·
|
Supplement
No. 12, dated August 27, 2009, included herewith, which will be delivered
as an unattached document along with the
Prospectus.
|
·
|
Registrant’s
final form of Prospectus dated March 18, 2008, previously filed pursuant
to Rule 424(b)(2) on March 18, 2008 and refiled
herewith.
|
·
|
Part
II, included herewith.
|
·
|
Signatures,
included herewith.
|
Supplement
No. 12
Page
No.
|
Prospectus
Page
No.
|
||
Status
of the Offering
|
1
|
N/A
|
|
Escrow
Break
|
1
|
N/A
|
|
Shares
Currently Outstanding
|
2
|
N/A
|
|
Selected
Financial Data
|
2
|
N/A
|
|
Suitability
Standards
|
2-3
|
i
|
|
Real
Estate Investment Summary
|
3-4
|
84-89
|
|
Status
of Distributions
|
4-5
|
9,
130-131
|
|
Status
of Fees Paid and Deferred
|
5
|
6-9,
35-36
|
|
Real
Estate Investments
|
5-21
|
84-89
|
|
Volume
Discounts
|
21-23
|
145-147
|
|
Borrowing
Policies
|
23-24
|
74-75
|
|
Annual
or More Frequent Valuation Requirement
|
24
|
121
|
|
Share
Repurchase Program
|
24-26
|
10,133-134
|
|
Other
Revisions
|
26-29
|
Cover
Page, ix, 40, 46, 50-51, 54
|
|
Financial
Statements
|
30-83
|
152-163
|
Balance
Sheet Data:
|
Six
Months Ended
June
30, 2009
|
Year
Ended
December
31, 2008
|
||||||
Total
investment in real estate assets, net
|
$ | 158,456,994 | $ | 161,714,182 | ||||
Cash
|
3,429,763 | 886,868 | ||||||
Restricted
cash
|
44,729 | 47,937 | ||||||
Prepaid
expenses and other assets
|
5,150,018 | 2,293,464 | ||||||
Total
assets
|
167,081,504 | 164,942,451 | ||||||
Mortgage
notes payable
|
112,249,667 | 112,741,810 | ||||||
Short-term
bridge funds
|
3,053,172 | 30,925,959 | ||||||
Long-term
notes payable
|
13,000,000 | 1,089,500 | ||||||
Investor
contributions held in escrow
|
30,824 | 30,824 | ||||||
Total
liabilities
|
141,959,110 | 163,183,128 | ||||||
Total
stockholders’ equity
|
25,122,394 | 1,759,323 | ||||||
Total
liabilities and stockholders’ equity
|
167,081,504 | 164,942,451 | ||||||
Operating
Data:
|
||||||||
Rental
income
|
5,862,009 | 5,546,363 | ||||||
Property
management fees to affiliate
|
-- | 4,230 | ||||||
Operating
income
|
2,204,580 | 2,105,615 | ||||||
Interest
expense
|
(4,770,129 | ) | (4,773,593 | ) | ||||
Net
loss
|
(2,011,604 | ) | (4,282,784 | ) | ||||
Cash
Flow Data
|
||||||||
Net
cash (used in) provided by operating activities
|
(4,344,227 | ) | 4,012,739 | |||||
Net
cash used in investing activities
|
(162,619 | ) | (97,456,132 | ) | ||||
Net
cash provided by financing activities
|
7,049,741 | 94,330,261 |
Outstanding
|
Base Rent
|
|||||||||||||||||||||||||||
Purchase
|
Mortgage
|
Interest
|
Portfolio-Level
|
Rent
|
Increase
|
|||||||||||||||||||||||
Price (1)
|
Debt
|
Rate (2)
|
Leverage
|
Year 1
|
Year 2
|
(Year 2)
(3)
|
||||||||||||||||||||||
Federal Express Distribution
Center (PA)
|
10,207,674 | 6,965,000 |
6.29%
|
702,828 | 702,828 | |||||||||||||||||||||||
Harleysville National Bank
Portfolio
|
41,675,721 | 31,000,000 |
6.59%
|
3,003,838 | 3,063,912 | |||||||||||||||||||||||
Rockland Trust Company
Portfolio
|
33,117,419 | 23,880,175 |
4.92%
|
2,305,816 | 2,340,403 | |||||||||||||||||||||||
PNC Bank (formerly National City
Bank)
|
6,853,419 | 4,447,953 |
4.89%
|
466,465 | 466,465 | |||||||||||||||||||||||
Rite Aid
Portfolio
|
18,839,392 | 12,808,265 |
6.97%
|
1,404,226 | 1,404,226 | |||||||||||||||||||||||
PNC Bank
Portfolio
|
44,813,074 | 33,148,274 |
5.25%
|
2,960,000 | 2,960,000 | |||||||||||||||||||||||
Fed Ex Freight Facility (TX)
(5)
|
31,610,450 | - | 2,580,315 | 2,580,315 | ||||||||||||||||||||||||
Walgreens
Location
|
3,817,733 | 1,550,000 |
6.55%
|
310,000 | 310,000 | |||||||||||||||||||||||
Total
Portfolio
|
190,934,882 | 113,799,667 |
59.6%
|
13,733,488 | 13,828,149 |
0.69%
|
||||||||||||||||||||||
Investment Grade Tenants (based on
Rent - S&P BBB- or better)
|
90.0%
|
|||||||||||||||||||||||||||
Average Remaining Lease Term
(years) (4)
|
12.8%
|
(1) - Purchase Price includes
capitalized closing costs and acquisition fees paid to American Realty
Capital Advisors, LLC, as applicable.
|
||||||||||||||||||||||||||||
(2) - Interest rate includes the
effect of in-place hedges.
|
||||||||||||||||||||||||||||
(3) - Increase does not take into
account lease escalations that commence in future years (sixth or
eleventh year of primary lease term).
|
||||||||||||||||||||||||||||
(4) - Primary lease term only,
excluding renewal option periods.
|
||||||||||||||||||||||||||||
(5) - Company entered into a one-year bridge equity facility for approximately $15.9 million. The facility bears interest at an annual rate equal to 5.75%. |
Year
|
Expiring
Revenues
|
Leases
Expiring
(1)
|
Square
Feet
|
%
of
Gross
Rev
|
||||||||||||
2009
|
$
–
|
–
|
–
|
–
|
||||||||||||
2010
|
–
|
–
|
–
|
–
|
||||||||||||
2011
|
–
|
–
|
–
|
–
|
||||||||||||
2012
|
–
|
–
|
–
|
–
|
||||||||||||
2013
|
–
|
–
|
–
|
–
|
||||||||||||
2014
|
–
|
–
|
–
|
–
|
||||||||||||
2015
|
–
|
–
|
–
|
–
|
||||||||||||
2016
|
242,000
|
2
|
21,476
|
1.67%
|
||||||||||||
2017
|
179,000
|
1
|
12,613
|
1.24%
|
||||||||||||
2018
|
$4,910,000
|
59
|
384,201
|
33.85%
|
(1)
|
The
62 leases listed above are with the following tenants: Fed Ex,
Rockland Trust Company, PNC Bank and Rite
Aid.
|
Total
|
Cash
|
DRIP
|
||||||||||
April,
2008
|
$ | – | $ | – | $ | – | ||||||
May,
2008
|
30,260 | 22,007 | 8,253 | |||||||||
June,
2008
|
49,637 | 35,283 | 14,354 | |||||||||
July,
2008
|
55,043 | 34,788 | 20,255 | |||||||||
August,
2008
|
57,583 | 36,519 | 21,064 | |||||||||
September,
2008
|
61,396 | 39,361 | 22,035 | |||||||||
October,
2008
|
61,425 | 41,078 | 20,347 | |||||||||
November,
2008
|
65,496 | 43,646 | 21,850 | |||||||||
December,
2008
|
64,444 | 42,877 | 21,567 | |||||||||
January,
2009
|
69,263 | 46,227 | 23,036 | |||||||||
February,
2009
|
76,027 | 50,214 | 25,813 | |||||||||
March,
2009
|
74,915 | 49,020 | 25,895 | |||||||||
April,
2009
|
101,281 | 64,375 | 36,906 | |||||||||
May,
2009
|
128,867 | 78,604 | 50,263 | |||||||||
June,
2009
|
180,039 | 106,741 | 73,298 | |||||||||
July,
2009
|
217,476 | 127,475 | 90,001 | |||||||||
August,
2009 (through August 27)
|
290,230 | 177,620 | 112,610 | |||||||||
$ | 1,583,382 | $ | 995,835 | $ | 587,547 |
|
·
|
acquisition
fees of $1,507,369 paid to the Advisor
|
·
|
finance
coordination fees of $1,131,015 paid to the Advisor
|
|
·
|
property
management fees of $4,230 paid to the Property
Manager
|
·
|
acquisition
fees of $354,281 paid to the Advisor
|
|
·
|
finance
coordination fees of $174,285 paid to the Advisor
|
|
·
|
property
management fees of $0 paid to the Property
Manager
|
FedEx
Property Location
|
Acquisition
Date
|
Purchase Price (1)(2)
|
Compensation
to
Advisor and Affiliates
(3)
|
|||
401
E. Sycamore
|
3/5/2008
|
$10,207,674
|
$170,125
|
(1)
|
Sellers
are our sponsors, Nicholas S. Schorsch and William M. Kahane, and two
unaffiliated parties.
|
(2)
|
Purchase
price includes all closing costs inclusive of the acquisition fee, which
equals 1% of the contract purchase
price.
|
(3)
|
Amounts
include acquisition and finance coordination fees paid to our advisor for
acquisition and finance coordination services rendered in connection with
the property acquisition.
|
FedEx
Property
Location
|
Number
of
Tenants
|
Tenant
|
Renewal
Options
|
Current
Annual
Base
Rent
|
Base
Rent
per
Square
Foot
|
Total
Square
Feet
Leased
|
Remaining
Lease
Term
|
|||||||
401
E. Sycamore
|
1
|
FedEx
Freight
East
Inc.
|
13
year lease
2
five year
extension
periods
|
$702,828
|
$12.68
|
55,440
|
10.75
|
FedEx
Property Location
|
1st
Mortgage Debt
|
Type
|
Rate
|
Maturity
Date
|
||||
401
E. Sycamore
|
$6,965,000
|
Interest
only
|
6.29%
|
9/1/2037
|
For the Fiscal Year
Ended
|
||||||||||||
5/31/2009
|
5/31/2008
|
5/31/2007
|
||||||||||
Consolidated
Statements of Operations (in thousands)
|
||||||||||||
Revenues
|
$
|
35,497,000
|
$
|
37,953,000
|
$
|
35,214,000
|
||||||
Operating
Income
|
747,000
|
2,075,000
|
3,276,000
|
|||||||||
Net
Income
|
98,000
|
1,125,000
|
2,016,000
|
As
of the Fiscal Year Ended
|
||||||||||||
5/31/2009
|
5/31/2008
|
5/31/2007
|
||||||||||
Consolidated
Balance Sheets (in thousands)
|
||||||||||||
Total
Assets
|
$
|
24,244,000
|
$
|
25,633,000
|
$
|
24,000,000
|
||||||
Long-term
Debt
|
1,930,000
|
1,506,000
|
2,007,000
|
|||||||||
Stockholders’
Equity
|
13,626,000
|
14,526,000
|
12,656,000
|
|||||||||
Harleysville
Property
Location
|
Acquisition
Date
|
Approximate
Purchase Price (1)
(2)
|
Approximate
Compensation
to
Advisor and Affiliates
(3)
|
|||||||
Harleysville,
PA
|
3/12/2008
|
$
|
13,578,000
|
TOTAL
FOR ALL PROPERTIES = $720,000
|
||||||
Lansdale,
PA
|
3/12/2008
|
1,828,000
|
(Acquisition
Fee + Finance
|
|||||||
Lansdale,
PA
|
3/12/2008
|
1,618,000
|
Coordination
Fee)
|
|||||||
Lansford,
PA
|
3/12/2008
|
2,034,000
|
||||||||
Lehighton,
PA
|
3/12/2008
|
999,000
|
||||||||
Limerick,
PA
|
3/12/2008
|
1,694,000
|
||||||||
Palmerton,
PA
|
3/12/2008
|
3,319,000
|
||||||||
Sellersville,
PA
|
3/12/2008
|
1,162,000
|
||||||||
Skippack,
PA
|
3/12/2008
|
1,527,000
|
||||||||
Slatington
, PA
|
3/12/2008
|
1,194,000
|
||||||||
Springhouse,
PA
|
3/12/2008
|
4,071,000
|
||||||||
Summit
Hill , PA
|
3/12/2008
|
1,784,000
|
||||||||
Walnutport,
PA
|
3/12/2008
|
1,699,000
|
||||||||
Wyomissing,
PA
|
3/12/2008
|
1,552,000
|
||||||||
Slatington
, PA
|
3/12/2008
|
3,617,000
|
||||||||
Total
|
$
|
41,676,000
|
Property
Location
|
Tenant
|
Guarantor
|
Total
Square Feet Leased
|
%
of Total Sq. Ft. Leased
|
|||||
Harleysville,
PA
|
Harleysville
National Bank
|
same
|
80,275
|
100%
|
|||||
Lansdale,
PA
|
Harleysville
National Bank
|
same
|
3,488
|
100%
|
|||||
Lansdale,
PA
|
Harleysville
National Bank
|
same
|
3,690
|
100%
|
|||||
Lansford,
PA
|
Harleysville
National Bank
|
same
|
7,285
|
100%
|
|||||
Lehighton,
PA
|
Harleysville
National Bank
|
same
|
2,868
|
100%
|
|||||
Limerick,
PA
|
Harleysville
National Bank
|
same
|
5,000
|
100%
|
|||||
Palmerton,
PA
|
Harleysville
National Bank
|
same
|
11,602
|
100%
|
|||||
Sellersville,
PA
|
Harleysville
National Bank
|
same
|
3,364
|
100%
|
|||||
Skippack,
PA
|
Harleysville
National Bank
|
same
|
4,500
|
100%
|
|||||
Slatington,
PA
|
Harleysville
National Bank
|
same
|
7,320
|
100%
|
|||||
Slatington,
PA
|
Harleysville
National Bank
|
same
|
19,872
|
100%
|
|||||
Spring
House, PA
|
Harleysville
National Bank
|
same
|
12,240
|
100%
|
|||||
Summit
Hill, PA
|
Harleysville
National Bank
|
same
|
5,800
|
100%
|
|||||
Walnutport,
PA
|
Harleysville
National Bank
|
same
|
5,490
|
100%
|
|||||
Wyomissing,
PA
|
Harleysville
National Bank
|
same
|
4,980
|
100%
|
|||||
Total
|
177,774
|
Harleysville
Property
Location
|
Number
of
Tenants
|
Tenant
|
Renewal
Options
|
Current
Annual
Base
Rent
|
Base
Rent
per
Square
Foot
|
Remaining
Lease
Term
|
||||||||
Harleysville,
PA
|
1
|
Harleysville
National Bank
|
See
Footnote (1)
|
$996,100
|
$12.41
|
14.81
|
||||||||
Lansdale,
PA
|
Harleysville
National Bank
|
130,200
|
37.33
|
14.81
|
||||||||||
Lansdale,
PA
|
Harleysville
National Bank
|
114,390
|
31.00
|
14.81
|
||||||||||
Lansford,
PA
|
Harleysville
National Bank
|
145,700
|
20.00
|
14.81
|
||||||||||
Lehighton,
PA
|
Harleysville
National Bank
|
68,832
|
24.00
|
14.81
|
||||||||||
Limerick,
PA
|
Harleysville
National Bank
|
120,000
|
24.00
|
14.81
|
||||||||||
Palmerton,
PA
|
Harleysville
National Bank
|
240,895
|
20.76
|
14.81
|
||||||||||
Sellersville,
PA
|
Harleysville
National Bank
|
80,755
|
24.01
|
14.81
|
||||||||||
Skippack,
PA
|
Harleysville
National Bank
|
108,000
|
24.00
|
14.81
|
||||||||||
Slatington,
PA
|
Harleysville
National Bank
|
83,540
|
11.41
|
14.81
|
||||||||||
Slatington,
PA
|
Harleysville
National Bank
|
261,566
|
13.16
|
14.81
|
||||||||||
Spring
House, PA
|
Harleysville
National Bank
|
295,920
|
24.18
|
14.81
|
||||||||||
Summit
Hill, PA
|
Harleysville
National Bank
|
127,600
|
22.00
|
14.81
|
||||||||||
Walnutport,
PA
|
Harleysville
National Bank
|
120,780
|
22.00
|
14.81
|
||||||||||
Wyomissing,
PA
|
Harleysville
National Bank
|
109,560
|
22.00
|
14.81
|
||||||||||
Total/Average
|
$3,003,838
|
$16.90
|
14.81
|
(1)
|
The
lease agreement for each Harleysville Property contains a number of
consecutive renewal options. After the initial contractual period, each
lease may be renewed for two additional five-year terms. After both
five-year renewal options have been exercised, each lease may be renewed
for an additional three-year period, then for six additional five-year
periods and finally, one additional two-year
period.
|
Harleysville
Property
Location
|
1st Mortgage
Debt
|
Rate
|
Maturity
Date
|
|||||
Harleysville,
PA
|
$
|
10,104,229
|
6.59%
|
1/1/2018
|
||||
Lansdale,
PA
|
1,360,147
|
6.59%
|
1/1/2018
|
|||||
Lansdale,
PA
|
1,203,780
|
6.59%
|
1/1/2018
|
|||||
Lansford,
PA
|
1,513,258
|
6.59%
|
1/1/2018
|
|||||
Lehighton,
PA
|
743,135
|
6.59%
|
1/1/2018
|
|||||
Limerick,
PA
|
1,260,965
|
6.59%
|
1/1/2018
|
|||||
Palmerton,
PA
|
2,469,757
|
6.59%
|
1/1/2018
|
|||||
Sellersville,
PA
|
864,361
|
6.59%
|
1/1/2018
|
|||||
Skippack,
PA
|
1,136,628
|
6.59%
|
1/1/2018
|
|||||
Slatington,
PA
|
888,856
|
6.59%
|
1/1/2018
|
|||||
Spring
House, PA
|
3,029,802
|
6.59%
|
1/1/2018
|
|||||
Summit
Hill, PA
|
1,327,933
|
6.59%
|
1/1/2018
|
|||||
Walnutport,
PA
|
1,264,531
|
6.59%
|
1/1/2018
|
|||||
Wyomissing,
PA
|
1,155,084
|
6.59%
|
1/1/2018
|
|||||
Slatington,
PA
|
2,677,534
|
6.59%
|
1/1/2018
|
|||||
Total
|
$
|
31,000,000
|
Past Six Months
Ended
|
For
the Fiscal Year Ended
|
|||||||||||||||
6/30/09
|
12/31/2008
|
12/31/2007
|
12/31/2006
|
|||||||||||||
Consolidated
Statements of Operations (in thousands)
|
||||||||||||||||
Revenue
|
$ | 123,683 | $ | 206,294 | $ | 194,561 | $ | 178,941 | ||||||||
Net
Operating Income
|
67,506 | 134,790 | 115,222 | 124,321 | ||||||||||||
Net
Income (Loss)
|
(217,908 | ) | 25,093 | 26,595 | 39,415 |
As
of
|
For
the Fiscal Year Ended
|
|||||||||||||||
6/30/09
|
12/31/2008
|
12/31/2007
|
12/31/2006
|
|||||||||||||
Consolidated
Balanced Sheets (in thousands)
|
||||||||||||||||
Total
Assets
|
$ | 5,210,327 | $ | 5,490,509 | $ | 3,903,001 | $ | 3,249,828 | ||||||||
Long-Term
Debt
|
694,586 | 759,658 | 321,785 | 239,750 | ||||||||||||
Shareholder's
Equity
|
248,685 | 474,707 | 339,310 | 294,751 |
Rockland Property Location
|
Approximate
Purchase Price (1)
|
Approximate
Compensation
to
Advisor
and Affiliates
|
|||||
Brockton,
MA
|
$
|
643,000
|
TOTAL
FOR ALL PROPERTIES =
|
||||
Chatham,
MA
|
1,500,000
|
$566,000
|
|||||
Hull,
MA
|
692,000
|
(Acquisition
Fee + Finance
|
|||||
Hyannis,
MA
|
2,377,000
|
Coordination
Fee)
|
|||||
Middleboro,
MA
|
3,495,000
|
||||||
Orleans,
MA
|
1,371,000
|
||||||
Randolph,
MA
|
1,540,000
|
||||||
Centerville,
MA
|
1,129,000
|
||||||
Duxbury,
MA
|
1,323,000
|
||||||
Hanover,
MA
|
1,320,000
|
||||||
Middleboro,
MA
|
922,000
|
||||||
Pembroke,
MA
|
1,546,000
|
||||||
Plymouth,
MA
|
5,173,000
|
||||||
Rockland,
MA
|
4,095,000
|
||||||
Rockland,
MA
|
1,769,000
|
||||||
S.
Yarmouth, MA
|
1,586,000
|
||||||
Scituate,
MA
|
1,263,000
|
||||||
West
Dennis, MA
|
1,384,000
|
||||||
Total
|
$
|
33,128,000
|
Rockland
Property Location
|
Total
Square
Feet
Leased
|
Current
Annual
Base
Rent
|
Base
Rent per
Square
Foot
|
Lease
Term
(Years)
|
||||||||||||
Middleboro,
MA
|
18,520
|
$
|
250,020
|
$
|
13.50
|
10.0
|
||||||||||
Hyannis,
MA
|
8,948
|
170,012
|
19.00
|
10.0
|
||||||||||||
Hull,
MA
|
1,763
|
49,364
|
28.00
|
10.0
|
||||||||||||
Randolph,
MA
|
3,670
|
110,100
|
30.00
|
10.0
|
||||||||||||
Duxbury,
MA
|
2,667
|
90,678
|
34.00
|
15.0
|
||||||||||||
Brockton,
MA
|
1,835
|
45,875
|
25.00
|
10.0
|
||||||||||||
Centerville,
MA
|
2,977
|
77,402
|
26.00
|
15.0
|
||||||||||||
Chatham,
MA
|
3,459
|
107,229
|
31.00
|
10.0
|
||||||||||||
Orleans,
MA
|
3,768
|
97,968
|
26.00
|
10.0
|
||||||||||||
Pembroke,
MA
|
3,213
|
106,029
|
33.00
|
15.0
|
||||||||||||
S.
Yarmouth, MA
|
4,727
|
108,721
|
23.00
|
15.0
|
||||||||||||
Scituate,
MA
|
2,706
|
86,592
|
32.00
|
15.0
|
||||||||||||
Rockland,
MA
|
18,425
|
280,981
|
15.25
|
15.0
|
||||||||||||
Rockland,
MA
|
11,027
|
121,297
|
11.00
|
15.0
|
||||||||||||
Hanover,
MA
|
2,828
|
90,496
|
32.00
|
15.0
|
||||||||||||
Plymouth,
MA
|
25,358
|
355,012
|
14.00
|
15.0
|
||||||||||||
Middleboro,
MA
|
2,106
|
63,180
|
30.00
|
15.0
|
||||||||||||
West
Dennis, MA
|
3,060
|
94,860
|
31.00
|
15.0
|
||||||||||||
Total/Average
|
121,057
|
$ |
2,305,816
|
$
|
19.05
|
13.2
|
Mortgage
Debt
Amount
|
Type
|
Rate
|
Maturity
Date
|
|||
30
Day LIBOR+
|
||||||
$24,412,500
|
Variable
|
1.375%(1)
|
May
2013
|
Past Six Months
Ended
|
For
the Fiscal Year Ended
December
31,
|
|||||||||||||||
6/30/09
|
2008
|
2007
|
2006
|
|||||||||||||
Consolidated
Statements of Operations (in thousands)
|
||||||||||||||||
Interest
Income
|
$ | 96,216 | $ | 176,388 | $ | 159,738 | $ | 167,693 | ||||||||
Net
Interest Income after Provision for Loan
Losses
|
60,620 | 106,574 | 93,053 | 100,320 | ||||||||||||
Net
Income
|
7,047 | 28,084 | 28,381 | 32,851 |
As
of
|
As
of the Fiscal Year Ended December 31,
|
|||||||||||||||
6/30/09
|
12/31/2008
|
12/31/2007
|
12/31/2006
|
|||||||||||||
Consolidated
Balanced Sheets (in thousands)
|
||||||||||||||||
Total
Assets
|
$ | 4,455,059 | $ | 3,628,469 | $ | 2,768,413 | $ | 2,828,919 | ||||||||
Long-Term
Debt
|
667,914 | 695,317 | 504,344 | 493,649 | ||||||||||||
Shareholder's
Equity
|
397,560 | 305,274 | 220,465 | 229,783 |
Approximate
|
|||||||
Approximate
|
Compensation
to
|
||||||
Rite
Aid Property Location
|
Purchase Price
(1)
|
Advisor
and Affiliates
|
|||||
Lisbon,
OH
|
$
|
1,515,000
|
TOTAL
FOR ALL PROPERTIES =
|
||||
East
Liverpool, OH
|
2,249,000
|
$314,000
|
|||||
Carrollton,
OH
|
2,376,000
|
(Acquisition
Fee + Finance
|
|||||
Cadiz,
OH
|
1,720,000
|
Coordination
Fee )
|
|||||
Pittsburgh,
PA
|
6,334,000
|
||||||
Carlisle,
PA
|
4,640,000
|
||||||
Total
|
$
|
18,834,000
|
Rite
Aid Property Location
|
Total
Square
Feet
Leased
|
Current
Annual
Base
Rent
|
Base
Rent per
Square
Foot
|
Remaining
Lease
Term
(Years)
(1)
|
||||||||||||
Lisbon,
OH
|
10,141 | $ | 113,174 | $ | 11.16 | 7.41 | ||||||||||
East
Liverpool, OH
|
11,362 | 169,333 | 14.90 | 9.64 | ||||||||||||
Carrollton,
OH
|
12,613 | 179,177 | 14.21 | 9.22 | ||||||||||||
Cadiz,
OH
|
11,335 | 129,024 | 11.38 | 8.18 | ||||||||||||
Pittsburgh,
PA
|
14,766 | 469,790 | 31.82 | 19.10 | ||||||||||||
Carlisle,
PA
|
14,702 | 343,728 | 23.38 | 19.10 | ||||||||||||
Total/Average
|
74,919 | $ | 1,404,226 | $ | 18.74 | 14.75 |
Mortgage
Debt Amount
|
Type
|
Rate
|
Maturity
Date
|
|||
$
12,808,265
|
Fixed
- Interest
Only
|
6.97%
|
September
2017
|
Past
Thirteen
|
||||||||||||||||
Weeks
|
||||||||||||||||
Ended
|
For the Fiscal Year
Ended
|
|||||||||||||||
Consolidated
Statements of Operations (in thousands)
|
May
30, 2009
|
Feruary 28, 2009
|
March
1, 2008
|
March
3, 2007
|
||||||||||||
Revenues
|
$ | 6,531,178 | $ | 26,289,268 | 24,326,846 | $ | 17,399,383 | |||||||||
Operating Income
(Loss)
|
(46,084 | ) | (243,743 | ) | 185,271 | 300,995 | ||||||||||
Net Income
(Loss)
|
(98,446 | ) | (2,915,420 | ) | (1,078,990 | ) | 26,826 |
As of
|
As
of the Fiscal Year Ended
|
||||||||||||||||
Consolidated
Balance Sheets (in thousands)
|
May
30, 2009
|
Feruary 28, 2009
|
March
1, 2008
|
March
3, 2007
|
|||||||||||||
Total
Assets
|
$ |
8,019,180
|
$ | 8,326,540 | $ | 11,488,023 | $ | 7,091,024 | |||||||||
Long-Term
Debt
|
5,486,791
|
5,801,230 | 5,610,489 | 2,909,983 | |||||||||||||
Stockholders’
Equity (Deficit)
|
(1,290,631
|
) | (1,911,652 | ) | 1,711,185 | 1,662,846 |
Approximate
|
|||||||||
Approximate
|
Compensation
to
|
||||||||
National
City Property Location
|
Purchase
Price
|
Advisor
and Affiliates
|
|||||||
Palm
Coast, FL
|
$ | 3,100,000 | $ | 51,000 | |||||
Pompano
Beach, FL
|
3,800,000 | 61,000 | |||||||
Total
|
$ | 6,900,000 | $ | 112,000 |
National
City Property Location
|
Total
Square
Feet
Leased
|
Current
Annual
Base
Rent
|
Base
Rent per
Square
Foot
|
|||||||||
Palm
Coast, FL
|
3,740
|
$
|
210,000
|
$
|
56.15
|
|||||||
Pompano
Beach, FL
|
4,663
|
256,465
|
55.00
|
|||||||||
Total
|
8,403
|
$
|
466,465
|
$
|
55.51
|
National
City Property Location
|
Mortgage
Debt Amount
|
Rate (1)
|
Maturity
Date
|
||||||
Palm
Coast, FL
|
$
|
2,062,500
|
30
day LIBOR + 1.50%
|
September
16, 2013
|
|||||
Pompano
Beach, FL
|
2,437,500
|
30
day LIBOR + 1.50%
|
October
23, 2013
|
||||||
Total/Average
|
$
|
4,500,000
|
For the Fiscal Year Ended December
31,
|
||||||||||||||||
Three
|
||||||||||||||||
Months
|
||||||||||||||||
Ended
|
||||||||||||||||
June 30,
|
||||||||||||||||
Consolidated Statements of
Operations (in millions)
|
2008
|
2007
|
2006
|
2005
|
||||||||||||
Revenues
|
$ | 1,880 | $ | 9,185 | 8,934 | $ | 7,732 | |||||||||
Operating
Income
|
1,015 | 4,396 | 4,604 | 4,696 | ||||||||||||
Net (Loss)
Income
|
(1,756 | ) | 314 | 2,300 | 1,985 |
As
of the Fiscal Year Ended December 31,
|
|||||||||||||
Consolidated
Balance Sheets (in millions)
|
2007
|
2006
|
2005
|
||||||||||
Total
Assets
|
$ | 150,374 | $ | 140,191 | $ | 142,397 | |||||||
Long-Term
Debt
|
25,992 | 25,407 | 30,496 | ||||||||||
Stockholders’
Equity
|
13,408 | 14,581 | 12,613 |
Address
|
City,
State
|
Approximate
Purchase
Price(1)
|
Approximate
Compensation
to
Advisor
and Affiliates
|
|||||||
1001
East Erie Ave
|
Philadelphia,
PA
|
$
|
904,000
|
Total
for All Properties =
$757,000
|
||||||
108
East Main Street
|
Somerset,
PA
|
1,206,000
|
(Acquisition
fee +
|
|||||||
114
West State Street
|
Media,
PA
|
754,000
|
Finance
coordination fee )
|
|||||||
1152
Main Street
|
Paterson,
NJ
|
829,000
|
||||||||
1170
West Baltimore Pike
|
Media,
PA
|
301,000
|
||||||||
12
Outwater Lane
|
Garfield,
NJ
|
1,206,000
|
||||||||
1260
McBride Ave
|
West
Paterson, NJ
|
678,000
|
||||||||
141
Franklin Turnpike
|
Mahwah,
NJ
|
829,000
|
||||||||
1485
Blackwood-Clementon Rd
|
Clementon,
PA
|
1,432,000
|
||||||||
150
Paris Ave
|
Northvale,
NJ
|
829,000
|
||||||||
16
Highwood Ave
|
Tenafly,
NJ
|
754,000
|
||||||||
1921
Washington Valley Road
|
Martinsville,
NJ
|
1,432,000
|
||||||||
1933
Borendtown Ave
|
Parlin,
NJ
|
980,000
|
||||||||
204
Raritan Valley College Drive
|
Somerville,
NJ
|
1,281,000
|
||||||||
207
S State St
|
Clarks
Summit, PA
|
528,000
|
||||||||
2200
Cottman
|
Philadelphia,
PA
|
1,206,000
|
||||||||
222
Ridgewood Ave
|
Glen
Ridge, NJ
|
678,000
|
||||||||
2431
Main Street
|
Trenton,
NJ
|
1,507,000
|
||||||||
294
Main Ave
|
Clifton,
NJ
|
678,000
|
||||||||
30
Main Street
|
West
Orange, NJ
|
829,000
|
||||||||
31
S Chester Rd
|
Swarthmore,
PA
|
528,000
|
||||||||
315
Haddon Ave
|
Haddonfield,
PA
|
980,000
|
||||||||
321
E 33rd St
|
Paterson,
NJ
|
377,000
|
||||||||
34
East Market Street
|
Blairsville,
PA
|
678,000
|
||||||||
359
Georges Rd
|
Dayton,
NJ
|
1,206,000
|
||||||||
36
Bergen St
|
Westwood,
NJ
|
528,000
|
||||||||
401
West Tabor Road
|
Philadelphia,
PA
|
528,000
|
||||||||
403
N Baltimore St
|
Dillsburg,
PA
|
452,000
|
||||||||
404
Pennsylvania Ave East
|
Warren,
PA
|
678,000
|
||||||||
410
Main Street
|
Orange,
NJ
|
980,000
|
||||||||
424
Broad Street
|
Bloomfield,
NJ
|
829,000
|
||||||||
425
Boulevard
|
Mountain
Lakes, NJ
|
1,055,000
|
||||||||
45
South Martine Ave
|
Fanwood,
NJ
|
1,206,000
|
||||||||
470
Lincoln Avenue
|
Pittsburgh,
PA
|
678,000
|
||||||||
49
Little Falls Road
|
Fairfield,
NJ
|
1,959,000
|
||||||||
501
Pleasant Valley Way
|
West
Orange, NJ
|
528,000
|
||||||||
555
Cranbury Road
|
East
Brunswick, NJ
|
1,130,000
|
||||||||
570
Pompton Ave
|
Cedar
Grove, NJ
|
1,356,000
|
||||||||
583
Kearny Ave
|
Kearny,
NJ
|
829,000
|
||||||||
588
Newark-Pompton Tnpk
|
Pompton
Plains, NJ
|
301,000
|
||||||||
5900
N Broad St
|
Philadelphia,
PA
|
603,000
|
||||||||
591
Route 33
|
Millstone,
NJ
|
904,000
|
||||||||
638
E Landis Ave
|
Vineland,
NJ
|
754,000
|
||||||||
6th
& Spring Garden
|
Philadelphia,
PA
|
980,000
|
||||||||
7811
Tylersville Road
|
West
Chester, OH
|
1,281,000
|
||||||||
82
Greenbrook Road
|
Dunellen,
NJ
|
1,155,000
|
||||||||
8340
Germantown Ave
|
Philadelphia,
PA
|
301,000
|
||||||||
9
West Somerset Street
|
Raritan,
NJ
|
1,306,000
|
||||||||
Cooper
& Delsea
|
Deptford,
NJ
|
979,000
|
||||||||
RR1
Box 640
|
Tannersville,
PA
|
903,000
|
||||||||
TOTAL
|
$
|
44,813,000
|
Address
|
City,
State
|
Total
Square Feet Leased
|
Current
Annual Base Rent
|
Rent
Per
Square
Foot
|
|||||||||
1001
East Erie Ave
|
Philadelphia,
PA
|
3,653
|
$
|
60,000
|
$
|
16.42
|
|||||||
108
East Main Street
|
Somerset,
PA
|
7,322
|
80,000
|
10.93
|
|||||||||
114
West State Street
|
Media,
PA
|
12,344
|
50,000
|
4.05
|
|||||||||
1152
Main Street
|
Paterson,
NJ
|
4,405
|
55,000
|
12.49
|
|||||||||
1170
West Baltimore Pike
|
Media,
PA
|
2,366
|
20,000
|
8.45
|
|||||||||
12
Outwater Lane
|
Garfield,
NJ
|
7,372
|
80,000
|
10.85
|
|||||||||
1260
McBride Ave
|