAP measure, net earnings for the years ended December 31:
 
 
2013
 
2012
 
2011
 
2010
 
2009
Reconciliation of funds from operations:
 
 
 
 
 
 
 
 
 
Net earnings attributable to NNN’s stockholders
$
160,145

 
$
142,015

 
$
92,325

 
$
72,997

 
$
54,810

Series C preferred stock dividends

 
(1,979
)
 
(6,785
)
 
(6,785
)
 
(6,785
)
Series D preferred stock dividends
(19,047
)
 
(15,449
)
 

 

 

Series E preferred stock dividends
(8,876
)
 

 

 

 

Excess of redemption value over carrying value of Series C preferred shares redeemed

 
(3,098
)
 

 

 

Net earnings available to common stockholders
132,222

 
121,489

 
85,540

 
66,212

 
48,025

Real estate depreciation and amortization:
 
 
 
 
 
 
 
 
 
Continuing operations
99,020

 
73,586

 
52,179

 
41,595

 
40,901

Discontinued operations
371

 
1,480

 
1,957

 
2,214

 
3,699

Joint venture real estate depreciation

 
112

 
176

 
178

 
178

Joint venture gain on disposition of real estate

 
(2,341
)
 

 

 

Gain on disposition of real estate, net of tax and noncontrolling interest
(5,442
)
 
(10,956
)
 
(449
)
 
(1,574
)
 
(2,764
)
Impairment losses – real estate
3,347

 
10,312

 
431

 

 

FFO available to common stockholders
$
229,518

 
$
193,682

 
$
139,834

 
$
108,625

 
$
90,039

For a discussion of material events affecting the comparability of the information reflected in the selected financial data, refer to “Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations.”


19


Item 7.
Management’s Discussion and Analysis of Financial Condition and Results of Operations
The following discussion and analysis should be read in conjunction with “Item 6. Selected Financial Data,” and the consolidated financial statements and related notes included elsewhere in this Annual Report on Form 10-K, and the forward-looking disclaimer language in italics before “Item 1. Business.”
The term “NNN” or the “Company” refers to National Retail Properties, Inc. and all of its consolidated subsidiaries. NNN has elected to treat certain subsidiaries as taxable real estate investment trust subsidiaries. These subsidiaries and their majority owned and controlled subsidiaries are collectively referred to as the “TRS.”
Overview
NNN, a Maryland corporation, is a fully integrated real estate investment trust (“REIT”) formed in 1984. NNN's assets include: real estate assets, mortgages and notes receivable, and commercial mortgage residual interests. NNN acquires, owns, invests in and develops properties that are leased primarily to retail tenants under long-term net leases and primarily held for investment (“Properties” or “Property Portfolio”).
As of December 31, 2013, NNN owned 1,860 Properties, with an aggregate gross leasable area of approximately 20,402,000 square feet, located in 47 states. Approximately 98 percent of total properties in the Property Portfolio were leased as of December 31, 2013.
NNN’s management team focuses on certain key indicators to evaluate the financial condition and operating performance of NNN. The key indicators for NNN include items such as: the composition of the Property Portfolio (such as tenant, geographic and line of trade diversification), the occupancy rate of the Property Portfolio, certain financial performance ratios and profitability measures, and industry trends and performance compared to that of NNN.
NNN continues to maintain its diversification by tenant, geography and tenant’s line of trade. NNN’s highest lines of trade concentrations are the convenience store and restaurant (including full and limited service) sectors. These sectors represent a large part of the freestanding retail property marketplace and NNN’s management believes these sectors present attractive investment opportunities. NNN’s Property Portfolio is geographically concentrated in the south and southeast United States, which are regions of historically above-average population growth. Given these concentrations, any financial hardship within these sectors or geographic locations, respectively, could have a material adverse effect on the financial condition and operating performance of NNN.
As of the years ended December 31, 2013, 2012 and 2011, NNN's Property Portfolio has remained at least 97 percent leased. The average remaining lease term of NNN's Property Portfolio was 12 years, and has remained fairly constant over the past three years which, coupled with its net lease structure, provides enhanced probability of maintaining occupancy and operating earnings.

Critical Accounting Policies and Estimates
The preparation of NNN’s consolidated financial statements in conformance with accounting principles generally accepted in the United States of America requires management to make estimates on assumptions that affect the reported amounts of assets, liabilities, revenues and expenses as well as other disclosures in the financial statements. On an ongoing basis, management evaluates its estimates and assumptions; however, actual results may differ from these estimates and assumptions, which in turn could have a material impact on NNN’s financial statements. A summary of NNN’s accounting policies and procedures are included in Note 1 of NNN’s consolidated financial statements. Management believes the following critical accounting policies, among others, affect its more significant estimates and assumptions used in the preparation of NNN’s consolidated financial statements.
Real Estate Portfolio.  NNN records the acquisition of real estate at cost, including acquisition and closing costs. The cost of properties developed or funded by NNN includes direct and indirect costs of construction, property taxes, interest and other miscellaneous costs incurred during the development period until the project is substantially complete and available for occupancy.
Purchase Accounting for Acquisition of Real Estate Subject to a Lease.  In accordance with the Financial Accounting Standards Board ("FASB") guidance on business combinations, the fair value of the real estate acquired with in-place leases is allocated to the acquired tangible assets, consisting of land, building and tenant improvements, and identified intangible assets and liabilities, consisting of the value of above-market and below-market leases, value of in-place leases, and based in each case on their fair values.

20



Impairment  –  Real Estate.  Based upon the events or changes in certain circumstances, management periodically assesses its Properties for possible impairment indicating that the carrying value of the asset, including accrued rental income, may not be recoverable through operations. Events or circumstances that may occur include significant changes in real estate market conditions or the ability of NNN to re-lease or sell properties that are vacant or become vacant. Management determines whether an impairment in value has occurred by comparing the estimated future cash flows (undiscounted and without interest charges), including the residual value of the real estate, with the carrying cost of the individual asset. If an impairment is indicated, a loss will be recorded for the amount by which the carrying value of the asset exceeds its fair value. Real estate held for sale is not depreciated and is recorded at the lower of cost or fair value, less costs to sell.
Commercial Mortgage Residual Interests, at Fair Value.  Commercial mortgage residual interests, classified as available for sale, are reported at their market values with unrealized gains and losses reported as other comprehensive income in stockholders’ equity. NNN recognizes the excess of all cash flows attributable to the commercial mortgage residual interests estimated at the acquisition/transaction date over the initial investment (the accretable yield) as interest income over the life of the beneficial interest using the effective yield method. Losses are considered other than temporary valuation impairments if and when there has been a change in the timing or amount of estimated cash flows, exclusive of changes in interest rates, that leads to a loss in value.
Revenue Recognition.  Rental revenues for non-development real estate assets are recognized when earned in accordance with the FASB guidance on accounting for leases, based on the terms of the lease of the leased asset. Rental revenues for properties under construction commence upon completion of construction of the leased asset and delivery of the leased asset to the tenant.
NNN's real estate is generally leased to tenants on a net lease basis, whereby the tenant is responsible for all operating expenses relating to the property, generally including property taxes, insurance, maintenance, repairs and capital expenditures. The leases are accounted for using either the operating or the direct financing method. Such methods are described below:
Operating method  –  Properties with leases accounted for using the operating method are recorded at the cost of the real estate. Revenue is recognized as rentals are earned and expenses (including depreciation) are charged to operations as incurred. Buildings are depreciated on the straight-line method over their estimated useful lives. Leasehold interests are amortized on the straight-line method over the terms of their respective leases. When scheduled rental revenue varies during the lease term, income is recognized on a straight-line basis so as to produce a constant periodic rent over the term of the lease. Accrued rental income is the aggregate difference between the scheduled rents which vary during the lease term and the income recognized on a straight-line basis.
Direct financing method  –  Properties with leases accounted for using the direct financing method are recorded at their net investment (which at the inception of the lease generally represents the cost of the property). Unearned income is deferred and amortized into income over the lease terms so as to produce a constant periodic rate of return on NNN’s net investment in the leases.
New Accounting Pronouncements.  Refer to Note 1 of the December 31, 2013, Consolidated Financial Statements.
Use of Estimates.  Additional critical accounting policies of NNN include management’s estimates and assumptions relating to the reporting of assets and liabilities, revenues and expenses and the disclosure of contingent assets and liabilities to prepare the consolidated financial statements in conformity with accounting principles generally accepted in the United States of America. Additional critical accounting policies include management’s estimates of the useful lives used in calculating depreciation expense relating to real estate assets, the recoverability of the carrying value of long-lived assets, including the commercial mortgage residual interests, the recoverability of the income tax benefit, and the collectibility of receivables from tenants, including accrued rental income. Actual results could differ from those estimates.
Correction of Immaterial Errors. During the year ended December 31, 2012, NNN identified certain immaterial errors related to deferred tax assets and the related valuation allowance. In 2009, NNN incurred a loss on foreclosure and impairment charges associated with acquiring the operations of one of its lessees. The properties and operations were transferred to taxable REIT subsidiaries upon foreclosure. Certain charges associated with the acquisition and impaired properties should have been recorded in NNN’s qualified REIT subsidiaries prior to the properties’ transfer to the taxable REIT subsidiary group. Deferred tax assets associated with the book charges of $10,350,000 in that year were inappropriately recorded in the taxable REIT subsidiary group. A valuation allowance for the full amount of the deferred tax assets was also recorded in 2009. In the year ended December 31, 2012, NNN decreased deferred tax assets and the related valuation allowance by $10,350,000 each to correct the error.

21


NNN further reviewed its conclusions in previous periods, commencing in 2009, with respect to the realizability of the remaining deferred tax assets. Upon further review, NNN determined that its available sources of income supported realizability of all but $3,104,000 of its gross deferred tax assets as of December 31, 2009, 2010 and 2011. As a result, NNN determined that it had previously understated its deferred income tax benefit in the years ended December 31, 2010 and 2009 by $3,121,000 and $3,372,000, respectively, and understated its net deferred tax assets by $6,493,000 as of December 31, 2011 and 2010, in its financial statements. NNN corrected this in the year ended December 31, 2012 by reversing the valuation allowance and recording an income tax benefit of $6,493,000. NNN reviewed the impact of correcting the prior period errors in 2012 as well as its impact on prior periods in accordance with SAB Topics 1.M and 1.N and determined that the misstatements did not have a material effect on the Company’s financial position, results of operations, trends in earnings, or cash flows for any of the periods presented.
Furthermore, NNN determined in the year ended December 31, 2012 that its available sources of income supported realizability of all of its gross deferred tax assets. In 2012, NNN reversed the remaining valuation allowance and recorded an income tax benefit of $1,178,000.
During the year ended December 31, 2013, NNN identified an immaterial error related to its statement of cash flows for the year ended December 31, 2011. The Company previously classified its payment for the termination of interest rate hedges of $5,218,000 in financing activities. These instruments were hedging the risk of changes in the interest-related cash outflows associated with the potential issuance of long-term debt. This amount has been presented in operating activities in the 2013 consolidated financial statements.

Results of Operations
Property Analysis
General.  The following table summarizes NNN’s Property Portfolio as of December 31:
 
 
2013
 
2012
 
2011
Properties Owned:
 
 
 
 
 
Number
1,860

 
1,622

 
1,422

Total gross leasable area (square feet)
20,402,000

 
19,168,000

 
16,428,000

Properties:
 
 
 
 
 
Leased or operated, and unimproved land
1,827

 
1,588

 
1,384

Percent of Properties – leased or operated, and unimproved land
98
%
 
98
%
 
97
%
Weighted average remaining lease term (years)
12

 
12

 
12

Total gross leasable area (square feet) – leased or operated
19,872,000

 
18,524,000

 
15,681,000


The following table summarizes the lease expirations, assuming none of the tenants exercise renewal options, of NNN’s Property Portfolio for each of the next 10 years and then thereafter in the aggregate as of December 31, 2013:
 
 
 
% of
Annual
Base Rent(1)
 
# of
Properties
 
Gross
Leasable
Area(2)
 
 
 
% of
Annual
Base Rent(1)
 
# of
Properties
 
Gross
Leasable
Area(2)
2014
 
1.4%
 
32
 
434,000

 
2020
 
3.1%
 
97
 
916,000

2015
 
1.6%
 
32
 
482,000

 
2021
 
4.6%
 
99
 
918,000

2016
 
1.7%
 
32
 
567,000

 
2022
 
6.9%
 
92
 
1,150,000

2017
 
3.5%
 
46
 
1,009,000

 
2023
 
3.3%
 
54
 
962,000

2018
 
8.3%
 
186
 
1,957,000

 
Thereafter
 
62.1%
 
1,092
 
10,472,000

2019
 
3.5%
 
57
 
1,005,000

 
 
 
 
 
 
 
 
(1) 
Based on the annualized base rent for all leases in place as of December 31, 2013.
(2) 
Approximate square feet.

22


The following table summarizes the diversification of NNN’s Property Portfolio based on the top 10 lines of trade:
 
 
 
 
 
% of Annual Base Rent(1)
 
 
Top 10 Lines of Trade
 
2013
 
2012
 
2011
1.
 
Convenience stores
 
19.7%
 
19.8%
 
24.6%
2.
 
Restaurants - full service
 
9.7%
 
10.7%
 
9.4%
3.
 
Automotive service
 
7.6%
 
7.6%
 
4.9%
4.
 
Restaurants - limited service
 
5.5%
 
5.2%
 
3.6%
5.
 
Automotive parts
 
5.1%
 
5.6%
 
6.5%
6.
 
Theaters
 
4.5%
 
4.7%
 
5.0%
7.
 
Health and fitness
 
4.3%
 
3.7%
 
2.6%
8.
 
Banks
 
4.1%
 
0.2%
 
0.2%
9.
 
Sporting goods
 
3.7%
 
4.0%
 
4.8%
10.
 
Recreational vehicle dealers, parts and accessories
 
3.2%
 
2.7%
 
2.3%
 
 
Other
 
32.6%
 
35.8%
 
36.1%
 
 
 
 
100.0%
 
100.0%
 
100.0%
(1) 
Based on annualized base rent for all leases in place as of December 31 of the respective year.
The following table shows the top 10 states in which NNN’s Properties are located in as of December 31, 2013:
 
 
 
State
 
# of Properties     
 
% of Annual Base Rent(1)
1.
 
Texas
 
369
 
20.4%
2.
 
Florida
 
164
 
10.5%
3.
 
Illinois
 
63
 
5.3%
4.
 
Georgia
 
102
 
4.8%
5.
 
North Carolina
 
98
 
4.7%
6.
 
Virginia
 
85
 
4.6%
7.
 
Indiana
 
75
 
3.9%
8.
 
California
 
38
 
3.5%
9.
 
Ohio
 
55
 
3.4%
10.
 
Pennsylvania
 
95
 
3.3%
 
 
Other
 
716
 
35.6%
 
 
 
 
1,860
 
100.0%

(1) 
Based on annualized base rent for all leases in place as of December 31, 2013.

Property Acquisitions.  The following table summarizes the Property acquisitions for each of the years ended December 31 (dollars in thousands):
 
 
2013
 
2012
 
2011
Acquisitions:
 
 
 
 
 
Number of Properties
275

 
232

 
218

Gross leasable area (square feet)
1,652,000

 
2,955,000

 
3,448,000

Initial cash yield
7.8
%
 
8.3
%
 
8.4
%
Total dollars invested(1)
$
629,896

 
$
707,233

 
$
772,463

(1) 
Includes dollars invested in projects under construction or tenant improvements for each respective year.

23


NNN typically funds property acquisitions either through borrowings under NNN's unsecured revolving credit facility (the "Credit Facility") or by issuing its debt or equity securities in the capital markets.
Property Dispositions.  The following table summarizes the Properties sold by NNN for each of the years ended December 31 (dollars in thousands):
 
 
2013
 
2012
 
2011
Number of properties
35

 
34

 
8

Gross leasable area (square feet)
360,000

 
211,000

 
122,000

Net sales proceeds
$
61,000

 
$
81,120

 
$
12,632

Gain, net of non-controlling interests
$
6,293

 
$
10,956

 
$
527

Cap rate
7.5
%
 
8.2
%
 
8.2
%

NNN typically uses the proceeds from property sales either to pay down the Credit Facility or reinvest in real estate.
Analysis of Revenue from Continuing Operations
General.  During the year ended December 31, 2013, NNN’s rental income increased primarily due to the increase in rental income from property acquisitions (See “Results of Operations – Property Analysis – Property Acquisitions”). NNN anticipates increases in rental income will continue to come from additional property acquisitions and increases in rents pursuant to existing lease terms.
The following summarizes NNN’s revenues from continuing operations (dollars in thousands):
 
 
 
 
2013
 
2012
 
2011
 
Percent of Total
 
2013
Versus
2012
Percent
 
2012
Versus
2011
Percent
 
 
2013
 
2012
 
2011
 
 
Rental Income(1)
 
$
375,460

 
$
315,037

 
$
243,218

 
95.7
%
 
95.0
%
 
94.0
%
 
19.2
 %
 
29.5
 %
 
Real estate expense reimbursement from tenants
 
13,110

 
11,587

 
10,080

 
3.3
%
 
3.5
%
 
3.9
%
 
13.1
 %
 
15.0
 %
 
Interest and other income from real estate transactions
 
1,467

 
2,239

 
2,287

 
0.4
%
 
0.7
%
 
0.9
%
 
(34.5
)%
 
(2.1
)%
 
Interest income on commercial mortgage residual interests
 
2,290

 
2,673

 
3,105

 
0.6
%
 
0.8
%
 
1.2
%
 
(14.3
)%
 
(13.9
)%
 
Total revenues from continuing operations
 
$
392,327

 
$
331,536

 
$
258,690

 
100.0
%
 
100.0
%
 
100.0
%
 
18.3
 %
 
28.2
 %

(1) 
Includes rental income from operating leases, earned income from direct financing leases and percentage rent from continuing operations (“Rental Income”).
Comparison of Revenues from Continuing Operations – 2013 versus 2012
Rental Income.  Rental Income increased in amount and as a percent of the total revenues from continuing operations for the year ended December 31, 2013 as compared to the same period in 2012. The increase for the year ended December 31, 2013, is primarily due to a partial year of rental income received as a result of the acquisition of 275 properties in continuing operations with aggregate gross leasable area of approximately 1,652,000 during 2013 and a full year of rental income received as a result of the acquisition of 232 properties in continuing operations with a gross leasable area of approximately 2,955,000 square feet in 2012. In addition, lease termination fees increased $597,000 for the year ended December 31, 2013, as compared to December 31, 2012.
Real Estate Expense Reimbursement from Tenants.  Real estate expense reimbursements from tenants increased for the year ended December 31, 2013, as compared to the same period in 2012, but decreased as a percentage of total revenues from continuing operations. The increase is primarily attributable to a full year of reimbursements from properties acquired in 2012 and a partial year of reimbursements from certain newly acquired properties in 2013.

24


Comparison of Revenues from Continuing Operations – 2012 versus 2011
Rental Income.  Rental Income increased in amount and as a percent of the total revenues from continuing operations for the year ended December 31, 2012 as compared to the same period in 2011. The increase for the year ended December 31, 2012, is primarily due to a full year of rental income from the acquisition of 218 properties in continuing operations with a gross leasable area of approximately 3,448,000 square feet in 2011 and a partial year of rental income from the acquisition of 232 properties in continuing operations with aggregate gross leasable area of approximately 2,955,000 during 2012. In addition, the increase was partially offset by the decrease in lease termination fees. NNN recorded $661,000 as compared to $2,649,000 in lease termination and rent settlement fees during the years ended December 31, 2012 and 2011, respectively.
Real Estate Expense Reimbursement from Tenants.  Real estate expense reimbursements from tenants increased for the year ended December 31, 2012, as compared to the same period in 2011, but decreased as a percentage of total revenues from continuing operations. The increase is primarily attributable to a full year of reimbursements from properties acquired in 2011 and a partial year of reimbursements from certain newly acquired properties in 2012.
Analysis of Expenses from Continuing Operations
General.  Operating expenses from continuing operations increased primarily due to an increase in depreciation expense and an increase in reimbursable real estate expenses, but was partially offset by a decrease in incentive compensation during the year ended December 31, 2013, as compared to the same period in 2012. The following summarizes NNN’s expenses from continuing operations (dollars in thousands):
 
 
2013
 
2012
 
2011
General and administrative
$
32,576

 
$
32,187

 
$
28,796

Real estate
18,100

 
17,041

 
16,997

Depreciation and amortization
99,246

 
73,707

 
56,466

Impairment – commercial mortgage residual interests valuation
1,185

 
2,812

 
1,024

Impairment losses and other charges, net of recoveries
1,972

 
3,088

 
(1,349
)
Total operating expenses
$
153,079

 
$
128,835

 
$
101,934

 
 
 
 
 
 
Interest and other income
$
(1,493
)
 
$
(2,232
)
 
$
(1,593
)
Interest expense
85,283

 
83,192

 
75,532

Total other expenses (revenues)
$
83,790

 
$
80,960

 
$
73,939

 
 
 
Percentage of Total
Operating Expenses
 
Percentage of
Revenues from
Continuing Operations
 
2013
Versus
2012
Percent
 
2012
Versus
2011
Percent
 
 
 
2013
 
2012
 
2011
 
2013
 
2012
 
2011
 
General and administrative
 
21.3
 %
 
25.0
 %
 
28.2
 %
 
8.3
 %
 
9.7
 %
 
11.1
 %
 
1.2
 %
 
11.8
%
 
Real estate
 
11.8
 %
 
13.2
 %
 
16.7
 %
 
4.6
 %
 
5.1
 %
 
6.6
 %
 
6.2
 %
 
0.3
%
 
Depreciation and amortization
 
64.8
 %
 
57.2
 %
 
55.4
 %
 
25.3
 %
 
22.2
 %
 
21.8
 %
 
34.6
 %
 
30.5
%
 
Impairment – commercial mortgage
  residual interests valuation
 
0.8
 %
 
2.2
 %
 
1.0
 %
 
0.3
 %
 
0.8
 %
 
0.4
 %
 
(57.9
)%
 
174.6
%
 
Impairment losses and other
  charges, net of recoveries
 
1.3
 %
 
2.4
 %
 
(1.3
)%
 
0.5
 %
 
0.9
 %
 
(0.5
)%
 
(36.1
)%
 
328.9
%
 
Total operating expenses
 
100.0
 %
 
100.0
 %
 
100.0
 %
 
39.0
 %
 
38.7
 %
 
39.4
 %
 
18.8
 %
 
26.4
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest and other income
 
(1.8
)%
 
(2.8
)%
 
(2.2
)%
 
(0.4
)%
 
(0.7
)%
 
(0.6
)%
 
(33.1
)%
 
40.1
%
 
Interest expense
 
101.8
 %
 
102.8
 %
 
102.2
 %
 
21.7
 %
 
25.1
 %
 
29.2
 %
 
2.5
 %
 
10.1
%
 
Total other expenses (revenues)
 
100.0
 %
 
100.0
 %
 
100.0
 %
 
21.3
 %
 
24.4
 %
 
28.6
 %
 
3.5
 %
 
9.5
%
 


25


Comparison of Expenses from Continuing Operations – 2013 versus 2012
General and Administrative Expenses.  General and administrative expenses increased for the year ended December 31, 2013, as compared to the same period in 2012, but decreased both as a percentage of total operating expenses and as a percentage of revenues from continuing operations. The increase in general and administrative expenses for the year ended December 31, 2013, is primarily attributable to increases in real estate acquisition costs, but was partially offset by a decrease in incentive compensation.
Real Estate.  Real estate expenses increased for the year ended December 31, 2013, as compared to the same period in 2012, but decreased both as a percentage of total operating expenses and as a percentage of revenues from continuing operations. The increase is primarily due to the increase in tenant reimbursable expenses related to a partial year of reimbursable expenses from certain properties acquired in 2013 and a full year of reimbursable expenses from certain properties acquired in 2012. The increase was partially offset by a decrease in real estate expenses that are not reimbursable by the tenant and a decrease in real estate expenses incurred on vacant properties for the year ended December 31, 2013, as compared to the same period in 2012.
Depreciation and Amortization.  Depreciation and amortization expenses increased as a percentage of total operating expenses and increased as a percentage of revenues from continuing operations for the year ended December 31, 2013, as compared to the year ended December 31, 2012. The increase in expenses is primarily due to the acquisition of 275 properties in continuing operations with an aggregate gross leasable area of approximately 1,652,000 square feet in 2013 and 232 properties in continuing operations with an aggregate gross leasable area of approximately 2,955,000 square feet during 2012.
Impairment  – Commercial Mortgage Residual interests valuation. In connection with the independent valuations of the Residuals’ fair value, during the years ended December 31, 2013 and 2012, NNN recorded an other than temporary valuation adjustment of $1,185,000 and $2,812,000, respectively, as a reduction of earnings from operations.
Impairment Losses and Other Charges, Net of Recoveries.  NNN reviews long-lived assets for impairment whenever certain events or changes in circumstances indicate that the carrying amount of the asset may not be recoverable. Events or circumstances that may occur include changes in real estate market conditions, the ability of NNN to re-lease properties that are currently vacant or become vacant, and the ability to sell properties at an attractive price. Management evaluates whether an impairment in value has occurred by comparing the estimated future cash flows (undiscounted and without interest charges), including the residual value of the real estate, with the carrying cost of the individual asset. If an impairment is indicated, a loss will be recorded for the amount by which the carrying value of the asset exceeds its fair value. During the years ended December 31, 2013 and 2012, NNN recorded $1,957,000 and $3,258,000, respectively, of real estate impairments.
Interest Expense.  Interest expense increased for the year ended December 31, 2013, as compared to the same period in 2012, but decreased as a percentage of revenues from continuing operations and as a percentage of total operating expenses.
The following represents the primary changes in debt that have impacted interest expense:
(i)
the issuance in August 2012 of $325,000,000 principal amount of notes payable with a maturity of October 2022, and stated interest rate of 3.800%;
(ii)
the repayment in June 2012 of $50,000,000 principal amount of notes payable with a stated interest rate of 7.750%;
(iii)
the repayment in July 2012 of a mortgage, with a balance of $18,488,000 at December 31, 2011 and an interest rate of 6.900%;
(iv)
the settlement of $138,700,000 principal amount of 3.950% convertible notes payable, of which $123,163,000 was settled in the fourth quarter 2012 and the remaining $15,537,000 was settled in the first quarter 2013;
(v)
the issuance in April 2013 of $350,000,000 principal amount of notes payable with a maturity of April 2023, and stated interest rate of 3.300%;
(vi)
the settlement of $223,035,000 principal amount of 5.125% convertible notes payable in 2013; and
(vii)
the decrease of $12,017,000 in the weighted average debt outstanding on the credit facility for the year ended December 31, 2013, as compared to the same period in 2012.


26


Comparison of Expenses from Continuing Operations – 2012 versus 2011
General and Administrative Expenses.  General and administrative expenses increased for the year ended December 31, 2012, as compared to the same period in 2011, but decreased both as a percentage of total operating expenses and as a percentage of revenues from continuing operations. The increase in general and administrative expenses for the year ended December 31, 2012, is primarily attributable to an increase in stock based incentive compensation.
Real Estate.  Real estate expenses increased for the year ended December 31, 2012 compared to the same period in 2011, but decreased both as a percentage of total operating expenses and as a percentage of revenues from continuing operations. The increase is primarily due to the increase in tenant reimbursable expenses related to a partial year of reimbursable expenses from certain properties acquired in 2012 and a full year of reimbursable expenses from certain properties acquired in 2011. The increase for the year ended December 31, 2012, was partially offset by a reduction of real estate expenses due to the leasing of certain vacant properties.
Depreciation and Amortization.  Depreciation and amortization expenses increased as a percentage of total operating expenses and increased as a percentage of revenues from continuing operations for the year ended December 31, 2012, as compared to the year ended December 31, 2011. The increase in expenses is primarily due to the acquisition of 232 properties in continuing operations with an aggregate gross leasable area of approximately 2,955,000 square feet in 2012 and 218 properties in continuing operations with an aggregate gross leasable area of approximately 3,448,000 square feet during 2011.
Impairment  – Commercial Mortgage Residual interests valuation. In connection with the independent valuations of the Residuals’ fair value, during the years ended December 31, 2012 and 2011, NNN recorded an other than temporary valuation adjustment of $2,812,000 and $1,024,000, respectively, as a reduction of earnings from operations.
Impairment Losses and Other Charges, Net of Recoveries.  NNN reviews long-lived assets for impairment whenever certain events or changes in circumstances indicate that the carrying amount of the asset may not be recoverable. Events or circumstances that may occur include changes in real estate market conditions, the ability of NNN to re-lease properties that are currently vacant or become vacant, and the ability to sell properties at an attractive price. Management evaluates whether an impairment in value has occurred by comparing the estimated future cash flows (undiscounted and without interest charges), including the residual value of the real estate, with the carrying cost of the individual asset. If an impairment is indicated, a loss will be recorded for the amount by which the carrying value of the asset exceeds its fair value. During the year ended December 31, 2012, NNN recorded $3,258,000 of real estate impairments. Although no real estate impairments were recorded, the recovery of $2,931,000 of a mortgage receivable charge, partially offset by the impairment of goodwill of $1,500,000, were recorded during the year ended December 31, 2011.
Interest Expense.  Interest expense increased for the year ended December 31, 2012, as compared to the same period in 2011, and increased as a percentage of revenues from continuing operations but remained relatively stable as a percentage of total operating expenses.
The following represents the primary changes in debt that have impacted interest expense:
(i)
the issuance of $300,000,000 in July 2011 of notes payable with a maturity of July 2021, and stated interest rate of 5.500%;
(ii)
the issuance of $325,000,000 in August 2012 of notes payable with a maturity of October 2022, and stated interest rate of 3.800%;
(iii)
the repayment of the $50,000,000 7.750% notes payable in June 2012;
(iv)
the repayment of a mortgage in July 2012, with a balance of $18,488,000 at December 31, 2011 and an interest rate of 6.900%;
(v)
the settlement of $123,163,000 of the $138,700,000 3.950% convertible notes payable in the fourth quarter 2012; and
(vi)
the decrease of $51,225,000 in the weighted average debt outstanding on the credit facility for the year ended December 31, 2012, as compared to the same period in 2011.

27


Discontinued Operations
Earnings (Loss). NNN classified as discontinued operations the revenues and expenses related to its revenue generating Properties that were sold and any revenue generating Properties that were held for sale at December 31, 2013. The following table summarizes the earnings from discontinued operations for the years ended December 31 (dollars in thousands):
 
 
2013
 
2012
 
2011
# of Sold
Properties
 
Gain
 
Earnings
 
# of Sold
Properties
 
Gain
 
Earnings
 
# of Sold
Properties
 
Gain
 
Earnings
Properties
35
 
$
6,272

 
$
5,072

 
34
 
$
10,956

 
$
8,709

 
8
 
$
424

 
$
7,676

Noncontrolling interests
 
(152
)
 
(226
)
 
 

 
(29
)
 
 

 
(100
)
 
35
 
$
6,120

 
$
4,846

 
34
 
$
10,956

 
$
8,680

 
8
 
$
424

 
$
7,576


NNN periodically sells Properties and may reinvest the sales proceeds to purchase additional properties or pay down debt. NNN evaluates its ability to pay dividends to stockholders by considering the combined effect of income from continuing and discontinued operations.

Impairment Losses and Other Charges. NNN periodically assesses its real estate for possible impairment whenever certain events or changes in circumstances indicate that the carrying amount of the asset, including accrued rental income, may not be recoverable through operations. Events or circumstances that may occur include significant changes in real estate market conditions and the ability of NNN to re-lease or sell properties that are vacant or become vacant. Management evaluates whether an impairment in value has occurred by comparing the estimated future cash flows (undiscounted and without interest charges), including the residual value of the real estate, with the carrying cost of the individual asset. If an impairment is indicated, a loss will be recorded for the amount by which the carrying value of the asset exceeds its fair value. During the years ended December 31, 2013, 2012 and 2011, NNN recognized real estate impairments on discontinued operations of $2,149,000, $7,054,000 and $431,000, respectively.

Impact of Inflation
NNN’s leases typically contain provisions to mitigate the adverse impact of inflation on NNN’s results of operations. Tenant leases generally provide for limited increases in rent as a result of fixed increases, increases in the consumer price index, and/or, to a lesser extent, increases in the tenant’s sales volume. During times when inflation is greater than increases in rent, rent increases will not keep up with the rate of inflation.
Properties are leased to tenants under long-term, net leases which typically require the tenant to pay certain operating expenses for a property, thus, NNN’s exposure to inflation is reduced with respect to these expenses. Inflation may have an adverse impact on NNN’s tenants.

Liquidity
General.  NNN’s demand for funds has been and will continue to be primarily for (i) payment of operating expenses and cash dividends; (ii) property acquisitions and development; (iii) origination of mortgages and notes receivable; (iv) capital expenditures; (v) payment of principal and interest on its outstanding indebtedness; and (vi) other investments.
NNN expects to meet short term liquidity requirements through cash provided from operations and NNN’s Credit Facility. As of December 31, 2013, $46,400,000 was outstanding and $453,600,000 was available for future borrowings under the Credit Facility. NNN anticipates its long term capital needs will be funded by the Credit Facility, cash provided from operations, the issuance of long-term debt or the issuance of common or preferred equity or other instruments convertible into or exchangeable for common or preferred equity. However, there can be no assurance that additional financing or capital will be available, or that the terms will be acceptable or advantageous to NNN.

28


Cash and Cash Equivalents.  The table below summarizes NNN’s cash flows for each of the years ended December 31 (in thousands):
 
 
2013
 
2012
 
2011
Cash and cash equivalents:
 
 
 
 
 
Provided by operating activities
$
274,421

 
$
228,130

 
$
177,728

Used in investing activities
(568,040
)
 
(601,759
)
 
(752,068
)
Provided by financing activities
293,028

 
373,623

 
574,374

Increase (decrease)
(591
)
 
(6
)
 
34

Net cash at beginning of period
2,076

 
2,082

 
2,048

Net cash at end of period
$
1,485

 
$
2,076

 
$
2,082


Cash provided by operating activities represents cash received primarily from rental income from tenants, proceeds from the disposition of certain properties and interest income less cash used for general and administrative expenses, interest expense and acquisition of certain properties. NNN’s cash flow from operating activities, net of cash used in and provided by the acquisition and disposition of certain properties, has been sufficient to pay the distributions for each period presented. NNN uses proceeds from its Credit Facility to fund the acquisition of its properties. The change in cash provided by operations for the years ended December 31, 2013, 2012 and 2011, is primarily the result of changes in revenues and expenses as discussed in “Results of Operations.” Cash generated from operations is expected to fluctuate in the future.
Changes in cash for investing activities are primarily attributable to acquisitions and dispositions of Properties.
NNN’s financing activities for the year ended December 31, 2013, included the following significant transactions:
$127,800,000 in net payments to NNN's Credit Facility,
$277,644,000 in net proceeds from the issuance of 11,500,000 depositary shares representing interests in NNN's 5.700% Series E Cumulative Redeemable Preferred Stock (the "Series E Preferred Stock") in May,
$25,407,000 in net proceeds from the issuance of 764,891 shares of common stock in connection with the Dividend Reinvestment and Stock Purchase Plan (“DRIP”),
$238,643,000 in net proceeds from the issuance of 6,956,992 shares of common stock in connection with the at-the-market ("ATM") equity program,
$189,107,000 in dividends paid to common stockholders,
$19,047,000 in dividends paid to holders of the depositary shares of NNN’s Series D Preferred Stock,
$8,876,000 in dividends paid to holders of the depositary shares of NNN’s Series E Preferred Stock,
$344,266,000 in net proceeds from the issuance of the 3.300% notes payable in April,
$20,565,000 paid in the first quarter to settle the remaining $15,537,000 principal amount of the 3.950% convertible notes payable, and
$226,231,000 paid to settle the $223,035,000 principal amount of the 5.125% convertible notes payable.
Financing Strategy.  NNN’s financing objective is to manage its capital structure effectively in order to provide sufficient capital to execute its operating strategy while servicing its debt requirements, maintaining investment grade credit rating, staggering debt maturities and providing value to NNN’s stockholders. NNN generally utilizes debt and equity security offerings, bank borrowings, the sale of properties, and to a lesser extent, internally generated funds to meet its capital needs.
NNN typically funds its short-term liquidity requirements, including investments in additional Properties, with cash from its Credit Facility. As of December 31, 2013, $46,400,000 was outstanding and $453,600,000 was available for future borrowings under the Credit Facility.
As of December 31, 2013, NNN’s ratio of total debt to total gross assets (before accumulated depreciation) was approximately 32 percent and the ratio of secured indebtedness to total gross assets was less than one percent. The ratio of total debt to total market capitalization was approximately 28 percent. Certain financial agreements to which NNN is a party contain covenants that limit NNN’s ability to incur debt under certain circumstances. The organizational documents of NNN do not limit the absolute amount or percentage of indebtedness that NNN may incur. Additionally, NNN may change its financing strategy.

29


Contractual Obligations and Commercial Commitments.  The information in the following table summarizes NNN’s contractual obligations and commercial commitments outstanding as of December 31, 2013. The table presents principal cash flows by year-end of the expected maturity for debt obligations and commercial commitments outstanding as of December 31, 2013.
 
Expected Maturity Date (dollars in thousands)
 
Total
 
2014
 
2015
 
2016
 
2017
 
2018
 
Thereafter
Long-term debt(1) 
$
1,534,345

 
$
151,100

 
$
151,150

 
$
6,827

 
$
250,147

 
$
86

 
$
975,035

Credit Facility
46,400

 

 

 
46,400

 

 

 

Operating leases
831

 
831

 

 

 

 

 

Total contractual cash obligations(2)
$
1,581,576

 
$
151,931

 
$
151,150

 
$
53,227

 
$
250,147

 
$
86

 
$
975,035

(1) 
Includes amounts outstanding under mortgages payable and notes payable and excludes unamortized note discounts.
(2) 
Excludes $17,142 of accrued interest payable.
In addition to the contractual obligations outlined above, NNN has agreed to fund construction commitments on certain of its leased Properties. The improvements are estimated to be completed within 12 months. These construction commitments, as of December 31, 2013, are outlined in the table below (dollars in thousands):
Number of properties
 
48

Total commitment(1)
 
$
145,818

Amount funded
 
99,024

Remaining commitment
 
46,794

(1)
Includes land, construction costs and tenant improvements.
As of December 31, 2013, NNN did not have any other material contractual cash obligations, such as purchase obligations, financing lease obligations or other long-term liabilities other than those reflected in the table. In addition to items reflected in the table, NNN has issued preferred stock with cumulative preferential cash distributions, as described below under “Dividends.”
Management anticipates satisfying these obligations with a combination of NNN’s cash provided from operations, current capital resources on hand, its Credit Facility, debt or equity financings and asset dispositions.
Generally the Properties are leased under long-term net leases. Therefore, management anticipates that capital demands to meet obligations with respect to these Properties will be modest for the foreseeable future and can be met with funds from operations and working capital. Certain of NNN’s Properties are subject to leases under which NNN retains responsibility for specific costs and expenses associated with the Property. Management anticipates the costs associated with NNN’s vacant Properties or those Properties that become vacant will also be met with funds from operations and working capital. NNN may be required to borrow under its Credit Facility or use other sources of capital in the event of unforeseen significant capital expenditures.
The lost revenues and increased property expenses resulting from vacant properties or uncollectibility of lease revenues could have a material adverse effect on the liquidity and results of operations if NNN is unable to release the Properties at comparable rental rates and in a timely manner. As of December 31, 2013, NNN owned 33 vacant, un-leased Properties which accounted for approximately two percent of total Properties held in NNN’s Property Portfolio. Additionally, as of January 31, 2014, less than one percent of the total gross leasable area of NNN’s Property Portfolio was leased to tenants that have filed a voluntary petition for bankruptcy under Chapter 11 of the U.S. Bankruptcy Code. As a result, these tenants have the right to reject or affirm their leases with NNN.
Dividends.  NNN has made an election to be taxed as a REIT under Sections 856 through 860 of the Code, as amended, and related regulations and intends to continue to operate so as to remain qualified as a REIT for federal income tax purposes. NNN generally will not be subject to federal income tax on income that it distributes to its stockholders, provided that it distributes 100 percent of its REIT taxable income and meets certain other requirements for qualifying as a REIT. If NNN fails to qualify as a REIT in any taxable year, it will be subject to federal income tax on its taxable income at regular corporate rates and will not be permitted to qualify for treatment as a REIT for federal income tax purposes for four years following the year during which qualification is lost. Such an event could materially adversely affect NNN’s income and ability to pay dividends.

30


One of NNN’s primary objectives, consistent with its policy of retaining sufficient cash for reserves and working capital purposes and maintaining its status as a REIT, is to distribute a substantial portion of its funds available from operations to its stockholders in the form of dividends.
The following table outlines the dividends declared and paid for NNN's common stock for the years ended December 31 (in thousands, except per share data):
 
 
2013
 
2012
 
2011
 
Dividends
$
189,107

 
$
167,495

 
$
133,720

 
Per share
1.600

 
1.560

 
1.530

The following presents the characterizations for tax purposes of such common stock dividends for the years ended December 31:
 
2013
 
2012
 
2011
Ordinary dividends
$
1.224568

 
76.5355
%
 
$
1.199003

 
76.8592
%
 
$
1.088228

 
71.1260
%
Qualified dividends
0.056784

 
3.5490
%
 
0.013346

 
0.8555
%
 

 

Capital gain

 

 
0.021358

 
1.3691
%
 

 

Unrecaptured Section 1250 Gain
0.000650

 
0.0406
%
 
0.048890

 
3.1340
%
 

 

Nontaxable distributions
0.317998

 
19.8749
%
 
0.277403

 
17.7822
%
 
0.441772

 
28.8740
%
 
$
1.600000

 
100.0000
%
 
$
1.560000

 
100.0000
%
 
$
1.530000

 
100.0000
%

In February 2014, NNN paid dividends to its common stockholders of $49,274,000, or $0.405 per share of common stock.
Holders of NNN’s preferred stock issuance are entitled to receive, when and as authorized by the Board of Directors, cumulative preferential cash distributions based on the stated rate and liquidation preference per annum. The following table outlines the dividends declared and paid for NNN's preferred stock for the years ended December 31(in thousands, except per share data):
 
 
2013
 
2012
 
2011
Series C Preferred Stock (1):
 
 
 
 
 
 
Dividends
$

 
$
1,979

 
$
6,785

 
Per share

 
0.537760

 
1.843750

 
 
 
 
 
 
 
Series D Preferred Stock (2):
 
 
 
 
 
 
Dividends
19,047

 
15,449

 

 
Per share
1.656250

 
1.343403

 

 
 
 
 
 
 
 
Series E Preferred Stock (3):
 
 
 
 
 
 
Dividends
8,876

 

 

 
Per share
0.771875

 

 

1) The Series C Preferred Stock was redeemed in March 2012. The dividends paid during the quarter ended March 31, 2012 include accumulated and unpaid dividends through the redemption date.
2) The Series D Preferred Stock dividends paid during the quarter ended June 30, 2012 include accumulated and unpaid dividends from the issuance date through the declaration date. The Series D Preferred Stock has no maturity date and will remain outstanding unless redeemed.
3) The Series E Preferred Stock dividends paid during the quarter ended September 30, 2013 include accumulated and unpaid dividends from the issuance date through the declaration date. The Series E Preferred Stock has no maturity date and will remain outstanding unless redeemed.

31


The following presents the characterizations for tax purposes of such preferred stock dividends for the years ended December 31:
 
2013
 
2012
 
2011
 
Series E (3)
 
Series D
 
Percentage of Total
 
Series D (2)
 
Series C(1)
 
Percentage of Total
 
Series C
 
Percentage of Total
Ordinary dividends
$
0.741150

 
$
1.590323

 
96.0195
%
 
$
1.255844

 
$
0.502710

 
93.4823
%
 
$
1.843750

 
100.0000
%
Qualified dividends
0.030332

 
0.065084

 
3.9296
%
 
0.013979

 
0.005596

 
1.0406
%
 

 

Capital gain

 

 

 
0.022371

 
0.008956

 
1.6652
%
 

 

Unrecaptured Section 1250 Gain
0.000393

 
0.000843

 
0.0509
%
 
0.051209

 
0.020498

 
3.8119
%
 

 

 
$
0.771875

 
$
1.656250

 
100.0000
%
 
$
1.343403

 
$
0.537760

 
100.0000
%
 
$
1.843750

 
100.0000
%
1) The Series C preferred stock was redeemed in March 2012.
2) The Series D preferred stock was issued in February 2012.
3) The Series E preferred stock was issued in May 2013.
In February 2014, NNN declared a dividend on its Series D and E Preferred Stock of 41.40625 and 35.62500 cents per depositary share, respectively, payable March 14, 2014.

Capital Resources
Generally, cash needs for property acquisitions, mortgages and notes receivable investments, debt payments, capital expenditures, development and other investments have been funded by equity and debt offerings, bank borrowings, the sale of properties and, to a lesser extent, by internally generated funds. Cash needs for operating expenses and dividends have generally been funded by internally generated funds. If available, future sources of capital include proceeds from the public or private offering of NNN’s debt or equity securities, secured or unsecured borrowings from banks or other lenders, proceeds from the sale of properties, as well as undistributed funds from operations.

Debt
The following is a summary of NNN’s total outstanding debt as of December 31 (dollars in thousands):
 
 
2013
 
Percentage
of Total
 
2012
 
Percentage
of Total
Line of credit payable
$
46,400

 
3.0
%
 
$
174,200

 
11.0
%
Mortgages payable
9,475

 
0.6
%
 
10,602

 
0.7
%
Notes payable – convertible

 

 
236,500

 
14.9
%
Notes payable
1,514,184

 
96.4
%
 
1,165,662

 
73.4
%
Total outstanding debt
$
1,570,059

 
100.0
%
 
$
1,586,964

 
100.0
%

Indebtedness.  NNN expects to use indebtedness primarily for property acquisitions and development of single-tenant retail properties, either directly or through investment interests, and mortgages and notes receivable.
Line of Credit Payable. In October 2012, NNN amended and restated its credit agreement increasing the borrowing capacity under its unsecured revolving credit facility from $450,000,000 to $500,000,000 and amended certain other terms under the former revolving credit facility (as the context requires, the previous and new revolving credit facility, the “Credit Facility”). The Credit Facility had a weighted average outstanding balance of $41,402,000 and a weighted average interest rate of 1.4% during the year ended December 31, 2013. The Credit Facility matures October 2016, with an option to extend maturity to October 2017. As of December 31, 2013, the Credit Facility bears interest at LIBOR plus 107.5 basis points; however, such interest rate may change pursuant to a tiered interest rate structure based on NNN's debt rating. The Credit Facility also includes an accordion feature to increase the facility size up to $1,000,000,000. As of December 31, 2013, $46,400,000 was outstanding and $453,600,000 was available for future borrowings under the Credit Facility.
In accordance with the terms of the Credit Facility, NNN is required to meet certain restrictive financial covenants, which, among other things, require NNN to maintain certain (i) leverage ratios, (ii) debt service coverage, (iii) cash flow coverage, and (iv) investment limitations. At December 31, 2013, NNN was in compliance with those covenants. In the event that NNN

32


violates any of these restrictive financial covenants, it could cause the indebtedness under the Credit Facility to be accelerated and may impair NNN’s access to the debt and equity markets and limit NNN’s ability to pay dividends to its common and preferred stockholders, each of which would likely have a material adverse impact on NNN’s financial condition and results of operations.

Mortgages Payable.    The following table outlines the mortgages payable included in NNN’s consolidated financial statements (dollars in thousands):
Entered
 
Initial Balance
 
Interest
Rate
 
Maturity(3)
 
Carrying
Value of
Encumbered
Asset(s)(1) 
 
Outstanding Principal
Balance at December 31,
2013
 
2012
December 2001(2)
 
$
623

 
9.00%
 
April 2014
 
$
438

 
$
27

 
$
95

December 2001(2)
 
698

 
9.00%
 
April 2019
 
968

 
263

 
299

December 2001(2)
 
485

 
9.00%
 
April 2019
 
936

 
136

 
155

February 2004(2)
 
6,952

 
6.90%
 
January 2017
 
10,797

 
2,257

 
2,892

March 2005(2)
 
1,015

 
8.14%
 
September 2016
 
1,264

 
335

 
439

June 2012 (2)(4)
 
6,850

 
5.75%
 
April 2016
 
8,717

 
6,457

 
6,722

 
 
 
 
 
 
 
 
$
23,120

 
$
9,475

 
$
10,602

(1) 
Each loan is secured by a first mortgage lien on certain of NNN’s properties. The carrying values of the assets are as of December 31, 2013.
(2) 
Date entered represents the date that NNN acquired real estate subject to a mortgage securing a loan. The corresponding original principal balance represents the outstanding principal balance at the time of acquisition.
(3) 
Monthly payments include interest and principal, if any; the balance is due at maturity.
(4) 
Initial balance and outstanding principal balance includes unamortized premium.

Notes Payable – Convertible.    Each of NNN’s outstanding series of convertible notes are summarized in the table below (dollars in thousands, except conversion price):
Terms
 
2026
Notes
 
 
2028
Notes
 
Issue Date
 
September 2006

  
 
March 2008

  
Net Proceeds
 
$
168,650

  
 
$
228,576

  
Stated Interest Rate
 
3.950
%
  
 
5.125
%
  
Effective Interest Rate
 
5.840
%
 
 
7.192
%
 
Debt Issuance Costs
 
$
3,850

 
 
$
5,459

 
Original Principal
 
$
172,500

  
 
$
234,035

  
Repurchases
 
(33,800
)
 
 
(11,000
)
 
Settled
 
(138,700
)
 
 
(223,035
)
 
Outstanding principal balance at December 31, 2013
 
$

 
 
$

  
The carrying amounts of the Company’s convertible debt and equity balances are summarized in the table below as of December 31 (dollars in thousands):
 
 
2013
 
2012
Carrying value of equity component
$

 
$
(22,193
)
Principal amount of convertible debt

 
238,572

Remaining unamortized debt discount

 
(2,072
)
Net carrying value of convertible debt
$

 
$
214,307


As of December 31, 2013, the debt discount for both the 2028 Notes and the 2026 Notes had been fully amortized.

33


NNN recorded the following in interest expense relating to the 2028 Notes and the 2026 Notes as of December 31 (dollars in thousands):
 
2013
 
2012
 
2011
Noncash interest charges
$
2,072

 
$
4,291

 
$
5,837

Contractual interest expense
5,400

 
15,744

 
16,909

Amortization of debt costs
566

 
1,149

 
1,583

 
$
8,038

 
$
21,184

 
$
24,329

On September 28, 2012, NNN announced that the market price condition on its 2026 Notes has been satisfied, and that the 2026 Notes would be convertible during the calendar quarter beginning October 1, 2012.
All note holders elected to exercise the conversion feature of the 2026 Notes prior to their redemption. Pursuant to the terms of the 2026 Notes, the Company elected to pay the full settlement value in cash. The settlement value of a note was based on an average of the daily closing price of the Company's common stock over an averaging period that commenced after the Company received a conversion notice from a note holder. The Company paid approximately $164,649,000 in aggregate settlement value for the $123,163,000 of settled 2026 Notes at the end of the applicable averaging periods. The difference between the amount paid and the principal amount of the settled 2026 Notes of $41,486,000 was recognized as a decrease to additional paid-in capital.
As of December 31, 2012, $15,537,000 of the principal amount of 2026 Notes were outstanding. In January 2013, the Company paid approximately $20,702,000 in aggregate settlement value for the remaining $15,537,000 of outstanding 2026 Notes. The difference between the amount paid and the principal amount of the settled 2026 Notes of $5,028,000 was recognized as a decrease to additional paid-in capital and $137,000 was recorded as interest expense.
As of December 31, 2012, $223,035,000 of the principal amount of 2028 Notes were outstanding. In June 2013, NNN called all of the outstanding 2028 Notes for redemption on July 11, 2013. On July 11, 2013, $130,000 principal amount of the 2028 Notes were settled at par plus accrued interest. The holders of the remaining $222,905,000 principal amount of 2028 Notes elected to convert into cash and shares of the Company's common stock in accordance with the conversion formula which was based on the average daily closing price of NNN's common stock price over a period of 20 days commencing after receipt of a note holder's conversion notice. In 2013, the Company issued 2,407,911 shares of common stock and paid approximately $226,427,000 in aggregate settlement value for the $223,035,000 principal amount of 2028 Notes. The difference between the amount paid and the principal amount of the settled 2028 Notes of $3,197,000 was recognized as a decrease to additional paid-in capital and $195,000 was recorded as interest expense.


34


Notes Payable.  Each of NNN’s outstanding series of non-convertible notes is summarized in the table below (dollars in thousands):
 
Notes    
 
Issue Date
 
Principal
 
Discount(3)
 
Net
Price
 
Stated
Rate
 
Effective
Rate(4)
 
Maturity
Date
2014(1)(2)(5)(9)
 
June 2004
 
$
150,000

 
$
440

 
149,560

 
6.250%
 
5.910%
 
June 2014
2015(1)
 
November 2005
 
150,000

 
390

 
149,610

 
6.150%
 
6.185%
 
December 2015
2017(1)(6)
 
September 2007
 
250,000

 
877

 
249,123

 
6.875%
 
6.924%
 
October 2017
2021(1)(7)
 
July 2011
 
300,000

 
4,269

 
295,731

 
5.500%
 
5.690%
 
July 2021
2022 (1)
 
August 2012
 
325,000

 
4,989

 
320,011

 
3.800%
 
3.984%
 
October 2022
2023(1)(8)
 
April 2013
 
350,000

 
2,594

 
347,406

 
3.300%
 
3.388%
 
April 2023
(1) 
The proceeds from the note issuance were used to pay down outstanding indebtedness of NNN’s Credit Facility.
(2) 
The proceeds from the note issuance were used to repay the obligation of the 2004 Notes.
(3) 
The note discounts are amortized to interest expense over the respective term of each debt obligation using the effective interest method.
(4) 
Includes the effects of the discount, treasury lock gain / loss and swap gain / loss, as applicable.
(5) 
NNN entered into a forward starting interest rate swap agreement which fixed a swap rate of 4.61% on a notional amount of $94,000. Upon issuance of the 2014 Notes, NNN terminated the forward starting interest rate swap agreement resulting in a gain of $4,148. The gain has been deferred and is being amortized as an adjustment to interest expense over the term of the 2014 Notes using the effective interest method.
(6) 
NNN entered into an interest rate hedge with a notional amount of $100,000. Upon issuance of the 2017 Notes, NNN terminated the interest rate hedge agreement resulting in a liability of $3,260, of which $3,228 was recorded to other comprehensive income. The liability has been deferred and is being amortized as an adjustment to interest expense over the term of the 2017 Notes using the effective interest method.
(7) 
NNN entered into two interest rate hedges with a total notional amount of $150,000. Upon issuance of the 2021 Notes, NNN terminated the interest rate hedge agreements resulting in a liability of $5,300, of which $5,218 was deferred in other comprehensive income. The deferred liability is being amortized over the term of the 2021 Notes using the effective interest method.
(8) 
NNN entered into four forward starting swaps with an aggregate notional amount of $240,000. Upon issuance of the 2023 Notes, NNN terminated the forward starting swaps resulting in a liability of $3,156, of which $3,141 was deferred in other comprehensive income. The deferred liability is being amortized over the term of the note using the effective interest method.
(9) 
NNN plans to use proceeds from the Credit Facility and/or potential debt or equity offerings to repay the outstanding indebtedness.
Each series of notes represents senior, unsecured obligations of NNN and is subordinated to all secured indebtedness of NNN. The notes are redeemable at the option of NNN, in whole or in part, at a redemption price equal to the sum of (i) the principal amount of the notes being redeemed plus accrued and unpaid interest thereon through the redemption date, and (ii) the make-whole amount, if any, as defined in the applicable supplemental indenture relating to the notes.
In connection with the note offerings, NNN incurred debt issuance costs totaling $13,550,000 consisting primarily of underwriting discounts and commissions, legal and accounting fees, rating agency fees and printing expenses. Debt issuance costs for all note issuances have been deferred and are being amortized over the term of the respective notes using the effective interest method.
In accordance with the terms of the indentures, pursuant to which NNN’s notes and convertible notes have been issued, NNN is required to meet certain restrictive financial covenants, which, among other things, require NNN to maintain (i) certain leverage ratios, and (ii) certain interest coverage. At December 31, 2013, NNN was in compliance with those covenants. NNN’s failure to comply with certain of its debt covenants could result in defaults that accelerate the payment under such debt and limit the dividends paid to NNN’s common and preferred stockholders which would likely have a material adverse impact on NNN’s financial condition and results of operations. In addition, these defaults could impair its access to the debt and equity markets.
In June 2012, NNN repaid the $50,000,000 7.750% notes payable that were due in June 2012.

Debt and Equity Securities
NNN has used, and expects to use in the future, issuances of debt and equity securities primarily to pay down its outstanding indebtedness and to finance investment acquisitions. In February 2012, NNN filed a shelf registration statement with the Securities and Exchange Commission (the “Commission”) which was automatically effective and permits the issuance by NNN of an indeterminate amount of debt and equity securities.

35


A description of NNN’s outstanding series of publicly held notes is found under “Debt – Notes Payable – Convertible” and “Debt – Notes Payable” above.
7.375% Series C Cumulative Redeemable Preferred Stock.  In October 2006, NNN issued 3,680,000 depositary shares, each representing 1/100th of a share of Series C Preferred Stock.
In March 2012, NNN redeemed all 3,680,000 outstanding depositary shares, representing interests in its Series C Preferred Stock. The Series C Preferred Stock was redeemed at $25.00 per depositary share, plus accumulated and unpaid distributions through the redemption date, for an aggregate redemption price of $25.0768229 per depositary share. The excess carrying amount of preferred stock redeemed over the cash paid to redeem the preferred stock was $3,098,000 of Series C Preferred Stock issuance costs.
6.625% Series D Cumulative Redeemable Preferred Stock. In February 2012, NNN consummated an underwritten public offering of 11,500,000 depositary shares (including 1,500,000 shares in connection with the underwriters over-allotment), each representing a 1/100th of a share of Series D Preferred Stock, and received gross proceeds of $287,500,000. In connection with this offering, the Company incurred stock issuance costs of approximately $9,855,000, consisting primarily of underwriting commissions and fees, rating agency fees, legal and accounting fees and printing expenses. NNN used these net offering proceeds to redeem the Series C Preferred Stock for an aggregate redemption price of $92,000,000, excluding accumulated dividends of $283,000. NNN used the remainder of the net proceeds for general corporate purposes, including repaying outstanding indebtedness under its Credit Facility.
Holders of the Series D depositary shares are entitled to receive, when and as authorized by the Board of Directors, cumulative preferential cash dividends at the rate of 6.625% of the $25.00 liquidation preference per depositary share per annum (equivalent to a fixed annual amount of $1.65625 per depositary share). The Series D Preferred Stock underlying the depositary shares ranks senior to NNN’s common stock with respect to dividend rights and rights upon liquidation, dissolution or winding up of NNN. The Series D Preferred Stock has no maturity date and will remain outstanding unless redeemed. NNN may redeem the Series D Preferred Stock underlying the depositary shares on or after September 23, 2017, for cash, at a redemption price of $2,500.00 per share (or $25.00 per depositary share), plus all accumulated and unpaid dividends. In addition, upon a change of control, as defined in the articles supplementary fixing the rights and preferences of the Series D Preferred Stock, NNN may redeem the Series D Preferred Stock underlying the depositary shares at a redemption price of $2,500.00 per share (or $25.00 per depositary share), plus all accumulated and unpaid dividends, and in limited circumstances the holders of depositary shares may convert some or all of their Series D Preferred Stock into shares of NNN's common stock at conversion rates provided in the related articles supplementary. As of February 19, 2014, the Series D Preferred Stock was not redeemable or convertible.
5.700% Series E Cumulative Redeemable Preferred Stock. In May 2013, NNN closed an underwritten public offering of 11,500,000 depositary shares (including 1,500,000 shares issued in connection with the underwriters' over-allotment), each representing a 1/100th interest in a share of Series E Preferred Stock, and received gross proceeds of $287,500,000. In connection with this offering, the Company incurred stock issuance costs of approximately $9,856,000, consisting primarily of underwriting commissions and fees, rating agency fees, legal and accounting fees and printing expenses. The Company used the net proceeds from the offering for general corporate purposes and funding property acquisitions.
Holders of the Series E depositary shares are entitled to receive, when and as authorized by the Board of Directors, cumulative preferential cash dividends at the rate of 5.700% of the $25.00 liquidation preference per depositary share per annum (equivalent to a fixed annual amount of $1.425 per depositary share). The Series E Preferred Stock underlying the depositary shares ranks senior to NNN’s common stock with respect to dividend rights and rights upon liquidation, dissolution or winding up of NNN. The Series E Preferred Stock has no maturity date and will remain outstanding unless redeemed. NNN may redeem the Series E Preferred Stock underlying the depositary shares on or after May 30, 2018, for cash, at a redemption price of $2,500.00 per share (or $25.00 per depositary share), plus all accumulated and unpaid dividends. In addition, upon a change of control, as defined in the articles supplementary fixing the rights and preferences of the Series E Preferred Stock, NNN may redeem the Series E Preferred Stock underlying the depositary shares at a redemption price of $2,500.00 per share (or $25.00 per depositary share), plus all accumulated and unpaid dividends, and in limited circumstances the holders of depositary shares may convert some or all of their Series E Preferred Stock into shares of NNN's common stock at conversion rates provided in the related articles supplementary. As of February 19, 2014, the Series E Preferred Stock was not redeemable or convertible.
Common Stock Issuances.  In September 2011, NNN filed a prospectus supplement to the prospectus contained in its February 2009 shelf registration statement and issued 9,200,000 shares (including 1,200,000 shares in connection with the underwriters' over allotment) of common stock at a price of $26.07 per share and received net proceeds of $229,451,000. In connection with this offering, NNN incurred stock issuance costs totaling approximately $10,393,000, consisting primarily of underwriters' fees and commissions, legal and accounting fees and printing expenses. The Company used a portion of the net proceeds from the

36


offering to repay borrowings under its Credit Facility and used the remainder for general corporate purposes, including property acquisitions.

In December 2011, NNN filed a prospectus supplement to the prospectus contained in its February 2009 shelf registration statement and issued 8,050,000 shares (including 1,050,000 shares in connection with the underwriters' over allotment) of common stock at a price of $25.75 per share and received net proceeds of $198,228,000. In connection with this offering, NNN incurred stock issuance costs totaling approximately $9,060,000, consisting primarily of underwriters' fees and commissions, legal and accounting fees and printing expenses. The Company used a portion of the net proceeds from the offering to repay borrowings under its Credit Facility and used the remainder for general corporate purposes, including property acquisitions.
In May 2012, NNN established an at-the-market equity program ("2012 ATM") which allows NNN to sell up to an aggregate of 9,000,000 shares of common stock from time to time through May 2015. NNN intends to use the net proceeds from this offering to repay outstanding indebtedness under the Credit Facility, to finance NNN's potential development and acquisition activities and for other general corporate purposes. The following table outlines the common stock issuances pursuant to the 2012 ATM (dollars in thousands, except per share data):
 
2013
 
2012
Shares of common stock
4,676,542

 
4,282,298

Average price per share (net)
$
32.60

 
$
29.64

Net proceeds
152,435

 
126,947

Stock issuance costs (1)
2,161

 
2,145

(1) Stock issuance costs consist primarily of underwriters' fees and commissions, and legal and accounting fees.
In March 2013, NNN established a second ATM equity program ("2013 ATM") which allows NNN to sell up to an aggregate of 9,000,000 shares of common stock from time to time through March 2015. NNN intends to use the net proceeds from this offering to repay outstanding indebtedness under the Credit Facility, to finance NNN's potential development and acquisition activities and for other general corporate purposes. The following table outlines the common stock issuances pursuant to the 2013 ATM (dollars in thousands, except per share data):
 
2013
Shares of common stock
2,280,450

Average price per share (net)
$
37.80

Net proceeds
86,208

Stock issuance costs (1)
1,613

(1) Stock issuance costs consist primarily of underwriters' fees and commissions, and legal and accounting fees.
Dividend Reinvestment and Stock Purchase Plan.  In February 2012, NNN filed a shelf registration statement which was automatically effective, with the Commission for its DRIP, which permits the issuance by NNN of 16,000,000 shares of common stock. NNN’s DRIP provides an economical and convenient way for current stockholders and other interested new investors to invest in NNN’s common stock. The following outlines the common stock issuances pursuant to NNN’s DRIP for each of the years ended December 31 (dollars in thousands):
 
2013
 
2012
 
2011
Shares of common stock
764,891

 
2,101,644

 
3,745,896

Net proceeds
$
25,407

 
$
56,102

 
$
93,451


The proceeds from the issuances were used to pay down outstanding indebtedness under NNN’s Credit Facility.

37



Mortgages and Notes Receivable
Mortgage notes are secured by real estate, real estate securities or other assets. Mortgages and notes receivable consisted of the following at December 31 (dollars in thousands):
 
2013
 
2012
Mortgages and notes receivable
$
16,942

 
$
26,952

Accrued interest receivable
177

 
858

Unamortized discount

 
(40
)
 
$
17,119

 
$
27,770


Commercial Mortgage Residual Interests
In connection with the independent specialist's valuations of the Residuals’ fair value, NNN adjusted the carrying value of the Residuals to reflect such fair value as of December 31, 2013. Due to changes in market conditions relating to residual assets, the independent valuation changed several valuation assumptions. The following table summarizes the changes to the key assumptions used in determining the value of the Residuals at December 31:
 
 
2013
 
2012
Discount rate
20
%
 
25
%
Average life equivalent CPR(1) speeds range
0.80% to 20.76% CPR

 
0.80% to 24.31% CPR

Foreclosures:
 
 
 
Frequency curve default model
0.07% - 2.43% range

 
0.09% - 4.49% range

Loss severity of loans in foreclosure
20
%
 
20
%
Yield:
 
 
 
LIBOR
Forward 3-month curve

 
Forward 3-month curve

Prime
Forward curve

 
Forward curve

(1)
Conditional prepayment rate

The following table summarizes the recognition of unrealized gains and/or losses recorded as other comprehensive income as well as other than temporary valuation impairment for the years ended December 31 (dollars in thousands):
 
 
2013
 
2012
 
2011
Unrealized gains
$
511

 
$
1,132

 
$

Unrealized losses

 

 
246

Other than temporary valuation impairment
1,185

 
2,812

 
1,024


Business Combination
In connection with the default of a note receivable and certain lease agreements between NNN and one of its tenants, in June 2009, NNN acquired the operations of an auto service business that operated certain Properties. The note foreclosure resulted in a loss of $7,816,000. NNN recorded the value of the assets received at fair value. No liabilities were assumed. The fair value of the assets resulted in goodwill of $3,400,000. In connection with the annual review of goodwill for impairment, NNN recognized a noncash impairment charge of $1,500,000 included in Impairment losses and other charges, net of recoveries in the Consolidated Statements of Earnings during the year ended December 31, 2011.


38



Item7A.Quantitative and Qualitative Disclosures About Market Risk

NNN is exposed to interest rate risk primarily as a result of its variable rate Credit Facility and its fixed rate debt which is used to finance NNN’s development and acquisition activities, as well as for general corporate purposes. NNN’s interest rate risk management objective is to limit the impact of interest rate changes on earnings and cash flows and to lower its overall borrowing costs. To achieve its objectives, NNN borrows at both fixed and variable rates on its long-term debt. As of December 31, 2013, NNN had no outstanding derivatives.
The information in the table below summarizes NNN’s market risks associated with its debt obligations outstanding as of December 31, 2013 and 2012. The table presents principal payments and related interest rates by year for debt obligations outstanding as of December 31, 2013. The variable interest rates shown represent weighted average rate for the Credit Facility for the year ended December 31, 2013. The table incorporates only those debt obligations that existed as of December 31, 2013, and it does not consider those debt obligations or positions which could arise after this date. Moreover, because firm commitments are not presented in the table below, the information presented therein has limited predictive value. As a result, NNN’s ultimate realized gain or loss with respect to interest rate fluctuations will depend on the exposures that arise during the period, NNN’s hedging strategies at that time and interest rates. If interest rates on NNN’s variable rate debt increased by one percent, NNN’s interest expense would have increased by less than one percent for the year ended December 31, 2013.
 
Debt Obligations (dollars in thousands)
  
Variable Rate Debt
 
Fixed Rate Debt
  
Credit Facility
 
Mortgages(1)
 
Unsecured Debt(2)
  
Debt
Obligation
 
Weighted
Average
Interest Rate
 
Debt
Obligation
 
Weighted
Average
Interest Rate
 
Debt
Obligation
 
Effective
Interest
Rate
2014
$

 
 
$
1,158

 
6.90%
 
$
149,975

 
5.91%
2015

 
 
1,207

 
6.86%
 
149,904

 
6.19%
2016
46,400

 
1.39%
 
6,842

 
5.95%
 

 
2017

 
 
147

 
8.03%
 
249,596

 
6.92%
2018

 
 
86

 
9.00%
 

 
Thereafter

 
 
35

 
9.00%
 
964,709

 
4.29%
Total
$
46,400

 
1.39%
 
$
9,475

 
6.32%
 
$
1,514,184

 
5.08%
Fair Value:
 
 
 
 
 
 
 
 
 
 
 
December 31, 2013
$
46,400

 
 
 
$
9,475

 
 
 
$
1,555,672

 
 
December 31, 2012
$
174,200

 
 
 
$
10,602

 
 
 
$
1,585,756

 
 

(1) 
NNN's mortgages payable include unamortized premium.
(2) 
Includes NNN’s notes payable and convertible notes payable, each net of unamortized discounts. NNN uses market prices quoted from Bloomberg, a third party, which is a level one input, to determine the fair value.

NNN is also exposed to market risks related to NNN’s Residuals. Factors that may impact the market value of the Residuals include delinquencies, loan losses, prepayment speeds and interest rates. The Residuals, which are reported at market value based upon an independent valuation, had a carrying value of $11,721,000 and $13,096,000 as of December 31, 2013 and 2012, respectively. Unrealized gains and losses are reported as other comprehensive income in stockholders’ equity. Losses are considered other than temporary and reported as a valuation impairment in earnings from operations if and when there has been a change in the timing or amount of estimated cash flows that leads to a loss in value.


39


Item 8.  Financial Statements and Supplementary Data

Report of Independent Registered Public Accounting Firm
The Board of Directors and Stockholders of National Retail Properties, Inc. and Subsidiaries
We have audited National Retail Properties, Inc. and Subsidiaries’ internal control over financial reporting as of December 31, 2013, based on criteria established in Internal Control—Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (1992 framework) (the COSO criteria). National Retail Properties, Inc. and Subsidiaries’ management is responsible for maintaining effective internal control over financial reporting, and for its assessment of the effectiveness of internal control over financial reporting included in the accompanying Management’s Report on Internal Control over Financial Reporting. Our responsibility is to express an opinion on the company’s internal control over financial reporting based on our audit.
We conducted our audit in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether effective internal control over financial reporting was maintained in all material respects. Our audit included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, testing and evaluating the design and operating effectiveness of internal control based on the assessed risk, and performing such other procedures as we considered necessary in the circumstances. We believe that our audit provides a reasonable basis for our opinion.
A company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company’s internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company’s assets that could have a material effect on the financial statements.
Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.
In our opinion, National Retail Properties, Inc. and Subsidiaries maintained, in all material respects, effective internal control over financial reporting as of December 31, 2013, based on the COSO criteria.
We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States), the consolidated balance sheets of National Retail Properties, Inc. and Subsidiaries as of December 31, 2013 and 2012, and the related consolidated statements of comprehensive income, equity, and cash flows for each of the three years in the period ended December 31, 2013 and our report dated February 19, 2014 expressed an unqualified opinion thereon.

/s/ Ernst & Young LLP
Certified Public Accountants
Orlando, Florida
February 19, 2014



40



Report of Independent Registered Public Accounting Firm
The Board of Directors and Stockholders of National Retail Properties, Inc. and Subsidiaries
We have audited the accompanying consolidated balance sheets of National Retail Properties, Inc. and Subsidiaries as of December 31, 2013 and 2012, and the related consolidated statements of comprehensive income, equity, and cash flows for each of the three years in the period ended December 31, 2013. Our audits also included the financial statement schedules listed in the Index at Item 15(a). These financial statements and schedules are the responsibility of the Company’s management. Our responsibility is to express an opinion on these financial statements and schedules based on our audits.
We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in all material respects, the consolidated financial position of National Retail Properties, Inc. and Subsidiaries at December 31, 2013 and 2012, and the consolidated results of their operations and their cash flows for each of the three years in the period ended December 31, 2013, in conformity with U.S. generally accepted accounting principles. Also, in our opinion, the related financial statements schedules, when considered in relation to the basic financial statements taken as a whole, present fairly in all material respects the information set forth therein.
We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States), National Retail Properties, Inc.’s internal control over financial reporting as of December 31, 2013, based on criteria established in Internal Control-Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (1992 framework) and our report dated February 19, 2014 expressed an unqualified opinion thereon.
/s/ Ernst & Young LLP
Certified Public Accountants

Orlando, Florida
February 19, 2014



41

NATIONAL RETAIL PROPERTIES, INC.
and SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(dollars in thousands, except per share data)



ASSETS
December 31, 2013
 
December 31, 2012
Real estate portfolio:
 
 
 
Accounted for using the operating method, net of accumulated depreciation and amortization
$
4,253,364

 
$
3,794,044

Accounted for using the direct financing method
18,342

 
23,217

Real estate held for sale
15,344

 
17,546

Mortgages, notes and accrued interest receivable
17,119

 
27,770

Commercial mortgage residual interests
11,721

 
13,096

Cash and cash equivalents
1,485

 
2,076

Receivables, net of allowance of $2,822 and $855, respectively
4,107

 
3,112

Accrued rental income, net of allowance of $3,181 and $3,270, respectively
24,797

 
25,458

Debt costs, net of accumulated amortization of $20,213 and $17,965, respectively
12,877

 
12,781

Other assets
95,367

 
68,926

Total assets
$
4,454,523

 
$
3,988,026

LIABILITIES AND EQUITY
 
 
 
Liabilities:
 
 
 
Line of credit payable
$
46,400

 
$
174,200

Mortgages payable, including unamortized premium of $130 and $187, respectively
9,475

 
10,602

Notes payable – convertible, net of unamortized discount of $2,072 at December 31, 2012

 
236,500

Notes payable, net of unamortized discount of $10,816 and $9,338, respectively
1,514,184

 
1,165,662

Accrued interest payable
17,142

 
17,527

Other liabilities
89,037

 
85,950

Total liabilities
1,676,238

 
1,690,441

Commitments and contingencies


 


Equity:
 
 
 
Stockholders’ equity:
 
 
 
Preferred stock, $0.01 par value. Authorized 15,000,000 shares
 
 
 
Series E, 11,500,000 depositary shares issued and outstanding at December 31, 2013, at stated liquidation value of $25 per share
287,500

 

Series D, 11,500,000 depositary shares issued and outstanding, at stated liquidation value of $25 per share
287,500

 
287,500

Common stock, $0.01 par value. Authorized 375,000,000 shares; 121,991,677 and 111,554,997
   shares issued and outstanding, respectively
1,221

 
1,117

Excess stock, $0.01 par value. Authorized 390,000,000 shares; none issued or outstanding

 

Capital in excess of par value
2,353,166

 
2,101,002

Retained earnings (loss)
(147,837
)
 
(90,952
)
Accumulated other comprehensive income (loss)
(4,505
)
 
(2,382
)
Total stockholders’ equity of NNN
2,777,045

 
2,296,285

Noncontrolling interests
1,240

 
1,300

Total equity
2,778,285

 
2,297,585

Total liabilities and equity
$
4,454,523

 
$
3,988,026

See accompanying notes to consolidated financial statements.

42

NATIONAL RETAIL PROPERTIES, INC.
and SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(dollars in thousands, except per share data)


 
Year Ended December 31,
  
2013
 
2012
 
2011
Revenues:
 
 
 
 
 
Rental income from operating leases
$
371,948

 
$
311,753

 
$
239,758

Earned income from direct financing leases
1,955

 
2,119

 
2,367

Percentage rent
1,557

 
1,165

 
1,093

Real estate expense reimbursement from tenants
13,110

 
11,587

 
10,080

Interest and other income from real estate transactions
1,467

 
2,239

 
2,287

Interest income on commercial mortgage residual interests
2,290

 
2,673

 
3,105

 
392,327

 
331,536

 
258,690

Retail operations:
 
 
 
 
 
Revenues

 
19,008

 
45,139

Operating expenses

 
(18,542
)
 
(43,088
)
Net

 
466

 
2,051

Operating expenses:
 
 
 
 
 
General and administrative
32,576

 
32,187

 
28,796

Real estate
18,100

 
17,041

 
16,997

Depreciation and amortization
99,246

 
73,707

 
56,466

Impairment – commercial mortgage residual interests valuation
1,185

 
2,812

 
1,024

Impairment losses and other charges, net of recoveries
1,972

 
3,088

 
(1,349
)
 
153,079

 
128,835

 
101,934

Earnings from operations
239,248

 
203,167

 
158,807

Other expenses (revenues):
 
 
 
 
 
Interest and other income
(1,493
)
 
(2,232
)
 
(1,593
)
Interest expense
85,283

 
83,192

 
75,532

 
83,790

 
80,960

 
73,939

Earnings from continuing operations before gain on disposition of real estate, income tax benefit (expense) and equity in earnings of unconsolidated affiliate
155,458

 
122,207

 
84,868

Gain on disposition of real estate
173

 

 
297

Income tax benefit (expense)
(618
)
 
6,947

 
(899
)
Equity in earnings of unconsolidated affiliate

 
4,074

 
474

Earnings from continuing operations
155,013

 
133,228

 
84,740

Earnings from discontinued operations, net of income tax expense
5,072

 
8,709

 
7,676

Earnings including noncontrolling interests
160,085

 
141,937

 
92,416

Loss (earnings) attributable to noncontrolling interests:
 
 
 
 
 
Continuing operations
286

 
107

 
9

Discontinued operations
(226
)
 
(29
)
 
(100
)
 
60

 
78

 
(91
)
Net earnings attributable to NNN
$
160,145

 
$
142,015

 
$
92,325

 
See accompanying notes to consolidated financial statements. 

43

NATIONAL RETAIL PROPERTIES, INC.
and SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(dollars in thousands, except per share data)


 
Year Ended December 31,
  
2013
 
2012
 
2011
 
 
 
 
 
 
Net earnings attributable to NNN
$
160,145

 
$
142,015

 
$
92,325

Series C preferred stock dividends

 
(1,979
)
 
(6,785
)
Series D preferred stock dividends
(19,047
)
 
(15,449
)
 

Series E preferred stock dividends
(8,876
)
 

 

Excess of redemption value over carrying value of Series C preferred shares redeemed

 
(3,098
)
 

Net earnings attributable to common stockholders
$
132,222

 
$
121,489

 
$
85,540

Net earnings per share of common stock:
 
 
 
 
 
Basic:
 
 
 
 
 
Continuing operations
$
1.07

 
$
1.05

 
$
0.88

Discontinued operations
0.04

 
0.08

 
0.08

Net earnings
$
1.11

 
$
1.13

 
$
0.96

Diluted:
 
 
 
 
 
Continuing operations
$
1.06

 
$
1.03

 
$
0.87

Discontinued operations
0.04

 
0.08

 
0.09

Net earnings
$
1.10

 
$
1.11

 
$
0.96

Weighted average number of common shares outstanding:
 
 
 
 
 
Basic
118,204,148

 
106,965,156

 
88,100,076

Diluted
119,864,824

 
109,117,515

 
88,837,057

Other comprehensive income:
 
 
 
 
 
Net earnings attributable to NNN
$
160,145

 
$
142,015

 
$
92,325

Amortization of interest rate hedges
438

 
231

 
9

Fair value treasury locks
(3,141
)
 

 
(5,218
)
Unrealized gains (losses) – commercial mortgage residual interests
(438
)
 
1,132

 
(246
)
Stock value adjustments
69

 
85

 
(36
)
Noncontrolling interests
949

 

 

Comprehensive income attributable to NNN
$
158,022

 
$
143,463

 
$
86,834


See accompanying notes to consolidated financial statements.


44

NATIONAL RETAIL PROPERTIES, INC.
and SUBSIDIARIES
CONSOLIDATED STATEMENTS OF EQUITY
Years Ended December 31, 2013, 2012 and 2011
(dollars in thousands, except per share data)



 
Series C
Preferred
Stock
 
Series D
Preferred
Stock
 
Series E
Preferred
Stock
 
Common
Stock
 
Capital in
  Excess of  
Par Value
 
Retained
Earnings
 
Accumulated
Other
    Comprehensive  
Income
 
Total
  Stockholders’  
Equity
 
  Noncontrolling  
Interests
 
Total
Equity
Balances at December 31, 2010
$
92,000

 
$

 
$

 
$
838

 
$
1,429,750

 
$
3,234

 
$
1,661

 
$
1,527,483

 
$
1,291

 
$
1,528,774

Net earnings

 

 

 

 

 
92,325

 

 
92,325

 
91

 
92,416

Dividends declared and paid:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
$1.84375 per depositary share of Series C preferred stock

 

 

 

 

 
(6,785
)
 

 
(6,785
)
 

 
(6,785
)
$1.53 per share of common stock

 

 

 
5

 
13,652

 
(133,720
)
 

 
(120,063
)
 

 
(120,063
)
Issuance of common stock:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
17,288,265 shares

 

 

 
173

 
447,690

 

 

 
447,863

 

 
447,863

3,197,127 shares – stock purchase program

 

 

 
32

 
79,762

 

 

 
79,794

 

 
79,794

Issuance of 133,432 shares of restricted common stock

 

 

 
1

 
(57
)
 

 

 
(56
)
 

 
(56
)
Stock issuance costs

 

 

 

 
(19,453
)
 

 

 
(19,453
)
 

 
(19,453
)
Performance incentive plan

 

 

 

 
(513
)
 

 

 
(513
)
 

 
(513
)
Amortization of deferred compensation

 

 

 

 
7,394

 

 

 
7,394

 

 
7,394

Interest rate hedge termination
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Amortization of interest rate hedges

 

 

 

 

 

 
9

 
9

 

 
9

Fair value treasury locks

 

 

 

 

 

 
(5,218
)
 
(5,218
)
 

 
(5,218
)
Unrealized loss – commercial mortgage residual interests

 

 

 

 

 

 
(246
)
 
(246
)
 

 
(246
)
Stock value adjustment

 

 

 

 

 

 
(36
)
 
(36
)
 

 
(36
)
Contributions from noncontrolling interests

 

 

 

 

 

 

 

 
41

 
41

Distributions to noncontrolling interests

 

 

 

 

 

 

 

 
(45
)
 
(45
)
Balances at December 31, 2011
$
92,000

 
$

 
$

 
$
1,049

 
$
1,958,225

 
$
(44,946
)
 
$
(3,830
)
 
$
2,002,498

 
$
1,378

 
$
2,003,876

 
See accompanying notes to consolidated financial statements.


45

NATIONAL RETAIL PROPERTIES, INC.
and SUBSIDIARIES
CONSOLIDATED STATEMENTS OF EQUITY
Years Ended December 31, 2013, 2012 and 2011
(dollars in thousands, except per share data)


 
Series C
Preferred
Stock
 
Series D
Preferred
Stock
 
Series E
Preferred
Stock
 
Common
Stock
 
Capital in
  Excess of  
Par Value
 
Retained
Earnings
 
Accumulated
Other
    Comprehensive  
Income
 
Total
  Stockholders’  
Equity
 
  Noncontrolling  
Interests
 
Total
Equity
Balances at December 31, 2011
$
92,000

 
$

 

 
$
1,049

 
$
1,958,225

 
$
(44,946
)
 
$
(3,830
)
 
$
2,002,498

 
$
1,378

 
$
2,003,876

Net earnings

 

 

 

 

 
142,015

 

 
142,015

 
(78
)
 
141,937

Dividends declared and paid:
 
 
 
 
 
 
 
 
 
 
 
 
 
 


 
 
 


$0.53776 per depositary share of Series C preferred stock

 

 

 

 

 
(1,979
)
 

 
(1,979
)
 

 
(1,979
)
$1.34340 per depositary share of Series D preferred stock

 

 

 

 

 
(15,449
)
 

 
(15,449
)
 

 
(15,449
)
$1.56 per share of common stock

 

 

 
4

 
11,758

 
(167,495
)
 

 
(155,733
)
 

 
(155,733
)
Redemption of 3,680,000 shares of Series C Preferred Stock
(92,000
)
 

 

 

 
3,098

 
(3,098
)
 

 
(92,000
)
 

 
(92,000
)
Issuance of 11,500,000 depositary shares of Series D Preferred Stock

 
287,500

 

 

 
(9,855
)
 

 

 
277,645

 

 
277,645

Issuance of common stock:
 
 
 
 
 
 
 
 
 
 
 
 
 
 


 
 
 


40,460 shares

 

 

 

 
833

 

 

 
833

 

 
833

1,689,160 shares – stock purchase program

 

 

 
17

 
44,395

 

 

 
44,412

 

 
44,412

4,282,298 shares - ATM equity program

 

 

 
43

 
129,049

 

 

 
129,092

 

 
129,092

Issuance of 373,913 shares of restricted common stock

 

 

 
4

 
331

 

 

 
335

 

 
335

Equity component of convertible debt

 

 

 

 
(41,486
)
 

 

 
(41,486
)
 

 
(41,486
)
Stock issuance costs

 

 

 

 
(2,265
)
 

 

 
(2,265
)
 

 
(2,265
)
Performance incentive plan

 

 

 

 
(451
)
 

 

 
(451
)
 

 
(451
)
Amortization of deferred compensation

 

 

 

 
7,370

 

 

 
7,370

 

 
7,370

Amortization of interest rate hedges

 

 

 

 

 

 
231

 
231

 

 
231

Unrealized gain – commercial mortgage residual interests

 

 

 

 

 

 
1,132

 
1,132

 

 
1,132

Stock value adjustment

 

 

 

 

 

 
85

 
85

 

 
85

Balances at December 31, 2012
$

 
$
287,500

 
$

 
$
1,117

 
$
2,101,002

 
$
(90,952
)
 
$
(2,382
)
 
$
2,296,285

 
$
1,300

 
$
2,297,585

 
See accompanying notes to consolidated financial statements.


 

46

NATIONAL RETAIL PROPERTIES, INC.
and SUBSIDIARIES
CONSOLIDATED STATEMENTS OF EQUITY
Years Ended December 31, 2013, 2012 and 2011
(dollars in thousands, except per share data)


 
Series C
Preferred
Stock
 
Series D
Preferred
Stock
 
Series E
Preferred
Stock
 
Common
Stock
 
Capital in
  Excess of  
Par Value
 
Retained
Earnings
 
Accumulated Other
    Comprehensive  
Income
 
Total
  Stockholders’  
Equity
 
  Noncontrolling  
Interests
 
Total
Equity
Balances at December 31, 2012
$

 
$
287,500

 
$

 
$
1,117

 
$
2,101,002

 
$
(90,952
)
 
$
(2,382
)
 
$
2,296,285

 
$
1,300

 
$
2,297,585

Net earnings

 

 

 

 

 
160,145

 

 
160,145

 
(60
)
 
160,085

Dividends declared and paid:
 
 
 
 
 
 
 
 
 
 
 
 
 
 


 
 
 


$1.65625 per depositary share of Series D preferred stock

 

 

 

 

 
(19,047
)
 

 
(19,047
)
 

 
(19,047
)
$0.77188 per depositary share of Series E preferred stock

 

 

 

 

 
(8,876
)
 

 
(8,876
)
 

 
(8,876
)
$1.60 per share of common stock

 

 

 
4

 
14,941

 
(189,107
)
 

 
(174,162
)
 

 
(174,162
)
Issuance of 11,500,000 depositary shares of Series E Preferred Stock

 

 
287,500

 

 
(9,856
)
 

 

 
277,644

 

 
277,644

Issuance of common stock:
 
 
 
 
 
 
 
 
 
 
 
 
 
 


 
 
 


29,013 shares

 

 

 

 
744

 

 

 
744

 

 
744

322,084 shares – stock purchase program

 

 

 
3

 
10,458

 

 

 
10,461

 

 
10,461

6,956,992 shares – ATM equity program

 

 

 
70

 
242,348

 

 

 
242,418

 

 
242,418

2,407,911 shares – conversion of 2028 Notes

 

 

 
24

 
85,200

 

 

 
85,224

 

 
85,224

Issuance of 290,181 shares of restricted common stock

 

 

 
3

 
(213
)
 

 

 
(210
)
 

 
(210
)
Equity component of convertible debt

 

 

 

 
(93,450
)
 

 

 
(93,450
)
 

 
(93,450
)
Stock issuance costs

 

 

 

 
(3,774
)
 

 

 
(3,774
)
 

 
(3,774
)
Amortization of deferred compensation

 

 

 

 
6,715

 

 

 
6,715

 

 
6,715

Amortization of interest rate hedges

 

 

 

 

 

 
438

 
438

 

 
438

Fair value forward swaps

 

 

 

 

 

 
(3,141
)
 
(3,141
)
 

 
(3,141
)
Unrealized loss – commercial mortgage residual interests

 

 

 

 

 

 
(438
)
 
(438
)
 

 
(438
)
Stock value adjustment

 

 

 

 

 

 
69

 
69

 

 
69

Noncontrolling interests

 

 

 

 
(949
)
 

 
949

 

 

 

Balances at December 31, 2013
$

 
$
287,500

 
$
287,500

 
$
1,221

 
$
2,353,166

 
$
(147,837
)
 
$
(4,505
)
 
$
2,777,045

 
$
1,240

 
$
2,778,285


See accompanying notes to consolidated financial statements.

47

NATIONAL RETAIL PROPERTIES, INC.
and SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(dollars in thousands)


 
Year Ended December 31,
 
2013
 
2012
 
2011
Cash flows from operating activities:
 
 
 
 
 
Earnings including noncontrolling interests
$
160,085

 
$
141,937

 
$
92,416

Adjustments to reconcile net earnings to net cash provided by operating activities:
 
 
 
 
 
Depreciation and amortization
99,617

 
75,334

 
58,817

Impairment losses and other charges
4,106

 
10,114

 
2,115

Impairment – commercial mortgage residual interests valuation
1,185

 
2,812

 
1,024

Amortization of notes payable discount
3,188

 
4,976

 
6,191

Amortization of debt costs
3,118

 
2,584

 

Amortization of mortgages payable premium
(57
)
 
(29
)
 

Amortization of deferred interest rate hedges
438

 
231

 
9

Interest rate hedge payment
(3,141
)
 

 
(5,218
)
Equity in earnings of unconsolidated affiliate

 
(4,074
)
 
(474
)
Distributions received from unconsolidated affiliate

 
7,019

 
593

Gain on disposition of real estate
(6,445
)
 
(10,956
)
 
(721
)
Deferred income taxes
800

 
637

 
796

Income tax valuation allowance

 
(7,671
)
 

Performance incentive plan expense
8,518

 
10,136

 
8,283

Performance incentive plan payment
(2,138
)
 

 

Change in operating assets and liabilities, net of assets acquired and liabilities assumed in business combinations:
 
 
 
 
 
Additions to held for sale real estate
(1,029
)
 
(6,616
)
 
(1,025
)
Proceeds from disposition of held for sale real estate

 

 
1,993

Decrease in real estate leased to others using the direct financing method
1,573

 
1,624

 
1,595

Decrease (increase) in mortgages, notes and accrued interest receivable
641

 
(187
)
 
(96
)
Decrease (increase) in receivables
62

 
(264
)
 
1,108

Decrease (increase) in accrued rental income
368

 
(456
)
 
253

Decrease in other assets
400

 
1,657

 
746

Increase (decrease) in accrued interest payable
(385
)
 
2,419

 
7,766

Increase (decrease) in other liabilities
3,841

 
(2,002
)
 
2,682

Other
(324
)
 
(1,095
)
 
(1,125
)
Net cash provided by operating activities
274,421

 
228,130

 
177,728

Cash flows from investing activities:
 
 
 
 
 
Proceeds from the disposition of real estate
60,626

 
81,402

 
10,696

Additions to real estate:
 
 
 
 
 
Accounted for using the operating method
(637,417
)
 
(684,925
)
 
(756,633
)
Accounted for using the direct financing method

 

 
(1,747
)
Increase in mortgages and notes receivable
(3,857
)
 
(8,768
)
 
(9,838
)
Principal payments on mortgages and notes receivable
14,617

 
12,804

 
6,837

Cash received from commercial mortgage residual interests

 

 

Payment of lease costs
(1,186
)
 
(2,594
)
 
(1,589
)
Return of investment from unconsolidated affiliate

 
1,220

 

Other
(823
)
 
(898
)
 
206

Net cash used in investing activities
(568,040
)
 
(601,759
)
 
(752,068
)
 
See accompanying notes to consolidated financial statements.


48

NATIONAL RETAIL PROPERTIES, INC.
and SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(dollars in thousands)


 
Year Ended December 31,
 
2013
 
2012
 
2011
Cash flows from financing activities:
 
 
 
 
 
Proceeds from line of credit payable
$
601,800

 
$
1,184,900

 
$
805,300

Repayment of line of credit payable
(729,600
)
 
(1,076,300
)
 
(900,700
)
Repayment of mortgages payable
(1,070
)
 
(19,390
)
 
(1,098
)
Proceeds from notes payable
347,406

 
320,011

 
295,731

Repayment of notes payable

 
(50,000
)
 

Repayment of notes payable – convertible
(246,797
)
 
(164,649
)
 

Payment of debt costs
(3,265
)
 
(4,512
)
 
(5,582
)
Proceeds from issuance of common stock
267,613

 
185,223

 
540,560

Proceeds from issuance of Series D preferred stock

 
287,500

 

Proceeds from issuance of Series E preferred stock
287,500

 

 

Redemption of Series C preferred stock

 
(92,000
)
 

Payment of Series C Preferred Stock dividends

 
(1,979
)
 
(6,785
)
Payment of Series D Preferred Stock dividends
(19,047
)
 
(15,449
)
 

Payment of Series E Preferred Stock dividends
(8,876
)
 

 

Stock issuance costs
(13,529
)
 
(12,237
)
 
(19,328
)
Payment of common stock dividends
(189,107
)
 
(167,495
)
 
(133,720
)
Noncontrolling interest distributions

 

 
(45
)
Noncontrolling interest contributions

 

 
41

Net cash provided by financing activities
293,028

 
373,623

 
574,374

Net increase (decrease) in cash and cash equivalents
(591
)
 
(6
)
 
34

Cash and cash equivalents at beginning of year
2,076

 
2,082

 
2,048

Cash and cash equivalents at end of year
$
1,485

 
$
2,076

 
$
2,082

Supplemental disclosure of cash flow information:
 
 
 
 
 
Interest paid, net of amount capitalized
$
80,930

 
$
75,283

 
$
63,474

Taxes paid (received)
$
360

 
$
201

 
$
(561
)
Supplemental disclosure of noncash investing and financing activities:
 
 
 
 
 
Issued 2,407,911 shares of common stock for conversion premium on 2028 Notes
$
85,224

 
$

 
$

Issued 298,896, 398,578 and 141,351 shares of restricted and unrestricted common stock in 2013, 2012 and 2011, respectively, pursuant to NNN’s performance incentive plan
$
8,218

 
$
8,638

 
$
3,456

Issued 16,605, 16,078 and 9,632 shares of common stock in 2013, 2012 and 2011, respectively, to directors pursuant to NNN’s performance incentive plan
$
582

 
$
463

 
$
250

Issued 12,308, 19,212 and 26,023 shares of common stock in 2013, 2012 and
2011, respectively, pursuant to NNN’s Deferred Director Fee Plan
$
162

 
$
298

 
$
449

Surrender of 241, 15,286 and 5,215 shares of restricted common stock in 2013, 2012 and 2011, respectively
$
7

 
$
357

 
$
109

Change in other comprehensive income
$
2,123

 
$
1,448

 
$
(5,491
)
Change in lease classification (direct financing lease to operating lease)
$
1,156

 
$
1,678

 
$
3,407

Mortgages payable assumed in connection with real estate transactions
$
750

 
$
6,634

 
$

Real estate acquired in connection with mortgage receivable foreclosure
$

 
$
490

 
$

Real estate received in note receivable foreclosure
$

 
$
1,595

 
$

 
 
See accompanying notes to consolidated financial statements.

49


NATIONAL RETAIL PROPERTIES, INC.
and SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
Years Ended December 31, 2013, 2012 and 2011


Note 1 – Organization and Summary of Significant Accounting Policies:
Organization and Nature of Business – National Retail Properties, Inc., a Maryland corporation, is a fully integrated real estate investment trust (“REIT”) formed in 1984. The term “NNN” or the “Company” refers to National Retail Properties, Inc. and all of its consolidated subsidiaries. NNN has elected to treat certain subsidiaries as taxable REIT subsidiaries. These taxable subsidiaries and their majority owned and controlled subsidiaries are collectively referred to as the “TRS.”
NNN assets include: real estate assets, mortgages and notes receivable, and commercial mortgage residual interests. NNN acquires, owns, invests in and develops properties that are leased primarily to retail tenants under long-term net leases and primarily held for investment (“Properties” or “Property Portfolio”). 
 
December 31, 2013
Property Portfolio:
 
Total properties
1,860

Gross leasable area (square feet)
20,402,000

States
47

NNN's operations are reported within one business segment in the financial statements and all properties are considered part of the Properties or Property Portfolio. As such, property counts and calculations involving property counts reflect all NNN properties.
Principles of Consolidation – NNN’s consolidated financial statements include the accounts of each of the respective majority owned and controlled affiliates, including transactions whereby NNN has been determined to be the primary beneficiary in accordance with the Financial Accounting Standards Board (“FASB”) guidance included in Consolidation. All significant intercompany account balances and transactions have been eliminated. NNN applies the equity method of accounting to investments in partnerships and joint ventures that are not subject to control by NNN due to the significance of rights held by other parties.
The TRS holds real estate through various joint venture development affiliate agreements. NNN consolidates certain joint venture development entities based upon either NNN being the primary beneficiary of the respective variable interest entity or NNN having a controlling interest over the respective entity. NNN eliminates significant intercompany balances and transactions and records a noncontrolling interest for its other partners’ ownership percentage.
Real Estate Portfolio – NNN records the acquisition of real estate at cost, including acquisition and closing costs. The cost of properties developed by NNN includes direct and indirect costs of construction, property taxes, interest and other miscellaneous costs incurred during the development period until the project is substantially complete and available for occupancy. For the years ended December 31, 2013, 2012 and 2011, NNN recorded $1,369,000, $1,540,000 and $1,213,000 in capitalized interest, respectively.
Purchase Accounting for Acquisition of Real Estate Subject to a Lease – In accordance with the FASB guidance on business combinations, the fair value of the real estate acquired with in-place leases is allocated to the acquired tangible assets, consisting of land, building and tenant improvements, and identified intangible assets and liabilities, consisting of the value of above-market and below-market leases and the value of in-place leases, based in each case on their fair values.
The fair value of the tangible assets of an acquired leased property is determined by valuing the property as if it were vacant, and the “as-if-vacant” value is then allocated to land, building and tenant improvements based on the determination of the fair values of these assets. The as-if-vacant fair value of a property is provided to management by a qualified appraiser.
In allocating the fair value of the identified intangible assets and liabilities of an acquired property, above-market and below-market in-place lease values are recorded as other assets or liabilities based on the present value (using an interest rate which reflects the risks associated with the leases acquired) of the difference between (i) the contractual amounts to be paid pursuant to the in-place leases, and (ii) management’s estimate of fair market lease rates for the corresponding in-place leases, measured over a period equal to the remaining term of the lease, including the probability of renewal periods. The capitalized above-market lease values are amortized as a reduction of rental income over the remaining terms of the respective leases. The

50


capitalized below-market lease values are amortized as an increase to rental income over the initial term unless the Company believes that it is likely that the tenant would renew the option whereby the Company would amortize the value attributable to the renewal over the renewal period.
The aggregate value of other acquired intangible assets, consisting of in-place leases, is measured by the excess of (i) the purchase price paid for a property after adjusting existing in-place leases to market rental rates over (ii) the estimated fair value of the property as-if-vacant, determined as set forth above. The value of in-place leases exclusive of the value of above-market and below-market in-place leases is amortized to expense over the remaining non-cancelable periods of the respective leases. If a lease were to be terminated prior to its stated expiration, all unamortized amounts relating to that lease would be written off. The value of tenant relationships is reviewed on individual transactions to determine if future value was derived from the acquisition.
Intangible assets and liabilities consisted of the following as of December 31 (in thousands):
 
 
2013
 
2012
Intangible lease assets (included in Other assets):
 
 
 
 
Value of above market in-place leases, net
 
$
11,803

 
$
6,679

Value of in-place leases, net
 
58,456

 
37,889

Intangible lease liabilities (included in Other liabilities):
 
 
 
 
Value of below market in-place leases, net
 
28,708

 
23,708

NNN's real estate is generally leased to tenants on a net lease basis, whereby the tenant is responsible for all operating expenses relating to the property, including property taxes, insurance, maintenance, repairs and capital expenditures. The leases are accounted for using either the operating or the direct financing method. Such methods are described below:
Operating method – Properties with leases accounted for using the operating method are recorded at the cost of the real estate. Revenue is recognized as rentals are earned and expenses (including depreciation) are charged to operations as incurred. Buildings are depreciated on the straight-line method over their estimated useful lives. Leasehold interests are amortized on the straight-line method over the terms of their respective leases. When scheduled rentals vary during the lease term, income is recognized on a straight-line basis so as to produce a constant periodic rent over the term of the lease. Accrued rental income is the aggregate difference between the scheduled rents which vary during the lease term and the income recognized on a straight-line basis.
Direct financing method – Properties with leases accounted for using the direct financing method are recorded at their net investment (which at the inception of the lease generally represents the cost of the property). Unearned income is deferred and amortized into income over the lease terms so as to produce a constant periodic rate of return on NNN’s net investment in the leases.

Real Estate – Held For Sale – Real estate held for sale is not depreciated and is recorded at the lower of cost or fair value less cost to sell. In accordance with the FASB guidance included in Real Estate, NNN classifies its real estate held for sale as discontinued operations for each property in which rental revenues are generated.
Impairment – Real Estate – Based upon events or changes in certain circumstances, management periodically assesses its Property Portfolio for possible impairment indicating that the carrying value of the asset, including accrued rental income, may not be recoverable through operations. Events or circumstances that may occur include significant changes in real estate market conditions and the ability of NNN to re-lease or sell properties that are currently vacant or become vacant. Management evaluates whether an impairment in value has occurred by comparing the estimated future cash flows (undiscounted and without interest charges), including the residual value of the real estate, with the carrying cost of the individual asset. If an impairment is indicated, a loss will be recorded for the amount by which the carrying value of the asset exceeds its fair value.
Real Estate Dispositions – When real estate is disposed of, the related cost, accumulated depreciation or amortization and any accrued rental income for operating leases and the net investment for direct financing leases are removed from the accounts, and gains and losses from the dispositions are reflected in income. Gains from the disposition of real estate are generally recognized using the full accrual method in accordance with the FASB guidance included in Real Estate Sales, provided that various criteria relating to the terms of the sale and any subsequent involvement by NNN with the real estate sold are met. Lease termination fees are recognized when the related leases are cancelled and NNN no longer has a continuing obligation to provide services to the former tenants.

Valuation of Mortgages, Notes and Accrued Interest – The reserve allowance related to the mortgages, notes and accrued interest is NNN’s best estimate of the amount of probable credit losses. The reserve allowance is determined on an individual

51


note basis in reviewing any payment past due for over 90 days. Any outstanding amounts are written off against the reserve allowance when all possible means of collection have been exhausted.
Investment in an Unconsolidated Affiliate – NNN accounted for its investment in an unconsolidated affiliate under the equity method of accounting. In September 2007, NNN entered into a joint venture, NNN Retail Properties Fund I LLC (the “NNN Crow JV”) with an affiliate of Crow Holdings Realty Partners IV, L.P., which is accounted for under the equity method of accounting. During September 2012, NNN Crow JV sold all of its assets and paid off its bank term loan as of December 31, 2012.
Commercial Mortgage Residual Interests, at Fair Value – Commercial mortgage residual interests, classified as available for sale, are reported at their market values with unrealized gains and losses reported as other comprehensive income in stockholders’ equity. NNN recognizes the excess of all cash flows attributable to the commercial mortgage residual interests estimated at the acquisition/transaction date over the initial investment (the accretable yield) as interest income over the life of the beneficial interest using the effective yield method. Losses are considered other than temporary valuation impairments if and when there has been a change in the timing or amount of estimated cash flows, exclusive of changes in interest rates, that leads to a loss in value.
Cash and Cash Equivalents – NNN considers all highly liquid investments with a maturity of three months or less when purchased to be cash equivalents. Cash and cash equivalents consist of cash and money market accounts. Cash equivalents are stated at cost plus accrued interest, which approximates fair value.
Cash accounts maintained on behalf of NNN in demand deposits at commercial banks and money market funds may exceed federally insured levels; however, NNN has not experienced any losses in such accounts.
Valuation of Receivables – NNN estimates the collectibility of its accounts receivable related to rents, expense reimbursements and other revenues. NNN analyzes accounts receivable and historical bad debt levels, customer credit-worthiness and current economic trends when evaluating the adequacy of the allowance for doubtful accounts. In addition, tenants in bankruptcy are analyzed and estimates are made in connection with the expected recovery of pre-petition and post-petition claims.
Goodwill – Goodwill arises from business combinations and represents the excess of the cost of an acquired entity over the net fair value amounts that were assigned to the assets acquired and the liabilities assumed. In accordance with the FASB guidance included in Goodwill, NNN performs impairment testing on goodwill by comparing fair value of its reporting units to carrying amount annually. The Company has no goodwill recorded as of December 31, 2013 or 2012, respectively.
Debt Costs – Debt costs incurred in connection with NNN’s $500,000,000 line of credit and mortgages payable have been deferred and are being amortized over the term of the respective loan commitment using the straight-line method, which approximates the effective interest method. Debt costs incurred in connection with the issuance of NNN’s notes payable have been deferred and are being amortized to interest expense over the term of the respective debt obligation using the effective interest method.

Revenue Recognition – Rental revenues for non-development real estate assets are recognized when earned in accordance with the FASB guidance included in Leases, based on the terms of the lease of the leased asset. Rental revenues for properties under construction commence upon completion of construction of the leased asset and delivery of the leased asset to the tenant.

52


Earnings Per Share – Earnings per share have been computed pursuant to the FASB guidance included in Earnings Per Share. The guidance requires classification of the Company’s unvested restricted share units which contain rights to receive nonforfeitable dividends, as participating securities requiring the two-class method of computing earnings per share. Under the two-class method, earnings per common share are computed by dividing the sum of distributed earnings to common stockholders and undistributed earnings allocated to common stockholders by the weighted average number of common shares outstanding for the period. In applying the two-class method, undistributed earnings are allocated to both common shares and participating securities based on the weighted average shares outstanding during the period. The following table is a reconciliation of the numerator and denominator used in the computation of basic and diluted earnings per common share using the two-class method for the years ended December 31 (dollars in thousands):
 
 
2013
 
2012
 
2011
Basic and Diluted Earnings:
 
 
 
 
 
Net earnings attributable to NNN
$
160,145

 
$
142,015

 
$
92,325

Less: Series C preferred stock dividends

 
(1,979
)
 
(6,785
)
Less: Series D preferred stock dividends
(19,047
)
 
(15,449
)
 

Less: Series E preferred stock dividends
(8,876
)
 

 

Less: Excess of redemption value over carrying value of Series C preferred shares redeemed

 
(3,098
)
 

Net earnings attributable to common stockholders
132,222

 
121,489

 
85,540

Less: Earnings attributable to unvested restricted shares
(503
)
 
(741
)
 
(622
)
Net earnings used in basic and diluted earnings per share
$
131,719

 
$
120,748

 
$
84,918

 
 
 
 
 
 
Basic and Diluted Weighted Average Shares Outstanding:
 
 
 
 
 
Weighted average number of shares outstanding
118,969,771

 
107,873,577

 
88,972,723

Less: Unvested restricted shares
(448,590
)
 
(654,127
)
 
(630,102
)
Less: Unvested contingent shares
(317,033
)
 
(254,294
)
 
(242,545
)
Weighted average number of shares outstanding used in basic earnings per share
118,204,148

 
106,965,156

 
88,100,076

Effects of dilutive securities:
 
 
 
 
 
Convertible debt
1,468,559

 
1,987,842

 
512,024

Other
192,117

 
164,517

 
224,957

Weighted average number of shares outstanding used in diluted earnings per share
119,864,824

 
109,117,515

 
88,837,057


For the year ended December 31, 2011, the potential dilutive shares related to certain convertible notes payable were not included in computing earnings per common share because their effects would be antidilutive.
Income Taxes – NNN has made an election to be taxed as a REIT under Sections 856 through 860 of the Internal Revenue Code of 1986, as amended (the “Code”), and related regulations. NNN generally will not be subject to federal income taxes on amounts distributed to stockholders, providing it distributes 100 percent of its REIT taxable income and meets certain other requirements for qualifying as a REIT. For each of the years in the three-year period ended December 31, 2013, NNN believes it has qualified as a REIT. Notwithstanding NNN’s qualification for taxation as a REIT, NNN is subject to certain state taxes on its income and real estate.
NNN and its taxable REIT subsidiaries have made timely TRS elections pursuant to the provisions of the REIT Modernization Act. A taxable REIT subsidiary is able to engage in activities resulting in income that previously would have been disqualified from being eligible REIT income under the federal income tax regulations. As a result, certain activities of NNN which occur within its TRS entities are subject to federal and state income taxes (See Note 14). All provisions for federal income taxes in the accompanying consolidated financial statements are attributable to NNN’s taxable REIT subsidiaries and to the Orange Avenue Mortgage Investments, Inc. ("OAMI"), a majority owned and controlled subsidiary, built-in-gain tax liability.
Income taxes are accounted for under the asset and liability method as required by the FASB guidance included in Income Taxes. Deferred tax assets and liabilities are recognized for the temporary differences based on estimated future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using

53


enacted tax rates in effect for the year in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date.
Fair Value Measurement – NNN’s estimates of fair value of financial and non-financial assets and liabilities are based on the framework established in the fair value accounting guidance. The framework specifies a hierarchy of valuation inputs which was established to increase consistency, clarity and comparability in fair value measurements and related disclosures. The guidance describes a fair value hierarchy based upon three levels of inputs that may be used to measure fair value, two of which are considered observable and one that is considered unobservable. The following describes the three levels:
 
Level 1 – Valuation is based upon quoted prices in active markets for identical assets or liabilities.
Level 2 – Valuation is based upon inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities, quoted prices in markets that are not active or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.
Level 3 – Valuation is generated from model-based techniques that use at least one significant assumption not observable in the market. These unobservable assumptions reflect estimates of assumptions that market participants would use in pricing the asset or liability. Valuation techniques include option pricing models, discounted cash flow models and similar techniques.
Other Comprehensive Income (Loss) – The following table outlines the changes in accumulated other comprehensive income (dollars in thousands):
 
Gain or Loss on Cash Flow Hedges (1)
 
Unrealized Gains and Losses on Commercial Mortgage Residual Interests (2)
 
Unrealized Gains and Losses on Available-for-Sale Securities
 
Total
 
Beginning balance, December 31, 2011
$
(5,924
)
 
$
2,112

 
$
(18
)
 
$
(3,830
)
 
 
 
 
 
 
 
 
 
 
Other comprehensive income (loss)

 
1,132

 
85

 
1,217

 
Reclassifications from accumulated other comprehensive income to net earnings
231

 

 

 
231

(3) 
Net current period other comprehensive income (loss)
231

 
1,132

 
85

 
1,448

 
Ending balance, December 31, 2012
(5,693
)
 
3,244

 
67

 
(2,382
)
 
 
 
 
 
 
 
 
 
 
Other comprehensive income (loss)
(3,141
)
 
511

 
69

 
(2,561
)
 
Reclassifications from accumulated other comprehensive income to net earnings
438

 

 

 
438

(3) 
Net current period other comprehensive income (loss)
(2,703
)
 
511

 
69

 
(2,123
)
 
Ending balance, December 31, 2013
$
(8,396
)
 
$
3,755

 
$
136

 
$
(4,505
)
 
1) Additional disclosure is included in Note 16 – Derivatives.
2) Additional disclosure is included in Note 5 – Commercial Mortgage Residual Interests.
3) Reclassifications out of other comprehensive income are recorded in Interest Expense on the Consolidated Statements of Comprehensive Income. There is no income tax expense (benefit) resulting from this reclassification.
New Accounting Pronouncements – In December 2011, the FASB issued Accounting Standards Update ("ASU") 2011-10, which clarifies the scope of current U.S. generally accepted accounting principles ("GAAP"). The amendments will resolve the diversity in practice about whether the guidance in subtopic 360-20 applies to the derecognition of in substance real estate when the parent ceases to have a controlling financial interest in a subsidiary that is in substance real estate because of a default by the subsidiary on its nonrecourse debt. The amendments in this update are effective for fiscal years, and interim periods within those years, beginning on or after June 15, 2012. The adoption of the standard did not have a significant impact on NNN's financial position or results of operations.
In December 2011, the FASB issued ASU 2011-11 amending its guidance on offsetting assets and liabilities in financial statements. The objective of this update would be to require disclosure to facilitate comparison between those entities that prepare their financial statements on the basis of GAAP and those entities that prepare their financial statements on the basis of

54


IFRS. The amendments in this update are effective for annual reporting periods beginning on or after January 1, 2013. The adoption of the standard did not have a significant impact on NNN's financial position or results of operations.
In February 2013, the FASB issued ASU 2013-02. The objective of this update is to improve the reporting of reclassifications out of accumulated other comprehensive income. The update requires reporting significant reclassifications out of accumulated other comprehensive income on the respective line items in net income if the amount being reclassified is required under GAAP to be reclassified in its entirety to net income or cross-reference other required disclosures that provide additional detail about amounts that are not. The amendments in this update are effective prospectively for reporting periods beginning after December 15, 2012. The adoption of the standard in the quarter ended March 31, 2013, did not have a significant impact on NNN's financial position or results of operations.
In February 2013, the FASB issued ASU 2013-04. The objective of this update is to provide guidance for the recognition, measurement, and disclosure of obligations resulting from joint and several liability arrangements for which the total amount of the obligation within the scope of this guidance is fixed at the reporting date. The amendments in this update are effective for fiscal years, and interim periods within those years, beginning after December 15, 2013. The adoption of the standard is not expected to have a significant impact on NNN's financial position or results of operations.
In July 2013, the FASB issued ASU 2013-10. The amendments in this update permit the Fed Funds Effective Swap Rate (also referred to as Overnight Index Swap Rate) to be used as a United States benchmark interest rate for hedge accounting purposes under Topic 815, in addition to treasury obligations of the United States Government and the London Interbank Offered Rate. The amendments are effective prospectively for qualifying new or redesignated hedging relationships entered into on or after July 17, 2013. The adoption of the standard did not have a significant impact on NNN's financial position or results of operations.
In July 2013, the FASB issued ASU 2013-11. The objective of the amendments in this update is to eliminate the diversity in practice of financial statement presentation of an unrecognized tax benefit when a net operating loss carryforward, a similar tax loss, or a tax credit carryforward exists. The provisions of the update are that an unrecognized tax benefit, or a portion of an unrecognized tax benefit, should be presented, with certain exceptions, in the financial statements as a reduction to a deferred tax asset for a net operating loss carryforward, a similar tax loss, or a tax credit carryforward. The amendments in this update are effective for fiscal years, and interim periods within those years, beginning after December 15, 2013. NNN is currently evaluating ASU 2013-11 to determine the potential impact, if any, its adoption will have on NNN's financial position and results of operations.
Use of Estimates – Additional critical accounting policies of NNN include management’s estimates and assumptions relating to the reporting of assets and liabilities, revenues and expenses and the disclosure of contingent assets and liabilities to prepare the consolidated financial statements in conformity with accounting principles generally accepted in the United States of America. Additional critical accounting policies include management’s estimates of the useful lives used in calculating depreciation expense relating to real estate assets, the recoverability of the carrying value of long-lived assets, including the commercial mortgage residual interests, the recoverability of the deferred income taxes, and the collectibility of receivables from tenants, including accrued rental income. Actual results could differ from those estimates.
Correction of Immaterial Errors – During the year ended December 31, 2012, NNN identified certain immaterial errors related to deferred tax assets and the related valuation allowance. In 2009, NNN incurred a loss on foreclosure and impairment charges associated with acquiring the operations of one of its lessees. The properties and operations were transferred to taxable REIT subsidiaries upon foreclosure. Certain charges associated with the acquisition and impaired properties should have been recorded in NNN’s qualified REIT subsidiaries prior to the properties’ transfer to the taxable REIT subsidiary group. Deferred tax assets associated with the book charges of $10,350,000 in 2009 were inappropriately recorded in the taxable REIT subsidiary group. A valuation allowance for the full amount of the deferred tax assets was also recorded in 2009. In the year ended December 31, 2012, NNN decreased deferred tax assets and the related valuation allowance by $10,350,000 each to correct the error.
NNN further reviewed its conclusions in previous periods, commencing in 2009, with respect to the realizability of the remaining deferred tax assets. Upon further review, NNN determined that its available sources of income supported realizability of all but $3,104,000 of its gross deferred tax assets as of December 31, 2009, 2010 and 2011. As a result, NNN determined that it had previously understated its deferred income tax benefit in the years ended December 31, 2010 and 2009 by $3,121,000 and $3,372,000, respectively, and understated its net deferred tax assets by $6,493,000 as of December 31, 2011 and 2010, in its financial statements. NNN corrected this in the year ended December 31, 2012 by reversing the valuation allowance and recording an income tax benefit of $6,493,000. NNN reviewed the impact of correcting the prior period errors in 2012 as well as its impact on prior periods in accordance with SAB Topics 1.M and 1.N and determined that the misstatements did not have a material effect on the Company’s financial position, results of operations, trends in earnings, or cash flows for any of the periods presented.

55


Furthermore, NNN determined in the year ended December 31, 2012 that its available sources of income supported realizability of all of its gross deferred tax assets. In 2012, NNN reversed the remaining valuation allowance and recorded an income tax benefit of $1,178,000.
During the year ended December 31, 2013, NNN identified an immaterial error related to its statement of cash flows for the year ended December 31, 2011. The Company previously classified its payment for the termination of interest rate hedges of $5,218,000 in financing activities. These instruments were hedging the risk of changes in the interest-related cash outflows associated with the potential issuance of long-term debt. This amount has been presented in operating activities in the 2013 consolidated financial statements.
Reclassification – Certain items in the prior year’s consolidated financial statements and notes to consolidated financial statements have been reclassified to conform to the 2013 presentation.

Note 2 – Real Estate:
Real Estate – Portfolio
Leases – The following outlines key information for NNN’s leases at December 31, 2013:
 
Lease classification:
 
Operating
1,888

Direct financing
12

Building portion – direct financing / land portion – operating
1

Weighted average remaining lease term
12 years


The leases generally provide for limited increases in rent as a result of fixed increases, increases in the consumer price index, and/or increases in the tenant’s sales volume. Generally, the tenant is also required to pay all property taxes and assessments, substantially maintain the interior and exterior of the building and carry property and liability insurance coverage. Certain of NNN’s Properties are subject to leases under which NNN retains responsibility for specific costs and expenses of the property. Generally, the leases of the Properties provide the tenant with one or more multi-year renewal options subject to generally the same terms and conditions, including rent increases, consistent with the initial lease term.
Real Estate Portfolio – Accounted for Using the Operating Method – Real estate subject to operating leases consisted of the following as of December 31 (dollars in thousands):
 
2013
 
2012
Land and improvements
$
1,650,651

 
$
1,474,299

Buildings and improvements
2,957,218

 
2,564,104

Leasehold interests
1,290

 
1,290

 
4,609,159

 
4,039,693

Less accumulated depreciation and amortization
(416,477
)
 
(332,156
)
 
4,192,682

 
3,707,537

Work in progress
60,682

 
86,507

 
$
4,253,364

 
$
3,794,044


Some leases provide for scheduled rent increases throughout the lease term. Such amounts are recognized on a straight-line basis over the terms of the leases. For the years ended December 31, 2013, 2012 and 2011, NNN recognized collectively in continuing and discontinued operations, ($338,000), $487,000 and ($222,000), respectively, of such income, net of reserves. At December 31, 2013 and 2012, the balance of accrued rental income, net of allowances of $3,181,000 and $3,270,000, respectively, was $24,797,000 and $25,458,000, respectively.

56


The following is a schedule of future minimum lease payments to be received on noncancellable operating leases at December 31, 2013 (dollars in thousands):
 
2014
$
384,218

2015
379,726

2016
374,064

2017
365,149

2018
338,197

Thereafter
2,782,929

 
$
4,624,283


Since lease renewal periods are exercisable at the option of the tenant, the above table only presents future minimum lease payments due during the current lease terms. In addition, this table does not include amounts for potential variable rent increases that are based on the CPI or future contingent rents which may be received on the leases based on a percentage of the tenant’s gross sales.
Real Estate Portfolio – Accounted for Using the Direct Financing Method – The following lists the components of net investment in direct financing leases at December 31 (dollars in thousands):
 
 
2013
 
2012
Minimum lease payments to be received
$
20,469

 
$
27,963

Estimated unguaranteed residual values
8,274

 
10,142

Less unearned income
(10,401
)
 
(14,888
)
Net investment in direct financing leases
$
18,342

 
$
23,217


The following is a schedule of future minimum lease payments to be received on direct financing leases held for investment at December 31, 2013 (dollars in thousands):
 
2014
$
3,094

2015
2,956

2016
2,873

2017
2,035

2018
2,007

Thereafter
7,504

 
$
20,469

The above table does not include future minimum lease payments for renewal periods, potential variable CPI rent increases or contingent rental payments that may become due in future periods (see Real Estate Portfolio – Accounted for Using the Operating Method).

57


Real Estate – Held For Sale
As of December 31, 2013 and 2012, NNN classified eight Properties as held for sale. Real estate held for sale consisted of the following at December 31 (dollars in thousands):
 
 
2013
 
2012
Land and improvements
$
7,403

 
$
7,839

Building and improvements
15,037

 
14,875

Work in process
37

 
72

 
22,477

 
22,786

Less accumulated depreciation and amortization
(1,659
)
 
(1,623
)
Less impairment
(5,474
)
 
(3,617
)
 
$
15,344

 
$
17,546

Real Estate – Dispositions
The following table summarizes the Properties sold and the corresponding gain recognized on the disposition included in continuing and discontinued operations for the years ended December 31 (dollars in thousands):
 
 
2013
 
2012
 
2011
 
# of
Properties
 
Gain
 
# of
Properties
 
Gain
 
# of
Properties
 
Gain
Continuing operations

 
$
173

 

 
$

 

 
$
297

Discontinued operations
35

 
6,272

 
34

 
10,956

 
8

 
424

Noncontrolling interest

 
(152
)
 

 

 

 
(194
)
 
35

 
$
6,293

 
34

 
$
10,956

 
8

 
$
527

Real Estate – Commitments
NNN has agreed to fund construction commitments on leased Properties. The improvements are estimated to be completed within 12 months. These construction commitments, as of December 31, 2013, are outlined in the table below (dollars in thousands):
Number of properties
 
48

Total commitment(1)
 
$
145,818

Amount funded
 
99,024

Remaining commitment
 
46,794

(1)
Includes land, construction costs and tenant improvements.

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Real Estate – Impairments
Management periodically assesses its real estate for possible impairment whenever certain events or changes in circumstances indicate that the carrying amount of the asset, including accrued rental income, may not be recoverable through operations. Events or circumstances that may occur include significant changes in real estate market conditions and the ability of NNN to re-lease or sell properties that are vacant or become vacant. Impairments are measured as the amount by which the current book value of the asset exceeds the estimated fair value of the asset. As a result of the Company’s review of long lived assets, including identifiable intangible assets, NNN recognized the following real estate impairments for the years ended December 31 (dollars in thousands):
 
 
2013
 
2012
 
2011
Continuing operations
$
1,957

 
$
3,258

 
$

Discontinued operations
2,149

 
7,054

 
431

 
$
4,106

 
$
10,312

 
$
431

The valuation of impaired assets is determined using widely accepted valuation techniques including discounted cash flow analysis, income capitalization, analysis of recent comparable sales transactions, actual sales negotiations and bona fide purchase offers received from third parties, which are level 3 inputs. NNN may consider a single valuation technique or multiple valuation techniques, as appropriate, when measuring the fair value of its real estate.

Note 3 – Business Combinations:
In connection with the default of a note receivable and certain lease agreements between NNN and one of its tenants, in June 2009, NNN acquired the operations of an auto service business that operated certain Properties. The note foreclosure resulted in a loss of $7,816,000. NNN recorded the value of the assets received at fair value. No liabilities were assumed. The fair value of the assets resulted in goodwill of $3,400,000. In connection with the annual review of goodwill for impairment, NNN recognized a noncash impairment charge of $1,500,000 included in Impairment losses and other charges, net of recoveries in the Consolidated Statements of Comprehensive Income during the year ended December 31, 2011.

Note 4 – Mortgages, Notes and Accrued Interest Receivable:
Mortgage notes are secured by real estate, real estate securities or other assets. Mortgages and notes receivable consisted of the following at December 31 (dollars in thousands):
 
 
2013
 
2012
Mortgages and notes receivable
$
16,942

 
$
26,952

Accrued interest receivables
177

 
858

Unamortized discount

 
(40
)
 
$
17,119

 
$
27,770


During the year ended December 31, 2011, $3,115,000 of a previously recorded valuation reserve was recovered and included in Impairment losses and other charges, net of recoveries in the Consolidated Statements of Comprehensive Income. During the years ended December 31, 2013 and 2012, NNN did not record or recover any valuation reserves.

Note 5 – Commercial Mortgage Residual Interests:
NNN holds the commercial mortgage residual interests (“Residuals”) from seven securitizations. Each of the Residuals is recorded at fair value based upon an independent valuation. Unrealized gains and losses are reported as other comprehensive income in stockholders’ equity and other than temporary losses as a result of a change in the timing or amount of estimated cash flows are recorded as an other than temporary valuation impairment.

59


The following table summarizes the recognition of unrealized gains and/or losses recorded as other comprehensive income as well as other than temporary valuation impairment as of December 31 (dollars in thousands):
 
 
2013
 
2012
 
2011
Unrealized gains
$
511

 
$
1,132

 
$

Unrealized losses

 

 
246

Other than temporary valuation impairment
1,185

 
2,812

 
1,024

Due to the expected timing of future cash flows relating to the Residuals, the independent specialist's valuation adjusted certain of the valuation assumptions. In connection with the independent valuations of the Residuals’ fair value, during the years ended December 31, 2013, 2012 and 2011, NNN recorded an other than temporary valuation adjustment as a reduction of earnings from operations. The following table summarizes the key assumptions used in determining the value of the Residuals as of December 31:
 
2013
 
2012
Discount rate
20
%
 
25
%
Average life equivalent CPR(1) speeds range
0.80% to 20.76% CPR

 
0.80% to 24.31% CPR

Foreclosures:
 
 
 
Frequency curve default model
0.07% - 2.43% range

 
0.09% - 4.49% range

Loss severity of loans in foreclosure
20
%
 
20
%
Yield:
 
 
 
LIBOR
Forward 3-month curve

 
Forward 3-month curve

Prime
Forward curve

 
Forward curve

(1)
Conditional prepayment rate
The following table shows the effects on the key assumptions affecting the fair value of the Residuals at December 31, 2013 (dollars in thousands):
 
Residuals
Carrying amount of retained interests
$
11,721

 
 
Discount rate assumption:
 
Fair value at 25% discount rate
$
9,859

Fair value at 27% discount rate
$
9,208

 
 
Prepayment speed assumption:
 
Fair value of 1% increases above the CPR Index
$
11,719

Fair value of 2% increases above the CPR Index
$
11,717

 
 
Expected credit losses:
 
Fair value 2% adverse change
$
11,502

Fair value 3% adverse change
$
11,404

 
 
Yield Assumptions:
 
Fair value of Prime/LIBOR spread contracting 25 basis points
$
11,999

Fair value of Prime/LIBOR spread contracting 50 basis points
$
12,267


These sensitivities are hypothetical and should be used with caution. As the figures indicate, changes in fair value based on variations in assumptions generally cannot be extrapolated because the relationship of the change in assumption to the change in fair value may not be linear. Also, in this table, the effect of a variation of a particular assumption on the fair value of the

60


retained interest is calculated without changing any other assumptions; in reality, changes in one factor may result in changes in another, which might magnify or counteract the sensitivities.

Note 6 – Line of Credit Payable:

In October 2012, NNN amended and restated its credit agreement increasing the borrowing capacity under its unsecured revolving credit facility from $450,000,000 to $500,000,000 and amended certain other terms under the former revolving credit facility (as the context requires, the previous and new revolving credit facility, the “Credit Facility”). The Credit Facility had a weighted average outstanding balance of $41,402,000 and a weighted average interest rate of 1.4% during the year ended December 31, 2013. The Credit Facility matures October 2016, with an option to extend maturity to October 2017. As of December 31, 2013, the Credit Facility bears interest at LIBOR plus 107.5 basis points; however, such interest rate may change pursuant to a tiered interest rate structure based on NNN's debt rating. The Credit Facility also includes an accordion feature to increase the facility size up to $1,000,000,000. As of December 31, 2013, $46,400,000 was outstanding and $453,600,000 was available for future borrowings under the Credit Facility.

In accordance with the terms of the Credit Facility, NNN is required to meet certain restrictive financial covenants which, among other things, require NNN to maintain certain (i) leverage ratios, (ii) debt service coverage, (iii) cash flow coverage and (iv) investment and dividend limitations. At December 31, 2013, NNN was in compliance with those covenants.

Note 7 – Mortgages Payable:
The following table outlines the mortgages payable included in NNN’s consolidated financial statements (dollars in thousands):
 
Entered
 
Initial
Balance
 
Interest
Rate
 
Maturity (3)
 
Carrying
Value of
Encumbered
Asset(s)(1)
 
Outstanding Principal
Balance at December 31,
2013
 
2012
December 2001 (2)
 
$
623

 
9.00%
 
April 2014
 
$
438

 
$
27

 
$
95

December 2001 (2)
 
698

 
9.00%
 
April 2019
 
968

 
263

 
299

December 2001 (2)
 
485

 
9.00%
 
April 2019
 
936

 
136

 
155

February 2004 (2)
 
6,952

 
6.90%
 
January 2017
 
10,797

 
2,257

 
2,892

March 2005 (2)
 
1,015

 
8.14%
 
September 2016
 
1,264

 
335

 
439

June 2012 (2)(4)
 
6,850

 
5.75%
 
April 2016
 
8,717

 
6,457

 
6,722

 
 
 
 
 
 
 
 
$
23,120

 
$
9,475

 
$
10,602

(1) 
Each loan is secured by a first mortgage lien on certain of NNN’s properties. The carrying values of the assets are as of December 31, 2013.
(2) 
Date entered represents the date that NNN acquired real estate subject to a mortgage securing a loan. The corresponding original principal balance represents the outstanding principal balance at the time of acquisition.
(3) 
Monthly payments include interest and principal, if any; the balance is due at maturity.
(4) 
Initial balance and outstanding principal balance includes unamortized premium.
The following is a schedule of the annual maturities of NNN’s mortgages payable at December 31, 2013 (dollars in thousands):
 
2014
$
1,158

2015
1,207

2016
6,842

2017
147

2018
86

Thereafter
35

 
$
9,475



61


Note 8 – Notes Payable – Convertible:
Each of NNN’s outstanding series of convertible notes are summarized in the table below (dollars in thousands, except conversion price):
Terms
 
2026
Notes
 
 
2028
Notes
 
Issue Date
 
September 2006

  
 
March 2008

  
Net Proceeds
 
$
168,650

  
 
$
228,576

  
Stated Interest Rate
 
3.950
%
  
 
5.125
%
  
Effective Interest Rate
 
5.840
%
 
 
7.192
%
 
Debt Issuance Costs
 
$
3,850

 
 
$
5,459

 
Original Principal
 
$
172,500

  
 
$
234,035

  
Repurchases
 
(33,800
)
 
 
(11,000
)
 
Settled
 
(138,700
)
 
 
(223,035
)
 
Outstanding principal balance at December 31, 2013
 
$

 
 
$

  
The carrying amounts of the Company’s convertible debt and equity balances are summarized in the table below as of December 31 (dollars in thousands):
 
2013
 
2012
Carrying value of equity component
$

 
$
(22,193
)
Principal amount of convertible debt

 
238,572

Remaining unamortized debt discount

 
(2,072
)
Net carrying value of convertible debt
$

 
$
214,307

As of December 31, 2013, the debt discount for both the 2028 Notes and the 2026 Notes had been fully amortized.
NNN recorded the following in interest expense relating to the 2028 Notes and the 2026 Notes for the years ended December 31 (dollars in thousands):
 
2013
 
2012
 
2011
Noncash interest charges
$
2,072

 
$
4,291

 
$
5,837

Contractual interest expense
5,400

 
15,744

 
16,909

Amortization of debt costs
566

 
1,149

 
1,583

 
$
8,038

 
$
21,184

 
$
24,329

On September 28, 2012, NNN announced that the market price condition on its 2026 Notes has been satisfied, and that the 2026 Notes would be convertible during the calendar quarter beginning October 1, 2012.
All note holders elected to exercise the conversion feature of the 2026 Notes prior to their redemption. Pursuant to the terms of the 2026 Notes, the Company elected to pay the full settlement value in cash. The settlement value of a note was based on an average of the daily closing price of the Company's common stock over an averaging period that commenced after the Company received a conversion notice from a note holder. The Company paid approximately $164,649,000 in aggregate settlement value for the $123,163,000 of settled 2026 Notes at the end of the applicable averaging periods. The difference between the amount paid and the principal amount of the settled 2026 Notes of $41,486,000 was recognized as a decrease to additional paid-in capital.
As of December 31, 2012, $15,537,000 of the principal amount of 2026 Notes were outstanding. In January 2013, the Company paid approximately $20,702,000 in aggregate settlement value for the remaining $15,537,000 of outstanding 2026 Notes. The difference between the amount paid and the principal amount of the settled 2026 Notes of $5,028,000 was recognized as a decrease to additional paid-in capital and $137,000 was recorded as interest expense.
As of December 31, 2012, $223,035,000 of the principal amount of 2028 Notes were outstanding. In June 2013, NNN called all of the outstanding 2028 Notes for redemption on July 11, 2013. On July 11, 2013, $130,000 principal amount of the 2028 Notes was settled at par plus accrued interest. The holders of the remaining balance of $222,905,000 principal amount of 2028 Notes elected to convert into cash and shares of the Company's common stock in accordance with the conversion formula which is

62


based on the average daily closing price of NNN's common stock price over a period of 20 days commencing after receipt of a note holder's conversion notice. In 2013, the Company issued 2,407,911 shares of common stock and paid approximately $226,427,000 in aggregate settlement value for the $223,035,000 aggregate principal amount of 2028 Notes outstanding. The difference between the amount paid and the principal amount of the settled notes of $3,197,000 was recognized as a decrease to additional paid-in capital and $195,000 was recorded as interest expense.

Note 9 – Notes Payable:
Each of NNN’s outstanding series of non-convertible notes is summarized in the table below (dollars in thousands):
 
Notes
 
Issue Date
 
Principal
 
Discount(3)
 
Net
Price
 
Stated
Rate
 
Effective
Rate(4)
 
Maturity
Date
2014(1)(2)(5)(9)
 
June 2004
 
$
150,000

 
$
440

 
149,560

 
6.250%
 
5.910%
 
June 2014
2015(1)
 
November 2005
 
150,000

 
390

 
149,610

 
6.150%
 
6.185%
 
December 2015
2017(1)(6)
 
September 2007
 
250,000

 
877

 
249,123

 
6.875%
 
6.924%
 
October 2017
2021(1)(7)
 
July 2011
 
300,000

 
4,269

 
295,731

 
5.500%
 
5.690%
 
July 2021
2022 (1)
 
August 2012
 
325,000

 
4,989

 
320,011

 
3.800%
 
3.984%
 
October 2022
2023(1)(8)
 
April 2013
 
350,000

 
2,594

 
347,406

 
3.300%
 
3.388%
 
April 2023
(1) 
The proceeds from the note issuance were used to pay down outstanding indebtedness of NNN’s Credit Facility.
(2) 
The proceeds from the note issuance were used to repay the obligation of the 2004 Notes.
(3) 
The note discounts are amortized to interest expense over the respective term of each debt obligation using the effective interest method.
(4) 
Includes the effects of the discount, treasury lock gain / loss and swap gain / loss, as applicable.
(5) 
NNN entered into a forward starting interest rate swap agreement which fixed a swap rate of 4.61% on a notional amount of $94,000. Upon issuance of the 2014 Notes, NNN terminated the forward starting interest rate swap agreement resulting in a gain of $4,148. The gain has been deferred and is being amortized as an adjustment to interest expense over the term of the 2014 Notes using the effective interest method.
(6) 
NNN entered into an interest rate hedge with a notional amount of $100,000. Upon issuance of the 2017 Notes, NNN terminated the interest rate hedge agreement resulting in a liability of $3,260, of which $3,228 was recorded to other comprehensive income. The liability has been deferred and is being amortized as an adjustment to interest expense over the term of the 2017 Notes using the effective interest method.
(7) 
NNN entered into two interest rate hedges with a total notional amount of $150,000. Upon issuance of the 2021 Notes, NNN terminated the interest rate hedge agreements resulting in a liability of $5,300, of which $5,218 was deferred in other comprehensive income. The deferred liability is being amortized over the term of the note using the effective interest method.
(8) 
NNN entered into four forward starting swaps with an aggregate notional amount of $240,000. Upon issuance of the 2023 Notes, NNN terminated the forward starting swaps resulting in a liability of $3,156, of which $3,141 was deferred in other comprehensive income. The deferred liability is being amortized over the term of the note using the effective interest method.
(9) 
NNN plans to use proceeds from the Credit Facility and/or potential debt or equity offerings to repay the outstanding indebtedness.
Each series of the notes represents senior, unsecured obligations of NNN and is subordinated to all secured indebtedness of NNN. Each of the notes is redeemable at the option of NNN, in whole or in part, at a redemption price equal to the sum of (i) the principal amount of the notes being redeemed plus accrued and unpaid interest thereon through the redemption date and (ii) the make-whole amount, if any, as defined in the applicable supplemental indenture relating to the notes.
In connection with the debt offerings, NNN incurred debt issuance costs totaling $13,550,000 consisting primarily of underwriting discounts and commissions, legal and accounting fees, rating agency fees and printing expenses. Debt issuance costs for all note issuances have been deferred and are being amortized over the term of the respective notes using the effective interest method.
In June 2012, NNN repaid the $50,000,000 7.750% notes payable that were due in June 2012.
In accordance with the terms of the indenture, pursuant to which NNN’s notes have been issued, NNN is required to meet certain restrictive financial covenants, which, among other things, require NNN to maintain (i) certain leverage ratios and (ii) certain interest coverage. At December 31, 2013, NNN was in compliance with those covenants.


63


Note 10 – Preferred Stock:
7.375% Series C Cumulative Redeemable Preferred Stock. In October 2006, NNN issued 3,680,000 depositary shares, each representing 1/100th of a share of Series C Preferred Stock.
In March 2012, NNN redeemed all 3,680,000 outstanding depositary shares representing interests in its Series C Preferred Stock. The Series C Preferred Stock was redeemed at $25.00 per depositary share, plus accumulated and unpaid distributions through the redemption date, for an aggregate redemption price of $25.0768229 per depositary share. The excess carrying amount of preferred stock redeemed over the cash paid to redeem the preferred stock was $3,098,000 of Series C Preferred Stock issuance costs.
6.625% Series D Cumulative Redeemable Preferred Stock. In February 2012, NNN completed an underwritten public offering of 11,500,000 depositary shares (including 1,500,000 shares in connection with the underwriters over-allotment), each representing a 1/100th of a share of Series D Preferred Stock, and received gross proceeds of $287,500,000. In connection with this offering, the Company incurred stock issuance costs of approximately $9,855,000, consisting primarily of underwriting commissions and fees, legal and accounting fees and printing expenses.
Holders of the Series D depositary shares are entitled to receive, when and as authorized by the Board of Directors, cumulative preferential cash dividends at the rate of 6.625% of the $25.00 liquidation preference per depositary share per annum (equivalent to a fixed annual amount of $1.65625 per depositary share). The Series D Preferred Stock underlying the depositary shares ranks senior to NNN’s common stock with respect to dividend rights and rights upon liquidation, dissolution or winding up of NNN. The Series D Preferred Stock has no maturity date and will remain outstanding unless redeemed. NNN may redeem the Series D Preferred Stock underlying the depositary shares on or after September 23, 2017, for cash, at a redemption price of $2,500.00 per share (or $25.00 per depositary share), plus all accumulated and unpaid dividends. In addition, upon a change of control, as defined in the articles supplementary fixing the rights and preferences of the Series D Preferred Stock, NNN may redeem the Series D Preferred Stock underlying the depositary shares at a redemption price of $2,500.00 per share (or $25.00 per depositary share), plus all accumulated and unpaid dividends, and in limited circumstances the holders of depositary shares may convert some or all of their Series D Preferred Stock into shares of NNN's common stock at conversion rates provided in the related articles supplementary. As of February 19, 2014, the Series D Preferred Stock was not redeemable or convertible.
5.700% Series E Cumulative Redeemable Preferred Stock. In May 2013, NNN completed an underwritten public offering of 11,500,000 depositary shares (including 1,500,000 shares issued in connection with the underwriters' over-allotment), each representing a 1/100th interest in a share of its newly designated 5.700% Series E Cumulative Redeemable Preferred Stock, and received gross proceeds of $287,500,000. In connection with this offering, the Company incurred stock issuance costs of approximately $9,856,000, consisting primarily of underwriting commissions and fees, rating agency fees, legal and accounting fees and printing expenses. The Company used the net proceeds from the offering for general corporate purposes and funding property acquisitions.
Holders of the Series E depositary shares are entitled to receive, when and as authorized by the Board of Directors, cumulative preferential cash dividends at the rate of 5.700% of the $25.00 liquidation preference per depositary share per annum (equivalent to a fixed annual amount of $1.425 per depositary share). The Series E Preferred Stock underlying the depositary shares ranks senior to NNN’s common stock with respect to dividend rights and rights upon liquidation, dissolution or winding up of NNN. The Series E Preferred Stock has no maturity date and will remain outstanding unless redeemed. NNN may redeem the Series E Preferred Stock underlying the depositary shares on or after May 30, 2018, for cash, at a redemption price of $2,500.00 per share (or $25.00 per depositary share), plus all accumulated and unpaid dividends. In addition, upon a change of control, as defined in the articles supplementary fixing the rights and preferences of the Series E Preferred Stock, NNN may redeem the Series E Preferred Stock underlying the depositary shares at a redemption price of $2,500.00 per share (or $25.00 per depositary share), plus all accumulated and unpaid dividends, and in limited circumstances the holders of depositary shares may convert some or all of their Series E Preferred Stock into shares of NNN's common stock at conversion rates provided in the related articles supplementary. As of February 19, 2014, the Series E Preferred Stock was not redeemable or convertible.

Note 11 – Common Stock:
In February 2012, NNN filed a shelf registration statement with the Commission which permits the issuance by NNN of an indeterminate amount of debt and equity securities.
In September 2011, NNN filed a prospectus supplement to the prospectus contained in its February 2009 shelf registration statement and issued 9,200,000 shares (including 1,200,000 shares in connection with the underwriters' over allotment) of common stock at a price of $26.07 per share and received net proceeds of $229,451,000. In connection with this offering,

64


NNN incurred stock issuance costs totaling approximately $10,393,000, consisting primarily of underwriters' fees and commissions, legal and accounting fees and printing expenses.
In December 2011, NNN filed a prospectus supplement to the prospectus contained in its February 2009 shelf registration statement and issued 8,050,000 shares (including 1,050,000 shares in connection with the underwriters' over allotment) of common stock at a price of $25.75 per share and received net proceeds of $198,228,000. In connection with this offering, NNN incurred stock issuance costs totaling approximately $9,060,000, consisting primarily of underwriters' fees and commissions, legal and accounting fees and printing expenses.
In May 2012, NNN established an at-the-market (“2012 ATM”) equity program which allows NNN to sell up to an aggregate of 9,000,000 shares of common stock from time to time through May 2015. The following outlines the common stock issuances pursuant to the 2012 ATM for the year ended December 31 (dollars in thousands, except per share data):
 
2013
 
2012
Shares of common stock
4,676,542

 
4,282,298

Average price per share (net)
$
32.60

 
$
29.64

Net proceeds
152,435

 
126,947

Stock issuance costs (1)
2,161

 
2,145

(1) Stock issuance costs consist primarily of underwriters' fees and commissions, and legal and accounting fees.
In March 2013, NNN established a second ATM equity program ("2013 ATM") which allows NNN to sell up to an aggregate of 9,000,000 shares of common stock from time to time through March 2015. The following table outlines the common stock issuances pursuant to the 2013 ATM (dollars in thousands, except per share data):
 
2013
Shares of common stock
2,280,450

Average price per share (net)
$
37.80

Net proceeds
86,208

Stock issuance costs (1)
1,613

(1) Stock issuance costs consist primarily of underwriters' fees and commissions, and legal and accounting fees.
Dividend Reinvestment and Stock Purchase Plan. In February 2012, NNN filed a shelf registration statement with the Commission for its Dividend Reinvestment and Stock Purchase Plan (“DRIP”) which permits the issuance by NNN of 16,000,000 shares of common stock. The following outlines the common stock issuances pursuant to the DRIP for the years ended December 31 (dollars in thousands):
 
 
2013
 
2012
 
2011
Shares of common stock
764,891

 
2,101,644

 
3,745,896

Net proceeds
$
25,407

 
$
56,102

 
$
93,451


Note 12 – Employee Benefit Plan:
Effective January 1, 1998, NNN adopted a defined contribution retirement plan (the “Retirement Plan”) covering substantially all of the employees of NNN. The Retirement Plan permits participants to defer a portion of their compensation, as defined in the Retirement Plan, subject to limits established by the Code. NNN matches 60 percent of the participants’ contributions up to a maximum of eight percent of a participant’s annual compensation. NNN’s contributions to the Retirement Plan for the years ended December 31, 2013, 2012 and 2011 totaled $342,000, $378,000 and $321,000, respectively.


65


Note 13 – Dividends:
The following presents the characterization for tax purposes of common stock dividends per share paid to stockholders for the years ended December 31:
 
 
2013
 
2012
 
2011
Ordinary dividends
$
1.224568

 
$
1.199003

 
$
1.088228

Qualified dividends
0.056784

 
0.013346

 

Capital gain

 
0.021358

 

Unrecaptured Section 1250 Gain
0.000650

 
0.048890

 

Nontaxable distributions
0.317998

 
0.277403

 
0.441772

 
$
1.600000

 
$
1.560000

 
$
1.530000

The following table outlines the dividends declared and paid for NNN's common stock for the years ended December 31 (in thousands, except per share data):
 
2013
 
2012
 
2011
Dividends
$
189,107

 
$
167,495

 
$
133,720

Per share
1.600

 
1.560

 
1.530


On January 15, 2014, NNN declared a dividend of $0.405 per share, which was paid February 14, 2014 to its common stockholders of record as of January 31, 2014.
The following presents the characterization for tax purposes of Series C, D and E Preferred Stock dividends per share paid to stockholders for the year ended December 31:

 
Series E
 
Series D
 
Series C
 
2013
 
2013
 
2012
 
2012
 
2011
Ordinary dividends
$
0.741150

 
$
1.590323

 
$
1.255844

 
$
0.502710

 
$
1.843750

Qualified dividends
0.030332

 
0.065084

 
0.013979

 
0.005596

 

Capital gain

 

 
0.022371

 
0.008956

 

Unrecaptured Section 1250 Gain
0.000393

 
0.000843

 
0.051209

 
0.020498

 

 
$
0.771875

 
$
1.656250

 
$
1.343403

 
$
0.537760

 
$
1.843750



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The following table outlines the dividends declared and paid for NNN's preferred stock for the years ended December 31(in thousands, except per share data):
 
 
2013
 
2012
 
2011
Series C Preferred Stock (1):
 
 
 
 
 
 
Dividends
$

 
$
1,979

 
$
6,785

 
Per share

 
0.537760

 
1.843750

 
 
 
 
 
 
 
Series D Preferred Stock (2):
 
 
 
 
 
 
Dividends
19,047

 
15,449

 

 
Per share
1.656250

 
1.343403

 

 
 
 
 
 
 
 
Series E Preferred Stock (3):
 
 
 
 
 
 
Dividends
8,876

 

 

 
Per share
0.771875

 

 

1) The Series C Preferred Stock was redeemed in March 2012. The dividends paid during the quarter ended March 31, 2012 include accumulated and unpaid dividends through the redemption date.
2) The Series D Preferred Stock dividends paid during the quarter ended June 30, 2012 include accumulated and unpaid dividends from the issuance date through the declaration date. The Series D Preferred Stock has no maturity date and will remain outstanding unless redeemed.
3) The Series E Preferred Stock dividends paid during the quarter ended September 30, 2013 include accumulated and unpaid dividends from the issuance date through the declaration date. The Series E Preferred Stock has no maturity date and will remain outstanding unless redeemed.
In February 2014, NNN declared a dividend on its Series D and E Preferred Stock of 41.40625 and 35.62500 cents per depositary share, respectively, payable March 14, 2014.

Note 14 – Income Taxes:
For income tax purposes, NNN has taxable REIT subsidiaries in which certain real estate activities are conducted.
NNN treats some depreciation expense and certain other items differently for tax than for financial reporting purposes. The principal differences between NNN’s effective tax rates for the years ended December 31, 2013, 2012 and 2011, and the statutory rates relate to state taxes and nondeductible expenses.
In 2010, NNN acquired the 21.1% non-controlling interest in its majority owned and controlled subsidiary, OAMI, pursuant to which OAMI became a wholly owned subsidiary of NNN. OAMI has remaining tax liabilities relating to the built-in gain of its assets.

67


The significant components of the net income tax asset consist of the following at December 31 (dollars in thousands):
 
 
2013
 
2012
Deferred tax assets:
 
 
 
    Cost basis
$
994

 
$
1,118

    Deferred income
155

 
247

    Reserves
4,728

 
3,735

    Credits
393

 
217

    Excess interest expense carryforward
2,706

 
4,508

    Net operating loss carryforward
5,212

 
5,829

 
14,188

 
15,654

Valuation allowance

 

Total deferred tax assets
14,188

 
15,654

 
 
 
 
Deferred tax liabilities:
 
 
 
    Built-in gain
(2,163
)
 
(2,924
)
    Depreciation
(618
)
 
(756
)
    Other
(779
)
 
(546
)
Total deferred tax liabilities
(3,560
)
 
(4,226
)
 
 
 
 
Net deferred tax asset
$
10,628

 
$
11,428


In assessing the ability to realize a deferred tax asset, management considers whether it is more likely than not that some portion or the entire deferred tax asset will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible. Management considers the scheduled reversal of deferred tax liabilities, projected future taxable income, and tax planning strategies in making this assessment. The net operating loss carryforwards were generated by NNN’s taxable REIT subsidiaries. The net operating loss carryforwards begin to expire in 2028. Based upon the level of historical taxable income and projections for future taxable income management believes it is more likely than not that NNN will realize all of the benefits of these deductible differences that existed as of December 31, 2013 and 2012.
As noted in Note 1, during the year ended December 31, 2012, NNN identified certain immaterial errors related to deferred tax assets and the related valuation allowance. NNN decreased deferred tax assets and the related valuation allowance by $10,350,000 each to correct a gross-up error and reversed its valuation allowance by $6,493,000 to reflect an overstatement of its valuation allowance recorded in the years ended December 31, 2010 and 2009.
Furthermore, NNN determined in the year ended December 31, 2012 that its available sources of income supported realizability of all of its gross deferred tax assets. In 2012, NNN reversed the remaining valuation allowance and recorded an income tax benefit of $1,178,000.
The decrease in the valuation allowance for the year ended December 31, 2012 was $18,021,000. There was no valuation allowance as of December 31, 2013 or 2012, respectively.

68


The income tax benefit (expense) consists of the following components for the years ended December 31, (as adjusted) (dollars in thousands):
 
2013
 
2012
 
2011
Net earnings before income taxes
$
161,230

 
$
135,124

 
$
93,302

Provision for income tax benefit (expense):
 
 
 
 
 
Current:
 
 
 
 
 
Federal
(195
)
 
(136
)
 
(166
)
State and local
(90
)
 
(7
)
 
(15
)
Deferred:
 
 
 
 
 
Federal
(790
)
 
5,871

 
(714
)
State and local
(10
)
 
1,163

 
(82
)
Total benefit (expense) for income taxes
(1,085
)
 
6,891

 
(977
)
Net earnings attributable to NNN’s stockholders
$
160,145

 
$
142,015

 
$
92,325


The total income tax benefit (expense) differs from the amount computed by applying the statutory federal tax rate to net earnings before taxes as follows for the years ended December 31 (dollars in thousands):
 
2013
 
2012
 
2011
Federal expense at statutory tax rate
$
(54,818
)
 
$
(45,942
)
 
$
(31,723
)
Nontaxable income of NNN
53,178

 
44,746

 
30,380

State taxes, net of federal benefit
(200
)
 
(139
)
 
(156
)
Amortization of Built-in Gain Tax
761

 
613

 
531

Other
(6
)
 
(58
)
 
(9
)
Valuation allowance (increase) decrease

 
7,671

 

Total tax benefit (expense)
$
(1,085
)
 
$
6,891

 
$
(977
)
In June 2006, the FASB issued additional guidance, which clarifies the accounting for uncertainty in income taxes recognized in a company’s financial statements included in Income Taxes. The interpretation prescribes a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. The interpretation also provides guidance on derecognition, classification, interest and penalties, accounting in interim periods, disclosure and transition.
NNN, in accordance with FASB guidance included in Income Taxes, has analyzed its various federal and state filing positions. NNN believes that its income tax filing positions and deductions are well documented and supported. Additionally, NNN believes that its accruals for tax liabilities are adequate. Therefore, no reserves for uncertain income tax positions have been recorded pursuant to the FASB guidance. In addition, NNN did not record a cumulative effect adjustment related to the adoption of the FASB guidance.
NNN has had no increases or decreases in unrecognized tax benefits for current or prior years since the date of adoption. Further, no interest or penalties have been included since no reserves were recorded and no significant increases or decreases are expected to occur within the next 12 months. When applicable, such interest and penalties will be recorded in non-operating expenses. The periods that remain open under federal statute are 2009 through 2012. NNN also files in many states with varying open years under statute.


69


Note 15 – Earnings from Discontinued Operations:
NNN classified the revenues and expenses related to properties which generated revenue and were sold or generated revenue and were held for sale as of December 31, 2013, as discontinued operations. The following is a summary of the earnings from discontinued operations for each of the years ended December 31 (dollars in thousands):
 
 
2013
 
2012
 
2011
Revenues:
 
 
 
 
 
Rental income from operating leases
$
2,631

 
$
7,342

 
$
10,520

Earned income from direct financing leases
190

 
324

 
420

Percentage rent
1

 
27

 
27

Real estate expense reimbursement from tenants
327

 
383

 
466

Interest and other income from real estate transactions
37

 
17

 
62

 
3,186

 
8,093

 
11,495

Operating expenses:
 
 
 
 
 
General and administrative
219

 
20

 
41

Real estate
600

 
1,026

 
1,041

Depreciation and amortization
371

 
1,480

 
1,957

Impairment losses and other charges
2,149

 
7,026

 
431

 
3,339

 
9,552

 
3,470

Other expenses (revenues):
 
 
 
 
 
Interest expense
580

 
732

 
695

 
580

 
732

 
695

Earnings (loss) before gain on disposition of real estate and income tax expense
(733
)
 
(2,191
)
 
7,330

Gain on disposition of real estate
6,272

 
10,956

 
424

Income tax expense
(467
)
 
(56
)
 
(78
)
Earnings from discontinued operations attributable to NNN including noncontrolling interests
5,072

 
8,709

 
7,676

Earnings attributable to noncontrolling interests
(226
)
 
(29
)
 
(100
)
Earnings from discontinued operations attributable to NNN
$
4,846

 
$
8,680

 
$
7,576


Note 16 – Derivatives:
In accordance with the guidance on derivatives and hedging, NNN records all derivatives on the balance sheet at fair value. The accounting for changes in the fair value of derivatives depends on the intended use of the derivative and the resulting designation. Derivatives used to hedge the exposure to changes in the fair value of an asset, liability, or firm commitment attributable to a particular risk, such as interest rate risk, are considered fair value hedges. Derivatives used to hedge the exposure to variability in expected future cash flows, or other types of forecasted transactions, are considered cash flow hedges.
NNN’s objective in using derivatives is to add stability to interest expense and to manage its exposure to interest rate movements or other identified risks. To accomplish this objective, NNN primarily uses treasury locks, forward swaps (“forward hedges”) and interest rate swaps as part of its cash flow hedging strategy. Treasury locks and forward starting swaps are used to hedge forecasted debt issuances. Treasury locks designated as cash flow hedges lock in the yield/price of a treasury security. Forward swaps also lock the associated swap spread. Interest rate swaps designated as cash flow hedges hedging the variable cash flows associated with floating rate debt involve the receipt of variable rate amounts in exchange for fixed-rate payments over the life of the agreements without exchange of the underlying principal amount.
For derivatives designated as cash flow hedges, the effective portion of changes in the fair value of the derivative is initially reported in other comprehensive income (outside of earnings) and subsequently reclassified to earnings when the hedged transaction affects earnings, and the ineffective portion of changes in the fair value of the derivative is recognized directly in earnings.

70


NNN discontinues hedge accounting prospectively when it is determined that the derivative is no longer effective in offsetting changes in the cash flows of the hedged item, the derivative expires or is sold, terminated, or exercised, the derivative is re-designated as a hedging instrument or management determines that designation of the derivative as a hedging instrument is no longer appropriate. When hedge accounting is discontinued, NNN continues to carry the derivative at its fair value on the balance sheet, and recognizes any changes in its fair value in earnings or may choose to cash settle the derivative at that time.
In April 2013, NNN terminated four forward starting swaps with an aggregate notional amount of $240,000,000 that were hedging the risk of changes in forecasted interest payments on a forecasted issuance of long-term debt. When terminated, the fair value of the forward starting swaps designated as cash flow hedges, was a liability of $3,156,000, of which $3,141,000 was deferred in other comprehensive income. The amount reported in accumulated other comprehensive income will be reclassified to interest expense as interest payments are made on the 2023 Notes.
In June 2011, NNN terminated its two treasury locks with a total notional amount of $150,000,000 that were hedging the risk of changes in the interest-related cash outflows associated with the potential issuance of long-term debt. The fair value of the treasury locks, designated as cash flow hedges, when terminated was a liability of $5,300,000, of which $5,218,000 was deferred in other comprehensive income.
In September 2007, NNN terminated two interest rate hedges with a combined notional amount of $100,000,000 that were hedging the risk of changes in forecasted interest payments on a forecasted issuance of long-term debt. The fair value of the interest rate hedges when terminated was a liability of $3,260,000, of which $3,228,000 was deferred in other comprehensive income.
In June 2004, NNN terminated its forward-starting interest rate swaps with a notional amount of $94,000,000 that were hedging the risk of changes in forecasted interest payments on a forecasted issuance of long-term debt. The fair value of the interest rate swaps when terminated was an asset of $4,148,000, which was deferred in other comprehensive income.
As of December 31, 2013, $8,396,000 remains in other comprehensive income related to the effective portion of NNN’s previous interest rate hedges. During the years ended December 31, 2013, 2012 and 2011, NNN reclassified $438,000, $231,000 and $9,000 out of other comprehensive income as an increase to interest expense. Over the next 12 months, NNN estimates that an additional $849,000 will be reclassified as an increase in interest expense. Amounts reported in accumulated other comprehensive income related to derivatives will be reclassified to interest expense as interest payments are made on NNN’s long-term debt.
NNN does not use derivatives for trading or speculative purposes or currently have any derivatives that are not designated as hedges. NNN had no derivative financial instruments outstanding at December 31, 2013.

Note 17 – Performance Incentive Plan:
In June 2007, NNN filed a registration statement on Form S-8 with the Commission which permits the issuance of up to 5,900,000 shares of common stock pursuant to NNN’s 2007 Performance Incentive Plan (the “2007 Plan”). The 2007 Plan replaced NNN’s previous Performance Incentive Plan. The 2007 Plan allows NNN to award or grant to key employees, directors and persons performing consulting or advisory services for NNN or its affiliates, stock options, stock awards, stock appreciation rights, Phantom Stock Awards, Performance Awards and Leveraged Stock Purchase Awards, each as defined in the 2007 Plan.

There were no options outstanding or exercisable at December 31, 2013.

Pursuant to the 2007 Plan, NNN has granted and issued shares of restricted stock to certain officers and key associates of NNN. The following summarizes the restricted stock activity for the year ended December 31, 2013:
 
Number
of
Shares
 
Weighted
Average
Share Price
Non-vested restricted shares, January 1
964,612

 
$
23.40

Restricted shares granted
298,896

 
33.73

Restricted shares vested
(446,607
)
 
21.41

Restricted shares forfeited
(241
)
 
30.68

Restricted shares repurchased
(8,474
)
 
24.36

Non-vested restricted shares, December 31
808,186

 
$
28.18


71


Compensation expense for the restricted stock which is not contingent upon NNN’s performance goals is determined based upon the fair value at the date of grant and is recognized as the greater of the amount amortized over a straight lined basis or the amount vested over the vesting periods. Vesting periods for officers and key associates of NNN range from three to five years and generally vest yearly. NNN recognizes compensation expense on a straight-line basis for awards with only service conditions.
During the years ended December 31, 2013 and 2012, NNN granted 152,901 and 185,915, respectively, performance based shares subject to its total shareholder return growth after a three years period relative to its peers. The shares were granted to certain executive officers and had weighted average grant price of $33.73 and $26.85, respectively, per share. Once the performance criteria are met and the actual number of shares earned is determined, the shares vest immediately. For the 2013 and 2012 grants, the conditions are based on market conditions, and the fair value was determined at the grant date (for a fair value share price of $21.54 and $15.71, respectively). Compensation expense is recognized over the requisite service period for both grants.
The following summarizes other grants made during the year ended December 31, 2013, pursuant to the 2007 Plan.
 
Shares
 
Weighted
Average
  Share Price  
Other share grants under the 2007 Plan:
 
 
 
Directors’ fees
16,605

 
$
35.08

Deferred directors’ fees
12,308

 
35.09

 
28,913

 
$
35.08

Shares available under the 2007 Plan for grant, end of period
3,958,300

 
 

The total compensation cost for share-based payments for the years ended December 31, 2013, 2012 and 2011, totaled $7,459,000, $8,131,000 and $6,390,000, respectively, of such compensation expense. At December 31, 2013, NNN had $10,929,000 of unrecognized compensation cost related to non-vested share-based compensation arrangements under the 2007 Plan. This cost is expected to be recognized over a weighted average period of 2.5 years. In addition, NNN recognized performance based long term incentive cash compensation of $729,000, $1,684,000 and $1,702,000 for the years ended December 31, 2013, 2012 and 2011 respectively.

Note 18 – Fair Value of Financial Instruments:
NNN believes the carrying value of its Credit Facility approximates fair value based upon its nature, terms and variable interest rate. NNN believes that the carrying value of its cash and cash equivalents, mortgages, notes and other receivables, mortgages payable and other liabilities at December 31, 2013 and 2012, approximate fair value based upon current market prices of similar issues. At December 31, 2013 and 2012, the carrying value and fair value of NNN’s notes payable and convertible notes payable, collectively, was $1,555,672,000 and $1,585,756,000, respectively, based upon quoted market prices, which are a level 1 input.

72



Note 19 – Quarterly Financial Data (unaudited):
The following table outlines NNN’s quarterly financial data (dollars in thousands, except per share data):
2013
 
First
Quarter
 
Second
Quarter
 
Third
Quarter
 
Fourth
Quarter
Revenues as originally reported
 
$
92,565

 
$
96,121

 
$
100,621

 
$
103,648

Reclassified to discontinued operations
 
(382
)
 
(106
)
 
(139
)
 

Adjusted revenue
 
$
92,183

 
$
96,015

 
$
100,482

 
$
103,648

Net earnings attributable to NNN’s stockholders
 
$
34,066

 
$
37,486

 
$
44,352

 
$
44,241

Net earnings per share (1):
 
 
 
 
 
 
 
 
Basic
 
$
0.26

 
$
0.28

 
$
0.29

 
$
0.29

Diluted
 
0.25

 
0.27

 
0.29

 
0.29

2012
 
 
 
 
 
 
 
 
Revenues as originally reported
 
$
78,658

 
$
82,751

 
$
85,013

 
$
88,899

Reclassified to discontinued operations
 
(1,526
)
 
(1,655
)
 
(763
)
 
160

Adjusted revenue
 
$
77,132

 
$
81,096

 
$
84,250

 
$
89,059

Net earnings attributable to NNN’s stockholders
 
$
29,832

 
$
33,505

 
$
38,015

 
$
40,663

Net earnings per share (1):
 
 
 
 
 
 
 
 
Basic
 
$
0.23

 
$
0.26

 
$
0.31

 
$
0.33

Diluted
 
0.23

 
0.26

 
0.30

 
0.32

(1) 
Calculated independently for each period and consequently, the sum of the quarters may differ from the annual amount.


Note 20 – Segment Information:

For the years ended December 31, 2013, 2012 and 2011, NNN’s operations are reported within one business segment in the consolidated financial statements and all properties are part of the Properties or Property Portfolio.

Note 21 – Fair Value Measurements:
NNN currently values its Residuals based upon an independent valuation which provides a discounted cash flow analysis based upon prepayment speeds, expected loan losses and yield curves. These valuation inputs are generally considered unobservable; therefore, the Residuals are considered Level 3 financial assets. The table below presents a rollforward of the Residuals during the year ended December 31, 2013 (dollars in thousands):
 
Balance at beginning of period
$
13,096

Total gains (losses) – realized/unrealized:
 
Included in earnings
(1,185
)
Included in other comprehensive income
(438
)
Interest income on Residuals
2,290

Cash received from Residuals
(2,042
)
Purchases, sales, issuances and settlements, net

Transfers in and/or out of Level 3

Balance at end of period
$
11,721

Changes in gains (losses) included in earnings attributable to a change
   in unrealized gains (losses) relating to assets still held at the end of
   period
$
(328
)

Note 22 – Major Tenants:
As of December 31, 2013, NNN had no tenants that accounted for ten percent or more of its rental and earned income.


73


Note 23 – Commitments and Contingencies:
In the ordinary course of its business, NNN is a party to various other legal actions which management believes are routine in nature and incidental to the operation of the business of NNN. Management believes that the outcome of the proceedings will not have a material adverse effect upon its operations, financial condition or liquidity.

Note 24 – Subsequent Events:
NNN reviewed all subsequent events and transactions that have occurred after December 31, 2013, the date of the consolidated balance sheet.
In 2014, the Company entered into three forward starting swaps with a total notional amount of $225,000,000 to hedge the risk of changes in the interest-related cash outflows associated with the potential issuance of long-term debt. The outstanding forward starting swaps were designated as cash flow hedges.
There were no other reportable subsequent events or transactions.

74


Item 9.
Changes in and Disagreements with Accountants on Accounting and Financial Disclosure
None.

Item 9A.
Controls and Procedures
Process for Assessment and Evaluation of Disclosure Controls and Procedures and Internal Control over Financing Reporting.
NNN carried out an assessment as of December 31, 2013, of the effectiveness of the design and operation of its disclosure controls and procedures and its internal control over financial reporting. This assessment was done under the supervision and with the participation of management, including NNN’s Chief Executive Officer and Chief Financial Officer. Rules adopted by the Securities and Exchange Commission (the “Commission”) require NNN to present the conclusions of the Chief Executive Officer and Chief Financial Officer about the effectiveness of NNN’s disclosure controls and procedures and the conclusions of NNN’s management about the effectiveness of NNN’s internal control over financial reporting as of the end of the period covered by this annual report.
CEO and CFO Certifications.  Included as Exhibits 31.1 and 31.2 to this Annual Report on Form 10-K are forms of “Certification” of NNN’s Chief Executive Officer and Chief Financial Officer. The forms of Certification are required in accordance with Section 302 of the Sarbanes-Oxley Act of 2002. This section of the Annual Report on Form 10-K that stockholders are currently reading is the information concerning the assessment referred to in the Section 302 certifications and this information should be read in conjunction with the Section 302 certifications for a more complete understanding of the topics presented.
Disclosure Controls and Procedures and Internal Control over Financial Reporting.  Disclosure controls and procedures are designed with the objective of providing reasonable assurance that information required to be disclosed in NNN’s reports filed or submitted under the Exchange Act, such as this Annual Report on Form 10-K, is recorded, processed, summarized and reported within the time periods specified in the Commission’s rules and forms. Disclosure controls and procedures are also designed with the objective of providing reasonable assurance that such information is accumulated and communicated to NNN’s management, including the Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosure.
Internal control over financial reporting is a process designed by, or under the supervision of, NNN’s Chief Executive Officer and Chief Financial Officer, and affected by NNN’s Board of Directors, management and other personnel, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles (“GAAP”) and includes those policies and procedures that:
pertain to the maintenance of records that in reasonable detail accurately and fairly reflect the transactions and dispositions of NNN’s assets;
provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that NNN’s receipts and expenditures are being made in accordance with authorizations of management or the Board of Directors; and
provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of NNN’s assets that could have a material adverse effect on NNN’s financial statements.

Scope of the Assessments.  The assessment by NNN’s Chief Executive Officer and Chief Financial Officer of NNN’s disclosure controls and procedures and the assessment by NNN’s management, including NNN’s Chief Executive Officer and Chief Financial Officer, of NNN’s internal control over financial reporting included a review of procedures and discussions with NNN’s management and others at NNN. In the course of the assessments, NNN sought to identify data errors, control problems or acts of fraud and to confirm that appropriate corrective action, including process improvements, were being undertaken.
NNN’s internal control over financial reporting is also assessed on an ongoing basis by personnel in NNN’s Accounting department and by NNN’s internal auditors in connection with their internal audit activities. The overall goals of these various assessment activities are to monitor NNN’s disclosure controls and procedures and NNN’s internal control over financial reporting and to make modifications as necessary. NNN’s intent in this regard is that the disclosure controls and procedures and the internal control over financial reporting will be maintained and updated (including with improvements and corrections) as conditions warrant. Management also sought to deal with other control matters in the assessment, and in each case if a problem was identified, management considered what revision, improvement and/or correction was necessary to be made in accordance with NNN’s on-going procedures. The assessments of NNN’s disclosure controls and procedures and NNN’s internal control

75


over financial reporting is done on a quarterly basis so that the conclusions concerning effectiveness of those controls can be reported in NNN’s Quarterly Reports on Form 10-Q and Annual Report on Form 10-K.
Assessment of Effectiveness of Disclosure Controls and Procedures.
Based upon the assessments, NNN’s Chief Executive Officer and Chief Financial Officer have concluded that, as of December 31, 2013, NNN’s disclosure controls and procedures were effective.
Management’s Report on Internal Control over Financial Reporting.
Management, including NNN’s Chief Executive Officer and Chief Financial Officer, are responsible for establishing and maintaining adequate internal control over financial reporting for NNN. Management used the criteria issued by the Committee of Sponsoring Organizations of the Treadway Commission in Internal Control – 1992 Integrated Framework to assess the effectiveness of NNN’s internal control over financial reporting. Based upon the assessments, NNN’s Chief Executive Officer and Chief Financial Officer have concluded that, as of December 31, 2013, NNN’s internal control over financial reporting was effective.
Attestation Report of the Registered Public Accounting Firm.
Ernst & Young LLP, NNN’s independent registered public accounting firm, audited the financial statements included in this Annual Report on Form 10-K and has issued an attestation report on NNN’s effectiveness of internal control over financial reporting, which appears in this Annual Report on Form 10-K.
Changes in Internal Control over Financial Reporting.
During the three months ended December 31, 2013, there were no changes in NNN’s internal control over financial reporting that materially affected, or are reasonably likely to materially affect, NNN’s internal control for financial reporting.
Limitations on the Effectiveness of Controls.
Management, including NNN’s Chief Executive Officer and Chief Financial Officer, do not expect that NNN’s disclosure controls and procedures or NNN’s internal control over financial reporting will prevent all errors and all fraud. A control system, no matter how well conceived and operated, can provide only reasonable, not absolute, assurance that the objectives of the control system are met. Further, the design of a control system must reflect the fact that there are resource constraints, and the benefits of controls must be considered relative to their costs. Because of the inherent limitations in all control systems, no evaluation of controls can provide absolute assurance that all control issues and instances of fraud, if any, within NNN have been detected. These inherent limitations include the realities that judgments in decision-making can be faulty, and that breakdowns can occur because of simple error or mistake. Additionally, controls can be circumvented by the individual acts of some persons, by collusion of two or more people, or by management’s override of the control. The design of any system of controls also is based in part upon certain assumptions about the likelihood of future events, and there can be no assurance that any design will succeed in achieving its stated goals under all potential future conditions; over time, controls may become inadequate because of changes in conditions, or the degree of compliance with the policies or procedures may deteriorate. Because of the inherent limitations in a cost-effective control system, misstatements due to error or fraud may occur and not be detected.

Item 9B.
Other Information
None.


76


PART III

Item 10.
Directors, Executive Officers and Corporate Governance
Reference is made to the Registrant’s definitive proxy statement to be filed with the Commission pursuant to Regulation 14(a); information responsive to this Item is included in the Registrant's proxy statement including the information, without limitation, contained in the sections thereof captioned “Proposal I: Election of Directors – Nominees,” “Proposal I: Election of Directors – Executive Officers,” “Proposal I: Election of Directors – Code of Business Conduct” and “Security Ownership ”, and such information in such sections is incorporated herein by reference.

Item 11.
Executive Compensation
Reference is made to the Registrant’s definitive proxy statement to be filed with the Commission pursuant to Regulation 14(a); information responsive to this Item is included in the Registrant's proxy statement including the information, without limitation, contained in the sections thereof captioned “Proposal I: Election of Directors – Compensation of Directors,” “Executive Compensation” and “Compensation Committee Report”, and such information is incorporated herein by reference.

Item 12.
Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters
Reference is made to the Registrant’s definitive proxy statement to be filed with the Commission pursuant to Regulation 14(a); information responsive to this Item is included in the Registrant's proxy statement including the information, without limitation, contained in the section thereof captioned “Executive Compensation – Equity Compensation Plan Information,” and “Security Ownership”, and such information is incorporated herein by reference.

Item 13.
Certain Relationships and Related Transactions, and Director Independence
Reference is made to the Registrant’s definitive proxy statement to be filed with the Commission pursuant to Regulation 14(a); information responsive to this Item is included in the Registrant's proxy statement including the information, without limitation, contained in the section thereof captioned “Certain Relationships and Related Transactions” and such information is incorporated herein by reference.

Item 14.
Principal Accountant Fees and Services
Reference is made to the Registrant’s definitive proxy statement to be filed with the Commission pursuant to Regulation 14(a); information responsive to this Item is included in the Registrant's proxy statement including the information, without limitation, contained in the section thereof captioned “Audit Committee Report” and “Proposal II: Proposal to Ratify Independent Registered Public Accounting Firm”, and such information is incorporated herein by reference.


77


PART IV

Item 15.
Exhibits and Financial Statement Schedules

(a)
 
 
The following documents are filed as part of this report
 
 
 
 
 
 
 
 
(1)
 
Financial Statements
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(2)
 
Financial Statement Schedules
 
 
 
 
 
 
 
 
 
 
Schedule III – Real Estate and Accumulated Depreciation and Amortization and Notes as of December 31, 2013
 
 
 
 
 
 
 
 
 
 
Schedule IV – Mortgage Loans on Real Estate and Notes as of December 31, 2013
 
 
 
 
 
 
 
 
 
 
 
All other schedules are omitted because they are not applicable or because the required information is shown in the financial statements or the notes thereto.
 
 
 
 
 
 
 
 
(3)
 
Exhibits
 

     The following exhibits are filed as a part of this report.
 
 
3.
Articles of Incorporation and Bylaws
 
 
 
3.1
First Amended and Restated Articles of Incorporation of the Registrant, as amended (filed as Exhibit 3.1 to the Registrant’s Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission on August 3, 2012, and incorporated herein by reference).
 
 
 
 
 
 
 
 
3.2
Articles Supplementary Establishing and Fixing the Rights and Preferences of 6.625% Series D Cumulative Preferred Stock, par value $0.01 per share, dated February 21, 2012 (filed as Exhibit 3.1 to the Registrant’s Current Report on Form 8-K dated February 23, 2012, incorporated herein by reference).
 
 
 
 
 
 
 
 
3.3
Articles Supplementary Establishing and Fixing the Rights and Preferences of 5.700% Series E Cumulative Preferred Stock, par value $0.01 per share, dated May 29, 2013 (filed as Exhibit 3.1 to the Registrant’s Current Report on Form 8-K dated May 30, 2013, incorporated herein by reference).
 
 
 
 
 
 
 
 
3.4
Third Amended and Restated Bylaws of the Registrant, dated May 1, 2006, as amended (filed herewith).
 
 
 
 
 
 
 
 
3.5
Second Amendment to the Third Amended and Restated Bylaws of the Registrant, dated December 13, 2007 (filed herewith).
 
 
 
 
 
 
 
 
3.6
Third Amendment to the Third Amended and Restated Bylaws of the Registrant, dated February 13, 2014 (filed herewith).
 
 
 
 
 
 
4.
Instruments Defining the Rights of Security Holders, Including Indentures
 
 
 
 
 
 
 
 
4.1
Specimen Certificate of Common Stock, par value $0.01 per share, of the Registrant (filed as Exhibit 3.4 to the Registrant’s Registration Statement No. 1-11290 on Form 8-B filed with the Securities and Exchange Commission and incorporated herein by reference).
 
 
 
 
 

78


 
 
 
4.2
Indenture, dated as of March 25, 1998, between the Registrant and First Union National Bank, as trustee (filed as Exhibit 4.4 to the Registrant’s Registration Statement on Form S-3 (Registration No. 333-132095) filed with the Securities and Exchange Commission on February 28, 2006, and incorporated herein by reference).
 
 
 
 
 
 
 
 
4.3
Form of Supplemental Indenture No. 5 dated as of June 18, 2004, by and among Registrant and Wachovia Bank, National Association, Trustee, relating to $150,000,000 of 6.25% Notes due 2014 (filed as Exhibit 4.1 to the Registrant’s Current Report on Form 8-K dated June 15, 2004 and filed with the Securities and Exchange Commission on June 18, 2004, and incorporated herein by reference).
 
 
 
 
 
 
 
 
4.4
Form of 6.25% Notes due 2014 (filed as Exhibit 4.2 to the Registrant’s Current Report on Form 8-K dated June 15, 2004 and filed with the Securities and Exchange Commission on June 18, 2004, and incorporated herein by reference).
 
 
 
 
 
 
 
 
4.5
Form of Supplemental Indenture No. 6 dated as of November 17, 2005, by and among Registrant and Wachovia Bank, National Association, Trustee, relating to $150,000,000 of 6.15% Notes due 2015 (filed as Exhibit 4.1 to the Registrant’s Current Report on Form 8-K dated November 14, 2005 and filed with the Securities and Exchange Commission on November 17, 2005, and incorporated herein by reference).
 
 
 
 
 
 
 
 
4.6
Form of 6.15% Notes due 2015 (filed as Exhibit 4.2 to the Registrant’s Current Report on Form 8-K dated November 14, 2005 and filed with the Securities and Exchange Commission on November 17, 2005, and incorporated herein by reference).
 
 
 
 
 
 
 
 
4.7
Specimen certificate representing the 6.625% Series D Cumulative Redeemable Preferred Stock, par value $.01 per share, of the Registrant (filed as Exhibit 4.4 to the Registrant’s Registration Statement on Form 8-A dated February 22, 2012 and filed with the Securities and Exchange Commission on February 22, 2012, and incorporated herein by reference).
 
 
 
 
 
 
 
 
4.8
Deposit Agreement, among the Registrant, American Stock Transfer & Trust Company, as Depositary, and the holders of depositary receipts (filed as Exhibit 4.20 to the Registrant’s Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission on May 4, 2012, and incorporated herein by reference).
 
 
 
 
 
 
 
 
4.9
Form of Supplemental Indenture No. 8 between National Retail Properties, Inc. and U.S. Bank National Association relating to 6.875% Notes due 2017 (filed as Exhibit 4.1 to Registrant’s Current Report on Form 8-K dated and filed with the Securities and Exchange Commission on September 4, 2007, and incorporated herein by reference).
 
 
 
 
 
 
 
 
4.10
Form of 6.875% Notes due 2017 (filed as Exhibit 4.2 to the Registrant’s Current Report on Form 8-K dated and filed with the Securities and Exchange Commission on September 4, 2007, and incorporated herein by reference).
 
 
 
 
 
 
 
 
4.11
Form of Ninth Supplemental Indenture between National Retail Properties, Inc. and U.S. Bank National Association relating to 5.125% Convertible Senior Notes due 2028 (filed as Exhibit 4.1 to Registrants’ Current Report on Form 8-K dated February 27, 2008 and filed with the Securities and Exchange Commission on March 4, 2008, and incorporated herein by reference).
 
 
 
 
 
 
 
 
4.12
Form of 5.125% Convertible Senior Notes due 2028 (filed as Exhibit 4.2 to the Registrant’s Current Report on Form 8-K dated February 27, 2008 and filed with the Securities and Exchange Commission on March 4, 2008, and incorporated herein by reference).
 
 
 
 
 
 
 
 
4.13
Form of Tenth Supplemental Indenture between National Retail Properties, Inc. and U.S. Bank National Association relating to 5.500% Notes due 2021 (filed as Exhibit 4.1 to Registrant's Current Report on Form 8-K dated July 6, 2011 and filed with the Securities and Exchange Commission on July 6, 2011, and incorporated herein by reference).
 
 
 
 
 
 
 
 
4.14
Form of 5.500% Notes due 2021 (filed as Exhibit 4.2 to the Registrant's Current Report on Form 8-K dated July 6, 2011 and filed with the Securities and Exchange Commission on July 6, 2011, and incorporated herein by reference).
 
 
 
 
 
 
 
 
4.15
Form of Eleventh Supplemental Indenture between National Retail Properties, Inc. and U.S. Bank National Association relating to 3.80% Notes due 2022 (filed as Exhibit 4.1 to Registrant's Current Report on Form 8-K dated August 14, 2012, filed with the Securities and Exchange Commission on August 14, 2012 and incorporated herein by reference).
 
 
 
 
 
 
 
 
4.16
Form of 3.800% Notes due 2022 (filed as Exhibit 4.2 to Registrant's Current Report on Form 8-K dated August 14, 2012, filed with the Securities and Exchange Commission on August 14, 2012 and incorporated herein by reference).
 
 
 
 
 

79


 
 
 
4.17
Form of Twelfth Supplemental Indenture between National Retail Properties, Inc. and U.S. Bank National Association relating to 3.300% Notes due 2023 (filed as Exhibit 4.1 to Registrant's Current Report on Form 8-K dated April 9, 2013, filed with the Securities and Exchange Commission on April 15, 2013 and incorporated herein by reference).
 
 
 
 
 
 
 
 
4.18
Form of 3.300% Notes due 2023 (filed as Exhibit 4.2 to Registrant's Current Report on Form 8-K dated April 9, 2013, filed with the Securities and Exchange Commission on April 15, 2013 and incorporated herein by reference).
 
 
 
 
 
 
 
 
4.19
Specimen certificate representing the 5.700% Series E Cumulative Redeemable Preferred Stock, par value $.01 per share, of the Registrant (filed as Exhibit 4.3 to the Registrant’s Registration Statement on Form 8-A filed with the Securities and Exchange Commission on May 30, 2013 and incorporated herein by reference).
 
 
 
 
 
 
 
 
4.20
Deposit Agreement, among the Registrant, American Stock Transfer & Trust Company, as Depositary, and the holders of depositary receipts (filed as Exhibit 4.1 to the Registrant’s Registration Statement on Form 8-A filed with the Securities and Exchange Commission on May 30, 2013 and incorporated herein by reference).
 
 
 
 
 
 
10.
Material Contracts
 
 
 
 
 
 
 
 
10.1
2007 Performance Incentive Plan (filed as Annex A to the Registrant’s 2007 Annual Proxy Statement on Schedule 14A filed with the Securities and Exchange Commission on April 3, 2007, and incorporated herein by reference).
 
 
 
 
 
 
 
 
10.2
Form of Restricted Stock Agreement between NNN and the Participant of NNN (filed as Exhibit 10.2 to the Registrant’s Annual Report on Form 10-K filed with the Securities and Exchange Commission on March 15, 2005, and incorporated herein by reference).
 
 
 
 
 
 
 
 
10.3
Employment Agreement dated as of December 1, 2008, between the Registrant and Craig Macnab (filed as Exhibit 10.1 to the Registrant’s Current Report on Form 8-K filed with the Securities and Exchange Commission on December 3, 2008, and incorporated herein by reference).
 
 
 
 
 
 
 
 
10.4
Employment Agreement dated as of December 1, 2008, between the Registrant and Julian E. Whitehurst (filed as Exhibit 10.2 to the Registrant’s Current Report on Form 8-K filed with the Securities and Exchange Commission on December 3, 2008, and incorporated herein by reference).
 
 
 
 
 
 
 
 
10.5
Employment Agreement dated as of December 1, 2008, between the Registrant and Kevin B. Habicht (filed as Exhibit 10.3 to the Registrant’s Current Report on Form 8-K filed with the Securities and Exchange Commission on December 3, 2008, and incorporated herein by reference).
 
 
 
 
 
 
 
 
10.6
Employment Agreement dated as of December 1, 2008, between the Registrant and Paul E. Bayer (filed as Exhibit 10.5 to the Registrant’s Current Report on Form 8-K filed with the Securities and Exchange Commission on December 3, 2008, and incorporated herein by reference).
 
 
 
 
 
 
 
 
10.7
Employment Agreement dated as of December 1, 2008, between the Registrant and Christopher P. Tessitore (filed as Exhibit 10.4 to the Registrant’s Current Report on Form 8-K filed with the Securities and Exchange Commission on December 3, 2008, and incorporated herein by reference).
 
 
 
 
 
 
 
 
10.8
Form of Indemnification Agreement (as entered into between the Registrant and each of its directors and executive officers) (filed as Exhibit 10.1 to the Registrant’s Current Report on Form 8-K dated and filed with the Securities and Exchange Commission on June 12, 2009, and incorporated herein by reference).
 
 
 
 
 
 
 
 
10.9
Amendment to Employment Agreement dated as of November 8, 2010, between the Registrant and Craig Macnab (filed as Exhibit 10.10 to the Registrant’s Annual Report on Form 10-K filed with the Securities and Exchange Commission on February 24, 2011, and incorporated herein by reference).
 
 
 
 
 
 
 
 
10.10
Amendment to Employment Agreement dated as of November 8, 2010, between the Registrant and Julian E. Whitehurst (filed as Exhibit 10.11 to the Registrant’s Annual Report on Form 10-K filed with the Securities and Exchange Commission on February 24, 2011, and incorporated herein by reference).
 
 
 
 
 
 
 
 
10.11
Amendment to Employment Agreement dated as of November 8, 2010, between the Registrant and Kevin B. Habicht (filed as Exhibit 10.12 to the Registrant’s Annual Report on Form 10-K filed with the Securities and Exchange Commission on February 24, 2011, and incorporated herein by reference).
 
 
 
 
 

80


 
 
 
10.12
Amendment to Employment Agreement dated as of November 8, 2010, between the Registrant and Paul E. Bayer (filed as Exhibit 10.13 to the Registrant’s Annual Report on Form 10-K filed with the Securities and Exchange Commission on February 24, 2011, and incorporated herein by reference).
 
 
 
 
 
 
 
 
10.13
Amendment to Employment Agreement dated as of November 8, 2010, between the Registrant and Christopher P. Tessitore (filed as Exhibit 10.14 to the Registrant’s Annual Report on Form 10-K filed with the Securities and Exchange Commission on February 24, 2011, and incorporated herein by reference).
 
 
 
 
 
 
 
 
10.14
Amended and Restated Credit Agreement, dated as of May 25, 2011, by and among the Registrant, certain lenders and Wells Fargo Bank, National Association, as the Administrative Agent (filed as Exhibit 10.1 to the Registrant's Current Report on Form 8-K filed with the Securities and Exchange Commission on June 6, 2011, and incorporated herein by reference).
 
 
 
 
 
 
 
 
10.15
Form of Restricted Award Agreement - Performance between NNN and the Participant of NNN (filed as Exhibit 10.15 to the Registrant’s Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission on May 4, 2012, and incorporated herein by reference).
 
 
 
 
 
 
 
 
10.16
Form of Restricted Award Agreement - Service between NNN and the Participant of NNN (filed as Exhibit 10.16 to the Registrant’s Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission on May 4, 2012, and incorporated herein by reference).
 
 
 
 
 
 
 
 
10.17
Form of Restricted Award Agreement - Special Grant between NNN and the Participant of NNN (filed as Exhibit 10.17 to the Registrant’s Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission on May 4, 2012, and incorporated herein by reference).
 
 
 
 
 
 
 
 
10.18
First Amendment to Amended and Restated Credit Agreement, dated as of October 31, 2012, by and among the Registrant, certain lenders and Wells Fargo Bank, National Association, as the Administrative Agent (filed as Exhibit 10.1 to the Registrant's Current Report on Form 8-K filed with the Securities and Exchange Commission on November 1, 2012, and incorporated herein by reference).
 
 
 
 
 
 
 
 
10.19
Employment Agreement dated as of January 2, 2014, between the Registrant and Stephen A. Horn, Jr. (filed herewith).
 
 
 
 
 
 
12.
Statement of Computation of Ratios of Earnings to Fixed Charges (filed herewith).
 
 
 
 
 
 
21.
Subsidiaries of the Registrant (filed herewith).
 
 
 
 
 
 
23.
Consent of Independent Accountants
 
 
 
 
 
 
 
 
23.1
Ernst & Young LLP dated February 19, 2014 (filed herewith).
 
 
 
 
 
 
24.
Power of Attorney (included on signature page).
 
 
 
 
 
 
31.
Section 302 Certifications
 
 
 
 
 
 
 
 
31.1
Certification of Chief Executive Officer pursuant to Rule 13a-14(a) of the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 (filed herewith).
 
 
 
 
 
 
 
 
31.2
Certification of Chief Financial Officer pursuant to Rule 13a-14(a) of the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 (filed herewith).
 
 
 
 
 
 
32.
Section 906 Certifications
 
 
 
 
 
 
 
 
32.1
Certification of Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (filed herewith).
 
 
 
 
 
 
 
 
32.2
Certification of Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (filed herewith).
 
 
 
 
 
 
99.
Additional Exhibits
 
 
 
 
 
 
 
 
99.1
Certification of Chief Executive Officer pursuant to Section 303A.12(a) of the New York Stock Exchange Listed Company Manual (filed herewith).
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

81


 
101
Interactive Data File
 
 
 
 
 
 
 
 
101.1
The following materials from National Retail Properties, Inc. Annual Report on Form 10-K for the period ended December 31, 2013, formatted in Extensible Business Reporting Language: (i) consolidated balance sheets, (ii) consolidated statements of comprehensive income, (iii) consolidated statements of cash flows, and (iv) notes to consolidated financial statements. As provided in Rule 406T of Regulation S-T, this information is furnished and not filed for purposes of Sections 11 and 12 of the Securities Act of 1933 and Section 18 of the Securities Exchange Act of 1934 (filed herewith).

82


SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized, on the 19th day of February, 2014.
 
 
 
NATIONAL RETAIL PROPERTIES, INC.
 
 
 
By:
   /s/ Craig Macnab
 
 
Craig Macnab
 
 
Chairman of the Board and Chief Executive Officer
Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.


83



POWER OF ATTORNEY
Each person whose signature appears below hereby constitutes and appoints each of Craig Macnab and Kevin B. Habicht as his attorney-in-fact and agent, with full power of substitution and resubstitution for him in any and all capacities, to sign any or all amendments to this report and to file same, with exhibits thereto and other documents in connection therewith, granting unto such attorney-in-fact and agent full power and authority to do and perform each and every act and thing requisite and necessary in connection with such matters and hereby ratifying and confirming all that such attorney-in-fact and agent or his substitutes may do or cause to be done by virtue hereof.
 
Signature
 
Title
 
Date
 
 
 
/s/ Craig Macnab
 
Chairman of the Board and Chief Executive
Officer (Principal Executive Officer)
 
February 19, 2014
Craig Macnab
 
 
 
 
 
 
/s/ Ted B. Lanier
 
Lead Director
 
February 19, 2014
Ted B. Lanier
 
 
 
 
 
 
/s/ Don DeFosset
 
Director
 
February 19, 2014
Don DeFosset
 
 
 
 
 
 
/s/ David M. Fick
 
Director
 
February 19, 2014
David M. Fick
 
 
 
 
 
 
/s/ Edward J. Fritsch
 
Director
 
February 19, 2014
Edward J. Fritsch
 
 
 
 
 
 
 
 
/s/ Richard B. Jennings
 
Director
 
February 19, 2014
Richard B. Jennings
 
 
 
 
 
 
/s/ Robert C. Legler
 
Director
 
February 19, 2014
Robert C. Legler
 
 
 
 
 
 
/s/ Robert Martinez
 
Director
 
February 19, 2014
Robert Martinez
 
 
 
 
 
 
/s/ Kevin B. Habicht
 
Director, Chief Financial Officer
(Principal Financial and Accounting Officer),
Executive Vice President, Assistant Secretary and Treasurer
 
February 19, 2014
Kevin B. Habicht
 
 
 


84


Exhibit Index

3.
Articles of Incorporation and Bylaws
 
 
 
 
3.1
First Amended and Restated Articles of Incorporation of the Registrant, as amended (filed as Exhibit 3.1 to the Registrant’s Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission on August 3, 2012, and incorporated herein by reference).
 
 
 
 
3.2
Articles Supplementary Establishing and Fixing the Rights and Preferences of 6.625% Series D Cumulative Preferred Stock, par value $0.01 per share, dated February 21, 2012 (filed as Exhibit 3.1 to the Registrant’s Current Report on Form 8-K dated February 23, 2012, incorporated herein by reference).
 
 
 
 
3.3

Articles Supplementary Establishing and Fixing the Rights and Preferences of 5.700% Series E Cumulative Preferred Stock, par value $0.01 per share, dated May 29, 2013 (filed as Exhibit 3.1 to the Registrant’s Current Report on Form 8-K dated May 30, 2013, incorporated herein by reference).
 
 
 
 
3.4

Third Amended and Restated Bylaws of the Registrant, dated May 1, 2006, as amended (filed herewith).
 
 
 
 
3.5

Second Amendment to the Third Amended and Restated Bylaws of the Registrant, dated December 13, 2007 (filed herewith).
 
 
 
 
3.6

Third Amendment to the Third Amended and Restated Bylaws of the Registrant, dated February 13, 2014 (filed herewith).
 
 
 
4.
Instruments Defining the Rights of Security Holders, Including Indentures
 
 
 
 
4.1

Specimen Certificate of Common Stock, par value $0.01 per share, of the Registrant (filed as Exhibit 3.4 to the Registrant’s Registration Statement No. 1-11290 on Form 8-B filed with the Securities and Exchange Commission and incorporated herein by reference).
 
 
 
 
4.2

Indenture, dated as of March 25, 1998, between the Registrant and First Union National Bank, as trustee (filed as Exhibit 4.4 to the Registrant’s Registration Statement on Form S-3 (Registration No. 333-132095) filed with the Securities and Exchange Commission on February 28, 2006, and incorporated herein by reference).
 
 
 
 
4.5

Form of Supplemental Indenture No. 5 dated as of June 18, 2004, by and among Registrant and Wachovia Bank, National Association, Trustee, relating to $150,000,000 of 6.25% Notes due 2014 (filed as Exhibit 4.1 to the Registrant’s Current Report on Form 8-K dated June 15, 2004 and filed with the Securities and Exchange Commission on June 18, 2004, and incorporated herein by reference).
 
 
 
 
4.6

Form of 6.25% Notes due 2014 (filed as Exhibit 4.2 to the Registrant’s Current Report on Form 8-K dated June 15, 2004 and filed with the Securities and Exchange Commission on June 18, 2004, and incorporated herein by reference).
 
 
 
 
4.5

Form of Supplemental Indenture No. 6 dated as of November 17, 2005, by and among Registrant and Wachovia Bank, National Association, Trustee, relating to $150,000,000 of 6.15% Notes due 2015 (filed as Exhibit 4.1 to the Registrant’s Current Report on Form 8-K dated November 14, 2005 and filed with the Securities and Exchange Commission on November 17, 2005, and incorporated herein by reference).
 
 
 
 
4.6

Form of 6.15% Notes due 2015 (filed as Exhibit 4.2 to the Registrant’s Current Report on Form 8-K dated November 14, 2005 and filed with the Securities and Exchange Commission on November 17, 2005, and incorporated herein by reference).
 
 
 
 
4.7

Specimen certificate representing the 6.625% Series D Cumulative Redeemable Preferred Stock, par value $.01 per share, of the Registrant (filed as Exhibit 4.4 to the Registrant’s Registration Statement on Form 8-A dated February 22, 2012 and filed with the Securities and Exchange Commission on February 22, 2012, and incorporated herein by reference).
 
 
 
 
4.8

Deposit Agreement, among the Registrant, American Stock Transfer & Trust Company, as Depositary, and the holders of depositary receipts (filed as Exhibit 4.20 to the Registrant’s Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission on May 4, 2012, and incorporated herein by reference).
 
 
 
 
4.9

Form of Supplemental Indenture No. 8 between National Retail Properties, Inc. and U.S. Bank National Association relating to 6.875% Notes due 2017 (filed as Exhibit 4.1 to Registrant’s Current Report on Form 8-K dated and filed with the Securities and Exchange Commission on September 4, 2007, and incorporated herein by reference).
 
 
 

85


 
4.10

Form of 6.875% Notes due 2017 (filed as Exhibit 4.2 to the Registrant’s Current Report on Form 8-K dated and filed with the Securities and Exchange Commission on September 4, 2007, and incorporated herein by reference).
 
 
 
 
4.11

Form of Ninth Supplemental Indenture between National Retail Properties, Inc. and U.S. Bank National Association relating to 5.125% Convertible Senior Notes due 2028 (filed as Exhibit 4.1 to Registrants’ Current Report on Form 8-K dated February 27, 2008 and filed with the Securities and Exchange Commission on March 4, 2008, and incorporated herein by reference).
 
 
 
 
4.12

Form of 5.125% Convertible Senior Notes due 2028 (filed as Exhibit 4.2 to the Registrant’s Current Report on Form 8-K dated February 27, 2008 and filed with the Securities and Exchange Commission on March 4, 2008, and incorporated herein by reference).
 
 
 
 
4.13

Form of Tenth Supplemental Indenture between National Retail Properties, Inc. and U.S. Bank National Association relating to 5.500% Notes due 2021 (filed as Exhibit 4.1 to Registrant's Current Report on Form 8-K dated July 6, 2011 and filed with the Securities and Exchange Commission on July 6, 2011, and incorporated herein by reference).
 
 
 
 
4.14

Form of 5.500% Notes due 2021 (filed as Exhibit 4.2 to the Registrant's Current Report on Form 8-K dated July 6, 2011 and filed with the Securities and Exchange Commission on July 6, 2011, and incorporated herein by reference).
 
 
 
 
4.15

Form of Eleventh Supplemental Indenture between National Retail Properties, Inc. and U.S. Bank National Association relating to 3.80% Notes due 2022 (filed as Exhibit 4.1 to Registrant's Current Report on Form 8-K dated August 14, 2012, filed with the Securities and Exchange Commission on August 14, 2012 and incorporated herein by reference).
 
 
 
 
4.16

Form of 3.800% Notes due 2022 (filed as Exhibit 4.2 to Registrant's Current Report on Form 8-K dated August 14, 2012, filed with the Securities and Exchange Commission on August 14, 2012 and incorporated herein by reference).
 
 
 
 
4.17

Form of Twelfth Supplemental Indenture between National Retail Properties, Inc. and U.S. Bank National Association relating to 3.300% Notes due 2023 (filed as Exhibit 4.1 to Registrant's Current Report on Form 8-K dated April 9, 2013, filed with the Securities and Exchange Commission on April 15, 2013 and incorporated herein by reference).
 
 
 
 
4.18

Form of 3.300% Notes due 2023 (filed as Exhibit 4.2 to Registrant's Current Report on Form 8-K dated April 9, 2013, filed with the Securities and Exchange Commission on April 15, 2013 and incorporated herein by reference).
 
 
 
 
4.19

Specimen certificate representing the 5.700% Series E Cumulative Redeemable Preferred Stock, par value $.01 per share, of the Registrant (filed as Exhibit 4.3 to the Registrant’s Registration Statement on Form 8-A filed with the Securities and Exchange Commission on May 30, 2013 and incorporated herein by reference).
 
 
 
 
4.20

Deposit Agreement, among the Registrant, American Stock Transfer & Trust Company, as Depositary, and the holders of depositary receipts (filed as Exhibit 4.1 to the Registrant’s Registration Statement on Form 8-A filed with the Securities and Exchange Commission on May 30, 2013 and incorporated herein by reference).
 
 
 
10.
Material Contracts
 
 
 
 
10.1

2007 Performance Incentive Plan (filed as Annex A to the Registrant’s 2007 Annual Proxy Statement on Schedule 14A filed with the Securities and Exchange Commission on April 3, 2007, and incorporated herein by reference).
 
 
 
 
10.2

Form of Restricted Stock Agreement between NNN and the Participant of NNN (filed as Exhibit 10.2 to the Registrant’s Annual Report on Form 10-K filed with the Securities and Exchange Commission on March 15, 2005, and incorporated herein by reference).
 
 
 
 
10.3

Employment Agreement dated as of December 1, 2008, between the Registrant and Craig Macnab (filed as Exhibit 10.1 to the Registrant’s Current Report on Form 8-K filed with the Securities and Exchange Commission on December 3, 2008, and incorporated herein by reference).
 
 
 
 
10.4

Employment Agreement dated as of December 1, 2008, between the Registrant and Julian E. Whitehurst (filed as Exhibit 10.2 to the Registrant’s Current Report on Form 8-K filed with the Securities and Exchange Commission on December 3, 2008, and incorporated herein by reference).
 
 
 
 
10.5

Employment Agreement dated as of December 1, 2008, between the Registrant and Kevin B. Habicht (filed as Exhibit 10.3 to the Registrant’s Current Report on Form 8-K filed with the Securities and Exchange Commission on December 3, 2008, and incorporated herein by reference).

86


 
 
 
 
10.6

Employment Agreement dated as of December 1, 2008, between the Registrant and Paul E. Bayer (filed as Exhibit 10.5 to the Registrant’s Current Report on Form 8-K filed with the Securities and Exchange Commission on December 3, 2008, and incorporated herein by reference).
 
 
 
 
10.7

Employment Agreement dated as of December 1, 2008, between the Registrant and Christopher P. Tessitore (filed as Exhibit 10.4 to the Registrant’s Current Report on Form 8-K filed with the Securities and Exchange Commission on December 3, 2008, and incorporated herein by reference).
 
 
 
 
10.8

Form of Indemnification Agreement (as entered into between the Registrant and each of its directors and executive officers) (filed as Exhibit 10.1 to the Registrant’s Current Report on Form 8-K dated and filed with the Securities and Exchange Commission on June 12, 2009, and incorporated herein by reference).
 
 
 
 
10.9

Amendment to Employment Agreement, dated as of November 8, 2010, between the Registrant and Craig Macnab (filed as Exhibit 10.10 to the Registrant’s Annual Report on Form 10-K filed with the Securities and Exchange Commission on February 24, 2011, and incorporated herein by reference).
 
 
 
 
10.10

Amendment to Employment Agreement dated as of November 8, 2010, between the Registrant and Julian E. Whitehurst (filed as Exhibit 10.11 to the Registrant’s Annual Report on Form 10-K filed with the Securities and Exchange Commission on February 24, 2011, and incorporated herein by reference).
 
 
 
 
10.11

Amendment to Employment Agreement dated as of November 8, 2010, between the Registrant and Kevin B. Habicht (filed as Exhibit 10.12 to the Registrant’s Annual Report on Form 10-K filed with the Securities and Exchange Commission on February 24, 2011, and incorporated herein by reference).
 
 
 
 
10.12

Amendment to Employment Agreement dated as of November 8, 2010, between the Registrant and Paul E. Bayer (filed as Exhibit 10.13 to the Registrant’s Annual Report on Form 10-K filed with the Securities and Exchange Commission on February 24, 2011, and incorporated herein by reference).
 
 
 
 
10.13

Amendment to Employment Agreement dated as of November 8, 2010, between the Registrant and Christopher P. Tessitore (filed as Exhibit 10.14 to the Registrant’s Annual Report on Form 10-K filed with the Securities and Exchange Commission on February 24, 2011, and incorporated herein by reference).
 
 
 
 
10.14

Amended and Restated Credit Agreement, dated as of May 25, 2011, by and among the Registrant, certain lenders and Wells Fargo Bank, National Association, as the Administrative Agent (filed as Exhibit 10.1 to the Registrant's Current Report on Form 8-K filed with the Securities and Exchange Commission on June 6, 2011, and incorporated herein by reference).
 
 
 
 
10.15

Form of Restricted Award Agreement - Performance between NNN and the Participant of NNN (filed as Exhibit 10.15 to the Registrant’s Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission on May 4, 2012, and incorporated herein by reference).
 
 
 
 
10.16

Form of Restricted Award Agreement - Service between NNN and the Participant of NNN (filed as Exhibit 10.16 to the Registrant’s Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission on May 4, 2012, and incorporated herein by reference).
 
 
 
 
10.17

Form of Restricted Award Agreement - Service between NNN and the Participant of NNN (filed as Exhibit 10.17 to the Registrant’s Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission on May 4, 2012, and incorporated herein by reference).
 
 
 
 
10.18

First Amendment to Amended and Restated Credit Agreement, dated as of October 31, 2012, by and among the Registrant, certain lenders and Wells Fargo Bank, National Association, as the Administrative Agent (filed as Exhibit 10.1 to the Registrant's Current Report on Form 8-K filed with the Securities and Exchange Commission on November 1, 2012, and incorporated herein by reference).
 
 
 
 
10.19

Employment Agreement dated as of January 2, 2014, between the Registrant and Stephen A. Horn, Jr. (filed herewith).
 
 
 
12.
Statement of Computation of Ratios of Earnings to Fixed Charges (filed herewith).
 
 
 
21.
Subsidiaries of the Registrant (filed herewith).
 
 
 
23.
Consent of Independent Accountants
 
 
 
 
23.1

Ernst & Young LLP dated February 19, 2014 (filed herewith).
 
 
 
24.
Power of Attorney (included on signature page).
 
 
 
 
 
 

87


31.
Section 302 Certifications
 
 
 
 
31.1

Certification of Chief Executive Officer pursuant to Rule 13a-14(a) of the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 (filed herewith).
 
 
 
 
31.2

Certification of Chief Financial Officer pursuant to Rule 13a-14(a) of the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 (filed herewith).
 
 
 
32.
Section 906 Certifications
 
 
 
 
32.1

Certification of Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (filed herewith).
 
 
 
 
32.2

Certification of Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (filed herewith).
 
 
 
99.
Additional Exhibits
 
 
 
 
99.1

Certification of Chief Executive Officer pursuant to Section 303A.12(a) of the New York Stock Exchange Listed Company Manual (filed herewith).
 
 
 
101
Interactive Data File
 
 
 
 
101.1

The following materials from National Retail Properties, Inc. Annual Report on Form 10-K for the period ended December 31, 2013, formatted in Extensible Business Reporting Language: (i) consolidated balance sheets, (ii) consolidated statements of comprehensive income, (iii) consolidated statements of cash flows, and (iv) notes to consolidated financial statements. As provided in Rule 406T of Regulation S-T, this information is furnished and not filed for purposes of Sections 11 and 12 of the Securities Act of 1933 and Section 18 of the Securities Exchange Act of 1934 (filed herewith).
 

88

Table of Contents



NATIONAL RETAIL PROPERTIES, INC. AND SUBSIDIARIES
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION AND AMORTIZATION
December 31, 2013
(Dollars in thousands)

 
 
 
Initial Cost  to
Company
 
Costs Capitalized
Subsequent to
Acquisition
 
Gross Amount at Which
Carried at Close of Period (a) (b)
 
 
 
 
 
 
 
Life on Which
Depreciation &
Amortization in Latest Income
Statement is
Computed (Years)
 
Encumbrances
 
Land
 
Building,
Improvements &
Leasehold
Interests
 
Improvements
 
Carrying
Costs
 
Land
 
Building,
Improvements &
Leasehold
Interests
 
Total
 
Accumulated
Depreciation
and
Amortization
 
Date  of
Construction
 
Date
Acquired
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Real Estate Held for Investment the Company has Invested in Under Operating Leases:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
7-Eleven:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    Land O' Lakes, FL
$

 
$
1,077

 
$
817

 
$
28

 
$

 
$
1,077

 
$
845

 
$
1,922

 
$
307

 
1999
 
10/98
(g)
40
    Tampa, FL

 
1,081

 
917

 

 

 
1,070

 
917

 
1,987

 
339

 
1999
 
12/98
(g)
40
    Austin, TX

 
1,101

 
2,987

 

 

 
1,101

 
2,987

 
4,088

 
181

 
2006
 
11/11
 
35
    Austin, TX

 
900

 
3,571

 

 

 
900

 
3,571

 
4,471

 
217

 
2004
 
11/11
 
35
    Austin, TX

 
259

 
1,361

 

 

 
259

 
1,361

 
1,620

 
116

 
1985
 
11/11
 
25
    Beaumont, TX

 
239

 
2,031

 

 

 
239

 
2,031

 
2,270

 
123

 
2002
 
11/11
 
35
    Beaumont, TX

 
115

 
1,543

 

 

 
115

 
1,543

 
1,658

 
109

 
1996
 
11/11
 
30
    Beaumont, TX

 
124

 
2,968

 

 

 
124

 
2,968

 
3,092

 
210

 
1996
 
11/11
 
30
    Bloomington, TX

 
38

 
3,093

 

 

 
38

 
3,093

 
3,131

 
263

 
1985
 
11/11
 
25
    Bryan, TX

 
479

 
3,561

 

 

 
479

 
3,561

 
4,040

 
252

 
2000
 
11/11
 
30
    Canyon Lake, TX

 
144

 
1,830

 

 

 
144

 
1,830

 
1,974

 
156

 
1977
 
11/11
 
25
    Cedar Park, TX

 
833

 
1,705

 

 

 
833

 
1,705

 
2,538

 
104

 
2002
 
11/11
 
35
    College Station, TX

 
393

 
3,342

 

 

 
393

 
3,342

 
3,735

 
237

 
2000
 
11/11
 
30
    Corpus Christi, TX

 
450

 
1,370

 

 

 
450

 
1,370

 
1,820

 
97

 
1996
 
11/11
 
30
    Corpus Christi, TX

 
661

 
2,624

 

 

 
661

 
2,624

 
3,285

 
186

 
1999
 
11/11
 
30
    Corpus Christi, TX

 
412

 
2,356

 

 

 
412

 
2,356

 
2,768

 
167

 
1999
 
11/11
 
30
    Corpus Christi, TX

 
383

 
3,093

 

 

 
383

 
3,093

 
3,476

 
188

 
2006
 
11/11
 
35
    Edinburg, TX

 
431

 
2,193

 

 

 
431

 
2,193

 
2,624

 
155

 
1999
 
11/11
 
30
    Edna, TX

 
67

 
1,897

 

 

 
67

 
1,897

 
1,964

 
161

 
1976
 
11/11
 
25
    Harlingen, TX

 
230

 
2,356

 

 

 
230

 
2,356

 
2,586

 
167

 
2000
 
11/11
 
30
    Kingsland, TX

 
153

 
2,691

 

 

 
153

 
2,691

 
2,844

 
229

 
1972
 
11/11
 
25
    Kingsville, TX

 
163

 
1,485

 

 

 
163

 
1,485

 
1,648

 
126

 
1990
 
11/11
 
25
    Laredo, TX

 
938

 
5,829

 

 

 
938

 
5,829

 
6,767

 
413

 
1995
 
11/11
 
30
    Laredo, TX

 
421

 
3,016

 

 

 
421

 
3,016

 
3,437

 
214

 
1998
 
11/11
 
30
    Laredo, TX

 
335

 
2,509

 

 

 
335

 
2,509

 
2,844

 
178

 
1999
 
11/11
 
30
    Laredo, TX

 
412

 
1,476

 

 

 
412

 
1,476

 
1,888

 
105

 
2001
 
11/11
 
30
    Laredo, TX

 
441

 
1,935

 

 

 
441

 
1,935

 
2,376

 
117

 
2002
 
11/11
 
35
    Mercedes, TX

 
556

 
1,523

 

 

 
556

 
1,523

 
2,079

 
108

 
1998
 
11/11
 
30
    Palacios, TX

 
29

 
1,667

 

 

 
29

 
1,667

 
1,696

 
142

 
1984
 
11/11
 
25
    Pflugerville, TX

 
996

 
2,336

 

 

 
996

 
2,336

 
3,332

 
142

 
2002
 
11/11
 
35
    Portland, TX

 
488

 
4,710

 

 

 
488

 
4,710

 
5,198

 
334

 
1999
 
11/11
 
30
    Rio Bravo, TX

 
355

 
1,351

 

 

 
355

 
1,351

 
1,706

 
82

 
2002
 
11/11
 
35
    Rockport, TX

 
660

 
4,269

 

 

 
660

 
4,269

 
4,929

 
259

 
2008
 
11/11
 
35
    Round Rock, TX

 
661

 
1,140

 

 

 
661

 
1,140

 
1,801

 
81

 
2000
 
11/11
 
30
    San Antonio, TX

 
441

 
1,313

 

 

 
441

 
1,313

 
1,754

 
93

 
1999
 
11/11
 
30
    San Juan, TX

 
565

 
1,179

 

 

 
565

 
1,179

 
1,744

 
83

 
1999
 
11/11
 
30
    Victoria, TX

 
259

 
2,346

 

 

 
259

 
2,346

 
2,605

 
166

 
1984
 
11/11
 
30
    Victoria, TX

 
431

 
2,298

 

 

 
431

 
2,298

 
2,729

 
163

 
1986
 
11/11
 
30
    West Orange, TX

 
220

 
2,088

 

 

 
220

 
2,088

 
2,308

 
148

 
1993
 
11/11
 
30
    Winnie, TX

 
115

 
4,566

 

 

 
115

 
4,566

 
4,681

 
277

 
2002
 
11/11
 
35
    Austin, TX

 
679

 
1,905

 

 

 
679

 
1,905

 
2,584

 
130

 
1999
 
12/11
 
30
    Austin, TX

 
612

 
3,061

 

 

 
612

 
3,061

 
3,673

 
208

 
1999
 
12/11
 
30
    Austin, TX

 
689

 
1,732

 

 

 
689

 
1,732

 
2,421

 
118

 
1999
 
12/11
 
30
    Austin, TX

 
612

 
2,775

 

 

 
612

 
2,775

 
3,387

 
189

 
1999
 
12/11
 
30
    Austin, TX

 
880

 
1,790

 

 

 
880

 
1,790

 
2,670

 
122

 
1998
 
12/11
 
30
    Austin, TX

 
775

 
4,677

 

 

 
775

 
4,677

 
5,452

 
318

 
1996
 
12/11
 
30
    Austin, TX

 
756

 
2,870

 

 

 
756

 
2,870

 
3,626

 
195

 
1999
 
12/11
 
30
    Austin, TX

 
938

 
1,436

 

 

 
938

 
1,436

 
2,374

 
98

 
1998
 
12/11
 
30
    Austin, TX

 
488

 
2,163

 

 

 
488

 
2,163

 
2,651

 
147

 
2000
 
12/11
 
30
    Austin, TX

 
1,215

 
4,524

 

 

 
1,215

 
4,524

 
5,739

 
264

 
2004
 
12/11
 
35
    Austin, TX

 
861

 
3,004

 

 

 
861

 
3,004

 
3,865

 
204

 
2001
 
12/11
 
30
    Cedar Park, TX

 
536

 
1,914

 

 

 
536

 
1,914

 
2,450

 
130

 
1999
 
12/11
 
30
    San Antonio, TX

 
679

 
2,937

 

 

 
679

 
2,937

 
3,616

 
200

 
1999
 
12/11
 
30
    San Antonio, TX

 
411

 
2,555

 

 

 
411

 
2,555

 
2,966

 
174

 
1999
 
12/11
 
30
    San Antonio, TX

 
603

 
2,048

 

 

 
603

 
2,048

 
2,651

 
139

 
1999
 
12/11
 
30
    San Antonio, TX

 
632

 
1,991

 

 

 
632

 
1,991

 
2,623

 
135

 
2001
 
12/11
 
30
    San Antonio, TX

 
899

 
2,593

 

 

 
899

 
2,593

 
3,492

 
151

 
2002
 
12/11
 
35
    San Antonio, TX

 
469

 
2,727

 

 

 
469

 
2,727

 
3,196

 
186

 
1998
 
12/11
 
30
    San Antonio, TX

 
909

 
1,359

 

 

 
909

 
1,359

 
2,268

 
93

 
1999
 
12/11
 
30
    San Antonio, TX

 
631

 
2,851

 

 

 
631

 
2,851

 
3,482

 
194

 
1999
 
12/11
 
30
    San Antonio, TX

 
766

 
1,474

 

 

 
766

 
1,474

 
2,240

 
100

 
1999
 
12/11
 
30
    San Antonio, TX

 
985

 
3,253

 

 

 
985

 
3,253

 
4,238

 
221

 
1999
 
12/11
 
30
    San Antonio, TX

 
412

 
2,010

 

 

 
412

 
2,010

 
2,422

 
137

 
1999
 
12/11
 
30
    San Antonio, TX

 
545

 
3,148

 

 

 
545

 
3,148

 
3,693

 
214

 
1999
 
12/11
 
30
    San Antonio, TX

 
919

 
2,344

 

 

 
919

 
2,344

 
3,263

 
137

 
2002
 
12/11
 
35
    San Antonio, TX

 
947

 
2,535

 

 

 
947

 
2,535

 
3,482

 
173

 
1999
 
12/11
 
30
    San Antonio, TX

 
517

 
2,670

 

 

 
517

 
2,670

 
3,187

 
182

 
1999
 
12/11
 
30
    Universal City, TX

 
699

 
1,675

 

 

 
699

 
1,675

 
2,374

 
114

 
2001
 
12/11
 
30
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Academy:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    Beaumont, TX (n)

 
1,424

 
2,449

 

 

 
1,424

 
2,449

 
3,873

 
906

 
1992
 
03/99
 
40
    Houston, TX

 
2,311

 
1,628

 

 

 
2,311

 
1,628

 
3,939

 
602

 
1976
 
03/99
 
40
    Pasadena, TX (n)

 
900

 
2,181

 

 

 
900

 
2,181

 
3,081

 
806

 
1994
 
03/99
 
40
    Franklin, TN

 
1,807

 
2,108

 

 

 
1,589

 
2,108

 
3,697

 
600

 
1999
 
06/05
 
30
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Ace Hardware and Lighting:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    Bourbonnais, IL

 
298

 
1,329

 

 

 
298

 
1,329

 
1,627

 
442

 
1997
 
11/98
 
37
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Advance Auto Parts:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    Miami, FL

 
867

 

 
1,035

 

 
867

 
1,035

 
1,902

 
221

 
2005
 
12/04
(g)
40
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Adventure Landing:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    Jacksonville Beach, FL

 
3,615

 
5,636

 

 

 
3,615

 
5,636

 
9,251

 
887

 
1995
 
04/11
 
30
    Jacksonville, FL

 
721

 
861

 

 

 
721

 
861

 
1,582

 
194

 
1983
 
04/11
 
25
    Raleigh, NC

 
1,841

 
3,124

 

 

 
1,841

 
3,124

 
4,965

 
472

 
1989
 
04/11
 
25
    St. Augustine, FL

 
797

 
289

 

 

 
797

 
289

 
1,086

 
96

 
1999
 
04/11
 
30
    Tonawanda, NY

 
205

 
927

 

 

 
205

 
927

 
1,132

 
204

 
1991
 
04/11
 
25
   
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Aldi:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    Cutler Bay, FL

 
989

 
1,479

 
205

 

 
989

 
1,684

 
2,673

 
664

 
1995
 
06/96
 
40
   
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
All Star Sports:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    Wichita, KS

 
3,275

 
1,631

 
167

 

 
3,275

 
1,798

 
5,073

 
276

 
1988
 
05/07
 
40
    Wichita, KS

 
1,551

 
965

 
152

 

 
1,551

 
1,117

 
2,668

 
166

 
1987
 
05/07
 
40
   
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Amazing Jake's:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    Plano, TX

 
5,705

 
17,049

 
18

 

 
5,705

 
17,067

 
22,772

 
2,660

 
1982
 
07/08
 
35
   
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
AMC Theatre:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    Bloomington, IN

 
2,338

 
4,000

 

 

 
2,338

 
4,000

 
6,338

 
1,007

 
1987
 
09/07
 
25
    Brighton, CO

 
1,070

 
5,491

 

 

 
1,070

 
5,491

 
6,561

 
864

 
2005
 
09/07
 
40
    Castle Rock, CO

 
2,905

 
5,002

 

 

 
2,905

 
5,002

 
7,907

 
787

 
2005
 
09/07
 
40
    Evansville, IN

 
1,300

 
4,269

 

 

 
1,300

 
4,269

 
5,569

 
767

 
1999
 
09/07
 
35
    Galesburg, IL

 
1,205

 
2,441

 

 

 
1,205

 
2,441

 
3,646

 
384

 
2003
 
09/07
 
40
    Machesney Park, IL

 
3,018

 
8,770

 

 

 
3,018

 
8,770

 
11,788

 
1,379

 
2005
 
09/07
 
40
    Michigan City, IN

 
1,996

 
8,422

 

 

 
1,996

 
8,422

 
10,418

 
1,325

 
2005
 
09/07
 
40
    Muncie, IN

 
1,243

 
5,512

 

 

 
1,243

 
5,512

 
6,755

 
867

 
2005
 
09/07
 
40
    Naperville, IL

 
6,141

 
11,624

 

 

 
6,141

 
11,624

 
17,765

 
1,828

 
2006
 
09/07
 
40
    New Lenox, IL

 
6,778

 
10,980

 

 

 
6,778

 
10,980

 
17,758

 
1,727

 
2004
 
09/07
 
40
    Chicago, IL

 
7,257

 
10,955

 

 

 
7,257

 
10,955

 
18,212

 
1,632

 
2007
 
01/08
 
40
    Johnson Creek, WI

 
1,433

 
3,932

 

 

 
1,433

 
3,932

 
5,365

 
669

 
1997
 
01/08
 
35
    Lake Delton, WI

 
2,063

 
8,366

 

 

 
2,063

 
8,366

 
10,429

 
1,424

 
1999
 
01/08
 
35
    Quincy, IL

 
1,297

 
2,850

 

 

 
1,297

 
2,850

 
4,147

 
485

 
1982
 
01/08
 
35
    Schererville, IN

 
6,619

 
14,225

 

 

 
6,619

 
14,225

 
20,844

 
2,825

 
1996
 
01/08
 
30
   
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
American Family Care:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    Mobile, AL

 
843

 
562

 
348

 

 
843

 
910

 
1,753

 
192

 
1997
 
12/01
 
40
    Alcoa, TN

 
1,221

 

 

 

 
1,221

 
 (e)

 
1,221

 
 (e)

 
 (e)
 
12/12
(m)
(e)
    Cullman, AL

 
541

 

 

 

 
541

 
 (e)

 
541

 
 (e)

 
 (e)
 
12/12
(m)
(e)
    Decatur, AL

 
460

 
1,283

 

 

 
460

 
1,283

 
1,743

 
38

 
2010
 
12/12
 
35
    Nashville, TN

 
377

 

 

 

 
377

 
 (e)

 
377

 
 (e)

 
 (e)
 
12/12
(m)
(e)
    Pace, FL

 
738

 

 

 

 
738

 
 (e)

 
738

 
 (e)

 
 (e)
 
12/12
(m)
(e)
    Woodstock, GA

 
563

 

 

 

 
563

 
 (e)

 
563

 
 (e)

 
 (e)
 
12/12
(m)
(e)
    Fairhope, AL

 
 (l)

 
1,929

 

 

 
 (l)

 
1,929

 
1,929

 
42

 
2012
 
02/13
 
40
    Dothan, AL

 
667

 

 

 

 
667

 
 (e)

 
667

 
 (e)

 
 (e)
 
02/13
(m)
(e)
    Auburn, AL

 
663

 

 

 

 
663

 
 (e)

 
663

 
 (e)

 
 (e)
 
03/13
(m)
(e)
    Milton, GA

 
577

 
1,526

 

 

 
577

 
1,526

 
2,103

 
30

 
2012
 
03/13
 
40
    Roswell, GA

 
814

 

 

 

 
814

 
 (e)

 
814

 
 (e)

 
 (e)
 
04/13
(m)
(e)
    Marietta, GA

 
432

 

 

 

 
432

 
 (e)

 
432

 
 (e)

 
 (e)
 
04/13
(m)
(e)
    Mt. Juliet, TN

 
875

 
1,566

 

 

 
875

 
1,566

 
2,441

 
18

 
2013
 
07/13
 
40
    Chattanooga, TN

 
469

 

 

 

 
469

 
 (e)

 
469

 
 (e)

 
 (e)
 
07/13
(m)
(e)
    Columbus, GA

 
550

 

 

 

 
550

 
 (e)

 
550

 
 (e)

 
 (e)
 
07/13
(m)
(e)
    Birmingham, AL

 
445

 

 

 

 
445

 
 (e)

 
445

 
 (e)

 
 (e)
 
08/13
(m)
(e)
    Hendersonville, TN

 
660

 
1,640

 

 

 
660

 
1,640

 
2,300

 
5

 
2013
 
11/13
 
40
    Calera, AL

 
606

 

 

 

 
606

 
 (e)

 
606

 
 (e)

 
 (e)
 
12/13
(m)
(e)
   
 
 
 
 
 
 
 
 
 
 
 
 
   

 
 
 
   

 
   
 
 
 
 
American Freight:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   
 
 
 
 
    Glen Allen, VA

 
889

 
1,948

 

 

 
889

 
1,948

 
2,837

 
857

 
1996
 
05/96
 
40
   
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
American Retail Service:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    Lincoln City, OR

 
1,099

 
1,560

 

 

 
1,099

 
1,560

 
2,659

 
65

 
1973
 
12/12
 
25
    Salem, OR

 
433

 
1,627

 

 

 
433

 
1,627

 
2,060

 
56

 
1999
 
12/12
(m)
30
    Yuma, AZ

 
1,118

 
1,878

 

 

 
1,118

 
1,878

 
2,996

 
78

 
1987
 
12/12
 
25
   
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Amoco:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    Miami, FL

 
969

 

 

 

 
969

 
 (i)

 
969

 
 (i)

 
 (i)
 
05/03
 
(i)
    Sunrise, FL

 
949

 

 

 

 
949

 
 (i)

 
949

 
 (i)

 
 (i)
 
06/03
 
(i)
   
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Amscot:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    Tampa, FL

 
1,160

 
352

 

 

 
1,160

 
352

 
1,512

 
72

 
1981
 
10/05
 
40
    Orlando, FL

 
764

 

 
891

 

 
764

 
891

 
1,655

 
166

 
2006
 
12/05
 
40
    Orlando, FL

 
664

 
1,011

 

 

 
664

 
983

 
1,647

 
181

 
2006
 
12/05
(g)
40
    Orlando, FL

 
358

 

 
900

 

 
358

 
900

 
1,258

 
171

 
2006
 
02/06
(g)
40
    Orlando, FL

 
546

 

 
872

 

 
546

 
872

 
1,418

 
169

 
2006
 
02/06
(g)
40
    Clearwater, FL

 
456

 
332

 

 

 
456

 
332

 
788

 
60

 
1967
 
09/06
 
40
   
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Anna's Linens:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    Harlingen, TX

 
317

 
756

 
120

 

 
317

 
876

 
1,193

 
279

 
1999
 
11/98
(f)
40
   
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Applebee's:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    Ballwin, MO

 
1,496

 
1,404

 

 

 
1,496

 
1,404

 
2,900

 
423

 
1995
 
12/01
 
40
    Cincinnati, OH

 
312

 
898

 

 

 
312

 
898

 
1,210

 
101

 
2002
 
08/10
 
30
    Crestview Hills, KY

 
1,069

 
1,367

 

 

 
1,069

 
1,367

 
2,436

 
185

 
1993
 
08/10
 
25
    Danville, KY

 
641

 
1,645

 

 

 
641

 
1,645

 
2,286

 
185

 
2003
 
08/10
 
30
    Florence, KY

 
1,075

 
1,488

 

 

 
1,075

 
1,488

 
2,563

 
201

 
1988
 
08/10
 
25
    Frankfort, KY

 
862

 
1,610

 

 

 
862

 
1,610

 
2,472

 
181

 
1993
 
08/10
 
30
    Georgetown, KY

 
809

 
1,437

 

 

 
809

 
1,437

 
2,246

 
162

 
2001
 
08/10
 
30
    Hilliard, OH

 
808

 
1,846

 

 

 
808

 
1,846

 
2,654

 
208

 
1998
 
08/10
 
30
    Mason, OH

 
545

 
941

 

 

 
545

 
941

 
1,486

 
106

 
1997
 
08/10
 
30
    Maysville, KY

 
513

 
1,387

 

 

 
513

 
1,387

 
1,900

 
134

 
2005
 
08/10
 
35
    Nicholasville, KY

 
454

 
1,077

 

 

 
454

 
1,077

 
1,531

 
121

 
2000
 
08/10
 
30
    Troy, OH

 
645

 
862

 

 

 
645

 
862

 
1,507

 
116

 
1996
 
08/10
 
25
    Grove City, OH

 
511

 
1,415

 

 

 
511

 
1,415

 
1,926

 
151

 
1990
 
10/10
 
30
    Kettering, OH

 
359

 
1,043

 

 

 
359

 
1,043

 
1,402

 
96

 
2005
 
10/10
 
35
    Mesa, AZ

 
974

 
1,514

 

 

 
974

 
1,514

 
2,488

 
162

 
1992
 
10/10
 
30
    Mesa, AZ

 
748

 
1,734

 

 

 
748

 
1,734

 
2,482

 
185

 
1998
 
10/10
 
30
    Mt. Sterling, KY

 
510

 
1,392

 

 

 
510

 
1,392

 
1,902

 
128

 
2000
 
10/10
 
35
    Phoenix, AZ

 
781

 
1,456

 

 

 
781

 
1,456

 
2,237

 
156

 
1995
 
10/10
 
30
    Phoenix, AZ

 
458

 
1,099

 

 

 
458

 
1,099

 
1,557

 
101

 
2004
 
10/10
 
35
   
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Arby's:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    Colorado Springs, CO

 
206

 
534

 

 

 
206

 
534

 
740

 
161

 
1998
 
12/01
 
40
    Thomson, GA

 
268

 
504

 

 

 
268

 
504

 
772

 
152

 
1997
 
12/01
 
40
    Washington Courthouse, OH

 
157

 
546

 

 

 
157

 
546

 
703

 
164

 
1998
 
12/01
 
40
    Whitmore Lake, MI

 
171

 
469

 

 

 
171

 
469

 
640

 
141

 
1993
 
12/01
 
40
   
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
ARCO ampm:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    Casa Grande, AZ

 
2,340

 
1,894

 
83

 

 
2,340

 
1,977

 
4,317

 
348

 
1993
 
05/08
 
35
    Gilbert, AZ

 
1,317

 
1,304

 
85

 

 
1,317

 
1,389

 
2,706

 
254

 
1996
 
05/08
 
35
    Globe, AZ

 
762

 
2,148

 
114

 

 
762

 
2,262

 
3,024

 
405

 
1998
 
05/08
 
35
    Mesa, AZ

 
2,219

 
2,140

 
89

 

 
2,219

 
2,229

 
4,448

 
347

 
2000
 
05/08
 
40
    Mesa, AZ

 
1,332

 
1,367

 
92

 

 
1,156

 
1,459

 
2,615

 
304

 
1986
 
05/08
 
30
    Prescott, AZ

 
1,266

 
1,261

 
118

 

 
1,266

 
1,379

 
2,645

 
264

 
1997
 
05/08
 
35
    Scottsdale, AZ

 
1,529

 
1,373

 
240

 

 
1,529

 
1,613

 
3,142

 
346

 
1999
 
05/08
 
35
    Sedona, AZ

 
1,281

 
1,324

 
107

 

 
1,281

 
1,431

 
2,712

 
242

 
2000
 
05/08
 
40
    Tucson, AZ

 
1,083

 
1,599

 
86

 

 
1,083

 
1,685

 
2,768

 
302

 
1992
 
05/08
 
35
    Tucson, AZ

 
1,223

 
1,911

 
102

 

 
1,223

 
2,013

 
3,236

 
360

 
1996
 
05/08
 
35
    Tucson, AZ

 
1,457

 
1,619

 
125

 

 
1,457

 
1,744

 
3,201

 
325

 
1995
 
05/08
 
35
    Tucson, AZ

 
1,105

 
1,336

 
111

 

 
1,105

 
1,447

 
2,552

 
273

 
1992
 
05/08
 
35
   
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Ashley Furniture:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    Altamonte Springs, FL

 
2,906

 
4,877

 
315

 

 
2,906

 
5,192

 
8,098

 
2,088

 
1997
 
09/97
 
40
    Florissant, MO

 
896

 
1,057

 
3,058

 

 
899

 
4,113

 
5,012

 
380

 
1996
 
04/03
(g)
40
    Louisville, KY

 
1,667

 
4,989

 

 

 
1,667

 
4,989

 
6,656

 
1,097

 
2005
 
03/05
 
40
   
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
AT&T:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    Cincinnati, OH

 
297

 
443

 
347

 

 
312

 
775

 
1,087

 
201

 
1999
 
06/98
 
40
   
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Babies R Us:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    Arlington, TX

 
831

 
2,612

 

 

 
831

 
2,612

 
3,443

 
1,143

 
1996
 
06/96
 
40
    Independence, MO

 
1,679

 
2,302

 
115

 

 
1,679

 
2,417

 
4,096

 
715

 
1996
 
12/01
 
40
   
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
BankUnited:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    Orlando, FL

 
257

 
287

 

 

 
257

 
72

 
329

 
6

 
1988
 
07/92
 
30
   
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Barnes & Noble:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    Brandon, FL

 
1,476

 
1,527

 

 

 
1,476

 
1,527

 
3,003

 
725

 
1995
 
08/94
(f)
40
    Glendale, CO

 
3,245

 
2,722

 

 

 
3,245

 
2,722

 
5,967

 
1,310

 
1994
 
09/94
 
40
    Houston, TX

 
3,308

 
2,396

 

 

 
3,308

 
2,396

 
5,704

 
1,093

 
1995
 
10/94
(f)
40
    Plantation, FL

 
3,616

 
3,498

 

 

 
3,616

 
960

 
4,576

 
7

 
1996
 
05/95
(f)
30
    Freehold, NJ (n)

 
2,917

 
2,261

 

 

 
2,917

 
2,261

 
5,178

 
1,013

 
1995
 
01/96
 
40
    Dayton, OH

   
1,413

 
3,325

 

 

 
1,413

 
3,325

 
4,738

 
1,362

 
1996
 
05/97
 
40
    Redding, CA

 
497

 
1,626

 

 

 
497

 
1,626

 
2,123

 
672

 
1997
 
06/97
 
40
    Memphis, TN

 
1,574

 
2,242

 

 

 
1,574

 
2,242

 
3,816

 
556

 
1997
 
09/97
 
40
    Marlton, NJ

   
2,831

 
4,319

 

 

 
2,709

 
4,319

 
7,028

 
1,633

 
1995
 
11/98
 
40
   
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Bealls:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    Sarasota, FL

 
1,078

 
1,795

 

 

 
1,078

 
1,795

 
2,873

 
466

 
1996
 
09/97
 
40
   
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Beautiful America Dry Cleaners:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

See accompanying report of independent registered public accounting firm.
F-1


Table of Contents

 
 
 
Initial Cost  to
Company
 
Costs Capitalized
Subsequent to
Acquisition
 
Gross Amount at Which
Carried at Close of Period (a) (b)
 
 
 
 
 
 
 
Life on Which
Depreciation &
Amortization in Latest Income
Statement is
Computed (Years)
 
Encumbrances
 
Land
 
Building,
Improvements &
Leasehold
Interests
 
Improvements
 
Carrying
Costs
 
Land
 
Building,
Improvements &
Leasehold
Interests
 
Total
 
Accumulated
Depreciation
and
Amortization
 
Date  of
Construction
 
Date
Acquired
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    Orlando, FL
27

(h)
40

 
111

 

 

 
40

 
111

 
151

 
27

 
2001
 
02/04
 
40
   
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Bed Bath & Beyond:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    Glen Allen, VA

 
1,184

 
2,843

 
179

 

 
1,184

 
3,021

 
4,205

 
843

 
1997
 
06/98
 
40
    Glendale, AZ

 
1,082

 

 
2,758

 

 
1,082

 
2,758

 
3,840

 
997

 
1999
 
12/98
(g)
40
    Midland, MI

 
231

 

 
2,705

 

 
231

 
2,705

 
2,936

 
482

 
2006
 
07/03
(g)
40
   
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Best Buy:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    Brandon, FL

 
2,985

 
2,772

 

 

 
2,985

 
2,772

 
5,757

 
1,169

 
1996
 
02/97
 
40
    Cuyahoga Falls, OH

 
3,709

 
2,359

 

 

 
3,709

 
2,359

 
6,068

 
976

 
1970
 
06/97
 
40
    Rockville, MD

 
6,233

 
3,419

 

 

 
6,233

 
3,419

 
9,652

 
1,407

 
1995
 
07/97
 
40
    Fairfax, VA

 
3,052

 
3,218

 

 

 
3,052

 
3,218

 
6,270

 
1,317

 
1995
 
08/97
 
40
    St. Petersburg, FL

 
4,032

 
2,611

 

 

 
4,032

 
2,611

 
6,643

 
864

 
1997
 
09/97
 
35
    Pittsburgh, PA

 
2,331

 
2,293

 

 

 
2,331

 
2,293

 
4,624

 
891

 
1997
 
06/98
 
40
    Denver, CO

 
8,882

 
4,373

 

 

 
8,882

 
4,373

 
13,255

 
1,371

 
1991
 
06/01
 
40
    Albuquerque, NM

 
2,157

 
3,132

 

 

 
2,157

 
3,132

 
5,289

 
287

 
1992
 
09/11
 
25
    Arlington, TX

 
1,372

 
3,890

 

 

 
1,372

 
3,890

 
5,262

 
357

 
1991
 
09/11
 
25
    Beaumont, TX (n)

 
614

 
2,177

 

 

 
614

 
2,177

 
2,791

 
249

 
1992
 
09/11
 
20
    Dallas, TX

 
906

 

 

 

 
906

 
(e)

 
906

 
(e)

 
1990
 
09/11
 
(e)
    Fort Collins, CO

 
2,054

 
3,346

 

 

 
2,054

 
3,346

 
5,400

 
307

 
1992
 
09/11
 
25
    Fort Worth, TX

 
687

 
2,177

 

 

 
687

 
2,177

 
2,864

 
166

 
1992
 
09/11
 
30
    Houston, TX

 
1,409

 
3,095

 

 

 
1,409

 
3,095

 
4,504

 
236

 
1992
 
09/11
 
30
    Matteson, IL

 
384

 
2,089

 

 

 
384

 
2,089

 
2,473

 
239

 
1992
 
09/11
 
20
    Nashua, NH

 
1,028

 
7,052

 

 

 
1,028

 
7,052

 
8,080

 
539

 
1999
 
09/11
 
30
    North Attleborough, MA

 
2,761

 
4,165

 

 

 
2,761

 
4,165

 
6,926

 
318

 
1999
 
09/11
 
30
    Schaumburg, IL

 
3,170

 
4,784

 

 

 
3,170

 
4,784

 
7,954

 
548

 
1965
 
09/11
 
20
    Virginia Beach, VA

 
3,140

 
4,276

 

 

 
3,140

 
4,276

 
7,416

 
327

 
1999
 
09/11
 
30
   
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Big Lots:
 
   
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    Dover, NJ

 
1,138

 
3,238

 
732

 

 
1,138

 
3,970

 
5,108

 
1,268

 
1995
 
11/98
 
40
   
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
BJ's Wholesale Club:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    Orlando, FL
2,097

(h)
3,271

 
8,627

 
367

   

   
3,271

 
8,994

 
12,265

 
2,216

 
2001
 
02/04
 
40
    Attleboro, MA

 
4,988

 
26,364

 

 

 
4,988

 
26,364

 
31,352

 
2,014

 
1993
 
09/11
 
30
    Fairfax, VA

 
6,792

 
14,941

 

 

 
6,792

 
14,941

 
21,733

 
1,141

 
1992
 
09/11
 
30
    Hamilton, NJ

 
3,166

 
29,373

 

 

 
3,166

 
29,373

 
32,539

 
1,923

 
2002
 
09/11
 
35
    Hialeah, FL

 
4,792

 
14,067

 

 

 
4,792

 
14,067

 
18,859

 
1,075

 
2000
 
09/11
 
30
    Roxbury, NJ

 
3,040

 
16,168

 

 

 
3,040

 
16,168

 
19,208

 
1,482

 
1993
 
09/11
 
25
    W. Hartford, CT

 
2,846

 
14,299

 

 

 
2,846

 
14,299

 
17,145

 
1,092

 
1996
 
09/11
 
30
   
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Black Fox Beauty Supply:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    Corpus Christi, TX

 
125

 
137

 
195

 

 
125

 
332

 
457

 
103

 
1967
 
11/93
 
40
   
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Blend Frozen Yogurt:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    Lapeer, MI

 
63

 
457

 

 

 
63

 
436

 
499

 
72

 
2007
 
10/05
 
40
   
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
BMW:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    Duluth, GA

 
4,434

 
4,080

 
6,559

 

 
4,504

 
10,639

 
15,143

 
2,233

 
1984
 
12/01
 
40
   
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Bonefish:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    Mobile, AL

 
801

 
2,137

 

 

 
801

 
2,137

 
2,938

 
109

 
2006
 
03/12
 
35
    Pensacola, FL

 
734

 
2,003

 

 

 
734

 
2,003

 
2,737

 
103

 
2004
 
03/12
 
35
   
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Books-A-Million:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    Newark, DE

 
2,394

 
4,789

 

 

 
2,366

 
4,789

 
7,155

 
2,278

 
1994
 
12/94
 
40
    Bangor, ME

 
1,547

 
2,487

 

 

 
1,547

 
2,487

 
4,034

 
1,090

 
1996
 
06/96
 
40
   
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Borough of Abbottstown:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    Abbottstown, PA

 
55

 
200

 

 

 
55

 
200

 
255

 
40

 
2000
 
01/06
 
40
   
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Boston Market:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    Geneva, IL

 
653

 
601

 

 

 
669

 
518

 
1,187

 
159

 
1996
 
12/01
 
40
    N. Olmsted, OH

 
602

 
461

 

 

 
602

 
389

 
991

 
118

 
1996
 
12/01
 
40
    Novi, MI

 
836

 
651

 

 

 
836

 
298

 
1,134

 
94

 
1995
 
12/01
 
40
   
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Buck's:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    St. Louis, MO

 
776

 

 
3,822

 

 
776

 
3,822

 
4,598

 
450

 
2009
 
12/07
(m)
40
   
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Buffalo Wild Wings:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    Michigan City, IN

 
163

 
492

 

 

 
163

 
492

 
655

 
148

 
1996
 
12/01
 
40
   
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Bugaboo Creek:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    Rochester, NY

 
792

 
1,535

 

 

 
792

 
1,535

 
2,327

 
251

 
1995
 
06/07
 
40
   
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Burger King:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    Colonial Heights, VA

 
662

 
610

 

 

 
662

 
610

 
1,272

 
184

 
1997
 
12/01
 
40
   
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Buybacks Entertainment:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    Lafayette, LA

 
603

 
1,149

 
30

 

 
603

 
1,179

 
1,782

 
233

 
1999
 
12/05
 
40
   
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Caliber Collision:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    Alvin, TX

 
400

 
712

 

 

 
400

 
712

 
1,112

 
102

 
1984
 
02/11
 
20
    Galveston, TX

 
361

 
789

 

 

 
361

 
789

 
1,150

 
113

 
1965
 
02/11
 
20
    Houston, TX

 
348

 
1,731

 

 

 
348

 
1,731

 
2,079

 
199

 
1987
 
02/11
 
25
    Copperas Cove, TX

 
269

 
1,436

 

 

 
269

 
1,436

 
1,705

 
80

 
1972
 
01/12
 
35
    Killeen, TX

 
408

 
2,171

 

 

 
408

 
2,171

 
2,579

 
170

 
1986
 
01/12
 
25
    Austin, TX

 
1,071

 
3,412

 

 

 
1,071

 
3,412

 
4,483

 
256

 
1975
 
02/12
 
25
    Gilbert, AZ

 
474

 
1,543

 

 

 
474

 
1,543

 
2,017

 
84

 
2003
 
05/12
 
30
    Spring, TX

 
913

 
2,307

 

 

 
913

 
2,307

 
3,220

 
119

 
2006
 
06/12
 
30
    Tomball, TX

 
414

 
1,281

 

 

 
414

 
1,281

 
1,695

 
56

 
2009
 
06/12
 
35
    Edmond, OK

 
472

 
1,437

 

 

 
472

 
1,437

 
1,909

 
38

 
1964
 
03/13
 
30
   
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Camping World:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    Vacaville, CA

 
2,467

 
6,575

 

 

 
2,467

 
6,575

 
9,042

 
650

 
2008
 
07/10
 
35
    North Little Rock, AR

 
1,198

 
3,348

 
82

 

 
1,280

 
3,348

 
4,628

 
315

 
2007
 
09/10
(m)
35
    Strafford, MO

 
1,278

 
3,694

 

 

 
1,278

 
3,694

 
4,972

 
347

 
2007
 
09/10
 
35
    Avondale, AZ

 
1,976

 
3,040

 
3,200

 

 
1,976

 
6,239

 
8,215

 
281

 
2009
 
05/11
(o)
35
    Mesa, AZ

 
3,972

 
2,046

 

 

 
3,972

 
2,046

 
6,018

 
215

 
1983
 
05/11
 
25
    Bowling Green, KY

 
584

 
2,481

 

 

 
584

 
2,481

 
3,065

 
174

 
2007
 
07/11
 
35
    Council Bluffs, IA

 
2,013

 
2,806

 

 

 
2,013

 
2,806

 
4,819

 
197

 
2008
 
07/11
 
35
    Roanoke, VA

 
2,046

 
5,050

 

 

 
2,046

 
5,050

 
7,096

 
355

 
2008
 
07/11
 
35
    Golden, CO

 
5,516

 

 
6,544

 

 
5,516

 
6,544

 
12,060

 
279

 
2012
 
10/11
(m)
40
    Belleville, MI

 
1,156

 
2,071

 

 

 
1,156

 
2,071

 
3,227

 
169

 
1986
 
12/11
 
25
    Kissimmee, FL

 
1,578

 
2,783

 

 

 
1,578

 
2,783

 
4,361

 
227

 
1979
 
12/11
 
25
    La Mirada, CA

 
3,593

 
911

 

 

 
3,577

 
907

 
4,484

 
62

 
1996
 
12/11
 
30
    Myrtle Beach, SC

 
540

 
61

 

 

 
540

 
61

 
601

 
5

 
1976
 
12/11
 
25
    Nashville, TN

 
1,155

 
1,034

 
5,665

 

 
3,626

 
4,235

 
7,861

 
188

 
1985
 
12/11
(o)
40
    Valencia, CA

 
4,788

 
4,191

 

 

 
4,766

 
4,179

 
8,945

 
341

 
1980
 
12/11
 
25
    Calera, AL

 
1,204

 
3,075

 

 

 
1,204

 
3,075

 
4,279

 
157

 
2008
 
03/12
 
35
    Jacksonville, FL

 
2,343

 
2,679

 

 

 
2,343

 
2,679

 
5,022

 
192

 
1973
 
03/12
 
25
    Louisville, TN

 
990

 
554

 
1,194

 

 
990

 
1,748

 
2,738

 
42

 
1977
 
03/12
(o)
40
    Winter Garden, FL

 
1,173

 
3,178

 

 

 
1,173

 
3,178

 
4,351

 
190

 
1973
 
03/12
 
30
    Cocoa, FL

 
1,194

 
1,876

 

 

 
1,194

 
1,876

 
3,070

 
91

 
1981
 
07/12
 
30
    Dover, FL

 
2,431

 
9,658

 

 

 
2,431

 
9,658

 
12,089

 
169

 
2007
 
01/13
 
35
    Grain Valley, MO

 
1,210

 
2,908

 

 

 
1,210

 
2,908

 
4,118

 
24

 
2003
 
09/13
(m)
35
    Lubbock, TX

 
775

 
3,998

 

 

 
775

 
3,998

 
4,773

 
39

 
1997
 
09/13
 
30
    Olive Branch, MS

 
3,163

 

 

 

 
3,163

 
 (e)

 
3,163

 
 (e)

 
 (e)
 
11/13
(m)
(e)
   
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Carl's Jr.:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    Spokane, WA

 
471

 
530

 

 

 
471

 
530

 
1,001

 
160

 
1996
 
12/01
 
40
    Chandler, AZ

 
729

 
644

 

 

 
729

 
644

 
1,373

 
275

 
1984
 
06/05
 
20
    Tucson, AZ

 
681

 
536

 
103

 

 
681

 
639

 
1,320

 
543

 
1988
 
06/05
 
10
   
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Carmike Cinemas:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    Fayetteville, NC

 
2,409

 

 

 

 
2,409

 
 (e)

 
2,409

 
 (e)

 
 (e)
 
11/13
(m)
(e)
   
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
CarQuest:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    Abbeville, LA

 
23

 
148

 

 

 
23

 
148

 
171

 
22

 
1970
 
12/10
 
20
    Abbotsford, WI

 
56

 
163

 

 

 
56

 
163

 
219

 
20

 
1984
 
12/10
 
25
    Aberdeen, SD (n)

 
71

 
329

 

 

 
71

 
329

 
400

 
50

 
1961
 
12/10
 
20
    Addison, IL

 
76

 
314

 

 

 
76

 
314

 
390

 
38

 
1971
 
12/10
 
25
    Alsip, IL

 
57

 
323

 

 

 
57

 
323

 
380

 
49

 
1972
 
12/10
 
20
    Anaconda, MT

 
35

 
307

 

 

 
35

 
307

 
342

 
47

 
1965
 
12/10
 
20
    Ann Arbor, MI

 
25

 
241

 

 

 
25

 
241

 
266

 
37

 
1970
 
12/10
 
20
    Antigo, WI

 
96

 
294

 

 

 
96

 
294

 
390

 
30

 
1998
 
12/10
 
30
    Appleton, WI (n)

 
85

 
438

 

 

 
85

 
438

 
523

 
44

 
1995
 
12/10
 
30
    Arden, NC

 
42

 
281

 

 

 
42

 
281

 
323

 
34

 
1989
 
12/10
 
25
    Baker, MT

 
12

 
140

 

 

 
12

 
140

 
152

 
21

 
1965
 
12/10
 
20
    Bakersfield, CA

 
77

 
484

 

 

 
77

 
484

 
561

 
74

 
1945
 
12/10
 
20
    Bangor, ME (n)

 
53

 
356

 

 

 
53

 
356

 
409

 
72

 
1945
 
12/10
 
15
    Bangor, ME

 
51

 
339

 

 

 
51

 
339

 
390

 
41

 
1985
 
12/10
 
25
    Bartlett, TN

 
40

 
293

 

 

 
40

 
293

 
333

 
36

 
1989
 
12/10
 
25
    Bay City, MI

 
106

 
521

 

 

 
106

 
521

 
627

 
106

 
1920
 
12/10
 
15
    Bay City, MI

 
41

 
282

 

 

 
41

 
282

 
323

 
34

 
1989
 
12/10
 
25
    Bay City, MI

 
14

 
100

 

 

 
14

 
100

 
114

 
20

 
1942
 
12/10
 
15
    Bellevue, NE

 
29

 
142

 

 

 
29

 
142

 
171

 
22

 
1965
 
12/10
 
20
    Bend, OR

 
125

 
245

 

 

 
125

 
245

 
370

 
50

 
1935
 
12/10
 
15
    Biddeford, ME

 
60

 
320

 

 

 
60

 
320

 
380

 
49

 
1968
 
12/10
 
20
    Billings, MT

 
31

 
188

 

 

 
31

 
188

 
219

 
23

 
1970
 
12/10
 
25
    Bismarck, ND

 
25

 
136

 

 

 
25

 
136

 
161

 
17

 
1985
 
12/10
 
25
    Bozeman, MT

 
28

 
257

 

 

 
28

 
257

 
285

 
39

 
1964
 
12/10
 
20
    Brunswick, ME

 
41

 
254

 

 

 
41

 
254

 
295

 
31

 
1985
 
12/10
 
25
    Bucksport, ME

 
19

 
114

 

 

 
19

 
114

 
133

 
17

 
1976
 
12/10
 
20
    Burlington, NC

 
47

 
229

 

 

 
47

 
229

 
276

 
23

 
1994
 
12/10
 
30
    Carol Stream, IL

 
103

 
515

 

 

 
103

 
515

 
618

 
78

 
1960
 
12/10
 
20
    Chicago, IL

 
83

 
383

 

 

 
83

 
383

 
466

 
47

 
1987
 
12/10
 
25
    Chippewa Falls, WI

 
33

 
328

 

 

 
33

 
328

 
361

 
33

 
1996
 
12/10
 
30
    Cody, WY (n)

 
146

 
253

 

 

 
96

 
253

 
349

 
26

 
1999
 
12/10
 
30
    Colstrip, MT

 
39

 
275

 

 

 
39

 
275

 
314

 
33

 
1981
 
12/10
 
25
    Connersville, IN

 
28

 
171

 

 

 
28

 
171

 
199

 
35

 
1920
 
12/10
 
15
    Corapolis, PA (n)

 
74

 
316

 

 

 
74

 
316

 
390

 
48

 
1980
 
12/10
 
20
    Cut Bank, MT

 
9

 
115

 

 

 
9

 
115

 
124

 
17

 
1937
 
12/10
 
20
    Devils Lake, ND

 
38

 
276

 

 

 
38

 
276

 
314

 
28

 
1999
 
12/10
 
30
    Dillon, MT

 
24

 
204

 

 

 
24

 
204

 
228

 
31

 
1973
 
12/10
 
20
    Dodge City, KS (n)

 
43

 
166

 

 

 
43

 
166

 
209

 
34

 
1948
 
12/10
 
15
    Eau Claire, WI

 
33

 
204

 

 

 
33

 
204

 
237

 
31

 
1956
 
12/10
 
20
    Elgin, IL

 
88

 
311

 

 

 
88

 
311

 
399

 
47

 
1965
 
12/10
 
20
    Enterprise, AL

 
25

 
184

 

 

 
25

 
184

 
209

 
22

 
1988
 
12/10
 
25
    Escanaba, MI

 
40

 
283

 

 

 
40

 
283

 
323

 
34

 
1982
 
12/10
 
25
    Evansville, IN

 
60

 
301

 

 

 
60

 
301

 
361

 
37

 
1980
 
12/10
 
25
    Fairbanks, AK

 
292

 
545

 

 

 
292

 
545

 
837

 
47

 
2003
 
12/10
 
35
    Gainesville, FL (n)

 
47

 
362

 

 

 
47

 
362

 
409

 
73

 
1957
 
12/10
 
15
    Glasgow, MT

 
48

 
275

 

 

 
48

 
275

 
323

 
42

 
1972
 
12/10
 
20
    Great Falls, MT

 
17

 
173

 

 

 
17

 
173

 
190

 
26

 
1967
 
12/10
 
20
    Greenville, OH

 
63

 
193

 

 

 
63

 
193

 
256

 
39

 
1910
 
12/10
 
15
    Hamilton, MT

 
24

 
242

 

 

 
24

 
242

 
266

 
29

 
1991
 
12/10
 
25
    Harlem, MT

 
17

 
116

 

 

 
17

 
116

 
133

 
14

 
1983
 
12/10
 
25
    Hayward, WI

 
57

 
333

 

 

 
57

 
333

 
390

 
40

 
1980
 
12/10
 
25
    Helena, MT

 
31

 
282

 

 

 
31

 
282

 
313

 
34

 
1987
 
12/10
 
25
    Houlton, ME

 
38

 
219

 

 

 
38

 
219

 
257

 
67

 
1915
 
12/10
 
10
    Irving, TX

 
182

 
208

 

 

 
182

 
208

 
390

 
32

 
1984
 
12/10
 
20
    Kalispell, MT (n)

 
59

 
645

 

 

 
59

 
645

 
704

 
65

 
1998
 
12/10
 
30
    Kennedale, TX

 
88

 
283

 

 

 
88

 
283

 
371

 
43

 
1959
 
12/10
 
20
    Lafayette, LA

 
51

 
357

 

 

 
51

 
357

 
408

 
36

 
1996
 
12/10
 
30
    Laurel, MS

 
74

 
202

 

 

 
74

 
202

 
276

 
41

 
1959
 
12/10
 
15
    Lewistown, MT

 
19

 
180

 

 

 
19

 
180

 
199

 
22

 
1964
 
12/10
 
25
    Livingston, MT

 
34

 
261

 

 

 
34

 
261

 
295

 
40

 
1976
 
12/10
 
20
    Lufkin, TX (n)

 
94

 
229

 

 

 
94

 
229

 
323

 
35

 
1986
 
12/10
 
20
    Madison, TN

 
78

 
179

 

 

 
78

 
179

 
257

 
22

 
1988
 
12/10
 
25
    Madison, WI

 
57

 
409

 

 

 
57

 
409

 
466

 
50

 
1973
 
12/10
 
25
    Malta, MT

 
19

 
181

 

 

 
19

 
181

 
200

 
22

 
1976
 
12/10
 
25
    Marshfield, WI

 
60

 
282

 

 

 
60

 
282

 
342

 
43

 
1940
 
12/10
 
20
    Medford, WI

 
37

 
229

 

 

 
37

 
229

 
266

 
28

 
1988
 
12/10
 
25
    Memphis, TN

 
38

 
199

 

 

 
38

 
199

 
237

 
24

 
1987
 
12/10
 
25
    Metamora, IL

 
69

 
292

 

 

 
69

 
292

 
361

 
30

 
1996
 
12/10
 
30
    Midland, MI

 
44

 
336

 

 

 
44

 
336

 
380

 
34

 
1986
 
12/10
 
30
    Midland, TX

 
36

 
212

 

 

 
36

 
212

 
248

 
43

 
1960
 
12/10
 
15
    Montello, WI

 
26

 
173

 

 

 
26

 
173

 
199

 
18

 
1997
 
12/10
 
30
    Muskegon, MI

 
38

 
257

 

 

 
38

 
257

 
295

 
26

 
1990
 
12/10
 
30
    Neillsville, WI

 
26

 
145

 

 

 
26

 
145

 
171

 
18

 
1979
 
12/10
 
25
    Nicholasville, KY

 
54

 
241

 

 

 
54

 
241

 
295

 
29

 
1988
 
12/10
 
25
    Ocala, FL

 
78

 
416

 

 

 
78

 
416

 
494

 
84

 
1971
 
12/10
 
15
    Olathe, KS

 
78

 
235

 

 

 
78

 
235

 
313

 
48

 
1950
 
12/10
 
15
    Oshkosh, WI

 
99

 
224

 

 

 
99

 
224

 
323

 
23

 
1999
 
12/10
 
30
    Overland, MO

 
68

 
370

 

 

 
68

 
370

 
438

 
56

 
1961
 
12/10
 
20
    Owosso, MI

 
50

 
264

 

 

 
50

 
264

 
314

 
32

 
1986
 
12/10
 
25
    Pearl, MS

 
43

 
195

 

 

 
43

 
195

 
238

 
20

 
1989
 
12/10
 
30
    Phillips, WI

 
23

 
177

 

 

 
23

 
177

 
200

 
18

 
1992
 
12/10
 
30
    Powell, WY

 
37

 
182

 

 

 
37

 
182

 
219

 
22

 
1978
 
12/10
 
25
    Rhinelander, WI

 
28

 
115

 

 

 
28

 
115

 
143

 
17

 
1958
 
12/10
 
20
    River Falls, WI

 
42

 
234

 

 

 
42

 
234

 
276

 
36

 
1976
 
12/10
 
20
    Riverton, WY

 
99

 
300

 

 

 
99

 
300

 
399

 
37

 
1978
 
12/10
 
25
    Rockford, IL

 
61

 
376

 

 

 
61

 
376

 
437

 
46

 
1962
 
12/10
 
25
    Roundup, MT

 
23

 
205

 

 

 
23

 
205

 
228

 
31

 
1972
 
12/10
 
20
    Schofield, WI

 
41

 
425

 

 

 
41

 
425

 
466

 
65

 
1968
 
12/10
 
20
    Sheboygan, WI

 
77

 
370

 

 

 
77

 
370

 
447

 
32

 
2007
 
12/10
 
35
    Shelby, MT

 
20

 
208

 

 

 
20

 
208

 
228

 
32

 
1976
 
12/10
 
20
    Shelbyville, KY

 
52

 
224

 

 

 
52

 
224

 
276

 
27

 
1982
 
12/10
 
25
    Sidney, MT (n)

 
42

 
395

 

 

 
42

 
395

 
437

 
60

 
1962
 
12/10
 
20
    Spartanburg, SC

 
53

 
252

 

 

 
53

 
252

 
305

 
31

 
1972
 
12/10
 
25
    Spokane, WA

 
66

 
201

 

 

 
66

 
201

 
267

 
31

 
1965
 
12/10
 
20
    Spokane, WA

 
93

 
373

 

 

 
93

 
373

 
466

 
57

 
1972
 
12/10
 
20
    St. Peter, MN

 
17

 
259

 

 

 
17

 
259

 
276

 
26

 
1999
 
12/10
 
30
    Stayton, OR

 
88

 
312

 

 

 
88

 
312

 
400

 
32

 
1994
 
12/10
 
30
    Stevens Point, WI (n)

 
61

 
405

 

 

 
61

 
405

 
466

 
49

 
1975
 
12/10
 
25
    Sulphur, LA

 
31

 
216

 

 

 
31

 
216

 
247

 
33

 
1984
 
12/10
 
20
    Thornton, CO

 
414

 
536

 

 

 
414

 
536

 
950

 
54

 
1996
 
12/10
 
30
    Troy, AL

 
15

 
52

 

 

 
15

 
52

 
67

 
11

 
1966
 
12/10
 
15
    Wasilla, AK

 
227

 
504

 

 

 
227

 
504

 
731

 
44

 
2002
 
12/10
 
35
    Wausau, WI

 
52

 
300

 

 

 
52

 
300

 
352

 
36

 
1989
 
12/10
 
25
    Wautoma, WI

 
18

 
106

 

 

 
18

 
106

 
124

 
16

 
1959
 
12/10
 
20
    Waynesboro, MS

 
15

 
71

 

 

 
15

 
71

 
86

 
14

 
1962
 
12/10
 
15
    West Columbia, SC

 
41

 
159

 

 

 
41

 
159

 
200

 
24

 
1962
 
12/10
 
20
    West Memphis, AR

 
58

 
294

 

 

 
58

 
294

 
352

 
36

 
1987
 
12/10
 
25
    Whitefish, MT

 
30

 
227

 

 

 
30

 
227

 
257

 
23

 
1993
 
12/10
 
30
    Williston, ND

 
35

 
297

 

 

 
35

 
297

 
332

 
30

 
1999
 
12/10
 
30
    Windom, MN

 
5

 
137

 

 

 
5

 
137

 
142

 
21

 
1950
 
12/10
 
20
    Wisconsin Rapids, WI

 
41

 
215

 

 

 
41

 
215

 
256

 
33

 
1975
 
12/10
 
20
    Yakima, WA

 
50

 
321

 

 

 
50

 
321

 
371

 
49

 
1965
 
12/10
 
20
    Aurora, IL

 
641

 
226

 

 

 
641

 
226

 
867

 
33

 
1971
 
02/11
 
20
    Benton Harbor, MI

 
207

 
160

 

 

 
207

 
160

 
367

 
23

 
1978
 
02/11
 
20
    Caro, MI

 
85

 
132

 

 

 
85

 
132

 
217

 
38

 
1941
 
02/11
 
10
    Eagle River, WI

 
99

 
52

 

 

 
99

 
52

 
151

 
7

 
1978
 
02/11
 
20
    Essexville, MI

 
113

 
113

 

 

 
113

 
113

 
226

 
16

 
1974
 
02/11
 
20
    Lexington, KY

 
85

 
226

 

 

 
85

 
226

 
311

 
22

 
1991
 
02/11
 
30
    Mt. Pleasant, MI

 
85

 
207

 

 

 
85

 
207

 
292

 
24

 
1984
 
02/11
 
25
    Portland, ME

 
123

 
264

 

 

 
123

 
264

 
387

 
51

 
1951
 
02/11
 
15
    Saginaw, MI

 
179

 
75

 

 

 
179

 
75

 
254

 
22

 
1955
 
02/11
 
10
    Warrenton, VA

 
123

 
66

 

 

 
123

 
66

 
189

 
19

 
1939
 
02/11
 
10
    Billings, MT

 
66

 
291

 

 

 
66

 
291

 
357

 
29

 
1994
 
07/11
 
25
    Mobile, AL

 
75

 
197

 

 

 
75

 
197

 
272

 
24

 
1975
 
07/11
 
20
    New Castle, IN

 
113

 
19

 

 

 
113

 
19

 
132

 
2

 
1991
 
07/11
 
25
    Spokane, WA

 
75

 
56

 

 

 
75

 
56

 
131

 
7

 
1955
 
07/11
 
20
    Chicago, IL

 
90

 
239

 

 

 
90

 
239

 
329

 
34

 
1949
 
11/11
 
15
    Missoula, MT

 
99

 
367

 

 

 
99

 
367

 
466

 
39

 
1965
 
11/11
 
20
    Sheridan, WY

 
198

 
385

 

 

 
198

 
385

 
583

 
41

 
1980
 
11/11
 
20
    Sauk Centre, MN

 
64

 
85

 

 

 
64

 
85

 
149

 
7

 
1958
 
11/11
 
25
    Watford City, ND

 
31

 
124

 

 

 
31

 
124

 
155

 
11

 
1974
 
11/11
 
25
    Fairmont, MN

 
98

 
166

 

 

 
98

 
166

 
264

 
16

 
1978
 
01/12
 
20
    Sycamore, IL

 
49

 
476

 

 

 
49

 
476

 
525

 
47

 
1924
 
01/12
 
20
    Worland, WY

 
48

 
193

 

 

 
48

 
193

 
241

 
16

 
1949
 
04/12
 
20
    Anchorage, AK

 
315

 
92

 

 

 
315

 
92

 
407

 
7

 
1971
 
06/12
 
20
    Havre, MT

 
29

 
305

 

 

 
29

 
305

 
334

 
23

 
1964
 
06/12
 
20
    Orchard Park, NY

 
353

 

 

 

 
353

 
 (e)

 
353

 
 (e)

 
 (e)
 
05/13
(m)
(e)
    Morrisville, NC

 
127

 
332

 

 

 
127

 
332

 
459

 
8

 
1992
 
05/13
 
25
    Salt Lake City, UT

 
571

 
697

 

 

 
571

 
697

 
1,268

 
22

 
1951
 
05/13
 
20
    San Antonio, TX

 
137

 
361

 

 

 
137

 
361

 
498

 
11

 
1980
 
05/13
 
20
    San Antonio, TX

 
87

 
719

 

 

 
87

 
719

 
806

 
18

 
1973
 
05/13
 
25
    Jackson, MS

 
253

 

 

 

 
253

 
 (e)

 
253

 
 (e)

 
 (e)
 
06/13
(m)
(e)


See accompanying report of independent registered public accounting firm.
F-2


Table of Contents

 
 
 
Initial Cost  to
Company
 
Costs Capitalized
Subsequent to
Acquisition
 
Gross Amount at Which
Carried at Close of Period (a) (b)
 
 
 
 
 
 
 
Life on Which
Depreciation &
Amortization in Latest Income
Statement is
Computed (Years)
 
Encumbrances
 
Land
 
Building,
Improvements &
Leasehold
Interests
 
Improvements
 
Carrying
Costs
 
Land
 
Building,
Improvements &
Leasehold
Interests
 
Total
 
Accumulated
Depreciation
and
Amortization
 
Date  of
Construction
 
Date
Acquired
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    Crestview, FL

 
158

 
463

 

 

 
158

 
463

 
621

 
5

 
2003
 
09/13
 
30
    Depew, NY

 
309

 

 

 

 
309

 
 (e)

 
309

 
 (e)

 
 (e)
 
10/13
(m)
(e)
   
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Carrabba's:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    Canton, MI

 
685

 
1,687

 

 

 
685

 
1,687

 
2,372

 
101

 
2002
 
03/12
 
30
    Cape Coral, FL

 
645

 
2,965

 

 

 
645

 
2,965

 
3,610

 
152

 
2005
 
03/12
 
35
    Dallas, TX

 
672

 
1,078

 

 

 
672

 
1,078

 
1,750

 
64

 
2000
 
03/12
 
30
    Gainesville, FL

 
922

 
1,944

 

 

 
922

 
1,944

 
2,866

 
116

 
2001
 
03/12
 
30
    Jacksonville, FL

 
1,140

 
1,428

 

 

 
1,140

 
1,428

 
2,568

 
85

 
2001
 
03/12
 
30
    Mason, OH

 
653

 
2,267

 

 

 
653

 
2,267

 
2,920

 
135

 
2000
 
03/12
 
30
    Maumee, OH

 
525

 
2,684

 

 

 
525

 
2,684

 
3,209

 
160

 
2002
 
03/12
 
30
    Mobile, AL

 
633

 
1,909

 

 

 
633

 
1,909

 
2,542

 
114

 
2001
 
03/12
 
30
    Pensacola, FL

 
734

 
1,854

 

 

 
734

 
1,854

 
2,588

 
95

 
2003
 
03/12
 
35
    Waldorf, MD

 
1,473

 
2,199

 

 

 
1,473

 
2,199

 
3,672

 
113

 
2007
 
03/12
 
35
   
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Carvers:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    Centerville, OH

 
851

 
1,059

 

 

 
851

 
1,059

 
1,910

 
319

 
1986
 
12/01
 
40
   
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Certified Auto Sales:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    Albuquerque, NM

 
1,113

 

 
1,443

 

 
1,113

 
1,443

 
2,556

 
301

 
2005
 
04/04
(f)
40
   
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Chair King:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    Grapevine, TX

 
1,018

 
2,067

 
273

 

 
1,018

 
2,340

 
3,358

 
811

 
1998
 
06/98
 
40
   
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Champps:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    Irving, TX

 
1,760

 
1,724

 

 

 
1,760

 
1,724

 
3,484

 
519

 
2000
 
12/01
 
40
   
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Char-Hut:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    Sunrise, FL

 
287

 
424

 

 

 
287

 
424

 
711

 
102

 
1979
 
05/04
 
40
   
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cheddar's Cafe:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    Baytown, TX

 
858

 
2,251

 

 

 
858

 
2,251

 
3,109

 
171

 
2010
 
12/10
 
40
    West Monroe, LA

 
907

 
2,301

 

 

 
907

 
2,301

 
3,208

 
170

 
2010
 
01/11
 
40
    Selma, TX

 
1,446

 

 
2,439

 

 
1,446

 
2,439

 
3,885

 
140

 
2011
 
03/11
(m)
40
    Jonesboro, AR

 
1,206

 

 
2,459

 

 
1,206

 
2,459

 
3,665

 
131

 
2011
 
05/11
(m)
40
    Hattiesburg, MS

 
1,203

 

 

 

 
1,196

 
 (e)

 
1,196

 
 (e)

 
 (e)
 
11/11
(m)
(e)
    Pleasant Prairie, WI

 
1,310

 

 

 

 
1,310

 
 (e)

 
1,310

 
 (e)

 
 (e)
 
04/13
(m)
(e)
    Liberty, MO

 
1,313

 

 

 

 
1,313

 
 (e)

 
1,313

 
 (e)

 
 (e)
 
07/13
(m)
(e)
   
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Chick-Fil-A:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    Ankeny, IA

 
662

 

 

 

 
662

 
 (i)

 
662

 
 (i)

 
 (i)
 
06/05
 
(i)
   
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Chili's:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    Camden, SC

 
627

 
1,888

 

 

 
627

 
1,888

 
2,515

 
391

 
2005
 
09/05
 
40
    Milledgeville, GA

 
516

 
1,997

 

 

 
516

 
1,997

 
2,513

 
414

 
2005
 
09/05
 
40
    Sumter, SC

 
800

 
1,717

 

 

 
800

 
1,717

 
2,517

 
345

 
2004
 
12/05
 
40
    Hinesville, GA

 
921

 
1,898

 

 

 
921

 
1,898

 
2,819

 
326

 
2006
 
02/07
 
40
    Albany, GA

 
615

 

 
1,984

 

 
615

 
1,984

 
2,599

 
308

 
2007
 
06/07
(m)
40
    Statesboro, GA

 
703

 

 
1,888

 

 
703

 
1,888

 
2,591

 
289

 
2007
 
06/07
(m)
40
    Florence, SC

 
889

 
1,715

 

 

 
889

 
1,715

 
2,604

 
281

 
2007
 
06/07
 
40
    Valdosta, GA

 
716

 

 
1,871

 

 
716

 
1,871

 
2,587

 
283

 
2007
 
07/07
(m)
40
    Tifton, GA

 
454

 
1,550

 

 

 
454

 
1,550

 
2,004

 
202

 
2008
 
06/08
 
40
    Evans, GA

 
700

 

 
1,511

 

 
685

 
1,511

 
2,196

 
184

 
2009
 
10/08
(m)
40
    Jefferson City, MO

 
305

 
898

 

 

 
305

 
898

 
1,203

 
104

 
2003
 
12/09
 
35
    Merriam, KS

   
853

 
981

 

 

 
853

 
981

 
1,834

 
132

 
1998
 
12/09
 
30
    Wichita, KS

 
420

 
623

 

 

 
420

 
623

 
1,043

 
84

 
1995
 
12/09
 
30
    Hutchinson, KS

   
456

 
1,794

 

 

 
456

 
1,794

 
2,250

 
52

 
2004
 
02/13
 
30
    Lexington, SC

 
630

 
1,620

 

 

 
630

 
1,620

 
2,250

 
40

 
2008
 
02/13
 
35
   
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
China 1:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    Cohoes, NY

 
16

 
87

 
6

 

 
16

 
93

 
109

 
23

 
1994
 
09/04
 
40
   
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
China Wok:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    Carlisle, PA

 
90

 
107

 

 

 
90

 
107

 
197

 
21

 
1988
 
01/06
 
40
   
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Chipotle:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    Florissant, MO

 
50

 
59

 
170

 

 
50

 
228

 
278

 
21

 
2013
 
04/03
(m)
40
   
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Chuck-E-Cheese:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    Mobile, AL

 
340

 
951

 

 

 
340

 
951

 
1,291

 
101

 
1981
 
11/11
 
20
   
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Chuy's:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    Madeira, OH

 
1,165

 
1,322

 

 

 
1,165

 
1,322

 
2,487

 
17

 
1996
 
05/13
 
30
   
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cinemark:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    Draper, UT

 
1,523

 

 
4,487

 

 
1,523

 
4,487

 
6,010

 
294

 
2011
 
08/10
(m)
40
    Fort Worth, TX

 
2,140

 

 
7,660

 

 
2,140

 
7,660

 
9,800

 
295

 
2012
 
08/11
(m)
40
    Cincinnati, OH

 
1,334

 

 
10,206

 

 
1,334

 
10,206

 
11,540

 
96

 
2013
 
09/12
(m)
40
    McCandless, PA

 
3,094

 

 

 

 
3,094

 
 (e)

 
3,094

 
 (e)

 
 (e)
 
09/13
(m)
(e)
   
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Claim Jumper:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    Roseville, CA

 
1,557

 
2,014

 

 

 
1,557

 
2,014

 
3,571

 
606

 
2000
 
12/01
 
40
    Tempe, AZ

 
2,531

 
2,921

 

 

 
2,531

 
2,921

 
5,452

 
879

 
2000
 
12/01
 
40
   
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Clairton Mini Mart:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    Clairton, PA

 
215

 
701

 

 

 
215

 
701

 
916

 
223

 
1986
 
01/06
 
25
   
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Continental Rental:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    Lapeer, MI

 
88

 
633

 

 

 
88

 
603

 
691

 
100

 
2007
 
10/05
 
40
   
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cool Crest:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    Independence, MO

 
1,838

 
1,534

 
75

 

 
1,838

 
1,609

 
3,447

 
257

 
1988
 
05/07
 
40
   
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
CORA Rehabilitation Clinics:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    Orlando, FL
54

 (h)
80

 
221

 

 

 
80

 
221

 
301

 
55

 
2001
 
02/04
 
40
   
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cutler Foods:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    Deerfield Beach, FL

 
770

 
274

 
26

 

 
770

 
300

 
1,070

 
56

 
1980
 
12/05
 
40
   
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
CVS:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    Lafayette, LA

 
968

 

 

 

 
968

 
 (c)

 
968

 
 (c)

 
1995
 
01/96
 
(c)
    Ft. Lauderdale, FL

 
3,165

 
3,319

 
190

 

 
3,165

 
3,509

 
6,674

 
1,166

 
1995
 
02/96
 
33
    Midwest City, OK

 
673

 
1,103

 

 

 
673

 
1,103

 
1,776

 
492

 
1996
 
03/96
 
40
    Pantego, TX

 
1,016

 
1,449

 

 

 
1,016

 
1,449

 
2,465

 
599

 
1997
 
06/97
 
40
    Arlington, TX

 
2,079

 

 
1,397

 

 
2,079

 
1,397

 
3,476

 
537

 
1998
 
11/97
(g)
40
    Leavenworth, KS

 
726

 

 
1,331

 

 
726

 
1,331

 
2,057

 
517

 
1998
 
11/97
(g)
40
    Lewisville, TX

 
789

 

 
1,335

 

 
789

 
1,335

 
2,124

 
511

 
1998
 
04/98
(g)
40
    Forest Hill, TX

 
692

 

 
1,175

 

 
692

 
1,175

 
1,867

 
451

 
1998
 
04/98
(g)
40
    Garland, TX

 
1,477

 

 
1,400

 

 
1,477

 
1,400

 
2,877

 
529

 
1998
 
06/98
(g)
40
    Oklahoma City, OK

 
1,581

 

 
1,471

 

 
1,581

 
1,471

 
3,052

 
550

 
1999
 
08/98
(g)
40
    Dallas, TX

 
2,618

 

 
2,571

 

 
2,618

 
2,571

 
5,189

 
656

 
2003
 
06/99
(g)
40
    Gladstone, MO

 
1,851

 

 
1,740

 

 
1,851

 
1,740

 
3,591

 
582

 
2000
 
12/99
(g)
40
   
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Dave & Buster's:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    Hilliard, OH

 
934

 
4,689

 

 

 
934

 
4,689

 
5,623

 
835

 
1998
 
11/06
 
40
    Tulsa, OK

 
1,862

 

 
2,105

 

 
1,862

 
2,105

 
3,967

 
261

 
2009
 
04/08
(m)
40
    Wauwatosa, WI

 
5,694

 

 
5,638

 

 
5,694

 
5,638

 
11,332

 
534

 
2010
 
12/08
(m)
40
    Orlando, FL

 
8,114

 

 
4,224

 

 
8,114

 
4,224

 
12,338

 
260

 
2011
 
06/10
(m)
40
    Oklahoma City, OK

 
3,156

 

 
4,870

 

 
3,156

 
4,870

 
8,026

 
238

 
2012
 
02/11
(m)
40
    Dallas, TX

 
5,052

 

 
8,808

 

 
5,052

 
8,808

 
13,860

 
229

 
2012
 
03/12
(m)
40
    Livonia, MI

 
2,116

 

 

 

 
2,116

 
 (e)

 
2,116

 
 (e)

 
 (e)
 
04/13
(m)
(e)
   
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Del Frisco's:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    Ft. Worth, TX

 
351

 
5,874

 

 

 
351

 
5,874

 
6,225

 
869

 
1890
 
01/11
 
20
    Greenwood Village, CO

 
1,863

 
5,649

 

 

 
1,863

 
5,649

 
7,512

 
836

 
1979
 
01/11
 
20
   
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Denny's:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    Clifton, CO

 
245

 
732

 
375

 

 
245

 
1,107

 
1,352

 
248

 
1998
 
12/01
 
40
    Columbus, TX

 
428

 
817

 

 

 
428

 
817

 
1,245

 
246

 
1997
 
12/01
 
40
    Alexandria, VA

 
604

 
196

 

 

 
604

 
196

 
800

 
71

 
1981
 
09/06
 
20
    Amarillo, TX

 
590

 
632

 

 

 
590

 
632

 
1,222

 
230

 
1982
 
09/06
 
20
    Arlington Heights, IL

 
470

 
228

 

 

 
470

 
228

 
698

 
83

 
1977
 
09/06
 
20
    Austintown, OH

 
466

 
397

 

 

 
466

 
397

 
863

 
145

 
1980
 
09/06
 
20
    Boardman Township, OH

 
497

 
258

 

 

 
497

 
258

 
755

 
94

 
1977
 
09/06
 
20
    Campbell, CA

 
460

 
238

 

 

 
460

 
238

 
698

 
87

 
1976
 
09/06
 
20
    Carson, CA

 
1,246

 
157

 

 

 
1,246

 
157

 
1,403

 
57

 
1975
 
09/06
 
20
    Chehalis, WA

 
415

 
287

 

 

 
415

 
287

 
702

 
105

 
1977
 
09/06
 
20
    Chubbuck, ID

 
350

 
394

 

 

 
344

 
394

 
738

 
144

 
1983
 
09/06
 
20
    Clackamas, OR

 
468

 
407

 

 

 
468

 
407

 
875

 
148

 
1993
 
09/06
 
20
    Collinsville, IL

 
676

 
283

 

 

 
676

 
283

 
959

 
103

 
1979
 
09/06
 
20
    Colorado Springs, CO

 
585

 
390

 

 

 
585

 
390

 
975

 
142

 
1978
 
09/06
 
20
    Colorado Springs, CO

 
321

 
377

 

 

 
321

 
377

 
698

 
137

 
1984
 
09/06
 
20
    Corpus Christi, TX

 
345

 
776

 
300

 

 
345

 
1,076

 
1,421

 
361

 
1980
 
09/06
 
20
    Dallas, TX

 
497

 
150

 

 

 
497

 
150

 
647

 
55

 
1979
 
09/06
 
20
    Enfield, CT

 
684

 
229

 

 

 
684

 
229

 
913

 
83

 
1976
 
09/06
 
20
    Fairfax, VA

 
768

 
683

 

 

 
768

 
683

 
1,451

 
249

 
1979
 
09/06
 
20
    Federal Way, WA

 
543

 
193

 

 

 
543

 
193

 
736

 
70

 
1977
 
09/06
 
20
    Florissant, MO

 
443

 
238

 

 

 
443

 
238

 
681

 
87

 
1977
 
09/06
 
20
    Ft. Worth, TX

 
392

 
314

 

 

 
392

 
314

 
706

 
115

 
1974
 
09/06
 
20
    Hermitage, PA

 
321

 
420

 

 

 
321

 
420

 
741

 
153

 
1980
 
09/06
 
20
    Hialeah, FL

 
432

 
175

 

 

 
432

 
175

 
607

 
64

 
1978
 
09/06
 
20
    Houston, TX

 
504

 
348

 

 

 
504

 
348

 
852

 
127

 
1976
 
09/06
 
20
    Indianapolis, IN

 
358

 
767

 

 

 
358

 
767

 
1,125

 
279

 
1978
 
09/06
 
20
    Indianapolis, IN

 
326

 
511

 

 

 
326

 
511

 
837

 
186

 
1978
 
09/06
 
20
    Indianapolis, IN

 
310

 
590

 

 

 
310

 
590

 
900

 
215

 
1981
 
09/06
 
20
    Indianapolis, IN

 
231

 
511

 

 

 
231

 
511

 
742

 
186

 
1974
 
09/06
 
20
    Kernersville, NC

 
407

 
557

 

 

 
407

 
557

 
964

 
203

 
2000
 
09/06
 
20
    Lafayette, IN

 
424

 
773

 

 

 
416

 
773

 
1,189

 
282

 
1978
 
09/06
 
20
    Laurel, MD

 
528

 
379

 

 

 
528

 
379

 
907

 
138

 
1976
 
09/06
 
20
    Little Rock, AR

 
703

 
180

 

 

 
703

 
180

 
883

 
66

 
1979
 
09/06
 
20
    Maplewood, MN

 
630

 
271

 

 

 
630

 
271

 
901

 
99

 
1983
 
09/06
 
20
    Merriville, IN

 
368

 
813

 

 

 
368

 
813

 
1,181

 
296

 
1976
 
09/06
 
20
    N. Miami, FL

 
855

 
151

 

 

 
855

 
151

 
1,006

 
55

 
1977
 
09/06
 
20
    Nampa, ID

 
357

 
729

 

 

 
357

 
729

 
1,086

 
266

 
1979
 
09/06
 
20
    North Richland Hills, TX

 
500

 
130

 

 

 
500

 
130

 
630

 
47

 
1970
 
09/06
 
20
    Omaha, NE

 
496

 
314

 

 

 
496

 
314

 
810

 
115

 
1994
 
09/06
 
20
    Pompano Beach, FL

 
436

 
394

 

 

 
436

 
394

 
830

 
143

 
1976
 
09/06
 
20
    Portland, OR

 
764

 
161

 

 

 
764

 
161

 
925

 
59

 
1977
 
09/06
 
20
    Provo, UT

 
519

 
216

 

 

 
519

 
216

 
735

 
79

 
1978
 
09/06
 
20
    Pueblo, CO

 
475

 
302

 

 

 
475

 
302

 
777

 
110

 
1980
 
09/06
 
20
    Raleigh, NC

 
1,094

 
482

 

 

 
1,094

 
482

 
1,576

 
176

 
1984
 
09/06
 
20
    St. Louis, MO

 
520

 
266

 

 

 
520

 
266

 
786

 
97

 
1973
 
09/06
 
20
    Sugarland, TX

 
315

 
334

 

 

 
315

 
334

 
649

 
122

 
1997
 
09/06
 
20
    Tacoma, WA

 
580

 
201

 

 

 
575

 
201

 
776

 
73

 
1984
 
09/06
 
20
    Tucson, AZ

 
922

 
290

 

 

 
922

 
290

 
1,212

 
106

 
1979
 
09/06
 
20
    Wethersfield, CT

 
884

 
176

 

 

 
884

 
176

 
1,060

 
64

 
1978
 
09/06
 
20
    Worcester, MA

 
383

 
493

 

 

 
383

 
493

 
876

 
180

 
1978
 
09/06
 
20
    Boise, ID

 
514

 
477

 

 

 
514

 
477

 
991

 
168

 
1983
 
12/06
 
20
    St. Louis, MO

 
635

 
303

 

 

 
635

 
303

 
938

 
105

 
1980
 
01/07
 
20
    Virginia Gardens, FL

 
793

 
133

 

 

 
793

 
133

 
926

 
46

 
1977
 
01/07
 
20
    Akron, OH

 
308

 
1,062

 

 

 
308

 
1,062

 
1,370

 
19

 
1992
 
06/13
 
30
   
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Diamond Communication:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    Lapeer, MI

 
37

 
264

 

 

 
37

 
251

 
288

 
42

 
2007
 
10/05
 
40
   
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Dickey's Barbeque Pit:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    Medina, OH

 
405

 
464

 
104

 

 
405

 
568

 
973

 
146

 
1996
 
12/01
 
40
   
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Dick's Sporting Goods:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    Taylor, MI

 
1,920

 
3,527

 

 

 
1,920

 
3,527

 
5,447

 
1,525

 
1996
 
08/96
 
40
    White Marsh, MD

 
2,681

 
3,917

 

 

 
2,681

 
3,917

 
6,598

 
1,694

 
1996
 
08/96
 
40
   
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Dollar General:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    San Antonio, TX

 
441

 
784

 

 

 
441

 
196

 
637

 

 
1993
 
12/93
 
30
    Memphis, TN

 
266

 
1,136

 
46

 

 
266

 
1,182

 
1,448

 
419

 
1998
 
12/97
 
40
    High Springs, FL

 
409

 

 
1,072

 

 
432

 
1,072

 
1,504

 
84

 
2010
 
07/10
(m)
40
    Inverness, FL

 
459

 

 
1,046

 

 
471

 
1,046

 
1,517

 
77

 
2011
 
08/10
(m)
40
    Cocoa, FL

 
385

 

 
935

 

 
406

 
935

 
1,341

 
73

 
2010
 
08/10
(m)
40
    Palm Bay, FL

 
355

 

 
1,011

 

 
365

 
1,011

 
1,376

 
77

 
2010
 
08/10
(m)
40
    Deland, FL

 
585

 

 
958

 

 
585

 
958

 
1,543

 
69

 
2010
 
11/10
(m)
40
    Seffner, FL

 
673

 

 
1,223

 

 
673

 
1,223

 
1,896

 
88

 
2011
 
12/10
(m)
40
    Hernando, FL

 
372

 

 
970

 

 
372

 
970

 
1,342

 
66

 
2011
 
01/11
(m)
40
    Titusville, FL

 
512

 

 
1,002

 

 
512

 
1,002

 
1,514

 
60

 
2011
 
04/11
(m)
40
    Bunnlevel, NC

 
106

 

 
737

 

 
106

 
737

 
843

 
41

 
2011
 
08/11
(m)
40
    Disputanta, VA

 
170

 

 
720

 

 
170

 
720

 
890

 
41

 
2011
 
09/11
(m)
40
    Lumberton, NC

 
115

 

 
902

 

 
115

 
902

 
1,017

 
44

 
2012
 
10/11
(m)
40
    Newport News, VA

 
363

 

 
967

 

 
363

 
967

 
1,330

 
51

 
2011
 
10/11
(m)
40
    Cumberland, VA

 
317

 

 
1,147

 

 
317

 
1,147

 
1,464

 
51

 
2012
 
12/11
(m)
40
    Aberdeen, NC

 
156

 

 
821

 

 
156

 
821

 
977

 
35

 
2012
 
01/12
(m)
40
    Richmond, VA

 
144

 

 
863

 

 
144

 
863

 
1,007

 
31

 
2012
 
02/12
(m)
40
    Danville, VA

 
155

 

 
864

 

 
155

 
864

 
1,019

 
35

 
2012
 
03/12
(m)
40
    Cascade, VA

 
139

 

 
806

 

 
139

 
806

 
945

 
31

 
2012
 
03/12
(m)
40
    Sanford, NC

 
147

 

 
834

 

 
147

 
834

 
981

 
29

 
2012
 
04/12
(m)
40
    Leland, NC

 
245

 

 
892

 

 
245

 
892

 
1,137

 
27

 
2012
 
06/12
(m)
40
    Sanford, NC

 
206

 

 
829

 

 
206

 
829

 
1,035

 
25

 
2012
 
07/12
(m)
40
    Richmond, VA

 
305

 

 
902

 

 
305

 
902

 
1,207

 
25

 
2012
 
08/12
(m)
40
    Reno, NV

 
234

 

 
1,464

 

 
234

 
1,464

 
1,698

 
38

 
2012
 
08/12
(m)
40
    Martinsville, VA

 
165

 

 
831

 

 
165

 
831

 
996

 
22

 
2012
 
09/12
(m)
40
    Yerington, NV

 
313

 

 
1,170

 

 
313

 
1,170

 
1,483

 
28

 
2013
 
09/12
(m)
40
    Ridgeway, VA

 
271

 

 
935

 

 
271

 
935

 
1,206

 
19

 
2013
 
11/12
(m)
40
    Hawthorne, NV

 
210

 
1,069

 

 

 
210

 
1,069

 
1,279

 
28

 
2012
 
12/12
 
40
    Sun Valley, NV

 
439

 

 
1,438

 

 
439

 
1,438

 
1,877

 
22

 
2013
 
01/13
 
40
    Norfolk, VA

 
455

 

 
929

 

 
455

 
929

 
1,384

 
13

 
2013
 
03/13
 
40
    Suffolk, VA

 
186

 

 
958

 

 
186

 
958

 
1,144

 
13

 
2013
 
03/13
 
40
    Suffolk, VA

 
128

 

 
1,010

 

 
128

 
1,010

 
1,138

 
9

 
2013
 
04/13
 
40
    Irving, NY

 
210

 

 
961

 

 
210

 
961

 
1,171

 
5

 
2013
 
06/13
 
40
    Oakfield, NY

 
257

 

 

 

 
257

 
 (e)

 
257

 
 (e)

 
 (e)
 
10/13
(m)
(e)
    Holland, NY

 
176

 

 

 

 
176

 
 (e)

 
176

 
 (e)

 
 (e)
 
12/13
(m)
(e)
   
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Dollar Tree:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    Garland, TX

 
239

 
626

 

 

 
239

 
626

 
865

 
196

 
1994
 
02/94
 
40
    Copperas Cove, TX

 
242

 
512

 
194

 

 
242

 
706

 
948

 
254

 
1972
 
11/98
 
40
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Don Tello's Tex-Mex Grill:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    Lithonia, GA

 
923

 
1,276

 
16

 

 
923

 
1,293

 
2,216

 
209

 
2002
 
06/07
 
40
   
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Dr. Clean Dry Cleaners:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    Monticello, NY

 
20

 
72

 

 

 
20

 
72

 
92

 
16

 
1996
 
03/05
 
40
   
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Eagle Tax Center:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    Hollywood, FL

 
203

 
46

 
19

 

 
124

 

 
124

 

 
1960
 
12/05
 
15
   
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Ecotech Institute:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    Aurora, CO

 
5,076

 
13,874

 
5,663

 

 
5,076

 
19,537

 
24,613

 
2,794

 
1986
 
04/07
 
40
    Austin, TX

 
2,291

 
1,770

 
4,999

 

 
2,291

 
6,769

 
9,060

 
266

 
1996
 
12/11
 
35
   
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
El Tapatio Grill:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    Hammond, LA

 
248

 
814

 
62

 

 
248

 
627

 
875

 
201

 
1997
 
12/01
 
40
   
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Encore at Crosswoods:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    Columbus, OH

 
1,032

 
1,107

 

 

 
1,032

 
1,107

 
2,139

 
333

 
1998
 
12/01
 
40
   
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Express Oil Change:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    Birmingham, AL

 
470

 
695

 

 

 
470

 
695

 
1,165

 
101

 
2008
 
02/08
(f)
40
    Florence, AL

 
110

 
381

 

 

 
110

 
381

 
491

 
75

 
1987
 
02/08
 
30
    Helena, AL

 
363

 
628

 

 

 
363

 
628

 
991

 
92

 
1998
 
02/08
 
40
    Muscle Shoals, AL

 
168

 
624

 

 

 
168

 
624

 
792

 
122

 
1985
 
02/08
 
30
    Opelika, AL

 
547

 
680

 

 

 
547

 
680

 
1,227

 
100

 
2006
 
02/08
 
40
    Cordova, TN

 
639

 
785

 

 

 
639

 
785

 
1,424

 
99

 
2000
 
12/08
 
40
    Horn Lake, MS

 
326

 
611

 

 

 
326

 
611

 
937

 
88

 
1998
 
12/08
 
35
    Lakeland, TN

 
186

 
489

 

 

 
186

 
489

 
675

 
62

 
2000
 
12/08
 
40
    Memphis, TN

 
402

 
721

 

 

 
402

 
721

 
1,123

 
91

 
2001
 
12/08
 
40
    Houston, TX

 
651

 

 
648

 

 
651

 
648

 
1,299

 
24

 
2012
 
02/12
(m)
40
    Katy, TX

 
539

 

 
829

 

 
539

 
829

 
1,368

 
22

 
2012
 
07/12
(m)
40
    Chattanooga, TN

 
239

 
1,214

 

 

 
239

 
1,214

 
1,453

 
49

 
1998
 
10/12
 
30
    Chattanooga, TN

 
224

 
173

 

 

 
224

 
173

 
397

 
7

 
2001
 
10/12
 
30
    Chattanooga, TN

 
238

 
1,756

 

 

 
238

 
1,756

 
1,994

 
71

 
1998
 
10/12
 
30
    Cleveland, TN

 
318

 
1,064

 

 

 
318

 
1,064

 
1,382

 
37

 
2004
 
10/12
 
35
    Fort Oglethorpe, GA

 
241

 
331

 

 

 
241

 
331

 
572

 
11

 
2003
 
10/12
 
35
    Marietta, GA

 
618

 
30

 

 

 
618

 
30

 
648

 
1

 
1988
 
12/12
 
30
    Smyrna, GA

 
295

 
1,092

 

 

 
295

 
1,092

 
1,387

 
45

 
1984
 
12/12
 
25
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

See accompanying report of independent registered public accounting firm.
F-3


Table of Contents

 
 
 
Initial Cost  to
Company
 
Costs Capitalized
Subsequent to
Acquisition
 
Gross Amount at Which
Carried at Close of Period (a) (b)
 
 
 
 
 
 
 
Life on Which
Depreciation &
Amortization in Latest Income
Statement is
Computed (Years)
 
Encumbrances
 
Land
 
Building,
Improvements &
Leasehold
Interests
 
Improvements
 
Carrying
Costs
 
Land
 
Building,
Improvements &
Leasehold
Interests
 
Total
 
Accumulated
Depreciation
and
Amortization
 
Date  of
Construction
 
Date
Acquired
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Fallas Paredes:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    Arlington, TX

 
318

 
1,680

 
242

 

 
318

 
1,923

 
2,241

 
777

 
1996
 
06/96
 
38
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Family Dollar:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    Albany, NY

 
34

 
824

 

 

 
34

 
824

 
858

 
191

 
1992
 
09/04
 
40
    Cohoes, NY

 
140

 
753

 
49

 

 
140

 
802

 
942

 
196

 
1994
 
09/04
 
40
    Hudson Falls, NY

 
51

 
380

 
175

 

 
187

 
419

 
606

 
91

 
1993
 
09/04
(g)
40
    Monticello, NY

 
96

 
352

 

 

 
96

 
352

 
448

 
77

 
1996
 
03/05
 
40
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Family General Store:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    Mesa, AZ

 
153

 
400

 

 

 
153

 
400

 
553

 
121

 
1997
 
12/01
 
40
   
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Famous Footwear:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    Lapeer, MI

 
163

 
835

 

 

 
163

 
812

 
975

 
130

 
2007
 
10/05
 
40
   
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Fantastic Sams:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    Eden Prairie, MN

 
65

 
181

 
81

 

 
65

 
261

 
326

 
76

 
1997
 
12/01
 
40
   
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Fazoli's:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    Bay City, MI

 
647

 
634

 

 

 
647

 
634

 
1,281

 
191

 
1997
 
12/01
 
40
   
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Ferguson:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    Destin, FL

 
554

 
1,012

 
253

 

 
554

 
1,265

 
1,819

 
206

 
2006
 
03/07
 
40
    Union City, GA

 
144

 
1,260

 

 

 
144

 
1,260

 
1,404

 
95

 
2010
 
05/11
 
35
   
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Fikes Wholesale:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    Belton, TX

 
722

 
1,814

 

 

 
722

 
1,814

 
2,536

 
123

 
2007
 
08/11
 
35
    Godley, TX

 
1,453

 
2,084

 

 

 
1,453

 
2,084

 
3,537

 
141

 
2008
 
08/11
 
35
    Killeen, TX

 
1,053

 
833

 

 

 
1,053

 
833

 
1,886

 
56

 
2007
 
08/11
 
35
    Killeen, TX

 
1,302

 
2,514

 

 

 
1,302

 
2,514

 
3,816

 
171

 
2008
 
08/11
 
35
    McGregor, TX

 
511

 
1,484

 

 

 
511

 
1,484

 
1,995

 
101

 
2006
 
08/11
 
35
    Thorndale, TX

 
331

 
984

 

 

 
331

 
984

 
1,315

 
67

 
2007
 
08/11
 
35
    Valley Mills, TX

 
711

 
2,114

 

 

 
711

 
2,114

 
2,825

 
143

 
2006
 
08/11
 
35
    West, TX

 
402

 
864

 

 

 
402

 
864

 
1,266

 
68

 
1999
 
08/11
 
30
   
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
First Cash Pawn:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    Alice, TX

 
318

 
578

 

 

 
318

 
578

 
896

 
174

 
1995
 
12/01
 
40
   
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
First Watch Restaurant:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    Tulsa, OK

 
325

 
314

 
34

 

 
325

 
382

 
707

 
128

 
1978
 
09/06
 
20
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Five Below:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    Florissant, MO

 
249

 
294

 
849

 

 
250

 
1,142

 
1,392

 
106

 
1996
 
04/03
(g)
40
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Five Guys Burgers and Fries:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    Middleburg Heights, OH

 
497

 
260

 
250

 

 
497

 
510

 
1,007

 
105

 
1976
 
09/06
 
20
   
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Flash Markets:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    Lebanon, TN

 
582

 

 
2,063

 

 
582

 
2,063

 
2,645

 
303

 
2007
 
03/07
(m)
40
   
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Fleming's:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    Akron, OH

 
475

 
3,140

 

 

 
475

 
3,140

 
3,615

 
161

 
2005
 
03/12
 
35
   
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Food 4 Less:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    Chula Vista, CA

 
3,569

 

 

 

 
3,569

 
 (c)

 
3,569

 
 (c)

 
1995
 
11/98
 
(c)
   
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Food Fast:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    Bossier City, LA

 
883

 
658

 

 

 
883

 
658

 
1,541

 
287

 
1975
 
06/07
 
15
    Brownsboro, TX

 
328

 
385

 

 

 
328

 
385

 
713

 
84

 
1990
 
06/07
 
30
    Flint, TX

 
272

 
411

 

 

 
272

 
411

 
683

 
107

 
1985
 
06/07
 
25
    Forney, TX

 
545

 
707

 

 

 
545

 
707

 
1,252

 
154

 
1989
 
06/07
 
30
    Forney, TX

 
473

 
654

 

 

 
473

 
654

 
1,127

 
143

 
1990
 
06/07
 
30
    Gun Barrel City, TX

 
270

 
386

 

 

 
270

 
386

 
656

 
101

 
1986
 
06/07
 
25
    Gun Barrel City, TX

 
242

 
467

 

 

 
242

 
467

 
709

 
122

 
1988
 
06/07
 
25
    Jacksonville, TX

 
660

 
632

 

 

 
660

 
632

 
1,292

 
276

 
1976
 
06/07
 
15
    Kemp, TX

 
581

 
505

 

 

 
581

 
505

 
1,086

 
132

 
1986
 
06/07
 
25
    Longview, TX

 
360

 
535

 

 

 
360

 
535

 
895

 
140

 
1983
 
06/07
 
25
    Longview, TX

 
403

 
572

 

 

 
403

 
572

 
975

 
150

 
1985
 
06/07
 
25
    Longview, TX

 
426

 
382

 

 

 
426

 
382

 
808

 
100

 
1984
 
06/07
 
25
    Longview, TX

 
178

 
236

 

 

 
178

 
236

 
414

 
77

 
1977
 
06/07
 
20
    Longview, TX

 
252

 
304

 

 

 
252

 
304

 
556

 
80

 
1983
 
06/07
 
25
    Longview, TX

 
271

 
431

 

 

 
271

 
431

 
702

 
94

 
1990
 
06/07
 
30
    Mabank, TX

 
229

 
494

 

 

 
229

 
494

 
723

 
129

 
1986
 
06/07
 
25
    Mt. Vernon, TX

 
292

 
666

 
2,800

 

 
292

 
2,800

 
3,092

 
50

 
2013
 
06/07
(m)
40
    Shreveport, LA

 
361

 
250

 

 

 
361

 
250

 
611

 
109

 
1969
 
06/07
 
15
    Tyler, TX

 
258

 
419

 

 

 
258

 
419

 
677

 
137

 
1978
 
06/07
 
20
    Tyler, TX

 
323

 
283

 

 

 
323

 
283

 
606

 
93

 
1978
 
06/07
 
20
    Tyler, TX

 
302

 
455

 

 

 
302

 
455

 
757

 
149

 
1981
 
06/07
 
20
    Tyler, TX

 
542

 
403

 

 

 
481

 
403

 
884

 
106

 
1984
 
06/07
 
25
    Tyler, TX

 
316

 
545

 

 

 
316

 
545

 
861

 
119

 
1989
 
06/07
 
30
    Tyler, TX

 
742

 
546

 

 

 
742

 
546

 
1,288

 
143

 
1985
 
06/07
 
25
    Tyler, TX

 
488

 
831

 

 

 
488

 
831

 
1,319

 
272

 
1980
 
06/07
 
20
    Tyler, TX

 
188

 
329

 

 

 
188

 
329

 
517

 
86

 
1984
 
06/07
 
25
    Tyler, TX

 
256

 
542

 

 

 
256

 
542

 
798

 
177

 
1980
 
06/07
 
20
   
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Fort Ticonderoga:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    Ticonderoga, NY

 
89

 
689

 
60

 

 
89

 
749

 
838

 
164

 
1993
 
09/04
 
40
   
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Fresenius Medical Care:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    Houston, TX

 
422

 
1,915

 
518

 

 
422

 
2,434

 
2,856

 
434

 
1995
 
08/06
 
40
   
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Fresh Market:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    Gainesville, FL

 
317

 
1,248

 
656

 

 
317

 
1,904

 
2,221

 
430

 
1982
 
03/99
 
40
   
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Fuel Up:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    Chambersburg, PA

 
76

 
197

 

 

 
76

 
197

 
273

 
83

 
1990
 
08/05
 
20
    Abbottstown, PA

 
55

 
200

 

 

 
55

 
200

 
255

 
40

 
2000
 
01/06
 
40
   
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Fuel-On:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    Bloomsburg, PA

 
541

 
146

 

 

 
541

 
146

 
687

 
61

 
1967
 
08/05
 
20
    Dallas, PA

 
677

 
1,091

 

 

 
677

 
1,091

 
1,768

 
457

 
1995
 
08/05
 
20
    Emporium, PA

 
380

 
569

 

 

 
380

 
569

 
949

 
238

 
1996
 
08/05
 
20
    Hazleton, PA

 
2,529

 
728

 

 

 
2,529

 
728

 
3,257

 
305

 
2001
 
08/05
 
20
    Johnsonburg, PA

 
781

 
504

 

 

 
781

 
504

 
1,285

 
211

 
1978
 
08/05
 
20
    Kane, PA

 
478

 
592

 

 

 
356

 

 
356

 

 
1984
 
08/05
 
20
    Luzerne, PA

 
171

 
415

 

 

 
171

 
415

 
586

 
174

 
1989
 
08/05
 
20
    Ridgway, PA

 
382

 
259

 

 

 
382

 
259

 
641

 
108

 
1975
 
08/05
 
20
    St. Mary's, PA

 
274

 
261

 

 

 
274

 
261

 
535

 
109

 
1979
 
08/05
 
20
    White Haven, PA (n)

 
486

 
867

 

 

 
486

 
867

 
1,353

 
363

 
1990
 
08/05
 
20
    Carlisle, PA

 
170

 
202

 

 

 
170

 
202

 
372

 
40

 
1988
 
01/06
 
40
    Danville, PA

 
180

 
359

 

 

 
180

 
359

 
539

 
71

 
1988
 
01/06
 
40
    Houtzdale, PA

 
541

 
500

 

 

 
356

 

 
356

 

 
1977
 
01/06
 
15
    Minersville, PA

 
680

 
582

 

 

 
680

 
582

 
1,262

 
116

 
1974
 
01/06
 
40
    Pittsburgh, PA

 
905

 
1,346

 

 

 
905

 
1,346

 
2,251

 
268

 
1967
 
01/06
 
40
    Zelienople, PA

 
160

 
437

 

 

 
160

 
437

 
597

 
87

 
1988
 
01/06
 
40
   
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Furr's Family Dining:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    Las Cruces, NM

 
947

 

 
2,286

 

 
947

 
2,286

 
3,233

 
404

 
2006
 
01/06
(m)
40
    Tucson, AZ

 
1,156

 

 

 

 
707

 
 (e)

 
707

 
 (e)

 
 (e)
 
07/06
 
(e)
    Moore, OK

 
939

 

 
2,429

 

 
939

 
2,429

 
3,368

 
377

 
2007
 
03/07
(m)
40
    Arlington, TX

 
1,061

 

 
1,594

 

 
1,061

 
1,594

 
2,655

 
128

 
2010
 
04/10
(m)
40
    McAllen, TX

 
520

 
1,700

 

 

 
520

 
1,700

 
2,220

 
116

 
2004
 
12/11
 
30
   
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Gander Mountain:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    Florence, AL

 
1,034

 

 
4,315

 

 
852

 
4,315

 
5,166

 
139

 
2012
 
06/04
(m)
40
    Amarillo, TX

 
1,514

 
5,781

 

 

 
1,514

 
5,781

 
7,295

 
1,319

 
2004
 
11/04
 
40
    DeForest, WI

 
2,798

 
10,953

 
2,500

 

 
2,798

 
13,453

 
16,251

 
1,146

 
2008
 
09/10
 
35
    Springfield, IL

 
1,717

 
7,622

 

 

 
1,717

 
7,622

 
9,339

 
717

 
2009
 
09/10
 
35
    Onalaska, WI

 
1,963

 

 
6,817

 

 
1,733

 
6,817

 
8,550

 
462

 
2011
 
10/10
(m)
40
    Ocala, FL

 
3,315

 
8,908

 

 

 
3,315

 
8,908

 
12,223

 
817

 
2008
 
10/10
 
35
    Bowling Green, KY

 
1,777

 
7,319

 

 

 
1,777

 
7,319

 
9,096

 
514

 
2007
 
07/11
 
35
    Eau Claire, WI

 
2,263

 
8,418

 

 

 
2,263

 
8,418

 
10,681

 
591

 
2008
 
07/11
 
35
    Roanoke, VA

 
1,769

 
8,120

 

 

 
1,769

 
8,120

 
9,889

 
570

 
2008
 
07/11
 
35
    Greenfield, IN

 
878

 

 

 

 
878

 
 (e)

 
878

 
 (e)

 
 (e)
 
12/13
(m)
(e)
   
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Garden Ridge:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    Douglasville, GA

 
1,588

 
3,916

 

 

 
1,588

 
3,916

 
5,504

 
302

 
1987
 
06/12
 
20
    Humble, TX

 
3,559

 
5,046

 

 

 
3,559

 
5,046

 
8,605

 
311

 
2001
 
06/12
 
25
    Noblesville, IN

 
1,870

 
4,241

 

 

 
1,870

 
4,241

 
6,111

 
327

 
1995
 
06/12
 
20
    Sandston, VA

 
1,972

 
6,599

 

 

 
1,972

 
6,599

 
8,571

 
407

 
1996
 
06/12
 
25
    Greensboro, NC

 
2,121

 
6,460

 

 

 
2,121

 
6,460

 
8,581

 
224

 
1998
 
12/12
 
30
   
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Gate Petroleum:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    Concord, NC

 
852

 
1,201

 

 

 
852

 
1,201

 
2,053

 
256

 
2001
 
06/05
 
40
    Rocky Mount, NC

 
259

 
1,164

 

 

 
259

 
1,164

 
1,423

 
249

 
2000
 
06/05
 
40
   
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Gerber Collision:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    Garner, NC

 
352

 
1,056

 

 

 
352

 
1,056

 
1,408

 
42

 
1972
 
03/13
 
20
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Golden Corral:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    Lake Placid, FL

 
115

 
305

 
54

 

 
115

 
359

 
474

 
284

 
1985
 
05/85
 
35
    Brandon, FL

 
1,188

 
1,339

 

 

 
1,188

 
1,339

 
2,527

 
403

 
1998
 
12/01
 
40
    Temple Terrace, FL

 
1,330

 
1,391

 

 

 
1,330

 
1,391

 
2,721

 
419

 
1997
 
12/01
 
40
   
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Goodwill:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    Sealy, TX

 
612

 
675

 
644

 

 
612

 
1,319

 
1,931

 
266

 
1982
 
03/99
 
40
   
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Goodyear Truck & Tire:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    Park City, KS

 
214

 
687

 

 

 
214

 
687

 
901

 
293

 
1989
 
06/05
 
20
   
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Gordmans:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    Avon, IN

 
1,302

 

 
4,178

 

 
1,302

 
4,178

 
5,480

 
152

 
2012
 
12/11
(m)
40
    Wyoming, MI

 
1,322

 

 

 

 
1,322

 
 (e)

 
1,322

 
 (e)

 
 (e)
 
10/13
(m)
(e)
   
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Great Clips:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    Swansea, IL

 
46

 
132

 
157

 

 
46

 
290

 
336

 
22

 
1997
 
12/01
(g)
40
    Lapeer, MI

 
27

 
194

 

 

 
27

 
184

 
211

 
31

 
2007
 
10/05
 
40
   
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Green Light Convenience:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    Moosic, PA

 
323

 
309

 

 

 
323

 
309

 
632

 
129

 
1980
 
08/05
 
20
   
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Guitar Center:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    Roseville, MN

 
1,599

 
1,419

 
23

 

 
1,599

 
1,442

 
3,041

 
286

 
1994
 
08/06
 
40
   
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
GymKix:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    Copperas Cove, TX

 
204

 
432

 
171

 

 
204

 
603

 
807

 
217

 
1972
 
11/98
 
40
   
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
H&R Block:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    Swansea, IL

 
46

 
132

 
69

 

 
46

 
201

 
247

 
80

 
1997
 
12/01
 
40
   
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Hancock Fabrics:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    Buford, GA

 
751

 
1,979

 
329

 

 
751

 
2,308

 
3,059

 
471

 
2003
 
07/04
(g)
40
   
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Harbor Freight Tools:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    Federal Way, WA

 
2,037

 
1,662

 
438

 

 
2,037

 
2,100

 
4,137

 
723

 
1994
 
06/98
 
40
    Gastonia, NC

 
994

 
1,513

 
146

 

 
994

 
1,659

 
2,653

 
351

 
2004
 
12/04
 
40
   
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Hastings:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    Nacogdoches, TX

 
397

 
1,257

 

 

 
397

 
1,257

 
1,654

 
475

 
1997
 
11/98
 
40
   
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Havertys Furniture:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    Orlando, FL

 
820

 
2,441

 
6

 

 
820

 
2,448

 
3,268

 
1,195

 
1992
 
05/93
 
40
    Pensacola, FL

 
633

 
1,595

 
66

 

 
603

 
1,661

 
2,264

 
699

 
1994
 
06/96
 
40
    Bowie, MD

 
1,966

 
4,221

 

 

 
1,966

 
4,221

 
6,187

 
1,585

 
1997
 
12/97
 
39
   
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Health Source Chiropractic:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    Houston, TX

 
112

 
509

 
302

 

 
112

 
811

 
923

 
116

 
1995
 
08/06
 
40
   
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Healthy Pet:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    Suwanee, GA

 
175

 
1,038

 

 

 
175

 
1,038

 
1,213

 
183

 
1997
 
12/06
 
40
    Colonial Heights, VA

 
160

 
746

 

 

 
160

 
746

 
906

 
130

 
1996
 
01/07
 
40
   
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Hear USA:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    Lapeer, MI

 
29

 
211

 

 

 
29

 
201

 
230

 
33

 
2007
 
10/05
 
40
   
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Hog Pit:
 
   
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    Tucson, AZ

 
827

 
305

 
18

 

 
845

 
305

 
1,150

 
105

 
1974
 
12/01
 
40
   
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Hollywood Feed:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    Ridgeland, MS

   
343

 
411

 
362

 

 
343

 
773

 
1,116

 
114

 
1997
 
08/06
 
40
   
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Home Decor:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    Memphis, TN

 
549

 
540

 
364

 

 
549

 
904

 
1,453

 
318

 
1998
 
12/97
 
40
   
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Home Depot:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    Sunrise, FL

 
5,149

 

 

 

 
5,149

 
 (i)

 
5,149

 
 (i)

 
 (i)
 
05/03
 
(i)
   
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
HomeGoods:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    Fairfax, VA

 
523

 
756

 
1,585

 

 
971

 
2,341

 
3,312

 
746

 
1995
 
12/95
 
40
   
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Hometown Urgent Care:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    Warren, OH

 
562

 
468

 
100

 

 
562

 
568

 
1,130

 
147

 
1997
 
12/01
 
40
   
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Hooters:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    Tampa, FL

 
784

 
505

 

 

 
784

 
505

 
1,289

 
152

 
1993
 
12/01
 
40
   
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Humana:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    Sunrise, FL

 
800

 
253

 

 

 
800

 
253

 
1,053

 
61

 
1984
 
05/04
 
40
   
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Hy-Vee:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    St. Joseph, MO

 
1,580

 
2,849

 

 

 
1,580

 
2,849

 
4,429

 
804

 
1991
 
09/02
 
40
   
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Insurance Auto Auctions:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    New Orleans, LA

 
1,445

 

 

 

 
1,445

 
 (e)

 
1,445

 
 (e)

 
 (e)
 
06/13
(m)
(e)
   
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Int'l House of Pancakes:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    Midwest City, OK

 
407

 

 

 

 
407

 
 (i)

 
407

 
 (i)

 
 (i)
 
11/00
 
(i)
    Ankeny, IA

 
693

 
515

 

 

 
693

 
515

 
1,208

 
147

 
2002
 
06/05
 
30
   
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
ISD Renal:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    Corpus Christi, TX

 
406

 
4,036

 

 

 
406

 
4,036

 
4,442

 
275

 
1978
 
12/11
 
30
    Kendallville, IN

 
66

 
2,748

 

 

 
66

 
2,748

 
2,814

 
160

 
2007
 
12/11
 
35
    Memphis, TN

 
180

 
3,223

 

 

 
180

 
3,223

 
3,403

 
219

 
2002
 
12/11
 
30
    Memphis, TN

 
283

 
4,146

 

 

 
283

 
4,146

 
4,429

 
282

 
2001
 
12/11
 
30
   
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
J & J Insurance:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    Hollywood, FL

 
195

 
44

 
18

 

 
119

 

 
119

 

 
1960
 
12/05
 
15
   
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Jack in the Box:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    Plano, TX

 
1,055

 
1,237

 

 

 
1,055

 
1,237

 
2,292

 
264

 
2001
 
06/05
 
40
   
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Jacobson Industrial:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    Des Moines, IA

 
61

 
112

 

 

 
61

 
112

 
173

 
48

 
1973
 
06/05
 
20
   
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Jared Jewelers:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    Richmond, VA

 
955

 
1,336

 

 

 
955

 
1,336

 
2,291

 
402

 
1998
 
12/01
 
40
    Brandon, FL

 
1,197

 
1,182

 

 

 
1,197

 
1,182

 
2,379

 
344

 
2001
 
05/02
 
40
    Lithonia, GA

 
1,271

 
1,216

 

 

 
1,271

 
1,216

 
2,487

 
354

 
2001
 
05/02
 
40
    Houston, TX

 
1,676

 
1,440

 

 

 
1,676

 
1,440

 
3,116

 
397

 
1999
 
12/02
 
40
    Oviedo, FL

 
1,328

 

 

 

 
1,328

 
 (c)

 
1,328

 
 (c)

 
2013
 
06/13
 
 (c)
   
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Jazzercise Fitness Center:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    Orlando, FL
25

 (h)
37

 
101

 

 

 
37

 
101

 
138

 
25

 
2001
 
02/04
 
40
   
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Jin's Asian Cafe:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    Sealy, TX

 
67

 
74

 

 

 
67

 
74

 
141

 
28

 
1982
 
03/99
 
40
   
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Jo-Ann etc:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    Corpus Christi, TX

 
818

 
896

 
12

 

 
818

 
909

 
1,727

 
457

 
1967
 
11/93
 
40
    St. Peters, MO

 
1,741

 
5,406

 
1,233

 

 
1,741

 
6,639

 
8,380

 
1,246

 
2005
 
06/05
(g)
40
   
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Johnny Carino's:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    Lewisville, TX

 
1,370

 
1,019

 

 

 
1,370

 
1,019

 
2,389

 
307

 
1994
 
12/01
 
40

See accompanying report of independent registered public accounting firm.
F-4


Table of Contents

 
 
 
Initial Cost  to
Company
 
Costs Capitalized
Subsequent to
Acquisition
 
Gross Amount at Which
Carried at Close of Period (a) (b)
 
 
 
 
 
 
 
Life on Which
Depreciation &
Amortization in Latest Income
Statement is
Computed (Years)
 
Encumbrances
 
Land
 
Building,
Improvements &
Leasehold
Interests
 
Improvements
 
Carrying
Costs
 
Land
 
Building,
Improvements &
Leasehold
Interests
 
Total
 
Accumulated
Depreciation
and
Amortization
 
Date  of
Construction
 
Date
Acquired
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    Lubbock, TX

 
1,007

 
1,206

 

 

 
1,007

 
1,206

 
2,213

 
363

 
1995
 
12/01
 
40
    S. Beaumont, TX

 
439

 
1,363

 

 

 
439

 
1,363

 
1,802

 
410

 
2000
 
12/01
 
40
   
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Kangaroo Express:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    Carthage, NC

 
485

 
354

 

 

 
485

 
354

 
839

 
65

 
1989
 
08/06
 
40
    Sanford, NC

 
666

 
661

 

 

 
666

 
661

 
1,327

 
122

 
2000
 
08/06
 
40
    Sanford, NC

 
1,638

 
1,371

 

 

 
1,638

 
1,371

 
3,009

 
253

 
2003
 
08/06
 
40
    Siler City, NC

 
586

 
645

 

 

 
586

 
645

 
1,231

 
119

 
1998
 
08/06
 
40
    West End, NC

 
426

 
516

 

 

 
397

 
516

 
913

 
95

 
1999
 
08/06
 
40
    Belleview, FL

 
471

 
1,451

 

 

 
471

 
1,451

 
1,922

 
268

 
2006
 
08/06
 
40
    Jacksonville, FL

 
683

 
1,362

 

 

 
683

 
1,362

 
2,045

 
251

 
1969
 
08/06
 
40
    Jacksonville, FL

 
807

 
1,239

 

 

 
807

 
1,239

 
2,046

 
228

 
1975
 
08/06
 
40
    Destin, FL

 
1,366

 
1,192

 

 

 
1,366

 
1,192

 
2,558

 
217

 
2000
 
09/06
 
40
    Niceville, FL (n)

 
1,434

 
1,124

 

 

 
1,434

 
1,124

 
2,558

 
205

 
2000
 
09/06
 
40
    Kill Devil Hills, NC

 
679

 
552

 

 

 
679

 
552

 
1,231

 
100

 
1990
 
10/06
 
40
    Kill Devil Hills, NC

 
490

 
741

 

 

 
490

 
741

 
1,231

 
134

 
1995
 
10/06
 
40
    Interlachen, FL

 
519

 
1,500

 

 

 
519

 
1,500

 
2,019

 
217

 
2007
 
10/06
 
40
    Clarksville, TN

 
276

 
955

 

 

 
276

 
955

 
1,231

 
168

 
1999
 
12/06
 
40
    Clarksville, TN

 
521

 
710

 

 

 
521

 
710

 
1,231

 
125

 
1999
 
12/06
 
40
    Gallatin, TN

 
474

 
757

 

 

 
474

 
757

 
1,231

 
133

 
1999
 
12/06
 
40
    Midland City, AL

 
729

 
2,538

 

 

 
729

 
2,538

 
3,267

 
447

 
2006
 
12/06
 
40
    Naples, FL

 
3,195

 
1,403

 

 

 
2,985

 
1,403

 
4,388

 
247

 
2001
 
12/06
 
40
    Oxford, MS

 
440

 
1,097

 

 

 
440

 
1,097

 
1,537

 
193

 
1998
 
12/06
 
40
    Columbiana, AL

 
771

 
989

 

 

 
771

 
989

 
1,760

 
172

 
1982
 
01/07
 
40
    Naples, FL

 
3,162

 
1,597

 

 

 
3,162

 
1,597

 
4,759

 
274

 
1995
 
02/07
 
40
    Longs, SC

 
745

 
758

 

 

 
745

 
758

 
1,503

 
129

 
2001
 
03/07
 
40
    Kentwood, LA

 
985

 
891

 

 

 
985

 
891

 
1,876

 
151

 
2001
 
03/07
 
40
    Dothan, AL

 
774

 
1,886

 

 

 
774

 
1,886

 
2,660

 
320

 
2007
 
03/07
 
40
    Naples, FL

 
2,412

 
1,589

 

 

 
2,412

 
1,589

 
4,001

 
263

 
2000
 
05/07
 
40
    Cary, NC

 
1,314

 
2,125

 

 

 
1,314

 
2,125

 
3,439

 
339

 
2007
 
08/07
 
40
   
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
KARM Home Store:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    Knoxville, TN

 
467

 
735

 

 

 
467

 
735

 
1,202

 
275

 
1999
 
01/98
(f)
40
   
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Kash n' Karry:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    Seffner, FL

 
322

 
1,222

 

 

 
322

 
1,222

 
1,544

 
312

 
1983
 
03/99
 
40
   
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Keg Steakhouse:
 
   
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    Lynnwood, WA

 
1,256

 
649

 

 

 
1,256

 
649

 
1,905

 
195

 
1992
 
12/01
 
40
   
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
KFC:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    Fenton, MO

 
307

 
496

 

 

 
307

 
496

 
803

 
324

 
1985
 
07/92
 
33
    Erie, PA

 
517

 
496

 

 

 
517

 
496

 
1,013

 
149

 
1996
 
12/01
 
40
    Marysville, WA

 
647

 
546

 

 

 
647

 
546

 
1,193

 
164

 
1996
 
12/01
 
40
    Evansville, IN

   
370

 
767

 

 

 
370

 
767

 
1,137

 
146

 
2004
 
05/06
 
40
    Hampton, VA

 
251

 
1,173

 

 

 
251

 
1,173

 
1,424

 
44

 
2001
 
11/12
 
30
    Mechanicsville, VA

 
482

 
422

 

 

 
482

 
422

 
904

 
19

 
1989
 
11/12
 
25
    Newport News, VA

 
572

 
442

 

 

 
572

 
442

 
1,014

 
20

 
1986
 
11/12
 
25
    Newport News, VA

 
582

 
392

 

 

 
582

 
392

 
974

 
18

 
1985
 
11/12
 
25
    Newport News, VA

 
461

 
883

 

 

 
461

 
883

 
1,344

 
33

 
2001
 
11/12
 
30
    Richmond, VA

 
492

 
452

 

 

 
492

 
452

 
944

 
15

 
2003
 
11/12
 
35
    Richmond, VA

 
552

 
532

 

 

 
552

 
532

 
1,084

 
24

 
1984
 
11/12
 
25
    Richmond, VA

 
532

 
472

 

 

 
532

 
472

 
1,004

 
21

 
1986
 
11/12
 
25
    Richmond, VA

 
481

 
1,253

 

 

 
481

 
1,253

 
1,734

 
56

 
1990
 
11/12
 
25
    Richmond, VA

 
452

 
452

 

 

 
452

 
452

 
904

 
20

 
1984
 
11/12
 
25
    Virginia Beach, VA

 
402

 
482

 

 

 
402

 
482

 
884

 
22

 
1984
 
11/12
 
25
    Ahoskie, NC

 
393

 
1,012

 

 

 
393

 
1,012

 
1,405

 
3

 
1988
 
12/13
 
25
    Elizabeth City, NC

 
197

 
1,209

 

 

 
197

 
1,209

 
1,406

 
4

 
1988
 
12/13
 
25
   
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Kohl's:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    Florence, AL

 
818

 
1,047

 

 

 
818

 
698

 
1,516

 
170

 
2006
 
06/04
 
40
   
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Kum & Go:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    Omaha, NE

 
393

 
214

 

 

 
393

 
214

 
607

 
92

 
1979
 
06/05
 
20
   
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Kwik Pik:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    Bear Creek, PA

 
191

 
230

 

 

 
191

 
230

 
421

 
96

 
1980
 
08/05
 
20
    Bradford, PA

 
184

 
762

 

 

 
184

 
762

 
946

 
319

 
1983
 
08/05
 
20
    Coraopolis, PA (n)

 
476

 
347

 

 

 
476

 
347

 
823

 
145

 
1983
 
08/05
 
20
    St Clair, PA

 
212

 
475

 

 

 
212

 
475

 
687

 
199

 
1984
 
08/05
 
20
    Bear Creek Township, PA (n)

 
689

 
275

 

 

 
689

 
275

 
964

 
114

 
1980
 
09/05
 
20
    Beech Creek, PA

 
477

 
613

 

 

 
477

 
613

 
1,090

 
122

 
1988
 
01/06
 
40
    Canisteo, NY

 
142

 
485

 

 

 
142

 
485

 
627

 
97

 
1983
 
01/06
 
40
    Curwensville, PA

 
226

 
608

 

 

 
226

 
608

 
834

 
121

 
1983
 
01/06
 
40
    Ellwood City, PA

 
196

 
526

 

 

 
196

 
526

 
722

 
105

 
1987
 
01/06
 
40
    Hastings, PA

 
199

 
455

 

 

 
199

 
455

 
654

 
91

 
1989
 
01/06
 
40
    Jersey Shore, PA

 
515

 
381

 

 

 
515

 
381

 
896

 
76

 
1960
 
01/06
 
40
    Leeper, PA

 
286

 
644

 

 

 
286

 
644

 
930

 
128

 
1987
 
01/06
 
40
    Lewisberry, PA

 
412

 
534

 

 

 
412

 
534

 
946

 
106

 
1988
 
01/06
 
40
    Mercersburg, PA

 
672

 
746

 

 

 
672

 
746

 
1,418

 
148

 
1988
 
01/06
 
40
    New Florence, PA

 
298

 
812

 

 

 
298

 
812

 
1,110

 
162

 
1989
 
01/06
 
40
    Newstead, NY

 
255

 
835

 

 

 
255

 
835

 
1,090

 
166

 
1990
 
01/06
 
40
    Philipsburg, PA

 
428

 
269

 

 

 
428

 
269

 
697

 
54

 
1978
 
01/06
 
40
    Plainfield, PA

 
244

 
383

 

 

 
244

 
383

 
627

 
76

 
1988
 
01/06
 
40
    Reynoldsville, PA

 
113

 
328

 

 

 
113

 
328

 
441

 
65

 
1983
 
01/06
 
40
    Port Royal, PA

 
238

 
635

 

 

 
238

 
635

 
873

 
237

 
1989
 
07/06
 
20
   
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
LA Fitness:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    Little Rock, AR

 
3,113

 
2,660

 

 

 
3,113

 
2,660

 
5,773

 
1,017

 
1997
 
09/98
(g)
40
    Sarasota, FL

 
471

 
1,344

 
4,450

 

 
471

 
5,794

 
6,265

 
545

 
1983
 
03/99
(g)
40
    Centerville, OH

 
2,700

 

 
8,572

 

 
2,700

 
8,572

 
11,272

 
973

 
2009
 
06/08
(m)
40
    Warren, MI

   
2,360

 

 
6,674

 

 
2,360

 
6,674

 
9,034

 
799

 
2009
 
07/08
(m)
40
    Cincinnati, OH

 
5,145

 

 
9,011

 

 
5,145

 
9,011

 
14,156

 
1,023

 
2009
 
08/08
(m)
40
    Lawrence, IN

 
1,599

 

 
5,867

 

 
1,762

 
5,870

 
7,632

 
495

 
2010
 
01/10
(m)
40
    Laveen, AZ

 
1,665

 

 
5,749

 

 
1,665

 
5,749

 
7,414

 
461

 
2010
 
02/10
(m)
40
    Kennesaw, GA

 
3,653

 

 
3,325

 

 
3,653

 
3,325

 
6,978

 
246

 
2011
 
07/10
(m)
40
    Arlington, TX

 
1,166

 
6,214

 

 

 
1,166

 
6,214

 
7,380

 
525

 
2007
 
01/11
 
35
    Hurst, TX

 
1,494

 
6,187

 

 

 
1,494

 
6,187

 
7,681

 
435

 
2008
 
07/11
 
35
    South Plainfield, NJ
6,457

 
2,415

 
6,592

 

 

 
2,415

 
6,592

 
9,007

 
290

 
2006
 
06/12
 
35
    McDonough, GA

 
1,503

 
6,727

 

 

 
1,503

 
6,727

 
8,230

 
248

 
2008
 
09/12
 
35
    Greensburg, PA

 
1,791

 
7,015

 

 

 
1,791

 
7,015

 
8,806

 
183

 
2012
 
12/12
 
40
    Indianapolis, IN

 
1,651

 
6,585

 

 

 
1,651

 
6,585

 
8,236

 
171

 
2012
 
12/12
 
40
    Phoenix, AZ

 
1,601

 
6,540

 

 

 
1,601

 
6,540

 
8,141

 
170

 
2012
 
12/12
 
40
    Tampa, FL

 
4,492

 
10,894

 

 

 
4,492

 
10,894

 
15,386

 
284

 
2012
 
12/12
 
40
    West Dundee, IL

 
1,961

 
6,525

 

 

 
1,961

 
6,525

 
8,486

 
170

 
2012
 
12/12
 
40
    Irving, TX

 
3,636

 
7,326

 

 

 
3,636

 
7,326

 
10,962

 
131

 
2006
 
05/13
 
35
    Royal Oak, MI

 
3,238

 
8,998

 

 

 
3,238

 
8,998

 
12,236

 
75

 
2010
 
09/13
 
35
    St. Louis Park, MN

 
3,436

 
8,665

 

 

 
3,436

 
8,665

 
12,101

 
21

 
2009
 
12/13
 
35
   
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Lil' Champ:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    Gainesville, FL

 
900

 

 
1,800

 

 
900

 
1,800

 
2,700

 
306

 
2006
 
07/05
(m)
40
    Jacksonville, FL

 
2,225

 
3,265

 

 

 
2,225

 
3,265

 
5,490

 
456

 
2006
 
08/05
 
40
    Ocala, FL

 
846

 

 
1,564

 

 
846

 
1,564

 
2,410

 
256

 
2006
 
02/06
(m)
40
   
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
LoanMax:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    Bridgeview, IL

 
673

 
744

 

 

 
673

 
744

 
1,417

 
224

 
1997
 
12/01
 
40
   
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Logan's Roadhouse:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    Alexandria, LA

 
1,218

 
3,049

 

 

 
1,218

 
3,049

 
4,267

 
543

 
1998
 
11/06
 
40
    Beckley, WV

 
1,396

 
2,405

 

 

 
1,396

 
2,405

 
3,801

 
428

 
2006
 
11/06
 
40
    Cookeville, TN

 
1,262

 
2,271

 

 

 
1,262

 
2,271

 
3,533

 
404

 
1997
 
11/06
 
40
    Greenwood, IN

 
1,341

 
2,105

 

 

 
1,341

 
2,105

 
3,446

 
375

 
2000
 
11/06
 
40
    Hurst, TX

 
1,858

 
1,916

 

 

 
1,858

 
1,916

 
3,774

 
341

 
1999
 
11/06
 
40
    Jackson, TN

 
1,200

 
2,246

 

 

 
1,200

 
2,246

 
3,446

 
400

 
1994
 
11/06
 
40
    Lake Charles, LA

 
1,285

 
2,202

 

 

 
1,285

 
2,202

 
3,487

 
392

 
1998
 
11/06
 
40
    McAllen, TX

 
1,608

 
2,178

 

 

 
1,608

 
2,178

 
3,786

 
388

 
2005
 
11/06
 
40
    Roanoke, VA

 
2,302

 
1,947

 

 

 
2,302

 
1,947

 
4,249

 
347

 
1998
 
11/06
 
40
    San Marcos, TX

 
837

 
1,453

 

 

 
837

 
1,453

 
2,290

 
259

 
2000
 
11/06
 
40
    Smyrna, TN

 
1,335

 
2,047

 

 

 
1,335

 
2,047

 
3,382

 
365

 
2002
 
11/06
 
40
    Franklin, TN

 
2,519

 
1,705

 

 

 
2,519

 
1,705

 
4,224

 
300

 
1995
 
12/06
 
40
    Southhaven, MS

 
1,298

 
1,338

 

 

 
1,298

 
1,338

 
2,636

 
236

 
2005
 
12/06
 
40
    Columbus, MS

 
707

 

 
1,681

 

 
707

 
1,681

 
2,388

 
100

 
2011
 
11/10
(m)
40
    Overland Park, KS

 
1,166

 

 
1,741

 

 
1,166

 
1,741

 
2,907

 
93

 
2011
 
04/11
(m)
40
    Nashville, TN

 
844

 

 
1,592

 

 
844

 
1,592

 
2,436

 
85

 
2011
 
06/11
(m)
40
    Columbus, OH

 
981

 

 
1,673

 

 
981

 
1,673

 
2,654

 
82

 
2012
 
08/11
(m)
40
    Rogers, AR

 
900

 

 
1,545

 

 
909

 
1,536

 
2,445

 
69

 
2012
 
09/11
(m)
40
    Brunswick, GA

 
430

 

 
1,743

 

 
430

 
1,743

 
2,173

 
78

 
2012
 
10/11
(m)
40
    Kissimmee, FL

 
1,159

 

 
1,908

 

 
1,159

 
1,908

 
3,067

 
70

 
2012
 
01/12
(m)
40
    Marion, IL

 
1,016

 

 
1,674

 

 
1,016

 
1,674

 
2,690

 
54

 
2012
 
03/12
(m)
40
    Pooler, GA

 
1,159

 

 
1,720

 

 
1,159

 
1,720

 
2,879

 
38

 
2013
 
03/12
(m)
40
    Cullman, AL

 
889

 

 
1,585

 

 
889

 
1,585

 
2,474

 
48

 
2012
 
04/12
(m)
40
    Lebanon, TN

 
789

 

 
1,725

 

 
789

 
1,725

 
2,514

 
45

 
2012
 
06/12
(m)
40
    Chester, VA

 
871

 

 
1,697

 

 
871

 
1,697

 
2,568

 
41

 
2013
 
07/12
(m)
40
    Gonzales, LA

 
975

 

 
1,696

 

 
975

 
1,696

 
2,671

 
34

 
2013
 
10/12
(m)
40
    Waynesboro, VA

 
1,075

 

 
1,621

 

 
1,075

 
1,621

 
2,696

 
29

 
2013
 
10/12
(m)
40
    Madison, AL

 
689

 

 
1,657

 

 
689

 
1,657

 
2,346

 
26

 
2013
 
11/12
(m)
40
    Hopkinsville, KY

 
644

 

 

 

 
644

 
 (e)

 
644

 
 (e)

 
 (e)
 
09/13
(m)
(e)
   
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Lonnie Earl Craig:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    Lubbock, TX

 
1,293

 
1,211

 

 

 
525

 
158

 
683

 
156

 
1983
 
07/07
 
40
   
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Lowe's:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    Memphis, TN

 
3,215

 
9,170

 
24

 

 
3,215

 
9,194

 
12,409

 
2,651

 
2001
 
06/02
 
40
   
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Magic China Café:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    Orlando, FL
27

 (h)
40

 
111

 

 

 
40

 
111

 
151

 
27

 
2001
 
02/04
 
40
   
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Magic Mountain:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    Columbus, OH

 
2,076

 
1,906

 
124

 

 
2,076

 
2,030

 
4,106

 
316

 
1990
 
06/07
 
40
    Columbus, OH

 
5,380

 
2,693

 
25

 

 
5,380

 
2,718

 
8,098

 
441

 
1990
 
06/07
 
40
   
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Manny's Barber Shop:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    Mesa, AZ

 
43

 
113

 
367

 

 
43

 
480

 
523

 
93

 
1997
 
12/01
 
40
   
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Mariscos Morales Mexican Restaurant:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    Gresham, OR

 
817

 
108

 
28

 

 
817

 
136

 
953

 
33

 
1993
 
12/01
 
40
   
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Mattress Firm:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    Baton Rouge, LA

 
609

 
914

 

 

 
609

 
914

 
1,523

 
411

 
1995
 
12/95
(m)
40
    Buford, GA

 
635

 
1,635

 
465

 

 
635

 
2,100

 
2,735

 
401

 
2003
 
07/04
(g)
40
    Lancaster, OH

 
600

 

 
793

 

 
600

 
671

 
1,271

 
21

 
2012
 
01/08
(g)
40
   
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
MC Sports:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    Lapeer, MI

 
408

 
2,086

 

 

 
408

 
2,031

 
2,439

 
325

 
2007
 
10/05
 
40
   
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
MedExpress Urgent Care:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    Fairmont, WV

 
245

 
1,859

 

 

 
245

 
1,859

 
2,104

 
86

 
2011
 
05/12
 
35
    Hanover, PA

 
533

 
1,521

 

 

 
533

 
1,521

 
2,054

 
71

 
2011
 
05/12
 
35
    Hermitage, PA

 
445

 
2,108

 

 

 
445

 
2,108

 
2,553

 
98

 
2011
 
05/12
 
35
    Latrobe, PA

 
681

 
1,511

 

 

 
681

 
1,511

 
2,192

 
70

 
2011
 
05/12
 
35
    Mt. Pleasant, PA

 
593

 
1,482

 

 

 
593

 
1,482

 
2,075

 
69

 
2011
 
05/12
 
35
    Pittsburgh, PA

 
227

 
1,936

 

 

 
227

 
1,936

 
2,163

 
105

 
1970
 
05/12
 
30
    Martinsburg, WV

 
917

 

 

 

 
917

 
 (e)

 
917

 
 (e)

 
 (e)
 
12/12
(m)
(e)
    Wheeling, WV

 
485

 
1,232

 

 

 
485

 
1,232

 
1,717

 
33

 
1989
 
03/13
 
30
    Huntington, WV

 
990

 

 

 

 
990

 
 (e)

 
990

 
 (e)

 
 (e)
 
08/13
(m)
(e)
    Anderson, IN

 
777

 

 

 

 
777

 
 (e)

 
777

 
 (e)

 
 (e)
 
08/13
(m)
(e)
    Terre Haute, IN

 
144

 
1,616

 

 

 
144

 
1,616

 
1,760

 
20

 
1991
 
08/13
 
30
   
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Merchant's Tires:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    Hampton, VA

 
180

 
427

 

 

 
180

 
427

 
607

 
94

 
1986
 
03/05
 
40
    Newport News, VA

 
234

 
259

 

 

 
234

 
259

 
493

 
57

 
1986
 
03/05
 
40
    Norfolk, VA

 
398

 
508

 

 

 
398

 
508

 
906

 
112

 
1986
 
03/05
 
40
    Rockville, MD

 
1,030

 
306

 

 

 
1,030

 
306

 
1,336

 
67

 
1974
 
03/05
 
40
    Washington, DC

 
624

 
578

 

 

 
624

 
578

 
1,202

 
127

 
1983
 
03/05
 
40
   
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Mi Pueblo Foods:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    Palo Alto, CA

 
2,272

 
3,405

 
28

 

 
2,272

 
3,433

 
5,705

 
1,262

 
1998
 
12/98
(f)
40
   
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Michaels:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    Fairfax, VA

 
534

 
773

 
1,369

 

 
992

 
2,141

 
3,133

 
702

 
1995
 
12/95
 
40
    Altamonte Springs, FL

 
1,947

 
3,267

 
1,198

 

 
1,947

 
3,370

 
5,317

 
285

 
1997
 
09/97
 
26
    Plymouth Meeting, PA

 
2,911

 
2,595

 

 

 
2,911

 
2,595

 
5,506

 
897

 
1999
 
10/98
(g)
40
    Florissant, MO

 
523

 
617

 
1,784

 

 
524

 
2,399

 
2,923

 
222

 
1996
 
04/03
(g)
40
   
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Miller's Ale House:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    Pensacola, FL

 
1,363

 
1,842

 

 

 
1,363

 
1,842

 
3,205

 
143

 
2008
 
04/11
 
35
    Oviedo, FL

 
113

 

 

 

 
113

 
 (e)

 
113

 
 (e)

 
 (e)
 
10/11
(m)
(e)
   
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Mister Car Wash:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    Anoka, MN

 
212

 
214

 

 

 
212

 
214

 
426

 
96

 
1968
 
04/07
 
15
    Brooklyn Park, MN

 
438

 
778

 

 

 
438

 
778

 
1,216

 
209

 
1985
 
04/07
 
25
    Cedar Rapids, IA

 
391

 
816

 

 

 
391

 
816

 
1,207

 
219

 
1989
 
04/07
 
25
    Clive, IA

 
1,141

 
935

 

 

 
1,141

 
935

 
2,076

 
314

 
1983
 
04/07
 
20
    Cottage Grove, MN

 
274

 
485

 

 

 
274

 
485

 
759

 
130

 
1992
 
04/07
 
25
    Des Moines, IA

 
213

 
476

 

 

 
213

 
476

 
689

 
160

 
1964
 
04/07
 
20
    Des Moines, IA

 
249

 
596

 

 

 
249

 
596

 
845

 
133

 
1990
 
04/07
 
30
    Eden Prairie, MN

 
865

 
751

 

 

 
865

 
751

 
1,616

 
252

 
1984
 
04/07
 
20
    Edina, MN

 
894

 
687

 

 

 
894

 
687

 
1,581

 
230

 
1985
 
04/07
 
20
    Houston, TX

 
5,126

 
1,267

 

 

 
5,126

 
1,267

 
6,393

 
243

 
1995
 
04/07
 
35
    Houston, TX

 
3,193

 
1,305

 

 

 
3,193

 
1,305

 
4,498

 
250

 
1995
 
04/07
 
35
    Houston, TX

 
1,960

 
1,145

 

 

 
1,960

 
1,145

 
3,105

 
307

 
1983
 
04/07
 
25
    Houston, TX

 
1,347

 
1,702

 

 

 
1,347

 
1,702

 
3,049

 
381

 
1984
 
04/07
 
30
    Houston, TX

 
796

 
678

 

 

 
796

 
678

 
1,474

 
182

 
1986
 
04/07
 
25
    Houston, TX

 
624

 
1,108

 

 

 
624

 
1,108

 
1,732

 
248

 
1988
 
04/07
 
30
    Houston, TX

 
1,846

 
1,592

 

 

 
1,846

 
1,592

 
3,438

 
427

 
1983
 
04/07
 
25
    Houston, TX

 
288

 
466

 

 

 
288

 
466

 
754

 
208

 
1970
 
04/07
 
15
    Houston, TX

 
2,260

 
1,806

 

 

 
2,260

 
1,806

 
4,066

 
485

 
1975
 
04/07
 
25
    Humble, TX

 
1,204

 
1,517

 

 

 
1,204

 
1,517

 
2,721

 
291

 
1993
 
04/07
 
35
    Plymouth, MN

 
827

 
182

 

 

 
827

 
182

 
1,009

 
122

 
1955
 
04/07
 
10
    Roseville, MN

 
861

 
564

 

 

 
861

 
564

 
1,425

 
189

 
1963
 
04/07
 
20
    Spokane, WA

 
1,253

 
1,146

 

 

 
1,253

 
1,146

 
2,399

 
220

 
1997
 
04/07
 
35
    Spokane, WA

 
214

 
580

 

 

 
214

 
580

 
794

 
130

 
1990
 
04/07
 
30
    St. Cloud, MN (n)

 
243

 
391

 

 

 
242

 
391

 
633

 
131

 
1986
 
04/07
 
20
    Stillwater, MN

 
289

 
214

 

 

 
289

 
214

 
503

 
96

 
1971
 
04/07
 
15
    Sugarland, TX

 
3,789

 
1,972

 

 

 
3,789

 
1,972

 
5,761

 
378

 
1995
 
04/07
 
35
    West St Paul, MN

 
836

 
236

 

 

 
836

 
236

 
1,072

 
79

 
1972
 
04/07
 
20
    Rochester, MN

 
1,055

 
2,327

 

 

 
1,055

 
2,327

 
3,382

 
361

 
2003
 
10/07
 
40
    Rochester, MN

 
319

 
451

 

 

 
319

 
451

 
770

 
70

 
1994
 
10/07
 
40
    Birmingham, AL

 
2,378

 
2,145

 

 

 
2,378

 
2,145

 
4,523

 
438

 
1985
 
11/07
 
30
    Clearwater, FL

 
825

 
765

 

 

 
825

 
765

 
1,590

 
188

 
1969
 
11/07
 
25
    Mesquite, TX

 
1,596

 
2,201

 

 

 
1,596

 
2,201

 
3,797

 
539

 
1987
 
11/07
 
25
    Seminole, FL

 
2,166

 
1,496

 

 

 
2,166

 
1,496

 
3,662

 
305

 
1985
 
11/07
 
30
    Tampa, FL

 
2,993

 
1,669

 

 

 
2,993

 
1,669

 
4,662

 
409

 
1969
 
11/07
 
25
    Vestavia Hills, AL

 
1,009

 
956

 

 

 
1,009

 
956

 
1,965

 
234

 
1967
 
11/07
 
25
    El Paso, TX

 
1,807

 
2,287

 

 

 
1,807

 
2,287

 
4,094

 
346

 
1983
 
12/07
 
40
    El Paso, TX

 
988

 
1,046

 

 

 
988

 
1,046

 
2,034

 
158

 
1998
 
12/07
 
40
    El Paso, TX

 
1,399

 
1,468

 

 

 
1,399

 
1,468

 
2,867

 
222

 
1991
 
12/07
 
40
    El Paso, TX

 
1,424

 
1,306

 

 

 
1,424

 
1,306

 
2,730

 
263

 
1986
 
12/07
 
30
    El Paso, TX

 
664

 
824

 

 

 
664

 
824

 
1,488

 
125

 
1991
 
12/07
 
40
    Tampa, FL

 
541

 
829

 

 

 
541

 
829

 
1,370

 
123

 
1978
 
04/10
 
25
    Springfield, MO

 
1,064

 
2,109

 

 

 
1,064

 
2,109

 
3,173

 
173

 
1990
 
07/11
 
30
    Springfield, MO

 
642

 
1,767

 

 

 
642

 
1,767

 
2,409

 
145

 
1979
 
07/11
 
30
    Springfield, MO

 
1,188

 
2,817

 

 

 
1,188

 
2,817

 
4,005

 
198

 
2000
 
07/11
 
35
    Missouri City, TX

 
549

 
1,553

 

 

 
549

 
1,553

 
2,102

 
94

 
2004
 
11/11
 
35
    Bountiful, UT

 
484

 
292

 

 

 
484

 
292

 
776

 
19

 
1995
 
01/12
 
30
    Salt Lake City, UT

 
522

 
1,806

 

 

 
522

 
1,806

 
2,328

 
118

 
1993
 
01/12
 
30
    Tucson, AZ

 
493

 
345

 

 

 
493

 
345

 
838

 
19

 
2007
 
01/12
 
35
    Tucson, AZ

 
742

 
2,226

 

 

 
742

 
2,226

 
2,968

 
145

 
2000
 
01/12
 
30
    Tucson, AZ

 
946

 
2,566

 

 

 
946

 
2,566

 
3,512

 
167

 
2003
 
01/12
 
30
    Tucson, AZ

 
108

 
778

 

 

 
108

 
778

 
886

 
51

 
2004
 
01/12
 
30
    Cedar Park, TX

 
794

 
1,316

 

 

 
794

 
1,316

 
2,110

 
64

 
2009
 
04/12
 
35
    Spokane Valley, WA

 
454

 
857

 

 

 
454

 
857

 
1,311

 
42

 
2005
 
04/12
 
35
    Salt Lake City, UT

 
781

 
2,303

 

 

 
781

 
2,303

 
3,084

 
96

 
2009
 
07/12
 
35
    Charlotte, NC

 
693

 
1,315

 

 

 
693

 
1,315

 
2,008

 
68

 
1981
 
09/12
 
25
    College Park, GA

 
322

 
1,056

 

 

 
322

 
1,056

 
1,378

 
39

 
2008
 
09/12
 
35
    Griffin, GA

 
401

 
2,897

 

 

 
401

 
2,897

 
3,298

 
107

 
2007
 
09/12
 
35
    Hampton, GA

 
421

 
1,996

 

 

 
421

 
1,996

 
2,417

 
74

 
2006
 
09/12
 
35
    Lilburn, GA

 
381

 
2,426

 

 

 
381

 
2,426

 
2,807

 
90

 
2007
 
09/12
 
35
    Matthews, NC

 
664

 
664

 

 

 
664

 
664

 
1,328

 
29

 
1990
 
09/12
 
30
    Oxford, AL

 
301

 
3,607

 

 

 
301

 
3,607

 
3,908

 
133

 
2008
 
09/12
 
35
    Pineville, NC

 
723

 
1,195

 

 

 
723

 
1,195

 
1,918

 
51

 
1990
 
09/12
 
30
    Clermont, FL

 
783

 
2,328

 

 

 
783

 
2,328

 
3,111

 
80

 
2006
 
10/12
 
35

See accompanying report of independent registered public accounting firm.
F-5


Table of Contents

 
 
 
Initial Cost  to
Company
 
Costs Capitalized
Subsequent to
Acquisition
 
Gross Amount at Which
Carried at Close of Period (a) (b)
 
 
 
 
 
 
 
Life on Which
Depreciation &
Amortization in Latest Income
Statement is
Computed (Years)
 
Encumbrances
 
Land
 
Building,
Improvements &
Leasehold
Interests
 
Improvements
 
Carrying
Costs
 
Land
 
Building,
Improvements &
Leasehold
Interests
 
Total
 
Accumulated
Depreciation
and
Amortization
 
Date  of
Construction
 
Date
Acquired
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    Springfield, MO

 
474

 
736

 

 

 
474

 
736

 
1,210

 
31

 
2006
 
10/12
 
30
    Abilene, TX

 
641

 
3,093

 

 

 
641

 
3,093

 
3,734

 
99

 
2006
 
11/12
 
35
    Abilene, TX

 
101

 
426

 

 

 
101

 
426

 
527

 
14

 
2009
 
11/12
 
35
    Lubbock, TX

 
411

 
2,534

 

 

 
411

 
2,534

 
2,945

 
95

 
2003
 
11/12
 
30
    Lubbock, TX

 
400

 
3,403

 

 

 
400

 
3,403

 
3,803

 
109

 
2004
 
11/12
 
35
    Lubbock, TX

 
350

 
2,984

 

 

 
350

 
2,984

 
3,334

 
96

 
2007
 
11/12
 
35
    Ephrata, PA

 
241

 
2,797

 

 

 
241

 
2,797

 
3,038

 
117

 
1987
 
12/12
 
25
    Lancaster, PA

 
920

 
7,894

 

 

 
920

 
7,894

 
8,814

 
274

 
1999
 
12/12
 
30
    Sinking Spring, PA

 
1,251

 
4,735

 

 

 
1,251

 
4,735

 
5,986

 
164

 
2005
 
12/12
 
30
    York, PA

 
591

 
4,605

 

 

 
591

 
4,605

 
5,196

 
160

 
1995
 
12/12
 
30
    Atlanta, GA

 
1,633

 
5,378

 

 

 
1,633

 
5,378

 
7,011

 
187

 
1998
 
12/12
 
30
    Atlanta, GA

 
1,773

 
4,528

 

 

 
1,773

 
4,528

 
6,301

 
135

 
2003
 
12/12
 
35
    Urbandale, IA

 
485

 
374

 

 

 
485

 
374

 
859

 
9

 
1990
 
04/13
 
30
    Houston, TX

 
551

 
2,967

 

 

 
551

 
2,967

 
3,518

 
64

 
1980
 
06/13
 
25
    Houston, TX

 
713

 
964

 

 

 
713

 
964

 
1,677

 
15

 
2005
 
06/13
 
35
    Houston, TX

 
752

 
1,736

 

 

 
752

 
1,736

 
2,488

 
27

 
2005
 
06/13
 
35
    Houston, TX

 
1,573

 
2,315

 

 

 
1,573

 
2,315

 
3,888

 
36

 
2006
 
06/13
 
35
    Houston, TX

 
542

 
1,876

 

 

 
542

 
1,876

 
2,418

 
29

 
2012
 
06/13
 
35
    Humble, TX

 
611

 
3,327

 

 

 
611

 
3,327

 
3,938

 
51

 
2006
 
06/13
 
35
    Katy, TX

 
421

 
2,157

 

 

 
421

 
2,157

 
2,578

 
39

 
2002
 
06/13
 
30
    Spring, TX

 
652

 
2,627

 

 

 
652

 
2,627

 
3,279

 
41

 
2006
 
06/13
 
35
    Tucson, AZ

 
654

 
1,357

 

 

 
654

 
1,357

 
2,011

 
13

 
1986
 
09/13
 
30
   
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Muchas Gracias Mexican Restaurant:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    Salem, OR

 
556

 
736

 

 

 
556

 
736

 
1,292

 
221

 
1996
 
12/01
 
40
   
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
My Big Fat Greek Restaurant:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    Tucson, AZ

 
996

 

 
2,742

 

 
996

 
2,742

 
3,738

 
431

 
2007
 
12/06
(m)
40
    Farmington, NM

 
2,757

 

 
730

 

 
2,757

 
730

 
3,487

 
103

 
2003
 
12/07
(m)
40
   
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
National Karate Academy:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    Eden Prairie, MN

 
76

 
211

 
110

 

 
76

 
321

 
397

 
89

 
1997
 
12/01
 
40
   
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Natural Grocers:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    Lincoln, NE

 
1,482

 
2,811

 

 

 
1,482

 
2,811

 
4,293

 
57

 
2012
 
04/13
 
35
    Coeur D'Alene, ID

 
2,172

 

 

 

 
2,172

 
 (e)

 
2,172

 
 (e)

 
 (e)
 
08/13
(m)
(e)
   
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Nitlantika:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    Hollywood, FL

 
383

 
88

 
37

 

 
234

 

 
234

 

 
1960
 
12/05
 
15
   
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Northern Tool:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    Asheville, NC

 
519

 
2,998

 

 

 
519

 
2,998

 
3,517

 
139

 
2007
 
05/12
 
35
   
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Office Depot:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    Gastonia, NC

 
1,554

 
2,367

 
946

 

 
1,554

 
3,313

 
4,867

 
594

 
2004
 
12/04
 
40
   
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
OfficeMax:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    Cincinnati, OH

 
543

 
1,575

 

 

 
543

 
1,575

 
2,118

 
767

 
1994
 
07/94
 
40
    Evanston, IL

 
1,868

 
1,758

 

 

 
1,868

 
1,758

 
3,626

 
816

 
1995
 
06/95
 
40
    Altamonte Springs, FL

 
1,690

 
3,050

 

 

 
1,690

 
3,050

 
4,740

 
1,363

 
1995
 
01/96
 
40
    Sacramento, CA

 
1,144

 
2,961

 

 

 
1,144

 
2,961

 
4,105

 
1,259

 
1996
 
12/96
 
40
    Salinas, CA

 
1,353

 
1,829

 

 

 
1,353

 
1,829

 
3,182

 
772

 
1995
 
02/97
 
40
    Redding, CA

 
667

 
2,182

 

 

 
667

 
2,182

 
2,849

 
902

 
1997
 
06/97
 
40
    Kelso, WA

 
868

 

 
1,806

 

 
868

 
1,806

 
2,674

 
720

 
1998
 
09/97
(g)
40
    Lynchburg, VA

 
562

 

 
1,851

 

 
562

 
1,851

 
2,413

 
708

 
1998
 
02/98
(m)
40
    Tigard, OR

 
1,540

 
2,247

 

 

 
1,540

 
2,247

 
3,787

 
850

 
1995
 
11/98
 
40
    Griffin, GA

 
685

 

 
1,802

 

 
685

 
1,802

 
2,487

 
663

 
1999
 
11/98
(g)
40
   
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Orchard Supply Hardware:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    Fresno, CA

 
2,054

 
4,536

 
2,597

 

 
2,054

 
7,133

 
9,187

 
350

 
2011
 
08/11
(o)
35
    Pismo Beach, CA

 
2,436

 
1,997

 
2,339

 

 
2,436

 
4,336

 
6,772

 
265

 
1989
 
12/11
(o)
25
    San Jose, CA

 
6,406

 
2,457

 
3,374

 

 
6,406

 
5,831

 
12,237

 
347

 
1982
 
12/11
(o)
25
    San Jose, CA

 
4,092

 
4,279

 
3,307

 

 
4,092

 
7,586

 
11,678

 
493

 
1982
 
12/11
(o)
25
    Chico, CA

 
1,782

 
4,563

 
746

 

 
1,782

 
5,308

 
7,090

 
229

 
2002
 
07/12
(o)
30
    Clovis, CA

 
1,226

 
1,426

 
151

 

 
1,226

 
1,577

 
2,803

 
87

 
1982
 
07/12
(o)
25
    Pinole, CA

 
2,784

 
5,195

 

 

 
2,784

 
5,195

 
7,979

 
303

 
1987
 
07/12
(o)
25
    San Jose, CA

 
3,370

 
2,517

 

 

 
3,370

 
2,517

 
5,887

 
147

 
1965
 
07/12
 
25
    San Jose, CA

 
5,850

 
4,129

 

 

 
5,850

 
4,129

 
9,979

 
241

 
1946
 
07/12
(o)
25
    Van Nuys, CA

 
5,493

 
4,133

 
2,301

 

 
5,493

 
6,435

 
11,928

 
269

 
1988
 
07/12
(o)
25
   
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Orlando Metro Gymnastics:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    Orlando, FL

 
428

 
1,345

 

 

 
428

 
1,345

 
1,773

 
301

 
2003
 
01/05
 
40
   
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Outback:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    Copley Township, OH

 
753

 
2,407

 

 

 
753

 
2,407

 
3,160

 
172

 
1993
 
03/12
 
25
    Cheyenne, WY

 
672

 
2,502

 

 

 
672

 
2,502

 
3,174

 
149

 
2001
 
03/12
 
30
    Conroe, TX

 
524

 
583

 

 

 
524

 
583

 
1,107

 
42

 
1992
 
03/12
 
25
    Coraopolis, PA

 
487

 
2,326

 

 

 
487

 
2,326

 
2,813

 
139

 
1998
 
03/12
 
30
    Denver, CO

 
850

 
1,305

 

 

 
850

 
1,305

 
2,155

 
67

 
2003
 
03/12
 
35
    Knoxville, TN

 
753

 
1,852

 

 

 
753

 
1,852

 
2,605

 
95

 
2004
 
03/12
 
35
    Largo, MD

 
1,738

 
2,227

 

 

 
1,738

 
2,227

 
3,965

 
133

 
2001
 
03/12
 
30
    Lufkin, TX

 
850

 
1,147

 

 

 
850

 
1,147

 
1,997

 
69

 
1999
 
03/12
 
30
    Marrero, LA

 
781

 
3,144

 

 

 
781

 
3,144

 
3,925

 
225

 
1995
 
03/12
 
25
    Mechanicsville, VA

 
674

 
2,328

 

 

 
674

 
2,328

 
3,002

 
139

 
2002
 
03/12
 
30
    Mt. Pleasant, SC

 
713

 
1,466

 

 

 
713

 
1,466

 
2,179

 
88

 
1999
 
03/12
 
30
    Phoenix, AZ

 
821

 
2,284

 

 

 
821

 
2,284

 
3,105

 
136

 
2002
 
03/12
 
30
    Shreveport, LA

 
633

 
3,105

 

 

 
633

 
3,105

 
3,738

 
223

 
1994
 
03/12
 
25
    Smithfield, NC

 
772

 
2,345

 

 

 
772

 
2,345

 
3,117

 
120

 
2004
 
03/12
 
35
    Stockbridge, GA

 
910

 
1,988

 

 

 
910

 
1,988

 
2,898

 
119

 
2001
 
03/12
 
30
    Troy, OH

 
456

 
1,575

 

 

 
456

 
1,575

 
2,031

 
81

 
2004
 
03/12
 
35
    Tyler, TX

 
583

 
2,551

 

 

 
583

 
2,551

 
3,134

 
183

 
1993
 
03/12
 
25
    Venice, FL

 
833

 
2,529

 

 

 
833

 
2,529

 
3,362

 
151

 
2001
 
03/12
 
30
    Warrenton, VA

 
1,833

 
2,021

 

 

 
1,833

 
2,021

 
3,854

 
121

 
2001
 
03/12
 
30
    Wheaton, IL

 
901

 
654

 

 

 
901

 
654

 
1,555

 
47

 
1994
 
03/12
 
25
   
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Palais Royale:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    Sealy, TX

 
457

 
504

 
1,769

 

 
462

 
2,273

 
2,735

 
421

 
1982
 
03/99
 
40
   
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Panda Express:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    Florissant, MO

 
50

 
59

 
170

 

 
50

 
228

 
278

 
21

 
2012
 
04/03
(g)
40
   
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Pantry I Petroleum:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    Avis, PA

 
392

 
326

 

 

 
392

 
326

 
718

 
137

 
1976
 
08/05
 
20
    Howard, PA

 
136

 
375

 

 

 
136

 
375

 
511

 
75

 
1987
 
01/06
 
40
   
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Patchwood Products:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    Hillman, MI

 
167

 
823

 

 

 
150

 
363

 
513

 
363

 
1952
 
10/06
 
40
   
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Patient First:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    Richmond, VA

 
270

 
1,545

 

 

 
270

 
1,545

 
1,815

 
135

 
1988
 
05/11
 
30
    York, PA

 
772

 
2,995

 

 

 
772

 
2,995

 
3,767

 
184

 
2011
 
07/11
 
40
    Mechanicsburg, PA

 
933

 
3,401

 

 

 
933

 
3,401

 
4,334

 
159

 
2011
 
02/12
 
40
   
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Patriot Fuels:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    Vinita, OK

 
72

 
368

 

 

 
72

 
368

 
440

 
80

 
1972
 
07/09
 
20
   
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Pawn America:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    Fargo, ND

 
335

 
2,747

 

 

 
335

 
2,747

 
3,082

 
82

 
2008
 
12/12
 
35
    Fridley, MN

 
1,013

 
4,465

 

 

 
1,013

 
4,465

 
5,478

 
155

 
1978
 
12/12
 
30
    Sioux Falls, SD

 
207

 
1,490

 

 

 
207

 
1,490

 
1,697

 
52

 
1985
 
12/12
 
30
    Mankato, MN

 
449

 

 

 

 
449

 
 (e)

 
449

 
 (e)

 
 (e)
 
03/13
(m)
(e)
   
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Pep Boys:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    Chicago, IL

 
1,077

 
3,756

 

 

 
1,077

 
3,756

 
4,833

 
657

 
1993
 
11/07
 
35
    Cicero, IL

 
1,341

 
3,760

 

 

 
1,341

 
3,760

 
5,101

 
658

 
1993
 
11/07
 
35
    Cornwell Heights, PA

 
2,058

 
3,102

 

 

 
2,058

 
3,102

 
5,160

 
760

 
1972
 
11/07
 
25
    East Brunswick, NJ

 
2,449

 
5,026

 

 

 
2,449

 
5,026

 
7,475

 
1,026

 
1987
 
11/07
 
30
    Guayama, PR

 
1,729

 
2,732

 

 

 
1,729

 
2,131

 
3,860

 
264

 
1998
 
11/07
 
33
    Jacksonville, FL

 
810

 
2,331

 

 

 
810

 
2,331

 
3,141

 
408

 
1989
 
11/07
 
35
    Joliet, IL

 
1,506

 
3,727

 

 

 
1,506

 
3,727

 
5,233

 
652

 
1993
 
11/07
 
35
    Lansing, IL

 
869

 
3,440

 

 

 
869

 
3,440

 
4,309

 
602

 
1993
 
11/07
 
35
    Las Vegas, NV

 
1,917

 
2,530

 

 

 
1,917

 
2,530

 
4,447

 
443

 
1989
 
11/07
 
35
    Marietta, GA

 
1,311

 
3,556

 

 

 
1,311

 
3,556

 
4,867

 
726

 
1987
 
11/07
 
30
    Marlton, NJ

 
1,608

 
4,142

 

 

 
1,608

 
4,142

 
5,750

 
846

 
1983
 
11/07
 
30
    Philadelphia, PA

 
1,300

 
3,830

 

 

 
1,300

 
3,830

 
5,130

 
670

 
1995
 
11/07
 
35
    Quakertown, PA

 
1,129

 
3,252

 

 

 
1,129

 
3,252

 
4,381

 
569

 
1995
 
11/07
 
35
    Reading, PA

 
1,189

 
3,367

 

 

 
1,189

 
2,819

 
4,008

 
412

 
1989
 
11/07
 
28
    Roswell, GA

 
931

 
2,732

 

 

 
931

 
2,732

 
3,663

 
558

 
2007
 
11/07
 
30
    Turnersville, NJ

 
990

 
3,494

 

 

 
990

 
3,494

 
4,484

 
713

 
1986
 
11/07
 
30
    Houston, TX

 
734

 
3,028

 

 

 
734

 
3,028

 
3,762

 
374

 
1994
 
04/10
 
30
   
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Perkins Restaurant:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    Des Moines, IA

 
270

 
218

 

 

 
270

 
218

 
488

 
186

 
1977
 
06/05
 
10
    Des Moines, IA

 
256

 
136

 

 

 
256

 
136

 
392

 
116

 
1976
 
06/05
 
10
    Des Moines, IA

 
226

 
203

 

 

 
226

 
203

 
429

 
174

 
1976
 
06/05
 
10
    Newton, IA

 
354

 
402

 

 

 
354

 
402

 
756

 
343

 
1979
 
06/05
 
10
    Urbandale, IA

 
377

 
581

 

 

 
377

 
581

 
958

 
248

 
1979
 
06/05
 
20
   
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Perla Lotta Restaurant:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    Chandler, AZ

 
655

 
791

 

 

 
655

 
791

 
1,446

 
234

 
1997
 
12/01
 
40
   
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Pet Paradise:
 
   
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    Houston, TX

 
417

 
2,306

 

 

 
417

 
2,306

 
2,723

 
334

 
2008
 
03/08
 
40
    Bunnell, FL

 
316

 
881

 

 

 
316

 
881

 
1,197

 
126

 
1997
 
04/08
 
40
    Houston, TX

 
535

 

 
3,426

 

 
535

 
3,426

 
3,961

 
403

 
2009
 
09/08
(m)
40
    Charlotte, NC

 
825

 

 
3,231

 

 
825

 
3,231

 
4,056

 
360

 
2009
 
11/08
(m)
40
    Davie, FL

 
1,138

 
1,069

 

 

 
1,138

 
1,069

 
2,207

 
154

 
2003
 
12/08
 
35
   
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Petco:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    Grand Forks, ND

 
307

 
910

 

 

 
307

 
910

 
1,217

 
365

 
1996
 
12/97
 
40
    Florissant, MO

 
299

 
352

 
1,019

 

 
300

 
1,371

 
1,671

 
127

 
2012
 
04/03
(g)
40
   
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Petro Express:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    Belmont, NC

 
1,508

 
1,622

 

 

 
1,508

 
1,622

 
3,130

 
311

 
2001
 
04/07
 
35
    Charlotte, NC

   
1,291

 
1,839

 

 

 
1,291

 
1,839

 
3,130

 
411

 
1988
 
04/07
 
30
    Charlotte, NC

 
1,458

 
2,047

 

 

 
1,458

 
2,047

 
3,505

 
458

 
1987
 
04/07
 
30
    Charlotte, NC

 
507

 
698

 

 

 
507

 
698

 
1,205

 
234

 
1967
 
04/07
 
20
    Charlotte, NC

 
1,778

 
1,977

 

 

 
1,778

 
1,977

 
3,755

 
442

 
1992
 
04/07
 
30
    Charlotte, NC

 
629

 
876

 

 

 
623

 
876

 
1,499

 
196

 
1986
 
04/07
 
30
    Charlotte, NC

 
1,030

 
1,725

 

 

 
1,030

 
1,725

 
2,755

 
386

 
1983
 
04/07
 
30
    Charlotte, NC

 
429

 
425

 

 

 
429

 
425

 
854

 
95

 
1983
 
04/07
 
30
    Charlotte, NC

 
1,697

 
2,419

 

 

 
1,697

 
2,419

 
4,116

 
406

 
2005
 
04/07
 
40
    Charlotte, NC

 
2,165

 
1,965

 

 

 
2,165

 
1,965

 
4,130

 
377

 
1997
 
04/07
 
35
    Charlotte, NC

 
1,810

 
2,570

 

 

 
1,810

 
2,570

 
4,380

 
431

 
2004
 
04/07
 
40
    Charlotte, NC

 
1,340

 
1,790

 

 

 
1,340

 
1,790

 
3,130

 
343

 
1998
 
04/07
 
35
    Charlotte, NC

 
2,784

 
3,720

 

 

 
2,784

 
3,720

 
6,504

 
713

 
1998
 
04/07
 
35
    Charlotte, NC

 
1,532

 
1,973

 

 

 
1,532

 
1,973

 
3,505

 
378

 
1998
 
04/07
 
35
    Charlotte, NC

 
2,316

 
2,064

 

 

 
2,316

 
2,064

 
4,380

 
396

 
1996
 
04/07
 
35
    Concord, NC

 
1,828

 
1,677

 

 

 
1,828

 
1,677

 
3,505

 
321

 
2002
 
04/07
 
35
    Concord, NC

 
2,144

 
1,986

 

 

 
2,144

 
1,986

 
4,130

 
381

 
2000
 
04/07
 
35
    Denver, NC

 
2,317

 
1,750

 

 

 
2,317

 
1,750

 
4,067

 
335

 
1999
 
04/07
 
35
    Fort Mill, SC

 
3,825

 
2,554

 

 

 
3,825

 
2,554

 
6,379

 
490

 
1998
 
04/07
 
35
    Gastonia, NC

 
965

 
1,228

 

 

 
965

 
1,228

 
2,193

 
235

 
2001
 
04/07
 
35
    Gastonia, NC

 
745

 
760

 

 

 
745

 
760

 
1,505

 
128

 
2003
 
04/07
 
40
    Gastonia, NC

 
335

 
545

 

 

 
335

 
545

 
880

 
91

 
2000
 
04/07
 
40
    Gastonia, NC

 
1,070

 
1,185

 

 

 
1,070

 
1,185

 
2,255

 
227

 
1990
 
04/07
 
35
    Hickory, NC

 
1,975

 
1,530

 

 

 
1,975

 
1,530

 
3,505

 
293

 
2002
 
04/07
 
35
    Kings Mountain, NC

 
1,210

 
982

 

 

 
1,210

 
982

 
2,192

 
188

 
1988
 
04/07
 
35
    Lake Wylie, SC

 
1,972

 
1,283

 

 

 
1,972

 
1,283

 
3,255

 
246

 
2003
 
04/07
 
35
    Lake Wylie, SC

 
1,381

 
2,061

 

 

 
1,381

 
2,061

 
3,442

 
395

 
1998
 
04/07
 
35
    Lincolnton, NC

 
723

 
532

 

 

 
723

 
532

 
1,255

 
119

 
1989
 
04/07
 
30
    Mineral Springs, NC

 
678

 
577

 

 

 
678

 
577

 
1,255

 
97

 
2002
 
04/07
 
40
    Monroe, NC

 
857

 
1,023

 

 

 
857

 
1,023

 
1,880

 
171

 
2004
 
04/07
 
40
    Monroe, NC

 
709

 
796

 

 

 
709

 
796

 
1,505

 
153

 
1999
 
04/07
 
35
    Monroe, NC

 
421

 
834

 

 

 
421

 
834

 
1,255

 
160

 
1997
 
04/07
 
35
    Rock Hill, SC

 
3,095

 
1,910

 

 

 
3,095

 
1,910

 
5,005

 
366

 
1999
 
04/07
 
35
    Rock Hill, SC

 
2,119

 
1,886

 

 

 
2,119

 
1,886

 
4,005

 
362

 
1998
 
04/07
 
35
    Rock Hill, SC

 
778

 
727

 

 

 
778

 
727

 
1,505

 
163

 
1990
 
04/07
 
30
    Statesville, NC

 
1,886

 
2,182

 

 

 
1,864

 
2,182

 
4,046

 
418

 
1999
 
04/07
 
35
    Waxhaw, NC

 
508

 
747

 

 

 
508

 
747

 
1,255

 
125

 
2002
 
04/07
 
40
    York, SC

 
2,306

 
1,449

 

 

 
2,306

 
1,449

 
3,755

 
278

 
1999
 
04/07
 
35
    Charlotte, NC

 
1,834

 
1,214

 

 

 
1,834

 
1,214

 
3,048

 
201

 
1997
 
05/07
 
40
    Charlotte, NC

 
1,849

 
2,280

 

 

 
1,849

 
2,280

 
4,129

 
378

 
2005
 
05/07
 
40
    Rock Hill, SC

 
3,108

 
2,146

 

 

 
3,108

 
2,146

 
5,254

 
355

 
1999
 
05/07
 
40
   
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
PetSense:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    Kingsville, TX

 
499

 
458

 
224

 

 
499

 
682

 
1,181

 
150

 
1995
 
12/01
 
40
   
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
PetSmart:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    Chicago, IL

 
2,724

 
3,566

 

 

 
2,724

 
3,566

 
6,290

 
1,363

 
1998
 
09/98
 
40
   
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Pier I Imports:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    Anchorage, AK

 
928

 
1,663

 

 

 
928

 
1,663

 
2,591

 
741

 
1995
 
02/96
 
40
    Memphis, TN

 
713

 
822

 

 

 
713

 
822

 
1,535

 
340

 
1997
 
09/96
(f)
40
    Sanford, FL

 
738

 
803

 

 

 
738

 
803

 
1,541

 
317

 
1998
 
06/97
(f)
40
    Valdosta, GA

 
391

 
806

 

 

 
391

 
806

 
1,197

 
285

 
1999
 
01/99
(f)
40
   
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Pisces Restaurant & Lounge:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    Montgomery, AL

 
1,418

 
1,140

 

 

 
1,418

 
1,044

 
2,462

 
321

 
1999
 
12/01
 
40
   
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Pizza Hut:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    Monroeville, AL

 
547

 
44

 

 

 
547

 
44

 
591

 
13

 
1976
 
12/01
 
40
   
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Popeye's:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    Snellville, GA

 
642

 
437

 

 

 
642

 
437

 
1,079

 
131

 
1995
 
12/01
 
40
   
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Power Center:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    Midland, MI

 
1,085

 
1,635

 
220

 

 
1,085

 
1,598

 
2,683

 
339

 
2005
 
05/05
(g)
40
    Topsham, ME

 
1,885

 
1,735

 
94

 

 
1,469

 
69

 
1,538

 
69

 
2007
 
02/06
(g)
40
    Harlingen, TX

 
247

 
807

 

 

 
247

 
583

 
830

 
115

 
2008
 
09/06
(g)
40
    Harlingen, TX

 
749

 
1,238

 

 

 
749

 
1,238

 
1,987

 
208

 
2008
 
09/06
(g)
40
    Woodstock, GA

 
261

 
701

 

 

 
261

 
516

 
777

 
83

 
1997
 
07/08
 
40
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Premium Spas & Billiards:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    Fairfax, VA

 
105

 
151

 
243

 

 
194

 
394

 
588

 
97

 
1995
 
12/95
 
40
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Pro Tip Nails & Spa:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    Orlando, FL
27

 (h)
40

 
111

 

 

 
40

 
111

 
151

 
27

 
2001
 
02/04
 
40
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Pull-A-Part:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    Augusta, GA

 
1,414

 

 
1,449

 

 
1,414

 
1,449

 
2,863

 
237

 
2007
 
08/06
(m)
40
    Birmingham, AL

 
1,165

 
2,090

 

 

 
1,165

 
2,090

 
3,255

 
385

 
1964
 
08/06
 
40
    Charlotte, NC

 
2,913

 
1,724

 

 

 
2,908

 
1,724

 
4,632

 
318

 
2006
 
08/06
 
40
    Conley, GA

 
1,686

 
1,387

 

 

 
1,686

 
1,387

 
3,073

 
256

 
1999
 
08/06
 
40
    Harvey, LA

 
1,887

 

 
4,326

 

 
1,887

 
4,326

 
6,213

 
590

 
2008
 
08/06
(m)
40
    Knoxville, TN

 
961

 

 
2,384

 

 
961

 
2,384

 
3,345

 
385

 
2007
 
08/06
(m)
40
    Louisville, KY

 
3,206

 
1,532

 

 

 
3,206

 
1,532

 
4,738

 
282

 
2006
 
08/06
 
40
    Nashville, TN

 
2,164

 
1,414

 

 

 
2,164

 
1,414

 
3,578

 
261

 
2006
 
08/06
 
40
    Norcross, GA

 
1,831

 
1,040

 

 

 
1,831

 
1,040

 
2,871

 
192

 
1998
 
08/06
 
40
    Cleveland, OH

 
4,556

 

 
2,096

 

 
4,556

 
2,096

 
6,652

 
321

 
2007
 
08/06
(m)
40
    Lafayette, LA

 
1,036

 

 
2,226

 

 
1,036

 
2,226

 
3,262

 
336

 
2007
 
08/06
(m)
40
    Montgomery, AL

   
934

 

 
2,013

 

 
934

 
2,013

 
2,947

 
308

 
2007
 
11/06
(m)
40
    Jackson, MS

 
1,315

 

 
2,471

 

 
1,315

 
2,471

 
3,786

 
347

 
2008
 
12/06
(m)
40
    Baton Rouge, LA

 
893

 

 
3,256

 

 
893

 
3,256

 
4,149

 
390

 
2009
 
01/07
(m)
40
    Memphis, TN

 
1,779

 

 
2,964

 

 
1,779

 
2,964

 
4,743

 
417

 
2008
 
05/07
(m)
40
    Mobile, AL

 
550

 

 
2,772

 

 
550

 
2,772

 
3,322

 
344

 
2009
 
06/07
(m)
40
    Winston-Salem, NC

 
846

 

 
2,449

 

 
836

 
2,449

 
3,285

 
309

 
2009
 
08/07
(m)
40
    Lithonia, GA

   
2,410

 

 
2,345

 

 
2,410

 
2,345

 
4,755

 
291

 
2009
 
08/07
(m)
40
    Columbia, SC

 
935

 

 
2,178

 

 
935

 
2,178

 
3,113

 
270

 
2009
 
09/07
(m)
40
    Akron, OH

 
1,065

 

 
1,869

 

 
1,065

 
1,869

 
2,934

 
193

 
2009
 
10/08
(m)
40
   
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
QuikTrip:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    Alpharetta, GA

 
1,048

 
607

 

 

 
1,048

 
607

 
1,655

 
130

 
1996
 
06/05
 
40
    Clive, IA

 
623

 
557

 

 

 
623

 
557

 
1,180

 
159

 
1994
 
06/05
 
30
    Des Moines, IA

 
259

 
792

 

 

 
259

 
792

 
1,051

 
226

 
1996
 
06/05
 
30
    Des Moines, IA

 
379

 
455

 

 

 
379

 
455

 
834

 
130

 
1990
 
06/05
 
30
    Gainesville, GA

 
592

 
913

 

 

 
592

 
913

 
1,505

 
260

 
1989
 
06/05
 
30
    Herculaneum, MO

 
856

 
1,613

 

 

 
856

 
1,613

 
2,469

 
459

 
1991
 
06/05
 
30
    Johnston, IA

 
394

 
385

 

 

 
394

 
385

 
779

 
110

 
1991
 
06/05
 
30
    Lee's Summit, MO

 
374

 
1,224

 

 

 
374

 
1,224

 
1,598

 
261

 
1999
 
06/05
 
40
    Norcross, GA

 
948

 
294

 

 

 
948

 
294

 
1,242

 
84

 
1989
 
06/05
 
30
    Norcross, GA

 
844

 
297

 

 

 
839

 
297

 
1,136

 
85

 
1994
 
06/05
 
30

See accompanying report of independent registered public accounting firm.
F-6


Table of Contents

 
 
 
Initial Cost  to
Company
 
Costs Capitalized
Subsequent to
Acquisition
 
Gross Amount at Which
Carried at Close of Period (a) (b)
 
 
 
 
 
 
 
Life on Which
Depreciation &
Amortization in Latest Income
Statement is
Computed (Years)
 
Encumbrances
 
Land
 
Building,
Improvements &
Leasehold
Interests
 
Improvements
 
Carrying
Costs
 
Land
 
Building,
Improvements &
Leasehold
Interests
 
Total
 
Accumulated
Depreciation
and
Amortization
 
Date  of
Construction
 
Date
Acquired
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    Norcross, GA

 
966

 
202

 

 

 
966

 
202

 
1,168

 
58

 
1993
 
06/05
 
30
    Olathe, KS

 
793

 
1,392

 

 

 
793

 
1,392

 
2,185

 
297

 
1999
 
06/05
 
40
    Tulsa, OK

 
1,225

 
650

 

 

 
1,225

 
650

 
1,875

 
185

 
1990
 
06/05
 
30
    Urbandale, IA

 
340

 
764

 

 

 
340

 
764

 
1,104

 
163

 
1993
 
06/05
 
40
    Wichita, KS

 
127

 
543

 

 

 
127

 
543

 
670

 
155

 
1990
 
06/05
 
30
    Wichita, KS

 
118

 
454

 

 

 
113

 
454

 
567

 
129

 
1989
 
06/05
 
30
    Woodstock , GA

 
488

 
1,042

 

 

 
488

 
1,042

 
1,530

 
222

 
1997
 
06/05
 
40
   
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Qwest Corporation Service Center:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    Cedar Rapids, IA

 
184

 
629

 

 

 
184

 
629

 
813

 
269

 
1976
 
06/05
 
20
    Decorah, IA

 
72

 
272

 

 

 
72

 
272

 
344

 
232

 
1974
 
06/05
 
10
   
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Rabobank:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    Chico, CA

 
346

 

 

 

 
346

 
 (e)

 
346

 
 (e)

 
 (e)
 
07/12
 
30
   
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Raising Cane's:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    Lancaster, OH

 
600

 

 
1,075

 

 
600

 
1,075

 
1,675

 
30

 
2012
 
01/08
(g)
40
    Sulphur, LA

 
326

 
1,268

 

 

 
326

 
1,268

 
1,594

 
98

 
2009
 
04/11
 
35
    Hurst, TX

 
763

 

 
1,309

 

 
763

 
1,309

 
2,072

 
72

 
2011
 
05/11
(m)
40
    Ft. Worth, TX

 
792

 

 
1,144

 

 
792

 
1,144

 
1,936

 
63

 
2011
 
06/11
(m)
40
    Plano, TX

 
1,316

 

 
1,349

 

 
1,316

 
1,349

 
2,665

 
74

 
2011
 
06/11
(m)
40
    Pearland, TX

 
774

 

 
1,255

 

 
774

 
1,255

 
2,029

 
67

 
2011
 
07/11
(m)
40
    Addison, TX

 
869

 

 
1,343

 

 
869

 
1,343

 
2,212

 
60

 
2012
 
10/11
(m)
40
    Houston, TX

 
737

 

 
1,163

 

 
737

 
1,163

 
1,900

 
55

 
2012
 
10/11
(m)
40
    Euless, TX

 
1,222

 

 
1,376

 

 
1,226

 
1,376

 
2,602

 
70

 
2011
 
12/11
(m)
40
    Moore, OK

 
762

 

 
1,153

 

 
762

 
1,153

 
1,915

 
49

 
2012
 
01/12
(m)
40
    Rowlett, TX

 
814

 

 
1,398

 

 
814

 
1,398

 
2,212

 
51

 
2012
 
02/12
(m)
40
    Keller, TX

 
833

 

 
1,265

 

 
833

 
1,265

 
2,098

 
38

 
2012
 
06/12
(m)
40
    Omaha, NE

 
1,181

 

 
1,676

 

 
1,181

 
1,676

 
2,857

 
40

 
2013
 
08/12
(m)
40
    McKinney, TX

 
1,443

 

 
1,255

 

 
1,443

 
1,255

 
2,698

 
22

 
2013
 
11/12
(m)
40
    Tulsa, OK

 
1,006

 

 
1,508

 

 
1,006

 
1,508

 
2,514

 
27

 
2013
 
12/12
(m)
40
    Broken Arrow, OK

 
1,267

 
1,285

 

 

 
1,267

 
1,285

 
2,552

 
12

 
2013
 
04/13
 
40
    Oklahoma City, OK

 
1,217

 

 

 

 
1,217

 
 (e)

 
1,217

 
 (e)

 
 (e)
 
06/13
(m)
(e)
    Oklahoma City, OK

 
988

 

 

 

 
988

 
 (e)

 
988

 
 (e)

 
 (e)
 
06/13
(m)
(e)
    Owasso, OK

 
641

 

 

 

 
641

 
 (e)

 
641

 
 (e)

 
 (e)
 
09/13
(m)
(e)
   


 


 


 


 


 


 


 


 


 
 
 
 
 

Rallys:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    Toledo, OH

 
126

 
320

 

 

 
126

 
320

 
446

 
177

 
1989
 
07/92
 
39
   
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
RBC Bank:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    Altamonte Springs, FL

 
1,316

 
2,014

 

 

 
1,316

 
2,014

 
3,330

 
209

 
2007
 
05/10
 
35
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
REB Oil:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    Lake Placid, FL

 
2,532

 
1,157

 
491

 

 
2,532

 
1,648

 
4,180

 
347

 
1990
 
12/05
 
40
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Regal Theatre:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    Bolingbrook, IL

 
2,937

 
3,032

 

 

 
2,937

 
3,032

 
5,969

 
636

 
1994
 
09/07
 
30
   
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Reliable Life Insurance:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    St. Louis, MO

 
1,519

 
10,074

 

 

 
1,519

 
10,074

 
11,593

 
2,383

 
1975
 
05/04
 
40
   
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Rent-A-Center:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    Cohoes, NY

 
64

 
348

 
242

 

 
64

 
590

 
654

 
90

 
1994
 
09/04
 
40
   
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Rite Aid:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    Douglasville, GA

 
413

 
995

 

 

 
413

 
995

 
1,408

 
446

 
1996
 
01/96
 
40
    Conyers, GA

 
575

 
999

 

 

 
575

 
999

 
1,574

 
413

 
1997
 
06/97
 
40
    Riverdale, GA

 
1,089

 
1,707

 

 

 
1,089

 
1,707

 
2,796

 
685

 
1997
 
12/97
 
40
    Warner Robins, GA

 
707

 

 
1,227

 

 
707

 
1,227

 
1,934

 
459

 
1999
 
03/98
(g)
40
    Mobile, AL

 
1,137

 
1,694

 

 

 
1,137

 
1,694

 
2,831

 
510

 
2000
 
12/01
 
40
    Orange Beach, AL

 
1,410

 
1,996

 

 

 
1,410

 
1,996

 
3,406

 
601

 
2000
 
12/01
 
40
    Norfolk, VA

 
2,742

 
1,797

 

 

 
2,742

 
1,797

 
4,539

 
533

 
2001
 
02/02
 
40
    Thorndale, PA

 
2,261

 
2,472

 

 

 
2,261

 
2,472

 
4,733

 
734

 
2001
 
02/02
 
40
    West Mifflin, PA

 
1,402

 
2,044

 

 

 
1,402

 
2,044

 
3,446

 
607

 
1999
 
02/02
 
40
    Albany, NY

 
25

 
867

 

 

 
25

 
867

 
892

 
201

 
1994
 
09/04
 
40
    Saratoga Springs, NY

 
762

 
591

 
30

 

 
762

 
621

 
1,383

 
140

 
1993
 
09/04
 
40
    Monticello, NY
335

 
664

 
769

 

 

 
664

 
769

 
1,433

 
169

 
1996
 
03/05
 
40
   
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Rite Care Pharmacy:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    Dallas, TX

 
2,407

 
2,299

 
320

 

 
2,407

 
2,618

 
5,025

 
486

 
1971
 
06/05
 
40
   
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Rite Rug:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    Columbus, OH

 
1,596

 
934

 
13

 

 
1,605

 
939

 
2,544

 
214

 
1970
 
11/04
 
40
   
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Road Ranger:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    Springfield, IL

 
705

 
1,500

 

 

 
705

 
1,500

 
2,205

 
283

 
1997
 
06/06
 
40
    Belvidere, IL

 
1,098

 
1,256

 
1,257

 

 
1,098

 
2,513

 
3,611

 
303

 
1997
 
06/06
 
40
    Brazil, IN

 
2,199

 
907

 

 

 
2,199

 
907

 
3,106

 
171

 
1990
 
06/06
 
40
    Cherry Valley, IL

 
1,409

 
1,897

 

 

 
1,409

 
1,897

 
3,306

 
358

 
1991
 
06/06
 
40
    Cottage Grove, WI

 
2,175

 
1,733

 

 

 
2,175

 
1,733

 
3,908

 
327

 
1990
 
06/06
 
40
    Decatur, IL

 
815

 
1,314

 

 

 
815

 
1,314

 
2,129

 
248

 
2002
 
06/06
 
40
    Dekalb, IL

 
747

 
1,658

 

 

 
747

 
1,658

 
2,405

 
313

 
2000
 
06/06
 
40
    Elk Run Heights, IA

 
1,538

 
2,470

 

 

 
1,538

 
2,470

 
4,008

 
466

 
1989
 
06/06
 
40
    Lake Station, IN

 
3,172

 
1,112

 

 

 
3,172

 
1,112

 
4,284

 
210

 
1987
 
06/06
 
40
    Mendota, IL

 
1,218

 
3,295

 

 

 
1,218

 
3,295

 
4,513

 
372

 
1996
 
06/06
 
40
    Oakdale, WI

 
1,844

 
1,663

 

 

 
1,844

 
1,663

 
3,507

 
314

 
1998
 
06/06
 
40
    Rockford, IL

 
1,094

 
1,662

 

 

 
1,094

 
1,662

 
2,756

 
313

 
1996
 
06/06
 
40
    Rockford, IL

 
623

 
1,331

 

 

 
623

 
1,331

 
1,954

 
251

 
2000
 
06/06
 
40
    Springfield, IL

 
1,795

 
1,863

 

 

 
2,211

 
1,863

 
4,074

 
382

 
1978
 
06/06
 
40
    Champaign, IL

 
3,241

 
2,008

 

 

 
3,241

 
2,008

 
5,249

 
345

 
2006
 
02/07
 
40
    DeKalb, IL

 
505

 
1,503

 

 

 
505

 
1,503

 
2,008

 
258

 
2004
 
02/07
 
40
    Fenton, MO

 
2,584

 
2,622

 

 

 
2,584

 
2,622

 
5,206

 
451

 
2007
 
02/07
 
40
    Hampshire, IL

 
1,307

 
1,501

 
1,629

 

 
1,307

 
3,130

 
4,437

 
509

 
1988
 
02/07
(f)
40
    Princeton, IL (n)

 
1,141

 
3,066

 

 

 
1,141

 
3,066

 
4,207

 
527

 
2003
 
02/07
 
40
    South Beloit, IL

 
3,824

 
2,309

 

 

 
3,824

 
2,309

 
6,133

 
397

 
2002
 
02/07
 
40
    Cedar Rapids, IA

 
1,025

 
984

 

 

 
1,025

 
984

 
2,009

 
167

 
1990
 
03/07
 
40
    Marion, IA

 
737

 
1,071

 

 

 
737

 
1,071

 
1,808

 
182

 
1974
 
03/07
 
40
    Okawville, IL

 
1,530

 
1,147

 
1,034

 

 
1,536

 
2,181

 
3,717

 
216

 
1997
 
08/07
 
40
    Dubuque, IA

 
561

 
1,941

 

 

 
561

 
1,941

 
2,502

 
305

 
2000
 
09/07
 
40
    Belvidere, IL

 
521

 
1,053

 

 

 
521

 
1,053

 
1,574

 
161

 
2008
 
09/07
(f)
40
    South Beloit, IL

 
1,182

 
1,324

 

 

 
1,182

 
1,324

 
2,506

 
203

 
2008
 
09/07
(f)
40
    Chicago, IL

 
1,350

 
6,450

 

 

 
1,350

 
6,450

 
7,800

 
376

 
1970
 
07/12
 
25
   
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Robbins Diamonds:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    Newark, DE

 
636

 
1,273

 
29

 

 
629

 
1,302

 
1,931

 
608

 
1994
 
12/94
 
40
   
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Ross Dress for Less:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    Coral Gables, FL

 
1,782

 
1,661

 
19

 

 
1,782

 
1,680

 
3,462

 
689

 
1994
 
06/96
 
38
    Lodi, CA

 
614

 
1,415

 

 

 
614

 
1,415

 
2,029

 
361

 
1984
 
03/99
 
40
   
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Rue 21:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    Lapeer, MI

 
126

 
645

 

 

 
126

 
629

 
755

 
101

 
2007
 
10/05
 
40
   
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Sally Beauty Supply:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    Lapeer, MI

 
33

 
167

 

 

 
33

 
163

 
196

 
26

 
2007
 
10/05
 
40
   
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Saltgrass Steakhouse:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    Beaumont, TX

 
558

 

 
1,317

 

 
383

 
1,317

 
1,700

 
137

 
1975
 
09/10
(m)
30
    San Antonio, TX

 
1,280

 

 
853

 

 
1,280

 
853

 
2,133

 
45

 
2011
 
08/11
(m)
40
    Cypress, TX

 
1,071

 

 
1,886

 

 
1,071

 
1,886

 
2,957

 
69

 
2012
 
03/12
(m)
40
    Midland, TX

 
837

 
2,073

 

 

 
837

 
2,073

 
2,910

 
32

 
1998
 
01/13
 
35
    Port Arthur, TX

 
890

 

 

 

 
890

 
 (e)

 
890

 
 (e)

 
 (e)
 
08/13
(m)
(e)
    McAllen, TX

 
1,390

 

 

 

 
1,390

 
 (e)

 
1,390

 
 (e)

 
 (e)
 
12/13
(m)
(e)
   
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Savers Thrift Superstore:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    Fairview Heights, IL

 
1,258

 
2,623

 
246

 

 
1,258

 
2,869

 
4,127

 
541

 
1980
 
10/05
(g)
40
   
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Schlotzsky's Deli:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    Phoenix, AZ

 
706

 
315

 

 

 
706

 
315

 
1,021

 
95

 
1995
 
12/01
 
40
    Scottsdale, AZ

 
717

 
311

 

 

 
717

 
311

 
1,028

 
94

 
1995
 
12/01
 
40
   
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Season's 52:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    Schaumburg, IL

 
2,065

 
1,311

 

 

 
2,065

 
1,311

 
3,376

 
395

 
1998
 
12/01
 
40
   
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Shek's Chinese Express:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    Eden Prairie, MN

 
65

 
261

 

 

 
65

 
261

 
326

 
76

 
1997
 
12/01
 
40
   
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Shell:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    Glendale, AZ

 
1,817

 
2,415

 
126

 

 
1,817

 
2,541

 
4,358

 
405

 
2001
 
05/08
 
40
   
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Shop-a-Snak:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    Bessemer, AL

 
564

 
742

 

 

 
564

 
742

 
1,306

 
142

 
2002
 
05/06
 
40
    Chelsea, AL

 
391

 
628

 

 

 
391

 
628

 
1,019

 
120

 
1981
 
05/06
 
40
    Jasper, AL

 
551

 
747

 

 

 
551

 
747

 
1,298

 
142

 
1998
 
05/06
 
40
    Birmingham, AL

 
490

 
769

 

 

 
490

 
769

 
1,259

 
147

 
1992
 
05/06
 
40
    Birmingham, AL

 
439

 
704

 

 

 
439

 
704

 
1,143

 
134

 
1989
 
05/06
 
40
    Birmingham, AL

 
446

 
672

 

 

 
446

 
672

 
1,118

 
128

 
1989
 
05/06
 
40
    Birmingham, AL

 
361

 
744

 

 

 
361

 
744

 
1,105

 
142

 
1989
 
05/06
 
40
    Homewood, AL

 
468

 
657

 

 

 
468

 
657

 
1,125

 
125

 
1990
 
05/06
 
40
    Hoover, AL

 
713

 
865

 

 

 
713

 
865

 
1,578

 
165

 
1998
 
05/06
 
40
    Hoover, AL

 
764

 
1,157

 

 

 
663

 
1,157

 
1,820

 
220

 
2005
 
05/06
 
40
    Trussville, AL

 
272

 
542

 

 

 
272

 
542

 
814

 
103

 
1992
 
05/06
 
40
    Tuscaloosa, AL

 
525

 
463

 

 

 
525

 
463

 
988

 
88

 
1991
 
05/06
 
40
    Tuscaloosa, AL

 
386

 
733

 

 

 
386

 
733

 
1,119

 
140

 
1991
 
05/06
 
40
    Tuscaloosa, AL

 
432

 
559

 

 

 
432

 
559

 
991

 
107

 
1991
 
05/06
 
40
   
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Silverleaf Resorts:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    Buford, GA

 
1,267

 
2,406

 
25

 

 
1,267

 
2,430

 
3,697

 
571

 
2004
 
07/04
 
40
   
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Sonic Automotive:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    Charlotte, NC

 
3,619

 
4,854

 

 

 
3,619

 
4,854

 
8,473

 
804

 
1996
 
05/07
 
40
   
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Sparkling Image:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    Bakersfield, CA

 
2,564

 
4,465

 
2,178

 

 
2,564

 
6,643

 
9,207

 
1,102

 
1988
 
03/08
 
30
    Bakersfield, CA

 
3,346

 
6,016

 

 

 
3,346

 
6,016

 
9,362

 
992

 
1998
 
03/08
 
35
    Bakersfield, CA

 
3,363

 
3,288

 

 

 
3,363

 
3,288

 
6,651

 
476

 
2002
 
03/08
 
40
    Bakersfield, CA

 
2,798

 
5,260

 
22

 

 
1,781

 
284

 
2,065

 
265

 
1997
 
03/08
 
35
    Bakersfield, CA

 
3,664

 
3,709

 
11

 

 
3,664

 
3,721

 
7,385

 
615

 
1994
 
03/08
 
35
    Bakersfield, CA

 
2,043

 
3,520

 
40

 

 
2,043

 
719

 
2,762

 
268

 
1988
 
03/08
 
30
    San Fernando, CA

 
6,630

 
2,706

 
47

 

 
6,630

 
2,753

 
9,383

 
533

 
1988
 
03/08
 
30
    Ventura, CA

 
5,590

 
4,431

 
94

 

 
5,590

 
4,526

 
10,116

 
651

 
2001
 
03/08
 
40
    Ventura, CA

 
6,253

 
4,560

 
207

 

 
6,253

 
4,767

 
11,020

 
777

 
1994
 
03/08
 
35
   
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Spec's Liquor and Fine Foods:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    Corpus Christi, TX

 
768

 
841

 
601

 

 
768

 
1,442

 
2,210

 
531

 
1967
 
11/93
 
40
    Coffee City, TX

 
1,330

 
3,858

 

 

 
1,330

 
3,858

 
5,188

 
856

 
1996
 
02/05
 
40
   
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Spencer’s Air Conditioning & Appliance:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    Glendale, AZ

 
342

 
982

 

 

 
342

 
982

 
1,324

 
355

 
1999
 
12/98
(g)
40
   
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Spiegelhoff's:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    Kenosha, WI

 
1,918

 
3,431

 

 

 
1,918

 
3,431

 
5,349

 
1,443

 
1992
 
02/97
 
40
   
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Sports Authority:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    Tampa, FL

 
2,128

 
1,522

 

 

 
2,128

 
1,522

 
3,650

 
666

 
1994
 
06/96
 
40
    Sarasota, FL

 
1,428

 
1,703

 

 

 
1,428

 
1,703

 
3,131

 
422

 
1988
 
09/97
 
40
    Memphis, TN

 
820

 

 
2,598

 

 
820

 
2,598

 
3,418

 
981

 
1998
 
12/97
(g)
40
    Iselin, NJ

 
3,750

 
5,983

 

 

 
3,750

 
5,983

 
9,733

 
1,639

 
1994
 
01/03
 
40
   
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Sterling Collision:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    Lombard, IL

 
622

 
1,714

 

 

 
622

 
1,714

 
2,336

 
71

 
1997
 
12/12
 
25
   
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Stone Mountain Chevrolet:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    Lilburn, GA

 
3,027

 
4,685

 

 

 
3,027

 
4,685

 
7,712

 
1,098

 
2004
 
08/04
 
40
   
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Stop N Go:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    Grand Prairie, TX

 
421

 
685

 

 

 
421

 
685

 
1,106

 
206

 
1986
 
12/01
 
40
    Kennedale, TX

 
400

 
692

 

 

 
391

 
692

 
1,083

 
208

 
1985
 
12/01
 
40
   
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Stripes:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    Laredo, TX

 
841

 
739

 

 

 
841

 
739

 
1,580

 
149

 
2001
 
12/05
 
40
    Brownsville, TX

 
1,015

 
1,308

 

 

 
1,015

 
1,308

 
2,323

 
263

 
2003
 
12/05
 
40
    Brownsville, TX

 
2,417

 
1,828

 

 

 
2,417

 
1,828

 
4,245

 
368

 
2000
 
12/05
 
40
    Brownsville, TX

 
1,279

 
1,015

 

 

 
1,279

 
1,015

 
2,294

 
204

 
1990
 
12/05
 
40
    Brownsville, TX

 
2,915

 
1,800

 

 

 
2,915

 
1,800

 
4,715

 
362

 
2000
 
12/05
 
40
    Brownsville, TX

 
1,039

 
1,145

 

 

 
1,039

 
1,145

 
2,184

 
230

 
2004
 
12/05
 
40
    Brownsville, TX

 
933

 
699

 

 

 
933

 
699

 
1,632

 
141

 
1999
 
12/05
 
40
    Brownsville, TX

 
1,392

 
1,444

 

 

 
1,392

 
1,444

 
2,836

 
290

 
2005
 
12/05
 
40
    Brownsville, TX

 
2,033

 
1,288

 

 

 
2,033

 
1,288

 
3,321

 
259

 
1995
 
12/05
 
40
    Brownsville, TX

 
2,530

 
1,125

 

 

 
2,530

 
1,125

 
3,655

 
226

 
1990
 
12/05
 
40
    Brownsville, TX

 
1,182

 
1,105

 

 

 
1,182

 
1,105

 
2,287

 
222

 
2000
 
12/05
 
40
    Brownsville, TX

 
1,843

 
1,419

 

 

 
1,843

 
1,419

 
3,262

 
285

 
2000
 
12/05
 
40
    Corpus Christi, TX

 
1,400

 
1,531

 

 

 
1,400

 
1,531

 
2,931

 
308

 
1984
 
12/05
 
40
    Corpus Christi, TX

 
1,385

 
1,419

 

 

 
1,385

 
1,419

 
2,804

 
285

 
1982
 
12/05
 
40
    Corpus Christi, TX

 
703

 
1,037

 

 

 
703

 
1,037

 
1,740

 
208

 
1986
 
12/05
 
40
    Corpus Christi, TX

 
853

 
1,416

 

 

 
853

 
1,416

 
2,269

 
285

 
2005
 
12/05
 
40
    Corpus Christi, TX

 
1,308

 
2,151

 

 

 
1,308

 
2,151

 
3,459

 
432

 
1995
 
12/05
 
40
    Donna, TX

 
1,004

 
1,127

 

 

 
1,004

 
1,127

 
2,131

 
226

 
1995
 
12/05
 
40
    Edinburg, TX

 
1,317

 
1,624

 

 

 
1,317

 
1,624

 
2,941

 
326

 
1999
 
12/05
 
40
    Edinburg, TX

 
970

 
1,286

 

 

 
970

 
1,286

 
2,256

 
259

 
2003
 
12/05
 
40
    Falfurias, TX

 
4,244

 
4,458

 

 

 
4,213

 
4,458

 
8,671

 
896

 
2002
 
12/05
 
40
    Freer, TX

 
1,151

 
1,158

 

 

 
1,151

 
1,158

 
2,309

 
233

 
1984
 
12/05
 
40
    George West, TX

 
1,243

 
695

 

 

 
1,243

 
695

 
1,938

 
140

 
1996
 
12/05
 
40
    Harlingen, TX

 
906

 
953

 

 

 
906

 
953

 
1,859

 
191

 
1991
 
12/05
 
40
    Harlingen, TX

 
754

 
1,152

 

 

 
754

 
1,152

 
1,906

 
232

 
1999
 
12/05
 
40
    Harlingen, TX

 
755

 
601

 

 

 
755

 
601

 
1,356

 
121

 
1987
 
12/05
 
40
    La Feria, TX

 
900

 
1,347

 

 

 
900

 
1,347

 
2,247

 
271

 
1988
 
12/05
 
40
    Laredo, TX

 
675

 
533

 

 

 
675

 
533

 
1,208

 
107

 
1993
 
12/05
 
40
    Laredo, TX

 
1,553

 
1,775

 

 

 
1,553

 
1,775

 
3,328

 
357

 
2000
 
12/05
 
40
    Laredo, TX

 
459

 
460

 

 

 
459

 
460

 
919

 
92

 
1983
 
12/05
 
40
    Laredo, TX

 
736

 
670

 

 

 
736

 
670

 
1,406

 
135

 
1984
 
12/05
 
40
    Laredo, TX

 
1,495

 
1,400

 

 

 
1,495

 
1,400

 
2,895

 
282

 
1993
 
12/05
 
40
    Lawton, OK

 
697

 
964

 

 

 
697

 
964

 
1,661

 
194

 
1984
 
12/05
 
40
    Los Indios, TX

 
1,387

 
1,457

 

 

 
1,387

 
1,457

 
2,844

 
293

 
2005
 
12/05
 
40
    McAllen, TX

 
987

 
893

 

 

 
987

 
893

 
1,880

 
180

 
1999
 
12/05
 
40
    McAllen, TX

 
975

 
1,030

 

 

 
975

 
1,030

 
2,005

 
207

 
2003
 
12/05
 
40
    Mission, TX

 
880

 
1,101

 

 

 
880

 
1,101

 
1,981

 
221

 
1999
 
12/05
 
40
    Mission, TX

 
1,125

 
1,213

 

 

 
1,125

 
1,213

 
2,338

 
244

 
2003
 
12/05
 
40
    Olmito, TX

 
3,688

 
2,880

 

 

 
3,688

 
2,880

 
6,568

 
579

 
2002
 
12/05
 
40
    Pharr, TX

 
982

 
1,178

 

 

 
982

 
1,178

 
2,160

 
237

 
1988
 
12/05
 
40
    Pharr, TX

 
2,426

 
1,881

 

 

 
2,426

 
1,881

 
4,307

 
378

 
2003
 
12/05
 
40
    Pharr, TX

 
784

 
805

 

 

 
784

 
805

 
1,589

 
162

 
2000
 
12/05
 
40
    Port Isabel, TX

 
2,062

 
1,299

 

 

 
2,062

 
1,299

 
3,361

 
261

 
1994
 
12/05
 
40
    Portland, TX

 
656

 
915

 

 

 
656

 
915

 
1,571

 
184

 
1983
 
12/05
 
40
    Progreso, TX

 
1,769

 
1,811

 

 

 
1,769

 
1,811

 
3,580

 
364

 
1999
 
12/05
 
40
    Riviera, TX

 
2,351

 
2,158

 

 

 
2,351

 
2,158

 
4,509

 
434

 
2005
 
12/05
 
40
    San Benito, TX

 
1,103

 
1,586

 

 

 
1,103

 
1,586

 
2,689

 
319

 
2005
 
12/05
 
40
    San Benito, TX

 
791

 
1,857

 

 

 
791

 
1,857

 
2,648

 
373

 
1994
 
12/05
 
40
    San Juan, TX

 
1,124

 
1,172

 

 

 
1,124

 
1,172

 
2,296

 
236

 
1996
 
12/05
 
40
    San Juan, TX

 
1,424

 
1,546

 

 

 
1,424

 
1,546

 
2,970

 
311

 
2004
 
12/05
 
40
    South Padre Island, TX

 
1,367

 
1,389

 

 

 
1,367

 
1,389

 
2,756

 
279

 
1988
 
12/05
 
40
    Wichita Falls, TX

 
484

 
828

 

 

 
484

 
828

 
1,312

 
166

 
1983
 
12/05
 
40
    Wichita Falls, TX

 
440

 
751

 

 

 
440

 
751

 
1,191

 
151

 
1984
 
12/05
 
40
    Wichita Falls, TX

 
905

 
1,351

 

 

 
905

 
1,351

 
2,256

 
272

 
2000
 
12/05
 
40
    Palmview, TX

 
835

 
1,372

 

 

 
835

 
1,372

 
2,207

 
247

 
2005
 
10/06
 
40
    Harlingen, TX

 
638

 
1,807

 

 

 
638

 
1,807

 
2,445

 
318

 
2006
 
12/06
 
40
    Rio Grande City, TX

 
1,871

 
1,612

 

 

 
1,871

 
1,612

 
3,483

 
284

 
2006
 
12/06
 
40
    San Juan, TX

 
816

 
1,434

 

 

 
816

 
1,434

 
2,250

 
252

 
2006
 
12/06
 
40
    Zapata, TX

 
1,333

 
1,773

 

 

 
1,333

 
1,773

 
3,106

 
312

 
2006
 
12/06
 
40
    Orange Grove, TX

 
1,767

 
1,838

 

 

 
1,767

 
1,838

 
3,605

 
308

 
2007
 
04/07
 
40
    Harlingen, TX

 
408

 
826

 

 

 
408

 
826

 
1,234

 
169

 
1982
 
11/07
 
30
    Laredo, TX

 
698

 
1,169

 

 

 
698

 
1,169

 
1,867

 
239

 
1981
 
11/07
 
30
    Laredo, TX

 
348

 
1,168

 

 

 
348

 
1,168

 
1,516

 
238

 
1983
 
11/07
 
30
    Laredo, TX

 
584

 
958

 

 

 
584

 
958

 
1,542

 
196

 
1981
 
11/07
 
30
    Laredo, TX

 
468

 
728

 

 

 
468

 
728

 
1,196

 
149

 
1973
 
11/07
 
30
    Laredo, TX

 
448

 
734

 

 

 
448

 
734

 
1,182

 
150

 
1981
 
11/07
 
30
    San Benito, TX

 
420

 
1,135

 

 

 
420

 
1,135

 
1,555

 
232

 
1985
 
11/07
 
30
    Del Rio, TX

 
1,565

 
758

 

 

 
1,565

 
758

 
2,323

 
116

 
1996
 
11/07
 
40
    Kerrville, TX

 
640

 
1,616

 

 

 
640

 
1,616

 
2,256

 
247

 
1996
 
11/07
 
40
    Monahans, TX

 
2,628

 
2,973

 

 

 
2,628

 
2,973

 
5,601

 
455

 
1996
 
11/07
 
40
    Odessa, TX

 
2,633

 
3,199

 

 

 
2,633

 
3,199

 
5,832

 
490

 
2006
 
11/07
 
40
    San Angelo, TX

 
194

 
471

 

 

 
194

 
471

 
665

 
72

 
1998
 
11/07
 
40
    Pharr, TX

 
573

 
1,229

 

 

 
573

 
1,229

 
1,802

 
186

 
2000
 
12/07
 
40
    Harlingen, TX

 
329

 
935

 

 

 
329

 
935

 
1,264

 
186

 
1980
 
01/08
 
30
    Harlingen, TX

 
277

 
808

 

 

 
277

 
808

 
1,085

 
160

 
1983
 
01/08
 
30
    Laredo, TX

 
325

 
816

 

 

 
325

 
816

 
1,141

 
162

 
1983
 
01/08
 
30
    McAllen, TX

 
643

 
1,776

 

 

 
643

 
1,776

 
2,419

 
353

 
1980
 
01/08
 
30
    Port Isabel, TX

 
299

 
855

 

 

 
299

 
855

 
1,154

 
170

 
1983
 
01/08
 
30
    Brownsville, TX

 
843

 
1,429

 

 

 
843

 
1,429

 
2,272

 
201

 
2007
 
05/08
 
40
    Edinburg, TX

 
834

 
1,787

 

 

 
834

 
1,787

 
2,621

 
251

 
2007
 
05/08
 
40
    La Villa, TX

 
710

 
2,166

 

 

 
710

 
2,166

 
2,876

 
305

 
2007
 
05/08
 
40
    Laredo, TX

 
1,183

 
1,934

 

 

 
1,183

 
1,934

 
3,117

 
272

 
2007
 
05/08
 
40
    Laredo, TX

 
879

 
1,593

 

 

 
879

 
1,593

 
2,472

 
224

 
2007
 
05/08
 
40
    McAllen, TX

 
1,270

 
2,383

 

 

 
1,270

 
2,383

 
3,653

 
447

 
1986
 
05/08
 
30
    Houston, TX

 
696

 
1,458

 

 

 
696

 
1,458

 
2,154

 
184

 
2008
 
12/08
 
40
    Lubbock, TX

 
671

 
1,612

 

 

 
671

 
1,612

 
2,283

 
203

 
2007
 
12/08
 
40
   
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Studio Nail and Spa:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    Cohoes, NY

 
27

 
145

 
59

 

 
27

 
204

 
231

 
38

 
1994
 
09/04
 
40
   
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Subway:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    Eden Prairie, MN

 
54

 
150

 
67

 

 
54

 
218

 
272

 
64

 
1997
 
12/01
 
40
    Albany, NY

 
3

 
67

 

 

 
3

 
67

 
70

 
15

 
1992
 
09/04
 
40
    Cohoes, NY

 
21

 
116

 
8

 

 
21

 
123

 
144

 
30

 
1994
 
09/04
 
40
   
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Sullivan's Steakhouse:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    Lincolnshire, IL

 
862

 
1,574

 

 

 
862

 
1,574

 
2,436

 
123

 
1999
 
01/12
 
25
   
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Sunbelt Rentals:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    Dayton, OH

 
391

 
1,223

 

 

 
391

 
1,223

 
1,614

 
60

 
2008
 
04/12
 
35
    Shepherdsville, KY

 
516

 
1,577

 

 

 
516

 
1,577

 
2,093

 
77

 
2009
 
04/12
 
35

See accompanying report of independent registered public accounting firm.
F-7


Table of Contents

 
 
 
Initial Cost  to
Company
 
Costs Capitalized
Subsequent to
Acquisition
 
Gross Amount at Which
Carried at Close of Period (a) (b)
 
 
 
 
 
 
 
Life on Which
Depreciation &
Amortization in Latest Income
Statement is
Computed (Years)
 
Encumbrances
 
Land
 
Building,
Improvements &
Leasehold
Interests
 
Improvements
 
Carrying
Costs
 
Land
 
Building,
Improvements &
Leasehold
Interests
 
Total
 
Accumulated
Depreciation
and
Amortization
 
Date  of
Construction
 
Date
Acquired
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Sunoco:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    Arnold, MD

 
417

 
581

 

 

 
417

 
581

 
998

 
14

 
1993
 
04/13
 
30
    Baltimore, MD

 
455

 
2,122

 

 

 
455

 
2,122

 
2,577

 
60

 
1980
 
04/13
 
25
    Baltimore, MD

 
310

 
1,686

 

 

 
310

 
1,686

 
1,996

 
34

 
2004
 
04/13
 
35
    Baltimore, MD

 
368

 
1,647

 

 

 
368

 
1,647

 
2,015

 
39

 
1996
 
04/13
 
30
    Baltimore, MD

 
523

 
2,809

 

 

 
523

 
2,809

 
3,332

 
80

 
1982
 
04/13
 
25
    Baltimore, MD

 
271

 
1,482

 

 

 
271

 
1,482

 
1,753

 
42

 
1968
 
04/13
 
25
    Baltimore, MD

 
542

 
2,054

 

 

 
542

 
2,054

 
2,596

 
48

 
1998
 
04/13
 
30
    Baltimore, MD

 
620

 
1,279

 

 

 
620

 
1,279

 
1,899

 
30

 
1989
 
04/13
 
30
    Bel Air, MD

 
1,376

 
620

 

 

 
1,376

 
620

 
1,996

 
15

 
1994
 
04/13
 
30
    Bethesda, MD

 
1,414

 
1,347

 

 

 
1,414

 
1,347

 
2,761

 
38

 
1971
 
04/13
 
25
    Centreville, VA

 
1,753

 
697

 

 

 
1,753

 
697

 
2,450

 
16

 
1994
 
04/13
 
30
    Chantilly, VA

 
1,472

 
1,831

 

 

 
1,472

 
1,831

 
3,303

 
52

 
1966
 
04/13
 
25
    Dale City, VA

 
639

 
2,461

 

 

 
639

 
2,461

 
3,100

 
58

 
1992
 
04/13
 
30
    Dumfries, VA

 
387

 
2,364

 

 

 
387

 
2,364

 
2,751

 
56

 
1999
 
04/13
 
30
    Edgewood, MD

 
823

 
2,073

 

 

 
823

 
2,073

 
2,896

 
59

 
1985
 
04/13
 
25
    Frederick, MD

 
940

 
1,860

 

 

 
940

 
1,860

 
2,800

 
44

 
1996
 
04/13
 
30
    Gaithersburg, MD

 
1,027

 
2,073

 

 

 
1,027

 
2,073

 
3,100

 
59

 
1982
 
04/13
 
25
    Glen Burnie, MD

 
804

 
1,647

 

 

 
804

 
1,647

 
2,451

 
39

 
1994
 
04/13
 
30
    Herndon, VA

 
707

 
1,792

 

 

 
707

 
1,792

 
2,499

 
42

 
1989
 
04/13
 
30
    Joppa, MD

 
862

 
174

 

 

 
862

 
174

 
1,036

 
5

 
1987
 
04/13
 
25
    Manassas, VA

 
746

 
1,434

 

 

 
746

 
1,434

 
2,180

 
34

 
1993
 
04/13
 
30
    Manassas, VA

 
1,230

 
1,521

 

 

 
1,230

 
1,521

 
2,751

 
36

 
1991
 
04/13
 
30
    Odenton, MD

 
668

 
2,780

 

 

 
668

 
2,780

 
3,448

 
66

 
2000
 
04/13
 
30
    Owings Mills, MD

 
1,337

 
911

 

 

 
1,337

 
911

 
2,248

 
22

 
1994
 
04/13
 
30
    Parkton, MD

 
397

 
2,151

 

 

 
397

 
2,151

 
2,548

 
51

 
1993
 
04/13
 
30
    Pasadena, MD

 
591

 
2,509

 

 

 
591

 
2,509

 
3,100

 
59

 
1997
 
04/13
 
30
    Pasadena, MD

 
407

 
1,492

 

 

 
407

 
1,492

 
1,899

 
35

 
1989
 
04/13
 
30
    Perryville, MD

 
601

 
3,778

 

 

 
601

 
3,778

 
4,379

 
89

 
1990
 
04/13
 
30
    Randallstown, MD

 
746

 
1,715

 

 

 
746

 
1,715

 
2,461

 
40

 
1995
 
04/13
 
30
    Reisterstown, MD

 
649

 
2,354

 

 

 
649

 
2,354

 
3,003

 
56

 
1995
 
04/13
 
30
    Rockville, MD

 
1,996

 
2,054

 

 

 
1,996

 
2,054

 
4,050

 
58

 
1971
 
04/13
 
25
    Severn, MD

 
765

 
3,139

 

 

 
765

 
3,139

 
3,904

 
74

 
1987
 
04/13
 
30
    Sterling, VA

 
1,540

 
2,461

 

 

 
1,540

 
2,461

 
4,001

 
58

 
1998
 
04/13
 
30
    Sterling, VA

 
1,356

 
1,095

 

 

 
1,356

 
1,095

 
2,451

 
26

 
1997
 
04/13
 
30
    Timonium, MD

 
1,356

 
1,598

 

 

 
1,356

 
1,598

 
2,954

 
45

 
1981
 
04/13
 
25
    Towson, MD

 
630

 
2,771

 

 

 
630

 
2,771

 
3,401

 
79

 
1988
 
04/13
 
25
    Warrenton, VA

 
1,802

 
2,703

 

 

 
1,802

 
2,703

 
4,505

 
64

 
1994
 
04/13
 
30
    Woodbridge, VA

 
678

 
2,664

 

 

 
678

 
2,664

 
3,342

 
75

 
1988
 
04/13
 
25
   
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Sunshine Energy:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    Kansas City, MO

 
517

 
720

 

 

 
517

 
720

 
1,237

 
128

 
1993
 
07/09
 
25
    Neosho, MO

 
352

 
775

 

 

 
352

 
754

 
1,106

 
106

 
1992
 
07/09
 
18
   
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
SunTrust:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    Albany, GA

 
287

 
890

 

 

 
287

 
890

 
1,177

 
32

 
1990
 
06/13
 
15
    Alexandria, VA

 
2,735

 
732

 

 

 
2,735

 
732

 
3,467

 
26

 
1969
 
06/13
 
15
    Alpharetta, GA

 
1,625

 
1,366

 

 

 
1,625

 
1,366

 
2,991

 
37

 
1991
 
06/13
 
20
    Alpharetta, GA

 
1,056

 
1,425

 

 

 
1,056

 
1,425

 
2,481

 
26

 
2005
 
06/13
 
30
    Arlington, VA

 
1,998

 
638

 

 

 
1,998

 
638

 
2,636

 
17

 
1993
 
06/13
 
20
    Atlanta, GA

 
296

 
748

 

 

 
296

 
748

 
1,044

 
27

 
1964
 
06/13
 
15
    Atlanta, GA

 
2,130

 
1,623

 

 

 
2,130

 
1,623

 
3,753

 
44

 
1976
 
06/13
 
20
    Augusta, GA

 
472

 
443

 

 

 
472

 
443

 
915

 
48

 
1970
 
06/13
 
5
    Augusta, GA

 
865

 
872

 

 

 
865

 
872

 
1,737

 
47

 
1972
 
06/13
 
10
    Augusta, GA

 
352

 
397

 

 

 
352

 
397

 
749

 
43

 
1949
 
06/13
 
5
    Avon Park, FL

 
360

 
1,564

 

 

 
360

 
1,564

 
1,924

 
28

 
1983
 
06/13
 
30
    Bartow, FL

 
218

 
769

 

 

 
218

 
769

 
987

 
17

 
1980
 
06/13
 
25
    Beaverdam, VA

 
230

 
309

 

 

 
230

 
309

 
539

 
33

 
1964
 
06/13
 
5
    Belleview, FL

 
226

 
1,085

 

 

 
226

 
1,085

 
1,311

 
20

 
1979
 
06/13
 
30
    Beverly Hills, FL

 
376

 
1,414

 

 

 
376

 
1,414

 
1,790

 
26

 
1989
 
06/13
 
30
    Black Mountain, NC

 
780

 
655

 

 

 
780

 
655

 
1,435

 
71

 
1943
 
06/13
 
5
    Bladensburg, MD

 
1,528

 
1,538

 

 

 
1,528

 
1,538

 
3,066

 
28

 
1946
 
06/13
 
30
    Boca Raton, FL

 
1,663

 
654

 

 

 
1,663

 
654

 
2,317

 
35

 
1977
 
06/13
 
10
    Bradenton, FL

 
437

 
1,251

 

 

 
437

 
1,251

 
1,688

 
23

 
1980
 
06/13
 
30
    Brunswick, GA

 
158

 
2,169

 

 

 
158

 
2,169

 
2,327

 
235

 
1957
 
06/13
 
5
    Butner, NC

 
344

 
606

 

 

 
344

 
606

 
950

 
16

 
1957
 
06/13
 
20
    Cape Coral, FL

 
1,065

 
1,032

 

 

 
1,065

 
1,032

 
2,097

 
28

 
1980
 
06/13
 
20
    Cary, NC

 
616

 
826

 

 

 
616

 
826

 
1,442

 
22

 
1987
 
06/13
 
20
    Chapel Hill, NC

 
323

 
541

 

 

 
323

 
541

 
864

 
20

 
1963
 
06/13
 
15
    Chattanooga, TN

 
308

 
652

 

 

 
308

 
652

 
960

 
71

 
1972
 
06/13
 
5
    Chattanooga, TN

 
336

 
341

 

 

 
336

 
341

 
677

 
37

 
1974
 
06/13
 
5
    Chattanooga, TN

 
496

 
824

 

 

 
496

 
824

 
1,320

 
89

 
1948
 
06/13
 
5
    Chattanooga, TN

 
260

 
374

 

 

 
260

 
374

 
634

 
41

 
1981
 
06/13
 
5
    Chestertown, MD

 
856

 
290

 

 

 
856

 
290

 
1,146

 
31

 
1974
 
06/13
 
5
    Clearwater, FL

 
433

 
530

 

 

 
433

 
530

 
963

 
19

 
1983
 
06/13
 
15
    Conyers, GA

 
366

 
501

 

 

 
366

 
501

 
867

 
27

 
1986
 
06/13
 
10
    Crystal River, FL

 
430

 
2,971

 

 

 
430

 
2,971

 
3,401

 
46

 
1983
 
06/13
 
35
    Daytona Beach Shores, FL

 
318

 
720

 

 

 
318

 
720

 
1,038

 
16

 
1982
 
06/13
 
25
    Deland, FL

 
270

 
1,296

 

 

 
270

 
1,296

 
1,566

 
23

 
1993
 
06/13
 
30
    Denton, NC

 
472

 
783

 

 

 
472

 
783

 
1,255

 
28

 
1969
 
06/13
 
15
    Doral, FL

 
1,912

 
1,100

 

 

 
1,912

 
1,100

 
3,012

 
30

 
1988
 
06/13
 
20
    Douglas, GA

 
354

 
168

 

 

 
354

 
168

 
522

 
18

 
1972
 
06/13
 
5
    Duluth, GA

 
851

 
845

 

 

 
851

 
845

 
1,696

 
23

 
1992
 
06/13
 
20
    Edgewater, FL

 
419

 
1,417

 

 

 
419

 
1,417

 
1,836

 
26

 
1986
 
06/13
 
30
    Erwin, NC

 
380

 
89

 

 

 
380

 
89

 
469

 
10

 
1955
 
06/13
 
5
    Flagler Beach, FL

 
366

 
1,313

 

 

 
366

 
1,313

 
1,679

 
20

 
1993
 
06/13
 
35
    Fort Myers, FL

 
543

 
758

 

 

 
543

 
758

 
1,301

 
16

 
1986
 
06/13
 
25
    Fort Myers, FL

 
814

 
684

 

 

 
814

 
684

 
1,498

 
25

 
1986
 
06/13
 
15
    Franklin, VA

 
103

 
911

 

 

 
103

 
911

 
1,014

 
33

 
1967
 
06/13
 
15
    Gainesville, GA

 
406

 
1,830

 

 

 
406

 
1,830

 
2,236

 
198

 
1966
 
06/13
 
5
    Greenacres City, FL

 
1,395

 
1,533

 

 

 
1,395

 
1,533

 
2,928

 
28

 
1988
 
06/13
 
30
    Greensboro, NC

 
516

 
394

 

 

 
516

 
394

 
910

 
43

 
1980
 
06/13
 
5
    Gulf Breeze, FL

 
1,021

 
1,382

 

 

 
1,021

 
1,382

 
2,403

 
75

 
1960
 
06/13
 
10
    Haines City, FL

 
405

 
1,241

 

 

 
405

 
1,241

 
1,646

 
22

 
1989
 
06/13
 
30
    Hallandale Beach, FL

 
1,735

 
2,343

 

 

 
1,735

 
2,343

 
4,078

 
63

 
1971
 
06/13
 
20
    Harrisonburg, VA

 
245

 
438

 

 

 
245

 
438

 
683

 
47

 
1968
 
06/13
 
5
    Hialeah, FL

 
2,578

 
1,149

 

 

 
2,578

 
1,149

 
3,727

 
62

 
1978
 
06/13
 
10
    Holly Hill, FL

 
509

 
699

 

 

 
509

 
699

 
1,208

 
76

 
1963
 
06/13
 
5
    Homosassa, FL

 
344

 
825

 

 

 
344

 
825

 
1,169

 
18

 
1985
 
06/13
 
25
    Hudson, NC

 
220

 
207

 

 

 
220

 
207

 
427

 
6

 
1994
 
06/13
 
20
    Huntersville, NC

 
177

 
830

 

 

 
177

 
830

 
1,007

 
18

 
1998
 
06/13
 
25
    Inverness, FL

 
471

 
755

 

 

 
471

 
755

 
1,226

 
27

 
1984
 
06/13
 
15
    Jacksonville, FL

 
674

 
821

 

 

 
674

 
821

 
1,495

 
18

 
1987
 
06/13
 
25
    Jacksonville, FL

 
938

 
926

 

 

 
938

 
926

 
1,864

 
25

 
1979
 
06/13
 
20
    Jonesboro, GA

 
591

 
1,185

 

 

 
591

 
1,185

 
1,776

 
128

 
1965
 
06/13
 
5
    Jonesborough, TN

 
95

 
285

 

 

 
95

 
285

 
380

 
31

 
1974
 
06/13
 
5
    Jupiter, FL

 
1,035

 
1,327

 

 

 
1,035

 
1,327

 
2,362

 
21

 
1998
 
06/13
 
35
    Kannapolis, NC

 
850

 
834

 

 

 
850

 
834

 
1,684

 
90

 
1906
 
06/13
 
5
    Kernersville, NC

 
284

 
708

 

 

 
284

 
708

 
992

 
26

 
1990
 
06/13
 
15
    Lady Lake, FL

 
340

 
1,355

 

 

 
340

 
1,355

 
1,695

 
24

 
1996
 
06/13
 
30
    Lady Lake, FL

 
388

 
1,537

 

 

 
388

 
1,537

 
1,925

 
28

 
1996
 
06/13
 
30
    Lake City, TN

 
326

 
514

 

 

 
326

 
514

 
840

 
56

 
1958
 
06/13
 
5
    Lake Placid, FL

 
289

 
1,402

 

 

 
289

 
1,402

 
1,691

 
25

 
1988
 
06/13
 
30
    Largo, FL

 
258

 
643

 

 

 
258

 
643

 
901

 
17

 
1979
 
06/13
 
20
    Lawrenceburg, TN

 
205

 
413

 

 

 
205

 
413

 
618

 
45

 
1975
 
06/13
 
5
    Lawrenceville, GA

 
657

 
1,764

 

 

 
657

 
1,764

 
2,421

 
96

 
1985
 
06/13
 
10
    Lightfoot, VA

 
177

 
512

 

 

 
177

 
512

 
689

 
28

 
1973
 
06/13
 
10
    Lynn Haven, FL

 
797

 
865

 

 

 
797

 
865

 
1,662

 
47

 
1974
 
06/13
 
10
    Macon, GA

 
207

 
392

 

 

 
207

 
392

 
599

 
14

 
1980
 
06/13
 
15
    Madison Heights, VA

 
215

 
379

 

 

 
215

 
379

 
594

 
41

 
1973
 
06/13
 
5
    Manassas, VA

 
1,765

 
1,714

 

 

 
1,765

 
1,714

 
3,479

 
46

 
1967
 
06/13
 
20
    Marietta, GA

 
617

 
714

 

 

 
617

 
714

 
1,331

 
39

 
1974
 
06/13
 
10
    Mechanicsville, VA

 
343

 
493

 

 

 
343

 
493

 
836

 
53

 
1965
 
06/13
 
5
    Mocksville, NC

 
189

 
434

 

 

 
189

 
434

 
623

 
47

 
1967
 
06/13
 
5
    Monroe, NC

 
586

 
353

 

 

 
586

 
353

 
939

 
38

 
1981
 
06/13
 
5
    Murfreesboro, TN

 
276

 
554

 

 

 
276

 
554

 
830

 
20

 
1989
 
06/13
 
15
    N Miami Beach, FL

 
915

 
497

 

 

 
915

 
497

 
1,412

 
18

 
1986
 
06/13
 
15
    Nashville, TN

 
438

 
1,295

 

 

 
438

 
1,295

 
1,733

 
23

 
1994
 
06/13
 
30
    Nashville, TN

 
627

 
639

 

 

 
627

 
639

 
1,266

 
35

 
1972
 
06/13
 
10
    Nashville, TN

 
679

 
394

 

 

 
679

 
394

 
1,073

 
43

 
1949
 
06/13
 
5
    New Port Richey, FL

 
463

 
1,178

 

 

 
463

 
1,178

 
1,641

 
26

 
1998
 
06/13
 
25
    Norcross, GA

 
789

 
663

 

 

 
789

 
663

 
1,452

 
24

 
1986
 
06/13
 
15
    Norwood, NC

 
519

 
410

 

 

 
519

 
410

 
929

 
44

 
1946
 
06/13
 
5
    Orlando, FL

 
637

 
1,415

 

 

 
637

 
1,415

 
2,052

 
31

 
1999
 
06/13
 
25
    Orlando, FL

 
801

 
1,135

 

 

 
801

 
1,135

 
1,936

 
31

 
1993
 
06/13
 
20
    Palm Harbor, FL

 
836

 
1,139

 

 

 
836

 
1,139

 
1,975

 
31

 
1984
 
06/13
 
20
    Palm Harbor, FL

 
532

 
384

 

 

 
532

 
384

 
916

 
21

 
1983
 
06/13
 
10
    Punta Gorda, FL

 
1,483

 
1,330

 

 

 
1,483

 
1,330

 
2,813

 
36

 
1972
 
06/13
 
20
    Radford, VA

 
221

 
326

 

 

 
221

 
326

 
547

 
35

 
1964
 
06/13
 
5
    Raleigh, NC

 
798

 
1,286

 

 

 
798

 
1,286

 
2,084

 
35

 
1974
 
06/13
 
20
    Richmond, VA

 
263

 
563

 

 

 
263

 
563

 
826

 
31

 
1981
 
06/13
 
10
    Richmond, VA

 
398

 
673

 

 

 
398

 
673

 
1,071

 
73

 
1972
 
06/13
 
5
    Richmond, VA

 
283

 
245

 

 

 
283

 
245

 
528

 
27

 
1973
 
06/13
 
5
    Roanoke, VA

 
264

 
256

 

 

 
264

 
256

 
520

 
28

 
1973
 
06/13
 
5
    Roanoke, VA

 
103

 
360

 

 

 
103

 
360

 
463

 
20

 
1957
 
06/13
 
10
    Roxboro, NC

 
452

 
918

 

 

 
452

 
918

 
1,370

 
33

 
1983
 
06/13
 
15
    Sebastian, FL

 
438

 
856

 

 

 
438

 
856

 
1,294

 
23

 
1987
 
06/13
 
20
    Sebring, FL

 
326

 
920

 

 

 
326

 
920

 
1,246

 
20

 
1985
 
06/13
 
25
    South Boston, VA

 
221

 
1,441

 

 

 
221

 
1,441

 
1,662

 
39

 
1975
 
06/13
 
20
    Spartanburg, SC

 
435

 
372

 

 

 
435

 
372

 
807

 
20

 
1921
 
06/13
 
10
    Spotsylvania, VA

 
1,398

 
1,158

 

 

 
1,398

 
1,158

 
2,556

 
18

 
1964
 
06/13
 
35
    Spring Hill, FL

 
460

 
1,102

 

 

 
460

 
1,102

 
1,562

 
119

 
1973
 
06/13
 
5
    Spring Hill, FL

 
631

 
1,950

 

 

 
631

 
1,950

 
2,581

 
35

 
1988
 
06/13
 
30
    St. Petersburg, FL

 
207

 
1,150

 

 

 
207

 
1,150

 
1,357

 
21

 
1974
 
06/13
 
30
    Stuart, FL

 
1,143

 
2,570

 

 

 
1,143

 
2,570

 
3,713

 
46

 
1985
 
06/13
 
30
    Sun City Center, FL

 
568

 
3,671

 

 

 
568

 
3,671

 
4,239

 
57

 
1971
 
06/13
 
35
    Tamarac, FL

 
966

 
1,115

 

 

 
966

 
1,115

 
2,081

 
60

 
1972
 
06/13
 
10
    Tucker, GA

 
395

 
1,208

 

 

 
395

 
1,208

 
1,603

 
33

 
1971
 
06/13
 
20
    Valrico, FL

 
178

 
870

 

 

 
178

 
870

 
1,048

 
16

 
1981
 
06/13
 
30
    Virginia Beach, VA

 
326

 
366

 

 

 
326

 
366

 
692

 
20

 
1985
 
06/13
 
10
    Warner Robins, GA

 
905

 
1,276

 

 

 
905

 
1,276

 
2,181

 
69

 
1973
 
06/13
 
10
    Washington, DC

 
2,095

 
945

 

 

 
2,095

 
945

 
3,040

 
17

 
1950
 
06/13
 
30
    Wildwood, FL

 
308

 
953

 

 

 
308

 
953

 
1,261

 
21

 
1978
 
06/13
 
25
    Youngsville, NC

 
237

 
165

 

 

 
237

 
165

 
402

 
18

 
1946
 
06/13
 
5
    Zephyrhills, FL

 
345

 
3,112

 

 

 
345

 
3,112

 
3,457

 
112

 
1972
 
06/13
 
15
    Zephyrhills, FL

 
267

 
1,301

 

 

 
267

 
1,301

 
1,568

 
23

 
1984
 
06/13
 
30
   
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Superior Petroleum:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    Midway, PA

 
311

 
708

 

 

 
311

 
708

 
1,019

 
188

 
1990
 
01/06
 
30
   
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Supervalu:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    Huntington, WV

 
1,254

 
761

 

 

 
1,254

 
761

 
2,015

 
321

 
1971
 
02/97
 
40
    Maple Heights, OH

 
1,035

 
2,874

 

 

 
1,035

 
2,874

 
3,909

 
1,213

 
1985
 
02/97
 
40
   
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Susser HQ:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    Corpus Christi, TX

 
630

 
3,131

 

 

 
630

 
3,131

 
3,761

 
1,158

 
1982
 
03/99
 
40
   
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Swansea Quick Cash:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    Swansea, IL

 
46

 
132

 

 

 
46

 
132

 
178

 
60

 
1997
 
12/01
 
40
   
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Sweet Berries Cafe:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    Sherman, TX

 
233

 
126

 
24

 

 
233

 
150

 
383

 
52

 
1969
 
09/06
 
20
   
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Taco Bell:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    Ocala, FL

 
275

 
755

 

 

 
275

 
755

 
1,030

 
227

 
2001
 
12/01
 
40
    Ormond Beach, FL

 
632

 
526

 

 

 
632

 
526

 
1,158

 
158

 
2001
 
12/01
 
40
    Phoenix, AZ

 
594

 
283

 

 

 
594

 
283

 
877

 
85

 
1995
 
12/01
 
40
    Bedford, IN

 
797

 
937

 

 

 
797

 
937

 
1,734

 
179

 
1989
 
05/06
 
40
    Columbus, IN

 
690

 
1,213

 

 

 
690

 
1,213

 
1,903

 
231

 
2005
 
05/06
 
40
    Columbus, IN

 
1,257

 
2,055

 

 

 
1,257

 
2,055

 
3,312

 
392

 
1990
 
05/06
 
40
    Evansville, IN

 
524

 
1,815

 

 

 
524

 
1,815

 
2,339

 
346

 
2005
 
05/06
 
40
    Evansville, IN

 
308

 
1,301

 

 

 
308

 
1,301

 
1,609

 
248

 
2000
 
05/06
 
40
    Evansville, IN

 
221

 
828

 

 

 
221

 
828

 
1,049

 
158

 
2003
 
05/06
 
40
    Fishers, IN

 
990

 
486

 

 

 
990

 
486

 
1,476

 
93

 
1998
 
05/06
 
40
    Greensburg, IN

 
648

 
1,079

 

 

 
648

 
1,079

 
1,727

 
206

 
1998
 
05/06
 
40
    Indianapolis, IN

 
1,032

 
1,650

 

 

 
1,032

 
1,650

 
2,682

 
315

 
2004
 
05/06
 
40
    Indianapolis, IN

 
547

 
703

 

 

 
547

 
703

 
1,250

 
134

 
2004
 
05/06
 
40
    Madisonville, KY

 
682

 
1,193

 

 

 
682

 
1,193

 
1,875

 
227

 
1999
 
05/06
 
40
    Ownesboro, KY

 
639

 
1,326

 

 

 
639

 
1,326

 
1,965

 
253

 
2005
 
05/06
 
40
    Shelbyville, IN

 
670

 
1,756

 

 

 
670

 
1,756

 
2,426

 
335

 
1998
 
05/06
 
40
    Speedway, IN

 
408

 
1,426

 

 

 
408

 
1,426

 
1,834

 
272

 
2003
 
05/06
 
40
    Terre Haute, IN

 
1,314

 
2,249

 

 

 
1,314

 
2,249

 
3,563

 
429

 
2003
 
05/06
 
40
    Terre Haute, IN

 
1,037

 
1,656

 

 

 
1,037

 
1,656

 
2,693

 
316

 
2003
 
05/06
 
40
    Vincennes, IN

 
502

 
880

 

 

 
502

 
880

 
1,382

 
168

 
2004
 
05/06
 
40
    Anderson, SC

 
273

 
820

 

 

 
273

 
820

 
1,093

 
100

 
1989
 
12/10
 
25
    Anderson, SC

 
176

 
436

 

 

 
176

 
436

 
612

 
44

 
2000
 
12/10
 
30
    Asheville, NC

 
252

 
483

 

 

 
252

 
483

 
735

 
59

 
1993
 
12/10
 
25
    Asheville, NC

 
408

 
732

 

 

 
408

 
732

 
1,140

 
89

 
1992
 
12/10
 
25
    Black Mountain, NC

 
149

 
313

 

 

 
149

 
313

 
462

 
38

 
1992
 
12/10
 
25
    Blue Ridge, GA

 
276

 
553

 

 

 
276

 
553

 
829

 
67

 
1992
 
12/10
 
25
    Cedartown, GA

 
353

 
890

 

 

 
353

 
890

 
1,243

 
108

 
1990
 
12/10
 
25
    Duncan, SC

 
280

 
483

 

 

 
280

 
483

 
763

 
49

 
1999
 
12/10
 
30
    Easley, SC (n)

 
444

 
818

 

 

 
444

 
818

 
1,262

 
100

 
1991
 
12/10
 
25
    Fort Payne, AL

 
362

 
533

 

 

 
362

 
533

 
895

 
65

 
1989
 
12/10
 
25
    Franklin, NC

 
472

 
687

 

 

 
472

 
687

 
1,159

 
84

 
1992
 
12/10
 
25
    Gaffney, SC

 
388

 
940

 

 

 
388

 
940

 
1,328

 
95

 
1998
 
12/10
 
30
    Greenville, SC

 
414

 
810

 

 

 
414

 
810

 
1,224

 
82

 
1995
 
12/10
 
30
    Greenville, SC

 
169

 
330

 

 

 
169

 
330

 
499

 
40

 
1990
 
12/10
 
25
    Hendersonville, NC

 
569

 
1,163

 

 

 
569

 
1,163

 
1,732

 
142

 
1988
 
12/10
 
25
    Inman, SC

 
223

 
502

 

 

 
223

 
502

 
725

 
51

 
1999
 
12/10
 
30
    Lavonia, GA

 
122

 
359

 

 

 
122

 
359

 
481

 
36

 
1999
 
12/10
 
30
    Madison, AL

 
498

 
886

 

 

 
498

 
886

 
1,384

 
108

 
1985
 
12/10
 
25
    Oneonta, AL

 
362

 
881

 

 

 
362

 
881

 
1,243

 
107

 
1992
 
12/10
 
25
    Piedmont, SC

 
249

 
702

 

 

 
249

 
702

 
951

 
71

 
2000
 
12/10
 
30
    Pisgah Forest, NC

 
260

 
672

 

 

 
260

 
672

 
932

 
68

 
1998
 
12/10
 
30
    Rainsville, AL

 
411

 
1,077

 

 

 
411

 
1,077

 
1,488

 
109

 
1998
 
12/10
 
30
    Seneca, SC

 
304

 
807

 

 

 
304

 
807

 
1,111

 
98

 
1993
 
12/10
 
25
    Simpsonville, SC

 
635

 
1,022

 

 

 
635

 
1,022

 
1,657

 
124

 
1991
 
12/10
 
25
    Spartanburg, SC

 
492

 
949

 

 

 
492

 
949

 
1,441

 
96

 
1993
 
12/10
 
30
    Spartanburg, SC

 
239

 
496

 

 

 
239

 
496

 
735

 
50

 
1992
 
12/10
 
30
    Sylva, NC

 
580

 
786

 

 

 
580

 
786

 
1,366

 
80

 
1994
 
12/10
 
30
    Toccoa, GA

 
201

 
600

 

 

 
201

 
600

 
801

 
61

 
1993
 
12/10
 
30
    Anderson, IN

 
313

 
1,338

 

 

 
313

 
1,338

 
1,651

 
40

 
2008
 
12/12
 
35
    Bloomington, IN

 
332

 
1,234

 

 

 
332

 
1,234

 
1,566

 
37

 
2009
 
12/12
 
35
    Bloomington, IN

 
275

 
1,026

 

 

 
275

 
1,026

 
1,301

 
43

 
1988
 
12/12
 
25
    Carmel, IN

 
360

 
1,546

 

 

 
360

 
1,546

 
1,906

 
54

 
1994
 
12/12
 
30
    Daleville, IN

 
209

 
893

 

 

 
209

 
893

 
1,102

 
31

 
1995
 
12/12
 
30
    Edinburgh, IN

 
313

 
1,338

 

 

 
313

 
1,338

 
1,651

 
40

 
2007
 
12/12
 
35
    Evansville, IN

 
209

 
1,092

 

 

 
209

 
1,092

 
1,301

 
33

 
2008
 
12/12
 
35
    Indianapolis, IN

 
304

 
1,206

 

 

 
304

 
1,206

 
1,510

 
36

 
2010
 
12/12
 
35
    Indianapolis, IN

 
285

 
1,225

 

 

 
285

 
1,225

 
1,510

 
36

 
2008
 
12/12
 
35
    Indianapolis, IN

 
256

 
1,102

 

 

 
256

 
1,102

 
1,358

 
33

 
2008
 
12/12
 
35
    Indianapolis, IN

 
247

 
931

 

 

 
247

 
931

 
1,178

 
32

 
1995
 
12/12
 
30
    Indianapolis, IN

 
351

 
1,452

 

 

 
351

 
1,452

 
1,803

 
50

 
2005
 
12/12
 
30
    Indianapolis, IN

 
209

 
799

 

 

 
209

 
799

 
1,008

 
28

 
1994
 
12/12
 
30
    Jasper, IN

 
200

 
960

 

 

 
200

 
960

 
1,160

 
33

 
1992
 
12/12
 
30
    New Castle, IN

 
427

 
1,830

 

 

 
427

 
1,830

 
2,257

 
64

 
2006
 
12/12
 
30
    Owensboro, KY

 
436

 
1,119

 

 

 
436

 
1,119

 
1,555

 
33

 
2010
 
12/12
 
35
    Connersville, IN

 
136

 
1,280

 

 

 
136

 
1,280

 
1,416

 
20

 
1991
 
07/13
 
30
    Linton, IN

 
155

 
1,203

 

 

 
155

 
1,203

 
1,358

 
18

 
1996
 
07/13
 
30
    Owensboro, KY

 
136

 
1,549

 

 

 
136

 
1,549

 
1,685

 
24

 
1998
 
07/13
 
30
    Arnold, MO

 
436

 
698

 

 

 
436

 
698

 
1,134

 
10

 
1991
 
08/13
 
25
    Collinsville, IL

 
368

 
1,713

 

 

 
368

 
1,713

 
2,081

 
26

 
1993
 
08/13
 
25
    East Alton, IL

 
271

 
1,008

 

 

 
271

 
1,008

 
1,279

 
13

 
1991
 
08/13
 
30
    Edwardsville, IL

 
310

 
1,549

 

 

 
310

 
1,549

 
1,859

 
19

 
1987
 
08/13
 
30
    Eureka, MO

 
466

 
466

 

 

 
466

 
466

 
932

 
7

 
1984
 
08/13
 
25
    Granite City, IL

 
707

 
852

 

 

 
707

 
852

 
1,559

 
9

 
2006
 
08/13
 
35
    Hazelwood, MO

 
513

 
1,470

 

 

 
513

 
1,470

 
1,983

 
18

 
1991
 
08/13
 
30
    Maryland Heights, MO

 
407

 
862

 

 

 
407

 
862

 
1,269

 
11

 
1991
 
08/13
 
30
    O'Fallon, MO

 
445

 
1,770

 

 

 
445

 
1,770

 
2,215

 
22

 
1985
 
08/13
 
30
    O'Fallon, MO

 
580

 
1,403

 

 

 
580

 
1,403

 
1,983

 
15

 
2003
 
08/13
 
35
    St. Charles, MO

 
581

 
872

 

 

 
581

 
872

 
1,453

 
11

 
2000
 
08/13
 
30
    St. Louis, MO

 
252

 
785

 

 

 
252

 
785

 
1,037

 
10

 
1990
 
08/13
 
30
    St. Louis, MO

 
252

 
1,047

 

 

 
252

 
1,047

 
1,299

 
16

 
1981
 
08/13
 
25
    St. Louis, MO

 
465

 
1,171

 

 

 
465

 
1,171

 
1,636

 
13

 
2009
 
08/13
 
35
   
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Taverna Greek Grill:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    Fort Collins, CO

 
390

 
895

 

 

 
390

 
895

 
1,285

 
86

 
1995
 
02/11
 
30
   
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Texas Roadhouse:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    Grand Junction, CO

 
584

 
920

 

 

 
584

 
920

 
1,504

 
277

 
1997
 
12/01
 
40
    Thornton, CO

 
599

 
1,019

 

 

 
599

 
1,019

 
1,618

 
307

 
1998
 
12/01
 
40
    Palm Bay, FL

 
1,035

 
1,512

 

 

 
1,035

 
1,512

 
2,547

 
128

 
2004
 
06/11
 
30
   
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
TGI Friday's:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    Corpus Christi, TX

 
1,210

 
1,532

 

 

 
1,157

 
1,532

 
2,689

 
461

 
1995
 
12/01
 
40
   
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
The Beach:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    Mason, OH

 
1,707

 
1,303

 

 

 
1,707

 
1,303

 
3,010

 
41

 
1985
 
03/13
 
25
   
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
The Containter Store:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    Plano, TX

 
1,758

 
5,115

 

 

 
1,758

 
5,115

 
6,873

 
91

 
2009
 
05/13
 
35
   
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
The Snooty Fox:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    Cincinnati, OH

 
282

 
521

 
403

 

 
543

 
662

 
1,205

 
169

 
1998
 
12/01
 
40
   
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
The Tile Shop:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    Hartsdale, NY

 
4,509

 
2,454

 
321

 

 
4,509

 
2,775

 
7,284

 
603

 
1996
 
09/97
 
40
   
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Third Federal Savings:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    Parma, OH

 
370

 
238

 
1,100

 

 
370

 
1,338

 
1,708

 
365

 
1977
 
09/06
 
20
   
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Tile Outlets of America:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    Sarasota, FL

 
1,168

 
1,904

 
219

 

 
1,170

 
2,122

 
3,292

 
545

 
1988
 
09/97
(g)
40
   
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
TitleMax:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    Geneva, IL

 
473

 
436

 

 

 
484

 
375

 
859

 
115

 
1996
 
12/01
 
40
    Mobile, AL

 
491

 
498

 

 

 
491

 
498

 
989

 
150

 
1997
 
12/01
 
40
    Dallas, TX

 
1,554

 
1,229

 
46

 

 
1,554

 
1,275

 
2,829

 
266

 
1982
 
06/05
 
40
    Aiken, SC

 
442

 
646

 

 

 
442

 
646

 
1,088

 
116

 
1989
 
08/08
 
30
    Anniston, AL

 
160

 
453

 

 

 
160

 
453

 
613

 
61

 
2008
 
08/08
 
40
    Berkeley, MO

 
237

 
282

 

 

 
237

 
282

 
519

 
76

 
1961
 
08/08
 
20
    Cheraw, SC

 
88

 
330

 

 

 
88

 
330

 
418

 
71

 
1976
 
08/08
 
25
    Columbia, SC

 
212

 
319

 

 

 
212

 
319

 
531

 
57

 
1987
 
08/08
 
30
    Dalton, GA

 
178

 
347

 

 

 
178

 
347

 
525

 
75

 
1972
 
08/08
 
25
    Darlington, SC

 
47

 
267

 

 

 
47

 
267

 
314

 
57

 
1973
 
08/08
 
25
    Fairfield, AL

 
133

 
178

 

 

 
133

 
178

 
311

 
38

 
1974
 
08/08
 
25
    Gadsden, AL

 
250

 
389

 

 

 
250

 
389

 
639

 
52

 
2007
 
08/08
 
40
    Hueytown, AL

 
135

 
93

 

 

 
135

 
93

 
228

 
50

 
1948
 
08/08
 
10
    Jonesboro, GA

 
675

 
292

 

 

 
675

 
292

 
967

 
63

 
1970
 
08/08
 
25
    Lawrenceville, GA

 
370

 
332

 

 

 
370

 
332

 
702

 
59

 
1986
 
08/08
 
30
    Lewisburg, TN

 
70

 
298

 

 

 
70

 
298

 
368

 
46

 
1998
 
08/08
 
35

See accompanying report of independent registered public accounting firm.
F-8


Table of Contents

 
 
 
Initial Cost  to
Company
 
Costs Capitalized
Subsequent to
Acquisition
 
Gross Amount at Which
Carried at Close of Period (a) (b)
 
 
 
 
 
 
 
Life on Which
Depreciation &
Amortization in Latest Income
Statement is
Computed (Years)
 
Encumbrances
 
Land
 
Building,
Improvements &
Leasehold
Interests
 
Improvements
 
Carrying
Costs
 
Land
 
Building,
Improvements &
Leasehold
Interests
 
Total
 
Accumulated
Depreciation
and
Amortization
 
Date  of
Construction
 
Date
Acquired
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    Macon, GA

 
103

 
290

 

 

 
103

 
290

 
393

 
78

 
1967
 
08/08
 
20
    Marietta, GA

 
285

 
278

 

 

 
285

 
278

 
563

 
75

 
1967
 
08/08
 
20
    Memphis, TN

 
111

 
237

 

 

 
111

 
237

 
348

 
42

 
1981
 
08/08
 
30
    Memphis, TN

 
226

 
444

 

 

 
226

 
444

 
670

 
80

 
1986
 
08/08
 
30
    Montgomery, AL

 
96

 
233

 

 

 
96

 
233

 
329

 
50

 
1970
 
08/08
 
25
    Nashville, TN

 
268

 
276

 

 

 
268

 
276

 
544

 
59

 
1978
 
08/08
 
25
    Nashville, TN

 
256

 
301

 

 

 
256

 
301

 
557

 
54

 
1982
 
08/08
 
30
    Norcross, GA

 
599

 
350

 

 

 
599

 
350

 
949

 
75

 
1975
 
08/08
 
25
    Pulaski, TN

 
109

 
361

 

 

 
109

 
361

 
470

 
65

 
1986
 
08/08
 
30
    Riverdale, GA

 
877

 
400

 

 

 
877

 
400

 
1,277

 
86

 
1978
 
08/08
 
25
    Snellville, GA

 
565

 
396

 

 

 
565

 
396

 
961

 
85

 
1977
 
08/08
 
25
    Springfield, MO

 
220

 
400

 

 

 
220

 
400

 
620

 
86

 
1979
 
08/08
 
25
    Springfield, MO

 
125

 
230

 

 

 
125

 
230

 
355

 
50

 
1979
 
08/08
 
25
    St. Louis, MO

 
134

 
398

 

 

 
134

 
398

 
532

 
61

 
1993
 
08/08
 
35
    St. Louis, MO

 
244

 
288

 

 

 
244

 
288

 
532

 
62

 
1971
 
08/08
 
25
    Sylacauga, AL

 
94

 
191

 

 

 
94

 
191

 
285

 
34

 
1986
 
08/08
 
30
    Taylors, SC

 
299

 
372

 

 

 
299

 
372

 
671

 
57

 
1999
 
08/08
 
35
    Bay Minette, AL

 
51

 
113

 

 

 
51

 
113

 
164

 
13

 
1980
 
01/11
 
25
    N. Richland Hills, TX

 
132

 
132

 

 

 
132

 
132

 
264

 
19

 
1976
 
01/11
 
20
    Petersburg, VA

 
139

 
366

 

 

 
139

 
366

 
505

 
53

 
1979
 
02/11
 
20
    Savannah, GA

 
231

 
361

 

 

 
231

 
361

 
592

 
50

 
1972
 
03/11
 
20
    Ft. Worth, TX

 
131

 
312

 

 

 
119

 
312

 
431

 
35

 
1985
 
03/11
 
25
    Hoover, AL

 
378

 
546

 

 

 
378

 
546

 
924

 
61

 
1970
 
03/11
 
25
    Eufaula, AL

 
61

 
360

 

 

 
61

 
360

 
421

 
34

 
1980
 
08/11
 
25
    Kansas City, MO

 
69

 
129

 

 

 
69

 
129

 
198

 
15

 
1920
 
08/11
 
20
    Arnold, MO

 
321

 
120

 

 

 
321

 
120

 
441

 
13

 
1960
 
10/11
 
20
    Bristol, VA

 
199

 
517

 

 

 
199

 
517

 
716

 
38

 
2001
 
10/11
 
30
    Fairview Heights, IL

 
93

 
185

 

 

 
93

 
185

 
278

 
16

 
1979
 
10/11
 
25
    Florissant, MO

 
143

 
153

 

 

 
143

 
153

 
296

 
14

 
1974
 
10/11
 
25
    Greenville, SC

 
602

 
612

 

 

 
602

 
612

 
1,214

 
54

 
2008
 
10/11
 
25
    Jonesboro, GA

 
301

 
683

 

 

 
301

 
683

 
984

 
43

 
2007
 
10/11
 
35
    Olive Branch, MS

 
121

 
312

 

 

 
121

 
312

 
433

 
28

 
1978
 
10/11
 
25
    Sugar Creek, MO

 
202

 
181

 

 

 
202

 
181

 
383

 
16

 
1978
 
10/11
 
25
    Roanoke, VA

 
158

 
207

 

 

 
158

 
207

 
365

 
14

 
1950
 
08/12
 
20
    Fredericksburg, VA

 
228

 
555

 

 

 
228

 
555

 
783

 
29

 
1989
 
09/12
 
25

See accompanying report of independent registered public accounting firm.
F-9


Table of Contents

 
 
 
Initial Cost  to
Company
 
Costs Capitalized
Subsequent to
Acquisition
 
Gross Amount at Which
Carried at Close of Period (a) (b)
 
 
 
 
 
 
 
Life on Which
Depreciation &
Amortization in Latest Income
Statement is
Computed (Years)
 
Encumbrances
 
Land
 
Building,
Improvements &
Leasehold
Interests
 
Improvements
 
Carrying
Costs
 
Land
 
Building,
Improvements &
Leasehold
Interests
 
Total
 
Accumulated
Depreciation
and
Amortization
 
Date  of
Construction
 
Date
Acquired
 
    Florissant, MO

 
119

 
288

 

 

 
119

 
288

 
407

 
12

 
1970
 
12/12
 
25
    Savannah, GA

 
259

 
359

 

 

 
259

 
359

 
618

 
6

 
2012
 
05/13
 
35
    South Boston, VA

 
163

 
133

 

 

 
163

 
133

 
296

 
4

 
1980
 
05/13
 
20
    O'Fallon, MO

 
75

 
261

 

 

 
75

 
261

 
336

 
2

 
1981
 
11/13
 
25
   
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Tony's Tires:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    Montgomery, AL

 
593

 
1,187

 
43

 

 
593

 
1,229

 
1,822

 
242

 
1998
 
08/06
 
40
   
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Top's:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    Lacey, WA

 
2,777

 
7,082

 

 

 
2,777

 
7,082

 
9,859

 
2,988

 
1992
 
02/97
 
40
   
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Toys R Us:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    Gastonia, NC

 
1,825

 

 
6,101

 

 
1,825

 
6,101

 
7,926

 
298

 
1998
 
10/11
(m)
35
   
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Tractor Supply Co.:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    Aransas Pass, TX

 
101

 
1,399

 
353

 

 
100

 
1,753

 
1,853

 
558

 
1983
 
03/99
 
40
   
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Tully's:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    Cheektowaga, NY

 
689

 
386

 

 

 
689

 
386

 
1,075

 
116

 
1994
 
12/01
 
40
   
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Tutor Time:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    Elk Grove, CA

 
1,216

 
2,786

 
9

 

 
1,216

 
2,750

 
3,966

 
312

 
2009
 
09/08
 
40
   
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Twin Peaks:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    Olathe, KS

 
525

 
731

 

 

 
525

 
731

 
1,256

 
69

 
2005
 
09/10
 
35
   
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
ULTA Salon, Cosmetics and Fragrance:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    Florissant, MO

 
423

 
499

 
1,444

 

 
425

 
1,942

 
2,367

 
179

 
1996
 
04/03
(g)
40
   
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Ultra Car Wash:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    Mobile, AL

 
1,071

 
1,086

 

 

 
1,071

 
1,086

 
2,157

 
173

 
2005
 
08/07
 
40
    Lilburn, GA

 
1,396

 
1,119

 

 

 
1,396

 
1,119

 
2,515

 
157

 
2004
 
05/08
 
40
   
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Uni-Mart:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    East Brady, PA

 
269

 
583

 

 

 
269

 
583

 
852

 
244

 
1987
 
08/05
 
20

See accompanying report of independent registered public accounting firm.
F-10


Table of Contents

 
 
 
Initial Cost  to
Company
 
Costs Capitalized
Subsequent to
Acquisition
 
Gross Amount at Which
Carried at Close of Period (a) (b)
 
 
 
 
 
 
 
Life on Which
Depreciation &
Amortization in Latest Income
Statement is
Computed (Years)
 
Encumbrances
 
Land
 
Building,
Improvements &
Leasehold
Interests
 
Improvements
 
Carrying
Costs
 
Land
 
Building,
Improvements &
Leasehold
Interests
 
Total
 
Accumulated
Depreciation
and
Amortization
 
Date  of
Construction
 
Date
Acquired
 
    Pleasant Gap, PA

 
332

 
593

 

 

 
332

 
593

 
925

 
248

 
1996
 
08/05
 
20
    Port Vue, PA

 
824

 
118

 

 

 
824

 
118

 
942

 
49

 
1953
 
08/05
 
20
    Punxsutawney, PA

 
253

 
542

 

 

 
253

 
542

 
795

 
227

 
1983
 
08/05
 
20
    Shamokin, PA

 
324

 
506

 

 

 
324

 
506

 
830

 
212

 
1956
 
08/05
 
20
    Shippensburg, PA

 
204

 
330

 

 

 
204

 
330

 
534

 
138

 
1989
 
08/05
 
20
    Wilkes-Barre, PA

 
178

 
471

 

 

 
178

 
471

 
649

 
197

 
1989
 
08/05
 
20
    Wilkes-Barre, PA

 
171

 
422

 

 

 
171

 
422

 
593

 
177

 
1999
 
08/05
 
20
    Wilkes-Barre, PA

 
876

 
1,957

 

 

 
876

 
1,957

 
2,833

 
819

 
1998
 
08/05
 
20
    Williamsport, PA

 
909

 
122

 

 

 
909

 
122

 
1,031

 
51

 
1950
 
08/05
 
20
    Ashland, PA

 
355

 
545

 

 

 
355

 
545

 
900

 
226

 
1977
 
09/05
 
20
    Mountaintop, PA

 
423

 
616

 

 

 
423

 
616

 
1,039

 
256

 
1987
 
09/05
 
20
    Effort, PA

 
1,297

 
1,202

 

 

 
1,297

 
1,202

 
2,499

 
239

 
2000
 
01/06
 
40
    Hughesville, PA

 
290

 
566

 

 

 
290

 
566

 
856

 
113

 
1977
 
01/06
 
40
    McSherrystown, PA

 
135

 
365

 

 

 
135

 
365

 
500

 
73

 
1988
 
01/06
 
40
    Milesburg, PA

 
134

 
373

 

 

 
134

 
373

 
507

 
74

 
1987
 
01/06
 
40
    Nanticoke, PA

 
175

 
482

 

 

 
175

 
482

 
657

 
96

 
1988
 
01/06
 
40
    Nuangola, PA

 
1,062

 
1,203

 

 

 
1,062

 
1,203

 
2,265

 
239

 
2000
 
01/06
 
40
    Plains, PA

 
204

 
401

 

 

 
204

 
401

 
605

 
80

 
1994
 
01/06
 
40
    Punxsutawney, PA

 
294

 
650

 

 

 
294

 
650

 
944

 
129

 
1983
 
01/06
 
40
    Williamsport, PA

 
295

 
379

 

 

 
295

 
379

 
674

 
75

 
1988
 
01/06
 
40
    Burnham, PA

 
265

 
510

 

 

 
340

 
435

 
775

 
162

 
1978
 
07/06
 
20
   
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Uni-Mart Summerville:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    Summerville, PA

 
93

 
272

 
17

 

 
93

 
289

 
382

 
54

 
1988
 
01/06
 
40
   
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
United Rentals:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    Carrollton, TX

 
478

 
535

 

 

 
478

 
535

 
1,013

 
121

 
1981
 
12/04
 
40
    Cedar Park, TX (n)

 
535

 
829

 

 

 
535

 
829

 
1,364

 
187

 
1990
 
12/04
 
40
    Clearwater, FL (n)

 
1,173

 
1,811

 

 

 
1,173

 
1,811

 
2,984

 
409

 
2001
 
12/04
 
40
    Fort Collins, CO (n)

 
2,057

 
978

 

 

 
2,057

 
978

 
3,035

 
221

 
1975
 
12/04
 
40
    Irving, TX

 
708

 
911

 

 

 
708

 
911

 
1,619

 
206

 
1984
 
12/04
 
40
    La Porte, TX

 
1,115

 
2,125

 

 

 
1,115

 
2,125

 
3,240

 
480

 
2000
 
12/04
 
40
    Littleton, CO

 
1,743

 
1,944

 

 

 
1,743

 
1,944

 
3,687

 
439

 
2002
 
12/04
 
40
    Oklahoma City, OK

 
744

 
1,265

 

 

 
744

 
1,265

 
2,009

 
286

 
1997
 
12/04
 
40
    Perrysburg, OH

 
642

 
1,119

 

 

 
642

 
1,119

 
1,761

 
253

 
1979
 
12/04
 
40

See accompanying report of independent registered public accounting firm.
F-11


Table of Contents

 
 
 
Initial Cost  to
Company
 
Costs Capitalized
Subsequent to
Acquisition
 
Gross Amount at Which
Carried at Close of Period (a) (b)
 
 
 
 
 
 
 
Life on Which
Depreciation &
Amortization in Latest Income
Statement is
Computed (Years)
 
Encumbrances
 
Land
 
Building,
Improvements &
Leasehold
Interests
 
Improvements
 
Carrying
Costs
 
Land
 
Building,
Improvements &
Leasehold
Interests
 
Total
 
Accumulated
Depreciation
and
Amortization
 
Date  of
Construction
 
Date
Acquired
 
    Plano, TX

 
1,030

 
1,148

 

 

 
1,030

 
1,148

 
2,178

 
260

 
1996
 
12/04
 
40
    Temple, TX (n)

 
1,160

 
1,360

 

 

 
1,160

 
1,360

 
2,520

 
308

 
1998
 
12/04
 
40
    Ft. Worth, TX

 
510

 
1,128

 

 

 
510

 
1,128

 
1,638

 
253

 
1997
 
01/05
 
40
    Ft. Worth, TX

 
1,428

 

 

 

 
1,428

 
 (i)

 
1,428

 
 (i)

 
 (i)
 
01/05
 
(i)
    Melbourne, FL

 
747

 
607

 

 

 
747

 
607

 
1,354

 
131

 
1970
 
05/05
 
40
   
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
University of Phoenix:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    Glen Allen, VA

 
2,177

 
2,600

 
670

 

 
2,177

 
3,270

 
5,447

 
1,213

 
1995
 
06/95
 
40
   
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Vacant Land:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    Southfield, MI

 
405

 
644

 

 

 
497

 
 (e)

 
497

 
 (e)

 
 (e)
 
12/01
 
40
    Topsham, ME

 
1,034

 

 

 

 
187

 
 (e)

 
187

 
 (e)

 
 (e)
 
02/06
 
(e)
    Fairfield Township, OH

 
3,350

 

 

 

 
1,215

 
 (e)

 
1,215

 
 (e)

 
 (e)
 
08/06
 
(e)
    Bonita Springs, FL

 
112

 

 

 

 
25

 
 (e)

 
25

 
 (e)

 
 (e)
 
09/06
 
(e)
    Lancaster, OH

 
1,035

 

 

 

 
218

 
 (e)

 
218

 
 (e)

 
 (e)
 
01/08
 
(e)
   
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Vacant Property:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    Arlington, TX

 
596

 
1,411

 

 

 
596

 
1,411

 
2,007

 
703

 
1994
 
01/94
 
40
    Arlington, TX

 
435

 
2,300

 
334

 

 
435

 
2,634

 
3,069

 
1,056

 
1996
 
06/96
 
38
    Homestead, PA

 
1,139

 

 
2,158

 

 
1,139

 
2,158

 
3,297

 
581

 
1994
 
02/97
 
31
    Conyers, GA

 
320

 
556

 

 

 
320

 
556

 
876

 
230

 
1997
 
06/97
 
40
    Sealy, TX

 
208

 
230

 

 

 
208

 
230

 
438

 
89

 
1982
 
03/99
 
40
    Alpharetta, GA

 
3,033

 
1,642

 

 

 
3,033

 
1,642

 
4,675

 
494

 
1999
 
12/01
 
40
    Augusta, GA

 
177

 
674

 

 

 
177

 
674

 
851

 
203

 
1998
 
12/01
 
40
    Burton, MI

 
620

 
707

 

 

 
620

 
707

 
1,327

 
213

 
1997
 
12/01
 
40
    Dallas, TX

 
1,138

 
1,025

 

 

 
1,138

 
1,025

 
2,163

 
308

 
1994
 
12/01
 
40
    Gainesville, GA

 
295

 
612

 

 

 
295

 
576

 
871

 
178

 
1997
 
12/01
 
40
    Indianapolis, IN

 
640

 
1,107

 
62

 

 
640

 
1,169

 
1,809

 
327

 
1996
 
12/01
 
40
    Swansea, IL

 
46

 
133

 
57

 

 
46

 
190

 
236

 
21

 
1997
 
12/01
(g)
40
    Tacoma, WA

 
527

 
795

 

 

 
527

 
795

 
1,322

 
239

 
1981
 
12/01
 
40
    Woodstock, GA

 
1,937

 
1,285

 

 

 
1,303

 
272

 
1,575

 
277

 
1997
 
05/03
 
40
    St. Louis, MO

 
556

 
3,688

 

 

 
556

 
3,688

 
4,244

 
873

 
1975
 
05/04
 
40
    Buford, GA

 
539

 
1,421

 

 

 
539

 
1,421

 
1,960

 
334

 
2003
 
07/04
(g)
40
    Hudson Falls, NY

 
57

 
780

 
39

 

 
57

 
819

 
876

 
188

 
1990
 
09/04
 
40
    Ft. Worth, TX

 
988

 
2,368

 

 

 
988

 
2,368

 
3,356

 
525

 
1997
 
02/05
 
40

See accompanying report of independent registered public accounting firm.
F-12


Table of Contents

 
 
 
Initial Cost  to
Company
 
Costs Capitalized
Subsequent to
Acquisition
 
Gross Amount at Which
Carried at Close of Period (a) (b)
 
 
 
 
 
 
 
Life on Which
Depreciation &
Amortization in Latest Income
Statement is
Computed (Years)
 
Encumbrances
 
Land
 
Building,
Improvements &
Leasehold
Interests
 
Improvements
 
Carrying
Costs
 
Land
 
Building,
Improvements &
Leasehold
Interests
 
Total
 
Accumulated
Depreciation
and
Amortization
 
Date  of
Construction
 
Date
Acquired
 
    Ft. Worth, TX

 
2,505

 
2,138

 

 

 
2,505

 
2,138

 
4,643

 
474

 
1988
 
02/05
 
40
    Ft. Worth, TX

 
1,652

 
2,018

 

 

 
1,652

 
2,018

 
3,670

 
448

 
2000
 
02/05
 
40
    Hudson Oaks, TX

 
361

 
1,029

 

 

 
361

 
1,029

 
1,390

 
228

 
1993
 
02/05
 
40
    Granbury, TX

 
786

 
1,234

 

 

 
786

 
1,231

 
2,017

 
240

 
2006
 
05/05
(g)
40
    Dallas, PA

 
214

 
345

 

 

 
214

 
345

 
559

 
144

 
1995
 
08/05
 
20
    Yeagertown, PA

 
142

 
180

 

 

 
120

 
69

 
189

 
68

 
1977
 
08/05
 
20
    Carlisle, PA

 
87

 
103

 

 

 
87

 
103

 
190

 
20

 
1988
 
01/06
 
40
    Indianapolis, IN

 
223

 
483

 
59

 

 
223

 
542

 
765

 
186

 
1979
 
09/06
 
20
    Little Rock, AR

 
672

 
77

 
44

 

 
672

 
121

 
793

 
28

 
1979
 
09/06
 
20
    Azle, TX

 
648

 
859

 

 

 
648

 
859

 
1,507

 
141

 
1970
 
06/07
 
40
    Ft. Worth, TX

 
575

 
933

 

 

 
575

 
933

 
1,508

 
153

 
1982
 
06/07
 
40
    Bakersfield, CA

 
3,303

 
3,845

 

 

 
1,710

 
268

 
1,978

 
268

 
1975
 
03/08
 
25
    Bakersfield, CA

 
2,099

 
2,011

 
15

 

 
1,666

 
108

 
1,774

 
94

 
1990
 
03/08
 
35
    Peoria, AZ

 
860

 
1,117

 
114

 

 
860

 
1,231

 
2,091

 
269

 
1987
 
05/08
 
30
    Chouteau, OK

 
113

 
301

 

 

 
113

 
152

 
265

 
49

 
1988
 
07/09
 
14
    Lubbock, TX

 
943

 
957

 

 

 
943

 
957

 
1,900

 
150

 
1964
 
11/10
 
20
   
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Value City Furniture:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    White Marsh, MD

 
3,762

 

 
3,006

 

 
3,762

 
3,006

 
6,768

 
1,187

 
1998
 
10/97
(g)
40
   
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
VCA Animal Hospital:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    Mission, KS

 
891

 
3,758

 

 

 
852

 
3,758

 
4,610

 
224

 
2000
 
03/12
 
30
   
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Virginia College:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    Knoxville, TN

 
1,500

 
5,571

 

 

 
1,500

 
5,571

 
7,071

 
240

 
1996
 
09/12
 
30
   
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Vitamin Shoppe, The:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    Cincinnati, OH

 
297

 
443

 
385

 

 
312

 
813

 
1,125

 
206

 
1999
 
06/98
 
40
   
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Voodoo Skate Center:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    Aransas Pass, TX

 
90

 
1,241

 
137

 

 
89

 
1,378

 
1,467

 
468

 
1983
 
03/99
 
40
   
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Walgreens:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    Sunrise, FL

 
1,958

 
1,401

 

 

 
1,958

 
1,401

 
3,359

 
372

 
1994
 
05/03
 
40
    Tulsa, OK

 
1,193

 
3,056

 

 

 
1,193

 
3,056

 
4,249

 
653

 
2003
 
06/05
 
40

See accompanying report of independent registered public accounting firm.
F-13


Table of Contents

 
 
 
Initial Cost  to
Company
 
Costs Capitalized
Subsequent to
Acquisition
 
Gross Amount at Which
Carried at Close of Period (a) (b)
 
 
 
 
 
 
 
Life on Which
Depreciation &
Amortization in Latest Income
Statement is
Computed (Years)
 
Encumbrances
 
Land
 
Building,
Improvements &
Leasehold
Interests
 
Improvements
 
Carrying
Costs
 
Land
 
Building,
Improvements &
Leasehold
Interests
 
Total
 
Accumulated
Depreciation
and
Amortization
 
Date  of
Construction
 
Date
Acquired
 
    Boise, ID

 
792

 
1,875

 

 

 
792

 
1,875

 
2,667

 
237

 
2000
 
03/10
 
30
    Nampa, ID

 
1,062

 
2,253

 

 

 
1,062

 
2,253

 
3,315

 
285

 
2000
 
03/10
 
30
    Pueblo, CO

 
899

 
3,313

 

 

 
899

 
3,313

 
4,212

 
225

 
2000
 
12/11
 
30
    Rapid City, SD

 
1,387

 
2,957

 

 

 
1,387

 
2,957

 
4,344

 
165

 
2000
 
01/12
 
35
    Hamilton, OH

 
731

 
2,879

 

 

 
731

 
2,879

 
3,610

 
188

 
2000
 
01/12
 
30
   
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Wawa:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    Clearwater, FL

 
1,184

 
2,526

 
44

 

 
1,395

 
 (e)

 
1,395

 
 (e)

 
 (e)
 
05/93
(m)
(e)
   
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Wehrenberg Theater:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    Cedar Rapids, IA

 
1,567

 
8,433

 

 

 
1,567

 
8,433

 
10,000

 
518

 
2011
 
07/11
 
40
   
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Wendy's:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    Sacramento, CA

 
586

 

 

 

 
586

 
 (i)

 
586

 
 (i)

 
 (i)
 
02/98
 
(i)
    New Kensington, PA

 
501

 
333

 

 

 
501

 
333

 
834

 
100

 
1980
 
12/01
 
40
    Orland Park, IL

 
562

 
556

 

 

 
562

 
377

 
939

 
116

 
1995
 
12/01
 
40
    Boerne, TX

 
456

 
679

 

 

 
456

 
679

 
1,135

 
28

 
1986
 
12/12
 
25
    Brownsburg, IN

 
242

 
1,483

 

 

 
242

 
1,483

 
1,725

 
62

 
1984
 
12/12
 
25
    Converse, TX

 
301

 
554

 

 

 
301

 
554

 
855

 
16

 
2007
 
12/12
 
35
    Everett, WA

 
486

 
437

 

 

 
486

 
437

 
923

 
18

 
1979
 
12/12
 
25
    Everett, WA

 
339

 
1,018

 

 

 
339

 
1,018

 
1,357

 
35

 
2000
 
12/12
 
30
    Fishers, IN

 
766

 
717

 

 

 
766

 
717

 
1,483

 
25

 
1990
 
12/12
 
30
    Fishers, IN

 
544

 
514

 

 

 
544

 
514

 
1,058

 
18

 
2000
 
12/12
 
30
    Henderson, NV

 
370

 
311

 

 

 
370

 
311

 
681

 
13

 
1988
 
12/12
 
25
    Henderson, NV

 
398

 
1,028

 

 

 
398

 
1,028

 
1,426

 
36

 
1991
 
12/12
 
30
    Indianapolis, IN

 
320

 
1,086

 

 

 
320

 
1,086

 
1,406

 
38

 
1993
 
12/12
 
30
    Indianapolis, IN

 
417

 
1,318

 

 

 
417

 
1,318

 
1,735

 
46

 
1991
 
12/12
 
30
    Indianapolis, IN

 
252

 
1,454

 

 

 
252

 
1,454

 
1,706

 
50

 
1999
 
12/12
 
30
    Indianapolis, IN

 
320

 
602

 

 

 
320

 
602

 
922

 
21

 
1998
 
12/12
 
30
    Indianapolis, IN

 
87

 
1,009

 

 

 
87

 
1,009

 
1,096

 
42

 
1973
 
12/12
 
25
    Indianapolis, IN

 
281

 
1,018

 

 

 
281

 
1,018

 
1,299

 
35

 
1996
 
12/12
 
30
    Indianapolis, IN

 
213

 
1,444

 

 

 
213

 
1,444

 
1,657

 
43

 
2003
 
12/12
 
35
    Indianapolis, IN

 
271

 
1,221

 

 

 
271

 
1,221

 
1,492

 
51

 
1974
 
12/12
 
25
    Las Vegas, NV

 
368

 
1,095

 

 

 
368

 
1,095

 
1,463

 
38

 
1999
 
12/12
 
30
    Las Vegas, NV

 
475

 
1,182

 

 

 
475

 
1,182

 
1,657

 
41

 
1996
 
12/12
 
30

See accompanying report of independent registered public accounting firm.
F-14


Table of Contents

 
 
 
Initial Cost  to
Company
 
Costs Capitalized
Subsequent to
Acquisition
 
Gross Amount at Which
Carried at Close of Period (a) (b)
 
 
 
 
 
 
 
Life on Which
Depreciation &
Amortization in Latest Income
Statement is
Computed (Years)
 
Encumbrances
 
Land
 
Building,
Improvements &
Leasehold
Interests
 
Improvements
 
Carrying
Costs
 
Land
 
Building,
Improvements &
Leasehold
Interests
 
Total
 
Accumulated
Depreciation
and
Amortization
 
Date  of
Construction
 
Date
Acquired
 
    Las Vegas, NV

 
475

 
1,202

 

 

 
475

 
1,202

 
1,677

 
50

 
1986
 
12/12
 
25
    Las Vegas, NV

 
368

 
1,018

 

 

 
368

 
1,018

 
1,386

 
35

 
2001
 
12/12
 
30
    Las Vegas, NV

 
533

 
1,424

 

 

 
533

 
1,424

 
1,957

 
49

 
2001
 
12/12
 
30
    Las Vegas, NV

 
360

 
253

 

 

 
360

 
253

 
613

 
11

 
1980
 
12/12
 
25
    Lynnwood, WA

 
571

 
1,695

 

 

 
571

 
1,695

 
2,266

 
71

 
1978
 
12/12
 
25
    N. Las Vegas, NV

 
310

 
1,463

 

 

 
310

 
1,463

 
1,773

 
44

 
2001
 
12/12
 
35
    Noblesville, IN

 
582

 
979

 

 

 
582

 
979

 
1,561

 
34

 
1998
 
12/12
 
30
    Port Orchard, WA

 
784

 
1,540

 

 

 
784

 
1,540

 
2,324

 
53

 
1996
 
12/12
 
30
    Poulsbo, WA

 
620

 
901

 

 

 
620

 
901

 
1,521

 
23

 
2012
 
12/12
 
40
    San Antonio, TX

 
242

 
1,067

 

 

 
242

 
1,067

 
1,309

 
44

 
1977
 
12/12
 
25
    San Antonio, TX

 
553

 
892

 

 

 
303

 
892

 
1,195

 
37

 
1986
 
12/12
 
25
    San Antonio, TX

 
688

 
727

 

 

 
688

 
727

 
1,415

 
25

 
1993
 
12/12
 
30
    San Antonio, TX

 
370

 
272

 

 

 
370

 
272

 
642

 
9

 
1993
 
12/12
 
30
    San Antonio, TX

 
931

 
223

 

 

 
931

 
223

 
1,154

 
8

 
1993
 
12/12
 
30
   
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Whataburger:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    Albuquerque, NM

 
624

 
419

 

 

 
624

 
419

 
1,043

 
126

 
1995
 
12/01
 
40
   
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Wherehouse Music:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    Homewood, AL

 
1,032

 
697

 

 

 
1,032

 
697

 
1,729

 
210

 
1997
 
12/01
 
40
    Independence, MO

 
503

 
1,209

 

 

 
503

 
1,209

 
1,712

 
243

 
1994
 
12/05
 
40
   
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Wingfoot:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    Anthony, TX

 
 (l)

 
1,242

 
6

 

 
 (l)

 
1,248

 
1,248

 
201

 
2007
 
02/07
 
40
    Beaverdam, OH

 
 (l)

 
1,521

 

 

 
 (l)

 
1,521

 
1,521

 
252

 
2004
 
05/07
 
40
    Benton, AR

 
 (l)

 
309

 

 

 
 (l)

 
309

 
309

 
50

 
2001
 
05/07
 
40
    Bowman, SC

 
 (l)

 
969

 

 

 
 (l)

 
969

 
969

 
183

 
1998
 
05/07
 
35
    Dalton, GA

 
 (l)

 
1,541

 

 

 
 (l)

 
1,541

 
1,541

 
255

 
2004
 
05/07
 
40
    Dandridge, TN

 
 (l)

 
1,030

 

 

 
 (l)

 
1,030

 
1,030

 
195

 
1989
 
05/07
 
35
    Franklin, OH

 
 (l)

 
563

 

 

 
 (l)

 
563

 
563

 
107

 
1998
 
05/07
 
35
    Gary, IN

 
 (l)

 
1,486

 

 

 
 (l)

 
1,486

 
1,486

 
246

 
2004
 
05/07
 
40
    Georgetown, KY

 
 (l)

 
679

 

 

 
 (l)

 
679

 
679

 
150

 
1997
 
05/07
 
30
    Mebane, NC

 
 (l)

 
561

 

 

 
 (l)

 
561

 
561

 
106

 
1998
 
05/07
 
35
    Piedmont, SC

 
 (l)

 
567

 

 

 
 (l)

 
567

 
567

 
107

 
1999
 
05/07
 
35
    Port Wentworth, GA

 
 (l)

 
552

 

 

 
 (l)

 
552

 
552

 
104

 
1998
 
05/07
 
35

See accompanying report of independent registered public accounting firm.
F-15


Table of Contents

 
 
 
Initial Cost  to
Company
 
Costs Capitalized
Subsequent to
Acquisition
 
Gross Amount at Which
Carried at Close of Period (a) (b)
 
 
 
 
 
 
 
Life on Which
Depreciation &
Amortization in Latest Income
Statement is
Computed (Years)
 
Encumbrances
 
Land
 
Building,
Improvements &
Leasehold
Interests
 
Improvements
 
Carrying
Costs
 
Land
 
Building,
Improvements &
Leasehold
Interests
 
Total
 
Accumulated
Depreciation
and
Amortization
 
Date  of
Construction
 
Date
Acquired
 
    Valdosta, GA

 
 (l)

 
1,477

 

 

 
 (l)

 
1,477

 
1,477

 
245

 
2004
 
05/07
 
40
    Temple, GA

 
 (l)

 
1,065

 

 

 
 (l)

 
1,065

 
1,065

 
163

 
2007
 
06/07
 
40
    Whiteland, IN

 
 (l)

 
1,471

 

 

 
 (l)

 
1,471

 
1,471

 
238

 
2004
 
07/07
 
40
    Des Moines, IA

 
 (l)

 
816

 

 

 
 (l)

 
816

 
816

 
132

 
1987
 
07/07
 
40
    Robinson, TX

 
 (l)

 
1,183

 

 

 
 (l)

 
1,183

 
1,183

 
181

 
2007
 
07/07
 
40
    Kearney, MO

 
 (l)

 
1,269

 

 

 
 (l)

 
1,269

 
1,269

 
205

 
2003
 
07/07
 
40
    Oklahoma City, OK

 
 (l)

 
1,247

 

 

 
 (l)

 
1,247

 
1,247

 
183

 
2008
 
08/07
 
40
    Amarillo, TX

 
 (l)

 
1,158

 

 

 
 (l)

 
1,158

 
1,158

 
160

 
2008
 
02/08
 
40
    Jackson, MS

 
 (l)

 
1,281

 

 

 
 (l)

 
1,281

 
1,281

 
175

 
2008
 
03/08
 
40
    Glendale, KY

 
 (l)

 
1,066

 

 

 
 (l)

 
1,066

 
1,066

 
139

 
2008
 
07/08
 
40
    Lebanon, TN

 
 (l)

 
1,331

 

 

 
 (l)

 
1,331

 
1,331

 
168

 
2008
 
08/08
 
40
    Laredo, TX

 
 (l)

 
1,238

 

 

 
 (l)

 
1,238

 
1,238

 
148

 
2009
 
11/08
(j)
40
    Midland, TX

 
 (l)

 
1,148

 

 

 
 (l)

 
1,148

 
1,148

 
99

 
2010
 
04/10
(j)
40
    Tuscaloosa, AL

 
 (l)

 
1,002

 

 

 
 (l)

 
1,002

 
1,002

 
76

 
2010
 
08/10
(j)
40
    Kenly, NC

 
 (l)

 
1,066

 

 

 
 (l)

 
1,066

 
1,066

 
77

 
2011
 
11/10
(j)
40
    Matthews, MO

 
 (l)

 
1,042

 
50

 

 
 (l)

 
1,092

 
1,092

 
68

 
2011
 
01/11
(j)
40
    Baytown, TX

 
 (l)

 

 
1,375

 

 
 (l)

 
1,375

 
1,375

 
82

 
2011
 
05/11
(j)
40
    Sunbury, OH

 
 (l)

 

 
1,424

 

 
 (l)

 
1,424

 
1,424

 
73

 
2011
 
06/11
(j)
40
    Greenwood, LA

 
 (l)

 

 
1,291

 

 
 (l)

 
1,291

 
1,291

 
69

 
2011
 
06/11
(j)
40
    Joplin, MO

 
 (l)

 

 
1,168

 

 
 (l)

 
1,168

 
1,168

 
62

 
2011
 
06/11
(j)
40
    Winslow, AZ

 
 (l)

 

 
1,613

 

 
 (l)

 
1,613

 
1,613

 
76

 
2012
 
09/11
(j)
40
    Gulfport, MS

 
 (l)

 

 
1,377

 

 
 (l)

 
1,377

 
1,377

 
59

 
2012
 
11/11
(j)
40
    Sulphur Springs, TX

 
 (l)

 

 
1,283

 

 
 (l)

 
1,283

 
1,283

 
52

 
2012
 
12/11
(j)
40
   
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Winn-Dixie:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    Columbus, GA

 
1,023

 
1,875

 

 

 
1,023

 
1,875

 
2,898

 
490

 
1984
 
07/03
 
40
   
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Wireless Wizard:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    Ridgeland, MS

 
436

 
523

 
133

 

 
436

 
656

 
1,092

 
117

 
1997
 
08/06
 
40
   
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Your Choice:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    Hazleton, PA

 
670

 
377

 

 

 
670

 
377

 
1,047

 
158

 
1974
 
08/05
 
20
    Montoursville, PA

 
158

 
415

 
13

 

 
158

 
428

 
586

 
84

 
1988
 
01/06
 
40
   
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Ziebart:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

See accompanying report of independent registered public accounting firm.
F-16


Table of Contents

 
 
 
Initial Cost  to
Company
 
Costs Capitalized
Subsequent to
Acquisition
 
Gross Amount at Which
Carried at Close of Period (a) (b)
 
 
 
 
 
 
 
Life on Which
Depreciation &
Amortization in Latest Income
Statement is
Computed (Years)
 
Encumbrances
 
Land
 
Building,
Improvements &
Leasehold
Interests
 
Improvements
 
Carrying
Costs
 
Land
 
Building,
Improvements &
Leasehold
Interests
 
Total
 
Accumulated
Depreciation
and
Amortization
 
Date  of
Construction
 
Date
Acquired
 
    Maplewood, MN

 
308

 
311

 

 

 
308

 
311

 
619

 
69

 
1990
 
02/05
 
40
    Middleburg Heights, OH

 
199

 
148

 

 

 
199

 
148

 
347

 
33

 
1961
 
02/05
 
40
   
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Zio's Italian Kitchen:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    Aurora, CO

 
1,168

 
1,105

 

 

 
1,168

 
1,105

 
2,273

 
315

 
2000
 
06/05
 
30
   
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Leasehold Interests:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    Lima, OH

 
1,290

 

 

 

 
1,290

 
 (e)

 
1,290

 
1,242

 
 (e)
 
08/01
 
(e)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
SUBTOTAL
$
9,049

 
$
1,658,790

 
$
2,581,623

 
$
409,899

 
$

 
$
1,651,941

 
$
2,957,218

 
$
4,609,159

 
$
416,477

 
 
 
 
 
 




See accompanying report of independent registered public accounting firm.
F-17


Table of Contents

 
 
 
Initial Cost  to
Company
 
Costs Capitalized
Subsequent to
Acquisition
 
Gross Amount at Which
Carried at Close of Period (a) (b)
 
 
 
 
 
 
 
Life on Which
Depreciation &
Amortization in Latest Income
Statement is
Computed (Years)
 
Encumbrances
 
Land
 
Building,
Improvements &
Leasehold
Interests
 
Improvements
 
Carrying
Costs
 
Land
 
Building,
Improvements &
Leasehold
Interests
 
Total
 
Accumulated
Depreciation
and
Amortization
 
Date  of
Construction
 
Date
Acquired
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Real Estate Held for Investment the Company has Invested in Under Direct Financing Leases:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
CVS:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    Lafayette, LA
$

 
$

 
$
949

 
$

 
$

 
$

 
 (c)

 
 (c)

 
 (c)

 
1995
 
01/96
 
(c)
    Oklahoma City, OK
$

 
 (l)

 
$
1,365

 
$

 
$

 
 (l)

 
 (c)

 
 (c)

 
 (c)

 
1997
 
06/97
 
(c)
    Oklahoma City, OK

 
 (l)

 
1,419

 

 

 
 (l)

 
 (c)

 
 (c)

 
 (c)

 
1997
 
06/97
 
(c)
   


 


 


 


 


 


 
   

 
   

 
   

 
 
 
 
 
 
Denny's:


 


 


 


 


 
 
 
   

 
   

 
   

 
 
 
 
 
 
    Stockton, CA

 
940

 
509

 

 

 
 (d)

 
 (d)

 
 (d)

 
 (d)

 
1982
 
09/06
 
(d)
   


 
 
 


 


 


 
 
 
   

 
   

 
   

 
 
 
 
 
 
Food 4 Less:


 
   

 


 


 


 
   

 
   

 
   

 
   

 
 
 
 
 
 
    Chula Vista, CA

 

 
4,266

 

 

 

 
 (c)

 
 (c)

 
 (c)

 
1995
 
11/98
 
(c)
   
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Jared Jewelers:


 


 


 


 


 
   

 
   

 
   

 
   

 
 
 
 
 
 
    Phoenix, AZ
27

(k)
 (l)

 
1,242

 

 

 
 (l)

 
 (c)

 
 (c)

 
 (c)

 
1998
 
12/01
 
(c)
    Toledo, OH

 
 (l)

 
1,458

 

 

 
 (l)

 
 (c)

 
 (c)

 
 (c)

 
1998
 
12/01
 
(c)
    Lewisville, TX
136

(k)
 (l)

 
1,503

 

 

 
 (l)

 
 (c)

 
 (c)

 
 (c)

 
1998
 
12/01
 
(c)
    Glendale, AZ

 
 (l)

 
1,599

 

 

 
 (l)

 
 (c)

 
 (c)

 
 (c)

 
1998
 
12/01
 
(c)
    Oviedo, FL
263

 

 
1,500

 

   

   

 
 (c)

 
 (c)

 
 (c)

 
1998
 
12/01
 
(d)
   


   
   

 


 


 


 
   

 
   

 
   

 
   

 
 
 
 
 
 
Kash n' Karry:


 
 
 


 


 


 
   

 
   

 
   

 
   

 
 
 
 
 
 
    Valrico, FL

   
1,235

 
3,255

 

 

 
 (d)

 
 (d)

 
 (d)

 
 (d)

 
1997
 
06/02
 
(d)
   


   
   

 


 


 


 
   

 
   

 
   

 
   

 
 
 
 
 
 
Rite Aid:


 
   

 


 


 


 
   

 
   

 
   

 
   

 
 
 
 
 
 
    Kennett Square, PA

 
 (l)

 

 
1,984

 

 
 (l)

 
 (c)

 
 (c)

 
 (c)

 
2000
 
12/00
 
(c)
    Arlington, VA

 
 (l)

 
3,201

 

 

 
 (l)

 
 (c)

 
 (c)

 
 (c)

 
2000
 
02/02
 
(c)
   


 


 


 


 


 
   

 
   

 
   

 
   

 
 
 
 
 
 
Sunshine Energy:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    Altamont, KS

 
124

 
142

 

 

 
 (d)

 
 (d)

 
 (d)

 
 (d)

 
1979
 
07/09
 
(d)
 


 


 


 


 


 


 
 
 
 
 
 
 
 
 
 
 
 
SUBTOTAL
$
426

 
$
2,299

 
$
22,408

 
$
1,984

 

 

 

 

 

 
 
 
 
 
 



See accompanying report of independent registered public accounting firm.
F-18


Table of Contents


 
 
 
Initial Cost  to
Company
 
Costs Capitalized
Subsequent to
Acquisition
 
Gross Amount at Which
Carried at Close of Period (a) (b)
 
 
 
 
 
 
 
Life on Which
Depreciation &
Amortization in Latest Income
Statement is
Computed (Years)
 
Encumbrances
 
Land
 
Building,
Improvements &
Leasehold
Interests
 
Improvements
 
Carrying
Costs
 
Land
 
Building,
Improvements &
Leasehold
Interests
 
Total
 
Accumulated
Depreciation
and
Amortization
 
Date  of
Construction
 
Date
Acquired
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Real Estate Held for Sale the Company has Invested in:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Chipotle:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    Hadley, MA

 
$
45

 
$

 
$

 
$

 
$
43

 
$

 
$
43

 
 (e)

 
 (e)
 
02/08
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Power Center:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    Big Flats, NY

 
2,248

 
7,159

 
1,222

 

 
2,248

 
5,039

 
7,287

 

 
2011
 
08/05
(g)
    Irving, TX

 
951

 
1,090

 

 

 
951

 
1,063

 
2,014

 

 
1987
 
02/06
 
   
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Vacant Land:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    Grand Prairie, TX

 
387

 

 

 

 
108

 

 
108

 
 (e)

 
 (e)
 
12/02
 
    Rockwall, TX

 
900

 

 

 

 
545

 

 
545

 
 (e)

 
 (e)
 
02/06
 
    Hadley, MA

 
2,824

 

 

 

 
1,839

 

 
1,839

 
 (e)

 
 (e)
 
02/08
 
   
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Vacant Property:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    Winfield, AL

 
420

 
1,685

 

 

 
420

 
707

 
1,127

 
602

 
1983
 
03/99
 
40
    Corpus Christi, TX

 
224

 
2,159

 
145

 

 
224

 
1,359

 
1,583

 
753

 
1983
 
03/99
 
40
    Charlotte, NC

 
1,025

 
1,605

 

 

 
1,025

 
1,395

 
2,420

 
304

 
1986
 
04/07
 
30
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
SUBTOTAL
$

 
$
9,024

 
$
13,698

 
$
1,367

 
$

 
$
7,403

 
$
9,563

 
$
16,966

 
$
1,659

 
 
 
 
 


See accompanying report of independent registered public accounting firm.
F-19



NATIONAL RETAIL PROPERTIES, INC. AND SUBSIDIARIES
NOTES TO SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION AND AMORTIZATION
December 31, 2013
(dollars in thousands)
 
(a)
Transactions in real estate and accumulated depreciation during 2013, 2012, and 2011 are summarized as follows:
 
2013
 
2012
 
2011
Land, buildings, and leasehold interests:
 
 
 
 
 
Balance at the beginning of year
$
4,145,368

 
$
3,531,845

 
$
2,774,947

Acquisitions, completed construction and tenant improvements
602,836

 
701,054

 
772,073

Disposition of land, buildings, and leasehold interests
(57,254
)
 
(77,219
)
 
(14,744
)
Provision for loss on impairment of real estate
(4,106
)
 
(10,312
)
 
(431
)
Balance at the close of year
$
4,686,844

 
$
4,145,368

 
$
3,531,845

Accumulated depreciation and amortization:
 
 
 
 
 
Balance at the beginning of year
$
333,778

 
$
270,621

 
$
222,921

Disposition of land, buildings, and leasehold interests
(6,778
)
 
(6,980
)
 
(3,010
)
Depreciation and amortization expense
91,136

 
70,137

 
50,710

Balance at the close of year
$
418,136

 
$
333,778

 
$
270,621


As of December 31, 2013, 2012, and 2011, the detailed real estate schedule excludes work in progress of $60,720, $86,579 and $60,322, respectively, which is included in the above reconciliation.
(b)
As of December 31, 2013, the leases are treated as either operating or financing leases for federal income tax purposes. As of December 31, 2013, the aggregate cost of the properties owned by NNN that are under operating leases were $4,565,187 and financing leases were $2,703.
(c)
For financial reporting purposes, the portion of the lease relating to the building has been recorded as a direct financing lease; therefore, depreciation is not applicable.
(d)
For financial reporting purposes, the lease for the land and building has been recorded as a direct financing lease; therefore, depreciation is not applicable.
(e)
NNN owns only the land for this property.
(f)
Date acquired represents acquisition date of land. Pursuant to lease agreement, NNN purchased the buildings from the tenants upon completion of construction, generally within 12 months from the acquisition of the land.
(g)
Date acquired represents acquisition date of land. NNN developed the buildings, generally completing construction within 12 months from the acquisition date of the land.
(h)
Property is encumbered as a part of NNN's $6,952 long-term, fixed rate mortgage and security agreement.
(i)
NNN owns only the land for this property, which is subject to a ground lease between NNN and the tenant. The tenant funded the improvements on the property.
(j)
The land is subject to a ground lease between NNN and an unrelated third party. Pursuant to the lease agreement, NNN funds the tenant’s construction draws, final funding occurs generally within 12 months from the execution of the ground lease.
(k)
NNN owns only the building for this property, which is encumbered by a fixed rate mortgage and security agreement.
(l)
NNN owns only the building for this property. The land is subject to a ground lease between NNN and an unrelated third party.
(m)
Date acquired represents acquisition date of land. Pursuant to lease agreement, NNN funds the tenant’s construction draws, final funding occurs generally within 12 months from the acquisition of the land.

See accompanying report of independent registered public accounting firm.
F-20



(n)
The tenant of this property has subleased the property. The tenant continues to be responsible for complying with all the terms of the lease agreement and is continuing to pay rent on this property to NNN.
(o)
Date acquired represents acquisition date of land and building. Pursuant to lease agreement, NNN funds additional tenant construction draws. Final funding generally within 12 months from acquisition.

See accompanying report of independent registered public accounting firm.
F-21



NATIONAL RETAIL PROPERTIES, INC. AND SUBSIDIARIES
SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE
December 31, 2013
(dollars in thousands)
 
Description
Interest
Rate
 
Maturity
Date
 
Periodic
Payment
Terms
 
Prior
Liens
 
Face 
Amount
of Mortgages
 
Carrying
Amount of
Mortgages (g)
 
Principal
Amount
of Loans Subject
to Delinquent
Principal or
Interest
First mortgages on properties:
 
 
 
 
 
 
 
 
 
 
 
 
 
Paramus, NJ
9.000
%
 
2/1/2022
 
(b)
 

 
$
6,000

 
$
4,080

  
$

Des Moines, IA
8.000
%
 
11/15/2014
 
(d)
 

 
400

 
153

  

Milford, CT
6.000
%
 
6/30/2016
 
(c)
 

 
1,550

 
1,550

  

Marlow Heights, MD
7.000
%
 
5/14/2016
 
(c)
 

 
750

 
750

  

Montgomery, AL
8.600
%
 
10/8/2014
 
(e)
 

 
2,797

 
2,797

  

4 properties in FL and GA
6.750
%
 
6/1/2015
 
(f)
 

 
5,500

 
5,100

 

 
 
 
 
 
 
 
 
 
$
16,997

 
$
14,430

(a) 
$


(a)
The following shows the changes in the carrying amounts of mortgage loans during the years:

 
2013
 
 
 
2012
 
 
 
2011
 
 
Balance at beginning of year
$
17,482

 
  
 
$
22,815

 
  
 
$
21,138

 
  
New mortgage loans
3,547

 
(h) 
 
7,344

 
(h) 
 
8,098

 
(h) 
Deductions during the year:
 
 
 
 
 
 
 
 
 
 
 
Collections of principal
(6,599
)
 
 
 
(12,339
)
 
 
 
(6,421
)
 
 
Foreclosures

 
 
 
(338
)
 
  
 

 
 
Balance at the close of year
$
14,430

 
  
 
$
17,482

 
  
 
$
22,815

 
  

(b)
Principal and interest is payable at level amounts over the life of the loan.
(c)
Interest only payments are due monthly. Principal is due at maturity.
(d)
Principal and interest is payable at level amounts over the life of the loan with a principal balloon payment at maturity.
(e)
Principal and interest is payable in full on the earlier of (i) specific events as outlined in the loan agreement, or (ii) maturity date.
(f)
Interest only payments are due monthly. Periodic principal payments are due over the course of the loan based on specific terms outlined in the loan agreement, with the remaining principal balance due at maturity.
(g)
Mortgages held by NNN and its subsidiaries for federal income tax purposes for the years ended December 31, 2013, 2012 and 2011 were $14,430, $17,482 and $22,815, respectively.
(h)
Mortgages totaling $3,547, $7,344 and $8,098, were accepted in connection with real estate transactions for the years ended December 31, 2013, 2012 and 2011, respectively.
See accompanying report of independent registered public accounting firm.