Real Estate and Accumulated Depreciation

Schedule III

December 31, 2011

(in thousands)



					Initial Costs						Gross Amount Carried at December 31, 2011
Property	City	State	Encumbrances at December 31, 2011		Land		Buildings, Fixtures and Improvements		Adjustment to Basis		Gross Amount Carried at December 31, 2011		Accumulated Depreciation
Advance Auto	Caro	MI		⁽²⁾	$	117	$	665	$	—	$	782	$	3
Advance Auto	Charlotte	MI		⁽²⁾	123		697		—		820		3
Advance Auto	Flint	MI		⁽¹⁾	133		533		—		666		3
Advance Auto	Livonia	MI		⁽²⁾	210		629		—		839		3
Advance Auto	Sault Sainte Marie	MI		⁽²⁾	75		670		—		745		3
Advance Auto	Ypsilanti	MI		⁽¹⁾	85		483		—		568		2
Citizens Bank	Higganum	CT		⁽³⁾	171		971		—		1,142		136
Citizens Bank	New London	CT		⁽¹⁾	94		534		—		628		75
Citizens Bank	Smyrna	DE		⁽³⁾	183		1,036		—		1,219		126
Citizens Bank	Alsip	IL		⁽¹⁾	226		1,280		—		1,506		179
Citizens Bank	Chicago	IL		⁽¹⁾	267		1,511		—		1,778		211
Citizens Bank	Chicago	IL		⁽¹⁾	191		1,082		—		1,273		151
Citizens Bank	Elmwood Park	IL		⁽¹⁾	431		2,441		—		2,872		271
Citizens Bank	Evergreen Park	IL		⁽¹⁾	167		944		—		1,111		132
Citizens Bank	Lyons	IL		⁽¹⁾	214		1,212		—		1,426		170
Citizens Bank	Wilmington	IL		⁽¹⁾	330		1,872		—		2,202		188
Citizens Bank	Clinton Township	MI		⁽¹⁾	574		3,250		—		3,824		466
Citizens Bank	Dearborn	MI		⁽¹⁾	434		2,461		—		2,895		247
Citizens Bank	Dearborn	MI		⁽¹⁾	385		2,184		—		2,569		219
Citizens Bank	Detroit	MI		⁽¹⁾	112		636		—		748		94
Citizens Bank	Detroit	MI		⁽¹⁾	204		1,159		—		1,363		170
Citizens Bank	Grosse Pointe	MI		⁽¹⁾	410		2,322		—		2,732		308
Citizens Bank	Harper Woods	MI		⁽¹⁾	207		1,171		—		1,378		172
Citizens Bank	Highland Park	MI		⁽¹⁾	150		848		—		998		125
Citizens Bank	Lathrup Village	MI		⁽¹⁾	283		1,602		—		1,885		224
Citizens Bank	Livonia	MI		⁽¹⁾	261		1,476		—		1,737		217
Citizens Bank	Richmond	MI		⁽¹⁾	168		951		—		1,119		140
Citizens Bank	Southfield	MI		⁽¹⁾	283		1,605		—		1,888		230
Citizens Bank	St. Clair Shores	MI		⁽¹⁾	309		1,748		—		2,057		257
Citizens Bank	Utica	MI		⁽¹⁾	376		2,133		—		2,509		283
Citizens Bank	Warren	MI		⁽¹⁾	178		1,009		—		1,187		141
Citizens Bank	Pittsfield	NH		⁽¹⁾	160		908		—		1,068		127
Citizens Bank	Rollinsford	NH		⁽¹⁾	78		444		—		522		62
Citizens Bank	Albany	NY		⁽³⁾	232		1,315		—		1,547		132
Citizens Bank	Buffalo	NY		⁽³⁾	238		1,348		—		1,586		150
Citizens Bank	East Aurora	NY		⁽³⁾	162		919		—		1,081		102
Citizens Bank	Greene	NY		⁽³⁾	216		1,227		—		1,443		123
Citizens Bank	Johnstown	NY		⁽³⁾	163		923		—		1,086		93
Citizens Bank	Port Jervis	NY		⁽³⁾	143		811		—		954		99
Citizens Bank	Rochester	NY		⁽³⁾	166		943		—		1,109		105
Citizens Bank	Schenectady	NY		⁽³⁾	292		1,655		—		1,947		166
Citizens Bank	Vails Gate	NY		⁽³⁾	284		1,610		—		1,894		162
Citizens Bank	Whitesboro	NY		⁽³⁾	130		739		—		869		74
Citizens Bank	Alliance	OH		⁽¹⁾	204		1,156		—		1,360		174
Citizens Bank	Boardman	OH		⁽¹⁾	280		1,589		—		1,869		239



						Initial Costs						Gross Amount Carried at December 31, 2011
Property	City	State	Encumbrances at December 31, 2011			Land		Buildings, Fixtures and Improvements		Adjustment to Basis		Gross Amount Carried at December 31, 2011		Accumulated Depreciation
Citizens Bank	Broadview Heights	OH			⁽¹⁾	201		1,140		—		1,341		139
Citizens Bank	Brunswick	OH			⁽¹⁾	187		1,057		—		1,244		159
Citizens Bank	Cleveland	OH			⁽¹⁾	240		1,357		—		1,597		204
Citizens Bank	Cleveland	OH			⁽¹⁾	210		1,190		—		1,400		179
Citizens Bank	Cleveland	OH			⁽¹⁾	182		1,031		—		1,213		155
Citizens Bank	Lakewood	OH			⁽¹⁾	196		1,111		—		1,307		112
Citizens Bank	Louisville	OH			⁽¹⁾	191		1,080		—		1,271		163
Citizens Bank	Massillon	OH			⁽¹⁾	287		1,624		—		1,911		245
Citizens Bank	Massillon	OH			⁽¹⁾	212		1,202		—		1,414		181
Citizens Bank	Mentor	OH			⁽¹⁾	178		1,011		—		1,189		141
Citizens Bank	Northfield	OH			⁽¹⁾	317		1,797		—		2,114		251
Citizens Bank	Rocky River	OH			⁽¹⁾	283		1,602		—		1,885		161
Citizens Bank	Wadsworth	OH			⁽¹⁾	158		893		—		1,051		134
Citizens Bank	Willoughby	OH			⁽¹⁾	395		2,239		—		2,634		313
Citizens Bank	Ambridge	PA			⁽³⁾	215		1,217		—		1,432		122
Citizens Bank	Monesson	PA			⁽³⁾	198		1,123		—		1,321		113
Citizens Bank	Narberth	PA			⁽³⁾	420		2,381		—		2,801		239
Citizens Bank	Poultney	VT			⁽¹⁾	150		847		—		997		103
Citizens Bank	St. Albans	VT			⁽¹⁾	141		798		—		939		97
Citizens Bank	White River Junction	VT			⁽¹⁾	183		1,039		—		1,222		127
Community Bank	Whitehall	NY			⁽³⁾	106		600		—		706		60
Dollar General	Bella Vista	AR			⁽¹⁾	129		301		—		430		3
Dollar General	Carlisle	AR			⁽¹⁾	13		244		—		257		2
Dollar General	Green Forest	AR			⁽¹⁾	52		293		—		345		3
Dollar General	Jonesboro	IL			⁽¹⁾	77		309		—		386		3
Dollar General	Appleton City	MO			⁽¹⁾	22		124		—		146		1
Dollar General	Ash Grove	MO			⁽¹⁾	35		315		—		350		3
Dollar General	Ashland	MO			⁽¹⁾	70		398		—		468		4
Dollar General	Bernie	MO			⁽¹⁾	35		313		—		348		3
Dollar General	Bloomfield	MO			⁽¹⁾	23		209		—		232		2
Dollar General	Carterville	MO			⁽²⁾	10		192		—		202		2
Dollar General	Clarkton	MO			⁽¹⁾	19		354		—		373		3
Dollar General	Diamond	MO			⁽¹⁾	44		175		—		219		2
Dollar General	Ellsinore	MO			⁽²⁾	30		580		—		610		5
Dollar General	Hallsville	MO			⁽²⁾	29		263		—		292		3
Dollar General	Lawson	MO			⁽¹⁾	29		162		—		191		2
Dollar General	Lilbourn	MO			⁽²⁾	62		554		—		616		5
Dollar General	Qulin	MO			⁽²⁾	30		573		—		603		5
Dollar General	Steele	MO			⁽²⁾	31		598		—		629		6
Dollar General	Strafford	MO			⁽²⁾	51		461		—		512		4
Dollar General	Commerce	OK			⁽¹⁾	38		341		—		379		3
Home Depot	Columbia	SC	13,850			2,911		15,463		—		18,374		1,429
Walgreens	Myrtle Beach	SC	—			—		2,077		—		2,077		—
Encumbrances allocated based on notes below			58,817
Total			$	72,667		$	18,489	$	107,340	$	—	$	125,829	$	11,648


⁽¹⁾	These properties collateralize a $150.0 million senior secured revolving credit facility of which $42.4 million was outstanding as of December 31, 2011.


⁽²⁾	These properties collateralize a $4.5 million mortgage note payable of which $4.5 million was outstanding as of December 31, 2011.


⁽³⁾	These properties collateralize an $11.9 million mortgage note payable of which $11.9 million was outstanding as of December 31, 2011.

Each location is a single tenant, freestanding property. Each of the properties has a depreciable life of 40 years. Acquired intangible lease assets in the amount of $11.0 million allocated to individual properties are not reflected in the table above. The accumulated depreciation column excludes $3.2 million of amortization associated with acquired intangible lease assets. The table above also excludes 2 vacant properties located in Worth, IL and Havertown, PA contributed in September 2011 which were classified as held for sale at December 31, 2011. The aggregate base purchase price of these vacant properties was $2.9 million.

A summary of activity for real estate and accumulated depreciation for the year ended December 31, 2011 (amounts in thousands):



	Year Ended December 31, 2011
Real estate investments, at cost:
Balance at beginning of year	$	—
Additions- contributions, acquisitions and improvements	125,829
Balance at end of the year	$	125,829
Accumulated depreciation:
Balance at beginning of year	$	—
Accumulated depreciation of real estate investments contributed in Formation Transactions	10,183
Depreciation expense	1,465
Balance at end of the year	$	11,648

There was no real estate activity for the period from December 2, 2010 (date of inception) to December 31, 2010.