CAPITAL AUTOMOTIVE REIT, as Issuer and CAPITAL AUTOMOTIVE L.P., as Guarantor and WELLS FARGO BANK, NATIONAL ASSOCIATION, as Trustee FOURTH SUPPLEMENTAL TRUST INDENTURE Dated as of December 21, 2004 Providing for Supplemental and Modified Covenants...

CAPITAL AUTOMOTIVE REIT, as Issuer and CAPITAL AUTOMOTIVE L.P., as Guarantor and WELLS FARGO BANK, NATIONAL ASSOCIATION, as Trustee FOURTH SUPPLEMENTAL TRUST INDENTURE Dated as of December 21, 2004 Providing for Supplemental and Modified Covenants...

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EXHIBIT 4.15

CAPITAL AUTOMOTIVE REIT,

as Issuer

and

CAPITAL AUTOMOTIVE L.P.,

as Guarantor

and

XXXXX FARGO BANK, NATIONAL ASSOCIATION,

as Trustee

FOURTH SUPPLEMENTAL TRUST INDENTURE

Dated as of December 21, 2004

Providing for Supplemental and Modified Covenants with respect to

6.75% MONTHLY INCOME NOTES DUE 2019

THIS FOURTH SUPPLEMENTAL TRUST INDENTURE is made as of this 21^st day of December, 2004 (the “Supplemental Indenture”), by and among Capital Automotive REIT, a real estate investment trust organized under the laws of the State of Maryland, as issuer (the “Company”), Capital Automotive L.P., a limited partnership organized under the laws of the State of Delaware, as guarantor (referred to herein as either the “Guarantor” or the “Partnership”) and Xxxxx Fargo Bank, National Association, a national banking association organized under the laws of the United States of America, as trustee (the “Trustee”).

RECITALS OF THE COMPANY

WHEREAS, the Company has heretofore entered into a Base Indenture with the Trustee, dated as of April 15, 2004, as supplemented by the First Supplemental Trust Indenture, dated as of April 15, 2004, between the Company and the Trustee (the “First Supplemental Indenture”); the Second Supplemental Trust Indenture, dated as of May 12, 2004, between the Company and the Trustee; and the Third Supplemental Trust Indenture, dated as of August 13, 2004, among the Company, the Guarantor and the Trustee (the “Third Supplemental Indenture”) (collectively, the “Indenture”), providing for the issuance from time to time of unsubordinated debentures, notes or other evidences of indebtedness in series;

WHEREAS, the Indenture is incorporated herein by this reference;

WHEREAS, under the Indenture, the Board of Trustees of the Company and the Guarantor may at any time, in respect of the Securities of any series, pursuant to a supplemental indenture executed by the Company, the Guarantor and the Trustee, make any provisions with respect to matters or questions arising under the Indenture which shall not be inconsistent with the provisions of the Indenture; provided, however, that no such modifications or amendment may adversely affect the interest of holders of Securities of any series then outstanding in any material respect;

WHEREAS, the Company desires to amend the covenants relating to its 6.75% Monthly Income Notes due 2019 (the “Notes”) set forth in Article III of the First Supplemental Indenture;

WHEREAS, all conditions necessary to authorize the execution and delivery of this Supplemental Indenture and to make it a valid and binding obligation of the Company and the Guarantor have been done or performed;

NOW THEREFORE, for and in consideration of the agreements and obligations set forth herein and for good and valuable consideration, the sufficiency of which is hereby acknowledged, the parties hereto hereby agree as follows:

ARTICLE I

DEFINED TERMS

The following defined terms used herein shall, unless the context otherwise requires, have the meanings specified below. Capitalized terms used and not otherwise defined herein shall have the respective meanings given them in the Indenture:

“Secured Debt to Total Assets Ratio” means, for the period for which such ratio is being calculated, the ratio expressed as a fraction, the numerator of which is the Company’s consolidated long-term Indebtedness (less payments due within one year) secured by any Lien upon any of the property of the Company or any Subsidiary, and the denominator of which is the aggregate book value of all of the Company’s assets plus accumulated depreciation and amortization (less goodwill) as reflected on the Company’s consolidated financial statements.

“Total Assets” as of any date means the sum of (i) the Undepreciated Real Estate Assets and (ii) all other assets of the Company and its Subsidiaries determined on a consolidated basis in accordance with GAAP (but excluding accounts receivable and intangibles).

“Undepreciated Real Estate Assets” as of any date means the cost (original cost plus capital improvements) of the real estate assets of the Company and its Subsidiaries on such date, before depreciation and amortization, determined on a consolidated basis in accordance with GAAP.

ARTICLE II

COVENANTS

The following covenants hereby modify and supersede the covenants contained in Article III of the First Supplemental Indenture.

SECTION 2.1 Limitations on Incurrence of Debt.

(a) The Company will not, and will not permit any Subsidiary to, incur additional Indebtedness if, immediately after the incurrence of such additional Indebtedness the Company’s Debt to Total Assets Ratio, calculated on a consolidated basis, would exceed sixty percent (60%), measured as of the end of the most recent fiscal year or calendar quarter.

(b) The Company shall not, and shall not permit any Subsidiary to, incur any Indebtedness if the Company’s Debt Service Coverage Ratio for the four consecutive fiscal quarters most recently ended prior to the date on which such additional Indebtedness is to be incurred shall have been less than 1.5 to 1, calculated on a pro forma basis after giving effect to the issuance of the Notes and the application of the proceeds therefrom, and calculated on the assumption that the Notes and any other Indebtedness incurred by the Company since the first day of the four-quarter period and the application of the proceeds therefrom (including to refinance other Indebtedness since the first day of the four-quarter period) had occurred on the first day of the period.

-2-

(c) The Company will not, and will not permit any Subsidiary to, incur additional Indebtedness secured by any Lien upon any of the property of the Company or any Subsidiary if, immediately after the incurrence of such additional Indebtedness the Company’s Secured Debt to Total Assets Ratio calculated on a consolidated basis, would exceed forty percent (40%), measured as of the end of the most recent fiscal year or calendar quarter.

SECTION 2.2 Maintenance of Unencumbered Total Assets.

The Company and its Subsidiaries shall at all times maintain Unencumbered Total Assets in an amount not less than one-hundred fifty percent (150%) of the aggregate outstanding principal amount of the Company’s and its Subsidiaries’ consolidated unsecured Indebtedness.

SECTION 2.3 Restriction on Subsidiary Indebtedness and Preferred Stock.

(a) The Company shall not permit the Partnership or any Subsidiary (i) to incur unsecured Indebtedness, except for Indebtedness payable to the Company or (ii) to guarantee unsecured Indebtedness, unless in each case the Notes will rank pari passu, with such Indebtedness.

(b) The Company shall not permit the Partnership to issue, other than to the Company, preferred units of partnership interest in the Partnership, unless the Notes will rank senior to any such preferred units.

(c) If the Partnership issues its Guarantee of the Notes in accordance with Section 3.1 of the Base Indenture, such Guarantee shall be deemed to satisfy the foregoing conditions. Notwithstanding the foregoing, the Company and the Trustee agree that the satisfaction of the provisions of the immediately preceding sentence shall not be the exclusive means of satisfying the restrictions set forth in Section 2.3(a) and 2.3(b) of this Supplemental Indenture.

(d) The Partnership issued its Guarantee of the Notes in accordance with Section 3.1 of the Base Indenture, pursuant to the Third Supplemental Indenture.

SECTION 2.4 Provision of Financial Information.

(a) If the Company shall be required to file reports with the SEC pursuant to Section 13 or 15(d) of the Exchange Act, it will file such reports by the required date and, within 15 days of such date, deliver copies of all such reports to the Trustee for, and transmit a copy to, each holder of the Notes. If the Company is not required to file reports with the SEC pursuant to Section 13 or 15(d) of the Exchange Act, it will deliver to the Trustee and transmit to each holder of the Notes reports that contain substantially the same kind of information that would have been included in annual and quarterly reports filed with the SEC had the Company been required to file such reports, such information to be delivered or transmitted within 15 days after the same would have been required to be filed with the SEC had the Company been required to file such reports.

(b) Notwithstanding the foregoing, if the Company is not required to file reports with the SEC because information about the Company is contained in the reports filed by another entity with the SEC, the delivery to the Trustee for the Notes of the reports filed by such entity with the

-4-

SEC and the transmittal by mail to all holders of the Notes of each annual and quarterly report filed with the SEC by such entity within the time periods set forth in the preceding sentence shall be deemed to satisfy the Company’s obligations to provide financial information under the applicable provisions of the Base Indenture.

ARTICLE III

MISCELLANEOUS PROVISIONS

SECTION 3.1 Ratification and Incorporation of Indenture.

As supplemented and modified by this Supplemental Indenture, the Indenture is in all respects ratified and confirmed, and the Indenture together with this Supplemental Indenture shall be read, taken and construed as one and the same instrument.

SECTION 3.2 Governing Law.

This Supplement shall be governed by, and construed in accordance with, the laws of the state of New York (without giving effect to the conflicts of laws principles thereof).

SECTION 3.3 Counterparts.

This Supplemental Indenture may be executed in any number of counterparts, each of which shall be an original; but such counterparts shall together constitute but one and the same instrument.

SECTION 3.4 Entire Agreement.

This Supplemental Indenture, together with the Indenture, constitutes the entire agreement between the parties hereto with respect to the subject matter hereof, and fully supersedes any prior or contemporaneous agreements relating to such subject matter.

-4-

IN WITNESS WHEREOF, the parties hereto have caused this Supplemental Indenture to be duly executed, all as of the day and year first above written.


	Capital Automotive REIT,
	as Issuer

	By:	/s/ Xxxxx X. Xxx

	Name: Title:	Xxxxx X. Xxx Senior Vice President Chief Financial Officer and Treasurer

	Capital Automotive L.P.,
Attest:	as Guarantor, by Capital Automotive REIT,
	its general partner


		Xxxxx Fargo Bank, National Association,
		as Trustee

		By:		/s/ Xxxxxx X. X’Xxxxxxx

		Name: Title:		Xxxxxx X. X’Xxxxxxx Assistant Vice President

[Fourth Supplemental Trust Indenture]

Schedule III — Real Estate and Accumulated Depreciation
Capital Automotive REIT
December 31, 2004


			Gross Amount at December 31, 2004
					Building
City	State	Encumbrances	Land		and Improvements		Total (1) (2)		Accumulated Depreciation (3)		Date Acquired		Depreciation Life
Automotive Retail Properties and Related Real Estate
Dothan	AL			490,443		2,193,587		2,684,030		500,632		7/23/1998	30 years
Irondale	AL			400,000		1,601,750		2,001,750		45,946		9/16/2003	45 years
Irondale	AL			6,401,494		18,730,900		25,132,393		396,810		9/30/2003	45 years
Montgomery	AL			2,642,944		3,230,264		5,873,208		515,945		3/3/2000	30 years
Montgomery	AL			2,460,559		3,182,925		5,643,483		508,384		3/3/2000	30 years
Montgomery	AL			2,847,664		3,237,409		6,085,073		511,788		9/28/2000	30 years
Bryant	AR			836,766		1,603,687		2,440,453		42,510		1/6/2004	36 years
Goodyear	AZ	C		1,349,267		6,125,345		7,474,612		175,790		9/19/2003	45 years
Phoenix	AZ			33,189,647		77,127,936		110,317,583		3,826,574		9/11/2002	43 years
Tucson	AZ	C		4,515,062		5,321,125		9,836,187		1,255,849		5/22/1998	30 years
Calabassas	CA	D		4,422,507		3,427,410		7,849,917		210,643		7/16/2002	40 years
Clovis	CA			2,005,992		3,109,286		5,115,278		3,351		12/3/2004	38.7 years
Duarte	CA	A		8,018,176		9,448,336		17,466,512		797,203		8/10/2001	40 years
Fresno	CA			2,532,898		5,911,846		8,444,745		224,393		4/1/2003	45 years
Fresno	CA	C		2,987,833		6,007,953		8,995,787		709,272		6/27/2001	30 years
Los Angeles	CA			4,898,755		1,950,690		6,849,445		445,197		7/22/1998	30 years
Los Angeles	CA			2,341,054		1,502,527		3,843,580		342,914		7/22/1998	30 years
Rancho Santa Margarita	CA	D		5,132,832		4,419,551		9,552,384		521,753		6/1/2001	30 years
Roseville	CA	D		7,076,659		9,941,791		17,018,450		569,582		9/27/2002	40 years
San Diego	CA			—		16,332,606		16,332,606		607,568		12/23/2003	28 years
San Diego	CA			—		11,643,767		11,643,767		449,173		12/23/2003	27 years
San Diego	CA			—		8,786,187		8,786,187		338,927		12/23/2003	27 years
San Diego	CA			—		11,637,025		11,637,025		332,468		12/23/2003	32 years
San Diego	CA			5,294,773		—		5,294,773		—		12/23/2003
San Diego	CA			2,791,440		2,085,135		4,876,575		108,570		12/23/2003	20 years
San Diego	CA			—		1,323,273		1,323,273		51,006		12/23/2003	27 years
San Diego	CA			—		1,278,792		1,278,792		47,530		12/23/2003	28 years
San Rafael	CA			2,864,359		3,492,409		6,356,768		705,757		1/14/1999	20 years
Santa Monica	CA	C		3,833,129		2,885,258		6,718,388		492,900		11/10/1999	30 years
Santa Monica	CA	C		2,562,559		353,329		2,915,888		60,360		11/10/1999	30 years
Centennial	CO			16,989,544		11,164,414		28,153,958		39,873		11/12/2004	35 years
Denver	CO	C		1,993,036		7,243,001		9,236,037		1,765,817		3/31/1998	30 years
Englewood	CO			2,851,414		2,670,841		5,522,255		186,402		3/29/2002	40 years
Lakewood	CO	C		2,737,284		4,299,889		7,037,174		897,475		12/30/1998	30 years
Parker	CO			3,412,525		2,758,206		6,170,730		14,734		10/29/2004	39 years
Fairfield	CT			4,700,277		2,002,683		6,702,960		36,344		10/29/2004	7 years
Fairfield	CT			2,242,266		2,605,058		4,847,323		21,709		10/29/2004	25 years
Fairfield	CT			2,066,565		1,663,330		3,729,895		15,066		10/29/2004	23 years


			Gross Amount at December 31, 2004
					Building
City	State	Encumbrances	Land		and Improvements		Total (1) (2)		Accumulated Depreciation (3)		Date Acquired		Depreciation Life
Fairfield	CT			337,379		—		337,379		—		10/29/2004
Fairfield	CT			3,829,586		896,931		4,726,517		18,686		10/29/2004	10 years
Fairfield	CT			2,071,536		1,759,041		3,830,577		15,933		10/29/2004	23 years
Clearwater	FL	A		4,115,410		6,633,002		10,748,412		559,659		8/10/2001	40 years
Clearwater	FL	C		4,136,070		3,915,854		8,051,924		863,180		9/18/1998	30 years
Clearwater	FL	C		331,082		316,218		647,300		69,705		9/18/1998	30 years
Dade City	FL			548,395		1,088,504		1,636,899		195,023		8/13/1999	30 years
Dade City	FL			247,301		—		247,301		—		8/13/1999
Daytona Beach	FL			922,825		1,262,355		2,185,180		226,172		8/13/1999	30 years
Deland	FL			1,248,734		2,705,218		3,953,952		484,685		8/13/1999	30 years
Fort Xxxxx	FL			1,550,567		1,467,684		3,018,251		250,729		11/4/1999	30 years
Fort Xxxxx	FL			4,277,225		1,873,800		6,151,025		320,107		11/4/1999	30 years
Fort Xxxxx	FL			2,745,372		5,517,908		8,263,280		795,246		11/4/1999	30 years
Fort Xxxxx	FL			836,830		359,379		1,196,208		51,042		9/15/2000	30 years
Fort Xxxxxx	FL			1,495,661		—		1,495,661		—		12/22/2003
Hollywood	FL			2,061,645		1,314,700		3,376,345		253,810		3/5/1999	30 years
Jacksonville	FL			1,277,870		3,518,923		4,796,793		158,090		6/13/2003	30 years
Jacksonville	FL			918,559		—		918,559		—		6/13/2003
Jacksonville	FL	C		1,154,281		2,116,261		3,270,543		408,556		3/25/1999	30 years
Jacksonville	FL	C		860,346		1,678,422		2,538,768		286,730		11/15/1999	30 years
Kissimmee	FL	D		3,818,537		5,447,520		9,266,057		277,868		12/16/2002	40 years
Miami	FL			3,279,263		2,562,606		5,841,869		574,868		8/27/1998	30 years
Miami	FL			958,959		913,176		1,872,135		204,852		8/27/1998	30 years
Miami	FL			2,560,916		2,430,812		4,991,727		545,303		8/27/1998	30 years
New Smyrna	FL			1,443,980		2,392,446		3,836,427		428,646		8/13/1999	30 years
New Smyrna	FL			336,834		505,236		842,070		90,521		8/13/1999	30 years
New Smyrna	FL			1,354,320		6,571,096		7,925,416		1,168,687		8/13/1999	30 years
Orlando	FL			3,176,981		8,057,039		11,234,019		360,834		3/31/2003	40 years
Orlando	FL			2,119,228		6,422,433		8,541,661		448,176		3/29/2002	40 years
Orlando	FL			987,116		2,354,020		3,341,136		164,234		3/29/2002	40 years
Pensacola	FL			943,985		2,846,715		3,790,700		457,966		9/1/1999	30 years
Pensacola	FL			382,789		195,813		578,602		27,345		9/20/2000	30 years
Port Orange	FL			426,576		202,295		628,870		36,244		8/13/1999	30 years
Sanford	FL			3,933,243		4,988,785		8,922,029		129,897		12/22/2003	40 years
Sanford	FL			2,407,453		2,227,831		4,635,284		155,428		3/29/2002	40 years
St. Augustine	FL			3,103,266		—		3,103,266		—		12/21/2004
West Palm Beach	FL			3,068,333		12,766,151		15,834,484		691,434		5/27/2003	30 years
West Palm Beach	FL			3,676,218		5,960,098		9,636,315		261,720		5/27/2003	37 years
Atlanta	GA			4,758,385		10,531,834		15,290,219		1,918,311		8/13/1999	30 years
Chamblee	GA	C		3,249,737		2,844,383		6,094,119		660,236		6/17/1998	30 years
Doraville	GA	C		1,046,022		2,218,718		3,264,740		75,386		9/3/2003	38 years
Duluth	GA	C		3,050,226		1,243,894		4,294,119		288,732		6/17/1998	30 years
Duluth	GA			3,291,271		1,515,620		4,806,891		271,549		8/13/1999	30 years
Roswell	GA	C		2,956,057		3,061,851		6,017,908		698,791		7/23/1998	30 years


			Gross Amount at December 31, 2004
					Building
City	State	Encumbrances	Land		and Improvements		Total (1) (2)		Accumulated Depreciation (3)		Date Acquired		Depreciation Life
Smyrna	GA			8,523,094		10,021,636		18,544,730		120,630		4/30/2003	45 years
Boise	ID	C		2,588,238		7,227,467		9,815,705		1,705,768		5/6/1998	30 years
Belleville	IL	D		658,019		2,127,238		2,785,257		375,221		9/10/1999	30 years
Glencoe	IL			4,962,292		6,066,610		11,028,902		73,024		6/29/2004	45 years
Oaklawn	IL	C		5,731,030		3,891,068		9,622,097		90,059		12/22/2003	45 years
O’Fallon	IL	D		5,672,561		7,595,913		13,268,473		1,403,134		6/30/1999	30 years
O’Fallon	IL	D		1,816,149		2,310,324		4,126,473		426,768		6/30/1999	30 years
O’Fallon	IL	D		851,782		2,189,609		3,041,391		331,483		6/8/2000	30 years
O’Fallon	IL			1,027,623		1,674,119		2,701,741		253,443		6/8/2000	30 years
O’Fallon	IL			1,460,261		2,255,120		3,715,381		328,872		8/24/2000	30 years
Schaumberg	IL			5,706,349		19,769,678		25,476,027		695,767		11/5/2003	45 years
Decatur	IN	C		1,207,661		4,039,303		5,246,964		454,995		6/17/1998	45 years
Elkhart	IN	D		396,639		2,307,567		2,704,206		296,786		11/5/1998	30 years
Evansville	IN	C		795,030		1,939,090		2,734,119		450,098		6/17/1998	30 years
Fort Xxxxx	IN	C		547,361		2,203,906		2,751,267		511,569		6/17/1998	30 years
Fort Xxxxx	IN	C		385,416		1,508,703		1,894,119		493,471		6/17/1998	20 years
Fort Xxxxx	IN	C		1,499,957		5,211,666		6,711,623		1,209,729		6/17/1998	30 years
Fort Xxxxx	IN	C		263,895		1,158,798		1,422,693		268,979		6/17/1998	30 years
Fort Xxxxx	IN	C		1,115,426		4,299,643		5,415,069		981,286		7/23/1998	30 years
Fort Xxxxx	IN	C		1,226,279		5,453,191		6,679,470		828,986		7/23/1998	44 years
Fort Xxxxx	IN	C		345,079		863,130		1,208,208		159,439		6/9/1999	30 years
Fort Xxxxx	IN	C		634,218		2,585,702		3,219,921		362,717		8/9/1999	30 years
Indianapolis	IN	D		1,093,642		8,439,598		9,533,240		1,207,331		9/29/2000	30 years
Merrillville	IN	D		3,170,759		4,146,378		7,317,137		237,553		9/27/2002	40 years
Mishawake	IN	D		2,961,641		5,038,044		7,999,685		838,829		11/5/1998	30 years
Mishawake	IN	D		5,191,365		7,608,289		12,799,654		1,538,615		11/5/1998	30 years
Mishawake	IN	D		1,478,648		920,266		2,398,914		195,665		11/5/1998	30 years
Bossier City	LA			406,884		409,627		816,511		95,083		6/4/1998	30 years
Harvey	LA	C		5,187,029		4,397,058		9,584,087		751,164		11/12/1999	30 years
Harvey	LA			2,951,396		2,387,074		5,338,470		407,792		11/12/1999	30 years
Harvey	LA	C		1,076,066		2,542,908		3,618,974		321,395		3/27/2001	30 years
Shreveport	LA	D		536,735		1,380,648		1,917,383		309,720		8/27/1998	30 years
Shreveport	LA	D		497,268		967,075		1,464,344		208,590		8/27/1998	30 years
Shreveport	LA	C		123,612		470,906		594,518		109,306		6/4/1998	30 years
Shreveport	LA	C		2,236,421		4,792,478		7,028,899		1,112,427		6/4/1998	30 years
Shreveport	LA			1,470,535		1,931,846		3,402,381		448,419		6/4/1998	30 years
Shreveport	LA	C		876,554		1,289,605		2,166,159		294,951		6/4/1998	30 years
Shreveport	LA			431,668		1,119,668		1,551,336		96,152		6/4/1998	33 years
Shreveport	LA			107,274		96,415		203,689		4,878		4/29/2004	14 years
Baltimore	MD			4,073,450		2,456,344		6,529,794		51,171		6/30/2004	26 years
Baltimore	MD			2,375,581		2,779,213		5,154,794		37,632		6/30/2004	40 years
Bowie	MD	C		3,600,517		504,858		4,105,375		125,043		2/19/1998	30 years
Cumberland	MD			420,138		1,380,454		1,800,592		2,739		12/28/2004	21 years
Ellicott City	MD			2,733,120		3,171,674		5,904,794		50,526		6/30/2004	34 years


			Gross Amount at December 31, 2004
					Building
City	State	Encumbrances	Land		and Improvements		Total (1) (2)		Accumulated Depreciation (3)		Date Acquired		Depreciation Life
Gaithersburg	MD	B		6,810,506		4,998,589		11,809,095		1,238,051		2/19/1998	30 years
Glen Burnie	MD			2,517,699		3,387,095		5,904,794		49,583		6/30/2004	37 years
Laurel	MD	A		2,663,093		5,682,919		8,346,012		479,496		8/10/2001	40 years
Xxxxxx Heights	MD	C		2,005,304		2,358,089		4,363,393		584,051		2/19/1998	30 years
Xxxxxx Heights	MD	C		614,767		98,007		712,774		24,274		2/19/1998	30 years
Xxxxxx Heights	MD	C		888,234		683,156		1,571,390		169,204		2/19/1998	30 years
Xxxxxx Heights	MD	C		771,065		2,934,756		3,705,821		726,881		2/19/1998	30 years
Xxxxxx Heights	MD	C		1,177,402		933,763		2,111,165		320,981		2/19/1998	20 years
Salisbury	MD	C		220,415		230,757		451,172		57,154		2/27/1998	30 years
Salisbury	MD	C		1,122,544		166,184		1,288,728		57,126		2/27/1998	20 years
Salisbury	MD	C		634,419		197,652		832,071		48,955		2/27/1998	30 years
Salisbury	MD	C		428,563		159,768		588,331		39,571		2/27/1998	30 years
Salisbury	MD	C		406,556		163,715		570,271		40,549		2/27/1998	30 years
Salisbury	MD	C		246,923		167,699		414,622		41,535		2/27/1998	30 years
Salisbury	MD	C		649,805		696,792		1,346,597		172,582		12/27/1998	30 years
Silver Spring	MD			16,241,860		9,325,618		25,567,478		256,339		3/31/2004	28.8 years
Towson	MD			2,788,867		2,615,927		5,404,794		35,422		6/30/2004	40 years
Waldorf	MD			1,827,322		2,063,909		3,891,231		369,784		8/13/1999	30 years
Waldorf	MD	D		3,329,652		3,978,480		7,308,132		938,969		5/22/1998	30 years
Westminster	MD			3,080,570		4,699,223		7,779,794		68,792		6/30/2004	37 years
White Xxxxx	MD	A		4,113,653		9,303,360		13,417,014		784,971		8/10/2001	40 years
Ann Arbor	MI			1,643,608		2,838,618		4,482,226		51,253		6/28/2004	30 years
Bloomfield Hills	MI	E		1,403,970		16,055,554		17,459,524		418,083		12/19/2003	40 years
Bloomfield Hills	MI	D		2,590,944		2,825,318		5,416,262		144,116		12/16/2002	40 years
Detroit	MI			1,397,901		2,128,351		3,526,252		148,541		3/29/2002	40 years
Lansing	MI			1,590,820		3,425,117		5,015,937		239,045		3/29/2002	40 years
Plymouth	MI			4,533,623		4,542,676		9,076,299		317,041		3/29/2002	40 years
Southfield	MI			450,132		677,970		1,128,102		47,317		3/29/2002	40 years
Waterford Township	MI	C		2,196,553		4,228,223		6,424,776		110,085		12/19/2003	40 years
Ballwin	MO	F		4,202,430		6,803,935		11,006,365		132,311		2/9/2004	45 years
Yazoo City	MS	C		938,446		1,647,795		2,586,241		102,934		8/1/2003	22 years
Charlotte	NC			6,119,289		5,082,461		11,201,750		910,608		8/13/1999	30 years
Charlotte	NC			520,786		557,672		1,078,458		99,916		8/13/1999	30 years
Charlotte	NC			2,999,555		3,435,802		6,435,357		600,495		8/13/1999	30 years
Charlotte	NC			1,913,965		2,760,055		4,674,020		482,593		8/13/1999	30 years
Cornelius	NC			1,010,854		2,535,582		3,546,437		454,292		8/13/1999	30 years
Cornelius	NC			537,636		653,550		1,191,186		117,094		8/13/1999	30 years
Cornelius	NC			999,449		3,797,984		4,797,433		543,323		9/15/2000	30 years
Durham	NC			9,294,285		—		9,294,285		—		5/2/2003
Greensboro	NC	D		5,592,703		7,674,657		13,267,359		439,694		9/27/2002	40 years
Matthews	NC			1,191,844		544,452		1,736,296		1,512		12/30/2004	15 years
Monroe	NC			1,095,932		2,666,403		3,762,335		477,730		8/13/1999	30 years
Pineville	NC			3,615,632		2,425,505		6,041,136		169,223		3/29/2002	40 years
Burlington	NJ	D		636,471		1,795,592		2,432,063		341,661		4/7/1999	30 years


			Gross Amount at December 31, 2004
					Building
City	State	Encumbrances	Land		and Improvements		Total (1) (2)		Accumulated Depreciation (3)		Date Acquired	Depreciation Life

Burlington	NJ	D		2,541,193		3,858,601		6,399,794		229,104	1/22/2001	40 years
Pleasantville	NJ	D		1,297,432		1,258,745		2,556,177		239,511	4/7/1999	30 years
Washington Township	NJ			20,975,431		13,158,084		34,133,515		—	6/30/2004
Albuquerque	NM	C		3,132,901		2,254,275		5,387,175		403,891	8/6/1999	30 years
Albuquerque	NM	C		2,518,774		2,891,422		5,410,196		485,970	12/16/1999	30 years
Las Vegas	NV	C		5,540,606		8,697,735		14,238,341		2,052,769	5/19/1998	30 years
Las Vegas	NV	D		4,723,556		7,532,353		12,255,909		525,696	3/29/2002	40 years
Brockport	NY	D		356,033		2,164,438		2,520,471		417,857	3/25/1999	30 years
Brockport	NY	D		30,639		26,769		57,407		5,168	3/25/1999	30 years
Brockport	NY			406,164		198,179		604,343		—	10/20/2004
Bedford	OH			73,602		1,429,246		1,502,847		256,073	8/13/1999	30 years
Bedford	OH			5,479,675		3,369,828		8,849,503		50,673	6/30/2004	36 years
Cincinnati	OH			1,013,496		1,404,046		2,417,542		274,959	2/1/1999	30 years
Cincinnati	OH			457,295		961,450		1,418,745		188,284	2/1/1999	30 years
Cincinnati	OH			515,525		1,201,554		1,717,078		235,304	2/1/1999	30 years
Cleveland	OH			448,136		1,069,248		1,517,384		191,573	8/13/1999	30 years
Cleveland	OH			3,103,384		5,405,895		8,509,280		50,679	8/25/2004	40 years
Cleveland Heights	OH	D		818,578		4,279,543		5,098,121		926,664	10/28/1998	30 years
Columbus	OH			2,092,735		3,808,952		5,901,687		682,437	8/13/1999	30 years
Columbus	OH			1,470,122		3,253,940		4,724,062		582,997	8/13/1999	30 years
Columbus	OH			2,125,937		2,598,124		4,724,062		465,497	8/13/1999	30 years
Columbus	OH			1,331,040		2,978,417		4,309,458		291,524	8/13/1999	36 years
Columbus	OH			1,331,040		1,626,584		2,957,624		291,430	8/13/1999	30 years
Cuyahoga Falls	OH			432,246		1,334,192		1,766,438		239,043	8/13/1999	30 years
Dublin	OH	D		2,632,072		3,804,024		6,436,095		435,931	12/15/2000	30 years
Dublin	OH	D		4,210,209		9,823,821		14,034,031		914,161	3/1/2002	30 years
Dublin	OH			477,985		2,039,312		2,517,297		57,451	1/28/2004	34 years
North Xxxxxxxx	OH	D		1,974,998		3,187,807		5,162,804		690,266	10/28/1998	30 years
Worthington	OH	C		1,892,661		5,929,240		7,821,901		557,631	9/17/2001	35 years
Ada	OK			237,123		2,797,228		3,034,351		583,868	12/7/1998	30 years
Ardmore	OK			205,101		1,816,079		2,021,180		379,072	12/29/1998	30 years
McAlester	OK			356,120		3,678,231		4,034,351		767,761	12/7/1998	30 years
Oklahoma City	OK	C		1,129,351		8,477,273		9,606,624		1,802,612	11/25/1998	30 years
Oklahoma City	OK	D		1,503,248		5,512,677		7,015,925		505,329	10/16/2001	35 years
Tulsa	OK	C		1,077,838		5,258,691		6,336,529		1,097,653	12/11/1998	30 years
Tulsa	OK			2,878,551		4,990,840		7,869,392		140,465	12/19/2003	37 years
Grants Pass	OR	C		1,248,419		1,371,522		2,619,941		253,350	6/22/1999	30 years
Medford	OR	C		1,360,759		1,503,668		2,864,427		277,761	6/22/1999	30 years
Medford	OR	C		414,453		781,560		1,196,013		144,372	6/22/1999	30 years
Medford	OR	C		2,033,425		2,710,753		4,744,178		500,736	6/22/1999	30 years
Medford	OR	C		2,102,213		3,130,794		5,233,007		578,327	6/22/1999	30 years
Medford	OR	C		1,182,429		557,500		1,739,929		102,983	6/22/1999	30 years
Medford	OR	C		1,376,508		4,338,136		5,714,644		524,192	5/3/2001	30 years
Philadelphia	PA	C		3,006,604		8,082		3,014,686		2,002	2/19/1998	30 years


			Gross Amount at December 31, 2004
					Building
City	State	Encumbrances	Land		and Improvements		Total (1) (2)		Accumulated Depreciation (3)		Date Acquired	Depreciation Life

Xxxxxx-Xxxxx	PA			9,175,567		15,879,894		25,055,460		220,554	7/30/2004	33 years
Warwick	RI			14,628,204		23,759,874		38,388,078		531,571	4/28/2003	33.5 years
Warwick	RI			2,180,022		2,345,595		4,525,618		72,521	4/28/2003	15 years
West Warwick	RI			387,685		622,337		1,010,022		42,492	4/28/2003	25 years
Columbia	SC			1,351,718		2,287,864		3,639,582		409,909	8/13/1999	30 years
Columbia	SC			2,834,839		7,376,480		10,211,319		139,797	12/23/2003	45 years
Florence	SC			1,300,237		4,002,699		5,302,937		717,150	8/13/1999	30 years
Fort Mill	SC			1,405,770		3,318,291		4,724,062		594,527	8/13/1999	30 years
Fort Mill	SC			1,371,061		9,924,174		11,295,235		1,337,007	12/19/2000	30 years
Greenville	SC	A		5,418,789		7,546,222		12,965,012		636,713	8/10/2001	40 years
Greenville	SC			1,664,632		2,771,664		4,436,296		458,018	8/13/1999	30 years
Greenville	SC			1,684,188		1,409,824		3,094,013		252,594	8/13/1999	30 years
North Charleston	SC			4,273,963		952,326		5,226,289		170,625	8/17/1999	30 years
Chattanooga	TN			452,668		1,490,413		1,943,081		267,037	8/13/1999	30 years
Chattanooga	TN			1,433,676		1,752,271		3,185,947		313,949	8/13/1999	30 years
Chattanooga	TN			934,434		2,225,656		3,160,090		414,887	8/13/1999	30 years
Chattanooga	TN			592,846		724,346		1,317,192		129,779	8/13/1999	30 years
Cleveland	TN			581,158		1,891,855		2,473,013		338,957	8/13/1999	30 years
Cleveland	TN			687,598		840,154		1,527,752		150,528	8/13/1999	30 years
Memphis	TN			7,033,876		7,688,034		14,721,910		177,947	12/22/2003	45 years
Nashville	TN	D		1,035,227		9,509,150		10,544,377		1,281,094	12/14/2000	30 years
Nashville	TN	A		4,915,601		7,748,510		12,664,112		653,781	8/10/2001	40 years
Nashville	TN			1,783,949		4,412,096		6,196,045		307,928	3/29/2002	40 years
Nashville	TN			1,784,203		3,708,640		5,492,843		243,379	5/20/2002	40 years
Amarillo	TX	C		1,235,516		3,181,296		4,416,812		787,944	2/25/1998	30 years
Amarillo	TX	C		1,324,616		3,400,896		4,725,512		842,334	2/25/1998	30 years
Amarillo	TX	C		871,516		2,245,296		3,116,812		556,115	2/25/1998	30 years
Amarillo	TX	C		283,516		733,295		1,016,811		181,623	2/25/1998	30 years
Atlanta	TX	D		459,509		2,571,824		3,031,333		475,073	6/30/1999	30 years
Austin	TX	C		1,590,983		3,201,370		4,792,353		618,042	3/24/1999	30 years
Austin	TX			779,333		—		779,333		—	3/24/1999
Baytown	TX			974,936		1,099,469		2,074,405		196,988	8/13/1999	30 years
Baytown	TX			500,776		1,442,373		1,943,149		258,425	8/13/1999	30 years
Baytown	TX			2,105,575		14,301,756		16,407,331		1,926,764	12/19/2000	30 years
Bedford	TX	C		2,915,133		10,864,456		13,779,588		1,641,234	10/12/1999	30 years
Carrolton	TX			1,760,053		4,676,768		6,436,821		656,047	10/6/2000	30 years
Dallas	TX			1,605,078		1,294,922		2,900,000		190,814	1/8/1999	30 years
Dallas	TX	C		528,767		1,574,618		2,103,385		347,097	9/28/1998	30 years
Dallas	TX			12,868,137		2,100,011		14,968,148		69,397	1/30/2004	29 years
Fort Worth	TX			1,153,524		2,204,966		3,358,490		290,933	1/23/2001	30 years
Fort Worth	TX			2,756,582		5,832,981		8,589,563		297,701	12/23/2002	40 years
Garland	TX			1,641,315		4,585,544		6,226,858		291,373	6/28/2002	40 years
Houston	TX			1,782,548		—		1,782,548		—	3/31/2003
Houston	TX	C		9,086,654		10,719,435		19,806,090		2,362,908	9/28/1998	30 years


			Gross Amount at December 31, 2004
					Building
City	State	Encumbrances	Land		and Improvements		Total (1) (2)		Accumulated Depreciation (3)		Date Acquired	Depreciation Life

Houston	TX	A		1,092,952		3,383,459		4,476,412		285,479	8/10/2001	40 years
Houston	TX	D		2,016,154		3,024,231		5,040,384		264,620	5/6/2002	30 years
Houston	TX	C		1,496,005		2,538,835		4,034,841		529,886	12/30/1998	30 years
Houston	TX	C		2,336,436		2,098,715		4,435,152		438,032	12/31/1998	30 years
Houston	TX			1,132,586		—		1,132,586		—	12/30/1998
Houston	TX	C		1,219,635		4,531,450		5,751,085		811,885	8/25/1999	30 years
Houston	TX	C		1,236,831		1,218,208		2,455,040		254,240	12/30/1998	30 years
Houston	TX	C		4,100,143		5,557,985		9,658,129		1,103,863	1/6/1999	30 years
Houston	TX	C		216,378		951,547		1,167,925		188,967	1/6/1999	30 years
Houston	TX	C		223,233		632,551		855,784		125,613	1/6/1999	30 years
Houston	TX	C		3,151,187		5,632,950		8,784,137		1,118,750	1/6/1999	30 years
Houston	TX			2,150,619		571,686		2,722,304		64,315	8/28/2001	30 years
Houston	TX	D		1,152,119		5,266,973		6,419,092		446,230	6/24/2002	30 years
Houston	TX	D		2,048,579		2,268,891		4,317,470		192,225	6/24/2002	30 years
Houston	TX	D		1,433,342		4,385,556		5,818,898		251,256	9/16/2002	40 years
Houston	TX			1,933,792		5,294,222		7,228,013		145,391	10/17/2003	44 years
Houston	TX			902,168		2,419,499		3,321,667		2,878	12/16/2004	40 years
Houston	TX			295,410		246,345		541,755		642	12/16/2004	16 years
Houston	TX	C		2,094,123		2,469,920		4,564,043		476,832	3/25/1999	30 years
Houston	TX	D		7,285,191		11,151,887		18,437,078		2,458,234	9/1/1998	30 years
Houston	TX	D		3,679,246		8,185,594		11,864,840		1,625,750	1/22/1999	30 years
Houston	TX	D		1,194,529		3,473,983		4,668,512		765,778	9/1/1998	30 years
Houston	TX			1,065,719		1,455,407		2,521,126		272,889	5/17/1999	30 years
Houston	TX			1,673,876		2,750,896		4,424,772		169,065	7/10/2002	40 years
Houston	TX			1,472,051		4,441,852		5,913,904		282,243	6/28/2002	40 years
Houston	TX	C		1,686,196		4,531,854		6,218,050		250,196	10/10/2002	40 years
Houston	TX			4,985,549		6,215,450		11,201,000		1,113,602	8/13/1999	30 years
Houston	TX			3,339,559		2,604,323		5,943,882		181,760	3/29/2002	40 years
Houston	TX			165,804		90,102		255,906		6,288	3/29/2002	40 years
Houston	TX	D		5,518,922		11,227,130		16,746,052		572,902	12/16/2002	40 years
Irving	TX	C		1,944,648		2,359,288		4,303,936		61,409	3/31/2003	40 years
Irving	TX			4,293,209		2,584,008		6,877,217		158,809	7/3/2002	40 years
Irving	TX			3,800,769		3,350,437		7,151,207		205,912	7/3/2002	40 years
Irving	TX			1,692,863		3,851,859		5,544,723		236,729	7/3/2002	40 years
Jersey Village	TX	C		5,450,422		9,607,541		15,057,963		770,605	10/31/2001	40 years
Jersey Village	TX			1,175,332		211,272		1,386,604		584	12/30/2004	15 years
League City	TX			1,665,071		3,356,924		5,021,995		275,959	7/27/2000	30 years
Plano	TX	C		1,796,831		2,766,815		4,563,646		95,064	3/31/2003	40 years
Plano	TX	A		3,083,307		3,400,604		6,483,912		286,926	8/10/2001	40 years
Plano	TX	C		7,318,505		6,483,194		13,801,699		1,429,104	9/28/1998	30 years
Plano	TX	C		2,331,099		2,139,854		4,470,953		413,111	3/25/1999	30 years
Richardson	TX			6,843,575		4,773,825		11,617,400		855,310	8/13/1999	30 years
Round Rock	TX	C		1,017,942		5,309,017		6,326,959		431,850	1/13/1999	30 years
Round Rock	TX			763,882		—		763,882		—	1/13/1999


			Gross Amount at December 31, 2004
					Building
City	State	Encumbrances	Land		and Improvements		Total (1) (2)		Accumulated Depreciation (3)		Date Acquired	Depreciation Life

San Angelo	TX	D		1,597,006		2,672,092		4,269,097		589,015	9/11/1998	30 years
San Angelo	TX	D		788,552		2,015,676		2,804,228		444,320	9/11/1998	30 years
San Angelo	TX	D		282,954		1,267,274		1,550,228		279,348	9/11/1998	30 years
San Antonio	TX	D		1,057,102		759,909		1,817,011		170,470	8/24/1998	30 years
San Antonio	TX	D		1,331,537		1,184,692		2,516,228		265,761	8/24/1998	30 years
San Antonio	TX	D		3,495,048		5,024,374		8,519,421		1,127,114	8/24/1998	30 years
San Antonio	TX	D		1,964,831		2,051,398		4,016,229		460,189	8/24/1998	30 years
San Antonio	TX	D		2,239,624		3,326,606		5,566,230		746,256	8/24/1998	30 years
Sulpher Springs	TX			266,308		1,121,394		1,387,702		364,950	10/23/1998	20 years
Taylor	TX	C		114,807		1,167,895		1,282,702		243,707	12/30/1998	30 years
Texarkana	TX	D		142,496		169,189		311,684		37,954	8/28/1998	30 years
Texarkana	TX	D		1,006,979		1,040,405		2,047,384		229,339	9/16/1998	30 years
The Xxxxxxx	TX			3,013,604		3,266,078		6,279,682		585,172	8/13/1999	30 years
Salt Lake City	UT	C		3,439,460		1,549,000		4,988,460		264,621	11/5/1999	30 years
Salt Lake City	UT	C		463,711		—		463,711		—	11/5/1999
Salt Lake City	UT	C		1,135,915		5,127,546		6,263,460		875,956	11/5/1999	30 years
Salt Lake City	UT	C		3,078,497		1,434,963		4,513,460		245,140	11/5/1999	30 years
Annandale	VA	C		4,026,275		2,405,880		6,432,155		595,889	2/19/1998	30 years
Arlington	VA	B		4,956,272		1,783,436		6,739,708		441,721	2/19/1998	30 years
Arlington	VA	B		4,874,676		493,251		5,367,927		122,169	2/19/1998	30 years
Arlington	VA	B		4,894,106		15,114		4,909,220		3,743	2/19/1998	30 years
Ashland	VA			1,704,577		2,722,411		4,426,988		42,129	6/29/2004	35 years
Chantilly	VA	C		3,367,127		4,308,211		7,675,338		1,067,058	2/19/1998	30 years
Chantilly	VA	C		2,017,383		1,422,902		3,440,285		352,425	2/19/1998	30 years
Chantilly	VA	C		2,456,523		4,537,147		6,993,670		110,125	2/19/1998	40 years
Chesapeake	VA	C		2,684,078		4,319,163		7,003,241		1,069,771	2/27/1998	30 years
Chesapeake	VA			729,567		—		729,567		—	2/27/1998
Fairfax	VA			2,062,679		2,421,474		4,484,153		433,848	8/13/1999	30 years
Fairfax	VA			963,849		2,836,114		3,799,963		511,616	8/13/1999	30 years
Fredericksburg	VA	C		1,631,722		3,248,564		4,880,286		694,268	2/19/1998	30 years
Midlothian	VA			6,686,067		6,849,516		13,535,583		123,668	6/29/2004	30 years
Norfolk	VA			2,604,806		5,411,569		8,016,376		108,561	6/16/2004	27 years
Springfield	VA	C		4,221,356		2,107,330		6,328,686		521,944	2/19/1998	30 years
Sterling	VA			2,504,082		14,551,379		17,055,460		1,365,572	3/1/2001	32 years
Sterling	VA	A		5,588,529		10,396,812		15,985,341		877,231	8/10/2001	40 years
Tyson’s Corner	VA	B		19,396,815		4,446,289		23,843,104		1,101,258	2/19/1998	30 years
Tyson’s Corner	VA	B		9,281,370		2,167,729		11,449,099		536,906	2/19/1998	30 years
Tyson’s Corner	VA	B		665,989		419,089		1,085,078		103,800	2/19/1998	30 years
Vienna	VA			—		17,160,427		17,160,427		47,668	12/23/2004	21 years
Vienna	VA			—		16,916,817		16,916,817		46,991	12/23/2004	23 years
Vienna	VA			—		3,346,790		3,346,790		9,297	12/23/2004	26 years


				866,480,456		1,330,843,276		2,197,323,733		143,885,669

Gross Amount at December 31, 2004

Building

City

State

Encumbrances

Land

and Improvements

Total (1) (2)

Accumulated Depreciation (3)

Date Acquired

Depreciation Life

A.		Properties are secured by variable rate debt due 8/10/13

B.		Properties are secured by 7.59% fixed rate debt due 12/1/08

C.		Properties are secured by Triple Net Lease Mortgage Notes, Series 2002

D.		Properties are secured by Triple Net Lease Mortgage Notes, Series 2003-1

E.		Property is secured by 5.84% fixed rate debt due 2/1/14

F.		Property is secured by variable rate debt due 10/31/14

1.		The aggregate cost of land, buildings and improvements on a Federal Income Tax basis is $2,080,417,385 (unaudited) at December 31, 2004.

2.		Reconciliation of Real Estate Properties


Balance at January 1, 2002	$	1,229,693,704
Acquisitions, including WIP costs		352,155,187
Dispositions		(7,695,765	)

Balance at December 31, 2002		1,574,153,126
Acquisitions, including WIP costs		302,642,419
Dispositions		(1,985,228	)

Balance at December 31, 2003		1,874,810,317
Acquisitions, including WIP costs		420,417,906
Dispositions		(97,904,490	)

Balance at December 31, 2004	$	2,197,323,733

Reconciliation of Accumulated Depreciation


Balance at January 1, 2002	$	59,789,321
2002 depreciation expense, net of retirements		25,733,997

Balance at December 31, 2002		85,523,318
2003 depreciation expense, net of retirements		30,723,270

Balance at December 31, 2003		116,246,588
2004 depreciation expense, net of retirements		27,639,081

Balance at December 31, 2004	$	143,885,669

/s/ Xxxx X. Xxxxxx

/s/ Xxxxx X. Xxx

Name:
Title:

Xxxx X. Xxxxxx
Senior Vice President,
General Counsel and Secretary

Name:
Title:

Xxxxx X. Xxx
Senior Vice President
Chief Financial Officer and Treasurer