7Baggers
Quarterly
Annual
    Unit: USD2025-09-30 2025-06-30 2025-03-31 2024-12-31 2024-09-30 2024-06-30 2024-03-31 2023-12-31 2023-09-30 2023-06-30 2023-03-31 2022-12-31 2022-09-30 2022-06-30 2022-03-31 2021-12-31 2021-09-30 2021-06-30 2021-03-31 2020-12-31 2020-09-30 2020-06-30 2020-03-31 2019-12-31 2019-09-30 2019-06-30 2019-03-31 
      
    		                           
      cash flows from operating activities
    		                           
      net income
    		317,674,000 199,011,000 251,462,000 201,350,000 271,124,000 260,968,000 133,899,000 219,762,000 233,877,000 197,153,000 226,122,000 228,336,000 220,287,000 223,822,000 199,971,000 4,467,000 135,276,000 124,768,000 96,236,000 118,150,000 23,143,000 108,070,000 147,143,000 129,553,000 101,275,000 95,420,000 111,230,000 
      adjustments to net income:
    		                           
      depreciation and amortization
    		631,981,000 647,849,000 608,935,000 606,671,000 602,339,000 605,570,000 581,064,000 475,856,000 495,566,000 472,278,000 451,477,000 438,174,000 419,016,000 409,437,000 403,762,000 333,229,000 198,832,000 187,789,000 177,985,000 175,041,000 169,084,000 168,328,000 164,585,000 156,594,000 149,424,000 150,426,000 137,517,000 
      amortization of share-based compensation
    		7,719,000 8,110,000 5,899,000 9,822,000 6,401,000 7,267,000 34,003,000 6,073,000 6,231,000 7,623,000 6,300,000 4,875,000 5,099,000 6,641,000 5,002,000 29,289,000 4,315,000 4,472,000 3,697,000 3,083,000 3,020,000 4,882,000 5,518,000 3,184,000 3,187,000 4,527,000 2,764,000 
      non-cash revenue adjustments
    		-33,012,000 -23,939,000 -28,486,000 -20,693,000 -30,957,000 -33,781,000 -30,586,000 -10,757,000 -17,852,000 -14,293,000 -19,127,000 -19,471,000 -12,206,000 -11,152,000 -14,180,000  -4,489,000 -7,070,000 -1,163,000 1,982,000 -4,037,000       
      amortization of net discounts (premiums) on mortgages payable
    		74,000 72,000 65,000                         
      amortization of net discounts (premiums) on notes payable
    		1,222,000 909,000 652,000                         
      amortization of deferred financing costs
    		7,975,000 7,162,000 5,920,000 6,245,000 6,001,000 5,874,000 5,819,000 7,172,000 6,930,000 6,094,000 6,474,000 4,497,000 4,035,000 3,636,000 3,445,000 3,721,000 3,260,000 2,698,000 2,654,000 4,115,000 1,972,000 2,335,000 2,581,000 3,417,000 2,418,000 2,003,000 1,957,000 
      foreign currency and unrealized derivative gain
    		19,812,000 -45,787,000 -273,000   7,466,000 -12,570,000                     
      non-cash interest expense
    		362,000 -223,000 1,829,000 2,326,000 1,770,000                       
      gain on sales of real estate
    		-49,107,000 -38,566,000 -22,537,000 -24,985,000 -50,563,000 -25,153,000 -16,574,000 -5,992,000 -7,572,000 -7,824,000 -4,279,000 -9,346,000 -42,883,000 -40,572,000 -10,156,000 -20,402,000 -12,094,000 -14,901,000 -8,401,000 -22,667,000 -13,736,000       
      equity in earnings of unconsolidated entities
    		-3,080,000   -2,353,000 -5,087,000                       
      distributions on common equity from unconsolidated entities
    		8,744,000 15,933,000 5,756,000 5,430,000 5,057,000 5,302,000 5,249,000                     
      provisions for impairment
    		86,972,000 143,363,000 116,589,000 142,966,000 96,920,000 96,458,000 89,489,000                     
      deferred income taxes
    		3,829,000 413,000 -104,000                         
      change in assets and liabilities
    		                           
      accounts receivable and other assets
    		-73,770,000 38,258,000 -95,360,000 -12,256,000 15,199,000 57,821,000 -32,682,000 -93,748,000 -43,271,000 -16,348,000 42,081,000 -237,362,000 73,819,000 151,717,000 -17,698,000 8,378,000 21,300,000 -46,603,000 -21,367,000 -19,493,000 1,344,000 -64,096,000 3,005,000     
      accounts payable, accrued expenses and other liabilities
    		15,740,000 111,373,000 -58,474,000 39,078,000 -48,551,000 -13,878,000 25,958,000 123,766,000 44,785,000 78,259,000 38,483,000 26,719,000 2,912,000 10,570,000 -45,491,000 -36,029,000 25,105,000 46,162,000 -32,019,000 25,802,000 10,799,000   10,046,000    
      net cash from operating activities
    		943,135,000 1,060,669,000 787,516,000 971,963,000 841,468,000 981,172,000 778,673,000 760,658,000 731,998,000 734,879,000 731,234,000 630,490,000 676,805,000 743,082,000 513,479,000 352,123,000 388,932,000 314,681,000 266,453,000 305,738,000 295,161,000 249,428,000 265,216,000 291,231,000 288,043,000 277,636,000 212,027,000 
      cash flows from investing activities
    		                           
      investment in real estate
    		-872,020,000 -1,030,438,000 -1,184,086,000 -1,650,643,000 -718,838,000 -357,053,000 -535,903,000 -1,351,455,000 -2,015,340,000 -3,011,664,000 -1,675,136,000 -3,906,277,000 -1,814,096,000 -1,640,227,000 -1,525,836,000 -2,603,182,000 -1,607,852,000 -1,075,352,000 -1,026,690,000 -996,841,000 -654,115,000       
      free cash flows
    		71,115,000 30,231,000 -396,570,000 -678,680,000 122,630,000 624,119,000 242,770,000 -590,797,000 -1,283,342,000 -2,276,785,000 -943,902,000 -3,275,787,000 -1,137,291,000 -897,145,000 -1,012,357,000 -2,251,059,000 -1,218,920,000 -760,671,000 -760,237,000 -691,103,000 -358,954,000       
      improvements to real estate, including leasing costs
    		-33,189,000 -26,276,000 -22,900,000 -36,207,000 -33,560,000 -42,016,000 -9,628,000 -21,585,000 -17,649,000 -15,598,000 -13,860,000 -29,467,000 -36,393,000 -16,183,000 -13,471,000 -7,921,000 -7,162,000 -2,256,000 -1,741,000 1,628,000 -5,626,000       
      investment in unconsolidated entities
    		-13,782,000 -4,536,000 -5,283,000 -13,367,000 -5,158,000 -13,786,000 -38,070,000                     
      investment in loans
    		-384,276,000 -222,285,000 -200,872,000 -254,160,000 0                       
      proceeds from sales of real estate
    		214,792,000 116,841,000 92,573,000 138,085,000 249,461,000 106,280,000 95,624,000 24,582,000 32,312,000 31,866,000 28,594,000 21,427,000 142,443,000 150,010,000 122,235,000 127,003,000 31,917,000 56,911,000 34,705,000 77,534,000 48,282,000 7,410,000 126,233,000 36,310,000 21,549,000 28,596,000 22,456,000 
      proceeds from note receivable
    		8,112,000 7,780,000 7,022,000 5,738,000 8,988,000 37,106,000 5,468,000     0                
      insurance proceeds received
    		993,000 2,064,000 15,000 370,000 553,000 1,849,000 16,000 12,102,000 7,979,000 916,000 6,282,000 33,024,000 0 154,000 15,892,000             
      non-refundable escrow deposits
    		  -100,000 38,525,000    988,000 747,000 21,664,000 -23,599,000 22,889,000 -14,741,000 3,013,000 -16,828,000 -22,958,000 5,721,000           
      net cash acquired in merger
    		   0 0 0 93,683,000                     
      net cash from investing activities
    		-1,079,170,000 -1,156,750,000 -1,313,631,000 -1,771,659,000 -537,304,000 -645,110,000 -388,810,000 -2,716,295,000 -1,991,951,000 -2,968,889,000 -1,677,719,000 -3,857,937,000 -1,608,644,000 -1,502,487,000 -1,418,008,000 -2,834,743,000 -1,577,376,000 -1,031,850,000 -993,726,000 -920,553,000 -308,693,000       
      cash flows from financing activities
    		                           
      cash distributions to common stockholders
    		-737,859,000 -727,450,000 -711,824,000 -691,861,000 -687,144,000 -676,215,000 -636,499,000 -556,114,000 -543,343,000 -515,091,000 -497,245,000 -470,736,000 -458,586,000 -445,829,000 -438,280,000 -371,179,000 -273,791,000 -263,359,000 -260,697,000 -247,632,000 -242,241,000       
      cash distributions to preferred stockholders
    		   0 -2,588,000 -2,587,000 -2,588,000                     
      borrowings on revolving credit facilities and commercial paper programs
    		2,884,478,000                           
      payments on revolving credit facilities and commercial paper programs
    		-2,416,622,000                           
      principal payment on term loans
    		                           
      proceeds from notes payable issued
    		0   0 1,407,925,000 0 1,250,000,000 976,451,000 1,188,411,000 983,915,000 1,090,968,000                 
      principal payment on notes payable
    		0   0 -350,000,000 0 -499,999,000         -750,000,000 0 0 -950,000,000 0 0       
      principal payments on mortgages payable
    		-425,000 -4,268,000 -39,520,000 -114,184,000 -3,964,000 -1,182,000 -621,175,000 -1,173,000 -12,772,000 -6,837,000 -1,233,000 -1,151,000 -85,132,000 -182,362,000 -43,589,000 -10,592,000 -13,393,000 -24,480,000 -18,110,000 -35,078,000 -58,981,000       
      proceeds from common stock offerings
    		314,835,000 622,224,000 624,795,000 932,900,000 266,627,000 -255,000 543,538,000 1,589,499,000 873,280,000 2,180,493,000 796,190,000 2,151,936,000 691,396,000 1,056,602,000 656,094,000 0 593,940,000 -295,000 669,590,000 0 0 0 728,883,000 0 0   
      proceeds from dividend reinvestment and stock purchase plan
    		2,928,000 2,812,000 3,105,000 2,998,000 2,645,000 3,052,000 3,117,000 3,137,000 2,971,000 2,700,000 2,711,000 2,946,000 2,977,000 2,932,000 2,799,000 3,024,000 2,886,000 2,668,000 2,654,000 2,187,000 2,107,000 2,449,000 2,366,000 2,178,000 2,161,000 1,934,000 2,164,000 
      redemption of preferred stock
    		   0                        
      distributions to noncontrolling interests
    		-3,016,000 -2,977,000 -2,999,000 -2,958,000 -2,487,000 -2,430,000 -2,268,000 -2,140,000 -2,547,000 -1,559,000 -1,479,000 -1,277,000 -882,000 -894,000 -882,000 -509,000 -407,000 -389,000 -402,000 -401,000 -401,000       
      debt issuance costs
    		-313,000   -1,330,000 -30,682,000 0 -28,603,000 -46,884,000 -9,906,000 -8,505,000 -16,603,000 -6,424,000 -460,000 -17,580,000 -9,692,000 -4,735,000    -10,586,000 -3,344,000       
      other items, including shares withheld upon vesting
    		-165,000 -48,000 -9,459,000 -265,000 -62,000 -36,000 -8,493,000 -841,000 -35,000 -44,000 -6,102,000 -105,000 214,000 834,000 -5,733,000 -27,101,000 -887,000 -590,000 -4,974,000 -8,496,000 -6,882,000       
      net cash from financing activities
    		-256,159,000 570,888,000 374,558,000 864,652,000 -342,250,000 -560,587,000 17,027,000 1,795,208,000 1,394,747,000 2,297,577,000 949,824,000 3,103,914,000 1,004,144,000 809,112,000 821,073,000 2,245,104,000 1,470,236,000 791,904,000 69,876,000 723,317,000 618,785,000 194,701,000 155,276,000 1,061,411,000 326,391,000 817,050,000 287,750,000 
      effect of exchange rate changes on cash and cash equivalents
    		-6,403,000 16,243,000 6,737,000 -17,327,000 12,852,000 850,000 -2,279,000 21,940,000 -18,992,000 7,530,000 13,545,000 61,501,000 -57,057,000 -18,892,000 -6,063,000 23,787,000 -2,679,000 -1,080,000 48,000 3,166,000 3,440,000       
      net increase in cash, cash equivalents and restricted cash
    		-398,597,000 491,050,000 -144,820,000 47,629,000 -25,234,000 -223,675,000 404,611,000 -138,489,000 115,802,000 71,097,000 16,884,000     -213,729,000 279,113,000 73,655,000 -657,349,000 111,668,000 608,693,000 -6,839,000 66,152,000 -188,284,000 219,397,000 17,558,000 1,263,000 
      cash, cash equivalents and restricted cash, beginning of period
    		0 1,000 495,505,000 0 0 0 292,175,000 0 0 0 226,881,000 0 0 0 332,369,000  0 0 850,679,000  0 0 71,005,000 0 0 0 21,071,000 
      cash, cash equivalents and restricted cash, end of period
    		-398,597,000 491,051,000 350,685,000 47,629,000 -25,234,000 -223,675,000 696,786,000 -138,489,000 115,802,000 71,097,000 243,765,000 -62,032,000 15,248,000 30,815,000 242,850,000  279,113,000 73,655,000 193,330,000  608,693,000 -6,839,000 137,157,000 -188,284,000 219,397,000 17,558,000 22,334,000 
      principal payment on term loan
    		   0 0 0 -250,000,000             0 0       
      equity in (earnings) losses of unconsolidated entities
    		  -4,357,000                         
      borrowings on revolving credit facility and commercial paper programs
    		  5,594,638,000                         
      payments on revolving credit facility and commercial paper programs
    		  -5,084,178,000                         
      gain on extinguishment of debt
    		                           
      amortization of net premiums on mortgages payable
    		   48,000 51,000 53,000 -122,000 -3,206,000 -3,201,000 -3,196,000 -3,200,000 -3,204,000 -3,327,000 -3,530,000 -3,561,000 -2,340,000 -673,000 -205,000 -280,000 -238,000 -310,000       
      amortization of net premiums on notes payable
    		   574,000 242,000 25,000 -4,150,000 -15,010,000 -14,990,000 -15,125,000 -15,532,000 -15,804,000 -15,762,000 -15,683,000 -15,740,000             
      foreign currency and unrealized derivative (gain) loss
    		   14,188,000       -8,942,000                 
      return of investment from unconsolidated entities
    		       0 0   0 655,000               
      net proceeds from sale of unconsolidated entities
    		           467,000                
      borrowings on line of credit and commercial paper programs
    		   12,188,501,000 13,389,730,000 3,289,840,000 8,018,932,000 44,316,639,000 5,884,404,000 22,887,251,000 4,249,746,000 8,894,575,000                
      payments on line of credit and commercial paper programs
    		   -11,449,149,000 -14,159,740,000 -3,170,774,000 -7,748,935,000 -44,489,028,000 -5,997,192,000 -23,221,913,000 -5,690,060,000 -8,287,231,000                
      proceeds from term loan
    		       0 0 0 1,029,383,000                 
      net receipts on derivative settlements
    		       5,662,000    72,289,000 0 6,571,000 903,000 803,000 813,000 805,000 845,000 644,000 1,041,000 1,170,000 1,251,000     
      net payments on derivative settlements
    		                           
      gain on interest rate swaps
    		      -1,800,000  -1,790,000 -1,799,000 -1,801,000             694,000 694,000 686,000 678,000 
      equity in losses of unconsolidated entities
    		      1,676,000                     
      (gain) loss on extinguishment of debt
    		           0 -240,000               
      (gain) loss on interest rate swaps
    		                           
      foreign currency and unrealized derivative loss
    		                           
      equity in income and impairment of investment in unconsolidated entities
    		       -2,135,000 0   113,000 662,000               
      distributions from unconsolidated entities
    		           0 115,000 761,000 729,000             
      net cash paid in merger
    		                           
      payments upon extinguishment of debt
    		               -45,365,000 -3,983,000 0 -47,235,000 0 0       
      net cash received from orion divestiture
    		                           
      provisions for impairment on real estate
    		        16,808,000 29,815,000 13,178,000 9,481,000 1,650,000 7,691,000 7,038,000 7,990,000 11,011,000 17,246,000 2,720,000 23,790,000 105,095,000 13,869,000 4,478,000 8,950,000 13,503,000 13,061,000 4,672,000 
      net (payments) receipts on derivative settlements
    		         -2,833,000 -6,452,000                 
      equity in income of unconsolidated entities
    		                           
      loss on interest rate swaps
    		           -1,463,000 735,000 724,000 722,000 726,000 732,000 725,000 722,000  1,123,000 1,306,000 686,000     
      foreign currency and derivative loss
    		                           
      proceeds from notes and bonds payable issued
    		            -121,000 729,060,000 676,631,000 0    1,227,722,000 378,844,000   1,890,000 0   
      net decrease in cash, cash equivalents and restricted cash
    		            15,248,000 30,815,000 -89,519,000             
      foreign currency and derivative gain
    		                           
      borrowings on line of credit and commercial paper program
    		             7,055,056,000 2,311,812,000 2,804,288,000 874,219,000 3,990,005,000 1,413,694,000 386,214,000        
      payments on line of credit and commercial paper program
    		             -7,395,278,000 -2,328,990,000 -1,654,909,000 -1,755,514,000 -3,362,420,000 -735,489,000 -1,244,038,000        
      loss on extinguishment of debt
    		               46,722,000 3,983,000 0 46,473,000 0 0 0 9,819,000     
      foreign currency and derivative (gains) losses
    		              590,000  2,374,000 -400,000 -804,000         
      income from unconsolidated entities
    		              -954,000             
      non-cash revenue and expense adjustments
    		                           
      foreign currency and derivative gains
    		                   -3,311,000        
      equity income of unconsolidated entities
    		                           
      proceeds from at-the-market (atm) program
    		               1,707,895,000 1,021,636,000   652,781,000 348,081,000   574,877,000 567,486,000   
      redemption of common units
    		                           
      cash, cash equivalents and restricted cash, beginning of year
    		                           
      cash, cash equivalents and restricted cash, end of year
    		                           
      insurance and other proceeds received
    		                    2,766,000 -431,000 539,000     
      purchase of short-term investment
    		                           
      collection of loans receivable
    		                           
      foreign currency and derivative losses (gains)
    		                           
      borrowings on line of credit
    		                     1,477,877,000 846,532,000 1,197,350,000 215,282,000 672,000,000 732,000,000 
      payments on line of credit
    		                           
      foreign currency and derivative losses
    		                      1,564,000     
      amortization of net (premiums) discounts on notes payable
    		                           
      cash dividends to preferred stockholders
    		                           
      non-refundable escrow deposits for pending acquisitions
    		                           
      restricted escrow deposits for section 1031 tax-deferred exchanges and pending acquisitions
    		                           
      proceeds from mortgages payable
    		                           
      net increase in cash and cash equivalents
    		                           
      cash and cash equivalents, beginning of period
    		                           
      cash and cash equivalents, end of period
    		                           
      restricted escrow deposits for section 1031 tax-deferred exchanges
    		                           
      and pending acquisitions
    		                           
      non-cash rental adjustments
    		                           
      proceeds from term loans
    		                           
      redemption of preferred units
    		                           
      income from discontinued operations
    		                           
      cash from discontinued operations
    		                           
      proceeds from sales of real estate:
    		                           
      continuing operations
    		                           
      discontinued operations
    		                           
      cash from discontinued operations:
    		                           
      real estate
    		                           
      proceeds from sale of real estate
    		                           
      change in assets and liabilities, other than from the impact of our acquisition of american realty capital trust, inc., or arct
    		                           
      investment in real estate, net of cash acquired
    		                           
      collection (issuance) of loans receivable
    		                           
      repayment of arct line of credit
    		                           
      repayment of arct term loan
    		                           
      loans receivable
    		                           
      gain on sale of real estate
    		                           
      change in assets and liabilities, other than from the impact of our
    		                           
      acquisition of american realty capital trust, inc., or arct
    		                           
      acquisition of investment properties, net of cash received
    		                           
      proceeds from sale of real estate:
    		                           
      non-cash rental revenue adjustments
    		                           
      other non-cash adjustments
    		                           
      change in assets and liabilities:
    		                           
      proceeds from common stock offering
    		                           
      proceeds from preferred stock offerings
    		                           
      other items
    		                           
      restricted escrow deposits for section 1031 tax-deferred exchanges, pending acquisitions and other deposits
    		                           
      principal payments on mortgages
    		                           
      repayment of line of credit, previously belonging to arct
    		                           
      repayment of term loan, previously belonging to arct
    		                           
      proceeds from sales of real estate, discontinued operations
    		                           
      loan receivable
    		                           
      proceeds from preferred stock offering
    		                           
      provisions for impairment on real estate held for investment
    		                           
      collection of notes receivable by crest
    		                           
      acquisition of and improvements to investment properties
    		                           
      proceeds from the sales of real estate:
    		                           
      restricted escrow deposits
    		                           
      borrowings on lines of credit
    		                           
      payments on lines of credit
    		                           
      proceeds from bonds issued
    		                           
      net decrease in cash and cash equivalents
    		                           
      borrowings from lines of credit
    		                           
      borrowings from line of credit
    		                           
      payments under line of credit
    		                           
      gain on sale of land
    		                           
      benefit from impairment on real estate held for investment
    		                           
      collection of principal on notes receivable
    		                           
      acquisition of income producing investment properties
    		                           
      borrowings under line of credit
    		                           
      proceeds from bonds issued, net of financing costs of 9,923
    		                           
      proceeds from notes issued, net of financing costs of 3,869
    		                           
      income from discontinued operations:
    		                           
      real estate acquired for resale
    		                           
      real estate held for investment
    		                           
      proceeds from bonds issued, net of financing costs of 9,915
    		                           
      proceeds from notes issued, net of financing costs of 3,740
    		                           
      real estate acquired for resale by crest
    		                           
      proceeds from sales of investment properties, discontinued operations
    		                           
      funds held in escrow pending property acquisitions
    		                           
      restricted escrow deposit for section 1031 tax-deferred exchange
    		                           
      intangibles acquired in connection with acquisitions of investment properties
    		                           
      gain on sales of land
    		                           
      investment in real estate acquired for resale
    		                           
      proceeds from sales of real estate acquired for resale
    		                           
      proceeds from sales of investment properties:
    		                           
      payments under lines of credit
    		                           
      proceeds from notes issued
    		                           
      cash and cash equivalents, beginning of year
    		                           
      cash and cash equivalents, end of year
    		                           
      proceeds from the sales of investment properties:
    		                           
      proceeds from common stock offering, net of costs of 10,131
    		                           
      proceeds from the sales of investment properties, discontinued operations
    		                           
      (income) income from discontinued operations:
    		                           
      gain on sales of land and improvements
    		                           
      restricted escrow funds acquired in connection with acquisitions of investment properties
    		                           
      proceeds from common stock offering, net costs of 3,952
    		                           
      intangibles acquired in connection with acquisitions of
    		                           
      investment properties
    		                           
      gain on reinstatement of property carrying value
    		                           
      provisions for impairment on real estate held
    		                           
      for investment
    		                           
      accounts payable, accrued expenses and
    		                           
      other liabilities
    		                           
      restricted escrow funds acquired in connection with
    		                           
      acquisitions of investment properties
    		                           
      realty income corporation and subsidiaries consolidated statements of cash flows
    		                           
      credit facility origination costs
    		                           
      proceeds from notes issued, net of offering costs of 5,563
    		                           
      proceeds from other stock issuances
    		                           
      note issuance cost
    		                           
      collection of mortgage note receivable by crest
    		                           
      consolidated statements of cash flows
    		                           
      proceeds from stock offerings, net of offering costs of 6,278 in 2006
    		                           
      gain on sale of real estate held for investment
    		                           
      amortization of stock compensation
    		                           
      amortization of stock option costs
    		                           
      intangibles acquired in connection with acquisition of real estate acquired for resale
    		                           
      acquisition of and additions to investment properties
    		                           
      principal payment on notes
    		                           
      proceeds from other common stock issuances
    		                           
      intangibles acquired in connection with acquisitions of real estate acquired for resale
    		                           
      proceeds from sales of investment properties, continuing operations
    		                           
      proceeds from stock offerings, net of offering costs of 11,931 in 2006 and 4,879 in 2005
    		                           
      proceeds from notes issued, net of offering costs of 3,003 in 2006 and 4,604 in 2005
    		                           
      proceeds from sales of investment properties
    		                           
      proceeds from notes issued, net of offering costs of 2,979 in 2005
    		                           
      collection of a mortgage note receivable by crest
    		                           
      amortization of deferred stock compensation
    		                           
      proceeds from stock offerings, net of offering costs of 6,244 in 2006
    		                           
      investments in real estate acquired for resale by crest
    		                           
      intangibles acquired in connection with acquisition of real estate acquired for resale by crest
    		                           
      benefit from impairment on real estate
    		                           
      changes in assets and liabilities:
    		                           
      intangibles acquired in connection with acquisition of real estate held for investment
    		                           
      proceeds from note offerings
    		                           
      proceeds from notes issued, net of costs of 4,604 in 2005
    		                           
      proceeds from stock offerings, net of offering costs of 4,879 in 2005 and 3,682 in 2004
    		                           
      proceeds from preferred stock offering, net of offering costs of 3,571
    		                           
      proceeds from notes issued, net of costs of 2,977 in 2005
    		                           
      proceeds from stock offerings, net of offering costs of 3,640 in 2004
    		                           
      proceeds from preferred stock offering, net of offering costs of 3,650
    		                           
      proceeds from stock offerings, net of offering costs of 3,725 in 2004
    		                           
      proceeds from notes issued, net of costs of 2,979 in 2005
    		                           
      distributions to common stockholders
    		                           
      distributions to preferred stockholders
    		                           
      investment in real estate acquired for resale by crest
    		                           
      proceeds from sales of real estate acquired for resale by crest
    		                           
      proceeds from preferred stock offerings, net of offering costs of 3,650
    		                           
      proceeds from common stock offerings, net of offering costs of 3,640
    		                           
      proceeds from notes issued, net of costs of 1,492 in 2003
    		                           
      proceeds from notes issued, net of costs of 1,299 in 2003
    		                           
      gain on sales of real estate acquired for resale
    		                           
      gain on sales of investment properties
    		                           
      from continuing operations
    		                           
      from discontinued operations
    		                           
      proceeds from notes issued, net of costs of 1,494
    		                           
      proceeds from stock offerings, net of offering costs of 2,914
    		                           
      proceeds from notes issued, net of costs of 1,492
    		                           
      proceeds from stock offerings, net of offering costs of 92
    		                           
      (income) income from discontinued operations
    		                           
      proceeds from notes issued, net of costs of 1,299
    		                           
      proceeds from stock offerings, net of offering costs of 41 in 2003 and 92 in 2002
    		                           
    The information provided in this report is taken from www.sec.gov and many other data providers. While we have conducted our best efforts to ensure that the parsed data is accurate, we cannot guarantee its accuracy. Please use caution and understand that any consequences of its use are your own responsibility.