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High Leverage Properties and links to other High Leverage
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High Leverage Properties and links to other High Leverage
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Indiana
High Leverage Properties Property #pnnns 17:21:55

High Leverage Properties Tenant:     CVS Pharmacy

Credit Rating:       S&P "A"

State Located:       Indiana

Size of Building:       10,125 Square Feet Building

Land Area:       1.120 Acres

Lease Term:       22-Year, 8 month Primary Lease term.

Lease Type:       NNN - ABSOLUTE TRIPLE NET with NO Landlord responsibilities to the buyer. Tenant is responsible for ALL expenses, including property taxes, maintenance, repairs, all insurance, roof and structure, and all other costs.

Rent Commencement Date:       December, 2000

Annual Rental Income (NOI):       From years 1 through year 22.8 $252,666

Price:       $3,137,004. Only $336,108
in cash is required to purchase this property!

Financing Obligations:
Loan is Non-Recourse.
Current Loan Balance:    $2,880,896 (est.)
Interest Rate:    7.28%
Annual Debt Service:     $252,666
Annual Cash Flow:    $0

Remarks:      Can be purchased all cash (subject to refinancing) or as premium over debt. This is a "Bond-Net" lease. CVS Operates over 4,100 stores in the Northeast and Mid-Atlantic portions of the U.S. For the year ending December 2000, CVS reported sales of $20.1 billion. CVS is publically traded on the NYSE (CVS) and has an S&P rating of "A". With the recent acquistion of Revco and Arbor Drugs, CVS is the #2 drugstore chain in the U.S. in total sales and #1 in store count and prescriptions filled.

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