EX-99.1 3 v358039_ex99-1.htm AUDITED FINANCIAL STATEMENTS FROM ITS ANNUAL REPORT ON FORM 10-K
Exhibit 99.1
INDEX TO CONSOLIDATED FINANCIAL STATEMENTS


F-1

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Board of Directors and Stockholders of
Cole Credit Property Trust III, Inc.
Phoenix, Arizona
We have audited the accompanying consolidated balance sheets of Cole Credit Property Trust III, Inc. and subsidiaries (the “Company”) as of December 31, 2012 and 2011, and the related consolidated statements of operations, comprehensive income (loss), equity, and cash flows for each of the three years in the period ended December 31, 2012. Our audits also included the financial statement schedules listed in the Index at Item 15. These financial statements and financial statement schedules are the responsibility of the Company’s management. Our responsibility is to express an opinion on the financial statements and financial statement schedules based on our audits.
We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.
In our opinion, such consolidated financial statements present fairly, in all material respects, the financial position of Cole Credit Property Trust III, Inc. and subsidiaries as of December 31, 2012 and 2011, and the results of their operations and their cash flows for each of the three years in the period ended December 31, 2012, in conformity with accounting principles generally accepted in the United States of America. Also, in our opinion, such financial statement schedules, when considered in relation to the basic consolidated financial statements taken as a whole, present fairly in all material respects the information set forth therein.
/s/ DELOITTE & TOUCHE LLP
Phoenix, Arizona
March 28, 2013



F-2
COLE CREDIT PROPERTY TRUST III, INC.
CONSOLIDATED BALANCE SHEETS
(in thousands, except share and per share amounts)
 
December 31, 2012
 
December 31, 2011
ASSETS
 
 
 
Investment in real estate assets:
 
 
 
Land
$
1,490,843

 
$
1,165,274

Buildings and improvements, less accumulated depreciation of $187,870 and $99,055, respectively
4,222,363

 
3,275,989

Acquired intangible lease assets, less accumulated amortization of $122,258 and $61,830, respectively
860,963

 
682,816

Total investment in real estate assets, net
6,574,169

 
5,124,079

Investment in notes receivable, net
90,358

 
64,683

Investment in marketable securities
51,103

 
41,750

Investment in marketable securities pledged as collateral
266,098

 
72,379

Investment in unconsolidated joint ventures
96,785

 
21,543

Total investment in real estate and related assets, net
7,078,513

 
5,324,434

Assets related to real estate held for sale, net
15,485

 
15,836

Cash and cash equivalents
192,504

 
216,353

Restricted cash
18,444

 
17,540

Rents and tenant receivables, less allowance for doubtful accounts of $337 and $202, respectively
79,760

 
60,712

Prepaid expenses and other assets
11,790

 
11,584

Deferred financing costs, less accumulated amortization of $23,105 and $11,305, respectively
57,229

 
51,109

Total assets
$
7,453,725

 
$
5,697,568

LIABILITIES AND EQUITY
 
 
 
Notes payable and other borrowings
$
3,292,048

 
$
2,373,984

Accounts payable and accrued expenses
42,756

 
33,815

Escrowed investor proceeds
—

 
1,930

Due to affiliates
4,525

 
4,847

Acquired below market lease intangibles, less accumulated amortization of $16,389 and $8,782, respectively
113,607

 
93,050

Distributions payable
26,399

 
20,858

Derivative liabilities, deferred rent and other liabilities
56,980

 
50,720

Total liabilities
3,536,315

 
2,579,204

Commitments and contingencies

 

Redeemable common stock
234,578

 
134,101

EQUITY:
 
 
 
Preferred stock, $0.01 par value; 10,000,000 shares authorized, none issued and outstanding
—

 
—

Common stock, $0.01 par value; 990,000,000 shares authorized, 479,547,099 and 385,236,590 shares issued and outstanding, respectively
4,795

 
3,852

Capital in excess of par value
4,068,015

 
3,322,924

Accumulated distributions in excess of earnings
(416,886
)
 
(319,031
)
Accumulated other comprehensive income (loss)
23,101

 
(24,757
)
Total stockholders’ equity
3,679,025

 
2,982,988

Noncontrolling interests
3,807

 
1,275

Total equity
3,682,832

 
2,984,263

Total liabilities and equity
$
7,453,725

 
$
5,697,568

The accompanying notes are an integral part of these consolidated financial statements.

F-3
COLE CREDIT PROPERTY TRUST III, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except share and per share amounts)
 
 
 
Year Ended December 31,
 
 
2012
 
2011
 
2010
Revenues:
 
 
 
 
 
 
Rental and other property income
 
$
471,333

 
$
294,511

 
$
108,509

Tenant reimbursement income
 
44,541

 
21,564

 
6,101

Interest income on notes receivable
 
6,573

 
5,473

 
3,628

Interest income on marketable securities
 
20,495

 
2,432

 
—

Total revenue
 
542,942

 
323,980

 
118,238

Expenses:
 
 
 
 
 
 
General and administrative expenses
 
14,915

 
10,155

 
5,905

Property operating expenses
 
49,278

 
24,045

 
6,916

Property and asset management expenses
 
46,364

 
27,225

 
10,378

Acquisition related expenses
 
63,892

 
59,433

 
50,096

Depreciation
 
103,719

 
61,198

 
20,460

Amortization
 
55,890

 
33,057

 
12,007

Total operating expenses
 
334,058

 
215,113

 
105,762

Operating income
 
208,884

 
108,867

 
12,476

Other income (expense):
 
 
 
 
 
 
Equity in income (loss) of unconsolidated joint ventures
 
2,183

 
1,475

 
(206
)
Other income
 
4,446

 
344

 
1,277

Gain on sale of marketable securities
 
12,455

 
—

 
—

Interest expense
 
(140,113
)
 
(78,968
)
 
(22,969
)
Total other expense
 
(121,029
)
 
(77,149
)
 
(21,898
)
Income (loss) from continuing operations
 
87,855

 
31,718

 
(9,422
)
Discontinued operations
 
 
 
 
 
 
Income from discontinued operations
 
7,126

 
14,053

 
2,819

Gain on sale of real estate assets
 
108,457

 
—

 
—

Total income from discontinued operations
 
115,583

 
14,053

 
2,819

Net income (loss)
 
203,438

 
45,771

 
(6,603
)
Net income (loss) allocated to noncontrolling interests
 
100

 
475

 
(310
)
Net income (loss) attributable to the Company
 
$
203,338

 
$
45,296

 
$
(6,293
)
 
 
 
 
 
 
 
Weighted average number of common shares outstanding:
 
 
 
 
Basic and diluted
 
463,216,187

 
309,363,838

 
174,764,966

Income (loss) from continuing operations per common share:
 
 
 
 
Basic and diluted
 
$
0.19

 
$
0.10

 
$
(0.05
)
Total income from discontinued operations per common share:
 
 
 
 
Basic and diluted
 
$
0.25

 
$
0.05

 
$
0.02

Net income (loss) attributable to the Company per common share:
 
 
 
 
Basic and diluted
 
$
0.44

 
$
0.15

 
$
(0.04
)
The accompanying notes are an integral part of these consolidated financial statements.

F-4
COLE CREDIT PROPERTY TRUST III, INC.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(in thousands)
 
 
 
Year Ended December 31,
 
 
2012
 
2011
 
2010
Net income (loss)
 
$
203,438

 
$
45,771

 
$
(6,603
)
 
 
 
 
 
 
 
Other comprehensive income (loss):
 
 
 
 
 
 
Unrealized gain on marketable securities
 
53,664

 
1,335

 
—

Reclassification of previous unrealized gain on marketable securities into net income
 
(8,852
)
 
—

 
—

Unrealized loss on interest rate swaps
 
(6,217
)
 
(18,904
)
 
(7,053
)
Reclassification of previous unrealized loss on interest rate swaps into net income
 
9,263

 
—

 
—

Total other comprehensive income (loss)
 
47,858

 
(17,569
)
 
(7,053
)
 
 
 
 
 
 
 
Total comprehensive income (loss)
 
251,296

 
28,202

 
(13,656
)
Comprehensive income (loss) attributable to noncontrolling interest
 
100

 
475

 
(310
)
Total comprehensive income (loss) attributable to the Company
 
$
251,196

 
$
27,727

 
$
(13,346
)
The accompanying notes are an integral part of these consolidated financial statements.


F-5
COLE CREDIT PROPERTY TRUST III, INC.
CONSOLIDATED STATEMENTS OF EQUITY
(in thousands, except share amounts)
 

 
 
 
 
 
Accumulated
 
Accumulated
 

 
 
 
 
 
Common Stock
 
Capital in
 
Distributions
 
Other
 
Total
 
Non-
 
 
 
Number of
 
Par
 
Excess
 
in Excess of
 
Comprehensive
 
Stockholders’
 
controlling
 
Total
 
Shares
 
Value
 
of Par Value
 
Earnings
 
(Loss) Gain
 
Equity
 
Interests
 
Equity
Balance, January 1, 2010
98,002,392

 
$
980

 
$
865,617

 
$
(34,999
)
 
$
(135
)
 
$
831,463

 
$
—

 
$
831,463

Issuance of common stock
151,272,210

 
1,513

 
1,505,839

 
—

 
—

 
1,507,352

 
—

 
1,507,352

Contributions from noncontrolling interests
—

 
—

 
—

 
—

 
—

 
—

 
681

 
681

Distributions to investors
—

 
—

 
—

 
(121,748
)
 
—

 
(121,748
)
 
—

 
(121,748
)
Commissions on stock sales and related dealer manager fees
—

 
—

 
(127,753
)
 
—

 
—

 
(127,753
)
 
—

 
(127,753
)
Other offering costs
—

 
—

 
(14,013
)
 
—

 
—

 
(14,013
)
 
—

 
(14,013
)
Redemptions of common stock
(1,204,238
)
 
(12
)
 
(11,646
)
 
—

 
—

 
(11,658
)
 
—

 
(11,658
)
Changes in redeemable common stock
—

 
—

 
(53,516
)
 
—

 
—

 
(53,516
)
 
—

 
(53,516
)
Comprehensive loss
—

 
—

 
—

 
(6,293
)
 
(7,053
)
 
(13,346
)
 
(310
)
 
(13,656
)
Balance, December 31, 2010
248,070,364

 
2,481

 
2,164,528

 
(163,040
)
 
(7,188
)
 
1,996,781

 
371

 
1,997,152

Issuance of common stock
141,490,293

 
1,414

 
1,405,275

 
—

 
—

 
1,406,689

 
—

 
1,406,689

Contributions from noncontrolling interests
—

 
—

 
—

 
—

 
—

 
—

 
481

 
481

Distributions to noncontrolling interests
—

 
—

 
—

 
—

 
—

 
—

 
(52
)
 
(52
)
Distributions to investors
—

 
—

 
—

 
(201,287
)
 
—

 
(201,287
)
 
—

 
(201,287
)
Commissions on stock sales and related dealer manager fees
—

 
—

 
(114,550
)
 
—

 
—

 
(114,550
)
 
—

 
(114,550
)
Other offering costs
—

 
—

 
(21,572
)
 
—

 
—

 
(21,572
)
 
—

 
(21,572
)
Redemptions of common stock
(4,324,067
)
 
(43
)
 
(41,847
)
 
—

 
—

 
(41,890
)
 
—

 
(41,890
)
Changes in redeemable common stock
—

 
—

 
(68,203
)
 
—

 
—

 
(68,203
)
 
—

 
(68,203
)
Purchase of investment from noncontrolling interest
—

 
—

 
(707
)
 
—

 
—

 
(707
)
 
—

 
(707
)
Comprehensive income (loss)
—

 
—

 
—

 
45,296

 
(17,569
)
 
27,727

 
475

 
28,202

Balance, December 31, 2011
385,236,590

 
3,852

 
3,322,924

 
(319,031
)
 
(24,757
)
 
2,982,988

 
1,275

 
2,984,263

Issuance of common stock
101,309,317

 
1,013

 
1,000,935

 
—

 
—

 
1,001,948

 
—

 
1,001,948

Contributions from noncontrolling interests
—

 
—

 
—

 
—

 
—

 
—

 
2,938

 
2,938

Distributions to noncontrolling interests
—

 
—

 
—

 
—

 
—

 
—

 
(506
)
 
(506
)
Distributions to investors
—

 
—

 
—

 
(301,193
)
 
—

 
(301,193
)
 
—

 
(301,193
)
Commissions on stock sales and related dealer manager fees
—

 
—

 
(72,926
)
 
—

 
—

 
(72,926
)
 
—

 
(72,926
)
Other offering costs
—

 
—

 
(13,188
)
 
—

 
—

 
(13,188
)
 
—

 
(13,188
)
Redemptions of common stock
(6,998,808
)
 
(70
)
 
(68,532
)
 
—

 
—

 
(68,602
)
 
—

 
(68,602
)
Changes in redeemable common stock
—

 
—

 
(100,477
)
 
—

 
—

 
(100,477
)
 
—

 
(100,477
)
Purchase of investment from noncontrolling interest
—

 
—

 
(721
)
 
—

 
—

 
(721
)
 
—

 
(721
)
Comprehensive income
—

 
—

 
—

 
203,338

 
47,858

 
251,196

 
100

 
251,296

Balance, December 31, 2012
479,547,099

 
$
4,795

 
$
4,068,015

 
$
(416,886
)
 
$
23,101

 
$
3,679,025

 
$
3,807

 
$
3,682,832

The accompanying notes are an integral part of these consolidated financial statements.

F-6
COLE CREDIT PROPERTY TRUST III, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
 
 
Year Ended December 31,
 
2012
 
2011
 
2010
Cash flows from operating activities:
 
 
 
 
 
Net income (loss)
$
203,438

 
$
45,771

 
$
(6,603
)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
 
 
 
 
 
Depreciation
110,533

 
70,823

 
25,720

Amortization of lease intangibles and deferred financing costs, net
74,869

 
46,253

 
16,478

Accretion of marketable securities and notes receivable, net
(4,280
)
 
(1,788
)
 
(642
)
Bad debt expense
309

 
213

 
97

Equity in (income) loss of unconsolidated joint ventures
(2,183
)
 
(1,475
)
 
206

Return on investment from unconsolidated joint ventures
2,183

 
1,475

 
946

Gain on sale and condemnation of real estate assets
(109,121
)
 
—

 
(34
)
Gain on sale of marketable securities
(12,455
)
 
—

 
—

Changes in assets and liabilities:
 
 
 
 
 
Rents and tenant receivables
(31,184
)
 
(36,421
)
 
(21,760
)
Prepaid expenses and other assets
(4,537
)
 
(3,766
)
 
(1,717
)
Accounts payable and accrued expenses
3,832

 
10,769

 
11,228

Deferred rent and other liabilities
10,310

 
10,535

 
11,643

Due to affiliates
750

 
3,292

 
230

Net cash provided by operating activities
242,464

 
145,681

 
35,792

Cash flows from investing activities:
 
 
 
 
 
Investment in real estate and related assets
(2,335,620
)
 
(2,342,527
)
 
(2,329,385
)
Return of investment and repayment of advance from unconsolidated joint ventures
22,748

 
1,148

 
—

Principal repayments from notes receivable
864

 
276

 
—

Proceeds from sale and condemnation of real estate assets
536,113

 
18

 
44

Proceeds from sale of marketable securities
63,422

 
—

 
—

Payment of property escrow deposits
(48,407
)
 
(43,050
)
 
(40,653
)
Refund of property escrow deposits
53,096

 
38,875

 
40,150

Change in restricted cash
(904
)
 
(5,417
)
 
(10,932
)
Net cash used in investing activities
(1,708,688
)
 
(2,350,677
)
 
(2,340,776
)
Cash flows from financing activities:
 
 
 
 
 
Proceeds from issuance of common stock
832,869

 
1,296,596

 
1,442,178

Offering costs on issuance of common stock
(87,195
)
 
(135,362
)
 
(141,935
)
Redemptions of common stock
(68,602
)
 
(41,890
)
 
(11,658
)
Distributions to investors
(126,573
)
 
(84,784
)
 
(47,439
)
Proceeds from notes payable and other borrowings
2,025,253

 
1,547,220

 
922,392

Repayment of notes payable and other borrowings
(1,107,062
)
 
(239,401
)
 
(1,136
)
Payment of loan deposits
(5,463
)
 
(6,704
)
 
(14,676
)
Refund of loan deposits
6,653

 
6,234

 
14,642

Payment on earnout liabilities
(7,429
)
 
—

 
—

Change in escrowed investor proceeds liability
(1,930
)
 
1,482

 
(673
)
Deferred financing costs paid
(20,578
)
 
(32,413
)
 
(26,167
)
Contributions from noncontrolling interests
2,938

 
481

 
681

Distributions to noncontrolling interests
(506
)
 
(52
)
 
—

Net cash provided by financing activities
1,442,375

 
2,311,407

 
2,136,209

Net (decrease) increase in cash and cash equivalents
(23,849
)
 
106,411

 
(168,775
)
Cash and cash equivalents, beginning of year
216,353

 
109,942

 
278,717

Cash and cash equivalents, end of year
$
192,504

 
$
216,353

 
$
109,942

The accompanying notes are an integral part of these consolidated financial statements.

F-7
COLE CREDIT PROPERTY TRUST III, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
NOTE 1 — ORGANIZATION AND BUSINESS
Cole Credit Property Trust III, Inc. (the “Company”) is a Maryland corporation that was formed on January 22, 2008, which has elected to be taxed, and currently qualifies, as a real estate investment trust (“REIT”) for federal income tax purposes. Substantially all of the Company’s business is conducted through Cole REIT III Operating Partnership, LP (“CCPT III OP”), a Delaware limited partnership. The Company is the sole general partner of, and owns a 99.99% partnership interest in, CCPT III OP. Cole REIT Advisors III, LLC (“CR III Advisors”), the advisor to the Company, is the sole limited partner and owner of an insignificant noncontrolling partnership interest of less than 0.01% of CCPT III OP.
As of December 31, 2012, the Company owned 1,014 properties, comprising 43.1 million rentable square feet of single and multi-tenant retail and commercial space located in 47 states, which include properties owned through consolidated joint venture arrangements. As of December 31, 2012, the rentable space at these properties was 99% leased. As of December 31, 2012, the Company also owned 29 commercial mortgage backed securities (“CMBS”) and three notes receivable. In addition, through unconsolidated joint venture arrangements, as of December 31, 2012, the Company had interests in 12 properties comprising 2.3 million rentable square feet of commercial and retail space.
The Company ceased offering shares of common stock in its initial primary offering (the “Initial Offering”) on October 1, 2010. At the completion of the Initial Offering, a total of approximately 217.5 million shares of common stock had been issued, including approximately 211.6 million shares issued in the primary offering and approximately 5.9 million shares issued pursuant to a distribution reinvestment plan (the “DRIP”). The remaining 32.5 million unsold shares in the Initial Offering were deregistered.
The Company ceased offering shares of its common stock pursuant to a follow-on offering of up to 275.0 million shares (the “Follow-on Offering”) on April 27, 2012. At the completion of the Follow-on Offering, a total of approximately 262.2 million shares of common stock had been issued, including approximately 242.9 million shares issued in the primary offering and approximately 19.3 million shares issued pursuant to the DRIP. The remaining 12.8 million unsold shares in the Follow-on Offering were deregistered.
In addition, the Company registered 75.0 million shares of common stock under the DRIP pursuant to a registration statement filed on Form S-3 (the “DRIP Offering” and collectively with the Initial Offering and Follow-on Offering, the “Offerings”), which was filed with the SEC on March 14, 2012 and automatically became effective with the SEC upon filing. The Company will continue to issue shares of common stock under the DRIP Offering until such time as the Company’s shares are listed on a national securities exchange or the DRIP Offering is otherwise terminated by the Company’s board of directors.
As of December 31, 2012, the Company had issued approximately 492.1 million shares of its common stock in the Offerings, including approximately 12.4 million shares issued in the DRIP Offering. The Company had aggregate gross proceeds from the Offerings of $4.9 billion (including shares sold pursuant to the Company’s DRIP) as of December 31, 2012, before share redemptions of $122.4 million and offering costs, selling commissions and dealer management fees of $463.2 million.
On March 5, 2013, the Company, Cole Holdings Corporation (“Holdings”), an Arizona corporation that is the parent company and indirect owner of the Company’s advisor and is wholly owned by Christopher H. Cole, the chairman of the board of directors, chief executive officer and president of the Company (the “Holdings Stockholder”), CREInvestments, LLC, a Maryland limited liability company and a wholly-owned subsidiary of the Company (“Merger Sub”), and the Holdings Stockholder entered into an Agreement and Plan of Merger (the “Merger Agreement”). The Merger Agreement provides for the merger of Holdings with and into Merger Sub (the “Merger”), with Merger Sub surviving and continuing its existence under the laws of the state of Maryland as a wholly owned subsidiary of the Company. Upon consummation of the Merger, the Company intends to list its shares of common stock on the New York Stock Exchange. Refer to Note 2 for further discussion regarding the Merger.

F-8
COLE CREDIT PROPERTY TRUST III, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – (Continued)



NOTE 2 — MERGER AGREEMENT
A special committee of independent directors of the Company unanimously recommended the Merger and the board of directors of the Company (the “Board”) unanimously approved the Merger Agreement, the Merger and the other transactions contemplated by the Merger Agreement. Pursuant to the terms and subject to the conditions set forth in the Merger Agreement, at the effective time of the Merger, the outstanding shares of common stock, par value $0.01 per share, of Holdings (“Holdings Common Stock”) will be converted into the right to receive upfront consideration from the Company of $20.0 million in cash, subject to adjustment, and 10,711,225 newly-issued shares of common stock of the Company (the “Upfront Stock Consideration”). The Merger Agreement also includes the following contingent amounts to be paid by the Company: (i) upon a listing of the Company’s common stock on the New York Stock Exchange (“NYSE”), 2,142,245 newly-issued shares of the Company’s common stock will be payable to the Holdings Stockholder (the “Listing Consideration”), and (ii) additional shares of the Company’s common stock are potentially payable in 2017 as an “earn-out” contingent upon the acquired business’ demonstrated financial success based on two criteria: (a) the acquired business generating Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) above a minimum threshold and (b) the Company’s stock performance relative to its peer group (the “Earnout Consideration”). The Upfront Stock Consideration and the Listing Consideration are subject to a three-year lockup with approximately one-third of the shares released each year. The stock consideration payable in 2017 is subject to a lockup until December 31, 2017. Additionally, pursuant to the terms of the Company’s advisory agreement with its current advisor, Holdings may receive an additional amount of the Company’s common stock based on the average closing price over a period of 30 consecutive trading days beginning 180 days after the Company’s shares of common stock are listed; however, Holdings has agreed, as part of the transaction, to a 25% reduction from the amount payable under the advisory agreement as a result of a listing of the Company’s common stock, if any. Other executives of Holdings would receive a portion of the consideration to be paid in connection with the Merger pursuant to certain bonus arrangements.
The Merger Agreement contains customary representations, warranties, covenants and agreements of Holdings, the Holdings Stockholder, the Company and Merger Sub. The consummation of the Merger is subject to various conditions for the benefit of the Company and Merger Sub, on the one hand, or Holdings and the Holdings Stockholder, on the other hand, or for all parties’ benefit, as applicable, including, among others, (i) the absence of any law or order prohibiting the consummation of the Merger, (ii) certain consents, approvals, permits and authorizations having been obtained, (iii) receipt of certain regulatory approvals, (iv) subject to the standards set forth in the Merger Agreement, the accuracy of the representations and warranties of each party thereto, (v) compliance by each party with its covenants and agreements under the Merger Agreement in all material respects, (vi) no event, change, effect, development, condition or occurrence that has had or would reasonably be expected to have, individually or in the aggregate, a material adverse effect on the Company or Holdings, (vii) the delivery of certain opinions of counsel related to the qualification of the Merger as a “reorganization” for tax purposes and the qualification of the Company as a real estate investment trust, and (viii) no pending litigation challenging the Merger which, if determined adversely to the Company, Holdings or the Holdings Stockholder, would be, or would be reasonably likely to be, material to (a) the combined business of the Company, Holdings and their subsidiaries and as a result of which the Company’s special committee of the Board has determined that the Merger and the other transactions contemplated by the Merger Agreement are no longer in the best interests of the Company’s stockholders or (b) the Holdings Stockholder and as a result of which the Holdings Stockholder has determined that the Merger and the other transactions contemplated by the Merger Agreement are no longer in the best interests of the Holdings Stockholder.
The Merger Agreement contains certain termination rights for both the Company and Holdings, including the right to terminate the Merger Agreement if the Merger is not consummated on or before June 30, 2013 and if the requisite regulatory approvals are not obtained. The Holdings Stockholder has also agreed, subject to certain limitations, to indemnify the Company with respect to certain representations and warranties regarding Holdings and other matters.
If the Merger is completed, the Company and the Holdings Stockholder will enter into a customary escrow agreement pursuant to which approximately one-third of the Upfront Stock Consideration will be escrowed, in part to satisfy the Holding Stockholder’s indemnity obligations. If listing occurs during the first year after closing, one-third of the Listing Consideration will be added to the escrowed shares, subject to the same escrow terms.
At the closing of the Merger, the Company would enter into a registration rights agreement pursuant to which the Company will agree to customary demand and piggyback registration rights with respect to the shares of the Company’s common stock issued pursuant to the Merger Agreement.
As of December 31, 2012, the Company had incurred $3.5 million for legal, consulting and other expenses related to the Merger, which is included in acquisition related expenses in the consolidated statements of operations. Subsequent to December 31, 2012, the Company has incurred $11.1 million of such Merger expenses.

F-9
COLE CREDIT PROPERTY TRUST III, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – (Continued)



NOTE 3 — SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The summary of significant accounting policies presented below is designed to assist in understanding the Company’s consolidated financial statements. These accounting policies conform to accounting principles generally accepted in the United States of America (“GAAP”), in all material respects, and have been consistently applied in preparing the accompanying consolidated financial statements.
Principles of Consolidation and Basis of Presentation
The consolidated financial statements include the accounts of the Company, its wholly-owned subsidiaries and consolidated joint venture arrangements in which the Company has controlling financial interests. The portions of the consolidated joint venture arrangements not owned by the Company were presented as noncontrolling interests as of and during the period consolidated. All intercompany balances and transactions have been eliminated in consolidation. Certain prior year balances have been reclassified in the consolidated balance sheets and statements of operations to conform with the current year presentation of real estate assets held for sale and discontinued operations.
The Company evaluates its relationships and investments to determine if it has variable interests.  A variable interest is an investment or other interest that will absorb portions of an entity’s expected losses or receive portions of the entity’s expected residual returns.  If the Company determines that it has a variable interest in an entity, it evaluates whether such interest is in a variable interest entity (“VIE”).  A VIE is broadly defined as an entity where either (1) the equity investors as a group, if any, lack the power through voting or similar rights to direct the activities of an entity that most significantly impact the entity’s economic performance or (2) the equity investment at risk is insufficient to finance that entity’s activities without additional subordinated financial support.  The Company consolidates any VIEs when it is determined to be the primary beneficiary of the VIE’s operations.
A variable interest holder is considered to be the primary beneficiary of a VIE if it has the power to direct the activities of a VIE that most significantly impact the entity’s economic performance and has the obligation to absorb losses of, or the right to receive benefits from, the entity that could potentially be significant to the VIE. The Company qualitatively assesses whether it is (or is not) the primary beneficiary of a VIE. Consideration of various factors include, but are not limited to, the Company’s ability to direct the activities that most significantly impact the entity’s economic performance, its form of ownership interest, its representation on the entity’s governing body, the size and seniority of its investment, its ability and the rights of other investors to participate in policy making decisions and to replace the manager of and/or liquidate the entity.
The Company continually evaluates the need to consolidate joint ventures based on standards set forth in GAAP. In determining whether the Company has a controlling interest in a joint venture and the requirement to consolidate the accounts of that entity, management considers factors such as ownership interest, power to make decisions and contractual and substantive participating rights of the partners/members as well as whether the entity is a VIE for which the Company is the primary beneficiary. As of December 31, 2012, the Company consolidated the accounts of three joint ventures (the “Consolidated Joint Ventures”), which held real estate assets with an aggregate book value of $55.0 million.
In addition, the Company evaluates its investments in marketable securities to determine if they represent variable interests in VIEs. As of December 31, 2012, the Company determined that investments in marketable securities are variable interests in VIEs, of which the Company is not the primary beneficiary because it does not have the ability to direct the activities of the VIEs that most significantly impact each entity’s economic performance. The Company’s maximum exposure to loss from these investments does not exceed their aggregate amortized cost basis of $271.1 million.
Use of Estimates
The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. 

F-10
COLE CREDIT PROPERTY TRUST III, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – (Continued)



Investment in and Valuation of Real Estate Assets
Real estate assets are stated at cost, less accumulated depreciation and amortization. Amounts capitalized to real estate assets consist of the cost of acquisition, excluding acquisition related expenses, construction and any tenant improvements, major improvements and betterments that extend the useful life of the real estate assets and leasing costs. All repairs and maintenance are expensed as incurred.
The Company is required to make subjective assessments as to the useful lives of its depreciable assets. The Company considers the period of future benefit of each respective asset to determine the appropriate useful life of the assets. Real estate assets, other than land, are depreciated or amortized on a straight-line basis. The estimated useful lives of the Company’s real estate assets by class are generally as follows:
Buildings
40 years
Tenant improvements
Lesser of useful life or lease term
Intangible lease assets
Lease term
The Company continually monitors events and changes in circumstances that could indicate that the carrying amounts of its real estate assets may not be recoverable. Impairment indicators that the Company considers include, but are not limited to, bankruptcy or other credit concerns of a property’s major tenant, such as a history of late payments, rental concessions and other factors, a significant decrease in a property’s revenues due to lease terminations, vacancies, co-tenancy clauses, reduced lease rates or other circumstances. When indicators of potential impairment are present, the Company assesses the recoverability of the assets by determining whether the carrying amount of the assets will be recovered through the undiscounted future cash flows expected from the use of the assets and their eventual disposition. In the event that such expected undiscounted future cash flows do not exceed the carrying amount, the Company will adjust the real estate assets to their respective fair values and recognize an impairment loss. Generally, fair value is determined using a discounted cash flow analysis and recent comparable sales transactions. No impairment indicators were identified and no impairment losses were recorded during the years ended December 31, 2012, 2011, and 2010.
When developing estimates of expected future cash flows, the Company makes certain assumptions regarding future market rental income amounts subsequent to the expiration of current lease agreements, property operating expenses, terminal capitalization and discount rates, the expected number of months it takes to re-lease the property, required tenant improvements and the number of years the property will be held for investment. The use of alternative assumptions in estimating expected future cash flows could result in a different determination of the property’s expected future cash flows and a different conclusion regarding the existence of an impairment, the extent of such loss, if any, as well as the fair value of the real estate assets.
When a real estate asset is identified by the Company as held for sale, the Company ceases depreciation and amortization of the assets related to the property and estimates the fair value, net of selling costs. If, in management’s opinion, the fair value, net of selling costs, of the asset is less than the carrying amount of the asset, an adjustment to the carrying amount would be recorded to reflect the estimated fair value of the property, net of selling costs.
Allocation of Purchase Price of Real Estate Assets
Upon the acquisition of real properties, the Company allocates the purchase price to acquired tangible assets, consisting of land, buildings and improvements, and identified intangible assets and liabilities, consisting of the value of above market and below market leases and the value of in-place leases, based in each case on their respective fair values. Acquisition related expenses are expensed as incurred. The Company utilizes independent appraisals to assist in the determination of the fair values of the tangible assets of an acquired property (which includes land and building). The Company obtains an independent appraisal for each real property acquisition. The information in the appraisal, along with any additional information available to the Company’s management, is used in estimating the amount of the purchase price that is allocated to land. Other information in the appraisal, such as building value and market rents, may be used by the Company’s management in estimating the allocation of purchase price to the building and to intangible lease assets and liabilities. The appraisal firm has no involvement in management’s allocation decisions other than providing this market information. 

F-11
COLE CREDIT PROPERTY TRUST III, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – (Continued)



The fair values of above market and below market lease intangibles are recorded based on the present value (using a discount rate which reflects the risks associated with the leases acquired) of the difference between (1) the contractual amounts to be paid pursuant to the in-place leases and (2) an estimate of fair market lease rates for the corresponding in-place leases, which is generally obtained from independent appraisals, measured over a period equal to the remaining non-cancelable term of the lease including any bargain renewal periods, with respect to a below market lease. The above market and below market lease intangibles are capitalized as intangible lease assets or liabilities, respectively. Above market leases are amortized as a reduction to rental income over the remaining terms of the respective leases. Below market leases are amortized as an increase to rental income over the remaining terms of the respective leases, including any bargain renewal periods. In considering whether or not the Company expects a tenant to execute a bargain renewal option, the Company evaluates economic factors and certain qualitative factors at the time of acquisition, such as the financial strength of the tenant, remaining lease term, the tenant mix of the leased property, the Company’s relationship with the tenant and the availability of competing tenant space. If a lease were to be terminated prior to its stated expiration, all unamortized amounts of above market or below market lease intangibles relating to that lease would be recorded as an adjustment to rental income.
The fair values of in-place leases include estimates of direct costs associated with obtaining a new tenant and opportunity costs associated with lost rental and other property income which are avoided by acquiring a property with an in-place lease. Direct costs associated with obtaining a new tenant include commissions and other direct costs and are estimated in part by utilizing information obtained from independent appraisals and management’s consideration of current market costs to execute a similar lease. The intangible values of opportunity costs, which are calculated using the contractual amounts to be paid pursuant to the in-place leases over a market absorption period for a similar lease, are capitalized as intangible lease assets and are amortized to expense over the remaining term of the respective leases. If a lease were to be terminated prior to its stated expiration, all unamortized amounts of in-place lease assets relating to that lease would be expensed.
The Company estimates the fair value of assumed mortgage notes payable based upon indications of current market pricing for similar types of debt financing with similar maturities. Assumed mortgage notes payable are initially recorded at their estimated fair value as of the assumption date, and the difference between such estimated fair value and the mortgage note’s outstanding principal balance is amortized to interest expense over the term of the respective mortgage note payable.
The determination of the fair values of the real estate assets and liabilities acquired requires the use of significant assumptions with regard to the current market rental rates, rental growth rates, capitalization and discount rates, interest rates and other variables. The use of alternative estimates may result in a different allocation of the Company’s purchase price, which could impact the Company’s results of operations.
Discontinued Operations
Upon the disposal of a real estate asset or the determination of a real estate asset as being held for sale, the Company determines if the asset disposed of is considered a component of the Company. A component is comprised of operations and cash flows that can clearly be distinguished, operationally and for financial reporting purposes, from the rest of the Company. If the asset is considered a component of the Company, the results of operations and gains or losses on the sale of the component are required to be presented in discontinued operations if both of the following criteria are met: (1) the operations and cash flows of the asset have been (or will be) eliminated from the ongoing operations of the Company as a result of the disposal transaction and (2) the Company will not have any significant continuing involvement in the operations of the asset after the disposal transaction. Also, the prior period results of operations for the asset are reclassified and presented in discontinued operations in the prior consolidated statements of operations.
Sale of Real Estate Assets
Gains on the sale of real estate assets are generally recognized by the full accrual method when the following criteria are met: (1) the gain is determinable, that is, the collectability of the sales price is reasonably assured or the amount that will not be collectible can be estimated, and (2) the earnings process is virtually complete, that is, the Company is not obligated to perform significant activities after the sale to earn the gain. 

F-12
COLE CREDIT PROPERTY TRUST III, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – (Continued)



Investment in Notes Receivable
Notes receivable consist of loans acquired by the Company, which are secured by real estate properties. Notes receivable are recorded at stated principal amounts net of any discount or premium and deferred loan origination costs or fees. The related discounts or premiums are accreted or amortized over the life of the related note receivable. The Company defers certain loan origination and commitment fees and amortizes them as an adjustment of yield over the term of the related note receivable. The related accretion of discounts and/or amortization of premiums and origination costs are recorded in interest income on notes receivable. The Company evaluates the collectability of both interest and principal on each note receivable to determine whether it is collectible, primarily through the evaluation of credit quality indicators such as underlying collateral and payment history. A note receivable is considered to be impaired, when based upon current information and events, it is probable that the Company will be unable to collect all amounts due according to the existing contractual terms. If a note receivable is considered to be impaired, the amount of loss is calculated by comparing the recorded investment to the value determined by discounting the expected future cash flows at the note receivable’s effective interest rate or to the value of the underlying collateral if the note receivable is collateral dependent. Interest income on performing notes receivable is accrued as earned. Interest income on impaired notes receivable is recognized on a cash basis. Evaluating notes receivable for potential impairment can require management to exercise significant judgments. No impairment losses or allowances were recorded related to notes receivable for the years ended December 31, 2012, 2011 and 2010.
Investment in Marketable Securities
Investments in marketable securities consist of investments in CMBS, including those pledged as collateral. The Company classifies its investments as available-for-sale because although the Company does not actively trade these securities, the Company may sell them prior to their maturity. These investments are carried at estimated fair value with unrealized gains and losses reported in accumulated other comprehensive income (loss). The Company uses estimated non-binding quoted market prices from the trading desks of financial institutions that are dealers in such securities, where available, for similar CMBS tranches that actively participate in the CMBS market and industry benchmarks, such as Trepp’s CMBS Analytics, where applicable. Market conditions, such as interest rates, liquidity, trading activity and credit spreads may cause significant variability to the received quotes. If the Company is unable to obtain quotes or if the Company believes the quotes received are inaccurate, the Company would estimate fair value using internal models that primarily consider Trepp’s CMBS Analytics, expected cash flows, known and expected defaults and rating agency reports. Changes in market conditions could result in a significant increase or decrease in the recorded amount of the securities. Significant judgment is involved in valuations and different judgments and assumptions used in management’s valuation could result in alternative valuations. If there are significant disruptions to the financial markets, the Company’s estimates of fair value may have significant volatility. Upon the sale of a security, the realized net gain or loss is computed on a specific identification basis.
The Company monitors its available-for-sale securities for impairments. A loss is recognized when the Company determines that a decline in the estimated fair value of a security below its amortized cost is other-than-temporary. The Company considers many factors in determining whether the impairment of a security is deemed to be other-than-temporary, including, but not limited to, the length of time the security has had a decline in estimated fair value below its amortized cost, the amount of the unrealized loss, the intent and ability of the Company to hold the security for a period of time sufficient for a recovery in value, recent events specific to the issuer or industry, external credit ratings and recent changes in such ratings. The analysis of determining whether the impairment of a security is deemed to be other-than-temporary requires significant judgments and assumptions. The use of alternative judgments and assumptions could result in a different conclusion.
Accretion of discounts on the CMBS is recognized based on the effective yield method and is recorded in the accompanying consolidated statements of operations in interest income on marketable securities. The effective yield on these CMBS is based on the projected cash flows from each security, which are estimated based on the Company’s observation of current information and events and include assumptions related to interest rates, prepayment rates and the timing and amount of credit losses. The Company reviews and, if appropriate, makes adjustments to its cash flow projections based on input and analysis received from external sources, internal models, and its judgment about interest rates, prepayment rates, the timing and amount of credit losses, and other factors. Changes in cash flows from those originally projected, or from those estimated at the last evaluation, may result in a prospective change in the yield/interest income recognized on such securities. Actual maturities of the securities are affected by the contractual lives of the associated mortgage collateral, periodic payments of principal, and prepayments of principal. Therefore actual maturities of the securities may be shorter than stated contractual maturities.

F-13
COLE CREDIT PROPERTY TRUST III, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – (Continued)



Cash and Cash Equivalents
The Company considers all highly liquid instruments with maturities when purchased of three months or less to be cash equivalents. The Company considers investments in highly liquid money market accounts to be cash equivalents.
Restricted Cash and Escrows
Included in restricted cash was $14.0 million and $15.2 million as of December 31, 2012 and 2011, respectively, held by lenders in escrow accounts for tenant and capital improvements, leasing commissions, repairs and maintenance and other lender reserves for certain properties, in accordance with the respective lender’s loan agreement. Also included in restricted cash was $4.4 million and $387,000 held by lenders in a lockbox account, as of December 31, 2012 and 2011, respectively. As part of certain debt agreements, rents from certain encumbered properties are deposited directly into a lockbox account, from which the monthly debt service payment is disbursed to the lender and the excess is disbursed to the Company. In addition, the Company had escrowed investor proceeds for which shares of common stock had not been issued of $1.9 million in restricted cash as of December 31, 2011. There were no escrowed investor proceeds included in restricted cash as December 31, 2012.
Investment in Unconsolidated Joint Ventures
Investment in unconsolidated joint ventures as of December 31, 2012 consisted of the Company’s interest in seven joint ventures that owned 12 multi-tenant properties (the “Unconsolidated Joint Ventures”). The Company accounts for the Unconsolidated Joint Ventures using the equity method of accounting as the Company has the ability to exercise significant influence, but not control, over operating and financial policies of these investments. The equity method of accounting requires the investment to be initially recorded at cost and subsequently adjusted for the Company’s share of equity in the joint venture’s earnings and distributions. The Company is required to determine whether an event or change in circumstances has occurred that may have a significant adverse effect on the fair value of its investment in the joint venture. If an event or change in circumstance has occurred, the Company is required to evaluate the joint venture for potential impairment and determine if the carrying amount of its investment exceeds its fair value. An impairment charge is recorded when an impairment is deemed to be other-than-temporary. To determine whether an impairment is other-than-temporary, the Company considers whether it has the ability and intent to hold the investment until the carrying amount is fully recovered. The evaluation of an investment in a joint venture for potential impairment requires the Company’s management to exercise significant judgment and to make certain assumptions.  The use of different judgments and assumptions could result in different conclusions. No impairment indicators were identified and no impairment losses were recorded related to the Unconsolidated Joint Ventures for the years ended December 31, 2012, 2011 or 2010.
Rents and Tenant Receivables
Rents and tenant receivables primarily includes amounts to be collected in future periods related to the recognition of rental income on a straight-line basis over the lease term and cost recoveries due from tenants. The Company makes estimates of the uncollectability of its accounts receivable related to base rents, expense reimbursements and other revenues. The Company analyzes accounts receivable and historical bad debt levels, customer creditworthiness and current economic trends when evaluating the adequacy of the allowance for doubtful accounts. In addition, tenants in bankruptcy, if any, are analyzed and estimates are made in connection with the expected recovery of pre-petition and post-petition claims. The Company’s reported net income or loss is directly affected by management’s estimate of the collectability of accounts receivable. The Company records allowances for those balances that the Company deems to be uncollectible, including any amounts relating to straight-line rent receivables.
Prepaid Expenses
Prepaid expenses include expenses paid as of the balance sheet date that relate to future periods and will be expensed or reclassified to another account during the period to which the costs relate. Any amounts with no future economic benefit are charged to earnings when identified.

F-14
COLE CREDIT PROPERTY TRUST III, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – (Continued)



Derivative Instruments and Hedging Activities
The Company accounts for its derivative instruments, including certain derivative instruments embedded in other contracts, at fair value. Accounting for changes in the fair value of a derivative instrument depends on the intended use of the derivative instrument and the designation of the derivative instrument. The change in fair value of the effective portion of the derivative instrument that is designated as a hedge is recorded as other comprehensive income (loss). The changes in fair value for derivative instruments that are not designated as a hedge or that do not meet the hedge accounting criteria are recorded as a gain or loss to operations.
Deferred Financing Costs
Deferred financing costs are capitalized and amortized on a straight-line basis over the term of the related financing arrangement, which approximates the effective interest method. If a note payable is prepaid, any unamortized deferred financing costs related to the note payable would be expensed. Amortization of deferred financing costs, including any write-offs, was $14.1 million, $8.4 million and $2.7 million for the years ended December 31, 2012, 2011 and 2010, respectively, and was recorded in interest expense in the consolidated statements of operations.
Revenue Recognition
Certain properties have leases where minimum rental payments increase during the term of the lease. The Company records rental income for the full term of each lease on a straight-line basis. When the Company acquires a property, the terms of existing leases are considered to commence as of the acquisition date for the purpose of determining this calculation. The Company defers the recognition of contingent rental income, such as percentage rents, until the specific target that triggers the contingent rental income is achieved. Expected reimbursements from tenants for recoverable real estate taxes and operating expenses are included in tenant reimbursement income in the period when such costs are incurred.
Income Taxes
The Company qualified and elected to be taxed as a REIT for federal income tax purposes under Sections 856 through 860 of the Internal Revenue Code of 1986, as amended. The Company generally is not subject to federal corporate income tax to the extent it distributes its taxable income to its stockholders, and so long as it, among other things, distributes at least 90% of its annual taxable income (computed without regard to the dividends paid deduction and excluding net capital gains). REITs are subject to a number of other organizational and operational requirements. Even if the Company maintains its qualification for taxation as a REIT, it may be subject to certain state and local taxes on its income and property, and federal income and excise taxes on its undistributed income.
Concentration of Credit Risk
As of December 31, 2012, the Company had cash on deposit, including restricted cash, in 12 financial institutions, eight of which had deposits in excess of federally insured levels, totaling $93.0 million; however, the Company has not experienced any losses in such accounts. The Company limits significant cash investments to accounts held by financial institutions with high credit standing; therefore, the Company believes it is not exposed to any significant credit risk on its cash deposits.
No single tenant accounted for greater than 10% of the Company’s 2012 gross annualized rental revenues. Tenants in the restaurant industry comprised 10% of the Company’s 2012 gross annualized rental revenues. Additionally, the Company has certain geographic concentrations in its property holdings. In particular, as of December 31, 2012, 190 of the Company’s properties were located in Texas accounting for 17% of its 2012 gross annualized rental revenues.
Offering and Related Costs
CR III Advisors funds all of the organization and offering costs on the Company’s behalf and is reimbursed for such costs up to 1.5% of gross proceeds from the Offerings, excluding selling commissions and the dealer-manager fee. During the years ended December 31, 2012, 2011 and 2010, the Company recorded $13.2 million, $21.6 million and $14.0 million, respectively, of organization and offering expense reimbursements for services provided by, and costs incurred by, CR III Advisors. The offering costs, which include items such as legal and accounting fees, marketing, personnel and promotional printing costs, are recorded as a reduction of capital in excess of par value along with sales commissions and dealer manager fees of 7% and 2%, respectively. Organization costs are expensed when incurred.

F-15
COLE CREDIT PROPERTY TRUST III, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – (Continued)



Due to Affiliates
Certain affiliates of the Company’s advisor received, and will continue to receive fees, reimbursements, and compensation in connection with services provided relating to the acquisition, management, financing, leasing and sale of the assets of the Company.
Stockholders’ Equity
As of December 31, 2012 and 2011, the Company was authorized to issue 990.0 million shares of common stock and 10.0 million shares of preferred stock. All shares of such stock have a par value of $0.01 per share. The Company’s board of directors may amend the charter to authorize the issuance of additional shares of capital stock without obtaining stockholder approval.
Redeemable Common Stock
The Company has adopted a share redemption program that permits its stockholders to sell their shares, which is limited to redemptions that can be funded with cumulative net proceeds from the Company’s DRIP and subject to other limitations discussed in Note 17 to these consolidated financial statements. The Company records amounts that are redeemable under the share redemption program as redeemable common stock outside of permanent equity in its consolidated balance sheets. Changes in the amount of redeemable stock from period to period are recorded as an adjustment to capital in excess of par value.
Earnings (Loss) Per Share
Earnings per share are calculated based on the weighted average number of common shares outstanding during each period presented. Diluted income per share considers the effect of any potentially dilutive share equivalents, of which the Company had none for each of the years ended December 31, 2012, 2011 and 2010.
Reportable Segments
The Company’s operating segment consists of commercial properties, which include activities related to investing in real estate including retail, office and distribution properties and other real estate related assets. The commercial properties are geographically diversified throughout the United States and have similar economic characteristics. The Company evaluates operating performance on an overall portfolio level; therefore, the Company’s properties are one reportable segment.
Interest
Interest is charged to interest expense as it accrues, unless the interest relates to loans on properties under development, in which case it is capitalized. During the years ended December 31, 2012, 2011 and 2010, the Company capitalized $299,000, $48,000, and $26,000 respectively, of interest costs relating to the development projects as discussed in Note 5 to these consolidated financial statements.
Distributions Payable and Distribution Policy
In order to maintain its status as a REIT, the Company is required to, among other things, make distributions each taxable year equal to at least 90% of its taxable income, computed without regard to the dividends paid deduction and excluding net capital gains. To the extent funds are available, the Company intends to pay regular distributions to stockholders. Distributions are paid to stockholders of record as of the applicable record dates.
The Company’s board of directors authorized a daily distribution, based on 366 days in the calendar year, of $0.001776144 per share (which equates to 6.50% on an annualized basis calculated at the current rate, assuming a $10.00 per share purchase price) for stockholders of record as of the close of business on each day of the periods commencing on January 1, 2012 and ending on December 31, 2012. As of December 31, 2012, the Company had distributions payable of $26.4 million.

F-16
COLE CREDIT PROPERTY TRUST III, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – (Continued)



Repurchase Agreements
In certain circumstances the Company may obtain financing through a repurchase agreement. The Company evaluates the initial transfer of a financial instrument and the related repurchase agreement for sale accounting treatment. In instances where the Company maintains effective control over the transferred securities, the Company accounts for the transaction as a secured borrowing, and accordingly, both the securities and related repurchase agreement payable are recorded separately in the consolidated balance sheets. In instances where the Company does not maintain effective control over the transferred securities, the Company accounts for the transaction as a sale of securities for proceeds consisting of cash and a forward purchase contract.
Recent Accounting Pronouncements
In May 2011, the U.S. Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update 2011-04, Fair Value Measurements and Disclosures (Topic 820): Amendments to Achieve Common Fair Value Measurements and Disclosure Requirements in U.S. GAAP and IFRS, (“ASU 2011-04”), which converges guidance between GAAP and International Financial Reporting Standards to provide a uniform framework of fair value measurements and requires additional disclosures including quantifiable information about measurements to changes in unobservable inputs for Level 3 fair value measurements. ASU 2011-04 became effective for the Company on January 1, 2012. The adoption of ASU 2011-04 did not have a material impact on the Company’s consolidated financial statements.
In June 2011, the FASB issued Accounting Standards Update 2011-05, Presentation of Comprehensive Income, which requires the presentation of comprehensive income in either (1) a continuous statement of comprehensive income or (2) two separate but consecutive statements. The Company elected to present two separate but consecutive statements herein.
NOTE 4 — FAIR VALUE MEASUREMENTS
GAAP defines fair value, establishes a framework for measuring fair value and requires disclosures about fair value measurements. GAAP emphasizes that fair value is intended to be a market-based measurement, as opposed to a transaction-specific measurement.
Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Depending on the nature of the asset or liability, various techniques and assumptions can be used to estimate the fair value. Assets and liabilities are measured using inputs from three levels of the fair value hierarchy, as follows:
Level 1 – Inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date. An active market is defined as a market in which transactions for the assets or liabilities occur with sufficient frequency and volume to provide pricing information on an ongoing basis.
Level 2 – Inputs include quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active (markets with few transactions), inputs other than quoted prices that are observable for the asset or liability (i.e. interest rates, yield curves, etc.), and inputs that are derived principally from or corroborated by observable market data correlation or other means (market corroborated inputs).
Level 3 – Unobservable inputs, which are only used to the extent that observable inputs are not available, reflect the Company’s assumptions about the pricing of an asset or liability.
The following describes the methods the Company uses to estimate the fair value of the Company’s financial assets and liabilities:
Cash and cash equivalents and restricted cash – The Company considers the carrying values of these financial assets to approximate fair value because of the short period of time between their origination and their expected realization.
Notes receivable – The fair value is estimated by discounting the expected cash flows on the notes at rates at which management believes similar loans would be made as of December 31, 2012 and 2011. The estimated fair value of these notes was $97.3 million and $69.0 million as of December 31, 2012 and 2011, respectively, as compared to the carrying value of $90.4 million and $64.7 million as of December 31, 2012 and 2011, respectively. The fair value of the Company’s notes receivable is estimated using Level 2 inputs.

F-17
COLE CREDIT PROPERTY TRUST III, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – (Continued)



Notes payable and other borrowings – The fair value is estimated by discounting the expected cash flows based on estimated borrowing rates available to the Company as of December 31, 2012 and 2011. The estimated fair value of the notes payable and other borrowings was $3.4 billion and $2.4 billion as of December 31, 2012 and 2011, respectively, as compared to the carrying value of $3.3 billion and $2.4 billion as of December 31, 2012 and 2011, respectively. The fair value of the Company’s notes payable and other borrowings is estimated using Level 2 inputs.
Marketable securities – The Company’s marketable securities are carried at fair value and are valued using Level 3 inputs. The Company used estimated non-binding quoted market prices from the trading desks of financial institutions that are dealers in such securities for similar CMBS tranches that actively participate in the CMBS market and industry benchmarks, such as Trepp’s CMBS Analytics. As of December 31, 2012 and 2011, no marketable securities were valued using internal models.
Derivative Instruments – The Company’s derivative instruments represent interest rate swaps. All derivative instruments are carried at fair value and are valued using Level 2 inputs. The fair value of these instruments is determined using interest rate market pricing models. The Company includes the impact of credit valuation adjustments on derivative instruments measured at fair value.
Earnout Agreements – The Company has acquired certain properties subject to earnout provisions obligating the Company to pay additional consideration to the seller contingent on the future leasing and occupancy of vacant space at each property. Earnout payments are based on a predetermined formula and have set time periods regarding the obligation to make the payment as set forth in the respective purchase and sale agreement. If, at the end of the respective time period, certain space has not been leased and occupied, the Company will have no further obligation under the applicable earnout provision. The earnouts are carried at fair value and are valued using Level 3 inputs, including estimated timing and probability of leasing the vacant space, as there is no public market for this item and thus Level 1 and Level 2 inputs are unavailable for an item of this nature. Earnouts are recorded upon acquisition of the related property at their estimated fair value, and any changes to the estimated fair value are reflected in the statements of operations. The estimated fair value of these agreements totaled $5.3 million and $5.5 million as of December 31, 2012 and 2011, respectively, and is included in the accompanying consolidated balance sheets in other liabilities. During the year ended December 31, 2012, the Company recorded additional earnout liabilities with an aggregate estimated fair value of $6.5 million upon purchase of certain properties. In addition, during the year ended December 31, 2012, the Company increased the fair value of the outstanding earnout agreements by $789,000, which is recorded in the accompanying consolidated statements of operations in acquisition related expenses. During the year ended December 31, 2012, the obligations under certain earnout provisions were satisfied and the Company paid $7.4 million to the seller.
Considerable judgment is necessary to develop estimated fair values of financial assets and liabilities. Accordingly, the estimates presented herein are not necessarily indicative of the amounts the Company could realize, or be liable for, on disposition of the financial assets and liabilities. As of December 31, 2012, there have been no transfers of financial assets or liabilities between levels.
In accordance with the fair value hierarchy described above, the following table shows the fair value of the Company’s financial assets and liabilities that are required to be measured at fair value on a recurring basis as of December 31, 2012 and 2011 (in thousands):

F-18
COLE CREDIT PROPERTY TRUST III, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – (Continued)



 
Balance as of
December 31, 2012
 
Quoted Prices in
Active Markets for
Identical Assets
(Level 1)
 
Significant Other
Observable Inputs
(Level 2)
 
Significant
Unobservable
Inputs
(Level 3)
Assets:
 
 
 
 
 
 
 
Marketable securities
$
317,201

 
$
—

 
$
—

 
$
317,201

Liabilities:
 
 
 
 
 
 
 
Interest rate swaps
$
(23,046
)
 
$
—

 
$
(23,046
)
 
$
—

Earnout agreements
(5,339
)
 
—

 
—

 
(5,339
)
Total liabilities
$
(28,385
)
 
$
—

 
$
(23,046
)
 
$
(5,339
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
Balance as of
December 31, 2011
 
Quoted Prices in
Active  Markets for
Identical Assets
(Level 1)
 
Significant Other
Observable  Inputs
(Level 2)
 
Significant
Unobservable
Inputs
(Level 3)
Assets:
 
 
 
 
 
 
 
Marketable securities
$
114,129

 
$
—

 
$
—

 
$
114,129

Liabilities:
 
 
 
 
 
 
 
Interest rate swaps
$
(26,092
)
 
$
—

 
$
(26,092
)
 
$
—

Earnout agreements
(5,519
)
 
—

 
—

 
(5,519
)
Total liabilities
$
(31,611
)
 
$
—

 
$
(26,092
)
 
$
(5,519
)
The following table shows a reconciliation of the change in fair value of the Company’s marketable securities with significant unobservable inputs (Level 3) for the years ended December 31, 2012 and 2011 (in thousands):
 
 
Year Ended December 31,
 
 
2012
 
2011
Balance at beginning of year
$
114,129

 
$
—

Total gains or losses
 
 
 
 
Reclassification of previous unrealized gain on marketable securities into net income
(8,852
)
 
—

 
Unrealized gain included in other comprehensive income (loss), net
53,664

 
1,335

Purchases, issuances, settlements, sales and accretion
 
 
 
 
Purchases
205,986

 
112,032

 
Issuances
—

 
—

 
Sales
(50,967
)
 
—

 
Accretion included in earnings, net
3,241

 
762

Balance at end of year
$
317,201

 
$
114,129


F-19
COLE CREDIT PROPERTY TRUST III, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – (Continued)



NOTE 5 — REAL ESTATE ACQUISITIONS
2012 Property Acquisitions
During the year ended December 31, 2012, the Company acquired interests in 349 commercial properties for an aggregate purchase price of $2.0 billion (the “2012 Acquisitions”). The Company purchased the 2012 Acquisitions with net proceeds from the Follow-on Offering, the DRIP Offering, borrowings and the sale of properties and other investments. The Company allocated the purchase price of these properties to the fair value of the assets acquired and liabilities assumed. The following table summarizes the purchase price allocation (in thousands):
 
December 31, 2012
Land
$
412,674

Building and improvements
1,330,874

Acquired in-place leases
252,186

Acquired above market leases
38,260

Acquired below market leases
(39,054
)
Total purchase price
$
1,994,940

The Company recorded revenue for the year ended December 31, 2012 of $81.4 million, respectively, and a net loss for the year ended December 31, 2012 of $25.7 million, respectively, related to the 2012 Acquisitions. The Company expensed $60.4 million of property related acquisition costs for the year ended December 31, 2012.
The following information summarizes selected financial information of the Company, as if all of the 2012 Acquisitions were completed on January 1, 2011 for each period presented below. The table below presents the Company’s estimated revenue and net income, on a pro forma basis, for the years ended December 31, 2012 and 2011, respectively (in thousands): 
 
 
Year Ended December 31,
 
 
2012
 
2011
Pro forma basis (unaudited):
 
 
 
 
Revenue
 
$
661,650

 
$
531,356

Net income
 
$
296,683

 
$
45,793

The unaudited pro forma information for the year ended December 31, 2012 was adjusted to exclude $60.4 million of property related acquisition costs recorded during the year ended December 31, 2012. These costs were recognized in the unaudited pro forma information for the year ended December 31, 2011. The unaudited pro forma information is presented for informational purposes only and may not be indicative of what actual results of operations would have been had the transactions occurred at the beginning of 2011, nor does it purport to represent the results of future operations.
2012 Investments in Development Projects
During the year ended December 31, 2012, the Company acquired a completed development project for an aggregate purchase price of $7.7 million through the repayment of a construction loan facility and the purchase of the joint venture partner’s noncontrolling interest. The Company also completed the construction of a single tenant office building. Total costs for the construction of the building were $12.2 million. The development of these projects was initiated in 2011, and therefore, these properties are not included in the 2012 Acquisitions.
2012 Investments in Unconsolidated Joint Ventures
During the year ended December 31, 2012, the Company acquired financial interests in two unconsolidated joint venture arrangements for an aggregate investment of $46.5 million. In addition, the Company acquired a $27.7 million financial interest in one of the Consolidated Joint Ventures during the year ended December 31, 2012, whose only assets are interests in three of the Unconsolidated Joint Ventures.

F-20
COLE CREDIT PROPERTY TRUST III, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – (Continued)



In connection with the acquired interests in the unconsolidated joint venture arrangements discussed above, one of the Unconsolidated Joint Ventures borrowed $17.6 million (the “Advance Note”) from one of the Consolidated Joint Ventures and fully repaid the Advance Note during the year ended December 31, 2012. The Advance Note had a variable interest rate equal to the one-month LIBOR plus 225 basis points. During the year ended December 31, 2012, the Company recorded $107,000 of interest income on the Advance Note. No financing coordination fees were incurred in connection with the Advance Note.
2011 Property Acquisitions
During the year ended December 31, 2011, the Company acquired interests in 244 commercial properties, including the properties held in two of the Consolidated Joint Ventures, for an aggregate purchase price of $2.2 billion (the “2011 Acquisitions”). The Company purchased the 2011 Acquisitions with net proceeds from the Offerings and through the issuance or assumption of mortgage notes and credit facility borrowings. The Company allocated the purchase price of the 2011 Acquisitions to the fair value of the assets acquired and liabilities assumed. The following table summarizes the purchase price allocation (in thousands):
 
December 31, 2011
Land
$
448,728

Building and improvements
1,491,347

Acquired in-place leases
244,776

Acquired above market leases
69,823

Acquired below market leases
(32,402
)
Fair value adjustment of assumed notes payable
438

Total purchase price
$
2,222,710

The Company recorded revenue for the year ended December 31, 2011 of $84.6 million, respectively, and a net loss for the year ended December 31, 2011 of $16.5 million, respectively, related to the 2011 Acquisitions. The Company expensed $59.4 million of acquisition costs for the year ended December 31, 2011.
The following information summarizes selected financial information of the Company, as if all of the 2011 Acquisitions were completed on January 1, 2010 for each period presented below. The table below presents the Company’s estimated revenue and net income, on a pro forma basis, for the years ended December 31, 2011 and 2010, respectively (in thousands): 
 
 
Year Ended December 31,
 
 
2011
 
2010
Pro forma basis (unaudited):
 
 
 
 
Revenue
 
$
474,975

 
$
336,716

Net income
 
$
159,743

 
$
34,158

The unaudited pro forma information for the year ended December 31, 2011 was adjusted to exclude $59.4 million of acquisition costs recorded during the year ended December 31, 2011. These costs were recognized in the unaudited pro forma information for the year ended December 31, 2010. The unaudited pro forma information is presented for informational purposes only and may not be indicative of what actual results of operations would have been had the transactions occurred at the beginning of 2010, nor does it purport to represent the results of future operations.
2011 Investments in Development Projects
During the year ended December 31, 2011, the Company acquired a completed development project for an aggregate purchase price of $5.9 million through the repayment of a construction loan facility and the purchase of the joint venture partner’s noncontrolling interest. The development of this project was initiated in 2010, and therefore, this property purchase is not included in the 2011 Acquisitions.

F-21
COLE CREDIT PROPERTY TRUST III, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – (Continued)



In addition, the Company and one of the Consolidated Joint Ventures acquired three land parcels for development of two office facilities and a single tenant commercial property. As of December 31, 2011, the aggregate construction costs incurred of $12.3 million are included in the accompanying December 31, 2011 consolidated balance sheet in building and improvements. The land acquired for an aggregate amount of $9.3 million is included in land, and the aggregate construction facility borrowings of $4.6 million are included in notes payable and other borrowings in the accompanying December 31, 2011 consolidated balance sheet. As discussed above, the Company completed two of the three projects during the year ended December 31, 2012.
2011 Investments in Unconsolidated Joint Ventures
During the year ended December 31, 2011, the Company acquired an interest in an unconsolidated joint venture arrangement for $7.7 million.
NOTE 6 — ACQUIRED INTANGIBLE LEASE ASSETS
Acquired intangible lease assets consisted of the following (in thousands):
 
 
 
As of December 31,
 
 
 
2012
 
2011
Acquired in-place leases, net of accumulated amortization of $101,392 and $50,715,
 
 
 
 
 
respectively (with a weighted average life of 12.7 and 15.3 years, respectively)
 
$
710,469

 
$
543,663

Acquired above market leases, net of accumulated amortization of $20,866 and $11,115,
 
 
 
 
 
respectively (with a weighted average life of 13.2 and 15.9 years, respectively)
 
150,494

 
139,153

 
 
 
$
860,963

 
$
682,816

Amortization expense related to the acquired in-place lease assets for the years ended December 31, 2012, 2011 and 2010 was $55.9 million, $33.1 million and $12.0 million, respectively. Amortization expense related to the acquired above market lease assets for the years ended December 31, 2012, 2011 and 2010 was $11.6 million, $6.9 million and $2.1 million, respectively.
Estimated amortization expense of the intangible lease assets, excluding the intangible lease assets related to the Held for Sale Properties (as defined below), as of December 31, 2012 for each of the five succeeding fiscal years is as follows:
 
 
Amortization
Year Ending December 31,
 
Leases In-Place
 
Above Market Leases
2013
 
$
64,896

 
$
13,723

2014
 
$
62,474

 
$
13,283

2015
 
$
61,208

 
$
13,063

2016
 
$
58,201

 
$
12,476

2017
 
$
56,076

 
$
12,028

NOTE 7 — INVESTMENT IN NOTES RECEIVABLE
During the year ended December 31, 2012, the Company acquired a $25.0 million junior mezzanine loan (the “Mezzanine Loan”), secured by equity interests in a joint venture which owns 15 shopping centers. The Mezzanine Loan has an interest rate of LIBOR plus 9.0% with a LIBOR floor of 0.50% and matures in July 2015 with two one-year extension options. As of December 31, 2012, investment in notes receivable included $25.4 million related to the Mezzanine Loan, which consisted of the outstanding face amount of the loan of $25.0 million, $500,000 of acquisition costs and accumulated amortization of acquisition costs of $65,000. The acquisition costs are amortized over the term of the loan using the effective interest rate method. Interest only payments are due each month. There were no amounts past due as of December 31, 2012.
In addition, as of December 31, 2012, the Company owned two mortgage notes receivable, each of which is secured by an office building (collectively the “Mortgage Notes”). As of December 31, 2012 and 2011, investment in notes receivable included $64.9 million and $64.7 million, respectively, related to the Mortgage Notes. As of December 31, 2012, the Mortgage Notes balance consisted of the outstanding face amount of the notes of $72.9 million, a $12.0 million discount, $1.3 million of acquisition costs and net accumulated accretion of discounts and amortization of acquisition costs of $2.8 million. As of

F-22
COLE CREDIT PROPERTY TRUST III, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – (Continued)



December 31, 2011, the Mortgage Notes balance consisted of the outstanding face amount of the notes of $73.7 million, a $12.0 million discount, $1.3 million of acquisition costs and net accumulated accretion of discounts and amortization of acquisition costs of $1.7 million. The discount is accreted and acquisition costs are amortized over the terms of each respective Mortgage Note using the effective interest rate method. The Mortgage Notes have a fixed interest rate of 5.93% per annum and mature on October 1, 2018. Interest and principal payments are due each month until October 1, 2018. There were no amounts past due as of December 31, 2012.
The Company evaluates the collectability of both interest and principal on each note receivable to determine whether it is collectible, primarily through the evaluation of credit quality indicators, such as underlying collateral and payment history. No impairment losses were recorded related to notes receivable for the years ended December 31, 2012, 2011 or 2010. In addition, no allowances for uncollectability were recorded related to notes receivable as of December 31, 2012 or 2011.
NOTE 8 — INVESTMENT IN MARKETABLE SECURITIES
During the year ended December 31, 2012, the Company sold six CMBS and half of the Company’s investment in two CMBS for aggregate proceeds of $63.4 million and realized a gain on the sale of $12.5 million, of which $8.9 million had previously been recorded in other comprehensive income (loss). As of December 31, 2012, the Company owned 29 CMBS, with an estimated aggregate fair value of $317.2 million. As of December 31, 2011, the Company owned 11 CMBS, with an estimated aggregate fair value of $114.1 million.
As of December 31, 2012, certain of these securities were pledged as collateral under repurchase agreements (the “Repurchase Agreements”), as discussed in Note 11 to these consolidated financial statements. The following table provides the activity for the CMBS during the year ended December 31, 2012 (in thousands):
 
Amortized Cost Basis
 
Unrealized Gain
 
Fair Value
Marketable securities as of December 31, 2011
$
112,794

 
$
1,335

 
$
114,129

Face value of marketable securities acquired
320,020

 
—

 
320,020

Discounts on purchase of marketable securities, net of acquisition costs
(114,034
)
 
—

 
(114,034
)
Net accretion on marketable securities
3,241

 
—

 
3,241

Increase in fair value of marketable securities
—

 
53,664

 
53,664

Decrease due to sale of marketable securities
(50,967
)
 
(8,852
)
 
(59,819
)
Marketable securities as of December 31, 2012
$
271,054

 
$
46,147

 
$
317,201

The following table shows the fair value and gross unrealized gains and losses of the Company’s CMBS as of December 31, 2012 (in thousands) and the length of time the CMBS has been in the unrealized gain or continuous loss position:
 
Less than 12 months
 
12 Months or More
 
Total
Description
of Securities
Fair
Value
 
Unrealized
Gains
 
Unrealized
(Losses)
 
Fair
Value
 
Unrealized
Gains
 
Unrealized
(Losses)
 
Fair
Value
 
Unrealized
Gains
 
Unrealized
(Losses)
CMBS
$
317,201

 
$
48,192

 
$
(2,045
)
 
$
—

 
$
—

 
$
—

 
$
317,201

 
$
48,192

 
$
(2,045
)
As of December 31, 2012, the unrealized losses of $2.0 million were deemed to be a temporary impairment based upon the following: (1) the Company having no intent to sell these securities, (2) it is more likely than not that the Company will not be required to sell the securities before recovery and (3) the Company’s expectation to recover the entire amortized cost basis of these securities. The Company determined that the unrealized losses of $2.0 million resulted from volatility in interest rates and credit spreads and other qualitative factors relating to macro-credit conditions in the mortgage market. Additionally, as of December 31, 2012, the Company had determined that the subordinate CMBS tranches below the Company’s CMBS investment adequately protected the Company’s ability to recover its investment and that the Company’s estimates of anticipated future cash flows from the CMBS investment had not been adversely impacted by any deterioration in the creditworthiness of the specific CMBS issuers.

F-23
COLE CREDIT PROPERTY TRUST III, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – (Continued)



The scheduled maturity of the Company’s CMBS as of December 31, 2012 is as follows (in thousands):
 
Amortized Cost
 
Estimated Fair Value
Due within one year
$
—

 
$
—

Due after one year through five years
—

 
—

Due after five years through ten years
260,412

 
307,396

Due after ten years
10,642

 
9,805

 
$
271,054

 
$
317,201

Actual maturities of marketable securities can differ from contractual maturities because borrowers may have the right to prepay their respective loan balances at any time. In addition, factors such as prepayments and interest rates may affect the yields on the marketable securities.
NOTE 9 — DISCONTINUED OPERATIONS
During the year ended December 31, 2012, the Company disposed of 26 single-tenant properties and two multi-tenant properties for an aggregate gross sales price of $573.8 million (the “2012 Property Dispositions”). As of the respective closing dates of the 2012 Property Dispositions, the major class of assets and liabilities of these properties included net total investment in real estate assets of $450.2 million, straight-line rent receivables of $12.7 million, notes payable of $180.3 million, which includes $24.3 million assumed by the buyer, and net below market lease liabilities of $9.0 million. The Company has no continuing involvement with the 2012 Property Dispositions. The Company also classified two properties as held for sale as of December 31, 2012 (the “Held for Sale Properties”). The results of operations for the 2012 Property Dispositions and the Held for Sale Properties (collectively, the “Discontinued Operations Properties”) have been presented as discontinued operations on the Company’s consolidated statements of operations for all periods presented.
The following table summarizes the operating income from discontinued operations of the Discontinued Operations Properties for the years ended December 31, 2012, 2011 and 2010 (in thousands):
 
Year Ended December 31,
 
2012
 
2011
 
2010
Total revenue
$
34,308

 
$
42,322

 
$
25,318

Total expenses
27,182

 
28,269

 
22,499

Income from discontinued operations
7,126

 
14,053

 
2,819

Gain on sale of real estate assets
108,457

 
—

 
—

Total income from discontinued operations
$
115,583

 
$
14,053

 
$
2,819

The following table presents the major classes of assets and liabilities of the Held for Sale Properties as of December 31, 2012 and 2011 (in thousands):
 
Year Ended December 31,
 
2012
 
2011
Investment in real estate assets, net
$
15,376

 
$
15,759

Straight-line rent receivables
109

 
77

Assets related to real estate held for sale, net
$
15,485

 
$
15,836

 
 
 
 
Liabilities related to real estate assets held for sale (1)
$
322

 
$
347

________________
(1) Liabilities related to real estate assets held for sale includes net below market lease liabilities and prepaid rent and are included in derivative liabilities, deferred rent and other liabilities in the Company’s consolidated balance sheets for all periods presented.

F-24
COLE CREDIT PROPERTY TRUST III, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – (Continued)



NOTE 10 — DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES
In the normal course of business, the Company uses certain types of derivative instruments for the purpose of managing or hedging its interest rate risks. The following table summarizes the terms of the Company’s executed swap agreements designated as hedging instruments (in thousands):
 
 
 
 Outstanding Notional
 
 
 
 
 
 
 
Fair Value of Liabilities
 
Balance Sheet
 
Amount as of
 
Interest
 
Effective
 
Maturity
 
December 31,
 
December 31,
 
Location
 
December 31, 2012
 
Rates (1)
 
Dates
 
Dates
 
2012
 
2011
Interest Rate Swaps
Derivative liabilities, deferred rent and other liabilities
 
$
744,250

 
3.15% to 6.83%
 
12/18/2009 to 12/14/2012
 
6/27/2014 to 4/1/2021
 
$
(23,046
)
 
$
(26,092
)
_______________
(1)
The interest rates consist of the underlying index swapped to a fixed rate and the applicable interest rate spread.
Additional disclosures related to the fair value of the Company’s derivative instruments are included in Note 4 to these consolidated financial statements. The notional amount under the agreements is an indication of the extent of the Company’s involvement in each instrument, but does not represent exposure to credit, interest rate or market risks.
Accounting for changes in the fair value of a derivative instrument depends on the intended use and designation of the derivative instrument. The Company designated the interest rate swaps as cash flow hedges, to hedge the variability of the anticipated cash flows on its variable rate notes payable. The change in fair value of the effective portion of the derivative instruments that are designated as hedges is recorded in other comprehensive income or loss. The ineffective portion of the change in fair value of the derivative instruments is recorded in interest expense.
The following table summarizes the gains and losses on the Company’s derivative instruments and hedging activities for the years ended December 31, 2012, 2011 and 2010 (in thousands):
 
 
 
Amount of Loss Recognized in Other
Comprehensive Income (Loss)
 
Amount of Loss Reclassified from Accumulated Other Comprehensive Income (Loss) to Interest Expense (1)
 
 
 
Year Ended December 31,
 
Year Ended December 31,
Derivatives in Cash Flow Hedging Relationships
 
2012
 
2011
 
2010
 
2012
 
2011
 
2010
Interest Rate Swaps 
 
$
(6,217
)
 
$
(18,904
)
 
$
(7,053
)
 
$
9,263

 
$
—

 
$
—

_______________
(1)
During the year ended December 31, 2012, an interest rate swap was designated as ineffective and the unrealized loss was reclassified from accumulated other comprehensive income (loss) into interest expense as it related to one of the 2012 Property Dispositions and the Company terminated the swap when the property was sold.
The Company has agreements with each of its derivative counterparties that contain a provision whereby if the Company defaults on certain of its unsecured indebtedness, then the Company could also be declared in default on its derivative obligations resulting in an acceleration of payment. In addition, the Company is exposed to credit risk in the event of non-performance by its derivative counterparties. The Company believes it mitigates its credit risk by entering into agreements with credit-worthy counterparties. The Company records credit risk valuation adjustments on its interest rate swaps based on the respective credit quality of the Company and the counterparty. As of both December 31, 2012 and 2011, there were no events of default related to the interest rate swaps. As of December 31, 2011, there were no termination events related to the interest rate swaps.

F-25
COLE CREDIT PROPERTY TRUST III, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – (Continued)



NOTE 11 — NOTES PAYABLE AND OTHER BORROWINGS
As of December 31, 2012, the Company and the Consolidated Joint Ventures had $3.3 billion of debt outstanding, with a weighted average years to maturity of 5.3 years and weighted average interest rate of 4.38%. The following table summarizes the debt activity during the year ended and balances as of December 31, 2012 (in thousands): 
 
 
 
During the Year Ended December 31, 2012
 
 
 
Balance as of December 31, 2011
 
Debt Issuance
and Assumptions
 
Repayments
 
Other (1)
 
Balance as of
December 31, 2012
Fixed rate debt
$
1,560,068

 
$
898,906

 
$
(226,556
)
 
$
79,123

 
$
2,311,541

Variable rate debt
132,143

 
31,799

 
—

 
(79,000
)
 
84,942

Construction facilities
4,614

 
28,364

 
(5,220
)
 
—

 
27,758

Credit facility
647,750

 
1,010,000

 
(890,000
)
 
—

 
767,750

Repurchase agreements
29,409

 
80,184

 
(9,536
)
 
—

 
100,057

Total(2)
$
2,373,984

 
$
2,049,253

 
$
(1,131,312
)
 
$
123

 
$
3,292,048

________________
(1)
Represents fair value adjustment of assumed mortgage notes payable, net of amortization, of $123,000. In addition, $79.0 million of variable rate debt outstanding as of December 31, 2012 was effectively fixed through the use of an interest rate swap with an effective date of June 29, 2012.
(2)
The table above does not include loan amounts associated with certain unconsolidated joint venture arrangements of $195.8 million, of which $10.2 million is recourse to CCPT III OP. These loans mature on various dates ranging from October 2015 to July 2021.
As of December 31, 2012, the fixed rate debt includes $465.5 million of variable rate debt subject to interest rate swap agreements which had the effect of fixing the variable interest rates per annum through the maturity date of the loan. In addition, the fixed rate debt includes mortgage notes assumed with an aggregate face amount of $40.7 million and an aggregate fair value of $39.4 million at the date of assumption. The fixed rate debt has interest rates ranging from 2.75% to 6.83% per annum. The variable rate debt has variable interest rates ranging from LIBOR plus 225 basis points to 325 basis points per annum. In addition, the construction facilities have interest rates ranging from LIBOR plus 235 basis points to 250 basis points per annum, with certain debt containing LIBOR floors. The debt outstanding matures on various dates from February 2013 through January 2023. The aggregate balance of gross real estate and related assets, net of gross intangible lease liabilities, securing the fixed and variable rate debt outstanding was $4.8 billion as of December 31, 2012. Each of the mortgage notes payable is secured by the respective properties on which the debt was placed.
As of December 31, 2012, the Company had $89.8 million available for borrowing under a senior unsecured credit facility (the “Credit Facility”) based on the underlying collateral pool of $1.4 billion. The Credit Facility provides borrowings up to $857.5 million, which includes a $278.75 million term loan (the “Term Loan”) and up to $578.75 million in revolving loans (the “Revolving Loans”). The Credit Facility may be increased to a maximum of $950.0 million. Depending upon the type of loan specified and overall leverage ratio, the Revolving Loans bear interest at either LIBOR plus an interest rate spread ranging from 2.25% to 3.00% or a base rate plus an interest rate spread ranging from 1.25% to 2.00%. The base rate is greater of (1) LIBOR plus 1.00%, (2) Bank of America N.A.’s Prime Rate or (3) the Federal Funds Rate plus 0.50%. During the year ended December 31, 2011, the Company executed two swap agreements associated with the Term Loan, which had the effect of fixing the variable interest rates per annum through the maturity date of the respective loan at 3.45% and 3.15%, respectively. The Revolving Loans and Term Loan had a combined weighted average interest rate of 3.37% as of December 31, 2012.
The Repurchase Agreements have interest rates ranging from LIBOR plus 120 basis points to 175 basis points and mature on various dates from January 2013 through March 2013. Upon maturity, the Company may elect to renew the Repurchase Agreements for a period of 90 days until the CMBS mature. The CMBS have a weighted average remaining term of 9.5 years. Under the Repurchase Agreements, the lender retains the right to mark the underlying collateral to fair value. A reduction in the value of the pledged assets would require the Company to provide additional collateral to fund margin calls. As of December 31, 2012, the securities held as collateral had a fair value of $266.1 million and an amortized cost of $224.9 million. There was no cash collateral held by the counterparty as of December 31, 2012. The Repurchase Agreements are being accounted for as secured borrowings because the Company maintains effective control of the financed assets. The Repurchase Agreements are non-recourse to the Company and CCPT III OP.

F-26
COLE CREDIT PROPERTY TRUST III, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – (Continued)



The Credit Facility and certain notes payable contain customary affirmative, negative and financial covenants, representations, warranties and borrowing conditions. These agreements also include usual and customary events of default and remedies for facilities of this nature. Based on the Company’s analysis and review of its results of operations and financial condition, the Company believes it was in compliance with the covenants of the Credit Facility and such notes payable as of December 31, 2012.
The following table summarizes the scheduled aggregate principal repayments for the Company’s outstanding debt as of December 31, 2012 for each of the five succeeding fiscal years and the period thereafter:
Year Ending December 31,

Principal Repayments(1)(2)
2013
$
164,330

2014
651,232

2015
337,704

2016
169,274

2017
190,666

Thereafter
1,779,782

Total
$
3,292,988

________________
(1) Assumes the Company accepts the interest rates that one lender may reset on September 1, 2013 and February 1, 2015, respectively, related to mortgage notes payable of $30.0 million and $32.0 million, respectively.
(2) Principal payment amounts reflect actual payments based on the face amount of notes payable secured by the Company’s wholly-owned properties and Consolidated Joint Ventures. As of December 31, 2012, the fair value adjustment, net of amortization, of mortgage notes assumed was $940,000.
NOTE 12 — ACQUIRED BELOW MARKET LEASE INTANGIBLES
Acquired below market lease intangibles consisted of the following (in thousands):
 
 
 
As of December 31,
 
 
 
2012
 
2011
Acquired below market leases, net of accumulated amortization of $16,389 and $8,782,
 
 
 
 
 
respectively (with a weighted average life of 10.6 and 14.1 years, respectively)
 
$
113,607

 
$
93,050

The increase in rental and other property income resulting from the amortization of the intangible lease liability for the years ended December 31, 2012, 2011 and 2010 was $9.0 million, $5.1 million and $2.1 million, respectively.
Estimated amortization of the intangible lease liability, excluding the below market lease intangibles related to the Held for Sale Properties, as of December 31, 2012 for each of the five succeeding fiscal years is as follows (in thousands):
Year Ending December 31,
 
Amortization of Below Market Leases
2013
 
$
10,363

2014
 
$
10,106

2015
 
$
9,859

2016
 
$
9,537

2017
 
$
8,894


F-27
COLE CREDIT PROPERTY TRUST III, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – (Continued)



NOTE 13 — SUPPLEMENTAL CASH FLOW DISCLOSURES
Supplemental cash flow disclosures for the years ended December 31, 2012, 2011 and 2010 are as follows (in thousands):
 
Year Ended December 31,
 
2012
 
2011
 
2010
Supplemental Disclosures of Non-Cash Investing and Financing Activities:
 
 
 
 
 
Distributions declared and unpaid
$
26,399

 
$
20,858

 
$
14,448

Fair value of mortgage notes assumed in real estate acquisitions at date of assumption
$
24,000

 
$
4,863

 
$
10,577

Common stock issued through distribution reinvestment plan
$
169,079

 
$
110,093

 
$
65,174

Net unrealized loss on interest rate swaps
$
(6,217
)
 
$
(18,904
)
 
$
(7,035
)
Unrealized gain on marketable securities
$
53,664

 
$
1,335

 
$
—

Earnout liabilities recorded upon property acquisitions
$
6,460

 
$
5,519

 
$
—

Accrued expenditures
$
10,667

 
$
2,864

 
$
1,743

Notes payable assumed by buyer in real estate disposition
$
24,250

 
$
—

 
$
—

Supplemental Cash Flow Disclosures:
 
 
 
 
 
Interest paid, net of capitalized interest of $299, $48 and $26, respectively
$
121,211

 
$
75,945

 
$
20,627

 
NOTE 14— COMMITMENTS AND CONTINGENCIES
Litigation
In the ordinary course of business, the Company may become subject to litigation or claims. As of December 31, 2012, the Company was not aware of any pending legal proceedings of which the outcome is reasonably possible to have a material effect on its results of operations, financial condition or liquidity.
Purchase Commitments
As of December 31, 2012, the Company owned one land parcel, upon which an office building is being developed. Based on budgeted construction costs, the cost to complete the facility is estimated to be $45.8 million. The construction is being funded by a construction loan facility totaling $33.8 million. As of December 31, 2012, the Company had incurred $40.2 million in construction costs and $19.9 million was outstanding under the construction facility. Additionally, the Company had properties subject to earnout provisions obligating it to pay additional consideration to the seller contingent on the future leasing and occupancy of vacant space at the properties, as discussed in Note 4 to these consolidated financial statements.
Environmental Matters
In connection with the ownership and operation of real estate, the Company potentially may be liable for costs and damages related to environmental matters. The Company owns certain properties that are subject to environmental remediation. In each case, the seller of the property, the tenant of the property and/or another third party has been identified as the responsible party for environmental remediation costs related to the respective property. Additionally, in connection with the purchase of certain of the properties, the respective sellers and/or tenants have indemnified the Company against future remediation costs. In addition, the Company carries environmental liability insurance on its properties that provides limited coverage for remediation liability and pollution liability for third-party bodily injury and property damage claims. Accordingly, the Company does not believe that it is reasonably possible that the environmental matters identified at such properties will have a material effect on its results of operations, financial condition or liquidity, nor is it aware of any environmental matters at other properties which it believes are reasonably possible to have a material effect on its results of operations, financial condition or liquidity.

F-28
COLE CREDIT PROPERTY TRUST III, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – (Continued)



NOTE 15 — RELATED-PARTY TRANSACTIONS AND ARRANGEMENTS
The Company has incurred commissions, fees and expenses payable to CR III Advisors or its affiliates in connection with the Offerings, and has incurred and will continue to incur commissions, fees and expenses in connection with the acquisition, management and sale of the assets of the Company.
Offerings
In connection with the Initial Offering and Follow-on Offering, Cole Capital Corporation (“Cole Capital”), the Company’s dealer manager, which is affiliated with our advisor, received a selling commission of up to 7% of gross offering proceeds, before reallowance of commissions earned by participating broker-dealers. Cole Capital reallowed 100% of selling commissions earned to participating broker-dealers. In addition, Cole Capital received 2% of gross offering proceeds, before reallowance to participating broker-dealers, as a dealer manager fee in connection with the Initial Offering and Follow-on Offering. Cole Capital, in its sole discretion, reallowed a portion of its dealer manager fee to such participating broker-dealers as a marketing and due diligence expense reimbursement, based on factors such as the volume of shares sold by such participating broker-dealers and the amount of marketing support provided by such participating broker-dealers. No selling commissions or dealer manager fees were paid to Cole Capital or any other broker-dealers with respect to shares sold under the Company’s DRIP.
All other organization and offering expenses associated with the sale of the Company’s common stock (excluding selling commissions and the dealer manager fee) were paid by CR III Advisors or its affiliates and were reimbursed by the Company up to 1.5% of aggregate gross offering proceeds. A portion of the other organization and offering expenses may be underwriting compensation.
The Company recorded commissions, fees and expense reimbursements as shown in the table below for services provided by CR III Advisors and its affiliates related to the services described above during the years indicated (in thousands):
 
 
Year Ended December 31,
 
 
2012
 
2011
 
2010
Offering:
 
 
 
 
 
 
Selling commissions
 
$
56,264

 
$
88,660

 
$
98,980

Selling commissions reallowed by Cole Capital
 
$
56,264

 
$
88,660

 
$
98,980

Dealer manager fee
 
$
16,662

 
$
25,890

 
$
28,773

Dealer manager fee reallowed by Cole Capital
 
$
8,446

 
$
13,089

 
$
14,485

Other organization and offering expenses
 
$
13,188

 
$
21,572

 
$
14,013

Acquisitions and Operations
CR III Advisors or its affiliates also receive acquisition and advisory fees of up to 2% of the contract purchase price of each asset for the acquisition, development or construction of properties and will be reimbursed for acquisition expenses incurred in the process of acquiring properties, so long as the total acquisition fees and expenses relating to the transaction does not exceed 6% of the contract purchase price.
The Company paid, and expects to continue to pay, CR III Advisors a monthly asset management fee of 0.0417%, which is one-twelfth of 0.5%, of the Company’s average invested assets for that month (the “Asset Management Fee”). The Company will reimburse costs and expenses incurred by CR III Advisors in providing asset management services.
The Company paid, and expects to continue to pay, Cole Realty Advisors, Inc. (“Cole Realty Advisors”), its property manager, which is affiliated with our advisor, fees for the management and leasing of the Company’s properties. Property management fees are up to 2% of gross revenue for single-tenant properties and 4% of gross revenue for multi-tenant properties and leasing commissions will be at prevailing market rates; provided however, that the aggregate of all property management and leasing fees paid to affiliates of our advisor plus all payments to third parties will not exceed the amount that other nonaffiliated management and leasing companies generally charge for similar services in the same geographic location. Cole Realty Advisors may subcontract its duties for a fee that may be less than the fee provided for in the property management agreement. The Company reimburses Cole Realty Advisors’ costs of managing and leasing the properties. 

F-29
COLE CREDIT PROPERTY TRUST III, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – (Continued)



The Company reimburses CR III Advisors for all expenses it paid or incurred in connection with the services provided to the Company, subject to the limitation that the Company will not reimburse CR III Advisors for any amount by which its operating expenses (including the Asset Management Fee) at the end of the four preceding fiscal quarters exceeds the greater of (1) 2% of average invested assets, or (2) 25% of net income other than any additions to reserves for depreciation, bad debts or other similar non-cash reserves and excluding any gain from the sale of assets for that period, unless the Company’s independent directors find that a higher level of expense is justified for that year based on unusual and non-recurring factors. The Company will not reimburse CR III Advisors for personnel costs in connection with services for which CR III Advisors receives acquisition fees and real estate commissions.
If CR III Advisors, or its affiliates, provides substantial services, as determined by the independent directors, in connection with the origination or refinancing of any debt financing obtained by the Company that is used to acquire properties or to make other permitted investments, or that is assumed, directly or indirectly, in connection with the acquisition of properties, the Company will pay CR III Advisors or its affiliates a financing coordination fee equal to 1% of the amount available and/or outstanding under such financing; provided however, that CR III Advisors or its affiliates shall not be entitled to a financing coordination fee in connection with the refinancing of any loan secured by any particular property that was previously subject to a refinancing in which CR III Advisors or its affiliates received such a fee. Financing coordination fees payable from loan proceeds from permanent financing will be paid to CR III Advisors or its affiliates as the Company acquires and/or assumes such permanent financing. With respect to any revolving line of credit, no financing coordination fees will be paid on loan proceeds from any line of credit unless all net offering proceeds received as of the date proceeds from the line of credit are drawn for the purpose of acquiring assets have been invested. In addition, with respect to any revolving line of credit, CR III Advisors or its affiliates will receive financing coordination fees only in connection with amounts being drawn for the first time and not upon any re-drawing of amounts that had been repaid by the Company.
The Company recorded fees and expense reimbursements as shown in the table below for services provided by CR III Advisors and its affiliates related to the services described above during the years indicated (in thousands):
 
 
Year Ended December 31,
 
 
2012
 
2011
 
2010
Acquisitions and Operations:
 
 
 
 
 
 
Acquisition fees and expenses
 
$
50,615

 
$
49,888

 
$
48,802

Asset management fees and expenses
 
$
32,416

 
$
20,317

 
$
8,187

Property management and leasing fees and expenses
 
$
14,876

 
$
9,437

 
$
3,811

Operating expenses
 
$
3,193

 
$
2,324

 
$
1,642

Financing coordination fees
 
$
11,078

 
$
14,920

 
$
9,512

Liquidation/Listing
If CR III Advisors, or its affiliates, provides a substantial amount of services, as determined by the Company’s independent directors, in connection with the sale of one or more properties, the Company will pay CR III Advisors or its affiliates up to one-half of the brokerage commission paid, but in no event to exceed an amount equal to 3% of the sales price of each property sold. In no event will the combined real estate commission paid to CR III Advisors, its affiliates and unaffiliated third parties exceed 6% of the contract sales price. In addition, after investors have received a return of their net capital contributions and an 8% cumulative, non-compounded annual return, then CR III Advisors is entitled to receive 15% of the remaining net sale proceeds.
Upon listing of the Company’s common stock on a national securities exchange, a fee equal to 15% of the amount by which the market value of the Company’s outstanding stock plus all distributions paid by the Company prior to listing, exceeds the sum of the total amount of capital raised from investors and the amount of cash flow necessary to generate an 8% cumulative, non-compounded annual return to investors will be paid to CR III Advisors (the “Subordinated Incentive Listing Fee”). However, Holdings has agreed, as part of the Merger, to a 25% reduction from the amount payable under the advisory agreement as a result of a listing of the Company’s common stock.

F-30
COLE CREDIT PROPERTY TRUST III, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – (Continued)



Upon termination of the advisory agreement with CR III Advisors, other than termination by the Company because of a material breach of the advisory agreement by CR III Advisors, a performance fee of 15% of the amount, if any, by which the appraised asset value at the time of such termination plus total distributions paid to stockholders through the termination date exceeds the aggregate capital contribution contributed by investors less distributions from sale proceeds plus payment to investors of an 8% annual, cumulative, non-compounded return on capital. No subordinated performance fee will be paid to the extent that the Company has already paid or become obligated to pay CR III Advisors a subordinated participation in net sale proceeds or the Subordinated Incentive Listing Fee.
During the years ended December 31, 2012 and 2011, no commissions or fees were incurred for services provided by CR III Advisors and its affiliates related to the services described above.
Due to Affiliates
As of December 31, 2012, $4.5 million had been incurred primarily for services relating to the management of the Company’s properties by CR III Advisors and its affiliates, but had not yet been reimbursed by the Company and were included in due to affiliates on the consolidated balance sheets. As of December 31, 2011, $4.8 million had been incurred primarily for other organization and offering, operating and acquisition expenses, by CR III Advisors and its affiliates, but had not yet been reimbursed by the Company and were included in due to affiliates on the consolidated balance sheets.
Transactions
On March 5, 2012, we entered in the Merger Agreement. See Note 2 for a further explanation of the Merger.
NOTE 16 — ECONOMIC DEPENDENCY
Under various agreements, the Company has engaged or will engage CR III Advisors and its affiliates to provide certain services that are essential to the Company, including asset management services, supervision of the management and leasing of properties owned by the Company, asset acquisition and disposition decisions, the sale of shares of the Company’s common stock available for issuance, as well as other administrative responsibilities for the Company including accounting services and investor relations. As a result of these relationships, the Company is dependent upon CR III Advisors and its affiliates. In the event that these companies are unable to provide the Company with these services, the Company would be required to find alternative providers of these services.
NOTE 17 — STOCKHOLDERS’ EQUITY
Distribution Reinvestment Plan
Pursuant to the DRIP, the Company allows stockholders of its common stock to elect to have the distributions the stockholders receive reinvested in additional shares of the Company’s common stock. The purchase price per share under the amended and restated DRIP will be $9.50 per share until the Company’s board of directors determines a reasonable estimate of the value of the Company’s shares. Thereafter, the purchase price per share under the Company’s DRIP will be the most recently disclosed per share value as determined in accordance with the Company’s valuation policy. No sales commissions or dealer manager fees will be paid on shares sold under the DRIP. The Company’s board of directors may terminate or amend the DRIP at the Company’s discretion at any time upon 10 days prior written notice to the stockholders. During the years ended December 31, 2012 and 2011, approximately 17.8 million shares and approximately 11.6 million shares were purchased under the DRIP for $169.1 million and $110.1 million, respectively, which were recorded as redeemable common stock on the consolidated balance sheets, net of redemptions paid of $68.6 million and $41.9 million, respectively. The Company will continue to issue shares of common stock under the DRIP Offering until such time as the Company’s shares are listed on a national securities exchange or the DRIP Offering is otherwise terminated by the Company’s board of directors.

F-31
COLE CREDIT PROPERTY TRUST III, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – (Continued)



Share Redemption Program
The Company’s share redemption program permits its stockholders to sell their shares back to the Company after they have held them for at least one year, subject to the significant conditions and limitations described below.
There are several restrictions on a stockholder’s ability to sell their shares to the Company under the program. The stockholders generally have to hold their shares for one year in order to participate in the program; however, the Company may waive the one year holding period in the event of the death or bankruptcy of a stockholder. In addition, the Company will limit the number of shares redeemed pursuant to the Company’s share redemption program as follows: (1) the redemptions are limited to 5% of the weighted average number of shares outstanding during the trailing twelve months prior to the end of the fiscal quarter for which redemptions are being paid (the “Trailing Twelve-month Cap”) (provided, however, that while shares subject to a redemption requested upon death of a stockholder will be included in calculating the maximum number of shares that may be redeemed, such shares will not be subject to the Trailing Twelve-month Cap); and (2) funding for the redemption of shares will be limited to the net proceeds the Company receives from the sale of shares under the DRIP. In an effort to accommodate redemption requests throughout the calendar year, the Company limits quarterly redemptions to approximately 1.25% of the weighted average number of shares outstanding during the trailing twelve-month period ending on the last day of the fiscal quarter, and funding for redemptions for each quarter generally will be limited to the net proceeds the Company receives from the sale of shares in the respective quarter under the DRIP (provided, however, that while shares subject to a redemption requested upon the death of a stockholder will be included in calculating the maximum number of shares that may be redeemed, such shares will not be subject to the quarterly percentage caps); however, the Company’s board of directors may waive these quarterly limitations in its sole discretion, subject to the Trailing Twelve-month Cap. During the term of the Offering and until such time as the Company’s board of directors determines a reasonable estimate of the value of the Company’s shares, the redemption price per share (other than for shares purchased pursuant to the DRIP) will depend on the length of time the stockholder has held such shares as follows: after one year from the purchase date—95% of the amount the stockholder paid for each share; after two years from the purchase date—97.5% of the amount the stockholder paid for each share; after three years from the purchase date—100% of the amount the stockholder paid for each share. During this time period, the redemption price for shares purchased pursuant to the DRIP will be the amount paid for such shares.
Upon receipt of a request for redemption, the Company may conduct a Uniform Commercial Code search to ensure that no liens are held against the shares. The Company’s share redemption program provides that repurchases will be made no later than the end of the month following the end of each fiscal quarter. If the Company cannot purchase all shares presented for redemption in any fiscal quarter, it will give priority to the redemption of deceased stockholders’ shares. The Company next will give priority to requests for full redemption of accounts with a balance of 250 shares or less at the time the Company receives the request, in order to reduce the expense of maintaining small accounts. Thereafter, the Company will honor the remaining redemption requests on a pro rata basis. The Company’s board of directors may amend, suspend or terminate the share redemption program at any time upon 30 days prior written notice to the stockholders. During the years ended December 31, 2012 and 2011, the Company redeemed approximately 7.0 million and approximately 4.3 million shares under the share redemption program for $68.6 million and $41.9 million, respectively.
NOTE 18 — INCOME TAXES
For federal income tax purposes, distributions to stockholders are characterized as ordinary dividends, capital gain distributions, or nontaxable distributions. Nontaxable distributions will reduce U.S. stockholders’ basis (but not below zero) in their shares. The following table shows the character of distributions the Company paid on a percentage basis during the years ended December 31, 2012, 2011 and 2010.
 
 
Year Ended December 31,
Character of Distributions (unaudited):
 
2012
 
2011
 
2010
Ordinary dividends
 
52
%
 
61
%
 
55
%
Capital gain distributions
 
15
%
 
—
%
 
—
%
Nontaxable distributions
 
33
%
 
39
%
 
45
%
Total
 
100
%
 
100
%
 
100
%
As of December 31, 2012, the tax basis carrying value of the Company’s land and depreciable real estate assets was $6.7 billion. During the years ended December 31, 2012, 2011 and 2010, the Company incurred state and local income and franchise taxes of $1.8 million, $1.3 million and $780,000, respectively, which were recorded in general and administrative expenses on the consolidated statements of operations.

F-32
COLE CREDIT PROPERTY TRUST III, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – (Continued)



NOTE 19 — OPERATING LEASES
The Company’s properties are leased to tenants under operating leases for which the terms and expirations vary. The leases frequently have provisions to extend the lease agreement and other terms and conditions as negotiated. The Company retains substantially all of the risks and benefits of ownership of the real estate assets leased to tenants. As of December 31, 2012, the weighted average remaining lease term, including the Consolidated Joint Ventures’ leases, was 12.7 years.
The future minimum rental income from the Company’s investment in real estate assets under non-cancelable operating leases, excluding the operating leases related to the Held for Sale Properties, as of December 31, 2012 is as follows (in thousands):
Year Ending December 31,
 
Amount
2013
 
$
560,733

2014
 
554,263

2015
 
549,491

2016
 
535,888

2017
 
523,321

Thereafter
 
4,411,626

Total
 
$
7,135,322

NOTE 20 — QUARTERLY RESULTS (UNAUDITED)
Presented below is a summary of the unaudited quarterly financial information for the years ended December 31, 2012 and 2011 (in thousands, except for per share amounts). In the opinion of management, the information for the interim periods presented includes all adjustments which are of a normal and recurring nature, necessary to present a fair presentation of the results for each period. In addition, the Company has adjusted the information for discontinued operations.
 
 
2012
 
 
 
First Quarter
 
Second Quarter
 
Third Quarter
 
Fourth Quarter
 
Revenues
 
$
114,175

 
$
132,591

 
$
143,529

 
$
152,647

 
Operating income
 
$
41,205

 
$
49,216

 
$
59,768

 
$
58,695

 
Net income
 
$
35,950

 
$
23,090

 
$
18,570

 
$
125,828

(2) 
Net income attributable to the Company
 
$
35,937

 
$
23,223

 
$
18,567

 
$
125,611

(2) 
Basic and diluted net income per common share (1)
 
$
0.08

 
$
0.05

 
$
0.04

 
$
0.27

 
Basic and diluted net income attributable to the Company per common share (1)
 
$
0.08

 
$
0.05

 
$
0.04

 
$
0.27

 
Distributions declared per common share
 
$
0.16

 
$
0.16

 
$
0.16

 
$
0.16

 
________________
(1) Based on the weighted average number of shares outstanding as of December 31, 2012.
(2) Net income for the fourth quarter of 2012 includes a gain on sale of marketable securities of $12.5 million and a gain on sale of real estate of $108.5 million.

F-33
COLE CREDIT PROPERTY TRUST III, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – (Continued)



 
 
2011
 
 
 
First Quarter
 
Second Quarter
 
Third Quarter
 
Fourth Quarter
 
Revenues
 
$
61,312

 
$
70,944

 
$
86,912

 
$
104,812

 
Operating income
 
$
23,750

 
$
23,724

 
$
19,560

 
$
41,833

 
Net income
 
$
14,548

 
$
10,491

 
$
1,282

 
$
19,450

 
Net income attributable to the Company
 
$
14,260

 
$
10,480

 
$
1,271

 
$
19,285

 
Basic and diluted net income per common share (1)
 
$
0.05

 
$
0.03

 
$
0.00


$
0.07

 
Basic and diluted net income attributable to the Company per common share (1)
 
$
0.05

 
$
0.03

 
$
0.00

 
$
0.07

 
Distributions declared per common share
 
$
0.16

 
$
0.16

 
$
0.16

 
$
0.17

 
________________
(1) Based on the weighted average number of shares outstanding as of December 31, 2011.
NOTE 21 — SUBSEQUENT EVENTS
Issuance of Shares of Common Stock in the DRIP Offering
The Company continues to issue shares of common stock under the DRIP Offering. As of March 26, 2013, the Company had issued, approximately 17.0 million shares pursuant to the DRIP Offering, resulting in gross proceeds to the Company of $161.8 million.
Redemption of Shares of Common Stock
Subsequent to December 31, 2012, the Company redeemed approximately 2.8 million shares for $27.8 million at an average price per share of $9.80.
Entry into the Merger Agreement
Subsequent to December 31, 2012, the Company entered into the Merger Agreement, as discussed in Note 2 to these consolidated financial statements.
Entry into Employment Agreements with Key Personnel
Subsequent to December 31, 2012, we, along with CCPT III OP, entered into employment agreements with each of Christopher H. Cole and Marc T. Nemer, to become effective as of the date of consummation of the Merger. The amounts to be paid pursuant to the employment agreements are for future services to be rendered to the Company and are not part of the Merger consideration. Under Mr. Cole’s employment agreement, upon the consummation of the Merger, Mr. Cole, the current chairman of the Board and chief executive officer and president of the Company, will serve as executive chairman of the Board, reporting to the Board, and will no longer serve as the chief executive officer and president of the Company. Under Mr. Nemer’s employment agreement, upon the consummation of the Merger, Mr. Nemer, a current director of the Company, will continue to be a director and will assume the positions of chief executive officer and president of the Company. The employment agreements provide the executives with compensation for their services rendered after the consummation of the Merger and provide incentives to reward outstanding future performance. The term of each employment agreement ends on December 31, 2016 and will be automatically renewed for annual terms thereafter unless earlier terminated by the Company or the executive.

F-34
COLE CREDIT PROPERTY TRUST III, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – (Continued)



Legal Proceedings
In connection with the Merger, on March 20, 2013, a putative class action and derivative lawsuit was filed in the Circuit Court for Baltimore City, Maryland against and purportedly on behalf of the Company captioned Strub, et al. v. Cole Holdings Corporation, et al. (“Strub”). The complaint names as defendants Holdings; CR III Advisors; Merger Sub; Cole Capital Advisors, Inc., Equity Fund Advisors, Inc. (an affiliate of Holdings), Cole Capital, and Cole Realty Advisors, Inc. (together, “Cole Holding Entities”); each of the directors of the Company; and the Company. Strub alleges that the defendants breached their fiduciary duties and duties of loyalty, candor and due care by causing the Company to enter into the Merger Agreement, failing to implement appropriate measures to ensure that the Company’s relationship with CR III Advisors did not become a vehicle for wrongful self-dealing, failing to consider and explore strategic alternatives to the Merger, failing to seek stockholder approval for the Merger, and by engaging in self-interested and otherwise conflicted actions. It also alleges that the Merger Sub and Cole Holdings Entities aided and abetted those breaches of fiduciary duty, and that Messrs. Cole and Nemer will be unjustly enriched by and following the Merger. Strub seeks a declaration that the conduct of the defendants is a breach of fiduciary duty or aiding and abetting such breaches and that the Merger Agreement is null and void; an order requiring stockholder approval of any acquisition of CR III Advisors or any Cole Holdings Entities; awarding damages and restitution, and disgorgement by each director; an award of plaintiffs’ reasonable attorneys’ fees, expert fees, interest, and cost of suit, and other relief. On March 28, 2013, Strub sought an injunction against the Merger closing until stockholder approval is obtained. The defendants intend to oppose that application.
In addition, on March 25, 2013, a putative class action lawsuit was filed in the Circuit Court for Baltimore City, Maryland captioned Rodgers v. Cole Credit Property Trust III, et al. (“Rodgers”). This complaint names as defendants the Company; Cole REIT III Operating Partnership, LP (“CCPT III OP”); CR III Advisors; Merger Sub; and each of the Company’s directors. Rodgers alleges that the Company’s directors breached their fiduciary duties by entering into the Merger Agreement, failing to provide transparency and a stockholder vote, structuring the transaction to prevent other potential buyers from buying the Company, and failing to disclose to stockholders a third party’s interest in acquiring the Company. It also alleges that CR III Advisors breached its fiduciary duty by ignoring and failing to disclose a third party offer; and that the Company, CCPT III OP, Merger Sub, and the directors aided and abetted the alleged breach of fiduciary duty by CR III Advisors. Rodgers seeks a declaration that the defendants have committed a gross abuse of trust and have breached and/or aided and abetted breach of fiduciary duties; that the Merger is therefore unlawful and unenforceable, and that the Merger and any related agreements should be rescinded and invalidated; declaring that the Merger and Merger Agreement should be rescinded and parties restored to their original position; imposing a constructive trust in favor of the plaintiff and class on any benefits, property or value improperly received by, traceable to, or in possession of defendants as a result of wrongful conduct; enjoining defendants from consummating the Merger until the Company has a process to obtain a merger agreement providing best possible terms to stockholders; rescinding the Merger to the extent implemented or granting rescissory damages; directing the directors to account to plaintiff and class for damages as a result of their wrongdoing; awarding compensatory damages and interest; awarding costs, including reasonable attorneys’ and experts’ fees; and granting further equitable relief that is deemed just and proper.
The outcome of these matters cannot be predicted at this time and no provisions for losses, if any, have been recorded in the accompanying consolidated financial statements.
Unsolicited Proposal
On March 19, 2013, the Company’s board of directors received an unsolicited proposal from American Realty Capital Properties, Inc. (“ARCP”) to acquire the Company for a combination of cash and shares of ARCP common stock. The special committee of the Company’s board of directors, which consists of all of the independent directors of the Company (the “Special Committee”), reviewed the unsolicited proposal from ARCP and determined that the proposed sale to ARCP would not be in the best interests of the Company and its stockholders. Further, the Special Committee affirmed its commitment to the Merger.
On March 27, 2013, the Company’s board of directors received a revised unsolicited proposal from ARCP to acquire the Company after the Merger, for a combination of cash and shares of ARCP common stock. The Special Committee is currently reviewing the revised proposal from ARCP.

F-35
COLE CREDIT PROPERTY TRUST III, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – (Continued)



Investment in Real Estate and Related Assets
Subsequent to December 31, 2012, the Company acquired a 100% interest in nine commercial real estate properties for an aggregate purchase price of $25.3 million. The acquisitions were funded with net proceeds from the DRIP Offering and the sale of properties and other investments. The Company has not completed its initial purchase price allocations with respect to these properties and therefore cannot provide similar disclosures to those included in Note 5 to these consolidated financial statements for these properties.
Property Dispositions
Subsequent to December 31, 2012, the Company sold the Held for Sale Properties discussed in Note 9 to these consolidated financial statements for an aggregate sales price of $21.3 million, exclusive of closing costs. In addition, the Company sold eight additional properties for an aggregate sales price of $34.0 million, exclusive of closing costs. The purchase price of each property sold subsequent to December 31, 2012 was greater than the respective book value of each property. As of December 31, 2012 the potential buyers of these eight properties either had not been identified or there had not been a binding purchase and sale agreement entered into for the sale of these properties. Therefore, the Company believes that the sale of these properties was not considered to be probable, as such, the requirements under GAAP to treat the properties as held for sale were not met as of December 31, 2012.
Notes Payable and Other Borrowings
Subsequent to December 31, 2012, the Company entered into a loan agreement for $74.3 million secured by a commercial property with a purchase price of $135.0 million. In addition, the Company repaid $13.2 million of debt outstanding and $160.0 million under the Credit Facility. As of March 26, 2013, the Company had $23.1 million outstanding under the construction facilities and $607.8 million outstanding under the Credit Facility.


F-36

COLE CREDIT PROPERTY TRUST III, INC.
SCHEDULE III - REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION
(in thousands)


 
 
 
 
 
 
 
 
 
 
 
Gross Amount at
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Which Carried
 
 
 
 
 
 
 
 
 
 
 
Initial Costs to Company
 
Total
 
At December 31,
 
Accumulated
 
 
 
 
 
 
 
 
 
 
 
Buildings &
 
Adjustment
 
2012
 
Depreciation
 
Date
 
Date
Description (a)
 
Encumbrances
 
Land
 
Improvements
 
to Basis
 
 (b) (c)
 
(d) (e)
 
Acquired
 
Constructed
Real Estate Held for Investment the Company has Invested in Under Operating Leases
Aaron Rents
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Auburndale, FL
 
$
2,647

 
$
1,224

 
$
3,478

 
$
1,273

 
$
5,975

 
$
307

 
3/31/2010
 
2009
 
Battle Creek, MI
 
407

 
228

 
485

 
—

 
713

 
49

 
6/18/2009
 
1956
 
Benton Harbor, MI
 
401

 
261

 
385

 
—

 
646

 
39

 
6/30/2009
 
1973
 
Bloomsburg, PA
 
400

 
152

 
770

 
—

 
922

 
66

 
3/31/2010
 
2009
 
Bowling Green, OH
 
564

 
154

 
805

 
—

 
959

 
66

 
3/31/2010
 
2009
 
Charlotte, NC
 
579

 
279

 
714

 
—

 
993

 
54

 
3/31/2010
 
1994
 
Chattanooga, TN
 
490

 
587

 
384

 
—

 
971

 
37

 
6/18/2009
 
1989
 
Columbia, SC
 
556

 
549

 
473

 
—

 
1,022

 
46

 
6/18/2009
 
1977
 
Copperas Cove, TX
 
668

 
304

 
964

 
—

 
1,268

 
90

 
6/30/2009
 
2007
 
El Dorado, AR
 
356

 
208

 
456

 
—

 
664

 
43

 
6/30/2009
 
2000
 
Haltom City, TX
 
752

 
258

 
1,185

 
—

 
1,443

 
107

 
6/30/2009
 
2008
 
Humble, TX
 
663

 
430

 
734

 
—

 
1,164

 
69

 
5/29/2009
 
2008
 
Indianapolis, IN
 
436

 
170

 
654

 
—

 
824

 
64

 
5/29/2009
 
1998
 
Kennett, MO
 
319

 
165

 
406

 
—

 
571

 
31

 
3/31/2010
 
1999
 
Kent, OH
 
614

 
356

 
1,138

 
—

 
1,494

 
116

 
3/31/2010
 
1999
 
Killeen , TX
 
1,558

 
608

 
2,241

 
—

 
2,849

 
213

 
6/18/2009
 
1981
 
Kingsville, TX
 
599

 
369

 
770

 
—

 
1,139

 
56

 
3/31/2010
 
2009
 
Lafayette, IN
 
550

 
249

 
735

 
—

 
984

 
54

 
3/31/2010
 
1990
 
Livingston, TX
 
645

 
131

 
1,052

 
—

 
1,183

 
96

 
6/18/2009
 
2008
 
Magnolia, MS
 
1,473

 
209

 
2,393

 
—

 
2,602

 
208

 
3/31/2010
 
2000
 
Mansura, LA
 
254

 
54

 
417

 
(10
)
 
461

 
39

 
6/18/2009
 
2000
 
Marion, SC
 
319

 
82

 
484

 
—

 
566

 
35

 
3/31/2010
 
1998
 
Meadville, PA
 
512

 
168

 
841

 
—

 
1,009

 
91

 
5/29/2009
 
1994
 
Mexia, TX
 
490

 
114

 
813

 
—

 
927

 
76

 
5/29/2009
 
2007
 
Minden, LA
 
645

 
252

 
831

 
—

 
1,083

 
78

 
5/29/2009
 
2008
 
Mission, TX
 
549

 
347

 
694

 
—

 
1,041

 
51

 
3/31/2010
 
2009
 
North Olmsted, OH
 
449

 
151

 
535

 
—

 
686

 
46

 
3/31/2010
 
1960
 
Odessa, TX
 
356

 
67

 
567

 
—

 
634

 
53

 
5/29/2009
 
2006
 
Oneonta, AL
 
614

 
218

 
792

 
—

 
1,010

 
66

 
3/31/2010
 
2008
 
Oxford , AL
 
356

 
263

 
389

 
—

 
652

 
37

 
5/29/2009
 
1989
 
Pasadena, TX
 
659

 
377

 
787

 
—

 
1,164

 
72

 
6/18/2009
 
2009
 
Pensacola, FL
 
347

 
263

 
423

 
—

 
686

 
43

 
6/30/2009
 
1979
 
Port Lavaca, TX
 
534

 
128

 
894

 
—

 
1,022

 
81

 
6/30/2009
 
2007
 
Redford, MI
 
434

 
215

 
477

 
—

 
692

 
42

 
3/31/2010
 
1972
 
Richmond, VA
 
774

 
419

 
1,032

 
—

 
1,451

 
94

 
6/30/2009
 
1988
 
Shawnee, OK
 
588

 
428

 
634

 
—

 
1,062

 
60

 
5/29/2009
 
2008
 
Springdale, AR
 
624

 
500

 
655

 
—

 
1,155

 
50

 
3/31/2010
 
2009
 
Statesboro, GA
 
579

 
311

 
734

 
—

 
1,045

 
67

 
6/18/2009
 
2008
 
Texas City, TX
 
895

 
294

 
1,311

 
—

 
1,605

 
115

 
8/31/2009
 
1991
 
Valley, AL
 
409

 
139

 
569

 
—

 
708

 
48

 
3/31/2010
 
2009
Academy Sports
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Austin, TX
 
5,044

 
3,699

 
4,930

 
—

 
8,629

 
305

 
8/26/2010
 
1988
 
Bossier City, LA
 
3,806

 
1,920

 
5,410

 
—

 
7,330

 
495

 
6/19/2009
 
2008
 
Fort Worth, TX
 
3,414

 
1,871

 
4,117

 
—

 
5,988

 
377

 
6/19/2009
 
2009
 
Killeen, TX
 
3,320

 
1,227

 
4,716

 
—

 
5,943

 
340

 
4/29/2010
 
2009
 
Laredo, TX
 
3,961

 
2,133

 
4,839

 
—

 
6,972

 
440

 
6/19/2009
 
2008
 
Montgomery, AL
 
 (f)

 
1,290

 
5,644

 
—

 
6,934

 
526

 
6/19/2009
 
2009
Advanced Auto
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Appleton, WI
 
 (f)

 
393

 
904

 
—

 
1,297

 
55

 
9/30/2010
 
2007
 
Bedford, IN
 
760

 
71

 
1,056

 
—

 
1,127

 
55

 
1/4/2011
 
2007
 
Bethel, OH
 
730

 
276

 
889

 
—

 
1,165

 
58

 
12/22/2010
 
2008

S-1

COLE CREDIT PROPERTY TRUST III, INC.
SCHEDULE III - REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION
(in thousands)


 
 
 
 
 
 
 
 
 
 
 
Gross Amount at
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Which Carried
 
 
 
 
 
 
 
 
 
 
 
Initial Costs to Company
 
Total
 
At December 31,
 
Accumulated
 
 
 
 
 
 
 
 
 
 
 
Buildings &
 
Adjustment
 
2012
 
Depreciation
 
Date
 
Date
Description (a)
 
Encumbrances
 
Land
 
Improvements
 
to Basis
 
 (b) (c)
 
(d) (e)
 
Acquired
 
Constructed
Advanced Auto (continued)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Bonita Springs, FL
 
$
1,561

 
$
1,094

 
$
1,134

 
$
—

 
$
2,228

 
$
69

 
9/22/2010
 
2007
 
Brownstown, MI
 
 (f)

 
771

 
924

 
—

 
1,695

 
33

 
9/23/2011
 
2008
 
Candler, NC
 
—

 
343

 
1,007

 
—

 
1,350

 
8

 
9/28/2012
 
2012
 
Canton, OH
 
660

 
343

 
870

 
—

 
1,213

 
65

 
3/31/2010
 
2007
 
Charlotte, NC
 
 (f)

 
395

 
749

 
—

 
1,144

 
32

 
5/12/2011
 
2001
 
Crestwood, KY
 
1,030

 
374

 
1,015

 
—

 
1,389

 
55

 
12/22/2010
 
2009
 
Dayton, OH
 
—

 
605

 
918

 
—

 
1,523

 
15

 
6/21/2012
 
2007
 
Deer Park, TX
 
739

 
219

 
1,131

 
—

 
1,350

 
87

 
12/16/2009
 
2008
 
Delaware, OH
 
730

 
467

 
906

 
—

 
1,373

 
72

 
3/31/2010
 
2008
 
Florence, KY
 
—

 
599

 
966

 
—

 
1,565

 
16

 
6/21/2012
 
2008
 
Frankfort, KY
 
 (f)

 
660

 
786

 
—

 
1,446

 
13

 
5/15/2012
 
2007
 
Franklin, IN
 
738

 
384

 
918

 
—

 
1,302

 
57

 
8/12/2010
 
2010
 
Georgetown, KY
 
—

 
511

 
892

 
—

 
1,403

 
15

 
5/15/2012
 
2007
 
Grand Rapids, MI
 
657

 
344

 
656

 
—

 
1,000

 
42

 
8/12/2010
 
2008
 
Hillview, KY
 
740

 
302

 
889

 
—

 
1,191

 
48

 
12/22/2010
 
2009
 
Holland, OH
 
668

 
126

 
1,050

 
—

 
1,176

 
77

 
3/31/2010
 
2008
 
Houston (Aldine), TX
 
690

 
190

 
1,072

 
—

 
1,262

 
83

 
12/16/2009
 
2006
 
Houston (Imperial), TX
 
623

 
139

 
995

 
—

 
1,134

 
77

 
12/16/2009
 
2008
 
Houston (Wallisville), TX
 
757

 
140

 
1,245

 
—

 
1,385

 
96

 
12/16/2009
 
2008
 
Howell, MI
 
830

 
639

 
833

 
—

 
1,472

 
47

 
12/20/2010
 
2008
 
Humble, TX
 
757

 
292

 
1,086

 
—

 
1,378

 
84

 
12/16/2009
 
2007
 
Huntsville, TX
 
619

 
134

 
1,046

 
—

 
1,180

 
81

 
12/16/2009
 
2008
 
Janesville, WI
 
939

 
277

 
1,209

 
—

 
1,486

 
73

 
9/30/2010
 
2007
 
Kingwood, TX
 
743

 
183

 
1,183

 
—

 
1,366

 
91

 
12/16/2009
 
2009
 
Lehigh Acres, FL
 
1,425

 
582

 
1,441

 
—

 
2,023

 
77

 
12/21/2010
 
2008
 
Lubbock, TX
 
579

 
88

 
1,012

 
—

 
1,100

 
78

 
12/16/2009
 
2008
 
Massillon, OH
 
 (f)

 
270

 
1,210

 
—

 
1,480

 
50

 
6/21/2011
 
2007
 
Milwaukee, WI
 
 (f)

 
507

 
1,107

 
—

 
1,614

 
45

 
6/10/2011
 
2008
 
Mishawaka, IN
 
—

 
510

 
1,009

 
—

 
1,519

 
14

 
6/21/2012
 
2007
 
Monroe, MI
 
 (f)

 
599

 
846

 
—

 
1,445

 
36

 
6/21/2011
 
2007
 
Richmond, IN
 
—

 
365

 
1,379

 
—

 
1,744

 
21

 
6/21/2012
 
2006
 
Rock Hill, SC
 
 (f)

 
345

 
589

 
—

 
934

 
24

 
5/12/2011
 
1995
 
Romulus, MI
 
 (f)

 
537

 
1,021

 
—

 
1,558

 
37

 
9/23/2011
 
2007
 
Salem, OH
 
660

 
254

 
869

 
—

 
1,123

 
47

 
12/20/2010
 
2009
 
Sapulpa, OK
 
704

 
360

 
893

 
—

 
1,253

 
54

 
8/3/2010
 
2007
 
South Lyon, MI
 
 (f)

 
569

 
898

 
—

 
1,467

 
38

 
6/21/2011
 
2008
 
Spring, TX
 
—

 
409

 
1,143

 
—

 
1,552

 
17

 
6/21/2012
 
2007
 
Sylvania, OH
 
639

 
115

 
983

 
—

 
1,098

 
70

 
4/28/2010
 
2009
 
Twinsburg, OH
 
639

 
355

 
770

 
—

 
1,125

 
57

 
3/31/2010
 
2008
 
Vermillion, OH
 
 (f)

 
270

 
722

 
—

 
992

 
30

 
6/21/2011
 
2006
 
Washington Township, MI
 
 (f)

 
779

 
1,012

 
—

 
1,791

 
36

 
9/23/2011
 
2008
 
Webster, TX
 
757

 
293

 
1,089

 
—

 
1,382

 
84

 
12/16/2009
 
2008
AGCO Corporation
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Duluth, GA
 
8,600

 
2,785

 
12,570

 
9

 
15,364

 
427

 
12/21/2011
 
1998
Albertson’s
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Abilene, TX
 
3,981

 
1,085

 
4,871

 
—

 
5,956

 
276

 
10/26/2010
 
2010
 
Albuquerque (Academy), NM
 
4,500

 
2,257

 
5,204

 
—

 
7,461

 
353

 
10/26/2010
 
1997
 
Albuquerque (Lomas), NM
 
4,410

 
2,960

 
4,409

 
—

 
7,369

 
314

 
10/26/2010
 
2003
 
Alexandria, LA
 
4,110

 
1,428

 
5,066

 
—

 
6,494

 
287

 
10/26/2010
 
2000
 
Arlington, TX
 
4,206

 
984

 
5,732

 
—

 
6,716

 
325

 
10/26/2010
 
2002

S-2

COLE CREDIT PROPERTY TRUST III, INC.
SCHEDULE III - REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION
(in thousands)


 
 
 
 
 
 
 
 
 
 
 
Gross Amount at
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Which Carried
 
 
 
 
 
 
 
 
 
 
 
Initial Costs to Company
 
Total
 
At December 31,
 
Accumulated
 
 
 
 
 
 
 
 
 
 
 
Buildings &
 
Adjustment
 
2012
 
Depreciation
 
Date
 
Date
Description (a)
 
Encumbrances
 
Land
 
Improvements
 
to Basis
 
 (b) (c)
 
(d) (e)
 
Acquired
 
Constructed
Albertson’s (continued)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Baton Rouge (Airline), LA
 
$
5,425

 
$
2,200

 
$
6,003

 
$
—

 
$
8,203

 
$
340

 
10/26/2010
 
2004
 
Baton Rouge (College), LA
 
3,931

 
1,733

 
4,615

 
—

 
6,348

 
262

 
10/26/2010
 
2002
 
Baton Rouge (George), LA
 
4,731

 
2,023

 
5,273

 
—

 
7,296

 
300

 
10/26/2010
 
2003
 
Bossier City, LA
 
3,599

 
2,006

 
4,000

 
—

 
6,006

 
228

 
10/26/2010
 
2000
 
Clovis, NM
 
3,927

 
757

 
3,625

 
—

 
4,382

 
252

 
10/26/2010
 
2010
 
Denver, CO
 
3,840

 
1,858

 
5,253

 
—

 
7,111

 
296

 
10/26/2010
 
2002
 
Durango, CO
 
3,770

 
4,549

 
2,276

 
—

 
6,825

 
131

 
10/26/2010
 
1993
 
El Paso, TX
 
4,438

 
1,341

 
4,206

 
—

 
5,547

 
238

 
10/26/2010
 
2009
 
Farmington, NM
 
2,566

 
1,237

 
3,136

 
—

 
4,373

 
233

 
10/26/2010
 
2002
 
Fort Collins, CO
 
4,328

 
1,362

 
6,186

 
—

 
7,548

 
348

 
10/26/2010
 
2009
 
Fort Worth (Beach), TX
 
4,740

 
2,097

 
5,299

 
—

 
7,396

 
299

 
10/26/2010
 
2009
 
Fort Worth (Clifford), TX
 
3,149

 
1,187

 
4,089

 
—

 
5,276

 
232

 
10/26/2010
 
2002
 
Fort Worth (Oakmont), TX
 
3,553

 
1,859

 
4,200

 
—

 
6,059

 
239

 
10/26/2010
 
2000
 
Fort Worth (Sycamore), TX
 
3,840

 
962

 
5,174

 
—

 
6,136

 
293

 
10/26/2010
 
2010
 
Lafayette, LA
 
5,380

 
1,676

 
6,442

 
—

 
8,118

 
365

 
10/26/2010
 
2002
 
Lake Havasu City, AZ
 
3,552

 
1,037

 
5,361

 
—

 
6,398

 
311

 
10/26/2010
 
2003
 
Las Cruces, NM
 
 (f)

 
1,567

 
5,581

 
—

 
7,148

 
323

 
1/28/2011
 
1997
 
Los Lunas, NM
 
4,083

 
1,236

 
4,976

 
—

 
6,212

 
333

 
10/26/2010
 
2003
 
Mesa, AZ
 
3,034

 
1,739

 
3,748

 
—

 
5,487

 
228

 
9/29/2010
 
1997
 
Midland, TX
 
5,640

 
1,470

 
5,129

 
—

 
6,599

 
293

 
10/26/2010
 
2000
 
Odessa, TX
 
5,080

 
1,201

 
4,425

 
—

 
5,626

 
253

 
10/26/2010
 
2008
 
Phoenix, AZ
 
3,500

 
2,241

 
4,086

 
—

 
6,327

 
249

 
9/29/2010
 
1998
 
Scottsdale, AZ
 
5,672

 
2,932

 
7,046

 
—

 
9,978

 
407

 
10/26/2010
 
2002
 
Silver City, NM
 
3,560

 
647

 
3,987

 
—

 
4,634

 
267

 
10/26/2010
 
1995
 
Tucson (Grant), AZ
 
2,721

 
1,464

 
3,456

 
—

 
4,920

 
203

 
10/26/2010
 
1994
 
Tucson (Silverbell), AZ
 
5,430

 
2,649

 
7,001

 
—

 
9,650

 
419

 
9/29/2010
 
2000
 
Weatherford, TX
 
3,934

 
1,686

 
4,836

 
—

 
6,522

 
274

 
10/26/2010
 
2001
 
Yuma, AZ
 
4,395

 
1,320

 
6,597

 
—

 
7,917

 
379

 
10/26/2010
 
2004
Amazon
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Charleston, TN
 
38,500

 
2,265

 
44,536

 
—

 
46,801

 
846

 
4/30/2012
 
2011
 
Chattanooga, TN
 
40,800

 
1,768

 
46,969

 
—

 
48,737

 
893

 
4/30/2012
 
2011
 
West Columbia, SC
 
41,900

 
3,062

 
47,338

 
—

 
50,400

 
900

 
4/30/2012
 
2012
Applebee’s
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Adrian, MI
 
 (f)

 
312

 
1,537

 
—

 
1,849

 
87

 
10/13/2010
 
1995
 
Bartlett, TN
 
 (f)

 
674

 
874

 
—

 
1,548

 
50

 
10/13/2010
 
1990
 
Chambersburg, PA
 
 (f)

 
709

 
983

 
—

 
1,692

 
56

 
10/13/2010
 
1995
 
Elizabeth City, NC
 
 (f)

 
392

 
1,282

 
—

 
1,674

 
91

 
3/31/2010
 
1997
 
Farmington, MO
 
 (f)

 
360

 
1,483

 
—

 
1,843

 
105

 
3/31/2010
 
1999
 
Horn Lake, MS
 
 (f)

 
646

 
813

 
—

 
1,459

 
46

 
10/13/2010
 
1994
 
Joplin, MO
 
 (f)

 
578

 
1,290

 
—

 
1,868

 
92

 
3/31/2010
 
1994
 
Kalamazoo, MI
 
 (f)

 
562

 
1,288

 
—

 
1,850

 
73

 
10/13/2010
 
1994
 
Lufkin, TX
 
 (f)

 
617

 
1,106

 
—

 
1,723

 
63

 
10/13/2010
 
1998
 
Madisonville, KY
 
 (f)

 
521

 
1,166

 
—

 
1,687

 
83

 
3/31/2010
 
1997
 
Marion, IL
 
 (f)

 
429

 
1,165

 
—

 
1,594

 
83

 
3/31/2010
 
1998
 
Memphis, TN
 
 (f)

 
779

 
1,112

 
—

 
1,891

 
79

 
3/31/2010
 
1999
 
Norton, VA
 
 (f)

 
530

 
928

 
—

 
1,458

 
52

 
10/13/2010
 
2006
 
Owatonna, MN
 
 (f)

 
590

 
1,439

 
—

 
2,029

 
82

 
10/13/2010
 
1996
 
Rolla, MO
 
 (f)

 
569

 
1,370

 
—

 
1,939

 
97

 
3/31/2010
 
1997
 
Swansea, IL
 
 (f)

 
559

 
1,036

 
—

 
1,595

 
59

 
10/13/2010
 
1998

S-3

COLE CREDIT PROPERTY TRUST III, INC.
SCHEDULE III - REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION
(in thousands)


 
 
 
 
 
 
 
 
 
 
 
Gross Amount at
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Which Carried
 
 
 
 
 
 
 
 
 
 
 
Initial Costs to Company
 
Total
 
At December 31,
 
Accumulated
 
 
 
 
 
 
 
 
 
 
 
Buildings &
 
Adjustment
 
2012
 
Depreciation
 
Date
 
Date
Description (a)
 
Encumbrances
 
Land
 
Improvements
 
to Basis
 
 (b) (c)
 
(d) (e)
 
Acquired
 
Constructed
Applebee’s (continued)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Tyler, TX
 
$ (f)

 
$
852

 
$
1,418

 
$
—

 
$
2,270

 
$
81

 
10/13/2010
 
1993
 
Vincennes, IN
 
 (f)

 
383

 
1,248

 
—

 
1,631

 
89

 
3/31/2010
 
1995
 
West Memphis, AR
 
 (f)

 
518

 
829

 
—

 
1,347

 
47

 
10/13/2010
 
2006
 
Wytheville, VA
 
 (f)

 
419

 
959

 
—

 
1,378

 
55

 
10/13/2010
 
1997
Apollo Group
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Phoenix, AZ
 
79,000

 
13,270

 
123,533

 
—

 
136,803

 
5,779

 
3/24/2011
 
2008
AT&T
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Dallas, TX
 
17,350

 
887

 
24,073

 
—

 
24,960

 
2,234

 
5/28/2010
 
2001
Atascocita Commons
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Humble, TX
 
28,250

 
13,051

 
39,287

 
(7
)
 
52,331

 
2,663

 
6/29/2010
 
2008
Autozone
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Blanchester, OH
 
535

 
160

 
755

 
—

 
915

 
57

 
6/9/2010
 
2008
 
Hamilton, OH
 
814

 
610

 
760

 
—

 
1,370

 
58

 
6/9/2010
 
2008
 
Hartville, OH
 
614

 
111

 
951

 
—

 
1,062

 
68

 
7/14/2010
 
2007
 
Hernando, MS
 
—

 
111

 
712

 
—

 
823

 
10

 
6/11/2012
 
2003
 
Mount Orab, OH
 
679

 
306

 
833

 
—

 
1,139

 
62

 
6/9/2010
 
2009
 
Nashville, TN
 
861

 
441

 
979

 
—

 
1,420

 
66

 
6/9/2010
 
2009
 
Pearl River, LA
 
719

 
193

 
1,046

 
—

 
1,239

 
68

 
6/30/2010
 
2007
 
Rapid City, SD
 
571

 
365

 
839

 
—

 
1,204

 
58

 
6/30/2010
 
2008
 
Trenton, OH
 
504

 
288

 
598

 
—

 
886

 
45

 
6/9/2010
 
2008
Banner Life
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Urbana, MD
 
19,600

 
3,730

 
29,863

 
—

 
33,593

 
1,364

 
6/2/2011
 
2011
Belleview Plaza
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Pensacola, FL
 
4,145

 
1,033

 
6,039

 
237

 
7,309

 
183

 
12/13/2011
 
2009
Benihana
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Alpharetta, GA
 
—

 
625

 
1,033

 
—

 
1,658

 
10

 
8/21/2012
 
2003
 
Anchorage, AK
 
—

 
1,399

 
1,921

 
—

 
3,320

 
19

 
8/21/2012
 
1998
 
Dallas, TX
 
—

 
3,049

 
661

 
—

 
3,710

 
7

 
8/21/2012
 
1975
 
Farmington Hills, MI
 
—

 
1,413

 
2,699

 
—

 
4,112

 
27

 
8/21/2012
 
2012
 
Maple Grove, MN
 
—

 
1,279

 
2,419

 
—

 
3,698

 
23

 
8/21/2012
 
2006
 
North Bay Village, FL
 
—

 
2,763

 
1,015

 
—

 
3,778

 
10

 
8/21/2012
 
1972
 
Schaumburg, IL
 
—

 
1,876

 
1,275

 
—

 
3,151

 
15

 
8/21/2012
 
1992
 
Stuart, FL
 
—

 
2,059

 
1,227

 
—

 
3,286

 
12

 
8/21/2012
 
1976
 
Wheeling, IL
 
—

 
776

 
805

 
—

 
1,581

 
9

 
8/21/2012
 
2001
Best Buy
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Bourbannais, IL
 
 (f)

 
1,181

 
3,809

 
—

 
4,990

 
380

 
8/31/2009
 
1991
 
Coral Springs, FL
 
3,400

 
2,654

 
2,959

 
—

 
5,613

 
278

 
8/31/2009
 
1993
 
Indianapolis, IN
 
 (f)

 
808

 
3,468

 
—

 
4,276

 
139

 
7/20/2011
 
2009
 
Kenosha, WI
 
 (f)

 
1,470

 
4,518

 
—

 
5,988

 
176

 
7/12/2011
 
2008
 
Lakewood , CO
 
—

 
2,318

 
4,603

 
—

 
6,921

 
422

 
8/31/2009
 
1990
 
Marquette, MI
 
 (f)

 
561

 
3,732

 
(2
)
 
4,291

 
210

 
2/16/2011
 
2010
 
Montgomery, AL
 
3,148

 
986

 
4,116

 
—

 
5,102

 
285

 
7/6/2010
 
2003
 
Norton Shores, MI
 
 (f)

 
1,323

 
3,489

 
—

 
4,812

 
166

 
3/30/2011
 
2001
 
Pineville, NC
 
5,296

 
1,611

 
6,003

 
—

 
7,614

 
339

 
12/28/2010
 
2003
 
Richmond, IN
 
 (f)

 
359

 
3,644

 
—

 
4,003

 
138

 
7/27/2011
 
2011
 
Southaven, MS
 
 (f)

 
1,258

 
2,901

 
—

 
4,159

 
108

 
9/26/2011
 
2007
Big O Tires
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Phoenix, AZ
 
782

 
554

 
731

 
—

 
1,285

 
42

 
10/20/2010
 
2010
Bi-Lo Grocery
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Greenwood, SC
 
 (f)

 
189

 
3,288

 
—

 
3,477

 
144

 
5/3/2011
 
1999
 
Mt. Pleasant, SC
 
 (f)

 
2,374

 
5,441

 
—

 
7,815

 
234

 
5/3/2011
 
2003
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

S-4

COLE CREDIT PROPERTY TRUST III, INC.
SCHEDULE III - REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION
(in thousands)


 
 
 
 
 
 
 
 
 
 
 
Gross Amount at
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Which Carried
 
 
 
 
 
 
 
 
 
 
 
Initial Costs to Company
 
Total
 
At December 31,
 
Accumulated
 
 
 
 
 
 
 
 
 
 
 
Buildings &
 
Adjustment
 
2012
 
Depreciation
 
Date
 
Date
Description (a)
 
Encumbrances
 
Land
 
Improvements
 
to Basis
 
 (b) (c)
 
(d) (e)
 
Acquired
 
Constructed
BJ’s Wholesale Club
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Auburn, ME
 
 (f)

 
$
4,419

 
$
8,603

 
$
—

 
$
13,022

 
$
397

 
9/30/2011
 
1995
 
Boynton Beach, FL
 
 (f)

 
6,320

 
9,164

 
—

 
15,484

 
320

 
9/30/2011
 
2001
 
California (Lexington Park), MD
 
 (f)

 
5,347

 
10,404

 
—

 
15,751

 
352

 
9/30/2011
 
2003
 
Deptford, NJ
 
11,004

 
1,764

 
13,244

 
—

 
15,008

 
476

 
9/30/2011
 
1995
 
Greenfield, MA
 
8,416

 
2,796

 
9,060

 
—

 
11,856

 
390

 
9/30/2011
 
1997
 
Jacksonville, FL
 
 (f)

 
4,840

 
13,342

 
—

 
18,182

 
468

 
9/30/2011
 
2003
 
Lancaster, PA
 
13,621

 
3,586

 
14,934

 
—

 
18,520

 
536

 
9/30/2011
 
1986
 
Leominster, MA
 
 (f)

 
5,227

 
13,147

 
—

 
18,374

 
572

 
9/30/2011
 
1993
 
Pembroke Pines, FL
 
8,446

 
5,162

 
7,122

 
—

 
12,284

 
251

 
9/30/2011
 
1997
 
Portsmouth, NH
 
 (f)

 
6,980

 
13,264

 
—

 
20,244

 
613

 
9/30/2011
 
1993
 
Westminster, MD
 
13,978

 
5,712

 
13,238

 
—

 
18,950

 
484

 
9/30/2011
 
2001
 
Uxbridge (DC), MA
 
12,645

 
2,778

 
24,514

 
—

 
27,292

 
937

 
9/30/2011
 
2006
Bonefish
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Gainesville, VA
 
 (f)

 
1,234

 
1,491

 
—

 
2,725

 
30

 
3/14/2012
 
2004
 
Independence, OH
 
 (f)

 
932

 
1,865

 
—

 
2,797

 
38

 
3/14/2012
 
2006
 
Lakeland, FL
 
 (f)

 
767

 
1,484

 
—

 
2,251

 
30

 
3/14/2012
 
2003
Breakfast Pointe
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Panama Beach City, FL
 
8,050

 
2,938

 
11,444

 
104

 
14,486

 
669

 
11/18/2010
 
2009
California Pizza Kitchen
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Alpharetta, GA
 
 (f)

 
1,322

 
2,224

 
—

 
3,546

 
85

 
7/7/2011
 
1994
 
Atlanta, GA
 
 (f)

 
1,691

 
1,658

 
—

 
3,349

 
63

 
7/7/2011
 
1993
 
Grapevine, TX
 
 (f)

 
1,271

 
1,742

 
—

 
3,013

 
66

 
7/7/2011
 
1994
 
Schaumburg, IL
 
 (f)

 
1,283

 
2,175

 
—

 
3,458

 
82

 
7/7/2011
 
1995
 
Scottsdale, AZ
 
 (f)

 
1,555

 
1,529

 
—

 
3,084

 
58

 
7/7/2011
 
1994
Camp Creek Marketplace
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
East Point, GA
 
42,000

 
5,907

 
63,695

 
463

 
70,065

 
3,005

 
5/13/2011
 
2003
Caremark Towers
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Glenview, IL
 
25,155

 
3,357

 
32,822

 
170

 
36,349

 
1,324

 
11/3/2011
 
1980
Cargill
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Blair, NE
 
2,515

 
263

 
4,160

 
—

 
4,423

 
321

 
3/17/2010
 
2009
Carmax
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Austin, TX
 
9,900

 
3,268

 
15,016

 
—

 
18,284

 
899

 
8/25/2010
 
2004
 
Henderson, NV
 
 (f)

 
3,092

 
12,994

 
—

 
16,086

 
473

 
9/21/2011
 
2002
Carraba’s
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Bowie, MD
 
 (f)

 
1,664

 
1,673

 
—

 
3,337

 
34

 
3/14/2012
 
2003
 
Brooklyn, OH
 
 (f)

 
1,002

 
1,686

 
—

 
2,688

 
34

 
3/14/2012
 
2002
 
Columbia, SC
 
 (f)

 
1,257

 
1,482

 
—

 
2,739

 
30

 
3/14/2012
 
2000
 
Duluth, GA
 
 (f)

 
1,290

 
1,884

 
—

 
3,174

 
38

 
3/14/2012
 
2004
 
Johnson City, TN
 
 (f)

 
1,292

 
1,782

 
—

 
3,074

 
36

 
3/14/2012
 
2003
 
Louisville, CO
 
 (f)

 
797

 
1,218

 
—

 
2,015

 
25

 
3/14/2012
 
2000
 
Scottsdale, AZ
 
 (f)

 
953

 
1,002

 
—

 
1,955

 
20

 
3/14/2012
 
2000
 
Tampa, FL
 
 (f)

 
1,795

 
1,366

 
—

 
3,161

 
28

 
3/14/2012
 
1994
 
Washington Township, OH
 
 (f)

 
881

 
1,529

 
—

 
2,410

 
31

 
3/14/2012
 
2001
Century Town Center
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Vero Beach, FL
 
8,130

 
4,142

 
8,549

 
309

 
13,000

 
399

 
6/9/2011
 
2008
Children’s Courtyard
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Grand Prairie, TX
 
 (f)

 
225

 
727

 
—

 
952

 
38

 
12/15/2010
 
1999
Childtime Childcare
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Bedford, OH
 
 (f)

 
77

 
549

 
—

 
626

 
30

 
12/15/2010
 
1979
 
Modesto (Floyd), CA
 
 (f)

 
265

 
685

 
—

 
950

 
41

 
12/15/2010
 
1988
 
Oklahoma City (Rockwell), OK
 
 (f)

 
56

 
562

 
—

 
618

 
30

 
12/15/2010
 
1986

S-5

COLE CREDIT PROPERTY TRUST III, INC.
SCHEDULE III - REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION
(in thousands)


 
 
 
 
 
 
 
 
 
 
 
Gross Amount at
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Which Carried
 
 
 
 
 
 
 
 
 
 
 
Initial Costs to Company
 
Total
 
At December 31,
 
Accumulated
 
 
 
 
 
 
 
 
 
 
 
Buildings &
 
Adjustment
 
2012
 
Depreciation
 
Date
 
Date
Description (a)
 
Encumbrances
 
Land
 
Improvements
 
to Basis
 
 (b) (c)
 
(d) (e)
 
Acquired
 
Constructed
Childtime Childcare (continued)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Oklahoma City (Western), OK
 
$ (f)

 
$
77

 
$
561

 
$
—

 
$
638

 
$
30

 
12/15/2010
 
1985
Chili’s
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Flanders, NJ
 
1,508

 
624

 
1,472

 
—

 
2,096

 
95

 
6/30/2010
 
2003
Cigna
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Phoenix, AZ
 
—

 
5,359

 
15,568

 
—

 
20,927

 
20

 
12/19/2012
 
2012
 
Plano, TX
 
31,400

 
7,782

 
38,237

 
—

 
46,019

 
3,402

 
2/24/2010
 
2009
Cleveland Town Center
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cleveland, TN
 
—

 
1,623

 
14,831

 
—

 
16,454

 
455

 
12/20/2011
 
2008
CompUSA
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Arlington, TX
 
1,770

 
1,215

 
1,426

 
65

 
2,706

 
116

 
10/18/2010
 
1992
ConAgra Foods
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Milton, PA
 
16,245

 
3,404

 
22,867

 
209

 
26,480

 
947

 
6/14/2011
 
1991
Cost Plus
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
La Quinta, CA
 
—

 
1,073

 
3,590

 
—

 
4,663

 
4

 
12/31/2012
 
2007
Cracker Barrel
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Abilene, TX
 
—

 
1,110

 
1,666

 
—

 
2,776

 
185

 
6/30/2009
 
2005
 
Bristol, VA
 
—

 
578

 
1,643

 
—

 
2,221

 
182

 
6/30/2009
 
2006
 
Columbus, GA
 
—

 
1,002

 
1,535

 
—

 
2,537

 
168

 
7/15/2009
 
2003
 
Fort Mill, SC
 
—

 
969

 
1,615

 
—

 
2,584

 
178

 
6/30/2009
 
2006
 
Greensboro, NC
 
—

 
1,127

 
1,473

 
—

 
2,600

 
164

 
6/30/2009
 
2005
 
Piedmont, SC
 
—

 
1,218

 
1,672

 
—

 
2,890

 
185

 
6/30/2009
 
2005
 
Rocky Mount, SC
 
—

 
920

 
1,433

 
—

 
2,353

 
161

 
6/30/2009
 
2006
 
San Antonio, TX
 
—

 
1,129

 
1,687

 
—

 
2,816

 
186

 
6/30/2009
 
2005
 
Sherman, TX
 
—

 
1,217

 
1,579

 
—

 
2,796

 
172

 
6/30/2009
 
2007
 
Waynesboro, VA
 
—

 
1,072

 
1,608

 
—

 
2,680

 
177

 
6/30/2009
 
2004
Crossroads Marketplace
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Warner Robbins, GA
 
 (f)

 
2,128

 
8,517

 
20

 
10,665

 
264

 
12/20/2011
 
2008
CSAA
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Oklahoma City, OK
 
 (f)

 
2,861

 
23,059

 
—

 
25,920

 
1,631

 
11/15/2010
 
2009
CVS
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Anderson, SC
 
1,166

 
618

 
1,231

 
—

 
1,849

 
23

 
4/26/2012
 
1998
 
Athens, GA
 
 (f)

 
1,907

 
3,234

 
—

 
5,141

 
170

 
12/14/2010
 
2009
 
Auburndale, FL
 
1,565

 
1,152

 
1,641

 
—

 
2,793

 
89

 
11/1/2010
 
1999
 
Bellevue, OH
 
1,011

 
175

 
1,777

 
—

 
1,952

 
51

 
11/4/2011
 
1998
 
Boca Raton, FL
 
2,625

 
—

 
2,862

 
—

 
2,862

 
150

 
12/14/2010
 
2009
 
Brownsville, TX
 
 (f)

 
1,156

 
3,114

 
—

 
4,270

 
165

 
12/14/2010
 
2009
 
Cayce, SC
 
 (f)

 
1,639

 
2,548

 
—

 
4,187

 
134

 
12/14/2010
 
2009
 
Charlotte, NC
 
 (f)

 
1,147

 
1,660

 
—

 
2,807

 
74

 
4/26/2011
 
2008
 
Cherry Hill, NJ
 
 (f)

 
6,236

 
—

 
—

 
6,236

 
—

 
10/13/2011
 
(g)
 
Chicago (W. 103rd St), IL
 
 (f)

 
980

 
5,670

 
—

 
6,650

 
185

 
9/16/2011
 
2009
 
City of Industry, CA
 
2,500

 
—

 
3,270

 
—

 
3,270

 
171

 
12/14/2010
 
2009
 
Dolton, IL
 
 (f)

 
528

 
4,484

 
—

 
5,012

 
175

 
7/8/2011
 
2008
 
Dover, DE
 
2,046

 
3,678

 
—

 
—

 
3,678

 
—

 
1/7/2011
 
(g)
 
Eden, NC
 
—

 
830

 
1,277

 
—

 
2,107

 
24

 
4/26/2012
 
1998
 
Edinburg, TX
 
2,003

 
1,133

 
2,327

 
—

 
3,460

 
202

 
8/13/2009
 
2008
 
Edison, NJ
 
 (f)

 
3,159

 
—

 
—

 
3,159

 
—

 
4/13/2011
 
(g)
 
Evansville, IN
 
1,850

 
355

 
2,255

 
—

 
2,610

 
85

 
7/11/2011
 
2000
 
Fredericksburg, VA
 
—

 
1,936

 
3,737

 
—

 
5,673

 
371

 
1/6/2009
 
2008
 
Ft. Myers, FL
 
3,025

 
2,412

 
2,586

 
—

 
4,998

 
168

 
6/18/2010
 
2009
 
Gainesville, TX
 
2,215

 
432

 
2,350

 
—

 
2,782

 
135

 
12/23/2010
 
2003
 
Greenville, SC
 
1,840

 
1,206

 
1,531

 
—

 
2,737

 
28

 
4/26/2012
 
1998

S-6

COLE CREDIT PROPERTY TRUST III, INC.
SCHEDULE III - REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION
(in thousands)


 
 
 
 
 
 
 
 
 
 
 
Gross Amount at
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Which Carried
 
 
 
 
 
 
 
 
 
 
 
Initial Costs to Company
 
Total
 
At December 31,
 
Accumulated
 
 
 
 
 
 
 
 
 
 
 
Buildings &
 
Adjustment
 
2012
 
Depreciation
 
Date
 
Date
Description (a)
 
Encumbrances
 
Land
 
Improvements
 
to Basis
 
 (b) (c)
 
(d) (e)
 
Acquired
 
Constructed
CVS (continued)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Gulf Breeze, FL
 
$
1,079

 
$
1,843

 
$
—

 
$
—

 
$
1,843

 
$
—

 
10/12/2010
 
(g)
 
Jacksonville, FL
 
3,715

 
2,552

 
3,441

 
—

 
5,993

 
180

 
12/14/2010
 
2009
 
Kernersville, NC
 
—

 
905

 
1,209

 
—

 
2,114

 
22

 
4/26/2012
 
1998
 
Lake Havasu City, AZ
 
 (f)

 
1,438

 
3,780

 
—

 
5,218

 
126

 
9/16/2011
 
2008
 
Lake Wales, FL
 
1,625

 
1,173

 
1,715

 
—

 
2,888

 
92

 
11/1/2010
 
1999
 
Lawrence, KS
 
2,908

 
1,080

 
3,491

 
—

 
4,571

 
186

 
12/14/2010
 
2009
 
Lawrenceville, GA
 
2,940

 
2,387

 
2,117

 
—

 
4,504

 
91

 
7/8/2011
 
2008
 
Lawrenceville, NJ
 
5,170

 
3,531

 
4,387

 
—

 
7,918

 
230

 
12/14/2010
 
2009
 
Liberty, MO
 
—

 
1,506

 
2,508

 
—

 
4,014

 
219

 
8/13/2009
 
2009
 
Lynchburg, VA
 
1,748

 
723

 
2,122

 
—

 
2,845

 
134

 
10/12/2010
 
1999
 
Madison, NC
 
1,587

 
269

 
1,654

 
—

 
1,923

 
31

 
4/26/2012
 
1998
 
Madison Heights, VA
 
1,592

 
863

 
1,726

 
—

 
2,589

 
110

 
10/22/2010
 
1997
 
Meridianville, AL
 
1,990

 
1,021

 
2,454

 
—

 
3,475

 
189

 
12/30/2009
 
2008
 
Mineola, NY
 
2,280

 
—

 
3,166

 
—

 
3,166

 
166

 
12/14/2010
 
2008
 
Minneapolis, MN
 
 (f)

 
260

 
4,447

 
—

 
4,707

 
250

 
12/14/2010
 
2009
 
Mishawaka, IN
 
2,258

 
422

 
3,469

 
(8
)
 
3,883

 
201

 
9/8/2010
 
2006
 
Moonville, SC
 
1,163

 
757

 
1,024

 
—

 
1,781

 
19

 
4/26/2012
 
1998
 
Naples, FL
 
2,675

 
—

 
2,943

 
—

 
2,943

 
154

 
12/14/2010
 
2009
 
New Port Richey, FL
 
1,670

 
1,032

 
2,271

 
—

 
3,303

 
161

 
3/26/2010
 
2004
 
Noblesville, IN
 
—

 
1,084

 
2,684

 
—

 
3,768

 
233

 
8/13/2009
 
2009
 
Oak Forest, IL
 
—

 
1,235

 
2,731

 
—

 
3,966

 
236

 
8/13/2009
 
2009
 
Oklahoma City, OK
 
—

 
752

 
1,228

 
—

 
1,980

 
17

 
6/4/2012
 
1996
 
Phoenix, AZ
 
 (f)

 
2,051

 
4,087

 
—

 
6,138

 
136

 
9/16/2011
 
2008
 
Ringgold, GA
 
1,948

 
961

 
2,418

 
—

 
3,379

 
159

 
8/31/2010
 
2007
 
Sherman, TX
 
 (f)

 
935

 
2,646

 
—

 
3,581

 
105

 
6/10/2011
 
1999
 
Southaven (Goodman), MS
 
4,270

 
1,489

 
3,503

 
—

 
4,992

 
184

 
12/14/2010
 
2009
 
Southaven, MS
 
2,700

 
1,885

 
2,836

 
—

 
4,721

 
248

 
7/31/2009
 
2009
 
Sparks, NV
 
2,711

 
2,100

 
2,829

 
—

 
4,929

 
242

 
8/13/2009
 
2009
 
St. Augustine, FL
 
 (f)

 
1,283

 
3,364

 
—

 
4,647

 
147

 
4/26/2011
 
2008
 
The Village, OK
 
3,425

 
1,039

 
2,472

 
—

 
3,511

 
127

 
12/14/2010
 
2009
 
Titusville, PA
 
 (f)

 
849

 
1,499

 
—

 
2,348

 
43

 
11/4/2011
 
1998
 
Warren, OH
 
 (f)

 
329

 
1,191

 
—

 
1,520

 
36

 
11/4/2011
 
1998
 
Weaverville, NC
 
3,098

 
1,559

 
3,365

 
—

 
4,924

 
199

 
9/30/2010
 
2009
CVS/Huntington Bank
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Northville, MI
 
 (f)

 
3,695

 
—

 
—

 
3,695

 
—

 
8/17/2011
 
(g)
Dahl’s Supermarket
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Des Moines (Beaver), IA
 
 (f)

 
373

 
2,825

 
—

 
3,198

 
128

 
6/15/2011
 
1985
 
Des Moines (Ingersoll), IA
 
 (f)

 
1,968

 
7,786

 
—

 
9,754

 
318

 
6/15/2011
 
2011
 
Des Moines (Fleur), IA
 
 (f)

 
453

 
1,685

 
—

 
2,138

 
77

 
6/15/2011
 
2002
 
Johnston, IA
 
 (f)

 
1,948

 
5,548

 
—

 
7,496

 
231

 
6/15/2011
 
2000
Davita Dialysis
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Augusta, GA
 
 (f)

 
99

 
1,433

 
1

 
1,533

 
61

 
7/22/2011
 
2000
 
Casselberry, FL
 
 (f)

 
313

 
1,556

 
1

 
1,870

 
50

 
12/9/2011
 
2007
 
Douglasville, GA
 
 (f)

 
97

 
1,467

 
(1
)
 
1,563

 
62

 
7/22/2011
 
2001
 
Ft. Wayne, IN
 
 (f)

 
252

 
2,305

 
—

 
2,557

 
52

 
2/16/2012
 
2008
 
Grand Rapids, MI
 
 (f)

 
123

 
1,372

 
—

 
1,495

 
79

 
4/19/2011
 
1997
 
Lawrenceville, NJ
 
 (f)

 
518

 
2,217

 
—

 
2,735

 
48

 
3/23/2012
 
2009
 
Sanford, FL
 
 (f)

 
426

 
2,015

 
—

 
2,441

 
66

 
12/19/2011
 
2005
 
Willow Grove, PA
 
 (f)

 
273

 
2,575

 
—

 
2,848

 
92

 
10/28/2011
 
2010
Dell Perot
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Lincoln, NE
 
 (f)

 
1,607

 
17,059

 
—

 
18,666

 
1,173

 
11/15/2010
 
2009

S-7

COLE CREDIT PROPERTY TRUST III, INC.
SCHEDULE III - REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION
(in thousands)


 
 
 
 
 
 
 
 
 
 
 
Gross Amount at
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Which Carried
 
 
 
 
 
 
 
 
 
 
 
Initial Costs to Company
 
Total
 
At December 31,
 
Accumulated
 
 
 
 
 
 
 
 
 
 
 
Buildings &
 
Adjustment
 
2012
 
Depreciation
 
Date
 
Date
Description (a)
 
Encumbrances
 
Land
 
Improvements
 
to Basis
 
 (b) (c)
 
(d) (e)
 
Acquired
 
Constructed
Del Monte Plaza
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Reno, NV
 
$
9,953

 
$
3,429

 
$
12,252

 
$
49

 
$
15,730

 
$
365

 
11/2/2011
 
2011
Denver West Plaza
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Lakewood , CO
 
 (f)

 
2,369

 
9,847

 
—

 
12,216

 
410

 
7/22/2011
 
2002
Dick’s Sporting Goods
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Charleston, SC
 
 (f)

 
3,060

 
3,809

 
—

 
6,869

 
190

 
8/31/2011
 
2005
 
Fort Gratiot, MI
 
3,411

 
699

 
4,826

 
—

 
5,525

 
86

 
6/29/2012
 
2010
 
Jackson, TN
 
 (f)

 
1,433

 
3,988

 
—

 
5,421

 
302

 
2/25/2011
 
2007
Diamond Crossing
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Anchorage, AK
 
7,980

 
5,753

 
8,769

 
—

 
14,522

 
312

 
9/27/2011
 
2007
Dollar General
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cade, LA
 
—

 
178

 
945

 
—

 
1,123

 
1

 
12/18/2012
 
2012
 
Grambling, LA
 
—

 
509

 
718

 
—

 
1,227

 
2

 
11/30/2012
 
2012
 
Lake Charles, LA
 
—

 
351

 
716

 
—

 
1,067

 
2

 
11/30/2012
 
2012
 
Lakeland, FL
 
—

 
342

 
1,621

 
—

 
1,963

 
2

 
12/18/2012
 
2012
 
Lowell, OH
 
—

 
142

 
970

 
—

 
1,112

 
3

 
11/30/2012
 
2012
 
Lyerly, GA
 
—

 
230

 
781

 
—

 
1,011

 
3

 
11/30/2012
 
2012
 
Orange, TX
 
—

 
300

 
886

 
—

 
1,186

 
3

 
11/30/2012
 
2012
 
Phenix City, AL
 
—

 
255

 
721

 
—

 
976

 
3

 
11/30/2012
 
2012
 
Ponca City, OK
 
—

 
177

 
971

 
—

 
1,148

 
1

 
12/20/2012
 
2012
 
Tahlequah, OK
 
—

 
121

 
946

 
—

 
1,067

 
1

 
12/20/2012
 
2012
 
Vidor, TX
 
—

 
197

 
804

 
—

 
1,001

 
3

 
11/30/2012
 
2012
 
Wagoner, OK
 
—

 
23

 
954

 
—

 
977

 
1

 
12/20/2012
 
2012
Eastland Center
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
West Covina, CA
 
90,000

 
41,559

 
102,941

 
242

 
144,742

 
1,879

 
5/14/2012
 
1998
Encana Oil & Gas
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Plano, TX
 
66,000

 
2,623

 
101,829

 
—

 
104,452

 
355

 
11/27/2012
 
2012
Emdeon
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Nashville, TN
 
4,700

 
556

 
8,015

 
—

 
8,571

 
283

 
9/29/2011
 
2010
Evans Exchange
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Evans, GA
 
6,730

 
2,761

 
7,996

 
—

 
10,757

 
517

 
6/10/2010
 
(g)
Experian
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Schaumburg, IL
 
18,900

 
4,359

 
20,834

 
—

 
25,193

 
1,911

 
4/30/2010
 
1999
Fairlane Green
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Allen Park, MI
 
24,000

 
14,975

 
27,109

 
165

 
42,249

 
855

 
2/22/2012
 
2005
Falcon Valley
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Lenexa, KS
 
6,375

 
1,946

 
8,992

 
—

 
10,938

 
506

 
12/23/2010
 
2008
Family Dollar
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Abbeville, LA
 
740

 
128

 
898

 
—

 
1,026

 
18

 
4/30/2012
 
2005
 
Alamogordo, NM
 
524

 
154

 
732

 
—

 
886

 
14

 
4/30/2012
 
2001
 
Alexandria, LA
 
458

 
136

 
548

 
—

 
684

 
11

 
4/30/2012
 
2005
 
Altha, FL
 
 (f)

 
132

 
699

 
—

 
831

 
14

 
4/30/2012
 
2011
 
Apopka, FL
 
1,127

 
626

 
954

 
—

 
1,580

 
18

 
4/30/2012
 
2011
 
Avondale, AZ
 
974

 
566

 
1,014

 
—

 
1,580

 
19

 
4/30/2012
 
2002
 
Baton Rouge, LA
 
 (f)

 
399

 
637

 
—

 
1,036

 
13

 
4/30/2012
 
2003
 
Battle Mountain, NV
 
 (f)

 
162

 
1,230

 
—

 
1,392

 
24

 
4/30/2012
 
2009
 
Beaumont (College), TX
 
 (f)

 
226

 
733

 
—

 
959

 
14

 
4/30/2012
 
2003
 
Beaumont (Highway 105), TX
 
654

 
229

 
700

 
—

 
929

 
14

 
4/30/2012
 
2003
 
Beaumont (Washington), TX
 
 (f)

 
331

 
959

 
—

 
1,290

 
19

 
4/30/2012
 
2003
 
Beaver, UT
 
646

 
108

 
663

 
—

 
771

 
13

 
4/30/2012
 
2007
 
Berkeley, MO
 
969

 
263

 
1,045

 
—

 
1,308

 
20

 
4/30/2012
 
2003
 
Bethel, OH
 
852

 
275

 
974

 
—

 
1,249

 
13

 
7/11/2012
 
2005

S-8

COLE CREDIT PROPERTY TRUST III, INC.
SCHEDULE III - REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION
(in thousands)


 
 
 
 
 
 
 
 
 
 
 
Gross Amount at
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Which Carried
 
 
 
 
 
 
 
 
 
 
 
Initial Costs to Company
 
Total
 
At December 31,
 
Accumulated
 
 
 
 
 
 
 
 
 
 
 
Buildings &
 
Adjustment
 
2012
 
Depreciation
 
Date
 
Date
Description (a)
 
Encumbrances
 
Land
 
Improvements
 
to Basis
 
 (b) (c)
 
(d) (e)
 
Acquired
 
Constructed
Family Dollar (continued)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Brazoria, TX
 
$ (f)

 
$
251

 
$
800

 
$
—

 
$
1,051

 
$
16

 
4/30/2012
 
2002
 
Bristol, FL
 
631

 
227

 
684

 
—

 
911

 
13

 
4/30/2012
 
2011
 
Bristol, VA
 
608

 
174

 
676

 
—

 
850

 
13

 
4/30/2012
 
1978
 
Brooklyn, MI
 
 (f)

 
113

 
590

 
—

 
703

 
11

 
4/30/2012
 
2002
 
Burton, MI
 
866

 
132

 
842

 
—

 
974

 
16

 
4/30/2012
 
2003
 
Canton, OH
 
460

 
91

 
581

 
—

 
672

 
13

 
4/30/2012
 
2004
 
Casa Grande, AZ
 
 (f)

 
92

 
716

 
—

 
808

 
14

 
4/30/2012
 
2003
 
Cleveland , OH
 
1,079

 
53

 
1,380

 
—

 
1,433

 
19

 
7/11/2012
 
2003
 
Cleveland (Pearl), OH
 
1,370

 
278

 
1,437

 
—

 
1,715

 
32

 
4/30/2012
 
1994
 
Clovis, NM
 
657

 
95

 
889

 
—

 
984

 
17

 
4/30/2012
 
2004
 
Cockrell Hill, TX
 
970

 
579

 
807

 
—

 
1,386

 
16

 
4/30/2012
 
2002
 
Converse, TX
 
409

 
144

 
501

 
—

 
645

 
12

 
4/30/2012
 
2003
 
Coolidge, AZ
 
603

 
106

 
832

 
—

 
938

 
16

 
4/30/2012
 
2000
 
Dacano, CO
 
757

 
180

 
878

 
—

 
1,058

 
17

 
4/30/2012
 
2003
 
Dallas, TX
 
627

 
270

 
676

 
—

 
946

 
13

 
4/30/2012
 
2004
 
Deland, FL
 
1,057

 
548

 
1,014

 
—

 
1,562

 
19

 
4/30/2012
 
2011
 
Deltona (1401), FL
 
686

 
196

 
879

 
—

 
1,075

 
17

 
4/30/2012
 
2004
 
Deltona (2901), FL
 
1,042

 
277

 
1,048

 
—

 
1,325

 
20

 
4/30/2012
 
2011
 
Des Moines, IA
 
822

 
363

 
840

 
—

 
1,203

 
15

 
4/30/2012
 
2003
 
Dickinson, TX
 
681

 
163

 
811

 
—

 
974

 
16

 
4/30/2012
 
2010
 
El Dorado, AR
 
663

 
78

 
861

 
—

 
939

 
18

 
4/30/2012
 
2002
 
Farmerville, LA
 
722

 
146

 
704

 
—

 
850

 
14

 
4/30/2012
 
2003
 
Fort Dodge, IA
 
408

 
107

 
499

 
—

 
606

 
9

 
4/30/2012
 
2002
 
Fort Lupton, CO
 
916

 
197

 
1,061

 
—

 
1,258

 
21

 
4/30/2012
 
2003
 
Fort Meade, FL
 
417

 
214

 
555

 
—

 
769

 
11

 
4/30/2012
 
2000
 
Fort Mohave, AZ
 
 (f)

 
266

 
627

 
—

 
893

 
13

 
4/30/2012
 
2001
 
Fort Myers, FL
 
973

 
254

 
995

 
—

 
1,249

 
20

 
4/30/2012
 
2002
 
Gainesville, FL
 
1,002

 
505

 
903

 
—

 
1,408

 
17

 
4/30/2012
 
2011
 
Gallup, NM
 
 (f)

 
207

 
1,252

 
—

 
1,459

 
24

 
4/30/2012
 
2007
 
Green Bay, WI
 
 (f)

 
312

 
916

 
—

 
1,228

 
18

 
4/30/2012
 
2011
 
Greenville, MS
 
 (f)

 
138

 
782

 
—

 
920

 
15

 
4/30/2012
 
2011
 
Guadalupe, AZ
 
 (f)

 
339

 
657

 
—

 
996

 
13

 
4/30/2012
 
2004
 
Gulfport, MS
 
 (f)

 
375

 
1,045

 
—

 
1,420

 
20

 
4/30/2012
 
2007
 
Hernandez, NM
 
1,152

 
124

 
1,174

 
—

 
1,298

 
22

 
4/30/2012
 
2008
 
Homedale, ID
 
973

 
64

 
804

 
—

 
868

 
16

 
4/30/2012
 
2006
 
Hot Springs, AR
 
 (f)

 
266

 
772

 
—

 
1,038

 
15

 
4/30/2012
 
2011
 
Houston (Freeway), TX
 
920

 
969

 
416

 
—

 
1,385

 
8

 
4/30/2012
 
1981
 
Houston (Jester), TX
 
 (f)

 
106

 
631

 
—

 
737

 
12

 
4/30/2012
 
2002
 
Houston (Kuykendahl), TX
 
 (f)

 
593

 
1,016

 
—

 
1,609

 
20

 
4/30/2012
 
2009
 
Houston (Mount), TX
 
 (f)

 
150

 
893

 
—

 
1,043

 
17

 
4/30/2012
 
2002
 
Houston (Veterans), TX
 
911

 
358

 
883

 
—

 
1,241

 
17

 
4/30/2012
 
2002
 
Houston, TX
 
886

 
244

 
962

 
—

 
1,206

 
19

 
4/30/2012
 
2002
 
Hudson, MI
 
833

 
86

 
858

 
—

 
944

 
16

 
4/30/2012
 
2005
 
Indianapolis, IN
 
613

 
275

 
620

 
—

 
895

 
12

 
4/30/2012
 
2003
 
Jacksonville (Lem Turner), FL
 
1,028

 
605

 
866

 
—

 
1,471

 
17

 
4/30/2012
 
2008
 
Jacksonville (Moncrief), FL
 
789

 
333

 
812

 
—

 
1,145

 
16

 
4/30/2012
 
2011
 
Jacksonville, AR
 
571

 
135

 
701

 
—

 
836

 
15

 
4/30/2012
 
2002
 
Jemison, AL
 
757

 
145

 
923

 
—

 
1,068

 
18

 
4/30/2012
 
2011
 
Kansas City (Blue Ridge), MO
 
683

 
280

 
749

 
—

 
1,029

 
14

 
4/30/2012
 
2003

S-9

COLE CREDIT PROPERTY TRUST III, INC.
SCHEDULE III - REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION
(in thousands)


 
 
 
 
 
 
 
 
 
 
 
Gross Amount at
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Which Carried
 
 
 
 
 
 
 
 
 
 
 
Initial Costs to Company
 
Total
 
At December 31,
 
Accumulated
 
 
 
 
 
 
 
 
 
 
 
Buildings &
 
Adjustment
 
2012
 
Depreciation
 
Date
 
Date
Description (a)
 
Encumbrances
 
Land
 
Improvements
 
to Basis
 
 (b) (c)
 
(d) (e)
 
Acquired
 
Constructed
Family Dollar (continued)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Kansas City (Meyer), MO
 
$
970

 
$
218

 
$
1,155

 
$
—

 
$
1,373

 
$
22

 
4/30/2012
 
2004
 
Kansas City (Prospect), MO
 
1,211

 
200

 
1,497

 
—

 
1,697

 
29

 
4/30/2012
 
2004
 
Kansas City (State), KS
 
982

 
247

 
1,127

 
—

 
1,374

 
22

 
4/30/2012
 
2002
 
Kentwood, LA
 
683

 
144

 
693

 
—

 
837

 
14

 
4/30/2012
 
2003
 
Kentwood, MI
 
739

 
307

 
699

 
—

 
1,006

 
13

 
4/30/2012
 
2001
 
Kingston, OK
 
 (f)

 
25

 
571

 
—

 
596

 
11

 
4/30/2012
 
2000
 
Kissimmee, FL
 
970

 
679

 
804

 
—

 
1,483

 
15

 
4/30/2012
 
2011
 
Lake City, FL
 
622

 
174

 
785

 
—

 
959

 
15

 
4/30/2012
 
2011
 
Lakeland, FL
 
732

 
370

 
697

 
—

 
1,067

 
14

 
4/30/2012
 
2003
 
Las Vegas, NV
 
876

 
321

 
954

 
—

 
1,275

 
18

 
4/30/2012
 
2005
 
Leander, TX
 
557

 
314

 
503

 
—

 
817

 
13

 
4/30/2012
 
2004
 
Little Rock, AR
 
467

 
99

 
600

 
—

 
699

 
12

 
4/30/2012
 
2002
 
Loveland, OH
 
798

 
250

 
905

 
—

 
1,155

 
8

 
9/24/2012
 
2002
 
Lufkin, TX
 
1,153

 
231

 
1,323

 
—

 
1,554

 
26

 
4/30/2012
 
2004
 
Lynn, MA
 
1,222

 
824

 
980

 
—

 
1,804

 
19

 
4/30/2012
 
2003
 
Macon, GA
 
673

 
226

 
781

 
—

 
1,007

 
15

 
4/30/2012
 
2011
 
Marshall, TX
 
 (f)

 
91

 
610

 
—

 
701

 
12

 
4/30/2012
 
2001
 
McAllen, TX
 
857

 
247

 
774

 
—

 
1,021

 
15

 
4/30/2012
 
2004
 
Memphis (Austin), TN
 
 (f)

 
295

 
859

 
—

 
1,154

 
17

 
4/30/2012
 
2004
 
Memphis (Lamar), TN
 
638

 
199

 
722

 
—

 
921

 
14

 
4/30/2012
 
2003
 
Memphis (Millbranch), TN
 
1,251

 
438

 
1,294

 
—

 
1,732

 
25

 
4/30/2012
 
2005
 
Memphis (Neely), TN
 
973

 
391

 
967

 
—

 
1,358

 
19

 
4/30/2012
 
2003
 
Mexia, TX
 
 (f)

 
64

 
515

 
—

 
579

 
10

 
4/30/2012
 
2000
 
Middletown, OH
 
660

 
200

 
790

 
—

 
990

 
16

 
4/30/2012
 
2001
 
Milton, FL
 
644

 
229

 
695

 
—

 
924

 
14

 
4/30/2012
 
2010
 
Milwaukee, WI
 
970

 
253

 
1,067

 
—

 
1,320

 
21

 
4/30/2012
 
2003
 
Mohave Valley, AZ
 
 (f)

 
256

 
364

 
—

 
620

 
8

 
4/30/2012
 
2003
 
Montgomery, AL
 
959

 
506

 
864

 
—

 
1,370

 
17

 
4/30/2012
 
2010
 
New Orleans, LA
 
1,146

 
683

 
915

 
—

 
1,598

 
18

 
4/30/2012
 
2005
 
Newaygo, MI
 
689

 
244

 
616

 
—

 
860

 
11

 
4/30/2012
 
2002
 
Noonday, TX
 
625

 
120

 
810

 
—

 
930

 
16

 
4/30/2012
 
2004
 
Ocala (28th St.), FL
 
 (f)

 
236

 
942

 
—

 
1,178

 
18

 
4/30/2012
 
2006
 
Ocala (Maricamp), FL
 
968

 
348

 
1,017

 
—

 
1,365

 
19

 
4/30/2012
 
2011
 
Okeechobee, FL
 
894

 
395

 
956

 
—

 
1,351

 
18

 
4/30/2012
 
2011
 
Ormond Beach, FL
 
 (f)

 
733

 
872

 
—

 
1,605

 
17

 
4/30/2012
 
2011
 
Palestine, TX
 
671

 
160

 
757

 
—

 
917

 
15

 
4/30/2012
 
2000
 
Pembroke Park, FL
 
1,141

 
668

 
930

 
—

 
1,598

 
18

 
4/30/2012
 
2006
 
Penn Yan, NY
 
525

 
286

 
501

 
—

 
787

 
10

 
4/30/2012
 
2003
 
Pensacola, FL
 
559

 
131

 
652

 
—

 
783

 
13

 
4/30/2012
 
2003
 
Petersburg, VA
 
948

 
250

 
924

 
—

 
1,174

 
18

 
4/30/2012
 
2003
 
Pharr, TX
 
969

 
287

 
628

 
—

 
915

 
13

 
4/30/2012
 
2002
 
Phoenix (McDowell), AZ
 
1,040

 
525

 
1,039

 
—

 
1,564

 
20

 
4/30/2012
 
2003
 
Phoenix (Southern), AZ
 
 (f)

 
1,063

 
899

 
—

 
1,962

 
17

 
4/30/2012
 
2003
 
Plant City (Baker), FL
 
1,173

 
650

 
1,007

 
—

 
1,657

 
19

 
4/30/2012
 
2005
 
Plant City (Gordon), FL
 
 (f)

 
356

 
935

 
—

 
1,291

 
18

 
4/30/2012
 
2004
 
Pontiac, MI
 
962

 
250

 
829

 
—

 
1,079

 
16

 
4/30/2012
 
2003
 
Port Arthur, TX
 
1,044

 
271

 
1,090

 
—

 
1,361

 
21

 
4/30/2012
 
2005
 
Princeton, IN
 
526

 
346

 
446

 
—

 
792

 
9

 
4/30/2012
 
2000
 
Raymondville, TX
 
542

 
120

 
609

 
—

 
729

 
12

 
4/30/2012
 
2002

S-10

COLE CREDIT PROPERTY TRUST III, INC.
SCHEDULE III - REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION
(in thousands)


 
 
 
 
 
 
 
 
 
 
 
Gross Amount at
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Which Carried
 
 
 
 
 
 
 
 
 
 
 
Initial Costs to Company
 
Total
 
At December 31,
 
Accumulated
 
 
 
 
 
 
 
 
 
 
 
Buildings &
 
Adjustment
 
2012
 
Depreciation
 
Date
 
Date
Description (a)
 
Encumbrances
 
Land
 
Improvements
 
to Basis
 
 (b) (c)
 
(d) (e)
 
Acquired
 
Constructed
Family Dollar (continued)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Rio Grande, TX
 
$ (f)

 
$
201

 
$
852

 
$
—

 
$
1,053

 
$
17

 
4/30/2012
 
2003
 
Robstown, TX
 
550

 
59

 
759

 
—

 
818

 
19

 
4/30/2012
 
2003
 
Roswell, NM
 
766

 
128

 
928

 
—

 
1,056

 
18

 
4/30/2012
 
2004
 
Royse City, TX
 
972

 
530

 
802

 
—

 
1,332

 
16

 
4/30/2012
 
2002
 
Saginaw, MI
 
 (f)

 
161

 
936

 
—

 
1,097

 
18

 
4/30/2012
 
2003
 
San Angelo, TX
 
891

 
283

 
952

 
—

 
1,235

 
22

 
4/30/2012
 
2011
 
San Antonio (Culebra), TX
 
864

 
396

 
851

 
—

 
1,247

 
20

 
4/30/2012
 
2004
 
San Antonio (Cupples), TX
 
1,143

 
226

 
1,373

 
—

 
1,599

 
34

 
4/30/2012
 
2004
 
San Antonio (Foster), TX
 
506

 
190

 
572

 
—

 
762

 
14

 
4/30/2012
 
2004
 
San Antonio (Marbach), TX
 
598

 
260

 
632

 
—

 
892

 
15

 
4/30/2012
 
2004
 
San Antonio (Valley Hi), TX
 
800

 
295

 
826

 
—

 
1,121

 
20

 
4/30/2012
 
2002
 
San Antonio (Zarzamora), TX
 
728

 
286

 
812

 
—

 
1,098

 
20

 
4/30/2012
 
2004
 
San Benito, TX
 
598

 
147

 
610

 
—

 
757

 
12

 
4/30/2012
 
2004
 
San Diego, TX
 
602

 
62

 
651

 
—

 
713

 
13

 
4/30/2012
 
2004
 
Seymour, IN
 
 (f)

 
222

 
736

 
—

 
958

 
14

 
4/30/2012
 
2000
 
Shreveport, LA
 
892

 
228

 
784

 
—

 
1,012

 
15

 
4/30/2012
 
2005
 
St. Louis (Ferry), MO
 
 (f)

 
343

 
989

 
—

 
1,332

 
19

 
4/30/2012
 
2003
 
St. Louis, MO
 
972

 
258

 
1,053

 
—

 
1,311

 
20

 
4/30/2012
 
2003
 
St. Peter, MN
 
409

 
105

 
559

 
—

 
664

 
13

 
4/30/2012
 
1960
 
St. Petersburg (34th), FL
 
1,093

 
802

 
833

 
—

 
1,635

 
16

 
4/30/2012
 
2011
 
Tallahassee, FL
 
 (f)

 
674

 
748

 
—

 
1,422

 
15

 
4/30/2012
 
2011
 
Tampa (22nd St.), FL
 
1,005

 
584

 
912

 
—

 
1,496

 
18

 
4/30/2012
 
2008
 
Tampa (MLK), FL
 
1,168

 
886

 
869

 
—

 
1,755

 
17

 
4/30/2012
 
2011
 
Terre Haute, IN
 
394

 
90

 
542

 
—

 
632

 
10

 
4/30/2012
 
2011
 
Topeka, KS
 
 (f)

 
265

 
1,243

 
—

 
1,508

 
24

 
4/30/2012
 
2004
 
Tyler, TX
 
416

 
107

 
509

 
—

 
616

 
10

 
4/30/2012
 
2003
 
Victoria, TX
 
 (f)

 
399

 
164

 
—

 
563

 
3

 
4/30/2012
 
2003
 
Waco, TX
 
440

 
128

 
504

 
—

 
632

 
12

 
4/30/2012
 
2001
Family Fare Supermarket
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Battle Creek, MI
 
 (f)

 
1,400

 
5,754

 
—

 
7,154

 
292

 
1/31/2011
 
2010
FedEx
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Beekmantown, NY
 
2,614

 
299

 
3,403

 
—

 
3,702

 
238

 
4/23/2010
 
2008
 
Bossier City, LA
 
 (f)

 
197

 
4,139

 
—

 
4,336

 
267

 
11/1/2010
 
2009
 
Dublin, VA
 
 (f)

 
159

 
2,765

 
—

 
2,924

 
163

 
10/21/2010
 
2008
 
Effingham, IL
 
7,040

 
1,321

 
11,137

 
—

 
12,458

 
859

 
12/29/2009
 
2008
 
Lafayette, IN
 
2,230

 
513

 
3,356

 
—

 
3,869

 
230

 
4/27/2010
 
2008
 
McComb, MS
 
 (f)

 
569

 
2,396

 
—

 
2,965

 
109

 
5/5/2011
 
2008
 
Northwood, OH
 
2,410

 
457

 
3,944

 
—

 
4,401

 
250

 
8/17/2010
 
1998
Fire Mountain Restaurant
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Bossier City, LA
 
—

 
1,045

 
1,537

 
—

 
2,582

 
70

 
4/29/2011
 
2004
 
Cullman, AL
 
—

 
865

 
1,185

 
—

 
2,050

 
56

 
4/29/2011
 
1996
 
Horn Lake, MS
 
—

 
846

 
1,270

 
—

 
2,116

 
60

 
4/29/2011
 
1995
Fleming’s Steakhouse
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Englewood, CO
 
 (f)

 
1,278

 
2,256

 
—

 
3,534

 
46

 
3/14/2012
 
2004
Folsum Gateway II
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Folsum, CA
 
21,600

 
7,293

 
23,038

 
1,407

 
31,738

 
1,288

 
12/15/2010
 
2008
Food Lion
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Moyock, NC
 
 (f)

 
937

 
2,389

 
—

 
3,326

 
116

 
7/21/2011
 
1999


S-11

COLE CREDIT PROPERTY TRUST III, INC.
SCHEDULE III - REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION
(in thousands)


 
 
 
 
 
 
 
 
 
 
 
Gross Amount at
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Which Carried
 
 
 
 
 
 
 
 
 
 
 
Initial Costs to Company
 
Total
 
At December 31,
 
Accumulated
 
 
 
 
 
 
 
 
 
 
 
Buildings &
 
Adjustment
 
2012
 
Depreciation
 
Date
 
Date
Description (a)
 
Encumbrances
 
Land
 
Improvements
 
to Basis
 
 (b) (c)
 
(d) (e)
 
Acquired
 
Constructed
Garden Ridge
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Stockbridge, GA
 
$
—

 
$
1,647

 
$
5,651

 
$
—

 
$
7,298

 
$
7

 
12/17/2012
 
1998
Giant Eagle
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Lancaster, OH
 
7,800

 
2,283

 
11,700

 
—

 
13,983

 
657

 
10/29/2010
 
2008
 
Lewis Center, OH
 
10,843

 
2,345

 
15,440

 
—

 
17,785

 
510

 
10/5/2011
 
2000
 
Gahanna, OH
 
—

 
4,530

 
15,261

 
—

 
19,791

 
16

 
12/20/2012
 
2002
Glen’s Market
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Manistee, MI
 
 (f)

 
387

 
4,230

 
—

 
4,617

 
192

 
5/19/2011
 
2009
Glynn Isles Market
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Brunswick, GA
 
 (f)

 
2,578

 
31,677

 
—

 
34,255

 
1,155

 
9/29/2011
 
2007
Golden Corral
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Akron, OH
 
1,166

 
531

 
1,384

 
—

 
1,915

 
27

 
5/16/2012
 
2003
 
Bakersfield, CA
 
—

 
2,011

 
1,990

 
—

 
4,001

 
44

 
3/21/2012
 
2011
 
Canton, OH
 
1,280

 
538

 
1,560

 
—

 
2,098

 
30

 
5/16/2012
 
2002
 
Cincinnati, OH
 
1,242

 
632

 
1,377

 
—

 
2,009

 
24

 
5/16/2012
 
1999
 
Clarksville, IN
 
1,589

 
734

 
1,815

 
—

 
2,549

 
31

 
5/16/2012
 
2002
 
Cleveland, OH
 
1,437

 
828

 
1,460

 
—

 
2,288

 
28

 
5/16/2012
 
2004
 
Dayton (Kingsridge), OH
 
 (f)

 
416

 
1,028

 
—

 
1,444

 
18

 
5/16/2012
 
2000
 
Dayton (Miller), OH
 
1,638

 
712

 
1,859

 
—

 
2,571

 
32

 
5/16/2012
 
2002
 
Dayton, OH
 
 (f)

 
580

 
1,097

 
—

 
1,677

 
20

 
5/16/2012
 
2000
 
Elyria, OH
 
1,160

 
1,057

 
879

 
—

 
1,936

 
19

 
5/16/2012
 
2004
 
Fairfield, OH
 
889

 
612

 
770

 
—

 
1,382

 
14

 
5/16/2012
 
1999
 
Grove City, OH
 
1,171

 
1,331

 
625

 
—

 
1,956

 
15

 
5/16/2012
 
2007
 
Independence, MO
 
 (f)

 
1,046

 
2,074

 
—

 
3,120

 
73

 
9/28/2011
 
2010
 
Louisville, KY
 
—

 
816

 
951

 
—

 
1,767

 
17

 
5/16/2012
 
2001
 
Monroeville, PA
 
 (f)

 
1,330

 
489

 
—

 
1,819

 
12

 
5/16/2012
 
1982
 
Northfield, OH
 
 (f)

 
906

 
340

 
—

 
1,246

 
11

 
5/16/2012
 
2004
 
Ontario, OH
 
1,339

 
477

 
1,784

 
—

 
2,261

 
33

 
5/16/2012
 
2004
 
Richmond, IN
 
—

 
505

 
715

 
—

 
1,220

 
13

 
5/16/2012
 
2002
 
San Angelo, TX
 
—

 
503

 
1,427

 
—

 
1,930

 
30

 
3/21/2012
 
2012
 
Spring, TX
 
—

 
2,567

 
1,385

 
—

 
3,952

 
28

 
4/5/2012
 
2011
 
Springfield, OH
 
689

 
501

 
606

 
—

 
1,107

 
12

 
5/16/2012
 
2000
 
Toledo, OH
 
—

 
744

 
2,056

 
—

 
2,800

 
38

 
5/16/2012
 
2004
Gold’s Gym
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Broken Arrow, OK
 
—

 
753

 
5,481

 
—

 
6,234

 
69

 
8/15/2012
 
2009
Goodyear
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Columbia, SC
 
—

 
524

 
1,768

 
8

 
2,300

 
29

 
5/23/2012
 
2010
 
Corpus Christi, TX
 
 (f)

 
666

 
1,214

 
—

 
1,880

 
23

 
4/27/2012
 
2008
 
Cumming (Old Atlanta), GA
 
1,664

 
1,006

 
1,240

 
—

 
2,246

 
20

 
5/23/2012
 
2010
 
Cumming, GA
 
1,614

 
387

 
2,068

 
—

 
2,455

 
33

 
5/23/2012
 
2010
Greenway Commons
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Houston, TX
 
33,000

 
35,421

 
28,002

 
5

 
63,428

 
638

 
3/23/2012
 
2008
Hanes Distribution
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Rural Hall, NC
 
18,100

 
1,487

 
26,580

 
—

 
28,067

 
1,488

 
1/10/2011
 
1992
Harris Teeter
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Durham, NC
 
1,700

 
2,852

 
—

 
—

 
2,852

 
—

 
7/31/2009
 
(g)
HealthNow
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Buffalo, NY
 
42,500

 
1,699

 
69,587

 
150

 
71,436

 
4,047

 
12/16/2010
 
2007
HH Gregg Appliances
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Chesterfield, MO
 
—

 
1,188

 
3,445

 
—

 
4,633

 
35

 
9/18/2012
 
2012
 
Joliet, IL
 
 (f)

 
1,221

 
1,173

 
—

 
2,394

 
39

 
2/17/2012
 
2011
 
Merrillville, IN
 
 (f)

 
319

 
3,617

 
112

 
4,048

 
100

 
2/17/2012
 
2011

S-12

COLE CREDIT PROPERTY TRUST III, INC.
SCHEDULE III - REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION
(in thousands)


 
 
 
 
 
 
 
 
 
 
 
Gross Amount at
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Which Carried
 
 
 
 
 
 
 
 
 
 
 
Initial Costs to Company
 
Total
 
At December 31,
 
Accumulated
 
 
 
 
 
 
 
 
 
 
 
Buildings &
 
Adjustment
 
2012
 
Depreciation
 
Date
 
Date
Description (a)
 
Encumbrances
 
Land
 
Improvements
 
to Basis
 
 (b) (c)
 
(d) (e)
 
Acquired
 
Constructed
HH Gregg Appliances (continued)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
North Charleston, SC
 
$
2,700

 
$
1,665

 
$
3,369

 
$
—

 
$
5,034

 
$
338

 
7/2/2009
 
2000
 
North Fayette, PA
 
 (f)

 
1,561

 
1,941

 
—

 
3,502

 
69

 
10/14/2011
 
1999
Highlands Ranch
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Highland Ranch, CO
 
3,475

 
2,017

 
3,713

 
—

 
5,730

 
153

 
8/16/2011
 
2007
Hillside Town Centre
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Chicago, IL
 
—

 
7,677

 
16,199

 
—

 
23,876

 
168

 
9/28/2012
 
2009
Hobby Lobby
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Concord , NC
 
 (f)

 
1,425

 
3,703

 
—

 
5,128

 
135

 
12/12/2011
 
2004
 
Avon, IL
 
 (f)

 
1,810

 
3,355

 
—

 
5,165

 
143

 
6/17/2011
 
2007
 
Logan, UT
 
 (f)

 
1,379

 
2,804

 
—

 
4,183

 
106

 
10/20/2011
 
2008
Hobby Lobby Center
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Greenville, SC
 
 (f)

 
2,173

 
3,858

 
—

 
6,031

 
165

 
7/22/2011
 
2003
Home Depot
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Evans, GA
 
5,551

 
5,561

 
—

 
—

 
5,561

 
—

 
6/11/2010
 
(g)
 
Kennesaw, GA
 
7,884

 
1,640

 
1,321

 
8,179

 
11,140

 
191

 
11/4/2011
 

 
Las Vegas , NV
 
 (f)

 
7,167

 
—

 
—

 
7,167

 
—

 
4/15/2009
 
(g)
 
Odessa, TX
 
 (f)

 
4,704

 
—

 
—

 
4,704

 
—

 
4/15/2009
 
(g)
 
San Diego, CA
 
6,350

 
10,288

 
—

 
—

 
10,288

 
—

 
4/15/2009
 
(g)
 
Slidell, LA
 
1,996

 
3,631

 
—

 
—

 
3,631

 
—

 
7/28/2010
 
(g)
 
Tolleson, AZ
 
17,050

 
3,461

 
22,327

 
—

 
25,788

 
1,390

 
7/30/2010
 
2009
 
Tucson, AZ
 
6,025

 
6,125

 
—

 
—

 
6,125

 
—

 
10/21/2009
 
(g)
 
Winchester, VA
 
14,900

 
1,724

 
20,703

 
196

 
22,623

 
1,720

 
10/21/2009
 
2008
Igloo
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Katy, TX
 
20,300

 
4,117

 
32,552

 
—

 
36,669

 
2,172

 
5/21/2010
 
2004
Indian Lakes Crossing
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Virginia Beach, VA
 
7,178

 
7,010

 
6,172

 
—

 
13,182

 
158

 
1/31/2012
 
2008
Irving Oil
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Belfast, ME
 
 (f)

 
267

 
606

 
—

 
873

 
17

 
12/29/2011
 
1997
 
Bethel, ME
 
 (f)

 
104

 
354

 
—

 
458

 
10

 
12/29/2011
 
1990
 
Boothbay Harbor, ME
 
 (f)

 
399

 
403

 
—

 
802

 
11

 
12/29/2011
 
1993
 
Caribou, ME
 
 (f)

 
130

 
375

 
—

 
505

 
11

 
12/29/2011
 
1990
 
Conway, NH
 
 (f)

 
198

 
371

 
—

 
569

 
10

 
12/29/2011
 
2004
 
Dover, NH
 
 (f)

 
416

 
477

 
—

 
893

 
13

 
12/29/2011
 
1988
 
Fort Kent, ME
 
 (f)

 
220

 
405

 
—

 
625

 
11

 
12/29/2011
 
1988
 
Kennebunk, ME
 
 (f)

 
313

 
659

 
—

 
972

 
19

 
12/29/2011
 
2002
 
Lincoln, ME
 
 (f)

 
240

 
379

 
—

 
619

 
11

 
12/29/2011
 
1985
 
Orono, ME
 
 (f)

 
195

 
240

 
—

 
435

 
7

 
12/29/2011
 
1984
 
Rochester, NH
 
 (f)

 
344

 
476

 
—

 
820

 
14

 
12/29/2011
 
1970
 
Rutland, VT
 
 (f)

 
178

 
214

 
—

 
392

 
6

 
12/29/2011
 
1984
 
Saco, ME
 
 (f)

 
286

 
527

 
—

 
813

 
15

 
12/29/2011
 
1995
 
Skowhegan, ME
 
 (f)

 
368

 
510

 
—

 
878

 
14

 
12/29/2011
 
1988
 
West Dummerston, VT
 
 (f)

 
99

 
344

 
—

 
443

 
10

 
12/29/2011
 
1993
 
Westminster, VT
 
 (f)

 
64

 
402

 
—

 
466

 
12

 
12/29/2011
 
1990
Jo-Ann’s
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Shakopee, MN
 
—

 
787

 
1,527

 
—

 
2,314

 
13

 
9/1/2012
 
2012
Kingman Gateway
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Kingman, AZ
 
—

 
1,418

 
3,085

 
—

 
4,503

 
129

 
8/16/2011
 
2009
Kirkland’s
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Wilimington, NC
 
—

 
911

 
795

 
—

 
1,706

 
1

 
12/21/2012
 
2012
Kohl’s
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Brownsville, TX
 
 (f)

 
6,247

 
—

 
—

 
6,247

 
—

 
8/16/2011
 
(g)
 
Burnsville, MN
 
—

 
3,830

 
5,854

 
—

 
9,684

 
594

 
1/9/2009
 
1991

S-13

COLE CREDIT PROPERTY TRUST III, INC.
SCHEDULE III - REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION
(in thousands)


 
 
 
 
 
 
 
 
 
 
 
Gross Amount at
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Which Carried
 
 
 
 
 
 
 
 
 
 
 
Initial Costs to Company
 
Total
 
At December 31,
 
Accumulated
 
 
 
 
 
 
 
 
 
 
 
Buildings &
 
Adjustment
 
2012
 
Depreciation
 
Date
 
Date
Description (a)
 
Encumbrances
 
Land
 
Improvements
 
to Basis
 
 (b) (c)
 
(d) (e)
 
Acquired
 
Constructed
Kohl’s (continued)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Columbia, SC
 
$
6,275

 
$
1,484

 
$
9,462

 
$
—

 
$
10,946

 
$
734

 
12/7/2009
 
2007
 
Fort Dodge, IA
 
 (f)

 
1,246

 
2,922

 
—

 
4,168

 
82

 
12/14/2011
 
2011
 
McAllen, TX
 
3,591

 
1,094

 
5,565

 
—

 
6,659

 
402

 
3/26/2010
 
2005
 
Monroe, MI
 
5,146

 
880

 
4,044

 
—

 
4,924

 
163

 
6/30/2011
 
2006
 
Monrovia, CA
 
6,500

 
5,441

 
5,505

 
—

 
10,946

 
519

 
7/30/2009
 
1982
 
Onalaska, WI
 
3,550

 
1,541

 
5,148

 
—

 
6,689

 
298

 
12/13/2010
 
1992
 
Palm Coast, FL
 
 (f)

 
10,900

 
—

 
—

 
10,900

 
—

 
3/10/2011
 
(g)
 
Rancho Cordova, CA
 
 (f)

 
2,848

 
4,100

 
—

 
6,948

 
426

 
7/30/2009
 
1982
 
Rice Lake, WI
 
 (f)

 
1,249

 
3,927

 
—

 
5,176

 
160

 
5/5/2011
 
2011
 
Saginaw, MI
 
 (f)

 
1,062

 
5,941

 
—

 
7,003

 
272

 
3/10/2011
 
2011
 
Salina, KS
 
 (f)

 
636

 
4,653

 
—

 
5,289

 
261

 
10/29/2010
 
2008
 
Spartanburg , SC
 
—

 
3,046

 
5,713

 
—

 
8,759

 
8

 
12/6/2012
 
2006
 
Tavares, FL
 
4,400

 
7,926

 
—

 
—

 
7,926

 
—

 
6/30/2009
 
(g)
Kohl’s Academy
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Hixson, TN
 
—

 
1,297

 
8,935

 
—

 
10,232

 
30

 
11/13/2012
 
2011
Kohl’s Plaza
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Napa, CA
 
 (f)

 
1,573

 
15,630

 
(42
)
 
17,161

 
569

 
8/23/2011
 
1983
Kum & Go
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Sloan, IA
 
 (f)

 
336

 
1,839

 
—

 
2,175

 
133

 
4/23/2010
 
2008
 
Story City, IA
 
 (f)

 
216

 
1,395

 
—

 
1,611

 
113

 
2/25/2010
 
2006
 
Tipton, IA
 
 (f)

 
289

 
1,848

 
—

 
2,137

 
126

 
5/28/2010
 
2008
 
West Branch, IA
 
 (f)

 
132

 
808

 
—

 
940

 
66

 
2/25/2010
 
1997
Kyle Marketplace
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Kyle, TX
 
24,750

 
5,954

 
36,810

 
71

 
42,835

 
1,036

 
12/30/2011
 
2007
L.A. Fitness
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Avondale, AZ
 
 (f)

 
1,730

 
5,750

 
—

 
7,480

 
214

 
8/31/2011
 
2006
 
Broadview, IL
 
 (f)

 
2,202

 
6,671

 
—

 
8,873

 
286

 
5/18/2011
 
2010
 
Carmel, IN
 
3,645

 
1,392

 
5,435

 
—

 
6,827

 
537

 
6/30/2009
 
2008
 
Dallas, TX
 
4,712

 
1,824

 
6,656

 
—

 
8,480

 
437

 
8/17/2010
 
2008
 
Denton, TX
 
3,960

 
1,635

 
5,082

 
—

 
6,717

 
396

 
3/31/2010
 
2009
 
Duncanville, TX
 
 (f)

 
429

 
5,843

 
—

 
6,272

 
204

 
9/26/2011
 
2007
 
Easton, PA
 
 (f)

 
765

 
6,622

 
—

 
7,387

 
133

 
4/27/2012
 
1979
 
Glendale, AZ
 
3,193

 
1,920

 
3,214

 
—

 
5,134

 
303

 
10/30/2009
 
2005
 
Highland, CA
 
4,700

 
1,255

 
6,777

 
—

 
8,032

 
533

 
2/4/2010
 
2009
 
Indianapolis, IN
 
 (f)

 
2,029

 
4,184

 
—

 
6,213

 
200

 
3/31/2011
 
2009
 
Marana, CA
 
—

 
1,098

 
5,410

 
—

 
6,508

 
39

 
9/13/2012
 
2011
 
Oakdale, MN
 
4,749

 
1,667

 
5,674

 
—

 
7,341

 
343

 
9/30/2010
 
2009
 
Oswego, IL
 
 (f)

 
1,958

 
6,280

 
—

 
8,238

 
132

 
3/23/2012
 
2008
 
Spring, TX
 
—

 
1,372

 
5,011

 
—

 
6,383

 
403

 
11/20/2009
 
2006
Lakeshore Crossing
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Gainesville, GA
 
4,400

 
2,314

 
5,802

 
191

 
8,307

 
362

 
9/15/2010
 
1994
Lowe’s
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Burlington, IA
 
 (f)

 
1,134

 
5,677

 
—

 
6,811

 
107

 
4/27/2012
 
1996
 
Columbia, SC
 
 (f)

 
9,565

 
—

 
—

 
9,565

 
—

 
2/10/2011
 
(g)
 
Denver, CO
 
—

 
12,634

 
—

 
—

 
12,634

 
—

 
2/2/2011
 
(g)
 
Kansas City, MO
 
4,250

 
4,323

 
—

 
—

 
4,323

 
—

 
11/20/2009
 
(g)
 
Las Vegas , NV
 
5,765

 
9,096

 
—

 
—

 
9,096

 
—

 
3/31/2009
 
(g)
 
Miamisburg, OH
 
6,375

 
2,155

 
6,320

 
—

 
8,475

 
262

 
9/9/2011
 
1994
 
Sanford, ME
 
4,672

 
8,482

 
—

 
—

 
8,482

 
—

 
6/28/2010
 
(g)
 
Ticonderoga, NY
 
4,345

 
7,344

 
—

 
—

 
7,344

 
—

 
8/31/2010
 
(g)
Macaroni Grill
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Flanders, NJ
 
915

 
477

 
1,125

 
—

 
1,602

 
72

 
6/30/2010
 
2003

S-14

COLE CREDIT PROPERTY TRUST III, INC.
SCHEDULE III - REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION
(in thousands)


 
 
 
 
 
 
 
 
 
 
 
Gross Amount at
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Which Carried
 
 
 
 
 
 
 
 
 
 
 
Initial Costs to Company
 
Total
 
At December 31,
 
Accumulated
 
 
 
 
 
 
 
 
 
 
 
Buildings &
 
Adjustment
 
2012
 
Depreciation
 
Date
 
Date
Description (a)
 
Encumbrances
 
Land
 
Improvements
 
to Basis
 
 (b) (c)
 
(d) (e)
 
Acquired
 
Constructed
Macaroni Grill (continued)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Mt. Laurel, NJ
 
$
713

 
$
791

 
$
1,612

 
$
—

 
$
2,403

 
$
104

 
6/30/2010
 
2004
 
West Windsor, NJ
 
1,043

 
515

 
932

 
—

 
1,447

 
60

 
6/30/2010
 
1998
Mattress Firm
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Fairview Heights, IL
 
—

 
140

 
703

 
—

 
843

 
9

 
7/23/2012
 
1977
 
Melbourne, FL
 
—

 
361

 
768

 
—

 
1,129

 
5

 
10/5/2012
 
2011
MedAssets
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Plano, TX
 
19,873

 
6,589

 
6,052

 
27,511

 
40,152

 
—

 
11/22/2011
 
(g)
Merrill Lynch
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Hopewell Township, NJ
 
—

 
15,073

 
88,852

 
—

 
103,925

 
137

 
12/12/2012
 
2001
Michael’s
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Lafayette, LA
 
 (f)

 
1,345

 
2,570

 
—

 
3,915

 
70

 
3/9/2012
 
2011
Midtowne Park
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Anderson, SC
 
16,645

 
5,765

 
18,119

 
—

 
23,884

 
506

 
12/20/2011
 
2008
MotoMart
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Saint Charles, MO
 
 (f)

 
990

 
1,609

 
—

 
2,599

 
34

 
3/30/2012
 
2009
Mueller Regional Retail District 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Austin, TX
 
34,300

 
9,918

 
45,299

 
354

 
55,571

 
3,813

 
12/18/2009
 
2008
National Tire & Battery
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Nashville, TN
 
799

 
372

 
1,138

 
—

 
1,510

 
82

 
4/21/2010
 
2010
Nature Coast Commons
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Spring Hill, FL
 
21,850

 
6,114

 
19,094

 
536

 
25,744

 
956

 
6/21/2011
 
2009
Northern Tool & Equipment 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Ocala, FL
 
1,650

 
1,167

 
1,796

 
—

 
2,963

 
143

 
5/20/2010
 
2009
North Point Shopping Center
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cape Coral, FL
 
 (f)

 
1,244

 
8,152

 
(69
)
 
9,327

 
389

 
4/13/2011
 
2008
Office Depot
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Alvin, TX
 
 (f)

 
567

 
1,916

 
—

 
2,483

 
105

 
11/4/2011
 
2009
 
Corsicana, TX
 
 (f)

 
613

 
1,566

 
—

 
2,179

 
72

 
4/29/2011
 
2007
 
Houston, TX
 
 (f)

 
1,667

 
1,856

 
—

 
3,523

 
82

 
4/29/2011
 
2009
 
Mobile, AL
 
 (f)

 
553

 
1,708

 
—

 
2,261

 
91

 
4/29/2011
 
2008
Old Country Buffet
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Coon Rapids, MN
 
—

 
1,291

 
1,229

 
—

 
2,520

 
56

 
4/29/2011
 
2003
On the Border
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Alpharetta, GA
 
1,329

 
1,240

 
1,406

 
—

 
2,646

 
91

 
6/30/2010
 
1997
 
Auburn Hills, MI
 
1,283

 
859

 
1,976

 
—

 
2,835

 
128

 
6/30/2010
 
1999
 
Buford, GA
 
1,236

 
1,140

 
1,277

 
—

 
2,417

 
82

 
6/30/2010
 
2001
 
Burleson, TX
 
1,439

 
980

 
1,791

 
—

 
2,771

 
116

 
6/30/2010
 
2000
 
College Station, TX
 
1,376

 
1,242

 
1,402

 
—

 
2,644

 
91

 
6/30/2010
 
1997
 
Columbus, OH
 
1,925

 
1,245

 
1,410

 
—

 
2,655

 
91

 
6/30/2010
 
1997
 
Concord Mills, NC
 
1,363

 
1,296

 
1,350

 
—

 
2,646

 
87

 
6/30/2010
 
2000
 
Denton, TX
 
1,317

 
1,028

 
1,480

 
—

 
2,508

 
96

 
6/30/2010
 
2002
 
DeSoto, TX
 
1,482

 
838

 
1,915

 
—

 
2,753

 
125

 
6/30/2010
 
1983
 
Fort Worth, TX
 
1,575

 
1,188

 
1,857

 
—

 
3,045

 
120

 
6/30/2010
 
1999
 
Garland, TX
 
1,020

 
690

 
1,311

 
—

 
2,001

 
84

 
6/30/2010
 
2007
 
Kansas City, MO
 
1,454

 
904

 
1,403

 
—

 
2,307

 
90

 
6/30/2010
 
1997
 
Lee’s Summit, MO
 
1,200

 
845

 
1,331

 
—

 
2,176

 
86

 
6/30/2010
 
2002
 
Lubbock, TX
 
1,376

 
743

 
1,996

 
—

 
2,739

 
129

 
6/30/2010
 
1994
 
Mesa, AZ
 
1,804

 
1,121

 
1,468

 
—

 
2,589

 
95

 
6/30/2010
 
2002
 
Mt. Laurel, NJ
 
1,447

 
559

 
1,139

 
—

 
1,698

 
73

 
6/30/2010
 
2004
 
Naperville, IL
 
1,494

 
1,260

 
1,786

 
(66
)
 
2,980

 
115

 
6/30/2010
 
1997
 
Novi, MI
 
1,177

 
653

 
1,837

 
—

 
2,490

 
119

 
6/30/2010
 
1997
 
Oklahoma City, OK
 
1,266

 
880

 
1,659

 
—

 
2,539

 
107

 
6/30/2010
 
1996

S-15

COLE CREDIT PROPERTY TRUST III, INC.
SCHEDULE III - REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION
(in thousands)


 
 
 
 
 
 
 
 
 
 
 
Gross Amount at
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Which Carried
 
 
 
 
 
 
 
 
 
 
 
Initial Costs to Company
 
Total
 
At December 31,
 
Accumulated
 
 
 
 
 
 
 
 
 
 
 
Buildings &
 
Adjustment
 
2012
 
Depreciation
 
Date
 
Date
Description (a)
 
Encumbrances
 
Land
 
Improvements
 
to Basis
 
 (b) (c)
 
(d) (e)
 
Acquired
 
Constructed
On the Border (continued)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Peoria, AZ
 
$
1,562

 
$
1,071

 
$
1,245

 
$
—

 
$
2,316

 
$
81

 
6/30/2010
 
2002
 
Rockwall, TX
 
1,355

 
761

 
1,836

 
—

 
2,597

 
119

 
6/30/2010
 
1999
 
Rogers, AR
 
950

 
551

 
1,176

 
—

 
1,727

 
76

 
6/30/2010
 
2002
 
Tulsa, OK
 
1,427

 
952

 
1,907

 
—

 
2,859

 
124

 
6/30/2010
 
1995
 
West Springfield, MA
 
2,000

 
1,015

 
2,361

 
—

 
3,376

 
153

 
6/30/2010
 
1995
 
West Windsor, NJ
 
2,433

 
1,114

 
2,013

 
—

 
3,127

 
130

 
6/30/2010
 
1998
 
Woodbridge, VA
 
1,685

 
1,587

 
1,540

 
—

 
3,127

 
100

 
6/30/2010
 
1998
O’Reilly’s Auto Parts
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Breaux Bridge, LA
 
401

 
91

 
608

 
—

 
699

 
43

 
3/15/2010
 
2009
 
Central, LA
 
 (f)

 
75

 
737

 
—

 
812

 
29

 
6/10/2011
 
2010
 
Christiansburg, VA
 
646

 
205

 
763

 
—

 
968

 
40

 
12/23/2010
 
2010
 
Highlands, TX
 
485

 
217

 
605

 
—

 
822

 
33

 
12/23/2010
 
2010
 
Houston, TX
 
560

 
254

 
680

 
—

 
934

 
36

 
1/13/2011
 
2010
 
LaPlace, LA
 
507

 
221

 
682

 
—

 
903

 
48

 
3/12/2010
 
2008
 
Louisville, KY
 
—

 
494

 
844

 
—

 
1,338

 
10

 
7/10/2012
 
2011
 
New Roads, LA
 
410

 
111

 
616

 
—

 
727

 
44

 
3/12/2010
 
2008
 
Ravenna, OH
 
 (f)

 
102

 
866

 
—

 
968

 
45

 
1/25/2011
 
2010
 
San Antonio, TX
 
703

 
356

 
853

 
—

 
1,209

 
45

 
12/23/2010
 
2010
 
Willard, OH
 
—

 
121

 
843

 
—

 
964

 
12

 
6/8/2012
 
2011
Outback Steakhouse
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Baton Rouge, LA
 
1,080

 
567

 
1,178

 
—

 
1,745

 
24

 
3/14/2012
 
2001
 
Boardman Township, OH
 
1,700

 
690

 
2,052

 
—

 
2,742

 
41

 
3/14/2012
 
1995
 
Centennial, CO
 
1,560

 
1,150

 
1,274

 
—

 
2,424

 
26

 
3/14/2012
 
1996
 
Colonial Heights, VA
 
2,160

 
1,656

 
1,715

 
—

 
3,371

 
35

 
3/14/2012
 
2000
 
Conroe, TX
 
1,530

 
944

 
1,394

 
—

 
2,338

 
28

 
3/14/2012
 
2001
 
Fort Smith, AR
 
1,620

 
1,017

 
1,558

 
—

 
2,575

 
32

 
3/14/2012
 
1999
 
Fort Wayne, IN
 
1,570

 
701

 
1,806

 
—

 
2,507

 
37

 
3/14/2012
 
2000
 
Garner, NC
 
1,580

 
1,005

 
1,508

 
—

 
2,513

 
30

 
3/14/2012
 
2004
 
Houston, TX
 
1,620

 
1,076

 
1,449

 
—

 
2,525

 
29

 
3/14/2012
 
1998
 
Independence, OH
 
 (f)

 
695

 
1,398

 
—

 
2,093

 
28

 
3/14/2012
 
2006
 
Jacksonville, FL
 
1,620

 
836

 
1,601

 
—

 
2,437

 
32

 
3/14/2012
 
2001
 
Las Cruces, NM
 
1,120

 
491

 
1,299

 
—

 
1,790

 
26

 
3/14/2012
 
2000
 
Lees Summit, MO
 
920

 
522

 
921

 
—

 
1,443

 
19

 
3/14/2012
 
1999
 
Lexington, KY
 
1,820

 
1,153

 
1,587

 
—

 
2,740

 
32

 
3/14/2012
 
2002
 
McAllen, TX
 
770

 
426

 
665

 
—

 
1,091

 
13

 
3/14/2012
 
1999
 
Newport News, VA
 
2,060

 
1,577

 
1,430

 
—

 
3,007

 
29

 
3/14/2012
 
1993
 
Pittsburg, PA
 
1,630

 
999

 
1,627

 
—

 
2,626

 
33

 
3/14/2012
 
1995
 
Sebring , FL
 
1,470

 
810

 
1,617

 
—

 
2,427

 
33

 
3/14/2012
 
2001
 
Southgate, MI
 
1,680

 
809

 
2,010

 
—

 
2,819

 
41

 
3/14/2012
 
1994
 
Winchester, VA
 
2,190

 
1,508

 
1,848

 
—

 
3,356

 
37

 
3/14/2012
 
2006
Oxford Exchange
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Oxford, GA
 
 (f)

 
3,946

 
37,509

 
494

 
41,949

 
1,870

 
4/18/2011
 
2006
Owens Corning
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Newark, OH
 
 (f)

 
499

 
9,537

 
—

 
10,036

 
366

 
7/8/2011
 
2007
Petco
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Dardenne Prairie, MO
 
 (f)

 
781

 
1,525

 
—

 
2,306

 
81

 
2/22/2011
 
2009
 
Lake Charles, LA
 
2,145

 
412

 
2,852

 
—

 
3,264

 
168

 
10/25/2010
 
2008
Petsmart
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Bellingham, WA
 
2,526

 
1,019

 
2,286

 
—

 
3,305

 
45

 
4/30/2012
 
1993
 
Boca Raton, FL
 
 (f)

 
3,379

 
3,748

 
—

 
7,127

 
148

 
7/21/2011
 
2001
 
Braintree, MA
 
 (f)

 
3,539

 
4,775

 
—

 
8,314

 
196

 
7/21/2011
 
1996
 
Dallas, TX
 
 (f)

 
901

 
3,858

 
—

 
4,759

 
146

 
7/21/2011
 
1998

S-16

COLE CREDIT PROPERTY TRUST III, INC.
SCHEDULE III - REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION
(in thousands)


 
 
 
 
 
 
 
 
 
 
 
Gross Amount at
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Which Carried
 
 
 
 
 
 
 
 
 
 
 
Initial Costs to Company
 
Total
 
At December 31,
 
Accumulated
 
 
 
 
 
 
 
 
 
 
 
Buildings &
 
Adjustment
 
2012
 
Depreciation
 
Date
 
Date
Description (a)
 
Encumbrances
 
Land
 
Improvements
 
to Basis
 
 (b) (c)
 
(d) (e)
 
Acquired
 
Constructed
Petsmart (continued)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Evanston, IL
 
$ (f)

 
$
792

 
$
5,522

 
$
—

 
$
6,314

 
$
208

 
7/21/2011
 
2001
 
Flint, MI
 
 (f)

 
565

 
2,986

 
—

 
3,551

 
153

 
7/21/2011
 
1996
 
Lake Mary, FL
 
 (f)

 
2,035

 
2,323

 
—

 
4,358

 
99

 
7/21/2011
 
1997
 
Oxon Hill, MD
 
 (f)

 
2,426

 
2,993

 
—

 
5,419

 
125

 
7/21/2011
 
1998
 
Parma, OH
 
 (f)

 
866

 
2,848

 
—

 
3,714

 
103

 
8/4/2011
 
1996
 
Phoenix, AZ
 
51,250

 
3,750

 
80,003

 
304

 
84,057

 
3,166

 
8/23/2011
 
2008
 
Plantation, FL
 
 (f)

 
1,077

 
3,868

 
—

 
4,945

 
153

 
7/21/2011
 
2001
 
Southlake, TX
 
 (f)

 
2,653

 
3,748

 
—

 
6,401

 
143

 
7/21/2011
 
1998
 
Tallahassee, FL
 
 (f)

 
1,221

 
1,341

 
—

 
2,562

 
65

 
7/21/2011
 
1998
 
Westlake Village, CA
 
 (f)

 
1,892

 
4,908

 
—

 
6,800

 
208

 
7/21/2011
 
1998
Petsmart/Hallmark
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cincinnati, OH
 
—

 
942

 
3,417

 
—

 
4,359

 
99

 
2/14/2012
 
1998
Petsmart/Bevmo
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Redding, CA
 
3,206

 
1,185

 
3,484

 
—

 
4,669

 
76

 
3/21/2012
 
1989
Petsmart/Travos Credit Union
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Mercad, CA
 
2,974

 
1,389

 
3,135

 
—

 
4,524

 
69

 
3/21/2012
 
1993
Pick N Save Center
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Wauwatosa, WI
 
—

 
2,787

 
12,081

 
—

 
14,868

 
14

 
12/21/2012
 
2012
Pier 1 Imports
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Victoria, TX
 
—

 
390

 
1,500

 
—

 
1,890

 
19

 
7/2/2012
 
2011
Pinehurst Square West
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Bismark, ND
 
 (f)

 
3,690

 
5,564

 
—

 
9,254

 
420

 
1/28/2011
 
2006
PLS Financial Services
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Calumet Park, IL
 
 (f)

 
165

 
959

 
—

 
1,124

 
35

 
8/18/2011
 
2005
 
Chicago (Diversey), IL
 
 (f)

 
301

 
566

 
—

 
867

 
20

 
8/18/2011
 
2001
 
Compton, CA
 
 (f)

 
1,054

 
221

 
—

 
1,275

 
7

 
10/26/2011
 
2005
 
Dallas (Camp Wisdom), TX
 
 (f)

 
283

 
351

 
—

 
634

 
13

 
8/18/2011
 
1983
 
Dallas (Davis), TX
 
 (f)

 
156

 
619

 
—

 
775

 
23

 
8/18/2011
 
2003
 
Fort Worth, TX
 
 (f)

 
181

 
688

 
—

 
869

 
25

 
8/18/2011
 
2003
 
Grand Prairie, TX
 
 (f)

 
479

 
123

 
—

 
602

 
6

 
8/18/2011
 
1971
 
Houston, TX
 
 (f)

 
175

 
262

 
—

 
437

 
11

 
8/18/2011
 
2005
 
Kenosha, WI
 
 (f)

 
120

 
521

 
—

 
641

 
19

 
8/18/2011
 
2005
 
Mesa (Broadway), AZ
 
 (f)

 
225

 
394

 
—

 
619

 
15

 
8/18/2011
 
2006
 
Mesquite, TX
 
 (f)

 
197

 
712

 
—

 
909

 
26

 
8/18/2011
 
2006
 
Phoenix, AZ
 
 (f)

 
183

 
670

 
—

 
853

 
19

 
11/4/2011
 
2006
 
Tucson, AZ
 
 (f)

 
278

 
467

 
—

 
745

 
18

 
8/18/2011
 
2005
Prairie Market
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Oswego, IL
 
12,500

 
12,997

 
10,840

 
106

 
23,943

 
646

 
12/3/2010
 
(g)
Publix
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Mountain Brook, AL
 
3,275

 
2,492

 
2,830

 
—

 
5,322

 
231

 
12/1/2009
 
2004
RaceTrac
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Atlanta, GA
 
 (f)

 
989

 
1,074

 
—

 
2,063

 
31

 
12/21/2011
 
2004
 
Belleview, FL
 
 (f)

 
882

 
2,712

 
—

 
3,594

 
79

 
12/21/2011
 
2007
 
Bessemer, AL
 
 (f)

 
982

 
1,703

 
—

 
2,685

 
50

 
12/21/2011
 
2003
 
Denton, TX
 
 (f)

 
960

 
1,690

 
—

 
2,650

 
48

 
12/21/2011
 
2003
 
Houston (Hwy 6N), TX
 
 (f)

 
888

 
950

 
—

 
1,838

 
27

 
12/21/2011
 
1995
 
Houston (Kuykendahl), TX
 
 (f)

 
1,043

 
1,036

 
—

 
2,079

 
30

 
12/21/2011
 
1997
 
Jacksonville, FL
 
 (f)

 
1,178

 
2,462

 
—

 
3,640

 
73

 
12/21/2011
 
2011
 
Leesburg, FL
 
 (f)

 
1,185

 
2,375

 
—

 
3,560

 
70

 
12/21/2011
 
2007
 
Mobile, AL
 
 (f)

 
650

 
908

 
—

 
1,558

 
26

 
12/21/2011
 
1998
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

S-17

COLE CREDIT PROPERTY TRUST III, INC.
SCHEDULE III - REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION
(in thousands)




 
 
 
 
 
 
 
 
 
 
 
Gross Amount at
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Which Carried
 
 
 
 
 
 
 
 
 
 
 
Initial Costs to Company
 
Total
 
At December 31,
 
Accumulated
 
 
 
 
 
 
 
 
 
 
 
Buildings &
 
Adjustment
 
2012
 
Depreciation
 
Date
 
Date
Description (a)
 
Encumbrances
 
Land
 
Improvements
 
to Basis
 
 (b) (c)
 
(d) (e)
 
Acquired
 
Constructed
Red Oak Village
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
San Marcos, TX
 
$
12,480

 
$
4,222

 
$
16,434

 
$
—

 
$
20,656

 
$
1,004

 
12/23/2010
 
2008
Riverside Centre
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
St. Augustine, FL
 
 (f)

 
1,368

 
3,148

 
267

 
4,783

 
150

 
6/8/2011
 
2007
Road Ranger
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Winnebago, IL
 
—

 
638

 
3,129

 
—

 
3,767

 
30

 
8/30/2012
 
1998
RSA Security
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Bedford, MA
 
51,400

 
13,692

 
67,747

 
—

 
81,439

 
1,024

 
7/25/2012
 
2001
Ryan’s
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Asheville, NC
 
—

 
1,177

 
1,233

 
—

 
2,410

 
58

 
4/29/2011
 
1996
 
Beckley, WV
 
—

 
1,102

 
1,307

 
—

 
2,409

 
61

 
4/29/2011
 
1995
 
Columbus, GA
 
—

 
1,394

 
1,325

 
—

 
2,719

 
61

 
4/29/2011
 
2002
 
Commerce, GA
 
—

 
817

 
946

 
—

 
1,763

 
44

 
4/29/2011
 
1996
 
Jasper, AL
 
—

 
663

 
1,439

 
—

 
2,102

 
66

 
4/29/2011
 
2000
 
Owensboro, KY
 
—

 
1,239

 
893

 
—

 
2,132

 
41

 
4/29/2011
 
1997
 
Paducah, KY
 
—

 
1,013

 
858

 
—

 
1,871

 
40

 
4/29/2011
 
1995
 
Pearl, MS
 
—

 
913

 
1,135

 
—

 
2,048

 
53

 
4/29/2011
 
2000
 
Prattville, AL
 
—

 
876

 
1,125

 
—

 
2,001

 
52

 
4/29/2011
 
1997
 
Rome, GA
 
—

 
919

 
682

 
—

 
1,601

 
35

 
4/29/2011
 
1983
 
Sevierville, TN
 
—

 
725

 
673

 
—

 
1,398

 
31

 
4/29/2011
 
2003
 
Texas City, TX
 
—

 
677

 
1,593

 
—

 
2,270

 
73

 
4/29/2011
 
2002
Sam’s Club
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Colorado Springs, CO
 
9,581

 
2,626

 
10,817

 
—

 
13,443

 
358

 
1/20/2012
 
1998
 
Douglasville, GA
 
 (f)

 
2,016

 
9,290

 
—

 
11,306

 
416

 
7/28/2011
 
1999
 
Hoover, AL
 
 (f)

 
2,083

 
9,223

 
—

 
11,306

 
1,013

 
1/15/2009
 
2000
Santa Rosa Commons
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Pace, FL
 
13,000

 
2,887

 
19,811

 
112

 
22,810

 
892

 
6/30/2011
 
2008
San Tan Marketplace
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Gilbert, AZ
 
27,400

 
10,800

 
40,312

 
—

 
51,112

 
885

 
3/30/2012
 
2005
Shelby Corners
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Utica, MI
 
 (f)

 
957

 
2,753

 
—

 
3,710

 
128

 
7/8/2011
 
2008
Sherwin Williams
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Muskegon, MI
 
 (f)

 
158

 
880

 
—

 
1,038

 
49

 
12/10/2010
 
2008
Sherwood Retail Center
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Sherwood, AR
 
—

 
2,143

 
3,198

 
—

 
5,341

 
63

 
6/4/2012
 
2005
Shoppes at Port Arthur
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Port Arthur, TX
 
8,077

 
2,618

 
11,463

 
—

 
14,081

 
741

 
10/12/2010
 
2008
Shoppes at Sherbrooke
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Lake Worth, FL
 
—

 
3,161

 
5,609

 
55

 
8,825

 
115

 
4/27/2012
 
2004
Shoppes at Sugarmill Woods
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Homosassa, FL
 
—

 
882

 
5,381

 
112

 
6,375

 
166

 
12/13/2011
 
2008
Silverado Plaza
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Tucson, AZ
 
4,701

 
1,893

 
6,914

 
—

 
8,807

 
204

 
12/22/2011
 
1998
Sprouts
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Centennial, CO
 
—

 
1,692

 
6,070

 
—

 
7,762

 
22

 
11/14/2012
 
2009
Staples
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Houston, TX
 
1,815

 
1,020

 
2,232

 
—

 
3,252

 
151

 
6/17/2010
 
2008
 
Iowa City, IA
 
—

 
1,223

 
2,201

 
—

 
3,424

 
190

 
11/13/2009
 
2009
 
Pensacola, FL
 
 (f)

 
1,503

 
2,011

 
—

 
3,514

 
125

 
1/6/2011
 
2010
Stearns Crossing
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Bartlett, IL
 
7,060

 
3,733

 
7,649

 
76

 
11,458

 
484

 
12/9/2010
 
1999

S-18

COLE CREDIT PROPERTY TRUST III, INC.
SCHEDULE III - REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION
(in thousands)


 
 
 
 
 
 
 
 
 
 
 
Gross Amount at
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Which Carried
 
 
 
 
 
 
 
 
 
 
 
Initial Costs to Company
 
Total
 
At December 31,
 
Accumulated
 
 
 
 
 
 
 
 
 
 
 
Buildings &
 
Adjustment
 
2012
 
Depreciation
 
Date
 
Date
Description (a)
 
Encumbrances
 
Land
 
Improvements
 
to Basis
 
 (b) (c)
 
(d) (e)
 
Acquired
 
Constructed
St. Luke’s Urgent Care
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Creve Coeur, MO
 
 $ (f)

 
$
1,067

 
$
3,867

 
$
—

 
$
4,934

 
$
185

 
5/20/2011
 
2010
Stop & Shop
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cranston, RI
 
(f)

 
13,301

 
—

 
—

 
13,301

 
—

 
8/5/2011
 
(g)
 
Stamford, CT
 
14,900

 
12,881

 
14,592

 
—

 
27,473

 
926

 
7/30/2010
 
2006
Stripes
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Andrews, TX
 
 (f)

 
110

 
1,777

 
—

 
1,887

 
137

 
12/30/2009
 
2008
 
Brady, TX
 
—

 
205

 
2,628

 
—

 
2,833

 
30

 
8/30/2012
 
2007
 
Brownsville, TX
 
—

 
561

 
2,715

 
—

 
3,276

 
31

 
8/30/2012
 
2007
 
Carrizo Springs, TX
 
 (f)

 
400

 
2,221

 
—

 
2,621

 
125

 
11/22/2010
 
2010
 
Corpus Christi (Everh), TX
 
—

 
882

 
2,645

 
—

 
3,527

 
30

 
8/30/2012
 
2007
 
Corpus Christi (Padre), TX
 
—

 
700

 
2,689

 
—

 
3,389

 
31

 
8/30/2012
 
2007
 
Corpus Christi, TX
 
—

 
684

 
1,606

 
—

 
2,290

 
20

 
8/30/2012
 
2007
 
Eagle Pass, TX
 
 (f)

 
656

 
1,897

 
—

 
2,553

 
122

 
6/29/2010
 
2009
 
Edinburg (Hwy 107), TX
—

 
405

 
2,419

 
—

 
2,824

 
28

 
8/30/2012
 
2007
 
Edinburg (Raul), TX
 
—

 
408

 
1,997

 
—

 
2,405

 
23

 
8/30/2012
 
2007
 
Edinburg, TX
 
 (f)

 
906

 
1,259

 
—

 
2,165

 
81

 
6/29/2010
 
1999
 
Fort Stockton, TX
 
 (f)

 
1,035

 
3,319

 
—

 
4,354

 
284

 
12/30/2010
 
2010
 
Haskell, TX
 
 (f)

 
93

 
2,130

 
—

 
2,223

 
121

 
11/22/2010
 
2010
 
Houston, TX
 
—

 
878

 
1,676

 
—

 
2,554

 
22

 
8/30/2012
 
2007
 
LaFeria, TX
 
 (f)

 
321

 
1,271

 
—

 
1,592

 
99

 
12/30/2009
 
2008
 
Laredo (La Pita Mangana), TX
 
 (f)

 
419

 
1,741

 
—

 
2,160

 
99

 
11/22/2010
 
2010
 
Laredo (Willow), TX
 
 (f)

 
438

 
1,785

 
—

 
2,223

 
74

 
8/3/2011
 
2010
 
Midland, TX
 
—

 
1,152

 
3,945

 
—

 
5,097

 
44

 
8/30/2012
 
2006
 
Mission, TX
 
—

 
1,009

 
2,238

 
—

 
3,247

 
26

 
8/30/2012
 
2003
 
Odessa (Kermit), TX
 
—

 
733

 
5,594

 
—

 
6,327

 
58

 
8/30/2012
 
1998
 
Odessa, TX
 
 (f)

 
139

 
2,175

 
—

 
2,314

 
186

 
6/30/2011
 
2011
 
Palmhurst, TX
 
 (f)

 
467

 
448

 
—

 
915

 
29

 
6/29/2010
 
1986
 
Pharr, TX
 
 (f)

 
384

 
1,712

 
—

 
2,096

 
133

 
12/30/2009
 
1997
 
Portales, NM
 
 (f)

 
313

 
1,913

 
—

 
2,226

 
184

 
12/30/2010
 
2010
 
Rio Hondo, TX
 
 (f)

 
273

 
1,840

 
—

 
2,113

 
141

 
12/30/2009
 
2007
 
San Angelo (Sherwood), TX
—

 
958

 
2,704

 
—

 
3,662

 
32

 
8/30/2012
 
2007
 
San Angelo, TX
 
—

 
601

 
3,609

 
—

 
4,210

 
38

 
8/30/2012
 
1997
 
San Benito (Ranchito), TX
 
 (f)

 
401

 
1,967

 
—

 
2,368

 
126

 
6/29/2010
 
2010
Sunset Valley Shopping Center
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Austin, TX
 
17,441

 
10,249

 
19,345

 
131

 
29,725

 
1,460

 
3/26/2010
 
2007
Sysmex
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Lincolnshire, IL
 
22,500

 
3,778

 
41,462

 
736

 
45,976

 
58

 
8/31/2012
 
2010
Telegraph Plaza
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Monroe, MI
 
—

 
1,076

 
5,059

 
—

 
6,135

 
253

 
6/30/2011
 
2006
The Crossing
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Killeen, TX
 
 (f)

 
1,280

 
6,767

 
(35
)
 
8,012

 
284

 
7/20/2011
 
2011
The Forum
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Fort Myers, FL
 
 (f)

 
8,091

 
20,504

 
—

 
28,595

 
949

 
7/22/2011
 
2008
The Medicines Company
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Parsippany, NJ
 
27,700

 
4,195

 
39,488

 
23

 
43,706

 
1,066

 
2/27/2012
 
2009
The Plaza
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Queen Creek, AZ
 
7,290

 
2,659

 
9,523

 
—

 
12,182

 
418

 
8/12/2011
 
2007
Thornton’s
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Bloomington, IL
 
953

 
777

 
1,031

 
—

 
1,808

 
58

 
12/17/2010
 
1992

S-19

COLE CREDIT PROPERTY TRUST III, INC.
SCHEDULE III - REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION
(in thousands)


 
 
 
 
 
 
 
 
 
 
 
Gross Amount at
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Which Carried
 
 
 
 
 
 
 
 
 
 
 
Initial Costs to Company
 
Total
 
At December 31,
 
Accumulated
 
 
 
 
 
 
 
 
 
 
 
Buildings &
 
Adjustment
 
2012
 
Depreciation
 
Date
 
Date
Description (a)
 
Encumbrances
 
Land
 
Improvements
 
to Basis
 
 (b) (c)
 
(d) (e)
 
Acquired
 
Constructed
Thorton’s (continued)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Clarksville, IN
 
$
1,007

 
$
894

 
$
948

 
$
—

 
$
1,842

 
$
53

 
12/17/2010
 
2005
 
Edinburgh, IN
 
1,047

 
780

 
1,138

 
—

 
1,918

 
67

 
12/17/2010
 
1997
 
Evansville (Rosenberger), IN
 
1,032

 
727

 
1,039

 
—

 
1,766

 
63

 
12/17/2010
 
2007
 
Evansville, IN
 
1,082

 
674

 
1,040

 
—

 
1,714

 
65

 
12/17/2010
 
1998
 
Franklin Park, IL
 
1,628

 
1,427

 
1,373

 
—

 
2,800

 
79

 
12/17/2010
 
1999
 
Galloway, OH
 
953

 
578

 
1,134

 
—

 
1,712

 
66

 
12/17/2010
 
1998
 
Henderson (Green), KY
 
1,007

 
702

 
1,031

 
—

 
1,733

 
62

 
12/17/2010
 
2009
 
Henderson, KY
 
1,975

 
1,212

 
2,089

 
—

 
3,301

 
119

 
12/17/2010
 
2007
 
Jeffersonville, IN
 
1,439

 
1,475

 
1,057

 
—

 
2,532

 
64

 
12/17/2010
 
1995
 
Joliet, IL
 
1,761

 
1,209

 
1,789

 
—

 
2,998

 
101

 
12/17/2010
 
2000
 
Louisville, KY
 
1,037

 
684

 
1,154

 
—

 
1,838

 
66

 
12/17/2010
 
1994
 
Oaklawn, IL
 
1,111

 
1,233

 
667

 
—

 
1,900

 
42

 
12/17/2010
 
1994
 
Ottawa, IL
 
1,300

 
599

 
1,751

 
—

 
2,350

 
98

 
12/17/2010
 
2006
 
Plainfield, IL
 
1,102

 
829

 
1,166

 
—

 
1,995

 
67

 
12/17/2010
 
2005
 
Roselle, IL
 
1,399

 
926

 
1,425

 
—

 
2,351

 
83

 
12/17/2010
 
1996
 
Shelbyville, KY
 
1,116

 
533

 
1,356

 
—

 
1,889

 
81

 
12/17/2010
 
2007
 
South Elgin, IL
 
1,628

 
1,452

 
1,278

 
—

 
2,730

 
74

 
12/17/2010
 
2007
 
Springfield, IL
 
1,915

 
1,221

 
2,053

 
—

 
3,274

 
116

 
12/17/2010
 
2008
 
Summit, IL
 
1,116

 
1,316

 
662

 
—

 
1,978

 
37

 
12/17/2010
 
2000
 
Terre Haute, IN
 
1,350

 
908

 
1,409

 
(37
)
 
2,280

 
83

 
12/17/2010
 
1999
 
Waukegan, IL
 
1,161

 
797

 
1,199

 
—

 
1,996

 
68

 
12/17/2010
 
1999
 
Westmont, IL
 
1,881

 
1,150

 
1,926

 
—

 
3,076

 
110

 
12/17/2010
 
1997
Tire Kingdom
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Auburndale, FL
 
1,205

 
625

 
1,487

 
—

 
2,112

 
94

 
7/20/2010
 
2010
Toys R Us/Mr. Hero
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Parma, OH
 
—

 
1,192

 
2,151

 
—

 
3,343

 
60

 
4/11/2012
 
1986
Toys R Us/Babies R Us
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Coral Springs, FL
 
—

 
2,507

 
4,675

 
—

 
7,182

 
43

 
9/27/2012
 
2010
Tractor Supply
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Alamogordo, NM
 
1,943

 
529

 
2,188

 
—

 
2,717

 
41

 
4/20/2012
 
2011
 
Alton, IL
 
1,404

 
419

 
2,009

 
—

 
2,428

 
129

 
8/13/2010
 
2008
 
Augusta, ME
 
1,423

 
362

 
2,121

 
—

 
2,483

 
133

 
10/12/2010
 
2009
 
Bainbridge, GA
 
 (f)

 
456

 
1,812

 
—

 
2,268

 
60

 
11/16/2011
 
2008
 
Ballinger, TX
 
1,248

 
369

 
1,841

 
—

 
2,210

 
130

 
5/21/2010
 
2010
 
Belchertown, MA
 
1,823

 
1,001

 
2,149

 
—

 
3,150

 
160

 
6/29/2010
 
2008
 
Columbia, SC
 
 (f)

 
773

 
1,794

 
—

 
2,567

 
41

 
3/30/2012
 
2011
 
Del Rio, TX
 
1,113

 
657

 
1,387

 
—

 
2,044

 
131

 
7/27/2009
 
2009
 
Dixon, CA
 
2,962

 
848

 
3,528

 
—

 
4,376

 
223

 
9/24/2010
 
2007
 
Edinburg, TX
 
1,451

 
571

 
2,051

 
—

 
2,622

 
190

 
7/27/2009
 
2009
 
Franklin, NC
 
1,480

 
422

 
1,914

 
—

 
2,336

 
118

 
11/30/2010
 
2009
 
Gibsonia, PA
 
1,648

 
726

 
2,074

 
—

 
2,800

 
155

 
5/5/2010
 
2010
 
Glenpool, OK
 
1,180

 
174

 
1,941

 
—

 
2,115

 
137

 
5/4/2010
 
2009
 
Gloucester, NJ
 
2,600

 
1,590

 
2,962

 
—

 
4,552

 
253

 
12/17/2009
 
2009
 
Grayson, KY
 
 (f)

 
406

 
1,967

 
—

 
2,373

 
76

 
6/30/2011
 
2011
 
Hamilton, OH
 
932

 
418

 
1,045

 
—

 
1,463

 
70

 
9/17/2010
 
1975
 
Irmo, SC
 
1,125

 
697

 
1,501

 
—

 
2,198

 
165

 
10/15/2009
 
2009
 
Jackson, CA
 
—

 
1,062

 
3,620

 
—

 
4,682

 
4

 
12/18/2012
 
2012
 
Jefferson City, MO
 
1,125

 
398

 
1,269

 
—

 
1,667

 
76

 
11/9/2010
 
2009
 
Kenedy, TX
 
1,220

 
215

 
1,985

 
—

 
2,200

 
144

 
4/29/2010
 
2009
 
Lawrence, KS
 
1,377

 
427

 
2,016

 
—

 
2,443

 
119

 
9/24/2010
 
2010
 
Little Rock, AR
 
1,500

 
834

 
1,223

 
—

 
2,057

 
74

 
11/9/2010
 
2009

S-20

COLE CREDIT PROPERTY TRUST III, INC.
SCHEDULE III - REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION
(in thousands)


 
 
 
 
 
 
 
 
 
 
 
Gross Amount at
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Which Carried
 
 
 
 
 
 
 
 
 
 
 
Initial Costs to Company
 
Total
 
At December 31,
 
Accumulated
 
 
 
 
 
 
 
 
 
 
 
Buildings &
 
Adjustment
 
2012
 
Depreciation
 
Date
 
Date
Description (a)
 
Encumbrances
 
Land
 
Improvements
 
to Basis
 
 (b) (c)
 
(d) (e)
 
Acquired
 
Constructed
Tractor Supply (continued)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Middletown, DE
 
$
—

 
$
1,306

 
$
2,703

 
$
—

 
$
4,009

 
$
42

 
6/29/2012
 
2007
 
Mishawaka, IN
 
 (f)

 
450

 
1,856

 
—

 
2,306

 
60

 
11/18/2011
 
2011
 
Murphy, NC
 
1,402

 
789

 
1,580

 
—

 
2,369

 
120

 
5/21/2010
 
2010
 
Nixa, MO
 
1,346

 
430

 
1,697

 
—

 
2,127

 
101

 
9/24/2010
 
2009
 
Pearsall, TX
 
1,199

 
120

 
2,117

 
—

 
2,237

 
154

 
4/9/2010
 
2009
 
Rincon, GA
 
 (f)

 
678

 
1,509

 
—

 
2,187

 
65

 
8/23/2011
 
2007
 
Roswell, TX
 
1,180

 
728

 
1,469

 
—

 
2,197

 
138

 
7/27/2009
 
2009
 
Sedalia, MO
 
1,090

 
414

 
1,567

 
—

 
1,981

 
87

 
12/10/2010
 
2010
 
Sellersburg, IN
 
1,433

 
815

 
1,426

 
—

 
2,241

 
89

 
9/13/2010
 
2010
 
Southwick, MA
 
2,428

 
1,521

 
2,261

 
—

 
3,782

 
169

 
6/29/2010
 
2008
 
St. John, IN
 
2,247

 
360

 
3,445

 
—

 
3,805

 
235

 
7/28/2010
 
2007
 
Stillwater, OK
 
1,205

 
163

 
1,999

 
—

 
2,162

 
141

 
5/4/2010
 
2008
 
Summerdale, AL
 
1,210

 
238

 
1,783

 
—

 
2,021

 
139

 
4/14/2010
 
2010
 
Troy, MO
 
1,286

 
623

 
1,529

 
—

 
2,152

 
100

 
8/13/2010
 
2009
 
Tuscaloosa, AL
 
—

 
641

 
1,951

 
—

 
2,592

 
7

 
11/21/2012
 
2012
 
Union, MO
 
1,404

 
512

 
1,784

 
—

 
2,296

 
115

 
8/13/2010
 
2008
 
Wauseon, OH
 
1,374

 
596

 
1,563

 
—

 
2,159

 
110

 
9/13/2010
 
2007
Trader Joe’s
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Lexington, KY
 
3,519

 
2,431

 
3,233

 
—

 
5,664

 
48

 
7/17/2012
 
2012
 
Sarasota, FL
 
—

 
1,748

 
4,959

 
—

 
6,707

 
43

 
9/25/2012
 
2008
Tutor Time
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Austin, TX
 
 (f)

 
216

 
1,445

 
—

 
1,661

 
88

 
12/15/2010
 
2000
 
Downingtown, PA
 
 (f)

 
143

 
1,473

 
—

 
1,616

 
84

 
12/15/2010
 
1998
Ulta Salon
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Jackson, TN
 
1,454

 
557

 
1,832

 
—

 
2,389

 
127

 
11/5/2010
 
2010
 
Fort Gratiot, MI
 
1,104

 
289

 
1,382

 
—

 
1,671

 
19

 
6/29/2012
 
2012
United Technologies
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Bradenton, FL
 
10,050

 
2,094

 
16,618

 
—

 
18,712

 
541

 
12/8/2011
 
2004
University Plaza
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Flagstaff, AZ
 
8,350

 
3,008

 
11,545

 
845

 
15,398

 
1,130

 
11/17/2009
 
1982
USAA
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Fayetteville, NC
 
—

 
636

 
1,512

 
—

 
2,148

 
16

 
8/29/2012
 
2012
VA Clinic
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Oceanside, CA
 
27,750

 
4,373

 
36,082

 
—

 
40,455

 
1,027

 
12/22/2011
 
2010
Valley Blend
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Huntsville, AL
 
—

 
9,051

 
55,664

 
—

 
64,715

 
63

 
12/19/2012
 
2001
Volusia Square
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Daytona Beach, FL
 
16,557

 
7,004

 
22,427

 
(25
)
 
29,406

 
1,495

 
11/12/2010
 
2010
Walgreens
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Albuquerque, NM
 
 (f)

 
1,066

 
1,870

 
76

 
3,012

 
54

 
11/17/2011
 
1996
 
Anthony, TX
 
 (f)

 
1,125

 
2,831

 
—

 
3,956

 
112

 
8/29/2011
 
2008
 
Appleton (Meade), WI
 
1,880

 
885

 
2,505

 
—

 
3,390

 
183

 
2/3/2010
 
2008
 
Appleton(Northland), WI
2,736

 
1,385

 
3,249

 
—

 
4,634

 
237

 
2/18/2010
 
2008
 
Augusta, ME
 
3,157

 
2,271

 
3,172

 
—

 
5,443

 
231

 
3/5/2010
 
2007
 
Bartlett, TN
 
 (f)

 
1,716

 
1,516

 
—

 
3,232

 
58

 
8/1/2011
 
2001
 
Baytown, TX
 
2,480

 
1,151

 
2,786

 
—

 
3,937

 
208

 
2/23/2010
 
2009
 
Beloit, WI
 
2,184

 
763

 
3,064

 
—

 
3,827

 
205

 
5/20/2010
 
2008
 
Birmingham, AL
 
1,560

 
660

 
2,015

 
—

 
2,675

 
152

 
3/30/2010
 
1999
 
Brooklyn Park, MD
 
2,226

 
1,323

 
3,301

 
—

 
4,624

 
254

 
12/23/2009
 
2008
 
Brownwood, TX
 
 (f)

 
1,511

 
3,527

 
—

 
5,038

 
165

 
3/30/2011
 
2008
 
Cape Carteret, NC
 
2,400

 
971

 
2,461

 
—

 
3,432

 
99

 
8/15/2011
 
2008
 
Chicago (79th St.), IL
 
 (f)

 
976

 
2,116

 
—

 
3,092

 
87

 
5/5/2011
 
2003

S-21

COLE CREDIT PROPERTY TRUST III, INC.
SCHEDULE III - REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION
(in thousands)


 
 
 
 
 
 
 
 
 
 
 
Gross Amount at
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Which Carried
 
 
 
 
 
 
 
 
 
 
 
Initial Costs to Company
 
Total
 
At December 31,
 
Accumulated
 
 
 
 
 
 
 
 
 
 
 
Buildings &
 
Adjustment
 
2012
 
Depreciation
 
Date
 
Date
Description (a)
 
Encumbrances
 
Land
 
Improvements
 
to Basis
 
 (b) (c)
 
(d) (e)
 
Acquired
 
Constructed
Walgreens (continued)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Chicago (N. Canfield), IL
 
 $ (f)

 
$
818

 
$
3,317

 
$
—

 
$
4,135

 
$
143

 
4/28/2011
 
2000
 
Chickasha, TX
 
1,869

 
746

 
2,900

 
—

 
3,646

 
245

 
10/14/2009
 
2007
 
Clarkston, MI
 
(f)

 
1,506

 
2,885

 
—

 
4,391

 
111

 
6/24/2011
 
2001
 
Cleveland (Clark), OH
 
2,692

 
451

 
4,312

 
—

 
4,763

 
313

 
2/10/2010
 
2008
 
Country Club Hills, MO
 
 (f)

 
717

 
3,697

 
—

 
4,414

 
168

 
3/9/2011
 
2009
 
Decatur, GA
 
 (f)

 
1,490

 
2,167

 
—

 
3,657

 
96

 
5/5/2011
 
2001
 
Denton, TX
 
—

 
887

 
3,535

 
—

 
4,422

 
310

 
7/24/2009
 
2009
 
Dubuque, IA
 
 (f)

 
825

 
3,259

 
—

 
4,084

 
122

 
8/12/2011
 
2008
 
Durham (Guess), NC
 
2,871

 
1,315

 
3,225

 
—

 
4,540

 
203

 
7/20/2010
 
2010
 
Durham (Highway 54), NC
 
2,849

 
2,067

 
2,827

 
—

 
4,894

 
197

 
4/28/2010
 
2008
 
Edmond, OK
 
2,250

 
901

 
2,656

 
—

 
3,557

 
263

 
7/7/2009
 
2000
 
Elgin, IL
 
2,260

 
1,561

 
2,469

 
—

 
4,030

 
192

 
12/30/2009
 
2002
 
Fayetteville, NC
 
 (f)

 
916

 
4,118

 
—

 
5,034

 
216

 
12/30/2010
 
2009
 
Fort Mill, SC
 
2,272

 
1,137

 
2,532

 
—

 
3,669

 
166

 
6/24/2010
 
2010
 
Framingham, MA
 
3,046

 
2,234

 
2,852

 
—

 
5,086

 
220

 
1/19/2010
 
2007
 
Fredericksburg, VA
 
3,773

 
2,729

 
4,072

 
—

 
6,801

 
405

 
1/9/2009
 
2008
 
Goose Creek, SC
 
2,700

 
1,277

 
3,240

 
—

 
4,517

 
267

 
10/29/2009
 
2009
 
Grand Junction , CO
 
—

 
1,041

 
3,215

 
—

 
4,256

 
271

 
9/30/2009
 
2009
 
Grayson, GA
 
2,720

 
1,129

 
2,965

 
—

 
4,094

 
157

 
12/7/2010
 
2004
 
Greenville, NC
 
3,030

 
645

 
3,532

 
—

 
4,177

 
261

 
2/19/2010
 
2009
 
Independence, MO
 
 (f)

 
1,240

 
2,436

 
—

 
3,676

 
105

 
5/5/2011
 
2001
 
Indianapolis, IN
 
—

 
842

 
4,798

 
—

 
5,640

 
476

 
1/6/2009
 
2008
 
Janesville (W Court), WI
2,235

 
689

 
3,099

 
—

 
3,788

 
213

 
4/13/2010
 
2010
 
Janesville, WI
 
2,640

 
1,423

 
3,776

 
—

 
5,199

 
291

 
12/18/2009
 
2008
 
Kingman, AZ
 
2,997

 
839

 
4,369

 
—

 
5,208

 
318

 
2/25/2010
 
2009
 
La Crosse, WI
 
 (f)

 
1,638

 
3,107

 
—

 
4,745

 
128

 
5/6/2011
 
2009
 
Lafayette, IN
 
2,350

 
635

 
2,425

 
—

 
3,060

 
111

 
3/31/2011
 
2008
 
Lancaster (Palmdale), CA
2,719

 
1,349

 
3,219

 
—

 
4,568

 
216

 
5/17/2010
 
2009
 
Lancaster, SC
 
2,980

 
2,021

 
2,970

 
—

 
4,991

 
219

 
2/19/2010
 
2009
 
Leland, NC
 
2,472

 
1,252

 
2,835

 
—

 
4,087

 
179

 
7/15/2010
 
2008
 
Liberty Township, OH
 
 (f)

 
1,353

 
3,285

 
—

 
4,638

 
153

 
3/31/2011
 
2011
 
Loves Park, IL
 
1,767

 
892

 
2,644

 
—

 
3,536

 
199

 
1/19/2010
 
2008
 
Machesney Park, IL
 
1,869

 
875

 
2,918

 
—

 
3,793

 
225

 
12/16/2009
 
2008
 
Madisonville, KY
 
 (f)

 
1,083

 
2,517

 
—

 
3,600

 
101

 
6/28/2011
 
2007
 
Matteson, IL
 
2,450

 
430

 
3,246

 
—

 
3,676

 
174

 
11/30/2010
 
2008
 
Medina, OH
 
 (f)

 
829

 
2,966

 
—

 
3,795

 
126

 
5/5/2011
 
2001
 
Muscatine, IA
 
 (f)

 
532

 
2,450

 
—

 
2,982

 
105

 
5/5/2011
 
2001
 
New Albany, OR
 
 (f)

 
1,095

 
2,533

 
—

 
3,628

 
136

 
12/2/2010
 
2006
 
North Mankato, MN
 
2,530

 
1,841

 
2,572

 
—

 
4,413

 
182

 
3/18/2010
 
2008
 
North Platte, NE
 
2,328

 
1,123

 
3,367

 
—

 
4,490

 
246

 
2/23/2010
 
2009
 
Omaha, NE
 
2,580

 
1,183

 
3,734

 
—

 
4,917

 
273

 
2/25/2010
 
2009
 
Papillion, NE
 
1,967

 
1,039

 
2,731

 
—

 
3,770

 
222

 
10/6/2009
 
2009
 
Pueblo, CO
 
 (f)

 
510

 
2,651

 
—

 
3,161

 
138

 
12/7/2010
 
2003
 
Roanoke, VA
 
 (f)

 
1,042

 
3,923

 
—

 
4,965

 
176

 
4/26/2011
 
2009
 
Rocky Mount, NC
 
2,995

 
1,419

 
3,516

 
—

 
4,935

 
236

 
5/26/2010
 
2009
 
South Bend (Ironwood), IN
 
3,120

 
1,538

 
3,657

 
—

 
5,195

 
283

 
12/21/2009
 
2006
 
South Bend, IN
 
—

 
1,234

 
3,245

 
—

 
4,479

 
255

 
11/18/2009
 
2007
 
Spearfish, SD
 
2,426

 
1,028

 
3,355

 
—

 
4,383

 
274

 
10/6/2009
 
2008
 
Springdale, AR
 
3,025

 
1,099

 
3,535

 
—

 
4,634

 
143

 
6/29/2011
 
2009
 
St. Charles, IL
 
2,030

 
1,457

 
2,243

 
—

 
3,700

 
175

 
12/30/2009
 
2002

S-22

COLE CREDIT PROPERTY TRUST III, INC.
SCHEDULE III - REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION
(in thousands)


 
 
 
 
 
 
 
 
 
 
 
Gross Amount at
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Which Carried
 
 
 
 
 
 
 
 
 
 
 
Initial Costs to Company
 
Total
 
At December 31,
 
Accumulated
 
 
 
 
 
 
 
 
 
 
 
Buildings &
 
Adjustment
 
2012
 
Depreciation
 
Date
 
Date
Description (a)
 
Encumbrances
 
Land
 
Improvements
 
to Basis
 
 (b) (c)
 
(d) (e)
 
Acquired
 
Constructed
Walgreens (continued)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Stillwater, OK
 
$ (f)

 
$
562

 
$
2,903

 
$
8

 
$
3,473

 
$
289

 
7/21/2009
 
2000
 
Tucson (Harrison), AZ
 
2,910

 
1,415

 
3,075

 
—

 
4,490

 
160

 
12/7/2010
 
2004
 
Tucson (River), AZ
 
 (f)

 
1,353

 
3,390

 
—

 
4,743

 
186

 
11/12/2010
 
2003
 
Tulsa, OK
 
2,016

 
1,130

 
2,414

 
—

 
3,544

 
249

 
1/6/2009
 
2001
 
Twin Falls, ID
 
2,432

 
1,088

 
3,153

 
—

 
4,241

 
240

 
1/14/2010
 
2009
 
Union City, GA
 
 (f)

 
916

 
3,120

 
—

 
4,036

 
112

 
9/9/2011
 
2005
 
Warner Robins, GA
 
—

 
1,171

 
2,585

 
—

 
3,756

 
219

 
10/20/2009
 
2007
 
Watertown, NY
 
 (f)

 
2,696

 
2,545

 
—

 
5,241

 
117

 
7/26/2011
 
2006
 
Wichita, KS
 
 (f)

 
667

 
2,727

 
—

 
3,394

 
101

 
8/1/2011
 
2000
 
Wilmington, NC
 
 (f)

 
1,126

 
3,704

 
—

 
4,830

 
163

 
4/21/2011
 
2010
 
Xenia, OH
 
 (f)

 
840

 
3,575

 
—

 
4,415

 
112

 
10/4/2011
 
2009
Wal-Mart
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Albuquerque, NM
 
9,698

 
14,432

 
—

 
—

 
14,432

 
—

 
3/31/2009
 
(g)
 
Cary, NC
 
—

 
2,749

 
5,062

 
—

 
7,811

 
7

 
12/21/2012
 
2005
 
Douglasville, GA
 
 (f)

 
4,781

 
13,166

 
—

 
17,947

 
628

 
7/28/2011
 
1999
 
Lancaster, SC
 
—

 
2,664

 
10,223

 
—

 
12,887

 
359

 
12/21/2011
 
1999
 
Las Vegas , NV
 
7,925

 
13,237

 
—

 
—

 
13,237

 
—

 
3/31/2009
 
(g)
 
Pueblo, CO
 
8,250

 
1,877

 
10,162

 
—

 
12,039

 
679

 
11/12/2010
 
1998
 
Riverside, CA
 
55,000

 
12,078

 
72,714

 
—

 
84,792

 
2,676

 
7/25/2011
 
2011
Waterside Marketplace
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Chesterfield, MI
 
19,350

 
8,078

 
15,727

 
911

 
24,716

 
1,463

 
12/20/2010
 
2007
WaWa
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Gap, PA
 
—

 
912

 
4,550

 
—

 
5,462

 
45

 
8/29/2012
 
2005
 
Portsmouth, VA
 
1,241

 
2,080

 
—

 
—

 
2,080

 
—

 
9/30/2010
 
(g)
Wells Fargo
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Hillsboro, NH
 
13,500

 
8,088

 
15,955

 
—

 
24,043

 
1,247

 
12/8/2010
 
1979
Wendy’s
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Avon (10565 US36), IN
 
—

 
820

 
636

 
—

 
1,456

 
1

 
12/27/2012
 
1999
 
Avon (5201 US36), IN
 
—

 
686

 
596

 
—

 
1,282

 
1

 
12/27/2012
 
1990
 
Bellingham, WA
 
—

 
395

 
574

 
—

 
969

 
1

 
12/27/2012
 
1994
 
Bothell, WA
 
—

 
317

 
407

 
—

 
724

 
—

 
12/27/2012
 
2004
 
Carmel (116th St), IN
 
—

 
881

 
73

 
—

 
954

 
—

 
12/27/2012
 
1980
 
Carmel (Michigan Rd), IN
 
—

 
826

 
556

 
—

 
1,382

 
1

 
12/27/2012
 
2001
 
Fishers (116th St), IN
 
—

 
722

 
561

 
—

 
1,283

 
1

 
12/27/2012
 
1999
 
Fishers (Olivia), IN
 
—

 
559

 
652

 
—

 
1,211

 
1

 
12/27/2012
 
2012
 
Greenfield, IN
 
—

 
343

 
390

 
—

 
733

 
—

 
12/27/2012
 
1980
 
Henderson (Eastern), NV
—

 
589

 
643

 
—

 
1,232

 
1

 
12/27/2012
 
2000
 
Henderson (Green), NV
 
—

 
748

 
926

 
—

 
1,674

 
1

 
12/27/2012
 
1997
 
Henderson (Lake), NV
 
—

 
670

 
507

 
—

 
1,177

 
1

 
12/27/2012
 
1999
 
Indianapolis, IN
 
—

 
641

 
533

 
—

 
1,174

 
1

 
12/27/2012
 
1993
 
Las Vegas (Lake Mead), NV
 
—

 
460

 
609

 
—

 
1,069

 
1

 
12/27/2012
 
1995
 
Las Vegas (Nellis), NV
 
—

 
647

 
514

 
—

 
1,161

 
1

 
12/27/2012
 
1984
 
Las Vegas (Rancho), NV
 
—

 
755

 
809

 
—

 
1,564

 
1

 
12/27/2012
 
1991
 
Las Vegas (W Flamingo), NV
 
—

 
556

 
552

 
—

 
1,108

 
1

 
12/27/2012
 
1986
 
Las Vegas (Charleston), NV
 
—

 
761

 
625

 
—

 
1,386

 
1

 
12/27/2012
 
1976
 
Las Vegas (E. Flamingo), NV
 
—

 
319

 
539

 
—

 
858

 
1

 
12/27/2012
 
1976
 
Lebanon, IN
 
—

 
1,445

 
767

 
—

 
2,212

 
1

 
12/27/2012
 
2012
 
Noblesville, IN
 
—

 
546

 
69

 
—

 
615

 
—

 
12/27/2012
 
2012

S-23

COLE CREDIT PROPERTY TRUST III, INC.
SCHEDULE III - REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION
(in thousands)


 
 
 
 
 
 
 
 
 
 
 
Gross Amount at
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Which Carried
 
 
 
 
 
 
 
 
 
 
 
Initial Costs to Company
 
Total
 
At December 31,
 
Accumulated
 
 
 
 
 
 
 
 
 
 
 
Buildings &
 
Adjustment
 
2012
 
Depreciation
 
Date
 
Date
Description (a)
 
Encumbrances
 
Land
 
Improvements
 
to Basis
 
 (b) (c)
 
(d) (e)
 
Acquired
 
Constructed
Wendy’s (continued)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Port Angeles, WA
 
—

 
437

 
1,237

 
—

 
1,674

 
1

 
12/27/2012
 
1980
 
Redmond, WA
 
$
—

 
$
730

 
$
246

 
$
—

 
$
976

 
$
—

 
12/27/2012
 
1977
 
San Antonio (De Zavala), TX
 
—

 
927

 
520

 
—

 
1,447

 
1

 
12/27/2012
 
1995
 
San Antonio (Loop 410), TX
 
—

 
627

 
461

 
—

 
1,088

 
—

 
12/27/2012
 
1990
 
San Antonio (Southcross), TX
 
—

 
572

 
927

 
—

 
1,499

 
1

 
12/27/2012
 
1992
 
San Antonio (Stone Oak), TX
 
—

 
863

 
248

 
—

 
1,111

 
—

 
12/27/2012
 
2000
 
San Antonio, TX
 
—

 
1,108

 
244

 
—

 
1,352

 
—

 
12/27/2012
 
2003
 
San Marcos, TX
 
—

 
575

 
778

 
—

 
1,353

 
1

 
12/27/2012
 
2002
 
Schertz, TX
 
—

 
984

 
213

 
—

 
1,197

 
—

 
12/27/2012
 
1994
 
Selma, TX
 
—

 
1,368

 
252

 
—

 
1,620

 
—

 
12/27/2012
 
2003
 
Silverdale, WA
 
—

 
1,144

 
1,777

 
—

 
2,921

 
2

 
12/27/2012
 
1995
West Marine
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Fort Lauderdale, FL
 
 (f)

 
3,772

 
6,685

 
—

 
10,457

 
148

 
3/15/2012
 
2011
 
Harrison Township, MI
 
 (f)

 
666

 
2,623

 
—

 
3,289

 
50

 
4/30/2012
 
2009
West/East Valley Shopping Center
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Saginaw, MI
 
—

 
299

 
3,111

 
—

 
3,410

 
5

 
12/31/2012
 
2009
 
Saginaw (East), MI
 
—

 
729

 
19,679

 
—

 
20,408

 
33

 
12/31/2012
 
1996
Whittwood Town Center
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Whittier, CA
 
43,000

 
35,268

 
64,486

 
408

 
100,162

 
5,081

 
8/27/2010
 
2006
White Oak Village
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Richmond, VA
 
34,250

 
12,243

 
44,405

 
—

 
56,648

 
481

 
8/30/2012
 
2008
Whole Foods
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Hinsdale, IL
 
5,710

 
4,227

 
6,749

 
—

 
10,976

 
491

 
5/28/2010
 
1999
Widewater Village
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Uniontown, PA
 
—

 
1,785

 
4,208

 
—

 
5,993

 
103

 
4/30/2012
 
2008
Winchester Station
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Winchester, VA
 
17,000

 
4,743

 
24,724

 
—

 
29,467

 
834

 
9/29/2011
 
2005
 
 
 
$
2,415,190

 
$
1,495,935

 
$
4,372,195

 
$
46,399

 
$
5,914,529

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 


(a) As of December 31, 2012, the Company owned 807 single-tenant retail properties, 120 single-tenant freestanding commercial properties, 70 multi-tenant retail properties, 16 office and industrial properties and one land parcel.
(b) The aggregate cost for federal income tax purposes is approximately $6.9 billion.










S-24

COLE CREDIT PROPERTY TRUST III, INC.
SCHEDULE III - REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION
(in thousands)


(c) The following is a reconciliation of total real estate carrying value for the years ended December 31:
 
 
 
2012
2011
2010
Balance, beginning of period
 
$
4,498,384

 
$
2,572,898

 
$
596,425

 
Additions
 
 
 
 
 
 
 
 
Acquisitions
 
1,743,548

 
1,922,180

 
1,975,533

 
 
Improvements
 
98,337

 
3,376

 
1,003

 
 
Adjustment to basis
 
—

 
—

 
—

 
Total additions
 
1,841,885

 
1,925,556

 
1,976,536

 
Deductions
 
 
 
 
 
 
 
 
Cost of real estate sold
 
(425,577
)
 
—

 
—

 
 
Other (including provisions for impairment of real estate assets)
 
(163
)
 
(70
)
 
(63
)
 
Total deductions
 
(425,740
)
 
(70
)
 
(63
)
Balance, end of period
 
$
5,914,529

 
$
4,498,384

 
$
2,572,898

(d) The following is a reconciliation of accumulated depreciation for the years ended December 31:
 
 
 
2012
2011
2010
Balance, beginning of period
 
$
98,707

 
$
28,868

 
$
3,178

 
Additions
 
 
 
 
 
 
 
 
Acquisitions - Depreciation Expense for Building, Acquisitions Costs & Tenant Improvements Acquired
 
109,614

 
69,756

 
25,672

 
 
Improvements - Depreciation Expense for Tenant Improvements and Building Equipment
 
919

 
83

 
18

 
Total additions
 
110,533

 
69,839

 
25,690

 
Deductions
 
 
 
 
 
 
 
 
Cost of real estate sold
 
(20,541
)
 
—

 
—

 
 
Other (including provisions for impairment of real estate assets)
 
—

 
—

 
—

 
Total deductions
 
(20,541
)
 
—

 
—

Balance, end of period
 
$
188,699

 
$
98,707

 
$
28,868


(e) The Company’s assets are depreciated or amortized using the straight-lined method over the useful lives of the assets by class. Generally, tenant improvements and lease intangibles are amortized over the respective lease term and buildings are depreciated over 40 years.
(f) Property is included in the Credit Facility’s underlying collateral pool of 309 commercial properties. As of December 31, 2012, the Company had $767.8 million outstanding under the Credit Facility.
(g) Subject to a ground lease and therefore date constructed is not applicable.




S-25

COLE CREDIT PROPERTY TRUST III, INC.
SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE
(in thousands)

Mortgage Loans Receivable
 
Description
 
Location
 
Interest Rate as of December 31, 2012 (a)
 
Final Maturity Date
 
Periodic Payment Terms (b)
 
Prior Liens
 
Outstanding Face Amount of Mortgages (in thousands)
 
Carrying Amount of Mortgages (in thousands)(c)
Consol Energy Notes
 
Office
 
(d)
 
5.93%
 
10/1/2018
 
P & I
 
None
 
$
72,860

 
$
64,923

Junior Mezzanine Note
 
Retail
 
(e)
 
9.50%
 
7/1/2015
 
I
 
None
 
25,000

 
25,435

 
 
 
 
 
 
 
 
 
 
 
 
 
 
$
97,860

 
$
90,358

(a) Represents the interest rate in effect under the loan as of December 31, 2012.
(b) P & I = Principal and interest payments; I = Interest only.
(c) The aggregate cost for Federal Income Tax purposes is $87.7 million
(d) The Consol Energy Notes are secured by two office buildings located in Pennsylvania.
(e) The Junior Mezzanine Note is secured by 15 commercial retail centers located in various states.
The following shows changes in the carrying amounts of mortgage loans receivable during the period (in thousands):
 
 
2012
 
2011
 
2010
Balance, beginning of period
 
$
64,683

 
$
63,933

 
$
—

Additions:
 
 
 
 
 
 
New mortgage loans
 
25,000

 
—

 
74,000

Discount on new mortgage loans and capitalized loan costs
 
—

 
—

 
(12,000
)
Acquisition costs related to investment in mortgage notes receivable
 
500

 
—

 
1,291

Deductions:
 
 
 
 
 
 
Collections of principal
 
(864
)
 
(276
)
 
—

Accretion of discount and amortization of premium and capitalized loan costs
 
1,039

 
1,026

 
642

Balance, end of period
 
$
90,358

 
$
64,683

 
$
63,933






S-26