Form 10-Q

0000950123-11-076262.txt : 20110812 0000950123-11-076262.hdr.sgml : 20110812 20110811191245 ACCESSION NUMBER: 0000950123-11-076262 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 10 CONFORMED PERIOD OF REPORT: 20110630 FILED AS OF DATE: 20110812 DATE AS OF CHANGE: 20110811 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Cole Credit Property Trust Inc CENTRAL INDEX KEY: 0001289272 STANDARD INDUSTRIAL CLASSIFICATION: REAL ESTATE INVESTMENT TRUSTS [6798] IRS NUMBER: 200939158 STATE OF INCORPORATION: MD FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-51962 FILM NUMBER: 111028896 BUSINESS ADDRESS: STREET 1: 2555 E CAMELBACK ROAD STREET 2: SUITE 400 CITY: PHOENIX STATE: AZ ZIP: 85016 BUSINESS PHONE: 602-778-8700 MAIL ADDRESS: STREET 1: 2555 E CAMELBACK ROAD STREET 2: SUITE 400 CITY: PHOENIX STATE: AZ ZIP: 85016 10-Q 1 c18161e10vq.htm FORM 10-Q Form 10-Q

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 10-Q

(Mark One)


þ		QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2011


o		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 000-51962

COLE CREDIT PROPERTY TRUST, INC.

(Exact name of registrant as specified in its charter)


Maryland		20-0939158
(State or other jurisdiction of incorporation or organization)		(I.R.S. Employer Identification Number)

2555 East Camelback Road, Suite 400
Phoenix, Arizona, 85016		(602) 778-8700
(Address of principal executive offices; zip code)		(Registrant’s telephone number, including area code)

Not Applicable
(former name, former address and former fiscal year, if changed since last report)

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 for 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 þ No o

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes þ No o

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, or a non-accelerated filer. See definition of “accelerated filer and large accelerated file in Rule 12b-2 of the Exchange Act. (Check one)


Large accelerated filer o		Accelerated filer o		Non-accelerated filer o		Smaller reporting company þ

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes o No þ

As of August 11, 2011, there were 10,090,951 shares of common stock, par value of $0.01, of Cole Credit Property Trust, Inc. outstanding.

COLE CREDIT PROPERTY TRUST, INC.
INDEX


PART I — FINANCIAL INFORMATION

Item 1. Financial Statements

Condensed Consolidated Unaudited Balance Sheets as of June 30, 2011 and December 31, 2010			4

Condensed Consolidated Unaudited Statements of Operations for the three and six months ended June 30, 2011 and 2010			5

Condensed Consolidated Unaudited Statement of Stockholders’ Equity for the six months ended June 30, 2011			6

Condensed Consolidated Unaudited Statements of Cash Flows for the six months ended June 30, 2011 and 2010			7

Notes to Condensed Consolidated Unaudited Financial Statements			8

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations			14

Item 3. Quantitative and Qualitative Disclosures About Market Risk			22

Item 4. Controls and Procedures			22

PART II — OTHER INFORMATION

Item 1. Legal Proceedings			23

Item 1A. Risk Factors			23

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds			23

Item 3. Defaults Upon Senior Securities			23

Item 4. [Removed and Reserved]			23

Item 5. Other Information			23

Item 6. Exhibits			23

Signatures

Exhibit 31.1
Exhibit 31.2
Exhibit 32.1
EX-101 INSTANCE DOCUMENT
EX-101 SCHEMA DOCUMENT
EX-101 CALCULATION LINKBASE DOCUMENT
EX-101 LABELS LINKBASE DOCUMENT
EX-101 PRESENTATION LINKBASE DOCUMENT
EX-101 DEFINITION LINKBASE DOCUMENT

PART I
FINANCIAL INFORMATION

The accompanying condensed consolidated unaudited interim financial statements as of and for the three and six months ended June 30, 2011 have been prepared by Cole Credit Property Trust, Inc. (the “Company,” “we,” “us” or “our”) pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”) regarding interim financial reporting. Accordingly, they do not include all of the information and footnotes required by accounting principles generally accepted in the United States of America (“GAAP”) for complete financial statements, and should be read in conjunction with the audited financial statements and related notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2010. The financial statements herein should also be read in conjunction with the notes to the financial statements and Management’s Discussion and Analysis of Financial Condition and Results of Operations contained in this Quarterly Report on Form 10-Q. The results of operations for the three and six months ended June 30, 2011 are not necessarily indicative of the operating results expected for the full year. The information furnished in our accompanying condensed consolidated unaudited balance sheets and condensed consolidated unaudited statements of operations, stockholders’ equity and cash flows reflects all adjustments that are, in our opinion, necessary for a fair presentation of the aforementioned financial statements. Such adjustments are of a normal recurring nature.

Forward-looking statements that were true at the time made may ultimately prove to be incorrect or false. We caution readers not to place undue reliance on forward-looking statements, which reflect our management’s view only as of the date this Quarterly Report on Form 10-Q is filed with the SEC. We make no representation or warranty (express or implied) about the accuracy of any such forward-looking statements contained in this Quarterly Report on Form 10-Q. Additionally, we undertake no obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results.

COLE CREDIT PROPERTY TRUST, INC.

CONDENSED CONSOLIDATED UNAUDITED BALANCE SHEETS

(In thousands except share and per share amounts)


	June 30,			December 31,
	2011			2010
ASSETS
Investment in real estate assets:
Land	$	54,233		$	54,233
Buildings and improvements, less accumulated depreciation of $22,072 and $20,255, respectively		99,122			100,933
Acquired intangible lease assets, less accumulated amortization of $12,056 and $11,094, respectively		16,286			17,244

Total investment in real estate assets, net		169,641			172,410
Cash and cash equivalents		936			1,382
Restricted cash		1,011			872
Rents and tenant receivables, less allowance for doubtful accounts of $49		2,310			2,143
Prepaid expenses and other assets		6			77
Deferred financing costs, less accumulated amortization of $1,171 and $962, respectively		2,145			2,423

Total assets	$	176,049		$	179,307


LIABILITIES AND STOCKHOLDERS’ EQUITY
Notes payable	$	118,225		$	118,550
Lines of credit with affiliate		1,935			1,935
Accounts payable and accrued expenses		671			804
Due to affiliates		48			54
Acquired below market lease intangibles, less accumulated amortization of $1,307 and $1,208, respectively		890			989
Distributions payable		415			429
Deferred rent		288			660

Total liabilities		122,472			123,421

Commitments and contingencies
STOCKHOLDERS’ EQUITY:
Preferred stock, $0.01 par value; 10,000,000 shares authorized, none issued and outstanding		—			—
Common stock, $0.01 par value; 90,000,000 shares authorized, 10,090,951 shares issued and outstanding		101			101
Capital in excess of par value		90,424			90,424
Accumulated distributions in excess of earnings		(36,948	)		(34,639	)

Total stockholders’ equity		53,577			55,886

Total liabilities and stockholders’ equity	$	176,049		$	179,307

The accompanying notes are an integral part of these condensed consolidated unaudited financial statements.

COLE CREDIT PROPERTY TRUST, INC.

CONDENSED CONSOLIDATED UNAUDITED STATEMENTS OF OPERATIONS

(In thousands except share and per share amounts)


	Three Months Ended June 30,						Six Months Ended June 30,
	2011			2010			2011			2010
Revenues:
Rental and other property income	$	3,904		$	3,941		$	7,805		$	7,887
Tenant reimbursement income		98			94			183			192

Total revenue		4,002			4,035			7,988			8,079


Expenses:
General and administrative expenses		130			150			303			297
Property operating expenses		162			139			333			264
Property management expenses		118			119			234			247
Depreciation		908			921			1,817			1,842
Amortization		451			451			901			901

Total operating expenses		1,769			1,780			3,588			3,551

Operating income		2,233			2,255			4,400			4,528


Other expense:
Interest expense, net		(2,117	)		(2,173	)		(4,207	)		(4,025	)
Loss on early extinguishment of debt		—			(254	)		—			(259	)

Total other expense		(2,117	)		(2,427	)		(4,207	)		(4,284	)

Net income (loss)	$	116		$	(172	)	$	193		$	244


Weighted average number of common shares outstanding:
Basic and diluted		10,090,951			10,090,951			10,090,951			10,090,951


Net income (loss) per common share:
Basic and diluted	$	0.01		$	(0.02	)	$	0.02		$	0.02


Distributions declared per common share:	$	0.12		$	0.12		$	0.25		$	0.28

The accompanying notes are an integral part of these condensed consolidated unaudited financial statements.

COLE CREDIT PROPERTY TRUST, INC.

CONDENSED CONSOLIDATED UNAUDITED STATEMENT OF STOCKHOLDERS’ EQUITY

(In thousands, except share amounts)


							Accumulated
	Common Stock				Capital in		Distributions			Total
	Number of				Excess		in Excess of			Stockholders’
	Shares		Par Value		of Par Value		Earnings			Equity
Balance, January 1, 2011		10,090,951	$	101	$	90,424	$	(34,639	)	$	55,886
Distributions		—		—		—		(2,502	)		(2,502	)
Net income		—		—		—		193			193

Balance, June 30, 2011		10,090,951	$	101	$	90,424	$	(36,948	)	$	53,577

The accompanying notes are an integral part of these condensed consolidated unaudited financial statements.

COLE CREDIT PROPERTY TRUST, INC.

CONDENSED CONSOLIDATED UNAUDITED STATEMENTS OF CASH FLOWS

(In thousands)


	Six Months Ended June 30,
	2011			2010
Cash flows from operating activities:
Net income	$	193		$	244
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation		1,817			1,842
Amortization of intangible lease assets and below market lease intangibles, net		863			860
Amortization of deferred financing costs		278			199
Loss on early extinguishment of debt		—			259
Changes in assets and liabilities:
Rents and tenant receivables		(167	)		157
Prepaid expenses and other assets		71			58
Accounts payable and accrued expenses		(133	)		(198	)
Deferred rent		(372	)		(354	)
Due to affiliates		(6	)		7

Net cash provided by operating activities		2,544			3,074

Cash flows from investing activities:
Additions to real estate and related assets		(10	)		—
Change in restricted cash		(139	)		(407	)

Net cash used in investing activities		(149	)		(407	)

Cash flows from financing activities:
Distributions to investors		(2,516	)		(3,038	)
Proceeds from notes payable		—			51,625
Repayment of notes payable and line of credit		(325	)		(51,505	)
Proceeds from line of credit with affiliates		—			1,935
Payment of loan deposits		—			(433	)
Refund of loan deposits		—			433
Deferred financing costs paid		—			(2,170	)
Payment of costs related to the early extinguishment of debt		—			(212	)

Net cash used in financing activities		(2,841	)		(3,365	)

Net decrease in cash and cash equivalents		(446	)		(698	)
Cash and cash equivalents, beginning of period		1,382			1,907

Cash and cash equivalents, end of period	$	936		$	1,209


Supplemental Disclosures of Non-Cash Investing and Financing Activites:
Distributions declared and unpaid	$	415		$	415

Supplemental Cash Flow Disclosures:
Interest paid	$	3,945		$	3,798

The accompanying notes are an integral part of these condensed consolidated unaudited financial statements.

COLE CREDIT PROPERTY TRUST, INC.

NOTES TO CONDENSED CONSOLIDATED UNAUDITED FINANCIAL STATEMENTS

June 30, 2011

NOTE 1 — ORGANIZATION AND BUSINESS

Cole Credit Property Trust, Inc. (the “Company”) is a Maryland corporation that was formed on March 29, 2004 that is organized and operates as a real estate investment trust (“REIT”) for federal income tax purposes. Substantially all of the Company’s business is conducted through Cole Operating Partnership I, LP (“Cole OP I”), a Delaware limited partnership. The Company is the sole general partner of and owns a 99.99% partnership interest in Cole OP I. Cole REIT Advisors, LLC (“Cole Advisors”), the affiliate advisor to the Company, is the sole limited partner and owner of an insignificant noncontrolling partnership interest of less than 0.01% of Cole OP I.

As of June 30, 2011, the Company owned 42 properties comprising 1.0 million square feet of single-tenant retail and commercial space located in 19 states. As of June 30, 2011, these properties were 100% leased.

The Company’s stock is not currently listed on a national exchange. The Company may seek to list its common stock for trading on a national securities exchange only if the board of directors of the Company believes listing would be in the best interest of its stockholders. The Company does not intend to list its shares at this time. The Company does not anticipate that there would be any market for its common stock until its shares are listed on a national securities exchange. In the event the Company does not obtain listing prior to February 1, 2016, its charter requires that it either: (1) seek stockholder approval of an extension or amendment of this listing deadline; or (2) seek stockholder approval to adopt a plan of liquidation.

NOTE 2 — SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Principles of Consolidation and Basis of Presentation

The condensed consolidated unaudited financial statements of the Company have been prepared in accordance with the rules and regulations of the SEC, including the instructions to Form 10-Q and Article 8 of Regulation S-X, and do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, the statements for the interim periods presented include all adjustments, which are of a normal and recurring nature, necessary to present a fair presentation of the results for such periods. Results for these interim periods are not necessarily indicative of full year results. The information included in this Quarterly Report on Form 10-Q should be read in conjunction with the Company’s audited consolidated financial statements as of and for the year ended December 31, 2010 and related notes thereto set forth in the Company’s Annual Report on Form 10-K.

The accompanying condensed consolidated unaudited financial statements include the accounts of the Company and its wholly-owned subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation.

Valuation of Real Estate and Related Assets

The Company continually monitors events and changes in circumstances that could indicate that the carrying amounts of its real estate and related intangible assets may not be recoverable. Impairment indicators that the Company considers include, but are not limited to, bankruptcy or other credit concerns of a property’s major tenant, such as a history of late payments, rental concessions and other factors, a significant decrease in a property’s revenues due to lease terminations, vacancies, co-tenancy clauses, reduced lease rates or other circumstances. When indicators of potential impairment are present, the Company assesses the recoverability of the assets by determining whether the carrying value of the assets will be recovered through the undiscounted future operating cash flows expected from the use of the assets and their eventual disposition. In the event that such expected undiscounted future cash flows do not exceed the carrying value, the Company will adjust the real estate and related intangible assets to their fair value and recognize an impairment loss.

COLE CREDIT PROPERTY TRUST, INC.
NOTES TO CONDENSED CONSOLIDATED UNAUDITED FINANCIAL STATEMENTS — (Continued)
June 30, 2011

The Company continues to monitor one property with a book value of $4.1 million for which it has identified impairment indicators. For this property, the undiscounted future operating cash flows expected from the use of this property and its eventual disposition exceeded its carrying value as of June 30, 2011. Should the conditions related to this property, or any of our other properties change, the underlying assumptions used to determine the expected undiscounted future operating cash flows may change and adversely affect the recoverability of the carrying value related to such property. No impairment losses were recorded during the three and six months ended June 30, 2011 and 2010.

Projections of expected future cash flows require the Company to use estimates such as future market rental income rates subsequent to the expiration of current lease agreements, property operating expenses, terminal capitalization and discount rates, the number of months it takes to re-lease the property, required tenant improvements and the number of years the property is held for investment. The use of alternative assumptions in the future cash flow analysis could result in a different assessment of the property’s future cash flow and a different conclusion regarding the existence of an impairment, the extent of such loss, if any, as well as the fair value of the Company’s real estate and related assets.

When a real estate asset is identified as held for sale, the Company will cease depreciation of the asset and estimate the sales price, net of selling costs. If, in the Company’s opinion, the net sales price of the asset is less than the carrying value of the asset, an adjustment to the carrying value would be recorded to reflect the estimated fair value of the property, net of selling costs.

Restricted Cash

Included in restricted cash as of June 30, 2011, was $819,000 held by lenders in escrow accounts primarily for tenant and capital improvements, leasing commissions and repairs and maintenance for certain properties, in accordance with the respective lender’s loan agreement. In addition, as of June 30, 2011, the Company had $192,000 in restricted cash held by lenders in a lockbox account. As part of certain debt agreements discussed in Note 4, rents from the encumbered properties are deposited directly into a lockbox account, from which the monthly debt service payment is disbursed to the lender and the excess funds are disbursed to the Company.

Redemptions of Common Stock

In accordance with the Company’s share redemption program, the purchase price paid for redeemed shares will equal the lesser of (1) the price actually paid for those shares or (2) either (i) $8.50 per share or (ii) 90.0% of the net asset value per share as determined by the Company’s board of directors. Therefore, the share redemption price would be $6.89 per share based on the most recently disclosed estimated value of $7.65 per share as determined by the Company’s board of directors, effective January 1, 2011. However, the Company’s share redemption program provides that the Company’s board of directors must determine at the beginning of each fiscal year the maximum amount of shares that the Company may redeem during that year. The Company’s board of directors determined that no amounts were to be made available for redemption during the year ending December 31, 2011.

NOTE 3 — FAIR VALUE MEASUREMENTS

Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 820, Fair Value Measurements and Disclosures (“ASC 820”), defines fair value, establishes a framework for measuring fair value in GAAP and expands disclosures about fair value measurements. ASC 820 emphasizes that fair value is intended to be a market-based measurement, as opposed to a transaction-specific measurement.

COLE CREDIT PROPERTY TRUST, INC.
NOTES TO CONDENSED CONSOLIDATED UNAUDITED FINANCIAL STATEMENTS — (Continued)
June 30, 2011

The following describes the methods the Company uses to estimate the fair value of the Company’s financial assets and liabilities:

Cash and cash equivalents, restricted cash, rents and tenant receivables, prepaid expenses, and accounts payable and accrued expenses — The Company considers the carrying values of these financial instruments to approximate fair value because of the short period of time between origination of the instruments and their expected realization.

Notes payable and lines of credit — The fair value is estimated using a discounted cash flow technique based on estimated borrowing rates available to the Company as of June 30, 2011 and December 31, 2010. The estimated fair value of the notes payable and lines of credit with affiliate was $119.7 million and $1.9 million, respectively, as of June 30, 2011, as compared to the carrying value of $118.2 million and $1.9 million, respectively. The estimated fair value of the notes payable and line of credit with affiliate was $118.2 million and $1.9 million, respectively, as of December 31, 2010, as compared to the carrying value of $118.6 million and $1.9 million, respectively.

Considerable judgment is necessary to develop estimated fair values of certain financial instruments. Accordingly, the estimates presented herein are not necessarily indicative of the amounts the Company could realize on disposition of the financial instruments.

NOTE 4 — NOTES PAYABLE AND LINES OF CREDIT

As of June 30, 2011, the Company had $120.2 million outstanding in mortgage notes payable and lines of credit borrowings, with fixed interest rates ranging from 5.27% to 8.68% and a weighted average interest rate of 6.61%, which mature on various dates from March 2012 through June 2031, with a weighted average remaining term of 5.2 years. Each of the mortgage notes payable and lines of credit are secured by the respective properties and their related leases on which the debt was placed. The mortgage notes and lines of credit are generally non-recourse to the Company and Cole OP I, but both are liable for customary non-recourse carve-outs. The mortgage notes and lines of credit are collateralized by all of the Company’s real estate assets. The mortgage notes payable and lines of credit contain customary default provisions and may generally be prepaid subject to meeting certain requirements and payment of a prepayment premium as specified in the respective loan or line of credit agreement. Generally, upon the occurrence of an event of default, interest on the mortgage notes will accrue at an annual default interest rate equal to the lesser of (a) the maximum rate permitted by applicable law, or (b) the then-current interest rate plus a percentage specified in the respective loan agreement. Certain mortgage notes payable contain customary affirmative, negative and financial covenants, including requirements for minimum net worth and debt service coverage ratios, in addition to limits on leverage ratios and variable rate debt. Based on the Company’s analysis and review of its results of operations and financial condition, as of June 30, 2011, the Company believes it was in compliance with the covenants of such mortgage notes payable.

During the three months ended June 30, 2011, the Company elected to extend the maturity date of one mortgage note totaling $7.8 million from June 2011 to June 2031, in accordance with the hyper-amortization provisions of the mortgage note. During the extended maturity period, the lender will apply 100% of the rents collected from the property collateralizing the note to the following items in the order indicated: (1) payment of accrued interest at the original fixed interest rate of 6.68%, (2) all payments for escrow or reserve accounts, (3) any operating expenses of the property pursuant to an approved annual budget and (4) any extraordinary operating or capital expenses. The balance of the rents collected will be applied to the following items in such order as the lender may determine: (1) any other amounts due in accordance with the loan document, (2) the reduction of the principal balance of the mortgage note, and (3) interest accrued at the “Revised Interest Rate” but not previously paid. As used herein, the Revised Interest Rate means an interest rate equal to the greater of (A) the initial fixed interest rate as stated in the loan agreement plus 2.0% per annum or (B) the then current Treasury Constant Maturity Yield Index plus 2.0% per annum. The Revised Interest Rate on the mortgage note during the extended maturity period is 8.68%.

COLE CREDIT PROPERTY TRUST, INC.
NOTES TO CONDENSED CONSOLIDATED UNAUDITED FINANCIAL STATEMENTS — (Continued)
June 30, 2011

NOTE 5 — COMMITMENTS AND CONTINGENCIES

Litigation

In the ordinary course of business, the Company may become subject to litigation or claims. The Company is not aware of any pending legal proceedings of which the outcome is reasonably likely to have a material effect on its results of operations or financial condition.

Environmental Matters

In connection with the ownership and operation of real estate, the Company may be potentially liable for costs and damages related to environmental matters. The Company carries environmental liability insurance on its properties which provides limited coverage for remediation liability and pollution liability for third-party bodily injury and property damage claims. The Company has not been notified by any governmental authority of any non-compliance, liability or other claim, and the Company is not aware of any other environmental condition that it believes will have a material effect on its results of operations or financial condition.

NOTE 6 — RELATED-PARTY TRANSACTIONS AND ARRANGEMENTS

Certain affiliates of the Company received fees and compensation in connection with the Company’s private placement of shares of its common stock. Certain affiliates of the Company have received, and may continue to receive, fees and compensation in connection with the acquisition, financing and management of the assets of the Company. Other various transactions may result in the receipt of commissions, fees and other compensation by Cole Advisors and its affiliates, including disposition fees, subordinated participation in net sale proceeds and subordinated performance fees.

If Cole Advisors provides substantial services, as determined by the Company, in connection with the origination or refinancing of any debt financing obtained by the Company that is used to acquire properties or to make other permitted investments, or that is assumed, directly or indirectly, in connection with the acquisition of properties, the Company will pay Cole Advisors a financing coordination fee equal to 1% of the amount available under such financing; provided, however, that Cole Advisors shall not be entitled to a financing coordination fee in connection with the refinancing of any loan secured by any particular property that was previously subject to a refinancing in which Cole Advisors received such a fee. Financing coordination fees payable on loan proceeds from permanent financing will be paid to Cole Advisors as the Company acquires such permanent financing. However, no fees will be paid on loan proceeds from any line of credit until such time as all net offering proceeds have been invested by the Company. No such fees were incurred by the Company during the three and six months ended June 30, 2011. During the three and six months ended June 30, 2010, the Company incurred $516,000 for such financing coordination fees.

The Company paid, and expects to continue to pay, Cole Realty Advisors, Inc. (“Cole Realty”), its affiliated property manager, fees for the management and leasing of the Company’s properties. Property management fees are equal to 3% of gross revenues, and leasing fees are at prevailing market rates, not to exceed the greater of $4.50 per square foot or 7.5% of the total lease obligation. During the three months ended June 30, 2011 and 2010, the Company incurred $118,000 and $119,000 for property management fees, respectively. During the six months ended June 30, 2011 and 2010, the Company incurred $234,000 and $247,000 for property management fees, respectively. As of June 30, 2011 and December 31, 2010, $39,000 and $45,000, respectively, of such costs had been incurred but not paid by the Company, and are included in due to affiliates on the condensed consolidated unaudited balance sheets.

Cole Realty, or its affiliates, also receives acquisition and advisory fees of up to 3% of the contract purchase price of each property. No such fees were incurred by the Company during the three and six months ended June 30, 2011 and 2010.

COLE CREDIT PROPERTY TRUST, INC.
NOTES TO CONDENSED CONSOLIDATED UNAUDITED FINANCIAL STATEMENTS — (Continued)
June 30, 2011

The Company is obligated to pay Cole Advisors an annualized asset management fee of up to 0.25% of the aggregate asset value of the Company’s assets. Pursuant to a waiver of the fee by Cole Advisors, no asset management fees were incurred by the Company during the three and six months ended June 30, 2011 and 2010. The Company is not obligated to pay any amounts for such periods. However, Cole Advisors may elect to charge asset management fees in future periods up to the 0.25% fee.

If Cole Advisors, or its affiliates, provides a substantial amount of services, as determined by the Company, in connection with the sale of one or more properties, the Company will pay Cole Advisors an amount equal to 3% of the contract price of each asset sold. In no event will the combined disposition fee paid to Cole Advisors, its affiliates and unaffiliated third parties exceed the reasonable, customary and competitive amount for such services. In addition, after investors have received a return of their net capital contributions and a 7.5% annual cumulative, non-compounded return, then Cole Advisors is entitled to receive 20% of the remaining net sale proceeds. No such fees were incurred by the Company during the three and six months ended June 30, 2011 and 2010 relating to the sale of properties.

In the event the Company’s common stock is listed in the future on a national securities exchange, a subordinated incentive listing fee equal to 20% of the amount by which the market value of the Company’s outstanding stock plus all distributions paid by the Company prior to listing exceeds the sum of the total amount of capital raised from investors and the amount of cash flow necessary to generate a 7.5% annual cumulative, non-compounded return to investors, will be paid to Cole Advisors.

The Company may reimburse Cole Advisors for expenses it incurs in connection with its provision of administrative services, including related personnel costs. The Company does not reimburse for personnel costs in connection with services for which Cole Advisors receives acquisition fees or disposition fees. No such costs were incurred by the Company during the three and six months ended June 30, 2011 and 2010.

During the year ended December 31, 2010, the Company entered into two revolving line of credit agreements that provide for an aggregate of $2.9 million of available borrowings from Series C, LLC (“Series C”), which is an affiliate of Cole Advisors, on which the Company borrowed $1.9 million under one of the revolving lines of credit. No financing coordination fee was paid, or will be paid, to Cole Advisors or its affiliates in connection with these revolving lines of credit. The line of credit agreements bear a fixed interest rate of 5.75% and mature in March 2012. During the three months ended June 30, 2011 and 2010, the Company incurred $28,000 of interest expense related to the aforementioned lines of credit. During the six months ended June 30, 2011 and 2010, the Company incurred $56,000 and $28,000 of interest expense related to the aforementioned lines of credit, respectively. As of June 30, 2011 and December 31, 2010, $9,000 of such expense had been incurred but not paid by the Company, and is included in due to affiliates on the condensed consolidated unaudited balance sheets.

NOTE 7 — ECONOMIC DEPENDENCY

Under various agreements, the Company has engaged or will engage Cole Advisors and its affiliates to provide certain services that are essential to the Company, including asset management services, supervision of the management and leasing of properties owned by the Company, asset acquisition and disposition decisions, the sale of shares of the Company’s common stock available for issue, as well as other administrative responsibilities for the Company including accounting services and investor relations. As a result of these relationships, the Company is dependent upon Cole Advisors and its affiliates. In the event that these companies are unable to provide the Company with these services, the Company would be required to find alternative providers of these services.

COLE CREDIT PROPERTY TRUST, INC.
NOTES TO CONDENSED CONSOLIDATED UNAUDITED FINANCIAL STATEMENTS — (Continued)
June 30, 2011

NOTE 8 — NEW ACCOUNTING PRONOUNCEMENT

In December 2010, FASB issued Accounting Standards Update (“ASU”) 2010-29, Disclosure of Supplementary Pro Forma Information for Business Combinations, (“ASU 2010-29”), which clarifies the manner in which pro forma disclosures are calculated and provides additional disclosure requirements regarding material nonrecurring adjustments recorded as a result of a business combination. ASU 2010-29 was effective for the Company beginning on January 1, 2011. The adoption of ASU 2010-29 has not had a material impact on the Company’s consolidated financial statements.

In May 2011, FASB issued ASU 2011-04, Fair Value Measurements and Disclosures (Topic 820): Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRS, (“ASU 2011-04”), which converges guidance between GAAP and International Financial Reporting Standards (“IFRS”) on how to measure fair value and on what disclosures to provide about fair value measurements. ASU 2011-04 will become effective for the Company on January 1, 2012. The adoption of ASU 2011-04 is not expected to have a material impact on the Company’s consolidated financial statements.


ITEM 2.		MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our condensed consolidated unaudited financial statements, the notes thereto, and the other unaudited financial data included elsewhere in this Quarterly Report on Form 10-Q. The following discussion should also be read in conjunction with our audited consolidated financial statements, and the notes thereto, and Management’s Discussion and Analysis of Financial Condition and Results of Operations included in our Annual Report on Form 10-K for the year ended December 31, 2010. The terms “we,” “us,” “our” and the “Company” refer to Cole Credit Property Trust, Inc., and unless otherwise defined herein, capitalized terms used herein shall have the same meanings as set forth in our condensed consolidated unaudited financial statements and the notes thereto.

Forward-Looking Statements

Except for historical information, this section contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including discussion and analysis of our financial condition and our subsidiaries, our anticipated capital expenditures, amounts of anticipated cash distributions to our stockholders in the future and other matters. These forward-looking statements are not historical facts but are the intent, belief or current expectations of our management based on their knowledge and understanding of our business and industry. Words such as “may,” “will,” “anticipates,” “expects,” “intends,” “plans,” “believes,” “seeks,” “estimates,” “would,” “could,” “should,” or other similar words are intended to identify forward-looking statements. All statements not based on historical fact are forward-looking statements. These statements are not guarantees of future performance and are subject to risks, uncertainties and other factors, some of which are beyond our control, are difficult to predict and could cause actual results to differ materially from those expressed or implied in the forward-looking statements.

Forward-looking statements that were true at the time made may ultimately prove to be incorrect or false. We caution investors not to place undue reliance on forward-looking statements, which reflect our management’s view only as of the date this Quarterly Report on Form 10-Q is filed with the SEC. We undertake no obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results. Factors that could cause actual results to differ materially from any forward-looking statements made in this Quarterly Report on Form 10-Q include, among others, changes in general economic conditions, changes in real estate conditions, construction costs that may exceed estimates, construction delays, increases in interest rates, lease-up risks, inability to obtain new tenants upon the expiration or termination of existing leases, inability to obtain financing or refinance existing debt, and the potential need to fund tenant improvements or other capital expenditures out of operating cash flows.

Management’s discussion and analysis of financial condition and results of operations are based upon our condensed consolidated unaudited financial statements, which have been prepared in accordance with GAAP. The preparation of these financial statements requires our management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses, and related disclosure of contingent assets and liabilities. On a regular basis, we evaluate these estimates. These estimates are based on management’s historical industry experience and on various other assumptions that are believed to be reasonable under the circumstances. Actual results may differ from these estimates.

Overview

We were formed on March 29, 2004, to acquire and operate commercial real estate primarily consisting of net leased, freestanding, single tenant, income-generating retail and commercial properties located throughout the United States. We have no paid employees and are externally managed by our advisor. We elected to be taxed, and currently qualify, as a REIT for federal income tax purposes.

As of June 30, 2011, we owned 42 properties, which were 100% leased, comprising 1.0 million square feet of single-tenant retail and commercial space located in 19 states. We do not anticipate acquiring any additional properties, unless we were to dispose of any of our properties in the ordinary course of business, in which case we would expect to reinvest the net sales proceeds in additional properties or distribute the net proceeds to our stockholders. We currently have no formal plans to dispose of any of our properties.

Our operating results and cash flows are primarily influenced by rental income from our commercial properties and interest expense on our property acquisition indebtedness. Rental and other property income accounted for 98% of total revenue during the three and six months ended June 30, 2011 and 2010. As 100% of our properties are under lease, with a weighted average remaining lease term of 9.7 years, our exposure to changes in commercial rental rates and contractual lease expirations is substantially mitigated, except for any vacancies caused by tenant bankruptcies or other factors. Our advisor regularly monitors the creditworthiness of our tenants by reviewing the tenant’s financial results, credit rating agency reports (if any) on the tenant or guarantor, the operating history of the property with such tenant, the tenant’s market share and track record within its industry segment, the general health and outlook of the tenant’s industry segment, and other information for changes and possible trends. If our advisor identifies significant changes or trends that may adversely affect the creditworthiness of a tenant, it will gather a more in-depth knowledge of the tenant’s financial condition and, if necessary, attempt to mitigate the tenant’s credit risk by evaluating the possible sale of the property, or identifying a possible replacement tenant should the current tenant fail to perform on the lease.

As of June 30, 2011, the debt leverage ratio of our portfolio, which is the ratio of debt to total gross real estate assets net of gross intangible lease liabilities, was 60%. All of our debt is subject to fixed interest rates, ranging from 5.27% to 8.68%, with a weighted average remaining term of 5.2 years. As we have no outstanding variable rate debt, our exposure to short-term changes in interest rates is limited. However, we will be subject to changes in interest rates as we refinance our debt as it matures. See our contractual obligations table in the section captioned “Liquidity and Capital Resources — Long-term Liquidity and Capital Resources.”

Recent Market Conditions

Beginning in late 2007, domestic and international financial markets experienced significant disruptions that were brought about in large part by challenges in the world-wide banking system. These disruptions severely impacted the availability of credit and have contributed to rising costs associated with obtaining credit. In 2010, the volume of mortgage lending for commercial real estate began increasing and lending terms improved; however, such lending activity is significantly less than previous levels. Although lending market conditions have improved, we have experienced, and may continue to experience, more stringent lending criteria, which may affect our ability to finance certain property acquisitions or refinance our debt at maturity. For properties for which we are able to obtain financing, the interest rates and other terms on such loans may be unacceptable. Additionally, if we are able to refinance our existing debt as it matures, it may be at lower leverage levels or at rates and terms which are less favorable than our existing debt or, if we elect to extend the maturity dates of the mortgage notes in accordance with the hyper-amortization provisions, the interest rates charged to us will be higher, each of which may adversely affect our results of operations and the distribution rate we are able to pay to our investors. If we are required to sell any of our properties to meet our liquidity requirements or for any reason, such sale will result in lower rental revenue and may be at a price less than our acquisition price for the property, each of which would adversely impact our results of operations and the distribution rate we are able to pay our investors.

The economic downturn has led to high unemployment rates and a decline in consumer spending. These economic trends have adversely impacted the retail and real estate markets, causing higher tenant vacancies, declining rental rates and declining property values. Recently, the economy has improved and continues to show signs of recovery. Additionally, the real estate markets have recently observed an improvement in property values and occupancy and rental rates; however, in most markets property values, occupancy and rental rates continue to be below those previously experienced before the economic downturn. As of June 30, 2011, 100% of our rentable square feet was leased. However, if the recent improvements in economic conditions do not continue, we may experience vacancies or be required to further reduce rental rates on occupied space. If we do experience vacancies, our advisor will actively seek to lease our vacant space, however, such space may be leased at lower rental rates and for shorter lease terms than previously experienced. In addition, as many retailers and other tenants have been delaying or eliminating their store expansion plans, the amount of time required to re-lease a property may increase as a result.

Results of Operations

Three Months Ended June 30, 2011 Compared to the Three Months Ended June 30, 2010

Revenue — Revenue remained relatively constant at $4.0 million for the three months ended June 30, 2011 and 2010, decreasing $33,000, or 1%. The decrease was primarily a result of a reduction of rental income relating to one tenant that declared bankruptcy in September 2010 and on March 28, 2011, entered into a new long-term lease agreement that provides for lower fixed monthly lease payments and potential percentage rent payments. Our revenue primarily consists of rental and other property income from net leased commercial properties, which accounted for 98% of total revenues during each of the three months ended June 30, 2011 and 2010.

General and Administrative Expenses — General and administrative expenses decreased $20,000, or 13%, to $130,000 for the three months ended June 30, 2011, compared to $150,000 for the three months ended June 30, 2010. The decrease was primarily due to decreased accounting fees. Our primary general and administrative expense items are state franchise and income taxes, transfer agent fees, legal and accounting fees and other licenses and fees.

Property Operating Expenses — Property operating expenses increased $23,000, or 17%, to $162,000 for the three months ended June 30, 2011, compared to $139,000 for the three months ended June 30, 2010. The increase was primarily due to an increase in non-reimbursable property taxes incurred by us during the three months ended June 30, 2011, related to the new long-term lease entered into with one tenant as discussed above, offset by a decrease in property repair and maintenance expenses. The primary property operating expenses items are property taxes, insurance, property repairs and maintenance, and bad debt expense.

Property Management Expenses — Property management expenses remained relatively constant, decreasing $1,000 or 1%, to $118,000 for the three months ended June 30, 2011, compared to $119,000 for the three months ended June 30, 2010. The decrease was primarily due to decreased rental income, as discussed above.

Depreciation and Amortization Expenses — Depreciation and amortization expenses remained relatively constant at $1.4 million during the three months ended June 30, 2011 and 2010, decreasing $13,000, or 1%. The decrease was due to a write down of the carrying amount of one property due to impairment in 2010.

Net Interest Expense — Net interest expense decreased $56,000, or 3%, to $2.1 million for the three months ended June 30, 2011, compared to $2.2 million for the three months ended June 30, 2010. The decrease was primarily due to monthly principal payments on amortizing mortgage notes payable. The primary net interest expense items are interest expense, amortization of deferred financing costs, and interest income.

Loss on Early Extinguishment of Debt — There was no loss on early extinguishment of debt for the three months ended June 30, 2011, compared to $254,000 loss on early extinguishment of debt for the three months ended June 30, 2010. The loss during the three months ended June 30, 2010 was due to the refinancing of 22 mortgage notes payable and one line of credit.

Results of Operations

Six Months Ended June 30, 2011 Compared to the Six Months Ended June 30, 2010

Revenue — Revenue decreased $91,000, or 1%, to $8.0 million for the six months ended June 30, 2011, compared to $8.1 million for the six months ended June 30, 2010. The decrease was primarily a result of a reduction of rental income relating to short-term rent relief granted to one tenant that declared bankruptcy in September 2010 and a new long-term lease entered into with this tenant on March 28, 2011, that provides for lower monthly lease payments and potential percentage rent payments. Our revenue primarily consists of rental and other property income from net leased commercial properties, which accounted for 98% of total revenues during each of the six months ended June 30, 2011 and 2010.

General and Administrative Expenses — General and administrative expenses increased $6,000, or 2%, to $303,000 for the six months ended June 30, 2011, compared to $297,000 for the six months ended June 30, 2010. The increase was primarily due to an increase in transfer agent fees. Our primary general and administrative expense items are legal and accounting fees, state franchise and income taxes, transfer agent fees and other licenses and fees.

Property Operating Expenses — Property operating expenses increased $69,000, or 26%, to $333,000 for the six months ended June 30, 2011, compared to $264,000 for the six months ended June 30, 2010. The increase was primarily due to an increase in non-reimbursable property taxes incurred by us during the six months ended June 30, 2011, related to the rent relief granted to one tenant and the long-term lease entered into with that tenant, as discussed above. The primary property operating expenses items are property taxes, insurance, property repairs and maintenance, and bad debt expense.

Property Management Expenses — Property management expenses decreased $13,000 or 5%, to $234,000 for the six months ended June 30, 2011, compared to $247,000 for the six months ended June 30, 2010. The decrease was primarily due to decreased rental income, as discussed above.

Depreciation and Amortization Expenses — Depreciation and amortization expenses remained relatively constant at $2.7 million during the six months ended June 30, 2011 and 2010, decreasing $25,000, or 1%. The decrease was due to the write down of the carrying amount of one property due to impairment in 2010.

Net Interest Expense — Net interest expense increased $182,000, or 5%, to $4.2 million for the six months ended June 30, 2011, compared to $4.0 million for the six months ended June 30, 2010. The increase was primarily due to an increase in the weighted average interest rate on outstanding debt to 6.61% at June 30, 2011, compared to 6.48% at June 30, 2010, and an increase in amortization of deferred financing costs, which were incurred in the refinancing of certain mortgage notes payable in 2010 at higher interest rates. The primary net interest expense items are interest expense, amortization of deferred financing costs, and interest income.

Loss on Early Extinguishment of Debt — There was no loss on early extinguishment of debt for the six months ended June 30, 2011, compared to $259,000 loss on early extinguishment of debt for the six months ended June 30, 2010. The loss during the six months ended June 30, 2010 was due to the refinancing of 22 mortgage notes payable and one line of credit.

Funds From Operations and Modified Funds From Operations

Funds from Operations (“FFO”) is a non-GAAP financial performance measure defined by the National Association of Real Estate Investment Trusts (“NAREIT”) and widely recognized by investors and analysts as one measure of operating performance of a real estate company. FFO excludes items such as real estate depreciation and amortization, and gains and losses on the sale of real estate assets. Depreciation and amortization as applied in accordance with GAAP implicitly assumes that the value of real estate assets diminishes predictably over time. Since real estate values have historically risen or fallen with market conditions, it is management’s view, and we believe the view of many industry investors and analysts, that the presentation of operating results for real estate companies by using the historical cost accounting method alone is insufficient. In addition, FFO excludes gains and losses from the sale of real estate, which we believe provides management and investors with a helpful additional measure of the historical performance of our real estate portfolio, as it allows for comparisons, year to year, that reflect the impact on operations from trends in items such as occupancy rates, rental rates, operating costs, general and administrative expenses and interest costs.

In addition to FFO, we use Modified Funds from Operations (“MFFO”) as a non-GAAP supplemental financial performance measure to evaluate the historical operating performance of our real estate portfolio. MFFO, as defined by our company, excludes from FFO real estate impairment charges, which are required to be expensed in accordance with GAAP. Impairment charges are items that management does not include in its evaluation of the historical operating performance of its real estate investments, as management believes that the impact of these items will be reflected over time through changes in rental income or other related costs. As many other non-traded REITs exclude impairments in reporting their MFFO, we believe that our calculation and reporting of MFFO will assist investors and analysts in comparing our performance versus other non-traded REITs.

For all of these reasons, we believe FFO and MFFO, in addition to net income (loss) and cash flows from operating activities, as defined by GAAP, are helpful supplemental performance measures and useful in understanding the various ways in which our management evaluates the performance of our real estate portfolio over time. However, not all REITs calculate FFO and MFFO the same way, so comparisons with other REITs may not be meaningful. FFO and MFFO should not be considered as alternatives to net income (loss) or to cash flows from operating activities, and are not intended to be used as a liquidity measure indicative of cash flow available to fund our cash needs. Neither the SEC, NAREIT, nor any other regulatory body has evaluated the acceptability of the exclusions contemplated to adjust FFO in order to calculate MFFO and its use as a non-GAAP financial performance measure.

Our calculation of FFO and MFFO, and reconciliation to net income (loss), which is the most directly comparable GAAP financial measure, is presented in the table below for the three and six months ended June 30, 2011 and 2010 (in thousands):


	Three Months Ended June 30,					Six Months Ended June 30,
	2011		2010			2011		2010
NET INCOME (LOSS)	$	116	$	(172	)	$	193	$	244
Depreciation of real estate assets		908		921			1,817		1,842
Amortization of lease related costs		451		451			901		901

Funds and modified funds from operations (FFO and MFFO)	$	1,475	$	1,200		$	2,911	$	2,987

Set forth below is additional information (often considered in conjunction with FFO) that may be helpful in assessing our operating results:

	•		In order to recognize revenues on a straight-line basis over the terms of the respective leases, we recognized additional revenue by straight-lining rental revenue of $51,000 and $85,000 during the three and six months ended June 30, 2011, respectively, and $34,000 and $82,000 during the three and six months ended June 30, 2010, respectively

	•		Amortization of deferred financing costs totaled $139,000 and $278,000 during the three and six months ended June 30, 2011, respectively, and $123,000 and $199,000 during the three and six months ended June 30, 2010, respectively.

	•		Loss on the early extinguishment of debt totaled $254,000 and $259,000 during the three and six months ended June 30, 2010, respectively, each of which includes the write-off of $47,000 of unamortized deferred financing costs related to the refinanced mortgage notes payable during 2010. There were no losses on the early extinguishment of debt during the three and six months ended June 30, 2011.

Liquidity and Capital Resources

Short-term Liquidity and Capital Resources

We expect to meet our short-term liquidity requirements through net cash provided by operations. As of June 30, 2011, we had one revolving line of credit outstanding from an affiliate of our advisor in the amount of $1.9 million maturing in March 2012. During the three months ended June 30, 2011, we elected to extend the maturity date of one mortgage note totaling $7.8 million from June 2011 to June 2031, as further described in Note 4 to our condensed consolidated unaudited financial statements. In accordance with the hyper-amortization provisions, the loan requires us to apply 100% of the rents received from the property securing the debt to pay interest due on the loan, reserves, if any, and principal reductions until such balance is paid in full through the extended maturity date, which will adversely affect our results of operations and may adversely impact the dividend rate that we are able to pay to our investors. We are currently evaluating the possible extension, financing, or refinancing of the $1.9 million revolving line of credit from an affiliate of our advisor maturing in March 2012. If we are unable to extend, finance, or refinance any portion of the amount maturing, we expect to pay down any such amount through a combination of the use of net cash provided by operations and/or the potential sale of certain properties. If we are able to refinance our existing debt as it matures, it may be at rates and terms that are less favorable than our existing debt, which may adversely affect our results of operations and the dividend rate we are able to pay to our investors.

Long-term Liquidity and Capital Resources

We expect to meet our long-term liquidity requirements through proceeds from available borrowings under our revolving lines of credit, secured or unsecured financings or refinancings from banks and other lenders, the selective and strategic sale of properties and net cash flows from operations. We expect that our primary uses of capital will be for the payment of operating expenses, including debt service payments on our outstanding indebtedness, for the payment of tenant improvements, leasing commissions and repairs and maintenance, for the possible reinvestment of proceeds from the strategic sale of properties in replacement properties, and for the payment of distributions to our stockholders, including special distributions of the net proceeds from the sale of properties. We did not have any material commitments for capital or leasing expenditures outstanding as of June 30, 2011.

We expect that substantially all net cash generated from operations will be used to pay distributions to our stockholders after payments of principal on our outstanding indebtedness and certain capital or leasing expenditures are made; however, we may use other sources to fund distributions, as necessary, such as proceeds from available borrowings under our revolving line of credit. To the extent that cash flows from operations are lower than our current expectations due to lower returns on the properties, distributions paid to our stockholders may be reduced.

During the six months ended June 30, 2011 and 2010, we paid distributions of $2.5 million and $3.0 million, respectively, which were funded entirely by cash flows from operations during such periods.

As of June 30, 2011, we had cash and cash equivalents of $936,000, which we expect to be used primarily to pay operating expenses, interest on our indebtedness and stockholder distributions. In addition, we had restricted cash of $819,000 held by lenders in escrow accounts for tenant and capital improvements, leasing commissions, repairs and maintenance and other lender reserves for certain properties, and $192,000 held by lenders in a lockbox account from which the monthly debt service payment will be disbursed to the lender and the excess funds will be disbursed to us.

As of June 30, 2011, we had $120.2 million of fixed rate debt outstanding, including $1.9 million that was outstanding under one of our revolving lines of credit. The outstanding debt is subject to fixed interest rates ranging from 5.27% to 8.68%, with a weighted average interest rate of 6.61%, and matures on various dates from March 2012 through June 2031. Our debt leverage ratio, which is the ratio of debt to total gross real estate assets, net of gross intangible lease liabilities, was 60%, with a weighted average remaining term to maturity of 5.2 years.

Our contractual obligations are as follows (in thousands):


	Payments due by period⁽¹⁾
			Less Than 1						More Than 5
	Total		Year		1-3 Years		4-5 Years		Years
Principal payments — notes payable	$	118,225	$	655	$	53,631	$	54,462	$	9,477
Interest payments — notes payable		43,910		7,884		22,793		3,636		9,597
Principal payments — lines of credit		1,935		1,935		—		—		—
Interest payments — lines of credit		85		85		—		—		—

Total	$	164,155	$	10,559	$	76,424	$	58,098	$	19,074


(1)		The table does not include amounts due to our advisor or its affiliates pursuant to our advisory agreement because such amounts are not fixed and determinable.

Cash Flow Analysis

Six Months Ended June 30, 2011 Compared to the Six Months Ended June 30, 2010

Operating Activities. Net cash provided by operating activities decreased $530,000, or 17%, to $2.5 million for the six months ended June 30, 2011, compared to $3.1 million for the six months ended June 30, 2010. The decrease was primarily due to an increase in rents and tenant receivables, in addition to the loss on early extinguishment of debt during the six months ended June 30, 2010, as compared to no loss on early extinguishment of debt during the six months ended June 30, 2011. See “Results of Operations” for a more complete discussion of the factors impacting our operating performance.

Investing Activities. Net cash used in investing activities decreased $258,000, or 63%, to $149,000 for the six months ended June 30, 2011, compared to $407,000 for the six months ended June 30, 2010. The change was due to a decrease in the change of cash deposited into required lender reserve accounts in accordance with the respective loan agreements.

Financing Activities. Net cash used in financing activities decreased $524,000, or 16%, to $2.8 million for the six months ended June 30, 2011, compared to $3.4 million for the six months ended June 30, 2010. The decrease was due to a decrease in distributions paid to investors, in addition to the payment of deferred financing costs during the six months ended June 30, 2010, as compared to no payments of deferred financing costs during the six months ended June 30, 2011.

Election as a REIT

We are taxed as a REIT under the Internal Revenue Code of 1986, as amended. To maintain our qualification as a REIT, we must meet, and continue to meet, certain requirements relating to our organization, sources of income, nature of assets, distributions of income to our stockholders and recordkeeping. As a REIT, we generally are not subject to federal income tax on taxable income that we distribute to our stockholders so long as we distribute at least 90% of our annual taxable income (computed with regard to the dividends paid deduction excluding net capital gains).

If we fail to maintain our qualification as a REIT for any reason in a taxable year and applicable relief provisions do not apply, we will be subject to tax, including any applicable alternative minimum tax, on our taxable income at regular corporate rates. We will not be able to deduct distributions paid to our stockholders in any year in which we fail to qualify as a REIT. We also will be disqualified for the four taxable years following the year during which qualification was lost unless we are entitled to relief under specific statutory provisions. Such an event could materially adversely affect our net income and net cash available for distribution to stockholders. However, we believe that we are organized and operate in such a manner as to maintain our qualification for treatment as a REIT for federal income tax purposes. No provision for federal income taxes has been made in our accompanying condensed consolidated unaudited financial statements. We are subject to certain state and local taxes related to the operations of properties in certain locations, which have been provided for in our accompanying condensed consolidated unaudited financial statements.

Critical Accounting Policies and Estimates

Our accounting policies have been established to conform to GAAP. The preparation of financial statements in conformity with GAAP requires us to use judgment in the application of accounting policies, including making estimates and assumptions. These judgments affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the dates of the financial statements and the reported amounts of revenue and expenses during the reporting periods. If our judgment or interpretation of the facts and circumstances relating to the various transactions had been different, it is possible that different accounting policies would have been applied, thus, resulting in a different presentation of the financial statements. Additionally, other companies may utilize different estimates that may impact comparability of our results of operations to those of companies in similar businesses. We consider our critical accounting policies to be the following:

	•		Investment in and Valuation of Real Estate and Related Assets;

	•		Allocation of Purchase Price of Real Estate and Related Assets;

	•		Revenue Recognition; and

	•		Income Taxes.

A complete description of such policies and our considerations is contained in our Annual Report on Form 10-K for the year ended December 31, 2010, and our critical accounting policies have not changed during the six months ended June 30, 2011. The information included in this Quarterly Report on Form 10-Q should be read in conjunction with our audited consolidated financial statements as of and for the year ended December 31, 2010, and related notes thereto.

Commitments and Contingencies

We may be subject to certain commitments and contingencies with regard to certain transactions. Refer to Note 5 of our condensed consolidated unaudited financial statements accompanying this Quarterly Report on Form 10-Q for further explanations.

Related-Party Transactions and Agreements

We have entered into agreements with Cole Advisors and its affiliates, whereby we have paid, and may continue to pay, certain fees to, or reimburse certain expenses of, Cole Advisors or its affiliates for acquisition and advisory fees and expenses, financing coordination fees, asset and property management fees, interest expense on affiliate lines of credit and reimbursement of certain operating costs. See Note 6 of our condensed consolidated unaudited financial statements included in this Quarterly Report on Form 10-Q for a discussion of the various related-party transactions, agreements, and fees.

New Accounting Pronouncements

There are no new accounting pronouncements that have been issued but not yet applied by us that we believe will have a material impact on our consolidated financial statements.

Off Balance Sheet Arrangements

As of June 30, 2011 and December 31, 2010, we had no off-balance sheet arrangements that had or are reasonably likely to have a current or future effect on our financial condition, results of operations, liquidity, or capital resources.


Item 3.		Quantitative and Qualitative Disclosures About Market Risk

Not required for a smaller reporting company.


Item 4.		Controls and Procedures

Evaluation of Disclosure Controls and Procedures

As required by Rules 13a-15(b) and 15d-15(b) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), we, under the supervision and with the participation of our chief executive officer and chief financial officer, carried out an evaluation of the effectiveness of our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) of the Exchange Act) as of the end of the period covered by this Quarterly Report on Form 10-Q. Based on that evaluation, our chief executive officer and chief financial officer concluded that our disclosure controls and procedures, as of June 30, 2011, were effective to ensure that information required to be disclosed by us in this Quarterly Report on Form 10-Q is recorded, processed, summarized and reported within the time periods specified by the rules and forms promulgated under the Exchange Act, and is accumulated and communicated to management, including our chief executive officer and chief financial officer, as appropriate to allow timely decisions regarding required disclosures.

Changes in Internal Control Over Financial Reporting

No change occurred in our internal control over financial reporting (as defined in Rules 13a-15(f) and 15d -15(f) of the Exchange Act) in connection with the foregoing evaluations that occurred during the three months ended June 30, 2011 that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

PART II
OTHER INFORMATION


Item 1.		Legal Proceedings

In the ordinary course of business, we may become subject to litigation or claims. We are not aware of any material pending legal proceedings, other than ordinary routine litigation incidental to our business.


Item 1A.		Risk Factors

Not required for a smaller reporting company.


Item 2.		Unregistered Sales of Equity Securities and Use of Proceeds

We did not sell any unregistered securities during the three months ended June 30, 2011. No shares were redeemed during the three months ended June 30, 2011.


Item 3.		Defaults Upon Senior Securities

No events occurred during the three months ended June 30, 2011 that would require a response to this item.


Item 4.		[Removed and Reserved]


Item 5.		Other Information

No events occurred during the three months ended June 30, 2011 that would require a response to this item.


Item 6.		Exhibits

The exhibits listed on the Exhibit Index (following the signatures section of this Quarterly Report on Form 10-Q) are included herewith, or incorporated by reference.

SIGNATURES

Pursuant to the requirements 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.


	Cole Credit Property Trust, Inc. (Registrant)
	By:	/s/ Simon J. Misselbrook
		Simon J. Misselbrook
		Vice President of Accounting (Principal Accounting Officer)

Date: August 11, 2011

EXHIBIT INDEX

The following exhibits are included, or incorporated by reference, in this Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2011 (and are numbered in accordance with Item 601 of Regulation S-K).


Exhibit No.		Description
3.1		Articles of Incorporation (Incorporated by reference to Exhibit 2.1 of the Company’s Form 10-SB (File No. 000-51962), filed on May 1, 2006).
3.2		Amended and Restated Bylaws (Incorporated by reference to Exhibit 2.2 to the Company’s Form 10-SB (File No. 000-51962), filed on May 1, 2006).
31.1*		Certification of the Chief Executive Officer of the Company pursuant to Exchange Act Rule 13a-14 (a) or 15d-14 (a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
31.2*		Certification of the Chief Financial Officer of the Company pursuant to Exchange Act Rule 13a-14 (a) or 15d-14 (a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
32.1**		Certification of the Chief Executive Officer and Chief Financial Officer of the Company pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
101.INS***		XBRL Instance Document.
101.SCH***		XBRL Taxonomy Extension Schema Document.
101.CAL***		XBRL Taxonomy Extension Calculation Linkbase Document.
101.DEF***		XBRL Taxonomy Extension Definition Linkbase Document.
101.LAB***		XBRL Taxonomy Extension Label Linkbase Document.
101.PRE***		XBRL Taxonomy Extension Presentation Linkbase Document.


*		Filed herewith.

**		In accordance with Item 601(b)(32) of Regulation S-K, this exhibit is not deemed “filed” for purposes of Section 18 of the Exchange Act or otherwise subject to the liabilities of that section. Such certifications will not be deemed incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Exchange Act, except to the extent that the registrant specifically incorporates it by reference.

***		XBRL (Extensible Business Reporting Language) information is deemed not filed or a part of a registration statement or prospectus for purposes of Sections 11 or 12 of the Securities Act of 1933 as amended, is deemed not filed for purposes of Section 18 of the Exchange Act, and otherwise is not subject to liability under these sections.

EX-31.1 2 c18161exv31w1.htm EXHIBIT 31.1 Exhibit 31.1

EXHIBIT 31.1

CERTIFICATIONS OF PRINCIPAL EXECUTIVE OFFICER
PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Christopher H. Cole, certify that:

I have reviewed this Quarterly Report on Form 10-Q of Cole Credit Property Trust, Inc.;

Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.


	Cole Credit Property Trust, Inc.
Date: August 11, 2011	By:	/s/ Christopher H. Cole
		Name:	Christopher H. Cole
		Title:	Chief Executive Officer and President (Principal Executive Officer)

EX-31.2 3 c18161exv31w2.htm EXHIBIT 31.2 Exhibit 31.2

EXHIBIT 31.2

CERTIFICATIONS OF PRINCIPAL FINANCIAL OFFICER
PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, D. Kirk McAllaster, Jr., certify that:

I have reviewed this Quarterly Report on Form 10-Q of Cole Credit Property Trust, Inc.;

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.


	Cole Credit Property Trust, Inc.
Date: August 11, 2011	By:	/s/ D. Kirk McAllaster, Jr.
		Name:	D. Kirk McAllaster, Jr.
		Title:	Executive Vice President, Chief Financial Officer, and Treasurer (Principal Financial Officer)

EX-32.1 4 c18161exv32w1.htm EXHIBIT 32.1 Exhibit 32.1

EXHIBIT 32.1

CERTIFICATIONS OF PRINCIPAL EXECUTIVE OFFICER AND PRINCIPAL FINANCIAL OFFICER
PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
(18 U.S.C 1350)

Each of the undersigned officers of Cole Credit Property Trust, Inc. (the “Company”) hereby certifies, for purposes of Section 1350 of Chapter 63 of Title 18 of the United States Code, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to his knowledge:

(i) the accompanying Quarterly Report on Form 10-Q of the Company for the period ended June 30, 2011 (the “Report”) fully complies with the requirements of Section 13(a) or 15(d), as applicable, of the Securities Exchange Act of 1934; as amended, and

(ii) the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.


	Cole Credit Property Trust, Inc.
	By:	/s/ Christopher H. Cole
		Name:	Christopher H. Cole
		Title:	Chief Executive Officer and President (Principal Executive Officer)

Date: August 11, 2011	By:	/s/ D. Kirk McAllaster, Jr.
		Name:	D. Kirk McAllaster, Jr.
		Title:	Executive Vice President, Chief Financial Officer, and Treasurer (Principal Financial Officer)

The foregoing certification is being furnished with the Company’s Quarterly Report on Form 10-Q for the period ended June 30, 2011 pursuant to 18 U.S.C. Section 1350. It is not being filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, and it is not to be incorporated by reference into any filing of the Company, whether made before or after the date hereof, regardless of any general incorporation language in such filing.

A signed original of this written statement required by Section 906 has been provided to the Company and will be retained by the Company and furnished to the Securities and Exchange Commission or its staff upon request.

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<div style="font-family: 'Times New Roman',Times,serif; margin-left: 0in; "> <div align="center" style="font-size: 10pt; margin-top: 0pt"><b></b> </div> <div align="left"> </div> <div align="center" style="font-size: 10pt"><b></b></div> <div align="center" style="font-size: 10pt"><b></b></div> <div align="left" style="font-size: 10pt; margin-top: 10pt"><b>NOTE 1 — ORGANIZATION AND BUSINESS</b> </div> <div align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Cole Credit Property Trust, Inc. (the “Company”) is a Maryland corporation that was formed on March 29, 2004 that is organized and operates as a real estate investment trust (“REIT”) for federal income tax purposes. Substantially all of the Company’s business is conducted through Cole Operating Partnership I, LP (“Cole OP I”), a Delaware limited partnership. The Company is the sole general partner of and owns a 99.99% partnership interest in Cole OP I. Cole REIT Advisors, LLC (“Cole Advisors”), the affiliate advisor to the Company, is the sole limited partner and owner of an insignificant noncontrolling partnership interest of less than 0.01% of Cole OP I. </div> <div align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">As of June 30, 2011, the Company owned 42 properties comprising 1.0 million square feet of single-tenant retail and commercial space located in 19 states. As of June 30, 2011, these properties were 100% leased. </div> <div align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The Company’s stock is not currently listed on a national exchange. The Company may seek to list its common stock for trading on a national securities exchange only if the board of directors of the Company believes listing would be in the best interest of its stockholders. The Company does not intend to list its shares at this time. The Company does not anticipate that there would be any market for its common stock until its shares are listed on a national securities exchange. In the event the Company does not obtain listing prior to February 1, 2016, its charter requires that it either: (1) seek stockholder approval of an extension or amendment of this listing deadline; or (2) seek stockholder approval to adopt a plan of liquidation. </div> </div>

<div style="font-family: 'Times New Roman',Times,serif; margin-left: 0in; "> <div align="left" style="font-size: 10pt; margin-top: 10pt"><b>NOTE 2 — SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES</b> </div> <div align="left" style="font-size: 10pt; margin-top: 10pt"><b><i>Principles of Consolidation and Basis of Presentation</i></b> </div> <div align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The condensed consolidated unaudited financial statements of the Company have been prepared in accordance with the rules and regulations of the SEC, including the instructions to Form 10-Q and Article 8 of Regulation S-X, and do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, the statements for the interim periods presented include all adjustments, which are of a normal and recurring nature, necessary to present a fair presentation of the results for such periods. Results for these interim periods are not necessarily indicative of full year results. The information included in this Quarterly Report on Form 10-Q should be read in conjunction with the Company’s audited consolidated financial statements as of and for the year ended December 31, 2010 and related notes thereto set forth in the Company’s Annual Report on Form 10-K. </div> <div align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The accompanying condensed consolidated unaudited financial statements include the accounts of the Company and its wholly-owned subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation. </div> <div align="left" style="font-size: 10pt; margin-top: 10pt"><b><i>Valuation of Real Estate and Related Assets</i></b> </div> <div align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The Company continually monitors events and changes in circumstances that could indicate that the carrying amounts of its real estate and related intangible assets may not be recoverable. Impairment indicators that the Company considers include, but are not limited to, bankruptcy or other credit concerns of a property’s major tenant, such as a history of late payments, rental concessions and other factors, a significant decrease in a property’s revenues due to lease terminations, vacancies, co-tenancy clauses, reduced lease rates or other circumstances. When indicators of potential impairment are present, the Company assesses the recoverability of the assets by determining whether the carrying value of the assets will be recovered through the undiscounted future operating cash flows expected from the use of the assets and their eventual disposition. In the event that such expected undiscounted future cash flows do not exceed the carrying value, the Company will adjust the real estate and related intangible assets to their fair value and recognize an impairment loss. </div>   </div>  <div style="font-family: 'Times New Roman',Times,serif; margin-left: 0in; "> <div align="center" style="font-size: 10pt; margin-top: 0pt"> <b> </b> </div> <div align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The Company continues to monitor one property with a book value of $4.1 million for which it has identified impairment indicators. For this property, the undiscounted future operating cash flows expected from the use of this property and its eventual disposition exceeded its carrying value as of June 30, 2011. Should the conditions related to this property, or any of our other properties change, the underlying assumptions used to determine the expected undiscounted future operating cash flows may change and adversely affect the recoverability of the carrying value related to such property. No impairment losses were recorded during the three and six months ended June 30, 2011 and 2010. </div> <div align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Projections of expected future cash flows require the Company to use estimates such as future market rental income rates subsequent to the expiration of current lease agreements, property operating expenses, terminal capitalization and discount rates, the number of months it takes to re-lease the property, required tenant improvements and the number of years the property is held for investment. The use of alternative assumptions in the future cash flow analysis could result in a different assessment of the property’s future cash flow and a different conclusion regarding the existence of an impairment, the extent of such loss, if any, as well as the fair value of the Company’s real estate and related assets. </div> <div align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">When a real estate asset is identified as held for sale, the Company will cease depreciation of the asset and estimate the sales price, net of selling costs. If, in the Company’s opinion, the net sales price of the asset is less than the carrying value of the asset, an adjustment to the carrying value would be recorded to reflect the estimated fair value of the property, net of selling costs. </div> <div align="left" style="font-size: 10pt; margin-top: 10pt"><b><i>Restricted Cash</i></b> </div> <div align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Included in restricted cash as of June 30, 2011, was $819,000 held by lenders in escrow accounts primarily for tenant and capital improvements, leasing commissions and repairs and maintenance for certain properties, in accordance with the respective lender’s loan agreement. In addition, as of June 30, 2011, the Company had $192,000 in restricted cash held by lenders in a lockbox account. As part of certain debt agreements discussed in Note 4, rents from the encumbered properties are deposited directly into a lockbox account, from which the monthly debt service payment is disbursed to the lender and the excess funds are disbursed to the Company. </div> <div align="left" style="font-size: 10pt; margin-top: 10pt"><b><i>Redemptions of Common Stock</i></b> </div> <div align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">In accordance with the Company’s share redemption program, the purchase price paid for redeemed shares will equal the lesser of (1) the price actually paid for those shares or (2) either (i) $8.50 per share or (ii) 90.0% of the net asset value per share as determined by the Company’s board of directors. Therefore, the share redemption price would be $6.89 per share based on the most recently disclosed estimated value of $7.65 per share as determined by the Company’s board of directors, effective January 1, 2011. However, the Company’s share redemption program provides that the Company’s board of directors must determine at the beginning of each fiscal year the maximum amount of shares that the Company may redeem during that year. The Company’s board of directors determined that no amounts were to be made available for redemption during the year ending December 31, 2011. </div> </div>

<div style="font-family: 'Times New Roman',Times,serif; margin-left: 0in; "> <div align="left" style="font-size: 10pt; margin-top: 10pt"><b>NOTE 3 — FAIR VALUE MEASUREMENTS</b> </div> <div align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 820, <i>Fair Value Measurements and </i>Disclosures (“ASC 820”), defines fair value, establishes a framework for measuring fair value in GAAP and expands disclosures about fair value measurements. ASC 820 emphasizes that fair value is intended to be a market-based measurement, as opposed to a transaction-specific measurement. </div>   </div>  <div style="font-family: 'Times New Roman',Times,serif; margin-left: 0in; "> <div align="center" style="font-size: 10pt; margin-top: 0pt"> <b> </b> </div> <div align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The following describes the methods the Company uses to estimate the fair value of the Company’s financial assets and liabilities: </div> <div align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><i>Cash and cash equivalents, restricted cash, rents and tenant receivables, prepaid expenses, and accounts payable and accrued expenses </i>— The Company considers the carrying values of these financial instruments to approximate fair value because of the short period of time between origination of the instruments and their expected realization. </div> <div align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><i>Notes payable and lines of credit </i>— The fair value is estimated using a discounted cash flow technique based on estimated borrowing rates available to the Company as of June 30, 2011 and December 31, 2010. The estimated fair value of the notes payable and lines of credit with affiliate was $119.7 million and $1.9 million, respectively, as of June 30, 2011, as compared to the carrying value of $118.2 million and $1.9 million, respectively. The estimated fair value of the notes payable and line of credit with affiliate was $118.2 million and $1.9 million, respectively, as of December 31, 2010, as compared to the carrying value of $118.6 million and $1.9 million, respectively. </div> <div align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Considerable judgment is necessary to develop estimated fair values of certain financial instruments. Accordingly, the estimates presented herein are not necessarily indicative of the amounts the Company could realize on disposition of the financial instruments. </div> </div>

<div style="font-family: 'Times New Roman',Times,serif; margin-left: 0in; "> <div align="left" style="font-size: 10pt; margin-top: 10pt"><b>NOTE 4 — NOTES PAYABLE AND LINES OF CREDIT</b> </div> <div align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">As of June 30, 2011, the Company had $120.2 million outstanding in mortgage notes payable and lines of credit borrowings, with fixed interest rates ranging from 5.27% to 8.68% and a weighted average interest rate of 6.61%, which mature on various dates from March 2012 through June 2031, with a weighted average remaining term of 5.2 years. Each of the mortgage notes payable and lines of credit are secured by the respective properties and their related leases on which the debt was placed. The mortgage notes and lines of credit are generally non-recourse to the Company and Cole OP I, but both are liable for customary non-recourse carve-outs. The mortgage notes and lines of credit are collateralized by all of the Company’s real estate assets. The mortgage notes payable and lines of credit contain customary default provisions and may generally be prepaid subject to meeting certain requirements and payment of a prepayment premium as specified in the respective loan or line of credit agreement. Generally, upon the occurrence of an event of default, interest on the mortgage notes will accrue at an annual default interest rate equal to the lesser of (a) the maximum rate permitted by applicable law, or (b) the then-current interest rate plus a percentage specified in the respective loan agreement. Certain mortgage notes payable contain customary affirmative, negative and financial covenants, including requirements for minimum net worth and debt service coverage ratios, in addition to limits on leverage ratios and variable rate debt. Based on the Company’s analysis and review of its results of operations and financial condition, as of June 30, 2011, the Company believes it was in compliance with the covenants of such mortgage notes payable. </div> <div align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">During the three months ended June 30, 2011, the Company elected to extend the maturity date of one mortgage note totaling $7.8 million from June 2011 to June 2031, in accordance with the hyper-amortization provisions of the mortgage note. During the extended maturity period, the lender will apply 100% of the rents collected from the property collateralizing the note to the following items in the order indicated: (1) payment of accrued interest at the original fixed interest rate of 6.68%, (2) all payments for escrow or reserve accounts, (3) any operating expenses of the property pursuant to an approved annual budget and (4) any extraordinary operating or capital expenses. The balance of the rents collected will be applied to the following items in such order as the lender may determine: (1) any other amounts due in accordance with the loan document, (2) the reduction of the principal balance of the mortgage note, and (3) interest accrued at the “Revised Interest Rate” but not previously paid. As used herein, the Revised Interest Rate means an interest rate equal to the greater of (A) the initial fixed interest rate as stated in the loan agreement plus 2.0% per annum or (B) the then current Treasury Constant Maturity Yield Index plus 2.0% per annum. The Revised Interest Rate on the mortgage note during the extended maturity period is 8.68%. </div>   </div>  <div style="font-family: 'Times New Roman',Times,serif; margin-left: 0in; "> <div align="center" style="font-size: 10pt; margin-top: 0pt"> <b> </b> </div> </div>

<div style="font-family: 'Times New Roman',Times,serif; margin-left: 0in; "> <div align="left" style="font-size: 10pt; margin-top: 10pt"><b>NOTE 5 — COMMITMENTS AND CONTINGENCIES</b> </div> <div align="left" style="font-size: 10pt; margin-top: 10pt"><b><i>Litigation</i></b> </div> <div align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">In the ordinary course of business, the Company may become subject to litigation or claims. The Company is not aware of any pending legal proceedings of which the outcome is reasonably likely to have a material effect on its results of operations or financial condition. </div> <div align="left" style="font-size: 10pt; margin-top: 10pt"><b><i>Environmental Matters</i></b> </div> <div align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">In connection with the ownership and operation of real estate, the Company may be potentially liable for costs and damages related to environmental matters. The Company carries environmental liability insurance on its properties which provides limited coverage for remediation liability and pollution liability for third-party bodily injury and property damage claims. The Company has not been notified by any governmental authority of any non-compliance, liability or other claim, and the Company is not aware of any other environmental condition that it believes will have a material effect on its results of operations or financial condition. </div> </div>

<div style="font-family: 'Times New Roman',Times,serif; margin-left: 0in; "> <div align="left" style="font-size: 10pt; margin-top: 10pt"><b>NOTE 6 — RELATED-PARTY TRANSACTIONS AND ARRANGEMENTS</b> </div> <div align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Certain affiliates of the Company received fees and compensation in connection with the Company’s private placement of shares of its common stock. Certain affiliates of the Company have received, and may continue to receive, fees and compensation in connection with the acquisition, financing and management of the assets of the Company. Other various transactions may result in the receipt of commissions, fees and other compensation by Cole Advisors and its affiliates, including disposition fees, subordinated participation in net sale proceeds and subordinated performance fees. </div> <div align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">If Cole Advisors provides substantial services, as determined by the Company, in connection with the origination or refinancing of any debt financing obtained by the Company that is used to acquire properties or to make other permitted investments, or that is assumed, directly or indirectly, in connection with the acquisition of properties, the Company will pay Cole Advisors a financing coordination fee equal to 1% of the amount available under such financing; provided, however, that Cole Advisors shall not be entitled to a financing coordination fee in connection with the refinancing of any loan secured by any particular property that was previously subject to a refinancing in which Cole Advisors received such a fee. Financing coordination fees payable on loan proceeds from permanent financing will be paid to Cole Advisors as the Company acquires such permanent financing. However, no fees will be paid on loan proceeds from any line of credit until such time as all net offering proceeds have been invested by the Company. No such fees were incurred by the Company during the three and six months ended June 30, 2011. During the three and six months ended June 30, 2010, the Company incurred $516,000 for such financing coordination fees. </div> <div align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The Company paid, and expects to continue to pay, Cole Realty Advisors, Inc. (“Cole Realty”), its affiliated property manager, fees for the management and leasing of the Company’s properties. Property management fees are equal to 3% of gross revenues, and leasing fees are at prevailing market rates, not to exceed the greater of $4.50 per square foot or 7.5% of the total lease obligation. During the three months ended June 30, 2011 and 2010, the Company incurred $118,000 and $119,000 for property management fees, respectively. During the six months ended June 30, 2011 and 2010, the Company incurred $234,000 and $247,000 for property management fees, respectively. As of June 30, 2011 and December 31, 2010, $39,000 and $45,000, respectively, of such costs had been incurred but not paid by the Company, and are included in due to affiliates on the condensed consolidated unaudited balance sheets. </div> <div align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Cole Realty, or its affiliates, also receives acquisition and advisory fees of up to 3% of the contract purchase price of each property. No such fees were incurred by the Company during the three and six months ended June 30, 2011 and 2010. </div>   </div>  <div style="font-family: 'Times New Roman',Times,serif; margin-left: 0in; "> <div align="center" style="font-size: 10pt; margin-top: 0pt"> <b> </b> </div> <div align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The Company is obligated to pay Cole Advisors an annualized asset management fee of up to 0.25% of the aggregate asset value of the Company’s assets. Pursuant to a waiver of the fee by Cole Advisors, no asset management fees were incurred by the Company during the three and six months ended June 30, 2011 and 2010. The Company is not obligated to pay any amounts for such periods. However, Cole Advisors may elect to charge asset management fees in future periods up to the 0.25% fee. </div> <div align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">If Cole Advisors, or its affiliates, provides a substantial amount of services, as determined by the Company, in connection with the sale of one or more properties, the Company will pay Cole Advisors an amount equal to 3% of the contract price of each asset sold. In no event will the combined disposition fee paid to Cole Advisors, its affiliates and unaffiliated third parties exceed the reasonable, customary and competitive amount for such services. In addition, after investors have received a return of their net capital contributions and a 7.5% annual cumulative, non-compounded return, then Cole Advisors is entitled to receive 20% of the remaining net sale proceeds. No such fees were incurred by the Company during the three and six months ended June 30, 2011 and 2010 relating to the sale of properties. </div> <div align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">In the event the Company’s common stock is listed in the future on a national securities exchange, a subordinated incentive listing fee equal to 20% of the amount by which the market value of the Company’s outstanding stock plus all distributions paid by the Company prior to listing exceeds the sum of the total amount of capital raised from investors and the amount of cash flow necessary to generate a 7.5% annual cumulative, non-compounded return to investors, will be paid to Cole Advisors. </div> <div align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The Company may reimburse Cole Advisors for expenses it incurs in connection with its provision of administrative services, including related personnel costs. The Company does not reimburse for personnel costs in connection with services for which Cole Advisors receives acquisition fees or disposition fees. No such costs were incurred by the Company during the three and six months ended June 30, 2011 and 2010. </div> <div align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">During the year ended December 31, 2010, the Company entered into two revolving line of credit agreements that provide for an aggregate of $2.9 million of available borrowings from Series C, LLC (“Series C”), which is an affiliate of Cole Advisors, on which the Company borrowed $1.9 million under one of the revolving lines of credit. No financing coordination fee was paid, or will be paid, to Cole Advisors or its affiliates in connection with these revolving lines of credit. The line of credit agreements bear a fixed interest rate of 5.75% and mature in March 2012. During the three months ended June 30, 2011 and 2010, the Company incurred $28,000 of interest expense related to the aforementioned lines of credit. During the six months ended June 30, 2011 and 2010, the Company incurred $56,000 and $28,000 of interest expense related to the aforementioned lines of credit, respectively. As of June 30, 2011 and December 31, 2010, $9,000 of such expense had been incurred but not paid by the Company, and is included in due to affiliates on the condensed consolidated unaudited balance sheets. </div> </div>

<div style="font-family: 'Times New Roman',Times,serif; margin-left: 0in; "> <div align="left" style="font-size: 10pt; margin-top: 10pt"><b>NOTE 7 — ECONOMIC DEPENDENCY</b> </div> <div align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Under various agreements, the Company has engaged or will engage Cole Advisors and its affiliates to provide certain services that are essential to the Company, including asset management services, supervision of the management and leasing of properties owned by the Company, asset acquisition and disposition decisions, the sale of shares of the Company’s common stock available for issue, as well as other administrative responsibilities for the Company including accounting services and investor relations. As a result of these relationships, the Company is dependent upon Cole Advisors and its affiliates. In the event that these companies are unable to provide the Company with these services, the Company would be required to find alternative providers of these services. </div>   </div>  <div style="font-family: 'Times New Roman',Times,serif; margin-left: 0in; "> <div align="center" style="font-size: 10pt; margin-top: 0pt"> <b> </b> </div> </div>   <div style="font-family: 'Times New Roman',Times,serif; margin-left: 0in; "> <div align="left" style="font-size: 10pt; margin-top: 10pt"><b>NOTE 8 — NEW ACCOUNTING PRONOUNCEMENT</b> </div> <div align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">In December 2010, FASB issued Accounting Standards Update (“ASU”) 2010-29, <i>Disclosure of Supplementary Pro Forma Information for Business Combinations</i>, (“ASU 2010-29”), which clarifies the manner in which pro forma disclosures are calculated and provides additional disclosure requirements regarding material nonrecurring adjustments recorded as a result of a business combination. ASU 2010-29 was effective for the Company beginning on January 1, 2011. The adoption of ASU 2010-29 has not had a material impact on the Company’s consolidated financial statements. </div> <div align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">In May 2011, FASB issued ASU 2011-04, <i>Fair Value Measurements and Disclosures (Topic 820): Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRS</i>, (“ASU 2011-04”), which converges guidance between GAAP and International Financial Reporting Standards (“IFRS”) on how to measure fair value and on what disclosures to provide about fair value measurements. ASU 2011-04 will become effective for the Company on January 1, 2012. The adoption of ASU 2011-04 is not expected to have a material impact on the Company’s consolidated financial statements. </div> </div>

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Accumulated depreciation on buildings and improvements Real Estate Investment Property, Accumulated Depreciation Acquired Intangible Lease Assets Net Acquired intangible lease assets, less accumulated amortization of $12,056 and $11,094, respectively The carrying amount as of the balance sheet date of identifiable intangible assets including lease in-place, leasing commission, and assumed above-market lease assets, net of accumulated amortization. Accumulated Amortization On Acquired Intangible Lease Assets Accumulated amortization on acquired intangible lease assets Accumulated amortization of lease intangible assets at the end of the reporting period. 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Allowance for doubtful rents and tenant receivables Allowance for Doubtful Accounts Receivable Prepaid expenses and other assets Prepaid Expense and Other Assets Deferred financing costs, less accumulated amortization of $1,171 and $962, respectively Deferred Finance Costs, Net Accumulated amortization on deferred financing costs Accumulated Amortization, Deferred Finance Costs Total assets Assets, Total Total assets LIABILITIES AND STOCKHOLDERS' EQUITY Liabilities and Equity [Abstract] Notes payable Notes Payable Lines Of Credit With Affiliate Lines of credit with affiliate Including the carrying value as of the balance sheet date of the current and noncurrent portions of long-term obligations drawn from a related-party line of credit, which is a related party's commitment to make loans up to a specific amount. Accounts payable and accrued expenses Accounts Payable and Accrued Liabilities Due to affiliates Due to Affiliate, Current Acquired Below Market Lease Intangibles Net Acquired below market lease intangibles, less accumulated amortization of $1,307 and $1,208, respectively This element represents a liability associated with the acquisition of a below market lease when the terms of the lease are unfavorable to the market terms for the lease at the date of acquisition, net of accumulated amortization. Accumulated Amortization On Acquired Below Market Lease Intangibles Accumulated amortization on acquired below market lease intangibles Accumulated amortization of below market lease intangibles at the end of the reporting period. 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Tenant reimbursement income Tenant Reimbursements Total revenue Revenues, Total Total revenue Expenses: Operating Expenses [Abstract] General and administrative expenses General and Administrative Expense Property Operating Expenses Property operating expenses The aggregate costs incurred in maintaining the property in good condition but that do not appreciably prolong the life or increase the value of the property, also includes property taxes and insurance. Property management expenses Owned Property Management Costs Depreciation Depreciation Amortization Amortization Total operating expenses Operating Expenses, Total Total operating expenses Operating income Operating Income (Loss) Operating income Other expense: Nonoperating Income (Expense) [Abstract] Interest expense, net Interest Expense Interest expense, net Loss on early extinguishment of debt Gains (Losses) on Extinguishment of Debt Total other expense Nonoperating Income (Expense), Total Total other expense Net income (loss) Net Income (Loss) Attributable to Parent Net income (loss) Weighted average number of common shares outstanding: Weighted Average Number of Shares Outstanding, Diluted [Abstract] Basic And Diluted Weighted Average Number Of Outstanding Shares Basic and diluted The average number of shares issued and outstanding that are used in calculating basic and diluted EPS. Net income (loss) per common share: Earnings Per Share, Basic and Diluted [Abstract] Basic and diluted Earnings Per Share, Basic and Diluted Distributions declared per common share: Common Stock, Dividends, Per Share, Declared Statement [Table] Statement [Line Items] Common Stock Shares, Issued Ending balance, shares Beginning balance, shares Capital in Excess of Par Value Capital In Excess Of Par Value [Member] Capital in Excess of Par Value Accumulated Distributions in Excess of Earnings Distributions Dividends, Common Stock Distributions Net income Cash flows from operating activities: Net Cash Provided by (Used in) Operating Activities [Abstract] Adjustments to reconcile net income to net cash provided by operating activities: Adjustments to Reconcile Net Income (Loss) to Cash Provided by (Used in) Operating Activities [Abstract] Amortization Of Intangible Lease Assets And Below Market Lease Intangibles Net Amortization of intangible lease assets and below market lease intangibles, net The net income (expense) included in earnings to allocate the cost of acquired intangible lease assets or liabilities over the lease term. As a noncash item, this element is added back to or subtracted from net income when calculating cash provided by or used in operations using the indirect method. Amortization of deferred financing costs Amortization of Financing Costs Loss on early extinguishment of debt Changes in assets and liabilities: Increase (Decrease) in Operating Capital [Abstract] Increase Decrease In Rents And Tenant Receivables Rents and tenant receivables The increase (decrease) during the reporting period in the amounts to be collected in future periods related to the recognition of rental income on a straight-line basis over the lease term and cost recoveries, and other amounts due from tenants reduced to their estimated net realizable fair value by an allowance established by the entity of the amount it deems uncertain of collection. Rents and tenant receivables Prepaid expenses and other assets Increase (Decrease) in Prepaid Expense and Other Assets Prepaid expenses and other assets Accounts payable and accrued expenses Increase (Decrease) in Accounts Payable and Accrued Liabilities Increase Decrease In Deferred Rent Deferred rent The increase (decrease) in the amount that has been received by the entity that represents rents paid in advance. Deferred rent Due to affiliates Increase (Decrease) in Due to Affiliates Net cash provided by operating activities Net Cash Provided by (Used in) Operating Activities Net cash provided by operating activities Cash flows from investing activities: Net Cash Provided by (Used in) Investing Activities [Abstract] Additions to real estate and related assets Real Estate, Improvements Change in restricted cash Increase (Decrease) in Restricted Cash Change in restricted cash Net cash used in investing activities Net Cash Provided by (Used in) Investing Activities Net cash used in investing activities Cash flows from financing activities: Net Cash Provided by (Used in) Financing Activities [Abstract] Distributions to investors Payments of Dividends Distributions to investors Proceeds from notes payable Proceeds from Notes Payable Repayment Of Notes Payable And Line Of Credit Repayment of notes payable and line of credit Full or partial payoff of funds borrowed under a written promise to pay an obligation and the full or partial payoff of funds borrowed from a contractual arrangement with the lender, including letter of credit, standby letter of credit and revolving credit arrangements, under which borrowings can be made up to a specific amount at any point in time with either short term or long term maturity that is collateralized (backed by pledge, mortgage or other lien in the entity's assets). 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Condensed Consolidated Unaudited Balance Sheets (Parenthetical) (USD $) In Thousands, except Share data	Jun. 30, 2011	Dec. 31, 2010
Investment in real estate assets:
Accumulated depreciation on buildings and improvements	$ 22,072	$ 20,255
Accumulated amortization on acquired intangible lease assets	12,056	11,094
Allowance for doubtful rents and tenant receivables	49	49
Accumulated amortization on deferred financing costs	1,171	962
LIABILITIES AND STOCKHOLDERS' EQUITY
Accumulated amortization on acquired below market lease intangibles	$ 1,307	$ 1,208
STOCKHOLDERS' EQUITY:
Preferred stock, par value	$ 0.01	$ 0.01
Preferred stock, shares authorized	10,000,000	10,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	90,000,000	90,000,000
Common stock, shares issued	10,090,951	10,090,951
Common stock, shares outstanding	10,090,951	10,090,951

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Condensed Consolidated Unaudited Statements of Operations (USD $) In Thousands, except Share data	3 Months Ended		6 Months Ended
	Jun. 30, 2011	Jun. 30, 2010	Jun. 30, 2011	Jun. 30, 2010
Revenues:
Rental and other property income	$ 3,904	$ 3,941	$ 7,805	$ 7,887
Tenant reimbursement income	98	94	183	192
Total revenue	4,002	4,035	7,988	8,079
Expenses:
General and administrative expenses	130	150	303	297
Property operating expenses	162	139	333	264
Property management expenses	118	119	234	247
Depreciation	908	921	1,817	1,842
Amortization	451	451	901	901
Total operating expenses	1,769	1,780	3,588	3,551
Operating income	2,233	2,255	4,400	4,528
Other expense:
Interest expense, net	(2,117)	(2,173)	(4,207)	(4,025)
Loss on early extinguishment of debt		(254)		(259)
Total other expense	(2,117)	(2,427)	(4,207)	(4,284)
Net income (loss)	$ 116	$ (172)	$ 193	$ 244
Weighted average number of common shares outstanding:
Basic and diluted	10,090,951	10,090,951	10,090,951	10,090,951
Net income (loss) per common share:
Basic and diluted	$ 0.01	$ (0.02)	$ 0.02	$ 0.02
Distributions declared per common share:	$ 0.12	$ 0.12	$ 0.25	$ 0.28

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Document and Entity Information	6 Months Ended
Document and Entity Information	Jun. 30, 2011	Aug. 11, 2011
Document and Entity Information [Abstract]
Entity Registrant Name	Cole Credit Property Trust Inc
Entity Central Index Key	0001289272
Document Type	10-Q
Document Period End Date	Jun. 30, 2011
Amendment Flag	false
Document Fiscal Year Focus	2011
Document Fiscal Period Focus	Q2
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Filer Category	Smaller Reporting Company
Entity Common Stock, Shares Outstanding		10,090,951

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Related-Party Transactions and Arrangements	6 Months Ended
Related-Party Transactions and Arrangements	Jun. 30, 2011
Related-Party Transactions and Arrangements [Abstract]
RELATED-PARTY TRANSACTIONS AND ARRANGEMENTS	NOTE 6 — RELATED-PARTY TRANSACTIONS AND ARRANGEMENTS Certain affiliates of the Company received fees and compensation in connection with the Company’s private placement of shares of its common stock. Certain affiliates of the Company have received, and may continue to receive, fees and compensation in connection with the acquisition, financing and management of the assets of the Company. Other various transactions may result in the receipt of commissions, fees and other compensation by Cole Advisors and its affiliates, including disposition fees, subordinated participation in net sale proceeds and subordinated performance fees. If Cole Advisors provides substantial services, as determined by the Company, in connection with the origination or refinancing of any debt financing obtained by the Company that is used to acquire properties or to make other permitted investments, or that is assumed, directly or indirectly, in connection with the acquisition of properties, the Company will pay Cole Advisors a financing coordination fee equal to 1% of the amount available under such financing; provided, however, that Cole Advisors shall not be entitled to a financing coordination fee in connection with the refinancing of any loan secured by any particular property that was previously subject to a refinancing in which Cole Advisors received such a fee. Financing coordination fees payable on loan proceeds from permanent financing will be paid to Cole Advisors as the Company acquires such permanent financing. However, no fees will be paid on loan proceeds from any line of credit until such time as all net offering proceeds have been invested by the Company. No such fees were incurred by the Company during the three and six months ended June 30, 2011. During the three and six months ended June 30, 2010, the Company incurred $516,000 for such financing coordination fees. The Company paid, and expects to continue to pay, Cole Realty Advisors, Inc. (“Cole Realty”), its affiliated property manager, fees for the management and leasing of the Company’s properties. Property management fees are equal to 3% of gross revenues, and leasing fees are at prevailing market rates, not to exceed the greater of $4.50 per square foot or 7.5% of the total lease obligation. During the three months ended June 30, 2011 and 2010, the Company incurred $118,000 and $119,000 for property management fees, respectively. During the six months ended June 30, 2011 and 2010, the Company incurred $234,000 and $247,000 for property management fees, respectively. As of June 30, 2011 and December 31, 2010, $39,000 and $45,000, respectively, of such costs had been incurred but not paid by the Company, and are included in due to affiliates on the condensed consolidated unaudited balance sheets. Cole Realty, or its affiliates, also receives acquisition and advisory fees of up to 3% of the contract purchase price of each property. No such fees were incurred by the Company during the three and six months ended June 30, 2011 and 2010. The Company is obligated to pay Cole Advisors an annualized asset management fee of up to 0.25% of the aggregate asset value of the Company’s assets. Pursuant to a waiver of the fee by Cole Advisors, no asset management fees were incurred by the Company during the three and six months ended June 30, 2011 and 2010. The Company is not obligated to pay any amounts for such periods. However, Cole Advisors may elect to charge asset management fees in future periods up to the 0.25% fee. If Cole Advisors, or its affiliates, provides a substantial amount of services, as determined by the Company, in connection with the sale of one or more properties, the Company will pay Cole Advisors an amount equal to 3% of the contract price of each asset sold. In no event will the combined disposition fee paid to Cole Advisors, its affiliates and unaffiliated third parties exceed the reasonable, customary and competitive amount for such services. In addition, after investors have received a return of their net capital contributions and a 7.5% annual cumulative, non-compounded return, then Cole Advisors is entitled to receive 20% of the remaining net sale proceeds. No such fees were incurred by the Company during the three and six months ended June 30, 2011 and 2010 relating to the sale of properties. In the event the Company’s common stock is listed in the future on a national securities exchange, a subordinated incentive listing fee equal to 20% of the amount by which the market value of the Company’s outstanding stock plus all distributions paid by the Company prior to listing exceeds the sum of the total amount of capital raised from investors and the amount of cash flow necessary to generate a 7.5% annual cumulative, non-compounded return to investors, will be paid to Cole Advisors. The Company may reimburse Cole Advisors for expenses it incurs in connection with its provision of administrative services, including related personnel costs. The Company does not reimburse for personnel costs in connection with services for which Cole Advisors receives acquisition fees or disposition fees. No such costs were incurred by the Company during the three and six months ended June 30, 2011 and 2010. During the year ended December 31, 2010, the Company entered into two revolving line of credit agreements that provide for an aggregate of $2.9 million of available borrowings from Series C, LLC (“Series C”), which is an affiliate of Cole Advisors, on which the Company borrowed $1.9 million under one of the revolving lines of credit. No financing coordination fee was paid, or will be paid, to Cole Advisors or its affiliates in connection with these revolving lines of credit. The line of credit agreements bear a fixed interest rate of 5.75% and mature in March 2012. During the three months ended June 30, 2011 and 2010, the Company incurred $28,000 of interest expense related to the aforementioned lines of credit. During the six months ended June 30, 2011 and 2010, the Company incurred $56,000 and $28,000 of interest expense related to the aforementioned lines of credit, respectively. As of June 30, 2011 and December 31, 2010, $9,000 of such expense had been incurred but not paid by the Company, and is included in due to affiliates on the condensed consolidated unaudited balance sheets.

- Definition

The entire disclosure for related party transactions, including the nature of the relationship(s), a description of the transactions, the amount of the transactions, the effects of any change in the method of establishing the terms of the transaction from the previous period, stated interest rate, expiration date, terms and manner of settlement per the agreement with the related party, and amounts due to or from related parties. If the entity and one or more other entities are under common ownership or management control and this control affects the operating results or financial position, disclosure includes the nature of the control relationship even if there are no transactions between the entities. Disclosure may also include the aggregate amount of current and deferred tax expense for each statement of earnings presented where the entity is a member of a group that files a consolidated tax return, the amount of any tax related balances due to or from affiliates as of the date of each statement of financial position presented, the principal provisions of the method by which the consolidated amount of current and deferred tax expense is allocated to the members of the group and the nature and effect of any changes in that method. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(k))
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-Section 04
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-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 57
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Summary of Significant Accounting Policies	6 Months Ended
Summary of Significant Accounting Policies	Jun. 30, 2011
Summary of Significant Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	NOTE 2 — SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES *Principles of Consolidation and Basis of Presentation* The condensed consolidated unaudited financial statements of the Company have been prepared in accordance with the rules and regulations of the SEC, including the instructions to Form 10-Q and Article 8 of Regulation S-X, and do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, the statements for the interim periods presented include all adjustments, which are of a normal and recurring nature, necessary to present a fair presentation of the results for such periods. Results for these interim periods are not necessarily indicative of full year results. The information included in this Quarterly Report on Form 10-Q should be read in conjunction with the Company’s audited consolidated financial statements as of and for the year ended December 31, 2010 and related notes thereto set forth in the Company’s Annual Report on Form 10-K. The accompanying condensed consolidated unaudited financial statements include the accounts of the Company and its wholly-owned subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation. *Valuation of Real Estate and Related Assets* The Company continually monitors events and changes in circumstances that could indicate that the carrying amounts of its real estate and related intangible assets may not be recoverable. Impairment indicators that the Company considers include, but are not limited to, bankruptcy or other credit concerns of a property’s major tenant, such as a history of late payments, rental concessions and other factors, a significant decrease in a property’s revenues due to lease terminations, vacancies, co-tenancy clauses, reduced lease rates or other circumstances. When indicators of potential impairment are present, the Company assesses the recoverability of the assets by determining whether the carrying value of the assets will be recovered through the undiscounted future operating cash flows expected from the use of the assets and their eventual disposition. In the event that such expected undiscounted future cash flows do not exceed the carrying value, the Company will adjust the real estate and related intangible assets to their fair value and recognize an impairment loss. The Company continues to monitor one property with a book value of $4.1 million for which it has identified impairment indicators. For this property, the undiscounted future operating cash flows expected from the use of this property and its eventual disposition exceeded its carrying value as of June 30, 2011. Should the conditions related to this property, or any of our other properties change, the underlying assumptions used to determine the expected undiscounted future operating cash flows may change and adversely affect the recoverability of the carrying value related to such property. No impairment losses were recorded during the three and six months ended June 30, 2011 and 2010. Projections of expected future cash flows require the Company to use estimates such as future market rental income rates subsequent to the expiration of current lease agreements, property operating expenses, terminal capitalization and discount rates, the number of months it takes to re-lease the property, required tenant improvements and the number of years the property is held for investment. The use of alternative assumptions in the future cash flow analysis could result in a different assessment of the property’s future cash flow and a different conclusion regarding the existence of an impairment, the extent of such loss, if any, as well as the fair value of the Company’s real estate and related assets. When a real estate asset is identified as held for sale, the Company will cease depreciation of the asset and estimate the sales price, net of selling costs. If, in the Company’s opinion, the net sales price of the asset is less than the carrying value of the asset, an adjustment to the carrying value would be recorded to reflect the estimated fair value of the property, net of selling costs. *Restricted Cash* Included in restricted cash as of June 30, 2011, was $819,000 held by lenders in escrow accounts primarily for tenant and capital improvements, leasing commissions and repairs and maintenance for certain properties, in accordance with the respective lender’s loan agreement. In addition, as of June 30, 2011, the Company had $192,000 in restricted cash held by lenders in a lockbox account. As part of certain debt agreements discussed in Note 4, rents from the encumbered properties are deposited directly into a lockbox account, from which the monthly debt service payment is disbursed to the lender and the excess funds are disbursed to the Company. *Redemptions of Common Stock* In accordance with the Company’s share redemption program, the purchase price paid for redeemed shares will equal the lesser of (1) the price actually paid for those shares or (2) either (i) $8.50 per share or (ii) 90.0% of the net asset value per share as determined by the Company’s board of directors. Therefore, the share redemption price would be $6.89 per share based on the most recently disclosed estimated value of $7.65 per share as determined by the Company’s board of directors, effective January 1, 2011. However, the Company’s share redemption program provides that the Company’s board of directors must determine at the beginning of each fiscal year the maximum amount of shares that the Company may redeem during that year. The Company’s board of directors determined that no amounts were to be made available for redemption during the year ending December 31, 2011.

- Definition

The entire disclosure for all significant accounting policies of the reporting entity.

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New Accounting Pronouncement	6 Months Ended
New Accounting Pronouncement	Jun. 30, 2011
New Accounting Pronouncement [Abstract]
NEW ACCOUNTING PRONOUNCEMENT	NOTE 8 — NEW ACCOUNTING PRONOUNCEMENT In December 2010, FASB issued Accounting Standards Update (“ASU”) 2010-29, Disclosure of Supplementary Pro Forma Information for Business Combinations, (“ASU 2010-29”), which clarifies the manner in which pro forma disclosures are calculated and provides additional disclosure requirements regarding material nonrecurring adjustments recorded as a result of a business combination. ASU 2010-29 was effective for the Company beginning on January 1, 2011. The adoption of ASU 2010-29 has not had a material impact on the Company’s consolidated financial statements. In May 2011, FASB issued ASU 2011-04, Fair Value Measurements and Disclosures (Topic 820): Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRS, (“ASU 2011-04”), which converges guidance between GAAP and International Financial Reporting Standards (“IFRS”) on how to measure fair value and on what disclosures to provide about fair value measurements. ASU 2011-04 will become effective for the Company on January 1, 2012. The adoption of ASU 2011-04 is not expected to have a material impact on the Company’s consolidated financial statements.

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Economic Dependency	6 Months Ended
Economic Dependency	Jun. 30, 2011
Economic Dependency [Abstract]
ECONOMIC DEPENDENCY	NOTE 7 — ECONOMIC DEPENDENCY Under various agreements, the Company has engaged or will engage Cole Advisors and its affiliates to provide certain services that are essential to the Company, including asset management services, supervision of the management and leasing of properties owned by the Company, asset acquisition and disposition decisions, the sale of shares of the Company’s common stock available for issue, as well as other administrative responsibilities for the Company including accounting services and investor relations. As a result of these relationships, the Company is dependent upon Cole Advisors and its affiliates. In the event that these companies are unable to provide the Company with these services, the Company would be required to find alternative providers of these services.

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Condensed Consolidated Unaudited Statements of Cash Flows (USD $) In Thousands	6 Months Ended
	Jun. 30, 2011	Jun. 30, 2010
Cash flows from operating activities:
Net income	$ 193	$ 244
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	1,817	1,842
Amortization of intangible lease assets and below market lease intangibles, net	863	860
Amortization of deferred financing costs	278	199
Loss on early extinguishment of debt		259
Changes in assets and liabilities:
Rents and tenant receivables	(167)	157
Prepaid expenses and other assets	71	58
Accounts payable and accrued expenses	(133)	(198)
Deferred rent	(372)	(354)
Due to affiliates	(6)	7
Net cash provided by operating activities	2,544	3,074
Cash flows from investing activities:
Additions to real estate and related assets	(10)
Change in restricted cash	(139)	(407)
Net cash used in investing activities	(149)	(407)
Cash flows from financing activities:
Distributions to investors	(2,516)	(3,038)
Proceeds from notes payable		51,625
Repayment of notes payable and line of credit	(325)	(51,505)
Proceeds from line of credit with affiliates		1,935
Payment of loan deposits		(433)
Refund of loan deposits		433
Deferred financing costs paid		(2,170)
Payment of costs related to the early extinguishment of debt		(212)
Net cash used in financing activities	(2,841)	(3,365)
Net decrease in cash and cash equivalents	(446)	(698)
Cash and cash equivalents, beginning of period	1,382	1,907
Cash and cash equivalents, end of period	936	1,209
Supplemental Disclosures of Non-Cash Investing and Financing Activites:
Distributions declared and unpaid	415	415
Supplemental Cash Flow Disclosures:
Interest paid	$ 3,945	$ 3,798

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Fair Value Measurements	6 Months Ended
Fair Value Measurements	Jun. 30, 2011
Fair Value Measurements [Abstract]
FAIR VALUE MEASUREMENTS	NOTE 3 — FAIR VALUE MEASUREMENTS Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 820, Fair Value Measurements and Disclosures (“ASC 820”), defines fair value, establishes a framework for measuring fair value in GAAP and expands disclosures about fair value measurements. ASC 820 emphasizes that fair value is intended to be a market-based measurement, as opposed to a transaction-specific measurement. The following describes the methods the Company uses to estimate the fair value of the Company’s financial assets and liabilities: Cash and cash equivalents, restricted cash, rents and tenant receivables, prepaid expenses, and accounts payable and accrued expenses — The Company considers the carrying values of these financial instruments to approximate fair value because of the short period of time between origination of the instruments and their expected realization. Notes payable and lines of credit — The fair value is estimated using a discounted cash flow technique based on estimated borrowing rates available to the Company as of June 30, 2011 and December 31, 2010. The estimated fair value of the notes payable and lines of credit with affiliate was $119.7 million and $1.9 million, respectively, as of June 30, 2011, as compared to the carrying value of $118.2 million and $1.9 million, respectively. The estimated fair value of the notes payable and line of credit with affiliate was $118.2 million and $1.9 million, respectively, as of December 31, 2010, as compared to the carrying value of $118.6 million and $1.9 million, respectively. Considerable judgment is necessary to develop estimated fair values of certain financial instruments. Accordingly, the estimates presented herein are not necessarily indicative of the amounts the Company could realize on disposition of the financial instruments.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
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-Name Statement of Financial Accounting Standard (FAS)
-Number 107
-Paragraph 3, 10, 14, 15
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Reference 14: http://www.xbrl.org/2003/role/presentationRef
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+ Details

XML 22 R10.htm IDEA: XBRL DOCUMENT

Notes Payable and Lines of Credit	6 Months Ended
Notes Payable and Lines of Credit	Jun. 30, 2011
Notes Payable and Lines of Credit [Abstract]
NOTES PAYABLE AND LINES OF CREDIT	NOTE 4 — NOTES PAYABLE AND LINES OF CREDIT As of June 30, 2011, the Company had $120.2 million outstanding in mortgage notes payable and lines of credit borrowings, with fixed interest rates ranging from 5.27% to 8.68% and a weighted average interest rate of 6.61%, which mature on various dates from March 2012 through June 2031, with a weighted average remaining term of 5.2 years. Each of the mortgage notes payable and lines of credit are secured by the respective properties and their related leases on which the debt was placed. The mortgage notes and lines of credit are generally non-recourse to the Company and Cole OP I, but both are liable for customary non-recourse carve-outs. The mortgage notes and lines of credit are collateralized by all of the Company’s real estate assets. The mortgage notes payable and lines of credit contain customary default provisions and may generally be prepaid subject to meeting certain requirements and payment of a prepayment premium as specified in the respective loan or line of credit agreement. Generally, upon the occurrence of an event of default, interest on the mortgage notes will accrue at an annual default interest rate equal to the lesser of (a) the maximum rate permitted by applicable law, or (b) the then-current interest rate plus a percentage specified in the respective loan agreement. Certain mortgage notes payable contain customary affirmative, negative and financial covenants, including requirements for minimum net worth and debt service coverage ratios, in addition to limits on leverage ratios and variable rate debt. Based on the Company’s analysis and review of its results of operations and financial condition, as of June 30, 2011, the Company believes it was in compliance with the covenants of such mortgage notes payable. During the three months ended June 30, 2011, the Company elected to extend the maturity date of one mortgage note totaling $7.8 million from June 2011 to June 2031, in accordance with the hyper-amortization provisions of the mortgage note. During the extended maturity period, the lender will apply 100% of the rents collected from the property collateralizing the note to the following items in the order indicated: (1) payment of accrued interest at the original fixed interest rate of 6.68%, (2) all payments for escrow or reserve accounts, (3) any operating expenses of the property pursuant to an approved annual budget and (4) any extraordinary operating or capital expenses. The balance of the rents collected will be applied to the following items in such order as the lender may determine: (1) any other amounts due in accordance with the loan document, (2) the reduction of the principal balance of the mortgage note, and (3) interest accrued at the “Revised Interest Rate” but not previously paid. As used herein, the Revised Interest Rate means an interest rate equal to the greater of (A) the initial fixed interest rate as stated in the loan agreement plus 2.0% per annum or (B) the then current Treasury Constant Maturity Yield Index plus 2.0% per annum. The Revised Interest Rate on the mortgage note during the extended maturity period is 8.68%.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References+ Details

Commitments and Contingencies	6 Months Ended
Commitments and Contingencies	Jun. 30, 2011
Commitments and Contingencies [Abstract]
COMMITMENTS AND CONTINGENCIES	NOTE 5 — COMMITMENTS AND CONTINGENCIES *Litigation* In the ordinary course of business, the Company may become subject to litigation or claims. The Company is not aware of any pending legal proceedings of which the outcome is reasonably likely to have a material effect on its results of operations or financial condition. *Environmental Matters* In connection with the ownership and operation of real estate, the Company may be potentially liable for costs and damages related to environmental matters. The Company carries environmental liability insurance on its properties which provides limited coverage for remediation liability and pollution liability for third-party bodily injury and property damage claims. The Company has not been notified by any governmental authority of any non-compliance, liability or other claim, and the Company is not aware of any other environmental condition that it believes will have a material effect on its results of operations or financial condition.

- Definition

The entire disclosure for commitments and contingencies.

+ References

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XML 25 R5.htm IDEA: XBRL DOCUMENT

Condensed Consolidated Unaudited Statements of Stockholders' Equity (USD $) In Thousands, except Share data	Total	Common Stock	Capital in Excess of Par Value	Accumulated Distributions in Excess of Earnings
Beginning balance at Dec. 31, 2010	$ 55,886	$ 101	$ 90,424	$ (34,639)
Beginning balance, shares at Dec. 31, 2010		10,090,951
Distributions	(2,502)			(2,502)
Net income	193			193
Ending balance at Jun. 30, 2011	$ 53,577	$ 101	$ 90,424	$ (36,948)
Ending balance, shares at Jun. 30, 2011		10,090,951

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

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Reference 9: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Research Bulletin (ARB)
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Reference 12: http://www.xbrl.org/2003/role/presentationRef
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-Article 5
-Section 03
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Reference 16: http://www.xbrl.org/2003/role/presentationRef
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-Name Regulation S-X (SX)
-Number 210
-Section 04
-Paragraph 20
-Article 9

+ Details

- Definition

Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which are attributable to the parent. The amount of the economic entity's stockholders' equity attributable to the parent excludes the amount of stockholders' equity which is allocable to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest). This excludes temporary equity and is sometimes called permanent equity.

+ References+ Details

XML 26 R7.htm IDEA: XBRL DOCUMENT

Organization and Business	6 Months Ended
Organization and Business	Jun. 30, 2011
Organization and Business [Abstract]
ORGANIZATION AND BUSINESS	NOTE 1 — ORGANIZATION AND BUSINESS Cole Credit Property Trust, Inc. (the “Company”) is a Maryland corporation that was formed on March 29, 2004 that is organized and operates as a real estate investment trust (“REIT”) for federal income tax purposes. Substantially all of the Company’s business is conducted through Cole Operating Partnership I, LP (“Cole OP I”), a Delaware limited partnership. The Company is the sole general partner of and owns a 99.99% partnership interest in Cole OP I. Cole REIT Advisors, LLC (“Cole Advisors”), the affiliate advisor to the Company, is the sole limited partner and owner of an insignificant noncontrolling partnership interest of less than 0.01% of Cole OP I. As of June 30, 2011, the Company owned 42 properties comprising 1.0 million square feet of single-tenant retail and commercial space located in 19 states. As of June 30, 2011, these properties were 100% leased. The Company’s stock is not currently listed on a national exchange. The Company may seek to list its common stock for trading on a national securities exchange only if the board of directors of the Company believes listing would be in the best interest of its stockholders. The Company does not intend to list its shares at this time. The Company does not anticipate that there would be any market for its common stock until its shares are listed on a national securities exchange. In the event the Company does not obtain listing prior to February 1, 2016, its charter requires that it either: (1) seek stockholder approval of an extension or amendment of this listing deadline; or (2) seek stockholder approval to adopt a plan of liquidation.

XML 27 R2.htm IDEA: XBRL DOCUMENT

Condensed Consolidated Unaudited Balance Sheets (USD $) In Thousands	Jun. 30, 2011	Dec. 31, 2010
Investment in real estate assets:
Land	$ 54,233	$ 54,233
Buildings and improvements, less accumulated depreciation of $22,072 and $20,255, respectively	99,122	100,933
Acquired intangible lease assets, less accumulated amortization of $12,056 and $11,094, respectively	16,286	17,244
Total investment in real estate assets, net	169,641	172,410
Cash and cash equivalents	936	1,382
Restricted cash	1,011	872
Rents and tenant receivables, less allowance for doubtful accounts of $49	2,310	2,143
Prepaid expenses and other assets	6	77
Deferred financing costs, less accumulated amortization of $1,171 and $962, respectively	2,145	2,423
Total assets	176,049	179,307
LIABILITIES AND STOCKHOLDERS' EQUITY
Notes payable	118,225	118,550
Lines of credit with affiliate	1,935	1,935
Accounts payable and accrued expenses	671	804
Due to affiliates	48	54
Acquired below market lease intangibles, less accumulated amortization of $1,307 and $1,208, respectively	890	989
Distributions payable	415	429
Deferred rent	288	660
Total liabilities	122,472	123,421
Commitments and contingencies
STOCKHOLDERS' EQUITY:
Preferred stock, $0.01 par value; 10,000,000 shares authorized, none issued and outstanding	0	0
Common stock, $0.01 par value; 90,000,000 shares authorized, 10,090,951 shares issued and outstanding	101	101
Capital in excess of par value	90,424	90,424
Accumulated distributions in excess of earnings	(36,948)	(34,639)
Total stockholders' equity	53,577	55,886
Total liabilities and stockholders' equity	$ 176,049	$ 179,307

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