UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549

FORM 10-K

             (Mark One)

            [x] ANNUAL REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the fiscal year ended December 31, 2006

OR

            [ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from    to   

Commission file number 1-13089

FF-TSY HOLDING COMPANY II, LLC
(Exact name of registrant as specified in its charter)

Delaware
  
74-3205842
(State or other jurisdiction of
  
(I.R.S. Employer Identification No.)
incorporation or organization)
    

8377 East Hartford Drive, Suite 200
Scottsdale, Arizona 85255
(Address of principal executive offices, including zip code)

Registrant's telephone number, including area code: (480) 585-4500
 
Securities registered pursuant to Section 12 (b) of the Act:
 
Title of each class:
Name of exchange on which registered:
None
None
Securities registered pursuant to section 12(g) of the Act:
None
(Title of class)

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes ¨ No x

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 x No ¨

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 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 ¨ No x

Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K 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. ¨

Indicate by checkmark if the registrant is a large accelerated filer, an accelerated filer, or a non-accelerated filer. See definition of “accelerated filer” and “large accelerated filer” in Rule 12b-2 of the Exchange Act. (check one):

Large accelerated filer ¨
Accelerated filer ¨
Non-accelerated Filer x

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes ¨  No x

The Registrant meets the conditions set forth in General Instruction I(1)(a) and (b) of Form 10-K and is therefore filing this Annual Report on Form 10-K with the reduced disclosure format.






The aggregate market value of Trustreet Properties, Inc.’s (the predecessor to the registrant) common stock held by non-affiliates as of June 30, 2006, was $822.5 million based on the closing sale price of $13.19 per share on June 30, 2006 on the New York Stock Exchange. Trustreet Properties, Inc. common stock ceased to be outstanding as of February 26, 2007 and was accordingly de-listed under Section 12 of the Securities Exchange Act of 1934, and the rest of the outstanding common equity held by non-affiliates of the registrant is none.

DOCUMENTS INCORPORATED BY REFERENCE:
None


TABLE OF CONTENTS


 
 
PAGE
REFERENCE
Part I
    
Item 1.
Business
2
Item 1A.
Risk Factors
8
Item 1B.
Unresolved Staff Comments
14
Item 2.
Properties
14
Item 3.
Legal Proceedings
19
Item 4.
Submission of Matters to a Vote of Security Holders
19
Part II
    
Item 5.
Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer
Purchases of Equity Securities
20
Item 6.
Selected Financial Data
21
Item 7.
Management’s Discussion and Analysis of Financial Condition and Results of
Operations
21
Item 7A.
Quantitative and Qualitative Disclosures About Market Risk
41
Item 8.
Financial Statements and Supplementary Data
43
Item 9.
Changes in and Disagreements with Accountants on Accounting and Financial
Disclosure
  
Item 9A.
Controls and Procedures
92
Item 9B.
Other Information
92
Part III
    
Item 10.
Directors and Executive Officers of the Registrant
92
Item 11.
Executive Compensation
92
Item 12.
Security Ownership of Certain Beneficial Owners and Management and Related
Stockholder Matters
92
Item 13.
Certain Relationships and Related Transactions
92
Item 14.
Principal Accounting Fees and Services
93
Part IV
    
Item 15.
Exhibits, Financial Statement Schedules
94
 
Signatures
  
     
PEO
Certification Pursuant to Section 302(a)
  
CFO
Certification Pursuant to Section 302(a)
  


PART I


The following information, including, without limitation, the Quantitative and Qualitative Disclosures About Market Risk that are not historical facts, may be forward-looking statements. These statements generally are characterized by terms such as “believe,” “expect,” “may,” “intend,” “might,” “plan,” “estimate,” “project,” and “should”. Although we believe expectations reflected in such forward-looking statements are based upon reasonable assumptions, the Company’s actual results could differ materially from those set forth in the forward-looking statements. Factors that might cause such a difference include those discussed in the risk factors included in Item 1A to this Annual Report on Form 10-K.

Moreover, we operate in a very competitive and rapidly changing environment. New risk factors emerge from time to time and it is not possible for management to predict all risk factors, nor can it assess the impact of all risk factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. Given these risks and uncertainties, investors should not place undue reliance on forward-looking statements as a prediction of actual results. We expressly disclaim any responsibility to update any forward-looking statements to reflect changes in underlying assumptions or factors, new information, future events, or otherwise, and you should not rely upon these forward-looking statements after the date of this report.

References to “we” or “us” in this annual report on Form 10-K relate to CNL Restaurant Properties, Inc. for the periods prior to February 25, 2005, Trustreet Properties, Inc for periods between February 25, 2005 and February 26, 2007, and FF-TSY Holding Company II, LLC for subsequent periods.

Item 1. Business.

General

Trustreet Properties, Inc. (“Trustreet”) was the name adopted upon the merger of CNL Restaurant Properties, Inc. (“CNLRP”) and eighteen CNL Income Fund partnerships (“the Income Funds”) with and into U.S. Restaurant Properties, Inc. (“USRP”) on February 25, 2005 (“the 2005 Merger”). Trustreet was a Maryland corporation originally incorporated in 1997.

On October 30, 2006, Trustreet entered into an Agreement and Plan of Merger (the “GE Capital Merger Agreement”) to be acquired by a subsidiary of General Electric Capital Corporation (the “GE Capital Merger”), which, in turn, is a subsidiary of General Electric Company. On February 22, 2007, Trustreet’s stockholders approved the acquisition. On February 26, 2007, GE Capital’s acquisition of Trustreet was completed, as further described below under GE Capital Merger and the surviving entity ceased to be a separate publicly traded company. Immediately prior to the completion of the acquisition on February 26, 2007, Trustreet assigned all of its assets and liabilities to its direct wholly owned subsidiary, FF-TSY Holdings Company II, LLC, a Delaware limited liability company (the “Company”), and the Company became Trustreet’s successor. See GE Capital Merger below.

Up through the date of the GE Capital Merger, through its subsidiaries, the Company operated as a fully-integrated, self-administered real estate investment trust (a “REIT”) and had elected to be taxed as a REIT. Certain of the Company’s wholly owned subsidiaries had elected to be treated as taxable REIT subsidiaries which were subject to federal income taxation at regular corporate rates. As a result of the GE Capital Merger on February 26, 2007, the Company ceased to exist and the surviving entity in the GE Capital Merger and all of its corporate subsidiaries became subject to federal and state income taxation at regular corporate tax rates.

At December 31, 2006, the Company owned approximately 2,185 properties diversified among more than 190 restaurant concepts in 49 states. The Company’s business was operated through two segments: real estate and specialty finance. The real estate segment focused on ownership and portfolio management of restaurant properties leased to restaurant operators generally under long term triple-net leases, which generally provide that the tenant is responsible for most property-related expenses, such as property taxes, maintenance and insurance. The specialty finance segment operated in the Company’s taxable REIT subsidiary (“TRS”) and included the Company’s Investment Property Sales program (“IPS”), in which the Company purchased properties and resold them to third party investors. Effective with the GE Capital Merger, the Company will no longer make substantial new investments in real estate properties. The Company will continue managing, re-leasing and selling properties to manage the portfolio that existed as of the GE Capital Merger date. On February 26, 2007, effective with the GE Capital Merger, the Company changed its strategy of both segments to generally hold all assets for long-term investment with any sales more selective in the upcoming years.

The Company’s offices are located at 8377 East Hartford Drive, Suite 200, Scottsdale, Arizona and the Company’s telephone number is (480) 585-4500. Prior to the GE Capital Merger, Trustreet’s common stock, Series A Cumulative Convertible Preferred Stock and 7.5 percent Series C Redeemable Convertible Preferred Stock were traded on the New York Stock Exchange, under the symbols “TSY”, “TSYPrA” and “TSYPrC”, respectively. The surviving entity in the GE Capital Merger ceased to be a separate publicly traded company and all shares were de-listed from the New York Stock Exchange.

The 2005 Merger

On February 25, 2005, CNLRP merged with and into USRP and the combined company changed USRP’s name to Trustreet Properties, Inc. and acquired 18 Income Funds. In the 2005 Merger, CNLRP stockholders received 0.7742 shares of USRP common stock and 0.16 shares of USRP 7.5 percent Series C Redeemable Convertible Preferred Stock (liquidation value $25.00 per share) for each share of CNLRP common stock. The aggregate dollar value of the 2005 Merger consideration received by CNLRP stockholders was approximately $788 million based on the closing stock price of USRP common on February 24, 2005 and the liquidation value of the Series C Preferred Stock. As described in Note 2 to the financial statements included in Item 8, because CNLRP was considered the acquirer for accounting purposes, the purchase price used to account for the exchange of interests between USRP and CNLRP was $473 million before transaction costs. Income Fund limited partners received approximately 84 percent of their consideration in cash and the remainder in existing USRP Series A Cumulative Convertible Stock (liquidation preference $25.00 per share). Total consideration received by the Income Fund partners was approximately $545 million based on the February 24, 2005 trading price of the Series A Preferred Stock. As described in Note 2 to the financial statements included in Item 8, the Income Fund acquisitions were accounted for as a purchase with a price of $538 million.

USRP’s predecessors included U.S. Restaurant Properties Master L. P. and U.S. Restaurant Operating L.P., which were formed in 1985 by Burger King Corporation and QSV Properties, Inc., both of which were at the time wholly owned subsidiaries of The Pillsbury Company. On October 15, 1997, U.S. Restaurant Properties Master L.P. was converted into a self-administered REIT and, on October 16, 1997, USRP’s common stock commenced trading on the New York Stock Exchange.

GE Capital Merger

On February 26, 2007, Trustreet engaged in two distinct but related transactions:

 
·
The assignment by Trustreet to the Company (which immediately prior to such assignment was a newly-formed direct wholly owned subsidiary of Trustreet) of all of its assets and liabilities (the “Assignment and Assumption”); and
 
·
Immediately following the Assignment and Assumption, the GE Capital Merger of Trustreet with and into TSY-FF Acquisition Company, Inc., a Maryland corporation and an indirect wholly owned subsidiary of GE Capital (“Merger Sub”), pursuant to that certain Agreement and Plan of GE Capital Merger, dated as of October 30, 2006, as amended (the “GE Capital Merger Agreement”) by and among Trustreet, CNL APF Partners, LP, a Delaware limited partnership and indirect subsidiary of Trustreet (“CNL Partnership”), GE Capital, FF-TSY Holding Company, Inc., a Delaware corporation and direct parent of Merger Sub (“Holdco”), Merger Sub, and Franchise-TSY Acquisition LLC, a Delaware limited liability company and wholly owned subsidiary of Merger Sub (“Partnership Merger Sub”).

Assignment and Assumption

Concurrently with the Assignment and Assumption on February 26, 2007, Trustreet, the Company, FF-TSY Holding Company II, Inc., a Delaware corporation at the time of the Assignment and Assumption a direct wholly owned subsidiary of Trustreet, and Wells Fargo Bank, National Association as Trustee under the indenture (the “Trustee”) entered into a supplemental indenture (the “Supplemental Indenture”) which amended the indenture governing Trustreet’s outstanding 7.5 percent Senior Notes due in 2015 (the “Notes”) and provided for the express assumption by the Company of all obligations of Trustreet on the Notes and under the Indenture.

GE Capital Merger Transactions

Following the effectiveness of the Assignment and Assumption, Trustreet caused Partnership Merger Sub to merge with and into CNL Partnership (the “Partnership Merger”), with CNL Partnership being the surviving entity and becoming a wholly owned subsidiary of the Company. Pursuant to the Partnership Merger, each holder of units of limited partnership interest in CNL Partnership other than Trustreet and its subsidiaries became entitled to receive $17.05 in cash, without interest and less any applicable withholding taxes, for each unit of limited partnership they owned in CNL Partnership immediately prior to the effective time of the Partnership Merger.

Following the Partnership Merger, Trustreet was merged with and into Merger Sub, with Merger Sub being the surviving entity and a direct wholly owned subsidiary of Holdco. Pursuant to the GE Capital Merger, holders of Trustreet common stock (other than Trustreet and its subsidiaries) became entitled to receive $17.05 in cash, without interest and less any applicable withholding taxes, for each share of common stock issued and outstanding and held by such holders immediately prior to the effective time of the GE Capital Merger. Also pursuant to the GE Capital Merger, each share of Series A Preferred Stock that was outstanding immediately prior to the effective time of the GE Capital Merger, other than shares owned by Trustreet, its subsidiaries, or Merger Sub, was converted into, and cancelled in exchange for, the right to receive, without interest and less any applicable withholding taxes, cash in the amount of $25.00, plus any accrued and unpaid dividends through and including February 26, 2007. Finally, each share of Series C Preferred Stock outstanding immediately prior to the effective time of the GE Capital Merger was converted into, and cancelled in exchange for, the right to receive one share of 7.5 percent Series C Redeemable Convertible Preferred Stock of Merger Sub (the “Merger Sub Series C Preferred Stock”). Upon completion of the GE Capital Merger, the Company was a direct wholly owned subsidiary of Merger Sub, which was in turn a direct wholly owned subsidiary of Holdco, which is in turn an indirect wholly owned subsidiary of GE Capital.

Liquidation of Merger Sub

Following the GE Capital Merger, Merger Sub assigned all of its assets and liabilities to Holdco (other than cash deposited by Merger Sub with the paying agent for the GE Capital Merger in an amount sufficient to discharge its obligations with respect to holders of the Merger Sub Series C Preferred Stock) and Merger Sub and Holdco filed Articles of Transfer with the State Department of Assessments and Taxation of the State of Maryland (“SDAT”) in accordance with Maryland law. On March 20, 2007, Merger Sub caused Articles of Dissolution to be filed with SDAT and the legal existence of Merger Sub was terminated. Pursuant to the dissolution and liquidation of Merger Sub, holders of Merger Sub Series C Preferred Stock received $25.00 plus accrued and unpaid dividends through the date of payment for each share of Merger Sub Series C Preferred Stock they received in the GE Capital Merger. Following the dissolution of Merger Sub, the Company is a direct wholly owned subsidiary of Holdco, which, in turn, is an indirect wholly owned subsidiary of GE Capital, which, in turn, is a subsidiary of General Electric Company.

On March 1, 2007 and March 23, 2007, Moody’s Investors Service, Inc. and Standard & Poor’s Rating Service, respectively, upgraded the credit rating on the Notes to Investment Grade Status (as defined in the Indenture governing the Notes). On March 28, 2007, the Company delivered an officers’ certificate to the Trustee under the Indenture certifying that the conditions relating to a Suspension Period (as defined in the Indenture) had been satisfied and thereby causing a Suspension Period to commence on such date. During the Suspension Period, certain restrictive covenants contained in the Indenture will not be applicable and, as such, will not restrict the Company’s activities that would otherwise have been limited or restricted absent the Suspension Period.

Segments

Up through the GE Capital Merger, the Company’s business operations were divided into two business segments, a real estate segment and a specialty finance segment.

 
·
The real estate segment oversaw and managed a portfolio of primarily long-term triple-net lease properties, as well as mortgage and equipment loans. Its responsibilities included portfolio management, property management and dispositions.
 
 
·
The specialty finance segment included the IPS program and delivered financial products principally in the forms of financing, servicing and other services, to national and larger regional restaurant operators.

Please see note 17 of the Company’s Consolidated Financial Statements appearing in Item 8 of this report for certain financial information about these two business segments. While the Company’s historical business has operated under two segments, the GE Capital Merger is expected to have a significant impact on the allocation of how assets and other resources are utilized. On February 26, 2007, effective with the GE Capital Merger, the Company changed its strategy of both segments to generally hold all assets for long-term investment with any sales more selective in the upcoming years.

Real Estate Segment

As part of the Company’s ownership and management of its real estate portfolio, the Company’s real estate segment offers customers an integrated set of financial services. The lease financing provided by the Company’s real estate segment, often through sale/leaseback transactions, enables restaurant operators to monetize their on-balance sheet real estate, allowing them to devote a greater portion of their assets to their core business of restaurant operations.

From December 31, 2005 to December 31, 2006, we encountered 28 new vacancies and resolved 34 vacancies. Of the 28 new vacancies, eight were a result of an expiring lease, eleven were terminations by the tenant as permitted by its lease agreement, and the remainder resulted from defaults. Of the 34 resolutions, properties were sold at an average of 114 percent recovery of net carrying value, or leased at an average of 92 percent of the previous cash rent. In addition, over the past 12 months, ending December 31, 2006 we renewed 71 leases scheduled to expire in 2006 or 2007. As of December 31, 2006, we had 58 properties with a net carrying value of $35.8 million with leases expiring in the next 12 months, and had 68 properties with a net carrying value of $48.7 million that are vacant with no lease. We will continue to manage these properties, and expect to reduce the number of vacant properties in the next 15 months either by locating suitable tenants to lease the properties or selling the vacant properties and reinvesting the sales proceeds in replacement properties.

Following the GE Capital Merger, the Company has undertaken the following initiatives with respect to its real estate segment:

 
·
Disposal or Re-Lease of Vacant Properties. As of December 31, 2006, the Company had 68 properties with a net carrying value of $48.7 million that were vacant with no lease. The Company intends to reduce the number of vacant properties by either locating suitable tenants to lease the properties from the Company or selling the vacant sites.

 
·
Sale of Service Station Properties. In February 2007, the Company entered into an agreement to sell approximately 70 service station properties, some of which are owned by the specialty finance segment. The sale is expected to occur by March 31, 2007, but there can be no assurance that such sale will occur when expected, or at all.

Specialty Finance Segment

The Company’s specialty finance segment offered a diverse array of highly specialized services for customers. The IPS program purchased restaurant properties and resold them to investors who generally were seeking to defer taxes on commercial properties they sold through the reinvestment of proceeds as permitted under the Internal Revenue Code. This segment also offered investment banking and development services.
 
The specialty finance segment engaged in the following significant lines of business in 2006:
 
 
·
IPS Program. The IPS program generated $208 million in property sales proceeds in 2006 through the sale of 138 properties. At December 31, 2006, the Company held 138 properties for sale through the IPS program, with an investment of $218 million, including 132 properties with an investment of $213 million that were recently purchased by the specialty finance segment. The success of our IPS program depended on the continued vibrancy of the 1031 exchange marketplace and successfully originating new triple-net leases. For the years ended December 31, 2006, 2005, and 2004, we purchased $372 million, $542 million, and $247 million in net lease properties, respectively. Origination volume in the year ended December 31, 2006 was impacted by competition in the net lease sector, specifically on smaller transactions. This increased competition resulted in a gradual decrease of the acquisition capitalization rates in the marketplace which, in turn, compressed net margins on properties sold through our IPS program. Since 2001, we have sold over $1.3 billion in properties through our IPS program within our specialty finance segment, of which $207.6 million, $242.1 million, and $256.2 million were sold during the years ended December 31, 2006, 2005, and 2004, respectively, was purchased by our specialty finance segment and funded by approximately $201 million in mortgage warehouse debt.

 
·
Development. The Company’s Development and Redevelopment Group actively sought to identify properties that were suitable for development as restaurants. Once a parcel was identified, the Development Group actively explored development opportunities including build to suit and leasing activities. Once developed, the properties were typically sold through the IPS program. At December 31, 2006, the Company had 61 properties with an investment of $63 million under development. Of the $63 million in properties held at December 31, 2006, $35 million represented undeveloped land, $2 million in projects were under construction and $15 million comprised of completed projects. The remaining $11 million were acquired with an existing structure with the intent to redevelop at a future date.

On February 26, 2007, effective with the GE Capital Merger, the Company changed its strategy of both segments to generally hold all assets for long-term investment with any sales more selective in the upcoming years.

Leases

Although there are variations in the specific terms of the Company’s leases, the following summarizes the general structure of the leases. The leases of the properties provide for initial terms typically of 15 to 20 years and expire between 2007 and 2041. Approximately 54 percent of the Company’s leases have terms that expire in 2016 or later and the average remaining lease term of the Company’s portfolio is approximately ten years. The leases are generally on a long-term triple-net basis which generally provided that the tenant is responsible for all repairs and maintenance, property taxes, insurance and utilities. The leases provide for minimum base annual rental payments (payable in monthly installments) ranging from approximately $0.005 million to $0.6 million. The majority of the leases also provide that, commencing in specified lease years (generally the sixth lease year), the annual base rent required under the terms of the lease will increase. In addition, certain leases provide for percentage rent based on sales in excess of a specified amount.

Generally, the leases provide for two to five, five-year or ten-year renewal options. The leases also generally provide that, in the event the Company wishes to sell the property subject to that lease, the Company first must offer the lessee the right to purchase the property on the same terms and conditions, and for the same price, as any offer which the Company has received for the sale of the property.

Major Tenants

At December 31, 2006, no single lessee, borrower (or affiliated groups of lessees or borrowers) or restaurant chain contributed more than ten percent of the Company’s total annualized base rent relating to its properties. In the event that certain lessees, borrowers or restaurant chains contribute more than ten percent of the Company’s rental, earned and interest income in future years, any failure of such lessees, borrowers or restaurant chains could materially affect the Company’s income. Additionally, as of December 31, 2006, no single lessee or borrower, or group of affiliated lessees or borrowers, leased properties or was the borrower under loans with an aggregate carrying value in excess of 20 percent of the total assets of the Company.

Real Estate Held for Sale

Through the date of the GE Capital Merger, the Company sold certain real estate properties to private investors as an alternative to either retaining the properties as a long-term investment or offering to sell net lease cash flows in the securitization marketplace. The accounting for these properties differed from that of similar properties without this designation as the Company did not record depreciation. In addition, the Company did not record accrued rent which is the aggregate difference between the scheduled rents which vary during the lease term and the income recognized on a straight-line basis. The properties held for sale were contemplated being sold within a year. The Company classified its real estate held for sale as discontinued operations. As described above, effective with the GE Capital merger, the Company changed its strategy of both segments to generally hold all assets for long-term investment with any sales more selective in the upcoming years.

Mortgage, Equipment and Other Notes Receivable

Mortgage, equipment and other notes receivable are wholly or partially collateralized by first mortgages on the land and/or buildings, the equipment or other assets of franchised restaurant businesses. The loans are due in monthly installments with maturity dates ranging from 2007 to 2025.

Regulations

The Company, through its ownership interests in and management of real estate, is subject to various environmental, health, land-use and other regulations by federal, state and local governments that affect the development and regulation of restaurant and service station properties. The Company’s leases impose the primary obligation for regulatory compliance on the tenants.

Environmental Regulation

Although as a general rule the Company performs pre-purchase environmental assessments and/or investigations, some of the properties acquired by the Company are or may be contaminated by releases of hazardous substances or petroleum or may contain underground storage tanks.  To the extent such environmental concerns are identified and are subject to reporting or other regulatory requirements under state or federal environmental laws or regulations, the Company engages in any necessary activities to comply with such environmental regulatory requirements.  Management neither is aware of any environmental concerns or liabilities that are not being addressed in accordance with requirements of environmental laws, nor has it been notified by any governmental authority of any potential environmental requirement or liability not being addressed in accordance with environmental laws.

Americans With Disabilities Act (“ADA”). Under the Americans with Disabilities Act of 1990 (the “ADA”), all public accommodations, including restaurants, are required to meet federal requirements relating to physical access and use by disabled persons. If it were determined that the Company was not in compliance with the ADA, the Company could be subject to fines, injunctive relief, damages or attorneys’ fees. The Company’s leases generally contemplate that compliance with the ADA is the responsibility of the tenants. The Company is not currently a party to any litigation or administrative proceeding with respect to a claim of violation of the ADA.

Land-use, Fire and Safety Regulations. The Company and its tenants are required to operate the Properties in compliance with various laws, land-use regulations, fire and safety regulations and building codes which may either be currently applicable or which may be adopted later by the governmental body or agency having jurisdiction over the location of the Property or the matter being regulated. The Company’s leases typically contemplate that compliance with land-use and fire and safety regulations is the responsibility of the tenants.

Health Regulations. The restaurant industry is regulated by a variety of state and local departments and agencies concerned with the health and safety of restaurant customers. These regulations vary by restaurant location and type. The Company’s leases require the tenants to comply with all health regulations and inspections and require that the restaurant operators obtain insurance to cover liability for violation of such regulations or the interruption of business due to closure caused by failure to comply with such regulations. The Company is not currently a party to any litigation or administrative proceeding with respect to the compliance with health regulations of any property it finances.

Insurance. The Company generally requires its tenants to maintain adequate comprehensive liability, fire, flood and extended loss insurance provided by reputable companies with commercially reasonable and customary deductibles. The Company also generally requires that it be named as an additional insured under such policies. Tenants are required to carry certain types and amounts of insurance under the leases with the Company and the Company actively monitors tenant compliance with this requirement. There are, however, certain types of losses (generally of a catastrophic nature such as earthquakes and floods), that may be either uninsurable or not economically insurable, as to which the properties may be at risk depending on whether such events occur with any frequency in a property’s location. An uninsured loss could result in a loss to the Company of both its capital investment and anticipated profits from the affected property. In addition, because of coverage limits and deductibles, insurance coverage in the event of a substantial loss may not be sufficient to pay the full current market value or current replacement cost of the Company’s investment. Changes in building codes and ordinances, environmental considerations and other factors also might make using insurance proceeds to replace a facility after it has been damaged or destroyed unfeasible. Under such circumstances, the insurance proceeds received by the Company might be inadequate to restore its economic position with respect to the property. The Company’s policy with respect to vacant properties is to carry general liability insurance and, to the extent required by certain creditors, property coverage.

Competition

The fast-food, family-style and casual dining restaurant business is characterized by intense competition. The operators of the restaurants located on the Company's properties compete with independently owned restaurants, restaurants which are part of local or regional chains and restaurants in other well-known national chains, including those offering different types of food and service.

Local competition may enhance a restaurant’s success rather than detract from it. Many successful fast-food, family-style and casual dining restaurants are located in "eating islands", areas within which a variety of restaurants operate. This variety allows diners an opportunity to diversify their eating habits, giving them an incentive to return in the future. As a result, fast food, family style and casual dining restaurants frequently experience better operating results when there are other restaurants in the area.

Through the date of the GE Capital Merger, the Company competed with other persons and entities in locating suitable properties to acquire and in locating purchasers for properties held for sale. The Company also competed with other financing sources such as banks, mortgage lenders, real estate brokers and sale/leaseback companies for suitable tenants for its properties and borrowers for its mortgage loans.

Employees

As of December 31, 2006, the Company had 137 associates.


Item 1A. Risk Factors.
 
You should carefully consider the following risks and all of the other information set forth in this Annual Report on Form 10-K, including the consolidated financial statements and the notes thereto. If any of the events or developments described below were actually to occur, the Company’s business, financial condition or results of operations could be materially adversely affected.

Risks Relating to Our Business

Our debt could adversely affect our cash flow, our business and financial condition.
 
As of December 31, 2006, we had total consolidated debt of approximately $1.6 billion and stockholders’ equity of approximately $1.1 billion. Effective with the GE Capital Merger, we received an equity inflow of approximately $760 million which we used to repay all amounts outstanding under the revolver, term, and the warehouse facilities.
 
Our remaining substantial level of debt could have important consequences for us. For example, it could:
 
• require us to dedicate a substantial portion of our cash flow from operations to make payments on our debt, reducing the availability of our cash flow;
 
• increase our vulnerability to general adverse economic and industry conditions and adverse changes in governmental regulations;
 
• limit our flexibility in planning for, or reacting to, changes in our business, which may place us at a competitive disadvantage compared with our competitors; and
 
• limit our ability to borrow additional funds, even when necessary to maintain adequate liquidity or working capital.

The terms of our indebtedness, including the indenture governing our 7½% Senior Notes due in 2015 (the “Notes”) allow us to incur substantial amounts of additional indebtedness, subject to certain limitations. Additional indebtedness would increase the risks associated with our leverage.
 
Our cash flow from operations may not be sufficient to satisfy our debt service obligations or to fund our other liquidity needs.
 
Our ability to make payments on or refinance our debt will depend largely upon our future operating performance, which is subject to general economic, financial, competitive, legislative, regulatory and other factors that are beyond our control.
 
If we do not have sufficient cash flow or cash available to meet our debt service obligations, we would have to consider the sales of certain assets to meet our debt service obligations. However, this option may not be adequate or feasible. Our financing arrangements and the indenture governing our Notes may restrict, or market or business conditions may limit, our ability to do this.
 
The financing agreements governing our debt contain various covenants that limit our discretion in the operation of our business and could lead to acceleration of debt repayment.
 
Our existing and future financing agreements impose and will impose operating and financial restrictions on our activities. These restrictions require us to comply with or maintain certain financial tests and ratios, including a maximum consolidated leverage ratio, a maximum ratio of secured indebtedness to adjusted total tangible assets, a minimum consolidated tangible net worth test and minimum consolidated fixed charge and interest coverage ratios, and limit or prohibit our ability to, among other things:
 
• borrow money and guarantee debt;
    • create liens;
    • make investments or acquisitions;
    • enter into sale/leaseback transactions;
    • enter into transactions with affiliates; and
    • sell assets.
 
These restrictions on our ability to operate our business could seriously harm our business by, among other things, limiting our ability to take advantage of financings, mergers, acquisitions and other corporate opportunities.
 
Various risks, uncertainties and events beyond our control could affect our ability to comply with these covenants and maintain the financial tests and ratios required by some of the instruments governing our financing arrangements. Failure to comply with any of the covenants in our existing or future financing agreements could result in a default under those agreements and under other agreements containing cross-default provisions. A default would permit lenders to accelerate the maturity of the debt under these agreements and to foreclose upon any collateral securing that debt. Under these circumstances, we might not have sufficient funds or other resources to satisfy all of our obligations. In addition, the limitations imposed by financing agreements on our ability to incur additional debt and to take other actions might significantly impair our ability to obtain other financing. We may not be able to obtain future waivers or enter into future amendments or supplements, if necessary.
 
Our operations and financial condition could be adversely affected by a number of factors affecting the value of real estate.
 
Our investments will be subject to the risks generally associated with the ownership of real property, including:
 
• adverse changes in certain economic conditions;
    • changes in the investment climate for real estate;
    • increases in real estate tax rates and other operating expenses;
    • adverse changes in governmental laws, regulations, ordinances, and fiscal policies, including zoning and land use;
    • the relative illiquidity of real estate; and
    • compliance with environmental and other ordinances, regulations and laws.
 
Any adverse changes in, or increased costs resulting from, these or other factors could adversely affect our results of operations.
 
We rely on a small number of tenants for a significant portion of our revenue, and rental payment defaults by these significant tenants could adversely affect our results of operations.
 
As of December 31, 2006, our largest tenant represented 7.0 percent of our total annualized base rent and our ten largest tenants represented 36.7 percent of our total annualized base rent. As a result of the concentration of revenue generated from these few tenants, if any one of them were to cease paying rent or fulfilling their other monetary obligations, we could have significantly reduced rental revenues or higher expenses until the defaults were cured or the properties were leased to a new tenant or tenants. This could adversely affect our results of operations.
 
Changes in trends in the restaurant industry could adversely affect the sales, profitability and success of the chain restaurants that our tenants operate.
 
The chain restaurants operated by our tenants are generally within the quick service or casual dining segments of the restaurant industry, each of which is highly competitive. The success of these restaurants depends largely on the restaurant operators’ ability to adapt to trends and other factors affecting the restaurant industry including increased competition among restaurants (including competition for concept name recognition, products, price, value, quality, healthiness, service and convenience), the consolidation of restaurant chains, industry overbuilding, changing consumer habits, the introduction of new concepts and menu items, the increased costs of food products, the availability of labor and general economic conditions. We believe that restaurant services are consumed with disposable income subject to, for example, gasoline and other fuel prices. Losses incurred by a particular chain restaurant as a result of these or other factors could adversely affect the income that is derived from our restaurant properties, which may impact our tenants’ ability to make payments to us, which would have an adverse affect on our revenues.
 
Tenant bankruptcy proceedings could negatively affect our income.
 
As the owner of the bankrupt tenants’ underlying real estate, we face no risk of loss of ownership of the property itself if the bankrupt tenant rejects any of our leases. However, tenant bankruptcies could adversely affect our income in the following ways:
 
• reduction, interruption or termination of lease payments related to tenants’ leases;
    • reduction of revenue resulting from restructuring leases;
    • increase in costs associated with the maintenance and financing of vacant properties;
    • increase in costs associated with litigation and the protection of the properties; and
    • increase in costs associated with improving and re-leasing the properties.
 
In connection with any tenant bankruptcy, we establish reserves relating to rent payments and other accounts receivable and take impairments to the book value of the underlying real estate, as appropriate, to reflect the difference between the net book value and the market value of the asset in cases where we do not believe the net book value will be recoverable through future operations and disposal of the asset. It may be necessary to take additional asset impairments and write-offs and/or establish additional reserves in the event of future tenant bankruptcies or if the current reserves and impairment charges prove to be inadequate. These factors may have a material adverse effect on our results of operations.
 
We may not be able to re-lease properties upon the termination, expiration or rejection of leases at comparable lease rates or at all.
 
The leases of the properties that comprise our portfolio expire on dates ranging from 2007 to 2041. As of December 31, 2006, leases due to expire through 2011 represented approximately 22 percent of our total properties and approximately 17 percent of our total annualized base rent. Also, as of December 31, 2006, approximately four percent of our total properties representing three percent of the portfolio’s net carrying value were vacant (excluding unoccupied properties for which rent is currently being paid). Upon the termination or expiration of a lease, we might not be able to re-lease the related property. If we are able to re-lease, the lease rate or other lease terms might not be comparable to the expiring lease or additional expenses may be incurred because of, among other things, a downturn in the commercial leasing markets where we operate and the general performance of the restaurant industry or a specific property.
 
Our investment property sales program may be adversely affected by a significant reduction in or elimination of capital gains taxes or changes in interest rates.
 
The market for our investment property sales program is driven, in part, by demand created by property buyers seeking continued capital gains and/or tax deferrals. Any new proposal to significantly reduce or eliminate the capital gains tax or tax deferral opportunities could negatively impact demand for our properties. An increase in general levels of interest rates could result in buyers requiring a higher yield, which may not be matched with higher yields from tenants. This could cause us to experience lower average gains or even losses on the future sales of investment property sales program.
 
We may be unable to sell properties when appropriate because real estate investments are illiquid.
 
Real estate investments generally cannot be sold quickly. Consequently, we may not be able to alter our portfolio promptly in response to changes in economic or other conditions. Our inability to respond quickly to adverse changes in the performance of our investments could have an adverse effect on our ability to meet our obligations.
 
We may not be able to sell properties on terms that are acceptable, or at all.
 
We routinely make strategic dispositions of our properties. We may not be able to sell properties for a gain, and may sustain a loss, on such sales relative to current net book value. In addition, if our cash flows were to significantly decrease for any reason, we may have to sell one or more properties to support our operations. In such event, we may incur losses on the disposition of such properties.
 
Our assets may decline in value and, as a result, may be subject to impairment charges.
 
We periodically, but no less frequently than annually, evaluate our real estate investments and other assets for impairment indicators. The judgment regarding the existence of impairment indicators is based on factors such as market conditions, operator performance and legal structure. If we determine that a significant impairment has occurred, we would be required to make an adjustment to the net carrying value of the asset, which could have a material adverse affect on our results of operations in the period in which the write-off occurs. To the extent we are unable to sell properties for book value, we may be required to take a non-cash impairment charge or loss on the sale, either of which would reduce our net income.
 
We will not acquire substantial new properties, so we will not have the ability to grow or diversify our existing portfolio.
 
Effective with the GE Capital Merger on February 26, 2007, we will no longer originate substantial new property acquisitions. As we continue to sell properties, we expect to experience a decline in our asset base. If this decline occurs, our property portfolio may become less diversified in terms of property type and geographic region, which could leave us more vulnerable to adverse changes affecting restaurant chains, tenants, concepts or economic conditions in geographic regions.
 
Our securitizations could require replacement property contributions or accelerated principal paydowns and could be adversely affected by changes in rating agencies’ perceptions of the securitizations and the leases and loans underlying them.
 
As of December 31, 2006, we had $456 million of rated securities structured in private placement franchise loan and net lease securitization transactions. In the event of tenant defaults relating to pledged properties in our net lease securitizations, we may elect to contribute additional properties or substitute properties into these securitized pools from properties we own and that are not otherwise pledged as collateral. In addition, if certain ratios are exceeded or not maintained within the net lease securitizations, then principal paydown on the outstanding bonds is accelerated. For the years ended December 31, 2006, 2005, and 2004 we were required to make additional debt reductions of $2.5 million, $1.8 million, and $0.8 million, respectively, as a result of exceeding certain ratios in the triple-net lease pools. There is no guaranty that we will not be required to make additional debt reductions in the future. Upon the occurrence of a significant amount of delinquencies and/or defaults, one or more of the rating agencies may choose to place a specific transaction on ratings watch or even downgrade one or more classes of securities to a lower rating. Should the loans or leases underlying the securities default, and the securities undergo a negative ratings action, we could experience material adverse consequences impacting our ability to continue earning income as servicer and our ability to engage in future desirable securitization transactions.
 
Severe weather conditions and other catastrophes may result in an increase in the number of defaults by our tenants.
 
Our business is exposed to the risk of severe weather conditions and other catastrophes. Catastrophes can be caused by various events, including natural events such as hurricanes, severe winter weather, tornadoes, windstorms, earthquakes, hailstorms, severe thunderstorms and fires, and other events such as explosions, terrorist attacks and riots. The incidence and severity of catastrophic and severe weather conditions are inherently unpredictable. Our properties are generally leased to tenants subject to triple net leases, meaning that the tenant is responsible for repairs and maintenance on the properties, and is required to pay the real estate taxes and maintain full property insurance coverage on the properties. In many cases, we also require the tenant to carry business interruption insurance which would provide for payment of rent while the property is closed. We anticipate that the tenant’s insurance would cover the damages from any such catastrophes. In the event the tenant’s insurance does not cover damage incurred, and the tenant does not have resources to cover the difference, we carry contingent property coverage that would pay for certain items but not cover all amounts of such damages.
 
The development and redevelopment of properties presents risks not present in existing operating properties.
 
In connection with the redevelopment of existing properties, we will be subject to risks, including:
 
• cost overruns;
    • delays because of a number of factors, including unforeseen circumstances, strikes, labor disputes or supply disruptions, zoning, permitting and approval issues, and bad weather and other acts of God;
    • design and construction defects;
    • contractor and subcontractor disputes and mechanics’ liens; and
    • lack of income-generating capacity until leasing payments can begin.
 
Any of these factors could have a material adverse effect on our financial condition and results of operations.
 
Environmental laws and regulations could reduce the value of our properties or our tenants’ profitability.
 
All real property and the operations conducted on real property are subject to federal, state and local laws and regulations relating to hazardous materials, environmental protection and human health and safety. Under various federal, state and local laws, ordinances and regulations, we or our tenants may be required to investigate and clean up certain hazardous or toxic substances released on or in restaurant or service station properties we own, and also may be required to pay other costs relating to hazardous or toxic substances. This liability may be imposed without regard to whether we or our tenants knew about the release of these types of substances or were responsible for their release. The presence of contamination or the failure to remediate properly, the migration of contaminants to or from our properties, or from or to adjacent third-party locations, may adversely affect our ability to sell or lease those properties or to borrow using those properties as collateral.
 
The costs or liabilities could exceed the value of the affected real estate. The uses of any property prior to our acquisition and the building materials and products used at the property are among the property-specific factors that will affect how the environmental laws are applied to the properties. By the nature of their businesses, our tenants utilize cleaning agents and other potentially hazardous materials and, with regard to service station properties, maintain underground storage tanks. If we are subject to any material environmental liabilities, the liabilities could adversely affect our results of operations and ability to meet our obligations. We cannot predict what other environmental legislation or regulations will be enacted in the future, how existing or future laws or regulations will be administered or interpreted or what environmental conditions may be found to exist on the properties in the future. Compliance with existing and new laws and regulations may require us or the tenants to spend funds to remedy environmental problems. Our tenants, like many of our competitors, have incurred, and will continue to incur, capital and operating expenditures and other costs associated with complying with these laws and regulations, which will adversely affect their potential profitability, which could in turn impact their ability to make lease payments.
 
Generally, tenants must comply with environmental laws and meet remediation requirements. Our leases typically impose obligations on tenants to indemnify us from any compliance costs we may experience as a result of the environmental conditions on the property. If a lease does not require compliance by the tenant, however, or if a tenant fails to or cannot comply, we could be forced to pay these costs. In addition, in some cases we are responsible for adverse environmental conditions not caused by a tenant. If not addressed, environmental conditions could impair our ability to sell or re-lease the affected properties in the future or result in lower sales prices or rent payments.
 
The revenues generated by our tenants could be negatively affected by various federal, state and local laws and regulations to which they are subject.
 
We and our tenants are subject to a wide range of federal, state and local laws and regulations, such as local licensing requirements, land use ordinances, consumer protection laws, and fire, life-safety and similar requirements which regulate the use of the properties. The leases typically require that each tenant comply with all laws and regulations. Failure to comply could result in fines by governmental authorities, awards of damages to private litigants, or restrictions on the ability to conduct business on such properties. This in turn could impair the ability of a tenant to pay rent, could require us to pay penalties or fines relating to any non-compliance, and could adversely affect our ability to sell or re-lease a property.

Tax Risks

Certain of our leases may be recharacterized as financings, which would eliminate our depreciation deductions on our properties and potentially increase our tax liability.
 
If any of our leases do not constitute a lease for federal income tax purposes, it will be treated as a financing arrangement. The recharacterization of a lease in this fashion may have adverse tax consequences for us. In particular, we would not be entitled to claim depreciation deductions with respect to any improvements on the property (although we should be entitled to treat part of the payments we would receive under the arrangement as the repayment of principal).

We are subject to federal, state and local tax.

We are subject to taxation at regular corporate rates. In addition, we are subject to some federal, state and local taxes on our income and property, such as franchise, sales and property taxes. These tax obligations may adversely affect our cash flow available for debt service and our overall results of operations.

We may become subject to significant tax liability if a determination were made that our predecessor did not qualify as a REIT.

Trustreet, our predecessor, elected to be treated as a REIT for U.S. federal income tax purposes. As a REIT, Trustreet was not subject to U.S. federal income tax on income or gains that it distributed on a current basis to its stockholders. If Trustreet had failed to qualify as a REIT, it would have been subject to U.S. federal and state tax on its income and gains at regular corporate rates. If a determination were made that Trustreet had failed to qualify as a REIT, the IRS could assert that we are liable for some or all of Trustreet’s resulting tax liabilities, which could be substantial. These tax obligations may adversely affect our cash flow available for debt service and our overall results of operations.
 
We may be subject to other tax liabilities.
 
We may be subject to some federal, state and local taxes on our income and property, such as franchise, sales and property taxes, that could reduce operating cash flow. We are subject to taxation at regular corporation rates. These tax obligations may adversely affect our results of operations. In particular, as a result of the GE Capital Merger, we no longer operate as a REIT and will begin paying a significant amount of taxes that previously were not applicable to us.
 
 
Item 1B. Unresolved Staff Comments.
 
 
None.
 

Item 2. Properties.

As of December 31, 2006, the Company’s real estate segment owned 1,990 properties, either directly or indirectly through joint venture arrangements, located in all states except Alaska, and including the District of Columbia.

As of December 31, 2006, 1,959 of the 1,990 properties represented fee simple ownership and 14 properties were owned through joint venture arrangements. As of December 31, 2006, 118 properties consisted of land only.

As of December 31, 2006, 82 properties consisted of building only. The Company does not own the underlying land. In connection with the acquisition of each of these properties, the Company entered into either a tri-party agreement with the tenant and the owner of the land or an assignment of interest in the ground lease with the landlord, as described in Item 1. Business-Leases.

As of December 31, 2006, the Company had pledged 546 properties as collateral related to bonds payable.

Description of Properties

Land. The Company's property lot sizes range from approximately 800 to 329,100 square feet depending upon building size, local demographic factors and other factors. Land owned is zoned for commercial use which, prior to acquisition, was reviewed for traffic patterns and volume.



The following table lists the properties owned as of December 31, 2006 by state.

 
State
  
Total Number of
Properties
Alabama
  
53
Arizona
  
44
Arkansas
  
39
California
  
52
Colorado
  
29
Connecticut
  
6
Delaware
  
3
Florida
  
183
Georgia
  
126
Hawaii
  
9
Idaho
  
7
Illinois
  
64
Indiana
  
33
Iowa
  
27
Kansas
  
15
Kentucky
  
35
Louisiana
  
36
Maine
  
3
Maryland
  
24
Massachusetts
  
6
Michigan
  
59
Minnesota
  
26
Mississippi
  
21
Missouri
  
52
Montana
  
6
Nebraska
  
8
Nevada
  
4
New Hampshire
  
6
New Jersey
  
11
New Mexico
  
20
New York
  
49
North Carolina
  
91
North Dakota
  
6
Ohio
  
88
Oklahoma
  
23
Oregon
  
11
Pennsylvania
  
44
Rhode Island
  
2
South Carolina
  
56
South Dakota
  
6
Tennessee
  
95
Texas
  
387
Utah
  
10
Vermont
  
1
Virginia
  
34
Washington
  
19
Washington, DC
  
2
West Virginia
  
24
Wisconsin
  
34
Wyoming
  
1
     
TOTAL PROPERTIES
  
1,990

Buildings. The buildings generally are rectangular and are constructed from various combinations of stucco, steel, wood, brick and tile. Building sizes range from approximately 700 to 29,300 square feet. Generally, buildings owned on properties are freestanding and are surrounded by paved parking areas. Buildings are suitable for conversion to various uses, although modifications may be required prior to use for other than restaurant operations. Depreciation expense is computed for buildings and improvements using the straight-line method using a depreciable life of 39 to 40 years for federal income tax purposes. As of December 31, 2006 the aggregate depreciated cost basis of the properties owned (including properties owned through consolidated joint ventures) for federal income tax purposes was $1.8 billion.

The following table lists the properties owned as of December 31, 2006 by restaurant chain.

Restaurant Chain
Number of Properties
 
Wendy’s
185
Burger King
175
Pizza Hut
151
Arby’s
146
Jack in the Box
112
Captain D’s Seafood
100
Golden Corral
81
Hardees
64
International House of Pancakes
62
Denny’s
46
Checkers
39
Taco Cabana
33
KFC
33
Shoney’s
30
Applebee’s
30
Perkins
28
Grandy’s
26
Dairy Queen
26
Taco Bell
25
Bennigan’s
24
Other
574
 
TOTAL:
1,990

Management considers the properties to be well maintained and sufficient for the Company's operations and believes they are adequately covered by insurance. In addition, the Company has obtained contingent liability and property coverage. This insurance is intended to reduce the Company's exposure in the unlikely event a tenant's insurance policy lapses or is insufficient to cover claims relating to the property.

Leases. The Company leases the properties to operators of selected national and regional fast-food restaurant chains. The leases are generally on a long-term triple-net basis, which generally provide that the tenant is responsible for repairs, maintenance, property taxes, utilities and insurance. Generally, a lessee is required, under the terms of its lease agreement, to make capital expenditures to refurbish restaurant buildings, premises, signs and equipment so as to comply with the lessee's obligations, if applicable, under the franchise agreement to reflect the current commercial image of its restaurant chain. These capital expenditures are required to be paid by the lessee during the term of the lease. The terms of the leases of the properties owned by the Company are described in Item 1. Business - Leases.



The following table lists properties as of December 31, 2006 by tenant and includes average age of buildings, annualized base rent and percent of total annualized base rent. Each lease has a monthly fixed lease payment (“base rent”) due each month. Base rent represents the monthly cash rent for December 2006 on an annualized basis. It does not represent a rent number in accordance with generally accepted accounting principles as it does not include the straight-line impact of any rent escalators or any contingent rent based on tenant sales exceeding a certain threshold. In 2006, those amounts collectively were $24.4 million.

Tenant
Total Number of Properties
  
Average Age of Buildings (years)
  
Annualized Base Rent
(in thousands)
  
Percent of Total Annualized Base Rent
Jack In The Box, Inc. (1)
116
  
11.5
  
$ 13,262
  
7.0%
Captain D’s, LLC
91
  
21.8
  
7,210
  
3.8%
Sybra, Inc.
79
  
16.8
  
6,207
  
3.3%
Golden Corral Corporation
70
  
10.8
  
11,475
  
6.1%
Carrols Corporation (2)
66
  
17.0
  
6,968
  
3.7%
IHOP Properties, Inc.
60
  
10.1
  
7,728
  
4.1%
CKE Restaurants
52
  
16.3
  
4,147
  
2.2%
Checkers Drive-In Restaurants, Inc.
40
  
12.3
  
1,915
  
1.0%
NPC International, Inc.
39
  
25.5
  
1,211
  
0.6%
Fourjay, LLC
32
  
19.3
  
2,625
  
1.4%
S&A Properties Corp.
29
  
21.1
  
5,480
  
2.9%
Grandy’s, Inc.
27
  
23.0
  
1,538
  
0.8%
Dennys, Inc.
26
  
18.2
  
2,347
  
1.2%
Other
1,263
  
17.2
  
117,164
  
61.9%
Total
1,990
      
$ 189,277
  
100.0%

 
(1)
Includes Jack in the Box Inc. and Jack in the Box Eastern Division, LP affiliated under common control of Jack in the Box Inc.
    (2)    Includes Carrols Corporation and Texas Taco Cabana, LP affiliated under common control of Carrols Corporation.



The following table shows the aggregate number of leases which expire each calendar year through the year 2021, as well as the number of leases which expire after December 31, 2021. The table does not reflect the exercise of any of the renewal options provided to the tenant under the terms of such leases.

Year
Total Number of Properties
(1)
  
Annualized Base Rent
(in thousands)
  
Percent of Total Annualized Base Rent
2007
58
  
3,720
  
2.0%
2008
82
  
5,070
  
2.7%
2009
100
  
7,411
  
3.9%
2010
104
  
9,122
  
4.8%
2011
80
  
7,424
  
3.9%
2012
96
  
10,079
  
5.3%
2013
74
  
7,871
  
4.2%
2014
145
  
16,231
  
8.6%
2015
93
  
10,819
  
5.7%
2016
179
  
15,322
  
8.1%
2017
169
  
16,975
  
9.0%
2018
171
  
21,197
  
11.2%
2019
140
  
14,866
  
7.9%
2020
53
  
4,929
  
2.6%
2021
51
  
5,347
  
2.8%
Thereafter
318
  
32,763
  
17.3%
Total
1,913
  
$ 189,146
  
100.0%

(1)
Excludes properties that were not leased at December 31, 2006 and properties that were leased on a month to month basis.


Item 3. Legal Proceedings.

On January 18, 2005, Robert Lewis and Sutter Acquisition Fund, LLC, two limited partners in the Income Funds, filed a class action lawsuit on behalf of the limited partners of the Income Funds against Trustreet, CNLRP, the Income Funds, the general partners of the Income Funds, CNL Restaurant Investments, Inc. and CNL Restaurant Capital Corp. in the District Court of Dallas County, Texas (Cause No. 05-00083). The complaint alleged that the general partners of the Income Funds breached their fiduciary duties in connection with the proposed 2005 Merger between the Income Funds and subsidiaries of the operating partnership of Trustreet, and that Trustreet, and CNLRP aided and abetted such alleged breaches of fiduciary duties. The complaint further alleged that the Income Funds’ general partners violated provisions of the Income Funds’ partnership agreements and demanded an accounting as to the affairs of the Income Funds. The plaintiffs are seeking unspecified compensatory and exemplary damages and equitable relief, including an injunction of the 2005 Merger. On April 26, 2005, a supplemental plea to jurisdiction hearing was held with a ruling expected May 13, 2005. On May 2, 2005, the plaintiffs amended their lawsuit to add allegations that the general partners of the Income Funds, with CNLRP and USRP, prepared and distributed a false and misleading final proxy statement filing to the limited partners of the Income Funds and the stockholders of CNLRP and USRP. On May 26, 2005, the Court entered a Final Order Dismissing Action for lack of subject matter jurisdiction. On June 22, 2005, the plaintiffs filed a Notice of Appeal of the Order of Dismissal. On September 7, 2005, the plaintiffs filed an appellants’ brief. On November 7, 2005, the Company and the other defendants filed their Brief of Appellees’. On December 12, 2005, the plaintiffs filed a brief in reply. On September 21, 2006, the plaintiffs submitted a letter brief to the Court of Appeals setting forth additional arguments; the defendants filed a responsive letter brief on September 25, 2006. The Court of Appeals heard oral argument on September 27, 2006. As of March 29, 2007, the Court of Appeals has not yet issued its decision. Management of the Company believes the lawsuit, including the request for certification is, without merit and intends to defend vigorously against such claims. Notwithstanding a potential success in this action, we could be required to indemnify the former general partners of the Income Funds under the terms of the partnership agreements that previously governed the Income Funds.

In connection with the GE Capital Merger announcement, on October 31, 2006, a purported shareholder class action lawsuit related to the GE Capital Merger Agreement was filed in the Circuit Court for Baltimore County, Maryland naming Trustreet, each of Trustreet’s former directors and GE Capital Solutions as defendants.  The lawsuit, Dr. Hila Louise-Chashin-Simon Foundation, Inc. v. Trustreet Properties, Inc., et al (Case No. C-06-11890), alleges, among other things, that the $17.05 per share in cash paid to the holders of Trustreet’s common stock in connection with the GE Capital Merger is inadequate, that the individual director defendants breached their fiduciary duties to Trustreet’s stockholders in negotiating and approving the GE Capital Merger Agreement, that GE Capital Solutions aided and abetted the director defendants in such alleged breach and that all defendants conspired in such breach.  The complaint seeks the following relief: (i) a declaration that the lawsuit is properly maintainable as a class action and a certification of the plaintiff as a class representative; (ii) a declaration that the director defendants have breached their fiduciary duties owed to the plaintiff and other members of the class, that GE Capital Solutions aided and abetted such breaches and that all defendants conspired in such breaches; (iii) equitable relief enjoining the GE Capital Merger and, if such transaction is consummated, rescinding the transaction; (iv) appropriate damages; and (v) an award of attorneys’ and experts’ fees to the plaintiff.  Management of the Company believes that this lawsuit is without merit and intends to vigorously defend the action.

In the ordinary course of business, the Company is a defendant in legal proceedings, suits and claims common to companies engaged in the business of ownership, management and leasing of real estate. The Company believes that it is not currently involved in any litigation, claims or proceedings in which an adverse outcome would have a material adverse effect on the Company’s operating results and financial condition.

Item 4. Submission of Matters to a Vote of Security Holders.

Not required by this form.


PART II


Item 5. Market for Registrant's Common Equity and Related Stockholder Matters.

As of March 29, 2007, all of the common equity interests in the Company were owned by Holdco. There is currently no established trading market for the Company’s equity securities.
 

During the year ended December 31, 2005 and through September 2006, dividends on common stock were declared monthly. Beginning after September 2006, dividends per share of common stock were declared quarterly. For each calendar quarter indicated, the following table reflects dividends per share of common stock declared by Trustreet and CNLRP (predecessors to the Company):

 
Quarter Ended
  
2006
  
2005
  
           
March 31
  
$
0.33
  
$
0.33
  
June 30
    
0.33
    
0.33
  
September 30
    
0.33
    
0.33
  
December 31
    
0.33
    
0.33
  

The Company did not declare any distributions on its common shares outstanding from January 1, 2007 through February 26, 2007, the date of the GE Capital Merger. Effective with the GE Capital Merger, the Company ceased to be a separate publicly traded Company as described in Item 1 - Business - GE Capital Merger. Effective with the GE Capital Merger, we no longer have any common shares outstanding. All of our equity interests are held by Holdco.



Equity Compensation Plan Information

At December 31, 2006, the only equity compensation plan that Trustreet had was its Flexible Incentive Plan (the “Plan”), which was approved by Trustreet’s stockholders. Set forth below is certain information with respect to the Plan as of December 31, 2006.

Plan Category
Number of securities to be issued upon exercise of outstanding options (2)
  
Weighted average exercise price of outstanding options
  
Number of securities remaining available for future issuances under equity compensation plans (excluding securities reflected in first column (1)
           
Equity compensation plans approved
by security holders
4,000
  
$ 12.23
  
30,910
Equity compensation plans not
approved by security holders
—
  
—
  
—
           
Total
4,000
  
$ 12.23
  
30,910

(1)
Pursuant to the terms of the Plan, the maximum number of shares potentially available for issuance under the Plan equals 4.9 percent of Trustreet’s issued and outstanding shares of common stock. As of December 31, 2006, Trustreet had reserved for issuance under the Flexible Incentive Plan only the shares reported in the above table. Trustreet terminated the Plan on February 26, 2007 in connection with the GE Capital Merger. As a result, no awards remain outstanding.

(2)
On February 26, 2007, effective with the GE Capital Merger, each outstanding option to purchase shares of Trustreet common stock received the GE Capital Merger consideration as described in Note 20 to the consolidated financial statements. In addition, restricted share awards granted under Trustreet’s compensation plans became fully vested and free of any forfeiture restrictions immediately prior to the effective time of the GE Capital Merger and received GE Capital Merger consideration, as described in Note 20 to the consolidated financial statements.



Item 6. Selected Financial Data.

Not required by this form.




Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations

The following information, including, without limitation, the Quantitative and Qualitative Disclosures About Market Risk that are not historical facts, may be forward-looking statements. These statements generally are characterized by terms such as “believe,” “expect,” “may,” “intend,” “might,” “plan,” “estimate,” “project,” and “should”. Although we believe expectations reflected in such forward-looking statements are based upon reasonable assumptions, our actual results could differ materially from those set forth in the forward-looking statements. Factors that might cause such a difference include:

 
·
changes in general economic conditions;
 
·
general risks affecting the real estate industry (including the inability to enter into or renew leases on favorable terms, dependence on tenants’ financial condition, and competition from other developers, owners and operators of real estate);
 
·
general risks affecting the restaurant industry (including any disruption in the supply or quality of ingredients, the availability of labor, and the continued demand for restaurant dining);
 
·
our cash flow from operations may be insufficient to fund existing operations;
 
·
changes in interest rates;
 
·
our ability to refinance existing financial obligations;
 
·
our ability to locate suitable tenants for our properties;
 
·
our ability to resolve any tenant defaults that could lead to a decline in value and as a result, subject us to impairment charges;
 
·
the ability of tenants and borrowers to make payments under their agreements with us;
 
·
possible adverse changes in tax and environmental laws, as well as the impact of newly adopted accounting principles on our accounting policies and on period-to-period comparisons of financial results;
 
·
our ability to re-lease or sell properties that are currently vacant or that may become vacant;
 
·
our ability to sell properties through our investment property sales program as a result of any possible changes in tax legislation such as elimination or change of capital gains rates or change to the like-kind exchange (Section 1031) provisions; and
 
·
our ability to manage our debt levels, which could adversely affect our cash flow.

Overview of Management’s Discussion and Analysis

Trustreet was the name adopted upon the merger of CNL Restaurant Properties, Inc. (“CNLRP”) and eighteen CNL Income Fund partnerships (“the Income Funds”) with and into U.S. Restaurant Properties, Inc. (“USRP”) on February 25, 2005 (the “2005 Merger”). Trustreet was a Maryland corporation originally incorporated in 1997.

On October 30, 2006, Trustreet entered into an Agreement and Plan of Merger to be acquired by a subsidiary of General Electric Capital Corporation (“GE Capital”), which, in turn, is a subsidiary of the General Electric Company. On February 22, 2007, Trustreet’s stockholders approved the acquisition. On February 26, 2007, GE Capital’s acquisition of Trustreet was completed as further described below under GE Capital Merger, and the surviving entity ceased to be a separate publicly traded company. Immediately prior to the completion of the acquisition on February 26, 2007, Trustreet assigned all of its assets and liabilities to its direct wholly owned subsidiary, FF-TSY Holdings Company II, LLC, a Delaware limited liability company (“the “Company”) and the Company became Trustreet’s successor, as also described below under GE Capital Merger.

GE Capital Merger

On February 26, 2007, Trustreet engaged in two distinct but related transactions:

 
·
The assignment by Trustreet to the Company (which immediately prior to such assignment was a newly-formed direct wholly owned subsidiary of Trustreet) of all of its assets and liabilities (the “Assignment and Assumption”); and

 
·
Immediately following the Assignment and Assumption, the GE Capital Merger of Trustreet with and into TSY-FF Acquisition Company, Inc., a Maryland corporation and an indirect wholly owned subsidiary of GE Capital (“Merger Sub”), pursuant to that certain Agreement and Plan of GE Capital Merger, dated as of October 30, 2006, as amended (the “GE Capital Merger Agreement”) by and among Trustreet, CNL APF Partners, LP, a Delaware limited partnership and indirect subsidiary of Trustreet (“CNL Partnership”), GE Capital, FF-TSY Holding Company, Inc., a Delaware corporation and direct parent of Merger Sub (“Holdco”), Merger Sub, and Franchise-TSY Acquisition LLC, a Delaware limited liability company and wholly owned subsidiary of Merger Sub (“Partnership Merger Sub”).

Assignment and Assumption

Concurrently with the Assignment and Assumption on February 26, 2007, Trustreet, the Company, FF-TSY Holding Company II, Inc., a Delaware corporation at the time of the Assignment and Assumption a direct wholly owned subsidiary of Trustreet, and Wells Fargo Bank, National Association as Trustee under the indenture (the “Trustee”) entered into a supplemental indenture (the “Supplemental Indenture”) which amended the indenture governing Trustreet’s outstanding 7.5 percent Senior Notes due in 2015 (the “Notes”) and provided for the express assumption by the Company of all obligations of Trustreet on the Notes and under the Indenture.

GE Capital Merger Transactions

Following the effectiveness of the Assignment and Assumption, Trustreet caused Partnership Merger Sub to merge with and into CNL Partnership (the “Partnership Merger”), with CNL Partnership being the surviving entity and becoming a wholly owned subsidiary of the Company. Pursuant to the Partnership Merger, each holder of units of limited partnership interest in CNL Partnership other than Trustreet and its subsidiaries became entitled to receive $17.05 in cash, without interest and less any applicable withholding taxes, for each unit of limited partnership they owned in CNL Partnership immediately prior to the effective time of the Partnership Merger.

Immediately following the Partnership Merger, Trustreet was merged with and into Merger Sub, with Merger Sub being the surviving entity and a direct wholly owned subsidiary of Holdco. Pursuant to the GE Capital Merger, holders of Trustreet common stock (other than Trustreet and its subsidiaries) became entitled to receive $17.05 in cash, without interest and less any applicable withholding taxes, for each share of common stock issued and outstanding and held by such holders immediately prior to the effective time of the GE Capital Merger. Also pursuant to the GE Capital Merger, each share of Series A Preferred Stock that was outstanding immediately prior to the effective time of the GE Capital Merger, other than shares owned by Trustreet, its subsidiaries, or Merger Sub, was converted into, and cancelled in exchange for, the right to receive, without interest and less any applicable withholding taxes, cash in the amount of $25.00, plus any accrued and unpaid dividends through and including February 26, 2007. Finally, each share of Series C Preferred Stock outstanding immediately prior to the effective time of the GE Capital Merger was converted into, and cancelled in exchange for, the right to receive one share of 7.5 percent Series C Redeemable Convertible Preferred Stock of Merger Sub (the “Merger Sub Series C Preferred Stock”). Upon completion of the GE Capital Merger, the Company was a direct wholly owned subsidiary of Merger Sub, which was in turn a direct wholly owned subsidiary of Holdco, which is in turn an indirect wholly owned subsidiary of GE Capital.

Liquidation of Merger Sub

Following the GE Capital Merger, Merger Sub assigned all of its assets and liabilities to Holdco (other than cash deposited by Merger Sub with the paying agent for the GE Capital Merger in an amount sufficient to discharge its obligations with respect to holders of the Merger Sub Series C Preferred Stock) and Merger Sub and Holdco filed Articles of Transfer with the State Department of Assessments and Taxation of the State of Maryland (“SDAT”) in accordance with Maryland law. On March 20, 2007, Merger Sub caused Articles of Dissolution to be filed with SDAT and the legal existence of Merger Sub was terminated. Pursuant to the dissolution and liquidation of Merger Sub, holders of Merger Sub Series C Preferred Stock received $25.00 plus accrued and unpaid dividends through the date of payment for each share of Merger Sub Series C Preferred Stock they received in the GE Capital Merger. Following the dissolution of Merger Sub, the Company is a direct wholly owned subsidiary of Holdco, which, in turn, is an indirect wholly owned subsidiary of GE Capital, which, in turn, is a subsidiary of General Electric Company.

On March 1, 2007 and March 23, 2007, Moody’s Investors Service, Inc. and Standard & Poor’s Rating Service, respectively, upgraded the credit rating on the Notes to Investment Grade Status (as defined in the Indenture governing the Notes). On March 28, 2007, the Company delivered an officers’ certificate to the Trustee under the Indenture certifying that the conditions relating to a Suspension Period (as defined in the Indenture) had been satisfied and thereby causing a Suspension Period to commence on such date. During the Suspension Period, certain restrictive covenants contained in the Indenture will not be applicable and, as such, will not restrict the Company’s activities that would otherwise have been limited or restricted absent the Suspension Period.

The financial statements of FF-TSY Holding Company II, LLC reflect the 2005 Merger of CNLRP, USRP and the Income Funds on February 25, 2005. The financial statements present CNLRP as the acquiror for financial reporting purposes. Therefore, the financial results included in this Form 10-K include the historical financial results of only CNLRP from January 1, 2004 through February 24, 2005 and the financial results of all the merged entities effective February 25, 2005. Accordingly, references to “we” or “us” in this Management’s Discussion and Analysis relate to CNLRP for periods prior to February 25, 2005, Trustreet for the periods of February 26, 2005 through February 26, 2007 and FF-TSY Holding Company II, LLC for subsequent periods. Up through the date of the GE Capital Merger, we conducted our operations through two segments, a real estate segment and a specialty finance segment, as further described below in “Results of Operations”. On February 26, 2007, effective with the GE Capital merger, the Company changed its strategy of both segments to generally hold all assets for long-term investment with any sales more selective in the upcoming years.

Prior to the GE Capital Merger, we financed real estate subject to triple-net leases to national and regional restaurant operators like Wendy’s, Golden Corral, Burger King, Jack in the Box and Arby’s. Our key customers were:

 
1.
restaurant operators of major national and regional chains;
 
2.
restaurant property investors; and
 
3.
retail real estate developers.

We owned approximately 2,185 properties at December 31, 2006 with an investment of $2.2 billion, substantially all of which are leased to restaurant operators. Our real estate segment owned 1,990 of these properties as long term investments in the core REIT portfolio. The remaining properties were held in our taxable REIT subsidiary through which our specialty finance segment operated. Since January 1995, we have provided net-lease financing to the restaurant industry. As a result of the GE Capital Merger, we do not expect to originate or acquire a large number of properties going forward.

Liquidity and Capital Resources

Through February 26, 2007 we intended to meet our short-term liquidity requirements through cash flows provided by operations, our line of credit, our warehouse lines, and other short-term borrowings. Our short-term liquidity needs include:

· operating expenses; and
· current debt service requirements.

2005 Merger Financing

On February 25, 2005, we completed the 2005 Merger and CNLRP stockholders received 0.7742 shares of USRP common stock and 0.16 shares of newly issued USRP 7.5% Series C Redeemable Convertible Preferred Stock (“Preferred-C”) for each share of CNLRP stock. The Preferred-C had a liquidation preference of $25.00 per share. The aggregate dollar value of the 2005 Merger consideration received by CNLRP stockholders was approximately $788 million based on the closing stock price of USRP common stock on February 24, 2005 and the liquidation value of Preferred-C. CNLRP was considered the acquiror for accounting purposes. The purchase price used to account for the exchange of interests between USRP and CNLRP was $473 million before transaction costs. Income Fund limited partners received approximately 84 percent of their consideration in cash and the remainder in existing USRP Series A Cumulative Convertible Stock (“Preferred-A”). The Preferred-A had a liquidation preference of $25.00 per share. Total consideration received by the Income Fund partners was approximately $545 million based on the February 24, 2005 trading price of the Preferred-A. The Income Fund acquisitions were accounted for as a purchase with a price of $538 million. Prior to the GE Capital Merger, the USRP then Trustreet common, Preferred-A, and Preferred-C shares were all traded on the New York Stock Exchange using our ticker symbol, TSY.

We restructured our debt following the 2005 Merger. We initially entered into bridge facilities with an aggregate capacity of $775.0 million to fund the cash portion of the 2005 Merger and address impending debt maturities. During 2005, we obtained long-term financings to pay down the bridge facilities, repay the subordinated note payable outstanding during 2004, purchase properties, and improve capacity on our revolver. Those included a $275.0 million net lease securitization due in 2012, $300.0 million in Notes, a $275.0 million five-year term loan and a revolving credit facility with a maximum capacity of $175 million.

In 2005, we also issued 1.4 million shares of common stock through a controlled equity program and issued 8.05 million shares through a public offering totaling $129 million in proceeds, net of stock issuance costs to pay down debt and acquire properties held for investment.

Our debt structure at December 31, 2006 was as follows:

Debt
Balance
(in millions)
  
Approximate
Interest Rates
  
Expected Maturity Date
  
Type
  
                 
Mortgage Warehouse Facility (c)
$ 115.5
  
LIBOR + 1.25%
  
Mar-07 (d)
  
Collateralized
  
Mortgage Warehouse Facility (c)
281.8
  
LIBOR + 1.15%
  
Mar - May-07 (d)
  
Collateralized
  
Revolver (a)
159.0
  
LIBOR + 1.50%
  
April-08 (d)
  
Uncollateralized
  
Term Loan (a)
275.0
  
LIBOR + 2.00%
  
April-10 (d)
  
Uncollateralized
  
Series 2001-4 Bonds
21.4
  
8.89%
  
2009-2013
  
Collateralized
  
Series 2005 Bonds
241.0
  
4.72%
  
2012
  
Collateralized
  
Senior Unsecured Notes (b)
301.0
  
7.50%
  
April-15
  
Uncollateralized
  
Series 2000-A Bonds
191.5
  
8.02%
  
2009-2017
  
Collateralized
  
                 
Total Debt
$1,586.2
              

 
(a)
We have entered into hedging transactions to reduce our sensitivity to floating rate debt in the form of swaps and caps. This agreement was terminated in connection with the GE Capital Merger.
 
(b)
Balance includes a premium of $1.0 million at December 31, 2006.
 
(c)
We also paid exit fees to the lenders upon the sale of properties financed by the warehouse facilities which we recorded as interest expense. We paid exit fees of $0.3 million, $1.2 million, and $1.3 million during the years ended December 31, 2006, 2005, and 2004, respectively. Effective March 31, 2006 and May 31, 2006, we eliminated the exit fees under the mortgage warehouse facilities that expire in March and May 2007, respectively, as part of the renewals of the agreements.
 
(d)
We paid off these facilities with a capital contribution from Holdco effective with the GE Capital Merger.

Our weighted average expected contractual maturity of debt, excluding our revolving line of credit and the short-term mortgage warehouse facilities, was approximately 6.55 years, 5.36 years, and 5.20 years at December 31, 2006, 2005, and 2004, respectively. Two secured financings matured in 2006 that we paid off using our mortgage warehouse facility, as described further below under Mortgage Warehouse Facilities and Bonds Payable.

Mortgage Warehouse Facilities. Through the date of the GE Capital Merger, we financed a significant portion of our activities through our mortgage warehouse facilities. We repaid all amounts outstanding under both warehouse facilities with capital contributions received from Holdco and terminated the agreements as part of the GE Capital Merger. We expect to replace this source of capital.

Bonds Payable. We have medium-term note and long-term bond financings, referred to collectively as bonds payable. We use rental income received on properties and interest income received on mortgage loans and equipment leases pledged as collateral on medium and long-term financing to make scheduled reductions in bond principal and interest. We had $204.5 million in bonds mature in 2006 that were collateralized by real estate, which we repaid by obtaining bridge financings under one of our mortgage warehouse facilities, as described above. Through February 26, 2007, we examined a structure to facilitate the repayment of the 2006 bridge financings through a secured financing collateralized by a portion of the current collateral as well as other restaurant properties already owned or purchased in 2006. Through December 31, 2006, we incurred $3.3 million in costs relating to putting the secured financing in place. As a result of the GE Capital Merger, plans to proceed with the secured financing were abandoned and we incurred a $1 million breakage fee as a result of abandoning such plans. We wrote-off the $3.3 million in costs as of December 31, 2006.

Revolving and Term Loan. Our short-term debt included a $175 million revolving line of credit (the “Revolver”). We utilized the Revolver from time to time to manage the timing of inflows and outflows of cash from operating activities. The initial maturity date of the Revolver was April 2008, with an optional one year extension. We amended the Revolver and Term Loan facilities in September 2006 to decrease the interest rate, add $200 million in optional additional expansion capacity and refine certain terms and definitions. In December 2006, we exercised our option and borrowed $25 million against the $200 million additional expansion capacity. During 2005, we entered into a Term Loan of $275 million. We repaid all amounts outstanding under the Revolver and Term Loan with capital contributions received from Holdco as part of the GE Capital Merger.

Notes Payable. During 2005, we also issued $300 million Notes at a premium of $1.1 million. The Notes accrue interest at a rate of 7.5 percent per annum and pay interest semi-annually in arrears. We can redeem the Notes in whole or in part, at any time on or after April 1, 2010 at specified redemption prices.

Currently with the assignment and assumption of all of Trustreet’s assets and liabilities to the Company on February 26, 2007, Trustreet, the Company, FF-TSY Holding Company II, Inc., a Delaware corporation and direct wholly owned subsidiary of Holdco and Wells Fargo Bank, National Association, as Trustee, entered into a Supplemental Indenture which amended the original indenture under which the notes were issued and provided for the express assumption by the Company of all obligations of Trustreet on the Notes and under the original indenture.

Contractual Obligations, Contingent Liabilities and Commitments.

The following table presents contractual cash obligations and related payment periods as of December 31, 2006:

   
Payments due by period (in millions)
  
 
 
Contractual cash obligations:
  
2007
  
2008 to 2009
  
2010 to 2011
  
 
Thereafter
  
Total
  
                       
Borrowings (1) (5)
  
$
422.1
  
$
217.0
  
$
344.6
  
$
601.4
  
$
1,585.1
  
Interest expense payments (4) (5)
    
86.8
    
145.2
    
90.8
    
110.3
    
433.1
  
Ground leases
   
2.7
    
4.4
    
3.4
    
14.8
    
25.3
  
Leased office space (2)
    
1.5
    
3.1
    
3.3
    
5.0
    
12.9
  
Total contractual cash obligations (5)
  
$
513.1
  
$
369.7
  
$
442.1
  
$
731.5
  
$
2,056.4
  

The following table presents commitments, contingencies and guarantees and related expiration periods as of December 31, 2006:

Estimated payments due by period (in millions)
    
 
Commitments, contingencies and guarantees
    
2007
    
2008 to 2009
    
2010 to 2011
    
Thereafter
    
Total
  
                                 
Property purchase commitments (3)
  
$
28.3
  
$
—
  
$
—
  
$
—
  
$
28.3
  
Total commitments, contingencies and guarantees
  
$
28.3
  
$
—
  
$
—
  
$
—
  
$
28.3
  



(1)
The maturities on outstanding indebtedness assume loan repayments are made on the Mortgage Warehouse Facilities in accordance with the contractual obligation even though these facilities are typically renewed each year. The maturities on outstanding indebtedness also assume that bonds payable amortize in accordance with estimated payment amounts.

(2)
We lease our office space from two limited partnerships, affiliates of two or our former directors own the partnership interests, for approximately $1.5 million per year, with scheduled rent increases. Our lease expires in 2014.

(3)
Represents opportunities for net lease property purchases approved for funding and accepted by sellers as of December 31, 2006. Through the end of February 2007, we purchased $3.0 million in properties and as of February 27, 2007 had total commitments worth $55.1 million subject to a leaseback.

(4)
Excludes amortization of deferred financing costs and uses the December 31, 2006 interest rate for all variable rate debt.

(5) In connection with the GE Capital Merger, we received capital contributions from Holdco to repay approximately $760 million in debt and accrued interest relating to the Revolver, Term Loan and Mortgage Warehouse Facilities.

Cash Flows

   
Year ended December 31,
  
   
(millions)
  
   
2006
  
2005
  
2004
  
Cash flows provided by operating activities
  
$
28.4
  
$
48.4
  
$
39.0
  
Cash flows provided by/(used in) investing activities
    
18.6
    
(453.7
)
  
50.9
  
Cash flows provided by/(used in) financing activities
    
(30.5
)
  
403.1
    
(104.2
)
                     
Net increase (decrease) in cash and cash equivalents
    
16.5
    
(2.2
)
  
(14.3
)
Cash and cash equivalents at beginning of year
    
20.5
    
22.7
    
37.0
  
                     
Cash and cash equivalents at end of period
  
$
37.0
  
$
20.5
  
$
22.7
  

Cash Flows Provided by/(Used in) Operating Activities

Our sources of cash from operating activities related to rental payments from our tenants, collections of interest on our portfolio of loans and investments in retained interests on previous securitizations, and net proceeds from the sales of property inventory from our IPS program. Our uses of cash from operations included payments of operating expenses, interest on our outstanding indebtedness and the acquisition of inventory for our IPS program. Our cash from operations for the year ended December 31, 2006, was $28.4 million.

Cash from operating activities was also impacted by the acquisition and sales activity in our IPS program. During 2006, we received net sales proceeds of $262 million from the sales of properties from our IPS program. We had a net use of cash during as a result of acquiring properties at a faster rate than we sold them. For the year ended December 31, 2006, we originated $372 million in net leases.

Investing Activities

Sources of cash from investing activities during 2006 included sales of some vacant and some performing properties within our real estate segment and included the collection of principal under our mortgage and notes receivables. Uses of cash included the acquisition of properties for long-term investment in our real estate segment.



Financing Activities

Proceeds from financing activities during 2006 came from borrowings under our Revolver and from bridge financings under one of our mortgage warehouse facilities. During 2006, we used the proceeds from financing activities to pay the Revolver, distributions and costs related to the proposed secured financing that was abandoned as a result of the GE Capital Merger. During 2006, we used proceeds from the bridge financing to repay the Series 2001-A bonds and the Series 2001 bonds that matured in 2006. During 2006, we used proceeds from our mortgage warehouse facilities to acquire properties to be held as inventory under our IPS program and repaid the mortgage warehouse facilities from the sales proceeds of these inventory properties. We also repaid a portion of our bonds payable in accordance with their scheduled maturities and any required prepayments.

Through the date of the GE Capital Merger, our ability to internally fund capital needs was limited since we had to distribute at least 90 percent of our net taxable income (excluding net capital gains) to stockholders to qualify as a REIT. We made distributions to stockholders in excess of the amount necessary to comply with REIT qualification requirements under the federal tax code. Effective with the GE Capital Merger, Trustreet ceased to exist and we are subject to corporate income taxes. During the year ended December 31, 2006, we distributed $89.1 million to our common shareholders, or an annualized rate of $1.32. Effective with the GE Capital Merger, we no longer have any common shares outstanding. All of our equity interests are held by Holdco.

During 2006, we declared and paid dividends to holders of preferred stock. Preferred-A paid a quarterly dividend at an annualized rate of $1.93 per share and Preferred-C paid a quarterly dividend at an annualized rate of $1.875 per share. Common stock dividends were declared and paid monthly through September 30, 2006, at $0.11 per share, annualized at $1.32 per share. Beginning after September 2006, we decided to pay dividends on common stock quarterly, and a $0.33 per share amount was paid in December 2006. During 2006, we declared dividends to preferred stockholders of $28.7 million. As described above under the GE Capital Merger, we no longer have any preferred shares outstanding.

In 2006, the distributions to common stockholders were considered to be 67.50 percent taxable income and 32.50 percent return of capital. The 2006 distributions to all classes of preferred stockholders were 100 percent taxable income.

Net cash from operating activities was $28.4 million for the year ended December 31, 2006.  The deficiency of $89.4 million between net cash from operating activities and dividends paid for 2006 was funded though a combination of proceeds from sales of assets, collections on mortgage, equipment and other notes receivable and borrowings from the Company’s Revolver.

Liquidity Risks

In addition to the liquidity risks discussed above in connection with our IPS program, tenants or borrowers that are experiencing financial difficulties could impact our cash flow. In the event that financial difficulties persist, our collection of rental payments, and interest and principal payments on our small portfolio of mortgage loans could be interrupted. At present, most of these tenants and borrowers continue to pay rent, principal and interest substantially in accordance with lease and loan terms. However, we continue to monitor each tenant’s and borrower’s situation carefully and will take appropriate action to maximize the value of our investment.

Generally, we have used a triple-net lease to lease our properties to our tenants that requires the tenant to pay expenses on the property. The lease somewhat insulates us from significant cash outflows for maintenance, repair, real estate taxes or insurance. However, if the tenant experiences financial problems, rental payments could be interrupted and we may incur expenses of maintaining the property until the property can be sold or re-leased to another tenant. In the event of tenant bankruptcy, we may be required to fund certain expenses in order to retain control or take possession of the property. This could expose us to successor liabilities and further affect liquidity.

Additional liquidity risks include the possible occurrence of economic events that could have a negative impact on the franchise securitization market and affect the quality or perception of the loans or leases underlying our previous securitization transactions. We conducted our previous securitizations using bankruptcy remote entities. These entities exist independently from the rest of our Company and their assets are not available to satisfy the claims of our creditors, any subsidiary or its affiliates. Certain net lease properties are pledged as collateral for the triple-net lease bonds payable. In the event of a tenant default relating to pledged properties, we may elect to contribute additional properties or substitute properties into these securitized pools from properties we own not otherwise pledged as collateral. If we fail to comply with certain financial ratio covenants, then principal payments on the outstanding bonds will be accelerated. During 2006, 2005 and 2004, certain required performance cash flow ratios were below the required threshold primarily due to tenant defaults and bankruptcies in prior years. As a result, cash flow remaining in excess of the scheduled principal and interest payments was required to be used for additional debt reduction. For the years ended December 31, 2006, 2005, and 2004, we were required to make additional debt reductions of approximately $2.5 million, $1.8 million and $0.8 million, respectively, as a result of not complying with certain ratios in the net lease pools.

To date, the ratings on the loans and leases underlying the securities issued in these transactions and recorded in our borrowings, have been affirmed. Upon the occurrence of a significant amount of delinquencies and/or defaults, one or more of the three rating agencies may choose to place a securitized pool on ratings watch or even downgrade one or more classes of securities to a lower rating. Should we experience a significant number of defaults in a securitization, and the securities undergo a negative ratings action, we could experience material adverse consequences impacting our ability to continue earning income as servicer and have difficulty refinancing maturing debt.

Avian Flu

We conduct business with restaurant companies that have both domestic and international operations. While previous episodes of Avian Flu have affected the business of these companies’ international operations, it did not materially affect the financial results of their global business. However, should there be an outbreak of Avian Flu on a worldwide basis (a pandemic) including the United States, the negative impact could have material adverse consequences on the financial performance of our existing customers.

Off-Balance Sheet Transactions

We currently hold residual interests in two securitizations, the assets and liabilities of which are not consolidated into our financial statements. The carrying value of our investment in the bond certificates was $15.1 million at December 31, 2006 and is included in “other assets” in the consolidated financial statements. The following table shows the assets and the related bonds outstanding in each securitization pool at December 31, 2006:

   
 (in millions)
  
   
 Mortgage loans
  
Bonds outstanding
  
   
 in pool at par
  
At face value
  
        
Loans and debt supporting 1998-1 Certificates
  
 $ 105.8
  
$ 105.8
  
Loans and debt supporting 1999-1 Certificates
    
174.3
    
174.3
  
   
$
280.1
  
$
280.1
  
               

On March 15, 2007, a rating agency downgraded certificates in these off-balance sheet pools, including certain of the 98-1 certificates held by us. They also placed on watch certain others we hold, as well as certain of those held by third parties. Also on March 15, 2007, they downgraded certain of the 99-1 certificates held by third parties. The action does not change our view of the valuation or carrying value of the certificates we own, and we do not expect a significant impact on our ability to obtain future financings.

Quantitative and Qualitative Disclosures About Market Risk

We used fixed and floating rate debt to finance acquisitions, development and maturing debt. These transactions exposed us to market risk related to changes in interest rates. We reviewed our borrowings and attempted to mitigate interest rate exposure through the use of long-term debt maturities and derivative instruments, where appropriate. We do not use derivatives for trading or speculative purposes. In May 2005, the Company entered into an interest rate swap agreement, for notional borrowings of $175 million which applies to the variable rate debt described above, to protect the Company against fluctuation in the LIBOR rate. Under the interest rate swap agreement, the Company paid a fixed rate of 4.20 percent and receives a floating rate. The floating rate was based on LIBOR. This agreement was to mature April 1, 2010. The net payments or receipts were recognized as an adjustment to interest expense. As of December 31, 2006, the estimated value of this outstanding derivative instrument was $4.1 million. This agreement was terminated in connection with the GE Capital Merger.

At December 31, 2006, we had fixed rate debt of $754.9 million and floating rate debt of $831.3 million. Approximately 21 percent of the floating rate debt was subject to an interest rate hedge. At December 31, 2006, the weighted average rate on the floating rate debt was 6.6 percent. The impact on net income available to common stockholders and on cash flows over the next twelve months that would result from a one percentage point variance in interest rates on $831.3 million in floating rate debt would be approximately $6.6 million (pre-tax), holding all other variables constant.

Management believes that the net carrying value of the debt approximates fair value, with the exception of the Series 2000-A Bonds and Series 2005 Bonds which have an estimated fair value of approximately $202.3 million and $235.8 million. A one percentage point increase in interest rates would decrease the fair value to $194.4 million and $226.5 million. A one percentage point decrease in interest rates would increase the fair value to $210.3 million and $245.1 million.

New Accounting Pronouncements

In March 2006, the FASB issued SFAS No. 156, “Accounting for Servicing of Financial Assets”. This statement amends FASB statement No. 140, “Accounting for Transfers and Servicing of Financial Assets and Extinguishment of Liabilities”, with respect to the accounting for separately recognized servicing assets and servicing liabilities. This statement requires companies to initially record servicing assets and servicing liabilities at fair value and permits subsequent measurement to follow either an amortization method or a fair value measurement method. This statement requires prospective application to all transactions occurring after September 2006. We do not expect the adoption of this statement to have a significant impact on our financial position or results of operations.

In July 2006, the FASB issued FASB Interpretation Number 48, Accounting for Uncertainty in Income Taxes, an Interpretation of FASB Statement No. 109, (“FIN 48”). FIN 48 prescribes a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken in a tax return. The Company must determine whether it is “more-likely-than-not” that a tax position will be sustained upon examination, including resolution of any related appeals or litigation processes, based on the technical merits of the position. Once it is determined that a position meets the more-likely-than-not recognition threshold, the position is measured to determine the amount of benefit to recognize in the financial statements. FIN 48 applies to all tax positions related to income taxes subject to FASB Statement No. 109, Accounting for Income Taxes. The interpretation provides clarity and uniformity as it relates to income tax positions and the application of FASB Statement No. 5, Accounting for Contingencies. We have adopted the provisions of this statement beginning in the first quarter of 2007. The cumulative effect of applying the provisions of FIN 48 is reported as an adjustment to the opening balance of retained earnings on January 1, 2007. We do not expect the adoption of FIN 48 to have a material effect on our financial position or results of operations.

In September 2006, the FASB issued SFAS No. 157, “Fair Value Measurements”. This statement defines fair value, establishes a framework for measuring fair value, and expands disclosures about fair value measurements. This statement is effective for financial statements issued for fiscal years beginning after November 15, 2007, and interim periods within those fiscal years. We do not expect the adoption of this statement to have a significant impact on our financial position or results of operations.

In February 2007, the FASB issued SFAS No. 159,“Establishing the Fair Value Option for Financial Assets and Liabilities”. The Financial Accounting Standards Board has issued SFAS 159 to permit all entities to choose to elect, at specified election dates, to measure eligible financial instruments at fair value. An entity shall report unrealized gains and losses on items for which the fair value option has been elected in earnings at each subsequent reporting date, and recognize upfront costs and fees related to those items in earnings as incurred and not deferred. SFAS No. 159 applies to fiscal years beginning after November 15, 2007, with early adoption permitted for an entity that has also elected to apply the provisions of SFAS No. 157, Fair Value Measurements. An entity is prohibited from retrospectively applying SFAS No. 159, unless it chooses early adoption. SFAS No. 159 also applies to eligible items existing at November 15, 2007 (or early adoption date). The Company does not expect the adoption of SFAS No. 159 to have a material effect on the Company's financial condition.

In September 2006, the Securities and Exchange Commission (“SEC”) issued Staff Accounting Bulletin (“SAB”) No. 108, “Considering the Effects of Prior Year Misstatements when Quantifying Misstatements in Current Year Financial Statements.” SAB 108 provides guidance on the consideration of effects of the prior year misstatements in quantifying current year misstatements for the purpose of a materiality assessment. The SEC staff believes registrants must quantify errors using both a balance sheet and income statement approach and evaluate whether either approach results in quantifying a misstatement that, when all relevant quantitative and qualitative factors are considered, is material. SAB 108 is effective for the first annual period ending after November 15, 2006 with early application encouraged. The adoption of this provision did not have any material impact on our results of operations or financial position.

Results of Operations

Financial Reporting

Historically we have managed, operated and reported our business in two distinct segments. The GE Capital Merger will have a significant impact on the way our assets and other resources are focused.  Listed below are some reasons for this change. 
 
 
·
REIT tax rules played a central role in differentiating our portfolio held long term versus our assets purchased with an intent to resell.  A REIT is encouraged to hold its assets purchased as a long term investment through the application of potentially significant excise tax provisions.   Assets held in the REIT generally earn rents federal income tax free increasing the return to an investor in the form of a dividend.  Also, REITs are measured based on funds from operations (FFO).  FFO differentiates gains on sales of assets held for investment versus resale.  To understand our business among REIT peers we used segment reporting to describe our IPS and development activities.  After the GE Capital Merger, Trustreet ceased to exist and all of our net income including gains are subject to income tax.
 
 
·
Our historic capital structure included mortgage warehouse facilities that could be used to finance substantially all of the purchase price of an asset, but the financing was generally available only for about a year.  As a result, we purchased our IPS portfolio using short term mortgage warehouse facility funds, and these were held exclusively in the taxable REIT subsidiary through structured subsidiaries.  We would more typically use our Credit facility, Senior Unsecured or equity capital to finance our longer term investments in the REIT. 
 
 
·
We measured the diversity of our portfolio as to tenant, concept or geographic location focusing solely on longer term assets, generally held in the REIT.  As the IPS program was very successful in selling newly acquired assets within six to nine months from their purchase, we preferred to look at concentrations without the distortion of IPS assets.  Going forward, we will more likely measure diversity in the aggregate.
 
 
·
Conceptually, without the limitations associated with a REIT and with greater access to capital, each of our assets could be considered for a potential sale if it optimizes overall returns.  In fact, holding an asset for a "seasoning" period during which the first few years of a lease pass, establishes some history that can produce a more desirable asset to an investor.  Also, when market conditions are favorable, forgoing an opportunity to sell an asset simply because of REIT rules does not maximize the value of certain of the portfolio assets. This view is expected to be applied to all assets following the GE Capital Merger.
 
For the years ended December 31, 2006, 2005 and 2004, the results of each segment are discussed on a stand-alone basis below. Our consolidated financial statements reflect both segments, less amounts eliminated relating to transactions between segments.

Real estate segment: Generally, the majority of our earnings have been derived from this segment, the assets of which include our properties subject to triple-net leases and a small portfolio of mortgage loans to third parties. The segment’s earnings were from rental income, interest income on loans and proceeds from dispositions of properties sold to manage portfolio risk.

Specialty finance segment: This segment includes our Investment Property Sales Program (“IPS Program”) and our real estate redevelopment activities. Many buyers of our properties were those motivated to defer taxes on commercial properties they had sold through the reinvestment of the proceeds as permitted under Section 1031 of the Internal Revenue Code. This segment’s earnings were from lease income prior to sale, net gains from investment property sales, gains from the development and sale of restaurant/retail real estate and to a lesser extent, servicing revenues. This segment historically had earnings from interest income on mortgage loans as well. The majority of these loans were transferred to the real estate segment on March 31, 2005 and then subsequently sold to an unrelated third party in July 2005.

The following table presents components of net income, including income from continuing and discontinued operations, by segment. It also reflects the elimination of transactions between segments used to prepare the consolidated financial statements.
   
Year ended December 31,
(in millions)
  
   
2006
  
2005
  
2004
  
Revenues:
              
Real estate
  
$
207.2
  
$
168.9
  
$
72.6
  
Specialty finance
    
13.9
    
18.4
    
29.3
  
Other*
    
(5.1
)
  
(4.9
)
  
(3.0
)
Total revenues
    
216.0
    
182.4
    
98.9
  
                     
Expenses:
                    
Operating expenses excluding interest, depreciation, and amortization:**
                    
Real estate
    
36.2
    
22.0
    
12.2
  
Specialty finance
    
24.0
    
30.6
    
25.6
  
Other*
    
(4.5
)
  
(4.0
)
  
(2.0
)
Total operating expenses excluding interest, depreciation, and
amortization**
    
55.7
    
48.6
    
35.8
  
                     
Depreciation and amortization expense:
                    
Real estate
    
35.8
    
28.3
    
10.1
  
Specialty finance
    
2.7
    
1.5
    
0.9
  
Total depreciation and amortization expense
    
38.5
    
29.8
    
11.0
  
                     
Interest expense:
                    
Real estate
    
93.8
    
80.5
    
29.3
  
Specialty finance
    
8.5
    
10.6
    
18.3
  
Other*
    
(0.3
)
  
(1.0
)
  
0.4
  
Total interest expense
    
102.0
    
90.1
    
48.0
  
                     
Loss on termination of cash flow hedge:
                    
Real estate
    
—
    
8.6
    
—
  
Specialty finance
    
—
    
—
    
0.9
  
Total loss on termination of cash flow hedge
    
—
    
8.6
    
0.9
  
                     
Total expenses
    
196.2
    
177.1
    
95.7
  
                     
Income from continuing operations
    
19.8
    
5.3
    
3.2
  
                     
Income from discontinued operations, after income taxes:
                    
Real estate
    
20.4
    
18.0
    
9.5
  
Specialty finance
    
28.9
    
31.3
    
29.2
  
Total income from discontinued operations, after income taxes
    
49.3
    
49.3
    
38.7
  
                     
Gain on sale of assets - Real estate segment
    
0.7
    
9.6
    
0.1
  
                     
Net income
  
$
69.8
  
$
64.2
  
$
42.0
  

*      relates primarily to eliminations of transactions between segments
**
also includes the minority interest in earnings of consolidated joint ventures net of the equity in earnings of unconsolidated joint ventures


Revenues:

Revenues in the real estate segment were comprised of the following:

   
Year ended December 31,
(in millions)
  
   
2006
  
% of total
  
2005
  
% of total
  
2004
  
% of total
  
Rental income
  
$
191.9
    
93
%
$
151.8
    
90
%
$
61.6
    
85
%
Interest income
    
6.1
    
3
%
  
12.2
    
7
%
  
9.2
    
13
%
Other
    
9.2
    
4
%
  
4.9
    
3
%
  
1.8
    
2
%
Total Revenues
  
$
207.2
    
100
%
$
168.9
    
100
%
$
72.6
    
100
%


Revenues from the real estate segment are primarily rental revenues from real estate properties we own and lease to our tenants. Our long-term leases generally provide for payments of base rents with scheduled increases and/or contingent rent based on a percentage of the lessee’s gross sales. Rental income increased 26 percent for the year ended December 31, 2006, as compared to the year ended December 31, 2005. The increase in rental income for the year was primarily due to the acquisition of three property portfolios during the second half of 2005 of approximately $272 million and the acquisition of $70 million in properties during 2006 as well as a full year of rental revenue in 2006 on properties acquired in the 2005 Merger. Rental income increased 146 percent for the year ended December 31, 2005, as compared to the year ended December 31, 2004 due to the 2005 Merger which added approximately $1 billion in properties to our portfolio. The portfolio from USRP included certain ground leases that were subleased to tenants but for which the lessor remained legally responsible in the event the tenant did not pay. Effective with the 2005 Merger, the sublease rents received are recorded as rental revenues and the corresponding payments are recorded in property expenses, as further described below.

Interest income in the real estate segment of $6.1 million, $12.2 million and $9.2 million in 2006, 2005 and 2004, respectively, is generated by our amortizing portfolio of mortgage, equipment and other notes receivable as well as investment income earned on bonds held in mortgage loan securitizations. Interest income decreased 50 percent for the year ended December 31, 2006, as compared to the year ended December 31, 2005 due to the sale of approximately $198.2 million in notes receivable in July 2005 to an unrelated third party. Interest income increased 33 percent for the year ended December 31, 2005, as compared to the year ended December 31, 2004. The increase was a result of adding $15 million in former USRP loans in February 2005 and $198.2 million in loans that were moved from the specialty finance segment in March 2005 that were subsequently sold in July 2005.

Other income increased 88 percent for the year ended December 31, 2006, as compared to the year ended December 31, 2005. Other income during the year ended December 31, 2006 includes approximately $1 million in recoveries relating to a loan previously reserved as uncollectible. We collected our loan in full from the borrower during 2006 and in accordance with our policy, recorded the collection of amounts deemed uncollectible in prior periods as income in the period the collection was received. Other income during the year ended December 31, 2006 also includes $1.8 million in bankruptcy proceeds collected from the bankruptcy court from a tenant who declared bankruptcy in a prior year, and $2.3 million in real estate tax and other tenant reimburseables for certain properties acquired through the 2005 Merger. The leases on certain properties assumed in the 2005 Merger require us to pay real estate taxes on behalf of the tenant. In these situations, we record the payment of the real estate taxes as an expense and then record the reimbursement from the tenant as tenant reimbursable within other income. Prior to the 2005 Merger, we did not have any leases that required us to pay taxes on behalf of the tenant. Other income increased 172 percent for the year ended December 31, 2005, as compared to the year ended December 31, 2004. Other income during 2005 included the recognition of approximately $1.1 million in deferred origination fees upon the sale of the mortgage loans noted above, the collection of $0.9 million in due diligence and advisory service fees and $0.2 million in tenant reimburseables related to properties acquired through the 2005 Merger.



Revenues in the specialty finance segment were comprised of the following:

   
Year ended December 31,
(in millions)
  
   
2006
  
% of total
  
2005
  
% of total
  
2004
  
% of total
  
Rental income
  
$
3.5
    
25
%
$
2.0
    
11
%
$
—
    
—
%
Interest income
    
3.9
    
28
%
  
9.2
    
50
%
  
22.0
    
75
%
Other
    
6.5
    
47
%
  
7.2
    
39
%
  
7.3
    
25
%
Total Revenues
  
$
13.9
    
100
%
$
18.4
    
100
%
$
29.3
    
100
%

Specialty finance segment revenues decreased by 25 percent in 2006 as compared to 2005. Revenues associated with properties acquired with the intent to sell are recorded as revenue within discontinued operations and are not included here. Rental income increased in 2006 due to amending certain leases on properties held for investment in October 2005 increasing the annual rental payments under those leases. Rental income has also increased during 2006 due to a cumulative adjustment recorded in June 2006 for the reclassification of certain properties from real estate held for sale to real estate investment properties as a result of no longer meeting the “held for sale” criteria under generally accepted accounting principles. As a result of the reclassification, the related revenues were reclassified as revenues from continuing operations for all periods presented.

Interest income decreased 58 percent in 2006 as compared to 2005. The decrease is primarily due to the transfer of $198.2 million in mortgage loans to the real estate segment in March 2005. The real estate segment sold these mortgage loans to an unrelated third party in July 2005. The transfer of these loans in March 2005 resulted in a decrease in interest income in 2005 as compared to 2004.

Other income decreased 10 percent in 2006 as compared to 2005. The decrease is due to recoveries in 2005 of $1.5 million in receivables that had been previously written off. Recoveries in 2006 were $0.5 million. The decrease is partially offset by increased servicing fees earned from the real estate segment due to growth in the portfolio of assets being serviced by the specialty finance segment.


Operating expenses, excluding depreciation, amortization and interest:

Operating expenses, excluding interest, depreciation and amortization are presented in the following charts that detail the results by segment. The real estate segment portion of these costs consisted of the following:

   
Year ended December 31,
(in millions)
  
   
2006
  
% of total
  
2005
  
% of total
  
2004
  
% of total
  
General operating
and administrative
  
$ 20.1
  
55%
  
$ 12.8
  
58%
  
$ 8.9
  
73%
  
Property expenses,
state and other taxes
  
10.7
  
30%
  
7.1
  
32%
  
0.6
  
5%
  
Other
  
5.4
  
15%
  
2.1
  
10%
  
2.7
  
22%
  
   
$ 36.2
  
100%
  
$ 22.0
  
100%
  
$ 12.2
  
100%
  

General operating and administrative expenses include employee related expenses, professional fees, portfolio servicing costs and office and other expenses. General and administrative expenses increased 57 percent for the year ended December 31, 2006, as compared to 2005. General operating and administrative expenses during 2006 included approximately $3.0 million in due diligence, internal and external costs (legal, tax, accounting fees and other costs) related to the GE Capital Merger. In addition, due to the GE Capital Merger, we abandoned plans for a secured financing in 2006 and wrote-off approximately $3.3 million in debt issuance costs incurred as of December 31, 2006. General operating and administrative expenses also increased approximately $1.0 million in 2006 as compared to 2005 due to an increase in servicing fees to the specialty finance segment as a result of the acquisition of three property portfolios during the second half of 2005 of $272 million and the acquisition of $70 million in properties during 2006.

General operating and administrative expenses in the real estate segment increased 44 percent in 2005 as compared to 2004 as a result of having increased the rental portfolio to $1.9 billion with the 2005 Merger in February 2005 and the portfolio acquisitions during 2005. During 2005, general operating and administrative expenses included $0.7 million allocated to this segment as a result of the grant of stock and related cash compensation to members of the Board of Directors and employees during 2005. In addition, reflected in the specialty finance segment discussion of general operating and administrative below, various issues increased our overall costs that were, in turn, allocated between segments. This increase was offset by a decrease in expenses resulting from the shift in the internal reporting of certain property development and redevelopment activities which, until 2005, reported through the real estate segment, as we viewed those activities as more appropriately aligned with the specialty finance segment. Direct and indirect payroll relating to these property development and redevelopment activities approximated $3.3 million during 2005.

Property expenses typically occur when tenants default on their obligations under their lease. Property expenses, state and other taxes increased 51 percent for the year ended December 31, 2006 as compared to 2005. Property expenses include legal fees, real estate taxes, insurance, repairs and maintenance and other expenses relating to properties that are vacant or properties whose tenants are experiencing financial difficulties. Property expenses during 2006 reflect twelve months of such expenses for vacant properties acquired as part of the 2005 Merger on February 25, 2005, as opposed to only incurring ten months of such expenses during 2005. Though we have reduced some of the initial vacancies, we have had additional properties become vacant subsequent to December 31, 2005. Property expenses during 2006 also reflect twelve months of rental expense versus ten months in 2005 for leasing arrangements where we are the tenant under certain leases assumed with the 2005 Merger where we are required to make rental payments of approximately $0.3 million per month and record these payments as rental expense. To the extent we have subleased these premises to another tenant, we have included the sublease rental income in rental revenues. Property expenses also increased beginning in 2005 because effective with the 2005 Merger, we acquired leasing arrangements whereby we are required to pay real estate taxes directly on behalf of the tenants under the terms of the lease. To the extent we then bill the tenants for the real estate taxes, we have included the reimbursements from the tenants in other income, as described above. Property expenses, state and other taxes increased for the year ended December 31, 2005 over 2004 due to the 2005 Merger transaction in February 2005 that increased our portfolio of properties to over $1 billion.

Other expenses in the real estate segment increased 157 percent during the year ended December 31, 2006 as compared to 2005, due to an increase in asset impairments related to properties held for investment, loans, and other investments. Other expenses decreased 22 percent during the year ended December 31, 2005 as compared to 2004 due to a decrease in asset impairments related to properties held for investment and mortgage loans. Some expenses formerly presented in this category associated with properties treated as discontinued operations are incorporated in the earnings or losses from discontinued operations for all periods presented.

Operating expenses, excluding interest, depreciation, and amortization in the specialty finance segment consisted of the following:
   
Year ended December 31,
(in millions)
  
   
2006
  
% of total
  
2005
  
% of total
  
2004
  
% of total
  
General operating
and administrative
  
$ 23.8
  
99%
  
$ 28.6
  
93%
  
$ 21.5
  
84%
  
Property expenses,
state and other taxes
  
0.2
  
1%
  
0.5
  
2%
  
—
  
—%
  
Other
  
—
  
—%
  
1.5
  
5%
  
4.1
  
16%
  
   
$ 24.0
  
100%
  
$ 30.6
  
100%
  
$ 25.6
  
100%
  

General operating and administrative expenses in the specialty finance segment decreased 17 percent during 2006 as compared to 2005 and increased 33 percent during 2005 as compared to 2004. There are a number of items that have impacted the comparability between the three years that are summarized as follows:

·
Our expenses in this segment include a $2 million charge during 2005 resulting from a grant of stock and related cash compensation to members of our Board of Directors and employees.

·
During 2005, we incurred certain costs related to the upgrade of our property management software to account for leasing transactions and to capture other tenant and lease information. We also incurred certain costs to in-source the information technology, human resources and other functions previously outsourced to related parties.

·
Due to the 2005 Merger, we incurred additional expenses with the integration of the merged portfolios. While our servicing fee income in this segment for the management of the larger portfolio increased after the 2005 Merger, we incurred various one-time setup expenses during 2005 to add new properties creating an excess of new expenses over new revenues that have stabilized in 2006. The Income Fund portfolio had been previously serviced by the specialty finance segment and did not create significant additional integration costs.

·
In 2005 we shifted the internal reporting of certain property development and redevelopment activities previously reported through the real estate segment. Direct and indirect payroll relating to the property development and redevelopment activities approximated $2.4 million and $3.3 million during 2006 and 2005, respectively.

The decrease in the line item for other expenses relates to impairments and a decrease in the minority interest in income of consolidated joint ventures. The specialty finance segment recorded provisions for loan losses of $0.1 million in 2005, associated with non-performing loans, and a recovery of $0.5 million due to improved performance on its loan portfolio during 2004. The segment also recorded write-offs of $1.0 million during 2004 relating to its 1998-1 and 1999-1 residual interests. The specialty finance segment recorded these amounts based on its determination that a permanent impairment in value had occurred as a result of certain borrower delinquencies within these securitized pools. The decrease in minority interest in income of consolidated joint ventures during 2005, as compared to 2004, was due to a decrease in activities of the consolidated joint venture. We sold the last remaining properties in 2005 and dissolved the joint venture in July 2005.

Interest Expense

Interest expense for each segment is illustrated in the following table:

   
Year ended December 31,
(in millions)
  
   
2006
  
% of total
  
2005
  
% of total
  
2004
  
% of total
  
Real estate
  
$ 93.8
  
92%
  
$ 80.5
  
89%
  
$ 29.3
  
61%
  
Specialty finance
  
8.5
  
8%
  
10.6
  
12%
  
18.3
  
38%
  
Other
  
(0.3
)
—%
  
(1.0
)
(1)%
  
0.4
  
1%
  
   
$ 102.0
  
100%
  
$ 90.1
  
100%
  
$ 48.0
  
100%
  

Interest expense in the real estate segment increased approximately $13.3 million or 17 percent for the year ended December 31, 2006 as compared to 2005 due to (i) a full twelve months of interest expense on debt assumed with the 2005 Merger on February 25, 2005 and a $275 million net lease securitization completed in March of 2005, (ii) interest on $50 million additional borrowings completed in September 2005, (iii) interest on $100 million additional borrowings completed in December 2005, and (iv) borrowings to fund the acquisition of $70 million in properties during 2006. The increase is also due to rising interest rates on our variable rate debt. The average debt balance at the real estate segment was $1.4 billion, $1.2 billion, and $0.4 billion at December 31, 2006, 2005 and 2004, respectively. The weighted average interest rate on all borrowings was 6.69 percent, 5.99 percent, and 5.92 percent at December 31, 2006, 2005 and 2004, respectively. Included in interest expense within the real estate segment is amortization of deferred financing costs of $8.4 million, $8.4 million, and $4.3 million for the years ended December 31, 2006, 2005 and 2004, respectively. The increase in deferred financing costs in 2005 over 2004 was due to incurring costs to complete the 2005 Merger financing.

Interest expense in the specialty finance segment decreased 20 percent in 2006 as compared to 2005 and decreased 42 percent in 2005 as compared to 2004. The decrease in interest expense is primarily due to the transfer of the pool of mortgage loans and related $161 million of debt outstanding at March 31, 2005 to the real estate segment on March 31, 2005. The decrease in interest expense in 2005, as compared to 2004, was also due to the early extinguishment of the $22 million Subordinated Note Payable in April 2005.

Loss on Termination of Cash Flow Hedge

During the year ended December 31, 2005, the real estate segment recorded a loss on termination of cash flow hedge of $8.6 million. In July 2005, the real estate segment sold a portfolio of mortgage loans, repaid the related debt and recorded a $10.6 million loss on termination of cash flow hedge that was previously recorded in other comprehensive income (loss). This amount was partially offset by approximately $2 million which represented the decrease during the year ended December 31, 2005 in the fair value of the hedge liability prior to the sale of the loans. The sale of these loans is discussed below in Gain on Sale of Assets. 

The specialty finance segment recorded a loss on termination of cash flow hedge of $0.9 million during 2004. In conjunction with our Note Payable pay down of approximately $5.8 million during 2004, we unwound a portion of our cash flow hedge to comply with our hedge agreement.

Depreciation and Amortization

Depreciation and amortization expense for each segment is illustrated in the following table:

   
Year ended December 31,
(in millions)
  
   
2006
  
% of total
  
2005
  
% of total
  
2004
  
% of total
  
Real estate
  
$ 35.8
  
93%
  
$ 28.3
  
95%
  
$ 10.1
  
92%
  
Specialty finance
  
2.7
  
7%
  
1.5
  
5%
  
0.9
  
8%
  
   
$ 38.5
  
100%
  
$ 29.8
  
100%
  
$ 11.0
  
100%
  

Depreciation and amortization in the real estate segment increased $7.5 million or 26 percent in the year ended December 31, 2006, when compared to the same period in 2005. The increase is due to the acquisition of three property portfolios during the second half of 2005 in an aggregate amount of approximately $272 million and the acquisition of $70 million in properties during 2006 as well as a full year of depreciation and amortization during 2006 on properties acquired in the 2005 Merger.

Depreciation and amortization in the real estate segment increased $18.2 million or 180 percent in the year ended December 31, 2005, when compared to the same period in 2004 as a result of the 2005 Merger and portfolio acquisitions that increased the rental portfolio to $1.9 billion.

Depreciation and amortization in the specialty finance segment increased $1.2 million or 80 percent during 2006 as compared to 2005. The increase is due to a cumulative adjustment in 2006 to record depreciation and amortization for certain properties reclassified in June 2006, from real estate held for sale to real estate investment properties, as described above. As a result of the reclassification, the related depreciation and amortization were recorded as part of income from continuing operations for all periods presented. Depreciation and amortization in the specialty finance segment increased $0.6 million or 67 percent during 2005 as compared to 2004. This increase is due to the acquisition of properties into this segment during the 2005 Merger that are held as investment properties rather than held for sale. The expenses for any properties held for sale are reported as discontinued operations.

Discontinued Operations

We record discontinued operations in two categories, real estate and retail. In the real estate category, under generally accepted accounting principles (“GAAP”), when a property is designated as held for sale, such as all of the properties purchased under our IPS program, all income and certain expenses relating to the property and the ultimate gain or loss realized upon its disposition are treated as discontinued operations for all periods presented. Revenues associated with these properties are not reflected in the “Revenues” line item in our income statement, but instead, along with expenses and any gain or loss from its sale, are presented separately under the “Income from discontinued operations” line item. In addition, only operating and administrative expenses that are directly attributable to acquiring or selling these properties are allocated to “Income from discontinued operations” and all other general and operating and administrative expenses are allocated to “Income (loss) from continuing operations”.

The following table shows our results from discontinued operations:

   
Year ended December 31,
(in millions)
  
   
2006
  
2005
  
2004
  
   
Real Estate
Segment
  
Specialty
Finance
Segment
  
Real Estate
Segment
  
Specialty Finance
Segment
  
Real Estate
Segment
  
Specialty Finance
Segment
  
                           
Sale of real estate
  
$
90.1
  
$
267.4
  
$
61.1
  
$
257.0
  
$
34.8
  
$
256.2
  
Cost of real estate sold
    
79.7
    
237.6
    
52.1
    
218.1
    
27.1
    
220.9
  
Gain on sale of real estate
    
10.4
    
29.8
    
9.0
    
38.9
    
7.7
    
35.3
  
Net other income
    
10.0
    
3.4
    
9.0
    
1.5
    
2.6
    
4.8
  
Earnings from real
estate discontinued
operations before tax
    
20.4
    
33.2
    
18.0
    
40.4
    
10.3
    
40.1
  
                                       
Retail operations revenue
    
—
    
—
    
—
    
34.8
    
13.5
    
—
  
Retail cost of sales
    
—
    
—
    
—
    
33.9
    
14.3
    
—
  
Earnings (loss) from
retail discontinued
operations before tax
    
—
    
—
    
—
    
0.9
    
(0.8
)
  
—
  
                                       
Income tax provision
    
—
    
(4.4
)
  
—
    
(10.0
)
  
—
    
(10.9
)
                                       
Income from discontinued
operations, after income
taxes
  
$
20.4
  
$
28.8
  
$
18.0
  
$
31.3
  
$
9.5
  
$
29.2
  


Our real estate segment periodically sells properties in the portfolio. We may have a performing property and believe it to be an opportune time to sell the asset and realize value. Also, we believe the best strategy to resolve certain vacant properties is to sell them. We received net sales proceeds of $90.1 million, $61.1 million and $34.8 million during the years ended December 31, 2006, 2005 and 2004, respectively, generating pre-tax gains of $10.4 million, $9.0 million and $7.7 million, during the years ended December 31, 2006, 2005 and 2004, respectively. In addition, during the year ended December 31, 2006, we recognized and included as net other income, $5 million in lease amendment fees collected from a tenant.

While GAAP requires us to disclose our investment property sales program as a discontinued operation, we do not manage it in that manner. It is a vital business operation that was developed over the last five years that allows us to compete on large transactions and appropriately mitigate risk and manage concentrations. Since 2001, in our specialty finance segment, we have sold approximately $1.3 billion in restaurant properties generating net pre-tax gains of $162.7 million. During the years ended December 31, 2006, 2005, and 2004, sales volume included 138 units, 116 units, and 124 units, respectively, sold on the IPS platform. While the volume of units sold increased 27 percent during 2006 versus 2005, our net margin percentage, which we define as the gain on the sale of the property divided by the original cost, declined on a year to date basis from 17 percent in 2005 to 10 percent in 2006. This was due to narrowing of the spread between acquisition cap rates and sell-side cap rates in 2006 versus 2005. Although we expected some compression, the decline in our net margin percentage was greater than we anticipated. This was a result of an increase in the 1031 exchange buyer’s mortgage interest rates which led to a slight upward trend in our sell side cap rates. In addition, the mix of IPS inventory contributed to lower aggregate net gains during 2006 versus 2005. During the year ended December 31, 2006, the average cost per property sold in IPS was $1.4 million, compared to $1.8 million in the same period in 2005.
 
Our specialty finance segment operated 18 convenience and gas stores in Hawaii. This business was previously operated by USRP and was acquired as part of the 2005 Merger. On February 24, 2005, the day before the 2005 Merger, USRP entered into a definitive agreement to sell the business to Aloha Petroleum, Ltd. ("Aloha"). The terms of that agreement resulted in us maintaining ownership of the real estate on eleven convenience and gas properties, which would be leased to Aloha. In accordance with purchase accounting rules, the values assigned to these assets at the 2005 Merger date were the expected net sales proceeds per the contract. As a result, we did not record any gain or loss on the sale of these assets. During 2005, the Hawaiian operations produced pre-tax income of approximately $0.4 million before consideration of indirect corporate overhead.

During 2004, our real estate segment operated twelve restaurants in a subsidiary that was sold in the fourth quarter of 2004. While not our core expertise, we acquired the operations of the franchisee to preserve the value of our real estate investment because the franchisee was experiencing financial difficulties.

Until the GE Capital Merger, we were treated as a REIT and generally recorded no income tax expense. However, we had a taxable REIT subsidiary ("TRS”), where various business operations took place including the IPS program. The TRS recorded an income tax provision of approximately $4.4 million, $10.0 million and $10.9 million for the years ended December 31, 2006, 2005 and 2004, respectively. All operations of the TRS, including the IPS program are reflected in discontinued operations.

On March 31, 2005, other subsidiaries within the REIT purchased from the TRS a 100 percent interest in a partnership that held a pool of mortgage loans collateralizing a $160.8 million note payable carrying a variable interest rate (the “Loan Transfer”). A portion of this variable interest rate was fixed through the initiation of a hedge transaction. This hedge met the definition of a cash flow hedge, and as a result, changes in its value were reported in other comprehensive income (“OCI”), net of applicable income taxes at the then applicable effective tax rate.

As a result of the Loan Transfer, the items of income and expense associated with the mortgage loans and related note payable are no longer reflected in the TRS income tax returns. Accordingly, any deferred tax asset or liability, and any tax effect of the hedge will not be realized. The $10 million income tax provision for the year ended December 31, 2005, includes a $3.2 million non-cash charge related to the Loan Transfer.

Gain on Sale of Assets

During the year ended December 31, 2005, pre-tax gain on sale of assets of $9.6 million was recorded by the real estate segment. This gain resulted from the July 2005 sale of mortgage loans to a third party as described above in Loss on Termination of Cash Flow Hedge.


Item 7a. Quantitative and Qualitative Disclosures About Market Risk

This information is provided above in Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations.









Report of Independent Registered Certified Public Accounting Firm


To the Board of Managers of FF- TSY Holding Company II, LLC


In our opinion, the consolidated financial statements listed in the index appearing under Item 15(a)(1) present fairly, in all material respects, the financial position of FF-TSY Holding Company II, LLC (successor to Trustreet Properties, Inc. and subsidiaries) at December 31, 2006 and 2005 , and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2006 in conformity with accounting principles generally accepted in the United States of America. In addition, in our opinion, the financial statement schedules listed in the index  appearing under Item 15(a)(2) present fairly, in all material respects, the information set forth therein when read in conjunction with the related consolidated financial statements. These financial statements and financial statement schedules are the responsibility of the Company's management. Our responsibility is to express an opinion on these financial statements and financial statement schedules based on our audits. We conducted our audits of these statements 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, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.

As discussed in Note 20 of the consolidated financial statements, the Company was acquired by General Electric Capital Corporation on February 26, 2007.


/s/PRICEWATERHOUSECOOPERS LLP

PricewaterhouseCoopers LLP
Orlando, Florida
March 27, 2007


Item 8. Financial Statements and Supplementary Data.

FF-TSY HOLDING COMPANY II, LLC
CONSOLIDATED BALANCE SHEETS
(In thousands)


   
December 31,
  
   
2006
  
 2005
  
ASSETS
           
            
Real estate investment properties
  
$
1,713,039
  
$
1,680,579
  
Net investment in capital leases
    
130,940
    
135,118
  
Real estate held for sale
    
307,727
    
308,494
  
Mortgage, equipment and other notes receivable, net of allowance
of $5,439 and $5,706, respectively
    
82,720
    
88,239
  
Cash and cash equivalents
    
36,991
    
20,459
  
Restricted cash
    
34,948
    
32,465
  
Receivables, less allowance for doubtful accounts
of $2,960 and $2,394, respectively
    
9,077
    
7,665
  
Accrued rental income, net
    
42,409
    
32,658
  
Intangible lease costs, net of accumulated amortization of $19,327
and $9,185, respectively
    
65,699
    
72,420
  
Goodwill
    
235,895
    
235,895
  
Other assets
    
61,720
    
69,481
  
   
$
2,721,165
  
$
2,683,473
  
               
LIABILITIES AND STOCKHOLDERS’ EQUITY
              
               
Revolver
  
$
159,000
  
$
55,000
  
Notes payable
    
576,024
    
579,002
  
Mortgage warehouse facilities
    
397,273
    
122,722
  
Bonds payable
    
453,886
    
742,201
  
Below market lease liability, net of accumulated amortization of
$7,930 and $3,677, respectively
    
27,304
    
31,642
  
Due to related parties
    
257
    
232
  
Other payables
    
45,672
    
56,097
  
Total liabilities
  
$
1,659,416
  
$
1,586,896
  

See accompanying notes to consolidated financial statements.

FF-TSY HOLDING COMPANY II, LLC
CONSOLIDATED BALANCE SHEETS - CONTINUED
(In thousands)



   
December 31,
  
   
2006
  
 2005
  
               
Minority interests
  
$
7,169
  
$
4,077
  
               
Commitments and contingencies (Note 18)
              
               
Stockholders’ equity:
              
Preferred stock, $0.001 par value per share: 84,500 shares authorized and unissued
    
—
    
—
  
Preferred stock, $0.001 par value per share: Series A Cumulative Convertible Preferred Stock - 8,000 shares authorized, 7,834 shares issued and outstanding (aggregate liquidation value of $195,855)
    
8
    
8
  
Preferred stock, $0.001 par value per share: Series C Redeemable Convertible Preferred Stock - 7,500 shares authorized, 7,244 shares issued and outstanding (aggregate liquidation value of $181,101)
    
7
    
7
  
Excess shares, $0.001 par value per share. 400,000 shares authorized and unissued
    
—
    
—
  
Common stock, $0.001 par value per share; 300,000 shares authorized, 67,555 and 67,375 shares issued at December 31, 2006 and 2005, respectively, and 67,535 and 67,357 shares outstanding at December 31, 2006 and 2005, respectively
    
67
    
67
  
Capital in excess of par value
    
1,490,682
    
1,489,405
  
Accumulated other comprehensive income
    
5,040
    
3,547
  
Accumulated distributions in excess of net income
    
(441,224
)
  
(400,534
)
Total stockholders’ equity
    
1,054,580
    
1,092,500
  
               
   
$
2,721,165
  
$
2,683,473
  

See accompanying notes to consolidated financial statements

FF-TSY HOLDING COMPANY II, LLC
CONSOLIDATED STATEMENTS OF INCOME
(In thousands except for per share data)


   
Year ended December 31,
  
   
2006
  
2005
  
2004
  
               
Revenues:
              
               
Rental income from operating leases
  
$
184,596
  
$
142,809
  
$
53,048
  
Earned income from capital leases
    
10,872
    
10,631
    
8,560
  
Interest income from mortgage, equipment and other notes
receivables
    
7,589
    
18,070
    
26,394
  
Investment and interest income
    
2,179
    
2,259
    
3,770
  
Other income
    
10,822
    
8,607
    
7,132
  
     
216,058
    
182,376
    
98,904
  
Expenses:
                    
General operating and administrative
    
39,563
    
37,970
    
28,408
  
Interest expense
    
101,947
    
90,074
    
47,999
  
Property expenses, state and other taxes
    
10,802
    
7,138
    
543
  
Depreciation and amortization
    
38,567
    
29,816
    
11,011
  
Loss on termination of cash flow hedge
    
—
    
8,558
    
940
  
Impairment provisions on assets
    
4,912
    
1,907
    
3,238
  
     
195,791
    
175,463
    
92,139
  
Income from continuing operations before minority interest and equity in earnings of unconsolidated joint ventures
    
20,267
    
6,913
    
6,765
  
                     
Minority interest
    
(585
)
  
(1,756
)
  
(3,718
)
                     
Equity in earnings of unconsolidated joint ventures
    
62
    
118
    
105
  
                     
Income from continuing operations
    
19,744
    
5,275
    
3,152
  
                     
Income from discontinued operations, after income taxes
    
49,192
    
49,269
    
38,731
  
                     
Gain on sale of assets
    
747
    
9,643
    
135
  
                     
Net income
    
69,683
    
64,187
    
42,018
  
Dividends to preferred stockholders
    
(28,703
)
  
(24,448
)
  
—
  
Net income allocable to common stockholders
  
$
40,980
  
$
39,739
  
$
42,018
  
                     
Basic and diluted net income per share:
                    
Income/(loss) from continuing operations allocable to
common stockholders
  
$
(0.12
)
$
(0.17
)
$
0.09
  
Income from discontinued operations
    
0.73
    
0.89
    
1.11
  
                     
Basic and diluted net income per share
  
$
0.61
  
$
0.72
  
$
1.20
  
                     
Weighted average number of shares of common stock
outstanding
                    
Basic
    
67,274
    
55,053
    
35,032
  
Diluted
    
67,274
    
55,053
    
35,032
  

See accompanying notes to consoliated financial statements.

FF-TSY HOLDING COMPANY II, LLC
CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY AND COMPREHENSIVE INCOME/(LOSS)
Years ended December 31, 2006, 2005 and 2004
(In thousands)

 
Preferred Stock
Series A
  
Preferred Stock
Series C
  
Common Stock
  
Capital in
      
Accumulated distributions
in excess
  
Accumulated other
compre-
      
Compre-
hensive
  
 
Number of
shares
  
Par
value
  
Number of
shares
  
Par
value
  
Number of
Shares
  
Par
value
  
excess of
par value
  
Loans to
Stockholders
  
of net
income
  
hensive
income/(loss)
  
 
Total
  
income/
(loss)
  
                                                 
Balance at December 31, 2003
—
  
$ —
  
—
  
$ —
  
45,249
  
$ 452
  
$ 826,627
  
$ —
  
$ (332,746
)
$ (14,447
)
$479,886
      
                                                 
Stock issuance costs
—
  
—
  
—
  
—
  
—
  
—
  
(1,493
)
—
  
—
  
—
  
(1,493
)
    
                                                 
Net income
—
  
—
  
—
  
—
  
—
  
—
  
—
  
—
  
42,018
  
—
  
42,018
  
$ 42,018
  
                                                 
Other comprehensive loss, market
revaluation on available for sale
securities
—
  
—
  
—
  
—
  
—
  
—
  
—
  
—
  
—
  
(340
)
(340
)
(340
)
                                                 
Reclassification of cash flow hedge
losses to statement of income
—
  
—
  
—
  
—
  
—
  
—
  
—
  
—
  
—
  
940
  
940
  
940
  
                                                 
Current period adjustment to
recognize change in fair value
of cash flow hedges, net of $100
in tax benefit
—
  
—
  
—
  
—
  
—
  
—
  
—
  
—
  
—
  
1,413
  
1,413
  
1,413
  
                                                 
Total comprehensive income
—
  
—
  
—
  
—
  
—
  
—
  
—
  
—
  
—
  
—
  
—
  
$ 44,031
  
                                                 
Distributions declared and paid
($1.52 per share)
—
  
—
  
—
  
—
  
—
  
—
  
—
  
—
  
(69,002
)
—
  
(69,002
)
    
                                                 
Balance at December 31, 2004
—
  
$ —
  
—
  
$ —
  
45,249
  
$ 452
  
$ 825,134
  
$ —
  
$ (359,730
)
$ (12,434
)
$453,422
      
                                                 
Effect of USRP Merger:
                                                
Assumption of USRP equity
4,084
  
4
  
—
  
—
  
22,599
  
23
  
440,483
  
(224
)
—
  
—
  
440,286
      
Conversion of CNLRP common shares
—
  
—
  
7,244
  
7
  
(10,223
)
(417
)
410
  
—
  
—
  
—
  
—
      
                                                 
Acquisition of Income Funds
3,750
  
4
  
—
  
—
  
—
  
—
  
88,231
  
—
  
—
  
—
  
88,235
      
                                                 
Net income
—
  
—
  
—
  
—
  
—
  
—
  
—
  
—
  
64,187
  
—
  
64,187
  
$ 64,187
  
                                                 
Reclassification of cash flow hedge losses to statement of income
—
  
—
  
—
  
—
  
—
  
—
  
—
  
—
  
—
  
10,582
  
10,582
  
10,582
  

See accompanying notes to consolidated financial statements.

FF-TSY HOLDING COMPANY II, LLC
CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY AND COMPREHENSIVE INCOME/(LOSS)
Years ended December 31, 2006, 2005 and 2004
(In thousands)

 
Preferred Stock
Series A
  
Preferred Stock
Series C
  
Common Stock
  
Capital in
      
Accumulated distributions
in excess
  
Accumulated other
compre-
      
Compre-
hensive
  
 
Number of
shares
  
Par
value
  
Number of
shares
  
Par
value
  
Number of
Shares
  
Par
value
  
excess of
par value
  
Loans to
Stockholders
  
of net
income
  
hensive
income/(loss)
  
 
Total
  
income/
(loss)
  
                                                 
Current period adjustment to recognize change in fair value of cash flow hedges
—
  
—
  
—
  
—
  
—
  
—
  
—
  
 
—
  
—
  
6,227
  
6,227
  
6,227
  
                                                 
Total comprehensive income
—
  
—
  
—
  
—
  
—
  
—
  
—
  
—
  
—
  
—
  
—
  
$ 80,996
  
                                                 
Repayment by stockholder of loan
—
  
—
  
—
  
—
  
—
  
—
  
—
  
224
  
—
  
—
  
224
      
                                                 
Distributions declared on common stock
—
  
—
  
—
  
—
  
—
  
—
  
—
  
—
  
(80,354
)
—
  
(80,354
)
    
                                                 
Distributions declared on preferred stock
—
  
—
  
—
  
—
  
—
  
—
  
—
  
—
  
(24,448
)
—
  
(24,448
)
    
                                                 
Issuance of common stock to directors and employees
—
  
—
  
—
  
—
  
119
  
—
  
2,052
  
—
  
—
  
—
  
2,052
      
                                                 
Issuance of restricted stock to
directors and employees, net of
forfeitures
—
  
—
      
—
  
120
  
—
  
—
  
—
  
—
  
—
  
—
      
                                                 
Amortization of deferred
compensation
—
  
—
  
—
  
—
  
—
  
—
  
541
  
—
  
—
  
—
  
541
      
                                                 
Proceeds from exercised stock
options
—
  
—
  
—
  
—
  
41
  
—
  
563
  
—
  
—
  
—
  
563
      
                                                 
Issuance of common stock
—
  
—
  
—
  
—
  
9,452
  
9
  
136,157
  
—
  
—
  
—
  
136,166
      
                                                 
Stock issuance costs
—
  
—
  
—
  
—
  
—
  
—
  
(5,183
)
—
  
—
  
—
  
(5,183
)
    
                                                 
Acquisition of minority interest
—
  
—
  
—
  
—
  
—
  
—
  
1,017
  
—
  
(189
)
(828
)
—
      
                                                 
Balance at December 31, 2005
7,834
  
$ 8
  
7,244
  
$ 7
  
67,357
  
$ 67
  
$ 1,489,405
  
$ —
  
$ (400,534
)
$ 3,547
  
$1,092,500
      

See accompanying notes to consolidated financial statements.

FF-TSY HOLDING COMPANY II, LLC
CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY AND COMPREHENSIVE INCOME/(LOSS)
Years ended December 31, 2006, 2005 and 2004
(In thousands)

 
Preferred Stock
Series A
  
Preferred Stock
Series C
  
Common Stock
  
Capital in
excess of
par value
  
Accumulated distributions
in excess
of net
income
  
Accumulated other
compre-
hensive
income/(loss)
  
 
Total
  
Compre-
hensive
income/(loss)
  
 
Number of
shares
  
Par
value
  
Number of
shares
  
Par
value
  
Number of
Shares
  
Par
value
    
                                             
Net income
—
  
$ —
  
—
  
$ —
  
—
  
$ —
  
$ —
  
$ 69,683
  
$ —
  
$ 69,683
  
$ 69,683
  
                                             
Amortization of deferred gain on terminated
swap
—
  
—
  
—
  
—
  
—
  
—
  
—
  
—
  
(379
)
(379
)
(379
)
                                             
Reclassification of other than temporary loss
to statement of income
—
  
—
  
—
  
—
  
—
  
—
  
—
  
—
  
585
  
585
  
585
  
                                             
Current period adjustment to recognize change in fair value of cash flow hedges, net of reclassifications to earnings
—
  
—
  
—
  
—
  
—
  
—
  
—
  
—
  
1,287
  
1,287
  
1,287
  
                                             
Total comprehensive income
—
  
—
  
—
  
—
  
—
  
—
  
—
  
—
  
—
  
—
  
$ 71,176
  
                                             
Dividends declared on common stock
—
  
—
  
—
  
—
  
—
  
—
  
—
  
(81,670
)
—
  
(81,670
)
    
                                             
Dividends declared on preferred stock
—
  
—
  
—
  
—
  
—
  
—
  
—
  
(28,703
)
—
  
(28,703
)
    
                                             
Issuance of restricted stock to directors and
employees, net of forfeitures
—
  
—
  
—
  
—
  
170
  
—
  
—
  
—
  
—
  
—
      
                                             
Proceeds from exercised stock options
—
  
—
  
—
  
—
  
8
  
—
  
116
  
—
  
—
  
116
      
                                             
Amortization of deferred compensation
—
  
—
  
—
  
—
  
—
  
—
  
1,041
  
—
  
—
  
1,041
      
                                             
Stock issuance cost adjustment
—
  
—
  
—
  
—
  
—
  
—
  
120
  
—
  
—
  
120
      
                                             
Balance at December 31, 2006
7,834
  
$ 8
  
7,244
  
$ 7
  
67,535
  
$ 67
  
$ 1,490,682
  
$ (441,224
)
$ 5,040
  
$1,054,580
      

See accompanying notes to consolidated financial statements.

FF-TSY HOLDING COMPANY II, LLC
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)


   
Year ended December 31,
  
   
2006
  
 2005
  
2004
  
Cash flows from operating activities:
               
                
Net income
  
$
69,683
  
$
64,187
  
$
42,018
  
Adjustments to reconcile net income to net cash
provided by operating activities, net of effects of business acquisitions:
                    
Depreciation and amortization on real estate assets
    
36,861
    
30,227
    
10,902
  
Depreciation and amortization on non-real estate assets
    
2,997
    
1,975
    
1,775
  
Amortization of above and below market leases
    
846
    
620
    
—
  
Amortization of deferred financing costs
    
9,496
    
9,514
    
5,535
  
Provision for loss on loans
    
2,500
    
1,235
    
112
  
Impairment provisions on assets
    
3,035
    
1,117
    
9,187
  
Gain on sales of assets
    
(11,096
  )  
(18,007
)
  
(4,943
)
Stock based compensation
    
1,041
    
2,593
    
—
  
Increase in accrued rental income
    
(10,695
  )  
(7,906
)
  
(3,533
)
Amortization of investment in capital leases
    
6,453
    
5,507
    
2,164
  
Changes in real estate held for sale
    
(78,495
  )  
(29,179
)
  
(19,854
)
Changes in other assets
    
(1,888
    
(35,181
)
  
(15,921
)
Changes in other payables and due to related parties
    
(2,354
  )  
21,660
    
11,643
  
Net cash provided by operating activities
    
28,384
    
48,362
    
39,085
  
                     
Cash flows from investing activities:
                    
Additions to real estate investment properties and intangible assets
    
(70,677
)
  
(302,000
)
  
(20,726
)
Proceeds from sale of assets
    
87,533
    
253,787
    
20,562
  
Proceeds from sale of other investments
    
—
    
—
    
11,195
  
Decrease/(increase) in restricted cash
    
(2,483
)
  
(6,974
)
  
5,060
  
Acquisition of Income Funds
    
—
    
(449,997
)
  
—
  
Cash acquired through merger
    
—
    
43,646
    
—
  
Payment of merger costs for USRP reverse merger
    
—
    
(14,414
)
  
—
  
Investment in mortgage, equipment and other notes receivable
    
(2,670
)
  
(5,478
)
  
—
  
Collection on mortgage, equipment and other notes receivable
    
6,673
    
27,726
    
34,789
  
Other
    
231
    
—
    
—
  
Net cash provided by/(used in) investing activities
    
18,607
    
(453,704
)
  
50,880
  


See accompanying notes to consolidated financial statements.


FF-TSY HOLDING COMPANY II, LLC
CONSOLIDATED STATEMENTS OF CASH FLOWS - CONTINUED
(In thousands)


   
Year ended December 31,
  
   
2006
  
2005
  
2004
  
Cash flows from financing activities:
              
Proceeds from borrowings on revolver, term loan and note payable
  
$
244,321
  
$
1,354,475
  
$
61,552
  
Payment on revolver and note payable
   
(143,172
)
  
(1,399,640
)
  
(84,177
)
Proceeds from borrowings on mortgage warehouse facilities
    
447,613
    
211,945
    
196,335
  
Payments on mortgage warehouse facilities
    
(173,062
)
  
(190,617
)
  
(188,454
)
Proceeds from issuance of senior notes
    
—
    
301,188
    
—
  
Proceeds from issuance of bonds
    
—
    
275,000
    
5,000
  
Retirement of bonds payable
    
(288,419
)
  
(81,956
)
  
(29,844
)
Payment of bond issuance and debt refinancing costs
    
(1,857
)
  
(27,911
)
  
(908
)
Proceeds from termination of hedge
    
—
    
1,685
    
—
  
Proceeds from exercised stock options
    
116
    
563
    
—
  
Retirement of convertible preferred stock
    
—
    
(32,500
)
  
—
  
Loans from stockholder
    
—
    
—
    
10,900
  
Repayment of loans from stockholders
    
—
    
(33,860
)
  
—
  
Contributions from minority interest holders of consolidated joint
ventures
    
2,991
    
—
    
—
  
Acquisition of minority interest
    
—
    
(655
)
  
—
  
Distributions to minority interest
    
(1,328
)
  
(2,249
)
  
(3,327
)
Proceeds from issuance of common stock
    
—
    
136,166
    
—
  
Reimbursement/(payment) of stock issuance costs
    
120
    
(6,675
)
  
(1,493
)
Distributions to common stockholders
    
(89,079
)
  
(75,463
)
  
(69,760
)
Distributions to preferred stockholders
    
(28,703
)
  
(26,439
)
  
—
  
Net cash provided by/(used in) financing activities
    
(30,459
)
  
403,057
    
(104,176
)
                     
Net increase/(decrease) in cash and cash equivalents
    
16,532
    
(2,285
)
  
(14,211
)
                     
Cash and cash equivalents at beginning of year
    
20,459
    
22,744
    
36,955
  
                     
Cash and cash equivalents at end of year
  
$
36,991
  
$
20,459
  
$
22,744
  
                     
Supplemental disclosures of cash flow information:
                    
                     
Interest paid
  
$
99,776
  
$
80,160
  
$
44,541
  
                     
Income taxes paid
  
$
7,226
  
$
6,088
  
$
8,508
  
                     
Supplemental disclosures of non-cash investing and financing activities:
                    
                     
Redemption of minority interest in lieu of payment on accounts
receivable
  
$
—
  
$
1,798
  
$
894
  
                     
Foreclosure on notes receivable and acceptance of underlying real estate
collateral
  
$
—
  
$
—
  
$
452
  
                     
Note receivable accepted in exchange for sale of property
  
$
3,237
  
$
4,450
  
$
3,490
  
                     
Restricted cash accepted in exchange for convenience and gas store
operations  and interest in fuel loading terminal
  
$
—
  
$
10,253
  
$
—
  
                     
Distributions declared and unpaid at December 31
  
$
—
  
$
7,409
  
$
—
  
                     

See accompanying notes to consolidated financial statements.


FF-TSY HOLDING COMPANY II, LLC
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
Years ended December 31, 2006, 2005 and 2004


1.
Organization and Summary of Significant Accounting Policies:

Organization and Nature of Business - Trustreet Properties, Inc. (“Trustreet”) was the name adopted upon the merger (the “2005 Merger”) of CNL Restaurant Properties, Inc. (“CNLRP”) and eighteen CNL Income Fund partnerships (“the Income Funds”) with and into U.S. Restaurant Properties, Inc. (“USRP”) on February 25, 2005. On October 30, 2006, Trustreet entered into an Agreement and Plan of Merger (the “GE Capital Merger Agreement”) to be acquired by a subsidiary of General Electric Capital Corporation (the “GE Capital Merger”), which, in turn, is a subsidiary of the General Electric Company. On February 22, 2007, Trustreet’s stockholders approved the acquisition. On February 26, 2007, GE Capital’s acquisition of Trustreet was completed as further described in Note 20 to the consolidated financial statements, and the surviving entity ceased to be a separate publicly traded company. Immediately prior to the completion of the acquisition on February 26, 2007, Trustreet assigned all of its assets and liabilities to its direct wholly owned subsidiary, FF-TSY Holdings Company II, LLC, a Delaware limited liability company (“the “Company”) and the Company became Trustreet’s successor, as also described in Note 20 to the consolidated financial statements.

CNLRP was treated as the acquirer under the 2005 Merger as described in Note 2 to the consolidated financial statements. Operating results for the year ended December 31, 2004 are those of CNLRP. Operating results for the Company include the results of CNLRP from January 1, 2005 through February 24, 2005 and include the operating results of the merged Company from February 25, 2005 through December 31, 2006.

Through the date of the GE Capital Merger, the Company, a Maryland corporation, was a self-administered real estate investment trust (“REIT”). The Company’s operations were managed, operated and reported on two distinct segments, a real estate segment and a specialty finance segment. The real estate segment primarily acquired, owned, and managed a portfolio of single-tenant restaurant properties that were generally leased to established tenants under long-term triple-net leases and held a small portfolio of mortgage loan receivables. The specialty finance segment provided financing, development and advisory services to national and regional restaurant operators and also held a small portfolio of mortgage loans receivable. The specialty finance segment included the Company’s investment property sales program and the real estate development and redevelopment group.

Beginning in June of 2000, the specialty finance segment was operated by a subsidiary of the Company through a partnership and alliance with Bank of America, N.A. (the “Bank”) and CNL/CAS Corp., an affiliate of the Company’s chairman. In 2004, the Company modified certain terms relating to the alliance with the Bank that resulted in the Bank reducing its ownership interest in the specialty finance segment. Effective January 1, 2005, the Bank and CNL/CAS Corp agreed to redeem the remaining balance of their ownership interest in the specialty finance segment.

Principles of Consolidation - The consolidated financial statements of the Company include its majority owned and controlled affiliates and variable interest entities for which the Company is the primary beneficiary. The primary beneficiary of a variable interest entity is the party that absorbs a majority of the entity’s expected losses, receives a majority of its expected residual returns, or both, as a result of holding a variable interest that changes with changes in the fair value of the entity’s net assets. All significant intercompany balances and transactions among consolidated affiliates and variable interest entities have been eliminated. The equity method of accounting is applied to those investments in joint ventures that do not meet the criteria for consolidation. The Company records investments in equity securities that are not readily marketable at cost. Minority interests represent the minority joint venture partners’ proportionate share of the equity in the Company’s consolidated joint ventures.


FF-TSY HOLDING COMPANY II, LLC
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
Years ended December 31, 2006, 2005 and 2004


1.
Organization and Summary of Significant Accounting Policies - Continued:

Use of Estimates - Preparation of the financial statements in accordance with generally accepted accounting principles requires management to make estimates and assumptions relating to the reporting of assets and liabilities and the disclosure of contingent assets and liabilities. Significant estimates include provisions for impairment of real estate and loans, accruals, deferred tax assets, goodwill, useful lives of assets, franchise loan investments, asset retirement obligations and environmental liabilities. Actual results could differ from those estimates.

Real Estate and Lease Accounting - The Company records its properties comprised of land, buildings and equipment at cost. Management reviews its properties for impairment whenever events or changes in circumstances indicate that their carrying amount may not be recoverable through operations or sale. Management determines whether impairment in value has occurred by comparing the estimated future undiscounted cash flows, including the residual value of the property, with the carrying cost of the individual property. If impairment is indicated a loss will be recorded for the amount by which the carrying value of the asset exceeds its fair value.

Properties leased to restaurant operators are generally on a triple-net basis, whereby the tenant is responsible for all operating expenses relating to the property, including property taxes, insurance, maintenance and repairs. The leases are accounted for using either the direct financing method for capital leases or the operating method:

Operating method - Leases accounted for using the operating method are recorded at the cost of the asset. Revenue is recognized as rentals are earned and depreciation is charged to operations on a straight-line basis over seven years for equipment and over 30 years for buildings. Contingent rent is recognized as revenue after the related lease sales targets are achieved. When scheduled rentals vary during the lease term, income is recognized on a straight-line basis so as to produce a constant periodic rent over the term of the lease. Accrued rental income is the aggregate difference between the scheduled rents which vary during the lease term and the income recognized on a straight-line basis.

Direct financing method - All of the Company’s capital leases are accounted for using the direct financing method and are recorded at the net investment that, at the inception of the lease, generally represents the cost of the asset. Unearned income is deferred and amortized into income over the lease terms so as to produce a constant periodic rate of return on the Company’s net investment in the capital leases.

Purchase Accounting for Acquisition of Real Estate - For purchases of real estate held for investment that were consummated subsequent to June 30, 2001, the effective date of SFAS No. 141, “Business Combinations,” the fair value of the real estate acquired is allocated to the acquired tangible assets, consisting of land and building, and identified intangible assets and liabilities, consisting of the value of above-market and below-market leases, the value of in-place leases, and the value of tenant relationships, based in each case on their relative fair values.

The fair value of the tangible assets of an acquired property is determined by valuing the property’s land and building as if it were vacant. Management uses several methodologies to determine fair market value for assets including qualified appraisals.


FF-TSY HOLDING COMPANY II, LLC
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
Years ended December 31, 2006, 2005 and 2004


1.
Organization and Summary of Significant Accounting Policies - Continued:

In allocating the fair value of the identified intangible assets and liabilities of an acquired property, above-market and below-market in-place lease values are recorded at the present value (using a discount rate reflective of the risks associated with the leases acquired) of the difference between (i) the contractual amounts to be paid pursuant to the in-place leases and (ii) management’s estimate of fair market lease rates for the corresponding in-place leases, measured over a period equal to the remaining non-cancelable term of the lease. The capitalized above-market lease values are amortized as a reduction of rental income over the remaining non-cancelable terms of the respective leases and the capitalized below-market lease values are amortized as an increase to rental income over the remaining non-cancelable terms of the respective leases.

The value of the in-place lease is measured as the present value of the estimated value of the theoretical unrealized lease rental income over a construction period. The value of the tenant relationship is calculated as the present value of the lease income during an estimated vacancy period not incurred at the end of the lease term if a lease is projected to be renewed by the tenant. The value of in-place leases and tenant relationships, exclusive of the value of above-market and below-market in-place leases, is amortized to expense over the remaining non-cancelable periods of the respective leases. If a lease were to be terminated prior to its stated expiration, all unamortized amounts relating to that lease would be written off.

When real estate is disposed, the related cost, accumulated depreciation, identified intangible assets and liabilities, the related accumulated amortization of intangibles and any accrued rental income for operating leases and the net investment for capital leases are removed from the accounts and gains and losses from the dispositions are reflected in income. Income from disposition of real estate is recognized in accordance with the provisions of Statement of Financial Accounting Standards (“SFAS”) No. 66 “Accounting for Real Estate Sales.”

Real Estate Held for Sale - The Company acquires, develops and currently owns properties that it intends to sell. The properties that are classified as held for sale primarily consist of properties that have been acquired in the marketplace with the intent to resell. Rental income is recognized without regard to potential future rent increases and the asset is not depreciated. In accordance with SFAS No. 144, “Accounting for the Impairment or Disposal of Long-Lived Assets,” the Company classifies its real estate held for sale as discontinued operations for each property in which rental revenues are generated. When real estate held for sale is disposed, the related costs are removed from the accounts and gains and losses from the dispositions are reflected in income from discontinued operations.

Notes Receivable - The Company originated loans to restaurant operators prior to May 2001 and acquired through the 2005 Merger, notes and mortgage notes that are generally collateralized by real estate, equipment and business enterprise value. The Company expects these loans to be held until maturity. The loans are recorded at cost and are reduced for any estimated future loss. Whenever it appears that future collection on specific loans appears doubtful, a provision for loan losses is established. The provision for loan losses represents the difference between the carrying amount and the amount management expects to receive. Increases and decreases in the allowance due to changes in the measurement of the impaired loans are included in impairment provisions on assets. Loans continue to be classified as impaired unless they are brought fully current and the collection of scheduled interest and principal is considered probable. Accrual of interest is discontinued when management believes, after considering economic and business conditions and collection efforts, that the borrowers’ financial condition is such that collection of interest is doubtful. Subsequent interest is recorded as income upon receipt.



FF-TSY HOLDING COMPANY II, LLC
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
Years ended December 31, 2006, 2005 and 2004


1.
Organization and Summary of Significant Accounting Policies - Continued:

Cash and Cash Equivalents - The Company considers all highly liquid investments with a maturity of three months or less when purchased to be cash equivalents. These amounts may exceed federally insured levels, however, the Company has not experienced any losses in such accounts.

Restricted Cash - Restricted cash relates to cash held in escrow, subject to certain restrictions and cash received in connection with assets held as collateral for certain debt and is subject to restrictions until released by the trustee.

Derivative Financial Instruments - The Company utilizes derivative instruments to partially offset the effect of fluctuating interest rates on the cash flows associated with a portion of its variable-rate debt. All derivative instruments are recorded on the balance sheet at fair value. Accounting for the changes in the fair value of derivatives associated with hedge transactions is dependent upon the intended use of the derivative and their resulting designation as follows:

Fair-value hedge transactions - When the Company hedges changes in the fair value of an asset or liability, the effective changes in the value of the derivative instrument are offset in the income statement by changes in the value of the hedged item.

Cash-flow hedge transactions - When the Company hedges variability of cash flows related to a variable-rate asset or liability or a forecasted transaction, effective changes in the value of the derivative instrument are reported in other comprehensive income and subsequently recognized in operations in the periods in which earnings are impacted by the variability of the cash flows of the hedged item or forecasted transaction.

All of the Company’s derivative instruments were designated as cash-flow hedges at December 31, 2006 and 2005. The ineffective portion of all hedges were reflected in earnings.

Securitizations - Between 1999 and 2001, certain loans were originated and sold to entities that, in turn, issued securities to investors backed by these assets. The Company retained the servicing rights and participates in cash flows from the retained equity positions and lower rated securities. The present value of the expected cash flows for each retained security, after payment of principal and interest to third-party bond or certificate holders, over the estimated cost of servicing was recorded at the time of sale as a retained interest. The Company’s investments in these securitization transactions are classified as available-for-sale securities and are included in other assets. Available-for-sale securities are recorded at fair value in other assets on the balance sheet, with the change in fair value during the period excluded from earnings and recorded as a component of other comprehensive income. Accounting for the retained interests requires the Company to estimate their value using market trends and historical experience, expected prepayments and defaults. This information is considered, along with prevailing discount rates and the terms of the bonds and certificates, to arrive at current fair value amounts and used to determine whether a permanent impairment in value has occurred. In 2006, 2005, and 2004, the Company recorded provisions for impairment of $1.2 million, $0.1 million, and $1.1 million, respectively. The fair value of these investments, including accrued interest, were $15.1 million and $15.7 million at December 31, 2006 and 2005, respectively.



FF-TSY HOLDING COMPANY II, LLC
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
Years ended December 31, 2006, 2005 and 2004


1.
Organization and Summary of Significant Accounting Policies - Continued:

Loan Costs - Loan costs incurred in connection with debt have been deferred and are being amortized over the term of the related debt using the effective interest method. Loan costs are included in other assets in the financial statements. As of December 31, 2006 and 2005, the Company had capitalized loan costs of $48.9 million and $50.8 million, respectively and recorded accumulated amortization of $19.0 million and $17.6 million, respectively.

Goodwill - The excess of the cost of an acquired business over the net of the amounts assigned to assets acquired (including identified intangible assets) and liabilities assumed is recorded as goodwill. Goodwill is not amortized but is tested for impairment at a level of reporting referred to as a reporting unit on an annual basis, or more frequently if events or changes in circumstances indicate that the asset might be impaired. Impairments resulting from this analysis are charged to results of operations in the period in which any impairment is determined. Goodwill attributable to the real estate segment and specialty finance segment was $179.6 million and $56.3 million, at December 31, 2006 and 2005, respectively. No impairment was required at December 31, 2006 or 2005.

Income Taxes - Prior to the completion of the GE Capital Merger, Trustreet operated, through its subsidiaries, as a fully-integrated, self-administered real estate investment trust (a “REIT”) and had elected to be taxed as a REIT. The Company generally was not subject to federal corporate income taxes on amounts distributed to stockholders, providing it distributed at least 90 percent of its taxable income and met certain other requirements for qualifying as a REIT. Earnings and profits, which determine the taxability of dividends to stockholders, differ from reported net income as a result of differing treatment of items for financial versus tax reporting, such as different lives and methods used to depreciate investment properties. Certain of Trustreet’s wholly owned subsidiaries had elected to be treated as taxable REIT subsidiaries which were subject to taxation at regular corporate rates. As a result of the GE Capital Merger on February 26, 2007, Trustreet ceased to exist and the surviving entity in the GE Capital Merger and all of its corporate subsidiaries became subject to taxation at regular corporate income tax rates.

Trustreet’s subsidiary, CNL Restaurant Capital Corp., elected to be treated as a taxable REIT subsidiary (“TRS”) pursuant to the provisions of the REIT Modernization Act. As a TRS, it and its subsidiaries were able to engage in activities resulting in income that would not have been eligible REIT income under the federal income tax statute and regulations. A second less significant TRS began operations during 2002 and was also subject to federal income taxes. Effective with the 2005 Merger, the TRS activities of USRP and CNLRP’s smaller TRS combined to form a single consolidated TRS.

Environmental Remediation Costs - The Company accrues for losses associated with environmental remediation obligations when such losses are probable and reasonably estimable. As part of the 2005 Merger, the Company acquired some properties relating to gas stations and convenience stores that had some existing known environmental conditions being handled by third parties. The Company estimated approximately $4.6 million in losses from environmental remediation obligations as of the 2005 Merger date. During each of the years ended December 31, 2006 and 2005, the Company paid approximately $0.6 million relating to these environmental matters.

Earnings Per Share - Prior to the 2005 Merger, CNLRP stockholders owned 45.2 million shares of CNLRP common stock. As a result of the 2005 Merger, CNLRP stockholders received 0.7742 shares of USRP common stock for each CNLRP share and an additional 7.2 million shares of Series C preferred. The Company has restated the weighted average shares outstanding calculation for all periods presented to show the effect of the exchange of the shares as a result of the 2005 Merger.


FF-TSY HOLDING COMPANY II, LLC
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
Years ended December 31, 2006, 2005 and 2004


1.
Organization and Summary of Significant Accounting Policies - Continued:

The Company reports both basic and diluted earnings per share. Basic earnings per common share is computed by dividing net income available to common stockholders by the weighted average number of common shares outstanding during the period. Diluted earnings per common share reflects the dilutive effect of stock options, restricted stock and convertible preferred stock. Diluted earnings per common share is computed by dividing net income available to common stockholders by the weighted average number of common shares and common share equivalents outstanding during the period, which are computed using the treasury stock method for outstanding stock options. Common share equivalents are excluded from the computations in periods in which they have an anti-dilutive effect.

Asset Retirement Obligations - As a result of the 2005 Merger, the Company assumed retirement obligations for the removal of tanks, fuel lines and other required modifications to the Company’s gas stations, as well as estimated future costs to restore land leased under ground leases to its original condition. The fair value of asset retirement obligations assumed on the 2005 Merger Date was $0.62 million and was recorded as a liability based on expected future cash outlays, discounted to its present value based on the Company’s credit-adjusted risk-free rate. Over time, the liability is accreted for the change in present value, with this effect included in expenses. During each of the years ended December 31, 2006 and 2005, the Company recorded accretion expense of $0.04 million and had a balance of $0.7 million and $0.66 million at December 31, 2006 and 2005, respectively.

Equity Compensation Plan - As a result of the 2005 Merger, Trustreet adopted USRP’s Flexible Incentive Plan (“Incentive Plan”). Under the Incentive Plan, Trustreet granted shares of restricted common stock or options to purchase common stock. Pursuant to the Incentive Plan, stock options were available to be granted at any time and the aggregate outstanding options that could be granted were required to be at an amount equal to or less than 4.9% of Trustreet’s issued and outstanding shares of common stock at the date of grant. Options were able to be exercised through either the payment of cash or the transfer of shares of Trustreet’s common stock owned by the optionee. Following the GE Capital Merger, the Company no longer maintains any equity compensation plan.

Reclassifications - Certain items in the prior years’ financial statements have been reclassified to conform to the 2006 presentation. These reclassifications had no effect on stockholders’ equity or net income.

New Accounting Standards - In March 2006, the FASB issued SFAS No. 156, “Accounting for Servicing of Financial Assets”. This statement amends FASB statement No. 140, “Accounting for Transfers and Servicing of Financial Assets and Extinguishment of Liabilities”, with respect to the accounting for separately recognized servicing assets and servicing liabilities. This statement requires companies to initially record servicing assets and servicing liabilities at fair value and permits subsequent measurement to follow either an amortization method or a fair value measurement method. This statement requires prospective application to all transactions occurring after September 2006. The Company does not expect the adoption of this statement to have a significant impact on its financial position or results of operations. 



FF-TSY HOLDING COMPANY II, LLC
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
Years ended December 31, 2006, 2005 and 2004


1.
Organization and Summary of Significant Accounting Policies - Continued:

In July 2006, the FASB issued FASB Interpretation Number 48, Accounting for Uncertainty in Income Taxes, an Interpretation of FASB Statement No. 109, (“FIN 48”). FIN 48 prescribes a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken in a tax return. The Company must determine whether it is “more-likely-than-not” that a tax position will be sustained upon examination, including resolution of any related appeals or litigation processes, based on the technical merits of the position. Once it is determined that a position meets the more-likely-than-not recognition threshold, the position is measured to determine the amount of benefit to recognize in the financial statements. FIN 48 applies to all tax positions related to income taxes subject to FASB Statement No. 109, Accounting for Income Taxes. The interpretation provides clarity and uniformity as it relates to income tax positions and the application of FASB Statement No. 5, Accounting for Contingencies. The Company has adopted the provisions of this statement beginning in the first quarter of 2007. The cumulative effect of applying the provisions of FIN 48 is reported as an adjustment to the opening balance of retained earnings on January 1, 2007. The Company does not expect that the adoption of this statement will have a material effect on its financial position or results of operations.

In September 2006, the FASB issued SFAS No. 157, “Fair Value Measurements”. This statement defines fair value, establishes a framework for measuring fair value, and expands disclosures about fair value measurements. This statement is effective for financial statements issued for fiscal years beginning after November 15, 2007, and interim periods within those fiscal years. The adoption of this statement is not expected to have a significant impact on the financial position or results of operations of the Company.

In February of 2007, the FASB Issued SFAS No. 159, Establishing the Fair Value Option for Financial Assets and Liabilities. The Financial Accounting Standards Board has issued SFAS 159 to permit all entities to choose to elect, at specified election dates, to measure eligible financial instruments at fair value. An entity shall report unrealized gains and losses on items for which the fair value option has been elected in earnings at each subsequent reporting date, and recognize upfront costs and fees related to those items in earnings as incurred and not deferred. SFAS No. 159 applies to fiscal years beginning after November 15, 2007, with early adoption permitted for an entity that has also elected to apply the provisions of SFAS No. 157, Fair Value Measurements. An entity is prohibited from retrospectively applying SFAS No. 159, unless it chooses early adoption. SFAS No. 159 also applies to eligible items existing at November 15, 2007 (or early adoption date). The Company does not expect the adoption of SFAS No. 159 to have a material effect on the Company's financial condition.

In September 2006, the Securities and Exchange Commission (“SEC”) issued Staff Accounting Bulletin (“SAB”) No. 108, “Considering the Effects of Prior Year Misstatements when Quantifying Misstatements in Current Year Financial Statements.” SAB 108 provides guidance on the consideration of effects of the prior year misstatements in quantifying current year misstatements for the purpose of a materiality assessment. The SEC staff believes registrants must quantify errors using both a balance sheet and income statement approach and evaluate whether either approach results in quantifying a misstatement that, when all relevant quantitative and qualitative factors are considered, is material. SAB 108 is effective for the first annual period ending after November 15, 2006 with early application encouraged. The adoption of this provision did not have any material impact on the Company’s results of operations or financial position.



FF-TSY HOLDING COMPANY II, LLC
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
Years ended December 31, 2006, 2005 and 2004


2.
2005 Merger:

On August 9, 2004, CNLRP announced that it had entered into a definitive agreement and plan of merger with USRP, a publicly traded real estate investment trust, and on February 25, 2005, completed the transactions contemplated by the agreement, including the 2005 Merger of CNLRP into USRP, the change of USRP’s name to Trustreet Properties, Inc. and the acquisition of the Income Funds. CNLRP previously managed the real estate portfolios of the Income Funds under agreements that terminated effective with the 2005 Merger. The 2005 Merger was structured to be tax-free to the stockholders of CNLRP and USRP but taxable with respect to the Income Funds. In order to effect the 2005 Merger, the Company entered into several new financing transactions.

The 2005 Merger of CNLRP into USRP through an exchange of equity interests was accounted for using the purchase method of accounting, and CNLRP was treated as the acquiror for accounting purposes since the former common stockholders of CNLRP owned approximately 60.7% and the former common stockholders of USRP own approximately 39.3% of the outstanding common stock of the combined company on a fully diluted basis. In addition, the former directors of CNLRP made up a majority of the new board of directors and the former executive officers of CNLRP continued to manage the Company. As a result of CNLRP being treated as the acquiror for accounting purposes, the assets and liabilities of CNLRP continue to be recorded at historical values. The assets and liabilities of USRP and the Income Funds were recorded at their estimated fair values at the date of the 2005 Merger, with the excess of the purchase price of USRP over the sum of tangible and identifiable intangible fair values of USRP recorded as goodwill.

In connection with the allocation of the purchase price to real estate finalized during the fourth quarter of 2005, the following methodology was utilized:

 
·
The fair value of land and buildings was estimated as if the properties were vacant. The land value was estimated and the buildings were valued at estimated replacement cost less depreciation.
 
·
For properties currently under lease, an analysis was performed to determine whether the current lease terms were above or below market rate and an asset or liability, respectively, was determined using discounted cash flows.
 
·
For properties currently under lease, the value associated with having a lease in place was estimated by evaluating the present value of the lost rents for each property that would have resulted if the properties had to be constructed and the costs related to executing the lease.
 
·
The benefit of having a tenant in each specific property with a high likelihood of renewing the lease at the end of the current term was evaluated and a value was determined using the present value of rents during a standard re-lease period.


FF-TSY HOLDING COMPANY II, LLC
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
Years ended December 31, 2006, 2005 and 2004


2.
2005 Merger - Continued:

The purchase price relating to the exchange of interests between USRP and CNLRP was based upon the market capitalization of USRP using an average trading price of USRP common stock and traded Series A Preferred Stock for the day before and the day of the announcement of the proposed Merger on August 9, 2004, as well as the estimated market values for the Series B Convertible Preferred Stock (“the Series B Preferred Stock”) of USRP plus certain 2005 Merger related costs incurred by CNLRP.

 
 
Equity Interest
  
 
Shares
(in thousands)
  
 
 
Price
  
 
Total Market Value
(in thousands)
  
               
Series A Preferred Stock
  
4,084
  
$ 23.53
  
$ 96,099
  
Series B Preferred Stock
  
25
  
1,300.00
  
32,500
(a)
Common Stock
  
22,599
  
15.24
  
344,411
  
           
473,010
  
Transaction costs
          
14,414
  
Total
          
$ 487,424
  

(a) Includes a $7.5 million premium as a result of the 2005 Merger triggering the redemption provisions of the Series B Preferred Stock.

As a result of the exchange of interests between CNLRP and USRP, 45.2 million shares of CNLRP common shares were converted into (i) 35.2 million USRP common shares and (ii) 7.2 million newly issued shares of USRP’s Series C Preferred Stock, using an exchange rate of (i) 0.7742 for common shares and (ii) 0.16 per preferred shares. The Company recorded goodwill of approximately $179.6 million which represented the excess of the fair value of the USRP common stock over the fair value of its tangible and identifiable intangible net assets.

The acquisition of each of the Income Funds by USRP through a combination of cash and USRP Series A Preferred Stock interests was also accounted for using the purchase method of accounting and the assets and liabilities of the Income Funds were recorded at their estimated fair values at the date of the 2005 Merger. The purchase price for the Income Funds was determined as follows:

   
(In thousands)
  
       
Cash Consideration………………………………………………………..
  
$
449,997
  
Preferred Share Consideration (3,749.9 million shares at $23.53 per share)
    
88,235
  
Purchase Price including transaction costs………………………………..
  
$
538,232
  



FF-TSY HOLDING COMPANY II, LLC
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
Years ended December 31, 2006, 2005 and 2004


2.
2005 Merger - Continued:

The following table shows the allocation of the purchase consideration:

   
(In thousands)
      
Consideration:
          
Exchange of equity interests
  
$
473,010
        
Transaction costs
    
14,414
        
Cash
    
449,997
        
Series A Preferred Shares
    
88,235
        
Total consideration
  
$
1,025,656
        
               
Assets Acquired:
              
Real estate investment properties
  
$
958,329
        
Net investment in capital leases
    
63,648
        
Real estate held for sale
    
62,077
        
Cash
    
43,646
        
Restricted cash
    
7,835
        
Mortgage and equipment notes receivable
    
15,077
        
Accounts receivable
    
3,140
        
Other assets:
              
Above market leases
    
43,872
        
Leases in place
    
15,325
        
Tenant relationships
    
9,069
        
Other
    
3,496
        
Goodwill
    
179,635
  (1)      
Total
    
1,405,149
        
               
Liabilities Assumed:
              
Revolver
    
14,150
        
Notes payable
    
158,189
        
Bonds payable
    
143,505
        
Due to related parties
    
270
        
Other payables:
              
Below market leases
    
27,457
        
Environmental and exit costs liability
    
5,619
        
Distributions payable
    
4,506
        
Other
    
23,941
        
Minority interests
    
2,080
        
Loan due from stockholder (reduction of equity)
    
(224
)
      
Total
    
379,493
        
               
Net assets acquired
  
$
1,025,656
        

(1) The goodwill was assigned to the real estate segment.



FF-TSY HOLDING COMPANY II, LLC
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
Years ended December 31, 2006, 2005 and 2004


3.
Real Estate Investment Properties:

Real estate investment properties consist of the following at December 31:

   
(In thousands)
  
   
2006
  
 2005
  
       
Land
  
$
941,601
  
$
914,103
  
Buildings
    
878,846
    
842,716
  
Construction in process
    
636
    
—
  
Equipment and other
    
3,225
    
3,353
  
     
1,824,308
    
1,760,172
  
Less accumulated depreciation
    
111,269
    
79,593
  
               
   
$
1,713,039
  
$
1,680,579
  

In 2006, 2005 and 2004, the Company recorded provisions for impairment of $1.0 million, $0.1 million, and $0.8 million, respectively. The tenants of these properties experienced financial difficulties and/or ceased payment of rents under the terms of their lease agreements. The provisions represent the amount necessary to reduce the properties’ carrying value to estimated fair value.

For the years ended December 31, 2006, 2005, and 2004 tenants paid or are expected to pay directly to real estate taxing authorities approximately $32.6 million, $31.3 million, and $10.1 million, respectively, in real estate taxes in accordance with the terms of their triple-net leases.

Substantially all property leases have initial terms of 15 to 20 years (most expiring between 2007 and 2026) and provide for scheduled rent increases, and in some cases, contingent rent. The leases generally allow the tenant to purchase the property at the greater of the Company's purchase price plus a specified percentage or fair market value at specified times. Fixed and determinable lease revenues are recognized on a straight-line basis over the terms of the leases. For the years ended December 31, 2006, 2005, and 2004, the Company recognized $10.3 million, $7.8 million, and $3.5 million, respectively, of accrued rental income, of which $0.4 million, $0.5 million, and $0.5 million, respectively, are reflected as “Income from discontinued operations,” in the Company’s Consolidated Statements of Income. The Company recognized contingent rent revenues of $15.2 million, $4.0 million, and $0.7 million, for the years ended December 31, 2006, 2005, and 2004, respectively, of which $0.4 million, $0.2 million, and $0.1 million, respectively, are reflected as “Income from discontinued operations,” in the Company’s Consolidated Statements of Income.

Future minimum contractual lease payments to be received under noncancellable operating leases at December 31, 2006 are as follows:

   
(In thousands)
  
       
2007
  
$
161,465
  
2008
    
159,183
  
2009
    
156,434
  
2010
    
152,408
  
2011
    
145,631
  
Thereafter
    
997,189
  
   
$
1,772,310
  



FF-TSY HOLDING COMPANY II, LLC
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
Years ended December 31, 2006, 2005 and 2004


4.             Net Investment in Capital Leases:

The components of net investment in capital leases consist of the following at December 31:

   
(In thousands)
  
   
2006
  
 2005
  
Minimum lease payments receivable
  
$ 185,453
  
 $ 193,538
  
Estimated residual values
    
37,860
    
37,119
  
Interest receivable from secured equipment leases
    
4
    
4
  
Less unearned income
    
(92,377
)
  
(95,543
)
               
Net investment in capital leases
  
$
130,940
  
$
135,118
  


The following is a schedule of future minimum lease payments to be received on capital leases at December 31, 2006:

   
(In thousands)
  
       
2007
  
$ 17,041
  
2008
    
17,164
  
2009
    
17,154
  
2010
    
16,615
  
2011
    
15,642
  
Thereafter
    
101,837
  
   
$
185,453
  

The Company’s real estate segment recorded provisions for losses on capital leases totaling $0.3 million during the year ended December 31, 2004. The tenants of these properties experienced financial difficulties and ceased payment of rents. The provisions represent the amount necessary to reduce the carrying values of the capital leases to their estimated fair value.


FF-TSY HOLDING COMPANY II, LLC
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED
Years Ended December 31, 2006, 2005 and 2004


5.
Real Estate Held for Sale:

Real estate held for sale consists of the following at December 31:

   
(In thousands)
  
   
2006
  
2005
  
           
Real estate segment
  
$
33,227
  
$
117,443
  
Specialty finance segment
    
274,500
    
191,051
  
               
   
$
307,727
  
$
308,494
  

As part of the 2005 Merger, the Company acquired several convenience, gas and restaurant operations which were under contract to sell as of the date of the 2005 Merger. In September 2005, the Company sold business operations relating to eighteen gas station operating units and a 50 percent interest in a bulk fuel loading terminal located in Hawaii. The Company retained ownership of the associated real estate and leased it to the purchaser of the business operations. All operating results relating to all of these retail and terminal operations were recorded as discontinued operations for all periods presented.

Operating results of discontinued operations consist of the following at December 31:
 
   
(In thousands)
  
   
2006
  
2005
  
2004
  
               
Rental income
  
$
20,666
  
$
20,576
    $
18,742
  
Food, beverage and retail revenues
    
—
    
34,820
    
13,471
  
Food, beverage and retail expenses
    
—
    
(33,878
)
  
(14,258
)
Other property related income/(expenses)
    
2,422
    
(4,003
)
  
(2,703
)
Interest expense
    
(9,130
)
  
(5,715
)
  
(3,534
)
Impairment provisions
    
(539
)
  
(505
)
  
(4,999
)
                     
Earnings from discontinued operations
    
13,419
    
11,295
    
6,719
  
                     
Sales of real estate
    
357,524
    
318,142
    
290,977
  
Cost of real estate sold
    
(317,378
)
  
(270,213
)
  
(248,027
)
                     
Gain on disposal of discontinued operations
    
40,146
    
47,929
    
42,950
  
                     
Income tax provision
    
(4,373
)
  
(9,955
)
  
(10,938
)
                     
Income from discontinued operations, after income tax
  
$
49,192
  
$
49,269
  
$
38,731
  



FF-TSY HOLDING COMPANY II, LLC
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED
Years Ended December 31, 2006, 2005 and 2004


6.
Mortgage, Equipment and Other Notes Receivable:

Mortgage, equipment and other notes receivable consist of the following at December 31:

   
(In thousands)
  
   
2006
  
 2005
  
       
Outstanding principal
  
$
87,437
  
$
93,332
  
Accrued interest income
    
840
    
742
  
Deferred financing income
    
(118
)
  
(129
)
Allowance for uncollectible notes
    
(5,439
)
  
(5,706
)
   
$
82,720
  
$
88,239
  

Approximately $73.1 million and $79.0 million of the outstanding principal balance as of December 31, 2006 and 2005, respectively, is secured by mortgages. The remaining principal is secured by franchise restaurant equipment and other collateral. The loans carry interest rates ranging from 2.4 percent to 10.8 percent. The loans are due in monthly installments with maturity dates ranging from 2007 to 2025 and generally prohibit prepayment for certain periods or include prepayment penalties. As of December 31, 2006 and 2005, approximately $12.9 million and $16.1 million in notes receivable are considered impaired and approximately $5.6 million and $3.5 million are on non-accrual status with regard to recognition of interest. The Company recognized $1.3 million and $0.3 million of interest income as of December 31, 2006 and 2005, respectively, on impaired loans.

During July 2005, the Company sold mortgage loans receivable of approximately $194 million resulting in a gain of approximately $9.6 million and a related hedge loss of $8.6 million. The gain is reflected in gain on sale of assets in the accompanying statement of income.

Changes in the allowance for loan losses for 2006 and 2005 are summarized as follows:

   
(In thousands)
  
   
2006
  
 2005
  
       
Balance at beginning of year
  
$
5,706
  
$
7,261
  
Provision for loan losses
    
2,542
    
1,296
  
Recoveries on loans previously charged off
    
(1,115
)
  
(1,222
)
Interest income reserves
    
42
    
124
  
Loans charged off
    
(1,736
)
  
(1,753
)
Balance at end of year
  
$
5,439
  
$
5,706
  



FF-TSY HOLDING COMPANY II, LLC
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED
Years Ended December 31, 2006, 2005 and 2004


7.             Securitized Portfolios:

The following table represents the securitized portfolio and all managed loans as of December 31:

   
Total principal amount
(In thousands)
  
Principal > 60 days
past due
(In thousands)
  
   
2006
  
2005
  
2006
  
2005
  
                   
Mortgage loans
  
$
356,156
  
$
424,684
  
$
3,118
  
$
3,566
  
Equipment and other loans
    
11,451
    
12,593
    
—
    
—
  
                           
Total loans managed or securitized
    
367,607
    
437,277
    
3,118
    
3,566
  
                           
Less:
                          
Loans securitized
    
(280,170
)
  
(343,945
)
  
—
    
(1,617
)
                           
Loans held in portfolio (Note 6)
  
$
87,437
  
$
93,332
  
$
3,118
  
$
1,949
  

The total loan portfolio managed by the Company, including the loan portfolio managed for others, had net charge-offs during the years ended December 31, 2006, 2005, and 2004 of $3.3 million, $5.6 million, and $7.5 million, respectively.

The following table summarizes cash flows received from and paid to securitization trusts for the years ended December 31:

   
(In thousands)
  
   
2006
  
 2005
  
2004
  
           
Servicing fees received
  
$
1,090
  
$
1,298
  
$
1,387
  
Other cash flows received on retained interests
  
$
1,132
  
$
1,715
  
$
3,820
  
Servicing advances paid
  
$
(2,841
)
$
(4,062
)
$
(3,949
)
Collection of servicing advances
  
$
5,153
  
$
4,117
  
$
3,041
  



FF-TSY HOLDING COMPANY II, LLC
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED
Years Ended December 31, 2006, 2005 and 2004


8.
Intangible Lease Costs:

Intangible lease costs consists of the following at December 31:

   
(in thousands)
  
   
2006
  
2005
  
           
Intangible lease origination costs:
          
Leases in place
  
$
31,536
  
$
28,925
  
Tenant relationships
    
12,212
    
11,936
  
     
43,748
    
40,861
  
Less accumulated amortization
    
(10,360
)
  
(5,108
)
     
33,388
    
35,753
  
               
Above market lease values
    
41,278
    
40,744
  
Less accumulated amortization
    
(8,967
)
  
(4,077
)
     
32,311
    
36,667
  
               
Total
  
$
65,699
  
$
72,420
  


Above market lease values are amortized against rental income over the remaining terms of the leases acquired in connection with each applicable property. The weighted average amortization period for above market leases is 10.3 years. Leases in place and tenant relationships are amortized over the remaining terms of the leases acquired in connection with each applicable property and the amortization is included in depreciation and amortization expense. The weighted average amortization period for leases in place and tenant relationships are 11.8 years and 8.1 years, respectively. The weighted average amortization period for all intangible assets is 9.4 years.

 
The Company recognized aggregate amortization expense on intangible assets of approximately $10.2 million and $9.3 million for the years ended December 31, 2006 and 2005, respectively. Based on the balance of intangible assets at December 31, 2006 subject to amortization, the estimated aggregate amortization expense for each of the succeeding five years and thereafter is as follows:

   
(In thousands)
  
       
2007
  
 
$                                     9,607
  
2008
    
8,211
  
2009
    
7,130
  
2010
    
6,257
  
2011
    
5,604
  
Thereafter
    
28,890
  
   
$
65,699
  



FF-TSY HOLDING COMPANY II, LLC
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED
Years Ended December 31, 2006, 2005 and 2004


9.
Borrowings:

Borrowings consist of the following at December 31:

   
2006
      
2005
   
Amount
(In thousands)
Average
Rate
  
Capacity
  
Expected
maturity/
retirement
date
  
Amount
(In thousands)
Average rate
                     
Revolver (b)
  
$ 159,000
7.44%
  
$ 200,000
  
April 2008
(c)
$ 55,000
5.96%
Term loan (b)
  
275,000
7.39%
  
275,000
  
April 2010
(c)
275,000
5.71%
Senior unsecured notes
  
300,000
7.50%
  
300,000
  
April 2015
  
300,000
7.50%
Notes payable
  
—
—
  
—
  
—
  
2,027
6.81%
Mortgage note payable (a)
  
—
—
  
—
  
—
  
829
8.00%
Mortgage warehouse facilities
 
397,273
6.43%
  
455,962
  
Annual
(c)
122,722
4.78%
Series 2000-A bonds payable
  
191,493
8.02%
  
191,493
  
2009-2017
  
219,158
7.97%
Series 2001-A bonds payable (a)
  
—
—
  
—
  
—
  
129,460
3.91%
Series 2001-4 bonds payable
  
21,392
8.89%
  
21,392
  
2009-2013
  
25,447
8.90%
Series 2001 bonds payable
  
—
—
  
—
  
—
  
93,137
3.77%
Series 2003 bonds payable
  
—
—
  
—
  
—
  
8,512
7.95%
Series 2005 bonds payable
  
241,001
4.72%
  
241,001
  
2012
  
266,487
4.67%
   
1,585,159
    
$1,684,848
      
1,497,779
  
Senior unsecured notes premium
  
1,024
            
1,146
  
   
$ 1,586,183
            
$ 1,498,925
  

 
(a)
Assumed debt as a result of the 2005 Merger described in Note 2 to the consolidated financial statements.
 
(b)
As further described below, the Company had an option to exercise $175 million in additional expansion capacity as of December 31, 2006.
 
(c)
The Company repaid all amounts outstanding as of February 26, 2007 with capital contributions received from Holdco as part of the GE Capital Merger described in Note 20 to the consolidated financial statements.



FF-TSY HOLDING COMPANY II, LLC
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED
Years Ended December 31, 2006, 2005 and 2004


9.
Borrowings - Continued:

Revolver and Term Loan. Through December 2004, CNLRP’s short term debt consisted of a $40 million revolving line of credit (the “Revolver”). In February 2005, CNLRP amended the Revolver to increase the capacity from $40 million to $60 million. In February 2005 the Company obtained bridge financing with the lender consisting of a senior collateralized revolving credit facility of up to $125 million and a senior collateralized term loan of up to $650 million. The new revolving credit facility replaced the Company’s previous revolving line of credit. The bridge financing bore interest at a floating rate of the London Interbank Offer Rate, or LIBOR, plus three percent. In March 2005, the Company reduced the capacity to $385 million on the senior collateralized term loan when it paid off $265 million of the outstanding balance and terminated that portion of the bridge financing. In April 2005, the Company entered into a senior credit facility (the “Facility”) with available capacity of $350 million with a syndicate of lenders. The Company paid approximately $4.5 million in fees to the lenders for lending and administrative services related to the financing. In April 2005, the Company drew on the Facility to pay off the outstanding balance and terminate the bridge financing. The Facility consists of a revolving credit facility in an initial amount of $175 million and a term loan in an initial amount of $175 million. This revolver initially bore interest at LIBOR plus 2.25 percent per annum, and the interest rate for the term loan facility is LIBOR plus two percent per annum. The initial maturity date of the revolver is April 2008, with an available one year extension, and the maturity date of the term loan is April 2010. The Company’s obligations under the Facility are guaranteed by substantially all of the Company’s subsidiaries and are collateralized by a pledge of the ownership interests in certain of its direct and indirect subsidiaries. The Facility provided for an increase of up to $100 million at the option of the borrower to be allocated between the revolver and the term loan. In December 2005, the Company exercised its option and increased the term loan by $100 million under the same terms and conditions as the initial Revolver borrowing. In September 2006, the Company amended the Facility to decrease the interest rate on the revolver, add $200 million optional additional expansion capacity and refine certain terms and definitions. In December 2006, the Company exercised its option to expand $25 million of the $200 million additional capacity. On February 26, 2007, the Company repaid all amounts outstanding as part of the GE Capital Merger described in Note 20 to the consolidated financial statements.

The Company uses fixed and floating rate debt to finance acquisitions, development and maturing debt. These transactions expose the Company to market risk related to changes in interest rates. The Company reviews its borrowings and attempts to mitigate interest rate exposure through the use of long-term debt maturities and derivative instruments, where appropriate. In May 2005, the Company entered into an interest rate swap agreement, for notional borrowings of $175 million which applies to the term loan described above, to protect the Company against fluctuation in the LIBOR rate. Under the interest rate swap agreement, the Company pays a fixed rate of 4.20 percent and receives a floating rate. The floating rate is based on LIBOR. This agreement matures April 1, 2010. The net payments or receipts are recognized as an adjustment to interest expense. The agreement was entered into with a major financial institution, and the Company anticipates that the financial institution will satisfy its obligations under the agreement. As of December 31, 2006, the estimated value of this outstanding derivative instrument was $4.1 million. On February 26, 2007, the Company terminated this swap agreement as part of the GE Capital Merger described in Note 20 to the consolidated financial statements.



FF-TSY HOLDING COMPANY II, LLC
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED
Years Ended December 31, 2006, 2005 and 2004


9.
Borrowings - Continued:

Senior Unsecured Notes. In March 2005, Trustreet issued $250 million in senior unsecured notes. In September 2005, Trustreet issued an additional $50 million of notes at a premium. On February 26, 2007, as described further in Note 20 to the consolidated financial statements, Trustreet assigned all of its assets and liabilities to the Company and in connection therewith, Trustreet, the Company, FF-TSY Holding Company II, Inc., as co-issuer, and Wells Fargo Bank National Association, as trustee under the indenture (the “Trustee”), entered into a supplemental indenture amending the original indenture under which the notes were originally issued, pursuant to which the Company succeeded to all of Trustreet’s obligations under the notes and the Indenture. The notes pay interest semi-annually in arrears at the stated rate of 7.5 percent per annum and are due April 2015. The notes are subordinated to all of the Company’s existing and future secured indebtedness. The Company can redeem the notes in whole or in part, at any time on or after April 1, 2010 at specified redemption prices.

Mortgage Warehouse Facilities. As of December 31, 2005, the Company maintained a $100 million and a $160 million mortgage warehouse facility for the short-term financing of properties purchased with an intent to sell. In March 2006, the $160 million mortgage warehouse facility was renewed until March 2007. In May 2006, the $100 million warehouse facility was renewed until May 2007. Both warehouse facilities were renewed under terms substantially similar to the respective previous agreements. During 2006, the Company obtained bridge financing in the amount of $204.5 million through an amendment to the mortgage warehouse facility that was scheduled to mature in May 2007, to repay the Series 2001-A and the Series 2001 bonds that matured during 2006. The amounts borrowed under the amendment were subject to the same terms as the amounts borrowed under the original $100 million mortgage warehouse facility, except that the amounts borrowed under the amendment were scheduled to mature in March 2007. On February 26, 2007, the Company repaid all amounts outstanding under both mortgage warehouse facilities and terminated the agreements as part of the GE Capital Merger described in Note 20 to the consolidated financial statements.

Bonds Payable. Collateral for the Series 2000-A bonds consist of 236 commercial real estate properties operated as restaurants leased to tenants, with a carrying value of $264 million at December 31, 2006. The Series 2000-A bonds bear interest at a weighted average fixed rate of 8.0 percent per annum. The bond indenture provides for an optional redemption at their remaining principal balance when remaining rents due under the leases that serve as collateral are less than ten percent of the aggregate initial rents due under the leases.

In February 2005, the Company acquired through the 2005 Merger, Triple Net Lease Mortgage Notes Series 2001-A. These bonds, along with the Series 2001 bonds bore interest at LIBOR plus 48 basis points per annum plus associated fees of approximately 48 basis points, amortized over 15 years and matured in August and October 2006, respectively. As described above, the Company obtained bridge financing in the amount of $204.5 million to repay these bonds. The associated interest rate cap agreements expired in 2006.

During 2006, the Company incurred debt issuance costs totaling $3.3 million in connection with an anticipated secured financing to repay the bridge financing on the Series 2001-A and Series 2001 bonds. The costs consisted primarily of legal and auditing fees, rating agency fees, and environmental studies. As a result of the GE Capital Merger on February 26, 2007, the plans for the secured financing were abandoned and all related debt issuance costs were written off and included in general operating and administrative expenses as of December 31, 2006. (See Note 20 to the consolidated financial statements.)



FF-TSY HOLDING COMPANY II, LLC
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED
Years Ended December 31, 2006, 2005 and 2004


9.
Borrowings - Continued:

Collateral for the Series 2001-4 bonds consists of 49 mortgage loans that had a carrying value of approximately $34 million as of December 31, 2006. The Series 2001-4 bonds bear interest at a rate of 8.90 percent per annum. The bond indenture requires monthly principal and interest payments received from mortgage loan borrowers to be applied to the bonds. The bond indenture also provides for an optional redemption of the bonds at their remaining principal balance when the remaining amounts due under the loans that serve as collateral for the bonds are less than ten percent of the aggregate amounts due under the loans at the time of issuance.

The Series 2003 bonds required monthly principal and interest payments received from borrowers to be applied to the bond. The notes bore interest at LIBOR plus 600 basis points. In November 2006, the Company acquired approximately $0.53 million in remaining notes outstanding from an unrelated third party. In December 2006, the Company legally extinguished the Series 2003 bonds and received approximately $0.56 million upon terminating the associated interest rate cap agreement.

In March 2005, the Company completed a $275 million offering of Triple Net Lease Mortgage Notes, Series 2005 (the “Series 2005 Bonds”). The notes bear interest at a fixed rate plus associated fees of approximately 39 basis points, amortize over twenty years and have an expected final maturity date in 2012. The notes are collateralized by 310 properties with a combined carrying value of approximately $301 million at December 31, 2006. The notes include covenants relating to delinquency percentages or debt service coverage. If certain ratios are exceeded or not maintained, then principal payments may be accelerated.

The Series 2000-A bonds also include certain covenants relating to delinquency percentages or debt service coverage. If certain ratios are exceeded or not maintained certain cash flows normally remaining in excess of the scheduled principal and interest payments are required to be used for additional debt reduction. Due primarily to tenant defaults and bankruptcies in 2003 and 2004, the Company was required to make additional debt reductions of approximately $2.5 million and $2.1 million during the years ended December 31, 2006 and 2005, respectively, as a result of exceeding certain ratios in the net lease pools.

Through March 2005, the Company entered into four interest rate swaps which were designated as hedges for the Series 2005 Bonds, and recorded other comprehensive income of $1.7 million relating to these instruments. The Company terminated these four interest rate swaps in March 2005 when the Company completed its offering of the Series 2005 Bonds and received $1.7 million in proceeds. The Company is amortizing the $1.7 million recorded in other comprehensive income into earnings over the expected maturity of the Series 2005 Bonds. The Company recognized approximately $0.4 million of that amount in earnings during each of 2006 and 2005.

Series B Preferred Stock. The 2005 Merger triggered a redemption provision of the USRP Series B Preferred Stock, as a result of which, the Company recorded this preferred stock as an obligation. A $32.5 million obligation was recorded as part of the 2005 Merger and included a redemption premium of $7.5 million. The holders of the preferred stock exercised their redemption options in March 2005.

Some sources of debt financing require that the Company maintain certain standards of financial performance, such as a fixed-charge coverage ratio, a tangible net worth requirement and a restriction on the level of secured debt, and may restrict the amount or timing of common stock dividend payments. Any failure to comply with the terms of these debt covenants would constitute a default and could create an immediate need to find alternative borrowing sources. The Company was in compliance with all of its covenants at December 31, 2006. Certain covenants may be suspended if as a result of the GE Capital Merger, the Senior Unsecured Notes are given an investment grade rating.


FF-TSY HOLDING COMPANY II, LLC
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED
Years Ended December 31, 2006, 2005 and 2004


9.
Borrowings - Continued:

The following schedule of future principal payments on outstanding indebtedness at December 31, 2006 reflects the annual maturities of the warehouse facilities and assumes that bonds payable amortize in accordance with estimated payment amounts. Most of the debt maturing in 2007, 2008, and 2010 was repaid in connection with the GE Capital Merger, as described in Note 20 to the consolidated financial statements.

   
(In thousands)
  
       
2007
  
$                                 422,130
  
2008
  
186,312
  
2009
    
30,693
  
2010
    
308,574
  
2011
    
36,032
  
Thereafter
    
601,418
  
   
$
1,585,159
  

10.   Fair Value of Financial Instruments:
 
The Company believes that the carrying value of its cash and cash equivalents, accounts receivables, accounts payable and other accruals approximate fair value because of their short term maturities. The Company believes that the carrying amount of mortgage and other notes receivables approximate fair value based on current rates which similar loans would be made to borrowers with similar credit and for similar maturities. The Company’s other investments are recorded at fair value which was derived based on a discounted cash flow analysis applying assumptions regarding the amount and timing of future cash flows. At December 31, 2006 and 2005, the fair value of the Company’s Series 2005 bonds payable was $235.8 million and $217 million, respectively, based upon secondary market activity. At December 31, 2006 and 2005, the fair value of the Company’s Series 2000-A bonds payable was $202.3 million and $304 million, respectively, based upon secondary market trading. The Senior Unsecured Notes traded at approximately the same amount as their carrying value until the GE Capital Merger announcement on October 30, 2006. Through December 31, 2006 these bonds traded at 108, or a substantial premium. The Company believes that the carrying amount of the Company’s other debt approximates fair value based upon secondary market trading.

11.
Income Tax:

Prior to the completion of the GE Capital Merger, Trustreet operated, through its subsidiaries, as a REIT and had elected to be taxed as a REIT. The Company generally was not subject to federal corporate income taxes on amounts distributed to stockholders, providing it distributed at least 90 percent of its taxable income and met certain other requirements for qualifying as a REIT. Earnings and profits, which determine the taxability of dividends to stockholders, differ from reported net income as a result of differing treatment of items for financial versus tax reporting, such as different lives and methods used to depreciate investment properties. Certain of Trustreet’s wholly owned subsidiaries had elected to be treated as taxable REIT subsidiaries which were subject to taxation at regular corporate income tax rates. As a result of the GE Capital Merger on February 26, 2007, Trustreet ceased to exist and the surviving entity in the GE Capital Merger and all of its corporate subsidiaries became subject to taxation at regular corporate tax rates.



FF-TSY HOLDING COMPANY II, LLC
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED
Years ended December 31, 2006, 2005 and 2004


11.
Income Tax - Continued:

Trustreet’s subsidiary, CNL Restaurant Capital Corp., elected to be treated as a taxable REIT subsidiary (“TRS”) pursuant to the provisions of the REIT Modernization Act. As a TRS, it and its subsidiaries were able to engage in activities resulting in income that would not have been eligible REIT income under the federal income tax statute and regulations. A second less significant TRS began operations during 2002 and was also subject to federal and state income taxes. Effective with the 2005 Merger, the TRS activities of USRP and CNLRP’s smaller TRS combined to form a single consolidated TRS.

The purchase of real property with the intent to resell; the property improvement and redevelopment of real property; and the operations of convenience and gas stations and restaurants, all of which, among other activities, are conducted within the TRS, are treated as discontinued operations.

On March 31, 2005, other subsidiaries of Trustreet purchased from the TRS a 100 percent interest in a partnership that held a pool of mortgage loans collateralizing a $160.8 million note payable carrying a variable interest rate (the “Loan Transfer”). A portion of this variable interest rate was fixed through the initiation of a hedge transaction. This hedge met the definition of a cash flow hedge, and as a result, changes in its value were reported in other comprehensive income (“OCI”), net of applicable income taxes at the then applicable effective tax rate.

As a result of the Loan Transfer, the items of income and expense associated with the mortgage loans and related note payable are no longer reflected in the TRS income tax returns. Accordingly, any deferred tax asset or liability, and any tax effect of the hedge will not be realized. The tax provision for the year ended December 31, 2005, includes a $3.2 million non-cash charge related to the Loan Transfer.

The components of the net deferred tax asset which is included in other assets consist of the following at December 31:

   
(In thousands)
  
   
2006
  
2005
  
           
Deferred tax asset:
          
Loan valuation and related hedge differences
  
$
3,746
  
$
3,980
  
Loan origination fees
    
149
    
262
  
Real estate loss reserves 
    
118
    
577
  
Reserve for investment losses
    
2,014
    
2,014
  
Fixed assets
    
(2,034
)
  
(2,343
)
Timing difference in unconsolidated subsidiaries
    
1,724
    
488
  
Other
    
1,335
    
581
  
Net recorded deferred tax asset
  
$
7,052
  
$
5,559
  



FF-TSY HOLDING COMPANY II, LLC
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED
Years ended December 31, 2006, 2005 and 2004


11.
Income Tax - Continued:

The income tax provision of $4.4 million, $10.0 million, and $10.9 million for the years ended December 31, 2006, 2005, and 2004, respectively, have been allocated to discontinued operations. The consolidated provision for income taxes from continuing operations differs from the amount computed by applying the federal statutory rate of 35 percent for 2006, 2005 and 2004 to income before taxes for each of the years ended December 31:

   
(In thousands)
  
   
2006
  
2005
  
2004
  
               
Expected tax at US statutory rate
  
$
7,172
  
$
7,471
  
$
2,420
  
REIT income not subject to US income tax
(dividend paid deduction)
    
(14,641
)
  
(16,293
)
  
(8,001
)
Benefit allocated to discontinued
operations
    
7,469
    
8,822
    
5,581
  
Change in valuation allowance
    
—
    
—
    
—
  
                     
Provision for income taxes from continuing
operations
  
$
—
  
$
—
  
$
—
  

As a result of a 1999 acquisition of certain companies, the Company acquired assets with a tax basis that is lower than their carrying value. The Company has not reflected a deferred tax liability as a result of this transaction.

12.           Distributions:

As discussed in Notes 1 and 2, in the 2005 Merger, CNLRP was treated as the acquiror for financial statement purposes while Trustreet Properties, formerly known as U.S. Restaurant Properties, Inc. (USRP), is the legal and tax survivor. The following unaudited distribution information is based on taxable earnings and profits for the calendar year which includes the taxable activity of USRP for January 1, 2005 through February 24, 2005 and the taxable activity of the merged company from February 25, 2005 through December 31, 2006.



FF-TSY HOLDING COMPANY II, LLC
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED
Years ended December 31, 2006, 2005 and 2004


12.           Distributions - Continued:

The distributions to the common stockholders in 2006 and 2005 were deemed to be 67.50 percent and 77.18 percent taxable income, respectively, and 32.50 percent and 22.82 percent return of capital, respectively. The 2006 and 2005 distribution to all classes of preferred shareholders was 100 percent taxable income. Specifically, the distributions were characterized as follows for the years ended December 31:

 
(Unaudited)
  
 
2006
  
2005
  
 
Common
Shareholders
  
Preferred
Shareholders
(all classes)
  
Common
Shareholders
  
Preferred
Shareholders
(all classes)
  
                 
Ordinary income
51.61%
  
76.46%
  
62.24%
  
80.64%
  
Qualified dividend income
7.61%
  
11.27%
  
14.45%
  
18.73%
  
Capital gain distribution
6.07%
  
8.99%
  
—
  
—
  
25% Section 1250 unrecaptured gain
2.21%
  
3.28%
  
0.49%
  
0.63%
  
Total taxable income
67.50%
  
100.00%
  
77.18%
  
100.00%
  
                 
Return of capital
32.50%
  
—
  
22.82%
  
—
  
                 
Total
100.00%
  
100.00%
  
100.00%
  
100.00%
  

For the period from January 1, 2005 through February 25, 2005, 30 percent of the distributions received by CNLRP stockholders were considered to be ordinary income and 70 percent were considered to be return of capital.

For the year ended December 31, 2004, 22 percent of the distributions received by CNLRP stockholders were considered to be ordinary income, 69 percent were considered a return of capital, seven percent were qualified dividends and two percent were capital gains for federal income tax purposes. There was no preferred stock outstanding during 2004.



FF-TSY HOLDING COMPANY II, LLC
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED
Years ended December 31, 2006, 2005 and 2004


13.           Related Party Transactions:

The following table and disclosures summarize related party transactions with affiliated entities for the years ended December 31:

   
(In thousands)
  
Amounts received (paid):
  
2006
  
2005
  
2004
  
               
Services purchased from affiliates (1)
  
$
(109
)
$
(927
)
$
(2,268
)
                     
Rental and other expenses to affiliates for
office space (2)
  
$
(1,666
)
$
(1,621
)
$
(1,411
)
                     
Dealer servicing fee (3)
  
$
—
  
$
1,747
  
$
(1,493
)
                     
Servicing fees from affiliates (4)
  
$
1,090
  
$
1,401
  
$
2,884
  
                     
Referral fees from the Bank (5)
  
$
—
  
$
—
  
$
1,657
  

 
(1)
Services purchased from affiliates include human resources, tax planning and compliance, computer systems support, investor relations and other services. Post 2005 Merger, the Company performed substantially all of these functions internally.

 
(2)
In May 2002, the Company purchased a combined five percent partnership interest in CNL Plaza, Ltd. and CNL Plaza Venture, Ltd. (the “Plaza”) which owned and operated the office tower in which the Company headquarters are located, for $0.2 million. Affiliates of two members of the Board of Directors, including the Chairman, own the partnership interests. The Company severally guaranteed 8.33 percent of an unsecured promissory note on behalf of the Plaza which equated to $1.2 million of the $14 million unsecured promissory note. During 2006, the Company sold its five percent interest in CNL Plaza, Ltd. to CNL Corporate Investors, Ltd., an affiliate of the Chairman of the Board at the time for $2.2 million and was released from the guarantee by the lender. The Company is entitled to additional sales proceeds if the office tower is sold within 36 months of the sale of the Company’s partnership interest in the Plaza. This transaction has not met the criteria for sales recognition for financial reporting purposes, and as a result, the Company recorded the proceeds as a liability. The Company received distributions of $0.10 million during each of the years ended December 31, 2006 and 2005 from the Plaza. Since November 1999, the Company has leased its office space from CNL Plaza, Ltd., an affiliate of a member of the Company’s board of directors at the time. The Company’s lease expires in 2014 and provides for scheduled rent increases over the term of the lease. Rental and other expenses for the years ended December 31, 2006 and 2005 include accrued rental expense (the additional rent expense resulting from the straight-lining of scheduled rent increases over the term of the lease) and executory costs. Future commitments due under the office space operating lease are as follows at December 31, 2006:


FF-TSY HOLDING COMPANY II, LLC
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED
Years ended December 31, 2006, 2005 and 2004


13.            Related Party Transactions - Continued:

   
(In thousands)
  
       
2007
  
$
1,480
  
2008
    
1,525
  
2009
    
1,570
  
2010
    
1,617
  
2011
    
1,666
  
Thereafter
    
4,994
  
         
   
$
12,852
  

 
(3)
During 2005, the Company received a refund of approximately $1.7 million in soliciting dealer servicing fees from an affiliate in connection with the Company’s previous common stock offerings.

 
(4)
Property management and other administrative services provided to affiliates investing in restaurant net lease properties and loans. During 2005, these affiliates became part of the Company as a result of the 2005 Merger.

 
(5)
During the year ended December 31, 2004, the Company received referral fees paid by the Bank, a partner in the specialty finance segment through January 1, 2005, under a business referral program between the Company and the Bank. The Company did not receive any referral fees from the Bank in 2006 and 2005.

During 2004, CNL Financial Group (“CFG”), an affiliate, advanced $10.9 million to the Company in the form of a demand balloon promissory note. The loan bore interest at a rate of LIBOR plus 2.5 percent or at the base rate as defined in the agreement. The balance outstanding as of December 31, 2004 was $35.8 million, which included accrued interest. In April 2005, the Company paid the demand balloon promissory note in full to CFG in the amount of $36.4 million, including accrued interest.

During the year ended December 31, 2002, a tenant and borrower of the Company assigned loans in the amount of $7.5 million to Restaurants Acquisitions I, LLC, an affiliate of the Chairman. The Company agreed to the assignment and advanced an additional $3.6 million to the affiliate in exchange for an $11.1 million participating note. The note was amended during 2004 to remove the participating feature and change the maturity date from May 2014 to December 2007. The note bears interest at a rate of ten percent per annum. The Company earned $1.1 million in interest income from the affiliate during each of the years 2006, 2005, and 2004. During the year ended December 31, 2006, the Company recorded a $2.5 million provision for loan losses related to this loan due to financial difficulties of the borrower.

During the year ended December 2003, OrangeDen, LLC, a subsidiary engaged in restaurant operations, entered into a collateral contribution agreement (‘the Agreement”) with two separate affiliates, CFG and Cherry Den, LLC, to provide collateral for a letter of credit to an insurance company for worker’s compensation and general liability coverage relating to employees leased to the restaurant operations within the real estate segment. The collateral consisted of certificates of deposit with one-year terms amounting to $353,000 and was included in real estate and restaurant assets held for sale at December 31, 2003 relating to this Agreement. In December 2004, the Company sold its interest in OrangeDen, LLC, to Cherry Den, LLC, an affiliate of the Chairman and Vice Chairman of the Board of Directors at the time. The Company received $0.7 million in proceeds from the sale and recognized a net gain of $1.2 million, which included the recognition of $0.8 million in gains on the sales of real estate used in the restaurant operations, which had previously been deferred.


FF-TSY HOLDING COMPANY II, LLC
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED
Years ended December 31, 2006, 2005 and 2004


14.
Stock Options and Restricted Shares:

Trustreet adopted USRP’s Flexible Incentive Plan (the “Plan”) during 2005. Under the Plan, Trustreet could at any time, grant shares of restricted Trustreet common stock or stock options to purchase Trustreet common stock as long as the aggregate outstanding options granted were equal to or less than 4.9% of Trustreet’s issued and outstanding shares of common stock at the date of grant. Options could be exercised through either the payment of cash or the transfer of shares of the Company’s common stock owned by the optionee, at the Company’s discretion. Following the GE Capital Merger, the Company no longer maintains any equity compensation plan.

No stock options were issued during the years ended December 31, 2006 or 2005, and previously granted options were fully vested as of the date of the 2005 Merger. As a result, no compensation cost was recognized relating to stock options during the years ended December 31, 2006 or 2005. Early adoption of FAS 123(R), and the change from applying the original provisions of SFAS No. 123, did not have an impact on income from continuing operations, net income, cash flow from operations and cash flow from financing activities, for the years ended December 31, 2006 or 2005.

The following is a summary of options outstanding by range of exercise price as of December 31:

   
2006
  
2005
  
           
Options outstanding (in thousands)
  
4
  
12
  
Average option price per share
  
$
12.23
  
$
14.36
  
Weighted average contractual life (years)
    
1.43
    
1.38
  
Options exercisable (in thousands)
    
4
    
12
  
Average option price per share
  
$
12.23
  
$
14.36
  

The following is a summary of stock option activity for the year ended December 31, 2006:

   
Number of options
(in thousands)
  
Weighted average exercise price at grant date
  
           
Options outstanding at December 31, 2005
  
12
  
$ 14.36
  
Exercised
    
(8
)
$
15.50
  
Forfeited
    
—
  
$
—
  
Expired
    
—
  
$
—
  
               
Options outstanding and exercisable at December 31, 2006
    
4
  
$
12.23
  

On February 26, 2007, as part of the GE Capital Merger, the option holders were given merger consideration for their outstanding options and the Company also terminated the Plan as described in Note 20 to the consolidated financial statements.

During 2006 and 2005, Trustreet granted 0.2 million and 0.1 million shares, respectively, of non-vested common stock to members of its board of directors and certain employees. Compensation expense for the non-vested stock is determined based upon the fair value at the date of grant and is recognized over the vesting periods. For the years ended December 31, 2006 and 2005, Trustreet recognized $1.0 million and $0.5 million, respectively, of such compensation expense.


FF-TSY HOLDING COMPANY II, LLC
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED
Years ended December 31, 2006, 2005 and 2004


14.
Stock Options and Restricted Shares - Continued:

The following is a summary of the status of Trustreet’s non-vested shares as of December 31, 2006 and changes during the year ended December 31, 2006:

   
Number of
shares
(in thousands)
  
Weighted average fair value at grant date
  
           
Non-vested shares at beginning of period
    
120
  
$
16.98
  
Granted
    
172
  
$
14.78
  
Vested
    
(48
)
$
16.28
  
Forfeited
    
(3
)
$
16.47
  
               
Non-vested shares at December 31, 2006
    
241
  
$
15.55
  

As of December 31, 2006, there was $2.4 million of total unrecognized compensation cost related to non-vested share-based compensation arrangements granted under the Plan. The weighted-average grant-date fair value of shares granted during 2005 was $17.01. The total fair value of shares vested during the year ended December 31, 2006 was $0.7 million. In connection with the GE Capital Merger, the Company terminated the Plan. All outstanding unvested shares of our restricted common stock accelerated and became fully vested in accordance with the provisions of the Plan as described in Note 20 to the consolidated financial statements.

15.
Stockholders’ Equity:

On February 25, 2005, in accordance with the terms of the 2005 Merger, approximately 45.2 million shares of CNLRP common stock were converted into 35.2 million shares of Trustreet common stock and 7.2 million newly issued shares of Trustreet’s Series C Preferred Stock.

Outstanding Warrants - At December 31, 2006, three investors had outstanding warrants to purchase 0.4 million shares of Trustreet common stock at an exercise price of $16.39 per share. The warrants became exercisable on October 10, 2003 and expire between 2010 and 2011. At December 31, 2006, 0.4 million shares of common stock were reserved for that purpose.

During the year ended December 31, 2005, Trustreet issued 1.4 million shares of common stock through a controlled equity program and issued 8.05 million shares through a public offering totaling $129.9 million in proceeds, net of stock issuance costs. Trustreet sold the shares of common stock at a range of $14.25 to $16.67.



FF-TSY HOLDING COMPANY II, LLC
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED
Years ended December 31, 2006, 2005 and 2004


15.
Stockholders’ Equity - Continued:

Redeemable Preferred Stock

Series A Preferred Stock - The Series A Preferred Stock had a liquidation preference of $25.00 per share. The Series A Preferred Stock was redeemable, in whole or in part, at the option of Trustreet, (i) for such number of shares of Trustreet common stock as were issuable at a conversion rate of 0.9384 shares of Trustreet common stock for each share of Series A Preferred Stock, provided that for 20 trading days within any period of 30 consecutive trading days, including the last trading day of such period, the closing price of the common stock on the New York Stock Exchange equaled or exceeded the conversion price, subject to adjustment in certain circumstances, plus cash in the amount of any accrued and unpaid dividends, or (ii) for cash at a redemption price equal to $25.00 per share of Series A Preferred Stock, plus any accrued and unpaid dividends. The Series A Preferred Stock had no stated maturity and was not subject to a sinking fund provision. Shares of Series A Preferred Stock were convertible, in whole or in part, at the option of the holder at any time, unless previously redeemed, into shares of common stock at a conversion price of $26.64 per share of common stock (equivalent to a conversion rate of 0.9384 shares of common stock). Distributions on Series A Preferred Stock were cumulative and were equal to the greater of (i) $1.93 per annum or (ii) the cash distribution paid or payable on the number of shares of common stock into which a share of Series A Preferred Stock was convertible. Holders of Series A Preferred Stock were entitled to receive dividends in parity with holders of Series C Preferred Stock and in preference to any dividends to common stockholders. In connection with the GE Capital Merger, each share of Series A Preferred Stock that was outstanding immediately prior to the effective time of the GE Capital Merger, other than shares owned by Trustreet, its subsidiaries, or Merger Sub, was converted into, and cancelled in exchange for, the right to receive, without interest and less any applicable withholding taxes, cash in the amount of $25.00, plus any accrued and unpaid dividends through and including February 26, 2007.

Series C Preferred Stock - Trustreet’s 7.5 percent Series C Preferred Stock had a liquidation preference of $25.00 per share. The Series C Preferred Stock was not redeemable prior to February 25, 2009, unless the Board of Directors determined that such a redemption was necessary or advisable to preserve the status of the Company as a REIT or upon liquidation of the Company. On and after February 25, 2009, and with appropriate notice, the Series C Preferred Stock was redeemable, in whole or in part, at the option of the Company for cash at a redemption price of $25.00 per share, plus all accrued and unpaid dividends thereon to and including the date fixed for redemption, without interest. If fewer than all of the outstanding shares of Series C Preferred Stock were to be redeemed, the Series C Preferred Stock to be redeemed would have been redeemed pro rata (as nearly as may be practicable without creating fractional shares), by lot or by any other equitable method determined by the Company that would not have resulted in a violation of the Ownership Limit, provided that such method satisfied any applicable requirements of any securities exchange on which the Series C Preferred Stock were then listed or any national quotation system on which the Series C Preferred Stock were then quoted. If such redemption were to be by lot and, as a result of such redemption, any holder of a number of shares of Series C Preferred Stock would become a holder of a number of shares of Series C Preferred Stock in excess of the Ownership Limit because such holders of shares of Series C Preferred Stock were not redeemed, or would have redeemed only in part, then, except as otherwise provided in the Articles of Incorporation, the Company would have redeemed the requisite number of Series C Preferred Stock of such holder such that such holder would not violate the Ownership Limit subsequent to such redemption. Shares of Series C Preferred Stock were convertible, in whole or in part, at the option of the holder at any time, unless previously redeemed, into shares of common stock at an initial conversion price of $19.50 (equivalent to a conversion rate of 1.28205 shares of common stock for each share of Series C Preferred Stock). Distributions on Series C Preferred Stock were cumulative and were equal to $1.875 per share per annum. Holders of Series C Preferred Stock were entitled to receive dividends in parity with holders of Series A Preferred Stock and in preference to any dividends to common stockholders. Upon liquidation, holders of Series C Preferred Stock were entitled to receive distributions in



FF-TSY HOLDING COMPANY II, LLC
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED
Years ended December 31, 2006, 2005 and 2004


15.
Stockholders’ Equity - Continued:

parity with holders of Series A Preferred Stock and in preference to any distributions to common stockholders. On February 26, 2007 each share of Trustreet’s Series C Preferred Stock outstanding immediately prior to the effective time of the GE Capital Merger was converted into, and cancelled in exchange for, the right to receive one share of 7.5 percent Series C Redeemable Convertible Preferred Stock of Merger Sub. Pursuant to the dissolution and liquidation of Merger Sub, holders of Merger Sub Series C Preferred Stock received $25.00 plus accrued and unpaid dividends through the date of payment for each share of Merger Sub Series C Preferred Stock they received in the GE Capital Merger, as described in Note 20 to the consolidated financial statements.

 
Computation of Earnings Per Common Share - For the years ended December 31, 2006, 2005 and 2004, basic and diluted earnings per common share for income (loss) from continuing operations available to common stockholders has been computed as follows:

   
Year ended December 31,
(in thousands)
  
   
2006
  
2005
  
2004
  
               
Numerator:
              
Income from continuing operations
  
$
19,744
  
$
5,275
  
$
3,152
  
Gain on sale of assets
    
747
    
9,643
    
135
  
Less: Preferred stock dividends
    
(28,703
)
  
(24,448
)
  
—
  
                     
Income/(loss) from continuing operations available to common stockholders
  
$
(8,212
)
$
(9,530
)
$
3,287
  
                     
Denominator:
                    
Basic and diluted weighted average number of shares outstanding (1) (2) (3)
    
67,274
    
55,053
    
35,032
  
                     
Basic and diluted income/(loss) from continuing operations allocable to common stockholders per share
  
$
(0.12
)
$
(0.17
)
$
0.09
  
                     

 
(1)
For the year ended December 31, 2006, the potential dilution from the Company’s outstanding Common Stock Equivalents was anti-dilutive to the loss from continuing operations per share calculation. As such, the Company excluded stock options to purchase approximately 0.004 million shares of common stock, warrants to purchase 0.4 million shares of common stock, restricted stock of approximately 0.2 million shares and the conversion of Series A and Series C Preferred Stock into 16.6 million shares of common stock from the computation of diluted earnings per share as these Common Stock Equivalents were anti-dilutive.


FF-TSY HOLDING COMPANY II, LLC
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED
Years ended December 31, 2006, 2005 and 2004


15.
Stockholders’ Equity - Continued:

 
(2)
For the year ended December 31, 2005, the potential dilution from the Company’s outstanding Common Stock Equivalents was anti-dilutive to the loss from continuing operations per share calculation. As such, the Company excluded stock options to purchase approximately 0.012 million shares of common stock, warrants to purchase 0.4 million shares of common stock, restricted stock of approximately 0.1 million shares and the conversion of Series A and Series C Preferred Stock into 16.6 million shares of common stock from the computation of diluted earnings per share as these Common Stock Equivalents were anti-dilutive.

 
(3)
For the year ended December 31, 2004, the Company did not have any Common Stock Equivalents.

The following unaudited presentation assumed that the Series C Preferred Stock issued to the CNLRP stockholders in connection with the 2005 Merger was outstanding for all periods presented.

     
(In thousands)
Year ended December 31,
  
       
     
2005
  
2004
  
             
Historical income (loss) from continuing operations and gain of sale of assets less preferred stock dividends
    
$ (3,101
)
$ 7,119
  
Proforma adjustment for Series C Preferred Stock dividends
    
(2,264
)
(13,583
)
Proforma loss from continuing operations allocable to common stockholders
    
$ (5,365
)
$ (6,464
)
             
Basic and diluted proforma earnings (loss) per share:
            
             
From continuing operations
    
$ (0.10
)
$ (0.18
)
From discontinued operations
    
0.78
  
1.00
  
     
$ 0.68
  
$ 0.82
  

16.           Concentration of Credit Risk:

No individual lessee or borrower (or affiliated groups of lessees or borrowers) or restaurant chain represented more than ten percent of the Company's revenues relating to its properties, loans and secured equipment leases during the years ended December 31, 2006, 2005, and 2004.

Although the Company's properties are geographically diverse throughout the United States and lessees and borrowers operate a variety of restaurant concepts, 20 restaurant chains constitute 73 percent of the Company’s properties. Failure of any one of these restaurant chains or any significant lessees or borrowers could significantly impact results of operations if the Company is not able to timely protect its interest.


FF-TSY HOLDING COMPANY II, LLC
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED
Years ended December 31, 2006, 2005 and 2004


17.
Segment Information:

The Company has established separate legal entities to operate and measure the real estate and specialty finance segments.

The real estate segment primarily acquires and holds real estate. It also holds certain mortgage and equipment loans generally until maturity. The specialty finance segment includes the Company’s investment property sales program, our real estate development and redevelopment group and investment banking services to national and regional restaurant operators. The specialty finance segment’s earnings are from lease income prior to sale, net gains from investment property sales, gains from development and sale of restaurant/retail real estate and to a lesser extent, advisory services and servicing activities.

The following tables summarize the results for the real estate and specialty finance segments. Consolidating eliminations and results of the parent company are reflected in the “other” column.

   
Year ended December 31, 2006
(In thousands)
  
   
Real estate segment
  
Specialty finance segment
  
Other
  
Consolidated
Totals
  
                   
Revenues
  
$
207,236
  
$
13,927
  
$
(5,105
)
$
216,058
  
                           
Expenses:
                          
General operating and administrative
    
20,121
    
23,798
    
(4,356
)
  
39,563
  
Interest expense
    
93,769
    
8,496
    
(318
)
  
101,947
  
Property expenses, state and other taxes
    
10,718
    
239
    
(155
)
  
10,802
  
Depreciation and amortization
    
35,833
    
2,734
    
—
    
38,567
  
Impairment provisions on assets
    
4,912
    
—
    
—
    
4,912
  
Minority interest net of equity in earnings
    
523
    
—
    
—
    
523
  
     
165,876
    
35,267
    
(4,829
)
  
196,314
  
Discontinued operations:
                          
Income from discontinued operations, net of income tax
   
20,388
    
28,804
    
—
    
49,192
  
                           
Gain on sale of assets
    
747
    
—
    
—
    
747
  
                           
Net income/(loss)
  
$
62,495
  
$
7,464
  
$
(276
)
$
69,683
  
                           
Assets at December 31, 2006
  
$
2,233,227
  
$
478,807
  
$
9,131
  
$
2,721,165
  
                           



FF-TSY HOLDING COMPANY II, LLC
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED
Years ended December 31, 2006, 2005 and 2004


17.
Segment Information - Continued:

   
Year ended December 31, 2005
(In thousands)
  
   
Real estate segment
  
Specialty finance segment
  
Other
  
Consolidated
Totals
  
                   
Revenues
  
$
168,861
  
$
18,432
  
$
(4,917
)
$
182,376
  
                           
Expenses:
                          
General operating and administrative
    
12,853
    
28,602
    
(3,485
)
  
37,970
  
Interest expense
    
80,539
    
10,556
    
(1,021
)
  
90,074
  
Property expenses, state and other taxes
    
7,063
    
481
    
(406
)
  
7,138
  
Depreciation and amortization
    
28,317
    
1,499
    
—
    
29,816
  
Loss on termination of cash flow hedge
    
8,558
    
—
    
—
    
8,558
  
Impairments and provisions on assets
    
1,832
    
75
    
—
    
1,907
  
Minority interest net of equity in earnings
    
250
    
1,388
    
—
    
1,638
  
     
139,412
    
42,601
    
(4,912
)
  
177,101
  
Discontinued operations:
                          
Income from discontinued operations, net of income tax
    
18,039
    
31,230
    
—
    
49,269
  
                           
Gain on sale of assets
    
9,643
    
—
    
—
    
9,643
  
                           
Net income/(loss)
  
$
57,131
  
$
7,061
  
$
(5
)
$
64,187
  
                           
Assets at December 31, 2005
  
$
2,303,459
  
$
379,100
  
$
914
  
$
2,683,473
  
                           



FF-TSY HOLDING COMPANY II, LLC
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED
Years ended December 31, 2006, 2005 and 2004


17.
Segment Information - Continued:

   
Year ended December 31, 2004
(In thousands)
  
   
Real estate segment
  
Specialty finance segment
  
Other
  
Consolidated
Totals
  
                   
Revenues
  
$
72,577
  
$
29,337
  
$
(3,010
)
$
98,904
  
                           
Expenses:
                          
General operating and administrative
    
8,868
    
21,515
    
(1,975
)
  
28,408
  
Interest expense
    
29,262
    
18,314
    
423
    
47,999
  
Property expenses, state and other taxes
    
543
    
—
    
—
    
543
  
Depreciation and amortization
    
10,137
    
874
    
—
    
11,011
  
Loss on termination of cash flow hedge
    
—
    
940
    
—
    
940
  
Impairment provisions on assets
    
2,684
    
554
    
—
    
3,238
  
Minority interest net of equity in earnings
    
61
    
3,552
    
—
    
3,613
  
     
51,555
    
45,749
    
(1,552
)
  
95,752
  
Discontinued operations:
                          
Income/(loss) from discontinued operations, net of income tax
   
9,562
    
29,169
    
—
    
38,731
  
                           
Gain on sale of assets
    
135
    
—
    
—
    
135
  
                           
Net income/(loss)
  
$
30,719
  
$
12,757
  
$
(1,458
)
$
42,018
  
                           

18.
Commitments and Contingencies:

As a result of the 2005 Merger, the Company acquired properties subject to leases where the Company was the lessee under these leases. During the year ended December 31, 2006 and 2005, the Company incurred $3.4 million and $3.3 million, respectively, in ground rent expense related to such leases, with such amounts recorded as property expenses. The remaining lease terms (including renewal option terms, as applicable) expire between 2007 and 2028. Minimum future lease obligations at December 31, 2006 are as follows:

   
(In thousands)
  
2007
  
$
2,661
  
2008
    
2,355
  
2009
    
2,068
  
2010
    
1,769
  
2011
    
1,642
  
Thereafter
    
14,845
  
   
$
25,340
  



FF-TSY HOLDING COMPANY II, LLC
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED
Years ended December 31, 2006, 2005 and 2006


18.
Commitments and Contingencies - Continued:

In the ordinary course of business, the Company has outstanding commitments to qualified borrowers and tenants. These commitments, including development agreements, if accepted by the potential tenants, obligate the Company to purchase sale leaseback properties. At December 31, 2006, the Company had committed to purchase $28.3 million in real estate properties.

As part of the 2005 Merger, the Company assumed certain agreements in connection with certain gas station properties, that obligate the Company to pay a release price should a gas station property change gas brands. The agreements are customary in the retail petroleum industry. Some, but not all, of the agreements release the Company from the aforementioned obligation upon the sale of the property to a third party.

In connection with the announcement of the 2005 Merger, on January 18, 2005, Robert Lewis and Sutter Acquisition Fund, LLC, two limited partners in several Income Funds, filed Plaintiffs’ Corrected Original Petition for Class Action, Cause No. 05-00083-F, a purported class action lawsuit on behalf of the limited partners of the Income Funds against the Company, USRP, the Income Funds and the general partners (Mr. Seneff, Mr. Bourne and CNL Realty Corporation) of the Income Funds, and subsidiaries of the Company in the District Court of Dallas County, Texas (the “Court”). The complaint alleged that the general partners of the Income Funds breached their fiduciary duties in connection with the proposed 2005 Merger between the Income Funds and USRP and that the Company, subsidiaries of the Company and USRP aided and abetted in the alleged breaches of fiduciary duties. The complaint further alleged that the Income Fund general partners violated provisions of the Income Fund partnership agreements and demanded an accounting as to the affairs of the Income Funds. On April 26, 2005, a supplemental plea to jurisdiction was held. On May 2, 2005, the plaintiffs filed their First Amended Petition for Class Action. In the Amended Petition the plaintiffs did not add any parties or claims, but they did add allegations that the general partners of the Income Funds, with CNLRP and USRP, prepared and distributed a false and misleading final proxy statement filing to the limited partners of the Income Funds and the shareholders of CNLRP and USRP. The plaintiffs are seeking unspecified compensatory and exemplary damages and equitable relief, which also included an injunction preventing the defendants from proceeding with the 2005 Merger. On May 26, 2005, the Court entered a Final Order Dismissing Action for lack of subject matter jurisdiction. On June 22, 2005, the plaintiffs filed a Notice of Appeal of the Order of Dismissal. On September 7, 2005, the plaintiffs filed an appellants’ brief. On November 7, 2005, the Company and the other defendants filed an appellees’ brief. On December 12, 2005, the plaintiffs filed a brief in reply. On September 21, 2006, the plaintiffs submitted a letter brief to the Court of Appeals setting forth additional arguments; the defendants filed a responsive letter brief on September 25, 2006. The Court of Appeals heard oral argument on September 27, 2006. As of March 29, 2007, the Court of Appeals has not yet issued its decision. Management of the Company believes the claims against the Company are without merit and intends to vigorously defend against such claims. Notwithstanding a potential success in this action, we could be required to indemnify the former general partners of the Income Funds under the terms of the partnership agreements that previously governed the Income Funds.




FF-TSY HOLDING COMPANY II, LLC
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED
Years ended December 31, 2006, 2005 and 2004


18.
Commitments and Contingencies - Continued:

In connection with the GE Capital Merger announcement, on October 31, 2006, a purported shareholder class action lawsuit related to the GE Capital Merger Agreement was filed in the Circuit Court for Baltimore County, Maryland naming the Company, each of its directors and GE Capital Solutions as defendants.  The lawsuit, Dr. Hila Louise-Chashin-Simon Foundation, Inc. v. Trustreet Properties, Inc., et al (Case No. C-06-11890), alleges, among other things, that the $17.05 per share in cash paid to the holders of Company common stock in connection with the GE Capital Merger is inadequate, that the individual director defendants breached their fiduciary duties to the stockholders of the Company in negotiating and approving the GE Capital Merger, that GE Capital Solutions aided and abetted the director defendants in such alleged breach and that all defendants conspired in such breach.  The complaint seeks the following relief: (i) a declaration that the lawsuit is properly maintainable as a class action and a certification of the plaintiff as a class representative; (ii) a declaration that the director defendants breached their fiduciary duties owed to the plaintiff and other members of the class, that GE Capital Solutions aided and abetted such breaches and that all defendants conspired in such breaches; (iii) equitable relief enjoining the GE Capital Merger and, if such transaction is consummated, rescinding the transaction; (iv) appropriate damages; and (v) an award of attorneys’ and experts’ fees to the plaintiff.  The Company believes that this lawsuit is without merit and intends to vigorously defend the action.

The Company has agreed to pay Banc of America Securities (“BofA”) for its services in connection with the GE Capital Merger an aggregate fee of up to $13.6 million, $1.2 million of which was expensed in 2006 and a significant portion of which was contingent upon the completion of the GE Capital Merger. BofA received a payment of $12.8 million on February 26, 2007 upon completion of the GE Capital Merger.

During 2006, the Company planned to obtain secured financing to repay the temporary bridge financing of $204.5 million described under Note 9 to the consolidated financial statements. The Company committed to pay a breakage fee of $1.0 million to the proposed provider of the secured financing if plans for the secured financing were abandoned. (See Note 20 to the consolidated financial statements.)

The Company may be subject to claims or litigation in the ordinary course of business. At December 31, 2006, there were no outstanding claims against the Company in the ordinary course of business that are expected to have a material adverse effect on the Company’s financial position or results of operations.


FF-TSY HOLDING COMPANY II, LLC
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED
Years ended December 31, 2006, 2005 and 2004


19.           Selected Quarterly Financial Data (Unaudited):
 
The following table presents selected unaudited quarterly financial data for each fiscal quarter during the years ended December 31, 2006 and 2005:

   
(In thousands except for per share data)
  
                       
2006 Quarter
  
First
  
Second
  
Third
  
Fourth
  
Year
  
                       
Continuing operations:
                      
Revenues (1)
  
$
54,704
  
$
53,221
  
$
53,444
  
$
54,689
  
$
216,058
  
                                 
Earnings/(loss) from
continuing operations
allocable to common
stockholders (1)(2)(3)
  
$
972
  
$
466
  
$
1,078
  
$
(10,728
)
$
(8,212
)
                                 
Discontinued operations:
                                
Earnings and gains
from discontinued
operations,  net (1)
    
9,808
    
14,070
    
8,987
    
16,327
    
49,192
  
                                 
Net income allocable to
common stockholders
  
$
10,780
  
$
14,536
  
$
10,065
  
$
5,599
  
$
40,980
  
                                 
Net income/(loss) per share of
common stock (basic and
diluted):
                                
                                 
Continuing operations (1)
  
$
0.01
  
$
0.01
  
$
0.02
  
$
(0.16
)
$
(0.12
)
                                 
Discontinued operations (1)
  
$
0.15
  
$
0.21
  
$
0.13
  
$
0.24
  
$
0.73
  



FF-TSY HOLDING COMPANY II, LLC
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED
Years ended December 31, 2006, 2005 and 2004


19.           Selected Quarterly Financial Data (Unaudited) - Continued:

   
(In thousands except for per share data)
  
2005 Quarter
  
First
  
Second
  
Third
  
Fourth
  
Year
  
                       
Continuing operations:
                      
Revenues (1)
  
$
32,142
  
$
48,563
  
$
50,077
  
$
51,594
  
$
182,376
  
                                 
Earnings/(loss) from
continuing operations
allocable to common
stockholders (1)(2)(3)
  
$
(5,393
)
$
(4,495
)
$
710
  
$
(352
)
$
(9,530
)
                                 
Discontinued operations:
                                
Earnings and gains
from discontinued
operations, net (1)
    
5,919
    
15,468
    
10,978
    
16,904
    
49,269
  
                                 
Net income allocable to common
stockholders
  
$
526
  
$
10,973
  
$
11,688
  
$
16,552
  
$
39,739
  
                                 
Net income/(loss) per share of
common stock (basic and
diluted):
                                
                                 
Continuing operations (1)
  
$
(0.10
)
$
(0.08
)
$
0.01
  
$
0.00
  
$
(0.17
)
                                 
Discontinued operations (1)
  
$
0.11
  
$
0.27
  
$
0.19
  
$
0.32
  
$
0.89
  

 
(1)
The results of operations relating to properties that were either disposed of or that were classified as held for sale during the year ended December 31, 2006 and 2005 are reported as discontinued operations.

 
(2)
Earnings/(loss) from continuing operations allocable to common stockholders includes income from continuing operations and gain/(loss) on sale of assets, net of dividends to preferred stockholders.

 
(3)
During the fourth quarter of 2006, the Company recorded a $2.5 million provision for loan loss, as described in Note 13 to the consolidated financial statements. During the fourth quarter of 2006, as a result of the GE Capital Merger and the abandonment of the plans for an anticipated secured financing transaction, the Company wrote-off approximately $3.3 million relating to previously incurred debt issuance costs, as described in Note 9 to the consolidated financial statements. In connection with the GE Capital Merger, during the fourth quarter of 2006, the Company also incurred approximately $3.0 million in due diligence and other internal and external costs. These amounts are included in earnings/(loss) from continuing operations allocable to common stockholders.


FF-TSY HOLDING COMPANY II, LLC
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED
Years ended December 31, 2006, 2005 and 2004


20.
Subsequent Events:

On February 26, 2007, Trustreet engaged in two distinct but related transactions:

 
·
The assignment by Trustreet to the Company (which immediately prior to such assignment was a newly-formed direct wholly owned subsidiary of Trustreet) of all of its assets and liabilities (the “Assignment and Assumption”); and

 
·
Immediately following the Assignment and Assumption, the GE Capital Merger of Trustreet with and into TSY-FF Acquisition Company, Inc., a Maryland corporation and an indirect wholly owned subsidiary of GE Capital (“Merger Sub”), pursuant to that certain Agreement and Plan of GE Capital Merger, dated as of October 30, 2006, as amended (the “GE Capital Merger Agreement”) by and among Trustreet, CNL APF Partners, LP, a Delaware limited partnership and indirect subsidiary of Trustreet (“CNL Partnership”), GE Capital, FF-TSY Holding Company, Inc., a Delaware corporation and direct parent of Merger Sub (“Holdco”), Merger Sub, and Franchise-TSY Acquisition LLC, a Delaware limited liability company and wholly owned subsidiary of Merger Sub (“Partnership Merger Sub”).

Assignment and Assumption

Concurrently with the Assignment and Assumption on February 26, 2007, Trustreet, the Company, FF-TSY Holding Company II, Inc., a Delaware corporation at the time of the Assignment and Assumption a direct wholly owned subsidiary of Trustreet, and Wells Fargo Bank, National Association, as Trustee under the indenture (the “Trustee”) entered into a supplemental indenture (the “Supplemental Indenture”) which amended the indenture governing Trustreet’s outstanding 7.5 percent Senior Notes due in 2015 (the “Notes”) and provided for the express assumption by the Company of all obligations of Trustreet on the Notes and under the Indenture.

GE Capital Merger Transactions

Following the effectiveness of the Assignment and Assumption, Trustreet caused Partnership Merger Sub to merge with and into CNL Partnership (the “Partnership Merger”), with CNL Partnership being the surviving entity and becoming a wholly owned subsidiary of the Company. Pursuant to the Partnership Merger, each holder of units of limited partnership interest in CNL Partnership other than Trustreet and its subsidiaries became entitled to receive $17.05 in cash, without interest and less any applicable withholding taxes, for each unit of limited partnership they owned in CNL Partnership immediately prior to the effective time of the Partnership Merger.



FF-TSY HOLDING COMPANY II, LLC
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED
Years ended December 31, 2006 and 2005


20.
Subsequent Events - Continued:

Immediately following the Partnership Merger, Trustreet was merged with and into Merger Sub, with Merger Sub being the surviving entity and a direct wholly owned subsidiary of Holdco. Pursuant to the GE Capital Merger, holders of Trustreet common stock (other than Trustreet and its subsidiaries) became entitled to receive $17.05 in cash, without interest and less any applicable withholding taxes, for each share of common stock issued and outstanding and held by such holders immediately prior to the effective time of the GE Capital Merger. Also pursuant to the GE Capital Merger, each share of Series A Preferred Stock that was outstanding immediately prior to the effective time of the GE Capital Merger, other than shares owned by Trustreet, its subsidiaries, or Merger Sub, was converted into, and cancelled in exchange for, the right to receive, without interest and less any applicable withholding taxes, cash in the amount of $25.00, plus any accrued and unpaid dividends through and including February 26, 2007. Finally, each share of Series C Preferred Stock outstanding immediately prior to the effective time of the GE Capital Merger was converted into, and cancelled in exchange for, the right to receive one share of 7.5 percent Series C Redeemable Convertible Preferred Stock of Merger Sub (the “Merger Sub Series C Preferred Stock”). Upon completion of the GE Capital Merger, the Company was a direct wholly owned subsidiary of Merger Sub, which was in turn a direct wholly owned subsidiary of Holdco, which is in turn an indirect wholly owned subsidiary of GE Capital.

Liquidation of Merger Sub

Following the GE Capital Merger, Merger Sub assigned all of its assets and liabilities to Holdco (other than cash deposited by Merger Sub with the paying agent for the GE Capital Merger in an amount sufficient to discharge its obligations with respect to holders of the Merger Sub Series C Preferred Stock) and Merger Sub and Holdco filed Articles of Transfer with the State Department of Assessments and Taxation of the State of Maryland (“SDAT”) in accordance with Maryland law. On March 20, 2007, Merger Sub caused Articles of Dissolution to be filed with SDAT and the legal existence of Merger Sub was terminated. Pursuant to the dissolution and liquidation of Merger Sub, holders of Merger Sub Series C Preferred Stock received $25.00 plus accrued and unpaid dividends through the date of payment for each share of Merger Sub Series C Preferred Stock they received in the GE Capital Merger. Following the dissolution of Merger Sub, the Company is a direct wholly owned subsidiary of Holdco, which, in turn, is an indirect wholly owned subsidiary of GE Capital, which, in turn, is a subsidiary of General Electric Company.

In conjunction with the GE Capital Merger on February 26, 2007, the Company received a capital contribution from FF-TSY Acquisition to repay all principal and interest outstanding under the Revolver, Term Loan, and Mortgage Warehouse Facilities and terminated the interest rate swap agreement that related to the Term Loan. In addition, plans to pursue the secured financing were abandoned and resulted in a breakage fee of $1.0 million to the proposed provider of the secured financing.


FF-TSY HOLDING COMPANY II, LLC
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED
Years ended December 31, 2006 and 2005


21.
Subsequent Events - Continued:

In connection with the with the GE Capital Merger, all outstanding options to purchase shares of Trustreet common stock with an exercise price below $17.05 per share were cancelled and converted into the right to receive an amount of cash equal to the difference between the $17.05 per share merger consideration and the exercise price per share of the option, multiplied by the number of shares subject to the option, without interest and less any applicable withholding tax. In addition, all restricted share awards under the Plan became fully vested and free of any forfeiture restrictions immediately prior to the effective time of the GE Capital Merger, and each such share was exchanged for $17.05 in cash, without interest. The Company terminated the Plan as part of the GE Capital Merger.

Effective with the GE Capital Merger, the Company no longer qualified as a REIT, resulting in all taxable income being subject to federal and state income taxes.


Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure.

None.


Item 9A. Controls and Procedures.

Management, including our Principal Executive Officer and Chief Financial Officer, carried out an evaluation as of December 31, 2006 of the effectiveness of the design and operation of the Company’s disclosure controls and procedures, as such term is defined under Rule 13(a)-15(e) under the Securities Exchange Act of 1934, as amended. Based upon the evaluation, our Principal Executive Officer and Chief Financial Officer have concluded that, as of December 31, 2006, the Company’s disclosure controls and procedures were effective.  

For the three months ended December 31, 2006, there were no changes in the Company’s internal control over financial reporting that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.


Item 9B. Other Information.

None.
PART III

Item 10. Directors and Executive Officers of the Registrant.

Not required by this form.


Item 11. Executive Compensation.

Not required by this form.


Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters.

Not required by this form.


Item 13. Certain Relationships and Related Transactions.

Not required by this form.




Item 14. Principal Accounting Fees and Services.
 

 
Audit Fee Summary
The following table outlines the fees paid or accrued by the Company for the audit and other services provided by PricewaterhouseCoopers LLP for each of the years ended December 31, 2006 and 2005: 

   
(In thousands)
  
   
2006
  
2005
  
           
Audit Fees (1)
  
$
588
  
$
810
  
               
Audit Related Fees (2)
    
56
    
246
  
               
Audit and Audit Related Fees
    
644
    
1,056
  
               
Tax Fees (3)
    
453
    
831
  
               
All Other Fees (4)
    
154
    
608
  
               
Total Fees
  
$
1,251
  
$
2,495
  
               
________________________________________
     
1.     
Audit fees include the aggregate fees billed for professional services rendered by the principal accountant for the audit of the Company’s annual financial statements, review of financial statements included in the registrant’s Form 10-Q, as well as audit procedures performed in connection with certain registration statements.
 
 
2.
Audit related fees consist of services related to separate financial statement required by debt or other regulatory requirements and accounting consultations.
 
 
3.
Tax fees consist of services related to corporate tax compliance, including review of corporate tax returns and due diligence related to mergers and acquisitions.
 
 
4.
All other fees consist of professional services rendered in connection with financing transactions entered into by the Company.
 

 
After the GE Capital Merger and related transactions we no longer had a separate Audit Committee. Instead, those functions are preformed by our entire Board of Managers. The Board has determined that the provision of audit related and tax services by PricewaterhouseCoopers LLP during 2006 is compatible with maintaining PricewaterhouseCoopers LLP’s independence.
 
 
Policy on Audit Committee Pre-Approval of Audit and Permissible Non-Audit Services of Independent Accountants.
 
 
Consistent with policies of the Securities and Exchange Commission regarding auditor independence, prior to the GE Capital Merger the Audit Committee had responsibility for appointing, setting compensation and overseeing the work of the independent accountants. In recognition of this responsibility, the Audit Committee had established a policy to pre-approve all audit and permissible non-audit services provided by the independent accountants.
 
 
Prior to engagement, the Audit Committee pre-approved these services by category of service. The fees were budgeted and the Audit Committee required the independent accountants and management to report actual fees versus the budget periodically throughout the year by category of service. During the year, circumstances could arise when it could become necessary to engage the independent accountants for additional services not contemplated in the original pre-approval. In those instances, the Audit Committee required specific pre-approval before engaging the independent accountants.
 
 
For the fiscal years ended December 31, 2006 and 2005, the Audit Committee pre-approved 100% of services described above in the captions Audit, Audit Related Fees, Tax Fees, and All Other Fees. For the fiscal year ended December 31, 2006, no hours expended on PricewaterhouseCoopers LLP’s engagement to audit our financial statements were attributed to work performed by persons other than full-time, permanent employees of PricewaterhouseCoopers LLP.
 
 
Pursuant to our Audit Committee charter, the Audit Committee could delegate pre-approval authority to the chairman of the Audit Committee, who would promptly advise the remaining members of the Audit Committee of such approval at the next regularly scheduled meeting.
 


PART IV


Item 15. Exhibits and Financial Statement Schedules.

(a) The following documents are filed as part of this report.

1. Consolidated Financial Statements

Report of Independent Registered Certified Public Accounting Firm.

Consolidated Balance Sheets at December 31, 2006 and 2005.

Consolidated Statements of Income for the years ended December 31, 2006, 2005 and 2004.

Consolidated Statements of Stockholders' Equity and Comprehensive Income/(Loss) for the years ended December 31, 2006, 2005 and 2004.

Consolidated Statements of Cash Flows for the years ended December 31, 2006, 2005 and 2004.

Notes to Consolidated Financial Statements.

2. Financial Statement Schedules

Schedule II - Valuation and Qualifying Accounts for the years ended December 31, 2006, 2005 and 2004.

Schedule III - Real Estate and Accumulated Depreciation at December 31, 2006.

Notes to Schedule III - Real Estate and Accumulated Depreciation at December 31, 2006.

Schedule IV - Mortgage Loans on Real Estate at December 31, 2006.

All other Schedules are omitted as the required information is inapplicable or is presented in the financial statements or notes thereto.

3. Exhibits

 
2.1
Agreement and Plan of Merger by and between Trustreet Properties, Inc., predecessor to the Registrant, and CNL Restaurant Properties, Inc., dated as of August 9, 2004 (previously filed as Exhibit 2.1 to the Registrant’s current report on Form 8-K filed on August 10, 2004 and incorporated herein by reference).



 
2.2
Agreements and Plans of Merger by and among Trustreet Properties, Inc., predecessor to the Registrant, a separate, wholly-owned subsidiary of the operating partnership of Trustreet Properties, Inc. and each of the 18 Income Funds (previously filed as Exhibits 2.2 - 2.19 to the Registrant’s current report on Form 8-K filed on August 10, 2004 and incorporated herein by reference).

 
2.3
Agreement and by and among the Trustreet Properties, Inc., CNL APF Partners, LP and General Electric Capital Corporation, dated as of October 30, 2006 (previously filed as Exhibit 2.1 to the Registrant’s current report on Form 8-K/A filed on November 8, 2006 and incorporated herein by reference).

 
3.1
Certificate of Formation of the Registrant (filed herewith).

 
3.2
Amended and Restated Limited Liability Company Agreement of the Registrant dated as of March 27, 2007 (filed herewith).

 
4.1
Indenture dated as of March 4, 2005, among Net Lease Funding 2005, LP, MBIA Insurance Corporation and Wells Fargo Bank, N.A., as indenture trustee relating to $275,000,000 Triple Net Lease Mortgage Notes, Series 2005 (previously filed as Exhibit 99.1 to the Registrant’s current report on Form 8-K filed on March 10, 2005 and incorporated herein by reference).

 
4.2
Stock Purchase Warrant - Omnicron Master Trust (previously filed as Exhibit 4.04 to the Registrant’s Form 10-Q for the fiscal quarter ended June 30, 2003 and incorporated herein by reference).

 
4.3
Stock Purchase Warrant - The Riverview Group, LLC (previously filed as Exhibit 4.05 to the Registrant’s Form 10-Q for the fiscal quarter ended June 30, 2003 and incorporated herein by reference).

 
4.4
Indenture, dated as of March 23, 2005, between the Registrant and Wells Fargo Bank, National Association, as trustee, relating to the Registrant’s 7 ½% Senior Noted due 2015 (previously filed as Exhibit 4.1 to the Registrant’s current report on Form 8-K filed on March 28, 2005 and incorporated herein by reference).

 
4.5
First Supplemental Indenture, by and among the Registrant, FF-TSY Holding Company II, LLC, FF-TSY Holding Company II, INC., and Wells Fargo Bank, National Association, dated as of February 26, 2007 (previously filed as Exhibit 4.1 to the Registrant’s current report on Form 8-K filed on February 26, 2007 and incorporated herein by reference).

 
4*
Pursuant to Regulation S-K Item 601(b)(4)(iii), the Registrant by this filing agrees, upon request, to furnish to the Securities and Exchange Commission a copy of instruments defining the rights of holders of long-term debt of the Registrant.

 
10.1
Registrant Flexible Incentive Plan (previously filed as Exhibit 10.1 to the Registrant’s Form 10-Q for the fiscal quarter ended March 31, 2003 and incorporated herein by reference).

 
10.2
Bridge Credit Agreement dated as of February 25, 2005, by and among the Registrant, as borrower, certain subsidiaries of the Registrant, as guarantors, Bank of America, N.A., as Administrative Agent, L/C Issuer and Swing Line Lender, and certain other lenders party thereto, and Banc of America Securities LLC, as Sole Lead Arranger and Sole Book Manager (previously filed as Exhibit 10.1 to the Registrant’s current report on Form 8-K filed on March 3, 2005 and incorporated herein by reference).

 
10.3
Bridge Credit Agreement dated as of February 25, 2005, by and among Net Lease Funding 2005, LP, as borrower, Bank of America, as Administrative Agent, and certain other lenders party thereto, and Banc of America Securities LLC, as Sole Lead Arranger and Sole Book Manager (previously filed as Exhibit 10.2 to the Registrant’s current report on Form 8-K filed on March 3, 2005 and incorporated herein by reference).

 
10.4
Credit Agreement, dated as of April 8, 2005, by and among the Registrant, as borrower, certain subsidiaries of the Registrant, as guarantors, Bank of America, N.A., as Administrative Agent, L/C Issuer and Swing Line Lender, Bank of America Securities LLC, as Sole Lead Arranger and Sole Book Manager, Key Bank, National Association, as Syndication Agent, Credit Suisse First Boston, Societe Generale, and Wachovia Bank National Association, as Co-Documentation Agents, and the lenders party thereto (previously filed as Exhibit 10.1 to the Registrant’s current report on Form 8-K filed on April 13, 2005 and incorporated herein by reference).

 
10.5
First Amendment to Credit Agreement, dated as of September 28, 2006, by and among the Registrant, the Guarantors (as defined in the Credit Agreement), the Lenders (as defined in the Credit Agreement), Bank of America, N.A., as Administrative Agent, L/C Issuer and Swing Line Lender (each as defined in the Credit Agreement) and Banc of America Securities LLC, as sole lead arranger and sole book manager (previously filed as Exhibit 10.1 to the Registrant’s current report on Form 8-K filed on October 2, 2006 and incorporated herein by reference).

 
10.6
Pledge Agreement, dated as of April 8, 2005, by substantially all of the Borrower’s domestic subsidiaries, in favor of Bank of America, N.A., in its capacity as Administrative Agent (previously filed as Exhibit 10.2 to the Registrant’s current report on Form 8-K filed on April 13, 2005 and incorporated herein by reference).

 
31.1
Certification of Chief Executive Officer pursuant to Rule 13a-14(a) as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 (filed herewith).

 
31.2
Certification of Chief Financial Officer pursuant to Rule 13a-14(a) as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 (filed herewith).





SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) of 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, on the 29th day of March, 2007.

 
FF-TSY HOLDING COMPANY II, LLC
   
 
By:
  
     
   
/s/ DARREN KOWALSKE
   
Darren Kowalske
   
President
   
(Principal Executive Officer)
     
     
     
   
/s/ JOHN BARRAVECCHIA
   
John Barravecchia
   
Chief Financial Officer
   
(Principal Financial Officer)
     
     
     
     
     






















Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.

Signature
  
Title
  
Date
         
         
         
/S/ DARREN KOWALSKE
  
President, Manager
  
March 29, 2007
Darren Kowalske
  
(Principal Executive Officer)
    
         
         
         
/S/ JOHN BARRAVECCHIA
  
Chief Financial Officer, Manager
  
March 29, 2007
John Barravecchia
  
(Principal Financial Officer)
    
         
         
         
/S/ IXCHELL C. DUARTE
  
Chief Accounting Officer
  
March 29, 2007
Ixchell C. Duarte
        
         
         
         
/S/ STEFAAN D’HOORE
  
Manager
  
March 29, 2007
Stefaan D’Hoore
        




FF-TSY HOLDING COMPANY II, LLC
SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS
Years Ended December 31, 2006, 2005 and 2004
(In thousands)



           
Additions
  
Deductions
    
 
 
 
Year
  
 
 
 
Description
  
 
Balance at
Beginning
of Year
  
 
Charged to
Costs and
Expenses
  
 
Charged to
Other
Accounts (b)
  
 
Deemed
Uncollec-
tible
  
 
 
Collected/
Recovered
  
 
Balance
at End
of Year
                             
2004
  
Allowance for
doubtful
accounts (a)
  
$ 3,276
  
$ 1,079
  
$ 1,891
  
$ 3,409
  
$ 140
  
$ 2,697
                             
   
Allowance for
loan losses (c)
  
13,964
  
112
  
311
  
6,443
  
683
  
7,261
                             
   
Deferred tax
asset
valuation
allowance
  
842
  
—
  
—
  
—
  
842
  
—
       
$ 18,082
  
$ 1,191
  
$ 2,202
  
$ 9,852
  
$ 1,665
  
$ 9,958
                             
2005
  
Allowance for
doubtful
accounts (a)
  
$ 2,697
  
$ 710
  
$ 2,528
  
$ 1,513
  
$ 1,408
  
$ 3,014
                             
   
Allowance for
loan losses (c)
  
7,261
  
1,296
  
124
  
1,753
  
1,222
  
5,706
       
$ 9,958
  
$ 2,006
  
$ 2,652
  
$ 3,266
  
$ 2,630
  
$ 8,720
                             
2006
  
Allowance for
doubtful
accounts (a)
  
$ 3,014
  
$ 395
  
$ 1,675
  
$ 1,121
  
$ 607
  
$ 3,356
                             
   
Allowance for
loan losses (c)
  
5,706
  
2,542
  
42
  
1,736
  
1,115
  
5,439
       
$ 8,720
  
$ 2,937
  
$ 1,717
  
$ 2,857
  
$ 1,722
  
$ 8,795
                             


(a) Deducted from receivables and accrued rental income on the balance sheet.

 
(b) Reduction of rental, earned, interest and other income.

 
(c) Deducted from mortgage, equipment and other notes receivable on the balance sheet.




                               
                               
                               
                               
                               
TRUSTREET PROPERTIES, INC.
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION
December 31, 2006
(In thousands)
                               
     
Initial Cost to Company
  
Costs Capitalized Subsequent to Acquisition
  
Gross amount at which carried at close of period
        
Description
Impairments
Encumbrances
Land
Buildings and Improvements
  
Improvements
Carrying Costs
  
Land
Buildings and Improvements
Total
Accumulated Depreciation
Date of construction
Date Acquired
Life on which depreciation in latest income statement is calculated
7-Eleven - Haleiwa, HI
    
553
782
        
553
782
1,335
48
1987
2/2005
(c)
7-Eleven - Honolulu, HI
    
(f)
218
        
(f)
218
218
13
1988
2/2005
(c)
7-Eleven - Honolulu, HI
    
(f)
391
        
(f)
391
391
24
1988
2/2005
(c)
7-Eleven - Kaneohe, HI
    
1,366
346
        
1,366
346
1,712
21
1961
2/2005
(c)
7-Eleven - Waianae, HI
    
(f)
202
        
(f)
202
202
12
1982
2/2005
(c)
7-Eleven - Waianae, HI
    
1,167
547
        
1,167
547
1,714
34
1988
2/2005
(c)
7-Eleven - Waipahu, HI
    
(f)
200
        
(f)
200
200
12
1963
2/2005
(c)
88 China Buffet - Hastings , NE
    
215
297
        
215
297
512
18
1987
2/2005
(c)
A.J. Gators Restaurant - Virginia Beach , VA
  
(g)
640
613
        
640
613
1,253
38
1986
2/2005
(c)
Ale House - Bradenton, FL
    
1,585
1,255
        
1,585
1,255
2,840
77
1999
2/2005
(c)
Ale House - Davie, FL
  
(g)
1,139
621
        
1,139
621
1,760
38
1993
2/2005
(c)
Ale House - Orlando, FL
  
(g)
884
627
        
884
627
1,511
38
1993
2/2005
(c)
Ale House - Orlando, FL
  
(g)
850
651
        
850
651
1,500
40
1994
2/2005
(c)
Ale House - Pembroke Pines, FL
  
(g)
1,137
641
        
1,137
641
1,778
39
1991
2/2005
(c)
Ale House - St Petersburg, FL
    
2,376
950
        
2,376
950
3,325
58
1998
2/2005
(c)
Amigo's - Orlando , FL
    
1,486
773
        
1,486
773
2,258
246
1983
6/1997
(c)
Amoco - Belfield, ND
    
417
1,489
        
417
1,489
1,906
91
1994
2/2005
(c)
Applebee's - Antioch , TN
  
(g)
610
770
        
610
770
1,380
215
1991
8/1998
(c)
Applebee's - Clarksville , TN
  
(g)
556
983
        
556
983
1,539
274
1995
8/1998
(c)
Applebee's - Clinton, IA
    
329
692
        
329
692
1,021
42
1997
2/2005
(c)
Applebee's - Columbia , TN
  
(g)
626
936
        
626
936
1,562
261
1996
8/1998
(c)
Applebee's - Cookeville , TN
  
(g)
490
1,004
        
490
1,004
1,493
279
1993
8/1998
(c)
Applebee's - Fall River, MA
    
506
800
        
506
800
1,307
49
1994
2/2005
(c)
Applebee's - Freeport , IL
  
(g)
(e)
(e)
        
(e)
(e)
(e)
(e)
1996
2/1999
(e)
Applebee's - Hendersonville , TN
  
(g)
550
967
        
550
967
1,516
269
1994
8/1998
(c)
Applebee's - Hermitage , TN
  
(g)
735
827
        
735
827
1,563
230
1992
8/1998
(c)
Applebee's - Hopkinsville , KY
  
(g)
390
943
        
390
943
1,333
263
1997
8/1998
(c)
Applebee's - Lebanon , TN
  
(g)
568
925
        
568
925
1,493
258
1998
8/1998
(c)
Applebee's - Madison , TN
  
(g)
740
836
        
740
836
1,576
233
1995
8/1998
(c)
Applebee's - Marshalltown, IA
    
380
644
        
380
644
1,024
39
1997
2/2005
(c)
Applebee's - Mason City, IA
    
368
629
        
368
629
997
39
1997
2/2005
(c)
Applebee's - Moscow , ID
    
537
    
1,194
    
537
1,194
1,731
197
1999
8/1999
(c)
Applebee's - Muscatine, IA
    
331
720
        
331
720
1,051
44
1996
2/2005
(c)
Applebee's - Rockford , IL
  
(g)
604
(e)
        
604
(e)
604
(e)
1996
1/1999
(e)
Applebee's - Salem , OR
    
778
    
1,154
    
778
1,154
1,932
278
1999
10/1999
(c)
Applebee's - Sterling, IL
    
403
701
        
403
701
1,104
43
1996
2/2005
(c)
Applebee's - Tullahoma , TN
  
(g)
(e)
(e)
        
(e)
(e)
(e)
(e)
1995
8/1998
(e)
Applebee's - East Statesboro, GA
    
754
1,479
        
754
1,479
2,233
99
1998
12/2004
(c)
Applebee's - Greenville, SC
  
(g)
950
1,362
        
950
1,362
2,312
114
1999
6/2004
(c)
Applebee's - Greenville, SC
  
(g)
972
1,170
        
972
1,170
2,142
98
1999
6/2004
(c)
Applebee's - Spartanburg, SC
    
408
931
        
408
931
1,339
60
2005
1/2005
(c)
Arby's - Alexander City, AL
    
407
525
        
407
525
932
22
1998
9/2005
(c)
Arby's - Allen , TX
    
509
(e)
        
509
(e)
509
(e)
1999
12/1999
(e)
Arby's - Allentown, PA
    
416
549
        
416
549
965
34
1978
2/2005
(c)
Arby's - Alma, MI
    
230
418
        
230
418
648
26
1994
2/2005
(c)
Arby's - Amarillo, TX
    
378
349
        
378
349
727
21
1992
2/2005
(c)
Arby's - Apopka, FL
    
402
280
        
402
280
682
12
1980
9/2005
(c)
Arby's - Arab , AL
  
(g)
231
456
        
231
456
687
129
1988
5/1998
(c)
Arby's - Arlington, TX
    
130
376
        
130
376
506
23
1981
2/2005
(c)
Arby's - Arlington, TX
    
253
321
        
253
321
575
20
1988
2/2005
(c)
Arby's - Arlington, TX
  
(g)
206
262
        
206
262
468
16
1991
2/2005
(c)
Arby's - Arvada , CO
  
(g)
461
428
        
461
428
889
26
1994
2/2005
(c)
Arby's - Athens, GA
    
692
379
        
692
379
1,071
16
1984
9/2005
(c)
Arby's - Atlanta , GA
  
(g)
648
    
655
    
648
655
1,304
157
1998
8/1998
(c)
Arby's - Auburndale , FL
  
(g)
327
391
        
327
391
718
104
1995
1/1999
(c)
Arby's - Avon , IN
  
(g)
338
497
        
338
497
836
171
1996
9/1996
(c)
Arby's - Balch Springs, TX
    
208
318
        
208
318
525
19
1989
2/2005
(c)
Arby's - Bartow , FL
  
(g)
226
414
        
226
414
641
89
1995
1/1999
(c)
Arby's - Battle Creek, MI
  
(g)
177
417
        
177
417
594
26
1969
2/2005
(c)
Arby's - Bedford, TX
    
219
302
        
219
302
521
19
1989
2/2005
(c)
Arby's - Benbrook, TX
    
116
303
        
116
303
420
19
1990
2/2005
(c)
Arby's - Birch Run, MI
    
271
571
        
271
571
842
35
1992
2/2005
(c)
Arby's - Bridgeport, MI
    
289
433
        
289
433
723
27
1989
2/2005
(c)
Arby's - Brighton, MI
    
286
432
        
286
432
718
26
1987
2/2005
(c)
Arby's - Brooksville , FL
  
(g)
267
422
        
267
422
688
91
1994
1/1999
(c)
Arby's - Brooksville , FL
  
(g)
248
369
        
248
369
617
79
1984
1/1999
(c)
Arby's - Burleson, TX
    
288
321
        
288
321
609
20
1990
2/2005
(c)
Arby's - Canton , GA
  
(g)
586
    
607
    
586
607
1,193
163
1998
12/1998
(c)
Arby's - Carlisle, PA
    
179
431
        
179
431
610
26
1992
2/2005
(c)
Arby's - Carrollton, TX
    
181
528
        
181
528
710
32
1995
2/2005
(c)
Arby's - Carrollton, TX
    
182
309
        
182
309
491
19
1987
2/2005
(c)
Arby's - Cartersville, GA
    
415
340
        
415
340
755
14
UNKNOWN
9/2005
(c)
Arby's - Cedar Hill, TX
    
150
319
        
150
319
469
20
1992
2/2005
(c)
Arby's - Charlotte, MI
    
192
463
        
192
463
655
28
1991
2/2005
(c)
Arby's - Chesterfield, MI
    
242
364
        
242
364
605
22
1990
2/2005
(c)
Arby's - Clio, MI
    
225
401
        
225
401
626
25
1991
2/2005
(c)
Arby's - College Station, TX
    
237
313
        
237
313
551
19
1982
2/2005
(c)
Arby's - Colleyville, TX
    
152
298
        
152
298
450
18
1989
2/2005
(c)
Arby's - Columbus , OH
  
(g)
502
349
        
502
349
851
21
1998
2/2005
(c)
Arby's - Columbus , OH
  
(g)
442
    
594
    
442
594
1,036
143
1998
7/1998
(c)
Arby's - Columbus , OH
  
(g)
484
    
576
    
484
576
1,060
155
1999
12/1998
(c)
Arby's - Connorsville , IN
  
(g)
236
699
        
236
699
935
43
1989
2/2005
(c)
Arby's - Corinth, MS
    
591
349
        
591
349
940
15
1985
9/2005
(c)
Arby's - Dallas, TX
    
131
296
        
131
296
427
18
1991
2/2005
(c)
Arby's - Dallas, TX
    
221
502
        
221
502
723
31
1995
2/2005
(c)
Arby's - Dalton, GA
    
256
237
        
256
237
493
4
UNKNOWN
6/2006
(c)
Arby's - Davison, MI
    
279
425
        
279
425
705
26
1980
2/2005
(c)
Arby's - Daytona Beach, FL
    
403
270
        
403
270
673
11
1985
9/2005
(c)
Arby's - Denison, TX
    
239
373
        
239
373
612
23
1995
2/2005
(c)
Arby's - Denton, TX
    
262
321
        
262
321
583
20
1991
2/2005
(c)
Arby's - Douglasville , GA
    
709
    
546
    
709
546
1,255
128
1999
12/1999
(c)
Arby's - Easton, PA
    
296
558
        
296
558
854
34
1995
2/2005
(c)
Arby's - Elfers , FL
  
(g)
243
398
        
243
398
641
86
1992
1/1999
(c)
Arby's - Erie, PA
    
361
336
        
361
336
697
14
1972
9/2005
(c)
Arby's - Erie, PA
    
336
386
        
336
386
722
16
1976
9/2005
(c)
Arby's - Flint, MI
    
319
449
        
319
449
767
27
1962
2/2005
(c)
Arby's - Flint, MI
  
(g)
282
278
        
282
278
561
17
1979
2/2005
(c)
Arby's - Flower Mound , TX
    
434
    
618
    
434
618
1,052
143
2000
1/2000
(c)
Arby's - Fountain Hills, AZ
    
241
225
        
241
225
466
9
1994
9/2005
(c)
Arby's - Ft Worth, TX
    
227
384
        
227
384
610
24
1994
2/2005
(c)
Arby's - Ft Worth, TX
    
198
253
        
198
253
451
16
1988
2/2005
(c)
Arby's - Ft Worth, TX
    
251
308
        
251
308
559
19
1988
2/2005
(c)
Arby's - Garland, TX
    
187
319
        
187
319
505
20
1989
2/2005
(c)
Arby's - Grand Prairie, TX
    
123
285
        
123
285
408
17
1988
2/2005
(c)
Arby's - Grand Prairie, TX
    
186
467
        
186
467
653
29
1995
2/2005
(c)
Arby's - Grand Prairie, TX
    
114
361
        
114
361
475
22
1996
2/2005
(c)
Arby's - Grand Rapids , MI
    
313
(e)
        
313
(e)
313
(e)
1995
8/1995
(e)
Arby's - Grapevine, TX
    
240
283
        
240
283
523
17
1992
2/2005
(c)
Arby's - Greensboro , NC
  
(g)
363
405
        
363
405
768
127
1990
8/1997
(c)
Arby's - Greensburg , IN
  
(g)
478
734
        
478
734
1,212
45
1989
2/2005
(c)
Arby's - Greenville , NC
  
(g)
278
490
        
278
490
768
154
1995
8/1997
(c)
Arby's - Hanover, PA
    
303
533
        
303
533
836
33
1994
2/2005
(c)
Arby's - Hinesville, GA
    
551
227
        
551
227
777
10
1983
9/2005
(c)
Arby's - Hopkinsville, KY
    
369
334
        
369
334
703
14
UNKNOWN
9/2005
(c)
Arby's - Hudson , FL
  
(g)
271
489
        
271
489
759
105
1993
1/1999
(c)
Arby's - Huntsville , AL
    
(e)
(e)
  
596
    
(e)
(e)
(e)
(e)
1978
12/1999
(e)
Arby's - Hurst, TX
    
201
287
        
201
287
488
18
1970
2/2005
(c)
Arby's - Indianapolis , IN
  
(g)
411
452
        
411
452
863
28
1978
2/2005
(c)
Arby's - Indianapolis , IN
    
440
    
677
    
440
677
1,117
158
2000
12/1999
(c)
Arby's - Irondequoit, NY
    
323
297
        
323
297
619
12
1987
9/2005
(c)
Arby's - Jonesville , NC
  
(g)
225
540
        
225
540
765
169
1995
8/1997
(c)
Arby's - Kansas City, KS
    
168
458
        
168
458
626
28
1970
2/2005
(c)
Arby's - Kennesaw, GA
    
461
304
        
461
304
765
13
UNKNOWN
9/2005
(c)
Arby's - Kernersville , NC
  
(g)
273
413
        
273
413
686
130
1994
8/1997
(c)
Arby's - Kinston , NC
  
(g)
269
485
        
269
485
754
152
1995
8/1997
(c)
Arby's - Lakeland , FL
  
(g)
236
452
        
236
452
688
97
1990
1/1999
(c)
Arby's - Lee'S Summit , MO
  
(g)
455
(e)
        
455
(e)
455
(e)
1996
2/2005
(e)
Arby's - Lewisville, TX
    
242
299
        
242
299
541
18
1989
2/2005
(c)
Arby's - Lexington , NC
    
270
291
        
270
291
561
18
1997
2/2005
(c)
Arby's - Lexington , NC
  
(g)
321
463
        
321
463
784
147
1992
7/1997
(c)
Arby's - Louisville, KY
    
313
359
        
313
359
672
15
UNKNOWN
9/2005
(c)
Arby's - Madison, GA
    
779
182
        
779
182
961
8
1985
9/2005
(c)
Arby's - Mckinney, TX
    
292
288
        
292
288
580
18
1988
2/2005
(c)
Arby's - Merritt Island, FL
    
368
268
        
368
268
636
11
UNKNOWN
9/2005
(c)
Arby's - Mesquite, TX
    
305
587
        
305
587
892
36
1994
2/2005
(c)
Arby's - Midland, MI
    
253
392
        
253
392
645
24
1994
2/2005
(c)
Arby's - Mt Clemens, MI
  
(g)
240
498
        
240
498
738
31
1989
2/2005
(c)
Arby's - Muncie , IN
  
(g)
297
372
        
297
372
670
23
1995
2/2005
(c)
Arby's - Murfreesboro, TN
    
288
213
        
288
213
500
9
UNKNOWN
9/2005
(c)
Arby's - N Richland Hills, TX
    
216
485
        
216
485
701
30
1995
2/2005
(c)
Arby's - Newark , OH
    
(e)
(e)
  
340
    
(e)
(e)
(e)
(e)
1999
12/1999
(e)
Arby's - Orange Park , FL
  
(g)
463
    
593
    
463
593
1,056
144
1998
5/1998
(c)
Arby's - Orlando, FL
    
414
371
        
414
371
785
16
1985
9/2005
(c)
Arby's - Philadelphia , PA
  
(g)
396
(e)
        
396
(e)
396
(e)
1993
2/2005
(e)
Arby's - Phoenix, AZ
    
654
336
        
654
336
990
14
1995
9/2005
(c)
Arby's - Plainfield , IN
  
(g)
371
472
        
371
472
842
29
1990
2/2005
(c)
Arby's - Plano, TX
    
265
422
        
265
422
687
26
1979
2/2005
(c)
Arby's - Plant City , FL
    
196
444
        
196
444
640
98
1991
1/1999
(c)
Arby's - Pontiac, MI
    
312
396
        
312
396
708
24
1968
2/2005
(c)
Arby's - Port Huron, MI
    
291
483
        
291
483
774
30
1975
2/2005
(c)
Arby's - Prescott, AZ
    
353
336
        
353
336
689
14
1986
9/2005
(c)
Arby's - Redford , MI
  
(g)
413
    
673
    
413
673
1,086
176
1998
1/1999
(c)
Arby's - Redford, MI
    
243
463
        
243
463
705
28
1981
2/2005
(c)
Arby's - Richardson, TX
    
222
516
        
222
516
737
32
1994
2/2005
(c)
Arby's - Richmond Hill, GA
    
620
332
        
620
332
951
14
UNKNOWN
9/2005
(c)
Arby's - Rockledge, FL
    
456
354
        
456
354
810
15
1978
9/2005
(c)
Arby's - Roseville, MI
    
242
508
        
242
508
750
31
1970
2/2005
(c)
Arby's - Sacramento, CA
    
556
518
        
556
518
1,074
32
1981
2/2005
(c)
Arby's - Sacramento, CA
    
383
489
        
383
489
872
30
1987
2/2005
(c)
Arby's - Saginaw, MI
  
(g)
264
338
        
264
338
602
21
1970
2/2005
(c)
Arby's - Saginaw, MI
    
156
335
        
156
335
492
21
1970
2/2005
(c)
Arby's - Salina, KS
    
152
411
        
152
411
563
25
1980
2/2005
(c)
Arby's - Savannualah, GA
    
453
302
        
453
302
755
13
1985
9/2005
(c)
Arby's - Schertz , TX
    
414
332
        
414
332
746
20
1996
2/2005
(c)
Arby's - Silver Springs, PA
    
333
593
        
333
593
926
36
1998
2/2005
(c)
Arby's - South Haven , MI
  
(g)
375
440
        
375
440
815
27
1988
2/2005
(c)
Arby's - St Johns, MI
    
193
433
        
193
433
625
27
1990
2/2005
(c)
Arby's - Surfside Beach , SC
  
(g)
421
    
633
    
421
633
1,055
155
1999
7/1999
(c)
Arby's - Tampa , FL
  
(g)
322
372
        
322
372
694
98
1992
1/1999
(c)
Arby's - The Colony , TX
    
504
(e)
        
504
(e)
504
(e)
1999
12/1999
(e)
Arby's - Titusville, FL
    
522
405
        
522
405
927
17
UNKNOWN
9/2005
(c)
Arby's - Topeka, KS
    
145
398
        
145
398
544
24
1979
2/2005
(c)
Arby's - Topeka, KS
    
151
369
        
151
369
520
23
1979
2/2005
(c)
Arby's - Vancouver , WA
  
(g)
733
    
666
    
733
666
1,399
173
1999
3/1999
(c)
Arby's - Walker , MI
    
497
    
701
    
497
701
1,198
171
1999
9/1999
(c)
Arby's - West Berlin, NJ
    
457
449
        
457
449
907
28
1992
2/2005
(c)
Arby's - Westland, MI
    
235
469
        
235
469
704
29
1981
2/2005
(c)
Arby's - Whitehall , OH
  
(g)
523
    
289
    
523
289
812
78
1998
12/1998
(c)
Arby's - Wilkesboro, NC
    
764
457
        
764
457
1,221
19
1985
9/2005
(c)
Arby's - Winchester , IN
    
532
555
        
532
555
1,087
34
1988
2/2005
(c)
Arby's - Zephyrhills , FL
    
403
344
        
403
344
747
21
1990
2/2005
(c)
Auto Resale - Channelview , TX
    
361
    
712
    
361
712
1,073
220
1997
9/1997
(c)
Bahama Breeze - Orlando , FL
    
6,288
(d)
        
6,288
(d)
6,288
(d)
1998
9/1998
(c)
Bakers Square - Alsip , IL
  
(g)
449
728
        
449
728
1,177
172
1978
10/1999
(c)
Bakers Square - Blaine, MN
  
(g)
656
720
        
656
720
1,376
44
1970
2/2005
(c)
Bakers Square - Burbank , IL
  
(g)
680
1,041
        
680
1,041
1,721
246
1987
10/1999
(c)
Bakers Square - Cherry Valley , IL
  
(g)
419
849
        
419
849
1,268
201
1979
10/1999
(c)
Bakers Square - Coon Rapids , MN
  
(g)
544
1,132
        
544
1,132
1,676
268
1991
10/1999
(c)
Bakers Square - Deerfield , IL
  
(g)
573
468
        
573
468
1,041
111
1980
10/1999
(c)
Bakers Square - Downers Grove , IL
  
(g)
538
778
        
538
778
1,316
167
1978
10/1999
(c)
Bakers Square - Homewood , IL
  
(g)
601
760
        
601
760
1,362
163
1978
10/1999
(c)
Bakers Square - Lagrange , IL
  
(g)
591
770
        
591
770
1,362
165
1977
10/1999
(c)
Bakers Square - Lansing , IL
  
(g)
648
870
        
648
870
1,517
206
1977
10/1999
(c)
Bakers Square - Mankato , MN
  
(g)
489
1,142
        
489
1,142
1,631
270
1992
10/1999
(c)
Bakers Square - Matteson , IL
  
(g)
664
853
        
664
853
1,517
202
1970
10/1999
(c)
Bakers Square - Merrillville , IN
  
(g)
567
1,177
        
567
1,177
1,744
278
1978
10/1999
(c)
Bakers Square - Niles , IL
    
799
594
        
799
594
1,393
36
1975
2/2005
(c)
Bakers Square - Palatine , IL
  
(g)
687
675
        
687
675
1,362
145
1999
10/1999
(c)
Bakers Square - Palos Heights , IL
  
(g)
375
734
        
375
734
1,110
174
1977
10/1999
(c)
Bakers Square - St. Charles , IL
  
(g)
615
631
        
615
631
1,245
149
1977
10/1999
(c)
Bakers Square - Westmont , IL
  
(g)
518
591
        
518
591
1,109
140
1980
10/1999
(c)
Bakers Square - Willowbrook , IL
  
(g)
586
718
        
586
718
1,304
170
1977
10/1999
(c)
Bandana's Bar-B-Q Restaurant - Arnold , MO
(i)
  
373
873
        
373
873
1,247
219
1999
6/1999
(c)
Bandana's Bar-B-Q Restaurant - Collinsville , IL
(i)
  
347
829
        
347
829
1,176
216
1987
3/1999
(c)
Bandana's Bar-B-Q Restaurant - Columbia , MO
(i)
  
502
133
  
787
    
502
920
1,422
226
1985
1/1999
(c)
Bandana's Bar-B-Q Restaurant - Crystal City , MO
(i)
  
273
903
        
273
903
1,177
241
1999
8/1999
(c)
Bandana's Bar-B-Q Restaurant - Fenton , MO
(i)
  
624
1,028
        
624
1,028
1,652
293
1986
3/1999
(c)
Bennigan's - Arvada , CO
  
(g)
714
1,303
        
714
1,303
2,017
423
1997
4/1997
(c)
Bennigan's - Bedford , TX
    
768
(e)
        
768
(e)
768
(e)
1986
6/1998
(e)
Bennigan's - Clearwater , FL
  
(g)
900
(e)
        
900
(e)
900
(e)
1979
6/1998
(e)
Bennigan's - Colorado Springs , CO
  
(g)
794
(e)
        
794
(e)
794
(e)
1979
6/1998
(e)
Bennigan's - Colorado Springs, CO
  
(g)
1,244
862
        
1,244
862
2,106
53
2000
2/2005
(c)
Bennigan's - Deerfield, IL
    
1,642
905
        
1,642
905
2,547
55
2000
2/2005
(c)
Bennigan's - Denver, CO
  
(g)
884
876
        
884
876
1,760
54
2001
2/2005
(c)
Bennigan's - Englewood , CO
  
(g)
665
(e)
        
665
(e)
665
(e)
1984
6/1998
(e)
Bennigan's - Florham Park , NJ
  
(g)
1,078
(e)
        
1,078
(e)
1,078
(e)
1983
6/1998
(e)
Bennigan's - Grapevine , TX
    
1,039
    
1,523
    
1,039
1,523
2,562
361
1999
11/1999
(c)
Bennigan's - Houston , TX
  
(g)
909
(e)
        
909
(e)
909
(e)
1979
6/1998
(e)
Bennigan's - Jacksonville , FL
    
833
(e)
        
833
(e)
833
(e)
1981
6/1998
(e)
Bennigan's - Lone Tree , CO
    
1,075
    
1,502
    
1,075
1,502
2,578
329
1999
6/2000
(c)
Bennigan's - Mentor , OH
  
(g)
749
820
        
749
820
1,569
50
1995
2/2005
(c)
Bennigan's - Mount Laurel , NJ
  
(g)
1,306
1,031
        
1,306
1,031
2,337
294
1982
6/1998
(c)
Bennigan's - Orlando , FL
    
708
1,008
        
708
1,008
1,716
274
1998
6/1998
(c)
Bennigan's - Orlando , FL
  
(g)
1,585
874
        
1,585
874
2,460
249
1978
6/1998
(c)
Bennigan's - Pensacola , FL
  
(g)
692
(e)
        
692
(e)
692
(e)
1983
6/1998
(e)
Bennigan's - St. Louis Park , MN
  
(g)
885
(e)
        
885
(e)
885
(e)
1976
6/1998
(e)
Bennigan's - Sunrise , FL
    
2,264
741
        
2,264
741
3,005
45
1982
2/2005
(c)
Bennigan's - Tampa , FL
    
741
(e)
        
741
(e)
741
(e)
1980
6/1998
(e)
Bennigan's - Waldorf, MD
  
(g)
1,116
997
        
1,116
997
2,113
61
2001
2/2005
(c)
Bennigan's - Winston-Salem, NC
  
(g)
(e)
(e)
        
(e)
(e)
(e)
(e)
1982
6/1998
(e)
Bennigan's - Woodridge , IL
    
790
(e)
        
790
(e)
790
(e)
1987
12/1998
(e)
Bill Johnson's Big Apple - Glendale , AZ
(i)
  
745
380
  
702
    
745
1,083
1,828
279
1998
4/1999
(c)
Black Angus - Dublin , CA
    
1,023
    
1,275
    
1,023
1,275
2,298
310
1999
9/1999
(c)
Black-eyed Pea - Dallas , TX
    
(e)
(e)
        
(e)
(e)
(e)
(e)
1994
8/1999
(e)
Black-eyed Pea - Fort Worth , TX
  
(g)
(e)
(e)
        
(e)
(e)
(e)
(e)
1991
3/1997
(e)
Black-eyed Pea - Fort Worth , TX
(i)
  
679
314
  
715
    
679
1,029
1,708
245
1999
11/1999
(c)
Black-eyed Pea - Hillsboro , TX
  
(g)
405
(e)
        
405
(e)
405
(e)
1996
10/1997
(e)
Body Beautiful Car Wash - El Cajon, CA
    
2,188
(d)
        
2,188
(d)
2,188
(d)
1965
2/2005
(c)
Boston Market - Atlanta , GA
    
774
    
508
    
774
508
1,282
164
1997
4/1997
(c)
Boston Market - Cary , NC
    
533
801
        
533
801
1,334
144
1995
9/2002
(c)
Boston Market - Chandler , AZ
    
440
476
        
440
476
916
87
1995
9/2002
(c)
Boston Market - Columbus , OH
    
354
606
        
354
606
960
191
1997
5/1998
(c)
Boston Market - Downers Grove, IL
    
200
624
        
200
624
824
38
1985
2/2005
(c)
Boston Market - Eden Prairie , MN
    
339
469
        
339
469
808
29
1996
2/2005
(c)
Boston Market - Fayetteville , NC
  
(g)
482
360
        
482
360
842
22
1996
2/2005
(c)
Boston Market - Gambrills , MD
    
668
    
662
    
668
662
1,330
206
1997
8/1997
(c)
Boston Market - Glendale , AZ
    
567
404
        
567
404
970
129
1997
4/1998
(c)
Boston Market - Indianapolis , IN
  
(g)
(e)
(e)
        
(e)
(e)
(e)
(e)
1997
2/2005
(e)
Boston Market - Indianapolis , IN
    
886
    
649
    
886
649
1,534
202
1997
9/1997
(c)
Boston Market - Lake Worth , FL
    
529
    
900
    
529
900
1,429
161
1996
9/2002
(c)
Boston Market - Lansing , MI
    
516
    
573
    
516
573
1,089
177
1997
10/1997
(c)
Boston Market - Latham, NY
    
210
503
        
210
503
713
31
1960
2/2005
(c)
Boston Market - Raleigh , NC
  
(g)
681
378
        
681
378
1,058
23
1994
2/2005
(c)
Boston Market - Riverdale , MD
    
526
504
        
526
504
1,031
155
1997
10/1997
(c)
Boston Market - Saratoga Springs, NY
    
191
449
        
191
449
640
28
1960
2/2005
(c)
Boston Market - Scottsdale , AZ
    
522
410
        
522
410
932
75
1995
9/2002
(c)
Boston Market - Waldorf , MD
    
652
776
        
652
776
1,428
245
1997
7/1997
(c)
Boston Market - Warwick , RI
    
235
589
        
235
589
824
187
1994
4/1998
(c)
Brangus Steakhouse - Jasper , AL
  
(g)
398
526
        
398
526
924
32
1986
2/2005
(c)
Bruegger's Bagels - Albany, NY
    
390
762
        
390
762
1,152
47
1991
2/2005
(c)
Bruegger's Bagels - Albany, NY
  
(g)
166
203
        
166
203
369
12
1916
2/2005
(c)
Bruegger's Bagels - Cedar Rapids, IA
    
94
301
        
94
301
395
18
1896
2/2005
(c)
Bruegger's Bagels - Chapel Hill, NC
    
186
311
        
186
311
497
19
UNKNOWN
2/2005
(c)
Bruegger's Bagels - Durham, NC
    
208
343
        
208
343
551
21
1930
2/2005
(c)
Bruegger's Bagels - Iowa City, IA
  
(g)
117
393
        
117
393
510
24
1896
2/2005
(c)
Bruegger's Bagels - Iowa City, IA
    
246
358
        
246
358
605
22
1921
2/2005
(c)
Bruegger's Bagels - North Syracuse, NY
    
178
362
        
178
362
540
22
1959
2/2005
(c)
Bruegger's Bagels - Raleigh, NC
    
251
306
        
251
306
558
19
1997
2/2005
(c)
Bruegger's Bagels - Rochester, NY
    
347
339
        
347
339
686
21
1990
2/2005
(c)
Bruegger's Bagels - Saratoga Springs, NY
  
(g)
212
307
        
212
307
519
19
1957
2/2005
(c)
Buca di Beppo - Westlake, OH
    
1,344
(d)
        
1,344
(d)
1,344
(d)
UNKNOWN
2/2005
(c)
Buca di Beppo - Wheeling, IL
    
604
834
        
604
834
1,438
51
1975
2/2005
(c)
Bucho's Mexican Food - Bolingbrook, IL
    
199
482
        
199
482
681
30
1988
2/2005
(c)
Bugaboo Creek Steak House - Philadelphia, PA
    
834
911
        
834
911
1,745
38
1995
9/2005
(c)
Burger King - Albany, NY
  
(g)
384
790
        
384
790
1,174
48
UNKNOWN
2/2005
(c)
Burger King - Albany, NY
    
379
651
        
379
651
1,030
40
UNKNOWN
2/2005
(c)
Burger King - Allegan , MI
    
(e)
(e)
        
(e)
(e)
(e)
(e)
1992
2/2005
(e)
Burger King - Amesbury , MA
    
941
854
        
941
854
1,795
52
1982
2/2005
(c)
Burger King - Amsterdam, NY
    
316
472
        
316
472
788
20
1966
9/2005
(c)
Burger King - Ardmore, OK
    
807
355
        
807
355
1,162
22
1979
2/2005
(c)
Burger King - Asheville , NC
    
705
425
        
705
425
1,129
26
1986
2/2005
(c)
Burger King - Atlanta, GA
  
(g)
680
420
        
680
420
1,101
26
1984
2/2005
(c)
Burger King - Belding, MI
    
95
658
        
95
658
753
12
1994
6/2006
(c)
Burger King - Bluefield, WV
    
380
292
        
380
292
672
18
1982
2/2005
(c)
Burger King - Burbank , IL
  
(g)
543
    
552
    
543
552
1,096
132
1996
8/1996
(c)
Burger King - Canton, NC
    
227
455
        
227
455
682
28
1990
2/2005
(c)
Burger King - Canton, OH
    
430
637
        
430
637
1,066
39
1989
2/2005
(c)
Burger King - Caribou, ME
    
771
551
        
771
551
1,322
34
1978
2/2005
(c)
Burger King - Castle Rock, CO
    
1,257
394
        
1,257
394
1,651
24
1979
2/2005
(c)
Burger King - Central Square, NY
  
(g)
224
645
        
224
645
869
40
1992
2/2005
(c)
Burger King - Chadbourn , NC
    
217
    
859
    
217
859
1,076
216
1999
4/1999
(c)
Burger King - Charlotte, NC
    
647
336
        
647
336
983
6
1996
6/2006
(c)
Burger King - Charlottesville, VA
    
560
348
        
560
348
908
15
UNKNOWN
9/2005
(c)
Burger King - Chattanooga , TN
  
(g)
680
    
527
    
680
527
1,207
126
1997
5/1997
(c)
Burger King - Chattanooga, TN
    
504
470
        
504
470
974
8
1998
6/2006
(c)
Burger King - Chicago , IL
  
(g)
918
    
713
    
918
713
1,631
170
1996
2/1997
(c)
Burger King - Chicago Ridge , IL
    
1,139
611
        
1,139
611
1,750
37
1996
2/2005
(c)
Burger King - Chicago, IL
    
629
445
        
629
445
1,074
27
1978
2/2005
(c)
Burger King - Chicago, IL
    
601
398
        
601
398
999
24
1977
2/2005
(c)
Burger King - Chicago, IL
    
330
382
        
330
382
712
23
1995
2/2005
(c)
Burger King - Cincinnati , OH
    
392
378
        
392
378
770
23
1988
2/2005
(c)
Burger King - Cincinnati, OH
    
645
479
        
645
479
1,124
29
1978
2/2005
(c)
Burger King - Clearwater, FL
    
493
357
        
493
357
850
22
1980
2/2005
(c)
Burger King - Cleburne, TX
  
(g)
196
382
        
196
382
578
23
1985
2/2005
(c)
Burger King - Clifton Park, NY
  
(g)
1,046
461
        
1,046
461
1,507
28
1989
2/2005
(c)
Burger King - Clinton , NC
    
350
    
663
    
350
663
1,012
85
1999
2/2000
(c)
Burger King - Cohoes, NY
    
322
519
        
322
519
841
32
1989
2/2005
(c)
Burger King - Corvallis, OR
    
1,108
410
        
1,108
410
1,518
25
1977
2/2005
(c)
Burger King - Cut Off , LA
    
323
1,219
        
323
1,219
1,542
317
1991
3/1999
(c)
Burger King - Danbury , CT
    
383
417
        
383
417
800
26
1983
2/2005
(c)
Burger King - Dayton , OH
    
738
360
        
738
360
1,098
22
1987
2/2005
(c)
Burger King - Denver , CO
    
836
538
        
836
538
1,375
33
1992
2/2005
(c)
Burger King - Dover , NH
    
824
908
        
824
908
1,732
56
1987
2/2005
(c)
Burger King - Durham, NC
  
(g)
186
457
        
186
457
643
28
1990
2/2005
(c)
Burger King - Durham, NC
    
628
440
        
628
440
1,068
19
1996
9/2005
(c)
Burger King - East Greenbush, NY
    
389
342
        
389
342
731
14
1975
9/2005
(c)
Burger King - Edison, NJ
  
(g)
574
681
        
574
681
1,255
39
1985
2/2005
(c)
Burger King - Elko, NV
    
595
345
        
595
345
941
21
1982
2/2005
(c)
Burger King - Fairfield, OH
    
406
400
        
406
400
806
25
1982
2/2005
(c)
Burger King - Farmington, ME
    
848
491
        
848
491
1,339
30
1980
2/2005
(c)
Burger King - Fort Oglethorpe, GA
    
829
431
        
829
431
1,260
26
1979
2/2005
(c)
Burger King - Ft Meyers, FL
    
1,227
439
        
1,227
439
1,665
27
1979
2/2005
(c)
Burger King - Gaffney, SC
    
320
395
        
320
395
715
24
1979
2/2005
(c)
Burger King - Gallatin, TN
    
347
323
        
347
323
670
20
UNKNOWN
2/2005
(c)
Burger King - Gary, IN
    
473
785
        
473
785
1,258
48
1985
2/2005
(c)
Burger King - Germantown, WI
    
583
505
        
583
505
1,088
9
1986
6/2006
(c)
Burger King - Glen Falls, NY
    
381
611
        
381
611
992
37
1984
2/2005
(c)
Burger King - Gonzales , LA
    
219
192
        
219
192
411
12
1989
2/2005
(c)
Burger King - Grand Rapids, MI
    
533
565
        
533
565
1,099
11
1986
6/2006
(c)
Burger King - Greenfield, WI
    
419
452
        
419
452
871
28
1983
2/2005
(c)
Burger King - Greenville, NC
    
200
346
        
200
346
546
21
1983
2/2005
(c)
Burger King - Greenville, SC
    
398
417
        
398
417
815
26
1982
2/2005
(c)
Burger King - Hamburg, NY
    
419
328
        
419
328
746
14
1981
9/2005
(c)
Burger King - Harrisburg, PA
    
522
555
        
522
555
1,076
23
1985
10/2005
(c)
Burger King - Harvey , IL
    
662
565
        
662
565
1,227
35
1996
2/2005
(c)
Burger King - Hendersonville , TN
    
(e)
(e)
        
(e)
(e)
(e)
(e)
1974
8/1997
(e)
Burger King - Herkimer, NY
    
873
279
        
873
279
1,152
12
1983
9/2005
(c)
Burger King - Highland , IN
  
(g)
650
    
600
    
650
600
1,250
218
1996
8/1996
(c)
Burger King - Hot Springs, AR
    
180
307
        
180
307
487
19
UNKNOWN
2/2005
(c)
Burger King - Hudsonville, MI
    
457
693
        
457
693
1,150
13
1988
6/2006
(c)
Burger King - Irondequoit , NY
    
639
547
        
639
547
1,186
34
1986
2/2005
(c)
Burger King - Ironwood, MI
    
244
583
        
244
583
827
10
1997
6/2006
(c)
Burger King - Jacksonville, NC
    
220
180
        
220
180
400
11
1982
2/2005
(c)
Burger King - Jefferson City , TN
    
446
385
        
446
385
831
24
1988
2/2005
(c)
Burger King - Jenison, MI
    
226
475
        
226
475
701
9
1994
6/2006
(c)
Burger King - Kansas City , MO
    
245
198
        
245
198
444
12
1984
2/2005
(c)
Burger King - Kentwood, MI
    
578
712
        
578
712
1,290
14
1995
6/2006
(c)
Burger King - Kingsford, MI
    
430
613
        
430
613
1,042
10
1982
6/2006
(c)
Burger King - Lacey , WA
    
303
754
        
303
754
1,057
110
1998
1/1999
(c)
Burger King - Lafayette , LA
    
205
205
        
205
205
411
13
1989
2/2005
(c)
Burger King - Lake Charles , LA
    
293
709
        
293
709
1,002
101
1989
2/2005
(c)
Burger King - Lake Charles , LA
    
360
1,063
        
360
1,063
1,423
276
1988
3/1999
(c)
Burger King - Lakeland, FL
    
821
479
        
821
479
1,300
29
1979
2/2005
(c)
Burger King - L'Anse, MI
    
239
448
        
239
448
688
8
2000
6/2006
(c)
Burger King - Largo, FL
    
776
399
        
776
399
1,175
24
1984
2/2005
(c)
Burger King - Lawrence , KS
    
527
530
        
527
530
1,057
32
1982
2/2005
(c)
Burger King - Madisonville, KY
    
558
460
        
558
460
1,018
28
1980
2/2005
(c)
Burger King - Manahawkin, NJ
    
1,795
505
        
1,795
505
2,299
31
1980
2/2005
(c)
Burger King - Manchester , NH
    
776
459
        
776
459
1,235
119
1971
3/1999
(c)
Burger King - Manchester, TN
    
558
381
        
558
381
939
6
1980
6/2006
(c)
Burger King - Mansfield , OH
    
691
512
        
691
512
1,203
31
1989
2/2005
(c)
Burger King - Maple Heights , OH
    
694
622
        
694
622
1,317
38
1980
2/2005
(c)
Burger King - Marietta, GA
    
131
394
        
131
394
525
24
1983
2/2005
(c)
Burger King - Mauldin, SC
    
696
355
        
696
355
1,051
22
1979
2/2005
(c)
Burger King - Mcdonough, GA
    
504
493
        
504
493
997
21
1986
9/2005
(c)
Burger King - Menands, NY
    
373
477
        
373
477
851
29
1979
2/2005
(c)
Burger King - Metairie , LA
    
251
205
        
251
205
456
13
1990
2/2005
(c)
Burger King - Montgomery, NY
    
985
469
        
985
469
1,454
29
1981
2/2005
(c)
Burger King - Mounds View, MN
    
425
478
        
425
478
903
29
1984
2/2005
(c)
Burger King - Nanticoke, PA
    
139
557
        
139
557
697
34
1977
2/2005
(c)
Burger King - Nashua , NH
    
1,006
886
        
1,006
886
1,892
54
1987
2/2005
(c)
Burger King - Natchez , MS
    
273
718
        
273
718
992
187
1973
3/1999
(c)
Burger King - Natchitoches , LA
    
244
373
        
244
373
617
23
1993
2/2005
(c)
Burger King - New Castle , IN
    
582
300
        
582
300
882
18
1988
2/2005
(c)
Burger King - New City , NY
    
588
505
        
588
505
1,093
31
1977
2/2005
(c)
Burger King - New Philadelphia , OH
    
593
431
        
593
431
1,023
26
1989
2/2005
(c)
Burger King - Newburgh, NY
    
665
649
        
665
649
1,314
27
1974
10/2005
(c)
Burger King - Oak Lawn , IL
  
(g)
1,211
    
741
    
1,211
741
1,953
177
1996
9/1996
(c)
Burger King - Old Forge, PA
  
(g)
86
498
        
86
498
584
31
1977
2/2005
(c)
Burger King - Olympia , WA
    
(f)
712
        
(f)
712
712
312
1996
1/1999
(c)
Burger King - Opelousas , LA
    
625
959
        
625
959
1,584
249
1974
3/1999
(c)
Burger King - Pineville , LA
    
237
321
        
237
321
558
20
1990
2/2005
(c)
Burger King - Plaquemine , LA
    
462
475
        
462
475
937
68
1990
12/1994
(c)
Burger King - Pontiac , IL
    
324
400
        
324
400
724
25
1988
2/2005
(c)
Burger King - Raceland , LA
    
228
205
        
228
205
433
13
1988
2/2005
(c)
Burger King - Rockingham, NC
    
757
367
        
757
367
1,124
22
1980
2/2005
(c)
Burger King - Roseburg, OR
    
891
408
        
891
408
1,299
25
1981
2/2005
(c)
Burger King - Schenectady, NY
    
585
586
        
585
586
1,171
36
1984
2/2005
(c)
Burger King - Shelbyville, TN
    
350
275
        
350
275
625
17
1985
2/2005
(c)
Burger King - Shelton , WA
    
424
822
        
424
822
1,247
217
1995
1/1999
(c)
Burger King - Sierra Vista , AZ
    
607
(e)
        
607
(e)
607
(e)
1990
2/2005
(e)
Burger King - Spring Lake, MI
    
173
675
        
173
675
848
13
1995
6/2006
(c)
Burger King - Statesville, NC
    
420
361
        
420
361
781
22
1982
2/2005
(c)
Burger King - Stockbridge, GA
    
329
333
        
329
333
662
14
1986
9/2005
(c)
Burger King - Sulphur Springs, TX
  
(g)
221
355
        
221
355
576
22
1984
2/2005
(c)
Burger King - Syracuse , NY
    
684
468
        
684
468
1,152
29
1987
2/2005
(c)
Burger King - Texas City, TX
    
621
369
        
621
369
990
23
1978
2/2005
(c)
Burger King - Walker, MI
    
451
698
        
451
698
1,149
13
1973
6/2006
(c)
Burger King - Walled Lake, MI
    
988
450
        
988
450
1,439
28
1982
2/2005
(c)
Burger King - Warren , MI
    
376
821
        
376
821
1,197
213
1987
3/1999
(c)
Burger King - Watertown , NY
    
499
515
        
499
515
1,015
32
1986
2/2005
(c)
Burger King - Willoughby, OH
    
1,023
546
        
1,023
546
1,569
33
1980
2/2005
(c)
Burger King - Wilmington , NC
    
349
    
702
    
349
702
1,050
176
1999
4/1999
(c)
Burger King - Wilton, NY
    
752
560
        
752
560
1,313
34
1994
2/2005
(c)
Burger King - Yakima, WA
    
1,216
474
        
1,216
474
1,690
29
1979
2/2005
(c)
Burger King - Yelm , WA
    
425
479
        
425
479
904
29
1997
2/2005
(c)
Burger King - Bullhead City, AZ
    
432
254
        
432
254
686
16
1980
2/2005
(c)
Burger King - Holbrook, AZ
    
231
374
        
231
374
605
23
1986
2/2005
(c)
Burger King - Maywood, IL
    
1,002
489
        
1,002
489
1,491
30
UNKNOWN
2/2005
(c)
Burger King - Spanaway, WA
    
417
762
        
417
762
1,179
150
1998
2/2001
(c)
Burger King - Tuscon, AZ
    
1,132
381
        
1,132
381
1,513
23
1980
2/2005
(c)
Captain D's Seafood - Alexander City , AL
    
192
282
        
192
282
474
17
1988
2/2005
(c)
Captain D's Seafood - Anniston, AL
    
266
330
        
266
330
596
20
1980
2/2005
(c)
Captain D's Seafood - Ashland, KY
  
(g)
683
467
        
683
467
1,150
29
1979
2/2005
(c)
Captain D's Seafood - Batesville, MS
  
(g)
359
341
        
359
341
699
21
UNKNOWN
2/2005
(c)
Captain D's Seafood - Belleville , IL
    
304
368
        
304
368
671
23
1988
2/2005
(c)
Captain D's Seafood - Bellevue, TN
    
546
313
        
546
313
859
19
1985
2/2005
(c)
Captain D's Seafood - Birmingham, AL
    
474
351
        
474
351
825
22
1975
2/2005
(c)
Captain D's Seafood - Brentwood, TN
  
(g)
402
334
        
402
334
736
20
UNKNOWN
2/2005
(c)
Captain D's Seafood - Brunswich, GA
  
(g)
451
394
        
451
394
845
24
UNKNOWN
2/2005
(c)
Captain D's Seafood - Calhoun, GA
  
(g)
433
368
        
433
368
801
23
UNKNOWN
2/2005
(c)
Captain D's Seafood - Chattanooga, TN
  
(g)
321
339
        
321
339
660
21
1983
2/2005
(c)
Captain D's Seafood - Cincinnati, OH
    
265
338
        
265
338
603
21
1987
2/2005
(c)
Captain D's Seafood - Cincinnati, OH
    
213
367
        
213
367
580
22
1988
2/2005
(c)
Captain D's Seafood - Columbia, MO
  
(g)
190
375
        
190
375
565
23
UNKNOWN
2/2005
(c)
Captain D's Seafood - Columbia, SC
    
449
296
        
449
296
745
18
1977
2/2005
(c)
Captain D's Seafood - Columbus, GA
    
430
313
        
430
313
743
19
1989
2/2005
(c)
Captain D's Seafood - Conyers, GA
    
397
332
        
397
332
730
20
1988
2/2005
(c)
Captain D's Seafood - Covington, GA
    
353
353
        
353
353
706
22
1995
2/2005
(c)
Captain D's Seafood - Cullman, AL
    
616
517
        
616
517
1,133
32
UNKNOWN
2/2005
(c)
Captain D's Seafood - Dallas, GA
  
(g)
537
344
        
537
344
881
21
UNKNOWN
2/2005
(c)
Captain D's Seafood - Dallas, TX
    
97
287
        
97
287
384
18
1979
2/2005
(c)
Captain D's Seafood - Decatur, AL
    
634
376
        
634
376
1,011
23
UNKNOWN
2/2005
(c)
Captain D's Seafood - Decatur, GA
    
152
310
        
152
310
462
19
1990
2/2005
(c)
Captain D's Seafood - Decatur, GA
    
307
334
        
307
334
641
20
1990
2/2005
(c)
Captain D's Seafood - Decatur, GA
    
430
378
        
430
378
808
23
1993
2/2005
(c)
Captain D's Seafood - Douglas, GA
    
295
373
        
295
373
668
23
1979
2/2005
(c)
Captain D's Seafood - Duncanville, TX
    
67
297
        
67
297
363
18
1982
2/2005
(c)
Captain D's Seafood - Fayetteville, GA
    
561
397
        
561
397
958
24
1984
2/2005
(c)
Captain D's Seafood - Festus, MO
  
(g)
376
431
        
376
431
808
26
UNKNOWN
2/2005
(c)
Captain D's Seafood - Florence, KY
    
481
353
        
481
353
834
22
1981
2/2005
(c)
Captain D's Seafood - Forest Park, GA
    
421
344
        
421
344
765
21
1980
2/2005
(c)
Captain D's Seafood - Forestdale, AL
  
(g)
517
329
        
517
329
846
20
UNKNOWN
2/2005
(c)
Captain D's Seafood - Ft Worth, TX
    
96
321
        
96
321
418
20
1982
2/2005
(c)
Captain D's Seafood - Gallipolis, OH
    
487
408
        
487
408
895
25
UNKNOWN
2/2005
(c)
Captain D's Seafood - Goldsville, NC
    
201
366
        
201
366
567
22
1986
2/2005
(c)
Captain D's Seafood - Grand Prairie, TX
    
87
320
        
87
320
407
20
1987
2/2005
(c)
Captain D's Seafood - Hueytown, AL
    
366
328
        
366
328
694
20
1979
2/2005
(c)
Captain D's Seafood - Huntington, WV
  
(g)
513
382
        
513
382
895
23
1979
2/2005
(c)
Captain D's Seafood - Hurricane, WV
    
506
361
        
506
361
867
22
1981
2/2005
(c)
Captain D's Seafood - Jackson, MS
  
(g)
278
324
        
278
324
602
20
1981
2/2005
(c)
Captain D's Seafood - Jacksonville, FL
  
(g)
443
322
        
443
322
765
20
UNKNOWN
2/2005
(c)
Captain D's Seafood - Jacksonville, FL
  
(g)
591
307
        
591
307
898
19
UNKNOWN
2/2005
(c)
Captain D's Seafood - Jacksonville, FL
  
(g)
322
330
        
322
330
652
20
UNKNOWN
2/2005
(c)
Captain D's Seafood - Jacksonville, NC
  
(g)
226
350
        
226
350
576
21
UNKNOWN
2/2005
(c)
Captain D's Seafood - Jefferson City, MO
  
(g)
268
354
        
268
354
622
22
UNKNOWN
2/2005
(c)
Captain D's Seafood - Jeffersonville, IN
    
369
386
        
369
386
756
24
1977
2/2005
(c)
Captain D's Seafood - Jullahoma, TN
  
(g)
467
434
        
467
434
901
27
UNKNOWN
2/2005
(c)
Captain D's Seafood - Kennesaw, GA
  
(g)
523
285
        
523
285
808
17
1976
2/2005
(c)
Captain D's Seafood - Knoxville, TN
    
166
343
        
166
343
509
21
1990
2/2005
(c)
Captain D's Seafood - Knoxville, TN
  
(g)
368
329
        
368
329
697
20
1981
2/2005
(c)
Captain D's Seafood - Knoxville, TN
  
(g)
343
354
        
343
354
697
22
UNKNOWN
2/2005
(c)
Captain D's Seafood - Lagrange, GA
  
(g)
411
335
        
411
335
746
21
UNKNOWN
2/2005
(c)
Captain D's Seafood - Lawrenceville, GA
    
373
396
        
373
396
769
24
1987
2/2005
(c)
Captain D's Seafood - Lebanon, TN
  
(g)
577
331
        
577
331
908
20
UNKNOWN
2/2005
(c)
Captain D's Seafood - Lithonia, GA
    
358
354
        
358
354
712
22
1988
2/2005
(c)
Captain D's Seafood - Little Rock, AR
    
129
335
        
129
335
464
21
1980
2/2005
(c)
Captain D's Seafood - Louisville, KY
  
(g)
347
341
        
347
341
688
21
UNKNOWN
2/2005
(c)
Captain D's Seafood - Mableton, GA
  
(g)
273
292
        
273
292
565
18
UNKNOWN
2/2005
(c)
Captain D's Seafood - Madison, TN
    
364
305
        
364
305
669
19
1988
2/2005
(c)
Captain D's Seafood - Madisonville, KY
    
560
375
        
560
375
935
23
1976
2/2005
(c)
Captain D's Seafood - Marietta, GA
    
486
340
        
486
340
825
21
1988
2/2005
(c)
Captain D's Seafood - Marietta, OH
    
231
339
        
231
339
570
21
1979
2/2005
(c)
Captain D's Seafood - Monroe, GA
    
228
345
        
228
345
572
21
2000
2/2005
(c)
Captain D's Seafood - Montgomery, AL
  
(g)
335
335
        
335
335
670
21
UNKNOWN
2/2005
(c)
Captain D's Seafood - Mount Juliet, TN
    
320
420
        
320
420
740
26
1997
2/2005
(c)
Captain D's Seafood - Nashville, TN
    
377
445
        
377
445
822
27
1996
2/2005
(c)
Captain D's Seafood - New Albany, MS
  
(g)
238
339
        
238
339
577
21
1993
2/2005
(c)
Captain D's Seafood - North Charleston, SC
  
(g)
354
305
        
354
305
660
19
UNKNOWN
2/2005
(c)
Captain D's Seafood - North Little Rock, AR
  
(g)
165
360
        
165
360
524
22
1978
2/2005
(c)
Captain D's Seafood - Oneonta, AL
  
(g)
443
324
        
443
324
767
20
1986
2/2005
(c)
Captain D's Seafood - Owensboro, KY
    
284
353
        
284
353
637
22
1980
2/2005
(c)
Captain D's Seafood - Parkersburg, WV
  
(g)
207
329
        
207
329
536
20
1976
2/2005
(c)
Captain D's Seafood - Parkersburg, WV
    
258
385
        
258
385
644
24
1982
2/2005
(c)
Captain D's Seafood - Phenix City, AL
  
(g)
507
274
        
507
274
781
17
UNKNOWN
2/2005
(c)
Captain D's Seafood - Prattville, AL
  
(g)
665
373
        
665
373
1,037
23
UNKNOWN
2/2005
(c)
Captain D's Seafood - Riverdale, GA
    
448
341
        
448
341
789
21
1986
2/2005
(c)
Captain D's Seafood - Salisbury, NC
    
297
442
        
297
442
738
27
UNKNOWN
2/2005
(c)
Captain D's Seafood - Sanford, FL
  
(g)
452
337
        
452
337
789
21
UNKNOWN
2/2005
(c)
Captain D's Seafood - Shelbyville, TN
  
(g)
479
307
        
479
307
787
19
UNKNOWN
2/2005
(c)
Captain D's Seafood - Smyrna, GA
  
(g)
326
347
        
326
347
673
21
UNKNOWN
2/2005
(c)
Captain D's Seafood - Smyrna, TN
  
(g)
455
316
        
455
316
771
19
UNKNOWN
2/2005
(c)
Captain D's Seafood - Snellville, GA
    
531
371
        
531
371
902
23
1981
2/2005
(c)
Captain D's Seafood - Springfield, MO
  
(g)
297
548
        
297
548
845
34
UNKNOWN
2/2005
(c)
Captain D's Seafood - Starke, FL
  
(g)
328
385
        
328
385
713
24
UNKNOWN
2/2005
(c)
Captain D's Seafood - Statesboro, GA
  
(g)
371
325
        
371
325
696
20
1974
2/2005
(c)
Captain D's Seafood - Stockbridge, GA
    
209
327
        
209
327
536
20
1990
2/2005
(c)
Captain D's Seafood - Summerville, SC
  
(g)
397
301
        
397
301
699
18
UNKNOWN
2/2005
(c)
Captain D's Seafood - Thomaston, GA
  
(g)
470
358
        
470
358
828
22
UNKNOWN
2/2005
(c)
Captain D's Seafood - Troy, AL
    
479
370
        
479
370
849
23
1985
2/2005
(c)
Captain D's Seafood - Trussville, AL
    
444
417
        
444
417
861
26
UNKNOWN
2/2005
(c)
Captain D's Seafood - Tucker, GA
    
392
382
        
392
382
774
23
1992
2/2005
(c)
Captain D's Seafood - Tupelo, MS
  
(g)
371
573
        
371
573
944
35
2000
2/2005
(c)
Captain D's Seafood - Union City, GA
    
379
327
        
379
327
706
20
1987
2/2005
(c)
Captain D's Seafood - Valdosta, GA
    
375
327
        
375
327
701
20
1980
2/2005
(c)
Captain D's Seafood - Vicksburg, MS
    
447
292
        
447
292
739
18
1986
2/2005
(c)
Captain D's Seafood - Wetumpka, AL
    
552
413
        
552
413
965
25
1986
2/2005
(c)
Captain D's Seafood - Winter Garden, FL
  
(g)
649
351
        
649
351
1,001
22
UNKNOWN
2/2005
(c)
Captain D's Seafood - Zanesville , OH
    
(e)
(e)
        
(e)
(e)
(e)
(e)
1988
2/2005
(e)
Captain D's Seafood - Douglasville, GA
    
240
(d)
        
240
(d)
240
(d)
1998
2/2005
(c)
Captain D's Seafood - Huntington, WV
    
406
413
        
406
413
818
25
1973
2/2005
(c)
Captain D's Seafood - Metter, GA
    
400
354
        
400
354
754
22
1975
2/2005
(c)
Captain D's Seafood - St Albans, WV
    
244
381
        
244
381
625
23
1989
2/2005
(c)
Caribou Coffee - Gross Pt Woods, MI
    
572
280
        
572
280
851
17
1982
2/2005
(c)
Carlos OKellys - Bloomington, IL
  
(g)
1,042
723
        
1,042
723
1,765
44
1990
2/2005
(c)
Carlos OKellys - Mason City, IA
    
458
815
        
458
815
1,273
50
1955
2/2005
(c)
Carlos OKellys - Springfield, MO
  
(g)
1,092
1,034
        
1,092
1,034
2,126
63
1997
2/2005
(c)
Casa Del Rio - Wadsworth , OH
    
328
(e)
        
328
(e)
328
(e)
1992
2/2005
(e)
Casey's Grill - Winter Springs , FL
    
421
423
        
421
423
844
194
1987
2/2005
(c)
Cashland - Celina , OH
    
157
347
        
157
347
504
21
1995
2/2005
(c)
Castle Dental - Murfreesboro , TN
    
528
388
        
528
388
916
24
1996
2/2005
(c)
Century Motors - Honolulu, HI
    
1,729
303
        
1,729
303
2,032
19
1962
2/2005
(c)
Charleston's - Carmel, IN
    
1,137
750
        
1,137
750
1,887
46
1999
2/2005
(c)
Charleston's - Indianapolis, IN
    
1,001
833
        
1,001
833
1,834
51
1987
2/2005
(c)
Charleston's - Norman, OK
  
(g)
495
802
        
495
802
1,297
49
1994
2/2005
(c)
Charleston's - Tulsa, OK
  
(g)
543
622
        
543
622
1,165
38
1997
2/2005
(c)
Charleston's - Chandler, AZ
    
1,203
823
        
1,203
823
2,026
50
1998
2/2005
(c)
Check City - Taylorsville , UT
    
890
    
487
    
890
487
1,377
155
1997
6/1997
(c)
Checkers - Atlanta , GA
    
443
(d)
        
443
(d)
443
(d)
1990
2/2005
(c)
Checkers - Boca Raton , FL
    
1,082
(d)
        
1,082
(d)
1,082
(d)
1994
2/2005
(c)
Checkers - Boynton Beach , FL
    
893
(d)
        
893
(d)
893
(d)
1994
2/2005
(c)
Checkers - Bradenton , FL
    
355
(d)
        
355
(d)
355
(d)
1995
2/2005
(c)
Checkers - Chamblee , GA
    
560
(d)
        
560
(d)
560
(d)
1994
2/2005
(c)
Checkers - Coral Springs , FL
    
832
(d)
        
832
(d)
832
(d)
1995
2/2005
(c)
Checkers - Delray Beach , FL
    
424
(d)
        
424
(d)
424
(d)
1993
2/2005
(c)
Checkers - Englewood , FL
    
634
(d)
        
634
(d)
634
(d)
1993
2/2005
(c)
Checkers - Fayetteville , GA
  
(g)
458
(d)
        
458
(d)
458
(d)
1992
2/2005
(c)
Checkers - Foley , AL
  
(g)
302
(d)
        
302
(d)
302
(d)
1994
2/2005
(c)
Checkers - Hudson, FL
    
313
(d)
        
313
(d)
313
(d)
1992
2/2005
(c)
Checkers - Huntsville , AL
  
(g)
489
(d)
        
489
(d)
489
(d)
1993
2/2005
(c)
Checkers - Lake Mary , FL
    
863
(d)
        
863
(d)
863
(d)
1994
2/2005
(c)
Checkers - Lake Worth , FL
    
817
(d)
        
817
(d)
817
(d)
1994
2/2005
(c)
Checkers - Lakeland , FL
    
630
(d)
        
630
(d)
630
(d)
1995
2/2005
(c)
Checkers - Largo , FL
    
841
(d)
        
841
(d)
841
(d)
1994
2/2005
(c)
Checkers - Marietta , GA
    
487
(d)
        
487
(d)
487
(d)
1993
2/2005
(c)
Checkers - Marietta , GA
    
606
(d)
        
606
(d)
606
(d)
1992
2/2005
(c)
Checkers - Miami , FL
    
279
(d)
        
279
(d)
279
(d)
1994
2/2005
(c)
Checkers - Norcross , GA
    
574
(d)
        
574
(d)
574
(d)
1993
2/2005
(c)
Checkers - Ocala , FL
    
505
(d)
        
505
(d)
505
(d)
1994
2/2005
(c)
Checkers - Orlando , FL
    
826
(d)
        
826
(d)
826
(d)
1994
2/2005
(c)
Checkers - Orlando , FL
    
954
(d)
        
954
(d)
954
(d)
1994
2/2005
(c)
Checkers - Orlando , FL
    
932
(d)
        
932
(d)
932
(d)
1995
2/2005
(c)
Checkers - Pensacola , FL
    
523
(d)
        
523
(d)
523
(d)
1994
2/2005
(c)
Checkers - Pensacola , FL
    
602
(d)
        
602
(d)
602
(d)
1994
2/2005
(c)
Checkers - Philadelphia , PA
  
(g)
568
(d)
        
568
(d)
568
(d)
1994
2/2005
(c)
Checkers - Pompano Beach , FL
    
535
(d)
        
535
(d)
535
(d)
1994
2/2005
(c)
Checkers - Port Richey , FL
    
702
(d)
        
702
(d)
702
(d)
1994
2/2005
(c)
Checkers - Seminole , FL
    
1,288
(d)
        
1,288
(d)
1,288
(d)
1994
2/2005
(c)
Checkers - St. Petersburg , FL
    
502
(d)
        
502
(d)
502
(d)
1995
2/2005
(c)
Checkers - St. Petersburg , FL
    
816
(d)
        
816
(d)
816
(d)
1994
2/2005
(c)
Checkers - Tampa , FL
    
534
(d)
        
534
(d)
534
(d)
1994
2/2005
(c)
Checkers - Tampa, FL
    
371
(d)
        
371
(d)
371
(d)
1991
2/2005
(c)
Checkers - Tampa, FL
    
357
(d)
        
357
(d)
357
(d)
1992
2/2005
(c)
Checkers - Venice , FL
    
665
(d)
        
665
(d)
665
(d)
1994
2/2005
(c)
Checkers - Winter Garden , FL
    
698
(d)
        
698
(d)
698
(d)
1994
2/2005
(c)
Checkers - Winter Springs , FL
    
592
(d)
        
592
(d)
592
(d)
1994
2/2005
(c)
Checkers - Beech Grove, IN
    
634
(d)
        
634
(d)
634
(d)
2004
5/2005
(c)
Chevron - Bellflower, CA
    
814
417
        
814
417
1,231
26
1990
2/2005
(c)
Chevron - San Dimas, CA
    
1,696
623
        
1,696
623
2,319
38
1990
2/2005
(c)
Chevys - Annapolis , MD
    
1,372
(e)
        
1,372
(e)
1,372
(e)
1999
12/1999
(e)
Chevys - Atlanta , GA
(i)
(g)
1,464
1,874
        
1,464
1,874
3,338
493
1999
4/1999
(c)
Chevys - Bloomington , MN
  
(g)
869
1,310
        
869
1,310
2,179
337
1999
4/1999
(c)
Chevys - Clearwater , FL
(i)
(g)
984
1,104
        
984
1,104
2,088
281
1999
4/1999
(c)
Chevys - Greenbelt , MD
  
(g)
945
1,475
        
945
1,475
2,421
446
1994
12/1997
(c)
Chevys - Kissimmee , FL
    
571
1,536
        
571
1,536
2,107
396
1999
4/1999
(c)
Chevys - Lake Mary , FL
(i)
(g)
881
1,226
        
881
1,226
2,107
313
1999
4/1999
(c)
Chevys - Lake Oswego , OR
  
(g)
963
1,506
        
963
1,506
2,469
456
1995
12/1997
(c)
Chevys - Merriam , KS
(i)
(g)
1,032
1,075
        
1,032
1,075
2,107
291
1999
4/1999
(c)
Chevys - Mesa , AZ
    
1,338
859
        
1,338
859
2,197
53
1994
2/2005
(c)
Chevys - Miami , FL
    
1,360
751
        
1,360
751
2,110
46
1995
2/2005
(c)
Chevys - Naperville , IL
    
961
1,366
        
961
1,366
2,326
393
1990
5/1998
(c)
Chevys - Vancouver , WA
    
1,283
793
        
1,283
793
2,076
49
1994
2/2005
(c)
Chick-Fil-A - Arlington, TX
    
378
          
378
  
378
  
2001
2/2005
(c)
Chick-Fil-A - Rockwall , TX
    
528
    
340
    
528
340
868
115
1996
10/1996
(c)
Chilis - Amarillo, TX
    
508
633
        
508
633
1,140
39
1984
2/2005
(c)
Chilis - Boise, ID
  
(g)
877
677
        
877
677
1,554
42
1992
2/2005
(c)
Chilis - Cheyenne, WY
    
756
404
        
756
404
1,161
25
1994
2/2005
(c)
Chilis - Denton, TX
  
(g)
494
577
        
494
577
1,071
35
1986
2/2005
(c)
Chilis - Fayetteville, AR
    
715
707
        
715
707
1,422
43
1991
2/2005
(c)
Chilis - Las Cruces, NM
  
(g)
733
627
        
733
627
1,360
38
1990
2/2005
(c)
Chilis - Midland, TX
    
1,775
532
        
1,775
532
2,307
9
1984
6/2006
(c)
Chilis - Omaha, NE
    
676
656
        
676
656
1,332
40
1992
2/2005
(c)
Chilis - Riverdale, UT
    
863
690
        
863
690
1,553
42
1993
2/2005
(c)
Chipotle Mexican Grill - Upland , CA
    
788
    
209
    
788
209
998
73
1996
7/1996
(c)
Chipper's Grill - Streator , IL
  
(g)
276
834
        
276
834
1,111
51
1988
2/2005
(c)
Church's - Riverdale, GA
    
206
373
        
206
373
579
23
1983
2/2005
(c)
Church's - Wilmington, NC
    
117
223
        
117
223
340
14
1980
2/2005
(c)
Citgo - Baltimore, MD
    
(f)
          
(f)
      
1998
2/2005
(c)
Citgo - Ellicott City, MD
    
(f)
          
(f)
      
1998
2/2005
(c)
Citgo - Fairview Heights, IL
    
103
247
        
103
247
350
15
1973
2/2005
(c)
City Buffet - Alexander City , AL
    
323
527
        
323
527
850
32
1988
2/2005
(c)
Clancy's - Greenwood, IN
    
237
573
        
237
573
810
35
1985
2/2005
(c)
Clay Pit - Dallas , TX
(i)
  
(e)
(e)
        
(e)
(e)
(e)
(e)
1991
10/1997
(e)
Crabhouse - Jupiter, FL
    
4,361
2,328
        
4,361
2,328
6,690
143
1995
2/2005
(c)
Crescent Car Wash - La Palma, CA
    
700
350
        
700
350
1,050
21
1995
2/2005
(c)
Culpepper Restaurant - Bridgeton , MO
(i)
  
(f)
596
        
(f)
596
596
443
1989
3/1999
(c)
CVS Pharmacy - Altamonte Springs , FL
    
2,700
2,269
        
2,700
2,269
4,969
114
2004
4/1999
(c)
Dairy Queen - Alto, TX
    
102
253
        
102
253
355
15
1972
2/2005
(c)
Dairy Queen - Ballinger, TX
    
117
295
        
117
295
413
18
1988
2/2005
(c)
Dairy Queen - Buna, TX
    
87
270
        
87
270
357
17
1976
2/2005
(c)
Dairy Queen - Carthage, TX
    
90
282
        
90
282
372
17
1975
2/2005
(c)
Dairy Queen - Cleveland, TX
    
93
333
        
93
333
426
20
1974
2/2005
(c)
Dairy Queen - Dayton, TX
    
96
253
        
96
253
349
16
1969
2/2005
(c)
Dairy Queen - Diboll, TX
    
94
256
        
94
256
349
16
1990
2/2005
(c)
Dairy Queen - Hemphill, TX
    
105
292
        
105
292
397
18
1976
2/2005
(c)
Dairy Queen - Huffman, TX
    
97
259
        
97
259
356
16
1991
2/2005
(c)
Dairy Queen - Huntington, TX
    
97
273
        
97
273
370
17
1980
2/2005
(c)
Dairy Queen - Huntsville, TX
    
97
274
        
97
274
371
17
1985
2/2005
(c)
Dairy Queen - Jasper, TX
    
89
247
        
89
247
336
15
1992
2/2005
(c)
Dairy Queen - Kountze, TX
    
92
219
        
92
219
311
13
1995
2/2005
(c)
Dairy Queen - Lubbock, TX
  
(g)
188
368
        
188
368
557
23
1989
2/2005
(c)
Dairy Queen - Lufkin, TX
    
99
293
        
99
293
393
18
1987
2/2005
(c)
Dairy Queen - Lufkin, TX
    
90
266
        
90
266
357
16
1989
2/2005
(c)
Dairy Queen - Pineland, TX
    
95
264
        
95
264
358
16
1989
2/2005
(c)
Dairy Queen - Rusk, TX
    
207
260
        
207
260
467
16
1989
2/2005
(c)
Dairy Queen - San Augustine, TX
    
98
260
        
98
260
358
16
1988
2/2005
(c)
Dairy Queen - Silsbee, TX
    
94
257
        
94
257
351
16
1988
2/2005
(c)
Dairy Queen - Sour Lake, TX
    
95
266
        
95
266
361
16
1978
2/2005
(c)
Dairy Queen - Waskom, TX
    
110
331
        
110
331
441
20
1990
2/2005
(c)
Dairy Queen - Wells, TX
    
109
261
        
109
261
370
16
1992
2/2005
(c)
Dairy Queen - Woodville, TX
    
99
393
        
99
393
492
24
1991
2/2005
(c)
DC Sports Bar & Steakhouse Restaurant - Eunice , LA
  
(g)
301
518
        
301
518
819
32
1987
2/2005
(c)
Del Taco - Mesa , AZ
    
567
(e)
        
567
(e)
567
(e)
1997
2/2005
(e)
Del Taco - Mesa , AZ
    
642
    
582
    
642
582
1,224
140
1999
10/1999
(c)
Denny's - Akron , OH
  
(g)
137
798
        
137
798
936
6
1992
3/1999
(c)
Denny's - Amherst , OH
  
(g)
(e)
(e)
        
(e)
(e)
(e)
(e)
1987
2/2005
(e)
Denny's - Avon , CO
    
2,327
760
        
2,327
760
3,087
47
1993
2/2005
(c)
Denny's - Batavia, NY
    
395
439
        
395
439
835
19
1974
9/2005
(c)
Denny's - Black Mountain , NC
  
(g)
465
(e)
        
465
(e)
465
(e)
1992
2/2005
(e)
Denny's - Branson , MO
  
(g)
2,025
756
        
2,025
756
2,781
46
1995
2/2005
(c)
Denny's - Chickasha, OK
    
112
411
        
112
411
522
25
2001
2/2005
(c)
Denny's - Columbia, SC
    
792
366
        
792
366
1,158
22
1998
2/2005
(c)
Denny's - Duncan , SC
  
(g)
220
682
        
220
682
902
5
1992
3/1999
(c)
Denny's - Dundee , MI
    
593
443
        
593
443
1,036
27
1988
2/2005
(c)
Denny's - Fremont , OH
  
(g)
247
434
        
247
434
681
27
1992
2/2005
(c)
Denny's - Greensboro , NC
  
(g)
361
572
        
361
572
933
149
1992
3/1999
(c)
Denny's - Greenville , SC
  
(g)
458
455
        
458
455
912
118
1985
3/1999
(c)
Denny's - Henrietta, NY
    
205
244
        
205
244
449
10
1987
9/2005
(c)
Denny's - Houston , TX
  
(g)
393
665
        
393
665
1,058
173
1985
3/1999
(c)
Denny's - Idaho Falls , ID
    
784
553
        
784
553
1,337
34
1995
2/2005
(c)
Denny's - Kansas City , MO
  
(g)
401
901
        
401
901
1,302
239
1997
6/1999
(c)
Denny's - Kent , OH
    
(e)
(e)
        
(e)
(e)
(e)
(e)
1987
2/2005
(e)
Denny's - Lakewood, NY
    
243
286
        
243
286
528
12
1970
9/2005
(c)
Denny's - Landrum , SC
  
(g)
155
398
        
155
398
554
3
1992
3/1999
(c)
Denny's - Lee'S Summit , MO
(i)
  
540
670
        
540
670
1,210
171
1979
5/1999
(c)
Denny's - Marion , OH
    
279
350
        
279
350
629
21
1989
2/2005
(c)
Denny's - Melbourne , FL
    
569
417
        
569
417
986
26
1998
2/2005
(c)
Denny's - Merriam , KS
(i)
(g)
645
992
        
645
992
1,637
253
1981
5/1999
(c)
Denny's - Mesa , AZ
    
788
577
        
788
577
1,365
35
1994
2/2005
(c)
Denny's - Moab , UT
  
(g)
679
548
        
679
548
1,228
34
1995
2/2005
(c)
Denny's - Mooresville , NC
  
(g)
307
602
        
307
602
909
4
1992
3/1999
(c)
Denny's - N. Kansas City , MO
(i)
(g)
450
761
        
450
761
1,211
194
1979
5/1999
(c)
Denny's - New Castle , IN
    
316
431
        
316
431
747
26
1973
2/2005
(c)
Denny's - Ocean Springs , MS
  
(g)
473
(e)
        
473
(e)
473
(e)
1992
2/2005
(e)
Denny's - Ontario, OR
  
(g)
241
716
        
241
716
957
44
1978
1/2002
(c)
Denny's - Orlando , FL
    
520
(e)
        
520
(e)
520
(e)
1992
2/2005
(e)
Denny's - Phoenix , AZ
    
644
559
        
644
559
1,202
34
1992
2/2005
(c)
Denny's - Salem , OH
    
202
(e)
        
202
(e)
202
(e)
1991
2/2005
(e)
Denny's - Sedalia , MO
(i)
(g)
319
190
  
823
    
319
1,013
1,332
258
1999
5/1999
(c)
Denny's - Spartanburg , SC
    
448
(e)
        
448
(e)
448
(e)
1992
2/2005
(e)
Denny's - St. Ann , MO
    
503
547
        
503
547
1,050
34
1993
2/2005
(c)
Denny's - Tempe , AZ
    
1,052
942
        
1,052
942
1,995
58
1982
2/2005
(c)
Denny's - Tempe , AZ
    
1,394
628
        
1,394
628
2,022
38
1994
2/2005
(c)
Denny's - Temple , TX
  
(g)
395
271
        
395
271
666
17
1975
2/2005
(c)
Denny's - Topeka , KS
  
(g)
415
583
        
415
583
997
4
1989
3/1999
(c)
Denny's - Winter Springs , FL
  
(g)
555
761
        
555
761
1,316
6
1994
3/1999
(c)
Denny's - Glendale, AZ
    
267
495
        
267
495
761
30
1986
2/2005
(c)
Denny's - Mesa, AZ
    
152
505
        
152
505
656
31
1986
2/2005
(c)
Denny's - Peoria, AZ
    
225
482
        
225
482
707
30
1989
2/2005
(c)
Denny's - Scottsdale, AZ
    
180
473
        
180
473
653
29
1985
2/2005
(c)
Don Pablo's - Brooklyn, OH
    
1,011
1,033
        
1,011
1,033
2,044
9
2000
9/2006
(c)
Don Pablo's - Canton, MI
    
1,010
2,191
        
1,010
2,191
3,200
19
1995
9/2006
(c)
Don Pablo's - Indianapolis, IN
    
563
1,617
        
563
1,617
2,180
14
1995
9/2006
(c)
Don Pablo's - Kentwood, MI
    
(e)
(e)
        
(e)
(e)
(e)
(e)
1997
9/2006
(e)
Don Pablo's - Langhorne, PA
    
852
1,175
        
852
1,175
2,027
10
1999
9/2006
(c)
Don Pablo's - Murfreesboro, TN
    
779
1,756
        
779
1,756
2,534
16
1998
9/2006
(c)
Don Pablo's - Saginaw, MI
    
(e)
(e)
        
(e)
(e)
(e)
(e)
1997
9/2006
(e)
Don Pablo's - Whitehall Township, PA
    
656
1,796
        
656
1,796
2,452
16
1997
9/2006
(c)
Dunkin Donuts / Baskin Robins - Dearborn Heights, MI
    
627
486
        
627
486
1,113
30
1998
2/2005
(c)
Einstein Bros. Bagels - Dearborn , MI
  
(g)
465
178
        
465
178
643
58
1997
7/1997
(c)
Einstein Bros. Bagels - Springfield , VA
  
(g)
634
(d)
        
634
(d)
634
(d)
1997
7/1997
(c)
El Chico - Carrollton, TX
    
504
620
        
504
620
1,125
38
1970
2/2005
(c)
El Chico - De Soto, TX
  
(g)
605
755
        
605
755
1,359
46
1985
2/2005
(c)
El Chico - Lewisville, TX
    
502
625
        
502
625
1,127
38
1982
2/2005
(c)
El Chico - Texarkana, AR
  
(g)
475
601
        
475
601
1,076
37
1970
2/2005
(c)
El Chico - Tulsa, OK
    
576
673
        
576
673
1,249
41
1972
2/2005
(c)
EL Ranchito Restaurant - Albemarle , NC
    
334
332
        
334
332
666
20
1994
2/2005
(c)
Famous Dave's - Snellville, GA
    
885
844
        
885
844
1,730
52
1997
2/2005
(c)
Fat Mo's Burgers - Chattanooga, TN
    
138
138
        
138
138
276
8
1985
2/2005
(c)
Fazoli's - Carmel, IN
    
164
516
        
164
516
680
32
1989
2/2005
(c)
Fazoli's - Des Moines, IA
    
89
465
        
89
465
554
28
1973
2/2005
(c)
Fazoli's - Southaven , MS
  
(g)
485
    
587
    
485
587
1,072
101
1999
2/1999
(c)
Fedex Kinko's - Homewood , AL
    
745
385
        
745
385
1,130
24
1997
2/2005
(c)
Fillmore Gas - Fillmore, CA
    
1,402
567
        
1,402
567
1,969
35
2000
2/2005
(c)
Fina - Arlington, TX
    
190
428
        
190
428
618
26
1990
2/2005
(c)
Fina - Bedford, TX
    
570
380
        
570
380
950
23
1986
2/2005
(c)
Fina - Midlothian, TX
    
48
142
        
48
142
190
9
UNKNOWN
2/2005
(c)
Fina - N Richland Hills, TX
    
156
366
        
156
366
522
22
UNKNOWN
2/2005
(c)
Flat Rock Grille - Hoover, AL
    
1,205
660
        
1,205
660
1,865
40
2004
2/2005
(c)
Gant Oil - Asheboro, NC
  
(g)
323
403
        
323
403
726
25
1987
2/2005
(c)
Gant Oil - Kernersville, NC
    
241
744
        
241
744
985
46
1995
2/2005
(c)
Gant Oil - Kernersville, NC
    
292
362
        
292
362
654
22
1987
2/2005
(c)
Gant Oil - Kernersville, NC
    
313
437
        
313
437
750
27
1984
2/2005
(c)
Gant Oil - Lexington, NC
  
(g)
333
362
        
333
362
695
22
1976
2/2005
(c)
Gant Oil - Madison, NC
    
216
207
        
216
207
423
13
1964
2/2005
(c)
Gant Oil - Morehead City, NC
    
126
307
        
126
307
433
19
1972
2/2005
(c)
Gant Oil - Mount Airy, NC
    
240
642
        
240
642
882
39
1992
2/2005
(c)
Gant Oil - New Bern, NC
    
185
555
        
185
555
740
34
1996
2/2005
(c)
Gant Oil - Taylorsville, NC
  
(g)
203
371
        
203
371
574
23
1990
2/2005
(c)
Gant Oil - Walkertown, NC
    
428
280
        
428
280
709
17
1986
2/2005
(c)
Gant Oil - Walnut Cove, NC
  
(g)
289
672
        
289
672
961
41
1998
2/2005
(c)
Gant Oil - Winston Salem, NC
    
240
263
        
240
263
503
16
1979
2/2005
(c)
Gant Oil - Winston Salem, NC
    
226
160
        
226
160
387
10
1962
2/2005
(c)
Gant Oil - Winston Salem, NC
  
(g)
206
371
        
206
371
577
23
1988
2/2005
(c)
Golden Corral - Aberdeen , NC
  
(g)
566
957
        
566
957
1,523
59
1994
2/2005
(c)
Golden Corral - Albany , GA
  
(g)
681
993
        
681
993
1,674
61
1998
2/2005
(c)
Golden Corral - Albuquerque , NM
    
1,184
812
        
1,184
812
1,996
50
1989
2/2005
(c)
Golden Corral - Amarillo , TX
    
1,241
975
        
1,241
975
2,216
60
1989
2/2005
(c)
Golden Corral - Arlington , TX
    
910
1,039
        
910
1,039
1,949
64
1992
2/2005
(c)
Golden Corral - Augusta , GA
    
1,110
1,001
        
1,110
1,001
2,112
61
1994
2/2005
(c)
Golden Corral - Austin , TX
    
1,273
994
        
1,273
994
2,268
61
1992
2/2005
(c)
Golden Corral - Austin , TX
    
840
1,177
        
840
1,177
2,017
72
1992
2/2005
(c)
Golden Corral - Baytown , TX
    
694
749
        
694
749
1,443
46
1995
2/2005
(c)
Golden Corral - Beaumont , TX
    
758
959
        
758
959
1,717
59
1990
2/2005
(c)
Golden Corral - Bellevue , NE
    
441
    
1,039
    
441
1,039
1,480
268
1999
4/1999
(c)
Golden Corral - Blue Springs, MO
  
(g)
846
1,317
        
846
1,317
2,163
81
2000
2/2005
(c)
Golden Corral - Bristol, VA
  
(g)
886
1,114
        
886
1,114
2,000
68
2000
2/2005
(c)
Golden Corral - Brownsville , TX
    
779
863
        
779
863
1,642
53
1990
2/2005
(c)
Golden Corral - Brunswick , GA
  
(g)
457
    
1,171
    
457
1,171
1,627
323
1998
9/1998
(c)
Golden Corral - Burlington , NC
  
(g)
1,365
1,061
        
1,365
1,061
2,426
65
1993
2/2005
(c)
Golden Corral - Carlsbad , NM
    
384
    
644
    
384
644
1,028
243
1995
9/1995
(c)
Golden Corral - Cleburne , TX
    
359
    
654
    
359
654
1,013
244
1995
10/1995
(c)
Golden Corral - Clinton , NC
  
(g)
186
695
        
186
695
881
43
1996
2/2005
(c)
Golden Corral - Clovis , NM
    
409
806
        
409
806
1,214
227
1997
7/1998
(c)
Golden Corral - College Station , TX
    
782
848
        
782
848
1,630
52
1990
2/2005
(c)
Golden Corral - Columbia , MO
    
848
    
1,009
    
848
1,009
1,857
269
1999
1/1999
(c)
Golden Corral - Columbus , OH
  
(g)
1,031
    
1,093
    
1,031
1,093
2,124
406
1995
11/1995
(c)
Golden Corral - Cookeville , TN
  
(g)
806
    
1,087
    
806
1,087
1,893
270
1999
7/1999
(c)
Golden Corral - Corpus Christi , TX
    
577
    
935
    
577
935
1,511
289
1997
9/1997
(c)
Golden Corral - Council Bluffs , IA
  
(g)
546
    
993
    
546
993
1,539
277
1998
8/1998
(c)
Golden Corral - Dallas , TX
    
824
1,009
        
824
1,009
1,833
62
1991
2/2005
(c)
Golden Corral - Davenport , IA
    
601
1,344
        
601
1,344
1,945
346
1998
4/1999
(c)
Golden Corral - Dover , DE
    
1,043
    
978
    
1,043
978
2,021
360
1995
12/1995
(c)
Golden Corral - Dubuque , IA
    
564
    
1,056
    
564
1,056
1,621
296
1998
8/1998
(c)
Golden Corral - Duncan , OK
  
(g)
161
    
1,029
    
161
1,029
1,190
312
1997
11/1997
(c)
Golden Corral - El Paso , TX
    
960
978
        
960
978
1,938
60
1990
2/2005
(c)
Golden Corral - El Paso , TX
    
1,174
988
        
1,174
988
2,161
61
1990
2/2005
(c)
Golden Corral - Elizabethtown , KY
  
(g)
656
1,025
        
656
1,025
1,680
63
1997
2/2005
(c)
Golden Corral - Evansville , IN
  
(g)
601
    
1,195
    
601
1,195
1,796
311
1999
7/1999
(c)
Golden Corral - Evansville , IN
  
(g)
588
    
1,393
    
588
1,393
1,981
333
1999
12/1999
(c)
Golden Corral - Farmington , NM
  
(g)
673
1,044
        
673
1,044
1,717
64
1996
2/2005
(c)
Golden Corral - Flowood , MS
    
596
    
1,094
    
596
1,094
1,690
258
1999
12/1999
(c)
Golden Corral - Fort Dodge , IA
    
321
    
1,156
    
321
1,156
1,477
306
1999
1/1999
(c)
Golden Corral - Fort Walton Beach , FL
    
591
    
1,176
    
591
1,176
1,767
352
1997
1/1998
(c)
Golden Corral - Fort Wayne , IN
    
744
    
1,276
    
744
1,276
2,020
298
1999
12/1999
(c)
Golden Corral - Fort Worth , TX
    
640
898
        
640
898
1,538
340
1995
8/1995
(c)
Golden Corral - Franklin , IN
    
224
597
        
224
597
821
37
1988
2/2005
(c)
Golden Corral - Fremont , NE
    
240
843
        
240
843
1,082
52
1998
2/2005
(c)
Golden Corral - Galveston , TX
    
809
949
        
809
949
1,759
58
1997
2/2005
(c)
Golden Corral - Grand Prairie , TX
    
1,072
994
        
1,072
994
2,066
61
1990
2/2005
(c)
Golden Corral - Harlingen , TX
    
740
854
        
740
854
1,594
52
1990
2/2005
(c)
Golden Corral - Henderson , KY
    
377
    
1,117
    
377
1,117
1,494
286
1999
4/1999
(c)
Golden Corral - Hickory , NC
  
(g)
1,090
1,000
        
1,090
1,000
2,090
61
1994
2/2005
(c)
Golden Corral - Houston , TX
    
1,057
989
        
1,057
989
2,047
61
1990
2/2005
(c)
Golden Corral - Houston , TX
    
1,159
824
        
1,159
824
1,983
50
1997
2/2005
(c)
Golden Corral - Jacksonville , FL
    
593
    
1,184
    
593
1,184
1,777
366
1997
9/1997
(c)
Golden Corral - Jacksonville , FL
    
541
    
1,174
    
541
1,174
1,715
365
1999
9/1997
(c)
Golden Corral - Jacksonville , FL
    
684
    
1,259
    
684
1,259
1,943
295
1999
12/1999
(c)
Golden Corral - Kokomo, IN
  
(g)
706
1,247
        
706
1,247
1,953
76
2000
2/2005
(c)
Golden Corral - L. Lk. Bryan, FL
    
67
(d)
        
67
(d)
67
(d)
1998
5/2000
(c)
Golden Corral - L. Lk. Bryan, FL
    
361
(d)
        
361
(d)
361
(d)
N/A
9/1998
(c)
Golden Corral - Las Cruces , NM
    
809
956
        
809
956
1,766
59
1992
2/2005
(c)
Golden Corral - Lincoln, NE
  
(g)
537
1,066
        
537
1,066
1,603
65
2000
2/2005
(c)
Golden Corral - Lufkin , TX
    
479
    
954
    
479
954
1,433
318
1997
1/1997
(c)
Golden Corral - Mcallen , TX
    
927
836
        
927
836
1,762
51
1992
2/2005
(c)
Golden Corral - Midwest City , OK
    
715
1,563
        
715
1,563
2,278
96
1992
2/2005
(c)
Golden Corral - Moberly , MO
  
(g)
374
    
838
    
374
838
1,213
270
1997
5/1997
(c)
Golden Corral - Norman , OK
    
1,110
1,009
        
1,110
1,009
2,119
62
1994
2/2005
(c)
Golden Corral - Odessa , TX
    
692
925
        
692
925
1,617
57
1990
2/2005
(c)
Golden Corral - Oklahoma City , OK
    
896
1,106
        
896
1,106
2,002
68
1992
2/2005
(c)
Golden Corral - Omaha , NE
  
(g)
570
    
1,272
    
570
1,272
1,842
339
1998
12/1998
(c)
Golden Corral - Orange Park , FL
    
929
1,069
        
929
1,069
1,998
65
1996
2/2005
(c)
Golden Corral - Palatka , FL
    
322
    
987
    
322
987
1,310
297
1997
12/1997
(c)
Golden Corral - Panama City , FL
    
1,151
1,007
        
1,151
1,007
2,158
62
1994
2/2005
(c)
Golden Corral - Pensacola , FL
    
658
    
1,347
    
658
1,347
2,005
361
1999
3/1999
(c)
Golden Corral - Rock Hill , SC
    
718
    
1,202
    
718
1,202
1,920
290
1999
10/1999
(c)
Golden Corral - Rosenberg , TX
    
429
645
        
429
645
1,074
40
1995
2/2005
(c)
Golden Corral - San Antonio , TX
    
844
1,054
        
844
1,054
1,897
65
1993
2/2005
(c)
Golden Corral - Smithfield , NC
  
(g)
340
933
        
340
933
1,273
57
1996
2/2005
(c)
Golden Corral - Stockbridge , GA
    
662
711
        
662
711
1,373
44
1987
2/2005
(c)
Golden Corral - Texarkana, TX
    
665
    
1,080
    
665
1,080
1,745
234
2000
7/2000
(c)
Golden Corral - Tulsa , OK
    
705
    
1,305
    
705
1,305
2,010
318
1999
9/1999
(c)
Golden Corral - Tyler , TX
    
948
958
        
948
958
1,907
59
1990
2/2005
(c)
Golden Corral - Victoria , TX
    
729
925
        
729
925
1,654
57
1989
2/2005
(c)
Golden Corral - Weatherford , TX
    
456
729
        
456
729
1,185
45
1996
2/2005
(c)
Golden Corral - Wichita , KS
    
244
588
        
244
588
832
36
1987
2/2005
(c)
Golden Corral - Wilson , NC
    
564
791
        
564
791
1,355
48
1993
2/2005
(c)
Golden Corral - Mcdonough, GA
  
(g)
1,171
2,316
        
1,171
2,316
3,486
201
2004
5/2004
(c)
Golden Wok - Albemarle , NC
    
328
580
        
328
580
908
36
1992
2/2005
(c)
Gooney Bird's Sports Grill - Laurens , SC
    
(e)
(e)
        
(e)
(e)
(e)
(e)
1992
2/2005
(e)
Grandy's - Abilene, TX
    
638
(d)
        
638
(d)
638
(d)
1980
2/2005
(c)
Grandy's - Ardmore, OK
    
391
(d)
        
391
(d)
391
(d)
1983
2/2005
(c)
Grandy's - Arlington, TX
    
546
(d)
        
546
(d)
546
(d)
1986
2/2005
(c)
Grandy's - Carrollton, TX
    
599
(d)
        
599
(d)
599
(d)
1983
2/2005
(c)
Grandy's - Carrollton, TX
    
638
(d)
        
638
(d)
638
(d)
1986
2/2005
(c)
Grandy's - Dallas, TX
    
589
(d)
        
589
(d)
589
(d)
1981
2/2005
(c)
Grandy's - Dallas, TX
    
272
(d)
        
272
(d)
272
(d)
1984
2/2005
(c)
Grandy's - Dallas, TX
    
506
(d)
        
506
(d)
506
(d)
1984
2/2005
(c)
Grandy's - Edmond, OK
    
508
(d)
        
508
(d)
508
(d)
1984
2/2005
(c)
Grandy's - Ft Worth, TX
    
609
(d)
        
609
(d)
609
(d)
1986
2/2005
(c)
Grandy's - Ft Worth, TX
    
652
(d)
        
652
(d)
652
(d)
1985
2/2005
(c)
Grandy's - Ft Worth, TX
    
396
(d)
        
396
(d)
396
(d)
1985
2/2005
(c)
Grandy's - Garland, TX
    
488
(d)
        
488
(d)
488
(d)
1980
2/2005
(c)
Grandy's - Garland, TX
    
710
(d)
        
710
(d)
710
(d)
1983
2/2005
(c)
Grandy's - Grapevine, TX
    
748
(d)
        
748
(d)
748
(d)
1988
2/2005
(c)
Grandy's - Greenville, TX
    
668
(d)
        
668
(d)
668
(d)
1979
2/2005
(c)
Grandy's - Hobbs, NM
    
658
(d)
        
658
(d)
658
(d)
1984
2/2005
(c)
Grandy's - Irving, TX
    
552
(d)
        
552
(d)
552
(d)
1976
2/2005
(c)
Grandy's - Irving, TX
    
655
(d)
        
655
(d)
655
(d)
1981
2/2005
(c)
Grandy's - Lancaster, TX
    
674
(d)
        
674
(d)
674
(d)
1984
2/2005
(c)
Grandy's - Lubbock, TX
    
638
(d)
        
638
(d)
638
(d)
1976
2/2005
(c)
Grandy's - Mesquite, TX
    
661
(d)
        
661
(d)
661
(d)
1983
2/2005
(c)
Grandy's - Moore, OK
    
701
(d)
        
701
(d)
701
(d)
1987
2/2005
(c)
Grandy's - Norman, OK
    
668
(d)
        
668
(d)
668
(d)
1984
2/2005
(c)
Grandy's - Oklahoma City, OK
    
579
(d)
        
579
(d)
579
(d)
1984
2/2005
(c)
Grandy's - Oklahoma City, OK
    
618
(d)
        
618
(d)
618
(d)
1985
2/2005
(c)
Grandy's - Plano, TX
    
647
(d)
        
647
(d)
647
(d)
1979
2/2005
(c)
Great Clips - Lombard , IL
    
160
220
        
160
220
380
13
1973
2/2005
(c)
Great Dragon Buffet - Albany , GA
  
(g)
544
848
        
544
848
1,392
52
1991
2/2005
(c)
Ground Round - Allentown , PA
  
(g)
406
885
        
406
885
1,291
273
1983
10/1997
(c)
Ground Round - Dubuque , IA
  
(g)
682
810
        
682
810
1,493
250
1982
10/1997
(c)
Ground Round - Janesville , WI
  
(g)
451
548
        
451
548
999
169
1982
10/1997
(c)
Ground Round - Kalamazoo , MI
  
(g)
287
712
        
287
712
999
219
1980
10/1997
(c)
Ground Round - Waterloo , IA
  
(g)
436
659
        
436
659
1,096
203
1982
10/1997
(c)
Guthrie's Restaurant - Hoover , AL
    
494
620
        
494
620
1,113
193
1997
9/1997
(c)
Hableanos Mexican - Hueytown , AL
  
(g)
432
693
        
432
693
1,125
42
1987
2/2005
(c)
Hardees - Aiken, SC
    
988
354
        
988
354
1,342
22
1977
2/2005
(c)
Hardees - Akron , OH
    
390
(e)
        
390
(e)
390
(e)
1990
2/2005
(e)
Hardees - Alma, GA
    
241
403
        
241
403
644
25
1992
2/2005
(c)
Hardees - Alpharetta, GA
    
500
370
        
500
370
870
16
UNKNOWN
9/2005
(c)
Hardees - Ashland , AL
  
(g)
286
408
        
286
408
693
25
1992
2/2005
(c)
Hardees - Attalla , AL
  
(g)
294
449
        
294
449
743
28
1993
2/2005
(c)
Hardees - Auburn , AL
  
(g)
(e)
(e)
        
(e)
(e)
(e)
(e)
1991
2/2005
(e)
Hardees - Batesville , MS
    
265
389
        
265
389
653
24
1993
2/2005
(c)
Hardees - Beaver, WV
    
260
393
        
260
393
653
17
UNKNOWN
9/2005
(c)
Hardees - Belleville, IL
    
188
551
        
188
551
739
34
1988
2/2005
(c)
Hardees - Bloomingdale , TN
  
(g)
237
405
        
237
405
642
25
1992
2/2005
(c)
Hardees - Bremen, GA
    
416
470
        
416
470
886
20
1984
9/2005
(c)
Hardees - Brunswick , OH
    
(e)
(e)
        
(e)
(e)
(e)
(e)
1990
2/2005
(e)
Hardees - Brunswick, GA
    
42
458
        
42
458
499
28
1992
2/2005
(c)
Hardees - Canton, GA
    
425
427
        
425
427
852
18
1983
9/2005
(c)
Hardees - Centerville , TN
    
249
(e)
        
249
(e)
249
(e)
1991
2/2005
(e)
Hardees - Chapin , SC
  
(g)
308
403
        
308
403
711
25
1993
2/2005
(c)
Hardees - Chester , SC
    
(e)
(e)
        
(e)
(e)
(e)
(e)
1994
2/2005
(e)
Hardees - Clarkesville , GA
  
(g)
273
510
        
273
510
783
31
1992
2/2005
(c)
Hardees - Claxton, GA
    
174
434
        
174
434
607
27
1986
2/2005
(c)
Hardees - Clinton , TN
  
(g)
427
(e)
        
427
(e)
427
(e)
1992
2/2005
(e)
Hardees - Columbia , SC
    
477
(e)
        
477
(e)
477
(e)
1991
2/2005
(e)
Hardees - Crossville , TN
  
(g)
465
583
        
465
583
1,048
36
1992
2/2005
(c)
Hardees - Dalton , OH
    
314
(e)
        
314
(e)
314
(e)
1990
2/2005
(e)
Hardees - Erwin, TN
    
394
443
        
394
443
838
19
1982
9/2005
(c)
Hardees - Glennville, GA
    
120
429
        
120
429
550
26
1986
2/2005
(c)
Hardees - Grafton , OH
    
(e)
(e)
        
(e)
(e)
(e)
(e)
1990
2/2005
(e)
Hardees - Hazlehurst, GA
    
310
473
        
310
473
783
29
1982
2/2005
(c)
Hardees - Hohenwald , TN
  
(g)
(e)
(e)
        
(e)
(e)
(e)
(e)
1991
2/2005
(e)
Hardees - Huntingdon , TN
    
(e)
(e)
        
(e)
(e)
(e)
(e)
1992
2/2005
(e)
Hardees - Indian Trail , NC
    
482
(e)
        
482
(e)
482
(e)
1992
2/2005
(e)
Hardees - Jacksonville , FL
    
529
(e)
        
529
(e)
529
(e)
1990
2/2005
(e)
Hardees - Jacksonville , FL
    
575
412
        
575
412
987
25
1993
2/2005
(c)
Hardees - Jefferson , OH
    
180
(e)
        
180
(e)
180
(e)
1990
2/2005
(e)
Hardees - Kingsport , TN
  
(g)
296
(e)
        
296
(e)
296
(e)
1992
2/2005
(e)
Hardees - La Crosse, WI
    
312
474
        
312
474
786
29
1979
2/2005
(c)
Hardees - Lexington , OH
    
(e)
(e)
        
(e)
(e)
(e)
(e)
1990
2/2005
(e)
Hardees - Lillington, NC
    
176
171
        
176
171
348
7
1973
9/2005
(c)
Hardees - Metter, GA
    
528
415
        
528
415
943
25
1984
2/2005
(c)
Hardees - Millbrook , AL
  
(g)
(e)
(e)
        
(e)
(e)
(e)
(e)
1991
2/2005
(e)
Hardees - Minerva , OH
    
253
(e)
        
253
(e)
253
(e)
1990
2/2005
(e)
Hardees - Morristown , TN
    
(e)
(e)
        
(e)
(e)
(e)
(e)
1991
2/2005
(e)
Hardees - Mount Vernon, IA
    
250
337
        
250
337
587
6
1988
6/2006
(c)
Hardees - Nashville , TN
    
417
(e)
        
417
(e)
417
(e)
1993
2/2005
(e)
Hardees - North Augusta , SC
    
277
    
1
    
277
1
278
  
1992
2/2005
(c)
Hardees - Old Fort , NC
  
(g)
(e)
(e)
        
(e)
(e)
(e)
(e)
1992
2/2005
(e)
Hardees - Opelika , AL
  
(g)
352
399
        
352
399
751
24
1992
2/2005
(c)
Hardees - Orrville , OH
    
338
(e)
        
338
(e)
338
(e)
1990
2/2005
(e)
Hardees - Pace , FL
    
364
(e)
        
364
(e)
364
(e)
1992
2/2005
(e)
Hardees - Parsons , TN
  
(g)
(e)
(e)
        
(e)
(e)
(e)
(e)
1992
2/2005
(e)
Hardees - Pensacola , FL
    
572
(e)
        
572
(e)
572
(e)
1993
2/2005
(e)
Hardees - Purcell, OK
    
235
249
        
235
249
484
4
1985
6/2006
(c)
Hardees - Ravenna , OH
    
(e)
(e)
        
(e)
(e)
(e)
(e)
1991
2/2005
(e)
Hardees - Savannah, GA
    
350
415
        
350
415
765
25
1987
2/2005
(c)
Hardees - Seville , OH
    
489
(e)
        
489
(e)
489
(e)
1990
2/2005
(e)
Hardees - Spartanburg , SC
    
364
396
        
364
396
760
24
1993
2/2005
(c)
Hardees - Springfield , TN
    
375
412
        
375
412
786
25
1990
2/2005
(c)
Hardees - Swainsboro, GA
    
222
422
        
222
422
644
26
1992
2/2005
(c)
Hardees - Trenton , TN
    
(e)
(e)
        
(e)
(e)
(e)
(e)
1992
2/2005
(e)
Hardees - Union, SC
    
189
242
        
189
242
430
10
1973
9/2005
(c)
Hardees - Vidalia, GA
    
248
415
        
248
415
663
25
1990
2/2005
(c)
Hardees - Warrenton, NC
    
199
229
        
199
229
428
10
1978
9/2005
(c)
Hardees - Waynesburg , OH
    
(e)
(e)
        
(e)
(e)
(e)
(e)
1990
2/2005
(e)
Hardees - Williston , FL
    
(e)
(e)
        
(e)
(e)
(e)
(e)
1993
2/2005
(e)
Hardees - Wooster , OH
    
(e)
(e)
        
(e)
(e)
(e)
(e)
1991
2/2005
(e)
Harrigan's - Albuquerque, NM
    
789
771
        
789
771
1,560
47
1982
2/2005
(c)
Hash House A-Go-Go Restaurant - Las Vegas , NV
  
(g)
1,157
1,188
        
1,157
1,188
2,345
314
1997
12/1998
(c)
Hong Kong King Buffet - Greenville , NC
    
390
260
        
390
260
650
16
1991
2/2005
(c)
Houlihan's - Plymouth Meeting , PA
  
(g)
1,181
909
        
1,181
909
2,090
290
1974
6/1997
(c)
IHOP - Akron , OH
    
(e)
(e)
        
(e)
(e)
(e)
(e)
1993
2/2005
(e)
IHOP - Alexandria , VA
  
(g)
(e)
(e)
        
(e)
(e)
(e)
(e)
1972
5/1999
(e)
IHOP - Anderson , SC
  
(g)
(e)
(e)
        
(e)
(e)
(e)
(e)
1997
10/1998
(e)
IHOP - Auburn , AL
    
434
546
        
434
546
980
33
1998
2/2005
(c)
IHOP - Auburn , WA
    
633
1,135
        
633
1,135
1,768
291
1997
4/1999
(c)
IHOP - Baytown , TX
    
668
415
        
668
415
1,084
25
1998
2/2005
(c)
IHOP - Blue Bell , PA
  
(g)
(e)
(e)
        
(e)
(e)
(e)
(e)
1997
10/1999
(e)
IHOP - Bossier City , LA
    
493
427
        
493
427
920
26
1998
2/2005
(c)
IHOP - Bridgeview , IL
  
(g)
(e)
(e)
        
(e)
(e)
(e)
(e)
1972
2/2005
(e)
IHOP - Buffalo Grove , IL
  
(g)
622
(e)
        
622
(e)
622
(e)
1987
2/2005
(e)
IHOP - Castle Rock , CO
    
541
    
1,196
    
541
1,196
1,737
286
1999
10/1999
(c)
IHOP - Chesapeake , VA
  
(g)
(e)
(e)
        
(e)
(e)
(e)
(e)
1998
12/1999
(e)
IHOP - Christiansburg , VA
  
(g)
(e)
(e)
        
(e)
(e)
(e)
(e)
1998
1/2000
(e)
IHOP - Clarksville , TN
  
(g)
376
964
        
376
964
1,340
258
1997
12/1998
(c)
IHOP - Corpus Christi , TX
  
(g)
567
(e)
        
567
(e)
567
(e)
1997
8/1999
(e)
IHOP - Crestwood , IL
  
(g)
(e)
(e)
        
(e)
(e)
(e)
(e)
1996
11/1998
(e)
IHOP - Elgin , IL
  
(g)
518
(e)
        
518
(e)
518
(e)
1997
2/2005
(e)
IHOP - Englewood , CO
  
(g)
813
(e)
        
813
(e)
813
(e)
1996
2/2005
(e)
IHOP - Flagstaff , AZ
  
(g)
(e)
(e)
        
(e)
(e)
(e)
(e)
1997
5/1999
(e)
IHOP - Fort Worth , TX
  
(g)
468
466
        
468
466
934
29
1994
2/2005
(c)
IHOP - Fort Worth , TX
  
(g)
501
746
        
501
746
1,248
211
1997
9/1998
(c)
IHOP - Fredericksburg , VA
  
(g)
(e)
(e)
        
(e)
(e)
(e)
(e)
1997
9/1999
(e)
IHOP - Ft. Worth , TX
    
566
924
        
566
924
1,489
237
1998
4/1999
(c)
IHOP - Greeley , CO
  
(g)
416
    
868
    
416
868
1,284
233
1998
12/1998
(c)
IHOP - Greenville , SC
  
(g)
477
962
        
477
962
1,438
254
1998
12/1998
(c)
IHOP - Hickory , NC
    
(e)
(e)
        
(e)
(e)
(e)
(e)
1997
3/1999
(e)
IHOP - Hollywood , CA
    
1,407
(e)
        
1,407
(e)
1,407
(e)
1996
6/1997
(e)
IHOP - Homewood , AL
  
(g)
545
1,030
        
545
1,030
1,575
276
1996
12/1998
(c)
IHOP - Houston , TX
  
(g)
610
506
        
610
506
1,117
31
1997
2/2005
(c)
IHOP - Houston , TX
  
(g)
645
790
        
645
790
1,436
191
1996
7/1997
(c)
IHOP - Houston , TX
  
(g)
(e)
(e)
        
(e)
(e)
(e)
(e)
1997
7/1999
(e)
IHOP - Houston , TX
    
(e)
(e)
        
(e)
(e)
(e)
(e)
1998
1/2000
(e)
IHOP - Kansas City , MO
  
(g)
381
776
        
381
776
1,156
214
1998
9/1998
(c)
IHOP - Killeen, TX
  
(g)
512
831
        
512
831
1,344
229
1997
9/1998
(c)
IHOP - Lake Jackson , TX
  
(g)
460
744
        
460
744
1,204
180
1997
8/1997
(c)
IHOP - Leesburg , VA
  
(g)
665
581
        
665
581
1,246
187
1994
5/1997
(c)
IHOP - Leon Valley , TX
    
594
918
        
594
918
1,512
245
1997
12/1998
(c)
IHOP - Loveland , CO
  
(g)
488
(e)
        
488
(e)
488
(e)
1997
8/1997
(e)
IHOP - Manassas , VA
  
(g)
498
559
        
498
559
1,056
34
1986
2/2005
(c)
IHOP - Maryville , TN
  
(g)
(e)
(e)
        
(e)
(e)
(e)
(e)
1997
12/1998
(e)
IHOP - Memphis , TN
  
(g)
798
532
        
798
532
1,330
33
1997
2/2005
(c)
IHOP - Miami, FL
    
341
531
        
341
531
872
33
1979
2/2005
(c)
IHOP - Montgomery , AL
    
660
(e)
        
660
(e)
660
(e)
1998
2/2005
(e)
IHOP - Montgomery , AL
  
(g)
(e)
(e)
        
(e)
(e)
(e)
(e)
1998
11/1999
(e)
IHOP - Murfreesboro , TN
  
(g)
647
871
        
647
871
1,519
233
1998
12/1998
(c)
IHOP - Overland Park , KS
  
(g)
(e)
(e)
        
(e)
(e)
(e)
(e)
1997
2/2005
(e)
IHOP - Phoenix , AZ
  
(g)
668
942
        
668
942
1,610
241
1998
4/1999
(c)
IHOP - Pittsburg , CA
  
(g)
(e)
(e)
        
(e)
(e)
(e)
(e)
1998
4/1999
(e)
IHOP - Plano , TX
  
(g)
(e)
(e)
        
(e)
(e)
(e)
(e)
1997
9/1999
(e)
IHOP - Port Arthur , TX
    
383
958
        
383
958
1,341
256
1997
12/1998
(c)
IHOP - Poughkeepsie , NY
  
(g)
505
807
        
505
807
1,311
227
1996
7/1998
(c)
IHOP - Pueblo , CO
  
(g)
388
892
        
388
892
1,280
239
1997
12/1998
(c)
IHOP - Roseville , MI
  
(g)
283
844
        
283
844
1,127
226
1997
12/1998
(c)
IHOP - Salem , NH
    
(e)
(e)
        
(e)
(e)
(e)
(e)
1997
4/1999
(e)
IHOP - San Antonio , TX
  
(g)
(e)
(e)
        
(e)
(e)
(e)
(e)
1997
6/1999
(e)
IHOP - Southaven , MS
    
579
1,176
        
579
1,176
1,756
314
1997
12/1998
(c)
IHOP - Stockbridge , GA
  
(g)
766
653
        
766
653
1,418
158
1997
7/1997
(c)
IHOP - Tuscaloosa , AL
  
(g)
(e)
(e)
        
(e)
(e)
(e)
(e)
1998
8/1999
(e)
IHOP - Victoria , TX
  
(g)
319
(e)
        
319
(e)
319
(e)
1997
8/1997
(e)
IHOP - Virginia Beach , VA
  
(g)
(e)
(e)
        
(e)
(e)
(e)
(e)
1997
4/1999
(e)
IHOP - Warner Robins , GA
    
(e)
(e)
        
(e)
(e)
(e)
(e)
1997
8/1999
(e)
IHOP - Warren , MI
    
682
663
        
682
663
1,345
41
1996
2/2005
(c)
Indi's Fast Food - Louisville, KY
    
131
254
        
131
254
385
16
1973
2/2005
(c)
Iron Chef Super Buffet - Kissimmee, FL
    
687
946
        
687
946
1,634
58
1988
2/2005
(c)
J. Gilbert's - Mclean , VA
  
(g)
945
689
        
945
689
1,634
220
1971
6/1997
(c)
Jack in the Box - Allen , TX
    
712
    
726
    
712
726
1,438
189
1999
3/1999
(c)
Jack in the Box - Arlington , TX
  
(g)
522
334
        
522
334
857
20
1993
2/2005
(c)
Jack in the Box - Arlington , TX
  
(g)
408
329
        
408
329
737
20
1995
2/2005
(c)
Jack in the Box - Avondale , AZ
  
(g)
605
    
623
    
605
623
1,228
150
1998
8/1998
(c)
Jack in the Box - Bacliff , TX
  
(g)
419
    
698
    
419
698
1,117
219
1997
8/1997
(c)
Jack in the Box - Belleville, IL
    
174
486
        
174
486
660
30
1987
2/2005
(c)
Jack in the Box - Benicia , CA
    
746
1,552
        
746
1,552
2,297
358
1999
1/2000
(c)
Jack in the Box - Brownsville , TX
    
703
273
        
703
273
976
17
1995
2/2005
(c)
Jack in the Box - Burley, ID
  
(g)
503
423
        
503
423
926
26
2000
2/2005
(c)
Jack in the Box - Carson , CA
  
(g)
458
    
709
    
458
709
1,166
168
1999
10/1999
(c)
Jack in the Box - Centerville , TX
  
(g)
449
342
        
449
342
791
21
1997
2/2005
(c)
Jack in the Box - Chandler , AZ
  
(g)
481
    
637
    
481
637
1,118
174
1998
9/1998
(c)
Jack in the Box - Chandler , AZ
  
(g)
605
    
601
    
605
601
1,205
154
1999
4/1999
(c)
Jack in the Box - Cleburne , TX
  
(g)
(e)
(e)
        
(e)
(e)
(e)
(e)
1988
2/2005
(e)
Jack in the Box - Cleburne, TX
    
606
385
        
606
385
992
24
2000
9/2000
(c)
Jack in the Box - Coachella , CA
    
371
1,407
        
371
1,407
1,777
324
1999
2/2000
(c)
Jack in the Box - Corinth , TX
    
397
    
576
    
397
576
973
137
1997
9/1997
(c)
Jack in the Box - Dallas , TX
  
(g)
370
    
468
    
370
468
838
113
1997
3/1997
(c)
Jack in the Box - Des Moines , WA
    
531
378
        
531
378
909
23
1992
2/2005
(c)
Jack in the Box - Desloge , MO
    
528
(e)
        
528
(e)
528
(e)
1991
2/2005
(e)
Jack in the Box - Dinuba , CA
  
(g)
431
361
        
431
361
792
22
1996
2/2005
(c)
Jack in the Box - Echo Park , CA
  
(g)
1,239
419
        
1,239
419
1,658
26
1997
2/2005
(c)
Jack in the Box - Enumclaw , WA
  
(g)
124
774
        
124
774
898
245
1997
7/1997
(c)
Jack in the Box - Farmers Branch , TX
  
(g)
743
303
        
743
303
1,046
19
1988
2/2005
(c)
Jack in the Box - Florissant , MO
  
(g)
389
    
779
    
389
779
1,168
231
1997
2/1998
(c)
Jack in the Box - Folsom , CA
  
(g)
635
    
652
    
635
652
1,288
155
1997
9/1997
(c)
Jack in the Box - Fort Worth , TX
  
(g)
337
380
        
337
380
716
23
1983
2/2005
(c)
Jack in the Box - Fort Worth , TX
  
(g)
396
340
        
396
340
736
21
1991
2/2005
(c)
Jack in the Box - Fresno , CA
  
(g)
287
    
607
    
287
607
893
190
1997
8/1997
(c)
Jack in the Box - Ft. Worth , TX
  
(g)
482
716
        
482
716
1,199
173
1999
8/1999
(c)
Jack in the Box - Georgetown , TX
  
(g)
500
    
866
    
500
866
1,366
205
1999
12/1999
(c)
Jack in the Box - Granbury , TX
  
(g)
404
    
832
    
404
832
1,236
193
1999
12/1999
(c)
Jack in the Box - Grand Prairie , TX
  
(g)
600
342
        
600
342
942
21
1995
2/2005
(c)
Jack in the Box - Grapevine , TX
  
(g)
654
339
        
654
339
993
21
1992
2/2005
(c)
Jack in the Box - Gun Barrel City , TX
  
(g)
284
    
549
    
284
549
834
132
1998
5/1998
(c)
Jack in the Box - Highlands , CA
  
(g)
874
369
        
874
369
1,243
23
1992
2/2005
(c)
Jack in the Box - Hillsboro , OR
    
700
    
865
    
700
865
1,565
209
1999
9/1999
(c)
Jack in the Box - Hollister , CA
  
(g)
537
    
593
    
537
593
1,130
192
1997
4/1997
(c)
Jack in the Box - Houston , TX
    
518
281
        
518
281
798
17
1992
2/2005
(c)
Jack in the Box - Houston , TX
  
(g)
612
315
        
612
315
927
19
1992
2/2005
(c)
Jack in the Box - Houston , TX
  
(g)
510
274
        
510
274
785
17
1992
2/2005
(c)
Jack in the Box - Houston , TX
    
470
306
        
470
306
777
19
1993
2/2005
(c)
Jack in the Box - Houston , TX
  
(g)
471
329
        
471
329
800
20
1993
2/2005
(c)
Jack in the Box - Houston , TX
  
(g)
520
302
        
520
302
823
19
1993
2/2005
(c)
Jack in the Box - Houston , TX
  
(g)
958
347
        
958
347
1,305
21
1997
2/2005
(c)
Jack in the Box - Houston , TX
    
545
    
527
    
545
527
1,073
190
1996
3/1996
(c)
Jack in the Box - Houston , TX
  
(g)
376
    
643
    
376
643
1,019
222
1996
9/1996
(c)
Jack in the Box - Houston , TX
  
(g)
403
    
611
    
403
611
1,014
212
1996
9/1996
(c)
Jack in the Box - Houston , TX
  
(g)
370
    
548
    
370
548
918
177
1997
5/1997
(c)
Jack in the Box - Houston , TX
  
(g)
421
    
543
    
421
543
964
173
1997
6/1997
(c)
Jack in the Box - Humble , TX
    
438
    
592
    
438
592
1,030
203
1996
9/1996
(c)
Jack in the Box - Hutchins , TX
  
(g)
273
    
654
    
273
654
927
157
1998
4/1998
(c)
Jack in the Box - Irvine , CA
    
900
    
734
    
900
734
1,634
189
1999
4/1999
(c)
Jack in the Box - Kent , WA
  
(g)
737
    
554
    
737
554
1,291
134
1997
4/1997
(c)
Jack in the Box - Kingswood , TX
  
(g)
493
368
        
493
368
861
23
1992
2/2005
(c)
Jack in the Box - La Porte , TX
  
(g)
458
292
        
458
292
750
18
1996
2/2005
(c)
Jack in the Box - Las Vegas , NV
  
(g)
731
    
547
    
731
547
1,278
132
1997
4/1997
(c)
Jack in the Box - Los Angeles , CA
  
(g)
741
    
678
    
741
678
1,419
205
1997
9/1997
(c)
Jack in the Box - Los Angeles , CA
  
(g)
912
    
531
    
912
531
1,443
127
1997
5/1997
(c)
Jack in the Box - Los Angeles , CA
  
(g)
854
    
602
    
854
602
1,456
143
1998
5/1998
(c)
Jack in the Box - Lubbock , TX
    
289
305
        
289
305
594
19
1993
2/2005
(c)
Jack in the Box - Lufkin , TX
  
(g)
418
    
651
    
418
651
1,069
177
1998
9/1998
(c)
Jack in the Box - Lufkin , TX
  
(g)
364
    
777
    
364
777
1,141
204
1999
2/1999
(c)
Jack in the Box - Mesa , AZ
    
959
(e)
        
959
(e)
959
(e)
1991
2/2005
(e)
Jack in the Box - Mesquite , TX
  
(g)
600
377
        
600
377
977
23
1992
2/2005
(c)
Jack in the Box - Missouri City , TX
    
471
(e)
        
471
(e)
471
(e)
1991
2/2005
(e)
Jack in the Box - Moscow , ID
  
(g)
218
    
752
    
218
752
970
244
1992
4/1997
(c)
Jack in the Box - Nacogdoches , TX
    
384
    
643
    
384
643
1,027
150
1998
5/1998
(c)
Jack in the Box - Nampa , ID
    
(e)
(e)
        
(e)
(e)
(e)
(e)
1991
2/2005
(e)
Jack in the Box - Ontario , CA
    
771
    
793
    
771
793
1,564
205
1999
4/1999
(c)
Jack in the Box - Orange , TX
  
(g)
388
    
788
    
388
788
1,175
203
1999
4/1999
(c)
Jack in the Box - Oxford , AL
    
257
358
        
257
358
616
22
1987
2/2005
(c)
Jack in the Box - Oxnard , CA
  
(g)
682
    
643
    
682
643
1,325
204
1997
7/1997
(c)
Jack in the Box - Palmdale , CA
  
(g)
631
    
568
    
631
568
1,199
183
1997
5/1997
(c)
Jack in the Box - Pasadena , TX
    
285
(e)
        
285
(e)
285
(e)
1991
2/2005
(e)
Jack in the Box - Peoria , AZ
  
(g)
497
    
722
    
497
722
1,218
186
1999
4/1999
(c)
Jack in the Box - Petaluma , CA
    
1,139
433
        
1,139
433
1,571
27
1993
2/2005
(c)
Jack in the Box - Pflugerville , TX
  
(g)
717
    
658
    
717
658
1,375
158
1998
6/1998
(c)
Jack in the Box - Phoenix , AZ
    
558
298
        
558
298
856
18
1992
2/2005
(c)
Jack in the Box - Plano , TX
    
538
271
        
538
271
810
17
1992
2/2005
(c)
Jack in the Box - Port Arthur , TX
  
(g)
556
331
        
556
331
887
20
1994
2/2005
(c)
Jack in the Box - Rockwall , TX
  
(g)
478
329
        
478
329
807
20
1992
2/2005
(c)
Jack in the Box - Sacramento , CA
    
542
358
        
542
358
900
22
1992
2/2005
(c)
Jack in the Box - Salem , OR
  
(g)
501
    
699
    
501
699
1,200
167
1999
6/1999
(c)
Jack in the Box - San Antonio , TX
  
(g)
409
(e)
        
409
(e)
409
(e)
1990
2/2005
(e)
Jack in the Box - San Antonio , TX
  
(g)
472
(e)
        
472
(e)
472
(e)
1992
2/2005
(e)
Jack in the Box - San Antonio , TX
    
700
486
        
700
486
1,186
221
1990
2/2005
(c)
Jack in the Box - San Antonio , TX
  
(g)
274
    
782
    
274
782
1,056
204
1999
3/1999
(c)
Jack in the Box - San Antonio , TX
  
(g)
311
    
701
    
311
701
1,012
180
1999
4/1999
(c)
Jack in the Box - Schertz , TX
    
556
331
        
556
331
887
20
1989
2/2005
(c)
Jack in the Box - Show Low , AZ
    
290
295
        
290
295
585
18
1992
2/2005
(c)
Jack in the Box - Shreveport , LA
    
(e)
(e)
        
(e)
(e)
(e)
(e)
1993
2/2005
(e)
Jack in the Box - Spring , TX
  
(g)
745
308
        
745
308
1,053
19
1993
2/2005
(c)
Jack in the Box - Spring , TX
    
476
    
719
    
476
719
1,195
174
1999
9/1999
(c)
Jack in the Box - St. Louis , MO
  
(g)
474
    
727
    
474
727
1,202
172
1998
9/1998
(c)
Jack in the Box - Tacoma , WA
  
(g)
496
    
760
    
496
760
1,255
195
1999
4/1999
(c)
Jack in the Box - Temple City , CA
    
1,494
413
        
1,494
413
1,906
25
1984
2/2005
(c)
Jack in the Box - Texas City , TX
    
547
316
        
547
316
863
19
1991
2/2005
(c)
Jack in the Box - Tigard , OR
  
(g)
353
    
905
    
353
905
1,258
242
1999
12/1998
(c)
Jack in the Box - Tyler , TX
  
(g)
289
    
700
    
289
700
989
179
1999
5/1999
(c)
Jack in the Box - Waco , TX
    
383
(e)
        
383
(e)
383
(e)
1991
2/2005
(e)
Jack in the Box - Walker, LA
    
555
398
        
555
398
954
24
2001
2/2005
(c)
Jack in the Box - Waxahachie , TX
  
(g)
478
    
538
    
478
538
1,016
129
1998
4/1998
(c)
Jack in the Box - Weatherford , TX
  
(g)
465
    
785
    
465
785
1,250
201
1999
3/1999
(c)
Jack in the Box - West Sacramento , CA
  
(g)
523
    
617
    
523
617
1,140
192
1997
9/1997
(c)
Jack in the Box - Willis , TX
  
(g)
865
373
        
865
373
1,238
23
1993
2/2005
(c)
Jack in the Box - Woodland , CA
  
(g)
358
    
668
    
358
668
1,027
206
1997
10/1997
(c)
Jack in the Box - Buena Park, CA
  
(g)
478
451
        
478
451
928
38
1977
6/2004
(c)
Jack in the Box - Humble, TX
    
586
708
        
586
708
1,293
53
2004
9/2004
(c)
Jack in the Box - Phoenix, AZ
    
596
443
        
596
443
1,039
27
2002
12/2002
(c)
Jack in the Box - Placerville, CA
    
642
711
        
642
711
1,353
48
1986
12/2004
(c)
Jack in the Box - San Jose, CA
  
(g)
926
508
        
926
508
1,434
42
1970
6/2004
(c)
Jack in the Box - San Leandro, CA
  
(g)
609
302
        
609
302
911
25
1969
6/2004
(c)
Jack in the Box - Tempe, AZ
  
(g)
261
606
        
261
606
866
51
1965
6/2004
(c)
Japan Express - Lancaster , SC
    
299
(e)
        
299
(e)
299
(e)
1994
2/2005
(e)
Joe's Crab Shack - Houston, TX
    
960
926
        
960
926
1,886
57
1994
2/2005
(c)
Joe's Crab Shack - Indianapolis, IN
    
891
(d)
        
891
(d)
891
(d)
1998
2/2005
(c)
Joe's Crab Shack - Lilburn , GA
  
(g)
1,089
932
        
1,089
932
2,021
240
1999
4/1999
(c)
John Harvard's Brewhouse - Wilmington, DE
    
1,289
1,149
        
1,289
1,149
2,439
70
1991
2/2005
(c)
Johnny Carino's - Brandon , FL
(i)
  
853
2,041
        
853
2,041
2,895
410
1999
4/1999
(c)
Jose Mexican Food - San Bernardino, CA
    
364
466
        
364
466
830
29
1976
2/2005
(c)
Jose Pepper's Restaurant - Blue Springs , MO
(i)
  
251
738
        
251
738
989
186
1982
6/1999
(c)
Kahn's Produce - Nashville, TN
    
274
428
        
274
428
701
26
1986
2/2005
(c)
Kettle Restaurant - Alice, TX
    
195
130
        
195
130
325
8
1985
2/2005
(c)
Kettle Restaurant - Amarillo, TX
(i)
  
136
333
        
136
333
469
20
1981
2/2005
(c)
Kettle Restaurant - Baytown, TX
    
98
324
        
98
324
422
20
1972
2/2005
(c)
Kettle Restaurant - College Station, TX
    
130
372
        
130
372
502
23
1982
2/2005
(c)
Kettle Restaurant - Hobbs, NM
    
105
95
        
105
95
200
6
1981
2/2005
(c)
Kettle Restaurant - Memphis, TN
    
139
104
        
139
104
243
6
1978
2/2005
(c)
Kettle Restaurant - Tahlequah, OK
    
128
576
        
128
576
704
35
1996
2/2005
(c)
Kettle Restaurant - Woodway, TX
    
133
462
        
133
462
595
28
1989
2/2005
(c)
KFC - Arcadia , FL
    
276
305
        
276
305
581
19
1985
2/2005
(c)
KFC - Auburn , MA
    
1,150
(e)
        
1,150
(e)
1,150
(e)
1989
2/2005
(e)
KFC - Baton Rouge , LA
    
(e)
(e)
        
(e)
(e)
(e)
(e)
1987
6/1999
(e)
KFC - Baton Rouge, LA
    
181
    
463
    
181
463
645
83
2000
8/2000
(c)
KFC - Burnsville , MN
    
437
471
        
437
471
908
29
1988
2/2005
(c)
KFC - Concordia , MO
    
297
393
        
297
393
690
24
1995
2/2005
(c)
KFC - Corpus Christi , TX
    
356
258
        
356
258
614
16
1988
2/2005
(c)
KFC - Dania, FL
    
586
272
        
586
272
858
11
1985
9/2005
(c)
KFC - Deming , NM
  
(g)
208
(e)
        
208
(e)
208
(e)
1992
2/2005
(e)
KFC - Eagan , MN
    
491
420
        
491
420
911
26
1987
2/2005
(c)
KFC - Gainesville , FL
    
803
327
        
803
327
1,129
20
1985
2/2005
(c)
KFC - Germantown, WI
    
471
670
        
471
670
1,141
20
2006
2/2006
(c)
KFC - Green Bay, WI
    
249
463
        
249
463
713
14
1970
2/2006
(c)
KFC - Green Bay, WI
    
283
521
        
283
521
803
15
1977
2/2006
(c)
KFC - Greenville, TX
    
180
120
        
180
120
300
7
1970
2/2005
(c)
KFC - Katy , TX
    
434
345
        
434
345
779
21
1988
2/2005
(c)
KFC - Las Cruces , NM
  
(g)
236
(e)
        
236
(e)
236
(e)
1990
2/2005
(e)
KFC - Milwaukee, WI
    
155
724
        
155
724
879
21
1991
2/2006
(c)
KFC - Milwaukee, WI
    
307
587
        
307
587
894
17
1992
2/2006
(c)
KFC - Milwaukee, WI
    
170
376
        
170
376
546
11
1989
2/2006
(c)
KFC - Milwaukee, WI
    
322
684
        
322
684
1,006
20
1994
2/2006
(c)
KFC - Milwaukee, WI
    
203
674
        
203
674
878
20
1992
2/2006
(c)
KFC - New Orleans , LA
    
159
492
        
159
492
651
109
1991
5/1999
(c)
KFC - New Orleans , LA
    
311
533
        
311
533
843
118
1992
5/1999
(c)
KFC - New Orleans , LA
    
206
564
        
206
564
770
125
1995
5/1999
(c)
KFC - New Orleans , LA
    
315
542
        
315
542
857
120
1991
5/1999
(c)
KFC - Norton Shores , MI
    
51
(e)
        
51
(e)
51
(e)
1990
2/2005
(e)
KFC - Oshkosh, WI
    
339
602
        
339
602
941
18
1986
2/2006
(c)
KFC - Page , AZ
    
586
307
        
586
307
893
19
1988
2/2005
(c)
KFC - Port Allen , LA
  
(g)
(e)
(e)
        
(e)
(e)
(e)
(e)
1996
5/1999
(e)
KFC - Putnam , CT
    
302
(e)
        
302
(e)
302
(e)
1997
7/1997
(e)
KFC - South Milwaukee, WI
    
182
610
        
182
610
792
18
1993
2/2006
(c)
KFC - Waukesha, WI
    
(e)
(e)
        
(e)
(e)
(e)
(e)
1992
9/2006
(e)
KFC - Wauwatosa, WI
    
124
493
        
124
493
617
14
1992
2/2006
(c)
KFC - West Bend, WI
    
216
600
        
216
600
816
18
1972
2/2006
(c)
Krispy Kreme Doughnuts - Clive , IA
  
(g)
316
457
        
316
457
773
28
1995
2/2005
(c)
Krystal - Brandon , MS
    
340
687
        
340
687
1,028
161
2000
12/1999
(c)
Krystal - Chattanooga , TN
    
445
595
        
445
595
1,040
154
1994
3/1999
(c)
Krystal - Greenville, AL
    
190
614
        
190
614
804
135
2000
5/2000
(c)
Krystal - Montgomery , AL
    
311
507
        
311
507
818
118
2000
12/1999
(c)
Krystal - Pooler, GA
    
504
341
        
504
341
845
21
2000
2/2005
(c)
Krystal - Scottsboro , AL
    
255
561
        
255
561
817
131
1999
12/1999
(c)
Le Peep - Englewood, CO
    
94
406
        
94
406
500
25
1992
2/2005
(c)
Leeann Chin - Blaine , MN
  
(g)
391
498
        
391
498
890
31
1996
2/2005
(c)
Leeann Chin - Chanhassen , MN
  
(g)
377
640
        
377
640
1,017
238
1995
11/1995
(c)
Leeann Chin - Golden Valley , MN
  
(g)
665
    
481
    
665
481
1,147
166
1996
9/1996
(c)
Lee's Chicken - Florissant, MO
    
306
393
        
306
393
699
24
1985
2/2005
(c)
Lee's Chicken - Louisville, KY
    
81
117
        
81
117
199
7
1980
2/2005
(c)
Lee's Chicken - St Ann, MO
    
208
331
        
208
331
539
20
1992
2/2005
(c)
Lee's Chicken - St Louis, MO
    
108
363
        
108
363
472
22
1983
2/2005
(c)
Liquor - The Colony, TX
    
607
388
        
607
388
995
24
2000
2/2005
(c)
Little Panda - Lubbock, TX
  
(g)
131
261
        
131
261
392
16
1977
2/2005
(c)
LJS/KFC - Green Bay, WI
    
330
714
        
330
714
1,044
21
1979
2/2006
(c)
Lone Star Steakhouse - Sterling Heights , MI
    
910
847
        
910
847
1,757
52
1988
2/2005
(c)
Long John Silver's - Alamogordo , NM
  
(g)
215
(e)
        
215
(e)
215
(e)
1977
2/2005
(e)
Long John Silver's - Albuquerque , NM
    
287
315
        
287
315
602
19
1976
2/2005
(c)
Long John Silver's - Apopka , FL
    
576
(e)
        
576
(e)
576
(e)
1994
2/2005
(e)
Long John Silver's - Arlington , TX
    
462
(e)
        
462
(e)
462
(e)
1993
2/2005
(e)
Long John Silver's - Asheville , NC
    
319
364
        
319
364
683
22
1993
2/2005
(c)
Long John Silver's - Austin , TX
    
646
(e)
        
646
(e)
646
(e)
1993
2/2005
(e)
Long John Silver's - Clarksville , TN
    
262
354
        
262
354
616
22
1993
2/2005
(c)
Long John Silver's - Cleburne, TX
    
118
300
        
118
300
417
18
1987
2/2005
(c)
Long John Silver's - Clovis , NM
  
(g)
(e)
(e)
        
(e)
(e)
(e)
(e)
1976
2/2005
(e)
Long John Silver's - Copperas Cove , TX
    
197
(e)
        
197
(e)
197
(e)
1994
2/2005
(e)
Long John Silver's - El Paso , TX
    
418
(e)
        
418
(e)
418
(e)
1993
2/2005
(e)
Long John Silver's - Jackson , TN
    
379
(e)
        
379
(e)
379
(e)
1994
2/2005
(e)
Long John Silver's - Johnstown , PA
    
470
(e)
        
470
(e)
470
(e)
1993
2/2005
(e)
Long John Silver's - Las Cruces , NM
    
303
(e)
        
303
(e)
303
(e)
1975
2/2005
(e)
Long John Silver's - Lexington , KY
    
761
(d)
        
761
(d)
761
(d)
1994
2/2005
(c)
Long John Silver's - Marion , OH
    
497
(e)
        
497
(e)
497
(e)
1994
2/2005
(e)
Long John Silver's - Murfreesboro , TN
    
(e)
(e)
        
(e)
(e)
(e)
(e)
1989
2/2005
(e)
Long John Silver's - Neosho , MO
    
285
(e)
        
285
(e)
285
(e)
1994
2/2005
(e)
Long John Silver's - Orlando , FL
    
486
288
        
486
288
774
18
1983
2/2005
(c)
Long John Silver's - Silver City , NM
    
159
245
        
159
245
405
15
1982
2/2005
(c)
Long John Silver's - Tucson , AZ
    
424
305
        
424
305
729
19
1992
2/2005
(c)
Long John Silver's - Houston, TX
    
473
289
        
473
289
762
18
1994
2/2005
(c)
Long John Silver's/A&W - Houston , TX
    
512
(e)
        
512
(e)
512
(e)
1993
2/2005
(e)
Long John Silver's/A&W - Irving , TX
    
601
(e)
        
601
(e)
601
(e)
1995
2/2005
(e)
Long John Silver's/A&W - Kansas City , MO
    
563
365
        
563
365
928
22
1995
2/2005
(c)
Long John Silver's/A&W - Penn Hills , PA
    
419
404
        
419
404
823
25
1993
2/2005
(c)
Longhorne Steakhouse - Tampa , FL
(i)
  
878
1,449
        
878
1,449
2,327
373
1999
4/1999
(c)
Mahalo Express - Honolulu, HI
    
1,325
306
        
1,325
306
1,631
19
1963
2/2005
(c)
Mahalo Express - Honolulu, HI
    
1,356
494
        
1,356
494
1,850
30
1988
2/2005
(c)
Mahalo Express - Honolulu, HI
    
(f)
385
        
(f)
385
385
24
UNKNOWN
2/2005
(c)
Mahalo Express - Honolulu, HI
    
1,725
54
        
1,725
54
1,779
3
1984
2/2005
(c)
Mahalo Express - Kaneohe, HI
    
(f)
          
(f)
      
1977
2/2005
(c)
Mahalo Express - Kaneohe, HI
    
1,652
281
        
1,652
281
1,933
17
1987
2/2005
(c)
Mahalo Express - Kapolei, HI
    
(f)
315
        
(f)
315
315
19
1974
2/2005
(c)
Mahalo Express - Waipahu, HI
    
1,440
518
        
1,440
518
1,959
32
1987
2/2005
(c)
Mahalo Express - Honolulu, HI
    
6,623
475
        
6,623
475
7,097
29
1963
2/2005
(c)
Mahalo Express - Wahiawa, HI
    
(f)
414
        
(f)
414
414
25
1963
2/2005
(c)
Mahalo Express - Waianae, HI
    
833
497
        
833
497
1,330
30
1988
2/2005
(c)
Mama Fu's Noodle House - Marietta , GA
    
706
420
        
706
420
1,126
26
1994
2/2005
(c)
McAlister's - Corinth, MS
    
269
456
        
269
456
725
28
1997
2/2005
(c)
McAlister's - Murfreesboro, TN
    
439
391
        
439
391
830
24
1985
2/2005
(c)
McDonald's - Palm Bay , FL
    
615
(d)
        
615
(d)
615
(d)
1986
9/2002
(c)
McDonald's - Scotland Neck, NC
    
146
          
146
  
146
  
2002
2/2005
(c)
McDonald's - Tampa, FL
    
372
          
372
  
372
  
2004
2/2005
(c)
Miami Subs - Orlando, FL
    
391
403
        
391
403
794
25
1992
2/2005
(c)
Mobil - Allenstown, NH
    
1,158
753
        
1,158
753
1,911
46
1999
2/2005
(c)
Mobil - Bedford, NH
    
1,143
874
        
1,143
874
2,016
54
2000
2/2005
(c)
Mobil - Hooksett, NH
    
948
1,370
        
948
1,370
2,318
84
1998
2/2005
(c)
Mo's Irish Pub Restaurant - Wauwatosa , WI
  
(g)
628
804
        
628
804
1,432
248
1977
10/1997
(c)
Muscogee Seafood Restaurant - Washington , DC
    
418
(e)
        
418
(e)
418
(e)
1986
2/2005
(e)
Novrozsky's Hamburgers, Etc - Nederland , TX
    
282
174
        
282
174
456
11
1987
2/2005
(c)
O'Charley's - Dalton, GA
    
497
621
        
497
621
1,118
38
1993
2/2005
(c)
O'Charley's - Tucker, GA
    
682
753
        
682
753
1,435
46
1993
2/2005
(c)
Old Chicago - Minneapolis, MN
    
423
913
        
423
913
1,336
56
UNKNOWN
2/2005
(c)
O'Sullivan Irish American - North Fort Myers , FL
    
701
555
        
701
555
1,256
34
1991
2/2005
(c)
Outback Steakhouse - Medford, OR
    
638
915
        
638
915
1,554
56
1998
2/2005
(c)
Papa John's - West Palm Beach, FL
    
418
159
        
418
159
578
7
UNKNOWN
10/2005
(c)
PDM Realty Company - Kingston, PA
      
(d)
          
(d)
  
(d)
UNKNOWN
2/2005
(c)
Perfect Finish Auto Wash - Fairview, IL
    
150
          
150
  
150
  
UNKNOWN
2/2005
(c)
Perkins - Albert Lea, MN
  
(g)
314
686
        
314
686
1,000
42
1975
2/2005
(c)
Perkins - Burnsville, MN
  
(g)
595
843
        
595
843
1,438
52
1973
2/2005
(c)
Perkins - Crystal, MN
    
461
1,755
        
461
1,755
2,216
108
1975
2/2005
(c)
Perkins - Ft Meyers, FL
    
1,109
726
        
1,109
726
1,836
45
1982
2/2005
(c)
Perkins - Memphis , TN
    
619
(e)
        
619
(e)
619
(e)
1990
2/2005
(e)
Perkins - Alexandria, MN
    
693
1,759
        
693
1,759
2,452
88
1978
6/2005
(c)
Perkins - Altamonte Springs, FL
    
1,068
1,622
        
1,068
1,622
2,690
82
1997
6/2005
(c)
Perkins - Appleton, WI
    
579
1,683
        
579
1,683
2,262
85
1977
6/2005
(c)
Perkins - Ashwaubenon, WI
    
689
1,222
        
689
1,222
1,911
61
1993
6/2005
(c)
Perkins - Bismarck, ND
    
594
1,710
        
594
1,710
2,304
86
1993
6/2005
(c)
Perkins - Blaine, MN
    
840
1,660
        
840
1,660
2,500
84
1979
6/2005
(c)
Perkins - Bonita Springs, FL
    
817
1,679
        
817
1,679
2,496
84
1995
6/2005
(c)
Perkins - Brainerd, MN
    
764
1,563
        
764
1,563
2,327
79
1990
6/2005
(c)
Perkins - Brooklyn Park, MN
    
780
1,919
        
780
1,919
2,699
97
1997
6/2005
(c)
Perkins - Cape Coral, FL
    
488
1,554
        
488
1,554
2,043
78
1996
6/2005
(c)
Perkins - Cedar Rapids, IA
    
672
2,037
        
672
2,037
2,709
102
1994
6/2005
(c)
Perkins - Coralville, IA
    
704
1,675
        
704
1,675
2,379
84
1974
6/2005
(c)
Perkins - Ft Myers, FL
    
1,599
2,031
        
1,599
2,031
3,631
102
2000
6/2005
(c)
Perkins - Gladstone, MO
    
407
1,952
        
407
1,952
2,359
98
1979
6/2005
(c)
Perkins - Green Bay, WI
    
452
2,222
        
452
2,222
2,674
112
1977
6/2005
(c)
Perkins - Kissimmee, FL
    
610
1,459
        
610
1,459
2,069
73
1992
6/2005
(c)
Perkins - Lady Lakes, FL
    
676
1,941
        
676
1,941
2,617
98
1999
6/2005
(c)
Perkins - Liberty, MO
    
265
1,557
        
265
1,557
1,822
78
1980
6/2005
(c)
Perkins - Orlando, FL
    
3,765
1,346
        
3,765
1,346
5,111
68
1986
6/2005
(c)
Perkins - St Joseph, MO
    
464
1,820
        
464
1,820
2,284
91
1978
6/2005
(c)
Perkins - Urbana, IL
    
601
1,471
        
601
1,471
2,072
74
1990
6/2005
(c)
Perkins - Waterloo, IA
    
500
1,670
        
500
1,670
2,170
84
2005
6/2005
(c)
Perkins - Woodbury, MN
    
967
1,600
        
967
1,600
2,566
80
1992
6/2005
(c)
Phillips 66 - Austin, TX
(i)
  
283
242
        
283
242
525
9
1987
2/2005
(c)
Phillips 66 - Cedar Park, TX
    
228
255
        
228
255
483
16
1988
2/2005
(c)
Phillips 66 - Cottage Hills, IL
    
268
132
        
268
132
400
8
1963
2/2005
(c)
Phillips 66 - Roxana, IL
    
80
70
        
80
70
150
4
1966
2/2005
(c)
Phillips 66 - The Colony, TX
  
(g)
1,240
1,043
        
1,240
1,043
2,283
64
2000
2/2005
(c)
Pizza Hut - Cooper City, FL
    
268
128
        
268
128
396
27
1998
10/2000
(c)
Pizza Hut - Abbeville, LA
    
262
224
        
262
224
486
9
1990
9/2005
(c)
Pizza Hut - Abbotsford, WI
    
156
209
        
156
209
365
3
UNKNOWN
7/2006
(c)
Pizza Hut - Aberdeen, SD
    
162
138
        
162
138
300
2
1950
6/2006
(c)
Pizza Hut - Aberdeen, SD
    
194
156
        
194
156
350
3
1978
6/2006
(c)
Pizza Hut - Adrian , MI
    
242
(d)
        
242
(d)
242
(d)
1989
1/1996
(c)
Pizza Hut - Alamogordo, NM
    
325
234
        
325
234
559
10
1970
10/2005
(c)
Pizza Hut - Albertville, AL
    
332
373
        
332
373
704
16
1987
9/2005
(c)
Pizza Hut - Alden, NY
    
215
198
        
215
198
413
8
UNKNOWN
9/2005
(c)
Pizza Hut - Alexandria, LA
    
139
107
        
139
107
246
2
1988
6/2006
(c)
Pizza Hut - Amherst, NY
    
268
263
        
268
263
531
11
UNKNOWN
9/2005
(c)
Pizza Hut - Antigo, WI
    
142
184
        
142
184
326
3
UNKNOWN
7/2006
(c)
Pizza Hut - Ashburn, GA
    
134
183
        
134
183
317
8
1988
9/2005
(c)
Pizza Hut - Aurora, IL
    
330
220
        
330
220
550
13
1986
2/2005
(c)
Pizza Hut - Austin , TX
    
500
480
        
500
480
980
29
1987
2/2005
(c)
Pizza Hut - Batesburg, SC
    
611
277
        
611
277
887
12
UNKNOWN
9/2005
(c)
Pizza Hut - Beaver , WV
    
212
(d)
        
212
(d)
212
(d)
1986
5/1996
(c)
Pizza Hut - Beckley , WV
    
209
(d)
        
209
(d)
209
(d)
1978
5/1996
(c)
Pizza Hut - Bedford , OH
    
175
(d)
        
175
(d)
175
(d)
1975
1/1996
(c)
Pizza Hut - Bishopville, SC
    
296
494
        
296
494
791
21
UNKNOWN
9/2005
(c)
Pizza Hut - Bismarck, ND
    
289
232
        
289
232
520
4
1975
6/2006
(c)
Pizza Hut - Bismarck, ND
    
147
156
        
147
156
303
3
1982
6/2006
(c)
Pizza Hut - Bluefield , WV
    
120
(d)
        
120
(d)
120
(d)
1986
5/1996
(c)
Pizza Hut - Boaz, AL
    
341
338
        
341
338
679
14
1987
9/2005
(c)
Pizza Hut - Bolivar , OH
    
190
410
        
190
410
600
111
1996
3/1997
(c)
Pizza Hut - Bowie , TX
    
47
209
        
47
209
255
13
1976
2/2005
(c)
Pizza Hut - Bowling Green , OH
    
200
(d)
        
200
(d)
200
(d)
1985
1/1996
(c)
Pizza Hut - Box Elder, SD
    
130
195
        
130
195
325
3
1985
6/2006
(c)
Pizza Hut - Bozeman , MT
  
(g)
194
311
        
194
311
505
19
1976
2/2005
(c)
Pizza Hut - Camilla, GA
    
233
214
        
233
214
448
9
1978
9/2005
(c)
Pizza Hut - Carrollton , OH
    
187
533
        
187
533
721
144
1990
3/1997
(c)
Pizza Hut - Carthage , TX
    
65
266
        
65
266
331
16
1981
2/2005
(c)
Pizza Hut - Cedar City, UT
    
279
167
        
279
167
445
7
1978
9/2005
(c)
Pizza Hut - Cheraw, SC
    
766
322
        
766
322
1,088
14
UNKNOWN
9/2005
(c)
Pizza Hut - Childress , TX
    
116
224
        
116
224
340
14
1974
2/2005
(c)
Pizza Hut - Clayton , NM
    
91
281
        
91
281
372
17
1986
2/2005
(c)
Pizza Hut - Cleveland , OH
    
226
(d)
        
226
(d)
226
(d)
1987
1/1996
(c)
Pizza Hut - Cleveland , OH
    
117
(d)
        
117
(d)
117
(d)
1978
1/1996
(c)
Pizza Hut - Cleveland , OH
    
126
(d)
        
126
(d)
126
(d)
1986
1/1996
(c)
Pizza Hut - Coleman , TX
    
115
210
        
115
210
325
13
1977
2/2005
(c)
Pizza Hut - Cross Lanes , WV
    
216
(d)
        
216
(d)
216
(d)
1990
5/1996
(c)
Pizza Hut - Crystal City , TX
    
13
232
        
13
232
245
14
1981
2/2005
(c)
Pizza Hut - Danville, IL
    
168
143
        
168
143
311
2
1979
6/2006
(c)
Pizza Hut - Dawson, GA
    
137
173
        
137
173
310
7
1987
9/2005
(c)
Pizza Hut - Defiance , OH
    
242
(d)
        
242
(d)
242
(d)
1977
1/1996
(c)
Pizza Hut - Delaware, OH
    
393
255
        
393
255
648
4
1985
6/2006
(c)
Pizza Hut - Dickson, TN
    
303
285
        
303
285
588
12
1987
9/2005
(c)
Pizza Hut - Donalsonville, GA
    
171
215
        
171
215
386
9
1989
9/2005
(c)
Pizza Hut - Douglas, GA
    
314
244
        
314
244
558
10
1978
9/2005
(c)
Pizza Hut - Eagle River, WI
    
158
188
        
158
188
346
3
UNKNOWN
7/2006
(c)
Pizza Hut - East Aurora, NY
    
229
255
        
229
255
484
11
UNKNOWN
9/2005
(c)
Pizza Hut - East Cleveland , OH
    
194
(d)
        
194
(d)
194
(d)
1986
1/1996
(c)
Pizza Hut - Eatonton, GA
    
393
396
        
393
396
789
17
UNKNOWN
9/2005
(c)
Pizza Hut - Edgefield, SC
    
286
404
        
286
404
690
17
UNKNOWN
9/2005
(c)
Pizza Hut - Emporia, KS
    
124
128
        
124
128
251
2
1965
6/2006
(c)
Pizza Hut - Euclid , OH
    
202
(d)
        
202
(d)
202
(d)
1983
1/1996
(c)
Pizza Hut - Eunice, LA
    
420
191
        
420
191
611
8
1978
9/2005
(c)
Pizza Hut - Fairport, NY
    
174
120
        
174
120
294
2
1983
6/2006
(c)
Pizza Hut - Fitzgerald, GA
    
209
244
        
209
244
453
10
1994
9/2005
(c)
Pizza Hut - Front Royal, VA
    
164
322
        
164
322
486
20
1973
2/2005
(c)
Pizza Hut - Gallatin, TN
    
290
299
        
290
299
589
13
1987
9/2005
(c)
Pizza Hut - Glasgow , MT
  
(g)
(e)
(e)
        
(e)
(e)
(e)
(e)
1985
2/2005
(e)
Pizza Hut - Glenwood Springs, CO
    
270
286
        
270
286
556
12
1987
9/2005
(c)
Pizza Hut - Grand Island, NY
    
196
228
        
196
228
424
10
UNKNOWN
9/2005
(c)
Pizza Hut - Greeneville, TN
    
282
203
        
282
203
485
9
1972
9/2005
(c)
Pizza Hut - Greenfield, IA
    
134
121
        
134
121
255
2
1981
6/2006
(c)
Pizza Hut - Greensboro, GA
    
515
512
        
515
512
1,027
22
UNKNOWN
9/2005
(c)
Pizza Hut - Hialeah, FL
    
369
335
        
369
335
704
21
1980
2/2005
(c)
Pizza Hut - Hopkinsville, KY
    
390
244
        
390
244
634
10
1980
9/2005
(c)
Pizza Hut - Huntington , WV
    
212
(d)
        
212
(d)
212
(d)
1978
5/1996
(c)
Pizza Hut - Huron, SD
    
158
118
        
158
118
276
2
1971
6/2006
(c)
Pizza Hut - Hurricane , WV
    
181
(d)
        
181
(d)
181
(d)
1978
5/1996
(c)
Pizza Hut - Jacksboro , TX
    
88
231
        
88
231
319
14
1983
2/2005
(c)
Pizza Hut - Jackson, GA
    
1,016
366
        
1,016
366
1,382
15
UNKNOWN
9/2005
(c)
Pizza Hut - Jackson, KY
    
180
236
        
180
236
416
10
1978
9/2005
(c)
Pizza Hut - Jennings, LA
    
292
310
        
292
310
601
13
UNKNOWN
9/2005
(c)
Pizza Hut - Kanab, UT
    
138
168
        
138
168
307
3
UNKNOWN
6/2006
(c)
Pizza Hut - Knoxville, TN
  
(g)
114
520
        
114
520
634
32
1992
2/2005
(c)
Pizza Hut - Lake Park, GA
    
268
281
        
268
281
549
12
1989
9/2005
(c)
Pizza Hut - Lambertville , MI
    
99
(d)
        
99
(d)
99
(d)
1994
1/1996
(c)
Pizza Hut - Laurel , MT
  
(g)
205
304
        
205
304
509
19
1985
2/2005
(c)
Pizza Hut - Laurens, SC
    
492
490
        
492
490
981
21
UNKNOWN
9/2005
(c)
Pizza Hut - Littlefield, TX
    
131
156
        
131
156
288
7
1997
9/2005
(c)
Pizza Hut - Livingston , MT
  
(g)
148
230
        
148
230
378
14
1979
2/2005
(c)
Pizza Hut - Luverne, MN
    
93
108
        
93
108
201
2
1978
6/2006
(c)
Pizza Hut - Madison, FL
    
189
212
        
189
212
401
9
1989
9/2005
(c)
Pizza Hut - Mandan, ND
    
122
154
        
122
154
277
3
1984
6/2006
(c)
Pizza Hut - Marathon, FL
    
161
235
        
161
235
396
49
1980
10/2000
(c)
Pizza Hut - Marietta , OH
    
169
(d)
        
169
(d)
169
(d)
1986
5/1996
(c)
Pizza Hut - Mauldin, SC
    
306
152
        
306
152
458
6
1990
9/2005
(c)
Pizza Hut - Mayfield Heights , OH
    
203
(d)
        
203
(d)
203
(d)
1980
4/1996
(c)
Pizza Hut - Medina, NY
    
154
250
        
154
250
404
11
UNKNOWN
9/2005
(c)
Pizza Hut - Memphis , TX
    
38
333
        
38
333
371
20
1985
2/2005
(c)
Pizza Hut - Mexia , TX
    
344
224
        
344
224
568
14
1985
2/2005
(c)
Pizza Hut - Middleburg Heights , OH
    
217
(d)
        
217
(d)
217
(d)
1975
1/1996
(c)
Pizza Hut - Millersburg , OH
    
213
635
        
213
635
848
172
1989
3/1997
(c)
Pizza Hut - Milton , WV
    
100
(d)
        
100
(d)
100
(d)
1986
5/1996
(c)
Pizza Hut - Minot, ND
    
154
167
        
154
167
321
3
1988
6/2006
(c)
Pizza Hut - Mitchell, SD
    
259
166
        
259
166
425
3
1970
6/2006
(c)
Pizza Hut - Mobile, AL
    
135
90
        
135
90
225
6
1975
2/2005
(c)
Pizza Hut - Monroe , MI
    
152
(d)
        
152
(d)
152
(d)
1994
1/1996
(c)
Pizza Hut - Monticello, FL
    
148
200
        
148
200
347
8
1987
9/2005
(c)
Pizza Hut - Moorhead, MN
    
137
144
        
137
144
281
2
1980
6/2006
(c)
Pizza Hut - Moultrie, GA
    
471
129
        
471
129
601
5
1989
9/2005
(c)
Pizza Hut - N. Olmsted , OH
    
260
(d)
        
260
(d)
260
(d)
1976
1/1996
(c)
Pizza Hut - Nashville, GA
    
227
245
        
227
245
472
10
1988
9/2005
(c)
Pizza Hut - Nedrow, NY
    
187
165
        
187
165
353
3
1978
6/2006
(c)
Pizza Hut - Neillsville, WI
    
142
143
        
142
143
286
2
UNKNOWN
7/2006
(c)
Pizza Hut - New Iberia, LA
    
345
307
        
345
307
652
13
1990
9/2005
(c)
Pizza Hut - New Philadelphia , OH
    
224
443
        
224
443
667
120
1983
3/1997
(c)
Pizza Hut - New Philadelphia , OH
    
149
388
        
149
388
538
105
1975
3/1997
(c)
Pizza Hut - Newport, TN
    
241
258
        
241
258
499
11
1974
9/2005
(c)
Pizza Hut - Norwalk , OH
    
262
(d)
        
262
(d)
262
(d)
1993
1/1996
(c)
Pizza Hut - Opelousas, LA
    
342
226
        
342
226
568
10
1980
9/2005
(c)
Pizza Hut - Orlando , FL
    
498
324
        
498
324
822
156
1987
2/2005
(c)
Pizza Hut - Pageland, SC
    
532
375
        
532
375
907
16
UNKNOWN
9/2005
(c)
Pizza Hut - Pella, IA
    
99
108
        
99
108
207
2
1985
6/2006
(c)
Pizza Hut - Pineville, LA
    
349
348
        
349
348
697
15
1989
9/2005
(c)
Pizza Hut - Plover, WI
    
153
172
        
153
172
326
2
UNKNOWN
7/2006
(c)
Pizza Hut - Rochester, NY
    
140
115
        
140
115
254
2
1969
6/2006
(c)
Pizza Hut - Rocky River , OH
    
143
(d)
        
143
(d)
143
(d)
1977
1/1996
(c)
Pizza Hut - Ronceverte , WV
    
100
(d)
        
100
(d)
100
(d)
1991
5/1996
(c)
Pizza Hut - Saint George, SC
    
261
411
        
261
411
672
17
UNKNOWN
9/2005
(c)
Pizza Hut - Saluda, SC
    
386
443
        
386
443
830
19
UNKNOWN
9/2005
(c)
Pizza Hut - Sandusky , OH
    
260
(d)
        
260
(d)
260
(d)
1978
1/1996
(c)
Pizza Hut - Santa Rosa , NM
    
135
267
        
135
267
402
16
1986
2/2005
(c)
Pizza Hut - Santee, SC
    
353
394
        
353
394
746
17
UNKNOWN
9/2005
(c)
Pizza Hut - Seaford, DE
    
204
236
        
204
236
440
10
1984
9/2005
(c)
Pizza Hut - Seguin , TX
    
99
327
        
99
327
426
20
1974
2/2005
(c)
Pizza Hut - Seminole , TX
    
286
206
        
286
206
492
13
1977
2/2005
(c)
Pizza Hut - Seven Hills , OH
    
239
(d)
        
239
(d)
239
(d)
1983
1/1996
(c)
Pizza Hut - Shamokin, PA
    
119
336
        
119
336
454
21
1976
2/2005
(c)
Pizza Hut - Sidney , MT
    
158
(e)
        
158
(e)
158
(e)
1985
2/2005
(e)
Pizza Hut - Silverthorne, CO
    
308
230
        
308
230
538
10
1986
9/2005
(c)
Pizza Hut - Steubenville , OH
    
228
475
        
228
475
704
129
1983
3/1997
(c)
Pizza Hut - Strongsville , OH
    
186
(d)
        
186
(d)
186
(d)
1976
4/1996
(c)
Pizza Hut - Sullivan, IL
    
123
104
        
123
104
228
2
1978
6/2006
(c)
Pizza Hut - Sylvester, GA
    
274
241
        
274
241
516
10
1983
9/2005
(c)
Pizza Hut - Syracuse, NY
    
167
162
        
167
162
329
3
1985
6/2006
(c)
Pizza Hut - Toledo , OH
    
197
(d)
        
197
(d)
197
(d)
1978
1/1996
(c)
Pizza Hut - Toledo , OH
    
208
(d)
        
208
(d)
208
(d)
1975
1/1996
(c)
Pizza Hut - Toledo , OH
    
176
(d)
        
176
(d)
176
(d)
1985
1/1996
(c)
Pizza Hut - Toledo , OH
    
129
(d)
        
129
(d)
129
(d)
1988
4/1996
(c)
Pizza Hut - Tomahawk, WI
    
142
129
        
142
129
271
2
UNKNOWN
7/2006
(c)
Pizza Hut - Tucker, GA
    
134
281
        
134
281
414
17
1968
2/2005
(c)
Pizza Hut - Tyler, TX
    
299
152
        
299
152
451
6
UNKNOWN
9/2005
(c)
Pizza Hut - Uhrichsville , OH
    
280
563
        
280
563
842
152
1983
3/1997
(c)
Pizza Hut - Washington Court House, OH
    
276
204
        
276
204
480
3
1973
6/2006
(c)
Pizza Hut - Waupaca, WI
    
154
157
        
154
157
311
2
UNKNOWN
7/2006
(c)
Pizza Hut - Weirton , WV
(i)
  
(f)
178
        
(f)
178
178
129
1979
3/1997
(c)
Pizza Hut - Wellsburg , WV
    
167
168
        
167
168
336
55
1980
3/1997
(c)
Pollo Tropical - Altamonte Springs , FL
    
549
701
        
549
701
1,250
193
1994
9/1998
(c)
Pollo Tropical - Coral Springs , FL
    
853
1,108
        
853
1,108
1,961
305
1994
9/1998
(c)
Pollo Tropical - Davie , FL
    
713
873
        
713
873
1,586
240
1993
9/1998
(c)
Pollo Tropical - Fort Lauderdale , FL
    
398
924
        
398
924
1,322
254
1996
9/1998
(c)
Pollo Tropical - Lake Worth , FL
    
435
915
        
435
915
1,351
252
1994
9/1998
(c)
Pollo Tropical - Miami , FL
  
(g)
1,245
918
        
1,245
918
2,163
246
1994
12/1998
(c)
Pollo Tropical - Orlando, FL
    
559
404
        
559
404
962
25
1992
2/2005
(c)
Ponderosa - Appleton , WI
    
174
562
        
174
562
736
135
1980
10/1999
(c)
Ponderosa - Blue Springs , MO
  
(g)
692
    
1,137
    
692
1,137
1,829
321
1997
4/1998
(c)
Ponderosa - Eureka , MO
    
380
604
        
380
604
984
145
1999
10/1999
(c)
Ponderosa - Indiana , PA
    
715
    
1,317
    
715
1,317
2,032
293
2000
5/2000
(c)
Ponderosa - Johnstown , PA
  
(g)
599
    
1,160
    
599
1,160
1,759
313
1998
11/1998
(c)
Ponderosa - Kissimmee , FL
    
638
824
        
638
824
1,462
198
1980
10/1999
(c)
Ponderosa - Massena , NY
    
130
659
        
130
659
789
159
1988
10/1999
(c)
Ponderosa - Middletown , NY
    
214
854
        
214
854
1,068
205
1979
10/1999
(c)
Ponderosa - Oneonta , NY
    
367
524
        
367
524
891
126
1999
10/1999
(c)
Ponderosa - Scottsburg , IN
    
480
724
        
480
724
1,205
44
1988
2/2005
(c)
Popeyes - Ahoskie, NC
    
180
120
        
180
120
300
7
1962
2/2005
(c)
Popeyes - Bloomingdale, IL
    
160
582
        
160
582
742
36
1989
2/2005
(c)
Popeyes - Channelview, TX
  
(g)
209
222
        
209
222
432
14
1980
2/2005
(c)
Popeyes - Chicago, IL
    
474
538
        
474
538
1,012
33
1987
2/2005
(c)
Popeyes - Chicago, IL
    
364
346
        
364
346
710
21
1987
2/2005
(c)
Popeyes - Chicago, IL
    
393
409
        
393
409
802
25
1982
2/2005
(c)
Popeyes - Chicago, IL
    
360
347
        
360
347
707
21
1987
2/2005
(c)
Popeyes - Chicago, IL
    
357
400
        
357
400
756
24
1986
2/2005
(c)
Popeyes - Chicago, IL
    
309
401
        
309
401
711
25
1987
2/2005
(c)
Popeyes - Chicago, IL
    
265
318
        
265
318
582
19
1987
2/2005
(c)
Popeyes - Cuthbert, GA
    
195
130
        
195
130
325
8
1987
2/2005
(c)
Popeyes - Houston, TX
    
106
191
        
106
191
296
12
1979
2/2005
(c)
Popeyes - Houston, TX
    
205
231
        
205
231
436
14
1979
2/2005
(c)
Popeyes - Houston, TX
    
205
215
        
205
215
420
13
1976
2/2005
(c)
Popeyes - Houston, TX
    
194
198
        
194
198
391
12
1978
2/2005
(c)
Popeyes - Houston, TX
  
(g)
119
256
        
119
256
375
16
1978
2/2005
(c)
Popeyes - Murfreesboro, NC
    
148
376
        
148
376
524
23
1976
2/2005
(c)
Popeyes - New Orleans, LA
    
76
196
        
76
196
273
12
1975
2/2005
(c)
Popeyes - Ocala , FL
    
709
351
        
709
351
1,060
22
1987
2/2005
(c)
Popeyes - San Antonio, TX
    
122
252
        
122
252
374
15
1976
2/2005
(c)
Popeyes - Starke , FL
  
(g)
(e)
(e)
        
(e)
(e)
(e)
(e)
1997
9/1997
(e)
Popeyes - Thomasville , GA
  
(g)
114
407
        
114
407
521
111
1998
9/1998
(c)
Popeyes - Valdosta , GA
  
(g)
159
378
        
159
378
537
105
1998
9/1998
(c)
Rally's - Indianapolis, IN
    
647
(d)
        
647
(d)
647
(d)
2004
8/2005
(c)
Razzoos - Lewisville, TX
    
761
756
        
761
756
1,518
46
1997
2/2005
(c)
Red Robin - Columbus , OH
    
722
    
1,366
    
722
1,366
2,088
228
1999
1/2000
(c)
Renewal by Anderson - Arapahoe , CO
(i)
  
986
1,680
        
986
1,680
2,667
504
1994
12/1997
(c)
Rio Bravo - Tampa , FL
    
869
1,549
        
869
1,549
2,418
399
1999
4/1999
(c)
Roadhouse Grill - Brandon , FL
  
(g)
914
    
691
    
914
691
1,605
179
1999
2/1999
(c)
Roadhouse Grill - Clearwater , FL
  
(g)
1,370
    
947
    
1,370
947
2,317
240
1999
4/1999
(c)
Roadhouse Grill - Duluth , GA
    
1,297
(e)
        
1,297
(e)
1,297
(e)
1999
2/2005
(e)
Roadhouse Grill - Fairfield , OH
  
(g)
1,152
    
910
    
1,152
910
2,062
220
1999
10/1999
(c)
Roadhouse Grill - Grove City , OH
    
650
    
978
    
650
978
1,628
235
1999
10/1999
(c)
Roadhouse Grill - Jacksonville , FL
  
(g)
394
    
1,443
    
394
1,443
1,837
388
1998
12/1998
(c)
Roadhouse Grill - Jacksonville , FL
    
1,314
    
888
    
1,314
888
2,201
204
1999
2/2000
(c)
Roma Italian Restaurant - Louisburg, NC
    
144
401
        
144
401
545
25
1986
2/2005
(c)
Ruby Tuesday - Bartow , FL
  
(g)
416
    
963
    
416
963
1,380
230
1999
11/1999
(c)
Ruby Tuesday - Champlin , MN
    
506
(e)
        
506
(e)
506
(e)
1999
3/2000
(e)
Ruby Tuesday - Colorado Springs , CO
  
(g)
696
    
1,006
    
696
1,006
1,702
246
1999
7/1999
(c)
Ruby Tuesday - Coral Springs , FL
  
(g)
715
    
1,013
    
715
1,013
1,728
253
1999
7/1999
(c)
Ruby Tuesday - Dillon , CO
  
(g)
557
    
1,133
    
557
1,133
1,690
270
1999
11/1999
(c)
Ruby Tuesday - Draper , UT
  
(g)
519
(e)
        
519
(e)
519
(e)
1999
5/1999
(e)
Ruby Tuesday - Independence , MO
  
(g)
981
(e)
        
981
(e)
981
(e)
1999
3/1999
(e)
Ruby Tuesday - Kansas City , MO
  
(g)
633
(e)
        
633
(e)
633
(e)
1999
2/2000
(e)
Ruby Tuesday - Lakeland , FL
  
(g)
574
743
        
574
743
1,317
201
1998
11/1998
(c)
Ruby Tuesday - Lakewood , WA
  
(g)
431
(e)
        
431
(e)
431
(e)
1999
1/2000
(e)
Ruby Tuesday - London , KY
  
(g)
354
(e)
        
354
(e)
354
(e)
1997
11/1997
(e)
Ruby Tuesday - Louisville , KY
    
(e)
(e)
  
1,052
    
(e)
(e)
(e)
(e)
1999
10/1999
(e)
Ruby Tuesday - Orange City , FL
  
(g)
720
(e)
        
720
(e)
720
(e)
1999
4/1999
(e)
Ruby Tuesday - Orlando , FL
    
778
(e)
        
778
(e)
778
(e)
1998
2/2005
(e)
Ruby Tuesday - Puyallup , WA
  
(g)
(e)
(e)
  
934
    
(e)
(e)
(e)
(e)
1999
6/1999
(e)
Ruby Tuesday - Sebring , FL
  
(g)
(e)
(e)
  
776
    
(e)
(e)
(e)
(e)
1999
7/1999
(e)
Ruby Tuesday - Somerset , KY
  
(g)
546
    
869
    
546
869
1,414
246
1998
7/1998
(c)
Ruby Tuesday - St. George , UT
  
(g)
(e)
(e)
  
896
    
(e)
(e)
(e)
(e)
1999
9/1999
(e)
Ruby Tuesday - Vero Beach , FL
    
537
    
1,268
    
537
1,268
1,804
293
1999
1/2000
(c)
Ruth's Chris Steak House - King Of Prussia , PA
    
965
550
        
965
550
1,515
175
1977
6/1997
(c)
Ruth's Chris Steak House - Tampa , FL
    
1,076
1,063
        
1,076
1,063
2,139
339
1996
6/1997
(c)
Saint Louis Bread Company - Florissant , MO
    
706
    
627
    
706
627
1,332
209
1996
12/1996
(c)
San Jose Restaurant - Rochester , NY
    
310
146
        
310
146
456
9
1981
2/2005
(c)
Schlotzkys - Apex, NC
    
230
383
        
230
383
613
23
1996
2/2005
(c)
Schlotzkys - College Station, TX
    
413
400
        
413
400
812
24
1998
2/2005
(c)
Schlotzkys - Colorado Springs, CO
    
695
378
        
695
378
1,072
23
1998
2/2005
(c)
Schlotzkys - Grand Prairie, TX
    
479
271
        
479
271
750
17
1997
2/2005
(c)
Schlotzkys - Irving, TX
    
142
373
        
142
373
515
23
1996
2/2005
(c)
Schlotzkys - Longmont, CO
    
373
400
        
373
400
773
25
1980
2/2005
(c)
Schlotzkys - Louisville, KY
    
504
376
        
504
376
880
23
1998
2/2005
(c)
Schlotzkys - Memphis, TN
    
309
316
        
309
316
625
19
1997
2/2005
(c)
Schlotzkys - Terrell, TX
    
216
334
        
216
334
550
20
1998
2/2005
(c)
Shell Oil - Austin, TX
    
802
571
        
802
571
1,374
35
2000
2/2005
(c)
Shell Oil - Rowlett, TX
    
1,701
553
        
1,701
553
2,254
34
1998
2/2005
(c)
Shell Oil - San Marcos, TX
    
840
488
        
840
488
1,328
30
2000
2/2005
(c)
Shoney's - Athens, AL
  
(g)
579
630
        
579
630
1,209
39
1982
2/2005
(c)
Shoney's - Brookhaven , MS
    
535
485
        
535
485
1,020
30
1988
2/2005
(c)
Shoney's - Charleston, WV
  
(g)
337
612
        
337
612
949
37
1981
2/2005
(c)
Shoney's - Columbia, SC
    
556
521
        
556
521
1,077
32
1986
2/2005
(c)
Shoney's - Cookeville, TN
  
(g)
760
795
        
760
795
1,554
49
1995
2/2005
(c)
Shoney's - Elizabethtown, KY
  
(g)
318
619
        
318
619
937
38
UNKNOWN
2/2005
(c)
Shoney's - Florence, AL
  
(g)
331
657
        
331
657
989
40
1966
2/2005
(c)
Shoney's - Gadsden, AL
  
(g)
319
609
        
319
609
928
37
1982
2/2005
(c)
Shoney's - Goodlettsville , TN
    
602
582
        
602
582
1,184
36
1988
2/2005
(c)
Shoney's - Grayson, KY
  
(g)
291
737
        
291
737
1,028
45
1994
2/2005
(c)
Shoney's - Hardeeville, SC
  
(g)
491
678
        
491
678
1,169
42
1985
2/2005
(c)
Shoney's - Hattiesburg, MS
  
(g)
427
594
        
427
594
1,021
36
1989
2/2005
(c)
Shoney's - Huntsville , AL
    
348
318
        
348
318
666
19
1989
2/2005
(c)
Shoney's - Jackson, MS
  
(g)
255
630
        
255
630
885
39
1989
2/2005
(c)
Shoney's - Lafayette, LA
  
(g)
432
554
        
432
554
985
34
1989
2/2005
(c)
Shoney's - Lawrenceburg, TN
  
(g)
460
536
        
460
536
996
33
1983
2/2005
(c)
Shoney's - Lewisburg, WV
  
(g)
506
658
        
506
658
1,164
40
1981
2/2005
(c)
Shoney's - Natchitoches, LA
  
(g)
364
560
        
364
560
924
34
1990
2/2005
(c)
Shoney's - Osage Beach, MO
  
(g)
389
735
        
389
735
1,124
45
UNKNOWN
2/2005
(c)
Shoney's - Owensboro, KY
  
(g)
170
616
        
170
616
786
38
1988
2/2005
(c)
Shoney's - Oxford, AL
  
(g)
292
635
        
292
635
928
39
UNKNOWN
2/2005
(c)
Shoney's - Parkersburg, WV
    
425
899
        
425
899
1,324
55
2004
2/2005
(c)
Shoney's - Princeton, WV
  
(g)
463
574
        
463
574
1,037
35
1975
2/2005
(c)
Shoney's - Ripley, WV
  
(g)
425
817
        
425
817
1,243
50
1981
2/2005
(c)
Shoney's - Ruston, LA
  
(g)
323
588
        
323
588
911
36
1993
2/2005
(c)
Shoney's - Summerville, SC
  
(g)
570
580
        
570
580
1,151
36
1995
2/2005
(c)
Shoney's - Valdosta, GA
  
(g)
375
634
        
375
634
1,009
39
2000
2/2005
(c)
Shoney's - West Columbia, SC
    
449
561
        
449
561
1,010
34
1994
2/2005
(c)
Shoney's - Windcrest , TX
    
701
523
        
701
523
1,224
32
1991
2/2005
(c)
Smokey Bones BBQ - Langhorne , PA
(i)
  
817
(d)
        
817
(d)
817
(d)
1976
6/1997
(c)
Smokey Bones BBQ - Morrow , GA
(i)
(g)
935
1,843
        
935
1,843
2,778
480
1999
4/1999
(c)
Smokey Bones BBQ - Taylor , MI
(i)
(g)
845
1,712
        
845
1,712
2,557
441
1999
4/1999
(c)
Sonny's Real Pit Bar-B-Q - Athens , GA
  
(g)
629
963
        
629
963
1,591
275
1981
6/1998
(c)
Sonny's Real Pit Bar-B-Q - Conyers , GA
  
(g)
371
593
        
371
593
964
170
1994
6/1998
(c)
Sonny's Real Pit Bar-B-Q - Doraville , GA
    
585
813
        
585
813
1,398
233
1990
6/1998
(c)
Sonny's Real Pit Bar-B-Q - Marietta , GA
    
502
871
        
502
871
1,373
249
1988
6/1998
(c)
Sonny's Real Pit Bar-B-Q - Norcross , GA
    
734
961
        
734
961
1,695
275
1986
6/1998
(c)
Sonny's Real Pit Bar-B-Q - Smyrna , GA
  
(g)
634
643
        
634
643
1,278
184
1981
6/1998
(c)
Sonny's Real Pit Bar-B-Q - Thomasville , GA
    
263
(e)
        
263
(e)
263
(e)
1999
12/1999
(e)
Sonny's Real Pit Bar-B-Q - Venice , FL
    
499
960
        
499
960
1,458
132
1978
7/1999
(c)
Spaghetti Warehouse - Arlington, TX
    
563
1,091
        
563
1,091
1,654
67
1994
2/2005
(c)
Spaghetti Warehouse - Aurora, IL
    
521
1,167
        
521
1,167
1,688
72
1993
2/2005
(c)
Spaghetti Warehouse - Austin, TX
    
725
1,089
        
725
1,089
1,813
67
1920
2/2005
(c)
Spaghetti Warehouse - Dallas, TX
    
529
1,425
        
529
1,425
1,954
87
1990
2/2005
(c)
Spaghetti Warehouse - Elk Grove Village, IL
    
456
1,057
        
456
1,057
1,513
65
1995
2/2005
(c)
Spaghetti Warehouse - Houston, TX
    
231
1,054
        
231
1,054
1,285
65
1906
2/2005
(c)
Spaghetti Warehouse - Marietta, GA
    
381
1,170
        
381
1,170
1,551
72
1986
2/2005
(c)
Spaghetti Warehouse - Memphis, TN
      
890
          
890
890
55
1905
2/2005
(c)
Spaghetti Warehouse - Oklahoma City, OK
    
147
1,521
        
147
1,521
1,668
93
1905
2/2005
(c)
Spaghetti Warehouse - Plano, TX
    
586
1,086
        
586
1,086
1,672
67
1993
2/2005
(c)
Spaghetti Warehouse - San Antonio, TX
    
200
1,143
        
200
1,143
1,343
70
1907
2/2005
(c)
Spaghetti Warehouse - Tulsa, OK
    
57
579
        
57
579
636
35
1917
2/2005
(c)
Sprint PCS Retail Store - St. Joseph , MO
(i)
  
379
143
  
245
    
379
388
767
130
1996
9/1996
(c)
Starbucks - St.Joseph, MO
    
450
281
        
450
281
731
18
2005
2/2005
(c)
Steak & Ale Restaurant - Altamonte Springs , FL
    
1,006
691
        
1,006
691
1,697
197
1998
6/1998
(c)
Steak & Ale Restaurant - College Park , GA
  
(g)
802
(e)
        
802
(e)
802
(e)
1973
6/1998
(e)
Steak & Ale Restaurant - Conroe , TX
  
(g)
591
(e)
        
591
(e)
591
(e)
1993
6/1998
(e)
Steak & Ale Restaurant - Dallas, TX
    
550
(d)
        
550
(d)
550
(d)
1985
2/2005
(c)
Steak & Ale Restaurant - Greenville , SC
  
(g)
671
(e)
        
671
(e)
671
(e)
1976
6/1998
(e)
Steak & Ale Restaurant - Houston , TX
  
(g)
938
(e)
        
938
(e)
938
(e)
1973
6/1998
(e)
Steak & Ale Restaurant - Houston , TX
  
(g)
777
(e)
        
777
(e)
777
(e)
1972
6/1998
(e)
Steak & Ale Restaurant - Huntsville , AL
    
641
(e)
        
641
(e)
641
(e)
1974
6/1998
(e)
Steak & Ale Restaurant - Maitland , FL
    
684
(e)
        
684
(e)
684
(e)
1969
6/1998
(e)
Steak & Ale Restaurant - Memphis , TN
    
810
798
        
810
798
1,609
214
1979
12/1998
(c)
Steak & Ale Restaurant - Mesquite , TX
  
(g)
592
(e)
        
592
(e)
592
(e)
1988
6/1998
(e)
Steak & Ale Restaurant - Miami , FL
  
(g)
594
(e)
        
594
(e)
594
(e)
1974
6/1998
(e)
Steak & Ale Restaurant - Middletown , NJ
  
(g)
934
763
        
934
763
1,697
217
1985
6/1998
(c)
Steak & Ale Restaurant - Norcross , GA
  
(g)
740
(e)
        
740
(e)
740
(e)
1984
12/1998
(e)
Steak & Ale Restaurant - Tulsa , OK
  
(g)
434
(e)
        
434
(e)
434
(e)
1969
6/1998
(e)
Steak N Shake - Tampa , FL
    
581
(e)
        
581
(e)
581
(e)
1994
2/2005
(e)
Sunoco - Baltimore, MD
    
798
818
        
798
818
1,615
50
1998
2/2005
(c)
Super Smokers BBQ Restaurant - St. Peters , MO
  
(g)
377
692
        
377
692
1,069
181
1981
3/1999
(c)
Sweet Tomatoes - Coral Springs, FL
  
(g)
879
843
        
879
843
1,721
79
1997
3/2004
(c)
Taco Bell - Anniston , AL
    
200
353
        
200
353
553
22
1993
2/2005
(c)
Taco Bell - Arlington, TX
  
(g)
277
    
550
    
277
550
827
122
2000
8/2000
(c)
Taco Bell - Bishop , CA
    
746
288
        
746
288
1,035
18
1988
2/2005
(c)
Taco Bell - Colonial Heights , VA
  
(g)
447
384
        
447
384
831
99
1994
2/1999
(c)
Taco Bell - Dallas , TX
  
(g)
335
695
        
335
695
1,030
171
1997
7/1999
(c)
Taco Bell - Dallas, TX
  
(g)
356
    
497
    
356
497
853
112
2000
4/2000
(c)
Taco Bell - Detroit , MI
    
473
400
        
473
400
873
25
1990
2/2005
(c)
Taco Bell - Detroit , MI
    
493
359
        
493
359
852
22
1990
2/2005
(c)
Taco Bell - Edgewood , MD
  
(g)
1,030
366
        
1,030
366
1,396
22
1989
2/2005
(c)
Taco Bell - Hayes , VA
  
(g)
300
(e)
        
300
(e)
300
(e)
1994
2/1999
(e)
Taco Bell - Kingston , TN
  
(g)
232
282
        
232
282
514
17
1997
2/2005
(c)
Taco Bell - Livingston , TN
  
(g)
212
(e)
        
212
(e)
212
(e)
1998
10/1998
(e)
Taco Bell - Longwood , FL
    
566
326
        
566
326
892
20
1988
2/2005
(c)
Taco Bell - Muncie, IN
    
172
402
        
172
402
574
25
1967
2/2005
(c)
Taco Bell - Portsmouth , VA
  
(g)
309
(e)
        
309
(e)
309
(e)
1997
2/2005
(e)
Taco Bell - Richmond , VA
  
(g)
403
(e)
        
403
(e)
403
(e)
1994
2/1999
(e)
Taco Bell - Richmond , VA
  
(g)
405
451
        
405
451
856
117
1994
2/1999
(c)
Taco Bell - Richmond , VA
  
(g)
475
479
        
475
479
954
124
1994
2/1999
(c)
Taco Bell - Saint Augustine, FL
    
735
290
        
735
290
1,025
12
1986
9/2005
(c)
Taco Bell - Shreveport, LA
    
247
140
        
247
140
387
6
1985
9/2005
(c)
Taco Bell - St. Louis , MO
    
350
(e)
        
350
(e)
350
(e)
1991
10/1998
(e)
Taco Bell - St. Louis , MO
    
309
351
        
309
351
660
96
1991
10/1998
(c)
Taco Bell - Wentzville , MO
    
339
    
491
    
339
491
830
82
1999
5/2000
(c)
Taco Bell - Williamsburg , VA
  
(g)
344
(e)
        
344
(e)
344
(e)
1994
2/1999
(e)
Taco Bell - Orlando, FL
    
534
(d)
        
534
(d)
534
(d)
2004
12/2004
(c)
Taco Bell/KFC - Milwaukee, WI
    
310
605
        
310
605
915
18
1978
2/2006
(c)
Taco Bueno - Amarillo, TX
    
421
347
        
421
347
768
15
2004
9/2005
(c)
Taco Bueno - Frisco, TX
    
581
494
        
581
494
1,075
21
2004
9/2005
(c)
Taco Bueno - Lubbock, TX
    
554
447
        
554
447
1,001
19
2004
9/2005
(c)
Taco Bueno - N. Richland Hills, TX
    
474
460
        
474
460
934
19
2004
9/2005
(c)
Taco Cabana - Arlington, TX
  
(g)
474
421
        
474
421
895
26
1997
12/2000
(c)
Taco Cabana - Austin, TX
  
(g)
566
385
        
566
385
951
24
1980
12/2000
(c)
Taco Cabana - Austin, TX
  
(g)
538
347
        
538
347
885
21
1990
12/2000
(c)
Taco Cabana - Austin, TX
  
(g)
492
402
        
492
402
894
25
1997
12/2000
(c)
Taco Cabana - Austin, TX
    
699
558
        
699
558
1,257
34
1984
2/2005
(c)
Taco Cabana - Dallas, TX
  
(g)
646
329
        
646
329
975
20
1992
12/2000
(c)
Taco Cabana - Dallas, TX
  
(g)
492
391
        
492
391
883
24
1997
12/2000
(c)
Taco Cabana - Dallas, TX
    
376
480
        
376
480
856
29
1988
2/2005
(c)
Taco Cabana - Dallas, TX
    
372
465
        
372
465
837
29
1987
2/2005
(c)
Taco Cabana - Denton, TX
  
(g)
568
402
        
568
402
970
25
2000
12/2000
(c)
Taco Cabana - Houston, TX
  
(g)
659
376
        
659
376
1,034
23
1987
12/2000
(c)
Taco Cabana - Houston, TX
  
(g)
743
404
        
743
404
1,147
25
1998
12/2000
(c)
Taco Cabana - Houston, TX
  
(g)
763
326
        
763
326
1,089
20
1990
12/2000
(c)
Taco Cabana - Houston, TX
  
(g)
562
402
        
562
402
963
25
1994
12/2000
(c)
Taco Cabana - Houston, TX
  
(g)
560
426
        
560
426
986
26
1990
12/2000
(c)
Taco Cabana - Houston, TX
  
(g)
541
344
        
541
344
885
21
1990
12/2000
(c)
Taco Cabana - Houston, TX
  
(g)
864
391
        
864
391
1,256
24
1998
12/2000
(c)
Taco Cabana - Houston, TX
  
(g)
788
486
        
788
486
1,274
30
1999
12/2000
(c)
Taco Cabana - Pasadena, TX
  
(g)
495
352
        
495
352
847
22
1994
12/2000
(c)
Taco Cabana - Pflugerville, TX
  
(g)
689
410
        
689
410
1,099
25
1998
12/2000
(c)
Taco Cabana - San Antonio, TX
  
(g)
469
346
        
469
346
815
21
1995
12/2000
(c)
Taco Cabana - San Antonio, TX
  
(g)
369
327
        
369
327
696
20
1994
12/2000
(c)
Taco Cabana - San Antonio, TX
  
(g)
570
352
        
570
352
922
22
1993
12/2000
(c)
Taco Cabana - San Antonio, TX
  
(g)
732
347
        
732
347
1,079
21
1994
12/2000
(c)
Taco Cabana - San Antonio, TX
  
(g)
633
299
        
633
299
932
18
1997
12/2000
(c)
Taco Cabana - San Antonio, TX
    
519
353
        
519
353
871
22
1986
2/2005
(c)
Taco Cabana - San Antonio, TX
    
509
406
        
509
406
915
25
1985
2/2005
(c)
Taco Cabana - San Antonio, TX
    
588
418
        
588
418
1,006
26
1983
2/2005
(c)
Taco Cabana - San Antonio, TX
    
527
293
        
527
293
820
18
1986
2/2005
(c)
Taco Cabana - San Antonio, TX
    
535
406
        
535
406
941
25
1989
2/2005
(c)
Taco Cabana - San Antonio, TX
    
1,087
409
        
1,087
409
1,495
25
1984
2/2005
(c)
Taco Cabana - Schertz, TX
  
(g)
462
407
        
462
407
869
25
1998
2/2005
(c)
Taco Cabana - Universal City, TX
  
(g)
402
382
        
402
382
785
23
1995
2/2005
(c)
Tamollies - Woodville, TX
    
97
313
        
97
313
410
19
1990
2/2005
(c)
Taqueria El Rodeo - San Antonio, TX
    
200
324
        
200
324
524
20
1979
2/2005
(c)
TCF National Bank - Crystal , MN
  
(g)
371
432
        
371
432
802
133
1981
10/1997
(c)
Tequila's - San Antonio, TX
    
274
276
        
274
276
550
17
1977
2/2005
(c)
Texaco - Rockwall, TX
    
764
403
        
764
403
1,167
25
1998
2/2005
(c)
Texas Roadhouse - Ammon , ID
  
(g)
506
    
806
    
506
806
1,312
191
1999
12/1999
(c)
Texas Roadhouse - Arvada, CO
    
538
    
1,149
    
538
1,149
1,687
241
2000
9/2000
(c)
Texas Roadhouse - Aurora , CO
    
657
    
1,209
    
657
1,209
1,866
274
1999
3/2000
(c)
Texas Roadhouse - Cedar Rapids , IA
  
(g)
582
    
1,085
    
582
1,085
1,667
241
2000
5/2000
(c)
Texas Roadhouse - College Station , TX
    
520
    
1,074
    
520
1,074
1,594
233
2000
6/2000
(c)
Texas Roadhouse - Concord , NC
    
664
    
987
    
664
987
1,651
218
2000
5/2000
(c)
Texas Roadhouse - Dickson City, PA
    
596
    
1,079
    
596
1,079
1,675
196
2000
11/2000
(c)
Texas Roadhouse - Fayetteville , NC
    
(e)
(e)
        
(e)
(e)
(e)
(e)
1998
2/1999
(e)
Texas Roadhouse - Gastonia , NC
  
(g)
235
    
1,116
    
235
1,116
1,351
262
1999
12/1999
(c)
Texas Roadhouse - Grand Prairie, TX
    
647
836
        
647
836
1,483
51
1997
2/2005
(c)
Texas Roadhouse - Hickory , NC
  
(g)
560
    
1,032
    
560
1,032
1,593
246
1999
9/1999
(c)
Texas Roadhouse - Kenosha, WI
    
682
1,062
        
682
1,062
1,744
65
2002
8/2002
(c)
Texas Roadhouse - Shively , KY
    
714
996
        
714
996
1,709
237
1998
11/1999
(c)
TGI Friday's - Homestead, PA
  
(g)
1,210
1,064
        
1,210
1,064
2,274
65
2000
2/2005
(c)
TGI Friday's - Independence , MO
    
856
(e)
        
856
(e)
856
(e)
1999
3/1999
(e)
TGI Friday's - Leawood , KS
    
2,459
(e)
        
2,459
(e)
2,459
(e)
2000
6/2000
(e)
TGI Friday's - Shawnee , KS
    
885
(e)
        
885
(e)
885
(e)
1999
3/2000
(e)
TGI Friday's - Warwick, RI
    
2,012
1,059
        
2,012
1,059
3,071
65
1984
2/2005
(c)
The Egg Roll Factory - Rocky Mount, NC
    
310
348
        
310
348
657
21
1984
2/2005
(c)
The Italian Pie - Warner Robins , GA
    
219
146
        
219
146
365
9
1996
2/2005
(c)
Tiny Bubbles - Arlington, TX
    
220
160
        
220
160
380
10
1985
2/2005
(c)
Tropic Sun II - Stevens Point, WI
    
198
302
        
198
302
500
19
1979
2/2005
(c)
Up The Creek Fish Camp - Snellville, GA
    
839
792
        
839
792
1,631
49
1998
2/2005
(c)
Verizon Wireless - Grapevine, TX
    
183
313
  
632
    
183
945
1,128
19
UNKNOWN
2/2005
(c)
Verizon Wireless - Statesville , NC
    
354
313
        
354
313
667
19
1993
2/2005
(c)
Village Inn - Omaha , NE
    
512
756
        
512
756
1,268
181
1989
10/1999
(c)
Waffle House - Atlantic Beach , FL
    
215
231
        
215
231
446
14
1986
2/2005
(c)
Waffle House - Clearwater , FL
    
309
215
        
309
215
524
13
1988
2/2005
(c)
Waffle House - Cocoa , FL
    
322
259
        
322
259
581
16
1986
2/2005
(c)
Waffle House - Roanoke , VA
    
190
234
        
190
234
424
14
1987
2/2005
(c)
Wendy's - Alcoa, TN
    
167
346
        
167
346
513
21
1968
2/2005
(c)
Wendy's - Anderson, SC
    
1,029
256
        
1,029
256
1,285
9
1975
12/2005
(c)
Wendy's - Anniston, AL
    
170
145
        
170
145
315
5
1977
12/2005
(c)
Wendy's - Anniston, AL
    
140
138
        
140
138
277
5
1978
12/2005
(c)
Wendy's - Arkadelphia, AR
    
438
286
        
438
286
724
10
1989
12/2005
(c)
Wendy's - Arlington , VA
  
(g)
886
324
        
886
324
1,210
20
1983
2/2005
(c)
Wendy's - Arlington, WA
    
869
433
        
869
433
1,302
15
1994
12/2005
(c)
Wendy's - Atascadero , CA
    
486
    
706
    
486
706
1,192
151
2000
7/2000
(c)
Wendy's - Austell, GA
    
383
251
        
383
251
634
8
1994
12/2005
(c)
Wendy's - Baltimore, MD
    
464
500
        
464
500
964
31
1987
2/2005
(c)
Wendy's - Bardstown, KY
    
1,172
267
        
1,172
267
1,438
9
1985
12/2005
(c)
Wendy's - Batesville, AR
    
871
246
        
871
246
1,117
8
1985
12/2005
(c)
Wendy's - Baton Rouge, LA
    
443
311
        
443
311
754
10
1998
12/2005
(c)
Wendy's - Bellevue, NE
    
352
453
        
352
453
805
8
1985
6/2006
(c)
Wendy's - Benton, AR
    
989
252
        
989
252
1,241
8
1978
12/2005
(c)
Wendy's - Bentonville, AR
    
698
298
        
698
298
996
10
1992
12/2005
(c)
Wendy's - Birmingham, AL
    
1,003
257
        
1,003
257
1,260
9
1977
12/2005
(c)
Wendy's - Bowling Green, OH
    
740
455
        
740
455
1,195
15
1992
12/2005
(c)
Wendy's - Brunswick, GA
    
1,061
363
        
1,061
363
1,424
12
1984
12/2005
(c)
Wendy's - Bryant, AR
    
597
284
        
597
284
881
10
1991
12/2005
(c)
Wendy's - Burlington, WA
    
576
444
        
576
444
1,019
15
1991
12/2005
(c)
Wendy's - Cabot, AR
    
650
281
        
650
281
931
9
1991
12/2005
(c)
Wendy's - Camarillo , CA
  
(g)
640
    
689
    
640
689
1,329
241
1996
7/1996
(c)
Wendy's - Carmel Mountain , CA
  
(g)
(e)
(e)
        
(e)
(e)
(e)
(e)
1997
10/1998
(e)
Wendy's - Cayce, SC
    
700
287
        
700
287
987
10
1976
12/2005
(c)
Wendy's - Chambersburg, PA
    
367
344
        
367
344
711
12
1998
12/2005
(c)
Wendy's - Cocoa, FL
    
539
301
        
539
301
839
10
1979
12/2005
(c)
Wendy's - Columbia, SC
    
762
276
        
762
276
1,038
9
1975
12/2005
(c)
Wendy's - Columbia, SC
    
1,220
276
        
1,220
276
1,496
9
1979
12/2005
(c)
Wendy's - Columbia, SC
    
328
180
        
328
180
508
6
1979
12/2005
(c)
Wendy's - Columbia, SC
    
502
266
        
502
266
767
9
1993
12/2005
(c)
Wendy's - Conway, AR
    
1,025
250
        
1,025
250
1,276
8
1978
12/2005
(c)
Wendy's - Conway, AR
    
903
290
        
903
290
1,193
10
1993
12/2005
(c)
Wendy's - Creedmoor, NC
    
853
290
        
853
290
1,143
10
1985
12/2005
(c)
Wendy's - Crossville, TN
    
768
301
        
768
301
1,069
8
UNKNOWN
3/2006
(c)
Wendy's - Denver, CO
    
930
369
        
930
369
1,299
12
1984
12/2005
(c)
Wendy's - Douglasville, GA
    
684
292
        
684
292
975
10
1994
12/2005
(c)
Wendy's - Dublin, GA
    
437
506
        
437
506
943
21
1980
9/2005
(c)
Wendy's - E.York, PA
    
671
436
        
671
436
1,106
15
1996
12/2005
(c)
Wendy's - El Dorado, AR
    
1,004
237
        
1,004
237
1,241
8
1978
12/2005
(c)
Wendy's - Elizabethtown, PA
    
895
458
        
895
458
1,352
15
1999
12/2005
(c)
Wendy's - Enid, OK
    
793
466
        
793
466
1,259
16
2003
12/2005
(c)
Wendy's - Fayetteville, AR
    
737
296
        
737
296
1,034
10
1994
12/2005
(c)
Wendy's - Fayetteville, AR
    
377
306
        
377
306
683
10
1999
12/2005
(c)
Wendy's - Ft.Smith, AR
    
798
280
        
798
280
1,077
9
1995
12/2005
(c)
Wendy's - Ft.Smith, AR
    
601
267
        
601
267
868
9
1995
12/2005
(c)
Wendy's - Gainesville , TX
    
259
279
        
259
279
538
17
1986
2/2005
(c)
Wendy's - Goodland, KS
    
208
262
        
208
262
470
9
1984
12/2005
(c)
Wendy's - Grafton, VA
    
854
366
        
854
366
1,221
12
1985
12/2005
(c)
Wendy's - Greenville, SC
    
599
266
        
599
266
866
9
1975
12/2005
(c)
Wendy's - Greenwood, SC
    
943
280
        
943
280
1,223
9
1979
12/2005
(c)
Wendy's - Grenada, MS
    
1,140
316
        
1,140
316
1,456
8
UNKNOWN
3/2006
(c)
Wendy's - Groton, CT
    
1,092
337
        
1,092
337
1,429
11
1978
12/2005
(c)
Wendy's - Harriman, TN
    
689
334
        
689
334
1,023
9
UNKNOWN
3/2006
(c)
Wendy's - Hayes, VA
    
483
354
        
483
354
837
12
1986
12/2005
(c)
Wendy's - Heights, MI
    
416
308
        
416
308
723
10
1984
12/2005
(c)
Wendy's - Hogansville, GA
    
269
433
        
269
433
701
15
1998
12/2005
(c)
Wendy's - Hot Springs, AR
    
567
262
        
567
262
828
9
1976
12/2005
(c)
Wendy's - Houston, TX
    
541
286
        
541
286
827
12
1981
9/2005
(c)
Wendy's - Houston, TX
    
333
138
        
333
138
470
5
1975
12/2005
(c)
Wendy's - Houston, TX
    
224
149
        
224
149
372
5
1984
12/2005
(c)
Wendy's - Houston, TX
    
304
186
        
304
186
490
6
1984
12/2005
(c)
Wendy's - Houston, TX
    
385
182
        
385
182
567
6
1994
12/2005
(c)
Wendy's - Indialantic, FL
    
561
242
        
561
242
803
8
1985
12/2005
(c)
Wendy's - Indianapolis, IN
    
232
204
        
232
204
436
7
1985
12/2005
(c)
Wendy's - Jacksonville, AR
    
1,134
305
        
1,134
305
1,440
10
1977
12/2005
(c)
Wendy's - Jacksonville, FL
    
463
226
        
463
226
688
8
1979
12/2005
(c)
Wendy's - Jonestown, PA
    
875
424
        
875
424
1,298
14
2001
12/2005
(c)
Wendy's - Keyport, NJ
    
786
379
        
786
379
1,165
13
1978
12/2005
(c)
Wendy's - Kingwood, TX
    
905
316
        
905
316
1,221
13
2001
9/2005
(c)
Wendy's - Knoxville , TN
  
(g)
358
    
445
    
358
445
803
156
1996
5/1996
(c)
Wendy's - Knoxville , TN
  
(g)
556
    
442
    
556
442
998
123
1998
8/1998
(c)
Wendy's - Knoxville , TN
  
(g)
(e)
(e)
  
464
    
(e)
(e)
(e)
(e)
1998
9/1998
(e)
Wendy's - Landover, MD
    
230
408
        
230
408
638
25
1978
2/2005
(c)
Wendy's - Lenoir City, TN
    
354
314
        
354
314
668
8
UNKNOWN
3/2006
(c)
Wendy's - Leominster, MA
    
880
445
        
880
445
1,324
15
1985
12/2005
(c)
Wendy's - Lewistown, PA
    
193
186
        
193
186
379
6
1985
12/2005
(c)
Wendy's - Lithia Springs, GA
    
669
292
        
669
292
961
10
1991
12/2005
(c)
Wendy's - Little Rock, AR
    
738
344
        
738
344
1,082
12
1976
12/2005
(c)
Wendy's - Little Rock, AR
    
787
258
        
787
258
1,045
9
1977
12/2005
(c)
Wendy's - Little Rock, AR
    
904
277
        
904
277
1,181
9
1978
12/2005
(c)
Wendy's - Little Rock, AR
    
557
268
        
557
268
826
9
1982
12/2005
(c)
Wendy's - Little Rock, AR
    
793
257
        
793
257
1,051
9
1983
12/2005
(c)
Wendy's - Little Rock, AR
    
754
276
        
754
276
1,030
9
1987
12/2005
(c)
Wendy's - Little Rock, AR
    
985
287
        
985
287
1,272
10
1994
12/2005
(c)
Wendy's - Livingston , TN
    
362
(e)
        
362
(e)
362
(e)
1996
2/2005
(e)
Wendy's - Louisville, KY
    
391
227
        
391
227
617
8
1974
12/2005
(c)
Wendy's - Louisville, KY
    
459
305
        
459
305
764
10
1978
12/2005
(c)
Wendy's - Louisville, KY
    
633
313
        
633
313
946
11
1978
12/2005
(c)
Wendy's - Louisville, KY
    
211
156
        
211
156
367
5
1978
12/2005
(c)
Wendy's - Louisville, KY
    
158
122
        
158
122
279
4
1978
12/2005
(c)
Wendy's - Louisville, KY
    
445
357
        
445
357
803
12
1982
12/2005
(c)
Wendy's - Louisville, KY
    
526
315
        
526
315
841
11
1983
12/2005
(c)
Wendy's - Mableton, GA
    
351
264
        
351
264
614
9
1978
12/2005
(c)
Wendy's - Maysville, KY
    
633
370
        
633
370
1,003
12
1985
12/2005
(c)
Wendy's - Mechanicsville , VA
    
391
375
        
391
375
766
23
1988
2/2005
(c)
Wendy's - Melbourne, FL
    
859
351
        
859
351
1,210
12
1976
12/2005
(c)
Wendy's - Melbourne, FL
    
766
412
        
766
412
1,178
14
1993
12/2005
(c)
Wendy's - Memphis, TN
    
254
202
        
254
202
456
7
1981
12/2005
(c)
Wendy's - Merritt Island, FL
    
739
381
        
739
381
1,120
13
1990
12/2005
(c)
Wendy's - Mesa , AZ
    
814
336
        
814
336
1,150
21
1986
2/2005
(c)
Wendy's - Midlothian , VA
  
(g)
611
367
        
611
367
977
22
1991
2/2005
(c)
Wendy's - Milford, NH
    
297
242
        
297
242
539
8
1993
12/2005
(c)
Wendy's - Millville, NJ
    
1,232
408
        
1,232
408
1,640
14
1981
12/2005
(c)
Wendy's - Minden, LA
    
268
246
        
268
246
514
8
1997
12/2005
(c)
Wendy's - Missouri City, TX
    
466
231
        
466
231
697
8
1997
12/2005
(c)
Wendy's - Myrtle Beach, SC
    
795
308
        
795
308
1,103
10
1978
12/2005
(c)
Wendy's - N.Canton, OH
    
617
401
        
617
401
1,018
13
1985
12/2005
(c)
Wendy's - N.Little Rock, AR
    
735
260
        
735
260
995
9
1975
12/2005
(c)
Wendy's - N.Myrtle Beach, SC
    
1,042
284
        
1,042
284
1,327
10
1983
12/2005
(c)
Wendy's - N.Tazewell, VA
    
190
207
        
190
207
397
7
1991
12/2005
(c)
Wendy's - New Braunfels, TX
    
663
282
        
663
282
945
9
1984
12/2005
(c)
Wendy's - New Port Richey, FL
    
491
318
        
491
318
809
11
1975
12/2005
(c)
Wendy's - New Smyrna Bch., FL
    
764
240
        
764
240
1,004
8
1982
12/2005
(c)
Wendy's - North Haven, CT
    
851
441
        
851
441
1,292
15
1977
12/2005
(c)
Wendy's - Norwich, CT
    
837
355
        
837
355
1,192
12
1979
12/2005
(c)
Wendy's - Oregon, OH
    
1,198
373
        
1,198
373
1,571
13
1978
12/2005
(c)
Wendy's - Ormond Beach, FL
    
668
354
        
668
354
1,022
12
1984
12/2005
(c)
Wendy's - Ormond Beach, FL
    
631
442
        
631
442
1,072
15
1994
12/2005
(c)
Wendy's - Paso Robles , CA
  
(g)
489
    
736
    
489
736
1,225
176
1999
9/1999
(c)
Wendy's - Payson , AZ
    
819
333
        
819
333
1,152
20
1986
2/2005
(c)
Wendy's - Philadelphia, PA
    
989
478
        
989
478
1,468
16
1976
12/2005
(c)
Wendy's - Pine Bluff, AR
    
228
210
        
228
210
438
7
1977
12/2005
(c)
Wendy's - Pine Bluff, AR
    
843
300
        
843
300
1,143
10
1999
12/2005
(c)
Wendy's - Port Orange, FL
    
669
371
        
669
371
1,040
12
1996
12/2005
(c)
Wendy's - Roanoke, VA
    
467
385
        
467
385
852
16
1983
10/2005
(c)
Wendy's - Rogers, AR
    
909
289
        
909
289
1,199
10
1994
12/2005
(c)
Wendy's - Russellville, AR
    
695
262
        
695
262
956
9
1978
12/2005
(c)
Wendy's - S.Daytona, FL
    
685
322
        
685
322
1,007
11
1980
12/2005
(c)
Wendy's - S.Hill, VA
    
789
299
        
789
299
1,089
10
1984
12/2005
(c)
Wendy's - Salisbury , MD
  
(g)
622
437
        
622
437
1,059
27
1993
2/2005
(c)
Wendy's - San Antonio, TX
    
175
140
        
175
140
315
5
1979
12/2005
(c)
Wendy's - San Antonio, TX
    
282
201
        
282
201
483
7
1985
12/2005
(c)
Wendy's - San Antonio, TX
    
301
177
        
301
177
479
6
1985
12/2005
(c)
Wendy's - San Antonio, TX
    
578
347
        
578
347
926
12
1986
12/2005
(c)
Wendy's - San Antonio, TX
    
164
147
        
164
147
311
5
1986
12/2005
(c)
Wendy's - San Diego , CA
  
(g)
(e)
(e)
  
590
    
(e)
(e)
(e)
(e)
1996
12/1996
(e)
Wendy's - Santa Maria , CA
    
(e)
(e)
  
700
    
(e)
(e)
(e)
(e)
2000
4/2000
(e)
Wendy's - Searcy, AR
    
1,024
251
        
1,024
251
1,276
8
1978
12/2005
(c)
Wendy's - Sevierville , TN
  
(g)
(e)
(e)
  
532
    
(e)
(e)
(e)
(e)
1996
6/1996
(e)
Wendy's - Seymour , TN
  
(g)
(e)
(e)
  
473
    
(e)
(e)
(e)
(e)
1998
10/1998
(e)
Wendy's - Shepherdsville, KY
    
770
269
        
770
269
1,040
9
1985
12/2005
(c)
Wendy's - Sinking Spring, PA
    
528
545
        
528
545
1,073
18
1999
12/2005
(c)
Wendy's - Smyrna, GA
    
628
354
        
628
354
982
12
1990
12/2005
(c)
Wendy's - Sparta , TN
    
294
326
        
294
326
620
20
1997
2/2005
(c)
Wendy's - Spartanburg, SC
    
1,043
260
        
1,043
260
1,303
9
1977
12/2005
(c)
Wendy's - Spring, TX
    
902
255
        
902
255
1,157
11
1986
9/2005
(c)
Wendy's - Spring, TX
    
347
198
        
347
198
545
8
2004
9/2005
(c)
Wendy's - Springdale, AR
    
488
369
        
488
369
857
12
1994
12/2005
(c)
Wendy's - Springdale, AR
    
728
314
        
728
314
1,042
11
1997
12/2005
(c)
Wendy's - Starke, FL
    
612
278
        
612
278
890
9
1979
12/2005
(c)
Wendy's - Stockbridge , GA
    
517
302
        
517
302
819
19
1986
2/2005
(c)
Wendy's - Stuttgart, AR
    
352
413
        
352
413
765
14
2000
12/2005
(c)
Wendy's - Suitland, MD
    
205
375
        
205
375
580
23
1978
2/2005
(c)
Wendy's - Tampa , FL
    
1,159
361
        
1,159
361
1,519
22
1984
2/2005
(c)
Wendy's - Tampa , FL
    
575
345
        
575
345
920
21
1987
2/2005
(c)
Wendy's - The Dalles, OR
    
386
335
        
386
335
721
11
1993
12/2005
(c)
Wendy's - The Woodlands, TX
    
665
420
        
665
420
1,086
11
UNKNOWN
3/2006
(c)
Wendy's - Thomaston, GA
    
391
521
        
391
521
913
22
1988
9/2005
(c)
Wendy's - Tinton Falls, NJ
    
1,090
438
        
1,090
438
1,528
15
1977
12/2005
(c)
Wendy's - Titusville, FL
    
410
258
        
410
258
668
9
1978
12/2005
(c)
Wendy's - Titusville, FL
    
747
275
        
747
275
1,022
9
1984
12/2005
(c)
Wendy's - Titusville, FL
    
617
392
        
617
392
1,009
13
1996
12/2005
(c)
Wendy's - Vail , CO
(i)
  
2,378
654
        
2,378
654
3,032
40
1987
2/2005
(c)
Wendy's - Van Buren, AR
    
406
349
        
406
349
755
12
1994
12/2005
(c)
Wendy's - Washington , DC
  
(g)
679
347
        
679
347
1,027
21
1983
2/2005
(c)
Wendy's - Westlake Village , CA
    
841
    
699
    
841
699
1,540
201
1998
5/1998
(c)
Wendy's - Westminster, CO
    
1,174
464
        
1,174
464
1,638
16
1986
12/2005
(c)
Wendy's - Whitehall, OH
    
820
360
        
820
360
1,181
12
1983
12/2005
(c)
Wendy's - Whiteville, NC
    
847
303
        
847
303
1,150
10
1992
12/2005
(c)
Wendy's - Wilkins Township, PA
    
874
447
        
874
447
1,321
27
1979
2/2005
(c)
Wendy's - Woodbridge, VA
    
137
385
        
137
385
522
24
1978
2/2005
(c)
Wendy's - Worcester, MA
    
520
513
        
520
513
1,033
31
1996
2/2005
(c)
Wendy's - Wrens, GA
    
321
433
        
321
433
754
18
UNKNOWN
9/2005
(c)
Wendy's - Annapolis, MD
    
741
835
        
741
835
1,576
52
1979
2/2005
(c)
Wendy's - Baltimore, MD
    
408
644
        
408
644
1,052
40
2000
2/2005
(c)
Wendy's - Bowie, MD
    
872
1,258
        
872
1,258
2,130
78
1997
2/2005
(c)
Wendy's - California, MD
    
625
797
        
625
797
1,422
49
1994
2/2005
(c)
Wendy's - Camp Springs, MD
    
572
1,105
        
572
1,105
1,677
68
1997
2/2005
(c)
Wendy's - Fairfax, VA
    
1,182
1,311
        
1,182
1,311
2,493
81
1993
2/2005
(c)
Wendy's - Fairfax, VA
    
551
882
        
551
882
1,433
55
1983
2/2005
(c)
Wendy's - Falmouth, VA
    
395
880
        
395
880
1,275
54
1994
2/2005
(c)
Wendy's - Frederick, VA
    
510
779
        
510
779
1,290
48
1978
2/2005
(c)
Wendy's - Hunt Valley, MD
    
1,002
755
        
1,002
755
1,757
47
1997
2/2005
(c)
Wendy's - Pasadena, MD
    
521
762
        
521
762
1,283
47
1997
2/2005
(c)
Wendy's - Temple Hills, MD
    
746
1,364
        
746
1,364
2,110
80
1996
3/2005
(c)
Wendy's - Woodbridge, VA
    
657
948
        
657
948
1,604
59
1996
2/2005
(c)
Whataburger - Angleton, TX
    
482
334
        
482
334
816
14
UNKNOWN
9/2005
(c)
Whataburger - Edna, TX
    
826
258
        
826
258
1,084
11
1987
9/2005
(c)
Whataburger - El Campo, TX
    
672
224
        
672
224
896
9
1988
9/2005
(c)
Whataburger - Ingleside, TX
    
598
189
        
598
189
787
8
1986
9/2005
(c)
Whataburger - Mercedes, TX
    
671
160
        
671
160
831
7
1989
9/2005
(c)
Whataburger - San Antonio, TX
    
602
200
        
602
200
802
8
1988
9/2005
(c)
Whatley Automotive - Barnwell, SC
    
356
227
        
356
227
582
14
1997
2/2005
(c)
Williams Fried Chicken - Garland, TX
    
144
315
        
144
315
459
19
(h)
(h)
(c), (e)
Other (h)
    
21,839
29,840
  
2,167
    
21,839
32,007
53,846
4,501
      
     
941,961
753,466
  
141,822
    
941,961
887,937
1,829,898
111,138
      
                               

 
 
FF-TSY HOLDING COMPANY II, LLC
NOTES TO SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION
Years Ended December 31, 2006, 2005 and 2004


(a)
Transactions in real estate and accumulated depreciation during 2006, 2005 and 2004 are summarized below. The balances in 2006, 2005 and 2004 have been adjusted to reflect the reclassification of properties accounted for as discontinued operations.

   
(In thousands)
  
   
 
Cost
(b)(j)
  
 
Accumulated
Depreciation
  
Properties the Company has Invested
in Under Operating Leases:
          
           
Balance, December 31, 2003
  
$
535,740
  
$
45,693
  
Acquisitions
    
15,345
    
—
  
Right of way taking
    
(11
)
  
—
  
Depreciation expense (c)
    
—
    
9,565
  
               
Balance, December 31, 2004
    
551,074
    
55,258
  
Acquisitions
   
1,213,507
    
—
  
Depreciation expense (c)
    
—
    
23,193
  
               
Balance, December 31, 2005
    
1,764,581
    
78,451
  
Acquisitions
   
59,640
    
—
  
Consolidation of Lee Vista
Joint Venture
    
1,716
    
240
  
Reclassifications from capital
leases
    
3,961
    
—
  
Depreciation expense (c)
    
—
    
32,447
  
Balance December 31, 2006
  
$
1,829,898
  
$
111,138
  
               



FF-TSY HOLDING COMPANY II, LLC
NOTES TO SCHEDULE III - REAL ESTATE AND ACCUMULATED
DEPRECIATION - CONTINUED
Years Ended December 31, 2006, 2005 and 2004


(b)
As of December 31, 2006, 2005 and 2004, the aggregate depreciated cost of the properties owned by the Company and its consolidated joint ventures for federal income tax purposes was $1.8 billion, $1.9 billion, and $0.7 billion, respectively. Substantially all of the leases are treated as operating leases for federal income tax purposes.

(c)
For financial reporting purposes, depreciation expense is computed for buildings and improvements based upon estimated lives of 30 years.

(d)
The building portion of this property is owned by the tenant; therefore, depreciation is not applicable.

(e)
For financial reporting purposes, certain components of the lease relating to land and/or building have been recorded as a capital lease. Accordingly, costs relating to these components have been included in capital leases and depreciation is not applicable.

(f)
The Company owns the building only relating to this property. This property is subject to a ground lease between the tenant and an unaffiliated third party. In connection therewith, the Company entered into either a tri-party agreement with the tenant and the owner of the land or an assignment of interest in the ground lease with the landlord of the land. The tri-party agreement or assignment of interest each provide that the tenant is responsible for all obligations under the ground lease and provide certain rights to the Company to help protect its interest in the building in the event of a default by the tenant under the terms of the ground lease.

(g)
The property(ies) is/are encumbered at December 31, 2006.

(h)
Included as “other” are some properties for which the land and/or building have been recorded as a capital lease, and some properties where the Company owns the building only, as described above. Dates of construction for the properties included as “other” range from 1955 to 2001 and dates acquired range from 1997 to 2005.
 
(i)
For financial reporting purposes, the undepreciated cost of the following properties was written down to its net realizable value due to an anticipated impairment in value. The Company recognized the impairments by recording an allowance for loss on land and/or building or net investment in capital lease in the amounts listed below for each property as of December 31, 2006. The impairments at December 31, 2006 represent the difference between the properties' carrying values and managements estimate of the net realizable value of the properties based upon anticipated sales prices to interested third parties. The cost of the properties presented on this schedule is the gross amount at which the properties were carried at December 31, 2006, excluding the allowances for loss.


FF-TSY HOLDING COMPANY II, LLC
NOTES TO SCHEDULE III - REAL ESTATE AND ACCUMULATED
DEPRECIATION - CONTINUED
Years Ended December 31, 2006, 2005 and 2004


(j)  (continued)

The following is a list of properties and the related impairment at December 31, 2006:

   
Total
(In thousands)
  
       
Bandana’s Bar-B-Q Restaurant-Arnold, MO
  
$
190
  
Bandana’s Bar-B-Q Restaurant-Collinsville, IL
    
150
  
Bandana’s Bar-B-Q Restaurant-Columbia, MO
    
133
  
Bandana’s Bar-B-Q Restaurant-Crystal City, MO
    
133
  
Bandana’s Bar-B-Q Restaurant-Fenton, MO
    
150
  
Bill Johnson’s Big Apple-Glendale, AZ
    
380
  
Black-eyed Pea-Fort Worth, TX
    
314
  
Chevys - Atlanta, GA
    
927
  
Chevys-Clearwater, FL
    
60
  
Chevys-Lake Mary, FL
    
304
  
Chevys - Merriam, KS
    
1,250
  
Clay Pit-Addison, TX
    
250
  
Culpepper Restaurant-Bridgeton, MO
    
150
  
Denny’s-Lee Summit, MO
    
190
  
Denny’s-Merriam, KS
    
183
  
Denny’s-N. Kansas City, MO
    
190
  
Denny’s-Sedalia, MO
    
190
  
Johnny Carino’s-Brandon, FL
    
103
  
Jose Pepper’s Restaurant-Blue Springs, MO
    
161
  
Kettle Restaurant-Amarillo, TX
    
20
  
Longhorn Steakhouse-Tampa, FL
    
257
  
Phillips 66- Austin, TX
    
13
  
Pizza Hut-Weirton, WV
    
108
  
Renewal by Anderson-Centennial, CO
    
350
  
Smokey Bones BBQ-Langhorne, PA
    
86
  
Smokey Bones BBQ-Morrow, GA
    
521
  
Smokey Bones BBQ-Taylor, MI
    
232
  
Sprint PCS Retail Store-St. Joseph, MO
    
143
  
Wendy’s-Vail, CO
    
850
  
Other
    
1,077
  
   
$
9,065
  







TRUSTREET PROPERTIES, INC.
 
SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE
 
DECEMBER 31, 2006
 
(in thousands except for number of loans)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Principal Amount of Loans
 
 
Interest
Final
Periodic
 
Face Amount
 
Carrying Amount
Subject to Delinquent
 
 
Description
Rate
Maturity Date
Payment Term
Prior
Liens
of Mortgages
 
of Mortgages
Principal or Interest
 
 
 
 
 
 
 
 
 
 
 
 
 
Castle Hill Holding V, LLC
10.75%
2/1/2016
Note 1
N/A
8,475
 
6,170
-
 
 
 
 
 
 
 
 
 
 
 
 
 
Capitas Group, LLC
10.00%
2/1/2023
Note 1
N/A
4,900
 
4,578
-
 
 
 
 
 
 
 
 
 
 
 
 
 
Border Patrol Wisconsin, Inc.
9.10%
6/1/2019
Note 1
N/A
3,834
 
3,391
-
 
 
 
 
 
 
 
 
 
 
 
 
 
Davco Acquisition Holding, Inc.
10.50%
1/1/2017
Note 5
N/A
2,670
 
2,670
-
 
 
 
 
 
 
 
 
 
 
 
 
 
Border Patrol Wisconsin, Inc.
9.42%
6/1/2019
Note 1
N/A
2,612
 
2,749
-
 
 
 
 
 
 
 
 
 
 
 
 
 
Border Patrol Wisconsin, Inc.
8.96%
6/1/2019
Note 1
N/A
2,900
 
2,546
-
 
 
 
 
 
 
 
 
 
 
 
 
 
Metro Corral Partners, Inc.
9.62%
1/1/2021
Note 1
N/A
2,772
 
2,436
-
 
 
 
 
 
 
 
 
 
 
 
 
 
Castle Hill Holding VI, LLC
10.75%
6/1/2016
Note 1
N/A
3,888
 
2,373
-
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
66 loans as mortgage loans on franchised
 
 
 
 
 
 
 
 
 
 
restaurant businesses with original amounts
 
 
 
 
 
 
 
 
 
 
ranging from $181,147 to $2,893,538
2.4 % to 10.8%
03/07/2007 to 01/01/2021
N/A
N/A
N/A
 
44,847
4,689
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(2)
71,760
4,689
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
2006
2005
2004
 
 
 
 
 
 
 
Balance at beginning of period
76,406
269,652
303,026
 
 
 
 
 
 
 
New mortgage loans - merger acquisition
-
12,165
-
 
 
 
 
 
 
(3)
New mortgage loans - non-cash
15,058
4,450
-
 
 
 
 
 
 
 
New mortgage loans
2,670
1,027
-
 
 
 
 
 
 
 
Accrued interest
(147)
(1,564)
(1,111)
 
 
 
 
 
 
 
Loans written off
-
755
(755)
 
 
 
 
 
 
 
Collection of principal
(22,239)
(16,429)
(29,169)
 
 
 
 
 
 
 
Deferred financing income
12
1,183
228
 
 
 
 
 
 
 
Unamortized loan costs
 
 
92
 
 
 
 
 
 
 
Foreclosed and converted to real estate
 
 
(452)
 
 
 
 
 
 
 
Redesignate as equipment note receivable
 
 
(1,575)
 
 
 
 
 
 
 
Sale of loans
-
(193,568)
 
 
 
 
 
 
 
 
Provision for uncollectible mortgage notes
-
(1,265)
(632)
 
 
 
 
 
 
 
Balance at end of period
71,760
76,406
269,652
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(1)
Principal and interest payable at level amount over life. Prepayment penalty terms - Loans may prepay during agreed number of years with assessed premiums based on Treasury
 
 
 
rate or swap breakage costs; then 1% of the entire unpaid principal balance.
 
 
 
 
 
 
 
(2)
Amounts do not include equipment and other notes receivable of $10,960
 
 
 
 
 
 
 
 
(3)
Sold properties and took short term note for portion of proceeds and accepted mortagage note in lieu of other receivables.
 
 
 
 
 
 
(4)
Carrying amount is net of provision for loan losses.
 
 
 
 
 
 
 
 
(5)
Interest only payments throughout term of loan, with balloon payment in 2017
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 


 



EXHIBITS




EXHIBIT INDEX
 

Exhibit Number


 
2.1
Agreement and Plan of Merger by and between Trustreet Properties, Inc., predecessor to the Registrant and CNL Restaurant Properties, Inc., dated as of August 9, 2004 (previously filed as Exhibit 2.1 to the Registrant’s current report on Form 8-K filed on August 10, 2004 and incorporated herein by reference).

 
2.2
Agreements and Plans of Merger by and among Trustreet Properties, Inc., the predecessor to the Registrant, a separate, wholly-owned subsidiary of the operating partnership of Trustreet Properties, Inc. and each of the 18 Income Funds (previously filed as Exhibits 2.2 - 2.19 to the Registrant’s current report on Form 8-K filed on August 10, 2004 and incorporated herein by reference).

 
2.3
Agreement and by and among Trustreet Properties, Inc., CNL APF Partners, LP and General Electric Capital Corporation, dated as of October 30, 2006 (previously filed as Exhibit 2.1 to the Registrant’s current report on Form 8-K/A filed on November 8, 2006 and incorporated herein by reference).

 
3.1
 Certificate of Formation of the Registrant (filed herewith).

 
3.2
 Amended and Restated Limited Liability Company Agreement of the Registrant dated as of March 27, 2007 (filed herewith).

 
4.1
 Indenture dated as of March 4, 2005, among Net Lease Funding 2005, LP, MBIA Insurance Corporation and Wells Fargo Bank, N.A., as indenture trustee relating to $275,000,000 Triple Net Lease Mortgage Notes, Series 2005 (previously filed as Exhibit 99.1 to the Registrant’s current report on Form 8-K filed on March 10, 2005 and incorporated herein by reference).

 
4.2
Stock Purchase Warrant - Omnicron Master Trust (previously filed as Exhibit 4.04 to the Registrant’s Form 10-Q for the fiscal quarter ended June 30, 2003 and incorporated herein by reference).

 
4.3
Stock Purchase Warrant - The Riverview Group, LLC (previously filed as Exhibit 4.05 to the Registrant’s Form 10-Q for the fiscal quarter ended June 30, 2003 and incorporated herein by reference).

 
4.4
Indenture, dated as of March 23, 2005, between the Registrant and Wells Fargo Bank, National Association, as trustee, relating to the Registrant’s 7 ½% Senior Noted due 2015 (previously filed as Exhibit 4.1 to the Registrant’s current report on Form 8-K filed on March 28, 2005 and incorporated herein by reference).

 
4.5
First Supplemental Indenture, by and among the Registrant, FF-TSY Holding Company II, LLC, FF-TSY Holding Company II, INC., and Wells Fargo Bank, National Association, dated as of February 26, 2007 (previously filed as Exhibit 4.1 to the Registrant’s current report on Form 8-K filed on February 26, 2007 and incorporated herein by reference).

 
4*
Pursuant to Regulation S-K Item 601(b)(4)(iii), the Registrant by this filing agrees, upon request, to furnish to the Securities and Exchange Commission a copy of instruments defining the rights of holders of long-term debt of the Registrant.



 
10.1
Registrant Flexible Incentive Plan (previously filed as Exhibit 10.1 to the Registrant’s Form 10-Q for the fiscal quarter ended March 31, 2003 and incorporated herein by reference).

 
10.2
Bridge Credit Agreement dated as of February 25, 2005, by and among the Registrant, as borrower, certain subsidiaries of the Registrant, as guarantors, Bank of America, N.A., as Administrative Agent, L/C Issuer and Swing Line Lender, and certain other lenders party thereto, and Banc of America Securities LLC, as Sole Lead Arranger and Sole Book Manager (previously filed as Exhibit 10.1 to the Registrant’s current report on Form 8-K filed on March 3, 2005 and incorporated herein by reference).

 
10.3
Bridge Credit Agreement dated as of February 25, 2005, by and among Net Lease Funding 2005, LP, as borrower, Bank of America, as Administrative Agent, and certain other lenders party thereto, and Banc of America Securities LLC, as Sole Lead Arranger and Sole Book Manager (previously filed as Exhibit 10.2 to the Registrant’s current report on Form 8-K filed on March 3, 2005 and incorporated herein by reference).

 
10.4
Credit Agreement, dated as of April 8, 2005, by and among the Registrant, as borrower, certain subsidiaries of the Registrant, as guarantors, Bank of America, N.A., as Administrative Agent, L/C Issuer and Swing Line Lender, Bank of America Securities LLC, as Sole Lead Arranger and Sole Book Manager, Key Bank, National Association, as Syndication Agent, Credit Suisse First Boston, Societe Generale, and Wachovia Bank National Association, as Co-Documentation Agents, and the lenders party thereto (previously filed as Exhibit 10.1 to the Registrant’s current report on Form 8-K filed on April 13, 2005 and incorporated herein by reference).

 
10.5
First Amendment to Credit Agreement, dated as of September 28, 2006, by and among the Registrant, the Guarantors (as defined in the Credit Agreement), the Lenders (as defined in the Credit Agreement), Bank of America, N.A., as Administrative Agent, L/C Issuer and Swing Line Lender (each as defined in the Credit Agreement) and Banc of America Securities LLC, as sole lead arranger and sole book manager (previously filed as Exhibit 10.1 to the Registrant’s current report on Form 8-K filed on October 2, 2006 and incorporated herein by reference).

 
10.6
Pledge Agreement, dated as of April 8, 2005, by substantially all of the Borrower’s domestic subsidiaries, in favor of Bank of America, N.A., in its capacity as Administrative Agent (previously filed as Exhibit 10.2 to the Registrant’s current report on Form 8-K filed on April 13, 2005 and incorporated herein by reference).

 
31.1
Certification of Chief Executive Officer pursuant to Rule 13a-14(a) as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 (filed herewith).

 
31.2
Certification of Chief Financial Officer pursuant to Rule 13a-14(a) as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 (filed herewith).