Table of Contents
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 10-K
ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(D)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the Fiscal Year Ended December 31, 2014
Commission File Number 1-13374
REALTY INCOME CORPORATION
(Exact name of registrant as specified in its charter)
Maryland
33-0580106
(State or Other Jurisdiction of
(IRS Employer
Incorporation or Organization)
Identification Number)
11995 El Camino Real, San Diego, California, 92130
(Address of Principal Executive Offices)
Registrant’s telephone number, including area code: (858) 284-5000
Securities registered pursuant to Section 12 (b) of the Act:
Title of Each Class
Name of Each Exchange On Which Registered
Common Stock, $0.01 Par Value
Class F Preferred Stock, $0.01 Par Value
New York Stock Exchange
Securities registered pursuant to Section 12 (g) of the Act: None
Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. YES x NO o
Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. YES o NO x
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15 (d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. YES x NO o
Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Website, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). YES x NO o
Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K (§229.405 of this chapter) is not contained herein, and will not be contained, to the best of registrant’s knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K. x
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer x Accelerated filer o Non-accelerated filer o Smaller reporting company o
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). YES o NO x
At June 30, 2014, the aggregate market value of the Registrant’s shares of common stock, $0.01 par value, held by non-affiliates of the Registrant was $9.8 billion based upon the last reported sale price of $44.42 per share on the New York Stock Exchange on June 30, 2014, the last business day of the Registrant’s most recently completed second fiscal quarter.
At January 31, 2015, the number of shares of common stock outstanding was 225,043,990 and the number of shares of Class F Cumulative Redeemable Preferred Stock outstanding was 16,350,000.
DOCUMENTS INCORPORATED BY REFERENCE
Part III, Items 10, 11, 12, 13, and 14 incorporate by reference certain specific portions of the definitive Proxy Statement for Realty Income Corporation’s Annual Meeting to be held on May 12, 2015, to be filed pursuant to Regulation 14A. Only those portions of the proxy statement which are specifically incorporated by reference herein shall constitute a part of this annual report.
Index to Form 10-K
PART I
Page
Item 1:
Business
The Company
2
Recent Developments
3
Dividend Policy
6
Business Philosophy and Strategy
7
Property Portfolio Information
13
Forward-Looking Statements
20
Item 1A:
Risk Factors
Item 1B:
Unresolved Staff Comments
30
Item 2:
Properties
Item 3:
Legal Proceedings
31
Item 4:
Mine Safety Disclosures
PART II
Item 5:
Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities
Item 6:
Selected Financial Data
32
Item 7:
Management’s Discussion and Analysis of Financial Condition and Results of Operations
General
33
Liquidity and Capital Resources
Results of Operations
40
Funds from Operations Available to Common Stockholders (FFO)
45
Adjusted Funds from Operations Available to Common Stockholders (AFFO)
47
Impact of Inflation
48
Impact of Recent Accounting Pronouncements
Item 7A:
Quantitative and Qualitative Disclosures About Market Risk
Item 8:
Financial Statements and Supplementary Data
50
Item 9:
Changes in and Disagreements with Accountants on Accounting and Financial Disclosure
80
Item 9A:
Controls and Procedures
Item 9B:
Other Information
81
PART III
Item 10:
Directors, Executive Officers and Corporate Governance
Item 11:
Executive Compensation
Item 12:
Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters
Item 13:
Certain Relationships, Related Transactions and Director Independence
Item 14:
Principal Accounting Fees and Services
PART IV
Item 15:
Exhibits and Financial Statement Schedules
82
SIGNATURES
88
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Item 1: Business
THE COMPANY
Realty Income, The Monthly Dividend Company®, is a publicly traded real estate company with the primary business objective of generating dependable monthly cash dividends from a consistent and predictable level of cash flow from operations. Our monthly dividends are supported by the cash flow from our property portfolio. We have in-house acquisition, portfolio management, asset management, credit research, real estate research, legal, finance and accounting, information technology, and capital markets capabilities. Over the past 46 years, Realty Income has been acquiring and managing freestanding commercial properties that generate rental revenue under long-term net lease agreements.
Realty Income (NYSE: O) was founded in 1969, and listed in 1994 on the New York Stock Exchange, or NYSE. We elected to be taxed as a real estate investment trust, or REIT, requiring us to distribute dividends to our stockholders aggregating at least 90% of our taxable income (excluding net capital gains).
We seek to increase earnings and distributions to stockholders, through active portfolio management, asset management and the acquisition of additional properties.
Generally, our portfolio and asset management efforts seek to achieve:
· Contractual rent increases on existing leases;
· Rent increases at the termination of existing leases, when market conditions permit;
· Active management of our property portfolio, including re-leasing vacant properties, and selectively selling properties thereby mitigating our exposure to certain tenants and markets;
· Maximized asset-level returns on sold properties;
· Optimized value on existing portfolio by enhancing individual properties, pursuing alternative uses, and deriving ancillary revenue; and
· Investment opportunities in new asset classes for the portfolio.
At December 31, 2014, we owned a diversified portfolio:
· Of 4,327 properties;
· With an occupancy rate of 98.4%, or 4,257 properties leased and 70 properties available for lease;
· Leased to 234 different commercial tenants doing business in 47 separate industries;
· Located in 49 states and Puerto Rico;
· With over 70.7 million square feet of leasable space; and
· With an average leasable space per property of approximately 16,350 square feet, including approximately 11,290 square feet per retail property and 196,800 square feet per industrial and distribution property.
Of the 4,327 properties in the portfolio, 4,308, or 99.6%, are single-tenant properties, and the remaining nineteen are multi-tenant properties. At December 31, 2014, of the 4,308 single-tenant properties, 4,238 were leased with a weighted average remaining lease term (excluding rights to extend a lease at the option of the tenant) of approximately 10.2 years.
Our nine senior officers owned 0.3% of our outstanding common stock with a market value of $31.1 million at January 31, 2015. Our directors and nine senior officers, as a group, owned 0.4% of our outstanding common stock with a market value of $46.4 million at January 31, 2015.
Our common stock is listed on the NYSE under the ticker symbol “O” with a CUSIP number of 756109-104. Our central index key number is 726728.
Our 6.625% Monthly Income Class F Cumulative Redeemable Preferred Stock, or the Class F preferred stock, is listed on the NYSE under the ticker symbol “OprF” with a CUSIP number of 756109-807.
In January 2015, we had 125 employees, as compared to 116 employees in January 2014.
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We maintain a corporate website at www.realtyincome.com. On our website we make available, free of charge, copies of our annual report on Form 10-K, quarterly reports on Form 10-Q, Form 3s, Form 4s, Form 5s, current reports on Form 8-K, and amendments to those reports, as soon as reasonably practicable after we electronically file these reports with the Securities and Exchange Commission, or SEC. None of the information on our website is deemed to be part of this report.
RECENT DEVELOPMENTS
Increases in Monthly Dividends to Common Stockholders
We have continued our 46-year policy of paying monthly dividends. In addition, we increased the dividend four times during 2014, and two times during 2015. As of February 2015, we have paid 69 consecutive quarterly dividend increases and increased the dividend 79 times since our listing on the NYSE in 1994.
Month
Dividend
Increase
2014 Dividend increases
Declared
Paid
per share
1st increase
Dec 2013
Jan 2014
$ 0.1821667
$ 0.0003125
2nd increase
Mar 2014
Apr 2014
0.1824792
0.0003125
3rd increase
Jun 2014
Jul 2014
0.1827917
4th increase
Sep 2014
Oct 2014
0.1831042
2015 Dividend increases
Dec 2014
Jan 2015
$ 0.1834167
Feb 2015
0.189
0.0055833
The dividends paid per share during 2014 as compared to 2013 increased 2.1%. The 2014 dividends paid per share totaled $2.1916254, as compared to $2.1474587 in 2013, an increase of $0.0441667.
The monthly dividend of $0.189 per share represents a current annualized dividend of $2.268 per share, and an annualized dividend yield of approximately 4.2% based on the last reported sale price of our common stock on the NYSE of $54.31 on January 31, 2015. Although we expect to continue our policy of paying monthly dividends, we cannot guarantee that we will maintain our current level of dividends, that we will continue our pattern of increasing dividends per share, or what our actual dividend yield will be in any future period.
Acquisitions during 2014
During 2014, we invested $1.4 billion in 506 new properties and properties under development or expansion, with an initial weighted average contractual lease rate of 7.1%. The 506 new properties and properties under development or expansion are located in 42 states, will contain approximately 9.8 million leasable square feet, and are 100% leased with a weighted average lease term of 12.8 years. The tenants occupying the new properties operate in 32 industries and the property types consist of 85.7% retail, 6.6% industrial and distribution, 6.4% office, and 1.3% manufacturing, based on rental revenue. During 2014, none of our real estate investments caused any one tenant to be 10.0% or more of our total assets at December 31, 2014.
The estimated initial weighted average contractual lease rate for a property is generally computed as estimated contractual net operating income, which, in the case of a net leased property, is equal to the aggregate base rent under the lease for the first full year of each lease, divided by the total cost of the property. Since it is possible that a tenant could default on the payment of contractual rent, we cannot provide assurance that the actual return on the funds invested will remain at the percentages listed above.
In the case of a property under development or expansion, the contractual lease rate is generally fixed such that rent varies based on the actual total investment in order to provide a fixed rate of return. When the lease does not provide for a fixed rate of return on a property under development or expansion, the estimated initial weighted average contractual lease rate is computed as follows: estimated net operating income (determined by the lease) for the first full year of each lease, divided by our projected total investment in the property, including land, construction and capitalized interest costs. Of the $1.4 billion we invested during 2014, $81.9 million was invested in 40 properties under development or expansion with an estimated initial weighted average contractual lease rate of 8.4%. We may continue to pursue development or expansion opportunities under similar arrangements in the future.
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Portfolio Discussion
Leasing Results
At December 31, 2014, we had 70 properties available for lease out of 4,327 properties in our portfolio, which represents a 98.4% occupancy rate. Since December 31, 2013, when we reported 70 properties available for lease out of 3,896 and a 98.2% occupancy rate, we:
· Had 220 lease expirations;
· Re-leased 203 properties; and
· Sold 17 vacant properties.
Of the 203 properties re-leased during 2014, 173 properties were re-leased to existing tenants, nine were re-leased to new tenants without vacancy, and 21 were re-leased to new tenants after a period of vacancy. The annual rent on these 203 leases was $33.9 million, as compared to the previous rent on these same properties of $34.2 million.
At December 31, 2014, our average annualized rental revenue was approximately $13.07 per square foot on the 4,257 leased properties in our portfolio. At December 31, 2014, we classified eight properties with a carrying amount of $14.8 million as held for sale on our balance sheet. The disposal of these properties does not represent a strategic shift that will have a major effect on our operations and financial results.
Investments in Existing Properties
In 2014, we capitalized costs of $6.0 million on existing properties in our portfolio, consisting of $821,000 for re-leasing costs and $5.2 million for building and tenant improvements. In 2013, we capitalized costs of $8.5 million on existing properties in our portfolio, consisting of $1.3 million for re-leasing costs and $7.2 million for building and tenant improvements.
As part of our re-leasing costs, we typically pay leasing commissions and sometimes provide tenant rent concessions. Leasing commissions are paid based on the commercial real estate industry standard and any rent concessions provided are minimal. We do not consider the collective impact of the leasing commissions or tenant rent concessions to be material to our financial position or results of operations.
The majority of our building and tenant improvements relate to roof repairs, HVAC improvements, and parking lot resurfacing and replacements. It is not customary for us to offer significant tenant improvements on our properties as tenant incentives. The amounts of our capital expenditures can vary significantly, depending on the rental market, tenant credit worthiness, the lease term and the willingness of tenants to pay higher rents over the terms of the leases.
Note Issuance
In September 2014, we issued $250 million of 4.125% senior unsecured notes due October 2026, or the 2026 Notes. The price to the investors for the 2026 Notes was 99.499% of the principal amount for an effective yield of 4.178% per annum. A portion of the total net proceeds of approximately $246.4 million from this offering was used to repay all outstanding borrowings under our acquisition credit facility, and the remaining proceeds were used for other general corporate purposes and working capital, including additional property acquisitions.
In June 2014, we issued $350 million of 3.875% senior unsecured notes due July 2024, or the 2024 Notes. The price to the investors for the 2024 Notes was 99.956% of the principal amount for an effective yield of 3.88% per annum. The total net proceeds of approximately $346.7 million from this offering were used to repay a portion of the outstanding borrowings under our acquisition credit facility.
Redemption of Preferred Stock
In October 2014, we redeemed all 8,800,000 shares of our 6.75% Monthly Income Class E Cumulative Redeemable Preferred Stock, or the Class E preferred stock, for $25.00 per share, plus accrued dividends. We incurred a non-cash charge of $6.0 million. This charge is for the excess of redemption value over the carrying value of the Class E preferred stock and represents the original issuance cost that was paid in 2006.
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Issuance of Common Stock
In April 2014, we issued 13,800,000 shares of common stock, including 1,800,000 shares purchased by the underwriters upon the exercise of their option to purchase additional shares. After underwriting discounts and other offering costs of $22.8 million, the net proceeds of $528.6 million were used to repay borrowings under our acquisition credit facility.
Modifications to Compensation Program
In April 2014, the Compensation Committee of the Board of Directors made modifications to the existing compensation program. The modified compensation program now consists of distinct short-term and long-term incentive plans based on separate metrics. The redesigned short-term incentive plan includes a mix of cash and equity awards. Under the long-term incentive plan, awards are granted in performance-vesting equity awards, which vest based strictly on achieving future performance goals. With respect to the performance based restricted shares, the award is based on objective performance metrics and determined primarily by relative stockholder return metrics with a smaller component based on balance sheet metrics. As part of this new program, the Compensation Committee of the Board of Directors granted performance-vesting shares with an approximate grant date fair value of $3.0 million to our executive officers in April 2014.
Dividend Reinvestment and Stock Purchase Plan
In March 2011, we established a Dividend Reinvestment and Stock Purchase Plan, or the DRSPP, to provide our common stockholders, as well as new investors, with a convenient and economical method of purchasing our common stock and reinvesting their distributions. The DRSPP also allows our current stockholders to buy additional shares of common stock by reinvesting all or a portion of their distributions. The DRSPP authorizes up to 6,000,000 common shares to be issued. During 2014, we issued 3,527,166 shares and raised approximately $158.5 million under the DRSPP.
Net Income Available to Common Stockholders
Net income available to common stockholders was $227.6 million in 2014, compared to $203.6 million in 2013, an increase of $24.0 million. On a diluted per common share basis, net income was $1.04 in 2014, as compared to $1.06 in 2013, a decrease of $0.02, or 1.9%. Net income available to common stockholders for 2014 includes a non-cash redemption charge of $6.0 million on the shares of Class E preferred stock that were redeemed in October 2014, which represents $0.03 on a diluted per common share basis. This charge is for the excess of redemption value over the carrying value of the Class E preferred stock and represents the original issuance cost that was paid in 2006. Net income available to common stockholders for 2013 was impacted by an unusually large gain on property sales, which represents $0.18 on a diluted per common share basis. Additionally, net income available to common stockholders for 2013 includes $13.0 million of merger-related costs for the acquisition of American Realty Capital Trust Inc., or ARCT, which represents $0.07 on a diluted per common share basis, and $3.7 million for accelerated vesting of restricted shares that occurred in July 2013 from ten-year vesting to five years, which represents $0.02 on a diluted per common share basis.
The calculation to determine net income available to common stockholders includes gains from the sale of properties. The amount of gains varies from period to period based on the timing of property sales and can significantly impact net income available to common stockholders.
Gains from the sale of properties during 2014 were $42.1 million, as compared to gains from the sale of properties of $64.7 million during 2013.
In 2014, our FFO increased by $100.9 million, or 21.8%, to $562.9 million versus $462.0 million in 2013. On a diluted per common share basis, FFO was $2.58 in 2014, compared to $2.41 in 2013, an increase of $0.17, or 7.1%. FFO in 2014 includes a non-cash redemption charge of $6.0 million on the shares of Class E preferred stock that were redeemed in October 2014, which represents $0.03 on a diluted per common share basis. This charge is for the excess of redemption value over the carrying value of the Class E preferred stock and represents the original issuance cost that was paid in 2006. FFO in 2013 was normalized to exclude $13.0 million of merger-related costs, which represents $0.07 on a diluted per common share basis. FFO for 2013 includes $3.7 million for accelerated vesting of restricted shares that occurred in July 2013 from ten-year vesting to five years, which represents $0.02 on a diluted per common share basis. All references to FFO for 2013 reflect the adjustments for merger-related costs for the acquisition of ARCT.
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See our discussion of FFO (which is not a financial measure under U.S. generally accepted accounting principles, or GAAP), in the section entitled “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in this annual report, which includes a reconciliation of net income available to common stockholders to FFO.
In 2014, our AFFO increased by $98.6 million, or 21.3%, to $561.7 million versus $463.1 million in 2013. On a diluted per common share basis, AFFO was $2.57 in 2014, compared to $2.41 in 2013, an increase of $0.16, or 6.6%.
See our discussion of AFFO (which is not a financial measure under GAAP), in the section entitled “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in this annual report, which includes a reconciliation of net income available to common stockholders to FFO and AFFO.
DIVIDEND POLICY
Distributions are paid monthly to holders of shares of our common stock and Class F preferred stock if, and when, declared by our Board of Directors.
Distributions are paid monthly to the limited partners holding common units of Tau Operating Partnership, L.P. and Realty Income, L.P., each on a per unit basis that is generally equal to the amount paid per share to our common stockholders.
In order to maintain our status as a REIT for federal income tax purposes, we generally are required to distribute dividends to our stockholders aggregating annually at least 90% of our taxable income (excluding net capital gains), and we are subject to income tax to the extent we distribute less than 100% of our taxable income (including net capital gains). In 2014, our cash distributions to preferred and common stockholders totaled $519.1 million, or approximately 154.6% of our estimated taxable income of $335.7 million. Our estimated taxable income reflects non-cash deductions for depreciation and amortization. Our estimated taxable income is presented to show our compliance with REIT dividend requirements and is not a measure of our liquidity or operating performance. We intend to continue to make distributions to our stockholders that are sufficient to meet this dividend requirement and that will reduce or eliminate our exposure to income taxes. Furthermore, we believe our funds from operations are more than sufficient to support our current level of cash distributions to our stockholders. Our 2014 cash distributions to common stockholders totaled $479.3 million, representing 85.3% of our adjusted funds from operations available to common stockholders of $561.7 million.
The Class F preferred stockholders receive cumulative distributions at a rate of 6.625% per annum on the $25.00 per share liquidation preference (equivalent to $1.65625 per annum per share). Dividends on our Class F preferred stock are current.
Future distributions will be at the discretion of our Board of Directors and will depend on, among other things, our results of operations, FFO, AFFO, cash flow from operations, financial condition, capital requirements, the annual distribution requirements under the REIT provisions of the Internal Revenue Code of 1986, as amended, or the Code, our debt service requirements, and any other factors the Board of Directors may deem relevant. In addition, our credit facility contains financial covenants that could limit the amount of distributions payable by us in the event of a default, and which prohibit the payment of distributions on the common or preferred stock in the event that we fail to pay when due (subject to any applicable grace period) any principal or interest on borrowings under our credit facility.
Distributions of our current and accumulated earnings and profits for federal income tax purposes generally will be taxable to stockholders as ordinary income, except to the extent that we recognize capital gains and declare a capital gains dividend, or that such amounts constitute “qualified dividend income” subject to a reduced rate of tax. The maximum tax rate of non-corporate taxpayers for “qualified dividend income” is generally 20%. In general, dividends payable by REITs are not eligible for the reduced tax rate on qualified dividend income, except to the extent that certain holding requirements have been met with respect to the REIT’s stock and the REIT’s dividends are attributable to dividends received from certain taxable corporations (such as our taxable REIT subsidiaries) or to income that was subject to tax at the corporate or REIT level (for example, if we distribute taxable income that we retained and paid tax on in the prior taxable year).
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Distributions in excess of earnings and profits generally will first be treated as a non-taxable reduction in the stockholders’ basis in their stock, but not below zero. Distributions in excess of that basis generally will be taxable as a capital gain to stockholders who hold their shares as a capital asset. Approximately 24.8% of the distributions to our common stockholders, made or deemed to have been made in 2014, were classified as a return of capital for federal income tax purposes. We estimate that in 2015, between 20% and 35% of the distributions may be classified as a return of capital.
BUSINESS PHILOSOPHY AND STRATEGY
Investment Philosophy
We believe that owning an actively managed, diversified portfolio of commercial properties under long-term, net leases produces consistent and predictable income. Net leases typically require the tenant to be responsible for monthly rent and property operating expenses including property taxes, insurance, and maintenance. In addition, tenants of our properties typically pay rent increases based on: (1) increases in the consumer price index (typically subject to ceilings), (2) fixed increases, or (3) additional rent calculated as a percentage of the tenants’ gross sales above a specified level. We believe that a portfolio of properties under long-term net leases generally produces a more predictable income stream than many other types of real estate portfolios, while continuing to offer the potential for growth in rental income.
Diversification is also a key component of our investment philosophy. We believe that diversification of the portfolio by tenant, industry, geography, and, to a certain extent, property type leads to more predictable investment results for our shareholders by reducing vulnerability that can come with any single concentration. Our investment efforts have led to a diversified property portfolio that, as of December 31, 2014 consisted of 4,327 properties located in 49 states and Puerto Rico, leased to 234 different commercial tenants doing business in 47 industry segments. Each of the 47 industry segments, represented in our property portfolio, individually accounted for no more than 10.0% of our rental revenue for the quarter ended December 31, 2014. Since 1970, our occupancy rate at the end of each year has never been below 96%. However we cannot assure you that our future occupancy levels will continue to exceed 96%.
Investment Strategy
Our investment strategy is to act as a source of capital to regional and national tenants by acquiring and leasing back their real estate locations. When identifying new properties for investment, we generally focus on acquiring the real estate tenants consider important to the successful operation of their business. We generally seek to acquire real estate that has the following characteristics:
· Properties that are freestanding, commercially-zoned with a single tenant;
· Properties that are in significant markets or strategic locations critical to generating revenue for regional and national tenants (i.e. they need the property in which they operate in order to conduct their business);
· Properties that we deem to be profitable for the tenants and/or can generally be characterized as important to the operations of the company’s business;
· Properties that are located within attractive demographic areas relative to the business of our tenants, and have good visibility and easy access to major thoroughfares;
· Properties with real estate valuations that approximate replacement costs;
· Properties with rental or lease payments that approximate market rents; and
· Properties that can be purchased with the simultaneous execution or assumption of long-term, net lease agreements, offering both current income and the potential for future rent increases.
We seek to invest in industries in which several, well-organized, regional and national tenants are capturing market share through service, quality control, economies of scale, strong consumer brands, advertising, and the selection of prime locations. In addition, we frequently acquire large portfolios of single-tenant properties net leased to different tenants in a variety of industries. We have an internal team dedicated to sourcing such opportunities, often using our relationships with various tenants, owners/developers, and advisers to uncover and secure transactions. We also undertake thorough research and analysis to identify what we consider to be appropriate industries, tenants, and property locations for investment. This research expertise is instrumental to uncovering net lease opportunities in markets where we believe we can add value.
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In selecting potential investments, we look for tenants with the following attributes:
· Tenants with reliable and sustainable cash flow;
· Tenants with revenue and cash flow from multiple sources;
· Tenants that are willing to sign a long-term lease (10 or more years); and
· Tenants that are large owners and users of real estate.
From a retail perspective, our investment strategy is to target tenants that have a service, non-discretionary, and/or low-price-point component to their business. We believe these characteristics better position tenants to operate in a variety of economic conditions and to compete more effectively with internet retailers. As a result of the execution of this strategy, over 90% of our retail rental is derived from tenants with a service, non-discretionary, and/or low price point component to their business. From a non-retail perspective, we target industrial and distribution properties leased to Fortune 1000, primarily investment-grade-rated companies. We believe rental revenue generated from businesses with these characteristics is generally more durable and stable.
After applying this investment strategy, we pursue those transactions where we can achieve an attractive investment spread over our cost of capital and favorable risk-adjusted return.
Underwriting Strategy
We believe the principal financial obligations for most of our tenants typically include their bank and other debt, payment obligations to suppliers, and real estate lease obligations. Because we typically own the land and building in which a tenant conducts its business or which are critical to the tenant’s ability to generate revenue, we believe the risk of default on a tenant’s lease obligation is less than the tenant’s unsecured general obligations. It has been our experience that since tenants must retain their profitable and critical locations in order to survive; and in the event of reorganization, they are less likely to reject a lease for a profitable or critical location because this would terminate their right to use the property. Thus, as the property owner, we believe that we will fare better than unsecured creditors of the same tenant in the event of reorganization. If a property is rejected by the tenant during reorganization, we own the property and can either lease it to a new tenant or sell the property. In addition, we believe that the risk of default on real estate leases can be further mitigated by monitoring the performance of the tenants’ individual locations and considering whether to sell locations that are weaker performers.
In order to be considered for acquisition, properties must meet stringent investment and credit requirements. The properties must generate attractive current yields and the tenant must meet our credit criteria. We have established a four-part analysis that examines each potential investment based on:
· Industry, company, market conditions, and credit profile;
· Store profitability for retail locations, if profitability data is available;
· Overall real estate characteristics, including property value and comparative rental rates; and
· The importance of the real estate location to the operations of the tenants’ business.
Prior to entering into any transaction, our investment professionals, assisted by our research department, conduct a review of a tenant’s credit quality. The information reviewed may include reports and filings, including any public credit ratings, financial statements, debt and equity analyst reports, and reviews of corporate credit spreads, stock prices, market capitalization, and other financial metrics. We conduct additional due diligence, including additional financial reviews of the tenant and a more comprehensive review of the business segment and industry in which the tenant operates. We continue to monitor our tenants’ credit quality on an ongoing basis by reviewing the available information previously discussed, and providing summaries of these findings to management. We estimate that approximately 46% of our annualized rental revenue comes from properties leased to investment grade companies or their subsidiaries. At December 31, 2014, our top 20 tenants represent approximately 53% of our annualized revenue and nine of these tenants have investment grade credit ratings.
Asset Management Strategy
The active management of the property portfolio is an essential component of our long-term strategy. We continually monitor our portfolio for any changes that could affect the performance of the industries, tenants and locations in which we have invested. We also regularly analyze our portfolio with a view toward optimizing its returns and enhancing the credit quality of our portfolio.
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We regularly review and analyze:
· The performance of the various industries of our tenants;
· The operation, management, business planning, and financial condition of our tenants; and
· The quality of the underlying real estate locations.
We have an active asset management program that incorporates the sale of assets when we believe the reinvestment of the sale proceeds will:
· Generate higher returns;
· Enhance the credit quality of our real estate portfolio;
· Extend our average remaining lease term; or
· Decrease tenant or industry concentration.
At December 31, 2014, we classified real estate with a carrying amount of $14.8 million as held for sale on our balance sheet. In 2015, we intend to continue our active disposition efforts to further enhance our real estate portfolio and anticipate approximately $50 million in property sales for all of 2015. We intend to invest these proceeds into new property acquisitions, if there are attractive opportunities available. However, we cannot guarantee that we will sell properties during the next 12 months at our estimated values or be able to invest the property sale proceeds in new properties.
Capital Philosophy
Historically, we have met our long-term capital needs by issuing common stock, preferred stock, and long-term unsecured notes and bonds. Over the long term, we believe that common stock should be the majority of our capital structure. However, we may issue additional preferred stock or debt securities. We may issue common stock when we believe that our share price is at a level that allows for the proceeds of any offering to be accretively invested into additional properties. In addition, we may issue common stock to permanently finance properties that were financed by our credit facility or debt securities. However, we cannot assure you that we will have access to the capital markets at times and at terms that are acceptable to us.
Our primary cash obligations, for the current year and subsequent years, are included in the “Table of Obligations,” which is presented in the section entitled “Management’s Discussion and Analysis of Financial Condition and Results of Operations.” We expect to fund our operating expenses and other short-term liquidity requirements, including property acquisitions and development costs, payment of principal and interest on our outstanding indebtedness, property improvements, re-leasing costs, and cash distributions to common and preferred stockholders, primarily through cash provided by operating activities, borrowing on our $1.5 billion credit facility and occasionally through public securities offerings.
Conservative Capital Structure
We believe that our stockholders are best served by a conservative capital structure. Therefore, we seek to maintain a conservative debt level on our balance sheet and solid interest and fixed charge coverage ratios. At December 31, 2014, our total outstanding borrowings of senior unsecured notes and bonds, term loan, mortgages payable and credit facility borrowings were $4.93 billion, or approximately 30.6% of our total market capitalization of $16.11 billion.
We define our total market capitalization at December 31, 2014 as the sum of:
· Shares of our common stock outstanding of 224,881,192, plus total common units of 816,568, multiplied by the last reported sales price of our common stock on the NYSE of $47.71 per share on December 31, 2014, or $10.77 billion;
· Aggregate liquidation value (par value of $25.00 per share) of the Class F preferred stock of $408.8 million;
· Outstanding borrowings of $223.0 million on our credit facility;
· Outstanding mortgages payable of $836.0 million, excluding net mortgage premiums of $16.6 million;
· Outstanding borrowings of $70.0 million on our term loan; and
· Outstanding senior unsecured notes and bonds of $3.8 billion, excluding unamortized original issuance discounts of $14.6 million.
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Impact of Real Estate and Credit Markets
In the commercial real estate market, property prices generally continue to fluctuate. Likewise, during certain periods, the U.S. credit markets have experienced significant price volatility, dislocations, and liquidity disruptions, which may impact our access to and cost of capital. We continually monitor the commercial real estate and U.S. credit markets carefully and, if required, will make decisions to adjust our business strategy accordingly.
Universal Shelf Registration
In February 2013, we filed a shelf registration statement with the SEC, which is effective for a term of three years and will expire in February 2016. This replaces our prior shelf registration statement. In accordance with SEC rules, the amount of securities to be issued pursuant to this shelf registration statement was not specified when it was filed and there is no specific dollar limit. The securities covered by this registration statement include (1) common stock, (2) preferred stock, (3) debt securities, (4) depositary shares representing fractional interests in shares of preferred stock, (5) warrants to purchase debt securities, common stock, preferred stock, or depositary shares, and (6) any combination of these securities. We may periodically offer one or more of these securities in amounts, prices and on terms to be announced when and if these securities are offered. The specifics of any future offerings, along with the use of proceeds of any securities offered, will be described in detail in a prospectus supplement, or other offering materials, at the time of any offering.
$1.5 Billion Acquisition Credit Facility
We have a $1.5 billion unsecured acquisition credit facility with an initial term that expires in May 2016 and includes, at our election, a one-year extension option. Under this credit facility, our current investment grade credit ratings provide for financing at the London Interbank Offered Rate, commonly referred to as LIBOR, plus 1.075% with a facility commitment fee of 0.175%, for all-in drawn pricing of 1.25% over LIBOR. The borrowing rate is not subject to an interest rate floor or ceiling. We also have other interest rate options available to us under this credit facility. Our credit facility is unsecured and, accordingly, we have not pledged any assets as collateral for this obligation.
At December 31, 2014, we had a borrowing capacity of $1.28 billion available on our credit facility and an outstanding balance of $223.0 million. The interest rate on borrowings outstanding under our credit facility, at December 31, 2014, was 1.2% per annum. We must comply with various financial and other covenants in our credit facility. At December 31, 2014, we remain in compliance with these covenants. We expect to use our credit facility to acquire additional properties and for other corporate purposes. Any additional borrowings will increase our exposure to interest rate risk. We regularly review our credit facility and may seek to extend or replace our credit facility, to the extent we deem appropriate.
We generally use our credit facility for the short-term financing of new property acquisitions. Thereafter, when capital is available on acceptable terms, we generally seek to refinance those borrowings with the net proceeds of long-term or permanent financing, which may include the issuance of common stock, preferred stock, or debt securities. We cannot assure you, however, that we will be able to obtain any such refinancing, or that market conditions prevailing at the time of the refinancing will enable us to issue equity or debt securities upon acceptable terms.
Cash Reserves
We are organized to operate as an equity REIT that acquires and leases properties and distributes to stockholders, in the form of monthly cash distributions, a substantial portion of our net cash flow generated from leases on our properties. We intend to retain an appropriate amount of cash as working capital. At December 31, 2014, we had cash and cash equivalents totaling $3.9 million.
We believe that our cash and cash equivalents on hand, cash provided from operating activities, and borrowing capacity are sufficient to meet our liquidity needs for the next twelve months. We intend, however, to use permanent or long-term capital to fund property acquisitions and to repay future borrowings under our credit facility.
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Credit Agency Ratings
The borrowing interest rates under our credit facility are based upon our ratings assigned by credit rating agencies. We are currently assigned the following investment grade corporate credit ratings on our senior unsecured notes and bonds: Moody’s Investors Service has assigned a rating of Baa1 with a “stable” outlook, Standard & Poor’s Ratings Group has assigned a rating of BBB+ with a “stable” outlook to our senior notes, and Fitch Ratings has assigned a rating of BBB+ with a “stable” outlook.
Based on our current ratings, the current facility interest rate is LIBOR plus 1.075% with a facility commitment fee of 0.175%, for all-in drawn pricing of 1.25% basis points over LIBOR. The credit facility provides that the interest rate can range between: (i) LIBOR plus 1.85% if our credit rating is lower than BBB-/Baa3 and (ii) LIBOR plus 1.00% if our credit rating is A-/A3 or higher. In addition, our credit facility provides for a facility commitment fee based on our credit ratings, which range from: (i) 0.45% for a rating lower than BBB-/Baa3 and (ii) 0.15% for a credit rating of A-/A3 or higher.
We also issue senior debt securities from time to time and our credit ratings can impact the interest rates charged in those transactions. If our credit ratings or ratings outlook change, our cost to obtain debt financing could increase or decrease.
The credit ratings assigned to us could change based upon, among other things, our results of operations and financial condition. These ratings are subject to ongoing evaluation by credit rating agencies, and we cannot assure you that our ratings will not be changed or withdrawn by a rating agency in the future if, in its judgment, circumstances warrant. Moreover, a rating is not a recommendation to buy, sell, or hold our debt securities, preferred stock, or common stock.
Notes Outstanding
As of December 31, 2014, we had $3.8 billion of senior unsecured note and bond obligations, excluding unamortized original issuance discounts of $14.6 million. All of our outstanding notes and bonds have fixed interest rates. Interest on all of our senior note and bond obligations is paid semiannually.
Mortgage Debt
As of December 31, 2014, we had $836.0 million of mortgages payable, all of which were assumed in connection with our property acquisitions. Additionally, at December 31, 2014, we had net premiums totaling $16.6 million on these mortgages. We expect to pay off the mortgages as soon as prepayment penalties make it economically feasible to do so. During 2014, we made $85.2 million in principal payments, including the repayment of six mortgages in full for $77.8 million.
Term Loan
In January 2013, in conjunction with our acquisition of ARCT, we entered into a $70 million senior unsecured term loan maturing in January 2018. Borrowing under the term loan bears interest at LIBOR, plus 1.20%. In conjunction with this term loan, we also acquired an interest rate swap which essentially fixes our per annum interest rate on the term loan at 2.15%.
No Unconsolidated Investments
We have no unconsolidated investments, nor do we engage in trading activities involving energy or commodity contracts.
Corporate Responsibility
We are committed to providing an enjoyable, diverse, and safe working atmosphere for our employees, to upholding our responsibilities as a public company operating for the benefit of our shareholders, and to being mindful of the environment. As The Monthly Dividend Company®, we believe our primary responsibility is to provide monthly dividends to our shareholders. How we manage and use the physical, human, and financial resources that enable us to acquire and own the real estate, which provides us with the lease revenue to pay monthly dividends, demonstrates our commitment to corporate responsibility.
Social Responsibility and Ethics. We are committed to being socially responsible and conducting our business according to the highest ethical standards. Our employees enjoy compensation that is in line with those of our peers and competitors, including generous healthcare benefits for employees and their families; participation in a 401(k) plan with a matching contribution by Realty Income; competitive paid time-off benefits; and an infant-at-work program for new parents. Our employees also have access to members of our Board of Directors to report anonymously, if desired, any suspicion of misconduct by any member of our senior management or executive team. We also have a long-standing commitment to equal employment opportunity and adhere to all Equal Employer Opportunity Policy guidelines.
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We apply the principles of full and fair disclosure in all of our business dealings, as outlined in our Corporate Code of Business Ethics. We are also committed to dealing fairly with all of our customers, suppliers, and competitors.
Corporate Governance. We believe that nothing is more important than a company’s reputation for integrity and serving as a responsible fiduciary for its shareholders. We are committed to managing the company for the benefit of our shareholders and are focused on maintaining good corporate governance. Practices that illustrate this commitment include:
· Our Board of Directors is comprised of eight directors, seven of which are independent, non-employee directors;
· Our Board of Directors is elected on an annual basis;
· We employ a majority vote standard for elections;
· Our Compensation Committee of the Board of Directors works with independent consultants, in conducting annual compensation reviews for our key executives, and compensates each individual based on primarily reaching certain performance metrics that determine the success of our company; and
· We adhere to all other corporate governance principles outlined in our “Corporate Governance Guidelines” document on our website.
Environmental Practices. Our focus on energy related matters is demonstrated by how we manage our day-to-day activities in our corporate headquarters. In our headquarters, we promote energy conservation and encourage the following practices:
· Powering down office equipment at the end of the day;
· Setting copier machines to “energy saver mode;”
· Encouraging employees to reduce paper usage whenever possible, by storing documents electronically and using “duplex” copy mode;
· Employing an automated “lights out” system that is activated 24/7;
· Programming HVAC to only operate during normal business operating hours; and
· Encouraging employees to carpool to our headquarters.
In addition, our headquarters was constructed according to the State of California energy standards, specifically following California Green Building Standards Code and Title 24 of the California Code of Regulations, with features including high efficiency lighting and heating and cooling systems.
With respect to recycling and reuse practices, we encourage the use of recycled products and the recycling of materials during our operations. Recycling bins are placed in all areas where materials are regularly disposed of and at the individual desks of our employees. Cell phones, wireless devices and office equipment are recycled or donated whenever possible.
With respect to the properties that we own, these properties are net-leased to our tenants who are responsible for maintaining the buildings and are in control of their energy usage and environmental sustainability practices.
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PROPERTY PORTFOLIO INFORMATION
· With an average leasable space per property of approximately 16,350 square feet, including approximately 11,290 square feet per retail property.
At December 31, 2014, of our 4,327 properties, 4,257 were leased under net lease agreements. A net lease typically requires the tenant to be responsible for minimum monthly rent and certain property operating expenses including property taxes, insurance, and maintenance. In addition, our tenants are typically subject to future rent increases based on increases in the consumer price index (typically subject to ceilings), additional rent calculated as a percentage of the tenants’ gross sales above a specified level, or fixed increases.
At December 31, 2014, our 234 commercial tenants, which we define as retailers with over 50 locations and non-retailers with over $500 million in annual revenues, represented approximately 95% of our annualized revenue. We had 267 additional tenants, representing approximately 5% of our annualized revenue at December 31, 2014, which brings our total tenant count to 501 tenants.
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Industry Diversification
The following table sets forth certain information regarding Realty Income’s property portfolio classified according to the business of the respective tenants, expressed as a percentage of our total rental revenue:
Percentage of Rental Revenue(1)
For the
Quarter Ended
For the Years Ended
December 31,
Dec 31,
2014
2013
2012
2011
2010
2009
Retail industries
Apparel stores
2.2%
2.0%
1.9%
1.7%
1.4%
1.2%
1.1%
Automotive collision services
0.8
1.1
0.9
1.0
Automotive parts
1.4
1.3
1.2
1.5
Automotive service
1.8
2.1
3.1
3.7
4.7
4.8
Automotive tire services
3.2
3.6
5.6
6.4
6.9
Book stores
*
0.1
0.2
Child care
2.2
2.8
4.5
5.2
6.5
7.3
Consumer electronics
0.3
0.5
0.6
0.7
Convenience stores
9.8
10.1
11.2
16.3
18.5
17.1
16.9
Crafts and novelties
Dollar stores
9.5
9.6
6.2
-
Drug stores
8.1
3.5
3.8
4.1
4.3
Education
0.4
Entertainment
Equipment services
Financial services
General merchandise
Grocery stores
3.0
2.9
1.6
Health and fitness
7.0
6.3
6.8
5.9
Health care
Home furnishings
Home improvement
1.7
2.0
Jewelry
Motor vehicle dealerships
2.6
2.7
Office supplies
Pet supplies and services
Restaurants - casual dining
4.2
5.1
10.9
13.4
13.7
Restaurants - quick service
4.4
6.6
7.7
8.3
Shoe stores
Sporting goods
2.5
Theaters
5.3
9.4
8.8
8.9
9.2
Transportation services
Wholesale clubs
3.9
Other
80.7%
80.4%
79.8%
86.7%
88.6%
95.4%
98.3%
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Industry Diversification (continued)
For the Quarter Ended
Non-retail industries
Aerospace
Beverages
3.3
Consumer appliances
Consumer goods
Diversified industrial
Electric utilities
Food processing
Government services
Insurance
Machinery
Other manufacturing
Packaging
Paper
Telecommunications
19.3%
19.6%
20.2%
13.3%
11.4%
4.6%
Totals
100.0%
Less than 0.1%
(1)
Includes rental revenue for all properties owned by Realty Income at the end of each period presented, including revenue from properties reclassified as discontinued operations. Excludes revenue from properties owned by Crest Net Lease, Inc., or Crest.
-15-
Property Type Diversification
The following table sets forth certain property type information regarding Realty Income’s property portfolio as of December 31, 2014 (dollars in thousands):
Approximate
Rental Revenue for
Percentage of
Number of
Leasable
the Quarter Ended
Rental
Property Type
Square Feet
December 31, 2014
Revenue
Retail
4,172
47,122,600
$
180,529
78.5
%
Industrial and distribution
16,137,500
23,610
10.3
Office
44
3,414,900
15,081
Manufacturing
14
3,875,200
5,616
2.4
Agriculture
15
184,500
5,267
2.3
4,327
70,734,700
230,103
100.0
(1) Includes rental revenue for all properties owned by Realty Income at December 31, 2014. Excludes revenue of $44 from properties owned by Crest and $488 from sold properties that were included in continuing operations.
Tenant Diversification
The largest tenants based on percentage of total portfolio rental revenue at December 31, 2014 include the following:
Tenant
Number of Properties
% of Revenue
Walgreens
120
5.4%
FedEx
38
5.1%
Dollar General
502
4.9%
LA Fitness
46
Family Dollar
454
4.5%
BJ’s Wholesale Clubs
2.8%
AMC Theatres
2.7%
Diageo
17
2.6%
Regal Cinemas
23
2.3%
Northern Tier Energy/Super America
134
CVS Pharmacy
55
2.1%
Rite Aid
58
TBC Corporation
149
Circle K
168
1.8%
The Pantry
144
1.6%
Walmart/Sam’s Club
19
NPC International
202
GPM Investments/Fas Mart
136
FreedomRoads/Camping World
18
Smart & Final
36
-16-
Service Category Diversification for our Retail Properties
The following table sets forth certain information regarding the 4,172 retail properties, included in the 4,327 total properties, owned by Realty Income at December 31, 2014, classified according to the business types and the level of services they provide at the property level (dollars in thousands):
Retail Rental Revenue
for the Quarter Ended
Retail Rental
Tenants Providing Services
37
1,940
228
4,064
213
5,041
827
10
1,191
150
119
3,256
78
16,007
27
1,098
12,127
6.7
1
206
66
0.0
782
45,973
25.5
Tenants Selling Goods and Services
Automotive parts (with installation)
1,375
185
7,025
773
22,375
12.4
3,473
1.9
731
307
8,913
4.9
409
8,853
1,766
52,745
29.2
Tenants Selling Goods
28
4,967
76
1,938
104
696
11
1,159
957
21,910
12.1
226
20,491
11.4
65
3,129
70
7,098
59
1,700
4,234
4
175
841
182
3,846
9,341
1,624
81,811
45.3
Total Retail Properties
* Less than 0.1%
Includes rental revenue for all retail properties owned by Realty Income at December 31, 2014. Excludes revenue of $49,574 from non-retail properties, $44 from properties owned by Crest and $488 from sold properties that were included in continuing operations.
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Lease Expirations
The following table sets forth certain information regarding Realty Income’s property portfolio regarding the timing of the lease term expirations (excluding rights to extend a lease at the option of the tenant) on our 4,238 net leased, single-tenant properties as of December 31, 2014 (dollars in thousands):
Total Portfolio(1)
Initial Expirations(3)
Subsequent Expirations(4)
for the
Number
Quarter
% of
of Leases
Approx.
Ended
Total
Expiring
Year
Non-Retail
Sq. Feet
(2)
2015
142
784,600
3,058
68
1,554
74
1,504
2016
203
1,236,800
4,719
121
2,823
83
1,896
2017
207
2,160,200
6,667
49
2,954
159
3,713
2018
286
4,024,800
11,913
169
8,347
127
3,566
2019
238
3,934,400
13,429
11,242
2,187
2020
133
12
3,818,800
10,473
4.6
105
9,256
1,217
2021
186
5,493,600
14,486
188
13,907
6.1
579
2022
225
7,441,700
15,136
221
14,480
22
656
2023
352
6,475,800
21,741
359
21,073
9.3
668
2024
179
3,280,000
9,552
184
9,390
5
162
2025
311
4,256,100
17,994
7.9
300
17,393
7.6
21
601
2026
234
3,214,500
12,354
5.4
12,252
102
2027
467
5,238,400
18,820
468
18,781
39
2028
284
6,037,700
16,178
7.1
287
16,122
56
2029
320
4,973,500
12,961
5.7
317
12,789
172
2030 - 2043
6,795,400
37,525
16.5
347
37,493
4,084
154
69,166,300
227,006
3,586
209,856
92.4
652
17,150
(1) Excludes 19 multi-tenant properties and 70 vacant properties. The lease expirations for properties under construction are based on the estimated date of completion of those properties.
(2) Excludes revenue of $3,097 from 19 multi-tenant properties and from 70 vacant properties at December 31, 2014, $488 from sold properties included in continuing operations and $44 from properties owned by Crest.
(3) Represents leases to the initial tenant of the property that are expiring for the first time.
(4) Represents lease expirations on properties in the portfolio, which have previously been renewed, extended or re-tenanted.
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Geographic Diversification
The following table sets forth certain state-by-state information regarding Realty Income’s property portfolio as of December 31, 2014 (dollars in thousands):
Percent
State
Leased
Alabama
128
98
1,039,500
3,485
Alaska
100
275,900
503
Arizona
113
96
1,577,700
6,212
Arkansas
53
782,600
1,660
California
164
5,221,500
24,029
10.4
Colorado
72
97
1,045,400
3,929
Connecticut
25
536,900
2,564
Delaware
78,300
632
Florida
321
99
3,331,400
13,522
Georgia
237
3,362,200
10,085
Hawaii
--
Idaho
87,000
457
Illinois
163
4,590,800
12,933
Indiana
1,332,700
5,491
Iowa
35
94
2,751,700
3,400
Kansas
84
1,467,400
3,181
Kentucky
57
925,900
3,166
Louisiana
89
1,011,200
2,940
Maine
145,300
894
34
791,100
4,404
Massachusetts
751,100
3,486
Michigan
114
1,118,000
3,673
Minnesota
155
1,209,600
7,421
Mississippi
122
1,566,100
3,882
Missouri
137
2,776,000
8,177
Montana
5,400
Nebraska
708,700
1,758
Nevada
95
413,000
1,289
New Hampshire
320,100
1,511
New Jersey
67
577,300
3,604
New Mexico
302,500
897
New York
86
2,198,700
10,938
North Carolina
148
1,524,600
5,711
North Dakota
66,000
118
Ohio
216
5,179,600
12,327
Oklahoma
123
1,450,600
3,660
Oregon
525,400
1,957
Pennsylvania
147
1,792,400
7,235
Rhode Island
157,200
808
South Carolina
132
970,100
4,413
South Dakota
133,500
244
Tennessee
197
2,584,600
6,423
Texas
439
8,136,900
22,309
9.7
Utah
760,000
1,398
Vermont
98,000
480
Virginia
141
2,872,700
7,139
Washington
415,300
1,768
West Virginia
261,200
984
Wisconsin
43
1,456,200
2,781
Wyoming
21,100
63
Puerto Rico
28,300
Totals\Average
Includes rental revenue for all properties owned by Realty Income at December 31, 2014. Excludes revenue of $44 from properties owned by Crest and $488 from sold properties that were included in continuing operations.
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FORWARD-LOOKING STATEMENTS
This Annual Report on Form 10-K, including the documents incorporated by reference herein, contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Exchange Act of 1934, as amended. When used in this annual report, the words “estimated”, “anticipated”, “expect”, “believe”, “intend” and similar expressions are intended to identify forward-looking statements. Forward-looking statements include discussions of strategy, plans, or intentions of management. Forward-looking statements are subject to risks, uncertainties, and assumptions about Realty Income Corporation, including, among other things:
· Our anticipated growth strategies;
· Our intention to acquire additional properties and the timing of these acquisitions;
· Our intention to sell properties and the timing of these property sales;
· Our intention to re-lease vacant properties;
· Anticipated trends in our business, including trends in the market for long-term net leases of freestanding, single-tenant properties; and
· Future expenditures for development projects.
Future events and actual results, financial and otherwise, may differ materially from the results discussed in the forward-looking statements. In particular, some of the factors that could cause actual results to differ materially are:
· Our continued qualification as a real estate investment trust;
· General business and economic conditions;
· Competition;
· Fluctuating interest rates;
· Access to debt and equity capital markets;
· Continued volatility and uncertainty in the credit markets and broader financial markets;
· Other risks inherent in the real estate business including tenant defaults, potential liability relating to environmental matters, illiquidity of real estate investments, and potential damages from natural disasters;
· Impairments in the value of our real estate assets;
· Changes in the tax laws of the United States of America;
· The outcome of any legal proceedings to which we are a party or which may occur in the future; and
· Acts of terrorism and war.
Additional factors that may cause risks and uncertainties include those discussed in the sections entitled “Business”, “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in this Annual Report.
Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date that this annual report was filed with the Securities and Exchange Commission, or SEC. While forward-looking statements reflect our good faith beliefs, they are not guarantees of future performance. We undertake no obligation to publicly release the results of any revisions to these forward-looking statements that may be made to reflect events or circumstances after the date of this annual report or to reflect the occurrence of unanticipated events. In light of these risks and uncertainties, the forward-looking events discussed in this annual report might not occur.
Item 1A: Risk Factors
This “Risk Factors” section contains references to our “capital stock” and to our “stockholders.” Unless expressly stated otherwise, the references to our “capital stock” represent our common stock and any class or series of our preferred stock, while the references to our “stockholders” represent holders of our common stock and any class or series of our preferred stock.
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In order to grow we need to continue to acquire investment properties. The acquisition of investment properties may be subject to competitive pressures.
We face competition in the acquisition and operation of property. We expect competition from:
· Businesses;
· Individuals;
· Fiduciary accounts and plans; and
· Other entities engaged in real estate investment and financing.
Some of these competitors are larger than we are and have greater financial resources. This competition may result in a higher cost for properties we wish to purchase.
Negative market conditions or adverse events affecting our existing or potential tenants, or the industries in which they operate, could have an adverse impact on our ability to attract new tenants, re-lease space, collect rent or renew leases, which could adversely affect our cash flow from operations and inhibit growth.
Cash flow from operations depends in part on the ability to lease space to tenants on economically favorable terms. We could be adversely affected by various facts and events over which we have limited or no control, such as:
· Lack of demand in areas where our properties are located;
· Inability to retain existing tenants and attract new tenants;
· Oversupply of space and changes in market rental rates;
· Declines in our tenants’ creditworthiness and ability to pay rent, which may be affected by their operations, the current economic situation and competition within their industries from other operators;
· Defaults by and bankruptcies of tenants, failure of tenants to pay rent on a timely basis, or failure of tenants to comply with their contractual obligations;
· Economic or physical decline of the areas where the properties are located; and
· Deterioration of the physical condition of our properties.
At any time, any tenant may experience a downturn in its business that may weaken its operating results or overall financial condition. As a result, a tenant may delay lease commencement, fail to make rental payments when due, decline to extend a lease upon its expiration, become insolvent, or declare bankruptcy. Any tenant bankruptcy or insolvency, leasing delay or failure to make rental payments when due could result in the termination of the tenant’s lease and material losses to us.
If tenants do not renew their leases as they expire, we may not be able to rent or sell the properties. Furthermore, leases that are renewed, and some new leases for properties that are re-leased, may have terms that are less economically favorable than expiring lease terms, or may require us to incur significant costs, such as renovations, tenant improvements, or lease transaction costs. Negative market conditions may cause us to sell vacant properties for less than their carrying value, which could result in impairments. Any of these events could adversely affect cash flow from operations and our ability to make distributions to stockholders and service indebtedness. A significant portion of the costs of owning property, such as real estate taxes, insurance, and maintenance, are not necessarily reduced when circumstances cause a decrease in rental revenue from the properties. In a weakened financial condition, tenants may not be able to pay these costs of ownership and we may be unable to recover these operating expenses from them.
Further, the occurrence of a tenant bankruptcy or insolvency could diminish the income we receive from the tenant’s lease or leases. In addition, a bankruptcy court might authorize the tenant to terminate its leases with us. If that happens, our claim against the bankrupt tenant for unpaid future rent would be subject to statutory limitations that most likely would result in rent payments that would be substantially less than the remaining rent we are owed under the leases or we may elect not to pursue claims against the tenant for terminated leases. In addition, any claim we have for unpaid past rent, if any, may not be paid in full, or at all. Moreover, in the case of tenant’s leases that are not terminated as a result of its bankruptcy, we may be required or elect to reduce the rent payable under those leases or provide other concessions, reducing amounts we receive under those leases. As a result, tenant bankruptcies may have a material adverse effect on our results of operations. Any of these events could adversely affect cash from operations and our ability to make distributions to stockholders and service indebtedness.
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Seventy of our properties were available for lease or sale at December 31, 2014, all of which were single-tenant properties. At December 31, 2014, thirty-nine of our properties under lease were unoccupied and available for sublease by the tenants, all of which were current with their rent and other obligations. During 2014, each of our tenants accounted for less than 10% of our rental revenue.
Individually, each of the industries in our property portfolio accounted for less than 10% of our rental revenue for 2014. Nevertheless, downturns in these industries could also adversely affect our tenants, which in turn could also have a material adverse effect on our financial position, results of operations and our ability to pay the principal of and interest on our debt securities and other indebtedness and to make distributions on our common and preferred stock.
In addition, some of our properties are leased to tenants that may have more limited financial and other resources, and therefore, they are more likely to be adversely affected by a downturn in their respective businesses or in the regional, national, or international economy.
Furthermore, we have made and may continue to make selected acquisitions of properties that fall outside our historical focus on freestanding, single-tenant, net lease retail locations in the United States. We may be exposed to a variety of new risks by expanding into new property types and/or new jurisdictions outside the United States and properties leased to tenants engaged in non-retail businesses. For example, our acquisition of ARCT included tenants in the aerospace, freight, governmental services, healthcare, home maintenance, manufacturing, pharmacy, retail banking, technology, and telecommunications businesses, some of which are non-retail businesses and none of which was in an industry segment that was within our property portfolio prior to our acquisition of ARCT. These risks may include limited experience in managing certain types of new properties, new types of real estate locations and lease structures, and the laws and culture of any non-U.S. jurisdiction.
As a property owner, we may be subject to unknown environmental liabilities.
Investments in real property can create a potential for environmental liability. An owner of property can face liability for environmental contamination created by the presence or discharge of hazardous substances on the property. We can face such liability regardless of:
· Our knowledge of the contamination;
· The timing of the contamination;
· The cause of the contamination; or
· The party responsible for the contamination of the property.
There may be environmental conditions associated with our properties of which we are unaware. In that regard, a number of our properties are leased to operators of convenience stores that sell petroleum-based fuels, as well as to operators of oil change and tune-up facilities and operators that use chemicals and other waste products. These facilities, and some other of our properties, use, or may have used in the past, underground lifts or underground tanks for the storage of petroleum-based or waste products, which could create a potential for the release of hazardous substances.
The presence of hazardous substances on a property may adversely affect our ability to lease or sell that property and we may incur substantial remediation costs or third party liability claims. Although our leases generally require our tenants to operate in compliance with all applicable federal, state, and local environmental laws, ordinances and regulations, and to indemnify us against any environmental liabilities arising from the tenants’ activities on the property, we could nevertheless be subject to liability, including strict liability, by virtue of our ownership interest. There also can be no assurance that our tenants could or would satisfy their indemnification obligations under their leases. The discovery of environmental liabilities attached to our properties could have an adverse effect on our results of operations, our financial condition, or our ability to make distributions to stockholders and to pay the principal of and interest on our debt securities and other indebtedness.
In addition, several of our properties were built during the period when asbestos was commonly used in building construction and we may acquire other buildings with asbestos in the future. Environmental laws govern the presence, maintenance, and removal of asbestos-containing materials, or ACMs, and require that owners or operators of buildings containing asbestos properly manage and maintain the asbestos, that they adequately
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inform or train those who may come into contact with asbestos and that they undertake special precautions, including removal or other abatement in the event that asbestos is disturbed during renovation or demolition of a building. These laws may impose fines and penalties on building owners or operators for failure to comply with these requirements and may allow third parties to seek recovery from owners or operators for personal injury associated with exposure to asbestos fibers.
It is possible that our insurance could be insufficient to address any particular environmental situation and/or that, in the future, we could be unable to obtain insurance for environmental matters at a reasonable cost, or at all. Our tenants are generally responsible for, and indemnify us against, liabilities for environmental matters that arise during the lease terms as a result of tenants’ activities on the properties. For properties that have underground storage tanks, in addition to providing an indemnity in our favor, the tenants generally are required to meet applicable state financial assurance obligations, including maintaining certain minimum net worth requirements, obtaining environmental insurance, or relying upon the state trust funds where available in the states where these properties are located to reimburse responsible parties for costs of environmental remediation. However, it is possible that one or more of our tenants could fail to have sufficient funds to cover any such indemnification or to meet applicable state financial assurance obligations, and thus we may still be obligated to pay for any such environmental liabilities.
Compliance. We have not been notified by any governmental authority, and are not otherwise aware, of any material noncompliance, liability, or claim relating to hazardous substances, toxic substances, or petroleum products in connection with any of our properties. In addition, we believe we are in compliance in all material respects with all present federal, state, and local laws relating to ACMs. Nevertheless, if environmental contamination should exist, we could be subject to liability, including strict liability, by virtue of our ownership interest.
Insurance and Indemnity. In July 2012, we entered into a ten-year environmental insurance policy that expires in July 2022 and replaced our previous seven-year environmental insurance policy. The limits on our current policy are $10 million per occurrence and $60 million in the aggregate. The limits on the excess policy are $5 million per occurrence and $10 million in the aggregate. Therefore, the primary and excess ten-year policies together provide a total limit of $15 million per occurrence and $70 million in the aggregate.
It is possible that our insurance could be insufficient to address any particular environmental situation and that, in the future, we could be unable to obtain insurance for environmental matters at a reasonable cost, or at all. Our tenants are generally responsible for, and indemnify us against, liabilities for environmental matters that occur on our properties. For properties that have underground storage tanks, in addition to providing an indemnity in our favor, the tenants generally obtain environmental insurance or rely upon the state funds in the states where these properties are located to reimburse tenants for environmental remediation.
If we fail to qualify as a real estate investment trust, the amount of dividends we are able to pay would decrease, which could adversely affect the market price of our capital stock and could adversely affect the value of our debt securities.
Commencing with our taxable year ended December 31, 1994, we believe that we have been organized and have operated, and we intend to continue to operate, so as to qualify as a REIT under Sections 856 through 860 of the Code. However, we cannot assure you that we have been organized or have operated in a manner that has satisfied the requirements for qualification as a REIT, or that we will continue to be organized or operate in a manner that will allow us to continue to qualify as a REIT.
Qualification as a REIT involves the satisfaction of numerous requirements under highly technical and complex Code provisions, for which there are only limited judicial and administrative interpretations, as well as the determination of various factual matters and circumstances not entirely within our control.
For example, in order to qualify as a REIT, at least 95% of our gross income in each year must be derived from qualifying sources, and we must pay distributions to stockholders aggregating annually at least 90% of our taxable income (excluding net capital gains).
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In the future, it is possible that legislation, new regulations, administrative interpretations, or court decisions will change the tax laws with respect to qualification as a REIT, or the federal income tax consequences of such qualification.
If we fail to satisfy all of the requirements for qualification as a REIT, we may be subject to certain penalty taxes or, in some circumstances, we may fail to qualify as a REIT. If we were to fail to qualify as a REIT in any taxable year:
· We would be required to pay federal income tax (including any applicable alternative minimum tax) on our taxable income at regular corporate rates;
· We would not be allowed a deduction for amounts distributed to our stockholders in computing our taxable income;
· We could be disqualified from treatment as a REIT for the four taxable years following the year during which qualification is lost;
· We would no longer be required to make distributions to stockholders; and
· This treatment would substantially reduce amounts available for investment or distribution to stockholders because of the additional tax liability for the years involved, which could have a material adverse effect on the market price of our capital stock and the value of our debt securities.
Even if we qualify for and maintain our REIT status, we may be subject to certain federal, state, and local taxes on our income and property. For example, if we have net income from a prohibited transaction, that income will be subject to a 100% tax. In addition, our taxable REIT subsidiaries, including Crest, are subject to federal and state taxes at the applicable tax rates on their income and property. Any failure to comply with legal and regulatory tax obligations could adversely affect our ability to conduct business and could adversely affect the market price of our capital stock and the value of our debt securities.
Distribution requirements imposed by law limit our flexibility.
To maintain our status as a REIT for federal income tax purposes, we generally are required to distribute to our stockholders at least 90% of our taxable income, excluding net capital gains, each year. We also are subject to tax at regular corporate rates to the extent that we distribute less than 100% of our taxable income (including net capital gains) each year.
In addition, we are subject to a 4% nondeductible excise tax to the extent that we fail to distribute during any calendar year at least the sum of 85% of our ordinary income for that calendar year, 95% of our capital gain net income for the calendar year, and any amount of that income that was not distributed in prior years.
We intend to continue to make distributions to our stockholders to comply with the distribution requirements of the Code as well as to reduce our exposure to federal income taxes and the nondeductible excise tax. Differences in timing between the receipt of income and the payment of expenses to arrive at taxable income, along with the effect of required debt amortization payments, could require us to borrow funds on a short-term basis to meet the distribution requirements that are necessary to achieve the tax benefits associated with qualifying as a REIT.
Future issuances of equity securities could dilute the interest of holders of our common stock.
Our future growth will depend, in large part, upon our ability to raise additional capital. If we were to raise additional capital through the issuance of equity securities, we could dilute the interests of holders of our common stock. The interests of our common stockholders could also be diluted by the issuance of shares of common stock pursuant to stock incentive plans. Likewise, our Board of Directors is authorized to cause us to issue preferred stock of any class or series (with dividend, voting and other rights as determined by our Board of Directors). Accordingly, our Board of Directors may authorize the issuance of preferred stock with voting, dividend and other similar rights that could dilute, or otherwise adversely affect, the interest of holders of our common stock.
We may acquire properties or portfolios of properties through tax deferred contribution transactions, which could result in stockholder dilution and limit our ability to sell or refinance such assets.
We have in the past and may in the future acquire properties or portfolios of properties through tax deferred contribution transactions in exchange for partnership units in an operating partnership, which could result in stockholder dilution through the issuance of operating partnership units that, under certain circumstances, may
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be exchanged for shares of our common stock. This acquisition structure may have the effect of, among other things, reducing the amount of tax depreciation we could deduct over the tax life of the acquired properties, and may require that we agree to restrictions on our ability to dispose of, or refinance the debt on, the acquired properties in order to protect the contributors’ ability to defer recognition of taxable gain. Similarly, we may be required to incur or maintain debt we would otherwise not incur so we can allocate the debt to the contributors to maintain their tax bases. These restrictions could limit our ability to sell or refinance an asset at a time, or on terms, that would be favorable absent such restrictions.
We are subject to risks associated with debt and capital stock financing.
We intend to incur additional indebtedness in the future, including borrowings under our $1.5 billion acquisition credit facility. At December 31, 2014, we had $223.0 million of outstanding borrowings under our acquisition credit facility, a total of $3.8 billion of outstanding unsecured senior debt securities (excluding unamortized original issuance discounts of $14.6 million), $70 million of borrowings outstanding under a senior unsecured term loan and approximately $836.0 million of outstanding mortgage debt (excluding net premiums totaling $16.6 million on these mortgages). To the extent that new indebtedness is added to our current debt levels, the related risks that we now face would increase. As a result, we are and will be subject to risks associated with debt financing, including the risk that our cash flow could be insufficient to meet required payments on our debt. We also face variable interest rate risk as the interest rates on our acquisition credit facility, our term loan and some of our mortgage debt are variable and could therefore increase over time. We also face the risk that we may be unable to refinance or repay our debt as it comes due. Given past disruptions in the financial markets and the ongoing global financial crisis, we also face the risk that one or more of the participants in our acquisition credit facility may not be able to lend us money.
In addition, our acquisition credit facility, term loan facility, and mortgage loan documents contain provisions that could limit or, in certain cases, prohibit the payment of dividends and other distributions on our common stock and preferred stock. In particular, our acquisition credit facility provides that, if an event of default (as defined in the credit facility) exists, neither we nor any of our subsidiaries may make any dividends or other distributions on (except distributions payable in shares of a given class of our stock to the shareholders of that class), or repurchase or redeem, among other things, any shares of our common stock or preferred stock, during any period of four consecutive fiscal quarters in an aggregate amount in excess of the greater of:
· The sum of (a) 95% of our adjusted funds from operations (as defined by the credit facility agreement) for that period plus (b) the aggregate amount of cash distributions on our preferred stock for that period, and
· The minimum amount of cash distributions required to be made to our shareholders in order to maintain our status as a REIT for federal income tax purposes,
except that we may repurchase or redeem preferred stock with the net proceeds from the issuance of our common stock or preferred stock. The acquisition credit facility further provides that, in the event of a failure to pay principal, interest or any other amount payable thereunder when due or upon the occurrence of certain events of bankruptcy, insolvency or reorganization with respect to us or with respect to any of our subsidiaries that have guaranteed amounts payable under the credit facility or that meet a significance test set forth in the credit facility, we and our subsidiaries may not pay any dividends or other distributions on (except distributions payable in shares of a given class of our stock to the shareholders of that class), or repurchase or redeem, among other things, any shares of our common stock or preferred stock. If any such event of default under our acquisition credit facility were to occur, it would likely have a material adverse effect on the market price of our outstanding common and preferred stock and on the market value of our debt securities, could limit the amount of dividends or other distributions payable on our common stock and preferred stock or prevent us from paying those dividends or other distributions altogether, and may adversely affect our ability to qualify, or prevent us from qualifying, as a REIT. Likewise, one of our subsidiaries is the borrower under our $70 million term loan facility and that facility requires that this subsidiary maintain its consolidated tangible net worth (as defined in the term loan facility) above a certain minimum dollar amount and comply with certain other financial covenants. This minimum consolidated tangible net worth covenant may limit the ability of this subsidiary, as well as other subsidiaries that are owned by this subsidiary, to provide funds to us in order to pay dividend and other distributions on our common stock, including the shares of common stock offered hereby, and preferred stock and amounts due on our indebtedness. Any failure by this subsidiary to comply with these financial covenants will, and any failure by this subsidiary to comply with other covenants in the term loan facility may, result in an event of default under that facility, which could have adverse consequences similar to those that may result from an event of default under our acquisition credit facility as described above.
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Our indebtedness could also have other important consequences to holders of our common and preferred stock and debt securities, including:
· Increasing our vulnerability to general adverse economic and industry conditions;
· Limiting our ability to obtain additional financing to fund future working capital, acquisitions, capital expenditures and other general corporate requirements;
· Requiring the use of a substantial portion of our cash flow from operations for the payment of principal and interest on our indebtedness, thereby reducing our ability to use our cash flow to fund working capital, acquisitions, capital expenditures, and general corporate requirements;
· Limiting our flexibility in planning for, or reacting to, changes in our business and our industry; and
· Putting us at a disadvantage compared to our competitors with less indebtedness.
If we default under a loan agreement or other debt instrument, the lenders will generally have the right to demand immediate repayment of the principal of and interest on their loan and, in the case of secured indebtedness, to exercise their rights to seize and sell the collateral.
Our business operations may not generate the cash needed to make distributions on our capital stock or to service our indebtedness.
Our ability to make distributions on our common stock and preferred stock and payments on our indebtedness, and to fund planned acquisitions and capital expenditures will depend on our ability to generate cash in the future. We cannot assure you that our business will generate sufficient cash flow from operations or that future borrowings will be available to us in an amount sufficient to enable us to make distributions on our common stock and preferred stock, to pay our indebtedness, or to fund our other liquidity needs.
The market value of our capital stock and debt securities could be substantially affected by various factors.
The market value of our capital stock and debt securities will depend on many factors, which may change from time to time and may be outside of our control, including:
· Prevailing interest rates, increases in which may have an adverse effect on the market value of our capital stock and debt securities;
· The market for similar securities issued by other REITs;
· General economic and financial market conditions;
· The financial condition, performance and prospects of us, our tenants and our competitors;
· Changes in legal and regulatory taxation obligations;
· Litigation and regulatory proceedings;
· Changes in financial estimates or recommendations by securities analysts with respect to us, our competitors or our industry;
· Changes in our credit ratings; and
· Actual or anticipated variations in quarterly operating results of us and our competitors.
In addition, over the last several years, prices of common stock and debt securities in the U.S. trading markets have been experiencing extreme price fluctuations, and the market values of our common stock and debt securities have also fluctuated significantly during this period. As a result of these and other factors, investors who purchase our capital stock and debt securities may experience a decrease, which could be substantial and rapid, in the market value of our capital stock and debt securities, including decreases unrelated to our operating performance or prospects.
Real estate ownership is subject to particular conditions that may have a negative impact on our revenue.
We are subject to all of the inherent risks associated with the ownership of real estate. In particular, we face the risk that rental revenue from our properties may be insufficient to cover all corporate operating expenses, debt service payments on indebtedness we incur, and distributions on our capital stock. Additional real estate ownership risks include:
· Adverse changes in general or local economic conditions;
· Changes in supply of, or demand for, similar or competing properties;
· Changes in interest rates and operating expenses;
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· Competition for tenants;
· Changes in market rental rates;
· Inability to lease properties upon termination of existing leases;
· Renewal of leases at lower rental rates;
· Inability to collect rents from tenants due to financial hardship, including bankruptcy;
· Changes in tax, real estate, zoning and environmental laws that may have an adverse impact upon the value of real estate;
· Uninsured property liability;
· Property damage or casualty losses;
· Unexpected expenditures for capital improvements or to bring properties into compliance with applicable federal, state and local laws;
· The need to periodically renovate and repair our properties;
· Physical or weather-related damage to properties;
· The potential risk of functional obsolescence of properties over time;
· Acts of terrorism and war; and
· Acts of God and other factors beyond the control of our management.
Real estate property investments are illiquid; therefore, the company may not be able to dispose of properties when desired or on favorable terms.
Real estate investments are relatively illiquid. Our ability to quickly sell or exchange any of our properties in response to changes in economic and other conditions will be limited. No assurances can be given that we will recognize full value, at a price and at terms that are acceptable to us, for any property that we are required to sell for liquidity reasons. Our inability to respond rapidly to changes in the performance of our investments could adversely affect our financial condition and results of operations.
Our acquisition of additional properties may have a significant effect on our business, liquidity, financial position and/or results of operations.
We are engaged in the process of identifying, analyzing, underwriting, and negotiating possible acquisition transactions. We cannot provide any assurances that we will be successful in consummating future acquisitions on favorable terms or that we will realize the benefits that we anticipate from such acquisitions. Our inability to consummate one or more acquisitions on such terms, our failure to adequately underwrite and identify risks and obligations when acquiring properties, or our failure to realize the intended benefits from one or more acquisitions, could have a significant adverse effect on our business, liquidity, financial position and/or results of operations, including as a result of our incurrence of additional indebtedness and related interest expense and our assumption of unforeseen contingent liabilities in connection with completed acquisitions.
An uninsured loss or a loss that exceeds the policy limits on our properties could subject us to lost capital or revenue on those properties.
Under the terms and conditions of the leases currently in force on our properties, tenants generally are required to indemnify and hold us harmless from liabilities resulting from injury to persons, air, water, land or property, due to activities conducted on the properties, except for claims arising from the negligence or intentional misconduct of us or our agents. Additionally, tenants are generally required, at the tenant’s expense, to obtain and keep in full force during the term of the lease, liability and property damage insurance policies. The insurance policies our tenants are required to maintain for property damage are generally in amounts not less than the full replacement cost of the improvements less slab, foundations, supports and other customarily excluded improvements. Our tenants are generally required to maintain general liability coverage depending on the tenant and the industry in which the tenant operates.
In addition to the indemnities and required insurance policies identified above, many of our properties are also covered by flood and earthquake insurance policies (subject to substantial deductibles) obtained and paid for by the tenants as part of their risk management programs. Additionally, we have obtained blanket liability, flood and earthquake (subject to substantial deductibles) and property damage insurance policies to protect us and our properties against loss should the indemnities and insurance policies provided by the tenants fail to restore the properties to their condition prior to a loss. However, should a loss occur that is uninsured or in an amount exceeding the combined aggregate limits for the policies noted above, or in the event of a loss that is subject to a substantial deductible under an insurance policy, we could lose all or part of our capital invested in, and anticipated revenue from, one or more of the properties, which could have a material adverse effect on our
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results of operations or financial condition and on our ability to pay the principal of and interest on our debt securities and other indebtedness and to make distributions to our stockholders. We also face the risk that our insurance carriers may not be able to provide payment under any potential claims that might arise under the terms of our insurance policies, and we may not have the ability to purchase insurance policies we desire.
In addition, although we obtain title insurance policies of our properties to protect us and our properties against unknown title defects (such as claims of ownership, liens or other encumbrances), there may be certain title defects that our title insurance will not cover. If a material title defect related to any of our properties is not adequately covered by a title insurance policy, we could lose some or all of our capital invested in and our anticipated profits from such property, cause a financial misstatement or lead to reputational damage to the company.
Compliance with the Americans with Disabilities Act of 1990 and fire, safety, and other regulations may require us to make unintended expenditures that could adversely impact our results of operations.
Our properties are generally required to comply with the Americans with Disabilities Act of 1990, or the ADA. The ADA has separate compliance requirements for “public accommodations” and “commercial facilities,” but generally requires that buildings be made accessible to people with disabilities. Compliance with the ADA requirements could require removal of access barriers and non-compliance could result in imposition of fines by the U.S. government or an award of damages to private litigants. The retailers to whom we lease properties are obligated by law to comply with the ADA provisions, and we believe that these retailers may be obligated to cover costs associated with compliance. If required changes involve greater expenditures than anticipated, or if the changes must be made on a more accelerated basis than anticipated, the ability of these retailers to cover costs could be adversely affected and we could be required to expend our own funds to comply with the provisions of the ADA, which could materially adversely affect our results of operations or financial condition and our ability to pay the principal of and interest on our debt securities and other indebtedness and to make distributions to our stockholders. In addition, we are required to operate our properties in compliance with fire and safety regulations, building codes and other land use regulations, as they may be adopted by governmental agencies and bodies and become applicable to our properties. We may be required to make substantial capital expenditures to comply with those requirements and these expenditures could have a material adverse effect on our results of operations or financial condition and our ability to pay the principal of and interest on our debt securities and other indebtedness and to make distributions to our stockholders.
Litigation risks could affect our business.
From time to time, we are involved in legal proceedings, lawsuits, and other claims. An unfavorable resolution of litigation may have a material adverse effect on our business, results of operations and financial condition. Regardless of its outcome, litigation may result in substantial costs and expenses and significantly divert the attention of management.
Property taxes may increase without notice.
The real property taxes on our properties and any other properties that we develop or acquire in the future may increase as property tax rates change and as those properties are assessed or reassessed by tax authorities.
We depend on key personnel.
We depend on the efforts of our executive officers and key employees. The loss of the services of our executive officers and key employees could have a material adverse effect on our results of operations or financial condition and on our ability to pay the principal and interest on our debt securities and other indebtedness and to make distributions to our stockholders. It is possible that we will not be able to recruit additional personnel with equivalent experience in the net lease industry.
Natural disasters, terrorist attacks, other acts of violence or war, or other unexpected events may affect the value of our debt and equity securities, the markets in which we operate and our results of operations.
Natural disasters, terrorist attacks, other acts of violence or war, or other unexpected events may negatively affect our operations, the market price of our capital stock and the value of our debt securities. There can be no assurance that events like these will not occur or have a direct impact on our tenants, our business or the United States generally.
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If events like these were to occur, they could materially interrupt our business operations, cause consumer confidence and spending to decrease or result in increased volatility in the U.S. and worldwide financial markets and economy. They also could result in or prolong an economic recession in the U.S. or abroad. Any of these occurrences could have a significant adverse impact on our operating results and revenues and on the market price of our capital stock and on the value of our debt securities. It could also have an adverse effect on our ability to pay principal and interest on our debt securities or other indebtedness and to make distributions to our stockholders.
We rely on information technology in our operations, and any material failure, inadequacy, interruption or security failure of that technology could harm our business.
We rely on information technology networks and systems, including the Internet, to process, transmit and store electronic information and to manage or support a variety of our business processes, including financial transactions and maintenance of records, which may include personal identifying information. Although we have taken steps to protect the security of the data maintained in our information systems, our security measures may not be able to prevent the systems’ improper functioning, or the theft of intellectual property, personal information, or personal property, such as in the event of cyber-attacks. Any failure to maintain proper function, security and availability of our information systems could interrupt our operations, result in theft of company assets, damage our reputation, subject us to liability claims and could adversely affect our business, financial condition and results of operations.
Disruptions in the financial markets could affect our ability to obtain financing on reasonable terms and have other adverse effects on us and the market price of our common stock.
Over the last several years, the United States stock and credit markets have experienced significant price volatility, dislocations and liquidity disruptions, which have caused market prices of many stocks and debt securities to fluctuate substantially and the spreads on prospective debt financings to widen considerably. In addition, the ongoing global financial crisis (which includes concerns that certain European countries may be unable to pay their national debt) has had a similar effect. These circumstances have materially impacted liquidity in the financial markets, making terms for certain financings less attractive, and in certain cases have resulted in the unavailability of certain types of financing. Unrest in certain Middle Eastern countries and resultant fluctuation in petroleum prices have added to the uncertainty in the capital markets. Continued uncertainty in the stock and credit markets may negatively impact our ability to access additional financing at reasonable terms, which may negatively affect our ability to make acquisitions. A prolonged downturn in the stock or credit markets may cause us to seek alternative sources of potentially less attractive financing, and may require us to adjust our business plan accordingly. In addition, these factors may make it more difficult for us to sell properties or may adversely affect the price we receive for properties that we do sell, as prospective buyers may experience increased costs of financing or difficulties in obtaining financing. These events in the stock and credit markets may make it more difficult or costly for us to raise capital through the issuance of our common stock or preferred stock or debt securities. These disruptions in the financial markets also may have a material adverse effect on the market value of our common stock, preferred stock and debt securities, the income we receive from our properties and the lease rates we can charge for our properties, as well as other unknown adverse effects on us or the economy in general.
Inflation may adversely affect our financial condition and results of operations.
Although inflation has not materially impacted our results of operations in the recent past, increased inflation could have a more pronounced negative impact on any variable rate debt we incur in the future and on our results of operations. During times when inflation is greater than increases in rent, as provided for in our leases, rent increases may not keep up with the rate of inflation. Likewise, even though net leases reduce our exposure to rising property expenses due to inflation, substantial inflationary pressures and increased costs may have an adverse impact on our tenants if increases in their operating expenses exceed increases in revenue, which may adversely affect the tenants’ ability to pay rent.
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Current volatility in market and economic conditions may impact the accuracy of the various estimates used in the preparation of our financial statements and footnotes to the financial statements.
Various estimates are used in the preparation of our financial statements, including estimates related to asset and liability valuations (or potential impairments), and various receivables. Often these estimates require the use of market data values that are currently difficult to assess, as well as estimates of future performance or receivables collectability that can also be difficult to accurately predict. Although management believes it has been prudent and used reasonable judgment in making these estimates, it is possible that actual results may differ from these estimates.
Inherent limitations of internal controls over financial statements and safeguarding of assets may adversely impact our financial condition and results of operations.
Our internal controls over financial reporting and our operating internal controls may not prevent or detect financial misstatements or loss of assets because of inherent limitations, including the possibility of human error, the circumvention or overriding of controls, or fraud. Effective internal controls can provide only reasonable assurance with respect to financial statement accuracy and safeguarding of assets. Any failure of these internal controls could result in decreased investor confidence in the accuracy and completeness of our financial reports, civil litigation or investigations by the NYSE, the SEC or other regulatory authorities, which may adversely impact our financial condition and results of operations.
Changes in accounting standards may adversely impact our financial condition and results of operations.
The Financial Accounting Standards Board, or FASB, in conjunction with the SEC, has several key projects on their agenda that could impact how we currently account for our material transactions, including lease accounting and other convergence projects with the International Accounting Standards Board. At this time, we are unable to predict with certainty which, if any, proposals may be passed or what level of impact any such proposal could have on the presentation of our consolidated financial statements, our results of operations and our financial ratios required by our debt covenants.
Our business could be negatively affected as a result of actions of activist stockholders and shareholder advisory firms.
Campaigns by stockholders to effect changes at publicly traded companies are sometimes led by investors seeking to increase short-term stockholder value through actions such as financial restructuring, increased debt, special dividends, stock repurchases or sales of assets or the entire company. If we become engaged in a process or proxy contest with an activist stockholder in the future, our business could be adversely affected, as such activities could be costly and time-consuming, disrupt our operations and divert the attention of management and our employees from executing our business plan. Additionally, perceived uncertainties as to our future direction as a result of stockholder activism or actual or potential changes to the composition of our board of directors or management team may lead to the perception of a change in the direction of our business, instability or lack of continuity, which may be exploited by our competitors, cause concern to current or potential sellers of properties, tenants and financing sources, and make it more difficult to attract and retain qualified personnel. If potential or existing sellers of properties, tenants or financing sources choose to delay, defer or reduce transactions with us or transact with our competitors instead of us because of any such issues, then our results of operations could be adversely affected. Similarly, we may suffer damage to our reputation (for example, regarding our corporate governance or stockholder relations) or brand by way of actions taken or statements made by outside constituents, including activist investors and shareholder advisory firms, which could adversely affect the market price of our common stock and preferred stock and the value of our debt securities, including the notes, resulting in significant loss of value, which could impact our ability to access capital, increase our cost of capital, and decrease our ability to acquire properties on attractive terms.
Item 1B: Unresolved Staff comments
There are no unresolved staff comments.
Item 2: Properties
Information pertaining to our properties can be found under Item 1.
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Item 3: Legal Proceedings
We are subject to certain claims and lawsuits in the ordinary course of business, the outcome of which cannot be determined at this time. In the opinion of management, any liability we might incur upon the resolution of these claims and lawsuits will not, in the aggregate, have a material adverse effect on our consolidated financial position or results of operations.
Item 4: Mine Safety Disclosures
None.
Item 5: Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities
A. Our common stock is traded on the NYSE under the ticker symbol “O.” The following table shows the high and low sales prices per share for our common stock as reported by the NYSE, and distributions declared per share of common stock for the periods indicated.
Price Per Share
of Common Stock
Distributions
High
Low
Declared (1)
First Quarter
45.11
37.01
0.5468126
Second Quarter
44.98
40.21
0.5477501
Third Quarter
45.83
40.56
0.5486876
Fourth Quarter
49.65
40.71
0.5496251
2.1928754
46.63
40.51
0.5430626
55.48
39.84
0.5440001
46.01
38.41
0.5449376
43.20
36.58
0.5458751
2.1778754
(1) Common stock cash distributions are declared monthly by us based on financial results for the prior months. At December 31, 2014, a distribution of $0.1834167 per common share had been declared and was paid in January 2015.
B. There were 9,786 registered holders of record of our common stock as of December 31, 2014. We estimate that our total number of shareholders is over 345,000 when we include both registered and beneficial holders of our common stock.
C. During the fourth quarter of 2014, 16,780 shares of stock, at a price of $47.71, and 45,130 shares of stock, at a price of $42.17, were withheld for state and federal payroll taxes on the vesting of employee stock awards, as permitted under the 2012 Incentive Award Plan of Realty Income Corporation.
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Item 6: Selected Financial Data
(not covered by Report of Independent Registered Public Accounting Firm)
(dollars in thousands, except for per share data)
As of or for the years ended December 31,
Total assets (book value)
11,012,622
9,924,441
5,429,348
4,404,492
3,531,269
Cash and cash equivalents
3,852
10,257
5,248
4,165
17,607
Total debt
4,930,947
4,166,840
2,869,853
2,040,284
1,595,679
Total liabilities
5,371,523
4,503,083
3,016,554
2,149,638
1,684,304
Total equity
5,641,099
5,421,358
2,412,794
2,254,854
1,846,965
Net cash provided by operating activities
627,692
518,906
326,469
298,952
243,368
Net change in cash and cash equivalents
(6,405
)
5,009
1,083
(13,442
7,581
Total revenue
933,505
780,209
484,581
413,544
335,121
Income from continuing operations
269,140
180,613
141,895
140,659
112,326
Income from discontinued operations
2,800
65,670
17,257
16,373
18,458
Net income
271,940
246,283
159,152
157,032
130,784
Preferred stock dividends
(37,062
(41,930
(40,918
(24,253
Excess of redemption value over carrying value
of preferred shares redeemed
(6,015
(3,696
Net income available to common stockholders
227,558
203,634
114,538
132,779
106,531
Cash distributions paid to common stockholders
479,256
409,222
236,348
219,297
182,500
Basic and diluted net income per common share
1.04
1.06
0.86
1.05
1.01
Cash distributions paid per common share
2.191625
2.147459
1.771625
1.736625
1.721625
Cash distributions declared per common share
2.192875
2.177875
1.777875
1.737875
1.722875
Basic weighted average number of common
shares outstanding
218,390,885
191,754,857
132,817,472
126,142,696
105,869,637
Diluted weighted average number of common
218,767,885
191,781,622
132,884,933
126,189,399
105,942,721
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Item 7: Management’s Discussion and Analysis of Financial Condition and Results of Operations
GENERAL
Realty Income, The Monthly Dividend Company®, is a publicly traded real estate company with the primary business objective of generating dependable monthly cash dividends from a consistent and predictable level of cash flow from operations. Our monthly dividends are supported by the cash flow from our property portfolio. We have in-house acquisition, portfolio management, asset management, credit research, real estate research, legal, finance and accounting, information technology, and capital markets capabilities. Over the past 46 years, Realty Income and its predecessors have been acquiring and managing freestanding commercial properties that generate rental revenue under long-term net lease agreements.
Realty Income (NYSE: O) was founded in 1969, and in 1994 was listed on the NYSE. We elected to be taxed as a real estate investment trust, or REIT, requiring us to distribute dividends to our stockholders aggregating at least 90% of our taxable income (excluding net capital gains).
We seek to increase earnings and distributions to stockholders through both active portfolio management and the acquisition of additional properties.
Of the 4,327 properties in the portfolio, 4,308, or 99.6%, are single-tenant properties, and the remaining are multi-tenant properties. At December 31, 2014, of the 4,308 single-tenant properties, 4,238 were leased with a weighted average remaining lease term (excluding rights to extend a lease at the option of the tenant) of approximately 10.2 years.
LIQUIDITY AND CAPITAL RESOURCES
Historically, we have met our long-term capital needs by issuing common stock, preferred stock and long-term unsecured notes and bonds. Over the long term, we believe that common stock should be the majority of our capital structure. However, we may issue additional preferred stock or debt securities. We may issue common stock when we believe that our share price is at a level that allows for the proceeds of any offering to be accretively invested into additional properties. In addition, we may issue common stock to permanently finance properties that were financed by our credit facility or debt securities. However, we cannot assure you that we will have access to the capital markets at times and at terms that are acceptable to us.
Our primary cash obligations, for the current year and subsequent years, are included in the “Table of Obligations,” which is presented later in this section. We expect to fund our operating expenses and other short-term liquidity requirements, including property acquisitions and development costs, payment of principal and interest on our outstanding indebtedness, property improvements, re-leasing costs and cash distributions to common and preferred stockholders, primarily through cash provided by operating activities, borrowing on our $1.5 billion credit facility and periodically through public securities offerings.
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As of December 31, 2014, we had $836.0 million of mortgages payable, all of which were assumed in connection with our property acquisitions. Additionally, at December 31, 2014, we had net premiums totaling $16.6 million on these mortgages.
We expect to pay off the mortgages payable as soon as prepayment penalties have declined to a level that will make it economically feasible to do so. During 2014, we made $85.2 million of principal payments, including the repayment of six mortgages in full for $77.8 million.
At December 31, 2014, we had a borrowing capacity of $1.28 billion available on our credit facility (subject to customary conditions to borrowing) and an outstanding balance of $223.0 million. The interest rate on borrowings outstanding under our credit facility, at December 31, 2014, was 1.2% per annum. We must comply with various financial and other covenants in our credit facility. At December 31, 2014, we remain in compliance with these covenants. We expect to use our credit facility to acquire additional properties and for other corporate purposes. Any additional borrowings will increase our exposure to interest rate risk. We regularly review our credit facility and may seek to extend or replace our credit facility, to the extent we deem appropriate.
We generally use our credit facility for the short-term financing of new property acquisitions. Thereafter, when capital is available on acceptable terms, we generally seek to refinance those borrowings with the net proceeds of long-term or permanent financing, which may include the issuance of common stock, preferred stock or debt securities. We cannot assure you, however, that we will be able to obtain any such refinancing, or that market conditions prevailing at the time of the refinancing will enable us to issue equity or debt securities upon acceptable terms.
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We believe that our cash and cash equivalents on hand, cash provided from operating activities, and borrowing capacity is sufficient to meet our liquidity needs for the next twelve months. We intend, however, to use permanent or long-term capital to fund property acquisitions and to repay future borrowings under our credit facility.
Acquisitions During 2014
During 2014, we invested $1.4 billion in 506 new properties and properties under development or expansion, with an initial weighted average contractual lease rate of 7.1%. The 506 new properties and properties under development or expansion are located in 42 states, will contain approximately 9.8 million leasable square feet, and are 100% leased with a weighted average lease term of 12.8 years. The tenants occupying the new properties operate in 32 industries and the property types consist of 85.7% retail, 6.6% industrial and distribution, 6.4% office, and 1.3% manufacturing, based on rental revenue. None of our real estate investments caused any one tenant to be 10% or more of our total assets at December 31, 2014.
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The majority of our building and tenant improvements relate to roof repairs, HVAC improvements, and parking lot resurfacing and replacements. It is not customary for us to offer significant tenant improvements on our properties as tenant incentives. The amounts of our capital expenditures can vary significantly, depending on the rental market, tenant credit worthiness, and the willingness of tenants to pay higher rents over the terms of the leases.
In the commercial real estate market, property prices generally continue to fluctuate. Likewise, during certain periods, the U.S. credit markets have experienced significant price volatility, dislocations and liquidity disruptions, which may impact our access to and cost of capital. We continually monitor the commercial real estate and U.S. credit markets carefully and, if required, will make decisions to adjust our business strategy accordingly. See our discussion of “Risk Factors” in this annual report.
The dividends paid per share during 2014 as compared to 2013 increased 2.1%. The 2014 dividends paid per share totaled $2.1916254 as compared to $2.1474587 in 2013, an increase of $0.0441667.
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In February 2013, we filed a shelf registration statement with the SEC, which is effective for a term of three years and will expire in February 2016. This replaces our prior shelf registration statement. In accordance with SEC rules, the amount of securities to be issued pursuant to this shelf registration statement was not specified when it was filed and there is no specific dollar limit. The securities covered by this registration statement include (1) common stock, (2) preferred stock, (3) debt securities, (4) depositary shares representing fractional interests in shares of preferred stock, (5) warrants to purchase debt securities, common stock, preferred stock or depositary shares, and (6) any combination of these securities. We may periodically offer one or more of these securities in amounts, prices and on terms to be announced when and if the securities are offered. The specifics of any future offerings, along with the use of proceeds of any securities offered, will be described in detail in a prospectus supplement, or other offering materials, at the time of any offering.
Based on our current ratings, the current facility interest rate is LIBOR plus 1.075% with a facility commitment fee of 0.175%, for all-in drawn pricing of 1.25% over LIBOR. The credit facility provides that the interest rate can range between: (i) LIBOR plus 1.85% if our credit rating is lower than BBB-/Baa3 and (ii) LIBOR plus 1.00% if our credit rating is A-/A3 or higher. In addition, our credit facility provides for a facility commitment fee based on our credit ratings, which range from: (i) 0.45% for a rating lower than BBB-/Baa3, and (ii) 0.15% for a credit rating of A-/A3 or higher.
The credit ratings assigned to us could change based upon, among other things, our results of operations and financial condition. These ratings are subject to ongoing evaluation by credit rating agencies and we cannot assure you that our ratings will not be changed or withdrawn by a rating agency in the future if, in its judgment, circumstances warrant. Moreover, a rating is not a recommendation to buy, sell or hold our debt securities, preferred stock or common stock.
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Our senior unsecured note and bond obligations consist of the following as of December 31, 2014, sorted by maturity date (dollars in millions):
5.5% notes, issued in November 2003 and due in November 2015
5.95% notes, issued in September 2006 and due in September 2016
275
5.375% notes, issued in September 2005 and due in September 2017
2.0% notes, issued in October 2012 and due in January 2018
350
6.75% notes, issued in September 2007 and due in August 2019
550
5.75% notes, issued in June 2010 and due in January 2021
250
3.25% notes, issued in October 2012 and due in October 2022
450
4.65% notes, issued in July 2013 and due in August 2023
750
3.875% notes, issued in June 2014 and due in July 2024
4.125% notes, issued in September 2014 and due in October 2026
5.875% bonds, $100 issued in March 2005 and $150 issued in
June 2011, both due in March 2035
Total principal amount
3,800
Unamortized original issuance discounts
(15
3,785
All of our outstanding notes and bonds have fixed interest rates and contain various covenants, which we remain in compliance with at December 31, 2014. Additionally, interest on all of our senior note and bond obligations is paid semiannually.
The following is a summary of the key financial covenants for our senior unsecured notes, as defined and calculated per the terms of our senior notes and bonds. These calculations, which are not based on U.S. generally accepted accounting principles, or GAAP, measurements, are presented to investors to show our ability to incur additional debt under the terms of our senior notes and bonds as well as to disclose our current compliance with such covenants, and are not measures of our liquidity or performance. The actual amounts as of December 31, 2014 are:
Note Covenants
Required
Actual
Limitation on incurrence of total debt
≤ 60% of adjusted assets
43.8%
Limitation on incurrence of secured debt
≤ 40% of adjusted assets
7.6%
Debt service coverage (trailing 12 months)(1)
≥ 1.5 x
3.8x
Maintenance of total unencumbered assets
≥ 150% of unsecured debt
236.7%
(1) This covenant is calculated on a pro forma basis for the preceding four-quarter period on the assumption that: (i) the incurrence of any Debt (as defined in the covenants) incurred by us since the first day of such four-quarter period and the application of the proceeds therefrom (including to refinance other Debt since the first day of such four-quarter period), (ii) the repayment or retirement of any of our Debt since the first day of such four-quarter period, and (iii) any acquisition or disposition by us of any asset or group since the first day of such four-quarters had in each case occurred on January 1, 2014, and subject to certain additional adjustments. Such pro forma ratio has been prepared on the basis required by that debt service covenant, reflects various estimates and assumptions and is subject to other uncertainties, and therefore does not purport to reflect what our actual debt service coverage ratio would have been had transactions referred to in clauses (i), (ii) and (iii) of the preceding sentence occurred as of January 1, 2014, nor does it purport to reflect our debt service coverage ratio for any future period. The following is our calculation of debt service coverage at December 31, 2014 (in thousands, for trailing twelve months):
Net income attributable to the Company
270,634
Plus: interest expense
208,145
Plus: provision for taxes
2,956
Plus: depreciation and amortization
374,662
Plus: provisions for impairment
4,637
Plus: pro forma adjustments
30,718
Less: gain on sales of real estate
(42,087
Income available for debt service, as defined
849,665
Total pro forma debt service charge
225,873
Debt service coverage ratio
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Fixed Charge Coverage Ratio
Fixed charge coverage ratio is calculated in exactly the same manner as the debt service coverage ratio, except that preferred stock dividends are also added to the denominator. Similar to debt service coverage ratio, we consider fixed charge coverage ratio to be an appropriate supplemental measure of a company’s ability to make its interest and preferred stock dividend payments. Our calculations of both debt service and fixed charge coverage ratios may be different from the calculations used by other companies and, therefore, comparability may be limited. The presentation of debt service and fixed charge coverage ratios should not be considered as alternatives to any U.S. GAAP operating performance measures. Below is our calculation of fixed charges at December 31, 2014 (in thousands, for trailing twelve months):
Pro forma debt service charge plus preferred stock dividends
252,952
Fixed charge coverage ratio
3.4
Table of Obligations
The following table summarizes the maturity of each of our obligations as of December 31, 2014 (dollars in millions):
Ground
Leases
Notes
Paid by
Year of
Credit
and
Term
Mortgages
Realty
Our
Maturity
Facility(1)
Bonds(2)
Loan
Payable(3)
Interest(4)
Income(5)
Tenants(6)
Other(7)
150.0
119.7
223.3
12.7
34.3
541.0
275.0
248.4
198.6
735.7
223.0
175.0
142.5
174.6
12.8
728.9
350.0
70.0
15.1
155.4
604.3
550.0
26.0
140.2
729.8
Thereafter
2,300.0
284.3
567.8
8.4
131.9
3,292.4
3,800.0
836.0
1,459.9
13.3
195.6
6,632.1
The initial term of the credit facility expires in May 2016 and includes, at our option, a one-year extension, which has been assumed to occur in the table above.
Excludes non-cash original issuance discounts recorded on the notes payable. The unamortized balance of the original issuance discounts at December 31, 2014, is $14.6 million.
(3)
Excludes non-cash net premiums recorded on the mortgages payable. The unamortized balance of these net premiums at December 31, 2014, is $16.6 million.
(4)
Interest on the term loan, notes, bonds, mortgages payable, and credit facility has been calculated based on outstanding balances as of December 31, 2014 through their respective maturity dates.
(5)
Realty Income currently pays the ground lessors directly for the rent under the ground leases.
(6)
Our tenants, who are generally sub-tenants under ground leases, are responsible for paying the rent under these ground leases. In the event a tenant fails to pay the ground lease rent, we are primarily responsible.
(7)
“Other” consists of $33.6 million of commitments under construction contracts and $735,000 of contingent payments for tenant improvements and leasing costs.
Our credit facility and notes payable obligations are unsecured. Accordingly, we have not pledged any assets as collateral for these obligations.
Preferred Stock and Preferred Units Outstanding
In 2006, we issued 8,800,000 shares of Class E preferred stock at a price of $25.00 per share. Since December 2011, the shares of Class E preferred stock were redeemable at our option, for $25.00 per share. In October 2014, we redeemed all of the 8,800,000 shares of our Class E preferred stock for $25.00 per share, plus accrued dividends. We incurred a charge of $6.0 million, representing the Class E preferred stock original issuance costs that we paid in 2006.
In February 2012, we issued 14.95 million shares of our Class F preferred stock at $25.00 per share. In April 2012, we issued an additional 1.4 million shares of Class F preferred stock at $25.2863 per share. Beginning February 15, 2017, shares of our Class F preferred stock are redeemable at our option for $25.00 per share, plus any accrued and unpaid dividends. Dividends on the shares of our Class F preferred stock are paid monthly in arrears. We are current on our obligations to pay dividends on our Class F preferred stock.
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As part of our acquisition of ARCT in January 2013, we issued 6,750 partnership units, with a carrying value of $6.75 million. Payments on these preferred units are made monthly in arrears at rate of 2% per annum, or $135,000, and are included in interest expense. In January 2015, we redeemed all 6,750 Tau Operating Partnership preferred units for $1,000 per unit, plus accrued and unpaid dividends.
RESULTS OF OPERATIONS
Critical Accounting Policies
Our consolidated financial statements have been prepared in accordance with GAAP, and are the basis for our discussion and analysis of financial condition and results of operations. Preparing our consolidated financial statements requires us to make a number of estimates and assumptions that affect the reported amounts and disclosures in the consolidated financial statements. We believe that we have made these estimates and assumptions in an appropriate manner and in a way that accurately reflects our financial condition. We continually test and evaluate these estimates and assumptions using our historical knowledge of the business, as well as other factors, to ensure that they are reasonable for reporting purposes. However, actual results may differ from these estimates and assumptions. This summary should be read in conjunction with the more complete discussion of our accounting policies and procedures included in note 2 to our consolidated financial statements.
In order to prepare our consolidated financial statements according to the rules and guidelines set forth by GAAP, many subjective judgments must be made with regard to critical accounting policies. One of these judgments is our estimate for useful lives in determining depreciation expense for our properties. Depreciation on a majority of our buildings and improvements is computed using the straight-line method over an estimated useful life of 25 to 35 years for buildings and 4 to 15 years for improvements, which we believe are appropriate estimates of useful life. If we use a shorter or longer estimated useful life, it could have a material impact on our results of operations.
Management must make significant assumptions in determining the fair value of assets acquired and liabilities assumed. When acquiring a property for investment purposes, we typically allocate the fair value of real estate acquired to: (1) land, (2) building and improvements, and (3) identified intangible assets and liabilities, based in each case on their estimated fair values. Intangible assets and liabilities consist of above-market or below-market lease value of in-place leases, the value of in-place leases, and tenant relationships, as applicable. In an acquisition of multiple properties, we must also allocate the purchase price among the properties. The allocation of the purchase price is based on our assessment of estimated fair value and is often based upon the expected future cash flows of the property and various characteristics of the markets where the property is located. In addition, any assumed mortgages receivable or payable and any assumed or issued noncontrolling interests are recorded at their estimated fair values. The estimated fair values of our mortgages payable have been calculated by discounting the future cash flows using applicable interest rates that have been adjusted for factors, such as industry type, tenant investment grade, maturity date, and comparable borrowings for similar assets. The initial allocation of the purchase price is based on management’s preliminary assessment, which may differ when final information becomes available. Subsequent adjustments made to the initial purchase price allocation are made within the allocation period, which typically does not exceed one year. The use of different assumptions in the allocation of the purchase price of the acquired properties and liabilities assumed could affect the timing of recognition of the related revenue and expenses.
Another significant judgment must be made as to if, and when, impairment losses should be taken on our properties when events or a change in circumstances indicate that the carrying amount of the asset may not be recoverable. A provision is made for impairment if estimated future operating cash flows (undiscounted and without interest charges) plus estimated disposition proceeds (undiscounted) are less than the current book value of the property. Key inputs that we estimate in this analysis include projected rental rates, estimated holding periods, capital expenditures, and property sales capitalization rates. If a property is held for sale, it is carried at the lower of carrying cost or estimated fair value, less estimated cost to sell. The carrying value of our real estate is the largest component of our consolidated balance sheets. Our strategy of primarily holding properties, long-term, directly decreases the likelihood of their carrying values not being recoverable, thus requiring the recognition of an impairment. However, if our strategy, or one or more of the above assumptions were to change in the future, an impairment may need to be recognized. If events should occur that require us to reduce the carrying value of our real estate by recording provisions for impairment, they could have a material impact on our results of operations.
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The following is a comparison of our results of operations for the years ended December 31, 2014, 2013 and 2012.
Rental Revenue
Rental revenue was $893.5 million for 2014 versus $748.2 million for 2013, an increase of $145.3 million, or 19.4%. Rental revenue was $467.0 million in 2012. The increase in rental revenue in 2014 compared to 2013 is primarily attributable to:
· The 479 properties (9.3 million square feet) acquired by Realty Income in 2014, which generated $66.0 million of rent in 2014;
· The 957 properties (25.0 million square feet) acquired by Realty Income in 2013, which generated $284.9 million of rent in 2014 compared to $213.1 million in 2013, an increase of $71.8 million;
· Same store rents generated on 2,728 properties (33.7 million square feet) during the entire years of 2014 and 2013, increased by $7.7 million, or 1.5%, to $513.4 million from $505.7 million;
· A net increase in straight-line rent and other non-cash adjustments to rent of $1.4 million in 2014 as compared to 2013;
· A net decrease of $1.7 million relating to properties sold in 2014 that were not previously classified as held for sale as of December 31, 2013; and
· A net decrease of $193,000 relating to the aggregate of (i) rental revenue from properties (154 properties comprising 1.4 million square feet) that were available for lease during part of 2014 or 2013, (ii) rental revenue for nine properties under development, and (iii) lease termination settlements which, in aggregate, totaled $17.0 million in 2014 compared to $17.2 million in 2013.
For purposes of determining the same store rent property pool, we include all properties that were owned for the entire year-to-date period, for both the current and prior year except for properties during the current or prior year that; (i) were vacant at any time, (ii) were under development or redevelopment, and (iii) were involved in eminent domain and rent was reduced. Each of the exclusions from the same store pool is separately addressed within the applicable sentences above explaining the changes in rental revenue for the period.
Of the 4,327 properties in the portfolio at December 31, 2014, 4,308, or 99.6%, are single-tenant properties and the remaining nineteen are multi-tenant properties. Of the 4,308 single-tenant properties, 4,238, or 98.4%, were net leased with a weighted average remaining lease term (excluding rights to extend a lease at the option of the tenant) of approximately 10.2 years at December 31, 2014. Of our 4,238 leased single-tenant properties, 3,789 or 89.4% were under leases that provide for increases in rents through:
· Primarily base rent increases tied to a consumer price index (typically subject to ceilings);
· Percentage rent based on a percentage of the tenants’ gross sales;
· Fixed increases; or
· A combination of two or more of the above rent provisions.
Percentage rent, which is included in rental revenue, was $3.6 million in 2014, $2.8 million in 2013, and $1.9 million in 2012 (excluding percentage rent reclassified to discontinued operations of $35,000 in 2014, $104,000 in 2013 and $163,000 in 2012). Percentage rent in 2014 was less than 1% of rental revenue and we anticipate percentage rent to be less than 1% of rental revenue in 2015.
Our portfolio of real estate, leased primarily to regional and national tenants under net leases, continues to perform well and provides dependable lease revenue supporting the payment of monthly dividends to our stockholders. At December 31, 2014, our portfolio of 4,327 properties was 98.4% leased with 70 properties available for lease as compared to 98.2% occupancy, or 70 properties available for lease at December 31, 2013. It has been our experience that approximately 2% to 4% of our property portfolio will be unleased at any given time; however, it is possible that the number of properties available for lease could exceed these levels in the future.
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Tenant Reimbursements
Contractually obligated reimbursements from tenants for recoverable real estate taxes and operating expenses were $37.1 million in 2014, compared to $24.9 million in 2013 and $14.6 million in 2012. The increase in tenant reimbursements from 2013 to 2014 is primarily due to our 2013 and 2014 acquisitions. Our tenant reimbursements are equal to our reimbursable property expenses for any given period.
Other Revenue
Other revenue, which comprises property-related revenue not included in rental revenue or tenant reimbursements, was $2.9 million in 2014, compared to $7.0 million in 2013 and $2.9 million in 2012.
Depreciation and Amortization
Depreciation and amortization was $374.7 million in 2014, compared to $306.8 million in 2013 and $147.5 million in 2012. The increases in depreciation and amortization in 2014 and 2013 were primarily due to the acquisition of properties in 2014 and 2013, which was partially offset by property sales in those same years. As discussed in the sections entitled “Funds from Operations Available to Common Stockholders (FFO)” and “Adjusted Funds from Operations Available to Common Stockholders (AFFO),” depreciation and amortization is a non-cash item that is added back to net income available to common stockholders for our calculation of FFO and AFFO.
Interest Expense
The following is a summary of the components of our interest expense (dollars in thousands):
Interest on our credit facility, term loan, notes, mortgages &
interest rate swaps
215,830
182,974
117,401
Credit facility commitment fees
2,661
1,930
1,684
Amortization of credit facility origination costs and
deferred financing costs
8,219
7,434
5,165
Loss (gain) on interest rate swaps
1,349
(878
Dividend on preferred shares subject to redemption
1,526
Amortization of net mortgage premiums
(12,891
(9,481
(665
Capital lease obligation
116
Interest capitalized
(444
(537
(498
Interest expense
216,366
181,442
123,143
Credit facility, term loan, mortgages and notes
Average outstanding balances (dollars in thousands)
4,628,438
3,892,089
2,144,690
Average interest rates
4.62
4.67
5.47
Interest expense was $216.4 million in 2014, compared to $181.4 million in 2013 and $123.1 million in 2012. The increase in interest expense from 2013 to 2014 was primarily due to the July 2013 issuance of our 4.65% senior unsecured notes due August 2023, the June 2014 issuance of our 3.88% senior unsecured notes due July 2024, the September 2014 issuance of our 4.125% senior unsecured notes due October 2026, and an increase in mortgages payable The increase was partially offset by slightly lower average interest rates and the repayment of our 5.375% senior unsecured notes in March 2013.
At December 31, 2014, the weighted average interest rate on our:
· Notes and bonds payable of $3.8 billion (excluding unamortized original issuance discounts of $14.6 million) was 4.8%;
· Mortgages payable of $836.0 million (excluding net premiums totaling $16.6 million on these mortgages) was 5.0%;
· Credit facility outstanding borrowings of $223.0 million was 1.2%;
· Term loan outstanding borrowings of $70.0 million was 1.4%; and
· Combined outstanding notes, bonds, mortgages and credit facility borrowings of $4.93 billion was 4.6%.
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General and Administrative Expenses
General and administrative expenses decreased by $5.8 million to $51.1 million in 2014, as compared to $56.9 million in 2013. General and administrative expenses were $38.1 million in 2012. Included in general and administrative expenses are acquisition transaction costs (excluding ARCT merger-related costs) of $453,000 for 2014, $2.1 million for 2013 and $2.4 million for 2012. General and administrative expenses decreased during 2014 primarily due to lower stock compensation costs, including the $3.7 million for accelerated vesting that occurred in July 2013, and lower acquisition transaction costs. In January 2015, we had 125 employees, as compared to 116 employees in January 2014 and 97 employees in January 2013.
Dollars in thousands
General and administrative expenses
51,085
56,881
38,123
Total revenue, including discontinued operations(1)
896,499
761,159
484,860
General and administrative expenses as a
percentage of total revenue
7.5
(1) Excludes all tenant reimbursements revenue, as well as gain on sales and Crest revenue included in discontinued operations.
Property Expenses (including tenant reimbursable expenses)
Property expenses consist of costs associated with unleased properties, non-net leased properties and general portfolio expenses, as well as contractually obligated reimbursements from tenants for recoverable real estate taxes and operating expenses. Expenses related to unleased properties and non-net leased properties include, but are not limited to, property taxes, maintenance, insurance, utilities, property inspections, bad debt expense and legal fees. General portfolio costs include, but are not limited to, insurance, legal, property inspections, and title search fees. At December 31, 2014, 70 properties were available for lease, as compared to 70 at December 31, 2013 and 84 at December 31, 2012.
Property expenses were $53.9 million (including $37.1 million reimbursable) in 2014, $38.9 million (including $24.9 million reimbursable) in 2013 and $21.3 million (including $14.6 million reimbursable) in 2012. The increase in property expenses in 2014 is primarily attributable to the increased portfolio size, which contributed to higher maintenance and utilities, property taxes, ground rent expenses, legal costs, and bad debt expense, along with higher contractually obligated reimbursements primarily due to our 2013 and 2014 acquisitions, partially offset by lower insurance costs.
Income Taxes
Income taxes were $3.5 million in 2014, as compared to $2.4 million in 2013 and $1.1 million in 2012. These amounts are for city and state income and franchise taxes paid by Realty Income and its subsidiaries. The increase for 2014 is primarily related to higher city and state income and franchise taxes paid by Realty Income and its subsidiaries, primarily related to increased portfolio size.
Provisions for Impairment
In 2014, Realty Income recorded total provisions for impairment of $4.6 million on nine sold properties and three properties classified as held for sale. Provisions for impairment of $4.1 million are included in income from continuing operations on eight sold properties and three properties classified as held for sale. These properties were not previously classified as held for sale in our financial statements issued prior to the date of adoption of the new accounting requirements regarding discontinued operations; accordingly, these provisions for impairment are included in income from continuing operations on our consolidated statements of income. A provision for impairment of $510,000 is included in income from discontinued operations on one sold property that was classified as held for sale as of December 31, 2013.
In 2013, Realty Income recorded total provisions for impairment of $3.0 million. Realty Income recorded provisions for impairment of $2.7 million on seven sold properties. Except for a provision for impairment of $290,000 that was recorded in income from continuing operations for one property that was not previously classified as held for sale as of December 31, 2013, the remaining provisions for impairment are included in income from discontinued operations on our consolidated statement of income.
In 2013, Crest also recorded a provision for impairment of $308,000 on one sold property, which is included in income from discontinued operations.
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In 2012, Realty Income recorded total provisions for impairment of $5.1 million. Realty Income recorded provisions for impairment of $1.5 million on six sold properties. Except for a provisions for impairment of $3.6 million that was recorded in income from continuing operations on four properties that were not previously classified as held for sale as of December 31, 2013, the remaining provisions for impairment are included in income from discontinued operations on our consolidated statement of income.
Merger-Related Costs
Merger-related costs include, but are not limited to, advisor fees, legal fees, accounting fees, printing fees and transfer taxes related to our acquisition of ARCT. Merger-related costs were $13.0 million in 2013 and $7.9 million in 2012. On a diluted per common share basis, these expenses represented $0.07 for 2013 and $0.06 for 2012. No merger-related costs were incurred in 2014.
Gain on Sales of Real Estate
During 2014, we sold 46 investment properties for $107.2 million, which resulted in a gain of $42.1 million. Only the results of operations specifically related to the properties classified as held for sale at December 31, 2013 and sold during the year have been reclassified as discontinued operations.
During 2013, we sold 75 investment properties for $134.2 million, which resulted in a gain of $64.7 million. The results of operations for these properties have been reclassified as discontinued operations for all periods presented.
During 2012, we sold 44 investment properties for $50.6 million, which resulted in a gain of $9.9 million. The results of operations for these properties have been reclassified as discontinued operations for all periods presented.
Crest sold one property for $820,000 and one property for $597,000 during 2014 and 2013, respectively. Neither of these sales resulted in a gain. The results of operations for these properties have been reclassified as discontinued operations. During 2012, Crest did not sell any properties.
We have an active portfolio management program that incorporates the sale of assets when we believe the reinvestment of the sale proceeds will:
At December 31, 2014, we classified real estate with a carrying amount of $14.8 million as held for sale on our balance sheet. In 2015, we intend to continue our active disposition efforts to further enhance our real estate portfolio and anticipate approximately $50 million in yet to be identified property sales for all of 2015. We intend to invest these proceeds into new property acquisitions, if there are attractive opportunities available. However, we cannot guarantee that we will sell properties during the next 12 months at our estimated values or be able to invest the property sale proceeds in new properties.
Discontinued Operations
During the first quarter of 2014, the Financial Accounting Standards Board issued guidance that changes the definition of discontinued operations by limiting discontinued operations reporting to disposals of components of an entity that represent strategic shifts that have, or will have, a major effect on an entity’s operations and financial results. We early adopted the requirements of this accounting pronouncement in the first quarter of 2014. As a result, our results of operations for all disposals and properties classified as held for sale that were not previously reported in discontinued operations in our 2013 Annual Report on Form 10-K are presented within income from continuing operations on our consolidated statements of income.
Operations from eight properties were classified as held for sale at December 31, 2014, and are included in income from continuing operations. The following is a summary of income from discontinued operations on our consolidated statements of income (dollars in thousands):
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Gain on sales of real estate
2,883
64,743
9,873
Rental revenue
112
5,475
14,615
Tenant reimbursements
146
379
Other revenue
419
282
Depreciation and amortization
(1,569
(3,724
Property expenses (including reimbursable)
(184
(916
(2,529
Provisions for impairment
(510
(2,738
(1,500
Crest’s income (loss) from discontinued operations
498
110
(139
Per common share, basic and diluted
0.01
0.34
0.13
Preferred Stock Dividends
Preferred stock dividends totaled $37.1 million in 2014, $41.9 million in 2013 and $40.9 million in 2012.
Excess of Redemption Value over Carrying Value of Preferred Shares Redeemed
In October 2014, we redeemed all 8,800,000 shares of our Class E preferred stock for $25.00 per share, plus accrued dividends. We incurred a non-cash charge of $6.0 million. This charge is for the excess of redemption value over the carrying value and represents the Class E preferred stock original issuance cost that was paid in 2006.
In March 2012, we redeemed all 5,100,000 shares of our 7.375% Monthly Income Class D Preferred Stock, or the Class D preferred stock, for $25.00 per share, plus accrued dividends. We incurred a non-cash charge of $3.7 million. This charge is for the excess of redemption value over the carrying value and represents the Class E preferred stock original issuance cost that was paid in 2004.
Net income available to common stockholders was $227.6 million in 2014, compared to $203.6 million in 2013, an increase of $24.0 million. On a diluted per common share basis, net income was $1.04 in 2014, as compared to $1.06 in 2013, a decrease of $0.02, or 1.9%. Net income available to common stockholders was $114.5 million in 2012. Net income available to common stockholders for 2014 includes a non-cash redemption charge of $6.0 million on the shares of Class E preferred stock that were redeemed in October 2014, which represents $0.03 on a diluted per common share basis. This charge is for the excess of redemption value over the carrying value of the Class E preferred stock and represents the original issuance cost that was paid in 2006. Net income available to common stockholders for 2013 was impacted by an unusually large gain on property sales, which represents $0.18 on a diluted per common share basis. Additionally, net income available to common stockholders for 2013 includes $13.0 million of merger-related costs for the acquisition of ARCT, which represents $0.07 on a diluted per common share basis, and $3.7 million for accelerated vesting of restricted shares that occurred in July 2013 from ten-year vesting to five years, which represents $0.02 on a diluted per common share basis.
Gains from the sale of properties during 2014 were $42.1 million, as compared to gains from the sale of properties of $64.7 million during 2013, and $9.9 million during 2012.
FUNDS FROM OPERATIONS AVAILABLE TO COMMON STOCKHOLDERS (FFO)
In 2014, our FFO increased by $100.9 million, or 21.8%, to $562.9 million versus $462.0 million in 2013. On a diluted per common share basis, FFO was $2.58 in 2014, compared to $2.41 in 2013, an increase of $0.17, or 7.1%. In 2012, FFO was $268.8 million, or $2.02 on a diluted per common share basis. FFO in 2014 includes a non-cash redemption charge of $6.0 million on the shares of Class E preferred stock that were redeemed in October 2014, which represents $0.03 on a diluted per common share basis. This charge is for the excess of
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redemption value over the carrying value of the Class E preferred stock and represents the original issuance cost that was paid in 2006. FFO in 2013 and 2012 was normalized to exclude $13.0 million and $7.9 million of merger-related costs, which represents $0.07 and $0.06 on a diluted per common share basis for 2013 and 2012, respectively. FFO for 2013 includes $3.7 million for accelerated vesting of restricted shares that occurred in July 2013 from ten-year vesting to five years, which represents $0.02 on a diluted per common share basis. All references to FFO for 2013 and 2012 reflect the adjustments for merger-related costs for the acquisition of ARCT.
The following is a reconciliation of net income available to common stockholders (which we believe is the most comparable GAAP measure) to FFO. Also presented is information regarding distributions paid to common stockholders and the weighted average number of common shares used for the basic and diluted computation per share (dollars in thousands, except per share amounts):
Depreciation and amortization:
Continuing operations
374,661
306,769
147,515
Discontinued operations
1,626
3,792
Depreciation of furniture, fixtures and equipment
(482
(288
(249
Provisions for impairment on investment properties:
4,126
290
3,639
510
2,738
1,500
Gain on sale of investment properties:
(39,205
(2,883
(64,743
(9,873
Merger-related costs (1)
13,013
7,899
FFO adjustments allocable to noncontrolling interests
(1,396
(1,009
FFO available to common stockholders
562,889
462,030
268,761
FFO per common share, basic and diluted (2)
2.58
2.41
2.02
Distributions paid to common stockholders
FFO in excess of distributions paid to
common stockholders
83,633
52,808
32,413
Weighted average number of common shares used for computation per share:
Basic
Diluted (2)
218,450,863
FFO for 2013 and 2012 has been normalized to exclude ARCT merger-related costs.
The computation of diluted FFO does not assume conversion of securities that are convertible to common shares if the conversion of those securities would increase diluted FFO per share in a given period.
We define FFO, a non-GAAP measure, consistent with the National Association of Real Estate Investment Trust’s definition, as net income available to common stockholders, plus depreciation and amortization of real estate assets, plus impairments of depreciable real estate assets, reduced by gains on property sales and extraordinary items. Our FFO for 2013 and 2012 has also been normalized to exclude ARCT merger-related costs.
We consider FFO to be an appropriate supplemental measure of a REIT’s operating performance as it is based on a net income analysis of property portfolio performance that adds back items such as depreciation and impairments for FFO. The historical accounting convention used for real estate assets requires straight-line depreciation of buildings and improvements, which implies that the value of real estate assets diminishes predictably over time. Since real estate values historically rise and fall with market conditions, presentations of operating results for a REIT, using historical accounting for depreciation, could be less informative. The use of FFO is recommended by the REIT industry as a supplemental performance measure. In addition, FFO is used as a measure of our compliance with the financial covenants of our credit facility.
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ADJUSTED FUNDS FROM OPERATIONS AVAILABLE TO COMMON STOCKHOLDERS (AFFO)
In 2014, our AFFO increased by $98.6 million, or 21.3%, to $561.7 million versus $463.1 million in 2013. On a diluted per common share basis, AFFO was $2.57 in 2014, compared to $2.41 in 2013, an increase of $0.16, or 6.6%. In 2012, AFFO was $274.2 million, or $2.06 on a diluted per common share basis. We consider AFFO to be an appropriate supplemental measure of our performance. Most companies in our industry use a similar measurement, but they may use the term “CAD” (for Cash Available for Distribution), “FAD” (for Funds Available for Distribution) or other terms.
The following is a reconciliation of net income available to common stockholders (which we believe is the most comparable GAAP measure) to FFO and AFFO. Also presented is information regarding distributions paid to common stockholders and the weighted average number of common shares used for the basic and diluted computation per share (dollars in thousands, except per share amounts):
Cumulative adjustments to calculate FFO (1)
335,331
258,396
154,223
Provisions for impairment on Crest properties
308
Excess of redemption value over carrying value of preferred share redemptions
6,015
3,696
Amortization of share-based compensation
11,959
20,785
10,001
Amortization of deferred financing costs (2)
4,804
4,436
2,786
(9,208
(Gain) loss on early extinguishment of mortgage debt
(3,428
(Gain) loss on interest rate swaps
Capitalized leasing costs and commissions
(821
(1,280
(1,619
Capitalized building improvements
(5,210
(7,227
(4,935
Straight-line rent
(14,872
(13,742
(5,674
Amortization of above and below-market leases
8,024
8,188
1,776
Other adjustments (3)
160
Total AFFO available to common stockholders
561,661
463,139
274,183
AFFO per common share:
2.57
2.42
2.06
Diluted (4)
AFFO in excess of distributions paid to common stockholders
82,405
53,917
37,835
(1) See reconciling items for FFO presented under “Funds from Operations Available to Common Stockholders (FFO).”
(2) Includes the amortization of costs incurred and capitalized when our notes were issued in March 2003, November 2003, March 2005, September 2005, September 2006, September 2007, June 2010, June 2011, October 2012, July 2013, June 2014 and September 2014. Additionally, this includes the amortization of deferred financing costs incurred and capitalized in connection with our assumption of the mortgages payable and the issuance of our term loan. The deferred financing costs are being amortized over the lives of the respective mortgages and term loan. No costs associated with our credit facility agreements or annual fees paid to credit rating agencies have been included.
(3) Includes adjustments allocable to both non-controlling interests and capital lease obligations.
(4) The computation of diluted AFFO does not assume conversion of securities that are convertible to common shares if the conversion of those securities would increase diluted AFFO per share in a given period.
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We believe the non-GAAP financial measure AFFO provides useful information to investors because it is a widely accepted industry measure of the operating performance of real estate companies that is used by industry analysts and investors who look at and compare those companies. In particular, AFFO provides an additional measure to compare the operating performance of different REITs without having to account for differing depreciation assumptions and other unique revenue and expense items which are not pertinent to measuring a particular company’s on-going operating performance. Therefore, we believe that AFFO is an appropriate supplemental performance metric, and that the most appropriate GAAP performance metric to which AFFO should be reconciled is net income available to common stockholders.
Presentation of the information regarding FFO and AFFO is intended to assist the reader in comparing the operating performance of different REITs, although it should be noted that not all REITs calculate FFO and AFFO in the same way, so comparisons with other REITs may not be meaningful. Furthermore, FFO and AFFO are not necessarily indicative of cash flow available to fund cash needs and should not be considered as alternatives to net income as an indication of our performance. FFO and AFFO should not be considered as alternatives to reviewing our cash flows from operating, investing, and financing activities. In addition, FFO and AFFO should not be considered as measures of liquidity, of our ability to make cash distributions, or of our ability to pay interest payments.
IMPACT OF INFLATION
Tenant leases generally provide for limited increases in rent as a result of increases in the tenants’ sales volumes, increases in the consumer price index (typically subject to ceilings), or fixed increases. We expect that inflation will cause these lease provisions to result in rent increases over time. During times when inflation is greater than increases in rent, as provided for in the leases, rent increases may not keep up with the rate of inflation.
Of our 4,327 properties in our portfolio, approximately 98.0% or 4,238 are leased to tenants under net leases where the tenant is responsible for property expenses. Net leases tend to reduce our exposure to rising property expenses due to inflation. Inflation and increased costs may have an adverse impact on our tenants if increases in their operating expenses exceed increases in revenue.
IMPACT OF RECENT ACCOUNTING PRONOUNCEMENTS
For information on the impact of recent accounting pronouncements on our business, see note 2 of the Notes to the Consolidated Financial Statements.
Item 7A: Quantitative and Qualitative Disclosures about Market Risk
We are exposed to interest rate changes primarily as a result of our credit facility, term loan, mortgages payable, and long-term notes and bonds used to maintain liquidity and expand our real estate investment portfolio and operations. Our interest rate risk management objective is to limit the impact of interest rate changes on earnings and cash flow and to lower our overall borrowing costs. To achieve these objectives we issue long-term notes and bonds, primarily at fixed rates.
In order to mitigate and manage the effects of interest rate risks on our operations, we may utilize a variety of financial instruments, including interest rate swaps and caps. The use of these types of instruments to hedge our exposure to changes in interest rates carries additional risks, including counterparty credit risk, the enforceability of hedging contracts and the risk that unanticipated and significant changes in interest rates will cause a significant loss of basis in the contract. To limit counterparty credit risk we will seek to enter into such agreements with major financial institutions with favorable credit ratings. There can be no assurance that we will be able to adequately protect against the foregoing risks or realize an economic benefit that exceeds the related amounts incurred in connection with engaging in such hedging activities. We do not enter into any derivative transactions for speculative or trading purposes.
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The following table presents by year of expected maturity, the principal amounts, average interest rates and estimated fair values of our fixed and variable rate debt as of December 31, 2014. This information is presented to evaluate the expected cash flows and sensitivity to interest rate changes (dollars in millions):
Expected Maturity Data
Weighted average
Fixed rate
interest rate on
Variable rate
maturity
debt
fixed rate debt
variable rate debt
245.9
5.39
23.8
4.64
523.2
2.51
307.9
5.63
232.6
1.29
364.9
2.14
70.2
1.36
554.2
6.74
21.8
2.01
2,562.4
4.52
21.9
2.37
Totals (1)
4,558.5
4.82
370.5
1.63
Fair Value (2)
4,877.7
366.0
(1) Excludes net premiums recorded on mortgages payable and original issuance discounts recorded on notes payable. At December 31, 2014, the unamortized balance of net premiums on mortgages payable is $16.6 million, and the unamortized balance of original issuance discounts on notes payable is $14.6 million.
(2) We base the estimated fair value of the fixed rate senior notes and bonds at December 31, 2014 on the indicative market prices and recent trading activity of our senior notes and bonds payable. We base the estimated fair value of our fixed rate and variable rate mortgages at December 31, 2014 on the relevant Treasury yield curve, plus an applicable credit-adjusted spread. We believe that the carrying value of the credit facility balance and term loan balance reasonably approximate their estimated fair values at December 31, 2014.
The table incorporates only those exposures that exist as of December 31, 2014. It does not consider those exposures or positions that could arise after that date. As a result, our ultimate realized gain or loss, with respect to interest rate fluctuations, would depend on the exposures that arise during the period, our hedging strategies at the time, and interest rates.
All of our outstanding notes and bonds have fixed interest rates. All of our mortgages payable, except five with an outstanding principal balance of $77.5 million at December 31, 2014, have fixed interest rates. All of these variable rate mortgages have arrangements that limit our exposure to interest rate risk. Interest on our credit facility and term loan balance is variable. However, the variable interest rate feature on our term loan has been mitigated by an interest rate swap agreement. Based on our credit facility balance of $223.0 million at December 31, 2014, a 1% change in interest rates would change our interest costs by $2.2 million per year.
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Item 8: Financial Statements and Supplementary Data
A.
Reports of Independent Registered Public Accounting Firm
B.
Consolidated Balance Sheets, December 31, 2014 and 2013
C.
Consolidated Statements of Income, Years ended December 31, 2014, 2013 and 2012
D.
Consolidated Statements of Equity, Years ended December 31, 2014, 2013 and 2012
E.
Consolidated Statements of Cash Flows, Years ended December 31, 2014, 2013 and 2012
F.
Notes to Consolidated Financial Statements
G.
Consolidated Quarterly Financial Data (unaudited) for 2014 and 2013
H.
Schedule III Real Estate and Accumulated Depreciation
Schedules not filed: All schedules, other than that indicated in the Table of Contents, have been omitted as the required information is either not material, inapplicable or the information is presented in the financial statements or related notes.
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Report of Independent Registered Public Accounting Firm
The Board of Directors and Stockholders
Realty Income Corporation:
We have audited the accompanying consolidated balance sheets of Realty Income Corporation and subsidiaries as of December 31, 2014 and 2013, and the related consolidated statements of income, equity, and cash flows for each of the years in the three-year period ended December 31, 2014. In connection with our audits of the consolidated financial statements, we also have audited financial statement schedule III. These consolidated financial statements and financial statement schedule are the responsibility of Realty Income Corporation’s management. Our responsibility is to express an opinion on these consolidated financial statements and financial statement schedule based on our audits.
We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the financial position of Realty Income Corporation and subsidiaries as of December 31, 2014 and 2013, and the results of their operations and their cash flows for each of the years in the three-year period ended December 31, 2014, in conformity with U.S. generally accepted accounting principles. Also in our opinion, the related financial statement schedule, when considered in relation to the basic consolidated financial statements taken as a whole, present fairly, in all material respects, the information set forth therein.
As discussed in note 2 to the consolidated financial statements, Realty Income Corporation changed its method for reporting discontinued operations in 2014 due to the adoption of FASB Accounting Standards Update No. 2014-08.
We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States), Realty Income Corporation’s internal control over financial reporting as of December 31, 2014, based on criteria established in Internal Control – Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO), and our report dated February 18, 2015 expressed an unqualified opinion on the effectiveness of Realty Income Corporation’s internal control over financial reporting.
/s/ KPMG LLP
San Diego, California February 18, 2015
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We have audited Realty Income Corporation’s internal control over financial reporting as of December 31, 2014, based on criteria established in Internal Control – Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO). Realty Income Corporation’s management is responsible for maintaining effective internal control over financial reporting and for its assessment of the effectiveness of internal control over financial reporting, included in the accompanying Management’s Report on Internal Control over Financial Reporting. Our responsibility is to express an opinion on Realty Income Corporation’s internal control over financial reporting based on our audit.
We conducted our audit in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether effective internal control over financial reporting was maintained in all material respects. Our audit included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. Our audit also included performing such other procedures as we considered necessary in the circumstances. We believe that our audit provides a reasonable basis for our opinion.
A company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company’s internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company’s assets that could have a material effect on the financial statements.
Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.
In our opinion, Realty Income Corporation maintained, in all material respects, effective internal control over financial reporting as of December 31, 2014, based on Internal Control – Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO).
We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States), the consolidated balance sheets of Realty Income Corporation and subsidiaries as of December 31, 2014 and 2013, and the related consolidated statements of income, equity, and cash flows for each of the years in the three-year period ended December 31, 2014, and our report dated February 18, 2015 expressed an unqualified opinion on those consolidated financial statements.
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REALTY INCOME CORPORATION AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
December 31, 2014 and 2013
(dollars in thousands, except per share data)
ASSETS
Real estate, at cost:
Land
3,046,372
2,791,147
Buildings and improvements
8,107,199
7,108,328
Total real estate, at cost
11,153,571
9,899,475
Less accumulated depreciation and amortization
(1,386,871
(1,114,888
Net real estate held for investment
9,766,700
8,784,587
Real estate held for sale, net
14,840
12,022
Net real estate
9,781,540
8,796,609
Accounts receivable, net
64,386
39,323
Acquired lease intangible assets, net
1,039,724
935,459
Goodwill
15,470
15,660
Other assets, net
107,650
127,133
Total assets
LIABILITIES AND EQUITY
Distributions payable
43,675
41,452
Accounts payable and accrued expenses
123,287
102,511
Acquired lease intangible liabilities, net
220,469
148,250
Other liabilities
53,145
44,030
Line of credit payable
223,000
128,000
Term loan
70,000
Mortgages payable, net
852,575
783,360
Notes payable, net
3,785,372
3,185,480
Commitments and contingencies
Stockholders’ equity:
Preferred stock and paid in capital, par value $0.01 per share, 69,900,000 shares authorized, 16,350,000 shares issued and outstanding as of December 31, 2014 and 25,150,000 shares issued and outstanding as of December 31, 2013
395,378
609,363
Common stock and paid in capital, par value $0.01 per share, 370,100,000 shares authorized, 224,881,192 shares issued and outstanding as of December 31, 2014 and 207,485,073 shares issued and outstanding at December 31, 2013
6,464,987
5,767,878
Distributions in excess of net income
(1,246,964
(991,794
Total stockholders’ equity
5,613,401
5,385,447
Noncontrolling interests
27,698
35,911
Total liabilities and equity
The accompanying notes to consolidated financial statements are an integral part of these statements.
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CONSOLIDATED STATEMENTS OF INCOME
Years Ended December 31, 2014, 2013 and 2012
REVENUE
893,457
748,218
467,020
37,118
24,944
14,619
2,930
7,047
2,942
EXPENSES
Interest
General and administrative
Property (including reimbursable)
53,871
38,851
21,306
Income taxes
3,461
2,350
1,061
Merger-related costs
Total expenses
703,570
599,596
342,686
39,205
Net income attributable to noncontrolling interests
(1,305
(719
270,635
245,564
Excess of redemption value over carrying value of preferred shares redeemed
Amounts available to common stockholders per common share, basic and diluted:
1.03
0.72
0.73
Weighted average common shares outstanding:
Diluted
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CONSOLIDATED STATEMENTS OF EQUITY
Years Ended December 31, 2014, 2013, and 2012
(dollars in thousands)
Preferred
Common
Shares of
stock and
preferred
common
paid in
in excess of
stockholders’
Noncontrolling
stock
capital
net income
equity
interests
Balance, December 31, 2011
13,900,000
133,223,338
337,790
2,563,048
(645,984
Distributions paid and payable
(278,133
Shares issued in stock offerings, net of offering costs of $13,773
16,350,000
395,377
Shares issued pursuant to dividend reinvestment and stock purchase plan, net
55,598
2,051
Preferred shares redeemed
(5,100,000
(123,804
(127,500
Share-based compensation
173,475
6,993
Balance, December 31, 2012
25,150,000
133,452,411
2,572,092
(768,661
719
(468,697
(1,371
(470,068
Shares issued in stock offerings, net of offering costs of $55,359
27,025,000
1,133,574
Shares issued in conjunction with acquisition of ARCT, net of our shares owned by ARCT
45,364,435
1,997,850
Issuance of preferred and common units
36,563
1,449,139
55,244
194,088
9,118
Balance, December 31, 2013
207,485,073
1,305
(519,790
(1,839
(521,629
Shares issued in stock offerings, net of offering costs of $22,827
13,800,000
528,592
Redemption of common units
35,000
1,032
(1,032
Reallocation of equity
6,647
(6,647
3,527,166
157,285
(8,800,000
(213,985
(220,000
33,953
3,553
Balance, December 31, 2014
224,881,192
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CONSOLIDATED STATEMENTS OF CASH FLOWS
CASH FLOWS FROM OPERATING ACTIVITIES
Adjustments to net income:
(2,800
(65,670
(17,257
Non-cash rental adjustments
(6,848
(5,554
(4,199
Amortization of net premiums on mortgages payable
Amortization of deferred financing costs
8,335
9,364
6,849
Provisions for impairment on real estate
Cash provided by discontinued operations:
Real estate
427
5,599
12,677
Proceeds from sale of real estate
820
597
Change in assets and liabilities, other than from the impact of our acquisition of American Realty Capital Trust, Inc., or ARCT
Accounts receivable and other assets
(4,311
(2,922
573
Accounts payable, accrued expenses and other liabilities
21,479
12,846
8,184
CASH FLOWS FROM INVESTING ACTIVITIES
Investment in real estate, net of cash acquired
(1,228,243
(1,429,483
(1,015,725
Improvements to real estate, including leasing costs
(6,032
(8,507
(6,554
Proceeds from sales of real estate:
88,688
8
6,918
126,785
50,563
Collection (issuance) of loans receivable
(10,656
(34,876
Restricted escrow deposits for Section 1031 tax-deferred exchanges and pending acquisitions
(36,540
(10,158
(1,805
Net cash used in investing activities
(1,174,859
(1,332,011
(1,008,374
CASH FLOWS FROM FINANCING ACTIVITIES
Cash distributions to common stockholders
(479,256
(409,222
(236,348
Cash dividends to preferred stockholders
(38,300
(39,445
Borrowings on line of credit
1,672,321
2,624,700
1,074,000
Payments on line of credit
(1,577,321
(2,654,700
(1,153,400
Proceeds from notes and bonds payable issued
598,594
750,000
800,000
Principal payment on notes payable
(100,000
Principal payments on mortgages payable
(85,208
(32,603
(11,729
Proceeds from term loan
Repayment of ARCT line of credit
(317,207
Repayment of ARCT term loan
(235,000
Proceeds from common stock offerings, net
528,615
Proceeds from preferred stock offerings, net
Redemption of preferred stock
Distributions to noncontrolling interests
(1,844
(1,216
Debt issuance costs
(5,505
(10,666
(16,979
Proceeds from dividend reinvestment and stock purchase plan, net
158,462
55,806
2,159
Other items, including shares withheld upon vesting
(9,796
(13,422
(3,147
Net cash provided by financing activities
540,762
818,114
682,988
Net (decrease) increase in cash and cash equivalents
Cash and cash equivalents, beginning of period
Cash and cash equivalents, end of period
For supplemental disclosures, see note 16.
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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
December 31, 2014, 2013 and 2012
1. Organization and Operation
Realty Income Corporation (“Realty Income,” the “Company,” “we,” “our” or “us”) is organized as a Maryland corporation. We invest in commercial real estate and have elected to be taxed as a real estate investment trust, or REIT.
At December 31, 2014, we owned 4,327 properties, located in 49 states and Puerto Rico, containing over 70.7 million leasable square feet.
Information with respect to number of properties, square feet, average initial lease term and weighted average contractual lease rate is unaudited.
2. Summary of Significant Accounting Policies
Federal Income Taxes. We have elected to be taxed as a REIT under the Internal Revenue Code of 1986, as amended, or the Code. We believe we have qualified and continue to qualify as a REIT. Under the REIT operating structure, we are permitted to deduct dividends paid to our stockholders in determining our taxable income. Assuming our dividends equal or exceed our net income, we generally will not be required to pay federal corporate income taxes on such income. Accordingly, no provision has been made for federal income taxes in the accompanying consolidated financial statements, except for the federal income taxes of our taxable REIT subsidiaries. The income taxes recorded on our consolidated statements of income represent amounts paid by Realty Income for city and state income and franchise taxes.
Earnings and profits that determine the taxability of distributions to stockholders differ from net income reported for financial reporting purposes due to differences in the estimated useful lives and methods used to compute depreciation and the carrying value (basis) of the investments in properties for tax purposes, among other things.
We regularly analyze our various federal and state filing positions and only recognize the income tax effect in our financial statements when certain criteria regarding uncertain income tax positions have been met. We believe that our income tax positions would more likely than not be sustained upon examination by all relevant taxing authorities. Therefore, no provisions for uncertain income tax positions have been recorded in our financial statements.
Absent an election to the contrary, if a REIT acquires property that is or has been owned by a C corporation in a transaction in which the tax basis of the property in the hands of the REIT is determined by reference to the tax basis of the property in the hands of the C corporation, and the REIT recognizes gain on the disposition of such property during the 10 year period beginning on the date on which it acquired the property, then the REIT will be required to pay tax at the highest regular corporate tax rate on this gain to the extent of the excess of the fair value of the property over the REIT’s adjusted basis in the property, in each case determined as of the date the REIT acquired the property. In August 2007, we acquired 100% of the stock of a C corporation that owned real property. At the time of acquisition, the C corporation became a Qualified REIT Subsidiary, and was deemed to be liquidated for Federal income tax purposes; the real property was deemed to be transferred to us with a carryover tax basis. As of December 31, 2014, we have built-in gains of $59 million with respect to such properties. We do not expect that we will be required to pay income tax on the built-in gains in these properties. It is our intent, and we have the ability, to defer any dispositions of these properties to periods when the related gains would not be subject to the built-in gain income tax or otherwise to defer the recognition of the built-in gain related to these properties. However, our plans could change and it may be necessary to dispose of one or more of these properties in a taxable transaction after 2014 but before August 28, 2017, in which case we would be required to pay corporate level tax with respect to the built-in gains on these properties as described above.
Net Income per Common Share. Basic net income per common share is computed by dividing net income available to common stockholders by the weighted average number of common shares outstanding during each period. Diluted net income per common share is computed by dividing net income available to common stockholders, plus income attributable to dilutive shares and convertible common units, for the period by the weighted average number of common shares that would have been outstanding assuming the issuance of common shares for all potentially dilutive common shares outstanding during the reporting period.
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The following is a reconciliation of the denominator of the basic net income per common share computation to the denominator of the diluted net income per common share computation.
Weighted average shares used for the basic net income per share computation
Incremental shares from share-based compensation
59,978
26,765
67,461
Weighted average partnership common units convertible to common shares that were dilutive
317,022
Weighted average shares used for diluted net income per share computation
Unvested shares from share-based compensation that were anti-dilutive
51,749
59,629
17,570
Weighted average partnership common units convertible to common shares that were anti-dilutive
523,847
851,568
Discontinued Operations. In April 2014, the Financial Accounting Standards Board, or FASB, issued Accounting Standards Update (ASU) 2014-08, which amends Topic 205, Presentation of Financial Statements, and Topic 360, Property, Plant, and Equipment. The amendments in this ASU changed the definition of discontinued operations by limiting discontinued operations reporting to disposals of components of an entity that represent strategic shifts that have, or will have, a major effect on an entity’s operations and financial results. ASU 2014-08 is effective, on a prospective basis, for all disposals or classifications as held for sale of components of an entity that occur within interim and annual periods beginning after December 15, 2014; however, we chose to early adopt ASU 2014-08 beginning with the three-month period ended March 31, 2014. Starting with the first quarter of 2014, the results of operations for all qualifying disposals and properties classified as held for sale that were not previously reported in discontinued operations in our 2013 Annual Report on Form 10-K are presented within income from continuing operations on our consolidated statements of income. Prior to the date of adoption of ASU 2014-08, we reported, in discontinued operations, the results of operations of properties that had either been disposed of or classified as held for sale in financial statements issued.
Operations from eight properties were classified as held for sale at December 31, 2014, and are included in income from continuing operations. We do not depreciate properties that are classified as held for sale.
If the property was previously reclassified as held for sale but the applicable criteria for this classification are no longer met, the property is reclassified to real estate held for investment. A property that is reclassified to held for investment is measured and recorded at the lower of (i) its carrying amount before the property was classified as held for sale, adjusted for any depreciation expense that would have been recognized had the property been continuously classified as held for investment, or (ii) the fair value at the date of the subsequent decision not to sell.
No debt was assumed by buyers of our properties, or repaid as a result of our property sales.
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The following is a summary of income from discontinued operations on our consolidated statements of income (dollars in thousands):
Revenue Recognition and Accounts Receivable. All leases are accounted for as operating leases. Under this method, leases that have fixed and determinable rent increases are recognized on a straight-line basis over the lease term. Any rental revenue contingent upon a tenant’s sales is recognized only after the tenant exceeds their sales breakpoint. Rental increases based upon changes in the consumer price indexes are recognized only after the changes in the indexes have occurred and are then applied according to the lease agreements. Contractually obligated reimbursements from tenants for recoverable real estate taxes and operating expenses are included in tenant reimbursements in the period when such costs are incurred.
We recognize an allowance for doubtful accounts relating to accounts receivable for amounts deemed uncollectible. We consider tenant specific issues, such as financial stability and ability to pay, when determining collectability of accounts receivable and appropriate allowances to record. The allowance for doubtful accounts was $765,000 at December 31, 2014 and $498,000 at December 31, 2013.
Other revenue, which comprises property-related revenue not included in rental revenue or tenant reimbursements, was $2.9 million in 2014, $7.0 million in 2013 and $2.9 million in 2012.
Principles of Consolidation. The accompanying consolidated financial statements include the accounts of Realty Income and other entities for which we make operating and financial decisions (i.e. control), after elimination of all material intercompany balances and transactions. We consolidate entities that we control and record a noncontrolling interest for the portion that we do not own. Noncontrolling interest that was created or assumed as part of a business combination was recognized at fair value as of the date of the transaction (see note 11). We have no unconsolidated investments.
Cash Equivalents. We consider all short-term, highly liquid investments that are readily convertible to cash and have an original maturity of three months or less at the time of purchase to be cash equivalents. Our cash equivalents are primarily investments in United States government money market funds.
Gain on Sales of Properties. When real estate is sold, the related net book value of the applicable assets is removed and a gain from the sale is recognized in our consolidated statements of income. We record a gain from the sale of real estate provided that various criteria, relating to the terms of the sale and any subsequent involvement by us with the real estate, have been met.
Allocation of the Purchase Price of Real Estate Acquisitions. When acquiring a property for investment purposes, we typically allocate the fair value of real estate acquired to: (1) land, (2) building and improvements, and (3) identified intangible assets and liabilities, based in each case on their estimated fair values. Intangible assets and liabilities consist of above-market or below-market lease value of in-place leases, the value of in-place leases, and tenant relationships, as applicable. In an acquisition of multiple properties, we must also allocate the purchase price among the properties. The allocation of the purchase price is based on our assessment of estimated fair value and is often based upon the expected future cash flows of the property and various characteristics of the markets where the property is located. In addition, any assumed mortgages receivable or payable and any assumed or issued noncontrolling interests are recorded at their estimated fair values. The estimated fair values of our mortgages payable have been calculated by discounting the future cash
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flows using applicable interest rates that have been adjusted for factors, such as industry type, tenant investment grade, maturity date, and comparable borrowings for similar assets. The initial allocation of the purchase price is based on management’s preliminary assessment, which may differ when final information becomes available. Subsequent adjustments made to the initial purchase price allocation are made within the allocation period, which does not exceed one year. The use of different assumptions in the allocation of the purchase price of the acquired properties and liabilities assumed could affect the timing of recognition of the related revenue and expenses.
Our estimated fair value determinations are based on management’s judgment, utilizing various factors, including: (1) market conditions, (2) industry that the tenant operates in, (3) characteristics of the real estate, i.e.: location, size, demographics, value and comparative rental rates, (4) tenant credit profile, (5) store profitability and the importance of the location of the real estate to the operations of the tenant’s business, and/or (6) real estate valuations, prepared either internally or by an independent valuation firm. Our methodologies for measuring fair value related to the allocation of the purchase price of real estate acquisitions include both observable market data (and thus should be categorized as level 2 on FASB’s three-level valuation hierarchy) and unobservable inputs that reflect our own internal assumptions and calculations (and thus should be categorized as level 3 on FASB’s three-level valuation hierarchy).
The fair value of the tangible assets of an acquired property with an in-place operating lease (which includes land and buildings/improvements) is determined by valuing the property as if it were vacant, and the “as-if-vacant” value is then allocated to land and buildings/improvements based on our determination of the fair value of these assets. Our fair value determinations are based on a real estate valuation for each property, prepared either internally or by an independent valuation firm, and consider estimates of carrying costs during the expected lease-up periods, current market conditions, as well as costs to execute similar leases. In allocating the fair value to identified intangibles for above-market or below-market leases, an amount is recorded based on the present value of the difference between (i) the contractual amount to be paid pursuant to the in-place lease and (ii) our estimate of fair market lease rate for the corresponding in-place lease, measured over the remaining term of the lease.
Capitalized above-market lease values are amortized as a reduction of rental income over the remaining terms of the respective leases. Capitalized below-market lease values are amortized as an increase to rental income over the remaining terms of the respective leases.
The aggregate value of other acquired intangible assets consists of the fair value of in-place leases and tenant relationships, as applicable. The value of in-place leases, exclusive of the value of above-market and below-market in-place leases, is amortized to expense over the remaining periods of the respective leases.
If a lease was terminated prior to its stated expiration, all unamortized amounts relating to that lease would be recorded to revenue or expense as appropriate.
In allocating the fair value to assumed mortgages, amounts are recorded to debt premiums or discounts based on the present value of the estimated cash flows, which is calculated to account for either above or below-market interest rates. These assumed mortgage payables are amortized as a reduction to interest expense over the remaining term of the respective mortgages.
In allocating noncontrolling interests, amounts are recorded based on the fair value of units issued at the date of acquisition, as determined by the terms of the applicable agreement.
Depreciation and Amortization. Land, buildings and improvements are recorded and stated at cost. Major replacements and betterments, which improve or extend the life of the asset, are capitalized and depreciated over their estimated useful lives, while ordinary repairs and maintenance are expensed as incurred. Buildings and improvements that are under redevelopment, or are being developed, are carried at cost and no depreciation is recorded on these assets. Additionally, amounts essential to the development of the property, such as pre-construction, development, construction, interest and other costs incurred during the period of development are capitalized. We cease capitalization when the property is available for occupancy upon substantial completion of tenant improvements, but in any event no later than one year from the completion of major construction activity.
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Properties are depreciated using the straight-line method over the estimated useful lives of the assets. The estimated useful lives are as follows:
Buildings
25 years or 35 years
Building improvements
4 to 15 years
Tenant improvements and lease commissions
The shorter of the term of the related lease or useful life
Acquired in-place leases
Remaining terms of the respective leases
Provisions for Impairment. We review long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. A provision is made for impairment if estimated future operating cash flows (undiscounted and without interest charges) plus estimated disposition proceeds (undiscounted) are less than the current book value of the property. Key factors that we estimate in this analysis include projected rental rates, estimated holding periods, capital expenditures and property sales capitalization rates. If a property is classified as held for sale, it is carried at the lower of carrying cost or estimated fair value, less estimated cost to sell, and depreciation of the property ceases.
In 2014, Realty Income recorded total provisions for impairment of $4.6 million. Provisions for impairment of $4.1 million are included in income from continuing operations on eight sold properties and three properties classified as held for sale in the following industries: one in the consumer electronics industry, one in the convenience stores industry, one in the home furnishings industry, two in the home improvement industry, and six in the restaurant-casual dining industry. These properties were not previously classified as held for sale in financial statements issued prior to the date of adoption of ASU 2014-08; accordingly, these provisions for impairment are included in income from continuing operations on our consolidated statements of income. Additionally, a provision for impairment of $510,000 is included in income from discontinued operations on one sold property in the grocery store industry that was classified as held for sale as of December 31, 2013.
In 2013, Realty Income recorded total provisions for impairment of $3.0 million. Realty Income recorded provisions for impairment of $2.7 million in income from discontinued operations on seven sold properties in the following industries: one in the automotive parts industry, two in the child care industry, one in the grocery store industry, one in the pet supplies and services industry, and two in the restaurant casual dining industry. Except for a provision for impairment of $290,000 that was recorded in income from continuing operations for one property in the auto service industry that was not previously classified as held for sale as of December 31, 2013, the remaining provisions for impairment are included in income from discontinued operations on our consolidated statement of income.
In 2013, Crest also recorded a provision for impairment of $308,000 on one sold property in the restaurant-casual dining industry, which is included in income from discontinued operations.
In 2012, Realty Income recorded total provisions for impairment of $5.1 million. Realty Income recorded provisions for impairment of $1.5 million on six sold properties in the following industries: one in the automotive parts industry, one in the automotive tire services industry, one in the automotive service industry, one in the child care industry, one in the convenience stores industry, and one in the home improvement industry. Except for a provisions for impairment of $3.6 million that was recorded in income from continuing operations on four properties in the restaurant-casual industry that were not previously classified as held for sale as of December 31, 2013, the remaining provisions for impairment are included in income from discontinued operations on our consolidated statement of income.
Asset Retirement Obligations. We analyze our future legal obligations associated with the other-than-temporary removal of tangible long-lived assets, also referred to as asset retirement obligations. When we determine that we have a legal obligation to provide services upon the retirement of a tangible long-lived asset, we record a liability for this obligation based on the estimated fair value of this obligation and adjust the carrying amount of the related long-lived asset by the same amount. This asset is amortized over its estimated useful life. The estimated fair value of the asset retirement obligation is calculated by discounting the future cash flows using a credit-adjusted risk-free interest rate.
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Goodwill. Goodwill is tested for impairment during the second quarter of each year as well as when events or circumstances occur indicating that our goodwill might be impaired. Under the amendments issued in conjunction with ASU No. 2011-08, Intangibles – Goodwill and Other (Topic 350), an entity, through an assessment of qualitative factors, is not required to calculate the estimated fair value of a reporting unit, in connection with the two-step goodwill impairment test, unless the entity determines that it is more likely than not that its fair value is less than its carrying amount. We elected to continue testing goodwill for impairment during the second quarter of each year as well as when events or circumstances occur, indicating that our goodwill might be impaired. During our tests for impairment of goodwill during the second quarters of 2014, 2013 and 2012, we determined that the estimated fair values of our reporting units exceeded their carrying values. We did not record any impairment on our existing goodwill during 2014, 2013 or 2012.
Equity Offering Costs. Underwriting commissions and offering costs have been reflected as a reduction of additional paid-in-capital on our consolidated balance sheets.
Noncontrolling Interests. Noncontrolling interests are reflected on our consolidated balance sheets as a component of equity. Noncontrolling interests are recorded initially at fair value based on the price of the applicable units issued, and subsequently adjusted each period for distributions, contributions and the allocation of net income attributable to the noncontrolling interests.
As consideration for two separate acquisitions during 2013, partnership units of Tau Operating Partnership, L.P. and Realty Income, L.P. were issued to third parties. These common units (discussed in footnote 11) do not have voting rights, are entitled to monthly distributions equal to the amount paid to our common stockholders, and are redeemable in cash or our common stock, at our option and at a conversion ratio of one to one, subject to certain exceptions. As the general partner for each of these partnerships, we have operating and financial control over these entities, consolidate them in our financial statements, and record the partnership units held by third parties as noncontrolling interests.
Use of Estimates. The consolidated financial statements were prepared in conformity with U.S. generally accepted accounting principles, or GAAP, which requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates.
Reclassifications. Certain of the 2013 and 2012 balances for properties classified as held for sale at December 31, 2013 have been reclassified to continuing operations as a result of changes in classification to held for investment.
Revisions. We previously reported certain operating activities of our wholly owned taxable REIT subsidiary, Crest Net Lease, Inc., or Crest, as discontinued operations. We have revised the 2013 amounts to report those activities in continuing operations. Subsequent to the revision, results of operations for Crest properties that were disposed of or classified as held for sale as of December 31, 2013, continue to be reported in discontinued operations.
3. Supplemental Detail for Certain Components of Consolidated Balance Sheets
A. Acquired lease intangible assets, net, consist of the following
(dollars in thousands) at:
1,005,244
843,616
Accumulated amortization of acquired in-place leases
(177,722
(95,084
Acquired above-market leases
252,581
207,641
Accumulated amortization of acquired above-market leases
(40,379
(20,714
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B. Other assets, net, consist of the following (dollars in thousands) at:
Restricted escrow deposits
36,540
10,158
Deferred financing costs, net
23,274
21,323
Notes receivable issued in connection with property sales
18,342
19,078
Prepaid expenses
14,137
11,674
Impounds related to mortgages payable
5,789
5,555
Credit facility origination costs, net
4,171
7,146
Corporate assets, net
2,600
1,259
Loans receivable
48,844
Other items
2,797
2,096
C. Distributions payable consist of the following declared
distributions (dollars in thousands) at:
Common stock distributions
41,268
37,797
2,257
3,494
Noncontrolling interests distributions
161
D. Accounts payable and accrued expenses consist of the
following (dollars in thousands) at:
Notes payable - interest payable
63,919
55,616
Accrued costs on properties under development
18,011
14,058
Mortgages payable - interest payable
3,024
2,790
38,333
30,047
E. Acquired lease intangible liabilities, net, consist of the
Acquired below-market leases
243,025
158,703
Accumulated amortization of acquired below-market leases
(22,556
(10,453
F. Other liabilities consist of the following
Rent received in advance
36,122
31,144
Preferred units issued upon acquisition of ARCT
6,750
Security deposits
5,876
6,136
4,397
4. Investments in Real Estate
We acquire land, buildings and improvements necessary for the successful operations of commercial tenants.
A. 2014 and 2013 Acquisitions
During 2014, we invested $1.4 billion in 506 new properties and properties under development or expansion with an initial weighted average contractual lease rate of 7.1%. The 506 new properties and properties under development or expansion are located in 42 states, will contain approximately 9.8 million leasable square feet, and are 100% leased with a weighted average lease term of 12.8 years. The tenants occupying the new properties operate in 32 industries and the property types consist of 85.7% retail, 6.6% industrial and distribution, 6.4% office, and 1.3% manufacturing, based on rental revenue. None of our investments during 2014 caused any one tenant to be 10% or more of our total assets at December 31, 2014.
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The $1.4 billion invested during 2014 was allocated as follows: $295.6 million to land, $984.1 million to buildings and improvements, $209.4 million to intangible assets related to leases, $901,000 to other assets, net, and $87.4 million to intangible liabilities related to leases and other assumed liabilities. We also recorded mortgage premiums of $604,000 associated with the mortgages acquired. There was no contingent consideration associated with these acquisitions.
The properties acquired during 2014 generated total revenues of $75.1 million and income from continuing operations of $27.8 million.
The purchase price allocation for $147.1 million of the $1.4 billion invested by us in 2014 is based on a preliminary measurement of fair value that is subject to change. The allocation for these properties represents our current best estimate of fair value and we expect to finalize the valuations and complete the purchase price allocations in 2015. In 2014, we finalized the purchase price allocations for $120.8 million invested in the second half of 2013. There were no material changes to our consolidated balance sheets or income statements as a result of these purchase price allocation adjustments.
In comparison, during 2013, Realty Income invested $1.51 billion in 459 new properties and properties under development or expansion (in addition to our acquisition of American Realty Capital Trust, Inc. or ARCT, which is discussed below), with an initial weighted average contractual lease rate of 7.1%. The 459 properties and properties under development or expansion are located in 40 states, will contain over 9.0 million leasable square feet, and are 100% leased with an average lease term of 14.0 years. The tenants occupying the new properties operated in 23 industries and the property types consisted of 83.8% retail, 9.2% office, 4.9% industrial and distribution, and 2.1% manufacturing, based on rental revenue. These investments are in addition to the $3.2 billion acquisition of ARCT, which added 515 properties to our real estate portfolio during the first quarter of 2013.
The 515 properties added to our real estate portfolio as a result of the ARCT acquisition are located in 44 states and Puerto Rico, contain over 16.0 million leasable square feet, and are 100% leased with a weighted average lease term of 12.2 years. The 69 tenants occupying the 515 properties acquired operate in 28 industries and the property types consist of 54.0% retail, 32.6% industrial and distribution, and 13.4% office, based on rental revenue. We recorded ARCT merger-related transaction costs of $13.0 million in 2013 and $7.9 million in 2012. These merger related transaction costs included, but were not limited to, advisor fees, legal fees, accounting fees, printing fees and transfer taxes.
Our combined total investment in real estate assets, including the ARCT acquisition, during 2013 was $4.67 billion.
The $4.67 billion invested during 2013 was allocated as follows: $805.5 million to land, $3.21 billion to buildings and improvements, $772.7 million to intangible assets related to leases, $13.6 million to other assets, net, and $128.6 million to intangible and assumed liabilities related to leases. We also recorded mortgage premiums of $28.4 million associated with the mortgages acquired. There was no contingent consideration associated with these acquisitions.
The properties acquired during 2013 generated total revenues of $225.3 million and income from continuing operations of $44.0 million during 2013.
In the case of a property under development or expansion, the contractual lease rate is generally fixed such that rent varies based on the actual total investment in order to provide a fixed rate of return. When the lease does not provide for a fixed rate of return on a property under development or expansion, the estimated initial weighted average contractual lease rate is computed as follows: estimated net operating income (determined by the lease) for the first full year of each lease, divided by our projected total investment in the property, including land, construction and capitalized interest costs. Of the $1.4 billion we invested during 2014, $81.9 million was invested in 40 properties under development or expansion with an estimated initial weighted average contractual lease rate of 8.4%. Of the $4.67 billion we invested during 2013, $39.6 million was invested in 21 properties under development or expansion with an estimated initial weighted average contractual lease rate of 8.5%.
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B. Acquisition Transaction Costs
Acquisition transaction costs (excluding ARCT merger-related costs) of $453,000 and $2.1 million, respectively, were recorded to general and administrative expense on our consolidated statements of income for 2014 and 2013.
C. Investments in Existing Properties
During 2014, we capitalized costs of $6.0 million on existing properties in our portfolio, consisting of $821,000 for re-leasing costs and $5.2 million for building and tenant improvements. During 2013, we capitalized costs of $8.5 million on existing properties in our portfolio, consisting of $1.3 million for re-leasing costs and $7.2 million for building and tenant improvements.
D. Properties with Existing Leases
Of the $1.4 billion we invested during 2014, approximately $957.4 million was used to acquire 201 properties with existing leases. In comparison, of the $4.67 billion we invested during 2013, approximately $4.32 billion was used to acquire 799 properties with existing leases. The value of the in-place and above-market leases is recorded to acquired lease intangible assets, net on our consolidated balance sheets, and the value of the below-market leases is recorded to acquired lease intangible liabilities, net on our consolidated balance sheets. The values recorded to all of these intangible values for properties acquired during the fourth quarter of 2014 are based on a preliminary measurement of fair value that is subject to change.
The values of the in-place leases are amortized as depreciation and amortization expense. The amounts amortized to expense for all of our in-place leases, for 2014, 2013, and 2012, were $83.6 million, $65.5 million and $15.6 million, respectively.
The values of the above-market and below-market leases are amortized over the term of the respective leases as an adjustment to rental revenue on our consolidated statements of income. The amounts amortized as a net decrease to rental revenue for capitalized above-market and below-market leases for 2014, 2013 and 2012 were $8.0 million, $8.2 million, and $1.8 million, respectively. If a lease were to be terminated prior to its stated expiration, all unamortized amounts relating to that lease would be recorded to revenue or expense as appropriate.
The following table presents the estimated impact during the next five years and thereafter related to the net increase (decrease) to rental revenue from the amortization of the acquired above-market and below-market lease intangibles and the increase to amortization expense from the amortization of the in-place lease intangibles for properties held for investment at December 31, 2014 (in thousands):
Net increase
Increase to
(decrease) to
amortization
rental revenue
expense
(6,717
85,593
(6,729
85,221
(6,674
84,022
(6,414
81,577
(5,428
71,519
41,538
418,828
9,576
826,760
E. Unaudited Pro Forma Information
The following pro forma total revenue and income from continuing operations, for 2013 and 2012, assumes all of our 2013 acquisitions, including ARCT, occurred on January 1, 2012 (in millions). This pro forma supplemental information does not include: (1) the impact of any synergies or lower borrowing costs that we have or may achieve as a result of the acquisitions or any strategies that management has or may consider in order to
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continue to efficiently manage our operations, and (2) ARCT’s historical operational costs, including general and administrative costs and property expenses. Additionally, this information does not purport to be indicative of what our operating results would have been had the acquisitions occurred on January 1, 2012, and may not be indicative of future operating results. For purposes of calculating these pro-forma amounts, we assumed that merger-related costs of approximately $12.5 million, which represent the merger-related costs incurred after consummation of our ARCT acquisition, occurred on January 1, 2012. Other than these items specified above, no material, non-recurring pro-forma adjustments were included in the calculation of this information.
Income from
continuing
Dollars in millions
revenue
operations
Supplemental pro forma for the year ended December 31, 2013
848.6
Supplemental pro forma for the year ended December 31, 2012
772.6
212.8
5. Credit Facility
At December 31, 2014, credit facility origination costs of $4.2 million are included in other assets, net, on our consolidated balance sheet. These costs are being amortized over the remaining term of our current $1.5 billion credit facility.
At December 31, 2014, we had a borrowing capacity of $1.28 billion available on our credit facility (subject to customary conditions to borrowing) and an outstanding balance of $223.0 million, as compared to an outstanding balance of $128.0 million at December 31, 2013.
The weighted average interest rate on outstanding borrowings under our credit facilities was 1.2% during 2014, 1.3% during 2013, and was 1.6% during 2012. At December 31, 2014, the effective interest rate was 1.2%. Our current and prior credit facilities are and were subject to various leverage and interest coverage ratio limitations, and at December 31, 2014, we remain in compliance with these covenants.
6. Mortgages Payable
During 2014, we made $85.2 million in principal payments, including the repayment of six mortgages in full for $77.8 million. Additionally, during 2014 we assumed mortgages totaling $166.7 million, excluding net premiums. The mortgages are secured by the properties on which the debt was placed. Approximately $152.0 million is considered non-recourse with limited customary exceptions for items such as solvency, bankruptcy, misrepresentation, fraud, misapplication of payments, environmental liabilities, failure to pay taxes, insurance premiums, liens on the property, violations of the single purpose entity requirements, and uninsured losses. The remaining $14.7 million, representing two mortgages, has partial recourse to us in the aggregate amount of $3.2 million; the remaining balance of $11.5 million is non-recourse and includes the same customary exceptions described in the preceding sentence. We expect to pay off the mortgages as soon as prepayment penalties make it economically feasible to do so.
During 2014, aggregate net premiums totaling $604,000 were recorded upon assumption of the mortgages for above-market interest rates, as compared to net premiums totaling $28.4 million recorded in 2013. Amortization of these net premiums is recorded as a reduction to interest expense over the remaining term of the respective mortgages, using a method that approximates the effective-interest method.
These mortgages contain customary covenants, such as limiting our ability to further mortgage each applicable property or to discontinue insurance coverage, without the prior consent of the lender. At December 31, 2014, we remain in compliance with these covenants.
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We did not incur any deferred financing costs on our mortgages assumed in 2014, incurred $211,000 of deferred financing costs in 2013, and incurred $1.1 million in 2012. The balance of our deferred financing costs, which are classified as part of other assets, net, on our consolidated balance sheets, was $827,000 at December 31, 2014 and $1.2 million at December 31, 2013, which is being amortized over the remaining term of each mortgage.
The following is a summary of all our mortgages payable as of December 31, 2014 and 2013, respectively (dollars in thousands):
Weighted
Average
Stated
Effective
Remaining
Unamortized
Mortgage
Years Until
Principal
Premium
Payable
As Of
Properties(1)
Rate(2)
Rate(3)
Balance
Balance, net
12/31/14
241
5.0%
4.0%
836,011
16,564
12/31/13
227
5.3%
3.9%
754,508
28,852
(1) At December 31, 2014, there were 57 mortgages on the 241 properties, while at December 31, 2013, there were 47 mortgages on the 227 properties. The mortgages require monthly payments, with principal payments due at maturity. The mortgages are at fixed interest rates, except for five mortgages on 14 properties totaling $74.5 million at December 31, 2014, including net unamortized discounts. At December 31, 2013, two mortgages totaling $31.1 million, including net unamortized discounts, were at variable interest rates. All of these variable rate mortgages were acquired with arrangements which limit our exposure to interest rate risk.
(2) Stated interest rates ranged from 2.0% to 6.9% at December 31, 2014, while stated interest rates ranged from 2.5% to 6.9% at December 31, 2013.
(3) Effective interest rates range from 2.2% to 9.0% at December 31, 2014, while effective interest rates ranged from 2.4% to 9.2% at December 31, 2013.
The following table summarizes the maturity of mortgages payable, excluding net premiums of $16.6 million, as of December 31, 2014 (dollars in millions):
7. Term Loan
In January 2013, in conjunction with our acquisition of ARCT, we entered into a $70 million senior unsecured term loan maturing January 21, 2018. Borrowing under the term loan bears interest at the current one month LIBOR, plus 1.2%. In conjunction with this term loan, we also acquired an interest rate swap which essentially fixes our per annum interest rate on the term loan at 2.15%. As a result of entering into our term loan, we incurred deferred financing costs of $303,000 in 2013, which are being amortized over the remaining term of the term loan. The net balance of these deferred financing costs was $187,000 at December 31, 2014, and $248,000 at December 31, 2013, which are included in other assets, net on our consolidated balance sheets.
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8. Notes Payable
A. General
Our senior unsecured notes and bonds consisted of the following, sorted by maturity date (dollars in millions):
3,200
3,185
The following table summarizes the maturity of our notes and bonds payable as of December 31, 2014, excluding unamortized original issuance discounts (dollars in millions):
Notes and
Year of Maturity
Bonds
2,300
As of December 31, 2014, the weighted average interest rate on our notes and bonds payable was 4.8% and the weighted average remaining years until maturity was 7.2 years.
Interest incurred on all of the notes and bonds was $166.5 million for 2014, $138.9 million for 2013 and $110.4 million for 2012. The interest rate on each of these notes and bonds is fixed.
Our outstanding notes and bonds are unsecured; accordingly, we have not pledged any assets as collateral for these or any other obligations. Interest on all of the senior note and bond obligations is paid semiannually.
All of these notes and bonds contain various covenants, including: (i) a limitation on incurrence of any debt which would cause our debt to total adjusted assets ratio to exceed 60%; (ii) a limitation on incurrence of any secured debt which would cause our secured debt to total adjusted assets ratio to exceed 40%; (iii) a limitation on incurrence of any debt which would cause our debt service coverage ratio to be less than 1.5 times; and (iv) the maintenance at all times of total unencumbered assets not less than 150% of our outstanding unsecured debt. At December 31, 2014, we remain in compliance with these covenants.
B. Note Issuances
In September 2014, we issued $250 million of 4.125% senior unsecured notes due October 2026, or the 2026 Notes. The price to the investors for the 2026 Notes was 99.499% of the principal amount for an effective yield of 4.178% per annum. A portion of the total net proceeds of approximately $246.4 million from this offering were used to repay all outstanding borrowings under our acquisition credit facility, and the remaining proceeds were used for other general corporate purposes and working capital, including additional property acquisitions.
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In July 2013, we issued $750 million of 4.65% senior unsecured notes due August 2023, or the 2023 Notes. The price to the investors for the 2023 Notes was 99.775% of the principal amount for an effective yield of 4.678% per annum. The total net proceeds of approximately $741.4 million from this offering were used to repay all outstanding borrowings under our acquisition credit facility, and the remaining proceeds were used for other general corporate purposes and working capital, including additional property acquisitions.
C. Note Repayment
In March 2013, we repaid $100 million of outstanding 5.375% notes, plus accrued and unpaid interest, using proceeds from our March 2013 common stock offering and our credit facility.
9. Issuance and Redemption of Preferred Stock
A. In 2006, we issued 8,800,000 shares of 6.75% Monthly Income Class E Cumulative Redeemable Preferred Stock, or Class E preferred stock, at a price of $25.00 per share. In October 2014, we redeemed all of the 8,800,000 shares of our Class E preferred stock for $25.00 per share, plus accrued dividends. We incurred a charge of $6.0 million, representing the Class E preferred stock original issuance costs that we paid in 2006.
B. In February 2012, we issued 14,950,000 shares of our 6.625% Monthly Income Class F Cumulative Redeemable Preferred Stock, or Class F preferred stock, at a price of $25.00 per share, including 1,950,000 shares purchased by the underwriters upon the exercise of their overallotment option. In April 2012, we issued an additional 1,400,000 shares of our Class F preferred stock at a price of $25.2863 per share. After aggregate underwriting discounts and other offering costs totaling $13.8 million, we received total net proceeds of $395.4 million for the February and April offerings combined, of which $127.5 million was used to redeem all of our outstanding 7.375% Monthly Income Class D Cumulative Redeemable Preferred Stock, or Class D preferred stock, and the balance was used to repay a portion of the borrowings under our credit facility. Beginning February 15, 2017, the shares of Class F preferred stock are redeemable at our option, for $25.00 per share. The initial dividend of $0.1702257 per share was paid on March 15, 2012 and covered 37 days. Thereafter, dividends of $0.138021 per share are paid monthly in arrears on the Class F preferred stock.
C. We redeemed all of the 5,100,000 shares of our Class D preferred stock in March 2012 for $25.00 per share, plus accrued dividends. We incurred a charge of $3.7 million for 2012, representing the Class D preferred stock original issuance costs that we paid in 2004.
10. Issuance of Common Stock
In October 2013, we issued 9,775,000 shares of common stock, including 1,275,000 shares purchased by the underwriters upon the exercise of their option to purchase additional shares. After underwriting discounts and other estimated offering costs of $18.7 million, the net proceeds of approximately $378.5 million were used to repay a portion of the borrowings under our acquisition credit facility, which were used to fund property acquisitions.
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In March 2013, we issued 17,250,000 shares of common stock, including 2,250,000 shares purchased by the underwriters upon the exercise of their option to purchase additional shares. After underwriting discounts and other offering costs of $36.7 million, the net proceeds of $755.1 million were used to redeem our 5.375% notes in March 2013 and repay borrowings under our acquisition credit facility, which were used to fund property acquisitions, including our acquisition of ARCT.
In connection with our January 2013 acquisition of ARCT, we issued a total of 45,573,144 shares of our common stock to ARCT shareholders and we received 208,709 shares of our common stock that were previously held by ARCT. The total value of the 45,573,144 common shares was approximately $2 billion.
11. Noncontrolling Interests
In January 2013, we completed our acquisition of ARCT. Equity issued as consideration for this transaction included common and preferred partnership units issued by Tau Operating Partnership, L.P., or Tau Operating Partnership, the consolidated subsidiary which owns properties acquired through the ARCT acquisition. Realty Income and its subsidiaries hold a 99.3% interest in Tau Operating Partnership, and consolidate the entity.
In June 2013, we completed the acquisition of a portfolio of properties by issuing common partnership units in a newly formed entity, Realty Income, L.P. The units were issued as consideration for the acquisition. At December 31, 2014, the remaining units represent a 2.1% ownership in Realty Income, L.P. Realty Income holds the remaining 97.9% interests in this entity, and consolidates the entity.
A. Neither of the common partnership units has voting rights. Both common partnership units are entitled to monthly distributions equal to the amount paid to common stockholders of Realty Income, and are redeemable in cash or Realty Income common stock, at our option, and at a conversion ratio of one to one, subject to certain exceptions. Noncontrolling interests with redemption provisions that permit the issuer to settle in either cash or common stock, at the option of the issuer, were evaluated to determine whether temporary or permanent equity classification on the balance sheet was appropriate. We evaluated this guidance and determined that the units meet the requirements to qualify for presentation as permanent equity.
The following table represents the change in the carrying value of all noncontrolling interests through December 31, 2014 (dollars in thousands):
Tau Operating
Realty Income, L.P.
Partnership units(1)
units(2)
Carrying value at December 31, 2013
13,489
22,422
Redemptions
(695
(1,144
Allocation of net income
273
Carrying value at December 31, 2014
13,067
14,631
Fair value of units issued during 2013
13,962
22,601
(691
(680
218
501
(1) 317,022 Tau Operating Partnership units were issued on January 22, 2013 and remained outstanding as of December 31, 2014 and 2013.
(2) 534,546 Realty Income, L.P. units were issued on June 27, 2013 and outstanding as of December 31, 2013, and 499,546 units remain outstanding as of December 31, 2014.
During 2014 we recorded an equity reclassification adjustment of $6.6 million between noncontrolling interests and additional paid in capital to adjust the carrying value of the Realty Income, L.P. noncontrolling interests to be in-line with their equity ownership interest in the entity.
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B. The Tau Operating Partnership preferred units were recorded at fair value as of the date of acquisition. Since they are redeemable at a fixed price on a determinable date, we have classified them in other liabilities on our consolidated balance sheets. Payments on these preferred units are made monthly at a rate of 2% per annum and are included in interest expense. As of December 31, 2014 and 2013, the preferred units have a carrying value of $6.75 million.
12. Distributions Paid and Payable
A. Common Stock
We pay monthly distributions to our common stockholders. The following is a summary of monthly distributions paid per common share for the years:
January
0.1821667
0.1517500
0.1455000
February
0.1809167
March
April
0.1812292
0.1458125
May
June
July
0.1815417
0.1461250
August
September
0.1511250
October
0.1818542
0.1514375
November
December
2.1916254
2.1474587
1.7716250
The following presents the federal income tax characterization of distributions paid or deemed to be paid per common share for the years:
Ordinary income
1.6483522
1.3153791
1.3367481
Nontaxable distributions
0.5432732
0.8320796
0.4348769
At December 31, 2014, a distribution of $0.1834167 per common share was payable and was paid in January 2015. At December 31, 2013, a distribution of $0.1821667 per common share was payable and was paid in January 2014.
B. Class D Preferred Stock
Prior to the redemption of the Class D preferred stock in March 2012, dividends of $0.1536459 per share were paid monthly in arrears on the Class D preferred stock. We declared dividends to holders of our Class D preferred stock totaling $2.0 million in 2012. For 2012, dividends paid per share in the amount of $0.3841147 were characterized as ordinary income for federal income tax purposes.
C. Class E Preferred Stock
Prior to the redemption of the Class E preferred stock in October 2014, dividends of $0.140625 per share were paid monthly in arrears on the Class E preferred stock. We paid distributions to holders of our Class E preferred stock totaling $12.7 million in 2014, and $14.9 million in 2013 and 2012. For 2014, dividends paid per share in the amount of $1.4484375 were characterized as ordinary income for federal income tax purposes, while in 2013 and 2012, dividends paid per share in the amount of $1.6875 were characterized as ordinary income for federal income tax purposes.
D. Class F Preferred Stock
Dividends of $0.138021 per share are paid monthly in arrears on the Class F preferred stock. We declared dividends to holders of our Class F preferred stock totaling $27.1 million in 2014 and 2013 and $22.6 million in 2012. For 2014 and 2013, dividends paid per share of $1.656252 were characterized as ordinary income for federal income tax purposes. In 2012, dividends paid per share of $1.4124147 were characterized as ordinary income for federal income tax purposes. At December 31, 2014, a monthly dividend of $0.138021 per share was payable and was paid in January 2015. We are current in our obligations to pay dividends on our Class F preferred stock.
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13. Operating Leases
A. At December 31, 2014, we owned 4,327 properties in 49 states and Puerto Rico, plus an additional two properties owned by Crest. Of the 4,327 properties, 4,308, or 99.6%, are single-tenant properties, and the remaining 19 are multi-tenant properties. At December 31, 2014, 70 properties were available for lease or sale.
Substantially all leases are net leases where the tenant pays property taxes and assessments, maintains the interior and exterior of the building and leased premises, and carries insurance coverage for public liability, property damage, fire and extended coverage.
Rent based on a percentage of a tenants’ gross sales (percentage rents) was $3.6 million for 2014, $2.9 million for 2013 and $2.1 million for 2012, including amounts recorded to discontinued operations of $35,000 in 2014, $104,000 in 2013 and $163,000 in 2012.
At December 31, 2014, minimum future annual rents to be received on the operating leases for the next five years and thereafter are as follows (dollars in thousands):
929,507
917,651
898,584
873,474
817,658
5,376,267
9,813,141
B. Major Tenants - No individual tenant’s rental revenue, including percentage rents, represented more than 10% of our total revenue for each of the years ended December 31, 2014, 2013 or 2012.
14. Gain on Sales of Investment Properties
15. Fair Value of Financial Instruments
Fair value is defined as the price that would be received from the sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The disclosure for assets and liabilities measured at fair value requires allocation to a three-level valuation hierarchy. This valuation hierarchy is based upon the transparency of inputs to the valuation of an asset or liability as of the measurement date. Categorization within this hierarchy is based upon the lowest level of input that is significant to the fair value measurement.
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We believe that the carrying values reflected in our consolidated balance sheets reasonably approximate the fair values for cash and cash equivalents, accounts receivable, escrow deposits, loans receivable, line of credit payable, term loan and all other liabilities, due to their short-term nature or interest rates and terms that are consistent with market, except for our notes receivable issued in connection with property sales, mortgages payable and our senior notes and bonds payable, which are disclosed below (dollars in millions):
Carrying value per
Estimated fair
At December 31, 2014
balance sheet
value
18.3
20.1
Mortgages payable assumed in connection with acquisitions
852.6
857.9
Notes and bonds payable, net of unamortized original issuance discounts
3,785.4
4,092.8
At December 31, 2013
19.1
21.1
783.4
780.0
3,185.5
3,340.7
The estimated fair values of our notes receivable issued in connection with property sales and our mortgages payable have been calculated by discounting the future cash flows using an interest rate based upon the relevant Treasury yield curve, plus an applicable credit-adjusted spread. Because this methodology includes unobservable inputs that reflect our own internal assumptions and calculations, the measurement of estimated fair values related to our notes receivable and mortgages payable, is categorized as level three on the three-level valuation hierarchy.
The estimated fair values of our senior notes and bonds payable are based upon indicative market prices and recent trading activity of our senior notes and bonds payable. Because this methodology includes inputs that are less observable by the public and are not necessarily reflected in active markets, the measurement of the estimated fair values, related to our notes and bonds payable, is categorized as level two on the three-level valuation hierarchy.
16. Supplemental Disclosures of Cash Flow Information
Cash paid for interest was $207.3 million in 2014, $166.1 million in 2013, and $112.5 million in 2012.
Interest capitalized to properties under development was $444,000 in 2014, $537,000 in 2013, and $498,000 in 2012.
Cash paid for income taxes was $3.7 million in 2014, $2.1 million in 2013, and $1.0 million in 2012.
The following non-cash activities are included in the accompanying consolidated financial statements:
A. See “Provisions for Impairment” in note 2 for a discussion of provisions for impairments recorded by Realty Income and Crest.
B. See note 9 for a discussion of the excess of redemption value over carrying value of preferred shares subject to redemption charges recorded by Realty Income during 2014 and 2012.
C. During 2014, we assumed mortgages payable to third-party lenders of $166.7 million, recorded $604,000 of net premiums, and recorded $901,000 of interest rate swap value to other assets, net, related to property acquisitions. During 2013, we assumed mortgages payable (excluding the mortgages payable discussed in items D and E) of $81.3 million to third-party lenders and recorded $6.1 million of net premiums related to property acquisitions.
D. During 2013, the following components were acquired in connection with our acquisition of ARCT: (1) real estate investments and related intangible assets of $3.2 billion, (2) other assets of $19.5 million, (3) lines of credit payable of $317.2 million, (4) a term loan for $235.0 million, (5) mortgages payable of $539.0 million, (6) intangible liabilities of $79.7 million, (7) other liabilities of $29.0 million, and (8) noncontrolling interests of $14.0 million.
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E. During 2013, we acquired $55.9 million of real estate through the assumption of a $32.4 million mortgage payable, the issuance of 534,546 units by Realty Income, L.P. and cash of $1.0 million.
F. During 2014, we applied $48.9 million of loans receivable to the purchase price of five acquired properties.
G. During 2014, we acquired real estate for $11.6 million via exchanges of our properties. During 2013, we acquired real estate for $7.4 million via exchanges of our properties.
H. During 2013, we recorded receivables of $1.9 million for the taking of two investment properties as a result of an eminent domain action. The remaining balance of $1.1 million on these receivables is included in other assets, net, on our consolidated balance sheet at December 31, 2014.
I. Accrued costs on properties under development resulted in an increase in buildings and improvements and accounts payable of $4.0 million, $5.5 million and $3.8 million at December 31, 2014, 2013 and 2012, respectively.
17. Employee Benefit Plan
We have a 401(k) plan covering substantially all of our employees. Under our 401(k) plan, employees may elect to make contributions to the plan up to a maximum of 60% of their compensation, subject to limits under the Code. We match 50% of each of our employee’s salary deferrals up to the first 6% of the employee’s eligible compensation. Our aggregate matching contributions each year have been immaterial to our results of operations.
18. Common Stock Incentive Plan
In 2012, our Board of Directors adopted and stockholders approved the Realty Income Corporation 2012 Incentive Award Plan, or the 2012 Plan, to enable us to motivate, attract and retain the services of directors, employees and consultants considered essential to our long-term success. The 2012 Plan offers our directors, employees and consultants an opportunity to own stock in Realty Income or rights that will reflect our growth, development and financial success. Under the terms of the 2012 plan, the aggregate number of shares of our common stock subject to options, restricted stock, stock appreciation rights, restricted stock units and other awards, will be no more than 3,985,734 shares. The 2012 Plan, which has a term of 10 years from the date it was adopted by our Board of Directors, replaced the 2003 Incentive Award Plan of Realty Income Corporation (as amended and restated February 21, 2006), or the 2003 Plan, which was set to expire in March 2013. No further awards will be granted under the 2003 Plan. The disclosures below incorporate activity for both the 2003 Plan and the 2012 Plan.
The amount of share-based compensation costs recognized in general and administrative expense on our consolidated statements of income was $12.0 million during 2014, $20.8 million during 2013, and $10.0 million during 2012.
A. Restricted Stock
The following table summarizes our common stock grant activity under our 2012 Plan and the previous 2003 Plan. Our common stock grants vest over periods ranging from immediately to five years.
average
shares
price(1)
Outstanding nonvested
shares, beginning of year
722,263
23.37
895,550
19.94
925,526
20.21
Shares granted
262,655
39.87
484,060
41.13
261,811
35.06
Shares vested
(440,348
36.88
(654,650
30.91
(290,877
27.47
Shares forfeited
(17,394
39.07
(2,697
37.30
(910
31.67
shares, end of each period
527,176
29.02
(1) Grant date fair value.
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During 2014, we issued 262,655 shares of common stock under the 2012 Plan. These 262,655 shares vest over the following service periods: 34,896 vested immediately, 8,000 vest over a service period of two years, 8,000 vest over a service period of three years, 30,535 shares vest over a service period of four years, and 181,224 vest over a service period of five years. Additionally, during 2013, 51,454 shares of performance-based common stock was granted, of which 12,864 shares vested at the end of both 2013 and 2014 based on the achievement of certain performance metrics, and of which 12,864 may vest at the end of 2015 and 2016, if certain performance metrics are reached.
The vesting schedule for shares granted to non-employee directors is as follows:
– For directors with less than six years of service at the date of grant, shares vest in 33.33% increments on each of the first three anniversaries of the date the shares of stock are granted;
– For directors with six years of service at the date of grant, shares vest in 50% increments on each of the first two anniversaries of the date the shares of stock are granted;
– For directors with seven years of service at the date of grant, shares are 100% vested on the first anniversary of the date the shares of stock are granted; and
– For directors with eight or more years of service at the date of grant, there is immediate vesting as of the date the shares of stock are granted.
For shares granted prior to December 2014, the typical vesting schedule for shares granted to employees was as follows:
– For employees age 55 and below at the grant date, shares vest in 20% increments on each of the first five anniversaries of the grant date;
– For employees age 56 at the grant date, shares vest in 25% increments on each of the first four anniversaries of the grant date;
– For employees age 57 at the grant date, shares vest in 33.33% increments on each of the first three anniversaries of the grant date;
– For employees age 58 at the grant date, shares vest in 50% increments on each of the first two anniversaries of the grant date;
– For employees age 59 at the grant date, shares are 100% vested on the first anniversary of the grant date; and
– For employees age 60 and above at the grant date, shares vest immediately on the grant date.
After being employed for six full months, all non-executive employees receive 200 shares of nonvested stock which vests over a five year period. Additionally, depending on certain company performance metrics or attainment of individual achievements, non-executive employees may receive grants of nonvested stock which vests over a five year period.
As of December 31, 2014, the remaining unamortized share-based compensation expense totaled $15.2 million, which is being amortized on a straight-line basis over the service period of each applicable award. The amount of share-based compensation is based on the fair value of the stock at the grant date. We define the grant date as the date the recipient and Realty Income have a mutual understanding of the key terms and condition of the award, and the recipient of the grant begins to benefit from, or be adversely affected by, subsequent changes in the price of the shares.
Due to a historically low turnover rate, we do not estimate a forfeiture rate for our nonvested shares. Accordingly, unexpected forfeitures will lower share-based compensation expense during the applicable period. Under the terms of our 2012 and 2003 Plans, we pay non-refundable dividends to the holders of our nonvested shares. Applicable accounting guidance requires that the dividends paid to holders of these nonvested shares be charged as compensation expense to the extent that they relate to nonvested shares that do not or are not expected to vest. However, since we do not estimate forfeitures given our historical trends, we did not record any compensation expense related to dividends paid in 2014, 2013 or 2012.
As of December 31, 2014 and 2013, there were no remaining common stock options outstanding for any of the periods presented.
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B. Performance Shares
During 2014, we granted performance share awards, as well as dividend equivalent rights. Eighty percent (80%) of the total award value is market-based and subject to two Total Shareholder Return (“TSR”) market measures: 60% relative to the MSCI US REIT Index and 20% relative to the NAREIT Freestanding Index. The remaining 20% is performance-based, and will vest based on our debt-to-EBITDA ratio achieved during the performance period. The number of performance shares that vest based on the achievement of the performance goals will vest 50% on January 1, 2017 and 50% on January 1, 2018, subject to continued employment.
During 2014, 71,705 performance shares, with an estimated fair value of $3.0 million and an average grant date fair value of $41.46, were granted to our executive officers. The performance period for these awards began on January 1, 2014 and will end on December 31, 2016. The fair value of the market-based awards was estimated on the date of grant using a Monte Carlo Simulation model.
As of December 31, 2014, the remaining share-based compensation expense related to the performance shares totaled $1.9 million. The portion related to the market-based awards is being recognized on a straight-line basis over the service period, and the portion related to the performance-based awards is being recognized on a tranche-by-tranche basis over the service period.
19. Dividend Reinvestment and Stock Purchase Plan
In March 2011, we established a Dividend Reinvestment and Stock Purchase Plan, or the DRSPP, to provide our common stockholders, as well as new investors, with a convenient and economical method of purchasing our common stock and reinvesting their distributions. The DRSPP also allows our current stockholders to buy additional shares of common stock by reinvesting all or a portion of their distributions. The DRSPP authorizes up to 6,000,000 common shares to be issued. During 2014, we issued 3,527,166 shares and raised approximately $158.5 million under the DRSPP. During 2013, 1,449,139 shares and raised approximately $55.6 million under the DRSPP. During 2012, we issued 55,598 shares and raised approximately $2.2 million under the DRSPP. From the inception of the DRSPP through December 31, 2014, we have issued 5,091,508 shares and raised approximately $218.6 million.
In 2013, we revised our DRSPP to pay for a majority of the plan-related fees, which were previously paid by investors, and to institute a waiver approval process, allowing larger investors or institutions, per a formal approval process, to purchase shares at a small discount, if approved by us. In 2014, we issued 3,330,556 shares and raised $150.0 million under the waiver approval process. In 2013, we issued 1,308,490 shares and raised $50.0 million under the waiver approval process. These shares are included in the total 2014 and 2013 activity noted in the preceding paragraph.
20. Segment Information
We evaluate performance and make resource allocation decisions on an industry by industry basis. For financial reporting purposes, we have grouped our tenants into 48 activity segments. All of the properties are incorporated into one of the applicable segments. Because almost all of our leases require the tenant to pay operating expenses, rental revenue is the only component of segment profit and loss we measure.
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The following tables set forth certain information regarding the properties owned by us, classified according to the business of the respective tenants, as of December 31, 2014 (dollars in thousands):
Assets, as of December 31:
Segment net real estate:
Apparel
188,387
114,126
120,383
118,144
254,857
258,660
302,001
306,278
54,523
56,599
752,047
766,472
1,165,560
825,729
1,036,697
943,401
262,095
252,987
133,248
138,000
338,624
280,047
546,583
493,981
227,084
228,491
226,577
121,318
Restaurants-casual dining
450,337
473,527
Restaurants-quick service
336,753
312,474
136,110
94,771
375,982
367,830
661,053
623,541
Wholesale club
465,569
455,875
28 other non-reportable segments
1,747,070
1,564,358
Total segment net real estate
Intangible assets:
52,680
37,553
2,909
3,248
14,871
15,770
3,055
17,535
13,342
58,691
50,209
194,905
180,506
39,564
40,112
22,922
25,297
46,729
22,073
66,460
53,703
35,017
38,465
35,726
18,039
10,649
11,906
16,415
17,936
12,311
10,984
21,601
23,600
101,040
107,296
39,707
33,221
Other non-reportable segments
247,195
229,144
Goodwill:
452
865
5,095
5,141
2,023
2,031
2,279
2,328
1,085
1,131
3,671
3,710
Other corporate assets
175,888
176,713
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Revenue for the years ended December 31,
Segment rental revenue:
17,966
14,142
8,023
16,491
15,603
14,563
28,136
26,917
22,593
25,147
24,848
24,553
20,022
20,717
20,656
89,754
83,973
76,309
85,049
46,742
10,583
84,624
60,529
16,376
16,828
14,904
2,889
12,042
11,151
6,213
26,979
22,031
17,456
62,086
46,979
32,782
16,039
14,358
428
15,552
11,210
6,623
38,589
38,261
33,155
33,389
32,340
26,848
15,023
12,875
11,798
47,102
46,122
45,073
46,287
40,552
11,516
36,588
29,448
15,217
159,764
134,516
63,366
Total rental revenue
21. Commitments and Contingencies
In the ordinary course of business, we are party to various legal actions which we believe are routine in nature and incidental to the operation of our business. We believe that the outcome of the proceedings will not have a material adverse effect upon our consolidated financial position or results of operations.
At December 31, 2014, we had contingent obligations of $735,000 for tenant improvements and leasing costs. In addition, as of December 31, 2014, we had committed $33.6 million under construction contracts, which is expected to be paid in the next twelve months.
We have certain properties that are subject to ground leases which are accounted for as operating leases. At December 31, 2014, minimum future rental payments for the next five years and thereafter are as follows (dollars in millions):
Ground Leases
Realty Income
Our Tenants
13.8
13.6
140.3
208.9
(1) Realty Income currently pays the ground lessors directly for the rent under the ground leases.
(2) Our tenants, who are generally sub-tenants under the ground leases, are responsible for paying the rent under these ground leases. In the event a tenant fails to pay the ground lease rent, we are primarily responsible.
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22. Subsequent Events
In January 2015 and February 2015, we declared the following dividends, which will be paid in February 2015 and March 2015, respectively:
- $0.189 per share to our common stockholders and
- $0.138021 per share to our Class F preferred stockholders.
In January 2015, we redeemed all 6,750 Tau Operating Partnership preferred units for $1,000 per unit, plus accrued and unpaid dividends.
CONSOLIDATED QUARTERLY FINANCIAL DATA
First
Second
Third
Fourth
Year (2)
2014 (1)
221,572
228,646
235,713
247,573
Depreciation and amortization expense
89,970
92,894
95,260
96,537
51,720
52,712
52,814
59,120
Other expenses
26,237
22,783
24,987
38,536
112,543
54,916
62,221
73,627
78,374
3,077
(297
57,993
62,241
78,077
47,179
51,420
57,941
71,018
Net income per common share
0.23
0.26
0.32
Dividends paid per common share
0.5465001
0.5474376
0.5483751
0.5493126
2013 (1)
175,522
186,443
202,081
216,163
66,749
73,906
80,822
85,293
41,599
39,232
49,836
50,775
33,807
21,361
25,915
30,301
111,385
33,367
51,944
45,508
49,794
39,859
4,572
6,399
73,226
56,516
51,907
64,634
62,735
45,957
41,089
53,854
0.37
0.21
0.36
0.5135834
0.5436876
0.5446251
0.5455626
(1) The consolidated quarterly financial data includes revenues and expenses from our continuing and discontinued operations. The results of operations related to certain properties, classified as held for sale or disposed of, have been reclassified to income from discontinued operations. Additionally, measurement period adjustments were made to the first two quarters of 2013 to adjust preliminary real estate values to reflect new information about facts and circumstances that existed as of the acquisition date. Also, tenant reimbursements have been reported as a component of total revenue and reimbursable property expense have been reported as a component of total expenses. Therefore, some of the information may not agree to our previously filed 10-Qs.
(2) Amounts for each period are calculated independently. The sum of the quarters may differ from the annual amount.
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Item 9: Changes In and Disagreements With Accountants on Accounting and Financial Disclosure
We have had no disagreements with our independent registered public accounting firm on accounting matters or financial disclosure, nor have we changed accountants in the two most recent fiscal years.
Item 9A: Controls and Procedures
Evaluation of Disclosure Controls and Procedures
We maintain disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) of the Securities Exchange Act of 1934, as amended) that are designed to ensure that information required to be disclosed in our Exchange Act reports is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission’s rules and forms, and that such information is accumulated and communicated to our management, including our Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosure. In designing and evaluating the disclosure controls and procedures, management recognizes that any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired control objectives, and management necessarily was required to apply its judgment in evaluating the cost-benefit relationship of possible controls and procedures.
As of and for the year ended December 31, 2014, we carried out an evaluation of the effectiveness of the design and operation of our disclosure controls and procedures, under the supervision and with the participation of management, including our Chief Executive Officer and Chief Financial Officer. Based on the foregoing, our Chief Executive Officer and Chief Financial Officer concluded that our disclosure controls and procedures were effective and were operating at a reasonable assurance level.
Management’s Report on Internal Control Over Financial Reporting
Internal control over financial reporting refers to the process designed by, or under the supervision of, our Chief Executive Officer and Chief Financial Officer, and effected by our Board of Directors, management and other personnel, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles, and includes those policies and procedures that:
(1) Pertain to the maintenance of records that in reasonable detail accurately and fairly reflect the transactions and dispositions of the assets of the Company;
(2) Provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the Company are being made only in accordance with authorizations of management and directors of the Company; and
(3) Provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of the Company’s assets that could have a material effect on the financial statements.
Management is responsible for establishing and maintaining adequate internal control over financial reporting for the Company.
Management has used the framework set forth in the report entitled “Internal Control--Integrated Framework (2013)” published by the Committee of Sponsoring Organizations of the Treadway Commission to evaluate the effectiveness of the Company’s internal control over financial reporting. Management has concluded that the Company’s internal control over financial reporting was effective as of the end of the most recent fiscal year. KPMG LLP has issued an attestation report on the effectiveness of the Company’s internal control over financial reporting.
Submitted on February 18, 2015 by,
John P. Case, Chief Executive Officer, President
Paul M. Meurer, Executive Vice President, Chief Financial Officer, and Treasurer
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Changes in Internal Controls
There were no changes to our internal control over financial reporting that occurred during the quarter ended December 31, 2014 that have materially affected, or are reasonably likely to material affect, our internal control over financial reporting. As of December 31, 2014, there were no material weaknesses in our internal controls, and therefore, no corrective actions were taken.
Limitations on the Effectiveness of Controls
Internal control over financial reporting cannot provide absolute assurance of achieving financial reporting objectives because of its inherent limitations. Internal control over financial reporting is a process that involves human diligence and compliance and is subject to lapses in judgment and breakdowns resulting from human failures. Internal control over financial reporting also can be circumvented by collusion or improper management override. Because of such limitations, there is a risk that material misstatements may not be prevented or detected on a timely basis by internal control over financial reporting. However, these inherent limitations are known features of the financial reporting process. Therefore, it is possible to design into the process safeguards to reduce, though not eliminate, this risk.
Item 9B: Other Information
Item 10: Directors, Executive Officers and Corporate Governance
The information required by this item is set forth under the captions “Board of Directors” and “Executive Officers of the Company” and “Section 16(a) Beneficial Ownership Reporting Compliance” in our definitive Proxy Statement for the 2015 Annual Meeting of Stockholders, to be filed pursuant to Regulation 14A, and is incorporated herein by reference. The Annual Meeting of Stockholders is presently scheduled to be held on May 12, 2015.
Item 11: Executive Compensation
The information required by this item is set forth under the caption “Executive Compensation” in our definitive Proxy Statement for the 2015 Annual Meeting of Stockholders, to be filed pursuant to Regulation 14A, and is incorporated herein by reference.
Item 12: Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters
The information required by this item is set forth under the caption “Security Ownership of Certain Beneficial Owners and Management” in our definitive Proxy Statement for the 2015 Annual Meeting of Stockholders, to be filed pursuant to Regulation 14A, and is incorporated herein by reference.
Item 13: Certain Relationships, Related Transactions and Director Independence
The information required by this item is set forth under the caption “Related Party Transactions” in our definitive Proxy Statement for the 2015 Annual Meeting of Stockholders, to be filed pursuant to Regulation 14A, and is incorporated herein by reference.
Item 14: Principal Accounting Fees and Services
The information required by this item is set forth under the caption “Independent Registered Public Accounting Firm Fees and Services” in our definitive Proxy Statement for the 2015 Annual Meeting of Stockholders, to be filed pursuant to Regulation 14A, and is incorporated herein by reference.
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Item 15: Exhibits and Financial Statement Schedules
A. The following documents are filed as part of this report.
1. Financial Statements (see Item 8)
a. Reports of Independent Registered Public Accounting Firm
b. Consolidated Balance Sheets,
c. Consolidated Statements of Income,
Years ended December 31, 2014, 2013 and 2012
d. Consolidated Statements of Equity,
e. Consolidated Statements of Cash Flows,
f. Notes to Consolidated Financial Statements
g. Consolidated Quarterly Financial Data,
(unaudited) for 2014 and 2013
2. Financial Statement Schedule. Reference is made to page F-1 of this report for Schedule III Real Estate and Accumulated Depreciation (electronically filed with the Securities and Exchange Commission).
Schedules not Filed: All schedules, other than those indicated in the Table of Contents, have been omitted as the required information is either not material, inapplicable or the information is presented in the financial statements or related notes.
3. Exhibits
Articles of Incorporation and By-Laws
Exhibit No. Description
2.1 Agreement and Plan of Merger, dated as of September 6, 2012, by and among Realty Income Corporation, Tau Acquisition LLC and American Realty Capital Trust, Inc. (filed as exhibit 2.1 to the Company’s Form 8-K, filed on September 6, 2012 and incorporated herein by reference).
2.2 First Amendment to Agreement and Plan of Merger, dated as of January 6, 2013, by and among Realty Income Corporation, Tau Acquisition LLC and American Realty Capital Trust, Inc. (filed as exhibit 2.1 to the Company’s Form 8-K, filed on January 7, 2013 and incorporated herein by reference).
3.1 Articles of Incorporation of the Company, as amended by amendment No. 1 dated May 10, 2005 and amendment No. 2 dated May 10, 2005 (filed as exhibit 3.1 to the Company’s Form 10-Q for the quarter ended June 30, 2005 and incorporated herein by reference), amendment No. 3 dated July 29, 2011 (filed as exhibit 3.1 to the Company’s Form 8-K, filed on August 2, 2011 and incorporated herein by reference); and amendment No. 4 dated June 21, 2012 (filed as exhibit 3.1 to the Company’s Form 8-K, filed on June 21, 2012 and incorporated herein by reference).
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3.2 Amended and Restated Bylaws of the Company dated December 12, 2007 (filed as exhibit 3.1 to the Company’s Form 8-K, filed on December 13, 2007 and incorporated herein by reference), as amended on May 13, 2008 (amendment filed as exhibit 3.1 to the Company’s Form 8-K, filed on May 14, 2008 and incorporated herein by reference), February 7, 2012 (filed as exhibit 3.1 to the Company’s Form 8-K, filed on February 13, 2012 and incorporated herein by reference), February 21, 2012 (filed as exhibit 3.1 to the Company’s Form 8-K, filed on February 22, 2012 and incorporated herein by reference), March 13, 2013 (filed as exhibit 3.1 to the Company’s Form 8-K, filed on March 14, 2013 and incorporated herein by reference), and September 3, 2013 (filed as exhibit 3.1 to the Company’s Form 8-K, filed on September 6, 2013 and incorporate herein by reference), and April 15, 2014 (filed as exhibit 3.1 to the Company’s Form 8-K filed on April 17, 2014 and incorporated herein by reference).
3.3 Articles Supplementary to the Articles of Incorporation of the Company classifying and designating the 6.625% Monthly Income Class F Cumulative Redeemable Preferred Stock, dated February 3, 2012 (the “First Class F Articles Supplementary”) (filed as exhibit 3.1 to the Company’s Form 8-K, filed on February 3, 2012 and incorporated herein by reference).
3.4 Certificate of Correction to the First Class F Articles Supplementary, dated April 11, 2012 (filed as exhibit 3.2 to the Company’s Form 8-K, filed on April 17, 2012 and incorporated herein by reference).
3.5 Articles Supplementary to the Articles of Incorporation of the Company classifying and designating additional shares of the 6.625% Monthly Income Class F Cumulative Redeemable Preferred Stock, dated April 17, 2012 (filed as exhibit 3.3 to the Company’s Form 8-K, filed on April 17, 2012 and incorporated herein by reference).
Instruments defining the rights of security holders, including indentures
4.1 Indenture dated as of October 28, 1998 between the Company and The Bank of New York (filed as exhibit 4.1 to the Company’s Form 8-K, filed on October 28, 1998 and incorporated herein by reference).
4.2 Form of 5.50% Senior Notes due 2015 (filed as exhibit 4.2 to the Company’s Form 8-K, filed on November 24, 2003 and incorporated herein by reference).
4.3 Officer’s Certificate pursuant to sections 201, 301 and 303 of the Indenture dated October 28, 1998 between the Company and The Bank of New York, as Trustee, establishing a series of securities entitled 5.50% Senior Notes due 2015 (filed as exhibit 4.3 to the Company’s Form 8-K, filed on November 24, 2003 and incorporated herein by reference).
4.4 Form of 5.875% Senior Notes due 2035 (filed as exhibit 4.2 to the Company’s Form 8-K, filed on March 11, 2005 and incorporated herein by reference).
4.5 Officer’s Certificate pursuant to sections 201, 301 and 303 of the Indenture dated October 28, 1998 between the Company and The Bank of New York, as Trustee, establishing a series of securities entitled 5.875% Senior Debentures due 2035 (filed as exhibit 4.3 to the Company’s Form 8-K, filed on March 11, 2005 and incorporated herein by reference).
4.6 Form of 5.375% Senior Notes due 2017 (filed as exhibit 4.2 to the Company’s Form 8-K, filed on September 16, 2005 and incorporated herein by reference).
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4.7 Officer’s Certificate pursuant to sections 201, 301 and 303 of the Indenture dated October 28, 1998 between the Company and The Bank of New York, as Trustee, establishing a series of securities entitled 5.375% Senior Notes due 2017 (filed as exhibit 4.3 to the Company’s Form 8-K, filed on September 16, 2005 and incorporated herein by reference).
4.8 Form of 5.95% Senior Notes due 2016 (filed as exhibit 4.2 to the Company’s Form 8-K, filed on September 18, 2006 and incorporated herein by reference).
4.9 Officer’s Certificate pursuant to sections 201, 301 and 303 of the Indenture dated October 28, 1998 between the Company and The Bank of New York, as Trustee, establishing a series of securities entitled 5.95% Senior Notes due 2016 (filed as exhibit 4.3 to the Company’s Form 8-K, filed on September 18, 2006 and incorporated herein by reference).
4.10 Form of 6.75% Notes due 2019 (filed as exhibit 4.2 to Company’s Form 8-K, filed on September 5, 2007 and incorporated herein by reference).
4.11 Officer’s Certificate pursuant to sections 201, 301 and 303 of the Indenture dated October 28, 1998 between the Company and The Bank of New York Trust Company, N.A., as Trustee, establishing a series of securities entitled 6.75% Senior Notes due 2019 (filed as exhibit 4.3 to the Company’s Form 8-K, filed on September 5, 2007 and incorporated herein by reference).
4.12 Form of 5.750% Notes due 2021 (filed as exhibit 4.2 to Company’s Form 8-K, filed on June 29, 2010 and incorporated herein by reference).
4.13 Officer’s Certificate pursuant to sections 201, 301 and 303 of the Indenture dated October 28, 1998 between the Company and The Bank of New York Mellon Trust Company, N.A., as Successor Trustee, establishing a series of securities entitled 5.750% Notes due 2021 (filed as exhibit 4.3 to the Company’s Form 8-K, filed on June 29, 2010 and incorporated herein by reference).
4.14 Form of Common Stock Certificate (filed as exhibit 4.16 to the Company’s Form 10-Q for the quarter ended September 30, 2011 and incorporated herein by reference).
4.15 Form of Preferred Stock Certificate representing the 6.625% Monthly Income Class F Cumulative Redeemable Preferred Stock (filed as exhibit 4.1 to the Company’s Form 8-K, filed on February 3, 2012 and incorporated herein by reference).
4.16 Form of 2.000% Note due 2018 (filed as exhibit 4.2 to Company’s Form 8-K, filed on October 10, 2012 and incorporated herein by reference).
4.17 Form of 3.250% Note due 2022 (filed as exhibit 4.3 to Company’s Form 8-K, filed on October 10, 2012 and incorporated herein by reference).
4.18 Officer’s Certificate pursuant to sections 201, 301 and 303 of the Indenture dated October 28, 1998 between the Company and The Bank of New York Mellon Trust Company, N.A., as successor trustee, establishing a series of securities entitled “2.000% Notes due 2018” and establishing a series of securities entitled “3.250% Notes due 2022” (filed as exhibit 4.4 to the Company’s Form 8-K, filed on October 10, 2012 and incorporated herein by reference).
4.19 Form of 4.650% Note due 2023 (filed as exhibit 4.2 to Company’s Form 8-K, filed on July 16, 2013 and incorporated herein by reference).
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4.20 Officer’s Certificate pursuant to sections 201, 301 and 303 of the Indenture dated October 28, 1998 between the Company and The Bank of New York Mellon Trust Company, N.A., as successor trustee, establishing a series of securities entitled “4.650% Notes due 2023” (filed as exhibit 4.3 to the Company’s Form 8-K, filed on July 16, 2013 and incorporated herein by reference).
4.21 Form of 3.875% Note due 2024 (filed as exhibit 4.2 to Company’s Form 8-K, filed on June 25, 2014 and incorporated herein by reference).
4.22 Officer’s Certificate pursuant to sections 201, 301 and 303 of the Indenture dated October 28, 1998 between the Company and The Bank of New York Mellon Trust Company, N.A., as successor trustee, establishing a series of securities entitled “3.875% Notes due 2024” (filed as exhibit 4.3 to the Company’s Form 8-K, filed on June 25, 2014 and incorporated herein by reference).
4.23 Form of 4.125% Note due 2026 (filed as exhibit 4.2 to Company’s Form 8-K, filed on September 23, 2014 and incorporated herein by reference).
4.24 Officer’s Certificate pursuant to sections 201, 301 and 303 of the Indenture dated October 28, 1998 between the Company and The Bank of New York Mellon Trust Company, N.A., as successor trustee, establishing a series of securities entitled “4.125% Notes due 2026” (filed as exhibit 4.3 to the Company’s Form 8-K, filed on September 23, 2014 and incorporated herein by reference).
Material Contracts
10.1 Management Incentive Plan (filed as Exhibit 10.10 to the Company’s Form 10-K for the year ended December 31, 1997 and incorporated herein by reference).
10.2 Form of Nonqualified Stock Option Agreement for Independent Directors (filed as Exhibit 10.11 to the Company’s Form 10-K for the year ended December 31, 1997 and incorporated herein by reference).
10.3 Form of Restricted Stock Agreement between the Company and Executive Officers under the 2003 Stock Incentive Award Plan of Realty Income Corporation (filed as exhibit 10.11 to the Company’s Form 8-K, filed on January 6, 2005 and dated January 1, 2005 and incorporated herein by reference).
10.4 2003 Stock Incentive Award Plan of Realty Income Corporation, as amended and restated February 21, 2006 (filed as exhibit 10.10 to the Company’s Form 10-K for the year ended December 31, 2005 and incorporated herein by reference).
10.5 Amendment dated May 15, 2007 to the Amended and Restated 2003 Stock Incentive Award Plan of Realty Income Corporation (filed as exhibit 10.1 to the Company’s Form 10-Q, for the quarter ended June 30, 2007 and incorporated herein by reference).
10.6 Form of Restricted Stock Agreement under the 2003 Stock Incentive Award Plan of Realty Income Corporation (filed as exhibit 10.2 to the Company’s Form 10-Q, for the quarter ended June 30, 2007 and incorporated herein by reference).
10.7 Amended and Restated Form of Employment Agreement between the Company and its Executive Officers (filed as exhibit 10.1 to the Company’s Form 8-K, filed on January 7, 2010 and dated January 5, 2010 and incorporated herein by reference).
10.8 Form of Restricted Stock Agreement for John P. Case (filed as exhibit 10.1 to the Company’s Form 10-Q, for the quarter ended March 31, 2010 and incorporated herein by reference).
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10.9 Realty Income Corporation 2012 Incentive Award Plan (filed as Appendix B to the Company’s Proxy Statement on Schedule 14A filed on March 30, 2012 and incorporated herein by reference).
10.10 Amended and Restated Credit Agreement dated May 10, 2012 (filed as exhibit 10.1 to the Company’s Form 8-K, filed on May 11, 2012 and incorporated herein by reference).
10.11 Form of Restricted Stock Agreement for Employees under the Realty Income Corporation 2012 Incentive Award Plan (filed as exhibit 10.1 to the Company’s Form 8-K, filed on January 8, 2013 and incorporated herein by reference).
10.12 Form of Restricted Stock Agreement for Non-Employee Directors under the Realty Income Corporation 2012 Incentive Award Plan (filed as exhibit 10.2 to the Company’s Form 8-K, filed on January 8, 2013 and incorporated herein by reference).
10.13 Term Loan Agreement, dated as of January 22, 2013, by and among Tau Operating Partnership, L.P. and Lenders (as defined therein) (filed as exhibit 10.1 to the Company’s Form 8-K, filed on January 23, 2013 and incorporated herein by reference).
10.14 The First Amendment to Amended and Restated Credit Agreement among the Company, as Borrower, each of the Lenders party thereto and Wells Fargo Bank, National Association, as Administrative Agent (filed as exhibit 10.1 to the Company’s Form 8-K, filed on June 3, 2013 and incorporated herein by reference).
10.15 Form of Amendment to Employment Agreement (filed as exhibit 10.1 to the Company’s Form 8-K, filed on June 19, 2013 and incorporated herein by reference).
10.16 Form of Addendum to Restricted Stock Agreement (filed as exhibit 10.2 to the Company’s Form 8-K, filed on June 19, 2013 and incorporated herein by reference).
10.17 The Second Amendment to Amended and Restated Credit Agreement among the Company, as Borrower, each of the Lenders party thereto and Wells Fargo Bank, National Association, as Administrative Agent (filed as exhibit 10.1 to the Company’s Form 8-K, filed on August 28, 2013 and incorporated herein by reference).
10.18 Amended and Restated Employment Agreement dated September 3, 2013 between the Company and John P. Case (filed as exhibit 10.2 to the Company’s Form 8-K, filed on September 6, 2013 and incorporated herein by reference).
10.19 Form of Time-Based Restricted Stock Agreement for John P. Case dated September 3, 2013 (filed as exhibit 10.7 to the Company’s Form 10-Q, for the quarter ended September 30, 2013 and incorporated herein by reference).
10.20 Form of Performance-Based Restricted Stock Agreement for John P. Case dated September 26, 2013 (filed as exhibit 10.8 to the Company’s Form 10-Q, for the quarter ended September 30, 2013 and incorporated herein by reference).
10.21 The Third Amendment to Amended and Restated Credit Agreement among the Company, as Borrower, each of the Lenders party thereto and Wells Fargo Bank, National Association, as Administrative Agent (filed as exhibit 10.1 to the Company’s Form 8-K, filed on October 29, 2013 and incorporated herein by reference).
10.22 Dividend Reinvestment and Stock Purchase Plan (filed pursuant to Rule 424(b)(5) under the Securities Act of 1933, as amended, on February 22, 2013 and as amended on November 21, 2013, as a prospectus supplement to the Company’s prospectus dated February 22, 2013 (File No. 333-186788) and incorporated herein by reference).
-86-
10.23 Form of Performance Share Award Agreement (filed as exhibit 99.1 to the Company’s Form 8-K, filed on April 11, 2014 and incorporated herein by reference).
10.24 Severance Agreement for Gary M. Malino (filed as exhibit 10.2 to the Company’s Form 10-Q, filed on October 30, 2014 and incorporated herein by reference).
10.25 Amended and Restated Form Indemnification Agreement, between the Company and each executive officer and each director of the Board of Directors of the Company (filed as exhibit 10.1 to the Company’s Form 8-K, filed on October 30, 2014 and incorporated herein by reference).
10.26* Form of Restricted Stock Agreement.
10.27* Form of Restricted Stock Unit Award Agreement.
Statement of Ratios
*12.1 Statements re computation of ratios.
Subsidiaries of the Registrant
*21.1 Subsidiaries of the Company as of February 18, 2015.
Consents of Experts and Counsel
*23.1 Consent of Independent Registered Public Accounting Firm.
Certifications
*31.1 Rule 13a-14(a) Certifications as filed by the Chief Executive Officer pursuant to SEC release No. 33-8212 and 34-47551.
*31.2 Rule 13a-14(a) Certifications as filed by the Chief Financial Officer pursuant to SEC release No. 33-8212 and 34-47551.
*32 Section 1350 Certifications as furnished by the Chief Executive Officer and the Chief Financial Officer pursuant to SEC release No. 33-8212 and 34-47551.
Interactive Data Files
*101 The following materials from Realty Income Corporation’s Annual Report on Form 10-K for the year ended December 31, 2014, formatted in Extensible Business Reporting Language: (i) Consolidated Balance Sheets, (ii) Consolidated Statements of Income, (iii) Consolidated Statements of Stockholders’ Equity, (iv) Consolidated Statements of Cash Flows, (v) Notes to Consolidated Financial Statements, and (vi) Schedule III Real Estate and Accumulated Depreciation.
* Filed herewith.
-87-
Pursuant to the requirements of Section 13 or 15(d) the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
By:
/s/JOHN P. CASE
Date: February 18, 2015
John P. Case
Chief Executive Officer, President
Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
/s/MICHAEL D. MCKEE
Michael D. McKee
Non-Executive Chairman of the Board of Directors
/s/KATHLEEN R. ALLEN, Ph.D.
Kathleen R. Allen, Ph.D.
Director
Director, Chief Executive Officer and President
(Principal Executive Officer)
/s/A. LARRY CHAPMAN
A. Larry Chapman
/s/PRIYA CHERIAN HUSKINS
Priya Cherian Huskins
/s/GREGORY T. MCLAUGHLIN
Gregory T. McLaughlin
/s/RONALD L. MERRIMAN
Ronald L. Merriman
/s/STEPHEN E. STERRETT
Stephen E. Sterrett
/s/PAUL M. MEURER
Paul M. Meurer
Executive Vice President, Chief Financial Officer and Treasurer
(Principal Financial Officer)
/s/SEAN P. NUGENT
Sean P. Nugent
Vice President, Controller
(Principal Accounting Officer)
-88-
SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 2014
Cost Capitalized
Life on
Subsequent
Gross Amount at Which Carried
which
Initial Cost to Company
to Acquisition
at Close of Period (Notes 3, 4, 6 and 7)
depreciation
Buildings,
in latest
Improvements
Income
Accumulated
Statement
Description
Encumbrances
Acquisition
Carrying
Depreciation
Date of
Date
is Computed
(Note 1)
(Note 2)
Fees
Costs
(Note 5)
Construction
Acquired
(in Months)
Batesville
MS
6,901,925
2,160,849
17,219,291
None
19,380,140
1,635,833
8/9/2012
Ellisville
4,140,000
20,930,630
6,981
20,937,611
25,077,611
922,032
6/27/2013
420
Columbus
OH
15,214,330
19,637,318
864,977
6/19/2013
DFW Airport
TX
37,503,886
13,600
37,517,486
5,313,627
6/20/2011
Lufkin
589,925
15,492,255
16,082,180
866,829
1/22/2013
Mesa
AZ
619,035
867,013
6,484
873,599
1,492,634
555,983
2/11/1999
El Cajon
CA
6,930,000
12,518,083
19,448,083
271,225
6/19/2014
Elk Grove
804,327
2,668,492
24,266
2,692,758
3,497,085
246,499
9/18/2012
3,250,000
16,776,852
20,026,852
363,498
6/2/2014
Folsom
2,370,000
11,342,375
13,712,375
170,136
8/19/2014
Hanford
562,812
3,468,215
4,031,027
317,920
Lodi
3,153,559
2,661,260
5,814,819
243,949
Manteca
1,565,672
4,440,141
6,005,813
393,013
Moreno Valley
1,654,486
3,305,084
197,969
3,503,053
5,157,539
330,187
Redlands
3,006,680
2,242,430
275,278
2,517,708
5,524,388
242,039
Sacramento
3,446,351
4,460,201
7,906,552
408,852
South Lake Tahoe
3,110,000
3,176,091
9,750
3,185,841
6,295,841
536,998
10/22/2010
Sun Valley
4,631,964
4,710,912
9,342,876
431,834
Vacaville
1,299,816
3,375,574
183,515
3,559,089
4,858,905
334,661
Danbury
CT
1,096,861
6,217,688
334,131
6,551,875
7,648,736
4,385,721
9/30/1997
Manchester
771,660
3,653,539
1,661
3,655,361
4,427,021
2,454,930
3/26/1998
1,250,464
5,917,037
3,555
5,920,592
7,171,056
3,976,215
Deerfield Beach
FL
3,160,000
4,832,848
6,603
4,839,451
7,999,451
817,030
Cumming
GA
4,675,000
2,100,000
6,472,785
8,572,785
183,396
4/1/2014
Collinsville
IL
3,570,500
675,724
7,021,479
7,697,203
550,016
Georgetown
KY
5,679,500
1,922,820
10,448,325
12,371,145
818,452
Missoula
MT
163,100
362,249
28,843
16,199
407,291
570,391
373,364
10/30/1987
Staten Island
NY
4,202,093
3,385,021
159,549
3,544,570
7,746,663
2,298,548
Bend
OR
4,060,000
13,198,790
17,258,790
505,954
1/31/2014
Clarksville
TN
3,992,886
7/5/2013
Dallas
1,210,000
2,675,265
7,975
2,683,240
3,893,240
451,896
The Colony
2,580,000
2,214,133
20,700
2,234,833
4,814,833
379,699
Colorado Springs
CO
1,085,560
2,137,425
3,222,985
249,287
1/5/2012
Denver
480,348
2,127,792
2,608,140
221,966
6/8/2012
9/30/2011
Highlands Ranch
583,289
2,139,057
2,722,346
915,519
7/10/2007
8/11/2003
Littleton
601,388
2,169,898
2,771,286
781,951
2/2/2006
11/12/2004
Parker
868,768
2,653,745
3,522,513
960,105
9/7/2012
7/3/2003
Thornton
693,323
1,896,616
2,589,939
759,834
10/5/2004
10/15/2003
661,624
1,822,363
2,483,987
818,357
9/18/2003
12/31/2002
Douglasville
679,868
1,935,515
2,615,383
874,914
12/30/2002
Lilburn
1,150,000
1,670,724
2,820,724
86,348
7/29/2013
2/20/2013
Macon
1,400,000
1,317,435
2,717,435
136,111
5/11/2012
1/10/2012
Morrow
725,948
1,846,315
2,572,263
840,008
7/7/2003
8/30/2002
Peachtree City
1,190,380
689,284
1,879,664
330,550
12/16/2002
9/19/2002
Roswell
1,825,000
1,934,495
3,759,495
230,888
12/22/2011
8/10/2011
Warner Robins
1,250,000
1,012,258
2,262,258
117,773
1/11/2012
9/1/2011
Maryville
320,000
881,780
1,201,780
33,792
1/10/2014
Naperville
1,090,000
1,596,107
2,686,107
66,504
12/23/2013
Oak Lawn
180,000
778,484
958,484
24,615
11/13/2013
370,000
1,116,641
1,486,641
46,527
Orland Park
120,000
1,015,358
1,135,358
42,307
South Holland
80,000
1,548,690
1,628,690
64,529
Ann Arbor
MI
680,000
1,433,382
2,113,382
2,389
12/18/2014
Clawson
172,833
529,380
702,213
882
Livonia
308,204
944,013
1,252,217
1,573
240,000
471,064
711,064
785
Wayne
314,815
964,262
1,279,077
1,607
F-1
Woodhaven
170,000
1,170,127
1,340,127
1,950
Ham Lake
MN
192,610
1,930,958
2,123,568
775,814
7/1/2004
10/31/2003
Stillwater
656,250
1,218,901
187,158
1,406,059
2,062,309
122,100
11/16/2012
Olive Branch
350,000
1,965,718
2,315,718
275,334
6/29/2011
11/2/2010
Cary
NC
610,389
1,492,235
2,102,624
514,821
5/25/2006
Durham
680,969
1,323,140
2,004,109
456,483
Wilmington
378,813
1,150,679
1,529,492
434,388
7/15/2005
12/21/2004
Las Vegas
NV
720,000
2,247,056
2,967,056
80,233
10/22/2013
Bartlett
648,526
1,960,733
2,609,259
787,783
8/3/2004
10/27/2003
Nashville
1,830,000
2,261,583
4,091,583
15,401
In-progress
9/3/2014
Riverton
UT
1,100,000
1,576,390
2,676,390
113,008
1/18/2013
7/26/2012
Salt Lake City
2,900,000
1,598,391
4,498,391
179,380
2/17/2012
10/11/2011
Birmingham
AL
355,823
660,814
1,016,637
53,966
12/7/2012
Flomaton
90,000
808,163
898,163
52,531
5/1/2013
Harvest
522,690
744,737
1,537,832
2,282,569
120,464
Millbrook
108,000
518,741
174,419
693,160
801,160
364,007
12/10/1998
1/21/1999
Montgomery
254,465
502,350
10,819
513,253
767,718
338,895
6/30/1998
Cabot
AR
267,787
595,578
863,365
20,845
2/25/2014
Phoenix
231,000
513,057
62
513,119
744,119
513,084
11/9/1987
San Luis
287,508
694,650
982,158
35,890
9/26/2013
Tucson
194,250
431,434
625,684
Grass Valley
325,000
384,955
709,955
5/20/1988
210,000
466,419
676,419
11/25/1987
141,400
314,056
314,138
455,538
314,108
11/18/1987
315,000
699,623
699,784
1,014,784
699,721
5/16/1988
252,925
561,758
561,811
814,736
561,801
2/12/1988
Smyrna
DE
232,273
472,855
15,774
488,629
720,902
313,252
8/7/1998
Apopka
820,000
1,115,761
1,935,761
68,805
6/21/2013
475,000
871,738
2,420
31,798
905,956
1,380,956
581,823
1/29/1999
Kissimmee
1,000,000
1,169,792
2,169,792
72,137
580,290
1,290,608
1,870,898
19,359
8/14/2014
Merritt Island
309,652
482,459
38,694
21,831
542,984
852,636
368,782
11/26/1996
Atlanta
652,551
763,360
27,163
45,249
835,772
1,488,323
508,507
12/18/1998
Byron
359,612
868,859
1,228,471
47,787
8/5/2013
Council Bluffs
IA
194,355
431,668
626,023
5/19/1988
Des Moines
441,273
981,424
1,422,697
40,893
12/6/2013
Boise
ID
158,400
351,812
5,428
357,240
515,640
356,360
5/6/1988
Moscow
117,250
260,417
377,667
9/14/1987
Chicago
591,838
1,316,292
1,908,130
2,194
468,296
1,041,524
1,509,820
1,736
469,329
1,043,821
1,513,150
1,740
Joliet
1,309,100
723,567
2,571,856
3,295,423
201,462
Brazil
IN
183,952
453,831
26,716
480,547
664,499
293,171
3/31/1999
Chesterton
293,382
708,842
1,002,224
36,624
9/27/2013
Griffith
343,778
830,602
1,174,380
42,914
Indianapolis
243,422
541,389
784,811
11,730
6/6/2014
Muncie
148,901
645,660
238,611
28,327
912,598
1,061,499
586,267
Plainfield
453,645
908,485
42,619
47,114
998,218
1,451,863
637,145
1/30/1998
Princeton
134,209
560,113
3,605
563,718
697,927
354,024
Vincennes
185,312
489,779
25,863
515,642
700,954
312,657
Kansas City
KS
222,000
455,881
18,738
474,619
696,619
469,421
Harrodsburg
262,048
1,029,125
1,291,173
39,450
1/3/2014
Lawrenceburg
272,228
1,069,102
1,341,330
37,419
2/14/2014
Scottsville
503,473
1,039,640
1,543,113
81,438
Stanford
293,686
1,153,374
1,447,060
28,834
5/7/2014
Kaplan
LA
232,224
911,999
1,144,223
31,920
Lafayette
526,620
740,444
1,528,968
2,269,412
119,769
462,043
1,027,618
1,489,661
32,541
3/31/2014
Slidell
564,610
629,335
1,299,536
1,928,871
101,797
Sulphur
290,047
700,785
3,835
704,620
994,667
38,887
8/1/2013
West Monroe
462,715
1,394,603
1,857,318
109,244
F-2
Alma
155,000
600,282
13,902
614,306
769,306
379,906
4/29/1999
2/10/1999
Detroit
496,691
1,104,676
1,601,367
38,664
2/6/2014
Flushing
367,724
817,846
1,185,570
20,446
5/14/2014
Lansing
265,000
574,931
132,237
303
707,471
972,471
434,367
4/30/1999
12/3/1998
Rockford
666,135
870,632
1,726,400
2,597,032
135,235
Roseville
558,997
1,810,289
2,369,286
141,806
Saginaw
948,826
1,959,264
2,908,090
153,476
859,956
1,775,753
2,635,709
139,101
Sturgis
109,558
550,274
10,272
560,640
670,198
356,501
12/30/1998
Waterford
995,991
2,056,657
3,052,648
161,105
St Peters
MO
469,776
1,044,816
1,514,592
26,120
5/6/2014
190,124
485,670
173
485,843
675,967
319,858
7/27/1998
Crystal Springs
410,030
514,234
1,061,859
1,576,093
83,179
Horn Lake
142,702
514,779
3,945
518,724
661,426
341,457
Richland
243,565
558,645
10,302
568,947
812,512
340,125
12/21/1999
Vicksburg
474,220
631,900
1,304,832
1,936,732
102,212
Harrisburg
813,119
1,493,119
50,142
Omaha
NE
196,000
435,321
435,353
631,353
435,337
5/26/1988
199,100
412,042
412,074
611,174
412,058
5/27/1988
Artesia
NM
400,000
807,227
1,207,227
49,779
Las Cruces
1,010,676
1,380,676
62,325
Rio Rancho
211,577
469,923
681,500
2/26/1988
Santa Fe
550,775
1,224,964
1,775,739
59,207
10/11/2013
Fernley
300,000
1,027,155
1,327,155
63,341
161,000
357,585
260,000
617,585
778,585
539,585
10/29/1987
Dunkirk
776,933
631,375
1,303,749
1,935,124
102,127
Canton
396,560
597,553
25,452
623,005
1,019,565
398,896
8/14/1998
Centerville
601,408
758,192
9,017
38,193
805,402
1,406,810
515,236
Hamilton
183,000
515,727
6,508
522,235
705,235
326,672
4/7/1999
Middlefield
258,980
1,017,075
1,276,055
22,037
6/30/2014
Oberlin
212,325
1,026,562
1,238,887
46,195
11/7/2013
Toledo
130,000
1,562,052
1,692,052
106,740
4/12/2013
140,000
1,059,979
1,199,979
72,432
Del City
OK
634,664
1,178,662
1,813,326
96,257
Oklahoma City
602,052
1,118,096
1,720,148
80,130
3/1/2013
Albany
152,250
338,153
338,211
490,461
338,170
8/24/1987
Beaverton
466,477
676,477
466,435
8/26/1987
Portland
190,750
423,664
423,722
614,472
423,680
8/12/1987
147,000
326,493
326,551
473,551
326,510
Salem
136,500
303,170
303,228
439,728
303,187
8/20/1987
Butler
PA
339,929
633,078
47,758
680,836
1,020,765
432,340
Dover
265,112
593,341
858,453
392,593
Enola
220,228
546,026
11,416
557,614
777,842
356,749
11/10/1998
Hanover
132,500
719,511
9,982
729,493
861,993
444,447
7/26/1999
5/13/1999
327,781
608,291
7,138
615,601
943,382
405,300
283,417
352,473
3,100
355,745
639,162
230,674
9/30/1998
Lancaster
199,899
774,838
27,235
802,073
1,001,972
523,373
Lebanon
360,751
802,338
1,163,089
4,012
11/21/2014
New Castle
180,009
525,774
91,802
617,576
797,585
380,300
Reading
379,000
658,722
40,054
698,776
1,077,776
420,125
6/9/1999
12/4/1998
Guayama
PR
988,000
874,937
1,806,689
2,681,626
141,524
Humacao
1,506,700
1,161,891
2,399,229
3,561,120
187,940
Ponce
1,803,100
1,321,292
2,728,382
4,049,674
213,723
San Juan
1,158,525
2,392,278
3,550,803
187,395
Chester
SC
132,006
518,420
650,426
11,232
Columbia
474,027
1,427,348
1,901,375
111,809
York
198,409
779,197
977,606
16,883
Arlington
381,083
707,726
1,088,809
57,798
273,120
431,716
704,836
268,382
6/30/1999
Decatur
880,938
1,060,938
19,087
Channelview
483,804
1,168,921
1,652,725
64,291
8/14/2013
562,612
1,251,290
1,813,902
22,940
7/18/2014
Denton
368,635
1,047,327
1,415,962
47,130
11/15/2013
Edinburg
963,916
1,283,916
59,441
F-3
Grand Prairie
574,574
1,277,896
1,852,470
14,909
9/5/2014
Hallettsville
237,572
932,999
1,170,571
45,095
Katy
558,684
1,242,555
1,801,239
26,922
Laredo
807,044
1,498,795
2,305,839
122,402
Richmond
441,254
1,253,642
1,694,896
60,593
10/24/2013
Roma
200,000
1,004,538
1,204,538
61,947
San Benito
449,015
998,643
1,447,658
48,268
Bellevue
WA
185,500
411,997
107
412,104
597,604
412,068
8/6/1987
Bellingham
168,000
373,133
373,240
541,240
373,204
East Wenatchee
148,400
329,602
329,709
478,109
329,674
8/25/1987
Kenmore
199,500
443,098
443,205
642,705
443,169
Kent
443,091
443,198
642,698
443,162
Moses Lake
138,600
307,831
307,938
446,538
307,903
Renton
412,003
412,110
597,610
412,075
9/15/1987
Seattle
162,400
360,697
360,804
523,204
360,769
Silverdale
183,808
419,777
419,884
603,692
419,848
9/16/1987
Tacoma
191,800
425,996
426,103
617,903
426,067
8/18/1987
435,324
435,431
631,431
435,396
10/15/1987
Vancouver
180,250
400,343
400,401
580,651
400,359
373,135
373,193
541,193
373,152
5/23/1988
Viroqua
WI
751,418
881,418
48,842
Flagstaff
144,821
417,485
8,150
425,645
570,466
276,882
4/11/2002
8/29/1997
210,620
475,072
685,692
239,907
5/14/2002
189,341
546,984
736,325
276,227
384,608
279,824
664,432
141,309
Sierra Vista
175,114
345,508
520,622
174,480
226,596
437,972
664,568
221,174
287,369
533,684
821,053
102,290
3/25/2010
Bakersfield
65,165
206,927
272,092
104,496
Chula Vista
313,293
409,654
722,947
305,192
5/1/1996
1/19/1996
Dublin
415,620
1,153,928
1,569,548
582,731
471,813
325,610
797,423
164,431
Indio
264,956
265,509
530,465
134,080
Los Angeles
580,446
158,876
739,322
80,230
Oxnard
186,980
198,236
385,216
100,107
Simi Valley
213,920
161,012
374,932
81,309
Stockton
1,395,822
2,882,282
4,278,104
225,779
358,067
284,931
642,998
143,888
Aurora
231,314
430,495
115
430,610
661,924
125,664
9/4/2007
Broomfield
154,930
503,626
506,190
661,120
371,343
8/22/1996
3/15/1996
79,717
369,587
79
369,666
449,383
369,632
10/8/1985
239,024
444,785
444,900
683,924
129,832
Lakewood
70,422
132,296
202,718
38,586
Longmont
87,385
163,169
163,284
250,669
47,694
276,084
415,464
415,579
691,663
298,387
12/31/1996
10/31/1996
Hartford
248,540
482,460
35,465
1,034
518,959
767,499
364,334
9/30/1996
Southington
225,882
672,910
673,082
898,964
472,157
6/6/1997
Vernon
81,529
300,518
382,047
150,760
6/27/2002
Jacksonville
76,585
355,066
6,980
362,466
439,051
359,493
12/23/1985
Miami Gardens
163,239
262,726
425,965
131,801
Orange City
99,613
139,008
238,621
70,197
Pensacola
308,067
573,708
23,430
2,874
600,012
908,079
209,337
11/22/2006
309,474
574,737
884,211
110,158
Bogart
66,807
309,733
376,540
12/20/1985
214,771
129,519
344,290
65,405
Duluth
222,275
316,925
2,288
4,697
323,910
546,185
220,204
10/24/1997
6/20/1997
290,842
110,056
400,898
55,576
Gainesville
53,589
248,452
302,041
12/19/1985
Kennesaw
266,865
139,425
406,290
70,408
Marietta
60,900
293,461
67,871
361,416
422,316
321,890
12/26/1985
69,561
346,024
3,353
349,377
418,938
348,976
6/3/1986
F-4
Norcross
244,124
151,831
395,955
76,673
503,773
937,121
39,032
21,600
997,753
1,501,526
343,197
Riverdale
58,444
270,961
329,405
1/15/1986
Rome
56,454
261,733
318,187
Snellville
253,316
132,124
385,440
66,721
Tucker
78,646
364,625
28,883
1,765
395,273
473,919
368,330
12/18/1985
Arlington Hts
441,437
215,983
657,420
109,070
329,076
255,294
584,370
128,921
Round Lake Beach
472,132
236,585
708,717
119,474
Westchester
421,239
184,812
606,051
93,328
Anderson
232,170
385,661
385,840
618,010
262,999
12/19/1997
231,384
428,307
130
428,437
659,821
313,491
9/27/1996
Michigan City
392,638
297,650
(3,065)
389,573
687,223
150,312
Warsaw
140,893
228,116
369,009
115,197
Olathe
217,995
367,055
367,076
585,071
258,785
4/22/1997
11/11/1996
Topeka
32,022
60,368
92,390
Louisville
56,054
259,881
259,893
315,947
12/17/1985
Newport
323,511
289,017
49,586
338,718
662,229
216,336
9/17/1997
East Wareham
MA
149,680
278,669
428,349
140,725
Fairhaven
138,957
289,294
428,251
146,091
Gardner
138,990
289,361
428,351
146,125
Hyannis
180,653
458,522
639,175
230,025
Lenox
287,769
535,273
823,042
338,103
Newburyport
274,698
466,449
741,147
234,002
North Reading
180,546
351,161
531,707
177,334
Orleans
138,212
394,065
532,277
199,000
Teaticket
191,302
340,539
531,841
171,971
Aberdeen
MD
223,617
225,605
449,222
113,179
Bethesda
282,717
525,928
808,645
153,396
Capitol Heights
547,173
219,979
(12,319)
534,854
754,833
111,086
Clinton
70,880
328,620
11,440
340,060
410,940
334,245
11/15/1985
Lexington Park
111,396
335,288
(7,600)
103,796
439,084
169,317
Kalamazoo
391,745
296,975
(2,196)
389,549
686,524
149,971
Portage
402,409
286,441
(2,112)
400,297
686,738
144,651
Southfield
275,952
350,765
626,717
177,135
Troy
214,893
199,299
414,192
100,644
Saint Cloud
203,338
258,626
461,964
129,744
Independence
297,641
233,152
4,467
181
237,800
535,441
168,837
12/20/1996
Asheville
441,746
242,565
684,311
122,493
838,421
1,558,792
477
1,559,749
2,398,170
506,748
11/1/2006
Concord
237,688
357,976
26
358,002
595,690
235,758
11/5/1997
55,074
255,336
710
256,046
311,120
255,930
11/13/1985
354,676
361,203
38,400
180
399,783
754,459
253,504
3/31/1997
Fayetteville
224,326
257,733
131
257,864
482,190
175,745
12/3/1997
Greensboro
286,068
244,606
530,674
123,518
Matthews
295,580
338,472
10,000
13,679
362,151
657,731
241,690
8/28/1998
2/27/1998
Pineville
254,460
355,630
355,640
610,100
245,942
8/28/1997
4/16/1997
Raleigh
89,145
413,301
502,446
10/28/1985
398,694
263,621
662,315
181,424
10/1/1997
Salisbury
235,614
150,592
386,206
76,047
Fargo
ND
53,973
100,262
154,235
29,243
Lincoln
337,138
316,958
654,096
160,061
Scottsbluff
33,307
63,355
96,662
18,478
Cherry Hill
NJ
463,808
862,240
1,326,048
251,486
Edison
448,936
238,773
687,709
120,577
Glassboro
182,013
312,480
494,493
156,761
Hamilton Square
422,477
291,555
714,032
147,232
Pleasantville
77,105
144,693
221,798
42,202
Randolph
452,629
390,163
842,792
197,030
Trenton
265,238
298,167
563,405
150,571
West Deptford
212,788
320,283
533,071
161,739
Westfield
705,337
288,720
994,057
145,799
Albuquerque
231,553
430,026
661,579
82,422
326,879
359,101
685,980
181,344
F-5
316,441
369,768
686,209
186,731
252,169
562,715
814,884
284,169
1,940,015
3,624,877
5,564,892
283,949
Sparks
326,813
306,311
633,124
154,685
Albion
170,589
317,424
488,013
200,498
Bethpage
334,120
621,391
955,511
181,239
Commack
400,427
744,533
1,144,960
217,155
East Amherst
260,708
484,788
156
484,944
745,652
306,372
East Syracuse
250,609
466,264
466,420
717,029
294,668
Freeport
134,828
251,894
386,722
73,469
Johnson City
242,863
451,877
452,033
694,896
285,580
Queens Village
242,775
451,749
694,524
131,760
Riverhead
143,929
268,795
412,724
78,398
Wellsville
161,331
300,231
461,562
189,638
West Amherst
268,692
499,619
499,775
768,467
315,740
Akron
139,126
460,334
411
460,745
599,871
318,481
9/18/1997
Beavercreek
205,000
492,538
697,538
350,522
2/13/1997
9/9/1996
Canal Winchester
443,751
825,491
1,269,242
395,905
12/19/2002
8/21/2002
305,000
420,448
725,448
310,431
7/24/1996
6/28/1996
Cincinnati
211,185
392,210
603,395
174,534
11/3/2003
305,556
244,662
550,218
100,719
9/17/2004
589,286
160,932
750,218
66,250
159,375
265,842
425,217
109,438
300,217
650,217
120,587
12/20/2004
Cleveland
337,593
451,944
789,537
210,154
5/27/2003
317,308
307,842
625,150
126,728
71,098
329,627
400,725
10/2/1985
75,761
351,247
427,008
10/24/1985
432,110
386,553
818,663
179,746
466,696
548,133
1,014,829
254,881
337,679
272,484
610,163
112,172
190,000
260,162
450,162
107,100
371,429
278,734
650,163
114,745
Cuyahoga Falls
253,750
271,400
525,150
111,726
Dayton
324,538
394,538
10/31/1985
349,091
251,127
600,218
103,380
437,887
428,046
865,933
199,040
Fairfield
323,408
235,024
44,232
3,330
282,586
605,994
178,216
Fairlawn
280,000
270,150
550,150
111,211
Findlay
283,515
397,004
397,118
680,633
270,712
12/24/1997
252,608
413,279
665,887
289,981
10/4/1996
Huber Heights
282,000
449,381
731,381
322,805
12/3/1996
7/18/1996
Lima
241,132
114,085
355,217
46,965
Marion
100,000
275,162
375,162
110,524
Mason
310,990
405,373
716,363
188,498
Mount Vernon
216,115
375,357
375,471
591,586
255,952
12/30/1997
Norwalk
200,205
366,000
366,114
566,319
249,572
Parma
268,966
381,184
650,150
156,921
Reynoldsburg
267,750
497,371
765,121
204,751
9/15/2004
374,000
176,162
550,162
72,520
Sandusky
264,708
404,011
404,125
668,833
275,488
Solon
794,305
222,797
1,017,102
103,601
Springboro
191,911
522,902
714,813
371,973
3/7/1997
Springfield
280,217
600,217
115,356
189,091
136,127
325,218
56,038
Stow
310,000
415,150
725,150
170,903
230,217
350,217
94,772
250,000
175,217
72,131
530,217
780,217
218,272
West Chester
446,449
768,644
1,215,093
351,400
6/27/2003
3/11/2003
Willowick
321,347
459,774
209
459,983
781,330
350,403
12/22/1995
Zanesville
125,000
300,162
425,162
123,566
Midwest City
106,312
333,551
333,556
439,868
218,560
8/6/1998
8/8/1997
F-6
Tulsa
133,648
249,702
383,350
72,830
251,499
345,952
346,010
597,509
169,532
9/26/2002
337,711
253,855
253,913
591,624
128,212
Bethel Park
299,595
331,264
331,378
630,973
225,902
Bethlehem
275,328
389,067
389,239
664,567
265,330
229,162
310,526
310,698
539,860
211,781
Bridgeville
275,000
375,150
154,436
Coraopolis
225,000
600,150
131,529
220,317
(2,515)
129,014
349,331
111,256
Monroeville
250,150
102,978
North Wales
2,813,873
4,379,809
7,193,682
343,085
Pittsburgh
378,715
685,374
1,064,089
333,902
8/22/2002
1/17/2002
219,938
408,466
628,404
181,768
175,000
300,150
475,150
123,561
243,750
406,400
167,301
208,333
416,817
171,589
121,429
303,721
425,150
125,032
Warminster
323,847
216,999
(3,929)
319,918
536,917
109,581
Wexford
284,375
240,775
99,119
249,436
347,424
347,596
597,032
236,938
Charleston
217,250
294,079
6,700
300,938
518,188
206,306
7/14/1997
3/13/1997
267,622
298,594
4,116
302,710
570,332
199,866
3/31/1998
Greenville
221,946
315,163
315,331
537,277
217,077
9/5/1997
Lexington
241,534
342,182
302
342,484
584,018
215,447
9/24/1998
North Charleston
174,980
341,466
5,875
347,554
522,534
227,187
3/12/1998
Sioux Falls
SD
48,833
91,572
140,405
26,708
Brentwood
305,546
505,728
811,274
343,044
3/13/1998
5/28/1997
Hendersonville
175,764
327,096
502,860
156,461
1/21/2003
Hermitage
204,296
172,695
376,991
87,209
Madison
175,769
327,068
502,837
156,448
Memphis
108,094
217,079
325,173
109,622
214,110
193,591
407,701
97,761
215,017
216,794
431,811
108,759
Murfreesboro
150,411
215,528
365,939
108,840
342,960
227,440
570,400
157,262
Carrollton
174,284
98,623
272,907
49,803
177,041
199,088
376,129
100,538
234,604
325,951
12,719
15,373
354,043
588,647
247,584
8/9/1996
2/19/1996
Fort Worth
83,530
111,960
195,490
56,538
Houston
285,000
369,697
369,931
654,931
254,572
Humble
257,169
325,652
582,821
164,452
Lake Jackson
197,170
256,376
453,546
129,468
Lewisville
199,942
324,736
324,885
524,827
238,802
8/2/1996
2/14/1996
130,238
207,683
337,921
104,188
Mansfield
420,000
780,000
1,200,000
149,500
Waco
232,105
431,053
663,158
82,618
Wylie
252,000
468,000
89,700
American Fork
849,848
2,561,827
3,411,675
132,361
Layton
1,045,604
1,199,557
2,245,161
1,999
12/16/2014
Park City
2,121,254
2,433,585
4,554,839
4,056
South Jordan
1,620,150
1,879,850
3,500,000
90,859
10/15/2013
VA
403,549
876,981
1,280,530
7/8/2004
10/17/2002
Roanoke
349,628
322,545
153
322,698
672,326
219,991
Warrenton
186,723
241,173
427,896
121,789
Bremerton
261,172
373,080
2,621
375,701
636,873
271,759
3/19/1997
109,127
202,691
311,818
59,118
Milwaukee
173,005
499,244
672,249
380,257
152,509
475,480
475,677
628,186
348,063
Mount Pleasant
184,002
114,167
298,169
57,653
New Berlin
188,491
466,268
490
466,758
655,249
355,431
Athens
760,031
1,413,494
2,173,525
459,381
F-7
Auburn
660,210
1,228,112
500
1,228,612
1,888,822
399,632
635,111
1,180,909
1,181,409
1,816,520
384,292
620,270
1,153,493
1,773,763
374,881
Daphne
876,139
1,629,123
1,629,623
2,505,762
529,961
1,181,499
1,181,999
1,817,110
384,483
Dothan
455,651
565,343
1,020,994
139,069
10/17/2008
6/10/2008
Foley
870,031
1,617,357
1,617,857
2,487,888
526,137
Gardendale
610,055
1,134,554
1,135,054
1,745,109
368,779
Hoover
504,396
938,299
1,442,695
304,943
Huntsville
499,843
929,863
930,363
1,430,206
302,701
1,816,610
383,983
1,181,532
1,816,643
383,994
Mobile
525,750
977,810
1,503,560
317,784
544,181
654,046
654,546
1,198,727
172,285
1/24/2008
Orange Beach
630,244
1,172,036
1,172,536
1,802,780
381,408
Pelham
1,816,020
383,792
Phenix City
1,172,024
1,172,524
1,802,768
381,404
Benton
1,291,458
976,474
2,016,354
2,992,828
157,948
178,297
396,004
574,301
1/19/1990
Arvada
301,489
931,092
1,232,581
526,105
9/22/2000
11/18/1999
221,691
492,382
714,073
1/29/1990
353,283
1,135,051
1,488,334
626,207
1/3/2001
3/10/2000
280,193
622,317
902,510
1/23/1990
192,988
433,542
626,530
384,456
5/20/1993
688,292
1,331,224
2,019,516
638,762
1/10/2003
5/30/2002
Grand Junction
1,378,927
1,121,415
2,315,649
3,437,064
181,393
Westminster
1,099,523
1,626,143
606,605
1/12/2001
1/18/2000
Destin
1,034,411
1,922,591
2,957,002
624,838
Fort Walton Beach
1,181,032
384,332
Lakeland
500,000
645,402
1,145,402
420,775
6/4/1998
12/31/1997
Middleburg
1,167,247
2,410,289
5,843
2,416,132
3,583,379
189,991
Milton
1,181,145
1,816,256
383,868
Niceville
920,803
1,711,621
2,632,424
556,273
Orlando
1,181,076
1,181,576
1,816,687
384,346
1,172,023
1,802,267
380,904
Oviedo
971,996
1,806,780
2,778,776
587,200
Pace
1,171,993
1,172,493
1,802,737
381,394
Panama City
1,181,063
1,816,174
383,841
588,305
1,094,130
1,682,435
355,588
525,207
976,968
1,502,175
317,511
Sanford
Tallahassee
419,902
781,405
1,201,307
253,952
611,916
1,137,986
1,138,486
1,750,402
370,342
Tampa
427,395
472,030
899,425
307,766
6/10/1998
12/5/1997
Union Park
1,004,103
1,866,287
2,870,390
606,539
Alpharetta
1,171,870
1,172,370
1,802,614
381,354
55,840
258,889
16,005
14,141
289,035
344,875
271,843
11/27/1985
1,010,000
1,352,903
2,362,903
29,313
1,171,988
1,802,232
380,892
Conyers
531,935
1,180,296
1,712,231
599,669
3/28/2002
11/13/2001
1,181,027
1,816,138
383,830
795,842
1,643,361
2,439,203
128,730
638,509
1,186,594
1,825,103
528,030
11/29/2003
Hiram
1,181,017
1,816,128
383,826
519,903
967,180
1,487,083
314,329
659,964
1,827,997
2,487,961
143,193
Lawrenceville
1,181,137
1,181,637
1,816,748
384,366
994,894
1,807,565
2,802,459
141,593
500,293
930,657
1,430,950
302,460
McDonough
910,000
1,400,696
2,310,696
30,348
F-8
625,316
1,162,827
1,788,143
377,915
515,617
959,138
1,474,755
311,716
Sandy Springs
586,211
1,090,241
1,676,452
354,324
Stockbridge
632,128
1,175,478
1,175,978
1,808,106
382,526
513,204
953,885
1,467,089
424,475
452,267
840,716
1,292,983
374,114
Lombard
428,170
795,965
2,000
797,965
1,226,135
355,265
Niles
366,969
682,306
1,049,275
303,622
663,087
1,232,240
1,895,327
548,343
Vernon Hills
524,948
975,668
1,500,616
434,168
West Dundee
530,835
986,628
1,517,463
439,045
Overland Park
1,101,841
2,047,067
3,148,908
910,941
Wichita
1,224,570
935,607
1,989,962
2,925,569
155,880
Winchester
355,474
929,177
20,045
22,651
971,873
1,327,347
626,499
Baton Rouge
1,440,670
1,158,316
2,391,847
3,550,163
187,361
Allston
576,505
1,071,520
1,648,025
476,821
Billerica
399,043
462,240
462,412
861,455
327,431
4/2/1997
Shrewsbury
721,065
1,339,913
2,060,978
596,257
Waltham
338,955
630,279
969,234
280,470
Weymouth
752,234
1,397,799
2,150,033
622,016
Woburn
676,968
1,258,018
1,934,986
559,814
Annapolis
780,806
1,450,860
2,231,666
645,629
Bowie
734,558
1,364,970
2,099,528
607,408
701,705
1,303,958
2,005,663
580,257
Germantown
808,296
1,501,913
2,310,209
668,347
Waldorf
427,033
793,854
1,220,887
353,261
Eagan
902,443
845,536
1,747,979
553,852
6/19/1998
2/20/1998
Grandview
347,150
711,024
1,058,174
463,384
8/20/1998
721,020
1,339,829
2,060,849
596,220
Lake Saint Louis
1,222,303
2,019,908
3,242,211
158,226
Saint Louis
386,112
717,856
1,103,968
319,442
Charlotte
508,100
457,295
965,395
212,642
181,662
338,164
519,826
150,479
Clemmons
630,000
1,100,160
1,730,160
313,546
11/9/2007
Jamestown
650,000
857,823
1,507,823
244,479
489,063
909,052
1,398,115
404,524
253,128
810,922
810,954
1,064,082
496,078
7/22/1999
3/4/1999
NH
722,532
1,342,636
2,065,168
597,469
Newington
690,753
1,283,624
1,974,377
571,209
597,833
1,111,059
1,708,892
494,417
Deptford
619,376
1,151,062
1,770,438
512,218
Maple Shade
508,285
944,750
1,453,035
420,410
Northfield
1,364,997
2,361,337
3,726,334
184,971
1,210,015
2,498,602
3,708,617
195,724
242,133
450,467
692,600
200,454
Cambridge
103,368
192,760
296,128
85,774
337,161
626,948
964,109
278,988
582,107
1,081,848
1,663,955
481,418
385,878
717,422
1,103,300
319,249
Edmond
1,240,403
2,561,350
3,801,753
200,639
509,370
752,691
1,262,061
468,094
4/14/1999
404,815
771,625
771,701
1,176,516
479,864
4/9/1999
10/16/1998
1,127,056
2,327,297
3,454,353
182,305
Owasso
1,078,296
2,226,612
5,698
2,232,310
3,310,606
176,020
964,367
1,996,137
5,993
2,002,130
2,966,497
157,875
Yukon
1,173,070
2,422,313
10,243
2,432,556
3,605,626
191,598
Greensburg
594,891
1,105,589
1,700,480
491,983
431,050
801,313
1,232,363
356,580
Mechanicsburg
455,854
847,377
1,303,231
377,079
723,660
1,344,733
2,068,393
598,402
Philadelphia
334,939
622,821
957,760
277,151
384,756
715,339
1,100,095
318,322
389,291
723,760
1,113,051
322,069
343,785
295,001
183,130
478,131
821,916
382,319
5/27/1997
2/7/1997
F-9
332,979
498,108
831,087
326,275
6/1/1999
Goodlettsville
601,306
1,117,504
1,718,810
497,285
560,443
1,011,799
1,572,242
502,323
10/15/2001
5/9/2001
Allen
1,162,614
2,400,722
46,748
2,447,470
3,610,084
190,978
599,558
1,114,256
1,713,814
495,840
Austin
185,454
411,899
597,353
410,454
2/6/1990
710,485
1,320,293
2,030,778
587,526
590,828
1,098,073
1,688,901
488,637
569,909
1,059,195
1,629,104
471,338
532,497
989,715
1,522,212
440,419
1,363,491
1,066,021
2,201,264
3,267,285
172,432
568,401
1,056,394
1,624,795
470,091
Conroe
396,068
736,346
1,132,414
327,670
Crowley
1,103,218
2,278,074
3,381,292
178,449
191,267
424,811
616,078
1/26/1990
543,950
1,010,984
1,554,934
449,884
Garland
242,887
539,461
91
539,552
782,439
539,481
Harlingen
134,599
298,948
433,547
1/17/1990
151,018
335,417
335,475
486,493
335,421
1/25/1990
392,113
729,002
1,121,115
324,402
1,030,379
1,914,353
2,944,732
851,883
619,101
1,150,551
1,769,652
511,991
642,495
1,193,997
1,836,492
531,325
872,866
1,621,829
2,494,695
721,710
612,414
1,138,132
1,750,546
506,465
League City
1,032,003
2,131,018
3,163,021
166,930
Leon Valley
178,221
395,834
574,055
529,967
985,046
1,515,013
438,341
Mesquite
591,538
1,099,363
1,690,901
489,213
Pasadena
107,391
238,519
238,577
345,968
238,523
1/24/1990
Pasedena
147,535
274,521
10,646
92
285,259
432,794
176,826
12/31/1998
Pearland
1,286,313
935,739
1,932,240
2,867,979
151,359
Plano
187,564
417,157
700
417,948
605,512
416,996
1/18/1990
494,407
918,976
1,413,383
408,940
Richardson
555,188
1,031,855
1,587,043
459,172
Rockwall
1,178,158
2,432,819
3,610,977
190,571
San Antonio
245,164
544,518
789,682
542,608
2/14/1990
688,249
1,278,967
1,967,216
569,136
Stafford
706,786
1,313,395
2,020,181
584,457
401,999
747,362
1,149,361
332,572
Weatherford
971,317
2,005,706
2,977,023
157,114
Webster
600,261
1,115,563
1,715,824
496,421
Bountiful
183,750
408,115
111
408,226
591,976
1/30/1990
Alexandria
542,791
1,008,832
1,551,623
448,926
592,698
1,101,517
1,694,215
490,171
Chesapeake
770,000
1,112,334
1,882,334
317,015
1,204,525
2,487,265
3,691,790
194,836
Lynchburg
342,751
637,329
980,080
283,608
Virginia Beach
1,026,384
1,806,384
292,519
Woodbridge
774,854
1,439,806
2,214,660
640,710
187,111
602,690
Brown Deer
257,408
802,141
1,059,549
514,770
12/15/1998
7/16/1998
Delafield
324,574
772,702
1,097,276
471,981
7/29/1999
2/26/1999
452,630
811,977
1,264,607
526,488
10/20/1998
4/7/1998
1,304,098
2,692,877
3,996,975
210,942
Oak Creek
420,465
852,408
1,272,873
552,704
3/20/1998
Calistoga
12,677,285
2,750,715
15,428,000
510,571
6/25/2010
5,445,030
21,154,970
26,600,000
3,843,153
6,039,131
1,576,869
7,616,000
286,465
4,988,527
1,999,473
6,988,000
365,264
8,146,907
2,067,093
10,214,000
375,522
F-10
12,675,172
4,907,828
17,583,000
893,519
45,184,528
10,437,472
55,622,000
1,901,208
10,630,191
5,580,929
16,211,120
903,281
12/15/2010
6,860,862
524,117
7,384,979
63,768
12/15/2011
Napa
6,000,000
25,000,000
31,000,000
4,541,667
11,253,989
2,846,011
14,100,000
521,079
17,590,091
5,898,149
23,488,240
1,117,243
23,471,336
6,589,664
30,061,000
1,204,361
10,777,485
390,515
11,168,000
71,708
9/17/2010
4,675,262
298,928
4,974,190
48,327
Paicines
12,058,127
1,607,783
13,665,910
338,115
Saint Helena
15,254,700
4,150,300
19,405,000
767,753
Shreveport
1,320,003
8,130,438
8,130,585
9,450,588
1,206,116
4/22/2011
998,250
3,696,707
129,751
3,826,537
4,824,787
2,650,929
3/11/1997
63,800
295,791
52,743
16,414
364,948
428,748
300,802
10/31/1984
Avondale
242,723
1,129,139
1,371,862
702,035
4/20/1999
7/28/1998
Chandler
291,720
647,923
61
647,984
939,704
647,983
12/11/1987
271,695
603,446
9,758
19,469
632,673
904,368
616,387
12/14/1987
308,951
1,025,612
1,334,563
627,370
1/13/1999
260,719
516,181
32,186
548,367
809,086
515,628
12/26/1990
Scottsdale
291,993
648,529
648,590
940,583
264,504
587,471
27,528
614,999
879,503
596,689
6/29/1990
Tempe
292,200
648,989
649,214
941,414
649,164
3/10/1988
304,500
676,303
676,365
980,865
676,330
9/28/1988
283,500
546,878
547,104
830,604
547,040
9/29/1988
Calabasas
156,430
725,248
100,838
58,367
884,453
1,040,883
821,901
9/26/1985
Carmichael
131,035
607,507
80,368
21,673
709,548
840,583
635,567
8/22/1986
Chino
634,071
16,201
650,272
805,272
634,838
10/6/1983
350,563
778,614
43,353
821,967
1,172,530
812,955
157,804
731,621
2,540
44,802
778,963
936,767
759,176
Escondido
276,286
613,638
5,000
44,375
663,013
939,299
647,308
12/31/1987
281,563
625,363
906,926
10/23/1987
Gold River
276,328
613,733
24,967
638,700
915,028
634,506
3/22/1989
Mission Viejo
353,891
744,367
12,500
756,867
1,110,758
664,764
6/24/1993
Oceanside
145,568
674,889
17,000
691,889
837,457
686,349
Palmdale
249,490
554,125
9,864
563,989
813,479
563,946
9/14/1988
Rancho Cucamonga
471,733
1,047,739
149,765
170
1,197,674
1,669,407
1,085,149
12/30/1987
208,585
967,055
79,082
108
1,046,245
1,254,830
1,009,314
Valencia
301,295
669,185
70,470
739,701
1,040,996
706,965
6/23/1988
Walnut
217,365
1,007,753
49,807
51,049
1,108,609
1,325,974
1,037,180
287,000
637,440
20,313
18,188
675,941
962,941
646,241
155,306
344,941
25,000
370,023
525,329
366,016
3/15/1988
58,400
271,217
296,299
354,699
289,694
12/22/1982
Fort Collins
55,200
256,356
15,030
271,465
326,665
258,092
Greenwood Village
131,216
608,372
6,862
21,261
636,495
767,711
632,738
12/5/1986
161,617
358,956
359,038
520,655
359,009
12/10/1987
115,592
535,931
71
536,002
651,594
535,976
3/25/1986
58,089
269,313
22,582
291,984
350,073
273,405
6/22/1984
153,551
341,042
341,124
494,675
341,095
10/19/1987
306,387
695,737
32,991
11,233
739,961
1,046,348
706,561
9/27/1989
Bradenton
160,060
355,501
380,580
540,640
375,558
5/5/1988
Clearwater
42,223
269,380
269,459
311,682
269,453
12/22/1981
48,000
243,060
291,060
184,800
410,447
22,872
433,319
618,119
427,319
3/30/1989
Margate
66,686
309,183
240
309,423
376,109
12/16/1986
Melbourne
256,439
549,345
549,424
805,863
486,456
4/16/1993
73,696
341,688
415,384
12/3/1986
68,001
313,922
381,923
9/4/1985
159,177
353,538
353,692
512,869
353,646
7/2/1987
F-11
166,409
369,598
369,752
536,161
369,706
11/20/1987
69,500
244,314
82,701
327,255
396,755
280,357
6/15/1982
326,492
20,000
346,732
493,732
336,044
3/28/1989
Royal Palm Beach
194,193
431,309
456,309
650,502
447,004
11/15/1988
Saint Augustine
44,800
213,040
23,090
236,130
280,930
225,443
Sunrise
245,000
533,280
92,266
625,753
870,753
581,274
5/25/1989
53,385
199,846
253,385
199,954
1,040,008
1,350,008
632,721
8/25/1999
6/7/1999
Ellenwood
119,678
275,414
58,545
274
334,233
453,911
295,421
11/16/1988
141,449
314,161
156,426
14,614
485,201
626,650
382,095
7/7/1988
Lithia Springs
187,444
363,358
363,442
550,886
363,421
12/28/1989
Lithonia
239,715
524,459
24,410
380
549,249
788,964
506,152
8/20/1991
148,620
330,090
355,090
503,710
350,935
9/16/1988
295,750
596,299
17,263
613,562
909,312
12/30/1988
301,000
668,529
71,474
19,961
759,964
1,060,964
701,798
274,750
610,229
884,979
168,700
374,688
62,622
440,219
608,919
400,940
Cedar Rapids
194,950
427,085
622,035
387,589
9/24/1992
Iowa City
186,900
408,910
595,810
371,045
Addison
125,780
583,146
583,280
709,060
583,267
Algonquin
241,500
509,629
28,260
538,023
779,523
505,380
7/10/1990
165,679
398,738
57,692
21,963
478,393
644,072
418,523
12/21/1988
1,259,926
1,727,926
758,146
10/26/1999
6/14/1999
120,824
560,166
74,917
8,536
643,619
764,443
581,623
Carol Stream
122,831
586,416
586,550
709,381
586,537
Crystal Lake
1,259,424
1,659,424
762,032
9/28/1999
5/14/1999
Glendale Heights
318,500
707,399
1,025,899
Hoffman Estates
85
707,484
1,025,984
707,453
3/31/1989
Homer Glen
189,477
442,018
442,103
631,580
442,071
Lake In The Hills
375,000
1,127,678
1,502,678
682,323
9/3/1999
425,000
1,230,654
1,655,654
740,527
10/6/1999
5/19/1999
O’Fallon
141,250
313,722
232
313,954
455,204
313,880
Oswego
380,000
1,165,818
1,545,818
709,260
8/18/1999
Palatine
121,911
565,232
565,366
687,277
565,353
Roselle
297,541
561,037
858,578
Schaumburg
218,798
485,955
20,461
506,416
725,214
496,259
12/17/1987
132,523
614,430
614,564
747,087
614,551
Westmont
124,742
578,330
77,621
24,741
680,692
805,434
588,403
Fishers
212,118
419,958
6,910
11,338
438,206
650,324
407,310
12/27/1990
Highland
220,460
436,476
314
436,790
657,250
420,116
544,153
789,153
534,649
Lenexa
96,590
804,116
1,122,616
722,418
676,308
71,023
747,331
1,051,831
705,807
357,500
1,115,171
1,472,671
682,150
7/23/1999
Shawnee
699,629
251
699,880
1,014,880
699,773
10/27/1988
288,246
935,875
936,002
1,224,248
594,356
12/29/1998
8/24/1998
209,890
415,549
33,984
16,592
466,125
676,015
427,311
Acton
315,533
700,813
1,016,346
9/30/1988
Marlborough
352,765
776,488
1,129,253
11/4/1988
Westborough
359,412
773,877
63,037
22,311
859,225
1,218,637
800,435
11/1/1988
Ellicott City
219,368
630,839
26,550
657,389
876,757
650,225
12/19/1988
Frederick
203,352
1,017,109
1,019,983
1,223,335
670,549
7/6/1998
Olney
342,500
760,701
4,400
41,272
806,373
1,148,873
788,067
12/18/1987
130,430
604,702
605,004
735,434
604,873
9/26/1984
237,207
526,844
527,016
764,223
526,954
55,000
378,848
2,913
103
381,864
436,864
380,376
10/6/1982
Apple Valley
113,523
526,319
48,018
7,064
581,401
694,924
527,401
3/26/1986
Brooklyn Park
118,111
547,587
547,784
665,895
547,758
Eden Prairie
124,286
576,243
576,440
700,726
576,414
3/27/1986
Maple Grove
313,250
660,149
660,237
973,487
646,485
7/11/1990
Plymouth
134,221
622,350
622,547
756,768
622,521
12/12/1986
Saint Paul
242,165
537,856
537,944
780,109
524,733
8/30/1990
Florissant
181,300
402,672
34,635
12,626
449,933
631,233
430,575
3/29/1989
78,556
447
786,402
1,104,902
737,083
F-12
Gladstone
294,000
652,987
(2,736)
11,743
661,994
955,994
662,237
307,784
910,401
1,218,185
583,653
8/21/1998
Lee’s Summit
239,627
532,220
231
73
532,524
772,151
532,234
330,000
993,787
2,854
996,801
1,326,801
608,019
6/17/1999
313,740
939,367
1,253,107
571,495
9/8/1999
Jackson
248,483
572,522
54,227
17,780
644,529
893,012
372,844
11/16/1999
Pearl
121,801
270,524
18,837
411,162
285,008
Tupelo
121,697
637,691
26,216
9,587
673,494
795,191
483,395
75,200
262,973
15,000
187
278,160
353,360
269,360
1/25/1984
134,582
268,222
24,478
292,700
427,282
288,774
32,441
190,859
191,046
223,487
191,038
12/23/1981
175,700
390,234
26,312
416,733
592,433
411,906
220,728
429,380
650,108
12/29/1989
Kernersville
162,216
316,300
478,516
12/14/1989
60,568
280,819
341,387
60,500
280,491
280,523
341,023
280,508
8/1/1984
53,000
245,720
22,027
267,779
320,779
257,075
10/11/1984
142,867
317,315
317,347
460,214
317,331
12/9/1987
Londonderry
335,467
745,082
55,873
11,802
812,757
1,148,224
751,929
8/18/1989
Clementon
279,851
554,060
18,899
573,009
852,860
523,649
9/9/1991
201,250
446,983
70,415
517,410
718,660
440,313
179,552
398,786
578,338
6/30/1987
174,519
387,613
361
387,974
562,493
387,736
7/23/1987
170,778
379,305
379,390
550,168
379,358
9/28/1987
84,000
389,446
473,446
Englewood
74,000
343,083
343,168
417,168
343,137
10/23/1985
528,991
9/27/1990
Pickerington
87,580
406,055
493,635
12/11/1986
Westerville
82,000
380,173
462,173
294,350
646,557
940,907
628,778
9/26/1990
Broken Arrow
78,705
220,434
299,139
1/27/1983
67,800
314,338
382,138
8/14/1985
50,800
214,474
265,274
79,000
366,261
17,659
383,920
462,920
383,695
11/14/1984
61,000
282,812
27,000
309,812
370,812
305,181
5/2/1985
140,700
312,498
337,651
478,351
331,785
58,160
269,643
327,803
160,831
313,600
474,431
Goose Creek
61,635
192,905
193,058
254,693
193,002
125,593
278,947
12,126
14,855
305,928
431,521
283,547
Summerville
44,400
174,500
174,821
219,221
174,765
238,000
528,608
4,738
737
534,083
772,083
531,630
550,559
45,046
192
595,797
837,297
584,698
9/22/1989
103,600
10/29/1982
N/A
88,872
222,684
54,562
139
277,385
366,257
254,676
1/12/1983
134,383
623,103
2,379
21,981
647,463
781,846
625,863
12/23/1986
236,733
640,023
46,171
171
686,365
923,098
596,793
9/27/1988
191,636
425,629
15,530
152
441,311
632,947
441,039
12/22/1988
217,878
483,913
82,048
9,167
575,128
793,006
521,699
6/22/1989
Bedford
34,949
585,508
827,008
585,507
277,850
617,113
52,614
261
669,988
947,838
629,443
Cedar Park
168,857
375,036
5,200
380,375
549,232
380,108
11/21/1988
Colleyville
1,070,360
1,070,462
1,320,462
651,224
8/17/1999
Converse
217,000
481,963
698,963
Corinth
1,041,626
1,326,626
640,595
6/4/1999
Euless
234,111
519,962
754,073
5/8/1987
Flower Mound
202,773
442,845
32,069
16,315
491,229
694,002
469,376
4/20/1987
281,735
1,099,726
49,611
31,678
1,181,015
1,462,750
696,671
4/23/1999
85,518
396,495
33,279
429,865
515,383
420,050
73,662
602,361
840,361
545,160
9/26/1988
216,160
427,962
54
428,016
644,176
408,721
2/7/1991
211,050
468,749
31,233
101
500,083
711,133
479,516
12/12/1989
167,164
371,276
58,206
16,412
445,894
613,058
417,678
12/13/1988
139,125
308,997
19,128
328,411
467,536
323,866
5/22/1987
F-13
141,296
313,824
12,442
326,573
467,869
322,889
7/24/1987
219,100
486,631
25,716
25,593
537,940
757,040
493,494
149,109
323,314
27,979
10,119
361,412
510,521
339,239
6/26/1989
294,582
919,276
1,213,858
580,725
1/11/1999
278,915
1,034,868
1,313,783
633,025
7/19/1999
309,898
983,041
1,292,939
627,533
11/30/1998
192,777
428,121
42,153
470,369
663,146
438,639
1/7/1987
181,375
402,839
46,878
449,800
631,175
428,158
12/20/1989
85,000
394,079
16,984
12,860
423,923
508,923
413,818
10/24/1984
139,466
326,525
39,638
366,404
505,870
328,172
10/8/1992
261,912
581,658
52,751
634,568
896,480
599,498
1/6/1987
250,514
556,399
33,978
399
590,776
841,290
565,797
Round Rock
186,380
413,957
45,752
459,709
646,089
442,742
4/19/1989
130,833
606,596
43,050
22,373
672,019
802,852
620,403
3/24/1986
102,512
475,288
50,798
16,961
543,047
645,559
485,114
81,530
378,007
378,159
459,689
181,412
402,923
403,062
584,474
403,012
7/7/1987
234,500
520,831
520,970
755,470
520,919
12/29/1987
481,967
32,529
514,496
731,496
10/14/1988
182,868
406,155
18,940
425,095
607,963
424,999
12/6/1988
220,500
447,108
667,608
Sugar Land
339,310
1,000,876
1,340,186
618,873
5/30/1999
136,574
269,008
405,582
268,119
2/1/1990
Sandy
168,089
373,330
541,419
372,021
Centreville
371,000
824,003
592
824,595
1,195,595
824,440
9/29/1989
190,050
422,107
24,568
446,675
636,725
441,550
Glen Allen
74,643
346,060
283
346,343
420,986
346,308
6/20/1984
Portsmouth
171,575
381,073
24,932
406,005
577,580
400,902
69,080
320,270
29,024
13,825
363,119
432,199
344,573
11/15/1984
Federal Way
150,785
699,101
699,208
849,993
699,172
12/17/1986
261,943
581,782
27,500
609,389
871,332
602,684
128,300
539,141
667,441
6/3/1983
140,763
678,809
36,500
715,309
856,072
705,606
Kirkland
668,534
668,641
969,641
668,606
3/31/1988
Puyallup
195,552
434,327
461,434
656,986
455,464
Redmond
279,830
621,513
621,620
901,450
621,584
7/27/1987
111,183
515,490
626,673
Appleton
424,038
424,447
620,447
415,557
Waukesha
233,100
461,500
211
461,711
694,811
443,976
12/13/1990
215,950
427,546
427,955
643,905
411,489
North Liberty
6,395,970
19,385,806
25,781,776
1,084,682
820,230
12,985,433
77,047
13,062,480
13,882,710
1,290,046
7/31/2012
801,003
25,410,810
26,211,813
1,421,795
401,874
933,768
103,336
31,913
1,069,017
1,470,891
730,331
12/23/1997
1,094,058
3,090,236
4,184,294
2,168,201
6/9/1997
571,590
1,121,752
363,084
1/15/1999
9/25/1998
567,864
840,284
37,249
39,217
916,750
1,484,614
596,867
Westbury
6,333,590
3,952,773
256,823
4,209,596
10,543,186
2,767,105
9/29/1997
674,437
67,583
6,323
748,343
1,168,343
441,213
5/12/1999
2/23/1999
3,630,000
5,083,734
8,713,734
76,256
West Branch
12,429,195
969,797
19,896,576
125,814
20,022,390
20,992,187
1,833,276
9/20/2012
DeKalb
20,497,000
3,507,503
50,808,610
54,316,113
2,842,863
Loves Park
1,010,778
10,068,142
11,078,920
563,337
Tooele
1,719,381
40,160,295
41,879,676
2,247,064
391,637
531,637
169,054
3/18/2004
F-14
301,637
491,637
130,204
421,637
601,637
182,004
North Little Rock
1,138,381
2,112,637
2,114,137
3,252,518
151,668
3/29/2013
Florence
150,000
371,637
521,637
160,421
Gilbert
1,111,637
1,791,637
479,854
Glendale
610,000
1,141,637
229,487
931,637
1,331,637
402,154
Maricopa
361,637
156,104
560,000
821,637
1,381,637
354,671
1,071,637
1,821,637
462,587
810,000
1,061,637
1,871,637
458,271
890,000
1,081,637
1,971,637
466,904
1,851,637
900,000
1,191,637
2,091,637
514,387
Payson
351,637
561,637
151,787
311,637
571,637
134,521
Peoria
520,000
751,637
1,271,637
324,454
440,000
511,637
951,637
220,854
360,000
781,637
710,000
591,637
1,301,637
255,387
661,637
981,637
285,604
450,000
651,637
1,101,637
281,287
430,000
711,637
307,187
730,000
1,661,637
790,000
1,051,637
1,841,637
453,954
Pinetop
481,637
Queen Creek
891,637
1,411,637
384,887
201,637
411,637
87,037
660,000
1,031,637
1,691,637
445,321
110,000
620,000
270,000
461,637
731,637
199,271
Tolleson
460,000
1,231,637
531,654
Tombstone
381,637
164,737
911,637
1,241,637
393,521
220,000
341,637
581,637
147,471
550,000
126,000
234,565
360,565
100,472
4/14/2004
Tuscon
331,637
143,154
Wellton
291,637
125,887
Wickenburg
441,637
1,103,650
2,048,135
2,049,635
3,153,285
147,046
118,262
305,510
423,772
241,862
3/3/1995
179,646
319,372
319,385
499,031
252,839
3/9/1995
Westbrook
98,247
373,340
471,587
295,561
Camden
113,811
174,435
82,268
3/19/2003
250,528
379,165
629,693
178,832
Dewey
147,465
224,665
372,130
105,960
278,804
421,707
700,511
198,898
367,137
554,207
921,344
261,394
367,425
554,884
922,309
261,713
Felton
307,260
464,391
771,651
219,031
Greenwood
632,303
1,176,711
1,809,014
335,361
11/29/2007
Harrington
563,812
849,220
1,413,032
400,541
Milford
310,049
468,575
778,624
221,004
589,325
887,488
1,476,813
418,591
121,774
186,436
308,210
87,928
401,135
605,332
1,006,467
285,508
Townsend
241,416
365,749
607,165
172,504
280,682
424,525
705,207
200,227
Archer
296,238
578,145
874,383
361,339
5/7/1999
946,638
1,671,528
499
1,672,027
2,618,665
131,032
414,000
107,500
109,000
523,000
7,979
3/8/2013
F-15
Bushnell
359,792
311,845
671,637
134,610
Cocoa
323,827
287,810
611,637
124,235
Deltona
321,637
138,837
515,834
873,187
1,389,021
545,741
480,318
600,633
1,080,951
375,394
347,310
694,859
1,042,169
434,286
339,263
658,807
998,070
411,753
351,921
552,557
904,478
345,347
500,032
850,291
1,350,323
531,431
Homosassa Springs
740,000
621,637
1,361,637
268,337
Hudson
Intercession City
161,776
319,861
138,071
266,111
494,206
760,317
211,685
4/1/2004
Key West
873,700
627,937
1,501,637
271,057
492,785
208,852
701,637
90,152
527,076
464,561
991,637
200,533
Land O Lakes
Largo
1,475,882
2,375,882
40,023
4/9/2014
8/13/2013
Lutz
480,000
901,637
Moore Haven
180,342
331,295
143,006
Mount Dora
1,423,518
2,513,578
751
2,514,329
3,937,847
197,041
Naples
451,637
1,001,637
New Port Richey
791,637
259,704
North Fort Myers
281,637
121,571
Okeechobee
195,075
346,562
541,637
149,597
Palm Bay
230,880
300,757
129,824
Palm Harbor
510,000
431,637
641,637
186,321
312,727
480,727
133,949
Port Charlotte
356,637
556,637
153,946
Port Orange
609,438
512,199
1,121,637
221,097
Punta Gorda
Riverview
1,930,000
1,423,752
3,353,752
64,293
8/30/2013
8/13/2012
600,000
941,637
741,637
640,000
1,711,637
Winter Springs
Augusta
383,232
1,003,232
236,960
540,000
337,853
877,853
208,902
392,929
902,929
242,956
422,020
602,020
260,946
392,171
652,171
242,489
691,637
194,954
Calhoun
122,500
228,742
351,242
102,546
10/16/2003
262,500
488,742
751,242
219,113
Cartersville
Chatsworth
261,242
401,242
117,117
Chickamauga
181,731
338,742
520,473
151,863
Dalton
171,500
319,742
491,242
143,345
87,500
163,742
251,242
73,405
485,650
903,162
1,388,812
404,912
146,000
272,385
418,385
122,113
781,242
1,201,242
350,250
391,242
601,242
175,400
F-16
332,500
618,742
951,242
277,396
437,500
813,742
1,251,242
364,821
529,383
532,429
296
532,725
1,062,108
373,690
6/27/1997
1,860,265
1,622,631
2,865,162
856
2,866,018
4,488,649
224,602
Dunwoody
545,462
724,254
724,550
1,270,012
508,279
Flintstone
157,500
293,742
451,242
131,688
La Fayette
386,784
776,436
1,163,220
544,742
Mableton
491,069
355,957
847,026
249,715
Martinez
402,777
852,777
249,046
830,000
871,637
1,701,637
376,254
384,162
651,273
1,035,435
456,916
Ringgold
1,168,914
(7,829)
226,671
1,395,585
472,833
385,000
716,242
(21,175)
363,825
1,080,067
321,109
482,251
896,851
1,379,102
402,082
Rocky Face
164,231
306,241
470,472
137,292
199,199
371,183
570,382
166,407
201,791
375,997
(22,030)
179,761
555,758
168,566
586,242
901,242
262,825
Rossville
66,231
124,242
190,473
55,696
129,231
241,242
370,473
108,151
Adair
779,853
1,377,027
1,377,438
2,157,291
107,946
Neola
784,675
1,385,540
414
1,385,954
2,170,629
108,613
Belvidere
768,748
1,426,176
1,427,676
2,196,424
288,362
12/28/2009
Dekalb
661,500
1,226,500
1,228,500
1,890,000
248,344
Godfrey
374,586
733,190
733,504
1,108,090
514,705
Granite City
362,287
737,255
737,569
1,099,856
517,558
599,172
1,110,747
1,112,747
1,711,919
225,001
547,582
1,016,523
1,018,023
1,565,605
12/20/2007
760,725
1,410,775
1,412,775
2,173,500
285,506
Machesney Park
562,275
1,043,225
1,000
1,044,225
1,606,500
210,884
173,812
625,030
625,344
799,156
438,833
Marengo
501,948
930,688
932,188
1,434,136
188,439
Rochelle
607,418
1,128,145
1,129,145
1,736,563
318,460
463,050
858,450
859,950
1,323,000
173,871
388,631
720,244
721,744
1,110,375
145,999
Tuscola
752,456
1,394,419
3,000
1,397,419
2,149,875
282,708
427,437
794,632
796,632
1,224,069
243,876
5/25/2007
139,219
259,369
398,588
79,104
147,263
274,307
421,570
83,660
283,430
527,190
529,190
812,620
162,306
Elkhart
495,914
922,471
923,971
1,419,885
282,488
Frankfort
208,666
388,345
390,345
599,011
119,959
173,250
323,022
496,272
98,518
Hartford City
250,310
465,702
467,702
718,012
143,552
129,938
242,134
372,072
73,848
269,294
500,939
502,439
771,733
153,921
318,432
592,193
593,693
912,125
181,753
Knox
341,250
633,499
634,999
976,249
183,746
10/9/2007
274,309
421,572
83,661
112,613
209,959
322,572
64,034
209,196
389,995
391,495
600,691
120,083
227,500
422,249
423,749
651,249
122,836
Mishawaka
123,983
231,743
233,743
357,726
72,195
Morristown
366,590
682,082
684,082
1,050,672
209,548
103,950
193,870
297,820
59,127
184,237
342,974
344,974
529,211
106,120
New Albany
181,459
289,353
470,812
229,071
262,465
331,796
594,261
262,672
3/6/1995
258,672
397,272
78,892
79,854
149,572
150,572
230,426
46,374
203,941
380,019
381,519
585,460
117,040
F-17
281,248
523,589
525,089
806,337
160,829
255,908
476,528
478,528
734,436
146,855
Rushville
121,275
226,497
347,772
69,078
South Bend
372,387
693,064
695,064
1,067,451
212,898
Wabash
430,437
800,871
802,871
1,233,308
245,779
334,923
623,488
625,001
959,924
415,275
772,713
774,226
1,189,501
236,815
West Lafayette
1,052,628
1,340,855
1,342,855
2,395,483
410,251
Zionsville
910,595
1,691,926
1,693,926
2,604,521
517,551
Berea
252,077
360,815
360,897
612,974
285,728
3/8/1995
Elizabethtown
286,106
286,259
572,365
226,597
158,052
316,105
235
316,340
474,392
250,429
198,926
368,014
566,940
291,344
216,849
605,697
605,884
822,733
449,270
6/18/1996
11/17/1995
Mount Washington
327,245
479,593
806,838
347,737
12/6/1996
5/31/1996
Owensboro
590,000
950,000
457,250
8/25/1995
1,021,637
225,171
Bossier City
230,000
Destrehan
177,687
631,637
192,500
358,227
550,727
153,438
Amherst
110,969
639,806
750,775
291,112
8/18/2003
574,601
756,174
1,330,775
344,059
Seekonk
298,354
268,518
566,872
212,577
Berlin
255,951
387,395
643,346
182,714
Crisfield
219,704
333,024
552,728
157,069
Hebron
376,251
567,844
944,095
267,826
La Plata
1,017,544
2,706,729
3,724,273
1,339,583
8/6/2002
Mechanicsville
1,540,335
2,860,928
4,401,263
1,435,173
Millersville
830,737
2,696,245
3,526,982
1,352,663
Breckenridge
811,968
813,468
1,250,968
235,205
Carson City
486,468
488,468
750,968
141,715
Charlevoix
713,013
2,500
715,513
1,100,513
207,398
Cheboygan
518,013
520,513
800,513
151,173
Clare
306,250
567,718
569,718
875,968
165,142
229,250
426,218
426,718
655,968
123,255
Comstock Park
583,761
586,261
901,261
170,130
Farwell
811,468
235,423
Flint
194,492
476,504
348
476,852
671,344
363,271
12/21/1995
Gladwin
259,013
260,513
400,513
75,770
Grand Rapids
812,261
813,761
1,251,261
235,289
442,249
443,249
681,249
128,240
Kalkaska
809,513
3,500
813,013
1,250,513
235,947
Lake City
115,500
213,513
215,013
330,513
62,650
Lakeview
96,250
177,718
179,718
275,968
52,692
Mackinaw City
455,000
844,513
845,513
1,300,513
244,226
Mecosta
227,468
228,468
350,968
66,312
Midland
811,013
235,292
162,750
300,794
303,307
466,057
88,544
463,750
860,718
862,218
1,325,968
249,261
388,968
390,968
600,968
113,602
810,968
235,642
649,468
650,968
1,000,968
188,351
324,468
325,968
500,968
94,642
Petoskey
490,000
909,513
910,513
1,400,513
262,968
Prudenville
133,000
245,013
247,513
380,513
72,458
486,513
750,513
141,365
Standish
92,750
171,263
172,763
265,513
50,468
Traverse City
389,002
391,002
601,002
113,612
Walker
586,250
1,088,499
1,089,999
1,676,249
314,938
132,924
244,858
246,858
379,782
40,402
12/1/2010
F-18
Andover
888,706
1,648,454
1,650,454
2,539,160
267,317
648,000
105,577
Baxter
Blaine
767,270
1,422,929
1,424,929
2,192,199
230,857
Bloomington
485,500
487,500
79,306
676,771
1,255,359
1,256,859
1,933,630
203,562
Brainerd
907,000
147,857
Brooklyn Center
979,764
1,818,061
1,819,561
2,799,325
294,532
1,817,561
294,656
830,336
1,540,052
1,542,052
2,372,388
249,792
578,964
1,073,220
1,075,220
1,654,184
174,321
750,697
1,391,651
1,394,151
2,144,848
90,874
Burnsville
615,240
1,141,089
1,142,589
1,757,829
185,089
515,298
954,981
956,981
1,472,279
155,205
932,558
1,729,892
1,731,892
2,664,450
280,483
Chaska
908,000
147,610
410,797
760,408
762,908
1,173,705
49,843
Columbia Heights
673,068
1,248,483
1,249,983
1,923,051
202,451
Coon Rapids
Cottage Grove
805,888
1,494,650
1,496,650
2,302,538
242,452
Crystal
552,641
1,024,332
1,026,332
1,578,973
166,417
740,518
1,373,248
1,375,248
2,115,766
222,825
906,287
1,680,604
1,683,104
2,589,391
272,718
699,277
1,296,658
1,298,658
1,997,935
210,443
947,702
1,758,519
1,760,019
2,707,721
284,906
485,526
899,690
901,690
1,387,216
146,267
Edina
568,893
1,054,516
1,056,516
1,625,409
171,297
Elk River
613,113
1,137,137
1,138,637
1,751,750
184,450
456,850
846,435
848,435
1,305,285
137,657
Excelsior
Falcon Heights
494,415
916,199
918,199
1,412,614
148,936
Farmington
810,500
812,500
131,848
Forest Lake
398,985
739,473
740,973
1,139,958
120,161
Fridley
519,325
962,461
964,461
1,483,786
156,415
706,295
1,309,691
1,311,691
2,017,986
212,550
323,000
53,035
Golden Valley
Hastings
Inver Grove Heigh
134,705
248,666
250,166
384,871
40,814
Lakeville
631,855
1,171,446
1,173,446
1,805,301
190,200
654,912
1,214,266
1,216,266
1,871,178
197,123
Litchfield
388,788
720,536
722,036
1,110,824
117,099
Little Falls
323,500
52,912
Long Lake
808,543
1,499,579
1,501,579
2,310,122
243,249
Maplewood
931,427
1,728,293
1,729,793
2,661,220
280,020
Mendota Heights
827,026
1,533,906
1,535,906
2,362,932
248,798
717,808
1,331,072
1,333,072
2,050,880
216,007
Minneapolis
967,640
1,795,045
1,797,045
2,764,685
291,016
856,122
1,587,941
1,589,941
2,446,063
257,534
938,237
1,740,440
1,742,440
2,680,677
282,188
365,977
678,171
679,671
1,045,648
110,250
738,535
1,370,064
1,371,564
2,110,099
222,106
811,510
1,505,590
1,507,090
2,318,600
244,016
539,242
999,450
1,001,450
1,540,692
162,394
577,070
1,069,702
1,071,702
1,648,772
173,752
F-19
648,500
105,453
759,822
1,409,597
1,411,097
2,170,919
228,497
Minnetonka
582,162
1,079,158
1,081,158
1,663,320
70,479
Monticello
589,643
1,093,051
1,095,051
1,684,694
177,527
Mounds View
743,926
1,379,578
1,381,578
2,125,504
223,848
New Brighton
585,039
1,085,002
1,086,502
1,671,541
176,021
New Hope
967,228
1,794,280
1,796,280
2,763,508
290,892
Oak Park Heights
635,158
1,177,579
1,179,579
1,814,737
191,192
Pine City
644,412
1,194,265
1,196,765
1,841,177
194,094
546,257
1,012,476
1,014,476
1,560,733
164,500
Ramsey
650,205
1,205,523
1,207,523
1,857,728
195,710
Richfield
630,540
1,169,003
1,171,003
1,801,543
189,805
678,216
1,257,543
1,259,543
1,937,759
204,119
436,919
809,921
811,421
1,248,340
131,550
839,497
1,557,065
1,559,065
2,398,562
252,542
Rogers
781,303
1,448,991
1,450,991
2,232,294
235,070
403,786
748,387
749,887
1,153,673
121,602
786,129
1,458,454
1,459,954
2,246,083
236,396
322,000
53,282
677,052
1,255,383
1,257,383
1,934,435
203,770
Saint Michael
561,604
1,040,480
1,042,980
1,604,584
169,232
808,755
1,500,473
1,501,973
2,310,728
243,189
418,774
776,223
777,723
1,196,497
126,102
832,144
1,543,409
1,545,409
2,377,553
250,334
576,820
1,069,736
1,071,236
1,648,056
173,553
531,091
984,311
986,311
1,517,402
159,947
592,617
1,099,075
1,100,575
1,693,192
178,296
739,277
1,371,444
1,372,944
2,112,221
222,329
788,752
1,463,324
1,464,824
2,253,576
237,183
950,678
1,764,046
1,765,546
2,716,224
285,800
486,000
79,183
541,547
1,004,231
1,005,731
1,547,278
162,963
827,608
1,535,987
1,536,987
2,364,595
248,726
789,790
1,464,752
1,466,752
2,256,542
237,618
648,354
1,202,586
1,204,086
1,852,440
78,418
Saint Paul Park
1,925,000
3,575,000
5,500,000
577,958
Sauk Rapids
Savage
605,220
1,122,481
1,123,981
1,729,201
182,080
569,195
1,055,575
1,057,075
1,626,270
171,264
Shakopee
522,391
966,156
4,000
970,156
1,492,547
157,829
477,517
883,817
886,817
1,364,334
144,109
688,324
1,276,317
1,278,317
1,966,641
207,155
783,764
1,454,062
1,455,562
2,239,326
235,686
Vadnais Heights
931,400
1,727,742
1,729,742
2,661,142
280,135
White Bear Lake
943,945
1,751,040
1,753,040
2,696,985
283,901
860,523
1,596,113
1,598,113
2,458,636
258,855
Woodbury
962,500
1,786,000
1,787,500
2,750,000
289,349
Zimmerman
Bolivar
712,586
1,258,249
376
1,258,625
1,971,211
98,635
F-20
734,876
1,297,609
388
1,297,997
2,032,873
101,720
Fair Grove
331,197
584,812
89,200
674,139
1,005,336
52,646
Hollister
660,909
1,167,001
349
1,167,350
1,828,259
91,482
Monett
493,610
871,592
260
871,852
1,365,462
68,325
471,920
833,292
249
833,541
1,305,461
65,322
794,438
1,402,780
1,403,199
2,197,637
109,965
805,817
1,422,872
425
1,423,297
2,229,114
111,540
600,117
1,059,657
1,059,974
1,660,091
83,067
735,236
1,298,243
1,298,631
2,033,867
101,770
782,041
1,380,889
413
1,381,302
2,163,343
108,249
1,955,824
3,453,498
3,454,530
5,410,354
270,722
839,527
1,482,396
443
1,482,839
2,322,366
116,206
Waynesville
511,912
903,909
270
904,179
1,416,091
70,858
Brandon
671,486
1,247,588
1,919,074
476,163
6/30/2005
Flowood
437,926
813,832
1,251,758
310,613
399,972
743,347
1,143,319
283,711
329,904
613,221
943,125
234,046
540,108
1,003,600
1,543,708
383,041
350,341
651,013
1,001,354
248,471
Meridian
813,671
1,251,597
310,552
405,811
754,030
1,159,841
287,789
145,975
271,478
417,453
103,614
280,273
520,887
198,806
321,146
596,794
917,940
225,787
7/19/2005
Newton
467,121
867,891
1,335,012
331,246
544,488
1,011,733
1,556,221
386,145
472,960
878,735
1,351,695
335,384
Southaven
276,971
Terry
583,901
1,084,930
1,668,831
414,082
Waveland
Archdale
410,000
315,821
Banner Elk
386,993
718,861
720,861
1,107,854
196,639
3/27/2008
355,330
660,558
662,058
1,017,388
180,463
Burgaw
198,774
369,653
370,653
569,427
101,096
457,356
849,377
850,877
1,308,233
231,759
Carolina Beach
848,929
850,929
1,308,285
231,975
255,064
473,349
475,849
730,913
130,280
1,221,637
251,071
851,637
1,571,637
367,621
Goldsboro
740,625
1,200,625
413,492
1/25/2001
700,000
655,000
1,355,000
398,458
10/27/1999
515,000
845,000
399,125
Hampstead
562,900
1,045,971
1,046,971
1,609,871
284,829
Holly Ridge
721,215
1,339,486
1,340,986
2,062,201
364,905
Hubert
404,584
750,372
752,872
1,157,456
205,537
530,000
410,750
551,637
260,727
400,727
111,675
653,367
654,867
1,006,679
178,509
Kinston
1,057,833
1,057,986
1,607,986
728,187
1,531,637
341,721
Richlands
492,537
914,735
916,235
1,408,772
249,514
376,439
698,103
700,603
1,077,042
191,338
Riegelwood
452,416
453,916
131,297
Roanoke Rapids
834,223
1,551,226
50,351
1,602,057
2,436,280
505,718
Roxboro
243,112
368,107
611,219
173,616
Shallotte
914,766
916,266
1,408,803
249,523
Southern Pines
300,625
900,625
167,826
Wallace
175,408
177,408
66,602
219
228,678
424,774
426,274
654,952
116,408
527,718
979,145
981,645
1,509,363
267,687
653,930
654,930
1,006,742
178,325
474,946
881,640
883,640
1,358,586
240,861
F-21
351,366
353,366
169,748
364,126
676,287
677,787
1,041,913
184,736
439,765
817,271
818,271
1,258,036
222,699
804,196
805,696
219,485
718,788
720,288
1,107,281
196,282
979,102
981,602
1,509,320
267,676
334,222
620,284
622,284
956,506
169,859
620,751
622,251
956,473
169,649
Winston Salem
Zebulon
306,077
568,087
570,587
876,664
156,017
Absecon
1,367,872
2,540,604
3,908,476
1,274,493
Mays Landing
1,539,117
2,858,630
4,397,747
1,434,973
Millville
953,891
1,771,782
2,725,673
888,834
Toms River
1,265,861
2,351,154
3,617,015
1,179,850
982,526
1,824,961
2,807,487
915,170
Wall Township
1,459,957
2,712,264
4,172,221
1,342,531
271,637
471,637
117,254
Kingston
257,763
456,042
713,805
359,513
4/6/1995
Rochester
632,586
1,116,989
334
1,117,323
1,749,909
87,561
Alliance
454,440
841,460
843,960
1,298,400
153,990
6/22/2010
Atwater
118,555
266,748
266,957
385,512
211,384
Bellefontaine
1,039,610
1,042,110
1,602,110
287,590
2/29/2008
845,610
847,110
1,302,110
233,557
147,296
304,411
451,707
240,992
273,085
471,693
13,088
484,781
757,866
362,926
321,792
1,144,619
1,466,411
532,366
De Graff
302,750
561,860
564,360
867,110
156,209
Eaton
164,588
306,934
471,522
93,612
Galion
138,981
327,597
327,806
466,787
259,557
Jackson Center
367,500
682,110
684,610
1,052,110
189,278
Kenton
261,462
262,462
402,462
67,296
8/29/2008
Marysville
507,500
943,110
944,610
1,452,110
260,370
1,300,610
2,002,110
358,682
650,610
652,110
1,002,110
179,932
Perrysburg
211,678
390,680
390,814
602,492
282,413
1/10/1996
9/1/1995
Russells Point
546,000
1,013,610
1,016,110
1,562,110
280,440
Streetsboro
402,988
533,349
533,463
936,451
357,427
1/27/1997
9/3/1996
Tiffin
117,017
273,040
273,249
390,266
216,365
3/7/1995
355,009
588,111
588,196
943,205
398,981
1/31/1997
6/27/1996
Wadsworth
266,507
496,917
497,033
763,540
343,968
7/1/1996
984,265
529,988
1,037,325
1,039,325
1,569,313
64,268
621,685
365,152
715,425
716,425
1,081,577
44,268
519,222
352,862
692,398
694,398
1,047,260
42,998
977,494
519,976
1,017,575
1,019,075
1,539,051
62,975
1,638,333
962,803
1,886,389
1,887,389
2,850,192
116,477
690,102
405,372
794,228
795,228
1,200,600
49,127
757,833
445,188
872,239
873,239
1,318,427
53,938
Moore
522,179
306,341
600,193
602,193
908,534
37,312
502,387
294,864
577,709
579,209
874,073
35,850
Norman
408,000
248,874
487,810
489,810
738,684
30,382
549,078
390,000
521,739
523,739
913,739
32,474
846,643
470,199
920,644
922,644
1,392,843
57,073
1,188,090
697,964
1,367,492
1,368,992
2,066,956
84,554
278,506
163,252
319,845
321,345
484,597
19,949
806,669
453,873
888,815
890,815
1,344,688
55,110
886,016
520,386
1,019,567
1,021,067
1,541,453
63,098
699,518
804,762
806,262
1,217,012
49,852
717,734
421,459
825,743
827,243
1,248,702
51,146
260,306
166,843
327,194
329,194
496,037
20,477
727,353
426,956
836,510
838,510
1,265,466
51,885
715,846
456,873
895,930
897,930
1,354,803
55,549
393,965
510,953
513,453
733,453
31,884
586,829
344,347
674,656
676,656
1,021,003
41,904
178,588
350,229
352,229
530,817
21,897
F-22
342,227
200,554
392,926
394,926
595,480
24,530
773,552
479,805
940,620
941,620
1,421,425
58,155
661,385
388,491
761,152
762,152
1,150,643
47,088
755,376
514,604
1,009,798
1,010,798
1,525,402
62,421
1,043,313
612,698
1,200,429
1,202,429
1,815,127
74,326
378,378
221,963
434,876
436,376
658,339
27,042
560,983
306,360
599,729
600,729
907,089
37,133
485,310
616,260
618,260
798,260
38,303
729,085
827,361
829,361
1,269,361
51,321
656,814
411,910
807,611
808,611
1,220,521
49,953
868,330
471,600
923,140
924,640
1,396,240
57,152
708,521
481,598
945,011
946,011
1,427,609
58,426
481,956
275,094
538,804
540,304
815,398
33,451
689,556
404,894
793,287
794,787
1,199,681
49,144
126,545
508,266
634,811
356,592
1,052,596
618,155
1,211,121
1,213,121
1,831,276
74,986
674,624
696,726
698,226
1,088,226
43,190
1,127,895
713,299
1,398,650
1,399,650
2,112,949
86,400
1,384,752
813,732
1,594,318
1,595,318
2,409,050
98,466
Aliquippa
226,195
452,631
678,826
198,401
1/29/2004
Allentown
4,684,217
3,922,420
5,970,215
1,565
5,971,780
9,894,200
467,967
Beaver
95,626
223,368
318,994
97,908
Beaver Falls
92,207
230,758
322,965
101,147
Bensalem
569,763
387,611
957,374
180,233
5/29/2003
Downingtown
1,722,222
576
1,722,798
272
2/25/2003
118,118
231,108
349,226
101,300
Penndel
739,487
1,003,809
1,743,296
466,766
Perryopolis
148,953
134,299
283,252
58,866
808,681
256,843
1,065,524
119,426
425,928
167,147
593,075
77,718
390,342
226,919
617,261
105,512
541,792
236,049
777,841
109,757
614,101
277,277
891,378
128,928
1,011,389
491,302
1,502,691
228,450
935,672
448,426
1,384,098
208,513
689,172
426,596
1,115,768
198,362
349,294
134,485
483,779
62,530
497,668
320,170
817,838
140,339
296,277
287,540
583,817
126,036
395,417
474,741
870,158
208,093
South Park
252,247
436,182
688,429
191,152
Southampton
783,279
163,721
947,000
76,124
440,565
278,492
719,057
122,070
Verona
171,411
257,358
428,769
112,806
Willow Grove
329,934
73,123
403,057
33,997
Aiken
402,665
802,665
248,977
432,527
752,527
267,442
472,679
802,679
292,269
543,588
1,103,588
336,113
542,982
902,982
335,739
388,058
928,058
239,944
251,770
501,770
155,675
Beech Island
811,637
207,904
Belvedere
463,080
953,080
286,333
Bishopville
191,738
356,130
357,630
549,368
97,760
Bonneau
128,411
239,191
240,691
369,102
65,992
269,136
499,897
501,397
770,533
136,817
348,750
203,587
Conway
251,890
252,890
107,006
193
Cordova
137,207
255,025
257,025
394,232
70,631
Eastover
138,966
258,625
259,625
398,591
70,934
193,497
359,413
360,913
554,410
98,652
337,740
627,293
628,793
966,533
171,426
F-23
241,637
104,304
462,847
852,847
286,189
402,392
702,392
248,809
432,695
802,695
267,546
483,604
1,103,604
299,023
423,604
261,923
Greer
502,879
902,879
310,942
Hemingway
246,269
458,069
459,569
705,838
125,453
Hilton Head
298,554
344,510
530,010
147,565
Irmo
690,000
1,151,637
632,626
802,626
391,170
Johns Island
271,250
Kingstree
301,766
303,766
120,131
209,328
389,965
390,965
600,293
106,614
202,292
376,398
377,898
580,190
103,266
255,000
545,000
422,375
563,891
1,203,891
348,667
563,588
348,480
843,891
521,800
Lugoff
372,490
373,990
574,523
102,205
Moncks Corner
654,578
655,578
1,007,390
178,501
668,443
1,241,940
1,242,940
1,911,383
338,068
Myrtle Beach
913,807
916,307
1,408,844
249,937
703,624
1,307,326
1,308,326
2,011,950
355,831
176,002
177,502
48,825
753,979
755,479
205,842
327,278
328,278
162,276
165
277,019
278,019
120,091
189
North Augusta
452,777
279,963
527,337
650,008
1,050,008
503,754
Orangeburg
1,011,637
Pinewood
325,426
605,076
606,576
932,002
165,390
Simpsonville
573,485
1,103,485
354,599
Spartanburg
470,000
432,879
267,659
Summerton
142,484
265,326
266,826
409,310
73,092
115,000
297,500
553,227
850,727
236,963
Sumter
211,087
392,065
393,565
604,652
107,522
263,859
490,128
491,628
755,487
134,163
362,367
673,012
674,512
1,036,879
183,846
181,183
336,587
338,087
519,270
92,451
154,797
287,584
289,084
443,881
79,138
653,469
654,969
1,006,781
178,537
620,801
622,301
956,523
169,662
281,450
522,796
524,296
805,746
143,038
146,002
272,750
418,752
74,701
372,921
693,113
694,113
1,067,034
188,970
149,520
277,726
279,226
428,746
76,460
262,100
486,861
488,361
750,461
133,275
184,701
344,620
529,321
93,621
West Columbia
693,574
1,103,574
428,854
336,000
624,727
960,727
267,589
Arrington
1,101,242
326,242
501,242
146,259
124,179
231,860
356,039
103,944
358,742
551,242
160,830
Chattanooga
338,741
520,472
131,820
313,242
445,062
140,430
(79,571)
162,879
258,792
421,671
116,019
159,979
298,346
458,325
133,752
105,000
196,242
301,242
87,975
456,242
701,242
204,542
F-24
553,742
851,242
248,255
323,750
822,529
1,146,279
348,847
521,242
801,242
233,684
257,250
478,992
736,242
214,742
283,209
527,201
810,410
236,356
542,500
1,008,742
1,551,242
452,246
300,373
559,077
(39,679)
260,694
819,771
250,647
(24,664)
150,336
476,578
110,009
205,545
315,554
92,146
423,742
651,242
189,971
859,450
Dunlap
Etowah
Gallatin
525,000
976,242
1,501,242
437,675
Gray
191,151
355,563
546,714
101,334
Harrison
484,313
900,680
1,384,993
403,799
Hixson
1,001,242
291,967
504,992
776,242
226,398
513,215
954,355
1,467,570
427,863
94,500
176,742
271,242
79,233
Kimball
Kingsport
155,603
289,545
445,148
82,519
310,303
576,845
887,148
164,399
La Vergne
340,000
990,000
503,750
577,500
1,073,742
(15,745)
561,755
1,635,497
481,388
266,119
495,463
761,582
222,126
281,675
524,352
806,027
235,078
319,846
595,242
915,088
266,861
Monteagle
271,173
504,849
776,022
226,334
Mount Juliet
397,128
738,764
1,135,892
331,206
549,500
1,021,742
1,571,242
458,075
467,810
870,032
1,337,842
390,058
498,628
927,264
1,425,892
415,717
Ocoee
119,792
223,713
(11,239)
108,553
332,266
100,292
Ooltewah
234,231
436,241
670,472
195,575
1,301,242
(190,623)
635,909
1,174,710
1,810,619
530,442
Roan Mountain
286,303
532,274
818,577
151,696
Shelbyville
320,229
595,953
916,182
267,179
426,466
793,251
1,219,717
355,634
1,170,036
1,800,036
388,062
9/27/2006
Soddy Daisy
553,732
851,232
248,250
Sweetwater
339,231
1,131,287
1,470,518
429,681
248,242
381,242
111,289
Abingdon
57,847
107,997
165,844
30,778
Big Stone Gap
527,303
979,860
1,507,163
279,259
Bristol
213,369
396,824
610,193
113,093
268,303
498,845
767,148
142,169
171,156
318,428
489,584
90,750
Castlewood
387,303
720,307
1,107,610
205,286
Charlottesville
817,604
1,619,856
1,621,856
2,439,460
62,278
536,443
1,062,813
1,065,313
1,601,756
40,970
F-25
692,490
1,371,977
1,373,977
2,066,467
52,776
Chatham
347,728
525,031
872,759
247,633
400,366
625,366
150,137
8/18/2005
Clintwood
378,553
703,610
1,082,163
200,527
Coeburn
168,934
314,764
483,698
89,706
312,303
581,021
893,324
165,590
282,303
525,307
807,610
149,711
84,465
130,137
214,602
61,374
Danville
149,276
227,333
376,609
107,218
83,644
128,884
212,528
60,783
266,722
403,501
670,223
190,311
Franklin
536,667
863,699
1,400,366
323,887
Gate City
422,303
784,845
1,207,148
223,679
329,698
498,015
827,713
234,890
Gordonsville
1,155,478
1,156,978
1,926,978
44,431
2,190,000
2,286,653
2,289,653
4,479,653
87,930
Hampton
433,985
459,108
893,093
306,826
4/17/1998
Highland Springs
396,720
598,547
995,267
282,308
Honaker
492,303
915,307
1,407,610
260,861
Martinsville
246,820
373,653
620,473
176,233
83,521
128,706
212,227
60,699
Midlothian
302,872
303,025
628,025
210,567
8/21/1997
Newport News
490,616
605,304
1,095,920
375,202
1/20/2000
Norton
157,826
293,688
451,514
83,699
457,303
849,860
1,307,163
242,209
222,256
413,344
635,600
117,801
Pound
256,170
476,327
732,497
135,752
276,303
513,717
790,020
146,408
140,051
261,125
401,176
74,419
400,740
1,100,740
267,820
250,875
650,875
167,659
740
1,000,740
487
100,695
800,695
67,291
1,144,841
3,371,146
4,515,987
1,666,877
298,227
451,014
749,241
212,721
213,982
324,659
538,641
153,123
482,735
727,776
1,210,511
343,261
350,453
529,365
879,818
249,676
323,496
488,918
812,414
230,599
278,443
421,584
700,027
198,840
575,366
900,366
215,762
Rosedale
211,147
393,160
604,307
112,049
334,803
622,807
957,610
177,498
785,307
1,207,610
223,811
Sandston
152,535
232,528
385,063
109,668
South Boston
160,893
244,778
405,671
115,447
271,865
601,997
167
602,164
874,029
434,583
Staunton
675,000
1,000,366
1,675,366
375,137
Suffolk
1,700,366
Tazewell
153,382
285,882
439,264
81,475
Troutville
575,000
975,366
(93,309)
481,691
1,457,057
365,762
1,194,560
2,218,773
3,413,333
1,113,069
515,971
649,125
649,286
1,165,257
468,589
Weber City
369,803
687,345
1,057,148
195,892
Williamsburg
838,172
1,556,910
2,395,082
780,974
Wise
622,360
957,163
177,371
66,733
124,517
191,250
35,486
Wytheville
1,222,535
1,577,830
2,800,365
591,686
Yorktown
309,435
447,144
756,579
298,825
3,324,510
2,121,289
4,701,469
1,623
4,703,092
6,824,381
368,593
East Troy
578,813
1,072,938
1,074,938
1,653,751
217,376
Ellsworth
F-26
Menomonie
770,442
1,428,821
1,430,821
2,201,263
231,809
441,256
817,975
819,475
1,260,731
132,852
Mondovi
Osseo
613,373
1,136,622
1,139,122
1,752,495
184,775
Morgan Hill
319,063
2,518,205
2,837,268
230,835
2,790,740
4,713,106
7,503,846
432,035
1,415,674
4,367,269
5,782,943
400,333
Temecula
2,027,441
4,644,558
6,671,999
425,751
Clermont
980,500
4,587,292
5,567,792
316,581
5/10/2013
6/26/2012
Cutler Bay
743,498
657,485
392,136
1,049,775
1,793,273
582,078
653,464
12,112,629
372
12,113,001
12,766,465
643,376
159,587
618,398
176,656
795,265
954,852
456,322
Clovis
2,939,618
3,089,618
63,692
Stony Brook
980,000
1,801,586
5,641
1,807,227
2,787,227
1,153,503
Pleasant Hills
631,084
1,172,563
32,078
42
1,204,683
1,835,767
570,242
11/1/2002
1,102,910
4,391,244
5,494,154
160,666
1/27/2014
12,981,440
13,981,440
448,169
10/10/2013
Buffalo Grove
10,250,000
3,130,000
17,353,386
20,483,386
351,199
9,962,821
1,481,370
10,969,189
12,450,559
1,005,509
9/19/2012
Deer Park
9,790,000
2,410,000
13,364,183
15,774,183
270,466
Andalusia
334,025
1,085,582
1,419,607
85,037
Ariton
113,182
824,898
938,080
31,621
Bessemer
391,797
1,273,339
1,665,136
99,745
279,833
1,100,867
1,380,700
60,548
8/22/2013
707,673
1,314,251
2,021,924
133,615
6/1/2012
322,861
599,600
922,461
48,967
12/14/2012
248,925
979,275
1,228,200
53,860
235,245
925,455
1,160,700
50,900
265,160
1,043,140
1,308,300
57,373
312,444
1,229,156
1,541,600
67,604
266,882
1,049,918
1,316,800
57,745
Camp Hill
127,780
851,515
979,295
32,641
1/24/2014
Castleberry
121,658
810,716
932,374
31,077
Cedar Bluff
160,037
836,150
996,187
32,052
Center Point
232,043
912,857
1,144,900
50,207
Clanton
962,598
1,262,598
36,900
Crossville
268,814
873,647
1,142,461
68,436
Cullman
277,067
685,954
963,021
26,295
301,085
559,159
860,244
56,848
269,275
765,035
1,034,310
29,326
Duncanville
162,574
786,023
948,597
30,131
Enterprise
294,944
837,962
1,132,906
32,122
Eufaula
201,712
1,053,886
1,255,598
40,399
Evergreen
193,413
1,010,529
1,203,942
38,737
419,440
778,959
1,198,399
63,615
Forestdale
287,839
1,132,361
1,420,200
62,280
Frisco City
163,025
788,202
951,227
30,214
Gilbertown
171,006
1,246,332
1,417,338
47,776
501,318
931,020
1,432,338
94,654
Jasper
276,246
897,800
1,174,046
70,328
282,574
918,366
1,200,940
71,939
280,753
912,446
1,193,199
71,475
Lillian
203,832
985,500
1,189,332
37,778
Livingston
239,319
941,481
1,180,800
51,781
Marbury
160,000
1,006,765
1,166,765
38,593
212,971
837,829
1,050,800
46,081
F-27
532,170
988,317
1,520,487
80,713
366,980
681,533
1,048,513
55,659
Moundville
230,583
907,117
1,137,700
49,891
Odenville
176,981
855,676
1,032,657
32,801
Opelika
331,598
1,077,694
1,409,292
84,419
Prichard
429,411
797,478
1,226,889
65,127
Remlap
177,711
859,208
1,036,919
32,936
Samson
181,064
1,319,631
1,500,695
50,586
Shelby
277,350
901,388
1,178,738
70,609
Slocomb
268,240
1,055,260
1,323,500
58,039
2,597,341
2,877,341
99,565
Smiths Station
359,391
1,168,019
1,527,410
91,495
Sycamore
50,000
885,687
935,687
33,951
Sylacauga
147,110
980,328
1,127,438
37,579
Thorsby
298,516
970,178
1,268,694
75,997
257,985
1,014,915
1,272,900
55,820
Uriah
776,826
916,826
29,778
Weaver
220,771
627,231
848,002
26,135
12/20/2013
Webb
173,294
905,411
1,078,705
34,707
Wedowee
251,256
988,444
1,239,700
54,364
218,727
860,473
1,079,200
47,326
Atkins
264,657
491,507
756,164
40,140
Black Rock
137,428
915,809
1,053,237
35,106
479,323
1,186,692
1,666,015
45,490
Clarendon
156,618
1,043,684
1,200,302
40,008
Dermott
137,299
540,136
677,435
27,907
9/18/2013
Drasco
135,176
900,796
1,035,972
34,531
England
147,813
985,008
1,132,821
37,759
Greenbrier
277,423
1,449,455
1,726,878
55,562
Gurdon
99,815
727,471
827,286
32,736
11/20/2013
128,214
854,405
982,619
32,752
Haskell
191,254
999,249
1,190,503
38,305
Hope
421,413
782,623
1,204,036
79,567
168,806
1,124,906
1,293,712
43,121
835,511
945,511
32,028
Jonesboro
867,698
1,107,698
33,262
806,115
1,186,115
30,901
Little Rock
248,520
977,680
1,226,200
53,772
157,195
618,405
775,600
34,012
Malvern
139,776
570,280
710,056
44,672
1/24/2013
Marianna
230,373
427,836
658,209
34,940
Ola
126,412
842,394
968,806
32,292
Pine Bluff
562,282
1,044,237
1,606,519
106,164
579,851
1,076,865
1,656,716
87,944
243,412
602,631
846,043
23,101
279,924
693,026
972,950
26,566
Prescott
119,075
793,501
912,576
30,418
Sherwood
225,665
887,766
1,113,431
51,786
7/9/2013
West Fork
281,211
1,469,249
1,750,460
56,321
West Helena
331,612
615,851
947,463
50,295
Bisbee
181,118
946,292
1,127,410
36,275
Camp Verde
244,826
454,678
699,504
46,226
Douglas
188,809
986,472
1,175,281
37,815
Gila Bend
161,460
1,075,950
1,237,410
41,245
Lake Havasu
439,388
816,005
1,255,393
82,961
712,708
1,323,600
2,036,308
134,566
642,917
1,193,990
1,836,907
121,389
721,637
1,340,182
2,061,819
136,252
580,167
1,077,452
1,657,619
109,541
Salome
251,540
989,560
1,241,100
54,426
581,123
1,079,228
1,660,351
109,722
461,061
856,257
1,317,318
87,053
259,447
1,020,665
1,280,112
62,941
Williams
160,391
1,168,960
1,329,351
56,500
F-28
Yuma
225,609
418,988
644,597
42,597
276,672
1,088,428
1,365,100
59,864
418,158
1,188,024
1,606,182
37,621
3/14/2014
318,751
1,035,939
1,354,690
81,149
Federal Heights
561,752
1,043,254
1,605,006
106,064
501,314
931,013
1,432,327
94,653
Holyoke
361,977
1,176,425
1,538,402
92,153
Keenesburg
339,959
1,104,866
1,444,825
86,548
Silver Cliff
245,520
797,939
799,889
1,045,409
63,176
Anthony
259,074
1,353,588
1,612,662
51,888
Baldwin
252,938
995,062
1,248,000
54,728
Bartow
476,372
884,692
1,361,064
72,250
605,652
1,124,782
1,730,434
91,857
Cape Coral
310,235
1,220,465
1,530,700
67,126
299,371
1,177,729
1,477,100
64,775
Casselberry
314,673
1,237,927
1,552,600
68,086
Century
215,484
847,716
1,063,200
46,624
Citrus Springs
210,810
1,101,421
1,312,231
42,221
Cottondale
458,337
851,196
1,309,533
69,514
Cross City
308,087
1,609,668
1,917,755
61,704
Crystal River
432,782
803,739
1,236,521
65,639
Daytona Beach
315,423
1,240,877
1,556,300
68,248
Debary
257,762
1,014,038
1,271,800
55,772
DeFuniak Springs
282,063
1,109,637
1,391,700
61,030
Deland
471,921
1,168,367
1,640,288
44,787
420,175
2,195,293
2,615,468
84,153
432,677
1,071,208
1,503,885
41,063
Dundee
250,810
986,690
1,237,500
54,268
Dunedin
353,830
1,391,970
1,745,800
76,558
Edgewater
579,101
1,433,719
2,012,820
54,959
Eustis
572,540
1,417,475
1,990,015
54,337
Fanning Springs
1,647,482
2,087,482
63,153
Fern Park
663,492
1,232,199
1,895,691
100,630
Florahome
197,567
1,316,563
1,514,130
Floral City
259,079
1,019,221
1,278,300
56,057
Fort Meade
261,728
1,367,452
1,629,180
52,419
Fort Myers
352,006
1,384,794
1,736,800
76,164
313,964
1,235,136
1,549,100
67,932
282,549
1,111,551
1,394,100
61,135
Ft White
947,109
1,147,109
36,306
1/15/2014
Ft. Walton Beach
294,345
1,157,955
1,452,300
63,688
Ft. White
204,195
803,305
1,007,500
44,182
491,957
913,635
1,405,592
74,614
578,261
1,431,639
2,009,900
54,879
868,725
1,621,793
2,490,518
62,169
185,185
1,234,053
1,419,238
47,305
Groveland
101,782
189,258
291,040
119,545
730,550
1,363,839
2,094,389
52,281
Hilliard
746,061
461,328
1,499,315
1,960,643
117,446
Holiday
287,353
1,130,447
1,417,800
62,175
296,473
1,166,327
1,462,800
64,148
Homosassa
331,697
1,733,022
2,064,719
66,433
485,785
902,173
1,387,958
73,677
917,578
1,712,997
2,630,575
65,665
Immokalee
659,438
1,224,671
1,884,109
124,508
Inglis
221,544
871,556
1,093,100
47,936
1,545,090
1,776,950
59,228
479,745
890,954
1,370,699
90,580
635,245
1,179,740
1,814,985
96,345
577,368
1,072,255
1,649,623
87,567
774,832
1,438,974
2,213,806
117,516
580,539
1,078,144
1,658,683
88,048
807,804
484,992
1,576,223
2,061,215
123,471
284,535
1,119,365
1,403,900
61,565
F-29
316,457
1,244,943
1,561,400
68,472
397,823
738,814
1,136,637
60,336
375,699
1,478,001
1,853,700
81,290
283,238
1,114,262
1,397,500
61,284
444,433
1,268,502
1,712,935
19,028
8/15/2014
262,680
1,372,428
1,635,108
52,610
275,994
1,441,991
1,717,985
55,276
342,755
636,546
979,301
64,715
455,575
846,067
1,301,642
69,095
249,452
981,348
1,230,800
53,974
567,646
1,054,201
1,621,847
86,093
Laurel Hill
330,715
1,074,825
1,405,540
84,195
Lawtey
186,088
1,240,070
1,426,158
47,536
Leesburg
277,016
1,089,784
1,366,800
59,938
Lehigh Acres
560,116
1,040,215
1,600,331
84,951
391,588
1,540,512
1,932,100
84,728
Masaryktown
290,081
1,141,181
1,431,262
70,373
6/10/2013
Mascotte
279,063
1,097,837
1,376,900
60,381
Miami
648,087
1,203,591
1,851,678
98,293
Micco
276,043
1,085,957
1,362,000
59,728
150,059
784,013
934,072
30,054
1,295,281
1,955,281
49,652
335,167
1,751,150
2,086,317
67,127
Ocala
482,475
896,026
1,378,501
73,175
258,877
1,018,423
1,277,300
56,013
500,472
1,239,053
1,739,525
47,497
470,580
1,165,046
1,635,626
44,660
Ocklawaha
261,265
1,365,037
1,626,302
52,326
Opa Locka
665,870
1,236,615
1,902,485
125,723
351,337
1,382,163
1,733,500
76,019
401,945
322,488
798,404
1,120,892
30,606
Palatka
311,775
1,226,525
1,538,300
67,459
290,940
1,144,560
1,435,500
62,951
468,060
869,253
1,337,313
70,989
462,383
1,144,753
1,607,136
43,882
486,671
1,204,883
1,691,554
46,187
Perry
244,021
959,979
1,204,000
52,799
213,916
1,117,652
1,331,568
42,843
Pinellas Park
324,807
1,277,793
1,602,600
70,279
Port St Joe
2,678,477
3,628,477
102,675
544,349
1,347,680
1,892,029
51,661
318,240
1,251,960
1,570,200
68,858
Riviera Beach
395,095
1,554,305
1,949,400
85,487
Rockledge
246,149
968,351
1,214,500
53,259
403,749
1,588,351
1,992,100
87,359
258,167
1,015,633
1,273,800
55,860
San Mateo
455,279
1,479,656
1,934,935
115,906
Santa Rosa Beach
316,256
1,652,348
1,968,604
63,340
Seminole
541,317
1,005,304
1,546,621
82,100
Sneads
222,497
875,303
1,097,800
48,142
Sorrento
253,303
996,497
1,249,800
54,807
South Daytona
652,903
1,212,534
1,865,437
99,024
Spring Hill
315,224
1,286,099
1,601,323
83,596
5/23/2013
314,531
1,237,369
1,551,900
68,055
559,416
1,038,915
1,598,331
105,623
552,447
1,025,973
1,578,420
104,307
549,314
1,020,154
1,569,468
83,313
611,153
1,134,998
1,746,151
92,691
634,199
1,177,799
1,811,998
96,187
378,121
1,228,892
1,607,013
96,263
Tavares
534,612
1,323,575
1,858,187
50,737
Temple Terrace
666,400
1,237,599
1,903,999
125,823
Waldo
150,203
1,000,934
1,151,137
38,369
F-30
244,703
962,663
4,066
966,729
1,211,432
53,370
8/2/2013
Weirsdale
440,625
1,090,885
1,531,510
41,817
Wildwood
553,758
1,370,976
1,924,734
52,554
Winter Haven
441,079
819,148
1,260,227
83,280
437,109
811,775
1,248,884
66,295
336,947
1,325,553
1,662,500
72,905
Yulee
331,698
1,304,902
1,636,600
71,770
Zephyrhills
304,398
1,197,502
1,501,900
65,863
Zolfo Springs
1,144,259
1,564,259
43,863
396,815
982,422
1,379,237
37,660
368,101
1,045,807
1,413,908
43,575
12/4/2013
386,653
1,098,516
1,485,169
34,786
3/28/2014
477,551
1,363,030
1,840,581
20,445
8/1/2014
234,333
921,867
1,156,200
50,703
572,784
1,063,741
1,636,525
108,147
396,046
735,513
1,131,559
60,067
244,244
960,856
1,205,100
52,847
240,656
946,744
1,187,400
52,071
341,583
970,468
1,312,051
40,436
Brooklet
189,211
988,573
1,177,784
37,895
Brunswick
525,784
976,455
1,502,239
79,744
374,722
695,913
1,070,635
56,833
184,110
724,290
908,400
39,836
Collins
120,219
876,179
996,398
33,587
737,753
1,370,114
2,107,867
139,295
401,120
748,837
1,149,957
28,705
Dawson
413,732
768,359
1,182,091
62,749
Dewy Rose
190,003
747,472
937,475
41,111
8/20/2013
Dexter
58,236
424,437
18,715
443,152
501,388
18,900
208,680
1,008,938
1,217,618
38,676
Elberton
194,222
764,071
958,293
42,024
Forest Park
288,001
1,132,999
1,421,000
62,315
Glennville
245,706
966,610
1,212,316
56,386
7/3/2013
Gordon
179,124
704,676
883,800
38,757
880,648
1,050,648
33,758
Hartwell
876,101
1,098,800
48,186
Hoschton
312,038
1,227,562
1,539,600
67,516
Irwinton
331,310
1,076,757
1,408,067
84,346
316,862
1,246,538
1,563,400
68,560
LaGrange
831,559
1,101,559
31,876
323,652
1,273,248
1,596,900
70,029
Ludowici
344,543
1,119,765
12,235
1,132,000
1,476,543
90,437
245,825
967,075
1,212,900
53,189
289,116
1,137,384
1,426,500
62,556
Midway
243,028
956,072
1,199,100
52,584
Milledgeville
245,290
696,890
942,180
26,714
146,301
1,066,274
1,212,575
33,765
Nicholls
198,723
781,777
Patterson
307,714
1,000,069
13,972
1,014,041
1,321,755
81,255
Pooler
279,935
1,101,265
1,381,200
60,570
Powder Springs
290,373
1,142,327
1,432,700
62,828
Resaca
2,830,403
3,430,403
108,499
Richmond Hill
297,203
1,169,197
1,466,400
64,306
Savannah
450,992
1,774,208
2,225,200
97,581
Screven
198,288
780,067
978,355
42,904
8/8/2013
348,721
863,351
1,212,072
33,095
Talbotton
128,449
855,969
984,418
32,812
Thomasville
407,954
757,629
1,165,583
61,873
Tifton
202,011
824,197
1,026,208
53,573
Uvalda
187,576
737,924
925,500
40,586
Vienna
2,529,310
2,869,310
96,957
298,668
554,669
853,337
45,298
Waycross
417,843
775,994
1,193,837
63,373
F-31
132,112
880,378
1,012,490
33,748
Whigham
123,430
822,527
945,957
31,530
Wrightsville
274,254
509,328
783,582
41,595
166,239
868,552
1,034,791
33,295
455,336
845,625
1,300,961
85,972
214,167
842,533
1,056,700
46,339
Mason City
242,135
449,678
691,813
45,717
Montrose
307,533
999,483
1,307,016
78,293
Waterloo
366,422
1,190,872
1,557,294
93,285
Calumet City
561,828
1,043,394
1,605,222
106,078
Catlin
373,096
1,212,561
1,585,657
94,984
Cerro Gordo
312,718
1,016,334
1,329,052
79,613
759,213
1,409,966
2,169,179
115,147
383,895
1,247,660
1,631,555
97,733
Dwight
355,224
659,701
1,014,925
53,876
East Saint Louis
564,367
1,048,111
1,612,478
85,596
Farina
161,831
1,078,428
1,240,259
41,340
Galesburg
325,959
605,353
931,312
61,544
Gillespie
540,251
346,508
1,126,153
1,472,661
88,215
Goreville
175,538
690,566
866,104
35,679
9/13/2013
Harvey
356,530
662,127
1,018,657
54,074
396,961
737,212
1,134,173
60,206
La Salle
457,726
1,487,609
1,945,335
116,529
Marseilles
596,849
364,551
1,184,791
1,549,342
92,809
Metropolis
522,911
971,120
1,494,031
79,308
Mount Zion
612,285
344,938
1,121,050
1,465,988
87,816
378,198
702,367
1,080,565
71,407
Quincy
351,325
869,798
1,221,123
33,342
Virden
546,679
1,015,261
1,561,940
82,913
634,963
1,179,216
1,814,179
96,303
335,312
830,155
1,165,467
31,823
454,789
844,607
1,299,396
85,868
347,731
860,902
1,208,633
33,001
327,861
811,707
1,139,568
31,115
437,343
812,209
1,249,552
66,330
New Carlisle
210,347
1,099,005
1,309,352
42,129
Oxford
60,000
940,000
36,033
Parker City
266,530
494,983
761,513
50,323
Rockport
203,782
378,451
582,233
30,907
507,845
943,140
1,450,985
77,023
Arma
170,875
793,860
964,735
75,417
8/30/2012
Basehor
171,627
872,548
1,044,175
82,892
Burlington
173,930
806,439
980,369
76,612
Cheney
161,300
770,354
931,654
73,184
Cherryvale
90,248
811,836
902,084
77,124
Coffeyville
519,254
964,328
1,483,582
78,753
Edwardsville
161,785
906,004
1,067,789
86,070
119,882
848,233
968,115
80,582
Elwood
273,826
677,929
951,755
25,987
Fort Scott
486,062
752,183
1,238,245
66,443
10/31/2012
Fredonia
412,134
637,779
1,049,913
56,337
Galena
419,578
649,300
1,068,878
57,355
Girard
129,389
862,237
991,626
33,052
Horton
101,571
844,142
945,713
80,194
Hoxie
393,962
609,658
1,003,620
53,853
671,122
1,041,122
59,282
577,037
1,071,640
1,648,677
108,950
140,147
922,934
1,063,081
87,679
147,689
581,011
728,700
31,956
Lawrence
236,948
965,247
1,202,195
91,698
Leavenworth
430,140
665,644
1,095,784
58,799
Liberal
394,833
611,006
1,005,839
53,972
Lyndon
100,642
822,510
923,152
78,138
Neodesha
124,388
867,203
991,591
82,384
F-32
110,986
873,540
984,526
82,986
142,749
951,265
1,094,014
36,465
Oskaloosa
152,298
1,014,896
1,167,194
38,904
Phillipsburg
146,172
974,073
1,120,245
37,339
Salina
194,508
889,894
1,084,402
84,540
395,822
612,536
1,008,358
54,107
Wakeeney
124,960
832,723
957,683
31,921
81,586
828,885
910,471
78,744
533,216
825,154
1,358,370
72,889
901,373
1,431,373
79,621
625,585
968,095
1,593,680
85,515
541,521
838,007
1,379,528
74,024
498,745
771,810
1,270,555
68,177
132,553
883,318
1,015,871
33,861
Bronston
297,256
966,082
1,263,338
75,676
Corydon
161,985
766,073
29,366
Dorton
283,556
921,558
1,205,114
72,189
Fordsville
785,971
915,971
30,129
Ledbetter
771,540
871,540
29,576
499,759
928,124
1,427,883
75,797
265,221
1,043,379
1,308,600
57,386
251,195
988,205
1,239,400
54,351
456,605
1,297,257
1,753,862
62,701
409,904
1,164,574
1,574,478
29,114
5/28/2014
470,619
874,008
1,344,627
71,377
Paducah
200,750
789,750
990,500
43,436
Prestonsburg
223,906
1,082,554
1,306,460
52,323
Providence
199,919
786,481
986,400
43,256
Radcliff
280,806
1,104,694
1,385,500
60,758
113,547
756,668
870,215
29,006
Somerset
456,467
847,725
1,304,192
86,185
330,419
818,041
1,148,460
31,358
Wingo
106,789
711,629
818,418
27,279
Abbeville
386,990
1,257,716
1,644,706
98,521
Bastrop
179,126
935,881
1,115,007
35,875
563,114
1,045,783
1,608,897
106,321
433,213
804,539
1,237,752
65,704
279,327
1,098,873
1,378,200
60,438
188,485
535,504
22,133
557,637
746,122
23,342
342,664
848,357
1,191,021
32,520
422,535
1,046,098
1,468,633
40,100
Blanchard
177,898
860,109
38,083
898,192
1,076,090
37,533
Colfax
148,313
583,465
731,778
32,091
8/21/2013
Deridder
250,446
985,254
1,235,700
54,189
Dixie Inn
318,870
592,187
911,057
48,362
Duson
1,155,831
1,511,471
90,540
Florien
323,203
1,050,409
1,373,612
82,282
Franklinton
150,109
1,000,309
1,150,418
38,345
Geismar
489,660
909,368
1,399,028
74,265
Gretna
880,000
839,022
1,719,022
32,163
Hammond
417,284
774,955
1,192,239
78,787
402,767
1,308,994
1,711,761
102,538
262,452
745,651
19,188
764,839
1,027,291
32,191
Lafitte
259,861
1,228,959
1,488,820
47,110
Logansport
494,202
917,805
1,412,007
74,954
Many
199,395
1,041,784
1,241,179
39,935
Melville
367,000
1,192,748
1,559,748
93,432
Minden
339,679
630,832
970,511
64,135
Moreauville
186,423
974,008
1,160,431
37,337
Morse
352,771
1,146,506
1,499,277
89,810
Natchitoches
250,162
984,138
1,234,300
54,128
Opelousas
350,277
1,138,401
1,488,678
89,175
365,368
1,187,446
1,552,814
93,017
Port Vincent
398,039
1,293,627
1,691,666
F-33
Robeline
329,964
1,072,382
1,402,346
84,003
Saint Bernard
447,884
831,784
1,279,668
84,565
605,336
1,124,196
1,729,532
114,293
719,595
1,336,390
2,055,985
109,139
Sibley
180,316
942,101
1,122,417
36,114
Violet
342,764
848,603
1,191,367
32,530
362,591
1,178,420
1,541,011
92,310
262,241
1,031,659
1,293,900
56,741
755,108
915,108
28,946
Alanson
314,390
1,021,767
1,336,157
80,038
Bangor
513,772
954,149
1,467,921
97,005
Battle Creek
438,869
815,042
1,253,911
82,863
Brockway
248,856
462,160
711,016
46,986
Buckley
296,289
962,940
1,259,229
75,430
326,088
1,059,786
1,385,874
83,017
Copemish
292,975
952,167
1,245,142
74,586
Croswell
387,461
719,571
1,107,032
73,156
Dearborn
522,650
970,637
1,493,287
98,681
667,232
1,239,145
1,906,377
125,980
264,876
860,847
5,054
865,901
1,130,777
68,507
325,172
1,279,228
1,604,400
70,358
Flat Rock
264,268
1,039,632
1,303,900
57,180
510,751
948,537
1,459,288
96,435
265,925
864,258
1,130,183
67,700
526,567
977,911
1,504,478
79,863
473,329
879,039
1,352,368
89,369
592,388
1,100,149
1,692,537
89,846
314,519
1,022,185
1,336,704
80,071
Mancelona
294,344
956,617
1,250,961
74,935
354,869
659,042
1,013,911
53,822
Mount Morris
604,949
1,123,476
1,728,425
91,751
Muskegon
318,001
1,033,502
1,351,503
80,958
New Baltimore
237,040
932,516
1,169,556
57,505
6/25/2013
Onaway
510,098
947,326
1,457,424
77,365
Pinckney
305,815
993,898
1,299,713
77,855
Romulus
578,474
1,074,310
1,652,784
109,221
Sheridan
307,737
1,000,144
1,307,881
78,345
Spring Arbor
325,553
1,058,048
1,383,601
82,880
St John’s
324,325
1,054,055
1,378,380
82,568
Tekonsha
269,258
875,089
1,144,347
68,549
Wellston
270,942
880,562
1,151,504
68,977
Advance
327,985
1,065,951
1,393,936
83,499
Bonne Terre
254,437
826,921
1,081,358
Buckner
188,702
985,916
1,174,618
37,793
Cole Camp
296,537
963,746
1,260,283
75,493
Crocker
139,188
927,532
1,066,720
35,555
Garden City
139,163
927,369
1,066,532
35,549
396,040
1,287,131
1,683,171
100,825
201,264
791,776
993,040
40,908
443,895
824,377
1,268,272
83,812
557,439
1,035,244
1,592,683
105,250
414,347
641,204
1,055,551
56,640
186,741
734,640
921,381
45,303
6/28/2013
152,932
1,019,125
1,172,057
39,066
Oronogo
327,756
1,065,207
1,392,963
83,441
Queen City
309,915
1,007,222
1,317,137
78,899
137,522
916,435
1,053,957
35,130
Rolla
899,367
1,239,367
34,476
Russellville
122,033
813,218
935,251
31,173
647,256
1,202,046
1,849,302
122,208
Sikeston
409,114
2,005,416
2,579
2,007,995
2,417,109
1,039,515
1/24/2002
Unionville
324,616
1,055,004
1,379,620
82,642
Amory
191,439
1,000,215
1,191,654
38,342
F-34
Belzoni
222,063
873,597
1,095,660
50,960
7/24/2013
Brookhaven
198,152
779,533
977,685
40,276
9/30/2013
Brooksville
114,899
765,676
880,575
29,351
960,000
2,510,516
3,470,516
96,236
Coldwater
169,202
884,035
33,888
Crenshaw
129,543
863,263
992,806
33,092
Durant
259,403
1,020,492
1,279,895
62,930
6/26/2013
Fayette
120,531
803,210
923,741
30,790
Fulton
192,188
1,004,128
1,196,316
38,492
Hickory Flat
132,720
884,431
1,017,151
33,903
369,539
914,893
1,284,432
35,071
Iuka
161,047
841,427
1,002,474
32,255
465,674
864,824
1,330,498
87,924
668,518
1,241,534
1,910,052
126,223
219,884
865,026
1,084,910
53,343
6/6/2013
234,313
921,789
1,156,102
56,844
218,911
861,196
1,080,107
47,366
807,338
1,027,338
30,948
288,120
713,319
1,001,439
27,344
273,913
678,145
952,058
25,996
Kossuth
725,755
1,005,755
27,821
Lauderdale
141,934
945,836
1,087,770
36,257
Liberty
432,170
802,601
1,234,771
81,598
Lucedale
185,603
730,164
915,767
45,027
Moselle
119,405
795,703
30,502
Moss Point
205,776
809,525
1,015,301
49,921
Myrtle
112,646
750,663
863,309
28,775
Oakland
143,737
957,846
1,101,583
36,717
Okolona
170,244
1,134,490
1,304,734
43,489
Picayune
203,708
801,388
1,005,096
49,419
Pope
170,478
890,701
1,061,179
34,144
Shaw
121,095
806,963
30,934
284,495
1,119,205
1,403,700
61,556
Starkville
745,108
28,562
Stonewall
255,520
830,439
1,250
831,689
1,087,209
65,481
Thaxton
122,784
818,223
941,007
31,365
Tunica
166,859
656,426
823,285
33,915
350,960
868,896
1,219,856
33,308
577,491
1,072,483
1,649,974
109,036
Waynesboro
126,164
840,743
966,907
32,228
Benson
1,245,899
2,125,899
47,759
Bridgeton
266,399
756,863
1,023,262
31,536
239,304
1,250,293
1,489,597
47,928
Candler
2,637,579
3,287,579
101,107
Candor
203,498
800,561
1,004,059
41,362
9/6/2013
404,476
1,149,152
1,553,628
28,729
5/8/2014
Chocowinity
225,493
920,001
1,145,494
62,867
4/4/2013
130,369
681,142
811,511
26,110
442,367
821,540
1,263,907
67,092
Engelhard
107,915
719,135
827,050
27,567
Erwin
132,370
639,988
772,358
26,666
Fairmont
163,886
856,258
1,020,144
32,823
Gibonsville
196,942
774,770
971,712
40,030
9/10/2013
325,349
1,279,926
1,605,275
70,396
282,204
801,768
1,083,972
25,389
3/27/2014
516,944
1,279,833
1,796,777
49,060
Henderson
428,455
1,060,754
1,489,209
40,662
Hertford
213,160
1,030,599
1,243,759
39,506
222,436
875,064
1,097,500
48,129
Kannapolis
351,788
870,946
1,222,734
33,386
Kings Mountain
492,867
915,324
1,408,191
74,751
261,745
1,029,709
1,291,454
63,499
6/11/2013
242,683
954,717
1,197,400
52,509
Lincolnton
343,797
638,479
982,276
52,142
F-35
Lumberton
459,702
853,731
1,313,433
69,721
475,680
883,406
1,359,086
72,145
Morganton
197,304
776,196
973,500
42,691
Mount Airy
336,314
832,635
1,168,949
31,918
North Wilkesboro
147,567
770,994
918,561
29,555
Rocky Mount
218,842
860,925
1,079,767
44,481
9/19/2013
Snow Hill
224,094
914,294
1,138,388
62,477
Spring Hope
226,533
1,183,568
1,410,101
45,370
Stantonsburg
173,832
1,158,398
1,332,230
44,405
Statesville
166,429
869,543
33,332
Taylorsville
336,401
624,744
961,145
51,021
222,473
875,210
1,097,683
51,054
Winterville
465,082
715,511
47,283
Holdrege
216,987
1,049,100
1,266,087
47,210
370,620
688,294
1,058,914
56,211
Nebraska City
190,852
354,439
545,291
Norfolk
222,044
873,523
1,095,567
45,132
9/25/2013
South Sioux City
290,379
539,274
829,653
54,826
Valentine
146,625
1,068,632
1,215,257
48,088
457,288
849,249
1,306,537
69,355
Walpole
477,671
887,103
1,364,774
72,447
Malaga
513,159
953,010
1,466,169
77,829
Penns Grove
416,842
1,639,858
2,056,700
90,192
589,570
1,094,917
1,684,487
111,317
281,887
523,504
805,391
53,223
395,457
1,123,530
1,518,987
35,578
470,554
1,343,057
1,813,611
11,192
10/6/2014
Belen
195,662
1,022,280
1,217,942
39,187
Bloomfield
458,086
850,732
1,308,818
86,491
Chama
392,836
729,552
1,122,388
59,580
194,637
765,705
960,342
47,218
Cuba
543,339
1,009,059
1,552,398
102,588
Kirtland
688,532
1,278,703
1,967,235
130,001
331,422
615,497
946,919
62,576
Los Lunas
505,257
938,335
1,443,592
95,397
334,874
829,069
1,163,943
31,781
Tularosa
233,037
665,819
35,344
192,325
1,004,841
1,197,166
38,519
Vanderwagon
667,383
1,239,426
1,906,809
126,008
231,028
1,116,987
1,348,015
46,541
12/10/2013
364,207
1,432,793
1,797,000
78,804
Bath
145,625
760,850
906,475
29,166
Binghamton
256,309
728,197
984,506
15,778
Buffalo
356,992
1,014,248
1,371,240
38,879
Chaumont
137,438
915,872
1,053,310
35,108
Falconer
541,451
1,340,506
1,881,957
51,386
Gouverneur
485,614
901,855
1,387,469
73,651
Gowanda
503,722
935,484
1,439,206
95,108
Malone
119,467
577,603
697,070
24,067
Schenectady
468,077
869,287
1,337,364
70,992
Schroon Lake
106,612
777,013
883,625
32,376
469,209
871,388
1,340,597
71,163
Blanchester
359,899
668,383
1,028,282
54,585
Bradford
172,945
836,166
1,009,111
40,415
Bremen
354,866
1,153,316
1,508,182
90,343
Cardington
364,843
1,185,739
1,550,582
92,883
Chillicothe
322,923
1,049,499
17,350
1,066,849
1,389,772
85,925
263,944
1,038,356
1,302,300
57,110
574,968
1,067,799
1,642,767
108,560
359,083
666,868
1,025,951
67,798
361,678
895,430
1,257,108
34,325
Conneaut
166,644
805,700
972,344
38,942
315,477
1,025,302
1,340,779
80,315
F-36
East Cleveland
141,508
556,692
698,200
30,618
Elyria
219,943
865,257
1,085,200
47,589
316,318
1,028,034
1,344,352
80,529
238,609
938,689
1,177,298
57,886
Fostoria
262,910
1,034,290
1,297,200
56,886
381,051
707,665
1,088,716
57,793
Greenwich
146,371
975,399
1,121,770
37,390
Howard
169,394
885,037
1,054,431
33,926
230,867
908,233
1,139,100
400,787
744,320
1,145,107
75,672
373,121
1,212,643
1,585,764
94,990
Lorain
248,933
979,305
1,228,238
60,390
371,453
689,842
1,061,295
213,500
839,910
1,053,410
43,395
350,151
650,280
1,000,431
66,112
Nashport
319,015
1,036,799
1,355,814
81,216
New Miami
212,241
834,959
1,047,200
45,923
Oak Harbor
373,483
1,213,820
1,587,303
95,083
Orwell
293,628
545,309
838,937
55,440
Peebles
436,054
809,815
1,245,869
66,135
Racine
183,196
957,149
1,140,345
36,691
Richwood
157,044
1,046,524
1,203,568
40,117
Ripley
359,515
667,671
1,027,186
67,880
117,012
852,812
969,824
38,377
Seville
335,945
1,091,822
1,427,767
85,526
246,216
968,616
1,214,832
59,731
Thornville
285,644
928,344
17,943
946,287
1,231,931
75,490
Toronto
356,055
1,011,585
1,367,640
42,149
12/17/2013
Warren
505,805
939,353
1,445,158
95,501
Withamsville
276,510
1,087,790
1,364,300
59,828
Afton
113,611
757,094
870,705
29,022
Antlers
149,985
1,093,124
1,243,109
38,259
2/27/2014
Ardmore
347,932
646,160
994,092
65,693
356,064
881,533
1,237,597
Claremore
231,355
774,203
1,005,558
73,549
Clayton
533,789
826,041
1,359,830
72,967
196,277
1,307,968
1,504,245
50,139
289,014
715,532
1,004,546
27,429
Davis
569,738
881,672
1,451,410
77,881
Drumright
169,840
315,418
485,258
25,759
Duncan
430,448
799,403
1,229,851
65,285
Elgin
194,959
942,597
1,137,556
42,417
195,573
769,386
964,959
44,881
Grove
424,722
657,258
1,081,980
58,058
228,333
424,047
652,380
43,111
829,885
1,099,885
31,812
Hollis
61,713
880,041
941,754
83,604
Hulbert
395,384
611,858
1,007,242
54,047
398,387
616,506
1,014,893
54,458
Kellyville
422,292
653,499
1,075,791
57,726
Konawa
390,916
604,945
995,861
53,437
Lawton
445,994
690,178
1,136,172
60,966
128,927
673,606
802,533
25,822
Newkirk
100,999
673,045
774,044
25,800
173,541
906,703
1,080,244
34,757
678,788
1,078,788
59,960
318,134
590,821
908,955
48,250
288,016
534,887
822,903
54,380
419,371
648,979
1,068,350
57,326
246,641
610,625
857,266
23,407
Sperry
157,888
824,918
982,806
31,622
Stratford
392,814
607,881
1,000,695
53,696
433,486
670,822
1,104,308
59,256
F-37
312,846
774,535
1,087,381
29,690
Wilson
89,538
814,202
903,740
77,349
Woodward
221,150
802,563
1,023,713
76,243
Lemont Furnace
298,795
848,903
1,147,698
29,712
Smithfield
255,705
1,005,946
1,261,651
51,974
301,986
1,188,014
1,490,000
65,341
Yeadon
324,665
1,277,235
1,601,900
70,248
Cayce
207,965
818,135
1,026,100
44,997
Denmark
220,498
867,442
1,087,940
44,818
190,573
777,528
968,101
53,131
4/23/2013
Heath Springs
158,107
826,065
984,172
31,666
198,491
780,866
979,357
40,345
Longs
239,632
1,252,008
1,491,640
47,994
268,056
497,817
765,873
40,655
N Myrtle Beach
155,168
610,432
765,600
33,574
Newberry
383,286
711,817
1,095,103
58,132
254,479
1,001,121
1,255,600
55,062
691,079
751,079
26,491
Ridgeway
126,727
844,496
971,223
32,372
Timmonsville
209,841
856,141
1,065,982
58,503
Union
225,174
885,835
1,111,009
45,768
987,266
1,337,266
37,845
Adams
121,868
812,117
933,985
31,131
Bethel Springs
134,530
702,880
837,410
26,944
Bloomington Sprgs
173,585
906,933
1,080,518
34,766
Caryville
218,883
861,087
1,079,970
44,489
9/24/2013
Celina
157,341
1,048,501
1,205,842
40,193
Church Hill
220,676
868,141
1,088,817
47,748
362,262
896,875
1,259,137
34,380
Covington
192,392
1,005,191
1,197,583
38,532
224,273
882,294
1,106,567
45,585
Dresden
Dyersburg
138,691
724,619
863,310
27,777
134,528
702,868
837,396
26,943
Friendship
Grimsley
832,058
1,022,058
42,990
Halls
224,485
1,172,868
1,397,353
44,960
Harriman
975,515
1,235,515
34,143
2/5/2014
Humboldt
163,042
665,204
828,246
47,673
3/19/2013
Madisonville
185,976
731,631
917,607
40,240
Martin
160,410
838,094
998,504
32,127
Mascot
428,927
663,766
1,092,693
58,633
225,548
418,876
644,424
42,586
493,000
915,572
1,408,572
93,083
369,950
687,049
1,056,999
69,850
563,795
1,047,048
1,610,843
106,450
552,777
1,026,586
1,579,363
104,370
253,148
626,736
879,884
24,025
332,829
824,006
1,156,835
31,587
299,794
742,220
1,042,014
28,452
315,786
781,812
1,097,598
29,969
312,958
774,812
29,701
1,049,568
1,379,568
40,233
312,275
773,121
1,085,396
29,636
772,302
1,162,302
29,605
352,417
872,503
1,224,920
33,446
409,578
1,014,019
1,423,597
38,871
405,442
1,003,781
1,409,223
38,478
Michie
123,911
949,640
31,653
731,439
28,038
Niota
152,948
799,110
30,633
Rogerville
206,436
812,120
1,018,556
44,667
F-38
Sharon
130,332
868,517
998,849
33,293
Sunbright
355,282
1,154,668
1,509,950
90,449
Tennessee Ridge
120,926
805,837
926,763
30,890
Trezevant
170,247
805,149
975,396
30,864
Alpine
248,256
1,297,068
1,545,324
49,721
Alton
345,945
642,468
988,413
65,318
Amarillo
191,492
811,497
1,002,989
77,092
260,864
712,639
973,503
67,701
Anahuac
531,601
987,259
1,518,860
80,626
Anson
608,000
139,586
1,017,331
1,156,917
28,824
4/30/2014
Arcola
309,969
961,069
1,271,038
91,302
427,591
661,699
1,089,290
58,450
812,479
1,402,479
71,769
333,480
947,447
1,280,927
45,793
Bacliff
557,574
1,035,495
1,593,069
105,275
Balch Springs
588,809
1,093,502
1,682,311
89,303
Baytown
486,394
903,304
1,389,698
91,836
447,005
830,152
1,277,157
84,399
Beaumont
526,746
978,243
1,504,989
99,455
186,877
1,007,961
1,194,838
95,756
Beeville
382,613
710,566
1,093,179
72,241
330,656
1,074,634
1,405,290
84,180
Blossom
82,320
825,297
907,617
78,403
Borger
589,000
166,456
804,791
971,247
22,802
Brookshire
863,000
281,120
1,359,173
1,640,293
38,510
Brownsville
287,319
533,592
820,911
54,249
Bullard
183,822
888,752
1,072,574
25,181
165,267
1,358,083
1,523,350
129,018
Canyon Lake
424,566
788,481
1,213,047
80,162
183,707
1,170,581
1,354,288
111,205
Cedar Creek
183,296
933,294
1,116,590
88,663
Cisco
531,000
139,059
1,013,495
1,152,554
28,716
Corpus Christi
460,501
855,215
1,315,716
86,947
291,106
540,626
831,732
54,964
408,524
1,327,703
1,736,227
104,003
287,912
1,132,648
1,420,560
69,847
363,669
900,360
1,264,029
34,514
Corrigan
256,676
834,196
1,514
835,710
1,092,386
65,866
Cotulla
919,863
1,708,316
2,628,179
139,512
Creedmoor
490,979
759,793
1,250,772
67,115
Crystal City
549,519
1,020,535
1,570,054
83,344
660,890
1,227,367
1,888,257
124,782
474,480
881,177
1,355,657
89,586
433,859
1,238,325
1,672,184
18,575
8/25/2014
Del Rio
507,216
784,918
1,292,134
69,334
Desoto
510,567
790,105
1,300,672
69,793
Dilley
141,101
940,281
1,081,382
36,044
Eagle Pass
516,608
959,416
1,476,024
97,541
433,864
671,406
1,105,270
59,308
East Bernard
577,000
132,881
968,462
1,101,343
27,440
716,403
1,096,403
27,462
Elsa
379,998
1,234,994
1,614,992
96,741
Fort Stockton
465,636
864,752
1,330,388
70,621
547,855
1,019,204
1,567,059
96,824
213,683
848,314
1,061,997
80,590
600,746
1,115,672
1,716,418
91,113
160,563
631,657
(7,839)
623,818
784,381
39,190
8/15/2013
Freer
269,137
499,827
768,964
40,819
298,055
737,916
1,035,971
28,287
Glen Rose
903,000
269,359
1,302,309
1,571,668
36,899
Glenn Heights
297,559
736,686
1,034,245
28,240
Granite Shoals
371,795
1,208,334
1,580,129
F-39
Grape Creek
232,999
710,940
943,939
67,539
626,000
140,174
1,021,615
1,161,789
Hardin
143,336
805,614
948,950
76,533
Harker Heights
488,753
907,685
1,396,438
92,281
469,370
726,352
1,195,722
64,161
Hebbronville
481,250
893,750
1,375,000
72,990
1,014,676
1,254,676
38,896
Hewitt
493,299
763,382
1,256,681
67,432
Hidalgo
450,411
1,115,114
1,565,525
42,746
279,181
518,479
797,660
434,980
807,819
1,242,799
82,128
429,081
796,866
1,225,947
81,015
490,377
910,700
1,401,077
92,588
565,402
874,961
1,440,363
77,288
866,899
1,516,899
76,576
562,086
869,831
1,431,917
76,835
467,805
868,780
1,336,585
70,950
610,149
1,133,135
1,743,284
92,539
881,178
1,355,658
71,963
310,255
1,220,545
1,530,800
67,130
283,623
1,115,777
1,399,400
61,368
440,874
1,091,500
1,532,374
41,841
347,071
986,059
1,333,130
31,225
Hubbard
128,604
857,007
985,611
32,852
Itasca
543,000
118,010
860,081
978,091
24,369
Jefferson
339,075
1,333,925
1,673,000
73,366
Joaquin
656,000
135,219
985,502
1,120,721
27,923
554,109
857,486
1,411,595
75,745
346,827
985,367
1,332,194
47,626
Kaufman
488,687
907,561
1,396,248
92,269
Kermit
234,478
922,439
56,884
Killeen
480,758
892,837
1,373,595
90,772
471,572
729,760
1,201,332
64,462
Lacy Lakeview
429,768
798,141
1,227,909
81,144
Lakehills
183,968
795,341
979,309
75,557
Lamesa
450,012
835,736
1,285,748
84,967
Leonard
277,575
515,496
793,071
52,409
Llano
804,000
179,332
1,307,011
1,486,343
37,032
Longview
435,985
809,687
1,245,672
66,124
473,119
878,650
1,351,769
71,756
150,012
278,594
428,606
22,752
Los Fresnos
533,059
989,968
1,523,027
100,647
267,700
497,158
764,858
40,601
Marfa
1,325,712
1,635,712
50,819
Marshall
665,113
1,235,211
1,900,324
125,580
461,000
102,312
745,672
847,984
21,127
544,075
1,322,431
1,866,506
892,528
2/3/1998
194,594
790,843
985,437
75,130
Monahans
473,723
879,770
1,353,493
71,848
Monte Alto
370,770
1,205,004
1,575,774
94,392
Morton
190,918
751,074
941,992
46,316
Mount Enterprise
510,030
947,198
1,457,228
77,355
Mt Vernon
641,000
132,850
968,238
1,101,088
27,433
Nacogdoches
585,075
1,086,567
1,671,642
88,736
New Boston
226,547
420,730
647,277
42,774
Odessa
200,900
874,978
1,075,878
83,123
393,275
795,622
1,188,897
75,584
299,235
687,360
986,595
65,299
Onalaska
455,522
845,970
1,301,492
69,088
Orange
359,323
1,413,577
1,772,900
77,747
267,166
1,051,034
1,318,200
57,807
Paris
194,054
844,235
1,038,289
80,202
274,400
1,079,491
1,353,891
66,569
Pearsall
314,465
584,006
898,471
59,374
F-40
179,547
938,079
1,117,626
35,960
Perryton
534,489
992,623
1,527,112
81,064
Pharr
506,911
941,407
1,448,318
95,710
Pinehurst
556,823
861,686
1,418,509
76,116
Pineland
703,000
149,928
1,092,708
1,242,636
30,960
Pittsburg
469,724
872,344
1,342,068
Port Acres
268,899
499,384
768,283
50,771
Port Arthur
253,535
828,487
1,082,022
78,706
Port Isabel
Port Neches
498,469
925,729
1,424,198
75,601
Porter
559,462
1,039,001
1,598,463
84,852
Progresso
200,597
372,537
573,134
30,424
Rio Grande City
171,514
896,112
1,067,626
34,351
Rio Vista
61,254
829,871
891,125
78,838
Rockdale
592,000
174,972
845,963
1,020,935
23,969
Rosenberg
408,933
759,448
1,168,381
77,211
Rusk
446,174
828,610
1,274,784
67,670
485,162
901,016
1,386,178
91,603
San Angelo
308,573
1,000,504
1,309,077
95,048
663,903
1,232,962
1,896,865
125,351
474,828
881,824
1,356,652
89,652
357,827
664,536
1,022,363
67,561
637,451
1,183,837
1,821,288
120,357
265,044
818,313
1,083,357
77,740
273,109
896,601
1,169,710
85,177
408,997
1,329,239
1,738,236
104,124
325,537
1,280,663
1,606,200
70,436
San Augustine
468,018
869,176
1,337,194
70,983
149,582
781,526
931,108
29,958
450,685
1,115,790
1,566,475
42,772
Schertz
300,878
558,773
859,651
56,809
Sealy
723,000
213,880
1,034,081
1,247,961
29,299
103,470
899,122
1,002,592
85,417
364,491
1,433,909
1,798,400
78,865
Sherman
Sullivan City
496,544
922,154
1,418,698
75,309
Taft
926,908
1,104,316
35,531
Temple
248,015
805,588
1,053,603
76,531
580,869
1,078,758
1,659,627
88,099
Texas City
238,472
973,286
1,211,758
92,462
Three Rivers
225,995
1,068,797
1,294,792
40,971
Valley View
185,843
878,905
1,064,748
33,691
Van Horn
707,000
147,318
1,073,686
1,221,004
30,421
527,779
980,161
1,507,940
99,650
Wells
141,780
840,639
982,419
79,861
Wichita Falls
297,454
552,415
849,869
56,162
Willis
1,233,946
1,898,378
125,451
Wills Point
417,304
774,994
1,192,298
63,291
Wilmer
489,576
909,212
1,398,788
74,252
Winnsboro
446,940
830,031
1,276,971
67,786
Winters
50,842
811,377
862,219
77,081
Zapata
249,421
1,303,154
1,552,575
49,954
Kanab
Mt Pleasant
573,530
1,065,126
1,638,656
108,288
Charlotte Ct Hous
154,295
1,028,208
1,182,503
39,415
Colonial Heights
337,535
1,327,865
1,665,400
73,033
259,997
906,036
1,166,033
86,073
Craigsville
141,713
944,359
1,086,072
36,200
223,469
879,131
1,102,600
48,352
Fancy Gap
153,509
1,022,966
1,176,475
39,214
Fork Union
159,295
1,061,525
1,220,820
40,692
Goshen
80,157
831,602
911,759
79,002
Madison Heights
276,413
936,546
1,212,959
88,972
F-41
Mineral
202,879
1,059,984
1,262,863
40,633
Onley
313,433
582,089
895,522
47,537
524,294
973,688
1,497,982
98,992
Rich Creek
194,447
940,122
1,134,569
29,771
3/25/2014
709,379
1,317,417
2,026,796
133,937
344,912
1,356,888
1,701,800
74,629
591,344
1,098,210
1,689,554
111,651
655,795
1,217,906
1,873,701
99,462
478,904
889,394
1,368,298
72,634
Shawsville
334,624
1,066,596
1,401,220
101,327
Shenandoah
192,613
1,006,351
1,198,964
38,577
Spotsylvania
300,324
1,181,476
1,481,800
64,981
Stanleytown
359,846
668,286
1,028,132
54,577
Stony Creek
237,764
935,366
1,173,130
57,681
Victoria
194,099
914,642
1,108,741
86,891
Eagle River
208,955
388,060
597,015
31,692
538,419
999,922
1,538,341
101,659
664,289
32,249
696,538
816,538
22,514
Spooner
564,022
1,047,470
1,611,492
106,493
Huntington
WV
376,119
698,508
1,074,627
57,045
Mount Hope
186,300
732,905
919,205
42,753
7/23/2013
280,344
911,119
8,500
919,619
1,199,963
73,195
Rock
332,222
1,079,721
1,411,943
84,578
Shady Spring
204,338
833,689
1,038,027
59,748
3/27/2013
Cheyenne
WY
521,603
968,690
1,490,293
98,484
1,696,833
3,901,754
5,598,587
305,637
913,349
2,269,571
3,182,920
26,478
9/30/2014
Chelsea
2,998,800
1,157,579
3,575,632
4,733,211
280,091
1,479,627
2,629,627
584,460
2/9/2005
Van Buren
1,328,049
3,008,245
4,336,294
155,426
3,540,215
277,317
1,086,262
2,460,559
3,546,821
127,129
El Mirage
1,179,770
2,672,369
3,852,139
138,072
1,347,649
3,790,620
5,138,269
233,755
6/14/2013
1,545,555
4,347,285
5,892,840
268,083
3,381,632
264,895
1,562,759
4,395,676
5,958,435
271,067
Surprise
1,358,528
3,821,220
5,179,748
959,875
2,350,208
3,310,083
223,270
8/10/2012
3,501,678
962,961
2/26/2008
Encinitas
3,751,713
1,031,720
2,205,539
4,096,524
6,302,063
1,126,543
2/21/2008
Pico Rivera
4,633,063
362,923
3,473,583
4,963,583
584,720
Tracy
2,467,993
4,584,246
7,052,239
1,291,229
Visalia
4,333,023
339,420
1,025,000
1,645,371
36,980
1,682,430
2,707,430
664,103
1,547,023
3,504,257
5,051,280
192,734
8/29/2013
1,385,014
1,385,093
2,485,093
547,117
1,498,300
3,393,892
4,892,192
186,664
1,532,460
3,786,614
5,319,074
119,909
Branford
1,760,000
3,849,409
5,609,409
121,898
Delray Beach
4,893,115
3,541,070
8,434,185
277,384
849,162
2,388,495
3,237,657
147,291
6/4/2013
1,935,853
3,620,924
5,556,777
283,639
1,605,187
3,691,020
5,296,207
289,130
1,774,311
2,274,311
298,676
960,194
2,372,580
3,332,774
98,858
1,626,972
4,576,292
6,203,264
282,205
6/7/2013
1,442,096
4,056,278
5,498,374
250,137
F-42
Winter Park
1,075,020
1,664,284
2,739,304
1,084,586
Acworth
1,534,095
3,527,548
5,061,643
276,325
Adel
1,056,116
48,524
1,104,640
1,604,640
413,489
4/29/2005
Austell
1,234,384
3,610,300
4,844,684
282,807
Blackshear
1,005,393
1,435,393
390,422
Bowdon
1,010,615
1,420,615
392,449
Cairo
1,152,243
1,482,243
447,448
1,740,000
5,024,581
800
5,025,381
6,765,381
309,857
1,999,200
1,546,047
3,555,032
28,765
3,583,797
5,129,844
283,277
East Ellijay
1,317,709
3,029,984
4,347,693
237,349
1,109,742
3,121,445
35,869
3,157,314
4,267,056
192,589
1,543,512
3,549,202
5,092,714
278,021
Quitman
856,586
1,586,586
338,343
3,389,465
265,508
1,293,890
3,639,408
4,933,298
224,430
6/12/2013
Ottumwa
2,860,134
1,687,561
3,880,433
5,567,994
303,967
Blackfoot
1,932,186
2,492,186
763,205
Burley
2,011,543
2,711,543
794,551
Chubbuck
1,267,183
2,157,183
500,529
1,589,068
2,841,507
90,118
2,931,625
4,520,693
298,395
6/29/2012
1,538,430
1,462,870
3,735,267
5,198,137
292,596
1,744,950
3,952,594
5,697,544
204,217
9/3/2013
1,584,794
4,502,544
6,087,338
202,615
11/12/2013
Chicago Heights
1,272,921
3,580,429
4,853,350
220,793
Darien
1,198,099
3,369,971
4,568,070
219,048
5/31/2013
Deerfield
4,092,687
11,511,770
15,604,457
452,248
8/27/2013
4,261,874
11,987,653
16,249,527
470,944
4,082,432
11,482,923
15,565,355
451,115
4,089,453
11,502,673
15,592,126
451,891
2,586,157
7,274,253
9,860,410
285,774
3,180,926
8,947,200
12,128,126
351,497
780,685
2,344,436
3,125,121
355,573
3/16/2011
Moline
1,104,813
3,748,707
4,853,520
293,649
Oak Forest
1,562,490
4,394,918
5,957,408
271,020
1,803,200
1,463,785
3,365,876
4,829,661
263,660
1,343,188
3,778,072
5,121,260
232,981
1,227,859
3,453,680
4,681,539
212,977
768,515
1,991,358
2,759,873
302,023
937,591
2,123,795
3,061,386
109,729
9/11/2013
616,498
4,930,886
5,547,384
386,253
1,772,161
4,074,966
5,847,127
319,206
667,821
2,656,839
3,324,660
287,824
4/12/2012
1,630,000
5,235,915
6,865,915
322,881
1,123,685
3,160,662
4,284,347
194,907
Kokomo
978,592
2,216,668
3,195,260
114,528
453,966
1,128,056
1,582,022
1,880
12/30/2014
1,247,236
3,508,184
4,755,420
216,338
694,032
1,952,148
102,091
2,054,239
2,748,271
123,305
3,013,640
2,033,742
4,676,454
6,710,196
366,322
2,351,296
787,684
8/16/2006
1,665,544
4,684,786
6,350,330
288,895
Hutchinson
1,283,873
3,190,283
4,474,156
5,317
12/23/2014
Merriam
1,441,117
4,053,526
5,494,643
249,967
789,155
2,913,006
3,702,161
4,855
3,675,450
2,386,891
4,017,753
6,404,644
314,724
3,061,730
1,785,691
4,106,077
5,891,768
321,643
3,265,540
1,565,241
3,947,885
5,513,126
309,251
Mayfield
2,995,320
1,782,381
4,098,467
5,880,848
321,047
3,256,380
1,305,607
3,960,699
5,266,306
Amite
2,689,843
1,633,328
3,755,728
5,389,056
294,199
3,570,000
5,037,780
8,607,780
58,774
Morgan City
1,378,894
3,170,675
4,549,569
248,370
Brockton
1,420,000
5,586,439
7,006,439
176,904
Melrose
2,450,000
5,344,307
7,794,307
169,236
F-43
Elkton
1,751,013
3,252,546
5,003,559
894,449
Laurel
2,400,696
804,233
Biddeford
ME
3,587,125
280,991
Brewer
2,030,000
4,935,503
6,965,503
304,356
1,310,995
3,687,522
4,998,517
227,397
Lisbon
1,403,949
3,948,979
5,352,928
243,520
6/13/2013
Machias
1,250,032
3,516,047
4,766,079
216,823
6/5/2013
2,100,849
3,902,402
6,003,251
1,099,176
2,882,100
466,474
3,640,666
4,107,140
285,185
1,365,747
2,536,910
3,902,657
697,649
Macomb
1,084,185
3,049,559
4,133,744
188,056
Metamora
859,139
2,291,557
3,150,696
767,672
2,692,300
879,419
3,713,692
4,593,111
290,906
Northville
982,099
3,849,614
4,831,713
301,553
Rockwood
972,962
2,736,715
3,709,677
168,764
3,184,828
9,976
3,194,804
69
Washington Townsh
1,028,277
2,892,301
3,920,578
178,359
4,106,753
321,696
Cloquet
1,220,000
5,151,588
6,371,588
317,681
3,482,700
499,111
4,072,537
4,571,648
Dellwood
766,461
2,438,272
3,204,733
369,805
1,580,000
5,184,052
6,764,052
319,683
Harrisonville
1,473,335
3,387,834
4,861,169
265,380
Saint Joseph
1,293,855
3,639,311
4,933,166
224,424
744,817
2,300,087
3,044,904
348,846
1,117,749
3,143,966
4,261,715
193,878
5,109,166
7,299,166
315,065
681,200
2,649,759
3,330,959
401,880
Byram
1,243,088
3,425,993
4,669,081
268,369
Forest
2,991,069
234,300
1,749,695
4,347,797
6,097,492
50,724
3,118,366
244,272
923,616
2,092,139
3,015,755
1,280,821
2,945,163
4,225,984
230,704
High Point
1,573,851
4,426,874
6,000,725
272,991
Holly Springs
1,451,019
3,336,520
4,787,539
261,361
1,103,934
2,538,422
3,642,356
198,843
Walkertown
1,351,535
3,107,765
4,459,300
243,442
Derry
4,443,660
5,653,660
140,716
1,844,188
4,556,875
6,401,063
144,301
Plaistow
4,421,512
5,361,512
272,660
Carlstadt
2,630,000
4,733,522
7,363,522
55,224
Ledgewood
2,060,000
5,490,100
7,550,100
173,853
Mount Ephraim
5,039,976
7,449,976
159,599
Sewell
1,510,000
4,969,996
6,479,996
157,383
1,652,630
4,106,603
5,759,233
47,910
2,770,950
3,570,950
1,094,517
Reno
2,602,911
2,603,086
3,703,086
1,028,234
850,000
2,306,647
3,156,647
911,117
3,951,105
309,503
2,271,513
3,271,513
897,239
2,678,380
3,228,380
1,057,951
Angola
1,644,457
3,781,320
5,425,777
296,203
3,434,614
1,319,171
4,557,735
5,876,906
357,023
Brooklyn
3,169,829
248,303
6,286,888
3,091,053
9,377,941
Cohoes
993,687
2,284,916
3,278,603
178,985
2,844,843
222,846
Greece
1,530,625
4,305,290
5,835,915
265,493
Jamaica
3,265,890
255,828
Le Roy
2,821,085
664,571
4,160,651
4,825,222
325,918
Orchard Park
3,305,840
715,690
4,719,148
5,434,838
369,667
Patchogue
1,717,702
5,188,982
6,906,684
406,470
Penn Yan
843,439
3,784,664
4,628,103
296,465
F-44
Plattsburgh
3,674,864
2,122,505
4,610,552
6,733,057
361,160
Ridgewood
6,872,644
3,221,483
10,094,127
252,350
519,775
3,589,694
4,109,469
281,193
3,355,812
495,551
3,585,587
4,081,138
280,871
1,775,928
4,562,079
357,363
Saint Albans
6,550,000
4,455,729
11,005,729
274,770
Stony Point
3,089,020
2,340,671
4,770,714
7,111,385
373,706
Syracuse
3,672,942
1,474,646
4,898,244
6,372,890
383,696
Wilton
1,763,372
4,054,756
5,818,128
317,623
Cadiz
1,212,284
904,795
2,080,515
2,985,310
162,974
1,691,938
1,001,306
2,302,436
3,303,742
180,357
1,153,997
3,245,924
4,399,921
200,165
Cortland
1,440,000
1,364,725
1,365,975
2,805,975
539,844
East Liverpool
1,594,254
958,357
2,203,679
3,162,036
172,621
1,065,758
706,599
1,624,777
2,331,376
127,274
580,000
1,272,742
1,852,742
494,242
3,120,466
1,653,932
3,803,106
5,457,038
297,910
1,901,200
1,654,400
3,804,182
5,458,582
297,994
Mayfield Heights
2,703,730
743,525
1,286,721
3,619,244
4,905,965
223,187
Upper Arlington
2,704,800
3,010,646
5,513,043
8,523,689
431,855
1,326,083
2,286,083
523,794
1,241,503
2,041,503
490,385
1,241,308
1,771,308
482,036
El Reno
934,737
3,450,395
4,385,132
5,751
Ponca City
1,247,744
3,100,506
4,348,250
36,173
813,500
5,707
7,207
820,707
593
10/31/2013
5/3/2013
1,933,000
3,003,160
4,936,160
845,890
Carlisle
2,940,540
1,687,948
3,881,323
5,569,271
304,037
Delmont
1,246,023
10,475
1,256,498
1,976,498
499,242
Emmaus
1,568,237
4,411,084
5,979,321
272,017
6/20/2013
Export
1,666,912
2,376,912
658,418
1,352,590
564,061
1,916,651
1,140,062
183
Imperial
1,255,750
2,995,001
4,250,751
1,003,325
Johnstown
2,593,436
2,843,436
1,024,399
2,010,255
2,610,255
794,042
Norristown
3,603,611
990,991
3,803,732
1,046,025
Phoenixville
3,510,000
5,123,285
8,633,285
315,936
4,018,822
2,784,426
5,002,215
7,786,641
391,840
3,304,996
4,704,996
908,872
Saint Marys
1,663,632
3,090,403
4,754,035
870,463
Slippery Rock
1,295,495
632,869
1,928,364
1,140,983
Uniontown
1,617,507
4,549,669
6,167,176
280,563
2,300,000
2,606,080
4,906,080
716,671
3,253,285
916,342
Woonsocket
RI
1,297,497
2,939,041
4,236,538
161,647
1,430,093
3,288,404
4,718,497
257,592
1,795,692
3,451,662
270,380
1,090,783
2,695,258
3,786,041
103,318
1/9/2014
754,510
2,122,261
2,876,771
130,873
973,733
2,406,034
3,379,767
92,231
2,783,909
3,133,909
106,717
2,293,200
1,623,904
3,734,059
5,357,963
292,501
Coppell
1,076,551
3,097,830
4,174,381
242,663
1,268,978
3,569,338
4,838,316
220,109
Lubbock
973,713
2,738,827
3,712,540
168,894
1,514,567
3,482,644
4,997,211
272,807
Fredericksburg
2,901,815
797,998
King George
2,942,157
1,772,216
4,075,092
5,847,308
319,216
3,600,673
560,565
3,290,085
3,850,650
257,723
1,255,931
3,103,326
4,359,257
118,961
1/16/2014
VT
2,049,745
4,643,003
6,692,748
270,842
7/19/2013
Graham
1,396,502
3,928,032
5,324,534
242,229
F-45
Lynnwood
1,410,480
3,967,350
5,377,830
244,653
1,835,489
4,535,379
6,370,868
188,974
12/11/2013
Monona
1,135,636
2,806,085
3,941,721
116,920
Buckhannon
1,716,898
3,189,190
4,906,088
877,026
3,631,940
1,085,818
3,802,536
4,888,354
297,865
281,750
625,779
69,854
126
695,759
977,509
667,742
3/30/1988
Corona
144,856
671,584
26,846
698,430
843,286
688,137
12/19/1984
Santee
248,418
551,748
37,230
29,831
618,809
867,227
564,193
Coconut Creek
310,111
1,243,682
1,553,793
765,151
8/2/1999
12/1/1998
1,080,444
3,346,772
3,346,845
4,427,289
2,247,871
3/4/1998
135,148
626,647
26,992
653,639
788,787
642,945
238,263
504,897
11,504
5,352
521,753
760,016
506,005
195,650
387,355
7,779
2,716
397,850
593,500
374,056
528,604
90,133
47,081
665,818
903,818
595,851
4/6/1989
1,049,287
1,949,085
233,921
63,939
2,246,945
3,296,232
1,169,663
Missouri City
221,025
437,593
248,454
686,175
907,200
482,168
Southlake
228,279
511,750
25,358
537,108
765,387
479,523
3/10/1993
1,600,000
6,300,995
7,900,995
2,152,837
6/28/2006
Chantilly
688,917
3,208,607
3,897,524
1,937,013
Kingstowne
1,191,396
1,491,396
693,296
8/22/2000
11/8/1999
1,450,000
9,207,989
9,209,989
10,659,989
362,009
Riverside
7,800,000
(416,985)
7,383,015
7,383,145
7/5/2002
Vista
2,300,022
1,500,000
768
1,500,768
401
6/29/2001
1,600,768
4,000,000
463
4,000,463
223
1,956,296
3,949,402
208,052
140,173
4,297,627
6,253,923
2,870,735
4/4/1997
Calverton
6,200,000
744
6,200,744
460
Medford
745
1,500,745
461
1,330,000
2,776,647
4,106,647
32,394
9/11/2014
1,310,000
1,920,140
3,230,140
28,802
8/6/2014
Lake Worth
679,079
1,262,568
1,941,647
578,677
Novi
6,661,063
7,091,063
118,948
5/9/2014
Cameron
17,066,920
18,280,024
449,040
18,729,064
19,669,064
833,485
8,045,200
226,784
15,056,005
15,282,789
1,380,134
9/25/2012
Elko
1,401,115
10,342,501
17,091
10,359,592
11,760,707
1,572,501
3/15/2011
1,010,134
1,877,384
2,887,518
860,468
245,137
456,324
701,461
125,489
2/1/2008
1,620,871
Turlock
222,250
493,627
9,911
503,538
725,788
494,246
Canon City
66,500
147,699
214,199
11/12/1987
695,730
40,500
736,309
1,049,559
736,275
3/10/1987
476,179
725,023
10,154
224
735,401
1,211,580
470,679
2,299,927
1,025,624
2,407,011
3,432,635
188,549
532,556
940,177
1,472,733
318,061
6/9/2006
12/15/2005
Palm Coast
713,370
2,421,133
3,134,503
189,655
Plantation
1,284,678
1,160,000
1,049,443
2,209,443
40,229
Pompano Beach
1,563,202
2,354,641
3,917,843
184,447
1,033,457
992,950
1,642,950
38,063
1,588,122
1,305,410
2,245,410
50,041
Hinesville
172,611
383,376
48,425
3,796
435,597
608,208
395,533
12/22/1987
Coeur D Alene
165,900
368,468
534,368
9/21/1987
Carpentersville
1,391,600
1,752,080
F-46
1,195,600
1,636,238
Northlake
1,705,200
1,461,799
2,052,944
2,383,995
4,436,939
186,746
1,607,200
3,252,143
Stickney
743,660
1,363,377
2,107,037
106,798
229,846
741,196
971,042
58,060
378,555
1,220,743
1,599,298
95,625
513,702
1,656,556
2,170,258
129,764
Duxbury
411,113
1,325,735
1,736,848
103,849
434,396
1,400,817
1,835,213
109,731
Hull
242,499
781,996
1,024,495
61,256
830,700
2,678,796
3,509,496
209,839
Middleborough
1,225,841
3,953,025
5,178,866
309,654
625,848
724,941
1,350,789
56,787
496,997
1,602,690
2,099,687
125,544
Pembroke
520,463
1,678,359
2,198,822
131,471
555,446
7,109,710
7,665,156
556,927
289,121
539,719
50,595
15,595
605,909
895,030
174,359
8/30/2007
530,316
1,710,132
2,240,448
133,960
Rockland
1,341,048
6,112,682
7,453,730
478,827
Scituate
403,299
1,300,535
1,703,834
101,875
South Yarmouth
477,020
1,538,269
2,015,289
120,498
West Dennis
1,065,353
898,827
1,964,180
Blue Springs
222,569
494,333
716,902
7/31/1989
1,049,683
995,035
1,465,035
38,143
392,983
1,267,269
1,660,252
99,269
Cedar Grove
409,890
1,321,792
1,731,682
103,540
424,795
1,369,857
1,794,652
107,305
376,731
1,214,861
1,591,592
95,164
308,425
994,592
1,303,017
77,910
East Brunswick
445,430
1,436,398
1,881,828
112,518
612,188
1,974,149
2,586,337
154,642
Fanwood
Garfield
372,910
1,202,541
1,575,451
94,199
Green Brook
319,003
1,028,702
1,347,705
Haddonfield
312,763
1,008,581
1,321,344
79,006
Kearny
278,653
1,177,237
70,389
Mahwah
253,447
817,302
1,070,749
64,022
447,368
1,442,647
1,890,015
113,007
Millstone Townshi
270,310
871,681
1,141,991
68,282
Mountain Lakes
531,890
887,417
1,419,307
Northvale
259,002
835,217
1,094,219
65,425
450,522
1,452,819
1,903,341
113,804
Parlin
345,431
1,113,926
1,459,357
87,258
Paterson
122,722
395,747
518,469
31,000
469,318
639,560
1,108,878
50,099
Pompton Plains
226,298
729,755
956,053
57,164
Raritan
370,127
1,193,564
1,563,691
93,496
Somerville
376,597
1,214,429
1,591,026
95,130
Tenafly
463,499
1,494,667
1,958,166
117,082
459,146
1,480,629
1,939,775
115,983
Vineland
236,628
763,064
999,692
59,773
West Orange
174,486
562,673
737,159
44,076
259,916
838,164
1,098,080
65,656
Westwood
205,094
661,375
866,469
51,808
Woodland Park
206,695
666,539
873,234
52,212
80,500
178,794
8,003
186,797
267,297
184,296
155,473
225,473
1,404,100
950,455
2,963,243
3,913,698
232,121
Beachwood
1,125,779
1,062,628
2,042,628
40,734
214,737
85,425
25,900
5,335
116,660
331,397
52,335
2,399,969
17,044,099
19,444,068
2,585,022
3/31/2011
Euclid
602,664
1,027,248
1,157,248
39,378
Groveport
277,198
445,497
17,437
11,520
474,454
751,652
346,559
F-47
Mentor
906,161
1,276,241
1,626,241
48,923
353,324
269,997
(15,631)
8,576
314,484
301,782
616,266
189,994
Pepper Pike
846,354
865,808
1,395,808
33,189
Shaker Heights
916,602
792,759
1,442,759
30,389
618,270
1,055,888
1,674,158
82,711
Ambler
1,374,943
4,862,810
6,237,753
380,920
Blairsville
297,140
958,202
1,255,342
75,059
Clarks Summit
165,407
533,394
698,801
41,783
Dillsburg
506,653
663,767
39,688
Harleysville
1,486,141
16,590,526
18,076,667
1,299,591
Lansdale
582,679
1,878,990
2,461,669
147,188
Lansford
724,643
2,336,788
3,061,431
183,048
Lehighton
353,743
1,140,729
1,494,472
89,357
Limerick
1,198,208
1,141,397
2,339,605
89,409
Media
93,870
302,705
396,575
23,712
312,084
1,006,391
1,318,475
78,834
658,040
2,122,012
2,780,052
166,224
Palmerton
1,152,944
3,717,949
4,870,893
291,239
680,814
938,913
1,619,727
73,548
287,110
925,857
1,212,967
72,525
300,032
967,528
1,267,560
75,790
200,022
645,020
845,042
50,527
130,580
421,086
551,666
32,985
270,560
872,488
1,143,048
68,345
203,808
657,230
861,038
51,483
Sellersville
436,843
1,408,706
1,845,549
110,349
Skippack
484,437
1,562,185
2,046,622
122,371
Slatington
467,608
1,507,917
1,975,525
118,120
1,331,882
4,294,979
5,626,861
336,440
369,856
1,192,691
1,562,547
93,427
Summit Hill
94,816
2,266,101
2,360,917
177,511
Swarthmore
165,423
533,447
698,870
41,787
Tannersville
277,284
894,170
1,171,454
70,043
Walnutport
1,068,012
1,437,132
2,505,144
112,575
253,725
818,198
1,071,923
64,092
Wyomissing
553,724
1,785,618
2,339,342
139,873
10,803,051
25,511,279
36,314,330
1,427,417
49,000
108,831
42,051
6,264
157,146
206,146
130,014
385,199
716,468
1,101,667
197,029
154,375
287,794
442,169
79,143
265,985
495,071
761,056
136,145
29,307,500
1,784,980
36,815,951
38,600,931
3,374,795
9/26/2012
3,112,401
32,725,202
32,725,349
35,837,750
4,527,087
7/13/2011
Weldon Springs
3,675,034
13,827,581
17,502,615
2,051,091
4/1/2011
2,022,114
24,664,964
26,687,078
1,380,063
7,442,416
7,892,416
221,795
12/13/2013
201,507
1,828,803
2,030,310
102,326
6,671,405
1,568,476
13,510,652
41,581
13,552,233
15,120,709
750,717
12/20/2012
Weslaco
207,384
1,882,135
2,089,519
105,310
Demopolis
1,300,640
658,601
2,140,452
14,135
2,154,587
2,813,188
171,484
1,839,677
2,199,677
119,579
Blytheville
5,809,800
772,319
15,370,177
16,142,496
1,203,997
Coolidge
373,693
1,909,652
2,283,345
3,183
12/11/2014
2,812,308
3,132,308
32,810
9/24/2014
Sonora
2,886,485
1,199,554
3,898,549
5,098,103
305,386
Tustin
10,530,000
9,883,431
20,413,431
148,251
339,045
630,531
630,577
969,622
204,923
11/2/2006
Monte Vista
47,652
582,159
582,205
629,857
373,566
12/23/1998
Pawcatuck
1,090,816
3,545,153
13,565
3,558,718
4,649,534
282,084
F-48
Orange Park
478,314
618,348
163,348
27,981
809,677
1,287,991
480,920
597,637
1,942,320
20,582
1,962,902
2,560,539
157,282
Clarinda
439,267
816,010
1,255,277
281,524
Garnett
59,690
518,121
577,811
332,475
Hillsboro
335,292
622,914
958,206
214,905
423,725
787,146
1,210,871
271,566
131,562
672,312
803,874
1,121
12/12/2014
Maysville
1,030,000
1,440,622
2,470,622
93,640
5/28/2013
Mansura
1,435,525
557,316
1,811,276
11,163
1,822,439
2,379,755
145,488
970,000
2,653,246
3,623,246
4,422
12/4/2014
Calais
2,236,794
2,676,794
26,096
9/26/2014
2,547,854
14,000
2,561,854
203,172
2,294,397
2,644,397
3,824
Stevensville
404,904
2,547,727
2,952,631
29,723
Caledonia
89,723
559,300
649,023
358,901
Long Prairie
88,892
553,997
554,043
642,935
355,497
Paynesville
49,483
525,406
574,889
337,150
Spring Valley
69,785
579,238
579,284
649,069
371,696
Warroad
580,046
650,046
372,167
210,643
467,844
467,971
678,614
467,879
210,070
466,571
676,641
5/13/1988
168,350
373,910
542,260
Willow Springs
416,494
773,718
1,190,212
266,933
387,489
1,749,157
2,136,646
72,882
Ridgeland
281,867
769,890
6,265
19,476
795,631
1,077,498
546,275
658,452
2,972,306
3,630,758
14,862
11/17/2014
484,913
2,188,937
2,673,850
69,316
3/11/2014
Mayville
59,333
565,562
565,608
624,941
362,934
Ainsworth
362,675
673,768
673,862
1,036,537
232,452
388,599
721,914
1,110,513
246,654
59,559
616,252
616,298
675,857
395,443
918,965
968,965
19,911
317,010
1,431,011
1,748,021
31,005
6/12/2014
Milwaukie
400,336
49,088
449,482
629,732
428,991
Dubois
1,407,900
682,202
2,217,155
10,440
2,227,595
2,909,797
175,113
Ebensburg
581,699
16,421,564
17,003,263
1,286,356
Elizabethville
691,197
2,246,390
2,251,390
2,942,587
177,686
759,190
2,467,367
3,651
2,471,018
3,230,208
194,127
14,900,000
2,550,000
21,717,123
5,161
21,722,284
24,272,284
597,416
712,114
2,314,371
13,000
2,327,371
3,039,485
185,418
290,000
1,948,179
2,238,179
29,223
8/18/2014
197,708
507,647
17,670
23,118
548,435
746,143
360,658
Coleman
451,661
694,721
155,823
Colorado City
92,535
505,276
505,322
597,857
324,233
Devine
212,408
394,735
607,143
136,183
1,271,080
564,285
1,833,926
25,360
1,859,286
2,423,571
151,293
492,842
2,224,730
2,717,572
92,697
Presidio
407,657
757,362
1,165,019
261,290
79,280
1,299,056
1,299,102
1,378,382
422,384
10/19/2006
9/7/2006
Yoakum
390,147
724,821
724,867
1,115,014
250,064
384,795
22,814
407,609
580,859
401,335
435,317
42,356
29,168
506,841
702,841
466,524
9/17/1987
189,000
19,146
438,923
627,923
433,817
Green Bay
5,852,883
7,362,883
360,928
Sussex
7,106,415
7,756,415
438,229
Lewisburg
772,945
2,512,071
2,514,571
3,287,516
197,039
368,655
9,028,151
245,234
9,273,385
9,642,040
528,718
El Centro
2,185,899
2,705,899
462,682
9/17/2009
Redding
675,805
20,005,327
188,619
20,193,946
20,869,751
1,139,657
672,578
9,520,731
332,235
9,852,966
10,525,544
567,347
779,626
9,386,180
68,959
9,455,139
10,234,765
534,599
F-49
Sioux City
77,340
4,538,558
13,775
4,552,333
4,629,673
256,753
Caldwell
666,412
2,891,593
7,400
2,898,993
3,565,405
164,027
1,045,866
8,587,804
9,633,670
480,508
823,630
9,270,887
10,094,517
518,728
Knoxville
760,745
8,994,542
8,530
9,003,072
9,763,817
504,670
320,661
6,564,200
6,884,861
367,283
399,222
9,540,572
4,139
9,544,711
9,943,933
534,167
1,880,444
43,307
1,923,751
2,070,010
107,942
68,097
708,427
776,524
274,223
5,385,490
1,750
5,387,240
5,661,463
301,346
Parkersburg
494,436
12,703,842
13,426
12,717,268
13,211,704
714,206
807,252
1,499,183
2,306,435
182,401
12/21/2011
664,796
1,234,621
1,899,417
150,212
546,083
1,014,153
1,560,236
123,389
783,510
1,455,089
2,238,599
177,036
Buena Park
2,136,844
3,968,425
6,105,269
482,825
Burbank
2,193,827
4,074,250
6,268,077
495,700
Carson
949,709
1,763,744
2,713,453
214,589
1,044,679
1,940,119
2,984,798
236,048
Cloverdale
1,505,000
2,795,321
4,300,321
1,262,553
9/30/2003
394,903
733,392
1,128,295
89,229
Fortuna
1,190,000
2,210,308
3,400,308
998,322
3,270,797
6,074,336
9,345,133
739,044
2,292,868
3,527,489
278,966
Inglewood
1,661,990
3,086,553
4,748,543
375,531
712,282
1,322,809
2,035,091
160,942
1,424,563
2,645,617
4,070,180
321,883
1,576,516
2,927,816
4,504,332
356,218
1,638,247
3,042,460
4,680,707
370,166
1,994,388
3,703,864
5,698,252
450,637
3,111,111
5,777,778
8,888,889
702,963
Monrovia
1,139,650
2,116,494
3,256,144
257,507
North Hollywood
4,036,263
7,495,917
11,532,180
912,003
2,374,272
4,409,361
6,783,633
536,472
Pacoima
2,113,102
3,924,331
6,037,433
477,460
1,187,136
2,204,680
3,391,816
268,236
Redondo Beach
1,306,667
2,426,666
3,733,333
295,244
Redwood City
1,068,422
1,984,213
3,052,635
241,413
759,767
1,410,995
2,170,762
171,671
Salinas
San Diego
1,633,333
3,033,334
4,666,667
369,056
Thousand Oaks
2,018,131
3,747,957
5,766,088
456,001
Boulder
426,675
1,199,508
1,199,587
1,626,262
1/5/1984
4,825,479
1,020,000
5,192,590
6,212,590
129,815
2,570,000
676,996
19,880
697,030
3,267,030
117,408
2,610,000
5,769,576
34,918
5,804,494
8,414,494
985,687
2,140,000
4,689,646
6,829,646
1,477,227
2/9/2007
3,315,335
706,512
5,338,974
140
5,339,114
6,045,626
418,247
1,672,828
7,617,013
1,539
7,618,552
9,291,380
596,961
6,357,617
498,013
3,398,717
3,838,717
16,994
Festus
1,120,000
5,163,355
5,164,355
6,284,355
198,020
Republic
930,000
3,036,180
3,966,180
15,181
1,169,979
3,215,047
4,385,026
16,075
1,635,740
4,494,938
6,130,678
22,475
St Louis
4,580,300
5,730,300
175,578
5,765,303
6,655,303
221,003
F-50
456,000
562,344
19,733
582,411
1,038,411
575,011
721,365
1,339,679
2,061,044
162,994
Canandaigua
757,160
13,354,409
14,111,569
1,046,095
Nanuet
10,800,000
3,149,527
20,960,357
24,109,884
1,641,895
Seaford
13,806,243
6,180,000
6,058,740
12,238,740
151,469
Bartlesville
1,650,000
1,573,823
1,574,823
3,224,823
265,305
1,900,618
1,901,618
3,481,618
320,315
3,000,000
2,474,669
2,475,669
5,475,669
416,678
2,590,000
2,472,123
2,473,123
5,063,123
416,518
1,550,000
203,990
1,753,990
34,338
2,000,000
753,609
2,753,609
126,857
3,485,618
3,486,618
6,486,618
587,123
Central Point
840,000
1,560,308
2,400,308
704,739
Pendleton
Upper Darby
8,836,277
3,300,000
7,383,261
10,683,261
184,582
Rapid City
1,465,451
3,605,451
246,684
Colchester
10,944,790
983,640
13,718,577
14,702,217
1,074,622
1,756,961
3,262,927
5,019,888
396,989
4,490,000
6,515,145
7,355,145
184,596
Neenah
3,480,000
1,070,000
4,648,820
5,718,820
131,717
2,608,389
3,418,783
6,027,172
1,760,639
6/6/2002
6/26/2001
6,556,549
8,656,549
614,096
3/20/2012
Antioch
5,375,000
9,982,143
15,357,143
1,314,316
9/21/2011
2,259,649
4,698,845
6,958,494
618,681
3,260,933
6,056,019
9,316,952
797,376
812,570
3,467,558
4,280,128
190,716
755,676
3,224,770
3,980,446
177,362
Ceres
2,145,750
3,984,963
6,130,713
524,687
4,226,250
7,848,750
12,075,000
1,504,344
3/30/2010
Diamond Bar
3,038,879
5,494,141
5,495,023
8,533,902
2,784,522
3/21/2000
9/29/1998
10,206,994
12,776,994
527,361
836,500
2,053,626
2,890,126
137,226
10/3/2012
1,290,000
13,537,029
14,827,029
744,537
Los Banos
1,378,343
2,559,779
3,938,122
337,038
McClellan
396,459
1,691,850
2,088,309
93,052
Merced
2,440,255
3,350,255
149,285
Norco
1,247,243
4,907,430
4,907,560
6,154,803
2,388,931
12/13/2000
6/29/1999
Rancho Cordova
1,040,000
6,791,316
7,831,316
373,522
Rocklin
1,165,243
4,972,558
6,137,801
273,491
1,970,000
7,754,651
115,702
7,870,353
9,840,353
402,470
449,230
1,917,043
2,366,273
105,437
2,400,000
14,079,539
16,479,539
727,443
Shingle Springs
1,575,000
3,675,173
5,250,173
258,376
2,320,442
4,309,392
6,629,834
567,403
1,602,459
2,975,994
4,578,453
391,839
509,091
945,454
1,454,545
86,667
9/28/2012
556,906
1,034,254
1,591,160
136,177
3,228,902
5,996,532
9,225,434
789,543
3,675,161
5,250,161
Vallejo
756,000
3,404,220
4,160,220
124,021
South Windsor
5,845,890
1,410,000
8,239,228
9,649,228
178,517
6/27/2014
1,979,598
8,256,394
40,863
167,804
8,465,061
10,444,659
4,722,211
12/30/2003
5/31/1995
Hialeah
2,104,393
3,910,500
6,014,893
1,218,756
3/26/2007
3,115,101
5,670,715
106
5,670,821
8,785,922
2,723,783
5/19/2000
Oakland Park
2,800,000
2,196,480
4,996,480
1,091,110
7/6/2001
3/27/2001
2,144,778
3,755,905
5,900,683
1,674,613
8/7/2003
11/26/2002
Pembroke Pines
1,714,388
4,387,824
6,102,212
2,473,078
12/11/2000
10/1/1999
Stuart
8,258,878
9,408,878
509,297
2,850,000
3,601,884
6,451,884
606,317
7,835,546
9,035,546
274,244
F-51
1,680,000
4,701,461
6,381,461
54,850
Alsip
2,944,221
5,467,839
8,412,060
1,102,681
12/30/2009
Bolingbrook
3,010,512
8,161,186
11,171,698
2,307,413
10/26/2007
1/24/2007
1,963,770
10,038,516
12,002,286
897,107
6,648,839
7,108,839
277,035
12/12/2013
Waukegan
2,961,951
5,500,766
8,462,717
1,109,321
Carmel
3,675,000
6,825,000
10,500,000
1,308,125
3/29/2010
3,008,186
6,999,881
10,008,067
2,137,579
3/20/2007
8/3/2006
Southport
2,121,873
7,522,735
9,644,608
2,078,743
6/8/2007
2,560,000
8,523,096
11,083,096
724,463
11/30/2012
9,726,536
1,480,000
13,081,657
21,215
13,102,872
14,582,872
981,566
2/1/2013
3,930,000
6,125,110
10,055,110
398,132
5/22/2013
Nottingham
3,055,453
5,675,230
8,730,683
1,768,779
3,611,925
8,804,654
12,416,579
2,436,896
6/5/2008
4/18/2007
2,420,000
7,649,004
10,069,004
293,212
1/29/2014
1,130,000
10,814,154
11,944,154
414,543
1,654,529
3,073,912
4,728,441
968,281
2/16/2007
Yonkers
1,488,894
2,765,894
4,254,788
862,036
1,504,354
2,794,305
59,730
396
2,854,431
4,358,785
883,850
6,891,202
523,202
7,462,535
11,662,219
17,454
11,679,673
875,939
7,517,501
463,579
8,306,437
10,307,569
11,317,569
773,068
Maumee
1,390,000
10,042,422
11,432,422
384,960
Powell
1,110,000
8,659,894
9,769,894
736,091
10,933,936
11,553,936
419,134
6,573,572
1,670,000
7,738,611
9,408,611
580,396
2/22/2013
2,254,830
4,188,725
6,443,555
1,319,448
4,420,799
5,543,009
9,963,808
673,300
1/12/2011
Cypress
1,417,377
5,696,789
7,114,166
1,946,322
5/15/2006
9/14/2005
5,293,733
6,555,637
11,849,370
2,177,713
8/4/2006
11/9/2005
1,445,901
5,277,886
6,723,787
3,075,864
6/2/2000
Keller
1,478,222
5,679,604
7,157,826
2,087,632
9/8/2005
12/16/2004
McKinney
1,805,460
5,972,111
7,777,571
2,140,976
12/7/2005
4/20/2005
3,178,115
5,832,224
9,010,339
2,091,024
12/6/2005
4/22/2005
2,075,196
3,195,196
453,084
7/29/2009
2,489,568
3,689,568
543,556
4,086,250
7,588,750
11,675,000
1,530,398
12/21/2009
697,210
2,265,932
2,963,142
Hot Springs
889,200
210,979
2,003,689
2,214,668
112,111
235,299
2,234,659
2,469,958
125,034
2,494,700
904,597
5,821,180
6,725,777
325,709
486,371
15,383,518
15,869,889
714,603
Shasta Lake
390,906
9,754,092
10,144,998
545,765
526,247
1,710,304
2,236,551
133,974
290,369
788,880
36,532
31,150
856,562
1,146,931
562,352
Valdosta
1,404,115
1,836,150
109,989
1,343,840
1,757,329
105,267
494,854
1,608,277
2,103,131
125,982
564,055
1,833,180
2,397,235
143,599
521,988
1,696,460
2,218,448
132,889
974,965
423,234
1,375,511
1,798,745
107,748
398,292
740,107
21,044
15,024
776,175
1,174,467
222,446
11/14/2007
1,523,155
1,863,155
63,465
17,208,774
2,852,903
38,841,562
14,301
38,855,863
41,708,766
2,153,932
11,501,226
4,278,685
19,900,592
24,179,277
1,113,485
Gulfport
299,464
502,326
166,956
46,809
716,091
1,015,555
396,057
3,704,640
811,533
5,498,659
6,310,192
430,728
1,733,949
707,636
2,299,818
3,007,454
180,152
144,859
526,301
98,943
625,441
770,300
423,144
726,626
1,351,151
22,995
1,374,146
2,100,772
443,492
F-52
Okmulgee
679,865
397,605
1,292,216
1,689,821
101,224
763,355
2,480,903
3,244,258
194,337
814,930
446,204
1,450,164
1,896,368
113,596
498,284
1,619,423
2,117,707
126,855
Dickson
531,717
1,728,079
2,259,796
135,366
602,208
1,957,176
2,559,384
153,312
822,791
2,674,071
3,496,862
209,469
1,607,524
56,219,108
57,826,632
3,145,593
373,499
836,071
7,601
33,111
876,783
1,250,282
595,746
Muskego
1,528,232
26,297,695
27,825,927
1,471,419
1,079,232
2,594,956
132,816
2,727,888
3,807,120
1,773,291
7/21/1998
Osceola
88,759
520,047
4,083
524,130
612,889
348,179
Wynne
547,576
2,024
607,639
677,639
383,418
2/24/1999
390,849
6,775
8,785
406,409
706,409
406,407
5/17/1988
Pueblo
371,645
1,207,845
1,579,490
94,615
643,736
3,621,163
246,420
243,250
4,110,833
4,754,569
2,628,940
1,020,608
1,020,826
1,450,826
675,519
6/26/1998
397,101
1,290,578
1,687,679
101,095
339,690
543,504
543,535
883,225
394,071
364,939
1,186,052
1,550,991
92,907
370,809
1,205,128
1,575,937
94,402
370,810
1,205,131
1,575,941
685,000
885,624
885,842
1,570,842
586,204
494,763
767,737
71,880
233
839,850
1,334,613
564,686
West Palm Beach
347,651
706,081
69,111
775,425
1,123,076
491,139
254,902
486,812
32,783
519,679
774,581
361,737
Davenport
930,689
337
931,026
1,201,026
615,835
910,689
338
911,027
1,351,027
602,865
180,628
653,162
100,170
753,511
934,139
534,586
4,276,966
5,346,966
35,641
10/28/2014
185,955
413,014
31,870
8,629
453,513
639,468
440,168
740,725
740,784
1,170,784
490,134
810,608
810,776
1,210,776
536,474
Monroe
835,608
1,285,608
552,892
485,000
895,689
265
895,954
1,380,954
592,884
Bay City
397,531
1,291,976
1,689,507
101,205
500,502
1,055,244
1,555,746
670,044
3/1/1999
Hattiesburg
660,608
660,776
960,776
437,224
306,460
995,995
1,302,455
78,020
Asheboro
373,128
1,212,666
1,585,794
94,992
768,222
843,401
46,414
38,052
927,867
1,696,089
602,687
Grand Island
455,921
1,481,742
1,937,663
116,070
448,156
1,456,507
1,904,663
114,093
Green Island
9,837,940
1,181,947
20,808,780
16,000
20,824,780
22,006,727
1,165,679
Oneonta
354,283
1,151,419
1,505,702
90,194
Rotterdam
390,926
1,270,510
1,661,436
99,523
Ashtabula
359,857
1,169,537
1,529,394
91,614
401,723
698,872
13,435
11,200
723,507
1,125,230
486,896
6/29/1998
Kettering
316,341
1,028,109
1,344,450
80,535
830,689
830,778
1,080,778
549,720
Piqua
375,833
1,221,457
1,597,290
95,681
Altoona
745,694
1,200,694
493,399
Cranberry
369,761
1,201,723
1,571,484
94,135
Erie
900,689
1,410,689
595,954
Pennsdale
835,648
1,150,648
552,918
Whitehall
515,525
1,146,868
1,662,393
758,842
900,725
901,021
1,501,021
596,141
Murrells Inlet
296,236
962,766
1,259,002
381,076
857,261
35,685
17,002
909,948
1,291,024
627,979
9/26/1997
750,608
2,057
752,759
1,132,759
496,930
804,262
1,432,520
56,623
1,489,303
2,293,565
1,027,904
6/30/1997
F-53
Abilene
680,616
1,080,616
450,339
419,734
6,413
426,147
566,147
420,028
9/12/1988
Plainview
40,000
774,607
899,607
541,232
1/24/1984
323,451
637,991
47,914
685,905
1,009,356
457,276
291,380
946,984
1,238,364
74,180
283,604
538,002
2,470
540,658
824,262
379,775
6/13/1997
Pasco
161,700
359,142
56,707
14,444
430,293
591,993
414,343
Eau Claire
820,689
820,900
1,080,900
543,126
La Crosse
372,883
877,812
878,062
1,250,945
580,943
Kenai
AK
2,350,000
5,400,025
7,750,025
81,000
4,170,000
14,213,818
18,383,818
307,966
6,995,309
4,280,000
15,094,661
19,374,661
226,420
8/7/2014
Lawndale
667,007
1,238,841
1,238,890
1,905,897
794,935
163,668
304,097
304,146
467,814
195,140
5,100,000
7,219,244
12,319,244
156,417
Van Nuys
750,293
1,393,545
1,393,594
2,143,887
894,203
9,700,000
13,352,870
23,052,870
289,312
2,701,584
18,072,555
158,739
18,231,294
20,932,878
1,444,004
3,900,000
9,161,124
Conley
727,106
904,138
29,754
933,892
1,660,998
13,934
11,989,018
14,539,018
219,799
7/15/2014
999,507
2,222,978
3,222,485
3,705
12/22/2014
1,051,077
1,952,233
3,003,310
699,550
1/6/2006
12,150,000
2,189,122
35,657,677
37,846,799
2,014,448
794,824
1,685,121
2,479,945
2,809
12/31/2014
Baltimore
171,320
318,882
318,968
490,288
204,713
804,948
1,495,138
2,300,086
535,758
2,039,436
3,787,757
5,827,193
1,357,279
1,080,521
2,006,915
3,087,436
719,145
791,603
1,470,353
2,261,956
526,877
Jefferson City
1,481,299
2,751,217
4,232,516
985,853
Kirksville
1,421,788
2,640,696
4,062,484
946,250
493,394
916,537
1,409,931
328,426
Moberly
1,293,387
2,402,283
3,695,670
860,817
1,515,773
2,816,678
2,816,710
4,332,483
1,009,327
158,168
294,456
452,624
188,953
404,077
856,690
1,260,767
1,428
267,121
566,327
833,448
944
265,992
563,934
829,926
940
985,954
1,595,954
11,503
9/9/2014
467,167
580,911
1,048,078
8,714
5,989,071
6,486,801
1,140,000
1,082,966
2,222,966
24,496
201,569
374,342
374,444
576,013
165,378
12/5/2003
253,591
827,237
108,402
41,396
977,035
1,230,626
624,610
3/26/1997
1,590,052
2,953,473
4,543,525
1,058,328
1,346,834
2,501,783
3,848,617
896,472
367,890
683,750
1,051,640
438,742
1,025,959
1,275,756
2,301,715
19,136
976,851
1,746,851
22,095
464,338
584,338
10,503
144,014
649,869
11,754
661,623
805,637
659,782
12/22/1986
886,996
1,600,315
13,305
Baraboo
719,613
829,613
16,277
Neenah/Menasha
457,937
1,307,046
1,764,983
2,178
Tomah
1,630,917
12,938,430
14,569,347
1,272,279
1,809,315
141,730
F-54
Watchung
2,446,115
191,612
1,841,863
144,279
Lake Grove
2,171,696
170,116
Cedar Falls
634,343
6,331,030
6,965,373
601,448
8/28/2012
Robertsdale
3,026,015
6,117,490
9,143,505
1,960,459
1/29/2007
4/7/2006
West Covina
311,040
577,733
45,714
626,301
937,341
373,189
2,502,092
6,906,609
6,906,724
9,408,816
2,866,345
8/25/2004
Gulf Breeze
3,518,413
905,480
4,423,893
315,409
2,470,000
8,693,515
11,163,515
507,122
7/18/2013
Woodstock
2,509,102
2,509,993
5,019,095
924,514
10/25/2005
Island Lake
2,107,134
6,383,412
8,490,546
2,445,206
12/31/2004
3,560,000
5,847,436
9,407,436
263,135
11/26/2013
1,125,979
2,196,033
3,322,012
879,659
2,353,825
4,159,653
6,513,478
1,642,544
5/13/2004
Chichester
578,314
4,546,307
5,124,621
1,809,135
10/1/2004
Churchville
5,755,166
6,755,166
1,972,123
6/6/2006
3/23/2006
715,953
554,589
1,270,542
206,555
2/13/2006
1/19/2005
1,611,084
1,936,755
1,936,813
3,547,897
642,374
9/1/2006
Wood Village
3,822,277
5,687,110
5,687,168
9,509,445
1,821,686
4,099,824
2,081,997
(1,800,804)
2,299,020
4,381,017
815,334
7/28/2000
3/3/2005
3,233,329
12,064,417
12,064,917
15,298,246
1,025,580
11/19/2012
1,347,454
8,564,135
9,911,589
3,132,950
10/28/2005
1/25/2005
4,337,454
7,312,625
7,313,125
11,650,579
597,302
12/13/2012
1,398,387
3,098,607
10,284
3,108,891
4,507,278
2,230,774
1/29/1997
1,410,177
1,659,850
3,070,027
1,147,997
1,277,112
85,473
1,362,585
478,363
7/14/2005
269,964
1,704,013
62,362
1,766,375
2,036,339
1,234,142
6/25/1997
240,423
1,829,837
92,454
1,922,291
2,162,714
1,334,761
465,557
2,176,416
21,418
340
2,198,174
2,663,731
1,483,409
3/27/1998
3,808,076
2,377,932
91,463
338,968
2,808,363
6,616,439
1,771,513
New Philadelphia
726,636
1,650,672
29,340
1,680,126
2,406,762
1,178,669
5/30/1997
3,009,650
208,809
3,218,459
4,608,459
593,604
11,944,641
12,538,245
668,331
15,000,000
3,799,899
32,101,539
183,828
32,285,367
36,085,266
1,830,635
East Windsor
9,625,000
13,307,041
13,547,041
269,309
2,292,068
2,900
2,294,968
2,784,968
90,227
El Paso
1,769,633
17,892,956
316,800
84,151
18,293,907
20,063,540
1,057,784
3,614,346
641,174
11,787,510
12,428,684
1,041,230
10/19/2012
1,570,000
15,122,913
16,692,913
18,003
12/17/2014
Raphine
23,625,000
2,679,884
21,236,904
23,916,788
3,008,561
6/3/2011
28,614,318
2,175,524
33,138,859
35,314,383
2,816,803
11/29/2012
1,473,182
6,930,359
8,403,541
1,004,902
5/2/2011
989,232
5,004,326
5,993,558
291,919
12/21/2012
902,494
1,917,881
22,954
1,940,873
2,843,367
1,076,615
361,058
1,591,629
1,952,687
956,748
1/27/1999
292,250
649,095
88,141
19,277
756,513
1,048,763
668,653
12/2/1988
495,412
1,526,370
2,021,782
900,865
5/28/1999
Ottawa
2,351,842
52,407,677
237,848
52,645,525
54,997,367
2,972,622
F-55
427,000
1,296,901
1,723,901
759,494
1/19/1999
Sudbury
543,038
2,477,213
3,020,251
1,431,723
11/12/1999
Tyngsboro
312,204
1,222,522
1,534,726
808,895
6/12/1998
356,348
903,351
155,408
31,687
1,090,446
1,446,794
701,219
1/9/1998
610,177
1,394,743
86,087
469
2,091,476
936,137
7/17/1998
North Plainfield
985,430
1,590,447
2,575,877
968,433
684,036
308,265
1,183,179
1,867,215
749,611
Maineville
173,105
384,468
24,215
13,050
421,733
594,838
404,410
3/6/1987
Middletown
337,572
777,943
41,328
22,715
841,986
1,179,558
567,504
40,700
180,400
111,572
6,545
298,517
339,217
200,644
290,775
395,870
396,231
687,006
287,282
Boaz
829,001
1,541,245
14,413
1,556,138
2,385,139
506,386
840,946
1,563,474
2,404,420
508,128
Fort Payne
814,113
1,513,596
2,327,709
491,917
Gadsden
851,124
1,582,332
24,859
25,239
1,632,430
2,483,554
533,247
826,840
1,537,233
(1,149,285)
387,996
1,214,836
537,148
811,599
1,508,927
2,320,526
490,400
801,413
1,490,012
21,716
19,039
1,530,767
2,332,180
498,470
El Dorado
907,534
1,687,608
71,325
20,759
1,779,692
2,687,226
563,684
864,497
1,607,158
23,476
1,630,634
2,495,131
525,679
624,761
895,976
50,904
946,880
1,571,641
715,881
3/6/1996
1,511,430
3,264,231
3,264,293
4,775,723
1,052,874
11/6/2006
5/16/2006
Goodyear
794,360
1,274,445
2,068,805
421,755
2/23/2006
4/8/2005
681,288
1,008,310
1,689,598
397,049
9/29/2004
4/16/2004
La Verne
591,375
1,477,413
115,731
San Dimas
240,562
445,521
91,821
2,690
540,032
780,594
499,459
3/12/1981
540,250
1,132,450
1,672,700
452,415
7/29/2004
3/29/2004
1,606,511
5,865
1,612,376
2,435
7/26/2006
778,054
1,148,443
13,531
1,161,974
1,940,028
446,792
6/10/2005
2/23/2005
663,585
1,789,040
140,141
Cromwell
531,861
989,638
1,521,499
278,743
12/19/2007
1,235,134
364,342
1,353,727
399,327
New Milford
705,127
24,437
26,125
755,689
217,990
Plainville
1,452,933
428,593
Torrington
504,167
939,051
75,434
1,024,485
1,528,652
292,528
West Haven
540,663
1,006,829
65,957
25,100
1,097,886
1,638,549
306,306
Windsor Locks
844,967
1,571,965
2,416,932
463,713
1,451,180
658,461
59,396
717,870
2,169,050
235,286
5/9/2006
1,018,551
1,273,189
2,291,740
99,733
Land O’ Lakes
770,136
1,190,937
1,961,073
423,471
10/21/2005
3/24/2005
790,083
145
790,728
271,386
258
929,402
1,459,392
56,969
32,400
1,548,761
2,478,163
521,029
11/13/2006
8/1/2006
1,290,082
1,612,603
2,902,685
126,321
1,066,339
1,296,339
11/18/1985
1,135,310
1,306,940
18,290
1,325,230
2,460,540
420,363
1/10/2007
6/30/2006
735,000
1,367,891
2,102,891
403,511
790,583
24,415
38,527
853,525
254,016
Sebring
737,465
921,832
1,659,297
72,210
Vero Beach
1,381,247
1,726,559
3,107,806
135,247
Americus
709,624
1,319,578
71,622
6,036
1,397,236
2,106,860
452,549
827,895
1,539,237
1,539,477
2,367,372
500,391
Buford
1,394,363
1,229,933
1,537,417
2,767,350
120,431
952,660
1,770,931
180,860
27,247
1,979,038
2,931,698
620,347
197,225
438,043
132,321
3,257
573,621
770,846
464,022
4/20/1989
Lagrange
853,599
1,586,959
96,115
524
1,683,598
2,537,197
525,825
89,220
246
89,466
1/4/1985
827,707
1,538,875
115,596
16,522
1,670,993
2,498,700
537,260
719,188
1,337,352
91,855
23,190
1,452,397
2,171,585
449,749
710,600
1,321,389
64,999
662
1,387,050
2,097,650
458,372
Statesboro
926,462
1,722,290
1,722,530
2,648,992
559,883
F-56
894,504
1,662,939
87,387
26,155
1,776,481
2,670,985
570,343
901,658
1,676,225
4,820
30,696
1,711,741
2,613,399
560,161
896,841
1,667,267
112,087
1,779,703
2,676,544
564,705
956,765
1,778,566
536
1,779,102
2,735,867
578,336
Ankeny
349,218
25,075
374,293
474,293
7/28/1983
653,057
1,214,571
1,052
285
1,215,908
1,868,965
394,961
822,331
1,528,939
2,351,270
496,904
Clive
840,697
1,563,046
2,403,743
507,989
Nampa
74,156
343,820
28,206
372,026
446,182
350,789
12/31/1986
Rexburg
90,760
420,787
59,798
480,585
571,345
435,538
11/25/1985
225,785
419,315
419,461
645,246
419,352
10/18/1988
Champaign
1,498,402
1,498,420
2,304,308
486,985
Effingham
783,528
1,456,874
2,240,402
473,483
831,323
1,545,566
2,376,889
502,308
781,044
1,452,262
2,233,306
471,984
883,110
1,641,741
2,524,851
533,565
953,394
1,208,677
1,988
32,405
1,243,070
2,196,464
455,786
6/15/2005
6/24/2005
662,460
1,060,577
14,651
24,139
1,099,367
1,761,827
451,338
10/13/2004
6/15/2004
846,830
1,574,436
10,480
31,549
1,616,465
2,463,295
526,496
Swansea
890,625
1,655,743
288,559
22,030
1,966,332
2,856,957
631,589
2,470,909
3,800,909
695,972
12/21/2007
831,077
1,545,131
16,655
30,694
1,592,480
2,423,557
518,278
835,890
1,554,487
1,554,581
2,390,471
505,243
685,194
1,274,206
45,372
19,275
1,338,853
2,024,047
434,891
840,998
1,563,545
75
1,563,620
2,404,618
508,191
Terre Haute
767,189
1,426,532
2,193,721
463,622
Derby
96,060
445,359
9,565
5,775
460,699
556,759
448,977
10/29/1985
87,400
405,206
50,518
4,338
460,062
547,462
414,197
4/10/1986
683,265
(11,399)
671,866
953,916
1,773,245
2,727,161
576,303
525,390
1,573,049
123,222
849,090
1,005,484
1,256,855
2,262,339
98,454
787,377
1,463,936
78,745
22,988
1,565,669
2,353,046
499,840
Hopkinsville
801,532
1,490,241
(354,687)
1,135,585
1,937,117
469,436
821,990
1,528,282
2,350,272
496,690
Middlesboro
859,709
1,598,332
2,458,041
519,457
Murray
831,246
1,545,422
111,189
26,343
1,682,954
2,514,200
523,100
913,770
1,698,726
2,612,496
552,085
1,270,223
2,361,174
3,631,397
767,381
501,735
1,118,270
87,598
1,748,499
136,966
1,011,084
1,879,972
2,891,056
610,990
Houma
1,061,671
1,973,864
12,063
48,086
2,034,013
3,095,684
652,993
Jennings
107,120
496,636
1,742
498,378
605,498
497,529
10/17/1985
832,895
1,548,993
26,151
27,846
1,602,990
2,435,885
521,151
New Iberia
917,582
1,706,269
80,944
30,339
1,817,552
2,735,134
587,579
949,157
1,764,908
39,400
1,804,325
2,753,482
591,891
1,136,612
2,113,040
3,249,652
686,737
Ruston
982,427
1,826,696
2,809,123
593,675
Zachary
898,306
1,670,527
11,717
1,682,275
2,580,581
545,129
Amesbury
790,494
388,370
Attleboro
369,815
693,655
1,063,470
361,855
12/19/2001
418,250
779,623
780,123
1,198,373
230,338
Chicopee
761,606
1,417,624
2,179,230
418,182
Chicopee Falls
302,982
565,894
65,789
7,544
639,227
942,209
176,664
East Longmeadow
614,319
1,144,128
1,758,447
337,500
625,000
828,564
1,453,564
371,991
Great Barrington
422,625
788,089
69,608
10,225
867,922
1,290,547
250,983
Greenfield
761,417
1,417,273
2,178,690
418,078
Haverhill
568,635
1,058,815
1,627,450
312,333
577,667
1,076,023
1,653,690
317,410
Lee
540,506
1,007,010
1,547,516
297,051
North Adams
377,300
703,914
351
704,265
1,081,565
207,663
Norwood
840,616
1,563,923
2,404,539
461,340
F-57
Palmer
598,480
740,004
312,205
Peabody
529,555
222,590
752,145
116,116
Pittsfield
286,241
950,022
1,236,263
495,593
Raynham
1,417,287
2,178,704
418,082
Sagamore Beach
620,188
1,155,007
1,775,195
340,710
Saugus
737,971
305,006
214
614,417
1,144,267
1,758,684
337,542
South Dartmouth
379,217
707,492
1,845
709,416
1,088,633
208,996
230,030
865,572
1,095,602
451,538
227,207
958,444
1,185,651
499,986
Stoneham
397,544
191,717
589,261
100,011
633,843
250,286
488,699
662,552
254,937
Tewksbury
392,079
730,927
731,278
1,123,357
215,632
Ware
220,457
412,133
14,989
562
427,684
648,141
125,569
West Springfield
243,556
455,532
104,424
9,894
569,850
813,406
144,272
Wilbraham
9,626,112
19,964,016
19,966,516
29,592,628
5,288,222
Wollaston
411,366
766,745
1,178,111
226,173
Worcester
1,077,426
1,655,762
317,823
Waterville
717,653
717,758
211,691
Windham
831,301
832,301
245,945
810,477
1,506,864
70,386
1,577,267
2,387,744
500,267
827,853
827,947
4/13/1995
60
885,144
1,645,531
70,987
32,018
1,748,536
2,633,680
562,698
873,536
1,623,973
1,624,067
2,497,603
527,841
766,531
1,425,263
14,030
23,051
1,462,344
2,228,875
475,761
Taylor
847,070
1,574,821
72,308
3,145
1,650,274
2,497,344
527,514
Westland
869,530
1,616,568
1,616,796
2,486,326
525,555
Champlin
583,515
729,394
1,312,909
57,136
281,600
1,305,560
1,305,648
1,587,248
1,305,563
12/18/1984
743,559
1,585,207
158,517
21,446
1,765,170
2,508,729
559,426
Cape Girardeau
745,915
1,386,950
2,132,865
450,758
780,812
1,451,767
180,971
25,208
1,657,946
2,438,758
493,404
808,595
1,503,364
17,390
7,188
1,527,942
2,336,537
492,332
210,199
466,861
31,624
498,612
708,811
477,844
7/30/1987
Hazelwood
157,117
725,327
(104,329)
620,998
778,115
8/28/1985
713,088
1,325,993
43,785
22,035
1,391,813
2,104,901
441,738
715,640
894,550
1,610,190
70,073
872,364
1,090,455
1,962,819
85,419
Ozark
292,482
432,482
200,340
11/20/1997
Poplar Bluff
774,256
1,439,603
2,213,859
467,870
Raymore
726,583
1,351,055
2,077,638
439,092
Saint Charles
175,413
809,791
985,204
695,121
1,001,878
1,149
1,003,027
1,698,148
763,414
3/16/1995
775,660
1,785,308
2,560,968
580,224
Saint Robert
744,158
1,383,694
31,455
1,415,149
2,159,307
454,649
Sedalia
269,798
599,231
11,556
610,787
880,585
610,594
696,604
1,295,380
39,992
794
1,336,166
2,032,770
426,942
719,610
1,390,167
108,896
Sullivan
85,500
396,400
(40,743)
13,500
369,157
454,657
364,017
12/27/1984
720,310
1,339,963
2,060,273
435,487
867,086
1,612,029
2,479,115
523,908
856,070
1,592,088
2,448,158
517,427
778,938
1,448,844
49,094
17,277
1,515,215
2,294,153
481,839
2,481,172
799,149
698,189
1,298,881
(736,106)
562,916
1,261,105
454,848
Albemarle
721,392
1,341,825
860
1,343,165
2,064,557
436,630
Forest City
872,424
1,621,940
1,622,071
2,494,495
527,204
811,502
1,509,029
72,109
35,050
1,616,188
2,427,690
527,873
836,896
1,556,334
13,017
1,569,351
2,406,247
513,385
777,412
1,445,863
1,445,994
2,223,406
469,979
Sylva
919,724
1,709,783
1,709,914
2,629,638
555,753
656,061
1,004,384
1,660,445
367,827
9/20/2005
2/24/2005
F-58
592,716
1,009,253
1,009,285
1,602,001
381,175
5/5/2005
Papillion
654,788
908,685
1,563,473
347,519
3/9/2005
1/12/2005
1,075,628
1,653,295
317,293
849,884
1,581,175
2,431,059
466,429
687,917
1,280,378
1,968,295
377,694
Laconia
330,520
467,594
798,114
243,926
266,337
486,676
753,013
253,881
North Conway
473,031
607,020
1,080,051
316,660
391,650
730,167
37,475
18,167
785,809
1,177,459
229,753
262,059
695,771
957,830
362,959
Clark
1,009,085
1,550,877
297,663
Hackettstown
307,186
525,142
832,328
273,947
640,403
306,080
Mount Holly
1,092,178
307,627
12/17/2007
455,700
849,125
1,304,825
250,475
826,449
1,537,659
2,364,108
453,592
1,307,933
102,455
457,538
852,510
42,302
13,692
908,504
1,366,042
266,596
Clifton Park
1,040,997
1,936,100
2,977,097
571,132
Delmar
316,382
590,387
24,178
14,789
629,354
945,736
190,211
East Greenbush
623,313
1,160,389
1,783,702
342,298
New Hartford
226,041
422,563
648,604
124,639
977,012
1,817,269
2,794,281
536,077
668,565
1,911,958
149,770
723,347
81,193
12,017
93,227
816,574
13,684
12/22/1994
318,182
593,654
911,836
175,111
Defiance
71,273
135,109
358
135,467
206,740
40,198
79,545
150,491
230,036
44,377
739,651
1,375,358
2,115,009
446,990
296,970
555,134
852,104
163,744
147,212
276,407
423,619
81,522
Parma Heights
275,758
514,866
790,624
151,868
824,270
1,532,494
2,356,764
498,059
128,158
240,761
368,919
71,007
Springdale
1,248,735
1,895,200
2,369,000
4,264,200
185,572
317,546
712,455
712,569
1,030,115
712,539
255,353
476,973
732,326
140,690
Vandalia
145,833
273,579
419,412
80,689
Wooster
763,642
1,419,901
1,420,017
2,183,659
461,569
369,002
30,742
10,278
410,022
655,022
262,663
12/12/1997
734,335
335,097
78,164
413,261
1,147,596
157,158
9/29/1995
6/5/1995
759,826
759,949
7/6/1995
1,165,405
2,165,989
45,131
2,211,120
3,376,525
711,618
910,004
1,400,004
326,085
1/24/2006
360,500
669,605
14,520
684,125
1,044,625
231,457
5/10/2006
1,021,904
1,899,486
2,440
21,989
1,923,915
2,945,819
623,422
618,765
1,689,352
132,333
Hermiston
85,560
396,675
20,677
5,271
422,623
508,183
411,966
Lake Oswego
175,899
815,508
181,383
41,962
1,038,853
1,214,752
822,935
5/16/1984
865,668
67,811
Feasterville Trev
236,303
441,673
677,976
130,276
Gap
1,012,812
1,013,812
299,490
Gettysburg
289,040
809,676
1,098,716
422,379
1,075,635
1,075,861
1,653,528
317,313
Horsham
554,361
1,032,352
1,586,713
304,527
828,653
1,540,630
61,487
17,739
2,448,509
170,304
413,960
584,264
215,947
1,292,172
443,158
503,556
937,999
1,441,555
276,693
North Providence
790,921
336,322
208
Pawtucket
457,462
175,879
230
Gaffney
727,738
1,353,238
57,635
30,305
1,441,178
2,168,916
465,141
1,481,832
1,218,232
1,522,790
2,741,022
119,285
F-59
778,616
1,448,099
(1,056,134)
493
392,458
1,171,074
473,318
Rock Hill
826,216
1,536,499
46,661
1,583,640
2,409,856
505,018
827,594
1,538,633
186,235
1,725,337
2,552,931
535,524
933,003
1,734,392
158,902
20,125
1,913,419
2,846,422
631,359
695,135
1,292,644
90,256
25,264
1,408,164
2,103,299
498,302
Greeneville
936,669
1,741,253
1,741,384
2,678,053
565,980
881,225
1,638,285
83,254
16,066
1,737,605
2,618,830
558,753
786,332
1,462,055
107,280
11,346
1,580,681
2,367,013
550,772
871,951
1,621,017
74,039
1,695,162
2,567,113
562,632
901,380
1,217,412
1,521,765
2,739,177
119,205
627,480
1,336,687
104,707
640,841
1,191,858
71,563
9,952
1,273,373
1,914,214
411,176
763,283
1,995,460
2,758,743
487,161
9/12/2008
3/3/2008
609,000
540,463
1,149,463
24
10/3/2014
699,395
1,167,223
33,692
1,200,915
1,900,310
439,222
2/15/2006
9/15/2005
976,803
1,361,281
36,880
30,504
1,428,665
2,405,468
476,568
10/23/2006
6/19/2006
1,049,946
1,952,028
13,898
30,875
1,996,801
3,046,747
655,265
919,303
98,231
23,966
122,288
1,041,591
105,541
12/27/1994
634,489
1,472,504
266
1,472,770
2,107,259
496,325
1/13/2006
El Campo
98,060
454,631
552,691
546,555
1,399,487
109,626
679,770
1,591,758
124,688
870,981
1,177,824
168,185
34,110
1,380,119
2,251,100
502,483
6/2/2006
909,311
1,690,848
34,606
1,753,660
2,662,971
594,448
943,812
1,897,644
2,841,456
469,655
8/28/2008
3/20/2008
75,992
352,316
78,212
430,547
506,539
397,842
1,096,376
2,300,690
235,500
102,443
2,638,633
3,735,009
1,830,383
989,152
1,838,713
25,823
1,864,536
2,853,688
606,311
Irving
1,500,411
2,156
1,502,567
1,024
2/5/2003
1,327,348
2,467,204
17,494
28,703
2,513,401
3,840,749
811,336
Live Oak
727,956
1,214,835
181,920
32,870
1,429,625
2,157,581
554,068
9/27/2005
6/1/2005
1,231,857
2,289,864
3,521,721
744,205
105,904
490,998
596,902
134,940
625,612
760,552
3/20/1986
729,596
120,820
120,911
850,507
120,840
12/23/1994
984,909
1,831,268
(1,353,708)
477,651
1,462,560
602,390
Mexia
93,620
434,046
50,273
11,861
496,180
589,800
457,500
New Braunfels
860,262
1,169,016
56,524
1,475,540
2,335,802
582,892
2/14/2006
10/12/2005
Palestine
825,066
1,534,394
31,586
26,449
1,592,429
2,417,495
510,952
2,420,222
769
2,420,991
384
3/12/2003
835,431
1,185,257
49,629
1,234,886
2,070,317
454,805
12/2/2005
690,443
1,109,136
40,629
1,149,765
1,840,208
424,631
10/24/2005
6/27/2005
835,586
1,227,220
45,129
1,272,349
2,107,935
430,697
9/14/2006
1,012,185
1,376,186
1,720,233
3,096,419
134,752
797,574
1,193,813
1,350
9,966
1,205,129
2,002,703
408,566
Waxahachie
326,935
726,137
41,232
20,790
788,159
1,115,094
740,015
1,035,794
1,925,746
1,925,911
2,961,705
625,965
820,455
1,056,314
1,320,393
2,376,707
103,431
635,945
884,792
884,859
1,520,804
673,983
Bluefield
845,277
1,571,754
1,572,056
2,417,333
510,990
444,465
1,283,010
100,502
541,628
1,008,771
1,550,399
297,570
751,055
1,396,772
66,062
18,130
1,480,964
2,232,019
490,165
833,114
1,549,167
1,549,949
2,383,063
503,767
421,479
785,639
248,110
27,205
1,060,954
1,482,433
290,308
717,891
(62,150)
655,886
1,040,886
212,893
505,470
1,660,095
130,041
867,684
1,613,368
31,039
39,150
1,683,557
2,551,241
581,101
651,167
1,212,201
1,212,306
1,863,473
357,587
Bennington
118,823
673,551
792,374
351,367
Rutland
812,197
1,511,184
2,323,381
445,782
Williston
1,197,659
439,684
198,857
921,947
129,058
13,566
1,064,571
1,263,428
972,014
5/29/1984
Sturgeon Bay
214,865
477,221
34,385
614
512,220
727,085
498,851
12/1/1987
F-60
722,732
1,343,920
63,217
33,305
1,440,442
2,163,174
482,422
Laramie
466,417
43,443
7,115
516,975
726,975
479,182
3/12/1990
Alabaster
335,197
622,697
957,894
206,528
252,403
468,949
721,352
155,535
Atmore
272,044
505,636
777,680
270,510
8/31/2001
Attalla
148,993
276,890
425,883
91,835
172,438
320,429
106,276
251,434
467,185
718,619
249,941
Brent
134,432
249,846
384,278
82,866
427,391
657,427
228,652
251,349
466,972
718,321
249,828
303,056
563,001
866,057
301,203
242,194
449,977
692,171
149,242
398,669
740,568
1,139,237
396,201
226,108
420,117
646,225
139,339
Haleyville
488,357
750,857
137,553
214,198
397,991
612,189
132,000
Hueytown
281,422
522,828
804,250
173,405
Leeds
171,145
318,028
489,173
105,479
531,950
818,283
176,430
143,693
267,060
410,753
88,575
145,206
269,870
415,076
89,507
380,468
706,777
1,087,245
232,058
10/12/2006
Northport
832,541
1,040,676
1,873,217
81,520
Opp
160,778
298,782
459,560
98,100
Prattville
254,278
472,432
726,710
156,690
South Alabaster
148,982
276,881
425,863
91,832
Trussville
256,485
476,510
732,995
156,454
Warrior
159,109
295,676
454,785
98,066
Arkadelphia
248,868
462,744
711,612
151,934
Bentonville
377,086
700,582
1,077,668
374,808
288,643
536,715
825,358
287,134
267,376
497,124
764,500
164,879
173,984
323,371
2,200
325,641
499,625
92,549
11/16/2007
219,703
408,588
628,291
135,515
317,000
589,377
906,377
315,308
Pocahontas
241,128
447,988
689,116
147,089
Siloam Springs
352,808
542,808
241,663
704,014
1,307,998
(145,542)
558,472
1,866,470
385,858
8/28/2007
525,463
976,404
1,501,867
288,037
107,393
500,154
500,215
607,608
498,673
1/17/1986
463,231
860,982
1,324,213
253,987
236,121
541,651
777,772
360,194
5/28/1998
Barstow
690,204
1,380,046
449,786
Fresno
561,502
1,043,688
1,605,190
307,884
Livermore
662,161
823,242
1,485,403
536,483
9/23/1998
95,192
441,334
441,339
536,531
441,338
170,394
135,301
305,695
395,695
241,214
12/9/1976
386,793
417,290
804,083
274,716
7/31/1998
San Ramon
406,000
1,126,930
1,532,930
12/8/1983
288,558
537,322
825,880
158,506
540,346
750,346
72,947
8/29/2011
444,277
Brush
220,976
310,976
29,832
152,000
704,736
856,736
9/30/1986
Fort Morgan
350,452
430,452
47,311
1,681,038
59,281
509,281
124,971
634,971
16,871
508,347
768,347
68,627
207,744
677,744
28,045
F-61
261,466
487,102
748,568
Meriden
369,482
687,116
1,056,598
202,697
Chipley
270,439
502,655
773,094
268,915
484,090
899,658
1,383,748
265,397
512,393
882,393
69,173
Dade City
387,991
527,991
52,379
Defuniak Springs
269,554
501,010
770,564
268,035
100,727
540,727
13,598
150,210
693,445
253
693,698
843,908
693,699
9/13/1985
Lake Placid
206,076
426,076
27,820
519,387
829,387
70,117
556,704
1,086,704
75,155
288,777
458,777
38,985
579,385
839,385
78,217
949,489
1,549,489
593,652
5/27/1999
204,200
911,338
1,115,538
539,363
3/27/2000
8/24/1999
456,108
847,515
1,303,623
309,343
11/21/2005
465,993
866,048
1,332,041
255,483
556,668
886,668
351,750
2/17/1999
202,047
375,424
577,471
123,264
767,303
1,424,991
2,192,294
125,874
10/15/2012
Port Richey
848,210
1,575,247
2,423,457
139,147
Saint Petersburg
379,455
705,487
1,084,942
208,116
675,403
1,045,403
91,179
Seffner
209,679
409,679
28,307
715,857
1,100,857
201,632
12/25/2007
325,857
500,857
91,782
545,211
1,013,321
1,558,532
298,927
678,666
28,170
589,949
1,019,949
79,643
1,788,133
2,750,633
527,498
Venice
28,239
368,239
3,812
Wauchula
324,525
584,525
43,811
662,046
882,046
89,376
326,690
607,247
933,937
219,621
12/22/2005
361,957
761,957
48,864
1,085,401
1,356,752
2,442,153
106,279
390,566
600,566
248,510
768,510
33,549
536,205
996,521
1,532,726
293,972
869,716
1,087,145
1,956,861
85,160
384,908
604,908
51,963
237,822
442,409
680,231
130,508
338,634
718,634
45,716
Loganville
422,840
762,840
57,083
423,132
786,530
1,209,662
232,024
286,762
596,762
38,713
Oakwood
100,481
540,481
310,767
578,088
888,855
170,532
300,211
558,074
858,285
201,836
292,628
543,862
836,490
290,961
223,475
415,563
639,038
150,295
Winder
429,116
659,116
57,931
426,834
792,693
1,219,527
85,875
4/17/2012
208,411
387,971
596,382
140,315
187,250
349,057
278
349,335
536,585
98,321
125,076
233,206
233,484
358,560
84,350
Fort Dodge
388,815
722,573
1,111,388
239,653
Oelwein
84,244
157,375
157,653
241,897
56,924
393,010
729,875
1,122,885
76,637
5/25/2012
Urbandale
395,896
735,724
1,131,620
244,015
263,555
490,374
490,652
754,207
174,091
2/28/2006
190,894
824,305
1,015,199
479,886
161,352
735,104
896,456
390,017
10/7/1988
F-62
Bethalto
166,596
346,596
22,490
569,693
875,943
168,057
Cahokia
613,995
683,995
82,889
Carlyle
428,860
508,860
57,896
Centralia
225,966
420,573
646,539
152,106
Countryside
559,824
860,824
165,144
328,978
688,978
44,412
1,300,943
2,000,943
383,776
Fairview Heights
660,652
1,227,321
1,887,973
447,972
282,701
482,701
38,165
Gurnee
2,100,747
402,894
401,819
1,303,225
1,705,044
80,366
454,866
584,866
61,407
Jerseyville
420,481
570,481
56,765
280,903
522,424
803,327
154,113
206,532
383,970
590,502
205,419
363,760
493,760
49,108
423,340
1,373,026
1,796,366
84,670
Mascoutah
435,792
515,792
58,832
385,304
1,249,662
1,634,966
77,062
Red Bud
251,200
431,200
33,912
Rock Island
138,463
258,066
396,529
93,333
Sparta
236,571
476,571
31,937
228,687
741,703
970,390
45,738
281,230
511,230
37,966
496,908
923,576
1,420,484
272,453
475,300
883,468
1,358,768
260,621
Wood River
369,377
549,377
49,866
1,867
394,008
1,383,992
1,778,000
2,307
Bluffton
377,609
1,326,391
1,704,000
2,211
Columbia City
2,467
Crawfordsville
1,552,000
1,852,000
2,587
361,211
1,268,789
2,115
496,306
922,168
1,418,474
336,591
Evansville
136,738
254,864
391,602
92,175
Fort Wayne
1,221,000
1,481,000
2,035
973,000
1,363,000
1,622
377,668
1,326,332
476,075
1,671,925
2,148,000
2,787
328,243
1,152,757
1,921
860,000
1,436,000
2,296,000
2,393
1,037,000
1,512
813,225
1,250,725
239,900
129,919
242,199
372,118
87,594
Kendallville
1,889,000
2,519,000
3,148
417,330
775,555
1,192,885
272,737
3/28/2006
344,866
1,211,134
1,556,000
2,019
1,131,000
1,885
1,311,000
2,185
426,384
792,314
1,218,698
286,553
12/13/2005
136,400
632,380
8,000
640,380
776,780
3/18/1986
67,156
149,157
13,837
163,208
230,364
156,446
644,177
1,196,786
1,840,963
436,827
Munster
1,040,943
1,600,943
307,076
N. Manchester
679,000
889,000
1,132
New Haven
Newburgh
161,193
300,280
461,473
108,600
Noblesville
857,000
1,407,000
262,598
922,402
1,185,000
1,537
133,200
617,545
617,679
750,879
617,666
4/28/1986
Valparaiso
365,612
679,507
1,045,119
243,490
1/11/2006
F-63
W. Lafayette
155,856
290,368
446,224
105,016
Chanute
330,852
615,008
945,860
203,978
269,301
500,698
769,999
166,065
700,039
890,039
94,505
214,040
384,040
28,895
624,304
834,304
84,281
767,812
907,812
103,655
338,788
748,788
45,736
754,020
1,401,069
2,155,089
413,313
Parsons
318,516
592,099
910,615
196,379
Bowling Green
685,246
1,273,002
1,958,248
464,646
Hazard
243,836
453,025
453,033
696,869
150,259
122,200
1,400
31,682
33,082
155,282
12,930
422,501
784,831
1,207,332
260,302
1,251,276
1,924,827
456,716
172,269
320,497
492,766
106,298
371,127
690,819
1,061,946
208,384
6/22/2007
163,651
304,492
468,143
100,990
291,675
541,890
833,565
289,909
170,274
316,792
487,066
105,070
359,268
667,417
1,026,685
357,066
154,671
287,815
442,486
95,459
200,033
372,059
572,092
123,399
259,987
483,401
743,388
160,328
269,130
500,382
769,512
165,960
Vivian
135,568
252,338
387,906
83,692
Winnfield
145,973
271,661
417,634
90,101
Fall River
1,787,831
2,750,331
527,410
Hagerstown
499,396
928,250
1,427,646
273,832
279,923
521,223
801,146
153,759
651,446
1,001,446
192,174
Affton
171,955
291,955
23,214
237,094
440,596
677,690
235,715
570,000
228,347
798,347
30,827
159,346
296,519
455,865
98,346
450,078
836,372
1,286,450
299,700
Desloge
1,020,010
1,275,012
2,295,022
99,876
315,830
1,024,338
1,340,168
63,167
340,042
1,102,863
1,442,905
68,010
86,396
376,396
11,663
239,221
489,221
32,295
235,370
515,370
31,775
Joplin
301,207
749,000
1,050,207
81,631
281,001
522,428
803,429
173,272
484,010
714,010
339,994
539,994
45,899
450,156
950,156
60,771
442,586
193,561
Mountain Grove
408,591
628,295
135,516
290,795
540,616
831,411
179,304
Nixa
251,387
467,430
718,817
155,031
Olivette
319,958
1,037,725
1,357,683
63,993
362,265
1,174,938
1,537,203
72,455
383,603
1,244,145
1,627,748
76,722
Potosi
242,154
785,383
1,027,537
48,432
663,580
1,123,580
89,583
88,519
428,519
11,950
184,049
684,049
24,847
263,107
853,340
1,116,447
52,623
329,242
611,728
940,970
327,271
327,805
1,063,176
1,390,981
65,563
251,381
467,418
718,799
155,027
F-64
225,939
420,162
646,101
137,953
Webb City
337,647
627,628
965,275
208,163
Biloxi
414,902
770,725
1,185,627
255,624
163,193
303,268
466,461
100,584
Carthage
157,803
293,257
451,060
97,264
128,409
238,775
367,184
86,357
117,411
218,350
335,761
78,969
285,607
530,598
816,205
175,982
154,733
287,549
287,717
442,450
95,396
106,457
198,007
304,464
71,612
239,686
445,337
685,023
238,253
Gautier
241,995
449,607
691,602
149,120
311,324
578,378
889,702
309,430
177,329
329,520
506,849
109,291
Hernando
137,898
256,282
394,180
226,962
421,695
648,657
139,862
Indianola
270,639
502,822
773,461
269,007
139,243
258,779
398,022
85,828
237,982
442,154
680,136
146,648
352,003
653,900
1,005,903
214,697
Kosciusko
311,422
578,550
889,972
191,886
Magee
264,395
491,206
755,601
162,917
287,821
534,713
822,534
177,346
Natchez
402,589
747,934
1,150,523
240,585
12/21/2006
284,350
528,311
812,661
282,643
332,234
617,192
949,426
204,702
362,276
673,055
1,035,331
191,821
164,058
304,873
468,931
101,116
297,182
552,097
849,279
181,272
292,868
543,912
836,780
180,398
Pontotoc
285,006
529,492
814,498
175,615
498,426
925,905
1,424,331
263,883
175,436
326,005
501,441
108,125
166,869
310,095
476,964
102,848
225,934
419,857
645,791
139,252
9/28/2006
275,895
512,632
788,527
170,023
West Point
87,859
163,468
251,327
59,121
Wiggins
268,104
498,095
766,199
165,202
264,226
491,419
755,645
144,967
Granite Falls
1,412,026
1,765,032
3,177,058
138,261
872,587
1,090,734
1,963,321
85,441
Hildebran
966,417
1,208,021
2,174,438
94,628
1,811,063
2,263,829
4,074,892
177,333
Raeford
773,505
966,881
1,740,386
75,739
983,522
1,229,402
2,212,924
1,033,636
1,292,046
2,325,682
101,210
353,239
656,427
1,009,666
351,183
126,423
235,323
361,746
85,108
Devils Lake
150,390
279,798
430,188
101,194
217,057
403,609
620,666
145,972
136,523
254,045
390,568
91,879
Minot
153,870
286,260
440,130
103,531
444,460
825,938
825,970
1,270,430
295,977
650,877
650,909
1,000,909
192,023
412,349
767,082
1,179,431
226,287
317,454
591,060
908,514
174,358
299,187
556,978
856,165
164,285
394,450
734,205
1,128,655
216,577
473,710
881,038
1,354,748
259,905
633,461
1,177,718
1,811,179
347,425
Bixby
145,791
271,272
417,063
98,110
Checotah
153,232
285,092
438,324
103,108
Idabel
214,244
398,545
612,789
213,213
327,043
607,645
934,688
325,086
F-65
Tahlequah
224,982
418,341
643,323
151,300
295,993
549,981
845,974
294,236
198,540
689,507
888,047
487,320
5/23/1989
The Dalles
1,034,805
1,293,506
2,328,311
101,325
586,368
901,368
172,975
423,333
787,125
1,210,458
232,200
240,937
447,656
688,593
148,473
952,423
1,190,529
2,142,952
93,258
812,611
1,015,764
1,828,375
79,568
Inman
809,987
1,012,483
1,822,470
79,311
Leesville
899,686
1,124,607
2,024,293
88,094
708,489
885,611
1,594,100
69,373
Piedmont
841,862
1,052,327
1,894,189
82,432
957,339
1,196,673
2,154,012
93,739
Walternoro
779,500
1,019,500
1,299
12/8/2014
Chamberlain
139,587
259,627
399,214
93,898
112,143
208,660
320,803
75,465
197,967
368,047
566,014
133,110
340,718
633,332
974,050
201,611
1/19/2007
Spearfish
142,114
264,320
406,434
95,595
Watertown
197,559
367,289
564,848
132,836
Winner
115,591
215,063
330,654
77,781
244,470
454,016
698,486
149,069
10/2/2006
152,469
283,343
435,812
93,975
289,379
538,081
827,460
287,865
740,474
1,230,474
16,044
Collierville
433,503
805,339
1,238,842
229,522
410,242
761,878
1,172,120
356,774
662,837
1,019,611
188,908
155,954
289,815
445,769
96,122
341,251
633,753
975,004
208,082
126,158
234,594
235,063
361,221
84,865
312,734
581,049
49,946
52
631,047
943,781
170,856
411,504
764,222
1,175,726
250,920
322,616
496,232
107,001
McMinnville
442,735
635,260
1,077,995
204,323
148,386
275,760
424,146
91,460
254,423
472,680
727,103
155,197
309,358
574,779
884,137
163,812
Milan
138,159
256,766
394,925
85,161
Millington
285,613
530,630
816,243
283,885
182,935
340,274
523,209
123,065
376,568
699,340
1,075,908
229,617
383,266
712,027
1,095,293
229,035
147,915
274,700
422,615
90,193
432,494
803,203
1,235,697
263,718
350,983
651,825
1,002,808
214,016
653,785
1,153,785
14,165
231,552
430,232
661,784
230,171
Sevierville
423,790
787,301
1,211,091
261,122
245,370
455,687
701,057
149,617
174,379
324,032
498,411
107,471
165,000
306,771
471,771
189,687
7/9/1999
1,040,667
1,600,667
306,995
269,284
500,766
770,050
147,724
1,265,732
1,175,014
1,468,768
2,643,782
115,053
212,875
396,007
608,882
116,820
826,321
1,032,902
1,859,223
80,911
386,451
718,361
1,104,812
211,915
Ennis
384,793
45,798
12,600
443,191
616,441
401,195
12/28/1987
Ferris
1,023,905
922,690
1,153,363
2,076,053
90,347
Forney
1,260,586
1,427,489
2,569,480
111,820
223,195
492,067
492,121
715,316
467,775
6/26/1991
423,281
382,059
805,340
303,737
2/10/1995
F-66
520,197
800,197
153,458
194,994
386,056
386,184
581,178
363,480
6/25/1991
113,693
113,751
335,664
624,233
959,897
184,147
1,003,721
1,254,651
2,258,372
98,281
Hurst
215,623
401,245
616,868
118,365
291,971
543,094
835,065
160,210
583,014
14,468
597,482
859,982
597,419
5/29/1987
448,000
832,667
1,280,667
245,635
128,842
239,585
368,427
86,650
111,146
206,720
317,866
74,764
227,067
333,031
560,098
264,760
2/9/1995
304,414
623,331
927,745
418,613
3/23/1998
197,871
391,753
391,881
589,752
368,843
South Houston
1,193,698
1,139,426
1,424,283
2,563,709
111,569
214,024
423,733
423,861
637,885
398,945
302,505
291,414
593,919
231,674
Texarkana
311,263
578,266
889,529
309,369
1,137,100
1,062,212
1,327,765
2,389,977
104,008
987,888
884,385
1,105,481
1,989,866
86,596
Vidor
146,291
271,990
418,281
98,370
805,000
1,495,800
2,300,800
441,259
308,824
573,529
882,353
98,456
9/14/2010
551,588
797,260
27,378
19,745
844,383
1,395,971
558,888
2/23/1998
Spokane
479,531
646,719
1,126,250
1,302,457
1,628,071
2,930,528
127,532
340,126
631,662
971,788
68,430
Grafton
149,778
332,664
482,442
308,131
572,756
880,887
205,237
Oshkosh
385,870
716,616
1,102,486
77,633
Lebec
9,100,140
2,357,234
30,943,343
33,300,577
1,731,354
3,190,883
3,413,933
104,361
207,462
3,725,756
6,916,639
1,974,751
Brookville
19,099,860
2,577,129
48,823,456
51,400,585
2,731,789
703,355
1,432,903
17,538
3,643
1,454,084
2,157,439
433,257
Anchorage
1,486,000
5,045,244
6,531,244
2,665,562
10/17/2001
984,890
1,536,269
2,521,159
483,907
2/12/2007
5,735,722
8,985,722
965,513
3,321,244
4,971,244
1,754,715
608,790
2,557,564
3,166,354
1,135,385
9/10/2003
4/18/2003
1,695,000
2,025,554
3,720,554
1,070,164
1,296,000
2,234,554
3,530,554
1,180,586
Jupiter
1,698,316
4,352,255
247,478
4,599,733
6,298,049
2,172,383
5/3/2000
994,000
4,076,554
5,070,554
2,153,776
1,197,000
2,573,554
3,770,554
1,359,691
1,460,000
6,461,804
7,921,804
49,422
9/4/2014
4/16/2014
1,339,957
1,831,350
3,171,307
637,585
3/1/2006
1,360,000
7,222,517
8,582,517
31,217
10/7/2014
4/22/2014
Geneva
2,082,000
1,838,888
3,920,888
971,540
1,634,833
11/13/2014
Avon
2,200,000
5,298,495
7,498,495
123,288
3/5/2014
5,241,516
6,731,516
165,981
2,084,000
3,046,888
5,130,888
1,609,766
2,390,000
3,416,323
5,806,323
233,449
Kearney
173,950
344,393
344,417
518,367
339,599
5/1/1990
5,559,686
4,447,566
10,007,252
1,786,439
12/29/2004
2,770,492
3,620,492
60,027
Eugene
7,434,760
25,586
7,460,346
8,180,346
540,596
3/22/2013
2,101,415
3,902,912
6,004,327
2,049,028
11/8/2001
1,145,120
2,770,957
3,916,077
797,647
F-67
1,234,815
3,111,921
(428,405)
806,410
3,918,331
1,217,604
Mt Juliet
2,449,395
6,178,862
8,628,257
70,268
5/12/2014
2,501,244
3,201,244
1,321,482
5,720,000
6,300,000
9/29/2014
5,556,669
6,656,669
138,917
5/13/2014
1,941,000
2,979,888
4,920,888
1,574,368
2,720,359
11,128,077
11,128,224
13,848,583
1,650,766
Harmans
3,411,391
11,757,946
363,285
12,121,231
15,532,622
675,351
9,100,000
15,816,613
16,696,613
320,098
1,721,686
9,387,216
2,750
9,390,024
11,111,710
1,330,732
6/22/2011
1,740,479
11,570,294
11,570,441
13,310,920
1,716,361
Fairbanks
2,586,879
9,575
2,596,454
5,378
9/27/2000
2,810,868
14,308
2,825,176
8,036
2,060,287
8,914,162
10,974,449
1,203,412
8/8/2011
2,466,208
13,463,098
15,929,306
1,817,518
5,150,000
9,056,647
14,206,647
196,227
2,618,441
8,979,199
11,597,640
5,133,089
2,497,504
10,148,237
12,645,741
1,370,012
Chamblee
4,329,404
14,942
4,344,346
8,204
2,962,468
13,170,143
107,448
13,277,591
16,240,059
1,814,026
4,924,553
14,207,916
19,132,469
3,239,625
1/31/2008
Dubuque
3,185,053
5,915,983
9,101,036
1,646,615
4,270,500
9,070,885
13,341,385
3,371,336
9/28/2005
3,297,566
11,716,314
15,013,880
3,507,824
832,500
3,499,885
4,332,385
1,300,781
Mattoon
543,183
5,110,193
5,653,376
1,899,279
North Pekin
1,575,231
9,183,100
10,758,331
3,413,043
16,675,954
(1,779)
4,268,721
20,944,675
6,197,887
3,151,838
10,404,452
13,556,290
3,866,978
2,498,642
7,934,745
10,433,387
2,949,071
1,999,812
7,234,361
9,234,173
2,688,761
2,700,395
17,672,980
20,373,375
6,366,661
1,249,321
9,835,885
11,085,206
3,655,661
2,460,040
17,641,170
20,101,210
5,593,029
Inver Grove
2,863,272
15,274,237
18,137,509
5,676,915
1,106,618
4,872,502
5,979,120
1,810,937
Rockaway
8,634,576
14,679,823
23,314,399
4,726,034
12/6/2006
4/13/2005
2,700,000
5,570,505
47,777
5,618,282
8,318,282
2,085,595
9/29/2005
Henrietta
2,152,546
8,953,645
11,106,191
1,208,742
1,511,018
1,386
1,512,404
778
2,062,545
8,467,551
421,563
8,889,114
10,951,659
1,238,820
2,103,351
5,161,550
7,264,901
2,503,339
4,915,032
16,377
16,435
4,931,467
9,215
2,793,001
9,942
2,803,001
5,601
2,072,738
8,340,814
8,342,814
10,415,552
820,522
Burleson
2,280,000
2,802,189
2,802,323
5,082,323
948,127
2,161,477
5,561,558
7,723,035
1,809,063
10/11/2006
8/9/2005
2,910,035
12,674,850
15,584,885
1,711,105
2,887,500
5,363,826
8,251,326
1,939,917
12/21/2005
1,642,533
6,984,372
8,626,905
942,890
1,013,706
5,880,539
6,894,245
1,930,777
10/6/2006
1,314,065
9,748,457
11,062,522
5,572,832
2,212,494
9,324,958
11,537,452
1,258,869
Sterling
4,546,305
33,325
4,579,630
18,157
1,988,142
7/27/2000
Fitchburg
5,540,553
10,290,483
15,831,036
2,864,184
4,106,903
23,819,301
27,926,204
1,332,747
F-68
West Sacramento
12,277,918
29,165,650
15,541
29,181,191
41,459,109
1,632,794
Palmetto
1,853,907
9,636,680
12,345
9,649,025
11,502,932
1,463,855
3/17/2011
123,500
1/10/2011
612,500
1,137,500
1,750,000
180,104
Grayslake
5,044,195
26,213,408
26,213,908
31,258,103
2,928,355
4/21/2011
959,651
4,053,122
5,012,773
533,661
9/13/2011
Dodge City
244,811
3,713,789
3,958,600
168,766
Hays
895,274
171,304
2,695,576
2,866,880
100,267
2,840,499
7,375,302
7,376,302
10,216,801
1,118,962
472,500
877,500
1,350,000
138,938
14,801,130
5,732,055
30,841,995
73,256
30,915,251
36,647,306
1,730,858
Saint Rose
3,147,428
8,283,048
14,329
8,297,377
11,444,805
1,007,925
12/20/2011
1,740,080
4,580,068
6,320,148
2,092,265
12/24/2003
4/1/2003
4,499,317
50,712,048
50,748,548
55,247,865
2,627,402
82,333
Gibraltar
72,042
219,564
10,638,391
10,857,955
595,243
Saline
4,833,060
1,275,995
17,419,749
18,695,744
780,493
2,197,022
474,860
4,309,642
4,784,502
241,135
2,451,948
12,666,197
98,424
12,764,621
15,216,569
1,375,560
9,498,870
2,669,300
19,440,332
22,109,632
1,087,733
Petal
3,657,281
3,972,281
157,355
5/24/2013
7/12/2012
1,365,000
216,125
Grand Forks
1,687,642
366,876
3,329,620
10,205
3,339,825
3,706,701
187,278
3,658,273
792,802
8,030,247
8,823,049
449,311
West Lebanon
996,755
8,076,928
9,073,683
451,923
Bronx
13,385,049
19,765,973
75,475
19,841,448
1,131,898
Rensselaer
5,393,842
64,054,730
142,250
64,196,980
69,590,822
3,330,552
North Canton
10,641,063
595,393
2,237,958
53,040,112
55,278,070
2,967,721
719,985
10,102,113
10,822,098
1,094,396
4/10/2012
Walbridge
61,750
102,917
405,243
1,832,175
22,294
1,854,469
2,259,712
284,973
Snow Shoe
591,101
12,994,366
13,585,467
727,066
1,605,500
416,023
3,775,664
4,191,687
209,994
2,024,239
8,974,591
8,975,091
10,999,330
1,361,334
16,398,303
202,533
16,600,836
20,170,836
879,324
2/27/2013
5,802,459
45,111,656
50,914,115
2,524,105
9,187,363
3,140,000
11,319,877
14,459,877
310,603
12,427,637
3,910,000
16,504,232
20,414,232
452,786
La Porte
875,000
1,625,000
2,500,000
257,292
439,127
9,850,570
10,289,697
551,161
Vineyard
1,732,107
7,355,673
9,087,780
818,896
Spokane Valley
805,923
9,103,792
9,103,804
9,909,727
509,379
Beckley
497,198
6,041,389
6,538,587
264,131
2,251,894
6,475,946
8,727,840
252,531
12/28/2012
3,540,000
6,206,964
6,208,464
9,748,464
382,988
5,699,931
10,584,586
10,585,586
16,285,517
970,479
11,841,797
21,990,910
21,991,910
33,833,707
2,016,058
5,788,032
10,748,203
10,749,203
16,537,235
985,477
5,690,200
4,673,148
9,903,758
2,072
9,905,830
14,578,978
776,192
2,760,000
4,164,146
4,165,646
6,925,646
257,014
Kenner
6,294,719
6,296,219
8,866,219
388,399
8,965,840
16,649,846
16,650,846
25,616,686
1,526,461
17,820,000
19,570,396
19,571,396
22,471,396
554,570
10,208,201
18,958,088
29,166,289
2,496,148
Nashua
7,204,581
13,379,935
20,584,516
1,761,692
F-69
Clay
6,902,476
12,817,384
12,818,884
19,721,360
1,175,264
13,122,718
24,369,763
24,370,763
37,493,481
3,209,010
Yorktown Heights
11,225,391
20,847,154
32,072,545
2,744,875
6,607,526
6,609,026
9,739,026
407,689
3,100,000
6,280,893
6,282,393
9,382,393
387,547
Conshohocken
7,231,557
13,430,034
20,661,591
1,768,288
Stroudsburg
5,192,837
9,642,340
9,643,840
14,836,677
884,219
5,433,864
10,090,462
10,091,462
15,525,326
925,184
4,810,000
4,880,207
9,690,207
300,946
3,750,000
6,190,754
6,192,254
9,942,254
381,988
5,820,158
5,821,158
7,011,158
359,060
2,720,000
6,293,142
6,294,142
9,014,142
388,227
3,410,000
5,759,623
5,761,123
9,171,123
355,402
Jersey Village
3,370,000
5,865,635
5,867,135
9,237,135
361,939
6,750,000
7,580,624
7,581,624
14,331,624
467,622
3,660,000
5,213,163
5,214,663
8,874,663
321,703
3,830,000
5,019,869
5,021,369
8,851,369
309,784
Tyler
1,940,000
4,638,872
4,640,372
6,580,372
286,289
4,262,780
4,264,280
6,264,280
263,096
5,650,222
10,493,270
16,143,492
961,883
5,659,285
10,509,101
10,510,101
16,169,386
1,384,023
Irondale
392,795
865,115
42,603
907,882
1,300,677
613,584
1,949,375
12,966,248
832,944
13,799,192
15,748,567
4,035,672
8/13/2007
1/18/2006
5,699,757
22,467,583
126,805
22,594,412
28,294,169
567,968
5,810,243
15,629,523
140,198
15,769,745
21,579,988
538,845
259,686
362,562
56,657
419,373
679,059
274,008
289,714
797,856
10,910
16,580
825,346
1,115,060
528,675
11/23/1998
405,360
656,296
(124,313)
531,983
937,343
487,964
181,156
515,598
622,599
803,755
438,959
139,199
8/18/1986
328,187
921,232
118,422
546
1,040,200
1,368,387
671,231
11/14/1997
Crest Net Lease
1,979,029
2,068,510
(2,065,386)
17,030
1,979,030
20,153
1,999,183
175,606
Various
836,010,827
3,056,718,946
8,091,216,708
18,052,282
6,360,479
3,053,540,974
8,118,807,441
11,172,348,415
1,390,808,700
Note 1.
Realty Income Corporation owns 4,327 single-tenant properties and two corporate headquarters properties. Crest Net Lease, Inc. owns two properties.
Realty Income Corporation also owns 19 multi-tenant properties located in each of the following cities: El Cajon, CA; Elk Grove, CA; Hanford, CA; San Diego, CA; Danbury, CT; Brandon, FL; Cutler Ridge, FL; Deerfield Beach, FL; Macon, GA; Valdosta, GA; Fair Grove, MO; Columbus, OH; Edmond, OK; Jackson, TN; Memphis, TN; Cedar Park, TX; Dallas, TX; The Colony, TX and Virginia Beach, VA.
Note 2.
Includes mortgages payable secured by 241 properties, but excludes unamortized net debt premiums of $16.6 million.
Note 3.
The aggregate cost for federal income tax purposes for Realty Income Corporation is $10,725,731,049 and for Crest Net Lease, Inc. is $4,153,963.
Note 4.
The following is a reconciliation of total real estate carrying value for the years ended December 31:
Balance at Beginning of Period
9,918,069,735
5,978,155,929
4,976,096,132
Additions During Period:
Acquisitions
1,463,440,724
4,701,785,534
1,130,059,158
Less amounts allocated to intangible assets that are included in Other Assets on our Consolidated Balance Sheets
(126,550,939)
(645,225,410)
(86,100,036)
Equipment
0
Improvements, Etc.
5,210,401
7,226,683
4,934,558
Other (Leasing Costs and Building Adjustments as a result of net debt premiums)
523,907
6,997,768
13,081,252
Total Additions
1,342,624,093
4,070,784,575
1,061,974,932
Deductions During Period:
Cost of Real Estate sold or disposed of
83,059,172
127,218,307
54,223,955
F-70
Cost of Equipment sold
Releasing costs
732,130
251,616
582,705
Other (including Provisions for Impairment)
4,554,113
3,400,846
5,108,475
Total Deductions
88,345,414
130,870,769
59,915,135
Balance at Close of Period
Note 5.
The following is a reconciliation of accumulated depreciation for the years ended:
1,121,460,394
936,019,074
816,087,890
Additions During Period - Provision for Depreciation
290,551,867
242,619,990
135,470,091
Accumulated depreciation of real estate and equipment sold or disposed of
21,203,561
57,178,670
15,538,907
Note 6.
In 2014, provisions for impairment were recorded on twelve Realty Income properties.
In 2013, provisions for impairment were recorded on nine Realty Income properties.
In 2012, provisions for impairment were recorded on ten Realty Income properties.
Note 7.
In accordance with FASB 143 and FASB interpretation No. 47, we recorded in aggregate $83,532 in 2014, negative $64,339 in 2013 and $30,553 in 2012 to two buildings for the fair value of legal obligations to peform asset-retirement activities that are conditional on future events. These two properties are reported in the drug store industry and are located in Girard, PA and Slippery Rock, PA.
See report of independent registered public accounting firm.
F-71
Less amounts allocated to acquired lease intangible assets and liabilities on our Consolidated Balance Sheets
F-72