8-K

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant To Section 13 Or 15(d) of The Securities Exchange Act of 1934

Date of report (Date of earliest event reported): May 9, 2008

W. P. CAREY & CO. LLC

(Exact Name of Registrant as Specified in Charter)

Delaware
(State or other jurisdiction of incorporation)

001-13779	13-3912578
(Commission File Number)	(IRS Employer Identification No.)
50 Rockefeller Plaza, New York, NY (Address of Principal Executive Offices)	10020 (Zip Code)

Registrant’s telephone number, including area code: (212) 492-1100

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

TABLE OF CONTENTS

EX-99.1: SUPPLEMENTAL OPERATING AND FINANCIAL DATA

ITEM 7.01 Regulation FD Disclosure.

On May 9, 2008, the registrant made available supplemental information, the “Supplemental Operating and Financial Data”, concerning its operations and portfolio as of March 31, 2008. A copy of this supplemental information is attached as Exhibit 99.1.

The information furnished pursuant to this “Item 7.01 Regulation FD Disclosure,” including Exhibit 99.1, shall not be deemed to be “filed” for the purposes of Section 18 of the Exchange Act, regardless of any general incorporation language in such filing.

ITEM 9.01 Financial Statements and Exhibits.

Exhibit 99.1 Supplemental Operating and Financial Data of the registrant for the quarter ended March 31, 2008.

SIGNATURES

Pursuant to the requirements 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.

		W. P. Carey & Co. LLC
Date: May 9, 2008	By:	/s/ Mark J. DeCesaris
		Mark J. DeCesaris
		Managing Director and
		acting Chief Financial Officer

EX-99.1

EXHIBIT 99.1

W. P. Carey & Co. LLC
Supplemental Operating and Financial Data

For the Three Months Ended
March 31, 2008

Important Disclosures About this Report

Important Note Regarding Non-GAAP Financial Measures

This supplemental operating and financial data includes non-GAAP financial measures, including earnings before interest, taxes, depreciation and amortization (“EBITDA”), funds from operations (“FFO”) and adjusted cash flow from operations. A description of these non-GAAP financial measures and reconciliations to the most directly comparable GAAP measures are provided in this supplemental disclosure report.

Forward-Looking Statements

This supplemental operating and financial data contains certain forward-looking statements relating to W. P. Carey & Co. LLC. As used in this supplemental disclosure report, the terms “the Company,” “we,” “us” and “our” include W. P. Carey & Co. LLC, its consolidated subsidiaries and predecessors, unless otherwise indicated. Forward-looking statements discuss matters that are not historical facts. Because they discuss future events or conditions, forward-looking statements may include words such as “anticipate,” “believe,” “expect,” “estimate,” “intend,” “could,” “should,” “would,” “may,” “seek,” “plan” or similar expressions. Do not unduly rely on forward-looking statements. They give our expectations about the future and are not guarantees, and speak only as of the date they are made. Such statements involve known and unknown risks, uncertainties and other factors that may cause our actual results, performance or achievement to be materially different from the results of operations or plan expressed or implied by such forward-looking statements. Accordingly, such information should not be regarded as representations that the results or conditions described in such statements or that our objectives and plans will be achieved.

2

W. P. CAREY & CO. LLC
Supplemental Operating and Financial Data

For the Three Months Ended March 31, 2008

Contents
Company Overview	4
Financial Highlights	5
Reconciliation of Net Income to EBITDA	6
Reconciliation of Net Income to Funds From Operations (FFO)	7
Adjusted Cash Flow from Operating Activities	8
Revenue Diversification Analysis	9
Revenue Stability Analysis	10
Portfolio Debt Summary	11
2008 Investments Update	13
Portfolio Diversification Analysis by Rent	14
Portfolio Diversification Analysis by Property Type	15
Portfolio Diversification Analysis by Tenant Industry	16
Portfolio Diversification Analysis by Geography	17
Portfolio Lease Maturity Analysis	18
Consolidated Balance Sheets	19
Consolidated Statements of Income	20
Consolidated Statements of Cash Flows	21
Detailed Property Summary	22

3

W. P. CAREY & CO. LLC

Company Overview

March 31, 2008

Key Company Contacts		Executive Offices
Wm. Polk Carey	Chairman of the Board and Director	50 Rockefeller Plaza
Gordon F. Dugan	President, Chief Executive Officer and Director	New York, NY 10020
Thomas E. Zacharias	Managing Director, Chief Operating Officer	Tel: 1-800-WPCAREY or (212) 492-1100
Mark J. DeCesaris	Managing Director, Acting Chief Financial Officer	Fax: (212) 492-8922
Susan C. Hyde	Managing Director, Director of Investor Relations	Web Site Address: www.wpcarey.com
Banks
Bank of America, N.A.	Administrative and Documentation Agent
The Bank of New York	Syndication Agent
JPMorgan Chase Bank, N.A.	Syndication Agent
PNC Bank, N.A.	Syndication Agent

	First Quarter		Fourth Quarter		Third Quarter		Second Quarter
	2008		2007		2007		2007
Stock Data
High Price	$	34.62	$	36.86	$	33.14	$	35.50
Low Price	$	25.79	$	31.02	$	27.67	$	29.71
Closing Price	$	29.97	$	33.20	$	31.50	$	31.45
Distributions declared per share – annualized (a)	$	1.93	$	1.91	$	1.89	$	1.87
Shares outstanding at quarter end		39,536,581		39,216,493		38,583,229		39,129,982
Market value of outstanding shares at quarter end (in thousands)	$	1,184,911	$	1,301,988	$	1,215,372	$	1,230,638

(a) Fourth quarter 2007 excludes a special distribution of $0.27 per share that was paid in January 2008 to shareholders of record as of December 31, 2007. The special distribution was approved by our Board of Directors in connection with our corporate restructuring.

4

W. P. CAREY & CO. LLC

Financial Highlights (Unaudited)

(in thousands, except per share amounts)

These financial highlights include non-GAAP financial measures, including earnings before interest, taxes, depreciation and amortization (“EBITDA”), funds from operations (“FFO”) and adjusted cash flow from operations. A description of these non-GAAP financial measures and reconciliations to the most directly comparable GAAP measures is provided on the following pages.

	Three months ended March 31,
	2008			2007
EBITDA
Investment management	$	14,745		$	11,573
Real estate ownership		20,634			17,437
Total	$	35,379		$	29,010
FFO
Investment management	$	5,461		$	3,849
Real estate ownership		16,069			14,718
Total	$	21,530		$	18,567
EBITDA Per Share (Diluted)
Investment management	$	0.37		$	0.29
Real estate ownership		0.51			0.44
Total	$	0.88		$	0.73
FFO Per Share (Diluted)
Investment management	$	0.14		$	0.10
Real estate ownership		0.40			0.37
Total	$	0.54		$	0.47
Adjusted Cash Flow From Operating Activities
Adjusted cash flow	$	38,655		$	37,389
Adjusted cash flow per share (diluted)	$	0.96		$	0.94
Distributions declared per share	$	0.482		$	0.462
Payout ratio (distributions per share/adjusted cash flow per share)		50	%		49	%

5

W. P. CAREY & CO. LLC

Reconciliation of Net Income to EBITDA (Unaudited)

(in thousands, except share and per share amounts)

	Three months ended March 31,
	2008		2007
Investment Management
Net income	$	6,931	$	4,389
Adjustments:
Provision for income taxes		6,784		6,138
Depreciation and amortization		1,030		1,046
EBITDA – investment management	$	14,745	$	11,573
EBITDA per share (diluted)	$	0.37	$	0.29
Real Estate Ownership
Net income	$	10,170	$	6,411
Adjustments:
Interest expense		5,043		4,613
Provision for income taxes		360		241
Depreciation and amortization		5,061		5,689
Reconciling items attributable to discontinued operations		—		483
EBITDA – real estate ownership	$	20,634	$	17,437
EBITDA per share (diluted)	$	0.51	$	0.44
Total Company
EBITDA	$	35,379	$	29,010
EBITDA per share (diluted)	$	0.88	$	0.73
Diluted weighted average shares outstanding		40,202,798		39,851,353

Non-GAAP Financial Disclosure

EBITDA as disclosed represents earnings before interest, taxes, depreciation and amortization. We believe that EBITDA is a useful supplemental measure for assessing the performance of our business segments, although it does not represent net income that is computed in accordance with GAAP. Accordingly, EBITDA should not be considered an alternative for net income as an indicator of our financial performance. EBITDA may not be comparable to similarly titled measures of other companies.

6

W. P. CAREY & CO. LLC

Reconciliation of Net Income to Funds From Operations (FFO) (Unaudited)

(in thousands, except share and per share amounts)

	Three months ended March 31,
	2008			2007
Investment Management
Net income	$	6,931		$	4,389
Amortization, deferred taxes and other non-cash charges		(2,554	)		(2,715	)
FFO from equity investments		1,084			2,175
FFO — investment management	$	5,461		$	3,849
FFO per share (diluted)	$	0.14		$	0.10
Real Estate Ownership
Net income	$	10,170		$	6,411
Depreciation, amortization and other non-cash charges		3,561			5,462
Straight-line and other rent adjustments		669			833
FFO from equity investments		1,841			2,215
Minority investees’ share of FFO		(172	)		(203	)
FFO – real estate ownership	$	16,069		$	14,718
FFO per share (diluted)	$	0.40		$	0.37
Total Company
FFO	$	21,530		$	18,567
FFO per share (diluted)	$	0.54		$	0.47
Diluted weighted average shares outstanding		40,202,798			39,851,353

Non-GAAP Financial Disclosure

Funds from operations (FFO) is a non-GAAP financial measure that is commonly used in evaluating real estate companies. Although the National Association of Real Estate Investment Trusts (NAREIT) has published a definition of FFO, real estate companies often modify this definition as they seek to provide financial measures that meaningfully reflect their operations. FFO should not be considered as an alternative to net income as an indication of a company’s operating performance or to cash flow from operating activities as a measure of its liquidity. It should be used in conjunction with GAAP net income. FFO disclosed by other REITs may not be comparable to our FFO calculation.

NAREIT’s definition of FFO adjusts GAAP net income to exclude depreciation and gains/losses from the sales of properties and adjusts for FFO applicable to unconsolidated partnerships and joint ventures. We calculate FFO in accordance with this definition and then include other adjustments to GAAP net income to adjust for certain non-cash charges such as amortization of intangibles, deferred income tax benefits and expenses, straight-line rents, stock compensation, impairment charges on real estate and unrealized foreign currency exchange gains and losses. We exclude these items from GAAP net income as they are not the primary drivers in our decision making process. Our assessment of our operations is focused on long term sustainability and not on such non-cash items which may cause short-term fluctuations in net income but that have no impact on cash flows.

7

W. P. CAREY & CO. LLC

Adjusted Cash Flow from Operating Activities (Unaudited)

(in thousands, except share and per share amounts)

	Three months ended March 31,
	2008			2007
Cash flow from operating activities – as reported	$	10,759		$	(279	)
Adjustments:
CPA®:16 - Global performance adjustment, net (a)		(12,291	)		5,611
Settlement payment (b)		21,012			—
CPA®:12/14 Merger – payment of taxes (c)		—			20,708
Distributions received from equity investments in real estate in excess of equity income (d)		1,825			(374	)
Changes in working capital (c)		17,350			11,723
Adjusted cash flow from operating activities	$	38,655		$	37,389
Adjusted cash flow per share (diluted)	$	0.96		$	0.94
Distributions declared per share	$	0.482		$	0.462
Payout ratio (distributions per share/adjusted cash flow per share)		50	%		49	%
Diluted weighted average shares outstanding		40,202,798			39,851,353

Non-GAAP Financial Disclosure

Adjusted cash flow from operating activities is a non-GAAP financial measure that represents cash flow from operating activities on a GAAP basis adjusted for certain timing differences and deferrals as described below. We believe that adjusted cash flow from operating activities is a useful supplemental measure for assessing the cash flow generated from our core operations and is used in evaluating distributions to shareholders. Adjusted cash flow from operating activities should not be considered as an alternative for cash flow from operating activities computed on a GAAP basis as a measure of our liquidity. Adjusted cash flow from operating activities may not be comparable to similarly titled measures of other companies.

(a)	Amounts (paid)/deferred in lieu of CPA®:16 – Global achieving its performance criterion, net of a 45% tax provision. In determining cash flow generated from our core operations, we believe it is more appropriate to normalize cash flow for the impact of CPA®:16 – Global achieving its performance criterion, rather than recognizing the entire deferred amount in the quarter in which the performance criterion was met as this revenue was actually earned over a three year period.
(b)	In March 2008, we entered into a settlement with the SEC with respect to all matters relating to their investigation. As a result, we paid $29,979 in the first quarter of 2008, and recognized an offsetting $8,967 tax benefit in the same period.
(c)	Timing differences arising from the payment of certain liabilities in a period other than that in which the expense is recognized in determining net income may distort the actual cash flow that our core operations generate. We adjust our GAAP cash flow from operations to record such amounts in the period in which the liability was actually incurred. We believe this is a fairer measure of determining our cash flow from core operations.
(d)	We take a substantial portion of our asset management revenue in shares of the CPA® REIT funds. To the extent we receive distributions in excess of the equity income that we recognize, we include such amounts in our evaluation of cash flow from core operations.

8

W. P. CAREY & CO. LLC

Revenue Diversification Analysis (GAAP Modified) (Unaudited)

(in thousands)

	Three months ended March 31,
	2008			2007
Revenue from Investment Management
Asset management revenue	$	20,126		$	15,034
Structuring revenue		3,416			4,583
Other interest income		533			527
Total investment management revenue	$	24,075		$	20,144
Percentage of total adjusted revenue		52	%		47	%
Revenue from Real Estate Ownership
Lease revenue – continuing operations	$	19,202		$	18,587
Revenue from discontinued operations		52			1,460
Other real estate income		3,122			3,002
Other interest income		228			71
Total real estate revenue	$	22,604		$	23,120
Percentage of total adjusted revenue		48	%		53	%
Reconciliation of Total Revenue
Total revenue – as reported	$	57,372		$	44,681
Less: Reimbursed costs from affiliates (a)		(11,506	)		(3,475	)
Add: Other interest income		761			598
Add: Revenue from discontinued operations		52			1,460
Total Adjusted Revenue	$	46,679		$	43,264

(a) Total adjusted revenue excludes reimbursements of costs received from affiliated CPA^® REITs as they have no impact on net income. Includes wholesaling revenue earned in connection with CPA^®: 17 – Global’s initial public offering and is primarily offset by underwriting costs incurred in connection with the offering.

9

W. P. CAREY & CO. LLC

Revenue Stability Analysis (GAAP Modified) (Unaudited)

(in thousands)

	Three months ended March 31,
	2008					2007
	Revenue		%			Revenue		%
Revenue Type
Rents (a)	$	19,482				$	20,118
Management revenue (b)		20,659					15,561
Rents and Management Revenue		40,141		86	%		35,679		82	%
Structuring revenue (c)		3,416					4,583
Other real estate income		3,122					3,002
Structuring Revenue & Other Income		6,538		14	%		7,585		18	%
Total Adjusted Revenue	$	46,679		100	%	$	43,264		100	%

(a)	Rents = lease revenue (continuing operations) + revenue from discontinued operations + other interest income from real estate ownership.
(b)	Management revenue includes asset management revenue and interest income earned from CPA® REITs under management.
(c)	Structuring revenue includes structuring fees and deferred structuring fees.

10

W. P. CAREY & CO. LLC

Portfolio Debt Summary (Pro rata basis) (Unaudited)

March 31, 2008

						Outstanding
Tenant/Lease Guarantor / Percent Ownership	Rate Type	Interest Rate			Maturity Date	Balance
Self-Storage Credit Facility (a)	Variable		5.37	%	Dec-2008	$	35,517,559
Billipp Portfolio	Variable		6.17	%	Dec-2008		5,000,005
Orbital Sciences Corporation	Fixed		7.38	%	Jun-2009		12,437,421
US Airways Group, Inc. (75%)	Fixed		7.23	%	Aug-2009		15,490,929
The Retail Distribution Group, Inc. (40%)	Fixed		8.51	%	Sep-2009		2,214,819
Bell South Corporation	Fixed		8.11	%	Jan-2010		3,259,057
Hibbett Sports	Fixed		7.50	%	Apr-2010		4,621,825
Daimler Trucks North America LLC	Fixed		7.96	%	Jun-2010		5,821,115
Federal Express Corporation (40%)	Fixed		7.50	%	Jan-2011		16,484,895
AutoZone, Inc. – Series A	Fixed		6.85	%	Jan-2011		1,332,075
Childtime Childcare, Inc. (34%)	Fixed		7.50	%	Jan-2011		2,261,831
Information Resources, Inc. (33%)	Fixed		7.60	%	Jan-2011		7,587,764
Pioneer Credit Recovery, Inc.	Fixed		7.34	%	Jan-2011		5,537,318
AutoZone, Inc. – Series B	Fixed		6.85	%	Feb-2011		2,088,040
Career Education Corporation	Fixed		7.58	%	Jun-2011		6,894,458
24 Hour Fitness USA, Inc.	Fixed		7.50	%	Aug-2011		2,945,829
Sprint Spectrum, LP	Fixed		7.64	%	Aug-2011		8,187,047
Qwest Communications, Inc.	Fixed		7.50	%	Jun-2012		1,467,776
AutoZone, Inc. – Series C	Fixed		6.85	%	Aug-2012		899,726
BE Aerospace, Inc.	Fixed		6.11	%	Nov-2012		8,571,720
Faurecia Exhaust Systems, Inc.	Fixed		5.16	%	Nov-2012		2,549,160
Anthony’s Manufacturing Company	Fixed		5.11	%	Nov-2012		8,844,909
Alstom Power, Inc. and Werner Co.	Fixed		5.18	%	Dec-2012		10,265,581
AutoZone, Inc. – Series D	Fixed		6.85	%	Aug-2013		2,349,581
Carrefour France, S.A. (46%) (b)	Variable		5.55	%	Dec-2014		63,439,657
Lowe’s Home Improvement Warehouse	Fixed		4.87	%	Sep-2015		9,414,735
Bouygues Telecom, S.A. (Tours) (95%) (b)	Variable		3.86	%	Oct-2015		9,061,509
Dr. Pepper Bottling Co. of Texas	Fixed		5.13	%	Nov-2015		32,345,666
CheckFree Holdings, Inc. (50%)	Fixed		6.18	%	Jun-2016		15,000,000
Bouygues Telecom, S.A. (Illkirch-Graffenstaden) (75%) (b) (c)	Variable		5.01	%	Oct-2016		16,862,517
Consolidated Systems, Inc. (60%)	Fixed		5.87	%	Nov-2016		7,085,262
Western Union Financial Services, Inc.	Fixed		5.50	%	Jan-2017		6,000,000
Hellweg Die Profi-Baumärkte GmbH & Co KG (5%) (b)	Fixed		5.49	%	Jan-2017		16,863,655
SICOR, Inc. (50%)	Fixed		6.20	%	Jul-2017		17,675,000

11

W. P. CAREY & CO. LLC

Portfolio Debt Summary (Pro rata basis) (Unaudited)

March 31, 2008

						Outstanding
Tenant/Lease Guarantor / Percent Ownership	Rate Type	Interest Rate			Maturity Date	Balance
Medica France, S.A. (46%) (b)	Fixed		5.63	%	Oct-2017	$	21,971,577
OBI Wroclaw	Variable		4.23	%	Mar-2018		10,393,240
Hologic, Inc. (36%)	Fixed		6.40	%	May-2023		5,763,021
Total Non-Recourse Debt			5.95%	(b)		$	404,506,279
Unsecured Credit Facility	Variable		3.69	%	Jun-2011	$	78,800,000
Total Debt			5.58%	(b)		$	483,306,279
Fixed rate debt						$	264,231,792
Variable rate debt						$	219,074,487

(a)	Facility includes an option to extend for three consecutive one-year periods. LIBOR capped at 4.75% through December 2008.
(b)	Debt balance calculated using an exchange rate of 1.5800 USD/EUR as of March 31, 2008.
(c)	Reflects weighted average interest rate for the applicable debt.

12

W. P. CAREY & CO. LLC

2008 Investments Update (Unaudited)

As of March 31, 2008

	Tenant/Lease	Property	Purchase Price				Gross Square
Portfolio(s)	Guarantor	Location(s)	(000s)		Closing Date	Property Type	Footage
Investment Management Activity
CPA®:16 - Global	Briggs Nursery, LLC	Elma, WA	$	6,545	Feb-08	Industrial		77,775
CPA®:16 - Global	Best Brands	Colton, CA; Dallas, TX; Bonner Springs, KS; Eagan, MN		50,760	Mar-08	Industrial		795,379
Total Investment Management Acquisitions				57,305				873,154
Total Acquisitions			$	57,305				873,154

13

W. P. CAREY & CO. LLC

Portfolio Diversification Analysis by Rent (GAAP Modified) (Unaudited)

March 31, 2008

						Percentage of
Top Ten Tenants/Lease Guarantors	Annualized Rent (Pro Rata)		Percentage of Total Annualized Rent (Pro Rata)			Total Adjusted Revenue (a)
Carrefour France, S.A. – France	$	10,508,984		10	%		6	%
Bouygues Telecom, S.A. – France		5,217,667		5	%		3	%
Dr. Pepper Bottling Co. of Texas		4,746,519		5	%		3	%
Daimler Trucks North America LLC		4,634,253		5	%		2	%
Medica France S.A. – France		3,442,456		3	%		2	%
Federal Express Corporation		3,046,177		3	%		2	%
Orbital Sciences Corporation		3,022,947		3	%		2	%
US Airways Group, Inc.		2,837,889		3	%		2	%
Titan Corporation		2,706,799		3	%		1	%
Schuler A.G. – Germany		2,575,716		3	%		1	%
	$	42,739,407

(a) Total Adjusted Revenue = Total revenue as reported, less reimbursed costs from affiliates, plus other interest income, plus revenue from discontinued operations.

14

W. P. CAREY & CO. LLC

Portfolio Diversification Analysis by Property Type (Unaudited)

March 31, 2008

Property Type	Square Footage(a)		Percent
Industrial		8,654,935		50	%
Warehouse/Distribution		5,105,685		29	%
Office		2,029,908		12	%
Retail		1,125,347		6	%
Other Properties (c)		363,271		2	%
Hospitality		158,000		1	%
Total (d)		17,437,146		100	%

Property Type	Annualized Rent(b)		Percent
Industrial	$	36,716,371		36	%
Office		29,257,787		28	%
Warehouse/Distribution		22,771,800		22	%
Other Properties (c)		6,822,331		7	%
Retail		6,176,809		6	%
Hospitality		1,200,000		1	%
Total (d)	$	102,945,098		100	%

(a)	Square footage for jointly owned properties shown on a pro rata basis.
(b)	Rents reflect current annualized rents on a pro rata basis.
(c)	Reflects properties used for health care; education, child care and social services; leisure, amusement and recreation; unoccupied land.
(d)	Excludes our investment in 13 domestic self-storage properties totaling approximately 0.9 million square feet as of March 31, 2008.

15

W. P. CAREY & CO. LLC

Portfolio Diversification Analysis by Tenant Industry (Unaudited)

March 31, 2008

	Annualized		Percentage of
Industry Type (a)	Rent(b)		Annualized Rent
Retail Stores	$	17,440,742		17	%
Business and Commercial Services		11,100,285		11	%
Telecommunications		10,989,755		11	%
Healthcare, Education and Childcare		9,484,261		9	%
Electronics		6,871,361		7	%
Automobile		5,283,706		5	%
Beverages, Food, and Tobacco		5,141,050		5	%
Aerospace and Defense		4,894,813		5	%
Forest Products and Paper		4,418,376		4	%
Consumer Non-durable Goods		3,619,604		3	%
Machinery		3,346,217		3	%
Transportation – Cargo		3,083,377		3	%
Transportation – Personal		2,995,089		3	%
Consumer and Durable Goods		2,175,819		2	%
Media: Printing and Publishing		1,940,625		2	%
Mining, Metals, and Primary Metal Industries		1,859,659		2	%
Chemicals, Plastics, Rubber, and Glass		1,749,997		2	%
Hotels and Gaming		1,209,000		1	%
Federal, State and Local Government		1,170,000		1	%
Construction and Building		1,139,591		1	%
Textiles, Leather, and Apparel		978,153		1	%
Leisure, Amusement, Entertainment		876,485		1	%
Other (c)		1,177,133		1	%
Total (d)	$	102,945,098		100	%

(a)	Based on the Moody’s Classification System and information provided by the tenant.
(b)	Rents reflect current annualized rents on a pro rata basis.
(c)	Reflects properties with tenants in the grocery and banking industries.
(d)	Excludes our investment in 13 domestic self-storage properties totaling approximately 0.9 million square feet as of March 31, 2008.

16

W. P. CAREY & CO. LLC

Portfolio Diversification Analysis by Geography (Unaudited)

March 31, 2008

Region	Square Footage (a)		Percent
South		5,015,925		29	%
Midwest		4,556,704		26	%
East		3,499,563		20	%
West		2,321,016		13	%
Europe		2,043,938		12	%
Total (c)		17,437,146		100	%

Region	Annualized Rent (b)		Percent
South	$	29,228,640		28	%
West		21,120,242		21	%
Midwest		17,892,761		17	%
East		11,833,173		12	%
Europe		22,870,282		22	%
Total (c)	$	102,945,098		100	%

(a)	Square footage for jointly owned properties shown on a pro rata basis.
(b)	Rents reflect current annualized rents on a pro rata basis.
(c)	Excludes our investment in 13 domestic self-storage properties totaling approximately 0.9 million square feet as of March 31, 2008.

17

W. P. CAREY & CO. LLC

Portfolio Lease Maturity Analysis (Unaudited)

March 31, 2008

			Percentage of
Year of Lease	Annualized		Total Annualized
Expiration(a)	Rents		Rent
2008 (b)		3,610,495		3	%
2009		11,101,108		11	%
2010		18,265,180		18	%
2011		18,479,887		18	%
2012		8,135,746		8	%
2013		7,327,295		7	%
2014		9,282,105		9	%
2015		3,499,141		3	%
2016		1,674,363		2	%
2017		2,403,225		2	%
2018		3,853,779		4	%
2019		4,448,150		4	%
2020		4,634,253		4	%
2021		—		0	%
2022		1,581,496		2	%
2023		—		0	%
2024		—		0	%
2025		1,125,459		1	%
2026		947,700		1	%
2027		2,575,716		3	%
Total (c)	$	102,945,098		100	%

Weighted Average Years to Maturity: 6.04

(a)	Assumes tenant does not exercise renewal option.
(b)	Month-to-month properties are counted in current year’s revenue stream.
(c)	Excludes our investment in 13 domestic self-storage properties totaling approximately 0.9 million square feet as of March 31, 2008.

18

W. P. CAREY & CO. LLC

Consolidated Balance Sheets (Unaudited)

(in thousands, except share amounts)

	March 31, 2008			December 31, 2007
				(NOTE)
Assets
Real estate, net	$	514,070		$	513,405
Net investment in direct financing leases		89,056			89,463
Equity investments in real estate and CPA® REITs		257,289			242,677
Operating real estate, net		74,243			73,189
Cash and cash equivalents		17,625			12,137
Due from affiliates		48,496			88,329
Intangible assets and goodwill, net		98,022			99,873
Other assets, net		27,287			34,211
Total assets	$	1,126,088		$	1,153,284
Liabilities and Members’ Equity
Liabilities:
Non-recourse debt	$	264,258		$	254,051
Unsecured credit facility		78,800			62,700
Accounts payable, accrued expenses and other liabilities		37,142			59,076
Income taxes, net		64,580			65,152
Distributions payable		19,032			29,222
Settlement provision		—			29,979
Total liabilities		463,812			500,180
Minority interest in consolidated entities		18,618			18,833
Commitments and contingencies
Members’ equity:
Listed shares, no par value, 100,000,000 shares authorized; 39,536,581 and 39,216,493 shares issued and outstanding, respectively		756,931			748,584
Distributions in excess of accumulated earnings		(119,341	)		(117,051	)
Accumulated other comprehensive income		6,068			2,738
Total members’ equity		643,658			634,271
Total liabilities and members’ equity	$	1,126,088		$	1,153,284

Note: The consolidated balance sheet at December 31, 2007 has been derived from the audited consolidated financial statements at that date.

19

W. P. CAREY & CO. LLC

Consolidated Statements of Income (Unaudited)

(in thousands, except share and per share amounts)

	Three months ended March 31,
	2008			2007
Revenues
Asset management revenue	$	20,126		$	15,034
Structuring revenue		3,416			4,583
Wholesaling revenue		1,140			—
Reimbursed costs from affiliates		10,366			3,475
Lease revenues		19,202			18,587
Other real estate income		3,122			3,002
		57,372			44,681
Operating Expenses
General and administrative		(15,413	)		(12,168	)
Reimbursable costs		(10,366	)		(3,475	)
Depreciation and amortization		(6,091	)		(6,735	)
Property expenses		(2,378	)		(1,118	)
Other real estate expenses		(2,069	)		(2,524	)
		(36,317	)		(26,020	)
Other Income and Expenses
Other interest income		761			598
Income from equity investments in real estate and CPA® REITs		4,711			2,438
Minority interest in income		(89	)		(277	)
Gain on sale of securities, foreign currency transactions and other, net		2,811			186
Interest expense		(5,043	)		(4,613	)
		3,151			(1,668	)
Income from continuing operations before income taxes		24,206			16,993
Provision for income taxes		(7,144	)		(6,379	)
Income from continuing operations		17,062			10,614
Discontinued Operations
Income from operations of discontinued properties		39			240
Minority interest in income		—			(54	)
Income from discontinued operations		39			186
Net Income	$	17,101		$	10,800
Basic Earnings Per Share
Income from continuing operations	$	0.44		$	0.28
Income from discontinued operations		—			—
Net income	$	0.44		$	0.28
Diluted Earnings Per Share
Income from continuing operations	$	0.43		$	0.27
Income from discontinued operations		—			—
Net income	$	0.43		$	0.27
Weighted Average Shares Outstanding
Basic		38,876,136			37,930,777
Diluted		40,202,798			39,851,353
Distributions Declared Per Share	$	0.482		$	0.462

20

W. P. CAREY & CO. LLC

Consolidated Statements of Cash Flows (Unaudited)

(in thousands)

	Three months ended March 31,
	2008			2007
Cash Flows – Operating Activities
Net income	$	17,101		$	10,800
Adjustments to reconcile net income to net cash provided by (used in) operating activities
Depreciation and amortization including intangible assets and deferred financing costs		6,588			7,308
Income from equity investments in real estate and CPA ® REITs in excess of distributions received		(1,321	)		(32	)
Minority interest in income		89			331
Straight-line rent adjustments		631			850
Management income received in shares of affiliates		(10,063	)		(8,467	)
Unrealized gain on foreign currency transactions, warrants and securities		(1,488	)		(160	)
Realized gain on foreign currency transactions		(1,323	)		(26	)
Stock-based compensation expense		2,106			923
Decrease in deferred acquisition revenue received		46,695			13,882
Increase in structuring revenue receivable		(1,672	)		(158	)
Decrease in income taxes, net		(608	)		(17,786	)
Decrease in settlement provision		(29,979	)		—
Net changes in other operating assets and liabilities		(15,997	)		(7,744	)
Net cash provided by (used in) operating activities		10,759			(279	)
Cash Flows – Investing Activities
Distributions received from equity investments in real estate and CPA ® REITs in excess of equity income		1,826			1,093
Capital contributions to equity investments		(513	)		—
Purchases of real estate and equity investments in real estate		(184	)		(27,710	)
Capital expenditures		(2,648	)		(3,881	)
VAT refunded on purchase of real estate		3,189			—
Funds released from escrow in connection with the sale of property		636			465
Payment of deferred acquisition revenue to affiliate		—			(536	)
Net cash provided by (used in) investing activities		2,306			(30,569	)
Cash Flows – Financing Activities
Distributions paid		(29,581	)		(17,484	)
Contributions from minority interests		558			206
Distributions to minority interests		(965	)		(577	)
Scheduled payments of mortgage principal		(2,295	)		(2,618	)
Proceeds from mortgages and credit facilities		81,937			54,059
Prepayments of mortgage principal and credit facilities		(55,763	)		(13,000	)
Repayment of loan from affiliates		(7,569	)		—
Payment of financing costs		(369	)		(69	)
Proceeds from issuance of shares		10,910			1,000
Excess tax benefits associated with stock-based compensation awards		466			487
Repurchase and retirement of shares		(5,134	)		—
Net cash (used in) provided by financing activities		(7,805	)		22,004
Change in Cash and Cash Equivalents During the Period
Effect of exchange rate changes on cash		228			36
Net increase (decrease) in cash and cash equivalents		5,488			(8,808	)
Cash and cash equivalents, beginning of period		12,137			22,108
Cash and cash equivalents, end of period	$	17,625		$	13,300

21

W. P. CAREY & CO. LLC

Detailed Property Summary (Unaudited)

March 31, 2008

Percentage of

Tenant/Lease Guarantor

Percent Ownership

Property Location

Property Type

Tenant Industry

Region

Square Footage

Annualized Rent

Total Rent

Increase Factor

Lease Expiration

Maximum Term

Carrefour France, SAS (a)

46%

Crepy en Valois, France

Warehouse/Distribution

Retail Stores

Europe

101,255

$

905,531

0.88

%

INSEE (2)

Dec-2011

Dec-2011

Carrefour France, S.A. (a)

46%

Crepy en Valois, France

Warehouse/Distribution

Retail Stores

Europe

152,374

1,362,700

1.32

%

INSEE (2)

Dec-2011

Dec-2011

Carrefour France, S.A. (a)

46%

Lens, France

Warehouse/Distribution

Retail Stores

Europe

126,933

1,103,494

1.07

%

INSEE (2)

Dec-2011

Dec-2011

Carrefour France, S.A. (a)

46%

Lens, France

Warehouse/Distribution

Retail Stores

Europe

2,599

22,591

0.02

%

INSEE (2)

Dec-2011

Dec-2011

Carrefour France, S.A. (a)

46%

Lens, France

Warehouse/Distribution

Retail Stores

Europe

4,349

37,807

0.04

%

INSEE (2)

Dec-2011

Dec-2011

Carrefour France, S.A. (a)

46%

Nîmes, France

Warehouse/Distribution

Retail Stores

Europe

134,945

968,620

0.94

%

INSEE (2)

Dec-2011

Dec-2011

Carrefour France, S.A. (a)

46%

Nîmes, France

Warehouse/Distribution

Retail Stores

Europe

2,554

18,333

0.02

%

INSEE (2)

Dec-2011

Dec-2011

Carrefour France, S.A. (a)

46%

Nîmes, France

Warehouse/Distribution

Retail Stores

Europe

596

4,281

0.00

%

INSEE (2)

Dec-2011

Dec-2011

Carrefour France, S.A. (a)

46%

Colomiers, France

Warehouse/Distribution

Retail Stores

Europe

174,272

1,400,044

1.36

%

INSEE (2)

Dec-2011

Dec-2011

Carrefour France, S.A. (a)

46%

Colomiers, France

Warehouse/Distribution

Retail Stores

Europe

60,296

484,400

0.47

%

INSEE (2)

Dec-2011

Dec-2011

Carrefour France, S.A. (a)

46%

Colomiers, France

Warehouse/Distribution

Retail Stores

Europe

7,524

60,447

0.06

%

INSEE (2)

Dec-2011

Dec-2011

Carrefour France, S.A. (a)

46%

Colomiers, France

Warehouse/Distribution

Retail Stores

Europe

2,899

23,290

0.02

%

INSEE (2)

Dec-2011

Dec-2011

Carrefour France, S.A. (a)

46%

Thuit Hebert, France

Warehouse/Distribution

Retail Stores

Europe

107,965

696,683

0.68

%

INSEE (2)

Dec-2011

Dec-2011

Carrefour France, S.A. (a)

46%

Thuit Hebert, France

Warehouse/Distribution

Retail Stores

Europe

68,481

441,898

0.43

%

INSEE (2)

Dec-2011

Dec-2011

Carrefour France, S.A. (a)

46%

Ploufragan, France

Warehouse/Distribution

Retail Stores

Europe

122,599

844,559

0.82

%

INSEE (2)

Dec-2011

Dec-2011

Carrefour France, S.A. (a)

46%

Cholet, France

Warehouse/Distribution

Retail Stores

Europe

99,268

725,276

0.70

%

INSEE (2)

Dec-2011

Dec-2011

Carrefour France, S.A. (a)

46%

Nîmes, France

Warehouse/Distribution

Retail Stores

Europe

177,797

1,409,030

1.37

%

INSEE (2)

Nov-2012

Nov-2012

Carrefour France, SAS Total

1,346,706

10,508,984

10.21

%

Bouygues Telecom, S.A.(a)

75%

Illkirch-Graffenstaden, France

Office

Telecommunications

Europe

80,729

3,180,667

3.09

%

INSEE (2)

Feb-2013

Feb-2013

Bouygues Telecom, S.A.(a)

95%

Tours, France

Office

Telecommunications

Europe

102,237

2,037,000

1.98

%

INSEE (2)

Sep-2009

Sep-2009

Bouygues Telecom, S.A. Total

182,966

5,217,667

5.07

%

Dr Pepper/Seven Up Bottling Group

100%

Irving, TX

Industrial

Beverages, Food, and Tobacco

South

459,497

2,879,237

2.80

%

CPI

Jun-2014

Jun-2014

Dr Pepper/Seven Up Bottling Group

100%

Houston, TX

Industrial

Beverages, Food, and Tobacco

South

262,450

1,867,282

1.81

%

CPI

Jun-2014

Jun-2014

Dr Pepper/Seven Up Bottling Group Total

721,947

4,746,519

4.61

%

Daimler Trucks North America LLC

100%

Detroit, MI

Industrial

Automobile

Midwest

2,730,750

4,634,253

4.50

%

PPI

Jun-2020

Jun-2030

Semacs S.A. (a)

46%

Chatou, France

Other

Healthcare, Education and Childcare

Europe

24,668

464,804

0.45

%

INSEE (2)

Jun-2010

Jun-2010

Semacs S.A. (a)

46%

Poissy, France

Other

Healthcare, Education and Childcare

Europe

24,593

508,380

0.49

%

INSEE (2)

Jun-2010

Jun-2010

Semacs S.A. (a)

46%

Rosny sous Bois, France

Other

Healthcare, Education and Childcare

Europe

21,847

430,670

0.42

%

INSEE (2)

Jun-2010

Jun-2010

Semacs S.A. (a)

46%

Paris, France

Other

Healthcare, Education and Childcare

Europe

24,771

653,631

0.63

%

INSEE (2)

Jun-2010

Jun-2010

Semacs S.A. (a)

46%

Rueil Malmaison, France

Other

Healthcare, Education and Childcare

Europe

23,815

615,139

0.60

%

INSEE (2)

Jun-2010

Jun-2010

Semacs S.A. (a)

46%

Sarcelles, France

Other

Healthcare, Education and Childcare

Europe

34,622

769,832

0.75

%

INSEE (2)

Jun-2010

Jun-2010

Semacs S.A. Total

154,316

3,442,456

3.34

%

Federal Express Corporation

40%

Collierville, TN

Office

Transportation - Cargo

South

39,038

694,185

0.67

%

CPI

Aug-2019

Nov-2029

Federal Express Corporation

40%

Collierville, TN

Office

Transportation - Cargo

South

39,038

694,185

0.67

%

CPI

Aug-2019

Nov-2029

Federal Express Corporation

40%

Collierville, TN

Office

Transportation - Cargo

South

39,038

694,185

0.67

%

CPI

Aug-2019

Nov-2029

Federal Express Corporation

40%

Collierville, TN

Office

Transportation - Cargo

South

39,038

694,185

0.67

%

CPI

Aug-2019

Nov-2029

Federal Express Corporation

100%

College Station, TX

Warehouse/Distribution

Transportation - Cargo

South

12,080

68,400

0.07

%

Fixed

Apr-2012

Apr-2017

Federal Express Corporation

100%

Corpus Christi, TX

Warehouse/Distribution

Transportation - Cargo

South

30,212

201,037

0.20

%

Fixed

May-2012

May-2017

Federal Express Corporation Total

198,444

3,046,177

2.96

%

Orbital Sciences Corporation

100%

Chandler, AZ

Industrial

Aerospace and Defense

West

335,307

3,022,947

2.94

%

CPI

Sep-2009

Sep-2029

US Airways Group, Inc.

75%

Tempe, AZ

Office

Transportation - Personal

West

167,913

2,837,889

2.76

%

CPI

Apr-2014

Nov-2029

The Titan Corporation

100%

San Diego, CA

Office

Electronics

West

166,403

2,706,799

2.63

%

CPI

Jul-2012

Jul-2017

Schuler AG (a)

33%

Göppingen, Germany

Industrial

Machinery

Europe

246,380

2,575,716

2.50

%

CPI

Oct-2027

Oct-2047

CheckFree Holdings, Inc.

50%

Norcross, GA

Office

Business and Commercial Services

South

50,063

945,443

0.92

%

CPI

Dec-2015

Dec-2030

CheckFree Holdings, Inc.

50%

Norcross, GA

Office

Business and Commercial Services

South

34,150

800,384

0.78

%

Other

Dec-2015

Dec-2030

CheckFree Holdings, Inc.

50%

Norcross, GA

Office

Business and Commercial Services

South

26,125

606,943

0.59

%

Other

Dec-2015

Dec-2030

CheckFree Holdings, Inc.

50%

Norcross, GA

Land

Business and Commercial Services

South

1

62,368

0.06

%

Other

Dec-2015

Dec-2030

CheckFree Holdings, Inc. Total

110,339

2,415,138

2.35

%

AutoZone, Inc.

100%

Decatur, AL

Retail

Retail Stores

South

5,400

44,620

0.04

%

None

Feb-2011

Feb-2026

AutoZone, Inc.

100%

Bessemer, AL

Retail

Retail Stores

South

5,400

32,158

0.03

%

None

Feb-2011

Feb-2026

AutoZone, Inc.

100%

Phenix City, AL

Retail

Retail Stores

South

5,400

44,620

0.04

%

None

Feb-2011

Feb-2026

AutoZone, Inc.

100%

Mobile, AL

Retail

Retail Stores

South

5,400

44,620

0.04

%

None

Feb-2011

Feb-2026

AutoZone, Inc.

100%

Chickasaw, AL

Retail

Retail Stores

South

5,400

43,414

0.04

%

None

Feb-2011

Feb-2026

AutoZone, Inc.

100%

Montgomery, AL

Retail

Retail Stores

South

5,400

43,414

0.04

%

None

Feb-2011

Feb-2026

AutoZone, Inc.

100%

Panama City, FL

Retail

Retail Stores

South

5,401

35,345

0.03

%

Fixed

Aug-2012

Dec-2037

AutoZone, Inc.

100%

Jacksonville, FL

Retail

Retail Stores

South

5,000

34,867

0.03

%

Fixed

Aug-2012

Dec-2037

AutoZone, Inc.

100%

Jacksonville, FL

Retail

Retail Stores

South

5,400

47,772

0.05

%

None

Aug-2013

Dec-2038

AutoZone, Inc.

100%

Jacksonville, FL

Retail

Retail Stores

South

5,400

54,379

0.05

%

None

Aug-2013

Dec-2038

AutoZone, Inc.

100%

Columbus, GA

Retail

Retail Stores

South

5,400

43,414

0.04

%

None

Feb-2011

Feb-2026

AutoZone, Inc.

100%

Albany, GA

Retail

Retail Stores

South

5,400

43,262

0.04

%

None

Aug-2013

Dec-2038

AutoZone, Inc.

100%

Brunswick, GA

Retail

Retail Stores

South

5,400

39,854

0.04

%

None

Aug-2013

Dec-2038

AutoZone, Inc.

100%

Augusta, GA

Retail

Retail Stores

South

5,400

34,138

0.03

%

None

Aug-2013

Dec-2038

AutoZone, Inc.

100%

Macon, GA

Retail

Retail Stores

South

5,400

49,503

0.05

%

None

Aug-2013

Dec-2038

22

Percentage of

Tenant/Lease Guarantor

Percent Ownership

Property Location

Property Type

Tenant Industry

Region

Square Footage

Annualized Rent

Total Rent

Increase Factor

Lease Expiration

Maximum Term

AutoZone, Inc.

100%

Collinsville, IL

Retail

Retail Stores

Midwest

5,400

36,178

0.04

%

None

Feb-2011

Feb-2026

AutoZone, Inc.

100%

Alton, IL

Retail

Retail Stores

Midwest

5,400

44,620

0.04

%

None

Feb-2011

Feb-2026

AutoZone, Inc.

100%

Wood River, IL

Retail

Retail Stores

Midwest

5,400

36,178

0.04

%

None

Feb-2011

Feb-2026

AutoZone, Inc.

100%

Belleville, IL

Retail

Retail Stores

Midwest

5,400

44,620

0.04

%

None

Feb-2011

Feb-2026

AutoZone, Inc.

100%

West Monroe, LA

Retail

Retail Stores

South

5,400

43,414

0.04

%

None

Feb-2011

Feb-2026

AutoZone, Inc.

100%

Baton Rouge, LA

Retail

Retail Stores

South

5,400

43,414

0.04

%

None

Feb-2011

Feb-2026

AutoZone, Inc.

100%

Lake Charles, LA

Retail

Retail Stores

South

6,480

43,414

0.04

%

None

Feb-2011

Feb-2026

AutoZone, Inc.

100%

Lake Charles, LA

Retail

Retail Stores

South

6,480

43,414

0.04

%

None

Feb-2011

Feb-2026

AutoZone, Inc.

100%

Baton Rouge, LA

Retail

Retail Stores

South

6,600

21,567

0.02

%

Fixed

Mar-2009

Mar-2024

AutoZone, Inc.

100%

Baton Rouge, LA

Retail

Retail Stores

South

5,401

23,124

0.02

%

Fixed

Apr-2009

Apr-2019

AutoZone, Inc.

100%

Hammond, LA

Retail

Retail Stores

South

6,480

40,121

0.04

%

Fixed

Aug-2012

Dec-2037

AutoZone, Inc.

100%

Maplewood, MO

Retail

Retail Stores

Midwest

6,480

43,414

0.04

%

None

Feb-2011

Feb-2026

AutoZone, Inc.

100%

Overland, MO

Retail

Retail Stores

Midwest

6,480

43,414

0.04

%

None

Feb-2011

Feb-2026

AutoZone, Inc.

100%

St. Louis, MO

Retail

Retail Stores

Midwest

5,400

36,178

0.04

%

None

Feb-2011

Feb-2026

AutoZone, Inc.

100%

Breckenridge, MO

Retail

Retail Stores

Midwest

5,400

44,151

0.04

%

None

Feb-2011

Feb-2026

AutoZone, Inc.

100%

St. Peters, MO

Retail

Retail Stores

Midwest

5,400

48,957

0.05

%

Fixed

Aug-2012

Dec-2037

AutoZone, Inc.

100%

St. Peters, MO

Retail

Retail Stores

Midwest

6,660

48,718

0.05

%

Fixed

Aug-2012

Dec-2037

AutoZone, Inc.

100%

Gastonia, NC

Retail

Retail Stores

East

5,400

52,149

0.05

%

None

Jan-2011

Feb-2026

AutoZone, Inc.

100%

Charlotte, NC

Retail

Retail Stores

East

5,400

42,283

0.04

%

None

Jan-2011

Feb-2026

AutoZone, Inc.

100%

Statesville, NC

Retail

Retail Stores

East

5,400

50,739

0.05

%

None

Jan-2011

Feb-2026

AutoZone, Inc.

100%

Lenoir, NC

Retail

Retail Stores

East

5,400

50,739

0.05

%

None

Jan-2011

Feb-2026

AutoZone, Inc.

100%

Shelby, NC

Retail

Retail Stores

East

6,660

30,807

0.03

%

Fixed

Aug-2012

Dec-2037

AutoZone, Inc.

100%

Kannapolis, NC

Retail

Retail Stores

East

6,408

24,069

0.02

%

Fixed

Oct-2010

Oct-2025

AutoZone, Inc.

100%

Morgantown, NC

Retail

Retail Stores

East

5,400

19,451

0.02

%

Fixed

Oct-2010

Aug-2019

AutoZone, Inc.

100%

Albuquerque, NM

Retail

Retail Stores

West

5,400

54,642

0.05

%

None

Aug-2013

Dec-2038

AutoZone, Inc.

100%

Farmington, NM

Retail

Retail Stores

West

5,400

41,479

0.04

%

None

Aug-2013

Dec-2038

AutoZone, Inc.

100%

Lexington, SC

Retail

Retail Stores

East

5,400

50,079

0.05

%

None

Aug-2013

Dec-2038

AutoZone, Inc.

100%

East Ridge, TN

Retail

Retail Stores

South

6,480

20,602

0.02

%

Fixed

Oct-2013

Oct-2023

AutoZone, Inc.

100%

Knoxville, TN

Retail

Retail Stores

South

6,660

23,008

0.02

%

Fixed

May-2009

May-2024

AutoZone, Inc.

100%

Austin, TX

Retail

Retail Stores

South

4,000

31,321

0.03

%

None

Jan-2011

Feb-2026

AutoZone, Inc.

100%

Waco, TX

Retail

Retail Stores

South

4,800

37,585

0.04

%

None

Jan-2011

Feb-2026

AutoZone, Inc.

100%

Corpus Christi, TX

Retail

Retail Stores

South

6,600

51,679

0.05

%

None

Jan-2011

Feb-2026

AutoZone, Inc.

100%

Corpus Christi, TX

Retail

Retail Stores

South

6,480

50,739

0.05

%

None

Jan-2011

Feb-2026

AutoZone, Inc.

100%

Victoria, TX

Retail

Retail Stores

South

6,480

50,739

0.05

%

None

Jan-2011

Feb-2026

AutoZone, Inc.

100%

San Antonio, TX

Retail

Retail Stores

South

5,400

42,283

0.04

%

None

Jan-2011

Feb-2026

AutoZone, Inc.

100%

Nederland, TX

Retail

Retail Stores

South

4,000

31,321

0.03

%

None

Jan-2011

Feb-2026

AutoZone, Inc.

100%

West Orange, TX

Retail

Retail Stores

South

4,000

31,321

0.03

%

None

Jan-2011

Feb-2026

AutoZone, Inc.

100%

Houston, TX

Retail

Retail Stores

South

5,400

53,488

0.05

%

None

Aug-2013

Dec-2038

AutoZone, Inc.

100%

San Antonio, TX

Retail

Retail Stores

South

5,400

55,795

0.05

%

None

Aug-2013

Dec-2038

AutoZone, Inc. Total

302,230

2,216,594

2.15

%

Bell South Entertainment, Inc.

100%

Ft. Lauderdale, FL

Warehouse/Distribution

Telecommunications

South

80,450

611,472

0.59

%

Fixed

Jun-2009

Jun-2019

BellSouth Telecommunications, Inc.

100%

Lafayette, LA

Office

Telecommunications

South

66,846

1,351,150

1.31

%

Fixed

Dec-2009

Dec-2039

BellSouth Corporation Total

147,296

1,962,622

1.91

%

Quebecor Printing USA

100%

Doraville, GA

Industrial

Media: Printing and Publishing

South

432,559

1,940,625

1.89

%

CPI

Dec-2009

Dec-2034

Lucent Technologies, Inc.

100%

Charlotte, NC

Industrial

Electronics

East

568,670

1,918,333

1.86

%

Fixed

Mar-2010

Mar-2016

Career Education Corporation

100%

Mendota Heights, MN

Other

Healthcare, Education and Childcare

Midwest

136,400

1,892,831

1.84

%

Fixed

May-2011

May-2019

Information Resources, Inc.

33%

Chicago, IL

Office

Business and Commercial Services

Midwest

30,797

683,141

0.66

%

CPI

Oct-2013

Oct-2023

Information Resources, Inc.

33%

Chicago, IL

Office

Business and Commercial Services

Midwest

53,195

1,179,801

1.15

%

CPI

Oct-2013

Oct-2015

Information Resources, Inc. Total

83,992

1,862,942

1.81

%

Pharmaco International, Inc.

100%

Austin, TX

Industrial

Business and Commercial Services

South

65,160

639,282

0.62

%

CPI

Nov-2010

Nov-2030

Pharmaco International, Inc.

100%

Austin, TX

Warehouse/Distribution

Business and Commercial Services

South

17,588

181,889

0.18

%

CPI

Nov-2010

Nov-2030

Pharmaco International, Inc.

100%

Austin, TX

Office

Business and Commercial Services

South

8,500

92,480

0.09

%

CPI

Nov-2010

Nov-2030

Pharmaco International, Inc.

100%

Austin, TX

Office

Business and Commercial Services

South

8,525

92,765

0.09

%

CPI

Nov-2010

Nov-2030

Pharmaco International, Inc.

100%

Austin, TX

Office

Business and Commercial Services

South

8,500

92,480

0.09

%

CPI

Nov-2010

Nov-2030

Pharmaco International, Inc.

100%

Austin, TX

Office

Business and Commercial Services

South

40,560

413,825

0.40

%

CPI

Nov-2010

Nov-2030

Pharmaco International, Inc.

100%

Austin, TX

Office

Business and Commercial Services

South

24,603

260,867

0.25

%

CPI

Nov-2010

Nov-2030

Pharmaco International, Inc. Total

173,436

1,773,588

1.72

%

Sybron Dental Specialties, Inc.

100%

Romulus, MI

Industrial

Healthcare, Education and Childcare

Midwest

220,000

1,281,052

1.24

%

CPI

Dec-2018

Dec-2043

Sybron Dental Specialties, Inc.

100%

Glendora, CA

Office

Healthcare, Education and Childcare

West

25,000

489,246

0.48

%

CPI

Dec-2018

Dec-2043

Sybron Dental Specialties, Inc. Total

245,000

1,770,298

1.72

%

Unisource Worldwide, Inc.

100%

Anchorage, AK

Warehouse/Distribution

Forest Products and Paper

West

44,712

344,803

0.33

%

Fixed

Dec-2009

Dec-2029

Unisource Worldwide, Inc.

100%

Commerce, CA

Warehouse/Distribution

Forest Products and Paper

West

411,561

1,422,080

1.38

%

Fixed

Apr-2010

Apr-2030

Unisource Worldwide, Inc. Total

456,273

1,766,883

1.72

%

Brodart Company

100%

Williamsport, PA

Industrial

Consumer Non-durable Goods

East

309,030

1,015,205

0.99

%

CPI

Jun-2008

Jun-2028

Brodart Company

100%

Williamsport, PA

Industrial

Consumer Non-durable Goods

East

212,210

705,481

0.69

%

CPI

Jun-2008

Jun-2028

Brodart Company Total

521,240

1,720,686

1.67

%

Fiskars Brands, Inc.

100%

Apopka, FL

Industrial

Chemicals, Plastics, Rubber, and Glass

South

260,160

1,192,284

1.16

%

CPI

Mar-2010

Mar-2035

Fiskars Brands, Inc.

100%

Apopka, FL

Industrial

Chemicals, Plastics, Rubber, and Glass

South

109,377

501,237

0.49

%

CPI

Mar-2010

Mar-2035

Fiskars Brands, Inc.

100%

Apopka, FL

Industrial

Chemicals, Plastics, Rubber, and Glass

South

5,292

24,220

0.02

%

CPI

Mar-2010

Mar-2035

Fiskars Brands, Inc. Total

374,829

1,717,741

1.67

%

Amylin Pharmaceuticals/SICOR, Inc.

50%

San Diego, CA

Office

Healthcare, Education and Childcare

West

35,951

835,705

0.81

%

CPI

Jul-2019

Jul-2029

Amylin Pharmaceuticals/SICOR, Inc.

50%

San Diego, CA

Industrial

Healthcare, Education and Childcare

West

36,205

835,705

0.81

%

CPI

Jul-2019

Jul-2029

23

										Percentage of
Tenant/Lease Guarantor	Percent Ownership	Property Location	Property Type	Tenant Industry	Region	Square Footage		Annualized Rent		Total Rent			Increase Factor	Lease Expiration	Maximum Term
Amylin Pharmaceuticals/SICOR, Inc. Total							72,156		1,671,410		1.62	%
Cleo, Inc.	100%	Memphis, TN	Warehouse/Distribution	Forest Products and Paper	South		614,274		958,496		0.93	%	CPI	Dec-2010	Dec-2015
Cleo, Inc.	100%	Memphis, TN	Warehouse/Distribution	Forest Products and Paper	South		391,896		611,504		0.59	%	CPI	Dec-2010	Dec-2015
Cleo, Inc. Total							1,006,170		1,570,000		1.53	%
BE Aerospace, Inc.	100%	Lenexa, KS	Industrial	Aerospace and Defense	Midwest		130,094		636,472		0.62	%	Fixed	Sep-2017	Sep-2037
BE Aerospace, Inc.	100%	Winston-Salem, NC	Warehouse/Distribution	Aerospace and Defense	East		90,800		255,968		0.25	%	Fixed	Sep-2017	Sep-2037
BE Aerospace, Inc.	100%	Winston-Salem, NC	Industrial	Aerospace and Defense	East		74,026		208,675		0.20	%	Fixed	Sep-2017	Sep-2037
BE Aerospace, Inc.	100%	Winston-Salem, NC	Industrial	Aerospace and Defense	East		50,200		141,515		0.14	%	Fixed	Sep-2017	Sep-2037
BE Aerospace, Inc.	100%	Winston-Salem, NC	Office	Aerospace and Defense	East		43,788		123,435		0.12	%	Fixed	Sep-2017	Sep-2037
BE Aerospace, Inc.	100%	Winston-Salem, NC	Industrial	Aerospace and Defense	East		15,402		43,420		0.04	%	Fixed	Sep-2017	Sep-2037
BE Aerospace, Inc.	100%	Dallas, TX	Industrial	Aerospace and Defense	South		22,680		121,233		0.12	%	Fixed	Sep-2017	Sep-2037
BE Aerospace, Inc. Total							426,990		1,530,718		1.49	%
Sears Logistics Services, Inc.	100%	Jacksonville, FL	Warehouse/Distribution	Consumer Non-durable Goods	South		240,000		1,454,918		1.41	%	None	Jun-2008	Jun-2008
Lowe’s Home Improvement Warehouse	100%	Bellevue, WA	Retail	Retail Stores	West		143,352		1,440,412		1.40	%	CPI	Aug-2018	Aug-2018
Sprint Spectrum, L.P.	100%	Rio Rancho, NM	Office	Telecommunications	West		94,730		1,424,561		1.38	%	Fixed	May-2011	May-2021
AT&T Corporation	100%	Bridgeton, MO	Industrial	Telecommunications	Midwest		85,510		1,307,706		1.27	%	Fixed	Sep-2011	Jun-2021
Radisson Hotels International, Inc.	100%	Livonia, MI	Hospitality	Hotels and Gaming	Midwest		158,000		1,200,000		1.17	%	Fixed	Jan-2012	Jan-2012
Hologic, Inc.	36%	Danbury, CT	Industrial	Electronics	East		22,335		221,263		0.21	%	CPI	Aug-2022	Aug-2042
Hologic, Inc.	36%	Bedford, MA	Industrial	Electronics	East		74,520		972,818		0.94	%	CPI	Aug-2022	Aug-2042
Hologic, Inc. Total							96,855		1,194,081		1.16	%
Omnicom Group, Inc.	100%	Venice, CA	Office	Business and Commercial Services	West		77,719		1,193,661		1.16	%	Other	Sep-2010	Sep-2030
United States Postal Service	100%	Bloomingdale, IL	Office	Federal, State and Local Government	Midwest		60,000		1,170,000		1.14	%	Fixed	Apr-2011	Apr-2011
OBI Group (a)	100%	Wroclaw, Poland	Retail	Retail Stores	Europe		113,570		1,125,459		1.09	%	CPI	Dec-2025	Dec-2040
Lockheed Martin Corporation	100%	Webster, TX	Industrial	Business and Commercial Services	South		30,176		294,216		0.29	%	Fixed	Jun-2010	Jun-2013
Lockheed Martin Corporation	100%	King of Prussia, PA	Office	Business and Commercial Services	East		88,578		819,347		0.80	%	Fixed	Jul-2013	Jul-2023
Lockheed Martin Corporation Total							118,754		1,113,563		1.08	%
Anthony’s Manufacturing Company, Inc.	100%	San Fernando, CA	Industrial	Consumer and Durable Goods	West		39,920		238,343		0.23	%	Other	May-2012	May-2012
Anthony’s Manufacturing Company, Inc.	100%	San Fernando, CA	Industrial	Consumer and Durable Goods	West		95,420		569,819		0.55	%	Other	May-2012	May-2012
Anthony’s Manufacturing Company, Inc.	100%	San Fernando, CA	Industrial	Consumer and Durable Goods	West		7,220		43,127		0.04	%	Other	May-2012	May-2012
Anthony’s Manufacturing Company, Inc.	100%	San Fernando, CA	Industrial	Consumer and Durable Goods	West		40,285		240,527		0.23	%	Other	May-2012	May-2012
Anthony’s Manufacturing Company, Inc. Total							182,845		1,091,816		1.06	%
Werner Co.	100%	Erlanger, KY	Warehouse/Distribution	Consumer and Durable Goods	East		409,600		797,040		0.77	%	Fixed	Jul-2015	Jul-2021
Werner Co.	100%	Erlanger, KY	Warehouse/Distribution	Consumer and Durable Goods	East		162,604		286,963		0.28	%	Fixed	Jul-2015	Jul-2021
Werner Co. Total							572,204		1,084,003		1.05	%
United Space Alliance, LLC	100%	Webster, TX	Industrial	Business and Commercial Services	South		5,856		63,245		0.06	%	None	Sep-2010	Sep-2011
United Space Alliance, LLC	100%	Webster, TX	Industrial	Business and Commercial Services	South		38,150		412,020		0.40	%	None	Sep-2010	Sep-2011
United Space Alliance, LLC	100%	Webster, TX	Industrial	Business and Commercial Services	South		2,044		22,075		0.02	%	None	Sep-2010	Sep-2011
United Space Alliance, LLC	100%	Webster, TX	Warehouse/Distribution	Business and Commercial Services	South		91,800		572,832		0.56	%	None	Sep-2010	Sep-2012
United Space Alliance LLC Total							137,850		1,070,172		1.04	%
United Stationers Supply Company	100%	New Orleans, LA	Warehouse/Distribution	Forest Products and Paper	South		59,000		366,539		0.36	%	CPI	Mar-2010	Mar-2030
United Stationers Supply Company	100%	Memphis, TN	Warehouse/Distribution	Forest Products and Paper	South		75,000		317,385		0.31	%	CPI	Mar-2010	Mar-2030
United Stationers Supply Company	100%	San Antonio, TX	Warehouse/Distribution	Forest Products and Paper	South		63,098		350,913		0.34	%	CPI	Mar-2010	Mar-2030
United Stationers Supply Company Total							197,098		1,034,837		1.01	%
Cree Microwave, LLC	100%	Sunnyvale, CA	Industrial	Electronics	West		50,311		1,026,297		1.00	%	CPI	Nov-2011	Nov-2026
Swat-Fame, Inc.	100%	City of Industry, CA	Industrial	Textiles, Leather, and Apparel	West		233,205		978,153		0.95	%	CPI	Dec-2010	Dec-2020
Consolidated Systems, Inc.	60%	Columbia, SC	Office	Mining, Metals, and Primary Metal Industries	East		24,459		68,424		0.07	%	Fixed	Oct-2026	Oct-2046
Consolidated Systems, Inc.	60%	Columbia, SC	Industrial	Mining, Metals, and Primary Metal Industries	East		294,249		823,165		0.80	%	Fixed	Oct-2026	Oct-2046
Consolidated Systems, Inc.	60%	Columbia, SC	Warehouse/Distribution	Mining, Metals, and Primary Metal Industries	East		13,792		38,582		0.04	%	Fixed	Oct-2026	Oct-2046
Consolidated Systems, Inc.	60%	Columbia, SC	Warehouse/Distribution	Mining, Metals, and Primary Metal Industries	East		6,266		17,529		0.02	%	Fixed	Oct-2026	Oct-2046
Consolidated Systems, Inc. Total							338,766		947,700		0.92	%
Hibbett Sporting Goods, Inc.	100%	Birmingham, AL	Warehouse/Distribution	Retail Stores	South		219,312		876,900		0.85	%	CPI	Dec-2014	Dec-2029
24 Hour Fitness USA, Inc.	100%	Austin, TX	Other	Leisure, Amusement, Entertainment	South		43,935		872,507		0.85	%	CPI	Jun-2017	Jun-2033
NVR, Inc.	100%	Thurmont, MD	Industrial	Construction and Building	East		150,468		687,992		0.67	%	CPI	Mar-2014	Mar-2030
NVR, Inc.	100%	Farmington, NY	Industrial	Construction and Building	East		29,273		132,805		0.13	%	CPI	Mar-2014	Mar-2030
NVR, Inc. Total							179,741		820,797		0.80	%
Deloro Satellite Company, Inc.	100%	Goshen, IN	Industrial	Mining, Metals, and Primary Metal Industries	Midwest		52,000		643,069		0.62	%	Fixed	Feb-2018	Feb-2023
Western Union Financial Services, Inc.	100%	Bridgeton, MO	Office	Banking	Midwest		78,080		637,133		0.62	%	Fixed	Nov-2016	Nov-2026

24

										Percentage of
Tenant/Lease Guarantor	Percent Ownership	Property Location	Property Type	Tenant Industry	Region	Square Footage		Annualized Rent		Total Rent			Increase Factor	Lease Expiration	Maximum Term
Alcoa, Inc.	100%	Salisbury, NC	Warehouse/Distribution	Machinery	East		244,000		589,558		0.57	%	Fixed	Jun-2010	Jun-2020
Wal-Mart Stores, Inc.	100%	Greenfield, IN	Warehouse/Distribution	Retail Stores	Midwest		82,620		567,745		0.55	%	None	Jan-2010	Jan-2020
Vertafore, Inc.	100%	College Station, TX	Office	Telecommunications	South		52,552		548,741		0.53	%	Fixed	Dec-2009	Dec-2015
Childtime Childcare, Inc.	34%	Chandler, AZ	Other Properties	Healthcare, Education and Childcare	West		2,026		35,254		0.03	%	CPI	Jan-2016	Jan-2041
Childtime Childcare, Inc.	34%	Tucson, AZ	Other Properties	Healthcare, Education and Childcare	West		2,165		36,751		0.04	%	CPI	Jan-2016	Jan-2041
Childtime Childcare, Inc.	34%	Alhambra, CA	Other Properties	Healthcare, Education and Childcare	West		2,262		53,011		0.05	%	CPI	Jan-2016	Jan-2041
Childtime Childcare, Inc.	34%	Chino, CA	Other Properties	Healthcare, Education and Childcare	West		2,166		46,300		0.04	%	CPI	Jan-2016	Jan-2041
Childtime Childcare, Inc.	34%	Garden Grove, CA	Other Properties	Healthcare, Education and Childcare	West		2,848		45,526		0.04	%	CPI	Jan-2016	Jan-2041
Childtime Childcare, Inc.	34%	Tustin, CA	Other Properties	Healthcare, Education and Childcare	West		2,264		52,598		0.05	%	CPI	Jan-2016	Jan-2041
Childtime Childcare, Inc.	34%	Westland, MI	Other Properties	Healthcare, Education and Childcare	Midwest		2,472		26,376		0.03	%	CPI	Jan-2016	Jan-2041
Childtime Childcare, Inc.	34%	Westland, MI	Other Properties	Healthcare, Education and Childcare	Midwest		2,787		34,583		0.03	%	CPI	Jan-2016	Jan-2041
Childtime Childcare, Inc.	34%	Canton, MI	Other Properties	Healthcare, Education and Childcare	Midwest		2,311		47,797		0.05	%	CPI	Jan-2016	Jan-2041
Childtime Childcare, Inc.	34%	Carrollton, TX	Other Properties	Healthcare, Education and Childcare	South		2,438		45,991		0.04	%	CPI	Jan-2016	Jan-2041
Childtime Childcare, Inc.	34%	Duncanville, TX	Other Properties	Healthcare, Education and Childcare	South		2,438		45,991		0.04	%	CPI	Jan-2016	Jan-2041
Childtime Childcare, Inc.	34%	Lewisville, TX	Other Properties	Healthcare, Education and Childcare	South		2,440		45,991		0.04	%	CPI	Jan-2016	Jan-2041
Childtime Childcare, Inc. Total							28,617		516,169		0.50	%
Jada Toys, Inc.	100%	City of Industry, CA	Industrial	Consumer Non-durable Goods	West		92,595		444,000		0.43	%	Fixed	Apr-2012	Apr-2017
Alstom Power	100%	Erlanger, KY	Warehouse/Distribution	Business and Commercial Services	East		197,400		443,370		0.43	%	Fixed	May-2013	May-2013
Affiliated Foods Southwest, Inc.	100%	Hope, AR	Retail	Grocery	South		35,784		75,144		0.07	%	CPI	Mar-2012	Mar-2037
Affiliated Foods Southwest, Inc.	100%	Little Rock, AR	Retail	Grocery	South		21,932		34,745		0.03	%	CPI	Mar-2012	Mar-2022
Affiliated Foods Southwest, Inc.	100%	Little Rock, AR	Retail	Grocery	South		64,358		295,611		0.29	%	Fixed	Jan-2009	Jan-2024
Affiliated Foods Southwest, Inc. Total							122,074		405,500		0.39	%
The Retail Distribution Group, Inc.	40%	Grand Rapids, MI	Warehouse/Distribution	Beverages, Food, and Tobacco	Midwest		71,784		394,531		0.38	%	Fixed	Aug-2009	Aug-2013
Kmart Corporation	100%	Citrus Heights, CA	Retail	Retail Stores	West		89,760		180,000		0.17	%	None	May-2011	May-2026
Kmart Corporation	100%	Drayton Plains, MI	Retail	Retail Stores	Midwest		103,018		210,000		0.20	%	None	Mar-2011	Mar-2026
Kmart Corporation Total							192,778		390,000		0.38	%
Faurecia Exhaust Systems	100%	Toledo, OH	Office	Automobile	Midwest		61,000		387,415		0.38	%	CPI	Nov-2022	Nov-2022
Petrocon Engineering, Inc.	100%	Beaumont, TX	Office	Business and Commercial Services	South		8,580		76,362		0.07	%	Fixed	Dec-2011	Dec-2014
Petrocon Engineering, Inc.	100%	Beaumont, TX	Office	Business and Commercial Services	South		34,300		304,584		0.30	%	Fixed	Dec-2011	Dec-2014
Petrocon Engineering, Inc. Total							42,880		380,946		0.37	%
Pioneer Credit Recovery, Inc.	100%	Moorestown, NJ	Office	Business and Commercial Services	East		30,000		345,000		0.34	%	Fixed	Apr-2012	Apr-2018
S&ME, Inc.	100%	Raleigh, NC	Office	Business and Commercial Services	East		27,770		308,940		0.30	%	Fixed	Jul-2016	Jul-2026
The Roof Center, Inc.	100%	Manassas, VA	Industrial	Construction and Building	East		60,446		289,391		0.28	%	Fixed	Jul-2009	Jul-2009
Qwest Communications, Inc.	100%	Scottsdale, AZ	Industrial	Telecommunications	West		2,900		178,358		0.17	%	Fixed	Feb-2012	Feb-2017
Qwest Communications, Inc.	100%	Scottsdale, AZ	Industrial	Telecommunications	West		1,560		95,946		0.09	%	Fixed	Feb-2012	Feb-2017
Qwest Communications, Inc. Total							4,460		274,304		0.27	%
Penberthy, Inc.	100%	Prophetstown, IL	Industrial	Mining, Metals, and Primary Metal Industries	Midwest		161,878		268,890		0.26	%	CPI	Apr-2011	Apr-2026
Honeywell International, Inc.	100%	Houston, TX	Warehouse/Distribution	Aerospace and Defense	South		32,320		228,828		0.22	%	None	Sep-2010	Sep-2010
Honeywell International, Inc.	100%	Houston, TX	Land	Aerospace and Defense	South		1		36,000		0.03	%	None	Sep-2010	Sep-2010
Honeywell International, Inc. Total							32,321		264,828		0.26	%
Tubular Metal Systems	100%	Pinconning, MI	Industrial	Automobile	Midwest		220,588		254,538		0.25	%	CPI	Jul-2013	Dec-2022
Bell Atlantic Corporation	100%	Milton, VT	Industrial	Telecommunications	East		30,624		221,438		0.22	%	Fixed	Feb-2013	Feb-2013
Ace Hardware	100%	Houston, TX	Retail	Retail Stores	South		23,569		212,121		0.21	%	Fixed	Mar-2016	Mar-2026
Xerox Corporation	100%	Hot Springs, AR	Retail	Machinery	South		36,850		176,143		0.17	%	Fixed	May-2011	May-2021
Continental Airlines, Inc.	100%	Houston, TX	Warehouse/Distribution	Transportation - Personal	South		25,125		157,200		0.15	%	Fixed	Jul-2008	Jul-2008
Winn-Dixie Stores, Inc.	100%	Brewton, AL	Retail	Grocery	South		30,625		134,500		0.13	%	None	Oct-2010	Oct-2030
Golder Associates Inc.	100%	Houston, TX	Office	Business and Commercial Services	South		3,330		30,768		0.03	%	Fixed	Oct-2010	Oct-2020
Golder Associates Inc.	100%	Houston, TX	Office	Business and Commercial Services	South		8,066		74,760		0.07	%	None	Oct-2010	Oct-2020
Golder Associates Inc. Total							11,396		105,528		0.10	%
Custom Training Group, Inc.	100%	Houston, TX	Office	Healthcare, Education and Childcare	South		7,248		58,200		0.06	%	Fixed	Dec-2008	Dec-2011
Custom Training Group, Inc.	100%	Houston, TX	Office	Healthcare, Education and Childcare	South		4,456		41,172		0.04	%	None	Dec-2008	Dec-2008
Custom Training Group, Inc. Total							11,704		99,372		0.10	%
The Boeing Company	100%	Houston, TX	Warehouse/Distribution	Aerospace and Defense	South		10,960		76,320		0.07	%	Fixed	Jan-2009	Jan-2013
Bike Barn Holding Company, Inc.	100%	Houston, TX	Retail	Retail Stores	South		6,216		71,280		0.07	%	Fixed	Aug-2010	Aug-2015

25

Percentage of

Tenant/Lease Guarantor

Percent Ownership

Property Location

Property Type

Tenant Industry

Region

Square Footage

Annualized Rent

Total Rent

Increase Factor

Lease Expiration

Maximum Term

Kenyon International Emergency Services

100%

Houston, TX

Warehouse/Distribution

Healthcare, Education and Childcare

South

17,725

70,014

0.07

%

None

Oct-2009

Oct-2019

Raytheon Company

100%

Webster, TX

Industrial

Business and Commercial Services

South

9,138

65,796

0.06

%

Fixed

Jul-2010

Jul-2025

Olmsted Kirk Paper Company

100%

Beaumont, TX

Office

Forest Products and Paper

South

5,760

46,656

0.05

%

Fixed

Dec-2012

Dec-2012

Jerry Prater Trucking Incorporated

100%

Salisbury, NC

Industrial

Transportation - Cargo

East

13,284

37,200

0.04

%

Fixed

Sep-2008

Sep-2012

Mile High Sunrooms, LLC

100%

Broomfield, CO

Office

Chemicals, Plastics, Rubber, and Glass

West

4,162

32,256

0.03

%

Fixed

Apr-2009

Apr-2009

Cardinal Communications, Inc.

100%

Broomfield, CO

Office

Construction and Building

West

9,401

28,203

0.03

%

None

MTM

Oct-2008

G.T. of the Front Range

100%

Broomfield, CO

Office

Retail Stores

West

5,488

20,992

0.02

%

Fixed

Jun-2011

Jun-2011

Marathon System Service

100%

Broomfield, CO

Office

Electronics

West

2,283

14,680

0.01

%

None

Nov-2007

Nov-2007

Sundew Technologies (c)

100%

Broomfield, CO

Office

Business and Commercial Services

West

3,745

12,805

0.01

%

None

MTM

MTM

Appointment Quest

100%

Broomfield, CO

Office

Telecommunications

West

1,670

12,508

0.01

%

Fixed

May-2009

May-2009

RedCloud Telecom Products, Inc. (c)

100%

Broomfield, CO

Office

Telecommunications

West

2,093

12,000

0.01

%

Fixed

MTM

MTM

Aardvark Computer Services

100%

Broomfield, CO

Office

Electronics

West

3,069

11,171

0.01

%

None

Apr-2008

N/A

Rhino Linings

100%

Broomfield, CO

Office

Retail Stores

West

2,532

10,255

0.01

%

Fixed

Jun-2008

Jun-2008

Classic Cuisines Catering

100%

Bloomingdale, IL

Office

Hotels and Gaming

Midwest

1,000

9,000

0.01

%

None

Oct-2008

Oct-2008

Fine Art Mannequins, LLC (c)

100%

Broomfield, CO

Office

Business and Commercial Services

West

2,209

8,836

0.01

%

Other

MTM

Apr-2009

Pacific Mobile Diagnostics, Inc. (c)

100%

Broomfield, CO

Office

Healthcare, Education and Childcare

West

2,093

8,483

0.01

%

Fixed

MTM

MTM

AT&T Wireless Services (c)

100%

Broomfield, CO

Office

Telecommunications

West

730

8,208

0.01

%

Fixed

MTM

MTM

EarthRoamer.com (c)

100%

Broomfield, CO

Office

Automobile

West

7,500

7,500

0.01

%

None

MTM

MTM

Kempo First Foundation

100%

Broomfield, CO

Office

Healthcare, Education and Childcare

West

1,250

7,188

0.01

%

Fixed

Sep-2010

Sep-2011

Danseetoile Ballet

100%

Broomfield, CO

Office

Healthcare, Education and Childcare

West

1,510

6,040

0.01

%

Fixed

Sep-2009

Sep-2009

Photo Center (c)

100%

Hot Springs, AR

Retail

Machinery

South

340

4,800

0.00

%

None

MTM

MTM

Byron Jacquot (c)

100%

Broomfield, CO

Office

Leisure, Amusement, Entertainment

West

1,105

3,978

0.00

%

None

MTM

MTM

Tempered Air Services, Inc. (c)

100%

Broomfield, CO

Office

Construction and Building

West

1,200

1,200

0.00

%

None

MTM

MTM

Vacant

100%

Bloomingdale, IL

Office

N/A

Midwest

14,084

—

—

N/A

N/A

N/A

Vacant

100%

Bloomingdale, IL

Office

N/A

Midwest

36,967

—

—

N/A

N/A

N/A

Vacant

100%

Bloomingdale, IL

Office

N/A

Midwest

3,949

—

—

N/A

N/A

N/A

Vacant

100%

Broomfield, CO

Office

N/A

West

5,517

—

—

N/A

N/A

N/A

Vacant

100%

Broomfield, CO

Office

N/A

West

6,357

—

—

N/A

N/A

N/A

Vacant

100%

Broomfield, CO

Office

N/A

West

2,670

—

—

N/A

N/A

N/A

Vacant

100%

Broomfield, CO

Office

N/A

West

1,650

—

—

N/A

N/A

N/A

Vacant

100%

Broomfield, CO

Office

N/A

West

4,341

—

—

N/A

N/A

N/A

Vacant

100%

Broomfield, CO

Office

N/A

West

22,477

—

—

N/A

N/A

N/A

Vacant

100%

Broomfield, CO

Office

N/A

West

3,450

—

—

N/A

N/A

N/A

Vacant

100%

Broomfield, CO

Office

N/A

West

5,953

—

—

N/A

N/A

N/A

Vacant

100%

Chattanooga, TN

Industrial

N/A

South

242,317

—

—

N/A

N/A

N/A

Vacant

100%

Houston, TX

Office

N/A

South

7,306

—

—

N/A

N/A

N/A

Vacant

100%

Houston, TX

Office

N/A

South

5,632

—

—

N/A

N/A

N/A

Vacant

100%

Houston, TX

Office

N/A

South

7,860

—

—

N/A

N/A

N/A

Vacant

100%

Houston, TX

Office

N/A

South

5,742

—

—

N/A

N/A

N/A

Vacant

100%

Montgomery, AL

Retail

N/A

South

32,690

—

—

N/A

N/A

N/A

Vacant

100%

Moorestown, NJ

Office

N/A

East

35,567

—

—

N/A

N/A

N/A

Vacant

100%

Salisbury, NC

Warehouse/Distribution

N/A

East

43,000

—

—

N/A

N/A

N/A

Vacant

100%

Salisbury, NC

Office

N/A

East

10,681

—

—

N/A

N/A

N/A

Vacant

100%

San Leandro, CA

Land

N/A

West

1

—

—

N/A

N/A

N/A

Vacant

100%

Webster, TX

Industrial

N/A

South

23,214

—

—

N/A

N/A

N/A

Vacant

100%

West Mifflin, PA

Retail

N/A

East

121,053

—

—

N/A

N/A

N/A

Vacant Total

642,478

—

—

Grand Total (d)

17,437,146

$

102,945,098

100

%

(a)	Rents reflect a conversion rate of 1.5800 USD/EUR as of March 31, 2008.
(b)	INSEE construction index, an index published quarterly by the French Government.
(c)	Tenant is occupying property on a month-to-month (MTM) basis.
(d)	Excludes our investment in 13 domestic self-storage properties totaling approximately 0.9 million square feet as of March 31, 2008.

26