Document_And_Entity_Informatio
Document And Entity Information (USD $) | 12 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Dec. 31, 2013 | Feb. 28, 2014 | Jun. 30, 2013 |
Document And Entity Information [Abstract] | ' | ' | ' |
Document Type | '10-K | ' | ' |
Amendment Flag | 'false | ' | ' |
Document Period End Date | 31-Dec-13 | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
Document Fiscal Year Focus | '2013 | ' | ' |
Entity Registrant Name | 'Phillips Edison - ARC Shopping Center REIT Inc. | ' | ' |
Entity Central Index Key | '0001476204 | ' | ' |
Entity Well-known Seasoned Issuer | 'No | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Current Fiscal Year End Date | '--12-31 | ' | ' |
Entity Filer Category | 'Smaller Reporting Company | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 176,938,992 | ' |
Entity Public Float | ' | ' | $540.60 |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
ASSETS | ' | ' |
Land | $302,182 | $82,127 |
Building and improvements | 833,892 | 209,048 |
Total investment in real estate assets | 1,136,074 | 291,175 |
Accumulated depreciation and amortization | -29,538 | -7,317 |
Total investment in real estate assets, net | 1,106,536 | 283,858 |
Acquired intangible lease assets, net of accumulated amortization of $14,330 and $3,844, respectively | 107,730 | 20,957 |
Cash and cash equivalents | 460,250 | 7,654 |
Restricted cash and investments | 9,859 | 1,053 |
Accounts receivable, net of bad debt reserve of $151 and $69, respectively | 12,982 | 2,707 |
Deferred financing costs, net of accumulated amortization of $1,715 and $596, respectively | 10,091 | 2,827 |
Derivative asset | 818 | 0 |
Prepaid expenses and other | 13,261 | 6,354 |
Total assets | 1,721,527 | 325,410 |
LIABILITIES AND EQUITY | ' | ' |
Mortgages and loans payable | 200,872 | 159,007 |
Acquired below market lease intangibles, net of accumulated amortization of $2,708 and $811, respectively | 20,387 | 4,892 |
Accounts payable | 1,657 | 533 |
Accounts payable – affiliates | 1,132 | 3,634 |
Accrued and other liabilities | 27,947 | 5,073 |
Total liabilities | 251,995 | 173,139 |
Commitments and contingencies (Note 9) | 0 | 0 |
Equity: | ' | ' |
Preferred stock, $0.01 par value per share, 10,000,000 shares authorized, zero shares issued and outstanding at December 31, 2013 and 2012 | 0 | 0 |
Common stock, $0.01 par value per share, 1,000,000,000 shares authorized, 175,594,613 and 13,801,251 shares issued and outstanding at December 31, 2013 and 2012, respectively | 1,756 | 138 |
Additional paid-in capital | 1,538,185 | 118,238 |
Accumulated other comprehensive income | 690 | 0 |
Accumulated deficit | -71,192 | -11,720 |
Total stockholders’ equity | 1,469,439 | 106,656 |
Noncontrolling interests | 93 | 45,615 |
Total equity | 1,469,532 | 152,271 |
Total liabilities and equity | $1,721,527 | $325,410 |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Parenthetical) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, except Share data, unless otherwise specified | ||
Statement of Financial Position [Abstract] | ' | ' |
Acquired intangible lease assets, accumulated amortization | $14,330 | $3,844 |
Accounts receivable, bad debt reserve | 151 | 69 |
Deferred financing expense, accumulated amortization | 1,715 | 596 |
Acquired below market lease intangibles, accumulated amortization | $2,708 | $811 |
Preferred stock, par value | $0.01 | $0.01 |
Preferred stock, shares authorized | 10,000,000 | 10,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value | $0.01 | $0.01 |
Common stock, shares authorized | 1,000,000,000 | 1,000,000,000 |
Common stock, shares issued and outstanding | 175,594,613 | 13,801,251 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements Of Operations (USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Revenues: | ' | ' | ' |
Rental income | $56,898 | $13,828 | $2,762 |
Tenant recovery income | 16,048 | 3,635 | 750 |
Other property income | 219 | 87 | 17 |
Total revenues | 73,165 | 17,550 | 3,529 |
Expenses: | ' | ' | ' |
Property operating | 11,896 | 2,957 | 631 |
Real estate taxes | 9,658 | 2,055 | 507 |
General and administrative | 4,346 | 1,717 | 845 |
Acquisition expenses | 18,772 | 3,981 | 1,751 |
Depreciation and amortization | 30,512 | 8,094 | 1,500 |
Total expenses | 75,184 | 18,804 | 5,234 |
Operating loss | -2,019 | -1,254 | -1,705 |
Other expense: | ' | ' | ' |
Interest expense, net | -10,511 | -3,020 | -811 |
Other income, net | 180 | 1 | 0 |
Net loss | -12,350 | -4,273 | -2,516 |
Net (income) loss attributable to noncontrolling interests | -54 | 927 | 152 |
Net loss attributable to Company stockholders | -12,404 | -3,346 | -2,364 |
Per share information - basic and diluted: | ' | ' | ' |
Net loss per share - basic and diluted | ($0.18) | ($0.51) | ($1.57) |
Weighted-average common shares outstanding - basic and diluted | 70,227,368 | 6,509,470 | 1,503,477 |
Change in unrealized gain on interest rate swaps, net | 690 | 0 | 0 |
Comprehensive loss | -11,660 | -4,273 | -2,516 |
Comprehensive (income) loss attributable to noncontrolling interests | -54 | 927 | 152 |
Comprehensive loss attributable to Company stockholders | ($11,714) | ($3,346) | ($2,364) |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements Of Equity (USD $) | Total | Common Stock [Member] | Additional Paid In Capital [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Accumulated Deficit [Member] | Total Stockholders' Equity[Member] | Noncontrolling Interest [Member] |
In Thousands, except Share data | |||||||
Balance, value at Dec. 31, 2010 | $1,157 | $7 | $1,934 | ' | ($784) | $1,157 | ' |
Balance, shares at Dec. 31, 2010 | ' | 730,570 | ' | ' | ' | ' | ' |
Issuance of common stock, shares | ' | 1,916,572 | ' | ' | ' | ' | ' |
Issuance of common stock, value | 18,616 | 20 | 18,596 | ' | ' | 18,616 | ' |
Issuance of preferred stock | 125 | ' | ' | ' | ' | ' | 125 |
Share repurchases, shares | ' | -5,630 | ' | ' | ' | ' | ' |
Share repurchases, value | -56 | ' | -56 | ' | ' | -56 | ' |
Contributions from Sponsors | 88 | ' | 88 | ' | ' | 88 | ' |
Dividend reinvestment plan (DRP), shares | ' | 16,647 | ' | ' | ' | ' | ' |
Dividend reinvestment plan (DRP), value | 158 | ' | 158 | ' | ' | 158 | ' |
Contributions from noncontrolling interests | 14,441 | ' | ' | ' | ' | ' | 14,441 |
Reallocation of equity from contribution of properties to joint venture | 0 | ' | 1,003 | ' | ' | 1,003 | -1,003 |
Common distributions declared | -978 | ' | ' | ' | -978 | -978 | ' |
Distributions to noncontrolling interests | -92 | ' | ' | ' | ' | ' | -92 |
Offering costs | -3,726 | ' | -3,726 | ' | ' | -3,726 | ' |
Offering Costs - issuance of stock for noncontrolling interest | -32 | ' | -17 | ' | ' | -17 | -15 |
Net loss | -2,516 | ' | ' | ' | -2,364 | -2,364 | -152 |
Balance, value at Dec. 31, 2011 | 27,185 | 27 | 17,980 | ' | -4,126 | 13,881 | 13,304 |
Balance, shares at Dec. 31, 2011 | ' | 2,658,159 | ' | ' | ' | ' | ' |
Issuance of common stock, shares | ' | 11,007,548 | ' | ' | ' | ' | ' |
Issuance of common stock, value | 109,482 | 110 | 109,372 | ' | ' | 109,482 | ' |
Share repurchases, shares | ' | -3,749 | ' | ' | ' | ' | ' |
Share repurchases, value | -35 | ' | -35 | ' | ' | -35 | ' |
Contributions from Sponsors | 0 | ' | ' | ' | ' | ' | ' |
Dividend reinvestment plan (DRP), shares | ' | 139,293 | ' | ' | ' | ' | ' |
Dividend reinvestment plan (DRP), value | 1,324 | 1 | 1,323 | ' | ' | 1,324 | ' |
Contributions from noncontrolling interests | 35,560 | ' | ' | ' | ' | ' | 35,560 |
Common distributions declared | -4,248 | ' | ' | ' | -4,248 | -4,248 | ' |
Distributions to noncontrolling interests | -2,322 | ' | ' | ' | ' | ' | -2,322 |
Offering costs | -10,402 | ' | -10,402 | ' | ' | -10,402 | ' |
Net loss | -4,273 | ' | ' | ' | -3,346 | -3,346 | -927 |
Balance, value at Dec. 31, 2012 | 152,271 | 138 | 118,238 | ' | -11,720 | 106,656 | 45,615 |
Balance, shares at Dec. 31, 2012 | ' | 13,801,251 | ' | ' | ' | ' | ' |
Issuance of common stock, shares | ' | 159,908,957 | ' | ' | ' | ' | ' |
Issuance of common stock, value | 1,586,589 | 1,599 | 1,584,990 | ' | ' | 1,586,589 | ' |
Share repurchases, shares | ' | -86,003 | ' | ' | ' | ' | ' |
Share repurchases, value | -925 | -1 | -924 | ' | ' | -925 | ' |
Contributions from Sponsors | 0 | ' | ' | ' | ' | ' | ' |
Dividend reinvestment plan (DRP), shares | ' | 1,970,408 | ' | ' | ' | ' | ' |
Dividend reinvestment plan (DRP), value | 18,706 | 20 | 18,686 | ' | ' | 18,706 | ' |
Change in unrealized gain on interest rate swaps | 690 | ' | ' | 690 | ' | 690 | ' |
Common distributions declared | -47,068 | ' | ' | ' | -47,068 | -47,068 | ' |
Distributions to noncontrolling interests | -5,231 | ' | ' | ' | ' | ' | -5,231 |
Acquisition of noncontrolling interest in consolidated joint venture | -57,000 | ' | -16,655 | ' | ' | -16,655 | -40,345 |
Offering costs | -166,150 | ' | -166,150 | ' | ' | -166,150 | ' |
Net loss | -12,350 | ' | ' | ' | -12,404 | -12,404 | 54 |
Balance, value at Dec. 31, 2013 | $1,469,532 | $1,756 | $1,538,185 | $690 | ($71,192) | $1,469,439 | $93 |
Balance, shares at Dec. 31, 2013 | ' | 175,594,613 | ' | ' | ' | ' | ' |
Condensed_Consolidated_Stateme2
Condensed Consolidated Statements Of Equity (Parenthetical) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Statement of Stockholders' Equity [Abstract] | ' | ' | ' |
Common distributions declared, per share | $0.67 | $0.65 | $0.65 |
Condensed_Consolidated_Stateme3
Condensed Consolidated Statements Of Cash Flows (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
CASH FLOWS FROM OPERATING ACTIVITIES: | ' | ' | ' |
Net loss | ($12,350) | ($4,273) | ($2,516) |
Adjustments to reconcile net loss to net cash provided by operating activities: | ' | ' | ' |
Depreciation and amortization | 29,242 | 7,850 | 1,500 |
Net amortization of above- and below-market leases | 536 | 395 | 312 |
Amortization of deferred financing costs | 1,932 | 648 | 193 |
Loss on write-off of unamortized debt issuance costs and capitalized leasing commissions | 1,177 | 0 | 0 |
Change in fair value of derivative asset | -128 | 0 | 0 |
Straight-line rental income | -1,995 | -440 | -79 |
Changes in operating assets and liabilities: | ' | ' | ' |
Accounts receivable | -8,280 | -1,481 | -518 |
Prepaid expenses and other | -4,715 | -1,258 | -163 |
Accounts payable | 905 | 355 | -66 |
Accounts payable – affiliates | 106 | -539 | 708 |
Accrued and other liabilities | 12,110 | 2,776 | 1,222 |
Net cash provided by operating activities | 18,540 | 4,033 | 593 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ' | ' | ' |
Real estate acquisitions | -761,000 | -196,934 | -55,851 |
Capital expenditures | -6,413 | -705 | -95 |
Change in restricted cash and investments | -8,806 | -839 | -203 |
Net cash used in investing activities | -776,219 | -198,478 | -56,149 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ' | ' | ' |
Proceeds from issuance of common stock | 1,586,589 | 109,482 | 18,616 |
Proceeds from issuance of noncontrolling stock, net | 0 | 0 | 93 |
Redemptions of common stock | -849 | -35 | -56 |
Payment of offering costs | -168,758 | -14,643 | -1,364 |
Payments on mortgages and loans payable | -382,129 | -140,150 | -25,430 |
Proceeds from mortgages and loans payable | 267,331 | 212,503 | 57,523 |
Payments for notes payable – affiliates | 0 | 0 | -600 |
Distributions paid, net of DRP | -19,301 | -2,349 | -715 |
Acquisition of noncontrolling interest in consolidated joint venture | -57,000 | 0 | 0 |
Contributions from noncontrolling interests | 0 | 35,560 | 14,441 |
Distributions to noncontrolling interests | -5,231 | -2,406 | 0 |
Payments of loan financing costs | -10,377 | -2,832 | -690 |
Net cash provided by financing activities | 1,210,275 | 195,130 | 61,818 |
NET INCREASE IN CASH AND CASH EQUIVALENTS | 452,596 | 685 | 6,262 |
CASH AND CASH EQUIVALENTS: | ' | ' | ' |
Beginning of period | 7,654 | 6,969 | 707 |
End of period | 460,250 | 7,654 | 6,969 |
SUPPLEMENTAL CASHFLOW DISCLOSURE, INCLUDING NON-CASH INVESTING AND FINANCING ACTIVITIES: | ' | ' | ' |
Cash paid for interest | 7,915 | 2,346 | 557 |
Change in offering costs payable to sub-advisor | -2,608 | -4,241 | 2,362 |
Change in distributions payable | 9,061 | 575 | 142 |
Change in distributions payable – noncontrolling interests | 0 | -84 | 92 |
Change in accrued share repurchases | 76 | 0 | 0 |
Assumed debt | 157,898 | 40,101 | 0 |
Accrued capital expenditures and deferred financing costs | 2,209 | 363 | 0 |
Distributions reinvested | 18,706 | 1,324 | 158 |
Financing costs payable to advisor and sub-advisor, net | 0 | 19 | -19 |
Contributions from sponsors | $0 | $0 | $88 |
Organization
Organization | 12 Months Ended |
Dec. 31, 2013 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
Organization | ' |
ORGANIZATION | |
Phillips Edison—ARC Shopping Center REIT Inc. was formed as a Maryland corporation on October 13, 2009. Substantially all of our business is conducted through Phillips Edison—ARC Shopping Center Operating Partnership, L.P. (the “Operating Partnership”), a Delaware limited partnership formed on December 3, 2009. We are a limited partner of the Operating Partnership, and our wholly owned subsidiary, Phillips Edison Shopping Center OP GP LLC, is the sole general partner of the Operating Partnership. | |
On January 13, 2010, we filed a registration statement on Form S‑11 with the Securities and Exchange Commission (the “SEC”) to offer a maximum of 180 million shares of common stock for sale to the public, of which 150 million shares were registered in our primary offering and 30 million shares were registered under our dividend reinvestment plan (the “DRP”). The SEC declared our registration statement effective on August 12, 2010. On November 19, 2013, we reallocated 26.5 million shares from the DRP to the primary offering. We ceased offering shares of common stock in our primary offering on February 7, 2014. Subsequent to the end of our primary offering, we reallocated approximately 2.7 million unsold shares from the primary offering to the DRP. We continue to offer up to approximately 6.2 million shares of common stock under the DRP. Stockholders who elect to participate in the DRP may choose to invest all or a portion of their cash distributions in shares of our common stock at a purchase price of $9.50 per share. | |
As of December 31, 2013, we had issued a total of 175,689,995 shares of common stock since inception, including 2,126,348 shares issued through the DRP, generating gross cash proceeds of $1.74 billion. As of December 31, 2013, there were 175,594,613 shares of our common stock outstanding, which is net of 95,382 shares repurchased from stockholders pursuant to our share repurchase program. | |
Our advisor is American Realty Capital II Advisors, LLC (the “Advisor”), a limited liability company that was organized in the State of Delaware on December 28, 2009 and that is indirectly wholly owned by AR Capital, LLC (formerly American Realty Capital II, LLC) (the “AR Capital sponsor”). Under the terms of the advisory agreement between the Advisor and us, the Advisor is responsible for the management of our day-to-day activities and the implementation of our investment strategy. The Advisor has delegated most of its duties under the advisory agreement, including the management of our day-to-day operations and our portfolio of real estate assets, to Phillips Edison NTR LLC (the “Sub-advisor”), which is directly or indirectly owned by Phillips Edison Limited Partnership (the “Phillips Edison sponsor”) and Michael Phillips and Jeffrey Edison, pursuant to a sub-advisory agreement between the Advisor and the Sub-advisor. Notwithstanding such delegation to the Sub-advisor, the Advisor retains ultimate responsibility for the performance of all the matters entrusted to it under the advisory agreement. | |
We invest primarily in well-occupied grocery-anchored neighborhood and community shopping centers having a mix of creditworthy national and regional retailers selling necessity-based goods and services in strong demographic markets throughout the United States. In addition, we may invest in other retail properties including power and lifestyle shopping centers, multi-tenant shopping centers, free-standing single-tenant retail properties, and other real estate and real estate-related loans and securities depending on real estate market conditions and investment opportunities that we determine are in the best interests of our stockholders. We expect that retail properties primarily would underlie or secure the real estate-related loans and securities in which we may invest. As of December 31, 2013, we owned fee simple interests in 83 real estate properties, acquired from third parties unaffiliated with us, the Advisor, or the Sub-advisor. | |
On September 20, 2011, we entered into a joint venture with a group of institutional international investors advised by CBRE Investors Global Multi Manager (each a “CBRE Investor”). The joint venture was in the form of PECO-ARC Institutional Joint Venture I., L.P., a Delaware limited partnership (the “Joint Venture”). We serve as the general partner and manage the operations of the Joint Venture. Prior to year end, we indirectly held a 54% interest in the Joint Venture, and the CBRE Investors held the remaining 46% interest. We contributed approximately $58.7 million, in the form of equity interests in six wholly owned real estate properties and cash, to the Joint Venture, and the CBRE Investors contributed $50.0 million in cash. On December 31, 2013, we acquired the 46% interest in the Joint Venture previously owned by the CBRE Investors for a purchase price of $57.0 million. As a result, we owned 100% of the Joint Venture as of December 31, 2013. Prior to December 31, 2013, we owned a 54% interest in 20 of our real estate properties through the Joint Venture. |
Summary_Of_Significant_Account
Summary Of Significant Accounting Policies | 12 Months Ended | |
Dec. 31, 2013 | ||
Accounting Policies [Abstract] | ' | |
Summary Of Significant Accounting Policies | ' | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | ||
Basis of Presentation and Principles of Consolidation—The accompanying consolidated financial statements include our accounts and the accounts of the Operating Partnership and its wholly-owned subsidiaries (over which we exercise financial and operating control). The financial statements of the Operating Partnership are prepared using accounting policies consistent with our accounting policies. All intercompany balances and transactions are eliminated upon consolidation. | ||
Partially Owned Entities—If we determine that we are an owner in a variable-interest entity (“VIE”), and we hold a controlling financial interest, then we will consolidate the entity as the primary beneficiary. For a partially-owned entity determined not to be a VIE, we analyze rights held by each partner to determine which would be the consolidating party. We will generally consolidate entities (in the absence of other factors when determining control) when we have over a 50% ownership interest in the entity. We will assess our interests in VIEs on an ongoing basis to determine whether or not we are the primary beneficiary. However, we will also evaluate who controls the entity even in circumstances in which we have greater than a 50% ownership interest. If we do not control the entity due to the lack of decision-making abilities, we will not consolidate the entity. | ||
Upon formation of the Joint Venture, we determined the Joint Venture should be consolidated into our consolidated financial statements. As a result of the contribution of the assets to the Joint Venture during the year ended December 31, 2011, there was a difference of $1.0 million between the net book value of the contributed assets and the fair value of the contributed assets. In accordance with accounting principles generally accepted in the United States of America (“GAAP”), the difference arising from the contribution to the Joint Venture was not recognized as a gain on sale in the consolidated statements of operations, rather it was treated as a reallocation of equity to our stockholders from the CBRE Investors. On December 31, 2013, we acquired the 46% interest in the Joint Venture previously owned by the CBRE Investors. As a result, we owned 100% of the Joint Venture as of December 31, 2013. | ||
Use of Estimates—The preparation of the consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting periods. For example, significant estimates and assumptions have been made with respect to the useful lives of assets; recoverable amounts of receivables; initial valuations of tangible and intangible assets and liabilities and related amortization periods of deferred costs and intangibles, particularly with respect to property acquisitions; and the valuation and nature of derivatives and their effectiveness as hedges. Actual results could differ from those estimates. | ||
Cash and Cash Equivalents—We consider all highly liquid investments purchased with an original maturity of three months or less to be cash equivalents. Cash equivalents may include cash and short-term investments. Short-term investments are stated at cost, which approximates fair value and may consist of investments in money market accounts. The cash and cash equivalent balances at one or more of our financial institutions exceeds the Federal Depository Insurance Corporation (FDIC) insurance coverage. | ||
Organizational and Offering Costs—The Sub-advisor has paid offering expenses on our behalf. We reimburse on a monthly basis the Sub-advisor for these costs and future offering costs it, the Advisor, or any of their respective affiliates incur on our behalf but only to the extent that the reimbursement would not exceed 1.5% of gross offering proceeds over the life of the offering or cause the selling commissions, the dealer manager fee and the other organization and offering expenses borne by us to exceed 15.0% of gross offering proceeds as of the date of the reimbursement. These offering expenses include all expenses (other than selling commissions and the dealer manager fee) to be paid by us in connection with the offering, including legal, accounting, printing, mailing and filing fees, charges of the escrow holder and transfer agent, reimbursement to the Advisor and Sub-advisor for our portion of the salaries and related employment costs of the Advisor’s and Sub-advisor’s employees who provide services to us (excluding costs related to employees who provide services for which the Advisor or Sub-advisor, as applicable, receive acquisition or disposition fees), reimbursement to Realty Capital Securities, LLC, the dealer manager (“the Dealer Manager”), for amounts it may pay to reimburse the bona fide due diligence expenses of broker-dealers, costs in connection with preparing supplemental sales materials, our costs of conducting bona fide training and education meetings (primarily the travel, meal and lodging costs of our non-registered officers and the non-registered officers of the Advisor and Sub-advisor to attend such meetings), and cost reimbursement for non-registered employees of our affiliates to attend retail seminars conducted by broker-dealers. These offering costs include travel services provided to the Advisor or Sub-advisor by a related party of one or more of the sponsors. Costs associated with the offering are charged against the gross proceeds of the offering. Organizational costs are expensed as incurred. | ||
Investment Property and Lease Intangibles—Real estate assets we have acquired are stated at cost less accumulated depreciation. Depreciation is computed using the straight-line method. The estimated useful lives for computing depreciation are generally 5-7 years for furniture, fixtures and equipment, 15 years for land improvements and 30 years for buildings and building improvements. Tenant improvements are amortized over the shorter of the respective lease term or the expected useful life of the asset. Major replacements that extend the useful lives of the assets are capitalized, and maintenance and repair costs are expensed as incurred. | ||
Real estate assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of the individual property may not be recoverable. In such an event, a comparison will be made of the projected operating cash flows of each property on an undiscounted basis to the carrying amount of such property. Such carrying amount would be adjusted, if necessary, to estimated fair values to reflect impairment in the value of the asset. We recorded no impairments for the years ended December 31, 2013, 2012, and 2011. | ||
The results of operations of acquired properties are included in our results of operations from their respective dates of acquisition. We assess the acquisition-date fair values of all tangible assets, identifiable intangibles and assumed liabilities using methods similar to those used by independent appraisers (e.g., discounted cash flow analysis and replacement cost) and that utilize appropriate discount and/or capitalization rates and available market information. Estimates of future cash flows are based on a number of factors including historical operating results, known and anticipated trends, and market and economic conditions. The fair value of tangible assets of an acquired property considers the value of the property as if it was vacant. Acquisition-related costs are expensed as incurred. | ||
The fair values of buildings and improvements are determined on an as-if-vacant basis. The estimated fair value of acquired in-place leases is the cost we would have incurred to lease the properties to the occupancy level of the properties at the date of acquisition. Such estimates include leasing commissions, legal costs and other direct costs that would be incurred to lease the properties to such occupancy levels. Additionally, we evaluate the time period over which such occupancy levels would be achieved. Such evaluation includes an estimate of the net market-based rental revenues and net operating costs (primarily consisting of real estate taxes, insurance and utilities) that would be incurred during the lease-up period. Acquired in-place leases as of the date of acquisition are amortized over the remaining lease terms. | ||
Acquired above- and below-market lease values are recorded based on the present value (using interest rates that reflect the risks associated with the leases acquired) of the difference between the contractual amounts to be paid pursuant to the in-place leases and management’s estimate of the market lease rates for the corresponding in-place leases. The capitalized above- and below-market lease values are amortized as adjustments to rental income over the remaining terms of the respective leases. We also consider fixed rate renewal options in our calculation of the fair value of below-market leases and the periods over which such leases are amortized. If a tenant has a unilateral option to renew a below-market lease and we determine that the tenant has a financial incentive to exercise such option, we include such an option in the calculation of the fair value of such lease and the period over which the lease is amortized. | ||
Management estimates the fair value of assumed mortgage notes payable based upon indications of then-current market pricing for similar types of debt with similar maturities. Assumed mortgage notes payable are initially recorded at their estimated fair value as of the assumption date, and the difference between such estimated fair value and the note’s outstanding principal balance is amortized over the life of the mortgage note payable as an adjustment to interest expense. | ||
Deferred Financing Costs—Deferred financing costs are capitalized and amortized on a straight-line basis over the term of the related financing arrangement, which approximates the effective interest method. Deferred financing costs incurred during the years ended December 31, 2013, 2012, and 2011, respectively, were approximately $10.4 million, $2.9 million, and $0.6 million. Amortization of deferred financing costs for the years ended December 31, 2013, 2012, and 2011, respectively, was $1.9 million, $0.6 million, and $0.2 million and was recorded in interest expense in the consolidated statements of operations and comprehensive loss. | ||
Derivative Instruments and Hedging Activities—We may use derivative instruments to manage exposure to variable interest rate risk. We generally enter into interest rate swaps to manage such risk. We enter into derivative instruments that qualify as cash flow hedges, and we do not enter into derivative instruments for speculative purposes. The interest rate swaps associated with our cash flow hedges are recorded at fair value on a recurring basis. We assess effectiveness of our cash flow hedges both at inception and on an ongoing basis. The effective portion of changes in fair value of the interest rate swaps associated with our cash flow hedges is recorded in accumulated other comprehensive income and is subsequently reclassified into interest expense as interest is incurred on the related variable rate debt. Our cash flow hedges become ineffective if critical terms of the hedging instrument and the debt instrument do not perfectly match, such as notional amounts, settlement dates, reset dates, the calculation period and the LIBOR rate. When ineffectiveness exists, the ineffective portion of changes in fair value of the interest rate swaps associated with our cash flow hedges is recognized in earnings in the period affected. In addition, we evaluate the default risk of the counterparty by monitoring the credit worthiness of the counterparty. Derivative instruments and hedging activities require management to make judgments on the nature of its derivatives and their effectiveness as hedges. These judgments determine if the changes in fair value of the derivative instruments are reported in the consolidated statements of operations and comprehensive loss as a component of net loss or as a component of comprehensive income and as a component of stockholders' equity on the consolidated balance sheets. Although management believes its judgments are reasonable, a change in a derivative's effectiveness as a hedge could materially affect expenses, net income and equity. | ||
Revenue Recognition—We commence revenue recognition on our leases based on a number of factors. In most cases, revenue recognition under a lease begins when the lessee takes possession of or controls the physical use of the leased asset. Generally, this occurs on the lease commencement date. The determination of who is the owner, for accounting purposes, of the tenant improvements determines the nature of the leased asset and when revenue recognition under a lease begins. If we are the owner, for accounting purposes, of the tenant improvements, then the leased asset is the finished space, and revenue recognition begins when the lessee takes possession of the finished space, typically when the improvements are substantially complete. | ||
If we conclude that we are not the owner, for accounting purposes, of the tenant improvements (the lessee is the owner), then the leased asset is the unimproved space and any tenant improvement allowances funded under the lease are treated as lease incentives, which reduce revenue recognized over the term of the lease. In these circumstances, we begin revenue recognition when the lessee takes possession of the unimproved space to construct their own improvements. We consider a number of different factors in evaluating whether we or the lessee is the owner of the tenant improvements for accounting purposes. These factors include: | ||
• | whether the lease stipulates how and on what a tenant improvement allowance may be spent; | |
• | whether the tenant or landlord retains legal title to the improvements; | |
• | the uniqueness of the improvements; | |
• | the expected economic life of the tenant improvements relative to the length of the lease; and | |
• | who constructs or directs the construction of the improvements. | |
We recognize rental income on a straight-line basis over the term of each lease. The difference between rental income earned on a straight-line basis and the cash rent due under the provisions of the lease agreements is recorded as deferred rent receivable and is included as a component of accounts receivable. Due to the impact of the straight-line basis, rental income generally will be greater than the cash collected in the early years and will be less than the cash collected in the later years of a lease. Our policy for percentage rental income is to defer recognition of contingent rental income until the specified target (i.e. breakpoint) that triggers the contingent rental income is achieved. We periodically review the collectability of outstanding receivables. Allowances will be taken for those balances that we deem to be uncollectible, including any amounts relating to straight-line rent receivables. | ||
Reimbursements from tenants for recoverable real estate tax and operating expenses are accrued as revenue in the period in which the applicable expenses are incurred. We make certain assumptions and judgments in estimating the reimbursements at the end of each reporting period. We do not expect the actual results to materially differ from the estimated reimbursements. | ||
We record lease termination income if there is a signed termination agreement, all of the conditions of the agreement have been met, collectability is reasonably assured and the tenant is no longer occupying the property. Upon early lease termination, we provide for losses related to unrecovered tenant-specific intangibles and other assets. | ||
Income Taxes—We have elected to be taxed as a real estate investment trust (“REIT”) under the Internal Revenue Code of 1986, as amended (the “Code”). Our qualification and taxation as a REIT depends on our ability, on a continuing basis, to meet certain organizational and operational qualification requirements imposed upon REITs by the Code. If we fail to qualify as a REIT for any reason in a taxable year, we will be subject to tax on our taxable income at regular corporate rates. We would not be able to deduct distributions paid to stockholders in any year in which we fail to qualify as a REIT. We will also be disqualified for the four taxable years following the year during which qualification was lost unless we are entitled to relief under specific statutory provisions. Even if we qualify for taxation as a REIT, we may be subject to certain state and local taxes on our income, property or net worth, respectively, and to federal income and excise taxes on our undistributed income. Additionally, GAAP prescribes a recognition threshold and measurement attribute for the financial statement recognition of a tax position taken, or expected to be taken, in a tax return. A tax position may only be recognized in the consolidated financial statements if it is more likely than not that the tax position will be sustained upon examination. We believe it is more likely than not that our tax positions will be sustained in any tax examinations. | ||
Repurchase of Common Stock—We offer a share repurchase program which may allow certain stockholders to have their shares repurchased subject to approval and certain limitations and restrictions (see Note 3). We account for those financial instruments that represent our mandatory obligation to repurchase shares as liabilities to be reported at settlement value. When shares are presented for repurchase, we will reclassify such obligations from equity to a liability based upon their respective settlement values. As of December 31, 2013, we recorded a liability of $76,000 representing our obligation to repurchase 8,072 shares of common stock submitted for repurchase, but not yet repurchased as of such date. As of December 31, 2012, no such obligation existed. | ||
Restricted Cash—Restricted cash primarily consisted of escrowed tenant improvement funds, real estate taxes, capital improvement funds, insurance premiums, and other amounts required to be escrowed pursuant to loan agreements of $4.9 million and $1.1 million as of December 31, 2013 and 2012, respectively. | ||
Investments—At December 31, 2013, the Company had an investment of $5.0 million in various 26-week certificates of deposit ("CDs"). The CDs are classified as held to maturity and included in restricted cash and investments in the accompanying consolidated balance sheets at cost. | ||
Class B Units—Effective October 1, 2012, the Advisor and Sub-advisor are no longer entitled to the payment of asset management fees in cash under the advisory and sub-advisory agreements. Instead, we issue to the Advisor and Sub-advisor units of the Operating Partnership designated as “Class B units” in connection with the asset management services provided by the Advisor and Sub-advisor. | ||
The Class B units will vest, and will no longer be subject to forfeiture, at such time as all of the following events occur: (x) the value of the Operating Partnership’s assets plus all distributions made equals or exceeds the total amount of capital contributed by investors plus a 6% cumulative, pre-tax, non-compounded annual return thereon (the “economic hurdle”); (y) any one of the following occurs: (1) the termination of the advisory agreement by an affirmative vote of a majority of our independent directors without cause; (2) a listing event; or (3) another liquidity event; and (z) the Advisor is still providing advisory services to us (the “service condition”). Such Class B units will be forfeited immediately if: (a) the advisory agreement is terminated for cause; or (b) the advisory agreement is terminated by an affirmative vote of a majority of our independent directors without cause before the economic hurdle has been met. | ||
We have concluded that the Advisor and Sub-advisor’s performance under the advisory agreement and the sub-advisory agreement is not complete until they have served as the Advisor and Sub-advisor through the date of a liquidity event because, prior to such date, the Class B units are subject to forfeiture by the Advisor and Sub-advisor. Additionally, the Advisor and Sub-advisor have no incentive for performance under these agreements other than the forfeiture of Class B units, which is not a sufficiently large incentive for continued performance and, accordingly, no performance commitment exists. As a result, we have concluded the measurement date occurs when a liquidity event has occurred and the Advisor and Sub-advisor have continued to provide advisory services through such date. | ||
The Class B units have both a market condition and a service condition up to and through a liquidity event. As a result, the vesting of Class B units occurs only upon completion of both the market condition and service condition. The satisfaction of the market or service condition is not probable, and therefore, no compensation will be recognized unless the market condition or service condition becomes probable. | ||
Because the Advisor and Sub-advisor can be terminated without cause before a liquidity event occurs and at such time the market condition and service condition may not be satisfied, the Class B units may be forfeited. Additionally, if the market condition and service condition had been satisfied and a liquidity event had not occurred, the Advisor and Sub-advisor could not control the liquidity event because each of the aforementioned events that represent a liquidity event must be approved unanimously by our independent directors. As a result, we have concluded that the service condition is not probable because of each party's ability to terminate the A&R Advisory Agreement at any time without cause. | ||
Based on our conclusion of the market condition and service condition not being probable, the Class B Units are treated as unissued for accounting purposes until the market condition, service condition and liquidity event have been achieved. However, as the Class B Units are deemed to be participating securities, the distributions paid to the Advisor and Sub-advisor are treated as compensation expense. This expense is calculated as the product of the number of unvested units issued to date and the stated distribution rate, which is same rate used for the distributions paid to our common stockholders, at the time such distribution is authorized. | ||
Earnings Per Share—Earnings per share are calculated based on the weighted-average number of common shares outstanding during each period. Diluted income per share considers the effect of any potentially dilutive share equivalents for the years ended December 31, 2013, 2012, and 2011. | ||
There were 532,381, zero and zero Class B units of the Operating Partnership outstanding and held by the Advisor and the Sub-advisor as of December, 2013, 2012 and 2011, respectively, that were excluded from diluted net loss per share computations as their effect would have been antidilutive. | ||
Segment Reporting—We assess and measure operating results of our properties based on net property operations. We internally evaluate the operating performance of our portfolio of properties and do not differentiate properties by geography, size or type. Each of our investment properties is considered a separate operating segment, and as each property earns revenue and incurs expenses, individual operating results are reviewed and discrete financial information is available. However, the properties are aggregated into one reportable segment as they have similar economic characteristics, we provide similar services to the tenants at each of our properties, and we evaluate the collective performance of our properties. Accordingly, we did not report any other segment disclosures in 2013. | ||
Noncontrolling Interests—Noncontrolling interests in the consolidated balance sheets represent the economic equity interests of the Joint Venture and a subsidiary of the Joint Venture that were not owned by us. Noncontrolling interests in the consolidated statements of equity represent contributions, distributions and allocated earnings to the CBRE Investors and unaffiliated holders of interests in a subsidiary of the Joint Venture. Noncontrolling interests in earnings of the Joint Venture in the consolidated statements of operations and comprehensive loss represent losses allocated to noncontrolling interests based on the economic ownership percentage of the Joint Venture held by these investors. On December 31, 2013, we acquired the 46% interest in the Joint Venture previously owned by the CBRE Investors for a purchase price of $57.0 million. As a result, we own 100% of the Joint Venture as of December 31, 2013. | ||
Impact of Recently Issued Accounting Pronouncements—In October 2012, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2012-4, Technical Corrections and Improvements. The amendments in this update cover a wide range of topics in the Accounting Standards Codification. These amendments include technical corrections and improvements to the Accounting Standards Codification and conforming amendments related to fair value measurements. ASU 2012-4 was effective for us as of January 1, 2013. The adoption of this pronouncement did not have a material impact on our consolidated financial statements. | ||
In February 2013, FASB issued ASU No. 2013-02, Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income, which requires an entity to provide information about the amounts reclassified out of accumulated other comprehensive income by component. In addition, an entity is required to present significant amounts reclassified out of accumulated other comprehensive income by respective line items of net income if it is required to be reclassified to net income in its entirety. For other reclassified amounts, an entity is required to cross-reference to other disclosures that provide additional detail about those amounts. The provisions of ASU No. 2013-02 were effective for us on January 1, 2013, and are to be applied prospectively. As a result of the adoption of this pronouncement, we addressed the required disclosures in Note 10, Derivatives and Hedging Activities. |
Equity
Equity | 12 Months Ended |
Dec. 31, 2013 | |
Stockholders' Equity Note [Abstract] | ' |
Equity | ' |
EQUITY | |
General—We have the authority to issue a total of 1,000,000,000 shares of common stock with a par value of $0.01 per share and 10,000,000 shares of preferred stock, $0.01 par value per share. As of December 31, 2013, we had issued 175,689,995 shares of common stock generating gross cash proceeds of $1.74 billion. As of December 31, 2013, there were 175,594,613 shares of our common stock outstanding which is net of 95,382 shares repurchased from stockholders pursuant to our share repurchase program, and we had issued no shares of preferred stock. The holders of shares of the common stock are entitled to one vote per share on all matters voted on by stockholders, including election of the board of directors. Our charter does not provide for cumulative voting in the election of directors. | |
Dividend Reinvestment Plan—We have adopted the DRP that allows stockholders to have distributions invested in additional shares of our common stock at a price equal to $9.50 per share. Stockholders who elect to participate in the DRP, and who are subject to U.S. federal income taxation laws, will incur a tax liability on an amount equal to the fair value on the relevant distribution date of the shares of our common stock purchased with reinvested distributions, even though such stockholders have elected not to receive the distributions used to purchase those shares of common stock in cash. Distributions reinvested through the DRP for the years ended December 31, 2013, 2012 and 2011, were $18.7 million, $1.3 million and $0.2 million, respectively. | |
Share Repurchase Program—Our share repurchase program may provide a limited opportunity for stockholders to have shares of common stock repurchased, subject to certain restrictions and limitations, at a price equal to or at a discount from the purchase price paid for the shares being repurchased. Repurchase of shares of common stock will be made monthly upon written notice received by us at least five days prior to the end of the applicable month. Stockholders may withdraw their repurchase request at any time up to five business days prior to the repurchase date. | |
The board of directors may, in its sole discretion, amend, suspend, or terminate the share repurchase program at any time. If the board of directors decides to amend, suspend or terminate the share repurchase program, stockholders will be provided with no less than 30 days' written notice. During the year ended December 31, 2013, there were 86,003 shares repurchased for $849,000 under the share repurchase program for an average repurchase price of $9.87 per share. As of December 31, 2013, we recorded a liability of $76,000 representing our obligation to repurchase 8,072 shares of common stock submitted for repurchase during the year ended December 31, 2013 but not yet repurchased. During the year ended December 31, 2012, there were 3,749 shares repurchased for $35,089 under the share repurchase program for an average repurchase price of $9.36 per share. During the year ended December 31, 2011, there were 5,630 shares repurchased for $56,244 under the share repurchase program for an average repurchase price of $9.99 per share. There were no additional shares eligible for repurchase that were tendered for repurchase for the years ended December 31, 2012 and 2011. | |
2010 Long-Term Incentive Plan—We have adopted a 2010 Long-Term Incentive Plan which may be used to attract and retain officers, advisors, and consultants. We have not issued any shares under this plan as of December 31, 2013. | |
2010 Independent Director Stock Plan—We have also adopted an Amended and Restated 2010 Independent Director Stock Plan which may be used to offer independent directors an opportunity to participate in our growth through awards of shares of restricted common stock subject to time-based vesting. We have not issued any shares under this plan as of December 31, 2013. |
Fair_Value_Measurements
Fair Value Measurements | 12 Months Ended | ||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||||||||||||
Fair Value Measurements | ' | ||||||||||||||||||||||||||
FAIR VALUE MEASUREMENTS | |||||||||||||||||||||||||||
ASC 820, Fair Value Measurement (“ASC 820”) defines fair value, establishes a framework for measuring fair value in accordance with GAAP and expands disclosures about fair value measurements. ASC 820 emphasizes that fair value is intended to be a market-based measurement, as opposed to a transaction-specific measurement. Fair value is defined by ASC 820 as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Depending on the nature of the asset or liability, various techniques and assumptions can be used to estimate the fair value. Assets and liabilities are measured using inputs from three levels of the fair value hierarchy, as follows: | |||||||||||||||||||||||||||
Level 1—Inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that we have the ability to access at the measurement date. An active market is defined as a market in which transactions for the assets or liabilities occur with sufficient frequency and volume to provide pricing information on an ongoing basis. | |||||||||||||||||||||||||||
Level 2—Inputs include quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active (markets with few transactions), inputs other than quoted prices that are observable for the asset or liability (i.e., interest rates, yield curves, etc.), and inputs that are derived principally from or corroborated by observable market data correlation or other means (market corroborated inputs). | |||||||||||||||||||||||||||
Level 3—Unobservable inputs, only used to the extent that observable inputs are not available, reflect our assumptions about the pricing of an asset or liability. | |||||||||||||||||||||||||||
The following describes the methods we use to estimate the fair value of our financial and non-financial assets and liabilities: | |||||||||||||||||||||||||||
Cash and cash equivalents, restricted cash and investments, accounts receivable, prepaid expenses, accounts payable, and accrued expenses—We consider the carrying values of these financial instruments to approximate fair value because of the short period of time between origination of the instruments and their expected realization. | |||||||||||||||||||||||||||
Real estate investments—The purchase prices of the investment properties, including related lease intangible assets and liabilities, were allocated at estimated fair value based on Level 3 inputs, such as discount rates, capitalization rates, comparable sales, replacement costs, income and expense growth rates and current market rents and allowances as determined by management. | |||||||||||||||||||||||||||
Mortgages and loans payable—We estimate the fair value of our debt by discounting the future cash flows of each instrument at rates currently offered for similar debt instruments of comparable maturities by our lenders using Level 3 inputs. The discount rates used approximate current lending rates for loans or groups of loans with similar maturities and credit quality, assuming the debt is outstanding through maturity and considering the debt's collateral (if applicable). Such discount rate was 4.50% for secured fixed rate debt as of December 31, 2013. Such discount rates were 2.70% for variable rate debt and 4.25% for fixed rate debt as of December 31, 2012. We have utilized market information as available or present value techniques to estimate the amounts required to be disclosed. The fair values and recorded values of our borrowings as of December 31, 2013, were $201.4 million and $200.9 million, respectively. The fair values and recorded values of our borrowings as of December 31, 2012, were $158.7 million and $159.0 million, respectively. | |||||||||||||||||||||||||||
Derivative instruments—As of December 31, 2013, we are a party to one interest rate swap agreement with a notional amount of $50.0 million that is measured at fair value on a recurring basis. The interest rate swap agreement effectually fixes the variable interest rate of a $50.0 million portion of our unsecured credit facility at 2.10% through December 2017. | |||||||||||||||||||||||||||
The fair value of the interest rate swap agreement is based on the estimated amount we would receive or pay to terminate the contract at the reporting date and is determined using interest rate pricing models and interest rate related observable inputs. The fair value of our interest rate swap at December 31, 2013 was an asset of $0.8 million. Although we have determined that the significant inputs used to value our derivative fall within Level 2 of the fair value hierarchy, the credit valuation adjustments associated with our counterparties and our own credit risk utilize Level 3 inputs, such as estimates of current credit spreads to evaluate the likelihood of default by us and our counterparties. However, as of December 31, 2013, we have assessed the significance of the impact of the credit valuation adjustments on the overall valuation of our derivative position and have determined that the credit valuation adjustments are not significant to the overall valuation of our derivative. As a result, we have determined that our derivative valuations in their entirety are classified in Level 2 of the fair value hierarchy. | |||||||||||||||||||||||||||
Considerable judgment is necessary to develop estimated fair values of financial and non-financial assets and liabilities. Accordingly, the estimates presented herein are not necessarily indicative of the amounts we could realize on disposition of the financial assets and liabilities. | |||||||||||||||||||||||||||
A summary of our financial asset that is measured at fair value on a recurring basis, by level within the fair value hierarchy is as follows (in thousands): | |||||||||||||||||||||||||||
December 31, 2013 | December 31, 2012 | ||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||
Interest rate swap | $ | — | $ | 818 | $ | — | $ | 818 | $ | — | $ | — | $ | — | $ | — | |||||||||||
Real_Estate_Acquisitions
Real Estate Acquisitions | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Real Estate Investments, Net [Abstract] | ' | ||||||||||||||||||||||||
Real Estate Acquisitions | ' | ||||||||||||||||||||||||
REAL ESTATE ACQUISITIONS | |||||||||||||||||||||||||
For the year ended December 31, 2013, we acquired 57 grocery-anchored retail centers for a combined purchase price of approximately $917.8 million, including $153.8 million of assumed debt with a fair value of $157.9 million. The following tables present certain additional information regarding our material acquisitions in the Atlanta Portfolio, the March 21st Portfolio, Northcross, Fairlawn Town Centre, the BVT Portfolio, the RG Portfolio, and the remaining properties which were deemed individually immaterial when acquired, but are material in the aggregate. We allocated the purchase price of these acquisitions to the fair value of the assets acquired and lease liabilities assumed as follows (in thousands): | |||||||||||||||||||||||||
Acquisition | Land | Building and Improvements | In-Place Leases | Above-Market Leases | Below-Market Leases | Total | |||||||||||||||||||
Atlanta Portfolio(1) | $ | 17,516 | $ | 48,401 | $ | 3,195 | $ | 1,376 | $ | (838 | ) | $ | 69,650 | ||||||||||||
Fairlawn Town Centre | 7,179 | 32,223 | 2,479 | 929 | (610 | ) | 42,200 | ||||||||||||||||||
March 21st Portfolio(2) | 12,138 | 35,058 | 3,227 | 1,731 | (154 | ) | 52,000 | ||||||||||||||||||
Northcross | 27,885 | 28,467 | 7,443 | 324 | (2,619 | ) | 61,500 | ||||||||||||||||||
BVT Portfolio(3) | 16,934 | 38,667 | 5,486 | 222 | (723 | ) | 60,586 | ||||||||||||||||||
RG Portfolio(4) | 13,137 | 55,948 | 7,048 | 437 | (842 | ) | 75,728 | ||||||||||||||||||
Other(5) | 125,266 | 379,064 | 55,351 | 8,012 | (11,607 | ) | 556,086 | ||||||||||||||||||
$ | 220,055 | $ | 617,828 | $ | 84,229 | $ | 13,031 | $ | (17,393 | ) | $ | 917,750 | |||||||||||||
(1)The Atlanta portfolio consists of the acquisitions of seven properties in the Atlanta, Georgia region (The Shops at Westridge, Mableton Crossing, Hamilton Ridge, Grassland Crossing, Fairview Oaks, Butler Creek, and Macland Point) in two related transactions in January and February of 2013. | |||||||||||||||||||||||||
(2)The March 21st portfolio consists of the acquisition of three properties (Kleinwood Center, Murray Landing and Vineyard Center) in single transaction on March 21, 2013. | |||||||||||||||||||||||||
(3)The BVT Portfolio consists of the acquisition of one property in Georgia and three properties in Florida (Butler's Crossing, Shoppes of Paradise Lakes, Coquina Plaza and Lakewood Plaza) in a single transaction on November 7, 2013. | |||||||||||||||||||||||||
(4)The RG Portfolio consists of the acquisition of five properties in Ohio, one property in Michigan and one property in Indiana (Flag City Station, East Side Square, Hoke Crossing, Southern Hills Crossing, Sulphur Grove, Bear Creek Plaza and Town & Country Shopping Center) in a single transaction on December 19, 2013. | |||||||||||||||||||||||||
(5)The other 34 acquisitions represent the remaining, individually immaterial properties acquired during the year ended December 31, 2013, that are material in the aggregate. | |||||||||||||||||||||||||
The amounts recognized for revenues, acquisition expenses and net income (loss) from each respective acquisition date to December 31, 2013 related to the operating activities of our material acquisitions are as follows (in thousands): | |||||||||||||||||||||||||
Acquisition | Acquisition Date | Revenues | Acquisition Expenses | Net Income (Loss) | |||||||||||||||||||||
Atlanta Portfolio(1) | 1/15/2013 and 2/13/2013 | $ | 6,716 | $ | 1,116 | $ | 558 | ||||||||||||||||||
Fairlawn Town Centre | 1/30/13 | 4,730 | 588 | 670 | |||||||||||||||||||||
March 21st Portfolio(2) | 3/21/13 | 3,977 | 769 | (827 | ) | ||||||||||||||||||||
Northcross | 6/24/13 | 3,017 | 739 | 598 | |||||||||||||||||||||
BVT Portfolio(3) | 11/7/13 | 921 | 908 | (903 | ) | ||||||||||||||||||||
RG Portfolio(4) | 12/19/13 | 272 | 1,909 | (1,710 | ) | ||||||||||||||||||||
Other(5) | 18,051 | 11,237 | (7,563 | ) | |||||||||||||||||||||
Total | $ | 37,683 | $ | 17,266 | $ | (9,177 | ) | ||||||||||||||||||
(1)The Atlanta portfolio consists of the acquisitions of seven properties in the Atlanta, Georgia region (The Shops at Westridge, Mableton Crossing, Hamilton Ridge, Grassland Crossing, Fairview Oaks, Butler Creek, and Macland Point) in two related transactions in January and February of 2013. | |||||||||||||||||||||||||
(2)The March 21st portfolio consists of the acquisition of three properties (Kleinwood Center, Murray Landing and Vineyard Center) in single transaction on March 21, 2013. | |||||||||||||||||||||||||
(3)The BVT Portfolio consists of the acquisition of one property in Georgia and three properties in Florida (Butler's Crossing, Shoppes of Paradise Lakes, Coquina Plaza and Lakewood Plaza) in a single transaction on November 7, 2013. | |||||||||||||||||||||||||
(4)The RG Portfolio consists of the acquisition of five properties in Ohio, one property in Michigan and one property in Indiana (Flag City Station, East Side Square, Hoke Crossing, Southern Hills Crossing, Sulphur Grove, Bear Creek Plaza and Town & Country Shopping Center) in a single transaction on December 19, 2013. | |||||||||||||||||||||||||
(5)The other 34 acquisitions represent the remaining, individually immaterial properties acquired during the year ended December 31, 2013, that are material in the aggregate. | |||||||||||||||||||||||||
Additionally, we assumed a $450,000 liability to remediate an environmental issue at Kleinwood Center. We also received from the seller a $450,000 credit at the closing of the purchase of Kleinwood Center to cover the costs of such remediation. | |||||||||||||||||||||||||
The following unaudited information summarizes selected financial information from our combined results of operations, as if all of our acquisitions for 2012 and 2013 had been acquired on January 1, 2012. | |||||||||||||||||||||||||
We estimated that revenues, on a pro forma basis, for the years ended December 31, 2013 and 2012, would have been approximately $131.9 million and $127.5 million, respectively. Our net income attributable to our stockholders for the year ended December 31, 2013, on a pro forma basis, would have been approximately $17.2 million. The pro forma net income per share would have been $0.16 for the year ended December 31, 2013. Our net loss attributable to our stockholders for the year ended December 31, 2012, on a pro forma basis, would have been approximately $4.3 million. The pro forma net loss per share would have been $0.05 for the year ended December 31, 2012. | |||||||||||||||||||||||||
The following unaudited information summarizes selected financial information from our combined results of operations, as if all of our acquisitions for 2011 and 2012 had been acquired on January 1, 2011. | |||||||||||||||||||||||||
We estimated that revenues, on a pro forma basis, for the years ended December 31, 2012 and 2011, would have been approximately$36.3 million and $35.0 million, respectively, and our net loss attributable to our stockholders, on a pro forma basis excluding acquisition expenses, would have been approximately $0.7 million and $1.8 million, respectively. The pro forma net loss per share excluding acquisition expenses would have been $0.05 and $0.14, respectively, for the years ended December 31, 2012 and 2011. | |||||||||||||||||||||||||
This pro forma information is presented for informational purposes only and may not be indicative of what actual results of operations would have been had the transactions occurred at the beginning of the period, nor does it purport to represent the results of future operations. |
Acquired_Intangible_Assets
Acquired Intangible Assets | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | |||||||
Acquired Intangible Assets | ' | |||||||
ACQUIRED INTANGIBLE ASSETS | ||||||||
Acquired intangible lease assets consisted of the following (in thousands): | ||||||||
2013 | 2012 | |||||||
Acquired in-place leases, net of accumulated amortization of $10,363 and $2,310, respectively | $ | 91,829 | $ | 15,655 | ||||
Acquired above market leases, net of accumulated amortization of $3,967 and $1,534, respectively | 15,901 | 5,302 | ||||||
Total | $ | 107,730 | $ | 20,957 | ||||
Amortization expense recorded on the intangible assets for the years ended December 31, 2013, 2012, and 2011 was $10.5 million, $3.0 million, and $0.8 million, respectively. | ||||||||
Estimated future amortization expense of the respective acquired intangible lease assets as of December 31, 2013 for each of the five succeeding calendar years and thereafter is as follows (in thousands): | ||||||||
Year | In-Place Leases | Above-Market Leases | ||||||
2014 | $ | 16,743 | $ | 3,525 | ||||
2015 | 15,841 | 3,272 | ||||||
2016 | 14,575 | 2,649 | ||||||
2017 | 12,775 | 2,124 | ||||||
2018 | 9,377 | 1,542 | ||||||
2019 and thereafter | 22,518 | 2,789 | ||||||
Total | $ | 91,829 | $ | 15,901 | ||||
The weighted-average amortization periods for acquired in-place lease and above-market lease intangibles are eight years and six years, respectively. |
Mortgage_Loans_Payable
Mortgage Loans Payable | 12 Months Ended | |||||||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||||||
Loans Payable [Abstract] | ' | |||||||||||||||||||||||||||
Mortgage Loans Payable | ' | |||||||||||||||||||||||||||
MORTGAGES AND LOANS PAYABLE | ||||||||||||||||||||||||||||
As of December 31, 2013, we had $200.9 million of outstanding mortgage notes payable, inclusive of a below-market assumed debt adjustment of $4.8 million. As of December 31, 2012, we had $159.0 million of outstanding mortgage notes payable, inclusive of a below-market assumed debt adjustment of $1.9 million. Each mortgage note payable is secured by the respective property on which the debt was placed. As of December 31, 2013 and 2012, the weighted-average interest rate for the loans was 5.61% and 3.58%, respectively. | ||||||||||||||||||||||||||||
We also have access to a $350 million unsecured revolving credit facility, which may be expanded to $600 million, with no current outstanding principal balance as of December 31, 2013, from which we may draw funds to pay certain long-term debt obligations as they mature. As of December 31, 2013, the current borrowing capacity of the unsecured revolving credit facility was $226.7 million, as calculated using properties eligible to be included in the calculation of the borrowing base as defined in the agreement. The interest rate on amounts outstanding under this credit facility is currently LIBOR plus 1.30%. The credit facility matures on December 18, 2017. | ||||||||||||||||||||||||||||
We previously had access to a $265.0 million secured revolving credit facility, with the ability to expand the facility to $300.0 million. Amounts outstanding under this facility incurred interest at rates ranging from 2.0% to 3.0% over LIBOR. This credit facility was scheduled to mature on December 21, 2015, but was closed upon our execution of the unsecured revolving credit facility in December 2013. | ||||||||||||||||||||||||||||
During the year ended December 31, 2013, in conjunction with our acquisition of 14 real estate properties, we assumed debt of $153.8 million with a fair value of $157.9 million. During the year ended December 31, 2012, in conjunction with our acquisition of five real estate properties, we assumed debt of $37.9 million with a fair value of $40.1 million. The assumed debt market adjustment will be amortized over the remaining life of the loans, and this amortization is classified as interest expense. The amortization recorded on the assumed below-market debt adjustment was $1.2 million and $0.2 million for the years ended December 31, 2013 and 2012, respectively. | ||||||||||||||||||||||||||||
The following is a summary of our debt obligations as of December 31, 2013 and 2012 (in thousands): | ||||||||||||||||||||||||||||
December 31, 2013 | December 31, 2012 | |||||||||||||||||||||||||||
Outstanding Principal Balance | Maximum Loan Capacity | Outstanding Principal Balance | Maximum Loan Capacity | |||||||||||||||||||||||||
Fixed rate mortgages payable(1) | $ | 196,052 | $ | 196,052 | $ | 43,934 | $ | 43,934 | ||||||||||||||||||||
Variable rate mortgages payable | — | — | 76,424 | 89,475 | ||||||||||||||||||||||||
Secured credit facility | — | 36,709 | 40,000 | |||||||||||||||||||||||||
Unsecured credit facility - fixed rate(2) | — | 50,000 | — | — | ||||||||||||||||||||||||
Unsecured credit facility - variable rate | — | 176,745 | — | 10,000 | ||||||||||||||||||||||||
Assumed below-market debt adjustment | 4,820 | N/A | 1,940 | N/A | ||||||||||||||||||||||||
Total | $ | 200,872 | $ | 422,797 | $ | 159,007 | $ | 183,409 | ||||||||||||||||||||
(1) | Due to the non-recourse nature of certain mortgages, the assets and liabilities of the following properties are neither available to pay the debts of the consolidated limited liability companies nor constitute obligations of the consolidated limited liability companies: Baker Hill Center, Broadway Plaza, Publix at Northridge, Kleinwood Center, Murray Landing, Vineyard Center, Sunset Center, Westwoods Shopping Center, Stockbridge Commons, East Burnside Plaza, Fresh Market, Collington Plaza, Stop & Shop Plaza, and Arcadia Plaza. The outstanding principal balance of these non-recourse mortgages as of December 31, 2013 and 2012 was $157.8 million and $28.9 million, respectively. | |||||||||||||||||||||||||||
(2) | As of December 31, 2013, the interest rate on $50.0 million of the amount available under our unsecured credit facility is effectually fixed at 2.10% through December 2017 by an interest rate swap agreement (see Notes 4 and 10). | |||||||||||||||||||||||||||
Below is a listing of the mortgage loans payable with their respective principal payment obligations (in thousands) and weighted-average interest rates: | ||||||||||||||||||||||||||||
2014 | 2015 | 2016 | 2017 | 2018 | Thereafter | Total | ||||||||||||||||||||||
Maturing debt:(1) | ||||||||||||||||||||||||||||
Fixed rate mortgages payable | $ | 25,655 | $ | 34,890 | $ | 49,629 | $ | 44,240 | $ | 1,694 | $ | 39,944 | $ | 196,052 | ||||||||||||||
Weighted-average interest rate on debt: | ||||||||||||||||||||||||||||
Fixed rate mortgages payable(2) | 6.8 | % | 5.5 | % | 5.7 | % | 5.3 | % | 6.2 | % | 5.2 | % | 5.6 | % | ||||||||||||||
(1) | The debt maturity table does not include any below-market debt adjustment, of which $4.8 million, net of accumulated amortization, was outstanding as of December 31, 2013. | |||||||||||||||||||||||||||
(2) | All but $6.4 million of the fixed rate debt represents loans assumed as part of certain acquisitions. The assumed loans typically have higher interest rates than interest rates associated with new debt. |
Acquired_Below_Market_Lease_In
Acquired Below Market Lease Intangibles | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Acquired Below Market Lease Intangibles [Abstract] | ' | |||||||
Acquired Below-Market Lease Intangibles | ' | |||||||
ACQUIRED BELOW-MARKET LEASE INTANGIBLES | ||||||||
Acquired below-market lease intangibles consisted of the following as of December 31, 2013 and 2012 (in thousands): | ||||||||
2013 | 2012 | |||||||
Acquired below-market leases, net of accumulated amortization of $2,708 and $811, respectively | $ | 20,387 | $ | 4,892 | ||||
Amortization recorded on the intangible liabilities for the years ended December 31, 2013, 2012, and 2011 was $1.9 million, $0.7 million, and $0.2 million, respectively. | ||||||||
Estimated future amortization income of the intangible lease liabilities as of December 31, 2013 for each of the five succeeding calendar years and thereafter is as follows (in thousands): | ||||||||
Year | Below-Market Leases | |||||||
2014 | $ | 3,270 | ||||||
2015 | 2,993 | |||||||
2016 | 2,614 | |||||||
2017 | 2,224 | |||||||
2018 | 1,844 | |||||||
2019 and thereafter | 7,442 | |||||||
Total | $ | 20,387 | ||||||
The weighted-average amortization period for below market lease intangibles is 10 years. |
Commitments_And_Contingencies
Commitments And Contingencies | 12 Months Ended |
Dec. 31, 2013 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
Commitments And Contingencies | ' |
COMMITMENTS AND CONTINGENCIES | |
Litigation | |
In the ordinary course of business, we may become subject to litigation or claims. There are no material legal proceedings pending or known to be contemplated against us. | |
Environmental Matters | |
In connection with the ownership and operation of real estate, we may be potentially liable for costs and damages related to environmental matters. We have not been notified by any governmental authority of any non-compliance, liability or other claim, and we are not aware of any other environmental condition that we believe will have a material impact on our consolidated financial statements. | |
Operating Lease | |
We lease land under a long-term lease at one property, which was acquired in 2011. The current lease term expires on October 31, 2017. Total rental expense for the lease was $19,800, $18,300 and $4,500 for the years ended December 31, 2013, 2012 and 2011, respectively. Minimum rental commitments under the noncancelable term of the lease as of December 31, 2013 are as follows: (i) 2014, $20,000; (ii) 2015, $20,000; (iii) 2016, $20,000; and (iv) 2017, $17,000. |
Derivatives_and_Hedging_Activi
Derivatives and Hedging Activities | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | ||||
Derivative and Hedging Activities | ' | ||||
DERIVATIVES AND HEDGING ACTIVITIES | |||||
Risk Management Objective of Using Derivatives | |||||
We are exposed to certain risk arising from both our business operations and economic conditions. We principally manage our exposures to a wide variety of business and operational risks through management of our core business activities. We manage economic risks, including interest rate risk, primarily by managing the amount, sources, and duration of our debt funding and the use of derivative financial instruments. Specifically, we enter into derivative financial instruments to manage exposures that arise from business activities that result in the receipt or payment of future known and uncertain cash amounts, the value of which are determined by interest rates. Our derivative financial instruments are used to manage differences in the amount, timing, and duration of our known or expected cash receipts and our known or expected cash payments principally related to our investments and borrowings. | |||||
Cash Flow Hedges of Interest Rate Risk | |||||
Our objectives in using interest rate derivatives are to add stability to interest expense and to manage our exposure to interest rate movements. To accomplish this objective, we primarily use interest rate swaps as part of our interest rate risk management strategy. Interest rate swaps designated as cash flow hedges involve the receipt of variable amounts from a counterparty in exchange for our making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount. | |||||
The effective portion of changes in the fair value of derivatives designated and that qualify as cash flow hedges is recorded in accumulated other comprehensive income and is subsequently reclassified into earnings in the period that the hedged forecasted transaction affects earnings. During 2013, such derivatives were used to hedge the variable cash flows associated with certain variable-rate debt. The ineffective portion of the change in fair value of the derivatives is recognized directly in other income, net, on the consolidated statements of operations and comprehensive loss. During the year ended December 31, 2013, we recorded a loss of $48,000 of hedge ineffectiveness in earnings attributable to a notional mismatch between the debt and derivative. | |||||
Amounts reported in accumulated other comprehensive income related to derivatives will be reclassified to interest expense as interest payments are made on our variable-rate debt. We estimate that an additional $0.2 million will be reclassified from accumulated other comprehensive income as an increase to interest expense over the next 12 months. During the year ended December 31, 2013, we accelerated the reclassification of amounts in other comprehensive income to earnings as a result of the hedged forecasted transactions becoming probable not to occur. The accelerated amounts were a loss of $6,000. | |||||
Tabular Disclosure of the Effect of Derivative Instruments on the Consolidated Statements of Operations and Comprehensive Loss | |||||
The table below presents the effect of our derivative financial instruments on the consolidated statements of operations and comprehensive loss for the year ended December 31, 2013 (in thousands). We had no derivative financial instruments in 2012. | |||||
Year Ended | |||||
Derivatives in Cash Flow Hedging Relationships (Interest Rate Swap) | December 31, 2013 | ||||
Amount of gain (loss) recognized in other comprehensive income on derivative | $ | 633 | |||
Amount of gain (loss) reclassified from accumulated other comprehensive income into interest expense | (57 | ) | |||
Amount of loss recognized in income on derivative (ineffective portion, reclassifications of missed forecasted | |||||
transactions and amounts excluded from effectiveness testing) | (48 | ) | |||
Credit Risk-Related Contingent Features | |||||
We have an agreement with our derivative counterparty that contains a provision where if we either default or are capable of being declared in default on any of our indebtedness, then we could also be declared in default on our derivative obligations. | |||||
As of December 31, 2013, the derivative is not in a liability position, and we have not posted any collateral related to this agreement nor were we in breach of any agreement provisions. |
Related_Party_Transactions
Related Party Transactions | 12 Months Ended | |||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||
Related Party Transactions [Abstract] | ' | |||||||||||||||||||||
Related Party Transactions | ' | |||||||||||||||||||||
RELATED PARTY TRANSACTIONS | ||||||||||||||||||||||
Advisory Agreement—Pursuant to our advisory agreement, the Advisor is entitled to specified fees for certain services, including managing our day-to-day activities and implementing our investment strategy. The Advisor has entered into a sub-advisory agreement with the Sub-advisor, which manages our day-to-day affairs and our portfolio of real estate investments on behalf of the Advisor, subject to the board’s supervision and certain major decisions requiring the consent of both the Advisor and Sub-advisor. The expenses to be reimbursed to the Advisor and Sub-advisor will be reimbursed in proportion to the amount of expenses incurred on our behalf by the Advisor and Sub-advisor, respectively. | ||||||||||||||||||||||
Organization and Offering Costs—Under the terms of the advisory agreement, we are to reimburse on a monthly basis the Advisor, the Sub-advisor or their respective affiliates for cumulative organization and offering costs and future organization and offering costs they may incur on our behalf, but only to the extent that the reimbursement would not exceed 1.5% of gross offering proceeds over the life of our initial public offering. As of December 31, 2013, the Advisor, Sub-advisor and their affiliates have charged us approximately $26.3 million of organization and offering costs, and we have reimbursed $25.9 million of such costs, resulting in a net payable of $0.4 million. As of December 31, 2012, the Advisor, Sub-advisor and their affiliates had charged us approximately $7.2 million of organization and offering costs, and we had reimbursed $4.2 million of such costs, resulting in a net payable of $3.0 million. | ||||||||||||||||||||||
Acquisition Fee—We pay the Advisor an acquisition fee related to services provided in connection with the selection and purchase or origination of real estate and real estate-related investments. The acquisition fee is equal to 1.0% of the cost of investments we acquire or originate, including any debt attributable to such investments. | ||||||||||||||||||||||
Asset Management Fee—We issue to the Advisor and the Sub-advisor, on a quarterly basis, performance-based Class B units of the Operating Partnership. During the year ended December 31, 2013, the Operating Partnership issued 532,381 Class B units to the Advisor and the Sub-advisor under the advisory agreement for the asset management services performed by the Advisor and the Sub-advisor during the period from October 1, 2012 through September 30, 2013. These Class B units will not vest until the conditions discussed in Note 2 have been met. Because we do not deem the vesting conditions to be probable, the units will not be recorded as equity or an obligation until the Class B units vest. | ||||||||||||||||||||||
Prior to October 1, 2012, we paid the Advisor an asset management fee for the asset management services it provided pursuant to the advisory agreement. The asset management fee, payable monthly in arrears (based on assets we held during the previous month) was equal to 0.08333% of the sum of the cost of all real estate and real estate-related investments we owned and of our investments in joint ventures, including certain expenses and any debt attributable to such investments. However, the Advisor reimbursed all or a portion of the asset management fee for any applicable period to the extent that as of the date of the payment, our modified funds from operations (as defined in accordance with the then-current practice guidelines issued by the Investment Program Association with an additional adjustment to add back capital contribution amounts received from the Sub-advisor or an affiliate thereof, without any corresponding issuance of equity to the Sub-advisor or its affiliate), during the quarter were not at least equal to our declared distributions during the quarter. We could not avoid payment of an asset management fee by raising our distribution rate beyond $0.65 per share on an annualized basis. | ||||||||||||||||||||||
The CBRE Investors paid asset management fees in cash pursuant to the advisory agreement between the Joint Venture and the Advisor through December 31, 2013. On December 31, 2013, we acquired the 46% interest in the Joint Venture previously owned by the CBRE Investors. As a result, we own 100% of the Joint Venture as of December 31, 2013. | ||||||||||||||||||||||
Financing Fee—We pay the Advisor or Sub-advisor a financing fee equal to 0.75% of all amounts made available under any loan or line of credit. | ||||||||||||||||||||||
Disposition Fee—For substantial assistance by the Advisor, Sub-advisor or any of their affiliates in connection with the sale of properties or other investments, we will pay the Advisor or its assignee 2.0% of the contract sales price of each property or other investment sold. The conflicts committee of our board of directors will determine whether the Advisor, Sub-advisor or their respective affiliates have provided substantial assistance to us in connection with the sale of an asset. Substantial assistance in connection with the sale of a property includes the Advisor’s or Sub-advisor’s preparation of an investment package for the property (including an investment analysis, rent rolls, tenant information regarding credit, a property title report, an environmental report, a structural report and exhibits) or such other substantial services performed by the Advisor or Sub-advisor in connection with a sale. However, if we sell an asset to an affiliate, our organizational documents will prohibit us from paying the Advisor, the Sub-advisor or their respective affiliates a disposition fee. As of December 31, 2013, we have not disposed of any properties or other investments, and no disposition fees have been earned by or paid to the Advisor or Sub-advisor. | ||||||||||||||||||||||
General and Administrative Expenses—As of December 31, 2013 and 2012, we owed the Advisor, the Sub-advisor and their affiliates $85,000 and $2,000, respectively, for general and administrative expenses paid on our behalf. The sponsors provided $88,000 during the year ended December 31, 2011, for certain of our general and administrative expenses as capital contributions. The sponsors have not received, and will not receive, any reimbursement for these contributions. As of December 31, 2013, the Advisor, Sub-advisor and their affiliates have not allocated any portion of their employees’ salaries to general and administrative expenses. | ||||||||||||||||||||||
Summarized below are the fees earned by and the expenses reimbursable to the Advisor and the Sub-advisor, except for organization and offering costs and general and administrative expenses, which we disclose above, for the years ended December 31, 2013, 2012, and 2011, and any related amounts unpaid as of December 31, 2013 and 2012 (in thousands): | ||||||||||||||||||||||
For the Year Ended | Unpaid Amount as of | |||||||||||||||||||||
December 31, | December 31, | |||||||||||||||||||||
2013 | 2012 | 2011 | 2013 | 2012 | ||||||||||||||||||
Acquisition fees | $ | 10,095 | $ | 1,705 | $ | 356 | $ | — | $ | 191 | ||||||||||||
Class B unit distribution(1) | 154 | — | — | 30 | — | |||||||||||||||||
Asset management fees | 999 | 1,243 | 347 | — | 248 | |||||||||||||||||
Asset management fees waived | — | 546 | 284 | |||||||||||||||||||
Asset management fees - net(2) | 999 | 697 | 63 | — | 248 | |||||||||||||||||
Financing fees | 5,581 | 816 | 180 | — | — | |||||||||||||||||
Disposition fees | — | — | — | — | — | |||||||||||||||||
(1) | Represents the distributions paid to the Advisor and Sub-advisor as holders of Class B units of the Operating Partnership. | |||||||||||||||||||||
(2) | Asset management fees are net of fees waived. The only amounts not waived since inception are those fees paid by the CBRE Investors. | |||||||||||||||||||||
Subordinated Participation in Net Sales Proceeds—The Operating Partnership will pay to PE-ARC Special Limited Partner, LLC (the “Special Limited Partner”) a subordinated participation in the net sales proceeds of the sale of real estate assets equal to 15.0% of remaining net sales proceeds after return of capital contributions to stockholders plus payment to stockholders of a 7.0% cumulative, pre-tax, non-compounded return on the capital contributed by stockholders. The Advisor has a 15.0% interest and the Sub-advisor has an 85.0% interest in the Special Limited Partner. No sales of real estate assets occurred in the years ended December 31, 2013, 2012, and 2011. | ||||||||||||||||||||||
Subordinated Incentive Listing Distribution—The Operating Partnership will pay to the Special Limited Partner a subordinated incentive listing distribution upon the listing of our common stock on a national securities exchange. Such incentive listing distribution is equal to15.0% of the amount by which the market value of all of our issued and outstanding common stock plus distributions exceeds the aggregate capital contributed by stockholders plus an amount equal to a 7.0% cumulative, pre-tax non-compounded annual return to stockholders. | ||||||||||||||||||||||
Neither the Special Limited Partner nor any of its affiliates can earn both the subordinated participation in the net sales proceeds and the subordinated incentive listing distribution. No subordinated incentive listing distribution was earned for the years ended December 31, 2013, 2012, and 2011. | ||||||||||||||||||||||
Subordinated Distribution Upon Termination of the Advisor Agreement—Upon termination or non-renewal of the advisory agreement, the Special Limited Partner shall be entitled to a subordinated termination distribution in the form of a non-interest bearing promissory note equal to 15.0% of the amount by which the cost of our assets plus distributions exceeds the aggregate capital contributed by stockholders plus an amount equal to a 7.0% cumulative, pre-tax non-compounded annual return to stockholders. In addition, the Special Limited Partner may elect to defer its right to receive a subordinated distribution upon termination until either a listing on a national securities exchange or other liquidity event occurs. | ||||||||||||||||||||||
Property Manager—All of our real properties are managed and leased by Phillips Edison & Company Ltd. (the “Property Manager”), an affiliated property manager. The Property Manager is wholly owned by our Phillips Edison sponsor and was organized on September 15, 1999. The Property Manager also manages real properties acquired by the Phillips Edison affiliates or other third parties. | ||||||||||||||||||||||
We pay to the Property Manager monthly property management fees equal to 4.5% of the gross cash receipts of the properties managed by the Property Manager. In the event that we contract directly with a non-affiliated third-party property manager with respect to a property, we will pay the Property Manager a monthly oversight fee equal to 1.0% of the gross revenues of the property managed. In addition to the property management fee or oversight fee, if the Property Manager provides leasing services with respect to a property, we pay the Property Manager leasing fees in an amount equal to the leasing fees charged by unaffiliated persons rendering comparable services in the same geographic location of the applicable property. We reimburse the costs and expenses incurred by the Property Manager on our behalf, including legal, travel and other out-of-pocket expenses that are directly related to the management of specific properties, as well as fees and expenses of third-party accountants. | ||||||||||||||||||||||
If we engage the Property Manager to provide construction management services with respect to a particular property, we pay a construction management fee in an amount that is usual and customary for comparable services rendered to similar projects in the geographic market of the property. | ||||||||||||||||||||||
The Property Manager hires, directs and establishes policies for employees who have direct responsibility for the operations of each real property it manages, which may include, but is not limited to, on-site managers and building and maintenance personnel. Certain employees of the Property Manager may be employed on a part-time basis and may also be employed by the Sub-advisor or certain of its affiliates. The Property Manager also directs the purchase of equipment and supplies and will supervise all maintenance activity. | ||||||||||||||||||||||
Summarized below are the fees earned by and the expenses reimbursable to the Property Manager for the years ended December 31, 2013, 2012 and 2011, and any related amounts unpaid as of December 31, 2013 and 2012 (in thousands): | ||||||||||||||||||||||
Unpaid Amount as of | ||||||||||||||||||||||
For the Year Ended December 31, | December 31, | December 31, | ||||||||||||||||||||
2013 | 2012 | 2011 | 2013 | 2012 | ||||||||||||||||||
Property management fees | $ | 3,011 | $ | 756 | $ | 157 | $ | 418 | $ | 112 | ||||||||||||
Leasing commissions | 1,239 | 302 | 34 | 80 | 96 | |||||||||||||||||
Construction management fees | 293 | 41 | 3 | 50 | 18 | |||||||||||||||||
Other fees and reimbursements | 684 | 191 | 46 | 89 | (20 | ) | ||||||||||||||||
Total | $ | 5,227 | $ | 1,290 | $ | 240 | $ | 637 | $ | 206 | ||||||||||||
Dealer Manager—Our dealer manager is Realty Capital Securities, LLC (the “Dealer Manager”). The Dealer Manager is a member firm of the Financial Industry Regulatory Authority, Inc. (“FINRA”) and was organized on August 29, 2007. The Dealer Manager is a subsidiary of an entity which is under common ownership with our AR Capital sponsor and provided certain sales, promotional and marketing services in connection with the distribution of the shares of common stock offered under our initial public offering. Excluding shares sold pursuant to the “friends and family” program, the Dealer Manager was generally paid a sales commission equal to 7.0% of the gross proceeds from the sale of shares of the common stock sold in the primary offering and a dealer manager fee equal to 3.0% of the gross proceeds from the sale of shares of the common stock sold in the primary offering. The Dealer Manager typically reallowed 100% of the selling commissions and a portion of the dealer manager fee to participating broker-dealers. | ||||||||||||||||||||||
Summarized below are the fees earned by the Dealer Manager for the years ended December 31, 2013, 2012 and 2011 (in thousands): | ||||||||||||||||||||||
For the Year Ended December 31, | ||||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||||
Selling commissions | $ | 100,148 | $ | 7,880 | $ | 1,014 | ||||||||||||||||
Selling commissions reallowed | 100,148 | 7,880 | 1,014 | |||||||||||||||||||
Dealer manager fees | 46,981 | 2,552 | 350 | |||||||||||||||||||
Dealer manager fees reallowed | 17,116 | 767 | 76 | |||||||||||||||||||
Share Purchases by Sub-advisor—The Sub-advisor agreed to purchase on a monthly basis sufficient shares sold in our public offering such that the total shares owned by the Sub-advisor was equal to at least 0.10% of our outstanding shares (excluding shares issued after the commencement of, and outside of, the initial public offering) at the end of each immediately preceding month. The Sub-advisor purchased shares at a purchase price of $9.00 per share, reflecting no dealer manager fee or selling commissions being paid on such shares. The Sub-advisor may not sell any of these shares while serving as the Sub-advisor. | ||||||||||||||||||||||
As of December 31, 2013, the Sub-advisor owned 176,509 shares of our common stock, or approximately 0.10% of our outstanding common stock. As of December 31, 2012, the Sub-advisor owned 23,061 shares of our common stock, or approximately 0.17% of our outstanding common stock. | ||||||||||||||||||||||
Joint Venture—On September 20, 2011, we entered into the Joint Venture. Prior to December 31, 2013, the Joint Venture made periodic distributions of net cash flow to us and the CBRE Investors pro rata based on our respective percentage interests. The portion allocated to the CBRE Investors was first to be distributed to the CBRE Investors until they had received an inflation-adjusted real rate of return of 5%. The remaining net cash flow allocated to the CBRE Investors was then to be distributed 85% to the CBRE Investors and 15% to the Sub-advisor, which was also a limited partner for purposes of the right to earn a promote, but which did not invest any capital in the Joint Venture. | ||||||||||||||||||||||
On December 31, 2013, we entered into an agreement with the CBRE Investors and the Sub-advisor for the purchase of the Joint Venture interests held by the CBRE Investors. We paid to the CBRE Investors a purchase price of $57.0 million under this agreement. This agreement also provided for the purchase by the CBRE Investors of the Joint Venture interest held by the Sub-advisor, prior to our purchase of the CBRE Investors’ interests, for approximately $1.4 million. As a result of this transaction, we indirectly acquired the Sub-advisor’s interest in the Joint Venture. |
Economic_Dependency
Economic Dependency | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Economic Dependency [Abstract] | ' | |||||||
Economic Dependency | ' | |||||||
ECONOMIC DEPENDENCY | ||||||||
We are dependent on the Advisor, the Sub-advisor, the Property Manager, and their respective affiliates for certain services that are essential to us, including asset acquisition and disposition decisions, asset management, operating and leasing of our properties, and other general and administrative responsibilities. In the event that the Advisor, the Sub-advisor, and/or the Property Manager are unable to provide such services, we would be required to find alternative service providers or sources of capital. | ||||||||
As of December 31, 2013 and 2012, we owed the Advisor, the Sub-advisor and their respective affiliates approximately $1.1 million and $3.6 million, respectively, for offering and organization expenses, general and administrative expenses and asset management, property management, and other fees payable as shown below (in thousands): | ||||||||
2013 | 2012 | |||||||
Offering and organization expenses payable | $ | 379 | $ | 2,987 | ||||
General and administrative expenses of the company paid by a sponsor | 85 | 2 | ||||||
Asset management, property management, and other fees payable | 668 | 645 | ||||||
Total due | $ | 1,132 | $ | 3,634 | ||||
In addition, the sponsors have provided $0.2 million since inception for certain of our general and administrative expenses as capital contributions. There were no sponsor contributions for the years ended December 31, 2013 and 2012. There was $88,000 in sponsor contributions for the year ended December 31, 2011. The sponsors have not received, and will not receive, any reimbursement for these contributions. Our sponsors do not intend to make further capital contributions to continue to fund certain of our general and administrative expenses. |
Operating_Leases
Operating Leases | 12 Months Ended | |||
Dec. 31, 2013 | ||||
Operating Leases, Future Minimum Payments Receivable [Abstract] | ' | |||
Operating Leases | ' | |||
OPERATING LEASES | ||||
The terms and expirations of our operating leases with our tenants vary. The leases frequently have provisions to extend the lease agreements and other terms and conditions as negotiated. We retain substantially all of the risks and benefits of ownership of the real estate assets leased to tenants. | ||||
Approximate future rentals to be received under non-cancelable operating leases in effect at December 31, 2013, assuming no new or renegotiated leases or option extensions on lease agreements, are as follows (in thousands): | ||||
Year | Amount | |||
2014 | $ | 96,252 | ||
2015 | 89,399 | |||
2016 | 80,990 | |||
2017 | 71,596 | |||
2018 | 59,287 | |||
2019 and thereafter | 262,666 | |||
Total | $ | 660,190 | ||
No one tenant comprised 10% or more of our aggregate annualized effective rent as of December 31, 2013. |
Quarterly_Financial_Data_Unaud
Quarterly Financial Data (Unaudited) | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Quarterly Financial Data [Abstract] | ' | |||||||||||||||
Quarterly Financial Data (Unaudited) | ' | |||||||||||||||
QUARTERLY FINANCIAL DATA (UNAUDITED) | ||||||||||||||||
The following is a summary of the unaudited quarterly financial information for the years ended December 31, 2013 and 2012. We believe that all necessary adjustments, consisting only of normal recurring adjustments, have been included in the amounts stated below to present fairly, and in accordance with GAAP, the selected quarterly information. | ||||||||||||||||
2013 | ||||||||||||||||
First | Second | Third | Fourth | |||||||||||||
(in thousands, except per share amounts) | Quarter | Quarter | Quarter | Quarter | ||||||||||||
Total revenue | $ | 11,237 | $ | 15,164 | $ | 20,144 | $ | 26,620 | ||||||||
Operating income (loss) | (811 | ) | 646 | 910 | (2,764 | ) | ||||||||||
Net loss attributable to Company stockholders | (2,848 | ) | (1,993 | ) | (1,408 | ) | (6,155 | ) | ||||||||
Loss per share - basic and diluted | (0.16 | ) | (0.05 | ) | (0.02 | ) | (0.05 | ) | ||||||||
2012 | ||||||||||||||||
First | Second | Third | Fourth | |||||||||||||
(in thousands, except per share amounts) | Quarter | Quarter | Quarter | Quarter | ||||||||||||
Total revenue | $ | 2,215 | $ | 3,105 | $ | 5,148 | $ | 7,082 | ||||||||
Operating loss | (52 | ) | (725 | ) | (424 | ) | (53 | ) | ||||||||
Net loss attributable to Company stockholders | (258 | ) | (805 | ) | (1,036 | ) | (1,247 | ) | ||||||||
Loss per share - basic and diluted | (0.08 | ) | (0.17 | ) | (0.15 | ) | (0.11 | ) |
Subsequent_Events
Subsequent Events | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Subsequent Events [Abstract] | ' | ||||||||||||||||
Subsequent Events | ' | ||||||||||||||||
SUBSEQUENT EVENTS | |||||||||||||||||
Distributions | |||||||||||||||||
Distributions equal to a daily amount of $0.00183562 per share of common stock outstanding were paid subsequent to December 31, 2013 to the stockholders of record from December 1, 2013 through February 28, 2014 as follows (in thousands): | |||||||||||||||||
Distribution Period | Date Distribution Paid | Gross Amount of Distribution Paid | Distribution Reinvested through the DRP | Net Cash Distribution | |||||||||||||
December 1, 2013 through December 31, 2013 | 1/2/14 | $ | 9,779 | $ | 5,139 | $ | 4,640 | ||||||||||
January 1, 2014 through January 31, 2014 | 2/3/14 | 10,034 | 5,284 | 4,750 | |||||||||||||
February 1, 2014 through February 28, 2014 | 3/3/14 | 9,094 | 4,788 | 4,306 | |||||||||||||
On January 14, 2014, our board of directors authorized distributions to the stockholders of record at the close of business each day in the period commencing March 1, 2014 through and including March 31, 2014. The authorized distributions equal an amount of $0.00183562 per share of common stock, par value $0.01 per share. We expect to pay these distributions on April 1, 2014. On February 13, 2014, our board of directors authorized distributions to the stockholders of record at the close of business each day in the period commencing April 1, 2014 through and including April 30, 2014. The authorized distributions equal an amount of $0.00183562 per share of common stock, par value $0.01 per share. We expect to pay these distributions on May 1, 2014. This equates to an approximate 6.70% annualized yield when calculated on a $10.00 per share purchase price. A portion of each distribution is expected to constitute a return of capital for tax purposes. | |||||||||||||||||
Acquisitions | |||||||||||||||||
Subsequent to December 31, 2013, we acquired a 100% ownership interest in the following properties (dollars in thousands): | |||||||||||||||||
Property Name | Location | Anchor | Acquisition Date | Purchase Price | Square Footage | Leased % at Acquisition | |||||||||||
Fair Acres | Oshkosh, WI | Pick 'n Save | 1/21/14 | $ | 9,800 | 85,523 | 95.4 | % | |||||||||
Savoy Plaza | Savoy, IL | Schnucks | 1/31/14 | 17,200 | 146,624 | 83.9 | % | ||||||||||
The Shops of Uptown | Park Ridge, IL | Trader Joe's | 2/25/14 | 26,961 | 70,402 | 96.5 | % | ||||||||||
Chapel Hill North | Chapel Hill, NC | Harris Teeter | 2/28/14 | 16,100 | 96,290 | 95.2 | % | ||||||||||
JBG Portfolio: | |||||||||||||||||
Winchester Gateway | Winchester, VA | Martin's | 3/5/14 | 38,350 | 157,377 | 95.8 | % | ||||||||||
Stonewall Plaza | Winchester, VA | Martin's | 3/5/14 | 29,500 | 119,159 | 88.7 | % | ||||||||||
Coppell Market Center | Coppell, TX | Market Street | 3/5/14 | 19,075 | 90,225 | 100 | % | ||||||||||
Harrison Pointe | Cary, NC | Harris Teeter | 3/11/14 | 22,700 | 130,758 | 95.8 | % | ||||||||||
Hurstbourne Town Fair | Louisville, KY | Walmart | 3/12/14 | 24,250 | 234,364 | 97.4 | % | ||||||||||
The supplemental purchase accounting disclosures required by GAAP relating to the recent acquisitions of the aforementioned properties have not been presented as the initial accounting for these acquisitions was incomplete at the time this Annual Report on Form 10-K was filed with the SEC. The initial accounting was incomplete due to the late closing dates of the acquisitions. | |||||||||||||||||
Sale of Derivative | |||||||||||||||||
On February 21, 2014, we sold our interest rate swap to an unaffiliated party for a sale price of $520,000. |
Schedule_III_Real_Estate_Asset
Schedule III - Real Estate Assets and Accumulated Depreciation | 12 Months Ended | |||||||||||||||||||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||||||||||||||||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure [Abstract] | ' | |||||||||||||||||||||||||||||||||||||||
Real Estate and Accumulated Depreciation Disclosure [Text Block] | ' | |||||||||||||||||||||||||||||||||||||||
SCHEDULE III—REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION | ||||||||||||||||||||||||||||||||||||||||
As of December 31, 2013 | ||||||||||||||||||||||||||||||||||||||||
(in thousands) | Initial Cost (1) | Gross amount carried at end of period | ||||||||||||||||||||||||||||||||||||||
Property Name | City | State | Encumbrances | Land | Buildings and Improvements | Adjustments to Basis (2) | Land (3) | Buildings and Improvements(3) | Total(4) | Accumulated Depreciation(5) | Date Constructed/ Renovated | Date Acquired | ||||||||||||||||||||||||||||
Lakeside Plaza | Salem | VA | $ | — | $ | 2,614 | $ | 5,977 | $ | 159 | $ | 2,614 | $ | 6,112 | $ | 8,726 | $ | 1,130 | 1988 | 12/10/10 | ||||||||||||||||||||
Snow View Plaza | Parma | OH | — | 3,386 | 7,150 | 1,764 | 3,386 | 7,480 | 10,866 | 1,461 | 1981/2008 | 12/15/10 | ||||||||||||||||||||||||||||
St. Charles Plaza | Haines City | FL | — | 2,780 | 5,709 | 1,611 | 2,780 | 5,755 | 8,535 | 922 | 2007 | 6/10/11 | ||||||||||||||||||||||||||||
Centerpoint | Easley | SC | — | 2,132 | 4,633 | 85 | 2,132 | 4,925 | 7,057 | 552 | 2002 | 10/14/11 | ||||||||||||||||||||||||||||
Southampton Village | Tyrone | GA | — | 2,133 | 5,713 | 504 | 2,133 | 5,964 | 8,097 | 708 | 2003 | 10/14/11 | ||||||||||||||||||||||||||||
Burwood Village Center | Glen Burnie | MD | — | 3,828 | 11,786 | 986 | 3,828 | 11,842 | 15,670 | 1,357 | 1971 | 11/9/11 | ||||||||||||||||||||||||||||
Cureton Town Center | Waxhaw | NC | — | 4,653 | 8,113 | 1,184 | 4,653 | 8,344 | 12,997 | 934 | 2006 | 12/29/11 | ||||||||||||||||||||||||||||
Tramway Crossing | Sanford | NC | — | 1,230 | 3,856 | 414 | 1,230 | 3,927 | 5,157 | 540 | 1996/2000 | 2/23/12 | ||||||||||||||||||||||||||||
Westin Centre | Fayetteville | NC | — | 1,463 | 4,226 | 361 | 1,463 | 4,276 | 5,739 | 662 | 1996/1999 | 2/23/12 | ||||||||||||||||||||||||||||
The Village at Glynn Place | Brunswick | GA | — | 3,671 | 7,626 | 53 | 3,671 | 7,777 | 11,448 | 921 | 1996 | 4/27/12 | ||||||||||||||||||||||||||||
Meadowthorpe Shopping Center | Lexington | KY | 4,668 | 3,193 | 5,085 | 441 | 3,193 | 5,179 | 8,372 | 685 | 1989/2008 | 5/9/12 | ||||||||||||||||||||||||||||
New Windsor Marketplace | Windsor | CO | — | 3,044 | 2,152 | 354 | 3,044 | 2,246 | 5,290 | 234 | 2003 | 5/9/12 | ||||||||||||||||||||||||||||
Vine Street Square | Kissimmee | FL | — | 5,438 | 7,229 | 983 | 5,438 | 7,320 | 12,758 | 785 | 1996/2011 | 6/4/12 | ||||||||||||||||||||||||||||
Northtowne Square | Gibsonia | PA | 6,370 | 1,305 | 8,749 | 521 | 1,305 | 8,839 | 10,144 | 915 | 1993 | 6/19/12 | ||||||||||||||||||||||||||||
Brentwood Commons | Bensenville | IL | — | 5,141 | 8,990 | 719 | 5,141 | 9,104 | 14,245 | 913 | 1981/2001 | 7/5/12 | ||||||||||||||||||||||||||||
Sidney Towne Center | Sidney | OH | — | 850 | 4,382 | (932 | ) | 850 | 4,573 | 5,423 | 425 | 1981/2007 | 8/2/12 | |||||||||||||||||||||||||||
Broadway Plaza | Tucson | AZ | 6,834 | 3,704 | 8,444 | 926 | 3,704 | 8,678 | 12,382 | 659 | 1982-1995 | 8/13/12 | ||||||||||||||||||||||||||||
Richmond Plaza | Augusta | GA | — | 4,647 | 13,754 | 1,099 | 4,647 | 14,055 | 18,702 | 965 | 1980/2009 | 8/30/12 | ||||||||||||||||||||||||||||
Publix at Northridge | Sarasota | FL | 9,802 | 4,155 | 7,148 | 569 | 4,155 | 7,240 | 11,395 | 438 | 2003 | 8/30/12 | ||||||||||||||||||||||||||||
Baker Hill Center | Glen Ellyn | IL | 11,775 | 5,585 | 15,220 | 1,524 | 5,585 | 15,255 | 20,840 | 947 | 1998 | 9/6/12 | ||||||||||||||||||||||||||||
New Prague Commons | New Prague | MN | — | 2,027 | 7,826 | 297 | 2,027 | 7,872 | 9,899 | 437 | 2008 | 10/12/12 | ||||||||||||||||||||||||||||
Brook Park Plaza | Brook Park | OH | 3,270 | 1,702 | 8,437 | 506 | 1,702 | 8,528 | 10,230 | 459 | 2001 | 10/23/12 | ||||||||||||||||||||||||||||
Heron Creek Towne Center | North Port | FL | — | 2,848 | 5,296 | 506 | 2,848 | 5,351 | 8,199 | 271 | 2001 | 12/17/12 | ||||||||||||||||||||||||||||
Quartz Hill Towne Centre | Lancaster | CA | — | 4,977 | 14,904 | 1,089 | 4,977 | 14,924 | 19,901 | 718 | 1991/2012 | 12/26/12 | ||||||||||||||||||||||||||||
Hilfiker Square | Salem | OR | — | 2,063 | 5,142 | 795 | 2,063 | 5,159 | 7,222 | 217 | 1984/2011 | 12/28/12 | ||||||||||||||||||||||||||||
Village One Plaza | Modesto | CA | — | 3,558 | 20,360 | 2,582 | 3,558 | 20,419 | 23,977 | 765 | 2007 | 12/28/12 | ||||||||||||||||||||||||||||
Butler Creek | Acworth | GA | — | 2,855 | 7,199 | 596 | 2,855 | 7,470 | 10,325 | 354 | 1989 | 1/15/13 | ||||||||||||||||||||||||||||
Fairview Oaks | Ellenwood | GA | — | 2,483 | 6,346 | 471 | 2,483 | 6,412 | 8,895 | 302 | 1996 | 1/15/13 | ||||||||||||||||||||||||||||
Grassland Crossing | Alpharetta | GA | — | 2,693 | 6,778 | 229 | 2,693 | 7,040 | 9,733 | 314 | 1996 | 1/15/13 | ||||||||||||||||||||||||||||
Hamilton Ridge | Buford | GA | — | 2,616 | 8,606 | 578 | 2,616 | 8,640 | 11,256 | 385 | 2002 | 1/15/13 | ||||||||||||||||||||||||||||
Mableton Crossing | Mableton | GA | — | 3,020 | 7,819 | 661 | 3,020 | 7,899 | 10,919 | 379 | 1997 | 1/15/13 | ||||||||||||||||||||||||||||
The Shops at Westridge | McDonough | GA | — | 1,792 | 4,897 | 861 | 1,792 | 4,907 | 6,699 | 219 | 2006 | 1/15/13 | ||||||||||||||||||||||||||||
Fairlawn Town Centre | Fairlawn | OH | — | 7,179 | 32,223 | 2,798 | 7,179 | 33,120 | 40,299 | 1,466 | 1962/1996 | 1/30/13 | ||||||||||||||||||||||||||||
Macland Pointe | Marietta | GA | — | 2,057 | 6,757 | 336 | 2,057 | 7,083 | 9,140 | 309 | 1992 | 2/13/13 | ||||||||||||||||||||||||||||
(in thousands) | Initial Cost (1) | Gross amount carried at end of period | ||||||||||||||||||||||||||||||||||||||
Property Name | City | State | Encumbrances | Land | Buildings and Improvements | Adjustments to Basis (2) | Land (3) | Buildings and Improvements(3) | Total(4) | Accumulated Depreciation(5) | Date Constructed/ Renovated | Date Acquired | ||||||||||||||||||||||||||||
Murray Landing | Irmo | SC | $ | 6,330 | $ | 1,793 | $ | 7,990 | $ | 619 | $ | 1,793 | $ | 8,017 | $ | 9,810 | $ | 264 | 2003 | 3/21/13 | ||||||||||||||||||||
Vineyard Center | Tallahassee | FL | 6,600 | 1,878 | 5,104 | 281 | 1,878 | 5,168 | 7,046 | 173 | 2002 | 3/21/13 | ||||||||||||||||||||||||||||
Kleinwood Center | Spring | TX | 23,640 | 8,467 | 21,964 | 3,904 | 8,467 | 22,170 | 30,637 | 718 | 2003 | 3/21/13 | ||||||||||||||||||||||||||||
Lutz Lake Crossing | Lutz | FL | — | 2,066 | 7,171 | 563 | 2,066 | 7,339 | 9,405 | 222 | 2002 | 4/4/13 | ||||||||||||||||||||||||||||
Publix at Seven Hills | Spring Hill | FL | — | 1,542 | 6,271 | 687 | 1,542 | 6,299 | 7,841 | 207 | 1991/2006 | 4/4/13 | ||||||||||||||||||||||||||||
Hartville Centre | Hartville | OH | — | 1,344 | 4,417 | 1,539 | 1,344 | 5,107 | 6,451 | 149 | 1988/2008 | 4/23/13 | ||||||||||||||||||||||||||||
Sunset Center | Corvallis | OR | 17,685 | 5,982 | 16,890 | 2,028 | 5,982 | 16,930 | 22,912 | 416 | 1998/2000 | 5/31/13 | ||||||||||||||||||||||||||||
Savage Town Square | Savage | MN | — | 2,625 | 10,890 | 1,388 | 2,625 | 10,890 | 13,515 | 233 | 2003 | 6/19/13 | ||||||||||||||||||||||||||||
Northcross | Austin | TX | — | 27,885 | 28,467 | 5,148 | 27,885 | 28,623 | 56,508 | 605 | 1975/2006/2010 | 6/24/13 | ||||||||||||||||||||||||||||
Glenwood Crossing | Kenosha | WI | — | 972 | 10,814 | 1,036 | 972 | 10,859 | 11,831 | 205 | 1992 | 6/27/13 | ||||||||||||||||||||||||||||
Pavilions at San Mateo | Albuquerque | NM | — | 4,987 | 20,209 | 3,154 | 4,987 | 20,402 | 25,389 | 419 | 1997 | 6/27/13 | ||||||||||||||||||||||||||||
Shiloh Square | Kennesaw | GA | — | 3,997 | 9,416 | 1,087 | 3,997 | 9,638 | 13,635 | 208 | 1996/2003 | 6/27/13 | ||||||||||||||||||||||||||||
Boronda Plaza | Salinas | CA | — | 7,468 | 13,429 | 1,803 | 7,468 | 13,497 | 20,965 | 266 | 2003/2006 | 7/3/13 | ||||||||||||||||||||||||||||
Rivergate | Macon | GA | — | 5,279 | 24,335 | 2,740 | 5,279 | 24,819 | 30,098 | 392 | 1990/2005 | 7/18/13 | ||||||||||||||||||||||||||||
Westwoods Shopping Center | Arvada | CO | 8,800 | 2,526 | 12,295 | 521 | 2,526 | 12,359 | 14,885 | 208 | 2003 | 8/8/13 | ||||||||||||||||||||||||||||
Paradise Crossing | Lithia Springs | GA | — | 1,442 | 6,826 | 732 | 1,442 | 6,921 | 8,363 | 121 | 2000 | 8/13/13 | ||||||||||||||||||||||||||||
Contra Loma Plaza | Antioch | CA | — | 2,466 | 4,306 | 478 | 2,466 | 4,355 | 6,821 | 56 | 1989 | 8/19/13 | ||||||||||||||||||||||||||||
South Oaks Plaza | St. Louis | MO | — | 1,251 | 7,321 | 928 | 1,251 | 7,402 | 8,653 | 101 | 1969/1987 | 8/21/13 | ||||||||||||||||||||||||||||
Yorktown Centre | Erie | PA | — | 2,155 | 16,976 | 2,269 | 2,155 | 16,976 | 19,131 | 277 | 1989/2013 | 8/30/13 | ||||||||||||||||||||||||||||
Stockbridge Commons | Fort Mill | SC | 10,023 | 3,733 | 10,366 | 1,199 | 3,733 | 10,468 | 14,201 | 148 | 2003/2012 | 9/3/13 | ||||||||||||||||||||||||||||
Dyer Crossing | Dyer | IN | 10,652 | 4,508 | 11,723 | 2,518 | 4,508 | 11,757 | 16,265 | 163 | 2004/2005 | 9/4/13 | ||||||||||||||||||||||||||||
East Burnside Plaza | Portland | OR | 6,295 | 2,371 | 5,535 | 835 | 2,371 | 5,545 | 7,916 | 67 | 1955/1999 | 9/12/13 | ||||||||||||||||||||||||||||
Red Maple Village | Tracy | CA | — | 8,227 | 20,489 | 2,424 | 8,227 | 20,489 | 28,716 | 186 | 2009 | 9/18/13 | ||||||||||||||||||||||||||||
Crystal Beach Plaza | Palm Harbor | FL | — | 1,495 | 8,758 | 1,847 | 1,495 | 8,764 | 10,259 | 87 | 2010 | 9/25/13 | ||||||||||||||||||||||||||||
CitiCentre Plaza | Carroll | IA | — | 536 | 2,764 | 450 | 536 | 2,789 | 3,325 | 34 | 1991/1995 | 10/2/13 | ||||||||||||||||||||||||||||
Duck Creek Plaza | Bettendorf | IA | — | 3,641 | 13,977 | 2,082 | 3,641 | 14,003 | 17,644 | 140 | 2005/2006 | 10/8/13 | ||||||||||||||||||||||||||||
Cahill Plaza | Inver Grove Heights | MN | — | 1,963 | 5,737 | 650 | 1,963 | 5,738 | 7,701 | 62 | 1995 | 10/9/13 | ||||||||||||||||||||||||||||
Pioneer Plaza | Springfield | OR | — | 4,528 | 6,100 | 1,222 | 4,528 | 6,107 | 10,635 | 45 | 1989/2008 | 10/18/13 | ||||||||||||||||||||||||||||
Fresh Market | Normal | IL | 5,954 | 1,655 | 9,478 | 617 | 1,655 | 9,478 | 11,133 | 62 | 2002 | 10/22/13 | ||||||||||||||||||||||||||||
Courthouse Marketplace | Virginia Beach | VA | — | 5,568 | 8,624 | 1,858 | 5,568 | 8,645 | 14,213 | 61 | 2005 | 10/25/13 | ||||||||||||||||||||||||||||
Hastings Marketplace | Hastings | MN | — | 2,973 | 11,051 | 1,851 | 2,973 | 11,051 | 14,024 | 78 | 2002 | 11/6/13 | ||||||||||||||||||||||||||||
Shoppes of Paradise Lakes | Miami | FL | 5,983 | 5,043 | 6,787 | 1,446 | 5,043 | 6,789 | 11,832 | 52 | 1999 | 11/7/13 | ||||||||||||||||||||||||||||
Coquina Plaza | Davie | FL | 7,327 | 8,388 | 12,840 | 1,882 | 8,388 | 12,840 | 21,228 | 89 | 1998 | 11/7/13 | ||||||||||||||||||||||||||||
Butler's Crossing | Watkinsville | GA | — | 695 | 7,325 | 880 | 695 | 7,336 | 8,031 | 53 | 1997 | 11/7/13 | ||||||||||||||||||||||||||||
Lakewood Plaza | Spring Hill | FL | — | 2,808 | 11,715 | 777 | 2,808 | 11,716 | 14,524 | 89 | 1993/1997 | 11/7/13 | ||||||||||||||||||||||||||||
Collington Plaza | Bowie | MD | 24,219 | 10,788 | 16,561 | 3,258 | 10,788 | 16,561 | 27,349 | 55 | 1996 | 11/21/13 | ||||||||||||||||||||||||||||
Golden Town Center | Golden | CO | — | 5,895 | 11,337 | 1,783 | 5,895 | 11,338 | 17,233 | 43 | 1993/2003 | 11/22/13 | ||||||||||||||||||||||||||||
Northstar Marketplace | Ramsey | MN | — | 2,148 | 9,866 | 1,986 | 2,148 | 9,866 | 12,014 | 36 | 2004 | 11/27/13 | ||||||||||||||||||||||||||||
Bear Creek Plaza | Petoskey | MI | — | 3,583 | 19,705 | 2,163 | 3,583 | 19,705 | 23,288 | — | 1998/2009 | 12/19/13 | ||||||||||||||||||||||||||||
Flag City Station | Findlay | OH | — | 2,984 | 11,331 | 1,346 | 2,984 | 11,331 | 14,315 | — | 1992 | 12/19/13 | ||||||||||||||||||||||||||||
(in thousands) | Initial Cost (1) | Gross amount carried at end of period | ||||||||||||||||||||||||||||||||||||||
Property Name | City | State | Encumbrances | Land | Buildings and Improvements | Adjustments to Basis (2) | Land (3) | Buildings and Improvements(3) | Total(4) | Accumulated Depreciation(5) | Date Constructed/ Renovated | Date Acquired | ||||||||||||||||||||||||||||
Southern Hills Crossing | Moraine | OH | $ | — | $ | 326 | $ | 1,933 | $ | 204 | $ | 326 | $ | 1,933 | $ | 2,259 | $ | — | 2002 | 12/19/13 | ||||||||||||||||||||
Sulphur Grove | Huber Heights | OH | — | 380 | 2,315 | 219 | 380 | 2,315 | 2,695 | — | 2004 | 12/19/13 | ||||||||||||||||||||||||||||
East Side Square | Springfield | OH | — | 239 | 1,118 | 114 | 239 | 1,118 | 1,357 | — | 2007 | 12/19/13 | ||||||||||||||||||||||||||||
Hoke Crossing | Clayton | OH | — | 328 | 1,212 | 178 | 328 | 1,212 | 1,540 | — | 2006 | 12/19/13 | ||||||||||||||||||||||||||||
Town & Country Shopping Center | Noblesville | IN | — | 5,296 | 18,333 | 2,420 | 5,296 | 18,333 | 23,629 | — | 1998 | 12/19/13 | ||||||||||||||||||||||||||||
Sterling Pointe Center | Lincoln | CA | — | 5,719 | 21,158 | 3,898 | 5,719 | 21,158 | 26,877 | — | 2004 | 12/20/13 | ||||||||||||||||||||||||||||
Southgate Shopping Center | Des Moines | IA | — | 1,432 | 9,359 | (1,066 | ) | 1,432 | 9,359 | 10,791 | — | 1972/2013 | 12/20/13 | |||||||||||||||||||||||||||
Arcadia Plaza | Phoenix | AZ | 6,455 | 5,106 | 7,572 | 972 | 5,106 | 7,572 | 12,678 | — | 1980 | 12/30/13 | ||||||||||||||||||||||||||||
Stop & Shop Plaza | Enfield | CT | 13,370 | 6,879 | 17,041 | 2,419 | 6,879 | 17,090 | 23,969 | — | 1988 | 12/30/13 | ||||||||||||||||||||||||||||
Totals | $ | 196,052 | $ | 302,182 | $ | 825,733 | $ | 98,967 | $ | 302,182 | $ | 833,892 | $ | 1,136,074 | $ | 29,538 | ||||||||||||||||||||||||
(1) The initial cost to us represents the original purchase price of the property, including amounts incurred subsequent to acquisition which were contemplated at the time the property was acquired. | ||||||||||||||||||||||||||||||||||||||||
(2) The amounts reflected in the column labeled “Adjustments to Basis” include above- and below-market leases and in-place values that are recorded at the time of acquisition. Such amounts are not included in our | ||||||||||||||||||||||||||||||||||||||||
determination of the total gross amount carried at the end of the period. | ||||||||||||||||||||||||||||||||||||||||
(3) The aggregate cost of real estate owned at December 31, 2013. | ||||||||||||||||||||||||||||||||||||||||
(4) Reconciliation of real estate owned: | ||||||||||||||||||||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||||||||||||||||||||
Balance at January 1 | $ | 291,175 | $ | 70,753 | ||||||||||||||||||||||||||||||||||||
Real estate acquisitions | 837,881 | 219,377 | ||||||||||||||||||||||||||||||||||||||
Additions to/improvements of real estate | 7,018 | 1,045 | ||||||||||||||||||||||||||||||||||||||
Balance at December 31 | $ | 1,136,074 | $ | 291,175 | ||||||||||||||||||||||||||||||||||||
(5) Reconciliation of accumulated depreciation: | ||||||||||||||||||||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||||||||||||||||||||
Balance at January 1 | $ | 7,317 | $ | 1,261 | ||||||||||||||||||||||||||||||||||||
Depreciation expense | 22,221 | 6,056 | ||||||||||||||||||||||||||||||||||||||
Balance at December 31 | $ | 29,538 | $ | 7,317 | ||||||||||||||||||||||||||||||||||||
* * * * * |
Significant_Accounting_Policie
Significant Accounting Policies (Policies) | 12 Months Ended | |
Dec. 31, 2013 | ||
Accounting Policies [Abstract] | ' | |
Basis of Presentation and Principles of Consolidation | ' | |
Basis of Presentation and Principles of Consolidation—The accompanying consolidated financial statements include our accounts and the accounts of the Operating Partnership and its wholly-owned subsidiaries (over which we exercise financial and operating control). The financial statements of the Operating Partnership are prepared using accounting policies consistent with our accounting policies. All intercompany balances and transactions are eliminated upon consolidation. | ||
Partially Owned Entities | ' | |
Partially Owned Entities—If we determine that we are an owner in a variable-interest entity (“VIE”), and we hold a controlling financial interest, then we will consolidate the entity as the primary beneficiary. For a partially-owned entity determined not to be a VIE, we analyze rights held by each partner to determine which would be the consolidating party. We will generally consolidate entities (in the absence of other factors when determining control) when we have over a 50% ownership interest in the entity. We will assess our interests in VIEs on an ongoing basis to determine whether or not we are the primary beneficiary. However, we will also evaluate who controls the entity even in circumstances in which we have greater than a 50% ownership interest. If we do not control the entity due to the lack of decision-making abilities, we will not consolidate the entity. | ||
Upon formation of the Joint Venture, we determined the Joint Venture should be consolidated into our consolidated financial statements. As a result of the contribution of the assets to the Joint Venture during the year ended December 31, 2011, there was a difference of $1.0 million between the net book value of the contributed assets and the fair value of the contributed assets. In accordance with accounting principles generally accepted in the United States of America (“GAAP”), the difference arising from the contribution to the Joint Venture was not recognized as a gain on sale in the consolidated statements of operations, rather it was treated as a reallocation of equity to our stockholders from the CBRE Investors. | ||
Use of Estimates | ' | |
Use of Estimates—The preparation of the consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting periods. For example, significant estimates and assumptions have been made with respect to the useful lives of assets; recoverable amounts of receivables; initial valuations of tangible and intangible assets and liabilities and related amortization periods of deferred costs and intangibles, particularly with respect to property acquisitions; and the valuation and nature of derivatives and their effectiveness as hedges. Actual results could differ from those estimates. | ||
Cash and Cash Equivalents | ' | |
Cash and Cash Equivalents—We consider all highly liquid investments purchased with an original maturity of three months or less to be cash equivalents. Cash equivalents may include cash and short-term investments. Short-term investments are stated at cost, which approximates fair value and may consist of investments in money market accounts. | ||
Organizational and Offering Costs | ' | |
Organizational and Offering Costs—The Sub-advisor has paid offering expenses on our behalf. We reimburse on a monthly basis the Sub-advisor for these costs and future offering costs it, the Advisor, or any of their respective affiliates incur on our behalf but only to the extent that the reimbursement would not exceed 1.5% of gross offering proceeds over the life of the offering or cause the selling commissions, the dealer manager fee and the other organization and offering expenses borne by us to exceed 15.0% of gross offering proceeds as of the date of the reimbursement. These offering expenses include all expenses (other than selling commissions and the dealer manager fee) to be paid by us in connection with the offering, including legal, accounting, printing, mailing and filing fees, charges of the escrow holder and transfer agent, reimbursement to the Advisor and Sub-advisor for our portion of the salaries and related employment costs of the Advisor’s and Sub-advisor’s employees who provide services to us (excluding costs related to employees who provide services for which the Advisor or Sub-advisor, as applicable, receive acquisition or disposition fees), reimbursement to Realty Capital Securities, LLC, the dealer manager (“the Dealer Manager”), for amounts it may pay to reimburse the bona fide due diligence expenses of broker-dealers, costs in connection with preparing supplemental sales materials, our costs of conducting bona fide training and education meetings (primarily the travel, meal and lodging costs of our non-registered officers and the non-registered officers of the Advisor and Sub-advisor to attend such meetings), and cost reimbursement for non-registered employees of our affiliates to attend retail seminars conducted by broker-dealers. These offering costs include travel services provided to the Advisor or Sub-advisor by a related party of one or more of the sponsors. Costs associated with the offering are charged against the gross proceeds of the offering. Organizational costs are expensed as incurred. | ||
Investment Property and Lease Intangibles | ' | |
Investment Property and Lease Intangibles—Real estate assets we have acquired are stated at cost less accumulated depreciation. Depreciation is computed using the straight-line method. The estimated useful lives for computing depreciation are generally 5-7 years for furniture, fixtures and equipment, 15 years for land improvements and 30 years for buildings and building improvements. Tenant improvements are amortized over the shorter of the respective lease term or the expected useful life of the asset. Major replacements that extend the useful lives of the assets are capitalized, and maintenance and repair costs are expensed as incurred. | ||
Real estate assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of the individual property may not be recoverable. In such an event, a comparison will be made of the projected operating cash flows of each property on an undiscounted basis to the carrying amount of such property. Such carrying amount would be adjusted, if necessary, to estimated fair values to reflect impairment in the value of the asset. We recorded no impairments for the years ended December 31, 2013, 2012, and 2011. | ||
The results of operations of acquired properties are included in our results of operations from their respective dates of acquisition. We assess the acquisition-date fair values of all tangible assets, identifiable intangibles and assumed liabilities using methods similar to those used by independent appraisers (e.g., discounted cash flow analysis and replacement cost) and that utilize appropriate discount and/or capitalization rates and available market information. Estimates of future cash flows are based on a number of factors including historical operating results, known and anticipated trends, and market and economic conditions. The fair value of tangible assets of an acquired property considers the value of the property as if it was vacant. Acquisition-related costs are expensed as incurred. | ||
The fair values of buildings and improvements are determined on an as-if-vacant basis. The estimated fair value of acquired in-place leases is the cost we would have incurred to lease the properties to the occupancy level of the properties at the date of acquisition. Such estimates include leasing commissions, legal costs and other direct costs that would be incurred to lease the properties to such occupancy levels. Additionally, we evaluate the time period over which such occupancy levels would be achieved. Such evaluation includes an estimate of the net market-based rental revenues and net operating costs (primarily consisting of real estate taxes, insurance and utilities) that would be incurred during the lease-up period. Acquired in-place leases as of the date of acquisition are amortized over the remaining lease terms. | ||
Acquired above- and below-market lease values are recorded based on the present value (using interest rates that reflect the risks associated with the leases acquired) of the difference between the contractual amounts to be paid pursuant to the in-place leases and management’s estimate of the market lease rates for the corresponding in-place leases. The capitalized above- and below-market lease values are amortized as adjustments to rental income over the remaining terms of the respective leases. We also consider fixed rate renewal options in our calculation of the fair value of below-market leases and the periods over which such leases are amortized. If a tenant has a unilateral option to renew a below-market lease and we determine that the tenant has a financial incentive to exercise such option, we include such an option in the calculation of the fair value of such lease and the period over which the lease is amortized. | ||
Management estimates the fair value of assumed mortgage notes payable based upon indications of then-current market pricing for similar types of debt with similar maturities. Assumed mortgage notes payable are initially recorded at their estimated fair value as of the assumption date, and the difference between such estimated fair value and the note’s outstanding principal balance is amortized over the life of the mortgage note payable as an adjustment to interest expense. | ||
Deferred Financing Costs | ' | |
Deferred Financing Costs—Deferred financing costs are capitalized and amortized on a straight-line basis over the term of the related financing arrangement, which approximates the effective interest method. | ||
Derivative Instruments and Hedging Activities | ' | |
Derivative Instruments and Hedging Activities—We may use derivative instruments to manage exposure to variable interest rate risk. We generally enter into interest rate swaps to manage such risk. We enter into derivative instruments that qualify as cash flow hedges, and we do not enter into derivative instruments for speculative purposes. The interest rate swaps associated with our cash flow hedges are recorded at fair value on a recurring basis. We assess effectiveness of our cash flow hedges both at inception and on an ongoing basis. The effective portion of changes in fair value of the interest rate swaps associated with our cash flow hedges is recorded in accumulated other comprehensive income and is subsequently reclassified into interest expense as interest is incurred on the related variable rate debt. Our cash flow hedges become ineffective if critical terms of the hedging instrument and the debt instrument do not perfectly match, such as notional amounts, settlement dates, reset dates, the calculation period and the LIBOR rate. When ineffectiveness exists, the ineffective portion of changes in fair value of the interest rate swaps associated with our cash flow hedges is recognized in earnings in the period affected. In addition, we evaluate the default risk of the counterparty by monitoring the credit worthiness of the counterparty. Derivative instruments and hedging activities require management to make judgments on the nature of its derivatives and their effectiveness as hedges. These judgments determine if the changes in fair value of the derivative instruments are reported in the consolidated statements of operations and comprehensive loss as a component of net loss or as a component of comprehensive income and as a component of stockholders' equity on the consolidated balance sheets. Although management believes its judgments are reasonable, a change in a derivative's effectiveness as a hedge could materially affect expenses, net income and equity. | ||
Revenue Recognition | ' | |
Revenue Recognition—We commence revenue recognition on our leases based on a number of factors. In most cases, revenue recognition under a lease begins when the lessee takes possession of or controls the physical use of the leased asset. Generally, this occurs on the lease commencement date. The determination of who is the owner, for accounting purposes, of the tenant improvements determines the nature of the leased asset and when revenue recognition under a lease begins. If we are the owner, for accounting purposes, of the tenant improvements, then the leased asset is the finished space, and revenue recognition begins when the lessee takes possession of the finished space, typically when the improvements are substantially complete. | ||
If we conclude that we are not the owner, for accounting purposes, of the tenant improvements (the lessee is the owner), then the leased asset is the unimproved space and any tenant improvement allowances funded under the lease are treated as lease incentives, which reduce revenue recognized over the term of the lease. In these circumstances, we begin revenue recognition when the lessee takes possession of the unimproved space to construct their own improvements. We consider a number of different factors in evaluating whether we or the lessee is the owner of the tenant improvements for accounting purposes. These factors include: | ||
• | whether the lease stipulates how and on what a tenant improvement allowance may be spent; | |
• | whether the tenant or landlord retains legal title to the improvements; | |
• | the uniqueness of the improvements; | |
• | the expected economic life of the tenant improvements relative to the length of the lease; and | |
• | who constructs or directs the construction of the improvements. | |
We recognize rental income on a straight-line basis over the term of each lease. The difference between rental income earned on a straight-line basis and the cash rent due under the provisions of the lease agreements is recorded as deferred rent receivable and is included as a component of accounts receivable. Due to the impact of the straight-line basis, rental income generally will be greater than the cash collected in the early years and will be less than the cash collected in the later years of a lease. Our policy for percentage rental income is to defer recognition of contingent rental income until the specified target (i.e. breakpoint) that triggers the contingent rental income is achieved. We periodically review the collectability of outstanding receivables. Allowances will be taken for those balances that we deem to be uncollectible, including any amounts relating to straight-line rent receivables. | ||
Reimbursements from tenants for recoverable real estate tax and operating expenses are accrued as revenue in the period in which the applicable expenses are incurred. We make certain assumptions and judgments in estimating the reimbursements at the end of each reporting period. We do not expect the actual results to materially differ from the estimated reimbursements. | ||
We record lease termination income if there is a signed termination agreement, all of the conditions of the agreement have been met, collectability is reasonably assured and the tenant is no longer occupying the property. Upon early lease termination, we provide for losses related to unrecovered tenant-specific intangibles and other assets. | ||
Income Taxes | ' | |
Income Taxes—We have elected to be taxed as a real estate investment trust (“REIT”) under the Internal Revenue Code of 1986, as amended (the “Code”). Our qualification and taxation as a REIT depends on our ability, on a continuing basis, to meet certain organizational and operational qualification requirements imposed upon REITs by the Code. If we fail to qualify as a REIT for any reason in a taxable year, we will be subject to tax on our taxable income at regular corporate rates. We would not be able to deduct distributions paid to stockholders in any year in which we fail to qualify as a REIT. We will also be disqualified for the four taxable years following the year during which qualification was lost unless we are entitled to relief under specific statutory provisions. Even if we qualify for taxation as a REIT, we may be subject to certain state and local taxes on our income, property or net worth, respectively, and to federal income and excise taxes on our undistributed income. Additionally, GAAP prescribes a recognition threshold and measurement attribute for the financial statement recognition of a tax position taken, or expected to be taken, in a tax return. A tax position may only be recognized in the consolidated financial statements if it is more likely than not that the tax position will be sustained upon examination. We believe it is more likely than not that our tax positions will be sustained in any tax examinations. | ||
Repurchase of Common Stock | ' | |
Repurchase of Common Stock—We offer a share repurchase program which may allow certain stockholders to have their shares repurchased subject to approval and certain limitations and restrictions (see Note 3). We account for those financial instruments that represent our mandatory obligation to repurchase shares as liabilities to be reported at settlement value. When shares are presented for repurchase, we will reclassify such obligations from equity to a liability based upon their respective settlement values. | ||
Restricted Cash | ' | |
Restricted Cash—Restricted cash primarily consisted of escrowed tenant improvement funds, real estate taxes, capital improvement funds, insurance premiums, and other amounts required to be escrowed pursuant to loan agreements of $4.9 million and $1.1 million as of December 31, 2013 and 2012, respectively. | ||
Class B Units | ' | |
Class B Units—Effective October 1, 2012, the Advisor and Sub-advisor are no longer entitled to the payment of asset management fees in cash under the advisory and sub-advisory agreements. Instead, we issue to the Advisor and Sub-advisor units of the Operating Partnership designated as “Class B units” in connection with the asset management services provided by the Advisor and Sub-advisor. | ||
The Class B units will vest, and will no longer be subject to forfeiture, at such time as all of the following events occur: (x) the value of the Operating Partnership’s assets plus all distributions made equals or exceeds the total amount of capital contributed by investors plus a 6% cumulative, pre-tax, non-compounded annual return thereon (the “economic hurdle”); (y) any one of the following occurs: (1) the termination of the advisory agreement by an affirmative vote of a majority of our independent directors without cause; (2) a listing event; or (3) another liquidity event; and (z) the Advisor is still providing advisory services to us (the “service condition”). Such Class B units will be forfeited immediately if: (a) the advisory agreement is terminated for cause; or (b) the advisory agreement is terminated by an affirmative vote of a majority of our independent directors without cause before the economic hurdle has been met. | ||
We have concluded that the Advisor and Sub-advisor’s performance under the advisory agreement and the sub-advisory agreement is not complete until they have served as the Advisor and Sub-advisor through the date of a liquidity event because, prior to such date, the Class B units are subject to forfeiture by the Advisor and Sub-advisor. Additionally, the Advisor and Sub-advisor have no incentive for performance under these agreements other than the forfeiture of Class B units, which is not a sufficiently large incentive for continued performance and, accordingly, no performance commitment exists. As a result, we have concluded the measurement date occurs when a liquidity event has occurred and the Advisor and Sub-advisor have continued to provide advisory services through such date. | ||
The Class B units have both a market condition and a service condition up to and through a liquidity event. As a result, the vesting of Class B units occurs only upon completion of both the market condition and service condition. The satisfaction of the market or service condition is not probable, and therefore, no compensation will be recognized unless the market condition or service condition becomes probable. | ||
Because the Advisor and Sub-advisor can be terminated without cause before a liquidity event occurs and at such time the market condition and service condition may not be satisfied, the Class B units may be forfeited. Additionally, if the market condition and service condition had been satisfied and a liquidity event had not occurred, the Advisor and Sub-advisor could not control the liquidity event because each of the aforementioned events that represent a liquidity event must be approved unanimously by our independent directors. As a result, we have concluded that the service condition is not probable because of each party's ability to terminate the A&R Advisory Agreement at any time without cause. | ||
Based on our conclusion of the market condition and service condition not being probable, the Class B Units are treated as unissued for accounting purposes until the market condition, service condition and liquidity event have been achieved. However, as the Class B Units are deemed to be participating securities, the distributions paid to the Advisor and Sub-advisor are treated as compensation expense. This expense is calculated as the product of the number of unvested units issued to date and the stated distribution rate, which is same rate used for the distributions paid to our common stockholders, at the time such distribution is authorized. | ||
Earnings Per Share | ' | |
Earnings Per Share—Earnings per share are calculated based on the weighted-average number of common shares outstanding during each period. Diluted income per share considers the effect of any potentially dilutive share equivalents for the years ended December 31, 2013, 2012, and 2011. | ||
Segment Reporting | ' | |
Segment Reporting—We assess and measure operating results of our properties based on net property operations. We internally evaluate the operating performance of our portfolio of properties and do not differentiate properties by geography, size or type. Each of our investment properties is considered a separate operating segment, and as each property earns revenue and incurs expenses, individual operating results are reviewed and discrete financial information is available. However, the properties are aggregated into one reportable segment as they have similar economic characteristics, we provide similar services to the tenants at each of our properties, and we evaluate the collective performance of our properties. | ||
Noncontrolling Interests | ' | |
Noncontrolling Interests—Noncontrolling interests in the consolidated balance sheets represent the economic equity interests of the Joint Venture and a subsidiary of the Joint Venture that were not owned by us. Noncontrolling interests in the consolidated statements of equity represent contributions, distributions and allocated earnings to the CBRE Investors and unaffiliated holders of interests in a subsidiary of the Joint Venture. Noncontrolling interests in earnings of the Joint Venture in the consolidated statements of operations and comprehensive loss represent losses allocated to noncontrolling interests based on the economic ownership percentage of the Joint Venture held by these investors. | ||
Impact of Recently Issued Accounting Pronouncements | ' | |
Impact of Recently Issued Accounting Pronouncements—In October 2012, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2012-4, Technical Corrections and Improvements. The amendments in this update cover a wide range of topics in the Accounting Standards Codification. These amendments include technical corrections and improvements to the Accounting Standards Codification and conforming amendments related to fair value measurements. ASU 2012-4 was effective for us as of January 1, 2013. The adoption of this pronouncement did not have a material impact on our consolidated financial statements. | ||
In February 2013, FASB issued ASU No. 2013-02, Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income, which requires an entity to provide information about the amounts reclassified out of accumulated other comprehensive income by component. In addition, an entity is required to present significant amounts reclassified out of accumulated other comprehensive income by respective line items of net income if it is required to be reclassified to net income in its entirety. For other reclassified amounts, an entity is required to cross-reference to other disclosures that provide additional detail about those amounts. The provisions of ASU No. 2013-02 were effective for us on January 1, 2013, and are to be applied prospectively. As a result of the adoption of this pronouncement, we addressed the required disclosures in Note 10, Derivatives and Hedging Activities. |
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 12 Months Ended | ||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||||||||||||
Fair Value, Assets Measured on Recurring Basis | ' | ||||||||||||||||||||||||||
A summary of our financial asset that is measured at fair value on a recurring basis, by level within the fair value hierarchy is as follows (in thousands): | |||||||||||||||||||||||||||
December 31, 2013 | December 31, 2012 | ||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||
Interest rate swap | $ | — | $ | 818 | $ | — | $ | 818 | $ | — | $ | — | $ | — | $ | — | |||||||||||
Real_Estate_Acquisitions_Table
Real Estate Acquisitions (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Real Estate Investments, Net [Abstract] | ' | ||||||||||||||||||||||||
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | ' | ||||||||||||||||||||||||
We allocated the purchase price of these acquisitions to the fair value of the assets acquired and lease liabilities assumed as follows (in thousands): | |||||||||||||||||||||||||
Acquisition | Land | Building and Improvements | In-Place Leases | Above-Market Leases | Below-Market Leases | Total | |||||||||||||||||||
Atlanta Portfolio(1) | $ | 17,516 | $ | 48,401 | $ | 3,195 | $ | 1,376 | $ | (838 | ) | $ | 69,650 | ||||||||||||
Fairlawn Town Centre | 7,179 | 32,223 | 2,479 | 929 | (610 | ) | 42,200 | ||||||||||||||||||
March 21st Portfolio(2) | 12,138 | 35,058 | 3,227 | 1,731 | (154 | ) | 52,000 | ||||||||||||||||||
Northcross | 27,885 | 28,467 | 7,443 | 324 | (2,619 | ) | 61,500 | ||||||||||||||||||
BVT Portfolio(3) | 16,934 | 38,667 | 5,486 | 222 | (723 | ) | 60,586 | ||||||||||||||||||
RG Portfolio(4) | 13,137 | 55,948 | 7,048 | 437 | (842 | ) | 75,728 | ||||||||||||||||||
Other(5) | 125,266 | 379,064 | 55,351 | 8,012 | (11,607 | ) | 556,086 | ||||||||||||||||||
$ | 220,055 | $ | 617,828 | $ | 84,229 | $ | 13,031 | $ | (17,393 | ) | $ | 917,750 | |||||||||||||
(1)The Atlanta portfolio consists of the acquisitions of seven properties in the Atlanta, Georgia region (The Shops at Westridge, Mableton Crossing, Hamilton Ridge, Grassland Crossing, Fairview Oaks, Butler Creek, and Macland Point) in two related transactions in January and February of 2013. | |||||||||||||||||||||||||
(2)The March 21st portfolio consists of the acquisition of three properties (Kleinwood Center, Murray Landing and Vineyard Center) in single transaction on March 21, 2013. | |||||||||||||||||||||||||
(3)The BVT Portfolio consists of the acquisition of one property in Georgia and three properties in Florida (Butler's Crossing, Shoppes of Paradise Lakes, Coquina Plaza and Lakewood Plaza) in a single transaction on November 7, 2013. | |||||||||||||||||||||||||
(4)The RG Portfolio consists of the acquisition of five properties in Ohio, one property in Michigan and one property in Indiana (Flag City Station, East Side Square, Hoke Crossing, Southern Hills Crossing, Sulphur Grove, Bear Creek Plaza and Town & Country Shopping Center) in a single transaction on December 19, 2013. | |||||||||||||||||||||||||
(5)The other 34 acquisitions represent the remaining, individually immaterial properties acquired during the year ended December 31, 2013, that are material in the aggregate. | |||||||||||||||||||||||||
Real Estate Acquisitions | ' | ||||||||||||||||||||||||
The amounts recognized for revenues, acquisition expenses and net income (loss) from each respective acquisition date to December 31, 2013 related to the operating activities of our material acquisitions are as follows (in thousands): | |||||||||||||||||||||||||
Acquisition | Acquisition Date | Revenues | Acquisition Expenses | Net Income (Loss) | |||||||||||||||||||||
Atlanta Portfolio(1) | 1/15/2013 and 2/13/2013 | $ | 6,716 | $ | 1,116 | $ | 558 | ||||||||||||||||||
Fairlawn Town Centre | 1/30/13 | 4,730 | 588 | 670 | |||||||||||||||||||||
March 21st Portfolio(2) | 3/21/13 | 3,977 | 769 | (827 | ) | ||||||||||||||||||||
Northcross | 6/24/13 | 3,017 | 739 | 598 | |||||||||||||||||||||
BVT Portfolio(3) | 11/7/13 | 921 | 908 | (903 | ) | ||||||||||||||||||||
RG Portfolio(4) | 12/19/13 | 272 | 1,909 | (1,710 | ) | ||||||||||||||||||||
Other(5) | 18,051 | 11,237 | (7,563 | ) | |||||||||||||||||||||
Total | $ | 37,683 | $ | 17,266 | $ | (9,177 | ) | ||||||||||||||||||
(1)The Atlanta portfolio consists of the acquisitions of seven properties in the Atlanta, Georgia region (The Shops at Westridge, Mableton Crossing, Hamilton Ridge, Grassland Crossing, Fairview Oaks, Butler Creek, and Macland Point) in two related transactions in January and February of 2013. | |||||||||||||||||||||||||
(2)The March 21st portfolio consists of the acquisition of three properties (Kleinwood Center, Murray Landing and Vineyard Center) in single transaction on March 21, 2013. | |||||||||||||||||||||||||
(3)The BVT Portfolio consists of the acquisition of one property in Georgia and three properties in Florida (Butler's Crossing, Shoppes of Paradise Lakes, Coquina Plaza and Lakewood Plaza) in a single transaction on November 7, 2013. | |||||||||||||||||||||||||
(4)The RG Portfolio consists of the acquisition of five properties in Ohio, one property in Michigan and one property in Indiana (Flag City Station, East Side Square, Hoke Crossing, Southern Hills Crossing, Sulphur Grove, Bear Creek Plaza and Town & Country Shopping Center) in a single transaction on December 19, 2013. | |||||||||||||||||||||||||
(5)The other 34 acquisitions represent the remaining, individually immaterial properties acquired during the year ended December 31, 2013, that are material in the aggregate. |
Acquired_Intangible_Assets_Tab
Acquired Intangible Assets (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | |||||||
Acquired Intangible Assets | ' | |||||||
Acquired intangible lease assets consisted of the following (in thousands): | ||||||||
2013 | 2012 | |||||||
Acquired in-place leases, net of accumulated amortization of $10,363 and $2,310, respectively | $ | 91,829 | $ | 15,655 | ||||
Acquired above market leases, net of accumulated amortization of $3,967 and $1,534, respectively | 15,901 | 5,302 | ||||||
Total | $ | 107,730 | $ | 20,957 | ||||
Schedule of Acquired Intangible Assets, Future Amortization Expense | ' | |||||||
Estimated future amortization expense of the respective acquired intangible lease assets as of December 31, 2013 for each of the five succeeding calendar years and thereafter is as follows (in thousands): | ||||||||
Year | In-Place Leases | Above-Market Leases | ||||||
2014 | $ | 16,743 | $ | 3,525 | ||||
2015 | 15,841 | 3,272 | ||||||
2016 | 14,575 | 2,649 | ||||||
2017 | 12,775 | 2,124 | ||||||
2018 | 9,377 | 1,542 | ||||||
2019 and thereafter | 22,518 | 2,789 | ||||||
Total | $ | 91,829 | $ | 15,901 | ||||
The weighted-average amortization periods for acquired in-place lease and above-market lease intangibles are eight years and six years, respectively. |
Mortgage_Loans_Payable_Tables
Mortgage Loans Payable (Tables) | 12 Months Ended | |||||||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||||||
Debt Instruments [Abstract] | ' | |||||||||||||||||||||||||||
Schedule of Debt Obligations | ' | |||||||||||||||||||||||||||
The following is a summary of our debt obligations as of December 31, 2013 and 2012 (in thousands): | ||||||||||||||||||||||||||||
December 31, 2013 | December 31, 2012 | |||||||||||||||||||||||||||
Outstanding Principal Balance | Maximum Loan Capacity | Outstanding Principal Balance | Maximum Loan Capacity | |||||||||||||||||||||||||
Fixed rate mortgages payable(1) | $ | 196,052 | $ | 196,052 | $ | 43,934 | $ | 43,934 | ||||||||||||||||||||
Variable rate mortgages payable | — | — | 76,424 | 89,475 | ||||||||||||||||||||||||
Secured credit facility | — | 36,709 | 40,000 | |||||||||||||||||||||||||
Unsecured credit facility - fixed rate(2) | — | 50,000 | — | — | ||||||||||||||||||||||||
Unsecured credit facility - variable rate | — | 176,745 | — | 10,000 | ||||||||||||||||||||||||
Assumed below-market debt adjustment | 4,820 | N/A | 1,940 | N/A | ||||||||||||||||||||||||
Total | $ | 200,872 | $ | 422,797 | $ | 159,007 | $ | 183,409 | ||||||||||||||||||||
(1) | Due to the non-recourse nature of certain mortgages, the assets and liabilities of the following properties are neither available to pay the debts of the consolidated limited liability companies nor constitute obligations of the consolidated limited liability companies: Baker Hill Center, Broadway Plaza, Publix at Northridge, Kleinwood Center, Murray Landing, Vineyard Center, Sunset Center, Westwoods Shopping Center, Stockbridge Commons, East Burnside Plaza, Fresh Market, Collington Plaza, Stop & Shop Plaza, and Arcadia Plaza. The outstanding principal balance of these non-recourse mortgages as of December 31, 2013 and 2012 was $157.8 million and $28.9 million, respectively. | |||||||||||||||||||||||||||
(2) | As of December 31, 2013, the interest rate on $50.0 million of the amount available under our unsecured credit facility is effectually fixed at 2.10% through December 2017 by an interest rate swap agreement (see Notes 4 and 10). | |||||||||||||||||||||||||||
Debt Maturities | ' | |||||||||||||||||||||||||||
Below is a listing of the mortgage loans payable with their respective principal payment obligations (in thousands) and weighted-average interest rates: | ||||||||||||||||||||||||||||
2014 | 2015 | 2016 | 2017 | 2018 | Thereafter | Total | ||||||||||||||||||||||
Maturing debt:(1) | ||||||||||||||||||||||||||||
Fixed rate mortgages payable | $ | 25,655 | $ | 34,890 | $ | 49,629 | $ | 44,240 | $ | 1,694 | $ | 39,944 | $ | 196,052 | ||||||||||||||
Weighted-average interest rate on debt: | ||||||||||||||||||||||||||||
Fixed rate mortgages payable(2) | 6.8 | % | 5.5 | % | 5.7 | % | 5.3 | % | 6.2 | % | 5.2 | % | 5.6 | % | ||||||||||||||
(1) | The debt maturity table does not include any below-market debt adjustment, of which $4.8 million, net of accumulated amortization, was outstanding as of December 31, 2013. | |||||||||||||||||||||||||||
(2) | All but $6.4 million of the fixed rate debt represents loans assumed as part of certain acquisitions. The assumed loans typically have higher interest rates than interest rates associated with new debt. |
Acquired_BelowMarket_Lease_Int
Acquired Below-Market Lease Intangibles (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Acquired Below Market Lease Intangibles [Abstract] | ' | |||||||
Acquired Below-Market Lease Intangibles | ' | |||||||
Acquired below-market lease intangibles consisted of the following as of December 31, 2013 and 2012 (in thousands): | ||||||||
2013 | 2012 | |||||||
Acquired below-market leases, net of accumulated amortization of $2,708 and $811, respectively | $ | 20,387 | $ | 4,892 | ||||
Schedule of Acquired Below-Market Lease Intangibles, Future Amortization Expense | ' | |||||||
Estimated future amortization income of the intangible lease liabilities as of December 31, 2013 for each of the five succeeding calendar years and thereafter is as follows (in thousands): | ||||||||
Year | Below-Market Leases | |||||||
2014 | $ | 3,270 | ||||||
2015 | 2,993 | |||||||
2016 | 2,614 | |||||||
2017 | 2,224 | |||||||
2018 | 1,844 | |||||||
2019 and thereafter | 7,442 | |||||||
Total | $ | 20,387 | ||||||
Derivatives_and_Hedging_Activi1
Derivatives and Hedging Activities (Tables) | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | ||||
Effect of Derivative Instruments | ' | ||||
The table below presents the effect of our derivative financial instruments on the consolidated statements of operations and comprehensive loss for the year ended December 31, 2013 (in thousands). We had no derivative financial instruments in 2012. | |||||
Year Ended | |||||
Derivatives in Cash Flow Hedging Relationships (Interest Rate Swap) | December 31, 2013 | ||||
Amount of gain (loss) recognized in other comprehensive income on derivative | $ | 633 | |||
Amount of gain (loss) reclassified from accumulated other comprehensive income into interest expense | (57 | ) | |||
Amount of loss recognized in income on derivative (ineffective portion, reclassifications of missed forecasted | |||||
transactions and amounts excluded from effectiveness testing) | (48 | ) |
Related_Party_Transactions_Tab
Related Party Transactions (Tables) | 12 Months Ended | |||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||
Related Party Transactions [Abstract] | ' | |||||||||||||||||||||
Advisor Transactions | ' | |||||||||||||||||||||
Summarized below are the fees earned by and the expenses reimbursable to the Advisor and the Sub-advisor, except for organization and offering costs and general and administrative expenses, which we disclose above, for the years ended December 31, 2013, 2012, and 2011, and any related amounts unpaid as of December 31, 2013 and 2012 (in thousands): | ||||||||||||||||||||||
For the Year Ended | Unpaid Amount as of | |||||||||||||||||||||
December 31, | December 31, | |||||||||||||||||||||
2013 | 2012 | 2011 | 2013 | 2012 | ||||||||||||||||||
Acquisition fees | $ | 10,095 | $ | 1,705 | $ | 356 | $ | — | $ | 191 | ||||||||||||
Class B unit distribution(1) | 154 | — | — | 30 | — | |||||||||||||||||
Asset management fees | 999 | 1,243 | 347 | — | 248 | |||||||||||||||||
Asset management fees waived | — | 546 | 284 | |||||||||||||||||||
Asset management fees - net(2) | 999 | 697 | 63 | — | 248 | |||||||||||||||||
Financing fees | 5,581 | 816 | 180 | — | — | |||||||||||||||||
Disposition fees | — | — | — | — | — | |||||||||||||||||
(1) | Represents the distributions paid to the Advisor and Sub-advisor as holders of Class B units of the Operating Partnership. | |||||||||||||||||||||
(2) | Asset management fees are net of fees waived. The only amounts not waived since inception are those fees paid by the CBRE Investors. | |||||||||||||||||||||
Property Manager Transactions | ' | |||||||||||||||||||||
Unpaid Amount as of | ||||||||||||||||||||||
For the Year Ended December 31, | December 31, | December 31, | ||||||||||||||||||||
2013 | 2012 | 2011 | 2013 | 2012 | ||||||||||||||||||
Property management fees | $ | 3,011 | $ | 756 | $ | 157 | $ | 418 | $ | 112 | ||||||||||||
Leasing commissions | 1,239 | 302 | 34 | 80 | 96 | |||||||||||||||||
Construction management fees | 293 | 41 | 3 | 50 | 18 | |||||||||||||||||
Other fees and reimbursements | 684 | 191 | 46 | 89 | (20 | ) | ||||||||||||||||
Total | $ | 5,227 | $ | 1,290 | $ | 240 | $ | 637 | $ | 206 | ||||||||||||
Dealer Manager Transactions | ' | |||||||||||||||||||||
Summarized below are the fees earned by the Dealer Manager for the years ended December 31, 2013, 2012 and 2011 (in thousands): | ||||||||||||||||||||||
For the Year Ended December 31, | ||||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||||
Selling commissions | $ | 100,148 | $ | 7,880 | $ | 1,014 | ||||||||||||||||
Selling commissions reallowed | 100,148 | 7,880 | 1,014 | |||||||||||||||||||
Dealer manager fees | 46,981 | 2,552 | 350 | |||||||||||||||||||
Dealer manager fees reallowed | 17,116 | 767 | 76 | |||||||||||||||||||
Economic_Dependency_Tables
Economic Dependency (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Amounts Payable to Sponsors [Abstract] | ' | |||||||
Schedule of Amounts Payable to Sponsors | ' | |||||||
As of December 31, 2013 and 2012, we owed the Advisor, the Sub-advisor and their respective affiliates approximately $1.1 million and $3.6 million, respectively, for offering and organization expenses, general and administrative expenses and asset management, property management, and other fees payable as shown below (in thousands): | ||||||||
2013 | 2012 | |||||||
Offering and organization expenses payable | $ | 379 | $ | 2,987 | ||||
General and administrative expenses of the company paid by a sponsor | 85 | 2 | ||||||
Asset management, property management, and other fees payable | 668 | 645 | ||||||
Total due | $ | 1,132 | $ | 3,634 | ||||
Operating_Leases_Tables
Operating Leases (Tables) | 12 Months Ended | |||
Dec. 31, 2013 | ||||
Operating Leases, Future Minimum Payments Receivable [Abstract] | ' | |||
Future Minimum Rents | ' | |||
Approximate future rentals to be received under non-cancelable operating leases in effect at December 31, 2013, assuming no new or renegotiated leases or option extensions on lease agreements, are as follows (in thousands): | ||||
Year | Amount | |||
2014 | $ | 96,252 | ||
2015 | 89,399 | |||
2016 | 80,990 | |||
2017 | 71,596 | |||
2018 | 59,287 | |||
2019 and thereafter | 262,666 | |||
Total | $ | 660,190 | ||
Quarterly_Financial_Data_Unaud1
Quarterly Financial Data (Unaudited) (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Quarterly Financial Data [Abstract] | ' | |||||||||||||||
Schedule of Quarterly Financial Information | ' | |||||||||||||||
The following is a summary of the unaudited quarterly financial information for the years ended December 31, 2013 and 2012. We believe that all necessary adjustments, consisting only of normal recurring adjustments, have been included in the amounts stated below to present fairly, and in accordance with GAAP, the selected quarterly information. | ||||||||||||||||
2013 | ||||||||||||||||
First | Second | Third | Fourth | |||||||||||||
(in thousands, except per share amounts) | Quarter | Quarter | Quarter | Quarter | ||||||||||||
Total revenue | $ | 11,237 | $ | 15,164 | $ | 20,144 | $ | 26,620 | ||||||||
Operating income (loss) | (811 | ) | 646 | 910 | (2,764 | ) | ||||||||||
Net loss attributable to Company stockholders | (2,848 | ) | (1,993 | ) | (1,408 | ) | (6,155 | ) | ||||||||
Loss per share - basic and diluted | (0.16 | ) | (0.05 | ) | (0.02 | ) | (0.05 | ) | ||||||||
2012 | ||||||||||||||||
First | Second | Third | Fourth | |||||||||||||
(in thousands, except per share amounts) | Quarter | Quarter | Quarter | Quarter | ||||||||||||
Total revenue | $ | 2,215 | $ | 3,105 | $ | 5,148 | $ | 7,082 | ||||||||
Operating loss | (52 | ) | (725 | ) | (424 | ) | (53 | ) | ||||||||
Net loss attributable to Company stockholders | (258 | ) | (805 | ) | (1,036 | ) | (1,247 | ) | ||||||||
Loss per share - basic and diluted | (0.08 | ) | (0.17 | ) | (0.15 | ) | (0.11 | ) |
Subsequent_Events_Tables
Subsequent Events (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Subsequent Events [Abstract] | ' | ||||||||||||||||
Dividends Declared | ' | ||||||||||||||||
Distributions equal to a daily amount of $0.00183562 per share of common stock outstanding were paid subsequent to December 31, 2013 to the stockholders of record from December 1, 2013 through February 28, 2014 as follows (in thousands): | |||||||||||||||||
Distribution Period | Date Distribution Paid | Gross Amount of Distribution Paid | Distribution Reinvested through the DRP | Net Cash Distribution | |||||||||||||
December 1, 2013 through December 31, 2013 | 1/2/14 | $ | 9,779 | $ | 5,139 | $ | 4,640 | ||||||||||
January 1, 2014 through January 31, 2014 | 2/3/14 | 10,034 | 5,284 | 4,750 | |||||||||||||
February 1, 2014 through February 28, 2014 | 3/3/14 | 9,094 | 4,788 | 4,306 | |||||||||||||
Schedule of Business Acquisitions, by Acquisition | ' | ||||||||||||||||
Subsequent to December 31, 2013, we acquired a 100% ownership interest in the following properties (dollars in thousands): | |||||||||||||||||
Property Name | Location | Anchor | Acquisition Date | Purchase Price | Square Footage | Leased % at Acquisition | |||||||||||
Fair Acres | Oshkosh, WI | Pick 'n Save | 1/21/14 | $ | 9,800 | 85,523 | 95.4 | % | |||||||||
Savoy Plaza | Savoy, IL | Schnucks | 1/31/14 | 17,200 | 146,624 | 83.9 | % | ||||||||||
The Shops of Uptown | Park Ridge, IL | Trader Joe's | 2/25/14 | 26,961 | 70,402 | 96.5 | % | ||||||||||
Chapel Hill North | Chapel Hill, NC | Harris Teeter | 2/28/14 | 16,100 | 96,290 | 95.2 | % | ||||||||||
JBG Portfolio: | |||||||||||||||||
Winchester Gateway | Winchester, VA | Martin's | 3/5/14 | 38,350 | 157,377 | 95.8 | % | ||||||||||
Stonewall Plaza | Winchester, VA | Martin's | 3/5/14 | 29,500 | 119,159 | 88.7 | % | ||||||||||
Coppell Market Center | Coppell, TX | Market Street | 3/5/14 | 19,075 | 90,225 | 100 | % | ||||||||||
Harrison Pointe | Cary, NC | Harris Teeter | 3/11/14 | 22,700 | 130,758 | 95.8 | % | ||||||||||
Hurstbourne Town Fair | Louisville, KY | Walmart | 3/12/14 | 24,250 | 234,364 | 97.4 | % | ||||||||||
Organization_Details
Organization (Details) (USD $) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Sep. 20, 2011 | Jan. 03, 2010 | Dec. 31, 2013 | Jan. 03, 2010 | Dec. 31, 2013 | Jan. 03, 2010 | Nov. 19, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | |
Properties | Properties | Phillips Edison Arc Institutional Joint Venture [Member] | IPO [Member] | Initial Public Offering Dividend Reinvestment Plan [Member] | Initial Public Offering Dividend Reinvestment Plan [Member] | Reallocation of Dividend Reinvestment Plan Shares to Primary Offering [Member] | Subsequent Event | Subsequent Event | Common Stock [Member] | ||||
Properties | Reallocation of Unsold Primary Shares to Dividend Reinvestment Plan [Member] | Remaining Shares Under Dividend Reinvestment Plan [Member] | |||||||||||
Organization [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock, shares authorized | 1,000,000,000 | 1,000,000,000 | ' | ' | 180,000,000 | ' | 150,000,000 | ' | 30,000,000 | 26,500,000 | 2,700,000 | 6,200,000 | 1,000,000,000 |
Common stock, shares outstanding | 175,594,613 | 13,801,251 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock repurchased since inception | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 95,382 |
Sale of stock, price per share | ' | ' | ' | ' | ' | ' | ' | $9.50 | ' | ' | ' | ' | ' |
Common stock, shares issued | 175,689,995 | ' | ' | ' | ' | ' | ' | 2,126,348 | ' | ' | ' | ' | ' |
Common stock, including additional paid in capital | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $1,740,000,000 |
Number of real estate properties | 83 | ' | ' | ' | ' | 20 | ' | ' | ' | ' | ' | ' | ' |
Ownership percentage in joint venture | 54.00% | ' | ' | 54.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' |
CBRE investors ownership percentage in joint venture | ' | ' | ' | 46.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Contributed capital | ' | ' | 58,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Contributed properties | ' | ' | 6 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
CBRE investors capital | ' | ' | 50,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of interest acquired in joint venture | 46.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Acquisition of noncontrolling interest in consolidated joint venture | $57,000,000 | $0 | $0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Joint venture investment, ownership percentage | 100.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Summary_Of_Significant_Account1
Summary Of Significant Accounting Policies (Details) (USD $) | 12 Months Ended | |||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | |
Accounting Policies [Abstract] | ' | ' | ' | ' |
Partially owned entity general ownership interest for consolidation | 50.00% | ' | ' | ' |
Joint venture property contribution difference | $1,000,000 | ' | ' | ' |
Percentage of interest acquired in joint venture | 46.00% | ' | ' | ' |
Joint venture investment, ownership percentage | 100.00% | ' | ' | ' |
Cash and cash equivalents maximum original maturity | '3 months | ' | ' | ' |
Offering costs paid by sub-advisor maximum reimbursement percentage | 1.50% | ' | ' | ' |
Organization and offering costs maximum percentage of gross proceeds | 15.00% | ' | ' | ' |
Impairment of real estate | 0 | 0 | ' | 0 |
Deferred financing costs incurred | 10,400,000 | 2,900,000 | 600,000 | ' |
Amortization of financing costs | 1,932,000 | 648,000 | 193,000 | ' |
Shares of common stock for repurchase | 8,072 | 0 | 0 | ' |
Restricted cash and cash equivalents | 4,900,000 | 1,100,000 | ' | ' |
Interest-bearing domestic deposit, certificates of deposits | 5,000,000 | ' | ' | ' |
Operating partnership return for class B to vest | 6.00% | ' | ' | ' |
Units of Partnership Interest, Amount | 532,381 | 0 | 0 | ' |
Acquisition of noncontrolling interest in consolidated joint venture | 57,000,000 | 0 | 0 | ' |
Common stock repurchase obligations | $76,000 | $0 | ' | ' |
Earnings per share, potentially dilutive securities | ' | 'none | ' | 'none |
Land Improvements [Member] | ' | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' | ' |
Property, plant and equipment, useful life, minimum | '15 years | ' | ' | ' |
Building and Building Improvements [Member] | ' | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' | ' |
Property, plant and equipment, useful life, minimum | '30 years | ' | ' | ' |
Minimum [Member] | Furniture and Fixtures [Member] | ' | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' | ' |
Property, plant and equipment, useful life, minimum | '5 years | ' | ' | ' |
Maximum [Member] | Furniture and Fixtures [Member] | ' | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' | ' |
Property, plant and equipment, useful life, minimum | '7 years | ' | ' | ' |
Equity_Details
Equity (Details) (USD $) | 12 Months Ended | |||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Jan. 03, 2010 | |
Class of Stock [Line Items] | ' | ' | ' | ' |
Common stock, shares authorized | 1,000,000,000 | 1,000,000,000 | ' | 180,000,000 |
Common stock, par value | $0.01 | $0.01 | ' | ' |
Preferred stock, shares authorized | 10,000,000 | 10,000,000 | ' | ' |
Preferred stock, par value | $0.01 | $0.01 | ' | ' |
Common stock, shares issued | 175,689,995 | ' | ' | ' |
Common stock, shares outstanding | 175,594,613 | 13,801,251 | ' | ' |
Preferred stock, shares issued | 0 | 0 | ' | ' |
Distributions reinvested | $18,706,000 | $1,324,000 | $158,000 | ' |
Common stock repurchase obligations | 76,000 | 0 | ' | ' |
Increase (decrease) in accrued shares for repurchase | 76,000 | 0 | 0 | ' |
Shares of common stock for repurchase | 8,072 | 0 | 0 | ' |
Common Stock [Member] | ' | ' | ' | ' |
Class of Stock [Line Items] | ' | ' | ' | ' |
Common stock, shares authorized | 1,000,000,000 | ' | ' | ' |
Common stock, par value | $0.01 | ' | ' | ' |
Common stock, including additional paid in capital | 1,740,000,000 | ' | ' | ' |
Common stock repurchased since inception | 95,382 | ' | ' | ' |
Common stock, voting rights | 'The holders of shares of the common stock are entitled to one vote per share on all matters voted on by stockholders, including election of the board of directors. | ' | ' | ' |
Common stock, share repurchase notice days | '5 days | ' | ' | ' |
Common stock, share repurchase withdrawal notice days | '5 days | ' | ' | ' |
Common stock, share repurchase plan termination notice days | '30 days | ' | ' | ' |
Common stock, shares repurchased | 86,003 | 3,749 | 5,630 | ' |
Common stock, cost of repurchases | 849,000 | 35,089 | 56,244 | ' |
Common stock, repurchase cost per share | $9.87 | $9.36 | $9.99 | ' |
Preferred Stock [Member] | ' | ' | ' | ' |
Class of Stock [Line Items] | ' | ' | ' | ' |
Preferred stock, shares authorized | 10,000,000 | ' | ' | ' |
Preferred stock, par value | $0.01 | ' | ' | ' |
Preferred stock, shares issued | 0 | ' | ' | ' |
Dividend Reinvestment Plan [Member] | ' | ' | ' | ' |
Class of Stock [Line Items] | ' | ' | ' | ' |
Common stock, price per share | $9.50 | ' | ' | ' |
Distributions reinvested | $18,700,000 | $1,300,000 | $200,000 | ' |
Long-Term Incentive Plan, 2010 [Member] | ' | ' | ' | ' |
Class of Stock [Line Items] | ' | ' | ' | ' |
Common stock, shares issued | 0 | ' | ' | ' |
Independent Director Stock Plan, 2010 [Member] | ' | ' | ' | ' |
Class of Stock [Line Items] | ' | ' | ' | ' |
Common stock, shares issued | 0 | ' | ' | ' |
Fair_Value_Measurements_Detail
Fair Value Measurements (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value inputs discount rate fixed rate debt | 4.50% | 4.25% |
Fair value inputs discount rate variable rate debt | ' | 2.70% |
Mortgage loans payable, fair value disclosure | $201,400,000 | $158,700,000 |
Mortgages and loans payable | 200,872,000 | 159,007,000 |
Notional amount of interest rate cash flow hedge derivatives | 50,000,000 | ' |
Secured credit facility fixed interest rate | 2.10% | ' |
Interest rate cash flow hedge asset at fair value | 800,000 | ' |
Derivative asset | 818,000 | 0 |
Fair Value, Inputs, Level 1 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Derivative asset | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Derivative asset | 818,000 | 0 |
Fair Value, Inputs, Level 3 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Derivative asset | $0 | $0 |
Real_Estate_Acquisitions_Detai
Real Estate Acquisitions (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Properties | ||
Real Estate Investments, Net [Abstract] | ' | ' |
Number of property acquisitions | 57 | ' |
Business acquisition, cost of acquired entity, purchase price | $917,800,000 | ' |
Business acquisition, cost of acquired entity, debt assumed | 153,800,000 | 37,900,000 |
Business acquisition, cost of acquired entity, fair value of debt assumed | 157,900,000 | 40,100,000 |
Liability for asbestos and environmental claims, gross | 450,000 | ' |
Seller credit at closing | $450,000 | ' |
Real_Estate_Acquisitions_Detai1
Real Estate Acquisitions (Details) - Allocation (USD $) | 3 Months Ended | 12 Months Ended | |||||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Business combination, recognized identifiable assets acquired and liabilities assumed, land | $220,055 | ' | ' | ' | ' | ' | ' | ' | $220,055 | ' | ' | ||
Business acquisition, purchase price allocation, building and improvements | 617,828 | ' | ' | ' | ' | ' | ' | ' | 617,828 | ' | ' | ||
Business acquisition, purchase price allocation, in-place leases | 84,229 | ' | ' | ' | ' | ' | ' | ' | 84,229 | ' | ' | ||
Business acquisition, purchase price allocation, above-market leases | 13,031 | ' | ' | ' | ' | ' | ' | ' | 13,031 | ' | ' | ||
Business acquisition, purchase price allocation, below-market leases | -17,393 | ' | ' | ' | ' | ' | ' | ' | -17,393 | ' | ' | ||
Business combination, recognized identifiable assets acquired and liabilities assumed, net | 917,750 | ' | ' | ' | ' | ' | ' | ' | 917,750 | ' | ' | ||
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 73,165 | 17,550 | 3,529 | ||
Acquisition Expenses | ' | ' | ' | ' | ' | ' | ' | ' | 18,772 | 3,981 | 1,751 | ||
Net Income (Loss) | -6,155 | -1,408 | -1,993 | -2,848 | -1,247 | -1,036 | -805 | -258 | -12,404 | -3,346 | -2,364 | ||
Atlanta Portfolio [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Business combination, recognized identifiable assets acquired and liabilities assumed, land | 17,516 | [1] | ' | ' | ' | ' | ' | ' | ' | 17,516 | [1] | ' | ' |
Business acquisition, purchase price allocation, building and improvements | 48,401 | [1] | ' | ' | ' | ' | ' | ' | ' | 48,401 | [1] | ' | ' |
Business acquisition, purchase price allocation, in-place leases | 3,195 | [1] | ' | ' | ' | ' | ' | ' | ' | 3,195 | [1] | ' | ' |
Business acquisition, purchase price allocation, above-market leases | 1,376 | [1] | ' | ' | ' | ' | ' | ' | ' | 1,376 | [1] | ' | ' |
Business acquisition, purchase price allocation, below-market leases | -838 | [1] | ' | ' | ' | ' | ' | ' | ' | -838 | [1] | ' | ' |
Business combination, recognized identifiable assets acquired and liabilities assumed, net | 69,650 | [1] | ' | ' | ' | ' | ' | ' | ' | 69,650 | [1] | ' | ' |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 6,716 | [1] | ' | ' | |
Acquisition Expenses | ' | ' | ' | ' | ' | ' | ' | ' | 1,116 | [1] | ' | ' | |
Net Income (Loss) | ' | ' | ' | ' | ' | ' | ' | ' | 558 | [1] | ' | ' | |
Fairlawn Town Centre [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Business combination, recognized identifiable assets acquired and liabilities assumed, land | 7,179 | ' | ' | ' | ' | ' | ' | ' | 7,179 | ' | ' | ||
Business acquisition, purchase price allocation, building and improvements | 32,223 | ' | ' | ' | ' | ' | ' | ' | 32,223 | ' | ' | ||
Business acquisition, purchase price allocation, in-place leases | 2,479 | ' | ' | ' | ' | ' | ' | ' | 2,479 | ' | ' | ||
Business acquisition, purchase price allocation, above-market leases | 929 | ' | ' | ' | ' | ' | ' | ' | 929 | ' | ' | ||
Business acquisition, purchase price allocation, below-market leases | -610 | ' | ' | ' | ' | ' | ' | ' | -610 | ' | ' | ||
Business combination, recognized identifiable assets acquired and liabilities assumed, net | 42,200 | ' | ' | ' | ' | ' | ' | ' | 42,200 | ' | ' | ||
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 4,730 | ' | ' | ||
Acquisition Expenses | ' | ' | ' | ' | ' | ' | ' | ' | 588 | ' | ' | ||
Net Income (Loss) | ' | ' | ' | ' | ' | ' | ' | ' | 670 | ' | ' | ||
March 21st Portfolio [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Business combination, recognized identifiable assets acquired and liabilities assumed, land | 12,138 | [2] | ' | ' | ' | ' | ' | ' | ' | 12,138 | [2] | ' | ' |
Business acquisition, purchase price allocation, building and improvements | 35,058 | [2] | ' | ' | ' | ' | ' | ' | ' | 35,058 | [2] | ' | ' |
Business acquisition, purchase price allocation, in-place leases | 3,227 | [2] | ' | ' | ' | ' | ' | ' | ' | 3,227 | [2] | ' | ' |
Business acquisition, purchase price allocation, above-market leases | 1,731 | [2] | ' | ' | ' | ' | ' | ' | ' | 1,731 | [2] | ' | ' |
Business acquisition, purchase price allocation, below-market leases | -154 | [2] | ' | ' | ' | ' | ' | ' | ' | -154 | [2] | ' | ' |
Business combination, recognized identifiable assets acquired and liabilities assumed, net | 52,000 | [2] | ' | ' | ' | ' | ' | ' | ' | 52,000 | [2] | ' | ' |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 3,977 | [2] | ' | ' | |
Acquisition Expenses | ' | ' | ' | ' | ' | ' | ' | ' | 769 | [2] | ' | ' | |
Net Income (Loss) | ' | ' | ' | ' | ' | ' | ' | ' | -827 | [2] | ' | ' | |
Northcross [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Business combination, recognized identifiable assets acquired and liabilities assumed, land | 27,885 | ' | ' | ' | ' | ' | ' | ' | 27,885 | ' | ' | ||
Business acquisition, purchase price allocation, building and improvements | 28,467 | ' | ' | ' | ' | ' | ' | ' | 28,467 | ' | ' | ||
Business acquisition, purchase price allocation, in-place leases | 7,443 | ' | ' | ' | ' | ' | ' | ' | 7,443 | ' | ' | ||
Business acquisition, purchase price allocation, above-market leases | 324 | ' | ' | ' | ' | ' | ' | ' | 324 | ' | ' | ||
Business acquisition, purchase price allocation, below-market leases | -2,619 | ' | ' | ' | ' | ' | ' | ' | -2,619 | ' | ' | ||
Business combination, recognized identifiable assets acquired and liabilities assumed, net | 61,500 | ' | ' | ' | ' | ' | ' | ' | 61,500 | ' | ' | ||
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 3,017 | ' | ' | ||
Acquisition Expenses | ' | ' | ' | ' | ' | ' | ' | ' | 739 | ' | ' | ||
Net Income (Loss) | ' | ' | ' | ' | ' | ' | ' | ' | 598 | ' | ' | ||
BTV Portfolio [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Business combination, recognized identifiable assets acquired and liabilities assumed, land | 16,934 | [3] | ' | ' | ' | ' | ' | ' | ' | 16,934 | [3] | ' | ' |
Business acquisition, purchase price allocation, building and improvements | 38,667 | [3] | ' | ' | ' | ' | ' | ' | ' | 38,667 | [3] | ' | ' |
Business acquisition, purchase price allocation, in-place leases | 5,486 | [3] | ' | ' | ' | ' | ' | ' | ' | 5,486 | [3] | ' | ' |
Business acquisition, purchase price allocation, above-market leases | 222 | [3] | ' | ' | ' | ' | ' | ' | ' | 222 | [3] | ' | ' |
Business acquisition, purchase price allocation, below-market leases | -723 | [3] | ' | ' | ' | ' | ' | ' | ' | -723 | [3] | ' | ' |
Business combination, recognized identifiable assets acquired and liabilities assumed, net | 60,586 | [3] | ' | ' | ' | ' | ' | ' | ' | 60,586 | [3] | ' | ' |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 921 | [3] | ' | ' | |
Acquisition Expenses | ' | ' | ' | ' | ' | ' | ' | ' | 908 | [3] | ' | ' | |
Net Income (Loss) | ' | ' | ' | ' | ' | ' | ' | ' | -903 | [3] | ' | ' | |
RG Portfolio [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Business combination, recognized identifiable assets acquired and liabilities assumed, land | 13,137 | [4] | ' | ' | ' | ' | ' | ' | ' | 13,137 | [4] | ' | ' |
Business acquisition, purchase price allocation, building and improvements | 55,948 | [4] | ' | ' | ' | ' | ' | ' | ' | 55,948 | [4] | ' | ' |
Business acquisition, purchase price allocation, in-place leases | 7,048 | [4] | ' | ' | ' | ' | ' | ' | ' | 7,048 | [4] | ' | ' |
Business acquisition, purchase price allocation, above-market leases | 437 | [4] | ' | ' | ' | ' | ' | ' | ' | 437 | [4] | ' | ' |
Business acquisition, purchase price allocation, below-market leases | -842 | [4] | ' | ' | ' | ' | ' | ' | ' | -842 | [4] | ' | ' |
Business combination, recognized identifiable assets acquired and liabilities assumed, net | 75,728 | [4] | ' | ' | ' | ' | ' | ' | ' | 75,728 | [4] | ' | ' |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 272 | [4] | ' | ' | |
Acquisition Expenses | ' | ' | ' | ' | ' | ' | ' | ' | 1,909 | [4] | ' | ' | |
Net Income (Loss) | ' | ' | ' | ' | ' | ' | ' | ' | -1,710 | [4] | ' | ' | |
Other Acquisitions [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Business combination, recognized identifiable assets acquired and liabilities assumed, land | 125,266 | [5] | ' | ' | ' | ' | ' | ' | ' | 125,266 | [5] | ' | ' |
Business acquisition, purchase price allocation, building and improvements | 379,064 | [5] | ' | ' | ' | ' | ' | ' | ' | 379,064 | [5] | ' | ' |
Business acquisition, purchase price allocation, in-place leases | 55,351 | [5] | ' | ' | ' | ' | ' | ' | ' | 55,351 | [5] | ' | ' |
Business acquisition, purchase price allocation, above-market leases | 8,012 | [5] | ' | ' | ' | ' | ' | ' | ' | 8,012 | [5] | ' | ' |
Business acquisition, purchase price allocation, below-market leases | -11,607 | [5] | ' | ' | ' | ' | ' | ' | ' | -11,607 | [5] | ' | ' |
Business combination, recognized identifiable assets acquired and liabilities assumed, net | 556,086 | [5] | ' | ' | ' | ' | ' | ' | ' | 556,086 | [5] | ' | ' |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 18,051 | [5] | ' | ' | |
Acquisition Expenses | ' | ' | ' | ' | ' | ' | ' | ' | 11,237 | [5] | ' | ' | |
Net Income (Loss) | ' | ' | ' | ' | ' | ' | ' | ' | -7,563 | [5] | ' | ' | |
Business Acquisitions in 2013 [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 37,683 | ' | ' | ||
Acquisition Expenses | ' | ' | ' | ' | ' | ' | ' | ' | 17,266 | ' | ' | ||
Net Income (Loss) | ' | ' | ' | ' | ' | ' | ' | ' | ($9,177) | ' | ' | ||
[1] | The Atlanta portfolio consists of the acquisitions of seven properties in the Atlanta, Georgia region (The Shops at Westridge, Mableton Crossing, Hamilton Ridge, Grassland Crossing, Fairview Oaks, Butler Creek, and Macland Point) in two related transactions in January and February of 2013. | ||||||||||||
[2] | The March 21st portfolio consists of the acquisition of three properties (Kleinwood Center, Murray Landing and Vineyard Center) in single transaction on March 21, 2013. | ||||||||||||
[3] | The BVT Portfolio consists of the acquisition of one property in Georgia and three properties in Florida (Butler's Crossing, Shoppes of Paradise Lakes, Coquina Plaza and Lakewood Plaza) in a single transaction on November 7, 2013. | ||||||||||||
[4] | The RG Portfolio consists of the acquisition of five properties in Ohio, one property in Michigan and one property in Indiana (Flag City Station, East Side Square, Hoke Crossing, Southern Hills Crossing, Sulphur Grove, Bear Creek Plaza and Town & Country Shopping Center) in a single transaction on December 19, 2013. | ||||||||||||
[5] | The other 34 acquisitions represent the remaining, individually immaterial properties acquired during the year ended December 31, 2013, that are material in the aggregate. |
Real_Estate_Acquisitions_Detai2
Real Estate Acquisitions (Details) - Pro Forma (USD $) | 12 Months Ended | |||
In Millions, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2011 |
Acquisitions in 2013 and 2012 [Member] | Acquisitions in 2013 and 2012 [Member] | Acquisitions in 2012 and 2011 [Member] | Acquisitions in 2012 and 2011 [Member] | |
Business Acquisition [Line Items] | ' | ' | ' | ' |
Business acquisition, pro forma revenue | $131.90 | $127.50 | $36.30 | $35 |
Business acquisition, pro forma net income (loss) | $17.20 | ($4.30) | ($0.70) | ($1.80) |
Business acquisition, pro forma earnings per share, diluted | $0.16 | $0.05 | $0.05 | $0.14 |
Acquired_Intangible_Assets_Det
Acquired Intangible Assets (Details) - Period Ending (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Acquired Finite-Lived Intangible Assets [Line Items] | ' | ' |
Acquired intangible assets, net | $107,730 | $20,957 |
Acquired intangible assets, accumulated amortization | 14,330 | 3,844 |
Acquired in-place leases | ' | ' |
Acquired Finite-Lived Intangible Assets [Line Items] | ' | ' |
Acquired intangible assets, net | 91,829 | 15,655 |
Acquired intangible assets, accumulated amortization | 10,363 | 2,310 |
Finite-Lived Intangible Asset, Useful Life | '8 years | ' |
Acquired above-market leases | ' | ' |
Acquired Finite-Lived Intangible Assets [Line Items] | ' | ' |
Acquired intangible assets, net | 15,901 | 5,302 |
Acquired intangible assets, accumulated amortization | $3,967 | $1,534 |
Finite-Lived Intangible Asset, Useful Life | '6 years | ' |
Acquired_Intangible_Assets_Det1
Acquired Intangible Assets (Details) - Amortization Expense (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Goodwill and Intangible Assets Disclosure [Abstract] | ' | ' | ' |
Acquired intangible assets, amortization expense | $10.50 | $3 | $0.80 |
Acquired_Intangible_Assets_Det2
Acquired Intangible Assets (Details) - Five Succeeding Calendar Years (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Acquired Finite-Lived Intangible Assets [Line Items] | ' | ' |
Finite-lived intangible assets, future amortization expense, total | $107,730 | $20,957 |
Acquired in-place leases | ' | ' |
Acquired Finite-Lived Intangible Assets [Line Items] | ' | ' |
2014 | 16,743 | ' |
2015 | 15,841 | ' |
2016 | 14,575 | ' |
2017 | 12,775 | ' |
2018 | 9,377 | ' |
2019 and thereafter | 22,518 | ' |
Finite-lived intangible assets, future amortization expense, total | 91,829 | 15,655 |
Acquired intangible assets, weighted-average amortization period | '8 years | ' |
Acquired above-market leases | ' | ' |
Acquired Finite-Lived Intangible Assets [Line Items] | ' | ' |
2014 | 3,525 | ' |
2015 | 3,272 | ' |
2016 | 2,649 | ' |
2017 | 2,124 | ' |
2018 | 1,542 | ' |
2019 and thereafter | 2,789 | ' |
Finite-lived intangible assets, future amortization expense, total | $15,901 | $5,302 |
Acquired intangible assets, weighted-average amortization period | '6 years | ' |
Mortgage_Loans_Payable_Details
Mortgage Loans Payable (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Properties | Properties | |
Debt Instrument [Line Items] | ' | ' |
Secured debt | $200,872,000 | $159,007,000 |
Long-term debt, weighted average interest rate | 5.61% | 3.58% |
Unsecured line of credit facility, maximum potential borrowing capacity | 600,000,000 | ' |
Secured line of credit facility, maximum potential borrowing capacity | ' | 300,000,000 |
Properties acquired assumed debt | 14 | 5 |
Business acquisition, cost of acquired entity, debt assumed | 153,800,000 | 37,900,000 |
Business acquisition, cost of acquired entity, fair value of debt assumed | 157,900,000 | 40,100,000 |
Amortization on assumed below-market debt adjustment | 1,200,000 | 200,000 |
Assumed Below-Market Debt Adjustment [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Debt instrument, unamortized discount (premium), net | 4,820,000 | 1,940,000 |
Revolving Credit Facility [Member] | Unsecured Debt [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Line of Credit Facility, Maximum Borrowing Capacity | 350,000,000 | ' |
Secured line of credit facility, current borrowing capacity | 226,700,000 | ' |
Revolving Credit Facility [Member] | Secured Debt [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Line of Credit Facility, Maximum Borrowing Capacity | ' | $265,000,000 |
Mortgage_Loans_Payable_Details1
Mortgage Loans Payable (Details) - Debt Obligations (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | |||
Properties | Properties | Fixed Rate Mortgages Payable [Member] | Fixed Rate Mortgages Payable [Member] | Variable Rate Mortgages Payable [Member] | Variable Rate Mortgages Payable [Member] | Secured Credit Facility [Member] | Secured Credit Facility [Member] | Unsecured Credit Facility, Fixed Rate [Member] | Unsecured Line of Credit Variable Rate [Member] | Unsecured Line of Credit Variable Rate [Member] | Assumed Below-Market Debt Adjustment [Member] | Assumed Below-Market Debt Adjustment [Member] | London Interbank Offered Rate (LIBOR) [Member] | Minimum [Member] | Maximum [Member] | ||||
London Interbank Offered Rate (LIBOR) [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||||||||||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Mortgages and loans payable | $200,872,000 | $159,007,000 | $196,052,000 | [1] | $43,934,000 | [1] | $0 | $76,424,000 | $0 | $36,709,000 | ' | ' | ' | ' | ' | ' | ' | ' | |
Debt instrument, unamortized discount (premium), net | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,820,000 | 1,940,000 | ' | ' | ' | |||
Debt instrument, basis spread on variable rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.30% | 2.00% | 3.00% | |||
Properties acquired assumed debt | 14 | 5 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Maximum loan capacity | 422,797,000 | 183,409,000 | 196,052,000 | [1] | 43,934,000 | [1] | 0 | 89,475,000 | ' | 40,000,000 | 50,000,000 | [2] | 176,745,000 | 10,000,000 | ' | ' | ' | ' | ' |
Non-recourse mortgage loans payable | $157,800,000 | $28,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Secured credit facility fixed interest rate | 2.10% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
[1] | Due to the non-recourse nature of certain mortgages, the assets and liabilities of the following properties are neither available to pay the debts of the consolidated limited liability companies nor constitute obligations of the consolidated limited liability companies: Baker Hill Center, Broadway Plaza, Publix at Northridge, Kleinwood Center, Murray Landing, Vineyard Center, Sunset Center, Westwoods Shopping Center, Stockbridge Commons, East Burnside Plaza, Fresh Market, Collington Plaza, Stop & Shop Plaza, and Arcadia Plaza. The outstanding principal balance of these non-recourse mortgages as of December 31, 2013 and 2012 was $157.8 million and $28.9 million, respectively. | ||||||||||||||||||
[2] | As of December 31, 2013, the interest rate on $50.0 million of the amount available under our unsecured credit facility is effectually fixed at 2.10% through December 2017 by an interest rate swap agreement (see Notes 4 and 10). |
Mortgage_Loans_Payable_Details2
Mortgage Loans Payable (Details) - Principal Payment Obligations (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Debt Instrument [Line Items] | ' | ' |
Long-term debt, weighted average interest rate | 5.61% | 3.58% |
Fixed rate debt not assumed | $6,400,000 | ' |
Assumed Below-Market Debt Adjustment [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Assumed below market debt adjustment | 4,820,000 | 1,940,000 |
Fixed Rate Mortgages Payable [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
2014 | 25,655,000 | ' |
2015 | 34,890,000 | ' |
2016 | 49,629,000 | ' |
2017 | 44,240,000 | ' |
2018 | 1,694,000 | ' |
Thereafter | 39,944,000 | ' |
Total | $196,052,000 | ' |
2014 weighted average interest rate | 6.80% | ' |
2015 weighted average interest rate | 5.50% | ' |
2016 weighted average interest rate | 5.70% | ' |
2017 weighted average interest rate | 5.30% | ' |
2018 weighted average interest rate | 6.20% | ' |
Thereafter weighted average interest rate | 5.20% | ' |
Long-term debt, weighted average interest rate | 5.60% | ' |
Acquired_BelowMarket_Lease_Int1
Acquired Below-Market Lease Intangibles (Details) - Period Ending (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Acquired Below-Market Lease Intangibles [Line Items] | ' | ' |
Acquired below market lease intangibles | $20,387 | $4,892 |
Acquired below market lease intangibles, accumulated amortization | 2,708 | 811 |
Acquired Below-Market Leases [Member] | ' | ' |
Acquired Below-Market Lease Intangibles [Line Items] | ' | ' |
Acquired below market lease intangibles | 20,387 | 4,892 |
Acquired below market lease intangibles, accumulated amortization | $2,708 | $811 |
Acquired_BelowMarket_Lease_Int2
Acquired Below-Market Lease Intangibles (Details) - Amortization Expense (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Acquired Below Market Lease Intangibles [Abstract] | ' | ' | ' |
Acquired below market lease intangibles, amortization | $1.90 | $0.70 | $0.20 |
Acquired_BelowMarket_Lease_Int3
Acquired Below-Market Lease Intangibles (Details) - Five Succeeding Calendar Years (Acquired Below-Market Leases [Member], USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2013 |
Acquired Below-Market Leases [Member] | ' |
Acquired Below-Market Lease Intangibles [Line Items] | ' |
2014 | $3,270 |
2015 | 2,993 |
2016 | 2,614 |
2017 | 2,224 |
2018 | 1,844 |
2019 and thereafter | 7,442 |
Acquired below market lease intangibles future amortization income | $20,387 |
Acquired below market lease intangibles, weighted average amortization period | '10 years |
Commitments_and_Contingencies_
Commitments and Contingencies (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Commitments and Contingencies Disclosure [Abstract] | ' | ' | ' |
Operating Leases, Rent Expense, Net | $19,800 | $18,300 | $4,500 |
Operating Leases, Future Minimum Payments Due, Current | 20,000 | ' | ' |
Operating Leases, Future Minimum Payments, Due in Two Years | 20,000 | ' | ' |
Operating Leases, Future Minimum Payments, Due in Three Years | 20,000 | ' | ' |
Operating Leases, Future Minimum Payments, Due in Four Years | $17,000 | ' | ' |
Derivatives_and_Hedging_Activi2
Derivatives and Hedging Activities (Details) - Narrative (Interest Rate Swap, Designated as Hedging Instrument, Cash Flow Hedging, USD $) | 12 Months Ended |
Dec. 31, 2013 | |
Interest Rate Swap | Designated as Hedging Instrument | Cash Flow Hedging | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' |
Amount of loss recognized in earnings due to hedge ineffectiveness | $48,000 |
Estimated amount to be reclassified from AOCI over the next 12 months | 200,000 |
Loss from accelerated reclassification from AOCI to earnings | $6,000 |
Derivatives_and_Hedging_Activi3
Derivatives and Hedging Activities (Details) - Derivatives in Cash Flow Hedging Relationships (Designated as Hedging Instrument, Interest Rate Swap, Cash Flow Hedging, USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2013 |
Designated as Hedging Instrument | Interest Rate Swap | Cash Flow Hedging | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' |
Amount of gain (loss) recognized in other comprehensive income on derivative | $633 |
Amount of gain (loss) reclassified from accumulated other comprehensive income into interest expense | -57 |
Amount of loss recognized in income on derivative (ineffective portion, reclassifications or missed forecasted transactions and amounts excluded from effectiveness testing) | ($48) |
Related_Party_Transactions_Det
Related Party Transactions (Details) - Advisor (USD $) | 0 Months Ended | 12 Months Ended | ||||||
Feb. 13, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Sep. 30, 2012 | ||||
Related Party Transactions [Abstract] | ' | ' | ' | ' | ' | |||
Offering costs paid by sub-advisor maximum reimbursement percentage | ' | 1.50% | ' | ' | ' | |||
Organization and offering costs charged by advisor and sub-advisor | ' | $26,300,000 | $7,200,000 | ' | ' | |||
Organization and offering costs reimbursed to advisor and sub-advisor | ' | 25,900,000 | 4,200,000 | ' | ' | |||
Organization and offering costs payable to advisor and sub-advisor | ' | 379,000 | 2,987,000 | ' | ' | |||
Acquisition fee percentage | ' | 1.00% | ' | ' | ' | |||
Class B units issued | 532,381 | ' | ' | ' | ' | |||
Asset management fee percentage | ' | ' | ' | ' | 0.08% | |||
Maximum distribution rate for asset management fee reimbursement calculation | ' | ' | ' | ' | $0.65 | |||
Financing fee percentage | ' | 0.75% | ' | ' | ' | |||
Disposition fee percentage | ' | 2.00% | ' | ' | ' | |||
General and administrative expenses payable to related parties | ' | 85,000 | 2,000 | ' | ' | |||
Contributions from sponsors | ' | 0 | 0 | 88,000 | ' | |||
Acquisition fees incurred | ' | 10,095,000 | 1,705,000 | 356,000 | ' | |||
Acquisition fees payable | ' | ' | 191,000 | ' | ' | |||
Class B distributions | ' | 154,000 | [1] | ' | ' | ' | ||
Class B distributions payable | ' | 30,000 | [1] | ' | ' | ' | ||
Asset management fees incurred | ' | 999,000 | 1,243,000 | 347,000 | ' | |||
Asset management fees payable | ' | ' | 248,000 | ' | ' | |||
Asset management fees waived | ' | 0 | 546,000 | 284,000 | ' | |||
Asset management fees paid by non-controlling interests | ' | 999,000 | [2] | 697,000 | [2] | 63,000 | [2] | ' |
Net asset management fees payable | ' | ' | 248,000 | [2] | ' | ' | ||
Financing fees incurred | ' | 5,581,000 | 816,000 | 180,000 | ' | |||
Subordinated participation in net sales proceeds percentage | ' | 15.00% | ' | ' | ' | |||
Investor return before subordinated participation in net sales proceeds | ' | 7.00% | ' | ' | ' | |||
Advisor interest in special limited partner | ' | 15.00% | ' | ' | ' | |||
Sub-advisor interest in special limited partner | ' | 85.00% | ' | ' | ' | |||
Subordinated incentive listing fee percentage | ' | 15.00% | ' | ' | ' | |||
Investor return before subordinated listing incentive fee | ' | 7.00% | ' | ' | ' | |||
Subordinated distribution upon termination of advisor agreement percentage | ' | 15.00% | ' | ' | ' | |||
Investor return before subordinated distribution upon termination of advisor agreement | ' | 7.00% | ' | ' | ' | |||
Property management fee, percent fee | ' | 4.50% | ' | ' | ' | |||
Property management oversight fee percent | ' | 1.00% | ' | ' | ' | |||
Disposition fees incurred | ' | $0 | $0 | $0 | ' | |||
[1] | Represents the distributions paid to the Advisor and Sub-advisor as holders of Class B units of the Operating Partnership. | |||||||
[2] | Asset management fees are net of fees waived. The only amounts not waived since inception are those fees paid by the CBRE Investors. |
Related_Party_Transactions_Det1
Related Party Transactions (Details) - Property Manager Transactions (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Related Party Transactions [Abstract] | ' | ' | ' |
Percentage of interest acquired in joint venture | 46.00% | ' | ' |
Joint venture investment, ownership percentage | 100.00% | ' | ' |
Property management fees incurred | $3,011 | $756 | $157 |
Leasing commissions incurred | 1,239 | 302 | 34 |
Construction management fees incurred | 293 | 41 | 3 |
Other property manager fees and reimbursements incurred | 684 | 191 | 46 |
Property manager fees and reimbursements incurred | 5,227 | 1,290 | 240 |
Property management fees payable | 418 | 112 | ' |
Leasing commissions payable | 80 | 96 | ' |
Construction management fees payable | 50 | 18 | ' |
Other fees and reimbursements payable to property manager | 89 | -20 | ' |
Property manager fees and reimbursements payable | $637 | $206 | ' |
Related_Party_Transactions_Det2
Related Party Transactions (Details) - Other (USD $) | 12 Months Ended | 27 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 30, 2013 | |
Related Party Transactions [Abstract] | ' | ' | ' | ' |
Dealer manager selling commission percentage | 7.00% | ' | ' | ' |
Dealer manager fee percentage | 3.00% | ' | ' | ' |
Percentage of dealer manager selling commissions typically reallowed | 100.00% | ' | ' | ' |
Dealer manager selling commissions incurred | $100,148,000 | $7,880,000 | $1,014,000 | ' |
Dealer manager selling commissions reallowed | 100,148,000 | 7,880,000 | 1,014,000 | ' |
Dealer manager fees incurred | 46,981,000 | 2,552,000 | 350,000 | ' |
Dealer manager fees reallowed | 17,116,000 | 767,000 | 76,000 | ' |
Minimum percentage of shares owned by sub-advisor | 0.10% | ' | ' | ' |
Sub-advisor share purchase price | $9 | ' | ' | ' |
Shares owned by sub-advisor | 176,509 | 23,061 | ' | ' |
Percentage of shares owned by sub-advisor | 0.10% | 0.17% | ' | ' |
Joint venture, inflation-adjusted real rate of return | ' | ' | ' | 5.00% |
Joint venture, remaining net cash flow allocated to CBRE investors | ' | ' | ' | 85.00% |
Joint venture, remaining net cash flow allocated to sub-advisor | ' | ' | ' | 15.00% |
Acquisition of noncontrolling interest in consolidated joint venture | 57,000,000 | 0 | 0 | ' |
CBRE purchase of joint venture interest held by sub-advisor | $1,400,000 | ' | ' | ' |
Economic_Dependency_Details
Economic Dependency (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Economic Dependency [Abstract] | ' | ' | ' |
Offering and organization expenses payable | $379,000 | $2,987,000 | ' |
General and administrative expenses of the company paid by a sponsor | 85,000 | 2,000 | ' |
Asset management, property management, and other fees payable | 668,000 | 645,000 | ' |
Total due | 1,132,000 | 3,634,000 | ' |
Contributions from Sponsors Since Inception | 200,000 | ' | ' |
Contributions from sponsors | $0 | $0 | $88,000 |
Operating_Leases_Details_Appro
Operating Leases (Details) - Approximate Future Rentals (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Operating Leases, Future Minimum Payments Receivable [Abstract] | ' |
2014 | $96,252 |
2015 | 89,399 |
2016 | 80,990 |
2017 | 71,596 |
2018 | 59,287 |
2019 and thereafter | 262,666 |
Total | $660,190 |
Operating_Leases_Details_Ten_P
Operating Leases (Details) - Ten Percent Tenants (Other Tenants Maximum [Member]) | 12 Months Ended |
Dec. 31, 2013 | |
Other Tenants Maximum [Member] | ' |
Concentration Risk [Line Items] | ' |
Concentration Risk, Percentage | 10.00% |
Quarterly_Financial_Data_Unaud2
Quarterly Financial Data (Unaudited) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Quarterly Financial Data [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total revenue | $26,620 | $20,144 | $15,164 | $11,237 | $7,082 | $5,148 | $3,105 | $2,215 | ' | ' | ' |
Operating income (loss) | -2,764 | 910 | 646 | -811 | -53 | -424 | -725 | -52 | -2,019 | -1,254 | -1,705 |
Net loss | ($6,155) | ($1,408) | ($1,993) | ($2,848) | ($1,247) | ($1,036) | ($805) | ($258) | ($12,404) | ($3,346) | ($2,364) |
Earnings per share, basic and diluted | ($0.05) | ($0.02) | ($0.05) | ($0.16) | ($0.11) | ($0.15) | ($0.17) | ($0.08) | ($0.18) | ($0.51) | ($1.57) |
Subsequent_Events_Details_Dist
Subsequent Events (Details) - Distributions (USD $) | 12 Months Ended | 0 Months Ended | |||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Mar. 03, 2014 | Feb. 03, 2014 | Jan. 02, 2014 | Feb. 28, 2014 | Feb. 13, 2014 | Jan. 14, 2014 |
Dividend Paid [Member] | Dividend Paid [Member] | Dividend Paid [Member] | Dividend Paid [Member] | Dividend Declared [Member] | Dividend Declared [Member] | ||||
Subsequent Event | Subsequent Event | Subsequent Event | Subsequent Event | Subsequent Event | Subsequent Event | ||||
Subsequent Event [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Gross amount of distribution paid | $47,068 | $4,248 | $978 | $9,094 | $10,034 | $9,779 | ' | ' | ' |
Dividend reinvestment plan (DRP), value | 18,706 | 1,324 | 158 | 4,788 | 5,284 | 5,139 | ' | ' | ' |
Net cash distribution | $19,301 | $2,349 | $715 | $4,306 | $4,750 | $4,640 | ' | ' | ' |
Distributions per share daily rate (in dollars per share) | ' | ' | ' | ' | ' | ' | $0.00 | $0.00 | $0.00 |
Common stock, par value | $0.01 | $0.01 | ' | ' | ' | ' | ' | ' | ' |
Common stock, dividend yield per share | ' | ' | ' | ' | ' | ' | ' | 6.70% | 6.70% |
Common stock, price per share | ' | ' | ' | ' | ' | ' | ' | $10 | $10 |
Subsequent_Events_Details_Acqu
Subsequent Events (Details) - Acquisitions (Subsequent Event, USD $) | 0 Months Ended | ||||||||
In Thousands, unless otherwise specified | Jan. 21, 2014 | Jan. 31, 2014 | Feb. 25, 2014 | Feb. 28, 2014 | Mar. 05, 2014 | Mar. 05, 2014 | Mar. 05, 2014 | Mar. 11, 2014 | Mar. 12, 2014 |
Fair Acres [Member] | Savoy Plaza [Member] | The Shops of Uptown [Member] | Chapel Hill North [Member] | Winchester Gateway [Member] | Stonewall Plaza [Member] | Coppell Market Center [Member] | Harrison Pointe [Member] | Hurstbourne Town Fair [Member] | |
sqft | sqft | sqft | sqft | sqft | sqft | sqft | sqft | sqft | |
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Purchase Price | $9,800 | $17,200 | $26,961 | $16,100 | $38,350 | $29,500 | $19,075 | $22,700 | $24,250 |
Square Footage | 85,523 | 146,624 | 70,402 | 96,290 | 157,377 | 119,159 | 90,225 | 130,758 | 234,364 |
Leased % at Acquisition | 95.40% | 83.90% | 96.50% | 95.20% | 95.80% | 88.70% | 100.00% | 95.80% | 97.40% |
Percentage of interest acquired | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% |
Subsequent_Events_Details_Sale
Subsequent Events (Details) - Sale of Derivative (Interest Rate Swap, Subsequent Event, USD $) | 0 Months Ended |
In Thousands, unless otherwise specified | Feb. 21, 2014 |
Interest Rate Swap | Subsequent Event | ' |
Derivative [Line Items] | ' |
Interest rate swap sale price | $520 |
Schedule_III_Real_Estate_Asset1
Schedule III - Real Estate Assets and Accumulated Depreciation (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | Lakeside Plaza [Member] | Snow View Plaza [Member] | St. Charles Plaza [Member] | Centerpoint [Member] | Southampton Village [Member] | Burwood Village Center [Member] | Cureton Town Center [Member] | Tramway Crossing [Member] | Westin Centre [Member] | Village at Glynn Place [Member] | Meadowthorpe Shopping Center [Member] | New Windsor Marketplace [Member] | Vine Street Square [Member] | Northtowne Square [Member] | Brentwood Commons [Member] | Sidney Towne Center [Member] | Broadway Plaza [Member] | Richmond Plaza [Member] | Publix at Northridge [Member] | Baker Hill Center [Member] | New Prague Commons [Member] | Brook Park Plaza [Member] | Heron Creek Towne Center [Member] | Quartz Hill Towne Centre [Member] | Hilfiker Square [Member] | Village One Plaza [Member] | Butler Creek [Member] | Fairview Oaks [Member] | Grassland Crossing [Member] | Hamilton Ridge [Member] | Marbleton Crossing [Member] | The Shops at Westridge [Member] | Fairlawn Town Centre [Member] | Macland Pointe [Member] | Murray Landing [Member] | Vineyard Center [Member] | Kleinwood Center [Member] | Lutz Lake Crossing [Member] | Publix at Seven Hills [Member] | Hartville Centre [Member] | Sunset Center [Member] | Savage Town Square [Member] | Northcross [Member] | Glenwood Crossing [Member] | Pavilions at San Mateo [Member] | Shiloh Square [Member] | Boronda Plaza [Member] | Rivergate [Member] | Westwoods Shopping Center [Member] | Paradise Crossing [Member] | Conta Loma Plaza [Member] | South Oaks Plaza [Member] | Yorktown Centre [Member] | Stockbridge Commons [Member] | Dyer Crossing [Member] | East Burnside Plaza [Member] | Red Maple Village [Member] | Crystal Beach Plaza [Member] | CitiCentre Plaza [Member] | Duck Creek Plaza [Member] | Cahill Plaza [Member] | Pioneer Plaza [Member] | Fresh Market [Member] | Courthouse Marketplace [Member] | Hastings Marketplace [Member] | Shoppes of Paradise Lakes [Member] | Conquina Plaza [Member] | Butler's Crossing [Member] | Lakewood Plaza [Member] | Collington Plaza [Member] | Golden Town Center [Member] | Northstar Marketplace [Member] | Bear Creek Plaza [Member] | Flag City Station [Member] | Southern Hills Crossing [Member] | Sulphur Grove [Member] | East Side Square [Member] | Hoke Crossing [Member] | Town & Country Shopping Center [Member] | Sterling Pointe Center [Member] | Southgate Shopping Center [Member] | Arcadia Plaza [Member] | Stop & Shop Plaza [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
City | ' | ' | ' | 'Salem | 'Parma | 'Haines City | 'Easley | 'Tyrone | 'Glen Burnie | 'Waxhaw | 'Sanford | 'Fayetteville | 'Brunswick | 'Lexington | 'Windsor | 'Kissimmee | 'Gibsonia | 'Bensenville | 'Sidney | 'Tucson | 'Augusta | 'Sarasota | 'Glen Ellyn | 'New Prague | 'Brook Park | 'North Port | 'Lancaster | 'Salem | 'Modesto | 'Acworth | 'Ellenwood | 'Alpharetta | 'Buford | 'Mableton | 'McDonough | 'Fairlawn | 'Marietta | 'Irmo | 'Tallahassee | 'Spring | 'Lutz | 'Spring Hill | 'Hartville | 'Corvallis | 'Savage | 'Austin | 'Kenosha | 'Albuquerque | 'Kennesaw | 'Salinas | 'Macon | 'Arvada | 'Lithia Springs | 'Antioch | 'St. Louis | 'Erie | 'Fort Mill | 'Dyer | 'Portland | 'Tracy | 'Palm Harbor | 'Carroll | 'Bettendorf | 'Inver Grove Heights | 'Springfield | 'Normal | 'Virginia Beach | 'Hastings | 'Miami | 'Davie | 'Watkinsville | 'Spring Hill | 'Bowie | 'Golden | 'Ramsey | 'Petoskey | 'Findlay | 'Moraine | 'Huber Heights | 'Springfield | 'Clayton | 'Noblesville | 'Lincoln | 'Des Moines | 'Phoenix | 'Enfield |
State | ' | ' | ' | 'VA | 'OH | 'FL | 'SC | 'GA | 'MD | 'NC | 'NC | 'NC | 'GA | 'KY | 'CO | 'FL | 'PA | 'IL | 'OH | 'AZ | 'GA | 'FL | 'IL | 'MN | 'OH | 'FL | 'CA | 'OR | 'CA | 'GA | 'GA | 'GA | 'GA | 'GA | 'GA | 'OH | 'GA | 'SC | 'FL | 'TX | 'FL | 'FL | 'OH | 'OR | 'MN | 'TX | 'WI | 'NM | 'GA | 'CA | 'GA | 'CO | 'GA | 'CA | 'MO | 'PA | 'SC | 'IN | 'OR | 'CA | 'FL | 'IA | 'IA | 'MN | 'OR | 'IL | 'VA | 'MN | 'FL | 'FL | 'GA | 'FL | 'MD | 'CO | 'MN | 'MI | 'OH | 'OH | 'OH | 'OH | 'OH | 'IN | 'CA | 'IA | 'AZ | 'CT |
Mortgage | $196,052 | ' | ' | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $4,668 | $0 | $0 | $6,370 | $0 | $0 | $6,834 | $0 | $9,802 | $11,775 | $0 | $3,270 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $6,330 | $6,600 | $23,640 | $0 | $0 | $0 | $17,685 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $8,800 | $0 | $0 | $0 | $0 | $10,023 | $10,652 | $6,295 | $0 | $0 | $0 | $0 | $0 | $0 | $5,954 | $0 | $0 | $5,983 | $7,327 | $0 | $0 | $24,219 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $6,455 | $13,370 |
Initial Cost, Land | 302,182 | ' | ' | 2,614 | 3,386 | 2,780 | 2,132 | 2,133 | 3,828 | 4,653 | 1,230 | 1,463 | 3,671 | 3,193 | 3,044 | 5,438 | 1,305 | 5,141 | 850 | 3,704 | 4,647 | 4,155 | 5,585 | 2,027 | 1,702 | 2,848 | 4,977 | 2,063 | 3,558 | 2,855 | 2,483 | 2,693 | 2,616 | 3,020 | 1,792 | 7,179 | 2,057 | 1,793 | 1,878 | 8,467 | 2,066 | 1,542 | 1,344 | 5,982 | 2,625 | 27,885 | 972 | 4,987 | 3,997 | 7,468 | 5,279 | 2,526 | 1,442 | 2,466 | 1,251 | 2,155 | 3,733 | 4,508 | 2,371 | 8,227 | 1,495 | 536 | 3,641 | 1,963 | 4,528 | 1,655 | 5,568 | 2,973 | 5,043 | 8,388 | 695 | 2,808 | 10,788 | 5,895 | 2,148 | 3,583 | 2,984 | 326 | 380 | 239 | 328 | 5,296 | 5,719 | 1,432 | 5,106 | 6,879 |
Initial Cost, Buildings and Improvements | 825,733 | ' | ' | 5,977 | 7,150 | 5,709 | 4,633 | 5,713 | 11,786 | 8,113 | 3,856 | 4,226 | 7,626 | 5,085 | 2,152 | 7,229 | 8,749 | 8,990 | 4,382 | 8,444 | 13,754 | 7,148 | 15,220 | 7,826 | 8,437 | 5,296 | 14,904 | 5,142 | 20,360 | 7,199 | 6,346 | 6,778 | 8,606 | 7,819 | 4,897 | 32,223 | 6,757 | 7,990 | 5,104 | 21,964 | 7,171 | 6,271 | 4,417 | 16,890 | 10,890 | 28,467 | 10,814 | 20,209 | 9,416 | 13,429 | 24,335 | 12,295 | 6,826 | 4,306 | 7,321 | 16,976 | 10,366 | 11,723 | 5,535 | 20,489 | 8,758 | 2,764 | 13,977 | 5,737 | 6,100 | 9,478 | 8,624 | 11,051 | 6,787 | 12,840 | 7,325 | 11,715 | 16,561 | 11,337 | 9,866 | 19,705 | 11,331 | 1,933 | 2,315 | 1,118 | 1,212 | 18,333 | 21,158 | 9,359 | 7,572 | 17,041 |
Initial Cost, Adjustments to Basis | 98,967 | ' | ' | 159 | 1,764 | 1,611 | 85 | 504 | 986 | 1,184 | 414 | 361 | 53 | 441 | 354 | 983 | 521 | 719 | -932 | 926 | 1,099 | 569 | 1,524 | 297 | 506 | 506 | 1,089 | 795 | 2,582 | 596 | 471 | 229 | 578 | 661 | 861 | 2,798 | 336 | 619 | 281 | 3,904 | 563 | 687 | 1,539 | 2,028 | 1,388 | 5,148 | 1,036 | 3,154 | 1,087 | 1,803 | 2,740 | 521 | 732 | 478 | 928 | 2,269 | 1,199 | 2,518 | 835 | 2,424 | 1,847 | 450 | 2,082 | 650 | 1,222 | 617 | 1,858 | 1,851 | 1,446 | 1,882 | 880 | 777 | 3,258 | 1,783 | 1,986 | 2,163 | 1,346 | 204 | 219 | 114 | 178 | 2,420 | 3,898 | -1,066 | 972 | 2,419 |
Carrying Amount, Land | 302,182 | ' | ' | 2,614 | 3,386 | 2,780 | 2,132 | 2,133 | 3,828 | 4,653 | 1,230 | 1,463 | 3,671 | 3,193 | 3,044 | 5,438 | 1,305 | 5,141 | 850 | 3,704 | 4,647 | 4,155 | 5,585 | 2,027 | 1,702 | 2,848 | 4,977 | 2,063 | 3,558 | 2,855 | 2,483 | 2,693 | 2,616 | 3,020 | 1,792 | 7,179 | 2,057 | 1,793 | 1,878 | 8,467 | 2,066 | 1,542 | 1,344 | 5,982 | 2,625 | 27,885 | 972 | 4,987 | 3,997 | 7,468 | 5,279 | 2,526 | 1,442 | 2,466 | 1,251 | 2,155 | 3,733 | 4,508 | 2,371 | 8,227 | 1,495 | 536 | 3,641 | 1,963 | 4,528 | 1,655 | 5,568 | 2,973 | 5,043 | 8,388 | 695 | 2,808 | 10,788 | 5,895 | 2,148 | 3,583 | 2,984 | 326 | 380 | 239 | 328 | 5,296 | 5,719 | 1,432 | 5,106 | 6,879 |
Carrying Amount, Buildings and Improvements | 833,892 | ' | ' | 6,112 | 7,480 | 5,755 | 4,925 | 5,964 | 11,842 | 8,344 | 3,927 | 4,276 | 7,777 | 5,179 | 2,246 | 7,320 | 8,839 | 9,104 | 4,573 | 8,678 | 14,055 | 7,240 | 15,255 | 7,872 | 8,528 | 5,351 | 14,924 | 5,159 | 20,419 | 7,470 | 6,412 | 7,040 | 8,640 | 7,899 | 4,907 | 33,120 | 7,083 | 8,017 | 5,168 | 22,170 | 7,339 | 6,299 | 5,107 | 16,930 | 10,890 | 28,623 | 10,859 | 20,402 | 9,638 | 13,497 | 24,819 | 12,359 | 6,921 | 4,355 | 7,402 | 16,976 | 10,468 | 11,757 | 5,545 | 20,489 | 8,764 | 2,789 | 14,003 | 5,738 | 6,107 | 9,478 | 8,645 | 11,051 | 6,789 | 12,840 | 7,336 | 11,716 | 16,561 | 11,338 | 9,866 | 19,705 | 11,331 | 1,933 | 2,315 | 1,118 | 1,212 | 18,333 | 21,158 | 9,359 | 7,572 | 17,090 |
Carrying Amount, Total | 1,136,074 | 291,175 | 70,753 | 8,726 | 10,866 | 8,535 | 7,057 | 8,097 | 15,670 | 12,997 | 5,157 | 5,739 | 11,448 | 8,372 | 5,290 | 12,758 | 10,144 | 14,245 | 5,423 | 12,382 | 18,702 | 11,395 | 20,840 | 9,899 | 10,230 | 8,199 | 19,901 | 7,222 | 23,977 | 10,325 | 8,895 | 9,733 | 11,256 | 10,919 | 6,699 | 40,299 | 9,140 | 9,810 | 7,046 | 30,637 | 9,405 | 7,841 | 6,451 | 22,912 | 13,515 | 56,508 | 11,831 | 25,389 | 13,635 | 20,965 | 30,098 | 14,885 | 8,363 | 6,821 | 8,653 | 19,131 | 14,201 | 16,265 | 7,916 | 28,716 | 10,259 | 3,325 | 17,644 | 7,701 | 10,635 | 11,133 | 14,213 | 14,024 | 11,832 | 21,228 | 8,031 | 14,524 | 27,349 | 17,233 | 12,014 | 23,288 | 14,315 | 2,259 | 2,695 | 1,357 | 1,540 | 23,629 | 26,877 | 10,791 | 12,678 | 23,969 |
Accumulated Depreciation | $29,538 | $7,317 | $1,261 | $1,130 | $1,461 | $922 | $552 | $708 | $1,357 | $934 | $540 | $662 | $921 | $685 | $234 | $785 | $915 | $913 | $425 | $659 | $965 | $438 | $947 | $437 | $459 | $271 | $718 | $217 | $765 | $354 | $302 | $314 | $385 | $379 | $219 | $1,466 | $309 | $264 | $173 | $718 | $222 | $207 | $149 | $416 | $233 | $605 | $205 | $419 | $208 | $266 | $392 | $208 | $121 | $56 | $101 | $277 | $148 | $163 | $67 | $186 | $87 | $34 | $140 | $62 | $45 | $62 | $61 | $78 | $52 | $89 | $53 | $89 | $55 | $43 | $36 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
Date Acquired | ' | ' | ' | 10-Dec-10 | 15-Dec-10 | 10-Jun-11 | 14-Oct-11 | 14-Oct-11 | 9-Nov-11 | 29-Dec-11 | 23-Feb-12 | 23-Feb-12 | 27-Apr-12 | 9-May-12 | 9-May-12 | 4-Jun-12 | 19-Jun-12 | 5-Jul-12 | 2-Aug-12 | 13-Aug-12 | 30-Aug-12 | 30-Aug-12 | 6-Sep-12 | 12-Oct-12 | 23-Oct-12 | 17-Dec-12 | 26-Dec-12 | 28-Dec-12 | 28-Dec-12 | 15-Jan-13 | 15-Jan-13 | 15-Jan-13 | 15-Jan-13 | 15-Jan-13 | 15-Jan-13 | 30-Jan-13 | 13-Feb-13 | 21-Mar-13 | 21-Mar-13 | 21-Mar-13 | 4-Apr-13 | 4-Apr-13 | 23-Apr-13 | 31-May-13 | 19-Jun-13 | 24-Jun-13 | 27-Jun-13 | 27-Jun-13 | 27-Jun-13 | 3-Jul-13 | 18-Jul-13 | 8-Aug-13 | 13-Aug-13 | 19-Aug-13 | 21-Aug-13 | 30-Aug-13 | 3-Sep-13 | 4-Sep-13 | 12-Sep-13 | 18-Sep-13 | 25-Sep-13 | 2-Oct-13 | 8-Oct-13 | 9-Oct-13 | 18-Oct-13 | 22-Oct-13 | 25-Oct-13 | 6-Nov-13 | 7-Nov-13 | 7-Nov-13 | 7-Nov-13 | 7-Nov-13 | 21-Nov-13 | 22-Nov-13 | 27-Nov-13 | 19-Dec-13 | 19-Dec-13 | 19-Dec-13 | 19-Dec-13 | 19-Dec-13 | 19-Dec-13 | 19-Dec-13 | 20-Dec-13 | 20-Dec-13 | 30-Dec-13 | 30-Dec-13 |
Schedule_III_Reconciliation_of
Schedule III - Reconciliation of Real Estate Owned (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
SEC Schedule III, Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ' | ' |
Balance at January 1 | $291,175 | $70,753 |
Real estate acquisitions | 837,881 | 219,377 |
Additions to/improvements of real estate | 7,018 | 1,045 |
Balance at December 31 | $1,136,074 | $291,175 |
Schedule_III_Reconciliation_of1
Schedule III - Reconciliation of Accumulated Depreciation (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ' | ' |
Balance at January 1 | $7,317 | $1,261 |
Depreciation expense | 22,221 | 6,056 |
Balance at December 31 | $29,538 | $7,317 |