

					Initial Costs						Gross Amount Carried at December 31, 2012
Property	City	State	Encumbrances at December 31, 2012		Land		Buildings, Fixtures and Improvements		Adjustment to Basis		Gross Amount Carried at December 31, 2012		Accumulated Depreciation
Advance Auto	Caro	MI		₍₂₎	$	117	$	665	$	—	$	782	$	40
Advance Auto	Charlotte	MI		⁽²⁾	123		697		—		820		42
Advance Auto	Flint	MI		⁽¹⁾	133		534		—		667		32
Advance Auto	Livonia	MI		⁽²⁾	210		629		—		839		38
Advance Auto	SS Marie	MI		⁽²⁾	75		671		—		746		41
Advance Auto	Ypsilanti	MI		⁽¹⁾	85		483		—		568		29
Advance Auto II	Alton	TX		⁽¹⁾	169		958		—		1,127		9
Advance Auto III	Bardstown	KY		⁽¹⁾	272		1,090		—		1,362		5
Advance Auto III	Brandenburg	KY		⁽¹⁾	186		742		—		928		3
Advance Auto III	Hardinsburg	KY		⁽¹⁾	94		845		—		939		4
Advance Auto III	Leitchfield	KY		⁽¹⁾	104		939		—		1,043		4
Advance Auto IV	Albany	GA		⁽¹⁾	210		629		—		839		—
Advance Auto IV	Hazlehurst	GA		⁽¹⁾	113		451		—		564		—
Advance Auto IV	Hinesville	GA		⁽¹⁾	352		430		—		782		—
Advance Auto IV	Thomasville	GA		⁽¹⁾	251		377		—		628		—
Advance Auto IV	Dothan	AL		⁽¹⁾	326		326		—		652		—
Advance Auto IV	Enterprise	AL		⁽¹⁾	280		420		—		700		—
Advance Auto IV	Perry	GA		⁽¹⁾	209		487		—		696		—
Advance Auto IV	Cairo	GA		⁽¹⁾	140		325		—		465		—
Advance Auto V	Springfield	OH			460		1,074		—		1,534		—
Citizens I	Higganum	CT		⁽³⁾	171		971		—		1,142		178
Citizens I	New London	CT		⁽¹⁾	94		534		—		628		98
Citizens I	Smyrna	DE		⁽³⁾	183		1,036		—		1,219		171
Citizens I	Wilmington	IL		⁽¹⁾	330		1,872		—		2,202		268
Citizens I	Chicago	IL		⁽¹⁾	267		1,511		—		1,778		276
Citizens I	Chicago	IL		⁽¹⁾	191		1,082		—		1,273		198
Citizens I	Lyons	IL		⁽¹⁾	214		1,212		—		1,426		222
Citizens I	Elmwood Park	IL		⁽¹⁾	431		2,441		—		2,872		376
Citizens I	Alsip	IL		⁽¹⁾	226		1,280		—		1,506		234
Citizens I	Evergreen Park	IL		⁽¹⁾	167		944		—		1,111		173
Citizens I	Clinton Township	MI		⁽¹⁾	574		3,250		—		3,824		606
Citizens I	Southfield	MI		⁽¹⁾	283		1,605		—		1,888		299
Citizens I	Richmond	MI		⁽¹⁾	168		951		—		1,119		181
Citizens I	St. Clair Shores	MI		⁽¹⁾	309		1,748		—		2,057		332
Citizens I	Lathrup Village	MI		⁽¹⁾	283		1,602		—		1,885		293
Citizens I	Warren	MI		⁽¹⁾	178		1,009		—		1,187		184
Citizens I	Dearborn	MI		⁽¹⁾	434		2,461		—		2,895		353
Citizens I	Dearborn	MI		⁽¹⁾	385		2,184		—		2,569		313
Citizens I	Detroit	MI		⁽¹⁾	112		636		—		748		121
Citizens I	Highland Park	MI		⁽¹⁾	150		848		—		998		161



					Initial Costs			Gross Amount Carried at December 31, 2012
Property	City	State	Encumbrances at December 31, 2012		Land	Buildings, Fixtures and Improvements	Adjustment to Basis	Gross Amount Carried at December 31, 2012	Accumulated Depreciation
Citizens I	Livonia	MI		⁽¹⁾	261	1,476	—	1,737	281
Citizens I	Detroit	MI		⁽¹⁾	204	1,159	—	1,363	220
Citizens I	Harper Woods	MI		⁽¹⁾	207	1,171	—	1,378	222
Citizens I	Grosse Pointe	MI		⁽¹⁾	410	2,322	—	2,732	408
Citizens I	Utica	MI		⁽¹⁾	376	2,133	—	2,509	375
Citizens I	Pittsfield	NH		⁽¹⁾	160	908	—	1,068	166
Citizens I	Rollinsford	NH		⁽¹⁾	78	444	—	522	81
Citizens I	Albany	NY		⁽³⁾	232	1,315	—	1,547	189
Citizens I	Johnstown	NY		⁽³⁾	163	923	—	1,086	132
Citizens I	Schenectady	NY		⁽³⁾	292	1,655	—	1,947	237
Citizens I	Vails Gate	NY		⁽³⁾	284	1,610	—	1,894	231
Citizens I	Whitehall	NY		⁽³⁾	106	600	—	706	86
Citizens I	Greene	NY		⁽³⁾	216	1,227	—	1,443	176
Citizens I	Whitesboro	NY		⁽³⁾	130	739	—	869	106
Citizens I	Amherst (Buffalo)	NY		⁽³⁾	238	1,348	—	1,586	208
Citizens I	East Aurora	NY		⁽³⁾	162	919	—	1,081	142
Citizens I	Rochester	NY		⁽³⁾	166	943	—	1,109	145
Citizens I	Port Jervis	NY		⁽³⁾	143	811	—	954	134
Citizens I	Mentor	OH		⁽¹⁾	178	1,011	—	1,189	185
Citizens I	Northfield	OH		⁽¹⁾	317	1,797	—	2,114	329
Citizens I	Willoughby	OH		⁽¹⁾	395	2,239	—	2,634	409
Citizens I	Cleveland	OH		⁽¹⁾	239	1,357	—	1,596	263
Citizens I	Cleveland	OH		⁽¹⁾	210	1,190	—	1,400	230
Citizens I	Cleveland	OH		⁽¹⁾	182	1,031	—	1,213	200
Citizens I	Lakewood	OH		⁽¹⁾	196	1,111	—	1,307	159
Citizens I	Rocky River	OH		⁽¹⁾	283	1,602	—	1,885	230
Citizens I	Broadview Heights	OH		⁽¹⁾	201	1,140	—	1,341	188
Citizens I	Boardman	OH		⁽¹⁾	280	1,589	—	1,869	308
Citizens I	Brunswick	OH		⁽¹⁾	186	1,057	—	1,243	205
Citizens I	Wadsworth	OH		⁽¹⁾	158	893	—	1,051	173
Citizens I	Alliance	OH		⁽¹⁾	204	1,156	—	1,360	224
Citizens I	Louisville	OH		⁽¹⁾	191	1,080	—	1,271	209
Citizens I	Massillon	OH		⁽¹⁾	287	1,624	—	1,911	314
Citizens I	Massillon	OH		⁽¹⁾	212	1,202	—	1,414	233
Citizens I	Ambridge	PA		⁽³⁾	215	1,217	—	1,432	175
Citizens I	Monesson	PA		⁽³⁾	198	1,123	—	1,321	161
Citizens I	Narberth	PA		⁽³⁾	420	2,381	—	2,801	341
Citizens I	Poultney	VT		⁽¹⁾	149	847	—	996	140
Citizens I	St. Albans	VT		⁽¹⁾	141	798	—	939	132
Citizens I	White River Junction	VT		⁽¹⁾	183	1,039	—	1,222	171



					Initial Costs			Gross Amount Carried at December 31, 2012
Property	City	State	Encumbrances at December 31, 2012		Land	Buildings, Fixtures and Improvements	Adjustment to Basis	Gross Amount Carried at December 31, 2012	Accumulated Depreciation
CVS	Alpharetta	GA		⁽¹⁾	572	858	—	1,430	13
CVS	Vidalia	GA		⁽¹⁾	368	1,105	—	1,473	17
CVS	Nashville	TN		⁽¹⁾	203	1,148	—	1,351	17
Dollar General	Bella Vista	AR		⁽¹⁾	129	302	—	431	20
Dollar General	Carlisle	AR		⁽¹⁾	13	245	—	258	16
Dollar General	Green Forest	AR		⁽¹⁾	52	293	—	345	19
Dollar General	Jonesboro	IL		⁽¹⁾	77	309	—	386	20
Dollar General	Appleton City	MO		⁽¹⁾	22	124	—	146	8
Dollar General	Ash Grove	MO		⁽¹⁾	35	315	—	350	21
Dollar General	Ashland	MO		⁽¹⁾	70	398	—	468	26
Dollar General	Bernie	MO		⁽¹⁾	35	314	—	349	21
Dollar General	Bloomfield	MO		⁽¹⁾	23	209	—	232	14
Dollar General	Carterville	MO		⁽²⁾	10	192	—	202	13
Dollar General	Clarkton	MO		⁽¹⁾	19	354	—	373	23
Dollar General	Diamond	MO		⁽¹⁾	44	175	—	219	11
Dollar General	Ellsinore	MO		⁽²⁾	30	579	—	609	38
Dollar General	Hallsville	MO		⁽²⁾	29	263	—	292	17
Dollar General	Lawson	MO		⁽¹⁾	29	162	—	191	11
Dollar General	Lilbourne	MO		⁽²⁾	62	554	—	616	36
Dollar General	Qulin	MO		⁽²⁾	30	573	—	603	38
Dollar General	Steele	MO		⁽²⁾	31	598	—	629	39
Dollar General	Strafford	MO		⁽²⁾	51	461	—	512	30
Dollar General	Commerce	OK		⁽¹⁾	38	341	—	379	22
Dollar General II	Ash Flat	AR		⁽¹⁾	44	132	—	176	4
Dollar General II	Flippin	AR		⁽¹⁾	53	64	—	117	2
Dollar General II	Panama City	FL		⁽¹⁾	139	258	—	397	7
Dollar General II	Caney	KS		⁽¹⁾	31	178	—	209	5
Dollar General II	Clever	MO		⁽¹⁾	136	542	—	678	15
Dollar General II	Concordia	MO		⁽¹⁾	40	161	—	201	5
Dollar General II	Greenfield	MO		⁽¹⁾	42	378	—	420	11
Dollar General II	Humansville	MO		⁽¹⁾	69	277	—	346	8
Dollar General II	Oak Grove	MO		⁽¹⁾	27	106	—	133	3
Dollar General II	Palmyra	MO		⁽¹⁾	40	225	—	265	6
Dollar General II	Senath	MO		⁽¹⁾	61	552	—	613	16
Dollar General II	Seneca	MO		⁽¹⁾	47	189	—	236	5
Dollar General II	St James	MO		⁽¹⁾	81	244	—	325	7
Dollar General II	Willow Springs	MO		⁽¹⁾	24	213	—	237	6
Dollar General II	Winona	MO		⁽¹⁾	52	155	—	207	4
Dollar General II	Nowata	OK		⁽¹⁾	43	128	—	171	4
Family Dollar	Brookston	IN		⁽¹⁾	126	715	—	841	10



						Initial Costs						Gross Amount Carried at December 31, 2012
Property	City	State	Encumbrances at December 31, 2012			Land		Buildings, Fixtures and Improvements		Adjustment to Basis		Gross Amount Carried at December 31, 2012		Accumulated Depreciation
Family Dollar II	Lenox	GA			⁽¹⁾	90		809		—		899		8
Family Dollar III	Detroit	MI				130		1,169		—		1,299		5
FedEx I	Chillicothe	OH			⁽¹⁾	143		1,284		—		1,427		46
FedEx I	Evansville	IN			⁽¹⁾	665		2,661		—		3,326		95
FedEx I	Kankakee	IL			⁽¹⁾	195		1,103		—		1,298		39
FedEx I	London	KY			⁽¹⁾	191		1,081		—		1,272		38
FedEx I	Mt. Vernon	IL			⁽¹⁾	222		1,259		—		1,481		45
FedEx I	Mt. Pleasant	PA			⁽¹⁾	454		1,814		—		2,268		65
FedEx II	Chico	CA			⁽¹⁾	308		2,776		—		3,084		28
Fresenius	Warsaw	NC			⁽¹⁾	75		1,428		—		1,503		11
GSA I	Freeport	NY			⁽¹⁾	843		3,372		—		4,215		185
GSA II	Plattsburg	NY			⁽¹⁾	508		4,572		—		5,080		126
GSA III	Mobile	AL			⁽¹⁾	268		5,095		—		5,363		140
GSA IV	Warren	PA			⁽¹⁾	341		3,066		—		3,407		84
GSA V	Gloucester	VA			⁽¹⁾	287		1,628		—		1,915		45
Home Depot	Columbia	SC	13,850			2,911		15,463		—		18,374		2,088
Iron Mountain	Columbus	OH			⁽¹⁾	405		3,642		—		4,047		56
John Deere	Davenport	IA			⁽¹⁾	1,161		22,052		—		23,213		785
Mrs. Baird's	Dallas	TX			⁽¹⁾	453		4,077		—		4,530		124
Reckitt Benckiser	Chester	NJ	5,500			886		7,972		—		8,858		128
Synovus Bank	Tampa	FL			⁽¹⁾	985		2,297		—		3,282		—
Tractor Supply	Rio Grande City	TX			⁽¹⁾	469		1,095		—		1,564		26
Walgreens	Myrtle Beach	SC			⁽¹⁾	—		2,077		—		2,077		125
Walgreens II	Eastpointe	MI			⁽¹⁾	668		2,672		—		3,340		147
Walgreens III	Warren	MI			⁽¹⁾	748		2,991		—		3,739		15
Walgreens IV	Troy	MI				—		1,896		—		1,896		9
Encumbrances allocated based on notes below			141,012
Total			$	160,362		$	34,345	$	205,876	$	—	$	240,221	$	18,873

_______________________________________________


(1)	These properties collateralize a senior secured revolving credit facility of up to $150.0 million, which had $124.6 million outstanding as of December 31, 2012.


(2)	These properties collateralize a $4.5 million mortgage note payable of which $4.5 million was outstanding as of December 31, 2012.


(3)	These properties collateralize an $11.9 million mortgage note payable of which $11.9 million was outstanding as of December 31, 2012.

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 $17.4 million allocated to individual properties are not reflected in the table above. The accumulated depreciation column excludes $5.4 million of amortization associated with acquired intangible lease assets. The table above also excludes one vacant property located in Worth, IL contributed in September 2011, which was classified as held for sale at December 31, 2012. The aggregate base purchase price of this vacant properties was $1.2 million.

A summary of activity for real estate and accumulated depreciation for the year ended December 31, 2012 (amounts in thousands):



	Year Ended December 31, 2012
Real estate investments, at cost:
Balance at beginning of year	$	125,829
Additions - acquisitions and improvements	114,392
Balance at end of the year	$	240,221
Accumulated depreciation:
Balance at beginning of year	$	11,648
Depreciation expense	7,225
Balance at end of the year	$	18,873