Maryland | 001-35263 | 45-2482685 |
(State or other jurisdiction of incorporation or organization) | (Commission File Number) | (I.R.S. Employer Identification No.) |
405 Park Avenue, 15th Floor New York, New York 10022 | ||
(Address, including zip code, of principal executive offices) | ||
(212) 415-6500 | ||
Registrant’s telephone number, including area code: |
Exhibit No. | Description | |
99.1 | Press Release issued May 8, 2014 | |
99.2 | Quarterly supplemental information for the fiscal quarter ended March 31, 2014 | |
99.3 | Investor Presentation | |
AMERICAN REALTY CAPITAL PROPERTIES, INC. | ||
May 8, 2014 | By: /s/ Nicholas S. Schorsch | |
Nicholas S. Schorsch | ||
Chief Executive Officer and Executive Chairman of the Board of Directors (Principal Executive Officer) | ||
• | Increased Revenue: Increased revenue to a record $320.6 million, up 647.4% compared to the same period a year earlier. |
• | Increased AFFO: Increased AFFO available to common stockholders to $147.4 million, up 334.6% compared to the same period a year earlier. |
• | Balance Sheet Acquisitions: Completed $1.03 billion of acquisitions on the balance sheet, comprised of 224 properties in 78 individual transactions at an average cap rate of 8.24% (8.02% cash cap rate), with another over $700 million already closed or under contract for the second quarter. |
• | Cole Capital Acquisitions: Acquired $419.9 million of real estate assets on behalf of the managed funds in the first quarter, comprising 84 properties in 51 individual transactions. |
• | Cole Capital: On track to raise $3.1 billion in 2014: Raised $897 million of capital on behalf of the managed funds in the first quarter. |
• | Investment Grade Balance Sheet: Secured investment grade rating from S&P and received a reaffirmation of investment grade from Moody’s. |
• | Multi-Tenant Spin-off: Announced spin-off of American Realty Capital Centers, Inc. (NASDAQ: ARCM) (“ARCM”) which is expected to be completed by mid-June. |
• | First Quarter Acquisitions: Acquired $1.03 billion of real estate, comprised of 224 properties in 78 individual transactions at an average cap rate of 8.24% (8.02% cash cap rate), with another over $700 million already closed or under contract for the second quarter. |
• | First Quarter Dispositions: Sold 17 properties for total net proceeds of $55.6 million; redeployed this capital into more accretive acquisitions along with reducing debt. |
# of Properties | 3,731 | |
Occupancy | 99 | % |
Square Feet | 90.1 million | |
% Investment Grade | 51 | % |
Net Lease Weighted Avg. Remaining Lease Term | 10.8 years |
• | First Quarter Capital Raise: Raised $897 million in the first quarter, on track to raise $3.1 billion in 2014. |
• | First Quarter Acquisitions: Acquired $419.9 million of real estate assets on behalf of the managed funds in the first quarter, comprising 84 properties in 51 individual transactions. |
• | Assets Under Management: Total assets under management were $5.07 billion as of March 31, 2014. |
• | Investment Grade Balance Sheet: Obtained investment grade rating from both S&P and received a reaffirmation of investment grade rating from Moody’s. |
• | Unsecured Bond Issuance: Issued $2.55 billion of senior unsecured notes with a weighted average interest rate of 2.8% and a blended maturity of five years. |
• | Extended Debt Maturities: Secured $1.2 billion of 10-year fixed-rate, interest-only debt ($693.0 million of mortgage debt and $500.0 million of 10-year senior unsecured notes); refinanced approximately $730.0 million of mortgages (with a blended near-term maturity of two years) with $750.0 million of 5-year senior unsecured notes; and repaid Cole’s $1.3 billion credit facility (with a one-year maturity) with $1.3 billion of 3-year senior unsecured notes. |
• | Lowered Cost of Borrowing: Reduced interest cost to a weighted average interest rate of 3.7% and extended the average maturity to 5.7 years. |
• | Upsized Corporate Credit Facility: Upsized the senior corporate unsecured credit facility to allow for total current financing capacity of up to $3.15 billion, following the recent $275.0 million of new commitments from three new lenders. |
Contacts | ||||
Anthony J. DeFazio | Brian S. Block, CFO, Treasurer, Secretary and EVP | |||
DDCworks | American Realty Capital Properties, Inc. | |||
tdefazio@ddcworks.com | bblock@arcpreit.com | |||
Ph: 484-342-3600 | Ph: 212-415-6500 |
March 31, 2014 | December 31, 2013 | |||||||
ASSETS | ||||||||
Real estate investments, at cost: | ||||||||
Land | $ | 3,226,615 | $ | 1,378,865 | ||||
Buildings, fixtures and improvements | 11,841,722 | 5,291,031 | ||||||
Land and construction in progress | 40,459 | 21,839 | ||||||
Acquired intangible lease assets | 2,209,747 | 758,376 | ||||||
Total real estate investments, at cost | 17,318,543 | 7,450,111 | ||||||
Less: accumulated depreciation and amortization | (422,355 | ) | (269,684 | ) | ||||
Total real estate investments, net | 16,896,188 | 7,180,427 | ||||||
Investment in unconsolidated entities | 105,775 | — | ||||||
Investment in direct financing leases, net | 65,723 | 66,112 | ||||||
Investment securities, at fair value | 213,803 | 62,067 | ||||||
Loans held for investment, net | 98,185 | 26,279 | ||||||
Cash and cash equivalents | 83,067 | 52,725 | ||||||
Restricted cash | 55,559 | 35,921 | ||||||
Intangible assets, net | 371,634 | — | ||||||
Deferred costs and other assets, net | 294,694 | 279,109 | ||||||
Goodwill | 2,287,122 | 102,419 | ||||||
Due from affiliates | 8,550 | — | ||||||
Total assets | $ | 20,480,300 | $ | 7,805,059 | ||||
LIABILITIES AND EQUITY | ||||||||
Mortgage notes payable, net | $ | 4,234,668 | $ | 1,301,114 | ||||
Corporate bonds, net | 2,545,884 | — | ||||||
Convertible debt, net | 973,737 | 972,490 | ||||||
Credit facilities | 2,415,800 | 1,969,800 | ||||||
Other debt, net | 148,809 | 104,804 | ||||||
Below-market lease liabilities, net | 287,199 | 77,789 | ||||||
Accounts payable and accrued expenses | 143,860 | 808,900 | ||||||
Deferred rent, derivative and other liabilities | 195,826 | 40,271 | ||||||
Distributions payable | 4,414 | 10,278 | ||||||
Due to affiliates | 217 | — | ||||||
Total liabilities | 10,950,414 | 5,285,446 | ||||||
Series D preferred stock, $0.01 par value, 21,735,008 shares (part of 100,000,000 aggregate preferred shares authorized) issued and outstanding at March 31, 2014 and December 31, 2013, respectively | 269,299 | 269,299 | ||||||
Preferred stock (excluding Series D Preferred Stock), $0.01 par value, 100,000,000 shares authorized and 42,654,919 and 42,199,547 shares issued and outstanding at March 31, 2014 and December 31, 2013 | 427 | 422 | ||||||
Common stock, $0.01 par value, 1,500,000,000 and 750,000,000 shares authorized and 769,931,938 and 239,234,725 issued and outstanding at March 31, 2014 and December 31, 2013, respectively | 7,699 | 2,392 | ||||||
Additional paid-in capital | 10,305,815 | 2,939,287 | ||||||
Accumulated other comprehensive income | 13,397 | 7,666 | ||||||
Accumulated deficit | (1,365,467 | ) | (867,436 | ) | ||||
Total stockholders’ equity | 8,961,871 | 2,082,331 | ||||||
Non-controlling interests | 298,716 | 167,983 | ||||||
Total equity | 9,260,587 | 2,250,314 | ||||||
Total liabilities and equity | $ | 20,480,300 | $ | 7,805,059 |
Three Months Ended March 31, | ||||||||
2014 | 2013 | |||||||
Revenues: | ||||||||
Rental income | $ | 244,445 | $ | 40,987 | ||||
Direct financing lease income | 1,006 | — | ||||||
Operating expense reimbursements | 21,096 | 1,910 | ||||||
Cole Capital revenue | 54,067 | — | ||||||
Total revenues | 320,614 | 42,897 | ||||||
Operating expenses: | ||||||||
Cole Capital reallowed fees and commissions | 34,436 | — | ||||||
Acquisition related | 11,884 | 10,327 | ||||||
Merger and other transaction related | 222,192 | 137,769 | ||||||
Property operating | 29,627 | 2,549 | ||||||
General and administrative | 26,839 | 1,454 | ||||||
Equity based compensation | 22,510 | 881 | ||||||
Depreciation and amortization | 165,363 | 26,753 | ||||||
Total operating expenses | 512,851 | 179,733 | ||||||
Operating loss | (192,237 | ) | (136,836 | ) | ||||
Other (expense) income: | ||||||||
Interest expense, net | (116,712 | ) | (6,056 | ) | ||||
Other income, net | 5,512 | 853 | ||||||
Loss on derivative instruments, net | (20,197 | ) | (5 | ) | ||||
Gain on disposition of properties, net | 2,979 | — | ||||||
Gain on sale of investments | — | 451 | ||||||
Total other expenses, net | (128,418 | ) | (4,757 | ) | ||||
Net loss from continuing operations | (320,655 | ) | (141,593 | ) | ||||
Discontinued operations: | ||||||||
Loss from operations of held for sale properties | — | (16 | ) | |||||
Gain on held for sale properties | — | 14 | ||||||
Net loss from discontinued operations | — | (2 | ) | |||||
Net loss | (320,655 | ) | (141,595 | ) | ||||
Net loss attributable to non-controlling interests | 11,974 | 432 | ||||||
Net loss attributable to the Company | (308,681 | ) | (141,163 | ) | ||||
Less: Dividends attributable to preferred shares | (22,427 | ) | — | |||||
Less: Dividends attributable to participating securities | (1,205 | ) | — | |||||
Net loss attributable to common stockholders | $ | (332,313 | ) | $ | (141,163 | ) | ||
Basic and diluted net loss per share attributable to common stockholders | $ | (0.61 | ) | $ | (0.84 | ) |
Quarter Ended | ||||||||||||||||
March 31, 2014 | Per Share | March 31, 2013 | Per Share | |||||||||||||
Total Company: | ||||||||||||||||
Net loss attributable to the Company | $ | (332,313 | ) | $ | (0.58 | ) | $ | (141,177 | ) | $ | (0.84 | ) | ||||
(Gain) loss on disposition of properties | (2,979 | ) | (0.01 | ) | — | — | ||||||||||
Depreciation and amortization of real estate assets | 150,899 | 0.26 | 26,731 | 0.16 | ||||||||||||
Depreciation and amortization of real estate assets in unconsolidated joint ventures | 602 | — | — | — | ||||||||||||
FFO - Total Company | (183,791 | ) | (0.32 | ) | (114,446 | ) | (0.68 | ) | ||||||||
Acquisition related | 11,884 | 0.02 | 10,327 | 0.06 | ||||||||||||
Merger and other transaction related | 222,192 | 0.39 | 137,769 | 0.82 | ||||||||||||
Gain (loss) on sale of investment securities | — | — | (451 | ) | — | |||||||||||
Loss on derivative instruments, net | 20,197 | 0.04 | 5 | — | ||||||||||||
Amortization of premiums and discounts on debt and investments | (18,325 | ) | (0.03 | ) | — | — | ||||||||||
Dividends attributable to convertible preferred shares | 5,053 | 0.01 | — | — | ||||||||||||
Dividends attributable to participating securities | 936 | — | — | — | ||||||||||||
Amortization of above- and below-market lease assets and liabilities | 358 | — | 68 | — | ||||||||||||
Amortization and write off of deferred financing costs | 37,940 | 0.07 | 1,243 | 0.01 | ||||||||||||
Other amortization and depreciation | 14,374 | 0.03 | 22 | — | ||||||||||||
Loss on early extinguishment of debt | 20,819 | 0.04 | — | — | ||||||||||||
Straight-line rent | (7,520 | ) | (0.01 | ) | (1,510 | ) | (0.01 | ) | ||||||||
Non-cash equity compensation expense | 22,510 | 0.04 | 881 | 0.01 | ||||||||||||
Operating fees to affiliate | — | — | — | |||||||||||||
Proportionate share of adjustments for unconsolidated joint ventures | 762 | — | — | — | ||||||||||||
AFFO - Total Company | $ | 147,389 | $ | 0.26 | $ | 33,908 | $ | 0.20 | ||||||||
Weighted average shares, fully diluted | 573,728,248 | 168,523,475 |
Introductory Notes | |
Company Information | |
Summary of Financial Highlights | |
Selected Financial Information | |
Consolidated Balance Sheets | |
Consolidated Statements of Operations | |
Funds from Operations and Adjusted Funds from Operations | |
Common Stock Dividend Summary | |
Financial and Operational Statistics and Ratios | |
Debt Summary | |
Mortgage Notes Payable | |
Summary of Debt Covenants | |
Top 10 Concentrations | |
Tenants Comprising Over 1% of Annualized Rental Income | |
Tenant Industry Diversification | |
Property Geographic Diversification | |
Property Building Type Diversification | |
Lease Expirations | |
Multi-Tenant Property Summary | |
Unconsolidated Joint Venture Investment Summary | |
Managed Programs | |
Definitions |
Senior Management | Board of Directors |
Nicholas S. Schorsch, Chief Executive Officer | Nicholas S. Schorsch, Executive Chairman |
David S. Kay, President | Edward M. Weil, Jr., Director |
Brian S. Block, Executive Vice President and Chief Financial Officer | William M. Kahane, Director |
Lisa Beeson, Executive Vice President and Chief Operating Officer | Leslie D. Michelson, Lead Independent Director |
Richard A. Silfen, Executive Vice President and General Counsel | Governor Edward G. Rendell, Independent Director |
Lisa Pavelka McAlister, Senior Vice President and Chief Accounting Officer | Scott J. Bowman, Independent Director |
William G. Stanley, Independent Director | |
Thomas A. Andruskevich, Independent Director | |
Scott P. Sealy, Sr., Independent Director |
JMP Securities | Ladenburg Thalmann |
Mitch Germain | Dan Donlan |
212-906-3546 | 212-409-2056 |
mgermain@jmpsecurities.com | ddonlan@ladenburg.com |
• | Increased Revenue: Increased revenue to a record $320.6 million, up 647.4% compared to the same period a year earlier. |
• | Increased AFFO: Increased AFFO available to common stockholders to $147.4 million, up 334.6% compared to the same period a year earlier. |
• | Balance Sheet Acquisitions: Completed $1.03 billion of acquisitions on the balance sheet, comprised of 224 properties in 78 individual transactions at an average cap rate of 8.24% (8.02% cash cap rate), with another over $700 million already closed or under contract for the second quarter. |
• | Cole Capital Acquisitions: Acquired $419.9 million of real estate assets on behalf of the managed funds in the first quarter, comprising 84 properties in 51 individual transactions. |
• | Cole Capital: On track to raise $3.1 billion in 2014: Raised $897 million of capital on behalf of the managed funds in the first quarter. |
• | Investment Grade Balance Sheet: Secured investment grade rating from S&P and received a reaffirmation of investment grade rating from Moody’s. |
• | Multi-Tenant Spin-off: Announced spin-off of American Realty Capital Centers, Inc. (NASDAQ: ARCM) (“ARCM”) which is expected to be completed by mid-June. |
Quarter Ended | ||||||||||||||||||||
March 31, 2014 | December 31, 2013 | September 30, 2013 | June 30, 2013 | March 31, 2013 | ||||||||||||||||
Total revenues | $ | 320,614 | $ | 136,781 | $ | 95,255 | $ | 54,945 | $ | 42,897 | ||||||||||
Net loss attributable to stockholders | $ | (332,313 | ) | $ | (181,862 | ) | $ | (82,677 | ) | $ | (71,958 | ) | $ | (141,163 | ) | |||||
Basic and diluted net loss per share from continuing operations attributable to common stockholders | $ | (0.61 | ) | $ | (0.82 | ) | $ | (0.42 | ) | $ | (0.36 | ) | $ | (0.84 | ) | |||||
Basic and diluted net loss per share attributable to common stockholders | $ | (0.61 | ) | $ | (0.82 | ) | $ | (0.42 | ) | $ | (0.36 | ) | $ | (0.84 | ) | |||||
Funds from operations (FFO) | $ | (183,791 | ) | $ | (90,734 | ) | $ | (20,648 | ) | $ | (38,147 | ) | $ | (114,446 | ) | |||||
Adjusted funds from operations (AFFO) | $ | 147,389 | $ | 89,824 | $ | 71,750 | $ | 40,908 | $ | 33,908 | ||||||||||
General and administrative expenses | $ | 26,839 | $ | 4,271 | $ | 2,408 | $ | 2,365 | $ | 1,454 | ||||||||||
Interest expense, net | $ | (116,712 | ) | $ | (57,636 | ) | $ | (27,189 | ) | $ | (11,424 | ) | $ | (6,056 | ) | |||||
Straight-line revenue adjustment | $ | (7,520 | ) | $ | (6,292 | ) | $ | (4,198 | ) | $ | (3,059 | ) | $ | (1,510 | ) | |||||
Dividends paid on common stock | $ | 145,854 | $ | 74,309 | $ | 71,623 | $ | 62,998 | $ | 37,598 |
Quarter Ended | ||||||||||||||||||||
March 31, 2014 | December 31, 2013 | September 30, 2013 | June 30, 2013 | March 31, 2013 | ||||||||||||||||
Total real estate investments, at cost, including net investments in direct financing leases | $ | 17,318,543 | $ | 7,450,111 | $ | 5,116,165 | $ | 3,999,725 | $ | 2,287,355 | ||||||||||
Total assets | $ | 20,480,300 | $ | 7,805,059 | $ | 5,350,336 | $ | 4,446,559 | $ | 3,616,138 | ||||||||||
Total debt, excluding premiums and discounts | $ | 10,170,089 | $ | 4,243,404 | $ | 1,882,990 | $ | 872,042 | $ | 905,118 | ||||||||||
Total equity | $ | 9,260,587 | $ | 2,250,314 | $ | 2,902,287 | $ | 3,049,027 | $ | 2,670,711 |
March 31, 2014 | December 31, 2013 | September 30, 2013 | June 30, 2013 | March 31, 2013 | ||||||||||||||||
ASSETS | ||||||||||||||||||||
Real estate investments, at cost: | ||||||||||||||||||||
Land | $ | 3,226,615 | $ | 1,378,865 | $ | 1,015,469 | $ | 754,493 | $ | 337,606 | ||||||||||
Buildings, fixtures and improvements | 11,841,722 | 5,291,031 | 3,550,300 | 2,813,279 | 1,683,373 | |||||||||||||||
Land and construction in progress | 40,459 | 21,839 | — | — | — | |||||||||||||||
Acquired intangible lease assets | 2,209,747 | 758,376 | 550,396 | 431,953 | 266,376 | |||||||||||||||
Total real estate investments, at cost | 17,318,543 | 7,450,111 | 5,116,165 | 3,999,725 | 2,287,355 | |||||||||||||||
Less: accumulated depreciation and amortization | (422,355 | ) | (269,684 | ) | (179,103 | ) | (116,670 | ) | (83,161 | ) | ||||||||||
Total real estate investments, net | 16,896,188 | 7,180,427 | 4,937,062 | 3,883,055 | 2,204,194 | |||||||||||||||
Investment in unconsolidated entities | 105,775 | — | — | — | — | |||||||||||||||
Investment in direct financing leases, net | 65,723 | 66,112 | 75,403 | 76,410 | — | |||||||||||||||
Investment securities, at fair value | 213,803 | 62,067 | 9,480 | 78,002 | 61,604 | |||||||||||||||
Loans held for investment, net | 98,185 | 26,279 | — | — | — | |||||||||||||||
Cash and cash equivalents | 83,067 | 52,725 | 188,226 | 272,448 | 1,119,507 | |||||||||||||||
Restricted cash | 55,559 | 35,921 | 1,680 | 1,576 | 1,287 | |||||||||||||||
Intangible assets, net | 371,634 | — | — | — | — | |||||||||||||||
Deferred costs and other assets, net | 294,694 | 279,109 | 138,485 | 135,068 | 229,546 | |||||||||||||||
Goodwill | 2,287,122 | 102,419 | — | — | — | |||||||||||||||
Due from affiliates | 8,550 | — | — | — | — | |||||||||||||||
Total assets | $ | 20,480,300 | $ | 7,805,059 | $ | 5,350,336 | $ | 4,446,559 | $ | 3,616,138 | ||||||||||
LIABILITIES AND EQUITY | ||||||||||||||||||||
Mortgage notes payable, net | $ | 4,234,668 | $ | 1,301,114 | $ | 272,015 | $ | 272,042 | $ | 265,118 | ||||||||||
Corporate bonds, net | 2,545,884 | — | — | — | — | |||||||||||||||
Convertible debt, net | 973,737 | 972,490 | 300,975 | — | — | |||||||||||||||
Credit facilities | 2,415,800 | 1,969,800 | 1,310,000 | 600,000 | 640,000 | |||||||||||||||
Convertible obligation to Series C Convertible Preferred stockholders | — | — | 449,827 | 445,000 | — | |||||||||||||||
Contingent value rights obligation to preferred and common investors | — | — | 49,314 | 31,134 | — | |||||||||||||||
Other debt, net | 148,809 | 104,804 | — | — | — | |||||||||||||||
Below-market lease liabilities, net | 287,199 | 77,789 | 4,200 | — | — | |||||||||||||||
Accounts payable and accrued expenses | 143,860 | 808,900 | 26,286 | 17,554 | 23,168 | |||||||||||||||
Due to affiliates | 217 | — | — | — | — | |||||||||||||||
Deferred rent, derivative and other liabilities | 195,826 | 40,271 | 12,090 | 8,256 | 10,430 | |||||||||||||||
Distributions payable | 4,414 | 10,278 | 9,882 | 9,718 | 6,711 | |||||||||||||||
Total liabilities | 10,950,414 | 5,285,446 | 2,434,589 | 1,383,704 | 945,427 | |||||||||||||||
Series D preferred stock, $0.01 par value, 21,735,008 shares (part of 100,000,000 aggregate preferred shares authorized) issued and outstanding at March 31, 2014 and December 31, 2013, respectively | 269,299 | 269,299 | — | — | — | |||||||||||||||
Preferred stock (excluding Series D Preferred Stock), $0.01 par value, 100,000,000 shares authorized and 42,654,919 and 42,199,547 shares issued and outstanding at March 31, 2014 and December 31, 2013 | 427 | 422 | — | 8 | 8 | |||||||||||||||
Common stock, $0.01 par value, 1,500,000,000 and 750,000,000 shares authorized and 769,931,938 and 239,234,725 issued and outstanding at March 31, 2014 and December 31, 2013, respectively | 7,699 | 2,392 | 2,559 | 2,555 | 2,237 | |||||||||||||||
Additional paid-in capital | 10,305,815 | 2,939,287 | 3,358,927 | 3,352,157 | 2,858,513 | |||||||||||||||
Accumulated other comprehensive income | 13,397 | 7,666 | 4,885 | 7,582 | (4,683 | ) | ||||||||||||||
Accumulated deficit | (1,365,467 | ) | (867,436 | ) | (602,209 | ) | (447,677 | ) | (309,473 | ) | ||||||||||
Total stockholders’ equity | 8,961,871 | 2,082,331 | 2,764,162 | 2,914,625 | 2,546,602 | |||||||||||||||
Non-controlling interests | 298,716 | 167,983 | 138,125 | 134,402 | 124,109 | |||||||||||||||
Total equity | 9,260,587 | 2,250,314 | 2,902,287 | 3,049,027 | 2,670,711 | |||||||||||||||
Total liabilities and equity | $ | 20,480,300 | $ | 7,805,059 | $ | 5,336,876 | $ | 4,432,731 | $ | 3,616,138 |
Quarter Ended | ||||||||||||||||||||
March 31, 2014 | December 31, 2013 | September 30, 2013 | June 30, 2013 | March 31, 2013 | ||||||||||||||||
Revenues: | ||||||||||||||||||||
Rental income | $ | 244,445 | $ | 126,494 | $ | 89,735 | $ | 52,623 | $ | 40,987 | ||||||||||
Direct financing lease income | 1,006 | 1,043 | 1,201 | — | — | |||||||||||||||
Operating expense reimbursements | 21,096 | 9,244 | 4,319 | 2,322 | 1,910 | |||||||||||||||
Cole Capital revenue | 54,067 | — | — | — | — | |||||||||||||||
Total revenues | 320,614 | 136,781 | 95,255 | 54,945 | 42,897 | |||||||||||||||
Operating expenses: | ||||||||||||||||||||
Cole Capital reallowed fees and commissions | 34,436 | — | — | — | — | |||||||||||||||
Acquisition related | 11,884 | 2,160 | 26,948 | 37,289 | 10,327 | |||||||||||||||
Merger and other transaction related | 222,192 | 128,244 | 5,913 | 6,393 | 137,769 | |||||||||||||||
Property operating | 29,627 | 18,191 | 5,444 | 3,086 | 2,549 | |||||||||||||||
General and administrative | 26,839 | 4,271 | 2,408 | 2,365 | 1,454 | |||||||||||||||
Equity based compensation | 22,510 | 23,594 | 7,180 | 3,454 | 881 | |||||||||||||||
Depreciation and amortization | 165,363 | 90,787 | 62,412 | 33,752 | 26,753 | |||||||||||||||
Total operating expenses | 512,851 | 267,247 | 110,305 | 86,339 | 179,733 | |||||||||||||||
Operating loss | (192,237 | ) | (130,466 | ) | (15,050 | ) | (31,394 | ) | (136,836 | ) | ||||||||||
Other (expense) income: | ||||||||||||||||||||
Interest expense, net | (116,712 | ) | (57,636 | ) | (27,189 | ) | (11,424 | ) | (6,056 | ) | ||||||||||
Other income, net | 5,512 | 334 | 128 | 1,523 | 853 | |||||||||||||||
Loss on contingent value rights | — | 69,676 | (38,542 | ) | (31,134 | ) | — | |||||||||||||
Loss on derivative instruments, net | (20,197 | ) | (67,793 | ) | (99 | ) | (40 | ) | (5 | ) | ||||||||||
Gain on disposition of properties, net | 2,979 | — | — | — | — | |||||||||||||||
Gain on sale of investments in affiliates | — | (411 | ) | — | — | — | ||||||||||||||
Gain on sale of investments | — | — | (2,246 | ) | — | 451 | ||||||||||||||
Total other expenses, net | (128,418 | ) | (55,830 | ) | (67,948 | ) | (41,075 | ) | (4,757 | ) | ||||||||||
Net loss from continuing operations | (320,655 | ) | (186,296 | ) | (82,998 | ) | (72,469 | ) | (141,593 | ) | ||||||||||
Net loss attributable to non-controlling interests | — | 5,008 | 230 | 477 | ||||||||||||||||
Net loss from continuing operations attributable to common stockholders | (320,655 | ) | (181,288 | ) | (82,768 | ) | (71,992 | ) | (141,593 | ) | ||||||||||
Discontinued operations: | ||||||||||||||||||||
Loss from operations of held for sale properties | — | (150 | ) | 96 | 36 | (16 | ) | |||||||||||||
Net loss from discontinued operations | — | (150 | ) | 96 | 36 | (2 | ) | |||||||||||||
Net loss from discontinued operations attributable to non-controlling interest | — | 8 | (5 | ) | (2 | ) | — | |||||||||||||
Net loss from discontinued operations attributable to stockholders | — | (144 | ) | 91 | 34 | — | ||||||||||||||
Net loss | (320,655 | ) | (186,446 | ) | (82,902 | ) | (72,433 | ) | (141,595 | ) | ||||||||||
Net loss attributable to non-controlling interests | 11,974 | 4,584 | 225 | 475 | 432 | |||||||||||||||
Net loss attributable to the Company | (308,681 | ) | (181,862 | ) | (82,677 | ) | (71,958 | ) | (141,163 | ) | ||||||||||
Less: Dividends attributable to preferred shares | (22,427 | ) | — | — | — | — | ||||||||||||||
Less: Dividends attributable to participating securities | (1,205 | ) | — | — | — | — | ||||||||||||||
Net loss attributable to common stockholders | $ | (332,313 | ) | $ | (181,862 | ) | $ | (82,677 | ) | $ | (71,958 | ) | $ | (141,163 | ) | |||||
Basic and diluted net loss per share from continuing operations attributable to common stockholders | $ | (0.61 | ) | $ | (0.82 | ) | $ | (0.42 | ) | $ | (0.36 | ) | $ | (0.84 | ) | |||||
Basic and diluted net loss per share attributable to common stockholders | $ | (0.61 | ) | $ | (0.82 | ) | $ | (0.42 | ) | $ | (0.36 | ) | $ | (0.84 | ) |
Quarter Ended | ||||||||||||||||
March 31, 2014 | Per Share | December 31, 2013 | Per Share | |||||||||||||
Total Company: | ||||||||||||||||
Net loss attributable to the Company | $ | (332,313 | ) | $ | (0.58 | ) | $ | (181,848 | ) | $ | (0.71 | ) | ||||
(Gain) loss on disposition of properties | (2,979 | ) | (0.01 | ) | — | — | ||||||||||
Depreciation and amortization of real estate assets | 150,899 | 0.26 | 91,114 | 0.35 | ||||||||||||
Depreciation and amortization of real estate assets in unconsolidated joint ventures | 602 | — | — | — | ||||||||||||
FFO - Total Company | (183,791 | ) | (0.32 | ) | (90,734 | ) | (0.35 | ) | ||||||||
Acquisition related | 11,884 | 0.02 | 2,705 | 0.01 | ||||||||||||
Merger and other transaction related | 222,192 | 0.39 | 128,244 | 0.50 | ||||||||||||
Gain (loss) on sale of investment securities | — | — | 412 | — | ||||||||||||
Loss on derivative instruments, net | 20,197 | 0.04 | (1,883 | ) | (0.01 | ) | ||||||||||
Amortization of premiums and discounts on debt and investments | (18,325 | ) | (0.03 | ) | 6,898 | 0.03 | ||||||||||
Dividends attributable to convertible preferred shares | 5,053 | 0.01 | 2,653 | 0.01 | ||||||||||||
Dividends attributable to participating securities | 936 | — | — | — | ||||||||||||
Amortization of above- and below-market lease assets and liabilities | 358 | — | (382 | ) | — | |||||||||||
Amortization and write off of deferred financing costs | 37,940 | 0.07 | 19,116 | 0.07 | ||||||||||||
Other amortization and depreciation | 14,374 | 0.03 | — | — | ||||||||||||
Loss on early extinguishment of debt | 20,819 | 0.04 | — | — | ||||||||||||
Straight-line rent | (7,520 | ) | (0.01 | ) | (6,292 | ) | (0.02 | ) | ||||||||
Non-cash equity compensation expense | 22,510 | 0.04 | 23,433 | 0.09 | ||||||||||||
Operating fees to affiliate | — | — | 5,654 | 0.02 | ||||||||||||
Proportionate share of adjustments for unconsolidated joint ventures | 762 | — | — | — | ||||||||||||
AFFO - Total Company | $ | 147,389 | $ | 0.26 | $ | 89,824 | $ | 0.35 | ||||||||
Weighted average shares, fully diluted | 573,728,248 | 256,895,459 | ||||||||||||||
Real Estate Investment Segment: | ||||||||||||||||
Net loss | $ | (323,691 | ) | $ | (0.56 | ) | $ | (181,848 | ) | $ | (0.71 | ) | ||||
(Gain) loss on disposition of properties | (2,979 | ) | (0.01 | ) | — | — | ||||||||||
Depreciation and amortization of real estate assets | 150,899 | 0.26 | 91,114 | 0.35 | ||||||||||||
Depreciation and amortization of real estate assets in unconsolidated joint ventures | 602 | — | — | — | ||||||||||||
FFO - Real Estate Investment Segment | (175,169 | ) | (0.31 | ) | (90,734 | ) | (0.35 | ) | ||||||||
Acquisition related | 11,884 | 0.02 | 2,705 | 0.01 | ||||||||||||
Merger and other transaction related | 222,192 | 0.39 | 128,244 | 0.50 | ||||||||||||
Gain (loss) on sale of investment securities | — | — | 412 | — | ||||||||||||
Loss on derivative instruments, net | 20,197 | 0.04 | (1,883 | ) | (0.01 | ) | ||||||||||
Amortization of premiums and discounts on debt and investments | (18,325 | ) | (0.03 | ) | 6,898 | 0.03 | ||||||||||
Dividends attributable to convertible preferred shares | 5,053 | 0.01 | 2,653 | 0.01 | ||||||||||||
Dividends attributable to participating securities | 936 | — | — | — | ||||||||||||
Amortization of above- and below-market lease assets and liabilities | 358 | — | (382 | ) | — | |||||||||||
Amortization and write off of deferred financing costs | 37,940 | 0.07 | 19,116 | 0.07 | ||||||||||||
Other amortization and depreciation | 105 | — | — | — | ||||||||||||
Loss on early extinguishment of debt | 20,819 | 0.04 | — | — | ||||||||||||
Straight-line rent | (7,520 | ) | (0.01 | ) | (6,292 | ) | (0.02 | ) | ||||||||
Non-cash equity compensation expense | 22,510 | 0.04 | 23,433 | 0.09 | ||||||||||||
Operating fees to affiliate | — | — | 5,654 | 0.02 | ||||||||||||
Proportionate share of adjustments for unconsolidated joint ventures | 762 | — | — | — | ||||||||||||
AFFO - Real Estate Investment Segment | $ | 141,742 | $ | 0.25 | $ | 89,824 | $ | 0.35 |
Quarter Ended | ||||||||||||||||
March 31, 2014 | Per Share | December 31, 2013 | Per Share | |||||||||||||
Cole Capital Segment: | ||||||||||||||||
Net loss | $ | (8,622 | ) | $ | (0.02 | ) | $ | — | $ | — | ||||||
FFO - Cole Capital Segment | (8,622 | ) | (0.02 | ) | — | — | ||||||||||
Other amortization and depreciation | 14,269 | 0.02 | — | — | ||||||||||||
AFFO - Cole Capital Segment | $ | 5,647 | $ | 0.01 | $ | — | $ | — | ||||||||
Weighted average shares, fully diluted | 573,728,248 | 256,895,459 |
Dividends Paid | ||||||||||||||||
Month | Cash | DRIP(1) | Total Common Stock Dividends | Dividends per share (annualized) (2) | ||||||||||||
Mar-14 | $ | 63,771 | $ | — | $ | 63,771 | $ | 1.000 | ||||||||
Feb-14 | 63,418 | — | 63,418 | 1.000 | ||||||||||||
Jan-14 | 18,665 | — | 18,665 | 0.940 | ||||||||||||
Q1 2014 | 145,854 | — | 145,854 | |||||||||||||
2014 to date | $ | 145,854 | $ | — | $ | 145,854 | ||||||||||
Dec-13 | $ | 25,420 | $ | — | $ | 25,420 | $ | 0.940 | ||||||||
Nov-13 | 25,232 | — | 25,232 | 0.910 | ||||||||||||
Oct-13 | 23,657 | — | 23,657 | 0.910 | ||||||||||||
Q4 2013 | 74,309 | — | 74,309 | |||||||||||||
Sept-13 | 23,988 | — | 23,988 | 0.910 | ||||||||||||
Aug-13 | 24,007 | — | 24,007 | 0.910 | ||||||||||||
Jul-13 | 18,679 | 4,949 | 23,628 | 0.910 | ||||||||||||
Q3 2013 | 66,674 | 4,949 | 71,623 | |||||||||||||
Jun-13 | 18,767 | 5,092 | 23,859 | 0.910 | ||||||||||||
May-13 | 16,239 | 4,900 | 21,139 | 0.900 | ||||||||||||
Apr-13 | 14,871 | 3,129 | 18,000 | 0.900 | ||||||||||||
Q2 2013 | 49,877 | 13,121 | 62,998 | |||||||||||||
Mar-13 | 13,061 | 1,286 | 14,347 | 0.900 | ||||||||||||
Feb-13 | 10,984 | 823 | 11,807 | 0.895 | ||||||||||||
Jan-13 | 6,056 | 5,388 | 11,444 | 0.895 | ||||||||||||
Q1 2013 | 30,101 | 7,497 | 37,598 | |||||||||||||
Total 2013 | $ | 220,961 | $ | 25,567 | $ | 246,528 | ||||||||||
Dec-12 | $ | 5,998 | $ | 5,006 | $ | 11,004 | $ | 0.895 | ||||||||
Nov-12 | 5,862 | 4,956 | 10,818 | 0.890 | ||||||||||||
Oct-12 | 5,481 | 4,577 | 10,058 | 0.890 | ||||||||||||
Q4 2012 | 17,341 | 14,539 | 31,880 | |||||||||||||
Sept-12 | 4,626 | 3,599 | 8,225 | 0.890 | ||||||||||||
Aug-12 | 3,860 | 2,678 | 6,538 | 0.885 | ||||||||||||
Jul-12 | 3,240 | 2,079 | 5,319 | 0.885 | ||||||||||||
Q3 2012 | 11,726 | 8,356 | 20,082 | |||||||||||||
Jun-12 | 2,541 | 1,688 | 4,229 | 0.885 | ||||||||||||
May-12 | 1,820 | 1,019 | 2,839 | 0.880 | ||||||||||||
Apr-12 | 1,266 | 628 | 1,894 | 0.880 | ||||||||||||
Q2 2012 | 5,627 | 3,335 | 8,962 | |||||||||||||
Mar-12 | 536 | 380 | 916 | 0.880 | ||||||||||||
Feb-12 | 1,321 | 302 | 1,623 | 0.875 | ||||||||||||
Jan-12 | 793 | 231 | 1,024 | 0.875 | ||||||||||||
Q1 2012 | 2,650 | 913 | 3,563 | |||||||||||||
Total 2012 | $ | 37,344 | $ | 27,143 | $ | 64,487 |
Financial and Operational Statistics and Ratios | As of March 31, 2014 and for the Quarter then Ended | |||
Debt | $ | 10,246,574 | ||
Cash | 83,067 | |||
Loans held for investment | 98,185 | |||
Net debt | $ | 10,065,322 | ||
Common shares outstanding | 764,094,862 | |||
Fully diluted shares outstanding, excluding operating partnership units | 791,666,946 | |||
Operating partnership units outstanding (1) | 24,836,862 | |||
Fully diluted shares outstanding | 816,503,808 | |||
Implied equity market capitalization | $ | 11,447,383 | ||
Debt | 10,246,574 | |||
Series F perpetual preferred at liquidation value | 1,073,000 | |||
Total capitalization | 22,766,957 | |||
Less: Cash | 83,067 | |||
Less: Loans held for investment | 98,185 | |||
Enterprise value | $ | 22,585,705 | ||
Debt to total capitalization | 45.0 | % | ||
Net debt to total capitalization | 44.2 | % | ||
Net debt to enterprise value | 44.6 | % | ||
Annualized Adjusted EBITDA (2) | $ | 1,321,623 | ||
Net debt to annualized EBITDA (2) | 7.6 | |||
Annualized EBITDA/annualized interest expense (2) | 3.5 | |||
Annualized EBITDA/annualized fixed charges (2) | 2.9 | |||
Total debt/REI segment assets | 52.6 | % | ||
Stock price at end of period | $ | 14.02 | ||
High stock close price | $ | 14.88 | ||
Low stock close price | $ | 12.29 | ||
Annualized dividend declared per common share | $ | 1.00 | ||
Dividend yield | 7.1 | % | ||
Number of properties | 3,809 | |||
Number of Leases | 5,073 | |||
Total rentable square feet (thousands) | 101,770 | |||
Occupancy | 99 | % | ||
Net lease weighted average remaining lease term(3) | 10.8 | |||
Percent of investment grade tenants | 49 | % |
Principal Payments Due on Debt Maturities: | Total | April 1 - December 31, 2014 | 2015 | 2016 | 2017 | 2018 | Thereafter | |||||||||||||||||||||
Mortgage notes payable | $ | 4,128,384 | $ | 134,152 | $ | 202,578 | $ | 242,769 | $ | 567,950 | $ | 252,923 | $ | 2,728,012 | ||||||||||||||
Corporate bonds | 2,550,000 | — | — | — | 1,300,000 | — | 1,250,000 | |||||||||||||||||||||
Senior credit facility | 2,265,800 | — | — | — | 1,325,800 | 940,000 | — | |||||||||||||||||||||
Unsecured credit facility | 150,000 | — | 150,000 | — | — | — | — | |||||||||||||||||||||
Convertible debt | 1,000,000 | — | — | — | — | 597,500 | 402,500 | |||||||||||||||||||||
Other debt | 152,390 | 56,925 | 11,862 | 12,516 | 26,890 | 13,267 | 30,930 | |||||||||||||||||||||
Total | $ | 10,246,574 | $ | 191,077 | $ | 364,440 | $ | 255,285 | $ | 3,220,640 | $ | 1,803,690 | $ | 4,411,442 |
Debt Type | Percentage of Total Debt | Weighted Average Effective Interest Rate | Weighted Average Maturity (years) | ||||||
Principal payments due on mortgage notes payable | 40.2 | % | 4.83 | % | 6.2 | ||||
Principal payments due on corporate bonds | 24.9 | % | 2.80 | % | 4.8 | ||||
Principal payments due on senior credit facility | 22.1 | % | 3.02 | % | 3.1 | ||||
Principal payments due on unsecured credit facility | 1.5 | % | 2.94 | % | 1.2 | ||||
Principal payments due on convertible debt | 9.8 | % | 3.30 | % | 5.3 | ||||
Principal payments due on other debt | 1.5 | % | 5.11 | % | 7.5 | ||||
Total | 100.0 | % | 3.75 | % | 5.0 |
Debt Type | Percentage of Total Debt | Weighted Average Effective Interest Rate | Weighted Average Maturity (years) | ||||||
Total unsecured debt | 59.2 | % | 3.04 | % | 4.1 | ||||
Total secured debt | 40.8 | % | 4.79 | % | 6.2 | ||||
Total | 100.0 | % | 3.75 | % | 5.0 | ||||
Total fixed rate debt | 84.3 | % | 3.92 | % | 5.6 | ||||
Total floating rate debt | 15.7 | % | 2.85 | % | 2.0 | ||||
Total | 100.0 | % | 3.75 | % | 5.0 |
Lender | Maturity | Balance (000's) | Coupon Rate | Effective Rate | Payment Terms (1) | ||||||||||
Cantor Commercial Real Estate Lending, L.P. | 1/6/2024 | $ | 465,000 | 4.97 | % | 5.04 | % | IO | |||||||
Cantor Commercial Real Estate Lending, L.P. | 1/6/2024 | 155,000 | 4.97 | % | 5.04 | % | IO | ||||||||
JPMorgan Chase Bank, N.A. | 1/1/2018 | 133,025 | 5.61 | % | 5.69 | % | IO through 02/2016, then P&I | ||||||||
The Royal Bank of Scotland Plc | 5/1/2023 | 124,300 | 3.84 | % | 3.89 | % | IO | ||||||||
JPMorgan Chase Bank, N.A. | 9/1/2020 | 106,172 | 5.55 | % | 5.63 | % | P&I | ||||||||
Bank of America, N.A. | 1/1/2017 | 104,771 | 6.30 | % | 6.30 | % | IO | ||||||||
US Bank National Association | 8/11/2015 | 97,175 | 6.32 | % | 6.41 | % | IO | ||||||||
AXA Equitable Life Insurance Company | 7/1/2022 | 90,000 | 4.50 | % | 4.50 | % | IO | ||||||||
The Royal Bank of Scotland Plc | 3/1/2023 | 74,250 | 4.23 | % | 4.29 | % | IO | ||||||||
The Royal Bank of Scotland Plc | 7/1/2022 | 68,110 | 4.54 | % | 4.60 | % | IO | ||||||||
Wells Fargo Bank, N.A. | 1/1/2023 | 66,000 | 4.24 | % | 4.30 | % | IO | ||||||||
Goldman Sachs Commercial Mortgage Capital, L.P. | 6/6/2020 | 63,600 | 5.73 | % | 5.81 | % | IO through 07/2015, then P&I | ||||||||
Wells Fargo Bank, National Association | 5/1/2021 | 60,450 | 5.54 | % | 5.61 | % | IO | ||||||||
PNC Bank, National Association | 1/1/2019 | 59,500 | 4.10 | % | 4.16 | % | IO | ||||||||
New York State Teachers' Retirement System | 3/1/2019 | 55,000 | 4.41 | % | 4.41 | % | IO | ||||||||
US Bank National Association | 11/11/2014 | 54,965 | 5.23 | % | 5.30 | % | IO | ||||||||
Citigroup Global Markets Realty Corp | 5/6/2022 | 54,300 | 6.05 | % | 6.13 | % | IO | ||||||||
Wachovia Bank, National Association | 9/11/2015 | 54,098 | 5.32 | % | 5.39 | % | P&I | ||||||||
Bank of America, N.A. | 1/1/2017 | 51,836 | 5.90 | % | 5.90 | % | IO | ||||||||
Capital One, N.A. | 11/20/2019 | 51,400 | 3.27 | % | 3.32 | % | IO through 11/2017, then P&I | ||||||||
American General Life Insurance Company | 11/1/2021 | 51,250 | 5.25 | % | 5.25 | % | IO | ||||||||
Wells Fargo Bank, National Association | 2/1/2017 | 48,500 | 3.75 | % | 3.80 | % | IO | ||||||||
JPMorgan Chase Bank, N.A. | 5/1/2021 | 46,910 | 5.53 | % | 5.61 | % | IO | ||||||||
Goldman Sachs Commercial Mortgage Capital, L.P. | 5/6/2021 | 46,670 | 5.92 | % | 6.01 | % | IO | ||||||||
US Bank National Association | 7/11/2016 | 43,700 | 6.03 | % | 6.11 | % | IO | ||||||||
JPMorgan Chase Bank, National Association | 6/1/2023 | 43,500 | 3.75 | % | 3.80 | % | IO | ||||||||
Goldman Sachs Mortgage Company | 12/6/2020 | 43,000 | 5.20 | % | 5.27 | % | IO | ||||||||
People's United Bank | 4/1/2021 | 42,500 | 5.55 | % | 5.63 | % | IO through 05/2016, then P&I | ||||||||
Wells Fargo Bank, National Association | 12/1/2018 | 42,000 | 4.62 | % | 4.68 | % | IO | ||||||||
PNC Bank, National Association | 10/1/2017 | 41,900 | 2.75 | % | 2.79 | % | IO | ||||||||
JPMorgan Chase Bank, N.A. | 6/1/2020 | 41,610 | 5.71 | % | 5.79 | % | IO through 07/2015, then P&I | ||||||||
Wells Fargo Bank, National Association | 6/1/2022 | 41,000 | 4.73 | % | 4.80 | % | IO | ||||||||
Morgan Stanley Mortgage Capital Holdings LLC | 1/1/2023 | 40,800 | 4.46 | % | 4.52 | % | IO | ||||||||
US Bank National Association | 7/1/2015 | 39,847 | 5.10 | % | 5.17 | % | P&I | ||||||||
LaSalle Bank National Association | 1/1/2016 | 38,737 | 5.68 | % | 5.76 | % | P&I | ||||||||
JPMorgan Chase Bank, N.A. | 11/1/2019 | 38,500 | 4.10 | % | 4.15 | % | IO | ||||||||
JPMorgan Chase Bank, N.A. | 11/1/2017 | 38,315 | 6.34 | % | 6.34 | % | IO | ||||||||
Wells Fargo Bank, National Association | 3/1/2017 | 36,600 | 3.76 | % | 3.81 | % | IO | ||||||||
PNC Bank, N.A. | 9/1/2022 | 34,250 | 3.60 | % | 3.65 | % | IO | ||||||||
The Royal Bank of Scotland Plc | 1/1/2021 | 34,000 | 5.48 | % | 5.56 | % | IO | ||||||||
The Prudential Insurance Company of America | 7/5/2022 | 33,000 | 4.10 | % | 4.10 | % | IO | ||||||||
Jackson National Life Insurance Company | 1/1/2020 | 32,000 | 5.54 | % | 5.54 | % | IO through 01/2018, then P&I | ||||||||
Goldman Sachs Mortgage Company | 12/6/2020 | 31,500 | 5.25 | % | 5.32 | % | IO | ||||||||
BOKF, NA dba Bank of Oklahoma | 7/29/2018 | 30,494 | 4.10 | % | 4.16 | % | IO |
Lender | Maturity | Balance (000's) | Coupon Rate | Effective Rate | Payment Terms (1) | ||||||||||
Goldman Sachs Mortgage Company | 12/6/2020 | $ | 30,000 | 5.25 | % | 5.32 | % | IO | |||||||
Jackson National Life Insurance Company | 10/1/2021 | 29,450 | 4.25 | % | 4.25 | % | IO through 11/2018, then P&I | ||||||||
PNC | 9/1/2022 | 29,220 | 4.00 | % | 4.00 | % | P&I | ||||||||
German American Capital Corporation | 10/6/2022 | 29,160 | 4.48 | % | 4.54 | % | IO | ||||||||
LaSalle Bank National Association | 1/1/2016 | 29,058 | 5.69 | % | 5.77 | % | IO through 02/2015, then P&I | ||||||||
German American Capital Corporation | 10/6/2022 | 28,440 | 4.48 | % | 4.54 | % | IO | ||||||||
BOKF, NA dba Bank of Texas | 7/31/2017 | 28,350 | 3.27 | % | 3.32 | % | IO | ||||||||
PNC Bank, National Association | 6/1/2022 | 27,750 | 4.22 | % | 4.28 | % | IO | ||||||||
GS Commercial Real Estate LP | 8/6/2019 | 27,725 | 4.73 | % | 4.79 | % | IO | ||||||||
Wells Fargo Bank, N.A. | 7/5/2017 | 27,400 | 3.52 | % | 3.57 | % | IO | ||||||||
Jackson National Life Insurance Company | 7/1/2019 | 27,200 | 3.10 | % | 3.10 | % | IO | ||||||||
Wells Fargo Bank, National Association | 12/15/2014 | 26,698 | 1mo. Libor + 2.35% | 2.51 | % | IO | |||||||||
LaSalle Bank National Association | 1/1/2017 | 25,620 | 5.81 | % | 5.89 | % | IO | ||||||||
Bank of America, N.A. | 9/1/2017 | 25,398 | 5.28 | % | 5.35 | % | P&I | ||||||||
Principal Life Insurance Company | 3/1/2022 | 24,750 | 4.09 | % | 4.09 | % | IO through 04/2019, then P&I | ||||||||
Jackson National Life Insurance Company | 2/1/2021 | 24,000 | 4.50 | % | 4.50 | % | IO through 03/2018, then P&I | ||||||||
Wells Fargo Bank, National Association | 3/1/2017 | 24,000 | 5.34 | % | 5.41 | % | IO | ||||||||
Citigroup Global Markets Realty Corp | 3/6/2022 | 23,400 | 5.49 | % | 5.57 | % | IO | ||||||||
UBS REAL ESTATE SECURITIES INC. | 1/6/2023 | 22,700 | 4.27 | % | 4.33 | % | IO | ||||||||
John Hancock Life Insurance Company | 10/1/2022 | 22,500 | 4.04 | % | 4.04 | % | IO | ||||||||
Principal Life Insurance Company | 8/5/2022 | 22,440 | 3.70 | % | 3.70 | % | IO through 09/2016, then P&I | ||||||||
Bank of America, N.A. | 11/14/2014 | 22,140 | 1mo. Libor + 2.25% | 2.44 | % | IO | |||||||||
BOKF, NA dba Bank of Texas | 12/31/2018 | 21,766 | 3.57 | % | 3.62 | % | IO | ||||||||
EquiTrust Life Insurance Company | 5/1/2019 | 20,796 | 4.85 | % | 4.85 | % | IO through 05/2015, then P&I | ||||||||
U.S. Bank National Association | 12/14/2014 | 20,140 | 1mo. Libor + 2.50% | 2.72 | % | IO | |||||||||
German American Capital Corp | 6/6/2022 | 20,138 | 4.60 | % | 4.66 | % | P&I | ||||||||
Aviva Life and Annuity Company | 7/1/2021 | 19,600 | 5.02 | % | 5.02 | % | IO through 08/2019, then P&I | ||||||||
The Variable Annuity Life Insurance Company | 1/1/2023 | 19,525 | 4.00 | % | 4.00 | % | IO | ||||||||
Morgan Stanley Mortgage Capital Holdings LLC | 5/10/2021 | 19,513 | 5.67 | % | 5.75 | % | IO | ||||||||
The Royal Bank of Scotland Plc | 3/1/2021 | 18,100 | 5.88 | % | 5.96 | % | IO | ||||||||
US Bank National Association | 12/11/2016 | 17,500 | 5.55 | % | 5.63 | % | IO | ||||||||
Life Insurance Company of the Southwest | 7/10/2022 | 17,035 | 4.40 | % | 4.40 | % | IO | ||||||||
Life Insurance Company of the Southwest | 1/10/2022 | 17,000 | 4.75 | % | 4.75 | % | IO | ||||||||
JPMorgan Chase Bank, National Association | 5/1/2021 | 16,902 | 5.54 | % | 5.61 | % | P&I | ||||||||
BOKF, NA dba Bank of Texas | 7/31/2017 | 16,555 | 3.28 | % | 3.32 | % | IO | ||||||||
Wells Fargo Bank Northwest, National Association | 3/20/2023 | 16,525 | 3.23 | % | 3.23 | % | IO | ||||||||
US Bank National Association | 1/11/2017 | 16,200 | 5.48 | % | 5.56 | % | IO | ||||||||
Wachovia Bank, National Association | 12/11/2016 | 16,043 | 5.63 | % | 5.71 | % | IO | ||||||||
US Bank National Association | 5/1/2016 | 15,115 | 5.84 | % | 5.92 | % | P&I | ||||||||
Oritani Bank | 1/1/2023 | 15,000 | 3.75 | % | 3.75 | % | IO through 01/2018, then P&I | ||||||||
Farmington Bank | 7/15/2017 | 14,580 | 4.31 | % | 4.37 | % | P&I | ||||||||
Morgan Stanley Mortgage Capital Holdings, LLC | 6/1/2023 | 14,500 | 3.97 | % | 4.02 | % | IO | ||||||||
BOKF, NA dba Bank of Texas | 12/31/2018 | 14,150 | 3.57 | % | 3.62 | % | IO | ||||||||
Aviva Life and Annuity Company | 6/1/2020 | 13,848 | 3.50 | % | 3.50 | % | IO |
Lender | Maturity | Balance (000's) | Coupon Rate | Effective Rate | Payment Terms (1) | ||||||||||
Wells Fargo Bank, National Association | 3/1/2016 | 13,500 | 5.17 | % | 5.24 | % | IO | ||||||||
BOKF, NA dba Bank of Texas | 12/31/2020 | $ | 13,420 | 4.25 | % | 4.31 | % | IO | |||||||
US Bank National Association | 7/1/2016 | 13,273 | 6.05 | % | 6.13 | % | P&I | ||||||||
BOKF, NA dba Bank of Texas | 7/13/2017 | 12,725 | 3.43 | % | 3.48 | % | IO | ||||||||
TCF National Bank | 3/1/2016 | 12,500 | 1mo. Libor + 2.75% | 2.94 | % | IO | |||||||||
Goldman Sachs Commercial Mortgage Capital, L.P. | 9/6/2017 | 12,270 | 3.70 | % | 3.75 | % | IO | ||||||||
Customers Bank | 12/1/2016 | 11,940 | 3.75 | % | 3.80 | % | IO | ||||||||
JPMorgan Chase Bank, N.A. | 7/1/2020 | 11,375 | 5.50 | % | 5.58 | % | IO through 08/2015, then P&I | ||||||||
US Bank National Association | 2/11/2017 | 10,332 | 5.68 | % | 5.76 | % | IO | ||||||||
US Bank National Association | 11/11/2016 | 10,137 | 5.50 | % | 5.58 | % | IO | ||||||||
40/86 Mortgage Capital, Inc. | 1/1/2019 | 10,050 | 5.00 | % | 5.00 | % | IO | ||||||||
Monumental Life Insurance Company | 4/1/2023 | 10,000 | 3.95 | % | 3.95 | % | IO through 05/2014, then P&I | ||||||||
Aviva Life and Annuity Company | 6/1/2020 | 9,868 | 3.50 | % | 3.50 | % | IO | ||||||||
Transamerica Life Insurance Company | 8/1/2030 | 7,971 | 5.57 | % | 5.57 | % | P&I | ||||||||
Transamerica Life Insurance Company | 8/1/2030 | 7,103 | 5.32 | % | 5.32 | % | P&I | ||||||||
US Bank National Association | 5/11/2017 | 6,262 | 5.45 | % | 5.53 | % | IO | ||||||||
Customers Bank | 8/16/2017 | 5,500 | 3.63 | % | 3.68 | % | IO | ||||||||
American Fidelity Assurance Company | 2/10/2019 | 5,392 | 6.58 | % | 6.58 | % | IO through 03/2009, then P&I | ||||||||
BOKF, NA dba Bank of Texas | 10/31/2016 | 5,060 | 3.70 | % | 3.75 | % | IO | ||||||||
Principal Life Insurance Company | 12/1/2016 | 4,995 | 5.99 | % | 6.07 | % | IO through 01/2007, then P&I | ||||||||
Wells Fargo Bank, National Association | 3/1/2017 | 4,800 | 3.76 | % | 3.81 | % | IO | ||||||||
First Place Bank | 1/1/2017 | 4,468 | 4.89 | % | 4.96 | % | IO | ||||||||
Life Insurance Company of the Southwest | 1/10/2022 | 3,025 | 4.75 | % | 4.75 | % | IO | ||||||||
Life Insurance Company of the Southwest | 1/10/2022 | 2,940 | 4.75 | % | 4.75 | % | IO | ||||||||
Aviva Life and Annuity Company | 6/1/2020 | 2,322 | 3.50 | % | 3.50 | % | IO | ||||||||
Caplease, LP | 4/15/2019 | 2,245 | 5.40 | % | 5.48 | % | IO | ||||||||
Capital Lease Funding, LLC | 7/15/2018 | 2,069 | 7.20 | % | 7.20 | % | P&I | ||||||||
CapLease Debt Funding, LP | 12/11/2016 | 1,698 | 6.18 | % | 6.27 | % | IO | ||||||||
BOKF, NA dba Bank of Texas | 4/12/2018 | 1,562 | 3.39 | % | 3.44 | % | IO | ||||||||
CapLease Debt Funding, LP | 12/11/2015 | 1,153 | 5.83 | % | 5.91 | % | IO | ||||||||
BOKF, NA dba Bank of Texas | 4/12/2018 | 562 | 3.39 | % | 3.44 | % | IO | ||||||||
Transamerica Life Insurance Company | 8/1/2030 | 402 | 5.93 | % | 5.93 | % | P&I | ||||||||
$ | 4,128,384 | 4.78 | % | — | 4.83 | % |
Key Covenants (1) | Required | March 31, 2014 | |||
Maximum consolidated leverage ratio | ≤ 65% | 54.73% | |||
Maximum recourse indebtedness | ≤ 10% of Total Asset Value | 1.03% | |||
Minimum fixed charge coverage ratio | > 1.5x | 1.96x | |||
Minimum borrowing base interest coverage ratio | ≥ 1.54x | 2.04x | |||
Secured leverage ratio | ≤ 45% | 22.59% | |||
Borrowing base asset value ratio | ≥ 1.54x | 2.09x | |||
Minimum tangible net worth ("TNW") covenant | ≥ base TNW plus 85% of equity issuances | Limit ≥ $1.35B / Actual = $6.77B | |||
Variable rate indebtedness | ≤Total Asset Value x 20% | 13.11% | |||
Total unencumbered asset value ratio | ≥ 1.54x | 1.67x | |||
Minimum liquidity | >$30M | $83M |
Tenant | Number of Leases | Square Feet | Square Feet as a % of Total Portfolio | Annualized Rental Income | Annualized Rental Income as a % of Total Portfolio | Investment Rating | ||||||||||||
Walgreens | 121 | 1,761,480 | 1.73 | % | $ | 44,822 | 3.59 | % | BBB | |||||||||
CVS | 109 | 1,525,563 | 1.50 | % | 35,436 | 2.84 | % | BBB+ | ||||||||||
Dollar General | 387 | 3,565,042 | 3.50 | % | 32,316 | 2.59 | % | BBB- | ||||||||||
FedEx | 51 | 2,957,339 | 2.91 | % | 29,607 | 2.37 | % | BBB | ||||||||||
Albertson's | 34 | 1,973,485 | 1.94 | % | 24,714 | 1.98 | % | B | ||||||||||
Petsmart | 43 | 1,312,119 | 1.29 | % | 24,489 | 1.96 | % | BB+ | ||||||||||
Family Dollar | 252 | 2,147,073 | 2.11 | % | 23,321 | 1.87 | % | BBB- | ||||||||||
Citizens Bank | 190 | 973,241 | 0.96 | % | 22,873 | 1.83 | % | A- | ||||||||||
AT&T | 13 | 1,228,714 | 1.21 | % | 22,778 | 1.83 | % | A- | ||||||||||
BJ's Wholesale Club | 15 | 2,461,520 | 2.42 | % | 21,984 | 1.76 | % | B- | ||||||||||
1,215 | 19,905,576 | 19.57 | % | $ | 282,340 | 22.62 | % |
Industry | Number of Leases | Square Feet | Square Feet as a % of Total Portfolio | Annualized Rental Income | Annualized Rental Income as a % of Total Portfolio | |||||||||||
Restaurants - Quick Service Restaurant | 1,371 | 4,703,580 | 4.62 | % | $ | 128,136 | 10.27 | % | ||||||||
Retail - Discount | 726 | 10,483,295 | 10.30 | % | 95,569 | 7.66 | % | |||||||||
Retail - Pharmacy | 256 | 3,608,307 | 3.55 | % | 87,039 | 6.98 | % | |||||||||
Retail - Grocery & Supermarket | 105 | 6,565,893 | 6.45 | % | 74,275 | 5.95 | % | |||||||||
Restaurants - Casual Dining | 378 | 2,308,310 | 2.27 | % | 73,172 | 5.86 | % | |||||||||
Retail - Home & Garden | 114 | 7,942,681 | 7.80 | % | 59,136 | 4.74 | % | |||||||||
Finance - Banking | 301 | 1,900,747 | 1.87 | % | 43,616 | 3.50 | % | |||||||||
Logistics - Postal & Delivery Services | 60 | 3,933,810 | 3.87 | % | 34,940 | 2.80 | % | |||||||||
Retail - Apparel & Jewelry | 128 | 2,362,608 | 2.32 | % | 29,784 | 2.39 | % | |||||||||
Information & Communications - Telecommunications | 49 | 1,482,304 | 1.46 | % | 29,222 | 2.34 | % | |||||||||
3,488 | 45,291,535 | 44.51 | % | $ | 654,889 | 52.49 | % |
State/Possession | Number of Leases | Square Feet | Square Feet as a % of Total Portfolio | Annualized Rental Income | Annualized Rental Income as a % of Total Portfolio | |||||||||||
Texas | 673 | 10,707,867 | 10.52 | % | $ | 150,982 | 12.10 | % | ||||||||
Illinois | 248 | 6,109,065 | 6.00 | % | 79,634 | 6.38 | % | |||||||||
Florida | 429 | 5,934,995 | 5.83 | % | 78,026 | 6.25 | % | |||||||||
California | 200 | 6,093,934 | 5.99 | % | 74,634 | 5.98 | % | |||||||||
Georgia | 329 | 5,709,564 | 5.61 | % | 71,620 | 5.74 | % | |||||||||
Arizona | 162 | 3,169,038 | 3.11 | % | 55,374 | 4.44 | % | |||||||||
Pennsylvania | 149 | 5,472,239 | 5.38 | % | 49,010 | 3.93 | % | |||||||||
Ohio | 262 | 5,664,057 | 5.57 | % | 47,636 | 3.82 | % | |||||||||
Michigan | 259 | 3,375,154 | 3.32 | % | 44,699 | 3.58 | % | |||||||||
Indiana | 124 | 5,663,927 | 5.57 | % | 40,119 | 3.22 | % | |||||||||
2,835 | 57,899,840 | 56.90 | % | $ | 691,734 | 55.44 | % |
Tenant | Number of Leases | Square Feet | Square Feet as a % of Total Portfolio | Annualized Rental Income | Annualized Rental Income as a % of Total Portfolio | Investment Rating | ||||||||||||
Walgreens | 121 | 1,761,480 | 1.73 | % | $ | 44,822 | 3.59 | % | BBB | |||||||||
CVS | 109 | 1,525,563 | 1.50 | % | 35,436 | 2.84 | % | BBB+ | ||||||||||
Dollar General | 387 | 3,565,042 | 3.50 | % | 32,316 | 2.59 | % | BBB- | ||||||||||
FedEx | 51 | 2,957,339 | 2.91 | % | 29,607 | 2.37 | % | BBB | ||||||||||
Albertson's | 34 | 1,973,485 | 1.94 | % | 24,714 | 1.98 | % | B | ||||||||||
Petsmart | 43 | 1,312,119 | 1.29 | % | 24,489 | 1.96 | % | BB+ | ||||||||||
Family Dollar | 252 | 2,147,073 | 2.11 | % | 23,321 | 1.87 | % | BBB- | ||||||||||
Citizens Bank | 190 | 973,241 | 0.96 | % | 22,873 | 1.83 | % | A- | ||||||||||
AT&T | 13 | 1,228,714 | 1.21 | % | 22,778 | 1.83 | % | A- | ||||||||||
BJ's Wholesale Club | 15 | 2,461,520 | 2.42 | % | 21,984 | 1.76 | % | B- | ||||||||||
AON Corporation | 8 | 1,203,066 | 1.18 | % | 18,154 | 1.45 | % | A- | ||||||||||
GSA | 22 | 607,195 | 0.60 | % | 17,499 | 1.40 | % | AA+ | ||||||||||
Wal-Mart | 12 | 2,206,974 | 2.17 | % | 16,828 | 1.35 | % | AA | ||||||||||
Goodyear Tire & Rubber | 10 | 4,727,594 | 4.65 | % | 16,550 | 1.33 | % | BB- | ||||||||||
L.A. Fitness | 19 | 839,001 | 0.82 | % | 15,795 | 1.27 | % | NR | ||||||||||
Apollo Group | 1 | 599,664 | 0.59 | % | 14,951 | 1.20 | % | NR | ||||||||||
Lowe's | 15 | 2,005,138 | 1.97 | % | 14,907 | 1.19 | % | A- | ||||||||||
Tractor Supply | 55 | 1,145,527 | 1.13 | % | 14,773 | 1.18 | % | NR | ||||||||||
Home Depot | 13 | 2,161,832 | 2.12 | % | 14,668 | 1.18 | % | A | ||||||||||
Amazon | 3 | 3,048,444 | 3.00 | % | 14,159 | 1.13 | % | AA- | ||||||||||
Kohl's | 20 | 1,585,657 | 1.56 | % | 13,994 | 1.12 | % | BBB+ | ||||||||||
1,393 | 40,035,668 | 39.36 | % | $ | 454,618 | 36.42 | % |
Industry | Number of Leases | Square Feet | Square Feet as a % of Total Portfolio | Annualized Rental Income | Annualized Rental Income as a % of Total Portfolio | |||||||||||
Accomodation & Food Services - Hotels, Motels & Inns | 1 | 9,513 | — | % | $ | 228 | — | % | ||||||||
Administrative & Support Services - Collection & Credit | 1 | 177,893 | 0.2 | % | 2,696 | 0.2 | % | |||||||||
Administrative & Support Services - Employment & Office Maintenance | 5 | 134,617 | 0.1 | % | 597 | 0.1 | % | |||||||||
Agricultural - Crop Farming | 2 | 137,520 | 0.1 | % | 1,245 | 0.1 | % | |||||||||
Education - Colleges & Universities | 1 | 599,664 | 0.6 | % | 14,951 | 1.2 | % | |||||||||
Education - Other | 8 | 1,305,497 | 1.3 | % | 6,065 | 0.5 | % | |||||||||
Entertainment & Recreation - Fitness | 32 | 1,111,902 | 1.1 | % | 21,188 | 1.7 | % | |||||||||
Finance - Banking | 301 | 1,900,747 | 1.9 | % | 43,616 | 3.5 | % | |||||||||
Finance - Credit Card & Consumer Lending | 31 | 401,372 | 0.4 | % | 7,805 | 0.6 | % | |||||||||
Finance - Investment, Securities & Commodity | 13 | 913,739 | 0.9 | % | 18,510 | 1.5 | % | |||||||||
Government & Public Services - Education | 2 | 117,106 | 0.1 | % | 1,157 | 0.1 | % | |||||||||
Government & Public Services - Health | 1 | 65,536 | 0.1 | % | 4,744 | 0.4 | % | |||||||||
Government & Public Services - National Security | 1 | 4,700 | — | % | 78 | — | % | |||||||||
Government & Public Services - Other | 25 | 676,390 | 0.7 | % | 18,828 | 1.5 | % | |||||||||
Government & Public Services - Police & Correctional | 1 | 1,286 | — | % | — | — | % | |||||||||
Healthcare - Childcare & Development | 9 | 69,025 | 0.1 | % | 947 | 0.1 | % | |||||||||
Healthcare - Dental | 27 | 74,877 | 0.1 | % | 1,827 | 0.2 | % | |||||||||
Healthcare - Emergency & Medical Centers | 63 | 663,667 | 0.7 | % | 13,704 | 1.1 | % | |||||||||
Healthcare - Labratories & Diagnostics | 3 | 245,317 | 0.2 | % | 3,165 | 0.3 | % | |||||||||
Healthcare - Medical | 10 | 44,149 | — | % | 920 | 0.1 | % | |||||||||
Healthcare - Optometry | 18 | 55,278 | 0.1 | % | 1,287 | 0.1 | % | |||||||||
Healthcare - Other | 3 | 461,900 | 0.5 | % | 7,879 | 0.6 | % | |||||||||
Information & Communications - Movie Theaters | 2 | 85,136 | 0.1 | % | 1,250 | 0.1 | % | |||||||||
Information & Communications - Telecommunications | 49 | 1,482,304 | 1.5 | % | 29,222 | 2.3 | % | |||||||||
Insurance - Life | 5 | 324,299 | 0.3 | % | 6,868 | 0.6 | % | |||||||||
Insurance - Medical | 6 | 865,993 | 0.9 | % | 18,839 | 1.5 | % | |||||||||
Insurance - Other | 1 | 4,174 | — | % | 77 | — | % | |||||||||
Insurance - Property | 15 | 986,800 | 1.0 | % | 15,465 | 1.2 | % | |||||||||
Logistics - Other | 2 | 168,462 | 0.2 | % | 1,266 | 0.1 | % | |||||||||
Logistics - Packaging | 1 | 221,035 | 0.2 | % | 1,480 | 0.1 | % | |||||||||
Logistics - Postal & Delivery Services | 60 | 3,933,810 | 3.9 | % | 34,940 | 2.8 | % | |||||||||
Logistics - Warehousing & Storage | 1 | 126,900 | 0.1 | % | 264 | — | % | |||||||||
Manufacturing - Aircraft & Aerospace | 4 | 981,873 | 1.0 | % | 16,341 | 1.3 | % | |||||||||
Manufacturing - Chemicals | 1 | 120,000 | 0.1 | % | 2,295 | 0.2 | % | |||||||||
Manufacturing - Construction Materials | 2 | 677,645 | 0.7 | % | 2,484 | 0.2 | % | |||||||||
Manufacturing - Consumer Products | 15 | 7,044,383 | 6.9 | % | 23,173 | 1.9 | % | |||||||||
Manufacturing - Food | 8 | 4,773,196 | 4.7 | % | 25,851 | 2.1 | % | |||||||||
Manufacturing - Household & Office Equipment & Goods | 2 | 299,766 | 0.3 | % | 2,195 | 0.2 | % | |||||||||
Manufacturing - Machinery & Heavy Equipment | 2 | 678,760 | 0.7 | % | 3,846 | 0.3 | % | |||||||||
Manufacturing - Medical | 5 | 719,947 | 0.7 | % | 15,352 | 1.2 | % | |||||||||
Manufacturing - Metals | 1 | 139,000 | 0.1 | % | 637 | 0.1 | % | |||||||||
Manufacturing - Motor Vehicle | 4 | 1,156,074 | 1.1 | % | 4,621 | 0.4 | % | |||||||||
Manufacturing - Other | 5 | 655,076 | 0.6 | % | 4,708 | 0.4 | % | |||||||||
Manufacturing - Tools & Hardware | 2 | 361,206 | 0.4 | % | 1,507 | 0.1 | % | |||||||||
Mining & Natural Resources - Petroleum, Gas & Coal | 14 | 733,617 | 0.7 | % | 15,094 | 1.2 | % | |||||||||
Other Services - Automotive | 13 | 4,739,112 | 4.7 | % | 16,824 | 1.4 | % | |||||||||
Other Services - Beauty Salons & Spas | 119 | 198,292 | 0.2 | % | 4,777 | 0.4 | % | |||||||||
Other Services - Consumer Goods Repair | 1 | 980 | — | % | 20 | — | % | |||||||||
Other Services - Diet & Weight | 7 | 12,943 | — | % | 207 | — | % | |||||||||
Other Services - Drycleaning, Laundry & Alterations | 11 | 16,477 | — | % | 392 | — | % | |||||||||
Other Services - Non-Profit Organizations | 1 | 8,512 | — | % | 241 | — | % | |||||||||
Other Services - Other | 1 | 19,058 | — | % | 376 | — | % |
Industry | Number of Leases | Square Feet | Square Feet as a % of Total Portfolio | Annualized Rental Income | Annualized Rental Income as a % of Total Portfolio | |||||||||||
Other Services - Pet Care | 1 | 3,726 | — | % | $ | 49 | — | % | ||||||||
Other Services - Photography | 2 | 5,011 | — | % | 107 | — | % | |||||||||
Professional Services - Accounting & Tax | 8 | 12,520 | — | % | 300 | — | % | |||||||||
Professional Services - Administrative & Management Consulting | 14 | 1,662,720 | 1.6 | % | 24,739 | 2.0 | % | |||||||||
Professional Services - Advertising | 2 | 24,847 | — | % | 466 | — | % | |||||||||
Professional Services - Architecture & Engineering | 1 | 3,105 | — | % | 48 | — | % | |||||||||
Professional Services - Computer & Technology | 4 | 508,270 | 0.5 | % | 9,752 | 0.8 | % | |||||||||
Professional Services - Legal & Title | 2 | 22,791 | — | % | 402 | — | % | |||||||||
Professional Services - Media | 4 | 236,117 | 0.2 | % | 3,182 | 0.3 | % | |||||||||
Professional Services - Other | 3 | 81,790 | 0.1 | % | 1,720 | 0.1 | % | |||||||||
Professional Services - Research & Development | 2 | 201,764 | 0.2 | % | 1,363 | 0.1 | % | |||||||||
Real Estate - Other | 2 | 5,400 | — | % | 99 | — | % | |||||||||
Real Estate - Property Management | 1 | 20,659 | — | % | 401 | — | % | |||||||||
Rental - Consumer Goods Rental | 41 | 664,800 | 0.7 | % | 5,193 | 0.4 | % | |||||||||
Restaurants - Casual Dining | 378 | 2,308,310 | 2.3 | % | 73,172 | 5.9 | % | |||||||||
Restaurants - Family Dining | 130 | 711,019 | 0.7 | % | 18,641 | 1.5 | % | |||||||||
Restaurants - Premium Dining | 7 | 28,111 | — | % | 892 | 0.1 | % | |||||||||
Restaurants - Quick Service Restaurant | 1,371 | 4,703,580 | 4.6 | % | 128,136 | 10.3 | % | |||||||||
Retail - Apparel & Jewelry | 128 | 2,362,608 | 2.3 | % | 29,784 | 2.4 | % | |||||||||
Retail - Automotive | 143 | 1,132,541 | 1.1 | % | 19,828 | 1.6 | % | |||||||||
Retail - Department Stores | 28 | 2,351,813 | 2.3 | % | 15,959 | 1.3 | % | |||||||||
Retail - Discount | 726 | 10,483,295 | 10.3 | % | 95,569 | 7.7 | % | |||||||||
Retail - Electronics & Appliances | 35 | 936,112 | 0.9 | % | 13,332 | 1.1 | % | |||||||||
Retail - Gas & Convenience | 124 | 523,329 | 0.5 | % | 26,867 | 2.2 | % | |||||||||
Retail - Grocery & Supermarket | 105 | 6,565,893 | 6.5 | % | 74,275 | 6.0 | % | |||||||||
Retail - Hobby, Books & Music | 56 | 1,205,151 | 1.2 | % | 12,422 | 1.0 | % | |||||||||
Retail - Home & Garden | 114 | 7,942,681 | 7.8 | % | 59,136 | 4.7 | % | |||||||||
Retail - Home Furnishings | 61 | 632,334 | 0.6 | % | 11,233 | 0.9 | % | |||||||||
Retail - Internet | 3 | 3,048,444 | 3.0 | % | 14,159 | 1.1 | % | |||||||||
Retail - Office Supply | 25 | 461,963 | 0.5 | % | 6,695 | 0.5 | % | |||||||||
Retail - Pet Supply | 54 | 1,446,993 | 1.4 | % | 26,577 | 2.1 | % | |||||||||
Retail - Pharmacy | 256 | 3,608,307 | 3.6 | % | 87,039 | 7.0 | % | |||||||||
Retail - Specialty (Other) | 104 | 1,105,186 | 1.1 | % | 14,721 | 1.2 | % | |||||||||
Retail - Sporting Goods | 39 | 1,889,271 | 1.9 | % | 21,072 | 1.7 | % | |||||||||
Retail - Warehouse Clubs | 19 | 2,998,676 | 3.0 | % | 27,095 | 2.2 | % | |||||||||
Transportation - Railroad & Sea | 1 | 18,214 | — | % | 242 | — | % | |||||||||
Utilities - Power & Gas Distribution | 1 | 31,381 | — | % | 690 | 0.1 | % | |||||||||
Utilities - Power Generation | 1 | 9,353 | — | % | 241 | — | % | |||||||||
Other(1) | 159 | 1,105,811 | 1.1 | % | 68 | — | % | |||||||||
5,073 | 101,770,421 | 100.0 | % | $ | 1,247,715 | 100.0 | % |
State/Possession | Number of Properties | Square Feet | Leased Square Feet as a % of Total Portfolio | Annualized Rental Income | Annualized Rental Income as a % of Total Portfolio | |||||||||||
Alabama | 134 | 2,347,181 | 2.3 | % | $ | 38,285 | 3.1 | % | ||||||||
Alaska | 4 | 110,426 | 0.1 | % | 2,121 | 0.2 | % | |||||||||
Arizona | 72 | 3,169,038 | 3.1 | % | 55,374 | 4.4 | % | |||||||||
Arkansas | 92 | 928,423 | 0.9 | % | 9,950 | 0.8 | % | |||||||||
California | 78 | 6,093,934 | 6.0 | % | 74,634 | 6.0 | % | |||||||||
Colorado | 50 | 2,268,354 | 2.2 | % | 34,340 | 2.8 | % | |||||||||
Connecticut | 17 | 512,974 | 0.5 | % | 8,495 | 0.7 | % | |||||||||
Delaware | 9 | 373,009 | 0.4 | % | 4,418 | 0.4 | % | |||||||||
District of Columbia | 1 | 3,210 | — | % | 44 | — | % | |||||||||
Florida | 244 | 5,934,995 | 5.8 | % | 78,026 | 6.3 | % | |||||||||
Georgia | 187 | 5,709,564 | 5.6 | % | 71,620 | 5.7 | % | |||||||||
Idaho | 17 | 129,677 | 0.1 | % | 3,993 | 0.3 | % | |||||||||
Illinois | 165 | 6,109,065 | 6.0 | % | 79,634 | 6.4 | % | |||||||||
Indiana | 120 | 5,663,927 | 5.6 | % | 40,119 | 3.2 | % | |||||||||
Iowa | 47 | 1,418,784 | 1.4 | % | 11,517 | 0.9 | % | |||||||||
Kansas | 41 | 1,860,006 | 1.8 | % | 13,712 | 1.1 | % | |||||||||
Kentucky | 76 | 1,540,881 | 1.5 | % | 16,435 | 1.3 | % | |||||||||
Louisiana | 92 | 1,428,424 | 1.4 | % | 19,966 | 1.6 | % | |||||||||
Maine | 23 | 624,130 | 0.6 | % | 7,968 | 0.6 | % | |||||||||
Maryland | 25 | 797,963 | 0.8 | % | 13,808 | 1.1 | % | |||||||||
Massachusetts | 38 | 2,367,760 | 2.3 | % | 26,987 | 2.2 | % | |||||||||
Michigan | 169 | 3,375,154 | 3.3 | % | 44,699 | 3.6 | % | |||||||||
Minnesota | 35 | 484,826 | 0.5 | % | 5,839 | 0.5 | % | |||||||||
Mississippi | 69 | 1,733,065 | 1.7 | % | 13,738 | 1.1 | % | |||||||||
Missouri | 152 | 1,690,142 | 1.7 | % | 21,141 | 1.7 | % | |||||||||
Montana | 6 | 70,901 | 0.1 | % | 1,056 | 0.1 | % | |||||||||
Nebraska | 20 | 764,080 | 0.8 | % | 14,731 | 1.2 | % | |||||||||
Nevada | 31 | 813,352 | 0.8 | % | 10,254 | 0.8 | % | |||||||||
New Hampshire | 19 | 241,460 | 0.2 | % | 4,265 | 0.3 | % | |||||||||
New Jersey | 31 | 1,534,020 | 1.5 | % | 34,037 | 2.7 | % | |||||||||
New Mexico | 46 | 885,492 | 0.9 | % | 12,562 | 1.0 | % | |||||||||
New York | 70 | 1,350,267 | 1.3 | % | 25,179 | 2.0 | % | |||||||||
North Carolina | 154 | 3,737,609 | 3.7 | % | 36,041 | 2.9 | % | |||||||||
North Dakota | 7 | 139,777 | 0.1 | % | 2,528 | 0.2 | % | |||||||||
Ohio | 239 | 5,664,057 | 5.6 | % | 47,636 | 3.8 | % | |||||||||
Oklahoma | 62 | 1,665,425 | 1.6 | % | 20,150 | 1.6 | % | |||||||||
Oregon | 15 | 302,561 | 0.3 | % | 3,627 | 0.3 | % | |||||||||
Pennsylvania | 143 | 5,472,239 | 5.4 | % | 49,010 | 3.9 | % | |||||||||
Puerto Rico | 3 | 87,550 | 0.1 | % | 2,429 | 0.2 | % | |||||||||
Rhode Island | 14 | 214,079 | 0.2 | % | 3,692 | 0.3 | % | |||||||||
South Carolina | 110 | 3,004,508 | 3.0 | % | 28,321 | 2.3 | % | |||||||||
South Dakota | 7 | 106,604 | 0.1 | % | 1,272 | 0.1 | % | |||||||||
Tennessee | 115 | 3,520,211 | 3.5 | % | 30,461 | 2.4 | % | |||||||||
Texas | 502 | 10,707,867 | 10.5 | % | 150,982 | 12.1 | % | |||||||||
Utah | 8 | 86,733 | 0.1 | % | 1,195 | 0.1 | % | |||||||||
Vermont | 7 | 23,454 | — | % | 472 | — | % | |||||||||
Virginia | 93 | 2,374,886 | 2.3 | % | 37,764 | 3.0 | % | |||||||||
Washington | 20 | 455,132 | 0.4 | % | 9,753 | 0.8 | % | |||||||||
West Virginia | 39 | 228,496 | 0.2 | % | 4,877 | 0.4 | % | |||||||||
Wisconsin | 82 | 1,586,585 | 1.6 | % | 17,407 | 1.4 | % | |||||||||
Wyoming | 9 | 58,164 | 0.1 | % | 1,151 | 0.1 | % | |||||||||
3,809 | 101,770,421 | 100 | % | $ | 1,247,715 | 100 | % |
Property Type | Number of Properties | Square Feet | Square Feet as a % of Total Portfolio | Annualized Rental Income | Annualized Rental Income as a % of Total Portfolio | |||||||||||
Owned | ||||||||||||||||
Retail | 3,454 | 36,141,058 | 35.5 | % | $ | 611,514 | 49.0 | % | ||||||||
Office | 146 | 14,736,616 | 14.5 | % | 280,231 | 22.5 | % | |||||||||
Multi-Tenant Retail | 85 | 12,882,293 | 12.7 | % | 171,219 | 13.7 | % | |||||||||
Distribution | 91 | 28,271,027 | 27.8 | % | 141,136 | 11.3 | % | |||||||||
Industrial | 22 | 9,371,953 | 9.2 | % | 43,549 | 3.5 | % | |||||||||
Other(1) | 11 | 367,474 | 0.4 | % | 66 | — | % | |||||||||
3,809 | 101,770,421 | 100.0 | % | $ | 1,247,715 | 100.0 | % |
Year of Expiration | Number of Leases Expiring | Square Feet | Square Feet as a % of Total Portfolio | Annualized Rental Income Expiring (000's) | Annualized Rental Income Expiring as a % of Total Portfolio | |||||||||||
2014 | 345 | 2,739,539 | 2.7 | % | $ | 16,934 | 1.4 | % | ||||||||
2015 | 241 | 2,736,360 | 2.7 | % | 30,252 | 2.4 | % | |||||||||
2016 | 288 | 4,472,505 | 4.4 | % | 51,351 | 4.1 | % | |||||||||
2017 | 405 | 5,849,782 | 5.8 | % | 70,967 | 5.7 | % | |||||||||
2018 | 420 | 4,349,944 | 4.2 | % | 63,097 | 5.1 | % | |||||||||
2019 | 283 | 4,042,414 | 4.0 | % | 61,838 | 5.0 | % | |||||||||
2020 | 198 | 2,979,629 | 2.9 | % | 44,933 | 3.6 | % | |||||||||
2021 | 214 | 12,063,597 | 11.9 | % | 91,398 | 7.3 | % | |||||||||
2022 | 294 | 11,731,517 | 11.5 | % | 88,434 | 7.1 | % | |||||||||
2023 | 261 | 5,932,488 | 5.8 | % | 88,997 | 7.1 | % | |||||||||
2,949 | 56,897,775 | 55.9 | % | $ | 608,201 | 48.8 | % |
Year of Expiration | Number of Leases Expiring | Square Feet | Square Feet as a % of Total Portfolio | Annualized Rental Income Expiring (000's) | Annualized Rental Income Expiring as a % of Total Portfolio | |||||||||||
2014 | ||||||||||||||||
Retail | 9 | 37,336 | — | % | $ | 195 | — | % | ||||||||
Office | 13 | 312,788 | 0.3 | % | 2,057 | 0.2 | % | |||||||||
Restaurant | 103 | 426,763 | 0.4 | % | 8,406 | 0.7 | % | |||||||||
Multi-Tenant Retail | 210 | 712,501 | 0.7 | % | 3,892 | 0.3 | % | |||||||||
Distribution | 3 | 891,077 | 0.9 | % | 2,365 | 0.2 | % | |||||||||
Industrial | — | — | — | % | — | — | % | |||||||||
Other(1) | 7 | 359,074 | 0.4 | % | 19 | — | % | |||||||||
Total 2014 | 345 | 2,739,539 | 2.7 | % | 16,934 | 1.4 | % | |||||||||
2015 | ||||||||||||||||
Retail | 14 | 138,876 | 0.1 | % | 1,238 | 0.2 | % | |||||||||
Office | 15 | 610,319 | 0.6 | % | 10,100 | 0.8 | % | |||||||||
Restaurant | 102 | 374,609 | 0.4 | % | 6,652 | 0.5 | % | |||||||||
Multi-Tenant Retail | 105 | 464,905 | 0.5 | % | 8,057 | 0.6 | % | |||||||||
Distribution | 5 | 1,147,651 | 1.1 | % | 4,205 | 0.3 | % | |||||||||
Industrial | — | — | — | % | — | — | % | |||||||||
Other(1) | — | — | — | % | — | — | % | |||||||||
Total 2015 | 241 | 2,736,360 | 2.7 | % | 30,252 | 2.4 | % | |||||||||
2016 | ||||||||||||||||
Retail | 11 | 83,408 | 0.1 | % | 851 | 0.1 | % | |||||||||
Office | 13 | 1,015,450 | 1.0 | % | 17,403 | 1.4 | % | |||||||||
Restaurant | 101 | 401,272 | 0.4 | % | 9,257 | 0.7 | % | |||||||||
Multi-Tenant Retail | 156 | 1,151,469 | 1.1 | % | 15,263 | 1.2 | % | |||||||||
Distribution | 6 | 1,820,906 | 1.8 | % | 8,558 | 0.7 | % | |||||||||
Industrial | — | — | — | % | — | — | % | |||||||||
Other(1) | 1 | — | — | % | 19 | — | % | |||||||||
Total 2016 | 288 | 4,472,505 | 4.4 | % | 51,351 | 4.1 | % | |||||||||
2017 | ||||||||||||||||
Retail | 98 | 546,805 | 0.5 | % | $ | 11,842 | 0.9 | % | ||||||||
Office | 21 | 1,389,693 | 1.4 | % | 21,148 | 1.7 | % | |||||||||
Restaurant | 119 | 677,698 | 0.7 | % | 12,095 | 1.0 | % | |||||||||
Multi-Tenant Retail | 159 | 999,646 | 1.0 | % | 14,980 | 1.2 | % | |||||||||
Distribution | 7 | 2,235,940 | 2.2 | % | 10,887 | 0.9 | % | |||||||||
Industrial | — | — | — | % | — | — | % | |||||||||
Other(1) | 1 | — | — | % | 15 | — | % | |||||||||
Total 2017 | 405 | 5,849,782 | 5.8 | % | 70,967 | 5.7 | % | |||||||||
2018 | ||||||||||||||||
Retail | 76 | 933,506 | 1.0 | % | 13,440 | 1.1 | % | |||||||||
Office | 11 | 353,130 | 0.3 | % | 7,669 | 0.6 | % | |||||||||
Restaurant | 115 | 428,716 | 0.4 | % | 10,071 | 0.8 | % | |||||||||
Multi-Tenant Retail | 208 | 1,645,295 | 1.6 | % | 26,979 | 2.2 | % | |||||||||
Distribution | 7 | 849,596 | 0.8 | % | 4,002 | 0.3 | % | |||||||||
Industrial | 2 | 139,701 | 0.1 | % | 924 | 0.1 | % | |||||||||
Other(1) | 1 | — | — | % | 12 | — | % | |||||||||
Total 2018 | 420 | 4,349,944 | 4.2 | % | 63,097 | 5.1 | % | |||||||||
2019 |
Year of Expiration | Number of Leases Expiring | Square Feet | Square Feet as a % of Total Portfolio | Annualized Rental Income Expiring (000's) | Annualized Rental Income Expiring as a % of Total Portfolio | |||||||||||
Retail | 46 | 1,165,968 | 1.2 | % | 12,949 | 1.1 | % | |||||||||
Office | 13 | 705,598 | 0.7 | % | 16,232 | 1.4 | % | |||||||||
Restaurant | 84 | 379,962 | 0.4 | % | 7,985 | 0.6 | % | |||||||||
Multi-Tenant Retail | 136 | 1,473,736 | 1.4 | % | 21,733 | 1.7 | % | |||||||||
Distribution | 3 | 252,748 | 0.2 | % | 2,490 | 0.2 | % | |||||||||
Industrial | 1 | 64,402 | 0.1 | % | 449 | — | % | |||||||||
Other(1) | — | — | — | % | — | — | % | |||||||||
Total 2019 | 283 | 4,042,414 | 4.0 | % | 61,838 | 5.0 | % | |||||||||
2020 | ||||||||||||||||
Retail | 66 | 906,640 | 0.9 | % | 11,829 | 0.9 | % | |||||||||
Office | 16 | 1,134,349 | 1.1 | % | 17,895 | 1.4 | % | |||||||||
Restaurant | 72 | 280,101 | 0.3 | % | 7,050 | 0.6 | % | |||||||||
Multi-Tenant Retail | 43 | 650,139 | 0.6 | % | 8,158 | 0.7 | % | |||||||||
Distribution | — | — | — | % | — | — | % | |||||||||
Industrial | — | — | — | % | — | — | % | |||||||||
Other(1) | 1 | 8,400 | — | % | 1 | — | % | |||||||||
Total 2020 | 198 | 2,979,629 | 2.9 | % | 44,933 | 3.6 | % | |||||||||
2021 | ||||||||||||||||
Retail | 72 | 1,422,249 | 1.4 | % | 21,547 | 1.7 | % | |||||||||
Office | 12 | 1,096,472 | 1.1 | % | 20,074 | 1.6 | % | |||||||||
Restaurant | 60 | 191,837 | 0.2 | % | 5,386 | 0.4 | % | |||||||||
Multi-Tenant Retail | 53 | 790,920 | 0.8 | % | 11,034 | 0.9 | % | |||||||||
Distribution | 15 | 7,555,709 | 7.4 | % | 29,777 | 2.4 | % | |||||||||
Industrial | 2 | 1,006,410 | 1.0 | % | 3,580 | 0.3 | % | |||||||||
Other(1) | — | — | — | % | — | — | % | |||||||||
Total 2021 | 214 | 12,063,597 | 11.9 | % | 91,398 | 7.3 | % | |||||||||
2022 | ||||||||||||||||
Retail | 142 | 2,259,698 | 2.2 | % | 24,930 | 2.0 | % | |||||||||
Office | 9 | 713,882 | 0.7 | % | $ | 13,569 | 1.1 | % | ||||||||
Restaurant | 73 | 393,912 | 0.4 | % | 10,252 | 0.8 | % | |||||||||
Multi-Tenant Retail | 49 | 826,687 | 0.8 | % | 10,704 | 0.9 | % | |||||||||
Distribution | 19 | 6,126,342 | 6.0 | % | 24,852 | 2.0 | % | |||||||||
Industrial | 2 | 1,410,996 | 1.4 | % | 4,127 | 0.3 | % | |||||||||
Other(1) | — | — | — | % | — | — | % | |||||||||
Total 2022 | 294 | 11,731,517 | 11.5 | % | 88,434 | 7.1 | % | |||||||||
2023 | ||||||||||||||||
Retail | 112 | 1,653,732 | 1.6 | % | 22,170 | 1.7 | % | |||||||||
Office | 25 | 1,476,933 | 1.5 | % | 34,104 | 2.7 | % | |||||||||
Restaurant | 62 | 319,199 | 0.3 | % | 7,139 | 0.6 | % | |||||||||
Multi-Tenant Retail | 51 | 1,169,782 | 1.1 | % | 13,705 | 1.1 | % | |||||||||
Distribution | 7 | 1,087,957 | 1.1 | % | 9,931 | 0.8 | % | |||||||||
Industrial | 4 | 224,885 | 0.2 | % | 1,948 | 0.2 | % | |||||||||
Other(1) | — | — | — | % | — | — | % | |||||||||
Total 2023 | 261 | 5,932,488 | 5.8 | % | 88,997 | 7.1 | % | |||||||||
Total 2014 - 2023 | 2,949 | 56,897,775 | 55.9 | % | $ | 608,201 | 48.8 | % |
Property | Number of Leases | Rentable Square Feet | Occupancy Rate | Annualized Rental Income(1) | |||||||||
Charter Fitness | 3 | 60,820 | 85 | % | $ | 624 | |||||||
University Plaza | 22 | 165,615 | 100 | % | 1,970 | ||||||||
Sunset Valley | 24 | 148,757 | 99 | % | 3,361 | ||||||||
Evans Exchange | 5 | 65,077 | 97 | % | 1,150 | ||||||||
Lakeshore Crossing | 3 | 123,948 | 100 | % | 701 | ||||||||
Whittwood Town Center | 53 | 785,624 | 99 | % | 6,254 | ||||||||
CVS & Noble Roman | 2 | 12,375 | 100 | % | 367 | ||||||||
CVS & Tres Amigos | 2 | 15,029 | 100 | % | 324 | ||||||||
Shoppes at Port Arthur | 10 | 92,877 | 100 | % | 1,355 | ||||||||
Petco & Portrait Innovations | 2 | 17,678 | 100 | % | 370 | ||||||||
Breakfast Pointe | 13 | 97,938 | 99 | % | 1,366 | ||||||||
Prairie Market | 18 | 112,784 | 98 | % | 2,604 | ||||||||
Volusia Square | 22 | 231,996 | 95 | % | 2,666 | ||||||||
Stearns Crossing | 17 | 96,613 | 90 | % | 1,152 | ||||||||
Folsom Gateway II | 13 | 115,143 | 98 | % | 2,951 | ||||||||
CVS & Huntington Bank | 2 | 15,816 | 100 | % | 293 | ||||||||
Waterside Marketplace | 18 | 252,393 | 92 | % | 3,097 | ||||||||
Pinehurst Square | 8 | 69,119 | 100 | % | 929 | ||||||||
Red Oak Village | 14 | 176,528 | 98 | % | 2,003 | ||||||||
Falcon Valley | 6 | 76,784 | 100 | % | 1,026 | ||||||||
Oxford Exchange | 35 | 333,939 | 97 | % | 3,932 | ||||||||
Northpoint Shopping Center | 11 | 114,640 | 71 | % | 1,053 | ||||||||
Camp Creek Marketplace | 50 | 425,508 | 95 | % | 6,169 | ||||||||
Century Town Center | 13 | 106,909 | 93 | % | 1,392 | ||||||||
Riverside Centre | 2 | 62,000 | 100 | % | 489 | ||||||||
Nature Coast Commons | 26 | 225,254 | 84 | % | 2,825 | ||||||||
Santa Rosa Commons | 17 | 138,850 | 100 | % | 2,046 | ||||||||
Shelby Corners | 3 | 76,874 | 92 | % | 484 | ||||||||
Telegraph Plaza | 11 | 72,758 | 89 | % | 750 | ||||||||
Denver West Plaza | 4 | 71,249 | 91 | % | 1,218 | ||||||||
The Forum | 24 | 191,842 | 96 | % | 2,885 | ||||||||
Hobby Lobby Center | 5 | 68,912 | 100 | % | 620 | ||||||||
The Plaza | 14 | 70,973 | 93 | % | 1,425 | ||||||||
Highlands Ranch | 2 | 50,511 | 100 | % | 559 | ||||||||
Kohl's Plaza | 7 | 76,315 | 100 | % | 1,771 | ||||||||
Glynn Isles | 27 | 192,338 | 96 | % | 2,911 | ||||||||
Dimond Crossing | 8 | 85,356 | 100 | % | 1,376 | ||||||||
Winchester Station | 17 | 182,816 | 100 | % | 2,644 | ||||||||
Crossroads Marketplace | 12 | 78,624 | 99 | % | 1,049 | ||||||||
Petsmart & Hallmark | 3 | 33,579 | 100 | % | 429 | ||||||||
Del Monte Plaza | 2 | 82,758 | 100 | % | 1,540 | ||||||||
Shoppes at Sugarmill Woods | 11 | 52,346 | 96 | % | 708 | ||||||||
Bellview Plaza | 8 | 82,910 | 100 | % | 853 | ||||||||
Kyle Marketplace | 33 | 219,068 | 98 | % | 3,485 | ||||||||
Indian Lakes Crossing | 10 | 71,012 | 96 | % | 1,075 |
Property | Number of Leases | Rentable Square Feet | Occupancy Rate | Annualized Rental Income(1) | |||||||||
Midtowne Park | 4 | 167,341 | 100 | % | $ | 1,948 | |||||||
Silverado Plaza | 12 | 77,690 | 99 | % | 748 | ||||||||
Cleveland Towne Center | 22 | 152,839 | 93 | % | 1,750 | ||||||||
Fairlane Green | 35 | 266,516 | 99 | % | 4,856 | ||||||||
Petsmart & Travis Credit Union | 2 | 30,849 | 100 | % | 465 | ||||||||
Petsmart & Bevmo | 2 | 44,948 | 100 | % | 538 | ||||||||
Greenway Commons | 18 | 253,237 | 98 | % | 4,700 | ||||||||
San Tan Marketplace | 32 | 285,508 | 98 | % | 4,393 | ||||||||
Toys "R" Us Center | 2 | 48,320 | 100 | % | 347 | ||||||||
Shoppes at Sherbrooke | 6 | 57,794 | 95 | % | 969 | ||||||||
Widewater Commons | 7 | 46,702 | 97 | % | 631 | ||||||||
Eastland Center | 45 | 809,841 | 96 | % | 10,792 | ||||||||
Sherwood Retail Center | 3 | 119,002 | 100 | % | 607 | ||||||||
Hillside Town Center | 25 | 164,923 | 92 | % | 2,486 | ||||||||
White Oak Village | 54 | 431,737 | 95 | % | 6,533 | ||||||||
Kohl's & Academy Sports | 2 | 131,578 | 100 | % | 901 | ||||||||
Valley Bend | 49 | 412,920 | 100 | % | 5,886 | ||||||||
Pick 'N Save Center | 5 | 69,855 | 98 | % | 1,342 | ||||||||
West Valley Center | 17 | 281,616 | 99 | % | 2,920 | ||||||||
East Valley Center | 3 | 121,792 | 66 | % | 540 | ||||||||
Big Lots & Tractor Supply | 2 | 58,035 | 100 | % | 292 | ||||||||
South Plains Crossing | 14 | 144,241 | 98 | % | 1,544 | ||||||||
Kingsbury Center | 4 | 53,079 | 100 | % | 1,635 | ||||||||
Stonebridge Village | 29 | 158,324 | 94 | % | 2,423 | ||||||||
Capital Plaza | 7 | 46,793 | 92 | % | 618 | ||||||||
Stonebridge Square | 16 | 158,869 | 99 | % | 1,949 | ||||||||
Cedar Hill Village | 4 | 42,871 | 100 | % | 803 | ||||||||
The Shops at Prescott Gateway | 13 | 34,671 | 97 | % | 980 | ||||||||
Naugatuck Valley Shopping Center | 20 | 382,864 | 84 | % | 4,118 | ||||||||
The Summit at Towne Lake | 7 | 59,722 | 95 | % | 1,150 | ||||||||
Peninsula Crossing | 19 | 304,577 | 99 | % | 3,045 | ||||||||
Powell Center | 5 | 85,732 | 100 | % | 1,171 | ||||||||
Gander Mountain & Goodwill | 2 | 46,865 | 100 | % | 543 | ||||||||
The Shoppes on South Main | 16 | 114,987 | 93 | % | 997 | ||||||||
Eastchase Market | 32 | 259,291 | 96 | % | 2,749 | ||||||||
Cornerstar | 43 | 430,110 | 99 | % | 8,190 | ||||||||
McAlister Square | 19 | 169,398 | 97 | % | 1,879 | ||||||||
Cordova Commons | 18 | 164,343 | 100 | % | 2,548 | ||||||||
Melrose Park Center | 14 | 113,701 | 95 | % | 1,362 | ||||||||
Tradewinds Shopping Center | 27 | 178,557 | 91 | % | 1,620 | ||||||||
1,268 | 12,882,293 | 96 | % | $ | 171,219 |
Joint Venture | Partner | Ownership % | Pro-Rata Share of Purchase Price (thousands) | Rentable Square Feet (1) (thousands) | Annualized Rental Income (1) (thousands) | Debt (1) (2) (thousands) | Major Tenants | ||||||||||||||
Cole/Mosaic JV South Elgin IL, LLC | Affiliate of Mosaic Properties and Development, LLC | 50% | $ | 17,000 | 232 | $ | 2,931 | $ | 20,400 | Home Depot, Best Buy | |||||||||||
Chandler Festival SPE, LLC | Propstra Chandler Trust & RED Development, LLC | 45%(3) | 27,878 | 360 | 5,039 | 28,936 | Nordstrom Rack, Buy Buy Baby, Ross, TJ Maxx | ||||||||||||||
Chandler Village Center, LLC (AZ) | Propstra Chandler Trust & RED Development, LLC | 45%(3) | 13,316 | 130 | 2,417 | 20,370 | Sports Authority, Bed Bath & Beyond, DSW | ||||||||||||||
Cole/LBA JV OF Pleasanton CA | Affiliate of LBA Realty | 90% | 86,850 | 343 | 6,491 | 57,000 | Clorox Companies | ||||||||||||||
Chandler Gateway SPE, LLC | Propstra Chandler Trust & RED Development, LLC | 45%(3) | 12,884 | 262 | 1,589 | 18,414 | Hobby Lobby, Wal-Mart | ||||||||||||||
Cole/Faison JV Bethlehem GA, LLC | Faison-Winder Investors, LLC | 90% | 33,429 | 280 | 3,165 | 26,000 | Publix, Belk | ||||||||||||||
Total Unconsolidated Joint Ventures | $ | 191,357 | 1,607 | $ | 21,632 | $ | 171,120 | ||||||||||||||
Interest (4) | $ | 14,228 | $ | 115,374 |
(1) | Rentable square feet, annualized rental income and debt represent information for total unconsolidated joint venture. |
(2) | Debt represents secured fixed and variable rates ranging from 2.06% to 6.15% and maturities ranging from July 2015 to July 2021, with a weighted average interest rate of 3.69% as of March 31, 2014 and a weighted average years to maturity of 2.7 years as of March 31, 2014. |
(3) | Represents the Company’s 90% interest in a consolidated joint venture, whose only assets are 50% interests in the respective unconsolidated joint ventures. |
(4) | Interest represents the Company’s aggregate interest in unconsolidated joint ventures as of March 31, 2014. |
Program | Primary Investment Strategy | Offering Commencement Date | % of Outstanding Shares Owned by ARCP | Offering Price/NAV | Annualized Distribution | |||||||||
Cole Credit Property Trust IV, Inc. (“CCPT IV”) (1) | Retail | 1/26/2012 | 0.01 | % | $ | 10.00 | 6.25 | % | ||||||
Cole Credit Property Trust V, Inc. (“CCPT V”) | Retail | 3/17/2014 | 100.00 | % | $ | 25.00 | 6.30 | % | ||||||
Cole Real Estate Income Strategy (Daily NAV), Inc. (“INAV”) | Diversified | 12/6/2011(2) | 0.28 | % | (3) (4) | (4) | ||||||||
Cole Office & Industrial REIT (CCIT II), Inc. (“CCIT II”) | Office and industrial | 9/17/2013 | 33.14 | % | $ | 10.00 | 6.00 | % | ||||||
Closed Programs (5) | Various | Prior to 2011 | less than 0.01% | Various | Various | |||||||||
(1) | CCPT IV's primary offering was closed to new subscriptions received after February 25, 2014. Subscriptions agreements were accepted if they were received in good order on or before the close of business on February 25, 2014 and were fully funded no later than the close of business on April 4, 2014. |
(2) | On August 26, 2013, INAV designated the existing shares of INAV's common stock that were sold prior to such date to be Wrap Class shares (“W Shares”) of common stock and registered two new classes of INAV common stock, Advisor Class shares (“A Shares”) and Institutional Class shares (“I Shares”). As the existing class of common stock, W Shares were first issued on December 6, 2011, A Shares were first issued on October 10, 2013 and I Shares were first issued on November 19, 2013. |
(3) | The Net Asset Value for each share class (“NAV per share”) is calculated daily as of the close of business using a process that reflects (i) estimated values of each of INAV’s commercial real estate assets, related liabilities and notes receivable secured by real estate provided periodically by INAV’s independent valuation expert in individual appraisal reports, (ii) daily updates in the price of liquid assets for which third party market quotes are available, (iii) accruals of INAV’s daily distributions and (iv) estimates of daily accruals, on a net basis, of operating revenues, expenses, debt service costs and fees. |
(4) | Calculated using a daily distribution rate per common share and NAV per share, for each share class, as of the close of business on March 31, 2014: |
Share Class | Date of Offering | NAV Per Share | Daily Distribution Rate | Annualized Distribution | |||||||||
W Shares | 12/6/2011 | (3) | $ | 16.99 | $ | 0.002563675 | 5.51 | % | |||||
A Shares | 10/10/13 | (3) | $ | 16.97 | $ | 0.002560915 | 5.51 | % | |||||
I Shares | 11/19/13 | (3) | $ | 17.01 | $ | 0.002566910 | 5.51 | % |
(5) | The Closed Programs include Cole Credit Property Trust, Inc. (“CCPT”), Cole Corporate Income Trust, Inc. (“CCIT”), tenant-in-common programs, Delaware statutory trust programs and Cole Growth Opportunity Fund I, L.P. (“CGOF”). |
Offering Fees | Transaction Fees | Management Fees | ||||||||||||||||||||
Program | Selling Commissions (1) | Dealer Manager and Distribution Fees (2) | Acquisition Transactional Fees (3) | Financing Transactional Fees | Property Management Fees (4) | Asset Management / Advisory Fees | Performance Fees | |||||||||||||||
CCPT IV (8) | 7 | % | 2 | % | 2 | % | — | % | — | % | 0.65% - 0.75% | (6) | 15 | % | (7) | |||||||
CCPT V | 7 | % | 2 | % | 2 | % | — | % | — | % | 0.65% - 0.75% | (6) | 15 | % | (7) | |||||||
INAV | (5) | (5) | — | % | — | % | — | % | 0.90 | % | 25 | % | (9) | |||||||||
CCIT II | 7 | % | 2 | % | 2 | % | — | % | — | % | 0.65% - 0.75% | (6) | 15 | % | (7) | |||||||
Closed Programs (10) | N/A | N/A | Various | Various | Various | Various | Various | |||||||||||||||
(1) | The Company reallows 100% of selling commissions earned to participating broker-dealers. |
(2) | The Company may reallow all or a portion of its dealer manager fee or applicable distribution fee to participating broker-dealers as a marketing and due diligence expense reimbursement. |
(3) | Percent taken on gross purchase price. |
(4) | Percent taken on gross revenues (leasing fees based on prevailing market rates with restrictions). |
(5) | In connection with the INAV offering, the Company will receive selling commissions, an asset-based dealer manager fee and/or an asset-based distribution fee, as summarized in the table below for each class of common stock: |
Share Class | Selling Commission (1) | Dealer Manager Fee (2) | Distribution Fee (2) | ||||||
W Shares | — | 0.55 | % | — | |||||
A Shares | up to 3.75% | 0.55 | % | 0.50 | % | ||||
I Shares | — | 0.25 | % | — |
(6) | Annualized fee based on the average monthly invested assets. |
(7) | Performance fee paid only under the following events (i) if shares are listed on a national securities exchange; (ii) if the respective Managed Program is sold or the assets are liquidated; or (iii) termination of the advisory agreement. In connection with such events, the performance fee will only be earned upon the return to investors of their net capital invested and an 8% annual cumulative, non-compounded return (6% in the case of CCPT V). |
(8) | CCPT IV's primary offering was closed to new subscriptions received after February 25, 2014. Subscriptions agreements were accepted if they were received in good order on or before the close of business on February 25, 2014 and were fully funded no later than the close of business on April 4, 2014. |
(9) | Performance fee paid for any year in which the total return on stockholders' capital exceeds 6% per annum on a calendar year basis. |
(10) | Includes CCPT, CCIT, tenant-in-common programs, Delaware statutory trust programs and CGOF. |
Program | Capital Raised (1) (thousands) | Number of Investments (2) | Assets Under Management (3) (thousands) | Total Debt Outstanding (thousands) | |||||||||||
Open Programs: | |||||||||||||||
CCPT IV (4) | $ | 2,918,517 | 406 | $ | 2,483,228 | $ | 747,803 | ||||||||
CCPT V | 2,500 | 3 | 3,300 | 1,000 | |||||||||||
INAV | 79,533 | 40 | 117,600 | 42,900 | |||||||||||
CCIT II | 8,405 | 1 | 24,000 | 18,700 | |||||||||||
Total Open Programs | 3,008,955 | 450 | 2,628,128 | 810,403 | |||||||||||
Closed Programs (5) | 2,415,139 | 201 | 3,348,129 | 1,252,808 | |||||||||||
Total | $ | 5,424,094 | 651 | $ | 5,976,257 | $ | 2,063,211 | ||||||||
(1) | Capital raised represents gross proceeds, including DRIP shares issued. |
(2) | Number of investments includes properties owned through unconsolidated joint ventures. |
(3) | Assets under management represents total gross real estate and related assets, including net investments in unconsolidated joint ventures, net of gross intangible lease liabilities. |
(4) | CCPT IV's primary offering was closed to new subscriptions received after February 25, 2014. Subscriptions agreements were accepted if they were received in good order on or before the close of business on February 25, 2014 and were fully funded no later than the close of business on April 4, 2014. |
(5) | Includes CCPT, CCIT, tenant-in-common programs, Delaware statutory trust programs and CGOF. |
Program | Capital Raised (1) (thousands) | Number of Investments Acquired (2) | Purchase Price (3) (thousands) | New Debt (4) (thousands) | ||||||||||||
Open Programs: | ||||||||||||||||
CCPT IV (5) | $ | 856,901 | 68 | $ | 280,484 | $ | 50,857 | |||||||||
CCPT V | 2,500 | 3 | 3,300 | 1,000 | ||||||||||||
INAV | 11,735 | 8 | 14,032 | — | ||||||||||||
CCIT II | 8,405 | 1 | 24,000 | 18,700 | ||||||||||||
Total Open Programs | 879,541 | 80 | 321,816 | 70,557 | ||||||||||||
Closed Programs (6) | — | 5 | 97,184 | 44,000 | ||||||||||||
Total | $ | 879,541 | 85 | $ | 419,000 | $ | 114,557 | |||||||||
(1) | Capital raised represents gross proceeds, including DRIP shares issued. |
(2) | Number of investments acquired includes properties owned through unconsolidated joint ventures. |
(3) | Purchase price includes pro rata share for unconsolidated joint ventures. |
(4) | New debt may include (i) outstanding face value of new mortgage notes payable entered into, (ii) total allowable borrowings under new credit facilities entered into and (iii) increases in allowable borrowings to existing credit facilities in accordance with amendments executed. |
(5) | CCPT IV's primary offering was closed to new subscriptions received after February 25, 2014. Subscriptions agreements were accepted if they were received in good order on or before the close of business on February 25, 2014 and were fully funded no later than the close of business on April 4, 2014. |
(6) | Includes CCPT, CCIT, tenant-in-common programs, Delaware statutory trust programs and CGOF. |
Program | Offering Related Revenue and Reimbursements | Transaction Service Revenue | Management Service Revenue and Reimbursements | Total Private Capital Management Revenue and Reimbursements | ||||||||||||
Open Programs: | ||||||||||||||||
CCPT IV (1) | $ | 41,665 | $ | 3,998 | $ | 3,629 | $ | 49,292 | ||||||||
CCPT V | 50 | 66 | 17 | 133 | ||||||||||||
INAV | 139 | — | 108 | 247 | ||||||||||||
CCIT II | 599 | — | 26 | 625 | ||||||||||||
Gross revenues - Open Programs | 42,453 | 4,064 | 3,780 | 50,297 | ||||||||||||
Less: | ||||||||||||||||
Reallowed revenues | 34,436 | — | — | 34,436 | ||||||||||||
Reimbursements | 3,984 | — | 1,082 | 5,066 | ||||||||||||
Adjusted Revenues (2) - Open Programs | 4,033 | 4,064 | 2,698 | 10,795 | ||||||||||||
Closed Programs: | ||||||||||||||||
Gross revenues - Closed Programs (3) | — | 495 | 3,275 | 3,770 | ||||||||||||
Less: | ||||||||||||||||
Reimbursements | — | — | 429 | 429 | ||||||||||||
Adjusted Revenues (2) - Closed Programs (3) | — | 495 | 2,846 | 3,341 | ||||||||||||
Total Adjusted Revenues (2) | $ | 4,033 | $ | 4,559 | $ | 5,544 | $ | 14,136 | ||||||||
(1) | CCPT IV's primary offering was closed to new subscriptions received after February 25, 2014. Subscriptions agreements were accepted if they were received in good order on or before the close of business on February 25, 2014 and were fully funded no later than the close of business on April 4, 2014. |
(2) | Adjusted Revenues is a non-GAAP measure. See the Definitions section that begins on page 34 for a description of the Company’s non-GAAP measures. |
(3) | Includes CCPT, CCIT, tenant-in-common programs, Delaware statutory trust programs and CGOF. |
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