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<div style="font-size:10.0pt;font-family:Times New Roman;">
<p style="MARGIN: 0in 0in 0pt;"><b><i><font style="FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-STYLE: italic; FONT-FAMILY: Times New Roman;" size="2">Basis of Presentation and Principles of Consolidation</font></i></b></p>
<p style="MARGIN: 0in 0in 0pt;"> </p>
<p style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.25in;"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;" size="2">The accompanying consolidated financial statements are unaudited and include the accounts of the Company, CPT OP Partner and the Operating Partnership. All significant intercompany balances and transactions are eliminated in consolidation. The financial statements of the Company’s subsidiaries are prepared using accounting policies consistent with those of the Company.</font></p>
<p style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.25in;"> </p>
<p style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.25in;"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;" size="2">These condensed consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q of the SEC and should be read in conjunction with the “Risk Factors” section of the Company’s Annual Report on Form 10-K for the year ended December 31, 2012, filed with the SEC on March 14, 2013.</font></p>
<p style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center;" align="center"> </p>
</div>
<div style="font-size:10.0pt;font-family:Times New Roman;">
<p style="MARGIN: 0in 0in 0pt;"><b><i><font style="FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-STYLE: italic; FONT-FAMILY: Times New Roman;" size="2">Use of Estimates</font></i></b></p>
<p style="MARGIN: 0in 0in 0pt;"> </p>
<p style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.25in;"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;" size="2">The preparation of the consolidated financial statements in conformity with U.S. generally accepted accounting principles (“GAAP”) requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates.</font></p>
<p style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.25in;"> </p>
</div>
<div style="font-size:10.0pt;font-family:Times New Roman;">
<p style="MARGIN: 0in 0in 0pt;"><b><i><font style="FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-STYLE: italic; FONT-FAMILY: Times New Roman;" size="2">Investment in and Valuation of Real Estate Assets</font></i></b></p>
<p style="MARGIN: 0in 0in 0pt;"> </p>
<p style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.25in;"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;" size="2">The Company is required to make subjective assessments as to the useful lives of its depreciable assets. The Company considers the period of future benefit of each respective asset to determine the appropriate useful life of the assets. Real estate assets are stated at cost, less accumulated depreciation and amortization. Amounts capitalized to real estate assets consist of the cost of acquisition, excluding acquisition related expenses, construction and any tenant improvements, major improvements and betterments that extend the useful life of the real estate and related assets and leasing costs. All repairs and maintenance are expensed as incurred.</font></p>
<p style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.25in;"> </p>
<p style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.25in;"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;" size="2">Real estate assets, other than land, are depreciated or amortized on a straight-line basis. The estimated useful lives of the Company’s real estate and related assets by class are generally as follows:</font></p>
<p style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.25in;"> </p>
<table style="text-align:left;WIDTH: 100%; BORDER-COLLAPSE: collapse;" cellspacing="0" cellpadding="0" width="100%" border="0">
<tr style="padding:0;">
<td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 31.36%; PADDING-TOP: 0in;" valign="top" width="31%">
<p style="MARGIN: 0in 0in 0pt;"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;" size="2">Building</font></p></td>
<td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 3.4%; PADDING-TOP: 0in;" valign="bottom" width="3%">
<p style="MARGIN: 0in 0in 0pt;"> </p></td>
<td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 65.24%; PADDING-TOP: 0in;" valign="top" width="65%">
<p style="MARGIN: 0in 0in 0pt;"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;" size="2">40 years</font></p></td></tr>
<tr style="padding:0;">
<td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 31.36%; PADDING-TOP: 0in;" valign="top" width="31%">
<p style="MARGIN: 0in 0in 0pt;"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;" size="2">Building improvements</font></p></td>
<td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 3.4%; PADDING-TOP: 0in;" valign="bottom" width="3%">
<p style="MARGIN: 0in 0in 0pt;"> </p></td>
<td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 65.24%; PADDING-TOP: 0in;" valign="top" width="65%">
<p style="MARGIN: 0in 0in 0pt;"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;" size="2">Shorter of remaining life of the building or useful life</font></p></td></tr>
<tr style="padding:0;">
<td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 31.36%; PADDING-TOP: 0in;" valign="top" width="31%">
<p style="MARGIN: 0in 0in 0pt;"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;" size="2">Tenant improvements</font></p></td>
<td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 3.4%; PADDING-TOP: 0in;" valign="bottom" width="3%">
<p style="MARGIN: 0in 0in 0pt;"> </p></td>
<td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 65.24%; PADDING-TOP: 0in;" valign="top" width="65%">
<p style="MARGIN: 0in 0in 0pt;"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;" size="2">Lesser of useful life or lease term</font></p></td></tr>
<tr style="padding:0;">
<td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 31.36%; PADDING-TOP: 0in;" valign="top" width="31%">
<p style="MARGIN: 0in 0in 0pt;"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;" size="2">Intangible lease assets</font></p></td>
<td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 3.4%; PADDING-TOP: 0in;" valign="bottom" width="3%">
<p style="MARGIN: 0in 0in 0pt;"> </p></td>
<td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 65.24%; PADDING-TOP: 0in;" valign="top" width="65%">
<p style="MARGIN: 0in 0in 0pt;"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;" size="2">Lesser of useful life or lease term</font></p></td></tr></table>
<p style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.25in;"> </p>
<p style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.25in;"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;" size="2">The Company continually monitors events and changes in circumstances that could indicate that the carrying amounts of its real estate and related 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 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 assets and liabilities to their respective fair values and recognize an impairment loss. Generally fair value is determined using a discounted cash flow analysis and recent comparable sales transactions. As of March 31, 2013, the Company had not identified any impairment indicators related to the Company’s properties.</font></p>
<p style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.25in;"> </p>
<p style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.25in;"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;" size="2">When developing estimates of future cash flows, the Company makes assumptions such as future market rental rates subsequent to the expiration of current lease agreements, property operating expenses, terminal capitalization and discount rates, the number of months needed to re-lease the property, required tenant improvements and the number of years the property will be held for investment. The use of alternative assumptions in estimating future cash flows could result in a different assessment of the property’s future cash flows and a different conclusion regarding the existence of impairment, the extent of such loss, if any, as well as the carrying value of the real estate and related assets.</font></p>
<p style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.25in;"> </p>
<p style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.25in;"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;" size="2">When a real estate asset is identified as held for sale, the Company will cease depreciation and amortization of the assets and related liabilities and estimate the fair value, net of selling costs. If, in management’s opinion, the estimated fair value of the asset, net of selling costs, is less than the net book 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.  No properties were identified as held for sale as of March 31, 2013.</font></p>
<p style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center;" align="center"> </p>
</div>
P40Y
<div style="font-size:10.0pt;font-family:Times New Roman;">
<p style="MARGIN: 0in 0in 0pt;"><b><i><font style="FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-STYLE: italic; FONT-FAMILY: Times New Roman;" size="2">Allocation of Purchase Price of Real Estate and Related Assets</font></i></b></p>
<p style="MARGIN: 0in 0in 0pt;"> </p>
<p style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.25in;"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;" size="2">Upon the acquisition of real properties, the Company allocates the purchase price to acquired tangible assets, consisting of land, buildings and improvements, and identified intangible assets and liabilities, consisting of the value of above market and below market leases and the value of in-place leases, based in each case on their fair values. Acquisition related expenses are expensed as incurred. The Company utilizes independent third parties or performs its own analysis to assist in the determination of the fair values of the tangible and intangible assets of an acquired property (which includes land and building).</font></p>
<p style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.25in;"> </p>
<p style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.25in;"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;" size="2">Above-market and below-market in-place lease values for owned properties are recorded based on the present value (using an interest rate which reflects the risks associated with the leases acquired) of the difference between the contractual amounts to be paid pursuant to the in-place leases and management’s estimate of fair market lease rates for the corresponding in-place leases, measured over a period equal to the remaining non-cancelable term of the lease. The capitalized above-market lease intangibles are amortized as a decrease to rental income over the remaining term of the lease. The capitalized below-market lease values will be amortized as an increase to rental income over the remaining term and any fixed rate renewal periods provided within the respective leases. In determining the amortization period for below-market lease intangibles, the Company initially will consider, and periodically evaluate on a quarterly basis, the likelihood that a lessee will execute the renewal option. The likelihood that a lessee will execute the renewal option is determined by taking into consideration the tenant’s payment history, the financial condition of the tenant, business conditions in the industry in which the tenant operates and economic conditions in the area in which the property is located.</font></p>
<p style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.25in;"> </p>
<p style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.25in;"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;" size="2">The fair values of in-place leases include direct costs associated with obtaining a new tenant and opportunity costs associated with lost rentals which are avoided by acquiring a property with an in-place lease. Direct costs associated with obtaining a new tenant include commissions and other direct costs, and are estimated in part by utilizing information obtained from independent third parties and management’s consideration of current market costs to execute a similar lease. The intangible values of opportunity costs, which are determined using the contractual amounts to be paid pursuant to the in-place leases over a market absorption period for a similar lease are capitalized as intangible lease assets and are amortized to expense over the lesser of the useful life or the remaining term of the respective leases. If a lease is terminated prior to its stated expiration, all unamortized amounts of in-place lease assets relating to that lease would be expensed.</font></p>
<p style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.25in;"> </p>
<p style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.25in;"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;" size="2">The determination of the fair values of the real estate and related assets and liabilities acquired requires the use of significant assumptions with regard to the current market rental rates, rental growth rates, discount and capitalization rates, interest rates and other variables. The use of alternative estimates may result in a different allocation of the Company’s purchase price, which could impact the Company’s results of operations.</font></p>
<p style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.25in;"> </p>
</div>
<div style="font-size:10.0pt;font-family:Times New Roman;">
<p style="MARGIN: 0in 0in 0pt;"><b><i><font style="FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-STYLE: italic; FONT-FAMILY: Times New Roman;" size="2">Investment in Non-Consolidated Joint Venture</font></i></b></p>
<p style="MARGIN: 0in 0in 0pt;"> </p>
<p style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.25in;"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;" size="2">The Company accounts for its investment in the non-consolidated joint venture under the equity method of accounting.  Accordingly, the Company reports its share of net income (losses) from its investment in the non-consolidated joint venture in the accompanying consolidated financial statements.</font></p>
<p style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.25in;"> </p>
<p style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.25in;"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;" size="2">A joint venture investment where (a) the Company is the managing member but does not exercise substantial operating control over the entity or (b) the entity is a variable interest entity (“VIE”) and the Company is not deemed to be the primary beneficiary, is accounted for using the equity method.  If an entity is determined to be VIE, the Company consolidates the entity if it is deemed to be the primary beneficiary.  The primary beneficiary is the entity that (a) has the power to direct the activities that most significantly impact the VIE and (b) that absorbs a majority of the expected losses of the VIE or a majority of the expected residual returns of the VIE, or both.</font></p>
<p style="MARGIN: 0in 0in 0pt;"> </p>
</div>
<div style="font-size:10.0pt;font-family:Times New Roman;">
<p style="MARGIN: 0in 0in 0pt;"><b><i><font style="FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-STYLE: italic; FONT-FAMILY: Times New Roman;" size="2">Cash and Cash Equivalents</font></i></b></p>
<p style="MARGIN: 0in 0in 0pt;"> </p>
<p style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.25in;"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;" size="2">The Company considers all highly liquid investments purchased with original maturities of three months or less to be cash equivalents.  Cash equivalents may include cash and short-term investments.  Short-term investments are stated at cost, which approximates fair value and may consist of investments in money market accounts. There are no restrictions on the use of the Company’s cash balance.</font></p>
<p style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.25in;"> </p>
</div>
<div style="font-size:10.0pt;font-family:Times New Roman;">
<p style="MARGIN: 0in 0in 0pt;"><b><i><font style="FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-STYLE: italic; FONT-FAMILY: Times New Roman;" size="2">Prepaid Expenses</font></i></b></p>
<p style="MARGIN: 0in 0in 0pt;"> </p>
<p style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.25in;"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;" size="2">Prepaid expenses currently include board of directors’ fees and insurance incurred as of the consolidated balance sheet date that relate to future periods. Any amounts with no future economic benefit are charged to earnings when identified.</font></p>
<p style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.25in;"> </p>
</div>
<div style="font-size:10.0pt;font-family:Times New Roman;">
<p style="MARGIN: 0in 0in 0pt;"><b><i><font style="FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-STYLE: italic; FONT-FAMILY: Times New Roman;" size="2">Deferred Financing Costs</font></i></b></p>
<p style="MARGIN: 0in 0in 0pt;"> </p>
<p style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.25in;"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;" size="2">Deferred financing costs are the direct costs associated with obtaining financing. Such costs include commitment fees, legal fees and other third-party costs associated with obtaining commitments for financing that result in a closing of such financing. The Company amortizes these costs on a straight-line basis, which approximates the effective interest method, over the terms of the obligations, once the loan process is completed.  Amortization of deferred financing costs for the three months ended March 31, 2013 was $5,274, which is included in interest expense in the consolidated statements of operations.</font></p>
<p style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.25in;"> </p>
</div>
5274
<div style="font-size:10.0pt;font-family:Times New Roman;">
<p style="MARGIN: 0in 0in 0pt;"><b><i><font style="FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-STYLE: italic; FONT-FAMILY: Times New Roman;" size="2">Derivative Financial Instruments</font></i></b></p>
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<p style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.25in;"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;" size="2">In the normal course of business, the Company may use a variety of derivative instruments to manage, or hedge, interest rate risk.  The Company requires that hedging derivative instruments are effective in reducing the interest rate risk exposure that they are designated to hedge.  This effectiveness is essential for qualifying for hedge accounting.  Some derivative instruments are associated with an anticipated transaction.  In those cases, hedge effectiveness criteria also require that it be probable that the underlying transaction occurs. Instruments that meet these hedging criteria are formally designated as hedges at the inception of the derivative contract.</font></p>
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<p style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.25in;"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;" size="2">To determine the fair values of derivative instruments, we use a variety of methods and assumptions that are based on market conditions and risks existing at each balance sheet date. For the majority of financial instruments including most derivatives, long-term investments and long-term debt, standard market conventions and techniques such as discounted cash flow analysis, option pricing models, replacement cost, and termination cost are used to determine fair value. All methods of assessing fair value result in a general approximation of value, and such value may never actually be realized.</font></p>
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<p style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.25in;"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;" size="2">In the normal course of business, we are exposed to the effect of interest rate changes and limit these risks by following established risk management policies and procedures including the use of derivatives. To address exposure to interest rates, derivatives are used primarily to fix the rate on debt based on floating-rate indices and manage the cost of borrowing obligations.</font></p>
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<p style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.25in;"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;" size="2">The Company records all derivatives at fair value on the balance sheet and is characterized as either cash flow hedges or fair value hedges.  For derivative instruments designated as hedging instruments, the gain or loss, resulting from the change in the estimated fair value of the derivative instruments, are reflected in accumulated other comprehensive income.  For derivative instruments not designated as hedging instruments, the unrealized gain or loss, resulting from the change in the estimated fair value of the derivative instruments, is recognized in the consolidated statements of operations during the period of change.</font></p>
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<p style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.25in;"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;" size="2">The accounting for subsequent changes in the fair value of these derivatives depends on whether each has been designed and qualifies for hedge accounting treatment.  If the Company elects not to apply or the hedge does not qualify for hedge accounting treatment, any changes in the fair value of these derivative instruments is recognized immediately in unrealized gains (losses) on derivative financial instruments in the consolidated statements of operations.  If the derivative is designated and qualifies for hedge accounting treatment the change in the estimated fair value of the derivative is recorded in other comprehensive income (loss) to the extent that it is effective.  Any ineffective portion of a derivative’s change in fair value will be immediately recognized in the consolidated statements of operations.</font></p>
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<p style="MARGIN: 0in 0in 0pt;"><b><i><font style="FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-STYLE: italic; FONT-FAMILY: Times New Roman;" size="2">Fair Value Measurements</font></i></b></p>
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<p style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.25in;"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;" size="2">The Company determines fair value based on quoted prices when available or through the use of alternative approaches, such as discounting the expected cash flows using market interest rates commensurate with the credit quality and duration of the investment. This alternative approach also reflects the contractual terms of the derivatives, including the period to maturity, and uses observable market-based inputs, including interest rate curves and implied volatilities. The guidance defines three levels of inputs that may be used to measure fair value:</font></p>
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<p style="MARGIN: 0in 0in 0pt;"><i><font style="FONT-SIZE: 10pt; FONT-STYLE: italic; FONT-FAMILY: Times New Roman;" size="2">Level 1</font></i> <font style="FONT-SIZE: 10pt;" size="2">— Quoted prices in active markets for identical assets and liabilities that the reporting entity has the ability to access at the measurement date.</font></p>
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<p style="MARGIN: 0in 0in 0pt;"><i><font style="FONT-SIZE: 10pt; FONT-STYLE: italic; FONT-FAMILY: Times New Roman;" size="2">Level 2</font></i> <font style="FONT-SIZE: 10pt;" size="2">— Inputs other than quoted prices included within Level 1 that are observable for the asset and liability or can be corroborated with observable market data for substantially the entire contractual term of the asset or liability.</font></p>
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<p style="MARGIN: 0in 0in 0pt;"><i><font style="FONT-SIZE: 10pt; FONT-STYLE: italic; FONT-FAMILY: Times New Roman;" size="2">Level 3</font></i> <font style="FONT-SIZE: 10pt;" size="2">— Unobservable inputs that reflect the entity’s own assumptions about the assumptions that market participants would use in the pricing of the asset or liability and are consequently not based on market activity, but rather through particular valuation techniques.</font></p>
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<p style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.25in;"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;" size="2">The determination of where an asset or liability falls in the hierarchy requires significant judgment and considers factors specific to the asset or liability. In instances where the determination of the fair value measurement is based on inputs from different levels of the fair value hierarchy, the level in the fair value hierarchy within which the entire fair value measurement falls is based on the lowest level input that is significant to the fair value measurement in its entirety. The Company evaluates its hierarchy disclosures each quarter and depending on various factors, it is possible that an asset or liability may be classified differently from quarter to quarter. However, the Company expects that changes in classifications between levels will be rare.</font></p>
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<p style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.25in;"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;" size="2">Although the Company has determined that the majority of the inputs used to value its derivative falls within Level 2 of the fair value hierarchy, the credit valuation adjustment associated with that derivative utilizes Level 3 inputs, such as estimates of current credit spreads to evaluate the likelihood of default by the Company and its counterparty. However, as of March 31, 2013, the Company has assessed the significance of the impact of the credit valuation adjustment on the overall valuation of its derivative positions and has determined that the credit valuation adjustments are not significant to the overall valuation of the Company</font><font style="FONT-SIZE: 10pt;" size="2">’</font><font style="FONT-SIZE: 10pt;" size="2">s derivatives. As a result, the Company has determined that its derivative valuation in its entirety is classified in Level 2 of the fair value hierarchy.</font></p>
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<p style="MARGIN: 0in 0in 0pt;"><b><i><font style="FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-STYLE: italic; FONT-FAMILY: Times New Roman;" size="2">Organization, Offering and Operating Costs</font></i></b></p>
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<p style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.25in;"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;" size="2">Organization and offering expenses (other than selling commissions) include costs and expenses incurred by the Company in connection with the Company’s formation, preparing for the Offering, the qualification and registration of the Offering, and the marketing and distribution of the Company’s shares.  Offering costs will include, but are not limited to the dealer manager and distribution fees, accounting and legal fees (including legal fees of the dealer manager), costs to prepare and update the Registration Statement and the prospectus, printing, mailing and distribution costs, filing fees, amounts to reimburse the Advisor or its affiliates for the salaries of employees and other costs in connection with preparing supplemental sales literature, amounts to reimburse ING Investments Distributor, LLC (the “Dealer Manager”) for amounts that it may pay to reimburse the <i>bona fide</i> due diligence expenses of any participating broker-dealers supported by detailed and itemized invoices, fees of the transfer agent, registrars, trustees, depositories and experts, the cost of educational conferences held by the Company (including the travel, meal and lodging costs of registered representatives of any participating broker-dealers), and attendance fees and cost reimbursement for employees of affiliates to attend retail seminars conducted by broker-dealers.</font></p>
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<p style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.25in;"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;" size="2">The Advisor and Dealer Manager have agreed to fund the Company’s organization and offering expenses (other than selling commissions, dealer manager fees and distribution fees) and operating expenses through October 31, 2012, the day the Company’s escrow period concluded. The Company will reimburse the Advisor and the Dealer Manager for such expenses ratably on a monthly basis over the period from November 1, 2013 through October 31, 2017. The Company will reimburse the Advisor and dealer manager for organization and offering expenses that they subsequently incur on the Company’s behalf (other than selling commissions, the dealer manager fee and distribution fees) as and when incurred. Total organization and offering expenses (including selling commissions, dealer manager and distribution fees and bona fide due diligence expenses) cannot exceed 15% of the gross proceeds at the end of the Offering.</font></p>
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<p style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.25in;"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;" size="2">Organizational expenses will be expensed as incurred. Offering costs incurred by the Company and the Advisor on behalf of the Company will be deferred and charged against the proceeds of the continuous public offering as a reduction of stockholders’ equity.  The Advisor has funded on behalf of the Company costs totaling approximately $6.4 million of organization, offering and operating expenses through October 31, 2012, the day the Company’s escrow period concluded, of which $3.4 million represented offering costs, $0.8 million represented organizational costs, and $2.2 million represented operating expenses, which the Company recorded in its consolidated financial statements for the year ended December 31, 2012.  As of March 31, 2013, the Company had incurred a total of $3.6 million in offering costs.  The Company had an outstanding payable due to affiliate of $6.8 million as recorded on the consolidated balance sheets at March 31, 2013.</font></p>
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<p style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.25in;"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;" size="2">On November 5, 2012, the Company entered into an expense support agreement (“Expense Support Agreement”) with the Sponsor.  Pursuant to the terms of the Expense Support Agreement, commencing with the partial quarter ended December 31, 2012 and on a quarterly basis thereafter, the Sponsor may, in its sole discretion, reimburse the Company for, or pay on its behalf, all or a portion of its organization, offering and operating expenses.  For the partial quarter ended December 31, 2012, the Sponsor has agreed to fund the organization, offering and operating expenses the Company has incurred for that period.  As such, the Company recognized a receivable from the Sponsor of $475,484 at December 31, 2012, which the Sponsor reimbursed the Company in the first quarter of 2013.  The Sponsor has agreed to fund the Company’s organization, offering and operating expenses the Company has incurred for the quarter ended March 31, 2013. At March 31, 2013, the Company recognized a receivable from the Sponsor of $884,000 as recorded in due from affiliate and other receivables on the consolidated balance sheets.  Once the Company raises $350.0 million in gross offering proceeds, it is required to reimburse the Sponsor for these expenses in the amount of $250,000 per quarter.</font></p>
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6400000
3400000
800000
2200000
3600000
6839549
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<p style="MARGIN: 0in 0in 0pt;"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;" size="2">Building</font></p></td>
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<p style="MARGIN: 0in 0in 0pt;"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;" size="2">40 years</font></p></td></tr>
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<p style="MARGIN: 0in 0in 0pt;"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;" size="2">Building improvements</font></p></td>
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<p style="MARGIN: 0in 0in 0pt;"> </p></td>
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<p style="MARGIN: 0in 0in 0pt;"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;" size="2">Shorter of remaining life of the building or useful life</font></p></td></tr>
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<p style="MARGIN: 0in 0in 0pt;"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;" size="2">Tenant improvements</font></p></td>
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<p style="MARGIN: 0in 0in 0pt;"> </p></td>
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<p style="MARGIN: 0in 0in 0pt;"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;" size="2">Lesser of useful life or lease term</font></p></td></tr>
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<p style="MARGIN: 0in 0in 0pt;"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;" size="2">Intangible lease assets</font></p></td>
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<p style="MARGIN: 0in 0in 0pt;"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;" size="2">Lesser of useful life or lease term</font></p></td></tr></table></div>
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<p style="MARGIN: 0in 0in 0pt;"><b><i><font style="FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-STYLE: italic; FONT-FAMILY: Times New Roman;" size="2">Income Taxes</font></i></b></p>
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<p style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.25in;"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;" size="2">The Company intends to elect to be taxed as a REIT under Sections 856 through 860 of the Internal Revenue Code of 1986, as amended (the “Code”), beginning with the Company’s taxable year ended December 31, 2012. In order to maintain the Company’s qualification as a REIT, the Company is required to, among other things, distribute at least 90% of the Company’s REIT taxable income to the Company’s stockholders and meet certain tests regarding the nature of the Company’s income and assets. As a REIT, the Company will not be subject to federal income tax with respect to the portion of the Company’s income that meets certain criteria and is distributed annually to stockholders. The Company intends to operate in a manner that allows the Company to meet the requirements for taxation as a REIT. Many of these requirements, however, are highly technical and complex. If the Company were to fail to meet these requirements, it could be subject to federal income tax on the Company’s taxable income at regular corporate rates. The Company would not be able to deduct distributions paid to stockholders in any year in which it fails to qualify as a REIT. The Company will also be disqualified for the four taxable years following the year during which qualification was lost unless the Company is entitled to relief under specific statutory provisions.</font></p>
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<p style="MARGIN: 0in 0in 0pt;"><b><i><font style="FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-STYLE: italic; FONT-FAMILY: Times New Roman;" size="2">Basic and Diluted Earnings per Common Share</font></i></b></p>
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<p style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.25in;"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;" size="2">Basic earnings (loss) per common share is calculated by dividing net income (loss) by the weighted average number of common shares outstanding during each period.  Diluted earnings (loss) per share includes the effects of potentially issuable common shares, but only if dilutive.  The Company did not have any dilutive shares as of March 31, 2013.</font></p>
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<p style="MARGIN: 0in 0in 0pt;"><b><i><font style="FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-STYLE: italic; FONT-FAMILY: Times New Roman;" size="2">Stock-Based Compensation</font></i></b></p>
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<p style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.25in;"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;" size="2">The Company has adopted a stock-based long-term incentive award plan for employees, directors, consultants and advisors.  The Company accounts for this plan in accordance with ASC 718, <i>Compensation—Stock Compensation</i>, which requires the measurement and recognition of compensation expense for all stock-based awards granted.  No stock awards were issued under the plan as of March 31, 2013.</font></p>
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<p style="MARGIN: 0in 0in 0pt;"><b><i><font style="FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-STYLE: italic; FONT-FAMILY: Times New Roman;" size="2">Revenue Recognition</font></i></b></p>
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<p style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.25in;"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;" size="2">The Company’s revenues, which are expected to be substantially derived from rental income, include rental income that our tenants pay in accordance with the terms of their respective leases reported on a straight line basis over the initial term of each lease. Since the Company anticipates that many of its leases will provide for rental increases at specified intervals, straight line basis accounting requires us to record as an asset and include in revenues, unbilled rent receivables which we will only receive if the tenant makes all rent payments required through expiration of the initial term of the lease. Accordingly, management must determine, in its judgment, that the unbilled rent receivable applicable to each specific tenant is collectible. The Company will review unbilled rent receivables and take into consideration the tenant’s payment history and the financial condition of the tenant. In the event that the collectability of an unbilled rent receivable is in doubt, we are required to take a reserve against the receivable or a direct write off of the receivable, which will have an adverse effect on earnings for the year in which the reserve or direct write off is taken.</font></p>
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<p style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.25in;"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;" size="2">Rental revenue will also include amortization of above and below market leases. Revenues relating to lease termination fees will be recognized at the time that a tenant’s right to occupy the leased space is terminated.</font></p>
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<p style="MARGIN: 0in 0in 0pt;"><b><i><font style="FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-STYLE: italic; FONT-FAMILY: Times New Roman;" size="2">Concentration of Credit Risk</font></i></b></p>
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<p style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.25in;"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;" size="2">As of March 31, 2013, the Company had cash on deposit at two financial institutions, one of which had $0.7 million in deposits and the other had $3.7 million in deposits which is in excess of federally insured levels; however, the Company has not experienced any losses in this account.  The Company limits significant cash holdings to accounts held by financial institutions with high credit standing; therefore, the Company believes it is not exposed to any significant credit risk on its cash deposits.</font></p>
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<p style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.25in;"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;" size="2">As of March 31, 2013, 100% of the Company’s gross rental revenues were from a medical office building the Company owns in Connecticut. Stamford Health System, Inc., the sole tenant in the property, is a not-for-profit provider of comprehensive healthcare services and has a Fitch credit rating of A. In addition, the Company owns a 50% interest in a joint venture investment with a related party. The joint venture owns an industrial property located in Pennsylvania, which has 2 tenants, each occupying 157,500 square feet.</font></p>
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<p style="MARGIN: 0in 0in 0pt;"><b><i><font style="FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-STYLE: italic; FONT-FAMILY: Times New Roman;" size="2">Reportable Segments</font></i></b></p>
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<p style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.25in;"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;" size="2">The Company’s current business plan consists of owning, managing, operating, leasing, acquiring, developing, investing in, and disposing of real estate related assets. Currently, the Company internally evaluates all of its real estate related assets as one industry segment, and, accordingly, it does not report segment information.</font></p>
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<p style="MARGIN: 0in 0in 0pt;"><b><i><font style="FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-STYLE: italic; FONT-FAMILY: Times New Roman;" size="2">Interest Expense</font></i></b></p>
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<p style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.25in;"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;" size="2">Interest is charged to interest expense as it accrues.  No interest costs have been capitalized.</font></p>
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<p style="MARGIN: 0in 0in 0pt;"><b><i><font style="FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-STYLE: italic; FONT-FAMILY: Times New Roman;" size="2">Distributions Payable</font></i></b></p>
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<p style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.25in;"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;" size="2">In order to qualify as a REIT, the Company is required, among other things, to make distributions each taxable year equal to at least 90% of its taxable income excluding capital gains.  To the extent funds are available, the Company intends to pay regular distributions to stockholders.  Distributions are paid to stockholders of record as of the applicable record dates.  The Company intends to elect to be taxed as a REIT beginning with the taxable year ended December 31, 2012.</font></p>
<p style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.25in;"> </p>
<p style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.25in;"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;" size="2">The Company’s policy is to pay distributions from cash flow from operations. However, the Company is authorized to fund distributions from any other source, including, without limitation, the proceeds of the Offering, borrowings, expense support payments from the Sponsor, the sale of properties or other investments. Distributions may constitute a return of capital. The Company has not established a minimum distribution level and the amount of any distributions will be determined by the Company’s board of directors and will depend on, among other things, current and projected cash requirements, tax considerations and other factors deemed relevant by its board.</font></p>
<p style="MARGIN: 0in 0in 0pt;"> </p>
</div>
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Clarion Partners Property Trust Inc.
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<div style="font-size:10.0pt;font-family:Times New Roman;">
<p style="MARGIN: 0in 0in 0pt;"><b><font style="FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;" size="2">1. Organization and Offering</font></b></p>
<p style="MARGIN: 0in 0in 0pt;"> </p>
<p style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.25in;"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;" size="2">Clarion Partners Property Trust Inc. (the “Company”), was formed on November 3, 2009 as a Maryland corporation and intends to qualify as a real estate investment trust (“REIT”) for federal income tax purposes for the year ended December 31, 2012. Substantially all of the Company’s business is conducted through CPT Real Estate LP, the Company’s operating partnership (the “Operating Partnership”). The Company is the sole general partner of the Operating Partnership and has contributed $199,000 to the Operating Partnership in exchange for its general partner interest. The initial limited partner of the Operating Partnership is CPT OP Partner LLC (“CPT OP Partner”), a wholly owned subsidiary of the Company, which has contributed $1,000 to the Operating Partnership. On May 16, 2011, the Company’s Registration Statement on Form S-11, as amended (File No. 333-164777) (the “Registration Statement”), for its initial public offering (the “Offering”) was declared effective by the Securities and Exchange Commission (the “SEC”). The Company’s fiscal year end is December 31.</font></p>
<p style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.25in;"> </p>
<p style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.25in;"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;" size="2">The Company was organized to invest primarily in a diversified portfolio of (1) income-producing properties which may include office, industrial, retail, multifamily residential, hospitality and other real property types, (2) debt and equity interests backed principally by real estate (collectively, “real estate related assets”) and (3) cash, cash equivalents and other short-term investments. As discussed in Note 8, the Company was initially capitalized by issuing 20,000 Class A shares of its common stock to Clarion Partners, LLC (“Clarion Partners” or the “Sponsor”),  on November 10, 2009.</font></p>
<p style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.25in;"> </p>
<p style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.25in;"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;" size="2">CPT Advisors LLC (the “Advisor”), a wholly owned subsidiary of Clarion Partners, manages the day-to-day operations of the Company.</font></p>
<p style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.25in;"> </p>
<p style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.25in;"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;" size="2">The Company is offering to the public, pursuant to its Registration Statement, up to $2,000,000,000 of shares of its common stock in its primary offering and up to $250,000,000 of shares of its common stock pursuant to its distribution reinvestment plan. The Company is offering to sell any combination of Class A and Class W shares of its common stock with a dollar value up to the maximum offering amount. The Company may reallocate the shares offered between the primary offering and the distribution reinvestment plan. As of March 31, 2013, the Company had 1,306,443 shares of common stock outstanding, consisting of 39,064 shares of Class A common stock and 1,267,379 shares of Class W common stock, for total offering proceeds of $13,088,840 and had 125 shares of preferred stock outstanding for total proceeds of $125,000. The per share purchase price of the Company’s common stock varies from day-to-day and equals, for each class of common stock, the Company’s net asset value, (“NAV”), for such class, divided by the number of shares of that class outstanding as of the end of business each day after giving effect to any share purchases or redemptions to be effected on such day, plus, for Class A shares only, applicable selling commissions.</font></p>
<p style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.25in;"> </p>
<p style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.25in;"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;" size="2">As of March 31, 2013, the Company owned one medical office property located in Darien, Connecticut containing 18,754 rentable square feet, and a 50% interest in a joint venture investment, which owns an industrial property located in Macungie, Pennsylvania containing 315,000 rentable square feet. These properties are 100% leased at March 31, 2013.</font></p>
<p style="MARGIN: 0in 0in 0pt;"> </p>
</div>
<div style="font-size:10.0pt;font-family:Times New Roman;">
<p style="MARGIN: 0in 0in 0pt;"><b><font style="FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;" size="2">2. Summary of Significant Accounting Policies</font></b></p>
<p style="MARGIN: 0in 0in 0pt;"> </p>
<p style="MARGIN: 0in 0in 0pt;"><b><i><font style="FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-STYLE: italic; FONT-FAMILY: Times New Roman;" size="2">Basis of Presentation and Principles of Consolidation</font></i></b></p>
<p style="MARGIN: 0in 0in 0pt;"> </p>
<p style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.25in;"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;" size="2">The accompanying consolidated financial statements are unaudited and include the accounts of the Company, CPT OP Partner and the Operating Partnership. All significant intercompany balances and transactions are eliminated in consolidation. The financial statements of the Company’s subsidiaries are prepared using accounting policies consistent with those of the Company.</font></p>
<p style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.25in;"> </p>
<p style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.25in;"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;" size="2">These condensed consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q of the SEC and should be read in conjunction with the “Risk Factors” section of the Company’s Annual Report on Form 10-K for the year ended December 31, 2012, filed with the SEC on March 14, 2013.</font></p>
<p style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center;" align="center"> </p>
<p style="MARGIN: 0in 0in 0pt;"><b><i><font style="FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-STYLE: italic; FONT-FAMILY: Times New Roman;" size="2">Use of Estimates</font></i></b></p>
<p style="MARGIN: 0in 0in 0pt;"> </p>
<p style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.25in;"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;" size="2">The preparation of the consolidated financial statements in conformity with U.S. generally accepted accounting principles (“GAAP”) requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates.</font></p>
<p style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.25in;"> </p>
<p style="MARGIN: 0in 0in 0pt;"><b><i><font style="FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-STYLE: italic; FONT-FAMILY: Times New Roman;" size="2">Investment in and Valuation of Real Estate Assets</font></i></b></p>
<p style="MARGIN: 0in 0in 0pt;"> </p>
<p style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.25in;"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;" size="2">The Company is required to make subjective assessments as to the useful lives of its depreciable assets. The Company considers the period of future benefit of each respective asset to determine the appropriate useful life of the assets. Real estate assets are stated at cost, less accumulated depreciation and amortization. Amounts capitalized to real estate assets consist of the cost of acquisition, excluding acquisition related expenses, construction and any tenant improvements, major improvements and betterments that extend the useful life of the real estate and related assets and leasing costs. All repairs and maintenance are expensed as incurred.</font></p>
<p style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.25in;"> </p>
<p style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.25in;"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;" size="2">Real estate assets, other than land, are depreciated or amortized on a straight-line basis. The estimated useful lives of the Company’s real estate and related assets by class are generally as follows:</font></p>
<p style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.25in;"> </p>
<table style="text-align:left;WIDTH: 100%; BORDER-COLLAPSE: collapse;" cellspacing="0" cellpadding="0" width="100%" border="0">
<tr style="padding:0;">
<td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 31.36%; PADDING-TOP: 0in;" valign="top" width="31%">
<p style="MARGIN: 0in 0in 0pt;"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;" size="2">Building</font></p></td>
<td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 3.4%; PADDING-TOP: 0in;" valign="bottom" width="3%">
<p style="MARGIN: 0in 0in 0pt;"> </p></td>
<td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 65.24%; PADDING-TOP: 0in;" valign="top" width="65%">
<p style="MARGIN: 0in 0in 0pt;"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;" size="2">40 years</font></p></td></tr>
<tr style="padding:0;">
<td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 31.36%; PADDING-TOP: 0in;" valign="top" width="31%">
<p style="MARGIN: 0in 0in 0pt;"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;" size="2">Building improvements</font></p></td>
<td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 3.4%; PADDING-TOP: 0in;" valign="bottom" width="3%">
<p style="MARGIN: 0in 0in 0pt;"> </p></td>
<td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 65.24%; PADDING-TOP: 0in;" valign="top" width="65%">
<p style="MARGIN: 0in 0in 0pt;"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;" size="2">Shorter of remaining life of the building or useful life</font></p></td></tr>
<tr style="padding:0;">
<td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 31.36%; PADDING-TOP: 0in;" valign="top" width="31%">
<p style="MARGIN: 0in 0in 0pt;"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;" size="2">Tenant improvements</font></p></td>
<td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 3.4%; PADDING-TOP: 0in;" valign="bottom" width="3%">
<p style="MARGIN: 0in 0in 0pt;"> </p></td>
<td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 65.24%; PADDING-TOP: 0in;" valign="top" width="65%">
<p style="MARGIN: 0in 0in 0pt;"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;" size="2">Lesser of useful life or lease term</font></p></td></tr>
<tr style="padding:0;">
<td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 31.36%; PADDING-TOP: 0in;" valign="top" width="31%">
<p style="MARGIN: 0in 0in 0pt;"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;" size="2">Intangible lease assets</font></p></td>
<td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 3.4%; PADDING-TOP: 0in;" valign="bottom" width="3%">
<p style="MARGIN: 0in 0in 0pt;"> </p></td>
<td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 65.24%; PADDING-TOP: 0in;" valign="top" width="65%">
<p style="MARGIN: 0in 0in 0pt;"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;" size="2">Lesser of useful life or lease term</font></p></td></tr></table>
<p style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.25in;"> </p>
<p style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.25in;"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;" size="2">The Company continually monitors events and changes in circumstances that could indicate that the carrying amounts of its real estate and related 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 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 assets and liabilities to their respective fair values and recognize an impairment loss. Generally fair value is determined using a discounted cash flow analysis and recent comparable sales transactions. As of March 31, 2013, the Company had not identified any impairment indicators related to the Company’s properties.</font></p>
<p style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.25in;"> </p>
<p style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.25in;"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;" size="2">When developing estimates of future cash flows, the Company makes assumptions such as future market rental rates subsequent to the expiration of current lease agreements, property operating expenses, terminal capitalization and discount rates, the number of months needed to re-lease the property, required tenant improvements and the number of years the property will be held for investment. The use of alternative assumptions in estimating future cash flows could result in a different assessment of the property’s future cash flows and a different conclusion regarding the existence of impairment, the extent of such loss, if any, as well as the carrying value of the real estate and related assets.</font></p>
<p style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.25in;"> </p>
<p style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.25in;"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;" size="2">When a real estate asset is identified as held for sale, the Company will cease depreciation and amortization of the assets and related liabilities and estimate the fair value, net of selling costs. If, in management’s opinion, the estimated fair value of the asset, net of selling costs, is less than the net book 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.  No properties were identified as held for sale as of March 31, 2013.</font></p>
<p style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center;" align="center"> </p>
<p style="MARGIN: 0in 0in 0pt;"><b><i><font style="FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-STYLE: italic; FONT-FAMILY: Times New Roman;" size="2">Allocation of Purchase Price of Real Estate and Related Assets</font></i></b></p>
<p style="MARGIN: 0in 0in 0pt;"> </p>
<p style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.25in;"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;" size="2">Upon the acquisition of real properties, the Company allocates the purchase price to acquired tangible assets, consisting of land, buildings and improvements, and identified intangible assets and liabilities, consisting of the value of above market and below market leases and the value of in-place leases, based in each case on their fair values. Acquisition related expenses are expensed as incurred. The Company utilizes independent third parties or performs its own analysis to assist in the determination of the fair values of the tangible and intangible assets of an acquired property (which includes land and building).</font></p>
<p style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.25in;"> </p>
<p style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.25in;"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;" size="2">Above-market and below-market in-place lease values for owned properties are recorded based on the present value (using an interest rate which reflects the risks associated with the leases acquired) of the difference between the contractual amounts to be paid pursuant to the in-place leases and management’s estimate of fair market lease rates for the corresponding in-place leases, measured over a period equal to the remaining non-cancelable term of the lease. The capitalized above-market lease intangibles are amortized as a decrease to rental income over the remaining term of the lease. The capitalized below-market lease values will be amortized as an increase to rental income over the remaining term and any fixed rate renewal periods provided within the respective leases. In determining the amortization period for below-market lease intangibles, the Company initially will consider, and periodically evaluate on a quarterly basis, the likelihood that a lessee will execute the renewal option. The likelihood that a lessee will execute the renewal option is determined by taking into consideration the tenant’s payment history, the financial condition of the tenant, business conditions in the industry in which the tenant operates and economic conditions in the area in which the property is located.</font></p>
<p style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.25in;"> </p>
<p style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.25in;"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;" size="2">The fair values of in-place leases include direct costs associated with obtaining a new tenant and opportunity costs associated with lost rentals which are avoided by acquiring a property with an in-place lease. Direct costs associated with obtaining a new tenant include commissions and other direct costs, and are estimated in part by utilizing information obtained from independent third parties and management’s consideration of current market costs to execute a similar lease. The intangible values of opportunity costs, which are determined using the contractual amounts to be paid pursuant to the in-place leases over a market absorption period for a similar lease are capitalized as intangible lease assets and are amortized to expense over the lesser of the useful life or the remaining term of the respective leases. If a lease is terminated prior to its stated expiration, all unamortized amounts of in-place lease assets relating to that lease would be expensed.</font></p>
<p style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.25in;"> </p>
<p style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.25in;"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;" size="2">The determination of the fair values of the real estate and related assets and liabilities acquired requires the use of significant assumptions with regard to the current market rental rates, rental growth rates, discount and capitalization rates, interest rates and other variables. The use of alternative estimates may result in a different allocation of the Company’s purchase price, which could impact the Company’s results of operations.</font></p>
<p style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.25in;"> </p>
<p style="MARGIN: 0in 0in 0pt;"><b><i><font style="FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-STYLE: italic; FONT-FAMILY: Times New Roman;" size="2">Investment in Non-Consolidated Joint Venture</font></i></b></p>
<p style="MARGIN: 0in 0in 0pt;"> </p>
<p style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.25in;"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;" size="2">The Company accounts for its investment in the non-consolidated joint venture under the equity method of accounting.  Accordingly, the Company reports its share of net income (losses) from its investment in the non-consolidated joint venture in the accompanying consolidated financial statements.</font></p>
<p style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.25in;"> </p>
<p style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.25in;"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;" size="2">A joint venture investment where (a) the Company is the managing member but does not exercise substantial operating control over the entity or (b) the entity is a variable interest entity (“VIE”) and the Company is not deemed to be the primary beneficiary, is accounted for using the equity method.  If an entity is determined to be VIE, the Company consolidates the entity if it is deemed to be the primary beneficiary.  The primary beneficiary is the entity that (a) has the power to direct the activities that most significantly impact the VIE and (b) that absorbs a majority of the expected losses of the VIE or a majority of the expected residual returns of the VIE, or both.</font></p>
<p style="MARGIN: 0in 0in 0pt;"> </p>
<p style="MARGIN: 0in 0in 0pt;"><b><i><font style="FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-STYLE: italic; FONT-FAMILY: Times New Roman;" size="2">Cash and Cash Equivalents</font></i></b></p>
<p style="MARGIN: 0in 0in 0pt;"> </p>
<p style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.25in;"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;" size="2">The Company considers all highly liquid investments purchased with original maturities of three months or less to be cash equivalents.  Cash equivalents may include cash and short-term investments.  Short-term investments are stated at cost, which approximates fair value and may consist of investments in money market accounts. There are no restrictions on the use of the Company’s cash balance.</font></p>
<p style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.25in;"> </p>
<p style="MARGIN: 0in 0in 0pt;"><b><i><font style="FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-STYLE: italic; FONT-FAMILY: Times New Roman;" size="2">Prepaid Expenses</font></i></b></p>
<p style="MARGIN: 0in 0in 0pt;"> </p>
<p style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.25in;"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;" size="2">Prepaid expenses currently include board of directors’ fees and insurance incurred as of the consolidated balance sheet date that relate to future periods. Any amounts with no future economic benefit are charged to earnings when identified.</font></p>
<p style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.25in;"> </p>
<p style="MARGIN: 0in 0in 0pt;"><b><i><font style="FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-STYLE: italic; FONT-FAMILY: Times New Roman;" size="2">Deferred Financing Costs</font></i></b></p>
<p style="MARGIN: 0in 0in 0pt;"> </p>
<p style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.25in;"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;" size="2">Deferred financing costs are the direct costs associated with obtaining financing. Such costs include commitment fees, legal fees and other third-party costs associated with obtaining commitments for financing that result in a closing of such financing. The Company amortizes these costs on a straight-line basis, which approximates the effective interest method, over the terms of the obligations, once the loan process is completed.  Amortization of deferred financing costs for the three months ended March 31, 2013 was $5,274, which is included in interest expense in the consolidated statements of operations.</font></p>
<p style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.25in;"> </p>
<p style="MARGIN: 0in 0in 0pt;"><b><i><font style="FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-STYLE: italic; FONT-FAMILY: Times New Roman;" size="2">Derivative Financial Instruments</font></i></b></p>
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<p style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.25in;"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;" size="2">In the normal course of business, the Company may use a variety of derivative instruments to manage, or hedge, interest rate risk.  The Company requires that hedging derivative instruments are effective in reducing the interest rate risk exposure that they are designated to hedge.  This effectiveness is essential for qualifying for hedge accounting.  Some derivative instruments are associated with an anticipated transaction.  In those cases, hedge effectiveness criteria also require that it be probable that the underlying transaction occurs. Instruments that meet these hedging criteria are formally designated as hedges at the inception of the derivative contract.</font></p>
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<p style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.25in;"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;" size="2">To determine the fair values of derivative instruments, we use a variety of methods and assumptions that are based on market conditions and risks existing at each balance sheet date. For the majority of financial instruments including most derivatives, long-term investments and long-term debt, standard market conventions and techniques such as discounted cash flow analysis, option pricing models, replacement cost, and termination cost are used to determine fair value. All methods of assessing fair value result in a general approximation of value, and such value may never actually be realized.</font></p>
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<p style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.25in;"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;" size="2">In the normal course of business, we are exposed to the effect of interest rate changes and limit these risks by following established risk management policies and procedures including the use of derivatives. To address exposure to interest rates, derivatives are used primarily to fix the rate on debt based on floating-rate indices and manage the cost of borrowing obligations.</font></p>
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<p style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.25in;"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;" size="2">The Company records all derivatives at fair value on the balance sheet and is characterized as either cash flow hedges or fair value hedges.  For derivative instruments designated as hedging instruments, the gain or loss, resulting from the change in the estimated fair value of the derivative instruments, are reflected in accumulated other comprehensive income.  For derivative instruments not designated as hedging instruments, the unrealized gain or loss, resulting from the change in the estimated fair value of the derivative instruments, is recognized in the consolidated statements of operations during the period of change.</font></p>
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<p style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.25in;"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;" size="2">The accounting for subsequent changes in the fair value of these derivatives depends on whether each has been designed and qualifies for hedge accounting treatment.  If the Company elects not to apply or the hedge does not qualify for hedge accounting treatment, any changes in the fair value of these derivative instruments is recognized immediately in unrealized gains (losses) on derivative financial instruments in the consolidated statements of operations.  If the derivative is designated and qualifies for hedge accounting treatment the change in the estimated fair value of the derivative is recorded in other comprehensive income (loss) to the extent that it is effective.  Any ineffective portion of a derivative’s change in fair value will be immediately recognized in the consolidated statements of operations.</font></p>
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<p style="MARGIN: 0in 0in 0pt;"><b><i><font style="FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-STYLE: italic; FONT-FAMILY: Times New Roman;" size="2">Fair Value Measurements</font></i></b></p>
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<p style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.25in;"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;" size="2">The Company determines fair value based on quoted prices when available or through the use of alternative approaches, such as discounting the expected cash flows using market interest rates commensurate with the credit quality and duration of the investment. This alternative approach also reflects the contractual terms of the derivatives, including the period to maturity, and uses observable market-based inputs, including interest rate curves and implied volatilities. The guidance defines three levels of inputs that may be used to measure fair value:</font></p>
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<p style="MARGIN: 0in 0in 0pt;"><i><font style="FONT-SIZE: 10pt; FONT-STYLE: italic; FONT-FAMILY: Times New Roman;" size="2">Level 1</font></i> <font style="FONT-SIZE: 10pt;" size="2">— Quoted prices in active markets for identical assets and liabilities that the reporting entity has the ability to access at the measurement date.</font></p>
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<p style="MARGIN: 0in 0in 0pt;"><i><font style="FONT-SIZE: 10pt; FONT-STYLE: italic; FONT-FAMILY: Times New Roman;" size="2">Level 2</font></i> <font style="FONT-SIZE: 10pt;" size="2">— Inputs other than quoted prices included within Level 1 that are observable for the asset and liability or can be corroborated with observable market data for substantially the entire contractual term of the asset or liability.</font></p>
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<p style="MARGIN: 0in 0in 0pt;"><i><font style="FONT-SIZE: 10pt; FONT-STYLE: italic; FONT-FAMILY: Times New Roman;" size="2">Level 3</font></i> <font style="FONT-SIZE: 10pt;" size="2">— Unobservable inputs that reflect the entity’s own assumptions about the assumptions that market participants would use in the pricing of the asset or liability and are consequently not based on market activity, but rather through particular valuation techniques.</font></p>
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<p style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.25in;"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;" size="2">The determination of where an asset or liability falls in the hierarchy requires significant judgment and considers factors specific to the asset or liability. In instances where the determination of the fair value measurement is based on inputs from different levels of the fair value hierarchy, the level in the fair value hierarchy within which the entire fair value measurement falls is based on the lowest level input that is significant to the fair value measurement in its entirety. The Company evaluates its hierarchy disclosures each quarter and depending on various factors, it is possible that an asset or liability may be classified differently from quarter to quarter. However, the Company expects that changes in classifications between levels will be rare.</font></p>
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<p style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.25in;"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;" size="2">Although the Company has determined that the majority of the inputs used to value its derivative falls within Level 2 of the fair value hierarchy, the credit valuation adjustment associated with that derivative utilizes Level 3 inputs, such as estimates of current credit spreads to evaluate the likelihood of default by the Company and its counterparty. However, as of March 31, 2013, the Company has assessed the significance of the impact of the credit valuation adjustment on the overall valuation of its derivative positions and has determined that the credit valuation adjustments are not significant to the overall valuation of the Company</font><font style="FONT-SIZE: 10pt;" size="2">’</font><font style="FONT-SIZE: 10pt;" size="2">s derivatives. As a result, the Company has determined that its derivative valuation in its entirety is classified in Level 2 of the fair value hierarchy.</font></p>
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<p style="MARGIN: 0in 0in 0pt;"><b><i><font style="FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-STYLE: italic; FONT-FAMILY: Times New Roman;" size="2">Organization, Offering and Operating Costs</font></i></b></p>
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<p style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.25in;"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;" size="2">Organization and offering expenses (other than selling commissions) include costs and expenses incurred by the Company in connection with the Company’s formation, preparing for the Offering, the qualification and registration of the Offering, and the marketing and distribution of the Company’s shares.  Offering costs will include, but are not limited to the dealer manager and distribution fees, accounting and legal fees (including legal fees of the dealer manager), costs to prepare and update the Registration Statement and the prospectus, printing, mailing and distribution costs, filing fees, amounts to reimburse the Advisor or its affiliates for the salaries of employees and other costs in connection with preparing supplemental sales literature, amounts to reimburse ING Investments Distributor, LLC (the “Dealer Manager”) for amounts that it may pay to reimburse the <i>bona fide</i> due diligence expenses of any participating broker-dealers supported by detailed and itemized invoices, fees of the transfer agent, registrars, trustees, depositories and experts, the cost of educational conferences held by the Company (including the travel, meal and lodging costs of registered representatives of any participating broker-dealers), and attendance fees and cost reimbursement for employees of affiliates to attend retail seminars conducted by broker-dealers.</font></p>
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<p style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.25in;"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;" size="2">The Advisor and Dealer Manager have agreed to fund the Company’s organization and offering expenses (other than selling commissions, dealer manager fees and distribution fees) and operating expenses through October 31, 2012, the day the Company’s escrow period concluded. The Company will reimburse the Advisor and the Dealer Manager for such expenses ratably on a monthly basis over the period from November 1, 2013 through October 31, 2017. The Company will reimburse the Advisor and dealer manager for organization and offering expenses that they subsequently incur on the Company’s behalf (other than selling commissions, the dealer manager fee and distribution fees) as and when incurred. Total organization and offering expenses (including selling commissions, dealer manager and distribution fees and bona fide due diligence expenses) cannot exceed 15% of the gross proceeds at the end of the Offering.</font></p>
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<p style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.25in;"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;" size="2">Organizational expenses will be expensed as incurred. Offering costs incurred by the Company and the Advisor on behalf of the Company will be deferred and charged against the proceeds of the continuous public offering as a reduction of stockholders’ equity.  The Advisor has funded on behalf of the Company costs totaling approximately $6.4 million of organization, offering and operating expenses through October 31, 2012, the day the Company’s escrow period concluded, of which $3.4 million represented offering costs, $0.8 million represented organizational costs, and $2.2 million represented operating expenses, which the Company recorded in its consolidated financial statements for the year ended December 31, 2012.  As of March 31, 2013, the Company had incurred a total of $3.6 million in offering costs.  The Company had an outstanding payable due to affiliate of $6.8 million as recorded on the consolidated balance sheets at March 31, 2013.</font></p>
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<p style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.25in;"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;" size="2">On November 5, 2012, the Company entered into an expense support agreement (“Expense Support Agreement”) with the Sponsor.  Pursuant to the terms of the Expense Support Agreement, commencing with the partial quarter ended December 31, 2012 and on a quarterly basis thereafter, the Sponsor may, in its sole discretion, reimburse the Company for, or pay on its behalf, all or a portion of its organization, offering and operating expenses.  For the partial quarter ended December 31, 2012, the Sponsor has agreed to fund the organization, offering and operating expenses the Company has incurred for that period.  As such, the Company recognized a receivable from the Sponsor of $475,484 at December 31, 2012, which the Sponsor reimbursed the Company in the first quarter of 2013.  The Sponsor has agreed to fund the Company’s organization, offering and operating expenses the Company has incurred for the quarter ended March 31, 2013. At March 31, 2013, the Company recognized a receivable from the Sponsor of $884,000 as recorded in due from affiliate and other receivables on the consolidated balance sheets.  Once the Company raises $350.0 million in gross offering proceeds, it is required to reimburse the Sponsor for these expenses in the amount of $250,000 per quarter.</font></p>
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<p style="MARGIN: 0in 0in 0pt;"><b><i><font style="FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-STYLE: italic; FONT-FAMILY: Times New Roman;" size="2">Income Taxes</font></i></b></p>
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<p style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.25in;"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;" size="2">The Company intends to elect to be taxed as a REIT under Sections 856 through 860 of the Internal Revenue Code of 1986, as amended (the “Code”), beginning with the Company’s taxable year ended December 31, 2012. In order to maintain the Company’s qualification as a REIT, the Company is required to, among other things, distribute at least 90% of the Company’s REIT taxable income to the Company’s stockholders and meet certain tests regarding the nature of the Company’s income and assets. As a REIT, the Company will not be subject to federal income tax with respect to the portion of the Company’s income that meets certain criteria and is distributed annually to stockholders. The Company intends to operate in a manner that allows the Company to meet the requirements for taxation as a REIT. Many of these requirements, however, are highly technical and complex. If the Company were to fail to meet these requirements, it could be subject to federal income tax on the Company’s taxable income at regular corporate rates. The Company would not be able to deduct distributions paid to stockholders in any year in which it fails to qualify as a REIT. The Company will also be disqualified for the four taxable years following the year during which qualification was lost unless the Company is entitled to relief under specific statutory provisions.</font></p>
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<p style="MARGIN: 0in 0in 0pt;"><b><i><font style="FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-STYLE: italic; FONT-FAMILY: Times New Roman;" size="2">Redeemable Common Stock</font></i></b></p>
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<p style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.25in;"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;" size="2">The Company has adopted a share redemption program that permits its stockholders to redeem their shares, subject to certain limitations.  The Company records amounts that are redeemable under the share redemption program as redeemable common stock outside of permanent equity in its consolidated balance sheets. Changes in the value from period to period are recorded as an adjustment to additional paid-in capital.</font></p>
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<p style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.25in;"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;" size="2">As discussed in Note 8, the maximum amount available for redemptions for that quarter will be equal to (1) 5% of the combined NAV of both classes of shares, calculated as of the last day of the previous calendar quarter, plus (2) proceeds from sales of new shares in the Offering (including reinvestment of distributions) since the beginning of the current calendar quarter, less (3) redemption proceeds paid since the beginning of the current calendar quarter.  The total redeemable common stock at March 31, 2013 totaled $1,332,596 resulting from $621,472, 5% of the December 31, 2012 NAV of $12,429,448, plus $698,000 of gross offering proceeds of new shares issued through the Company’s public offering and $13,124 of gross offering proceeds of new shares issued through the Company’s distribution reinvestment plan.</font></p>
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<p style="MARGIN: 0in 0in 0pt;"><b><i><font style="FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-STYLE: italic; FONT-FAMILY: Times New Roman;" size="2">Basic and Diluted Earnings per Common Share</font></i></b></p>
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<p style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.25in;"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;" size="2">Basic earnings (loss) per common share is calculated by dividing net income (loss) by the weighted average number of common shares outstanding during each period.  Diluted earnings (loss) per share includes the effects of potentially issuable common shares, but only if dilutive.  The Company did not have any dilutive shares as of March 31, 2013.</font></p>
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<p style="MARGIN: 0in 0in 0pt;"><b><i><font style="FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-STYLE: italic; FONT-FAMILY: Times New Roman;" size="2">Stock-Based Compensation</font></i></b></p>
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<p style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.25in;"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;" size="2">The Company has adopted a stock-based long-term incentive award plan for employees, directors, consultants and advisors.  The Company accounts for this plan in accordance with ASC 718, <i>Compensation—Stock Compensation</i>, which requires the measurement and recognition of compensation expense for all stock-based awards granted.  No stock awards were issued under the plan as of March 31, 2013.</font></p>
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<p style="MARGIN: 0in 0in 0pt;"><b><i><font style="FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-STYLE: italic; FONT-FAMILY: Times New Roman;" size="2">Revenue Recognition</font></i></b></p>
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<p style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.25in;"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;" size="2">The Company’s revenues, which are expected to be substantially derived from rental income, include rental income that our tenants pay in accordance with the terms of their respective leases reported on a straight line basis over the initial term of each lease. Since the Company anticipates that many of its leases will provide for rental increases at specified intervals, straight line basis accounting requires us to record as an asset and include in revenues, unbilled rent receivables which we will only receive if the tenant makes all rent payments required through expiration of the initial term of the lease. Accordingly, management must determine, in its judgment, that the unbilled rent receivable applicable to each specific tenant is collectible. The Company will review unbilled rent receivables and take into consideration the tenant’s payment history and the financial condition of the tenant. In the event that the collectability of an unbilled rent receivable is in doubt, we are required to take a reserve against the receivable or a direct write off of the receivable, which will have an adverse effect on earnings for the year in which the reserve or direct write off is taken.</font></p>
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<p style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.25in;"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;" size="2">Rental revenue will also include amortization of above and below market leases. Revenues relating to lease termination fees will be recognized at the time that a tenant’s right to occupy the leased space is terminated.</font></p>
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<p style="MARGIN: 0in 0in 0pt;"><b><i><font style="FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-STYLE: italic; FONT-FAMILY: Times New Roman;" size="2">Concentration of Credit Risk</font></i></b></p>
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<p style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.25in;"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;" size="2">As of March 31, 2013, the Company had cash on deposit at two financial institutions, one of which had $0.7 million in deposits and the other had $3.7 million in deposits which is in excess of federally insured levels; however, the Company has not experienced any losses in this account.  The Company limits significant cash holdings to accounts held by financial institutions with high credit standing; therefore, the Company believes it is not exposed to any significant credit risk on its cash deposits.</font></p>
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<p style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.25in;"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;" size="2">As of March 31, 2013, 100% of the Company’s gross rental revenues were from a medical office building the Company owns in Connecticut. Stamford Health System, Inc., the sole tenant in the property, is a not-for-profit provider of comprehensive healthcare services and has a Fitch credit rating of A. In addition, the Company owns a 50% interest in a joint venture investment with a related party. The joint venture owns an industrial property located in Pennsylvania, which has 2 tenants, each occupying 157,500 square feet.</font></p>
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<p style="MARGIN: 0in 0in 0pt;"><b><i><font style="FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-STYLE: italic; FONT-FAMILY: Times New Roman;" size="2">Reportable Segments</font></i></b></p>
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<p style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.25in;"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;" size="2">The Company’s current business plan consists of owning, managing, operating, leasing, acquiring, developing, investing in, and disposing of real estate related assets. Currently, the Company internally evaluates all of its real estate related assets as one industry segment, and, accordingly, it does not report segment information.</font></p>
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<p style="MARGIN: 0in 0in 0pt;"><b><i><font style="FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-STYLE: italic; FONT-FAMILY: Times New Roman;" size="2">Interest Expense</font></i></b></p>
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<p style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.25in;"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;" size="2">Interest is charged to interest expense as it accrues.  No interest costs have been capitalized.</font></p>
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<p style="MARGIN: 0in 0in 0pt;"><b><i><font style="FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-STYLE: italic; FONT-FAMILY: Times New Roman;" size="2">Distributions Payable</font></i></b></p>
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<p style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.25in;"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;" size="2">In order to qualify as a REIT, the Company is required, among other things, to make distributions each taxable year equal to at least 90% of its taxable income excluding capital gains.  To the extent funds are available, the Company intends to pay regular distributions to stockholders.  Distributions are paid to stockholders of record as of the applicable record dates.  The Company intends to elect to be taxed as a REIT beginning with the taxable year ended December 31, 2012.</font></p>
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<p style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.25in;"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;" size="2">The Company’s policy is to pay distributions from cash flow from operations. However, the Company is authorized to fund distributions from any other source, including, without limitation, the proceeds of the Offering, borrowings, expense support payments from the Sponsor, the sale of properties or other investments. Distributions may constitute a return of capital. The Company has not established a minimum distribution level and the amount of any distributions will be determined by the Company’s board of directors and will depend on, among other things, current and projected cash requirements, tax considerations and other factors deemed relevant by its board.</font></p>
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<p style="MARGIN: 0in 0in 0pt;"><b><font style="FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;" size="2">3. Fair Value Measurements</font></b></p>
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<p style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 24.5pt;"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;" size="2">The following describes the methods the Company uses to estimate the fair value of the Company’s financial assets and liabilities:</font></p>
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<p style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 24.5pt;"><i><font style="FONT-SIZE: 10pt; FONT-STYLE: italic; FONT-FAMILY: Times New Roman;" size="2">Cash and cash equivalents, due from affiliate and other receivables, prepaid expenses, due to affiliate, accrued expenses, and distributions payable</font></i> <font style="FONT-SIZE: 10pt;" size="2"> — 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.</font></p>
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<p style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.25in;"><i><font style="FONT-SIZE: 10pt; FONT-STYLE: italic; FONT-FAMILY: Times New Roman;" size="2">Mortgage note payable</font></i> <font style="FONT-SIZE: 10pt;" size="2">— The Company estimates the fair value for its mortgage note payable based on discounted cash flow models, based on Level 3 inputs. See Note 5 for the discussion of the fair value of the mortgage not payable.</font></p>
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<p style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.25in;"><i><font style="FONT-SIZE: 10pt; FONT-STYLE: italic; FONT-FAMILY: Times New Roman;" size="2">Derivative financial instrument</font></i> <font style="FONT-SIZE: 10pt;" size="2">-</font> <font style="FONT-SIZE: 10pt;" size="2">The fair value is determined by using the appropriate market-based yield curves to calculate and discount the expected cash flows.  Cash flow models are based upon the appropriate fixed rate and variable rate components of the contracts, as applicable.  The derivative financial instrument is classified as Level 2 as the valuation includes inputs that are other-than-quoted prices in active markets and unobservable. See Note 6 for the discussion of the fair value of the derivative financial instrument.</font></p>
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<p style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.25in;"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;" size="2">Considerable judgment is necessary to develop estimated fair values of financial instruments. Accordingly, the estimates presented herein are not necessarily indicative of the amounts the Company could realize, or be liable for, on disposition of the financial instruments.</font></p>
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<p style="MARGIN: 0in 0in 0pt;"><b><font style="FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;" size="2">4. Real Estate Investment</font></b></p>
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<p style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.25in;"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;" size="2">The Company did not make any acquisitions for the three months ended March 31, 2013.</font></p>
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<p style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.25in;"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;" size="2">The Company’s real estate investment was comprised of the following as of March 31, 2013:</font></p>
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<p style="MARGIN: 0in 0in 0pt;"><b><font style="FONT-WEIGHT: bold; FONT-SIZE: 7pt; FONT-FAMILY: Times New Roman;" size="1">Portfolio Property</font></b></p></td>
<td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 1.5%; PADDING-TOP: 0in;" valign="bottom" width="1%">
<p style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center;" align="center"> </p></td>
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<p style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center;" align="center"><b><font style="FONT-WEIGHT: bold; FONT-SIZE: 7pt; FONT-FAMILY: Times New Roman;" size="1">Acquisition<br />
Date</font></b></p></td>
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<p style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center;" align="center"> </p></td>
<td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; WIDTH: 7%; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid;" valign="bottom" width="7%">
<p style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center;" align="center"><b><font style="FONT-WEIGHT: bold; FONT-SIZE: 7pt; FONT-FAMILY: Times New Roman;" size="1">Number<br />
of<br />
Properties</font></b></p></td>
<td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 1.5%; PADDING-TOP: 0in;" valign="bottom" width="1%">
<p style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center;" align="center"> </p></td>
<td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; WIDTH: 7%; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid;" valign="bottom" width="7%">
<p style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center;" align="center"><b><font style="FONT-WEIGHT: bold; FONT-SIZE: 7pt; FONT-FAMILY: Times New Roman;" size="1">Rentable<br />
Square<br />
Feet</font></b></p></td>
<td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 1.5%; PADDING-TOP: 0in;" valign="bottom" width="1%">
<p style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center;" align="center"> </p></td>
<td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; WIDTH: 8.5%; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid;" valign="bottom" width="8%">
<p style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center;" align="center"><b><font style="FONT-WEIGHT: bold; FONT-SIZE: 7pt; FONT-FAMILY: Times New Roman;" size="1">Occupancy</font></b></p></td>
<td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 1.5%; PADDING-TOP: 0in;" valign="bottom" width="1%">
<p style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center;" align="center"> </p></td>
<td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; WIDTH: 7%; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid;" valign="bottom" width="7%">
<p style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center;" align="center"><b><font style="FONT-WEIGHT: bold; FONT-SIZE: 7pt; FONT-FAMILY: Times New Roman;" size="1">Remaining<br />
Lease<br />
Term(1)</font></b></p></td>
<td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 1.5%; PADDING-TOP: 0in;" valign="bottom" width="1%">
<p style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center;" align="center"> </p></td>
<td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; WIDTH: 9.5%; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid;" valign="bottom" width="9%" colspan="2">
<p style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center;" align="center"><b><font style="FONT-WEIGHT: bold; FONT-SIZE: 7pt; FONT-FAMILY: Times New Roman;" size="1">Base<br />
Purchase<br />
Price</font></b></p></td>
<td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 1.5%; PADDING-TOP: 0in;" valign="bottom" width="1%">
<p style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center;" align="center"> </p></td>
<td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; WIDTH: 9.5%; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid;" valign="bottom" width="9%" colspan="2">
<p style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center;" align="center"><b><font style="FONT-WEIGHT: bold; FONT-SIZE: 7pt; FONT-FAMILY: Times New Roman;" size="1">Carrying<br />
Amount</font></b></p></td>
<td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 1.5%; PADDING-TOP: 0in;" valign="bottom" width="1%">
<p style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center;" align="center"> </p></td>
<td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; WIDTH: 9.5%; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid;" valign="bottom" width="9%">
<p style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center;" align="center"><b><font style="FONT-WEIGHT: bold; FONT-SIZE: 7pt; FONT-FAMILY: Times New Roman;" size="1">Capitalization<br />
Rate(2)</font></b></p></td>
<td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 1.5%; PADDING-TOP: 0in;" valign="bottom" width="1%">
<p style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center;" align="center"> </p></td>
<td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; WIDTH: 8%; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid;" valign="bottom" width="8%" colspan="2">
<p style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center;" align="center"><b><font style="FONT-WEIGHT: bold; FONT-SIZE: 7pt; FONT-FAMILY: Times New Roman;" size="1">Annualized<br />
Rental<br />
Income(3)<br />
per Rented<br />
Square<br />
Foot</font></b></p></td>
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<p style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center;" align="center"> </p></td></tr>
<tr style="padding:0;">
<td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; WIDTH: 11%; PADDING-TOP: 0in; BORDER-BOTTOM: medium none;" valign="top" width="11%" bgcolor="#CCEEFF">
<p style="MARGIN: 0in 0in 0pt 10pt; TEXT-INDENT: -10pt;"><font style="FONT-SIZE: 7pt; FONT-FAMILY: Times New Roman;" size="1">Darien Property</font></p></td>
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<p style="MARGIN: 0in 0in 0pt;"> </p></td>
<td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; WIDTH: 8.5%; PADDING-TOP: 0in; BORDER-BOTTOM: medium none;" valign="bottom" width="8%" bgcolor="#CCEEFF">
<p style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right;" align="right"><font style="FONT-SIZE: 7pt; FONT-FAMILY: Times New Roman;" size="1">10/31/2012</font></p></td>
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<p style="MARGIN: 0in 0in 0pt;"> </p></td>
<td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; WIDTH: 7%; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid;" valign="bottom" width="7%" bgcolor="#CCEEFF">
<p style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right;" align="right"><font style="FONT-SIZE: 7pt; FONT-FAMILY: Times New Roman;" size="1">1</font></p></td>
<td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; WIDTH: 1.5%; PADDING-TOP: 0in;" valign="bottom" width="1%" bgcolor="#CCEEFF">
<p style="MARGIN: 0in 0in 0pt;"> </p></td>
<td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; WIDTH: 7%; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid;" valign="bottom" width="7%" bgcolor="#CCEEFF">
<p style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right;" align="right"><font style="FONT-SIZE: 7pt; FONT-FAMILY: Times New Roman;" size="1">18,754</font></p></td>
<td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; WIDTH: 1.5%; PADDING-TOP: 0in;" valign="bottom" width="1%" bgcolor="#CCEEFF">
<p style="MARGIN: 0in 0in 0pt;"> </p></td>
<td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; WIDTH: 8.5%; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid;" valign="bottom" width="8%" bgcolor="#CCEEFF">
<p style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right;" align="right"><font style="FONT-SIZE: 7pt; FONT-FAMILY: Times New Roman;" size="1">100</font></p></td>
<td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #cceeff; PADDING-BOTTOM: 0.375pt; WIDTH: 1.5%; PADDING-TOP: 0in;" valign="bottom" width="1%" bgcolor="#CCEEFF">
<p style="MARGIN: 0in 0in 0pt;"><font style="FONT-SIZE: 7pt; FONT-FAMILY: Times New Roman;" size="1">%</font></p></td>
<td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; WIDTH: 7%; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid;" valign="bottom" width="7%" bgcolor="#CCEEFF">
<p style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right;" align="right"><font style="FONT-SIZE: 7pt; FONT-FAMILY: Times New Roman;" size="1">10.7</font></p></td>
<td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; WIDTH: 1.5%; PADDING-TOP: 0in;" valign="bottom" width="1%" bgcolor="#CCEEFF">
<p style="MARGIN: 0in 0in 0pt;"> </p></td>
<td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; WIDTH: 1.3%; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid;" valign="bottom" width="1%" bgcolor="#CCEEFF">
<p style="MARGIN: 0in 0in 0pt;"><font style="FONT-SIZE: 7pt; FONT-FAMILY: Times New Roman;" size="1">$</font></p></td>
<td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: windowtext 1pt solid; PADDING-LEFT: 0in; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; WIDTH: 8.2%; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid;" valign="bottom" width="8%" bgcolor="#CCEEFF">
<p style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right;" align="right"><font style="FONT-SIZE: 7pt; FONT-FAMILY: Times New Roman;" size="1">7,200,000</font></p></td>
<td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; WIDTH: 1.5%; PADDING-TOP: 0in;" valign="bottom" width="1%" bgcolor="#CCEEFF">
<p style="MARGIN: 0in 0in 0pt;"> </p></td>
<td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; WIDTH: 1.3%; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid;" valign="bottom" width="1%" bgcolor="#CCEEFF">
<p style="MARGIN: 0in 0in 0pt;"><font style="FONT-SIZE: 7pt; FONT-FAMILY: Times New Roman;" size="1">$</font></p></td>
<td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: windowtext 1pt solid; PADDING-LEFT: 0in; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; WIDTH: 8.2%; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid;" valign="bottom" width="8%" bgcolor="#CCEEFF">
<p style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right;" align="right"><font style="FONT-SIZE: 7pt; FONT-FAMILY: Times New Roman;" size="1">7,081,831</font></p></td>
<td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; WIDTH: 1.5%; PADDING-TOP: 0in;" valign="bottom" width="1%" bgcolor="#CCEEFF">
<p style="MARGIN: 0in 0in 0pt;"> </p></td>
<td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; WIDTH: 9.5%; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid;" valign="bottom" width="9%" bgcolor="#CCEEFF">
<p style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right;" align="right"><font style="FONT-SIZE: 7pt; FONT-FAMILY: Times New Roman;" size="1">6.6</font></p></td>
<td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #cceeff; PADDING-BOTTOM: 0.375pt; WIDTH: 1.5%; PADDING-TOP: 0in;" valign="bottom" width="1%" bgcolor="#CCEEFF">
<p style="MARGIN: 0in 0in 0pt;"><font style="FONT-SIZE: 7pt; FONT-FAMILY: Times New Roman;" size="1">%</font></p></td>
<td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; WIDTH: 1.3%; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid;" valign="bottom" width="1%" bgcolor="#CCEEFF">
<p style="MARGIN: 0in 0in 0pt;"><font style="FONT-SIZE: 7pt; FONT-FAMILY: Times New Roman;" size="1">$</font></p></td>
<td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: windowtext 1pt solid; PADDING-LEFT: 0in; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; WIDTH: 6.7%; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid;" valign="bottom" width="6%" bgcolor="#CCEEFF">
<p style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right;" align="right"><font style="FONT-SIZE: 7pt; FONT-FAMILY: Times New Roman;" size="1">24.50</font></p></td>
<td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; WIDTH: 1%; PADDING-TOP: 0in;" valign="bottom" width="1%" bgcolor="#CCEEFF">
<p style="MARGIN: 0in 0in 0pt;"> </p></td></tr>
<tr style="padding:0;">
<td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 11%; PADDING-TOP: 0in;" valign="bottom" width="11%">
<p style="MARGIN: 0in 0in 0pt 10pt; TEXT-INDENT: -10pt;"> </p></td>
<td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 1.5%; PADDING-TOP: 0in;" valign="bottom" width="1%">
<p style="MARGIN: 0in 0in 0pt;"> </p></td>
<td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 8.5%; PADDING-TOP: 0in;" valign="bottom" width="8%">
<p style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right;" align="right"> </p></td>
<td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 1.5%; PADDING-TOP: 0in;" valign="bottom" width="1%">
<p style="MARGIN: 0in 0in 0pt;"> </p></td>
<td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; WIDTH: 7%; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 2.25pt double;" valign="bottom" width="7%">
<p style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right;" align="right"><font style="FONT-SIZE: 7pt; FONT-FAMILY: Times New Roman;" size="1">1</font></p></td>
<td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 1.5%; PADDING-TOP: 0in;" valign="bottom" width="1%">
<p style="MARGIN: 0in 0in 0pt;"> </p></td>
<td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; WIDTH: 7%; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 2.25pt double;" valign="bottom" width="7%">
<p style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right;" align="right"><font style="FONT-SIZE: 7pt; FONT-FAMILY: Times New Roman;" size="1">18,754</font></p></td>
<td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 1.5%; PADDING-TOP: 0in;" valign="bottom" width="1%">
<p style="MARGIN: 0in 0in 0pt;"> </p></td>
<td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; WIDTH: 8.5%; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 2.25pt double;" valign="bottom" width="8%">
<p style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right;" align="right"><font style="FONT-SIZE: 7pt; FONT-FAMILY: Times New Roman;" size="1">100</font></p></td>
<td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 2.25pt; WIDTH: 1.5%; PADDING-TOP: 0in;" valign="bottom" width="1%">
<p style="MARGIN: 0in 0in 0pt;"><font style="FONT-SIZE: 7pt; FONT-FAMILY: Times New Roman;" size="1">%</font></p></td>
<td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; WIDTH: 7%; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 2.25pt double;" valign="bottom" width="7%">
<p style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right;" align="right"><font style="FONT-SIZE: 7pt; FONT-FAMILY: Times New Roman;" size="1">10.7</font></p></td>
<td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 1.5%; PADDING-TOP: 0in;" valign="bottom" width="1%">
<p style="MARGIN: 0in 0in 0pt;"> </p></td>
<td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; WIDTH: 1.3%; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 2.25pt double;" valign="bottom" width="1%">
<p style="MARGIN: 0in 0in 0pt;"><font style="FONT-SIZE: 7pt; FONT-FAMILY: Times New Roman;" size="1">$</font></p></td>
<td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; WIDTH: 8.2%; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 2.25pt double;" valign="bottom" width="8%">
<p style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right;" align="right"><font style="FONT-SIZE: 7pt; FONT-FAMILY: Times New Roman;" size="1">7,200,000</font></p></td>
<td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 1.5%; PADDING-TOP: 0in;" valign="bottom" width="1%">
<p style="MARGIN: 0in 0in 0pt;"> </p></td>
<td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; WIDTH: 1.3%; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 2.25pt double;" valign="bottom" width="1%">
<p style="MARGIN: 0in 0in 0pt;"><font style="FONT-SIZE: 7pt; FONT-FAMILY: Times New Roman;" size="1">$</font></p></td>
<td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; WIDTH: 8.2%; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 2.25pt double;" valign="bottom" width="8%">
<p style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right;" align="right"><font style="FONT-SIZE: 7pt; FONT-FAMILY: Times New Roman;" size="1">7,081,831</font></p></td>
<td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 1.5%; PADDING-TOP: 0in;" valign="bottom" width="1%">
<p style="MARGIN: 0in 0in 0pt;"> </p></td>
<td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; WIDTH: 9.5%; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 2.25pt double;" valign="bottom" width="9%">
<p style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right;" align="right"><font style="FONT-SIZE: 7pt; FONT-FAMILY: Times New Roman;" size="1">6.6</font></p></td>
<td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 2.25pt; WIDTH: 1.5%; PADDING-TOP: 0in;" valign="bottom" width="1%">
<p style="MARGIN: 0in 0in 0pt;"><font style="FONT-SIZE: 7pt; FONT-FAMILY: Times New Roman;" size="1">%</font></p></td>
<td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; WIDTH: 1.3%; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 2.25pt double;" valign="bottom" width="1%">
<p style="MARGIN: 0in 0in 0pt;"><font style="FONT-SIZE: 7pt; FONT-FAMILY: Times New Roman;" size="1">$</font></p></td>
<td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; WIDTH: 6.7%; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 2.25pt double;" valign="bottom" width="6%">
<p style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right;" align="right"><font style="FONT-SIZE: 7pt; FONT-FAMILY: Times New Roman;" size="1">24.50</font></p></td>
<td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 1%; PADDING-TOP: 0in;" valign="bottom" width="1%">
<p style="MARGIN: 0in 0in 0pt;"> </p></td></tr></table>
<div>
<p style="MARGIN: 0in 0in 0pt;"> </p></div>
<p style="MARGIN: 0in 0in 0pt 0.5in; TEXT-INDENT: -0.5in;"><font style="FONT-SIZE: 7pt; FONT-FAMILY: Times New Roman;" size="1">(1)</font><font style="FONT-SIZE: 3pt;" size="1">                                    </font> <font style="FONT-SIZE: 7pt;" size="1">Remaining lease term in years as of March 31, 2013, calculated on a weighted-average basis by annualized rental income.</font></p>
<p style="MARGIN: 0in 0in 0pt 0.5in; TEXT-INDENT: -0.5in;"><font style="FONT-SIZE: 7pt; FONT-FAMILY: Times New Roman;" size="1">(2)</font><font style="FONT-SIZE: 3pt;" size="1">                                    </font> <font style="FONT-SIZE: 7pt;" size="1">Capitalization rate based on projected net operating income during the period April 2013-March 2014, divided by the Base Purchase Price, excluding acquisition related costs.</font></p>
<p style="MARGIN: 0in 0in 0pt 0.5in; TEXT-INDENT: -0.5in;"><font style="FONT-SIZE: 7pt; FONT-FAMILY: Times New Roman;" size="1">(3)</font><font style="FONT-SIZE: 3pt;" size="1">                                    </font> <font style="FONT-SIZE: 7pt;" size="1">Annualized rental income as of March 31, 2013 for the property, as applicable, on a straight-line basis, which includes tenant concessions such as free rent, as applicable.</font></p>
<p style="MARGIN: 0in 0in 0pt;"> </p>
</div>
<div style="font-size:10.0pt;font-family:Times New Roman;">
<p style="MARGIN: 0in 0in 0pt;"><b><font style="FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;" size="2">5. Mortgage Note Payable</font></b></p>
<p style="MARGIN: 0in 0in 0pt;"> </p>
<p style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.25in;"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;" size="2">On October 31, 2012, the Company entered into a $3,960,000 mortgage loan, (the “Loan”), with Sovereign Bank, N.A (“Sovereign”). The Loan matures on October 31, 2017 and, subject to certain conditions, may be extended for up to two years. The loan is an interest-only loan that bears interest at a variable per annum rate equal to the adjusted British Bankers Association LIBOR Rate plus 230 basis points, payable monthly.</font> <font style="FONT-SIZE: 10pt;" size="2">The Loan is secured by (i) a first mortgage on the Darien Property and all other assets of CPPT Darien and (ii) first priority collateral assignments of rents and other contracts with respect to the Darien Property. The Loan is non-recourse to CPPT Darien and the Company, except for customary environmental indemnification carve-outs. In addition, the Company provided a guaranty for customary recourse obligations for any loss, damage or liability suffered by the Lender that arises from certain intentional acts committed by CPPT Darien such as, for example, fraud and intentional misrepresentations.  The debt service coverage ratio shall not be less than 1.50.  The Loan to Value Ratio shall not be greater than 60%. </font> <font style="FONT-SIZE: 10pt;" size="2">The Company may prepay the loan at any time without premium or penalty, and Sovereign may accelerate the loan upon the occurrence of customary events of loan default.</font><font style="FONT-SIZE: 10pt;" size="2">   The Company estimates the fair value of the Loan as of March 31, 2013 to be $3,986,468.</font></p>
<p style="MARGIN: 0in 0in 0pt;"> </p>
</div>
<div style="font-size:10.0pt;font-family:Times New Roman;">
<p style="MARGIN: 0in 0in 0pt;"><b><font style="FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;" size="2">6. Derivative Financial Instrument</font></b></p>
<p style="MARGIN: 0in 0in 0pt;"> </p>
<p style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.25in;"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;" size="2">On October 31, 2012, the Company entered into an interest rate swap agreement (the “Swap”) with Sovereign with respect to the full principal amount of the loan. The Swap hedges the interest payment under the loan to a fixed rate of 3.31% per annum.</font> <font style="FONT-SIZE: 10pt;" size="2">The termination date of the Swap is November 1, 2017.  The fair value of the Swap is a liability of $52,361 at March 31, 2013.</font></p>
<p style="MARGIN: 0in 0in 0pt;"> </p>
</div>
<div style="font-size:10.0pt;font-family:Times New Roman;">
<p style="MARGIN: 0in 0in 0pt;"><b><font style="FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;" size="2">7. Non-Consolidated Joint Venture Investment</font></b></p>
<p style="MARGIN: 0in 0in 0pt;"> </p>
<p style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.25in;"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;" size="2">The Company did not enter into any new joint venture investments for the three months ended March 31, 2013.</font></p>
<p style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center;" align="center"> </p>
<p style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.25in;"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;" size="2">The Company’s non-consolidated joint venture investment was comprised of the following as of March 31, 2013:</font></p>
<p style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.25in;"> </p>
<table style="text-align:left;WIDTH: 100%; BORDER-COLLAPSE: collapse;" cellspacing="0" cellpadding="0" width="100%" border="0">
<tr style="padding:0;">
<td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; WIDTH: 18%; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid;" valign="bottom" width="18%">
<p style="MARGIN: 0in 0in 0pt;"><b><font style="FONT-WEIGHT: bold; FONT-SIZE: 7pt; FONT-FAMILY: Times New Roman;" size="1">Portfolio<br />
Property</font></b></p></td>
<td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 1.5%; PADDING-TOP: 0in;" valign="bottom" width="1%">
<p style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center;" align="center"> </p></td>
<td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; WIDTH: 7%; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid;" valign="bottom" width="7%">
<p style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center;" align="center"><b><font style="FONT-WEIGHT: bold; FONT-SIZE: 7pt; FONT-FAMILY: Times New Roman;" size="1">Acquisition<br />
Date</font></b></p></td>
<td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 1.5%; PADDING-TOP: 0in;" valign="bottom" width="1%">
<p style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center;" align="center"> </p></td>
<td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; WIDTH: 7%; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid;" valign="bottom" width="7%">
<p style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center;" align="center"><b><font style="FONT-WEIGHT: bold; FONT-SIZE: 7pt; FONT-FAMILY: Times New Roman;" size="1">Number<br />
of<br />
Properties</font></b></p></td>
<td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 1.5%; PADDING-TOP: 0in;" valign="bottom" width="1%">
<p style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center;" align="center"> </p></td>
<td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; WIDTH: 7%; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid;" valign="bottom" width="7%">
<p style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center;" align="center"><b><font style="FONT-WEIGHT: bold; FONT-SIZE: 7pt; FONT-FAMILY: Times New Roman;" size="1">Rentable<br />
Square<br />
Feet</font></b></p></td>
<td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 1.5%; PADDING-TOP: 0in;" valign="bottom" width="1%">
<p style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center;" align="center"> </p></td>
<td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; WIDTH: 7%; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid;" valign="bottom" width="7%">
<p style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center;" align="center"><b><font style="FONT-WEIGHT: bold; FONT-SIZE: 7pt; FONT-FAMILY: Times New Roman;" size="1">Occupancy</font></b></p></td>
<td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 1.5%; PADDING-TOP: 0in;" valign="bottom" width="1%">
<p style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center;" align="center"> </p></td>
<td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; WIDTH: 7%; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid;" valign="bottom" width="7%">
<p style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center;" align="center"><b><font style="FONT-WEIGHT: bold; FONT-SIZE: 7pt; FONT-FAMILY: Times New Roman;" size="1">Remaining<br />
Lease<br />
Term(1)</font></b></p></td>
<td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 1.5%; PADDING-TOP: 0in;" valign="bottom" width="1%">
<p style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center;" align="center"> </p></td>
<td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; WIDTH: 8.5%; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid;" valign="bottom" width="8%" colspan="2">
<p style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center;" align="center"><b><font style="FONT-WEIGHT: bold; FONT-SIZE: 7pt; FONT-FAMILY: Times New Roman;" size="1">Base<br />
Purchase<br />
Price(2)</font></b></p></td>
<td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 1.5%; PADDING-TOP: 0in;" valign="bottom" width="1%">
<p style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center;" align="center"> </p></td>
<td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; WIDTH: 8.5%; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid;" valign="bottom" width="8%" colspan="2">
<p style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center;" align="center"><b><font style="FONT-WEIGHT: bold; FONT-SIZE: 7pt; FONT-FAMILY: Times New Roman;" size="1">Carrying<br />
Amount</font></b></p></td>
<td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 1.5%; PADDING-TOP: 0in;" valign="bottom" width="1%">
<p style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center;" align="center"> </p></td>
<td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; WIDTH: 8.5%; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid;" valign="bottom" width="8%">
<p style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center;" align="center"><b><font style="FONT-WEIGHT: bold; FONT-SIZE: 7pt; FONT-FAMILY: Times New Roman;" size="1">Capitalization<br />
Rate(3)</font></b></p></td>
<td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 1.5%; PADDING-TOP: 0in;" valign="bottom" width="1%">
<p style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center;" align="center"> </p></td>
<td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; WIDTH: 7%; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid;" valign="bottom" width="7%" colspan="2">
<p style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center;" align="center"><b><font style="FONT-WEIGHT: bold; FONT-SIZE: 7pt; FONT-FAMILY: Times New Roman;" size="1">Annualized<br />
Rental<br />
Income(4)<br />
per Rented<br />
Square<br />
Foot</font></b></p></td>
<td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 1%; PADDING-TOP: 0in;" valign="bottom" width="1%">
<p style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center;" align="center"> </p></td></tr>
<tr style="padding:0;">
<td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; WIDTH: 18%; PADDING-TOP: 0in; BORDER-BOTTOM: medium none;" valign="top" width="18%" bgcolor="#CCEEFF">
<p style="MARGIN: 0in 0in 0pt 10pt; TEXT-INDENT: -10pt;"><font style="FONT-SIZE: 7pt; FONT-FAMILY: Times New Roman;" size="1">Lehigh Valley South</font></p></td>
<td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; WIDTH: 1.5%; PADDING-TOP: 0in;" valign="bottom" width="1%" bgcolor="#CCEEFF">
<p style="MARGIN: 0in 0in 0pt;"> </p></td>
<td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; WIDTH: 7%; PADDING-TOP: 0in; BORDER-BOTTOM: medium none;" valign="bottom" width="7%" bgcolor="#CCEEFF">
<p style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right;" align="right"><font style="FONT-SIZE: 7pt; FONT-FAMILY: Times New Roman;" size="1">10/18/2012</font></p></td>
<td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; WIDTH: 1.5%; PADDING-TOP: 0in;" valign="bottom" width="1%" bgcolor="#CCEEFF">
<p style="MARGIN: 0in 0in 0pt;"> </p></td>
<td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; WIDTH: 7%; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid;" valign="bottom" width="7%" bgcolor="#CCEEFF">
<p style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right;" align="right"><font style="FONT-SIZE: 7pt; FONT-FAMILY: Times New Roman;" size="1">1</font></p></td>
<td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; WIDTH: 1.5%; PADDING-TOP: 0in;" valign="bottom" width="1%" bgcolor="#CCEEFF">
<p style="MARGIN: 0in 0in 0pt;"> </p></td>
<td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; WIDTH: 7%; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid;" valign="bottom" width="7%" bgcolor="#CCEEFF">
<p style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right;" align="right"><font style="FONT-SIZE: 7pt; FONT-FAMILY: Times New Roman;" size="1">315,000</font></p></td>
<td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; WIDTH: 1.5%; PADDING-TOP: 0in;" valign="bottom" width="1%" bgcolor="#CCEEFF">
<p style="MARGIN: 0in 0in 0pt;"> </p></td>
<td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; WIDTH: 7%; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid;" valign="bottom" width="7%" bgcolor="#CCEEFF">
<p style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right;" align="right"><font style="FONT-SIZE: 7pt; FONT-FAMILY: Times New Roman;" size="1">100</font></p></td>
<td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #cceeff; PADDING-BOTTOM: 0.375pt; WIDTH: 1.5%; PADDING-TOP: 0in;" valign="bottom" width="1%" bgcolor="#CCEEFF">
<p style="MARGIN: 0in 0in 0pt;"><font style="FONT-SIZE: 7pt; FONT-FAMILY: Times New Roman;" size="1">%</font></p></td>
<td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; WIDTH: 7%; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid;" valign="bottom" width="7%" bgcolor="#CCEEFF">
<p style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right;" align="right"><font style="FONT-SIZE: 7pt; FONT-FAMILY: Times New Roman;" size="1">7.3</font></p></td>
<td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; WIDTH: 1.5%; PADDING-TOP: 0in;" valign="bottom" width="1%" bgcolor="#CCEEFF">
<p style="MARGIN: 0in 0in 0pt;"> </p></td>
<td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; WIDTH: 1.3%; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid;" valign="bottom" width="1%" bgcolor="#CCEEFF">
<p style="MARGIN: 0in 0in 0pt;"><font style="FONT-SIZE: 7pt; FONT-FAMILY: Times New Roman;" size="1">$</font></p></td>
<td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: windowtext 1pt solid; PADDING-LEFT: 0in; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; WIDTH: 7.2%; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid;" valign="bottom" width="7%" bgcolor="#CCEEFF">
<p style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right;" align="right"><font style="FONT-SIZE: 7pt; FONT-FAMILY: Times New Roman;" size="1">9,843,750</font></p></td>
<td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; WIDTH: 1.5%; PADDING-TOP: 0in;" valign="bottom" width="1%" bgcolor="#CCEEFF">
<p style="MARGIN: 0in 0in 0pt;"> </p></td>
<td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; WIDTH: 1.3%; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid;" valign="bottom" width="1%" bgcolor="#CCEEFF">
<p style="MARGIN: 0in 0in 0pt;"><font style="FONT-SIZE: 7pt; FONT-FAMILY: Times New Roman;" size="1">$</font></p></td>
<td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: windowtext 1pt solid; PADDING-LEFT: 0in; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; WIDTH: 7.2%; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid;" valign="bottom" width="7%" bgcolor="#CCEEFF">
<p style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right;" align="right"><font style="FONT-SIZE: 7pt; FONT-FAMILY: Times New Roman;" size="1">5,008,567</font></p></td>
<td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; WIDTH: 1.5%; PADDING-TOP: 0in;" valign="bottom" width="1%" bgcolor="#CCEEFF">
<p style="MARGIN: 0in 0in 0pt;"> </p></td>
<td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; WIDTH: 8.5%; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid;" valign="bottom" width="8%" bgcolor="#CCEEFF">
<p style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right;" align="right"><font style="FONT-SIZE: 7pt; FONT-FAMILY: Times New Roman;" size="1">7.3</font></p></td>
<td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #cceeff; PADDING-BOTTOM: 0.375pt; WIDTH: 1.5%; PADDING-TOP: 0in;" valign="bottom" width="1%" bgcolor="#CCEEFF">
<p style="MARGIN: 0in 0in 0pt;"><font style="FONT-SIZE: 7pt; FONT-FAMILY: Times New Roman;" size="1">%</font></p></td>
<td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; WIDTH: 1.3%; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid;" valign="bottom" width="1%" bgcolor="#CCEEFF">
<p style="MARGIN: 0in 0in 0pt;"><font style="FONT-SIZE: 7pt; FONT-FAMILY: Times New Roman;" size="1">$</font></p></td>
<td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: windowtext 1pt solid; PADDING-LEFT: 0in; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; WIDTH: 5.7%; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid;" valign="bottom" width="5%" bgcolor="#CCEEFF">
<p style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right;" align="right"><font style="FONT-SIZE: 7pt; FONT-FAMILY: Times New Roman;" size="1">4.69</font></p></td>
<td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; WIDTH: 1%; PADDING-TOP: 0in;" valign="bottom" width="1%" bgcolor="#CCEEFF">
<p style="MARGIN: 0in 0in 0pt;"> </p></td></tr>
<tr style="padding:0;">
<td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 18%; PADDING-TOP: 0in;" valign="bottom" width="18%">
<p style="MARGIN: 0in 0in 0pt 10pt; TEXT-INDENT: -10pt;"> </p></td>
<td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 1.5%; PADDING-TOP: 0in;" valign="bottom" width="1%">
<p style="MARGIN: 0in 0in 0pt;"> </p></td>
<td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 7%; PADDING-TOP: 0in;" valign="bottom" width="7%">
<p style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right;" align="right"> </p></td>
<td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 1.5%; PADDING-TOP: 0in;" valign="bottom" width="1%">
<p style="MARGIN: 0in 0in 0pt;"> </p></td>
<td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; WIDTH: 7%; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 2.25pt double;" valign="bottom" width="7%">
<p style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right;" align="right"><font style="FONT-SIZE: 7pt; FONT-FAMILY: Times New Roman;" size="1">1</font></p></td>
<td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 1.5%; PADDING-TOP: 0in;" valign="bottom" width="1%">
<p style="MARGIN: 0in 0in 0pt;"> </p></td>
<td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; WIDTH: 7%; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 2.25pt double;" valign="bottom" width="7%">
<p style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right;" align="right"><font style="FONT-SIZE: 7pt; FONT-FAMILY: Times New Roman;" size="1">315,000</font></p></td>
<td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 1.5%; PADDING-TOP: 0in;" valign="bottom" width="1%">
<p style="MARGIN: 0in 0in 0pt;"> </p></td>
<td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; WIDTH: 7%; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 2.25pt double;" valign="bottom" width="7%">
<p style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right;" align="right"><font style="FONT-SIZE: 7pt; FONT-FAMILY: Times New Roman;" size="1">100</font></p></td>
<td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 2.25pt; WIDTH: 1.5%; PADDING-TOP: 0in;" valign="bottom" width="1%">
<p style="MARGIN: 0in 0in 0pt;"><font style="FONT-SIZE: 7pt; FONT-FAMILY: Times New Roman;" size="1">%</font></p></td>
<td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; WIDTH: 7%; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 2.25pt double;" valign="bottom" width="7%">
<p style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right;" align="right"><font style="FONT-SIZE: 7pt; FONT-FAMILY: Times New Roman;" size="1">7.3</font></p></td>
<td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 1.5%; PADDING-TOP: 0in;" valign="bottom" width="1%">
<p style="MARGIN: 0in 0in 0pt;"> </p></td>
<td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; WIDTH: 1.3%; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 2.25pt double;" valign="bottom" width="1%">
<p style="MARGIN: 0in 0in 0pt;"><font style="FONT-SIZE: 7pt; FONT-FAMILY: Times New Roman;" size="1">$</font></p></td>
<td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; WIDTH: 7.2%; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 2.25pt double;" valign="bottom" width="7%">
<p style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right;" align="right"><font style="FONT-SIZE: 7pt; FONT-FAMILY: Times New Roman;" size="1">9,843,750</font></p></td>
<td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 1.5%; PADDING-TOP: 0in;" valign="bottom" width="1%">
<p style="MARGIN: 0in 0in 0pt;"> </p></td>
<td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; WIDTH: 1.3%; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 2.25pt double;" valign="bottom" width="1%">
<p style="MARGIN: 0in 0in 0pt;"><font style="FONT-SIZE: 7pt; FONT-FAMILY: Times New Roman;" size="1">$</font></p></td>
<td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; WIDTH: 7.2%; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 2.25pt double;" valign="bottom" width="7%">
<p style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right;" align="right"><font style="FONT-SIZE: 7pt; FONT-FAMILY: Times New Roman;" size="1">5,008,567</font></p></td>
<td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 1.5%; PADDING-TOP: 0in;" valign="bottom" width="1%">
<p style="MARGIN: 0in 0in 0pt;"> </p></td>
<td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; WIDTH: 8.5%; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 2.25pt double;" valign="bottom" width="8%">
<p style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right;" align="right"><font style="FONT-SIZE: 7pt; FONT-FAMILY: Times New Roman;" size="1">7.3</font></p></td>
<td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 2.25pt; WIDTH: 1.5%; PADDING-TOP: 0in;" valign="bottom" width="1%">
<p style="MARGIN: 0in 0in 0pt;"><font style="FONT-SIZE: 7pt; FONT-FAMILY: Times New Roman;" size="1">%</font></p></td>
<td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; WIDTH: 1.3%; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 2.25pt double;" valign="bottom" width="1%">
<p style="MARGIN: 0in 0in 0pt;"><font style="FONT-SIZE: 7pt; FONT-FAMILY: Times New Roman;" size="1">$</font></p></td>
<td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; WIDTH: 5.7%; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 2.25pt double;" valign="bottom" width="5%">
<p style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right;" align="right"><font style="FONT-SIZE: 7pt; FONT-FAMILY: Times New Roman;" size="1">4.69</font></p></td>
<td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 1%; PADDING-TOP: 0in;" valign="bottom" width="1%">
<p style="MARGIN: 0in 0in 0pt;"> </p></td></tr></table>
<div>
<p style="MARGIN: 0in 0in 0pt;"> </p></div>
<p style="MARGIN: 0in 0in 0pt 0.5in; TEXT-INDENT: -0.5in;"><font style="FONT-SIZE: 7pt; FONT-FAMILY: Times New Roman;" size="1">(1)</font><font style="FONT-SIZE: 3pt;" size="1">                                    </font> <font style="FONT-SIZE: 7pt;" size="1">Remaining lease term in years as of March 31, 2013, calculated on a weighted-average basis by annualized rental income.</font></p>
<p style="MARGIN: 0in 0in 0pt 0.5in; TEXT-INDENT: -0.5in;"><font style="FONT-SIZE: 7pt; FONT-FAMILY: Times New Roman;" size="1">(2)</font><font style="FONT-SIZE: 3pt;" size="1">                                    </font> <font style="FONT-SIZE: 7pt;" size="1">Base Purchase Price at 50% share. Purchase Price for 100% of the asset totals $19,687,500, excluding acquisition related costs. The Company is currently in the process of analyzing the fair value of the in-place leases; and consequently, no value has yet been assigned to the leases.  Therefore, the purchase price allocation is preliminary and subject to change.</font></p>
<p style="MARGIN: 0in 0in 0pt 0.5in; TEXT-INDENT: -0.5in;"><font style="FONT-SIZE: 7pt; FONT-FAMILY: Times New Roman;" size="1">(3)</font><font style="FONT-SIZE: 3pt;" size="1">                                    </font> <font style="FONT-SIZE: 7pt;" size="1">Capitalization rate based on projected net operating income during the period April 2013-March 2014, divided by the Base Purchase Price, excluding acquisition related costs.</font></p>
<p style="MARGIN: 0in 0in 0pt 0.5in; TEXT-INDENT: -0.5in;"><font style="FONT-SIZE: 7pt; FONT-FAMILY: Times New Roman;" size="1">(4)</font><font style="FONT-SIZE: 3pt;" size="1">                                    </font> <font style="FONT-SIZE: 7pt;" size="1">Annualized rental income as of March 31, 2013 for the property, as applicable, on a straight-line basis, which includes tenant concessions such as free rent, as applicable.</font></p>
<p style="MARGIN: 0in 0in 0pt 0.5in; TEXT-INDENT: -0.5in;"> </p>
<p style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.25in;"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;" size="2">Pursuant to the terms of the joint venture agreement (the “Joint Venture Agreement”) between CPPT Lehigh LLC, a Delaware limited liability company (“CPPT Lehigh”), and a wholly owned subsidiary of the Operating Partnership and LIT Industrial Limited Partnership, a Delaware limited partnership (“LIT”), a limited partnership indirectly owned by Lion Industrial Trust, a privately held REIT managed by the Sponsor to form LIT/CPPT Lehigh Venture LLC (the “Venture”), LIT serves as the administrative member and manage the day-to-day affairs of the Venture. The Joint Venture Agreement contains a list of customary major decisions that require the approval of both LIT and CPPT Lehigh.</font></p>
<p style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.25in;"> </p>
<p style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.25in;"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;" size="2">On October 25, 2012, the Venture entered into a loan agreement with Wells Fargo Bank, N.A. for a $10,400,000 property mortgage loan secured by the Venture’s real estate property.  The loan matures on October 25, 2017 and may be extended for up to two years.  The loan is an interest-only loan that bears interest at a variable rate equal to 1-month LIBOR plus 250 basis points, payable monthly.  In connection with the proceeds from this loan, the Venture made a distribution with which, CPPT Lehigh received $5,097,314 in cash proceeds.</font></p>
<p style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.25in;"> </p>
<p style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.25in;"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;" size="2">In addition, the Venture entered into an interest rate swap agreement with Wells Fargo Bank N.A.  The notional amount of the swap is $10,400,000 and matures on October 25, 2017.  Pursuant to the terms of the swap agreement, the Venture pays a fixed rate of 1.10% and receives a floating rate of 1—month LIBOR.  By entering into this agreement, the interest rate is fixed at a rate of 3.60%.</font></p>
<p style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center;" align="center"> </p>
<p style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.25in;"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;" size="2">Presented below is a summary of the unaudited financial information of the Venture for the three months ended March 31, 2013.  The amounts presented below are in thousands.</font></p>
<p style="MARGIN: 0in 0in 0pt;"> </p>
<table style="text-align:left;WIDTH: 73.34%; BORDER-COLLAPSE: collapse;" cellspacing="0" cellpadding="0" width="73%" border="0">
<tr style="padding:0;">
<td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 70.24%; PADDING-TOP: 0in;" valign="bottom" width="70%">
<p style="MARGIN: 0in 0in 0pt;"> </p></td>
<td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 3.4%; PADDING-TOP: 0in;" valign="bottom" width="3%">
<p style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center;" align="center"> </p></td>
<td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; WIDTH: 25%; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid;" valign="bottom" width="25%" colspan="2">
<p style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center;" align="center"><b><font style="FONT-WEIGHT: bold; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman;" size="1">Three Months</font></b><b><font style="FONT-WEIGHT: bold; FONT-SIZE: 8pt;" size="1"><br /></font></b><b><font style="FONT-WEIGHT: bold; FONT-SIZE: 8pt;" size="1">ended March 31, 2013</font></b></p></td>
<td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 1.36%; PADDING-TOP: 0in;" valign="bottom" width="1%">
<p style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center;" align="center"> </p></td></tr>
<tr style="padding:0;">
<td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; WIDTH: 70.24%; PADDING-TOP: 0in;" valign="top" width="70%" bgcolor="#CCEEFF">
<p style="MARGIN: 0in 0in 0pt 10pt; TEXT-INDENT: -10pt;"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;" size="2">Operating Data:</font></p></td>
<td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; WIDTH: 3.4%; PADDING-TOP: 0in;" valign="bottom" width="3%" bgcolor="#CCEEFF">
<p style="MARGIN: 0in 0in 0pt;"> </p></td>
<td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; WIDTH: 25%; PADDING-TOP: 0in; BORDER-BOTTOM: medium none;" valign="bottom" width="25%" bgcolor="#CCEEFF" colspan="2">
<p style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right;" align="right"> </p></td>
<td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; WIDTH: 1.36%; PADDING-TOP: 0in;" valign="bottom" width="1%" bgcolor="#CCEEFF">
<p style="MARGIN: 0in 0in 0pt;"> </p></td></tr>
<tr style="padding:0;">
<td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 70.24%; PADDING-TOP: 0in;" valign="top" width="70%">
<p style="MARGIN: 0in 0in 0pt 20pt; TEXT-INDENT: -10pt;"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;" size="2">Total revenue</font></p></td>
<td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 3.4%; PADDING-TOP: 0in;" valign="bottom" width="3%">
<p style="MARGIN: 0in 0in 0pt;"> </p></td>
<td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 1.3%; PADDING-TOP: 0in;" valign="bottom" width="1%">
<p style="MARGIN: 0in 0in 0pt;"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;" size="2">$</font></p></td>
<td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 23.7%; PADDING-TOP: 0in;" valign="bottom" width="23%">
<p style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right;" align="right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;" size="2">493,289</font></p></td>
<td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 1.36%; PADDING-TOP: 0in;" valign="bottom" width="1%">
<p style="MARGIN: 0in 0in 0pt;"> </p></td></tr>
<tr style="padding:0;">
<td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; WIDTH: 70.24%; PADDING-TOP: 0in;" valign="top" width="70%" bgcolor="#CCEEFF">
<p style="MARGIN: 0in 0in 0pt 20pt; TEXT-INDENT: -10pt;"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;" size="2">Total expenses</font></p></td>
<td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; WIDTH: 3.4%; PADDING-TOP: 0in;" valign="bottom" width="3%" bgcolor="#CCEEFF">
<p style="MARGIN: 0in 0in 0pt;"> </p></td>
<td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; WIDTH: 1.3%; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid;" valign="bottom" width="1%" bgcolor="#CCEEFF">
<p style="MARGIN: 0in 0in 0pt;"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;" size="2">$</font></p></td>
<td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; WIDTH: 23.7%; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid;" valign="bottom" width="23%" bgcolor="#CCEEFF">
<p style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right;" align="right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;" size="2">421,006</font></p></td>
<td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; WIDTH: 1.36%; PADDING-TOP: 0in;" valign="bottom" width="1%" bgcolor="#CCEEFF">
<p style="MARGIN: 0in 0in 0pt;"> </p></td></tr>
<tr style="padding:0;">
<td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 70.24%; PADDING-TOP: 0in;" valign="top" width="70%">
<p style="MARGIN: 0in 0in 0pt 20pt; TEXT-INDENT: -10pt;"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;" size="2">Net income</font></p></td>
<td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 3.4%; PADDING-TOP: 0in;" valign="bottom" width="3%">
<p style="MARGIN: 0in 0in 0pt;"> </p></td>
<td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; WIDTH: 1.3%; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 2.25pt double;" valign="bottom" width="1%">
<p style="MARGIN: 0in 0in 0pt;"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;" size="2">$</font></p></td>
<td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; WIDTH: 23.7%; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 2.25pt double;" valign="bottom" width="23%">
<p style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right;" align="right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;" size="2">72,283</font></p></td>
<td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 1.36%; PADDING-TOP: 0in;" valign="bottom" width="1%">
<p style="MARGIN: 0in 0in 0pt;"> </p></td></tr></table>
<p style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.25in;"> </p>
<p style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.25in;"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;" size="2">For the three months ended March 31, 2013, the Company recognized equity income from this non-consolidated joint venture of $20,278 which was recorded in the consolidated statements of operations.  The Company recognized additional amortization expense of $15,863, which is due to the Company’s carrying basis in the Venture.</font></p>
<p style="MARGIN: 0in 0in 0pt;"> </p>
</div>
<div style="font-size:10.0pt;font-family:Times New Roman;">
<p style="MARGIN: 0in 0in 0pt;"><b><font style="FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;" size="2">8. Equity</font></b></p>
<p style="MARGIN: 0in 0in 0pt;"> </p>
<p style="MARGIN: 0in 0in 0pt;"><b><i><font style="FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-STYLE: italic; FONT-FAMILY: Times New Roman;" size="2">Common Stock</font></i></b></p>
<p style="MARGIN: 0in 0in 0pt;"> </p>
<p style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.25in;"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;" size="2">Under the Company’s charter, the Company has the authority to issue 1,000,000,000 shares of its common stock, 700,000,000 of which are classified as Class A shares and 300,000,000 of which are classified as Class W shares, and 50,000,000 shares of preferred stock. All shares of such stock have a par value of $0.01 per share. On November 10, 2009, Clarion Partners purchased 20,000 Class A shares of the Company’s common stock for total cash consideration of $200,000 to provide the Company’s initial capitalization. The Company’s board of directors is authorized to amend its charter, without the approval of the stockholders, to increase or decrease the aggregate number of authorized shares of capital stock or the number of shares of any class or series that the Company has authority to issue. As of March 31, 2013, the Company had 1,306,443 shares of common stock outstanding, consisting of 39,064 shares of Class A common stock and 1,267,379 shares of Class W common stock and had received total offering proceeds of $13,088,840. The NAV per Class A common stock on March 31, 2013 was $10.17.  The NAV per Class W common stock on March 31, 2013 was $10.17.</font></p>
<p style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.25in;"> </p>
<p style="MARGIN: 0in 0in 0pt;"><b><i><font style="FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-STYLE: italic; FONT-FAMILY: Times New Roman;" size="2">Preferred Stock</font></i></b></p>
<p style="MARGIN: 0in 0in 0pt;"> </p>
<p style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.25in;"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;" size="2">On January 25, 2013, the Company issued and sold all 125 shares of its newly designated 12.5% Series A Cumulative Non-Voting Preferred Stock, $0.01 par value per share (the “Series A Preferred Stock”), for a purchase price of $1,000 per share, or $125,000 in the aggregate, to 125 accredited investors who were not affiliated with the Company (the “Preferred Stock Offering”). The Preferred Stock Offering was not registered under the Securities Act of 1933, as amended (the “Securities Act”), in reliance on the exemption from such registration requirements provided by Section 4(2) of the Securities Act for transactions not involving any public offering and Rule 506 of Regulation D promulgated thereunder.</font></p>
<p style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center;" align="center"> </p>
<p style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.25in;"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;" size="2">The Series A Preferred Stock ranks senior to the Company’s common stock. Holders of the Series A Preferred Stock are entitled to receive cumulative preferential cash distributions per share at a rate of 12.5% per annum of the total of $1,000, plus accumulated and unpaid distributions thereon. The Company may not declare any distributions on any junior equity securities (including common stock) or redeem any such securities unless the cumulative dividends on the outstanding shares of Series A Preferred Stock have been declared and either (i) such distributions have been paid or (ii) sufficient funds for the payment thereof have been set aside. The Company may redeem the Series A Preferred Stock at any time for a redemption price per share (the “Redemption Price”) equal to the sum of (i) $1,000, (ii) all accrued and unpaid distributions thereon and (iii) if the date of the redemption is on or before December 31, 2014, a redemption premium of $100. Holders of the Series A Preferred Stock have no voting rights except with respect to certain specific matters that adversely affect their rights, preferences, privileges or voting powers.</font></p>
<p style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.25in;"> </p>
<p style="MARGIN: 0in 0in 0pt;"><b><i><font style="FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-STYLE: italic; FONT-FAMILY: Times New Roman;" size="2">Distribution Reinvestment Plan</font></i></b></p>
<p style="MARGIN: 0in 0in 0pt;"> </p>
<p style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.25in;"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;" size="2">The Company has adopted a distribution reinvestment plan that will allow stockholders to have the cash distributions attributable to the class of shares that the stockholder owns automatically invested in additional shares of the same class. Shares are offered pursuant to the Company’s distribution reinvestment plan at NAV per share applicable to that class, calculated as of the distribution date. Stockholders who elect to participate in the distribution reinvestment plan, and who are subject to U.S. federal income taxation laws, may incur a tax liability on an amount equal to the fair value on the relevant distribution date of the shares of the Company’s common stock purchased with reinvested distributions, even though such stockholders have elected not to receive the distributions used to purchase those shares of its common stock in cash.  For the three month period ended March 31, 2013, $13,124 or 1,305 shares were issued under the Company’s distribution reinvestment plan.</font></p>
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<p style="MARGIN: 0in 0in 0pt;"><b><i><font style="FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-STYLE: italic; FONT-FAMILY: Times New Roman;" size="2">Share Redemption Plan</font></i></b></p>
<p style="MARGIN: 0in 0in 0pt;"> </p>
<p style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.25in;"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;" size="2">The Company has adopted a redemption plan whereby on a daily basis stockholders may request the redemption of all or any portion of their shares beginning on the first day of the calendar quarter following the conclusion of the Company’s escrow period, which concluded on October 31, 2012.  The redemption price per share will be equal to the Company’s NAV per share of the class of shares being redeemed on the date of redemption.</font></p>
<p style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.25in;"> </p>
<p style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.25in;"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;" size="2">Under the redemption plan, the total amount of net redemptions during any calendar quarter is limited to shares whose aggregate value (based on the redemption price per share on the day the redemption is effected) is 5% of the combined NAV of both classes of shares, calculated as of the last day of the previous calendar quarter, which means that net redemptions will be limited to approximately 20% of the total NAV in any 12-month period.  The Company uses the term “net redemptions” to mean the excess of share redemptions (capital outflows) over share purchases (capital inflows) in the Offering.  As a result, redemptions will count against the 5% cap during a calendar quarter only to the extent the aggregate value of share redemptions during the quarter exceeds the aggregate value of share purchases in the same quarter.  Thus, on any business day during a calendar quarter, the maximum amount available for redemptions for that quarter will be equal to (1) 5% of the combined NAV of both classes of shares, calculated as of the last day of the previous calendar quarter, plus (2) proceeds from sales of new shares in the Offering (including reinvestment of distributions) since the beginning of the current calendar quarter, less (3) redemption proceeds paid since the beginning of the current calendar quarter.  If the quarterly redemption limitation is reached during a given day, the Company will no longer accept redemptions for the remainder of the quarter, regardless of additional share purchases by investors in the Offering for the remainder of such quarter. The combined NAV of both share classes at March 31, 2013 was $13,286,519 resulting in a second quarter 2013 cap of $664,326. The combined NAV of both share classes at December 31, 2012 was $12,429,448 resulting in a first quarter 2013 cap of $621,472.</font></p>
<p style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.25in;"> </p>
<p style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.25in;"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;" size="2">On the first day following any quarter in which the Company has reached that quarter’s volume limitation for redemptions, unless the Company’s board of directors determines to suspend the redemption plan, the redemption plan will automatically and without stockholder notification, resume.</font></p>
<p style="MARGIN: 0in 0in 0pt;"> </p>
<p style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.25in;"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;" size="2">While there is no minimum holding period, shares redeemed within 365 days of the date of purchase will be redeemed at the Company’s NAV per share of the class of shares being redeemed on the date of redemption less a short-term trading discount equal to 2% of the gross proceeds otherwise payable with respect to the redemption. The Company may waive the short-term trading discount (1) with respect to redemptions resulting from death or qualifying disability or (2) in the event that a stockholder’s shares are redeemed because the stockholder has failed to maintain a minimum balance of $2,000.</font></p>
<p style="MARGIN: 0in 0in 0pt;"> </p>
<p style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.25in;"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;" size="2">In the event that any stockholder fails to maintain a minimum balance of $2,000 of shares of common stock, the Company may redeem all of the shares held by that stockholder at the redemption price per share in effect on the date it is determined that the stockholder has failed to meet the minimum balance, less the short-term trading discount of 2%, if applicable. Minimum account redemptions will apply even in the event that the failure to meet the minimum balance is caused solely by a decline in the Company’s NAV.</font></p>
<p style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.25in;"> </p>
<p style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.25in;"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;" size="2">The Company’s board of directors has the discretion to suspend or modify the share redemption plan if (1) it determines that such action is in the best interests of the Company’s stockholders, (2) it determines that it is necessary due to regulatory changes or changes in law or (3) it becomes aware of undisclosed material information that it believes should be publicly disclosed before shares are redeemed.  In addition, the Company’s board of directors may suspend the offering, including the share redemption plan, if it determines that the calculation of NAV is materially incorrect or there is a condition that restricts the valuation of a material portion of the Company’s assets. From November 3, 2009, the date of the Company’s inception, to March 31, 2013, the Company has not redeemed, and has not received requests to redeem, any shares of its Class A or Class W common stock.</font></p>
<p style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.25in;"> </p>
<p style="MARGIN: 0in 0in 0pt;"><b><i><font style="FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-STYLE: italic; FONT-FAMILY: Times New Roman;" size="2">Long-</font></i></b><b><i><font style="FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-STYLE: italic;" size="2">Term Incentive Plan</font></i></b></p>
<p style="MARGIN: 0in 0in 0pt;"> </p>
<p style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.25in;"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;" size="2">The Clarion Partners Property Trust Inc. Long-Term Incentive Plan (the “Long-Term Incentive Plan”) was adopted by the Company’s board of directors on September 22, 2010, and provides for the grant of equity awards to</font> <font style="FONT-SIZE: 10pt;" size="2">employees, directors, consultants and advisors. Subject to adjustment as set forth in the Long-Term Incentive Plan, the aggregate number of shares reserved and available for issuance is 4,000,000, not to exceed 2% of the Company’s total outstanding shares as of the date of any proposed grant. The vesting period of stock-based awards will be determined by the Company’s board of directors or a committee thereof, and the exercise term will be limited to ten years.</font></p>
<p style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.25in;"> </p>
<p style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.25in;"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;" size="2">Subject to availability under the Long-Term Incentive Plan and among other restrictions as described in the Clarion Partners Property Trust Inc. Independent Directors Compensation Plan, which operates as a subplan of the Long-Term Incentive Plan, each independent director will receive an initial grant of 5,000 Class A shares of restricted stock (the “Initial Restricted Stock Grant”) on the date that the Company issues 15,000,000 shares of stock. Each new independent director that subsequently joins the board of directors will receive the Initial Restricted Stock Grant on the date he or she joins the board. Each restricted stock grant issued following the Initial Restricted Stock Grant will generally vest on the first anniversary of the grant date, except that the Initial Restricted Stock Grant will vest on the day immediately preceding the first annual stockholders meeting held after the date that the Company issues 15,000,000 shares of stock.</font></p>
<p style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.25in;"> </p>
<p style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.25in;"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;" size="2">No stock awards were issued under the Long-Term Incentive Plan as of March 31, 2013.</font></p>
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</div>
<div style="font-size:10.0pt;font-family:Times New Roman;">
<p style="MARGIN: 0in 0in 0pt;"><b><font style="FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;" size="2">9. Distributions</font></b></p>
<p style="MARGIN: 0in 0in 0pt;"> </p>
<p style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.25in;"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;" size="2">On March 7, 2013, the Company’s board of directors authorized and declared cash distributions for the period commencing on January 1, 2013 and ending on March 31, 2013 for each share of the Company’s Class A and Class W common stock outstanding as of March 28, 2013. Both distributions were paid on April 1, 2013. Holders of Class W shares received an amount equal to $0.13980 per share, and holders of Class A shares received an amount equal to $0.13702 per share ($0.13980 per share less an amount calculated at the end of the distribution period equal to the class-specific expenses incurred during the distribution period that are allocable to each Class A share).</font></p>
<p style="MARGIN: 0in 0in 0pt;"> </p>
</div>
<div style="font-size:10.0pt;font-family:Times New Roman;">
<p style="MARGIN: 0in 0in 0pt;"><b><font style="FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;" size="2">10. Related Party Arrangements</font></b></p>
<p style="MARGIN: 0in 0in 0pt;"> </p>
<p style="MARGIN: 0in 0in 0pt;"><b><i><font style="FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-STYLE: italic; FONT-FAMILY: Times New Roman;" size="2">Advisory Agreement</font></i></b></p>
<p style="MARGIN: 0in 0in 0pt;"> </p>
<p style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.25in;"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;" size="2">At March 31, 2013, the Company had the following amounts due to the Advisor:</font></p>
<p style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.25in;"> </p>
<table style="text-align:left;WIDTH: 66.68%; BORDER-COLLAPSE: collapse;" cellspacing="0" cellpadding="0" width="66%" border="0">
<tr style="padding:0;">
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<p style="MARGIN: 0in 0in 0pt;"> </p></td>
<td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 3.74%; PADDING-TOP: 0in;" valign="bottom" width="3%">
<p style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center;" align="center"> </p></td>
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<p style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center;" align="center"><b><font style="FONT-WEIGHT: bold; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman;" size="1">March 31, 2013</font></b></p></td>
<td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 1.5%; PADDING-TOP: 0in;" valign="bottom" width="1%">
<p style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center;" align="center"> </p></td></tr>
<tr style="padding:0;">
<td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; WIDTH: 76.76%; PADDING-TOP: 0in;" valign="top" width="76%" bgcolor="#CCEEFF">
<p style="MARGIN: 0in 0in 0pt 10pt; TEXT-INDENT: -10pt;"><b><font style="FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;" size="2">Due to Advisor:</font></b></p></td>
<td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; WIDTH: 3.74%; PADDING-TOP: 0in;" valign="bottom" width="3%" bgcolor="#CCEEFF">
<p style="MARGIN: 0in 0in 0pt;"> </p></td>
<td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; WIDTH: 18%; PADDING-TOP: 0in; BORDER-BOTTOM: medium none;" valign="bottom" width="18%" bgcolor="#CCEEFF" colspan="2">
<p style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right;" align="right"> </p></td>
<td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; WIDTH: 1.5%; PADDING-TOP: 0in;" valign="bottom" width="1%" bgcolor="#CCEEFF">
<p style="MARGIN: 0in 0in 0pt;"> </p></td></tr>
<tr style="padding:0;">
<td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 76.76%; PADDING-TOP: 0in;" valign="top" width="76%">
<p style="MARGIN: 0in 0in 0pt 10pt; TEXT-INDENT: -10pt;"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;" size="2">Pre-break expenses (1)</font></p></td>
<td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 3.74%; PADDING-TOP: 0in;" valign="bottom" width="3%">
<p style="MARGIN: 0in 0in 0pt;"> </p></td>
<td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 1.44%; PADDING-TOP: 0in;" valign="bottom" width="1%">
<p style="MARGIN: 0in 0in 0pt;"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;" size="2">$</font></p></td>
<td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 16.56%; PADDING-TOP: 0in;" valign="bottom" width="16%">
<p style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right;" align="right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;" size="2">6,409,861</font></p></td>
<td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 1.5%; PADDING-TOP: 0in;" valign="bottom" width="1%">
<p style="MARGIN: 0in 0in 0pt;"> </p></td></tr>
<tr style="padding:0;">
<td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; WIDTH: 76.76%; PADDING-TOP: 0in;" valign="top" width="76%" bgcolor="#CCEEFF">
<p style="MARGIN: 0in 0in 0pt 10pt; TEXT-INDENT: -10pt;"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;" size="2">First quarter 2013 advisory fees (2)</font></p></td>
<td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; WIDTH: 3.74%; PADDING-TOP: 0in;" valign="bottom" width="3%" bgcolor="#CCEEFF">
<p style="MARGIN: 0in 0in 0pt;"> </p></td>
<td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; WIDTH: 18%; PADDING-TOP: 0in;" valign="bottom" width="18%" bgcolor="#CCEEFF" colspan="2">
<p style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right;" align="right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;" size="2">28,762</font></p></td>
<td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; WIDTH: 1.5%; PADDING-TOP: 0in;" valign="bottom" width="1%" bgcolor="#CCEEFF">
<p style="MARGIN: 0in 0in 0pt;"> </p></td></tr>
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<p style="MARGIN: 0in 0in 0pt 10pt; TEXT-INDENT: -10pt;"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;" size="2">First quarter 2013 expense reimbursements (3)</font></p></td>
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<p style="MARGIN: 0in 0in 0pt;"> </p></td>
<td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; WIDTH: 18%; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid;" valign="bottom" width="18%" colspan="2">
<p style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right;" align="right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;" size="2">400,926</font></p></td>
<td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 1.5%; PADDING-TOP: 0in;" valign="bottom" width="1%">
<p style="MARGIN: 0in 0in 0pt;"> </p></td></tr>
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<td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; WIDTH: 76.76%; PADDING-TOP: 0in;" valign="top" width="76%" bgcolor="#CCEEFF">
<p style="MARGIN: 0in 0in 0pt 20pt; TEXT-INDENT: -10pt;"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;" size="2">Total due to advisor</font></p></td>
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<p style="MARGIN: 0in 0in 0pt;"> </p></td>
<td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; WIDTH: 1.44%; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 2.25pt double;" valign="bottom" width="1%" bgcolor="#CCEEFF">
<p style="MARGIN: 0in 0in 0pt;"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;" size="2">$</font></p></td>
<td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: windowtext 1pt solid; PADDING-LEFT: 0in; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; WIDTH: 16.56%; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 2.25pt double;" valign="bottom" width="16%" bgcolor="#CCEEFF">
<p style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right;" align="right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;" size="2">6,839,549</font></p></td>
<td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; WIDTH: 1.5%; PADDING-TOP: 0in;" valign="bottom" width="1%" bgcolor="#CCEEFF">
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<div>
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<p style="MARGIN: 0in 0in 0pt 0.5in; TEXT-INDENT: -0.25in;"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;" size="2">(1)</font><font style="FONT-SIZE: 3pt;" size="1">        </font> <font style="FONT-SIZE: 10pt;" size="2">The Advisor and Dealer Manager have agreed to fund the Company’s organization and offering expenses (other than selling commissions, dealer manager fees and distribution fees) and operating expenses through October 31, 2012, the day the Company’s escrow period concluded. The Company will reimburse the Advisor and the Dealer Manager for such expenses ratably on a monthly basis over the period from November 1, 2013 through October 31, 2017.</font></p>
<p style="MARGIN: 0in 0in 0pt 0.5in; TEXT-INDENT: -0.25in;"> </p>
<p style="MARGIN: 0in 0in 0pt 0.5in; TEXT-INDENT: -0.25in;"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;" size="2">(2)</font><font style="FONT-SIZE: 3pt;" size="1">        </font> <font style="FONT-SIZE: 10pt;" size="2">The Company pays the Advisor an advisory fee equal to a fixed component that accrues daily in an amount equal to 1/365th of 0.90% of the Company’s NAV for each class for such day. The fixed component of the advisory fee is payable quarterly in arrears.</font></p>
<p style="MARGIN: 0in 0in 0pt 0.5in; TEXT-INDENT: -0.25in;"> </p>
<p style="MARGIN: 0in 0in 0pt 0.5in; TEXT-INDENT: -0.25in;"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;" size="2">(3)</font><font style="FONT-SIZE: 3pt;" size="1">        </font> <font style="FONT-SIZE: 10pt;" size="2">The Company will reimburse the Advisor for all expenses paid or incurred by the Advisor in connection with the services provided to the Company, subject to the limitation that the Company will not reimburse the Advisor for any amount by which its operating expenses (including the advisory fee) at the end of the four preceding fiscal quarters exceed the greater of: (1) 2% of its average invested assets; or (2) 25% of its net income determined without reduction for any additions to reserves for depreciation, bad debts or other similar non-cash reserves and excluding any gain from the sale of the Company’s assets for that period. Notwithstanding the above, the Company may reimburse the Advisor for expenses in excess of this limitation if a majority of the independent directors determines that such excess expenses are justified based on unusual and non-recurring factors. All outstanding amounts that were payable at December 31, 2012 had been reimbursed to the Advisor during the first quarter of 2013.</font></p>
<p style="MARGIN: 0in 0in 0pt 0.5in; TEXT-INDENT: -0.25in;"> </p>
<p style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.25in;"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;" size="2">Additionally, the Company will pay a performance component calculated for each class on the basis of the total return to stockholders of the class in any calendar year, such that for any year in which the Company’s total return per share allocable to such class exceeds 6% per annum, the Advisor will receive 25% of the excess total return allocable to that class; provided that in no event will the performance component exceed 10% of the aggregate total return allocable to such class for such year.  In the event the Company’s NAV per share for either class or common stock decreases below $10.00, any increase in NAV per share to $10.00 with respect to that class will not be included in the calculation of the performance component.  The performance component is payable annually in arrears.</font></p>
<p style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center;" align="center"> </p>
<p style="MARGIN: 0in 0in 0pt;"><b><i><font style="FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-STYLE: italic; FONT-FAMILY: Times New Roman;" size="2">Expense Support</font></i></b></p>
<p style="MARGIN: 0in 0in 0pt;"> </p>
<p style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.25in;"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;" size="2">At March 31, 2013, the Sponsor had agreed to provide the following expense support pursuant to the Expense Support Agreement:</font></p>
<p style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.25in;"> </p>
<table style="text-align:left;WIDTH: 53.34%; BORDER-COLLAPSE: collapse;" cellspacing="0" cellpadding="0" width="53%" border="0">
<tr style="padding:0;">
<td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 70.94%; PADDING-TOP: 0in;" valign="bottom" width="70%">
<p style="MARGIN: 0in 0in 0pt;"> </p></td>
<td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 4.68%; PADDING-TOP: 0in;" valign="bottom" width="4%">
<p style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center;" align="center"> </p></td>
<td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; WIDTH: 22.5%; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid;" valign="bottom" width="22%" colspan="2">
<p style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center;" align="center"><b><font style="FONT-WEIGHT: bold; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman;" size="1">March 31, 2013</font></b></p></td>
<td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 1.88%; PADDING-TOP: 0in;" valign="bottom" width="1%">
<p style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center;" align="center"> </p></td></tr>
<tr style="padding:0;">
<td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; WIDTH: 70.94%; PADDING-TOP: 0in;" valign="top" width="70%" bgcolor="#CCEEFF">
<p style="MARGIN: 0in 0in 0pt 10pt; TEXT-INDENT: -10pt;"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;" size="2">Fourth quarter 2012</font></p></td>
<td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; WIDTH: 4.68%; PADDING-TOP: 0in;" valign="bottom" width="4%" bgcolor="#CCEEFF">
<p style="MARGIN: 0in 0in 0pt;"> </p></td>
<td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; WIDTH: 1.46%; PADDING-TOP: 0in; BORDER-BOTTOM: medium none;" valign="bottom" width="1%" bgcolor="#CCEEFF">
<p style="MARGIN: 0in 0in 0pt;"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;" size="2">$</font></p></td>
<td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: windowtext 1pt solid; PADDING-LEFT: 0in; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; WIDTH: 21.04%; PADDING-TOP: 0in; BORDER-BOTTOM: medium none;" valign="bottom" width="21%" bgcolor="#CCEEFF">
<p style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right;" align="right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;" size="2">475,484</font></p></td>
<td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; WIDTH: 1.88%; PADDING-TOP: 0in;" valign="bottom" width="1%" bgcolor="#CCEEFF">
<p style="MARGIN: 0in 0in 0pt;"> </p></td></tr>
<tr style="padding:0;">
<td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 70.94%; PADDING-TOP: 0in;" valign="top" width="70%">
<p style="MARGIN: 0in 0in 0pt 10pt; TEXT-INDENT: -10pt;"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;" size="2">First quarter 2013</font></p></td>
<td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 4.68%; PADDING-TOP: 0in;" valign="bottom" width="4%">
<p style="MARGIN: 0in 0in 0pt;"> </p></td>
<td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; WIDTH: 22.5%; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid;" valign="bottom" width="22%" colspan="2">
<p style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right;" align="right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;" size="2">884,000</font></p></td>
<td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 1.88%; PADDING-TOP: 0in;" valign="bottom" width="1%">
<p style="MARGIN: 0in 0in 0pt;"> </p></td></tr>
<tr style="padding:0;">
<td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; WIDTH: 70.94%; PADDING-TOP: 0in;" valign="top" width="70%" bgcolor="#CCEEFF">
<p style="MARGIN: 0in 0in 0pt 20pt; TEXT-INDENT: -10pt;"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;" size="2">Total expense support</font></p></td>
<td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; WIDTH: 4.68%; PADDING-TOP: 0in;" valign="bottom" width="4%" bgcolor="#CCEEFF">
<p style="MARGIN: 0in 0in 0pt;"> </p></td>
<td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; WIDTH: 1.46%; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 2.25pt double;" valign="bottom" width="1%" bgcolor="#CCEEFF">
<p style="MARGIN: 0in 0in 0pt;"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;" size="2">$</font></p></td>
<td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: windowtext 1pt solid; PADDING-LEFT: 0in; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; WIDTH: 21.04%; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 2.25pt double;" valign="bottom" width="21%" bgcolor="#CCEEFF">
<p style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right;" align="right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;" size="2">1,359,484</font></p></td>
<td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; WIDTH: 1.88%; PADDING-TOP: 0in;" valign="bottom" width="1%" bgcolor="#CCEEFF">
<p style="MARGIN: 0in 0in 0pt;"> </p></td></tr></table>
<p style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.25in;"> </p>
<p style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.25in;"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;" size="2">On November 5, 2012, the Company entered into an Expense Support Agreement with the Sponsor.  Pursuant to the terms of such agreement, commencing with the partial quarter ended December 31, 2012 and on a quarterly basis thereafter, the Sponsor may, in its sole discretion, reimburse the Company for, or pay on its behalf, all or a portion of its organization, offering and operating expenses.  For the first quarter ended March 31, 2013 and for the partial quarter ended December 31, 2012, the Sponsor has agreed to fund the organization, offering and operating expenses the Company has incurred for such periods. The Company received the fourth quarter 2012 expense reimbursement during the first quarter of 2013. Any amount the Company has not received is recorded as a due from an affiliate and other receivables on the consolidated balance sheets. Once the Company raises $350.0 million in gross offering proceeds, it is required to reimburse the Sponsor for these expenses in the amount of $250,000 per quarter.</font></p>
<p style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.25in;"> </p>
<p style="MARGIN: 0in 0in 0pt;"><b><i><font style="FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-STYLE: italic; FONT-FAMILY: Times New Roman;" size="2">Joint Venture Investment</font></i></b></p>
<p style="MARGIN: 0in 0in 0pt;"> </p>
<p style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.25in;"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;" size="2">As discussed in Note 7, Non-Consolidated Joint Venture Investment, on October 18, 2012, CPPT Lehigh entered into the Joint Venture Agreement with LIT, a limited partnership indirectly owned by Lion Industrial Trust, a privately held REIT managed by the Sponsor, to form the Venture for the purpose of purchasing and operating Lehigh Valley South.  The Company’s board of directors, including the independent directors not otherwise interested in the transaction, approved the joint venture and its terms as being fair and reasonable to the Company and on substantially the same terms and conditions as those received by other joint venturers.</font></p>
<p style="MARGIN: 0in 0in 0pt;"> </p>
</div>
<div style="font-size:10.0pt;font-family:Times New Roman;">
<p style="MARGIN: 0in 0in 0pt;"><b><font style="FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;" size="2">11. Economic Dependency</font></b></p>
<p style="MARGIN: 0in 0in 0pt;"> </p>
<p style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.25in;"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;" size="2">The Company will be dependent on the Advisor and the Dealer Manager for certain services that are essential to the Company, including the sale of the Company’s shares of common stock, asset acquisition and disposition decisions and other general and administrative responsibilities. In the event that the Advisor or the Dealer Manager is unable to provide such services, the Company would be required to find one or more alternative service providers.</font></p>
<p style="MARGIN: 0in 0in 0pt;"> </p>
</div>
<div style="font-size:10.0pt;font-family:Times New Roman;">
<p style="MARGIN: 0in 0in 0pt;"><b><font style="FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;" size="2">12. Income Taxes</font></b></p>
<p style="MARGIN: 0in 0in 0pt;"> </p>
<p style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.25in;"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;" size="2">The Company intends to elect to be taxed as a REIT under Sections 856 through 860 of the Internal Revenue Code of 1986, as amended (the “Code”), beginning with the Company’s taxable year ended December 31, 2012. In order to maintain the Company’s qualification as a REIT, the Company is required to, among other things, distribute at least 90% of the Company’s REIT taxable income to the Company’s stockholders and meet certain tests regarding the nature of the Company’s income and assets. As a REIT, the Company will not be subject to federal income tax with respect to the portion of the Company’s income that meets certain criteria and is distributed annually to stockholders. The Company intends to operate in a manner that allows the Company to meet the requirements for taxation as a REIT. Many of these requirements, however, are highly technical and complex. If the Company were to fail to meet these requirements, it could be subject to federal income tax on the Company’s taxable income at regular corporate rates. The Company would not be able to deduct distributions paid to stockholders in any year in which it fails to qualify as a REIT. The Company will also be disqualified for the four taxable years following the year during which qualification was lost unless the Company is entitled to relief under specific statutory provisions.</font></p>
<p style="MARGIN: 0in 0in 0pt;"> </p>
</div>
<div style="font-size:10.0pt;font-family:Times New Roman;">
<p style="MARGIN: 0in 0in 0pt;"><b><font style="FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;" size="2">13. Commitments and Contingencies</font></b></p>
<p style="MARGIN: 0in 0in 0pt;"> </p>
<p style="MARGIN: 0in 0in 0pt;"><b><i><font style="FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-STYLE: italic; FONT-FAMILY: Times New Roman;" size="2">Litigation</font></i></b></p>
<p style="MARGIN: 0in 0in 0pt;"> </p>
<p style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.25in;"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;" size="2">In the ordinary course of business, the Company may become subject to litigation or claims.  The Company is not aware of any material pending legal proceedings of which the outcome is reasonably possible to have a material adverse effect on its results of operations, financial condition or liquidity.</font></p>
<p style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.25in;"> </p>
<p style="MARGIN: 0in 0in 0pt;"><b><i><font style="FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-STYLE: italic; FONT-FAMILY: Times New Roman;" size="2">Environmental Matters</font></i></b></p>
<p style="MARGIN: 0in 0in 0pt;"> </p>
<p style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.25in;"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;" size="2">In connection with the ownership and operation of real estate, the Company potentially may be liable for costs and damages related to environmental matters.  The Company carries environmental liability insurance on its properties that provides coverage for remediation liability and pollution liability for third-party bodily injury and property damage claims.  The Company is not aware of any environmental matters which it believes will have a material adverse effect on its consolidated financial statements.</font></p>
<p style="MARGIN: 0in 0in 0pt;"> </p>
</div>
<div style="font-size:10.0pt;font-family:Times New Roman;">
<p style="MARGIN: 0in 0in 0pt;"><b><font style="FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;" size="2">14. Subsequent Events</font></b></p>
<p style="MARGIN: 0in 0in 0pt;"> </p>
<p style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.25in;"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;" size="2">The Company has evaluated subsequent events through the filing of this Form 10-Q.</font></p>
<p style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.25in;"> </p>
<p style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.25in;"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;" size="2">On April 1, 2013, the Company paid its distributions that were payable at March 31, 2013. Pursuant to its distribution reinvestment plan, $21,687 was reinvested into the Company resulting in an additional 2,130 shares outstanding. The remaining amount of $160,845 was paid in cash.</font></p>
<p style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.25in;"> </p>
<p style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.25in;"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;" size="2">On April 4, 2013, the Company invested an aggregate of approximately $100,000 in shares of common stock of 14 publicly traded real estate related companies.</font></p>
<p style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.25in;"> </p>
<p style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.25in;"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;" size="2">On May 9, 2013, the Company’s board of directors approved the renewal, effective May 16, 2013, of the Second Amended and Restated Advisory Agreement (the “Advisory Agreement”) by and among the Company, CPT Real Estate LP and CPT Advisors LLC through May 16, 2014, upon terms that are identical to those of the Advisory Agreement as previously in effect.</font></p>
<p style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.25in;"> </p>
<p style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.25in;"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;" size="2">On May 9, 2013, the Company’s board of directors authorized and declared cash distributions for the period commencing on April 1, 2013 and ending on June 30, 2013, or the distribution period, for each share of the Company’s Class A and Class W common stock outstanding as of June 27, 2013. Both distributions will be paid on July 1, 2013. Holders of Class W shares will receive an amount equal to $0.1398 per share, and holders of Class A shares will receive an amount equal to $0.1398 per share, less an amount calculated at the end of the distribution period equal to the class-specific expenses incurred during the distribution period that are allocable to each Class A share.</font></p>
<p style="MARGIN: 0in 0in 0pt;"> </p>
</div>
400926
1306443
13088840
125
125000
700000
3700000
<div style="font-size:10.0pt;font-family:Times New Roman;FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">
<table style="text-align:left;WIDTH: 921px; BORDER-COLLAPSE: collapse; TEXT-ALIGN: left;" cellspacing="0" cellpadding="0" width="921" border="0">
<tr style="padding:0;PADDING-RIGHT: 0px; PADDING-LEFT: 0px; PADDING-BOTTOM: 0px; PADDING-TOP: 0px;">
<td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; WIDTH: 11%; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid;" valign="bottom" width="11%">
<p style="MARGIN: 0in 0in 0pt;"><b><font style="FONT-WEIGHT: bold; FONT-SIZE: 7pt; FONT-FAMILY: Times New Roman;" size="1">Portfolio Property</font></b></p></td>
<td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 1.5%; PADDING-TOP: 0in;" valign="bottom" width="1%">
<p style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center;" align="center"> </p></td>
<td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; WIDTH: 8.5%; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid;" valign="bottom" width="8%">
<p style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center;" align="center"><b><font style="FONT-WEIGHT: bold; FONT-SIZE: 7pt; FONT-FAMILY: Times New Roman;" size="1">Acquisition<br />
Date</font></b></p></td>
<td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 1.5%; PADDING-TOP: 0in;" valign="bottom" width="1%">
<p style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center;" align="center"> </p></td>
<td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; WIDTH: 7%; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid;" valign="bottom" width="7%">
<p style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center;" align="center"><b><font style="FONT-WEIGHT: bold; FONT-SIZE: 7pt; FONT-FAMILY: Times New Roman;" size="1">Number<br />
of<br />
Properties</font></b></p></td>
<td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 1.5%; PADDING-TOP: 0in;" valign="bottom" width="1%">
<p style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center;" align="center"> </p></td>
<td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; WIDTH: 7%; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid;" valign="bottom" width="7%">
<p style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center;" align="center"><b><font style="FONT-WEIGHT: bold; FONT-SIZE: 7pt; FONT-FAMILY: Times New Roman;" size="1">Rentable<br />
Square<br />
Feet</font></b></p></td>
<td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 1.5%; PADDING-TOP: 0in;" valign="bottom" width="1%">
<p style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center;" align="center"> </p></td>
<td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; WIDTH: 8.5%; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid;" valign="bottom" width="8%">
<p style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center;" align="center"><b><font style="FONT-WEIGHT: bold; FONT-SIZE: 7pt; FONT-FAMILY: Times New Roman;" size="1">Occupancy</font></b></p></td>
<td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 1.5%; PADDING-TOP: 0in;" valign="bottom" width="1%">
<p style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center;" align="center"> </p></td>
<td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; WIDTH: 7%; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid;" valign="bottom" width="7%">
<p style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center;" align="center"><b><font style="FONT-WEIGHT: bold; FONT-SIZE: 7pt; FONT-FAMILY: Times New Roman;" size="1">Remaining<br />
Lease<br />
Term(1)</font></b></p></td>
<td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 1.5%; PADDING-TOP: 0in;" valign="bottom" width="1%">
<p style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center;" align="center"> </p></td>
<td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; WIDTH: 9.5%; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid;" valign="bottom" width="9%" colspan="2">
<p style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center;" align="center"><b><font style="FONT-WEIGHT: bold; FONT-SIZE: 7pt; FONT-FAMILY: Times New Roman;" size="1">Base<br />
Purchase<br />
Price</font></b></p></td>
<td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 1.5%; PADDING-TOP: 0in;" valign="bottom" width="1%">
<p style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center;" align="center"> </p></td>
<td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; WIDTH: 9.5%; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid;" valign="bottom" width="9%" colspan="2">
<p style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center;" align="center"><b><font style="FONT-WEIGHT: bold; FONT-SIZE: 7pt; FONT-FAMILY: Times New Roman;" size="1">Carrying<br />
Amount</font></b></p></td>
<td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 1.5%; PADDING-TOP: 0in;" valign="bottom" width="1%">
<p style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center;" align="center"> </p></td>
<td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; WIDTH: 9.5%; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid;" valign="bottom" width="9%">
<p style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center;" align="center"><b><font style="FONT-WEIGHT: bold; FONT-SIZE: 7pt; FONT-FAMILY: Times New Roman;" size="1">Capitalization<br />
Rate(2)</font></b></p></td>
<td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 1.5%; PADDING-TOP: 0in;" valign="bottom" width="1%">
<p style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center;" align="center"> </p></td>
<td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; WIDTH: 8%; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid;" valign="bottom" width="8%" colspan="2">
<p style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center;" align="center"><b><font style="FONT-WEIGHT: bold; FONT-SIZE: 7pt; FONT-FAMILY: Times New Roman;" size="1">Annualized<br />
Rental<br />
Income(3)<br />
per Rented<br />
Square<br />
Foot</font></b></p></td>
<td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 1%; PADDING-TOP: 0in;" valign="bottom" width="1%">
<p style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center;" align="center"> </p></td></tr>
<tr style="padding:0;PADDING-RIGHT: 0px; PADDING-LEFT: 0px; PADDING-BOTTOM: 0px; PADDING-TOP: 0px;">
<td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; WIDTH: 11%; PADDING-TOP: 0in; BORDER-BOTTOM: medium none;" valign="top" width="11%" bgcolor="#CCEEFF">
<p style="MARGIN: 0in 0in 0pt 10pt; TEXT-INDENT: -10pt;"><font style="FONT-SIZE: 7pt; FONT-FAMILY: Times New Roman;" size="1">Darien Property</font></p></td>
<td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; WIDTH: 1.5%; PADDING-TOP: 0in;" valign="bottom" width="1%" bgcolor="#CCEEFF">
<p style="MARGIN: 0in 0in 0pt;"> </p></td>
<td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; WIDTH: 8.5%; PADDING-TOP: 0in; BORDER-BOTTOM: medium none;" valign="bottom" width="8%" bgcolor="#CCEEFF">
<p style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right;" align="right"><font style="FONT-SIZE: 7pt; FONT-FAMILY: Times New Roman;" size="1">10/31/2012</font></p></td>
<td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; WIDTH: 1.5%; PADDING-TOP: 0in;" valign="bottom" width="1%" bgcolor="#CCEEFF">
<p style="MARGIN: 0in 0in 0pt;"> </p></td>
<td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; WIDTH: 7%; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid;" valign="bottom" width="7%" bgcolor="#CCEEFF">
<p style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right;" align="right"><font style="FONT-SIZE: 7pt; FONT-FAMILY: Times New Roman;" size="1">1</font></p></td>
<td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; WIDTH: 1.5%; PADDING-TOP: 0in;" valign="bottom" width="1%" bgcolor="#CCEEFF">
<p style="MARGIN: 0in 0in 0pt;"> </p></td>
<td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; WIDTH: 7%; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid;" valign="bottom" width="7%" bgcolor="#CCEEFF">
<p style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right;" align="right"><font style="FONT-SIZE: 7pt; FONT-FAMILY: Times New Roman;" size="1">18,754</font></p></td>
<td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; WIDTH: 1.5%; PADDING-TOP: 0in;" valign="bottom" width="1%" bgcolor="#CCEEFF">
<p style="MARGIN: 0in 0in 0pt;"> </p></td>
<td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; WIDTH: 8.5%; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid;" valign="bottom" width="8%" bgcolor="#CCEEFF">
<p style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right;" align="right"><font style="FONT-SIZE: 7pt; FONT-FAMILY: Times New Roman;" size="1">100</font></p></td>
<td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #cceeff; PADDING-BOTTOM: 0.375pt; WIDTH: 1.5%; PADDING-TOP: 0in;" valign="bottom" width="1%" bgcolor="#CCEEFF">
<p style="MARGIN: 0in 0in 0pt;"><font style="FONT-SIZE: 7pt; FONT-FAMILY: Times New Roman;" size="1">%</font></p></td>
<td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; WIDTH: 7%; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid;" valign="bottom" width="7%" bgcolor="#CCEEFF">
<p style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right;" align="right"><font style="FONT-SIZE: 7pt; FONT-FAMILY: Times New Roman;" size="1">10.7</font></p></td>
<td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; WIDTH: 1.5%; PADDING-TOP: 0in;" valign="bottom" width="1%" bgcolor="#CCEEFF">
<p style="MARGIN: 0in 0in 0pt;"> </p></td>
<td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; WIDTH: 1.3%; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid;" valign="bottom" width="1%" bgcolor="#CCEEFF">
<p style="MARGIN: 0in 0in 0pt;"><font style="FONT-SIZE: 7pt; FONT-FAMILY: Times New Roman;" size="1">$</font></p></td>
<td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: windowtext 1pt solid; PADDING-LEFT: 0in; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; WIDTH: 8.2%; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid;" valign="bottom" width="8%" bgcolor="#CCEEFF">
<p style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right;" align="right"><font style="FONT-SIZE: 7pt; FONT-FAMILY: Times New Roman;" size="1">7,200,000</font></p></td>
<td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; WIDTH: 1.5%; PADDING-TOP: 0in;" valign="bottom" width="1%" bgcolor="#CCEEFF">
<p style="MARGIN: 0in 0in 0pt;"> </p></td>
<td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; WIDTH: 1.3%; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid;" valign="bottom" width="1%" bgcolor="#CCEEFF">
<p style="MARGIN: 0in 0in 0pt;"><font style="FONT-SIZE: 7pt; FONT-FAMILY: Times New Roman;" size="1">$</font></p></td>
<td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: windowtext 1pt solid; PADDING-LEFT: 0in; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; WIDTH: 8.2%; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid;" valign="bottom" width="8%" bgcolor="#CCEEFF">
<p style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right;" align="right"><font style="FONT-SIZE: 7pt; FONT-FAMILY: Times New Roman;" size="1">7,081,831</font></p></td>
<td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; WIDTH: 1.5%; PADDING-TOP: 0in;" valign="bottom" width="1%" bgcolor="#CCEEFF">
<p style="MARGIN: 0in 0in 0pt;"> </p></td>
<td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; WIDTH: 9.5%; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid;" valign="bottom" width="9%" bgcolor="#CCEEFF">
<p style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right;" align="right"><font style="FONT-SIZE: 7pt; FONT-FAMILY: Times New Roman;" size="1">6.6</font></p></td>
<td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #cceeff; PADDING-BOTTOM: 0.375pt; WIDTH: 1.5%; PADDING-TOP: 0in;" valign="bottom" width="1%" bgcolor="#CCEEFF">
<p style="MARGIN: 0in 0in 0pt;"><font style="FONT-SIZE: 7pt; FONT-FAMILY: Times New Roman;" size="1">%</font></p></td>
<td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; WIDTH: 1.3%; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid;" valign="bottom" width="1%" bgcolor="#CCEEFF">
<p style="MARGIN: 0in 0in 0pt;"><font style="FONT-SIZE: 7pt; FONT-FAMILY: Times New Roman;" size="1">$</font></p></td>
<td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: windowtext 1pt solid; PADDING-LEFT: 0in; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; WIDTH: 6.7%; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid;" valign="bottom" width="6%" bgcolor="#CCEEFF">
<p style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right;" align="right"><font style="FONT-SIZE: 7pt; FONT-FAMILY: Times New Roman;" size="1">24.50</font></p></td>
<td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; WIDTH: 1%; PADDING-TOP: 0in;" valign="bottom" width="1%" bgcolor="#CCEEFF">
<p style="MARGIN: 0in 0in 0pt;"> </p></td></tr>
<tr style="padding:0;PADDING-RIGHT: 0px; PADDING-LEFT: 0px; PADDING-BOTTOM: 0px; PADDING-TOP: 0px;">
<td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 11%; PADDING-TOP: 0in;" valign="bottom" width="11%">
<p style="MARGIN: 0in 0in 0pt 10pt; TEXT-INDENT: -10pt;"> </p></td>
<td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 1.5%; PADDING-TOP: 0in;" valign="bottom" width="1%">
<p style="MARGIN: 0in 0in 0pt;"> </p></td>
<td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 8.5%; PADDING-TOP: 0in;" valign="bottom" width="8%">
<p style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right;" align="right"> </p></td>
<td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 1.5%; PADDING-TOP: 0in;" valign="bottom" width="1%">
<p style="MARGIN: 0in 0in 0pt;"> </p></td>
<td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; WIDTH: 7%; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 2.25pt double;" valign="bottom" width="7%">
<p style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right;" align="right"><font style="FONT-SIZE: 7pt; FONT-FAMILY: Times New Roman;" size="1">1</font></p></td>
<td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 1.5%; PADDING-TOP: 0in;" valign="bottom" width="1%">
<p style="MARGIN: 0in 0in 0pt;"> </p></td>
<td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; WIDTH: 7%; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 2.25pt double;" valign="bottom" width="7%">
<p style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right;" align="right"><font style="FONT-SIZE: 7pt; FONT-FAMILY: Times New Roman;" size="1">18,754</font></p></td>
<td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 1.5%; PADDING-TOP: 0in;" valign="bottom" width="1%">
<p style="MARGIN: 0in 0in 0pt;"> </p></td>
<td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; WIDTH: 8.5%; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 2.25pt double;" valign="bottom" width="8%">
<p style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right;" align="right"><font style="FONT-SIZE: 7pt; FONT-FAMILY: Times New Roman;" size="1">100</font></p></td>
<td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 2.25pt; WIDTH: 1.5%; PADDING-TOP: 0in;" valign="bottom" width="1%">
<p style="MARGIN: 0in 0in 0pt;"><font style="FONT-SIZE: 7pt; FONT-FAMILY: Times New Roman;" size="1">%</font></p></td>
<td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; WIDTH: 7%; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 2.25pt double;" valign="bottom" width="7%">
<p style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right;" align="right"><font style="FONT-SIZE: 7pt; FONT-FAMILY: Times New Roman;" size="1">10.7</font></p></td>
<td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 1.5%; PADDING-TOP: 0in;" valign="bottom" width="1%">
<p style="MARGIN: 0in 0in 0pt;"> </p></td>
<td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; WIDTH: 1.3%; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 2.25pt double;" valign="bottom" width="1%">
<p style="MARGIN: 0in 0in 0pt;"><font style="FONT-SIZE: 7pt; FONT-FAMILY: Times New Roman;" size="1">$</font></p></td>
<td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; WIDTH: 8.2%; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 2.25pt double;" valign="bottom" width="8%">
<p style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right;" align="right"><font style="FONT-SIZE: 7pt; FONT-FAMILY: Times New Roman;" size="1">7,200,000</font></p></td>
<td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 1.5%; PADDING-TOP: 0in;" valign="bottom" width="1%">
<p style="MARGIN: 0in 0in 0pt;"> </p></td>
<td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; WIDTH: 1.3%; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 2.25pt double;" valign="bottom" width="1%">
<p style="MARGIN: 0in 0in 0pt;"><font style="FONT-SIZE: 7pt; FONT-FAMILY: Times New Roman;" size="1">$</font></p></td>
<td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; WIDTH: 8.2%; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 2.25pt double;" valign="bottom" width="8%">
<p style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right;" align="right"><font style="FONT-SIZE: 7pt; FONT-FAMILY: Times New Roman;" size="1">7,081,831</font></p></td>
<td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 1.5%; PADDING-TOP: 0in;" valign="bottom" width="1%">
<p style="MARGIN: 0in 0in 0pt;"> </p></td>
<td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; WIDTH: 9.5%; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 2.25pt double;" valign="bottom" width="9%">
<p style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right;" align="right"><font style="FONT-SIZE: 7pt; FONT-FAMILY: Times New Roman;" size="1">6.6</font></p></td>
<td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 2.25pt; WIDTH: 1.5%; PADDING-TOP: 0in;" valign="bottom" width="1%">
<p style="MARGIN: 0in 0in 0pt;"><font style="FONT-SIZE: 7pt; FONT-FAMILY: Times New Roman;" size="1">%</font></p></td>
<td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; WIDTH: 1.3%; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 2.25pt double;" valign="bottom" width="1%">
<p style="MARGIN: 0in 0in 0pt;"><font style="FONT-SIZE: 7pt; FONT-FAMILY: Times New Roman;" size="1">$</font></p></td>
<td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; WIDTH: 6.7%; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 2.25pt double;" valign="bottom" width="6%">
<p style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right;" align="right"><font style="FONT-SIZE: 7pt; FONT-FAMILY: Times New Roman;" size="1">24.50</font></p></td>
<td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 1%; PADDING-TOP: 0in;" valign="bottom" width="1%">
<p style="MARGIN: 0in 0in 0pt;"> </p></td></tr></table>
<div>
<p style="MARGIN: 0in 0in 0pt;"> </p></div>
<p style="MARGIN: 0in 0in 0pt 0.5in; TEXT-INDENT: -0.5in;"><font style="FONT-SIZE: 7pt; FONT-FAMILY: Times New Roman;" size="1">(1)</font><font style="FONT-SIZE: 3pt;" size="1">                                    </font> <font style="FONT-SIZE: 7pt;" size="1">Remaining lease term in years as of March 31, 2013, calculated on a weighted-average basis by annualized rental income.</font></p>
<p style="MARGIN: 0in 0in 0pt 0.5in; TEXT-INDENT: -0.5in;"><font style="FONT-SIZE: 7pt; FONT-FAMILY: Times New Roman;" size="1">(2)</font><font style="FONT-SIZE: 3pt;" size="1">                                    </font> <font style="FONT-SIZE: 7pt;" size="1">Capitalization rate based on projected net operating income during the period April 2013-March 2014, divided by the Base Purchase Price, excluding acquisition related costs.</font></p>
<p style="MARGIN: 0in 0in 0pt 0.5in; TEXT-INDENT: -0.5in;"><font style="FONT-SIZE: 7pt; FONT-FAMILY: Times New Roman;" size="1">(3)</font><font style="FONT-SIZE: 3pt;" size="1">                                    </font> <font style="FONT-SIZE: 7pt;" size="1">Annualized rental income as of March 31, 2013 for the property, as applicable, on a straight-line basis, which includes tenant concessions such as free rent, as applicable.</font></p></div>
0
0
0
1
1
315000
18754
1.00
1.00
9843750
7200000
0.073
0.066
4.69
24.50
P7Y3M18D
P10Y8M12D
0
13124
1305
1336000
4385951
1910376
5008567
84833
96696
3960000
550496
284830
52361
11872633
-3408165
8298344
1
391
12674
852537
14
182532
182532
3473
3473
108
108
105180
105180
391
39064
12674
1267379
8298344
-3408165
-85167
322933
475484
884000
125
0.1250
0.01
1000
125000
125
1000
100
1332596
13124
<div style="font-size:10.0pt;font-family:Times New Roman;">
<p style="MARGIN: 0in 0in 0pt;"><b><i><font style="FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-STYLE: italic; FONT-FAMILY: Times New Roman;" size="2">Redeemable Common Stock</font></i></b></p>
<p style="MARGIN: 0in 0in 0pt;"> </p>
<p style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.25in;"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;" size="2">The Company has adopted a share redemption program that permits its stockholders to redeem their shares, subject to certain limitations.  The Company records amounts that are redeemable under the share redemption program as redeemable common stock outside of permanent equity in its consolidated balance sheets. Changes in the value from period to period are recorded as an adjustment to additional paid-in capital.</font></p>
<p style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.25in;"> </p>
<p style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.25in;"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;" size="2">As discussed in Note 8, the maximum amount available for redemptions for that quarter will be equal to (1) 5% of the combined NAV of both classes of shares, calculated as of the last day of the previous calendar quarter, plus (2) proceeds from sales of new shares in the Offering (including reinvestment of distributions) since the beginning of the current calendar quarter, less (3) redemption proceeds paid since the beginning of the current calendar quarter.  The total redeemable common stock at March 31, 2013 totaled $1,332,596 resulting from $621,472, 5% of the December 31, 2012 NAV of $12,429,448, plus $698,000 of gross offering proceeds of new shares issued through the Company’s public offering and $13,124 of gross offering proceeds of new shares issued through the Company’s distribution reinvestment plan.</font></p>
<p style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.25in;"> </p>
</div>
33831
352542
2865
33831
125
1
43
1262
13
13111
1332596
2865
13124
1332596
2865
125000
17500
65735
97338
642427
689668
160845
125
1
124999
125000
14171
142
54206
542
697316
698000
<div style="font-size:10.0pt;font-family:Times New Roman;FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">
<table style="text-align:left;WIDTH: 908px; BORDER-COLLAPSE: collapse; TEXT-ALIGN: left;" cellspacing="0" cellpadding="0" width="908" border="0">
<tr style="padding:0;PADDING-RIGHT: 0px; PADDING-LEFT: 0px; PADDING-BOTTOM: 0px; PADDING-TOP: 0px;">
<td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; WIDTH: 18%; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid;" valign="bottom" width="18%">
<p style="MARGIN: 0in 0in 0pt;"><b><font style="FONT-WEIGHT: bold; FONT-SIZE: 7pt; FONT-FAMILY: Times New Roman;" size="1">Portfolio<br />
Property</font></b></p></td>
<td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 1.5%; PADDING-TOP: 0in;" valign="bottom" width="1%">
<p style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center;" align="center"> </p></td>
<td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; WIDTH: 7%; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid;" valign="bottom" width="7%">
<p style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center;" align="center"><b><font style="FONT-WEIGHT: bold; FONT-SIZE: 7pt; FONT-FAMILY: Times New Roman;" size="1">Acquisition<br />
Date</font></b></p></td>
<td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 1.5%; PADDING-TOP: 0in;" valign="bottom" width="1%">
<p style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center;" align="center"> </p></td>
<td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; WIDTH: 7%; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid;" valign="bottom" width="7%">
<p style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center;" align="center"><b><font style="FONT-WEIGHT: bold; FONT-SIZE: 7pt; FONT-FAMILY: Times New Roman;" size="1">Number<br />
of<br />
Properties</font></b></p></td>
<td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 1.5%; PADDING-TOP: 0in;" valign="bottom" width="1%">
<p style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center;" align="center"> </p></td>
<td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; WIDTH: 7%; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid;" valign="bottom" width="7%">
<p style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center;" align="center"><b><font style="FONT-WEIGHT: bold; FONT-SIZE: 7pt; FONT-FAMILY: Times New Roman;" size="1">Rentable<br />
Square<br />
Feet</font></b></p></td>
<td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 1.5%; PADDING-TOP: 0in;" valign="bottom" width="1%">
<p style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center;" align="center"> </p></td>
<td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; WIDTH: 7%; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid;" valign="bottom" width="7%">
<p style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center;" align="center"><b><font style="FONT-WEIGHT: bold; FONT-SIZE: 7pt; FONT-FAMILY: Times New Roman;" size="1">Occupancy</font></b></p></td>
<td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 1.5%; PADDING-TOP: 0in;" valign="bottom" width="1%">
<p style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center;" align="center"> </p></td>
<td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; WIDTH: 7%; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid;" valign="bottom" width="7%">
<p style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center;" align="center"><b><font style="FONT-WEIGHT: bold; FONT-SIZE: 7pt; FONT-FAMILY: Times New Roman;" size="1">Remaining<br />
Lease<br />
Term(1)</font></b></p></td>
<td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 1.5%; PADDING-TOP: 0in;" valign="bottom" width="1%">
<p style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center;" align="center"> </p></td>
<td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; WIDTH: 8.5%; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid;" valign="bottom" width="8%" colspan="2">
<p style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center;" align="center"><b><font style="FONT-WEIGHT: bold; FONT-SIZE: 7pt; FONT-FAMILY: Times New Roman;" size="1">Base<br />
Purchase<br />
Price(2)</font></b></p></td>
<td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 1.5%; PADDING-TOP: 0in;" valign="bottom" width="1%">
<p style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center;" align="center"> </p></td>
<td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; WIDTH: 8.5%; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid;" valign="bottom" width="8%" colspan="2">
<p style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center;" align="center"><b><font style="FONT-WEIGHT: bold; FONT-SIZE: 7pt; FONT-FAMILY: Times New Roman;" size="1">Carrying<br />
Amount</font></b></p></td>
<td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 1.5%; PADDING-TOP: 0in;" valign="bottom" width="1%">
<p style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center;" align="center"> </p></td>
<td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; WIDTH: 8.5%; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid;" valign="bottom" width="8%">
<p style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center;" align="center"><b><font style="FONT-WEIGHT: bold; FONT-SIZE: 7pt; FONT-FAMILY: Times New Roman;" size="1">Capitalization<br />
Rate(3)</font></b></p></td>
<td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 1.5%; PADDING-TOP: 0in;" valign="bottom" width="1%">
<p style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center;" align="center"> </p></td>
<td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; WIDTH: 7%; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid;" valign="bottom" width="7%" colspan="2">
<p style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center;" align="center"><b><font style="FONT-WEIGHT: bold; FONT-SIZE: 7pt; FONT-FAMILY: Times New Roman;" size="1">Annualized<br />
Rental<br />
Income(4)<br />
per Rented<br />
Square<br />
Foot</font></b></p></td>
<td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 1%; PADDING-TOP: 0in;" valign="bottom" width="1%">
<p style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center;" align="center"> </p></td></tr>
<tr style="padding:0;PADDING-RIGHT: 0px; PADDING-LEFT: 0px; PADDING-BOTTOM: 0px; PADDING-TOP: 0px;">
<td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; WIDTH: 18%; PADDING-TOP: 0in; BORDER-BOTTOM: medium none;" valign="top" width="18%" bgcolor="#CCEEFF">
<p style="MARGIN: 0in 0in 0pt 10pt; TEXT-INDENT: -10pt;"><font style="FONT-SIZE: 7pt; FONT-FAMILY: Times New Roman;" size="1">Lehigh Valley South</font></p></td>
<td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; WIDTH: 1.5%; PADDING-TOP: 0in;" valign="bottom" width="1%" bgcolor="#CCEEFF">
<p style="MARGIN: 0in 0in 0pt;"> </p></td>
<td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; WIDTH: 7%; PADDING-TOP: 0in; BORDER-BOTTOM: medium none;" valign="bottom" width="7%" bgcolor="#CCEEFF">
<p style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right;" align="right"><font style="FONT-SIZE: 7pt; FONT-FAMILY: Times New Roman;" size="1">10/18/2012</font></p></td>
<td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; WIDTH: 1.5%; PADDING-TOP: 0in;" valign="bottom" width="1%" bgcolor="#CCEEFF">
<p style="MARGIN: 0in 0in 0pt;"> </p></td>
<td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; WIDTH: 7%; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid;" valign="bottom" width="7%" bgcolor="#CCEEFF">
<p style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right;" align="right"><font style="FONT-SIZE: 7pt; FONT-FAMILY: Times New Roman;" size="1">1</font></p></td>
<td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; WIDTH: 1.5%; PADDING-TOP: 0in;" valign="bottom" width="1%" bgcolor="#CCEEFF">
<p style="MARGIN: 0in 0in 0pt;"> </p></td>
<td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; WIDTH: 7%; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid;" valign="bottom" width="7%" bgcolor="#CCEEFF">
<p style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right;" align="right"><font style="FONT-SIZE: 7pt; FONT-FAMILY: Times New Roman;" size="1">315,000</font></p></td>
<td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; WIDTH: 1.5%; PADDING-TOP: 0in;" valign="bottom" width="1%" bgcolor="#CCEEFF">
<p style="MARGIN: 0in 0in 0pt;"> </p></td>
<td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; WIDTH: 7%; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid;" valign="bottom" width="7%" bgcolor="#CCEEFF">
<p style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right;" align="right"><font style="FONT-SIZE: 7pt; FONT-FAMILY: Times New Roman;" size="1">100</font></p></td>
<td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #cceeff; PADDING-BOTTOM: 0.375pt; WIDTH: 1.5%; PADDING-TOP: 0in;" valign="bottom" width="1%" bgcolor="#CCEEFF">
<p style="MARGIN: 0in 0in 0pt;"><font style="FONT-SIZE: 7pt; FONT-FAMILY: Times New Roman;" size="1">%</font></p></td>
<td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; WIDTH: 7%; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid;" valign="bottom" width="7%" bgcolor="#CCEEFF">
<p style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right;" align="right"><font style="FONT-SIZE: 7pt; FONT-FAMILY: Times New Roman;" size="1">7.3</font></p></td>
<td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; WIDTH: 1.5%; PADDING-TOP: 0in;" valign="bottom" width="1%" bgcolor="#CCEEFF">
<p style="MARGIN: 0in 0in 0pt;"> </p></td>
<td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; WIDTH: 1.3%; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid;" valign="bottom" width="1%" bgcolor="#CCEEFF">
<p style="MARGIN: 0in 0in 0pt;"><font style="FONT-SIZE: 7pt; FONT-FAMILY: Times New Roman;" size="1">$</font></p></td>
<td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: windowtext 1pt solid; PADDING-LEFT: 0in; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; WIDTH: 7.2%; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid;" valign="bottom" width="7%" bgcolor="#CCEEFF">
<p style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right;" align="right"><font style="FONT-SIZE: 7pt; FONT-FAMILY: Times New Roman;" size="1">9,843,750</font></p></td>
<td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; WIDTH: 1.5%; PADDING-TOP: 0in;" valign="bottom" width="1%" bgcolor="#CCEEFF">
<p style="MARGIN: 0in 0in 0pt;"> </p></td>
<td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; WIDTH: 1.3%; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid;" valign="bottom" width="1%" bgcolor="#CCEEFF">
<p style="MARGIN: 0in 0in 0pt;"><font style="FONT-SIZE: 7pt; FONT-FAMILY: Times New Roman;" size="1">$</font></p></td>
<td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: windowtext 1pt solid; PADDING-LEFT: 0in; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; WIDTH: 7.2%; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid;" valign="bottom" width="7%" bgcolor="#CCEEFF">
<p style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right;" align="right"><font style="FONT-SIZE: 7pt; FONT-FAMILY: Times New Roman;" size="1">5,008,567</font></p></td>
<td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; WIDTH: 1.5%; PADDING-TOP: 0in;" valign="bottom" width="1%" bgcolor="#CCEEFF">
<p style="MARGIN: 0in 0in 0pt;"> </p></td>
<td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; WIDTH: 8.5%; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid;" valign="bottom" width="8%" bgcolor="#CCEEFF">
<p style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right;" align="right"><font style="FONT-SIZE: 7pt; FONT-FAMILY: Times New Roman;" size="1">7.3</font></p></td>
<td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #cceeff; PADDING-BOTTOM: 0.375pt; WIDTH: 1.5%; PADDING-TOP: 0in;" valign="bottom" width="1%" bgcolor="#CCEEFF">
<p style="MARGIN: 0in 0in 0pt;"><font style="FONT-SIZE: 7pt; FONT-FAMILY: Times New Roman;" size="1">%</font></p></td>
<td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; WIDTH: 1.3%; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid;" valign="bottom" width="1%" bgcolor="#CCEEFF">
<p style="MARGIN: 0in 0in 0pt;"><font style="FONT-SIZE: 7pt; FONT-FAMILY: Times New Roman;" size="1">$</font></p></td>
<td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: windowtext 1pt solid; PADDING-LEFT: 0in; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; WIDTH: 5.7%; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid;" valign="bottom" width="5%" bgcolor="#CCEEFF">
<p style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right;" align="right"><font style="FONT-SIZE: 7pt; FONT-FAMILY: Times New Roman;" size="1">4.69</font></p></td>
<td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; WIDTH: 1%; PADDING-TOP: 0in;" valign="bottom" width="1%" bgcolor="#CCEEFF">
<p style="MARGIN: 0in 0in 0pt;"> </p></td></tr>
<tr style="padding:0;PADDING-RIGHT: 0px; PADDING-LEFT: 0px; PADDING-BOTTOM: 0px; PADDING-TOP: 0px;">
<td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 18%; PADDING-TOP: 0in;" valign="bottom" width="18%">
<p style="MARGIN: 0in 0in 0pt 10pt; TEXT-INDENT: -10pt;"> </p></td>
<td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 1.5%; PADDING-TOP: 0in;" valign="bottom" width="1%">
<p style="MARGIN: 0in 0in 0pt;"> </p></td>
<td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 7%; PADDING-TOP: 0in;" valign="bottom" width="7%">
<p style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right;" align="right"> </p></td>
<td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 1.5%; PADDING-TOP: 0in;" valign="bottom" width="1%">
<p style="MARGIN: 0in 0in 0pt;"> </p></td>
<td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; WIDTH: 7%; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 2.25pt double;" valign="bottom" width="7%">
<p style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right;" align="right"><font style="FONT-SIZE: 7pt; FONT-FAMILY: Times New Roman;" size="1">1</font></p></td>
<td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 1.5%; PADDING-TOP: 0in;" valign="bottom" width="1%">
<p style="MARGIN: 0in 0in 0pt;"> </p></td>
<td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; WIDTH: 7%; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 2.25pt double;" valign="bottom" width="7%">
<p style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right;" align="right"><font style="FONT-SIZE: 7pt; FONT-FAMILY: Times New Roman;" size="1">315,000</font></p></td>
<td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 1.5%; PADDING-TOP: 0in;" valign="bottom" width="1%">
<p style="MARGIN: 0in 0in 0pt;"> </p></td>
<td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; WIDTH: 7%; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 2.25pt double;" valign="bottom" width="7%">
<p style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right;" align="right"><font style="FONT-SIZE: 7pt; FONT-FAMILY: Times New Roman;" size="1">100</font></p></td>
<td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 2.25pt; WIDTH: 1.5%; PADDING-TOP: 0in;" valign="bottom" width="1%">
<p style="MARGIN: 0in 0in 0pt;"><font style="FONT-SIZE: 7pt; FONT-FAMILY: Times New Roman;" size="1">%</font></p></td>
<td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; WIDTH: 7%; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 2.25pt double;" valign="bottom" width="7%">
<p style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right;" align="right"><font style="FONT-SIZE: 7pt; FONT-FAMILY: Times New Roman;" size="1">7.3</font></p></td>
<td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 1.5%; PADDING-TOP: 0in;" valign="bottom" width="1%">
<p style="MARGIN: 0in 0in 0pt;"> </p></td>
<td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; WIDTH: 1.3%; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 2.25pt double;" valign="bottom" width="1%">
<p style="MARGIN: 0in 0in 0pt;"><font style="FONT-SIZE: 7pt; FONT-FAMILY: Times New Roman;" size="1">$</font></p></td>
<td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; WIDTH: 7.2%; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 2.25pt double;" valign="bottom" width="7%">
<p style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right;" align="right"><font style="FONT-SIZE: 7pt; FONT-FAMILY: Times New Roman;" size="1">9,843,750</font></p></td>
<td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 1.5%; PADDING-TOP: 0in;" valign="bottom" width="1%">
<p style="MARGIN: 0in 0in 0pt;"> </p></td>
<td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; WIDTH: 1.3%; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 2.25pt double;" valign="bottom" width="1%">
<p style="MARGIN: 0in 0in 0pt;"><font style="FONT-SIZE: 7pt; FONT-FAMILY: Times New Roman;" size="1">$</font></p></td>
<td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; WIDTH: 7.2%; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 2.25pt double;" valign="bottom" width="7%">
<p style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right;" align="right"><font style="FONT-SIZE: 7pt; FONT-FAMILY: Times New Roman;" size="1">5,008,567</font></p></td>
<td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 1.5%; PADDING-TOP: 0in;" valign="bottom" width="1%">
<p style="MARGIN: 0in 0in 0pt;"> </p></td>
<td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; WIDTH: 8.5%; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 2.25pt double;" valign="bottom" width="8%">
<p style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right;" align="right"><font style="FONT-SIZE: 7pt; FONT-FAMILY: Times New Roman;" size="1">7.3</font></p></td>
<td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 2.25pt; WIDTH: 1.5%; PADDING-TOP: 0in;" valign="bottom" width="1%">
<p style="MARGIN: 0in 0in 0pt;"><font style="FONT-SIZE: 7pt; FONT-FAMILY: Times New Roman;" size="1">%</font></p></td>
<td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; WIDTH: 1.3%; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 2.25pt double;" valign="bottom" width="1%">
<p style="MARGIN: 0in 0in 0pt;"><font style="FONT-SIZE: 7pt; FONT-FAMILY: Times New Roman;" size="1">$</font></p></td>
<td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; WIDTH: 5.7%; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 2.25pt double;" valign="bottom" width="5%">
<p style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right;" align="right"><font style="FONT-SIZE: 7pt; FONT-FAMILY: Times New Roman;" size="1">4.69</font></p></td>
<td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 1%; PADDING-TOP: 0in;" valign="bottom" width="1%">
<p style="MARGIN: 0in 0in 0pt;"> </p></td></tr></table>
<div>
<p style="MARGIN: 0in 0in 0pt;"> </p></div>
<p style="MARGIN: 0in 0in 0pt 0.5in; TEXT-INDENT: -0.5in;"><font style="FONT-SIZE: 7pt; FONT-FAMILY: Times New Roman;" size="1">(1)</font><font style="FONT-SIZE: 3pt;" size="1">                                    </font> <font style="FONT-SIZE: 7pt;" size="1">Remaining lease term in years as of March 31, 2013, calculated on a weighted-average basis by annualized rental income.</font></p>
<p style="MARGIN: 0in 0in 0pt 0.5in; TEXT-INDENT: -0.5in;"><font style="FONT-SIZE: 7pt; FONT-FAMILY: Times New Roman;" size="1">(2)</font><font style="FONT-SIZE: 3pt;" size="1">                                    </font> <font style="FONT-SIZE: 7pt;" size="1">Base Purchase Price at 50% share. Purchase Price for 100% of the asset totals $19,687,500, excluding acquisition related costs. The Company is currently in the process of analyzing the fair value of the in-place leases; and consequently, no value has yet been assigned to the leases.  Therefore, the purchase price allocation is preliminary and subject to change.</font></p>
<p style="MARGIN: 0in 0in 0pt 0.5in; TEXT-INDENT: -0.5in;"><font style="FONT-SIZE: 7pt; FONT-FAMILY: Times New Roman;" size="1">(3)</font><font style="FONT-SIZE: 3pt;" size="1">                                    </font> <font style="FONT-SIZE: 7pt;" size="1">Capitalization rate based on projected net operating income during the period April 2013-March 2014, divided by the Base Purchase Price, excluding acquisition related costs.</font></p>
<p style="MARGIN: 0in 0in 0pt 0.5in; TEXT-INDENT: -0.5in;"><font style="FONT-SIZE: 7pt; FONT-FAMILY: Times New Roman;" size="1">(4)</font><font style="FONT-SIZE: 3pt;" size="1">                                    </font> <font style="FONT-SIZE: 7pt;" size="1">Annualized rental income as of March 31, 2013 for the property, as applicable, on a straight-line basis, which includes tenant concessions such as free rent, as applicable.</font></p></div>
1.00
19687500
0.50
<div style="font-size:10.0pt;font-family:Times New Roman;FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">
<table style="text-align:left;WIDTH: 693px; BORDER-COLLAPSE: collapse; TEXT-ALIGN: left;" cellspacing="0" cellpadding="0" width="693" border="0">
<tr style="padding:0;PADDING-RIGHT: 0px; PADDING-LEFT: 0px; PADDING-BOTTOM: 0px; PADDING-TOP: 0px;">
<td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 76.76%; PADDING-TOP: 0in;" valign="bottom" width="76%">
<p style="MARGIN: 0in 0in 0pt;"> </p></td>
<td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 3.74%; PADDING-TOP: 0in;" valign="bottom" width="3%">
<p style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center;" align="center"> </p></td>
<td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; WIDTH: 18%; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid;" valign="bottom" width="18%" colspan="2">
<p style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center;" align="center"><b><font style="FONT-WEIGHT: bold; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman;" size="1">March 31, 2013</font></b></p></td>
<td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 1.5%; PADDING-TOP: 0in;" valign="bottom" width="1%">
<p style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center;" align="center"> </p></td></tr>
<tr style="padding:0;PADDING-RIGHT: 0px; PADDING-LEFT: 0px; PADDING-BOTTOM: 0px; PADDING-TOP: 0px;">
<td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; WIDTH: 76.76%; PADDING-TOP: 0in;" valign="top" width="76%" bgcolor="#CCEEFF">
<p style="MARGIN: 0in 0in 0pt 10pt; TEXT-INDENT: -10pt;"><b><font style="FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;" size="2">Due to Advisor:</font></b></p></td>
<td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; WIDTH: 3.74%; PADDING-TOP: 0in;" valign="bottom" width="3%" bgcolor="#CCEEFF">
<p style="MARGIN: 0in 0in 0pt;"> </p></td>
<td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; WIDTH: 18%; PADDING-TOP: 0in; BORDER-BOTTOM: medium none;" valign="bottom" width="18%" bgcolor="#CCEEFF" colspan="2">
<p style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right;" align="right"> </p></td>
<td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; WIDTH: 1.5%; PADDING-TOP: 0in;" valign="bottom" width="1%" bgcolor="#CCEEFF">
<p style="MARGIN: 0in 0in 0pt;"> </p></td></tr>
<tr style="padding:0;PADDING-RIGHT: 0px; PADDING-LEFT: 0px; PADDING-BOTTOM: 0px; PADDING-TOP: 0px;">
<td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 76.76%; PADDING-TOP: 0in;" valign="top" width="76%">
<p style="MARGIN: 0in 0in 0pt 10pt; TEXT-INDENT: -10pt;"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;" size="2">Pre-break expenses (1)</font></p></td>
<td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 3.74%; PADDING-TOP: 0in;" valign="bottom" width="3%">
<p style="MARGIN: 0in 0in 0pt;"> </p></td>
<td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 1.44%; PADDING-TOP: 0in;" valign="bottom" width="1%">
<p style="MARGIN: 0in 0in 0pt;"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;" size="2">$</font></p></td>
<td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 16.56%; PADDING-TOP: 0in;" valign="bottom" width="16%">
<p style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right;" align="right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;" size="2">6,409,861</font></p></td>
<td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 1.5%; PADDING-TOP: 0in;" valign="bottom" width="1%">
<p style="MARGIN: 0in 0in 0pt;"> </p></td></tr>
<tr style="padding:0;PADDING-RIGHT: 0px; PADDING-LEFT: 0px; PADDING-BOTTOM: 0px; PADDING-TOP: 0px;">
<td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; WIDTH: 76.76%; PADDING-TOP: 0in;" valign="top" width="76%" bgcolor="#CCEEFF">
<p style="MARGIN: 0in 0in 0pt 10pt; TEXT-INDENT: -10pt;"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;" size="2">First quarter 2013 advisory fees (2)</font></p></td>
<td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; WIDTH: 3.74%; PADDING-TOP: 0in;" valign="bottom" width="3%" bgcolor="#CCEEFF">
<p style="MARGIN: 0in 0in 0pt;"> </p></td>
<td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; WIDTH: 18%; PADDING-TOP: 0in;" valign="bottom" width="18%" bgcolor="#CCEEFF" colspan="2">
<p style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right;" align="right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;" size="2">28,762</font></p></td>
<td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; WIDTH: 1.5%; PADDING-TOP: 0in;" valign="bottom" width="1%" bgcolor="#CCEEFF">
<p style="MARGIN: 0in 0in 0pt;"> </p></td></tr>
<tr style="padding:0;PADDING-RIGHT: 0px; PADDING-LEFT: 0px; PADDING-BOTTOM: 0px; PADDING-TOP: 0px;">
<td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 76.76%; PADDING-TOP: 0in;" valign="top" width="76%">
<p style="MARGIN: 0in 0in 0pt 10pt; TEXT-INDENT: -10pt;"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;" size="2">First quarter 2013 expense reimbursements (3)</font></p></td>
<td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 3.74%; PADDING-TOP: 0in;" valign="bottom" width="3%">
<p style="MARGIN: 0in 0in 0pt;"> </p></td>
<td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; WIDTH: 18%; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid;" valign="bottom" width="18%" colspan="2">
<p style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right;" align="right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;" size="2">400,926</font></p></td>
<td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 1.5%; PADDING-TOP: 0in;" valign="bottom" width="1%">
<p style="MARGIN: 0in 0in 0pt;"> </p></td></tr>
<tr style="padding:0;PADDING-RIGHT: 0px; PADDING-LEFT: 0px; PADDING-BOTTOM: 0px; PADDING-TOP: 0px;">
<td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; WIDTH: 76.76%; PADDING-TOP: 0in;" valign="top" width="76%" bgcolor="#CCEEFF">
<p style="MARGIN: 0in 0in 0pt 20pt; TEXT-INDENT: -10pt;"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;" size="2">Total due to advisor</font></p></td>
<td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; WIDTH: 3.74%; PADDING-TOP: 0in;" valign="bottom" width="3%" bgcolor="#CCEEFF">
<p style="MARGIN: 0in 0in 0pt;"> </p></td>
<td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; WIDTH: 1.44%; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 2.25pt double;" valign="bottom" width="1%" bgcolor="#CCEEFF">
<p style="MARGIN: 0in 0in 0pt;"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;" size="2">$</font></p></td>
<td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: windowtext 1pt solid; PADDING-LEFT: 0in; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; WIDTH: 16.56%; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 2.25pt double;" valign="bottom" width="16%" bgcolor="#CCEEFF">
<p style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right;" align="right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;" size="2">6,839,549</font></p></td>
<td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; WIDTH: 1.5%; PADDING-TOP: 0in;" valign="bottom" width="1%" bgcolor="#CCEEFF">
<p style="MARGIN: 0in 0in 0pt;"> </p></td></tr></table>
<div>
<p style="MARGIN: 0in 0in 0pt;"> </p></div>
<p style="MARGIN: 0in 0in 0pt 0.5in; TEXT-INDENT: -0.25in;"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;" size="2">(1)</font><font style="FONT-SIZE: 3pt;" size="1">        </font> <font style="FONT-SIZE: 10pt;" size="2">The Advisor and Dealer Manager have agreed to fund the Company’s organization and offering expenses (other than selling commissions, dealer manager fees and distribution fees) and operating expenses through October 31, 2012, the day the Company’s escrow period concluded. The Company will reimburse the Advisor and the Dealer Manager for such expenses ratably on a monthly basis over the period from November 1, 2013 through October 31, 2017.</font></p>
<p style="MARGIN: 0in 0in 0pt 0.5in; TEXT-INDENT: -0.25in;"> </p>
<p style="MARGIN: 0in 0in 0pt 0.5in; TEXT-INDENT: -0.25in;"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;" size="2">(2)</font><font style="FONT-SIZE: 3pt;" size="1">        </font> <font style="FONT-SIZE: 10pt;" size="2">The Company pays the Advisor an advisory fee equal to a fixed component that accrues daily in an amount equal to 1/365th of 0.90% of the Company’s NAV for each class for such day. The fixed component of the advisory fee is payable quarterly in arrears.</font></p>
<p style="MARGIN: 0in 0in 0pt 0.5in; TEXT-INDENT: -0.25in;"> </p>
<p style="MARGIN: 0in 0in 0pt 0.5in; TEXT-INDENT: -0.25in;"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;" size="2">(3)</font><font style="FONT-SIZE: 3pt;" size="1">        </font> <font style="FONT-SIZE: 10pt;" size="2">The Company will reimburse the Advisor for all expenses paid or incurred by the Advisor in connection with the services provided to the Company, subject to the limitation that the Company will not reimburse the Advisor for any amount by which its operating expenses (including the advisory fee) at the end of the four preceding fiscal quarters exceed the greater of: (1) 2% of its average invested assets; or (2) 25% of its net income determined without reduction for any additions to reserves for depreciation, bad debts or other similar non-cash reserves and excluding any gain from the sale of the Company’s assets for that period. Notwithstanding the above, the Company may reimburse the Advisor for expenses in excess of this limitation if a majority of the independent directors determines that such excess expenses are justified based on unusual and non-recurring factors. All outstanding amounts that were payable at December 31, 2012 had been reimbursed to the Advisor during the first quarter of 2013.</font></p></div>
<div style="font-size:10.0pt;font-family:Times New Roman;FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">
<table style="text-align:left;WIDTH: 545px; BORDER-COLLAPSE: collapse; TEXT-ALIGN: left;" cellspacing="0" cellpadding="0" width="545" border="0">
<tr style="padding:0;PADDING-RIGHT: 0px; PADDING-LEFT: 0px; PADDING-BOTTOM: 0px; PADDING-TOP: 0px;">
<td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 70.94%; PADDING-TOP: 0in;" valign="bottom" width="70%">
<p style="MARGIN: 0in 0in 0pt;"> </p></td>
<td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 4.68%; PADDING-TOP: 0in;" valign="bottom" width="4%">
<p style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center;" align="center"> </p></td>
<td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; WIDTH: 22.5%; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid;" valign="bottom" width="22%" colspan="2">
<p style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center;" align="center"><b><font style="FONT-WEIGHT: bold; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman;" size="1">March 31, 2013</font></b></p></td>
<td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 1.88%; PADDING-TOP: 0in;" valign="bottom" width="1%">
<p style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center;" align="center"> </p></td></tr>
<tr style="padding:0;PADDING-RIGHT: 0px; PADDING-LEFT: 0px; PADDING-BOTTOM: 0px; PADDING-TOP: 0px;">
<td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; WIDTH: 70.94%; PADDING-TOP: 0in;" valign="top" width="70%" bgcolor="#CCEEFF">
<p style="MARGIN: 0in 0in 0pt 10pt; TEXT-INDENT: -10pt;"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;" size="2">Fourth quarter 2012</font></p></td>
<td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; WIDTH: 4.68%; PADDING-TOP: 0in;" valign="bottom" width="4%" bgcolor="#CCEEFF">
<p style="MARGIN: 0in 0in 0pt;"> </p></td>
<td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; WIDTH: 1.46%; PADDING-TOP: 0in; BORDER-BOTTOM: medium none;" valign="bottom" width="1%" bgcolor="#CCEEFF">
<p style="MARGIN: 0in 0in 0pt;"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;" size="2">$</font></p></td>
<td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: windowtext 1pt solid; PADDING-LEFT: 0in; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; WIDTH: 21.04%; PADDING-TOP: 0in; BORDER-BOTTOM: medium none;" valign="bottom" width="21%" bgcolor="#CCEEFF">
<p style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right;" align="right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;" size="2">475,484</font></p></td>
<td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; WIDTH: 1.88%; PADDING-TOP: 0in;" valign="bottom" width="1%" bgcolor="#CCEEFF">
<p style="MARGIN: 0in 0in 0pt;"> </p></td></tr>
<tr style="padding:0;PADDING-RIGHT: 0px; PADDING-LEFT: 0px; PADDING-BOTTOM: 0px; PADDING-TOP: 0px;">
<td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 70.94%; PADDING-TOP: 0in;" valign="top" width="70%">
<p style="MARGIN: 0in 0in 0pt 10pt; TEXT-INDENT: -10pt;"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;" size="2">First quarter 2013</font></p></td>
<td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 4.68%; PADDING-TOP: 0in;" valign="bottom" width="4%">
<p style="MARGIN: 0in 0in 0pt;"> </p></td>
<td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; WIDTH: 22.5%; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid;" valign="bottom" width="22%" colspan="2">
<p style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right;" align="right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;" size="2">884,000</font></p></td>
<td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 1.88%; PADDING-TOP: 0in;" valign="bottom" width="1%">
<p style="MARGIN: 0in 0in 0pt;"> </p></td></tr>
<tr style="padding:0;PADDING-RIGHT: 0px; PADDING-LEFT: 0px; PADDING-BOTTOM: 0px; PADDING-TOP: 0px;">
<td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; WIDTH: 70.94%; PADDING-TOP: 0in;" valign="top" width="70%" bgcolor="#CCEEFF">
<p style="MARGIN: 0in 0in 0pt 20pt; TEXT-INDENT: -10pt;"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;" size="2">Total expense support</font></p></td>
<td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; WIDTH: 4.68%; PADDING-TOP: 0in;" valign="bottom" width="4%" bgcolor="#CCEEFF">
<p style="MARGIN: 0in 0in 0pt;"> </p></td>
<td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; WIDTH: 1.46%; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 2.25pt double;" valign="bottom" width="1%" bgcolor="#CCEEFF">
<p style="MARGIN: 0in 0in 0pt;"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;" size="2">$</font></p></td>
<td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: windowtext 1pt solid; PADDING-LEFT: 0in; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; WIDTH: 21.04%; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 2.25pt double;" valign="bottom" width="21%" bgcolor="#CCEEFF">
<p style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right;" align="right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;" size="2">1,359,484</font></p></td>
<td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; WIDTH: 1.88%; PADDING-TOP: 0in;" valign="bottom" width="1%" bgcolor="#CCEEFF">
<p style="MARGIN: 0in 0in 0pt;"> </p></td></tr></table></div>
6409861
28762
400926
6839549
884000
475484
1359484
0.15
10.17
10.17
475484
884000
476877
888792
0
493289000
421006000
72283000
15863
0.14
7081831
5008567
<div style="font-size:10.0pt;font-family:Times New Roman;FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">
<table style="text-align:left;WIDTH: 680px; BORDER-COLLAPSE: collapse; TEXT-ALIGN: left;" cellspacing="0" cellpadding="0" width="680" border="0">
<tr style="padding:0;PADDING-RIGHT: 0px; PADDING-LEFT: 0px; PADDING-BOTTOM: 0px; PADDING-TOP: 0px;">
<td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 70.24%; PADDING-TOP: 0in;" valign="bottom" width="70%">
<p style="MARGIN: 0in 0in 0pt;"> </p></td>
<td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 3.4%; PADDING-TOP: 0in;" valign="bottom" width="3%">
<p style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center;" align="center"> </p></td>
<td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; WIDTH: 25%; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid;" valign="bottom" width="25%" colspan="2">
<p style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center;" align="center"><b><font style="FONT-WEIGHT: bold; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman;" size="1">Three Months</font></b><b><font style="FONT-WEIGHT: bold; FONT-SIZE: 8pt;" size="1"><br /></font></b><b><font style="FONT-WEIGHT: bold; FONT-SIZE: 8pt;" size="1">ended March 31, 2013</font></b></p></td>
<td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 1.36%; PADDING-TOP: 0in;" valign="bottom" width="1%">
<p style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center;" align="center"> </p></td></tr>
<tr style="padding:0;PADDING-RIGHT: 0px; PADDING-LEFT: 0px; PADDING-BOTTOM: 0px; PADDING-TOP: 0px;">
<td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; WIDTH: 70.24%; PADDING-TOP: 0in;" valign="top" width="70%" bgcolor="#CCEEFF">
<p style="MARGIN: 0in 0in 0pt 10pt; TEXT-INDENT: -10pt;"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;" size="2">Operating Data:</font></p></td>
<td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; WIDTH: 3.4%; PADDING-TOP: 0in;" valign="bottom" width="3%" bgcolor="#CCEEFF">
<p style="MARGIN: 0in 0in 0pt;"> </p></td>
<td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; WIDTH: 25%; PADDING-TOP: 0in; BORDER-BOTTOM: medium none;" valign="bottom" width="25%" bgcolor="#CCEEFF" colspan="2">
<p style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right;" align="right"> </p></td>
<td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; WIDTH: 1.36%; PADDING-TOP: 0in;" valign="bottom" width="1%" bgcolor="#CCEEFF">
<p style="MARGIN: 0in 0in 0pt;"> </p></td></tr>
<tr style="padding:0;PADDING-RIGHT: 0px; PADDING-LEFT: 0px; PADDING-BOTTOM: 0px; PADDING-TOP: 0px;">
<td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 70.24%; PADDING-TOP: 0in;" valign="top" width="70%">
<p style="MARGIN: 0in 0in 0pt 20pt; TEXT-INDENT: -10pt;"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;" size="2">Total revenue</font></p></td>
<td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 3.4%; PADDING-TOP: 0in;" valign="bottom" width="3%">
<p style="MARGIN: 0in 0in 0pt;"> </p></td>
<td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 1.3%; PADDING-TOP: 0in;" valign="bottom" width="1%">
<p style="MARGIN: 0in 0in 0pt;"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;" size="2">$</font></p></td>
<td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 23.7%; PADDING-TOP: 0in;" valign="bottom" width="23%">
<p style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right;" align="right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;" size="2">493,289</font></p></td>
<td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 1.36%; PADDING-TOP: 0in;" valign="bottom" width="1%">
<p style="MARGIN: 0in 0in 0pt;"> </p></td></tr>
<tr style="padding:0;PADDING-RIGHT: 0px; PADDING-LEFT: 0px; PADDING-BOTTOM: 0px; PADDING-TOP: 0px;">
<td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; WIDTH: 70.24%; PADDING-TOP: 0in;" valign="top" width="70%" bgcolor="#CCEEFF">
<p style="MARGIN: 0in 0in 0pt 20pt; TEXT-INDENT: -10pt;"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;" size="2">Total expenses</font></p></td>
<td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; WIDTH: 3.4%; PADDING-TOP: 0in;" valign="bottom" width="3%" bgcolor="#CCEEFF">
<p style="MARGIN: 0in 0in 0pt;"> </p></td>
<td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; WIDTH: 1.3%; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid;" valign="bottom" width="1%" bgcolor="#CCEEFF">
<p style="MARGIN: 0in 0in 0pt;"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;" size="2">$</font></p></td>
<td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; WIDTH: 23.7%; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 1pt solid;" valign="bottom" width="23%" bgcolor="#CCEEFF">
<p style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right;" align="right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;" size="2">421,006</font></p></td>
<td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; BACKGROUND: #cceeff; PADDING-BOTTOM: 0in; WIDTH: 1.36%; PADDING-TOP: 0in;" valign="bottom" width="1%" bgcolor="#CCEEFF">
<p style="MARGIN: 0in 0in 0pt;"> </p></td></tr>
<tr style="padding:0;PADDING-RIGHT: 0px; PADDING-LEFT: 0px; PADDING-BOTTOM: 0px; PADDING-TOP: 0px;">
<td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 70.24%; PADDING-TOP: 0in;" valign="top" width="70%">
<p style="MARGIN: 0in 0in 0pt 20pt; TEXT-INDENT: -10pt;"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;" size="2">Net income</font></p></td>
<td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 3.4%; PADDING-TOP: 0in;" valign="bottom" width="3%">
<p style="MARGIN: 0in 0in 0pt;"> </p></td>
<td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; WIDTH: 1.3%; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 2.25pt double;" valign="bottom" width="1%">
<p style="MARGIN: 0in 0in 0pt;"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;" size="2">$</font></p></td>
<td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0in; BORDER-TOP: medium none; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; WIDTH: 23.7%; PADDING-TOP: 0in; BORDER-BOTTOM: windowtext 2.25pt double;" valign="bottom" width="23%">
<p style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right;" align="right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;" size="2">72,283</font></p></td>
<td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; WIDTH: 1.36%; PADDING-TOP: 0in;" valign="bottom" width="1%">
<p style="MARGIN: 0in 0in 0pt;"> </p></td></tr></table></div>
0.1398
0.1398