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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549
FORM 10-K
(Mark One)
[x] ANNUAL REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the fiscal year ended December 31, 2000
OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the transition period from to
Commission file number 001-15581
CNL AMERICAN PROPERTIES FUND, INC.
(Exact name of registrant as specified in its charter)
Florida 59-3239115
(State or other jurisdiction of (I.R.S. Employer
Identification No.)
incorporation or organization)
450 South Orange Avenue
Orlando, Florida 32801
(Address of principal executive offices, including zip code)
Registrant's telephone number, including area code: (407) 540-2000
Securities registered pursuant to Section 12 (b) of the Act:
Title of each class: Name of exchange on which registered:
None Not Applicable
Securities registered pursuant to section 12(g) of the Act:
Common Stock, $0.01 par value per share
(Title of class)
Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months (or such shorter period that the registrant
was required to file such reports), and (2) has been subject to such filing
requirements for the past 90 days: Yes X No
Indicate by check mark if disclosure of delinquent filers pursuant to
Item 405 of Regulation S-K is not contained herein, and will not be contained,
to the best of registrant's knowledge, in definitive proxy or information
statements incorporated by reference in Part III of this Form 10-K or any
amendment to this Form 10-K.
Aggregate market value of the voting stock held by nonaffiliates of the
registrant: The registrant has made three offerings of Shares of common stock
(the "Shares") on Form S-11 under the Securities Act of 1933, as amended. The
number of Shares held by non-affiliates as of March 15, 2001 was 37,335,919.
Since no established market for such Shares exists, there is no market value for
such Shares. Each Share was originally sold at $20 per Share.
The number of Shares of common stock outstanding as of March 29, 2001
was 43,495,919.
DOCUMENTS INCORPORATED BY REFERENCE:
Registrant incorporates by reference portions of the CNL American
Properties Fund, Inc. Definitive Proxy Statement for the 2001 Annual Meeting of
Stockholders (Items 10, 11, 12 and 13 of Part III) to be filed no later than
April 30, 2001.
PART I
Item 1. Business
CNL American Properties Fund, Inc. is a self-advised real estate
investment trust, or REIT. The term "Company" includes, unless the context
otherwise requires, CNL American Properties Fund, Inc. and its direct and
indirect subsidiaries. These subsidiaries include CNL APF Partners, LP, a
Delaware limited partnership formed in May 1998, and CNL APF GP Corp. and CNL
APF LP Corp., the general and limited partner, respectively, of CNL APF
Partners, LP. As a result of the merger on September 1, 1999 (see "Mergers"),
subsidiaries also include CNL Fund Advisors, Inc., CNL Financial GP Holding
Corp., CNL Financial LP Holding, LP, CNL Financial Services GP Corp. and CNL
Financial Services, LP. As a result of the strategic alliance with a financial
institution, as described in Item 7 subsidiaries also include CNL Financial
Network, LP, a Delaware limited partnership formed in May 2000.
The Company provides a complete range of financial, development and
other real estate services to operators of national and regional restaurant
chains. The Company's ability to offer complete "turn-key," build-to-suit
development services, from site selection to construction management, together
with its ability to provide its customers with financing options, such as
triple-net leasing, mortgage loans and secured equipment financing, makes the
Company a preferred provider for all of the real estate related business needs
of operators of national and regional restaurant chains. At December 31, 2000,
the Company's servicing portfolio of net lease properties and mortgages includes
over 2,500 units of which over 1,300 are serviced on behalf of third parties.
The Company was formed in May 1994, at which time it received initial
capital contributions of $200,000 for 10,000 Shares of common stock ("Shares").
Since inception, the Company has completed three separate public offerings of
Shares of common stock. The Company received the final proceeds of $210,736 from
its third public offering of common stock in January 1999, at which point the
Company had received aggregate subscription proceeds from its three offerings of
$747,464,420 (37,373,221 Shares), including $5,572,261 (278,613 Shares) issued
through the Company's reinvestment plan. Net proceeds to the Company from its
three offerings and the initial capital contributions, after deduction of stock
issuance costs, totaled $670,351,200, all of which have been invested in
Properties or Mortgage Loans.
The Company's goal is to be a leading provider of financial,
development, advisory and other real estate services to operators of national
restaurant chains. In furtherance of this goal, on September 1, 1999, the
Company became internally advised and gained complete acquisition, development
and in-house management functions by acquiring its external advisor, CNL Fund
Advisors, Inc. (the "Advisor"). Prior to September 1, 1999, the Company had no
employees, so the Advisor provided these functions on behalf of the Company and
was responsible for the day-to-day operations of the Company, including raising
capital, investment analysis, acquisitions, due diligence, asset management and
accounting services. The acquisition of the Advisor also provided the Company
with restaurant development capabilities including site selection, construction
management and build-to-suit development.
In addition, to increase its financing capabilities and expand its
mortgage loan portfolio, the Company acquired CNL Financial Corporation and CNL
Financial Services, Inc. which are referred to, together, as the CNL Restaurant
Financial Services Group, at the same time that it acquired the Advisor. The CNL
Restaurant Financial Services Group makes and services mortgage loans, and
securitizes a portion of such loans, to operators of national and regional
restaurant chains comparable to the restaurant chain operators that currently
are tenants of the Company.
Upon consummation of the mergers on September 1, 1999, all employees of
the acquired entities became employees of the Company, and any obligations for
the Company to pay fees to the Advisor (such as acquisition fees and asset
management fees) under the advisory agreement between the Company and the
Advisor terminated.
The Company entered 2000 pursuing a strategy of merging with a number of
affiliated partnerships that would have increased the Company's asset base by
approximately $500 million, and simultaneously listing the Company's shares on
the New York Stock Exchange. As a result of unfavorable market conditions, the
Company and the general partners of the affiliated partnerships agreed to
terminate the merger in March 2000.
To improve its capital position, and to further diversify its business
platform, the Company examined various alternatives in an attempt to maximize
the stockholder value over the long-term. The Company responded by establishing
a totally new platform for serving the franchise restaurant marketplace. This
new strategy, made possible by the REIT Modernization Act, included looking at
the two component parts of the Company's core operations - a real estate
investment trust, and a specialty finance company allied with a major financial
institution as its strategic partner. In June 2000, the Company formed a
partnership, CNL Franchise Network, L.P. ("CFN" or the "Partnership") and
contributed certain assets and operations in exchange for an 84.39% interest.
Bank of America, contributed its franchise finance originations group in
exchange for a 9.18% non-voting redeemable interest in the Partnership. Bank of
America is also the lender on a $500 million warehouse credit facility, a $43.75
million subordinated debt facility (the "Subordinated Note Payable"), serves as
administrative agent on a $125 million revolving credit facility and provided a
$175 million bridge financing. Bank of America's interest in the Partnership on
a fully diluted basis after a conversion of the fully committed Subordinated
Note Payable is 29.12%. The strategic alliance with Bank of America broadens the
Company's financial products and offerings and enhances the Company's
securitization platform thereby reducing the Company's reliance on public
markets to raise capital.
The Company also issued limited partnership interests in CFN amounting
to 6.43% to CNL Financial Group, Inc., an affiliate of a director of the
Company, in exchange for the operations of CNL Advisory Services, Inc. ("CAS").
CAS specializes in providing merger, acquisition and other advisory services to
restaurant operators and expands the Company's services to the sector.
Generally, the real estate (the "Properties") owned by the Company
consist of land and buildings subject to long-term (generally, 13 to 25 years,
plus renewal options for an additional 10 to 20 years), triple-net leases.
Triple-net leases generally provide that the tenants bear responsibility for all
of the costs and expenses associated with the ongoing maintenance and operations
of the leased restaurant properties, including utilities, property taxes,
insurance and structural repairs. The Company structures the leases of its
Properties to provide for payment of base annual rent with (i) automatic
increases in base rent and/or (ii) percentage rent based on gross sales above a
certain level. Mortgage financing (the "Mortgage Loans") involves lending money
at a specified interest rate to owners of restaurant properties and securing
that loan with a mortgage lien on the restaurant property. Management believes
that the economic effects of the Mortgage Loans are similar to those of its
leases (generally with full repayment in 13 to 25 years). Securitizing mortgages
involves bundling a group of mortgages into an investment entity, usually a
trust, and selling securities of that entity to the public.
As of December 31, 2000, the Company owned a portfolio of 762
Properties located across the United States which are leased to operators of
certain national and regional fast food, family-style and casual dining
restaurant chains, as described below in Item 2. Properties.
Currently, the Company's primary investment objectives are to preserve,
protect, and enhance the Company's assets. The Company expects to meet its
short-term liquidity requirements, other than for acquisition and development of
Properties and investment in Mortgage Loans and Secured Equipment Leases,
primarily through cash flow provided by operating activities and the Company's
Credit Facility, Secured Credit Facility and Subordinated Note Payable. These
short-term liquidity requirements consist of normal recurring operating
expenses, regular debt service requirements and distributions to stockholders.
The Company also intends to meet short-term liquidity requirements for funding
of property acquisitions and loans prior to securitization using its Mortgage
Warehouse Facilities. The Company will use the proceeds from the subsequent
securitizations or sales of these Mortgage Loans and Properties to repay the
Mortgage Warehouse Facilities. Periodic securitizations may also provide
short-term liquidity for the payment of operating expenses and regular debt
service requirements.
The Company intends, to the extent consistent with the Company's
qualifying as a REIT, to reinvest in additional Properties or Mortgage Loans any
proceeds of the sale of a Property or a Mortgage Loan that are not required to
be distributed to stockholders in order to preserve the Company's REIT status
for federal income tax purposes. Similarly, and to the extent consistent with
REIT qualification, the Company plans to use the proceeds of the sale of a
Secured Equipment Lease to fund additional Secured Equipment Leases, or to
reduce its outstanding indebtedness. The Company intends to provide stockholders
of the Company with liquidity of their investment, either in whole or in part,
through Listing of the Shares of the Company. If Listing occurs, the Company
intends to reinvest in additional Properties, Mortgage Loans and Secured
Equipment Leases any net sales proceeds not required to be distributed to
stockholders in order to preserve the Company's status as a REIT. If Listing
does not occur by December 31, 2005, the Company will undertake the orderly
liquidation of the Company and the sale of the Company's assets and will
distribute any net sales proceeds to stockholders. In addition, the Company will
not sell any assets if such sale would not be consistent with the Company's
objective of qualifying as a REIT.
The Company's customer base is characterized by a large number of
individual customers, each with divergent needs and most with multiple
relationships with the Company. Management identified the need to upgrade its
technology and information systems to be able to better integrate its varied
services. During 2000, the Company invested $4 million to upgrade its technology
platform. The implementation of these changes became effective in the fourth
quarter of 2000. In addition, the Company spent $1.2 million in research and
evaluation of an e-commerce presence for the purchase and sale of real estate
and related Company services. The Company expects that the updated systems and
technology will enable the Company to become increasingly efficient in serving
the restaurant operators. Management does not anticipate the need to incur
similar types or amounts of capital expenditures in 2001.
Leases
As of December 31, 2000, the Company had acquired, either directly or
indirectly through joint venture arrangements, 762 Properties, which are
generally subject to long-term, triple-net leases. Although there are variations
in the specific terms of the leases, the following is a summarized description
of the general structure of the Company's leases. The leases of the Properties
owned by the Company and the joint ventures in which the Company is a
co-venturer, provide for initial terms generally ranging from 13 to 25 years and
expire between 2006 and 2024. The leases are on a triple-net basis which means
the lessee is responsible for all repairs and maintenance, property taxes,
insurance and utilities. The leases of the Properties provide for minimum base
annual rental payments (payable in monthly installments) ranging from
approximately $38,000 to $471,000. In addition, certain leases provide for
percentage rent based on sales in excess of a specified amount. In addition, the
majority of the leases provide that, commencing in specified lease years
(generally the sixth lease year), the annual base rent required under the terms
of the lease will increase.
Generally, the leases of the Properties provide for two to five
five-year or ten-year renewal options subject to the same terms and conditions
as the initial lease. Lessees of 614 of the Company's 762 Properties also have
been granted options to purchase the Property at the Property's then fair market
value after a specified portion of the lease term has elapsed. Fair market value
will be determined through an appraisal by an independent appraisal firm. The
option purchase price may equal the Company's original cost to purchase the
Property (including acquisition costs), plus a specified percentage from the
date of the lease or a specified percentage of the Company's purchase price, if
that amount is greater than the Property's fair market value at the time the
purchase option is exercised.
The leases also generally provide that, in the event the Company wishes
to sell the Property subject to that lease, the Company first must offer the
lessee the right to purchase the Property on the same terms and conditions, and
for the same price, as any offer which the Company has received for the sale of
the Property.
Major Tenants
During 2000, no single lessee, borrower or restaurant chain contributed
more than ten percent of the Company's total rental, earned, investment income
and interest income relating to its Properties, Mortgage Loans, Secured
Equipment Leases and certificates. In the event that certain lessees, borrowers
or restaurant chains contribute more than ten percent of the Company's rental,
earned, investment income and interest income in future years, any failure of
such lessees, borrowers or restaurant chains could materially affect the
Company's income. As of December 31, 2000, no single lessee or borrower, or
group of affiliated lessees or borrowers leased Properties or was the borrower
under Mortgage Loans with an aggregate carrying value, in excess of 20 percent
of total assets of the Company.
Mortgage Loans Held for Sale
The Mortgage Loans represent first mortgage loans on the land and/or
building comprising approximately $375 million in fixed-rate loans and
approximately $20 million in variable-rate loans. Variable rate construction
loans totaled approximately $8 million at December 31, 2000. The fixed-rate
loans carry a weighted average interest rate of 9.72%. The variable-rate loans
carry interest rates that adjust monthly based on a 30-day LIBOR plus a margin
(average interest rate was 9.98% at December 31, 2000). The Mortgage Loans are
being collected in monthly installments with maturity dates ranging from 2000 to
2020. The fixed-rate mortgage loans generally prohibit prepayment for certain
periods or require a prepayment penalty from the borrower. The variable-rate
mortgage loans generally have no prepayment restrictions.
In 2000 and 1999, the Company entered into several promissory notes
with several borrowers for equipment and other financing for a total of
$1,111,496 and $26,470,671, respectively. The promissory notes are
collateralized by restaurant equipment. The promissory notes bear interest at
rates ranging from ten percent to 11 percent per annum and are being collected
in monthly installments with maturity dates ranging from 2001 to 2007.
Other Investments
In August 1998, the Company acquired an investment in certain franchise
loan certificates ("the 1998 Certificates") issued in connection with a mortgage
loan securitization transaction sponsored by CNL Financial Corporation, which
was an affiliate prior to its acquisition by the Company in 1999. The Company
classified these investments as held to maturity (see "Mergers"). In connection
with the merger on September 1, 1999 with CNL Restaurant Financial Services
Group (see "Mergers"), the Company acquired investments in an interest only
certificate and other residual interests which are classified as available for
sale and are carried at fair market value.
Certain Mortgage Loans originated or purchased by the Company were
securitized in November 1999 and Franchise Loan Trust Certificates were sold to
investors. The Company retained certain subordinated investment securities,
("the 1999 Certificates"). Approximately $7.7 million of the 1999 Certificates
were classified as available for sale and were sold in April 2000. The remaining
balance of the 1999 Certificates are classified as held to maturity.
In August 1999 the Company created a $500 million loan sale facility
syndicated with two third parties. This facility permitted the Company to sell
loans on a regular basis to a trust at an agreed upon advance rate. The Company
retained a residual interest. In October of 2000 the trust relating to this
facility liquidated and the Company received mortgage loans net of related debt
of approximately $31 million and recorded a loss on liquidation of the
investment of approximately $3.1 million.
Borrowing
Credit Facility
In June 2000, at the time of the strategic alliance with Bank of
America, the Company terminated its $300 million credit facility, entered into
in June 1999, and entered into a new $125 million unsecured revolving credit
facility and a $175 unsecured bridge financing. The $175 million bridge facility
was repaid from the proceeds of the net lease securitization (see "Bonds
Payable") leaving the Company with the $125 million revolving credit facility
(the "Credit Facility"). Interest on advances under the Credit Facility is
determined according to (i) a tiered rate structure between 175 and 215 basis
points above LIBOR (based upon the Company's overall leverage ratio) or (ii) the
lenders' prime rate plus 0.25%, whichever the Company selects at the time of
each advance. The principal balance, together with all unpaid interest, is due
in full upon termination of the Credit Facility on June 15, 2002.
Note Payable
In October 1999, the Company entered into a secured credit facility
(the "Secured Credit Facility") in the amount of $147,000,000, which will expire
in October 2002. The proceeds of the Secured Credit Facility are intended to be
used for property acquisitions. During 2000, the Company used a portion of the
proceeds received from the issuance of the bonds (see "Bonds Payable") to pay
down the Secured Credit Facility. Borrowings under the Secured Credit Facility
bear interest at the rate of the lender's commercial paper plus 56 basis points
per annum. As of December 31, 2000, the interest rate was 6.84%. The Secured
Credit Facility is collateralized by mortgages on properties and an assignment
of rents.
Mortgage Warehouse Facility
At December 31, 2000, the Company had two mortgage warehouse facilities
with a total borrowing capacity of $750 million ("Mortgage Warehouse
Facilities"). Both of these Mortgage Warehouse Facilities enable the Company to
provide net lease or mortgage financing to franchised businesses and
periodically securitize the loans through the securitization market. The
facilities bear interest at LIBOR plus a weighted average of 89 basis points per
annum. As of December 31, 2000 the weighted average interest rate for the two
facilities approximated 7.67%. After consideration of the Company's interest
rate swaps, the effective weighted average interest rate for the outstanding
balance relating to the two Mortgage Warehouse Facilities was 7.98% for the year
ended December 31, 2000. As of December 31, 2000 the Company had approximately
$464 million outstanding under these Mortgage Warehouse Facilities.
Subordinated Note Payable
In June 2000, CFN, a limited partnership in which the Company has an
84.39% interest, entered into a $43,750,000 senior subordinated convertible note
payable ("Subordinated Note Payable") with Bank of America which provides the
Company additional working capital and the ability to purchase and develop
properties and to fund mortgage loans. This note is subordinated to the existing
senior debt of the Company. The principal amount outstanding under the
Subordinated Note Payable shall bear interest at a rate of 8.5% per annum
payable quarterly. The principal balance, together with all unpaid interest, is
due in full upon maturity of the note in June 2007. The Company believes, based
on current terms, that the carrying value of its Subordinated Note Payable at
December 31, 2000 approximates fair value.
As more fully described above, Bank of America holds a limited
partnership interest in CFN. The Subordinated Note Payable has a conversion
feature to allow the bank, subsequent to a specified conversion date, to have
the outstanding note converted into an additional 19.94% limited partnership
interest in CFN. The fully diluted percentage interest applicable to Bank of
America in the event the entire commitment is converted is 29.12%.
Bonds Payable
In August of 2000, the Company issued Triple Net Lease Mortgage Bonds,
Series 2000-A. The bonds have an aggregate principal balance of $280,906,000.
Collateral for the bonds consists of 257 commercial real estate properties
leased to tenants for operation as restaurants. Interest on $103,706,000 (Class
A-1) of bond principal is payable monthly at 7.721% and interest on $177,200,000
(Class A-2) of bond principal balance is payable monthly at 8.044%. Under the
terms of the bond indenture, monthly lease payments received from tenants and
available for debt service are generally required to be applied first to payment
of interest on both Class A-1 and A-2, then to payment of principal on Class A-1
and then to payment of principal on Class A-2. If payments by the tenants on the
leased properties are received as expected with no defaults or early
terminations, it is anticipated that the Class A-1 bonds will have a final
payment date in August 2009 and the Class A-2 bonds will have a final payment
date in April 2017.
Competition
The fast-food, family-style and casual dining restaurant business is
characterized by intense competition. The operators of the restaurants located
on the Company's Properties compete with independently owned restaurants,
restaurants which are part of local or regional chains, and restaurants in other
well-known national chains, including those offering different types of food and
service.
Many successful fast-food, family-style and casual dining restaurants
are located in "eating islands", which are areas to which people tend to return
frequently and within which they can diversify their eating habits, because in
many cases local competition may enhance the restaurant's success instead of
detracting from it. Fast-food, family-style and casual dining restaurants
frequently experience better operating results when there are other restaurants
in the same area.
The Company will be competing with other persons and entities both to
locate suitable Properties to acquire and to locate purchasers for its
Properties. The Company also will compete with other financing sources such as
banks, mortgage lenders and sale/leaseback companies for suitable tenants for
its Properties, borrowers for its Mortgage Loans and lessees and borrowers for
its Secured Equipment Leases.
Due to the declining operating performance of several major concepts
within the franchise restaurant industry and the anticipated slowing economy,
management believes that overall financing volume in this sector will decline in
2001. However management does believe that the Company's volume levels maybe
greater in 2001 primarily because several significant competitors have either
ceased or have substantially curtailed their services to restaurant operators.
In some cases those former competitors have outstanding commitments to provide
financing that may translate into increased volume at the Company. Management
also believes that there may be opportunities to increase its asset base through
selective acquisitions of assets of competitors experiencing liquidity
constrains. While not the primary focus in 2001, a compelling acquisition of
this nature of assets that meet the Company's standards of underwriting in
effect at the Company would impact liquidity.
The Company recycles its capital through periodic loan and net lease
securitizations, in addition to smaller portfolio whole loan sales. The recycled
capital is an important source of maintaining brand loyalty and strengthens our
position of providing financing solutions to the sector, thereby maintaining
valuable client relationships. While the difficulties of some of the Company's
competitors have created an opportunity to potentially increase volume, they
have also led to increased investor scrutiny of franchise-backed securities
issued in a securitization. This could impact the Company's ability to
profitably execute a timely securitization in 2001. Management believes the
current market conditions and sentiment are an overreaction and temporary, but
is exploring alternate strategies such as whole loan sales, structured note
offerings and increased loan referrals to portfolio providers. Also the
Company's restructuring in 2000 has simplified its ability to offer select
properties for sale to private investors. These sales and the resulting profits
represent another alternative available to improve liquidity through our
presence as a fully integrated REIT and can counter the impact of a volatile
securitization market.
Employees
As of December 31, 2000, the Company had 154 associates.
Item 2. Properties
As of December 31, 2000, the Company owned, either directly or
indirectly through joint venture arrangements, 762 Properties, located in 41
states. Reference is made to the Schedule of Real Estate and Accumulated
Depreciation filed with this report for a listing of the Properties and their
respective costs, including acquisition fees and certain acquisition expenses.
As of December 31, 2000, the Company owned 705 of the 762 Properties in
fee simple and ten properties through joint venture arrangements.
As of December 31, 2000, 47 of the 762 Properties owned by the Company
consisted of building only. The Company does not own the underlying land. In
connection with the acquisition of each of these Properties, the Company entered
into either a tri-party agreement with the tenant and the owner of the land or
an assignment of interest in the ground lease with the landlord, as described in
Item 1. Business-Leases.
As of December 31, 2000 the Company had pledged 446 Properties as
collateral related to the Secured Credit Facility, Mortgage Warehouse Facilities
and Bonds Payable.
Description of Properties
Land. The Company's Property lot sizes range from approximately 4,000
to 199,000 square feet depending upon building size and local demographic
factors. Sites purchased by the Company are in locations zoned for commercial
use which have been reviewed for traffic patterns and volume.
The following table lists the Properties owned by the Company as of
December 31, 2000 by state. More detailed information regarding the location of
the Properties is contained in the Schedule of Real Estate and Accumulated
Depreciation filed with this report.
Total Number of
State Restaurant Properties
Alabama 26
Arizona 22
Arkansas 2
California 39
Colorado 15
Connecticut 4
Delaware 1
Florida 98
Georgia 30
Idaho 5
Illinois 29
Indiana 10
Iowa 7
Kansas 10
Kentucky 9
Louisiana 16
Maryland 7
Michigan 14
Minnesota 11
Mississippi 9
Missouri 30
Nebraska 3
Nevada 6
New Hampshire 3
New Jersey 6
New Mexico 5
New York 5
North Carolina 28
Ohio 54
Oklahoma 12
Oregon 6
Pennsylvania 11
Rhode Island 1
South Carolina 14
Tennessee 37
Texas 122
Utah 4
Virginia 23
Washington 14
West Virginia 11
Wisconsin 3
--------------
TOTAL PROPERTIES 762
==============
Buildings. The buildings generally are rectangular and are constructed
from various combinations of stucco, steel, wood, brick and tile. Building sizes
range from approximately 1,000 to 12,700 square feet. Generally, buildings on
Properties owned by the Company are freestanding and are surrounded by paved
parking areas. Buildings are suitable for conversion to various uses, although
modifications may be required prior to use for other than restaurant operations.
As of December 31, 2000, 11 of the Company's Properties were under construction
or renovation. Depreciation expense is computed for buildings and improvements
using the straight-line method using a depreciable life of 39 years for federal
income tax purposes. As of December 31, 2000, the aggregate depreciated cost
basis of the Properties owned by the Company (including Properties owned through
joint ventures) for federal income tax purposes was $870,916,565.
The following table lists the Properties owned by the Company as of
December 31, 2000 by restaurant chain.
Restaurant Chain Number of Properties
Jack in the Box 81
International House of Pancakes 70
Pizza Hut 55
Golden Corral 46
Arby's 41
Burger King 37
Bennigan's 27
Chevy's Fresh Mex 27
Black Eyed Pea 26
Taco Cabana 25
Ruby Tuesday 23
Steak & Ale 20
Denny's 19
Baker's Square 17
Boston Market 16
Other 232
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TOTAL: 762
=====
Management considers the Properties to be well-maintained and
sufficient for the Company's operations.
Management believes that the Properties are adequately covered by
insurance. In addition, the Company has obtained contingent liability and
property coverage. This insurance is intended to reduce the Company's exposure
in the unlikely event a tenant's insurance policy lapses or is insufficient to
cover a claim relating to the Property.
Leases. The Company leases the Properties to operators of selected
national and regional fast-food restaurant chains. The leases are generally on a
long-term "triple net" basis, meaning that the tenant is responsible for
repairs, maintenance, property taxes, utilities and insurance. Generally, a
lessee is required, under the terms of its lease agreement, to make such capital
expenditures as may be reasonably necessary to refurbish restaurant buildings,
premises, signs and equipment so as to comply with the lessee's obligations, if
applicable, under the franchise agreement to reflect the current commercial
image of its restaurant chain. These capital expenditures are required to be
paid by the lessee during the term of the lease. The terms of the leases of the
Properties owned by the Company are described in Item 1. Business - Leases.
At December 31, 2000, 1999, 1998, 1997 and 1996, the Properties were
95%, 97%, 99%, 100% and 100% occupied, respectively. The following is a schedule
of the average rent per Property for the years ended December 31:
2000 1999 1998 1997 1996
- ------------------------------- -------------- -------------- --------------- -------------- -------------
Rental Revenues (1) $91,520,103 $61,907,812 $33,129,661 $15,490,615 $ 4,357,298
Properties (2) 725 642 408 244 94
Average Rent Per Property $ 126,235 $ 96,430 $ 81,200 $ 63,486 $ 46,354
(1) Rental income includes the Company's share of rental income from the
Properties owned through joint venture arrangements. Rental revenues have
been adjusted, as applicable, for any amounts for which the Company has
established an allowance for doubtful accounts. Rents do not include
Properties under construction at December 31, 2000.
(2) Excludes Properties that were vacant at December 31 and that did not
generate rental revenues during the year.
The following table lists Properties owned by the Company as of
December 31, 2000 by tenant and includes average age of buildings, annualized
total rental revenue and percent of total revenue. To calculate annualized total
rental revenue the Company used, for each restaurant Property owned and leased
at December 31, 2000, the monthly rental revenue, for that Property and
multiplied that number by 12 to present the annualized rental revenues for a 12
month period. The Company has not included any contingent rental income in the
calculation of annualized total rental revenue.
Total Number
of Annualized
Restaurant Average Age Total Percent of
Properties of Buildings Rental Total Rental
Tenant (1) (years) Revenue(2) Revenue
- ------ -------------- -------------- ------------- --------------
Jack in the Box Inc. 83 1.6 $8,927,171 9.97%
IHOP Properties, Inc. 70 2.6 8,766,931 9.79%
Golden Corral Corporation 40 2.3 6,404,451 7.15%
S&A Properties Corporation 40 18.7 6,803,726 7.60%
Texas Taco Cabana, LP 25 5.9 2,922,768 3.26%
Castle Hill Holdings V, L.L.C. 21 17.2 472,589 0.53%
Houlihan's Restaurants, Inc. 19 19 2,785,195 3.11%
Phoenix Restaurant Group, Inc. 18 4.7 2,359,579 2.63%
Vicorp Restaurant, Inc. 18 18.6 2,418,886 2.70%
Rio Bravo Acquisitions, Inc. 17 1.1 3,978,445 4.44%
Other 374 6.9 43,741,663 48.82%
----- ------------- ----------
Total 725 $89,581,404 100.0%
===== ============= ==========
(1) Excludes Properties that were vacant at December 31, 2000 and that did not
generate rental revenues during the year.
(2) The Company has straight-lined the contractual increases in rental income
over the life of each of the leases in order to calculate rental revenue in
accordance with generally accepted accounting principles.
The following table shows the aggregate number of leases in the
Company's Property portfolio which expire each calendar year through the year
2015, as well as the number of leases which expire after December 31, 2015. The
table does not reflect the exercise of any of the renewal options provided to
the tenant under the terms of such leases.
Base Rent
--------------------------------------------
Year Number (1) Amount(2) Percent
----
------------------ ------------------ -------------------
2001 8 $ 456,780 0.5%
2002 2 243,374 0.3%
2003 -- -- --
2004 2 184,022 0.2%
2005 8 892,500 1.0%
2006 7 679,942 0.8%
2007 -- -- --
2008 2 217,492 0.2%
2009 1 95,148 0.1%
2010 13 1,339,350 1.5%
2011 20 2,549,511 2.8%
2012 31 4,479,776 5.0%
2013 45 5,636,709 6.3%
2014 87 13,974,220 15.6%
2015 36 4,611,425 5.1%
Thereafter 471 54,221,155 60.6%
--------- --------------- ----------
--------- --------------- ----------
Total 733 $89,581,404 100.0%
========= =============== ==========
(1) Excludes Properties for which the leases have been terminated
(2) The Company has straight-lined the contractual increases in rental income
over the life of each of the leases in order to calculate rental revenue in
accordance with generally accepted accounting principles.
Item 3. Legal Proceedings
As of December 31, 2000, neither the Company nor any of its Properties
was a party to or the subject of any material pending legal proceedings.
Item 4. Submission of Matters to a Vote of Security Holders
None.
PART II
Item 5. Market for Registrant's Common Equity and Related Stockholder Matters
As of March 15, 2001, there were 32,290 stockholders of record of
common stock. There is no public trading market for the Shares, and even though
the Company intends to list the Shares on the New York Stock Exchange or other
national securities exchange or over-the-counter market no later than December
31, 2005, there is no assurance that listing will occur and if listing occurs
there is no assurance that a public market for the Shares will develop. In
October 1998, the Board of Directors elected to implement the Company's
redemption plan. Under the redemption plan, the Company elected to redeem
Shares, subject to certain conditions and limitations. During 1999, the Company
terminated the redemption plan. As of December 31, 2000, the Company estimates
that the fair value per share is $16.78. (For Florida intangible tax purposes,
this is the equivalent of the Just Value per share.) The valuation was provided
by a third party appraisal firm. In valuing the Company, they performed an
analysis of comparable publicly traded real estate investment trusts and a
discounted cash flow analysis. Because the Company's shares are not publicly
traded, investors are cautioned that the estimated fair value of the shares may
not be realized upon sale of the shares.
The Company expects to make distributions to the stockholders pursuant
to the provisions of the Articles of Incorporation. For the years ended December
31, 2000 and 1999, the Company declared cash distributions of $66,329,582 and
$60,078,825, respectively, to stockholders. For federal income tax purposes, 40
percent and 97 percent of distributions paid in 2000 and 1999, respectively,
were considered to be ordinary income and 60 percent and three percent,
respectively, were considered to be a return of capital. No amounts distributed
to stockholders for the years ended December 31, 2000 and 1999, are required to
be or have been treated by the Company as a return of capital for purposes of
calculating the stockholders' return on their invested capital. The following
table presents total distributions and distributions per Share:
First Second Third Fourth Year
-------------- --------------- -------------- --------------- ---------------
2000 Quarter
Total distributions
declared $16,582,402 $16,582,402 $16,582,388 $16,582,390 $66,329,582
Distributions per
Share 0.38 0.38 0.38 0.38 1.52
1999 Quarter
Total distributions
declared $14,237,405 $14,238,745 $15,020,274 $16,582,401 $60,078,825
Distributions per
Share 0.38 0.38 0.38 0.38 1.52
In March 2001, the Company declared distributions to stockholders of
$16,582,389 ($0.38124 per Share) payable in March 2001.
The Company intends to continue to declare distributions of cash to the
stockholders.
Item 6. Selected Financial Data
2000 1999 1998 1997 1996
---------------- ----------------- --------------- --------------- --------------
Year ended December 31:
Revenues $ 123,487,870 $ 76,051,608 $ 42,187,037 $19,457,933 $ 6,206,684
Net earnings/(loss) 2,927,163 (49,837,334 ) 32,152,408 15,564,456 4,745,962
Cash distributions declared 66,329,582 60,078,825 39,449,149 16,854,297 5,436,072
Funds from operations (1) 32,687,947 45,454,946 37,191,065 17,732,888 5,355,464
Earnings/(loss) per share (2) 0.07 (1.26 ) 1.21 1.33 1.18
Cash distributions declared
per share (2) 1.52 1.52 1.52 1.49 1.41
Weighted average number of
shares outstanding (2) 43,495,919 39,402,941 26,648,219 11,711,934 4,035,835
At December 31:
Total assets $1,601,368,100 $1,138,192,793 $680,352,013 $339,077,762 $134,825,048
Total stockholders' equity (3) 607,737,698 672,214,104 660,810,286 321,638,101 122,867,427
(1) Funds from operations are net earnings determined in accordance with
Generally Accepted Accounting Principles ("GAAP") excluding
depreciation and amortization, gains and losses on sale of real estate
and nonrecurring items of income and expense of the Company. Funds from
operations are generally considered by industry analysts to be the most
appropriate measure of performance. FFO (i) does not represent cash
generated from operating activities determined in accordance with GAAP
(which, unlike FFO, generally reflects all cash effects of transactions
and other events that enter into the determination of net earnings),
(ii) is not necessarily indicative of cash flow available to fund cash
needs and (iii) should not be considered as an alternative to net
earnings determined in accordance with GAAP as an indication of the
Company's operating performance, or to cash flow from operating
activities determined in accordance with GAAP as a measure of either
liquidity or the Company's ability to make distributions. Accordingly,
the Company believes that in order to facilitate a clear understanding
of the consolidated historical operating results of the Company, FFO
should be considered in conjunction with the Company's net earnings and
cash flows as reported in the accompanying consolidated financial
statements and notes thereto. However, the Company's measure of FFO may
not be comparable to similarly titled measures of other REITS because
these REITS may not apply the definition of FFO in the same manner as
the Company.
(2) All Share and per Share amounts have been restated herein to reflect
the one-for-two reverse stock split.
(3) Includes subscriptions received of $0, $210,736, $385,523,966,
$222,482,560 and $100,792,991, net of stock issuance costs of
$1,493,436, $1,662,749, $38,415,512, $22,422,045 and $9,216,102 for the
years ended December 31, 2000, 1999, 1998, 1997 and 1996, respectively,
and net of $50,891 and $639,528 of common stock shares retired for the
years ended December 31, 1999 and 1998, respectively. Stock issuance
costs consist of selling commissions, marketing support and due
diligence expense reimbursement fees, soliciting dealer servicing fees
and organizational and offering expenses. The ratio of stock issuance
costs to subscriptions received was 0, 1:0.13, 1:10, 1:10 and 1:11
during 2000, 1999, 1998, 1997 and 1996, respectively.
Item 7. Management's Discussion and Analysis of Financial Condition and
Results of Operations
The following information, including, without limitation, the
Quantitative and Qualitative Disclosures About Market Risk, that are not
historical facts, may be forward-looking statements within the meaning of
Section 27A of the Securities Act of 1933 and Section 21E of the Securities
Exchange Act of 1934. These statements generally are characterized by the use of
terms such as "believe," "expect" and "may." Although the company believes that
the expectations reflected in such forward-looking statements are based upon
reasonable assumptions, the company's actual results could differ materially
from those set forth in the forward-looking statements. Factors that might cause
such a difference include: changes in general economic conditions, changes in
real estate conditions, availability of capital from borrowings under the
company's credit facilities, the availability of other debt and equity financing
alternatives, changes in interest rates under the company's current credit
facilities and under any additional variable rate debt arrangements that the
company may enter into the future, the ability of the company to refinance
amounts outstanding under its credit facilities at maturity on terms favorable
to the company, the ability of the company to locate suitable tenants for its
restaurant properties and borrowers for its mortgage loans, the ability of
tenants and borrowers to make payments under their respective leases, secured
equipment leases or mortgage loans, the ability of the company to re-lease
properties that are currently vacant or that become vacant and the ability of
the company to securitize mortgage loans on a favorable and timely basis. Given
these uncertainties, readers are cautioned not to place undue reliance on such
statements.
Organization and Nature of Business
CNL American Properties Fund, Inc. ("APF" or the "Company") is a
self-advised real estate investment trust ("REIT") that provides a full range of
financial solutions to operators of national and regional restaurant chains,
such as triple net leases, mortgage loans, secured equipment financing and
advisory services, as well as turn-key and build-to-suit development services.
At December 31, 2000 APF has financial interests in 1,206 properties diversified
among more than 144 operators in 47 states. The Company's real estate portfolio
subject to lease includes 762 properties. The mortgage loan portfolio, excluding
mortgages previously securitized, consists of 444 properties. At December 31,
2000, the Company's servicing portfolio of net lease properties and mortgages
includes over 2,500 units of which over 1,300 are serviced on behalf of third
parties.
The Company entered 2000 pursuing a strategy of merging with a number
of affiliated partnerships that would have increased the Company's asset base by
approximately $500 million, and simultaneously listing the Company's shares on
the New York Stock Exchange. As a result of unfavorable market conditions, the
Company and the general partners of the affiliated partnerships agreed to
terminate the merger in March 2000.
To improve its capital position, and to further diversify its business
platform, the Company examined various alternatives in an attempt to maximize
the stockholder value over the long-term. The Company responded by establishing
a totally new platform for serving the franchise restaurant marketplace. This
new strategy, made possible by the REIT Modernization Act, included looking at
the two component parts of the Company's core operations - a real estate
investment trust, and a specialty finance company allied with a major financial
institution as its strategic partner. In June 2000 the Company formed a
partnership, CNL Franchise Network, L.P. ("CFN" or the "Partnership") and
contributed certain assets and operations in exchange for an 84.39% interest.
Bank of America contributed its franchise finance originations group in exchange
for a 9.18% non-voting redeemable interest in the Partnership. Bank of America
is also the lender on a $500 million warehouse credit facility, a $43.75 million
subordinated debt facility (the "Subordinated Note Payable"), serves as
administrative agent on a $125 million revolving credit facility and provided a
$175 million bridge financing. Bank of America's interest in the Partnership on
a fully diluted basis after a conversion of the fully committed Subordinated
Note Payable is 29.12%. The strategic alliance with Bank of America broadens the
Company's financial products and offerings and enhances the Company's
securitization platform thereby reducing the Company's reliance on public
markets to raise capital.
The Company also issued limited partnership interests in CFN amounting
to 6.43% to CNL Financial Group, Inc., an affiliate of a director of the
Company, in exchange for the operations of CNL Advisory Services, Inc. ("CAS").
CAS specializes in providing merger, acquisition and other advisory services to
restaurant operators and expands the Company's services to the sector.
The Bank of America and CAS transactions were accounted for at the fair
value of the assets acquired. The excess of the purchase price over the fair
value of the net tangible assets acquired of approximately $17 million was
recorded as goodwill and is being amortized over twenty years.
As a result of these changes, the Company is now divided into two
operations, CNL Franchise Network Corp. and CNL Restaurant Properties, Inc.
("CNLRP"). These companies serve as intermediate holding companies for operating
subsidiaries, CNL APF Partners, LP. and CFN.
Effective January 1, 2001, the CFN holding subsidiary elected to be
treated as a taxable REIT subsidiary ("TRS") pursuant to the provisions of the
REIT Modernization Act. As a TRS, CFN will be able to engage in activities that
would previously have caused income to the Company from CFN to be disqualified
from being eligible REIT income under the federal income tax rules governing
REITS. CFN originates mortgages and leased properties for securitization and, in
some cases, sale to third parties. CFN also performs net lease and loan
servicing on behalf of others. While the Company intends to continue managing
its existing core portfolio of real estate leases and loans, management expects
that the activities of CFN will be an increasingly significant part of the
Company's business on a going-forward basis.
Liquidity
Beginning with the formation of CFN with Bank of America as our
partner, the Company repositioned its financing platform for net lease
originations from a portfolio approach to a capital markets approach, which
takes advantage of securitization markets. Historically, the Company has bought
properties and provided long-term triple-net lease financing to its clients. The
properties were held on its balance sheet until maturity. The Company developed
a financial product for franchise restaurant operators that permits the Company
to securitize the cash flows from triple net leases, while retaining the
on-going servicing. Also, in the case of net lease properties, the Company can
elect to either sell or retain the residual interest in the real estate,
potentially generating further liquidity. This decreases the Company's reliance
on the public markets for capital. The $750 million warehouse credit facilities
substantially enable the Company to finance restaurant operators with either a
securitizable net lease or debt product, or a product that can be sold through
the Company's private network, or other means.
The internal designation of the CNLRP and CFN activities, and the
alliance with Bank of America, has created the need for further discipline
within the two distinct activities to manage their respective liquidity
positions. Management believes this discipline will continue to provide
accountability for the financial performance of each segment and thereby
ultimately protect APF stockholder value.
During the year ended December 31, 2000, the Company originated $411
million of securitizable restaurant real estate financing, consisting of $175
million in net lease financing and $236 million in mortgage debt financing. The
Company also referred $83 million of mortgages, other than securitizable
mortgages, pursuant to its referral program with Bank of America. The Company's
volume of originations accelerated in the second half of the year subsequent to
the formation of CFN representing a 53% increase in securitizable originations
over the first half of the year. During the years ending December 31, 1999 and
1998, the Company originated $635 million and $567 million, respectively, in net
lease and mortgage debt financings. The Company's ability to originate a greater
number of financings in the previous years was the result of availability to the
Company of $670 million in net proceeds from three public offerings and
available debt. While slowed in the first half of 2000 by the decision not to
list the Company's shares, thereby precluding any opportunities to raise new
equity capital at that time, volume of originations resumed in the second half
through the alliance with Bank of America.
Due to the declining operating performance of several major concepts
within the franchise restaurant industry and the anticipated slowing economy,
management believes that overall financing volume in this sector will decline in
2001. However management does believe that the Company's volume levels may be
greater in 2001 primarily because several significant competitors have either
ceased or have substantially curtailed their services to restaurant operators.
In some cases those former competitors have outstanding commitments to provide
financing that may translate into increased volume at the Company. Management
also believes that there may be opportunities to increase its asset base through
selective acquisitions of assets of competitors experiencing liquidity
constraints. While not the primary focus in 2001, an acquisition of this nature
of assets that meet the Company's underwriting standards would impact liquidity.
The Company recycles its capital through periodic loan and net lease
securitizations, in addition to smaller portfolio whole loan sales. The recycled
capital is an important source of maintaining brand loyalty and strengthens our
position of providing financing solutions to the sector, thereby maintaining
valuable client relationships. While the difficulties of some of the Company's
competitors have created an opportunity to potentially increase volume, they
have also led to increased investor scrutiny of franchise-backed securities
issued in a securitization. This could impact the Company's ability to
profitably execute a timely securitization in 2001. Management believes the
current market conditions and sentiment are an overreaction and temporary, but
is exploring alternate strategies such as whole loan sales, structured note
offerings and increased loan referrals to portfolio providers. Also, the
Company's restructuring in 2000 has simplified its ability to offer select
properties for sale to private investors. These sales and the resulting profits
represent another alternative available to improve liquidity through our
presence as a fully integrated REIT and can counter the impact of a volatile
securitization market.
The Partnership experienced increased delinquencies in its portfolios
of mortgage loans and securitized mortgage loans during 2000. The Company has
not historically experienced losses resulting from its lending activities and
believes its underwriting standards are effective in assessing the credit
strength and management of a restaurant operator. However the Company is not
immune from the cyclical nature of the business of many of its clients and may
continue to be affected by poor performance of some restaurant chains should
their financial positions weaken.
Delinquencies create decreased liquidity because of the reduced cash
flows from the borrowers and because delinquent loans in the credit facilities
no longer qualify for the same level of warehouse indebtedness, requiring
greater levels of Company funds. Once a borrower has become ninety days
delinquent, the warehouse facilities require the loan to be repurchased by the
Company.
The Company is exposed to the risk that its operators may not be able
to meet the rent and interest payments due the Company, which may result in an
operator bankruptcy or insolvency. Although the Company's operating lease
agreements and loans provide the Company the right to terminate an investment,
evict an operator, demand immediate repayment, and other remedies, the
bankruptcy laws afford certain rights to a party that has filed for bankruptcy
or reorganization. An operator in bankruptcy may be able to restrict the
Company's ability to collect unpaid rent or interest, and collect interest
during the bankruptcy proceeding. Further, the Company may be required to fund
certain expenses in order to retain control of the property or to take
possession of a property, which may expose the Company to successor liabilities.
Should such events occur, the Company's revenue and operating cash flow may be
adversely affected.
The Company's customer base is characterized by a large number of
individual customers, each with divergent needs and most with multiple
relationships with the Company. Management identified the need to upgrade its
technology and information systems to be able to better integrate its varied
services. During 2000, the Company invested $4 million to upgrade its technology
platform. The implementation of these changes became effective in the fourth
quarter of 2000. In addition, the Company spent $1.2 million in research and
evaluation of an e-commerce presence for the purchase and sale of real estate
and related Company services. The Company expects that the updated systems and
technology will enable the Company to become increasingly efficient in serving
the restaurant operators. Management does not anticipate the need to incur
similar types or amounts of capital expenditures in 2001.
Capital Resources
At December 31, 2000, CFN maintained two mortgage warehouse facilities
with a total borrowing capacity of $750 million ("Mortgage Warehouse
Facilities"). Both of these Mortgage Warehouse Facilities enable the Company to
provide net lease and mortgage financing to restaurant operators. CFN had
approximately $464 million in financing outstanding on the two facilities at
December 31, 2000. One such facility with a $250 million capacity has notified
its clients, including the Company, that it no longer intends to provide this
service in the marketplace, and the facility will expire on April 30, 2001. The
Company has negotiated a replacement for this warehouse with a capacity of $200
million. The Company has elected to reduce the warehouse facility capacity in
light of its expectation that $700 million is an adequate aggregate level of
funding capacity.
The Mortgage Warehouse Facilities bear interest on a weighted-average
basis of approximately 89 basis points above LIBOR. As of December 31, 2000, the
weighted average interest rate for the two facilities approximated 7.67%. CFN
has entered into several interest rate swap agreements to hedge a portion of the
interest rate risk. CFN believes that its interest rate risk related to the
Mortgage Warehouse Facilities has been partially mitigated by the use of
interest rate swaps. The effective weighted average interest rate for the
outstanding balance related to the Mortgage Warehouse Facilities for the year
ended December 31, 2000 was 7.98%.
In August 1999, the Company created a $500 million loan sale facility
syndicated with two third parties. In October of 2000 the trust relating to this
facility liquidated and the Company received mortgage loans net of related debt
of approximately $31 million and recorded a loss (of approximately $3.1 million)
on liquidation of the residual interest.
In August 2000, the Company issued Triple Net Lease Mortgage Bonds,
Series 2000-A, resulting in the Company generating $280.9 million in proceeds.
The proceeds were used to pay down shorter-term debt and more appropriately
match maturities of long-term assets with long-term liabilities. The bonds are
collateralized by 257 of the Company's real estate properties. The bonds were
rated and classified resulting in a weighted average coupon rate of 7.93% and
have a weighted average life of 10.13 years. Under the terms of the bond
indenture, monthly lease payments received from tenants and available for
debt-service, are generally required to be applied to the senior bonds. The
indenture relating to the bonds provides for an optional redemption of the bonds
at their remaining principal balance when the remaining amounts due under the
leases that serve as collateral for the bonds are less than 10 percent of the
aggregate amounts due under the leases at the time of securitization.
At the time of the alliance with Bank of America, the Company
terminated a $300 million line of credit originally entered into in June 1999,
and entered into a new $125 million unsecured revolving credit facility and a
$175 million unsecured bridge financing. The $175 million bridge facility was
repaid from the proceeds of the net lease securitization leaving the Company
with the $125 million revolving credit facility (the "Credit Facility"). At
December 31, 2000, the outstanding balance on the Credit Facility was $80
million. In connection with obtaining the Credit Facility, the Company incurred
commitment fees, legal fees and closing costs of $2 million that have been
capitalized. Interest on advances under the Credit Facility is determined
according to (i) a tiered rate structure between 175 and 215 basis points above
LIBOR (based upon the Company's overall leverage ratio) or (ii) the lenders'
prime rate plus 0.25%, whichever the Company selects at the time of each
advance. The principal balance, together with all unpaid interest, is due in
full upon termination of the Credit Facility on June 15, 2002. The Credit
Facility includes financial covenants which provide for the maintenance of
certain financial ratios. The Company was in compliance with all such covenants
as of December 31, 2000.
In April 2000, the Company purchased a two year interest rate cap for a
$200,000,000 notional principal balance (the "Cap"). The purpose of the Cap was
to reduce the impact of rising interest rates on its floating rate debt. The
amount paid to the Company was equal to $200,000,000 multiplied by LIBOR for the
periods outlined above. In August 2000, the Company reduced the notional amount
of the interest rate cap to $100,000,000. The combination of the Cap and the
Company's obligation result in the Company paying interest at a variable rate
plus the spread above LIBOR on up to $100,000,000 of the outstanding Credit
Facility balance for periods when LIBOR is below 7.50%. When LIBOR reaches
7.50%, the Company pays the variable rate and receives the spread above LIBOR on
up to $100,000,000.
The Company believes, based on current terms, that the carrying value
of its Credit Facility at December 31, 2000 approximates fair value. For the
year ended December 31, 2000, the weighted average interest rate on amounts
outstanding under the Credit Facility was 8.8%.
In October 1999, the Company entered into a secured credit facility
(the "Secured Credit Facility") in the amount of $147 million that will expire
in October 2002. The proceeds of the Secured Credit Facility are to be used for
property acquisitions. During 2000, the Company used a portion of the proceeds
received from the issuance of the Triple Net Lease Mortgage Bonds to pay down
the Secured Credit Facility. Borrowings under the Secured Credit Facility bear
interest at the rate of commercial paper plus 56 basis points per annum. As of
December 31, 2000, the interest rate on the Secured Credit Facility was 6.84%,
outstanding borrowings under the Secured Credit Facility were approximately
$85.6 million and the Secured Credit Facility was collateralized by mortgages on
93 Properties and an assignment of rents. Under the terms of the Secured Credit
Facility, the Company is required to maintain certain financial ratios and other
financial covenants. The Company was in compliance with all such covenants as of
December 31, 2000. The Company believes, based on current terms, that the
carrying value of the Secured Credit Facility at December 31, 2000 and 1999
approximates fair value
The Company has initiated several interest rate swap agreements with
which it hedges the majority of the outstanding notional balance of $89.2
million at December 31, 2000 against fluctuations in interest rates. The Company
believes that its interest rate risk related to the Secured Credit Facility has
been mitigated by the use of interest rate swaps. The effective interest rate
for the outstanding balance relating to the Secured Credit Facility as of
December 31, 2000 was 6.97% per annum.
In June 2000, CFN entered into a $43.75 million senior subordinated
note payable ("Subordinated Note Payable") with Bank of America that provides
CFN additional working capital and the ability to receive advances to purchase
and develop properties and to fund mortgage loans. This note is subordinated to
the existing senior debt of the Company. The principal amount outstanding under
the Subordinated Note Payable bears interest at a rate of 8.5% per annum payable
quarterly. The principal balance, together with all unpaid interest, is due in
full upon maturity of the note in June 2007. The Company believes, based on
current terms, that the carrying value of its Subordinated Note Payable at
December 31, 2000 approximates fair value.
As previously stated, Bank of America holds a limited partnership
interest in CFN, which was issued as a result of Bank of America's contribution
of its franchise finance originations group. In addition, the Subordinated Note
Payable has a conversion feature that allows Bank of America, beyond a specific
date to have the note converted into additional limited partnership interests in
CFN. The fully diluted percentage interest applicable to Bank of America in the
event the entire commitment is converted is 29.12%.
Interest Rate Risk
As of December 31, 2000, the Company had $80.0 million, $85.6 million
and $463.8 million outstanding under its Credit Facility, Secured Credit
Facility and Mortgage Warehouse Facilities, respectively. The Company has
exposure to interest rate risk associated with the Credit Facility, Secured
Credit Facility and Mortgage Warehouse Facilities due to the variable interest
rates. The Company believes this risk has been partially mitigated with interest
rate swap agreements and an interest rate cap agreement to reduce the impact of
changes in interest rates on its floating rate debt.
The Company invests in certain financial instruments that are subject
to various forms of market risk such as interest rate fluctuations, credit risk
and prepayment risk. Management believes that its primary exposure is the risk
of loss that may result from the potential change in the value of its mortgage
loans held for sale and investments held for sale as a result of changes in
interest rates, credit risk, market sentiment and other external forces.
Generally, from the time the fixed-rate mortgage loans are originated
and held until the time they are sold through a securitization, the Company
hedges against fluctuations in interest rates through the use of derivative
financial instruments (primarily interest rate swap contracts). The Company
terminates certain of these contracts upon securitization of the related
fixed-rate mortgage loans and, at that time, both the gain or loss on the sale
of the loans and the gain or loss on the termination of the interest rate swap
contracts will be measured and recognized in the consolidated statement of
operations. Under interest rate swaps, the Company agrees with other parties to
exchange, at specified intervals, the difference between fixed-rate and
floating-rate interest amounts calculated by reference to an agreed upon
notional principal amount.
Management estimates that a one percent increase in long-term interest
rates as of December 31, 2000, would have resulted in a decrease in the fair
value of its fixed rate loans of $22 million. This decline in fair value would
have been offset by an increase in the fair value of certain interest rate swap
positions of $19.1 million. In addition, a one percent increase in short term
interest rates for the year ended December 31, 2000 would have resulted in
additional interest costs of approximately $2.0 million. This sensitivity
analysis contains certain simplifying assumptions (for example, it does not
consider the impact of changes in prepayment risk or credit spread risk).
Therefore, although it gives an indication of the Company's exposure to interest
rate changes at December 31, 2000, it is not intended to predict future results
and the Company's actual results will likely vary.
During the past three years, inflation has not significantly affected
the earnings of the Company because of the moderate inflation rate.
Additionally, earnings of the Company reflect primarily long-term investments
with fixed rents or interest rates. These investments are mainly financed with a
combination of equity, senior notes and borrowings under the revolving lines of
credit or warehouses. During inflationary periods, which generally are
accompanied by rising interest rates, the Company's ability to grow may be
adversely affected because the yield on new investments may increase at a slower
rate than new borrowing costs.
Capital Commitments
In the ordinary course of business, the Company has outstanding
commitments to qualified borrowers and tenants that are not reflected in the
accompanying condensed consolidated financial statements. These commitments,
including development agreements, if accepted by the potential borrowers,
obligate the Company to provide funding. The accepted and unfunded commitment
totaled approximately $169 million at December 31, 2000 of which approximately
$37 million is currently scheduled for closing. The primary source of funding
will be the Mortgage Warehouse Facilities augmented by the Subordinated Note
Payable, the Credit Facility and the Secured Credit Facility.
Cash and Cash Equivalents
At December 31, 2000 and 1999, the Company had $23.8 million and $46.0
million respectively, invested in short-term highly-liquid investments such as
demand deposits at commercial banks and money markets with less than a 30-day
maturity date.
Liquidity Requirements
The Company expects to meet its short-term liquidity requirements,
other than for acquisition and development of Properties and investment in
Mortgage Loans and Secured Equipment Leases, primarily through cash flow
provided by operating activities and the Company's Credit Facility, Secured
Credit Facility and Subordinated Note Payable. These short-term liquidity
requirements consist of normal recurring operating expenses, regular debt
service requirements and distributions to stockholders. The Company also intends
to meet short-term liquidity requirements for funding of property acquisitions
and loans prior to securitization using its Mortgage Warehouse Facilities. The
Company will use the proceeds from the subsequent securitizations or sales of
these Mortgage Loans and Properties to repay the Mortgage Warehouse Facilities.
Periodic securitizations may also provide short-term liquidity for the payment
of operating expenses and regular debt service requirements.
The Company expects to meet its longer term liquidity requirements
through a combination of periodic securitizations of mortgage loans and
triple-net leases, select sales of certain assets held for sale, and short and
long-term debt financing or equity financing. Periodic securitization is an
effective method for accessing capital and results in the Company being less
dependent on equity markets. In addition, the Company will continue to evaluate
an eventual listing of the Company's shares on the New York Stock Exchange,
which could permit the Company access to additional debt and equity capital. As
of March 15, 2001, the Company's long-term liquidity requirements include the
maturities of its Mortgage Warehouse Facilities in 2001, Credit Facility in
2002, Secured Credit Facility in 2002, Subordinated Note Payable in 2007 and
Bonds Payable through 2021.
The Company has a 100 percent interest in subsidiaries (including CNL
Funding 2000-A, LP and CNL Restaurant Bond Holdings, LP) or investments in
entities (including CNL Funding 99-1, LP and CNL Funding 98-1, LP) that were or
may be established as bankruptcy remote entities to facilitate asset
securitization. In connection therewith, assets have been or will be transferred
directly or indirectly by the Company or an affiliate to such subsidiaries or
entities. These bankruptcy remote entities are separate legal entities whose
assets are not available to satisfy the claims of creditors of the Company, any
subsidiary or any other affiliates.
During the year ended December 31, 2000, the Company used cash from
operations (which includes cash received from tenants and interest and other
income received, less cash paid for operating expenses and funds used for
investment in mortgage loans) of $156 million. During the year ended December
31, 1999, the Company generated cash from operations of $307.3 million. As a
result of the 1999 merger with CNL Financial Services, Inc. and CNL Financial
Corporation and subsidiaries, (collectively, "CNL Restaurant Financial Services
Group"), the Company became subject to certain Generally Accepted Accounting
Principles which require that the Company's investment in mortgage loans and the
proceeds from mortgage loan sales or securitization activities be classified as
operating activities for financial reporting purposes. If the Company's
investment in, and sale or securitization of mortgage loans were excluded from
operating activities in the years ended December 31, 2000 and 1999, the Company
would have reported $42.6 million and $52.8 million, respectively in cash
provided by operating activities. Cash provided by operating activities in the
year ended December 31, 1998 before the referenced merger was $39.1 million.
The Company declared and paid distributions to its stockholders of
$66.3 million, $60.1 million and $39.4 million during the years ended December
31, 2000, 1999 and 1998, respectively. No amounts distributed or to be
distributed to the stockholders as of March 15, 2001, are required to be or have
been treated by the Company as a return of capital for purposes of calculating
the stockholders' return on their invested capital. The Company intends to
continue to make distributions to its stockholders and reviews the propriety of
the distributions on a quarterly basis.
Results of Operations
The Company's net earnings in the year ended December 31, 2000 were
$2.9 million compared with a loss of $49.8 million in 1999 and net earnings of
$32.1 million in 1998. The loss in 1999 reflects the $76.3 million charge
associated with the acquisition of the external advisor on September 1, 1999 and
$6.8 million in other transaction costs associated with the steps taken to list
the Company's shares and merge with the CNL Income Funds. Earnings in 2000
reflect $10.3 million in additional transaction costs associated with the
initial attempt to list the Company's shares and merge with the CNL Income Funds
and the subsequent costs to restructure the Company's capital and the formation
of a strategic alliance with Bank of America. The Company has experienced a
significant growth in earning assets over the three year period, but earnings
have been negatively impacted by costs relating to its capital restructuring and
by a significant increase in delinquencies and vacancies attributed to certain
franchise restaurant operators.
Income
The Company recorded $85.8 million, $61.9 million and $33.1 million in
rental income from operating leases and earned income from direct financing
leases during the year ended December 31, 2000, 1999, and 1998, respectively.
The Company has continued to invest in new properties throughout the three-year
period. Rental income amounts from operating and direct financing leases are net
of reserves against rental revenues of approximately $4 million in 2000.
Reserves on rental revenue on occupied leases (as opposed to vacancies) were not
significant prior to 2000. The Company experienced some tenant defaults
throughout most of 2000 and has been working diligently to resolve the tenant
defaults. The increase in rental revenues is attributed to the increase in the
number of properties owned by the Company during 2000.
The Company recorded $21.6 million, $7.2 million and $3.1 million in
interest income from mortgage loans and equipment and other notes receivable
during the years ended December 31, 2000, 1999 and 1998, respectively. The
Company expanded its mortgage loan portfolio through the September 1, 1999
acquisition of the CNL Restaurant Financial Services Group, and shortly
thereafter securitized approximately $278 million in loans. The Company
originated $225 million in new loans during 2000, including $107 million in the
fourth quarter. In October 2000, the trust relating to the $500 million loan
sale facility in which the Company had a residual interest liquidated, resulting
in the transfer of approximately $170 million in loans on the balance sheet. The
Company did not securitize loans during 2000. Interest income will continue to
vary from year to year to reflect the timing of the originations and
securitizations. The interest rate charged on new loan originations changes from
time to time in response to changes in market interest rates. Market rate
changes also may impact the market values of the loans held for sale under
existing accounting standards the market value of existing loans may decrease
when interest rates rise, or the value may subsequently recover from a previous
decrease when rates go back down.
During the year ended December 31, 2000, 1999, and 1998, the Company
earned $7.9 million, $0.3 million and $0.1 million, respectively in other
income. The significant increase in the current year is attributable to the full
year effect of having acquired the servicing operations of the CNL Restaurant
Financial Services Group in September 1999 and to the consulting revenues
associated with the CAS operations acquired in June 2000.
Expenses
General and administrative expenses when combined with management fees
paid to related parties prior to September 1999, were approximately $25.0
million, $8.8 million and $4.6 million for the years ending December 31, 2000,
1999, and 1998 respectively. In September 1999, the Company acquired the Advisor
and became internally advised. While the Company no longer incurs external
expenses for asset management services, those expenses now impact the Company
through direct payments of salaries, benefits and other expenses. Certain of
these expenses that were previously capitalized when incurred through the
external Advisor are now expensed as period costs pursuant to accounting
standards, and the full year effect of the acquisition is seen in the year ended
December 31, 2000.
General and administrative expenses also include some costs associated
with the non-recurring external costs designated below as transaction costs
relating to the substantial restructuring of operations undertaken during the
year. The current year securitization of net leases required a significant
commitment of internal resources with a corresponding use of external resources.
As a result, the Company incurred significant expenditures relating to the
alliance with Bank of America that management expects will lead to improvements
in internal processes that will be streamlined over time and result in improved
management of the client relationships. The Company's financial systems had to
be retooled to integrate information relating to the various services now
offered to clients. The Company incurred $1.2 million in the year ended December
31, 2000 relating to research and planning regarding the use of web-based
technology in its business. General and administrative expenses also include
$0.9 million in expenses associated with CAS subsequent to its acquisition in
June 2000.
An area of uncertainty relates to the unknown future costs the Company
may incur as it seeks resolution to tenant and borrower delinquencies.
Management otherwise expects to realize savings from the retooled systems and
processes in 2001 and is optimistic that this category of expense will begin to
decrease relative to the revenues experienced by the Company.
Interest expense was $47.6 million and $10.2 million for the years
ended December 31, 2000 and 1999 respectively. There was no interest expense in
1998. The Company has continued to expand its operations in 2000 through
increased property acquisitions and the origination of mortgage loans that were
substantially funded through the Mortgage Warehouse Facilities. The increase in
interest directly corresponds to a revenue growth of $38.6 million between 1999
and 2000, and $33.3 million between 1998 and 1999 as the Company leveraged
additional volume. Maintaining sufficient volume is key to the Company's ability
to maintain its competitive position in this business and to execute regular
securitizations. The Company has also incurred debt to finance certain costs
associated with the Company's strategic initiatives. These include expenses
associated with the transition to an internally advised REIT, the proposed
merger with the CNL Income Funds and with listing the Company 's shares, both of
which were subsequently withdrawn, and costs associated with the new strategic
direction currently underway with Bank of America as a partner.
Expense categories such as property expenses and depreciation and
amortization expenses have reflected and will continue to reflect the level of
assets invested in leased properties that have been increasing accordingly
throughout the three year period.
Goodwill associated with the September 1, 1999 acquisition of the debt
operations and with the June 19, 2000 contributions of the Bank of America
franchise finance originations group, and the CNL Financial Group, Inc. advisory
services group have resulted in increased amortization of goodwill compared to
the prior periods, pursuant to current Generally Accepted Accounting Principles.
Transaction costs were $10.3 million, $6.8 million, and $0.2 million
for the years ended December 31, 2000, 1999, and 1998 respectively. Transaction
costs reflect the 1999 and 2000 costs associated with the proposed merger with
the CNL Income Funds that was subsequently withdrawn, and the listing of the
Company's shares that was subsequently withdrawn. Costs in 2000 also include
items associated with the integration of debt, net lease and other financial
services with Bank of America as a partner. This includes the write-off of
unamortized loan issuance costs relative to the repayment and termination of the
former line of credit upon the creation of the new Credit Facility.
Loss on investment in securities of $5.3 million during the year ended
December 31, 2000 resulted from the $3.1 million loss upon the liquidation of
the trust relating to the loan sale facility and from the $2.2 million permanent
impairment of a residual interest investment.
As described above, the year ended December 31, 1999 included a
non-cash expense of approximately $76.4 million associated with the acquisition
of CNL Fund Advisors, Inc., the Company's external advisor from a related party.
The Company recorded a provision for loss on mortgage loans held for
sale of $6.9 million for the year ended December 31, 2000 to reflect primarily
the potential decline in value associated with the financial status and
delinquencies of certain borrowers. Interest rate movements during 2000 created
a $0.5 million improvement in the value of loans held for sale, offsetting a
portion of the delinquency related losses.
Losses on sale of assets were $0.7 million and $1.9 million for the
years ending December 31, 2000 and 1999, respectively and none for the year
ended December 31, 1998. The Company recognized a loss in 1999 primarily due to
the fourth quarter securitization of loans.
During the years ended December 31, 2000, 1999 and 1998 the Company
recorded provisions for losses on assets of $2.6 million, $7.8 million and $0.6
million, respectively, for financial reporting purposes to adjust the carrying
value of certain Properties to the estimated fair market value of these
Properties.
APF separated the performance of its real estate investment trust
activities from the activities of the specialty finance activities of CFN for
financial reporting purposes upon the alliance with Bank of America. The
activities of CFN reflect an operating loss during the period beginning with the
June 2000 alliance and ending December 31, 2000 of $17.7 million. The loss is
primarily associated with the loss on investment in securities and provision for
loss on mortgage notes held for sale as described above. In addition CFN
incurred one-time costs associated with the development of an internet strategy,
and to reflect the organizational restructuring necessary to achieve the
specialty finance focus.
Item 7a. Quantitative and Qualitative Disclosures About Market Risk
This information is described above in Item 7. Management's
Discussion and Analysis of Financial Condition and Results of Operations.
Report of Independent Certified Public Accountants
To the Board of Directors and Stockholders of
CNL American Properties Fund, Inc.
In our opinion, the consolidated financial statements listed in the index
appearing under item 14(a)1 on page 56 present fairly, in all material respects,
the financial position of CNL American Properties Fund, Inc. (a Maryland
corporation) and its subsidiaries at December 31, 2000 and 1999, and the results
of their operations and their cash flows for each of the three years in the
period ended December 31, 2000 in conformity with accounting principles
generally accepted in the United States of America. In addition, in our opinion,
the financial statement schedules listed in the index appearing under item
14(a)2 on page 57 present fairly, in all material respects, the information set
forth therein when read in conjunction with the related consolidated financial
statements. These financial statements and financial statement schedules are the
responsibility of the Company's management; our responsibility is to express an
opinion on these financial statements and financial statement schedules based on
our audits. We conducted our audits of these statements in accordance with
auditing standards generally accepted in the United States of America, which
require that we plan and perform the audit to obtain reasonable assurance about
whether the financial statements are free of material misstatement. An audit
includes examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statements, assessing the accounting principles
used and significant estimates made by management, and evaluating the overall
financial statement presentation. We believe that our audits provide a
reasonable basis for our opinion.
/s/ PricewaterhouseCoopers LLP
Orlando, Florida
March 15, 2001
CNL AMERICAN PROPERTIES FUND, INC.
AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
December 31,
2000 1999
--------------- ---------------
ASSETS
Land, buildings and equipment on operating leases, less
accumulated depreciation and allowance for loss $ 785,604,072 $ 681,210,344
Net investment in direct financing leases, less allowance for 169,221,416 145,743,195
loss
Mortgage loans held for sale 394,321,400 63,466,474
Mortgage notes receivable 25,582,072 --
Equipment and other notes receivable 47,189,252 42,748,420
Other investments 33,519,302 75,806,738
Cash and cash equivalents 23,772,166 46,011,592
Restricted cash 1,875,838 --
Receivables, less allowance for doubtful accounts
of $7,257,207 and $2,660,069, respectively 3,370,083 3,329,557
Accrued rental income 16,027,991 8,116,794
Due from related parties 1,864,583 1,315,721
Intangibles and other assets 99,019,925 70,443,958
---------------- -----------------
$ 1,601,368,100 $ 1,138,192,793
================ =================
LIABILITIES AND STOCKHOLDERS' EQUITY
Credit Facility $ 80,000,000 $ 248,000,000
Note payable 85,616,992 140,504,000
Mortgage warehouse facilities 463,764,785 30,749,540
Subordinated note payable 34,000,000 --
Bonds payable 278,483,531 --
Accrued construction costs payable 3,129,346 17,566,758
Accounts payable and accrued expenses 6,435,003 8,833,695
Due to related parties 8,434,377 10,626,929
Other payables 15,293,212 8,700,414
---------------- -----------------
Total liabilities 975,157,246 464,981,336
---------------- -----------------
Minority interests, including redeemable partnership interest 18,473,156 997,353
---------------- -----------------
Commitments and Contingencies (Note 18)
Stockholders' equity:
Preferred stock, without par value. Authorized
and unissued 3,000,000 shares -- --
Excess shares, $0.01 par value per share.
Authorized and unissued 78,000,000 shares -- --
Common stock, $0.01 par value per share. Authorized
62,500,000 shares, issued 43,533,221
shares, outstanding 43,495,919 shares 434,958 434,958
Capital in excess of par value 789,925,519 791,418,955
Accumulated other comprehensive income/(loss) 242,330 (177,119 )
Accumulated distributions in excess of net earnings (182,865,109 ) (119,462,690 )
---------------- -----------------
Total stockholders' equity 607,737,698 672,214,104
---------------- -----------------
$ 1,601,368,100 $ 1,138,192,793
================ =================
See accompanying notes to consolidated financial statements
CNL AMERICAN PROPERTIES FUND, INC.
AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
Year Ended December 31,
2000 1999 1998
-------------- -------------- -------------
Revenues:
Rental income from operating leases $ 69,716,782 $ 49,755,374 $ 26,688,864
Earned income from direct financing leases 16,064,173 12,152,438 6,440,797
Interest income from mortgage, equipment and other
notes receivables 21,589,196 7,202,785 3,085,518
Investment and interest income 8,205,250 6,683,372 5,899,028
Fee and other income 7,912,469 257,639 72,830
--------------- --------------- --------------
123,487,870 76,051,608 42,187,037
--------------- --------------- --------------
Expenses:
General operating and administrative 24,946,258 6,476,602 2,727,586
Interest expense 47,612,460 10,205,197 --
Property expenses 4,401,588 2,353,259 70,895
Asset management fees to related parties -- 2,343,307 1,851,004
State and other taxes 1,193,109 905,700 548,320
Depreciation and amortization 17,713,928 10,346,143 4,054,098
Transaction costs 10,315,116 6,798,803 157,054
Loss on investment in securities 5,347,659 -- --
Provision for loss on mortgage loans held for sale 6,854,932 551,011 --
Advisor acquisition expense -- 76,333,516 --
--------------- -------------- ---------------
118,385,050 116,313,538 9,408,957
--------------- --------------- --------------
Earnings/(Losses) Before Minority Interest in (Income)/
Loss of Consolidated Joint Ventures, Equity in
Earnings of Unconsolidated Joint Venture, Loss on
Sales of Assets and Provision for Losses on Assets 5,102,820 (40,261,930 ) 32,778,080
Minority Interest in (Income)/Loss of
Consolidated Joint Ventures 1,023,730 (41,678 ) (30,156 )
Equity in Earnings of Unconsolidated Joint Venture 97,559 97,307 16,018
Loss on Sales of Assets (721,230 ) (1,851,838 ) --
Provision for Losses on Assets (2,575,716 ) (7,779,195 ) (611,534 )
- --------------------------------------------------------- --------------- --------------- --------------
Net Earnings/(Loss) $ 2,927,163 $ (49,837,334 ) $ 32,152,408
- --------------------------------------------------------- =============== =============== ==============
Earnings/(Loss) Per Share of Common
Stock (Basic and Diluted) $ 0.07 $ (1.26 ) $ 1.21
- --------------------------------------------------------- =============== =============== ==============
Weighted Average Number of Shares
of Common Stock Outstanding 43,495,919 39,402,941 26,648,219
- --------------------------------------------------------- =============== =============== ==============
See accompanying notes to consolidated financial statements.
CNL AMERICAN PROPERTIES FUND, INC.
AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY AND COMPREHENSIVE INCOME/(LOSS)
Years Ended December 31, 2000, 1999 and 1998
Accumulated
distributions
Common stock Capital in in excess
-----------------------
Number Par excess of of net
of Shares value par value earnings
----------- ---------- -------------- -------------
Balance at December 31, 1997 18,096,486 $ 180,965 $ 323,706,926 $(2,249,790)
Subscriptions received for
common stock through public
offerings and
distribution reinvestment plan 19,276,198 192,762 385,331,204 --
Retirement of common stock (34,757 ) (348 ) (639,180 ) --
Stock issuance costs -- -- (38,415,512 ) --
Net earnings -- -- -- 32,152,408
Distributions declared and
paid ($1.52 per share) -- -- -- (39,449,149 )
----------- ---------- -------------- -------------
Balance at December 31, 1998 37,337,927 373,379 669,983,438 (9,546,531 )
Subscriptions received for
common 10,537 105 210,631 --
stock through public
offering
Stock issuance costs -- -- (1,662,749 ) --
Common stock issued
through merger 6,150,000 61,500 122,938,500 --
Net loss -- -- -- (49,837,334 )
Other comprehensive loss,
market revaluation on
available for sale securities -- -- -- --
Total comprehensive loss -- -- -- --
Retirement of common stock (2,545 ) (26 ) (50,865 ) --
Distributions declared and
paid ($1.52 per share) -- -- -- (60,078,825 )
----------- ---------- -------------- -------------
Balance at December 31, 1999 43,495,919 434,958 791,418,955 (119,462,690 )
Stock issuance costs -- -- (1,493,436 ) --
Net earnings -- -- -- 2,927,163
Other comprehensive income,
market revaluation on
available for sale securities -- -- -- --
Total comprehensive income -- -- -- --
Distributions declared and
paid ($1.52 per share) -- -- -- (66,329,582 )
----------- ---------- -------------- -------------
Balance at December 31, 2000 43,495,919 $ 434,958 $ 789,925,519 $(182,865,109)
=========== ========== ============== =============
Accumulated
other
compre-
hensive Comprehensive
income/(loss) Total income/(loss)
- ------------- ------------- ----------------
$ -- $321,638,101 $ --
-- 385,523,966 --
-- (639,528 ) --
-- (38,415,512 ) --
-- 32,152,408 --
-- (39,449,149 ) --
- ------------- ------------- ----------------
-- 660,810,286 --
-- 210,736 --
-- (1,662,749 ) --
-- 123,000,000 --
-- (49,837,334 ) (49,837,334 )
(177,119 ) (177,119 ) (177,119 )
----------------
-- -- $ (50,014,453 )
================
-- (50,891 ) --
-- (60,078,825 ) --
- ------------- -------------
(177,119) 672,214,104 --
-- (1,493,436 ) --
-- 2,927,163 2,927,163
419,449 419,449 419,449
----------------
-- -- $ 3,346,612
================
-- (66,329,582 )
- ------------- -------------
$ 242,330 $607,737,698
============= =============
See accompanying notes to consolidated financial statements
CNL AMERICAN PROPERTIES FUND, INC.
AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
Year Ended December 31,
2000 1999 1998
--------------- ------------- --------------
Cash Flows from Operating Activities:
Net earnings/(loss) $ 2,927,163 $ (49,837,334 ) $32,152,408
--------------- --------------- --------------
Adjustments to reconcile net earnings to net cash provided by operating
activities:
Depreciation 12,663,118 8,670,140 4,042,290
Amortization 5,050,810 1,676,003 11,808
Advisor acquisition expense -- 76,333,516 --
Provision for losses on assets 2,575,716 7,779,195 611,534
Provision for uncollectible mortgage notes -- 988,561 636,614
Provision for uncollectible equipment notes 2,026,645 1,000,000 --
receivable
Loss on sales of assets 721,230 1,851,837 --
Loss on investment in securities 5,347,659 -- --
Provision for loss on mortgage loans held for sale 6,854,932 551,011 --
Equity in earnings of joint venture, net of 7,371 28,503 (15,440 )
distributions
Proceeds from sale of loans -- 294,227,564 --
Proceeds from securitization transaction -- 257,812,474 --
Purchase of other investments -- (31,247,213 ) --
Investment in mortgage loans held for sale (205,584,177 ) (266,302,331 ) --
Collection on mortgage loans held for sale 6,981,377 2,072,604 --
(Increase) decrease in receivables (2,187,175 ) (5,296,996 ) 262,958
Decrease in net investment in direct financing leases 3,857,346 3,529,960 1,971,634
Increase in accrued rental income (8,131,392 ) (4,156,881 ) (2,187,652 )
Decrease (increase) in intangibles and other assets 8,211,245 (859,829 ) (29,477 )
(Decrease) increase in accounts payable and accrued (2,640,209 ) 5,805,586 404,161
expenses
Increase (decrease) in due to related parties,
excluding
reimbursement of acquisition and stockstock issuance (2,362,485 ) 958,461 31,255
issuance costs paid on behalf of the Company
(Decrease) increase in rents paid in advance (650,753 ) 203,974 436,843
Increase in deferred rental income 1,031,201 2,865,041 693,372
Increase (decrease) in other payables 8,362,459 (1,434,310 ) 63,811
(Decrease) increase in minority interest (1,023,730 ) 41,678 30,156
--------------- --------------- --------------
Total adjustments (158,888,812 ) 357,098,548 6,963,867
--------------- --------------- --------------
Net Cash (Used in) Provided by Operating Activities (155,961,649 ) 307,261,214 39,116,275
--------------- --------------- --------------
Cash Flows from Investing Activities:
Additions to land and buildings on operating leases (160,901,355 ) (286,411,210 ) (200,101,667 )
Investment in direct financing leases (15,368,629 ) (63,663,720 ) (47,115,435 )
Proceeds from sale of assets 14,681,727 7,555,199 2,385,941
Proceeds from sale of consolidated partnership interest 1,187,238 -- --
Proceeds from sale of securities 7,720,997 -- --
Investment in mortgage notes receivable (653,922 ) (4,041,427 ) (2,886,648 )
Collection on mortgage notes receivable 965,612 393,468 291,990
Investment in equipment notes receivable (10,476,685 ) (26,963,918 ) (7,837,750 )
Collection on equipment notes receivable 7,368,619 3,500,599 1,263,633
Investment in joint venture -- (187,452 ) (974,696 )
Purchase of other investments (2,831,779 ) -- (16,083,055 )
Redemption of certificates of deposit -- 2,000,000 --
Increase in restricted cash (1,875,838 ) -- --
Increase in intangibles and other assets (377,755 ) (1,862,036 ) (6,281,069 )
--------------- --------------- --------------
Net cash used in investing activities (160,561,770 ) (369,680,497 ) (277,338,756 )
--------------- --------------- --------------
See accompanying notes to consolidated financial statements.
CNL AMERICAN PROPERTIES FUND, INC.
AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS - CONTINUED
Year Ended December 31,
2000 1999 1998
-------------- -------------- --------------
Cash Flows from Financing Activities:
Reimbursement of costs paid by related parties on
behalf of the Company $ -- $ (1,492,310 ) $ (4,574,925 )
Proceeds from borrowings on credit facility, note payable
and subordinated note payable 397,538,000 439,941,245 7,692,040
Payment on credit facility and note payable (586,425,008 ) (61,580,289 ) (8,039 )
Proceeds from borrowings on mortgage warehouse facilities 301,227,438 27,101,067 --
Payments on mortgage warehouse facilities (7,718,739 ) (352,808,966 ) --
Contribution from minority interest of
consolidated joint venture 39,922 740,621 --
Subscriptions received from stockholders -- 210,736 385,523,966
Retirement of shares of common stock -- (50,891 ) (639,528 )
Distributions to minority interest (146,601 ) (66,763 ) (34,073 )
Distributions to stockholders (66,329,582 ) (60,078,825 ) (39,449,149 )
Payment of stock issuance costs (1,493,436 ) (737,190 ) (34,579,650 )
Issuance of bonds 280,906,000 -- --
Payment on bonds (2,422,469 ) -- --
Payment of loan costs and bond issuance costs (20,891,532 ) (5,947,397 ) --
Other -- -- (95,101 )
--------------- -------------- --------------
Net cash provided by (used in) financing activities 294,283,993 (14,768,962 ) 313,835,541
--------------- -------------- --------------
Net (Decrease) increase in Cash and Cash Equivalents (22,239,426 ) (77,188,245 ) 75,613,060
Cash and Cash Equivalents at Beginning of Year 46,011,592 123,199,837 47,586,777
--------------- -------------- --------------
Cash and Cash Equivalents at End of Year $ 23,772,166 $ 46,011,592 $ 123,199,837
=============== ============== ==============
Supplemental Schedule of Non-Cash Investing
and Financing Activities:
Related parties paid certain acquisition and stock issuance costs on
behalf of the Company as follows:
Acquisition costs $ -- $ 579,206 $ 1,113,580
Stock issuance costs 124,031 4,228,480
--
--------------- -------------- --------------
$ -- $ 703,237 $ 5,342,060
=============== ============== ==============
Capital lease obligation incurred for the lease
of the Company's office space and furniture $ -- $ 10,056,645 $ --
=============== ============== ==============
Interest paid $ 39,022,757 $ 10,937,309 $ 338,569
=============== ============== ==============
Interest capitalized $ 2,252,720 $ 3,889,327 $ 402,292
=============== ============== ==============
See accompanying notes to consolidated financial statements
Detail of Acquisitions:
During the year ended December 31, 1999, the Company issued 3,800,000 shares of
common stock ($76,000,000) to acquire the net assets of CNL Fund Advisors, Inc.
and its subsidiary. During the year ended December 31, 1999, the Company also
issued 2,350,000 shares of common stock ($47,000,000) to acquire the net assets
of CNL Financial Services, Inc. and CNL Financial Corporation and its
subsidiaries.
CNL AMERICAN PROPERTIES FUND, INC.
AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS - CONTINUED
During the year ended December 31, 2000, the Company formed a partnership by the
name of CNL Franchise Network, L.P. ("CFN") CFN issued partnership interests to
Bank of America and CNL Financial Group, Inc. in exchange for the following:
Bank of America contributed the operations of its franchise finance
business consisting of the following:
Goodwill $ 14,270,000
===============
CNLFinancial Group, Inc. contributed its merger, acquisition and advisory
services group consisting of the following:
Cash $ 39,922
Receivables 25,197
Due from related parties 408,443
Other assets 362,934
Goodwill 2,725,715
---------------
Total Assets $ 3,562,211
---------------
Accounts payable and accrued expenses $ 122,786
Due to related parties 39,992
Other payables 199,433
---------------
Total liabilities $ 362,211
---------------
Net equity $ 3,200,000
===============
Liquidation of Residual Interest:
In October 2000, a trust in which the Company held a residual interest
liquidated and distributed the following assets and liabilities in exchange for
the investment:
Mortgage loans held for sale $ 170,317,335
Mortgage warehouse facilities (139,506,546 )
See accompanying notes to consolidated financial statements
CNL AMERICAN PROPERTIES FUND, INC.
AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
Years Ended December 31, 2000, 1999 and 1998
1. Significant Accounting Policies:
-------------------------------
Organization - CNL American Properties Fund, Inc. was organized in
Maryland on May 2, 1994 and is a self-administered real estate
investment trust ("REIT"). The term "Company" includes, unless the
context otherwise requires, CNL American Properties Fund, Inc. and its
direct and indirect subsidiaries. These subsidiaries include CNL APF
Partners, LP, a Delaware limited partnership formed in May 1998, and
CNL APF GP Corp. and CNL APF LP Corp., the general and limited partner,
respectively, of CNL APF Partners, LP. As a result of the merger on
September 1, 1999 (see Note 14), the Company's subsidiaries also
include CNL Fund Advisors, Inc., CNL Financial GP Holding Corp., CNL
Financial LP Holding, LP, CNL Financial Services GP Corp. and CNL
Financial Services LP. The Company offers financial, development,
advisory and other real estate services to operators of selected
national and regional fast food, family-style and casual dining
restaurant chains.
On June 1, 2000, the Company formed a partnership by the name of CNL
Franchise Network, L.P. ("CFN") and transferred certain assets and
operations to it in exchange for a combined general and limited
partnership interest of 84.39%. Limited partnership interests amounting
to 9.18% were issued to Bank of America in exchange for Bank of
America's franchise finance business unit based in Atlanta, Georgia. In
addition, limited partnership interests amounting to 6.43% were issued
to CNL Financial Group, Inc., an affiliate of a director of the
Company, in exchange for the operations of a company that specialized
in merger, acquisition and other advisory services to restaurant
operators. CFN accounted for the issuance of the Bank of America and
CNL Financial Group, Inc. partnership interests at the fair value of
the assets acquired. The excess of the purchase price over the fair
value of the net tangible assets acquired of approximately $17 million
was recorded as goodwill and is being amortized over a period of 20
years.
In addition to forming the partnership, CFN also entered into a
Strategic Alliance Agreement as well as additional mortgage warehouse
and other credit facilities with Bank of America and its affiliates.
Among other provisions, the Strategic Alliance Agreement provides the
Company with the ability to offer Bank of America's additional
financial related products and services to the restaurant operators it
serves as well as access to the portfolio lending capabilities provided
by Bank of America.
Principles of Consolidation - The Company accounts for its 84.39%,
85.47%, 74.57% and 80% interests in CFN, CNL/Corral South Joint
Venture, CNL/Chevys Annapolis Joint Venture, and CNL/MSC Joint
Ventures, respectively, using the consolidation method. Minority
interests represent the minority joint venture partners' proportionate
CNL AMERICAN PROPERTIES FUND, INC.
AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED
Years Ended December 31, 2000, 1999 and 1998
1. Significant Accounting Policies - Continued:
-------------------------------------------
share of the equity in the Company's consolidated joint ventures. All
significant intercompany balances and transactions have been
eliminated. Minority interest at December 31, 2000 includes $14,270,000
relating to Bank of America's interest in CFN. This interest is
redeemable at their option under certain conditions after a specified
date for a cash payment of this amount.
The Company accounts for its 59.22% interest in CNL/Lee Vista Joint
Venture using the equity method because it shares control with the
other joint venture partner. The difference between the Company's
carrying amount of its investment in joint venture and the underlying
equity in net assets of the joint venture is $75,954, less accumulated
amortization at December 31, 2000 and 1999 of $4,798 and $2,899,
respectively. This amount is being amortized on a straight-line basis
over 30 years, the term of the joint venture agreement.
Real Estate and Lease Accounting - The Company records the acquisition
of land, buildings and equipment at cost, including acquisition and
closing costs. In addition, interest costs incurred during construction
are capitalized. Land and buildings are leased to unrelated third
parties generally on a triple-net basis, which means that the tenant is
responsible for all operating expenses relating to the property,
including property taxes, insurance, maintenance and repairs. In
addition, the Company offers equipment financing through leases or
loans. The property leases and secured equipment leases are accounted
for using either the direct financing or the operating method. Such
methods are described below:
Direct financing method - The leases accounted for using the
direct financing method are recorded at their net investment
(which at the inception of the lease generally represents the
cost of the asset) (see Note 3). Unearned income is deferred
and amortized to income over the lease terms so as to produce
a constant periodic rate of return on the Company's net
investment in the leases.
Operating method - Land, building and secured equipment leases
accounted for using the operating method are recorded at cost,
revenue is recognized as rentals are earned and depreciation
is charged to operations as incurred. Buildings and equipment
are depreciated on the straight-line method over their
estimated useful lives of 30 and seven years, respectively.
When scheduled rentals (including rental payments, if any,
required during the construction of a property) vary during
the lease term, income is recognized on a straight-line basis
so as to
CNL AMERICAN PROPERTIES FUND, INC.
AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED
Years Ended December 31, 2000, 1999 and 1998
1. Significant Accounting Policies - Continued:
-------------------------------------------
produce a constant periodic rent over the lease term
commencing on the date the property is placed in service.
Accrued rental income represents the aggregate amount of
income recognized on a straight-line basis in excess of
scheduled rental payments to date. In contrast, deferred
rental income represents the aggregate amount of rental
payments to date (including rental payments due during
construction and prior to the property being placed in
service) in excess of income recognized on a straight-line
basis over the lease term commencing on the date the property
is placed in service.
When the properties or equipment are sold, the related cost and
accumulated depreciation for operating leases and the net investment
for direct financing leases, plus any accrued rental income or deferred
rental income, will be removed from the accounts and any gains or
losses from sales will be reflected in operations. Management reviews
its properties for impairment whenever events or changes in
circumstances indicate that the carrying amount of the assets may not
be recoverable through operations. Management determines whether an
impairment in value has occurred by comparing the estimated future
undiscounted cash flows, including the residual value of the property,
with the carrying cost of the individual property. If an impairment is
indicated, the assets are adjusted to their fair value.
Mortgage Loans Held for Sale - Mortgage loans held for sale are stated
at lower of cost or fair market value, determined in the aggregate for
each portfolio. The fair value of the mortgage notes held for sale is
estimated based on one of the following methods: (i) quoted market
prices or, in the absence of quoted prices (ii) present value of the
expected cash flows.
Mortgage Loan Origination Fees and Costs - The Company accounts for
loan origination fees and costs incurred in connection with mortgage
loans held for sale, mortgage loans, equipment and other notes
receivable in accordance with Statement of Financial Accounting
Standards No. 91, "Accounting for Nonrefundable Fees and Costs
Associated with Originating or Acquiring Loans and Initial Direct Costs
of Leases." This statement requires the deferral of loan origination
fees and the capitalization of direct loan costs. The fees deferred,
net of the costs capitalized, are amortized to income over the life of
the loans. Loan origination fees and costs related to mortgage loans
held for sale, net of amounts previously amortized, are recognized as
income when the related loan is sold.
CNL AMERICAN PROPERTIES FUND, INC.
AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED
Years Ended December 31, 2000, 1999 and 1998
1. Significant Accounting Policies - Continued:
-------------------------------------------
Allowance for Uncollected Amounts - Whenever it appears that future
collection of principal on specific mortgage or equipment or other
notes appears doubtful, a valuation allowance is established. The
allowance represents the difference between the stated amount at
December 31 and the net realizable value management expects to receive
relating to the note.
Other Investments - The Company determines the appropriate
classification of other investments at the time of purchase and
re-evaluates such designation at each balance sheet date. Investments
classified as held to maturity are carried at their amortized cost.
Investments classified as available for sale securities are stated at
fair market value. The market value adjustment is included in the
accumulated other comprehensive income. Investments classified as
trading securities are recorded at market and changes are reflected in
operations.
Cash and Cash Equivalents - The Company considers all highly liquid
investments with a maturity of three months or less when purchased to
be cash equivalents. Cash and cash equivalents consist of demand
deposits at commercial banks, money market funds and certificates of
deposit. Cash equivalents are stated at cost plus accrued interest,
which approximates market value.
Cash accounts maintained on behalf of the Company in demand deposits at
commercial banks, money market funds and certificates of deposit may
exceed federally insured levels; however, the Company has not
experienced any losses in such accounts.
Restricted Cash - Restricted cash relates to cash received in
connection with certain securitized assets and Triple Net Lease
Mortgage Bonds which is subject to certain restrictions until released
by the trustee by the end of the following month.
Derivative Financial Instruments - The Company uses derivative
financial instruments to manage interest rate exposures that exist as a
part of its ongoing business operations. The portfolio of fixed-rate
mortgage loans and net leases held for sale through securitization is
funded on an interim basis by the Company's variable rate mortgage
warehouse facilities. The Company hedges against fluctuations in
interest rates. The Company does not hold or issue derivative financial
instruments for speculative trading purposes. The
CNL AMERICAN PROPERTIES FUND, INC.
AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED
Years Ended December 31, 2000, 1999 and 1998
1. Significant Accounting Policies - Continued:
-------------------------------------------
instruments used are interest rate swap agreements. The Company intends
to terminate these off-balance sheet contracts upon securitization of
the fixed-rate mortgage loans and net leases. At this time, both the
gain or loss on the sale of the loans and net leases and the gain or
loss on the termination of the interest rate contracts will be measured
and recognized.
The Company would be exposed to credit loss in the event of
nonperformance by the counterparties to the interest rate contracts.
The Company minimizes its credit risk on these transactions by only
dealing with leading, creditworthy financial institutions and,
therefore, does not anticipate nonperformance.
Servicing Rights - The Company securitizes or sells its mortgage notes
and net lease receivables. Concurrent with these securitizations, the
servicing rights related to these securitized mortgage notes and net
lease receivables are granted to CNL Financial Services, LP (CFS), a
subsidiary of the Company. CFS receives a percentage, based on monthly
maximum outstanding balances, annually in exchange for servicing the
securitized mortgage note and net lease receivables.
Goodwill - Goodwill represents the remaining excess purchase price and
related costs over the fair value assigned to the net
assets/liabilities of CNL Financial Services, Inc. and CNL Financial
Corporation and its subsidiaries acquired on September 1, 1999.
Goodwill also includes the value assigned to Bank of America franchise
originations group and the activities of CNL Advisory Services acquired
in exchange for the issuance of partnership interests. Goodwill is
amortized on a straight-line basis over 20 years. The Company reviews
goodwill for impairment in accordance with Statement of Financial
Accounting Standards No. 121 "Accounting for the Impairment of
Long-Lived Assets and for Long-Lived Assets to be Disposed Of." The
measurement of possible impairment is based primarily on the ability to
recover the balance of the goodwill from expected future operating cash
flows on an undiscounted basis. In management's opinion, no material
impairment exists at December 31, 2000.
Loan Costs - Intangibles and other assets include loan costs incurred
in connection with the Company's note payable, credit and mortgage
warehouse facilities and bonds payable that have been capitalized and
are being amortized over the term of the relate debt using the
straight-line method which approximates the effective interest method.
CNL AMERICAN PROPERTIES FUND, INC.
AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED
Years Ended December 31, 2000, 1999 and 1998
1. Significant Accounting Policies - Continued:
-------------------------------------------
Loan costs are included in intangibles and other assets in the
financial statements. As of December 31, 2000 and 1999, the Company had
aggregate gross loan costs of $28,039,716 and $6,048,031, respectively.
As of December 31, 2000 and 1999, accumulated amortization totaled
$8,688,232 and $977,789, respectively.
Income Taxes - The Company has made an election to be taxed as a REIT
under the Internal Revenue Code of 1986, as amended. The Company
generally will not be subject to federal corporate income taxes on
amounts distributed to stockholders, providing it distributes at least
95 percent of its REIT taxable income and meets certain other
requirements for qualifying as a REIT.
Accordingly, no provision for federal income taxes has been made in the
accompanying consolidated financial statements. Notwithstanding the
Company's qualification for taxation as a REIT, the Company is subject
to certain state taxes on its income and property.
Effective January 1, 2001, the CFN holding subsidiary elected to be
treated as a taxable REIT subsidiary pursuant to the provisions of the
REIT Modernization Act.
Earnings Per Share - Basic earnings per share are calculated based upon
net earnings (income available to common stockholders) divided by the
weighted average number of shares of common stock outstanding during
the reporting period. As discussed in Note 11, the Company's
subsidiary, CFN, has entered into a subordinated note payable with a
conversion feature that allows one of the partners to convert the note
into additional ownership of the subsidiary. For the year ended
December 31, 2000, the impact of this conversion feature was
antidilutive.
Use of Estimates - Management of the Company has made a number of
estimates and assumptions relating to the reporting of assets and
liabilities and the disclosure of contingent assets and liabilities to
prepare these financial statements in conformity with generally
accepted accounting principles. Actual results could differ from those
estimates.
Reclassification - Certain items in the prior years' financial
statements have been reclassified to conform with the 2000
presentation. These reclassifications had no effect on stockholders'
equity or net earnings.
New Accounting Standards - In June 1998, the Financial Accounting
Standards Board issued Statement of Financial Accounting Standards No.
133, "Accounting for Derivative Instruments and Hedging Activities."
The Statement establishes accounting and reporting standards for
derivative instruments, including certain derivative instruments
CNL AMERICAN PROPERTIES FUND, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED
Years Ended December 31, 2000, 1999 and 1998
1. Significant Accounting Policies - Continued:
-------------------------------------------
embedded in other contracts (collectively referred to as derivatives),
and for hedging activities. The statement requires the recognition of
all derivatives as either assets or liabilities in the balance sheet
and measurement of those instruments at fair value. In June 1999, the
Financial Accounting Standards Board issued Statement of Financial
Accounting Standards No. 137, "Accounting for Derivative Instruments
and Hedging Activities-- Deferral of the Effective Date of FASB
Statement No. 133, an Amendment of FASB Statement No. 133." Statement
No. 137 defers the effective date of Statement No. 133, "Accounting for
Derivative Instruments and Hedging Activities" for one year. Statement
No. 133, as amended, is now effective for all fiscal quarters of all
fiscal years beginning after June 15, 2000.
FAS 133 requires that all derivative instruments be recorded on the
balance sheet at fair value. Changes in the fair value of derivatives
are recorded each period in current earnings or other comprehensive
income, depending on whether a derivative is designated as part of a
hedge transaction and, if it is, depending on the type of hedge
transaction. For fair-value hedge transactions in which the Company is
hedging changes in an asset's or liability's fair value, changes in the
fair value of the derivative instrument will generally be offset in the
income statement by changes in the hedged item's fair value. For
cash-flow hedge transactions in which the Company is hedging the
variability of cash flows related to a variable-rate asset, changes in
the fair value of the derivative instrument will be reported in other
comprehensive income. The gains and losses on the derivative instrument
that are reported in other comprehensive income will be recognized in
operations in the periods in which earnings are impacted by the
variability of the cash flows of the hedged item. The ineffective
portion of all hedges will be recognized in current-period earnings.
The Company estimates that on January 1, 2001 it will record a
cumulative effect adjustment of $21.2 million (loss) to recognize at
fair value all derivative instruments that are designated as fair-value
hedging instruments. The Company expects to record an offsetting
cumulative effect adjustment of $17.3 million (gain) in earnings to
recognize the difference (attributable to the hedged risks) between the
carrying values and fair values of related hedged assets or
liabilities.
In addition, the Company estimates that it will record a cumulative
effect adjustment of $5.2 million (loss) in accumulated other
comprehensive income to recognize at fair value all derivative
instruments that are designated as cash-flow hedging instruments.
CNL AMERICAN PROPERTIES FUND, INC.
AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED
Years Ended December 31, 2000, 1999 and 1998
1. Significant Accounting Policies - Continued:
-------------------------------------------
In December 1999, the Securities and Exchange Commission released Staff
Accounting Bulletin No. 101 ("SAB 101"), which provides the Staff's
views on applying generally accepted accounting principles to selected
revenue recognition issues. SAB 101 is not expected to have a material
impact on the Company's results of operations. SAB 101 requires the
Company to defer recognition of certain percentage rental income until
certain thresholds are met. The Company adopted SAB 101 beginning
January 1, 2000 without restatement of prior periods.
2. Land, Buildings and Equipment on Operating Leases:
-------------------------------------------------
Land, buildings and equipment on operating leases consisted of the
following at December 31:
2000 1999
------------------ -----------------
Land $ 381,703,694 $330,002,516
Buildings 423,068,023 336,439,361
Equipment 2,345,719 2,345,719
------------------ -----------------
807,117,436 668,787,596
Less accumulated depreciation (24,922,388 ) (14,742,596 )
------------------ -----------------
782,195,048 654,045,000
Construction in progress 8,389,474 31,822,051
------------------ -----------------
790,584,522 685,867,051
Less allowance for loss on
land and buildings (4,980,450 ) (4,656,707 )
------------------ -----------------
$ 785,604,072 $681,210,344
================== =================
Substantially all property leases have initial terms of 13 to 25 years
(most expiring between 2006 and 2024) and provide for minimum rentals.
In addition, the majority of the property leases provide for contingent
rentals and/or scheduled rent increases over the terms of the leases.
Most leases also allow the tenant to purchase the property at the
greater of the Company's purchase price plus a specified percentage of
such purchase price or fair market value after a specified portion of
the lease has elapsed.
CNL AMERICAN PROPERTIES FUND, INC.
AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED
Years Ended December 31, 2000, 1999 and 1998
2. Land, Buildings and Equipment on Operating Leases-Continued:
-----------------------------------------------------------
Some leases also provide for scheduled rent increases throughout the
lease term and/or rental payments during the construction of a property
prior to the date it is placed in service. Such amounts are recognized
on a straight-line basis over the terms of the leases commencing on the
date the property is placed in service. For the years ended December
31, 2000, 1999, and 1998, the Company recognized $9,384,482 (net of
$496,717 in reserves and reversals), $5,143,552 (net of $1,149,333 in
reserves and reversals), and $2,734,767 (net of $1,017,773 in reserves
and reversals), respectively, of such rental income.
During 2000 and 1999, the Company sold several properties that were
subject to operating leases, and received net proceeds of $12,833,063
and $4,327,873, respectively. The sales in 2000 and 1999 resulted in
losses of $732,334 and $781,192, respectively, for financial reporting
purposes. The Company reinvested the proceeds from the sale of
properties in additional properties.
In 2000 and 1999, the Company recorded provisions for losses on land
and buildings totaling $1,659,380 and $4,045,173, respectively, for
financial reporting purposes relating to several Properties. The
tenants of these Properties experienced financial difficulties and
ceased payment of rents under the terms of their lease agreements. The
allowances represent the amount necessary to reduce the carrying value
to net realizable value of the properties at December 31, 2000 and
1999.
The following is a schedule of future minimum lease payments to be
received on the noncancellable operating leases at December 31, 2000:
2001 $ 66,317,202
2002 66,990,703
2003 68,125,563
2004 70,019,102
2005 71,101,894
Thereafter 841,912,227
--------------------
$1,184,466,691
====================
These amounts also do not include minimum lease payments that will
become due when properties under development are completed (see Note
18).
CNL AMERICAN PROPERTIES FUND, INC.
AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED
Years Ended December 31, 2000, 1999 and 1998
3. Net Investment in Direct Financing Leases:
-----------------------------------------
The following lists the components of net investment in direct financing leases
at December 31:
2000 1999
------------------ ------------------
Minimum lease payments
receivable $ 348,616,476 $302,703,373
Estimated residual values 41,999,616 33,029,911
Interest receivable from
secured equipment leases 63,032 167,502
Less unearned income (217,406,307 ) (186,423,569 )
Less allowance for loss on
direct financing leases (4,051,401 ) (3,734,022 )
------------------ ------------------
Net investment in direct
financing leases $ 169,221,416 $145,743,195
================== ==================
The secured equipment leases recorded as direct financing leases as of
December 31, 2000, provide for minimum rentals payable monthly and
generally have lease terms ranging from four to seven years. The
secured equipment leases generally include an option for the lessee to
acquire the equipment at the end of the lease term for a nominal fee.
The following is a schedule of future minimum lease payments to be
received on direct financing leases at December 31, 2000:
2001 $ 21,261,723
2002 21,143,077
2003 21,021,778
2004 20,770,294
2005 20,613,246
Thereafter 243,806,358
---------------------
$ 348,616,476
=====================
During 1999, the Company sold one property, that was subject to a
direct financing lease. The Company received net sale proceeds of
$974,560. The net sale proceeds
CNL AMERICAN PROPERTIES FUND, INC.
AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED
Years Ended December 31, 2000, 1999 and 1998
3. Net Investment in Direct Financing Leases - Continued:
-----------------------------------------------------
approximated the carrying value of the property, resulting in no gain
or loss. The Company reinvested the proceeds from the sale in an
additional property. No sales of direct financing leases occurred in
2000.
During the years ended December 31, 2000 and 1999, the Company received
proceeds from various borrowers for the prepayment of 11 and 16 secured
equipment leases, respectively. The Company collected $1,848,664 and
$2,252,766, respectively, which was approximately equal to the net
investment in the direct financing leases at the time of the
prepayment. As a result, no gain or loss was recognized for financial
reporting purposes.
The Company recorded provisions for losses on direct financing leases
totaling $916,336 during the year ended December 31, 2000 for financial
reporting purposes relating to several properties. The tenants of these
properties experienced financial difficulties and ceased payment of
rents under the terms of their lease agreements. The allowances
represent the amount necessary to reduce the carrying value of the
properties at December 31, 2000 to their estimated net realizable
value.
4. Mortgage Loans Held for Sale:
----------------------------
The loans represent first mortgage loans on land and/or buildings of
franchised restaurant businesses comprising approximately $375 million
in fixed-rate loans and approximately $20 million in variable-rate
loans. Variable rate construction loans totaled approximately $8
million at December 31, 2000. The fixed-rate loans carry a weighted
average interest rate of 9.72%. The variable-rate loans carry interest
rates that adjust monthly based on a 30-day LIBOR plus a margin
(average interest rate was 9.98% at December 31, 2000). The mortgage
loans are being collected in monthly installments with maturity dates
ranging from 2000 to 2020. The fixed-rate mortgage loans generally
prohibit prepayment for certain periods or require a prepayment penalty
from the borrower. The variable-rate mortgage loans generally have no
prepayment restrictions.
CNL AMERICAN PROPERTIES FUND, INC.
AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED
Years Ended December 31, 2000, 1999 and 1998
4. Mortgage Loans Held for Sale-Continued:
--------------------------------------
Mortgage loans held for sale consisted of the following at December 31:
2000 1999
------------------- -------------------
Outstanding principal $400,952,189 $ 63,544,138
Accrued interest income 3,049,375 425,136
Deferred financing income (2,274,221 ) (106,911 )
Unamortized loan costs -- 1,143,683
Valuation allowance (7,405,943 ) (551,011 )
Allowance for uncollectible
mortgage notes -- (988,561 )
------------------- -------------------
$394,321,400 $ 63,466,474
=================== ===================
During the third quarter of 1999, the Company transferred all
outstanding balances previously classified as mortgage notes receivable
to mortgage loans held for sale. Effective January 1, 2000, the Company
reclassified $29,468,690 of these loans back to investments in mortgage
notes receivable (see Note 5).
Statement of Financial Accounting Standards No. 125, "Accounting for
Transfers and Servicing of Financial Assets and Extinguishments of
Liabilities," establishes standards for the recognition and
derecognition of assets and liabilities subsequent to a transfer of
financial assets and extinguishment of the related liabilities. The
Company has applied this Statement in accounting for securitizations.
The Company believes, based on current terms, that the carrying values
of the mortgage loans held for sale at December 31, 2000, net of the
valuation allowance, approximate fair value. The Company segregates its
mortgage loans held for sale into two loan portfolios (Portfolio A and
Portfolio B, collectively "the Portfolios"). Portfolio A represents the
Company's potentially securitizable mortgage loans receivable;
Portfolio B represents other mortgage loans. Mortgage loans held for
sale are stated at lower of cost or fair market value, determined in
the aggregate for each portfolio. The fair value of the mortgage notes
held for sale is estimated based on one of the following methods: (i)
quoted market prices, or in the absence of quoted market prices (ii)
present value of the expected cash flows.
CNL AMERICAN PROPERTIES FUND, INC.
AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED
Years Ended December 31, 2000, 1999 and 1998
4. Mortgage Loans Held for Sale-Continued:
--------------------------------------
As of December 31, 2000 and 1999 the approximate cost and estimated
fair market value of mortgage loans held for sale for each portfolio
was as follows:
2000 1999
---------------------- ----------------------
Portfolio A:
Cost 359,800,000 63,544,000
Estimated fair market value 376,000,000 62,993,000
Portfolio B:
Cost 41,143,000 -
Estimated fair market value 33,737,000 -
5. Mortgage Notes Receivable:
-------------------------
As discussed in Note 4, Effective January 1, 2000, the Company
reclassified $29,468,690 from mortgage loans held for sale as
investments in mortgage notes receivable.
Mortgage notes receivable consisted of the following at December 31:
2000 1999
---------------- -----------------
Outstanding principal $24,674,407 $ --
Accrued interest income 281,850 --
Deferred financing income (60,532 ) --
Unamortized loan costs 767,519 --
Allowance for uncollectible
mortgage notes (81,172 ) --
---------------- -----------------
$25,582,072 $ --
================ =================
Management believes that the estimated fair value of mortgage notes
receivable at December 31, 2000 approximated the outstanding principal
amount, net of the provision for uncollectible mortgage notes, based on
estimated current rates at which similar loans would be made to
borrowers with similar credit and for similar maturities.
CNL AMERICAN PROPERTIES FUND, INC.
AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED
Years Ended December 31, 2000, 1999 and 1998
6. Equipment and Other Notes Receivable:
------------------------------------
In 2000 and 1999, the Company entered into several promissory notes
with several borrowers for equipment and other financing for a total of
$1,111,496, and $26,470,671, respectively. The promissory notes are
collateralized by restaurant equipment. The promissory notes bear
interest at rates ranging from ten percent to 11 percent per annum and
are due in monthly installments with maturity dates ranging from 2001
to 2007.
Equipment and other notes receivable consisted of the following at
December 31:
2000 1999
--------------- ----------------
Outstanding principal $46,870,639 $42,563,436
Accrued interest income 3,349,727 1,120,767
Deferred financing income (24,628 ) (24,365 )
Unamortized loan costs 20,159 88,582
Allowance for uncollectible notes
receivable (3,026,645 ) (1,000,000 )
--------------- ----------------
$47,189,252 $42,748,420
=============== ================
Management believes that the estimated fair value of equipment and
other notes receivable at December 31, 2000 and 1999 approximates the
outstanding principal amount, net of the provision for uncollectible
notes receivable, based on estimated current rates at which similar
loans would be made to borrowers with similar credit and for similar
maturities.
7. Other Investments:
-----------------
In August 1998 the Company acquired an investment in certain franchise
loan certificates (the "1998 Certificates") issued in connection with a
mortgage loan securitization transaction sponsored by CNL Financial
Corporation, which was an affiliate prior to its acquisition by the
Company in 1999 (see Note 14). Certain of the 1998 Certificates bear
interest at an 8.4% pass through rate with an effective yield of
11.46%. Other 1998 Certificates bear interest at adjustable pass
through rates which generated an effective yield of 9.16% in 2000.
CNL AMERICAN PROPERTIES FUND, INC.
AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED
Years Ended December 31, 2000, 1999 and 1998
7. Other Investments-Continued:
---------------------------
At December 31, 2000 the carrying value of this investment was
$16,568,238. At December 31, 2000, the fair market value of the 1998
Certificates was $10,463,057. The difference between the carrying value
and fair value at December 31, 2000 is the result of using a higher
discount rate at December 31, 2000 to determine fair value. At the time
the investments were acquired, the discount rate ranged from eight to
15 percent, whereas discount rates used for the December 31, 2000
valuation ranged from 13 to 25 percent due to changing market
conditions.
In connection with the merger on September 1, 1999 of the Company and
CNL Restaurant Financial Services Group (See Note 14), the Company
acquired investments in an interest only certificate and other residual
interests with a fair market value of $5,469,898. The interest only
certificate and the other residual interests are classified as
available for sale and are carried at fair market value based on
estimated discounted cash flows. The accumulated unrealized gain at
December 31, 2000 was $242,330.
In August 1999, the Company created and retained a residual interest in
a $500 million loan sale facility syndicated with two third parties.
This facility permitted the Company to sell loans on a regular basis to
a trust at an agreed upon advance rate. As of December 31, 1999 the
Company had sold loans with an approximate principal balance of $300
million to the trust. In October of 2000 the trust relating to this
facility liquidated and the Company received mortgage loans net of
related debt of approximately $31 million and recorded a loss (of
approximately $3.1 million) on liquidation of the residual interest.
Certain mortgage loans originated or purchased by the Company were
securitized in November 1999 and Franchise Loan Trust Certificates were
sold to investors. The securitization resulted in a loss of
approximately $1 million. The Company retained certain subordinated
investment securities, ("the 1999 Certificates"). The 1999 Certificates
totaling $21,142,843 at December 31, 1999 were recorded by allocating
the previous carrying amount of the mortgages between the assets sold
and the retained interests based on their relative fair values.
Approximately $7.7 million of the 1999 Certificates were classified as
available for sale and were sold in April 2000. The
CNL AMERICAN PROPERTIES FUND, INC.
AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED
Years Ended December 31, 2000, 1999 and 1998
7. Other Investments-Continued:
---------------------------
remaining balance of approximately $13.4 million of the 1999
Certificates are classified as held to maturity. As of December 31,
2000, the Company recognized a permanent impairment of approximately
$2.2 million on the residual value of the investment.
The key assumptions used in calculating the value of these retained
interests at the time of securitization are based on normal market
assumptions as follows:
o five percent prepayment penalty computed after taking into
consideration the period of time covered by a yield maintenance
and lockout prepayment penalties;
o a cumulative default ratio (CDR) of zero;
o prevailing market discount rates at the time of securitization
generally ranging from 8.36% to 65.1%; and
o weighted average lives ranging from 6.17 to 17.81 years on the
certificated traunches.
Subsequently, the values of the retained securities are measured using
the same prepayment and CDR assumptions with adjustments to prevailing
market discount rates based on consultations with investment bankers.
The following table shows the effects on an individual key assumption
under two negative scenarios. Prepayment assumptions, after
consideration of yield maintenance and lockout, would not have a
further material impact on these scenarios.
1998-1 1999-1
Certificates Certificates
($ in millions) ($ in millions)
------------------ -----------------
Fair value of retained interests $15.9 $13.9
Weighted-average life (in years) of
certificated traunches. 12.6 17.2
Residual cash flows discount rate (annual)
Impact on fair value of 10% adverse change $0.6 $0.7
Impact on fair value of 20% adverse change $1.2 $1.3
Expected Credit Losses (annual rate)
Impact on fair value of 2% adverse change $2.6 $3.8
Impact on fair value of 3% adverse change $1.8 $2.1
CNL AMERICAN PROPERTIES FUND, INC.
AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED
Years Ended December 31, 2000, 1999 and 1998
7. Other Investments-Continued:
---------------------------
These sensitivities are hypothetical and should be used with caution.
As the figures indicate, changes in fair value based on a percentage
variation in assumptions generally cannot be extrapolated because the
relationship of the change in assumption to the change in fair value
may not be linear. Also, in this table, the effect of a variation in a
particular assumption on the fair value of the retained interest is
calculated without changing any other assumption; in reality, changes
in one factor may result in changes in another (for example, increases
in market interest rates may result in lower prepayments and increased
credit losses), which might magnify or counteract the sensitivities.
The following table represents the securitized portfolio and all
managed loans as of December 31:
Principal Amount > 60 Days
Total Principal Amount Past Due
---------------------------------- -------------------------------
Type of Loan 2000 1999 2000 1999
---------------------------------- --------------- --------------- ------------- --------------
Mortgage loans $ 940,136,402 $ 567,799,134 $ 8,208,908 $ 5,807,905
Equipment and other loans 46,870,639 42,563,436 41,314,290 36,414,920
---------------- ---------------- -------------- ---------------
Total loans managed or
securitized: 987,007,041 610,362,570 49,523,198 42,222,825
Less:
Loans securitized (512,154,161) (533,416,784 ) -- --
Loans held for sale or
securitization (403,307,834) (34,382,350 ) (1,162,535 ) --
---------------- ---------------- -------------- ---------------
Loans held in portfolio (Notes 5 $ 71,545,046 $ 42,563,436 $ 48,360,663 $ 42,222,825
& 6)
================ ================ ============== ===============
The Company has had no charge-offs for the periods ended December 31,
2000 or 1999.
8. Credit Facility:
---------------
At December 31, 1998, the Company had a revolving $35,000,000 unsecured
line of credit with a bank which enabled the Company to receive
advances to provide equipment financing, to purchase and develop
properties and to fund mortgage loans. In June 1999, the Company
obtained a new unsecured revolving credit facility in an amount up to
$300,000,000 (the "Credit Facility"). In June 2000, at the time of the
strategic alliance with Bank of America, the Company terminated its
$300 million credit facility and
CNL AMERICAN PROPERTIES FUND, INC.
AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED
Years Ended December 31, 2000, 1999 and 1998
8. Credit Facility- Continued:
--------------------------
entered into a new $125 million unsecured revolving credit facility and
a $175 million unsecured bridge financing. The $175 million bridge
facility was repaid from the proceeds of the bonds (see Note 12)
leaving the Company with the $125 million revolving credit facility
(the "Credit Facility"). At December 31, 2000, the outstanding balance
on the Credit Facility was $80 million. In connection with obtaining
the Credit Facility, the Company incurred commitment fees, legal fees
and closing costs of approximately $2 million which were capitalized
and are being amortized over two years. Interest on advances under the
Credit Facility is determined according to (i) a tiered rate structure
between 175 and 215 basis points above LIBOR (based upon the Company's
overall leverage ratio) or (ii) the lenders' prime rate plus 0.25%,
whichever the Company selects at the time of each advance.
The principal balance, together with all unpaid interest, is due in
full upon termination of the Credit Facility on June 15, 2002. The
Credit Facility includes financial covenants which provide for the
maintenance of certain financial ratios. The Company was in compliance
with all such covenants as of December 31, 2000. The Company believes,
based on current terms, that the carrying value of its Credit Facility
at December 31, 2000 and 1999, approximates fair value. The weighted
average interest rate during 2000 was 8.8%.
In June 1999, in connection with the Credit Facility, the Company
entered into an interest rate swap agreement. In April 2000, the
Company terminated this swap agreement relating to the Credit Facility,
and purchased a two year interest rate cap for a $200,000,000 notional
principal balance (the "Cap"). The purpose of the Cap was to reduce the
impact of rising interest rates on its floating rate debt. The amount
paid to the Company was equal to $200,000,000 multiplied by LIBOR for
the periods outlined above. In August 2000, the Company reduced the
notional amount of the interest rate cap to $100,000,000. The
combination of the Cap and the Company's obligation result in the
Company paying interest at a variable rate plus the spread above LIBOR
on up to $100,000,000 of the outstanding Credit Facility balance for
periods when LIBOR is below 7.50%. When LIBOR reaches 7.50%, the
Company pays the variable rate and receives the spread above LIBOR on
up to $100,000,000.
9. Note Payable:
------------
In October 1999, the Company entered into a secured credit facility
(the "Secured Credit Facility") in the amount of $147,000,000, which
will expire in October 2002. The
CNL AMERICAN PROPERTIES FUND, INC.
AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED
Years Ended December 31, 2000, 1999 and 1998
9. Note Payable-Continued:
----------------------
proceeds of the Secured Credit Facility are intended to be used for
property acquisitions. During 2000, the Company used a portion of the
proceeds received from the issuance of the bonds (see Note 12) to pay
down the Secured Credit Facility. Borrowings under the Secured Credit
Facility bear interest at the rate of the lender's commercial paper
plus 56 basis points per annum. As of December 31, 2000, the interest
rate was 6.84%. The Secured Credit Facility is collateralized by
mortgages on properties and an assignment of rents. As of December 31,
2000, 93 properties and assignment of rents collateralize the Secured
Credit Facility with a value of $121,306,928. Under the terms of the
Secured Credit Facility, the Company is required to maintain certain
financial ratios and other financial covenants. The Company was in
compliance with all such covenants as of December 31, 2000. The Company
believes, based on current terms, that the carrying value of its
Secured Credit Facility at December 31, 2000 and 1999, approximates
fair value.
The Company has initiated several interest rate swap agreements with
which it hedges the majority of the outstanding balance at December 31,
2000 against fluctuations in interest rates. The Company believes that
its interest rate risk related to the Secured Credit Facility has been
mitigated by the use of interest rate swaps.
10. Mortgage Warehouse Facilities:
At December 31, 1999, the Company had a $300 million mortgage warehouse
facility ("Warehouse Facility"). The facility bore interest at a rate
of LIBOR plus 95 basis points per annum. As of December 31, 1999, the
interest rate was 6.77%. As of December 31, 1999, the Company had
$30,749,540 outstanding under this Warehouse Facility. The Company
believed, based on current terms, that the carrying value at December
31, 1999 approximated fair value.
At December 31, 2000, the Company had two mortgage warehouse facilities
with a total borrowing capacity of $750 million ("Mortgage Warehouse
Facilities") including funding from Bank of America. Both of these
Mortgage Warehouse Facilities enable the Company to provide net lease
or mortgage financing to franchised businesses prior to securitizing
the loans through the securitization market. The Mortgage Warehouse
Facilities are collateralized by $394,321,400 of mortgage loans held
for sale and $115,931,911 of land, buildings and direct financing
leases, as of December 31, 2000. The facilities bear interest at LIBOR
plus a weighted average of 89 basis points per annum. As of December
31, 2000 the weighted average interest rate for the two facilities
approximated 7.67%. After consideration of the Company's interest rate
swaps, the effective weighted
CNL AMERICAN PROPERTIES FUND, INC.
AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED
Years Ended December 31, 2000, 1999 and 1998
10. Mortgage Warehouse Facilities-Continued:
---------------------------------------
average interest rate for the outstanding balance relating to the two
Mortgage Warehouse Facilities was 7.98% for the year ended December 31,
2000. As of December 31, 2000 the Company had approximately $464
million outstanding under these Mortgage Warehouse Facilities. The
Company believes, based on current terms, that the carrying value at
December 31, 2000 approximates fair value.
11. Subordinated Note Payable:
-------------------------
In June 2000, CFN, a limited partnership in which the Company has an
84.39% interest, entered into a $43,750,000 senior subordinated
convertible note payable ("Subordinated Note Payable") with Bank of
America which provides the Company additional working capital and the
ability to purchase and develop properties and to fund mortgage loans.
This note is subordinated to the existing Mortgage Warehouse Facilities
of the Company. The principal amount outstanding under the Subordinated
Note Payable bears interest at a rate of 8.5% per annum payable
quarterly. The principal balance, together with all unpaid interest, is
due in full upon maturity of the note in June 2007. The Company
believes, based on current terms, that the carrying value of its
Subordinated Note Payable at December 31, 2000 approximates fair value.
As more fully described in Note 1, Bank of America holds a limited
partnership interest in CFN. The Subordinated Note Payable has a
conversion feature to allow the bank, subsequent to a specified
conversion date, to have the outstanding note converted into additional
limited partnership interests in CFN. The fully diluted percentage
interest applicable to Bank of America in the event the entire
commitment is converted is 29.12%.
12. Bonds Payable:
--------------
In August of 2000, the Company issued Triple Net Lease Mortgage Bonds,
Series 2000-A. The bonds have an aggregate principal balance of
$280,906,000. Collateral for the bonds consists of 257 commercial real
estate properties leased to tenants, with a carrying value of
$339,436,331 as of December 31, 2000. Interest on $103,706,000 (Class
A-1) of bond principal is payable monthly at 7.721% and interest on
$177,200,000 (Class A-2) of bond principal balance is payable monthly
at 8.044%. Under the terms of the bond indenture, monthly lease
payments received from tenants and available for debt service are
generally required to be applied first to payment of interest on both
Class A-1 and A-2, then to payment of principal on Class A-1 and then
to payment of principal on Class A-2. If payments by the tenants on the
leased properties
CNL AMERICAN PROPERTIES FUND, INC.
AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED
Years Ended December 31, 2000, 1999 and 1998
12. Bonds Payable - Continued:
are received as expected with no defaults or early terminations, it is
anticipated that the Class A-1 bonds will have a final payment date in
August 2009 and the Class A-2 bonds will have a final payment date in
April 2017.
These payment assumptions are expected to result in the following
maturities in each of the following years:
2001 $ 3,777,531
2002 6,200,000
2003 8,300,000
2004 9,300,000
2005 11,400,000
Thereafter 239,506,000
---------------------
$ 278,483,531
=====================
The indenture relating to the bonds provides for an optional redemption
of the bonds at their remaining principal balance when the remaining
amounts due under the leases that serve as collateral for the bonds are
less than 10 percent of the aggregate initial amounts due under the
leases.
13. Distributions:
-------------
For the years ended December 31, 2000, 1999 and 1998, approximately 40
percent, 97 percent and 85 percent, respectively, of the distributions
received by stockholders were considered to be ordinary income and
approximately 60 percent, three percent and 15 percent, respectively,
were considered a return of capital for federal income tax purposes. No
amounts distributed to stockholders for the years ended December 31,
2000, 1999 and 1998 are required to be or have been treated by the
Company as a return of capital for purposes of calculating the
stockholders' return on their invested capital.
14. Mergers:
-------
On September 1, 1999, the Company acquired CNL Fund Advisors, Inc. (the
"Advisor") through the exchange of 100% of the outstanding shares of
common stock of the Advisor for 3.8 million shares ($76,000,000) of the
Company's common stock. The acquisition of the Advisor was recorded
under the purchase method of accounting. The Company
CNL AMERICAN PROPERTIES FUND, INC.
AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED
Years Ended December 31, 2000, 1999 and 1998
14. Mergers - Continued:
-------------------
expensed the excess purchase price (plus costs incurred related to the
acquisition) over the fair value of the net assets acquired of
$76,333,516.
In addition, on September 1, 1999, the Company acquired CNL Financial
Services, Inc. and CNL Financial Corporation and its subsidiaries
(collectively, "CNL Restaurant Financial Services Group") through the
exchange of 100% of the outstanding shares of common stock of those
entities for 2.35 million shares ($47,000,000) of the Company's common
stock. The acquisition was recorded under the purchase method of
accounting. The Company recognized the excess purchase price (plus
costs incurred related to the acquisition) over the fair value of the
net assets acquired, of $45,703,072 as goodwill. This amount is being
amortized over 20 years. The Company recorded amortization expense
relating to goodwill of $2,747,617 as of December 31, 2000.
Upon consummation of the mergers on September 1, 1999, all employees of
the acquired entities became employees of the Company, and any
obligations for the Company to pay fees to the Advisor (such as
acquisition fees and asset management fees) under the Company's
advisory agreement terminated.
As described above, as consideration in its acquisitions of the Advisor
and CNL Restaurant Financial Services Group, the Company paid 6.15
million shares. Of the 6.15 million shares issued, 1.0 million are
being held in escrow. The shares held in escrow will be released to the
former stockholders of the Advisor and the CNL Restaurant Financial
Services Group based on the value of the restaurant properties
acquired, mortgage loans made and development projects completed by the
Company during the "escrow term." The "escrow term" began on September
1, 1999. If the Company fails, during the escrow term, to acquire
restaurant properties, make mortgage loans and complete development
projects of at least $750 million in the aggregate, any shares
remaining in escrow at the end of the escrow term will be returned to
the Company, and the former stockholders of the Advisor and the CNL
Restaurant Financial Services Group will no longer have any rights to
such Company shares. The Company's Board of Directors may, in its
reasonable discretion, extend the escrow term for an additional six
months following the escrow term if it reasonably believes that it is
in the Company's best interest to do so. Management believes beyond a
reasonable doubt that the total number of shares will be released from
escrow during the term and therefore, the shares have been included in
the acquisition price and included in issued and outstanding for
financial reporting purposes, even though the unearned shares are held
in escrow at December 31, 2000. As of December 31, 2000, 754,082 shares
had been released from escrow.
CNL AMERICAN PROPERTIES FUND, INC.
AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED
Years Ended December 31, 2000, 1999 and 1998
15. Related Party Transactions:
--------------------------
Prior to becoming self-advised on September 1, 1999, certain directors
and officers of the Company held similar positions with the Advisor,
and the managing dealer of the Company's common stock offerings, CNL
Securities Corp.
During the years ended December 31, 1999 and 1998, the Company incurred
$45,280 and $33,944,963, respectively, in fees due to various
affiliates (including the Advisor) for services in connection with
public offerings of the Company's shares, $6,858,650 and $17,668,837
respectively, in fees related to the operations and business
acquisitions of the Company and $2,685,887 and $1,911,128,
respectively, in asset management fees. No such fees were incurred for
the year ended December 31, 2000 due to the merger.
CNL Securities Corp. is entitled to receive, in connection with each
common stock offering, a soliciting dealer servicing fee payable
annually by the Company beginning on December 31 of the year following
the year in which each offering terminated in the amount of 0.20% of
the stockholders' investment in the Company in connection with such
offering. CNL Securities Corp. in turn may reallow all or a portion of
such fee to broker-dealers whose clients purchased shares in such
offering and held shares on such date. During 2000, 1999 and 1998, the
Company incurred $1,493,436, $1,493,437 and $300,206, respectively, of
such fees, all of which were reallowed. The soliciting dealer servicing
fee will terminate as of the beginning of any year in which the Company
is liquidated or the shares become listed on a national securities
exchange or over-the-counter market.
CNL Financial Group and CNL Shared Services, related affiliates,
provide certain administrative services (including services for tax and
regulatory compliance, stockholder distributions and reporting,
investor relations, human resources, pay services, purchasing and
information technology) to the Company on a day-to-day basis. The costs
incurred related to these functions were $4,491,980, $2,842,283, and
$1,189,471 for the years ended December 31, 2000, 1999, and 1998,
respectively.
During the years ended December 31, 1999 and 1998, the Company acquired
41 and five Properties, respectively, for approximately $39,700,000 and
$8,770,000, respectively, from affiliates of the Company. Each Property
was acquired at a cost no greater than the lesser of the cost of the
Property to the affiliate, including carrying costs, or the Property's
appraised value. Of the 41 Properties acquired from affiliates in 1999,
38 were acquired
CNL AMERICAN PROPERTIES FUND, INC.
AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED
Years Ended December 31, 2000, 1999 and 1998
15. Related Party Transactions-Continued:
------------------------------------
for a total purchase price of approximately $36,800,000 from Commercial
Net Lease Realty, Inc. ("NNN"), a publicly traded real estate
investment trust. James M. Seneff, Jr., the Chairman of the Board of
the Company, is the Chairman of the Board and Chief Executive Officer
of NNN and Robert A. Bourne, Vice Chairman of the Board of the Company,
is also Vice Chairman of the Board of NNN. This transaction was
approved by the Company's independent directors. No such transactions
occurred during the year ended December 31, 2000.
As of December 31, 2000, the Company was in the process of finalizing a
lease agreement for its office space (the "Lease") with an affiliate of
James M. Seneff, Jr., the Company's Chairman of the Board. The Lease
provides for rent in the amount of approximately $1,015,000 per year,
with a three percent increase annually, expiring in October 2014. The
Company made rental payments during the year ended December 31, 2000 of
approximately $835,000.
Mortgage loans held for sale includes a $6,969,498 receivable from CNL
Restaurant Investors Properties, LLC ("CRIP"), a related party under
common control, as of December 31, 2000. Borrowings are utilized by
CRIP to acquire or construct assets for lease under operating and
capital lease agreements to qualified third party entities. The
Company's receivable from CRIP is recorded at cost and is
collateralized by CRIP's assets under lease. Interest is payable at
rates ranging from 9.1 percent to 9.2 percent. Amounts are repayable to
the Company in accordance with the monthly maturities specified in the
lease agreements entered into by CRIP and qualified third-party
entities. For the year ended December 31, 2000, the Company recorded
interest income of $150,488.
Equipment and other notes receivable includes a $4,264,358 receivable
from CNL Restaurant Property Services, Inc. ("Development"), a related
party under common control, as of December 31, 2000. Borrowings are
utilized by Development to acquire or construct assets for lease under
operating and capital lease agreements to qualified third party
entities. The Company's receivable from Development is recorded at cost
and is collateralized by Development's assets under lease. Interest is
payable at a rate of prime plus 1%. The interest rate was 10.5% as of
December 31, 2000. Amounts are repayable to the Company on or before
April 2002. For the year ended December 31, 2000, Company recorded
interest income of $216,714.
The Company, through the acquisition of the Advisor on September 1,
1999, provides certain services relating to management of related
parties and their properties pursuant to management agreements. Under
these agreements, the Company is responsible for collecting rental
payments, inspecting the properties and the tenants' books and records,
CNL AMERICAN PROPERTIES FUND, INC.
AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED
Years Ended December 31, 2000, 1999 and 1998
15. Related Party Transactions-Continued:
------------------------------------
assisting in responding to tenant inquiries and notices and providing
information to the related parties about the status of the leases and
the properties. For these services, the related parties have agreed to
pay the Company an annual fee. For the years ended December 31, 2000
and 1999, the Company earned $1,560,136 and $300,718, respectively, of
such fees.
The due from related parties consisted of the following at December 31:
2000 1999
-------------------- -------------------
Management fees $ 165,684 $ 69,143
Expenditures incurred on
behalf of the related parties
for accounting and
administrative services 1,698,899 1,246,578
-------------------- -------------------
$ 1,864,583 $ 1,315,721
==================== ===================
In connection with the Mergers, the Company issued 6.15 million shares
to directors and officers of the Company and affiliates of the Company.
16. Concentration of Credit Risk:
----------------------------
During the year ended December 31, 1998, Jack in the Box, Inc.
(formerly Foodmaker, Inc.) provided $4,101,214 of the Company's
revenues, representing more than ten percent of the Company's total
rental, earned, investment and interest income from its properties,
mortgage loans held for sale, secured equipment leases and
Certificates. No individual lessee or borrower, or affiliated groups of
lessees or borrowers represented more than ten percent of the Company's
revenues during the years ended December 31, 2000 or 1999. In addition,
during the year ended December 31, 1998, Golden Corral Family
Steakhouse Restaurants and Jack in the Box provided $4,373,687 and
$4,101,214, respectively, of the Company's revenues, each representing
more than ten percent of the Company's total rental, earned, investment
and interest income from its properties, mortgage loans held for sale,
secured equipment leases and Certificates. No restaurant chains
represented more than ten percent of the Company's revenues during the
years ended December 31, 2000 and 1999.
CNL AMERICAN PROPERTIES FUND, INC.
AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED
Years Ended December 31, 2000, 1999 and 1998
16. Concentration of Credit Risk- Continued:
---------------------------------------
Although the Company's properties are geographically diverse throughout
the United States and the Company's lessees and borrowers operate a
variety of restaurant concepts, 15 restaurant chains constitute 70% of
the properties owned by the Company. Failure of any one of these
restaurant chains or any one of these lessees or borrowers that
contributes a significant portion of the Company's rental, earned,
investment and interest income could significantly impact the results
of operations of the Company if the Company is not able to re-lease the
properties in a timely manner.
17. Segment Information:
-------------------
In June 1997, the Financial Accounting Standards Board issued Statement
of Financial Accounting Standards No. 131. "Disclosures about Segments
of an Enterprise and Related Information." This Statement requires that
a public business enterprise report financial and descriptive
information about its reportable operating segments. Operating segments
are components of an enterprise about which separate financial
information is available that is evaluated regularly by the chief
operating decision maker in deciding how to allocate resources and in
assessing performance. This Statement was effective for fiscal years
beginning after December 15, 1997. In connection with the changes
described in Note 1, the Company began evaluating the business based on
two distinct lines of business. Effective June 1, 2000, the Company
created separate legal entities to operate and measure the lines of
business. Those entities are: CNL Restaurant Properties, Inc. ("CNLRP")
and CNL Franchise Network Corp. ("CFNC"). CRP is the parent company of
CNL APF Partners, and CFNC is the parent company of CFN. Prior to this
date, the Company did not measure the operating segments, or manage the
entities separately.
CNL AMERICAN PROPERTIES FUND, INC.
AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED
Years Ended December 31, 2000, 1999 and 1998
17. Segment Information- Continued:
------------------------------
CNLRP holds real estate, mortgage loans, and equipment and other loans
on a portfolio basis. CFNC originates mortgage loans and net leases
with the intent to sell or securitize. The following table summarizes
the results for the year 2000 with segment information for the two
lines of business subsequent to June 1, 2000.
(June 1 -
December 31) (June 1 -
CNL December 31)
Restaurant CNL Franchise Consolidated
(January 1 - Properties, Network Corp Totals
May 31) Inc. Year Ended
----------------- --------------- --------------- ----------------
Revenues $ 43,490,437 $ 61,015,976 $18,981,457 $ 123,487,870
General operating and administrative
expenses (7,249,419 ) (6,399,628 ) (11,297,211 ) (24,946,258 )
Property expenses and state and other
taxes (2,406,453 ) (3,188,244 ) 0 (5,594,697 )
Interest expense (15,178,106 ) (20,854,525 ) (11,579,829 ) (47,612,460 )
Depreciation and amortization (5,555,416 ) (8,379,440 ) (3,779,072 ) (17,713,928 )
Transaction costs (1,439,638 ) (8,174,322 ) (701,156 ) (10,315,116 )
Provision for Losses on assets (66,478 ) (2,509,238 ) 0 (2,575,716 )
Gain (Loss) on sale of assets 26,122 (747,352 ) 0 (721,230 )
Loss on investment in securities 0 0 (5,347,659 ) (5,347,659 )
Provision for loss on mortgage loans
held for sale (2,757,893 ) 0 (4,097,039 ) (6,854,932 )
Minority interest and equity earnings (20,860 ) (29,202 ) 1,171,351 1,121,289
----------------- --------------- --------------- ----------------
Net earnings/(loss) 8,842,296 10,734,025 (16,649,158 ) 2,927,163
Assets at December 31, 2000 N/A $992,704,942 $608,663,158 $1,601,368,100
Investments accounted for under the
equity method at December 31, 2000 N/A $1,067,130 N/A $1,067,130
Additions to long-lived assets:
Real estate $ 50,580,684 $ 15,792,244 $109,897,056 $ 176,269,984
CNL AMERICAN PROPERTIES FUND, INC.
AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED
Years Ended December 31, 2000, 1999 and 1998
18. Commitments and Contingencies:
-----------------------------
In the ordinary course of business, the Company has outstanding
commitments to qualified borrowers and tenants that are not reflected
in the accompanying consolidated financial statements. These
commitments, including development agreements, if accepted by the
potential borrowers, obligate the Company to provide funding. The
accepted and unfunded commitment totaled approximately $169 million at
December 31, 2000 of which approximately $37.2 million has been
scheduled for closing.
19. Selected Quarterly Financial Data:
---------------------------------
The following table presents selected unaudited quarterly financial
data for each fiscal quarter during the years ended December 31, 2000
and 1999:
C
2000 Quarter First Second Third Fourth Year
-------------------- --------------- -------------- --------------- --------------- ------------------
Revenue $26,512,006 $25,873,634 $27,988,253 $43,113,977 $123,487,870
Net earnings/(loss) 7,379,504 654,926 3,576,046 (8,683,313 ) 2,927,163
Earnings/(loss) per
share (Basic
and Diluted) 0.17 0.02 0.08 (0.20 ) 0.07
1999 Quarter First Second Third Fourth Year
-------------------- --------------- -------------- --------------- --------------- ------------------
Revenue $14,398,771 $17,751,584 $19,930,893 $23,970,360 $76,051,608
Net earnings/(loss) 10,490,297 12,363,011 (66,181,634 ) (6,509,008 ) (49,837,334 )
Earnings/(loss) per
share (Basic
and Diluted) 0.28 0.33 (1.68 ) (0.15 ) (1.26 )
Item 9. Changes in and Disagreements with Accountants on Accounting and
Financial Disclosure
None.
PART III
Item 10. Directors and Executive Officers of the Registrant
The information required by this Item is incorporated by reference to
the Company's Definitive Proxy Statement to be filed with the Commission no
later than April 30, 2001.
Item 11. Executive Compensation
The information required by this Item is incorporated by reference to
the Company's Definitive Proxy Statement to be filed with the Commission no
later than April 30, 2001.
Item 12. Security Ownership of Certain Beneficial Owners and Management
The information required by this Item is incorporated by reference to
the Company's Definitive Proxy Statement to be filed with the Commission no
later than April 30, 2001.
Item 13. Certain Relationships and Related Transactions
The information required by this Item is incorporated by reference to
the Company's Definitive Proxy Statement to be filed with the Commission for its
annual stockholders' meeting to be held on June 14, 2001.
PART IV
Item 14. Exhibits, Financial Statement Schedules and Reports on Form 8-K
(a) The following documents are filed as part of this report.
1. Consolidated Financial Statements
Report of Independent Certified Public Accountants
Consolidated Balance Sheets at December 31, 2000 and 1999
Consolidated Statements of Operations for the years ended
December 31, 2000, 1999 and 1998.
Consolidated Statements of Stockholders' Equity and
Comprehensive Income (Loss) for the years ended December 31,
2000, 1999 and 1998.
Consolidated Statements of Cash Flows for the years ended
December 31, 2000, 1999 and 1998.
Notes to Consolidated Financial Statements
2. Financial Statement Schedules
Schedule II - Valuation and Qualifying Accounts for the years
ended December 31, 2000, 1999 and 1998
Schedule III - Real Estate and Accumulated Depreciation at
December 31, 2000
Notes to Schedule III - Real Estate and Accumulated
Depreciation at December 31, 2000
Schedule IV - Mortgage Loans on Real Estate at December 31,
2000
All other Schedules are omitted as the required information is
inapplicable or is presented in the financial statements or
notes thereto.
3. Exhibits
2.1 Agreement and Plan of Merger, by and among the
Registrant, CFA Acquisition Corp., CNL Fund Advisors,
Inc. and CNL Group, Inc., dated March 11, 1999
(Included as Exhibit 10.38 to the Registrant's
Registration Statement No. 333-74329 on Form S-4 (the
"Form S-4") as originally filed and incorporated
herein by reference.)
2.2 Agreement and Plan of Merger, by and among the
Registrant, CFC Acquisition Corp., CFS Acquisition
Corp., CNL Financial Corp., CNL Financial Services,
Inc., CNL Group, Inc., Five Arrows Realty Securities
L.L.C., Robert A. Bourne, Curtis B. McWilliams and
Brian Fluck, dated March 11, 1999 (Included as
Exhibit 10.39 to the Form S-4 as originally filed and
incorporated herein by reference.)
3.1 CNL American Properties Fund, Inc. Amended and
Restated Articles of Incorporation, as amended
(Included as Exhibit 3.1 to the Registrant's Form
10-Q for the quarter ended June 30, 1999 and
incorporated herein by reference.)
3.2 CNL American Properties Fund, Inc. Amended and
Restated Bylaws (Included as Exhibit 3.2 to the
Registrant's Registration Statement No. 333-37657 on
Form S-11 and incorporated herein by reference.)
3.3 CNL American Properties Fund, Inc. Second Amended and
Restated Articles of Incorporation (Included as
Exhibit 3.3 to the Registrant's Form 10-Q for the
quarter ended June 30, 2000 and incorporated herein
by reference).
4.1 Form of Stock Certificate (Included as Exhibit 4.5 to
the Registrant's Registration Statement No. 33-78790
on Form S-11 and incorporated herein by reference.)
10.1 Form of Indemnification Agreement dated as of April
18, 1995, between CNL American Properties Fund, Inc.
and each of James M. Seneff, Jr., Robert A. Bourne,
G. Richard Hostetter, J. Joseph Kruse, Richard C.
Huseman, John T. Walker, Jeanne A. Wall, Lynn E. Rose
and Edgar J. McDougall, dated as of January 27, 1997,
between CNL American Properties Fund, Inc. and Steven
D. Shackelford, dated as of February 18, 1998,
between CNL American Properties Fund, Inc. and Curtis
B. McWilliams, and dated as of September 1, 1999,
between CNL American Properties Fund, Inc. and each
of Howard J. Singer, John L. Farren, Timothy J.
Neville, Michael I. Wood and Barry L. Goff (Included
as Exhibit 10.9 to the Registrant's Registration
Statement No. 333-15411 on Form S-11 and incorporated
herein by reference.)
10.2 Amended and Restated Agreement of Limited Partnership
of CNL APF Partners, LP (Included as Exhibit 10.50 to
Amendment No. 2 to the Form S-4 and incorporated
herein by reference.)
10.3 Amended and Restated Credit Agreement by and among
CNL APF Partners, LP, Registrant, First Union
National Bank, First Union Capital Markets Group,
Banc of America Securities LLC, NationsBank, N.A.,
The Chase Manhattan Bank and other financial
institutions, dated June 9, 1999 (Included as Exhibit
10.51 to Amendment No. 1 to the Form S-4 and
incorporated herein by reference.)
10.4 First Amendment to Amended and Restated Credit
Agreement dated as of December 31, 1999 between CNL
APF Partners, LP and First Union National Bank, as
Agent (Included as Exhibit 10.4 to the Registrant's
Form 10-K for the year ended December 31, 1999 and
incorporated herein by reference.)
10.5 Franchise Receivable Funding and servicing Agreement
dated as of October 14, 1999 between CNL APF
Partners, LP and Neptune Funding Corporation
(Included as Exhibit 10.5 to the Registrant's Form
10-K for the year ended December 31, 1999 and
incorporated herein by reference.)
10.6 Interim Wholesale Mortgage Warehouse and Security
Agreement dated as of September 18, 1998, and Amended
Agreement dated as of August 30, 1999 between CNL APF
Partners, LP and Prudential Securities Credit
Corporation (Included as Exhibit 10.6 to the
Registrant's Form 10-K for the year ended December
31, 1999 and incorporated herein by reference.)
10.7 1999 Performance Incentive Plan (Included as Exhibit
10.1 to Amendment No. 1 to the Form S-4 and
incorporated herein by reference.)
10.8 Registration Rights Agreement by and among the
Registrant, Robert A. Bourne, Curtis B. McWilliams,
John T. Walker, Howard Singer, Steven D. Shackelford
and CNL Group, Inc., dated as of March 11, 1999
(Included as Exhibit 10.40 to Amendment No. 1 to the
Form S-4 and incorporated herein by reference.)
10.9 Registration Rights Agreement by and among the
Registrant, Five Arrows Realty Securities L.L.C.,
James M. Seneff, Jr., Robert A. Bourne, Curtis B.
McWilliams and CNL Group, Inc., dated as of March 11,
1999 (Included as Exhibit 10.41 to Amendment No. 1 to
the Form S-4 and incorporated herein by reference.)
10.10 Employment Agreement by and between Curtis B.
McWilliams and the Registrant, dated September 15,
1999 (Included as Exhibit 10.42 to Amendment No. 2 to
the Form S-4 and incorporated herein by reference.)
10.11 Employment Agreement by and between Steven D.
Shackelford and the Registrant, dated September 15,
1999 (Included as Exhibit 10.43 to Amendment No. 2 to
the Form S-4 and incorporated herein by reference.)
10.12 Employment Agreement by and between John T. Walker
and the Registrant, dated September 15, 1999
(Included as Exhibit 10.44 to Amendment No. 2 to the
Form S-4 and incorporated herein by reference.)
10.13 Employment Agreement by and between Howard J. Singer
and the Registrant, dated September 15, 1999
(Included as Exhibit 10.45 to Amendment No. 2 to the
Form S-4 and incorporated herein by reference.)
10.14 Employment Agreement by and between Barry L. Goff and
the Registrant, dated September 15, 1999 (Included as
Exhibit 10.46 to Amendment No. 2 to the Form S-4 and
incorporated herein by reference.)
10.15 Employment Agreement by and between Robert W. Chapin
and the Registrant, dated September 15, 1999
(Included as Exhibit 10.47 to Amendment No. 2 to the
Form S-4 and incorporated herein by reference.)
10.16 Employment Agreement by and between Timothy J.
Neville and the Registrant, dated September 15, 1999
(Included as Exhibit 10.48 to Amendment No. 2 to the
Form S-4 and incorporated herein by reference.)
10.17 Holdback Agreement by and among the Registrant and
Stockholders, dated August 31, 1999 (Included as
Exhibit 10.56 to Amendment No. 2 to the Form S-4 and
incorporated herein by reference.)
10.18 Amended and Restated Credit and Reimbursement
Agreement by and among CNL APF Partners, LP, CNL APF
LP Corp., CNL APF GP Corp., Bank of America, N.A. and
Bank of America Securities LLC, dated as of June 15,
2000 (included as Exhibit 10.18 to the Registrant's
Form 10-Q for the quarter ended June 30, 2000.
21 Subsidiaries of the Registrant (Filed herewith.)
(b) The Registrant filed no reports on Form 8-K during the period October 1,
2000 through December 31, 2000.
SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) of the Securities
Exchange Act of 1934, the Registrant has duly caused this report to be signed on
its behalf by the undersigned, thereunto duly authorized, on the 29th day of
March, 2001.
CNL AMERICAN PROPERTIES FUND, INC.
By: JAMES M. SENEFF, JR.
Co-Chief Executive Officer
/s/ James M. Seneff, Jr
-----------------------
JAMES M SENEFF, JR
CURTIS B. McWILLIAMS
Co-Chief Executive Officer
/s/ Curtis B. McWilliams
------------------------
CURTIS B. McWILLIAMS
Pursuant to the requirements of the Securities Exchange Act of 1934,
this report has been signed below by the following persons on behalf of the
Registrant and in the capacities and on the dates indicated.
Signature Title Date
/s/ James M. Seneff, Jr. Chairman of the Board and Co-Chief March 29, 2001
- --------------------------------------
James M. Seneff, Jr. Executive Officer (Principal
Executive Officer)
/s/ Robert A. Bourne Vice Chairman of the Board March 29, 2001
- --------------------------------------
Robert A. Bourne
/s/ Curtis B. McWilliams Co-Chief Executive Officer March 29, 2001
- ------------------------
Curtis B. McWilliams (Principal Executive Officer)
/s/ Steven D. Shackelford Executive Vice President and Chief March 29, 2001
- -------------------------------------
Steven D. Shackelford Financial Officer (Principal
Financial and Accounting Officer)
/s/ G. Richard Hostetter Independent Director March 29, 2001
- --------------------------------------
G. Richard Hostetter
/s/ J. Joseph Kruse Independent Director March 29, 2001
- ---------------------------------------
J. Joseph Kruse
/s/ Richard C. Huseman Independent Director March 29, 2001
- ------------------------------------
Richard C. Huseman
CNL AMERICAN PROPERTIES FUND, INC. AND SUBSIDIARIES
SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS
Years Ended December 31, 2000, 1999 and 1998
Additions Deductions
---------------------------- -----------------------------
Balance at Charged Charged to Deemed Balance
Beginning to Other Uncollec- at End
Year Description of Year Costs and Accounts tible Collected of Year
Expenses
-------- ---------------- ------------ ------------ -------------- ----------- ------------- --------------
1998 Allowance for
doubtful
accounts (a) $ 99,964 $ 636,614 $ 1,324,980 (b) $ -- $ 4,743 $ 2,056,815
============ ============ ============== =========== ============= ==============
1999 Allowance for
doubtful
accounts (a) $2,056,815 $1,036,928 $ 3,057,049 $ 572,483 (c) $389,093 $ 5,189,216
============ ============ ============== =========== ============= ==============
2000 Allowance for
doubtful
accounts (a) $5,189,216 $1,678,144 $ 5,414,580 (b) $ 543,173 (c) $ 1,069,187 $ 10,669,580
============ ============ ============== =========== ============= ==============
(a) Deducted from receivables and accrued rental income on the balance
sheet.
(b) Reduction of rental, earned and other income.
(c) Amounts written off as uncollectible.
SCHEDULE III
REAL ESTATE AND ACCUMULATED DEPRECIATION
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Costs Capitalized
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Initial Cost Subsequent to Acquisition
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Encum- Buildings and Improve- Carrying
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
brances Land Improvements ments Costs
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Properties the Company
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
has invested in Under
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Operating Leases:
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Applebee's Restaurants:
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Antioch, Tennessee (o) 609,696 770,331 - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Clarksville, Tennessee (o) 556,070 983,010 - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Columbia, Tennessee (o) 625,868 936,068 - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Cookeville, Tennessee (o) 489,867 1,003,630 - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Hendersonville, Tennessee (o) 549,651 966,628 - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Hermitage, Tennessee (o) 735,272 827,474 - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Hopkinsville, Kentucky (o) 390,058 943,019 - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Lebanon, Tennessee (o) 568,168 925,046 - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Madison, Tennessee (o) 740,165 835,996 - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Montclair, California - 874,094 - 880,494 -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Moscow, Idaho - 537,410 - - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Rockford, Illinois (o) 603,828 - - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Salem, Oregon - 778,321 - 1,153,535 -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Arby's Restaurants:
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Allen, Texas (o) 508,994 - - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Arab, Alabama (o) 230,720 455,946 - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Atlanta, Georgia (o) 648,459 - 655,353 -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Auburndale, Florida (o) 326,788 391,270 - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Avon, Indiana (o) 338,486 497,282 - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Bartow, Florida (o) 226,428 414,175 - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Brooksville, Florida (o) 248,277 368,959 - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Brooksville, Florida (o) 266,606 421,780 - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Canton, Georgia (o) 586,476 - 606,850 -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Columbus, Ohio (o) 441,770 - 594,458 -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Columbus, Ohio (o) 483,868 - 576,483 -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Douglasville, Georgia (o) 708,710 - 546,363 -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Flower Mound, Texas - 434,130 - 618,352 -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Grand Rapids, Michigan (o) 312,670 - - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Greensboro, North Carolina (o) 363,478 404,650 - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Greenville, North Carolina (o) 277,986 490,143 - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Hudson, Florida (o) 270,539 488,818 - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Indianapolis, Indiana (o) 439,935 - 677,335 -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Jonesville, North Carolina (o) 228,364 539,764 - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Kernersville, North Carolina (o) 273,325 413,077 - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Kinston, North Carolina (o) 268,545 485,160 - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Lakeland, Florida (o) 235,996 452,008 - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Lawrenceville, Georgia (o) 668,582 - 755,749 -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Lexington, North Carolina (o) 320,924 463,347 - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
New Port Richey, Florida (o) 242,777 398,029 - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Orange, Connecticut (o) 150,180 - - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Orange Park, Florida (o) 463,047 - 592,539 -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Plant City, Florida - 196,251 443,976 - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Redford , Michigan (o) 412,516 - 673,289 -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Renton, Washington (o) 583,115 - 778,732 -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Southington, Connecticut (o) 366,273 - - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Surfside Beach, South Carolina(o) 421,481 - 633,406 -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Tampa, Florida (o) 322,412 371,694 - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
The Colony, Texas - 504,285 - - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Vancouver, Washington (o) 733,180 - 665,895 -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Walker, Michigan (o) 498,403 - 701,467 -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Waterbury, Connecticut (o) 322,716 - - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Whitehall, Ohio (o) 522,786 - 289,350 -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Bakers Square Restaurants:
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Alsip, Illinois (o) 449,010 728,259 - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Burbank, Illinois (o) 679,830 1,041,258 - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Cherry Valley, Illinois (o) 419,238 848,874 - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Coon Rapids, Minnesota (o) 543,966 1,131,838 - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Deerfield, Illinois (o) 573,069 468,307 - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Downers Grove, Illinois (o) 537,805 778,410 - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Homewood, Illinois (o) 601,418 760,181 - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
LaGrange, Illinois (o) 591,206 770,392 - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Lansing, Illinois (o) 647,562 869,687 - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Mankato, Minnesota (o) 488,663 1,141,844 - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Matteson, Illinois (o) 664,403 852,845 - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Merrillville, Indiana (o) 567,083 1,176,715 - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Palatine, Illinois (o) 686,927 674,672 - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Palos Heights, Illinois (o) 375,257 734,314 - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Saint Charles, Illinois (o) 614,512 630,952 - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Westmont, Illinois (o) 518,276 591,047 - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Willowbrook, Illinois (o) 586,045 718,306 - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Bandana's Bar-B-Q Restaurants:
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Arnold, Missouri - 373,239 - 873,481 -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Collinsville, Illinois - 346,699 - 829,363 -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Columbia, Missouri - 501,566 - 920,312 -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Barb Wires Steakhouse & Saloon
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Restaurant:
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Lawrence, Kansas - 493,489 - - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Bennigan's Restaurants:
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Arvada, Colorado (o) 714,194 1,302,733 - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Batavia, Illinois (o) 944,185 - 1,529,062 -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Bedford, Texas - 768,333 - - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Canton, Ohio - 1,433,543 - 835,463 -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Clearwater, Florida (o) 900,038 - - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Colorado Springs, Colorado (o) 794,255 - - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Copley, Ohio - 1,433,543 - 835,463 -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Englewood, Colorado (o) 665,141 - - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Englewood, New Jersey (o) 1,460,179 901,042 - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Florham Park, New Jersey (o) 1,077,645 - - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Glenview, Illinois - 1,019,248 - 1,789,742 -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Grapevine, Texas (o) 1,038,598 - 1,523,346 -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Houston, Texas (o) 908,502 - - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Jacksonville, Florida - 779,387 - - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Jacksonville, Florida - 832,557 - - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Lone Tree, Colorado (o) 1,075,230 - 1,502,305 -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Mount Laurel, New Jersey (o) 1,305,939 1,030,685 - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
North Richland Hills, Texas - 886,048 - - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Ocala, Florida - 693,453 - 1,072,916 -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Oklahoma City, Oklahoma (o) 756,750 - - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Orlando, Florida (o) 1,585,461 874,143 - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Pensacola, Florida (o) 692,093 - - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Saint Louis Park, Minnesota (o) 885,111 - - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Tampa, Florida (o) 741,286 - - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Woodridge, Illinois - 789,680 - - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Big Boy Restaurants:
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Belleville, Illinois - 289,405 - 584,386 -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Benton Harbor, Michigan - 168,583 - 876,117 -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Crystal City, Missouri - 273,460 828,751 - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Fenton, Missouri - 624,303 - 952,724 -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Grandview, Missouri - 395,842 - 631,903 -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Granite City, Illinois - 122,097 - 974,597 -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Guadalupe, Arizona - 623,709 - 1,083,059 -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Independence, Missouri - 515,607 - 838,027 -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Las Vegas, Nevada - 656,263 - 1,312,746 -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Mansfield, Ohio - 366,776 - 778,584 -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
O'Fallon, Missouri - 369,314 - 704,550 -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Overland Park, Kansas - 466,949 - 630,982 -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Saint Clairsville, Ohio - 437,383 - 903,780 -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Taylor, Michigan - 376,886 - 877,728 -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Black Angus Restaurants:
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Dublin, California - 1,023,054 - 1,275,135 -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Orem, Utah (o) 799,168 - 1,229,788 -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Black-eyed Pea Restaurants:
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Fort Worth, Texas - 679,384 - 1,028,766 -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Glendale, Arizona - 744,764 - 1,082,896 -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Grapevine, Texas - 892,828 - 1,323,506 -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Herndon, Virginia - 362,141 989,635 - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Hillsboro, Texas - 404,881 - - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Killeen, Texas - 518,990 - 1,013,637 -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
McKinney , Texas - 690,692 - 1,121,270 -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Mesa, Arizona - 784,939 - - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Mesa, Arizona - 821,177 - 1,050,746 -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Norman, Oklahoma - 568,489 - 958,822 -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Boston Market Restaurants:
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Atlanta, Georgia - 774,448 - 507,587 -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Collinsville, Illinois - 507,544 - 328,353 -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Columbus, Ohio - 353,608 606,470 - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Florissant, Missouri - 705,522 - 626,845 -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Gambrills, Maryland - 667,992 - 661,776 -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Glendale, Arizona - 566,562 403,730 - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Indianapolis, Indiana - 885,567 - 648,755 -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Jessup, Maryland - 631,336 - 675,111 -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Lansing, Michigan - 515,827 - 572,706 -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Newport News, Virginia - 473,596 586,377 - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Riverdale, Maryland - 526,092 - 504,483 -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Saint Joseph, Missouri - 378,786 - 388,489 -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Upland, California - 788,248 - 209,449 -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Vacaville, California - 751,576 - 757,026 -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Waldorf, Maryland - 651,867 - 775,634 -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Warwick, Rhode Island - 234,685 589,367 - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Buffet Town Restauarant:
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Cedar Park, Texas - 569,782 - 294,878 -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Burger King Restaurants:
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Asheboro, North Carolina - 597,021 962,188 - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Atlanta, Georgia - 394,712 - - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Burbank, Illinois (o) 543,095 - 552,491 -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Chadbourn, North Carolina - 217,079 - 858,549 -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Chattanooga, Tennessee (o) 680,192 - 526,711 -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Chattanooga, Tennessee (o) 769,842 - 376,964 -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Chicago, Illinois (o) 917,717 - 713,170 -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Clinton, North Carolina - 349,582 - - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Columbus, Ohio - 445,471 434,907 - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Coon Rapids, Minnesota - 387,913 560,993 - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Cut Off, Louisiana - 323,106 1,219,165 - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Highland, Indiana (o) 672,815 - 553,461 -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
John's Island, South Carolina - 477,686 719,221 - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Kent, Ohio (o) 233,468 689,696 - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Lacey, Washington - 308,272 - - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Lake Charles, Louisiana - 360,438 1,062,531 - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Lancaster, Ohio - 339,900 745,696 - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Lynnwood, Washington - 448,745 626,866 - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Manchester, New Hampshire - 775,925 458,838 - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Montgomery, Alabama - 379,798 695,812 - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Montgomery, Alabama - 402,927 - - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Natchez, Mississippi - 273,353 718,493 - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Oak Lawn, Illinois (o) 1,211,346 - 741,406 -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Ooltewah, Tennessee (o) 546,261 - 658,946 -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Opelousas, Louisiana - 625,123 958,670 - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Portland, Oregon (o) 525,000 - - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Rochester, New Hampshire - 261,321 802,689 - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Shelton, Washington - 424,416 822,399 - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Saint Paul, Minnesota - 281,966 581,637 - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Tampa, Florida - 481,173 - 652,659 -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Tappahannock, Virginia - 363,327 596,839 - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Warren, Michigan - 375,952 820,967 - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Wilmington, North Carolina - 348,663 - 701,825 -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Charley's Restaurants:
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
McLean, Virginia - 944,585 689,363 - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Chevys Fresh Mex Restaurants:
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Annapolis, Maryland - 1,372,280 - - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Arapahoe, Colorado - 986,426 1,680,312 - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Auburn Hills, Michigan (o) 1,122,087 2,017,496 - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Beaverton, Oregon (o) 938,162 1,681,670 - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Bloomington, Minnesota (o) 869,178 1,309,759 - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Brandon, Florida (o) 844,185 1,425,740 - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Clearwater, Florida (o) 984,259 1,103,690 - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Greenbelt, Maryland (o) 945,234 1,475,339 - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Independence, Missouri - 1,239,264 1,490,392 - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Kissimmee, Florida - 570,815 1,536,290 - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Lake Oswego, Oregon (o) 963,047 1,505,671 - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Las Vegas, Nevada (o) 1,156,847 1,188,272 - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Lilburn, Georgia (o) 1,089,268 931,637 - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Merriam, Kansas (o) 1,032,271 1,074,834 - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Naperville, Illinois - 960,779 1,365,563 - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Olathe, Kansas (o) 470,047 1,541,280 - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Orlando, Florida (o) 1,495,716 1,674,517 - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Tampa, Florida (o) 869,408 1,548,972 - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Tampa, Florida - 878,358 1,449,034 - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Taylor, Michigan (o) 844,918 1,712,340 - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Chick-Fil-A Restaurant: -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Rockwall, Texas - 528,118 - 340,297 -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Darryl's Restaurants:
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Evansville, Indiana (o) 563,479 - - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Hampton, Virginia (o) 698,367 523,919 - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Huntsville, Alabama (o) 777,842 609,765 - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Knoxville, Tennessee (o) 589,574 - - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Louisville, Kentucky (o) 647,375 - - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Mobile, Alabama - 495,195 - - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Montgomery, Alabama (o) 346,380 - - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Nashville, Tennessee (o) 513,218 - - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Orlando, Florida - 1,485,631 772,853 - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Pensacola, Florida (o) 389,394 - - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Raleigh, North Carolina (o) 840,525 465,154 - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Raleigh, North Carolina - 1,131,164 719,865 - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Richmond, Virginia (o) 618,125 - - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Richmond, Virginia 311,196 - - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Winston-Salem, North Carolina - 436,867 - - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Del Taco Restaurant:
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Mesa, Arizona - 642,483 - 581,759 -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Denny's Restaurants:
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Duncan, South Carolina (o) 219,702 - - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Greensboro, North Carolina (o) 361,025 572,098 - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Greenville, South Carolina (o) 457,851 454,566 - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Houston, Texas (o) 392,818 664,851 - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Kansas City, Missouri - 400,847 - 826,367 -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Landrum, South Carolina (o) 155,398 - - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Lee's Summit, Missouri - 503,048 - 626,215 -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
McKinney, Texas - 439,961 - - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Merriam, Kansas - 644,889 - 991,991 -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Mooresville, North Carolina (o) 307,292 - - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
North Kansas City, Missouri - 450,010 - 760,630 -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Pasadena, Texas - 466,555 - 506,094 -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Santee, South Carolina (o) 328,506 358,314 - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Sedalia, Missouri - 318,979 - 1,013,110 -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Shawnee, Oklahoma - 528,090 - 625,653 -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Tampa, Florida - 397,302 - - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Topeka, Kansas (o) 414,731 - - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Winter Springs, Florida (o) 555,232 - - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Einstein Brothers' Bagels:
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Dearborn, Michigan - 464,957 - 178,078 -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Springfield, Virginia - 633,691 - - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Fazoli's Restaurant:
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Southaven, Mississippi (o) 485,013 - - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Golden Corral Family Steakhouse
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Restaurants:
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Bellevue, Nebraska - 440,812 - 1,039,283 -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Brunswick, Georgia - 456,629 - 1,170,630 -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Carlsbad, New Mexico - 384,221 - 643,854 -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Cleburne, Texas - 359,455 - 653,853 -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Clovis, New Mexico - 426,349 805,517 - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Columbia, Missouri - 848,036 - 1,011,774 -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Columbia, Tennessee - 442,218 930,207 - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Columbus, Ohio - 1,031,098 - 1,092,939 -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Cookeville, Tennessee - 796,470 - 1,073,729 -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Corpus Christi, Texas - 576,548 - 934,918 -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Corsicana, Texas - 349,227 - 699,756 -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Council Bluffs, Iowa - 546,078 - 993,149 -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Davenport, Iowa - 601,296 1,344,016 - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Dover, Delaware - 1,043,108 - 977,508 -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Dubuque, Iowa - 564,242 - 1,056,315 -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Duncan, Oklahoma - 161,390 - 1,028,945 -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Edmond, Oklahoma - 569,664 - 1,017,781 -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Enid, Oklahoma - 364,536 - 865,147 -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Evansville, Indiana - 594,834 - 1,182,205 -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Evansville, Indiana - 585,396 - 1,519,454 -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Flowood, Mississippi - 588,243 - 1,080,988 -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Fort Dodge, Iowa - 320,832 - 1,158,929 -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Fort Walton Beach, Florida - 590,538 - 1,176,436 -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Fort Wayne, Indiana - 740,240 - 1,378,548 -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Fort Worth, Texas - 640,320 898,171 - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Henderson, Kentucky - 380,659 - 1,127,382 -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Hopkinsville, Kentucky - 456,646 - 861,803 -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Jacksonville, Florida - 615,554 - 1,184,073 -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Jacksonville, Florida - 541,264 - 1,173,738 -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Jacksonville, Florida - 681,984 - 1,345,152 -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Kansas City, Missouri - 409,153 - 943,712 -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Lufkin, Texas - 479,197 - 954,051 -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Moberly, Missouri - 374,230 - 838,342 -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Mobile, Alabama - 428,841 - 1,031,457 -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Muskogee, Oklahoma - 395,839 - 887,540 -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Olathe, Kansas - 548,821 - 1,099,448 -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Omaha, Nebraska - 569,943 - 1,274,726 -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Palatka, Florida - 322,433 - 987,385 -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Pensacola, Florida - 647,465 - 1,326,575 -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Port Richey, Florida - 626,999 - 1,130,692 -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Rock Hill, South Carolina - 710,534 - 1,190,135 -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Tampa, Florida - 825,650 - 1,161,192 -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Texarkana, Texas - 664,537 - 1,136,955 -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Tulsa , Oklahoma - 698,412 - 1,293,541 -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Universal City, Texas - 357,429 - 650,249 -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Winchester, Kentucky - 303,633 - 970,489 -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Ground Round Restaurants:
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Allentown, Pennsylvania (o) 405,631 884,954 - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Cincinnati, Ohio (o) 282,099 534,632 - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Dubuque, Iowa (o) 693,733 810,458 - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Ewing Township, New Jersey (o) 371,254 685,847 - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Janesville, Wisconsin (o) 451,235 548,178 - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Kalamazoo, Michigan (o) 287,331 712,081 - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Maple Grove, Minnesota (o) 862,659 - 744,049 -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Parma, Ohio (o) 388,699 793,475 - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Reading, Pennsylvania (o) 728,574 793,410 - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Waterloo, Iowa (o) 436,471 659,089 - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Wauwatosa, Wisconsin (o) 627,680 804,399 - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Guthrie's Restaurant:
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Hoover, Alabama - 493,536 619,786 - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Hardee's Restaurants:
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Chalkville, Alabama (o) 201,069 465,165 - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Columbia, Tennessee (o) 226,300 - - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Gulf Shores, Alabama (o) 409,444 604,784 - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Horn Lake, Mississippi (o) 302,787 - - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Johnson City, Tennessee - 215,567 - - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Mobile, Alabama - 336,696 - - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Petal, Mississippi (o) 324,298 420,017 - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Rock Hill, South Carolina - 256,050 476,149 - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Tusculum, Tennessee (o) 217,396 522,802 - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Warrior, Alabama (o) 177,659 - - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
West Point, Mississippi (o) 173,386 - - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Houlihan's Restaurants:
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Bethel Park, Pennsylvania - 846,183 595,601 - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Langhorne, Pennsylvania - 817,039 648,765 - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Plymouth Meeting, Pennsylvania - 1,181,460 908,880 - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
International House of Pancakes
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Restaurants:
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Auburn, Washington - 632,811 1,135,312 - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Ammon, Idaho (o) 414,559 1,034,440 - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Birmingham, Alabama (o) 536,536 832,527 - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Bristol, Virginia (o) 543,521 830,047 - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Brownsville, Texas (o) 512,217 952,151 - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Castle Rock, Colorado - 540,896 - 1,196,239 -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Clarksville, Tennessee (o) 375,987 964,430 - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Elk Grove, California (o) 584,766 - - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Fairfax, Virginia (o) 1,096,763 649,916 - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Fort Worth, Texas (o) 575,285 802,974 - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Fort Worth, Texas (o) 565,639 923,669 - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Greeley, Colorado (o) 416,279 - 867,972 -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Greenville, South Carolina (o) 476,847 961,606 - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Harrisonburg, Virginia (o) 458,630 975,485 - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Hiram, Georgia (o) 560,531 879,312 - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Hollywood, California (o) 1,407,002 - - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Homewood, Alabama (o) 545,112 1,029,900 - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Houston, Texas (o) 645,365 790,258 - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Huntsville, Alabama (o) 723,707 879,543 - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Jonesboro, Arkansas (o) 357,985 - - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Kansas City, Missouri (o) 512,481 831,202 - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Killeen, Texas (o) 380,687 775,713 - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Lafayette, Louisiana (o) 600,194 962,404 - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Lake Jackson, Texas (o) 460,167 744,128 - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Leesburg, Virginia (o) 665,015 580,798 - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Leon Valley, Texas (o) 593,624 918,024 - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Littleton, Colorado (o) 604,992 1,259,964 - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Loveland, Colorado (o) 488,259 - - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Macon, Georgia (o) 374,329 885,189 - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
McAllen, Texas (o) 593,419 847,268 - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Murfreesboro, Tennessee (o) 647,414 871,268 - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Nacogdoches, Texas (o) 417,141 982,193 - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Norman, Oklahoma (o) 492,965 - - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Oklahoma City, Oklahoma (o) 798,203 1,041,822 - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Phoenix, Arizona (o) 668,112 941,796 - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Port Arthur, Texas (o) 382,950 957,912 - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Poughkeepsie, New York (o) 504,533 806,624 - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Pueblo, Colorado (o) 504,492 797,087 - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Pueblo, Colorado (o) 387,562 891,943 - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Rocky Mount, North Carolina (o) 560,471 963,375 - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Roseville, Michigan (o) 282,868 843,648 - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
San Antonio, Texas (o) 685,745 914,967 - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Shreveport, Louisiana (o) 669,231 989,334 - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Southaven, Mississippi (o) 579,175 1,176,434 - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Statesboro, Georgia (o) 286,650 - - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Stockbridge, Georgia (o) 765,743 652,671 - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Victoria, Texas (o) 319,237 - - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Jack in the Box Restaurants:
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Allen, Texas (o) 711,642 - 726,339 -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Austin, Texas (o) 532,366 - 407,286 -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Austin, Texas (o) 447,208 - 880,283 -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Avondale, Arizona (o) 605,063 - 623,222 -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Bacliff, Texas (o) 419,488 - 697,861 -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Bakersfield, California (o) 295,417 683,436 - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Baton Rouge, Louisiana (o) 557,960 925,582 - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Baton Rouge, Louisiana (o) 361,841 804,635 - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Baytown, Texas (o) 402,155 770,994 - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Burley, Idaho (o) 368,139 591,710 - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Carson, California - 457,821 708,581 - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Chandler, Arizona (o) 481,456 - 636,588 -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Chandler, Arizona (o) 604,724 - 600,686 -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Channelview, Texas - 361,238 - 711,595 -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Charlotte, North Carolina (o) 481,103 827,308 - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Cleburne, Texas (o) 299,091 824,045 - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Concord, North Carolina (o) 578,906 752,831 - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Conroe, Texas (o) 520,413 938,962 - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Corinth, Texas (o) 396,864 - 576,370 -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Corning, California (o) 163,533 994,490 - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Corsicana, Texas (o) 445,782 672,868 - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Dallas, Texas (o) 369,886 - 467,819 -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Enumclaw, Washington (o) 124,468 - 773,506 -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Florissant, Missouri (o) 389,265 - 779,211 -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Folsom, California (o) 635,343 - 652,472 -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Fort Worth, Texas (o) 341,693 - 732,173 -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Fort Worth, Texas (o) 482,309 716,199 - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Fresno, California (o) 260,895 697,222 - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Fresno, California (o) 462,813 - 548,493 -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Fresno, California - 286,850 606,547 - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Georgetown, Texas (o) 499,875 - 866,353 -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Granbury, Texas (o) 404,270 - 831,716 -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Gun Barrel City, Texas (o) 284,046 - 549,495 -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Hillsboro, Oregon (o) 699,776 - 864,724 -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Hollister, California (o) 537,223 - 592,536 -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Houston, Texas - 545,485 - 527,020 -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Houston, Texas (o) 375,776 - 643,445 -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Houston, Texas (o) 403,002 - 610,815 -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Houston, Texas (o) 631,275 - 567,912 -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Houston, Texas (o) 420,521 - 543,338 -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Humble, Texas (o) 437,667 - 591,877 -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Humble, Texas (o) 390,509 - 542,599 -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Humble, Texas - 372,584 746,622 - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Hutchins, Texas (o) 272,937 - 653,792 -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Irvine, California (o) 899,898 - 733,701 -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Kent, Washington (o) 737,038 - 553,688 -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Las Vegas, Nevada (o) 954,244 - 684,213 -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Las Vegas, Nevada (o) 730,674 - 547,445 -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Los Angeles, California (o) 911,754 - 531,018 -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Los Angeles, California (o) 740,616 - 678,189 -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Los Angeles, California (o) 853,821 - 602,301 -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Los Angeles, California (o) 1,076,096 - 591,340 -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Lufkin, Texas (o) 418,351 - 651,064 -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Lufkin, Texas (o) 363,967 - 776,605 -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Menlo Park, California (o) 685,448 860,792 - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Moscow, Idaho (o) 217,851 - 751,664 -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Nacogdoches, Texas (o) 383,591 - 643,055 -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Ontario, California (o) 771,241 - 793,229 -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Orange, Texas (o) 387,533 - 787,843 -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Oxnard, California (o) 681,663 - 642,924 -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Palmdale, California (o) 370,342 - 548,107 -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Peoria, Arizona (o) 572,719 681,319 - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Peoria, Arizona (o) 496,689 - 721,614 -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Pflugerville, Texas (o) 717,246 - 657,685 -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Rock Hill, South Carolina (o) 485,150 696,126 - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Round Rock, Texas (o) 320,788 936,221 - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Saint Louis, Missouri (o) 474,296 - 727,491 -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Salem, Oregon (o) 501,168 - 699,067 -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
San Antonio, Texas (o) 274,362 - 781,797 -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
San Antonio, Texas (o) 311,466 - 700,979 -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Shelby, North Carolina (o) 556,517 766,319 - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Spring, Texas (o) 475,748 - 719,239 -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Surprise, Arizona (o) 673,677 723,004 - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Tacoma, Washington (o) 495,529 - 759,800 -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
The Colony, Texas (o) 560,424 771,699 - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Tigard, Oregon (o) 353,396 - 904,688 -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Tyler, Texas (o) 289,257 - 699,525 -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Waxahachie, Texas (o) 477,580 - 538,255 -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Weatherford, Texas (o) 464,986 - 785,149 -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
West Sacramento, California (o) 523,089 - 617,131 -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Woodland, California (o) 358,130 - 668,383 -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Jack in the Box/Arco Gas Station-
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Convenience Store:
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Benicia, California - 745,752 1,551,697 - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Coachella, California - 370,963 1,406,532 - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Jose Pepper's Restaurant:
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Blue Springs, Missouri - 251,188 - 737,672 -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
KFC Restaurants:
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Baton Rouge, Louisiana - 106,180 - 625,743 -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Baton Rouge, Louisiana - 181,039 - - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Gretna, Louisiana - 404,923 - 385,254 -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
New Orleans, Louisiana - 315,037 - 541,553 -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
New Orleans, Louisiana - 158,829 - 491,957 -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
New Orleans, Louisiana - 310,574 - 532,557 -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
New Orleans, Louisiana - 205,795 - 564,058 -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Port Allen, Louisiana (o) 165,191 858,299 - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Putnam, Connecticut - 301,723 - - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Krystal Restaurants:
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Brandon, Mississippi (o) 340,115 687,423 - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Chattanooga, Tennessee - 445,493 594,649 - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Greenville, Alabama (o) 190,146 614,193 - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Montgomery, Alabama - 311,103 506,943 - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Pelham, Alabama (o) 413,658 514,450 - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Rincon, Georgia (o) 454,265 573,950 - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Scottsboro, Alabama (o) 255,500 561,315 - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Trenton, Georgia (o) 336,004 579,290 - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Leeann Chin Chinese Cuisine Restaurants:
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Chanhassen, Minnesota - 376,929 639,875 - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Golden Valley, Minnesota (o) 665,422 - 481,311 -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Little Lake Bryan Land:
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Orlando, Florida - 6,437,878 - - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
OT Hodge Chile Parlor Restaurant:
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Woodson Terrace, Missouri - 744,126 - 1,221,749 -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Pizza Hut Restaurants:
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Adrian, Michigan - 242,239 - - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Beaver, West Virginia - 212,053 - - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Beckley, West Virginia - 209,432 - - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Bedford, Ohio - 174,721 - - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Belle, West Virginia - 46,737 - - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Bluefield, West Virginia - 120,449 - - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Bolivar, Ohio - 190,009 410,096 - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Bowling Green, Ohio - 200,442 - - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Bowling Green, Ohio - 135,831 191,595 - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Carrollton, Ohio - 187,082 533,487 - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Cleveland, Ohio - 116,849 - - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Cleveland, Ohio - 126,494 - - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Cleveland, Ohio - 226,163 - - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Cooper City, Florida - 161,249 234,940 - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Cross Lanes, West Virginia - 215,881 - - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Dania, Florida (o) 124,245 - - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Defiance, Ohio - 242,239 - - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
East Cleveland, Ohio - 194,012 - - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Euclid, Ohio - 202,050 - - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Huntington, West Virginia - 212,093 - - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Hurricane, West Virginia - 180,803 - - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Key Largo, Florida (o) 190,167 - - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Lambertville, Michigan - 99,166 - - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Marathon, Florida - 267,703 128,483 - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Marietta, Ohio - 169,454 - - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Mayfield Heights, Ohio - 202,552 - - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Miami, Florida (o) 304,780 343,274 - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Miami, Florida (o) 356,701 232,498 - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Miami, Florida (o) 396,838 314,597 - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Middleburg Heights, Ohio - 216,518 - - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Millersburg, Ohio - 213,090 635,104 - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Milton, West Virginia - 99,815 - - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Monroe, Michigan - 152,215 - - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
New Philadelphia, Ohio - 149,206 - 388,321 -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
New Philadelphia, Ohio - 223,981 442,758 - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
North Miami, Florida (o) 151,750 117,836 - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
North Olmsted, Ohio - 259,922 - - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Norwalk, Ohio - 261,529 - - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Oakland Park, Florida (o) 332,956 324,151 - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Pembroke Pines, Florida (o) 192,410 170,422 - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Pembroke Pines, Florida (o) 182,322 216,719 - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Rocky River, Ohio - 142,570 - - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Ronceverte, West Virginia - 99,733 - - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Sandusky, Ohio - 259,922 - - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Seven Hills, Ohio - 239,023 - - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Steubenville, Ohio - 228,199 475,421 - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Strongsville, Ohio - 186,476 - - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Toledo, Ohio - 208,480 - - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Toledo, Ohio - 197,227 - - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Toledo, Ohio - 176,170 - - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Toledo, Ohio - 128,604 - - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Toledo, Ohio - 194,097 142,478 - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Uhrichsville, Ohio - 279,779 562,521 - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Weirton, West Virginia - - 178,187 - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Wellsburg, West Virginia - 167,170 168,363 - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Pollo Tropical Restaurants:
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Coral Springs, Florida (o) 852,746 1,108,491 - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Davie, Florida (o) 712,865 873,395 - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Fort Lauderdale, Florida (o) 397,878 923,975 - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Lake Worth, Florida (o) 435,465 915,232 - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Miami, Florida (o) 789,680 604,283 - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Miami, Florida (o) 683,560 614,256 - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Miami, Florida (o) 654,766 1,195,901 - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Miami, Florida (o) 911,013 1,011,766 - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Miami, Florida (o) 1,244,893 918,257 - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
North Miami, Florida (o) 918,258 764,150 - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Sunrise, Florida (o) 569,436 968,749 - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Ponderosa Restaurants:
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Appleton, Wisconsin - 181,153 561,582 - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Blue Springs, Missouri (o) 691,797 - 1,136,902 -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Eureka, Missouri - 379,675 604,449 - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Indiana, Pennsylvania - 714,789 - 1,317,317 -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Johnstown, Pennsylvania (o) 599,391 - 1,159,989 -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Kissimmee, Florida - 214,177 853,505 - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Massena, New York - 129,816 659,340 - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Middletown, New York - 637,984 824,276 - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Oneonta, New York - 366,941 524,341 - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Popeye's Famous Fried Chicken Restaurants:
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Thomasville, Georgia (o) 113,780 407,429 - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Valdosta, Georgia (o) 158,880 - 378,057 -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Red Robin Restaurant:
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Columbus, Ohio - 719,246 - - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Rio Bravo Fresh Mex Cantina Restaurants:
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Altamonte Springs, Florida (o) 1,259,828 1,623,073 - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Atlanta, Georgia (o) 1,463,644 1,874,198 - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Fayetteville, Alabama (o) 200,583 996,927 - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Jacksonville, Florida (o) 1,725,325 1,574,207 - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Lake Mary, Florida (o) 88,077 2,019,028 - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Morrow, Georgia (o) 934,922 1,842,623 - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Nashville, Tennessee (o) 956,799 2,692,320 - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Roadhouse Grill Restaurants:
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Brandon, Florida (o) 914,103 - 691,171 -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Centerville, Ohio - 1,227,973 - 761,806 -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Clearwater, Florida (o) 1,370,391 - 946,608 -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Columbus, Ohio (o) 894,077 - 1,038,617 -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Fairfield, Ohio (o) 1,151,865 - 910,321 -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Grove City, Ohio - 649,962 - 978,307 -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Jacksonville, Florida (o) 394,026 - 1,442,752 -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Jacksonville, Florida - 1,313,730 - 887,733 -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Pensacola, Florida (o) 927,463 - 691,228 -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Pineville, North Carolina - 1,207,143 - 1,091,507 -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Rock Hill, South Carolina (o) 608,698 - 903,887 -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Roswell, Georgia (o) 908,635 - 1,084,536 -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Union Township, Ohio (o) 703,734 - 1,053,562 -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Rubio's Baja Grill Restaurant:
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Taylorsville, Utah - 889,562 - 487,475 -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Ruby Tuesday's Restaurants:
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Angola, Indiana - 355,000 - 24,069 -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Bartow, Florida - 416,311 - 963,488 -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Champlin, Minnesota (o) 505,639 - - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Colorado Springs, Colorado (o) 696,078 - 1,005,509 -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Coral Springs, Florida (o) 715,220 - 1,012,777 -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Dillon, Colorado (o) 556,515 - 1,132,988 -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Draper, Utah - 518,832 - - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Independence, Missouri - 980,703 - - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Island Park, New York (o) 1,383,854 - 66,728 -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Kansas City, Missouri - 633,404 - - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Lakeland, Florida (o) 574,441 742,781 - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Lakewood, Washington (o) 430,741 - - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Las Vegas, Nevada (o) 757,137 - 1,070,951 -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
London, Kentucky (o) 354,415 - - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Orange City, Florida (o) 719,563 - - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Orlando, Florida (o) 601,201 - - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Port St. Lucie, Florida (o) 423,971 1,197,836 - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Somerset, Kentucky (o) 545,612 - 868,606 -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
University Place, Washington (o) 472,186 - 1,114,550 -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Vero Beach, Florida (o) 536,564 - 1,267,552 -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Ruth's Chris Steak House Restaurant:
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
King of Prussia, Pennsylvania - 965,223 549,565 - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Tampa, Florida - 1,076,442 1,062,751 - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Ryan's Family Steak House Restaurant:
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Spring Hill, Florida - 591,371 - 1,175,273 -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Shoney's Restaurants:
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Indian Harbour Beach, Florida - 309,101 - 420,246 -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Phoenix, Arizona - 478,254 - 45,166 -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Sonny's Real Pit Bar-B-Q Restaurants:
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Athens, Georgia (o) 628,688 962,524 - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Conyers, Georgia - 371,021 593,171 - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Doraville, Georgia - 585,461 812,822 - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Marietta, Georgia - 527,572 870,710 - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Norcross, Georgia - 734,105 961,287 - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Smyrna, Georgia (o) 634,379 643,323 - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Thomasville, Georgia - 263,022 - - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Venice, Florida - 498,746 - - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Steak & Ale Restaurants:
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Altamonte Springs, Florida - 1,006,396 690,731 - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Austin, Texas (o) 705,557 - - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Birmingham, Alabama (o) 715,432 - - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
College Park, Georgia (o) 802,361 - - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Conroe, Texas (o) 590,733 - - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Greenville, South Carolina (o) 670,594 - - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Houston, Texas (o) 964,354 - - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Houston, Texas (o) 776,694 - - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Huntsville, Alabama (o) 641,125 - - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Jacksonville, Florida (o) 670,491 - - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Maitland, Florida - 684,164 - - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Memphis, Tennessee - 810,316 798,412 - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Mesquite, Texas (o) 592,342 - - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Miami, Florida (o) 594,142 - - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Middletown, New Jersey (o) 933,759 763,368 - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Norcross, Georgia (o) 740,132 - - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Orlando, Florida (o) 922,679 725,256 - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Palm Harbor, Florida (o) 487,021 - - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Pensacola, Florida - 354,419 - - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Tulsa, Oklahoma (o) 433,713 - - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Super Smokers BBQ Restaurant:
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
St. Peters, Missouri - 376,905 - 692,124 -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Taco Bell Restaurants:
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Colonial Heights, Virginia (o) 447,458 383,785 - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Hayes, Virginia (o) 299,870 - - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Livingston, Tennessee (o) 212,438 - - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Richmond, Virginia (o) 402,947 - - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Richmond, Virginia (o) 474,588 478,974 - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Richmond, Virginia (o) 404,578 451,129 - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
St. Louis, Missouri - 308,915 351,160 - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
St. Louis, Missouri - 349,637 - - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Wentzville, Missouri - 339,162 - - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Williamsburg, Virginia (o) 343,906 - - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Taco Bell/KFC Restaurants:
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Center, Texas (o) 297,185 - - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Gun Barrel City, Texas (o) 266,372 - - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Kaufman, Texas (o) 406,780 - - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Taco Bell/Pizza Hut Restaurants:
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Arlington, Texas - 276,616 - 589,368 -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Dallas, Texas (o) 185,281 - 517,865 -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Dallas, Texas (o) 335,174 694,862 - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Dallas, Texas - 355,763 - 496,898 -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Taco Cabana Restaurants:
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Arlington, Texas (o) 484,236 580,253 - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Austin, Texas (o) 580,216 914,416 - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Austin, Texas (o) 516,980 683,345 - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Austin, Texas (o) 480,116 625,123 - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Dallas, Texas (o) 672,697 545,736 - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Dallas, Texas (o) 480,149 539,059 - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Denton, Texas (o) 553,047 665,386 - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Houston, Texas (o) 683,133 607,746 - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Houston, Texas (o) 725,912 700,802 - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Houston, Texas (o) 743,809 705,546 - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Houston, Texas (o) 544,150 429,808 - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Houston, Texas (o) 536,275 415,073 - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Houston, Texas (o) 517,710 659,975 - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Houston, Texas (o) 832,671 526,126 - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Houston, Texas (o) 775,116 585,931 - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Katy, Texas (o) 661,043 444,196 - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Pasadena, Texas (o) 470,616 503,341 - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Pflugerville, Texas (o) 666,078 805,918 - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
San Antonio, Texas (o) 436,316 696,091 - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
San Antonio, Texas (o) 374,261 577,088 - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
San Antonio, Texas (o) 530,003 715,598 - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
San Antonio, Texas (o) 739,181 687,534 - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
San Antonio, Texas (o) 655,066 712,790 - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Schertz, Texas (o) 476,579 628,660 - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Universal City, Texas (o) 377,210 732,557 - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Texas Roadhouse Restaurants:
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Ammon, Idaho (o) 504,934 - 829,740 -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Arvada, Colorado (o) 538,204 - 1,149,066 -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Aurora, Colorado (o) 656,917 - 1,208,688 -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Cedar Rapids, Iowa (o) 581,847 - 1,135,505 -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
College Station, Texas (o) 520,037 - 1,074,176 -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Concord, North Carolina (o) 664,266 - 987,133 -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Gastonia, North Carolina (o) 235,195 - 1,115,831 -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Hickory, North Carolina (o) 560,423 - 1,032,294 -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Joliet, Illinois (o) 535,714 - 1,290,109 -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Shively, Kentucky (o) 713,534 995,529 - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
TGI Friday's Restaurants:
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Albuquerque, New Mexico (o) 968,686 - 278,117 -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
El Paso, Texas - 599,160 - - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Goodyear, Arizona - 967,242 - 1,726,827 -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Henderson, Nevada (o) 1,385,425 - - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Independence, Missouri - 856,278 - - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Lakeland, Florida - 517,979 - - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Leawood, Kansas - 2,459,048 - - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Mesa, Arizona - 914,342 - - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Roseville, California (o) 1,137,700 - 878,222 -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Shawnee, Kansas - 884,743 - - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Springfield, Ohio (o) 831,472 1,208,442 - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Temecula, California (o) 1,239,565 - - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Union City, California - 1,213,121 - - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Tin Alley Grill Restaurants:
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Crystal, Minnesota (o) 370,667 431,642 - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Gloucester, New Jersey (o) 422,489 528,849 - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
TropiGrill Restaurants:
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Altamonte Springs, Florida (o) 548,886 700,855 - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Orlando, Florida (o) 618,372 631,369 - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Tumbleweed Southwest Mesquite
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Bar & Grill Restaurants:
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Clarksville, Tennessee - 608,678 - - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Cookeville, Tennessee - 511,084 - - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Hermitage, Tennessee - 551,646 - - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Murfreesboro, Tennessee - 514,900 - - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Nashville, Tennessee - 420,176 - - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Village Inn Restaurant:
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Omaha, Nebraska (o) 511,811 756,304 - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Wendy's Old Fashioned Hamburgers
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Restaurants:
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Atascadero, California (o) 485,625 - 705,993 -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Camarillo, California (o) 640,066 - 688,918 -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Knoxville, Tennessee (o) 358,027 - 444,622 -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Knoxville, Tennessee (o) 555,813 - 442,025 -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Paso Robles, California (o) 489,097 - 735,630 -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Westlake Village, California (o) 841,374 - 699,082 -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
381,703,694 229,727,335 201,730,162 -
- ----------------------------------============-============-===========-===========
- ----------------------------------============-============-===========-===========
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Property of Joint Venture in Which
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
the Company has a 59.22% Interest
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
and has Invested in Under
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
an Operating Lease:
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Bennigan's Restaurant:
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Orlando, Florida (o) 708,297 - 1,008,108 -
- ----------------------------------============-============-===========-===========
- ----------------------------------============-============-===========-===========
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Costs Capitalized
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Initial Cost Subsequent to Acquisition
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Encum- Buildings and Improve- Carrying
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
brances Land Improvements ments Costs
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Properties the Company
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
has invested in Under
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Direct Financing Leases:
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Applebee's Restaurants:
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Freeport, Illinois (o) 197,631 1,008,908 - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Moscow, Idaho - - 1,238,460 - -
- ----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Rockford, Illinois (o) 1,096,139 - - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Tullahoma, Tennessee (o) 324,362 1,009,364 - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Arby's Restaurants:
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Allen, Texas (o) - - 609,272 -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Circleville, Ohio (o) 310,889 - 629,853 -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Grand Rapids, Michigan (o) 938,296 - - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Huntsville, Alabama - - - 595,801 -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Newark, Ohio - - - 339,772 -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Orange, Connecticut (o) 372,548 - - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Southington, Connecticut (o) 542,818 - - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
The Colony, Texas - - - 593,454 -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Waterbury, Connecticut (o) 472,739 - - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Barb Wires Steakhouse Restaurants:
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Lawrence, Kansas - - 1,022,607 - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Bennigan's Restaurants:
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Bedford, Texas - 954,774 - - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Clearwater, Florida (o) 1,043,049 - - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Colorado Springs, Colorado (o) 902,872 - - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Englewood, Colorado (o) 1,131,082 - - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Florham Park, New Jersey (o) 1,092,401 - - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Houston, Texas (o) 985,394 - - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Jacksonville, Florida - 819,356 - - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Jacksonville, Florida - 1,061,339 - - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
North Richland Hills, Texas - 983,252 - - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Oklahoma City, Oklahoma (o) 1,015,084 - - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Pensacola, Florida (o) 980,438 - - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
St. Louis Park, Minnesota (o) 1,280,033 - - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Tampa, Florida (o) 1,324,729 - - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Winston-Salem, North Carolina (o) 247,828 992,552 - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Woodridge, Illinois - 991,688 - - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Big Boy Restaurants:
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Bridgeton, Missouri - - - 677,631 -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Black-eyed Pea Restaurants:
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Albuquerque, New Mexico - 705,746 - - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Albuquerque, New Mexico - 704,757 - - -
- -----------------------------------------------------------------------
- -----------------------------------------------------------------------
Bedford, Texas - 655,028 - - -
- -----------------------------------------------------------------------
- -----------------------------------------------------------------------
Dallas, Texas - 655,011 - - -
- -----------------------------------------------------------------------
- -----------------------------------------------------------------------
Dallas, Texas - 698,827 - - -
- -----------------------------------------------------------------------
- -----------------------------------------------------------------------
Dallas, Texas - 685,977 - - -
- -----------------------------------------------------------------------
- -----------------------------------------------------------------------
Forestville, Maryland - 681,034 - - -
- -----------------------------------------------------------------------
- -----------------------------------------------------------------------
Fort Worth, Texas - 655,014 - - -
- -----------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Hillsboro, Texas - - - 716,364 -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Mesa, Arizona - 906,740 - - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Oklahoma City, Oklahoma - 651,523 - - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Phoenix, Arizona - 677,681 - - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Phoenix, Arizona - 677,805 - - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Phoenix, Arizona - 682,141 - - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Scottsdale, Arizona - - - 823,188 -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Tucson, Arizona - 678,333 - - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Waco, Texas - 699,815 - - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Wichita, Kansas - 698,827 - - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Burger King Restaurants:
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Atlanta, Georgia - - - 582,222 -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Clinton, North Carolina - - - 696,507 -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Lacey, Washington - 840,711 - - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Montgomery, Alabama - 966,175 - - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Olympia, Washington - 920,058 - - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Port Angeles, Washington - 696,026 - - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Prattville, Alabama - 262,664 812,946 - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Tuskegee, Alabama - 127,618 899,076 - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Chevys Fresh Mex Restaurant:
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Annapolis, Maryland - 1,540,332 - - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Corky's Bar-B-Q Restaurant:
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Hendersonville, Tennessee - 782,282 - - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Darryl's Restaurants:
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Evansville, Indiana (o) - 974,401 -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Knoxville, Tennessee (o) - 709,047 - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Louisville, Kentucky (o) - 915,201 - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Mobile, Alabama - - 1,009,042 - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Montgomery, Alabama (o) - 952,382 - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Nashville, Tennessee (o) - 736,400 - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Pensacola, Florida (o) - 725,709 - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Richmond, Virginia (o) - 775,617 - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Richmond, Virginia - 650,175 - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Winston-Salem, North Carolina - - 812,752 - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Denny's Restaurants:
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Akron, Ohio (o) 137,424 938,202 - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Duncan, South Carolina (o) - 826,770 - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Landrum, South Carolina (o) - 492,869 - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
McKinney, Texas - - - 655,052 -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Mooresville, North Carolina (o) - 736,649 - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Tampa, Florida - - - 715,957 -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Topeka, Kansas (o) - 700,166 - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Winter Springs, Florida (o) - - 886,915 -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Fazoli's Restaurant:
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Southaven, Mississippi (o) - 609,277 - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Hardee's Restaurants:
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Aynor, South Carolina (o) 44,871 557,446 - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Biscoe, North Carolina (o) 60,301 519,290 - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Columbia, Tennessee (o) - 644,519 - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Horn Lake, Mississippi (o) - 622,268 - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Iuka, Mississippi (o) 130,258 546,459 - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Johnson City, Tennessee - - 618,318 - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Mobile, Alabama - - 540,173 - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Warrior, Alabama (o) - 518,434 - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
West Point, Mississippi (o) - 569,388 - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
International House of Pancakes Restaurants:
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Alexandria, Virginia (o) - 852,645 - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Anderson, South Carolina (o) - 957,414 - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Blue Bell, Pennsylvania (o) - 829,834 - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Chesapeake, Virginia (o) - 1,059,499 - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Christianburg, Virginia (o) - 918,143 - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Corpus Christi, Texas (o) - 864,457 - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Crestwood, Illinois (o) - 935,262 - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Elk Grove, California (o) - 1,039,584 - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Flagstaff, Arizona (o) 293,762 1,121,276 - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Fredericksburg, Virginia (o) - 972,595 - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Hickory, North Carolina (o) - 1,202,183 - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Hollywood, California (o) - 994,845 - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Houston, Texas (o) - 1,017,365 - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Houston, Texas - - 764,708 - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Jacksonville, North Carolina (o) 336,178 1,035,419 - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Jonesboro, Arkansas (o) - 986,813 - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Loveland, Colorado (o) - 963,597 - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Maryville, Tennessee (o) 243,825 963,231 - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Montgomery, Alabama (o) - 843,378 - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Norman, Oklahoma (o) - 1,082,505 - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Pittsburg, California (o) - 1,014,264 - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Plano, Texas (o) - 982,443 - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Salem, New Hampshire - - 779,153 - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
San Antonio, Texas (o) - 1,081,335 - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Shreveport, Louisiana (o) 339,479 1,117,511 - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Statesboro, Georgia (o) - 793,417 - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Tuscaloosa, Alabama (o) - 930,720 - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Victoria, Texas (o) - 814,015 - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Virginia Beach, Virginia (o) - 1,013,830 - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Warner Robins, Georgia - - 833,493 - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
KFC Restaurant:
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Baton Rouge, Louisiana - - - 578,860 -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Putnam, Connecticut - - 530,846 - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
NI's International Buffet Restaurant:
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Eastlake, Ohio - 256,332 1,473,307 - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
On the Border Restaurant:
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
San Antonio, Texas - - - 1,305,217 -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Popeye's Famous Fried Chicken Restaurant:
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Starke, Florida (o) 208,910 - 427,066 -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Pizza Hut Restaurants:
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Dania, Florida (o) - 170,664 - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Key Largo, Florida (o) - 389,965 - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Red Robin Restaurant:
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Columbus, Ohio - - - 1,392,872 -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Ruby Tuesday's Restaurants:
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Champlin, Minnesota (o) - - 1,151,835 -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Draper, Utah - - - 1,036,077 -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Independence, Missouri - - - 554,092 -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Kansas City, Missouri - - - 1,115,425 -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Lakewood, Washington (o) - - 1,127,476 -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
London, Kentucky (o) - - 845,249 -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Louisville, Kentucky - - - 1,072,199 -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Orange City, Florida (o) - - 1,047,180 -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Orlando, Florida (o) - 1,009,008 -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Puyallup, Washington - - 934,118 -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Sebring, Florida (o) 230,901 - 775,843 -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
St. George, Utah - - - 895,583 -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Sonny's Real Pit Bar-B-Q Restaurants:
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Thomasville, Georgia - - - 988,618 -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Venice, Florida - - 1,004,407 - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Steak & Ale Restaurants:
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Austin, Texas (o) - 745,609 - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Birmingham, Alabama (o) - 681,623 - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
College Park, Georgia (o) - 909,525 - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Conroe, Texas (o) - 1,032,606 - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Greenville, South Carolina (o) - 1,180,342 - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Houston, Texas (o) - 978,733 - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Houston, Texas (o) - 1,092,606 - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Huntsville, Alabama (o) - 810,041 - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Jacksonville, Florida (o) - 879,060 - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Maitland, Florida - - 791,599 - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Mesquite, Texas (o) - 908,017 - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Miami, Florida (o) - 1,176,774 - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Norcross, Georgia (o) - 966,814 - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Palm Harbor, Florida (o) - 816,569 - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Pensacola, Florida - - 826,191 - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Tulsa, Oklahoma (o) - 1,067,543 - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Taco Bell Restaurants:
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Hayes, Virginia (o) - 443,302 - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Livingston, Tennessee (o) - - 436,198 -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Richmond, Virginia (o) - 575,079 - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
St. Louis, Missouri - - 471,686 - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Wentzville, Missouri - - - 589,290 -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Williamsburg, Virginia (o) - - 438,410 -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Taco Bell/KFC Restaurants:
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Center, Texas (o) - 559,996 - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Gun Barrel City, Texas (o) - 658,209 - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Kaufman, Texas (o) - 630,395 - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Texas Roadhouse Restaurants:
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Dickson City, Pennsylvania - - - 1,070,508 -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Fayetteville, North Carolina - - 944,114 - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
TGI Friday's Restaurants:
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
El Paso, Texas - - 1,089,566 - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Henderson, Nevada (o) - - 1,973,551 -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Independence, Missouri - - - 1,664,913 -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Lakeland, Florida - - - 1,304,377 -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Leawood, Kansas - - - 1,430,005 -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Mesa, Arizona - - - 1,440,217 -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Shawnee, Kansas - - - 1,748,685 -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Temecula, California (o) - - 1,476,765 -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Union City, California - - - 1,984,765 -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
TGI Friday's/Redfish Looziana Roadhouse
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Restaurant:
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
San Diego, California - 2,399,895 - 3,646,084 -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Tumbleweed Southwest Mesquite Bar & Grill
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Restaurant:
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Clarksville, Tennessee - - - 934,598 -
- -----------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------
Cookeville, Tennessee - - - 1,029,717 -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Hermitage, Tennessee - - - 965,664 -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Murfreesboro, Tennessee - - - 976,699 -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Nashville, Tennessee - - - 949,367 -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Wendy's Old Fashioned Hamburgers Restaurants:
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Carmel Mountain, California (o) - 594,856 - -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Knoxville, Tennessee (o) - - 463,995 -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
San Diego, California (o) - - 590,058 -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Santa Maria, California - - - 699,815 -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Sevierville, Tennessee (o) - - 531,726 -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Seymour, Tennessee (o) - - 472,670 -
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
6,153,129 111,445,660 52,848,842 -
- ----------------------------------============-============-===========-===========
- -----------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Life on Which
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Gross Amount at Which Depreciation in
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Carried at Close of Period Date Latest Income
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Building and Accumulated of Con- Date Statement is
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Land Improvements Total DepreciationstructionAcquired Computed
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
609,696 770,331 1,380,027 60,448 1991 08/98 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
556,070 983,010 1,539,080 77,137 1995 08/98 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
625,868 936,068 1,561,936 73,454 1996 08/98 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
489,867 1,003,630 1,493,497 78,755 1993 08/98 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
549,651 966,628 1,516,279 75,852 1994 08/98 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
735,272 827,474 1,562,746 64,932 1992 08/98 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
390,058 943,019 1,333,077 73,999 1997 08/98 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
568,168 925,046 1,493,214 72,589 1998 08/98 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
740,165 835,996 1,576,161 65,601 1995 08/98 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
874,094 880,494 1,754,588 64,457 1997 12/96 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
537,410 (g) 537,410 (h) 1999 08/99 (h)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
603,828 (g) 603,828 (h) 1996 01/99 (h)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
778,321 1,153,535 1,931,856 46,925 1999 10/99 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
508,994 (g) 508,994 (h) 1999 12/99 (h)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
230,720 455,946 686,666 38,103 1988 05/98 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
648,459 655,353 1,303,812 25,624 1998 08/98 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
326,788 391,270 718,058 25,397 1995 01/99 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
338,486 497,282 835,768 71,761 1996 09/96 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
226,428 414,175 640,603 5,752 1995 01/99 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
248,277 368,959 617,235 5,124 1984 01/99 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
266,606 421,780 688,386 5,858 1994 01/99 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
586,476 606,850 1,193,326 41,399 1998 12/98 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
441,770 594,458 1,036,228 23,243 1998 07/98 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
483,868 576,483 1,060,351 49,604 1999 12/98 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
708,710 546,363 1,255,074 17,002 1999 12/99 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
434,130 618,352 1,052,482 18,876 2000 01/00 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
312,670 (g) 312,670 (h) 1995 08/95 (h)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
363,478 404,650 768,128 46,031 1990 08/97 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
277,986 490,143 768,128 55,756 1995 08/97 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
270,539 488,818 759,357 6,789 1993 01/99 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
439,935 677,335 1,117,269 31,967 2000 12/99 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
228,364 539,764 768,128 61,401 1995 08/97 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
273,325 413,077 686,402 46,990 1994 08/97 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
268,545 485,160 753,705 55,190 1995 08/97 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
235,996 452,008 688,004 6,278 1990 01/99 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
668,582 755,749 1,424,331 14,679 1999 06/00 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
320,924 463,347 784,271 53,993 1992 07/97 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
242,777 398,029 640,806 5,528 1992 01/99 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
150,180 (g) 150,180 (h) 1983 07/00 (h)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
463,047 592,539 1,055,586 24,827 1998 05/98 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
196,251 443,976 640,226 7,400 1991 01/99 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
412,516 673,289 1,085,805 41,402 1998 01/99 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
583,115 778,732 1,361,847 15,142 1999 05/00 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
366,273 (g) 366,273 (h) 1985 07/00 (h)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
421,481 633,406 1,054,887 28,739 1999 07/99 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
322,412 371,694 694,106 24,126 1992 01/99 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
504,285 (g) 504,285 (h) 1999 12/99 (h)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
733,180 665,895 1,399,075 39,756 1999 03/99 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
498,403 701,467 1,199,871 29,227 1999 09/99 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
322,716 (g) 322,716 (h) 1971 07/00 (h)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
522,786 289,350 812,136 20,110 1998 12/98 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
449,010 728,259 1,177,269 26,575 1978 10/99 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
679,830 1,041,258 1,721,088 37,997 1987 10/99 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
419,238 848,874 1,268,112 30,977 1979 10/99 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
543,966 1,131,838 1,675,804 41,303 1991 10/99 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
573,069 468,307 1,041,376 17,089 1980 10/99 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
537,805 778,410 1,316,215 10,811 1978 10/99 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
601,418 760,181 1,361,599 10,558 1978 10/99 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
591,206 770,392 1,361,599 10,700 1977 10/99 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
647,562 869,687 1,517,248 31,736 1977 10/99 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
488,663 1,141,844 1,630,506 41,668 1992 10/99 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
664,403 852,845 1,517,248 31,122 1970 10/99 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
567,083 1,176,715 1,743,798 42,940 1978 10/99 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
686,927 674,672 1,361,599 9,370 1999 10/99 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
375,257 734,314 1,109,571 26,796 1977 10/99 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
614,512 630,952 1,245,464 23,024 1977 10/99 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
518,276 591,047 1,109,323 21,568 1980 10/99 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
586,045 718,306 1,304,351 26,212 1977 10/99 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
373,239 873,481 1,246,720 41,156 1999 06/99 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
346,699 829,363 1,176,062 49,925 1987 03/99 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
501,566 920,312 1,421,878 (c) (d) 01/99 (c)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
493,489 (g) 493,489 (h) 1994 08/97 (h)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
714,194 1,302,733 2,016,927 162,667 1997 04/97 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
944,185 1,529,062 2,473,247 50,969 2000 01/00 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
768,333 (g) 768,333 (h) 1986 06/98 (h)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
1,433,543 835,463 2,269,006 13,924 2000 05/00 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
900,038 (g) 900,038 (h) 1979 06/98 (h)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
794,255 (g) 794,255 (h) 1979 06/98 (h)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
1,433,543 835,463 2,269,006 13,924 2000 05/00 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
665,141 (g) 665,141 (h) 1984 06/98 (h)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
1,460,179 901,042 2,361,220 76,383 1982 06/98 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
1,077,645 (g) 1,077,645 (h) 1983 06/98 (h)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
1,019,248 1,789,742 2,808,991 9,943 2000 11/00 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
1,038,598 1,523,346 2,561,944 54,728 1999 11/99 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
908,502 (g) 908,502 (h) 1979 06/98 (h)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
779,387 (g) 779,387 (h) 1983 06/98 (h)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
832,557 (g) 832,557 (h) 1981 06/98 (h)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
1,075,230 1,502,305 2,577,535 29,193 1999 06/00 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
1,305,939 1,030,685 2,336,624 87,373 1982 06/98 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
886,048 (g) 886,048 (h) 1979 06/98 (h)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
693,453 1,072,916 1,766,369 44,705 1998 12/98 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
756,750 (g) 756,750 (h) 1986 06/98 (h)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
1,585,461 874,143 2,459,604 74,103 1978 06/98 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
692,093 (g) 692,093 (h) 1983 06/98 (h)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
885,111 (g) 885,111 (h) 1976 06/98 (h)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
741,286 (g) 741,286 (h) 1980 06/98 (h)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
789,680 (g) 789,680 (h) 1987 12/98 (h)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
289,405 584,386 873,791 (c) (d) 02/99 (c)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
168,583 876,117 1,044,700 53,769 1992 01/99 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
273,460 828,751 1,102,211 32,501 1999 08/99 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
624,303 952,724 1,577,027 56,446 1986 03/99 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
395,842 631,903 1,027,744 32,872 1978 04/99 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
122,097 974,597 1,096,694 57,653 1990 03/99 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
623,709 1,083,059 1,706,768 54,143 1997 08/97 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
515,607 838,027 1,353,634 45,192 1981 05/99 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
656,263 1,312,746 1,969,009 66,067 1997 01/98 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
366,776 778,584 1,145,360 47,876 1999 01/99 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
369,314 704,550 1,073,864 41,329 1984 02/99 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
466,949 630,982 1,097,931 35,830 1984 04/99 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
437,383 903,780 1,341,163 48,742 1991 02/99 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
376,886 877,728 1,254,614 39,850 1993 12/98 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
1,023,054 1,275,135 2,298,188 53,131 1999 09/99 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
799,168 1,229,788 2,028,956 50,199 1999 10/99 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
679,384 1,028,766 1,708,150 39,696 1999 11/99 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
744,764 1,082,896 1,827,660 61,148 1998 04/99 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
892,828 1,323,506 2,216,334 51,300 1999 09/99 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
362,141 989,635 1,351,776 81,362 1996 07/98 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
404,881 (g) 404,881 (h) 1996 10/97 (h)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
518,990 1,013,637 1,532,627 41,952 1999 09/99 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
690,692 1,121,270 1,811,961 50,862 1999 07/99 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
784,939 (g) 784,939 (h) 1994 09/97 (h)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
821,177 1,050,746 1,871,923 43,354 1999 10/99 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
568,489 958,822 1,527,311 55,062 1998 03/99 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
774,448 507,587 1,282,034 63,444 1997 04/97 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
507,544 328,353 835,897 38,305 1997 07/97 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
353,608 606,470 960,078 58,029 1997 05/98 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
705,522 626,845 1,332,367 85,315 1996 12/96 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
667,992 661,776 1,329,768 75,363 1997 08/97 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
566,562 403,730 970,292 39,959 1997 04/98 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
885,567 648,755 1,534,322 72,079 1997 09/97 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
631,336 675,111 1,306,447 78,757 1997 07/97 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
515,827 572,706 1,088,532 62,038 1997 10/97 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
473,596 586,377 1,059,974 68,406 1997 07/97 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
526,092 504,483 1,030,575 54,648 1997 10/97 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
378,786 388,489 767,275 52,874 1996 09/96 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
788,248 209,449 997,697 31,415 1996 07/96 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
751,576 757,026 1,508,602 88,313 1997 07/97 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
651,867 775,634 1,427,501 90,484 1997 07/97 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
234,685 589,367 824,052 58,185 1994 04/98 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
569,782 294,878 864,660 34,400 1997 07/97 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
597,021 962,188 1,559,210 57,534 1982 03/99 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
394,712 (g) 394,712 (h) 1998 06/98 (h)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
543,095 552,491 1,095,586 20,020 1996 08/96 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
217,079 858,549 1,075,628 40,739 1999 04/99 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
680,192 526,711 1,206,903 19,086 1997 05/97 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
769,842 376,964 1,146,806 13,659 1997 05/97 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
917,717 713,170 1,630,887 25,842 1996 02/97 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
349,582 (g) 349,582 (h) 1999 02/00 (h)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
445,471 434,907 880,378 26,005 1971 03/99 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
387,913 560,993 948,906 33,544 1991 03/99 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
323,106 1,219,165 1,542,270 72,899 1991 03/99 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
672,815 553,461 1,226,275 20,055 1996 08/96 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
477,686 719,221 1,196,907 43,005 1989 03/99 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
233,468 689,696 923,164 89,952 1970 12/96 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
308,272 (g) 308,272 (h) 1993 01/99 (h)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
360,438 1,062,531 1,422,969 63,534 1988 03/99 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
339,900 745,696 1,085,597 44,589 1987 03/99 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
448,745 626,866 1,075,610 38,432 1988 01/99 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
775,925 458,838 1,234,763 27,436 1971 03/99 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
379,798 695,812 1,075,610 42,660 1990 01/99 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
402,927 (g) 402,927 (h) 1988 01/99 (h)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
273,353 718,493 991,846 42,962 1973 03/99 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
1,211,346 741,406 1,952,753 26,865 1996 09/96 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
546,261 658,946 1,205,207 23,877 1997 07/97 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
625,123 958,670 1,583,793 57,323 1974 03/99 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
525,000 (f) 525,000 (f) (f) 12/00 (f)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
261,321 802,689 1,064,010 47,996 1975 03/99 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
424,416 822,399 1,246,814 50,420 1995 01/99 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
281,966 581,637 863,603 34,779 1967 03/99 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
481,173 652,659 1,133,832 21,631 1999 01/00 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
363,327 596,839 960,166 35,688 1987 03/99 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
375,952 820,967 1,196,919 49,089 1987 03/99 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
348,663 701,825 1,050,488 34,413 1999 04/99 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
944,585 689,363 1,633,948 82,335 1971 06/97 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
1,372,280 (g) 1,372,280 (h) 1999 12/99 (h)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
986,426 1,680,312 2,666,738 172,685 1994 12/97 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
1,122,087 2,017,496 3,139,583 115,615 1999 04/99 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
938,162 1,681,670 2,619,832 172,607 1995 12/97 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
869,178 1,309,759 2,178,937 75,057 1999 04/99 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
844,185 1,425,740 2,269,926 81,703 1999 04/99 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
984,259 1,103,690 2,087,949 63,248 1999 04/99 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
945,234 1,475,339 2,420,573 151,429 1994 12/97 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
1,239,264 1,490,392 2,729,656 85,408 1999 04/99 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
570,815 1,536,290 2,107,105 88,039 1999 04/99 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
963,047 1,505,671 2,468,718 154,542 1995 12/97 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
1,156,847 1,188,272 2,345,119 76,243 1997 12/98 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
1,089,268 931,637 2,020,905 53,388 1999 04/99 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
1,032,271 1,074,834 2,107,105 61,594 1999 04/99 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
960,779 1,365,563 2,326,342 121,372 1990 05/98 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
470,047 1,541,280 2,011,327 88,324 1999 04/99 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
1,495,716 1,674,517 3,170,232 95,960 1999 04/99 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
869,408 1,548,972 2,418,380 88,765 1999 04/99 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
878,358 1,449,034 2,327,392 83,038 1999 04/99 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
844,918 1,712,340 2,557,257 98,127 1999 04/99 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
528,118 340,297 868,415 50,445 1996 10/96 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
563,479 (g) 563,479 (h) 1983 06/97 (h)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
698,367 523,919 1,222,286 18,565 1983 06/97 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
777,842 609,765 1,387,607 21,607 1981 06/97 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
589,574 (g) 589,574 (h) 1983 06/97 (h)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
647,375 (g) 647,375 (h) 1983 06/97 (h)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
495,195 (g) 495,195 (h) 1983 06/97 (h)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
346,380 (g) 346,380 (h) 1984 06/97 (h)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
513,218 (g) 513,218 (h) 1981 06/97 (h)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
1,485,631 772,853 2,258,484 93,292 1983 06/97 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
389,394 (g) 389,394 (h) 1983 06/97 (h)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
840,525 465,154 1,305,679 17,811 1980 06/97 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
1,131,164 719,865 1,851,029 85,978 1972 06/97 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
618,125 (g) 618,125 (h) 1982 06/97 (h)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
311,196 (g) 311,196 (h) 1982 06/97 (h)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
436,867 (g) 436,867 (h) 1978 06/97 (h)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
642,483 581,759 1,224,242 22,909 1999 10/99 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
219,702 (g) 219,702 (h) 1992 03/99 (h)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
361,025 572,098 933,123 34,208 1992 03/99 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
457,851 454,566 912,417 27,181 1985 03/99 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
392,818 664,851 1,057,669 39,754 1985 03/99 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
400,847 826,367 1,227,214 37,627 1997 06/99 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
155,398 (g) 155,398 (h) 1992 03/99 (h)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
503,048 626,215 1,129,263 33,545 1979 05/99 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
439,961 (g) 439,961 (h) 1996 04/96 (h)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
644,889 991,991 1,636,880 53,510 1981 05/99 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
307,292 (g) 307,292 (h) 1992 03/99 (h)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
450,010 760,630 1,210,640 40,843 1979 05/99 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
466,555 506,094 972,649 89,968 1981 09/95 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
328,506 358,314 686,819 21,425 1992 03/99 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
318,979 1,013,110 1,332,089 55,282 1999 05/99 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
528,090 625,653 1,153,743 111,222 1987 09/95 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
397,302 (g) 397,302 (h) 1997 08/97 (h)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
414,731 (g) 414,731 (h) 1989 03/99 (h)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
555,232 (g) 555,232 (h) 1994 03/99 (h)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
464,957 178,078 643,035 25,010 1997 07/97 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
633,691 - 633,691 (f) 1997 07/97 (f)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
485,013 (g) 485,013 (h) 1999 02/99 (h)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
440,812 1,039,283 1,480,095 59,557 1999 04/99 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
456,629 1,170,630 1,627,259 88,759 1998 09/98 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
384,221 643,854 1,028,074 114,457 1995 09/95 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
359,455 653,853 1,013,308 114,418 1995 10/95 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
426,349 805,517 1,231,866 66,152 1997 07/98 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
848,036 1,011,774 1,859,811 66,957 1999 01/99 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
442,218 930,207 1,372,424 68,096 1996 12/96 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
1,031,098 1,092,939 2,124,037 188,219 1995 11/95 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
796,470 1,073,729 1,870,199 52,630 1999 07/99 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
576,548 934,918 1,511,466 103,872 1997 09/97 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
349,227 699,756 1,048,983 126,338 1995 08/95 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
546,078 993,149 1,539,227 79,996 1998 08/98 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
601,296 1,344,016 1,945,312 76,652 1998 04/99 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
1,043,108 977,508 2,020,616 165,625 1995 12/95 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
564,242 1,056,315 1,620,557 85,083 1998 08/98 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
161,390 1,028,945 1,190,335 105,744 1997 11/97 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
569,664 1,017,781 1,587,445 84,806 1998 07/98 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
364,536 865,147 1,229,683 91,314 1997 11/97 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
594,834 1,182,205 1,777,040 46,862 1999 07/99 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
585,396 1,519,454 2,104,850 46,774 1999 12/99 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
588,243 1,080,988 1,669,231 37,074 1999 12/99 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
320,832 1,158,929 1,479,760 75,023 1999 01/99 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
590,538 1,176,436 1,766,974 117,633 1997 01/98 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
740,240 1,378,548 2,118,788 42,388 1999 12/99 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
640,320 898,171 1,538,491 162,161 1995 08/95 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
380,659 1,127,382 1,508,042 59,963 1999 04/99 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
456,646 861,803 1,318,449 61,409 1996 02/97 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
615,554 1,184,073 1,799,628 131,554 1997 09/97 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
541,264 1,173,738 1,715,002 130,406 1997 09/97 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
681,984 1,345,152 2,027,136 42,310 1999 12/99 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
409,153 943,712 1,352,865 102,227 1997 10/97 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
479,197 954,051 1,433,248 129,849 1997 01/97 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
374,230 838,342 1,212,572 102,457 1997 05/97 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
428,841 1,031,457 1,460,298 106,003 1997 12/97 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
395,839 887,540 1,283,379 81,350 1997 04/98 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
548,821 1,099,448 1,648,268 100,773 1997 04/98 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
569,943 1,274,726 1,844,669 81,455 1998 12/98 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
322,433 987,385 1,309,818 102,732 1997 12/97 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
647,465 1,326,575 1,974,040 88,019 1999 03/99 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
626,999 1,130,692 1,757,691 164,742 1996 09/96 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
710,534 1,190,135 1,900,669 49,950 1999 10/99 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
825,650 1,161,192 1,986,842 189,582 1995 02/96 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
664,537 1,136,955 1,801,492 15,791 2000 07/00 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
698,412 1,293,541 1,991,953 55,032 1999 09/99 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
357,429 650,249 1,007,678 115,594 1995 09/95 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
303,633 970,489 1,274,123 115,912 1997 06/97 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
405,631 884,954 1,290,585 95,748 1983 10/97 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
282,099 534,632 816,731 57,845 1981 10/97 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
693,733 810,458 1,504,190 87,688 1982 10/97 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
371,254 685,847 1,057,101 72,301 1979 11/97 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
451,235 548,178 999,412 59,310 1982 10/97 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
287,331 712,081 999,412 77,044 1980 10/97 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
862,659 744,049 1,606,708 (c) (d) 09/00 (c)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
388,699 793,475 1,182,173 85,851 1977 10/97 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
728,574 793,410 1,521,984 85,844 1982 10/97 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
436,471 659,089 1,095,560 71,311 1982 10/97 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
627,680 804,399 1,432,079 87,033 1977 10/97 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
493,536 619,786 1,113,322 68,860 1997 09/97 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
201,069 465,165 666,234 27,814 1992 03/99 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
226,300 (g) 226,300 (h) 1993 03/99 (h)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
409,444 604,784 1,014,229 36,163 1993 03/99 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
302,787 (g) 302,787 (h) 1993 03/99 (h)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
215,567 (g) 215,567 (h) 1993 03/99 (h)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
336,696 (g) 336,696 (h) 1993 03/99 (h)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
324,298 420,017 744,315 25,115 1993 03/99 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
256,050 476,149 732,198 28,471 1993 03/99 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
217,396 522,802 740,199 31,261 1993 03/99 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
177,659 (g) 177,659 (h) 1992 03/99 (h)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
173,386 (g) 173,386 (h) 1993 03/99 (h)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
846,183 595,601 1,441,783 71,136 1972 06/97 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
817,039 648,765 1,465,804 77,486 1976 06/97 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
1,181,460 908,880 2,090,340 108,553 1974 06/97 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
632,811 1,135,312 1,768,123 60,144 1997 04/99 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
414,559 1,034,440 1,448,999 (p) 2000 12/00 (p)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
536,536 832,527 1,369,063 6,938 1999 10/00 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
543,521 830,047 1,373,568 (p) 2000 12/00 (p)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
512,217 952,151 1,464,368 (p) 1999 12/00 (p)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
540,896 1,196,239 1,737,135 43,543 1999 10/99 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
375,987 964,430 1,340,417 65,528 1997 12/98 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
584,766 (g) 584,766 (h) 1997 08/97 (h)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
1,096,763 649,916 1,746,679 24,886 1995 06/97 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
575,285 802,974 1,378,259 60,736 1997 09/98 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
565,639 923,669 1,489,308 52,088 1998 04/99 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
416,279 867,972 1,284,251 59,212 1998 12/98 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
476,847 961,606 1,438,453 61,699 1998 12/98 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
458,630 975,485 1,434,115 (p) 2000 12/00 (p)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
560,531 879,312 1,439,843 7,328 1999 10/00 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
1,407,002 (g) 1,407,002 (h) 1996 06/97 (h)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
545,112 1,029,900 1,575,012 69,977 1996 12/98 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
645,365 790,258 1,435,624 30,898 1996 07/97 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
723,707 879,543 1,603,250 7,330 1999 10/00 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
357,985 (g) 357,985 (h) 1999 10/00 (h)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
512,481 831,202 1,343,683 62,872 1998 09/98 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
380,687 775,713 1,156,399 58,674 1997 09/98 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
600,194 962,404 1,562,598 (p) 2000 10/00 (p)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
460,167 744,128 1,204,295 29,095 1997 08/97 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
665,015 580,798 1,245,813 70,907 1994 05/97 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
593,624 918,024 1,511,648 58,987 1997 12/98 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
604,992 1,259,964 1,864,956 (p) 2000 12/00 (p)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
488,259 (g) 488,259 (h) 1997 08/97 (h)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
374,329 885,189 1,259,518 (p) 1999 12/00 (p)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
593,419 847,268 1,440,687 (p) 2000 12/00 (p)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
647,414 871,268 1,518,683 58,801 1998 12/98 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
417,141 982,193 1,399,334 (p) 2000 12/00 (p)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
492,965 (g) 492,965 (h) 1999 12/00 (h)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
798,203 1,041,822 1,840,025 (p) 1999 10/00 (p)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
668,112 941,796 1,609,907 53,110 1998 04/99 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
382,950 957,912 1,340,862 61,462 1997 12/98 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
504,533 806,624 1,311,157 65,874 1996 07/98 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
504,492 797,087 1,301,579 8,682 1999 10/00 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
387,562 891,943 1,279,505 60,685 1997 12/98 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
560,471 963,375 1,523,846 6,642 1999 10/00 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
282,868 843,648 1,126,517 56,937 1997 12/98 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
685,745 914,967 1,600,712 8,028 2000 10/00 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
669,231 989,334 1,658,565 8,244 1999 12/00 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
579,175 1,176,434 1,755,609 75,483 1997 12/98 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
286,650 (g) 286,650 (h) 1999 10/00 (h)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
765,743 652,671 1,418,413 25,519 1997 07/97 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
319,237 (g) 319,237 (h) 1997 08/97 (h)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
711,642 726,339 1,437,981 43,962 1999 03/99 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
532,366 407,286 939,652 (c) (d) 07/00 (c)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
447,208 880,283 1,327,490 22,007 1999 03/00 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
605,063 623,222 1,228,286 24,367 1998 08/98 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
419,488 697,861 1,117,349 79,385 1997 08/97 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
295,417 683,436 978,853 7,594 2000 09/00 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
557,960 925,582 1,483,542 15,426 2000 07/00 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
361,841 804,635 1,166,476 11,175 2000 08/00 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
402,155 770,994 1,173,149 8,567 2000 09/00 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
368,139 591,710 959,849 6,575 2000 09/00 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
457,821 708,581 1,166,402 26,051 1999 10/99 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
481,456 636,588 1,118,043 46,208 1998 09/98 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
604,724 600,686 1,205,411 33,536 1999 04/99 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
361,238 711,595 1,072,833 79,060 1997 09/97 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
481,103 827,308 1,308,411 11,490 2000 08/00 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
299,091 824,045 1,123,136 9,156 2000 09/00 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
578,906 752,831 1,331,737 12,547 2000 07/00 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
520,413 938,962 1,459,375 10,433 2000 09/00 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
396,864 576,370 973,234 22,117 1997 09/97 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
163,533 994,490 1,158,024 42,709 1999 09/99 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
445,782 672,868 1,118,650 13,084 2000 06/00 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
369,886 467,819 837,706 18,291 1997 03/97 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
124,468 773,506 897,973 90,136 1997 07/97 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
389,265 779,211 1,168,476 75,650 1997 02/98 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
635,343 652,472 1,287,815 23,602 1997 09/97 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
341,693 732,173 1,073,866 18,304 2000 04/00 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
482,309 716,199 1,198,508 30,207 1999 08/99 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
260,895 697,222 958,117 7,747 2000 09/00 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
462,813 548,493 1,011,305 19,610 1998 08/98 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
286,850 606,547 893,397 68,996 1997 08/97 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
499,875 866,353 1,366,228 31,321 1999 12/99 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
404,270 831,716 1,235,986 26,233 1999 12/99 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
284,046 549,495 833,541 21,485 1998 05/98 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
699,776 864,724 1,564,500 33,319 1999 09/99 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
537,223 592,536 1,129,759 73,988 1997 04/97 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
545,485 527,020 1,072,504 84,904 1996 03/96 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
375,776 643,445 1,019,221 92,853 1996 09/96 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
403,002 610,815 1,013,817 88,224 1996 09/96 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
631,275 567,912 1,199,187 69,333 1997 05/97 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
420,521 543,338 963,859 64,826 1997 06/97 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
437,667 591,877 1,029,544 85,488 1996 09/96 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
390,509 542,599 933,108 20,715 1997 12/96 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
372,584 746,622 1,119,206 28,842 1999 09/99 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
272,937 653,792 926,729 25,563 1998 04/98 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
899,898 733,701 1,633,599 42,313 1999 04/99 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
737,038 553,688 1,290,725 21,649 1997 04/97 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
954,244 684,213 1,638,457 (c) (d) 07/00 (c)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
730,674 547,445 1,278,120 21,405 1997 04/97 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
911,754 531,018 1,442,772 19,209 1997 05/97 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
740,616 678,189 1,418,805 69,609 1997 09/97 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
853,821 602,301 1,456,122 21,787 1998 05/98 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
1,076,096 591,340 1,667,436 39,193 1999 01/99 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
418,351 651,064 1,069,415 47,259 1998 09/98 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
363,967 776,605 1,140,572 48,210 1999 02/99 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
685,448 860,792 1,546,240 26,302 1999 12/99 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
217,851 751,664 969,515 93,857 1992 04/97 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
383,591 643,055 1,026,645 24,813 1998 05/98 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
771,241 793,229 1,564,471 46,181 1999 04/99 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
387,533 787,843 1,175,376 45,436 1999 04/99 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
681,663 642,924 1,324,587 74,922 1997 07/97 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
370,342 548,107 918,449 66,915 1997 05/97 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
572,719 681,319 1,254,038 7,570 2000 09/00 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
496,689 721,614 1,218,303 41,419 1999 04/99 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
717,246 657,685 1,374,931 25,715 1998 06/98 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
485,150 696,126 1,181,276 7,735 2000 09/00 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
320,788 936,221 1,257,009 10,402 2000 09/00 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
474,296 727,491 1,201,787 26,316 1998 09/98 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
501,168 699,067 1,200,235 27,186 1999 06/99 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
274,362 781,797 1,056,159 47,318 1999 03/99 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
311,466 700,979 1,012,445 40,234 1999 04/99 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
556,517 766,319 1,322,836 8,515 2000 09/00 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
475,748 719,239 1,194,987 28,036 1999 09/99 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
673,677 723,004 1,396,681 8,033 2000 09/00 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
495,529 759,800 1,255,329 43,055 1999 04/99 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
560,424 771,699 1,332,123 8,574 2000 09/00 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
353,396 904,688 1,258,084 61,366 1999 12/98 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
289,257 699,525 988,782 38,682 1999 05/99 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
477,580 538,255 1,015,835 21,045 1998 04/98 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
464,986 785,149 1,250,136 44,121 1999 03/99 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
523,089 617,131 1,140,221 68,485 1997 09/97 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
358,130 668,383 1,026,513 72,319 1997 10/97 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
745,752 1,551,697 2,297,449 43,103 1999 01/00 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
370,963 1,406,532 1,777,495 42,001 1999 02/00 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
251,188 737,672 988,860 38,170 1982 06/99 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
106,180 625,743 731,922 20,332 1987 06/99 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
181,039 - 181,039 (h) 2000 08/00 (h)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
404,923 385,254 790,177 10,966 1991 05/99 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
315,037 541,553 856,591 16,010 1991 05/99 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
158,829 491,957 650,785 14,872 1991 05/99 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
310,574 532,557 843,132 15,736 1992 05/99 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
205,795 564,058 769,853 17,062 1995 05/99 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
165,191 858,299 1,023,491 46,913 1996 05/99 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
301,723 (g) 301,723 (h) 1997 07/97 (h)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
340,115 687,423 1,027,537 26,733 2000 12/99 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
445,493 594,649 1,040,141 33,090 1994 03/99 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
190,146 614,193 804,339 11,943 2000 05/00 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
311,103 506,943 818,045 19,714 2000 12/99 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
413,658 514,450 928,108 5,716 1999 09/00 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
454,265 573,950 1,028,215 6,377 2000 09/00 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
255,500 561,315 816,815 17,151 1999 12/99 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
336,004 579,290 915,294 6,437 2000 09/00 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
376,929 639,875 1,016,804 110,115 1995 11/95 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
665,422 481,311 1,146,733 69,456 1996 09/96 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
6,437,878 - 6,437,878 (n) (n) 09/98 (n)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
744,126 1,221,749 1,965,875 20,362 1994 05/99 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
242,239 - 242,239 (f) 1989 01/96 (f)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
212,053 - 212,053 (f) 1986 05/96 (f)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
209,432 - 209,432 (f) 1978 05/96 (f)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
174,721 - 174,721 (f) 1975 01/96 (f)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
46,737 - 46,737 (f) 1980 05/96 (f)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
120,449 - 120,449 (f) 1986 05/96 (f)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
190,009 410,096 600,105 13,051 1996 03/97 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
200,442 - 200,442 (f) 1985 01/96 (f)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
135,831 191,595 327,426 6,098 1992 02/97 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
187,082 533,487 720,569 16,977 1990 03/97 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
116,849 - 116,849 (f) 1978 01/96 (f)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
126,494 - 126,494 (f) 1986 01/96 (f)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
226,163 - 226,163 (f) 1987 01/96 (f)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
161,249 234,940 396,188 1,071 1998 10/00 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
215,881 - 215,881 (f) 1990 05/96 (f)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
124,245 (g) 124,245 (h) 1980 10/00 (h)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
242,239 - 242,239 (f) 1977 01/96 (f)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
194,012 - 194,012 (f) 1986 01/96 (f)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
202,050 - 202,050 (f) 1983 01/96 (f)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
212,093 - 212,093 (f) 1978 05/96 (f)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
180,803 - 180,803 (f) 1978 05/96 (f)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
190,167 (g) 190,167 (h) 1980 10/00 (h)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
99,166 - 99,166 (f) 1994 01/96 (f)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
267,703 128,483 396,187 1,958 1980 10/00 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
169,454 - 169,454 (f) 1986 05/96 (f)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
202,552 - 202,552 (f) 1980 04/96 (f)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
304,780 343,274 648,054 2,861 1977 10/00 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
356,701 232,498 589,199 1,937 1998 10/00 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
396,838 314,597 711,435 2,622 1986 10/00 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
216,518 - 216,518 (f) 1975 01/96 (f)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
213,090 635,104 848,194 20,211 1989 03/97 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
99,815 - 99,815 (f) 1986 05/96 (f)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
152,215 - 152,215 (f) 1994 01/96 (f)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
149,206 388,321 537,527 12,358 1975 03/97 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
223,981 442,758 666,739 14,090 1983 03/97 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
151,750 117,836 269,586 982 1979 10/00 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
259,922 - 259,922 (f) 1976 01/96 (f)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
261,529 - 261,529 (f) 1993 01/96 (f)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
332,956 324,151 657,107 2,701 1980 10/00 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
192,410 170,422 362,832 1,420 1995 10/00 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
182,322 216,719 399,041 1,806 1986 10/00 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
142,570 - 142,570 (f) 1977 01/96 (f)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
99,733 - 99,733 (f) 1991 05/96 (f)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
259,922 - 259,922 (f) 1978 01/96 (f)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
239,023 - 239,023 (f) 1983 01/96 (f)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
228,199 475,421 703,620 15,130 1983 03/97 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
186,476 - 186,476 (f) 1976 04/96 (f)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
208,480 - 208,480 (f) 1975 01/96 (f)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
197,227 - 197,227 (f) 1978 01/96 (f)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
176,170 - 176,170 (f) 1985 01/96 (f)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
128,604 - 128,604 (f) 1988 04/96 (f)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
194,097 142,478 336,575 4,544 1993 02/97 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
279,779 562,521 842,300 17,901 1983 03/97 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- 178,187 178,187 22,994 1979 03/97 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
167,170 168,363 335,533 21,726 1980 03/97 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
852,746 1,108,491 1,961,237 80,159 1994 09/98 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
712,865 873,395 1,586,260 63,158 1993 09/98 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
397,878 923,975 1,321,852 66,816 1996 09/98 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
435,465 915,232 1,350,697 66,184 1994 09/98 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
789,680 604,283 1,393,964 45,818 1995 09/98 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
683,560 614,256 1,297,816 46,574 1995 09/98 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
654,766 1,195,901 1,850,667 90,676 1994 09/98 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
911,013 1,011,766 1,922,779 76,714 1993 09/98 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
1,244,893 918,257 2,163,149 61,972 1994 12/98 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
918,258 764,150 1,682,408 57,939 1995 09/98 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
569,436 968,749 1,538,185 70,054 1994 09/98 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
181,153 561,582 742,735 22,720 1980 10/99 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
691,797 1,136,902 1,828,699 93,470 1997 04/98 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
379,675 604,449 984,124 24,454 1989 10/99 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
714,789 1,317,317 2,032,106 29,274 2000 05/00 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
599,391 1,159,989 1,759,380 81,464 1998 11/98 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
214,177 853,505 1,067,682 34,530 1980 10/99 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
129,816 659,340 789,156 26,675 1988 10/99 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
637,984 824,276 1,462,260 33,347 1979 10/99 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
366,941 524,341 891,282 21,213 1989 10/99 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
113,780 407,429 521,209 29,463 1998 09/98 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
158,880 378,057 536,937 28,907 1998 09/98 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
719,246 (g) 719,246 (h) 1999 01/00 (h)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
1,259,828 1,623,073 2,882,901 93,012 1999 04/99 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
1,463,644 1,874,198 3,337,842 107,403 1999 04/99 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
200,583 996,927 1,197,510 19,385 1997 06/00 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
1,725,325 1,574,207 3,299,532 90,211 1999 04/99 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
88,077 2,019,028 2,107,105 115,702 1999 04/99 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
934,922 1,842,623 2,777,545 105,593 1999 04/99 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
956,799 2,692,320 3,649,119 154,286 1999 04/99 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
914,103 691,171 1,605,274 40,797 1999 02/99 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
1,227,973 761,806 1,989,779 19,045 2000 03/00 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
1,370,391 946,608 2,317,000 50,846 1999 04/99 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
894,077 1,038,617 1,932,694 9,361 1999 11/99 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
1,151,865 910,321 2,062,187 37,577 1999 10/99 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
649,962 978,307 1,628,269 39,758 1999 10/99 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
394,026 1,442,752 1,836,779 99,214 1998 12/98 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
1,313,730 887,733 2,201,463 27,109 1999 02/00 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
927,463 691,228 1,618,691 40,737 1978 02/99 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
1,207,143 1,091,507 2,298,651 35,206 1999 01/00 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
608,698 903,887 1,512,584 15,065 1998 07/00 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
908,635 1,084,536 1,993,171 6,025 2000 11/00 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
703,734 1,053,562 1,757,296 (c) (d) 04/00 (c)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
889,562 487,475 1,377,037 58,222 1997 06/97 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
355,000 24,069 379,069 (c) (d) 12/00 (c)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
416,311 963,488 1,379,799 37,308 1999 11/99 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
505,639 (g) 505,639 (h) 1999 03/00 (h)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
696,078 1,005,509 1,701,587 45,251 1999 07/99 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
715,220 1,012,777 1,727,997 50,061 1999 07/99 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
556,515 1,132,988 1,689,503 43,242 1999 11/99 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
518,832 (g) 518,832 (h) 1999 05/99 (h)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
980,703 (g) 980,703 (h) 1999 03/99 (h)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
1,383,854 66,728 1,450,582 (c) (d) 10/00 (c)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
633,404 (g) 633,404 (h) 1999 02/00 (h)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
574,441 742,781 1,317,222 52,503 1998 11/98 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
430,741 (g) 430,741 (h) 1999 01/00 (h)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
757,137 1,070,951 1,828,088 (c) (d) 07/00 (c)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
354,415 (g) 354,415 (h) 1997 11/97 (h)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
719,563 (g) 719,563 (h) 1999 04/99 (h)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
601,201 (g) 601,201 (h) 1999 08/00 (h)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
423,971 1,197,836 1,621,807 17,140 1999 08/00 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
545,612 868,606 1,414,218 72,268 1998 07/98 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
472,186 1,114,550 1,586,736 (c) (d) 07/00 (c)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
536,564 1,267,552 1,804,116 35,210 1999 01/00 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
965,223 549,565 1,514,788 65,638 1977 06/97 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
1,076,442 1,062,751 2,139,194 128,286 1996 06/97 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
591,371 1,175,273 1,766,643 158,190 1996 01/97 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
309,101 420,246 729,347 54,230 1997 03/97 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
478,254 45,166 523,421 (c) (d) 3/98 (c)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
628,688 962,524 1,591,211 82,759 1981 06/98 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
371,021 593,171 964,191 51,002 1994 06/98 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
585,461 812,822 1,398,282 69,888 1990 06/98 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
527,572 870,710 1,398,282 74,865 1988 06/98 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
734,105 961,287 1,695,392 82,653 1986 06/98 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
634,379 643,323 1,277,701 55,314 1981 06/98 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
263,022 (g) 263,022 (h) 1999 12/99 (h)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
498,746 (g) 498,746 (h) 1978 07/99 (h)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
-
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
-
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
1,006,396 690,731 1,697,127 58,554 1979 06/98 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
705,557 (g) 705,557 (h) 1969 06/98 (h)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
715,432 (g) 715,432 (h) 1993 06/98 (h)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
802,361 (g) 802,361 (h) 1973 06/98 (h)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
590,733 (g) 590,733 (h) 1993 06/98 (h)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
670,594 (g) 670,594 (h) 1976 06/98 (h)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
964,354 (g) 964,354 (h) 1973 06/98 (h)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
776,694 (g) 776,694 (h) 1972 06/98 (h)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
641,125 (g) 641,125 (h) 1974 06/98 (h)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
670,491 (g) 670,491 (h) 1977 06/98 (h)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
684,164 (g) 684,164 (h) 1969 06/98 (h)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
810,316 798,412 1,608,728 54,248 1979 12/98 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
592,342 (g) 592,342 (h) 1988 06/98 (h)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
594,142 (g) 594,142 (h) 1974 06/98 (h)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
933,759 763,368 1,697,127 64,712 1985 06/98 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
740,132 (g) 740,132 (h) 1984 12/98 (h)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
922,679 725,256 1,647,936 61,481 1978 06/98 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
487,021 (g) 487,021 (h) 1983 06/98 (h)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
354,419 (g) 354,419 (h) 1978 06/98 (h)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
433,713 (g) 433,713 (h) 1969 06/98 (h)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
376,905 692,124 1,069,028 37,921 1981 03/99 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
447,458 383,785 831,243 22,618 1994 02/99 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
299,870 (g) 299,870 (h) 1994 02/99 (h)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
212,438 (g) 212,438 (h) 1998 10/98 (h)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
402,947 (g) 402,947 (h) 1994 02/99 (h)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
474,588 478,974 953,562 28,228 1994 02/99 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
404,578 451,129 855,707 26,587 1994 02/99 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
308,915 351,160 660,075 25,752 1991 10/98 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
349,637 (g) 349,637 (h) 1991 10/98 (h)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
339,162 (g) 339,162 (h) 2000 05/00 (h)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
343,906 (g) 343,906 (h) 1994 02/99 (h)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
297,185 (g) 297,185 (h) 1997 10/00 (h)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
266,372 (g) 266,372 (h) 1978 10/00 (h)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
406,780 (g) 406,780 (h) 1990 10/00 (h)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
276,616 589,368 865,984 6,503 2000 08/00 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
185,281 517,865 703,146 (c) (d) 07/00 (c)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
335,174 694,862 1,030,036 31,528 1997 07/99 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
355,763 496,898 852,661 11,042 2000 04/00 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
484,236 580,253 1,064,489 (p) 1997 12/00 (p)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
580,216 914,416 1,494,632 (p) 1980 12/00 (p)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
516,980 683,345 1,200,325 (p) 1990 12/00 (p)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
480,116 625,123 1,105,239 (p) 1997 12/00 (p)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
672,697 545,736 1,218,433 (p) 1992 12/00 (p)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
480,149 539,059 1,019,208 (p) 1997 12/00 (p)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
553,047 665,386 1,218,433 (p) 2000 12/00 (p)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
683,133 607,746 1,290,879 (p) 1987 12/00 (p)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
725,912 700,802 1,426,714 (p) 1998 12/00 (p)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
743,809 705,546 1,449,355 (p) 1990 12/00 (p)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
544,150 429,808 973,958 (p) 1994 12/00 (p)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
536,275 415,073 951,348 (p) 1990 12/00 (p)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
517,710 659,975 1,177,685 (p) 1990 12/00 (p)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
832,671 526,126 1,358,797 (p) 1998 12/00 (p)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
775,116 585,931 1,361,047 (p) 1999 12/00 (p)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
661,043 444,196 1,105,239 (p) 1994 12/00 (p)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
470,616 503,341 973,957 (p) 1994 12/00 (p)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
666,078 805,918 1,471,996 (p) 1998 12/00 (p)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
436,316 696,091 1,132,407 (p) 1995 12/00 (p)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
374,261 577,088 951,349 (p) 1994 12/00 (p)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
530,003 715,598 1,245,601 (p) 1993 12/00 (p)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
739,181 687,534 1,426,715 (p) 1994 12/00 (p)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
655,066 712,790 1,367,856 (p) 1997 12/00 (p)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
476,579 628,660 1,105,239 (p) 1998 12/00 (p)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
377,210 732,557 1,109,767 (p) 1995 12/00 (p)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
504,934 829,740 1,334,674 31,337 1999 12/99 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
538,204 1,149,066 1,687,270 10,279 2000 09/00 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
656,917 1,208,688 1,865,605 32,765 1999 03/00 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
581,847 1,135,505 1,717,352 25,233 2000 05/00 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
520,037 1,074,176 1,594,213 17,903 2000 06/00 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
664,266 987,133 1,651,400 19,258 2000 05/00 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
235,195 1,115,831 1,351,026 39,134 1999 12/99 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
560,423 1,032,294 1,592,717 39,878 1999 09/99 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
535,714 1,290,109 1,825,823 18,993 2000 07/00 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
713,534 995,529 1,709,064 37,912 1998 11/99 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
968,686 278,117 1,246,803 (c) (d) 07/00 (c)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
599,160 (g) 599,160 (h) 1992 08/98 (h)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
967,242 1,726,827 2,694,069 50,331 1999 02/00 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
1,385,425 (g) 1,385,425 (h) 1999 10/99 (h)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
856,278 (g) 856,278 (h) 1999 03/99 (h)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
517,979 (g) 517,979 (h) 1993 07/99 (h)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
2,459,048 (g) 2,459,048 (h) 2000 06/00 (h)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
914,342 (g) 914,342 (h) 1997 05/98 (h)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
1,137,700 878,222 2,015,922 ( c) (d) 06/00 ( c)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
884,743 (g) 884,743 (h) 1999 03/00 (h)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
831,472 1,208,442 2,039,914 1,994 2000 12/00 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
1,239,565 (g) 1,239,565 (h) 1999 12/99 (h)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
1,213,121 (g) 1,213,121 13,552 1999 04/00 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
370,667 431,642 802,309 46,702 1981 10/97 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
422,489 528,849 951,338 57,219 1981 10/97 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
548,886 700,855 1,249,741 50,681 1994 09/98 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
618,372 631,369 1,249,741 45,657 1994 09/98 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
608,678 (g) 608,678 (h) 1998 10/98 (h)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
511,084 (g) 511,084 (h) 1994 08/97 (h)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
551,646 (g) 551,646 (h) 1998 01/99 (h)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
514,900 (g) 514,900 (h) 1995 08/97 (h)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
420,176 (g) 420,176 (h) 1978 08/97 (h)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
511,811 756,304 1,268,115 27,599 1989 10/99 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
485,625 705,993 1,191,618 10,892 2000 07/00 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
640,066 688,918 1,328,984 103,243 1996 07/96 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
358,027 444,622 802,649 66,634 1996 05/96 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
555,813 442,025 997,838 34,686 1998 08/98 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
489,097 735,630 1,224,728 28,474 1999 09/99 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
841,374 699,082 1,540,456 62,135 1998 05/98 (e)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
381,703,694 431,457,497 813,161,191 24,440,131
============-===========-============-===========-------------------------------
============-===========-============-===========-------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
708,297 1,008,108 1,716,405 72,087 1998 11/98 (e)
============-===========-============-===========-------------------------------
============-===========-============-===========-------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Life on Which
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Gross Amount at Which Depreciation in
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Carried at Close of Period Date Latest Income
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Building and Accumulated of Con- Date Statement is
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Land Improvements Total DepreciationstructionAcquired Computed
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
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(g) (g) (g) (i) 1996 02/99 (i)
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(g) (g) (g) (h) 1999 08/99 (h)
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(g) (g) (g) (h) 1996 01/99 (h)
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(g) (g) (g) (i) 1995 08/98 (i)
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(g) (g) (g) (h) 1999 12/99 (h)
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(g) (g) (g) (i) 1999 12/99 (i)
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(g) (g) (g) (h) 1995 08/95 (h)
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(j) (g) (g) (h) 1978 12/99 (h)
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(j) (g) (g) - 1999 12/99 (h)
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(g) (g) (g) (h) 1983 07/00 (h)
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(g) (g) (g) (h) 1985 07/00 (h)
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(g) (g) (g) (h) 1999 12/99 (h)
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(g) (g) (g) (h) 1971 07/00 (h)
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(g) (g) (g) (h) 1994 08/97 (h)
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(g) (g) (g) (h) 1986 06/98 (h)
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(g) (g) (g) (h) 1979 06/98 (h)
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(g) (g) (g) (h) 1979 06/98 (h)
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(g) (g) (g) (h) 1983 06/98 (h)
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(g) (g) (g) (h) 1979 06/98 (h)
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(g) (g) (g) (h) 1983 06/98 (h)
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(g) (g) (g) (h) 1981 06/98 (h)
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(g) (g) (g) (h) 1979 06/98 (h)
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(g) (g) (g) (h) 1986 06/98 (h)
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(g) (g) (g) (h) 1983 06/98 (h)
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(g) (g) (g) (h) 1976 06/98 (h)
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(g) (g) (g) (h) 1980 06/98 (h)
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(g) (g) (g) (i) 1982 06/98 (i)
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(g) (g) (g) (h) 1987 12/98 (h)
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(j) (g) (g) (h) 1993 10/97 (h)
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(j) (g) (g) (h) 1993 10/97 (h)
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(j) (g) (g) (h) 1993 03/97 (h)
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(j) (g) (g) (h) 1996 03/97 (h)
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(j) (g) (g) (h) 1991 10/97 (h)
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(j) (g) (g) (h) 1994 08/99 (h)
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(j) (g) (g) (h) 1989 10/97 (h)
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(j) (g) (g) (h) 1991 03/97 (h)
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(g) (g) (g) (h) 1996 10/97 (h)
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(g) (g) (g) (h) 1994 09/97 (h)
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(g) (g) (g) (h) 1993 09/97 (h)
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(g) (g) (g) (h) 1994 09/97 (h)
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(g) (g) (g) (h) 1997 09/97 (h)
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(g) (g) (g) (h) 1995 09/97 (h)
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(j) (g) (g) (h) 1991 10/97 (h)
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(j) (g) (g) (h) 1992 10/97 (h)
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(g) (g) (g) (h) 1998 06/98 (h)
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(g) (g) (g) (h) 1999 02/00 (h)
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(g) (g) (g) (h) 1993 01/99 (h)
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(g) (g) (g) (h) 1988 01/99 (h)
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(j) (g) (g) (h) 1996 01/99 (h)
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(j) (g) (g) (h) 1985 01/99 (h)
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(g) (g) (g) (h) 1999 12/99 (h)
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(g) (g) (g) (h) 1983 06/97 (h)
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(g) (g) (g) (h) 1983 06/97 (h)
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(g) (g) (g) (h) 1983 06/97 (h)
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(g) (g) (g) (h) 1983 06/97 (h)
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(g) (g) (g) (h) 1981 06/97 (h)
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(g) (g) (g) (h) 1983 06/97 (h)
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(g) (g) (g) (h) 1982 06/97 (h)
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(g) (g) (g) (h) 1982 06/97 (h)
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(g) (g) (g) (i) 1992 03/99 (i)
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(g) (g) (g) (h) 1996 04/96 (h)
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(g) (g) (g) (h) 1992 03/99 (h)
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(g) (g) (g) (h) 1997 08/97 (h)
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(g) (g) (g) (h) 1999 02/99 (h)
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(g) (g) (g) (i) 1993 03/99 (i)
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(g) (g) (g) (h) 1993 03/99 (h)
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(g) (g) (g) (h) 1993 03/99 (h)
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(g) (g) (g) (h) 1992 03/99 (h)
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(g) (g) (g) (h) 1993 03/99 (h)
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(j) (g) (g) (h) 1997 10/98 (h)
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(j) (g) (g) (h) 1997 10/99 (h)
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(j) (g) (g) (h) 1997 08/99 (h)
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(j) (g) (g) (h) 1996 11/98 (h)
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(g) (g) (g) (h) 1997 08/97 (h)
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(j) (g) (g) (h) 1997 03/99 (h)
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(g) (g) (g) (h) 1996 06/97 (h)
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(j) (g) (g) (h) 1997 07/99 (h)
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(j) (g) (g) (h) 1998 01/00 (h)
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(g) (g) (g) (i) 2000 10/00 (i)
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(g) (g) (g) (h) 1999 10/00 (h)
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(g) (g) (g) (h) 1997 08/97 (h)
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(g) (g) (g) (i) 1997 12/98 (i)
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(j) (g) (g) (h) 1998 11/99 (h)
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(g) (g) (g) (h) 1999 10/00 (h)
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(j) (g) (g) (h) 1998 04/99 (h)
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(j) (g) (g) (h) 1997 09/99 (h)
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(j) (g) (g) (h) 1997 04/99 (h)
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(j) (g) (g) (h) 1997 06/99 (h)
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(g) (g) (g) (i) 1998 10/00 (i)
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(g) (g) (g) (h) 1999 10/00 (h)
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(j) (g) (g) (h) 1998 08/99 (h)
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(g) (g) (g) (h) 1997 08/97 (h)
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(j) (g) (g) (h) 1997 04/99 (h)
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(j) (g) (g) (h) 1997 08/99 (h)
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(g) (g) (g) (h) 2000 08/00 (h)
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(g) (g) (g) (h) 1997 07/97 (h)
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(g) (g) (g) (i) 1996 12/96 (i)
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(g) (g) (g) (h) 1997 01/98 (h)
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(g) (g) (g) (i) 1997 09/97 (i)
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(g) (g) (g) (h) 1980 10/00 (h)
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(g) (g) (g) (h) 1980 10/00 (h)
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(g) (g) (g) (h) 1999 01/00 (h)
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(g) (g) (g) (h) 1999 03/00 (h)
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(g) (g) (g) (h) 1999 05/99 (h)
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(g) (g) (g) (h) 1999 03/99 (h)
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(g) (g) (g) (h) 1999 02/00 (h)
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(g) (g) (g) (h) 1999 01/00 (h)
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(g) (g) (g) (h) 1997 11/97 (h)
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(j) (g) (g) (h) 1999 10/99 (h)
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(g) (g) (g) (h) 1999 04/99 (h)
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(g) (g) (g) (h) 1999 08/00 (h)
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(j) (g) (g) (h) 1999 06/99 (h)
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(g) (g) (g) (i) 1999 07/99 (i)
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(j) (g) (g) (h) 1999 09/99 (h)
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(g) (g) (g) (h) 1999 12/99 (h)
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(g) (g) (g) (h) 1978 07/99 (h)
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(g) (g) (g) (h) 1969 06/98 (h)
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(g) (g) (g) (h) 1993 06/98 (h)
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(g) (g) (g) (h) 1973 06/98 (h)
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(g) (g) (g) (h) 1993 06/98 (h)
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(g) (g) (g) (h) 1976 06/98 (h)
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(g) (g) (g) (h) 1973 06/98 (h)
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(g) (g) (g) (h) 1972 06/98 (h)
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(g) (g) (g) (h) 1974 06/98 (h)
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(g) (g) (g) (h) 1977 06/98 (h)
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(g) (g) (g) (h) 1969 06/98 (h)
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(g) (g) (g) (h) 1988 06/98 (h)
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(g) (g) (g) (h) 1974 06/98 (h)
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(g) (g) (g) (h) 1984 12/98 (h)
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(g) (g) (g) (h) 1983 06/98 (h)
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(g) (g) (g) (h) 1978 06/98 (h)
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(g) (g) (g) (h) 1969 06/98 (h)
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(g) (g) (g) (h) 1994 02/99 (h)
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(g) (g) (g) (h) 1998 10/98 (h)
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(g) (g) (g) (h) 1994 02/99 (h)
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(g) (g) (g) (h) 1991 10/98 (h)
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(g) (g) (g) (h) 2000 05/00 (h)
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(g) (g) (g) (h) 1994 02/99 (h)
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(g) (g) (g) (h) 1997 10/00 (h)
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(g) (g) (g) (h) 1978 10/00 (h)
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(g) (g) (g) (h) 1990 10/00 (h)
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(g) (g) (g) (h) 1992 08/98 (h)
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(g) (g) (g) (h) 1999 10/99 (h)
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(g) (g) (g) (h) 1999 03/99 (h)
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(g) (g) (g) (h) 1993 07/99 (h)
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(g) (g) (g) (h) 2000 06/00 (h)
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(g) (g) (g) (h) 1997 05/98 (h)
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(g) (g) (g) (h) 1999 03/00 (h)
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(g) (g) (g) (h) 1999 12/99 (h)
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(g) (g) (g) (h) 1999 04/00 (h)
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(g) (g) (g) (h) 1998 10/98 (h)
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(g) (g) (g) (h) 1994 08/97 (h)
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(g) (g) (g) (h) 1998 01/99 (h)
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(g) (g) (g) (h) 1995 08/97 (h)
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(g) (g) (g) (h) 1978 08/97 (h)
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(j) (g) (g) (h) 1997 10/98 (h)
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(j) (g) (g) (h) 1998 09/98 (h)
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(j) (g) (g) (h) 1996 12/96 (h)
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(j) (g) (g) (h) 2000 04/00 (h)
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(j) (g) (g) (h) 1996 06/96 (h)
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-
- --------------------------------------===========-------------------------------
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Draper, Utah - 518,832 - - -
- -----------------------------------------------------------------------------------
CNL AMERICAN PROPERTIES FUND, INC.
AND SUBSIDIARIES
NOTES TO SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION
December 31, 2000
(a) Transactions in real estate and accumulated depreciation during 2000,
1999 and 1998 are summarized as
follows:
Cost Accumulated
(b)(m) Depreciation
------------------------------------------ ----------------- ----------------
Properties the Company has Invested
in Under Operating Leases:
Balance, December 31, 1997 207,733,851 2,395,665
Acquisitions (k) 192,459,799 --
Depreciation expense (e) -- 3,847,117
------------------------------------------ ----------------- ----------------
Balance, December 31, 1998 400,193,650 6,242,782
Acquisitions (k) 298,070,278 --
Depreciation expense (e) -- 8,499,814
------------------------------------------ ----------------- ----------------
Balance, December 31, 1999 $ 698,263,928 $ 14,742,596
Acquisitions (k) 114,897,263 --
Depreciation expense (e) -- 9,697,535
--------------- -----------------
Balance December 31, 2000 $813,161,191 $ 24,440,131
------------------------------------------ ================= ================
Property of Joint Venture in Which the Company has a 59.22%
Interest and has Invested in Under an Operating Lease:
Balance, December 31, 1997 $ -- $ --
Acquisition 2,215,177 --
Depreciation expense -- 7,303
------------------------------------------ ----------------- ----------------
Balance, December 31, 1998 2,215,177 7,303
Construction Funding Adjustment (498,772 ) --
Depreciation expense -- 31,180
------------------------------------------ ----------------- ----------------
Balance, December 31, 1999 $ 1,716,405 $ 38,483
Depreciation Expense -- 33,604
------------------------------------------ ----------------- ----------------
Balance, December 31, 2000 $ 1,716,405 $ 72,087
------------------------------------------ ================= ================
(b) As of December 31, 2000, 1999 and 1998, the aggregate cost of the
Properties owned by the Company and its subsidiaries for federal income
tax purposes was $870,916,565, $757,550,394 and $418,427,587,
respectively. Substantially, all of the leases are treated as operating
leases for federal income tax purposes.
(c) Property was not placed in service as of December 31, 2000; therefore,
no depreciation was taken.
(d) Scheduled for completion in 2001.
(e) Depreciation expense is computed for buildings and improvements based
upon estimated lives of 30 years.
CNL AMERICAN PROPERTIES FUND, INC.
AND SUBSIDIARIES
NOTES TO SCHEDULE III - REAL ESTATE AND ACCUMULATED
DEPRECIATION - CONTINUED
December 31, 2000
(f) The building portion of this Property is owned by the tenant;
therefore, depreciation is not applicable.
(g) For financial reporting purposes, certain components of the lease
relating to land and/or building have been recorded as a direct
financing lease. Accordingly, costs relating to these components of
this lease are not shown.
(h) For financial reporting purposes, the portion of this lease relating to
the building has been recorded as direct financing lease. The cost of
the building has been included in net investment in direct financing
leases; therefore, depreciation is not applicable.
(i) For financial reporting purposes, the lease for the land and building
has been recorded as direct financing lease. The cost of the land and
building has been included in net investment in direct financing
leases; therefore, depreciation is not applicable.
(j) The Company owns the building only relating to this Property. This
Property is subject to a ground lease between the tenant and an
unaffiliated third party. In connection therewith, the Company entered
into either a tri-party agreement with the tenant and the owner of the
land or an assignment of interest in the ground lease with the landlord
of the land. The tri-party agreement or assignment of interest each
provide that the tenant is responsible for all obligations under the
ground lease and provide certain rights to the Company to help protect
its interest in the building in the event of a default by the tenant
under the terms of the ground lease.
(k) During the years ended December 31, 1999 and 1998, the Company (i)
incurred acquisition fees totalling $6,185,005 and $17,317,297,
respectively, paid to the Advisor, (ii) purchased land and buildings
from affiliates of the Company for an aggregate cost of approximately
$39,700,000 and $8,770,000, respectively, and (iii) paid development or
construction management fees to affiliates of the Company totaling
$56,352 and $229,153, respectively. Such amounts are included in land
and buildings on operating leases, net investment in direct financing
leases and other assets at December 31, 2000, 1999 and 1998. Effective
with the acquisition of the Advisor in September 1999, the Company
ceased incurring acquisition fees, therefore, no such fees were
incurred during the year ended December 31, 2000.
(l) For financial reporting purposes, the undepreciated cost of the
following properties was written down to its net realizable value due
to an anticipated impairment in value. The Company recognized the
impairments by recording an allowance for loss on land, building or
investment in direct financing lease in the amounts listed below for
each Property as of December 31, 2000. The impairments at December 31,
2000 represent the difference between the Properties' carrying values
and the property manager's estimate of the net realizable value of the
Properties based upon anticipated sales prices to interested third
parties. The cost of the Properties presented on this schedule is the
gross amount at which the Properties were carried at December 31, 2000,
excluding the allowances for loss.
CNL AMERICAN PROPERTIES FUND, INC.
AND SUBSIDIARIES
NOTES TO SCHEDULE III - REAL ESTATE AND ACCUMULATED
DEPRECIATION - CONTINUED
December 31, 2000
(m) (continued)
The following are a list of Properties and the related impairment at
December 31, 2000:
C
Total
--------------
Boston Market - Saint Joseph, Missouri $ 143,132
Shoney's - Indian Harbor Beach, Florida 59,043
Buffet Town - Cedar Park, Texas 13,136
Boston Market - Jessup, Maryland 839,691
Black-Eyed Pea - Albuquerque, New Mexico 215,000
Black-Eyed Pea - Albuquerque, New Mexico 215,000
Black-Eyed Pea - Tucson, Arizona 200,000
Black-Eyed Pea - Waco, Texas 215,000
Black-Eyed Pea - Wichita, Kansas 215,000
Big Boy - Mansfield, Ohio 150,000
Big Boy - Saint Clairsville, Ohio 150,000
Big Boy - Granite City, Illinois 150,000
Big Boy - O'Fallen, Missouri 150,000
OT Hodges Chili Parlor - Woodson Terrace, Missouri 190,000
Bandana's Bar-B-Q - Collinsville, Illinois 150,000
Big Boy - Fenton, Missouri 150,000
Big Boy - Independence, Missouri 184,385
Denny's - Sedalia, Missouri 189,914
Big Boy - Saint Joseph, Missouri 143,446
Big Boy - Grandview, Missouri 150,000
Denny's - Lee's Summit, Missouri 189,769
Denny's - Merriam, Kansas 183,425
Denny's- North Kansas City, Kansas 190,000
Big Boy - Overland Park, Kansas 160,587
Jose Pepper's - Blue Springs, Missouri 150,000
Big Boy - Bridgeton, Missouri 150,000
Bandana's Bar-B-Q - Arnold, Missouri 190,000
Pizza Hut- Toledo, Ohio 41,031
Pizza Hut-Weirton, West Virginia 108,163
Boston Market-Vacaville, California 353,289
Shoney's- Phoeniz Arizona 194,887
Big Boy--Crystal City, Missouri 133,333
Tumbleweed--Cookeville, Tennessee 916,336
Bandana's Bar-B-Q -Columbia, Missouri 133,333
--------------
$ 6,966,900
==============
(n) The Company owns a parcel of land on which
restaurants will be constructed during 2001.
CNL AMERICAN PROPERTIES FUND, INC.
AND SUBSIDIARIES
NOTES TO SCHEDULE III - REAL ESTATE AND ACCUMULATED
DEPRECIATION - CONTINUED
December 31, 2000
(o) The Property is encumbered at December 31, 2000.
(p) These Properties were acquired on the last business day of 2000,
therefore, no depreciation was recognized
SCHEDULE IV- MORTGAGE LOANS ON REAL ESTATE
Principal Amount of Loans
- ----------- Interest Final Periodic Prior Face Amou Carrying Amo Subject to Delinquent
Description Rate Maturity Date Payment TermLiens of Mortga of Mortgages Principal or Interest
- ----------------------------------------------------------------------------------------------------------------------
328 loans held for sale with original amounts
ranging from $69,000 to $10,205,000
7.62% to 11.19% 5/01/2003 to N/A N/A N/A $ 394,321,400 $ 1,162,535
1/01/2021
- ----------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------
24 loans as mortgage notes receivable with
- ----------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------
original amounts ranging from $52,000
- ----------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------
to $8,475,000
8.00% to 11.6% 8/17/2001 N/A N/A N/A 25,582,072 6,633,908
- --------------------------------------------to 1/01/2------------------------------------------------------------------
2000 1999 1998
- ----------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------
Balance at beginning of period 63,466,474 19,631,693 17,622,010.00
- ----------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------
New mortgage loans 370,029,447 46,738,038 2,901,742.00
- ----------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------
Accrued interest 2,906,089 346,101 (39,853.00)
- ----------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------
Collection of principal (7,946,989) (2,466,072)(291,990.00)
- ----------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------
Deferred financing income (2,227,842) (11,336)(10,126.00)
- ----------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------
Unamortized loan costs (376,164) 91,007 86,524.00
- ----------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------
Valuation loan costs (6,854,932) (551,011) -
- ----------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------
Provision for uncollectible mortgag907,389 (311,946)(636,614.00)
- ----------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------
Balance at end of period 419,903,472 63,466,474 19,631,693
- ----------------------------------=========================================-------------------------------------------
- ----------------------------------=========================================-------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------
EXHIBITS
EXHIBIT INDEX
Exhibit Number
2.1 Agreement and Plan of Merger, by and among the
Registrant, CFA Acquisition Corp., CNL Fund Advisors,
Inc. and CNL Group, Inc., dated March 11, 1999
(Included as Exhibit 10.38 to the Registrant's
Registration Statement No. 333-74329 on Form S-4 (the
"Form S-4") as originally filed and incorporated
herein by reference.)
2.2 Agreement and Plan of Merger, by and among the
Registrant, CFC Acquisition Corp., CFS Acquisition
Corp., CNL Financial Corp., CNL Financial Services,
Inc., CNL Group, Inc., Five Arrows Realty Securities
L.L.C., Robert A. Bourne, Curtis B. McWilliams and
Brian Fluck, dated March 11, 1999 (Included as
Exhibit 10.39 to the Form S-4 as originally filed and
incorporated herein by reference.)
3.1 CNL American Properties Fund, Inc. Amended and
Restated Articles of Incorporation, as amended
(Included as Exhibit 3.1 to the Registrant's Form
10-Q for the quarter ended June 30, 1999 and
incorporated herein by reference.)
3.3 CNL American Properties Fund, Inc. Amended and
Restated Bylaws (Included as Exhibit 3.2 to the
Registrant's Registration Statement No. 333-37657 on
Form S-11 and incorporated herein by reference.)
3.3 CNL American Properties Fund, Inc. Second Amended and
Restated Articles of Incorporation (Included as
Exhibit 3.3 to the Registrant's Form 10-Q for the
quarter ended June 30, 2000 and incorporated herein
by reference).
4.1 Form of Stock Certificate (Included as Exhibit 4.5 to
the Registrant's Registration Statement No. 33-78790
on Form S-11 and incorporated herein by reference.)
10.1 Form of Indemnification Agreement dated as of April
18, 1995, between CNL American Properties Fund, Inc.
and each of James M. Seneff, Jr., Robert A. Bourne,
G. Richard Hostetter, J. Joseph Kruse, Richard C.
Huseman, John T. Walker, Jeanne A. Wall, Lynn E. Rose
and Edgar J. McDougall, dated as of January 27, 1997,
between CNL American Properties Fund, Inc. and Steven
D. Shackelford, dated as of February 18, 1998,
between CNL American Properties Fund, Inc. and Curtis
B. McWilliams, and dated as of September 1, 1999,
between CNL American Properties Fund, Inc. and each
of Howard J. Singer, John L. Farren, Timothy J.
Neville, Michael I. Wood and Barry L. Goff (Included
as Exhibit 10.9 to the Registrant's Registration
Statement No. 333-15411 on Form S-11 and incorporated
herein by reference.)
10.2 Amended and Restated Agreement of Limited Partnership
of CNL APF Partners, LP (Included as Exhibit 10.50 to
Amendment No. 2 to the Form S-4 and incorporated
herein by reference.)
10.3 Amended and Restated Credit Agreement by and among
CNL APF Partners, LP, Registrant, First Union
National Bank, First Union Capital Markets Group,
Banc of America Securities LLC, NationsBank, N.A.,
The Chase Manhattan Bank and other financial
institutions, dated June 9, 1999 (Included as Exhibit
10.51 to Amendment No. 1 to the Form S-4 and
incorporated herein by reference.)
10.4 First Amendment to Amended and Restated Credit
Agreement dated as of December 31, 1999 between CNL
APF Partners, LP and First Union National Bank, as
Agent (Included as Exhibit 10.4 to the Registrant's
Form 10-K for the year ended December 31, 1999 and
incorporated herein by reference.)
10.5 Franchise Receivable Funding and servicing Agreement
dated as of October 14, 1999 between CNL APF
Partners, LP and Neptune Funding Corporation
(Included as Exhibit 10.5 to the Registrant's Form
10-K for the year ended December 31, 1999 and
incorporated herein by reference.)
10.6 Interim Wholesale Mortgage Warehouse and Security
Agreement dated as of September 18, 1998, and Amended
Agreement dated as of August 30, 1999 between CNL APF
Partners, LP and Prudential Securities Credit
Corporation (Included as Exhibit 10.6 to the
Registrant's Form 10-K for the year ended December
31, 1999 and incorporated herein by reference.)
10.7 1999 Performance Incentive Plan (Included as Exhibit
10.1 to Amendment No. 1 to the Form S-4 and
incorporated herein by reference.)
10.8 Registration Rights Agreement by and among the
Registrant, Robert A. Bourne, Curtis B. McWilliams,
John T. Walker, Howard Singer, Steven D. Shackelford
and CNL Group, Inc., dated as of March 11, 1999
(Included as Exhibit 10.40 to Amendment No. 1 to the
Form S-4 and incorporated herein by reference.)
10.9 Registration Rights Agreement by and among the
Registrant, Five Arrows Realty Securities L.L.C.,
James M. Seneff, Jr., Robert A. Bourne, Curtis B.
McWilliams and CNL Group, Inc., dated as of March 11,
1999 (Included as Exhibit 10.41 to Amendment No. 1 to
the Form S-4 and incorporated herein by reference.)
10.10 Employment Agreement by and between Curtis B.
McWilliams and the Registrant, dated September 15,
1999 (Included as Exhibit 10.42 to Amendment No. 2 to
the Form S-4 and incorporated herein by reference.)
10.11 Employment Agreement by and between Steven D.
Shackelford and the Registrant, dated September 15,
1999 (Included as Exhibit 10.43 to Amendment No. 2 to
the Form S-4 and incorporated herein by reference.)
10.12 Employment Agreement by and between John T. Walker
and the Registrant, dated September 15, 1999
(Included as Exhibit 10.44 to Amendment No. 2 to the
Form S-4 and incorporated herein by reference.)
10.13 Employment Agreement by and between Howard J. Singer
and the Registrant, dated September 15, 1999
(Included as Exhibit 10.45 to Amendment No. 2 to the
Form S-4 and incorporated herein by reference.)
10.14 Employment Agreement by and between Barry L. Goff and
the Registrant, dated September 15, 1999 (Included as
Exhibit 10.46 to Amendment No. 2 to the Form S-4 and
incorporated herein by reference.)
10.15 Employment Agreement by and between Robert W. Chapin
and the Registrant, dated September 15, 1999
(Included as Exhibit 10.47 to Amendment No. 2 to the
Form S-4 and incorporated herein by reference.)
10.16 Employment Agreement by and between Timothy J.
Neville and the Registrant, dated September 15, 1999
(Included as Exhibit 10.48 to Amendment No. 2 to the
Form S-4 and incorporated herein by reference.)
10.17 Holdback Agreement by and among the Registrant and
Stockholders, dated August 31, 1999 (Included as
Exhibit 10.56 to Amendment No. 2 to the Form S-4 and
incorporated herein by reference.)
10.18 Amended and Restated Credit and Reimbursement
Agreement by and among CNL APF Partners, LP, CNL APF
LP Corp., CNL APF GP Corp., Bank of America, N.A. and
Bank of America Securities LLC, dated as of June 15,
2000 (included as Exhibit 10.18 to the Registrant's
Form 10-Q for the quarter ended June 30, 2000.
21 Subsidiaries of the Registrant (Filed herewith.)
Exhibit 21
Subsidiaries of the Registrant
Subsidiaries of the Registrant
CNL American Properties, Inc.
CNL Franchise Network Corp.
CNL Financial GP Holding Corp.
CNL Franchise Network GP Corp.
CNL Franchise Network LP Corp.
CNL/CAS Corp.
CNL Financial Services GP Corp.
CNL Funding 2001-A, Inc.
CNL Financial VII, Inc.
CNL Financial V, Inc.
CNL Funding 98-1, Inc.
CNL Funding 99-1, Inc.
CNL Franchise Network, LP
CNL Financial VII, LP
CNL Funding 2001-A, LP
CNL Financial V, LP
CNL Financial LP Holding, LP
CNL RP Services, LLC
CNLinet, LLC
CNL Advisory Services, Inc.
CNL Financial Services, LP
CNL Restaurant Investors Properties, Inc.
CNL Restaurant Properties, Inc.
CNL/MSC Indiana Joint Venture
CNL/Corral South Joint Venture
CNL Fund Advisors, Inc.
CNL Restaurant Development, Inc.
CNL APF LP Corp.
CNL APF GP Corp.
CNL Restaurant Net Lease GP Holding Corp.
CNL/MSC Joint Venture No. 752
CNL/MSC Joint Venture No. 779
CNL/MSC Joint Venture No. 857
CNL/MSC Joint Venture No. 182
CNL/MSC Joint Venture No. 1005
CNL/MSC Joint Venture No. 740
CNL APF Partners, LP
CNL/Lee Vista Joint Venture
CNL/Chevys Annapolis Joint Venture
CNL Restaurant Net Lease Holdings, LP
CNL Restaurant Bond Holdings, Inc.
CNL Funding 2000-A, Inc.
CNL Funding 2000-A, LP
CNL Restaurant Bond Holdings, LP