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 8, 2009

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	10020
(Address of Principal Executive Offices)	(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))

ITEM 7.01 Regulation FD Disclosure.

On May 8, 2009, the registrant made available supplemental information, the “Supplemental Operating and Financial Data,” concerning its operations and portfolio as of March 31, 2009. 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 as of March 31, 2009.

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 8, 2009	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, 2009

Important Disclosures About this Supplemental Package

As used in this supplemental package, the terms “the Company,” “we,” “us” and “our” include W. P. Carey & Co. LLC, its consolidated subsidiaries and predecessors, unless otherwise indicated.

Important Note Regarding Non-GAAP Financial Measures

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

Forward-Looking Statements

This supplemental package contains forward-looking statements within the meaning of the Federal securities laws. It is important to note that our actual results could be materially different from those projected in such forward-looking statements. You should exercise caution in relying on forward-looking statements as they involve known and unknown risks, uncertainties and other factors that may materially affect our future results, performance, achievements or transactions. Information on factors which could impact actual results and forward-looking statements contained herein is included in our filings with the SEC, including but not limited to our Form 10-K for the year ended December 31, 2008. We do not undertake to revise or update any forward-looking statements.

2

W. P. CAREY & CO. LLC
Supplemental Operating and Financial Data
For the Three Months Ended March 31, 2009

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 Overview	11
Detailed Debt Summary	12
2009 Investment and Disposition Activity	14
Portfolio Analysis — Rent Contribution and Historical Occupancy	15
Portfolio Diversification Analysis by Property Type	16
Portfolio Diversification Analysis by Tenant Industry	17
Portfolio Diversification Analysis by Geography	18
Portfolio Lease Maturity Analysis	19
Consolidated Balance Sheets	20
Consolidated Statements of Income	21
Consolidated Statements of Cash Flows	22
Detailed Property Summary	23

3

W. P. CAREY & CO. LLC
Company Overview
March 31, 2009

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
Analyst Coverage
David West	Davenport & Company, LLC
Stephanie M. Krewson	Janney Montgomery Scott LLC
Andrew T. DiZio	Janney Montgomery Scott LLC

	First Quarter			Fourth Quarter			Third Quarter			Second Quarter			First Quarter
	2009			2008			2008			2008			2008
Stock Data (NYSE: WPC)
High Price	$	24.00		$	27.05		$	31.08		$	33.97		$	34.62
Low Price	$	16.15		$	16.50		$	23.44		$	27.67		$	25.79
Closing Price	$	22.19		$	23.43		$	26.10		$	28.71		$	29.97
Distributions declared per share — annualized	$	1.98		$	1.98		$	1.97		$	1.95		$	1.93
Distribution yield (annualized distribution / closing stock price)		8.94	%		8.43	%		7.54	%		6.79	%		6.43	%
Shares outstanding at quarter end		39,117,568			39,589,594			40,024,035			39,656,675			39,536,581
Market value of outstanding shares at quarter end (in thousands)	$	868,019		$	927,584		$	1,044,627		$	1,138,543		$	1,184,911

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 operating activities. 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, 2009		December 31, 2008		September 30, 2008		June 30, 2008		March 31, 2008
EBITDA
Investment management	$	13,694	$	13,079	$	18,207	$	15,774	$	14,745
Real estate ownership		20,266		23,238		18,229		22,307		20,634
Total	$	33,960	$	36,317	$	36,436	$	38,081	$	35,379
FFO
Investment management	$	13,704	$	11,415	$	17,579	$	14,664	$	5,461
Real estate ownership		15,153		22,412		15,963		20,887		16,069
Total	$	28,857	$	33,827	$	33,542	$	35,551	$	21,530
EBITDA Per Share (Diluted)
Investment management	$	0.34	$	0.32	$	0.45	$	0.39	$	0.37
Real estate ownership		0.51		0.58		0.45		0.56		0.51
Total	$	0.85	$	0.90	$	0.90	$	0.95	$	0.88
FFO Per Share (Diluted)
Investment management	$	0.34	$	0.28	$	0.43	$	0.36	$	0.14
Real estate ownership		0.38		0.56		0.40		0.52		0.40
Total	$	0.72	$	0.84	$	0.83	$	0.88	$	0.54

	Three months ended
	March 31, 2009			March 31, 2008
Adjusted Cash Flow From Operating Activities
Adjusted cash flow	$	39,038		$	38,655
Adjusted cash flow per share (diluted)	$	0.98		$	0.96
Distributions declared per share	$	0.496		$	0.482
Payout ratio (distributions per share/adjusted cash flow per share)		51	%		50	%

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, 2009		December 31, 2008			September 30, 2008			June 30, 2008			March 31, 2008
Investment Management
Net income from investment management attributable to W. P. Carey members	$	7,331	$	9,603		$	11,201		$	7,123		$	6,931
Adjustments:
Provision for income taxes		5,765		2,246			5,846			7,556			6,784
Depreciation and amortization		598		1,230			1,160			1,095			1,030
EBITDA — investment management	$	13,694	$	13,079		$	18,207		$	15,774		$	14,745
EBITDA per share (diluted)	$	0.34	$	0.32		$	0.45		$	0.39		$	0.37
Real Estate Ownership
Net income from real estate ownership attributable to W. P. Carey members	$	10,378	$	12,297		$	7,997		$	12,725		$	10,170
Adjustments:
Interest expense		4,329		4,710			5,004			4,532			5,043
Provision for (benefit from) income taxes		435		870			(7	)		(134	)		360
Depreciation and amortization		5,085		5,669			5,235			5,184			5,021
Reconciling items attributable to discontinued operations		39		(308	)		—			—			40
EBITDA — real estate ownership	$	20,266	$	23,238		$	18,229		$	22,307		$	20,634
EBITDA per share (diluted)	$	0.51	$	0.58		$	0.45		$	0.56		$	0.51
Total Company
EBITDA	$	33,960	$	36,317		$	36,436		$	38,081		$	35,379
EBITDA per share (diluted)	$	0.85	$	0.90		$	0.90		$	0.95		$	0.88
Diluted weighted average shares outstanding		39,927,886		40,466,930			40,299,073			40,256,658			40,202,798

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, 2009			December 31, 2008			September 30, 2008			June 30, 2008			March 31, 2008
Investment Management
Net income from investment management attributable to W. P. Carey members	$	7,331		$	9,603		$	11,201		$	7,123		$	6,931
Amortization, deferred taxes and other non-cash charges		1,312			(1,283	)		2,290			4,041			(2,554	)
FFO from equity investments		5,061			3,095			4,088			3,500			1,084
FFO — investment management	$	13,704		$	11,415		$	17,579		$	14,664		$	5,461
FFO per share (diluted)	$	0.34		$	0.28		$	0.43		$	0.36		$	0.14
Real Estate Ownership
Net income from real estate ownership attributable to W. P. Carey members	$	10,378		$	12,297		$	7,997		$	12,725		$	10,170
Loss on sale of real estate, net		135			—			—			—			—
Gain on extinguishment of debt, net (a)		(2,796	)		—			—			—			—
Depreciation, amortization and other non-cash charges		5,174			7,594			6,764			5,389			3,561
Straight-line and other rent adjustments		180			172			(613	)		659			669
Impairment charge		—			473			538			—			—
Gain on sale of investment in direct financing lease		—			—			(1,103	)		—			—
FFO from equity investments		2,257			2,039			2,551			2,287			1,841
Noncontrolling interests’ share of FFO		(175	)		(163	)		(171	)		(173	)		(172	)
FFO — real estate ownership	$	15,153		$	22,412		$	15,963		$	20,887		$	16,069
FFO per share (diluted)	$	0.38		$	0.56		$	0.40		$	0.52		$	0.40
Total Company
FFO	$	28,857		$	33,827		$	33,542		$	35,551		$	21,530
FFO per share (diluted)	$	0.72		$	0.84		$	0.83		$	0.88		$	0.54
Diluted weighted average shares outstanding		39,927,886			40,466,930			40,299,073			40,256,658			40,202,798

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.

(a) During the three months ended March 31, 2009, Carey Storage repaid, in full, the $35 million outstanding balance on its secured credit facility for $28 million and recognized a gain of $7 million on the repayment of this debt at a discount, inclusive of profit sharing interest of $4.2 million.

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,
	2009			2008
Cash flow from operating activities — as reported	$	24,282		$	10,759
Adjustments:
Distributions received from equity investments in real estate in excess of equity income (a)		7,195			1,825
Contributions received from noncontrolling interests, net (b)		222			—
Changes in working capital (c)		7,339			17,350
CPA®:16 — Global performance adjustment, net (d)		—			(12,291	)
Settlement payment (e)		—			21,012
Adjusted cash flow from operating activities	$	39,038		$	38,655
Adjusted cash flow per share (diluted)	$	0.98		$	0.96
Distributions declared per share	$	0.496		$	0.482
Payout ratio (distributions per share/adjusted cash flow per share)		51	%		50	%
Diluted weighted average shares outstanding		39,927,886			40,202,798

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)	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.
(b)	Represents noncontrolling interests’ share of contributions/distributions made by ventures that we consolidate in our financial statements. This adjustment in the calculation of adjusted cash flow from operating activities was introduced during the fourth quarter of 2008 because we believe that it results in a more accurate presentation of this supplemental measure.
(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 operating activities 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)	Amounts 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 (second quarter of 2007), as this revenue was actually earned over a three year period.
(e)	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 $30 million in the first quarter of 2008, and recognized an offsetting $9 million tax benefit in the same period.

8

W. P. CAREY & CO. LLC
Revenue Diversification Analysis (Unaudited)
(in thousands)

	Three months ended
	March 31, 2009			December 31, 2008			September 30, 2008			June 30, 2008			March 31, 2008
Revenue from Investment Management
Asset management revenue	$	19,108		$	20,344		$	20,205		$	20,039		$	20,126
Structuring revenue		10,409			2,833			10,818			3,169			3,416
Other interest income		356			594			586			548			533
Total investment management revenue	$	29,873		$	23,771		$	31,609		$	23,756		$	24,075
Percentage of total adjusted revenue		58	%		45	%		58	%		47	%		52	%
Revenue from Real Estate Ownership
Lease revenue — continuing and discontinued operations	$	18,513		$	18,658		$	18,959		$	23,247		$	19,254
Other real estate income		3,260			10,422			3,834			3,305			3,122
Other interest income		51			97			166			131			228
Total real estate revenue	$	21,824		$	29,177		$	22,959		$	26,683		$	22,604
Percentage of total adjusted revenue		42	%		55	%		42	%		53	%		48	%
Reconciliation of Total Revenue
Total revenue — as reported	$	62,135		$	61,362		$	66,636		$	58,503		$	57,245
Less: Reimbursed costs from affiliates (a)		(10,967	)		(9,414	)		(12,820	)		(12,568	)		(11,506	)
Add: Other interest income		407			691			752			679			761
Add: Revenue from discontinued operations		122			309			—			3,825			179
Total Adjusted Revenue	$	51,697		$	52,948		$	54,568		$	50,439		$	46,679

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

9

W. P. CAREY & CO. LLC
Revenue Stability Analysis (Unaudited)
(in thousands)

	Three months ended
	March 31, 2009					December 31, 2008					September 30, 2008					June 30, 2008					March 31, 2008
	Revenue		%			Revenue		%			Revenue		%			Revenue		%			Revenue		%
Revenue Type
Rents (a)	$	18,564				$	18,755				$	19,125				$	23,378				$	19,482
Management revenue (b)		19,464					20,938					20,791					20,587					20,659
Rents and Management Revenue		38,028		74	%		39,693		75	%		39,916		73	%		43,965		87	%		40,141		86	%
Structuring revenue (c)		10,409					2,833					10,818					3,169					3,416
Other real estate income		3,260					10,422					3,834					3,305					3,122
Structuring Revenue & Other Income		13,669		26	%		13,255		25	%		14,652		27	%		6,474		13	%		6,538		14	%
Total Adjusted Revenue	$	51,697		100	%	$	52,948		100	%	$	54,568		100	%	$	50,439		100	%	$	46,679		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 Overview as of March 31, 2009 (Pro rata basis) (Unaudited)
(in thousands)

Portfolio Debt Maturity

Year of Maturity		Outstanding Balance
	2009	$	34,195
	2010		10,574
	2011		167,862
	2012		31,723
	2013		1,979
	2014		51,243
	2015		47,817
	2016		35,129
	2017		49,559
	2018		8,623
	2019		9,991
	2020		—
	2021		—
	2022		—
	2023		5,539
Total		$	454,234

Fixed and Variable Rate Debt Analysis

Non-Recourse Debt	Outstanding Balance
Fixed	$	242,593
Fixed — Swap Agreement		8,623
Fixed — Future Rate Reset		68,258
Variable		18,260
		337,734
Recourse Debt
Variable — Line of Credit		116,500
Total Debt	$	454,234

11

W. P. CAREY & CO. LLC
Detailed Debt Summary as of March 31, 2009 (Pro rata basis) (Unaudited)
(in thousands)

Tenant/Lease Guarantor / Percent Ownership	Rate Type	Interest Rate		Maturity Date	Outstanding Balance
Orbital Sciences Corporation	Fixed		7.38%	Jun-2009	$	12,025
US Airways Group, Inc. (75%)	Fixed		7.23%	Aug-2009		14,980
The Retail Distribution Group, Inc. (40%)	Fixed		8.51%	Sep-2009		2,190
Billipp Portfolio (a)	Variable		1.78%	Dec-2009		5,000
Bell South Corporation	Fixed		8.11%	Jan-2010		2,660
Hibbett Sports	Fixed		7.50%	Apr-2010		4,553
Daimler Trucks North America LLC	Fixed		7.96%	Jun-2010		3,361
Federal Express Corporation (40%)	Fixed		7.50%	Jan-2011		16,201
AutoZone, Inc. — Series A	Fixed		6.85%	Jan-2011		896
Childtime Childcare, Inc. (34%)	Fixed		7.50%	Jan-2011		2,217
Information Resources, Inc. (33%)	Fixed		7.60%	Jan-2011		7,414
Pioneer Credit Recovery, Inc.	Fixed		7.34%	Jan-2011		5,451
AutoZone, Inc. — Series B	Fixed		6.85%	Feb-2011		1,414
Career Education Corporation	Fixed		7.58%	Jun-2011		6,788
24 Hour Fitness USA, Inc.	Fixed		7.50%	Aug-2011		2,908
Sprint Spectrum, LP	Fixed		7.64%	Aug-2011		8,073
Qwest Communications, Inc.	Fixed		7.50%	Jun-2012		1,412
AutoZone, Inc. — Series C	Fixed		6.85%	Aug-2012		719
BE Aerospace, Inc.	Fixed		6.11%	Nov-2012		8,429
Faurecia Exhaust Systems, Inc.	Fixed		5.16%	Nov-2012		2,491
Anthony’s Manufacturing Company	Fixed		5.11%	Nov-2012		8,640
Alstom Power, Inc. and Werner Co.	Fixed		5.18%	Dec-2012		10,032
AutoZone, Inc. — Series D	Fixed		6.85%	Aug-2013		1,979
Carrefour France, S.A. (46%) (b)	Fixed-Future Rate Reset		5.55%	Dec-2014		51,243
Lowe’s Home Improvement Warehouse	Fixed		4.87%	Sep-2015		9,195
Bouygues Telecom, S.A. (Tours) (95%) (b)	Fixed-Future Rate Reset		3.86%	Oct-2015		7,024
The American Bottling Company	Fixed		5.13%	Nov-2015		31,598
CheckFree Holdings, Inc. (50%)	Fixed		6.18%	Jun-2016		14,875
Bouygues Telecom, S.A. (Illkirch-Graffenstaden) (75%) (b) (c)	Variable		5.01%	Oct-2016		13,260
Consolidated Systems, Inc. (60%)	Fixed		5.87%	Nov-2016		6,994
Hellweg Die Profi-Baumärkte GmbH & Co KG (5%) (b)	Fixed		5.49%	Jan-2017		14,097
SICOR, Inc. (50%)	Fixed		6.20%	Jul-2017		17,675
Medica France, S.A. (46%) (b)	Fixed		5.63%	Oct-2017		17,787

12

W. P. CAREY & CO. LLC
Detailed Debt Summary as of March 31, 2009 (Pro rata basis) (Unaudited)
(in thousands)

Tenant/Lease Guarantor / Percent Ownership	Rate Type	Interest Rate			Maturity Date	Outstanding Balance
OBI Wroclaw	Fixed-Swap		5.48	%	Mar-2018	$	8,623
Self-Storage Portfolio (40%)	Fixed-Future Rate Reset		7.00	%	Feb-2019/Mar-2019		9,991
Hologic, Inc. (36%)	Fixed		6.40	%	May-2023		5,539
Total Non-Recourse Debt			6.04	%(c)		$	337,734
Unsecured Line of Credit	Variable		1.32	%	Jun-2011	$	116,500
Total Debt			4.83	%(c)		$	454,234

(a)	Loan was extended for one year in December 2008. There is an additional one-year extension option on this loan.
(b)	Debt balance calculated using an exchange rate of 1.3208 USD/EUR as of March 31, 2009.
(c)	Reflects weighted average interest rate for the applicable debt.

13

W. P. CAREY & CO. LLC
2009 Investment and Disposition Activity as of March 31, 2009 (Unaudited)
(in thousands, except square footage)

Investment Activity

Investment Management Activity — Real Estate

Portfolio	Tenant/Lease Guarantor	Property Location(s)	Purchase Price		Closing Date	Property Type	Gross Square Footage
CPA®:17 — Global	Kronos Products, Inc. (a)	Glendale Heights, IL	$	32,461	Jan-09	Industrial		207,778
CPA®:17 — Global (55%), CPA®:16 — Global (27.25%)	The New York Times Company	New York, NY		193,783	Mar-09	Office		616,875
CPA®:16 — Global	Holopack International Corp. (b)	Columbia, SC		5,081	Mar-09	Industrial	BTS
Total Investment Management Acquisitions				231,325
Principal Activity
WPC LLC (17.75%)	The New York Times Company	New York, NY		39,937	Mar-09	Office		133,125
Total Acquisitions			$	271,262				957,778
Disposition Activity
Investment Management Activity
					Disposition
Portfolio(s)	Tenant/Lease Guarantor	Property Location(s)	Gross Sale Price		Date	Property Type	Gross Square Footage
CPA®:14	Moonlight Molds	Gardena, CA	$	3,850	Feb-09	Industrial		87,693
CPA®:15	American Pad & Paper LLC	Holyoke, MA		4,250	Mar-09	Industrial		267,640
Total Investment Management Dispositions				8,100				355,333
Principal Activity
WPC LLC	Self-Storage Portfolio Interest (c)	Various locations throughout the U.S.		21,900	Jan-09	Self-Storage		554,063
WPC LLC	PPD Development, L.P.	Austin, TX		2,050	Mar-09	Industrial		26,594
Total Princial Dispositions				23,950				580,657
Total Dispositions			$	32,050				935,990

(a)	Includes CPA®:17 — Global’s commitment to renovate the facility at a total cost of approximately $17.5 million.
(b)	Acquisition includes a build-to-suit transaction; gross square footage cannot be determined at this time
(c)	In January 2009, Carey Storage, a subsidiary of W. P. Carey & Co. LLC, completed a transaction with a third party, whereby Carey Storage received cash proceeds of $21.9 million plus a commitment to invest up to a further $8.1 million of equity to fund the purchase of self-storage assets in the future, in exchange for a 60% interest in its self-storage portfolio of 13 properties. Square footage reflects net rentable square feet as of March 31, 2009 for the pro rata interest of the portfolio sold.

14

W. P. CAREY & CO. LLC
Portfolio Analysis as of March 31, 2009 (Unaudited)
(in thousands)

Portfolio Diversification by Rent (Pro rata basis)

			Percentage of	Percentage of Total
Top Ten Tenants/Lease Guarantors	Annualized Rent		Total Annualized Rent	Annualized Adjusted Revenue (a)
Carrefour France, S.A.	$	9,553	9%	5%
Bouygues Telecom, S.A. (France)		4,925	5%	2%
The American Bottling Company		4,842	5%	2%
Daimler Trucks North America LLC		4,634	5%	2%
The New York Times Company		4,293	4%	2%
US Airways Group, Inc.		3,171	3%	2%
Federal Express Corporation		3,077	3%	1%
Medica — France S.A.		3,017	3%	1%
Orbital Sciences Corporation		2,956	3%	1%
Titan Corporation		2,707	3%	1%
Total	$	43,175	43%	19%

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

15

W. P. CAREY & CO. LLC
Portfolio Diversification Analysis by Property Type as of March 31, 2009 (Unaudited)
(in thousands)

Property Type	Square Footage (a)		Percent
Industrial		8,154		48	%
Warehouse/Distribution		5,106		30	%
Office		2,129		12	%
Retail		1,125		7	%
Other Properties (c)		363		2	%
Hospitality		158		1	%
Total (d)		17,035		100	%

Portfolio Diversification by Property Type
(based on square footage)

Property Type	Annualized Rent (b)		Percent
Industrial	$	35,670		35	%
Office		32,878		32	%
Warehouse/Distribution		20,569		20	%
Other Properties (c)		6,440		6	%
Retail		5,820		6	%
Hospitality		1,500		1	%
Total (d)	$	102,877		100	%

Portfolio Diversification by Property Type
(based on annualized rent)

(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 0.4 million square feet as of March 31, 2009.

16

W. P. CAREY & CO. LLC
Portfolio Diversification Analysis by Tenant Industry as of March 31, 2009 (Unaudited)
(in thousands)

	Annualized		Percentage of
Industry Type (a)	Rent (b)		Annualized Rent
Retail Trade	$	16,362	16%
Business and Commercial Services		11,228	11%
Telecommunications		10,683	10%
Healthcare, Education and Childcare		9,324	9%
Media: Printing and Publishing		7,050	7%
Electronics		7,001	7%
Automobile		5,319	5%
Beverages, Food, and Tobacco		5,249	5%
Aerospace and Defense		4,824	5%
Forest Products and Paper		4,605	5%
Transportation — Personal		3,355	3%
Transportation — Cargo		3,102	3%
Machinery		2,898	3%
Mining, Metals, and Primary Metal Industries		2,097	2%
Chemicals, Plastics, Rubber, and Glass		1,813	2%
Hotels and Gaming		1,509	1%
Consumer and Durable Goods		1,386	1%
Federal, State and Local Government		1,170	1%
Construction and Building		1,114	1%
Other (c)		2,788	3%
Total (d)	$	102,877	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)	Includes revenue from tenants in the following industries: textiles, leather, and apparel (1%), leisure, amusement, entertainment (1%), grocery (0.5%) and consumer non-durable goods (0.5%).
(d)	Excludes our investment in 13 domestic self-storage properties totaling approximately 0.4 million square feet as of March 31, 2009.

17

W. P. CAREY & CO. LLC
Portfolio Diversification Analysis by Geography as of March 31, 2009 (Unaudited)
(in thousands)

Region	Square Footage (a)		Percent
United States
South		4,991		29	%
Midwest		4,557		27	%
East		3,105		18	%
West		2,338		14	%
		14,991		88	%
International
Europe		2,044		12	%
Total (d)		17,035		100	%

Portfolio Diversification by Geography
(based on square footage)

Region	Annualized Rent (b)		Percent
United States
South	$	27,993		27	%
West		21,638		21	%
Midwest		18,087		18	%
East		14,502		14	%
		82,220		80	%
International
Europe (c)		20,657		20	%
Total (d)	$	102,877		100	%

Portfolio Diversification by Geography
(based on annualized rent)

(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)	Includes revenue from tenants in the following countries: France (17%), Germany (2%) and Poland (1%).
(d)	Excludes our investment in 13 domestic self-storage properties totaling approximately 0.4 million square feet as of March 31, 2009.

18

W. P. CAREY & CO. LLC
Portfolio Lease Maturity Analysis as of March 31, 2009 (Pro rata basis) (Unaudited)
(in thousands)

			Percentage of
Year of Lease	Annualized		Total Annualized
Expiration (a)	Rents		Rent
2009 (b)		6,613	6%
2010		17,660	17%
2011		18,085	18%
2012		8,340	8%
2013		8,055	8%
2014		10,125	10%
2015		2,768	3%
2016		1,720	2%
2017		3,278	3%
2018		4,179	4%
2019		7,434	6%
2020		4,634	5%
2021		—	0%
2022		1,582	2%
2023		—	0%
2024		4,293	4%
2025		941	1%
2026		948	1%
2027		2,222	2%
Total (c)	$	102,877	100%

Weighted Average Years to Maturity: 5.76

(a)	Assumes tenant does not exercise renewal option.
(b)	Month-to-month properties are counted in 2009 revenue stream.
(c)	Excludes our investment in 13 domestic self-storage properties totaling approximately 0.4 million square feet as of March 31, 2009.

19

W. P. CAREY & CO. LLC
Consolidated Balance Sheets (Unaudited)
(in thousands, except share amounts)

	March 31, 2009			December 31, 2008
				(NOTE)
Assets
Real estate, net	$	492,064		$	499,795
Net investment in direct financing leases		83,561			83,792
Equity investments in real estate and CPA® REITs		298,889			260,620
Operating real estate, net		75,025			74,534
Cash and cash equivalents		21,585			16,799
Due from affiliates		35,683			53,423
Intangible assets and goodwill, net		91,166			93,398
Other assets, net		31,274			28,775
Total assets	$	1,129,247		$	1,111,136
Liabilities and Equity
Liabilities:
Non-recourse debt	$	231,007		$	245,874
Line of credit		116,500			81,000
Accounts payable, accrued expenses and other liabilities		57,076			42,323
Income taxes, net		58,081			58,011
Distributions payable		19,355			19,508
Total liabilities		482,019			446,716
Redeemable noncontrolling interests		15,326			18,085
Commitments and contingencies
Equity:
W. P. Carey members’ equity:
Listed shares, no par value, 100,000,000 shares authorized; 39,117,568 and 39,589,594 shares issued and outstanding, respectively		748,654			757,921
Distributions in excess of accumulated earnings		(118,715	)		(116,990	)
Accumulated other comprehensive loss		(4,435	)		(828	)
Total W. P. Carey members’ equity		625,504			640,103
Noncontrolling interests		6,398			6,232
Total equity		631,902			646,335
Total liabilities and equity	$	1,129,247		$	1,111,136

Note: The consolidated balance sheet at December 31, 2008 has been derived from the consolidated financial statements at that date as adjusted.

20

W. P. CAREY & CO. LLC
Consolidated Statements of Income (Unaudited)
(in thousands, except share and per share amounts)

	Three Months Ended March 31,
	2009			2008
Revenues
Asset management revenue	$	19,108		$	20,126
Structuring revenue		10,409			3,416
Wholesaling revenue		1,093			1,140
Reimbursed costs from affiliates		9,874			10,366
Lease revenues		18,391			19,075
Other real estate income		3,260			3,122
		62,135			57,245
Operating Expenses
General and administrative		(19,099	)		(15,413	)
Reimbursable costs		(9,874	)		(10,366	)
Depreciation and amortization		(5,683	)		(6,051	)
Property expenses		(1,936	)		(2,378	)
Other real estate expenses		(2,131	)		(2,069	)
		(38,723	)		(36,277	)
Other Income and Expenses
Other interest income		407			761
Income from equity investments in real estate and CPA® REITs		1,387			4,711
Other income and expenses		3,154			2,811
Interest expense		(4,329	)		(5,043	)
		619			3,240
Income from continuing operations before income taxes		24,031			24,208
Provision for income taxes		(6,200	)		(7,144	)
Income from continuing operations		17,831			17,064
Discontinued Operations
Income from operations of discontinued properties		78			126
Loss on sale of real estate		(135	)		—
(Loss) income from discontinued operations		(57	)		126
Net Income		17,774			17,190
Add: Net loss attributable to noncontrolling interests		170			172
Less: Net income attributable to redeemable noncontrolling interests		(235	)		(261	)
Net Income Attributable to W. P. Carey Members	$	17,709		$	17,101
Basic Earnings Per Share
Income from continuing operations attributable to W. P. Carey members	$	0.45		$	0.44
(Loss) income from discontinued operations attributable to W. P. Carey members		—			—
Net income attributable to W. P. Carey members	$	0.45		$	0.44
Diluted Earnings Per Share
Income from continuing operations attributable to W. P. Carey members	$	0.44		$	0.43
(Loss) income from discontinued operations attributable to W. P. Carey members		—			—
Net income attributable to W. P. Carey members	$	0.44		$	0.43
Weighted Average Shares Outstanding
Basic		39,175,020			38,876,136
Diluted		39,927,886			40,202,798
Amounts Attributable to W. P. Carey Members
Income from continuing operations, net of tax	$	17,766		$	16,975
(Loss) income from discontinued operations, net of tax		(57	)		126
Net income	$	17,709		$	17,101
Distributions Declared Per Share	$	0.496		$	0.482

21

W. P. CAREY & CO. LLC
Consolidated Statements of Cash Flows (Unaudited)
(in thousands)

	Three months ended March 31,
	2009			2008
Cash Flows — Operating Activities
Net income	$	17,774		$	17,190
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization including intangible assets and deferred financing costs		5,523			6,588
Income from equity investments in real estate and CPA® REITs in excess of distributions received		(1,760	)		(1,321	)
Straight-line rent adjustments		494			631
Management income received in shares of affiliates		(6,896	)		(10,063	)
Loss on sale of real estate		135			—
Gain on extinguishment of debt		(6,991	)		—
Allocation of income to profit sharing interest		3,698			—
Unrealized loss (gain) on foreign currency transactions, warrants and securities		208			(1,488	)
Realized gain on foreign currency transactions and other		(69	)		(1,323	)
Stock-based compensation expense		1,725			2,106
Decrease in deferred acquisition revenue received		21,794			46,695
Increase in structuring revenue receivable		(4,985	)		(1,672	)
Increase (decrease) in income taxes, net		971			(608	)
Decrease in settlement provision		—			(29,979	)
Net changes in other operating assets and liabilities		(7,339	)		(15,997	)
Net cash provided by operating activities		24,282			10,759
Cash Flows — Investing Activities
Distributions received from equity investments in real estate and CPA® REITs in excess of equity income		5,661			1,826
Capital contributions to equity investments		—			(513	)
Purchases of real estate and equity investments in real estate		(39,651	)		(184	)
Capital expenditures		(4,038	)		(2,648	)
VAT refunded on purchase of real estate		—			3,189
Funds released from escrow in connection with the sale of property		—			636
Proceeds from transfer of profit sharing interest		21,928			—
Proceeds from sale of real estate		1,925			—
Net cash (used in) provided by investing activities		(14,175	)		2,306
Cash Flows — Financing Activities
Distributions paid		(19,587	)		(29,581	)
Contributions from noncontrolling interests		1,024			558
Distributions to noncontrolling interests		(2,973	)		(965	)
Distributions to profit sharing interest		(3,434	)		—
Scheduled payments of mortgage principal		(2,593	)		(2,295	)
Proceeds from mortgages and credit facilities		90,000			81,937
Prepayments of mortgage principal and credit facilities		(57,518	)		(55,763	)
Proceeds from loan from affiliates		1,624			—
Repayment of loan from affiliates		—			(7,569	)
Payment of financing costs		—			(369	)
Proceeds from issuance of shares		—			10,910
Windfall tax (provision) benefits associated with stock-based compensation awards		(832	)		466
Repurchase and retirement of shares		(10,486	)		(5,134	)
Net cash used in financing activities		(4,775	)		(7,805	)
Change in Cash and Cash Equivalents During the Period
Effect of exchange rate changes on cash		(546	)		228
Net increase in cash and cash equivalents		4,786			5,488
Cash and cash equivalents, beginning of period		16,799			12,137
Cash and cash equivalents, end of period	$	21,585		$	17,625

22

W. P. CAREY & CO. LLC
Detailed Property Summary (Unaudited)
March 31, 2009

Percentage of

Tenant/Lease Guarantor

Percent Ownership

Property Location

Property Type

Tenant Industry

Region

Square Footage

Annualized Rent

Total Rent(e)

Increase Factor

Lease Expiration

Maximum Term

Carrefour France, S.A. (a)

46%

Crepy en Valois, France

Warehouse/Distribution

Retail Stores

Europe

101,248

$

823,920

0.80

%

INSEE (2)

Dec-2011

Dec-2011

Carrefour France, S.A. (a)

46%

Crepy en Valois, France

Warehouse/Distribution

Retail Stores

Europe

152,365

1,239,887

1.21

%

INSEE (2)

Dec-2011

Dec-2011

Carrefour France, S.A. (a)

46%

Lens, France

Warehouse/Distribution

Retail Stores

Europe

126,925

1,004,042

0.98

%

INSEE (2)

Dec-2011

Dec-2011

Carrefour France, S.A. (a)

46%

Lens, France

Warehouse/Distribution

Retail Stores

Europe

2,598

20,555

0.02

%

INSEE (2)

Dec-2011

Dec-2011

Carrefour France, S.A. (a)

46%

Lens, France

Warehouse/Distribution

Retail Stores

Europe

4,349

34,399

0.03

%

INSEE (2)

Dec-2011

Dec-2011

Carrefour France, S.A. (a)

46%

Nîmes, France

Warehouse/Distribution

Retail Stores

Europe

134,937

881,324

0.86

%

INSEE (2)

Dec-2011

Dec-2011

Carrefour France, S.A. (a)

46%

Nîmes, France

Warehouse/Distribution

Retail Stores

Europe

2,554

16,681

0.02

%

INSEE (2)

Dec-2011

Dec-2011

Carrefour France, S.A. (a)

46%

Nîmes, France

Warehouse/Distribution

Retail Stores

Europe

596

3,895

0.00

%

INSEE (2)

Dec-2011

Dec-2011

Carrefour France, S.A. (a)

46%

Colomiers, France

Warehouse/Distribution

Retail Stores

Europe

174,261

1,273,866

1.24

%

INSEE (2)

Dec-2011

Dec-2011

Carrefour France, S.A. (a)

46%

Colomiers, France

Warehouse/Distribution

Retail Stores

Europe

60,292

440,744

0.43

%

INSEE (2)

Dec-2011

Dec-2011

Carrefour France, S.A. (a)

46%

Colomiers, France

Warehouse/Distribution

Retail Stores

Europe

7,524

54,999

0.05

%

INSEE (2)

Dec-2011

Dec-2011

Carrefour France, S.A. (a)

46%

Colomiers, France

Warehouse/Distribution

Retail Stores

Europe

2,899

21,191

0.02

%

INSEE (2)

Dec-2011

Dec-2011

Carrefour France, S.A. (a)

46%

Thuit Hebert, France

Warehouse/Distribution

Retail Stores

Europe

107,958

633,895

0.62

%

INSEE (2)

Dec-2011

Dec-2011

Carrefour France, S.A. (a)

46%

Thuit Hebert, France

Warehouse/Distribution

Retail Stores

Europe

68,476

402,072

0.39

%

INSEE (2)

Dec-2011

Dec-2011

Carrefour France, S.A. (a)

46%

Ploufragan, France

Warehouse/Distribution

Retail Stores

Europe

122,591

768,443

0.75

%

INSEE (2)

Dec-2011

Dec-2011

Carrefour France, S.A. (a)

46%

Cholet, France

Warehouse/Distribution

Retail Stores

Europe

99,261

659,911

0.64

%

INSEE (2)

Dec-2011

Dec-2011

Carrefour France, S.A. (a)

46%

Nîmes, France

Warehouse/Distribution

Retail Stores

Europe

177,786

1,273,049

1.24

%

INSEE (2)

Nov-2012

Nov-2012

Carrefour France, S.A. Total

1,346,620

9,552,874

9.29

%

Bouygues Telecom, S.A.(a)

75%

Illkirch-Graffenstaden, France

Office

Telecommunications

Europe

80,721

3,053,492

2.97

%

INSEE (2)

Feb-2013

Feb-2013

Bouygues Telecom, S.A.(a)

95%

Tours, France

Office

Telecommunications

Europe

102,227

1,871,424

1.82

%

INSEE (2)

Sep-2009

Sep-2009

Bouygues Telecom, S.A. Total

182,948

4,924,916

4.79

%

The American Bottling Company

100%

Irving, TX

Industrial

Beverages, Food, and Tobacco

South

459,497

2,937,278

2.86

%

CPI

Jun-2014

Jun-2014

The American Bottling Company

100%

Houston, TX

Industrial

Beverages, Food, and Tobacco

South

262,450

1,904,924

1.85

%

CPI

Jun-2014

Jun-2014

The American Bottling Company Total

721,947

4,842,202

4.71

%

Daimler Trucks North America LLC

100%

Detroit, MI

Industrial

Automobile

Midwest

2,730,750

4,634,253

4.50

%

PPI

Jun-2020

Jun-2030

The New York Times Company

18%

New York, NY

Office

Media: Printing and Publishing

East

126,420

4,293,281

4.17

%

Fixed

Mar-2024

Mar-2044

US Airways Group, Inc.

75%

Tempe, AZ

Office

Transportation - Personal

West

167,890

3,171,483

3.08

%

CPI

Apr-2014

Nov-2029

Federal Express Corporation

40%

Collierville, TN

Office

Transportation - Cargo

South

39,038

701,821

0.68

%

CPI

Aug-2019

Nov-2029

Federal Express Corporation

40%

Collierville, TN

Office

Transportation - Cargo

South

39,038

701,821

0.68

%

CPI

Aug-2019

Nov-2029

Federal Express Corporation

40%

Collierville, TN

Office

Transportation - Cargo

South

39,038

701,821

0.68

%

CPI

Aug-2019

Nov-2029

Federal Express Corporation

40%

Collierville, TN

Office

Transportation - Cargo

South

39,038

701,821

0.68

%

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

3,076,722

2.99

%

Medica France S.A. (a)

46%

Chatou, France

Other

Healthcare, Education and Childcare

Europe

24,666

407,319

0.40

%

INSEE (2)

Jun-2010

Jun-2010

Medica France S.A. (a)

46%

Poissy, France

Other

Healthcare, Education and Childcare

Europe

24,592

445,506

0.43

%

INSEE (2)

Jun-2010

Jun-2010

Medica France S.A. (a)

46%

Rosny sous Bois, France

Other

Healthcare, Education and Childcare

Europe

21,846

377,407

0.37

%

INSEE (2)

Jun-2010

Jun-2010

Medica France S.A. (a)

46%

Paris, France

Other

Healthcare, Education and Childcare

Europe

24,770

572,793

0.56

%

INSEE (2)

Jun-2010

Jun-2010

Medica France S.A. (a)

46%

Rueil Malmaison, France

Other

Healthcare, Education and Childcare

Europe

23,813

539,062

0.52

%

INSEE (2)

Jun-2010

Jun-2010

Medica France S.A. (a)

46%

Sarcelles, France

Other

Healthcare, Education and Childcare

Europe

34,620

674,623

0.66

%

INSEE (2)

Jun-2010

Jun-2010

Medica France S.A. Total

154,306

3,016,709

2.93

%

Orbital Sciences Corporation

100%

Chandler, AZ

Industrial

Aerospace and Defense

West

355,307

2,955,697

2.87

%

CPI

Sep-2019

Sep-2029

The Titan Corporation

100%

San Diego, CA

Office

Electronics

West

166,403

2,706,799

2.63

%

CPI

Jul-2012

Jul-2017

CheckFree Corporation

50%

Norcross, GA

Office

Business and Commercial Services

South

50,063

969,079

0.94

%

CPI

Dec-2015

Dec-2030

CheckFree Corporation

50%

Norcross, GA

Office

Business and Commercial Services

South

34,150

822,231

0.80

%

CPI

Dec-2015

Dec-2030

CheckFree Corporation

50%

Norcross, GA

Office

Business and Commercial Services

South

26,125

620,279

0.60

%

CPI

Dec-2015

Dec-2030

CheckFree Corporation

50%

Norcross, GA

Land

Business and Commercial Services

South

1

62,368

0.06

%

CPI

Dec-2015

Dec-2030

CheckFree Corporation Total

110,339

2,473,956

2.40

%

Schuler AG (a)

33%

Göppingen, Germany

Industrial

Machinery

Europe

246,355

2,221,980

2.16

%

CPI

Oct-2027

Oct-2047

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

23

Percentage of

Tenant/Lease Guarantor

Percent Ownership

Property Location

Property Type

Tenant Industry

Region

Square Footage

Annualized Rent

Total Rent(e)

Increase Factor

Lease Expiration

Maximum Term

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

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

%

Sybron Dental Specialties, Inc.

100%

Romulus, MI

Industrial

Healthcare, Education and Childcare

Midwest

220,000

1,456,610

1.42

%

CPI

Dec-2018

Dec-2043

Sybron Dental Specialties, Inc.

100%

Glendora, CA

Office

Healthcare, Education and Childcare

West

25,000

555,148

0.54

%

CPI

Dec-2018

Dec-2043

Sybron Dental Specialties, Inc. Total

245,000

2,011,758

1.96

%

Lucent Technologies, Inc.

100%

Charlotte, NC

Industrial

Electronics

East

568,670

1,993,194

1.94

%

Fixed

Mar-2010

Mar-2016

BellSouth Telecommunications, Inc.

100%

Ft. Lauderdale, FL

Warehouse/Distribution

Telecommunications

South

80,450

629,820

0.61

%

Fixed

Jun-2016

Jun-2021

BellSouth Telecommunications, Inc.

100%

Lafayette, LA

Office

Telecommunications

South

66,846

1,351,150

1.31

%

Fixed

Dec-2009

Dec-2039

BellSouth Telecommunications, Inc. Total

147,296

1,980,970

1.93

%

Quebecor Printing Atlanta, Inc.

100%

Doraville, GA

Industrial

Media: Printing and Publishing

South

432,559

1,940,625

1.89

%

CPI

Dec-2009

Dec-2042

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

%

Fiskars Brands, Inc.

100%

Apopka, FL

Industrial

Chemicals, Plastics, Rubber, and Glass

South

260,160

1,258,273

1.22

%

CPI

Mar-2010

Mar-2035

Fiskars Brands, Inc.

100%

Apopka, FL

Industrial

Chemicals, Plastics, Rubber, and Glass

South

109,377

528,979

0.51

%

CPI

Mar-2010

Mar-2035

Fiskars Brands, Inc.

100%

Apopka, FL

Industrial

Chemicals, Plastics, Rubber, and Glass

South

5,292

25,561

0.02

%

CPI

Mar-2010

Mar-2035

Fiskars Brands, Inc. Total

374,829

1,812,813

1.76

%

Unisource Worldwide, Inc.

100%

Anchorage, AK

Warehouse/Distribution

Forest Products and Paper

West

44,712

344,803

0.34

%

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

%

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

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

646,020

0.63

%

Fixed

Sep-2017

Sep-2037

BE Aerospace, Inc.

100%

Winston-Salem, NC

Warehouse/Distribution

Aerospace and Defense

East

90,800

259,807

0.25

%

Fixed

Sep-2017

Sep-2037

24

										Percentage of
Tenant/Lease Guarantor	Percent Ownership	Property Location	Property Type	Tenant Industry	Region	Square Footage		Annualized Rent		Total Rent(e)			Increase Factor	Lease Expiration	Maximum Term
BE Aerospace, Inc.	100%	Winston-Salem, NC	Industrial	Aerospace and Defense	East		74,026		211,805		0.21	%	Fixed	Sep-2017	Sep-2037
BE Aerospace, Inc.	100%	Winston-Salem, NC	Industrial	Aerospace and Defense	East		50,200		143,638		0.14	%	Fixed	Sep-2017	Sep-2037
BE Aerospace, Inc.	100%	Winston-Salem, NC	Office	Aerospace and Defense	East		43,788		125,286		0.12	%	Fixed	Sep-2017	Sep-2037
BE Aerospace, Inc.	100%	Winston-Salem, NC	Industrial	Aerospace and Defense	East		15,402		44,071		0.04	%	Fixed	Sep-2017	Sep-2037
BE Aerospace, Inc.	100%	Dallas, TX	Industrial	Aerospace and Defense	South		22,680		123,051		0.12	%	Fixed	Sep-2017	Sep-2037
BE Aerospace, Inc. Total							426,990		1,553,679		1.51	%
Lowe’s Home Improvement Warehouse	100%	Bellevue, WA	Retail	Retail Stores	West		143,352		1,524,347		1.48	%	CPI	Aug-2018	Aug-2018
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. Total							148,833		1,512,721		1.47	%
LIVHO, Inc.	100%	Livonia, MI	Hospitality	Hotels and Gaming	Midwest		158,000		1,500,000		1.46	%	Fixed	Jan-2012	Jan-2012
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
United Stationers Supply Company	100%	New Orleans, LA	Warehouse/Distribution	Forest Products and Paper	South		59,000		432,330		0.42	%	CPI	Mar-2010	Mar-2030
United Stationers Supply Company	100%	Memphis, TN	Warehouse/Distribution	Forest Products and Paper	South		75,000		374,352		0.36	%	CPI	Mar-2010	Mar-2030
United Stationers Supply Company	100%	San Antonio, TX	Warehouse/Distribution	Forest Products and Paper	South		63,098		413,899		0.40	%	CPI	Mar-2010	Mar-2030
United Stationers Supply Company Total							197,098		1,220,581		1.19	%
Hologic, Inc.	36%	Danbury, CT	Industrial	Electronics	East		22,335		221,263		0.22	%	CPI	Aug-2022	Aug-2042
Hologic, Inc.	36%	Bedford, MA	Industrial	Electronics	East		74,520		972,818		0.95	%	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	%	CPI	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
Lockheed Martin Corporation	100%	Webster, TX	Industrial	Business and Commercial Services	South		30,176		301,760		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		1,121,107		1.09	%
The United States Playing Card Company	100%	Erlanger, KY	Warehouse/Distribution	Media: Printing and Publishing	East		409,600		816,480		0.79	%	Fixed	Jun-2017	Jun-2020
The United States Playing Card Company	100%	Erlanger, KY	Warehouse/Distribution	Consumer and Durable Goods	East		162,604		293,962		0.29	%	Fixed	Jul-2015	Jul-2021
The United States Playing Card Company Total							572,204		1,110,442		1.08	%
Cree Microwave, LLC	100%	Sunnyvale, CA	Industrial	Electronics	West		50,311		1,107,385		1.08	%	CPI	Nov-2011	Nov-2026
Anthony’s Manufacturing Company, Inc.	100%	San Fernando, CA	Industrial	Consumer and Durable Goods	West		39,920		238,343		0.23	%	CPI	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	%	CPI	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	%	CPI	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	%	CPI	May-2012	May-2012
Anthony’s Manufacturing Company, Inc. Total							182,845		1,091,816		1.06	%
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	%
Swat-Fame, Inc.	100%	City of Industry, CA	Industrial	Textiles, Leather, and Apparel	West		233,205		1,007,497		0.98	%	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							338,765		947,700		0.92	%
OBI Group (a)	100%	Wroclaw, Poland	Retail	Retail Stores	Europe		113,559		940,733		0.91	%	CPI	Dec-2025	Dec-2040
24 Hour Fitness USA, Inc.	100%	Austin, TX	Other	Leisure, Amusement, Entertainment	South		43,935		907,245		0.88	%	CPI	Jun-2017	Jun-2033
Sports Wholesale, Inc.	100%	Birmingham, AL	Warehouse/Distribution	Retail Stores	South		219,312		876,900		0.85	%	CPI	Dec-2014	Dec-2029
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		0.63	%	Fixed	Feb-2018	Feb-2023
Wal-Mart Stores, Inc.	100%	Greenfield, IN	Warehouse/Distribution	Retail Stores	Midwest		82,620		567,745		0.55	%	None	Jan-2010	Jan-2020
Childtime Childcare, Inc.	34%	Chandler, AZ	Other	Healthcare, Education and Childcare	West		2,026		38,260		0.04	%	CPI	Jan-2016	Jan-2041

25

Percentage of

Tenant/Lease Guarantor

Percent Ownership

Property Location

Property Type

Tenant Industry

Region

Square Footage

Annualized Rent

Total Rent(e)

Increase Factor

Lease Expiration

Maximum Term

Childtime Childcare, Inc.

34%

Tucson, AZ

Other

Healthcare, Education and Childcare

West

2,165

39,885

0.04

%

CPI

Jan-2016

Jan-2041

Childtime Childcare, Inc.

34%

Alhambra, CA

Other

Healthcare, Education and Childcare

West

2,262

57,530

0.06

%

CPI

Jan-2016

Jan-2041

Childtime Childcare, Inc.

34%

Chino, CA

Other

Healthcare, Education and Childcare

West

2,166

50,248

0.05

%

CPI

Jan-2016

Jan-2041

Childtime Childcare, Inc.

34%

Garden Grove, CA

Other

Healthcare, Education and Childcare

West

2,848

49,408

0.05

%

CPI

Jan-2016

Jan-2041

Childtime Childcare, Inc.

34%

Tustin, CA

Other

Healthcare, Education and Childcare

West

2,264

57,082

0.06

%

CPI

Jan-2016

Jan-2041

Childtime Childcare, Inc.

34%

Westland, MI

Other

Healthcare, Education and Childcare

Midwest

2,472

28,625

0.03

%

CPI

Jan-2016

Jan-2041

Childtime Childcare, Inc.

34%

Westland, MI

Other

Healthcare, Education and Childcare

Midwest

2,787

37,532

0.04

%

CPI

Jan-2016

Jan-2041

Childtime Childcare, Inc.

34%

Canton, MI

Other

Healthcare, Education and Childcare

Midwest

2,311

51,872

0.05

%

CPI

Jan-2016

Jan-2041

Childtime Childcare, Inc.

34%

Carrollton, TX

Other

Healthcare, Education and Childcare

South

2,438

49,912

0.05

%

CPI

Jan-2016

Jan-2041

Childtime Childcare, Inc.

34%

Duncanville, TX

Other

Healthcare, Education and Childcare

South

2,438

49,912

0.05

%

CPI

Jan-2016

Jan-2041

Childtime Childcare, Inc.

34%

Lewisville, TX

Other

Healthcare, Education and Childcare

South

2,440

49,912

0.05

%

CPI

Jan-2016

Jan-2041

Childtime Childcare, Inc. Total

28,617

560,176

0.54

%

Vertafore, Inc.

100%

College Station, TX

Office

Telecommunications

South

33,400

548,741

0.53

%

Fixed

Dec-2009

Dec-2015

Penberthy, Inc.

100%

Prophetstown, IL

Industrial

Mining, Metals, and Primary Metal Industries

Midwest

161,878

506,376

0.49

%

CPI

Apr-2011

Apr-2026

Alcoa, Inc.

100%

Salisbury, NC

Warehouse/Distribution

Machinery

East

200,000

495,082

0.48

%

Fixed

Jun-2010

Jun-2020

Alstom Power

100%

Erlanger, KY

Warehouse/Distribution

Business and Commercial Services

East

197,400

484,746

0.47

%

Fixed

May-2013

May-2013

Jada Toys, Inc.

100%

City of Industry, CA

Industrial

Consumer Non-durable Goods

West

92,595

457,320

0.44

%

Fixed

Apr-2012

Apr-2017

The Retail Distribution Group, Inc.

40%

Grand Rapids, MI

Warehouse/Distribution

Beverages, Food, and Tobacco

Midwest

71,784

406,367

0.40

%

Fixed

Aug-2013

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

360,000

0.35

%

Fixed

Apr-2012

Apr-2018

S&ME, Inc.

100%

Raleigh, NC

Office

Business and Commercial Services

East

27,770

318,204

0.31

%

Fixed

Jul-2016

Jul-2026

Tubular Metal Systems

100%

Pinconning, MI

Industrial

Automobile

Midwest

220,588

297,684

0.29

%

CPI

Jul-2013

Dec-2022

The Roof Center, Inc.

100%

Manassas, VA

Industrial

Construction and Building

East

60,446

293,732

0.29

%

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

%

Honeywell International, Inc.

100%

Houston, TX

Warehouse/Distribution

Aerospace and Defense

South

32,320

235,680

0.23

%

None

Sep-2010

Sep-2010

Bell Atlantic Corporation

100%

Milton, VT

Industrial

Telecommunications

East

30,624

221,438

0.22

%

Fixed

Feb-2013

Feb-2013

Tranco Logistics, LLC

100%

Chattanooga, TN

Industrial

Business and Commercial Services

South

80,000

216,000

0.21

%

None

Jan-2010

Jan-2011

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

180,565

0.18

%

Fixed

May-2011

May-2021

Continental Airlines, Inc.

100%

Houston, TX

Warehouse/Distribution

Transportation - Personal

South

25,125

163,500

0.16

%

Fixed

Jul-2013

Jul-2013

Multi-Tenant Building

100%

Broomfield, CO

Office

Various

West

42,349

160,885

0.16

%

Various

Various

Various

Winn-Dixie Stores, Inc.

100%

Brewton, AL

Retail

Grocery

South

30,625

134,500

0.13

%

None

Oct-2010

Oct-2030

Affiliated Foods Southwest, Inc.

100%

Hope, AR

Retail

Grocery

South

35,784

85,882

0.08

%

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. Total

57,716

120,626

0.12

%

Golder Associates Inc.

100%

Houston, TX

Office

Business and Commercial Services

South

3,330

31,572

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

%

Fixed

Oct-2010

Oct-2020

Golder Associates Inc. Total

11,396

106,332

0.10

%

Raytheon Company

100%

Webster, TX

Industrial

Business and Commercial Services

South

9,138

82,248

0.08

%

Fixed

Jul-2010

Jul-2025

The Boeing Company

100%

Houston, TX

Warehouse/Distribution

Aerospace and Defense

South

10,960

78,600

0.08

%

Fixed

Jan-2011

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

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

Custom Training Group, Inc.

100%

Houston, TX

Office

Healthcare, Education and Childcare

South

7,248

58,200

0.06

%

Fixed

Dec-2008

Dec-2011

26

Percentage of

Tenant/Lease Guarantor

Percent Ownership

Property Location

Property Type

Tenant Industry

Region

Square Footage

Annualized Rent

Total Rent(e)

Increase Factor

Lease Expiration

Maximum Term

Olmsted Kirk Paper Co.

100%

Beaumont, TX

Office

Forest Products and Paper

South

5,760

48,038

0.05

%

Fixed

Dec-2012

Dec-2012

RGIS, LLC

100%

Bloomingdale, IL

Office

Business and Commercial Services

Midwest

2,550

44,625

0.04

%

Fixed

Nov-2011

Nov-2011

SBH Holdings, LLC

100%

Houston, TX

Office

Healthcare, Education and Childcare

South

5,632

42,578

0.04

%

Fixed

Aug-2013

Aug-2016

Jerry Prater Trucking Incorporated

100%

Salisbury, NC

Industrial

Transportation - Cargo

East

13,284

25,200

0.02

%

Fixed

Sep-2009

Sep-2012

Pittsburgh Institute of Aeronautics (c)

100%

West Mifflin, PA

Retail

Transportation - Personal

East

1

19,800

0.02

%

None

MTM

MTM

Action Buys Cars Inc. (c)

100%

Montgomery, AL

Retail

Retail Stores

South

1

9,900

0.01

%

None

MTM

MTM

Classic Cuisines Catering (c)

100%

Bloomingdale, IL

Office

Hotels and Gaming

Midwest

1,000

9,000

0.01

%

None

MTM

MTM

Vacant

100%

Bloomingdale, IL

Office

N/A

Midwest

52,450

—

—

N/A

N/A

N/A

Vacant

100%

Bridgeton, MO

Office

N/A

Midwest

78,080

—

—

N/A

N/A

N/A

Vacant

100%

Broomfield, CO

Office

N/A

West

59,436

—

—

N/A

N/A

N/A

Vacant

100%

Chattanooga, TN

Industrial

N/A

South

162,317

—

—

N/A

N/A

N/A

Vacant

100%

College Station,TX

Office

N/A

South

19,152

—

—

N/A

N/A

N/A

Vacant

100%

Hot Springs, AR

Retail

N/A

South

340

—

—

N/A

N/A

N/A

Vacant

100%

Houston, TX

Office

N/A

South

25,364

—

—

N/A

N/A

N/A

Vacant

100%

Jacksonville, FL

Warehouse/Distribution

N/A

South

240,000

—

—

N/A

N/A

N/A

Vacant

100%

Little Rock, AR

Retail

N/A

South

64,358

—

—

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

87,000

—

—

N/A

N/A

N/A

Vacant

100%

Salisbury, NC

Office

N/A

East

10,681

—

—

N/A

N/A

N/A

Vacant

100%

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

1,011,702

—

—

Grand Total (d)

17,034,880

$

102,877,059

100

%

(a)	Rents reflect a conversion rate of 1.3208 USD/EUR as of March 31, 2009.
(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 0.4 million square feet as of March 31, 2009.
(e)	Numbers may not add due to rounding.

27