Cole Real Estate Investments is a commercial real estate investment firm focused on net lease properties like single-tenant retail, multi-tenant retail, and single-tenant office and industrial properties. In 2010, Cole acquired $2.5 billion in high-quality real estate across these sectors. Cole owns and manages over 1,500 properties across 46 states with an average lease term of over 13 years and occupancy rate of 97.5%. Cole aims to acquire $3 billion in properties in 2011 across its target sectors.

1. Cole Real Estate Investments Real Estate Acquisitions Boyd Messmann, CCIM Senior Vice President, Acquisitions

6. Recent track record

7. A market leader in quality acquisitions Transaction date: 8/26/10 through 8/25/11 | Excludes joint ventures # 1 # 3 # 3 # 9

10. Acquisitions Strategy

11. Acquisition criteria SINGLE-TENANT RETAIL, OFFICE & INDUSTRIAL POWER CENTERS AND GROCERY-ANCHORED CENTERS PUBLIC, PRIVATE NN, NNN PREFER 10 YEARS OR GREATER NATIONAL PREFER INVESTMENT GRADE OR CREDITWORTHY SALE-LEASEBACKS, BUILD-TO-SUITS, JOINT VENTURES, DEVELOPMENT CAPITAL

12. Conservative underwriting Single-tenant retail example

13. Active buyer, selective process For illustrative purposes only; Closed through December 31, 2010. PROPERTIES SCREENED (EST.) LETTERS OF INTENT SENT LETTERS OF INTENT SIGNED PROPERTY ACQUISITIONS $25 BILLION  $11.3 BILLION  $3.2 BILLION = $2.5 BILLION

15. Acquisitions

24. Cole Real Estate Investments Real Estate Acquisitions www.ColeCapital.com [email_address]