(Mark One) | ||
x | ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
¨ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Maryland | 45-2771978 | |||
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) | |||
405 Park Ave., | ||||
(Address of principal executive offices) | ||||
(Registrant’s telephone number, including area code): (212) 415-6500 | ||||
Securities registered pursuant to section 12(b) of the Act: | ||||
Title of each class | Name of each exchange on which registered | |||
Common Stock, $0.01 par value | New York Stock Exchange | |||
7.25% Series A Cumulative Redeemable Preferred Stock, $0.01 par value | New York Stock Exchange | |||
Securities registered pursuant to section 12(g) of the Act: |
Large accelerated filer | Accelerated filer ¨ | |
Non-accelerated filer | (Do not check if a smaller reporting company) | Smaller reporting company ¨ |
Emerging growth company ¨ |
Page | ||
December 31, | ||||||
Tenant | 2014 | 2013 | 2012 | |||
Encanto Restaurants, Inc. | * | 19.4% | —% | |||
Western Digital Corporation | * | 14.6% | —% | |||
Thames Water Utilities Limited | * | 11.7% | —% | |||
McDonald's Property Company Limited | * | * | 100% |
Tenant | Number of Properties | December 31, 2014 | ||
RWE AG | 3 | 6.1% | ||
Government Services Administration (GSA I - IX) | 11 | 6.0% |
Country | December 31, | |
European Countries: | ||
United Kingdom | ||
Germany | ||
The Netherlands | 7.0% | |
Finland | 6.2% | |
France | 5.2% | |
Other European Countries | 2.1% | |
Total European Countries | 51.1% | |
United States & Puerto Rico: | ||
Michigan | ||
Other States and Puerto Rico | 27.9% | |
Total United States and Puerto Rico | 48.9% | |
Total | 100.0% |
Industry | December 31, | |
Financial Services | ||
Technology | 6.6% | |
Discount Retail | ||
Healthcare | ||
5.9% | ||
Government Services | 5.7% | |
Freight | 5.2% | |
Portfolio | Acquisition Date | Country | Number of Properties | Square Feet | Remaining Lease Term (1) | Base Purchase Price (2) (In thousands) | |||||||||
McDonald's | Oct. 2012 | UK | 1 | 9,094 | 9.2 | $ | 2,566 | ||||||||
Wickes Building Supplies I | May 2013 | UK | 1 | 29,679 | 9.8 | 6,058 | |||||||||
Everything Everywhere | Jun. 2013 | UK | 1 | 64,832 | 12.5 | 12,365 | |||||||||
Thames Water | Jul. 2013 | UK | 1 | 78,650 | 7.7 | 18,233 | |||||||||
Wickes Building Supplies II | Jul. 2013 | UK | 1 | 28,758 | 12.0 | 5,054 | |||||||||
PPD Global Labs | Aug. 2013 | US | 1 | 76,820 | 9.9 | 9,283 | |||||||||
Northern Rock | Sep. 2013 | UK | 2 | 86,290 | 8.7 | 16,322 | |||||||||
Kulicke & Soffa | Sep. 2013 | US | 1 | 88,000 | 8.8 | 13,415 | |||||||||
Wickes Building Supplies III | Nov. 2013 | UK | 1 | 28,465 | 13.9 | 6,067 | |||||||||
Con-way Freight | Nov. 2013 | US | 7 | 105,090 | 8.9 | 12,266 | |||||||||
Wolverine | Dec. 2013 | US | 1 | 468,635 | 8.1 | 17,201 | |||||||||
Western Digital | Dec. 2013 | US | 1 | 286,330 | 5.9 | 28,574 | |||||||||
Encanto | Dec. 2013 | Puerto Rico | 18 | 65,262 | 10.5 | 37,556 | |||||||||
Rheinmetall | Jan. 2014 | Germany | 1 | 320,102 | 9.0 | 28,924 | |||||||||
GE Aviation | Jan. 2014 | US | 1 | 369,000 | 11.0 | 38,857 | |||||||||
Provident Financial | Feb. 2014 | UK | 1 | 117,003 | 10.9 | 41,812 | |||||||||
Crown Crest | Feb. 2014 | UK | 1 | 805,530 | 24.1 | 63,587 | |||||||||
Trane | Feb. 2014 | US | 1 | 25,000 | 8.9 | 3,072 | |||||||||
Aviva | Mar. 2014 | UK | 1 | 131,614 | 14.5 | 52,517 | |||||||||
DFS Trading | Mar. 2014 | UK | 5 | 240,230 | 15.2 | 34,050 | |||||||||
GSA I | Mar. 2014 | US | 1 | 135,373 | 7.6 | 43,250 | |||||||||
National Oilwell Varco | Mar. 2014 | US | 1 | 24,450 | 8.6 | 4,888 | |||||||||
Talk Talk | Apr. 2014 | UK | 1 | 48,415 | 10.2 | 14,274 | |||||||||
OBI DIY | Apr. 2014 | Germany | 1 | 143,633 | 8.9 | 13,216 | |||||||||
GSA II | Apr. 2014 | US | 2 | 24,957 | 8.2 | 9,525 | |||||||||
DFS Trading | Apr. 2014 | UK | 2 | 39,331 | 15.2 | 6,275 | |||||||||
GSA III | Apr. 2014 | US | 2 | 28,364 | 10.5 | 9,700 | |||||||||
GSA IV | May 2014 | US | 1 | 33,000 | 10.6 | 14,828 | |||||||||
Indiana Department of Revenue | May 2014 | US | 1 | 98,542 | 8.0 | 11,654 | |||||||||
National Oilwell Varco | May 2014 | US | 1 | 7,500 | 14.4 | 2,360 | |||||||||
Nissan | May 2014 | US | 1 | 462,155 | 8.8 | 25,838 | |||||||||
GSA V | Jun. 2014 | US | 1 | 26,533 | 8.3 | 11,556 | |||||||||
Lippert Components | Jun. 2014 | US | 1 | 539,137 | 11.7 | 14,776 | |||||||||
Select Energy Services I | Jun. 2014 | US | 3 | 135,877 | 12.0 | 24,112 | |||||||||
Bell Supply Co I | Jun. 2014 | US | 6 | 79,829 | 14.0 | 12,225 | |||||||||
Axon Energy Products | Jun. 2014 | US | 3 | 213,634 | 12.1 | 20,709 | |||||||||
Lhoist | Jun. 2014 | US | 1 | 22,500 | 8.0 | 3,264 | |||||||||
GE Oil & Gas | Jun. 2014 | US | 2 | 69,846 | 8.7 | 10,956 | |||||||||
Select Energy Services II | Jun. 2014 | US | 4 | 143,417 | 11.9 | 20,789 | |||||||||
Bell Supply Co II | Jun. 2014 | US | 2 | 19,136 | 14.0 | 3,407 | |||||||||
Superior Energy Services | Jun. 2014 | US | 2 | 42,470 | 9.5 | 2,455 | |||||||||
Amcor Packaging | Jun. 2014 | UK | 7 | 294,580 | 9.9 | 13,290 | |||||||||
GSA VI | Jun. 2014 | US | 1 | 6,921 | 9.3 | 1,450 | |||||||||
Nimble Storage | Jun. 2014 | US | 1 | 164,608 | 6.8 | 52,500 | |||||||||
FedEx -3-Pack | Jul. 2014 | US | 3 | 338,862 | 7.7 | 46,100 | |||||||||
Sandoz, Inc. | Jul. 2014 | US | 1 | 154,101 | 11.6 | 63,582 | |||||||||
Wyndham | Jul. 2014 | US | 1 | 31,881 | 10.3 | 5,200 |
Portfolio | Acquisition Date | Country | Number of Properties | Square Feet | Remaining Lease Term (1) | Base Purchase Price (2) (In thousands) | |||||||||
Valassis | Jul. 2014 | US | 1 | 100,597 | 8.3 | $ | 13,614 | ||||||||
GSA VII | Jul. 2014 | US | 1 | 25,603 | 9.9 | 12,000 | |||||||||
AT&T Services | Jul. 2014 | US | 1 | 401,516 | 11.6 | 61,000 | |||||||||
PNC - 2-Pack | Jul. 2014 | US | 2 | 210,256 | 14.6 | 17,412 | |||||||||
Fujitisu | Jul. 2014 | UK | 3 | 162,888 | 10.2 | 70,651 | |||||||||
Continental Tire | Jul. 2014 | US | 1 | 90,994 | 7.6 | 18,500 | |||||||||
Achmea | Jul. 2014 | Netherlands | 2 | 190,252 | 9.0 | 38,790 | |||||||||
BP Oil | Aug. 2014 | UK | 1 | 2,650 | 10.8 | 4,951 | |||||||||
Malthurst | Aug. 2014 | UK | 2 | 3,784 | 10.9 | 5,914 | |||||||||
HBOS | Aug. 2014 | UK | 3 | 36,071 | 10.6 | 18,109 | |||||||||
Thermo Fisher | Aug. 2014 | US | 1 | 114,700 | 9.7 | 14,000 | |||||||||
Black & Decker | Aug. 2014 | US | 1 | 71,259 | 7.1 | 10,350 | |||||||||
Capgemini | Aug. 2014 | UK | 1 | 90,475 | 8.3 | 24,947 | |||||||||
Merck & Co. | Aug. 2014 | US | 1 | 146,366 | 10.7 | 53,325 | |||||||||
Family Dollar - 65-Pack | Aug. 2014 | US | 65 | 541,472 | 14.7 | 77,360 | |||||||||
GSA VIII | Aug. 2014 | US | 1 | 23,969 | 9.6 | 8,319 | |||||||||
Garden Ridge | Sep. 2014 | US | 4 | 564,910 | 14.7 | 40,936 | |||||||||
Waste Management | Sep. 2014 | US | 1 | 84,119 | 8.0 | 4,650 | |||||||||
Intier Automotive Interiors | Sep. 2014 | UK | 1 | 152,711 | 9.4 | 15,301 | |||||||||
HP Enterprise Services | Sep. 2014 | UK | 1 | 99,444 | 11.2 | 30,951 | |||||||||
Shaw Aero Devices, Inc. | Sep. 2014 | US | 1 | 130,581 | 7.8 | 27,000 | |||||||||
FedEx Freight | Sep. 2014 | US | 1 | 11,501 | 9.3 | 2,250 | |||||||||
Hotel Winston | Sep. 2014 | Netherlands | 1 | 24,283 | 14.7 | 17,292 | |||||||||
Dollar General - 39-Pack | Sep. 2014 | US | 39 | 369,644 | 13.3 | 52,004 | |||||||||
FedEx III | Sep. 2014 | US | 2 | 221,260 | 9.6 | 36,490 | |||||||||
Mallinkrodt Pharmaceuticals | Sep. 2014 | US | 1 | 89,900 | 9.7 | 22,800 | |||||||||
Kuka | Sep. 2014 | US | 1 | 200,000 | 9.5 | 14,850 | |||||||||
CHE Trinity | Sep. 2014 | US | 2 | 373,593 | 7.6 | 51,000 | |||||||||
FedEx IV | Sep. 2014 | US | 2 | 255,037 | 8.1 | 21,780 | |||||||||
GE Aviation | Sep. 2014 | US | 1 | 102,000 | 8.0 | 14,178 | |||||||||
DNV GL | Oct. 2014 | US | 1 | 82,000 | 10.2 | 7,850 | |||||||||
Bradford & Bingley | Oct. 2014 | UK | 1 | 120,618 | 14.8 | 24,482 | |||||||||
Rexam | Oct. 2014 | Germany | 1 | 175,615 | 10.2 | 14,725 | |||||||||
FedEx | Oct. 2014 | US | 1 | 76,035 | 9.5 | 9,532 | |||||||||
CJ Energy | Oct. 2014 | US | 1 | 96,803 | 11.3 | 17,925 | |||||||||
Family Dollar II | Oct. 2014 | US | 34 | 282,730 | 14.8 | 49,000 | |||||||||
Panasonic | Oct. 2014 | US | 1 | 48,497 | 13.6 | 10,375 | |||||||||
Onguard | Oct. 2014 | US | 1 | 120,000 | 9.0 | 10,800 | |||||||||
Metro Tonic | Oct. 2014 | Germany | 1 | 636,066 | 10.8 | 67,511 | |||||||||
Axon Energy Products | Oct. 2014 | US | 1 | 26,400 | 9.8 | 3,620 | |||||||||
Tokmanni | Oct. 2014 | Finland | 1 | 800,834 | 18.7 | 72,964 | |||||||||
Fife Council | Nov. 2014 | UK | 1 | 37,331 | 9.1 | 6,519 | |||||||||
Family Dollar III | Nov. 2014 | US | 2 | 16,442 | 14.7 | 2,727 | |||||||||
GSA IX | Nov. 2014 | US | 1 | 28,300 | 7.3 | 10,385 | |||||||||
KPN BV | Nov. 2014 | Netherlands | 1 | 133,053 | 12.0 | 27,351 | |||||||||
RWE AG | Nov. 2014 | Germany | 3 | 594,415 | 9.9 | 154,492 | |||||||||
Follett School | Nov. 2014 | US | 1 | 486,868 | 10.0 | 23,900 | |||||||||
Quest Diagnostics | Dec. 2014 | US | 1 | 223,894 | 9.7 | 96,000 | |||||||||
Family Dollar IV | Dec. 2014 | US | 1 | 8,030 | 14.7 | 1,779 |
Portfolio | Acquisition Date | Country | Number of Properties | Square Feet | Average Remaining Lease Term (1) | ||||||
McDonald's | Oct. 2012 | UK | 1 | 9,094 | 6.5 | ||||||
Wickes Building Supplies I | May 2013 | UK | 1 | 29,679 | 7.0 | ||||||
Everything Everywhere | Jun. 2013 | UK | 1 | 64,832 | 9.8 | ||||||
Thames Water | Jul. 2013 | UK | 1 | 78,650 | 4.9 | ||||||
Wickes Building Supplies II | Jul. 2013 | UK | 1 | 28,758 | 9.2 | ||||||
PPD Global Labs | Aug. 2013 | US | 1 | 76,820 | 7.2 | ||||||
Northern Rock | Sep. 2013 | UK | 2 | 86,290 | 5.9 | ||||||
Wickes Building Supplies III | Nov. 2013 | UK | 1 | 28,465 | 11.2 | ||||||
Con-way Freight | Nov. 2013 | US | 7 | 105,090 | 6.2 | ||||||
Wolverine | Dec. 2013 | US | 1 | 468,635 | 5.3 | ||||||
Western Digital | Dec. 2013 | US | 1 | 286,330 | 3.2 | ||||||
Encanto | Dec. 2013 | PR | 18 | 65,262 | 7.8 | ||||||
Rheinmetall | Jan. 2014 | GER | 1 | 320,102 | 6.3 | ||||||
GE Aviation | Jan. 2014 | US | 1 | 369,000 | 8.3 | ||||||
Provident Financial | Feb. 2014 | UK | 1 | 117,003 | 18.1 | ||||||
Crown Crest | Feb. 2014 | UK | 1 | 805,530 | 21.4 | ||||||
Trane | Feb. 2014 | US | 1 | 25,000 | 6.2 | ||||||
Aviva | Mar. 2014 | UK | 1 | 131,614 | 11.7 | ||||||
DFS Trading I | Mar. 2014 | UK | 5 | 240,230 | 12.5 | ||||||
GSA I | Mar. 2014 | US | 1 | 135,373 | 4.9 | ||||||
National Oilwell Varco I | Mar. 2014 | US | 1 | 24,450 | 5.8 | ||||||
Talk Talk | Apr. 2014 | UK | 1 | 48,415 | 7.5 | ||||||
OBI DIY | Apr. 2014 | GER | 1 | 143,633 | 6.3 | ||||||
GSA II | Apr. 2014 | US | 2 | 24,957 | 5.4 | ||||||
DFS Trading II | Apr. 2014 | UK | 2 | 39,331 | 12.5 | ||||||
GSA III | Apr. 2014 | US | 2 | 28,364 | 7.6 | ||||||
GSA IV | May 2014 | US | 1 | 33,000 | 7.8 | ||||||
Indiana Department of Revenue | May 2014 | US | 1 | 98,542 | 5.3 | ||||||
National Oilwell Varco II | May 2014 | US | 1 | 23,475 | 12.4 | ||||||
Nissan | May 2014 | US | 1 | 462,155 | 11.0 | ||||||
GSA V | Jun. 2014 | US | 1 | 26,533 | 5.5 | ||||||
Lippert Components | Jun. 2014 | US | 1 | 539,137 | 8.9 | ||||||
Select Energy Services I | Jun. 2014 | US | 3 | 135,877 | 9.1 | ||||||
Bell Supply Co I | Jun. 2014 | US | 6 | 79,829 | 11.3 | ||||||
Axon Energy Products (3) | Jun. 2014 | US | 3 | 213,634 | 6.9 | ||||||
Lhoist | Jun. 2014 | US | 1 | 22,500 | 5.3 | ||||||
GE Oil & Gas | Jun. 2014 | US | 2 | 69,846 | 6.0 | ||||||
Select Energy Services II | Jun. 2014 | US | 4 | 143,417 | 9.1 | ||||||
Bell Supply Co II | Jun. 2014 | US | 2 | 19,136 | 11.3 | ||||||
Superior Energy Services | Jun. 2014 | US | 2 | 42,470 | 6.5 | ||||||
Amcor Packaging | Jun. 2014 | UK | 7 | 294,580 | 7.2 | ||||||
GSA VI | Jun. 2014 | US | 1 | 6,921 | 6.5 | ||||||
Nimble Storage | Jun. 2014 | US | 1 | 164,608 | 4.1 | ||||||
FedEx -3-Pack | Jul. 2014 | US | 3 | 338,862 | 4.8 | ||||||
Sandoz, Inc. | Jul. 2014 | US | 1 | 154,101 | 8.8 | ||||||
Wyndham | Jul. 2014 | US | 1 | 31,881 | 7.6 | ||||||
Valassis | Jul. 2014 | US | 1 | 100,597 | 5.6 | ||||||
GSA VII | Jul. 2014 | US | 1 | 25,603 | 7.1 |
Portfolio | Acquisition Date | Country | Number of Properties | Square Feet | Remaining Lease Term (1) | Base Purchase Price (2) (In thousands) | |||||||||
Diebold | Dec. 2014 | US | 1 | 158,330 | 7.0 | $ | 11,500 | ||||||||
Dollar General | Dec. 2014 | US | 1 | 12,406 | 13.2 | 2,050 | |||||||||
Weatherford Intl | Dec. 2014 | US | 1 | 19,855 | 10.8 | 3,190 | |||||||||
AM Castle | Dec. 2014 | US | 1 | 127,600 | 9.8 | 9,270 | |||||||||
FedEx | Dec. 2014 | US | 1 | 27,771 | 9.7 | 9,300 | |||||||||
Constellium Auto | Dec. 2014 | US | 1 | 320,680 | 14.9 | 20,625 | |||||||||
Total | 307 | 16,305,844 | 11.6 | $ | 2,378,554 |
Portfolio | Acquisition Date | Country | Number of Properties | Square Feet | Average Remaining Lease Term (1) | ||||||
AT&T Services | Jul. 2014 | US | 1 | 401,516 | 8.8 | ||||||
PNC - 2-Pack | Jul. 2014 | US | 2 | 210,256 | 11.8 | ||||||
Fujitisu | Jul. 2014 | UK | 3 | 162,888 | 12.5 | ||||||
Continental Tire | Jul. 2014 | US | 1 | 90,994 | 4.8 | ||||||
Achmea | Jul. 2014 | NETH | 2 | 190,252 | 6.3 | ||||||
BP Oil | Aug. 2014 | UK | 1 | 2,650 | 8.1 | ||||||
Malthurst | Aug. 2014 | UK | 2 | 3,784 | 8.1 | ||||||
HBOS | Aug. 2014 | UK | 3 | 36,071 | 7.8 | ||||||
Thermo Fisher | Aug. 2014 | US | 1 | 114,700 | 6.9 | ||||||
Black & Decker | Aug. 2014 | US | 1 | 71,259 | 4.3 | ||||||
Capgemini | Aug. 2014 | UK | 1 | 90,475 | 5.5 | ||||||
Merck & Co. | Aug. 2014 | US | 1 | 146,366 | 7.9 | ||||||
Dollar Tree - 65-Pack | Aug. 2014 | US | 58 | 485,992 | 11.9 | ||||||
GSA VIII | Aug. 2014 | US | 1 | 23,969 | 6.9 | ||||||
Waste Management | Sep. 2014 | US | 1 | 84,119 | 5.3 | ||||||
Intier Automotive Interiors | Sep. 2014 | UK | 1 | 152,711 | 6.6 | ||||||
HP Enterprise Services | Sep. 2014 | UK | 1 | 99,444 | 8.5 | ||||||
Shaw Aero Devices, Inc. | Sep. 2014 | US | 1 | 130,581 | 5.0 | ||||||
FedEx II | Sep. 2014 | US | 1 | 11,501 | 6.5 | ||||||
Dollar General - 39-Pack | Sep. 2014 | US | 21 | 199,946 | 10.5 | ||||||
FedEx III | Sep. 2014 | US | 2 | 221,260 | 6.8 | ||||||
Mallinkrodt Pharmaceuticals | Sep. 2014 | US | 1 | 89,900 | 6.9 | ||||||
Kuka | Sep. 2014 | US | 1 | 200,000 | 6.8 | ||||||
CHE Trinity | Sep. 2014 | US | 2 | 373,593 | 5.2 | ||||||
FedEx IV | Sep. 2014 | US | 2 | 255,037 | 5.3 | ||||||
GE Aviation | Sep. 2014 | US | 1 | 102,000 | 5.3 | ||||||
DNV GL | Oct. 2014 | US | 1 | 82,000 | 7.4 | ||||||
Bradford & Bingley | Oct. 2014 | UK | 1 | 120,618 | 12.0 | ||||||
Rexam | Oct. 2014 | GER | 1 | 175,615 | 7.4 | ||||||
FedEx V | Oct. 2014 | US | 1 | 76,035 | 6.8 | ||||||
C&J Energy | Oct. 2014 | US | 1 | 96,803 | 6.1 | ||||||
Dollar Tree II | Oct. 2014 | US | 34 | 282,730 | 12.0 | ||||||
Panasonic | Oct. 2014 | US | 1 | 48,497 | 10.8 | ||||||
Onguard | Oct. 2014 | US | 1 | 120,000 | 6.3 | ||||||
Metro Tonic | Oct. 2014 | GER | 1 | 636,066 | 8.0 | ||||||
Axon Energy Products | Oct. 2014 | US | 1 | 26,400 | 7.1 | ||||||
Tokmanni | Oct. 2014 | FIN | 1 | 800,834 | 15.9 | ||||||
Fife Council | Nov. 2014 | UK | 1 | 37,331 | 6.4 | ||||||
Dollar Tree III | Nov. 2014 | US | 2 | 16,442 | 11.9 | ||||||
GSA IX | Nov. 2014 | US | 1 | 28,300 | 4.6 | ||||||
KPN BV | Nov. 2014 | NETH | 1 | 133,053 | 9.3 | ||||||
RWE AG | Nov. 2014 | GER | 3 | 594,415 | 7.2 | ||||||
Follett School | Nov. 2014 | US | 1 | 486,868 | 7.3 | ||||||
Quest Diagnostics | Dec. 2014 | US | 1 | 223,894 | 6.9 | ||||||
Diebold | Dec. 2014 | US | 1 | 158,330 | 4.3 | ||||||
Weatherford Intl | Dec. 2014 | US | 1 | 19,855 | 8.1 | ||||||
AM Castle | Dec. 2014 | US | 1 | 127,600 | 7.1 | ||||||
FedEx VI | Dec. 2014 | US | 1 | 27,771 | 6.9 | ||||||
Constellium Auto | Dec. 2014 | US | 1 | 320,680 | 12.2 | ||||||
C&J Energy II | Mar. 2015 | US | 1 | 125,000 | 6.1 | ||||||
Fedex VII | Mar. 2015 | US | 1 | 12,018 | 7.0 |
Portfolio | Acquisition Date | Country | Number of Properties | Square Feet | Average Remaining Lease Term (1) | ||||||
Fedex VIII | Apr. 2015 | US | 1 | 25,852 | 7.0 | ||||||
Crown Group I | Aug. 2015 | US | 3 | 295,974 | 17.8 | ||||||
Crown Group II | Aug. 2015 | US | 3 | 642,595 | 17.9 | ||||||
Mapes & Sprowl Steel, Ltd. | Sep. 2015 | US | 1 | 60,798 | 12.3 | ||||||
JIT Steel Services | Sep. 2015 | US | 2 | 126,983 | 12.3 | ||||||
Beacon Health System, Inc. | Sep. 2015 | US | 1 | 49,712 | 8.5 | ||||||
Hannibal/Lex JV LLC | Sep. 2015 | US | 1 | 109,000 | 12.0 | ||||||
FedEx Ground | Sep. 2015 | US | 1 | 91,029 | 7.8 | ||||||
Office Depot | Sep. 2015 | NETH | 1 | 206,331 | 11.4 | ||||||
Finnair | Sep. 2015 | FIN | 4 | 656,275 | 6.9 | ||||||
Auchan (2) | Dec. 2016 | FR | 1 | 152,235 | 5.9 | ||||||
Pole Emploi (2) | Dec. 2016 | FR | 1 | 41,452 | 5.8 | ||||||
Veolia Water (2) | Dec. 2016 | US | 1 | 70,000 | 8.3 | ||||||
Sagemcom (2) | Dec. 2016 | FR | 1 | 265,309 | 6.3 | ||||||
NCR Dundee () | Dec. 2016 | UK | 1 | 132,182 | 9.1 | ||||||
FedEx Freight (2) | Dec. 2016 | US | 1 | 68,960 | 6.3 | ||||||
DB Luxembourg (2) | Dec. 2016 | LUX | 1 | 156,098 | 6.2 | ||||||
ING Amsterdam (2) | Dec. 2016 | NETH | 1 | 509,369 | 7.8 | ||||||
Worldline (2) | Dec. 2016 | FR | 1 | 111,338 | 6.3 | ||||||
Foster Wheeler (2) | Dec. 2016 | UK | 1 | 365,832 | 6.8 | ||||||
ID Logistics I (2) | Dec. 2016 | GER | 1 | 308,579 | 7.1 | ||||||
ID Logistics II (2) | Dec. 2016 | FR | 2 | 964,489 | 7.2 | ||||||
Harper Collins (2) | Dec. 2016 | UK | 1 | 873,119 | 7.9 | ||||||
DCNS (2) | Dec. 2016 | FR | 1 | 96,995 | 7.0 | ||||||
Cott Beverages Inc | Feb. 2017 | US | 1 | 170,000 | 9.3 | ||||||
FedEx Ground - 2 Pack | Mar. 2017 | US | 2 | 157,660 | 9.0 | ||||||
Bridgestone Tire | Sep. 2017 | US | 1 | 48,300 | 9.8 | ||||||
GKN Aerospace | Oct. 2017 | US | 1 | 97,864 | 9.0 | ||||||
NSA-St. Johnsbury I | Oct. 2017 | US | 1 | 87,100 | 14.8 | ||||||
NSA-St. Johnsbury II | Oct. 2017 | US | 1 | 84,949 | 14.8 | ||||||
NSA-St. Johnsbury III | Oct. 2017 | US | 1 | 40,800 | 14.8 | ||||||
Tremec North America | Nov. 2017 | US | 1 | 127,105 | 9.8 | ||||||
Cummins | Dec. 2017 | US | 1 | 58,546 | 7.4 | ||||||
GSA X | Dec. 2017 | US | 1 | 25,604 | 12.0 | ||||||
NSA Industries | Dec. 2017 | US | 1 | 82,862 | 15.0 | ||||||
Total | 321 | 22,897,326 | 8.8 |
(1) | If the portfolio has multiple properties with varying lease expirations, average remaining lease term is calculated on a weighted-average basis. Weighted-average remaining lease term in years calculated based on square feet as of December 31, 2017. |
(2) | Properties acquired as part of the Merger. |
(3) | Of the three properties, one location is vacant while the other two properties remain in use. |
Country | Acquisition Date | Number of Properties | Square Feet | Percentage of Properties by Square Feet | Remaining Lease Term (1) | Base Purchase Price (2) (In thousands) | Acquisition Date | Number of Properties | Square Feet | Percentage of Properties by Square Feet | Average Remaining Lease Term (1) | |||||||||||||||
Finland | Nov. 2014 | 1 | 800,834 | 4.9% | 18.7 | $ | 72,964 | Nov. 2014 - Sep. 2015 | 5 | 1,457,109 | 6.4% | 11.2 | ||||||||||||||
France | Dec. 2016 | 7 | 1,631,818 | 7.1% | 6.3 | |||||||||||||||||||||
Germany | Jan. 2014 - Nov. 2014 | 7 | 1,869,831 | 11.5% | 10.0 | 278,868 | Jan. 2014 - Dec. 2016 | 8 | 2,178,410 | 9.5% | 6.8 | |||||||||||||||
Netherlands | Jul. 2014 - Nov. 2014 | 4 | 347,588 | 2.1% | 10.6 | 83,433 | ||||||||||||||||||||
Luxembourg | Dec. 2016 | 1 | 156,098 | 0.7% | 6.0 | |||||||||||||||||||||
The Netherlands | Jul. 2014 - Dec. 2016 | 5 | 1,039,005 | 4.5% | 8.4 | |||||||||||||||||||||
United Kingdom | Oct. 2012 - Nov. 2014 | 40 | 2,708,443 | 16.6% | 15.2 | 494,295 | Oct. 2012 - Dec. 2016 | 43 | 4,079,576 | 17.8% | 9.5 | |||||||||||||||
United States | Aug. 2013 - Dec. 2014 | 237 | 10,513,886 | 64.5% | 10.5 | 1,411,438 | Aug. 2013 - Dec. 2017 | 234 | 12,290,048 | 53.7% | 9.7 | |||||||||||||||
Puerto Rico | Dec. 2013 | 18 | 65,262 | 0.4% | 10.5 | 37,556 | Dec. 2013 | 18 | 65,262 | 0.3% | 7.5 | |||||||||||||||
Total | 307 | 16,305,844 | 100.0% | 11.6 | $ | 2,378,554 | 321 | 22,897,326 | 100.0% | 8.8 |
(1) | If the portfolio has multiple properties with varying lease expirations, average remaining lease term is calculated on a weighted-average basis. Weighted average remaining lease term in years is calculated based on square feet as of December 31, 2017. |
Industry | Number of Properties | Square Feet | Square Feet as a Percentage of the Total Portfolio | Annualized Rental Income (1) | Annualized Rental Income as a Percentage of the Total Portfolio | Number of Properties | Square Feet | Square Feet as a Percentage of the Total Portfolio | Annualized Rental Income (1) | Annualized Rental Income as a Percentage of the Total Portfolio | ||||||||||||||||||||
(In thousands) | (In thousands) | |||||||||||||||||||||||||||||
Aerospace | 3 | 601,581 | 3.7 | % | $ | 5,777 | 3.0 | % | 8 | 1,355,720 | 5.9 | % | $ | 15,608 | 6.2 | % | ||||||||||||||
Auto Manufacturing | 2 | 1,001,292 | 6.1 | % | 2,729 | 1.4 | % | 8 | 1,939,861 | 8.5 | % | 6,617 | 2.6 | % | ||||||||||||||||
Automation | 1 | 200,000 | 1.2 | % | 1,092 | 0.6 | % | 1 | 200,000 | 0.9 | % | 1,092 | 0.4 | % | ||||||||||||||||
Automotive Parts Manufacturing | 1 | 152,711 | 0.9 | % | 1,201 | 0.6 | % | 3 | 259,557 | 1.1 | % | 2,209 | 0.9 | % | ||||||||||||||||
Automotive Parts Supplier | 2 | 411,096 | 2.5 | % | 3,617 | 1.9 | % | 2 | 411,096 | 1.8 | % | 3,583 | 1.4 | % | ||||||||||||||||
Biotechnology | 1 | 114,700 | 0.7 | % | 1,014 | 0.5 | % | 1 | 114,700 | 0.5 | % | 1,014 | 0.4 | % | ||||||||||||||||
Consulting | 1 | 82,000 | 0.5 | % | 602 | 0.3 | % | 1 | 82,000 | 0.4 | % | 576 | 0.2 | % | ||||||||||||||||
Consumer Goods | 3 | 271,874 | 1.7 | % | 2,133 | 1.1 | % | 3 | 271,874 | 1.2 | % | 2,117 | 0.8 | % | ||||||||||||||||
Contract Research | 1 | 80,420 | 0.5 | % | 908 | 0.5 | % | 1 | 76,820 | 0.3 | % | 895 | 0.4 | % | ||||||||||||||||
Defense | 1 | 96,995 | 0.4 | % | 1,671 | 0.7 | % | |||||||||||||||||||||||
Discount Retail | 143 | 2,031,558 | 12.5 | % | 18,891 | 10.0 | % | 116 | 1,785,944 | 7.8 | % | 16,165 | 6.4 | % | ||||||||||||||||
Education | 1 | 486,868 | 3.0 | % | 1,935 | 1.0 | % | 1 | 486,868 | 2.1 | % | 1,935 | 0.8 | % | ||||||||||||||||
Electronics | 1 | 48,497 | 0.3 | % | 686 | 0.4 | % | 1 | 48,497 | 0.2 | % | 686 | 0.3 | % | ||||||||||||||||
Energy | 28 | 901,717 | 5.5 | % | 11,204 | 5.9 | % | 29 | 1,042,692 | 4.6 | % | 11,848 | 4.7 | % | ||||||||||||||||
Engineering | 1 | 365,832 | 1.6 | % | 11,462 | 4.5 | % | |||||||||||||||||||||||
Environmental Services | 1 | 70,000 | 0.3 | % | 570 | 0.2 | % | |||||||||||||||||||||||
Financial Services | 11 | 1,650,429 | 10.1 | % | 21,564 | 11.4 | % | 13 | 2,315,896 | 10.1 | % | 35,140 | 13.9 | % | ||||||||||||||||
Foot Apparel | 2 | 588,635 | 3.6 | % | 2,141 | 1.1 | % | 2 | 588,635 | 2.6 | % | 2,141 | 0.8 | % | ||||||||||||||||
Freight | 17 | 1,035,556 | 6.4 | % | 9,917 | 5.2 | % | 23 | 1,391,075 | 6.1 | % | 13,248 | 5.2 | % | ||||||||||||||||
Government | 11 | 333,020 | 2.0 | % | 11,572 | 6.1 | % | |||||||||||||||||||||||
Government Services | 2 | 135,873 | 0.8 | % | 1,444 | 0.8 | % | 15 | 535,949 | 2.3 | % | 14,365 | 5.7 | % | ||||||||||||||||
Healthcare | 3 | 593,633 | 3.6 | % | 12,920 | 6.8 | % | 4 | 647,199 | 2.8 | % | 13,680 | 5.4 | % | ||||||||||||||||
Home Decor | 4 | 564,910 | 3.5 | % | 3,256 | 1.7 | % | |||||||||||||||||||||||
Home Maintenance | 4 | 230,535 | 1.4 | % | 2,631 | 1.4 | % | 4 | 230,535 | 1.0 | % | 2,356 | 0.9 | % | ||||||||||||||||
Hospitality | 2 | 56,164 | 0.3 | % | 1,844 | 1.0 | % | 1 | 31,881 | 0.1 | % | 403 | 0.2 | % | ||||||||||||||||
Logistics | 3 | 1,273,068 | 5.6 | % | 3,352 | 1.3 | % | |||||||||||||||||||||||
Marketing | 1 | 100,597 | 0.6 | % | 1,194 | 0.6 | % | 1 | 100,597 | 0.4 | % | 1,194 | 0.5 | % | ||||||||||||||||
Metal Fabrication | 9 | 719,597 | 3.1 | % | 5,368 | 2.1 | % | |||||||||||||||||||||||
Metal Processing | 2 | 448,280 | 2.7 | % | 2,862 | 1.5 | % | 2 | 448,280 | 2.0 | % | 2,862 | 1.1 | % | ||||||||||||||||
Office Supplies | 1 | 206,331 | 0.9 | % | 2,437 | 1.0 | % | |||||||||||||||||||||||
Packaging Goods | 7 | 294,580 | 1.8 | % | 1,357 | 0.7 | % | 7 | 294,580 | 1.3 | % | 1,145 | 0.5 | % | ||||||||||||||||
Petroleum Services | 3 | 6,434 | — | % | 821 | 0.4 | % | 3 | 6,434 | * | 714 | 0.3 | % | |||||||||||||||||
Pharmaceuticals | 3 | 390,367 | 2.4 | % | 9,734 | 5.1 | % | 3 | 390,367 | 1.7 | % | 9,789 | 3.9 | % | ||||||||||||||||
Publishing | 1 | 873,119 | 3.8 | % | 6,924 | 2.7 | % | |||||||||||||||||||||||
Restaurant - Quick Service | 19 | 74,356 | 0.5 | % | 3,429 | 1.8 | % | 19 | 74,356 | 0.3 | % | 3,401 | 1.3 | % | ||||||||||||||||
Retail Banking | 3 | 36,071 | 0.2 | % | 1,328 | 0.7 | % | 3 | 36,071 | 0.2 | % | 1,154 | 0.5 | % | ||||||||||||||||
Retail Food Distribution | 1 | 805,530 | 4.9 | % | 6,180 | 3.3 | % | 3 | 1,127,765 | 4.9 | % | 7,656 | 3.0 | % | ||||||||||||||||
Specialty Retail | 7 | 279,561 | 1.7 | % | 3,557 | 1.9 | % | 7 | 279,561 | 1.2 | % | 3,090 | 1.2 | % | ||||||||||||||||
Technology | 8 | 891,745 | 5.5 | % | 16,842 | 8.9 | % | 9 | 1,047,265 | 4.6 | % | 16,832 | 6.6 | % | ||||||||||||||||
Telecommunications | 4 | 647,816 | 4.0 | % | 9,141 | 4.8 | % | 5 | 913,125 | 4.0 | % | 14,838 | 5.9 | % | ||||||||||||||||
Utilities | 4 | 673,065 | 4.1 | % | 13,571 | 7.2 | % | 4 | 673,065 | 2.9 | % | 13,142 | 5.2 | % | ||||||||||||||||
Waste Management | 1 | 84,373 | 0.5 | % | 358 | 0.2 | % | 1 | 84,119 | 0.6 | % | 358 | 0.1 | % | ||||||||||||||||
Total | 307 | 16,305,844 | 100 | % | $ | 189,452 | 100 | % | 321 | 22,897,326 | 100 | % | $ | 253,637 | 100 | % |
(1) | Annualized rental income converted from local currency into USD as of December 31, |
Country | State | Number of Properties | Square Feet | Square Feet as a Percentage of the Total Portfolio | Annualized Rental Income (1) | Annualized Rental Income as a Percentage of the Total Portfolio | State | Number of Properties | Square Feet | Square Feet as a Percentage of the Total Portfolio | Annualized Rental Income (1) | Annualized Rental Income as a Percentage of the Total Portfolio | ||||||||||||||||||||
(In thousands) | (In thousands) | |||||||||||||||||||||||||||||||
Finland | Finland | 1 | 800,834 | 4.7 | % | $ | 6,261 | 3.3 | % | Finland | 5 | 1,457,109 | 6.4 | % | $ | 15,623 | 6.2 | % | ||||||||||||||
France | 7 | 1,631,818 | 7.1 | % | 13,275 | 5.2 | % | |||||||||||||||||||||||||
Germany | 7 | 1,869,831 | 11.5 | % | 20,727 | 10.9 | % | 8 | 2,178,410 | 9.5 | % | 21,576 | 8.5 | % | ||||||||||||||||||
Netherlands | 4 | 347,588 | 2.1 | % | 7,072 | 3.7 | % | |||||||||||||||||||||||||
Puerto Rico | 18 | 65,262 | 0.4 | % | 3,212 | 1.7 | % | |||||||||||||||||||||||||
Luxembourg | Luxembourg | 1 | 156,098 | 0.7 | % | 5,418 | 2.1 | % | ||||||||||||||||||||||||
The Netherlands | The Netherlands | 5 | 1,039,005 | 4.5 | % | 17,654 | 7.0 | % | ||||||||||||||||||||||||
United Kingdom | United Kingdom | 40 | 2,708,443 | 16.6 | % | 41,476 | 22.0 | % | United Kingdom | 43 | 4,079,576 | 17.8 | % | 56,070 | 22.1 | % | ||||||||||||||||
United States: | ||||||||||||||||||||||||||||||||
United States and Puerto Rico: | United States and Puerto Rico: | |||||||||||||||||||||||||||||||
Alabama | 9 | 73,554 | 0.3 | % | 804 | 0.3 | % | |||||||||||||||||||||||||
Arizona | 2 | 15,605 | 0.1 | % | 156 | 0.1 | % | |||||||||||||||||||||||||
Arkansas | 1 | 8,320 | * | 91 | * | |||||||||||||||||||||||||||
California | 3 | 674,832 | 2.9 | % | 12,890 | 5.1 | % | |||||||||||||||||||||||||
Colorado | 1 | 26,533 | 0.1 | % | 1,088 | 0.4 | % | |||||||||||||||||||||||||
Alabama | 9 | 73,554 | 0.5 | % | 791 | 0.4 | % | Delaware | 1 | 9,967 | * | 361 | 0.1 | % | ||||||||||||||||||
Arizona | 3 | 158,876 | 1.0 | % | 982 | 0.5 | % | Florida | 8 | 205,690 | 0.9 | % | 3,017 | 1.2 | % | |||||||||||||||||
Arkansas | 1 | 8,320 | 0.1 | % | 89 | Georgia | 5 | 41,320 | 0.2 | % | 452 | 0.2 | % | |||||||||||||||||||
California | 3 | 674,832 | 4.1 | % | 12,890 | 6.8 | % | Idaho | 2 | 16,267 | 0.1 | % | 203 | 0.1 | % | |||||||||||||||||
Colorado | 1 | 26,533 | 0.2 | % | 1,088 | 0.6 | % | Illinois | 4 | 570,737 | 2.5 | % | 2,629 | 1.0 | % | |||||||||||||||||
Delaware | 1 | 9,967 | 0.1 | % | 359 | 0.2 | % | Indiana | 6 | 1,113,636 | 4.9 | % | 4,490 | 1.8 | % | |||||||||||||||||
Florida | 15 | 243,596 | 1.5 | % | 3,420 | 1.8 | % | Iowa | 2 | 32,399 | 0.1 | % | 296 | 0.1 | % | |||||||||||||||||
Georgia | 5 | 41,320 | 0.3 | % | 449 | 0.2 | % | Kansas | 6 | 178,807 | 0.8 | % | 1,275 | 0.5 | % | |||||||||||||||||
Idaho | 2 | 16,267 | 0.1 | % | 201 | 0.1 | % | Kentucky | 6 | 355,420 | 1.6 | % | 2,740 | 1.1 | % | |||||||||||||||||
Illinois | 3 | 509,939 | 3.1 | % | 2,152 | 1.1 | % | Louisiana | 7 | 136,850 | 0.6 | % | 1,265 | 0.5 | % | |||||||||||||||||
Indiana | 3 | 646,329 | 4.0 | % | 1,991 | 1.1 | % | Maine | 2 | 49,572 | 0.2 | % | 1,879 | 0.7 | % | |||||||||||||||||
Iowa | 2 | 32,399 | 0.2 | % | 296 | 0.2 | % | Maryland | 1 | 120,000 | 0.5 | % | 785 | 0.3 | % | |||||||||||||||||
Kansas | 6 | 178,807 | 1.1 | % | 1,275 | 0.7 | % | Massachusetts | 2 | 127,456 | 0.6 | % | 1,757 | 0.7 | % | |||||||||||||||||
Kentucky | 7 | 517,420 | 3.2 | % | 3,687 | 1.9 | % | Michigan | 16 | 2,423,379 | 10.6 | % | 19,643 | 7.7 | % | |||||||||||||||||
Louisiana | 7 | 136,850 | 0.8 | % | 1,260 | 0.7 | % | Minnesota | 4 | 149,690 | 0.7 | % | 2,138 | 0.8 | % | |||||||||||||||||
Maine | 2 | 49,572 | 0.3 | % | 1,871 | 1.0 | % | Mississippi | 10 | 80,968 | 0.4 | % | 810 | 0.3 | % | |||||||||||||||||
Maryland | 1 | 120,000 | 0.7 | % | 785 | 0.4 | % | Missouri | 5 | 308,536 | 1.3 | % | 3,427 | 1.4 | % | |||||||||||||||||
Massachusetts | 2 | 127,456 | 0.8 | % | 1,772 | 0.9 | % | Montana | 1 | 54,148 | 0.2 | % | 441 | 0.2 | % | |||||||||||||||||
Michigan | 12 | 2,000,300 | 12.3 | % | 16,704 | 8.8 | % | Nebraska | 7 | 116,118 | 0.5 | % | 1,222 | 0.5 | % | |||||||||||||||||
Minnesota | 3 | 58,661 | 0.4 | % | 1,601 | 0.8 | % | New Hampshire | 1 | 82,862 | 0.4 | % | 346 | 0.1 | % | |||||||||||||||||
Mississippi | 10 | 80,968 | 0.5 | % | 800 | 0.4 | % | New Jersey | 4 | 397,264 | 1.7 | % | 9,012 | 3.6 | % | |||||||||||||||||
Missouri | 4 | 138,536 | 0.9 | % | 2,582 | 1.4 | % | New Mexico | 5 | 46,405 | 0.2 | % | 556 | 0.2 | % | |||||||||||||||||
Nebraska | 6 | 57,572 | 0.4 | % | 564 | 0.3 | % | New York | 2 | 221,260 | 1.0 | % | 2,398 | 0.9 | % | |||||||||||||||||
New Jersey | 3 | 348,964 | 2.1 | % | 8,450 | 4.5 | % | North Carolina | 7 | 192,277 | 0.8 | % | 1,547 | 0.6 | % | |||||||||||||||||
New Mexico | 5 | 46,405 | 0.3 | % | 556 | 0.3 | % | North Dakota | 3 | 47,330 | 0.2 | % | 884 | 0.3 | % | |||||||||||||||||
New York | 2 | 221,260 | 1.4 | % | 2,398 | 1.3 | % | Ohio | 8 | 618,481 | 2.7 | % | 4,533 | 1.8 | % | |||||||||||||||||
North Carolina | 7 | 242,575 | 1.4 | % | 1,467 | 0.8 | % | Oklahoma | 9 | 88,770 | 0.4 | % | 825 | 0.3 | % | |||||||||||||||||
North Dakota | 3 | 47,330 | 0.3 | % | 884 | 0.5 | % | Pennsylvania | 4 | 234,260 | 1.0 | % | 1,952 | 0.8 | % | |||||||||||||||||
Ohio | 12 | 508,375 | 3.1 | % | 4,229 | 2.2 | % | South Carolina | 14 | 414,081 | 1.8 | % | 3,280 | 1.3 | % | |||||||||||||||||
Oklahoma | 16 | 159,008 | 1.0 | % | 1,617 | 0.9 | % | South Dakota | 2 | 54,152 | 0.3 | % | 1,301 | 0.5 | % | |||||||||||||||||
Pennsylvania | 11 | 376,368 | 2.3 | % | 3,900 | 2.1 | % | Tennessee | 12 | 789,295 | 3.4 | % | 7,104 | 2.8 | % | |||||||||||||||||
South Carolina | 13 | 189,081 | 1.2 | % | 2,353 | 1.2 | % | Texas | 45 | 1,869,526 | 8.2 | % | 20,590 | 8.1 | % | |||||||||||||||||
South Dakota | 1 | 28,300 | 0.2 | % | 946 | 0.5 | % | Utah | 2 | 19,966 | 0.1 | % | 398 | 0.2 | % | |||||||||||||||||
Tennessee | 10 | 662,312 | 4.0 | % | 6,520 | 3.4 | % | Vermont | 3 | 212,849 | 0.9 | % | 1,166 | 0.5 | % | |||||||||||||||||
Texas | 44 | 1,759,932 | 10.8 | % | 19,608 | 10.4 | % | Virginia | 1 | 7,954 | * | 76 | — | % | ||||||||||||||||||
Utah | 1 | 7,948 | — | % | 91 | — | % | West Virginia | 1 | 103,512 | 0.5 | % | 980 | 0.5 | % | |||||||||||||||||
Virginia | 1 | 7,954 | — | % | 76 | — | % | Puerto Rico | 18 | 65,262 | 0.3 | % | 3,214 | 1.3 | % | |||||||||||||||||
Total | 307 | 16,305,844 | 100 | % | $ | 189,452 | 100 | % | 321 | 22,897,326 | 100 | % | $ | 253,637 | 100 | % |
(1) | Annualized rental income converted from local currency into USD as of December 31, |
(In thousands) | Future Minimum Base Rent Payments (1) | Future Minimum Base Rent Payments (1) | ||||||
2015 | $ | 175,154 | ||||||
2016 | 179,154 | |||||||
2017 | 182,643 | |||||||
2018 | 185,137 | $ | 249,495 | |||||
2019 | 187,586 | 252,541 | ||||||
2020 | 189,854 | 255,589 | ||||||
2021 | 187,953 | 253,689 | ||||||
2022 | 178,180 | 244,151 | ||||||
2023 | 155,401 | 220,035 | ||||||
2024 | 132,311 | 174,757 | ||||||
2025 | 112,674 | |||||||
2026 | 81,207 | |||||||
2027 | 63,643 | |||||||
Thereafter | 376,735 | 241,676 | ||||||
Total | $ | 2,130,108 | $ | 2,149,457 |
(1) |
Year of Expiration | Number of Leases Expiring | Annualized Rental Income (1) | Annualized Rental Income as a Percentage of the Total Portfolio | Leased Rentable Square Feet | Percent of Portfolio Rentable Square Feet Expiring | Number of Leases Expiring | Annualized Rental Income (1) | Annualized Rental Income as a Percentage of the Total Portfolio | Leased Rentable Square Feet | Percent of Portfolio Rentable Square Feet Expiring | ||||||||||||||||||||
(In thousands) | (In thousands) | |||||||||||||||||||||||||||||
2015 | — | $ | — | — | % | — | — | % | ||||||||||||||||||||||
2016 | — | — | — | % | — | — | % | |||||||||||||||||||||||
2017 | — | — | — | % | — | — | % | |||||||||||||||||||||||
2018 | — | — | — | % | — | — | % | — | $ | — | — | % | — | — | % | |||||||||||||||
2019 | — | — | — | % | — | — | % | — | — | — | % | — | — | % | ||||||||||||||||
2020 | 2 | 3,482 | 1.8 | % | 386,015 | 2.4 | % | 2 | 3,467 | 1.4 | % | 386,015 | 1.7 | % | ||||||||||||||||
2021 | 2 | 5,003 | 2.6 | % | 322,938 | 2.0 | % | 2 | 4,944 | 1.9 | % | 322,938 | 1.4 | % | ||||||||||||||||
2022 | 16 | 22,013 | 11.6 | % | 1,552,953 | 9.5 | % | 16 | 23,773 | 9.4 | % | 1,552,953 | 6.8 | % | ||||||||||||||||
2023 | 26 | 21,176 | 10.5 | % | 2,352,720 | 14.4 | % | 30 | 28,271 | 11.1 | % | 2,410,818 | 10.6 | % | ||||||||||||||||
2024 | 33 | 38,010 | 20.6 | % | 3,173,767 | 19.5 | % | 45 | 70,000 | 27.6 | % | 5,886,635 | 25.9 | % | ||||||||||||||||
2025 | 39 | 38,870 | 15.3 | % | 3,269,353 | 14.4 | % | |||||||||||||||||||||||
2026 | 16 | 21,213 | 8.4 | % | 2,038,071 | 8.9 | % | |||||||||||||||||||||||
2027 | 12 | 5,251 | 2.1 | % | 499,105 | 2.2 | % | |||||||||||||||||||||||
Total | 79 | $ | 89,684 | 47.1 | % | 7,788,393 | 47.8 | % | 162 | $ | 195,789 | 77.2 | % | 16,365,888 | 71.9 | % |
(1) | Assumes exchange rates of £1.00 to $1.35 for GBP and €1.00 to $1.20 for EUR as of December 31, |
Outstanding Loan Amount(1) | ||||||||||||||||||
Country | Portfolio | Encumbered Properties | December 31, 2014 | December 31, 2013 | Effective Interest Rate | Interest Rate | Maturity | |||||||||||
(In thousands) | (In thousands) | |||||||||||||||||
Germany: | ||||||||||||||||||
Rheinmetall | 1 | $ | 12,884 | $ | — | 2.5% | (2) | Fixed | Jan. 2019 | |||||||||
OBI DIY | 1 | 5,470 | — | 2.4% | Fixed | Jan. 2019 | ||||||||||||
RWE AG | 3 | 75,969 | — | 1.6% | Fixed | Oct. 2019 | ||||||||||||
Rexam | 1 | 6,394 | — | 1.9% | Fixed | Oct. 2019 | ||||||||||||
Metro Tonic | 1 | 32,211 | — | 1.7% | Fixed | Dec. 2019 | ||||||||||||
United Kingdom: | ||||||||||||||||||
McDonald's | 1 | 1,180 | 1,253 | 4.1% | (2) | Fixed | Oct. 2017 | |||||||||||
Wickes Building Supplies I | 1 | 3,024 | 3,209 | 3.7% | (2) | Fixed | May 2018 | |||||||||||
Everything Everywhere | 1 | 6,213 | 6,596 | 4.0% | (2) | Fixed | Jun. 2018 | |||||||||||
Thames Water | 1 | 9,319 | 9,894 | 4.1% | (2) | Fixed | Jul. 2018 | |||||||||||
Wickes Building Supplies II | 1 | 2,563 | 2,721 | 4.2% | (2) | Fixed | Jul. 2018 | |||||||||||
Northern Rock | 2 | 8,155 | 8,657 | 4.4% | (2) | Fixed | Sep. 2018 | |||||||||||
Wickes Building Supplies III | 1 | 2,951 | 3,133 | 4.3% | (2) | Fixed | Nov. 2018 | |||||||||||
Provident Financial | 1 | 19,804 | — | 4.1% | (2) | Fixed | Feb. 2019 | |||||||||||
Crown Crest | 1 | 29,901 | — | 4.2% | (2) | Fixed | Feb. 2019 | |||||||||||
Aviva | 1 | 24,387 | — | 3.8% | (2) | Fixed | Mar. 2019 | |||||||||||
United States: | Western Digital | 1 | 18,269 | 18,541 | 3.7% | Fixed | Jul. 2021 | |||||||||||
Puerto Rico: | Encanto Restaurants | 18 | 22,492 | 22,900 | 3.0% | Fixed | Jun. 2017 | |||||||||||
Total | 37 | $ | 281,186 | $ | 76,904 | 3.7% |
2017: | First Quarter | Second Quarter | Third Quarter | Fourth Quarter | ||||||||||||
High | $ | 25.25 | $ | 24.45 | $ | 22.66 | $ | 22.42 | ||||||||
Low | $ | 22.36 | $ | 21.61 | $ | 20.71 | $ | 20.09 | ||||||||
Dividends per share | $ | 0.534 | $ | 0.534 | $ | 0.534 | $ | 0.534 |
2016: | First Quarter | Second Quarter | Third Quarter | Fourth Quarter | ||||||||||||
High | $ | 25.95 | $ | 26.92 | $ | 26.46 | $ | 24.69 | ||||||||
Low | $ | 17.31 | $ | 22.38 | $ | 23.01 | $ | 20.76 | ||||||||
Dividends per share | $ | 0.531 | $ | 0.531 | $ | 0.531 | $ | 0.531 |
(In thousands) | Distributions Paid in Cash (1) | Distributions Reinvested through DRIP (1) | Total Distributions Paid (1) | Distributions Declared (1) | ||||||||||||
Q1 2014 | $ | 2,028 | $ | 1,937 | $ | 3,965 | $ | 6,730 | ||||||||
Q2 2014 | 6,524 | 8,286 | 14,810 | 20,231 | ||||||||||||
Q3 2014 | 13,083 | 17,120 | 30,203 | 31,443 | ||||||||||||
Q4 2014 | 13,780 | 17,543 | 31,323 | 31,760 | ||||||||||||
Total | $ | 35,415 | $ | 44,886 | $ | 80,301 | $ | 90,164 |
(In thousands) | Dividends Paid in Cash | Other Distributions Paid in Cash (1) | Total Dividends Paid | Dividends Declared | ||||||||||||
Q1 2017 | $ | 35,293 | $ | 255 | $ | 35,548 | $ | 35,543 | ||||||||
Q2 2017 | 35,466 | 160 | 35,626 | 35,652 | ||||||||||||
Q3 2017 | 35,834 | 159 | 35,993 | 36,016 | ||||||||||||
Q4 2017 | 36,146 | 165 | 36,311 | 35,955 | ||||||||||||
Total | $ | 142,739 | $ | 739 | $ | 143,478 | $ | 143,166 |
(In thousands) | Distributions Paid in Cash (1) | Distributions Reinvested through DRIP (1) | Total Distributions Paid (1) | Distributions Declared (1) | ||||||||||||
Q1 2013 | $ | 46 | $ | 3 | $ | 49 | $ | 78 | ||||||||
Q2 2013 | 187 | 102 | 289 | 498 | ||||||||||||
Q3 2013 | 594 | 441 | 1,035 | 1,264 | ||||||||||||
Q4 2013 | 935 | 774 | 1,709 | 2,065 | ||||||||||||
Total | $ | 1,762 | $ | 1,320 | $ | 3,082 | $ | 3,905 |
(In thousands) | Dividends Paid in Cash | Other Distributions Paid in Cash (1) | Total Dividends Paid | Dividends Declared | ||||||||||||
Q1 2016 | $ | 30,020 | $ | 857 | (2) | $ | 30,877 | $ | 30,503 | |||||||
Q2 2016 | 30,019 | 487 | 30,506 | 30,503 | ||||||||||||
Q3 2016 | 30,097 | 405 | 30,502 | 30,502 | ||||||||||||
Q4 2016 | 30,250 | 259 | 30,509 | 30,511 | ||||||||||||
Total | $ | 120,386 | $ | 2,008 | $ | 122,394 | $ | 122,019 |
(1) | Represents distributions for LTIP Units and OP Units. As of December 31, 2017 there were no more OP Units outstanding. |
(2) | Includes 2015 accrued LTIP Units distributions of $0.4 million which were paid during Q1 2016. |
Plan Category | Number of Securities to be Issued Upon Exercise of Outstanding Options, Warrants, and Rights | Weighted-Average Exercise Price of Outstanding Options, Warrants and Rights | Number of Securities Remaining Available For Future Issuance Under Equity Compensation Plans (Excluding Securities Reflected in Column (a) | |||||||||
(a) | (b) | (c) | ||||||||||
Equity Compensation Plans approved by security holders | $ | — | $ | — | $ | — | ||||||
Equity Compensation Plans not approved by security holders | — | — | 9,909.323 | |||||||||
Total | $ | — | $ | — | $ | 9,909,323 |
Performance Period | Annual Period | Interim Period | ||||||
Absolute Component: 4% of any excess Total Return attained above an absolute hurdle measured from the beginning of such period: | 21% | 7% | 14% | |||||
Relative Component: 4% of any excess Total Return attained above the Total Return for the performance period of the Peer Group*, subject to a ratable sliding scale factor as follows based on achievement of cumulative Total Return measured from the beginning of such period: | ||||||||
• | 100% will be earned if cumulative Total Return achieved is at least: | 18% | 6% | 12% | ||||
• | 50% will be earned if cumulative Total Return achieved is: | —% | —% | —% | ||||
• | 0% will be earned if cumulative Total Return achieved is less than: | —% | —% | —% | ||||
• | a percentage from 50% to 100% calculated by linear interpolation will be earned if the cumulative Total Return achieved is between: | 0% - 18% | 0% - 6% | 0% - 12% |
* | The “Peer Group” is comprised of Gramercy Property Trust Inc., Lexington Realty Trust, Select Income REIT, and W.P. Carey Inc. |
Year Ended December 31, | ||||||||||||
(In thousands) | 2014 | 2013 | 2012 | |||||||||
Selling commissions and dealer manager fees | $ | 148,372 | $ | 14,024 | $ | 3 | ||||||
Other offering costs | 19,321 | 3,900 | 1,988 | |||||||||
Total offering costs | $ | 167,693 | $ | 17,924 | $ | 1,991 |
Year Ended December 31, | ||||||||||||
(In thousands) | 2014 | 2013 | 2012 | |||||||||
Total commissions paid to the Dealer Manager | $ | 148,372 | $ | 14,024 | $ | 3 | ||||||
Less: | ||||||||||||
Commissions to participating brokers | (101,421 | ) | (8,733 | ) | (2 | ) | ||||||
Reallowance to participating broker dealers | (15,275 | ) | (1,181 | ) | — | |||||||
Net to the Dealer Manager | $ | 31,676 | $ | 4,110 | $ | 1 |
December 31, | December 31, | |||||||||||||||||||||||||||||||||||
Balance sheet data (In thousands) | 2014 | 2013 | 2012 | 2011 | 2017 | 2016 | 2015 | 2014 | 2013 | |||||||||||||||||||||||||||
Total real estate investments, at cost | $ | 2,340,039 | $ | 196,908 | $ | 2,585 | $ | — | $ | 3,172,677 | $ | 2,931,695 | $ | 2,546,304 | $ | 2,340,039 | $ | 196,908 | ||||||||||||||||||
Total assets | 2,428,797 | 214,927 | 2,933 | 559 | 3,038,595 | 2,891,467 | 2,540,522 | 2,424,825 | 213,840 | |||||||||||||||||||||||||||
Mortgage notes payable | 281,186 | 76,904 | 1,228 | — | ||||||||||||||||||||||||||||||||
Credit facility | 659,268 | — | — | — | ||||||||||||||||||||||||||||||||
Mortgage notes payable, net | 984,876 | 747,381 | 524,262 | 277,214 | 75,817 | |||||||||||||||||||||||||||||||
Revolving credit facilities | 298,909 | 616,614 | 717,286 | 659,268 | — | |||||||||||||||||||||||||||||||
Term loan, net | 229,905 | — | — | |||||||||||||||||||||||||||||||||
Mezzanine facility, net | — | 55,383 | — | — | — | |||||||||||||||||||||||||||||||
Total liabilities | 1,012,128 | 92,207 | 3,729 | 375 | 1,624,352 | 1,535,486 | 1,320,403 | 1,008,156 | 91,120 | |||||||||||||||||||||||||||
Total stockholders' equity (deficit) | $ | 1,416,669 | $ | 122,720 | $ | (796 | ) | $ | 184 | |||||||||||||||||||||||||||
Total equity | 1,414,243 | 1,355,981 | 1,220,119 | 1,416,669 | 122,720 |
Operating data (In thousands, except share and per share data) | Year Ended December 31, | Period from July 13, 2011 (date of inception) to December 31, 2011 | ||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||
Total revenues | $ | 93,383 | $ | 3,951 | $ | 30 | $ | — | ||||||||
Operating expenses: | ||||||||||||||||
Property operating | 7,947 | 42 | — | — | ||||||||||||
Operating fees to affiliates | 797 | 50 | 1 | — | ||||||||||||
Acquisition and transaction related | 83,498 | 7,745 | 228 | — | ||||||||||||
General and administrative | 4,314 | 58 | 183 | 16 | ||||||||||||
Depreciation and amortization | 40,387 | 2,112 | 21 | — | ||||||||||||
Income tax benefit | (1,431 | ) | — | — | — | |||||||||||
Total expenses | 135,512 | 10,007 | 433 | 16 | ||||||||||||
Operating loss | (42,129 | ) | (6,056 | ) | (403 | ) | (16 | ) | ||||||||
Other Income (Expense): | ||||||||||||||||
Interest expense | (14,852 | ) | (969 | ) | (10 | ) | — | |||||||||
Income from investments | 14 | — | 14 | — | ||||||||||||
Unrealized gain (loss) on foreign currency | (186 | ) | 35 | — | — | |||||||||||
Gains (losses) on derivative instruments | 1,881 | — | — | — | ||||||||||||
Gain (loss) on hedging instruments deemed ineffective | 1,387 | — | — | — | ||||||||||||
Other income | 291 | 1 | — | — | ||||||||||||
Net loss | $ | (53,594 | ) | $ | (6,989 | ) | $ | (399 | ) | $ | (16 | ) | ||||
Other data: | ||||||||||||||||
Cash flows used in operations | $ | (9,693 | ) | $ | (3,647 | ) | $ | (418 | ) | $ | — | |||||
Cash flows used in investing activities | (1,517,175 | ) | (111,500 | ) | (1,357 | ) | — | |||||||||
Cash flows provided by financing activities | 1,582,907 | 124,209 | 2,027 | — | ||||||||||||
Per share data: | ||||||||||||||||
Weighted-average number of common shares outstanding, basic and diluted | 126,079,369 | 5,453,404 | 64,252 | 22,222 | ||||||||||||
Dividends declared per common share | $ | 0.71 | $ | 0.71 | $ | 0.71 | — | |||||||||
Net loss per common share - basic and diluted | $ | (0.43 | ) | $ | (1.28 | ) | $ | (6.43 | ) | NM |
Operating data (In thousands, except share and per share data) | Year Ended December 31, | |||||||||||||||||||
2017 | 2016 | 2015 | 2014 | 2013 | ||||||||||||||||
Total revenues | $ | 259,295 | $ | 214,174 | $ | 205,332 | $ | 93,383 | $ | 3,951 | ||||||||||
Operating expenses | 173,247 | 153,892 | 172,123 | 136,943 | 10,007 | |||||||||||||||
Operating income (loss) | 86,048 | 60,282 | 33,209 | (43,560 | ) | (6,056 | ) | |||||||||||||
Total other expenses | (59,322 | ) | (8,283 | ) | (29,335 | ) | (11,465 | ) | (933 | ) | ||||||||||
Income taxes (expense) benefit | (3,140 | ) | (4,422 | ) | (5,889 | ) | 1,431 | — | ||||||||||||
Net income (loss) | 23,586 | 47,577 | (2,015 | ) | (53,594 | ) | (6,989 | ) | ||||||||||||
Non-controlling interests | (21 | ) | (437 | ) | (50 | ) | — | — | ||||||||||||
Preferred stock dividends | (2,834 | ) | — | — | — | — | ||||||||||||||
Net income (loss) attributable to common stockholders | $ | 20,731 | $ | 47,140 | $ | (2,065 | ) | $ | (53,594 | ) | $ | (6,989 | ) | |||||||
Other data: | ||||||||||||||||||||
Cash flows provided by (used in) operations | $ | 130,954 | $ | 114,394 | $ | 102,155 | $ | (9,693 | ) | $ | (3,647 | ) | ||||||||
Cash flows provided by (used in) investing activities | (78,978 | ) | 134,147 | (222,279 | ) | (1,517,175 | ) | (111,500 | ) | |||||||||||
Cash flows (used in) provided by financing activities | (30,657 | ) | (236,700 | ) | 121,604 | 1,582,907 | 124,209 | |||||||||||||
Per share data (1): | ||||||||||||||||||||
Dividends declared per common share | $ | 2.13 | $ | 2.13 | $ | 2.13 | $ | 2.13 | $ | 2.13 | ||||||||||
Net income (loss) per common share - basic and diluted | $ | 0.30 | $ | 0.82 | $ | (0.04 | ) | $ | (1.28 | ) | $ | (3.84 | ) | |||||||
Weighted-average number of common shares outstanding, basic and diluted | 66,877,620 | 56,720,448 | 58,103,298 | 42,026,456 | 1,817,801 |
Three Months Ended | Year Ended | |||||||||||||||||||
(In thousands) | March 31, 2014 | June 30, 2014 | September 30, 2014 | December 31, 2014 | December 31, 2014 | |||||||||||||||
Net loss (in accordance with GAAP) | $ | (16,349 | ) | $ | (7,479 | ) | $ | (24,558 | ) | $ | (5,208 | ) | $ | (53,594 | ) | |||||
Depreciation and amortization(1) | 4,354 | 7,640 | 15,126 | 13,267 | 40,387 | |||||||||||||||
FFO | (11,995 | ) | 161 | (9,432 | ) | 8,059 | (13,207 | ) | ||||||||||||
Acquisition fees and expenses (2) | 16,516 | 8,244 | 29,124 | 29,614 | 83,498 | |||||||||||||||
Amortization of above or below market leases and liabilities (3) | 66 | 348 | 393 | (775 | ) | 32 | ||||||||||||||
Mark-to-market adjustments | 79 | 171 | (849 | ) | (1,282 | ) | (1,881 | ) | ||||||||||||
Straight-line rent (4) | (592 | ) | (906 | ) | (1,670 | ) | (5,517 | ) | (8,685 | ) | ||||||||||
Amortization of mortgage premiums | (124 | ) | (124 | ) | (125 | ) | (125 | ) | (498 | ) | ||||||||||
Losses (gains) on foreign currency, net (5) | (6 | ) | 26 | 737 | (571 | ) | 186 | |||||||||||||
MFFO | $ | 3,944 | $ | 7,920 | $ | 18,178 | $ | 29,403 | $ | 59,445 |
Three Months Ended | Year Ended | ||||||||||||||||||||||||||||||||||
March 31, 2014 | June 30, 2014 | September 30, 2014 | December 31, 2014 | December 31, 2014 | |||||||||||||||||||||||||||||||
(In thousands) | Percentage of Distributions | Percentage of Distributions | Percentage of Distributions | Percentage of Distributions | Percentage of Distributions | ||||||||||||||||||||||||||||||
Distributions: | |||||||||||||||||||||||||||||||||||
Distributions paid in cash | $ | 2,028 | $ | 6,524 | $ | 13,083 | $ | 13,780 | $ | 35,415 | |||||||||||||||||||||||||
Distributions reinvested | 1,937 | 8,286 | 17,120 | 17,543 | 44,886 | ||||||||||||||||||||||||||||||
Distributions on unvested restricted stock | 3 | 3 | 2 | 4 | 12 | ||||||||||||||||||||||||||||||
Total distributions | $ | 3,968 | $ | 14,813 | $ | 30,205 | $ | 31,327 | $ | 80,313 | |||||||||||||||||||||||||
Source of distribution coverage: | |||||||||||||||||||||||||||||||||||
Cash flows provided by operations | $ | — | — | % | $ | 6,527 | 44.1 | % | $ | (6,416 | ) | (21.2 | )% | $ | (45 | ) | (0.1 | )% | $ | 66 | 0.1 | % | |||||||||||||
Proceeds from issuance of common stock | 2,031 | 51.2 | % | — | — | % | 19,501 | 64.6 | % | 13,829 | 44.1 | % | 35,361 | 44.0 | % | ||||||||||||||||||||
Common stock issued under the DRIP / offering proceeds | 1,937 | 48.8 | % | 8,286 | 55.9 | % | 17,120 | 56.7 | % | 17,543 | 56.0 | % | 44,886 | 55.9 | % | ||||||||||||||||||||
Total sources of distribution coverage | $ | 3,968 | 100.0 | % | $ | 14,813 | 100.0 | % | $ | 30,205 | 100.1 | % | $ | 31,327 | 100.0 | % | $ | 80,313 | 100.0 | % | |||||||||||||||
Cash flows provided by (used in) operations (GAAP basis) (1) | $ | (18,542 | ) | $ | 15,310 | $ | (6,416 | ) | $ | (45 | ) | $ | (9,693 | ) | |||||||||||||||||||||
Net loss (in accordance with GAAP) | $ | (16,349 | ) | $ | (7,479 | ) | $ | (24,558 | ) | $ | (5,208 | ) | $ | (53,594 | ) |
July 13, 2011 (date of inception) to December 31, 2014 | ||||
(In thousands) | ||||
Distributions paid: | ||||
Common stockholders in cash | $ | 37,178 | ||
Common stockholders pursuant to DRIP / offering proceeds | 46,206 | |||
Unvested restricted stockholders in cash | 18 | |||
Total distributions paid | $ | 83,402 | ||
Reconciliation of net loss: | ||||
Revenues | $ | 97,364 | ||
Acquisition and transaction-related expenses | (91,471 | ) | ||
Depreciation and amortization | (42,520 | ) | ||
Other operating expenses | (13,408 | ) | ||
Income tax benefit | 1,431 | |||
Other non-operating expense | (12,408 | ) | ||
Net loss (in accordance with GAAP) (1) | $ | (61,012 | ) |
Year Ended | ||||||||
(In thousands) | December 31, 2017 | December 31, 2016 | ||||||
Net income attributable to common stockholders (in accordance with GAAP) | $ | 20,731 | $ | 47,140 | ||||
Depreciation and amortization | 113,048 | 94,455 | ||||||
Gains on dispositions of real estate investments (1) | (1,089 | ) | (11,841 | ) | ||||
Proportionate share of adjustments for non-controlling interest to arrive at FFO | (78 | ) | (669 | ) | ||||
FFO (as defined by NAREIT) attributable to common stockholders | 132,612 | 129,085 | ||||||
Acquisition and transaction fees (2) | 1,979 | 9,792 | ||||||
Fire loss | 45 | — | ||||||
Proportionate share of adjustments for non-controlling interest to arrive at Core FFO | (1 | ) | (79 | ) | ||||
Core FFO attributable to common stockholders | 134,635 | 138,798 | ||||||
Non-cash equity based compensation | (3,787 | ) | 3,748 | |||||
Non-cash portion of interest expense | 4,420 | 6,698 | ||||||
Straight-line rent | (10,537 | ) | (10,613 | ) | ||||
Amortization of above- and below- market leases and ground lease assets and liabilities, net | 1,930 | (41 | ) | |||||
Eliminate unrealized losses (gains) on foreign currency transactions (3) | 10,182 | (1,072 | ) | |||||
Unrealized losses (gains) on undesignated foreign currency advances and other hedge ineffectiveness | 3,679 | (10,109 | ) | |||||
Amortization of mortgage premium (discount), net and mezzanine discount | 827 | (437 | ) | |||||
Deferred tax benefit | (693 | ) | — | |||||
Proportionate share of adjustments for non-controlling interest to arrive at AFFO | (4 | ) | 89 | |||||
AFFO attributable to common stockholders | $ | 140,652 | $ | 127,061 | ||||
Summary | ||||||||
FFO (as defined by NAREIT) attributable to common stockholders | $ | 132,612 | $ | 129,085 | ||||
Core FFO attributable to common stockholders | $ | 134,635 | $ | 138,798 | ||||
AFFO attributable to common stockholders | $ | 140,652 | $ | 127,061 |
(1) | Gains on dispositions of real estate investments for the year ended December 31, 2016 is net of $1.5 million of tax recognized on the sale of Hotel Winston, The Netherlands property. |
(2) | For the year ended December 31, 2017, acquisition and transaction costs are primarily comprised of approximately $0.8 million of merger and deal related costs and also include approximately $0.9 million in derivative novation costs in connection with the replacement of related counterparties, which are non-recurring costs and are considered to be non-core. For the year ended December 31, 2016, acquisition and transaction fees represent merger related costs of approximately $9.8 million. |
(3) | For AFFO purposes, we add back unrealized losses (gains). For the year ended December 31, 2017, losses on derivative instruments were $8.3 million which were comprised of unrealized losses of $10.2 million and realized gains of $1.9 million. For the year ended December 31, 2016, gains on derivative instruments were $7.4 million which were comprised of unrealized gains of $1.1 million and realized gains of $6.3 million. |
Three Months Ended | Year Ended | ||||||||||||||||||||||||||||||||||
March 31, 2017 | June 30, 2017 | September 30, 2017 | December 31, 2017 | December 31, 2017 | |||||||||||||||||||||||||||||||
(In thousands) | Percentage of Dividends | Percentage of Dividends | Percentage of Dividends | Percentage of Dividends | Percentage of Dividends | ||||||||||||||||||||||||||||||
Dividends: | |||||||||||||||||||||||||||||||||||
Dividends to holders of Common Stock | $ | 35,293 | $ | 35,466 | $ | 35,834 | $ | 36,146 | $ | 142,739 | |||||||||||||||||||||||||
Dividends to holders of Series A Preferred Stock | — | — | — | 383 | 383 | ||||||||||||||||||||||||||||||
Other (1) | 255 | 160 | 159 | 165 | 739 | ||||||||||||||||||||||||||||||
Total dividends | $ | 35,548 | $ | 35,626 | $ | 35,993 | $ | 36,694 | $ | 143,861 | |||||||||||||||||||||||||
Source of dividend coverage: | |||||||||||||||||||||||||||||||||||
Cash flows provided by operations | $ | 32,728 | $ | 36,188 | $ | 33,584 | $ | 28,454 | $ | 130,954 | 91.0 | % | |||||||||||||||||||||||
Dividends paid to preferred stockholders | — | — | — | (383 | ) | (383 | ) | ||||||||||||||||||||||||||||
Cash flows provided by operations - after payment of Series A Preferred Stock dividends | 32,728 | 92.1 | % | 36,188 | 101.6 | % | 33,584 | 93.3 | % | 28,071 | 76.5 | % | $ | 130,571 | 90.8 | % | |||||||||||||||||||
Proceeds from sale of real estate investments | — | — | % | 2,258 | 6.3 | % | — | — | % | — | — | % | 2,258 | 1.6 | % | ||||||||||||||||||||
Available cash on hand | 2,820 | 7.9 | % | (2,820 | ) | (7.9 | )% | 2,409 | 6.7 | % | 8,623 | 23.5 | % | 11,032 | 7.7 | % | |||||||||||||||||||
Total sources of dividend coverage | $ | 35,548 | 100.0 | % | $ | 35,626 | 100.0 | % | $ | 35,993 | 100.0 | % | $ | 36,694 | 100.0 | % | $ | 143,861 | 100.0 | % | |||||||||||||||
Cash flows provided by operations (GAAP basis) (2) | $ | 32,728 | $ | 36,188 | $ | 33,584 | $ | 28,454 | $ | 130,954 | |||||||||||||||||||||||||
Net income attributable to common stockholders (in accordance with GAAP) | $ | 7,429 | $ | 5,200 | $ | 2,104 | $ | 5,998 | $ | 20,731 |
(1) | Includes distributions paid of $97,000 for the OP Units and $0.6 million to the participating LTIP Units during the year ended December 31, 2017. |
(2) | Cash flows provided by operations for the year ended December 31, 2017 reflect acquisition and transaction related expenses of $2.0 million. |
2015 | Years Ended December 31, | |||||||||||||||||||
(In thousands) | Total | 2016 — 2017 | 2018 — 2019 | Thereafter | ||||||||||||||||
Principal on mortgage notes payable | $ | 281,186 | $ | 721 | $ | 23,857 | $ | 239,936 | $ | 16,672 | ||||||||||
Interest on mortgage notes payable | 39,108 | 8,976 | 17,552 | 11,198 | 1,382 | |||||||||||||||
Principal on credit facility (a) | 659,268 | — | 659,268 | — | — | |||||||||||||||
Interest on credit facility (a) | 20,122 | 12,840 | 7,282 | — | — | |||||||||||||||
Ground lease rental payments due | 2,270 | 20 | 40 | 42 | 2,168 | |||||||||||||||
Total (b) | $ | 1,001,954 | $ | 22,557 | $ | 707,999 | $ | 251,176 | $ | 20,222 |
(In thousands) | Total | Less than 1 Year | 1-3 Years | 3-5 Years | More than 5 Years | |||||||||||||||
Principal on mortgage notes payable | $ | 992,344 | $ | 135,180 | $ | 626,219 | $ | 43,945 | $ | 187,000 | ||||||||||
Interest on mortgage notes payable (1) | 209,920 | 29,302 | 40,117 | 17,451 | 123,050 | |||||||||||||||
Principal on term loan | 233,165 | — | — | 233,165 | — | |||||||||||||||
Interest on term loan (1) | 20,502 | 4,492 | 8,996 | 7,014 | — | |||||||||||||||
Principal on revolving credit facility | 298,909 | — | — | 298,909 | — | |||||||||||||||
Interest on revolving credit facility (1) | 33,012 | 9,262 | 18,548 | 5,202 | — | |||||||||||||||
Operating ground lease rental payments due (2) | 51,006 | 1,415 | 2,830 | 2,830 | 43,931 | |||||||||||||||
Total (3) (4) | $ | 1,838,858 | $ | 179,651 | $ | 696,710 | $ | 608,516 | $ | 353,981 |
(1) | Based on exchange rates of £1.00 to $1.35 for GBP and €1.00 to $1.20 for EURO as of December 31, 2017. |
(2) | Ground lease rental payments due for ING Amsterdam are not included in the table above as the Company's ground for this property is prepaid through 2050. |
(3) | Amounts in the table above that relate to our foreign operations are based on the exchange rate of the local currencies at December 31, 2017, which consisted primarily of the Euro and the GBP. At December 31, 2017, we had no material capital lease obligations for which we were the lessee, either individually or in the aggregate. |
(4) | Derivative payments are not included in this table due to the uncertainty of the timing and amounts of payments. Additionally, as derivatives can be settled at any point in time, they are generally not considered long-term in nature. |
(In thousands) | Fixed-rate debt (1) (2) | Variable-rate debt (1) | Total Debt | |||||||||
2018 | (2) | $ | 82,043 | (2) | $ | 111,800 | $ | 193,843 | ||||
2019 | 293,145 | — | 293,145 | |||||||||
2020 | 298,798 | 33,550 | 332,348 | |||||||||
2021 | 220,671 | 53,970 | 274,641 | |||||||||
2022 | 233,165 | — | 233,165 | |||||||||
Thereafter | 197,267 | — | 197,267 | |||||||||
Total | $ | 1,325,089 | $ | 199,320 | $ | 1,524,409 |
(1) | Assumes exchange rates of £1.00 to $1.35 for GBP and €1.00 to $1.20 for EUR as of December 31, 2017, for illustrative purposes, as applicable. |
(2) | Fixed-rate debt includes variable debt that bear interest at margin plus a floating rate which is mostly fixed through our interest rate swap agreements |
Future Minimum Base Rent Payments (1) | ||||||||||||
(In thousands) | EUR | GBP | Total | |||||||||
2018 | $ | 72,669 | $ | 53,620 | $ | 126,289 | ||||||
2019 | 73,005 | 54,853 | 127,858 | |||||||||
2020 | 73,376 | 56,316 | 129,692 | |||||||||
2021 | 73,742 | 56,993 | 130,735 | |||||||||
2022 | 74,124 | 56,386 | 130,510 | |||||||||
Thereafter | 205,056 | 312,271 | 517,327 | |||||||||
Total | $ | 571,972 | $ | 590,439 | $ | 1,162,411 |
(1) | Assumes exchange rates of £1.00 to $1.35 for GBP and €1.00 to $1.20 for EUR as of December 31, 2017 for illustrative purposes, as applicable. |
Future Debt Service Payments (1)(2) | ||||||||||||
Mortgage Notes Payable | ||||||||||||
(In thousands) | EUR | GBP | Total | |||||||||
2018 | $ | — | $ | 82,043 | $ | 82,043 | ||||||
2019 | 190,906 | 102,240 | 293,146 | |||||||||
2020 | 181,939 | 116,859 | 298,798 | |||||||||
2021 | 17,370 | — | 17,370 | |||||||||
2022 | — | — | — | |||||||||
Thereafter | — | — | — | |||||||||
Total | $ | 390,215 | $ | 301,142 | $ | 691,357 |
Future Debt Service Payments (1) (2) | ||||||||||||
Credit Facility (Term Loan Portion) | ||||||||||||
(In thousands) | EUR | GBP | Total | |||||||||
2018 | $ | — | $ | — | $ | — | ||||||
2019 | — | — | — | |||||||||
2020 | — | — | — | |||||||||
2021 | — | — | — | |||||||||
2022 | 233,165 | — | 233,165 | |||||||||
Thereafter | — | — | — | |||||||||
Total | $ | 233,165 | $ | — | $ | 233,165 |
(1) | Assumes exchange rates of £1.00 to $1.35 for GBP and €1.00 to $1.20 for EUR as of December 31, 2017 for illustrative purposes, as applicable. Contractual rents and debt obligations are denominated in the functional currency of the country of each property. |
(2) | Interest on variable-rate debt not fixed through our interest rate swap agreements was calculated using the applicable annual interest rates and balances outstanding at December 31, 2017. |
Exhibit No. | Description | |
Equity Distribution Agreement dated December 12, 2016. | ||
1.2(2) | Amendment No. 1 to Equity Distribution Agreement, by and among the Company, UBS Securities LLC, Robert W. Baird & Co, Inc., Capital One Securities, Inc., Mizuho Securities USA LLC, FBR Capital Markets & Co., and KeyBanc Capital Markets Inc., dated as of May 19, 2017. | |
1.3(3) | Underwriting Agreement, dated as of September 7, 2017, by and among Global Net Lease, Inc., Global Net Lease Operating Partnership, L.P. and the Underwriters listed on Schedule I attached thereto, for whom BMO Capital Markets Corp. and Stifel, Nicolaus & Company, Incorporated acted as representatives. | |
1.4(4) | Underwriting Agreement, dated as of December 14, 2017, by and among Global Net Lease, Inc., Global Net Lease Operating Partnership, L.P. and BMO Capital Markets Corp. | |
2.1(5) | Agreement and Plan of Merger, dated as of August 8, 2016, among Global Net Lease, Inc., American Realty Capital Global Trust II, Inc., Mayflower Acquisition, LLC, Global Net Lease Operating Partnership, L.P., and American Realty Capital Global Trust II Operating Partnership, L.P. | |
3.1 * | Articles of | |
3.2(6) | Amended and | |
4.1(7) | ||
Second Amended and Restated Agreement of Limited Partnership of | ||
10.2 | Property Management and Leasing Agreement, dated as of April 20, 2012, among Global Net Lease, Inc. (f/k/a American Realty Capital Global Trust, Inc.), Global Net Lease Operating Partnership, L.P. (f/k/a American Realty Capital Global Operating Partnership, L.P.) and Global Net Lease Properties, LLC) (f/k/a American Realty Capital Global Properties, | |
10.3 | ||
Credit Agreement, dated as of July 25, 2013, by and among American Realty Capital Global Partnership, L.P., JPMorgan Chase Bank, N.A., and the lenders and agents party thereto. | ||
Third Amendment to Credit Agreement, dated as of June 24, 2014, among American Realty Capital Global Operating Partnership, the Company, ARC Global Holdco, LLC, JPMorgan Chase Bank, N.A. and the other parties named | ||
10.7(12) | Fourth Amendment to Credit Agreement, dated as of July 29, 2014, among American Realty Capital Global Operating Partnership, the Company, ARC Global Holdco, LLC, JPMorgan Chase Bank, N.A. and the other parties named thereto. | |
10.8(12) | Fifth Amendment to Credit Agreement, dated as of October 16, 2014, among American Realty Capital Global Operating Partnership, the Company, ARC Global Holdco, LLC, JPMorgan Chase Bank, N.A. and the other parties named thereto. |
Exhibit No. | Description | |
10.9 (12) | Sixth Amendment to Credit Agreement, dated as of December 16, 2014, among American Realty Capital Global Trust, Operating Partnership, the Company, ARC Holdco. LLC, JPMorgan Chase Bank, N.A. and the other parties named thereto. | |
10.11(7) | Seventh Amendment to Credit Agreement, dated as of June 1, 2015, among Global Net Lease Operating Partnership, L.P., Global Net Lease, Inc., ARC Global Holdco, LLC, the guarantors party thereto, the lenders party thereto and JPMorgan Chase Bank, N.A., as administrative agent for the lenders. | |
10.12(12) | Second Amended and Restated 2015 Advisor Multi-Year Outperformance Agreement, dated as of February 25, 2016, among Global Net Lease, Inc., Global Net Lease Operating Partnership, L.P. and Global Net Lease Advisors, LLC. | |
10.13(13) | Indemnification Agreement, | |
10.14(14) | Eighth Amendment to Credit Agreement, dated as of | |
10.15(12) | Indemnification Agreement between the Company and | |
10.16 | Indemnification Agreement between the Company and Edward M. Weil, Jr., dated as of January 3, 2017. | |
10.17(15) | Indemnification Agreement between the Company and Nicholas Radesca, dated as of January 6, 2017. | |
10.18(15) | Letter Agreement, dated as of December 16, 2016, by and among American Realty Capital Global Trust II, Inc., American Realty Capital Global II Advisors, LLC and AR Global Investments, LLC. | |
10.19(16) | Credit Agreement, dated as of July 24, 2017, by and among Global Net Lease Operating Partnership, L.P., as borrower, the lenders party thereto and KeyBank National as agent. | |
10.20(16) | Unconditional Guaranty of Payment and Performance, dated as of July 24, 2017, by the Company, ARC Global Holdco, LLC, Global II Holdco, LLC and the other subsidiary parties thereto for the benefit of KeyBank National Association and the other lender parties thereto. | |
10.21(16) | Contribution Agreement, dated as of July 24, 2017, by and among the Company, Global Net Lease Operating Partnership, L.P., ARC Global Holdco, LLC, ARC Global II Holdco, LLC, and the other subsidiary parties thereto. | |
10.22(3) | Second Amendment, dated as of September 11, 2017, to the Second Amended and Restated Agreement of Limited Partnership of Global Net Lease Operating Partnership, L.P., dated June 2, 2015. | |
10.23(17) | Loan Agreement, dated as of October 27, 2017, by and among the wholly owned subsidiaries of Global Net Lease Operating Partnership, L.P. listed on Schedule I attached thereto, as borrower, and Column Financial, Inc. and Citi Real Estate Funding, Inc., as lender. | |
10.24(17) | Guaranty Agreement, dated as of October 27, 2017, by Global Net Lease Operating Partnership, L.P. for the benefit of Column Financial, Inc. and Citi Real Estate Funding, Inc. | |
10.25(17) | Environmental Indemnity Agreement, dated as of October 27, 2017, by Global Net Lease Operating Partnership, L.P. and the wholly owned subsidiaries of Global Net Lease Operating Partnership, L.P. listed on Schedule I attached thereto, in favor of Column Financial, Inc. and Citi Real Estate Funding, Inc. | |
10.26(17) | Property Management and Leasing Agreement, dated as of October 27, 2017, among the entities listed on Exhibit A attached thereto and Global Net Lease Properties, LLC. | |
10.27(17) | First Amendment, dated as of October 27, 2017, to the Property Management and Leasing Agreement, dated as of April 20, 2012, among Global Net Lease, Inc., Global Net Lease Operating Partnership, L.P. and Global Net Lease Properties, LLC. | |
10.28(17) | Indemnification Agreement between Global Net Lease, Inc. and Christopher J. Masterson, dated as of November 2, 2017. | |
10.29(4) | Third Amendment, dated as of | |
10.30 * | Second Amendment, dated as of February 27, 2018, to the Property Management and Leasing Agreement, dated as of April 20, 2012, among Global Net Lease, Inc., Global Net Lease Operating Partnership, L.P. and Global Net Lease Properties, LLC. | |
12.1* | Calculation of Ratios of Earnings to Fixed Charges and Preferred Stock Dividends | |
21.1* | List of | |
Consent of PricewaterhouseCoopers |
Exhibit No. | ||
31.1 * | Certification of the Principal Executive Officer of the Company pursuant to Securities Exchange Act Rule 13a-14(a) or 15d-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of |
2002. | ||
31.2 * | Certification of the Principal Financial Officer of the Company pursuant to Securities Exchange Act Rule 13a-14(a) or 15d-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of | |
32 * | Written statements of the Principal Executive Officer and Principal Financial Officer of the Company pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of | |
101.1 * | XBRL (eXtensible Business Reporting Language). The following materials from |
* | Filed herewith |
(1) | Filed as an exhibit to |
(2) | Filed as an exhibit to our |
(3) | Filed as an exhibit to |
(4) | Filed as an exhibit to our |
(5) | Filed as an exhibit to our Current Report on Form 8-K filed with the SEC on August |
Filed as an exhibit to our Current Report on Form 8-K filed with the SEC on June 3, 2015. |
(7) | Filed as an exhibit to our Current Report on Form 8-K filed with the SEC on June 2, 2015. |
(8) | Filed as an exhibit to our Annual Report on Form 10-K for the year ended December 31, 2012 filed with the SEC on March 11, |
Filed as an exhibit to our |
Filed as an exhibit to our Quarterly Report on Form 10-Q for the quarter ended June 30, 2013 filed with the SEC on August 13, |
(11) | Filed as an exhibit to our Quarterly Report on Form 10-Q for the quarter ended June 30, 2014 filed with the SEC on August 11, |
(12) | Filed as an exhibit to our Annual Report on Form 10-K for the year ended December 31, 2015 filed with the SEC on February 29, 2016. |
(13) | Filed as an exhibit to our Quarterly Report on Form 10-Q for the quarter ended June 30, 2015 filed with the SEC on August 10, 2015. |
(14) | Filed as an exhibit to our Quarterly Report on Form 10-Q for the quarter ended September 30, 2015 filed with the SEC on November 10, 2015. |
(15) | Filed as an exhibit to our Annual Report on Form 10-K for the year ended December 31, 2016 filed with the SEC on February 28, 2017. |
(16) | Filed as an exhibit to our Current Report on |
(17) | Filed as an exhibit to our Quarterly Report on Form 10-Q for the quarter ended September 30, 2017 filed with the SEC on November 7, 2017. |
By: | /s/ | |
CHIEF EXECUTIVE OFFICER AND PRESIDENT |
Name | Capacity | Date | ||
/s/ P. Sue Perrotty | Non-Executive Chair of | |||
P. Sue Perrotty | ||||
/s/ | Director | |||
/s/ | Chief Executive Officer, President and Director (Principal Executive Officer) | |||
/s/ | ||||
Chief Financial Officer, Treasurer and Secretary (Principal Financial Officer and Principal Accounting Officer) | ||||
/s/ Lee M. Elman | Independent Director | February 28, 2018 | ||
Lee M. Elman | ||||
/s/ Edward G. Rendell | Independent Director, Compensation Committee Chair | |||
Edward G. Rendell | ||||
/s/ Abby M. Wenzel | Independent Director | |||
Abby M. Wenzel |
Page | |
Financial Statement Schedule: | |
December 31, | |||||||
2014 | 2013 | ||||||
ASSETS | |||||||
Real estate investments, at cost: | |||||||
Land | $ | 326,696 | $ | 44,647 | |||
Buildings, fixtures and improvements | 1,519,558 | 104,362 | |||||
Construction in progress | 9,706 | — | |||||
Acquired intangible lease assets | 484,079 | 47,899 | |||||
Total real estate investments, at cost | 2,340,039 | 196,908 | |||||
Less accumulated depreciation and amortization | (42,568 | ) | (2,307 | ) | |||
Total real estate investments, net | 2,297,471 | 194,601 | |||||
Cash and cash equivalents | 64,684 | 11,500 | |||||
Restricted cash | 6,104 | 737 | |||||
Derivatives, at fair value | 13,638 | 734 | |||||
Investment securities, at fair value | 490 | — | |||||
Receivable for sale of common stock | — | 1,766 | |||||
Prepaid expenses and other assets | 24,873 | 3,454 | |||||
Due from affiliates | 500 | — | |||||
Deferred tax asset | 2,102 | — | |||||
Goodwill and other intangible assets | 3,665 | — | |||||
Deferred costs, net | 15,270 | 2,135 | |||||
Total assets | $ | 2,428,797 | $ | 214,927 | |||
LIABILITIES AND STOCKHOLDERS' EQUITY | |||||||
Mortgage notes payable | $ | 281,186 | $ | 76,904 | |||
Mortgage premium, net | 1,165 | 1,663 | |||||
Credit facility | 659,268 | — | |||||
Below-market lease liability, net | 21,676 | 5,854 | |||||
Derivatives, at fair value | 6,115 | 2,565 | |||||
Due to affiliates | 400 | — | |||||
Accounts payable and accrued expenses | 19,357 | 2,519 | |||||
Deferred rent | 12,252 | 1,862 | |||||
Distributions payable | 10,709 | 840 | |||||
Total liabilities | 1,012,128 | 92,207 | |||||
Commitments and contingencies (Note 9) | — | — | |||||
Stockholders' equity: | |||||||
Preferred stock, $0.01 par value, 50,000,000 authorized, none issued and outstanding at December 31, 2014 and December 31, 2013 | — | — | |||||
Common stock, $0.01 par value, 300,000,000 shares authorized, 177,933,175 and 15,665,827 shares issued and outstanding at December 31, 2014 and December 31, 2013, respectively | 1,782 | 157 | |||||
Additional paid-in capital | 1,575,592 | 133,592 | |||||
Accumulated other comprehensive income (loss) | (5,589 | ) | 319 | ||||
Accumulated deficit | (155,116 | ) | (11,348 | ) | |||
Total stockholders' equity | 1,416,669 | 122,720 | |||||
Total liabilities and stockholders' equity | $ | 2,428,797 | $ | 214,927 |
Year Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Revenue: | ||||||||||||
Rental income | $ | 88,158 | $ | 3,900 | $ | 30 | ||||||
Operating expense reimbursements | 5,225 | 51 | — | |||||||||
Total revenues | 93,383 | 3,951 | 30 | |||||||||
Expenses: | ||||||||||||
Property operating | 7,947 | 42 | — | |||||||||
Operating fees to affiliate | 797 | 50 | 1 | |||||||||
Acquisition and transaction related | 83,498 | 7,745 | 228 | |||||||||
General and administrative | 4,314 | 58 | 183 | |||||||||
Depreciation and amortization | 40,387 | 2,112 | 21 | |||||||||
Income tax benefit | (1,431 | ) | — | — | ||||||||
Total expenses | 135,512 | 10,007 | 433 | |||||||||
Operating loss | (42,129 | ) | (6,056 | ) | (403 | ) | ||||||
Other income (expense): | ||||||||||||
Interest expense | (14,852 | ) | (969 | ) | (10 | ) | ||||||
Income from investments | 14 | — | — | |||||||||
Gain (loss) on foreign currency | (186 | ) | 35 | — | ||||||||
Gain on derivative instruments | 1,881 | — | — | |||||||||
Gain (loss) on hedging instruments deemed ineffective | 1,387 | — | — | |||||||||
Other income | 291 | 1 | — | |||||||||
Total other expense | (11,465 | ) | (933 | ) | (10 | ) | ||||||
Net loss | $ | (53,594 | ) | $ | (6,989 | ) | $ | (413 | ) | |||
Other comprehensive income (loss): | ||||||||||||
Change in cumulative translation adjustment | (11,990 | ) | 2,140 | 10 | ||||||||
Designated derivatives, fair value adjustments | 6,082 | (1,778 | ) | (53 | ) | |||||||
Comprehensive loss | $ | (59,502 | ) | $ | (6,627 | ) | $ | (456 | ) | |||
Basic and diluted weighted average shares outstanding | 126,079,369 | 5,453,404 | 64,252 | |||||||||
Basic and diluted net loss per share | $ | (0.43 | ) | $ | (1.28 | ) | $ | (6.43 | ) |
December 31, | ||||||||
2017 | 2016 | |||||||
ASSETS | ||||||||
Real estate investments, at cost (Note 4): | ||||||||
Land | $ | 402,318 | $ | 376,704 | ||||
Buildings, fixtures and improvements | 2,138,405 | 1,967,930 | ||||||
Construction in progress | 2,328 | — | ||||||
Acquired intangible lease assets | 629,626 | 587,061 | ||||||
Total real estate investments, at cost | 3,172,677 | 2,931,695 | ||||||
Less accumulated depreciation and amortization | (339,931 | ) | (216,055 | ) | ||||
Total real estate investments, net | 2,832,746 | 2,715,640 | ||||||
Cash and cash equivalents | 102,425 | 69,831 | ||||||
Restricted cash | 5,302 | 7,497 | ||||||
Derivative assets, at fair value (Note 8) | 2,176 | 28,700 | ||||||
Unbilled straight-line rent | 42,739 | 30,459 | ||||||
Prepaid expenses and other assets | 22,617 | 17,577 | ||||||
Related party notes receivable acquired in Merger (Note 3) | — | 5,138 | ||||||
Due from related parties | 16 | 16 | ||||||
Deferred tax assets | 1,029 | 1,586 | ||||||
Goodwill and other intangible assets, net | 22,771 | 13,931 | ||||||
Deferred financing costs, net | 6,774 | 1,092 | ||||||
Total assets | $ | 3,038,595 | $ | 2,891,467 | ||||
LIABILITIES AND EQUITY | ||||||||
Mortgage notes payable, net (Note 5) | $ | 984,876 | $ | 747,381 | ||||
Revolving credit facilities (Note 6) | 298,909 | 616,614 | ||||||
Term loan, net (Note 6) | 229,905 | — | ||||||
Mezzanine facility, net (Note 6) | — | 55,383 | ||||||
Acquired intangible lease liabilities, net | 31,388 | 33,041 | ||||||
Derivative liabilities, at fair value (Note 8) | 15,791 | 15,457 | ||||||
Due to related parties | 829 | 2,162 | ||||||
Accounts payable and accrued expenses | 23,227 | 22,861 | ||||||
Prepaid rent | 18,535 | 18,429 | ||||||
Deferred tax liability | 15,861 | 15,065 | ||||||
Taxes payable | 2,475 | 9,059 | ||||||
Dividends payable | 2,556 | 34 | ||||||
Total liabilities | 1,624,352 | 1,535,486 | ||||||
Commitments and contingencies (Note 10) | — | — | ||||||
Stockholders' Equity (Note 9): | ||||||||
Preferred stock, $0.01 par value, 16,670,000 shares authorized | — | — | ||||||
7.25% Series A cumulative redeemable preferred shares, $0.01 par value, liquidation preference $25.00 per share, 5,409,650 authorized, issued and outstanding as of December 31, 2017 and no shares issued and outstanding as of December 31, 2016 | 54 | — | ||||||
Common stock, $0.01 par value, 100,000,000 shares authorized, 67,287,231 and 66,258,559 shares issued and outstanding at December 31, 2017 and 2016, respectively | 2,003 | 1,990 | ||||||
Additional paid-in capital | 1,860,058 | 1,708,541 | ||||||
Accumulated other comprehensive income (loss) | 19,447 | (16,695 | ) | |||||
Accumulated deficit | (468,396 | ) | (346,058 | ) | ||||
Total stockholders' equity | 1,413,166 | 1,347,778 | ||||||
Non-controlling interest | 1,077 | 8,203 | ||||||
Total equity | 1,414,243 | 1,355,981 | ||||||
Total liabilities and equity | $ | 3,038,595 | $ | 2,891,467 |
Common Stock | ||||||||||||||||||||||
Number of Shares | Par Value | Additional Paid-in Capital | Accumulated Other Comprehensive Income (Loss) | Accumulated Deficit | Total | |||||||||||||||||
Balance, December 31, 2011 | 22,222 | — | 200 | — | (16 | ) | 184 | |||||||||||||||
Issuance of common stock | 225,278 | 3 | 2,028 | — | — | 2,031 | ||||||||||||||||
Common stock offering costs, commissions and dealer manager fees | — | — | (2,550 | ) | — | — | (2,550 | ) | ||||||||||||||
Share-based compensation | 9,000 | — | 11 | — | — | 11 | ||||||||||||||||
Distributions declared | — | — | — | — | (16 | ) | (16 | ) | ||||||||||||||
Net loss | — | — | — | — | (413 | ) | (413 | ) | ||||||||||||||
Other comprehensive loss | — | — | — | (43 | ) | — | (43 | ) | ||||||||||||||
Balance, December 31, 2012 | 256,500 | 3 | (311 | ) | (43 | ) | (445 | ) | (796 | ) | ||||||||||||
Issuance of common stock | 15,261,350 | 153 | 150,484 | — | — | 150,637 | ||||||||||||||||
Common stock offering costs, commissions and dealer manager fees | — | — | (17,924 | ) | — | — | (17,924 | ) | ||||||||||||||
Common stock issued through distribution reinvestment plan | 138,977 | 1 | 1,319 | — | — | 1,320 | ||||||||||||||||
Share-based compensation | 9,000 | — | 24 | — | — | 24 | ||||||||||||||||
Distributions declared | — | — | — | — | (3,914 | ) | (3,914 | ) | ||||||||||||||
Net loss | — | — | — | — | (6,989 | ) | (6,989 | ) | ||||||||||||||
Other comprehensive income | — | — | — | 362 | — | 362 | ||||||||||||||||
Balance, December 31, 2013 | 15,665,827 | $ | 157 | $ | 133,592 | $ | 319 | $ | (11,348 | ) | $ | 122,720 | ||||||||||
Issuance of common stock | 157,635,481 | 1,579 | 1,565,738 | — | — | 1,567,317 | ||||||||||||||||
Common stock offering costs, commissions and dealer manager fees | — | — | (167,693 | ) | — | — | (167,693 | ) | ||||||||||||||
Common stock issued through distribution reinvestment plan | 4,721,780 | 47 | 44,839 | — | — | 44,886 | ||||||||||||||||
Common stock repurchases | (99,969 | ) | (1 | ) | (990 | ) | — | — | (991 | ) | ||||||||||||
Share-based compensation | 10,056 | — | 10 | — | — | 10 | ||||||||||||||||
Amortization of restricted shares | — | — | 96 | — | — | 96 | ||||||||||||||||
Distributions declared | — | — | — | — | (90,174 | ) | (90,174 | ) | ||||||||||||||
Net loss | — | — | — | — | (53,594 | ) | (53,594 | ) | ||||||||||||||
Cumulative translation adjustment | — | — | — | (11,990 | ) | — | (11,990 | ) | ||||||||||||||
Other comprehensive income | — | — | — | 6,082 | — | 6,082 | ||||||||||||||||
Balance, December 31, 2014 | 177,933,175 | $ | 1,782 | $ | 1,575,592 | $ | (5,589 | ) | $ | (155,116 | ) | $ | 1,416,669 |
Year Ended December 31, | ||||||||||||
2017 | 2016 | 2015 | ||||||||||
Revenues: | ||||||||||||
Rental income | $ | 242,532 | $ | 204,049 | $ | 194,620 | ||||||
Operating expense reimbursements | 16,763 | 10,125 | 10,712 | |||||||||
Total revenues | 259,295 | 214,174 | 205,332 | |||||||||
Expenses (income): | ||||||||||||
Property operating | 28,857 | 19,038 | 18,180 | |||||||||
Fire loss | 45 | — | — | |||||||||
Operating fees to related parties | 24,457 | 19,751 | 15,167 | |||||||||
Acquisition and transaction related | 1,979 | 9,792 | 6,053 | |||||||||
Listing fees | — | — | 18,653 | |||||||||
Vesting of Class B Units | — | — | 14,480 | |||||||||
General and administrative | 8,648 | 7,108 | 7,175 | |||||||||
Equity based compensation | (3,787 | ) | 3,748 | 2,345 | ||||||||
Depreciation and amortization | 113,048 | 94,455 | 90,070 | |||||||||
Total expenses | 173,247 | 153,892 | 172,123 | |||||||||
Operating income | 86,048 | 60,282 | 33,209 | |||||||||
Other income (expense): | ||||||||||||
Interest expense | (48,450 | ) | (39,121 | ) | (34,864 | ) | ||||||
Income from investments | — | — | 15 | |||||||||
Realized losses on investment securities | — | — | (66 | ) | ||||||||
Gains on dispositions of real estate investments | 1,089 | 13,341 | — | |||||||||
(Losses) gains on derivative instruments | (8,304 | ) | 7,368 | 3,935 | ||||||||
Unrealized (losses) gains on undesignated foreign currency advances and other hedge ineffectiveness | (3,679 | ) | 10,109 | 5,124 | ||||||||
Unrealized losses on non-functional foreign currency advances not designated as net investment hedges | — | — | (3,558 | ) | ||||||||
Other income | 22 | 20 | 79 | |||||||||
Total other expense, net | (59,322 | ) | (8,283 | ) | (29,335 | ) | ||||||
Net income before income tax | 26,726 | 51,999 | 3,874 | |||||||||
Income tax expense | (3,140 | ) | (4,422 | ) | (5,889 | ) | ||||||
Net income (loss) | 23,586 | 47,577 | (2,015 | ) | ||||||||
Net (income) loss attributable to non-controlling interest | (21 | ) | (437 | ) | (50 | ) | ||||||
Preferred stock dividends | (2,834 | ) | — | — | ||||||||
Net income (loss) attributable to common stockholders | $ | 20,731 | $ | 47,140 | $ | (2,065 | ) | |||||
Basic and Diluted Earnings Per Common Share: | ||||||||||||
Basic and diluted net income (loss) per share attributable to common stockholders | $ | 0.30 | $ | 0.82 | $ | (0.04 | ) | |||||
Basic and diluted weighted average common shares outstanding | 66,877,620 | 56,720,448 | 58,103,298 |
Year Ended December 31, | |||||||||||
2014 | 2013 | 2012 | |||||||||
Cash flows from operating activities: | |||||||||||
Net loss | $ | (53,594 | ) | $ | (6,989 | ) | $ | (413 | ) | ||
Adjustments to reconcile net loss to net cash (used in) provided by operating activities: | |||||||||||
Depreciation | 20,856 | 837 | 12 | ||||||||
Amortization of intangibles | 19,531 | 1,275 | 9 | ||||||||
Amortization of deferred financing costs | 3,753 | 250 | 1 | ||||||||
Amortization of mortgage premium | (498 | ) | (1 | ) | — | ||||||
Accretion of below-market lease liability | (1,085 | ) | (29 | ) | — | ||||||
Amortization of above-market lease assets | 1,085 | — | 9 | ||||||||
Amortization of above-market ground lease assets | 32 | — | — | ||||||||
Share-based compensation | 106 | 24 | 11 | ||||||||
Net realized and unrealized mark-to-market transactions | (3,272 | ) | — | — | |||||||
Changes in assets and liabilities: | |||||||||||
Prepaid expenses and other assets | (20,644 | ) | (1,819 | ) | (76 | ) | |||||
Deferred tax asset | (2,102 | ) | — | — | |||||||
Due from affiliates | — | — | — | ||||||||
Accounts payable and accrued expenses | 15,749 | 1,888 | 29 | ||||||||
Deferred rent | 10,390 | 917 | — | ||||||||
Net cash used in operating activities | (9,693 | ) | (3,647 | ) | (418 | ) | |||||
Cash flows from investing activities: | |||||||||||
Investment in real estate and other assets | (1,507,072 | ) | (110,026 | ) | (1,357 | ) | |||||
Deposits for real estate acquisitions | (775 | ) | (1,474 | ) | — | ||||||
Capital expenditures | (8,838 | ) | — | — | |||||||
Purchase of investment securities | (490 | ) | — | — | |||||||
Net cash used in investing activities | (1,517,175 | ) | (111,500 | ) | (1,357 | ) | |||||
Cash flows from financing activities: | |||||||||||
Borrowings under credit facility | 258,500 | — | — | ||||||||
Repayments on credit facility | (18,500 | ) | — | — | |||||||
Proceeds from notes payable | 12,505 | — | — | ||||||||
Payments on notes payable | (12,505 | ) | — | — | |||||||
Payments on mortgage notes payable | (135 | ) | — | — | |||||||
Proceeds from issuance of common stock | 1,569,082 | 148,871 | 2,031 | ||||||||
Payments of offering costs | (168,270 | ) | (18,770 | ) | (748 | ) | |||||
Payments of deferred financing costs | (16,888 | ) | (2,345 | ) | (41 | ) | |||||
Distributions paid | (35,415 | ) | (1,769 | ) | (1 | ) | |||||
Advances from affiliates, net | (100 | ) | (1,041 | ) | 786 | ||||||
Restricted cash | (5,367 | ) | (737 | ) | — | ||||||
Net cash provided by financing activities | 1,582,907 | 124,209 | 2,027 | ||||||||
Net change in cash and cash equivalents | 56,039 | 9,062 | 252 | ||||||||
Effect of exchange rate changes on cash | (2,855 | ) | 2,176 | 10 | |||||||
Cash and cash equivalents, beginning of period | 11,500 | 262 | — | ||||||||
Cash and cash equivalents, end of period | $ | 64,684 | $ | 11,500 | $ | 262 |
Year Ended December 31, | |||||||||||
2014 | 2013 | 2012 | |||||||||
Supplemental Disclosures | |||||||||||
Cash paid for interest | $ | 6,540 | $ | 218 | $ | — | |||||
Non-Cash Investing and Financing Activities: | |||||||||||
Mortgage notes payable assumed or used to acquire investments in real estate | $ | 217,791 | $ | 75,651 | $ | 1,228 | |||||
Premium on mortgage note payable | — | 1,664 | — | ||||||||
Borrowings under line of credit to acquire real estate | 446,558 | — | — | ||||||||
Common stock issued through distribution reimbursement plan | 44,886 | 1,320 | — | ||||||||
Reclassification of deferred offering costs | — | — | 559 |
Year Ended December 31, | ||||||||||||
2017 | 2016 | 2015 | ||||||||||
Net income (loss) | $ | 23,586 | $ | 47,577 | $ | (2,015 | ) | |||||
Other comprehensive income (loss) | ||||||||||||
Cumulative translation adjustment | 27,954 | (6,447 | ) | 1,257 | ||||||||
Designated derivatives, fair value adjustments | 8,163 | (6,705 | ) | 556 | ||||||||
Other comprehensive income (loss) | 36,117 | (13,152 | ) | 1,813 | ||||||||
Comprehensive income (loss) | 59,703 | 34,425 | (202 | ) | ||||||||
Amounts attributable to non-controlling interest | ||||||||||||
Net income | (21 | ) | (437 | ) | (50 | ) | ||||||
Cumulative translation adjustment | 2 | 52 | 197 | |||||||||
Designated derivatives, fair value adjustments | 23 | 54 | (70 | ) | ||||||||
Comprehensive loss (income) attributable to non-controlling interest | 4 | (331 | ) | 77 | ||||||||
Preferred stock dividends | (2,834 | ) | — | — | ||||||||
Comprehensive income (loss) attributable to common stockholders | $ | 56,873 | $ | 34,094 | $ | (125 | ) |
Preferred Stock | Common Stock | |||||||||||||||||||||||||||||||||||||
Number of Shares | Par Value | Number of Shares | Par Value | Additional Paid-in Capital | Accumulated Other Comprehensive Income (Loss) | Accumulated Deficit | Total Stockholders' Equity | Non-controlling interest | Total Equity | |||||||||||||||||||||||||||||
Balance, December 31, 2014 | — | $ | — | 59,311,059 | $ | 1,782 | $ | 1,575,592 | $ | (5,589 | ) | $ | (155,116 | ) | $ | 1,416,669 | $ | — | $ | 1,416,669 | ||||||||||||||||||
Issuance of common stock, net | — | — | 12,469 | — | 469 | — | — | 469 | — | 469 | ||||||||||||||||||||||||||||
Common stock repurchases, inclusive of fees | — | — | (4,013,296 | ) | (120 | ) | (126,202 | ) | — | — | (126,322 | ) | — | (126,322 | ) | |||||||||||||||||||||||
Common stock issued through dividend reinvestment plan | — | — | 1,001,979 | 30 | 28,548 | — | — | 28,578 | — | 28,578 | ||||||||||||||||||||||||||||
Dividends declared | — | — | — | — | — | — | (115,631 | ) | (115,631 | ) | — | (115,631 | ) | |||||||||||||||||||||||||
Issuance of operating partnership units | — | — | — | — | — | — | — | — | 750 | 750 | ||||||||||||||||||||||||||||
Vesting of Class B Units | — | — | — | — | — | — | — | — | 14,480 | 14,480 | ||||||||||||||||||||||||||||
Equity-based compensation | — | — | — | — | 181 | — | — | 181 | 2,164 | 2,345 | ||||||||||||||||||||||||||||
Distributions to non-controlling interest holders | — | — | — | — | — | — | — | — | (1,017 | ) | (1,017 | ) | ||||||||||||||||||||||||||
Net loss | — | — | — | — | — | — | (2,065 | ) | (2,065 | ) | 50 | (2,015 | ) | |||||||||||||||||||||||||
Cumulative translation adjustment | — | — | — | — | — | 1,454 | — | 1,454 | (197 | ) | 1,257 | |||||||||||||||||||||||||||
Designated derivatives, fair value adjustments | — | — | — | — | — | 486 | — | 486 | 70 | 556 | ||||||||||||||||||||||||||||
Rebalancing of ownership percentage | — | — | — | — | 1,574 | — | — | 1,574 | (1,574 | ) | — | |||||||||||||||||||||||||||
Balance, December 31, 2015 | — | — | 56,312,211 | 1,692 | 1,480,162 | (3,649 | ) | (272,812 | ) | 1,205,393 | 14,726 | 1,220,119 | ||||||||||||||||||||||||||
Issuance of common stock, net | — | — | 9,561,388 | 287 | 220,581 | — | — | 220,868 | — | 220,868 | ||||||||||||||||||||||||||||
Related party fees acquired in Merger (Note 3) | — | — | (50,200 | ) | (2 | ) | (1,158 | ) | — | — | (1,160 | ) | — | (1,160 | ) | |||||||||||||||||||||||
Conversion of OP Units to common stock (Note 1) | — | — | 421,383 | 13 | 9,264 | — | — | 9,277 | (9,277 | ) | — | |||||||||||||||||||||||||||
Dividends declared | — | — | — | — | — | — | (120,386 | ) | (120,386 | ) | — | (120,386 | ) | |||||||||||||||||||||||||
Equity-based compensation | — | — | 13,777 | — | 386 | — | — | 386 | 3,362 | 3,748 | ||||||||||||||||||||||||||||
Distributions to non-controlling interest holders | — | — | — | — | — | — | — | — | (1,633 | ) | (1,633 | ) | ||||||||||||||||||||||||||
Net Income | — | — | — | — | — | — | 47,140 | 47,140 | 437 | 47,577 | ||||||||||||||||||||||||||||
Cumulative translation adjustment | — | — | — | — | — | (6,395 | ) | — | (6,395 | ) | (52 | ) | (6,447 | ) | ||||||||||||||||||||||||
Designated derivatives, fair value adjustments | — | — | — | — | — | (6,651 | ) | — | (6,651 | ) | (54 | ) | (6,705 | ) | ||||||||||||||||||||||||
Rebalancing of ownership percentage | — | — | — | — | (694 | ) | — | — | (694 | ) | 694 | — | ||||||||||||||||||||||||||
Balance, December 31, 2016 | — | — | 66,258,559 | 1,990 | 1,708,541 | (16,695 | ) | (346,058 | ) | 1,347,778 | 8,203 | 1,355,981 | ||||||||||||||||||||||||||
Issuance of common stock, net | — | — | 820,988 | 8 | 18,287 | — | — | 18,295 | — | 18,295 | ||||||||||||||||||||||||||||
Conversion of OP Units to common stock (Note 1) | — | — | 181,841 | 5 | 2,624 | — | — | 2,629 | (2,629 | ) | — | |||||||||||||||||||||||||||
Issuance of preferred shares, net | 5,409,650 | 54 | — | — | 129,997 | — | — | 130,051 | — | 130,051 | ||||||||||||||||||||||||||||
Common dividends declared | — | — | — | — | — | — | (142,427 | ) | (142,427 | ) | — | (142,427 | ) | |||||||||||||||||||||||||
Preferred dividends declared | — | — | — | — | — | — | (2,834 | ) | (2,834 | ) | — | (2,834 | ) | |||||||||||||||||||||||||
Equity-based compensation | — | — | 25,843 | — | 662 | — | — | 662 | (4,449 | ) | (3,787 | ) | ||||||||||||||||||||||||||
Distributions to non-controlling interest holders | — | — | — | — | — | — | (642 | ) | (642 | ) | (97 | ) | (739 | ) | ||||||||||||||||||||||||
Net income | — | — | — | — | — | — | 23,565 | 23,565 | 21 | 23,586 | ||||||||||||||||||||||||||||
Cumulative translation adjustment | — | — | — | — | — | 27,956 | — | 27,956 | (2 | ) | 27,954 | |||||||||||||||||||||||||||
Designated derivatives, fair value adjustments | — | — | — | — | — | 8,186 | — | 8,186 | (23 | ) | 8,163 | |||||||||||||||||||||||||||
Rebalancing of ownership percentage | — | — | — | — | (53 | ) | — | — | (53 | ) | 53 | — | ||||||||||||||||||||||||||
Balance, December 31, 2017 | 5,409,650 | $ | 54 | 67,287,231 | $ | 2,003 | $ | 1,860,058 | $ | 19,447 | $ | (468,396 | ) | $ | 1,413,166 | $ | 1,077 | $ | 1,414,243 |
Year Ended December 31, | ||||||||||||
2017 | 2016 | 2015 | ||||||||||
Cash flows from operating activities: | ||||||||||||
Net income (loss) | $ | 23,586 | $ | 47,577 | $ | (2,015 | ) | |||||
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | ||||||||||||
Depreciation | 59,385 | 50,333 | 47,649 | |||||||||
Amortization of intangibles | 53,663 | 44,122 | 42,421 | |||||||||
Amortization of deferred financing costs | 4,420 | 6,698 | 8,527 | |||||||||
Amortization of mortgage discounts and premiums, net | 810 | (446 | ) | (489 | ) | |||||||
Amortization of mezzanine discount | 17 | 9 | — | |||||||||
Amortization of below-market lease liabilities | (3,364 | ) | (2,559 | ) | (2,134 | ) | ||||||
Amortization of above-market lease assets | 4,346 | 2,335 | 2,315 | |||||||||
Amortization of above- and below- market ground lease assets | 948 | 183 | 71 | |||||||||
Bad debt expense | 1,185 | 236 | — | |||||||||
Unbilled straight-line rent | (10,537 | ) | (10,613 | ) | (14,809 | ) | ||||||
Vesting of Class B Units | — | — | 14,480 | |||||||||
Equity based compensation | (3,787 | ) | 3,748 | 2,345 | ||||||||
Unrealized losses (gains) on foreign currency transactions, derivatives, and other | 10,182 | (1,072 | ) | (7,337 | ) | |||||||
Unrealized losses (gains) on undesignated foreign currency advances and other hedge ineffectiveness | 3,679 | (10,109 | ) | (5,124 | ) | |||||||
Payments for settlement of derivatives | (1,547 | ) | — | — | ||||||||
Unrealized losses on non-functional foreign currency advances not designated as net investment hedges | — | — | 3,558 | |||||||||
Gains on dispositions of real estate investments | (1,089 | ) | (13,341 | ) | — | |||||||
Appreciation of investment in securities | — | — | 66 | |||||||||
Changes in operating assets and liabilities, net: | ||||||||||||
Prepaid expenses and other assets | (6,225 | ) | (1,151 | ) | 31 | |||||||
Deferred tax assets | 549 | 1,342 | (450 | ) | ||||||||
Accounts payable and accrued expenses | (593 | ) | (3,010 | ) | 4,859 | |||||||
Prepaid rent | 106 | (3,063 | ) | 3,239 | ||||||||
Deferred tax liability | 1,804 | 978 | (249 | ) | ||||||||
Taxes payable | (6,584 | ) | 2,197 | 5,201 | ||||||||
Net cash provided by operating activities | 130,954 | 114,394 | 102,155 | |||||||||
Cash flows from investing activities: | ||||||||||||
Investment in real estate and real estate related assets | (98,777 | ) | — | (223,075 | ) | |||||||
Capital expenditures | (3,118 | ) | (200 | ) | (10,495 | ) | ||||||
Proceeds from dispositions of real estate investments | 12,292 | 107,789 | — | |||||||||
Proceeds from settlement of derivatives | 10,625 | — | — | |||||||||
Deposits for real estate acquisitions | — | — | 773 | |||||||||
Proceeds from the partial termination of derivatives | — | — | 10,055 | |||||||||
Proceeds from redemption of investment securities | — | — | 463 | |||||||||
Cash acquired in merger transaction | — | 18,983 | — | |||||||||
Restricted cash acquired in merger transaction | — | 7,575 | — | |||||||||
Net cash (used in) provided by investing activities | (78,978 | ) | 134,147 | (222,279 | ) | |||||||
Cash flows from financing activities: | ||||||||||||
Borrowings under revolving credit facilities | 647,353 | 62,682 | 476,208 | |||||||||
Repayments on revolving credit facilities | (1,006,949 | ) | (113,868 | ) | (373,167 | ) | ||||||
Repayment of mezzanine facility | (56,537 | ) | (51,803 | ) | — | |||||||
Proceeds from mortgage notes payable | 187,000 | — | 245,483 | |||||||||
Payments on mortgage notes payable | (21,918 | ) | (13,377 | ) | (721 | ) | ||||||
Proceeds from issuance of common stock, net | 18,295 | — | 469 | |||||||||
Proceeds from issuance of preferred stock, net | 130,434 | — | — | |||||||||
Proceeds from term loan | 225,000 | — | — | |||||||||
Payments of financing costs | (14,612 | ) | (126 | ) | (4,881 | ) | ||||||
Dividends paid on common stock | (142,739 | ) | (120,386 | ) | (97,730 | ) | ||||||
Dividends paid on preferred stock | (383 | ) | — | — | ||||||||
Distributions to non-controlling interest holders | (739 | ) | (2,008 | ) | (642 | ) | ||||||
Payments received on related party notes receivable acquired in Merger | 5,138 | — | — | |||||||||
Payments on common stock repurchases, inclusive of fees | — | — | (2,313 | ) | ||||||||
Payments on share repurchases related to Tender Offer | — | — | (125,000 | ) | ||||||||
Proceeds from issuance of operating partnership units | — | — | 750 | |||||||||
Advances from related parties, net | — | 2,186 | 363 | |||||||||
Net cash (used in) provided by financing activities | (30,657 | ) | (236,700 | ) | 118,819 | |||||||
Net change in cash, cash equivalents and restricted cash | 21,319 | 11,841 | (1,305 | ) | ||||||||
Effect of exchange rate changes on cash | 9,080 | (7,770 | ) | 3,774 | ||||||||
Cash, cash equivalents, and restricted cash at beginning of period | 77,328 | 73,257 | 70,788 | |||||||||
Cash, cash equivalents and restricted cash at end of period | $ | 107,727 | $ | 77,328 | $ | 73,257 |
Year Ended December 31, | ||||||||||||
2017 | 2016 | 2015 | ||||||||||
Supplemental Disclosures: | ||||||||||||
Cash paid for interest | $ | 43,555 | $ | 36,195 | $ | 24,625 | ||||||
Cash paid for income taxes | 9,437 | 3,778 | 1,589 | |||||||||
Non-Cash Investing and Financing Activities: (1) | ||||||||||||
Mortgage notes payable assumed or used to acquire investments in real estate | $ | — | $ | — | $ | 31,933 | ||||||
Conversion of OP Units to common stock (Note 1) | 2,629 | 9,277 | — | |||||||||
Related party fees acquired in Merger (Note 3) | — | (1,054 | ) | — | ||||||||
Common stock issued through dividend reinvestment plan | — | — | 28,578 |
(1) | Excludes non-cash activity in connection with the Merger transaction (see Note 3 — Merger Transaction). |
December 31, | ||||||||
(In thousands) | 2014 | 2013 | ||||||
Intangible assets: | ||||||||
In-place lease, net of accumulated amortization of $20,131 and $1,325 at December 31, 2014 and 2013, respectively | $ | 435,684 | $ | 44,202 | ||||
Above-market lease, net of accumulated amortization of $1,086 and $113 at December 31, 2014 and 2013, respectively | 26,329 | 2,259 | ||||||
Below-market ground lease, net of accumulated amortization of $32 at December 31, 2014 | 817 | — | ||||||
Total intangible lease assets, net | $ | 462,830 | $ | 46,461 | ||||
Intangible liabilities: | ||||||||
Below-market leases, net of accumulated accretion of $1,211 and $129 at December 31, 2014 and 2013, respectively | $ | 21,676 | $ | 5,854 | ||||
Total intangible lease liabilities, net | $ | 21,676 | $ | 5,854 |
(In thousands) | Amortization Years | 2015 | 2016 | 2017 | 2018 | 2019 | ||||||||||||||||
In-place leases (amortization expense) | 11.6 | $ | 41,646 | $ | 41,646 | $ | 41,646 | $ | 41,646 | $ | 41,646 | |||||||||||
Above-market lease assets (rental revenue) | 11.6 | (2,539 | ) | (2,539 | ) | (2,539 | ) | (2,539 | ) | (2,539 | ) | |||||||||||
Below-market ground lease assets (amortization expense) | 90.3 | 30 | 28 | 26 | 25 | 23 | ||||||||||||||||
Below-market lease liabilities (rental revenue) | 14.2 | 1,884 | 1,884 | 1,884 | 1,884 | 1,884 | ||||||||||||||||
Total to be included in rental income | $ | (655 | ) | $ | (655 | ) | $ | (655 | ) | $ | (655 | ) | $ | (655 | ) |
Year ended December 31, 2013 | As originally reported | Revisions | As revised | |||||||||||||
Item 1 | Item 2 | |||||||||||||||
Net Cash provided by (used in) Operating Activities | $ | (2,702 | ) | $ | (945 | ) | $ | — | $ | (3,647 | ) | |||||
Net Cash provided by (used in) Investing Activities | $ | (112,445 | ) | $ | 945 | $ | — | $ | (111,500 | ) | ||||||
Net Cash provided by (used in) Financing Activities | $ | 124,209 | $ | — | $ | — | $ | 124,209 | ||||||||
Additional non-cash financing activities: | ||||||||||||||||
Line of credit draws used directly to acquire investments in real estate | $ | — | $ | — | $ | — | $ | — |
Year Ended December 31, | ||||||||||||
(In thousands) | 2017 | 2016 | 2015 | |||||||||
Revenues: | ||||||||||||
United States | $ | 133,060 | $ | 133,315 | $ | 130,598 | ||||||
United Kingdom | 52,567 | 37,263 | 40,830 | |||||||||
Europe (Finland, France, Germany, Luxembourg, and the Netherlands) | 73,668 | 43,596 | 33,904 | |||||||||
Total | $ | 259,295 | $ | 214,174 | $ | 205,332 |
Three months ended March 31, 2014 | As originally reported | Revisions | As revised | |||||||||||||
Item 1 | Item 2 | |||||||||||||||
Net Cash provided by (used in) Operating Activities | $ | (16,893 | ) | $ | (1,649 | ) | $ | — | $ | (18,542 | ) | |||||
Net Cash provided by (used in) Investing Activities | $ | (219,996 | ) | $ | 1,649 | $ | 36,265 | $ | (182,082 | ) | ||||||
Net Cash provided by (used in) Financing Activities | $ | 504,818 | $ | — | $ | (36,265 | ) | $ | 468,553 | |||||||
Additional non-cash financing activities: | ||||||||||||||||
Line of credit draws used directly to acquire investments in real estate | $ | — | $ | — | $ | 36,265 | $ | 36,265 |
Six months ended June 30, 2014 | As originally reported | Revisions | As revised | |||||||||||||
Item 1 | Item 2 | |||||||||||||||
Net Cash provided by (used in) Operating Activities | $ | (769 | ) | $ | (2,463 | ) | $ | — | $ | (3,232 | ) | |||||
Net Cash provided by (used in) Investing Activities | $ | (519,568 | ) | $ | 2,463 | $ | 71,528 | $ | (445,577 | ) | ||||||
Net Cash provided by (used in) Financing Activities | $ | 1,441,661 | $ | — | $ | (71,528 | ) | $ | 1,370,133 | |||||||
Additional non-cash financing activities: | ||||||||||||||||
Line of credit draws used directly to acquire investments in real estate | $ | — | $ | — | $ | 71,528 | $ | 71,528 |
Nine months ended September 30, 2014 | As originally reported | Revisions | As revised | |||||||||||||
Item 1 | Item 2 | |||||||||||||||
Net Cash provided by (used in) Operating Activities | $ | 352 | $ | (10,000 | ) | $ | — | $ | (9,648 | ) | ||||||
Net Cash provided by (used in) Investing Activities | $ | (1,408,617 | ) | $ | 10,000 | $ | 309,096 | $ | (1,089,521 | ) | ||||||
Net Cash provided by (used in) Financing Activities | $ | 1,672,715 | $ | — | $ | (309,096 | ) | $ | 1,363,619 | |||||||
Additional non-cash financing activities: | ||||||||||||||||
Line of credit draws used directly to acquire investments in real estate | $ | — | $ | — | $ | 309,096 | $ | 309,096 |
As of December 31, | ||||||||
(In thousands) | 2017 | 2016 | ||||||
Investments in Real Estate: | ||||||||
United States | $ | 1,625,472 | $ | 1,542,958 | ||||
United Kingdom | 621,776 | 571,246 | ||||||
Europe (Finland, France, Germany, Luxembourg, and the Netherlands) | 925,429 | 817,491 | ||||||
Total | $ | 3,172,677 | $ | 2,931,695 |
As of Mergers Date | ||||
Fair Value of Consideration Transferred: | ||||
Cash | $ | — | ||
Common Stock | 220,868 | |||
Total Consideration Transferred | $ | 220,868 |
(Dollar amounts in thousands) | Global II | |||
Total Consideration: | ||||
Fair value of Company's shares of Common Stock issued, net of fractional shares | $ | 220,868 | ||
Assets Acquired at Fair Value | ||||
Land | 70,176 | |||
Buildings, fixtures and improvements | 384,428 | |||
Acquired intangible lease assets | 111,097 | |||
Total real estate investments, at fair value | 565,701 | |||
Restricted cash | 7,575 | |||
Derivatives, at fair value | 21,808 | |||
Prepaid expenses and other assets | 1,317 | |||
Related party notes receivable acquired in Merger | 5,138 | |||
Due from related parties | 1,463 | |||
Deferred tax assets | 368 | |||
Goodwill and other intangible assets, net | 18,204 | |||
Total Assets Acquired at Fair Value | 621,574 | |||
Liabilities Assumed at Fair Value | ||||
Mortgage notes payable | 279,032 | |||
Mortgage (discount) premium, net | (2,724 | ) | ||
Mezzanine facility | 107,047 | |||
Mezzanine discount, net | (26 | ) | ||
Acquired intangible lease liabilities, net | 8,510 | |||
Derivatives, at fair value | 3,911 | |||
Accounts payable and accrued expenses | 7,212 | |||
Prepaid rent | 6,001 | |||
Deferred tax liability | 9,063 | |||
Taxes payable | 1,661 | |||
Dividend payable | 2 | |||
Total Liabilities Assumed at Fair Value | 419,689 | |||
Net assets acquired excluding cash | 201,885 | |||
Cash acquired on acquisition | $ | 18,983 |
Number of Properties | Base Purchase Price(1) | |||||
(In thousands) | ||||||
As of December 31, 2013 | 37 | $ | 184,960 | |||
Twelve Months ended December 31, 2014 | 270 | 2,193,594 | ||||
Portfolio as of December 31, 2014 | 307 | $ | 2,378,554 |
Year Ended December 31, | Year Ended December 31, | |||||||||||||||
(Dollar amounts in thousands) | 2014 | 2013 | 2012 | 2017 | ||||||||||||
Real estate investments, at cost: | ||||||||||||||||
Land | $ | 288,376 | $ | 44,118 | $ | 519 | $ | 18,410 | ||||||||
Buildings, fixtures and improvements | 1,450,862 | 103,127 | 1,210 | 66,704 | ||||||||||||
Total tangible assets | 1,739,238 | 147,245 | 1,729 | 85,114 | ||||||||||||
Intangibles acquired: | ||||||||||||||||
In-place leases | 418,419 | 44,865 | 647 | 15,365 | ||||||||||||
Above market lease asset | 26,711 | 2,159 | 209 | |||||||||||||
Below market lease liability | (17,513 | ) | (5,983 | ) | — | |||||||||||
Below market ground lease liability | 901 | — | — | |||||||||||||
Goodwill | 3,665 | — | — | |||||||||||||
Above market lease assets | 235 | |||||||||||||||
Below market lease liabilities | (1,937 | ) | ||||||||||||||
Total assets acquired, net | 2,171,421 | 188,286 | 2,585 | 98,777 | ||||||||||||
Mortgage notes payable used to acquire real estate investments | (217,791 | ) | (75,651 | ) | (1,228 | ) | ||||||||||
Credit facility borrowings used to acquire real estate investments | (446,558 | ) | — | — | ||||||||||||
Other liabilities assumed | — | (1,664 | ) | — | ||||||||||||
Cash paid for acquired real estate investments | $ | 1,507,072 | $ | 110,971 | $ | 1,357 | $ | 98,777 | ||||||||
Number of properties purchased | 270 | 36 | 1 | 12 |
Year Ended December 31, | ||||||||||||
(In thousands) | 2014 | 2013 | 2012 | |||||||||
Pro forma revenues | $ | 203,769 | $ | 202,419 | $ | 16,685 | ||||||
Pro forma net income | $ | 54,887 | $ | (55,524 | ) | $ | (6,817 | ) | ||||
Pro forma earnings per share | 0.44 | (10.18 | ) | (106.10 | ) |
Portfolio | State | Disposition Date | Number of Properties | Square Feet | |||||
Properties Sold in 2017: | |||||||||
Kulicke & Soffa | Pennsylvania | February 17, 2017 | 1 | 88,000 | |||||
Properties Sold in 2016: | |||||||||
Fresenius II | Georgia | September 2, 2016 | 1 | 6,192 | |||||
Garden Ridge | North Carolina | September 29, 2016 | 1 | 119,258 | |||||
Dollar General | Ohio | September 29, 2016 | 1 | 9,026 | |||||
Dollar General - Choctaw | Oklahoma | October 13, 2016 | 1 | 9,100 | |||||
Dollar Tree - 8-Pack | Florida | October 13, 2016 | 8 | 63,510 | |||||
Dollar General - Allentown | Pennsylvania | October 25, 2016 | 1 | 9,026 | |||||
Dollar General - Uniontown | Pennsylvania | October 27, 2016 | 1 | 9,014 | |||||
Dollar General - 15-Pack | (1) | October 28, 2016 | 15 | 145,938 | |||||
Fresenius I | South Carolina | November 2, 2016 | 1 | 10,155 | |||||
Garden Ridge | Texas | November 21, 2016 | 1 | 140,381 | |||||
Hotel Winston | The Netherlands | December 15, 2016 | 1 | 24,283 | |||||
Garden Ridge | Arizona | December 20, 2016 | 1 | 143,271 | |||||
Garden Ridge | Kentucky | December 20, 2016 | 1 | 162,000 | |||||
34 | 851,154 |
December 31, 2017 | December 31, 2016 | |||||||||||||||||||||||
(In thousands) | Gross Carrying Amount | Accumulated Amortization | Net Carrying amount | Gross Carrying Amount | Accumulated Amortization | Net Carrying amount | ||||||||||||||||||
Intangible assets: | ||||||||||||||||||||||||
In-place leases | $ | 552,458 | $ | 153,846 | $ | 398,612 | $ | 518,827 | $ | 99,355 | $ | 419,472 | ||||||||||||
Above-market leases | 43,838 | 10,203 | 33,635 | 38,813 | 5,040 | 33,773 | ||||||||||||||||||
Below-market ground leases | 33,330 | 1,427 | 31,903 | 29,421 | 339 | 29,082 | ||||||||||||||||||
Total acquired intangible lease assets | $ | 629,626 | $ | 165,476 | $ | 464,150 | $ | 587,061 | $ | 104,734 | $ | 482,327 | ||||||||||||
Intangible liabilities: | ||||||||||||||||||||||||
Below-market leases | $ | 37,406 | $ | 8,079 | $ | 29,327 | $ | 36,796 | $ | 5,621 | $ | 31,175 | ||||||||||||
Above-market ground lease | 2,207 | 146 | 2,061 | 1,938 | 72 | 1,866 | ||||||||||||||||||
Total acquired intangible lease liabilities | $ | 39,613 | $ | 8,225 | $ | 31,388 | $ | 38,734 | $ | 5,693 | $ | 33,041 |
(In thousands) | Weighted-Average Amortization Years | 2018 | 2019 | 2020 | 2021 | 2022 | ||||||||||||||||
In-place leases | 8.1 | $ | 53,897 | $ | 53,897 | $ | 53,738 | $ | 52,535 | $ | 49,039 | |||||||||||
Total to be included in depreciation and amortization | $ | 53,897 | $ | 53,897 | $ | 53,738 | $ | 52,535 | $ | 49,039 | ||||||||||||
Above-market lease assets | 7.7 | $ | 4,664 | $ | 4,664 | $ | 4,664 | $ | 4,664 | $ | 4,626 | |||||||||||
Below-market lease liabilities | 9.6 | (3,538 | ) | (3,538 | ) | (3,513 | ) | (3,237 | ) | (3,144 | ) | |||||||||||
Total to be included in rental income | $ | 1,126 | $ | 1,126 | $ | 1,151 | $ | 1,427 | $ | 1,482 | ||||||||||||
Below-market ground lease assets | 31.9 | $ | 1,055 | $ | 1,055 | $ | 1,055 | $ | 1,055 | $ | 1,055 | |||||||||||
Above-market ground lease liabilities | 31.7 | (65 | ) | (65 | ) | (65 | ) | (65 | ) | (65 | ) | |||||||||||
Total to be included in property operating expense | $ | 990 | $ | 990 | $ | 990 | $ | 990 | $ | 990 |
(In thousands) | Future Minimum Base Rent Payments | Future Minimum Base Rent Payments (1) | ||||||
2015 | $ | 175,154 | ||||||
2016 | 179,154 | |||||||
2017 | 182,643 | |||||||
2018 | 185,137 | $ | 249,495 | |||||
2019 | 187,586 | 252,541 | ||||||
2020 | 255,589 | |||||||
2021 | 253,689 | |||||||
2022 | 244,151 | |||||||
Thereafter | 1,220,434 | 893,992 | ||||||
$ | 2,130,108 | |||||||
Total | $ | 2,149,457 |
(1) | Assumes exchange rates of £1.00 to $1.35 for GBP and €1.00 to $1.20 for EUR as of December 31, 2017 for illustrative purposes, as applicable. |
December 31, | ||||||
Tenant | 2014 | 2013 | 2012 | |||
Encanto Restaurants, Inc. | * | 19.4% | —% | |||
Western Digital Corporation | * | 14.6% | —% | |||
Thames Water Utilities Limited | * | 11.7% | —% | |||
McDonald's Property Company Limited | * | * | 100% |
December 31, | ||||||
Country | 2014 | 2013 | 2012 | |||
United Kingdom | 22.0% | 38.4% | 100% | |||
Puerto Rico | * | 19.4% | * | |||
Germany | 10.9% | * | * | |||
United States: | ||||||
California | * | 14.6% | * | |||
Texas | 10.4% | * | * |
December 31, | ||||||
Country / U.S. State | 2017 | 2016 | 2015 | |||
United Kingdom | 22.1% | 21.9% | 19.2% | |||
United States and Puerto Rico: | ||||||
Texas | * | * | 11.5% |
* | Annualized rental income on a straight-line basis was not greater than 10% of total annualized rental income as of the period specified. |
Encumbered Properties | Outstanding Loan Amount (1) | Effective Interest Rate | Interest Rate | ||||||||||||||||
Country | Portfolio | December 31, 2017 | December 31, 2016 | Maturity | |||||||||||||||
(In thousands) | (In thousands) | ||||||||||||||||||
Finland: | Finnair | 4 | $ | 34,022 | $ | 29,878 | 2.2% | (2) | Fixed | Sep. 2020 | |||||||||
Tokmanni | 1 | 34,711 | 30,483 | 2.4% | (2) | Fixed | Oct. 2020 | ||||||||||||
France: | Auchan (5) | 1 | 9,943 | 8,732 | 1.7% | (2) | Fixed | Dec. 2019 | |||||||||||
Pole Emploi (5) | 1 | 6,948 | 6,102 | 1.7% | (2) | Fixed | Dec. 2019 | ||||||||||||
Sagemcom (5) | 1 | 43,006 | 37,768 | 1.7% | (2) | Fixed | Dec. 2019 | ||||||||||||
Worldline (5) | 1 | 5,990 | 5,260 | 1.9% | (2) | Fixed | Jul. 2020 | ||||||||||||
DCNS (5) | 1 | 11,381 | 9,994 | 1.5% | (2) | Fixed | Dec. 2020 | ||||||||||||
ID Logistics II (5) | 2 | 12,578 | 11,046 | 1.3% | Fixed | Jun. 2021 |
Germany | Rheinmetall | 1 | 12,698 | 11,152 | 2.6% | (2) | Fixed | Jan. 2019 | |||||||||||
OBI DIY | 1 | 5,391 | 4,734 | 2.4% | Fixed | Jan. 2019 | |||||||||||||
RWE AG | 3 | 74,872 | 65,753 | 1.6% | (2) | Fixed | Oct. 2019 | ||||||||||||
Rexam | 1 | 6,301 | 5,534 | 1.8% | (2) | Fixed | Oct. 2019 | ||||||||||||
Metro Tonic | 1 | 31,746 | 27,879 | 1.7% | (2) | Fixed | Dec. 2019 | ||||||||||||
ID Logistics I (5) | 1 | 4,792 | 4,208 | 1.0% | Fixed | Oct. 2021 | |||||||||||||
Luxembourg: | DB Luxembourg (5) | 1 | 43,126 | 37,873 | 1.4% | (2) | Fixed | May 2020 | |||||||||||
The Netherlands: | ING Amsterdam (5) | 1 | 52,710 | 46,290 | 1.7% | (2) | Fixed | Jun. 2020 | |||||||||||
Total EUR denominated | 22 | 390,215 | 342,686 | ||||||||||||||||
United Kingdom: | McDonald's | 1 | 1,025 | 938 | 4.1% | (2) | Fixed | Feb. 2018 | |||||||||||
Wickes Building Supplies I | 1 | 2,226 | 2,402 | 3.7% | (2) | Fixed | May 2018 | ||||||||||||
Everything Everywhere | 1 | 5,397 | 4,936 | 4.0% | (2) | Fixed | Jun. 2018 | ||||||||||||
Thames Water | 1 | 8,096 | 7,405 | 4.1% | (2) | Fixed | Jul. 2018 | ||||||||||||
Wickes Building Supplies II | 1 | 2,626 | 2,036 | 4.2% | (2) | Fixed | Jul. 2018 | ||||||||||||
Northern Rock | 2 | 7,084 | 6,479 | 4.4% | (2) | Fixed | Sep. 2018 | ||||||||||||
Wickes Building Supplies III | 1 | 2,564 | 2,345 | 4.3% | (2) | Fixed | Nov. 2018 | ||||||||||||
Provident Financial | 1 | 17,203 | 15,735 | 4.1% | (2) | Fixed | Feb. 2019 | ||||||||||||
Crown Crest | 1 | 25,973 | 23,757 | 4.2% | (2) | Fixed | Feb. 2019 | ||||||||||||
Aviva | 1 | 21,183 | 19,376 | 3.8% | (2) | Fixed | Mar. 2019 | ||||||||||||
Bradford & Bingley | 1 | 10,200 | 9,330 | 3.5% | (2) | Fixed | May 2020 | ||||||||||||
Intier Automotive Interiors | 1 | 6,375 | 5,831 | 3.5% | (2) | Fixed | May 2020 | ||||||||||||
Capgemini | 1 | 6,381 | 6,788 | 3.2% | (2) | Fixed | Jun. 2020 | ||||||||||||
Fujitsu | 3 | 33,435 | 30,581 | 3.2% | (2) | Fixed | Jun. 2020 | ||||||||||||
Amcor Packaging | 7 | 4,218 | 3,858 | 3.5% | (2) | Fixed | Jul. 2020 | ||||||||||||
Fife Council | 1 | 2,474 | 2,263 | 3.5% | (2) | Fixed | Jul. 2020 | ||||||||||||
Malthrust | 3 | 4,318 | 3,949 | 3.5% | (2) | Fixed | Jul. 2020 | ||||||||||||
Talk Talk | 1 | 5,161 | 4,721 | 3.5% | (2) | Fixed | Jul. 2020 | ||||||||||||
HBOS | 3 | 7,272 | 6,652 | 3.5% | (2) | Fixed | Jul. 2020 | ||||||||||||
DFS Trading | 5 | 13,680 | 12,513 | 3.4% | (2) | Fixed | Aug. 2020 | ||||||||||||
DFS Trading | 2 | 3,203 | 2,930 | 3.4% | (2) | Fixed | Aug. 2020 | ||||||||||||
HP Enterprise Services | 1 | 12,531 | 11,461 | 3.4% | (2) | Fixed | Aug. 2020 | ||||||||||||
Foster Wheeler (5) | 1 | 53,026 | 48,501 | 2.6% | (2) | Fixed | Oct. 2018 | ||||||||||||
Harper Collins (5) | 1 | 37,880 | 34,648 | 3.4% | (2) | Fixed | Oct. 2019 | ||||||||||||
NCR Dundee (5) | 1 | 7,610 | 6,960 | 2.9% | (2) | Fixed | Apr. 2020 | ||||||||||||
Total GBP denominated | 43 | 301,141 | 276,395 | ||||||||||||||||
United States: | Quest Diagnostics | 1 | 52,800 | 52,800 | 2.8% | (3) | Variable | Sep. 2018 | |||||||||||
Western Digital | 1 | 17,363 | 17,682 | 5.3% | Fixed | Jul. 2021 | |||||||||||||
AT&T Services | 1 | 33,550 | 33,550 | 2.9% | (4) | Variable | Dec. 2020 | ||||||||||||
FedEx Freight (5) | 1 | 6,165 | 6,165 | 4.5% | Fixed | Jun. 2021 | |||||||||||||
Veolia Water (5) | 1 | 4,110 | 4,110 | 5.2% | Fixed | Jun. 2021 | |||||||||||||
Multi-Tenant Mortgage Loan | 12 | 187,000 | — | 4.4% | Fixed | Nov. 2027 | |||||||||||||
Puerto Rico: | Encanto Restaurants (6) | — | — | 21,599 | —% | — | — | ||||||||||||
Total USD denominated | 17 | 300,988 | 135,906 | ||||||||||||||||
Gross mortgage notes payable | 82 | 992,344 | 754,987 | 3.0% | |||||||||||||||
Mortgage discount | — | (1,927 | ) | (2,503 | ) | — | |||||||||||||
Deferred financing costs, net of accumulated amortization | — | (5,541 | ) | (5,103 | ) | — | |||||||||||||
Mortgage notes payable, net of deferred financing costs | 82 | $ | 984,876 | $ | 747,381 | 3.0% |
(1) | Amounts borrowed in local currency and translated at the spot rate as of the periods presented. |
(2) | Fixed as a result of an interest rate swap agreement. |
(3) | The interest rate is 2.0% plus 1-month LIBOR. |
(4) | The interest rate is 2.0% plus 1- month Adjusted LIBOR as defined in the mortgage agreement. |
(5) | New mortgages acquired as part of the Merger on the Merger Date. |
(6) | The effective interest rate of 6.3% and 18 properties is not included in the calculation of weighted average effective interest rate and encumbered properties total as of December 31, 2017, respectively, as the loan was paid off as of June 30, 2017. |
(In thousands) | Future Principal Payments (1) | |||
2018 | $ | 135,180 | ||
2019 | 293,500 | |||
2020 | 332,719 | |||
2021 | 43,945 | |||
2022 | — | |||
Thereafter | 187,000 | |||
Total | $ | 992,344 |
(1) | Assumes exchange rates of £1.00 to $1.35 for GBP and €1.00 to $1.20 for EUR as of December 31, 2017 for illustrative purposes, as applicable. |
Encumbered Properties | Outstanding Loan Amount | Effective Interest Rate | Interest Rate | ||||||||||||||
Country | Portfolio | December 31, 2014 | December 31, 2013 | Maturity | |||||||||||||
(In thousands) | (In thousands) | ||||||||||||||||
Germany: | |||||||||||||||||
Rheinmetall | 1 | $ | 12,884 | $ | — | 2.5% | Fixed | Jan. 2019 | |||||||||
OBI DIY | 1 | 5,470 | — | 2.4% | Fixed | Jan. 2019 | |||||||||||
RWE AG | 3 | 75,969 | — | 1.6% | Fixed | Oct. 2019 | |||||||||||
Rexam | 1 | 6,394 | — | 1.9% | Fixed | Oct. 2019 | |||||||||||
Metro Tonic | 1 | 32,211 | — | 1.7% | Fixed | Dec. 2019 | |||||||||||
United Kingdom: | |||||||||||||||||
McDonald's | 1 | 1,180 | (1) | 1,253 | 4.1% | (2) | Fixed | Oct. 2017 | |||||||||
Wickes Building Supplies I | 1 | 3,024 | (1) | 3,209 | 3.7% | (2) | Fixed | May 2018 | |||||||||
Everything Everywhere | 1 | 6,213 | (1) | 6,596 | 4.0% | (2) | Fixed | Jun. 2018 | |||||||||
Thames Water | 1 | 9,319 | (1) | 9,894 | 4.1% | (2) | Fixed | Jul. 2018 | |||||||||
Wickes Building Supplies II | 1 | 2,563 | (1) | 2,721 | 4.2% | (2) | Fixed | Jul. 2018 | |||||||||
Northern Rock | 2 | 8,155 | (1) | 8,657 | 4.4% | (2) | Fixed | Sep. 2018 | |||||||||
Wickes Building Supplies III | 1 | 2,951 | (1) | 3,133 | 4.3% | (2) | Fixed | Nov. 2018 | |||||||||
Provident Financial | 1 | 19,804 | — | 4.1% | (2) | Fixed | Feb. 2019 | ||||||||||
Crown Crest | 1 | 29,901 | — | 4.2% | (2) | Fixed | Feb. 2019 | ||||||||||
Aviva | 1 | 24,387 | — | 3.8% | (2) | Fixed | Mar. 2019 | ||||||||||
United States: | Western Digital | 1 | 18,269 | 18,541 | 3.7% | Fixed | Jul. 2021 | ||||||||||
Puerto Rico: | Encanto Restaurants | 18 | 22,492 | 22,900 | 3.0% | Fixed | Jun. 2017 | ||||||||||
Total | 37 | $ | 281,186 | $ | 76,904 | 3.7% |
(In thousands) | Future Principal Payments | |||
2015 | $ | 721 | ||
2016 | 758 | |||
2017 | 23,099 | |||
2018 | 32,562 | |||
2019 | 207,374 | |||
Thereafter | 16,672 | |||
$ | 281,186 |
(In thousands) | Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | |||||||||||||
December 31, 2014 | $ | 514 | $ | — | $ | (24 | ) | $ | 490 | ||||||||
December 31, 2013 | $ | — | $ | — | $ | — | — | $ | — |
(In thousands) | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
December 31, 2014 | ||||||||||||||||
Foreign currency swaps, net | $ | — | $ | 11,289 | $ | — | $ | 11,289 | ||||||||
Foreign currency forwards, net | $ | — | $ | 1,884 | $ | — | $ | 1,884 | ||||||||
Investment securities | $ | 490 | $ | — | $ | — | $ | 490 | ||||||||
Interest rate swaps, net | $ | — | $ | (5,650 | ) | $ | — | $ | (5,650 | ) | ||||||
December 31, 2013 | ||||||||||||||||
Foreign currency swap | $ | — | $ | (2,565 | ) | $ | — | $ | (2,565 | ) | ||||||
Interest rate swap | $ | — | $ | 734 | $ | — | $ | 734 |
(In thousands) | Quoted Prices in Active Markets Level 1 | Significant Other Observable Inputs Level 2 | Significant Unobservable Inputs Level 3 | Total | ||||||||||||
December 31, 2017 | ||||||||||||||||
Cross currency swaps, net (GBP & EUR) | $ | — | $ | (4,511 | ) | $ | — | $ | (4,511 | ) | ||||||
Foreign currency forwards, net (GBP & EUR) | $ | — | $ | (2,737 | ) | $ | — | $ | (2,737 | ) | ||||||
Interest rate swaps, net (GBP & EUR) | $ | — | $ | (6,450 | ) | $ | — | $ | (6,450 | ) | ||||||
Put options (GBP & EUR) | $ | — | $ | 63 | $ | — | $ | 63 | ||||||||
OPP (see Note 13) | $ | — | $ | — | $ | (1,600 | ) | $ | (1,600 | ) | ||||||
December 31, 2016 | ||||||||||||||||
Cross currency swaps, net (GBP & EUR) | $ | — | $ | 21,179 | $ | — | $ | 21,179 | ||||||||
Foreign currency forwards, net (GBP & EUR) | $ | — | $ | 6,998 | $ | — | $ | 6,998 | ||||||||
Interest rate swaps, net (GBP & EUR) | $ | — | $ | (15,457 | ) | $ | — | $ | (15,457 | ) | ||||||
Put options (GBP & EUR) | $ | — | $ | 523 | $ | — | $ | 523 | ||||||||
OPP (see Note 13) | $ | — | $ | — | $ | (13,400 | ) | $ | (13,400 | ) |
(In thousands) | OPP | |||
Beginning Balance as of December 31, 2016 | $ | 13,400 | ||
Fair value adjustment | (11,800 | ) | ||
Ending balance as of December 31, 2017 | $ | 1,600 |
Financial Instrument | Fair Value at December 31, 2017 | Principal Valuation Technique | Unobservable Inputs | Input Value | ||||||
(In thousands) | ||||||||||
OPP | $ | 1,600 | Monte Carlo Simulation | Expected volatility | 20.0% |
Carrying Amount(1) | Fair Value | Carrying Amount(2) | Fair Value | |||||||||||||||
(In thousands) | Level | December 31, 2014 | December 31, 2014 | December 31, 2013 | December 31, 2013 | |||||||||||||
Mortgage notes payable | 3 | $ | 282,351 | $ | 280,967 | $ | 78,567 | $ | 77,698 | |||||||||
Credit facility | 3 | $ | 659,268 | $ | 669,824 | $ | — | $ | — |
Carrying Amount | Fair Value | Carrying Amount | Fair Value | |||||||||||||||
(In thousands) | Level | December 31, 2017 | December 31, 2017 | December 31, 2016 | December 31, 2016 | |||||||||||||
Mortgage notes payable (1) (2) | 3 | $ | 988,490 | $ | 963,751 | $ | 752,484 | $ | 747,870 | |||||||||
Revolving credit facilities (3) (4) | 3 | $ | 298,909 | $ | 297,890 | $ | 616,614 | $ | 616,614 | |||||||||
Term facility (3) | 3 | $ | 229,905 | $ | 233,916 | $ | — | $ | — | |||||||||
Mezzanine facility (5) | 3 | $ | — | $ | — | $ | 55,383 | $ | 55,400 |
(1) | Carrying value includes $990.4 million gross mortgage notes payable and $1.9 million mortgage discounts, net as of December 31, 2017. |
(2) | Carrying value includes $755.0 million gross mortgage notes payable and $2.5 million mortgage discounts, net as of December 31, 2016. |
(3) | As of December 31, 2017, both facilities are part of the Company's Credit Facility (see Note 6 - Credit Facilities for more information). |
(4) | Amounts as of December 31, 2016 were under the Prior Credit Facility. |
(5) | Carrying value includes $55.4 million Mezzanine Facility and $17,000 mezzanine discounts, net as of December 31, 2016. |
December 31, | ||||||||||
(In thousands) | Balance Sheet Location | 2017 | 2016 | |||||||
Derivatives designated as hedging instruments: | ||||||||||
Foreign currency forwards (EUR-USD) | Derivative liabilities/assets, at fair value | $ | (304 | ) | $ | 972 | ||||
Cross currency swaps (EUR) | Derivative liabilities/assets, at fair value | (3,328 | ) | 3,003 | ||||||
Cross currency swaps (GBP) | Derivative liabilities/assets, at fair value | (1,183 | ) | 16,868 | ||||||
Interest rate swaps (USD) | Derivative assets, at fair value | 2,093 | — | |||||||
Interest rate swaps (GBP) | Derivative liabilities, at fair value | (3,713 | ) | (8,595 | ) | |||||
Interest rate swaps (EUR) | Derivative liabilities, at fair value | (2,446 | ) | (4,262 | ) | |||||
Total | $ | (8,881 | ) | $ | 7,986 | |||||
Derivatives not designated as hedging instruments: | ||||||||||
Foreign currency forwards (GBP-USD) | Derivative assets, at fair value | $ | 20 | $ | 3,918 | |||||
Foreign currency forwards (GBP-USD) | Derivative liabilities, at fair value | (1,175 | ) | — | ||||||
Foreign currency forwards (EUR-USD) | Derivative liabilities/assets, at fair value | (1,258 | ) | 2,108 | ||||||
Put options (GBP) | Derivative assets, at fair value | — | 131 | |||||||
Put options (EUR) | Derivative assets, at fair value | 63 | 392 | |||||||
Interest rate swaps (EUR) | Derivative liabilities, at fair value | (2,384 | ) | (2,600 | ) | |||||
Cross currency swaps (GBP) | Derivative assets, at fair value | — | 477 | |||||||
Cross currency swaps (EUR) | Derivative assets, at fair value | — | 831 | |||||||
Total | $ | (4,734 | ) | $ | 5,257 |
December 31, 2014 | December 31, 2013 | December 31, 2017 | December 31, 2016 | |||||||||||||||||||||
Derivatives | Number of Instruments | Notional Amount | Number of Instruments | Notional Amount | Number of Instruments | Notional Amount | Number of Instruments | Notional Amount | ||||||||||||||||
(In thousands) | (In thousands) | (In thousands) | (In thousands) | |||||||||||||||||||||
Interest Rate Swap (GBP) | 20 | $ | 371,225 | 7 | $ | 35,465 | ||||||||||||||||||
Interest Rate Swap (EUR) | 10 | $ | 282,999 | — | $ | — | ||||||||||||||||||
Interest rate swaps (GBP) | 19 | $ | 301,155 | 21 | $ | 474,161 | ||||||||||||||||||
Interest rate swaps (EUR) | 13 | 222,190 | 14 | 431,213 | ||||||||||||||||||||
Interest rate swaps (USD) | 3 | 150,000 | — | — | ||||||||||||||||||||
Total | 30 | $ | 654,224 | 7 | $ | 35,465 | 35 | $ | 673,345 | 35 | $ | 905,374 |
Year Ended December 31, | ||||||||||||
(In thousands) | 2017 | 2016 | 2015 | |||||||||
Amount of (loss) gain recognized in accumulated other comprehensive income (loss) from derivatives (effective portion) | $ | (12,893 | ) | $ | (12,634 | ) | $ | 8,800 | ||||
Amount of loss reclassified from accumulated other comprehensive income (loss) into income as interest expense (effective portion) | $ | (6,029 | ) | $ | (5,318 | ) | $ | (4,166 | ) | |||
Amount of loss recognized in income on derivative instruments (ineffective portion, reclassifications of missed forecasted transactions and amounts excluded from effectiveness testing) | $ | (931 | ) | $ | (99 | ) | $ | (371 | ) |
December 31, 2014 | December 31, 2013 | December 31, 2017 | |||||||||||||||||
Derivatives | Number of Instrument (2) | Notional Amount (2) | Number of Instruments (1) | Notional Amount (1) | Number of Instruments | Notional Amount | |||||||||||||
(In thousands) | (In thousands) | (In thousands) | |||||||||||||||||
Foreign currency swaps (GBP-USD) | 5 | $ | 107,623 | 7 | $ | 35,597 | |||||||||||||
Foreign currency swaps (EUR-USD) | 10 | 134,285 | — | — | — | ||||||||||||||
Cross currency swaps (EUR-USD) | 3 | $ | 43,222 | ||||||||||||||||
Cross currency swaps (GBP-USD) | 1 | 66,282 | |||||||||||||||||
Foreign currency forwards (EUR-USD) | 1 | 12,099 | |||||||||||||||||
Total | 15 | $ | 241,908 | 7 | $ | 35,597 | 5 | $ | 121,603 |
December 31, 2014 | December 31, 2013 | |||||||||||
Derivatives | Number of Instruments | Notional Amount | Number of Instruments | Notional Amount | ||||||||
(In thousands) | (In thousands) | |||||||||||
EUR-USD forwards | 31 | $ | 12,699 | — | $ | — | ||||||
GBP-USD forwards | 80 | $ | 13,664 | — | $ | — |
December 31, 2017 | December 31, 2016 | |||||||||||
Derivatives | Number of Instruments | Notional Amount | Number of Instruments | Notional Amount | ||||||||
(In thousands) | (In thousands) | |||||||||||
Foreign currency forwards (GBP - USD) | 24 | $ | 32,116 | 21 | $ | 18,058 | ||||||
Foreign currency forwards (EUR - USD) | 22 | 35,712 | 20 | 28,424 | ||||||||
Cross currency swaps (GBP - USD) | — | — | 3 | 43,457 | ||||||||
Cross currency swaps (EUR - USD) | — | — | 3 | 30,604 | ||||||||
Interest rate swaps (EUR) | 6 | 414,093 | 5 | 127,570 | ||||||||
Options (GBP-USD) | 1 | 675 | 5 | 3,375 | ||||||||
Options (EUR-USD) | 5 | 9,250 | 5 | 6,250 | ||||||||
Total | 58 | $ | 491,846 | 62 | $ | 257,738 |
(In thousands) | Balance Sheet Location | December 31, 2014 | December 31, 2013 | |||||||
Derivatives designated as hedging instruments: | ||||||||||
Interest rate swaps | Derivative assets, at fair value | $ | 18 | $ | 734 | |||||
Foreign currency swaps | Derivative assets, at fair value | $ | 11,736 | $ | — | |||||
Interest rate swaps | Derivative liabilities, at fair value | $ | (5,668 | ) | $ | — | ||||
Foreign currency swaps | Derivative liabilities, at fair value | $ | (447 | ) | $ | (2,565 | ) | |||
Derivatives not designated as hedging instruments: | ||||||||||
GBP-USD Forwards | Derivative assets, at fair value | $ | 1,148 | $ | — | |||||
EUR-USD Forwards | Derivative assets, at fair value | $ | 736 | $ | — |
Year Ended December 31, | |||||||||||
(In thousands) | 2014 | 2013 | 2012 | ||||||||
Amount of gain (loss) recognized in accumulated other comprehensive income from derivatives (effective portion) | $ | 5,670 | (1,901 | ) | $ | (55 | ) | ||||
Amount of loss reclassified from accumulated other comprehensive income into income as interest expense (effective portion) | $ | (2,087 | ) | (123 | ) | $ | (2 | ) | |||
Amount of gain (loss) recognized in income on derivative instruments (ineffective portion and amount excluded from effectiveness testing) | $ | — | — | $ | — |
Gross Amounts Not Offset on the Balance Sheet | ||||||||||||||||||||||||||||
Derivatives (In thousands) | Gross Amounts of Recognized Assets | Gross Amounts of Recognized (Liabilities) | Gross Amounts Offset on the Balance Sheet | Net Amounts of Assets (Liabilities) presented on the Balance Sheet | Financial Instruments | Cash Collateral Received (Posted) | Net Amount | |||||||||||||||||||||
December 31, 2014 | $ | 13,638 | $ | (6,115 | ) | $ | — | $ | 7,523 | $ | — | $ | — | $ | 7,523 | |||||||||||||
December 31, 2013 | $ | 734 | $ | (2,565 | ) | $ | — | $ | (1,831 | ) | $ | — | $ | — | $ | (1,831 | ) |
Gross Amounts Not Offset on the Balance Sheet | ||||||||||||||||||||||||||||
(In thousands) | Gross Amounts of Recognized Assets | Gross Amounts of Recognized (Liabilities) | Gross Amounts Offset on the Balance Sheet | Net Amounts of Assets (Liabilities) presented on the Balance Sheet | Financial Instruments | Cash Collateral Received (Posted) | Net Amount | |||||||||||||||||||||
December 31, 2017 | $ | 2,176 | $ | (15,791 | ) | $ | — | $ | (13,615 | ) | $ | — | $ | — | $ | (13,615 | ) | |||||||||||
December 31, 2016 | $ | 28,700 | $ | (15,457 | ) | $ | — | $ | 13,243 | $ | — | $ | — | $ | 13,243 |
Year Ended December 31, | |||||||||||||||||||||
(In thousands) | 2017 | 2016 | 2015 | ||||||||||||||||||
Return of capital | 18.3 | % | $ | 0.39 | 62.0 | % | $ | 1.32 | 63.4 | % | $ | 1.35 | |||||||||
Ordinary dividend income | 81.7 | % | 1.74 | 38.0 | % | 0.81 | 36.6 | % | 0.78 | ||||||||||||
Total | 100.0 | % | $ | 2.13 | 100.0 | % | $ | 2.13 | 100.0 | % | $ | 2.13 |
(In thousands) | Future Ground Lease Payments | |||
2018 | $ | 1,434 | ||
2019 | 1,434 | |||
2020 | 1,434 | |||
2021 | 1,434 | |||
2022 | 1,434 | |||
2023 | 1,434 | |||
Thereafter | 42,402 | |||
Total (1) | $ | 51,006 |
Year Ended December 31, | Payable as of December 31, | |||||||||||||||
(In thousands) | 2014 | 2013 | 2014 | 2013 | ||||||||||||
Total commissions and fees to Dealer Manager | $ | 148,372 | $ | 14,024 | $ | 13 | $ | 176 |
Year Ended December 31, | Payable as of December 31, | |||||||||||||||
(In thousands) | 2014 | 2013 | 2014 | 2013 | ||||||||||||
Fees and expense reimbursements to the Advisor and Dealer Manager | $ | 16,920 | $ | 2,615 | $ | 61 | $ | 293 |
(i) | a base fee of $18.0 million per annum payable in cash monthly in advance (“Minimum Base Management Fee”); |
(ii) | plus a variable fee, payable monthly in advance in cash, equal to 1.25% of the cumulative net proceeds realized by the Company from the issuance of any common equity, including any common equity issued in exchange for or conversion of preferred stock or exchangeable notes, as well as, from any other issuances of common, preferred, or other forms of equity of the Company, including units of any operating partnership (“Variable Base Management Fee”); and |
(iii) | an incentive fee (“Incentive Compensation”), 50% payable in cash and 50% payable in shares of the Company’s Common Stock (which shares are subject to certain lock up restrictions), equal to: (a) 15% of the Company’s Core AFFO (as defined in the Advisory Agreement) per weighted-average share of Common Stock outstanding for the applicable period (“Core AFFO Per Share”)(1) in excess of an incentive hurdle based on an annualized Core AFFO Per Share of $2.37, plus (b) 10% of the Core AFFO Per Share in excess of an incentive hurdle of an annualized Core AFFO Per Share of $3.08. The $2.37 and $3.08 incentive hurdles are subject to annual increases of 1% to 3%. The Base Management Fee and the Incentive Compensation are each subject to annual adjustment. |
(1) | For purposes of the Advisory Agreement, Core AFFO per share means (i) net income adjusted for the following items (to the extent they are included in net income): (a) real estate related depreciation and amortization; (b) net income from unconsolidated partnerships and joint ventures; (c) one-time costs that the Advisor deems to be non-recurring; (d) non-cash equity compensation (other than any Restricted Share Payments (as defined in the Advisory Agreement); (e) other non-cash income and expense items; (f) non-cash dividends related to the Class B Units of the OP and certain non-cash interest expenses related to securities that are convertible to Common Stock; (g) gains (or losses) from the sale of investments; (h) impairment losses on real estate; (i) acquisition and transaction related costs; (j) straight-line rent; (k) amortization of above and below market leases assets and liabilities; (l) amortization of deferred financing costs; (m) accretion of discounts and amortization of premiums on debt investments; (n) marked-to-market adjustments included in net income; (o) unrealized gains or losses resulting from consolidation from, or deconsolidation to, equity accounting, and (p) consolidated and unconsolidated partnerships and joint ventures. (ii) divided by the weighted-average outstanding shares of Common Stock on a fully-diluted basis for such period. |
(2) | For purposes of the Advisory Agreement, "AUM" means, for a specified period, an amount equal to (A) (i) the aggregate costs of the Company's investments (including acquisition fees and expenses) at the beginning of such period (before reserves for depreciation of bad debts, or similar non-cash reserves) plus (ii) the aggregate cost of the Company's investment at the end of such period (before reserves from depreciation or bad debts, or similar non-cash reserves) divided by (B) two (2). |
Year Ended December 31, | ||||||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | Payable as of December 31, | |||||||||||||||||||||||||||||||||
(In thousands) | Incurred | Forgiven | Incurred | Forgiven | Incurred | Forgiven | 2014 | 2013 | 2012 | |||||||||||||||||||||||||||
One-time fees and reimbursements: | ||||||||||||||||||||||||||||||||||||
Acquisition fees and related cost reimbursements | $ | 32,915 | $ | — | $ | 2,447 | $ | — | $ | 41 | $ | — | $ | 2 | $ | — | $ | — | ||||||||||||||||||
Transaction fee | — | — | 165 | — | — | — | — | — | — | |||||||||||||||||||||||||||
Financing coordination fees | 6,546 | — | 926 | — | 9 | — | — | — | — | |||||||||||||||||||||||||||
Ongoing fees: | ||||||||||||||||||||||||||||||||||||
Asset management fees (1) | — | — | — | — | — | 3 | — | — | — | |||||||||||||||||||||||||||
Property management and leasing fees | 1,316 | 690 | 50 | 25 | 1 | — | 52 | 1 | 1 | |||||||||||||||||||||||||||
Strategic advisory fees | 561 | — | 359 | — | — | — | — | — | — | |||||||||||||||||||||||||||
Distributions on Class B Units | 178 | — | 4 | — | — | — | — | — | — | |||||||||||||||||||||||||||
Total related party operational fees and reimbursements | $ | 41,516 | $ | 690 | $ | 3,951 | $ | 25 | $ | 51 | $ | 3 | $ | 54 | $ | 1 | $ | 1 |
Year Ended December 31, | |||||||||||||||||||||||||||||||||
2017 | 2016 | 2015 | (Receivable) Payable as of December 31, | ||||||||||||||||||||||||||||||
(In thousands) | Incurred | Forgiven | Incurred | Forgiven | Incurred | Forgiven | 2017 | 2016 | |||||||||||||||||||||||||
One-time fees and reimbursements: | |||||||||||||||||||||||||||||||||
Related party notes receivable acquired in Merger (1) | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | (5,138 | ) | ||||||||||||||||
Acquisition fees and related cost reimbursements (2) | — | — | — | — | 735 | — | — | — | |||||||||||||||||||||||||
Fees on gain from sale of investments | — | 875 | 923 | — | — | — | 49 | (6) | 923 | (6) | |||||||||||||||||||||||
Financing coordination fees (3) | — | — | 16 | — | 1,159 | — | (6) | 16 | (6) | ||||||||||||||||||||||||
Ongoing fees: | (6) | ||||||||||||||||||||||||||||||||
Asset management fees (4) | 21,353 | — | 18,230 | — | 13,501 | — | 240 | (6) | 447 | (6) | |||||||||||||||||||||||
Property management and leasing fees (5) | 4,281 | 1,177 | 3,802 | 2,281 | 3,982 | 2,507 | 59 | (6) (9) | 252 | (6) (9) | |||||||||||||||||||||||
Total related party operational fees and reimbursements | $ | 25,634 | $ | 2,052 | (8) | $ | 22,971 | $ | 2,281 | $ | 19,377 | $ | 2,507 | $ | 348 | (7) | $ | (3,500 | ) | (10) |
(1) | Balance included within related party notes receivable acquired in the Merger on the audited consolidated balance sheets as of December 31, 2016. In addition, the $16,000 due from related parties as of December 31, 2017 and 2016 relating to RCS Advisory (as defined below) is not included in the table above. |
(2) | These related party fees are recorded within acquisition and transaction related costs on the consolidated statements of operations. |
(3) | These related party fees are recorded as deferred financing costs and amortized over the term of the respective financing arrangement. |
(4) | The Advisor, in accordance with the Advisory Agreement, received asset management fees in cash equal to one quarter of the annual Minimum Base Management Fee for the year ended December 31, 2017, and, the Variable Base Management Fee of $3.4 million and $0.2 million for the years ended December 31, 2017 and 2016, respectively. There was no Variable Base Management Fee for the year ended December 31, 2015. No Incentive Compensation was earned for the years ended December 30, 2017, 2016 and 2015. |
(5) | For all periods through the six months ended June 30, 2017, the Advisor waived 100% of fees from U.S. assets and its allocated portion of fees from European assets. |
(6) | Balance included within due to related parties on the audited consolidated balance sheets as of December 31, 2017. |
(7) | In addition, as of December 31, 2017, due to related parties include $0.3 million of costs accrued for Global II Advisor and transfer agent fees which were assumed through the Merger, $0.1 million of costs accrued for transfer agent fees and $0.1 million of costs relating to RCS Advisory (as defined below), all accrued in 2016 and are not reflected in the table above. |
(8) | The Company incurred general and administrative costs and other expense reimbursements of approximately $0.1 million for the year ended December 31, 2017 which are recorded within general and administrative expenses on the audited consolidated statements of operations and are not reflected in the table above. |
(9) | Prepaid property management fees of $0.2 million and $0.1 million as of December 31, 2017 and 2016 are not included in the table above and are included in the prepaid expenses and other assets on the consolidated balance sheets. |
(10) | In addition, as of December 31, 2016 due to related parties includes $0.5 million of accruals, of which $0.2 million of costs accrued for transfer agent and personnel services received from the Company's related parties including ANST and $0.3 million to Advisor and RCS. |
Year Ended December 31, | ||||||||||||
(In thousands) | 2014 | 2013 | 2012 | |||||||||
Property operating expenses absorbed | $ | 178 | $ | 4 | $ | — | ||||||
General and administrative expenses absorbed | — | 1,292 | 85 | |||||||||
Total expenses absorbed (1) | $ | 178 | $ | 1,296 | $ | 85 |
Number of Restricted Shares | Weighted-Average Issue Price | Number of Restricted Shares | Weighted-Average Issue Price | |||||||||
Unvested, December 31, 2011 | — | $ | — | |||||||||
Unvested, December 31, 2014 | 4,800 | $ | 27.00 | |||||||||
Granted prior to Listing Date (1) | 1,000 | 27.00 | ||||||||||
One-time Listing Grant | 53,333 | 25.56 | ||||||||||
Granted (2) | 9,313 | 26.52 | ||||||||||
Vested (3) | (5,800 | ) | 27.00 | |||||||||
Unvested, December 31, 2015 | 62,646 | 25.70 | ||||||||||
Granted | 9,000 | 9.00 | 12,211 | 22.59 | ||||||||
Vested | — | — | (13,758 | ) | 25.77 | |||||||
Unvested, December 31, 2012 | 9,000 | 9.00 | ||||||||||
Unvested, December 31, 2016 | 61,099 | 25.07 | ||||||||||
Granted | 9,000 | 9.00 | 13,861 | 22.54 | ||||||||
Vested | (1,800 | ) | 9.00 | (25,848 | ) | 25.25 | ||||||
Unvested, December 31, 2013 | 16,200 | 9.00 | ||||||||||
Granted | 9,000 | 9.00 | ||||||||||
Vested | (10,800 | ) | 9.00 | |||||||||
Forfeitures | — | — | ||||||||||
Unvested, December 31, 2014 | 14,400 | $ | 9.00 | |||||||||
Unvested, December 31, 2017 | 49,112 | $ | 24.29 |
(1) | Based on the original RSP in place prior to April 8, 2015. |
(2) | Based on the Amended RSP which provides an annual retainer to: (i) all independent directors; (ii) independent directors serving on the Audit Committee, Compensation Committee and Nominating and Corporate Governance Committee; and (iii) the non-executive chair. |
(3) | RSUs granted prior to April 8, 2015 vested immediately prior to the Listing. |
Performance Period | Annual Period | Interim Period | ||||||
Absolute Component: 4% of any excess Total Return attained above an absolute hurdle measured from the beginning of such period: | 21% | 7% | 14% | |||||
Relative Component: 4% of any excess Total Return attained above the Total Return for the performance period of the Peer Group*, subject to a ratable sliding scale factor as follows based on achievement of cumulative Total Return measured from the beginning of such period: | ||||||||
• | 100% will be earned if cumulative Total Return achieved is at least: | 18% | 6% | 12% | ||||
• | 50% will be earned if cumulative Total Return achieved is: | —% | —% | —% | ||||
• | 0% will be earned if cumulative Total Return achieved is less than: | —% | —% | —% | ||||
• | a percentage from 50% to 100% calculated by linear interpolation will be earned if the cumulative Total Return achieved is between: | 0% - 18% | 0% - 6% | 0% - 12% |
* | The “Peer Group” is comprised of Gramercy Property Trust Inc., Lexington Realty Trust, Select Income REIT, and W.P. Carey Inc. |
Year Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Net loss (in thousands) | $ | (53,594 | ) | $ | (6,989 | ) | $ | (413 | ) | |||
Basic and diluted weighted average shares outstanding | 126,079,369 | 5,453,404 | 64,252 | |||||||||
Basic and diluted net loss per share | $ | (0.43 | ) | $ | (1.28 | ) | $ | (6.43 | ) |
Year Ended December 31, | ||||||||||||
(In thousands, except share and per share data) | 2017 | 2016 | 2015 | |||||||||
Net income (loss) attributable to common stockholders | $ | 20,731 | $ | 47,140 | $ | (2,065 | ) | |||||
Adjustments to net income attributable to common stockholders for common share equivalents | (742 | ) | (773 | ) | (442 | ) | ||||||
Adjusted net income attributable to common stockholders | $ | 19,989 | $ | 46,367 | $ | (2,507 | ) | |||||
Basic and diluted net income (loss) per share attributable to common stockholders | $ | 0.30 | $ | 0.82 | $ | (0.04 | ) | |||||
Basic and diluted weighted average common shares outstanding | 66,877,620 | 56,720,448 | 58,103,298 |
December 31, | |||||||||
2017 | 2016 | 2015 | |||||||
Unvested restricted stock | 49,112 | 61,099 | 62,646 | ||||||
OP Units (1) | — | 181,841 | 603,226 | ||||||
OPP (LTIP Units) | 3,013,933 | 3,013,933 | 3,013,933 | ||||||
Total anti-dilutive common share equivalents | 3,063,045 | 3,256,873 | 3,679,805 |
(1) | As of December 31, 2015, OP Units included 575,438 converted Class B Units, 27,776 OP Units issued to the Advisor, and 7 OP Units issued to the Special Limited Partner. Subsequent to the Listing all OP Units issued to the Advisor were transferred to individual investors. On September 2, 2016, 421,378 of OP Units were converted into shares of Common Stock, of which 305,411 and 115,967 is owned by individual members and employees of AR Global and the Service Provider. On April 3, 2017, the remaining 181,841 of OP Units, which were outstanding as of December 31, 2016, were converted into Common Stock. |
December 31, | |||||||||
2014 | 2013 | 2012 | |||||||
Unvested restricted stock | 14,400 | 16,200 | 9,000 | ||||||
OP Units | 22 | 22 | 22 | ||||||
Class B units | 705,743 | 23,392 | — | ||||||
Total common share equivalents | 720,165 | 39,614 | 9,022 |
(In thousands, except share and per share data) | Quarters Ended | |||||||||||||||
2017 | March 31, | June 30, (1) | September 30, | December 31, | ||||||||||||
Total revenue | $ | 62,837 | $ | 64,986 | $ | 64,870 | $ | 66,602 | ||||||||
Net income attributable to common stockholders | $ | 7,429 | $ | 5,200 | $ | 2,104 | $ | 5,998 | ||||||||
Adjustments to net income attributable to common stockholders for common share equivalents | (185 | ) | (185 | ) | (186 | ) | (186 | ) | ||||||||
Adjusted net income attributable to common stockholders | $ | 7,244 | $ | 5,015 | $ | 1,918 | $ | 5,812 | ||||||||
Basic and diluted weighted average shares outstanding | 66,271,008 | 66,652,221 | 67,286,615 | 67,286,822 | ||||||||||||
Basic and diluted net income (loss) per share attributable to common stockholders | $ | 0.11 | $ | 0.08 | $ | 0.03 | $ | 0.09 | ||||||||
(In thousands, except share and per share data) | Quarters Ended | |||||||||||||||
2016 | March 31, | June 30, | September 30, | December 31, | ||||||||||||
Total revenue | $ | 54,954 | $ | 53,196 | $ | 53,251 | $ | 52,773 | ||||||||
Net income attributable to common stockholders | $ | 6,488 | $ | 15,763 | $ | 8,943 | $ | 15,946 | ||||||||
Adjustments to net income attributable to common stockholders for common share equivalents | (195 | ) | (193 | ) | (190 | ) | (195 | ) | ||||||||
Adjusted net income (loss) attributable to common stockholders | $ | 6,293 | $ | 15,570 | $ | 8,753 | $ | 15,751 | ||||||||
Basic and diluted weighted average shares outstanding | 56,312,211 | 56,316,157 | 56,463,396 | 57,781,196 | ||||||||||||
Basic and diluted net income per share attributable to common stockholders | $ | 0.11 | $ | 0.28 | $ | 0.16 | $ | 0.27 |
(1) | As discussed in Note 2 — Summary of Significant Accounting Policies, the Company reflected an out-of-period adjustment $0.5 million in the three months ended June 30, 2017 for additional rental income and unbilled straight-line rent. |
For the quarter ended | ||||||||||||||||
2014 | March 31, | June 30, | September 30, | December 31, | ||||||||||||
Rental revenue | $ | 7,315 | $ | 13,223 | $ | 25,400 | $ | 42,220 | ||||||||
Net loss | $ | (16,349 | ) | $ | (7,479 | ) | $ | (24,558 | ) | $ | (5,208 | ) | ||||
Weighted average shares outstanding | 37,602,790 | 111,819,848 | 175,401,867 | 177,414,574 | ||||||||||||
Basic and diluted net loss per share | $ | (0.43 | ) | $ | (0.07 | ) | $ | (0.14 | ) | $ | (0.03 | ) | ||||
For the quarter ended | ||||||||||||||||
2013 | March 31, | June 30, | September 30, | December 31, | ||||||||||||
Rental revenue | $ | 45 | $ | 200 | $ | 1,232 | $ | 2,474 | ||||||||
Net loss | $ | (2 | ) | $ | (1,294 | ) | $ | (3,090 | ) | $ | (2,603 | ) | ||||
Weighted average shares outstanding | 439,097 | 2,755,487 | 7,023,704 | 11,456,997 | ||||||||||||
Basic and diluted net loss per share | $ | — | $ | (0.47 | ) | $ | (0.44 | ) | $ | (0.23 | ) |
Number of Properties | Rentable Square Feet | Base Purchase Price(1) | |||||||||
(in thousands) | |||||||||||
Total portfolio, December 31, 2014 | 307 | — | 16,305,844 | $ | 2,378,554 | ||||||
Acquisitions | 2 | 136,874 | 38,655 | ||||||||
Total portfolio, April 2, 2015 | 309 | 16,442,718 | $ | 2,417,209 |
Initial Costs | Costs Capitalized Subsequent to Acquisition | Initial Costs | Costs Capitalized Subsequent to Acquisition | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property | City | U.S. State or Country | Acquisition Date | Encumbrances at December 31, 2014 | Land | Building and Improvements | Land | Building and Improvements | Gross Amount at December 31, 2014(1)(2) | Accumulated Depreciation (3)(4) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Portfolio | City | U.S. State/Territory or Country | Acquisition Date | Encumbrances at December 31, 2017 (1) | Land | Building and Improvements | Land | Building and Improvements | Gross Amount at December 31, 2017(2)(3) | Accumulated Depreciation (4)(5) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
McDonalds Corporation | Carlisle | UK | Oct. 2012 | $ | 1,181 | $ | 499 | $ | 1,163 | $ | — | $ | — | $ | 1,662 | $ | 145 | Carlisle | UK | Oct. 2012 | $ | 1,025 | $ | 433 | $ | 1,011 | $ | — | $ | — | $ | 1,444 | $ | 295 | ||||||||||||||||||||||||||||||||||
Wickes | Blackpool | UK | May. 2013 | 3,023 | 2,097 | 2,252 | — | — | 4,349 | 180 | Blackpool | UK | May. 2013 | 2,626 | 1,821 | 1,956 | — | — | 3,777 | 439 | ||||||||||||||||||||||||||||||||||||||||||||||||
Everything Everywhere | Merthyr Tydfil | UK | Jun. 2013 | 6,213 | 4,272 | 2,718 | — | — | 6,990 | 208 | Merthyr Tydfil | UK | Jun. 2013 | 5,397 | 3,710 | 2,361 | — | — | 6,071 | 522 | ||||||||||||||||||||||||||||||||||||||||||||||||
Thames Water | Swindon | UK | Jul. 2013 | 9,320 | 4,272 | 5,048 | — | — | 9,320 | 345 | Swindon | UK | Jul. 2013 | 8,096 | 3,710 | 4,385 | — | — | 8,095 | 934 | ||||||||||||||||||||||||||||||||||||||||||||||||
Wickes | Tunstall | UK | Jul. 2013 | 2,563 | 1,087 | 2,485 | — | — | 3,572 | 169 | Tunstall | UK | Jul. 2013 | 2,226 | 944 | 2,159 | — | — | 3,103 | 458 | ||||||||||||||||||||||||||||||||||||||||||||||||
PPD Global Labs | Highland Heights | KY | Aug. 2013 | — | 2,001 | 6,002 | — | — | 8,003 | 433 | Highland Heights | KY | Aug. 2013 | — | 2,001 | 6,002 | — | — | 8,003 | 1,407 | ||||||||||||||||||||||||||||||||||||||||||||||||
Northern Rock | Sunderland | UK | Sep. 2013 | 8,155 | 1,553 | 5,437 | — | — | 6,990 | 350 | Sunderland | UK | Sep. 2013 | 7,084 | 1,349 | 4,722 | — | — | 6,071 | 987 | ||||||||||||||||||||||||||||||||||||||||||||||||
Kulicke & Soffa | Fort Washington | PA | Sep. 2013 | — | 2,272 | 12,874 | — | — | 15,146 | 828 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Wickes | Clifton | UK | Nov. 2013 | 2,951 | 1,553 | 2,175 | — | — | 3,728 | 122 | Clifton | UK | Nov. 2013 | 2,564 | 1,349 | 1,889 | — | — | 3,238 | 378 | ||||||||||||||||||||||||||||||||||||||||||||||||
Con-Way Freight, Inc. | Aurora | NE | Nov. 2013 | — | 295 | 1,670 | — | — | 1,965 | 110 | Aurora | NE | Nov. 2013 | — | 295 | 1,670 | — | — | 1,965 | 416 | ||||||||||||||||||||||||||||||||||||||||||||||||
Con-Way Freight, Inc. | Grand Rapids | MI | Nov. 2013 | — | 945 | 1,417 | — | — | 2,362 | 94 | Grand Rapids | MI | Nov. 2013 | — | 945 | 1,417 | — | — | 2,362 | 353 | ||||||||||||||||||||||||||||||||||||||||||||||||
Con-Way Freight, Inc. | Riverton | IL | Nov. 2013 | — | 344 | 804 | — | — | 1,148 | 53 | Riverton | IL | Nov. 2013 | — | 344 | 804 | — | — | 1,148 | 200 | ||||||||||||||||||||||||||||||||||||||||||||||||
Con-Way Freight, Inc. | Salina | KS | Nov. 2013 | — | 461 | 1,843 | — | — | 2,304 | 122 | Salina | KS | Nov. 2013 | — | 461 | 1,843 | — | — | 2,304 | 459 | ||||||||||||||||||||||||||||||||||||||||||||||||
Con-Way Freight, Inc. | Uhrichsville | OH | Nov. 2013 | — | 380 | 886 | — | — | 1,266 | 59 | Uhrichsville | OH | Nov. 2013 | — | 380 | 886 | — | — | 1,266 | 221 | ||||||||||||||||||||||||||||||||||||||||||||||||
Con-Way Freight, Inc. | Vincennes | IN | Nov. 2013 | — | 220 | 712 | — | — | 932 | 44 | Vincennes | IN | Nov. 2013 | — | 220 | 712 | — | — | 932 | 175 | ||||||||||||||||||||||||||||||||||||||||||||||||
Con-Way Freight, Inc. | Waite Park | MN | Nov. 2013 | — | 366 | 681 | — | — | 1,047 | 45 | Waite Park | MN | Nov. 2013 | — | 366 | 681 | — | — | 1,047 | 170 | ||||||||||||||||||||||||||||||||||||||||||||||||
Wolverine | Howard City | MI | Dec. 2013 | — | 719 | 13,667 | — | — | 14,386 | 834 | Howard City | MI | Dec. 2013 | — | 719 | 13,667 | — | — | 14,386 | 3,335 | ||||||||||||||||||||||||||||||||||||||||||||||||
Western Digital | San Jose | CA | Dec. 2013 | 18,269 | 9,021 | 16,729 | — | — | 25,750 | 808 | San Jose | CA | Dec. 2013 | 17,363 | 9,021 | 16,729 | — | — | 25,750 | 3,231 | ||||||||||||||||||||||||||||||||||||||||||||||||
Encanto Restaurants | Baymon | PR | Dec. 2013 | 1,829 | 1,150 | 1,724 | — | — | 2,874 | 96 | Baymon | PR | Dec. 2013 | — | 1,150 | 1,724 | — | — | 2,874 | 382 | ||||||||||||||||||||||||||||||||||||||||||||||||
Encanto Restaurants | Caguas | PR | Dec. 2013 | 1,591 | — | 2,481 | — | — | 2,481 | 138 | Caguas | PR | Dec. 2013 | — | — | 2,481 | — | — | 2,481 | 550 | ||||||||||||||||||||||||||||||||||||||||||||||||
Encanto Restaurants | Carolina | PR | Dec. 2013 | 875 | 615 | 751 | — | — | 1,366 | 42 | Carolina | PR | Dec. 2013 | — | 615 | 751 | — | — | 1,366 | 167 | ||||||||||||||||||||||||||||||||||||||||||||||||
Encanto Restaurants | Carolina | PR | Dec. 2013 | 2,943 | 1,840 | 2,761 | — | — | 4,601 | 153 | Carolina | PR | Dec. 2013 | — | 1,840 | 2,761 | — | — | 4,601 | 612 | ||||||||||||||||||||||||||||||||||||||||||||||||
Encanto Restaurants | Guayama | PR | Dec. 2013 | 954 | 673 | 822 | — | — | 1,495 | 46 | Guayama | PR | Dec. 2013 | — | 673 | 822 | — | — | 1,495 | 182 | ||||||||||||||||||||||||||||||||||||||||||||||||
Encanto Restaurants | Mayaguez | PR | Dec. 2013 | 875 | 410 | 957 | — | — | 1,367 | 53 | Mayaguez | PR | Dec. 2013 | — | 410 | 957 | — | — | 1,367 | 212 | ||||||||||||||||||||||||||||||||||||||||||||||||
Encanto Restaurants | Ponce | PR | Dec. 2013 | 1,392 | 655 | 1,528 | — | — | 2,183 | 85 | Ponce | PR | Dec. 2013 | — | 600 | 1,399 | — | — | 1,999 | 321 | ||||||||||||||||||||||||||||||||||||||||||||||||
Encanto Restaurants | Ponce | PR | Dec. 2013 | 1,273 | 600 | 1,399 | — | — | 1,999 | 80 | Ponce | PR | Dec. 2013 | — | 655 | 1,528 | — | — | 2,183 | 339 | ||||||||||||||||||||||||||||||||||||||||||||||||
Encanto Restaurants | Puerto Neuvo | PR | Dec. 2013 | 517 | — | 782 | — | — | 782 | 43 | Puerto Neuvo | PR | Dec. 2013 | — | — | 782 | — | — | 782 | 173 | ||||||||||||||||||||||||||||||||||||||||||||||||
Encanto Restaurants | Quebrada Arena | PR | Dec. 2013 | 1,535 | 843 | 1,566 | — | — | 2,409 | 87 | Quebrada Arena | PR | Dec. 2013 | — | 843 | 1,566 | — | — | 2,409 | 347 | ||||||||||||||||||||||||||||||||||||||||||||||||
Encanto Restaurants | Rio Piedras | PR | Dec. 2013 | 1,750 | 963 | 1,788 | — | — | 2,751 | 99 | Rio Piedras | PR | Dec. 2013 | — | 505 | 1,179 | — | — | 1,684 | 261 | ||||||||||||||||||||||||||||||||||||||||||||||||
Encanto Restaurants | Rio Piedras | PR | Dec. 2013 | 1,074 | 505 | 1,179 | — | — | 1,684 | 65 | Rio Piedras | PR | Dec. 2013 | — | 963 | 1,788 | — | — | 2,751 | 396 | ||||||||||||||||||||||||||||||||||||||||||||||||
Encanto Restaurants | San German | PR | Dec. 2013 | 716 | 391 | 726 | — | — | 1,117 | 42 | San German | PR | Dec. 2013 | — | 391 | 726 | — | — | 1,117 | 166 | ||||||||||||||||||||||||||||||||||||||||||||||||
Encanto Restaurants | San Juan | PR | Dec. 2013 | 994 | 389 | 1,168 | — | — | 1,557 | 65 | San Juan | PR | Dec. 2013 | — | 1,235 | 1,509 | — | — | 2,744 | 335 | ||||||||||||||||||||||||||||||||||||||||||||||||
Encanto Restaurants | San Juan | PR | Dec. 2013 | 1,750 | 1,235 | 1,509 | — | — | 2,744 | 84 | San Juan | PR | Dec. 2013 | — | 389 | 1,168 | — | — | 1,557 | 259 | ||||||||||||||||||||||||||||||||||||||||||||||||
Encanto Restaurants | San Juan | PR | Dec. 2013 | 493 | 153 | 612 | — | — | 765 | 34 | San Juan | PR | Dec. 2013 | — | 153 | 612 | — | — | 765 | 136 | ||||||||||||||||||||||||||||||||||||||||||||||||
Encanto Restaurants | Toa Baja | PR | Dec. 2013 | — | 68 | 616 | — | — | 684 | 141 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Encanto Restaurants | Vega Baja | PR | Dec. 2013 | — | 822 | 1,527 | — | — | 2,349 | 338 |
Initial Costs | Costs Capitalized Subsequent to Acquisition | Initial Costs | Costs Capitalized Subsequent to Acquisition | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property | City | U.S. State or Country | Acquisition Date | Encumbrances at December 31, 2014 | Land | Building and Improvements | Land | Building and Improvements | Gross Amount at December 31, 2014(1)(2) | Accumulated Depreciation (3)(4) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Encanto Restaurants | Toa Baja | PR | Dec. 2013 | 437 | 68 | 616 | — | — | 684 | 35 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Encanto Restaurants | Vega Baja | PR | Dec. 2013 | 1,495 | 822 | 1,527 | — | — | 2,349 | 85 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Portfolio | City | U.S. State/Territory or Country | Acquisition Date | Encumbrances at December 31, 2017 (1) | Land | Building and Improvements | Land | Building and Improvements | Gross Amount at December 31, 2017(2)(3) | Accumulated Depreciation (4)(5) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Rheinmetall | Neuss | Germany | Jan. 2014 | 12,884 | 6,250 | 17,547 | — | — | 23,797 | 476 | Neuss | Germany | Jan. 2014 | 12,698 | 6,160 | 17,294 | — | 77 | 23,531 | 1,880 | ||||||||||||||||||||||||||||||||||||||||||||||||
GE Aviation | Grand Rapids | MI | Jan. 2014 | — | 3,174 | 27,076 | — | — | 30,250 | 721 | Grand Rapids | MI | Jan. 2014 | 24,050 | 3,174 | 27,076 | — | — | 30,250 | 2,885 | ||||||||||||||||||||||||||||||||||||||||||||||||
Provident Financial | Bradford | UK | Feb. 2014 | 19,805 | 1,567 | 29,067 | — | — | 30,634 | 679 | Bradford | UK | Feb. 2014 | 17,203 | 1,361 | 25,248 | — | — | 26,609 | 2,521 | ||||||||||||||||||||||||||||||||||||||||||||||||
Crown Crest | Leicester | UK | Feb. 2014 | 29,901 | 8,927 | 36,863 | — | — | 45,790 | 981 | Leicester | UK | Feb. 2014 | 25,973 | 7,754 | 32,020 | — | — | 39,774 | 3,642 | ||||||||||||||||||||||||||||||||||||||||||||||||
Trane | Davenport | IA | Feb. 2014 | — | 291 | 1,968 | — | — | 2,259 | 54 | Davenport | IA | Feb. 2014 | — | 291 | 1,968 | — | — | 2,259 | 247 | ||||||||||||||||||||||||||||||||||||||||||||||||
Aviva | Sheffield | UK | Mar. 2014 | 24,387 | 3,375 | 38,242 | — | — | 41,617 | 839 | Sheffield | UK | Mar. 2014 | 21,183 | 2,931 | 33,219 | — | — | 36,150 | 3,351 | ||||||||||||||||||||||||||||||||||||||||||||||||
DFS Trading | Brigg | UK | Mar. 2014 | — | 1,577 | 4,471 | — | — | 6,048 | 101 | Brigg | UK | Mar. 2014 | 2,858 | 1,369 | 3,883 | — | — | 5,252 | 437 | ||||||||||||||||||||||||||||||||||||||||||||||||
DFS Trading | Carcroft | UK | Mar. 2014 | — | 360 | 2,583 | — | — | 2,943 | 61 | Carcroft | UK | Mar. 2014 | 3,409 | 1,151 | 4,560 | — | — | 5,711 | 475 | ||||||||||||||||||||||||||||||||||||||||||||||||
DFS Trading | Carcroft | UK | Mar. 2014 | — | 1,325 | 5,249 | — | — | 6,574 | 109 | Carcroft | UK | Mar. 2014 | 1,583 | 312 | 2,244 | — | — | 2,556 | 266 | ||||||||||||||||||||||||||||||||||||||||||||||||
DFS Trading | Darley Dale | UK | Mar. 2014 | — | 1,551 | 3,981 | — | — | 5,532 | 91 | Darley Dale | UK | Mar. 2014 | 3,565 | 1,347 | 3,458 | — | — | 4,805 | 397 | ||||||||||||||||||||||||||||||||||||||||||||||||
DFS Trading | Somercotes | UK | Mar. 2014 | — | 911 | 3,254 | — | — | 4,165 | 88 | Somercotes | UK | Mar. 2014 | 2,265 | 792 | 2,826 | — | — | 3,618 | 382 | ||||||||||||||||||||||||||||||||||||||||||||||||
Government Services Administration | Fanklin | TN | Mar. 2014 | — | 4,160 | 30,083 | — | — | 34,243 | 600 | Fanklin | TN | Mar. 2014 | — | 4,160 | 30,083 | — | — | 34,243 | 3,000 | ||||||||||||||||||||||||||||||||||||||||||||||||
National Oilwell Varco | Williston | ND | Mar. 2014 | — | 211 | 3,513 | — | — | 3,724 | 95 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
National Oilwell | Williston | ND | Mar. 2014 | — | 211 | 3,513 | — | — | 3,724 | 473 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Talk Talk | Manchester | UK | Apr. 2014 | — | 911 | 10,831 | — | — | 11,742 | 225 | Manchester | UK | Apr. 2014 | 5,161 | 791 | 9,408 | — | — | 10,199 | 979 | ||||||||||||||||||||||||||||||||||||||||||||||||
Government Services Administration | Dover | DE | Apr. 2014 | — | 1,097 | 1,715 | — | — | 2,812 | 34 | Dover | DE | Apr. 2014 | — | 1,097 | 1,715 | — | — | 2,812 | 188 | ||||||||||||||||||||||||||||||||||||||||||||||||
Government Services Administration | Germantown | PA | Apr. 2014 | — | 1,097 | 3,573 | — | — | 4,670 | 64 | Germantown | PA | Apr. 2014 | — | 1,097 | 3,573 | — | — | 4,670 | 352 | ||||||||||||||||||||||||||||||||||||||||||||||||
OBI DIY | Mayen | Germany | Apr. 2014 | 5,470 | 1,362 | 8,129 | — | — | 9,491 | 165 | Mayen | Germany | Apr. 2014 | 5,391 | 1,342 | 8,012 | — | — | 9,354 | 895 | ||||||||||||||||||||||||||||||||||||||||||||||||
DFS Trading | South Yorkshire | UK | Apr. 2014 | — | — | 1,624 | — | — | 1,624 | 44 | South Yorkshire | UK | Apr. 2014 | 1,210 | — | 1,410 | — | — | 1,410 | 209 | ||||||||||||||||||||||||||||||||||||||||||||||||
DFS Trading | Yorkshire | UK | Apr. 2014 | — | — | 2,116 | — | — | 2,116 | 38 | Yorkshire | UK | Apr. 2014 | 1,992 | — | 1,838 | — | — | 1,838 | 183 | ||||||||||||||||||||||||||||||||||||||||||||||||
Government Services Administration | Dallas | TX | Apr. 2014 | — | 484 | 2,934 | — | — | 3,418 | 52 | Dallas | TX | Apr. 2014 | — | 484 | 2,934 | — | — | 3,418 | 288 | ||||||||||||||||||||||||||||||||||||||||||||||||
Government Services Administration | Mission | TX | Apr. 2014 | — | 618 | 3,145 | — | — | 3,763 | 59 | Mission | TX | Apr. 2014 | — | 618 | 3,145 | — | — | 3,763 | 327 | ||||||||||||||||||||||||||||||||||||||||||||||||
Government Services Administration | International Falls | MN | May. 2014 | — | 350 | 11,182 | — | — | 11,532 | 204 | International Falls | MN | May. 2014 | 7,095 | 350 | 11,182 | — | 63 | 11,595 | 1,126 | ||||||||||||||||||||||||||||||||||||||||||||||||
Indiana Department of Revenue | Indianapolis | IN | May. 2014 | — | 891 | 7,677 | — | — | 8,568 | 145 | Indianapolis | IN | May. 2014 | — | 891 | 7,677 | — | — | 8,568 | 795 | ||||||||||||||||||||||||||||||||||||||||||||||||
National Oilwell Varco | Pleasanton | TX | May. 2014 | — | 202 | 1,643 | — | — | 1,845 | 37 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
National Oilwell | Pleasanton | TX | May. 2014 | — | 202 | 1,643 | — | — | 1,845 | 206 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Nissan | Murfreesboro | TN | May. 2014 | — | 966 | 19,573 | — | — | 20,539 | 299 | Murfreesboro | TN | May. 2014 | 17,030 | 966 | 19,573 | — | — | 20,539 | 1,839 | ||||||||||||||||||||||||||||||||||||||||||||||||
Government Services Administration | Lakewood | CO | Jun. 2014 | — | 1,220 | 7,928 | — | — | 9,148 | 122 | Lakewood | CO | Jun. 2014 | — | 1,220 | 7,928 | — | — | 9,148 | 747 | ||||||||||||||||||||||||||||||||||||||||||||||||
Lippert Components | South Bend | IN | Jun. 2014 | — | 3,195 | 6,883 | — | — | 10,078 | 108 | South Bend | IN | Jun. 2014 | 9,040 | 3,195 | 6,883 | — | — | 10,078 | 663 | ||||||||||||||||||||||||||||||||||||||||||||||||
Axon Energy Products | Conroe | TX | Jun. 2014 | — | 826 | 6,132 | — | — | 6,958 | 91 | Conroe | TX | Jun. 2014 | — | 826 | 6,132 | — | — | 6,958 | 558 | ||||||||||||||||||||||||||||||||||||||||||||||||
Axon Energy Products | Houston | TX | Jun. 2014 | — | 416 | 5,186 | — | — | 5,602 | 83 | Houston | TX | Jun. 2014 | — | 294 | 2,310 | — | — | 2,604 | 235 | ||||||||||||||||||||||||||||||||||||||||||||||||
Axon Energy Products | Houston | TX | Jun. 2014 | — | 416 | 5,186 | — | — | 5,602 | 511 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Bell Supply Co | Carrizo Springs | TX | Jun. 2014 | — | 260 | 1,445 | — | — | 1,705 | 169 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Bell Supply Co | Cleburne | TX | Jun. 2014 | — | 301 | 323 | — | ��� | 624 | 42 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Bell Supply Co | Frierson | LA | Jun. 2014 | — | 260 | 1,054 | — | — | 1,314 | 171 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Bell Supply Co | Gainesville | TX | Jun. 2014 | — | 131 | 1,420 | — | — | 1,551 | 140 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Bell Supply Co | Killdeer | ND | Jun. 2014 | — | 307 | 1,250 | — | — | 1,557 | 143 |
Initial Costs | Costs Capitalized Subsequent to Acquisition | Initial Costs | Costs Capitalized Subsequent to Acquisition | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property | City | U.S. State or Country | Acquisition Date | Encumbrances at December 31, 2014 | Land | Building and Improvements | Land | Building and Improvements | Gross Amount at December 31, 2014(1)(2) | Accumulated Depreciation (3)(4) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Axon Energy Products | Houston | TX | Jun. 2014 | — | 294 | 2,310 | — | — | 2,604 | 38 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Bell Supply Co | Carrizo Springs | TX | Jun. 2014 | — | 260 | 1,445 | — | — | 1,705 | 28 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Bell Supply Co | Cleburne | TX | Jun. 2014 | — | 301 | 323 | — | — | 624 | 7 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Bell Supply Co | Frierson | LA | Jun. 2014 | — | 260 | 1,054 | — | — | 1,314 | 28 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Bell Supply Co | Gainesville | TX | Jun. 2014 | — | 131 | 1,420 | — | — | 1,551 | 23 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Bell Supply Co | Killdeer | ND | Jun. 2014 | — | 307 | 1,250 | — | — | 1,557 | 23 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Portfolio | City | U.S. State/Territory or Country | Acquisition Date | Encumbrances at December 31, 2017 (1) | Land | Building and Improvements | Land | Building and Improvements | Gross Amount at December 31, 2017(2)(3) | Accumulated Depreciation (4)(5) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Bell Supply Co | Williston | ND | Jun. 2014 | — | 162 | 2,323 | — | — | 2,485 | 39 | Williston | ND | Jun. 2014 | — | 162 | 2,323 | — | — | 2,485 | 239 | ||||||||||||||||||||||||||||||||||||||||||||||||
GE Oil & Gas | Canton | OH | Jun. 2014 | — | 437 | 3,039 | — | — | 3,476 | 50 | Canton | OH | Jun. 2014 | — | 437 | 3,039 | — | 300 | 3,776 | 310 | ||||||||||||||||||||||||||||||||||||||||||||||||
GE Oil & Gas | Odessa | TX | Jun. 2014 | — | 1,611 | 3,322 | — | — | 4,933 | 99 | Odessa | TX | Jun. 2014 | — | 1,611 | 3,322 | — | — | 4,933 | 610 | ||||||||||||||||||||||||||||||||||||||||||||||||
Lhoist | Irving | TX | Jun. 2014 | — | 173 | 2,154 | — | — | 2,327 | 42 | Irving | TX | Jun. 2014 | — | 173 | 2,154 | — | — | 2,327 | 257 | ||||||||||||||||||||||||||||||||||||||||||||||||
Select Energy Services | DeBerry | TX | Jun. 2014 | — | 533 | 7,551 | — | — | 8,084 | 192 | DeBerry | TX | Jun. 2014 | — | 533 | 7,551 | — | — | 8,084 | 1,182 | ||||||||||||||||||||||||||||||||||||||||||||||||
Select Energy Services | Gainesville | TX | Jun. 2014 | — | 519 | 7,482 | — | — | 8,001 | 113 | Gainesville | TX | Jun. 2014 | — | 519 | 7,482 | — | — | 8,001 | 694 | ||||||||||||||||||||||||||||||||||||||||||||||||
Select Energy Services | Victoria | TX | Jun. 2014 | — | 354 | 1,698 | — | — | 2,052 | 34 | Victoria | TX | Jun. 2014 | — | 354 | 1,698 | — | — | 2,052 | 206 | ||||||||||||||||||||||||||||||||||||||||||||||||
Bell Supply Co | Jacksboro | TX | Jun. 2014 | — | 51 | 657 | — | — | 708 | 15 | Jacksboro | TX | Jun. 2014 | — | 51 | 657 | — | — | 708 | 105 | ||||||||||||||||||||||||||||||||||||||||||||||||
Bell Supply Co | Kenedy | TX | Jun. 2014 | — | 190 | 1,669 | — | — | 1,859 | 30 | Kenedy | TX | Jun. 2014 | — | 190 | 1,669 | — | — | 1,859 | 211 | ||||||||||||||||||||||||||||||||||||||||||||||||
Select Energy Services | Alice | TX | Jun. 2014 | — | 518 | 1,331 | — | — | 1,849 | 21 | Alice | TX | Jun. 2014 | — | 518 | 1,331 | — | — | 1,849 | 144 | ||||||||||||||||||||||||||||||||||||||||||||||||
Select Energy Services | Dilley | TX | Jun. 2014 | — | 429 | 1,777 | — | — | 2,206 | 32 | Dilley | TX | Jun. 2014 | — | 429 | 1,777 | — | — | 2,206 | 227 | ||||||||||||||||||||||||||||||||||||||||||||||||
Select Energy Services | Kenedy | TX | Jun. 2014 | — | 815 | 8,355 | — | — | 9,170 | 131 | Kenedy | TX | Jun. 2014 | — | 815 | 8,355 | — | — | 9,170 | 915 | ||||||||||||||||||||||||||||||||||||||||||||||||
Select Energy Services | Laredo | TX | Jun. 2014 | — | 2,472 | 944 | — | — | 3,416 | 22 | Laredo | TX | Jun. 2014 | — | 2,472 | 944 | — | — | 3,416 | 153 | ||||||||||||||||||||||||||||||||||||||||||||||||
Superior Energy Services | Gainesville | TX | Jun. 2014 | — | 322 | 480 | — | — | 802 | 7 | Gainesville | TX | Jun. 2014 | — | 322 | 480 | — | — | 802 | 48 | ||||||||||||||||||||||||||||||||||||||||||||||||
Superior Energy Services | Jacksboro | TX | Jun. 2014 | — | 408 | 312 | — | — | 720 | 6 | Jacksboro | TX | Jun. 2014 | — | 408 | 312 | — | — | 720 | 42 | ||||||||||||||||||||||||||||||||||||||||||||||||
Amcor Packaging | Workington | UK | Jun. 2014 | — | 1,352 | 7,971 | — | — | 9,323 | 129 | Workington | UK | Jun. 2014 | 4,218 | 1,174 | 6,924 | — | — | 8,098 | 783 | ||||||||||||||||||||||||||||||||||||||||||||||||
Government Services Administration | Raton | NM | Jun. 2014 | — | 93 | 875 | — | — | 968 | 13 | Raton | NM | Jun. 2014 | — | 93 | 875 | — | — | 968 | 90 | ||||||||||||||||||||||||||||||||||||||||||||||||
Nimble Storage | San Jose | CA | Jun. 2014 | — | 30,227 | 10,708 | — | 28 | 40,963 | 142 | San Jose | CA | Jun. 2014 | — | 30,227 | 10,795 | — | 180 | 41,202 | 1,035 | ||||||||||||||||||||||||||||||||||||||||||||||||
FedEx | Amarillo | TX | Jul. 2014 | — | 889 | 6,421 | — | — | 7,310 | 104 | Amarillo | TX | Jul. 2014 | — | 889 | 6,446 | — | — | 7,335 | 731 | ||||||||||||||||||||||||||||||||||||||||||||||||
FedEx | Chicopee | MA | Jul. 2014 | — | 1,030 | 7,022 | — | — | 8,052 | 119 | Chicopee | MA | Jul. 2014 | — | 1,030 | 7,022 | — | — | 8,052 | 835 | ||||||||||||||||||||||||||||||||||||||||||||||||
FedEx | San Antonio | TX | Jul. 2014 | — | 3,283 | 17,729 | — | — | 21,012 | 239 | San Antonio | TX | Jul. 2014 | — | 3,283 | 17,729 | — | — | 21,012 | 1,676 | ||||||||||||||||||||||||||||||||||||||||||||||||
Sandoz | Princeton | NJ | Jul. 2014 | — | 7,766 | 29,991 | — | 9,561 | 47,318 | 383 | Princeton | NJ | Jul. 2014 | 34,880 | 7,766 | 31,994 | — | 11,558 | 51,318 | 5,852 | ||||||||||||||||||||||||||||||||||||||||||||||||
Wyndham | Branson | MO | Jul. 2014 | — | 881 | 3,307 | — | — | 4,188 | 47 | Branson | MO | Jul. 2014 | — | 881 | 3,307 | — | — | 4,188 | 331 | ||||||||||||||||||||||||||||||||||||||||||||||||
Valassis | Livonia | MI | Jul. 2014 | — | 1,735 | 8,119 | — | — | 9,854 | 106 | Livonia | MI | Jul. 2014 | — | 1,735 | 8,119 | — | — | 9,854 | 744 | ||||||||||||||||||||||||||||||||||||||||||||||||
Government Services Administration | Fort Fairfield | ME | Jul. 2014 | — | 26 | 9,315 | — | — | 9,341 | 99 | Fort Fairfield | ME | Jul. 2014 | — | 26 | 9,315 | — | — | 9,341 | 812 | ||||||||||||||||||||||||||||||||||||||||||||||||
AT&T Services, Inc. | San Antonio | TX | Jul. 2014 | — | 5,312 | 41,201 | — | — | 46,513 | 434 | San Antonio | TX | Jul. 2014 | 33,550 | 5,312 | 41,201 | — | — | 46,513 | 3,555 | ||||||||||||||||||||||||||||||||||||||||||||||||
PNC Bank | Erie | PA | Jul. 2014 | — | 242 | 6,195 | — | — | 6,437 | 67 | Erie | PA | Jul. 2014 | — | 242 | 6,195 | — | — | 6,437 | 546 | ||||||||||||||||||||||||||||||||||||||||||||||||
PNC Bank | Scranton | PA | Jul. 2014 | — | 1,324 | 3,004 | — | — | 4,328 | 33 | Scranton | PA | Jul. 2014 | 4,940 | 1,324 | 3,004 | — | — | 4,328 | 271 | ||||||||||||||||||||||||||||||||||||||||||||||||
Achmea | Leusden | Netherlands | Jul. 2014 | — | 3,094 | 24,115 | — | — | 27,209 | 255 | Leusden | The Netherlands | Jul. 2014 | — | 3,049 | 23,767 | — | 103 | 26,919 | 2,067 | ||||||||||||||||||||||||||||||||||||||||||||||||
Continental Tire | Fort Mill | SC | Jul. 2014 | — | 780 | 14,259 | — | — | 15,039 | 1,253 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fujitsu Office Properties | Manchester | UK | Jul. 2014 | 33,435 | 3,810 | 41,244 | — | — | 45,054 | 3,681 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
BP Oil | Wootton Bassett | UK | Aug. 2014 | 1,968 | 618 | 2,671 | — | — | 3,289 | 254 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
HBOS | Derby | UK | Aug. 2014 | 3,913 | 620 | 6,247 | — | — | 6,867 | 612 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
HBOS | St. Helens | UK | Aug. 2014 | 1,999 | 235 | 3,540 | — | — | 3,775 | 350 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
HBOS | Warrington | UK | Aug. 2014 | 1,361 | 448 | 2,115 | — | — | 2,563 | 225 |
Initial Costs | Costs Capitalized Subsequent to Acquisition | Initial Costs | Costs Capitalized Subsequent to Acquisition | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property | City | U.S. State or Country | Acquisition Date | Encumbrances at December 31, 2014 | Land | Building and Improvements | Land | Building and Improvements | Gross Amount at December 31, 2014(1)(2) | Accumulated Depreciation (3)(4) | |||||||||||||||||||||||||||||||||||||||||||||||||||
Continental Tire | Fort Mill | SC | Jul. 2014 | — | 780 | 14,259 | — | — | 15,039 | 153 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Fujitsu Office Properties | Manchester | UK | Jul. 2014 | — | 4,386 | 47,482 | — | — | 51,868 | 517 | |||||||||||||||||||||||||||||||||||||||||||||||||||
BP Oil | Wootton Bassett | UK | Aug. 2014 | — | 712 | 3,075 | — | — | 3,787 | 36 | |||||||||||||||||||||||||||||||||||||||||||||||||||
HBOS | Derby | UK | Aug. 2014 | — | 714 | 7,192 | — | — | 7,906 | 86 | |||||||||||||||||||||||||||||||||||||||||||||||||||
HBOS | St. Helens | UK | Aug. 2014 | — | 270 | 4,075 | — | — | 4,345 | 49 | |||||||||||||||||||||||||||||||||||||||||||||||||||
HBOS | Warrington | UK | Aug. 2014 | — | 516 | 2,435 | — | — | 2,951 | 32 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Portfolio | City | U.S. State/Territory or Country | Acquisition Date | Encumbrances at December 31, 2017 (1) | Land | Building and Improvements | Land | Building and Improvements | Gross Amount at December 31, 2017(2)(3) | Accumulated Depreciation (4)(5) | |||||||||||||||||||||||||||||||||||||||||||||||||||
Malthurst | Shiptonthorpe | UK | Aug. 2014 | — | 328 | 2,327 | — | — | 2,655 | 30 | Shiptonthorpe | UK | Aug. 2014 | 1,312 | 284 | 2,021 | — | — | 2,305 | 211 | |||||||||||||||||||||||||||||||||||||||||
Malthurst | Yorkshire | UK | Aug. 2014 | — | 581 | 1,523 | — | — | 2,104 | 25 | Yorkshire | UK | Aug. 2014 | 1,038 | 504 | 1,323 | — | — | 1,827 | 181 | |||||||||||||||||||||||||||||||||||||||||
Stanley Black & Decker | Westerville | OH | Aug. 2014 | — | 958 | 6,933 | — | — | 7,891 | 77 | Westerville | OH | Aug. 2014 | — | 958 | 6,933 | — | — | 7,891 | 631 | |||||||||||||||||||||||||||||||||||||||||
Thermo Fisher | Kalamazoo | MI | Aug. 2014 | — | 1,176 | 10,179 | — | — | 11,355 | 107 | Kalamazoo | MI | Aug. 2014 | — | 1,176 | 10,179 | — | — | 11,355 | 880 | |||||||||||||||||||||||||||||||||||||||||
Capgemini | Birmingham | UK | Aug. 2014 | — | 1,933 | 18,331 | — | — | 20,264 | 170 | Birmingham | UK | Aug. 2014 | 6,382 | 1,679 | 15,923 | — | — | 17,602 | 1,480 | |||||||||||||||||||||||||||||||||||||||||
Merck | Madison | NJ | Aug. 2014 | — | 10,290 | 32,530 | — | — | 42,820 | 277 | Madison | NJ | Aug. 2014 | 26,950 | 10,290 | 32,530 | — | — | 42,820 | 2,766 | |||||||||||||||||||||||||||||||||||||||||
Family Dollar | Abbeville | AL | Aug. 2014 | — | 115 | 635 | — | — | 750 | 7 | Abbeville | AL | Aug. 2014 | — | 115 | 635 | — | — | 750 | 69 | |||||||||||||||||||||||||||||||||||||||||
Family Dollar | Aiken | SC | Aug. 2014 | — | 439 | 505 | — | — | 944 | 6 | Aiken | SC | Aug. 2014 | — | 439 | 505 | — | — | 944 | 59 | |||||||||||||||||||||||||||||||||||||||||
Family Dollar | Alapaha | GA | Aug. 2014 | — | 200 | 492 | — | — | 692 | 6 | Alapaha | GA | Aug. 2014 | — | 200 | 492 | — | — | 692 | 60 | |||||||||||||||||||||||||||||||||||||||||
Family Dollar | Anniston | AL | Aug. 2014 | — | 176 | 618 | — | — | 794 | 7 | Anniston | AL | Aug. 2014 | — | 176 | 618 | — | — | 794 | 66 | |||||||||||||||||||||||||||||||||||||||||
Family Dollar | Atlanta | GA | Aug. 2014 | — | 234 | 1,181 | — | — | 1,415 | 11 | Atlanta | GA | Aug. 2014 | — | 234 | 1,181 | — | — | 1,415 | 112 | |||||||||||||||||||||||||||||||||||||||||
Family Dollar | Bossier City | LA | Aug. 2014 | — | 291 | 520 | — | — | 811 | 5 | Bossier City | LA | Aug. 2014 | — | 291 | 520 | — | — | 811 | 55 | |||||||||||||||||||||||||||||||||||||||||
Family Dollar | Brandenburg | KY | Aug. 2014 | — | 178 | 748 | — | — | 926 | 8 | Brandenburg | KY | Aug. 2014 | — | 178 | 748 | — | — | 926 | 79 | |||||||||||||||||||||||||||||||||||||||||
Family Dollar | Brownfield | TX | Aug. 2014 | — | 31 | 664 | — | — | 695 | 6 | Brownfield | TX | Aug. 2014 | — | 31 | 664 | — | — | 695 | 62 | |||||||||||||||||||||||||||||||||||||||||
Family Dollar | Brownsville | TX | Aug. 2014 | — | 83 | 803 | — | — | 886 | 8 | Brownsville | TX | Aug. 2014 | — | 83 | 803 | — | — | 886 | 76 | |||||||||||||||||||||||||||||||||||||||||
Family Dollar | Caledonia | MS | Aug. 2014 | — | 415 | 162 | — | — | 577 | 3 | Caledonia | MS | Aug. 2014 | — | 415 | 162 | — | — | 577 | 29 | |||||||||||||||||||||||||||||||||||||||||
Family Dollar | Camden | SC | Aug. 2014 | — | 187 | 608 | — | — | 795 | 7 | Camden | SC | Aug. 2014 | — | 187 | 608 | — | — | 795 | 67 | |||||||||||||||||||||||||||||||||||||||||
Family Dollar | Camp Wood | TX | Aug. 2014 | — | 96 | 593 | — | — | 689 | 6 | Camp Wood | TX | Aug. 2014 | — | 96 | 593 | — | — | 689 | 65 | |||||||||||||||||||||||||||||||||||||||||
Family Dollar | Church Point | LA | Aug. 2014 | — | 247 | 563 | — | — | 810 | 6 | Church Point | LA | Aug. 2014 | — | 247 | 563 | — | — | 810 | 60 | |||||||||||||||||||||||||||||||||||||||||
Family Dollar | Columbia | SC | Aug. 2014 | — | 363 | 487 | — | — | 850 | 6 | Columbia | SC | Aug. 2014 | — | 363 | 487 | — | — | 850 | 59 | |||||||||||||||||||||||||||||||||||||||||
Family Dollar | Columbus | MS | Aug. 2014 | — | 305 | 85 | — | — | 390 | 1 | Columbus | MS | Aug. 2014 | — | 305 | 85 | — | — | 390 | 14 | |||||||||||||||||||||||||||||||||||||||||
Family Dollar | Danville | VA | Aug. 2014 | — | 124 | 660 | — | — | 784 | 7 | Danville | VA | Aug. 2014 | — | 124 | 660 | — | — | 784 | 66 | |||||||||||||||||||||||||||||||||||||||||
Family Dollar | Detroit | MI | Aug. 2014 | — | 107 | 711 | — | — | 818 | 6 | Detroit | MI | Aug. 2014 | — | 107 | 711 | — | — | 818 | 62 | |||||||||||||||||||||||||||||||||||||||||
Family Dollar | Diamond Head | MS | Aug. 2014 | — | 104 | 834 | — | — | 938 | 8 | Diamond Head | MS | Aug. 2014 | — | 104 | 834 | — | — | 938 | 81 | |||||||||||||||||||||||||||||||||||||||||
Family Dollar | Eatonville | FL | Aug. 2014 | — | 332 | 584 | — | — | 916 | 8 | Falfurrias | TX | Aug. 2014 | — | 52 | 745 | — | — | 797 | 64 | |||||||||||||||||||||||||||||||||||||||||
Family Dollar | Falfurrias | TX | Aug. 2014 | — | 52 | 745 | — | — | 797 | 6 | Fayetteville | NC | Aug. 2014 | — | 99 | 438 | — | — | 537 | 40 | |||||||||||||||||||||||||||||||||||||||||
Family Dollar | Fayetteville | NC | Aug. 2014 | — | 99 | 438 | — | — | 537 | 4 | Fort Davis | TX | Aug. 2014 | — | 114 | 698 | — | — | 812 | 77 | |||||||||||||||||||||||||||||||||||||||||
Family Dollar | Fort Davis | TX | Aug. 2014 | — | 114 | 698 | — | — | 812 | 8 | Fort Madison | IA | Aug. 2014 | — | 188 | 226 | — | — | 414 | 28 | |||||||||||||||||||||||||||||||||||||||||
Family Dollar | Fort Madison | IA | Aug. 2014 | — | 188 | 226 | — | — | 414 | 3 | Greenwood | SC | Aug. 2014 | — | 629 | 546 | — | — | 1,175 | 54 | |||||||||||||||||||||||||||||||||||||||||
Family Dollar | Grenada | MS | Aug. 2014 | — | 346 | 335 | — | — | 681 | 44 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Family Dollar | Griffin | GA | Aug. 2014 | — | 369 | 715 | — | — | 1,084 | 77 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Family Dollar | Hallsville | TX | Aug. 2014 | — | 96 | 225 | — | — | 321 | 21 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Family Dollar | Hardeeville | SC | Aug. 2014 | — | 83 | 663 | — | — | 746 | 69 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Family Dollar | Hastings | NE | Aug. 2014 | — | 260 | 515 | — | — | 775 | 50 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Family Dollar | Haw River | NC | Aug. 2014 | — | 310 | 554 | — | — | 864 | 74 |
Initial Costs | Costs Capitalized Subsequent to Acquisition | Initial Costs | Costs Capitalized Subsequent to Acquisition | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property | City | U.S. State or Country | Acquisition Date | Encumbrances at December 31, 2014 | Land | Building and Improvements | Land | Building and Improvements | Gross Amount at December 31, 2014(1)(2) | Accumulated Depreciation (3)(4) | |||||||||||||||||||||||||||||||||||||||||||||||||||
Portfolio | City | U.S. State/Territory or Country | Acquisition Date | Encumbrances at December 31, 2017 (1) | Land | Building and Improvements | Land | Building and Improvements | Gross Amount at December 31, 2017(2)(3) | Accumulated Depreciation (4)(5) | |||||||||||||||||||||||||||||||||||||||||||||||||||
Family Dollar | Greenwood | SC | Aug. 2014 | — | 629 | 546 | — | — | 1,175 | 5 | Kansas City | MO | Aug. 2014 | — | 52 | 986 | — | — | 1,038 | 84 | |||||||||||||||||||||||||||||||||||||||||
Family Dollar | Grenada | MS | Aug. 2014 | — | 346 | 335 | — | — | 681 | 4 | Knoxville | TN | Aug. 2014 | — | 82 | 714 | — | — | 796 | 74 | |||||||||||||||||||||||||||||||||||||||||
Family Dollar | Griffin | GA | Aug. 2014 | — | 369 | 715 | — | — | 1,084 | 8 | La Feria | TX | Aug. 2014 | — | 124 | 956 | — | — | 1,080 | 87 | |||||||||||||||||||||||||||||||||||||||||
Family Dollar | Hallsville | TX | Aug. 2014 | — | 96 | 225 | — | — | 321 | 2 | Lancaster | SC | Aug. 2014 | — | 229 | 721 | — | — | 950 | 82 | |||||||||||||||||||||||||||||||||||||||||
Family Dollar | Hardeeville | SC | Aug. 2014 | — | 83 | 663 | — | — | 746 | 7 | Lillian | AL | Aug. 2014 | — | 410 | 508 | — | — | 918 | 55 | |||||||||||||||||||||||||||||||||||||||||
Family Dollar | Hastings | NE | Aug. 2014 | — | 260 | 515 | — | — | 775 | 5 | Louisville | KY | Aug. 2014 | — | 511 | 503 | — | — | 1,014 | 57 | |||||||||||||||||||||||||||||||||||||||||
Family Dollar | Haw River | NC | Aug. 2014 | — | 310 | 554 | — | — | 864 | 7 | Louisville | MS | Aug. 2014 | — | 235 | 410 | — | — | 645 | 49 | |||||||||||||||||||||||||||||||||||||||||
Family Dollar | Jacksonville | FL | Aug. 2014 | — | 369 | 544 | — | — | 913 | 6 | Madisonville | KY | Aug. 2014 | — | 389 | 576 | — | — | 965 | 64 | |||||||||||||||||||||||||||||||||||||||||
Family Dollar | Kansas City | MO | Aug. 2014 | — | 52 | 986 | — | — | 1,038 | 8 | Memphis | TN | Aug. 2014 | — | 356 | 507 | — | — | 863 | 58 | |||||||||||||||||||||||||||||||||||||||||
Family Dollar | Knoxville | TN | Aug. 2014 | — | 82 | 714 | — | — | 796 | 7 | Memphis | TN | Aug. 2014 | — | 79 | 342 | — | — | 421 | 40 | |||||||||||||||||||||||||||||||||||||||||
Family Dollar | La Feria | TX | Aug. 2014 | — | 124 | 956 | — | — | 1,080 | 9 | Memphis | TN | Aug. 2014 | — | 158 | 301 | — | — | 459 | 38 | |||||||||||||||||||||||||||||||||||||||||
Family Dollar | Lancaster | SC | Aug. 2014 | — | 229 | 721 | — | — | 950 | 8 | Mendenhall | MS | Aug. 2014 | — | 61 | 720 | — | — | 781 | 71 | |||||||||||||||||||||||||||||||||||||||||
Family Dollar | Lillian | AL | Aug. 2014 | — | 410 | 508 | — | — | 918 | 6 | Mobile | AL | Aug. 2014 | — | 258 | 682 | — | — | 940 | 67 | |||||||||||||||||||||||||||||||||||||||||
Family Dollar | Louisville | KY | Aug. 2014 | — | 511 | 503 | — | — | 1,014 | 6 | Mohave Valley | AZ | Aug. 2014 | — | 284 | 575 | — | — | 859 | 74 | |||||||||||||||||||||||||||||||||||||||||
Family Dollar | Louisville | MS | Aug. 2014 | — | 235 | 410 | — | — | 645 | 5 | N Platte | NE | Aug. 2014 | — | 117 | 255 | — | — | 372 | 22 | |||||||||||||||||||||||||||||||||||||||||
Family Dollar | Madisonville | KY | Aug. 2014 | — | 389 | 576 | — | — | 965 | 6 | Nampa | ID | Aug. 2014 | — | 133 | 1,126 | — | — | 1,259 | 107 | |||||||||||||||||||||||||||||||||||||||||
Family Dollar | Memphis | TN | Aug. 2014 | — | 356 | 507 | — | — | 863 | 6 | Newberry | MI | Aug. 2014 | — | 172 | 1,562 | — | — | 1,734 | 147 | |||||||||||||||||||||||||||||||||||||||||
Family Dollar | Memphis | TN | Aug. 2014 | — | 79 | 342 | — | — | 421 | 4 | North Charleston | SC | Aug. 2014 | — | 376 | 588 | — | — | 964 | 66 | |||||||||||||||||||||||||||||||||||||||||
Family Dollar | Memphis | TN | Aug. 2014 | — | 158 | 301 | — | — | 459 | 4 | North Charleston | SC | Aug. 2014 | — | 458 | 593 | — | — | 1,051 | 71 | |||||||||||||||||||||||||||||||||||||||||
Family Dollar | Mendenhall | MS | Aug. 2014 | — | 61 | 720 | — | — | 781 | 7 | Oklahoma City | OK | Aug. 2014 | — | 144 | 1,211 | — | — | 1,355 | 103 | |||||||||||||||||||||||||||||||||||||||||
Family Dollar | Mobile | AL | Aug. 2014 | — | 258 | 682 | — | — | 940 | 7 | Paulden | AZ | Aug. 2014 | — | 468 | 306 | — | — | 774 | 48 | |||||||||||||||||||||||||||||||||||||||||
Family Dollar | Mohave Valley | AZ | Aug. 2014 | — | 284 | 575 | — | — | 859 | 7 | Poteet | TX | Aug. 2014 | — | 141 | 169 | — | — | 310 | 28 | |||||||||||||||||||||||||||||||||||||||||
Family Dollar | N Platte | NE | Aug. 2014 | — | 117 | 255 | — | — | 372 | 2 | Rockford | IL | Aug. 2014 | — | 183 | 1,179 | — | — | 1,362 | 108 | |||||||||||||||||||||||||||||||||||||||||
Family Dollar | Nampa | ID | Aug. 2014 | — | 133 | 1,126 | — | — | 1,259 | 11 | Roebuck | SC | Aug. 2014 | — | 306 | 508 | — | — | 814 | 67 | |||||||||||||||||||||||||||||||||||||||||
Family Dollar | Newberry | MI | Aug. 2014 | — | 172 | 1,562 | — | — | 1,734 | 15 | San Angelo | TX | Aug. 2014 | — | 96 | 342 | — | — | 438 | 39 | |||||||||||||||||||||||||||||||||||||||||
Family Dollar | North Charleston | SC | Aug. 2014 | — | 376 | 588 | — | — | 964 | 7 | St Louis | MO | Aug. 2014 | — | 226 | 1,325 | — | — | 1,551 | 121 | |||||||||||||||||||||||||||||||||||||||||
Family Dollar | North Charleston | SC | Aug. 2014 | — | 458 | 593 | — | — | 1,051 | 7 | Tyler | TX | Aug. 2014 | — | 217 | 682 | — | — | 899 | 64 | |||||||||||||||||||||||||||||||||||||||||
Family Dollar | Oklahoma City | OK | Aug. 2014 | — | 144 | 1,211 | — | — | 1,355 | 10 | Union | MS | Aug. 2014 | — | 52 | 622 | — | — | 674 | 63 | |||||||||||||||||||||||||||||||||||||||||
Family Dollar | Orlando | FL | Aug. 2014 | — | 668 | 567 | — | — | 1,235 | 7 | Williamston | SC | Aug. 2014 | — | 211 | 558 | — | — | 769 | 62 | |||||||||||||||||||||||||||||||||||||||||
Family Dollar | Orlando | FL | Aug. 2014 | — | 501 | 769 | — | — | 1,270 | 10 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Family Dollar | Paulden | AZ | Aug. 2014 | — | 468 | 306 | — | — | 774 | 5 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Family Dollar | Pensacola | FL | Aug. 2014 | — | 123 | 541 | — | — | 664 | 6 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Family Dollar | Poteet | TX | Aug. 2014 | — | 141 | 169 | — | — | 310 | 3 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Family Dollar | Rockford | IL | Aug. 2014 | — | 183 | 1,179 | — | — | 1,362 | 11 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Family Dollar | Roebuck | SC | Aug. 2014 | — | 306 | 508 | — | — | 814 | 7 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Government Services Administration | Rangeley | ME | Aug. 2014 | — | 1,377 | 4,746 | — | 262 | 6,385 | 444 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Hewlett-Packard | Newcastle | UK | Sep. 2014 | 12,531 | 1,160 | 19,316 | — | — | 20,476 | 1,665 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Intier Automotive | Redditch | UK | Sep. 2014 | 6,375 | 1,198 | 9,485 | — | — | 10,683 | 909 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Waste Management | Winston-Salem | NC | Sep. 2014 | — | 494 | 3,235 | — | — | 3,729 | 285 | |||||||||||||||||||||||||||||||||||||||||||||||||||
FedEx | Winona | MN | Sep. 2014 | — | 83 | 1,785 | — | — | 1,868 | 180 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Dollar General | Allen | OK | Sep. 2014 | — | 99 | 793 | — | — | 892 | 73 |
Initial Costs | Costs Capitalized Subsequent to Acquisition | Initial Costs | Costs Capitalized Subsequent to Acquisition | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property | City | U.S. State or Country | Acquisition Date | Encumbrances at December 31, 2014 | Land | Building and Improvements | Land | Building and Improvements | Gross Amount at December 31, 2014(1)(2) | Accumulated Depreciation (3)(4) | |||||||||||||||||||||||||||||||||||||||||||||||||||
Family Dollar | San Angelo | TX | Aug. 2014 | — | 96 | 342 | — | — | 438 | 4 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Family Dollar | St Louis | MO | Aug. 2014 | — | 226 | 1,325 | — | — | 1,551 | 12 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Family Dollar | Tyler | TX | Aug. 2014 | — | 217 | 682 | — | — | 899 | 6 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Family Dollar | Union | MS | Aug. 2014 | — | 52 | 622 | — | — | 674 | 6 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Family Dollar | Williamston | SC | Aug. 2014 | — | 211 | 558 | — | — | 769 | 6 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Family Dollar | Winter Haven | FL | Aug. 2014 | — | 486 | 437 | — | — | 923 | 6 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Family Dollar | Winter Haven | FL | Aug. 2014 | — | 210 | 527 | — | — | 737 | 7 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Government Services Administration | Rangeley | ME | Aug. 2014 | — | 1,377 | 4,746 | — | 117 | 6,240 | 40 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Garden Ridge | Louisville | KY | Sep. 2014 | — | 3,994 | 4,865 | — | — | 8,859 | 43 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Garden Ridge | Lubbock | TX | Sep. 2014 | — | 1,574 | 5,950 | — | — | 7,524 | 59 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Garden Ridge | Mesa | AZ | Sep. 2014 | — | 2,727 | 4,867 | — | — | 7,594 | 47 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Garden Ridge | Raleigh | NC | Sep. 2014 | — | 2,362 | 4,267 | — | — | 6,629 | 42 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Hewlett-Packard | Newcastle | UK | Sep. 2014 | — | 1,335 | 22,237 | — | — | 23,572 | 147 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Intier Automotive | Redditch | UK | Sep. 2014 | — | 1,379 | 10,920 | — | — | 12,299 | 81 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Waste Management | Winston-Salem | NC | Sep. 2014 | — | 494 | 3,235 | — | — | 3,729 | 22 | |||||||||||||||||||||||||||||||||||||||||||||||||||
FedEx | Winona | MN | Sep. 2014 | — | 83 | 1,785 | — | — | 1,868 | 14 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Winston Hotel | Amsterdam | Netherlands | Sep. 2014 | — | 8,534 | 4,512 | — | — | 13,046 | 28 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Portfolio | City | U.S. State/Territory or Country | Acquisition Date | Encumbrances at December 31, 2017 (1) | Land | Building and Improvements | Land | Building and Improvements | Gross Amount at December 31, 2017(2)(3) | Accumulated Depreciation (4)(5) | |||||||||||||||||||||||||||||||||||||||||||||||||||
Dollar General | Allen | OK | Sep. 2014 | — | 99 | 793 | — | — | 892 | 6 | Cherokee | KS | Sep. 2014 | — | 27 | 769 | — | — | 796 | 72 | |||||||||||||||||||||||||||||||||||||||||
Dollar General | Allentown | PA | Sep. 2014 | — | 346 | 888 | — | — | 1,234 | 8 | Clearwater | KS | Sep. 2014 | — | 90 | 785 | — | — | 875 | 73 | |||||||||||||||||||||||||||||||||||||||||
Dollar General | Caledonia | OH | Sep. 2014 | — | 110 | 861 | — | — | 971 | 6 | Dexter | NM | Sep. 2014 | — | 329 | 585 | — | — | 914 | 55 | |||||||||||||||||||||||||||||||||||||||||
Dollar General | Cherokee | KS | Sep. 2014 | — | 27 | 769 | — | — | 796 | 6 | Elmore City | OK | Sep. 2014 | — | 21 | 742 | — | — | 763 | 70 | |||||||||||||||||||||||||||||||||||||||||
Dollar General | Choctaw | OK | Sep. 2014 | — | 247 | 859 | — | — | 1,106 | 6 | Eunice | NM | Sep. 2014 | — | 269 | 569 | — | — | 838 | 54 | |||||||||||||||||||||||||||||||||||||||||
Dollar General | Clearwater | KS | Sep. 2014 | — | 90 | 785 | — | — | 875 | 6 | Gore | OK | Sep. 2014 | — | 143 | 813 | — | — | 956 | 76 | |||||||||||||||||||||||||||||||||||||||||
Dollar General | Dexter | NM | Sep. 2014 | — | 329 | 585 | — | — | 914 | 4 | Kingston | OK | Sep. 2014 | — | 81 | 778 | — | — | 859 | 73 | |||||||||||||||||||||||||||||||||||||||||
Dollar General | Elmore City | OK | Sep. 2014 | — | 21 | 742 | — | — | 763 | 5 | Lordsburg | NM | Sep. 2014 | — | 212 | 719 | — | — | 931 | 67 | |||||||||||||||||||||||||||||||||||||||||
Dollar General | Erie | PA | Sep. 2014 | — | 410 | 682 | — | — | 1,092 | 5 | Lyons | KS | Sep. 2014 | — | 120 | 970 | — | — | 1,090 | 89 | |||||||||||||||||||||||||||||||||||||||||
Dollar General | Eunice | NM | Sep. 2014 | — | 269 | 569 | — | — | 838 | 4 | Mansfield | LA | Sep. 2014 | — | 169 | 812 | — | — | 981 | 76 | |||||||||||||||||||||||||||||||||||||||||
Dollar General | Gore | OK | Sep. 2014 | — | 143 | 813 | — | — | 956 | 6 | Neligh | NE | Sep. 2014 | — | 83 | 1,045 | — | — | 1,128 | 94 | |||||||||||||||||||||||||||||||||||||||||
Dollar General | Gratiot | OH | Sep. 2014 | — | 239 | 809 | — | — | 1,048 | 6 | Norman | OK | Sep. 2014 | — | 40 | 913 | — | — | 953 | 85 | |||||||||||||||||||||||||||||||||||||||||
Dollar General | Greensburg | PA | Sep. 2014 | — | 97 | 970 | — | — | 1,067 | 7 | Peggs | OK | Sep. 2014 | — | 72 | 879 | — | — | 951 | 81 | |||||||||||||||||||||||||||||||||||||||||
Dollar General | Heavener | OK | Sep. 2014 | — | 99 | 998 | — | — | 1,097 | 7 | Santa Rosa | NM | Sep. 2014 | — | 324 | 575 | — | — | 899 | 54 | |||||||||||||||||||||||||||||||||||||||||
Dollar General | Kingston | OK | Sep. 2014 | — | 81 | 778 | — | — | 859 | 6 | Sapulpa | OK | Sep. 2014 | — | 143 | 745 | — | — | 888 | 71 | |||||||||||||||||||||||||||||||||||||||||
Dollar General | Lordsburg | NM | Sep. 2014 | — | 212 | 719 | — | — | 931 | 5 | Schuyler | NE | Sep. 2014 | — | 144 | 905 | — | — | 1,049 | 83 | |||||||||||||||||||||||||||||||||||||||||
Dollar General | Lyons | KS | Sep. 2014 | — | 120 | 970 | — | — | 1,090 | 7 | Tahlequah | OK | Sep. 2014 | — | 132 | 925 | — | — | 1,057 | 85 | |||||||||||||||||||||||||||||||||||||||||
Dollar General | Mansfield | LA | Sep. 2014 | — | 169 | 812 | — | — | 981 | 6 | Townville | PA | Sep. 2014 | — | 78 | 882 | — | — | 960 | 86 | |||||||||||||||||||||||||||||||||||||||||
Dollar General | Valley Falls | KS | Sep. 2014 | — | 51 | 922 | — | — | 973 | 83 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Dollar General | Wymore | NE | Sep. 2014 | — | 21 | 872 | — | — | 893 | 80 | |||||||||||||||||||||||||||||||||||||||||||||||||||
FedEx | Bohemia | NY | Sep. 2014 | 19,375 | 4,838 | 19,596 | — | — | 24,434 | 1,836 | |||||||||||||||||||||||||||||||||||||||||||||||||||
FedEx | Watertown | NY | Sep. 2014 | — | 561 | 4,757 | — | — | 5,318 | 469 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Shaw Aero | Naples | FL | Sep. 2014 | — | 998 | 22,332 | — | — | 23,330 | 1,888 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Mallinckrodt | St. Louis | MO | Sep. 2014 | — | 1,499 | 16,828 | — | — | 18,327 | 1,437 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Kuka Warehouse | Sterling Heights | MI | Sep. 2014 | — | 1,227 | 10,790 | — | — | 12,017 | 921 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Trinity Health | Livonia | MI | Sep. 2014 | — | 4,680 | 11,568 | — | 1,250 | 17,498 | 1,288 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Trinity Health | Livonia | MI | Sep. 2014 | — | 4,273 | 16,574 | — | 934 | 21,781 | 1,575 | |||||||||||||||||||||||||||||||||||||||||||||||||||
FedEx | Hebron | KY | Sep. 2014 | — | 1,106 | 7,750 | — | 109 | 8,965 | 704 | |||||||||||||||||||||||||||||||||||||||||||||||||||
FedEx | Lexington | KY | Sep. 2014 | — | 1,118 | 7,961 | — | — | 9,079 | 709 | |||||||||||||||||||||||||||||||||||||||||||||||||||
GE Aviation | Cincinnati | OH | Sep. 2014 | — | 1,393 | 10,490 | — | — | 11,883 | 898 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Bradford & Bingley | Bingley | UK | Oct. 2014 | 10,200 | 4,500 | 11,298 | — | — | 15,798 | 1,046 | |||||||||||||||||||||||||||||||||||||||||||||||||||
DNV GL | Dublin | OH | Oct. 2014 | — | 2,509 | 3,140 | — | 126 | 5,775 | 282 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Rexam | Reckinghausen | Germany | Oct. 2014 | 6,301 | 845 | 11,889 | — | — | 12,734 | 1,001 | |||||||||||||||||||||||||||||||||||||||||||||||||||
C&J Energy | Houston | TX | Oct. 2014 | 6,982 | 3,865 | 9,457 | — | — | 13,322 | 840 | |||||||||||||||||||||||||||||||||||||||||||||||||||
FedEx | Lake Charles | LA | Oct. 2014 | — | 255 | 7,485 | — | — | 7,740 | 745 |
Initial Costs | Costs Capitalized Subsequent to Acquisition | |||||||||||||||||||||||||||||||||
Property | Citiy | U.S. State or Country | Acquisition Date | Encumbrances at December 31, 2014 | Land | Building and Improvements | Land | Building and Improvements | Gross Amount at December 31, 2014(1)(2) | Accumulated Depreciation (3)(4) | ||||||||||||||||||||||||
Dollar General | McKean | PA | Sep. 2014 | — | 107 | 1,014 | — | — | 1,121 | 7 | ||||||||||||||||||||||||
Dollar General | Muskogee | OK | Sep. 2014 | — | 154 | 771 | — | — | 925 | 6 | ||||||||||||||||||||||||
Dollar General | Neligh | NE | Sep. 2014 | — | 83 | 1,045 | — | — | 1,128 | 7 | ||||||||||||||||||||||||
Dollar General | New Florence | PA | Sep. 2014 | — | 70 | 940 | — | — | 1,010 | 7 | ||||||||||||||||||||||||
Dollar General | New Paris | OH | Sep. 2014 | — | 411 | 488 | — | — | 899 | 5 | ||||||||||||||||||||||||
Dollar General | Norman | OK | Sep. 2014 | — | 40 | 913 | — | — | 953 | 7 | ||||||||||||||||||||||||
Dollar General | Painesville | OH | Sep. 2014 | — | 340 | 797 | — | — | 1,137 | 6 | ||||||||||||||||||||||||
Dollar General | Painesville | OH | Sep. 2014 | — | 300 | 715 | — | — | 1,015 | 5 | ||||||||||||||||||||||||
Dollar General | Peggs | OK | Sep. 2014 | — | 72 | 879 | — | — | 951 | 6 | ||||||||||||||||||||||||
Dollar General | Santa Rosa | NM | Sep. 2014 | — | 324 | 575 | — | — | 899 | 4 | ||||||||||||||||||||||||
Dollar General | Sapulpa | OK | Sep. 2014 | — | 143 | 745 | — | — | 888 | 5 | ||||||||||||||||||||||||
Dollar General | Schuyler | NE | Sep. 2014 | — | 144 | 905 | — | — | 1,049 | 6 | ||||||||||||||||||||||||
Dollar General | Spencerville | OH | Sep. 2014 | — | 213 | 928 | — | — | 1,141 | 6 | ||||||||||||||||||||||||
Dollar General | Tahlequah | OK | Sep. 2014 | — | 132 | 925 | — | — | 1,057 | 7 | ||||||||||||||||||||||||
Dollar General | Talihina | OK | Sep. 2014 | — | 163 | 1,023 | — | — | 1,186 | 7 | ||||||||||||||||||||||||
Dollar General | Townville | PA | Sep. 2014 | — | 78 | 882 | — | — | 960 | 7 | ||||||||||||||||||||||||
Dollar General | Uniontown | PA | Sep. 2014 | — | 165 | 1,107 | — | — | 1,272 | 8 | ||||||||||||||||||||||||
Dollar General | Valley Falls | KS | Sep. 2014 | — | 51 | 922 | — | — | 973 | 6 | ||||||||||||||||||||||||
Dollar General | Valliant | OK | Sep. 2014 | — | 183 | 1,004 | — | — | 1,187 | 7 | ||||||||||||||||||||||||
Dollar General | Wymore | NE | Sep. 2014 | — | 21 | 872 | — | — | 893 | 6 | ||||||||||||||||||||||||
Dollar General | Wynnewood | OK | Sep. 2014 | — | 188 | 1,057 | — | — | 1,245 | 8 | ||||||||||||||||||||||||
FedEx | Bohemia | NY | Sep. 2014 | — | 4,838 | 19,596 | — | — | 24,434 | 141 | ||||||||||||||||||||||||
FedEx | Watertown | NY | Sep. 2014 | — | 561 | 4,757 | — | — | 5,318 | 36 | ||||||||||||||||||||||||
Shaw Aero | Naples | FL | Sep. 2014 | — | 998 | 22,332 | — | — | 23,330 | 145 | ||||||||||||||||||||||||
Mallinckrodt | St. Louis | MO | Sep. 2014 | — | 1,499 | 16,828 | — | — | 18,327 | 111 | ||||||||||||||||||||||||
Kuka Warehouse | Sterling Heights | MI | Sep. 2014 | — | 1,227 | 10,790 | — | — | 12,017 | 71 | ||||||||||||||||||||||||
Trinity Health | Livonia | MI | Sep. 2014 | — | 8,953 | 28,141 | — | — | 37,094 | 212 | ||||||||||||||||||||||||
FedEx | Hebron | KY | Sep. 2014 | — | 1,106 | 7,750 | — | — | 8,856 | 54 | ||||||||||||||||||||||||
FedEx | Lexington | KY | Sep. 2014 | — | 1,118 | 7,961 | — | — | 9,079 | 55 | ||||||||||||||||||||||||
GE Aviation | Cincinnati | OH | Sep. 2014 | — | 1,393 | 10,490 | — | — | 11,883 | 69 | ||||||||||||||||||||||||
Bradford & Bingley | Bingley | UK | Oct. 2014 | — | 5,180 | 13,006 | — | — | 18,186 | 93 | ||||||||||||||||||||||||
DNV GL | Dublin | OH | Oct. 2014 | — | 2,509 | 3,140 | — | — | 5,649 | 22 | ||||||||||||||||||||||||
Rexam | Reckinghausen | Germany | Oct. 2014 | 6,394 | 857 | 12,064 | — | — | 12,921 | 53 | ||||||||||||||||||||||||
CJ Energy | Houston | TX | Oct. 2014 | — | 3,865 | 9,457 | — | — | 13,322 | 44 | ||||||||||||||||||||||||
FedEx | Lake Charles | LA | Oct. 2014 | — | 255 | 7,485 | — | — | 7,740 | 39 |
Initial Costs | Costs Capitalized Subsequent to Acquisition | |||||||||||||||||||||||||||||||||
Portfolio | City | U.S. State/Territory or Country | Acquisition Date | Encumbrances at December 31, 2017 (1) | Land | Building and Improvements | Land | Building and Improvements | Gross Amount at December 31, 2017(2)(3) | Accumulated Depreciation (4)(5) | ||||||||||||||||||||||||
Family Dollar | Big Sandy | TN | Oct. 2014 | — | 62 | 739 | — | — | 801 | 71 | ||||||||||||||||||||||||
Family Dollar | Boling | TX | Oct. 2014 | — | 80 | 781 | — | — | 861 | 72 | ||||||||||||||||||||||||
Family Dollar | Bonifay | FL | Oct. 2014 | — | 103 | 673 | — | — | 776 | 77 | ||||||||||||||||||||||||
Family Dollar | Brownsville | TN | Oct. 2014 | — | 155 | 776 | — | — | 931 | 82 | ||||||||||||||||||||||||
Family Dollar | Brundidge | AL | Oct. 2014 | — | 89 | 749 | — | — | 838 | 91 | ||||||||||||||||||||||||
Family Dollar | Buena Vista | GA | Oct. 2014 | — | 246 | 757 | — | — | 1,003 | 108 | ||||||||||||||||||||||||
Family Dollar | Calvert | TX | Oct. 2014 | — | 91 | 777 | — | — | 868 | 74 | ||||||||||||||||||||||||
Family Dollar | Chocowinty | NC | Oct. 2014 | — | 237 | 554 | — | — | 791 | 56 | ||||||||||||||||||||||||
Family Dollar | Clarksville | TN | Oct. 2014 | — | 370 | 1,025 | — | — | 1,395 | 114 | ||||||||||||||||||||||||
Family Dollar | Fort Mill | SC | Oct. 2014 | — | 556 | 757 | — | — | 1,313 | 76 | ||||||||||||||||||||||||
Family Dollar | Hillsboro | TX | Oct. 2014 | — | 287 | 634 | — | — | 921 | 61 | ||||||||||||||||||||||||
Family Dollar | Lake Charles | LA | Oct. 2014 | — | 295 | 737 | — | — | 1,032 | 70 | ||||||||||||||||||||||||
Family Dollar | Lakeland | FL | Oct. 2014 | — | 300 | 812 | — | — | 1,112 | 77 | ||||||||||||||||||||||||
Family Dollar | Lansing | MI | Oct. 2014 | — | 132 | 1,040 | — | — | 1,172 | 115 | ||||||||||||||||||||||||
Family Dollar | Laurens | SC | Oct. 2014 | — | 303 | 584 | — | — | 887 | 74 | ||||||||||||||||||||||||
Family Dollar | Marion | MS | Oct. 2014 | — | 183 | 747 | — | — | 930 | 73 | ||||||||||||||||||||||||
Family Dollar | Marsing | ID | Oct. 2014 | — | 188 | 786 | — | — | 974 | 94 | ||||||||||||||||||||||||
Family Dollar | Montgomery | AL | Oct. 2014 | — | 411 | 646 | — | — | 1,057 | 86 | ||||||||||||||||||||||||
Family Dollar | Montgomery | AL | Oct. 2014 | — | 122 | 821 | — | — | 943 | 100 | ||||||||||||||||||||||||
Family Dollar | Monticello | FL | Oct. 2014 | — | 230 | 695 | — | — | 925 | 74 | ||||||||||||||||||||||||
Family Dollar | Monticello | UT | Oct. 2014 | — | 96 | 894 | — | — | 990 | 111 | ||||||||||||||||||||||||
Family Dollar | North Little Rock | AR | Oct. 2014 | — | 424 | 649 | — | — | 1,073 | 77 | ||||||||||||||||||||||||
Family Dollar | Oakdale | LA | Oct. 2014 | — | 243 | 696 | — | — | 939 | 66 | ||||||||||||||||||||||||
Family Dollar | Orlando | FL | Oct. 2014 | — | 684 | 619 | — | — | 1,303 | 68 | ||||||||||||||||||||||||
Family Dollar | Port St. Lucie | FL | Oct. 2014 | — | 403 | 907 | — | — | 1,310 | 91 | ||||||||||||||||||||||||
Family Dollar | Prattville | AL | Oct. 2014 | — | 463 | 749 | — | — | 1,212 | 102 | ||||||||||||||||||||||||
Family Dollar | Prichard | AL | Oct. 2014 | — | 241 | 803 | — | — | 1,044 | 76 | ||||||||||||||||||||||||
Family Dollar | Quinlan | TX | Oct. 2014 | — | 74 | 774 | — | — | 848 | 73 | ||||||||||||||||||||||||
Family Dollar | Rigeland | MS | Oct. 2014 | — | 447 | 891 | — | — | 1,338 | 83 | ||||||||||||||||||||||||
Family Dollar | Rising Star | TX | Oct. 2014 | — | 63 | 674 | — | — | 737 | 64 | ||||||||||||||||||||||||
Family Dollar | Southaven | MS | Oct. 2014 | — | 409 | 1,080 | — | — | 1,489 | 109 | ||||||||||||||||||||||||
Family Dollar | Spout Springs | NC | Oct. 2014 | — | 474 | 676 | — | — | 1,150 | 68 | ||||||||||||||||||||||||
Family Dollar | St. Petersburg | FL | Oct. 2014 | — | 482 | 851 | — | — | 1,333 | 85 | ||||||||||||||||||||||||
Family Dollar | Swansboro | NC | Oct. 2014 | — | 337 | 826 | — | — | 1,163 | 105 | ||||||||||||||||||||||||
Panasonic | Hudson | NJ | Oct. 2014 | — | 1,312 | 7,075 | — | — | 8,387 | 590 |
Initial Costs | Costs Capitalized Subsequent to Acquisition | Initial Costs | Costs Capitalized Subsequent to Acquisition | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property | Citiy | U.S. State or Country | Acquisition Date | Encumbrances at December 31, 2014 | Land | Building and Improvements | Land | Building and Improvements | Gross Amount at December 31, 2014(1)(2) | Accumulated Depreciation (3)(4) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Portfolio | City | U.S. State/Territory or Country | Acquisition Date | Encumbrances at December 31, 2017 (1) | Land | Building and Improvements | Land | Building and Improvements | Gross Amount at December 31, 2017(2)(3) | Accumulated Depreciation (4)(5) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Onguard | Havre De Grace | MD | Oct. 2014 | — | 2,216 | 6,585 | — | — | 8,801 | 783 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Axon Energy Products | Houston | TX | Oct. 2014 | — | 297 | 2,432 | — | — | 2,729 | 201 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Metro Tonic | Halle Peissen | Germany | Oct. 2014 | 31,746 | 7,280 | 51,002 | — | — | 58,282 | 4,756 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Tokmanni | Matsala | Finland | Nov. 2014 | 34,711 | 1,886 | 57,096 | — | — | 58,982 | 5,016 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fife Council | Dunfermline | UK | Nov. 2014 | 2,474 | 355 | 4,584 | — | — | 4,939 | 391 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Family Dollar | Big Sandy | TN | Oct. 2014 | — | 62 | 739 | — | — | 801 | 4 | Doerun | GA | Nov. 2014 | — | 236 | 717 | — | — | 953 | 70 | ||||||||||||||||||||||||||||||||||||||||||||||||
Family Dollar | Boling | TX | Oct. 2014 | — | 80 | 781 | — | — | 861 | 4 | Old Hickory | TN | Nov. 2014 | — | 548 | 781 | — | — | 1,329 | 82 | ||||||||||||||||||||||||||||||||||||||||||||||||
Family Dollar | Bonifay | FL | Oct. 2014 | — | 103 | 673 | — | — | 776 | 4 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Family Dollar | Brindidge | AL | Oct. 2014 | — | 89 | 749 | — | — | 838 | 5 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Family Dollar | Brownsville | TN | Oct. 2014 | — | 155 | 776 | — | — | 931 | 4 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Family Dollar | Buena Vista | GA | Oct. 2014 | — | 246 | 757 | — | — | 1,003 | 6 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Family Dollar | Calvert | TX | Oct. 2014 | — | 91 | 777 | — | — | 868 | 4 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Family Dollar | Chocowinty | NC | Oct. 2014 | — | 237 | 554 | — | — | 791 | 3 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Family Dollar | Clarksville | TN | Oct. 2014 | — | 370 | 1,025 | — | — | 1,395 | 6 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Family Dollar | Fort Mill | SC | Oct. 2014 | — | 556 | 757 | — | — | 1,313 | 4 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Family Dollar | Hillsboro | TX | Oct. 2014 | — | 287 | 634 | — | — | 921 | 3 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Family Dollar | Lake Charles | LA | Oct. 2014 | — | 295 | 737 | — | — | 1,032 | 4 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Family Dollar | Lakeland | FL | Oct. 2014 | — | 300 | 812 | — | — | 1,112 | 4 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Family Dollar | Lansing | MI | Oct. 2014 | — | 132 | 1,040 | — | — | 1,172 | 6 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Family Dollar | Laurens | SC | Oct. 2014 | — | 303 | 584 | — | — | 887 | 4 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Family Dollar | Marion | MS | Oct. 2014 | — | 183 | 747 | — | — | 930 | 4 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Family Dollar | Marsing | ID | Oct. 2014 | — | 188 | 786 | — | — | 974 | 5 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Family Dollar | Montgomery | AL | Oct. 2014 | — | 122 | 821 | — | — | 943 | 5 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Family Dollar | Montgomery | AL | Oct. 2014 | — | 411 | 646 | — | — | 1,057 | 5 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Family Dollar | Monticello | FL | Oct. 2014 | — | 230 | 695 | — | — | 925 | 4 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Family Dollar | Monticello | UT | Oct. 2014 | — | 96 | 894 | — | — | 990 | 6 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Family Dollar | North Little Rock | AR | Oct. 2014 | — | 424 | 649 | — | — | 1,073 | 4 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Family Dollar | Oakdale | LA | Oct. 2014 | — | 243 | 696 | — | — | 939 | 3 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Family Dollar | Orlando | FL | Oct. 2014 | — | 684 | 619 | — | — | 1,303 | 4 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Family Dollar | Port St. Lucie | FL | Oct. 2014 | — | 403 | 907 | — | — | 1,310 | 5 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Family Dollar | Prattville | AL | Oct. 2014 | — | 463 | 749 | — | — | 1,212 | 5 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Family Dollar | Prichard | AL | Oct. 2014 | — | 241 | 803 | — | — | 1,044 | 4 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Family Dollar | Quinlan | TX | Oct. 2014 | — | 74 | 774 | — | — | 848 | 4 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Family Dollar | Rigeland | MS | Oct. 2014 | — | 447 | 891 | — | — | 1,338 | 4 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Family Dollar | Rising Star | TX | Oct. 2014 | — | 63 | 674 | — | — | 737 | 3 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Family Dollar | Southaven | MS | Oct. 2014 | — | 409 | 1,080 | — | — | 1,489 | 6 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Family Dollar | Spout Springs | NC | Oct. 2014 | — | 474 | 676 | — | — | 1,150 | 4 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Family Dollar | St. Petersburg | FL | Oct. 2014 | — | 482 | 851 | — | — | 1,333 | 4 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Family Dollar | Swansboro | NC | Oct. 2014 | — | 337 | 826 | — | — | 1,163 | 6 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Panasonic | Hudson | NJ | Oct. 2014 | — | 1,312 | 7,075 | — | — | 8,387 | 31 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Government Services Administration | Rapid City | SD | Nov. 2014 | — | 504 | 7,837 | — | — | 8,341 | 671 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
KPN BV | Houten | The Netherlands | Nov. 2014 | — | 1,689 | 20,662 | — | — | 22,351 | 1,661 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
RWE AG | Essen | Germany | Nov. 2014 | 17,709 | 2,034 | 25,984 | — | — | 28,018 | 2,044 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
RWE AG | Essen | Germany | Nov. 2014 | 31,311 | 12,863 | 45,228 | — | — | 58,091 | 3,556 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
RWE AG | Essen | Germany | Nov. 2014 | 25,852 | 5,253 | 37,362 | — | 54 | 42,669 | 2,927 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Follett School | McHenry | IL | Dec. 2014 | — | 3,423 | 15,600 | — | — | 19,023 | 1,536 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Quest Diagnostics, Inc. | Santa Clarita | CA | Dec. 2014 | 52,800 | 10,714 | 69,018 | — | — | 79,732 | 5,412 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Diebold | North Canton | OH | Dec. 2014 | — | — | 9,142 | — | — | 9,142 | 850 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Weatherford International | Odessa | TX | Dec. 2014 | — | 665 | 1,795 | — | — | 2,460 | 240 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
AM Castle | Wichita | KS | Dec. 2014 | — | 426 | 6,681 | — | — | 7,107 | 507 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
FedEx | Billerica | MA | Dec. 2014 | — | 1,138 | 6,674 | — | — | 7,812 | 623 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Constellium Auto | Wayne | MI | Dec. 2014 | 15,300 | 1,180 | 13,781 | — | 7,875 | 22,836 | 2,711 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
C&J Energy | Houston | TX | Mar. 2015 | 13,368 | 6,196 | 21,745 | — | — | 27,941 | 1,605 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
FedEx | Salina | UT | Mar. 2015 | — | 428 | 3,447 | — | — | 3,875 | 358 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
FedEx | Pierre | SD | Apr. 2015 | — | — | 3,288 | — | — | 3,288 | 326 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Crowne Group | Fraser | MI | Aug. 2015 | — | 350 | 3,865 | — | — | 4,215 | 258 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Crowne Group | Jonesville | MI | Aug. 2015 | — | 101 | 3,136 | — | — | 3,237 | 216 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Crowne Group | Warren | MI | Aug. 2015 | — | 297 | 3,325 | — | — | 3,622 | 225 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Crowne Group | Logansport | IN | Aug. 2015 | — | 1,843 | 5,430 | — | — | 7,273 | 414 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Crowne Group | Madison | IN | Aug. 2015 | — | 1,598 | 7,513 | — | — | 9,111 | 484 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Crowne Group | Marion | SC | Aug. 2015 | — | 386 | 7,993 | — | — | 8,379 | 557 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
JIT Steel | Chattanooga | TN | Sep. 2015 | — | 582 | 3,122 | — | — | 3,704 | 193 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
JIT Steel | Chattanooga | TN | Sep. 2015 | — | 316 | 1,986 | — | — | 2,302 | 120 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mapes & Sprowl | Elk Grove Village | IL | Sep. 2015 | — | 954 | 4,619 | — | — | 5,573 | 294 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Beacon Health | South Bend | IN | Sep. 2015 | — | 1,636 | 8,190 | — | — | 9,826 | 520 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
National Oilwell | Pleasanton | TX | Sep. 2015 | — | 80 | 3,372 | — | — | 3,452 | 221 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Office Depot | Venlo | The Netherlands | Sep. 2015 | — | 3,736 | 16,522 | — | — | 20,258 | 1,126 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Finnair | Helsinki | Finland | Sep. 2015 | 34,022 | 2,696 | 76,819 | — | — | 79,515 | 4,697 |
Initial Costs | Costs Capitalized Subsequent to Acquisition | |||||||||||||||||||||||||||||||||
Property | Citiy | U.S. State or Country | Acquisition Date | Encumbrances at December 31, 2014 | Land | Building and Improvements | Land | Building and Improvements | Gross Amount at December 31, 2014(1)(2) | Accumulated Depreciation (3)(4) | ||||||||||||||||||||||||
Onguard | Havre De Grace | MD | Oct. 2014 | — | 2,216 | 6,585 | — | — | 8,801 | 41 | ||||||||||||||||||||||||
Axon Energy Products | Houston | TX | Oct. 2014 | — | 297 | 2,432 | — | — | 2,729 | 11 | ||||||||||||||||||||||||
Metro Tonic | Halle Peissen | Germany | Oct. 2014 | 32,211 | 7,387 | 51,749 | — | — | 59,136 | 254 | ||||||||||||||||||||||||
Tokmanni | Matsala | Finland | Nov. 2014 | — | 1,914 | 57,932 | — | — | 59,846 | 268 | ||||||||||||||||||||||||
Fife Council | Dunfermline | UK | Nov. 2014 | — | 409 | 5,277 | — | — | 5,686 | 24 | ||||||||||||||||||||||||
Family Dollar | Doerun | GA | Nov. 2014 | — | 236 | 717 | — | — | 953 | 4 | ||||||||||||||||||||||||
Family Dollar | Old Hickory | TN | Nov. 2014 | — | 548 | 781 | — | — | 1,329 | 4 | ||||||||||||||||||||||||
Government Services Administration | Rapid City | SD | Nov. 2014 | — | 504 | 7,837 | — | — | 8,341 | 35 | ||||||||||||||||||||||||
KPN BV | Houten | Netherlands | Nov. 2014 | — | 1,714 | 20,965 | — | — | 22,679 | 89 | ||||||||||||||||||||||||
RWE AG | Essen | Germany | Nov. 2014 | 17,968 | 2,064 | 26,365 | — | — | 28,429 | 56 | ||||||||||||||||||||||||
RWE AG | Essen | Germany | Nov. 2014 | 31,769 | 13,054 | 45,890 | — | — | 58,944 | 96 | ||||||||||||||||||||||||
RWE AG | Essen | Germany | Nov. 2014 | 26,229 | 5,332 | 37,908 | — | — | 43,240 | 79 | ||||||||||||||||||||||||
Follett School | McHenry | IL | Dec. 2014 | — | 3,423 | 15,600 | — | — | 19,023 | 42 | ||||||||||||||||||||||||
Quest Diagnostics, Inc. | Santa Clarita | CA | Dec. 2014 | — | 10,714 | 69,018 | — | — | 79,732 | 146 | ||||||||||||||||||||||||
Family Dollar | Tampa | FL | Dec. 2014 | — | 466 | 820 | — | — | 1,286 | 2 | ||||||||||||||||||||||||
Diebold | North Canton | OH | Dec. 2014 | — | 575 | 8,906 | — | — | 9,481 | — | ||||||||||||||||||||||||
Dollar General | Chickasha | OK | Dec. 2014 | — | 248 | 1,293 | — | — | 1,541 | — | ||||||||||||||||||||||||
Weatherford International | Odessa | TX | Dec. 2014 | — | 665 | 1,795 | — | — | 2,460 | — | ||||||||||||||||||||||||
AM Castle | Wichita | KS | Dec. 2014 | — | 426 | 6,027 | — | — | 6,453 | — | ||||||||||||||||||||||||
FedEx | Billerica | MA | Dec. 2014 | — | 1,138 | 6,674 | — | — | 7,812 | — | ||||||||||||||||||||||||
Constellium Auto | Wayne | MI | Dec. 2014 | — | 1,180 | 13,781 | — | — | 14,961 | — | ||||||||||||||||||||||||
Total | $ | 281,186 | $ | 326,696 | $ | 1,519,558 | $ | — | $ | 9,706 | $ | 1,855,960 | $ | 21,319 |
Initial Costs | Costs Capitalized Subsequent to Acquisition | |||||||||||||||||||||||||||||||||
Portfolio | City | U.S. State/Territory or Country | Acquisition Date | Encumbrances at December 31, 2017 (1) | Land | Building and Improvements | Land | Building and Improvements | Gross Amount at December 31, 2017(2)(3) | Accumulated Depreciation (4)(5) | ||||||||||||||||||||||||
Hannibal | Houston | TX | Sep. 2015 | — | 2,090 | 11,138 | — | — | 13,228 | 660 | ||||||||||||||||||||||||
FedEx | Mankato | MN | Sep. 2015 | — | 472 | 6,780 | — | — | 7,252 | 515 | ||||||||||||||||||||||||
Auchan | Beychac-et-Caillau | France | Dec. 2016 | 9,943 | 4,337 | 14,106 | — | — | 18,443 | 485 | ||||||||||||||||||||||||
DCNS | Guipavas | France | Dec. 2016 | 11,381 | 2,024 | 15,356 | — | — | 17,380 | 435 | ||||||||||||||||||||||||
Deutsche Bank | Kirchberg | Luxembourg | Dec. 2016 | 43,126 | 15,473 | 52,630 | — | 320 | 68,423 | 1,380 | ||||||||||||||||||||||||
FedEx | Greensboro | NC | Dec. 2016 | 6,165 | 1,820 | 8,252 | — | — | 10,072 | 294 | ||||||||||||||||||||||||
Foster Wheeler | Reading | UK | Dec. 2016 | 53,026 | 28,542 | 78,080 | — | — | 106,622 | 2,049 | ||||||||||||||||||||||||
Harper Collins | Glasgow | UK | Dec. 2016 | 37,880 | 10,660 | 54,451 | — | — | 65,111 | 1,546 | ||||||||||||||||||||||||
ID Logistics | Landersheim | France | Dec. 2016 | 6,589 | 2,064 | 8,675 | — | — | 10,739 | 243 | ||||||||||||||||||||||||
ID Logistics | Moreuil | France | Dec. 2016 | 5,990 | 3,187 | 6,445 | — | — | 9,632 | 190 | ||||||||||||||||||||||||
ID Logistics | Weilbach | Germany | Dec. 2016 | 4,792 | 1,426 | 9,427 | — | — | 10,853 | 252 | ||||||||||||||||||||||||
ING Bank | Amsterdam Zuidoos | The Netherlands | Dec. 2016 | 52,710 | — | 78,008 | — | 273 | 78,281 | 2,019 | ||||||||||||||||||||||||
NCR Financial Solutions Group | Dundee | UK | Dec. 2016 | 7,610 | 2,713 | 8,676 | — | — | 11,389 | 277 | ||||||||||||||||||||||||
Pole Emploi | Marseille | France | Dec. 2016 | 6,948 | 854 | 9,003 | — | — | 9,857 | 235 | ||||||||||||||||||||||||
Sagemcom | Rueil Malmaison | France | Dec. 2016 | 43,006 | 3,219 | 77,325 | — | — | 80,544 | 2,028 | ||||||||||||||||||||||||
Veolia Water | Vandalia | OH | Dec. 2016 | 4,110 | 564 | 5,796 | — | — | 6,360 | 187 | ||||||||||||||||||||||||
Worldline SA | Blois | France | Dec. 2016 | 5,990 | 1,210 | 5,759 | — | — | 6,969 | 207 | ||||||||||||||||||||||||
Cott Beverages | Sikeston | MO | Feb. 2017 | — | 456 | 8,291 | — | — | 8,747 | 186 | ||||||||||||||||||||||||
FedEx | Great Falls | MT | Mar. 2017 | — | 326 | 5,439 | — | — | 5,765 | 148 | ||||||||||||||||||||||||
FedEx | Morgantown | WV | Mar. 2017 | 7,990 | 4,661 | 8,401 | — | — | 13,062 | 180 | ||||||||||||||||||||||||
Bridgestone Tire | Mt. Olive Township | NJ | Sep. 2017 | — | 916 | 5,088 | — | — | 6,004 | 47 | ||||||||||||||||||||||||
NSA Industries | St. Johnsbury | VT | Oct. 2017 | — | 300 | 3,936 | — | — | 4,236 | 22 | ||||||||||||||||||||||||
NSA Industries | St. Johnsbury | VT | Oct. 2017 | — | 210 | 1,753 | — | — | 1,963 | 9 | ||||||||||||||||||||||||
NSA Industries | St. Johnsbury | VT | Oct. 2017 | — | 270 | 3,858 | — | — | 4,128 | 19 | ||||||||||||||||||||||||
GKN Aerospace | Blue Ash | OH | Oct. 2017 | — | 790 | 4,079 | — | — | 4,869 | 20 | ||||||||||||||||||||||||
Tremec | Wixom | MI | Nov. 2017 | — | 1,002 | 17,376 | — | — | 18,378 | 84 | ||||||||||||||||||||||||
NSA Industries | Groveton | NH | Dec. 2017 | — | 59 | 3,517 | — | — | 3,576 | — | ||||||||||||||||||||||||
Cummins | Omaha | NE | Dec. 2017 | — | 1,448 | 6,469 | — | — | 7,917 | — | ||||||||||||||||||||||||
Government Services Administration | Gainsville | FL | Dec. 2017 | — | 463 | 6,018 | — | — | 6,481 | — | ||||||||||||||||||||||||
Total | $ | 992,346 | $ | 402,318 | $ | 2,117,250 | $ | — | $ | 23,484 | $ | 2,543,052 | $ | 174,452 |
(1) | These are stated principal amounts at spot rates for those in local currency and exclude $5.5 million of deferred financing costs and $1.9 million of mortgage discount, net. |
(2) | Acquired intangible lease assets allocated to individual properties in the amount of |
(3) | The tax basis of aggregate land, buildings and improvements as of December 31, |
(4) | The accumulated depreciation column excludes approximately |
(5) | Each of the properties has a depreciable life of: 40 years for buildings, 15 years for improvements and five years for fixtures. |
December 31, | December 31, | |||||||||||||||||||||||
2014 | 2013 | 2012 | 2017 | 2016 | 2015 | |||||||||||||||||||
Real estate investments, at cost: | ||||||||||||||||||||||||
Balance at beginning of year | $ | 149,009 | $ | 1,729 | $ | — | $ | 2,344,634 | $ | 2,028,010 | $ | 1,855,960 | ||||||||||||
Additions-Acquisitions | 1,748,944 | 147,245 | 1,729 | 88,231 | 463,327 | 226,412 | ||||||||||||||||||
Asset remeasurement | (675 | ) | — | — | (8,559 | ) | — | 2,318 | ||||||||||||||||
Asset Dispositions | (15,145 | ) | (77,063 | ) | — | |||||||||||||||||||
Currency translation adjustment | (41,318 | ) | 35 | — | 133,891 | (69,640 | ) | (56,680 | ) | |||||||||||||||
Balance at end of the year | $ | 1,855,960 | $ | 149,009 | $ | 1,729 | $ | 2,543,052 | $ | 2,344,634 | $ | 2,028,010 | ||||||||||||
Accumulated depreciation and amortization: | ||||||||||||||||||||||||
Accumulated depreciation: | ||||||||||||||||||||||||
Balance at beginning of year | $ | 869 | $ | 12 | $ | — | $ | 111,321 | $ | 68,078 | $ | 21,319 | ||||||||||||
Depreciation expense | 20,856 | 837 | 12 | 59,385 | 50,333 | 47,649 | ||||||||||||||||||
Asset Dispositions | (2,122 | ) | (3,012 | ) | — | |||||||||||||||||||
Currency translation adjustment | (406 | ) | 20 | — | 5,868 | (4,078 | ) | (890 | ) | |||||||||||||||
Balance at end of the year | $ | 21,319 | $ | 869 | $ | 12 | $ | 174,452 | $ | 111,321 | $ | 68,078 |