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(Mark One)
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x
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ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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For the fiscal year ended December 31, 2019
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o
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TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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For the transition period from to
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Maryland
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27-3148022
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(State or other jurisdiction of incorporation or organization)
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(I.R.S. Employer Identification Number)
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2398 East Camelback Road, 4th Floor
Phoenix, Arizona 85016
(Address of principal executive offices; zip code)
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(602) 778-8700
(Registrant’s telephone number, including area code)
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Title of Each Class
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Trading Symbol
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Name of Each Exchange on Which Registered
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None
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None
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None
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Large accelerated filer
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o
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Accelerated filer
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o
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Non-accelerated filer
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x
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Smaller reporting company
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o
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Emerging growth company
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o
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TABLE OF CONTENTS
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PART I
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ITEM 1.
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ITEM 1A.
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ITEM 1B.
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ITEM 2.
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ITEM 3.
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ITEM 4.
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PART II
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ITEM 5.
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ITEM 6.
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ITEM 7.
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ITEM 7A.
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ITEM 8.
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ITEM 9.
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ITEM 9A.
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ITEM 9B.
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PART III
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ITEM 10.
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ITEM 11.
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ITEM 12.
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ITEM 13.
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ITEM 14.
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PART IV
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ITEM 15.
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ITEM 16.
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We may be unable to renew leases, lease vacant space or re-lease space as leases expire on favorable terms or at all.
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We are subject to risks associated with tenant, geographic and industry concentrations with respect to our properties.
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Our properties, intangible assets and other assets may be subject to impairment charges.
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We could be subject to unexpected costs or unexpected liabilities that may arise from dispositions.
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We are subject to competition in the acquisition and disposition of properties and in the leasing of our properties, and we may suffer delays or be unable to acquire, dispose of, or lease properties on advantageous terms.
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We are subject to risks associated with bankruptcies or insolvencies of tenants or from tenant defaults generally.
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We have substantial indebtedness, which may affect our ability to pay distributions and expose us to interest rate fluctuation risk and the risk of default under our debt obligations.
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We are subject to risks associated with the incurrence of additional secured or unsecured debt.
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We may not be able to maintain profitability.
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We may not generate cash flows sufficient to pay our distributions to stockholders or meet our debt service obligations.
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We may be affected by risks resulting from losses in excess of insured limits.
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We may fail to remain qualified as a real estate investment trust (“REIT”) for U.S. federal income tax purposes.
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We may be unable to successfully reposition our portfolio, ultimately becoming a mortgage REIT, or list our shares on a national securities exchange, in the timeframe we expect or at all.
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ITEM 1.
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BUSINESS
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Valuation Date
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Period Commencing
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Period Ending
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NAV per Share
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August 31, 2015
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October 1, 2015
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November 13, 2016
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$
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9.70
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September 30, 2016
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November 14, 2016
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March 27, 2017
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$
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9.92
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December 31, 2016
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March 28, 2017
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March 28, 2018
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$
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10.08
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December 31, 2017
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March 29, 2018
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March 19, 2019
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$
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9.37
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December 31, 2018
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March 26, 2019
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March 29, 2020
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$
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8.65
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December 31, 2019
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March 30, 2020
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—
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$
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7.77
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•
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not making investments that would cause us to fail to qualify as a REIT under the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”);
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not making any investment that would cause us or any of our subsidiaries to be regulated as an investment company under the Investment Company Act;
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our manager seeking to invest our capital in a broad range of investments in or relating to real property and real estate-related credit assets and our Investment Advisor seeking to invest in real estate and corporate credit-related securities;
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prior to the deployment or redeployment of capital, permitting the manager or our Investment Advisor to cause the capital to be investment in short-term investments in money market funds, bank accounts, overnight repurchase agreements with primary federal reserve bank dealers collateralized by direct U.S. government obligations, and other instruments and investments reasonably determined to be of high quality;
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not permitting more than 25% of consolidated equity, as defined in the Management Agreement, to be invested in any individual investment without approval of a majority of the Board or a duly constituted committee thereof; and
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requiring any investment in excess of 10% of consolidated equity, as defined in the Management Agreement, to be approved by the Board or a duly constituted committee thereof.
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the condition and use of the collateral securing the loan;
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tenant rolls and tenant creditworthiness;
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a property condition report;
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unit level store performance;
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property location, visibility and access;
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age of the property, physical condition and curb appeal;
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neighboring property uses;
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local market conditions including vacancy rates and market rents;
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area demographics, including trade area population and average household income;
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neighborhood growth patterns and economic conditions;
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presence of nearby properties that may positively or negatively impact store sales at the subject property; and
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lease terms, including length of lease term, scope of landlord responsibilities, presence and frequency of contractual rental increases, renewal option provisions, exclusive and permitted use provisions, co-tenancy requirements and termination options.
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the effect of the acquisition both on diversification of each entity’s investments by type of property, geographic area and tenant concentration;
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ITEM 1A.
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RISK FACTORS
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identify and make investments that further our investment objectives;
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rely on our advisor and its affiliates to attract, integrate, motivate and retain qualified personnel to manage our day-to-day operations;
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respond to competition for our targeted credit investments, real estate and other assets;
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rely on our advisor and its affiliates to continue to build and expand our operations structure to support our business; and
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be continuously aware of, and interpret, marketing trends and conditions.
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stockholders will be able to realize the estimated per share NAV upon attempting to sell their shares; or
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the Company will be able to achieve, for its stockholders, the estimated per share NAV upon a listing of the Company’s shares of common stock on a national securities exchange, a merger of the Company, or a sale of the Company’s portfolio.
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Year Ended December 31,
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2019
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2018
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Amount
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Percent
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Amount
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Percent
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Distributions paid in cash
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$
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112,083
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58
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%
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$
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102,822
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53
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%
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Distributions reinvested
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82,388
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42
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%
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91,764
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47
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%
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Total distributions
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$
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194,471
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100
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%
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$
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194,586
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100
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%
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Source of distributions:
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Net cash provided by operating activities (1)
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$
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194,471
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(2)
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100
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%
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$
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194,586
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100
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%
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(1)
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Net cash provided by operating activities for the years ended December 31, 2019 and 2018 was $188.6 million and $205.8 million, respectively.
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•
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the risk that a co-owner may at any time have economic or business interests or goals that are or become inconsistent with our business interests or goals;
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•
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the risk that a co-owner may be in a position to take action contrary to our instructions or requests or contrary to our policies, objectives or status as a REIT;
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•
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the possibility that an individual co-owner might become insolvent or bankrupt, or otherwise default under the mortgage loan financing documents applicable to the property, which may constitute an event of default under all of the applicable mortgage loan financing documents, result in a foreclosure and the loss of all or a substantial portion of
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•
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the possibility that a co-owner might not have adequate liquid assets to make cash advances that may be required in order to fund operations, maintenance and other expenses related to the property, which could result in the loss of current or prospective tenants and may otherwise adversely affect the operation and maintenance of the property, and could cause a default under the applicable mortgage loan financing documents and may result in late charges, penalties and interest, and may lead to the exercise of foreclosure and other remedies by the lender;
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•
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the risk that a co-owner could breach agreements related to the property, which may cause a default under, and possibly result in personal liability in connection with, any mortgage loan financing documents applicable to the property, violate applicable securities laws, result in a foreclosure or otherwise adversely affect the property and the co-ownership arrangement;
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•
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the risk that we could have limited control and rights, with management decisions made entirely by a third party; and
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•
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the possibility that we will not have the right to sell the property at a time that otherwise could result in the property being sold for its maximum value.
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•
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acquire investments subject to rights of senior classes, special servicers or collateral managers under intercreditor, servicing agreements or securitization documents;
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•
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pledge our investments as collateral for financing arrangements;
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acquire only a minority and/or a non-controlling participation in an underlying investment;
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co-invest with others through partnerships, joint ventures or other entities, thereby acquiring non-controlling interests; or
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rely on independent third party management or servicing with respect to the management of an asset.
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•
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tenant mix and tenant bankruptcies;
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success of tenant businesses;
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•
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property management decisions, including with respect to capital improvements, particularly in older building structures;
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•
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property location and condition;
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•
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competition from other properties offering the same or similar services;
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•
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changes in laws that increase operating expenses or limit rents that may be charged;
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•
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any liabilities relating to environmental matters at the property;
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changes in global, national, regional, or local economic conditions and/or specific industry segments;
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global trade disruption, significant introductions of trade barriers and bilateral trade frictions;
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declines in global, national, regional or local real estate values;
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declines in global, national, regional or local rental or occupancy rates;
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changes in interest rates, foreign exchange rates, and in the state of the credit and securitization markets and the debt and equity capital markets, including diminished availability or lack of debt financing for commercial real estate;
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•
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changes in real estate tax rates, tax credits and other operating expenses;
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•
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changes in governmental rules, regulations and fiscal policies, including income tax regulations and environmental legislation;
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•
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acts of God, terrorism, social unrest and civil disturbances, which may decrease the availability of or increase the cost of insurance or result in uninsured losses; and
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adverse changes in zoning laws.
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the continuation, renewal or enforcement of our agreements with our advisor and its affiliates, including the Management Agreement;
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property acquisitions from other real estate programs sponsored or operated by CCO Group, which might entitle affiliates of our advisor to real estate commissions and possible success-based sale fees in connection with its services for the seller;
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•
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property acquisitions from third parties, which entitle our advisor to acquisition fees and advisory fees;
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•
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property or asset dispositions, which may entitle our advisor or its affiliates to disposition fees;
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borrowings to acquire properties, which borrowings will increase the acquisition and advisory fees payable to our advisor; and
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•
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how and when to recommend to our Board a proposed strategy to provide our stockholders with liquidity, which proposed strategy, if implemented, could entitle our advisor to the payment of significant fees.
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•
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any person who beneficially owns, directly or indirectly, 10% or more of the voting power of the corporation’s outstanding voting stock; or
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•
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an affiliate or associate of the corporation who, at any time within the two-year period prior to the date in question, was the beneficial owner of 10% or more of the voting power of the then outstanding stock of the corporation.
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•
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80% of the votes entitled to be cast by holders of outstanding shares of voting stock of the corporation; and
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•
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two-thirds of the votes entitled to be cast by holders of voting stock of the corporation other than shares held by the interested stockholder with whom or with whose affiliate the business combination is to be effected or held by an affiliate or associate of the interested stockholder.
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•
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pursuant to Section 3(a)(1)(A), it is, or holds itself out as being, engaged primarily, or proposes to engage primarily, in the business of investing, reinvesting or trading in securities; or
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•
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pursuant to Section 3(a)(1)(C), it is engaged, or proposes to engage, in the business of investing, reinvesting, owning, holding or trading in securities and owns or proposes to acquire “investment securities” having a value exceeding 40% of the value of its total assets (exclusive of U.S. government securities and cash items) on an unconsolidated basis (the 40% test). “Investment securities” exclude U.S. government securities and securities of majority-owned subsidiaries that are not themselves investment companies and are not relying on the exception from the definition of investment company under Section 3(c)(1) or Section 3(c)(7) of the Investment Company Act.
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•
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limitations on capital structure;
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•
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restrictions on specified investments;
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•
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prohibitions on transactions with affiliates;
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•
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compliance with reporting, record keeping, voting, proxy disclosure and other rules and regulations that would significantly change our operations; and
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•
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potentially, compliance with daily valuation requirements.
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•
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the election or removal of directors;
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•
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an amendment of our charter, except that our Board may amend our charter without stockholder approval to increase or decrease the aggregate number of our shares or the number of our shares of any class or series that we have the authority to issue, to change our name, to change the name or other designation or the par value of any class or series of our stock and the aggregate par value of our stock or to effect certain reverse stock splits; provided, however, that any such amendment does not adversely affect the rights, preferences and privileges of the stockholders;
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•
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our dissolution; and
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•
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a merger or consolidation, a statutory share exchange or the sale or other disposition of all or substantially all of our assets.
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•
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changes in international, national or local economic or geographic conditions (including as a result of the outbreak of the novel strain of coronavirus (“COVID-19”) that began in the fourth quarter of 2019);
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•
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changes in supply of or demand for similar or competing properties in an area;
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•
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changes in interest rates and availability of permanent mortgage funds that may render the sale of a property difficult or unattractive;
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•
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the illiquidity of real estate assets generally;
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•
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changes in tax, real estate, environmental and zoning laws; and
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•
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periods of high interest rates and tight money supply.
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•
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12% and 10% of our 2019 annualized rental income from tenants in California and Georgia, respectively; and
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13%, 12% and 10% of our 2019 annualized rental income from tenants in the sporting goods, home and garden and discount store industries, respectively.
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•
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the values of our commercial properties could decrease below the amount paid for such assets;
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•
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revenues from such properties could decrease due to low or no rental income during vacant periods, lower future rental rates and/or increase tenant improvement expenses or concessions;
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•
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ownership costs could increase;
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•
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revenues from such properties that secure loans could decrease, making it more difficult for us to meet our payment obligations; and/or
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•
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the resale value of such properties could decline.
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•
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Debt Markets — The debt market is sensitive to the macro environment, such as Federal Reserve policy, market sentiment, or regulatory factors affecting the banking and CMBS industries. Should overall borrowing costs increase, due to either increases in index rates or increases in lender spreads, our operations may generate lower returns.
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•
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Real Estate Markets — The properties we acquire could substantially decrease in value after we purchase them. Consequently, we may not be able to recover the carrying amount of our properties, which may require us to recognize an impairment charge or record a loss on sale in our earnings.
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•
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weakness in the national, regional and local economies, and declines in consumer confidence which could adversely impact consumer spending and retail sales and in turn tenant demand for space and could lead to increased store closings;
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•
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changes in market rental rates;
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changes in demographics (including the number of households and average household income) surrounding our shopping centers;
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•
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adverse financial conditions for anchored shopping centers and other retail, service, medical or restaurant tenants;
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continued consolidation in the retail and grocery sector;
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•
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excess amount of retail space in our markets;
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•
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reduction in the demand by tenants to occupy our shopping centers as a result of reduced consumer demand for certain retail formats;
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•
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increase in e-commerce and alternative distribution channels may negatively affect out tenant sales or decrease the square footage our tenants require and could lead to margin pressure on our anchored shopping centers, which could lead to store closures;
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•
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the impact of an increase in energy costs on consumers and its consequential effect on the number of shopping visits to our centers;
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•
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a pandemic or other health crisis, such as the recent outbreak of COVID-19; and
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•
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consequences of any armed conflict involving, or terrorist attack against, the United States.
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•
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general market conditions;
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government action or regulation, including changes in tax law;
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•
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the market’s perception of our future growth potential;
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•
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the extent of investor interest;
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analyst reports about us and the REIT industry;
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•
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the general reputation of REITs and the attractiveness of their equity securities in comparison to other equity securities, including securities issued by other real estate-based companies;
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•
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our financial performance and that of our tenants;
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•
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our current debt levels and changes in our credit ratings, if any;
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our current and expected future earnings; and
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•
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our cash flows and cash distributions, including our ability to satisfy the dividend requirements applicable to REITs.
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•
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our financial condition and market conditions at the time;
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•
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restrictions in the agreements governing our indebtedness;
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•
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general economic and capital market conditions;
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•
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the availability of credit from banks or other lenders; and
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•
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our results of operations.
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•
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whether their investment is consistent with the applicable provisions of ERISA and the Internal Revenue Code, or any other applicable governing authority in the case of a plan not subject to ERISA or the Internal Revenue Code;
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•
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whether their investment is made in accordance with the documents and instruments governing the Benefit Plan or IRA, including any investment policy;
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•
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whether their investment satisfies the prudence, diversification and other requirements of Sections 404(a)(1)(B) and 404(a)(1)(C) of ERISA or any similar rule under other applicable laws or regulations;
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•
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whether their investment will impair the liquidity needs, the minimum and other distribution requirements, or the tax withholding requirements that may be applicable to such Benefit Plan or IRA;
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•
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whether their investment will constitute a prohibited transaction under Section 406 of ERISA or Section 4975 of the Internal Revenue Code or any similar rule under other applicable laws or regulations;
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•
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whether their investment will produce or result in unrelated business taxable income, as defined in Sections 511 through 514 of the Internal Revenue Code, to the Benefit Plan or IRA;
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•
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whether their investment will impair the Benefit Plan’s or IRA’s need to value its assets annually (or more frequently) in accordance with ERISA, the Internal Revenue Code and the applicable provisions of the Benefit Plan or IRA; and
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•
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whether their investment will cause our assets to be treated as “plan assets” of the Benefit Plan or IRA.
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ITEM 1B.
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UNRESOLVED STAFF COMMENTS
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ITEM 2.
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PROPERTIES
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ITEM 3.
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LEGAL PROCEEDINGS
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ITEM 4.
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MINE SAFETY DISCLOSURES
|
ITEM 5.
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MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES
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Period
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|
Total Number
of Shares
Redeemed
|
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Average Price
Paid per Share
|
|
Total Number of Shares
Purchased as Part of
Publicly Announced
Plans or Programs
|
|
Maximum Number of
Shares that May Yet Be
Purchased Under the
Plans or Programs
|
||||
October 1, 2019 - October 31, 2019
|
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7,560
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|
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$
|
8.65
|
|
|
7,560
|
|
|
(1)
|
November 1, 2019 - November 30, 2019
|
|
2,342,329
|
|
|
$
|
8.65
|
|
|
2,342,329
|
|
|
(1)
|
December 1, 2019 - December 31, 2019
|
|
338
|
|
|
$
|
8.65
|
|
|
338
|
|
|
(1)
|
Total
|
|
2,350,227
|
|
|
|
|
2,350,227
|
|
|
(1)
|
(1)
|
A description of the maximum number of shares that may be purchased under our share redemption program is included in the narrative preceding this table.
|
Year Ending December 31,
|
|
Total Distributions
Declared
|
|
Distributions Declared
per Common Share
|
||||
|
|
|||||||
2019
|
|
$
|
194,463
|
|
|
$
|
0.625
|
|
2018
|
|
$
|
194,573
|
|
|
$
|
0.625
|
|
2017
|
|
$
|
194,687
|
|
|
$
|
0.625
|
|
ITEM 6.
|
SELECTED FINANCIAL DATA
|
|
|
Year Ended December 31,
|
||||||||||||||||||
|
|
2019
|
|
2018
|
|
2017
|
|
2016
|
|
2015
|
||||||||||
Balance Sheet Data:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Total real estate assets, net
|
|
$
|
2,469,335
|
|
|
$
|
4,401,153
|
|
|
$
|
4,627,546
|
|
|
$
|
4,534,010
|
|
|
$
|
4,484,326
|
|
Loans held-for-investment and related receivables, net
|
|
$
|
301,630
|
|
|
$
|
89,762
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Cash and cash equivalents
|
|
$
|
466,024
|
|
|
$
|
10,533
|
|
|
$
|
4,745
|
|
|
$
|
9,754
|
|
|
$
|
26,316
|
|
Assets held for sale
|
|
$
|
351,897
|
|
|
$
|
6,780
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Total assets
|
|
$
|
3,668,623
|
|
|
$
|
4,617,371
|
|
|
$
|
4,728,689
|
|
|
$
|
4,624,335
|
|
|
$
|
4,582,199
|
|
Credit facility and notes payable, net
|
|
$
|
1,604,860
|
|
|
$
|
2,516,914
|
|
|
$
|
2,471,763
|
|
|
$
|
2,246,259
|
|
|
$
|
2,066,563
|
|
Intangible lease liabilities, net
|
|
$
|
20,523
|
|
|
$
|
36,418
|
|
|
$
|
45,572
|
|
|
$
|
49,075
|
|
|
$
|
53,822
|
|
Total liabilities
|
|
$
|
1,697,837
|
|
|
$
|
2,616,274
|
|
|
$
|
2,572,024
|
|
|
$
|
2,357,566
|
|
|
$
|
2,195,084
|
|
Redeemable common stock and noncontrolling interest
|
|
$
|
180,838
|
|
|
$
|
184,247
|
|
|
$
|
186,453
|
|
|
$
|
188,938
|
|
|
$
|
190,561
|
|
Total stockholders’ equity
|
|
$
|
1,789,948
|
|
|
$
|
1,816,850
|
|
|
$
|
1,970,212
|
|
|
$
|
2,077,831
|
|
|
$
|
2,196,554
|
|
Operating Data:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Total revenues
|
|
$
|
413,356
|
|
|
$
|
431,276
|
|
|
$
|
424,095
|
|
|
$
|
407,451
|
|
|
$
|
367,731
|
|
Total operating expenses
|
|
$
|
304,810
|
|
|
$
|
302,246
|
|
|
$
|
270,900
|
|
|
$
|
258,267
|
|
|
$
|
243,531
|
|
Gain (loss) on disposition of real estate, net
|
|
$
|
180,666
|
|
|
$
|
6,299
|
|
|
$
|
17,044
|
|
|
$
|
2,907
|
|
|
$
|
(108
|
)
|
Operating income
|
|
$
|
289,212
|
|
|
$
|
135,329
|
|
|
$
|
170,239
|
|
|
$
|
152,091
|
|
|
$
|
124,092
|
|
Net income attributable to the Company
|
|
$
|
182,899
|
|
|
$
|
37,278
|
|
|
$
|
79,420
|
|
|
$
|
71,842
|
|
|
$
|
64,771
|
|
Cash Flow Data:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Net cash provided by operating activities
|
|
$
|
188,575
|
|
|
$
|
205,835
|
|
|
$
|
198,925
|
|
|
$
|
192,296
|
|
|
$
|
182,885
|
|
Net cash provided by (used in) investing activities
|
|
$
|
1,175,295
|
|
|
$
|
(43,892
|
)
|
|
$
|
(223,386
|
)
|
|
$
|
(187,746
|
)
|
|
$
|
(673,009
|
)
|
Net cash (used in) provided by financing activities
|
|
$
|
(910,189
|
)
|
|
$
|
(156,112
|
)
|
|
$
|
20,510
|
|
|
$
|
(21,346
|
)
|
|
$
|
464,867
|
|
Per Share Data:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Net income - basic and diluted
|
|
$
|
0.59
|
|
|
$
|
0.12
|
|
|
$
|
0.25
|
|
|
$
|
0.23
|
|
|
$
|
0.21
|
|
Distributions declared per common share
|
|
$
|
0.625
|
|
|
$
|
0.625
|
|
|
$
|
0.625
|
|
|
$
|
0.625
|
|
|
$
|
0.625
|
|
Weighted average shares outstanding - basic and diluted
|
|
311,302,909
|
|
|
311,478,665
|
|
|
311,677,149
|
|
|
311,863,844
|
|
|
309,263,576
|
|
ITEM 7.
|
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
|
•
|
Acquired one property for an aggregate purchase price of $6.2 million.
|
•
|
Acquired four senior mezzanine loans with a principal balance of $62.1 million and originated three senior loans with a principal balance of $154.3 million.
|
•
|
Entered into a new revolving credit and security agreement that provides for borrowings up to $300.0 million which shall consist primarily of broadly syndicated senior secured loans subject to certain eligibility criteria under the agreement. As of December 31, 2019, we had broadly syndicated loans with a net book value of $2.8 million and $126.8 million reserved for settlement of broadly syndicated loan purchases.
|
•
|
Disposed of 497 properties, consisting of 482 retail properties, one industrial property and 14 anchored shopping centers, excluding a related outparcel of land, for an aggregate sales price of $1.65 billion.
|
•
|
Reduced total debt by $918.4 million, from $2.5 billion to $1.6 billion. In connection with the sale of 444 properties that closed in December 2019, total consideration included the assumption by the Purchaser (as defined in Note 4 — Real Estate Assets) of existing mortgage debt totaling $130.8 million, the repayment of $101.3 million of certain mortgage notes due to the disposition of the underlying properties, the repayment of $165.0 million on the unsecured term loan balance and repayment of the $266.0 million unsecured revolving loan balance.
|
|
|
As of December 31,
|
||||
|
|
2019
|
|
2018
|
||
Number of commercial properties
|
396
|
|
|
890
|
|
|
Rentable square feet (in thousands) (1)
|
19,103
|
|
|
26,516
|
|
|
Percentage of rentable square feet leased
|
94.6
|
%
|
|
96.2
|
%
|
|
Percentage of investment-grade tenants (2)
|
36.9
|
%
|
|
38.6
|
%
|
(1)
|
Includes square feet of buildings on land parcels subject to ground leases.
|
(2)
|
Investment-grade tenants are those with a credit rating of BBB- or higher by Standard & Poor’s or a credit rating of Baa3 or higher by Moody’s. The ratings may reflect those assigned by Standard & Poor’s or Moody’s to the lease guarantor or the parent company, as applicable. The weighted average credit rating is weighted based on annualized rental income and is for only those tenants rated by Standard & Poor’s.
|
|
|
Year Ended December 31,
|
||||||
|
|
2019
|
|
2018
|
||||
Commercial properties acquired
|
1
|
|
|
1
|
|
|||
Purchase price of acquired properties (in thousands)
|
$
|
6,165
|
|
|
$
|
11,905
|
|
|
Rentable square feet (in thousands) (1)
|
6
|
|
|
71
|
|
(1)
|
Includes square feet of buildings on land parcels subject to ground leases.
|
|
|
|
|
|
|
2019
|
|
2019
|
|
Percentage of
|
|||||||
|
|
Total
|
|
Leased
|
|
Annualized
|
|
Annualized
|
|
2019
|
|||||||
|
|
Number
|
|
Square Feet
|
|
Rental Income
|
|
Rental Income
|
|
Annualized
|
|||||||
Tenant
|
|
of Leases (1)
|
|
(in thousands) (2)
|
|
(in thousands)
|
|
per Square Foot (2)
|
|
Rental Income
|
|||||||
Academy Sports
|
|
8
|
|
|
2,098
|
|
|
$
|
13,211
|
|
|
$
|
6.30
|
|
|
6
|
%
|
Lowe’s
|
|
14
|
|
|
1,773
|
|
|
12,402
|
|
|
6.99
|
|
|
5
|
%
|
||
CVS
|
|
42
|
|
|
529
|
|
|
11,923
|
|
|
22.54
|
|
|
5
|
%
|
||
Walgreens
|
|
25
|
|
|
368
|
|
|
8,983
|
|
|
24.41
|
|
|
4
|
%
|
||
Home Depot
|
|
5
|
|
|
652
|
|
|
8,340
|
|
|
12.79
|
|
|
3
|
%
|
||
PetSmart
|
|
26
|
|
|
462
|
|
|
7,402
|
|
|
16.02
|
|
|
3
|
%
|
||
United Oil
|
|
3
|
|
|
44
|
|
|
7,018
|
|
|
159.50
|
|
|
3
|
%
|
||
LA Fitness
|
|
8
|
|
|
359
|
|
|
7,018
|
|
|
19.55
|
|
|
3
|
%
|
||
Dick’s Sporting Goods
|
|
14
|
|
|
622
|
|
|
6,951
|
|
|
11.18
|
|
|
3
|
%
|
||
Cabela’s
|
|
1
|
|
|
403
|
|
|
6,543
|
|
|
16.24
|
|
|
3
|
%
|
||
Other
|
|
865
|
|
|
10,769
|
|
|
147,688
|
|
|
13.71
|
|
|
62
|
%
|
||
|
|
1,011
|
|
|
18,079
|
|
|
$
|
237,479
|
|
|
$
|
13.14
|
|
|
100
|
%
|
(1)
|
Includes leases which are master lease agreements.
|
(2)
|
Includes square feet of the buildings on land parcels subject to ground leases.
|
|
|
|
|
|
|
2019
|
|
2019
|
|
Percentage of
|
|||||||
|
|
Total
|
|
Leased
|
|
Annualized
|
|
Annualized
|
|
2019
|
|||||||
|
|
Number
|
|
Square Feet
|
|
Rental Income
|
|
Rental Income
|
|
Annualized
|
|||||||
Industry
|
|
of Leases (1)
|
|
(in thousands) (2)
|
|
(in thousands)
|
|
per Square Foot (2)
|
|
Rental Income
|
|||||||
Sporting goods
|
|
35
|
|
|
3,498
|
|
|
$
|
30,891
|
|
|
$
|
8.83
|
|
|
13
|
%
|
Home and garden
|
|
47
|
|
|
3,065
|
|
|
28,930
|
|
|
9.44
|
|
|
12
|
%
|
||
Discount store
|
|
92
|
|
|
2,250
|
|
|
22,883
|
|
|
10.17
|
|
|
10
|
%
|
||
Pharmacy
|
|
67
|
|
|
897
|
|
|
20,906
|
|
|
23.31
|
|
|
9
|
%
|
||
Grocery and supermarket
|
|
35
|
|
|
1,501
|
|
|
18,054
|
|
|
12.03
|
|
|
8
|
%
|
||
Casual dining
|
|
82
|
|
|
448
|
|
|
11,813
|
|
|
26.37
|
|
|
5
|
%
|
||
Apparel and jewelry
|
|
74
|
|
|
694
|
|
|
10,793
|
|
|
15.55
|
|
|
4
|
%
|
||
Pet supply
|
|
40
|
|
|
638
|
|
|
10,242
|
|
|
16.05
|
|
|
4
|
%
|
||
Gas and convenience
|
|
11
|
|
|
71
|
|
|
9,245
|
|
|
130.21
|
|
|
4
|
%
|
||
Hobby, books and music
|
|
37
|
|
|
909
|
|
|
8,849
|
|
|
9.73
|
|
|
4
|
%
|
||
Other
|
|
491
|
|
|
4,108
|
|
|
64,873
|
|
|
15.79
|
|
|
27
|
%
|
||
|
|
1,011
|
|
|
18,079
|
|
|
$
|
237,479
|
|
|
$
|
13.14
|
|
|
100
|
%
|
(1)
|
Includes leases which are master lease agreements.
|
(2)
|
Includes square feet of the buildings on land parcels subject to ground leases.
|
|
|
|
|
|
|
2019
|
|
2019
|
|
Percentage of
|
|||||||
|
|
Total
|
|
Rentable
|
|
Annualized
|
|
Annualized
|
|
2019
|
|||||||
|
|
Number of
|
|
Square Feet
|
|
Rental Income
|
|
Rental Income
|
|
Annualized
|
|||||||
Location
|
|
Properties
|
|
(in thousands) (1)
|
|
(in thousands)
|
|
per Square Foot (1)
|
|
Rental Income
|
|||||||
California
|
|
50
|
|
|
1,006
|
|
|
$
|
28,037
|
|
|
$
|
27.87
|
|
|
12
|
%
|
Georgia
|
|
22
|
|
|
2,101
|
|
|
23,942
|
|
|
11.40
|
|
|
10
|
%
|
||
Texas
|
|
35
|
|
|
1,315
|
|
|
18,003
|
|
|
13.69
|
|
|
8
|
%
|
||
Ohio
|
|
29
|
|
|
1,593
|
|
|
17,600
|
|
|
11.05
|
|
|
7
|
%
|
||
Illinois
|
|
14
|
|
|
1,022
|
|
|
12,348
|
|
|
12.08
|
|
|
5
|
%
|
||
North Carolina
|
|
22
|
|
|
1,015
|
|
|
11,875
|
|
|
11.70
|
|
|
5
|
%
|
||
Alabama
|
|
19
|
|
|
924
|
|
|
11,562
|
|
|
12.51
|
|
|
5
|
%
|
||
Indiana
|
|
15
|
|
|
939
|
|
|
11,338
|
|
|
12.07
|
|
|
5
|
%
|
||
Florida
|
|
28
|
|
|
971
|
|
|
11,138
|
|
|
11.47
|
|
|
5
|
%
|
||
Wisconsin
|
|
12
|
|
|
779
|
|
|
10,373
|
|
|
13.32
|
|
|
4
|
%
|
||
Other
|
|
150
|
|
|
7,438
|
|
|
81,263
|
|
|
10.93
|
|
|
34
|
%
|
||
|
|
396
|
|
|
19,103
|
|
|
$
|
237,479
|
|
|
$
|
12.43
|
|
|
100
|
%
|
(1)
|
Includes square feet of the buildings on land parcels subject to ground leases.
|
|
|
|
|
|
|
2019
|
|
2019
|
|
Percentage of
|
|||||||
|
|
Total
|
|
Rentable
|
|
Annualized
|
|
Annualized
|
|
2019
|
|||||||
|
|
Number of
|
|
Square Feet
|
|
Rental Income
|
|
Rental Income
|
|
Annualized
|
|||||||
Property Type
|
|
Properties
|
|
(in thousands) (1)
|
|
(in thousands)
|
|
per Square Foot (1)
|
|
Rental Income
|
|||||||
Retail
|
|
334
|
|
|
8,611
|
|
|
$
|
115,597
|
|
|
$
|
13.42
|
|
|
49
|
%
|
Anchored shopping centers
|
|
59
|
|
|
8,873
|
|
|
113,703
|
|
|
12.81
|
|
|
48
|
%
|
||
Industrial
|
|
3
|
|
|
1,619
|
|
|
8,179
|
|
|
5.05
|
|
|
3
|
%
|
||
|
|
396
|
|
|
19,103
|
|
|
$
|
237,479
|
|
|
$
|
12.43
|
|
|
100
|
%
|
(1)
|
Includes square feet of the buildings on land parcels subject to ground leases.
|
|
|
|
|
|
|
2019
|
|
|
|
|
|||||||
|
|
Total
|
|
Leased
|
|
Annualized
|
|
2019
|
|
Percentage of
|
|||||||
|
|
Number
|
|
Square Feet
|
|
Rental Income
|
|
Annualized
|
|
2019
|
|||||||
|
|
of Leases
|
|
Expiring
|
|
Expiring
|
|
Rental Income
|
|
Annualized
|
|||||||
Year of Lease Expiration
|
|
Expiring (1)
|
|
(in thousands) (2)
|
|
(in thousands)
|
|
per Square Foot (2)
|
|
Rental Income
|
|||||||
2020
|
|
80
|
|
|
387
|
|
|
$
|
5,577
|
|
|
$
|
14.41
|
|
|
2
|
%
|
2021
|
|
119
|
|
|
1,046
|
|
|
15,126
|
|
|
14.46
|
|
|
7
|
%
|
||
2022
|
|
107
|
|
|
1,109
|
|
|
13,317
|
|
|
12.01
|
|
|
6
|
%
|
||
2023
|
|
145
|
|
|
1,585
|
|
|
23,921
|
|
|
15.09
|
|
|
10
|
%
|
||
2024
|
|
137
|
|
|
1,808
|
|
|
25,821
|
|
|
14.28
|
|
|
11
|
%
|
||
2025
|
|
65
|
|
|
1,149
|
|
|
15,077
|
|
|
13.12
|
|
|
6
|
%
|
||
2026
|
|
53
|
|
|
1,029
|
|
|
11,952
|
|
|
11.62
|
|
|
5
|
%
|
||
2027
|
|
42
|
|
|
1,014
|
|
|
9,399
|
|
|
9.27
|
|
|
4
|
%
|
||
2028
|
|
58
|
|
|
1,275
|
|
|
15,082
|
|
|
11.83
|
|
|
6
|
%
|
||
2029
|
|
53
|
|
|
1,065
|
|
|
14,657
|
|
|
13.76
|
|
|
6
|
%
|
||
Thereafter
|
|
152
|
|
|
6,612
|
|
|
87,550
|
|
|
13.24
|
|
|
37
|
%
|
||
|
|
1,011
|
|
|
18,079
|
|
|
$
|
237,479
|
|
|
$
|
13.14
|
|
|
100
|
%
|
(1)
|
Includes leases which are master lease agreements.
|
(2)
|
Includes square feet of the buildings on land parcels subject to ground leases.
|
|
|
2019
|
|
2018
|
Economic Metrics
|
|
|
|
|
Weighted-average lease term (in years) (1)
|
|
8.6
|
|
9.1
|
Lease rollover (1)(2):
|
|
|
|
|
Annual average
|
|
7.1%
|
|
5.1%
|
Maximum for a single year
|
|
10.9%
|
|
9.3%
|
(1)
|
Based on annualized rental income of our real estate portfolio as of December 31, 2019 and 2018.
|
(2)
|
Through the end of the next five years as of the respective reporting date.
|
|
Total
|
||||||||||
|
For the Year Ended December 31,
|
||||||||||
|
2019
|
|
2018
|
|
Change
|
||||||
Net income
|
$
|
183,020
|
|
|
$
|
37,412
|
|
|
$
|
145,608
|
|
Loss on extinguishment of debt
|
7,227
|
|
|
46
|
|
|
7,181
|
|
|||
Interest expense and other, net
|
98,965
|
|
|
97,871
|
|
|
1,094
|
|
|||
Operating income
|
289,212
|
|
|
135,329
|
|
|
153,883
|
|
|||
|
|
|
|
|
|
||||||
Gain on disposition of real estate, net
|
(180,666
|
)
|
|
(6,299
|
)
|
|
(174,367
|
)
|
|||
Impairment
|
72,939
|
|
|
32,975
|
|
|
39,964
|
|
|||
Depreciation and amortization
|
107,867
|
|
|
140,979
|
|
|
(33,112
|
)
|
|||
Transaction-related
|
2,278
|
|
|
2,601
|
|
|
(323
|
)
|
|||
Management and advisory fees and expenses
|
42,339
|
|
|
43,399
|
|
|
(1,060
|
)
|
|||
General and administrative
|
13,729
|
|
|
14,127
|
|
|
(398
|
)
|
|||
Interest and other income
|
(20,132
|
)
|
|
(1,640
|
)
|
|
(18,492
|
)
|
|||
Net operating income
|
$
|
327,566
|
|
|
$
|
361,471
|
|
|
$
|
(33,905
|
)
|
|
Total
|
|
Same Store
|
|
Non-Same Store (1)
|
||||||||||||||||||||||||||||||
|
For the Year Ended December 31,
|
|
For the Year Ended December 31,
|
|
For the Year Ended December 31,
|
||||||||||||||||||||||||||||||
|
2019
|
|
2018
|
|
Change
|
|
2019
|
|
2018
|
|
Change
|
|
2019
|
|
2018
|
|
Change
|
||||||||||||||||||
Rental and other property income
|
$
|
393,224
|
|
|
$
|
429,636
|
|
|
$
|
(36,412
|
)
|
|
$
|
279,518
|
|
|
$
|
284,855
|
|
|
$
|
(5,337
|
)
|
|
$
|
113,728
|
|
|
$
|
144,781
|
|
|
$
|
(31,053
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Property operating expenses
|
33,462
|
|
|
30,267
|
|
|
3,195
|
|
|
27,607
|
|
|
23,771
|
|
|
3,836
|
|
|
5,855
|
|
|
6,496
|
|
|
(641
|
)
|
|||||||||
Real estate tax expenses
|
32,196
|
|
|
37,898
|
|
|
(5,702
|
)
|
|
28,188
|
|
|
26,969
|
|
|
1,219
|
|
|
4,008
|
|
|
10,929
|
|
|
(6,921
|
)
|
|||||||||
Total property operating expenses
|
65,658
|
|
|
68,165
|
|
|
(2,507
|
)
|
|
55,795
|
|
|
50,740
|
|
|
5,055
|
|
|
9,863
|
|
|
17,425
|
|
|
(7,562
|
)
|
|||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Net operating income
|
$
|
327,566
|
|
|
$
|
361,471
|
|
|
$
|
(33,905
|
)
|
|
$
|
223,723
|
|
|
$
|
234,115
|
|
|
$
|
(10,392
|
)
|
|
$
|
103,865
|
|
|
$
|
127,356
|
|
|
$
|
(23,491
|
)
|
(1)
|
Includes income from properties disposed of during the period.
|
Period Commencing
|
|
Period Ending
|
|
Daily Distribution Amount
|
April 14, 2012
|
|
December 31, 2012
|
|
$0.001707848
|
January 1, 2013
|
|
December 31, 2015
|
|
$0.001712523
|
January 1, 2016
|
|
December 31, 2016
|
|
$0.001706776
|
January 1, 2017
|
|
December 31, 2019
|
|
$0.001711452
|
January 1, 2020
|
|
March 31, 2020
|
|
$0.001706776
|
|
Year Ended December 31,
|
||||||||||||
|
2019
|
|
2018
|
||||||||||
|
Amount
|
|
Percent
|
|
Amount
|
|
Percent
|
||||||
Distributions paid in cash
|
$
|
112,083
|
|
|
58
|
%
|
|
$
|
102,822
|
|
|
53
|
%
|
Distributions reinvested
|
82,388
|
|
|
42
|
%
|
|
91,764
|
|
|
47
|
%
|
||
Total distributions
|
$
|
194,471
|
|
|
100
|
%
|
|
$
|
194,586
|
|
|
100
|
%
|
Source of distributions:
|
|
|
|
|
|
|
|
||||||
Net cash provided by operating activities (1)
|
$
|
194,471
|
|
(2)
|
100
|
%
|
|
$
|
194,586
|
|
|
100
|
%
|
(1)
|
Net cash provided by operating activities for the years ended December 31, 2019 and 2018 was $188.6 million and $205.8 million, respectively.
|
|
|
Payments due by period (1)
|
||||||||||||||||||
|
|
Total
|
|
Less Than 1
Year
|
|
1-3 Years
|
|
3-5 Years
|
|
More Than
5 Years
|
||||||||||
Principal payments — fixed rate debt (2)
|
$
|
726,261
|
|
|
$
|
165,678
|
|
|
$
|
126,663
|
|
|
$
|
433,920
|
|
|
$
|
—
|
|
|
Interest payments — fixed rate debt (3)
|
73,186
|
|
|
24,190
|
|
|
38,215
|
|
|
10,781
|
|
|
—
|
|
||||||
Principal payments — credit facility
|
885,000
|
|
|
—
|
|
|
885,000
|
|
|
—
|
|
|
—
|
|
||||||
Interest payments — credit facility (4)
|
77,654
|
|
|
35,253
|
|
|
42,401
|
|
|
—
|
|
|
—
|
|
||||||
Total
|
$
|
1,762,101
|
|
|
$
|
225,121
|
|
|
$
|
1,092,279
|
|
|
$
|
444,701
|
|
|
$
|
—
|
|
(1)
|
The table does not include amounts due to CMFT Management or its affiliates pursuant to our Management Agreement because such amounts are not fixed and determinable.
|
(2)
|
Principal payment amounts reflect actual payments based on the face amount of notes payable secured by our wholly-owned properties, which excludes the fair value adjustment, net of amortization, of mortgage notes assumed of $241,000 as of December 31, 2019.
|
(3)
|
As of December 31, 2019, we had $60.0 million of variable rate debt effectively fixed through the use of interest rate swap agreements. We used the effective interest rates fixed under our interest rate swap agreements to calculate the debt payment obligations in future periods.
|
(4)
|
As of December 31, 2019, the Term Loan outstanding totaled $885.0 million, $811.7 million of which is subject to interest rate swap agreements (the “Swapped Term Loan”). As of December 31, 2019, the weighted average all-in interest rate for the Swapped Term Loan was 4.0%. The remaining $73.3 million outstanding under the Credit Facility had a weighted average interest rate of 3.8% as of December 31, 2019.
|
|
|
Balance as of December 31, 2019
|
||
Credit facilities and notes payable, net
|
|
$
|
1,604,860
|
|
Deferred costs and net premiums (1)
|
|
6,401
|
|
|
Less: Cash and cash equivalents
|
|
(466,024
|
)
|
|
Net debt
|
|
$
|
1,145,237
|
|
|
|
|
||
Gross real estate and related assets, net (2)
|
|
$
|
3,483,029
|
|
Net debt leverage ratio
|
|
32.9
|
%
|
•
|
The estimated useful lives of our depreciable assets affects the amount of depreciation and amortization recognized on our assets;
|
•
|
The review of impairment indicators and subsequent determination of the undiscounted future cash flows could require us to reduce the carrying value of assets held and used to a fair value estimated by management and recognize an impairment loss;
|
•
|
The fair value of held for sale assets is estimated by management. This estimated value could result in a reduction of the carrying value of the asset; and
|
•
|
Changes in assumptions based on actual results may have a material impact on our financial results.
|
•
|
The value allocated to land, as opposed to buildings, fixtures and tenant improvements, affects the amount of depreciation expense we record. If more value is attributed to land, depreciation expense is lower than if more value is attributed to buildings, fixtures and tenant improvements;
|
•
|
Intangible lease assets and liabilities can be significantly affected by estimates including market rent, lease terms including renewal options at rental rates below estimated market rental rates, carrying costs of the property during a hypothetical expected lease-up period, and current market conditions and costs, including tenant improvement allowances and rent concessions; and
|
•
|
We determine whether any financing assumed is above- or below-market based upon comparison to similar financing terms for similar types of debt financing with similar maturities.
|
ITEM 7A.
|
QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
|
ITEM 8.
|
FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
|
ITEM 9.
|
CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE
|
ITEM 9B.
|
OTHER INFORMATION
|
ITEM 10.
|
DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE
|
ITEM 11.
|
EXECUTIVE COMPENSATION
|
ITEM 12.
|
SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS
|
ITEM 13.
|
CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS AND DIRECTOR INDEPENDENCE
|
ITEM 14.
|
PRINCIPAL ACCOUNTING FEES AND SERVICES
|
ITEM 15.
|
EXHIBITS AND FINANCIAL STATEMENT SCHEDULES
|
Exhibit No.
|
|
Description
|
|
|
|
3.1
|
|
|
3.2
|
|
|
4.1*
|
|
|
4.2
|
|
|
10.1
|
|
|
10.2
|
|
|
10.3
|
|
|
10.4
|
|
|
10.5
|
|
|
10.6
|
|
|
10.7
|
|
|
10.8
|
|
|
10.9
|
|
|
21.1*
|
|
|
23.1*
|
|
|
31.1*
|
|
|
31.2*
|
|
|
32.1**
|
|
|
101.INS*
|
|
XBRL Instance Document.
|
101.SCH*
|
|
XBRL Taxonomy Extension Schema Document.
|
101.CAL*
|
|
XBRL Taxonomy Extension Calculation Linkbase Document.
|
101.DEF*
|
|
XBRL Taxonomy Extension Definition Linkbase Document.
|
101.LAB*
|
|
XBRL Taxonomy Extension Label Linkbase Document.
|
101.PRE*
|
|
XBRL Taxonomy Extension Presentation Linkbase Document.
|
*
|
Filed herewith.
|
**
|
In accordance with Item 601(b)(32) of Regulation S-K, this Exhibit is not deemed “filed” for purposes of Section 18 of the Exchange Act or otherwise subject to the liabilities of that section. Such certifications will not be deemed incorporated by reference into any filing under the Securities Act or the Exchange Act, except to the extent that the registrant specifically incorporates it by reference.
|
ITEM 16.
|
FORM 10-K SUMMARY
|
|
|
CIM Real Estate Finance Trust, Inc.
|
|
|
(Registrant)
|
|
|
|
|
By:
|
/s/ NATHAN D. DEBACKER
|
|
|
Nathan D. DeBacker
|
|
|
Chief Financial Officer and Treasurer
|
|
|
(Principal Financial Officer)
|
|
|
|
|
|
|
|
Signature
|
|
Title
|
|
Date
|
||
|
|
|
|
|
||
|
||||||
/s/ RICHARD S. RESSLER
|
|
Chairman of the Board of Directors, Chief Executive Officer and President
|
|
March 30, 2020
|
||
Richard S. Ressler
|
|
(Principal Executive Officer)
|
|
|
||
|
||||||
/s/ NATHAN D. DEBACKER
|
|
Chief Financial Officer and Treasurer
|
|
March 30, 2020
|
||
Nathan D. DeBacker
|
|
(Principal Financial Officer)
|
|
|
||
|
||||||
/s/ JEFFREY R. SMITH
|
|
Vice President of Accounting
|
|
March 30, 2020
|
||
Jeffrey R. Smith
|
|
(Principal Accounting Officer)
|
|
|
||
|
||||||
/s/ T. PATRICK DUNCAN
|
|
Independent Director
|
|
March 30, 2020
|
||
T. Patrick Duncan
|
|
|
|
|||
|
|
|
|
|
||
/s/ LAWRENCE S. JONES
|
|
Independent Director
|
|
March 30, 2020
|
||
Lawrence S. Jones
|
|
|
|
|
||
|
||||||
/s/ ALICIA K. HARRISON
|
|
Independent Director
|
|
March 30, 2020
|
||
Alicia K. Harrison
|
|
|
|
|
||
|
||||||
/s/ W. BRIAN KRETZMER
|
|
Independent Director
|
|
March 30, 2020
|
||
W. Brian Kretzmer
|
|
|
|
|
||
|
|
|
|
|
||
/s/ HOWARD A. SILVER
|
|
Independent Director
|
|
March 30, 2020
|
||
W. Howard A. Silver
|
|
|
|
|
||
|
|
|
|
|
||
/s/ AVRAHAM SHEMESH
|
|
Director
|
|
March 30, 2020
|
||
Avraham Shemesh
|
|
|
|
|
||
|
|
|
|
|
||
/s/ ELAINE Y. WONG
|
|
Director
|
|
March 30, 2020
|
||
Elaine Y. Wong
|
|
|
|
|
Financial Statements
|
|
Page
|
|
|
|
|
||
|
||
|
||
|
||
|
||
|
||
|
||
|
||
|
|
December 31, 2019
|
|
December 31, 2018
|
||||
ASSETS
|
|
|
|
||||
Real estate assets:
|
|
|
|
||||
Land
|
$
|
700,210
|
|
|
$
|
1,172,449
|
|
Buildings, fixtures and improvements
|
1,830,101
|
|
|
3,271,592
|
|
||
Intangible lease assets
|
313,127
|
|
|
554,868
|
|
||
Total real estate assets, at cost
|
2,843,438
|
|
|
4,998,909
|
|
||
Less: accumulated depreciation and amortization
|
(374,103
|
)
|
|
(597,756
|
)
|
||
Total real estate assets, net
|
2,469,335
|
|
|
4,401,153
|
|
||
Loans held-for-investment and related receivables, net
|
301,630
|
|
|
89,762
|
|
||
Cash and cash equivalents
|
466,024
|
|
|
10,533
|
|
||
Restricted cash
|
7,331
|
|
|
9,141
|
|
||
Rents and tenant receivables
|
58,374
|
|
|
81,686
|
|
||
Interest receivable, prepaid expenses and other assets
|
11,731
|
|
|
16,229
|
|
||
Deferred costs, net
|
2,301
|
|
|
2,087
|
|
||
Assets held for sale
|
351,897
|
|
|
6,780
|
|
||
Total assets
|
$
|
3,668,623
|
|
|
$
|
4,617,371
|
|
LIABILITIES AND STOCKHOLDERS’ EQUITY
|
|
|
|
||||
Credit facilities and notes payable, net
|
$
|
1,604,860
|
|
|
$
|
2,516,914
|
|
Accrued expenses and accounts payable
|
22,038
|
|
|
25,014
|
|
||
Due to affiliates
|
14,458
|
|
|
5,156
|
|
||
Intangible lease liabilities, net
|
20,523
|
|
|
36,418
|
|
||
Distributions payable
|
16,510
|
|
|
16,518
|
|
||
Deferred rental income, derivative liability and other liabilities
|
19,448
|
|
|
16,254
|
|
||
Total liabilities
|
1,697,837
|
|
|
2,616,274
|
|
||
Commitments and contingencies
|
|
|
|
||||
Redeemable common stock and noncontrolling interest
|
180,838
|
|
|
184,247
|
|
||
STOCKHOLDERS’ EQUITY
|
|
|
|
||||
Preferred stock, $0.01 par value per share; 10,000,000 shares authorized, none issued and outstanding
|
—
|
|
|
—
|
|
||
Common stock, $0.01 par value per share; 490,000,000 shares authorized, 311,207,725 and 311,381,396 shares issued and outstanding as of December 31, 2019 and December 31, 2018, respectively
|
3,112
|
|
|
3,114
|
|
||
Capital in excess of par value
|
2,606,925
|
|
|
2,607,330
|
|
||
Accumulated distributions in excess of earnings
|
(816,181
|
)
|
|
(804,617
|
)
|
||
Accumulated other comprehensive (loss) income
|
(3,908
|
)
|
|
11,023
|
|
||
Total stockholders’ equity
|
1,789,948
|
|
|
1,816,850
|
|
||
Total liabilities, redeemable common stock, noncontrolling interest and stockholders’ equity
|
$
|
3,668,623
|
|
|
$
|
4,617,371
|
|
|
|
Year Ended December 31,
|
||||||||||
|
|
2019
|
|
2018
|
|
2017
|
||||||
Revenues:
|
|
|
|
|
|
|
||||||
Rental and other property income
|
|
$
|
393,224
|
|
|
$
|
429,636
|
|
|
$
|
424,095
|
|
Interest income
|
|
20,132
|
|
|
1,640
|
|
|
—
|
|
|||
Total revenues
|
|
413,356
|
|
|
431,276
|
|
|
424,095
|
|
|||
Operating expenses:
|
|
|
|
|
|
|
||||||
General and administrative
|
|
13,729
|
|
|
14,127
|
|
|
13,716
|
|
|||
Property operating
|
|
33,462
|
|
|
30,267
|
|
|
29,777
|
|
|||
Real estate tax
|
|
32,196
|
|
|
37,898
|
|
|
37,489
|
|
|||
Management and advisory fees and expenses
|
|
42,339
|
|
|
43,399
|
|
|
44,072
|
|
|||
Transaction-related
|
|
2,278
|
|
|
2,601
|
|
|
1,599
|
|
|||
Depreciation and amortization
|
|
107,867
|
|
|
140,979
|
|
|
141,392
|
|
|||
Impairment
|
|
72,939
|
|
|
32,975
|
|
|
2,855
|
|
|||
Total operating expenses
|
|
304,810
|
|
|
302,246
|
|
|
270,900
|
|
|||
Gain on disposition of real estate, net
|
|
180,666
|
|
|
6,299
|
|
|
17,044
|
|
|||
Operating income
|
|
289,212
|
|
|
135,329
|
|
|
170,239
|
|
|||
Other expense:
|
|
|
|
|
|
|
||||||
Interest expense and other, net
|
|
(98,965
|
)
|
|
(97,871
|
)
|
|
(89,792
|
)
|
|||
Loss on extinguishment of debt
|
|
(7,227
|
)
|
|
(46
|
)
|
|
(896
|
)
|
|||
Total other expense
|
|
(106,192
|
)
|
|
(97,917
|
)
|
|
(90,688
|
)
|
|||
Net income
|
|
183,020
|
|
|
37,412
|
|
|
79,551
|
|
|||
Net income allocated to noncontrolling interest
|
|
121
|
|
|
134
|
|
|
131
|
|
|||
Net income attributable to the Company
|
|
$
|
182,899
|
|
|
$
|
37,278
|
|
|
$
|
79,420
|
|
Weighted average number of common shares outstanding:
|
|
|
|
|
|
|
||||||
Basic and diluted
|
|
311,302,909
|
|
|
311,478,665
|
|
|
311,677,149
|
|
|||
Net income per common share:
|
|
|
|
|
|
|
||||||
Basic and diluted
|
|
$
|
0.59
|
|
|
$
|
0.12
|
|
|
$
|
0.25
|
|
|
|
Year Ended December 31,
|
||||||||||
|
|
2019
|
|
2018
|
|
2017
|
||||||
Net income
|
|
$
|
183,020
|
|
|
$
|
37,412
|
|
|
$
|
79,551
|
|
Other comprehensive (loss) income
|
|
|
|
|
|
|
||||||
Unrealized (loss) gain on interest rate swaps
|
|
(11,456
|
)
|
|
8,210
|
|
|
4,551
|
|
|||
Amount of (gain) loss reclassified from other comprehensive income into income as interest expense and other, net
|
|
(3,475
|
)
|
|
(4,305
|
)
|
|
3,103
|
|
|||
Total other comprehensive (loss) income
|
|
(14,931
|
)
|
|
3,905
|
|
|
7,654
|
|
|||
|
|
|
|
|
|
|
||||||
Comprehensive income
|
|
168,089
|
|
|
41,317
|
|
|
87,205
|
|
|||
Comprehensive income allocated to noncontrolling interest
|
|
121
|
|
|
134
|
|
|
131
|
|
|||
Comprehensive income attributable to the Company
|
|
$
|
167,968
|
|
|
$
|
41,183
|
|
|
$
|
87,074
|
|
|
Common Stock
|
|
Capital in
Excess
of Par Value
|
|
Accumulated
Distributions in Excess of Earnings
|
|
Accumulated Other Comprehensive Income (Loss)
|
|
Total
Stockholders’
Equity
|
|||||||||||||
|
Number of
Shares
|
|
Par Value
|
|
||||||||||||||||||
Balance, January 1, 2017
|
311,817,004
|
|
|
$
|
3,118
|
|
|
$
|
2,607,304
|
|
|
$
|
(531,567
|
)
|
|
$
|
(1,024
|
)
|
|
$
|
2,077,831
|
|
Issuance of common stock
|
10,095,437
|
|
|
101
|
|
|
101,243
|
|
|
—
|
|
|
—
|
|
|
101,344
|
|
|||||
Distributions declared on common stock — $0.625 per common share
|
—
|
|
|
—
|
|
|
—
|
|
|
(194,687
|
)
|
|
—
|
|
|
(194,687
|
)
|
|||||
Redemptions of common stock
|
(10,330,122
|
)
|
|
(103
|
)
|
|
(103,572
|
)
|
|
—
|
|
|
—
|
|
|
(103,675
|
)
|
|||||
Changes in redeemable common stock
|
—
|
|
|
—
|
|
|
2,325
|
|
|
—
|
|
|
—
|
|
|
2,325
|
|
|||||
Comprehensive income
|
—
|
|
|
—
|
|
|
—
|
|
|
79,420
|
|
|
7,654
|
|
|
87,074
|
|
|||||
Balance, December 31, 2017
|
311,582,319
|
|
|
$
|
3,116
|
|
|
$
|
2,607,300
|
|
|
$
|
(646,834
|
)
|
|
$
|
6,630
|
|
|
$
|
1,970,212
|
|
Cumulative effect of accounting changes
|
—
|
|
|
—
|
|
|
—
|
|
|
(488
|
)
|
|
488
|
|
|
—
|
|
|||||
Issuance of common stock
|
9,615,850
|
|
|
96
|
|
|
91,668
|
|
|
—
|
|
|
—
|
|
|
91,764
|
|
|||||
Equity-based compensation
|
14,008
|
|
|
—
|
|
|
33
|
|
|
—
|
|
|
—
|
|
|
33
|
|
|||||
Distributions declared on common stock — $0.625 per common share
|
—
|
|
|
—
|
|
|
—
|
|
|
(194,573
|
)
|
|
—
|
|
|
(194,573
|
)
|
|||||
Redemptions of common stock
|
(9,830,781
|
)
|
|
(98
|
)
|
|
(93,732
|
)
|
|
—
|
|
|
—
|
|
|
(93,830
|
)
|
|||||
Changes in redeemable common stock
|
—
|
|
|
—
|
|
|
2,061
|
|
|
—
|
|
|
—
|
|
|
2,061
|
|
|||||
Comprehensive income
|
—
|
|
|
—
|
|
|
—
|
|
|
37,278
|
|
|
3,905
|
|
|
41,183
|
|
|||||
Balance, December 31, 2018
|
311,381,396
|
|
|
$
|
3,114
|
|
|
$
|
2,607,330
|
|
|
$
|
(804,617
|
)
|
|
$
|
11,023
|
|
|
$
|
1,816,850
|
|
Issuance of common stock
|
9,335,895
|
|
|
93
|
|
|
82,295
|
|
|
—
|
|
|
—
|
|
|
82,388
|
|
|||||
Equity-based compensation
|
18,499
|
|
|
—
|
|
|
138
|
|
|
—
|
|
|
—
|
|
|
138
|
|
|||||
Distributions declared on common stock — $0.625 per common share
|
—
|
|
|
—
|
|
|
—
|
|
|
(194,463
|
)
|
|
—
|
|
|
(194,463
|
)
|
|||||
Redemptions of common stock
|
(9,528,065
|
)
|
|
(95
|
)
|
|
(83,993
|
)
|
|
—
|
|
|
—
|
|
|
(84,088
|
)
|
|||||
Changes in redeemable common stock
|
—
|
|
|
—
|
|
|
1,155
|
|
|
—
|
|
|
—
|
|
|
1,155
|
|
|||||
Comprehensive income (loss)
|
—
|
|
|
—
|
|
|
—
|
|
|
182,899
|
|
|
(14,931
|
)
|
|
167,968
|
|
|||||
Balance, December 31, 2019
|
311,207,725
|
|
|
$
|
3,112
|
|
|
$
|
2,606,925
|
|
|
$
|
(816,181
|
)
|
|
$
|
(3,908
|
)
|
|
$
|
1,789,948
|
|
|
Year Ended December 31,
|
||||||||||
|
2019
|
|
2018
|
|
2017
|
||||||
Cash flows from operating activities:
|
|
|
|
|
|
||||||
Net income
|
$
|
183,020
|
|
|
$
|
37,412
|
|
|
$
|
79,551
|
|
Adjustments to reconcile net income to net cash provided by operating activities:
|
|
|
|
|
|
||||||
Depreciation and amortization, net
|
106,262
|
|
|
139,330
|
|
|
139,253
|
|
|||
Amortization of deferred financing costs
|
5,167
|
|
|
5,351
|
|
|
5,313
|
|
|||
Amortization of fair value adjustments of mortgage notes payable assumed
|
(90
|
)
|
|
(88
|
)
|
|
(86
|
)
|
|||
Amortization and accretion on deferred loan fees
|
(2,441
|
)
|
|
(268
|
)
|
|
—
|
|
|||
Capitalized interest income
|
(8,546
|
)
|
|
—
|
|
|
—
|
|
|||
Equity-based compensation
|
138
|
|
|
33
|
|
|
—
|
|
|||
Straight-line rental income, net
|
(5,612
|
)
|
|
(7,555
|
)
|
|
(8,174
|
)
|
|||
Gain on disposition of real estate assets, net
|
(180,666
|
)
|
|
(6,299
|
)
|
|
(17,044
|
)
|
|||
Amortization of gain on swap termination
|
(18
|
)
|
|
—
|
|
|
—
|
|
|||
Impairment of real estate assets
|
72,939
|
|
|
32,975
|
|
|
2,855
|
|
|||
Fair value adjustment to contingent consideration
|
—
|
|
|
—
|
|
|
(337
|
)
|
|||
Ineffectiveness of interest rate swaps
|
—
|
|
|
—
|
|
|
(488
|
)
|
|||
Write-off of deferred financing costs
|
2,271
|
|
|
46
|
|
|
896
|
|
|||
Changes in assets and liabilities:
|
|
|
|
|
|
||||||
Rents and tenant receivables
|
16,034
|
|
|
(2,432
|
)
|
|
862
|
|
|||
Prepaid expenses and other assets
|
(6,456
|
)
|
|
(833
|
)
|
|
(67
|
)
|
|||
Accrued expenses and accounts payable
|
(1,742
|
)
|
|
14
|
|
|
(192
|
)
|
|||
Deferred rental income and other liabilities
|
(987
|
)
|
|
4,921
|
|
|
(70
|
)
|
|||
Due from affiliates
|
—
|
|
|
56
|
|
|
2
|
|
|||
Due to affiliates
|
9,302
|
|
|
3,172
|
|
|
(3,349
|
)
|
|||
Net cash provided by operating activities
|
188,575
|
|
|
205,835
|
|
|
198,925
|
|
|||
Cash flows from investing activities:
|
|
|
|
|
|
||||||
Investment in broadly syndicated loans
|
(2,750
|
)
|
|
—
|
|
|
—
|
|
|||
Investment in real estate assets
|
(6,165
|
)
|
|
(11,905
|
)
|
|
(307,385
|
)
|
|||
Capital expenditures
|
(17,722
|
)
|
|
(7,297
|
)
|
|
(13,315
|
)
|
|||
Origination and acquisition of loans held-for-investment, net
|
(217,014
|
)
|
|
(89,295
|
)
|
|
—
|
|
|||
Principal payments received on loans held-for-investment
|
17,186
|
|
|
—
|
|
|
—
|
|
|||
Origination and exit fees received on loans held-for-investment
|
1,697
|
|
|
185
|
|
|
—
|
|
|||
Investment in revenue bonds
|
—
|
|
|
—
|
|
|
(2,081
|
)
|
|||
Net proceeds from disposition of real estate assets
|
1,399,953
|
|
|
64,180
|
|
|
99,013
|
|
|||
Payment of property escrow deposits
|
(350
|
)
|
|
(1,100
|
)
|
|
(11,472
|
)
|
|||
Refund of property escrow deposits
|
350
|
|
|
1,100
|
|
|
11,722
|
|
|||
Proceeds from the settlement of insurance claims
|
110
|
|
|
240
|
|
|
132
|
|
|||
Net cash provided by (used in) investing activities
|
1,175,295
|
|
|
(43,892
|
)
|
|
(223,386
|
)
|
|||
Cash flows from financing activities:
|
|
|
|
|
|
||||||
Redemptions of common stock
|
(84,088
|
)
|
|
(93,830
|
)
|
|
(103,675
|
)
|
|||
Distributions to stockholders
|
(112,083
|
)
|
|
(102,822
|
)
|
|
(93,310
|
)
|
|||
Proceeds from credit facility and notes payable
|
424,500
|
|
|
268,000
|
|
|
1,572,706
|
|
|||
Repayments of credit facility and notes payable, net of swap termination payments received
|
(1,137,022
|
)
|
|
(227,181
|
)
|
|
(1,341,617
|
)
|
|||
Payment of loan deposits
|
—
|
|
|
—
|
|
|
(1,139
|
)
|
|||
Refund of loan deposits
|
—
|
|
|
—
|
|
|
1,064
|
|
|||
Deferred financing costs paid
|
(1,211
|
)
|
|
—
|
|
|
(13,228
|
)
|
|||
Distributions to noncontrolling interest
|
(285
|
)
|
|
(279
|
)
|
|
(291
|
)
|
|||
Net cash (used in) provided by financing activities
|
(910,189
|
)
|
|
(156,112
|
)
|
|
20,510
|
|
|||
Net increase (decrease) in cash and cash equivalents and restricted cash
|
453,681
|
|
|
5,831
|
|
|
(3,951
|
)
|
|||
Cash and cash equivalents and restricted cash, beginning of period
|
19,674
|
|
|
13,843
|
|
|
17,794
|
|
|||
Cash and cash equivalents and restricted cash, end of period
|
$
|
473,355
|
|
|
$
|
19,674
|
|
|
$
|
13,843
|
|
Reconciliation of cash and cash equivalents and restricted cash to the consolidated balance sheets:
|
|
|
|
|
|
||||||
Cash and cash equivalents
|
$
|
466,024
|
|
|
$
|
10,533
|
|
|
$
|
4,745
|
|
Restricted cash
|
7,331
|
|
|
9,141
|
|
|
9,098
|
|
|||
Total cash and cash equivalents and restricted cash
|
$
|
473,355
|
|
|
$
|
19,674
|
|
|
$
|
13,843
|
|
|
Balance as of
December 31, 2019 |
|
Quoted Prices in
Active Markets for
Identical Assets
(Level 1)
|
|
Significant Other
Observable Inputs
(Level 2)
|
|
Significant
Unobservable
Inputs
(Level 3)
|
||||||||
Financial assets:
|
|
|
|
|
|
|
|
||||||||
Interest rate swaps
|
261
|
|
|
—
|
|
|
261
|
|
|
—
|
|
||||
Total financial assets
|
$
|
261
|
|
|
$
|
—
|
|
|
$
|
261
|
|
|
$
|
—
|
|
Financial liability:
|
|
|
|
|
|
|
|
||||||||
Interest rate swap
|
$
|
(4,181
|
)
|
|
$
|
—
|
|
|
$
|
(4,181
|
)
|
|
$
|
—
|
|
Total financial liability
|
$
|
(4,181
|
)
|
|
$
|
—
|
|
|
$
|
(4,181
|
)
|
|
$
|
—
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
||||||||
|
Balance as of
December 31, 2018 |
|
Quoted Prices in
Active Markets for
Identical Assets
(Level 1)
|
|
Significant Other
Observable Inputs
(Level 2)
|
|
Significant
Unobservable
Inputs
(Level 3)
|
||||||||
Financial assets:
|
|
|
|
|
|
|
|
||||||||
Interest rate swaps
|
$
|
10,993
|
|
|
$
|
—
|
|
|
$
|
10,993
|
|
|
$
|
—
|
|
Total financial assets
|
$
|
10,993
|
|
|
$
|
—
|
|
|
$
|
10,993
|
|
|
$
|
—
|
|
|
|
Year Ended December 31,
|
||||||||||
|
|
2019
|
|
2018
|
|
2017
|
||||||
Asset class impaired:
|
|
|
|
|
|
|
||||||
Land
|
|
$
|
12,648
|
|
|
$
|
6,436
|
|
|
$
|
725
|
|
Buildings, fixtures and improvements
|
|
56,572
|
|
|
25,299
|
|
|
1,734
|
|
|||
Intangible lease assets
|
|
4,056
|
|
|
1,385
|
|
|
396
|
|
|||
Intangible lease liabilities
|
|
(337
|
)
|
|
(145
|
)
|
|
—
|
|
|||
Total impairment loss
|
|
$
|
72,939
|
|
|
$
|
32,975
|
|
|
$
|
2,855
|
|
|
2019 Property Acquisition
|
||
Land
|
$
|
1,501
|
|
Buildings, fixtures and improvements
|
3,804
|
|
|
Acquired in-place leases and other intangibles (1)
|
860
|
|
|
Total purchase price
|
$
|
6,165
|
|
(1)
|
The amortization period for acquired in-place leases and other intangibles is 20.1 years.
|
|
2018 Acquisition
|
||
Land
|
$
|
2,107
|
|
Buildings, fixtures and improvements
|
9,044
|
|
|
Acquired in-place leases and other intangibles (1)
|
1,392
|
|
|
Intangible lease liabilities (2)
|
(638
|
)
|
|
Total purchase price
|
$
|
11,905
|
|
(1)
|
The amortization period for acquired in-place leases and other intangibles is 19.0 years.
|
(2)
|
The amortization period for acquired intangible lease liabilities is 19.0 years.
|
|
|
2017 Acquisitions
|
||
Real estate assets:
|
|
|
||
Purchase price of asset acquisitions
|
|
$
|
251,999
|
|
Purchase price of business combinations
|
|
55,386
|
|
|
Total purchase price of real estate assets acquired (1)
|
|
$
|
307,385
|
|
(1)
|
The weighted average amortization period for the 2017 Acquisitions was 16.9 years for acquired in-place leases and other intangibles, 13.6 years for acquired above-market leases and 8.5 years for acquired intangible lease liabilities.
|
|
|
2017 Asset Acquisitions
|
||
Land
|
|
$
|
32,919
|
|
Buildings, fixtures and improvements
|
|
177,682
|
|
|
Acquired in-place leases and other intangibles
|
|
39,257
|
|
|
Acquired above-market leases
|
|
3,624
|
|
|
Revenue bonds
|
|
2,081
|
|
|
Intangible lease liabilities
|
|
(3,564
|
)
|
|
Total purchase price
|
|
$
|
251,999
|
|
|
|
2017 Business Combination Acquisitions
|
||
Land
|
|
$
|
9,873
|
|
Buildings, fixtures and improvements
|
|
41,186
|
|
|
Acquired in-place leases and other intangibles
|
|
5,974
|
|
|
Acquired above-market leases
|
|
988
|
|
|
Intangible lease liabilities
|
|
(2,635
|
)
|
|
Total purchase price
|
|
$
|
55,386
|
|
|
Year Ended December 31,
|
||||||
|
2017
|
|
2016
|
||||
Pro forma basis (unaudited):
|
|
|
|
||||
Revenue
|
$
|
424,416
|
|
|
$
|
412,883
|
|
Net income
|
$
|
80,912
|
|
|
$
|
71,301
|
|
|
As of December 31,
|
||||||
|
2019
|
|
2018
|
||||
Intangible lease assets:
|
|
|
|
||||
In-place leases and other intangibles, net of accumulated amortization of $111,670 and $184,532, respectively (with a weighted average life remaining of 10.4 years and 10.1 years, respectively)
|
$
|
164,724
|
|
|
$
|
307,895
|
|
Acquired above-market leases, net of accumulated amortization of $19,310 and $27,979, respectively (with a weighted average life remaining of 7.9 years and 8.4 years, respectively)
|
17,423
|
|
|
34,462
|
|
||
Total intangible lease assets, net
|
$
|
182,147
|
|
|
$
|
342,357
|
|
Intangible lease liabilities:
|
|
|
|
||||
Acquired below-market leases, net of accumulated amortization of $25,800 and $34,732, respectively (with a weighted average life remaining of 7.3 years and 7.2 years, respectively)
|
$
|
20,523
|
|
|
$
|
36,418
|
|
|
|
Year Ended December 31,
|
||||||||||
|
|
2019
|
|
2018
|
|
2017
|
||||||
In-place lease and other intangible amortization
|
|
$
|
32,058
|
|
|
$
|
45,559
|
|
|
$
|
46,602
|
|
Above-market lease amortization
|
|
$
|
4,315
|
|
|
$
|
6,740
|
|
|
$
|
7,304
|
|
Below-market lease amortization
|
|
$
|
6,253
|
|
|
$
|
8,448
|
|
|
$
|
9,503
|
|
|
|
Amortization
|
||||||||||
Year Ending December 31,
|
|
In-Place Leases and Other Intangibles
|
|
Above-Market Leases
|
|
Below-Market Leases
|
||||||
2020
|
|
$
|
20,943
|
|
|
$
|
2,753
|
|
|
$
|
4,746
|
|
2021
|
|
$
|
18,544
|
|
|
$
|
2,175
|
|
|
$
|
2,907
|
|
2022
|
|
$
|
17,458
|
|
|
$
|
2,005
|
|
|
$
|
2,495
|
|
2023
|
|
$
|
15,593
|
|
|
$
|
1,768
|
|
|
$
|
2,126
|
|
2024
|
|
$
|
13,901
|
|
|
$
|
1,326
|
|
|
$
|
1,601
|
|
Thereafter
|
|
$
|
78,285
|
|
|
$
|
7,396
|
|
|
$
|
6,648
|
|
Total
|
|
$
|
164,724
|
|
|
$
|
17,423
|
|
|
$
|
20,523
|
|
|
|
As of December 31,
|
||||||
|
|
2019
|
|
2018
|
||||
Mezzanine loans
|
|
$
|
146,060
|
|
|
$
|
89,762
|
|
Senior loans
|
|
152,820
|
|
|
—
|
|
||
Total CRE loans-held-for-investment
|
|
298,880
|
|
|
89,762
|
|
||
Broadly syndicated loans
|
|
2,750
|
|
|
—
|
|
||
Total loans-held-for-investment and related receivable, net
|
|
$
|
301,630
|
|
|
$
|
89,762
|
|
|
|
As of December 31,
|
||||||
|
|
2019
|
|
2018
|
||||
Number of loans
|
|
11
|
|
|
4
|
|
||
Principal balance (1)
|
|
$
|
297,357
|
|
|
$
|
89,679
|
|
Net book value
|
|
$
|
298,880
|
|
|
$
|
89,762
|
|
Weighted-average interest rate (1)
|
|
8.9
|
%
|
|
17.2
|
%
|
||
Weighted-average maximum years to maturity (2)
|
|
2.9
|
|
|
2.4
|
|
(1)
|
As of December 31, 2019, 100% of the Company’s loans by principal balance earned a floating rate of interest, primarily indexed to U.S. dollar LIBOR.
|
(2)
|
Maximum maturity date assumes all extension options are exercised by the borrowers; however, the Company’s loans may be repaid prior to such date.
|
|
|
Principal Balance
|
|
Deferred Fees / Other Items (1)
|
|
Loan Fees Receivable
|
|
Net Book Value
|
||||||||
Balance, January 1, 2018
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Loan fundings
|
|
89,295
|
|
|
(6,623
|
)
|
|
6,623
|
|
|
89,295
|
|
||||
Capitalized interest (2)
|
|
384
|
|
|
—
|
|
|
—
|
|
|
384
|
|
||||
Deferred fees and other items
|
|
—
|
|
|
(185
|
)
|
|
—
|
|
|
(185
|
)
|
||||
Accretion and amortization of fees and other items
|
|
—
|
|
|
268
|
|
|
—
|
|
|
268
|
|
||||
Balance, December 31, 2018
|
|
$
|
89,679
|
|
|
$
|
(6,540
|
)
|
|
$
|
6,623
|
|
|
$
|
89,762
|
|
Loan fundings
|
|
216,318
|
|
|
(389
|
)
|
|
1,085
|
|
|
217,014
|
|
||||
Principal repayments received
|
|
(17,186
|
)
|
|
—
|
|
|
—
|
|
|
(17,186
|
)
|
||||
Capitalized interest (2)
|
|
8,546
|
|
|
—
|
|
|
—
|
|
|
8,546
|
|
||||
Deferred fees and other items
|
|
—
|
|
|
(1,531
|
)
|
|
(166
|
)
|
|
(1,697
|
)
|
||||
Accretion and amortization of fees and other items
|
|
—
|
|
|
2,441
|
|
|
—
|
|
|
2,441
|
|
||||
Balance, December 31, 2019
|
|
$
|
297,357
|
|
|
$
|
(6,019
|
)
|
|
$
|
7,542
|
|
|
$
|
298,880
|
|
(1)
|
Other items primarily consist of purchase discounts or premiums, accretion of exit fees and deferred origination expenses.
|
(2)
|
Represents accrued interest on loans whose terms do not require a current cash payment of interest.
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
|
Outstanding Notional
|
|
|
|
|
|
|
|
Fair Value of Assets (Liability)
|
||||||||
|
Balance Sheet
|
|
Amount as of
|
|
Interest
|
|
Effective
|
|
Maturity
|
|
December 31,
|
|
December 31,
|
||||||
|
Location
|
|
December 31, 2019
|
|
Rates (1)
|
|
Dates
|
|
Dates
|
|
2019
|
|
2018
|
||||||
Interest Rate Swaps
|
Interest receivable, prepaid expenses and other assets
|
|
$
|
60,000
|
|
|
2.55% to 3.62%
|
|
3/14/2016 to 6/29/2016
|
|
4/5/2021 to 7/1/2021
|
|
$
|
261
|
|
|
$
|
10,993
|
|
Interest Rate Swap
|
Deferred rental income, derivative liability and other liabilities
|
|
$
|
811,666
|
|
|
4.02%
|
|
8/15/2018
|
|
3/15/2021
|
|
$
|
(4,181
|
)
|
|
$
|
—
|
|
(1)
|
The interest rates consist of the underlying index swapped to a fixed rate and the applicable interest rate spread as of December 31, 2019.
|
|
|
|
During the Year Ended December 31, 2019
|
|
|
||||||||||||||
|
Balance as of December 31, 2018
|
|
Debt Issuances & Assumptions (1)
|
|
Repayments & Modifications
|
|
Accretion & (Amortization)
|
|
Balance as of December 31, 2019
|
||||||||||
Fixed rate debt
|
$
|
1,178,166
|
|
|
$
|
—
|
|
|
$
|
(451,905
|
)
|
(2)
|
$
|
—
|
|
|
$
|
726,261
|
|
Variable rate debt
|
20,500
|
|
|
—
|
|
|
(20,500
|
)
|
|
—
|
|
|
—
|
|
|||||
Credit facility
|
1,331,000
|
|
|
424,500
|
|
|
(870,500
|
)
|
|
—
|
|
|
885,000
|
|
|||||
Total debt
|
2,529,666
|
|
|
424,500
|
|
|
(1,342,905
|
)
|
|
—
|
|
|
1,611,261
|
|
|||||
Net premiums (3)
|
331
|
|
|
—
|
|
|
—
|
|
|
(90
|
)
|
|
241
|
|
|||||
Deferred costs – credit facility (4)
|
(6,731
|
)
|
|
(19
|
)
|
|
745
|
|
(5)
|
2,072
|
|
|
(3,933
|
)
|
|||||
Deferred costs – fixed rate debt
|
(6,352
|
)
|
|
—
|
|
|
1,526
|
|
(5)
|
2,117
|
|
|
(2,709
|
)
|
|||||
Total debt, net
|
$
|
2,516,914
|
|
|
$
|
424,481
|
|
|
$
|
(1,340,634
|
)
|
|
$
|
4,099
|
|
|
$
|
1,604,860
|
|
(1)
|
Includes deferred financing costs incurred during the period.
|
(2)
|
Includes the assumption of $205.8 million of fixed rate debt related to property dispositions during the year ended December 31, 2019.
|
(3)
|
Net premiums on mortgage notes payable were recorded upon the assumption of the respective debt instruments. Amortization of these net premiums is recorded as a reduction to interest expense over the remaining term of the respective debt instruments using the effective-interest method.
|
(4)
|
Deferred costs related to the term portion of the Credit Facility (as defined below).
|
(5)
|
Represents deferred financing costs written off during the period resulting from debt repayments prior to the respective maturity dates.
|
Year Ending December 31,
|
|
|
Principal Repayments
|
||
2020
|
$
|
165,678
|
|
||
2021
|
97,701
|
|
|||
2022
|
913,962
|
|
|||
2023
|
366,155
|
|
|||
2024
|
67,765
|
|
|||
Thereafter
|
—
|
|
|||
Total
|
$
|
1,611,261
|
|
|
Year Ended December 31,
|
||||||||||
|
2019
|
|
2018
|
|
2017
|
||||||
Supplemental Disclosures of Non-Cash Investing and Financing Activities:
|
|
|
|
|
|
||||||
Distributions declared and unpaid
|
$
|
16,510
|
|
|
$
|
16,518
|
|
|
$
|
16,531
|
|
Accrued capital expenditures
|
$
|
1,165
|
|
|
$
|
557
|
|
|
$
|
192
|
|
Interest income capitalized to loans held-for-investment
|
$
|
8,546
|
|
|
$
|
384
|
|
|
$
|
—
|
|
Common stock issued through distribution reinvestment plan
|
$
|
82,388
|
|
|
$
|
91,764
|
|
|
$
|
101,344
|
|
Change in fair value of interest rate swaps
|
$
|
(14,913
|
)
|
|
$
|
3,875
|
|
|
$
|
7,654
|
|
Mortgage notes assumed by buyer in real estate disposition
|
$
|
(205,765
|
)
|
|
$
|
—
|
|
|
$
|
—
|
|
Supplemental Cash Flow Disclosures:
|
|
|
|
|
|
||||||
Interest paid
|
$
|
97,418
|
|
|
$
|
93,424
|
|
|
$
|
85,140
|
|
Cash paid for taxes
|
$
|
1,218
|
|
|
$
|
1,475
|
|
|
$
|
1,555
|
|
|
Year Ended December 31,
|
|||||||||||
|
2019
|
|
2018
|
|
2017
|
|||||||
Management fees and expenses
|
$
|
16,350
|
|
(1
|
)
|
$
|
—
|
|
|
$
|
—
|
|
Acquisition fees and expenses
|
$
|
2,110
|
|
|
$
|
2,749
|
|
|
$
|
6,532
|
|
|
Disposition fees
|
$
|
3,967
|
|
|
$
|
478
|
|
|
$
|
—
|
|
|
Advisory fees and expenses
|
$
|
25,989
|
|
|
$
|
43,399
|
|
|
$
|
44,072
|
|
|
Operating expenses
|
$
|
3,594
|
|
|
$
|
5,163
|
|
|
$
|
4,494
|
|
(1)
|
Includes advisor reimbursements incurred subject to the Management Agreement.
|
|
|
Year Ended December 31,
|
|||||||
Character of Distributions:
|
|
2019
|
|
2018
|
|
2017
|
|||
Ordinary dividends
|
|
39
|
%
|
|
52
|
%
|
|
51
|
%
|
Nondividend distributions
|
|
7
|
%
|
|
48
|
%
|
|
42
|
%
|
Capital gain distributions
|
|
54
|
%
|
|
—
|
%
|
|
7
|
%
|
Total
|
|
100
|
%
|
|
100
|
%
|
|
100
|
%
|
Year Ending December 31,
|
|
Future Minimum Rental Income
|
||
2020
|
$
|
232,207
|
|
|
2021
|
219,740
|
|
||
2022
|
206,813
|
|
||
2023
|
186,798
|
|
||
2024
|
162,585
|
|
||
Thereafter
|
1,051,702
|
|
||
Total
|
$
|
2,059,845
|
|
Year Ending December 31,
|
|
Future Minimum Rental Income
|
||
2019
|
$
|
352,699
|
|
|
2020
|
343,991
|
|
||
2021
|
327,661
|
|
||
2022
|
311,858
|
|
||
2023
|
284,510
|
|
||
Thereafter
|
1,718,650
|
|
||
Total
|
$
|
3,339,369
|
|
|
Year Ended December 31,
|
||||||||||
|
2019
|
|
2018
|
|
2017
|
||||||
Fixed rental and other property income (1)
|
$
|
342,453
|
|
|
$
|
368,847
|
|
|
$
|
371,139
|
|
Variable rental and other property income (2)
|
50,771
|
|
|
$
|
60,789
|
|
|
$
|
52,956
|
|
|
Total rental and other property income
|
$
|
393,224
|
|
|
$
|
429,636
|
|
|
$
|
424,095
|
|
(1)
|
Consists primarily of fixed contractual payments from operating leases with tenants recognized on a straight-line basis over the lease term, including amortization of acquired above- and below-market leases.
|
(2)
|
Consists primarily of tenant reimbursements for recoverable real estate taxes and property operating expenses, and percentage rent, net of bad debt expense.
|
|
|
December 31, 2019
|
||||||||||||||
|
|
First Quarter
|
|
Second Quarter
|
|
Third Quarter
|
|
Fourth Quarter
|
||||||||
Revenues
|
|
$
|
109,260
|
|
|
$
|
105,529
|
|
|
$
|
105,479
|
|
|
$
|
93,088
|
|
Net income
|
|
$
|
8,851
|
|
|
$
|
9,006
|
|
|
$
|
2,573
|
|
|
$
|
162,590
|
|
Net income attributable to the Company
|
|
$
|
8,817
|
|
|
$
|
8,973
|
|
|
$
|
2,541
|
|
|
$
|
162,568
|
|
Basic and diluted net income per common share (1)
|
|
$
|
0.03
|
|
|
$
|
0.03
|
|
|
$
|
0.01
|
|
|
$
|
0.52
|
|
(1)
|
The Company calculates net income per share based on the weighted-average number of outstanding shares of common stock during the reporting period. The average number of shares fluctuates throughout the year and can therefore produce a full year result that does not agree to the sum of the individual quarters.
|
|
|
December 31, 2018
|
||||||||||||||
|
|
First Quarter
|
|
Second Quarter
|
|
Third Quarter
|
|
Fourth Quarter
|
||||||||
Revenues
|
|
$
|
109,503
|
|
|
$
|
107,395
|
|
|
$
|
105,705
|
|
|
$
|
108,673
|
|
Net income (loss)
|
|
$
|
19,073
|
|
|
$
|
17,825
|
|
|
$
|
14,905
|
|
|
$
|
(14,391
|
)
|
Net income (loss) attributable to the Company
|
|
$
|
19,039
|
|
|
$
|
17,792
|
|
|
$
|
14,872
|
|
|
$
|
(14,425
|
)
|
Basic and diluted net income (loss) per common share (1)
|
|
$
|
0.06
|
|
|
$
|
0.06
|
|
|
$
|
0.05
|
|
|
$
|
(0.05
|
)
|
(1)
|
The Company calculates net income (loss) per share based on the weighted-average number of outstanding shares of common stock during the reporting period. The average number of shares fluctuates throughout the year and can therefore produce a full year result that does not agree to the sum of the individual quarters.
|
|
|
|
|
|
Initial Costs to Company
|
|
|
|
Gross Amount at
|
|
|
|
|
|
|
||||||||||||||
|
|
|
|
|
|
|
Buildings,
|
|
Total
|
|
Which Carried
|
|
Accumulated
|
|
|
|
|
||||||||||||
|
|
|
|
|
|
|
Fixtures and
|
|
Adjustment
|
|
At December 31, 2019
|
|
Depreciation
|
|
Date
|
|
Date
|
||||||||||||
|
Description (a)
|
|
Encumbrances
|
|
Land
|
|
Improvements
|
|
to Basis (b)
|
|
(c) (d) (e)
|
|
(e) (f) (g)
|
|
Acquired
|
|
Constructed
|
||||||||||||
Real Estate Held for Investment:
|
|
|
|
|
|
|
|||||||||||||||||||||||
10Box Cost-Plus:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
Conway, AR
|
|
(h)
|
|
|
$
|
733
|
|
|
$
|
1,654
|
|
|
$
|
—
|
|
|
$
|
2,387
|
|
|
$
|
118
|
|
|
9/5/2017
|
|
1989
|
|
|
Russellville, AR
|
|
(h)
|
|
|
990
|
|
|
1,470
|
|
|
—
|
|
|
2,460
|
|
|
130
|
|
|
3/20/2017
|
|
1989
|
||||||
Academy Sports:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
Clarksville, TN
|
|
(h)
|
|
|
1,811
|
|
|
6,603
|
|
|
—
|
|
|
8,414
|
|
|
993
|
|
|
6/17/2014
|
|
2014
|
||||||
|
Cookeville, TN
|
|
(h)
|
|
|
—
|
|
|
23,847
|
|
|
73,371
|
|
|
97,218
|
|
|
9,604
|
|
|
9/30/2014
|
|
2015
|
||||||
|
Douglasville, GA
|
|
(h)
|
|
|
1,360
|
|
|
8,593
|
|
|
—
|
|
|
9,953
|
|
|
1,276
|
|
|
6/12/2014
|
|
2014
|
||||||
|
Flowood, MS
|
|
(h)
|
|
|
1,534
|
|
|
7,864
|
|
|
—
|
|
|
9,398
|
|
|
1,251
|
|
|
6/27/2014
|
|
2014
|
||||||
|
Greenville, NC
|
|
(h)
|
|
|
1,968
|
|
|
7,054
|
|
|
—
|
|
|
9,022
|
|
|
633
|
|
|
1/12/2017
|
|
2016
|
||||||
|
McDonough, GA
|
|
(h)
|
|
|
1,846
|
|
|
5,626
|
|
|
—
|
|
|
7,472
|
|
|
891
|
|
|
4/24/2014
|
|
2010
|
||||||
|
Valdosta, GA
|
|
$
|
5,838
|
|
|
2,482
|
|
|
5,922
|
|
|
—
|
|
|
8,404
|
|
|
1,167
|
|
|
5/10/2013
|
|
2012
|
|||||
Advance Auto:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
Mattoon, IL
|
|
(h)
|
|
|
261
|
|
|
1,063
|
|
|
—
|
|
|
1,324
|
|
|
107
|
|
|
12/4/2015
|
|
2015
|
||||||
|
Willmar, MN
|
|
(h)
|
|
|
200
|
|
|
1,279
|
|
|
—
|
|
|
1,479
|
|
|
155
|
|
|
3/25/2015
|
|
2014
|
||||||
Albany Square:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
Albany, GA
|
|
4,600
|
|
|
1,606
|
|
|
7,113
|
|
|
373
|
|
|
9,092
|
|
|
1,382
|
|
|
2/26/2014
|
|
2013
|
||||||
Almeda Crossing:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
Houston, TX
|
|
(h)
|
|
|
4,738
|
|
|
26,245
|
|
|
(3,163
|
)
|
|
27,820
|
|
|
503
|
|
|
8/7/2014
|
|
2006
|
||||||
AutoZone:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
Sheffield, OH
|
|
(h)
|
|
|
815
|
|
|
—
|
|
|
770
|
|
|
1,585
|
|
|
99
|
|
|
10/15/2014
|
|
2014
|
||||||
Bass Pro Shops:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
Tallahassee, FL
|
|
(h)
|
|
|
945
|
|
|
5,713
|
|
|
—
|
|
|
6,658
|
|
|
1,028
|
|
|
8/20/2013
|
|
2013
|
||||||
Beavercreek Shopping Center:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
Beavercreek, OH
|
|
—
|
|
|
5,504
|
|
|
25,178
|
|
|
554
|
|
|
31,236
|
|
|
4,419
|
|
|
10/31/2013
|
|
2013
|
||||||
Bed Bath & Beyond/La-Z-Boy:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
Schaumburg, IL
|
|
7,300
|
|
|
4,786
|
|
|
6,149
|
|
|
(1,065
|
)
|
|
9,870
|
|
|
219
|
|
|
3/8/2013
|
|
1997
|
||||||
Bob Evans:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
Akron, OH
|
|
(h)
|
|
|
447
|
|
|
1,537
|
|
|
—
|
|
|
1,984
|
|
|
129
|
|
|
4/28/2017
|
|
2007
|
||||||
|
Anderson, IN
|
|
(h)
|
|
|
912
|
|
|
1,455
|
|
|
—
|
|
|
2,367
|
|
|
124
|
|
|
4/28/2017
|
|
1984
|
||||||
|
Austintown, OH
|
|
(h)
|
|
|
305
|
|
|
1,426
|
|
|
—
|
|
|
1,731
|
|
|
128
|
|
|
4/28/2017
|
|
1995
|
||||||
|
Birch Run, MI
|
|
(h)
|
|
|
733
|
|
|
1,192
|
|
|
—
|
|
|
1,925
|
|
|
105
|
|
|
4/28/2017
|
|
2008
|
||||||
|
Blue Ash, OH
|
|
(h)
|
|
|
628
|
|
|
1,429
|
|
|
—
|
|
|
2,057
|
|
|
139
|
|
|
4/28/2017
|
|
1994
|
||||||
|
Chardon, OH
|
|
(h)
|
|
|
333
|
|
|
682
|
|
|
—
|
|
|
1,015
|
|
|
65
|
|
|
4/28/2017
|
|
2003
|
||||||
|
Chillicothe, OH
|
|
(h)
|
|
|
557
|
|
|
1,524
|
|
|
—
|
|
|
2,081
|
|
|
133
|
|
|
4/28/2017
|
|
1998
|
||||||
|
Columbus, OH
|
|
—
|
|
|
523
|
|
|
1,376
|
|
|
—
|
|
|
1,899
|
|
|
124
|
|
|
4/28/2017
|
|
2003
|
||||||
|
Dayton, OH
|
|
(h)
|
|
|
325
|
|
|
1,438
|
|
|
—
|
|
|
1,763
|
|
|
133
|
|
|
4/28/2017
|
|
1998
|
||||||
|
Eldersburg, MD
|
|
(h)
|
|
|
557
|
|
|
876
|
|
|
—
|
|
|
1,433
|
|
|
75
|
|
|
4/28/2017
|
|
2000
|
||||||
|
Florence, KY
|
|
(h)
|
|
|
496
|
|
|
1,876
|
|
|
—
|
|
|
2,372
|
|
|
170
|
|
|
4/28/2017
|
|
1991
|
||||||
|
Holland, MI
|
|
(h)
|
|
|
314
|
|
|
1,367
|
|
|
—
|
|
|
1,681
|
|
|
123
|
|
|
4/28/2017
|
|
2004
|
||||||
|
Huntersville, NC
|
|
(h)
|
|
|
751
|
|
|
657
|
|
|
—
|
|
|
1,408
|
|
|
57
|
|
|
4/28/2017
|
|
2008
|
||||||
|
Hurricane, WV
|
|
(h)
|
|
|
297
|
|
|
1,654
|
|
|
—
|
|
|
1,951
|
|
|
135
|
|
|
4/28/2017
|
|
1993
|
||||||
|
Milford, OH
|
|
(h)
|
|
|
271
|
|
|
1,498
|
|
|
—
|
|
|
1,769
|
|
|
136
|
|
|
4/28/2017
|
|
1987
|
||||||
|
Monroeville, PA
|
|
(h)
|
|
|
1,340
|
|
|
848
|
|
|
—
|
|
|
2,188
|
|
|
70
|
|
|
4/28/2017
|
|
1995
|
||||||
|
Nicholasville, KY
|
|
(h)
|
|
|
731
|
|
|
693
|
|
|
—
|
|
|
1,424
|
|
|
59
|
|
|
4/28/2017
|
|
1989
|
||||||
|
North Canton, OH
|
|
(h)
|
|
|
859
|
|
|
1,393
|
|
|
—
|
|
|
2,252
|
|
|
126
|
|
|
4/28/2017
|
|
2006
|
||||||
|
Ripley, WV
|
|
(h)
|
|
|
269
|
|
|
1,304
|
|
|
—
|
|
|
1,573
|
|
|
114
|
|
|
4/28/2017
|
|
1988
|
||||||
|
Tipp City, OH
|
|
(h)
|
|
|
554
|
|
|
1,120
|
|
|
—
|
|
|
1,674
|
|
|
104
|
|
|
4/28/2017
|
|
1989
|
|
|
|
|
|
Initial Costs to Company
|
|
|
|
Gross Amount at
|
|
|
|
|
|
|
||||||||||||||
|
|
|
|
|
|
|
Buildings,
|
|
Total
|
|
Which Carried
|
|
Accumulated
|
|
|
|
|
||||||||||||
|
|
|
|
|
|
|
Fixtures and
|
|
Adjustment
|
|
At December 31, 2019
|
|
Depreciation
|
|
Date
|
|
Date
|
||||||||||||
|
Description (a)
|
|
Encumbrances
|
|
Land
|
|
Improvements
|
|
to Basis (b)
|
|
(c) (d) (e)
|
|
(e) (f) (g)
|
|
Acquired
|
|
Constructed
|
||||||||||||
Bob Evans (continued):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
Warsaw, IN
|
|
(h)
|
|
|
$
|
684
|
|
|
$
|
1,222
|
|
|
$
|
—
|
|
|
$
|
1,906
|
|
|
$
|
106
|
|
|
4/28/2017
|
|
1993
|
|
Boston Commons:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
Springfield, MA
|
|
(h)
|
|
|
3,101
|
|
|
7,042
|
|
|
280
|
|
|
10,423
|
|
|
1,085
|
|
|
8/19/2014
|
|
2004
|
||||||
Bottom Dollar Grocery:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
Ambridge, PA
|
|
$
|
—
|
|
|
519
|
|
|
2,985
|
|
|
—
|
|
|
3,504
|
|
|
471
|
|
|
11/5/2013
|
|
2012
|
|||||
Bryan Crossing:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
Kodak, TN
|
|
4,958
|
|
|
863
|
|
|
6,523
|
|
|
(7,386
|
)
|
(i)
|
—
|
|
|
—
|
|
|
9/9/2014
|
|
2008
|
||||||
Cabela’s:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
Acworth, GA
|
|
(h)
|
|
|
4,979
|
|
|
18,775
|
|
|
—
|
|
|
23,754
|
|
|
1,179
|
|
|
9/25/2017
|
|
2014
|
||||||
|
Avon, OH
|
|
(h)
|
|
|
2,755
|
|
|
10,751
|
|
|
—
|
|
|
13,506
|
|
|
686
|
|
|
9/25/2017
|
|
2016
|
||||||
|
La Vista, NE
|
|
(h)
|
|
|
3,260
|
|
|
16,923
|
|
|
—
|
|
|
20,183
|
|
|
1,022
|
|
|
9/25/2017
|
|
2006
|
||||||
|
Sun Prairie, WI
|
|
(h)
|
|
|
3,373
|
|
|
14,058
|
|
|
—
|
|
|
17,431
|
|
|
931
|
|
|
9/25/2017
|
|
2015
|
||||||
Caliber Collision Center:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
Frisco, TX
|
|
(h)
|
|
|
1,484
|
|
|
2,038
|
|
|
—
|
|
|
3,522
|
|
|
310
|
|
|
9/16/2014
|
|
2014
|
||||||
|
Las Cruces, NM
|
|
(h)
|
|
|
673
|
|
|
1,949
|
|
|
—
|
|
|
2,622
|
|
|
285
|
|
|
3/21/2014
|
|
2014
|
||||||
|
Midwest City, OK
|
|
(h)
|
|
|
259
|
|
|
1,165
|
|
|
—
|
|
|
1,424
|
|
|
177
|
|
|
2/21/2014
|
|
2013
|
||||||
|
Denver, CO
|
|
(h)
|
|
|
855
|
|
|
658
|
|
|
—
|
|
|
1,513
|
|
|
94
|
|
|
6/25/2014
|
|
1975
|
||||||
|
San Antonio, TX
|
|
(h)
|
|
|
622
|
|
|
832
|
|
|
—
|
|
|
1,454
|
|
|
118
|
|
|
6/4/2014
|
|
2014
|
||||||
|
Wylie, TX
|
|
(h)
|
|
|
816
|
|
|
2,690
|
|
|
—
|
|
|
3,506
|
|
|
377
|
|
|
2/10/2015
|
|
2014
|
||||||
Camping World:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
Pensacola, FL
|
|
(h)
|
|
|
2,152
|
|
|
3,831
|
|
|
(1,307
|
)
|
|
4,676
|
|
|
19
|
|
|
4/29/2014
|
|
2014
|
||||||
Canton Marketplace:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
Canton, GA
|
|
32,000
|
|
|
8,310
|
|
|
48,667
|
|
|
(56,977
|
)
|
(i)
|
—
|
|
|
—
|
|
|
3/28/2013
|
|
2009
|
||||||
Carlisle Crossing:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
Carlisle, PA
|
|
—
|
|
|
4,491
|
|
|
15,817
|
|
|
14
|
|
|
20,322
|
|
|
2,527
|
|
|
9/18/2014
|
|
2006
|
||||||
Chase:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
Hanover Township, NJ
|
|
(h)
|
|
|
2,192
|
|
|
—
|
|
|
—
|
|
|
2,192
|
|
|
—
|
|
|
12/18/2013
|
|
2012
|
||||||
Chestnut Square:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
Brevard, NC
|
|
(h)
|
|
|
425
|
|
|
5,037
|
|
|
(5,462
|
)
|
(i)
|
—
|
|
|
—
|
|
|
6/7/2013
|
|
2008
|
||||||
Chick-fil-A:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
Dickson City, PA
|
|
—
|
|
|
1,113
|
|
|
7,946
|
|
|
(7,817
|
)
|
|
1,242
|
|
|
194
|
|
|
6/30/2014
|
|
2013
|
||||||
Costco:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
Tallahassee, FL
|
|
5,146
|
|
|
9,497
|
|
|
—
|
|
|
—
|
|
|
9,497
|
|
|
—
|
|
|
12/11/2012
|
|
2006
|
||||||
Cottonwood Commons:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
Albuquerque, NM
|
|
19,250
|
|
|
4,986
|
|
|
28,881
|
|
|
196
|
|
|
34,063
|
|
|
4,928
|
|
|
7/19/2013
|
|
2013
|
||||||
Coventry Crossing:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
Coventry, RI
|
|
6,000
|
|
|
3,462
|
|
|
5,899
|
|
|
(2,291
|
)
|
|
7,070
|
|
|
—
|
|
|
9/12/2013
|
|
2008
|
||||||
Crosspoint:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
Hagerstown, MD
|
|
(h)
|
|
|
12,285
|
|
|
14,359
|
|
|
(1,024
|
)
|
|
25,620
|
|
|
2,522
|
|
|
9/30/2014
|
|
2000
|
||||||
Crossroads Annex:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
Lafayette, LA
|
|
(h)
|
|
|
1,659
|
|
|
7,091
|
|
|
(8,750
|
)
|
(i)
|
—
|
|
|
—
|
|
|
12/4/2013
|
|
2013
|
||||||
Crossroads Commons:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
Plover, WI
|
|
(h)
|
|
|
1,000
|
|
|
4,515
|
|
|
(5,515
|
)
|
(i)
|
—
|
|
|
—
|
|
|
12/10/2013
|
|
2012
|
||||||
CVS:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
Arnold, MO
|
|
(h)
|
|
|
2,043
|
|
|
2,367
|
|
|
—
|
|
|
4,410
|
|
|
368
|
|
|
12/13/2013
|
|
2013
|
||||||
|
Asheville, NC
|
|
(h)
|
|
|
1,108
|
|
|
1,084
|
|
|
—
|
|
|
2,192
|
|
|
220
|
|
|
4/26/2012
|
|
1998
|
||||||
|
Austin, TX
|
|
(h)
|
|
|
1,076
|
|
|
3,475
|
|
|
—
|
|
|
4,551
|
|
|
537
|
|
|
12/13/2013
|
|
2013
|
|
|
|
|
|
Initial Costs to Company
|
|
|
|
Gross Amount at
|
|
|
|
|
|
|
||||||||||||||
|
|
|
|
|
|
|
Buildings,
|
|
Total
|
|
Which Carried
|
|
Accumulated
|
|
|
|
|
||||||||||||
|
|
|
|
|
|
|
Fixtures and
|
|
Adjustment
|
|
At December 31, 2019
|
|
Depreciation
|
|
Date
|
|
Date
|
||||||||||||
|
Description (a)
|
|
Encumbrances
|
|
Land
|
|
Improvements
|
|
to Basis (b)
|
|
(c) (d) (e)
|
|
(e) (f) (g)
|
|
Acquired
|
|
Constructed
|
||||||||||||
CVS (continued):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
Bloomington, IN
|
|
(h)
|
|
|
$
|
1,620
|
|
|
$
|
2,957
|
|
|
$
|
—
|
|
|
$
|
4,577
|
|
|
$
|
460
|
|
|
12/13/2013
|
|
2012
|
|
|
Blue Springs, MO
|
|
(h)
|
|
|
395
|
|
|
2,722
|
|
|
—
|
|
|
3,117
|
|
|
423
|
|
|
12/13/2013
|
|
2013
|
||||||
|
Bridgeton, MO
|
|
(h)
|
|
|
2,056
|
|
|
2,362
|
|
|
—
|
|
|
4,418
|
|
|
367
|
|
|
12/13/2013
|
|
2013
|
||||||
|
Charleston, SC
|
|
(h)
|
|
|
869
|
|
|
1,009
|
|
|
—
|
|
|
1,878
|
|
|
205
|
|
|
4/26/2012
|
|
1998
|
||||||
|
Chesapeake, VA
|
|
(h)
|
|
|
1,044
|
|
|
3,053
|
|
|
—
|
|
|
4,097
|
|
|
484
|
|
|
12/13/2013
|
|
2013
|
||||||
|
Chicago, IL
|
|
(h)
|
|
|
1,832
|
|
|
4,255
|
|
|
—
|
|
|
6,087
|
|
|
722
|
|
|
3/20/2013
|
|
2008
|
||||||
|
Cicero, IN
|
|
(h)
|
|
|
487
|
|
|
3,099
|
|
|
—
|
|
|
3,586
|
|
|
481
|
|
|
12/13/2013
|
|
2013
|
||||||
|
Corpus Christi, TX
|
|
(h)
|
|
|
648
|
|
|
2,557
|
|
|
—
|
|
|
3,205
|
|
|
501
|
|
|
4/19/2012
|
|
1998
|
||||||
|
Danville, IN
|
|
(h)
|
|
|
424
|
|
|
2,105
|
|
|
76
|
|
|
2,605
|
|
|
312
|
|
|
7/16/2014
|
|
1998
|
||||||
|
Eminence, KY
|
|
(h)
|
|
|
872
|
|
|
2,511
|
|
|
—
|
|
|
3,383
|
|
|
385
|
|
|
12/13/2013
|
|
2013
|
||||||
|
Goose Creek, SC
|
|
(h)
|
|
|
1,022
|
|
|
1,980
|
|
|
—
|
|
|
3,002
|
|
|
305
|
|
|
12/13/2013
|
|
2013
|
||||||
|
Greenwood, IN
|
|
(h)
|
|
|
912
|
|
|
3,549
|
|
|
61
|
|
|
4,522
|
|
|
580
|
|
|
7/11/2013
|
|
1999
|
||||||
|
Hanover Township, NJ
|
|
(h)
|
|
|
4,746
|
|
|
—
|
|
|
—
|
|
|
4,746
|
|
|
—
|
|
|
12/18/2013
|
|
2012
|
||||||
|
Hazlet, NJ
|
|
(h)
|
|
|
3,047
|
|
|
3,610
|
|
|
—
|
|
|
6,657
|
|
|
558
|
|
|
12/13/2013
|
|
2013
|
||||||
|
Honesdale, PA
|
|
(h)
|
|
|
1,206
|
|
|
3,342
|
|
|
—
|
|
|
4,548
|
|
|
532
|
|
|
12/13/2013
|
|
2013
|
||||||
|
Independence, MO
|
|
(h)
|
|
|
359
|
|
|
2,242
|
|
|
—
|
|
|
2,601
|
|
|
349
|
|
|
12/13/2013
|
|
2013
|
||||||
|
Indianapolis, IN
|
|
(h)
|
|
|
1,110
|
|
|
2,484
|
|
|
—
|
|
|
3,594
|
|
|
386
|
|
|
12/13/2013
|
|
2013
|
||||||
|
Irving, TX
|
|
(h)
|
|
|
745
|
|
|
3,034
|
|
|
—
|
|
|
3,779
|
|
|
562
|
|
|
10/5/2012
|
|
2000
|
||||||
|
Janesville, WI
|
|
(h)
|
|
|
736
|
|
|
2,545
|
|
|
—
|
|
|
3,281
|
|
|
395
|
|
|
12/13/2013
|
|
2013
|
||||||
|
Katy, TX
|
|
(h)
|
|
|
1,149
|
|
|
2,462
|
|
|
—
|
|
|
3,611
|
|
|
374
|
|
|
12/13/2013
|
|
2013
|
||||||
|
Lincoln, NE
|
|
(h)
|
|
|
2,534
|
|
|
3,014
|
|
|
—
|
|
|
5,548
|
|
|
467
|
|
|
12/13/2013
|
|
2013
|
||||||
|
London, KY
|
|
(h)
|
|
|
1,445
|
|
|
2,661
|
|
|
—
|
|
|
4,106
|
|
|
431
|
|
|
9/10/2013
|
|
2013
|
||||||
|
Middletown, NY
|
|
(h)
|
|
|
665
|
|
|
5,483
|
|
|
—
|
|
|
6,148
|
|
|
840
|
|
|
12/13/2013
|
|
2013
|
||||||
|
North Wilkesboro, NC
|
|
(h)
|
|
|
332
|
|
|
2,369
|
|
|
73
|
|
|
2,774
|
|
|
373
|
|
|
10/25/2013
|
|
1999
|
||||||
|
Poplar Bluff, MO
|
|
(h)
|
|
|
1,861
|
|
|
2,211
|
|
|
—
|
|
|
4,072
|
|
|
345
|
|
|
12/13/2013
|
|
2013
|
||||||
|
Salem, NH
|
|
(h)
|
|
|
3,456
|
|
|
2,351
|
|
|
—
|
|
|
5,807
|
|
|
362
|
|
|
11/18/2013
|
|
2013
|
||||||
|
San Antonio, TX
|
|
(h)
|
|
|
1,893
|
|
|
1,848
|
|
|
—
|
|
|
3,741
|
|
|
291
|
|
|
12/13/2013
|
|
2013
|
||||||
|
Sand Springs, OK
|
|
(h)
|
|
|
1,765
|
|
|
2,283
|
|
|
—
|
|
|
4,048
|
|
|
357
|
|
|
12/13/2013
|
|
2013
|
||||||
|
Santa Fe, NM
|
|
(h)
|
|
|
2,243
|
|
|
4,619
|
|
|
—
|
|
|
6,862
|
|
|
706
|
|
|
12/13/2013
|
|
2013
|
||||||
|
Sedalia, MO
|
|
(h)
|
|
|
466
|
|
|
2,318
|
|
|
—
|
|
|
2,784
|
|
|
361
|
|
|
12/13/2013
|
|
2013
|
||||||
|
St. John, MO
|
|
(h)
|
|
|
1,546
|
|
|
2,601
|
|
|
—
|
|
|
4,147
|
|
|
404
|
|
|
12/13/2013
|
|
2013
|
||||||
|
Temple Hills, MD
|
|
(h)
|
|
|
1,817
|
|
|
2,989
|
|
|
—
|
|
|
4,806
|
|
|
476
|
|
|
9/30/2013
|
|
2001
|
||||||
|
Vineland, NJ
|
|
(h)
|
|
|
813
|
|
|
2,926
|
|
|
—
|
|
|
3,739
|
|
|
469
|
|
|
12/13/2013
|
|
2010
|
||||||
|
Waynesboro, VA
|
|
(h)
|
|
|
986
|
|
|
2,708
|
|
|
—
|
|
|
3,694
|
|
|
421
|
|
|
12/13/2013
|
|
2013
|
||||||
|
West Monroe, LA
|
|
(h)
|
|
|
1,738
|
|
|
2,136
|
|
|
—
|
|
|
3,874
|
|
|
334
|
|
|
12/13/2013
|
|
2013
|
||||||
Darien Towne Center:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
Darien, IL
|
|
(h)
|
|
|
6,718
|
|
|
11,951
|
|
|
915
|
|
|
19,584
|
|
|
2,713
|
|
|
12/17/2013
|
|
1994
|
||||||
Decatur Commons:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
Decatur, AL
|
|
$
|
7,000
|
|
|
2,478
|
|
|
9,333
|
|
|
861
|
|
|
12,672
|
|
|
1,773
|
|
|
7/10/2013
|
|
2004
|
|||||
Dick’s PetSmart Center:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
Oshkosh, WI
|
|
(h)
|
|
|
1,445
|
|
|
6,599
|
|
|
(1,667
|
)
|
|
6,377
|
|
|
—
|
|
|
9/23/2016
|
|
2015
|
||||||
Dick’s Sporting Goods:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
Oklahoma City, OK
|
|
5,858
|
|
|
685
|
|
|
10,587
|
|
|
—
|
|
|
11,272
|
|
|
2,077
|
|
|
12/31/2012
|
|
2012
|
||||||
Dollar General:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
Akron, OH
|
|
(h)
|
|
|
112
|
|
|
1,099
|
|
|
—
|
|
|
1,211
|
|
|
190
|
|
|
11/1/2013
|
|
2013
|
|
|
|
|
|
Initial Costs to Company
|
|
|
|
Gross Amount at
|
|
|
|
|
|
|
||||||||||||||
|
|
|
|
|
|
|
Buildings,
|
|
Total
|
|
Which Carried
|
|
Accumulated
|
|
|
|
|
||||||||||||
|
|
|
|
|
|
|
Fixtures and
|
|
Adjustment
|
|
At December 31, 2019
|
|
Depreciation
|
|
Date
|
|
Date
|
||||||||||||
|
Description (a)
|
|
Encumbrances
|
|
Land
|
|
Improvements
|
|
to Basis (b)
|
|
(c) (d) (e)
|
|
(e) (f) (g)
|
|
Acquired
|
|
Constructed
|
||||||||||||
Dollar General (continued):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
Buffalo, NY
|
|
(h)
|
|
|
$
|
122
|
|
|
$
|
1,099
|
|
|
$
|
—
|
|
|
$
|
1,221
|
|
|
$
|
148
|
|
|
12/5/2014
|
|
2014
|
|
|
Columbus, OH
|
|
(h)
|
|
|
279
|
|
|
1,248
|
|
|
—
|
|
|
1,527
|
|
|
216
|
|
|
11/7/2013
|
|
2013
|
||||||
|
Des Moines, IA
|
|
(h)
|
|
|
166
|
|
|
943
|
|
|
—
|
|
|
1,109
|
|
|
162
|
|
|
8/9/2013
|
|
2012
|
||||||
|
Houston, TX
|
|
(h)
|
|
|
255
|
|
|
1,393
|
|
|
—
|
|
|
1,648
|
|
|
223
|
|
|
10/18/2013
|
|
2013
|
||||||
|
Kansas City, MO
|
|
(h)
|
|
|
283
|
|
|
1,068
|
|
|
—
|
|
|
1,351
|
|
|
178
|
|
|
10/18/2013
|
|
2013
|
||||||
|
Kansas City, MO
|
|
(h)
|
|
|
233
|
|
|
1,054
|
|
|
—
|
|
|
1,287
|
|
|
174
|
|
|
11/1/2013
|
|
2013
|
||||||
|
Lamesa, TX
|
|
(h)
|
|
|
75
|
|
|
803
|
|
|
(878
|
)
|
(i)
|
—
|
|
|
—
|
|
|
7/31/2014
|
|
2014
|
||||||
|
Lansing, MI
|
|
(h)
|
|
|
232
|
|
|
939
|
|
|
—
|
|
|
1,171
|
|
|
133
|
|
|
6/25/2014
|
|
2014
|
||||||
|
Leicester, NC
|
|
(h)
|
|
|
134
|
|
|
800
|
|
|
(934
|
)
|
(i)
|
—
|
|
|
—
|
|
|
6/17/2013
|
|
2013
|
||||||
|
Mission, TX
|
|
(h)
|
|
|
182
|
|
|
858
|
|
|
—
|
|
|
1,040
|
|
|
123
|
|
|
9/5/2014
|
|
2014
|
||||||
|
Mobile, AL
|
|
(h)
|
|
|
410
|
|
|
1,059
|
|
|
—
|
|
|
1,469
|
|
|
190
|
|
|
6/17/2013
|
|
2013
|
||||||
|
Nashville, MI
|
|
(h)
|
|
|
103
|
|
|
1,255
|
|
|
(1,358
|
)
|
(i)
|
—
|
|
|
—
|
|
|
1/24/2014
|
|
2013
|
||||||
|
Parchment, MI
|
|
(h)
|
|
|
168
|
|
|
1,162
|
|
|
—
|
|
|
1,330
|
|
|
164
|
|
|
6/25/2014
|
|
2014
|
||||||
|
Pueblo, CO
|
|
(h)
|
|
|
144
|
|
|
909
|
|
|
—
|
|
|
1,053
|
|
|
163
|
|
|
1/4/2013
|
|
2012
|
||||||
|
Ravenna, MI
|
|
(h)
|
|
|
199
|
|
|
958
|
|
|
(1,157
|
)
|
(i)
|
—
|
|
|
—
|
|
|
1/24/2014
|
|
2013
|
||||||
|
Romulus, MI
|
|
(h)
|
|
|
274
|
|
|
1,171
|
|
|
—
|
|
|
1,445
|
|
|
174
|
|
|
3/7/2014
|
|
2013
|
||||||
|
Russell, KS
|
|
(h)
|
|
|
54
|
|
|
899
|
|
|
(953
|
)
|
(i)
|
—
|
|
|
—
|
|
|
8/5/2014
|
|
2014
|
||||||
|
Shelby, MI
|
|
(h)
|
|
|
128
|
|
|
1,033
|
|
|
(1,161
|
)
|
(i)
|
—
|
|
|
—
|
|
|
1/24/2014
|
|
2013
|
||||||
|
Spring, TX
|
|
(h)
|
|
|
277
|
|
|
1,132
|
|
|
—
|
|
|
1,409
|
|
|
183
|
|
|
9/30/2013
|
|
2013
|
||||||
|
Springfield, IL
|
|
(h)
|
|
|
205
|
|
|
934
|
|
|
—
|
|
|
1,139
|
|
|
129
|
|
|
9/17/2014
|
|
2014
|
||||||
|
St. Louis, MO
|
|
(h)
|
|
|
229
|
|
|
1,102
|
|
|
—
|
|
|
1,331
|
|
|
178
|
|
|
12/31/2013
|
|
2013
|
||||||
|
St. Louis, MO
|
|
(h)
|
|
|
240
|
|
|
1,118
|
|
|
—
|
|
|
1,358
|
|
|
178
|
|
|
1/15/2014
|
|
2013
|
||||||
|
Weslaco, TX
|
|
(h)
|
|
|
141
|
|
|
848
|
|
|
—
|
|
|
989
|
|
|
121
|
|
|
9/5/2014
|
|
2014
|
||||||
East Manchester Village Center:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
Manchester, PA
|
|
$
|
8,300
|
|
|
2,517
|
|
|
12,672
|
|
|
233
|
|
|
15,422
|
|
|
2,117
|
|
|
12/19/2013
|
|
2009
|
|||||
East West Commons:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
Austell, GA
|
|
13,000
|
|
|
10,094
|
|
|
16,034
|
|
|
3,943
|
|
|
30,071
|
|
|
2,822
|
|
|
9/30/2014
|
|
2002
|
||||||
Evergreen Marketplace:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
Evergreen Park, IL
|
|
(h)
|
|
|
2,823
|
|
|
6,239
|
|
|
—
|
|
|
9,062
|
|
|
1,283
|
|
|
9/6/2013
|
|
2013
|
||||||
Family Dollar:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
Adelanto, GA
|
|
(h)
|
|
|
463
|
|
|
1,711
|
|
|
—
|
|
|
2,174
|
|
|
230
|
|
|
11/14/2014
|
|
2014
|
||||||
|
Bessemer, AL
|
|
(h)
|
|
|
201
|
|
|
1,043
|
|
|
—
|
|
|
1,244
|
|
|
168
|
|
|
12/27/2013
|
|
2013
|
||||||
|
Birmingham, AL
|
|
(h)
|
|
|
500
|
|
|
831
|
|
|
—
|
|
|
1,331
|
|
|
136
|
|
|
12/27/2013
|
|
2013
|
||||||
|
Brooksville, FL
|
|
(h)
|
|
|
206
|
|
|
791
|
|
|
—
|
|
|
997
|
|
|
129
|
|
|
12/18/2013
|
|
2013
|
||||||
|
Cathedral City, CA
|
|
(h)
|
|
|
658
|
|
|
1,908
|
|
|
—
|
|
|
2,566
|
|
|
265
|
|
|
9/19/2014
|
|
2014
|
||||||
|
Cheyenne, WY
|
|
(h)
|
|
|
148
|
|
|
986
|
|
|
—
|
|
|
1,134
|
|
|
150
|
|
|
4/23/2014
|
|
2014
|
||||||
|
Coachella, CA
|
|
(h)
|
|
|
450
|
|
|
1,634
|
|
|
—
|
|
|
2,084
|
|
|
251
|
|
|
2/19/2014
|
|
2013
|
||||||
|
Empire, CA
|
|
(h)
|
|
|
239
|
|
|
1,527
|
|
|
—
|
|
|
1,766
|
|
|
221
|
|
|
6/27/2014
|
|
2014
|
||||||
|
Ft. Lauderdale, FL
|
|
(h)
|
|
|
443
|
|
|
1,361
|
|
|
—
|
|
|
1,804
|
|
|
210
|
|
|
12/18/2013
|
|
2013
|
||||||
|
Fresno, CA
|
|
(h)
|
|
|
488
|
|
|
1,553
|
|
|
—
|
|
|
2,041
|
|
|
241
|
|
|
2/19/2014
|
|
2013
|
||||||
|
Holtville, CA
|
|
(h)
|
|
|
317
|
|
|
1,609
|
|
|
—
|
|
|
1,926
|
|
|
247
|
|
|
2/19/2014
|
|
2013
|
||||||
|
Indio, CA
|
|
(h)
|
|
|
393
|
|
|
1,636
|
|
|
—
|
|
|
2,029
|
|
|
236
|
|
|
6/25/2014
|
|
2014
|
||||||
|
Irvington, AL
|
|
(h)
|
|
|
217
|
|
|
814
|
|
|
—
|
|
|
1,031
|
|
|
135
|
|
|
12/27/2013
|
|
2013
|
||||||
|
Jay, FL
|
|
(h)
|
|
|
190
|
|
|
1,002
|
|
|
—
|
|
|
1,192
|
|
|
167
|
|
|
2/25/2014
|
|
2013
|
||||||
|
Jonesboro, GA
|
|
(h)
|
|
|
297
|
|
|
1,098
|
|
|
—
|
|
|
1,395
|
|
|
173
|
|
|
2/14/2014
|
|
2013
|
|
|
|
|
|
Initial Costs to Company
|
|
|
|
Gross Amount at
|
|
|
|
|
|
|
||||||||||||||
|
|
|
|
|
|
|
Buildings,
|
|
Total
|
|
Which Carried
|
|
Accumulated
|
|
|
|
|
||||||||||||
|
|
|
|
|
|
|
Fixtures and
|
|
Adjustment
|
|
At December 31, 2019
|
|
Depreciation
|
|
Date
|
|
Date
|
||||||||||||
|
Description (a)
|
|
Encumbrances
|
|
Land
|
|
Improvements
|
|
to Basis (b)
|
|
(c) (d) (e)
|
|
(e) (f) (g)
|
|
Acquired
|
|
Constructed
|
||||||||||||
Family Dollar (continued):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
Kissimmee, FL
|
|
(h)
|
|
|
$
|
622
|
|
|
$
|
1,226
|
|
|
$
|
—
|
|
|
$
|
1,848
|
|
|
$
|
178
|
|
|
8/27/2014
|
|
2014
|
|
|
LaBelle, FL
|
|
(h)
|
|
|
268
|
|
|
1,037
|
|
|
—
|
|
|
1,305
|
|
|
170
|
|
|
2/28/2014
|
|
2014
|
||||||
|
Lake Elsinor, CA
|
|
(h)
|
|
|
417
|
|
|
1,682
|
|
|
—
|
|
|
2,099
|
|
|
254
|
|
|
3/3/2014
|
|
2013
|
||||||
|
Lakeland, FL
|
|
(h)
|
|
|
353
|
|
|
937
|
|
|
—
|
|
|
1,290
|
|
|
141
|
|
|
6/30/2014
|
|
2014
|
||||||
|
Little Rock, CA
|
|
(h)
|
|
|
499
|
|
|
1,730
|
|
|
—
|
|
|
2,229
|
|
|
221
|
|
|
2/19/2015
|
|
2014
|
||||||
|
Melbourne, FL
|
|
(h)
|
|
|
362
|
|
|
883
|
|
|
—
|
|
|
1,245
|
|
|
139
|
|
|
2/28/2014
|
|
2014
|
||||||
|
Oshkosh, WI
|
|
(h)
|
|
|
361
|
|
|
815
|
|
|
—
|
|
|
1,176
|
|
|
129
|
|
|
2/25/2014
|
|
2013
|
||||||
|
Palmdale, CA
|
|
(h)
|
|
|
372
|
|
|
1,822
|
|
|
—
|
|
|
2,194
|
|
|
227
|
|
|
3/30/2015
|
|
2014
|
||||||
|
Pensacola, FL
|
|
(h)
|
|
|
509
|
|
|
791
|
|
|
—
|
|
|
1,300
|
|
|
125
|
|
|
3/27/2014
|
|
2014
|
||||||
|
Pine Lake, GA
|
|
(h)
|
|
|
639
|
|
|
897
|
|
|
—
|
|
|
1,536
|
|
|
132
|
|
|
8/26/2014
|
|
2014
|
||||||
|
Riverside, CA
|
|
(h)
|
|
|
736
|
|
|
1,558
|
|
|
—
|
|
|
2,294
|
|
|
233
|
|
|
4/4/2014
|
|
2014
|
||||||
|
San Jacinto, CA
|
|
(h)
|
|
|
430
|
|
|
1,682
|
|
|
—
|
|
|
2,112
|
|
|
239
|
|
|
7/18/2014
|
|
2014
|
||||||
|
Statesboro, GA
|
|
(h)
|
|
|
347
|
|
|
800
|
|
|
—
|
|
|
1,147
|
|
|
129
|
|
|
2/14/2014
|
|
2013
|
||||||
|
Stockton, CA
|
|
(h)
|
|
|
202
|
|
|
1,817
|
|
|
—
|
|
|
2,019
|
|
|
250
|
|
|
9/19/2014
|
|
2014
|
||||||
|
Taft, CA
|
|
(h)
|
|
|
255
|
|
|
1,422
|
|
|
—
|
|
|
1,677
|
|
|
238
|
|
|
8/23/2013
|
|
2013
|
||||||
|
Tampa, FL
|
|
(h)
|
|
|
563
|
|
|
737
|
|
|
—
|
|
|
1,300
|
|
|
121
|
|
|
12/18/2013
|
|
2013
|
||||||
|
Tampa, FL
|
|
(h)
|
|
|
482
|
|
|
920
|
|
|
—
|
|
|
1,402
|
|
|
149
|
|
|
12/18/2013
|
|
2013
|
||||||
|
Terra Bella, CA
|
|
(h)
|
|
|
332
|
|
|
1,394
|
|
|
—
|
|
|
1,726
|
|
|
215
|
|
|
2/19/2014
|
|
2013
|
||||||
|
Tuscaloosa, AL
|
|
(h)
|
|
|
534
|
|
|
817
|
|
|
—
|
|
|
1,351
|
|
|
135
|
|
|
12/27/2013
|
|
2013
|
||||||
Flower Foods:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
Orlando, FL
|
|
(h)
|
|
|
418
|
|
|
387
|
|
|
—
|
|
|
805
|
|
|
54
|
|
|
9/11/2014
|
|
2013
|
||||||
|
Waldorf, MD
|
|
(h)
|
|
|
398
|
|
|
1,045
|
|
|
—
|
|
|
1,443
|
|
|
163
|
|
|
9/11/2014
|
|
2013
|
||||||
Food 4 Less:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
Atwater, CA
|
|
(h)
|
|
|
1,383
|
|
|
5,271
|
|
|
—
|
|
|
6,654
|
|
|
919
|
|
|
11/27/2013
|
|
2002
|
||||||
Fountain Square:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
Brookfield, WI
|
|
(h)
|
|
|
6,508
|
|
|
28,634
|
|
|
25
|
|
|
35,167
|
|
|
2,760
|
|
|
1/17/2017
|
|
2006
|
||||||
Fourth Creek Landing:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
Statesville, NC
|
|
(h)
|
|
|
1,375
|
|
|
7,795
|
|
|
—
|
|
|
9,170
|
|
|
1,809
|
|
|
3/26/2013
|
|
2012
|
||||||
Fresenius Medical Care:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
West Plains, MI
|
|
(h)
|
|
|
557
|
|
|
3,097
|
|
|
—
|
|
|
3,654
|
|
|
439
|
|
|
7/2/2014
|
|
2014
|
||||||
Fresh Market Center:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
Glen Ellyn, IL
|
|
$
|
4,750
|
|
|
2,767
|
|
|
6,403
|
|
|
(3,493
|
)
|
|
5,677
|
|
|
26
|
|
|
9/30/2014
|
|
2014
|
|||||
Fresh Thyme:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
Indianapolis, IN
|
|
(h)
|
|
|
1,087
|
|
|
6,019
|
|
|
—
|
|
|
7,106
|
|
|
914
|
|
|
10/31/2014
|
|
2014
|
||||||
|
Northville, MI
|
|
(h)
|
|
|
1,598
|
|
|
7,796
|
|
|
—
|
|
|
9,394
|
|
|
877
|
|
|
12/21/2015
|
|
2015
|
||||||
Fresh Thyme & DSW:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
Fort Wayne, IN
|
|
(h)
|
|
|
1,740
|
|
|
4,153
|
|
|
612
|
|
|
6,505
|
|
|
693
|
|
|
9/30/2014
|
|
1985
|
||||||
Giant Eagle:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
Seven Fields, PA
|
|
7,530
|
|
|
1,574
|
|
|
13,659
|
|
|
—
|
|
|
15,233
|
|
|
1,991
|
|
|
5/7/2014
|
|
2005
|
||||||
Harbor Town Center:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
Manitowoc, WI
|
|
9,750
|
|
|
3,568
|
|
|
13,209
|
|
|
(1,799
|
)
|
|
14,978
|
|
|
436
|
|
|
4/24/2015
|
|
2005
|
||||||
Haverty Furniture:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
Midland, TX
|
|
(h)
|
|
|
709
|
|
|
1,294
|
|
|
—
|
|
|
2,003
|
|
|
332
|
|
|
8/7/2013
|
|
2012
|
||||||
HEB Center:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
Waxahachie, TX
|
|
7,000
|
|
|
3,465
|
|
|
7,952
|
|
|
273
|
|
|
11,690
|
|
|
1,609
|
|
|
6/27/2012
|
|
1997
|
|
|
|
|
|
Initial Costs to Company
|
|
|
|
Gross Amount at
|
|
|
|
|
|
|
||||||||||||||
|
|
|
|
|
|
|
Buildings,
|
|
Total
|
|
Which Carried
|
|
Accumulated
|
|
|
|
|
||||||||||||
|
|
|
|
|
|
|
Fixtures and
|
|
Adjustment
|
|
At December 31, 2019
|
|
Depreciation
|
|
Date
|
|
Date
|
||||||||||||
|
Description (a)
|
|
Encumbrances
|
|
Land
|
|
Improvements
|
|
to Basis (b)
|
|
(c) (d) (e)
|
|
(e) (f) (g)
|
|
Acquired
|
|
Constructed
|
||||||||||||
Hickory Flat Commons:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
Canton, GA
|
|
$
|
9,850
|
|
|
$
|
4,482
|
|
|
$
|
13,174
|
|
|
$
|
164
|
|
|
$
|
17,820
|
|
|
$
|
2,574
|
|
|
12/18/2012
|
|
2008
|
Hobby Lobby:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
Lewisville, TX
|
|
(h)
|
|
|
2,184
|
|
|
8,977
|
|
|
—
|
|
|
11,161
|
|
|
1,511
|
|
|
11/26/2013
|
|
2013
|
||||||
Home Depot:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
Lincoln, NE
|
|
(h)
|
|
|
6,339
|
|
|
5,937
|
|
|
—
|
|
|
12,276
|
|
|
673
|
|
|
10/22/2015
|
|
1993
|
||||||
|
North Canton, OH
|
|
7,234
|
|
|
2,203
|
|
|
12,012
|
|
|
360
|
|
|
14,575
|
|
|
2,288
|
|
|
12/20/2012
|
|
1998
|
||||||
|
Plainwell, MI
|
|
(h)
|
|
|
521
|
|
|
11,905
|
|
|
(12,426
|
)
|
(i)
|
—
|
|
|
—
|
|
|
5/16/2013
|
|
2002
|
||||||
Inglewood Plaza:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
Inglewood, CA
|
|
12,700
|
|
|
9,880
|
|
|
14,099
|
|
|
(23,979
|
)
|
(i)
|
—
|
|
|
—
|
|
|
9/12/2014
|
|
2008
|
||||||
Jewel-Osco
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
Plainfield, IL
|
|
(h)
|
|
|
—
|
|
|
—
|
|
|
11,151
|
|
|
11,151
|
|
|
306
|
|
|
11/14/2018
|
|
2001
|
||||||
Kirklands:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
Dothan, AL
|
|
(h)
|
|
|
486
|
|
|
946
|
|
|
—
|
|
|
1,432
|
|
|
178
|
|
|
8/5/2014
|
|
2014
|
||||||
Kohl’s:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
Chartlottesville, VA
|
|
8,745
|
|
|
3,929
|
|
|
12,280
|
|
|
—
|
|
|
16,209
|
|
|
1,739
|
|
|
7/28/2014
|
|
2011
|
||||||
|
Easton, MD
|
|
(h)
|
|
|
2,962
|
|
|
2,661
|
|
|
—
|
|
|
5,623
|
|
|
269
|
|
|
12/2/2015
|
|
1992
|
||||||
Kroger:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
Shelton, WA
|
|
(h)
|
|
|
1,180
|
|
|
11,040
|
|
|
—
|
|
|
12,220
|
|
|
1,830
|
|
|
4/30/2014
|
|
1994
|
||||||
|
Whitehall, OH
|
|
4,066
|
|
|
581
|
|
|
6,628
|
|
|
224
|
|
|
7,433
|
|
|
1,167
|
|
|
12/16/2013
|
|
1994
|
||||||
Kum & Go:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
Conway, AR
|
|
(h)
|
|
|
510
|
|
|
2,577
|
|
|
—
|
|
|
3,087
|
|
|
363
|
|
|
6/13/2014
|
|
2014
|
||||||
LA Fitness:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
Bloomfield Township, MI
|
|
(h)
|
|
|
2,287
|
|
|
10,075
|
|
|
—
|
|
|
12,362
|
|
|
1,857
|
|
|
6/21/2013
|
|
2008
|
||||||
|
Columbus, OH
|
|
(h)
|
|
|
1,013
|
|
|
6,734
|
|
|
—
|
|
|
7,747
|
|
|
873
|
|
|
4/29/2015
|
|
2014
|
||||||
|
Garland, TX
|
|
(h)
|
|
|
2,005
|
|
|
6,861
|
|
|
—
|
|
|
8,866
|
|
|
1,086
|
|
|
12/20/2013
|
|
2013
|
||||||
|
Houston, TX
|
|
(h)
|
|
|
5,764
|
|
|
5,994
|
|
|
—
|
|
|
11,758
|
|
|
1,002
|
|
|
9/30/2013
|
|
2013
|
||||||
|
New Lenox, IL
|
|
(h)
|
|
|
1,965
|
|
|
6,257
|
|
|
—
|
|
|
8,222
|
|
|
660
|
|
|
12/21/2015
|
|
2015
|
||||||
|
Riverside, CA
|
|
(h)
|
|
|
2,557
|
|
|
9,951
|
|
|
—
|
|
|
12,508
|
|
|
1,708
|
|
|
8/2/2013
|
|
2010
|
||||||
Lafayette Pavilions:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
Lafayette, IN
|
|
(h)
|
|
|
7,632
|
|
|
42,497
|
|
|
(50,129
|
)
|
(i)
|
—
|
|
|
—
|
|
|
2/6/2015
|
|
2006
|
||||||
Logan’s Roadhouse:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
Lancaster, TX
|
|
(h)
|
|
|
1,203
|
|
|
1,620
|
|
|
—
|
|
|
2,823
|
|
|
317
|
|
|
10/23/2012
|
|
2011
|
||||||
|
Sanford, FL
|
|
(h)
|
|
|
1,031
|
|
|
1,807
|
|
|
—
|
|
|
2,838
|
|
|
355
|
|
|
10/23/2012
|
|
1999
|
||||||
|
Troy, OH
|
|
(h)
|
|
|
992
|
|
|
1,577
|
|
|
(1,383
|
)
|
|
1,186
|
|
|
67
|
|
|
10/23/2012
|
|
2011
|
||||||
Lord Salisbury Center:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
Salisbury, MD
|
|
(h)
|
|
|
6,949
|
|
|
12,179
|
|
|
(19,128
|
)
|
(i)
|
—
|
|
|
—
|
|
|
3/11/2016
|
|
2005
|
||||||
Lowe’s:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
Adrian, MI
|
|
(h)
|
|
|
2,604
|
|
|
5,036
|
|
|
30
|
|
|
7,670
|
|
|
1,098
|
|
|
9/27/2013
|
|
1996
|
||||||
|
Alpharetta, GA
|
|
12,300
|
|
|
7,979
|
|
|
9,630
|
|
|
403
|
|
|
18,012
|
|
|
1,305
|
|
|
5/29/2015
|
|
1998
|
||||||
|
Asheboro, NC
|
|
(h)
|
|
|
1,098
|
|
|
6,722
|
|
|
—
|
|
|
7,820
|
|
|
1,005
|
|
|
6/23/2014
|
|
1994
|
||||||
|
Cincinnati, OH
|
|
(h)
|
|
|
14,092
|
|
|
—
|
|
|
—
|
|
|
14,092
|
|
|
—
|
|
|
2/10/2014
|
|
2001
|
||||||
|
Columbia, SC
|
|
5,964
|
|
|
3,943
|
|
|
6,353
|
|
|
750
|
|
|
11,046
|
|
|
1,263
|
|
|
9/12/2013
|
|
1994
|
||||||
|
Covington, LA
|
|
5,648
|
|
|
10,233
|
|
|
—
|
|
|
—
|
|
|
10,233
|
|
|
—
|
|
|
8/20/2014
|
|
2002
|
||||||
|
Lilburn, GA
|
|
12,500
|
|
|
8,817
|
|
|
9,380
|
|
|
385
|
|
|
18,582
|
|
|
1,264
|
|
|
5/29/2015
|
|
1999
|
||||||
|
Mansfield, OH
|
|
(h)
|
|
|
873
|
|
|
8,256
|
|
|
26
|
|
|
9,155
|
|
|
1,262
|
|
|
6/12/2014
|
|
1992
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
|
|
|
|
Initial Costs to Company
|
|
|
|
Gross Amount at
|
|
|
|
|
|
|
||||||||||||||
|
|
|
|
|
|
|
Buildings,
|
|
Total
|
|
Which Carried At
|
|
Accumulated
|
|
|
|
|
||||||||||||
|
|
|
|
|
|
|
Fixtures and
|
|
Adjustment
|
|
December 31, 2019
|
|
Depreciation
|
|
Date
|
|
Date
|
||||||||||||
|
Description (a)
|
|
Encumbrances
|
|
Land
|
|
Improvements
|
|
to Basis (b)
|
|
(c) (d) (e)
|
|
(e) (f) (g)
|
|
Acquired
|
|
Constructed
|
||||||||||||
Lowe’s (continued):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
Marietta, GA
|
|
11,000
|
|
|
$
|
7,471
|
|
|
$
|
8,404
|
|
|
$
|
392
|
|
|
$
|
16,267
|
|
|
$
|
1,150
|
|
|
5/29/2015
|
|
1997
|
|
|
Oxford, AL
|
|
(h)
|
|
|
1,668
|
|
|
7,622
|
|
|
369
|
|
|
9,659
|
|
|
1,564
|
|
|
6/28/2013
|
|
1999
|
||||||
|
Tuscaloosa, AL
|
|
(h)
|
|
|
4,908
|
|
|
4,786
|
|
|
9
|
|
|
9,703
|
|
|
849
|
|
|
10/29/2013
|
|
1993
|
||||||
|
Woodstock, GA
|
|
11,200
|
|
|
7,316
|
|
|
8,879
|
|
|
392
|
|
|
16,587
|
|
|
1,213
|
|
|
5/29/2015
|
|
1997
|
||||||
|
Zanesville, OH
|
|
(h)
|
|
|
2,161
|
|
|
8,375
|
|
|
297
|
|
|
10,833
|
|
|
1,392
|
|
|
12/11/2013
|
|
1995
|
||||||
Market Heights Shopping Center:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
Harker Heights, TX
|
|
47,000
|
|
|
12,888
|
|
|
64,105
|
|
|
(76,993
|
)
|
(i)
|
—
|
|
|
—
|
|
|
11/25/2013
|
|
2012
|
||||||
Marketplace at the Lakes:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
West Covina, CA
|
|
—
|
|
|
10,020
|
|
|
8,664
|
|
|
(18,684
|
)
|
(i)
|
—
|
|
|
—
|
|
|
9/30/2013
|
|
1994
|
||||||
Mattress Firm:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
Ashtabula, OH
|
|
(h)
|
|
|
301
|
|
|
1,965
|
|
|
—
|
|
|
2,266
|
|
|
215
|
|
|
3/23/2016
|
|
2015
|
||||||
Mattress Firm & Aspen Dental:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
Vienna, WV
|
|
$
|
—
|
|
|
774
|
|
|
2,466
|
|
|
—
|
|
|
3,240
|
|
|
439
|
|
|
9/15/2014
|
|
2014
|
|||||
Mattress Firm & Five Guys:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
Muskegon, MI
|
|
(h)
|
|
|
813
|
|
|
1,766
|
|
|
(284
|
)
|
|
2,295
|
|
|
—
|
|
|
8/29/2014
|
|
2014
|
||||||
McAlister’s Deli:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
Lawton, OK
|
|
(h)
|
|
|
805
|
|
|
1,057
|
|
|
—
|
|
|
1,862
|
|
|
165
|
|
|
5/1/2014
|
|
2013
|
||||||
McGowin Park:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
Mobile, AL
|
|
42,765
|
|
|
2,243
|
|
|
69,357
|
|
|
—
|
|
|
71,600
|
|
|
5,984
|
|
|
4/26/2017
|
|
2016
|
||||||
Melody Mountain:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
Ashland, KY
|
|
7,376
|
|
|
1,286
|
|
|
9,879
|
|
|
(1,875
|
)
|
|
9,290
|
|
|
—
|
|
|
9/1/2015
|
|
2013
|
||||||
Merchants Tire & Auto:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
Wake Forest, NC
|
|
(h)
|
|
|
782
|
|
|
1,730
|
|
|
—
|
|
|
2,512
|
|
|
195
|
|
|
9/1/2015
|
|
2005
|
||||||
Mister Car Wash:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
Athens, AL
|
|
(h)
|
|
|
383
|
|
|
1,150
|
|
|
—
|
|
|
1,533
|
|
|
76
|
|
|
9/12/2017
|
|
2008
|
||||||
|
Decatur, AL
|
|
(h)
|
|
|
257
|
|
|
559
|
|
|
—
|
|
|
816
|
|
|
40
|
|
|
9/12/2017
|
|
2005
|
||||||
|
Decatur, AL
|
|
(h)
|
|
|
486
|
|
|
1,253
|
|
|
—
|
|
|
1,739
|
|
|
95
|
|
|
9/12/2017
|
|
2014
|
||||||
|
Decatur, AL
|
|
(h)
|
|
|
359
|
|
|
1,152
|
|
|
—
|
|
|
1,511
|
|
|
86
|
|
|
9/12/2017
|
|
2007
|
||||||
|
Hartselle, AL
|
|
(h)
|
|
|
360
|
|
|
569
|
|
|
—
|
|
|
929
|
|
|
42
|
|
|
9/12/2017
|
|
2007
|
||||||
|
Madison, AL
|
|
(h)
|
|
|
562
|
|
|
1,139
|
|
|
—
|
|
|
1,701
|
|
|
88
|
|
|
9/12/2017
|
|
2012
|
||||||
Morganton Heights:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
Morganton, NC
|
|
22,800
|
|
|
7,032
|
|
|
29,763
|
|
|
30
|
|
|
36,825
|
|
|
5,295
|
|
|
4/29/2015
|
|
2013
|
||||||
National Tire & Battery:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
Cedar Hill, TX
|
|
(h)
|
|
|
469
|
|
|
1,951
|
|
|
—
|
|
|
2,420
|
|
|
352
|
|
|
12/18/2012
|
|
2006
|
||||||
|
Cypress, TX
|
|
(h)
|
|
|
910
|
|
|
2,224
|
|
|
—
|
|
|
3,134
|
|
|
269
|
|
|
9/1/2015
|
|
2005
|
||||||
|
Flower Mound, TX
|
|
(h)
|
|
|
779
|
|
|
2,449
|
|
|
—
|
|
|
3,228
|
|
|
285
|
|
|
9/1/2015
|
|
2005
|
||||||
|
Fort Worth, TX
|
|
(h)
|
|
|
936
|
|
|
1,234
|
|
|
—
|
|
|
2,170
|
|
|
209
|
|
|
8/23/2013
|
|
2005
|
||||||
|
Fort Worth, TX
|
|
(h)
|
|
|
730
|
|
|
2,309
|
|
|
—
|
|
|
3,039
|
|
|
268
|
|
|
9/1/2015
|
|
2005
|
||||||
|
Frisco, TX
|
|
(h)
|
|
|
844
|
|
|
1,608
|
|
|
—
|
|
|
2,452
|
|
|
271
|
|
|
8/23/2013
|
|
2007
|
||||||
|
Montgomery, IL
|
|
(h)
|
|
|
516
|
|
|
2,494
|
|
|
—
|
|
|
3,010
|
|
|
452
|
|
|
1/15/2013
|
|
2007
|
||||||
|
North Richland Hills, TX
|
|
(h)
|
|
|
513
|
|
|
2,579
|
|
|
—
|
|
|
3,092
|
|
|
308
|
|
|
9/1/2015
|
|
2005
|
||||||
|
Pasadena, TX
|
|
(h)
|
|
|
908
|
|
|
2,307
|
|
|
—
|
|
|
3,215
|
|
|
279
|
|
|
9/1/2015
|
|
2005
|
||||||
|
Pearland, TX
|
|
(h)
|
|
|
1,016
|
|
|
2,040
|
|
|
—
|
|
|
3,056
|
|
|
242
|
|
|
9/1/2015
|
|
2005
|
||||||
|
Plano, TX
|
|
(h)
|
|
|
1,292
|
|
|
2,197
|
|
|
—
|
|
|
3,489
|
|
|
260
|
|
|
9/1/2015
|
|
2005
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
|
|
|
|
Initial Costs to Company
|
|
|
|
Gross Amount at
|
|
|
|
|
|
|
||||||||||||||
|
|
|
|
|
|
|
Buildings,
|
|
Total
|
|
Which Carried At
|
|
Accumulated
|
|
|
|
|
||||||||||||
|
|
|
|
|
|
|
Fixtures and
|
|
Adjustment
|
|
December 31, 2019
|
|
Depreciation
|
|
Date
|
|
Date
|
||||||||||||
|
Description (a)
|
|
Encumbrances
|
|
Land
|
|
Improvements
|
|
to Basis (b)
|
|
(c) (d) (e)
|
|
(e) (f) (g)
|
|
Acquired
|
|
Constructed
|
||||||||||||
National Tire & Battery (continued):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
Tomball, TX
|
|
(h)
|
|
|
$
|
838
|
|
|
$
|
2,229
|
|
|
$
|
—
|
|
|
$
|
3,067
|
|
|
$
|
262
|
|
|
9/1/2015
|
|
2005
|
|
Natural Grocers:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
Idaho Falls, ID
|
|
(h)
|
|
|
833
|
|
|
2,316
|
|
|
—
|
|
|
3,149
|
|
|
361
|
|
|
2/14/2014
|
|
2013
|
||||||
Nordstrom Rack:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
Tampa, FL
|
|
$
|
6,880
|
|
|
3,371
|
|
|
6,402
|
|
|
242
|
|
|
10,015
|
|
|
1,543
|
|
|
4/16/2012
|
|
2010
|
|||||
North Logan Commons:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
Loganville, GA
|
|
—
|
|
|
4,535
|
|
|
11,826
|
|
|
28
|
|
|
16,389
|
|
|
1,577
|
|
|
9/22/2016
|
|
2009
|
||||||
O’Reilly Auto Parts:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
Clayton, GA
|
|
(h)
|
|
|
501
|
|
|
945
|
|
|
—
|
|
|
1,446
|
|
|
97
|
|
|
1/29/2016
|
|
2015
|
||||||
Owensboro Towne Center:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
Owensboro, KY
|
|
14,027
|
|
|
3,807
|
|
|
16,259
|
|
|
788
|
|
|
20,854
|
|
|
1,968
|
|
|
1/12/2016
|
|
1996
|
||||||
Park Place:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
Enterprise, AL
|
|
(h)
|
|
|
931
|
|
|
8,595
|
|
|
(9,526
|
)
|
(i)
|
—
|
|
|
—
|
|
|
8/30/2013
|
|
2012
|
||||||
Parkway Centre South:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
Grove City, OH
|
|
14,250
|
|
|
7,027
|
|
|
18,223
|
|
|
(2,843
|
)
|
|
22,407
|
|
|
579
|
|
|
7/15/2016
|
|
2005
|
||||||
Pecanland Plaza:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
Monroe, LA
|
|
(h)
|
|
|
2,206
|
|
|
18,957
|
|
|
(21,163
|
)
|
(i)
|
—
|
|
|
—
|
|
|
10/13/2015
|
|
2008
|
||||||
PetSmart:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
Wilkesboro, NC
|
|
(h)
|
|
|
447
|
|
|
1,710
|
|
|
—
|
|
|
2,157
|
|
|
356
|
|
|
4/13/2012
|
|
2011
|
||||||
PetSmart/Old Navy:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
Reynoldsburg, OH
|
|
3,658
|
|
|
1,295
|
|
|
4,077
|
|
|
—
|
|
|
5,372
|
|
|
859
|
|
|
12/14/2012
|
|
2012
|
||||||
Pick ’n Save:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
Pewaukee, WI
|
|
(h)
|
|
|
1,323
|
|
|
6,761
|
|
|
257
|
|
|
8,341
|
|
|
1,101
|
|
|
8/13/2014
|
|
1999
|
||||||
|
Sheboygan, WI
|
|
(h)
|
|
|
2,003
|
|
|
10,695
|
|
|
—
|
|
|
12,698
|
|
|
2,059
|
|
|
9/6/2012
|
|
2012
|
||||||
|
South Milwaukee, WI
|
|
(h)
|
|
|
1,126
|
|
|
5,706
|
|
|
—
|
|
|
6,832
|
|
|
908
|
|
|
11/6/2013
|
|
2005
|
||||||
Plainfield Plaza:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
Plainfield, IL
|
|
(h)
|
|
|
3,167
|
|
|
14,788
|
|
|
(2,385
|
)
|
|
15,570
|
|
|
359
|
|
|
12/3/2015
|
|
2002
|
||||||
Plaza San Mateo:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
Albuquerque, NM
|
|
$
|
—
|
|
|
2,867
|
|
|
11,582
|
|
|
(4,018
|
)
|
|
10,431
|
|
|
54
|
|
|
5/2/2014
|
|
2014
|
|||||
Popeyes:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
Independence, MO
|
|
(h)
|
|
|
333
|
|
|
680
|
|
|
—
|
|
|
1,013
|
|
|
98
|
|
|
6/27/2014
|
|
2005
|
||||||
Poplar Springs Plaza:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
Duncan, SC
|
|
5,000
|
|
|
1,862
|
|
|
5,277
|
|
|
478
|
|
|
7,617
|
|
|
1,097
|
|
|
5/24/2013
|
|
1995
|
||||||
Raising Cane’s:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
Phoenix, AZ
|
|
(h)
|
|
|
761
|
|
|
1,972
|
|
|
(2,733
|
)
|
(i)
|
—
|
|
|
—
|
|
|
3/28/2014
|
|
2011
|
||||||
Rolling Acres Plaza:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
Lady Lake, FL
|
|
21,930
|
|
|
7,540
|
|
|
26,839
|
|
|
(4,093
|
)
|
|
30,286
|
|
|
644
|
|
|
9/1/2016
|
|
2005
|
||||||
Ross:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
Fort Worth, TX
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
10/4/2012
|
|
1977
|
||||||
Rushmore Crossing:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
Rapid City, SD
|
|
22,568
|
|
|
7,066
|
|
|
33,019
|
|
|
(40,085
|
)
|
(i)
|
—
|
|
|
—
|
|
|
1/2/2014
|
|
2012
|
||||||
|
Rapid City, SD
|
|
(h)
|
|
|
883
|
|
|
4,128
|
|
|
(5,011
|
)
|
(i)
|
—
|
|
|
—
|
|
|
1/2/2014
|
|
2012
|
||||||
Sherwin-Williams:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
Macon, GA
|
|
(h)
|
|
|
59
|
|
|
659
|
|
|
—
|
|
|
718
|
|
|
81
|
|
|
4/16/2015
|
|
2015
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
|
|
|
|
Initial Costs to Company
|
|
|
|
Gross Amount at
|
|
|
|
|
|
|
||||||||||||||
|
|
|
|
|
|
|
Buildings,
|
|
Total
|
|
Which Carried At
|
|
Accumulated
|
|
|
|
|
||||||||||||
|
|
|
|
|
|
|
Fixtures and
|
|
Adjustment
|
|
December 31, 2019
|
|
Depreciation
|
|
Date
|
|
Date
|
||||||||||||
|
Description (a)
|
|
Encumbrances
|
|
Land
|
|
Improvements
|
|
to Basis (b)
|
|
(c) (d) (e)
|
|
(e) (f) (g)
|
|
Acquired
|
|
Constructed
|
||||||||||||
Tire Kingdom (continued):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
Bluffton, SC
|
|
(h)
|
|
|
$
|
645
|
|
|
$
|
1,688
|
|
|
$
|
—
|
|
|
$
|
2,333
|
|
|
$
|
191
|
|
|
9/1/2015
|
|
2005
|
|
|
Summerville, SC
|
|
(h)
|
|
|
1,208
|
|
|
1,233
|
|
|
—
|
|
|
2,441
|
|
|
144
|
|
|
9/1/2015
|
|
2005
|
||||||
|
Tarpon Springs, FL
|
|
(h)
|
|
|
427
|
|
|
1,458
|
|
|
(1,885
|
)
|
(i)
|
—
|
|
|
—
|
|
|
11/30/2012
|
|
2003
|
||||||
Tire Kingdom & Starbucks:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
Mount Pleasant, SC
|
|
$
|
2,400
|
|
|
1,291
|
|
|
3,149
|
|
|
(502
|
)
|
|
3,938
|
|
|
76
|
|
|
9/1/2015
|
|
2005
|
|||||
Tractor Supply:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
Ashland, VA
|
|
(h)
|
|
|
500
|
|
|
2,696
|
|
|
—
|
|
|
3,196
|
|
|
438
|
|
|
11/22/2013
|
|
2013
|
||||||
|
Augusta, KS
|
|
(h)
|
|
|
407
|
|
|
2,315
|
|
|
—
|
|
|
2,722
|
|
|
368
|
|
|
1/10/2014
|
|
2013
|
||||||
|
Cambridge, MN
|
|
(h)
|
|
|
807
|
|
|
1,272
|
|
|
28
|
|
|
2,107
|
|
|
298
|
|
|
5/14/2012
|
|
2012
|
||||||
|
Canon City, CO
|
|
(h)
|
|
|
597
|
|
|
2,527
|
|
|
—
|
|
|
3,124
|
|
|
450
|
|
|
11/30/2012
|
|
2012
|
||||||
|
Fortuna, CA
|
|
(h)
|
|
|
568
|
|
|
3,819
|
|
|
—
|
|
|
4,387
|
|
|
572
|
|
|
6/27/2014
|
|
2014
|
||||||
|
Lumberton, NC
|
|
(h)
|
|
|
611
|
|
|
2,007
|
|
|
—
|
|
|
2,618
|
|
|
380
|
|
|
5/24/2013
|
|
2013
|
||||||
|
Marion, IN
|
|
(h)
|
|
|
1,536
|
|
|
1,099
|
|
|
—
|
|
|
2,635
|
|
|
189
|
|
|
2/19/2014
|
|
2004
|
||||||
|
Monticello, FL
|
|
(h)
|
|
|
448
|
|
|
1,916
|
|
|
—
|
|
|
2,364
|
|
|
360
|
|
|
6/20/2013
|
|
2013
|
||||||
|
South Hill, VA
|
|
(h)
|
|
|
630
|
|
|
2,179
|
|
|
—
|
|
|
2,809
|
|
|
386
|
|
|
6/24/2013
|
|
2011
|
||||||
|
Weaverville, NC
|
|
(h)
|
|
|
867
|
|
|
3,138
|
|
|
—
|
|
|
4,005
|
|
|
538
|
|
|
9/13/2013
|
|
2006
|
||||||
|
Woodward, OK
|
|
(h)
|
|
|
446
|
|
|
1,973
|
|
|
—
|
|
|
2,419
|
|
|
346
|
|
|
11/19/2013
|
|
2013
|
||||||
Trader Joe’s:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
Asheville, NC
|
|
(h)
|
|
|
2,770
|
|
|
3,766
|
|
|
—
|
|
|
6,536
|
|
|
641
|
|
|
10/22/2013
|
|
2013
|
||||||
|
Columbia, SC
|
|
(h)
|
|
|
2,308
|
|
|
2,597
|
|
|
—
|
|
|
4,905
|
|
|
518
|
|
|
3/28/2013
|
|
2012
|
||||||
|
Wilmington, NC
|
|
(h)
|
|
|
2,016
|
|
|
2,519
|
|
|
—
|
|
|
4,535
|
|
|
546
|
|
|
6/27/2013
|
|
2012
|
||||||
Turfway Crossing:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
Florence, KY
|
|
8,480
|
|
|
2,261
|
|
|
10,323
|
|
|
418
|
|
|
13,002
|
|
|
1,850
|
|
|
5/27/2014
|
|
2002
|
||||||
Ulta Salon:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
Albany, GA
|
|
(h)
|
|
|
441
|
|
|
1,757
|
|
|
—
|
|
|
2,198
|
|
|
266
|
|
|
5/8/2014
|
|
2013
|
||||||
|
Greeley, CO
|
|
(h)
|
|
|
596
|
|
|
2,035
|
|
|
—
|
|
|
2,631
|
|
|
260
|
|
|
3/31/2015
|
|
2014
|
||||||
United Oil:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
Bellflower, CA
|
|
(h)
|
|
|
1,246
|
|
|
788
|
|
|
—
|
|
|
2,034
|
|
|
105
|
|
|
9/30/2014
|
|
2001
|
||||||
|
Brea, CA
|
|
(h)
|
|
|
2,393
|
|
|
658
|
|
|
—
|
|
|
3,051
|
|
|
87
|
|
|
9/30/2014
|
|
1984
|
||||||
|
El Cajon, CA
|
|
(h)
|
|
|
1,533
|
|
|
568
|
|
|
—
|
|
|
2,101
|
|
|
76
|
|
|
9/30/2014
|
|
2008
|
||||||
|
El Cajon, CA
|
|
(h)
|
|
|
1,225
|
|
|
368
|
|
|
—
|
|
|
1,593
|
|
|
49
|
|
|
9/30/2014
|
|
2000
|
||||||
|
El Monte, CA
|
|
(h)
|
|
|
766
|
|
|
510
|
|
|
—
|
|
|
1,276
|
|
|
68
|
|
|
9/30/2014
|
|
1994
|
||||||
|
Escondido, CA
|
|
(h)
|
|
|
3,514
|
|
|
1,062
|
|
|
—
|
|
|
4,576
|
|
|
141
|
|
|
9/30/2014
|
|
2002
|
||||||
|
Glendale, CA
|
|
(h)
|
|
|
4,871
|
|
|
795
|
|
|
—
|
|
|
5,666
|
|
|
106
|
|
|
9/30/2014
|
|
1999
|
||||||
|
Inglewood, CA
|
|
(h)
|
|
|
1,809
|
|
|
878
|
|
|
—
|
|
|
2,687
|
|
|
117
|
|
|
9/30/2014
|
|
1997
|
||||||
|
La Habra, CA
|
|
(h)
|
|
|
1,971
|
|
|
571
|
|
|
—
|
|
|
2,542
|
|
|
76
|
|
|
9/30/2014
|
|
2000
|
||||||
|
Lawndale, CA
|
|
(h)
|
|
|
1,462
|
|
|
862
|
|
|
—
|
|
|
2,324
|
|
|
115
|
|
|
9/30/2014
|
|
2001
|
||||||
|
Long Beach, CA
|
|
(h)
|
|
|
2,778
|
|
|
883
|
|
|
—
|
|
|
3,661
|
|
|
117
|
|
|
9/30/2014
|
|
1972
|
||||||
|
Los Angeles, CA
|
|
(h)
|
|
|
2,334
|
|
|
717
|
|
|
—
|
|
|
3,051
|
|
|
95
|
|
|
9/30/2014
|
|
2002
|
||||||
|
Los Angeles, CA
|
|
(h)
|
|
|
3,552
|
|
|
1,242
|
|
|
—
|
|
|
4,794
|
|
|
165
|
|
|
9/30/2014
|
|
2002
|
||||||
|
Los Angeles, CA
|
|
(h)
|
|
|
2,745
|
|
|
669
|
|
|
—
|
|
|
3,414
|
|
|
89
|
|
|
9/30/2014
|
|
1998
|
||||||
|
Los Angeles, CA
|
|
(h)
|
|
|
3,930
|
|
|
428
|
|
|
—
|
|
|
4,358
|
|
|
57
|
|
|
9/30/2014
|
|
2005
|
||||||
|
Los Angeles, CA
|
|
(h)
|
|
|
1,927
|
|
|
1,484
|
|
|
—
|
|
|
3,411
|
|
|
197
|
|
|
9/30/2014
|
|
2007
|
||||||
|
Los Angeles, CA
|
|
(h)
|
|
|
2,182
|
|
|
701
|
|
|
—
|
|
|
2,883
|
|
|
93
|
|
|
9/30/2014
|
|
1964
|
||||||
|
Madera, CA
|
|
—
|
|
|
1,500
|
|
|
3,804
|
|
|
—
|
|
|
5,304
|
|
|
83
|
|
|
9/27/2019
|
|
2018
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
|
|
|
|
Initial Costs to Company
|
|
|
|
Gross Amount at
|
|
|
|
|
|
|
||||||||||||||
|
|
|
|
|
|
|
Buildings,
|
|
Total
|
|
Which Carried At
|
|
Accumulated
|
|
|
|
|
||||||||||||
|
|
|
|
|
|
|
Fixtures and
|
|
Adjustment
|
|
December 31, 2019
|
|
Depreciation
|
|
Date
|
|
Date
|
||||||||||||
|
Description (a)
|
|
Encumbrances
|
|
Land
|
|
Improvements
|
|
to Basis (b)
|
|
(c) (d) (e)
|
|
(e) (f) (g)
|
|
Acquired
|
|
Constructed
|
||||||||||||
United Oil (continued):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
Norco, CA
|
|
(h)
|
|
|
$
|
1,852
|
|
|
$
|
1,489
|
|
|
$
|
—
|
|
|
$
|
3,341
|
|
|
$
|
198
|
|
|
9/30/2014
|
|
1995
|
|
|
Poway, CA
|
|
(h)
|
|
|
3,072
|
|
|
705
|
|
|
—
|
|
|
3,777
|
|
|
94
|
|
|
9/30/2014
|
|
1960
|
||||||
|
San Diego, CA
|
|
(h)
|
|
|
2,977
|
|
|
1,448
|
|
|
—
|
|
|
4,425
|
|
|
192
|
|
|
9/30/2014
|
|
1984
|
||||||
|
San Diego, CA
|
|
(h)
|
|
|
1,877
|
|
|
883
|
|
|
—
|
|
|
2,760
|
|
|
117
|
|
|
9/30/2014
|
|
2006
|
||||||
|
San Diego, CA
|
|
(h)
|
|
|
1,824
|
|
|
382
|
|
|
—
|
|
|
2,206
|
|
|
51
|
|
|
9/30/2014
|
|
2006
|
||||||
|
Santa Clarita, CA
|
|
(h)
|
|
|
4,787
|
|
|
733
|
|
|
—
|
|
|
5,520
|
|
|
97
|
|
|
9/30/2014
|
|
2001
|
||||||
|
Sun City, CA
|
|
(h)
|
|
|
1,136
|
|
|
1,421
|
|
|
—
|
|
|
2,557
|
|
|
189
|
|
|
9/30/2014
|
|
1984
|
||||||
|
Vista, CA
|
|
(h)
|
|
|
2,063
|
|
|
334
|
|
|
—
|
|
|
2,397
|
|
|
44
|
|
|
9/30/2014
|
|
1986
|
||||||
|
Vista, CA
|
|
(h)
|
|
|
2,028
|
|
|
418
|
|
|
—
|
|
|
2,446
|
|
|
56
|
|
|
9/30/2014
|
|
2010
|
||||||
|
Whittier, CA
|
|
(h)
|
|
|
1,629
|
|
|
985
|
|
|
—
|
|
|
2,614
|
|
|
131
|
|
|
9/30/2014
|
|
1997
|
||||||
University Marketplace:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
Marion, IN
|
|
$
|
—
|
|
|
850
|
|
|
6,722
|
|
|
(1,993
|
)
|
(i)
|
5,579
|
|
|
1,099
|
|
|
3/22/2013
|
|
2012
|
|||||
Urban Air Adventure Park:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
Waukesha, WI
|
|
(h)
|
|
|
3,408
|
|
|
12,918
|
|
|
—
|
|
|
16,326
|
|
|
1,728
|
|
|
9/29/2014
|
|
2007
|
||||||
Vacant:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
Appleton, WI
|
|
(h)
|
|
|
895
|
|
|
1,026
|
|
|
—
|
|
|
1,921
|
|
|
128
|
|
|
11/18/2015
|
|
2015
|
||||||
|
Ballard, UT
|
|
(h)
|
|
|
334
|
|
|
2,865
|
|
|
(1,392
|
)
|
|
1,807
|
|
|
10
|
|
|
3/4/2016
|
|
2015
|
||||||
|
Broken Bow, NE
|
|
(h)
|
|
|
244
|
|
|
1,733
|
|
|
—
|
|
|
1,977
|
|
|
282
|
|
|
6/19/2014
|
|
2007
|
||||||
|
Cherokee, IA
|
|
(h)
|
|
|
217
|
|
|
3,326
|
|
|
(1,911
|
)
|
|
1,632
|
|
|
9
|
|
|
12/23/2015
|
|
2015
|
||||||
|
Cokato, MN
|
|
(h)
|
|
|
358
|
|
|
3,229
|
|
|
(1,768
|
)
|
|
1,819
|
|
|
—
|
|
|
12/23/2015
|
|
2015
|
||||||
|
Danville, VA
|
|
(h)
|
|
|
274
|
|
|
1,514
|
|
|
(1,062
|
)
|
|
726
|
|
|
18
|
|
|
4/29/2014
|
|
2014
|
||||||
|
Georgetown, KY
|
|
—
|
|
|
1,048
|
|
|
1,452
|
|
|
(2,500
|
)
|
(i)
|
—
|
|
|
—
|
|
|
6/11/2014
|
|
2004
|
||||||
|
Greenville, SC
|
|
(h)
|
|
|
672
|
|
|
1,737
|
|
|
(1,406
|
)
|
|
1,003
|
|
|
39
|
|
|
6/27/2014
|
|
2004
|
||||||
|
Nampa, ID
|
|
(h)
|
|
|
449
|
|
|
2,213
|
|
|
(1,482
|
)
|
|
1,180
|
|
|
6
|
|
|
3/31/2014
|
|
1972
|
||||||
|
St. Louis, MO
|
|
—
|
|
|
1,254
|
|
|
3,354
|
|
|
(4,608
|
)
|
(i)
|
—
|
|
|
—
|
|
|
3/28/2014
|
|
1988
|
||||||
|
Valentine, NE
|
|
(h)
|
|
|
395
|
|
|
3,549
|
|
|
(2,403
|
)
|
|
1,541
|
|
|
10
|
|
|
6/30/2014
|
|
2014
|
||||||
Ventura Place:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
Albuquerque, NM
|
|
(h)
|
|
|
5,203
|
|
|
7,998
|
|
|
(5,065
|
)
|
|
8,136
|
|
|
34
|
|
|
4/29/2015
|
|
2008
|
||||||
Village at Hereford Farms:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
Grovetown, GA
|
|
—
|
|
|
1,222
|
|
|
5,912
|
|
|
(7,134
|
)
|
(i)
|
—
|
|
|
—
|
|
|
9/26/2014
|
|
2009
|
||||||
Wal-Mart:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
Anderson, SC
|
|
(h)
|
|
|
2,424
|
|
|
9,719
|
|
|
—
|
|
|
12,143
|
|
|
1,007
|
|
|
11/5/2015
|
|
2015
|
||||||
|
Florence, SC
|
|
(h)
|
|
|
2,013
|
|
|
9,225
|
|
|
—
|
|
|
11,238
|
|
|
951
|
|
|
11/5/2015
|
|
2015
|
||||||
|
Perry, GA
|
|
7,095
|
|
|
2,270
|
|
|
11,053
|
|
|
—
|
|
|
13,323
|
|
|
2,051
|
|
|
6/4/2013
|
|
1999
|
||||||
|
Summerville, SC
|
|
4,300
|
|
|
2,410
|
|
|
2,098
|
|
|
—
|
|
|
4,508
|
|
|
252
|
|
|
9/18/2015
|
|
2015
|
||||||
|
Tallahassee, FL
|
|
8,157
|
|
|
14,823
|
|
|
—
|
|
|
—
|
|
|
14,823
|
|
|
—
|
|
|
12/11/2012
|
|
2008
|
||||||
|
York, SC
|
|
(h)
|
|
|
1,913
|
|
|
11,410
|
|
|
—
|
|
|
13,323
|
|
|
2,103
|
|
|
6/4/2013
|
|
1998
|
||||||
Walgreens:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
Austintown, OH
|
|
(h)
|
|
|
637
|
|
|
4,173
|
|
|
—
|
|
|
4,810
|
|
|
673
|
|
|
8/19/2013
|
|
2002
|
||||||
|
Chicopee, MA
|
|
3,894
|
|
|
2,094
|
|
|
4,945
|
|
|
—
|
|
|
7,039
|
|
|
648
|
|
|
10/23/2014
|
|
2008
|
||||||
|
Connelly Springs, NC
|
|
(h)
|
|
|
1,349
|
|
|
3,628
|
|
|
—
|
|
|
4,977
|
|
|
600
|
|
|
8/27/2013
|
|
2012
|
||||||
|
Danville, VA
|
|
(h)
|
|
|
989
|
|
|
4,547
|
|
|
—
|
|
|
5,536
|
|
|
857
|
|
|
12/24/2012
|
|
2012
|
||||||
|
Dearborn Heights, MI
|
|
(h)
|
|
|
2,236
|
|
|
3,411
|
|
|
—
|
|
|
5,647
|
|
|
569
|
|
|
7/9/2013
|
|
2008
|
||||||
|
East Chicago, IN
|
|
(h)
|
|
|
331
|
|
|
5,242
|
|
|
—
|
|
|
5,573
|
|
|
707
|
|
|
8/8/2014
|
|
2005
|
||||||
|
Fort Madison, IA
|
|
(h)
|
|
|
514
|
|
|
3,723
|
|
|
—
|
|
|
4,237
|
|
|
604
|
|
|
9/20/2013
|
|
2008
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
|
|
|
|
Initial Costs to Company
|
|
|
|
Gross Amount at
|
|
|
|
|
|
|
||||||||||||||
|
|
|
|
|
|
|
Buildings,
|
|
Total
|
|
Which Carried At
|
|
Accumulated
|
|
|
|
|
||||||||||||
|
|
|
|
|
|
|
Fixtures and
|
|
Adjustment
|
|
December 31, 2019
|
|
Depreciation
|
|
Date
|
|
Date
|
||||||||||||
|
Description (a)
|
|
Encumbrances
|
|
Land
|
|
Improvements
|
|
to Basis (b)
|
|
(c) (d) (e)
|
|
(e) (f) (g)
|
|
Acquired
|
|
Constructed
|
||||||||||||
Walgreens (continued):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
Hickory, NC
|
|
(h)
|
|
|
$
|
1,100
|
|
|
$
|
4,241
|
|
|
$
|
—
|
|
|
$
|
5,341
|
|
|
$
|
757
|
|
|
2/28/2013
|
|
2009
|
|
|
Huntsville, AL
|
|
$
|
3,273
|
|
|
1,931
|
|
|
2,457
|
|
|
97
|
|
|
4,485
|
|
|
463
|
|
|
3/15/2013
|
|
2001
|
|||||
|
Kannapolis, NC
|
|
3,966
|
|
|
1,480
|
|
|
5,031
|
|
|
—
|
|
|
6,511
|
|
|
847
|
|
|
6/12/2013
|
|
2012
|
||||||
|
Las Vegas, NV
|
|
(h)
|
|
|
2,325
|
|
|
3,262
|
|
|
70
|
|
|
5,657
|
|
|
539
|
|
|
9/26/2013
|
|
1999
|
||||||
|
Lawton, OK
|
|
(h)
|
|
|
860
|
|
|
2,539
|
|
|
106
|
|
|
3,505
|
|
|
426
|
|
|
7/3/2013
|
|
1998
|
||||||
|
Little Rock, AR
|
|
(h)
|
|
|
548
|
|
|
4,676
|
|
|
—
|
|
|
5,224
|
|
|
650
|
|
|
6/30/2014
|
|
2011
|
||||||
|
Lubbock, TX
|
|
(h)
|
|
|
565
|
|
|
3,257
|
|
|
103
|
|
|
3,925
|
|
|
603
|
|
|
10/11/2012
|
|
2000
|
||||||
|
Lubbock, TX
|
|
(h)
|
|
|
531
|
|
|
2,951
|
|
|
102
|
|
|
3,584
|
|
|
542
|
|
|
10/11/2012
|
|
1998
|
||||||
|
Metropolis, IL
|
|
(h)
|
|
|
284
|
|
|
4,991
|
|
|
—
|
|
|
5,275
|
|
|
673
|
|
|
8/8/2014
|
|
2009
|
||||||
|
Mobile, AL
|
|
(h)
|
|
|
1,603
|
|
|
3,161
|
|
|
—
|
|
|
4,764
|
|
|
508
|
|
|
11/7/2013
|
|
2013
|
||||||
|
Pine Bluff, AR
|
|
(h)
|
|
|
248
|
|
|
5,229
|
|
|
—
|
|
|
5,477
|
|
|
848
|
|
|
9/17/2013
|
|
2012
|
||||||
|
Sacramento, CA
|
|
(h)
|
|
|
324
|
|
|
2,669
|
|
|
—
|
|
|
2,993
|
|
|
388
|
|
|
6/30/2014
|
|
2008
|
||||||
|
Springfield, IL
|
|
(h)
|
|
|
830
|
|
|
3,619
|
|
|
—
|
|
|
4,449
|
|
|
710
|
|
|
5/14/2012
|
|
2007
|
||||||
|
Suffolk, VA
|
|
(h)
|
|
|
1,261
|
|
|
3,461
|
|
|
—
|
|
|
4,722
|
|
|
713
|
|
|
5/14/2012
|
|
2007
|
||||||
|
Sun City, AZ
|
|
(h)
|
|
|
837
|
|
|
2,484
|
|
|
245
|
|
|
3,566
|
|
|
379
|
|
|
5/6/2014
|
|
2000
|
||||||
|
Tarboro, NC
|
|
(h)
|
|
|
755
|
|
|
3,634
|
|
|
—
|
|
|
4,389
|
|
|
501
|
|
|
8/22/2014
|
|
2014
|
||||||
Walgreens/KeyBank:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
Newburgh, NY
|
|
5,000
|
|
|
3,280
|
|
|
5,441
|
|
|
—
|
|
|
8,721
|
|
|
856
|
|
|
9/16/2013
|
|
2010
|
||||||
Wallace Commons:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
Salisbury, NC
|
|
7,590
|
|
|
3,265
|
|
|
8,058
|
|
|
—
|
|
|
11,323
|
|
|
1,473
|
|
|
12/21/2012
|
|
2009
|
||||||
Wallace Commons II:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
Salisbury, NC
|
|
(h)
|
|
|
2,231
|
|
|
8,479
|
|
|
—
|
|
|
10,710
|
|
|
1,400
|
|
|
2/28/2014
|
|
2013
|
||||||
Warrenton Highlands:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
Warrenton, OR
|
|
(h)
|
|
|
2,139
|
|
|
5,774
|
|
|
(7,913
|
)
|
(i)
|
—
|
|
|
—
|
|
|
5/29/2013
|
|
2011
|
||||||
Waterford South Park:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
Clarksville, IN
|
|
7,200
|
|
|
2,946
|
|
|
8,564
|
|
|
45
|
|
|
11,555
|
|
|
1,828
|
|
|
4/12/2013
|
|
2006
|
||||||
Wendy's:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
Grafton, VA
|
|
(h)
|
|
|
539
|
|
|
894
|
|
|
—
|
|
|
1,433
|
|
|
130
|
|
|
6/27/2014
|
|
1985
|
||||||
|
Westminster, CO
|
|
(h)
|
|
|
596
|
|
|
1,108
|
|
|
—
|
|
|
1,704
|
|
|
160
|
|
|
6/27/2014
|
|
1986
|
||||||
West Marine:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
Panama City, FL
|
|
(h)
|
|
|
676
|
|
|
2,219
|
|
|
—
|
|
|
2,895
|
|
|
329
|
|
|
4/24/2015
|
|
2014
|
||||||
|
Pensacola, FL
|
|
(h)
|
|
|
1,107
|
|
|
3,398
|
|
|
—
|
|
|
4,505
|
|
|
494
|
|
|
2/27/2015
|
|
2015
|
||||||
Westover Market:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
San Antonio, TX
|
|
6,200
|
|
|
2,705
|
|
|
7,959
|
|
|
(6,264
|
)
|
|
4,400
|
|
|
50
|
|
|
7/10/2013
|
|
2013
|
||||||
Winn-Dixie:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
Walker, LA
|
|
(h)
|
|
|
900
|
|
|
3,909
|
|
|
—
|
|
|
4,809
|
|
|
557
|
|
|
6/27/2014
|
|
1999
|
||||||
|
|
|
$
|
726,262
|
|
|
$
|
796,835
|
|
|
$
|
2,172,782
|
|
|
$
|
(439,306
|
)
|
|
$
|
2,530,311
|
|
|
$
|
243,122
|
|
|
|
|
|
|
|
2019
|
|
2018
|
|
2017
|
||||||
Balance, beginning of period
|
|
$
|
4,444,041
|
|
|
$
|
4,564,592
|
|
|
$
|
4,370,629
|
|
Additions
|
|
|
|
|
|
|
||||||
Acquisitions
|
|
5,305
|
|
|
11,151
|
|
|
261,660
|
|
|||
Joint Venture Purchased
|
|
—
|
|
|
—
|
|
|
—
|
|
|||
Improvements
|
|
13,832
|
|
|
6,135
|
|
|
13,708
|
|
|||
Adjustment to basis
|
|
—
|
|
|
—
|
|
|
—
|
|
|||
Total additions
|
|
$
|
19,137
|
|
|
$
|
17,286
|
|
|
$
|
275,368
|
|
Less: Deductions
|
|
|
|
|
|
|
||||||
Cost of real estate sold
|
|
1,448,915
|
|
|
61,891
|
|
|
78,700
|
|
|||
Adjustment to basis
|
|
—
|
|
|
—
|
|
|
—
|
|
|||
Other (including provisions for impairment of real estate assets)
|
|
483,952
|
|
|
75,946
|
|
|
2,705
|
|
|||
Total deductions
|
|
1,932,867
|
|
|
137,837
|
|
|
81,405
|
|
|||
Balance, end of period
|
|
$
|
2,530,311
|
|
|
$
|
4,444,041
|
|
|
$
|
4,564,592
|
|
|
|
2019
|
|
2018
|
|
2017
|
||||||
Balance, beginning of period
|
|
$
|
385,245
|
|
|
$
|
334,476
|
|
|
$
|
245,425
|
|
Additions
|
|
|
|
|
|
|
||||||
Acquisitions - Depreciation expense for building, acquisitions costs and tenant improvements acquired
|
|
73,790
|
|
|
92,998
|
|
|
93,170
|
|
|||
Improvements - Depreciation expense for tenant improvements and building equipment
|
|
2,352
|
|
|
2,481
|
|
|
1,679
|
|
|||
Total additions
|
|
$
|
76,142
|
|
|
$
|
95,479
|
|
|
$
|
94,849
|
|
Deductions
|
|
|
|
|
|
|
||||||
Cost of real estate sold
|
|
144,820
|
|
|
6,901
|
|
|
5,552
|
|
|||
Other (including provisions for impairment of real estate assets)
|
|
73,445
|
|
|
37,809
|
|
|
246
|
|
|||
Total deductions
|
|
218,265
|
|
|
44,710
|
|
|
5,798
|
|
|||
Balance, end of period
|
|
$
|
243,122
|
|
|
$
|
385,245
|
|
|
$
|
334,476
|
|
(i)
|
Asset held for sale or partially held for sale as of December 31, 2019.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amount of
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans Subject
|
||||||
|
|
|
|
Final
|
|
Periodic
|
|
|
|
Face
|
|
Carrying
|
|
to Delinquent
|
||||||
|
|
Interest
|
|
Maturity
|
|
Payment
|
|
Prior
|
|
Amount of
|
|
Amount of
|
|
Principal or
|
||||||
Description
|
|
Rate (a)
|
|
Date
|
|
Terms (b)
|
|
Liens
|
|
Mortgages
|
|
Mortgages
|
|
"Interest"
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Mezzanine Loans:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Astor — New York, New York
|
|
L + 13.85%
|
|
5/9/2021
|
|
P/I
|
|
N/A
|
|
$
|
36,334
|
|
|
$
|
37,153
|
|
|
$
|
—
|
|
88 Lex — New York, New York
|
|
L + 13.85%
|
|
5/9/2021
|
|
P/I
|
|
N/A
|
|
23,401
|
|
|
24,033
|
|
|
—
|
|
|||
90 Lex — New York, New York
|
|
L + 13.85%
|
|
5/9/2021
|
|
P/I
|
|
N/A
|
|
14,475
|
|
|
14,854
|
|
|
—
|
|
|||
Metro — New York, New York
|
|
L + 13.85%
|
|
5/9/2021
|
|
P/I
|
|
N/A
|
|
9,505
|
|
|
9,934
|
|
|
—
|
|
|||
Astor — New York, New York
|
|
L + 7.00%
|
|
5/9/2021
|
|
P/I
|
|
N/A
|
|
23,288
|
|
|
23,566
|
|
|
—
|
|
|||
88 Lex — New York, New York
|
|
L + 7.00%
|
|
5/9/2021
|
|
P/I
|
|
N/A
|
|
17,575
|
|
|
17,780
|
|
|
—
|
|
|||
90 Lex — New York, New York
|
|
L + 7.00%
|
|
5/9/2021
|
|
P/I
|
|
N/A
|
|
10,571
|
|
|
10,695
|
|
|
—
|
|
|||
Metro — New York, New York
|
|
L + 7.00%
|
|
5/9/2021
|
|
P/I
|
|
N/A
|
|
7,954
|
|
|
8,046
|
|
|
—
|
|
|||
Senior Loans:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Lucero — Austin, Texas
|
|
L + 3.50%
|
|
10/9/2023
|
|
P/I
|
|
N/A
|
|
40,079
|
|
|
39,759
|
|
|
—
|
|
|||
Satellite Place — Duluth, Georgia
|
|
L + 3.15%
|
|
2/1/2025
|
|
P/I
|
|
N/A
|
|
44,675
|
|
|
44,080
|
|
|
—
|
|
|||
Yoo on the Park — Atlanta, Georgia
|
|
L + 2.75%
|
|
1/9/2024
|
|
P/I
|
|
N/A
|
|
69,500
|
|
|
68,980
|
|
|
—
|
|
|||
|
|
|
|
|
|
|
|
|
|
$
|
297,357
|
|
|
$
|
298,880
|
|
|
$
|
—
|
|
|
|
Year Ended December 31,
|
||||||
|
|
2019
|
|
2018
|
||||
Balance, beginning of period
|
|
$
|
89,762
|
|
|
$
|
—
|
|
Additions during period:
|
|
|
|
|
||||
New loans
|
|
217,014
|
|
|
89,295
|
|
||
Capitalized interest
|
|
8,546
|
|
|
384
|
|
||
Accretion of fees and other items
|
|
2,441
|
|
|
268
|
|
||
Total additions
|
|
$
|
228,001
|
|
|
$
|
89,947
|
|
Less: Deductions during period:
|
|
|
|
|
||||
Collections of principal
|
|
(17,186
|
)
|
|
—
|
|
||
Deferred fees and other items
|
|
(1,697
|
)
|
|
(185
|
)
|
||
Total deductions
|
|
(18,883
|
)
|
|
(185
|
)
|
||
Balance, end of period
|
|
$
|
298,880
|
|
|
$
|
89,762
|
|
•
|
five or fewer individuals (as defined in the Internal Revenue Code to include certain tax exempt organizations and trusts) may not own, directly or indirectly, more than 50% in value of our outstanding shares during the last half of a taxable year; and
|
•
|
100 or more persons must beneficially own our shares during at least 335 days of a taxable year of 12 months or during a proportionate part of a shorter taxable year.
|
•
|
with respect to transfers only, results in our stock being beneficially owned by fewer than 100 persons;
|
•
|
results in our being “closely held” within the meaning of Section 856(h) of the Internal Revenue Code;
|
•
|
results in our owning, directly or indirectly, more than 9.8% of the ownership interests in any tenant or subtenant; or
|
•
|
otherwise results in our disqualification as a REIT.
|
•
|
any person who beneficially owns, directly or indirectly, 10% or more of the voting power of the corporation’s outstanding voting stock; or
|
•
|
an affiliate or associate of the corporation who, at any time within the two-year period prior to the date in question, was the beneficial owner, directly or indirectly, of 10% or more of the voting power of the then outstanding stock of the corporation.
|
•
|
80% of the votes entitled to be cast by holders of outstanding shares of voting stock of the corporation; and
|
•
|
two-thirds of the votes entitled to be cast by holders of voting stock of the corporation other than shares held by the interested stockholder with whom or with whose affiliate the business combination is to be effected or held by an affiliate or associate of the interested stockholder.
|
•
|
owned by the acquiring person;
|
•
|
owned by our officers; and
|
•
|
owned by our employees who are also directors.
|
•
|
one-tenth or more but less than one-third;
|
•
|
one-third or more but less than a majority; or
|
•
|
a majority or more of all voting power
|
•
|
a classified board of directors;
|
•
|
a two-thirds vote requirement for removing a director;
|
•
|
a requirement that the number of directors be fixed only by vote of the directors;
|
•
|
a requirement that a vacancy on the board of directors be filled only by the remaining directors and for the remainder of the full term of the class of directors in which the vacancy occurred and until a successor is elected and qualifies; and
|
•
|
a majority requirement for the calling of a stockholder-requested special meeting of stockholders.
|
•
|
any present or former director or officer who is made or threatened to be made a party to, or witness in, the proceeding by reason of his or her service in that capacity; or
|
•
|
any individual who, while our director or officer and at our request, serves or has served as a director, officer, member, manager, partner or trustee of another corporation, real estate investment trust, limited liability company, partnership, joint venture, trust, employee benefit plan or other enterprise and who is made or threatened to be made a party to, or witness in, the proceeding by reason of his or her service in that capacity.
|
Entity Name
|
|
Jurisdiction of Formation/Incorporation
|
ARC DGLBNTN001, LLC
|
|
Delaware
|
ARC DGRMYIN001, LLC
|
|
Delaware
|
ARCP 24 Beaverton OR, LLC
|
|
Delaware
|
ARCP AA Lawton OK, LLC
|
|
Delaware
|
ARCP AA Mount Pleasant IA, LLC
|
|
Delaware
|
ARCP AA Willmar MN, LLC
|
|
Delaware
|
ARCP AN Wilmington OH, LLC
|
|
Delaware
|
ARCP AP Greenville SC, LLC
|
|
Delaware
|
ARCP AP Lithonia GA, LLC
|
|
Delaware
|
ARCP AP Savannah GA, LLC
|
|
Delaware
|
ARCP AS Clarksville TN, LLC
|
|
Delaware
|
ARCP AS Douglasville GA, LLC
|
|
Delaware
|
ARCP AS Flowood MS, LLC
|
|
Delaware
|
ARCP AZ Poughkeepsie NY, LLC
|
|
Delaware
|
ARCP AZ Sheffield OH, LLC
|
|
Delaware
|
ARCP Biolife Portfolio I Member, LLC
|
|
Delaware
|
ARCP BS Pelham AL, LLC
|
|
Delaware
|
ARCP BW Idaho Falls ID, LLC
|
|
Delaware
|
ARCP CH Forest City NC, LLC
|
|
Delaware
|
ARCP CV Danville IN, LLC
|
|
Delaware
|
ARCP CV Jacksonville FL, LLC
|
|
Delaware
|
ARCP DG Abbeville AL, LLC
|
|
Delaware
|
ARCP DG Alton TX, LLC
|
|
Delaware
|
ARCP DG Arapahoe NE, LLC
|
|
Delaware
|
ARCP DG Belle MO, LLC
|
|
Delaware
|
ARCP DG Berry AL, LLC
|
|
Delaware
|
ARCP DG Bloomfield NE, LLC
|
|
Delaware
|
ARCP DG Blue Rapids KS, LLC
|
|
Delaware
|
ARCP DG Bluefield WV, LLC
|
|
Delaware
|
ARCP DG Brandon SD, LLC
|
|
Delaware
|
ARCP DG Buffalo NY, LLC
|
|
Delaware
|
ARCP DG Crystal Springs MS, LLC
|
|
Delaware
|
ARCP DG Cullman (Berlin) AL, LLC
|
|
Delaware
|
ARCP DG Dora AL, LLC
|
|
Delaware
|
ARCP DG Edinburg (FM 2812) TX, LLC
|
|
Delaware
|
ARCP DG Eight Mile AL, LLC
|
|
Delaware
|
ARCP DG Elk Point SD, LLC
|
|
Delaware
|
ARCP DG Farmington NM, LLC
|
|
Delaware
|
ARCP DG Fruitport MI, LLC
|
|
Delaware
|
ARCP DG Hamilton AL, LLC
|
|
Delaware
|
ARCP DG Harlingen TX, LLC
|
|
Delaware
|
ARCP DG Hastings NE, LLC
|
|
Delaware
|
ARCP DG Hayneville AL, LLC
|
|
Delaware
|
Entity Name
|
|
Jurisdiction of Formation/Incorporation
|
ARCP DG Hillsboro OH, LLC
|
|
Delaware
|
ARCP DG Hinton WV, LLC
|
|
Delaware
|
ARCP DG Kasson MN, LLC
|
|
Delaware
|
ARCP DG Kolona IA, LLC
|
|
Delaware
|
ARCP DG Lamesa TX, LLC
|
|
Delaware
|
ARCP DG Lansing MI, LLC
|
|
Delaware
|
ARCP DG Los Fresnos TX, LLC
|
|
Delaware
|
ARCP DG Los Lunas (Manzerro) NM, LLC
|
|
Delaware
|
ARCP DG Louisburg KS, LLC
|
|
Delaware
|
ARCP DG Maple Lake MN, LLC
|
|
Delaware
|
ARCP DG Mission TX, LLC
|
|
Delaware
|
ARCP DG Moose Lake MN, LLC
|
|
Delaware
|
ARCP DG Moroa IL, LLC
|
|
Delaware
|
ARCP DG Neoga IL, LLC
|
|
Delaware
|
ARCP DG Nitro WV, LLC
|
|
Delaware
|
ARCP DG Onawa IA, LLC
|
|
Delaware
|
ARCP DG Ortonville MN, LLC
|
|
Delaware
|
ARCP DG Osceola NE, LLC
|
|
Delaware
|
ARCP DG Palestine IL, LLC
|
|
Delaware
|
ARCP DG Parchment MI, LLC
|
|
Delaware
|
ARCP DG Parsons TN, LLC
|
|
Delaware
|
ARCP DG Princeton MO, LLC
|
|
Delaware
|
ARCP DG Russell KS, LLC
|
|
Delaware
|
ARCP DG San Carlos TX, LLC
|
|
Delaware
|
ARCP DG Snead AL, LLC
|
|
Delaware
|
ARCP DG South Bay FL, LLC
|
|
Delaware
|
ARCP DG Springfield IL, LLC
|
|
Delaware
|
ARCP DG Topeka (45th) KS, LLC
|
|
Delaware
|
ARCP DG Volga SD, LLC
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Delaware
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ARCP DG Wagener SC, LLC
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Delaware
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ARCP DG Weslaco TX, LLC
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Delaware
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ARCP DG Wetumpka AL, LLC
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Delaware
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ARCP DG Winsted MN, LLC
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ARCP DV Riverview MI, LLC
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Delaware
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ARCP FD 2014 ALB Portfolio II, LLC
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Delaware
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ARCP FD Arkadelphia AR, LLC
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Delaware
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ARCP FD Deadwood SD, LLC
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ARCP FD Erwinville LA, LLC
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ARCP FD Pojoaque NM, LLC
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ARCP FD Portfolio XIII, LLC
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ARCP FD Portfolio XIV, LLC
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ARCP FD Portfolio XV, LLC
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ARCP FD Portfolio XVI, LLC
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ARCP FP Birmingham AL, LLC
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ARCP GC Georgetown KY, LLC
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ARCP GC Victoria TX, LLC
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ARCP GE Seven Fields PA, LLC
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Delaware
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ARCP GM Waukesha WI, LLC
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Delaware
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ARCP GP MT Inglewood CA, LLC
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Delaware
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ARCP GP UO Portfolio II, LLC
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ARCP GP UO Portfolio III, LLC
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ARcP GP UO Portfolio IV, LLC
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ARCP GP UO Portfolio V, LLC
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ARCP GS Baton Rouge LA, LLC
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Delaware
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ARCP GS Gardner MA, LLC
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Delaware
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ARCP GS Indianapolis IN, LLC
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Delaware
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ARCP GS Walker LA, LLC
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ARCP HC West Plains MO, LLC
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ARCP HL Burlington IA, LLC
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ARCP ID Cookeville TN, LLC
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ARCP ID Orlando FL, LLC
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ARCP ID Waldorf MD, LLC
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ARCP IH Rio Rancho NM, LLC
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ARCP KG Shelton WA, LLC
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ARCP KO Charlottesville VA, LLC
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ARCP KR Dothan AL, LLC
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ARCP KU Conway AR, LLC
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ARCP LA Columbus OH, LLC
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ARCP LO Alpharetta GA, LLC
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ARCP LO Covington LA, LLC
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ARCP LO Hilliard OH, LLC
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ARCP LO Lilburn GA, LLC
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Delaware
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ARCP LO Marietta GA, LLC
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Delaware
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ARCP LO Woodstock GA, LLC
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ARCP LR Fort Wayne IN, LLC
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ARCP LW Asheboro NC, LLC
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ARCP LW Mansfield OH, LLC
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ARCP MD Lawton OK, LLC
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ARCP MF Augusta ME, LLC
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ARCP MF Cincinnati OH, LLC
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ARCP MF Huber Heights OH, LLC
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ARCP MF Lakeland FL, LLC
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ARCP MF Middletown OH, LLC
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ARCP MF New Bern NC, LLC
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ARCP MF Port Charlotte FL, LLC
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ARCP MT Albuquerque NM, LLC
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Delaware
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ARCP MT Austell GA, LLC
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Delaware
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ARCP MT Carlisle PA, LLC
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Delaware
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ARCP MT Columbus IN, LLC
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Delaware
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ARCP MT Dickson City PA, LLC
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Delaware
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ARCP MT Florence KY, LLC
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Delaware
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ARCP MT Fort Collins CO, LLC
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ARCP MT Fort Wayne IN, LLC
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Delaware
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ARCP MT Glen Ellyn IL, LLC
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Delaware
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ARCP MT Grovetown GA, LLC
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Delaware
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ARCP MT Hagerstown MD, LLC
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Delaware
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ARCP MT Hattiesburg MS, LLC
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ARCP MT Houston TX, LLC
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Delaware
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ARCP MT Inglewood CA, LP
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Delaware
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ARCP MT Jefferson City MO, LLC
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Delaware
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ARCP MT Kodak TN, LLC
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Delaware
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ARCP MT Lafayette IN, LLC
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Delaware
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ARCP MT Manitowoc WI, LLC
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Delaware
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ARCP MT Monroe LA, LLC
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Delaware
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ARCP MT Mooresville NC, LLC
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Delaware
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ARCP MT Morganton NC, LLC
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Delaware
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ARCP MT Mount Pleasant SC, LLC
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Delaware
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ARCP MT Muskegon MI, LLC
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Delaware
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ARCP MT Orlando FL, LLC
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Delaware
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ARCP MT Shippensburg PA, LLC
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Delaware
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ARCP MT Springfield IL, LLC
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Delaware
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ARCP MT Springfield MA, LLC
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Delaware
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ARCP MT Springfield OH, LLC
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Delaware
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ARCP MT Stroudsburg PA, LLC
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Delaware
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ARCP MT Vienna WV, LLC
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Delaware
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ARCP NB Bluffton SC, LLC
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Delaware
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ARCP NB Cypress TX, LLC
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Delaware
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ARCP NB Flower Mound TX, LLC
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Delaware
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ARCP NB Fort Worth TX, LLC
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Delaware
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ARCP NB North Richland Hills TX, LLC
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Delaware
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ARCP NB Pasadena TX, LLC
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Delaware
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ARCP NB Pearland TX, LLC
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Delaware
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ARCP NB Plano TX, LLC
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Delaware
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ARCP NB Summerville SC, LLC
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Delaware
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ARCP NB Tomball TX, LLC
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Delaware
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ARCP NB Wake Forest NC, LLC
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Delaware
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ARCP NW San Antonio TX, LLC
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ARCP OR Lamesa TX, LLC
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ARCP OR Stanley ND, LLC
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Delaware
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ARCP PE Independence MO, LLC
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Delaware
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ARCP PM East Peoria IL, LLC
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Delaware
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ARCP PS Pewaukee WI, LLC
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ARCP RA Jenison MI, LLC
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ARCP RC Beaumont TX, LLC
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ARCP RC Phoenix AZ, LLC
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ARCP RC Wichita Falls TX, LLC
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ARCP SH Broken Bow NE, LLC
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ARCP SH Valentine NE, LLC
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ARCP SM St. Louis MO, LLC
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ARCP SS Brockton MA, LLC
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ARCP ST Plainfield IN, LLC
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Delaware
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ARCP SW Macon GA, LLC
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ARCP SY Burlington NC, LLC
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ARCP SY Joliet IL, LLC
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ARCP TG Chesapeake VA, LLC
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ARCP TG Wilmington DE, LLC
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ARCP TL Killeen TX, LLC
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Delaware
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ARCP TS Fortuna CA, LLC
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ARCP UL Albany GA, LLC
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Delaware
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ARCP UL Greeley CO, LLC
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Delaware
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ARCP UO Portfolio II, LP
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Delaware
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ARCP UO Portfolio III, LP
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Delaware
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ARCP UO Portfolio IV, LP
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Delaware
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ARCP UO Portfolio V, LP
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Delaware
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ARCP WE Panama City FL, LLC
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Delaware
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ARCP WE Pensacola FL, LLC
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Delaware
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ARCP WG Arkadelphia AR, LLC
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Delaware
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ARCP WG Bartlett (5950 Stage) TN, LLC
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Delaware
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ARCP WG Bartlett (6697 Stage) TN, LLC
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Delaware
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ARCP WG Birmingham (Green Springs) AL, LLC
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Delaware
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ARCP WG Chicopee MA, LLC
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Delaware
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ARCP WG Cincinnati (Colerain) OH, LLC
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Delaware
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ARCP WG Decatur (Beltline) AL, LLC
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Delaware
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ARCP WG Dyersburg TN, LLC
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Delaware
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ARCP WG East Chicago IN, LLC
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Delaware
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ARCP WG Enterprise AL, LLC
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Delaware
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ARCP WG Evansville (Green River) IN, LLC
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Delaware
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ARCP WG Florence KY, LLC
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Delaware
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ARCP WG Forrest City AR, LLC
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Delaware
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ARCP WG Franklin TN, LLC
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Delaware
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ARCP WG Fraser MI, LLC
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Delaware
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ARCP WG Hobart IN, LLC
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Delaware
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ARCP WG Knoxville (Chapman) TN, LLC
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Delaware
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ARCP WG La Vista NE, LLC
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Delaware
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ARCP WG Little Rock (Bowman) AR, LLC
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Delaware
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ARCP WG Little Rock AR, LLC
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Delaware
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ARCP WG Malvern AR, LLC
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Delaware
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ARCP WG Memphis (Riverdale) TN, LLC
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Delaware
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ARCP WG Metropolis IL, LLC
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Delaware
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ARCP WG Michigan City IN, LLC
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Delaware
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ARCP WG Mt. Washington KY, LLC
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Delaware
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ARCP WG Oakland TN, LLC
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Delaware
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ARCP WG Oklahoma City OK, LLC
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Delaware
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ARCP WG Olathe KS, LLC
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ARCP WG River Falls WI, LLC
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Delaware
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ARCP WG Sacramento CA, LLC
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Delaware
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ARCP WG Sioux Falls SD, LLC
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Delaware
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ARCP WG St. Charles MO, LLC
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Delaware
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ARCP WG St. Louis (Lemay) MO, LLC
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Delaware
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ARCP WG St. Louis (Lusher) MO, LLC
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Delaware
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ARCP WG Tarboro NC, LLC
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Delaware
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ARCP WG Toledo (Reynolds) OH, LLC
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Delaware
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ARCP WG Troy OH, LLC
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Delaware
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ARCP WG Tulsa (Sheridan) OK, LLC
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Delaware
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ARCP WS Portfolio I, LLC
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Delaware
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ARCP WY Grafton VA, LLC
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Delaware
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ARCP WY Westminster CO, LLC
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Delaware
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ARCP/GRD Biolife Portfolio I, LLC
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Delaware
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CCO Condo Portfolio (NY) Mezzanine, LLC
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Delaware
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CCO Condo Portfolio (NY) Mezzanine Holdings, LLC
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Delaware
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CIM GP UO Madera CA, LLC
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Delaware
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CIM Real Estate Finance Management, LLC
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Delaware
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CIM Real Estate Finance Operating Partnership, LP
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Delaware
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CIM RE Lending Sub, LLC
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Delaware
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CIM UO Madera CA, LP
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Delaware
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CMFT Corporate Credit Securities, LLC
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Delaware
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CMFT Real Estate Securities, LLC
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Delaware
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CMFT Securities Investments, LLC
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Delaware
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Cole 24 Fort Worth TX, LLC
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Delaware
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Cole AA Corydon IN, LLC
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Delaware
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Cole AA Dearborn Heights MI, LLC
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Delaware
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Cole AA Decatur GA, LLC
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Delaware
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Cole AA Lake Geneva WI, LLC
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Delaware
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Cole AA North Ridgeville OH, LLC
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Delaware
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Cole AA Rutherfordton NC, LLC
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Delaware
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Cole AA Starkville MS, LLC
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Delaware
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Cole AN Hillsboro OH, LLC
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Delaware
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Cole AS Greenville NC, LLC
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Delaware
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Cole AS McDonough GA, LLC
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Delaware
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Cole AS Valdosta GA, LLC
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Delaware
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Cole AW Sunrise Beach MO, LLC
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Delaware
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Cole AZ Philipsburg PA, LLC
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Delaware
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Cole BD Ambridge PA, LLC
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Delaware
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Cole BE Portfolio I, LLC
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Delaware
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Cole BG San Angelo TX, LLC
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Delaware
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Cole BG Waco TX, LLC
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Delaware
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Cole BN Golden Valley MN, LLC
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Delaware
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Cole BN Lauderdale FL, LLC
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Delaware
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Cole BN Lombard IL, LLC
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Delaware
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Cole BN Woodlands TX, LLC
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Delaware
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Entity Name
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Jurisdiction of Formation/Incorporation
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Cole BP Tallahassee FL, LLC
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Delaware
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Cole BW Warrenville IL, LLC
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Delaware
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Cole BW Woodridge IL, LLC
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Delaware
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Cole C+ Kansas City MO, LLC
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Delaware
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Cole CAB Portfolio, LLC
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Delaware
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Cole CL Denver CO, LLC
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Delaware
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Cole CL Frisco TX, LLC
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Delaware
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Cole CL Las Cruces NM, LLC
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Delaware
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Cole CL Midwest City OK, LLC
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Delaware
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Cole CL San Antonio TX, LLC
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Delaware
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Cole CL Wylie TX, LLC
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Delaware
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Cole CS Tallahassee FL, LLC
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Delaware
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Cole CV Arnold MO, LLC
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Delaware
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Cole CV Asheville NC, LLC
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Delaware
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Cole CV Austin (Bee Cave Pkwy) TX, LLC
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Delaware
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Cole CV Bainbridge GA, LLC
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Delaware
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Cole CV Bloomington IN, LLC
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Delaware
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Cole CV Blue Springs MO, LLC
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Delaware
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Cole CV Bridgeton MO, LLC
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Delaware
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Cole CV Cartersville GA, LLC
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Delaware
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Cole CV Charleston SC, LLC
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Delaware
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Cole CV Chesapeake VA, LLC
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Delaware
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Cole CV Chicago (Central) IL, LLC
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Delaware
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Cole CV Cicero IN, LLC
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Delaware
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Cole CV Corpus Christi TX, LLC
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Delaware
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Cole CV Eminence KY, LLC
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Delaware
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Cole CV Florence AL, LLC
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Delaware
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Cole CV Goose Creek SC, LLC
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Delaware
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Cole CV Greenwood IN, LLC
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Delaware
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Cole CV Hanover Township NJ, LLC
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Delaware
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Cole CV Hazlet NJ, LLC
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Delaware
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Cole CV Honesdale PA, LLC
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Delaware
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Cole CV Independence (West 23rd St.) MO, LLC
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Delaware
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Cole CV Indianapolis IN, LLC
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Delaware
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Cole CV Irving TX, LLC
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Delaware
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Cole CV Janesville WI, LLC
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Delaware
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Cole CV Katy TX, LLC
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Delaware
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Cole CV Lincoln NE, LLC
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Delaware
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Cole CV London KY, LLC
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Delaware
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Cole CV Middletown NY, LLC
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Delaware
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Cole CV North Wilkesboro NC, LLC
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Delaware
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Cole CV Poplar Bluff MO, LLC
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Delaware
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Cole CV Salem NH, LLC
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Delaware
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Cole CV San Antonio TX, LLC
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Delaware
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Cole CV Sand Springs OK, LLC
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Delaware
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Cole CV Santa Fe NM, LLC
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Delaware
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Entity Name
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Jurisdiction of Formation/Incorporation
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Cole CV Sedalia MO, LLC
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Delaware
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Cole CV St. John MO, LLC
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Delaware
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Cole CV Temple Hills MD, LLC
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Delaware
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Cole CV Vineland NJ, LLC
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Delaware
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Cole CV Waynesboro VA, LLC
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Delaware
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Cole CV West Monroe LA, LLC
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Delaware
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Cole DET Evergreen IL, LLC
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Delaware
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Cole DG Akron AL, LLC
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Delaware
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Cole DG Akron OH, LLC
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Delaware
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Cole DG Alliance NE, LLC
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Delaware
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Cole DG Asheville NC, LLC
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Delaware
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Cole DG Ashville AL, LLC
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Delaware
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Cole DG Atmore AL, LLC
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Delaware
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Cole DG Bainbridge OH, LLC
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Delaware
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Cole DG Bessemer AL, LLC
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Delaware
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Cole DG Bokchito OK, LLC
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Delaware
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Cole DG Botkins OH, LLC
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Delaware
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Cole DG Breaux Bridge LA, LLC
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Delaware
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Cole DG Broken Bow NE, LLC
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Delaware
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Cole DG Brownsville TX, LLC
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Delaware
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Cole DG Clay AL, LLC
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Delaware
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Cole DG Cleveland TX, LLC
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Delaware
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Cole DG Columbus OH, LLC
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Delaware
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Cole DG Conroe TX, LLC
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Delaware
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Cole DG Decatur (Eldorado) IL, LLC
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Delaware
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Cole DG Decatur IL, LLC
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Delaware
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Cole DG Delcambre LA, LLC
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Delaware
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Cole DG Delhi LA, LLC
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Delaware
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Cole DG Deridder (Hwy 190) LA, LLC
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Delaware
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Cole DG Deridder (Hwy 26) LA, LLC
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Delaware
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Cole DG Des Moines IA, LLC
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Delaware
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Cole DG Dundee MI, LLC
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Delaware
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Cole DG Ellerslie GA, LLC
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Delaware
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Cole DG Eufaula AL, LLC
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Delaware
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Cole DG Fort Valley GA, LLC
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Delaware
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Cole DG Fred TX, LLC
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Delaware
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Cole DG Geneva AL, LLC
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Delaware
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Cole DG Geraldine AL, LLC
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Delaware
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Cole DG Greenwell Springs LA, LLC
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Delaware
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Cole DG Groveport OH, LLC
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Delaware
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Cole DG Hanceville AL, LLC
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Delaware
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Cole DG Harvest AL, LLC
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Delaware
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Cole DG Harviel MO, LLC
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Delaware
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Cole DG Homeworth OH, LLC
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Delaware
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Cole DG Houston (Gears) TX, LLC
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Delaware
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Cole DG Houston TX, LLC
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Delaware
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Entity Name
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Jurisdiction of Formation/Incorporation
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Cole DG Huntsville AL, LLC
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Delaware
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Cole DG Independence MO, LLC
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Delaware
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Cole DG Kansas City (Oak) MO, LLC
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Delaware
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Cole DG Kansas City (Troost) MO, LLC
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Delaware
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Cole DG Kearney NE, LLC
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Delaware
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Cole DG Kinston AL, LLC
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Delaware
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Cole DG Lake Charles (Broad) LA, LLC
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Delaware
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Cole DG Leicester NC, LLC
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Delaware
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Cole DG Lima OH, LLC
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Delaware
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Cole DG Linden AL, LLC
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Delaware
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Cole DG Lone Jack MO, LLC
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Delaware
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Cole DG Loveland OH, LLC
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Delaware
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Cole DG Lubbock TX, LLC
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Delaware
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Cole DG Malvern AL, LLC
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Delaware
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Cole DG Manhattan KS, LLC
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Delaware
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Cole DG Mansfield OH, LLC
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Delaware
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Cole DG Maynardville TN, LLC
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Delaware
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Cole DG Millbrook AL, LLC
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Delaware
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Cole DG Mobile (Newman) AL, LLC
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Delaware
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Cole DG Mobile (Schillinger) AL, LLC
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Delaware
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Cole DG Monroeville OH, LLC
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Delaware
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Cole DG Montgomery AL, LLC
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Delaware
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Cole DG Mount Vernon IL, LLC
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Delaware
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Cole DG Nashville GA, LLC
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Delaware
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Cole DG Nashville MI, LLC
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Delaware
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Cole DG Navarre OH, LLC
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Delaware
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Cole DG Ness City KS, LLC
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Delaware
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Cole DG New Philadelphia OH, LLC
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Delaware
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Cole DG New Washington OH, LLC
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Delaware
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Cole DG Newark OH, LLC
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Delaware
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Cole DG Nixa MO, LLC
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Delaware
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Cole DG North Lewisburg OH, LLC
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Delaware
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Cole DG Opelousas LA, LLC
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Delaware
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Cole DG Oxford AL, LLC
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Delaware
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Cole DG Park Hill OK, LLC
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Delaware
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Cole DG Phenix City (2nd Street) AL, LLC
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Delaware
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Cole DG Piedmont AL, LLC
|
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Delaware
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Cole DG Pike Road AL, LLC
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|
Delaware
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Cole DG Plain City OH, LLC
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Delaware
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Cole DG Port Clinton OH, LLC
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Delaware
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Cole DG Pueblo CO, LLC
|
|
Delaware
|
Cole DG Ragley LA, LLC
|
|
Delaware
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Cole DG Rainsville AL, LLC
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Delaware
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Cole DG Ravenna MI, LLC
|
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Delaware
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Cole DG Rayne LA, LLC
|
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Delaware
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Cole DG Roanoke IL, LLC
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Delaware
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Entity Name
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Jurisdiction of Formation/Incorporation
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Cole DG Romulus MI, LLC
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Delaware
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Cole DG Seale AL, LLC
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|
Delaware
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Cole DG Seminole AL, LLC
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Cole DG Shelby MI, LLC
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Cole DG Spring TX, LLC
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Cole DG Springfield NE, LLC
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Cole DG Springfield OH, LLC
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Cole DG St. Louis (Grand) MO, LLC
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Cole DG St. Louis (Lewis & Clark) MO, LLC
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Cole DG Superior NE, LLC
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Cole DG Temple GA, LLC
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Cole DG Theodore AL, LLC
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Cole DG Thibodaux (Veterans) LA, LLC
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Cole DG Toney AL, LLC
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Cole DG Urbana OH, LLC
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Cole DG Wakefield KS, LLC
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Cole DG Waterloo IA, LLC
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Cole DG Weston MO, LLC
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Cole DG Whitehouse OH, LLC
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Cole DG Whitwell TN, LLC
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Cole DG Wilmer AL, LLC
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Cole DG Wisner NE, LLC
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Cole DG Woodville OH, LLC
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Cole DG Yatesville GA, LLC
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Cole DK Oklahoma City (3rd Street) OK, LLC
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Cole DK Oklahoma City OK, LLC
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Cole FD Elizabethtown NY, LLC
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Cole FD Portfolio V, LLC
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Cole FD Portfolio VI, LLC
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Cole FD Portfolio X, LLC
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Cole FD Portfolio XI, LLC
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Cole FD Portfolio XII, LLC
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Cole GC Garland TX, LLC
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Cole GC Houston TX, LLC
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Cole GG Corpus Christi TX, LLC
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Cole GM Pensacola FL, LLC
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Cole GP GS Atwater CA, LLC
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Cole GP LA Riverside CA, LLC
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Cole GP MT San Jose CA, LLC
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Cole GP MT West Covina (Lakes) CA, LLC
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Cole GS Atwater CA, LP
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Cole GS Bixby OK, LLC
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Cole GS Conway AR, LLC
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Cole GS Gentry AR, LLC
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Cole GS Green Forest AR, LLC
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Cole GS Huntersville NC, LLC
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Cole GS Lincoln AR, LLC
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Cole GS Noel MO, LLC
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Cole GS Plainfield IL, LLC
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Cole GS Pocahontas AR, LLC
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Cole GS Russellville AR, LLC
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Cole GS Vilonia AR, LLC
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Cole GY Pooler GA, LLC
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Cole HD North Canton OH, LLC
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Cole HD Plainwell MI, LLC
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Cole HL Lewisville TX, LLC
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Cole HL Mooresville NC, LLC
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Cole HV Midland TX, LLC
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Cole JP Hanover Township NJ, LLC
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Cole JV Loganville GA, LLC
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Cole KG Bentonville (Central) AR, LLC
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Cole KG Fairfield IA, LLC
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Cole KG Mount Vernon MO, LLC
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Cole KG Urbandale IA, LLC
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Cole KG Whitehall OH, LLC
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Cole KO Cedar Falls IA, LLC
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Cole KO Hutchinson KS, LLC
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Cole KR Jonesboro AR, LLC
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Cole LA Bloomfield Hills MI, LLC
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Cole LA Garland TX, LLC
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Cole LA Houston TX, LLC
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Cole LA Mesa AZ, LLC
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Cole LA Ocoee FL, LLC
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Cole LA Riverside CA, LP
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Cole LO Adrian MI, LLC
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Cole LO Cincinnati (Ridge) OH, LLC
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Cole LO Columbia (7441 Two Notch) SC, LLC
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Cole LO Oxford AL, LLC
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Cole LO Tuscaloosa AL, LLC
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Cole LO Zanesville OH, LLC
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Cole LR Bristol VA, LLC
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Cole LR Lancaster TX, LLC
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Cole LR Martinsburg WV, LLC
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Cole LR Opelika AL, LLC
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Cole LR Sanford FL, LLC
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Cole LR Troy OH, LLC
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Cole MC Portfolio II, LLC
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Cole MD Port Arthur TX, LLC
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Cole MF Brunswick GA, LLC
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Cole MF Danville VA, LLC
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Cole MF Jonesboro AR, LLC
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Cole MF Nampa ID, LLC
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Cole MF Pineville NC, LLC
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Cole MI Bowling Green KY, LLC
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Cole MT Albany GA, LLC
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Cole MT Albuquerque (San Mateo) NM, LLC
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Cole MT Albuquerque NM, LLC
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Cole MT Baldwin PA, LLC
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Cole MT Beavercreek OH, LLC
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Cole MT Brevard NC, LLC
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Cole MT Brookfield WI, LLC
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Cole MT Brooklyn NY, LLC
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Cole MT Canton GA, LLC
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Cole MT Canton Marketplace, LLC
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Cole MT Clarksville IN, LLC
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Cole MT Columbia SC, LLC
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Cole MT Columbus OH, LLC
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Cole MT Coventry RI, LLC
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Cole MT Darien IL, LLC
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Cole MT Decatur AL, LLC
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Cole MT Deltona FL, LLC
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Cole MT Duncan SC, LLC
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Cole MT East Manchester PA, LLC
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Cole MT Enterprise AL, LLC
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Cole MT Evergreen Park IL, LLC
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Cole MT Gadsden AL, LLC
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Cole MT Greenwood SC, LLC
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Cole MT Harker Heights TX, LLC
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Cole MT Humble (Sam Houston) TX, LLC
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Cole MT Lafayette LA, LLC
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Cole MT Loganville GA (JV), LLC
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Cole MT Loganville GA, LLC
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Cole MT Marietta GA, LLC
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Cole MT Marion IN, LLC
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Cole MT Matteson IL, LLC
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Cole MT Mobile AL, LLC
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Cole MT Newburgh NY, LLC
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Cole MT Oxford OH, LLC
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Cole MT Plover WI, LLC
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Cole MT Rapid City SD (I) Manager, LLC
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Cole MT Rapid City SD (I), LLC
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Cole MT Rapid City SD (II), LLC
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Cole MT Reynoldsburg OH, LLC
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Cole MT Riverdale UT, LLC
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Cole MT Riverview FL, LLC
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Cole MT Rocky Mount NC, LLC
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Cole MT Salisbury (Wallace Commons II) NC, LLC
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Cole MT Salisbury NC, LLC
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Entity Name
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Jurisdiction of Formation/Incorporation
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Cole MT San Antonio (Highway 151) TX, LLC
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Delaware
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Cole MT San Jose CA, LP
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Delaware
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Cole MT Schaumburg IL, LLC
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Delaware
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Cole MT Statesville NC, LLC
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Cole MT Viera FL, LLC
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Cole MT Waite Park MN, LLC
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Cole MT Warrenton OR, LLC
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Cole MT Waxahachie TX, LLC
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Delaware
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Cole MT West Covina (Lakes) CA, LP
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Cole MT Williamsburg VA, LLC
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Cole NB Cedar Hill TX, LLC
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Cole NB Fort Worth TX, LLC
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Cole NB Frisco TX, LLC
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Cole NB Montgomery IL, LLC
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Cole NG Denton TX, LLC
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Cole NG Idaho Falls ID, LLC
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Cole NG Lubbock TX, LLC
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Cole NR Tampa FL, LLC
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Cole OR Brownfield TX, LLC
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Cole OR Columbus TX, LLC
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Delaware
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Cole PB Clermont FL, LLC
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Delaware
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Cole PB Oviedo FL, LLC
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Cole PM Baton Rouge LA, LLC
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Cole PM Commerce MI, LLC
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Delaware
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Cole PM Eden Prairie MN, LLC
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Delaware
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Cole PM Edmond OK, LLC
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Cole PM Overland Park KS, LLC
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Delaware
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Cole PM Pittsburgh PA, LLC
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Delaware
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Cole PM Taylor MI, LLC
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Delaware
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Cole PM Tucson AZ, LLC
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Delaware
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Cole PM Wilkesboro NC, LLC
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Delaware
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Cole PS Milwaukee WI, LLC
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Delaware
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Cole PS Sheboygan WI, LLC
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Delaware
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Cole QC Kingston NY, LLC
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Delaware
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Cole QC Lake Katrine NY, LLC
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Delaware
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Cole QC Middletown (Highway 108) NY, LLC
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Delaware
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Cole QC Middletown (Main) NY, LLC
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Delaware
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Cole QC Middletown (Route 211) NY, LLC
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Delaware
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Cole QC Saugerties NY, LLC
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Delaware
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Cole RA Columbia SC, LLC
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Delaware
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Cole RO Fort Worth TX, LLC
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Delaware
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Cole SN Canton OH, LLC
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Delaware
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Cole SN Houston TX, LLC
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Delaware
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Cole SU Cocoa FL, LLC
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Delaware
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Cole SU Lake Worth FL, LLC
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Delaware
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Cole SU Merritt Island (405 Merritt) FL, LLC
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Entity Name
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Jurisdiction of Formation/Incorporation
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Cole SU Palm Beach Gardens FL, LLC
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Delaware
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Cole SU Palm City FL, LLC
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Delaware
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Cole SU Sebastian FL, LLC
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Delaware
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Cole SU Titusville FL, LLC
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Delaware
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Cole SU West Palm Beach (Forest Hill) FL, LLC
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Delaware
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Cole SU West Palm Beach FL, LLC
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Delaware
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Cole SX Simpsonville SC, LLC
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Delaware
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Cole TK Tarpon Springs FL, LLC
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Delaware
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Cole TR Asheville NC, LLC
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Delaware
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Cole TR Columbia SC, LLC
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Delaware
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Cole TR Wilmington NC, LLC
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Delaware
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Cole TS Ashland VA, LLC
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Delaware
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Cole TS Augusta KS, LLC
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Delaware
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Cole TS Cambridge MN, LLC
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Delaware
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Cole TS Canon City CO, LLC
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Delaware
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Cole TS Lumberton NC, LLC
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Delaware
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Cole TS Marion IN, LLC
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Delaware
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Cole TS Monticello FL, LLC
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Delaware
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Cole TS Newnan GA, LLC
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Delaware
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Cole TS South Hill VA, LLC
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Delaware
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Cole TS Spencer WV, LLC
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Delaware
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Cole TS Stuttgart AR, LLC
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Delaware
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Cole TS Weaverville NC, LLC
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Delaware
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Cole TS Woodward OK, LLC
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Delaware
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Cole VS Brownsville TX, LLC
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Delaware
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Cole VS Brownwood TX, LLC
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Delaware
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Cole VS McAllen TX, LLC
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Delaware
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Cole VS Midland TX, LLC
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Delaware
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Cole VS Odessa (42nd) TX, LLC
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Delaware
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Cole WG Andover KS, LLC
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Delaware
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Cole WG Austintown OH, LLC
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Delaware
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Cole WG Birmingham (Clairmont) AL, LLC
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Delaware
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Cole WG Blair NE, LLC
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Delaware
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Cole WG Connelly Springs NC, LLC
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Delaware
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Cole WG Cullman AL, LLC
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Delaware
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Cole WG Danville VA, LLC
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Delaware
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Cole WG Dearborn Heights MI, LLC
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Delaware
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Cole WG Fort Madison IA, LLC
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Delaware
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Cole WG Hickory NC, LLC
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Delaware
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Cole WG Huntsville AL, LLC
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Delaware
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Cole WG Kannapolis NC, LLC
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Delaware
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Cole WG Las Vegas NV, LLC
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Delaware
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Cole WG Lawton OK, LLC
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Delaware
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Cole WG Lubbock (82nd) TX, LLC
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Delaware
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Cole WG Lubbock (Indiana) TX, LLC
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Delaware
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Cole WG Mobile (Spring Hill) AL, LLC
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Delaware
|
Entity Name
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Jurisdiction of Formation/Incorporation
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Cole WG Phoenix AZ, LLC
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Delaware
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Cole WG Pine Bluff AR, LLC
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Delaware
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Cole WG Springdale (Sunset) AR, LLC
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Delaware
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Cole WG Springfield IL, LLC
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Delaware
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Cole WG Suffolk VA, LLC
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Delaware
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Cole WG Sun City AZ, LLC
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Delaware
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Cole WM Perry GA, LLC
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Delaware
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Cole WM Tallahassee FL, LLC
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Delaware
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Cole WM York SC, LLC
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Delaware
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Cole WW Cape May NJ, LLC
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Delaware
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Cole WW Galloway NJ, LLC
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Delaware
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CRI REIT IV, LLC
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Delaware
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GRD Bloomington IN Biolife Holdings, LLC
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Delaware
|
GRD Ft. Wayne IN Biolife Holdings, LLC
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Delaware
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Stringtown South, LLC
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Delaware
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VEREIT AA Mattoon IL, LLC
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Delaware
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VEREIT AN Mountain Home AR, LLC
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Delaware
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VEREIT GS Northville MI, LLC
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Delaware
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VEREIT HD Lincoln NE, LLC
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Delaware
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VEREIT HM Kissimmee FL, LLC
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Delaware
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VEREIT KO Easton MD, LLC
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Delaware
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VEREIT LA New Lenox IL, LLC
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Delaware
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VEREIT MF Appleton WI, LLC
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Delaware
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VEREIT MF Martinsville VA, LLC
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Delaware
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VEREIT MF Thomasville GA, LLC
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Delaware
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VEREIT MT Ashland KY, LLC
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Delaware
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VEREIT MT Ashtabula OH, LLC
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Delaware
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VEREIT MT Grove City OH, LLC
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Delaware
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VEREIT MT Harrisonburg VA, LLC
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Delaware
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VEREIT MT Lady Lake FL, LLC
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Delaware
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VEREIT MT Oshkosh WI, LLC
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Delaware
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VEREIT MT Owensboro KY, LLC
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Delaware
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VEREIT MT Plainfield IL, LLC
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Delaware
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VEREIT MT Salisbury MD, LLC
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Delaware
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VEREIT MT Sturbridge MA, LLC
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Delaware
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VEREIT MT Summerville SC, LLC
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Delaware
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VEREIT MT Tampa FL, LLC
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Delaware
|
VEREIT MW Ft. Wayne IN, LLC
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|
Delaware
|
VEREIT OR Clayton GA, LLC
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Delaware
|
VEREIT SH Ballard UT, LLC
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Delaware
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VEREIT SH Cherokee IA, LLC
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Delaware
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VEREIT SH Cokato MN, LLC
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Delaware
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VEREIT SH Webster City IA, LLC
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Delaware
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VEREIT WM Anderson SC, LLC
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Delaware
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VEREIT WM Florence SC, LLC
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|
Delaware
|
1.
|
I have reviewed this Annual Report on Form 10-K of CIM Real Estate Finance Trust, Inc.;
|
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
3.
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
|
4.
|
The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
|
5.
|
The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
|
Date:
|
March 30, 2020
|
/s/ RICHARD S. RESSLER
|
|
|
|
Name:
|
Richard S. Ressler
|
|
|
Title:
|
Chief Executive Officer, President and Chairman of the Board of Directors
(Principal Executive Officer) |
1.
|
I have reviewed this Annual Report on Form 10-K of CIM Real Estate Finance Trust, Inc.;
|
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
3.
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
|
4.
|
The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
|
5.
|
The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
|
Date:
|
March 30, 2020
|
/s/ NATHAN D. DEBACKER
|
|
|
|
Name:
|
Nathan D. DeBacker
|
|
|
Title:
|
Chief Financial Officer and Treasurer (Principal Financial Officer)
|
(i)
|
the accompanying Annual Report on Form 10-K of the Company for the year ended December 31, 2019 (the “Report”) fully complies with the requirements of Section 13(a) or 15(d), as applicable, of the Securities Exchange Act of 1934, as amended, and
|
(ii)
|
the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
|
|
|
/s/ RICHARD S. RESSLER
|
|
|
|
Name:
|
Richard S. Ressler
|
|
|
Title:
|
Chief Executive Officer, President and Chairman of the Board of Directors
(Principal Executive Officer)
|
|
|
|
|
|
|
/s/ NATHAN D. DEBACKER
|
|
|
|
Name:
|
Nathan D. DeBacker
|
Date:
|
March 30, 2020
|
Title:
|
Chief Financial Officer and Treasurer
(Principal Financial Officer)
|