Walgreens Pharmacy Zero Cash Flow Deal€¦ · York Stock Exchange (NYSE:WAG), Walgreens operates...

Walgreens Pharmacy

Zero Cash Flow Deal

• BuyaNNNWalgreenswithjust$729,000down• Self-amortizingloanMUSTbeassumed

• Zeronetcashflow

• Significantprincipalreduction;strongequitybuildup

• Reportedsalesarestrongandaboveaverage

• 19+yearsoffirmleasetermremaining

• Walgreenscorporateguarantee(NYSE:WAG)• Investmentgradecredit(S&PA+;Moody’sAa3)• NNNleasewithzeromanagementresponsibilities

$4,490,000

7.55%CAPRate

DeerfieldPartnersJohn GiordaniArt Griffith(415)[email protected]

Walgreens Pharmacy

Zero Cash Flow

DeerfieldPartnersJohn GiordaniArt Griffith(415)685-3035

[email protected]

PriceCAPAnnualRentRentIncreasesDebt

$4,490,000

7.55%

$339,000

None

BuyerMUSTassumeexistingself-amortizingloanwhichproducesZEROcashflow.

ZEROCASHFLOWLOANMUSTBEASSUMED:Whilethecashflowisnominal,theprincipalreductionoftheloanissignificant.

LoanBalanceAugust15,2012:$3,761,036.89AverageMonthlyPrincipalReductioninYear1:$8,930.00perMonthApproximateTotalReturnCashFlowplusPrincipalReductionYear1:$107,158.00

UsingtheAugust15,2012,loanbalance,theequityrequiredwouldbe$729,029.00or16.2%equityoverthedebt.

TotalAnnualReturnYear1wouldbe15.11%.

InvestmentSummary

AboutThisInvestmentOpportunity

SummaryofLeaseTermsandDemographics

1800BaytreeRoad

Valdosta,Georgia

2006

Walgreens(NYSE:WAG)

October2006

None

75years

Tenantmayterminateyear26andevery(5)yearswith(12)monthsnotice.

AddressCity,StateYearBuiltTenantRentStartDateRentIncreasesLeaseTermOptionsLandlordResponsibilities

1 Mile 3 Mile 5 Mile

Population 4,200 31,156 66,112

Avg. HH Income $53,333 $50,483 $48,859

None.Leaseistrulytriple-net(NNN).Zerolandlordcostexposure.

Walgreens Pharmacy

Zero Cash Flow


[email protected]

SitePlan

Walgreens Pharmacy

Zero Cash Flow


[email protected]

AboutWalgreens

FinancialHighlights

Walgreensisthe#1pharmacyinAmericabyanymeasure.Foundedin1901,andtradedontheNewYorkStockExchange(NYSE:WAG),Walgreensoperates7,714storesinall50states,theDistrictofColumbiaandPuertoRico.Walgreensiswidelyregardedasthesafest,mostsecuresingle-tenantNNNleasedinvestmentpropertybecauseofitsstrongbalancesheetandmarketcapitalization.

ForthefiscalyearendedAugust31,2011:

• Grossrevenuewas$72.2Billion• Netprofitwas$2.7Billion• Networthwas$14.8Billion

2011 2010 Increase

Net Sales $72,184 $ 67,420 7.1%Net Earnings (1) $ 2,714 $ 2,091 29.8%Net Earnings per Common Share (diluted) (1) $ 2.94 $ 2.12 38.7%Shareholders’ Equity $14,847 $ 14,400 3.1%Return on Average Shareholders’ Equity 18.6% 14.5%Closing Stock Price per Common Share $ 35.21 $ 26.88Total Market Value of Common Stock $ 31,312 $ 25,230Dividends Declared per Common Share $ .7500 $ .5875Average Shares Outstanding (diluted) 924 988

(1) Fiscal year 2011 amounts include a $273 million, or $0.30 per diluted share, after-tax gain on the sale of Walgreens Health Initiatives, Inc.

Financial HighlightsFor the years ended August 31, 2011 and 2010 (In millions, except per share amounts)

2011 2010 2009 2008 2007

Locations Openings New Locations 261 388 602 608 501 Acquisitions 36 282 89 423 120 Closings 133 120 129 94 85 Net Openings 164 550 562 937 536 Locations (1) 8,210 8,046 7,496 6,934 5,997 Sales Area (2) 85,619 83,719 78,782 72,585 66,386

Product Class Sales Prescription Drugs 65% 65% 65% 65% 65% Non-prescription Drugs (3) 10% 10% 10% 10% 10% General Merchandise (3) 25% 25% 25% 25% 25%

(1) Includes drugstores, worksite health and wellness centers, infusion and respiratory services facilities, specialty pharmacies and mail service facilities. (2) In thousands of square feet.(3) Based on store scanning information.

Company Highlights

2011 Walgreens Annual Report Page 1

11100908070605040302

50

40

30

20

10

0

0

10

20

30

40

50

Walgreens Fiscal Year Stock PerformanceFiscal year-end closing price per share in dollars

2011 2010 Increase

Net Sales $72,184 $ 67,420 7.1%Net Earnings (1) $ 2,714 $ 2,091 29.8%Net Earnings per Common Share (diluted) (1) $ 2.94 $ 2.12 38.7%Shareholders’ Equity $14,847 $ 14,400 3.1%Return on Average Shareholders’ Equity 18.6% 14.5%Closing Stock Price per Common Share $ 35.21 $ 26.88Total Market Value of Common Stock $ 31,312 $ 25,230Dividends Declared per Common Share $ .7500 $ .5875Average Shares Outstanding (diluted) 924 988

(1) Fiscal year 2011 amounts include a $273 million, or $0.30 per diluted share, after-tax gain on the sale of Walgreens Health Initiatives, Inc.

Financial HighlightsFor the years ended August 31, 2011 and 2010 (In millions, except per share amounts)

2011 2010 2009 2008 2007

Locations Openings New Locations 261 388 602 608 501 Acquisitions 36 282 89 423 120 Closings 133 120 129 94 85 Net Openings 164 550 562 937 536 Locations (1) 8,210 8,046 7,496 6,934 5,997 Sales Area (2) 85,619 83,719 78,782 72,585 66,386

Product Class Sales Prescription Drugs 65% 65% 65% 65% 65% Non-prescription Drugs (3) 10% 10% 10% 10% 10% General Merchandise (3) 25% 25% 25% 25% 25%

(1) Includes drugstores, worksite health and wellness centers, infusion and respiratory services facilities, specialty pharmacies and mail service facilities. (2) In thousands of square feet.(3) Based on store scanning information.

Company Highlights

2011 Walgreens Annual Report Page 1

11100908070605040302

50

40

30

20

10

0

0

10

20

30

40

50

Walgreens Fiscal Year Stock PerformanceFiscal year-end closing price per share in dollars

Walgreens Pharmacy

Zero Cash Flow


[email protected]

2011Milestones

Well at Walgreensdefines what we want customers to experience.

Live well by finding value, fun and solutions for their daily needs.

Stay well by finding the right products for health and daily living.

Get well when they feel ill.

2011 Milestones• Walgreens is the nation’s largest drugstore chain, with

fiscal 2011 sales of $72.2 billion and record profit of $2.7 billion. The Company has 247,000 employees.

• This is the Company’s 37th consecutive year of record sales. It’s also the 36th consecutive year Walgreens has raised its quarterly dividend – paid every quarter since 1933.

• The Company returned $2.4 billion to shareholders through dividends and share repurchases in fiscal 2011, and announced its largest dividend increase ever of 28.6 percent in July, as well as a new $2 billion share repurchase program.

• Walgreens filled a record 819 million prescriptions in fiscal 2011 – one in five retail prescriptions in America. Pharmacy is 65 percent of the Company’s business.

• Advancing its leadership in providing flu shots, Walgreens delivered 6.4 million flu shots last year as the Company continued to serve as the country’s No. 1 provider of flu shots other than the federal government.

• To expand the role Walgreens plays in health care, the Company established important new alliances with top health systems, including Johns Hopkins Medical Center, Ochsner Health System and Louisiana State University, to enhance coordinated care to patients.

• The Company completed its goal set in 2009 to convert or open 5,500 Walgreens stores with its new “Customer Centric Retailing” format, which offers customers a more targeted product assortment, better sight lines and new décor packages.

• Walgreens completed its acquisition of drugstore.com, extending its multi-channel reach to an additional 3 million online customers, forging relationships with new vendors and partners and adding approximately 60,000 health, personal care and beauty products to its online offering.

• The Company announced plans to open or convert at least 1,000 “food oasis” stores over the next five years to address the need for greater access to healthy foods in underserved communities across the country, building on its successful 12-store pilot in Chicago.

• The Company exceeded its “Rewiring for Growth” cost reduction goal of $1 billion in annual savings, concluding its three-year restructuring and cost-saving initiative launched in 2008.

• Walgreens was named to Fortune magazine’s World’s Most Admired Companies list for the 18th consecutive year, and was ranked 32nd on the Fortune 500 list of the largest U.S.-based companies.

About the CoverAlana Bowman and her daughter Sadie in Brandon, Mississippi, enjoy their time together at a local playground. “As a single mom with a full-time career, I’m always looking for ways to save time and money,” she says. Taking advantage of the multiple ways she can access Walgreens, Alana shops Walgreens.com, drugstore.com and Beauty.com websites to find great values on products she regularly uses, like shampoo, cosmetics and contact lens solution. She also visits her local Walgreens for family needs such as prescriptions, school supplies and over-the-counter medications.

Well at Walgreensdefines what we want customers to experience.

Live well by finding value, fun and solutions for their daily needs.

Stay well by finding the right products for health and daily living.

Get well when they feel ill.

2011 Milestones• Walgreens is the nation’s largest drugstore chain, with

fiscal 2011 sales of $72.2 billion and record profit of $2.7 billion. The Company has 247,000 employees.

• This is the Company’s 37th consecutive year of record sales. It’s also the 36th consecutive year Walgreens has raised its quarterly dividend – paid every quarter since 1933.

• The Company returned $2.4 billion to shareholders through dividends and share repurchases in fiscal 2011, and announced its largest dividend increase ever of 28.6 percent in July, as well as a new $2 billion share repurchase program.

• Walgreens filled a record 819 million prescriptions in fiscal 2011 – one in five retail prescriptions in America. Pharmacy is 65 percent of the Company’s business.

• Advancing its leadership in providing flu shots, Walgreens delivered 6.4 million flu shots last year as the Company continued to serve as the country’s No. 1 provider of flu shots other than the federal government.

• To expand the role Walgreens plays in health care, the Company established important new alliances with top health systems, including Johns Hopkins Medical Center, Ochsner Health System and Louisiana State University, to enhance coordinated care to patients.

• The Company completed its goal set in 2009 to convert or open 5,500 Walgreens stores with its new “Customer Centric Retailing” format, which offers customers a more targeted product assortment, better sight lines and new décor packages.

• Walgreens completed its acquisition of drugstore.com, extending its multi-channel reach to an additional 3 million online customers, forging relationships with new vendors and partners and adding approximately 60,000 health, personal care and beauty products to its online offering.

• The Company announced plans to open or convert at least 1,000 “food oasis” stores over the next five years to address the need for greater access to healthy foods in underserved communities across the country, building on its successful 12-store pilot in Chicago.

• The Company exceeded its “Rewiring for Growth” cost reduction goal of $1 billion in annual savings, concluding its three-year restructuring and cost-saving initiative launched in 2008.

• Walgreens was named to Fortune magazine’s World’s Most Admired Companies list for the 18th consecutive year, and was ranked 32nd on the Fortune 500 list of the largest U.S.-based companies.

About the CoverAlana Bowman and her daughter Sadie in Brandon, Mississippi, enjoy their time together at a local playground. “As a single mom with a full-time career, I’m always looking for ways to save time and money,” she says. Taking advantage of the multiple ways she can access Walgreens, Alana shops Walgreens.com, drugstore.com and Beauty.com websites to find great values on products she regularly uses, like shampoo, cosmetics and contact lens solution. She also visits her local Walgreens for family needs such as prescriptions, school supplies and over-the-counter medications.

Walgreens Pharmacy

Zero Cash Flow


[email protected]

Rankings&Ratings

FortunemagazineAmerica’sMostAdmiredCompaniespublishedMarch17,2008Walgreensrankedfifthamongfoodanddrugstoresandislistedforthe15thconsecutiveyear.

FortunemagazineGlobalMostAdmiredCompaniespublishedMarch17,2008WalgreensrankedseventhamongfoodanddrugstoresandNo.36amongthe50mostadmiredcompanies.

Fortunemagazine500LargestU.S.-BasedCompaniespublishedMay5,2008Walgreensranked40thoverallinrevenue,thirdamongfoodanddrugstores.

Fortunemagazine40BestStocksToRetireOnpublishedJune23,2008WalgreensmadethelistofrecommendedBargainGrowthstocks.

FortunemagazineGlobal500LargestCompaniespublishedJuly21,2008Walgreensranked125thoverallinrevenue.

ForbesPlatinum400ListpublishedJanuary12,2009WalgreensagainmadethislistofthebestperformingbigcompaniesintheUnitedStates

ForbesGlobal2000publishedApril21,2008Walgreensranked250thonthislistofthe2000largestpubliccompaniesworldwide.

Moody’sWalgreenscurrentratingisA2.

StandardandPoor’sWalgreenscurrentratingisA.

Walgreens Pharmacy

Zero Cash Flow


[email protected]

WalgreensStoresNationwideRECYCLED

ERECYCLED

E

For Our ShareholdersCorporate HeadquartersWalgreen Co.108 Wilmot Road Deerfield, Illinois 60015 (847) 315-2500

Stock Market Listings New York Stock Exchange The NASDAQ Stock Market LLC Chicago Stock Exchange Symbol: WAG

Investor Contacts Rick J. Hans, CFA Divisional Vice President of Investor Relations & Finance (847) 315-2385 [email protected]

Lisa Meers, CFA Manager of Investor Relations (847) 315-2361 [email protected]

Annual Shareholders’ Meeting You are cordially invited to attend the meeting to be held Wednesday, January 11, 2012, at 2 p.m. CST, in the Grand Ballroom, Navy Pier, Chicago, Illinois. Formal notice of the meeting, with proxy card and proxy statement, was sent to all shareholders of record as of November 14, 2011.

Investor InformationAs of September 30, 2011, Walgreens had 84,643 shareholders of record.

Investor information is available at http://investor.walgreens.com. This includes corporate governance guidelines, charters of all committees of the Board of Directors, quarterly reports, press releases, proxy statements, the Company’s Code of Ethics for Financial Executives, Code of Business Conduct and the 2011 Annual Report. These and other reports may also be obtained without charge upon request to:

Shareholder RelationsWalgreen Co. — Mail Stop #1833 108 Wilmot Road Deerfield, Illinois 60015 (847) 315-2922 http://investor.walgreens.com/InvestorKit.cfm

Walgreens has provided certifications by the Chief Executive Officer and Chief Financial Officer regarding the quality of the Company’s public disclosure, as required by Section 302 of the Sarbanes-Oxley Act, on Exhibit 31 to its Annual Report on Form 10-K. Our Chief Executive Officer made an unqualified certification to the New York Stock Exchange with respect to our compliance with NYSE corporate governance listing standards in January 2011.

Electronic Reports To receive proxy statements, annual reports and related materials electronically, refer to the proxy statement sent to shareholders with this annual report. After January 11, 2012, call Nicholas Zangler at (847) 315-2636 or go to http://investor.walgreens.com/InvestorKit.cfm to request electronic delivery.

Quarterly Reporting Dates Quarterly earnings release dates for fiscal 2012 are December 21, March 27, June 26 and September 28. Results are released to the press and posted on the Walgreen website at http://investor.walgreens.com.

Dividend Payment Dates Walgreens pays dividends in March, June, September and December. Checks are customarily mailed on the 12th of each of these months.

Transfer Agent and Registrar For assistance on matters such as lost shares or name changes on shares, please contact:

Wells Fargo Bank, N.A. Shareowner Services 161 North Concord Exchange Street South Saint Paul, MN 55075-1139 www.wellsfargo.com/shareownerservices (888) 368-7346

Direct Stock Purchase Plan Wells Fargo Shareowner Services sponsors and administers a direct stock purchase plan as a convenient method of acquiring Walgreen stock by cash payments, reinvestment of dividends or both. For an information booklet and enrollment form, please call (888) 368-7346. General inquiries to Wells Fargo Bank, N.A. regarding your Walgreen stock should also be directed to (888) 368-7346.

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Walgreens Stores Nationwide

Walgreens Additional Points of Care (as of August 31, 2011):

Infusion and respiratory services facilities 83

Mail-order facilities 2

On-site pharmacies in hospitals and medical centers 137

Specialty pharmacies 9

Take Care Clinics 357

Worksite health and wellness centers 355

Walgreens Pharmacy

Zero Cash Flow


[email protected]

DrugstoreCount

Revenue

NetIncome

Copyright 2010 Walgreen Co.

C 2011 Walgreen Co. 3

Drugstore CountIncluding Acquired Stores

0

2,000

4,000

6,000

8,000

Dru

gsto

re C

ount

0%

2%

4%

6%

8%

10%

12%

YOY

% G

row

th

New Stores 355 360 344 355 371 465 470 558 554 565

Square Footage (000's) 38,200 42,700 46,700 50,900 55,400 60,600 66,200 73,000 79,000 84,000

YOY % Grow th 13.4% 11.8% 9.4% 9.0% 8.8% 9.4% 9.2% 10.3% 8.2% 6.3%

Drugstores 3,520 3,880 4,224 4,579 4,950 5,415 5,885 6,443 6,997 7,562

YOY % Grow th 11.2% 10.2% 8.9% 8.4% 8.1% 9.4% 8.7% 9.5% 8.6% 8.1%

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010



Revenue

0

10,000

20,000

30,000

40,000

50,000

60,000

70,000

80,000

Rev

enue

($ in

Milli

ons)

0%

5%

10%

15%

20%

YOY

% G

row

th

Revenue 24,623 28,681 32,505 37,508 42,202 47,409 53,762 59,034 63,335 67,420

YOY % Grow th 16.1% 16.5% 13.3% 15.4% 12.5% 12.3% 13.4% 9.8% 7.3% 6.4%

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010



Net Income

0

500

1,000

1,500

2,000

2,500

Net

Inco

me

($ in

Milli

ons)

-10%

-5%

0%

5%

10%

15%

20%

YOY

% G

row

th

Net Profit Margin 3.6% 3.5% 3.6% 3.6% 3.7% 3.7% 3.8% 3.7% 3.2% 3.1%

Operating Margin 5.7% 5.6% 5.7% 5.7% 5.7% 5.7% 5.9% 5.8% 5.1% 5.1%

Net Income 875 1,008 1,165 1,350 1,560 1,751 2,041 2,157 2,006 2,091

YOY % Grow th 14.2% 15.2% 15.6% 15.9% 15.5% 12.3% 16.6% 5.7% -7.0% 4.2%

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010

Walgreens Pharmacy

Zero Cash Flow


[email protected]

DrugstoreCount

Revenue

NetIncome

Demographics-1MileRadius

Demographic and Income Profile1800 Baytree Rd, Valdosta, GA, 31602 Prepared by John GiordaniDeerfield PartnersRing: 1 mile radius Latitude: 30.847008083

Longitude: -83.32387092

AreaStateUSA

Trends 2011-2016

Population Households Families Owner HHs Median HH Income

Annual

Rat

e (i

n p

erce

nt)

4.5

4

3.5

3

2.5

2

1.5

1

0.5

0

20112016

Population by Age

0-4 5-9 10-14 15-19 20-24 25-34 35-44 45-54 55-64 65-74 75-84 85+

Perc

ent

26

24

22

20

18

16

14

12

10

8

6

4

2

0

2011 Household Income

<$15K14.8%

$15K - $24K15.6%

$25K - $34K13.9%

$35K - $49K15.3%

$50K - $74K20.0%

$75K - $99K10.5%

$100K - $149K5.6%

$150K - $199K1.9%

$200K+2.6%

2011 Population by Race

White Black Am. Ind. Asian Pacific Other Two+

Perc

ent

70

65

60

55

50

45

40

35

30

25

20

15

10

5

0

2011 Percent Hispanic Origin: 3.5%

April 28, 2012

©2012 Esri Page 2 of 6

Source: U.S. Census Bureau, Census 2010 Data. Esri forecasts for 2011 and 2016.

Walgreens Pharmacy

Zero Cash Flow


[email protected]



Longitude: -83.32387092

Summary 2010 2011 2016Population 4,186 4,200 4,525Households 1,912 1,917 2,076Families 902 907 968Average Household Size 2.19 2.19 2.18Owner Occupied Housing Units 829 831 921Renter Occupied Housing Units 1,083 1,086 1,155Median Age 26.9 27.0 27.8

Trends: 2011 - 2016 Annual Rate Area State NationalPopulation 1.50% 0.94% 0.67%Households 1.61% 1.00% 0.71%Families 1.31% 0.84% 0.57%Owner HHs 2.08% 1.20% 0.91%Median Household Income 4.99% 3.56% 2.75%

2011 2016 Households by Income Number Percent Number Percent

<$15,000 283 14.8% 296 14.3%$15,000 - $24,999 298 15.6% 250 12.0%$25,000 - $34,999 266 13.9% 213 10.3%$35,000 - $49,999 293 15.3% 266 12.8%$50,000 - $74,999 383 20.0% 458 22.1%$75,000 - $99,999 201 10.5% 327 15.8%$100,000 - $149,999 107 5.6% 152 7.3%$150,000 - $199,999 36 1.9% 53 2.6%$200,000+ 49 2.6% 61 2.9%

Median Household Income $39,544 $50,443Average Household Income $53,333 $62,484Per Capita Income $23,696 $28,009

2010 2011 2016 Population by Age Number Percent Number Percent Number Percent

0 - 4 195 4.7% 192 4.6% 208 4.6%5 - 9 155 3.7% 153 3.6% 162 3.6%10 - 14 154 3.7% 152 3.6% 162 3.6%15 - 19 320 7.6% 313 7.5% 307 6.8%20 - 24 1,128 27.0% 1,135 27.0% 1,185 26.2%25 - 34 609 14.6% 618 14.7% 684 15.1%35 - 44 376 9.0% 372 8.9% 383 8.5%45 - 54 376 9.0% 374 8.9% 367 8.1%55 - 64 381 9.1% 390 9.3% 450 9.9%

65 - 74 275 6.6% 286 6.8% 372 8.2%75 - 84 153 3.7% 153 3.6% 169 3.7%

85+ 63 1.5% 63 1.5% 74 1.6%

2010 2011 2016 Race and Ethnicity Number Percent Number Percent Number Percent

White Alone 2,917 69.7% 2,955 70.4% 3,164 69.9%Black Alone 987 23.6% 961 22.9% 1,022 22.6%American Indian Alone 20 0.5% 20 0.5% 22 0.5%Asian Alone 139 3.3% 141 3.4% 162 3.6%Pacific Islander Alone 2 0.0% 2 0.0% 3 0.1%Some Other Race Alone 39 0.9% 39 0.9% 50 1.1%Two or More Races 82 2.0% 82 2.0% 103 2.3%Hispanic Origin (Any Race) 144 3.4% 148 3.5% 200 4.4%

Data Note: Income is expressed in current dollars.

April 28, 2012



Walgreens Pharmacy

Zero Cash Flow


[email protected]



Longitude: -83.32387092

AreaStateUSA

Trends 2011-2016


Annual

Rat

e (i

n p

erce

nt)

3.5

3

2.5

2

1.5

1

0.5

0

20112016

Population by Age

0-4 5-9 10-14 15-19 20-24 25-34 35-44 45-54 55-64 65-74 75-84 85+

Perc

ent

18

16

14

12

10

8

6

4

2

0


<$15K22.3%

$15K - $24K16.6%

$25K - $34K13.3%

$35K - $49K13.3%

$50K - $74K14.9%

$75K - $99K8.0%

$100K - $149K6.5%

$150K - $199K2.1%

$200K+3.1%



Perc

ent

55

50

45

40

35

30

25

20

15

10

5

0


April 28, 2012



Walgreens Pharmacy

Zero Cash Flow


[email protected]



Longitude: -83.32387092

Summary 2010 2011 2016Population 31,121 31,156 32,697Households 11,199 11,208 11,873Families 5,906 5,928 6,195Average Household Size 2.40 2.40 2.40Owner Occupied Housing Units 5,041 5,031 5,407Renter Occupied Housing Units 6,158 6,176 6,466Median Age 27.1 27.2 28.0



<$15,000 2,498 22.3% 2,630 22.1%$15,000 - $24,999 1,856 16.6% 1,577 13.3%$25,000 - $34,999 1,487 13.3% 1,215 10.2%$35,000 - $49,999 1,495 13.3% 1,348 11.4%$50,000 - $74,999 1,665 14.9% 1,924 16.2%$75,000 - $99,999 902 8.0% 1,397 11.8%$100,000 - $149,999 731 6.5% 1,027 8.6%$150,000 - $199,999 231 2.1% 332 2.8%$200,000+ 343 3.1% 424 3.6%



0 - 4 1,788 5.7% 1,759 5.6% 1,873 5.7%5 - 9 1,497 4.8% 1,486 4.8% 1,549 4.7%10 - 14 1,318 4.2% 1,316 4.2% 1,390 4.3%15 - 19 4,080 13.1% 4,060 13.0% 4,018 12.3%20 - 24 5,842 18.8% 5,858 18.8% 5,976 18.3%25 - 34 4,134 13.3% 4,149 13.3% 4,422 13.5%35 - 44 2,960 9.5% 2,939 9.4% 2,965 9.1%45 - 54 3,148 10.1% 3,132 10.1% 3,021 9.2%55 - 64 2,898 9.3% 2,949 9.5% 3,322 10.2%

65 - 74 1,746 5.6% 1,795 5.8% 2,292 7.0%75 - 84 1,175 3.8% 1,179 3.8% 1,268 3.9%

85+ 535 1.7% 535 1.7% 604 1.8%


White Alone 17,598 56.5% 17,627 56.6% 18,136 55.5%Black Alone 11,956 38.4% 11,949 38.4% 12,664 38.7%American Indian Alone 93 0.3% 93 0.3% 109 0.3%Asian Alone 412 1.3% 411 1.3% 454 1.4%Pacific Islander Alone 26 0.1% 26 0.1% 33 0.1%Some Other Race Alone 549 1.8% 563 1.8% 719 2.2%Two or More Races 487 1.6% 487 1.6% 583 1.8%Hispanic Origin (Any Race) 1,217 3.9% 1,258 4.0% 1,635 5.0%


April 28, 2012



Walgreens Pharmacy

Zero Cash Flow


[email protected]



Longitude: -83.32387092

AreaStateUSA

Trends 2011-2016


Annual

Rat

e (i

n p

erce

nt)

3.5

3

2.5

2

1.5

1

0.5

0

20112016

Population by Age

0-4 5-9 10-14 15-19 20-24 25-34 35-44 45-54 55-64 65-74 75-84 85+

Perc

ent

14

12

10

8

6

4

2

0


<$15K21.2%

$15K - $24K16.3%

$25K - $34K13.8%

$35K - $49K14.9%

$50K - $74K15.6%

$75K - $99K7.6%

$100K - $149K6.4%

$150K - $199K1.8%

$200K+2.4%



Perc

ent

45

40

35

30

25

20

15

10

5

0


April 28, 2012



Walgreens Pharmacy

Zero Cash Flow


[email protected]



Longitude: -83.32387092

Summary 2010 2011 2016Population 65,476 66,112 70,469Households 24,308 24,569 26,416Families 14,323 14,497 15,383Average Household Size 2.48 2.48 2.47Owner Occupied Housing Units 11,090 11,135 12,123Renter Occupied Housing Units 13,218 13,434 14,293Median Age 28.2 28.3 28.8



<$15,000 5,218 21.2% 5,600 21.2%$15,000 - $24,999 4,016 16.3% 3,459 13.1%$25,000 - $34,999 3,382 13.8% 2,807 10.6%$35,000 - $49,999 3,654 14.9% 3,400 12.9%$50,000 - $74,999 3,834 15.6% 4,565 17.3%$75,000 - $99,999 1,870 7.6% 2,961 11.2%$100,000 - $149,999 1,581 6.4% 2,258 8.5%$150,000 - $199,999 436 1.8% 632 2.4%$200,000+ 578 2.4% 734 2.8%



0 - 4 4,809 7.3% 4,783 7.2% 5,174 7.3%5 - 9 3,963 6.1% 3,982 6.0% 4,214 6.0%10 - 14 3,609 5.5% 3,634 5.5% 3,878 5.5%15 - 19 6,631 10.1% 6,640 10.0% 6,622 9.4%20 - 24 10,127 15.5% 10,282 15.6% 10,664 15.1%25 - 34 9,577 14.6% 9,716 14.7% 10,571 15.0%35 - 44 6,859 10.5% 6,876 10.4% 7,047 10.0%45 - 54 7,285 11.1% 7,289 11.0% 7,110 10.1%55 - 64 5,978 9.1% 6,108 9.2% 6,952 9.9%

65 - 74 3,609 5.5% 3,738 5.7% 4,837 6.9%75 - 84 2,167 3.3% 2,193 3.3% 2,398 3.4%

85+ 861 1.3% 873 1.3% 1,003 1.4%


White Alone 31,438 48.0% 31,759 48.0% 33,197 47.1%Black Alone 30,583 46.7% 30,836 46.6% 33,002 46.8%American Indian Alone 216 0.3% 218 0.3% 259 0.4%Asian Alone 1,005 1.5% 1,016 1.5% 1,148 1.6%Pacific Islander Alone 67 0.1% 67 0.1% 84 0.1%Some Other Race Alone 981 1.5% 1,016 1.5% 1,319 1.9%Two or More Races 1,186 1.8% 1,201 1.8% 1,461 2.1%Hispanic Origin (Any Race) 2,529 3.9% 2,639 4.0% 3,489 5.0%


April 28, 2012



Walgreens Pharmacy Zero Cash Flow Deal€¦ · York Stock Exchange (NYSE:WAG), Walgreens operates...

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