2020-03-08T12:45:26-05:00 2019-06-30 521754364 E COHEN AND COMPANY CPAS ONE RESEARCH COURT SUITE 400 ROCKVILLE MD 20850 990 2018-07-01 530218495 AMERICAN ENTERPRISE INSTITUTE FOR PUBLIC POLICY RESEARCH AMER 2028625800 1789 MASSACHUSETTS AVENUE NW WASHINGTON DC 20036 KAZUKI KO CFO & TREASURER 2028625800 2020-03-06 1 MATTHEW DUVALL CPA P01324790 3016913600 2020-03-06 138.88.64.26 2020-03-06 12:28:22 ES P DA60DE6B57AA3940D1AAC53C9B84026892A7C6BB E87D3DAA7354DA4831653926C80B261F46EC9FA5 2018 2020-09-23 17:36:50Z ROBERT DOAR 1789 MASSACHUSETTS AVENUE NW WASHINGTON DC 20036 59701236 0 X WWW.AEI.ORG X 1943 DC THE AMERICAN ENTERPRISE INSTITUTE IS A COMMUNITY OF SCHOLARS AND SUPPORTERS COMMITTED TO EXPANDING LIBERTY, INCREASING INDIVIDUAL OPPORTUNITY, AND STRENGTHENING FREE ENTERPRISE. AEI PURSUES THESE IDEALS THROUGH INDEPENDENT THINKING AND THE HIGHEST STANDARDS OF RESEARCH AND EXPOSITION. 26 25 296 0 38544 31794 57160683 46622409 1599940 1657325 2953007 3159562 0 0 61713630 51439296 0 661665 0 0 28231590 31610208 92500 100000 5028941 22529643 24856297 50853733 57228170 10859897 -5788874 327486198 325952959 6808019 9917224 320678179 316035735 X THE AMERICAN ENTERPRISE INSTITUTE IS A COMMUNITY OF SCHOLARS AND SUPPORTERS COMMITTED TO EXPANDING LIBERTY, INCREASING INDIVIDUAL OPPORTUNITY, AND STRENGTHENING FREE ENTERPRISE. AEI PURSUES THESE IDEALS THROUGH INDEPENDENT THINKING AND THE HIGHEST STANDARDS OF RESEARCH AND EXPOSITION. 0 0 14815085 50000 ECONOMIC POLICY STUDIESAEI'S ECONOMIC POLICY STUDIES TEAM EXAMINES A RANGE OF SPECIFICECONOMIC ISSUES INCLUDING FISCAL POLICY AND TAXES, MONETARY POLICY,ENERGY AND THE ENVIRONMENT, INTERNATIONAL ECONOMY, FINANCIAL SERVICES,REGULATION, RETIREMENT AND SOCIAL SECURITY, AND HEALTH POLICY. THEIRRESEARCH EDUCATES THE PUBLIC ABOUT THE FUNCTIONING OF FREE ECONOMIES,HOW TO PRESERVE THEM, HOW TO SOLVE THE PROBLEMS THAT ARISE IN THEM, ANDHOW TO CAPITALIZE ON THEIR STRENGTHS. AEI'S RESEARCH IS HIGHLYINFLUENTIAL AND WIDELY DISSEMINATED THROUGH CONGRESSIONAL TESTIMONIES,TELEVISION AND RADIO INTERVIEWS, JOURNAL ARTICLES, AND NUMEROUSARTICLES, WHITE PAPERS, AND OP-EDS IN THE POPULAR PRESS. 8446948 FOREIGN AND DEFENSE POLICYAEI'S FOREIGN AND DEFENSE POLICY STUDIES SCHOLARS SEEK TO UNDERSTANDHOW AMERICAN INTERESTS AND POLITICAL AND ECONOMIC FREEDOM CAN BEPROTECTED AND ADVANCED AROUND THE WORLD. THE PROGRAM'S RESEARCH AREASINCLUDE U.S. NATIONAL SECURITY AND DEFENSE, TERRORISM, INTERNATIONALSOVEREIGNTY, AND U.S. POLICY IN THE MIDDLE EAST, ASIA, RUSSIA, ANDNUMEROUS OTHER AREAS. THE INSTITUTE'S SCHOLARS FOCUS ON CURRENT POLICYISSUES AS WELL AS THOSE FURTHER OVER THE HORIZON. IN THE PROCESS, THEYEDUCATE POLICYMAKERS, BUSINESS LEADERS, ACADEMICS, JOURNALISTS,STUDENTS, AND ALL INTERESTED CITIZENS ON OUR NATION'S MOST CRITICALPOLICY ISSUES. 8057255 DOMESTIC POLICY STUDIESAEI'S DOMESTIC POLICY STUDIES SCHOLARS EXPLORE A BROAD RANGE OF TOPICSINCLUDING K-12 AND HIGHER EDUCATION REFORM, CITIZENSHIP, ETHICS,JUDICIARY ISSUES, EXECUTIVE AND LEGISLATIVE POLITICS, POLLS ANDELECTIONS, FEDERALISM, POVERTY, CIVIL RIGHTS, CRIME, AND OTHER PUBLICPOLICY ISSUES. THE INSTITUTE'S SCHOLARS ARE THOUGHT LEADERS IN THEIRFIELDS AND CONVENE CONFERENCES, IN-PERSON AND ONLINE EVENTS, AND PUBLICAND PRIVATE SEMINARS. IN ADDITION TO ITS MANY EVENTS AND SEMINARS, AEIPROMOTES ITS RESEARCH AND IDEAS THROUGH PRINT AND DIGITAL PUBLICATIONS,BLOG POSTS AND SOCIAL MEDIA, CONFERENCES, AND WORKING GROUPS. 10556102 611665 1544406 10556102 611665 1544406 41875390 1 1 0 0 0 0 0 0 0 1 1 1 0 0 1 1 0 1 0 0 0 0 1 1 0 0 0 1 1 1 0 0 0 0 0 0 1 0 1 0 0 0 1 1 1 1 0 0 1 458 0 1 296 1 1 1 0 0 0 0 1 1 0 0 0 0 0 0 X 26 25 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 0 0 DC NJ NY CA X THE ORGANIZATION 2028625800 1789 MASSACHUSETTS AVENUE NW WASHINGTON DC 20036 DANIEL A D'ANIELLO BD OF TRUSTEES - CHAIRMAN 2.00 X X 0 0 0 CLIFFORD S ASNESS BD OF TRUSTEES 1.00 X 0 0 0 GORDON M BINDER BD OF TRUSTEES 1.00 X 0 0 0 THE HONORABLE RICHARD B CHENEY BD OF TRUSTEES 1.00 X 0 0 0 PETER H COORS BD OF TRUSTEES 1.00 X 0 0 0 HARLAN CROW BD OF TRUSTEES 1.00 X 0 0 0 RAVENEL B CURRY III BD OF TRUSTEES 1.00 X 0 0 0 RICHARD DEVOS BD OF TRUSTEES 1.00 X 0 0 0 ARTHUR C BROOKS PRESIDENT 40.00 X X 1100000 0 48453 JOHN V FARACI BD OF TRUSTEES 1.00 X 0 0 0 TULLY M FRIEDMAN BD OF TRUSTEES 1.00 X 0 0 0 CHRISTOPHER B GALVIN BD OF TRUSTEES 1.00 X 0 0 0 HARVEY GOLUB BD OF TRUSTEES 1.00 X 0 0 0 ROBERT F GREENHILL BD OF TRUSTEES 1.00 X 0 0 0 FRANK J HANNA BD OF TRUSTEES 1.00 X 0 0 0 JOHN K HURLEY BD OF TRUSTEES 1.00 X 0 0 0 BRUCE KOVNER BD OF TRUSTEES 1.00 X 0 0 0 MARC S LIPSCHULTZ BD OF TRUSTEES 1.00 X 0 0 0 JOHN A LUKE JR BD OF TRUSTEES 1.00 X 0 0 0 KEVIN B ROLLINS BD OF TRUSTEES 1.00 X 0 0 0 MATTHEW K ROSE BD OF TRUSTEES 1.00 X 0 0 0 EDWARD B RUST JR BD OF TRUSTEES 1.00 X 0 0 0 MEL SEMBLER BD OF TRUSTEES 1.00 X 0 0 0 WILSON H TAYLOR BD OF TRUSTEES 1.00 X 0 0 0 WILLIAM H WALTON BD OF TRUSTEES 1.00 X 0 0 0 JASON W BERTSCH SENIOR VICE PRESIDENT 40.00 X 422500 0 60154 DAVID GERSON EXECUTIVE VICE PRESIDENT 40.00 X 500000 0 75449 KAZUKI KO CHIEF FINANCIAL OFFICER 40.00 X 154500 0 24186 JOHN M CUSEY VICE PRESIDENT, COMMUNICATIONS AND GOVERNMENT 40.00 X 192500 0 38548 DANIELLE PLETKA SENIOR VICE PRESIDENT 40.00 X 322500 0 39198 MICHAEL R STRAIN DIRECTOR, 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167995 F HIGHLINE 2970545 F STEADFAST INTERNATIONAL LTD. 7005479 F VARDE INVESTMENTS PARTNERS 7368310 F HCP PRIVATE EQUITY FUND 1076158 F TYBOURNE LONG OPPORTUNITIES OFFSHORE 9846078 F INVESTMENT IN AEI 1789 MASSACHUSETTS PROPERTY OWNER, LLC 117561648 F WESTWOOD GLOBAL INVESTMENT 2000000 F EMPYREAN CAPITAL OVERSEAS FUND, LTD. 7781013 F PRIME FINANCE LONG DURATION 466607 F 206276088 DEFERRED COMPENSATION OBLIGATION 606864 DEFERRED RENT 1246999 1853863 X PART V, LINE 4: THE ENDOWMENT FUNDS PROVIDE LONG-TERM FINANCIAL SUPPORT FOR AEI'S GENERAL OPERATIONS AND FOR PARTICULAR RESEARCH. THE ENDOWMENT FUNDS OFTEN TAKE THE FORM OF NAMED CHAIRS FOR SCHOLARS WORKING IN PARTICULAR FIELDS. PART X, LINE 2: THE INSTITUTE IS EXEMPT FROM FEDERAL AND STATE INCOME TAXES UNDER SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE AND IS CLASSIFIED BY THE INTERNAL REVENUE SERVICES AS OTHER THAN A PRIVATE FOUNDATION. THE INSTITUTE, HOWEVER, IS REQUIRED TO REPORT UNRELATED BUSINESS INCOME, INCLUDING CERTAIN QUALIFIED TRANSPORTATION FRINGE BENEFITS, TO THE INTERNAL REVENUE SERVICE (IRS) AND THE DISTRICT OF COLUMBIA. THE INSTITUTE'S INCURRED UNRELATED BUSINESS INCOME TAX OF $41,797 AND $36,232 FOR THE YEARS ENDED JUNE 30, 2019 AND 2018, RESPECTIVELY. THE RELATED LIABILITIES AT THE END OF EACH YEAR ARE INCLUDED IN THE CONSOLIDATED STATEMENTS OF FINANCIAL POSITION UNDER ACCOUNT PAYABLE. THE INCOME TAX POSITIONS TAKEN BY AEI FOR ANY YEARS OPEN UNDER THE VARIOUS STATUTES OF LIMITATIONS ARE THAT THE INSTITUTE CONTINUES TO BE EXEMPT FROM INCOME TAXES AND THAT THE INSTITUTE HAS PROPERLY REPORTED UNRELATED BUSINESS INCOME THAT IS SUBJECT TO INCOME TAXES. AEI BELIEVES THERE ARE NO TAX POSITIONS TAKEN OR EXPECTED TO BE TAKEN THAT WOULD SIGNIFICANTLY INCREASE UNRECOGNIZED TAX LIABILITIES WITHIN 12 MONTHS OF THE REPORTING DATE. NONE OF AEI'S FEDERAL OR STATE INCOME TAX RETURNS ARE CURRENTLY UNDER EXAMINATION. 1 0 0 0 0 0 0 0 0 0 TRAVEL STIPENDS EAST ASIA AND THE PACIFIC 10 10650 TRAVEL STIPENDS EUROPE 1 1300 TRAVEL STIPENDS SUB-SAHARAN AFRICA 1 1050 TRAVEL STIPENDS MIDDLE EAST 1 2850 0 0 0 0 0 0 PART I, LINE 2: OTHER ASSISTANCE PAID TO INDIVIDUALS OUTSIDE THE UNITED STATES IS SUPERVISED BY PROJECT MANAGERS WHO PROVIDE OVERSIGHT, APPROVE PAYMENTS AND PROVIDE AN ACCOUNTING OF FUNDS SPENT. X X X X X X 1 LISA WAGNER 102 N CROSS ST 6 WHEATON IL 60187 FUNDRAISING CONSULTANT 0 0 65000 0 CARYN EGGERAAT 124 16TH ST SE WASHINGTON DC 20003 FUNDRAISING CONSULTANT 0 0 35000 0 100000 DC NY NJ 1 PACE INC 2855 N KEYSTONE AVE 170 INDIANAPOLIS IN 46218 351062235 501(C)(3) 25000 INNOVATION GRANT ROCKY MOUNTAIN MICRO FINANCE INST 1209 W 10TH AVE DENVER CO 80204 263218152 501(C)(3) 25000 INNOVATION GRANT 2 0 STIPENDS FOR VISITING SCHOLARS 500 425015 TRAVEL STIPENDS TO RECIPIENTS 593 170800 PART I, LINE 2: AEI REQUIRES THAT RECIPIENTS OF GRANTS SUBMIT REPORTS DETAILING THE OUTCOMES OF THE GRANT PROJECTS AND THE USE OF FUNDS. X 1 1 X X X X 0 1 0 0 0 0 0 0 0 ARTHUR C BROOKS PRESIDENT 900000 0 200000 0 0 0 33000 0 15453 0 1148453 0 0 0 JASON W BERTSCH SENIOR VICE PRESIDENT 372500 0 50000 0 0 0 44700 0 15454 0 482654 0 0 0 DAVID GERSON EXECUTIVE VICE PRESIDENT 500000 0 0 0 0 0 60000 0 15449 0 575449 0 0 0 KAZUKI KO CHIEF FINANCIAL OFFICER 147500 0 7000 0 0 0 18540 0 5646 0 178686 0 0 0 JOHN M CUSEY VICE PRESIDENT, COMMUNICATIONS AND G 183750 0 8750 0 0 0 23100 0 15448 0 231048 0 0 0 DANIELLE PLETKA SENIOR VICE PRESIDENT 322500 0 0 0 0 0 38700 0 498 0 361698 0 0 0 MICHAEL R STRAIN DIRECTOR, ECONOMIC POLICY STUDIES 225750 0 9500 0 0 0 28230 0 15454 0 278934 0 0 0 RYAN STREETER DIRECTOR, DOMESTIC POLICY STUDIES 228375 0 7250 0 0 0 0 0 15454 0 251079 0 0 0 ROBERT DOAR MORGRIDGE FELLOW IN POVERTY STUDIES 224000 0 22000 0 0 0 29520 0 15454 0 290974 0 0 0 NICHOLAS EBERSTADT RESIDENT SCHOLAR 235000 0 11000 0 0 0 29520 0 15454 0 290974 0 0 0 FREDERICK M HESS RESIDENT SCHOLAR 212705 0 2500 0 0 0 25824 0 5721 0 246750 0 0 0 KENNETH M POLLACK RESIDENT SCHOLAR 212500 0 5500 0 0 0 0 0 15454 0 233454 0 0 0 TOBY WILLIAM STOCK SENIOR ADVISOR 257500 0 0 0 0 0 30900 0 5721 0 294121 0 0 0 PART I, LINE 1A TRAVEL FOR COMPANIONS: BOARD MEMBERS AND STAFF ARE PERMITTED TO BRING SPOUSES TO THE ANNUAL OFF-SITE MEETINGS, WORLD FORUM AND THE BOARD RETREAT. PART I, LINE 4B ARTHUR BROOKS, DAVID GERSON, JASON BERTSCH AND DANIELLE PLETKA PARTICIPATED IN A DEFERRED COMPENSATION PLAN DURING THE YEAR ENDED JUNE 30, 2019. LYNNE CHENEY SPOUSE OF DIRECTOR 89600 EMPLOYEE COMPENSATION AND 403B EMPLOYER CONTRIBUTION 0 X 34 1281961 FAIR VALUE X EVENT EXPENSES 6 157999 FAIR VALUE X COMPUTER EQUIPMENT 2 105540 FAIR VALUE 0 0 1 PART I, LINE 32B: AEI HAS AN ACCOUNT WITH A SECURITIES BROKER TO ACCEPT STOCK DONATIONS. DONATIONS ARE SENT DIRECTLY TO THIS ACCOUNT AND ARE SOLD WITHIN A FEW BUSINESS DAYS OF RECEIPT. FORM 990, PART VI, SECTION B, LINE 11B THE AUDIT COMMITTEE OF THE BOARD OF TRUSTEES REVIEWS THE FORM 990 PRIOR TO SUBMISSION TO THE IRS. FORM 990, PART VI, SECTION B, LINE 12C AEI REGULARLY AND CONSISTENTLY MONITORS AND ENFORCES COMPLIANCE WITH THE INSTITUTE'S CONFLICT OF INTEREST POLICY, WHICH IS POSTED ON AEI'S WEBSITE, WWW.AEI.ORG/ABOUT. AEI SCHOLARS, FELLOWS, AND OFFICERS ARE REQUIRED TO PROVIDE ANNUAL REPORTS EACH MARCH TO AEI'S PRESIDENT LISTING ALL OF THEIR OUTSIDE ACTIVITIES. THE PRESIDENT THEN PROVIDES A SUMMARY REPORT TO THE NOMINATING AND GOVERNANCE COMMITTEE OF AEI'S BOARD OF TRUSTEES. THE PRESIDENT MAY BRING PARTICULAR ISSUES TO THE ATTENTION OF THIS COMMITTEE OR TO AN INTERNAL COMMITTEE OF SENIOR SCHOLARS AND FELLOWS FOR THEIR REVIEW AND COUNSEL. THE NOMINATING AND GOVERNANCE COMMITTEE ALSO REVIEWS THE COMMERCIAL, PROFESSIONAL, AND CIVIC ENGAGEMENTS OF INDIVIDUALS BEING CONSIDERED FOR ELECTION TO THE BOARD OF TRUSTEES. AEI SCHOLARS AND FELLOWS ARE ALSO REQUIRED TO DISCLOSE IN THEIR PUBLISHED WORK ANY AFFILIATIONS THEY MAY HAVE WITH ORGANIZATIONS WITH A DIRECT INTEREST IN THE SUBJECT OF THAT WORK. WHEN MAKING HIRING DECISIONS TO AEI'S STAFF OR WHEN NOMINATING NEW MEMBERS TO AEI'S BOARD, AEI'S EXECUTIVE TEAM AND BOARD OF TRUSTEES STRESS TO CANDIDATES THE IMPORTANCE OF HONESTY AND INTEGRITY IN THEIR WORK. NEW EMPLOYEES ARE GIVEN A COPY OF AEI'S CONFLICT OF INTEREST POLICY. FORM 990, PART VI, SECTION B, LINE 15A AEI FOLLOWS THE FOLLOWING PROCESS FOR DETERMINING COMPENSATION, AS STATED IN THE INSTITUTE'S BYLAWS: THE COMPENSATION OF THE INSTITUTE'S PRESIDENT SHALL BE RECOMMENDED BY THE EXECUTIVE COMMITTEE AND REVISED AT INTERVALS THE COMMITTEE DEEMS APPROPRIATE. THE LEVEL OF AND ANY ADJUSTMENTS TO THE PRESIDENT'S COMPENSATION SHALL BE GUIDED BY THE FOLLOWING FACTORS: (A) THE INTRINSIC QUALITY OF HIS/HER MANAGEMENT, INTELLECTUAL LEADERSHIP, AND PUBLIC REPRESENTATION OF THE INSTITUTE; (B) THE INTRINSIC QUALITY AND PUBLIC REPUTATION OF THE INSTITUTE'S RESEARCH, PUBLICATIONS, AND OTHER OUTPUTS AND THE QUANTITY AND EFFECTIVE DISSEMINATION OF THAT OUTPUT; (C) THE INSTITUTE'S FINANCIAL PERFORMANCE AND STABILITY; (D) THE COMPENSATION OF OTHER CHIEF EXECUTIVES WITH SIMILAR EXPERIENCE; (E) THE COMPENSATION OF CHIEF EXECUTIVES OF OTHER, SIMILAR ORGANIZATIONS; (F) COMPETITIVE CONSIDERATIONS RELEVANT TO THE RETENTION OF THE PRESIDENT AND HIS/HER LONG-TERM COMMITMENT TO THE INSTITUTE; (G) THE PRESIDENT'S SALARY HISTORY; AND (H) ADDITIONAL, SIMILAR FACTORS THE EXECUTIVE COMMITTEE DEEMS APPROPRIATE. THE EXECUTIVE COMMITTEE SHALL MAINTAIN RECORDS OF ITS REVIEWS OF THE PRESIDENT'S COMPENSATION AND THE REASONS FOR ANY ADJUSTMENTS IT MAY RECOMMEND TO THAT COMPENSATION, AND SHALL INFORM THE BOARD OF TRUSTEES AT LEAST EVERY TWO YEARS OF ITS EVALUATION OF THE PRESIDENT'S PERFORMANCE AND ANY REVISIONS IT HAS MADE TO THE HIS/HER COMPENSATION FOR APPROVAL BY THE FULL BOARD OF TRUSTEES. SECTION 2. THE COMPENSATION OF THE INSTITUTE'S OFFICERS AND MANAGERS, SCHOLARS AND FELLOWS, RESEARCH AND ADMINISTRATIVE STAFF, AND ALL OTHER EMPLOYEES SHALL BE DETERMINED BY THE PRESIDENT AND REVIEWED AND REVISED AT INTERVALS THE PRESIDENT DEEMS APPROPRIATE. THE LEVEL OF AND ANY ADJUSTMENTS TO THE COMPENSATION OF THE INSTITUTE'S EMPLOYEES SHALL BE GUIDED BY FACTORS SIMILAR TO THOSE USED BY THE EXECUTIVE COMMITTEE IN DETERMINING THE PRESIDENT'S COMPENSATION, AS APPLIED TO THE PARTICULAR RESPONSIBILITIES OF EACH EMPLOYEE. THE PRESIDENT SHALL MAINTAIN RECORDS OF REVIEWS OF AND ANY ADJUSTMENTS TO THE COMPENSATION OF THE INSTITUTE'S EMPLOYEES AND SHALL PROVIDE TO THE EXECUTIVE COMMITTEE, AT LEAST EVERY TWO YEARS, A REPORT ON THE INSTITUTE'S COMPENSATION POLICIES AND STRUCTURE. FORM 990, PART VI, SECTION C, LINE 19 AEI'S ORGANIZATION AND PURPOSES AND STATEMENTS ON RESEARCH INTEGRITY, PUBLIC ADVOCACY, POLITICAL CAMPAIGNS AND OTHER PARTISAN ACTIVITIES, OUTSIDE ACTIVITIES, AND CONFLICTS OF INTERESTS ARE POSTED AND UPDATED REGULARLY ON THE INSTITUTE'S WEBSITE. AEI'S ANNUAL REPORT, AUDITED FINANCIALS, AND 990 ARE AVAILABLE TO THE PUBLIC. FORM 990, PART XI, LINE 9: PENSION RELATED CHARGES OTHER THAN NET PERIODIC PENSION COSTS -20,169. FORM 990, PART XII, LINE 2C: AEI DID NOT CHANGE EITHER ITS OVERSIGHT PROCESS OR SELECTION PROCESS DURING THE TAX YEAR. AEI OREGON PROPERTY LLC 1789 MASSACHUSETTS AVENUE NW WASHINGTON DC 20036 REAL ESTATE OR 0 AMERICAN ENTERPRISE INSTITUTE FOR PUBLIC POLICY RESEARCH AEI 1785 MASSACHUSETTS AVENUE PROPERTY OWNER LLC 1789 MASSACHUSETTS AVENUE NW WASHINGTON DC 20036 300942628 COMMERCIAL REAL ESTATE DC 0 0 AEI 1789 MASSACHUSETTS PROPERTY OWNER LLC 1789 MASSACHUSETTS AVE NW WASHINGTON DC 20036 352565244 REAL ESTATE INVESTMENT DE AMERICAN ENTERPRISE INSITUTE FOR PUBLIC POLICY RESEARCH C 15720 122360293 1.00000 1 0 1 0 1 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 AEI 1785 MASSACHUSETTS AVENUE PROPERTY OWNER LLC D 15804764 FMV (LOAN AGREEMENT) AEI 1785 MASSACHUSETTS AVENUE PROPERTY OWNER LLC K 4005842 FMV (LEASE AGREEMENT)