Document and Entity Information
Document and Entity Information - USD ($) shares in Millions, $ in Billions | 12 Months Ended | ||
Dec. 31, 2015 | Mar. 24, 2016 | Jun. 30, 2015 | |
Document and Entity Information [Abstract] | |||
Entity Registrant Name | COLE CREDIT PROPERTY TRUST IV, INC. | ||
Entity Central Index Key | 1,498,547 | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2015 | ||
Amendment Flag | false | ||
Document Fiscal Year Focus | 2,015 | ||
Document Fiscal Period Focus | FY | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity common stock, shares outstanding (shares) | 312.1 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Public Float | $ 3.1 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Investment in real estate assets: | ||
Land | $ 1,113,987 | $ 972,983 |
Buildings, fixtures and improvements | 3,071,618 | 2,617,956 |
Intangible lease assets | 533,477 | 440,002 |
Total real estate investments, at cost | 4,719,082 | 4,030,941 |
Less: accumulated depreciation and amortization | (253,115) | (126,271) |
Total real estate investments, net | 4,465,967 | 3,904,670 |
Investment in unconsolidated joint venture | 18,359 | 19,170 |
Total real estate investments and related assets, net | 4,484,326 | 3,923,840 |
Cash and cash equivalents | 26,316 | 55,287 |
Restricted cash | 8,274 | 4,560 |
Rents and tenant receivables, net | 54,782 | 34,929 |
Due from affiliates | 47 | 470 |
Prepaid expenses, property escrow deposits, derivative assets and other assets | 4,359 | 7,137 |
Deferred costs, net | 4,095 | 5,245 |
Total assets | 4,582,199 | 4,031,468 |
LIABILITIES AND STOCKHOLDERS’ EQUITY | ||
Notes payable and credit facility, net | 2,066,563 | 1,458,828 |
Accounts payable and accrued expenses | 26,418 | 25,355 |
Due to affiliates | 5,613 | 5,473 |
Intangible lease liabilities, net | 53,822 | 55,535 |
Distributions payable | 16,568 | 16,189 |
Deferred rental income, derivative liabilities and other liabilities | 26,100 | 21,710 |
Total liabilities | $ 2,195,084 | $ 1,583,090 |
Commitments and contingencies | ||
Redeemable common stock and noncontrolling interest | $ 190,561 | $ 121,972 |
STOCKHOLDERS’ EQUITY | ||
Preferred stock, $0.01 par value, 10,000,000 shares authorized, none issued and outstanding | 0 | 0 |
Common stock, $0.01 par value; 490,000,000 shares authorized, 312,093,211 and 304,950,000 shares issued and outstanding, respectively | 3,121 | 3,050 |
Capital in excess of par value | 2,607,367 | 2,607,448 |
Accumulated distributions in excess of earnings | (408,575) | (280,035) |
Accumulated other comprehensive loss | (5,359) | (4,057) |
Total stockholders’ equity | 2,196,554 | 2,326,406 |
Total liabilities and stockholders’ equity | $ 4,582,199 | $ 4,031,468 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Dec. 31, 2015 | Dec. 31, 2014 |
Statement of Financial Position [Abstract] | ||
Preferred stock, par value (USD per share) | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized (shares) | 10,000,000 | 10,000,000 |
Preferred stock, shares issued (shares) | 0 | 0 |
Preferred stock, shares outstanding (shares) | 0 | 0 |
Common stock, par value (USD per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (shares) | 490,000,000 | 490,000,000 |
Common stock, shares issued (shares) | 312,093,211 | 304,950,000 |
Common stock, shares outstanding (shares) | 312,093,211 | 304,950,000 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Revenues: | |||
Rental income | $ 321,425 | $ 221,909 | $ 90,680 |
Tenant reimbursement income | 46,306 | 34,373 | 11,877 |
Total revenues | 367,731 | 256,282 | 102,557 |
Operating expenses: | |||
General and administrative | 13,652 | 11,510 | 7,566 |
Property operating | 20,890 | 15,508 | 5,807 |
Real estate tax | 33,571 | 23,527 | 7,700 |
Advisory fees and expenses | 36,225 | 24,142 | 10,549 |
Acquisition-related | 15,526 | 51,763 | 48,286 |
Depreciation and amortization | 122,227 | 84,402 | 33,345 |
Impairment | 1,440 | 0 | 0 |
Total operating expenses | 243,531 | 210,852 | 113,253 |
Operating income (loss) | 124,200 | 45,430 | (10,696) |
Other income (expense): | |||
Interest expense and other, net | (59,307) | (34,260) | (22,184) |
Net income (loss) | 64,893 | 11,170 | (32,880) |
Net income (loss) allocated to noncontrolling interest | 122 | (20) | 0 |
Net income (loss) attributable to the Company | $ 64,771 | $ 11,190 | $ (32,880) |
Weighted average number of common shares outstanding: | |||
Basic and diluted (shares) | 309,263,576 | 292,072,088 | 90,330,927 |
Net income (loss) per common share: | |||
Basic and diluted (USD per share) | $ 0.21 | $ 0.04 | $ (0.36) |
Consolidated Statement of Compr
Consolidated Statement of Comprehensive Income (Loss) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Statement of Comprehensive Income [Abstract] | |||
Net income (loss) | $ 64,893 | $ 11,170 | $ (32,880) |
Other comprehensive loss: | |||
Unrealized loss on interest rate swaps | (7,787) | (7,046) | (4,203) |
Amount of loss reclassified from other comprehensive loss into income as interest expense | 6,485 | 5,241 | 1,951 |
Total other comprehensive loss | (1,302) | (1,805) | (2,252) |
Comprehensive income (loss) | 63,591 | 9,365 | (35,132) |
Comprehensive income (loss) allocated to noncontrolling interest | 122 | (20) | 0 |
Comprehensive income (loss) attributable to the Company | $ 63,469 | $ 9,385 | $ (35,132) |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands | Total | Common Stock | Capital in Excess of Par Value | Accumulated Distributions in Excess of Earnings | Accumulated Other Comprehensive Loss |
Balance, shares (shares) at Dec. 31, 2012 | 29,943,549 | ||||
Balance at Dec. 31, 2012 | $ 245,515 | $ 299 | $ 264,341 | $ (19,125) | $ 0 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Issuance of common stock (shares) | 181,205,760 | ||||
Issuance of common stock | 1,807,820 | $ 1,811 | 1,806,009 | ||
Distributions to investors | (56,583) | (56,583) | |||
Commissions on stock sales and related dealer manager fees | (157,767) | (157,767) | |||
Other offering costs | (36,179) | (36,179) | |||
Redemptions of common stock (shares) | (122,637) | ||||
Redemptions of common stock | (1,182) | (1,182) | |||
Changes in redeemable common stock | (24,520) | (24,520) | |||
Comprehensive loss | (35,132) | (32,880) | (2,252) | ||
Balance, shares (shares) at Dec. 31, 2013 | 211,026,672 | ||||
Balance at Dec. 31, 2013 | 1,741,972 | $ 2,110 | 1,850,702 | (108,588) | (2,252) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Issuance of common stock (shares) | 95,036,480 | ||||
Issuance of common stock | 941,930 | $ 951 | 940,979 | ||
Distributions to investors | (182,637) | (182,637) | |||
Commissions on stock sales and related dealer manager fees | (72,706) | (72,706) | |||
Other offering costs | (7,277) | (7,277) | |||
Changes in redeemable common stock | (93,412) | (93,412) | |||
Redemptions and cancellations of common stock (shares) | (1,113,152) | ||||
Redemptions and cancellations of common stock | (10,849) | $ (11) | (10,838) | ||
Comprehensive loss | $ 9,385 | 11,190 | (1,805) | ||
Balance, shares (shares) at Dec. 31, 2014 | 304,950,000 | 304,950,000 | |||
Balance at Dec. 31, 2014 | $ 2,326,406 | $ 3,050 | 2,607,448 | (280,035) | (4,057) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Issuance of common stock (shares) | 11,745,917 | ||||
Issuance of common stock | 112,158 | $ 117 | 112,041 | ||
Distributions to investors | (193,311) | (193,311) | |||
Commissions on stock sales and related dealer manager fees | 0 | 0 | |||
Other offering costs | (6) | (6) | |||
Changes in redeemable common stock | (67,974) | (67,974) | |||
Redemptions and cancellations of common stock (shares) | (4,602,706) | ||||
Redemptions and cancellations of common stock | (44,188) | $ (46) | (44,142) | ||
Comprehensive loss | $ 63,469 | 64,771 | (1,302) | ||
Balance, shares (shares) at Dec. 31, 2015 | 312,093,211 | 312,093,211 | |||
Balance at Dec. 31, 2015 | $ 2,196,554 | $ 3,121 | $ 2,607,367 | $ (408,575) | $ (5,359) |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Cash flows from operating activities: | |||
Net income (loss) | $ 64,893 | $ 11,170 | $ (32,880) |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||
Depreciation and amortization, net | 121,128 | 82,143 | 33,156 |
Amortization of deferred financing costs | 4,646 | 3,201 | 3,056 |
Amortization of fair value adjustment of mortgage notes payable assumed | (336) | (94) | 0 |
Straight-line rental income | (11,776) | (8,227) | (4,853) |
Bad debt expense | 320 | 113 | 59 |
Equity in income of unconsolidated joint venture | (798) | (765) | (324) |
Return on investment from unconsolidated joint venture | 1,038 | 719 | 130 |
Loss on sale of real estate | 108 | 157 | 0 |
Impairment of real estate | 1,440 | 0 | 0 |
Fair value adjustment to contingent consideration | (1,747) | 0 | 0 |
Changes in assets and liabilities: | |||
Rents and tenant receivables | (3,570) | (12,375) | (8,181) |
Prepaid expenses and other assets | (488) | (480) | (730) |
Accounts payable and accrued expenses | 6,043 | 6,741 | 8,688 |
Deferred rental income and other liabilities | 1,436 | 4,355 | 7,369 |
Due from affiliates | 423 | (470) | 0 |
Due to affiliates | 140 | 2,898 | 2,080 |
Net cash provided by operating activities | 182,900 | 89,086 | 7,570 |
Cash flows from investing activities: | |||
Investment in real estate assets and capital expenditures | (677,754) | (1,717,744) | (1,667,832) |
Real estate developments | (684) | (31,742) | 0 |
Return of investment in unconsolidated joint venture | 571 | 0 | (18,930) |
Proceeds from sale of real estate | 1,058 | 1,758 | 0 |
Escrowed funds for acquisition of real estate investments | 0 | (70,254) | 0 |
Release of escrowed funds for acquisition of real estate investments | 0 | 70,254 | 0 |
Payment of property escrow deposits | (3,240) | (6,148) | (28,978) |
Refund of property escrow deposits | 7,025 | 9,888 | 20,453 |
Change in restricted cash | (3,714) | 3,633 | (7,670) |
Net cash used in investing activities | (676,738) | (1,740,355) | (1,702,957) |
Cash flows from financing activities: | |||
Proceeds from issuance of common stock | 0 | 837,669 | 1,782,118 |
Redemptions and cancellations of common stock | (44,188) | (10,849) | (1,182) |
Offering costs on issuance of common stock | (6) | (84,920) | (190,670) |
Distributions to investors | (80,773) | (72,756) | (21,768) |
Proceeds from notes payable and borrowing facilities | 1,218,367 | 744,064 | 970,842 |
Repayments of borrowing facilities and notes payable | (621,388) | (388) | (548,490) |
Payment of loan deposits | (3,242) | (523) | (1,406) |
Refund of loan deposits | 3,242 | 1,068 | 861 |
Change in escrowed investor proceeds | 0 | (5,147) | 4,624 |
Deferred financing costs paid | (7,638) | (1,681) | (12,408) |
Contributions from noncontrolling interests | 762 | 2,142 | 0 |
Distributions to noncontrolling interests | (269) | (46) | 0 |
Other financing activities | 0 | (2,651) | (455) |
Net cash provided by financing activities | 464,867 | 1,405,982 | 1,982,066 |
Net (decrease) increase in cash and cash equivalents | (28,971) | (245,287) | 286,679 |
Cash and cash equivalents, beginning of period | 55,287 | 300,574 | 13,895 |
Cash and cash equivalents, end of period | $ 26,316 | $ 55,287 | $ 300,574 |
Organization and Business
Organization and Business | 12 Months Ended |
Dec. 31, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
ORGANIZATION AND BUSINESS | ORGANIZATION AND BUSINESS Cole Credit Property Trust IV, Inc. (the “Company”) is a Maryland corporation, incorporated on July 27, 2010, that qualified as a real estate investment trust (“REIT”) for U.S. federal income tax purposes beginning with its taxable year ended December 31, 2012. The Company is the sole general partner of and owns, directly or indirectly, 100% of the partnership interests in Cole Operating Partnership IV, LP, a Delaware limited partnership. The Company is externally managed by Cole REIT Advisors IV, LLC (“CR IV Advisors”), a Delaware limited liability company and an affiliate of the Company’s sponsor, Cole Capital ® , which is a trade name used to refer to a group of affiliated entities directly or indirectly controlled by VEREIT, Inc. (“VEREIT”), a widely-held public company whose shares of common stock are listed on the New York Stock Exchange (NYSE: VER). VEREIT indirectly owns and/or controls the Company’s external advisor, CR IV Advisors, the Company’s dealer manager for the Offering (as defined below), Cole Capital Corporation (“CCC”), the Company’s property manager, CREI Advisors, LLC (“CREI Advisors”), and the Company’s sponsor, Cole Capital. On January 26, 2012 , pursuant to a Registration Statement on Form S-11 (Registration No. 333-169533) (the “Registration Statement”) filed under the Securities Act of 1933, as amended (the “Securities Act”), the Company commenced its initial public offering on a “best efforts” basis of up to a maximum of $2.975 billion in shares of common stock (the “Offering”). On November 25, 2013 , the Company reallocated $400.0 million in shares from its distribution reinvestment plan (the “DRIP”) to the primary portion of the Offering, and on February 18, 2014 , the Company reallocated an additional $23.0 million in shares from the DRIP to the primary portion of the Offering. As a result of these reallocations, the Offering offered up to a maximum of approximately 292.3 million shares of common stock at a price of $10.00 per share in the primary portion of the Offering and up to approximately 5.5 million additional shares pursuant to the DRIP under which the Company’s stockholders could have elected to have distributions reinvested in additional shares of common stock at a price of $9.50 per share. As of February 25, 2014, the Company no longer accepted subscription agreements in connection with the Offering because it had received subscription agreements that allowed it to reach the maximum primary offering. The Company ceased issuing shares in the Offering on April 4, 2014. At the completion of the Offering, a total of approximately 297.4 million shares of common stock had been issued, including approximately 292.3 million shares of common stock sold to the public pursuant to the primary portion of the Offering and approximately 5.1 million shares of common stock issued pursuant to the DRIP. The remaining approximately 404,000 unsold shares from the Offering were deregistered. In addition, the Company registered 26.0 million shares of common stock under the DRIP pursuant to a Registration Statement filed on Form S-3 (Registration No. 333-192958) (the “DRIP Offering” and collectively with the Offering, the “Offerings”), which was filed with the U.S. Securities and Exchange Commission (the “SEC”) on December 19, 2013 and automatically became effective with the SEC upon filing. The Company has issued, and expects that it will continue to issue, shares of common stock in the DRIP Offering. On September 27, 2015, the Company announced that its board of directors (the “Board”) established an estimated value of the Company’s common stock, as of August 31, 2015, of $9.70 per share for purposes of assisting broker-dealers that participated in the Offering in meeting their customer account statement reporting obligations under National Association of Securities Dealers Conduct Rule 2340. Going forward, the Company intends to publish an updated estimated value per share on at least an annual basis. Pursuant to the terms of the Company’s DRIP, as of August 31, 2015, distributions are reinvested in shares of our common stock at a price of $9.70 per share, the estimated per share value as determined by the Board. As of December 31, 2015 , the Company had issued approximately 317.9 million shares of its common stock in the Offerings, including 20.6 million shares issued in the DRIP Offering, for gross offering proceeds of $3.2 billion before organization and offering costs, selling commissions and dealer manager fees of $306.0 million . As of December 31, 2015 , the Company owned 871 properties, which include properties owned through a consolidated joint venture arrangement (the “Consolidated Joint Venture”), comprising 25.2 million rentable square feet of commercial space located in 45 states. As of December 31, 2015 , the rentable space at these properties was 98.5% leased. In addition, through an unconsolidated joint venture arrangement, as of December 31, 2015 , the Company had an interest in one property comprising 176,000 rentable square feet of commercial space (the “Unconsolidated Joint Venture”). |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The summary of significant accounting policies presented below is designed to assist in understanding the Company’s consolidated financial statements. These accounting policies conform to accounting principles generally accepted in the United States of America (“GAAP”) in all material respects, and have been consistently applied in preparing the accompanying consolidated financial statements. Principles of Consolidation and Basis of Presentation The consolidated financial statements include the accounts of the Company, its wholly-owned subsidiaries and the Consolidated Joint Venture in which the Company has a controlling financial interest. All intercompany balances and transactions have been eliminated in consolidation. The Company evaluates its relationships and investments to determine if it has variable interests. A variable interest is an investment or other interest that will absorb portions of an entity’s expected losses or receive portions of the entity’s expected residual returns. If the Company determines that it has a variable interest in an entity, it evaluates whether such interest is in a variable interest entity (“VIE”). The Company consolidates any VIEs when it is determined to be the primary beneficiary of the VIE’s operations. A VIE must be consolidated by its primary beneficiary, which is generally defined as the party who has a controlling financial interest in the VIE. The Company qualitatively assesses whether it is (or is not) the primary beneficiary of a VIE. Consideration of various factors include, but are not limited to, the Company’s ability to direct the activities that most significantly impact the entity’s economic performance and its obligation to absorb losses from or right to receive benefits of the VIE that could potentially be significant to the VIE. The Company consolidates any VIEs when the Company is determined to be the primary beneficiary of the VIE and the difference between consolidating the VIE and accounting for it using the equity method could be material to the Company’s consolidated financial statements. The Company continually evaluates the need to consolidate these VIEs based on standards set forth in GAAP as described above. As of December 31, 2015 , the Company determined that it had a controlling interest in the Consolidated Joint Venture and therefore met the GAAP requirements for consolidation. As of December 31, 2015 and December 31, 2014 , the Company was not required to consolidate the Unconsolidated Joint Venture as the applicable joint venture entity did not qualify as a VIE and the Company did not meet the control requirement for consolidation. Reclassifications Certain amounts in the Company’s prior period consolidated financial statements have been reclassified to conform to the current period presentation. The Company has chosen to break out the details of (i) real estate tax expenses from property operating expenses in the Company’s consolidated statements of operations and (ii) straight-line rental income in the Company’s consolidated statements of cash flows. The Company has also chosen to combine the depreciation of $54.8 million and $21.6 million for the years ended December 31, 2014 and 2013, respectively, and amortization of $29.6 million and $11.7 million for the years ended December 31, 2014 and 2013, respectively, into the line item depreciation and amortization in the consolidated statements of operations. The unrealized loss on interest rate swaps line item from the prior years has been disaggregated within the consolidated statements of other comprehensive income (loss) into the captions unrealized loss on interest rate swaps and amount of loss reclassified from other comprehensive loss into income as interest expense. Further, the Company has modified the presentation of debt issuance costs related to a recognized debt liability to be presented on the consolidated balance sheets as a direct deduction from the carrying amount of the related debt liability (specifically relating to mortgage notes payable and the term portion of the credit facility), rather than presenting the costs as an asset, for all periods presented. As such, the corresponding prior period amounts have also been broken out into separate line items to conform to the current financial statement presentation. The Company has also reclassified certain accounts, as shown below, in its previously issued consolidated balance sheet to conform to the current period presentation. Investments in real estate assets have been presented gross, with the related depreciation and amortization amounts subtracted out to arrive at the net real estate investments balance. None of the revised reclassifications reflect corrections of any amounts. The following table presents the previously reported balances and the reclassified balances for the impacted line items of the December 31, 2014 consolidated balance sheet (in thousands): December 31, 2014 As Previously Reported Investment in real estate assets: Land $ 972,983 Buildings and improvements, less accumulated depreciation of $78,186 2,539,770 Intangible lease assets, less accumulated amortization of $48,085 391,917 Total investment in real estate assets, net $ 3,904,670 December 31, 2014 As Reclassified Investment in real estate assets: Land $ 972,983 Buildings, fixtures and improvements 2,617,956 Intangible lease assets 440,002 Total real estate investments, at cost 4,030,941 Less: accumulated depreciation and amortization (126,271 ) Total real estate investments, net $ 3,904,670 Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and 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 period. Actual results could differ from those estimates. Real Estate Investments Real estate assets are stated at cost, less accumulated depreciation and amortization. Amounts capitalized to real estate assets consist of the cost of acquisition, excluding acquisition-related expenses, construction and any tenant improvements, major improvements and betterments that extend the useful life of the real estate assets and leasing costs. All repairs and maintenance are expensed as incurred. The Company considers the period of future benefit of each respective asset to determine the appropriate useful life. The estimated useful lives of the Company’s real estate assets by class are generally as follows: Buildings 40 years Tenant improvements Lesser of useful life or lease term Intangible lease assets Lease term Recoverability of Real Estate Assets The Company continually monitors events and changes in circumstances that could indicate that the carrying amounts of its real estate assets may not be recoverable. Impairment indicators that the Company considers include, but are not limited to, bankruptcy or other credit concerns of a property’s major tenant, such as a history of late payments, rental concessions and other factors, a significant decrease in a property’s revenues due to lease terminations, vacancies, co-tenancy clauses, reduced lease rates or other circumstances. When indicators of potential impairment are present, the Company assesses the recoverability of the assets by determining whether the carrying amount of the assets will be recovered through the undiscounted future cash flows expected from the use of the assets and their eventual disposition. In the event that such expected undiscounted future cash flows do not exceed the carrying amount, the Company will adjust the real estate assets to their respective fair values and recognize an impairment loss. Generally, fair value is determined using a discounted cash flow analysis and recent comparable sales transactions. The Company recorded impairment charges of $1.4 million related to one property during the year ended December 31, 2015 . The assumptions and uncertainties utilized in the evaluation of the impairment of real estate assets are discussed in detail in Note 3 — Fair Value Measurements. See also Note 4 — Real Estate Acquisitions for further discussion regarding real estate investment activity. No impairment indicators were identified and no impairment losses were recorded during the years ended December 31, 2014 or 2013 . Assets Held for Sale When a real estate asset is identified by the Company as held for sale, the Company will cease depreciation and amortization of the assets related to the property and estimate the fair value, net of selling costs. If, in management’s opinion, the fair value, net of selling costs, of the asset is less than the carrying amount of the asset, an adjustment to the carrying amount would be recorded to reflect the estimated fair value of the property, net of selling costs. There were no assets identified as held for sale as of December 31, 2015 or 2014 . Allocation of Purchase Price of Real Estate Assets Upon the acquisition of real properties, the Company allocates the purchase price to acquired tangible assets, consisting of land, buildings and improvements, and identified intangible assets and liabilities, consisting of the value of above- and below-market leases and the value of in-place leases, based in each case on their respective fair values. Acquisition-related expenses are expensed as incurred. The Company utilizes independent appraisals to assist in the determination of the fair values of the tangible assets of an acquired property (which includes land and buildings). The information in the appraisal, along with any additional information available to the Company’s management, is used in estimating the amount of the purchase price that is allocated to land. Other information in the appraisal, such as building value and market rents, may be used by the Company’s management in estimating the allocation of purchase price to the building and to intangible lease assets and liabilities. The appraisal firm has no involvement in management’s allocation decisions other than providing this market information. The fair values of above- and below-market lease intangibles are recorded based on the present value (using a discount rate which reflects the risks associated with the leases acquired) of the difference between (1) the contractual amounts to be paid pursuant to the in-place leases and (2) an estimate of fair market lease rates for the corresponding in-place leases, which is generally obtained from independent appraisals, measured over a period equal to the remaining non-cancelable term of the lease including, for below-market leases, any bargain renewal periods. The above- and below-market lease intangibles are capitalized as intangible lease assets or liabilities, respectively. Above-market leases are amortized as a reduction to rental income over the remaining terms of the respective leases. Below-market leases are amortized as an increase to rental income over the remaining terms of the respective leases, including any bargain renewal periods. In considering whether or not the Company expects a tenant to execute a bargain renewal option, the Company evaluates economic factors and certain qualitative factors at the time of acquisition, such as the financial strength of the tenant, the remaining lease term, the tenant mix of the leased property, the Company’s relationship with the tenant and the availability of competing tenant space. If a lease were to be terminated prior to its stated expiration, all unamortized amounts of above- or below-market lease intangibles relating to that lease would be recorded as an adjustment to rental income. The fair values of in-place leases include estimates of direct costs associated with obtaining a new tenant and opportunity costs associated with lost rental and other property income, which are avoided by acquiring a property with an in-place lease. Direct costs associated with obtaining a new tenant include commissions and other direct costs and are estimated in part by utilizing information obtained from independent appraisals and management’s consideration of current market costs to execute a similar lease. The intangible values of opportunity costs, which are calculated using the contractual amounts to be paid pursuant to the in-place leases over a market absorption period for a similar lease, are capitalized as intangible lease assets and are amortized to expense over the remaining term of the respective leases. If a lease were to be terminated prior to its stated expiration, all unamortized amounts of in-place lease assets relating to that lease would be expensed. The Company has acquired, and may continue to acquire, certain properties subject to contingent consideration arrangements that may obligate the Company to pay additional consideration to the seller based on the outcome of future events (the “Contingent Payments”). Additionally, the Company may acquire certain properties for which it funds certain contingent consideration amounts into an escrow account pending the outcome of certain future events. The outcome may result in the release of all or a portion of the escrowed funds to the Company or the seller or a combination thereof. Contingent consideration arrangements, including amounts funded through an escrow account, are recorded upon acquisition of the respective property at their estimated fair values, and any changes to the estimated fair values, subsequent to acquisition, are reflected in the accompanying consolidated statements of operations. The determination of the amount of contingent consideration arrangements is based on the probability of several possible outcomes as identified by management. The Company estimates the fair value of assumed mortgage notes payable based upon indications of current market pricing for similar types of debt financing with similar maturities. Assumed mortgage notes payable are initially recorded at their estimated fair value as of the assumption date, and any difference between such estimated fair value and the mortgage note’s outstanding principal balance is amortized or accreted to interest expense over the term of the respective mortgage note payable. The determination of the fair values of the real estate assets and liabilities acquired requires the use of significant assumptions with regard to the current market rental rates, rental growth rates, capitalization and discount rates, interest rates and other variables. The use of alternative estimates may result in a different allocation of the Company’s purchase price, which could materially impact the Company’s results of operations. Development Activities Project costs and expenses, including interest incurred, associated with the development, construction and lease-up of a real estate project are capitalized as construction in progress. Once the development and construction of the building is substantially completed, the amounts capitalized to construction in progress are transferred to (i) land and (ii) buildings, fixtures and improvements and are depreciated over their respective useful lives. During the year ended December 31, 2015 , the Company capitalized $1.5 million of interest expense associated with development projects. The Company did not capitalize any interest expense during the year ended December 31, 2014 . Noncontrolling Interest-Redeemable Interest in Consolidated Joint Venture On June 27, 2014 , the Company completed the formation of the Consolidated Joint Venture. Pursuant to the joint venture agreement, the joint venture partner has a right to exercise an option after two years whereby the Company will be required to purchase the ownership interest of the joint venture partner at fair market value. The Company determined it had a controlling interest in the Consolidated Joint Venture and, therefore, met the GAAP requirements for consolidation. The Company recorded net income of $122,000 , received contributions of $762,000 , and paid distributions of $269,000 related to the noncontrolling interest during the year ended December 31, 2015 . The Company recorded the noncontrolling interest of $2.7 million and $2.1 million as of December 31, 2015 and December 31, 2014 , respectively, as temporary equity, in the mezzanine section of the consolidated balance sheets, due to the redemption option existing outside the control of the Company. Investment in Unconsolidated Joint Venture The Company accounts for the Unconsolidated Joint Venture using the equity method of accounting as the Company has the ability to exercise significant influence, but not control, over operating and financial policies of this investment. The equity method of accounting requires the investment to be initially recorded at cost and subsequently adjusted for the Company’s share of equity in the Unconsolidated Joint Venture’s earnings and distributions. The Company is required to determine whether an event or change in circumstances has occurred that may have a significant adverse effect on the fair value of its investment in the Unconsolidated Joint Venture. If an event or change in circumstance has occurred, the Company is required to evaluate the Unconsolidated Joint Venture for potential impairment and determine if the carrying amount of its investment exceeds its fair value. An impairment charge is recorded when an impairment is deemed to be other-than-temporary. To determine whether an impairment is other-than-temporary, the Company considers whether it has the ability and intent to hold the investment until the carrying amount is fully recovered. The evaluation of an investment in an Unconsolidated Joint Venture for potential impairment requires the Company’s management to exercise significant judgment and to make certain assumptions. The use of different judgments and assumptions could result in different conclusions. No impairment indicators were identified and no impairment losses were recorded related to the Unconsolidated Joint Venture during the years ended December 31, 2015 and December 31, 2014 . Restricted Cash The Company had $8.3 million and $4.6 million in restricted cash as of December 31, 2015 and 2014 , respectively. Included in restricted cash was $5.9 million and $2.7 million held by lenders in lockbox accounts, as of December 31, 2015 and 2014 , respectively. As part of certain debt agreements, rents from certain encumbered properties are deposited directly into a lockbox account, from which the monthly debt service payment is disbursed to the lender and the excess is disbursed to the Company. Also included in restricted cash was $2.4 million and $1.9 million held by lenders in escrow accounts for real estate taxes and other lender reserves for certain properties, in accordance with the respective lender’s loan agreement as of December 31, 2015 and 2014 , respectively. Cash Concentrations As of December 31, 2015 , the Company had cash on deposit, including restricted cash, at 11 financial institutions, five of which had Company deposits in excess of federally insured levels totaling $30.9 million ; however, the Company has not experienced any losses in such accounts. The Company limits significant cash deposits to accounts held by financial institutions with high credit standing; therefore, the Company believes it is not exposed to any significant credit risk on its cash deposits. Deferred Financing Costs Deferred financing costs represent commitment fees, legal fees and other costs associated with obtaining commitments for financing. These costs are amortized to interest expense over the terms of the respective financing agreements using the effective interest method. Unamortized deferred financing costs are written off when the associated debt was refinanced or repaid before maturity. As discussed in “Reclassifications” and “Recent Accounting Pronouncements” in this note, the Company historically presented the costs as an asset for the respective financing agreements. Pursuant to the Financial Accounting Standards Board (“FASB”) Accounting Standards Update (“ASU”) 2015-03, the presentation of all deferred financing costs, other than those associated with the revolving loan portion of the credit facility, has been reclassified such that the debt issuance costs related to a recognized debt liability is presented on the consolidated balance sheets as a direct deduction from the carrying amount of the related debt liability rather than as an asset. However, the Company has not reclassified the presentation of deferred financing costs related to the revolving loan portion of the credit facility as, pursuant to FASB ASU 2015-15, debt issuance costs related to securing a revolving line of credit may be presented as an asset and amortized ratably over the term of the line of credit arrangement. As such, the Company’s current and corresponding prior period total deferred financing costs, net in the accompanying consolidated balance sheets relate only to the revolving loan portion of the credit facility and the historical presentation, amortization and treatment of unamortized costs are still applicable. As of December 31, 2015 and 2014 , the Company had $4.1 million and $5.2 million , respectively, of deferred financing costs, net of accumulated amortization, related to the revolving loan portion of the credit facility. Costs incurred in seeking financial transactions that do not close are expensed in the period in which it is determined the financing will not close. Due to Affiliates CR IV Advisors, and certain of its affiliates, received fees, reimbursements and compensation in connection with services provided relating to the Offering and the acquisition, management, financing and leasing of the properties of the Company. As of December 31, 2015 , $5.6 million was due to CR IV Advisors and its affiliates for such services, as discussed in Note 11 — Related-Party Transactions and Arrangements. Derivative Instruments and Hedging Activities The Company accounts for its derivative instruments at fair value. Accounting for changes in the fair value of a derivative instrument depends on the intended use of the derivative instrument and the designation of the derivative instrument. The change in fair value of the effective portion of the derivative instrument that is designated as a hedge is recorded as other comprehensive income (loss). The changes in fair value for derivative instruments that are not designated as hedges or that do not meet the hedge accounting criteria are recorded as a gain or loss to operations. Redeemable Common Stock Under the Company’s share redemption program, the Company’s obligation to redeem shares of its outstanding common stock is limited, among other things, to the net proceeds received by the Company from the sale of shares under the DRIP, net of shares redeemed to date. The Company records amounts that are redeemable under the share redemption program as redeemable common stock outside of permanent equity in its consolidated balance sheets. Changes in the amount of redeemable common stock from period to period are recorded as an adjustment to capital in excess of par value. Revenue Recognition Certain properties have leases where minimum rental payments increase during the term of the lease. The Company records rental income for the full term of each lease on a straight-line basis. When the Company acquires a property, the terms of existing leases are considered to commence as of the acquisition date for the purpose of this calculation. The Company defers the recognition of contingent rental income, such as percentage rents, until the specific target that triggers the contingent rental income is achieved. Expected reimbursements from tenants for recoverable real estate taxes and operating expenses are included in tenant reimbursement income in the period when such costs are incurred. The Company continually reviews receivables related to rent and unbilled rent receivables and determines collectability by taking into consideration the tenant’s payment history, the financial condition of the tenant, business conditions in the industry in which the tenant operates and economic conditions in the area in which the property is located. In the event that the collectability of a receivable is in doubt, the Company will record an increase in the allowance for uncollectible accounts or record a direct write-off of the receivable in the consolidated statements of operations and comprehensive income (loss). As of December 31, 2015 and December 31, 2014 , the Company had an allowance for uncollectible accounts of $301,000 and $67,000 , respectively. Income Taxes The Company elected to be taxed, and currently qualifies, as a REIT for federal income tax purposes under Sections 856 through 860 of the Internal Revenue Code of 1986, as amended, commencing with the taxable year ended December 31, 2012. The Company will generally not be subject to federal corporate income tax to the extent it distributes its taxable income to its stockholders, and so long as it, among other things, distributes at least 90% of its annual taxable income (computed without regard to the dividends paid deduction and excluding net capital gains). REITs are subject to a number of other organizational and operational requirements. Even if the Company maintains its qualification for taxation as a REIT, it or its subsidiaries may be subject to certain state and local taxes on its income and property, and federal income and excise taxes on its undistributed income. Earnings (Loss) Per Share Earnings (loss) per share are calculated based on the weighted average number of common shares outstanding during each period presented. Diluted income (loss) per share considers the effect of any potentially dilutive share equivalents, of which the Company had none for each of the years ended December 31, 2015 , 2014 or 2013 . Reportable Segment The Company’s commercial real estate investments consist primarily of income-producing necessity retail properties that are single-tenant or multi-tenant “power centers,” which are leased to creditworthy tenants under long-term net leases. The properties are geographically diversified throughout the United States and have similar economic characteristics. The Company’s management evaluates operating performance on an overall portfolio level; therefore, the Company’s properties are one reportable segment. Recent Accounting Pronouncements Effective December 31, 2015, the Company early adopted the accounting and reporting requirements of ASU No. 2015-03, Interest — Imputation of Interest (Subtopic 835-30): Simplifying the Presentation and Subsequent Measurement of Debt Issuance Costs (“ASU 2015-03”) and ASU No. 2015-15, Interest — Imputation of Interest (Subtopic 835-30): Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements (“ASU 2015-15”), included in the FASB Accounting Standards Codification (“ASC”) for balance sheet classification of debt issuance costs requiring debt issuance costs to be presented as an offset to the related debt. The Company has applied these requirements retrospectively. Accordingly, the Company has offset $7.7 million of previously reported debt issuance costs included in other assets with the previously reported notes payable and credit facility, net balance of $1.5 billion in the Company’s December 31, 2014 consolidated balance sheet. The adoption of these accounting and reporting requirements had no impact on the Company’s consolidated statements of operations or consolidated statements of cash flows. ASU No. 2015-02, Consolidation (Topic 810): Amendments to the Consolidation Analysis (“ASU 2015-02”) — The evaluation of limited partnerships or similar entities as VIEs was modified. The revised requirements may affect the method of consolidation for reporting entities involved with such entities. Additional disclosure is required for entities not previously included in the reporting entity as a VIE. ASU 2015-02 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2015, with early adoption permitted. Application of the revised standards may follow the retrospective approach or a modified retrospective approach. The Company has evaluated the effect of ASU 2015-02 and noted that there will not be an impact to the Company’s consolidated financial statements, except certain expanded disclosures will be required. From time to time, new accounting pronouncements are issued by various standard setting bodies that may have an impact on the Company’s accounting and reporting. The Company is currently evaluating the effect that certain of these new accounting requirements may have on the Company’s accounting and related reporting and disclosures in the Company’s consolidated financial statements: ASU No. 2014-09, Revenue from Contracts with Customers (“ASU 2014-09”) - The requirements were amended to remove inconsistencies in revenue requirements and to provide a more complete framework for addressing revenue issues across a broad range of industries and transaction types. The revised standard’s core principle is that a company should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. These provisions are effective January 1, 2018, and are to be applied retrospectively, with early adoption permitted for periods beginning after December 15, 2016 and interim periods thereafter. ASU No. 2015-16, Business Combinations (Topic 805), Simplifying the Accounting for Measurement-Period Adjustments (“ASU 2015-16”) - The amendments in this update eliminate the requirement that an acquirer in a business combination retrospectively account for measurement-period adjustments. Measurement-period adjustments should be recognized during the period in which the adjustment amount is determined, including any earnings impact that the acquirer would have recorded in prior periods if the accounting was completed at the acquisition date. These provisions are effective for fiscal years beginning after December 15, 2015, including interim periods within those fiscal years, with early adoption permitted. ASU No. 2016-01, Financial Instruments (Subtopic 825-10) - The amendments in this update require all equity investments to be measured at fair value with changes in the fair value recognized through net income (other than those accounted for under the equity method of accounting or those that result in consolidation of the investee). The amendments in this update also require an entity to present separately in other comprehensive income (loss), the portion of the total change in the fair value of a liability resulting from a change in the instrument-specific credit risk when the entity has elected to measure the liability at fair value in accordance with the fair value option for financial instruments. In addition, the amendments in this update require separate presentation of financial assets and financial liabilities by measurement category and form of financial asset on the consolidated balance sheets or the accompanying notes to the financial statements. The amendments in this update are effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. On February 25, 2016, the FASB issued Accounting Standards Codification (“ASC”) 842 (“ASC 842”), Leases , which replaces the existing guidance in ASC 840, Leases . ASC 842 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2018. ASC 842 requires a dual approach for lessee accounting under which a lessee would account for leases as finance leases or operating leases. Both finance leases and operating leases will result in the lessee recognizing a right-of-use (“ROU”) asset and a corresponding lease liability. For finance leases, the lessee would recognize interest expense and amortization of the ROU asset and for operating leases the lessee would recognize a straight-line total lease expense. |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2015 | |
Fair Value Disclosures [Abstract] | |
FAIR VALUE MEASUREMENTS | FAIR VALUE MEASUREMENTS GAAP defines fair value, establishes a framework for measuring fair value, and requires disclosures about fair value measurements. GAAP emphasizes that fair value is intended to be a market-based measurement, as opposed to a transaction-specific measurement. Fair value is defined 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 the Company has 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, which are only used to the extent that observable inputs are not available, reflect the Company’s assumptions about the pricing of an asset or liability. The following describes the methods the Company uses to estimate the fair value of the Company’s financial assets and liabilities: Notes payable and credit facility – The fair value is estimated by discounting the expected cash flows based on estimated borrowing rates available to the Company as of the measurement date. Current and prior period liabilities’ carrying and fair values exclude net deferred financing costs, as discussed in Note 2 — Summary of Significant Accounting Policies. These financial instruments are valued using Level 2 inputs. As of December 31, 2015 and 2014 , the estimated fair value of the Company’s debt was $2.1 billion and $1.5 billion , respectively, which approximated their carrying value. Derivative instruments – The Company’s derivative instruments are comprised of interest rate swaps. All derivative instruments are carried at fair value and are valued using Level 2 inputs. The fair value of these instruments is determined using interest rate market pricing models. In addition, credit valuation adjustments are incorporated into the fair values to account for the Company’s potential nonperformance risk and the performance risk of the counterparties. Although the Company has determined that the majority of the inputs used to value its derivatives fall within Level 2 of the fair value hierarchy, the credit valuation adjustments associated with those derivatives utilize Level 3 inputs, such as estimates of current credit spreads, to evaluate the likelihood of default by the Company and its counterparties. However, as of December 31, 2015, the Company has assessed the overall significance of the impact of the credit valuation adjustments on the overall valuation of its derivative positions and has determined that the credit valuation adjustments are not significant to the overall valuation of the Company’s derivatives. As a result, the Company has determined that its derivative valuations in their entirety are classified in Level 2 of the fair value hierarchy. Other financial instruments – The Company considers the carrying values of its cash and cash equivalents, restricted cash, tenant and other receivables, accounts payable and accrued expenses, other liabilities, due to affiliates and distributions payable to approximate their fair values because of the short period of time between their origination and their expected realization and based on their highly-liquid nature. Due to the short-term maturities of these instruments, Level 1 inputs are utilized to estimate the fair value of these financial instruments. Contingent consideration arrangements – The contingent consideration arrangements are carried at fair value and are valued using Level 3 inputs. The fair value of the Contingent Payments is determined based on the estimated timing and probability of successfully leasing vacant space subsequent to the Company’s acquisition of certain properties. Considerable judgment is necessary to develop estimated fair values of financial assets and liabilities. Accordingly, the estimates presented herein are not necessarily indicative of the amounts the Company could realize, or be liable for, on disposition of the financial assets and liabilities. As of December 31, 2015 and 2014 , there have been no transfers of financial assets or liabilities between fair value hierarchy levels. Items Measured at Fair Value on a Recurring Basis In accordance with the fair value hierarchy described above, the following tables show the fair value of the Company’s financial assets and liabilities that are required to be measured at fair value on a recurring basis as of December 31, 2015 and 2014 (in thousands): Balance as of Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets: Interest rate swaps $ 519 $ — $ 519 $ — Total assets $ 519 $ — $ 519 $ — Liabilities: Interest rate swaps $ (5,878 ) $ — $ (5,878 ) $ — Contingent consideration (4,538 ) — — (4,538 ) Total liabilities $ (10,416 ) $ — $ (5,878 ) $ (4,538 ) Balance as of Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Liabilities: Interest rate swaps $ (4,057 ) $ — $ (4,057 ) $ — Contingent consideration (3,405 ) — — (3,405 ) Total liabilities $ (7,462 ) $ — $ (4,057 ) $ (3,405 ) The following are reconciliations of the changes in liabilities with Level 3 inputs in the fair value hierarchy for the year ended December 31, 2015 and 2014 (in thousands): Contingent Consideration Arrangements Beginning Balance, December 31, 2014 $ (3,405 ) Purchases and fair value adjustments: Purchases (2,880 ) Fair value adjustments 1,747 Ending Balance, December 31, 2015 $ (4,538 ) Contingent Consideration Arrangements Beginning Balance, December 31, 2013 $ (784 ) Purchases, fair value adjustments and payments made: Purchases (5,342 ) Fair value adjustments 70 Payments made 2,651 Ending Balance, December 31, 2014 $ (3,405 ) Items Measured at Fair Value on a Non-Recurring Basis (Including Impairment Charges) Certain financial and nonfinancial assets and liabilities are measured at fair value on a nonrecurring basis and are subject to fair value adjustments in certain circumstances, such as when there is evidence of impairment. The Company’s process for identifying and recording impairment related to real estate assets and intangible assets is discussed in Note 2 — Summary of Significant Accounting Policies. As discussed in Note 4 — Real Estate Acquisitions, during the year ended December 31, 2015 , real estate assets related to one single-tenant property totaling approximately 11,000 square feet were deemed to be impaired due to certain impairment indicators and its carrying value was reduced to its estimated fair value of $1.3 million , resulting in impairment charges of $1.4 million . The Company estimates fair values using Level 3 inputs and using a combined income and market approach, specifically using discounted cash flow analysis and recent comparable sales transactions. The evaluation of real estate assets for potential impairment requires the Company’s management to exercise significant judgment and to make certain key assumptions, including, but not limited to, the following: (1) terminal capitalization; (2) discount rates; (3) number of years property will be held; (4) property operating expenses; and (5) re-leasing assumptions including number of months to re-lease, market rental income and required tenant improvements. There are inherent uncertainties in making these estimates such as market conditions and performance and sustainability of the Company’s tenants. The following table presents the impairment charges by asset class recorded during the year ended December 31, 2015 (dollar amounts in thousands): Year Ended December 31, 2015 Asset class impaired: Land $ 498 Buildings, fixtures and improvements 662 Intangible lease assets 280 Total impairment loss $ 1,440 |
Real Estate Acquisitions
Real Estate Acquisitions | 12 Months Ended |
Dec. 31, 2015 | |
Business Combinations [Abstract] | |
REAL ESTATE ACQUISITIONS | REAL ESTATE ACQUISITIONS 2015 Property Acquisitions During the year ended December 31, 2015 , the Company acquired 111 commercial properties, including properties held in the Consolidated Joint Venture, for an aggregate purchase price of $615.8 million (the “ 2015 Acquisitions”). The Company purchased the 2015 Acquisitions with net proceeds from the Offerings and available borrowings. The Company allocated the purchase price of these properties to the fair value of the assets acquired and liabilities assumed. The following table summarizes the purchase price allocation for acquisitions purchased during the year ended December 31, 2015 (in thousands): December 31, 2015 Land $ 138,536 Buildings, fixtures and improvements 393,918 Acquired in-place leases 83,043 Acquired above-market leases 6,485 Intangible lease liabilities (5,883 ) Fair value adjustment of assumed note payable (253 ) Total purchase price $ 615,846 The Company recorded revenue for the year ended December 31, 2015 of $28.4 million and a net loss for the year ended December 31, 2015 of $6.3 million related to the 2015 Acquisitions. The following information summarizes selected financial information of the Company as if all of the 2015 Acquisitions were completed on January 1, 2014 for each period presented below. The table below presents the Company’s estimated revenue and net income , on a pro forma basis, for the years ended December 31, 2015 and 2014 (in thousands): Year Ended December 31, 2015 2014 Pro forma basis (unaudited): Revenue $ 387,921 $ 305,141 Net income $ 79,888 $ 8,267 The unaudited pro forma information for the year ended December 31, 2015 was adjusted to exclude $15.5 million of acquisition-related expenses recorded during the year ended December 31, 2015 . Accordingly, these costs were instead recognized in the unaudited pro forma information for the year ended December 31, 2014 . The unaudited 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 2014 , nor does it purport to represent the results of future operations. Development Project During the year ended December 31, 2014 , the Company acquired one land parcel, upon which a 1.6 million square foot industrial property was expected to be constructed. The land, acquired for an aggregate amount of $23.9 million , was excluded from the 2014 Acquisitions. During the year ended December 31, 2015 , the Company substantially completed the development project and placed it in service. As of December 31, 2015 , the Company had a total investment of $102.8 million . 2015 Land Disposition During the year ended December 31, 2015 , the Company sold one undeveloped land parcel for a gross sales price of $1.1 million , resulting in net cash proceeds of $1.0 million to the Company and a loss of $108,000 , which was recorded in other expenses in the consolidated statement of operations. Impairment of a Property The Company performs quarterly impairment review procedures, primarily through continuous monitoring of events and changes in circumstances that could indicate the carrying value of its real estate assets may not be recoverable. See Note 2 — Summary of Significant Accounting Policies for a discussion on the Company’s accounting policies regarding impairment of real estate assets. During the year ended December 31, 2015 , a property with a carrying value of $2.7 million was deemed to be impaired and its carrying value was reduced to its estimated fair value of $1.3 million , resulting in impairment charges of $1.4 million , which were recorded in the consolidated statement of operations. See Note 3 — Fair Value Measurements for a further discussion on these impairment charges. 2014 Property Acquisitions During the year ended December 31, 2014 , the Company acquired 422 commercial properties, including properties held in the Consolidated Joint Venture, for an aggregate purchase price of $1.7 billion (the “ 2014 Acquisitions”). The Company purchased the 2014 Acquisitions (as defined below) with net proceeds from the Offering and available borrowings. The Company allocated the purchase price of these properties to the fair value of the assets acquired and liabilities assumed. The following table summarizes the purchase price allocation (in thousands): December 31, 2014 Land $ 437,206 Buildings, fixtures and improvements 1,152,148 Acquired in-place leases 154,972 Acquired above-market leases 23,430 Intangible lease liabilities (24,620 ) Fair value adjustment of assumed note payable (765 ) Total purchase price $ 1,742,371 The Company recorded revenue for the year ended December 31, 2014 of $61.2 million and a net loss for the year ended December 31, 2014 of $25.7 million related to the 2014 Acquisitions. The following information summarizes selected financial information of the Company as if all of the 2014 Acquisitions were completed on January 1, 2013 for each period presented below. The table below presents the Company’s estimated revenue and net income (loss), on a pro forma basis, for the years ended December 31, 2014 and 2013 (in thousands): Year Ended December 31, 2014 2013 Pro forma basis (unaudited): Revenue $ 332,860 $ 245,969 Net income (loss) $ 131,001 $ (53,805 ) The unaudited pro forma information for the year ended December 31, 2014 was adjusted to exclude $51.8 million of acquisition-related expenses recorded during the year ended December 31, 2014 . These costs were recognized in the unaudited pro forma information for the year ended December 31, 2013 . The unaudited 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 2013 , nor does it purport to represent the results of future operations. 2014 Land Disposition During the year ended December 31, 2014 , the Company sold one undeveloped land parcel for a gross sales price of $1.9 million , resulting in net cash proceeds of $1.8 million to the Company and a loss of $157,000 . Escrowed Funds for Acquisition of Real Estate Investments In anticipation of closing on two properties, the Company funded $70.3 million to an escrow account on September 30, 2014, which was returned when both of the properties closed and the title was transferred during the quarter ended December 31, 2014. As of December 31, 2014 , there were no amounts included in escrowed funds for acquisition of real estate investments on the accompanying consolidated balance sheets. 2013 Property Acquisitions During the year ended December 31, 2013, the Company acquired 248 commercial properties for an aggregate purchase price of $1.7 billion (the “2013 Acquisitions”). The Company purchased the 2013 Acquisitions with net proceeds from the Offering and available borrowings. The Company allocated the purchase price of these properties to the fair value of the assets acquired and liabilities assumed. The following table summarizes the purchase price allocation (in thousands): December 31, 2013 Land $ 390,781 Building and improvements 1,103,390 Acquired in-place leases 175,520 Acquired above-market leases 26,921 Acquired below-market leases (31,802 ) Total purchase price $ 1,664,810 The Company recorded revenue for the year ended December 31, 2013 of $60.4 million and a net loss for the year ended December 31, 2013 of $25.7 million related to the 2013 Acquisitions. The following information summarizes selected financial information of the Company as if all of the 2013 Acquisitions were completed on January 1, 2012 for each period presented below. The table below presents the Company’s estimated revenue and net income (loss), on a pro forma basis, for the years ended December 31, 2013 and 2012 (in thousands): Year Ended December 31, 2013 2012 Pro forma basis (unaudited): Revenue $ 181,859 $ 147,515 Net income (loss) $ 44,490 $ (30,842 ) The unaudited pro forma information for the year ended December 31, 2013 was adjusted to exclude $48.3 million of acquisition related expenses recorded during the year ended December 31, 2013. These costs were recognized in the unaudited pro forma information for the year ended December 31, 2012. The unaudited 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 2012, nor does it purport to represent the results of future operations. Property Concentrations As of December 31, 2015 , no single tenant accounted for greater than 10% of the Company’s 2015 gross annualized rental revenues. The Company had certain geographic concentrations in its property holdings. In particular, as of December 31, 2015 , 77 of the Company’s properties were located in California , which accounted for 11% of the Company’s 2015 gross annualized rental revenues. In addition, the Company had tenants in the discount store and pharmacy industries, which comprised 14% and 11% , respectively, of the Company’s 2015 gross annualized rental revenues. |
Intangible Lease Assets
Intangible Lease Assets | 12 Months Ended |
Dec. 31, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
INTANGIBLE LEASE ASSETS | INTANGIBLE LEASE ASSETS The intangible lease assets consisted of the following (in thousands, except weighted average life remaining amounts): As of December 31, 2015 2014 In-place leases, net of accumulated amortization of $81,856 and $41,739, respectively (with a weighted average life remaining of 11.7 years and 12.4 years, respectively) $ 391,868 $ 344,664 Acquired above-market leases, net of accumulated amortization of $12,454 and $6,346, respectively (with a weighted average life remaining of 10.1 years and 10.5 years, respectively) 47,299 47,253 $ 439,167 $ 391,917 Amortization expense related to the in-place lease assets for the years ended December 31, 2015 , 2014 and 2013 , was $41.6 million , $29.6 million and $11.7 million , respectively. Amortization expense related to the acquired above-market lease assets for the years ended December 31, 2015 , 2014 and 2013 , was $6.4 million , $4.4 million and $1.9 million , respectively, and was recorded as a reduction to rental income in the consolidated statements of operations. Estimated amortization expense related to the intangible lease assets as of December 31, 2015 for each of the five succeeding fiscal years is as follows (in thousands): Amortization Year Ending December 31, In-Place Leases Above-Market Leases 2016 $ 41,569 $ 6,220 2017 $ 38,776 $ 5,903 2018 $ 36,121 $ 5,022 2019 $ 32,504 $ 4,083 2020 $ 30,824 $ 3,839 |
Derivative Instruments and Hedg
Derivative Instruments and Hedging Activities (Notes) | 12 Months Ended |
Dec. 31, 2015 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES | DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES In the normal course of business, the Company uses certain types of derivative instruments for the purpose of managing or hedging its interest rate risk. During the year ended December 31, 2015 , the Company entered into five interest rate swap agreements. As of December 31, 2015 , the Company had eight interest rate swap agreements. The following table summarizes the terms of the Company’s executed interest rate swap agreements designated as hedging instruments as of December 31, 2015 and 2014 (in thousands): Outstanding Notional Fair Value Assets and (Liabilities) Balance Sheet Amount as of Interest Effective Maturity December 31, December 31, Location December 31, 2015 Rates (1) Dates Dates 2015 2014 Interest Rate Swaps Prepaid expenses, property escrow deposits, derivative assets and other assets $ 330,766 2.78% to 3.59% 6/30/2015 to 10/15/2015 8/15/2018 to 11/06/2020 $ 519 $ — Interest Rate Swaps Deferred rental income, derivative liabilities and other liabilities $ 588,737 3.00% to 4.75% 6/24/2013 to 12/31/2015 6/24/2018 to 8/24/2020 $ (5,878 ) $ (4,057 ) ____________________________________ (1) The interest rates consist of the underlying index swapped to a fixed rate and the applicable interest rate spread as of December 31, 2015. Additional disclosures related to the fair value of the Company’s derivative instruments are included in Note 3 — Fair Value Measurements. The notional amount under the interest rate swap agreements is an indication of the extent of the Company’s involvement in each instrument, but does not represent exposure to credit, interest rate or market risks. Accounting for changes in the fair value of a derivative instrument depends on the intended use and designation of the derivative instrument. The Company designated the interest rate swaps as cash flow hedges, to hedge the variability of the anticipated cash flows on its variable rate debt. The change in fair value of the effective portion of the derivative instruments that are designated as hedges is recorded in other comprehensive income (loss), with a portion of the amount subsequently reclassified to interest expense as interest payments are made on the Company’s variable-rate debt. For the years ended December 31, 2015 , 2014 , and 2013 , the amounts reclassified were $6.5 million , $5.2 million and $2.0 million , respectively. Any ineffective portion of the change in fair value of the derivative instruments is recorded in interest expense. There were no portions of the change in the fair value of the interest rate swaps that were considered ineffective during the years ended December 31, 2015 , 2014 , and 2013 . During the next 12 months, the Company estimates that an additional $6.6 million will be reclassified from other comprehensive income (loss) as an increase to interest expense. The Company has agreements with each of its derivative counterparties that contain a provision whereby if the Company defaults on certain of its unsecured indebtedness, the Company could also be declared in default on its derivative obligations, resulting in an acceleration of payment. If the Company had breached any of these provisions, it could have been required to settle its obligations under the agreements at their aggregate termination value, inclusive of interest payments, of $6.5 million at December 31, 2015 . In addition, the Company is exposed to credit risk in the event of non-performance by its derivative counterparties. The Company believes it mitigates its credit risk by entering into agreements with creditworthy counterparties. The Company records credit risk valuation adjustments on its interest rate swaps based on the respective credit quality of the Company and the counterparty. There were no termination events or events of default related to the interest rate swaps as of December 31, 2015 . |
Notes Payable And Credit Facili
Notes Payable And Credit Facility | 12 Months Ended |
Dec. 31, 2015 | |
Debt Disclosure [Abstract] | |
NOTES PAYABLE AND CREDIT FACILITY | NOTES PAYABLE AND CREDIT FACILITY As of December 31, 2015 , the Company had $2.1 billion of debt outstanding, including net deferred financing costs, with a weighted average years to maturity of 4.1 years and weighted average interest rate of 3.3% . The following table summarizes the debt balances as of December 31, 2015 and 2014 , and the debt activity for the year ended December 31, 2015 (in thousands): During the Year Ended December 31, 2015 Balance as of December 31, 2014 Debt Issuances and Assumptions (1) Repayments Accretion and (Amortization) Balance as of December 31, 2015 Fixed rate debt $ 565,836 $ 346,180 $ (15,388 ) $ — $ 896,628 Variable rate debt — 53,500 — — 53,500 Credit facility 900,000 833,666 (606,000 ) — 1,127,666 Total debt 1,465,836 1,233,346 (621,388 ) — 2,077,794 Net premiums (2) 671 — — (81 ) 590 Deferred costs (3) (7,679 ) (6,473 ) — 2,331 (11,821 ) Total debt, net $ 1,458,828 $ 1,226,873 $ (621,388 ) $ 2,250 $ 2,066,563 ____________________________________ (1) Includes deferred financing costs incurred during the period. (2) Net premiums on mortgage notes payable were recorded upon the assumption of the respective debt instruments. Amortization of these net premiums is recorded as a reduction to interest expense over the remaining term of the respective debt instruments using the effective-interest method. (3) Deferred costs relate to mortgage notes payable and the term portion of the credit facility, as discussed in Note 2 — Summary of Significant Accounting Policies. As of December 31, 2015 , the fixed rate debt outstanding of $896.6 million included $107.8 million of variable rate debt that is fixed through interest rate swap agreements, which has the effect of fixing the variable interest rates per annum through the maturity date of the variable rate debt. The fixed rate debt has interest rates ranging from 3.4% to 5.0% per annum. The debt outstanding matures on various dates from June 2018 through October 2025 . The aggregate balance of gross real estate assets, net of gross intangible lease liabilities, securing the fixed rate debt outstanding was $1.6 billion as of December 31, 2015 . Each of the mortgage notes payable comprising the fixed rate debt is secured by the respective properties on which the debt was placed. As of December 31, 2015 , the variable rate debt outstanding of $53.5 million had a weighted average interest rate of 2.9% . The variable rate debt outstanding matures on various dates from February 2018 to February 2020 . The aggregate balance of gross real estate assets, net of gross intangible lease liabilities, securing the variable rate debt outstanding was $106.8 million as of December 31, 2015 . The Company has an amended and restated unsecured credit facility (the “Credit Facility”) with JPMorgan Chase Bank, N.A., as administrative agent (“JPMorgan Chase”), that provides for borrowings of up to $1.28 billion , which is comprised of a $636.7 million unsecured term loan (the “Term Loan”) and up to $643.3 million in unsecured revolving loans (the “Revolving Loans”). The Credit Facility may be increased up to a maximum of $1.6 billion . The Term Loan matures on August 15, 2018 and the Revolving Loans mature on August 15, 2017 ; however, the Company may elect to extend the maturity date for the Revolving Loans to August 15, 2018 subject to satisfying certain conditions set forth in the amended and restated unsecured credit agreement among the Company and JPMorgan Chase, as administrative agent (as amended, the “Amended and Restated Credit Agreement”). Depending upon the type of loan specified and overall leverage ratio, the Credit Facility bears interest at (i) one-month, two-month, three-month or six-month London Interbank Offered Rate (“LIBOR”) multiplied by the statutory reserve rate (the “Eurodollar Rate”) plus an interest rate spread ranging from 1.65% to 2.50% or (ii) a base rate, ranging from 0.65% to 1.50% , plus the greater of: (a) JPMorgan Chase’s Prime Rate; (b) the Federal Funds Effective Rate (as defined in the Amended and Restated Credit Agreement) plus 0.50% ; or (c) the one-month LIBOR multiplied by the statutory reserve rate plus 1.00% . As of December 31, 2015 , the Revolving Loans outstanding totaled $491.0 million , $250.0 million of which is subject to an interest rate swap agreement (the “Swapped Revolver”). The swap agreement has the effect of fixing the Eurodollar Rate beginning on December 31, 2015 through the maturity date of the Revolving Loans. The all-in rate for the Swapped Revolver was 3.0% as of December 31, 2015 . As of December 31, 2015 , the Term Loan outstanding totaled $636.7 million , $561.7 million of which is subject to interest rate swap agreements (the “Swapped Term Loan”). The swap agreements had the effect of fixing the Eurodollar Rate per annum through the maturity date of the Swapped Term Loan. As of December 31, 2015 , the weighted average all-in rate for the Swapped Term Loan was 3.1% . As of December 31, 2015 , the Company had $1.1 billion outstanding under the Credit Facility at a weighted average interest rate of 2.8% and $152.3 million in unused capacity, subject to borrowing availability. The Amended and Restated Credit Agreement contains provisions with respect to covenants, events of default and remedies customary for facilities of this nature. In particular, the Amended and Restated Credit Agreement requires the Company to maintain a minimum consolidated net worth greater than or equal to the sum of (i) $425.0 million plus (ii) 75% of the issuance of equity from the date of the Amended and Restated Credit Agreement, a leverage ratio less than or equal to 60% , a fixed charge coverage ratio equal to or greater than 1.50 , an unsecured debt to unencumbered asset value ratio equal to or less than 50% , an unsecured debt service coverage ratio equal to or greater than 1.75 and a secured debt ratio equal to or less than 30% . Based on the Company’s analysis and review of its results of operations and financial condition, the Company believes it was in compliance with the covenants under the Amended and Restated Credit Agreement as of December 31, 2015 . The following table summarizes the scheduled aggregate principal repayments for the Company’s outstanding debt as of December 31, 2015 for each of the five succeeding fiscal years and the period thereafter (in thousands): Year Ending December 31, Principal Repayments 2016 $ 425 2017 491,451 2018 693,877 2019 499 2020 333,215 Thereafter 558,327 Total $ 2,077,794 |
Intangible Lease Liabilities
Intangible Lease Liabilities | 12 Months Ended |
Dec. 31, 2015 | |
Intangible Liabilities Disclosure [Abstract] | |
Intangible Lease Liabilities | INTANGIBLE LEASE LIABILITIES Intangible lease liabilities consisted of the following (in thousands, except weighted average life amounts): As of December 31, 2015 2014 Acquired below-market leases, net of accumulated amortization of $15,641 and $8,807, respectively (with a weighted average life remaining of 8.8 years and 9.2 years, respectively) $ 53,822 $ 55,535 Amortization of the intangible lease liabilities during the years ended December 31, 2015 , 2014 and 2013 was $7.6 million , $6.6 million and $2.1 million , respectively, and was recorded as an addition to rental income in the consolidated statements of operations. Estimated amortization of the intangible lease liabilities as of December 31, 2015 for each of the five succeeding fiscal years is as follows (in thousands): Year Ending December 31, Amortization of Below-Market Leases 2016 $ 7,731 2017 $ 7,417 2018 $ 7,040 2019 $ 6,164 2020 $ 5,530 |
Supplemental Cash Flow Disclosu
Supplemental Cash Flow Disclosures | 12 Months Ended |
Dec. 31, 2015 | |
Supplemental Cash Flow Elements [Abstract] | |
SUPPLEMENTAL CASH FLOW DISCLOSURES | SUPPLEMENTAL CASH FLOW DISCLOSURES Supplemental cash flow disclosures for the years ended December 31, 2015 , 2014 and 2013 are as follows (in thousands): Year Ended December 31, 2015 2014 2013 Supplemental Disclosures of Non-Cash Investing and Financing Activities: Distributions declared and unpaid $ 16,568 $ 16,189 $ 10,569 Accrued other offering costs due to affiliates $ — $ — $ 4,937 Accrued capital expenditures $ 2,741 $ 7,721 $ 1,760 Common stock issued through distribution reinvestment plan $ 112,158 $ 104,261 $ 25,702 Change in fair value of interest rate swaps $ (1,302 ) $ (1,805 ) $ (2,252 ) Contingent consideration recorded upon property acquisitions $ 2,880 $ 5,342 $ 553 Fair value of notes payable assumed in real estate acquisition $ 15,233 $ 25,979 $ — Supplemental Cash Flow Disclosures: Interest paid $ 54,388 $ 31,159 $ 17,474 |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | COMMITMENTS AND CONTINGENCIES Litigation In the ordinary course of business, the Company may become subject to litigation and claims. The Company is not aware of any material pending legal proceedings, other than ordinary routine litigation incidental to the Company’s business, to which the Company is a party or of which the Company’s properties are the subject. Purchase Commitments As of December 31, 2015 , the Company had entered into purchase agreements with unaffiliated third-party sellers to acquire a 100% interest in five retail properties, subject to meeting certain criteria, for an aggregate purchase price of $32.0 million , exclusive of closing costs. As of December 31, 2015 , the Company had $1.0 million of property escrow deposits held by escrow agents in connection with these future property acquisitions. These deposits are included in the consolidated balance sheets in prepaid expenses, property escrow deposits, derivative assets and other assets and could be forfeited under certain circumstances. None of these escrow deposits have been forfeited. Environmental Matters In connection with the ownership and operation of real estate, the Company may potentially be liable for costs and damages related to environmental matters. In addition, the Company may own or acquire certain properties that are subject to environmental remediation. Generally, the seller of the property, the tenant of the property and/or another third party is responsible for environmental remediation costs related to a property. Additionally, in connection with the purchase of certain properties, the respective sellers and/or tenants may agree to indemnify the Company against future remediation costs. The Company also carries environmental liability insurance on its properties that provides limited coverage for any remediation liability and/or pollution liability for third-party bodily injury and/or property damage claims for which the Company may be liable. The Company is not aware of any environmental matters which it believes are reasonably likely to have a material effect on its results of operations, financial condition or liquidity. |
Related-Party Transactions and
Related-Party Transactions and Arrangements | 12 Months Ended |
Dec. 31, 2015 | |
Related Party Transactions [Abstract] | |
RELATED-PARTY TRANSACTIONS AND ARRANGEMENTS | RELATED-PARTY TRANSACTIONS AND ARRANGEMENTS The Company has incurred commissions, fees and expenses payable to CR IV Advisors and certain of its affiliates in connection with the Offering and the acquisition, management and disposition of its assets. Offering In connection with the Offering, CCC, the Company’s dealer manager for the Offering, received selling commissions of up to 7.0% of gross offering proceeds before reallowance of selling commissions earned by participating broker-dealers. CCC reallowed 100% of selling commissions earned to participating broker-dealers. In addition, CCC received up to 2.0% of gross offering proceeds before reallowance to participating broker-dealers as a dealer manager fee in connection with the primary portion of the Offering. CCC, in its sole discretion, has reallowed a portion of its dealer manager fee to such participating broker-dealers. No selling commissions or dealer manager fees are or were paid to CCC or other participating broker-dealers with respect to shares issued pursuant to the DRIP portion of the Offering or the DRIP Offering. All other organization and offering expenses associated with the sale of the Company’s common stock in the Offering (excluding selling commissions and dealer manager fees) were paid by CR IV Advisors or its affiliates and were reimbursed by the Company up to 2.0% of aggregate gross offering proceeds. A portion of the other organization and offering expenses were considered to be underwriting compensation. The Company recorded commissions, fees and expense reimbursements as shown in the table below for services provided by CR IV Advisors or its affiliates related to the services described above during the periods indicated (in thousands): Year Ended December 31, 2015 2014 2013 Offering: Selling commissions $ — $ 55,921 $ 122,082 Selling commissions reallowed by CCC $ — $ 55,921 $ 122,082 Dealer manager fees $ — $ 16,780 $ 35,685 Dealer manager fees reallowed by CCC $ — $ 9,326 $ 20,183 Other offering costs $ — $ 7,277 $ 36,179 All amounts related to the years ended December 31, 2014 and 2013 have been paid to CR IV Advisors and its affiliates. Acquisitions and Operations CR IV Advisors or its affiliates also receive acquisition fees of up to 2.0% of: (1) the contract purchase price of each property or asset the Company acquires; (2) the amount paid in respect of the development, construction or improvement of each asset the Company acquires; (3) the purchase price of any loan the Company acquires; and (4) the principal amount of any loan the Company originates. Additionally, CR IV Advisors or its affiliates are reimbursed for acquisition-related expenses incurred in the process of acquiring properties, so long as the total acquisition fees and expenses relating to the transaction do not exceed 6.0% of the contract purchase price. The Company pays CR IV Advisors a monthly advisory fee based upon the Company’s monthly average invested assets, which is equal to the following amounts: (1) an annualized rate of 0.75% paid on the value of the Company’s average invested assets that are between $0 to $2.0 billion ; (2) an annualized rate of 0.70% paid on the value of the Company’s average invested assets that are between $2.0 billion to $4.0 billion ; and (3) an annualized rate of 0.65% paid on the value of the Company’s average invested assets that are over $4.0 billion . The Company reimburses CR IV Advisors or its affiliates for certain expenses CR IV Advisors or its affiliates paid or incurred in connection with the services provided to the Company, subject to the limitation that the Company will not reimburse CR IV Advisors or its affiliates for any amount by which its operating expenses (including the advisory fee) at the end of the four preceding fiscal quarters exceed the greater of: (1) 2.0% of average invested assets, or (2) 25.0% of net income other than any additions to reserves for depreciation, bad debts or other similar non-cash reserves and excluding any gain from the sale of assets for that period. The Company will not reimburse for personnel costs in connection with services for which CR IV Advisors receives acquisition fees. The Company recorded fees and expense reimbursements as shown in the table below for services provided by CR IV Advisors or its affiliates related to the services described above during the periods indicated (in thousands): Year Ended December 31, 2015 2014 2013 Acquisition and Operations: Acquisition fees and expenses $ 13,311 $ 38,483 $ 35,109 Advisory fees and expenses $ 36,225 $ 24,152 $ 10,549 Operating expenses $ 4,568 $ 3,383 $ 2,905 Of the amounts shown above, $5.6 million , $5.5 million and $2.6 million had been incurred, but not yet paid, for services provided by CR IV Advisors or its affiliates in connection with the acquisition and operations stage during the years ended December 31, 2015 , 2014 and 2013 , respectively, and such amounts were recorded as liabilities of the Company as of such dates. Liquidation/Listing If CR IV Advisors or its affiliates provide a substantial amount of services (as determined by a majority of the Company’s independent directors) in connection with the sale of one or more properties (or the Company’s entire portfolio), the Company will pay CR IV Advisors or its affiliates a disposition fee in an amount equal to up to one-half of the real estate or brokerage commission paid by the Company to a third party on the sale of such properties, not to exceed 1.0% of the contract price of the properties sold; provided, however, in no event may the disposition fee paid to CR IV Advisors or its affiliates, when added to the real estate commissions paid to unaffiliated third parties, exceed the lesser of the customary competitive real estate commission or an amount equal to 6.0% of the contract sales price. If the Company is sold or its assets are liquidated, CR IV Advisors will be entitled to receive a subordinated performance fee equal to 15.0% of the net sale proceeds remaining after investors have received a return of their net capital invested and an 8.0% annual cumulative, non-compounded return. Alternatively, if the Company’s shares are listed on a national securities exchange, CR IV Advisors will be entitled to a subordinated performance fee equal to 15.0% of the amount by which the market value of the Company’s outstanding stock plus all distributions paid by the Company prior to listing, exceeds the sum of the total amount of capital raised from investors and the amount of distributions necessary to generate an 8.0% annual cumulative, non-compounded return to investors. As an additional alternative, upon termination of the advisory agreement, CR IV Advisors may be entitled to a subordinated performance fee similar to the fee to which CR IV Advisors would have been entitled had the portfolio been liquidated (based on an independent appraised value of the portfolio) on the date of termination. During each of the years ended December 31, 2015 , 2014 and 2013 , no commissions or fees were incurred for any services provided by CR IV Advisors and its affiliates in connection with the liquidation/listing stage. Due to/from Affiliates As of December 31, 2015 , $5.6 million had been incurred primarily for advisory, operating and prepaid insurance by CR IV Advisors or its affiliates, but had not yet been reimbursed by the Company. As of December 31, 2014 , $5.5 million had been incurred primarily for advisory, operating and acquisition-related expenses by CR IV Advisors or its affiliates, but had not yet been reimbursed by the Company. These amounts were included in due to affiliates in the consolidated balance sheets as of such periods. As of December 31, 2015 , $47,000 was due from CR IV Advisors and its affiliates related to amounts received by affiliates of the advisor which was due to the Company. As of December 31, 2014, $470,000 was due from CR IV Advisors and its affiliates primarily related to amounts paid by the Company on dead deals which are reimbursable by the advisor. |
Economic Dependency
Economic Dependency | 12 Months Ended |
Dec. 31, 2015 | |
Economic Dependency [Abstract] | |
ECONOMIC DEPENDENCY | ECONOMIC DEPENDENCY Under various agreements, the Company has engaged or will engage CR IV Advisors and its affiliates to provide certain services that are essential to the Company, including asset management services, supervision of the management and leasing of properties owned by the Company, asset acquisition and disposition decisions, the sale of shares of the Company’s common stock available for issuance, as well as other administrative responsibilities for the Company including accounting services and investor relations. As a result of these relationships, the Company is dependent upon CR IV Advisors and its affiliates. In the event that these companies are unable to provide the Company with these services, the Company would be required to find alternative providers of these services. |
Stockholders' Equity
Stockholders' Equity | 12 Months Ended |
Dec. 31, 2015 | |
Equity [Abstract] | |
STOCKHOLDERS' EQUITY | STOCKHOLDERS’ EQUITY As of December 31, 2015 and 2014, the Company registered 26.0 million shares of common stock pursuant to the DRIP Offering. All shares of such stock have a par value of $0.01 per share. The par value of investor proceeds raised from the DRIP Offering is classified as common stock, with the remainder allocated to capital in excess of par value. As of December 31, 2013, the Company was authorized to issue 490.0 million shares of common stock and 10.0 million shares of preferred stock. All shares of such stock have a par value of $0.01 per share. On August 11, 2010, the Company sold 20,000 shares of common stock, at $10.00 per share, to Cole Holdings Corporation (“CHC”). On April 5, 2013, the ownership of such shares was transferred to CREInvestments, LLC (“CREI”), an affiliate of CCI II Advisors. On February 7, 2014, the ownership of such shares was transferred to VEREIT Operating Partnership, L.P. (“VEREIT OP”). Pursuant to the Company’s charter, VEREIT OP is prohibited from selling the 20,000 shares of the common stock that represents the initial investment in the Company for so long as Cole Capital remains the Company’s sponsor; provided, however, that VEREIT OP may transfer ownership of all or a portion of these 20,000 shares of the Company’s common stock to other affiliates of the Company’s sponsor. The Company ceased offering shares of its common stock in the Offering on April 4, 2014 and registered 26.0 million shares of common stock under the DRIP Offering. Distribution Reinvestment Plan Pursuant to the DRIP, the Company allows stockholders to elect to have their distributions reinvested in additional shares of the Company’s common stock. The purchase price per share under the DRIP Offering is $9.70 per share, which is the most recently estimated value per share of the Company’s shares. The Company’s board of directors may terminate or amend the DRIP Offering at the Company’s discretion at any time upon ten days prior written notice to the stockholders. During the years ended December 31, 2015 , 2014 and 2013 , approximately 11.7 million , 11.0 million and 2.7 million shares were purchased under the DRIP portion of the Offering and the DRIP Offering for approximately $112.2 million , $104.3 million and $25.7 million , respectively. Share Redemption Program The Company’s share redemption program permits its stockholders to sell their shares back to the Company after they have held them for at least one year, subject to the significant conditions and limitations described below. The share redemption program provides that the Company will redeem shares of its common stock from requesting stockholders, subject to the terms and conditions of the share redemption program. The Company will limit the number of shares redeemed pursuant to the share redemption program as follows: (1) the Company will not redeem in excess of 5% of the weighted average number of shares outstanding during the trailing 12 months prior to the end of the fiscal quarter for which the redemptions are being paid; and (2) funding for the redemption of shares will be limited to the net proceeds the Company receives from the sale of shares under the DRIP. In an effort to accommodate redemption requests throughout the calendar year, the Company intends to limit quarterly redemptions to approximately 1.25% of the weighted average number of shares outstanding during the trailing 12 -month period ending on the last day of the fiscal quarter, and funding for redemptions for each quarter generally will be limited to the net proceeds the Company receives from the sale of shares in the respective quarter under the DRIP. In accordance with the Company’s share redemption program, the per share redemption price (other than for shares purchased pursuant to the DRIP) will depend on the length of time the redeeming stockholder has held such shares as follows: after one year from the purchase date, 95% of the most recent estimated value of each share; after two years from the purchase date, 97.5% of the most recent estimated value of each share; and after three years from the purchase date, 100% of the most recent estimated value of each share. During this time period, the redemption price for shares purchased pursuant to the DRIP will be 100% of the most recent estimated value of each share. As a result of the Board’s determination of an estimated value of the Company’s shares of common stock, the estimated per share value of $9.70 , as of August 31, 2015, shall serve as the most recent estimated value for purposes of the share redemption program, effective October 1, 2015, until such time as the Board provides a new estimated share value. Upon receipt of a request for redemption, the Company may conduct a Uniform Commercial Code search to ensure that no liens are held against the shares. If the Company cannot purchase all shares presented for redemption in any fiscal quarter, based upon insufficient cash available and/or the limit on the number of shares the Company may redeem during any quarter or year, the Company will give priority to the redemption of deceased stockholders’ shares. The Company next will give priority to requests for full redemption of accounts with a balance of 250 shares or less at the time the Company receives the request, in order to reduce the expense of maintaining small accounts. Thereafter, the Company will honor the remaining redemption requests on a pro rata basis. Following such quarterly redemption period, the unsatisfied portion of the prior redemption request must be resubmitted, prior to the last day of the new quarter. Unfulfilled requests for redemption will not be carried over automatically to subsequent redemption periods. The Company redeems shares no later than the end of the month following the end of each fiscal quarter. Requests for redemption must be received on or prior to the end of the fiscal quarter in order for the Company to repurchase the shares in the month following the end of that fiscal quarter. The Board may amend, suspend or terminate the share redemption program at any time upon 30 days’ notice to the stockholders. During the years ended December 31, 2015 , 2014 and 2013 , the Company redeemed approximately 4.6 million , 1.1 million and 123,000 shares, respectively, under the share redemption program for $44.2 million , $10.6 million and $1.2 million , respectively. Distributions Payable and Distribution Policy The Board authorized a daily distribution, based on 365 days in the calendar year, of $0.001712523 per share (which equates to 6.25% on an annualized basis based on the original offering price of $10.00 per share, and an annualized return of approximately 6.44% based on the most recent value per share determined by the Board of $9.70 ) for stockholders of record as of the close of business on each day of the period commencing on January 1, 2015 and ending on December 31, 2015. In addition, the Board authorized a daily distribution, based on 366 days in the calendar year, of $0.001706776 per share (which equates to 6.25% based on an annualized basis based on the original offering price of $10.00 per share, and an annualized return of 6.44% based on the most recent value per share determined by the Board of $9.70 ) for stockholders of record as of the close of business on each day of the period commencing on January 1, 2016 and ending on June 30, 2016. As of December 31, 2015 , the Company had distributions payable of $16.6 million . |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | INCOME TAXES For federal income tax purposes, distributions to stockholders are characterized as ordinary dividends, capital gain distributions, or nontaxable distributions. Nontaxable distributions will reduce U.S stockholders’ basis (but not below zero) in their shares. The following table shows the character of the distributions the Company paid on a percentage basis for the years ended December 31, 2015 , 2014 and 2013 : Year Ended December 31, 2015 2014 2013 Ordinary dividends 58 % 47 % 60 % Nontaxable distributions 42 % 53 % 40 % Total 100 % 100 % 100 % During the years ended December 31, 2015 , 2014 and 2013 , the Company distributed as dividends to its shareholders 100% of its taxable income for federal income tax purposes. Accordingly, no provision for federal income taxes related to such taxable income was recorded on the Company’s financial statements. During the years ended December 31, 2015 , 2014 and 2013 , the Company incurred state and local income and franchise taxes of $2.2 million , $1.3 million , and $473,000 , respectively, which were recorded in general and administrative expenses in the consolidated statements of operations. The Company had no unrecognized tax benefits as of or during the years ended December 31, 2015 and 2014 . Any interest and penalties related to unrecognized tax benefits would be recognized within the provision for income taxes in the accompanying consolidated statements of operations. The Company files income tax returns in the U.S. federal jurisdiction, as well as various state jurisdictions, and is subject to routine examinations by the respective tax authorities. |
Operating Leases
Operating Leases | 12 Months Ended |
Dec. 31, 2015 | |
Leases [Abstract] | |
OPERATING LEASES | OPERATING LEASES The Company’s real estate properties are leased to tenants under operating leases for which the terms and expirations vary. As of December 31, 2015 , the leases had a weighted-average remaining term of 10.9 years. The leases may have provisions to extend the lease agreements, options for early termination after paying a specified penalty, rights of first refusal to purchase the property at competitive market rates, and other terms and conditions as negotiated. The Company retains substantially all of the risks and benefits of ownership of the real estate assets leased to tenants. The future minimum rental income from the Company’s investment in real estate assets under non-cancelable operating leases, assuming no exercise of renewal options, as of December 31, 2015 , was as follows (in thousands): Year Ending December 31, Future Minimum Rental Income 2016 $ 334,619 2017 330,130 2018 320,445 2019 304,506 2020 295,446 Thereafter 2,238,323 $ 3,823,469 A certain amount of the Company’s rental income is from tenants with leases which are subject to contingent rent provisions. These contingent rents are subject to the tenant achieving periodic revenues in excess of specified levels. For the years ended December 31, 2015 and 2014, the amount of the contingent rent earned by the Company was not significant. The Company did not earn any contingent rent during the year ended December 31, 2013. |
Quarterly Results (Unaudited)
Quarterly Results (Unaudited) | 12 Months Ended |
Dec. 31, 2015 | |
Quarterly Financial Information Disclosure [Abstract] | |
QUARTERLY RESULTS (UNAUDITED) | QUARTERLY RESULTS (UNAUDITED) Presented below is a summary of the unaudited quarterly financial information for the years ended December 31, 2015 and 2014 (in thousands, except for per share amounts). In the opinion of management, the information for the interim periods presented includes all adjustments which are of a normal and recurring nature, necessary to present a fair presentation of the results for each period. December 31, 2015 First Quarter Second Quarter Third Quarter Fourth Quarter Revenues $ 85,963 $ 90,528 $ 94,188 $ 97,052 Acquisition-related expenses $ 5,385 $ 3,882 $ 2,518 $ 3,741 Operating income $ 28,395 $ 31,862 $ 34,696 $ 29,247 Net income $ 15,998 $ 17,293 $ 18,485 $ 13,117 Net income attributable to the Company $ 16,015 $ 17,225 $ 18,452 $ 13,079 Basic and diluted net income per common share (1) $ 0.05 $ 0.06 $ 0.06 $ 0.04 Distributions declared per common share (1) $ 0.15 $ 0.16 $ 0.16 $ 0.16 ____________________________________ (1) The Company calculates net income per share and distributions declared per share based on the weighted-average number of outstanding shares of common stock during the reporting period. The average number of shares fluctuates throughout the year and can therefore produce a full year result that does not agree to the sum of the individual quarters. December 31, 2014 First Quarter Second Quarter Third Quarter Fourth Quarter Revenues $ 51,551 $ 56,861 $ 64,591 $ 83,279 Acquisition-related expenses $ 8,633 $ 10,113 $ 21,009 $ 12,008 Operating income $ 10,564 $ 10,790 $ 3,698 $ 20,378 Net income (loss) $ 2,946 $ 3,190 $ (4,147 ) $ 9,181 Net income (loss) attributable to the Company $ 2,946 $ 3,204 $ (4,156 ) $ 9,196 Basic and diluted net income (loss) per common share (1) $ 0.01 $ 0.01 $ (0.01 ) $ 0.03 Distributions declared per common share (1) $ 0.15 $ 0.16 $ 0.16 $ 0.16 ____________________________________ (1) The Company calculates net income (loss) per share and distributions declared per share based on the weighted-average number of outstanding shares of common stock during the reporting period. The average number of shares fluctuates throughout the year and can therefore produce a full year result that does not agree to the sum of the individual quarters. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2015 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | SUBSEQUENT EVENTS Issuance of Shares of Common Stock in the DRIP Offering The Company continues to issue shares of common stock in the DRIP Offering. As of March 24, 2016 , the Company had issued approximately 23.4 million shares pursuant to the DRIP Offering, resulting in gross proceeds to the Company of $223.5 million . Redemption of Shares of Common Stock Subsequent to December 31, 2015 and through March 24, 2016 , the Company redeemed approximately 2.9 million shares for $27.6 million (at an average price per share of $9.59 ). Credit Facility and Notes Payable As of March 24, 2016 , the Company had $1.1 billion outstanding under the Credit Facility and $175.3 million in unused capacity, subject to borrowing availability. The Company also entered into notes payable totaling $67.5 million , with a weighted average interest rate of 3.7% as of March 24, 2016 . On March 14, 2016, the Company executed a swap agreement associated with a $38.5 million note payable, which had the effect of fixing the variable interest rate per annum beginning on March 14, 2016 through the maturity date of the loan at an ending all-in rate of 3.6% . Investment in Real Estate Assets Subsequent to December 31, 2015 through March 24, 2016 , the Company acquired seven commercial real estate properties for an aggregate purchase price of $56.9 million . Acquisition-related expenses totaling $1.6 million were expensed as incurred. The Company has not completed its initial purchase price allocations with respect to these properties and therefore cannot provide similar disclosures to those included in Note 4 — Real Estate Acquisitions in these consolidated financial statements for these properties. |
Schedule III - Real Estate Asse
Schedule III - Real Estate Assets and Accumulated Depreciation | 12 Months Ended |
Dec. 31, 2015 | |
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure [Abstract] | |
Schedule III - Real Estate Assets and Accumulated Depreciation | Initial Costs to Company Gross Amount at Total Which Carried Accumulated Buildings & Adjustment At December 31, 2015 Depreciation Date Date Description (a) Encumbrances Land Improvements to Basis (b) (c) (d) (e) Acquired Constructed Real Estate Held for Investment the Company Has Invested in Under Operating Leases: 24 Hour Fitness: Beaverton, OR (g) $ 2,609 $ 9,974 $ — $ 12,583 $ 322 9/30/2014 2009 Fort Worth, TX (g) 1,519 7,449 — 8,968 451 9/27/2013 2008 Aaron’s Rents: Hillsboro, OH (g) 279 829 — 1,108 64 8/26/2013 2013 Mountain Home, AR (g) 183 872 — 1,055 6 10/1/2015 2015 Wilmington, OH (g) 249 1,134 — 1,383 30 2/26/2015 2014 Academy Sports: Clarksville, TN (g) 1,811 6,603 — 8,414 276 6/17/2014 2014 Cookeville, TN $ — — 23,847 73,329 97,176 290 9/30/2014 2015 Douglasville, GA (g) 1,360 8,593 — 9,953 355 6/12/2014 2014 Flowood, MS (g) 1,534 7,864 — 9,398 348 6/27/2014 2014 McDonough, GA (g) 1,846 5,626 — 7,472 267 4/24/2014 2010 Valdosta, GA 5,838 2,482 5,922 — 8,404 462 5/10/2013 2012 Advance Auto: Corydon, IN (g) 190 1,219 — 1,409 107 10/26/2012 2012 Dearborn Heights, MI (g) 385 1,090 — 1,475 65 8/30/2013 2013 Decatur, GA (g) 606 1,053 — 1,659 59 12/20/2013 2012 Lake Geneva, WI 1,062 381 1,181 — 1,562 89 2/6/2013 2012 Lawton, OK (g) 387 1,000 — 1,387 15 6/12/2015 2005 Mattoon, IL (g) 261 1,063 — 1,324 1 12/4/2015 2015 Mt. Pleasant, IA (g) 122 1,069 — 1,191 55 4/26/2014 2013 North Ridgeville, OH (g) 218 1,284 — 1,502 121 4/13/2012 2008 Rutherfordton, NC (g) 220 944 — 1,164 55 10/22/2013 2013 Starkville, MS (g) 447 756 — 1,203 76 6/29/2012 2011 Willmar, MN (g) 200 1,279 — 1,479 26 3/25/2015 2014 Albany Square: Albany, GA — 1,606 7,113 300 9,019 454 2/26/2014 2013 Almeda Crossing: Houston, TX (g) 4,738 26,245 — 30,983 990 8/7/2014 2006 Amazon: Lebanon, TN 33,000 1,934 56,286 — 58,220 1,816 10/15/2014 2012 Applebee’s: Greenville, SC (g) 672 1,737 — 2,409 67 6/27/2014 2004 Lithonia, GA (g) 1,234 2,613 — 3,847 117 3/28/2014 2002 Savannah, GA (g) 818 1,686 — 2,504 72 5/22/2014 2006 AutoZone: Philipsburg, PA (g) 152 1,304 — 1,456 120 7/30/2012 2010 Poughkeepsie, NY (g) 699 1,356 — 2,055 14 8/20/2015 2005 Sheffield, OH — 815 — 785 1,600 — 10/15/2014 2014 Bass Pro Shops: Tallahassee, FL (g) 945 5,713 — 6,658 383 8/20/2013 2013 Beavercreek Shopping Center: Beavercreek, OH 17,200 5,504 25,178 537 31,219 1,558 10/31/2013 2013 Initial Costs to Company Gross Amount at Total Which Carried Accumulated Buildings & Adjustment At December 31, 2015 Depreciation Date Date Description (a) Encumbrances Land Improvements to Basis (b) (c) (d) (e) Acquired Constructed Bed Bath & Beyond/Golfsmith: Schaumburg, IL $ — $ 4,786 $ 6,149 $ — $ 10,935 $ 593 3/8/2013 1997 Benihana: Golden Valley, MN (g) 1,510 2,934 — 4,444 257 8/21/2012 1980 Lauderdale by the Sea, FL (g) 2,181 2,014 — 4,195 181 8/21/2012 1971 Lombard, IL (g) 1,390 2,343 — 3,733 245 8/21/2012 1984 Woodlands, TX (g) 1,151 968 — 2,119 88 8/21/2012 2001 Big Lots: San Angelo, TX (g) 1,043 1,947 — 2,990 234 12/19/2012 2012 Waco, TX (g) 1,069 1,326 56 2,451 172 12/10/2012 2012 Biolife Plasma Services: Bellingham, WA — 2,397 6,264 — 8,661 207 11/21/2014 2014 Grandville, MI — 959 4,791 — 5,750 146 11/21/2014 2014 Loveland, CO — 651 5,645 — 6,296 169 11/21/2014 2014 Bloomington, IN — 696 3,900 — 4,596 157 6/26/2014 2014 Fort Wayne, IN — 660 3,749 — 4,409 151 6/26/2014 2013 St. Cloud, MN — 889 3,633 — 4,522 161 6/26/2014 2013 St. George, UT — 1,195 5,561 — 6,756 118 3/12/2015 2014 Waterloo, IA — 489 3,380 — 3,869 152 6/26/2014 2013 West Fargo, ND — 1,379 5,052 — 6,431 113 3/12/2015 2014 Bojangles: Pelham, AL (g) 219 1,216 — 1,435 51 6/30/2014 2010 Boston Commons: Springfield, MA 5,400 3,101 7,042 — 10,143 283 8/19/2014 2004 Bottom Dollar Grocery: Ambridge, PA (g) 519 2,985 — 3,504 163 11/5/2013 2012 Brownsville Plaza: Baldwin, PA — 627 2,702 — 3,329 150 2/28/2014 2012 Bryan Crossing: Kodak, TN (g) 863 6,523 — 7,386 231 9/9/2014 2008 Buffalo Wild Wings: Idaho Falls, ID (g) 712 1,336 — 2,048 49 7/29/2014 2008 Warrenville, IL (g) 1,208 1,420 — 2,628 132 3/28/2013 2004 Woodridge, IL (g) 1,139 1,484 — 2,623 137 3/28/2013 2005 Caliber Collision Center: Frisco, TX (g) 1,484 2,038 — 3,522 76 9/16/2014 2014 Las Cruces, NM (g) 673 1,949 — 2,622 88 3/21/2014 2014 Midwest City, OK (g) 259 1,165 — 1,424 57 2/21/2014 2013 Denver, CO (g) 855 658 — 1,513 26 6/25/2014 1975 San Antonio, TX (g) 622 832 — 1,454 33 6/4/2014 2014 Wylie, TX (g) 816 2,690 — 3,506 68 2/10/2015 2014 Canton Marketplace: Canton, GA 32,000 8,310 48,667 857 57,834 4,452 3/28/2013 2009 Carlisle Crossing: Carlisle, PA (g) 4,491 15,817 — 20,308 724 9/18/2014 2006 Canarsie Plaza: Brooklyn, NY 75,000 37,970 71,267 790 110,027 5,507 12/5/2012 2011 Initial Costs to Company Gross Amount at Total Which Carried Accumulated Buildings & Adjustment At December 31, 2015 Depreciation Date Date Description (a) Encumbrances Land Improvements to Basis (b) (c) (d) (e) Acquired Constructed Century Plaza: Orlando, FL $ — $ 3,094 $ 6,178 $ — $ 9,272 $ 359 7/21/2014 2008 Chase: Hanover Township, NJ (g) 2,192 — — 2,192 — 12/18/2013 2012 Chestnut Square: Brevard, NC 3,727 425 5,037 — 5,462 354 6/7/2013 2008 Chili’s: Forest City, NC (g) 233 1,936 — 2,169 63 9/3/2014 2003 Coosa Town Center: Gadsden, AL — 3,246 7,799 — 11,045 476 12/20/2013 2004 Cost Plus World Market: Kansas City, MO (g) 1,378 2,396 — 3,774 272 11/13/2012 2001 Costco: Tallahassee, FL 5,146 9,497 — — 9,497 — 12/11/2012 2006 Cottonwood Commons: Albuquerque, NM 19,250 4,986 28,881 84 33,951 1,877 7/19/2013 2013 Coventry Crossing: Coventry, RI 6,000 3,462 5,899 — 9,361 389 9/12/2013 2008 Crosspoint: Hagerstown, MD (g) 12,285 14,359 (1,086 ) 25,558 621 9/30/2014 2000 Crossroads Annex: Lafayette, LA — 1,659 7,091 — 8,750 415 12/4/2013 2013 Crossroads Commons: Plover, WI (g) 1,000 4,515 75 5,590 308 12/10/2013 2012 CVS: Arnold, MO (g) 2,043 2,367 — 4,410 124 12/13/2013 2013 Asheville, NC (g) 1,108 1,084 — 2,192 106 4/26/2012 1998 Austin, TX (g) 1,076 3,475 — 4,551 181 12/13/2013 2013 Bainbridge, GA (g) 444 1,682 47 2,173 157 6/27/2012 1998 Bloomington, IN (g) 1,620 2,957 — 4,577 155 12/13/2013 2012 Blue Springs, MO (g) 395 2,722 — 3,117 143 12/13/2013 2013 Bridgeton, MO (g) 2,056 2,362 — 4,418 124 12/13/2013 2013 Cartersville, GA (g) 2,547 — — 2,547 — 10/22/2012 2009 Charleston, SC (g) 869 1,009 — 1,878 99 4/26/2012 1998 Chesapeake, VA (g) 1,044 3,053 — 4,097 164 12/13/2013 2013 Chicago, IL (g) 1,832 4,255 — 6,087 297 3/20/2013 2008 Cicero, IN (g) 487 3,099 — 3,586 163 12/13/2013 2013 Corpus Christi, TX (g) 648 2,557 — 3,205 241 4/19/2012 1998 Danville, IN (g) 424 2,105 — 2,529 83 7/16/2014 1998 Eminence, KY (g) 872 2,511 — 3,383 130 12/13/2013 2013 Florence, AL 1,735 1,030 1,446 — 2,476 105 3/27/2013 2000 Goose Creek, SC (g) 1,022 1,980 — 3,002 103 12/13/2013 2013 Greenwood, IN (g) 912 3,549 — 4,461 220 7/11/2013 1999 Hanover Township, NJ (g) 4,746 — — 4,746 — 12/18/2013 2012 Hazlet, NJ (g) 3,047 3,610 — 6,657 189 12/13/2013 2013 Honesdale, PA (g) 1,206 3,342 — 4,548 180 12/13/2013 2013 Independence, MO (g) 359 2,242 — 2,601 118 12/13/2013 2013 Initial Costs to Company Gross Amount at Total Which Carried Accumulated Buildings & Adjustment At December 31, 2015 Depreciation Date Date Description (a) Encumbrances Land Improvements to Basis (b) (c) (d) (e) Acquired Constructed CVS (continued): Indianapolis, IN (g) $ 1,110 $ 2,484 $ — $ 3,594 $ 130 12/13/2013 2013 Irving, TX (g) 745 3,034 — 3,779 250 10/5/2012 2000 Jacksonville, FL (g) 2,182 3,817 — 5,999 143 7/16/2014 2004 Janesville, WI (g) 736 2,545 — 3,281 133 12/13/2013 2013 Katy, TX (g) 1,149 2,462 — 3,611 126 12/13/2013 2013 Lincoln, NE (g) 2,534 3,014 — 5,548 158 12/13/2013 2013 London, KY (g) 1,445 2,661 — 4,106 157 9/10/2013 2013 Middletown, NY (g) 665 5,483 — 6,148 284 12/13/2013 2013 North Wilkesboro, NC (g) 332 2,369 — 2,701 132 10/25/2013 1999 Poplar Bluff, MO (g) 1,861 2,211 — 4,072 117 12/13/2013 2013 Salem, NH (g) 3,456 2,351 — 5,807 126 11/18/2013 2013 San Antonio, TX (g) 1,893 1,848 — 3,741 98 12/13/2013 2013 Sand Springs, OK (g) 1,765 2,283 — 4,048 121 12/13/2013 2013 Santa Fe, NM (g) 2,243 4,619 — 6,862 239 12/13/2013 2013 Sedalia, MO (g) 466 2,318 — 2,784 122 12/13/2013 2013 St. John, MO (g) 1,546 2,601 — 4,147 136 12/13/2013 2013 Temple Hills, MD (g) 1,817 2,989 — 4,806 173 9/30/2013 2001 Vineland, NJ (g) 813 2,926 — 3,739 158 12/13/2013 2010 Waynesboro, VA (g) 986 2,708 — 3,694 142 12/13/2013 2013 West Monroe, LA (g) 1,738 2,136 — 3,874 113 12/13/2013 2013 Darien Towne Center: Darien, IL $ 12,200 6,718 11,951 900 19,569 892 12/17/2013 1994 DaVita: Riverview, MI (g) 199 2,322 — 2,521 95 9/4/2014 2012 Decatur Commons: Decatur, AL 7,000 2,478 9,333 470 12,281 621 7/10/2013 2004 Deltona Commons: Deltona, FL 4,767 1,424 7,760 — 9,184 512 6/18/2013 2007 Dick’s Sporting Goods: Oklahoma City (3rd), OK (g) 1,198 7,838 — 9,036 681 12/21/2012 2012 Oklahoma City, OK 5,858 685 10,587 — 11,272 897 12/31/2012 2012 Dollar General: Abbeville, AL (g) 294 1,302 — 1,596 43 10/3/2014 2014 Akron, AL (g) 69 771 — 840 50 8/6/2013 2013 Akron, OH (g) 112 1,099 — 1,211 66 11/1/2013 2013 Alliance, NE (g) 97 812 — 909 64 4/9/2013 2013 Alton, TX (g) 94 922 — 1,016 32 9/5/2014 2014 Arapahoe, NE (g) 44 873 — 917 31 9/5/2014 2014 Asheville, NC (g) 379 753 — 1,132 57 6/17/2013 2013 Ashville, AL 666 255 678 — 933 62 12/21/2012 2012 Atmore, AL (g) 243 858 — 1,101 43 2/25/2014 2014 Bainbridge, OH (g) 106 1,175 — 1,281 79 9/13/2013 2013 Belle, MO (g) 51 880 — 931 31 9/5/2014 2014 Initial Costs to Company Gross Amount at Total Which Carried Accumulated Buildings & Adjustment At December 31, 2015 Depreciation Date Date Description (a) Encumbrances Land Improvements to Basis (b) (c) (d) (e) Acquired Constructed Dollar General (continued): Berry, AL (g) $ 104 $ 1,196 $ — $ 1,300 $ 42 9/26/2014 2014 Bessemer, AL (g) 142 941 — 1,083 58 9/27/2013 2013 Bloomfield, NE (g) 50 845 — 895 24 12/16/2014 2014 Blue Rapids, KS (g) 52 880 — 932 29 10/22/2014 2014 Bluefield, WV (g) 337 686 — 1,023 22 10/15/2014 2014 Bokchito, OK (g) 59 859 — 918 72 2/27/2013 2013 Botkins, OH (g) 130 991 — 1,121 65 9/27/2013 2013 Brandon, SD (g) 292 871 — 1,163 29 10/31/2014 2014 Breaux Bridge, LA $ 840 225 1,007 — 1,232 85 11/30/2012 2012 Broken Bow, NE (g) 91 878 — 969 48 11/1/2013 2013 Brownsville, TX 822 264 943 — 1,207 75 11/30/2012 2012 Buffalo, NY (g) 122 1,099 — 1,221 30 12/5/2014 2014 Clay, AL 792 305 768 — 1,073 66 2/8/2013 2012 Cleveland, TX 684 158 856 — 1,014 68 11/30/2012 2012 Columbus, OH (g) 279 1,248 — 1,527 75 11/7/2013 2013 Conroe, TX 756 167 946 — 1,113 74 12/18/2012 2012 Crystal Springs, MS (g) 463 3,027 — 3,490 110 8/6/2014 2013 Cullman, AL (g) 159 824 — 983 31 8/4/2014 2014 Decatur, IL (Taylorville) (g) 133 986 — 1,119 40 6/18/2014 2014 Decatur, IL (Eldorado) (g) 219 964 — 1,183 33 9/8/2014 2014 Delcambre, LA (g) 169 1,025 — 1,194 63 9/27/2013 2013 Delhi, LA (g) 301 1,033 — 1,334 65 8/9/2013 2013 Deridder (Hwy 26), LA (g) 135 923 — 1,058 57 9/27/2013 2013 Deridder (Hwy 190), LA (g) 176 905 — 1,081 58 8/9/2013 2013 Des Moines, IA (g) 166 943 — 1,109 60 8/9/2013 2012 Dora, AL (g) 124 935 — 1,059 32 9/26/2014 2014 Dundee, MI (g) 296 1,047 — 1,343 57 11/26/2013 2013 Edinburg, TX (g) 146 809 — 955 32 7/31/2014 2014 Eight Mile, AL (g) 110 865 — 975 36 6/23/2014 2014 Elk Point, SD (g) 97 839 — 936 30 9/22/2014 2014 Ellerslie, GA (g) 247 797 — 1,044 37 4/17/2014 2014 Eufaula, AL (g) 300 930 — 1,230 37 7/22/2014 2014 Farmington, NM (g) 175 919 — 1,094 32 9/5/2014 2014 Fort Valley, GA (g) 514 2,436 — 2,950 172 7/9/2013 2013 Fred, TX (g) 93 929 — 1,022 51 12/19/2013 2013 Fruitport, MI (g) 100 968 — 1,068 38 6/25/2014 2014 Geneva, AL 738 204 815 — 1,019 74 12/21/2012 2012 Geraldine, AL (g) 220 1,146 — 1,366 51 5/30/2014 2014 Greenwell Springs, LA 870 444 841 — 1,285 72 11/30/2012 2012 Groveport, OH 822 416 813 — 1,229 66 3/15/2013 2013 Hamilton, AL (g) 208 1,024 — 1,232 33 10/16/2014 2014 Hanceville, AL 2,029 1,232 1,488 — 2,720 143 11/21/2012 2012 Initial Costs to Company Gross Amount at Total Which Carried Accumulated Buildings & Adjustment At December 31, 2015 Depreciation Date Date Description (a) Encumbrances Land Improvements to Basis (b) (c) (d) (e) Acquired Constructed Dollar General (continued): Harlingen, TX (g) $ 144 $ 853 $ — $ 997 $ 36 6/20/2014 2014 Harvest, AL $ 684 261 691 — 952 63 12/21/2012 2012 Harviell, MO (g) 50 818 — 868 40 3/31/2014 2014 Hastings, NE (g) 177 850 — 1,027 28 10/22/2014 2014 Hayneville, AL (g) 249 1,181 — 1,430 44 8/15/2014 2014 Hillsboro, OH (g) 262 956 — 1,218 32 9/25/2014 2014 Hinton, WV (g) 199 1,367 — 1,566 48 8/18/2014 2014 Homeworth, OH (g) 110 1,057 — 1,167 60 10/18/2013 2013 Houston, TX 966 311 1,102 — 1,413 86 12/18/2012 2012 Houston (Gears), TX (g) 255 1,393 — 1,648 79 10/18/2013 2013 Huntsville, AL 768 177 847 — 1,024 76 12/21/2012 2012 Independence, MO 828 170 1,072 — 1,242 88 12/18/2012 2012 Kansas City (Oak), MO (g) 283 1,068 — 1,351 63 10/18/2013 2013 Kansas City (Troost), MO (g) 233 1,054 — 1,287 60 11/1/2013 2013 Kasson, MN (g) 138 888 — 1,026 35 8/15/2014 2014 Kearney, NE (g) 141 851 — 992 49 11/20/2013 2013 Kinston, AL 642 170 718 — 888 66 12/21/2012 2012 Kolona, IA (g) 81 868 — 949 32 8/15/2014 2014 Lake Charles (Broad), LA (g) 146 989 — 1,135 63 8/9/2013 2013 Lamesa, TX (g) 75 803 — 878 32 7/31/2014 2014 Lansing, MI (g) 232 939 — 1,171 37 6/25/2014 2014 Lebanon, TN (g) 177 882 — 1,059 35 6/30/2014 2012 Leicester, NC (g) 134 800 — 934 56 6/17/2013 2013 Lima, OH 810 156 1,040 — 1,196 84 11/30/2012 2012 Linden, AL (g) 317 746 — 1,063 51 7/11/2013 2013 Lone Jack, MO (g) 152 960 — 1,112 42 5/16/2014 2014 Los Fresnos, TX (g) 55 867 — 922 30 9/19/2014 2014 Los Lunas, NM (g) 113 857 — 970 38 5/14/2014 2014 Louisburg, KS (g) 324 936 — 1,260 39 6/25/2014 2014 Loveland, OH (g) 241 1,065 — 1,306 63 12/12/2013 2013 Lubbock, TX 744 468 641 — 1,109 54 12/18/2012 2012 Manhattan, KS (g) 194 921 — 1,115 53 11/20/2013 2013 Mansfield, OH (g) 72 1,226 — 1,298 64 12/12/2013 2013 Maple Lake, MN (g) 92 893 — 985 31 10/10/2014 2014 Maynardville, TN 750 238 754 — 992 71 11/30/2012 2012 Millbrook, AL (g) 320 1,175 — 1,495 46 7/22/2014 2014 Mission, TX (g) 182 858 — 1,040 30 9/5/2014 2014 Mobile (Newman), AL (g) 139 1,005 — 1,144 60 10/18/2013 2013 Mobile (Schillinger), AL (g) 410 1,059 — 1,469 74 6/17/2013 2013 Monroeville, OH (g) 131 1,069 — 1,200 61 10/4/2013 2013 Montgomery, AL (g) 140 909 — 1,049 30 10/24/2014 2014 Moose Lake, MN (g) 140 937 — 1,077 33 10/10/2014 2014 Initial Costs to Company Gross Amount at Total Which Carried Accumulated Buildings & Adjustment At December 31, 2015 Depreciation Date Date Description (a) Encumbrances Land Improvements to Basis (b) (c) (d) (e) Acquired Constructed Dollar General (continued): Moroa, IL (g) $ 111 $ 921 $ — $ 1,032 $ 37 6/26/2014 2014 Mt. Vernon, IL (g) 177 985 — 1,162 42 5/30/2014 2014 Nashville, GA $ 2,088 215 2,533 — 2,748 203 3/1/2013 2013 Nashville, MI (g) 103 1,255 — 1,358 61 1/24/2014 2013 Navarre, OH (g) 153 1,005 — 1,158 59 9/27/2013 2013 Neoga, IL (g) 94 860 — 954 30 8/8/2014 2010 Ness City, KS (g) 21 860 — 881 42 3/20/2014 2014 New Philadelphia, OH (g) 129 1,100 — 1,229 65 9/27/2013 2013 New Washington, OH (g) 99 975 — 1,074 64 9/13/2013 2013 Newark, OH 792 222 946 — 1,168 77 3/15/2013 2013 Nitro, WV (g) 451 1,034 — 1,485 41 6/30/2014 2013 Nixa, MO (g) 235 806 — 1,041 38 4/3/2014 2014 North Lewisburg, OH (g) 59 1,008 — 1,067 61 11/22/2013 2013 Onawa, IA (g) 176 842 — 1,018 35 6/26/2014 2014 Opelousas, LA (g) 92 947 — 1,039 56 10/4/2013 2013 Ortonville, MN (g) 113 907 — 1,020 34 9/5/2014 2014 Osceola, NE (g) 194 835 — 1,029 16 4/2/2015 2014 Oxford, AL (g) 465 783 — 1,248 48 10/18/2013 2013 Palestine, IL (g) 155 893 — 1,048 36 6/26/2014 2014 Parchment, MI (g) 168 1,162 — 1,330 46 6/25/2014 2014 Park Hill, OK (g) 91 887 — 978 71 1/4/2013 2012 Parsons, TN (g) 166 1,136 — 1,302 46 7/16/2014 2013 Phenix City, AL (g) 331 718 — 1,049 50 6/17/2013 2013 Piedmont, AL 1,980 1,037 1,579 — 2,616 153 11/21/2012 2012 Pike Road, AL (g) 477 772 — 1,249 50 8/21/2013 2013 Plain City, OH (g) 187 1,097 — 1,284 60 11/26/2013 2013 Port Clinton, OH (g) 120 1,070 — 1,190 58 11/22/2013 2013 Princeton, MO (g) 155 1,159 — 1,314 38 10/10/2014 2014 Pueblo, CO (g) 144 909 — 1,053 69 1/4/2013 2012 Ragley, LA (g) 196 877 — 1,073 56 8/9/2013 2013 Rainsville, AL (g) 290 1,267 — 1,557 47 8/13/2014 2014 Ravenna, MI (g) 199 958 — 1,157 47 1/24/2014 2013 Rayne, LA 702 125 910 — 1,035 75 12/18/2012 2012 Roanoke, IL (g) 93 846 — 939 36 5/16/2014 2014 Romney, IN (g) 87 827 — 914 31 7/7/2014 2011 Romulus, MI (g) 274 1,171 — 1,445 54 3/7/2014 2013 Russell, KS (g) 54 899 — 953 34 8/5/2014 2014 San Antonio, TX (g) 295 743 — 1,038 32 7/31/2014 2014 San Carlos, TX (g) 70 1,063 — 1,133 44 6/20/2014 2014 Seale, AL (g) 259 767 — 1,026 46 10/28/2013 2013 Seminole, AL (g) 175 829 — 1,004 56 7/15/2013 2013 Shelby, MI (g) 128 1,033 — 1,161 51 1/24/2014 2013 Slocomb, AL (g) 124 918 — 1,042 47 2/25/2014 2014 Snead, AL (g) 126 1,137 — 1,263 40 9/26/2014 2014 Initial Costs to Company Gross Amount at Total Which Carried Accumulated Buildings & Adjustment At December 31, 2015 Depreciation Date Date Description (a) Encumbrances Land Improvements to Basis (b) (c) (d) (e) Acquired Constructed Dollar General (continued): South Bay, FL (g) $ 258 $ 1,262 $ — $ 1,520 $ 53 5/7/2014 2013 Spring, TX (g) 277 1,132 — 1,409 67 9/30/2013 2013 Springfield, IL (g) 205 934 — 1,139 31 9/17/2014 2014 Springfield, MO (g) 171 810 — 981 32 7/14/2014 2014 Springfield, NE (g) 172 864 — 1,036 38 5/12/2014 2014 Springfield, OH (g) 125 1,000 — 1,125 61 9/27/2013 2013 St. Louis, MO (Grand) (g) 240 1,118 — 1,358 59 1/15/2014 2013 St. Louis, MO (Lewis & Clark) (g) 229 1,102 — 1,331 60 12/31/2013 2013 Superior, NE (g) 230 917 — 1,147 52 11/26/2013 2013 Temple, GA (g) 200 917 — 1,117 65 5/15/2013 2013 Theodore, AL (g) 248 763 — 1,011 55 5/15/2013 2013 Thibodaux, LA (g) 211 1,083 — 1,294 66 9/27/2013 2013 Toney, AL $ 642 86 792 — 878 66 3/21/2013 2012 Topeka, KS (g) 159 873 — 1,032 21 2/25/2015 2014 Urbana, OH (g) 133 1,051 — 1,184 46 5/29/2014 2013 Volga, SD (g) 51 784 — 835 28 9/5/2014 2014 Waco, TX (g) 26 922 — 948 41 6/20/2014 2014 Wagener, SC (g) 477 1,169 — 1,646 39 9/16/2014 2014 Wakefield, KS (g) 78 929 — 1,007 58 9/30/2013 2013 Waterloo, IA (g) 330 908 — 1,238 27 11/5/2014 2014 Weslaco, TX (g) 141 848 — 989 30 9/5/2014 2014 Weston, MO (g) 117 1,012 — 1,129 67 7/17/2013 2013 Wetumpka, AL (g) 290 779 — 1,069 35 5/29/2014 2014 Whitehouse, OH (g) 134 1,144 — 1,278 65 10/18/2013 2013 Whitwell, TN 870 159 1,035 — 1,194 97 11/30/2012 2012 Wilmer, AL (g) 99 775 — 874 50 8/5/2013 2013 Winsted, MN (g) 152 841 — 993 32 9/29/2014 2014 Wisner, NE (g) 37 773 — 810 34 5/12/2014 2014 Woodville, OH 786 169 1,009 — 1,178 83 2/8/2013 2013 Yatesville, GA 666 120 797 — 917 67 3/25/2013 2013 Dollar Tree/Petco: Humble, TX (g) 720 2,543 — 3,263 200 2/11/2013 2011 Earth Fare: Huntersville, NC 3,183 1,439 2,973 — 4,412 239 2/28/2013 2011 East Manchester Village Center: Manchester, PA 8,300 2,517 12,672 202 15,391 720 12/19/2013 2009 East West Commons: Austell, GA (g) 10,094 16,034 — 26,128 659 9/30/2014 2002 Emerald Place: Greenwood, SC 6,250 2,042 9,942 — 11,984 677 6/28/2013 2012 Evergreen Marketplace: Evergreen Park, IL (g) 2,823 6,239 — 9,062 467 9/6/2013 2013 Initial Costs to Company Gross Amount at Total Which Carried Accumulated Buildings & Adjustment At December 31, 2015 Depreciation Date Date Description (a) Encumbrances Land Improvements to Basis (b) (c) (d) (e) Acquired Constructed Fairview Village: Cary, NC (g) $ 2,514 $ 3,557 $ 52 $ 6,123 $ 306 12/21/2012 2010 Family Center: Riverdale, UT (g) 21,716 29,454 (1,013 ) 50,157 1,701 2/28/2014 2008 Family Dollar: Aberdeen, ID (g) 101 1,054 — 1,155 34 10/24/2014 2014 Adelanto, GA (g) 463 1,711 — 2,174 50 11/14/2014 2014 Aguila, AZ (g) 129 1,290 — 1,419 29 2/13/2015 2014 Albany, GA (g) 347 925 — 1,272 28 11/7/2014 2014 Apple Springs, TX (g) 91 804 — 895 24 11/14/2014 2014 Arkadelphia, AR (g) 113 738 — 851 17 2/12/2015 2014 Auburn, ME (g) 217 1,261 — 1,478 27 4/15/2015 2014 Bagley, MN (g) 95 1,114 — 1,209 48 6/27/2014 2014 Benavides, TX (g) 27 1,065 — 1,092 57 2/26/2014 2013 Berry, AL (g) 122 880 — 1,002 27 11/14/2014 2014 Bessemer, AL (g) 201 1,043 — 1,244 57 12/27/2013 2013 Broadway, VA (g) 213 1,153 — 1,366 36 11/7/2014 2014 Birmingham, AL (g) 500 831 — 1,331 46 12/27/2013 2013 Brooksville, FL (g) 206 791 — 997 44 12/18/2013 2013 Burkeville, TX (g) 54 900 — 954 34 9/30/2014 2014 Cascade, ID (g) 267 1,147 — 1,414 54 2/4/2014 2013 Cass Lake, MN (g) 157 1,107 — 1,264 48 6/27/2014 2013 Cathedral City, CA (g) 658 1,908 — 2,566 65 9/19/2014 2014 Charlotte, TX (g) 118 970 — 1,088 52 2/26/2014 2014 Cheyenne, WY (g) 148 986 — 1,134 45 4/23/2014 2014 Coachella, CA (g) 450 1,634 — 2,084 80 2/19/2014 2013 Cocoa, FL (g) 370 1,092 — 1,462 37 9/26/2014 2014 Colmesneil, TX (g) 172 858 — 1,030 40 2/4/2014 2013 Columbia, SC (g) 294 824 — 1,118 27 10/24/2014 2014 Columbia, SC (g) 332 1,044 — 1,376 33 10/24/2014 2014 Comanche, TX (g) 176 1,145 — 1,321 42 8/6/2014 2014 Cordes Lakes, AZ (g) 380 1,421 — 1,801 47 9/19/2014 2014 Davenport, FL (g) 298 964 — 1,262 27 12/5/2014 2014 Davenport, IA (g) 167 918 — 1,085 28 11/25/2014 2014 Dawson, TX (g) 41 799 — 840 24 11/14/2014 2014 Deadwood, SD (g) 132 1,139 — 1,271 38 9/18/2014 2014 Des Moines, IA (g) 290 1,126 — 1,416 34 11/25/2014 2014 East Millinocket, ME (g) 161 1,004 — 1,165 27 2/26/2015 2014 Eden, TX (g) 82 903 — 985 46 2/26/2014 2013 Elizabethtown, NY (g) 107 671 — 778 33 1/31/2014 2008 Eloy, AZ (g) 86 1,587 — 1,673 49 10/24/2014 2014 Empire, CA (g) 239 1,527 — 1,766 62 6/27/2014 2014 Erwinville, LA (g) 146 765 — 911 10 7/7/2015 2015 Evans, CO (g) 201 817 — 1,018 27 9/29/2014 2014 Findlay, OH (g) 326 1,271 — 1,597 66 2/26/2014 2013 Folsom, LA (g) 325 788 — 1,113 27 9/30/2014 2014 Initial Costs to Company Gross Amount at Total Which Carried Accumulated Buildings & Adjustment At December 31, 2015 Depreciation Date Date Description (a) Encumbrances Land Improvements to Basis (b) (c) (d) (e) Acquired Constructed Family Dollar (continued): Ft. Lauderdale, FL (g) $ 443 $ 1,361 $ — $ 1,804 $ 71 12/18/2013 2013 Fort Thomas, AZ (g) 49 1,173 — 1,222 56 2/26/2014 2013 Fort Wayne, IN (g) 258 1,096 — 1,354 24 3/6/2015 2014 Fort Worth, TX (g) 532 1,346 — 1,878 46 9/5/2014 2014 Franklin, NH (g) 307 1,214 — 1,521 8 10/15/2015 2014 Frederica, DE (g) 392 1,164 — 1,556 24 3/6/2015 2014 Freeport, OH (g) 322 959 — 1,281 24 2/20/2015 2014 Fresno, CA (g) 488 1,553 — 2,041 77 2/19/2014 2013 Garrison, TX (g) 61 1,306 — 1,367 35 12/18/2014 2014 Georgetown, KY (g) 607 905 — 1,512 28 11/21/2014 2014 Gering, NE (g) 244 913 — 1,157 32 9/26/2014 2014 Greene, ME (g) 251 940 — 1,191 23 3/25/2015 2014 Greenwood, WI (g) 154 920 — 1,074 37 6/27/2014 2013 Harrisonburg, VA (g) 229 1,073 — 1,302 31 12/12/2014 2014 Hawkins, TX (g) 49 1,288 — 1,337 44 9/5/2014 2014 Hempstead, TX (g) 219 943 — 1,162 25 12/18/2014 2014 Hettinger, ND (g) 214 1,077 — 1,291 57 2/26/2014 2013 Hodgenville, KY (g) 202 783 — 985 27 9/19/2014 2014 Holtville, CA (g) 317 1,609 — 1,926 79 2/19/2014 2013 Homestead, FL (g) 575 1,470 — 2,045 2 12/9/2015 2014 Homosassa, FL (g) 325 1,001 — 1,326 28 12/12/2014 2014 Immokalee, FL (g) 458 1,248 — 1,706 39 11/4/2014 2014 Indianapolis, IN (g) 238 1,117 — 1,355 35 11/21/2014 2014 Indio, CA (g) 393 1,636 — 2,029 66 6/25/2014 2014 Irvington, AL (g) 217 814 — 1,031 45 12/27/2013 2013 Jacksonville, FL (g) 134 1,157 — 1,291 34 11/7/2014 2014 Jay, FL (g) 190 1,002 — 1,192 53 2/25/2014 2013 Jonesboro, GA (g) 297 1,098 — 1,395 55 2/14/2014 2013 Keller, TX (g) 749 1,550 — 2,299 70 4/14/2014 2014 Kersey, CO (g) 238 904 — 1,142 39 5/29/2014 2014 Kiowa, OK (g) 193 947 — 1,140 33 9/5/2014 2014 Kissimmee, FL (g) 622 1,226 — 1,848 45 8/27/2014 2014 La Salle, CO (g) 239 890 — 1,129 27 11/4/2014 2013 LaBelle, FL (g) 268 1,037 — 1,305 54 2/28/2014 2014 Lake Elsinor, CA (g) 417 1,682 — 2,099 79 3/3/2014 2013 Lakeland, FL (g) 353 937 — 1,290 39 6/30/2014 2014 Laredo, TX (g) 302 1,039 — 1,341 34 10/3/2014 2013 Levelland, TX (g) 264 952 — 1,216 33 9/30/2014 2014 Little Rock, CA (g) 499 1,730 — 2,229 40 2/19/2015 2014 Lorain, OH (g) 320 995 — 1,315 41 6/27/2014 2014 Louisville (Bank), KY (g) 578 919 — 1,497 45 3/26/2014 2013 Louisville (Cane), KY (g) 480 934 — 1,414 39 6/4/2014 2014 Mahanoy City, PA (g) 209 1,112 — 1,321 25 2/20/2015 2015 Mansfield, TX (g) 849 1,189 — 2,038 59 2/26/2014 2013 Initial Costs to Company Gross Amount at Total Which Carried Accumulated Buildings & Adjustment At December 31, 2015 Depreciation Date Date Description (a) Encumbrances Land Improvements to Basis (b) (c) (d) (e) Acquired Constructed Family Dollar (continued): Melbourne, FL (g) $ 362 $ 883 $ — $ 1,245 $ 44 2/28/2014 2014 Melrose, FL (g) 124 929 — 1,053 32 9/10/2014 2014 Mertzon, TX (g) 149 995 — 1,144 37 9/19/2014 2014 Mesa, AZ (g) 627 1,468 — 2,095 67 3/31/2014 2014 Miami, FL (g) 584 1,490 — 2,074 33 2/25/2015 2014 Milo, ME (g) 138 1,122 — 1,260 27 3/19/2015 2014 Monroe, UT (g) 272 985 — 1,257 32 10/24/2014 2013 Moore Haven, FL (g) 348 1,016 — 1,364 46 5/29/2014 2014 Moulton, TX (g) 102 973 — 1,075 52 2/26/2014 2014 Naubinway, MI (g) 47 1,180 — 1,227 55 2/4/2014 2013 New Ellenton, SC (g) 160 800 — 960 22 12/12/2014 2014 New Summerfield, TX (g) 230 851 — 1,081 35 6/6/2014 2014 Nicholasville, KY (g) 464 826 — 1,290 40 3/26/2014 2013 North Charleston, SC (g) 386 997 — 1,383 30 11/14/2014 2014 North Hampton, OH (g) 200 867 — 1,067 22 2/27/2015 2014 Ocoee, FL (g) 462 1,173 — 1,635 35 11/21/2014 2014 Omaha, NE (g) 86 1,427 — 1,513 30 3/2/2015 2014 Ordway, CO (g) 81 993 — 1,074 32 10/30/2014 2014 Oshkosh, WI (g) 361 815 — 1,176 41 2/25/2014 2013 Ossineke, MI (g) 85 898 — 983 40 3/14/2014 2014 Palmdale, CA (g) 372 1,822 — 2,194 38 3/30/2015 2014 Penitas, TX (g) 182 1,053 — 1,235 50 3/26/2014 2014 Pensacola, FL (g) 509 791 — 1,300 39 3/27/2014 2014 Pine Lake, GA (g) 639 897 — 1,536 34 8/26/2014 2014 Pittsfield, ME (g) 334 1,258 — 1,592 14 8/12/2015 2014 Plainview, NE (g) 112 774 — 886 36 4/25/2014 2014 Poinciana, FL (g) 501 1,186 — 1,687 41 9/19/2014 2014 Pojoaque, NM (g) 545 909 — 1,454 33 8/25/2014 2013 Posen, MI (g) 101 896 — 997 40 3/14/2014 2014 Preston, MN (g) 161 1,159 — 1,320 50 6/27/2014 2014 Punta Gorda, FL (g) 345 1,018 — 1,363 1 12/17/2015 2014 Radium Springs, NM (g) 129 1,086 — 1,215 54 2/26/2014 2013 Ramah, NM (g) 217 1,105 — 1,322 52 2/4/2014 2013 Rex, GA (g) 294 1,393 — 1,687 41 11/7/2014 2014 Richmond, ME (g) 252 1,026 — 1,278 25 3/25/2015 2014 Riverside, CA (g) 736 1,558 — 2,294 70 4/4/2014 2014 Robert Lee, TX (g) 94 904 — 998 45 2/26/2014 2014 Rushford, MN (g) 163 844 — 1,007 38 6/27/2014 2014 Saginaw, MI (g) 240 956 — 1,196 31 10/30/2014 2014 San Antonio, TX (g) 357 966 — 1,323 36 9/30/2014 2014 San Antonio, TX (g) 421 951 — 1,372 31 11/14/2014 2014 San Jacinto, CA (g) 430 1,682 — 2,112 64 7/18/2014 2014 Schuyler, NE (g) 260 708 — 968 32 5/5/2014 2014 Shreveport, LA (g) 406 978 — 1,384 43 5/29/2014 2014 Initial Costs to Company Gross Amount at Total Which Carried Accumulated Buildings & Adjustment At December 31, 2015 Depreciation Date Date Description (a) Encumbrances Land Improvements to Basis (b) (c) (d) (e) Acquired Constructed Family Dollar (continued): Shreveport, LA (g) $ 272 $ 1,113 $ — $ 1,385 $ 43 7/22/2014 2014 Shreveport, LA (g) 423 1,099 — 1,522 35 10/8/2014 2014 South Paris, ME (g) 173 1,240 — 1,413 33 2/25/2015 2014 Spring Hill, FL (g) 278 1,249 — 1,527 1 12/4/2015 2014 Spurger, TX (g) 86 905 — 991 32 9/18/2014 2014 Statesboro, GA (g) 347 800 — 1,147 41 2/14/2014 2013 Sterling City, TX (g) 78 889 — 967 45 2/26/2014 2013 Stockton, CA (g) 202 1,817 — 2,019 61 9/19/2014 2014 Summerfield, FL (g) 271 978 — 1,249 27 12/12/2014 2014 Tallahassee, FL (g) 189 1,212 — 1,401 36 11/21/2014 2014 Taft, CA (g) 255 1,422 — 1,677 88 8/23/2013 2013 Tampa (Cragmont), FL (g) 563 737 — 1,300 41 12/18/2013 2013 Tampa (Forest), FL (g) 482 920 — 1,402 50 12/18/2013 2013 Tampa (Hunt), FL (g) 568 1,137 — 1,705 46 7/2/2014 2014 Terra Bella, CA (g) 332 1,394 — 1,726 69 2/19/2014 2013 Topeka, KS (g) 419 1,327 — 1,746 60 4/17/2014 2014 Tucson, AZ (g) 399 1,599 — 1,998 40 1/27/2015 2014 Tyler, MN (g) 73 895 — 968 40 6/27/2014 2014 Tuscaloosa, AL (g) 534 817 — 1,351 46 12/27/2013 2013 Valdosta, GA (g) 424 849 — 1,273 43 2/26/2014 2014 Vine Grove, KY (g) 205 966 — 1,171 23 2/13/2015 2014 Waelder, TX (g) 136 788 — 924 33 6/4/2014 2014 Walker, LA (g) 294 966 — 1,260 33 9/30/2014 2014 Wayne, OK (g) 37 937 — 974 39 6/27/2014 2014 Waynesburg, KY (g) 150 955 — 1,105 31 10/10/2014 2014 Wild Rose, WI (g) 133 866 — 999 35 6/27/2014 2013 Fargo Plaza: Fargo, ND (g) 2,097 4,774 376 7,247 429 5/30/2013 2003 Fleet Pride: Birmingham, AL (g) 376 2,607 — 2,983 35 8/3/2015 2014 Flower Foods: Orlando, FL (g) 418 387 — 805 13 9/11/2014 2013 Waldorf, MD (g) 398 1,045 — 1,443 40 9/11/2014 2013 Food 4 Less: Atwater, CA (g) 1,383 5,271 — 6,654 319 11/27/2013 2002 Fourth Creek Landing: Statesville, NC $ 5,700 1,375 7,795 — 9,170 744 3/26/2013 2012 Fresenius Medical Care: West Plains, MI (g) 557 3,097 — 3,654 117 7/2/2014 2014 Fresh Market Center: Glen Ellyn, IL — 2,767 6,403 48 9,218 231 9/30/2014 2014 Fresh Thyme: Indianapolis, IN (g) 1,087 6,019 — 7,106 212 10/31/2014 2014 Northville, MI (g) 1,598 7,796 — 9,394 9 12/21/2015 2015 Initial Costs to Company Gross Amount at Total Which Carried Accumulated Buildings & Adjustment At December 31, 2015 Depreciation Date Date Description (a) Encumbrances Land Improvements to Basis (b) (c) (d) (e) Acquired Constructed Fresh Thyme & DSW: Fort Wayne, IN $ — $ 1,740 $ 4,153 $ 101 $ 5,994 $ 154 9/30/2014 1985 Gander Mountain: Pensacola, FL (g) 2,152 3,831 — 5,983 178 4/29/2014 2014 Waukesha, WI (g) 3,408 12,918 — 16,326 422 9/29/2014 2007 Giant Eagle: Seven Fields, PA 7,530 1,574 13,659 — 15,233 575 5/7/2014 2005 Gold's Gym: Corpus Christi, TX (g) 1,498 6,346 — 7,844 480 3/6/2013 2006 Golden Corral: Garland, TX (g) 1,255 2,435 — 3,690 217 9/21/2012 2012 Georgetown, KY (g) 1,048 1,452 (1,217 ) 1,283 — 6/11/2014 2004 Houston, TX (g) 1,375 2,350 — 3,725 195 12/12/2012 2012 Victoria, TX (g) 673 2,857 — 3,530 112 6/27/2014 2013 Goodyear: Pooler, GA (g) 569 1,484 — 2,053 109 6/18/2013 2008 Hancock Village: Chesterfield, VA 15,000 8,874 17,287 96 26,257 1,443 5/23/2013 2009 Harbor Town Center: Manitowoc, WI (g) 3,568 13,209 — 16,777 296 4/24/2015 2005 Haverty Furniture: Midland, TX (g) 709 1,294 — 2,003 124 8/7/2013 2012 HEB Center: Waxahachie, TX 7,000 3,465 7,952 287 11,704 763 6/27/2012 1997 Hickory Flat Commons: Canton, GA 9,850 4,482 13,174 9 17,665 1,151 12/18/2012 2008 Hobby Lobby: Burlington, IA (g) 629 1,890 — 2,519 23 7/30/2015 1988 Dickson City, PA — 1,113 7,946 — 9,059 470 6/30/2014 2013 Lewisville, TX (g) 2,184 8,977 — 11,161 524 11/26/2013 2013 Mooresville, NC (g) 869 4,249 — 5,118 463 11/30/2012 2012 Home Depot: Lincoln, NE (g) 6,339 5,937 — 12,276 33 10/22/2015 1993 North Canton, OH 7,234 2,203 12,012 — 14,215 986 12/20/2012 1998 Plainwell, MI (g) 521 11,905 — 12,426 796 5/16/2013 2002 IHOP: Anderson, IN (g) 54 1,633 — 1,687 64 6/30/2014 2005 Columbus, OH (g) 408 1,783 — 2,191 69 6/30/2014 2012 Columbus, OH (g) 315 1,864 — 2,179 72 6/30/2014 2011 Lancaster, OH (g) 157 1,497 — 1,654 58 6/30/2014 2009 Rio Rancho, NM (g) 599 2,314 — 2,913 104 3/28/2014 2011 Richmond, IN (g) 106 1,428 — 1,534 56 6/30/2014 2007 Inglewood Plaza: Inglewood, CA 12,700 9,880 14,099 — 23,979 493 9/12/2014 2008 Initial Costs to Company Gross Amount at Total Which Carried Accumulated Buildings & Adjustment At December 31, 2015 Depreciation Date Date Description (a) Encumbrances Land Improvements to Basis (b) (c) (d) (e) Acquired Constructed Kirklands: Dothan, AL (g) $ 486 $ 946 $ — $ 1,432 $ 46 8/5/2014 2014 Jonesboro, AR (g) 696 1,990 — 2,686 155 11/27/2012 2012 Kohl’s: Cedar Falls, IA (g) 1,600 5,796 — 7,396 478 12/7/2012 2001 Chartlottesville, VA $ 8,745 3,929 12,280 — 16,209 465 7/28/2014 2011 Easton, MD (g) 2,962 2,661 — 5,623 3 12/2/2015 1992 Hutchinson, KS (g) 3,290 — — 3,290 — 10/19/2012 (f) Kroger: Shelton, WA (g) 1,180 11,040 — 12,220 548 4/30/2014 1994 Whitehall, OH 4,066 581 6,628 — 7,209 388 12/16/2013 1994 Kum & Go: Bentonville (Central), AR (g) 916 1,864 — 2,780 129 5/3/2013 2011 Conway, AR (g) 510 2,577 — 3,087 101 6/13/2014 2014 Fairfield, IA (g) 422 1,913 — 2,335 133 5/3/2013 2011 Mount Vernon, MO (g) 708 1,756 — 2,464 122 5/3/2013 2010 Urbandale, IA (g) 722 1,658 — 2,380 116 5/3/2013 2010 L.A. Fitness: Bloomfield Township, MI (g) 2,287 10,075 — 12,362 722 6/21/2013 2008 Columbus, OH (g) 1,013 6,734 — 7,747 131 4/29/2015 2014 Garland, TX (g) 2,005 6,861 — 8,866 367 12/20/2013 2013 Houston, TX (g) 5,764 5 |
Summary of Significant Accoun26
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
Basis of Accounting | The summary of significant accounting policies presented below is designed to assist in understanding the Company’s consolidated financial statements. These accounting policies conform to accounting principles generally accepted in the United States of America (“GAAP”) in all material respects, and have been consistently applied in preparing the accompanying consolidated financial statements. |
Principles of Consolidation and Basis of Presentation | Principles of Consolidation and Basis of Presentation The consolidated financial statements include the accounts of the Company, its wholly-owned subsidiaries and the Consolidated Joint Venture in which the Company has a controlling financial interest. All intercompany balances and transactions have been eliminated in consolidation. The Company evaluates its relationships and investments to determine if it has variable interests. A variable interest is an investment or other interest that will absorb portions of an entity’s expected losses or receive portions of the entity’s expected residual returns. If the Company determines that it has a variable interest in an entity, it evaluates whether such interest is in a variable interest entity (“VIE”). The Company consolidates any VIEs when it is determined to be the primary beneficiary of the VIE’s operations. A VIE must be consolidated by its primary beneficiary, which is generally defined as the party who has a controlling financial interest in the VIE. The Company qualitatively assesses whether it is (or is not) the primary beneficiary of a VIE. Consideration of various factors include, but are not limited to, the Company’s ability to direct the activities that most significantly impact the entity’s economic performance and its obligation to absorb losses from or right to receive benefits of the VIE that could potentially be significant to the VIE. The Company consolidates any VIEs when the Company is determined to be the primary beneficiary of the VIE and the difference between consolidating the VIE and accounting for it using the equity method could be material to the Company’s consolidated financial statements. The Company continually evaluates the need to consolidate these VIEs based on standards set forth in GAAP as described above. As of December 31, 2015 , the Company determined that it had a controlling interest in the Consolidated Joint Venture and therefore met the GAAP requirements for consolidation. As of December 31, 2015 and December 31, 2014 , the Company was not required to consolidate the Unconsolidated Joint Venture as the applicable joint venture entity did not qualify as a VIE and the Company did not meet the control requirement for consolidation. |
Reclassifications | Reclassifications Certain amounts in the Company’s prior period consolidated financial statements have been reclassified to conform to the current period presentation. The Company has chosen to break out the details of (i) real estate tax expenses from property operating expenses in the Company’s consolidated statements of operations and (ii) straight-line rental income in the Company’s consolidated statements of cash flows. The Company has also chosen to combine the depreciation of $54.8 million and $21.6 million for the years ended December 31, 2014 and 2013, respectively, and amortization of $29.6 million and $11.7 million for the years ended December 31, 2014 and 2013, respectively, into the line item depreciation and amortization in the consolidated statements of operations. The unrealized loss on interest rate swaps line item from the prior years has been disaggregated within the consolidated statements of other comprehensive income (loss) into the captions unrealized loss on interest rate swaps and amount of loss reclassified from other comprehensive loss into income as interest expense. Further, the Company has modified the presentation of debt issuance costs related to a recognized debt liability to be presented on the consolidated balance sheets as a direct deduction from the carrying amount of the related debt liability (specifically relating to mortgage notes payable and the term portion of the credit facility), rather than presenting the costs as an asset, for all periods presented. As such, the corresponding prior period amounts have also been broken out into separate line items to conform to the current financial statement presentation. The Company has also reclassified certain accounts, as shown below, in its previously issued consolidated balance sheet to conform to the current period presentation. Investments in real estate assets have been presented gross, with the related depreciation and amortization amounts subtracted out to arrive at the net real estate investments balance. None of the revised reclassifications reflect corrections of any amounts. |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and 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 period. Actual results could differ from those estimates. |
Real Estate Investments, Recoverability of Real Estate Assets, and Assets Held for Sale | Real Estate Investments Real estate assets are stated at cost, less accumulated depreciation and amortization. Amounts capitalized to real estate assets consist of the cost of acquisition, excluding acquisition-related expenses, construction and any tenant improvements, major improvements and betterments that extend the useful life of the real estate assets and leasing costs. All repairs and maintenance are expensed as incurred. The Company considers the period of future benefit of each respective asset to determine the appropriate useful life. The estimated useful lives of the Company’s real estate assets by class are generally as follows: Buildings 40 years Tenant improvements Lesser of useful life or lease term Intangible lease assets Lease term Recoverability of Real Estate Assets The Company continually monitors events and changes in circumstances that could indicate that the carrying amounts of its real estate assets may not be recoverable. Impairment indicators that the Company considers include, but are not limited to, bankruptcy or other credit concerns of a property’s major tenant, such as a history of late payments, rental concessions and other factors, a significant decrease in a property’s revenues due to lease terminations, vacancies, co-tenancy clauses, reduced lease rates or other circumstances. When indicators of potential impairment are present, the Company assesses the recoverability of the assets by determining whether the carrying amount of the assets will be recovered through the undiscounted future cash flows expected from the use of the assets and their eventual disposition. In the event that such expected undiscounted future cash flows do not exceed the carrying amount, the Company will adjust the real estate assets to their respective fair values and recognize an impairment loss. Generally, fair value is determined using a discounted cash flow analysis and recent comparable sales transactions. The Company recorded impairment charges of $1.4 million related to one property during the year ended December 31, 2015 . The assumptions and uncertainties utilized in the evaluation of the impairment of real estate assets are discussed in detail in Note 3 — Fair Value Measurements. See also Note 4 — Real Estate Acquisitions for further discussion regarding real estate investment activity. No impairment indicators were identified and no impairment losses were recorded during the years ended December 31, 2014 or 2013 . Assets Held for Sale When a real estate asset is identified by the Company as held for sale, the Company will cease depreciation and amortization of the assets related to the property and estimate the fair value, net of selling costs. If, in management’s opinion, the fair value, net of selling costs, of the asset is less than the carrying amount of the asset, an adjustment to the carrying amount would be recorded to reflect the estimated fair value of the property, net of selling costs. |
Allocation of Purchase Price of Real Estate Assets | Allocation of Purchase Price of Real Estate Assets Upon the acquisition of real properties, the Company allocates the purchase price to acquired tangible assets, consisting of land, buildings and improvements, and identified intangible assets and liabilities, consisting of the value of above- and below-market leases and the value of in-place leases, based in each case on their respective fair values. Acquisition-related expenses are expensed as incurred. The Company utilizes independent appraisals to assist in the determination of the fair values of the tangible assets of an acquired property (which includes land and buildings). The information in the appraisal, along with any additional information available to the Company’s management, is used in estimating the amount of the purchase price that is allocated to land. Other information in the appraisal, such as building value and market rents, may be used by the Company’s management in estimating the allocation of purchase price to the building and to intangible lease assets and liabilities. The appraisal firm has no involvement in management’s allocation decisions other than providing this market information. The fair values of above- and below-market lease intangibles are recorded based on the present value (using a discount rate which reflects the risks associated with the leases acquired) of the difference between (1) the contractual amounts to be paid pursuant to the in-place leases and (2) an estimate of fair market lease rates for the corresponding in-place leases, which is generally obtained from independent appraisals, measured over a period equal to the remaining non-cancelable term of the lease including, for below-market leases, any bargain renewal periods. The above- and below-market lease intangibles are capitalized as intangible lease assets or liabilities, respectively. Above-market leases are amortized as a reduction to rental income over the remaining terms of the respective leases. Below-market leases are amortized as an increase to rental income over the remaining terms of the respective leases, including any bargain renewal periods. In considering whether or not the Company expects a tenant to execute a bargain renewal option, the Company evaluates economic factors and certain qualitative factors at the time of acquisition, such as the financial strength of the tenant, the remaining lease term, the tenant mix of the leased property, the Company’s relationship with the tenant and the availability of competing tenant space. If a lease were to be terminated prior to its stated expiration, all unamortized amounts of above- or below-market lease intangibles relating to that lease would be recorded as an adjustment to rental income. The fair values of in-place leases include estimates of direct costs associated with obtaining a new tenant and opportunity costs associated with lost rental and other property income, which are avoided by acquiring a property with an in-place lease. Direct costs associated with obtaining a new tenant include commissions and other direct costs and are estimated in part by utilizing information obtained from independent appraisals and management’s consideration of current market costs to execute a similar lease. The intangible values of opportunity costs, which are calculated using the contractual amounts to be paid pursuant to the in-place leases over a market absorption period for a similar lease, are capitalized as intangible lease assets and are amortized to expense over the remaining term of the respective leases. If a lease were to be terminated prior to its stated expiration, all unamortized amounts of in-place lease assets relating to that lease would be expensed. The Company has acquired, and may continue to acquire, certain properties subject to contingent consideration arrangements that may obligate the Company to pay additional consideration to the seller based on the outcome of future events (the “Contingent Payments”). Additionally, the Company may acquire certain properties for which it funds certain contingent consideration amounts into an escrow account pending the outcome of certain future events. The outcome may result in the release of all or a portion of the escrowed funds to the Company or the seller or a combination thereof. Contingent consideration arrangements, including amounts funded through an escrow account, are recorded upon acquisition of the respective property at their estimated fair values, and any changes to the estimated fair values, subsequent to acquisition, are reflected in the accompanying consolidated statements of operations. The determination of the amount of contingent consideration arrangements is based on the probability of several possible outcomes as identified by management. The Company estimates the fair value of assumed mortgage notes payable based upon indications of current market pricing for similar types of debt financing with similar maturities. Assumed mortgage notes payable are initially recorded at their estimated fair value as of the assumption date, and any difference between such estimated fair value and the mortgage note’s outstanding principal balance is amortized or accreted to interest expense over the term of the respective mortgage note payable. The determination of the fair values of the real estate assets and liabilities acquired requires the use of significant assumptions with regard to the current market rental rates, rental growth rates, capitalization and discount rates, interest rates and other variables. The use of alternative estimates may result in a different allocation of the Company’s purchase price, which could materially impact the Company’s results of operations. |
Development Activities | Development Activities Project costs and expenses, including interest incurred, associated with the development, construction and lease-up of a real estate project are capitalized as construction in progress. Once the development and construction of the building is substantially completed, the amounts capitalized to construction in progress are transferred to (i) land and (ii) buildings, fixtures and improvements and are depreciated over their respective useful lives. |
Noncontrolling Interest-Redeemable Interest in Consolidated Joint Venture | Noncontrolling Interest-Redeemable Interest in Consolidated Joint Venture On June 27, 2014 , the Company completed the formation of the Consolidated Joint Venture. Pursuant to the joint venture agreement, the joint venture partner has a right to exercise an option after two years whereby the Company will be required to purchase the ownership interest of the joint venture partner at fair market value. The Company determined it had a controlling interest in the Consolidated Joint Venture and, therefore, met the GAAP requirements for consolidation. |
Investment in Unconsolidated Joint Venture | Investment in Unconsolidated Joint Venture The Company accounts for the Unconsolidated Joint Venture using the equity method of accounting as the Company has the ability to exercise significant influence, but not control, over operating and financial policies of this investment. The equity method of accounting requires the investment to be initially recorded at cost and subsequently adjusted for the Company’s share of equity in the Unconsolidated Joint Venture’s earnings and distributions. The Company is required to determine whether an event or change in circumstances has occurred that may have a significant adverse effect on the fair value of its investment in the Unconsolidated Joint Venture. If an event or change in circumstance has occurred, the Company is required to evaluate the Unconsolidated Joint Venture for potential impairment and determine if the carrying amount of its investment exceeds its fair value. An impairment charge is recorded when an impairment is deemed to be other-than-temporary. To determine whether an impairment is other-than-temporary, the Company considers whether it has the ability and intent to hold the investment until the carrying amount is fully recovered. The evaluation of an investment in an Unconsolidated Joint Venture for potential impairment requires the Company’s management to exercise significant judgment and to make certain assumptions. The use of different judgments and assumptions could result in different conclusions. |
Restricted Cash | Restricted Cash The Company had $8.3 million and $4.6 million in restricted cash as of December 31, 2015 and 2014 , respectively. Included in restricted cash was $5.9 million and $2.7 million held by lenders in lockbox accounts, as of December 31, 2015 and 2014 , respectively. As part of certain debt agreements, rents from certain encumbered properties are deposited directly into a lockbox account, from which the monthly debt service payment is disbursed to the lender and the excess is disbursed to the Company. Also included in restricted cash was $2.4 million and $1.9 million held by lenders in escrow accounts for real estate taxes and other lender reserves for certain properties, in accordance with the respective lender’s loan agreement as of December 31, 2015 and 2014 , respectively. |
Cash Concentrations | Cash Concentrations As of December 31, 2015 , the Company had cash on deposit, including restricted cash, at 11 financial institutions, five of which had Company deposits in excess of federally insured levels totaling $30.9 million ; however, the Company has not experienced any losses in such accounts. The Company limits significant cash deposits to accounts held by financial institutions with high credit standing; therefore, the Company believes it is not exposed to any significant credit risk on its cash deposits. |
Deferred Financing Costs | Deferred Financing Costs Deferred financing costs represent commitment fees, legal fees and other costs associated with obtaining commitments for financing. These costs are amortized to interest expense over the terms of the respective financing agreements using the effective interest method. Unamortized deferred financing costs are written off when the associated debt was refinanced or repaid before maturity. As discussed in “Reclassifications” and “Recent Accounting Pronouncements” in this note, the Company historically presented the costs as an asset for the respective financing agreements. Pursuant to the Financial Accounting Standards Board (“FASB”) Accounting Standards Update (“ASU”) 2015-03, the presentation of all deferred financing costs, other than those associated with the revolving loan portion of the credit facility, has been reclassified such that the debt issuance costs related to a recognized debt liability is presented on the consolidated balance sheets as a direct deduction from the carrying amount of the related debt liability rather than as an asset. However, the Company has not reclassified the presentation of deferred financing costs related to the revolving loan portion of the credit facility as, pursuant to FASB ASU 2015-15, debt issuance costs related to securing a revolving line of credit may be presented as an asset and amortized ratably over the term of the line of credit arrangement. As such, the Company’s current and corresponding prior period total deferred financing costs, net in the accompanying consolidated balance sheets relate only to the revolving loan portion of the credit facility and the historical presentation, amortization and treatment of unamortized costs are still applicable. As of December 31, 2015 and 2014 , the Company had $4.1 million and $5.2 million , respectively, of deferred financing costs, net of accumulated amortization, related to the revolving loan portion of the credit facility. Costs incurred in seeking financial transactions that do not close are expensed in the period in which it is determined the financing will not close. |
Derivative Instruments and Hedging Activities | Derivative Instruments and Hedging Activities The Company accounts for its derivative instruments at fair value. Accounting for changes in the fair value of a derivative instrument depends on the intended use of the derivative instrument and the designation of the derivative instrument. The change in fair value of the effective portion of the derivative instrument that is designated as a hedge is recorded as other comprehensive income (loss). The changes in fair value for derivative instruments that are not designated as hedges or that do not meet the hedge accounting criteria are recorded as a gain or loss to operations. |
Redeemable Common Stock | Redeemable Common Stock Under the Company’s share redemption program, the Company’s obligation to redeem shares of its outstanding common stock is limited, among other things, to the net proceeds received by the Company from the sale of shares under the DRIP, net of shares redeemed to date. The Company records amounts that are redeemable under the share redemption program as redeemable common stock outside of permanent equity in its consolidated balance sheets. Changes in the amount of redeemable common stock from period to period are recorded as an adjustment to capital in excess of par value. |
Revenue Recognition | Revenue Recognition Certain properties have leases where minimum rental payments increase during the term of the lease. The Company records rental income for the full term of each lease on a straight-line basis. When the Company acquires a property, the terms of existing leases are considered to commence as of the acquisition date for the purpose of this calculation. The Company defers the recognition of contingent rental income, such as percentage rents, until the specific target that triggers the contingent rental income is achieved. Expected reimbursements from tenants for recoverable real estate taxes and operating expenses are included in tenant reimbursement income in the period when such costs are incurred. The Company continually reviews receivables related to rent and unbilled rent receivables and determines collectability by taking into consideration the tenant’s payment history, the financial condition of the tenant, business conditions in the industry in which the tenant operates and economic conditions in the area in which the property is located. In the event that the collectability of a receivable is in doubt, the Company will record an increase in the allowance for uncollectible accounts or record a direct write-off of the receivable in the consolidated statements of operations and comprehensive income (loss). |
Income Taxes | Income Taxes The Company elected to be taxed, and currently qualifies, as a REIT for federal income tax purposes under Sections 856 through 860 of the Internal Revenue Code of 1986, as amended, commencing with the taxable year ended December 31, 2012. The Company will generally not be subject to federal corporate income tax to the extent it distributes its taxable income to its stockholders, and so long as it, among other things, distributes at least 90% of its annual taxable income (computed without regard to the dividends paid deduction and excluding net capital gains). REITs are subject to a number of other organizational and operational requirements. Even if the Company maintains its qualification for taxation as a REIT, it or its subsidiaries may be subject to certain state and local taxes on its income and property, and federal income and excise taxes on its undistributed income. |
Earnings (Loss) Per Share | Earnings (Loss) Per Share Earnings (loss) per share are calculated based on the weighted average number of common shares outstanding during each period presented. |
Reportable Segments | Reportable Segment The Company’s commercial real estate investments consist primarily of income-producing necessity retail properties that are single-tenant or multi-tenant “power centers,” which are leased to creditworthy tenants under long-term net leases. The properties are geographically diversified throughout the United States and have similar economic characteristics. The Company’s management evaluates operating performance on an overall portfolio level; therefore, the Company’s properties are one reportable segment. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements Effective December 31, 2015, the Company early adopted the accounting and reporting requirements of ASU No. 2015-03, Interest — Imputation of Interest (Subtopic 835-30): Simplifying the Presentation and Subsequent Measurement of Debt Issuance Costs (“ASU 2015-03”) and ASU No. 2015-15, Interest — Imputation of Interest (Subtopic 835-30): Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements (“ASU 2015-15”), included in the FASB Accounting Standards Codification (“ASC”) for balance sheet classification of debt issuance costs requiring debt issuance costs to be presented as an offset to the related debt. The Company has applied these requirements retrospectively. Accordingly, the Company has offset $7.7 million of previously reported debt issuance costs included in other assets with the previously reported notes payable and credit facility, net balance of $1.5 billion in the Company’s December 31, 2014 consolidated balance sheet. The adoption of these accounting and reporting requirements had no impact on the Company’s consolidated statements of operations or consolidated statements of cash flows. ASU No. 2015-02, Consolidation (Topic 810): Amendments to the Consolidation Analysis (“ASU 2015-02”) — The evaluation of limited partnerships or similar entities as VIEs was modified. The revised requirements may affect the method of consolidation for reporting entities involved with such entities. Additional disclosure is required for entities not previously included in the reporting entity as a VIE. ASU 2015-02 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2015, with early adoption permitted. Application of the revised standards may follow the retrospective approach or a modified retrospective approach. The Company has evaluated the effect of ASU 2015-02 and noted that there will not be an impact to the Company’s consolidated financial statements, except certain expanded disclosures will be required. From time to time, new accounting pronouncements are issued by various standard setting bodies that may have an impact on the Company’s accounting and reporting. The Company is currently evaluating the effect that certain of these new accounting requirements may have on the Company’s accounting and related reporting and disclosures in the Company’s consolidated financial statements: ASU No. 2014-09, Revenue from Contracts with Customers (“ASU 2014-09”) - The requirements were amended to remove inconsistencies in revenue requirements and to provide a more complete framework for addressing revenue issues across a broad range of industries and transaction types. The revised standard’s core principle is that a company should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. These provisions are effective January 1, 2018, and are to be applied retrospectively, with early adoption permitted for periods beginning after December 15, 2016 and interim periods thereafter. ASU No. 2015-16, Business Combinations (Topic 805), Simplifying the Accounting for Measurement-Period Adjustments (“ASU 2015-16”) - The amendments in this update eliminate the requirement that an acquirer in a business combination retrospectively account for measurement-period adjustments. Measurement-period adjustments should be recognized during the period in which the adjustment amount is determined, including any earnings impact that the acquirer would have recorded in prior periods if the accounting was completed at the acquisition date. These provisions are effective for fiscal years beginning after December 15, 2015, including interim periods within those fiscal years, with early adoption permitted. ASU No. 2016-01, Financial Instruments (Subtopic 825-10) - The amendments in this update require all equity investments to be measured at fair value with changes in the fair value recognized through net income (other than those accounted for under the equity method of accounting or those that result in consolidation of the investee). The amendments in this update also require an entity to present separately in other comprehensive income (loss), the portion of the total change in the fair value of a liability resulting from a change in the instrument-specific credit risk when the entity has elected to measure the liability at fair value in accordance with the fair value option for financial instruments. In addition, the amendments in this update require separate presentation of financial assets and financial liabilities by measurement category and form of financial asset on the consolidated balance sheets or the accompanying notes to the financial statements. The amendments in this update are effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. On February 25, 2016, the FASB issued Accounting Standards Codification (“ASC”) 842 (“ASC 842”), Leases , which replaces the existing guidance in ASC 840, Leases . ASC 842 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2018. ASC 842 requires a dual approach for lessee accounting under which a lessee would account for leases as finance leases or operating leases. Both finance leases and operating leases will result in the lessee recognizing a right-of-use (“ROU”) asset and a corresponding lease liability. For finance leases, the lessee would recognize interest expense and amortization of the ROU asset and for operating leases the lessee would recognize a straight-line total lease expense. |
Summary of Significant Accoun27
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
Summary of Previously Reported Balances and Reclassified Balances | The following table presents the previously reported balances and the reclassified balances for the impacted line items of the December 31, 2014 consolidated balance sheet (in thousands): December 31, 2014 As Previously Reported Investment in real estate assets: Land $ 972,983 Buildings and improvements, less accumulated depreciation of $78,186 2,539,770 Intangible lease assets, less accumulated amortization of $48,085 391,917 Total investment in real estate assets, net $ 3,904,670 December 31, 2014 As Reclassified Investment in real estate assets: Land $ 972,983 Buildings, fixtures and improvements 2,617,956 Intangible lease assets 440,002 Total real estate investments, at cost 4,030,941 Less: accumulated depreciation and amortization (126,271 ) Total real estate investments, net $ 3,904,670 |
Summary of Estimated Useful Lives of Real Estate Assets By Class | The estimated useful lives of the Company’s real estate assets by class are generally as follows: Buildings 40 years Tenant improvements Lesser of useful life or lease term Intangible lease assets Lease term |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Fair Value Disclosures [Abstract] | |
Schedule of Fair Value, Assets and Liabilities Measured on a Recurring Basis | In accordance with the fair value hierarchy described above, the following tables show the fair value of the Company’s financial assets and liabilities that are required to be measured at fair value on a recurring basis as of December 31, 2015 and 2014 (in thousands): Balance as of Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets: Interest rate swaps $ 519 $ — $ 519 $ — Total assets $ 519 $ — $ 519 $ — Liabilities: Interest rate swaps $ (5,878 ) $ — $ (5,878 ) $ — Contingent consideration (4,538 ) — — (4,538 ) Total liabilities $ (10,416 ) $ — $ (5,878 ) $ (4,538 ) Balance as of Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Liabilities: Interest rate swaps $ (4,057 ) $ — $ (4,057 ) $ — Contingent consideration (3,405 ) — — (3,405 ) Total liabilities $ (7,462 ) $ — $ (4,057 ) $ (3,405 ) |
Reconciliations of the Changes in Liabilities with Level 3 Inputs | The following are reconciliations of the changes in liabilities with Level 3 inputs in the fair value hierarchy for the year ended December 31, 2015 and 2014 (in thousands): Contingent Consideration Arrangements Beginning Balance, December 31, 2014 $ (3,405 ) Purchases and fair value adjustments: Purchases (2,880 ) Fair value adjustments 1,747 Ending Balance, December 31, 2015 $ (4,538 ) Contingent Consideration Arrangements Beginning Balance, December 31, 2013 $ (784 ) Purchases, fair value adjustments and payments made: Purchases (5,342 ) Fair value adjustments 70 Payments made 2,651 Ending Balance, December 31, 2014 $ (3,405 ) |
Summary of Impairment Charges by Asset Class | The following table presents the impairment charges by asset class recorded during the year ended December 31, 2015 (dollar amounts in thousands): Year Ended December 31, 2015 Asset class impaired: Land $ 498 Buildings, fixtures and improvements 662 Intangible lease assets 280 Total impairment loss $ 1,440 |
Real Estate Acquisitions (Table
Real Estate Acquisitions (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Business Combinations [Abstract] | |
Schedule of Purchase Price Allocation | The following table summarizes the purchase price allocation (in thousands): December 31, 2013 Land $ 390,781 Building and improvements 1,103,390 Acquired in-place leases 175,520 Acquired above-market leases 26,921 Acquired below-market leases (31,802 ) Total purchase price $ 1,664,810 The following table summarizes the purchase price allocation for acquisitions purchased during the year ended December 31, 2015 (in thousands): December 31, 2015 Land $ 138,536 Buildings, fixtures and improvements 393,918 Acquired in-place leases 83,043 Acquired above-market leases 6,485 Intangible lease liabilities (5,883 ) Fair value adjustment of assumed note payable (253 ) Total purchase price $ 615,846 The following table summarizes the purchase price allocation (in thousands): December 31, 2014 Land $ 437,206 Buildings, fixtures and improvements 1,152,148 Acquired in-place leases 154,972 Acquired above-market leases 23,430 Intangible lease liabilities (24,620 ) Fair value adjustment of assumed note payable (765 ) Total purchase price $ 1,742,371 |
Business Acquisition, Pro Forma Information | The table below presents the Company’s estimated revenue and net income (loss), on a pro forma basis, for the years ended December 31, 2013 and 2012 (in thousands): Year Ended December 31, 2013 2012 Pro forma basis (unaudited): Revenue $ 181,859 $ 147,515 Net income (loss) $ 44,490 $ (30,842 ) The table below presents the Company’s estimated revenue and net income (loss), on a pro forma basis, for the years ended December 31, 2014 and 2013 (in thousands): Year Ended December 31, 2014 2013 Pro forma basis (unaudited): Revenue $ 332,860 $ 245,969 Net income (loss) $ 131,001 $ (53,805 ) The table below presents the Company’s estimated revenue and net income , on a pro forma basis, for the years ended December 31, 2015 and 2014 (in thousands): Year Ended December 31, 2015 2014 Pro forma basis (unaudited): Revenue $ 387,921 $ 305,141 Net income $ 79,888 $ 8,267 |
Intangible Lease Assets (Tables
Intangible Lease Assets (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Finite-lived Intangible Assets | The intangible lease assets consisted of the following (in thousands, except weighted average life remaining amounts): As of December 31, 2015 2014 In-place leases, net of accumulated amortization of $81,856 and $41,739, respectively (with a weighted average life remaining of 11.7 years and 12.4 years, respectively) $ 391,868 $ 344,664 Acquired above-market leases, net of accumulated amortization of $12,454 and $6,346, respectively (with a weighted average life remaining of 10.1 years and 10.5 years, respectively) 47,299 47,253 $ 439,167 $ 391,917 |
Schedule of Finite-lived Intangible Assets, Future Amortization Expense | Estimated amortization expense related to the intangible lease assets as of December 31, 2015 for each of the five succeeding fiscal years is as follows (in thousands): Amortization Year Ending December 31, In-Place Leases Above-Market Leases 2016 $ 41,569 $ 6,220 2017 $ 38,776 $ 5,903 2018 $ 36,121 $ 5,022 2019 $ 32,504 $ 4,083 2020 $ 30,824 $ 3,839 |
Derivative Instruments and He31
Derivative Instruments and Hedging Activities (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Derivative Instruments | The following table summarizes the terms of the Company’s executed interest rate swap agreements designated as hedging instruments as of December 31, 2015 and 2014 (in thousands): Outstanding Notional Fair Value Assets and (Liabilities) Balance Sheet Amount as of Interest Effective Maturity December 31, December 31, Location December 31, 2015 Rates (1) Dates Dates 2015 2014 Interest Rate Swaps Prepaid expenses, property escrow deposits, derivative assets and other assets $ 330,766 2.78% to 3.59% 6/30/2015 to 10/15/2015 8/15/2018 to 11/06/2020 $ 519 $ — Interest Rate Swaps Deferred rental income, derivative liabilities and other liabilities $ 588,737 3.00% to 4.75% 6/24/2013 to 12/31/2015 6/24/2018 to 8/24/2020 $ (5,878 ) $ (4,057 ) ____________________________________ (1) The interest rates consist of the underlying index swapped to a fixed rate and the applicable interest rate spread as of December 31, 2015. |
Notes Payable And Credit Faci32
Notes Payable And Credit Facility (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Debt Disclosure [Abstract] | |
Schedule of Debt | The following table summarizes the debt balances as of December 31, 2015 and 2014 , and the debt activity for the year ended December 31, 2015 (in thousands): During the Year Ended December 31, 2015 Balance as of December 31, 2014 Debt Issuances and Assumptions (1) Repayments Accretion and (Amortization) Balance as of December 31, 2015 Fixed rate debt $ 565,836 $ 346,180 $ (15,388 ) $ — $ 896,628 Variable rate debt — 53,500 — — 53,500 Credit facility 900,000 833,666 (606,000 ) — 1,127,666 Total debt 1,465,836 1,233,346 (621,388 ) — 2,077,794 Net premiums (2) 671 — — (81 ) 590 Deferred costs (3) (7,679 ) (6,473 ) — 2,331 (11,821 ) Total debt, net $ 1,458,828 $ 1,226,873 $ (621,388 ) $ 2,250 $ 2,066,563 ____________________________________ (1) Includes deferred financing costs incurred during the period. (2) Net premiums on mortgage notes payable were recorded upon the assumption of the respective debt instruments. Amortization of these net premiums is recorded as a reduction to interest expense over the remaining term of the respective debt instruments using the effective-interest method. (3) Deferred costs relate to mortgage notes payable and the term portion of the credit facility, as discussed in Note 2 — Summary of Significant Accounting Policies. |
Schedule of Maturities of Long-term Debt | The following table summarizes the scheduled aggregate principal repayments for the Company’s outstanding debt as of December 31, 2015 for each of the five succeeding fiscal years and the period thereafter (in thousands): Year Ending December 31, Principal Repayments 2016 $ 425 2017 491,451 2018 693,877 2019 499 2020 333,215 Thereafter 558,327 Total $ 2,077,794 |
Intangible Lease Liabilities (T
Intangible Lease Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Intangible Liabilities Disclosure [Abstract] | |
Schedule of Finite-lived Intangible Liabilities | lease liabilities consisted of the following (in thousands, except weighted average life amounts): As of December 31, 2015 2014 Acquired below-market leases, net of accumulated amortization of $15,641 and $8,807, respectively (with a weighted average life remaining of 8.8 years and 9.2 years, respectively) $ 53,822 $ 55,535 |
Schedule of Finite-lived Intangible Assets, Future Amortization Expense | Estimated amortization of the intangible lease liabilities as of December 31, 2015 for each of the five succeeding fiscal years is as follows (in thousands): Year Ending December 31, Amortization of Below-Market Leases 2016 $ 7,731 2017 $ 7,417 2018 $ 7,040 2019 $ 6,164 2020 $ 5,530 |
Supplemental Cash Flow Disclo34
Supplemental Cash Flow Disclosures (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Supplemental Cash Flow Elements [Abstract] | |
Schedule of Cash Flow, Supplemental Disclosures | Supplemental cash flow disclosures for the years ended December 31, 2015 , 2014 and 2013 are as follows (in thousands): Year Ended December 31, 2015 2014 2013 Supplemental Disclosures of Non-Cash Investing and Financing Activities: Distributions declared and unpaid $ 16,568 $ 16,189 $ 10,569 Accrued other offering costs due to affiliates $ — $ — $ 4,937 Accrued capital expenditures $ 2,741 $ 7,721 $ 1,760 Common stock issued through distribution reinvestment plan $ 112,158 $ 104,261 $ 25,702 Change in fair value of interest rate swaps $ (1,302 ) $ (1,805 ) $ (2,252 ) Contingent consideration recorded upon property acquisitions $ 2,880 $ 5,342 $ 553 Fair value of notes payable assumed in real estate acquisition $ 15,233 $ 25,979 $ — Supplemental Cash Flow Disclosures: Interest paid $ 54,388 $ 31,159 $ 17,474 |
Related-Party Transactions an35
Related-Party Transactions and Arrangements - (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Related Party Transactions [Abstract] | |
Schedule of Related Party Transactions | The Company recorded commissions, fees and expense reimbursements as shown in the table below for services provided by CR IV Advisors or its affiliates related to the services described above during the periods indicated (in thousands): Year Ended December 31, 2015 2014 2013 Offering: Selling commissions $ — $ 55,921 $ 122,082 Selling commissions reallowed by CCC $ — $ 55,921 $ 122,082 Dealer manager fees $ — $ 16,780 $ 35,685 Dealer manager fees reallowed by CCC $ — $ 9,326 $ 20,183 Other offering costs $ — $ 7,277 $ 36,179 The Company recorded fees and expense reimbursements as shown in the table below for services provided by CR IV Advisors or its affiliates related to the services described above during the periods indicated (in thousands): Year Ended December 31, 2015 2014 2013 Acquisition and Operations: Acquisition fees and expenses $ 13,311 $ 38,483 $ 35,109 Advisory fees and expenses $ 36,225 $ 24,152 $ 10,549 Operating expenses $ 4,568 $ 3,383 $ 2,905 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Schedule of Dividends and Distributions | The following table shows the character of the distributions the Company paid on a percentage basis for the years ended December 31, 2015 , 2014 and 2013 : Year Ended December 31, 2015 2014 2013 Ordinary dividends 58 % 47 % 60 % Nontaxable distributions 42 % 53 % 40 % Total 100 % 100 % 100 % |
Operating Leases Operating Leas
Operating Leases Operating Leases (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Leases [Abstract] | |
Schedule of Future Minimum Rental Payments for Operating Leases | The future minimum rental income from the Company’s investment in real estate assets under non-cancelable operating leases, assuming no exercise of renewal options, as of December 31, 2015 , was as follows (in thousands): Year Ending December 31, Future Minimum Rental Income 2016 $ 334,619 2017 330,130 2018 320,445 2019 304,506 2020 295,446 Thereafter 2,238,323 $ 3,823,469 |
Quarterly Results (Unaudited) (
Quarterly Results (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule of Quarterly Financial Information | Presented below is a summary of the unaudited quarterly financial information for the years ended December 31, 2015 and 2014 (in thousands, except for per share amounts). In the opinion of management, the information for the interim periods presented includes all adjustments which are of a normal and recurring nature, necessary to present a fair presentation of the results for each period. December 31, 2015 First Quarter Second Quarter Third Quarter Fourth Quarter Revenues $ 85,963 $ 90,528 $ 94,188 $ 97,052 Acquisition-related expenses $ 5,385 $ 3,882 $ 2,518 $ 3,741 Operating income $ 28,395 $ 31,862 $ 34,696 $ 29,247 Net income $ 15,998 $ 17,293 $ 18,485 $ 13,117 Net income attributable to the Company $ 16,015 $ 17,225 $ 18,452 $ 13,079 Basic and diluted net income per common share (1) $ 0.05 $ 0.06 $ 0.06 $ 0.04 Distributions declared per common share (1) $ 0.15 $ 0.16 $ 0.16 $ 0.16 ____________________________________ (1) The Company calculates net income per share and distributions declared per share based on the weighted-average number of outstanding shares of common stock during the reporting period. The average number of shares fluctuates throughout the year and can therefore produce a full year result that does not agree to the sum of the individual quarters. December 31, 2014 First Quarter Second Quarter Third Quarter Fourth Quarter Revenues $ 51,551 $ 56,861 $ 64,591 $ 83,279 Acquisition-related expenses $ 8,633 $ 10,113 $ 21,009 $ 12,008 Operating income $ 10,564 $ 10,790 $ 3,698 $ 20,378 Net income (loss) $ 2,946 $ 3,190 $ (4,147 ) $ 9,181 Net income (loss) attributable to the Company $ 2,946 $ 3,204 $ (4,156 ) $ 9,196 Basic and diluted net income (loss) per common share (1) $ 0.01 $ 0.01 $ (0.01 ) $ 0.03 Distributions declared per common share (1) $ 0.15 $ 0.16 $ 0.16 $ 0.16 ____________________________________ (1) The Company calculates net income (loss) per share and distributions declared per share based on the weighted-average number of outstanding shares of common stock during the reporting period. The average number of shares fluctuates throughout the year and can therefore produce a full year result that does not agree to the sum of the individual quarters. |
Organization and Business (Deta
Organization and Business (Details) | Feb. 18, 2014USD ($)$ / sharesshares | Nov. 25, 2013USD ($) | Dec. 31, 2015USD ($)ft²statesproperty$ / sharesshares | Dec. 31, 2014USD ($)shares | Dec. 31, 2013USD ($)shares | Apr. 04, 2014shares | Dec. 31, 2015USD ($)ft²statesproperty$ / sharesshares | Aug. 31, 2015$ / shares | Dec. 19, 2013shares | Jan. 26, 2012USD ($) |
Organization and business [Line Items] | ||||||||||
Common stock, shares authorized (shares) | 490,000,000 | 490,000,000 | 490,000,000 | 490,000,000 | ||||||
Share price (USD per share) | $ / shares | $ 10 | $ 10 | $ 10 | $ 9.70 | ||||||
Common stock shares registered dividend reinvestment plan (shares) | 26,000,000 | 26,000,000 | 26,000,000 | |||||||
Issuance of common stock | $ | $ 112,158,000 | $ 941,930,000 | $ 1,807,820,000 | |||||||
Number of owned properties (property) | property | 871 | 871 | ||||||||
Rentable commercial space (sqft) | ft² | 25,200,000 | 25,200,000 | ||||||||
Number of states in which entity owns properties (state) | states | 45 | 45 | ||||||||
Percentage of rentable space leased | 98.50% | 98.50% | ||||||||
Distribution reinvestment plan | ||||||||||
Organization and business [Line Items] | ||||||||||
Share price (USD per share) | $ / shares | $ 9.70 | |||||||||
Common stock shares registered dividend reinvestment plan (shares) | 26,000,000 | |||||||||
Shares issued pursuant to a distribution reinvestment plan (in shares) | 11,700,000 | 11,000,000 | 2,700,000 | |||||||
IPO | ||||||||||
Organization and business [Line Items] | ||||||||||
Common stock, shares issued | $ | $ 2,975,000,000 | |||||||||
Issuance of common stock (shares) | 297,400,000 | 317,900,000 | ||||||||
Unsold shares deregistered (shares) | 404,000 | |||||||||
Issuance of common stock | $ | $ 3,200,000,000 | |||||||||
Offering costs, selling commissions, and dealer management fees | $ | $ 306,000,000 | |||||||||
IPO | Distribution reinvestment plan | ||||||||||
Organization and business [Line Items] | ||||||||||
Common stock, shares authorized (shares) | 5,500,000 | |||||||||
Share price (USD per share) | $ / shares | $ 9.50 | |||||||||
Common stock, sold (shares) | 5,100,000 | |||||||||
IPO | Primary offering | ||||||||||
Organization and business [Line Items] | ||||||||||
Common stock, sold (shares) | 292,300,000 | |||||||||
IPO | Maximum | ||||||||||
Organization and business [Line Items] | ||||||||||
Common stock, shares authorized (shares) | 292,300,000 | |||||||||
IPO | Maximum | Distribution reinvestment plan | ||||||||||
Organization and business [Line Items] | ||||||||||
Common stock, shares authorized value reallocated | $ | $ 23,000,000 | $ 400,000,000 | ||||||||
IPO And Secondary Offering | Distribution reinvestment plan | ||||||||||
Organization and business [Line Items] | ||||||||||
Shares issued pursuant to a distribution reinvestment plan (in shares) | 20,600,000 | |||||||||
CCPT IV OP | ||||||||||
Organization and business [Line Items] | ||||||||||
General partner partnership interest percentage | 100.00% | |||||||||
Unconsolidated joint venture | ||||||||||
Organization and business [Line Items] | ||||||||||
Number of owned properties (property) | property | 1 | 1 | ||||||||
Rentable commercial space (sqft) | ft² | 176,000 | 176,000 |
Summary of Significant Accoun40
Summary of Significant Accounting Policies - Narrative (Details) | 12 Months Ended | |||
Dec. 31, 2015USD ($)segmentpropertyshares | Dec. 31, 2014USD ($)shares | Dec. 31, 2013USD ($)shares | ||
Valuation of real estate and related assets [Line Items] | ||||
Depreciation | $ 54,800,000 | $ 21,600,000 | ||
Amortization | 29,600,000 | 11,700,000 | ||
Impairment | $ 1,400,000 | 0 | 0 | |
Impairment of real estate, number of properties (property) | property | 1 | |||
Real estate held-for-sale | $ 0 | 0 | ||
Interest costs capitalized | 1,500,000 | 0 | ||
Net income (loss) allocated to noncontrolling interest | 122,000 | (20,000) | 0 | |
Contributions from noncontrolling interests | 762,000 | 2,142,000 | 0 | |
Payments to noncontrolling interests | 269,000 | 46,000 | $ 0 | |
Equity attributable to noncontrolling interest | 2,700,000 | 2,100,000 | ||
Restricted cash | 8,274,000 | 4,560,000 | ||
Deferred costs, net | 4,095,000 | 5,245,000 | ||
Due to affiliates | 5,613,000 | 5,473,000 | ||
Allowance for doubtful accounts | $ 301,000 | $ 67,000 | ||
Antidilutive securities (shares) | shares | 0 | 0 | 0 | |
Number of reportable segments (segment) | segment | 1 | |||
Deferred finance costs, net | [1] | $ 11,821,000 | $ 7,679,000 | |
Long-term debt | 2,077,794,000 | 1,465,836,000 | ||
Restricted cash, rents from certain encumbered properties | ||||
Valuation of real estate and related assets [Line Items] | ||||
Restricted cash | 5,900,000 | 2,700,000 | ||
Restricted cash, tenant and capital improvements, leasing commissions, repairs and maintenance and other lender reserves for certain properties | ||||
Valuation of real estate and related assets [Line Items] | ||||
Restricted cash | 2,400,000 | 1,900,000 | ||
Unconsolidated joint venture | ||||
Valuation of real estate and related assets [Line Items] | ||||
Unconsolidated joint venture, impairment | $ 0 | 0 | ||
Building | ||||
Valuation of real estate and related assets [Line Items] | ||||
Acquired real estate asset, useful life | 40 years | |||
Advisors | ||||
Valuation of real estate and related assets [Line Items] | ||||
Due to affiliates | $ 5,600,000 | 5,500,000 | ||
As Previously Reported | ||||
Valuation of real estate and related assets [Line Items] | ||||
Long-term debt | $ 1,500,000,000 | |||
[1] | Deferred costs relate to mortgage notes payable and the term portion of the credit facility, as discussed in Note 2 — Summary of Significant Accounting Policies. |
Summary of Significant Accoun41
Summary of Significant Accounting Policies - Summary of Reclassified Amounts (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||
Land | $ 1,113,987 | $ 972,983 |
Intangible lease assets, less accumulated amortization of $48,085 | 439,167 | 391,917 |
Buildings, fixtures and improvements | 3,071,618 | 2,617,956 |
Intangible lease assets | 533,477 | 440,002 |
Total real estate investments, at cost | 4,719,082 | 4,030,941 |
Accumulated depreciation and amortization | (253,115) | (126,271) |
Total real estate investments, net | $ 4,465,967 | 3,904,670 |
As Previously Reported | ||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||
Land | 972,983 | |
Buildings and improvements, less accumulated depreciation of $78,186 | 2,539,770 | |
Intangible lease assets, less accumulated amortization of $48,085 | 391,917 | |
Accumulated depreciation and amortization | (78,186) | |
Total real estate investments, net | 3,904,670 | |
Accumulated amortization of intangible lease assets | $ 48,085 |
Summary of Significant Accoun42
Summary of Significant Accounting Policies - Concentration of credit risk (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2015USD ($)financial_institutions | |
Accounting Policies [Abstract] | |
Cash on deposit, number of financial institutions (financial_institution) | 11 |
Cash on deposit, number of financial institutions which had deposits in excess of current federally insured limits (financial_institution) | 5 |
Concentration risk, credit risk, financial instrument, maximum exposure | $ | $ 30.9 |
Fair Value Measurements (Detail
Fair Value Measurements (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair value adjustment to contingent consideration | $ (1,747,000) | $ 0 | $ 0 |
Fair value assets and liabilities, transfers amount | 0 | 0 | |
Liabilities: | |||
Contingent consideration | (2,880,000) | (5,342,000) | $ (553,000) |
Fair value, measurements, recurring | |||
Assets: | |||
Interest rate swaps | 519,000 | ||
Total assets | 519,000 | ||
Liabilities: | |||
Interest rate swaps | (5,878,000) | (4,057,000) | |
Contingent consideration | (4,538,000) | (3,405,000) | |
Total liabilities | (10,416,000) | (7,462,000) | |
Fair value, measurements, recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | |||
Assets: | |||
Interest rate swaps | 0 | ||
Total assets | 0 | ||
Liabilities: | |||
Interest rate swaps | 0 | 0 | |
Contingent consideration | 0 | 0 | |
Total liabilities | 0 | 0 | |
Fair value, measurements, recurring | Significant Other Observable Inputs (Level 2) | |||
Assets: | |||
Interest rate swaps | 519,000 | ||
Total assets | 519,000 | ||
Liabilities: | |||
Interest rate swaps | (5,878,000) | (4,057,000) | |
Contingent consideration | 0 | 0 | |
Total liabilities | (5,878,000) | (4,057,000) | |
Fair value, measurements, recurring | Significant Unobservable Inputs (Level 3) | |||
Assets: | |||
Interest rate swaps | 0 | ||
Total assets | 0 | ||
Liabilities: | |||
Interest rate swaps | 0 | 0 | |
Contingent consideration | (4,538,000) | (3,405,000) | |
Total liabilities | (4,538,000) | (3,405,000) | |
Estimate of Fair Value Measurement [Member] | Significant Other Observable Inputs (Level 2) | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Lines of credit, fair value disclosure | 2,100,000,000 | 1,500,000,000 | |
Reported Value Measurement | Significant Other Observable Inputs (Level 2) | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Lines of credit, fair value disclosure | $ 2,100,000,000 | $ 1,500,000,000 |
Fair Value Measurements - Liabi
Fair Value Measurements - Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Beginning balance | $ (3,405) | $ (784) |
Purchases | (2,880) | (5,342) |
Fair value adjustments | 1,747 | 70 |
Payments made | 2,651 | |
Ending balance | $ (4,538) | $ (3,405) |
Fair Value Measurements - Real
Fair Value Measurements - Real Estate Assets (Details) ft² in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015USD ($)ft²property | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Impairment of real estate, number of properties (property) | property | 1 | ||
Impairment of real estate, area (sqft) | ft² | 11 | ||
Impairment | $ 1,400 | $ 0 | $ 0 |
Impairment of long-lived assets held-for-use | 1,440 | ||
Acquired in-place leases | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Impairment of long-lived assets held-for-use | 280 | ||
Land | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Impairment of long-lived assets held-for-use | 498 | ||
Building Fixtures and Improvements | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Impairment of long-lived assets held-for-use | 662 | ||
Significant Unobservable Inputs (Level 3) | Fair Value, Measurements, Nonrecurring | Land and Building | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair value of real estate assets | $ 1,300 |
Real Estate Acquisitions (Detai
Real Estate Acquisitions (Details) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2015USD ($)ft²property | Sep. 30, 2015USD ($) | Jun. 30, 2015USD ($) | Mar. 31, 2015USD ($) | Dec. 31, 2014USD ($)ft²land_parcel | Sep. 30, 2014USD ($) | Jun. 30, 2014USD ($) | Mar. 31, 2014USD ($) | Sep. 30, 2014USD ($)property | Dec. 31, 2015USD ($)ft²land_parcelproperty | Dec. 31, 2014USD ($)ft²land_parcelproperty | Dec. 31, 2013USD ($)property | Dec. 31, 2012USD ($) | |
Pro forma basis (unaudited) | |||||||||||||
Acquisition-related expenses | $ 3,741,000 | $ 2,518,000 | $ 3,882,000 | $ 5,385,000 | $ 12,008,000 | $ 21,009,000 | $ 10,113,000 | $ 8,633,000 | $ 15,526,000 | $ 51,763,000 | $ 48,286,000 | ||
Rentable commercial space (sqft) | ft² | 25,200,000 | 25,200,000 | |||||||||||
Number of land parcels disposed (land_parcel) | land_parcel | 1 | 1 | |||||||||||
Proceeds from sale of real estate | $ 1,058,000 | $ 1,758,000 | 0 | ||||||||||
Impairment | 1,400,000 | 0 | 0 | ||||||||||
Escrowed funds for acquisition of real estate investment | $ 0 | 70,254,000 | 0 | ||||||||||
Number of owned properties (property) | property | 871 | 871 | |||||||||||
Land and Building | |||||||||||||
Pro forma basis (unaudited) | |||||||||||||
Postconfirmation, Property and Equipment, Net | $ 2,700,000 | $ 2,700,000 | |||||||||||
Fair Value, Measurements, Nonrecurring | Significant Unobservable Inputs (Level 3) | Land and Building | |||||||||||||
Pro forma basis (unaudited) | |||||||||||||
Fair value of real estate assets | 1,300,000 | $ 1,300,000 | |||||||||||
2015 Acquisitions | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Number of businesses acquired (property) | property | 111 | ||||||||||||
Aggregate purchase price | $ 615,800,000 | ||||||||||||
Business Acquisition, Purchase Price Allocation [Abstract] | |||||||||||||
Land | 138,536,000 | 138,536,000 | |||||||||||
Buildings, fixtures and improvements | 393,918,000 | 393,918,000 | |||||||||||
Intangible lease liabilities | (5,883,000) | (5,883,000) | |||||||||||
Fair value adjustment of assumed note payable | (253,000) | (253,000) | |||||||||||
Total purchase price | 615,846,000 | 615,846,000 | |||||||||||
Revenue of acquiree since acquisition date | 28,400,000 | ||||||||||||
Loss of acquiree since acquisition date | (6,300,000) | ||||||||||||
Pro forma basis (unaudited) | |||||||||||||
Revenue | 387,921,000 | 305,141,000 | |||||||||||
Net income (loss) | 79,888,000 | 8,267,000 | |||||||||||
Acquisition-related expenses | 15,500,000 | ||||||||||||
2015 Acquisitions | Acquired in-place leases | |||||||||||||
Business Acquisition, Purchase Price Allocation [Abstract] | |||||||||||||
Acquired in-place and above market leases | 83,043,000 | 83,043,000 | |||||||||||
2015 Acquisitions | Acquired above-market leases | |||||||||||||
Business Acquisition, Purchase Price Allocation [Abstract] | |||||||||||||
Acquired in-place and above market leases | 6,485,000 | 6,485,000 | |||||||||||
2014 Development Project | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Aggregate purchase price | $ 23,900,000 | ||||||||||||
Pro forma basis (unaudited) | |||||||||||||
Number of land parcels (land_parcel) | land_parcel | 1 | 1 | |||||||||||
Rentable commercial space (sqft) | ft² | 1,600,000 | 1,600,000 | |||||||||||
Total investment in development project | 102,800,000 | 102,800,000 | |||||||||||
Property Acquisition | |||||||||||||
Pro forma basis (unaudited) | |||||||||||||
Business combination, initial agreement, number of businesses acquired (property) | property | 2 | ||||||||||||
Escrowed funds for acquisition of real estate investment | $ 70,300,000 | ||||||||||||
Escrow deposit | $ 0 | $ 0 | |||||||||||
2014 Acquisitions | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Number of businesses acquired (property) | property | 422 | ||||||||||||
Aggregate purchase price | $ 1,700,000,000 | ||||||||||||
Business Acquisition, Purchase Price Allocation [Abstract] | |||||||||||||
Land | 437,206,000 | 437,206,000 | |||||||||||
Buildings, fixtures and improvements | 1,152,148,000 | 1,152,148,000 | |||||||||||
Intangible lease liabilities | (24,620,000) | (24,620,000) | |||||||||||
Fair value adjustment of assumed note payable | (765,000) | (765,000) | |||||||||||
Total purchase price | 1,742,371,000 | 1,742,371,000 | |||||||||||
Revenue of acquiree since acquisition date | 61,200,000 | ||||||||||||
Loss of acquiree since acquisition date | 25,700,000 | ||||||||||||
Pro forma basis (unaudited) | |||||||||||||
Revenue | 332,860,000 | 245,969,000 | |||||||||||
Net income (loss) | 131,001,000 | $ (53,805,000) | |||||||||||
Acquisition-related expenses | 51,800,000 | ||||||||||||
2014 Acquisitions | Acquired in-place leases | |||||||||||||
Business Acquisition, Purchase Price Allocation [Abstract] | |||||||||||||
Acquired in-place and above market leases | 154,972,000 | 154,972,000 | |||||||||||
2014 Acquisitions | Acquired above-market leases | |||||||||||||
Business Acquisition, Purchase Price Allocation [Abstract] | |||||||||||||
Acquired in-place and above market leases | 23,430,000 | 23,430,000 | |||||||||||
2013 Acquisitions | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Number of businesses acquired (property) | property | 248 | ||||||||||||
Aggregate purchase price | $ 1,700,000,000 | ||||||||||||
Business Acquisition, Purchase Price Allocation [Abstract] | |||||||||||||
Land | 390,781,000 | ||||||||||||
Buildings, fixtures and improvements | 1,103,390,000 | ||||||||||||
Intangible lease liabilities | (31,802,000) | ||||||||||||
Total purchase price | 1,664,810,000 | ||||||||||||
Revenue of acquiree since acquisition date | 60,400,000 | ||||||||||||
Loss of acquiree since acquisition date | 25,700,000 | ||||||||||||
Pro forma basis (unaudited) | |||||||||||||
Revenue | 181,859,000 | $ 147,515,000 | |||||||||||
Net income (loss) | 44,490,000 | $ (30,842,000) | |||||||||||
Acquisition-related expenses | 48,300,000 | ||||||||||||
2013 Acquisitions | Acquired in-place leases | |||||||||||||
Business Acquisition, Purchase Price Allocation [Abstract] | |||||||||||||
Acquired in-place and above market leases | 175,520,000 | ||||||||||||
2013 Acquisitions | Acquired above-market leases | |||||||||||||
Business Acquisition, Purchase Price Allocation [Abstract] | |||||||||||||
Acquired in-place and above market leases | $ 26,921,000 | ||||||||||||
Land | |||||||||||||
Pro forma basis (unaudited) | |||||||||||||
Land Sales | $ 1,100,000 | $ 1,900,000 | 1,100,000 | 1,900,000 | |||||||||
Proceeds from sale of real estate | 1,000,000 | 1,800,000 | |||||||||||
Loss on sale of properties, before tax | $ 108,000 | $ 157,000 | |||||||||||
Geographic Concentration Risk [Member] | CALIFORNIA | |||||||||||||
Pro forma basis (unaudited) | |||||||||||||
Number of owned properties (property) | property | 77 | 77 | |||||||||||
Sales Revenue, Services, Net [Member] | Geographic Concentration Risk [Member] | CALIFORNIA | |||||||||||||
Pro forma basis (unaudited) | |||||||||||||
Concentration risk, percentage | 11.00% | ||||||||||||
Discount Store Industry | Sales Revenue, Services, Net [Member] | Customer Concentration Risk [Member] | |||||||||||||
Pro forma basis (unaudited) | |||||||||||||
Concentration risk, percentage | 14.00% | ||||||||||||
Pharmacy Industry | Sales Revenue, Services, Net [Member] | Customer Concentration Risk [Member] | |||||||||||||
Pro forma basis (unaudited) | |||||||||||||
Concentration risk, percentage | 11.00% |
Intangible Lease Assets (Detail
Intangible Lease Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Finite-Lived Intangible Assets, Net [Abstract] | |||
Intangible lease assets | $ 439,167 | $ 391,917 | |
In-place leases | |||
Finite-Lived Intangible Assets, Net [Abstract] | |||
Intangible lease assets | 391,868 | 344,664 | |
Accumulated amortization of intangible lease assets | $ 81,856 | $ 41,739 | |
Finitel-lived intangible asset, useful life | 11 years 8 months 12 days | 12 years 4 months 24 days | |
Amortization of intangible assets | $ 41,600 | $ 29,600 | $ 11,700 |
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | |||
2,016 | 41,569 | ||
2,017 | 38,776 | ||
2,018 | 36,121 | ||
2,019 | 32,504 | ||
2,020 | 30,824 | ||
Above market leases | |||
Finite-Lived Intangible Assets, Net [Abstract] | |||
Intangible lease assets | 47,299 | 47,253 | |
Accumulated amortization of intangible lease assets | $ 12,454 | $ 6,346 | |
Finitel-lived intangible asset, useful life | 10 years 1 month 6 days | 10 years 6 months | |
Amortization of intangible assets | $ 6,400 | $ 4,400 | $ 1,900 |
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | |||
2,016 | 6,220 | ||
2,017 | 5,903 | ||
2,018 | 5,022 | ||
2,019 | 4,083 | ||
2,020 | $ 3,839 |
Derivative Instrument (Details)
Derivative Instrument (Details) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2015USD ($)derivative | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | ||
Derivatives, Fair Value [Line Items] | ||||
Amount of loss reclassified from other comprehensive loss into income as interest expense | $ 6,485 | $ 5,241 | $ 1,951 | |
Interest rate cash flow hedge gain (loss) to be reclassified during next 12 months | $ 6,600 | |||
Cash flow hedging | Interest Rate Swaps | ||||
Derivatives, Fair Value [Line Items] | ||||
Number of derivative instruments entered into (derivative) | derivative | 5 | |||
Derivative, number of instruments held (derivative) | derivative | 8 | |||
Derivative liability, event of default, termination amount | $ 6,500 | |||
Cash flow hedging | Interest Rate Swaps | Prepaid expenses, property escrow deposits, derivative assets and other assets | ||||
Derivatives, Fair Value [Line Items] | ||||
Outstanding Notional Amount | 330,766 | |||
Derivative asset fair value | $ 519 | 0 | ||
Cash flow hedging | Interest Rate Swaps | Prepaid expenses, property escrow deposits, derivative assets and other assets | Minimum | ||||
Derivatives, Fair Value [Line Items] | ||||
Interest Rate | [1] | 2.78% | ||
Effective Date | Jun. 30, 2015 | |||
Maturity Date | Aug. 15, 2018 | |||
Cash flow hedging | Interest Rate Swaps | Prepaid expenses, property escrow deposits, derivative assets and other assets | Maximum | ||||
Derivatives, Fair Value [Line Items] | ||||
Interest Rate | [1] | 3.59% | ||
Effective Date | Oct. 15, 2015 | |||
Maturity Date | Nov. 6, 2020 | |||
Cash flow hedging | Interest Rate Swaps | Deferred rental income, derivative liabilities and other liabilities | ||||
Derivatives, Fair Value [Line Items] | ||||
Outstanding Notional Amount | $ 588,737 | |||
Derivative liability fair value | $ (5,878) | $ (4,057) | ||
Cash flow hedging | Interest Rate Swaps | Deferred rental income, derivative liabilities and other liabilities | Minimum | ||||
Derivatives, Fair Value [Line Items] | ||||
Interest Rate | [1] | 3.00% | ||
Effective Date | Jun. 24, 2013 | |||
Maturity Date | Jun. 24, 2018 | |||
Cash flow hedging | Interest Rate Swaps | Deferred rental income, derivative liabilities and other liabilities | Maximum | ||||
Derivatives, Fair Value [Line Items] | ||||
Interest Rate | [1] | 4.75% | ||
Effective Date | Dec. 31, 2015 | |||
Maturity Date | Aug. 24, 2020 | |||
[1] | The interest rates consist of the underlying index swapped to a fixed rate and the applicable interest rate spread as of December 31, 2015. |
Notes Payable And Credit Faci49
Notes Payable And Credit Facility - Narrative (Details) | 12 Months Ended | |
Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | |
Debt Instrument [Line Items] | ||
Notes payable and credit facility, net | $ 2,066,563,000 | $ 1,458,828,000 |
Debt instrument, weighted average years to maturity | 4 years 1 month 2 days | |
Debt, weighted average interest rate | 3.30% | |
Long-term debt | $ 2,077,794,000 | 1,465,836,000 |
Notes payable | Fixed rate debt | ||
Debt Instrument [Line Items] | ||
Notes payable and credit facility, net | 896,600,000 | |
Long-term debt | 896,628,000 | 565,836,000 |
Mortgage notes payable | ||
Debt Instrument [Line Items] | ||
Debt security, amount, aggregate gross real estate assets net of gross intangible lease liabilities | $ 1,600,000,000 | |
Mortgage notes payable | Fixed rate debt | Minimum | ||
Debt Instrument [Line Items] | ||
Line of credit fixed interest rate | 3.35% | |
Mortgage notes payable | Fixed rate debt | Maximum | ||
Debt Instrument [Line Items] | ||
Line of credit fixed interest rate | 4.98% | |
Mortgage notes payable | Fixed rate debt, variable rate debt fixed through the use of interest rate swaps | ||
Debt Instrument [Line Items] | ||
Notes payable and credit facility, net | $ 107,800,000 | |
Variable Rate Debt | ||
Debt Instrument [Line Items] | ||
Debt, weighted average interest rate | 2.90% | |
Debt security, amount, aggregate gross real estate assets net of gross intangible lease liabilities | $ 106,800,000 | |
Long-term debt | $ 53,500,000 | 0 |
Line of Credit | Revolving Credit Facility | ||
Debt Instrument [Line Items] | ||
Debt, weighted average interest rate | 2.80% | |
Line of credit, current borrowing capacity | $ 152,300,000 | |
Line of Credit | Revolving Credit Facility | Federal funds rate plus | ||
Debt Instrument [Line Items] | ||
Debt instrument, basis spread on variable rate | 0.50% | |
Line of Credit | Revolving Credit Facility | One-Month LIBOR | ||
Debt Instrument [Line Items] | ||
Debt instrument, basis spread on variable rate | 1.00% | |
Line of Credit | Term loan | Cash flow hedging | Interest Rate Swaps | ||
Debt Instrument [Line Items] | ||
Derivative, amount of hedged item | $ 561,700,000 | |
Line of Credit | JPMorgan Chase, Revolving credit facility | Revolving Credit Facility | ||
Debt Instrument [Line Items] | ||
Long-term debt | 1,127,666,000 | $ 900,000,000 |
Line of credit, maximum borrowing capacity | 1,600,000,000 | |
Line of credit facility, covenant, minimum consolidated net worth | $ 425,000,000 | |
Line of credit facility, covenant, minimum consolidated net worth, percentage of equity issuance | 75.00% | |
Debt instrument, covenant, fixed charge coverage ratio | 1.50 | |
Line of Credit | JPMorgan Chase, Revolving credit facility | Minimum | Revolving Credit Facility | ||
Debt Instrument [Line Items] | ||
Line of credit facility, covenant, unsecured debt service coverage ratio | 175.00% | |
Line of Credit | JPMorgan Chase, Revolving credit facility | Maximum | Revolving Credit Facility | Debt Instrument, Redemption, Period Two | ||
Debt Instrument [Line Items] | ||
Line of credit facility, covenant, leverage ratio | 60.00% | |
Debt instrument, covenant, unsecured debt to unencumbered asset value ratio | 50.00% | |
Line of Credit | JPMorgan Chase, Revolving credit facility | Maximum | Revolving Credit Facility | Debt Instrument, Redemption, Period Three | ||
Debt Instrument [Line Items] | ||
Line of credit facility, covenant, secured debt ratio | 30.00% | |
Unsecured debt | JPMorgan Chase, Revolving credit facility | ||
Debt Instrument [Line Items] | ||
Line of credit, maximum borrowing capacity | $ 1,280,000,000 | |
Long-term line of credit | 1,100,000,000 | |
Unsecured debt | JPMorgan Chase, Revolving credit facility | Revolving Credit Facility | ||
Debt Instrument [Line Items] | ||
Line of credit, maximum borrowing capacity | 643,333,667 | |
Unsecured debt | JPMorgan Chase, Revolving credit facility | Term loan | ||
Debt Instrument [Line Items] | ||
Line of credit, maximum borrowing capacity | $ 636,700,000 | |
Unsecured debt | 2013 Swapped Term Loan [Member] | Term loan | Cash flow hedging | Interest Rate Swaps | ||
Debt Instrument [Line Items] | ||
Debt, weighted average interest rate | 3.10% | |
Unsecured debt | Eurodollar rate loan | Minimum | Revolving Credit Facility | London Interbank Offered Rate (LIBOR) | ||
Debt Instrument [Line Items] | ||
Derivative, basis spread on variable rate | 1.65% | |
Unsecured debt | Eurodollar rate loan | Maximum | Revolving Credit Facility | London Interbank Offered Rate (LIBOR) | ||
Debt Instrument [Line Items] | ||
Derivative, basis spread on variable rate | 2.50% | |
Unsecured debt | Base rate committed loans | Minimum | Base Rate | ||
Debt Instrument [Line Items] | ||
Derivative, basis spread on variable rate | 0.65% | |
Unsecured debt | Base rate committed loans | Maximum | Base Rate | ||
Debt Instrument [Line Items] | ||
Derivative, basis spread on variable rate | 1.50% | |
Unsecured debt | JP Morgan Chase, Swapped Revolver Loan | Revolving Credit Facility | ||
Debt Instrument [Line Items] | ||
Long-term line of credit | $ 491,000,000 | |
Unsecured debt | JP Morgan Chase, Swapped Revolver Loan | Revolving Credit Facility | Cash flow hedging | Interest Rate Swaps | ||
Debt Instrument [Line Items] | ||
Debt, weighted average interest rate | 3.00% | |
Derivative, amount of hedged item | $ 250,000,000 |
Notes Payable And Credit Faci50
Notes Payable And Credit Facility - Summary of Debt (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015USD ($) | ||
Short-Term and Long-Term Debt [Roll Forward] | ||
Long-term debt, gross, beginning balance | $ 1,465,836 | |
Net premiums, beginning of the period | 671 | [1] |
Deferred costs, beginning of period | (7,679) | [2] |
Total debt, net beginning of period | 1,458,828 | |
Debt Issuance and Assumptions | 1,233,346 | [3] |
Payments of deferred costs | (6,473) | [2],[3] |
Proceeds from debt, bet of issuance costs | 1,226,873 | [3] |
Repayments | (621,388) | |
Amortization of premium | (81) | [1] |
Amortization of deferred financing costs | 2,331 | [2] |
Accretion and (Amortization) | 2,250 | |
Long-term debt, gross, ending balance | 2,077,794 | |
Net premiums, end of the period | 590 | [1] |
Deferred costs, end of period | (11,821) | [2] |
Total debt, net end of period | 2,066,563 | |
Notes payable | Fixed rate debt | ||
Short-Term and Long-Term Debt [Roll Forward] | ||
Long-term debt, gross, beginning balance | 565,836 | |
Debt Issuance and Assumptions | 346,180 | [3] |
Repayments | (15,388) | |
Long-term debt, gross, ending balance | 896,628 | |
Variable Rate Debt | ||
Short-Term and Long-Term Debt [Roll Forward] | ||
Long-term debt, gross, beginning balance | 0 | |
Debt Issuance and Assumptions | 53,500 | [3] |
Repayments | 0 | |
Long-term debt, gross, ending balance | 53,500 | |
Line of Credit | Credit facility | Revolving Credit Facility | ||
Short-Term and Long-Term Debt [Roll Forward] | ||
Long-term debt, gross, beginning balance | 900,000 | |
Debt Issuance and Assumptions | 833,666 | [3] |
Repayments | (606,000) | |
Long-term debt, gross, ending balance | $ 1,127,666 | |
[1] | Net premiums on mortgage notes payable were recorded upon the assumption of the respective debt instruments. Amortization of these net premiums is recorded as a reduction to interest expense over the remaining term of the respective debt instruments using the effective-interest method. | |
[2] | Deferred costs relate to mortgage notes payable and the term portion of the credit facility, as discussed in Note 2 — Summary of Significant Accounting Policies. | |
[3] | Includes deferred financing costs incurred during the period. |
Notes Payable And Credit Faci51
Notes Payable And Credit Facility - Debt Future Maturity Schedule (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Debt Disclosure [Abstract] | ||
2,016 | $ 425 | |
2,017 | 491,451 | |
2,018 | 693,877 | |
2,019 | 499 | |
2,020 | 333,215 | |
Thereafter | 558,327 | |
Total | $ 2,077,794 | $ 1,465,836 |
Intangible Lease Liabilities (D
Intangible Lease Liabilities (Details) - Intangible lease liabilities - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Finite-Lived Intangible Liabilities, Net [Abstract] | |||
Acquired below-market leases, net of accumulated amortization | $ 53,822 | $ 55,535 | |
Amortization of intangible liabilities | 7,600 | 6,600 | $ 2,100 |
Accumulated amortization | $ 15,641 | $ 8,807 | |
Useful life | 8 years 9 months 18 days | 9 years 2 months 12 days | |
Finite-Lived Intangible Liabilities, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | |||
2,016 | $ 7,731 | ||
2,017 | 7,417 | ||
2,018 | 7,040 | ||
2,019 | 6,164 | ||
2,020 | $ 5,530 |
Supplemental Cash Flow Disclo53
Supplemental Cash Flow Disclosures (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Supplemental Cash Flow Elements [Abstract] | |||
Distributions declared and unpaid | $ 16,568 | $ 16,189 | $ 10,569 |
Accrued other offering costs due to affiliates | 0 | 0 | 4,937 |
Accrued capital expenditures | 2,741 | 7,721 | 1,760 |
Common stock issued through distribution reinvestment plan | 112,158 | 104,261 | 25,702 |
Change in fair value of interest rate swaps | (1,302) | (1,805) | (2,252) |
Contingent consideration recorded upon property acquisitions | 2,880 | 5,342 | 553 |
Fair value of notes payable assumed in real estate acquisition | 15,233 | 25,979 | 0 |
Supplemental Cash Flow Disclosures: | |||
Interest paid | $ 54,388 | $ 31,159 | $ 17,474 |
Commitments and Contingencies (
Commitments and Contingencies (Details) - Capital addition purchase commitments $ in Millions | 12 Months Ended |
Dec. 31, 2015USD ($)property | |
Unrecorded Unconditional Purchase Obligation [Line Items] | |
Ownership interest acquired | 100.00% |
Number of businesses acquired (property) | property | 5 |
Aggregate purchase price | $ 32 |
Escrow deposit, property acquisition | $ 1 |
Related-Party Transactions an55
Related-Party Transactions and Arrangements (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Related Party Transaction [Line Items] | |||
Due to affiliates | $ 5,613,000 | $ 5,473,000 | |
Due from affiliates | $ 47,000 | 470,000 | |
Dealer manager commission | Selling commissions | Maximum | |||
Related Party Transaction [Line Items] | |||
Commissions percentage on stock sales and related dealer manager fees | 7.00% | ||
Dealer manager commission reallowed | Selling commissions reallowed by CCC | |||
Related Party Transaction [Line Items] | |||
Commissions percentage on stock sales and related dealer manager fees | 100.00% | ||
Dealer manager | Dealer manager fees | |||
Related Party Transaction [Line Items] | |||
Commissions percentage on stock sales and related dealer manager fees | 2.00% | ||
Advisors | |||
Related Party Transaction [Line Items] | |||
Due to affiliates | $ 5,600,000 | 5,500,000 | |
Cumulative noncompounded annual return | 8.00% | ||
Advisors | Listing commission | |||
Related Party Transaction [Line Items] | |||
Commissions performance and other fees percent | 15.00% | ||
Advisors | Average invested assets between $0 to $2 billion | |||
Related Party Transaction [Line Items] | |||
Asset management or advisory fees percent | 0.75% | ||
Advisors | Average invested assets between $2 billion to $4 billion | |||
Related Party Transaction [Line Items] | |||
Asset management or advisory fees percent | 0.70% | ||
Advisors | Average invested assets over $4 billion | |||
Related Party Transaction [Line Items] | |||
Asset management or advisory fees percent | 0.65% | ||
Advisors | Maximum | Average invested assets between $0 to $2 billion | |||
Related Party Transaction [Line Items] | |||
Average invested assets | $ 2,000,000,000 | ||
Advisors | Maximum | Average invested assets between $2 billion to $4 billion | |||
Related Party Transaction [Line Items] | |||
Average invested assets | $ 4,000,000,000 | ||
Advisors | Minimum | |||
Related Party Transaction [Line Items] | |||
Operating expense reimbursement percent | 2.00% | ||
Operating expense reimbursement percent of net income | 25.00% | ||
Advisors | Minimum | Average invested assets between $0 to $2 billion | |||
Related Party Transaction [Line Items] | |||
Average invested assets | $ 0 | ||
Advisors | Minimum | Average invested assets between $2 billion to $4 billion | |||
Related Party Transaction [Line Items] | |||
Average invested assets | 2,000,000,000 | ||
Advisors | Minimum | Average invested assets over $4 billion | |||
Related Party Transaction [Line Items] | |||
Average invested assets | 4,000,000,000 | ||
Advisors | Selling commissions | |||
Related Party Transaction [Line Items] | |||
Related party transaction, expenses from transactions with related party | 0 | 55,921,000 | $ 122,082,000 |
Advisors | Selling commissions reallowed by CCC | |||
Related Party Transaction [Line Items] | |||
Related party transaction, expenses from transactions with related party | 0 | 55,921,000 | 122,082,000 |
Advisors | Dealer manager fees | |||
Related Party Transaction [Line Items] | |||
Related party transaction, expenses from transactions with related party | 0 | 16,780,000 | 35,685,000 |
Advisors | Dealer manager fees reallowed by CCC | |||
Related Party Transaction [Line Items] | |||
Related party transaction, expenses from transactions with related party | 0 | 9,326,000 | 20,183,000 |
Advisors | Other offering costs | |||
Related Party Transaction [Line Items] | |||
Related party transaction, expenses from transactions with related party | $ 0 | 7,277,000 | 36,179,000 |
Advisors | Other offering costs | Maximum | |||
Related Party Transaction [Line Items] | |||
Organization and offering expense | 2.00% | ||
Advisors | Acquisition fees and expenses | |||
Related Party Transaction [Line Items] | |||
Related party transaction, expenses from transactions with related party | $ 13,311,000 | 38,483,000 | 35,109,000 |
Advisors | Acquisition fees and expenses | Maximum | |||
Related Party Transaction [Line Items] | |||
Acquisition and advisory fee | 6.00% | ||
Advisors | Acquisition fees and expenses | Maximum | Contract purchase price of each asset | |||
Related Party Transaction [Line Items] | |||
Acquisition and advisory fee | 2.00% | ||
Advisors | Advisory fees and expenses | |||
Related Party Transaction [Line Items] | |||
Related party transaction, expenses from transactions with related party | $ 36,225,000 | 24,152,000 | 10,549,000 |
Advisors | Operating expenses | |||
Related Party Transaction [Line Items] | |||
Related party transaction, expenses from transactions with related party | 4,568,000 | 3,383,000 | 2,905,000 |
Advisors | Acquisitions and Operations Costs | |||
Related Party Transaction [Line Items] | |||
Due to affiliates | $ 5,600,000 | $ 5,500,000 | $ 2,600,000 |
Advisors | Property sales commission | Contract sale price of each property | |||
Related Party Transaction [Line Items] | |||
Commissions performance and other fees percent | 1.00% | ||
Advisors | Property portfolio | Maximum | |||
Related Party Transaction [Line Items] | |||
Commissions performance and other fees percent | 6.00% | ||
Advisors | Performance fee | |||
Related Party Transaction [Line Items] | |||
Commissions performance and other fees percent | 15.00% |
Stockholders' Equity (Details)
Stockholders' Equity (Details) - USD ($) $ / shares in Units, $ in Thousands | Mar. 24, 2016 | Aug. 11, 2010 | Mar. 24, 2016 | Jun. 30, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Jan. 01, 2016 | Aug. 31, 2015 | Feb. 18, 2014 | Dec. 19, 2013 |
Equity, Class of Treasury Stock [Line Items] | |||||||||||
Common stock shares registered dividend reinvestment plan (shares) | 26,000,000 | 26,000,000 | |||||||||
Common stock, par value (USD per share) | $ 0.01 | $ 0.01 | |||||||||
Common stock, shares authorized (shares) | 490,000,000 | 490,000,000 | 490,000,000 | ||||||||
Preferred stock, shares authorized (shares) | 10,000,000 | 10,000,000 | 10,000,000 | ||||||||
Share price (USD per share) | $ 10 | $ 9.70 | $ 10 | ||||||||
Common stock issued through distribution reinvestment plan | $ 112,158 | $ 104,261 | $ 25,702 | ||||||||
Stock repurchase program, required holding period | 1 year | ||||||||||
Stock redemption program, redemption price per share, percentage of amount paid per share, after one year | 95.00% | ||||||||||
Stock redemption program, plan redemption price per share, percentage of amount paid per share, after two year | 97.50% | ||||||||||
Stock redemption program, plan redemption price per share, percentage of amount paid per share, after three year | 100.00% | ||||||||||
Stock repurchase program, termination notice period | 30 days | ||||||||||
Stock repurchased and retired during period, shares | 4,600,000 | 1,100,000 | 123,000 | ||||||||
Redemptions of common stock | $ 1,182 | ||||||||||
Dividend, common stock and preferred stock, number of days in the calendar year for the daily distribution | 365 days | ||||||||||
Common stock, dividends, daily amount per share authorized (USD per share) | $ 0.001712523 | ||||||||||
Dividends, yield | 6.25% | ||||||||||
Distributions payable | $ 16,568 | $ 16,189 | $ 10,569 | ||||||||
Maximum | |||||||||||
Equity, Class of Treasury Stock [Line Items] | |||||||||||
Stock redemption program, number of shares authorized to be repurchased, percentage of weighted average number of shares outstanding | 5.00% | ||||||||||
Stock redemption program, redemption priority, shares | 250 | ||||||||||
Distribution reinvestment plan | |||||||||||
Equity, Class of Treasury Stock [Line Items] | |||||||||||
Common stock shares registered dividend reinvestment plan (shares) | 26,000,000 | ||||||||||
Share price (USD per share) | $ 9.70 | ||||||||||
Dividend reinvestment plan, reinvestment share price | $ 9.70 | ||||||||||
Dividend reinvestment plan, termination notice period | 10 days | ||||||||||
Shares issued pursuant to a distribution reinvestment plan (in shares) | 11,700,000 | 11,000,000 | 2,700,000 | ||||||||
Common stock issued through distribution reinvestment plan | $ 112,200 | $ 104,300 | $ 25,700 | ||||||||
Redemptions of common stock | $ 44,200 | $ 10,600 | $ 1,200 | ||||||||
Distribution reinvestment plan | Maximum | |||||||||||
Equity, Class of Treasury Stock [Line Items] | |||||||||||
Stock redemption program, number of shares authorized to be repurchased, percentage of weighted average number of shares outstanding | 1.25% | ||||||||||
Common Stock | |||||||||||
Equity, Class of Treasury Stock [Line Items] | |||||||||||
Issuance of common stock (shares) | 20,000 | 11,745,917 | 95,036,480 | 181,205,760 | |||||||
Share price (USD per share) | $ 10 | ||||||||||
Subsequent Event | |||||||||||
Equity, Class of Treasury Stock [Line Items] | |||||||||||
Issuance of common stock (shares) | 23,400,000 | ||||||||||
Share price (USD per share) | $ 9.7 | ||||||||||
Redemptions of common stock | $ 27,600 | ||||||||||
Dividend, common stock and preferred stock, number of days in the calendar year for the daily distribution | 366 days | ||||||||||
Common stock, dividends, daily amount per share authorized (USD per share) | $ 0.0017067760 | ||||||||||
Dividends, yield | 6.44% |
Income Taxes (Details)
Income Taxes (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Tax Disclosure [Abstract] | |||
Ordinary dividends | 58.00% | 47.00% | 60.00% |
Nontaxable distributions | 42.00% | 53.00% | 40.00% |
Total | 100.00% | 100.00% | 100.00% |
State and local income tax and franchise tax expense (benefit), continuing operations | $ 2,200,000 | $ 1,300,000 | $ 473,000 |
Unrecognized tax benefits | $ 0 | $ 0 |
Operating Leases (Details)
Operating Leases (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2015USD ($) | |
Leases [Abstract] | |
Operating leases of lessor, weighted average remaining lease term | 10 years 10 months 20 days |
2,016 | $ 334,619 |
2,017 | 330,130 |
2,018 | 320,445 |
2,019 | 304,506 |
2,020 | 295,446 |
Thereafter | 2,238,323 |
Total future minimum rental income | $ 3,823,469 |
Quarterly Results (Unaudited)59
Quarterly Results (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |||||||||
Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||||||
Revenues | $ 97,052 | $ 94,188 | $ 90,528 | $ 85,963 | $ 83,279 | $ 64,591 | $ 56,861 | $ 51,551 | $ 367,731 | $ 256,282 | $ 102,557 | ||||||||
Acquisition-related expenses | 3,741 | 2,518 | 3,882 | 5,385 | 12,008 | 21,009 | 10,113 | 8,633 | 15,526 | 51,763 | 48,286 | ||||||||
Operating income | 29,247 | 34,696 | 31,862 | 28,395 | 20,378 | 3,698 | 10,790 | 10,564 | 124,200 | 45,430 | (10,696) | ||||||||
Net income (loss) | 13,117 | 18,485 | 17,293 | 15,998 | 9,181 | (4,147) | 3,190 | 2,946 | 64,893 | 11,170 | (32,880) | ||||||||
Net income (loss) attributable to the Company | $ 13,079 | $ 18,452 | $ 17,225 | $ 16,015 | $ 9,196 | $ (4,156) | $ 3,204 | $ 2,946 | $ 64,771 | $ 11,190 | $ (32,880) | ||||||||
Basic and diluted net income (loss) per common share (USD per share) | $ 0.04 | [1] | $ 0.06 | [1] | $ 0.06 | [1] | $ 0.05 | [1] | $ 0.03 | [2] | $ (0.01) | [2] | $ 0.01 | [2] | $ 0.01 | [2] | $ 0.21 | $ 0.04 | $ (0.36) |
Distributions declared per common share (USD per share) | $ 0.16 | [1] | $ 0.16 | [1] | $ 0.16 | [1] | $ 0.15 | [1] | $ 0.16 | [2] | $ 0.16 | [2] | $ 0.16 | [2] | $ 0.15 | [2] | |||
[1] | The Company calculates net income per share and distributions declared per share based on the weighted-average number of outstanding shares of common stock during the reporting period. The average number of shares fluctuates throughout the year and can therefore produce a full year result that does not agree to the sum of the individual quarters. | ||||||||||||||||||
[2] | The Company calculates net income (loss) per share and distributions declared per share based on the weighted-average number of outstanding shares of common stock during the reporting period. The average number of shares fluctuates throughout the year and can therefore produce a full year result that does not agree to the sum of the individual quarters. |
Subsequent Events - (Details)
Subsequent Events - (Details) $ / shares in Units, shares in Millions | Mar. 24, 2016USD ($)shares | Mar. 24, 2016USD ($)property$ / sharesshares | Dec. 31, 2015USD ($) | Sep. 30, 2015USD ($) | Jun. 30, 2015USD ($) | Mar. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Sep. 30, 2014USD ($) | Jun. 30, 2014USD ($) | Mar. 31, 2014USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | Mar. 14, 2016USD ($) |
Subsequent Event | ||||||||||||||
Issuance of common stock | $ 112,158,000 | $ 941,930,000 | $ 1,807,820,000 | |||||||||||
Redemptions of common stock | 1,182,000 | |||||||||||||
Debt, weighted average interest rate | 3.30% | 3.30% | ||||||||||||
Acquisition-related expenses | $ 3,741,000 | $ 2,518,000 | $ 3,882,000 | $ 5,385,000 | $ 12,008,000 | $ 21,009,000 | $ 10,113,000 | $ 8,633,000 | $ 15,526,000 | $ 51,763,000 | $ 48,286,000 | |||
Line of Credit | Revolving Credit Facility | ||||||||||||||
Subsequent Event | ||||||||||||||
Debt, weighted average interest rate | 2.80% | 2.80% | ||||||||||||
Line of Credit | JPMorgan Chase, Revolving credit facility | Revolving Credit Facility | ||||||||||||||
Subsequent Event | ||||||||||||||
Line of credit, maximum borrowing capacity | $ 1,600,000,000 | $ 1,600,000,000 | ||||||||||||
Unsecured debt | JPMorgan Chase, Revolving credit facility | ||||||||||||||
Subsequent Event | ||||||||||||||
Line of credit, maximum borrowing capacity | 1,280,000,000 | 1,280,000,000 | ||||||||||||
Unsecured debt | JPMorgan Chase, Revolving credit facility | Term loan | ||||||||||||||
Subsequent Event | ||||||||||||||
Line of credit, maximum borrowing capacity | 636,700,000 | 636,700,000 | ||||||||||||
Unsecured debt | JPMorgan Chase, Revolving credit facility | Revolving Credit Facility | ||||||||||||||
Subsequent Event | ||||||||||||||
Line of credit, maximum borrowing capacity | $ 643,333,667 | $ 643,333,667 | ||||||||||||
Subsequent Event | ||||||||||||||
Subsequent Event | ||||||||||||||
Issuance of common stock (shares) | shares | 23.4 | |||||||||||||
Issuance of common stock | $ 223,500,000 | |||||||||||||
Redemptions of cancellations common stock (shares) | shares | 2.9 | |||||||||||||
Redemptions of common stock | $ 27,600,000 | |||||||||||||
Common stock average redemption price per share | $ / shares | $ 9.59 | |||||||||||||
Number of businesses acquired (property) | property | 7 | |||||||||||||
Aggregate purchase price | $ 56,900,000 | |||||||||||||
Acquisition-related expenses | 1,600,000 | |||||||||||||
Subsequent Event | Line of Credit | JPMorgan Chase, Revolving credit facility | Revolving Credit Facility | ||||||||||||||
Subsequent Event | ||||||||||||||
Notes payable and credit facility, net | 1,100,000,000 | 1,100,000,000 | ||||||||||||
Available borrowing capacity | 175,300,000 | 175,300,000 | ||||||||||||
Subsequent Event | Notes payable | ||||||||||||||
Subsequent Event | ||||||||||||||
Debt instrument, face amount | $ 67,500,000 | $ 67,500,000 | ||||||||||||
Derivative, amount of hedged item | $ 38,500,000 | |||||||||||||
Debt, weighted average interest rate | 3.70% | 3.70% | 3.60% |
Schedule III - Real Estate As61
Schedule III - Real Estate Assets and Accumulated Depreciation (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015USD ($)property | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | |
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Balance, beginning of period | $ 3,590,939 | $ 1,960,708 | $ 464,539 |
Additions | |||
Acquisitions | 532,454 | 1,613,201 | 1,494,171 |
Improvements | 64,458 | 18,967 | 1,998 |
Total additions | 596,912 | 1,632,168 | 1,496,169 |
Deductions | |||
Cost of real estate sold | 1,086 | 1,937 | 0 |
Adjustment to basis | 0 | 0 | 0 |
Other (including provisions for impairment of real estate assets) | 1,160 | 0 | 0 |
Total deductions | 2,246 | 1,937 | 0 |
Balance, end of period | 4,185,605 | 3,590,939 | 1,960,708 |
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Balance, beginning of period | 78,186 | 23,377 | 1,743 |
Additions | |||
Acquisitions - Depreciation Expense for Building, Acquisitions Costs & Tenant Improvements Acquired | 80,373 | 54,656 | 21,624 |
Improvements - Depreciation Expense for Tenant Improvements and Building Equipment | 303 | 153 | 10 |
Total additions | 80,676 | 54,809 | 21,634 |
Deductions | |||
Cost of real estate sold | 0 | 0 | 0 |
Other (including provisions for impairment of real estate assets) | 57 | 0 | 0 |
Total deductions | 57 | 0 | 0 |
Balance, end of period | $ 158,805 | $ 78,186 | $ 23,377 |
Number of single-tenant freestanding retail properties, owned | property | 782 | ||
Number of multi-tenant retail properties, owned | property | 89 | ||
Property, plant and equipment, land and real estate assets, net tax basis | $ 4,200,000 | ||
Building | |||
Deductions | |||
Acquired real estate asset, useful life | 40 years | ||
Unsecured debt | JPMorgan Chase, Revolving credit facility | |||
Deductions | |||
Long-term line of credit | $ 1,100,000 |
Schedule III - Real Estate As62
Schedule III - Real Estate Assets and Accumulated Depreciation - 1 (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 950,128 | |||
Land | 1,113,456 | |||
Buildings and Improvements | 2,990,901 | |||
Total Adjustment to Basis | 81,248 | |||
Gross Amount at Which Carried At December 31, 2015 | 4,185,605 | $ 3,590,939 | $ 1,960,708 | $ 464,539 |
Accumulated Depreciation | 158,805 | $ 78,186 | $ 23,377 | $ 1,743 |
24 Hour Fitness: | Beaverton, OR | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 2,609 | |||
Buildings and Improvements | 9,974 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 12,583 | |||
Accumulated Depreciation | 322 | |||
24 Hour Fitness: | Fort Worth, TX | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 1,519 | |||
Buildings and Improvements | 7,449 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 8,968 | |||
Accumulated Depreciation | 451 | |||
Aaron's Rents: | Hillsboro , OH | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 279 | |||
Buildings and Improvements | 829 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 1,108 | |||
Accumulated Depreciation | 64 | |||
Aaron's Rents: | Mountain Home, AR | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 183 | |||
Buildings and Improvements | 872 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 1,055 | |||
Accumulated Depreciation | 6 | |||
Aaron's Rents: | Wilmington, OH | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 249 | |||
Buildings and Improvements | 1,134 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 1,383 | |||
Accumulated Depreciation | 30 | |||
Academy Sports: | Clarksville, TN | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 1,811 | |||
Buildings and Improvements | 6,603 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 8,414 | |||
Accumulated Depreciation | 276 | |||
Academy Sports: | Cookeville, TN | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land | 0 | |||
Buildings and Improvements | 23,847 | |||
Total Adjustment to Basis | 73,329 | |||
Gross Amount at Which Carried At December 31, 2015 | 97,176 | |||
Accumulated Depreciation | 290 | |||
Academy Sports: | Douglasville, GA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 1,360 | |||
Buildings and Improvements | 8,593 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 9,953 | |||
Accumulated Depreciation | 355 | |||
Academy Sports: | Flowood, MS | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 1,534 | |||
Buildings and Improvements | 7,864 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 9,398 | |||
Accumulated Depreciation | 348 | |||
Academy Sports: | McDonough, GA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 1,846 | |||
Buildings and Improvements | 5,626 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 7,472 | |||
Accumulated Depreciation | 267 | |||
Academy Sports: | Valdosta, GA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 5,838 | |||
Land | 2,482 | |||
Buildings and Improvements | 5,922 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 8,404 | |||
Accumulated Depreciation | 462 | |||
Advance Auto: | Corydon, IN | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 190 | |||
Buildings and Improvements | 1,219 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 1,409 | |||
Accumulated Depreciation | 107 | |||
Advance Auto: | Dearborn Heights, MI | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 385 | |||
Buildings and Improvements | 1,090 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 1,475 | |||
Accumulated Depreciation | 65 | |||
Advance Auto: | Decatur, GA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 606 | |||
Buildings and Improvements | 1,053 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 1,659 | |||
Accumulated Depreciation | 59 | |||
Advance Auto: | Lake Geneva, WI | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 1,062 | |||
Land | 381 | |||
Buildings and Improvements | 1,181 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 1,562 | |||
Accumulated Depreciation | 89 | |||
Advance Auto: | Lawton, OK | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 387 | |||
Buildings and Improvements | 1,000 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 1,387 | |||
Accumulated Depreciation | 15 | |||
Advance Auto: | Mattoon, IL | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 261 | |||
Buildings and Improvements | 1,063 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 1,324 | |||
Accumulated Depreciation | 1 | |||
Advance Auto: | Mt. Pleasant, IA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 122 | |||
Buildings and Improvements | 1,069 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 1,191 | |||
Accumulated Depreciation | 55 | |||
Advance Auto: | North Ridgeville, OH | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 218 | |||
Buildings and Improvements | 1,284 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 1,502 | |||
Accumulated Depreciation | 121 | |||
Advance Auto: | Rutherfordton, NC | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 220 | |||
Buildings and Improvements | 944 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 1,164 | |||
Accumulated Depreciation | 55 | |||
Advance Auto: | Starkville, MS | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 447 | |||
Buildings and Improvements | 756 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 1,203 | |||
Accumulated Depreciation | 76 | |||
Advance Auto: | Willmar, MN | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 200 | |||
Buildings and Improvements | 1,279 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 1,479 | |||
Accumulated Depreciation | 26 | |||
Albany Square: | Albany, GA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land | 1,606 | |||
Buildings and Improvements | 7,113 | |||
Total Adjustment to Basis | 300 | |||
Gross Amount at Which Carried At December 31, 2015 | 9,019 | |||
Accumulated Depreciation | 454 | |||
Almeda Crossing: | Houston, TX | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 4,738 | |||
Buildings and Improvements | 26,245 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 30,983 | |||
Accumulated Depreciation | 990 | |||
Amazon: | Lebanon, TN | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 33,000 | |||
Land | 1,934 | |||
Buildings and Improvements | 56,286 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 58,220 | |||
Accumulated Depreciation | 1,816 | |||
Applebee's | Greenville, SC | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 672 | |||
Buildings and Improvements | 1,737 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 2,409 | |||
Accumulated Depreciation | 67 | |||
Applebee's | Lithonia, GA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 1,234 | |||
Buildings and Improvements | 2,613 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 3,847 | |||
Accumulated Depreciation | 117 | |||
Applebee's | Savannah, GA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 818 | |||
Buildings and Improvements | 1,686 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 2,504 | |||
Accumulated Depreciation | 72 | |||
AutoZone: | Philipburg, PA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 152 | |||
Buildings and Improvements | 1,304 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 1,456 | |||
Accumulated Depreciation | 120 | |||
AutoZone: | Poughkeepsie, NY | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 699 | |||
Buildings and Improvements | 1,356 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 2,055 | |||
Accumulated Depreciation | 14 | |||
AutoZone: | Sheffield, OH | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land | 815 | |||
Buildings and Improvements | 0 | |||
Total Adjustment to Basis | 785 | |||
Gross Amount at Which Carried At December 31, 2015 | 1,600 | |||
Accumulated Depreciation | 0 | |||
Bass Pro Shops | Tallahassee, FL | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 945 | |||
Buildings and Improvements | 5,713 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 6,658 | |||
Accumulated Depreciation | 383 | |||
Beavercreek Shopping Center: | Beavercreek, OH | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 17,200 | |||
Land | 5,504 | |||
Buildings and Improvements | 25,178 | |||
Total Adjustment to Basis | 537 | |||
Gross Amount at Which Carried At December 31, 2015 | 31,219 | |||
Accumulated Depreciation | 1,558 | |||
Bed Bath & Beyond/Golf Smith: | Schaumburg, IL | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land | 4,786 | |||
Buildings and Improvements | 6,149 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 10,935 | |||
Accumulated Depreciation | 593 | |||
Benihana: | Golden Valley, MN | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 1,510 | |||
Buildings and Improvements | 2,934 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 4,444 | |||
Accumulated Depreciation | 257 | |||
Benihana: | Lauderdale by the Sea, FL | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 2,181 | |||
Buildings and Improvements | 2,014 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 4,195 | |||
Accumulated Depreciation | 181 | |||
Benihana: | Lombard, IL | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 1,390 | |||
Buildings and Improvements | 2,343 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 3,733 | |||
Accumulated Depreciation | 245 | |||
Benihana: | Woodlands, TX | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 1,151 | |||
Buildings and Improvements | 968 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 2,119 | |||
Accumulated Depreciation | 88 | |||
Big Lots: | San Angelo, TX | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 1,043 | |||
Buildings and Improvements | 1,947 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 2,990 | |||
Accumulated Depreciation | 234 | |||
Big Lots: | Waco, TX | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 1,069 | |||
Buildings and Improvements | 1,326 | |||
Total Adjustment to Basis | 56 | |||
Gross Amount at Which Carried At December 31, 2015 | 2,451 | |||
Accumulated Depreciation | 172 | |||
Biolife Plasma Services: | Bellingham, WA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land | 2,397 | |||
Buildings and Improvements | 6,264 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 8,661 | |||
Accumulated Depreciation | 207 | |||
Biolife Plasma Services: | Grandville, MI | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land | 959 | |||
Buildings and Improvements | 4,791 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 5,750 | |||
Accumulated Depreciation | 146 | |||
Biolife Plasma Services: | Loveland, CO | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land | 651 | |||
Buildings and Improvements | 5,645 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 6,296 | |||
Accumulated Depreciation | 169 | |||
Biolife Plasma Services: | Bloomington, IN | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land | 696 | |||
Buildings and Improvements | 3,900 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 4,596 | |||
Accumulated Depreciation | 157 | |||
Biolife Plasma Services: | Fort Wayne, IN | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land | 660 | |||
Buildings and Improvements | 3,749 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 4,409 | |||
Accumulated Depreciation | 151 | |||
Biolife Plasma Services: | St. Cloud, MN | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land | 889 | |||
Buildings and Improvements | 3,633 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 4,522 | |||
Accumulated Depreciation | 161 | |||
Biolife Plasma Services: | St. George, UT | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land | 1,195 | |||
Buildings and Improvements | 5,561 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 6,756 | |||
Accumulated Depreciation | 118 | |||
Biolife Plasma Services: | Waterloo, IA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land | 489 | |||
Buildings and Improvements | 3,380 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 3,869 | |||
Accumulated Depreciation | 152 | |||
Biolife Plasma Services: | West Fargo, ND | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land | 1,379 | |||
Buildings and Improvements | 5,052 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 6,431 | |||
Accumulated Depreciation | 113 | |||
Bojangles: | Pelham, AL | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 219 | |||
Buildings and Improvements | 1,216 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 1,435 | |||
Accumulated Depreciation | 51 | |||
Boston Commons: | Springfield, MA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 5,400 | |||
Land | 3,101 | |||
Buildings and Improvements | 7,042 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 10,143 | |||
Accumulated Depreciation | 283 | |||
Bottom Dollar Grocery: | Ambridge, PA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 519 | |||
Buildings and Improvements | 2,985 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 3,504 | |||
Accumulated Depreciation | 163 | |||
Brownsville Plaza: | Baldwin, PA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land | 627 | |||
Buildings and Improvements | 2,702 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 3,329 | |||
Accumulated Depreciation | 150 | |||
Bryan Crossing: | Kodak, TN | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 863 | |||
Buildings and Improvements | 6,523 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 7,386 | |||
Accumulated Depreciation | 231 | |||
Buffalo Wild Wings: | Idaho Falls, ID | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 712 | |||
Buildings and Improvements | 1,336 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 2,048 | |||
Accumulated Depreciation | 49 | |||
Buffalo Wild Wings: | Warrenville, IL | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 1,208 | |||
Buildings and Improvements | 1,420 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 2,628 | |||
Accumulated Depreciation | 132 | |||
Buffalo Wild Wings: | Woodridge, IL | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 1,139 | |||
Buildings and Improvements | 1,484 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 2,623 | |||
Accumulated Depreciation | 137 | |||
Caliber Collision Center: | Frisco, TX | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 1,484 | |||
Buildings and Improvements | 2,038 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 3,522 | |||
Accumulated Depreciation | 76 | |||
Caliber Collision Center: | Las Cruces, NM | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 673 | |||
Buildings and Improvements | 1,949 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 2,622 | |||
Accumulated Depreciation | 88 | |||
Caliber Collision Center: | Midwest City, OK | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 259 | |||
Buildings and Improvements | 1,165 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 1,424 | |||
Accumulated Depreciation | 57 | |||
Caliber Collision Center: | Denver, CO | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 855 | |||
Buildings and Improvements | 658 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 1,513 | |||
Accumulated Depreciation | 26 | |||
Caliber Collision Center: | San Antonio, TX | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 622 | |||
Buildings and Improvements | 832 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 1,454 | |||
Accumulated Depreciation | 33 | |||
Caliber Collision Center: | Wylie, TX | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 816 | |||
Buildings and Improvements | 2,690 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 3,506 | |||
Accumulated Depreciation | 68 | |||
Canton Marketplace: | Canton, GA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 32,000 | |||
Land | 8,310 | |||
Buildings and Improvements | 48,667 | |||
Total Adjustment to Basis | 857 | |||
Gross Amount at Which Carried At December 31, 2015 | 57,834 | |||
Accumulated Depreciation | 4,452 | |||
Carlisle Crossing: | Carlisle, PA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 4,491 | |||
Buildings and Improvements | 15,817 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 20,308 | |||
Accumulated Depreciation | 724 | |||
Canarsie Plaza: | Brooklyn, NY | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 75,000 | |||
Land | 37,970 | |||
Buildings and Improvements | 71,267 | |||
Total Adjustment to Basis | 790 | |||
Gross Amount at Which Carried At December 31, 2015 | 110,027 | |||
Accumulated Depreciation | 5,507 | |||
Century Plaza: | Orlando, FL | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land | 3,094 | |||
Buildings and Improvements | 6,178 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 9,272 | |||
Accumulated Depreciation | 359 | |||
Chase: | Hanover Township, NJ | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 2,192 | |||
Buildings and Improvements | 0 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 2,192 | |||
Accumulated Depreciation | 0 | |||
Chestnut Square: | Brevard, NC | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 3,727 | |||
Land | 425 | |||
Buildings and Improvements | 5,037 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 5,462 | |||
Accumulated Depreciation | 354 | |||
Chili's: | Forest City, NC | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 233 | |||
Buildings and Improvements | 1,936 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 2,169 | |||
Accumulated Depreciation | 63 | |||
Coosa Town Center: | Gadsden, AL | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land | 3,246 | |||
Buildings and Improvements | 7,799 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 11,045 | |||
Accumulated Depreciation | 476 | |||
Cost Plus World Market: | Kansas City, MO | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 1,378 | |||
Buildings and Improvements | 2,396 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 3,774 | |||
Accumulated Depreciation | 272 | |||
Costco: | Tallahassee, FL | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 5,146 | |||
Land | 9,497 | |||
Buildings and Improvements | 0 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 9,497 | |||
Accumulated Depreciation | 0 | |||
Cottonwood Commons: | Albuquerque, NM | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 19,250 | |||
Land | 4,986 | |||
Buildings and Improvements | 28,881 | |||
Total Adjustment to Basis | 84 | |||
Gross Amount at Which Carried At December 31, 2015 | 33,951 | |||
Accumulated Depreciation | 1,877 | |||
Coventry Crossing: | Coventry , RI | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 6,000 | |||
Land | 3,462 | |||
Buildings and Improvements | 5,899 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 9,361 | |||
Accumulated Depreciation | 389 | |||
Crosspoint: | Hagerstown, MD | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 12,285 | |||
Buildings and Improvements | 14,359 | |||
Total Adjustment to Basis | (1,086) | |||
Gross Amount at Which Carried At December 31, 2015 | 25,558 | |||
Accumulated Depreciation | 621 | |||
Crossroads Annex: | Lafayette, LA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land | 1,659 | |||
Buildings and Improvements | 7,091 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 8,750 | |||
Accumulated Depreciation | 415 | |||
Crossroads Commons: | Plover, WI | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 1,000 | |||
Buildings and Improvements | 4,515 | |||
Total Adjustment to Basis | 75 | |||
Gross Amount at Which Carried At December 31, 2015 | 5,590 | |||
Accumulated Depreciation | 308 | |||
CVS: | Hanover Township, NJ | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 4,746 | |||
Buildings and Improvements | 0 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 4,746 | |||
Accumulated Depreciation | 0 | |||
CVS: | Arnold, MO | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 2,043 | |||
Buildings and Improvements | 2,367 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 4,410 | |||
Accumulated Depreciation | 124 | |||
CVS: | Asheville, NC | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 1,108 | |||
Buildings and Improvements | 1,084 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 2,192 | |||
Accumulated Depreciation | 106 | |||
CVS: | Austin, TX | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 1,076 | |||
Buildings and Improvements | 3,475 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 4,551 | |||
Accumulated Depreciation | 181 | |||
CVS: | Bainbridge, GA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 444 | |||
Buildings and Improvements | 1,682 | |||
Total Adjustment to Basis | 47 | |||
Gross Amount at Which Carried At December 31, 2015 | 2,173 | |||
Accumulated Depreciation | 157 | |||
CVS: | Bloomington, IN | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 1,620 | |||
Buildings and Improvements | 2,957 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 4,577 | |||
Accumulated Depreciation | 155 | |||
CVS: | Blue Springs, MO | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 395 | |||
Buildings and Improvements | 2,722 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 3,117 | |||
Accumulated Depreciation | 143 | |||
CVS: | Bridgeton, MO | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 2,056 | |||
Buildings and Improvements | 2,362 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 4,418 | |||
Accumulated Depreciation | 124 | |||
CVS: | Cartersville, GA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 2,547 | |||
Buildings and Improvements | 0 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 2,547 | |||
Accumulated Depreciation | 0 | |||
CVS: | Charleston, SC | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 869 | |||
Buildings and Improvements | 1,009 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 1,878 | |||
Accumulated Depreciation | 99 | |||
CVS: | Chesapeake, VA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 1,044 | |||
Buildings and Improvements | 3,053 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 4,097 | |||
Accumulated Depreciation | 164 | |||
CVS: | Chicago, IL | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 1,832 | |||
Buildings and Improvements | 4,255 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 6,087 | |||
Accumulated Depreciation | 297 | |||
CVS: | Cicero, IN | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 487 | |||
Buildings and Improvements | 3,099 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 3,586 | |||
Accumulated Depreciation | 163 | |||
CVS: | Corpus Christi, TX | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 648 | |||
Buildings and Improvements | 2,557 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 3,205 | |||
Accumulated Depreciation | 241 | |||
CVS: | Danville, IN | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 424 | |||
Buildings and Improvements | 2,105 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 2,529 | |||
Accumulated Depreciation | 83 | |||
CVS: | Eminence, KY | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 872 | |||
Buildings and Improvements | 2,511 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 3,383 | |||
Accumulated Depreciation | 130 | |||
CVS: | Florence, AL | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 1,735 | |||
Land | 1,030 | |||
Buildings and Improvements | 1,446 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 2,476 | |||
Accumulated Depreciation | 105 | |||
CVS: | Goose Creek, SC | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 1,022 | |||
Buildings and Improvements | 1,980 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 3,002 | |||
Accumulated Depreciation | 103 | |||
CVS: | Greenwood, IN | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 912 | |||
Buildings and Improvements | 3,549 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 4,461 | |||
Accumulated Depreciation | 220 | |||
CVS: | Hazlet, NJ | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 3,047 | |||
Buildings and Improvements | 3,610 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 6,657 | |||
Accumulated Depreciation | 189 | |||
CVS: | Honesdale, PA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 1,206 | |||
Buildings and Improvements | 3,342 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 4,548 | |||
Accumulated Depreciation | 180 | |||
CVS: | Independence, MO | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 359 | |||
Buildings and Improvements | 2,242 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 2,601 | |||
Accumulated Depreciation | $ 118 |
Schedule III - Real Estate As63
Schedule III - Real Estate Assets and Accumulated Depreciation - 2 (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 950,128 | |||
Land | 1,113,456 | |||
Buildings and Improvements | 2,990,901 | |||
Total Adjustment to Basis | 81,248 | |||
Gross Amount at Which Carried At December 31, 2015 | 4,185,605 | $ 3,590,939 | $ 1,960,708 | $ 464,539 |
Accumulated Depreciation | 158,805 | $ 78,186 | $ 23,377 | $ 1,743 |
CVS: | Indianapolis, IN | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 1,110 | |||
Buildings and Improvements | 2,484 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 3,594 | |||
Accumulated Depreciation | 130 | |||
CVS: | Irving, TX | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 745 | |||
Buildings and Improvements | 3,034 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 3,779 | |||
Accumulated Depreciation | 250 | |||
CVS: | Jacksonville, FL | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 2,182 | |||
Buildings and Improvements | 3,817 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 5,999 | |||
Accumulated Depreciation | 143 | |||
CVS: | Janesville, WI | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 736 | |||
Buildings and Improvements | 2,545 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 3,281 | |||
Accumulated Depreciation | 133 | |||
CVS: | Katy, TX | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 1,149 | |||
Buildings and Improvements | 2,462 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 3,611 | |||
Accumulated Depreciation | 126 | |||
CVS: | Lincoln, NE | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 2,534 | |||
Buildings and Improvements | 3,014 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 5,548 | |||
Accumulated Depreciation | 158 | |||
CVS: | London, KY | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 1,445 | |||
Buildings and Improvements | 2,661 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 4,106 | |||
Accumulated Depreciation | 157 | |||
CVS: | Middletown, NY | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 665 | |||
Buildings and Improvements | 5,483 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 6,148 | |||
Accumulated Depreciation | 284 | |||
CVS: | North Wilkesboro, NC | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 332 | |||
Buildings and Improvements | 2,369 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 2,701 | |||
Accumulated Depreciation | 132 | |||
CVS: | Poplar Bluff, MO | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 1,861 | |||
Buildings and Improvements | 2,211 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 4,072 | |||
Accumulated Depreciation | 117 | |||
CVS: | Salem, NH | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 3,456 | |||
Buildings and Improvements | 2,351 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 5,807 | |||
Accumulated Depreciation | 126 | |||
CVS: | San Antonio, TX | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 1,893 | |||
Buildings and Improvements | 1,848 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 3,741 | |||
Accumulated Depreciation | 98 | |||
CVS: | Sand Springs, OK | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 1,765 | |||
Buildings and Improvements | 2,283 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 4,048 | |||
Accumulated Depreciation | 121 | |||
CVS: | Santa Fe, NM | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 2,243 | |||
Buildings and Improvements | 4,619 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 6,862 | |||
Accumulated Depreciation | 239 | |||
CVS: | Sedalia, MO | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 466 | |||
Buildings and Improvements | 2,318 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 2,784 | |||
Accumulated Depreciation | 122 | |||
CVS: | St. John, MO | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 1,546 | |||
Buildings and Improvements | 2,601 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 4,147 | |||
Accumulated Depreciation | 136 | |||
CVS: | Temple Hills, MD | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 1,817 | |||
Buildings and Improvements | 2,989 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 4,806 | |||
Accumulated Depreciation | 173 | |||
CVS: | Vineland, NJ | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 813 | |||
Buildings and Improvements | 2,926 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 3,739 | |||
Accumulated Depreciation | 158 | |||
CVS: | Waynesboro, VA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 986 | |||
Buildings and Improvements | 2,708 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 3,694 | |||
Accumulated Depreciation | 142 | |||
CVS: | West Monroe, LA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 1,738 | |||
Buildings and Improvements | 2,136 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 3,874 | |||
Accumulated Depreciation | 113 | |||
Darien Towne Center: | Darien, IL | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 12,200 | |||
Land | 6,718 | |||
Buildings and Improvements | 11,951 | |||
Total Adjustment to Basis | 900 | |||
Gross Amount at Which Carried At December 31, 2015 | 19,569 | |||
Accumulated Depreciation | 892 | |||
DaVita: | Riverview, MI | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 199 | |||
Buildings and Improvements | 2,322 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 2,521 | |||
Accumulated Depreciation | 95 | |||
Decatur Commons: | Decatur, AL | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 7,000 | |||
Land | 2,478 | |||
Buildings and Improvements | 9,333 | |||
Total Adjustment to Basis | 470 | |||
Gross Amount at Which Carried At December 31, 2015 | 12,281 | |||
Accumulated Depreciation | 621 | |||
Deltona Commons: | Deltona, FL | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 4,767 | |||
Land | 1,424 | |||
Buildings and Improvements | 7,760 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 9,184 | |||
Accumulated Depreciation | 512 | |||
Dick’s Sporting Goods: | Oklahoma City (3rd), OK | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 1,198 | |||
Buildings and Improvements | 7,838 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 9,036 | |||
Accumulated Depreciation | 681 | |||
Dick’s Sporting Goods: | Oklahoma City, OK | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 5,858 | |||
Land | 685 | |||
Buildings and Improvements | 10,587 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 11,272 | |||
Accumulated Depreciation | 897 | |||
Dollar General: | Abbeville, AL | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 294 | |||
Buildings and Improvements | 1,302 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 1,596 | |||
Accumulated Depreciation | 43 | |||
Dollar General: | Akron, AL | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 69 | |||
Buildings and Improvements | 771 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 840 | |||
Accumulated Depreciation | 50 | |||
Dollar General: | Akron, OH | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 112 | |||
Buildings and Improvements | 1,099 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 1,211 | |||
Accumulated Depreciation | 66 | |||
Dollar General: | Alliance, NE | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 97 | |||
Buildings and Improvements | 812 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 909 | |||
Accumulated Depreciation | 64 | |||
Dollar General: | Alton, TX | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 94 | |||
Buildings and Improvements | 922 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 1,016 | |||
Accumulated Depreciation | 32 | |||
Dollar General: | Arapahoe, NE | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 44 | |||
Buildings and Improvements | 873 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 917 | |||
Accumulated Depreciation | 31 | |||
Dollar General: | Asheville, NC | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 379 | |||
Buildings and Improvements | 753 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 1,132 | |||
Accumulated Depreciation | 57 | |||
Dollar General: | Ashville, AL | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 666 | |||
Land | 255 | |||
Buildings and Improvements | 678 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 933 | |||
Accumulated Depreciation | 62 | |||
Dollar General: | Atmore, AL | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 243 | |||
Buildings and Improvements | 858 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 1,101 | |||
Accumulated Depreciation | 43 | |||
Dollar General: | Bainbridge, OH | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 106 | |||
Buildings and Improvements | 1,175 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 1,281 | |||
Accumulated Depreciation | 79 | |||
Dollar General: | Belle, MO | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 51 | |||
Buildings and Improvements | 880 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 931 | |||
Accumulated Depreciation | 31 | |||
Dollar General: | Berry, AL | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 104 | |||
Buildings and Improvements | 1,196 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 1,300 | |||
Accumulated Depreciation | 42 | |||
Dollar General: | Bessemer, AL | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 142 | |||
Buildings and Improvements | 941 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 1,083 | |||
Accumulated Depreciation | 58 | |||
Dollar General: | Bloomfield, NE | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 50 | |||
Buildings and Improvements | 845 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 895 | |||
Accumulated Depreciation | 24 | |||
Dollar General: | Blue Rapids, KS | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 52 | |||
Buildings and Improvements | 880 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 932 | |||
Accumulated Depreciation | 29 | |||
Dollar General: | Bluefield, WV | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 337 | |||
Buildings and Improvements | 686 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 1,023 | |||
Accumulated Depreciation | 22 | |||
Dollar General: | Bokchito, OK | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 59 | |||
Buildings and Improvements | 859 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 918 | |||
Accumulated Depreciation | 72 | |||
Dollar General: | Botkins, OH | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 130 | |||
Buildings and Improvements | 991 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 1,121 | |||
Accumulated Depreciation | 65 | |||
Dollar General: | Brandon, SD | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 292 | |||
Buildings and Improvements | 871 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 1,163 | |||
Accumulated Depreciation | 29 | |||
Dollar General: | Breaux Bridge, LA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 840 | |||
Land | 225 | |||
Buildings and Improvements | 1,007 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 1,232 | |||
Accumulated Depreciation | 85 | |||
Dollar General: | Broken Bow, NE | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 91 | |||
Buildings and Improvements | 878 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 969 | |||
Accumulated Depreciation | 48 | |||
Dollar General: | Brownsville, TX | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 822 | |||
Land | 264 | |||
Buildings and Improvements | 943 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 1,207 | |||
Accumulated Depreciation | 75 | |||
Dollar General: | Buffalo, NY | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 122 | |||
Buildings and Improvements | 1,099 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 1,221 | |||
Accumulated Depreciation | 30 | |||
Dollar General: | Clay, AL | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 792 | |||
Land | 305 | |||
Buildings and Improvements | 768 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 1,073 | |||
Accumulated Depreciation | 66 | |||
Dollar General: | Cleveland, TX | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 684 | |||
Land | 158 | |||
Buildings and Improvements | 856 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 1,014 | |||
Accumulated Depreciation | 68 | |||
Dollar General: | Columbus, OH | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 279 | |||
Buildings and Improvements | 1,248 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 1,527 | |||
Accumulated Depreciation | 75 | |||
Dollar General: | Conroe, TX | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 756 | |||
Land | 167 | |||
Buildings and Improvements | 946 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 1,113 | |||
Accumulated Depreciation | 74 | |||
Dollar General: | Crystal Springs, MS | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 463 | |||
Buildings and Improvements | 3,027 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 3,490 | |||
Accumulated Depreciation | 110 | |||
Dollar General: | Cullman, AL | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 159 | |||
Buildings and Improvements | 824 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 983 | |||
Accumulated Depreciation | 31 | |||
Dollar General: | Decatur, IL (Taylorville) | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 133 | |||
Buildings and Improvements | 986 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 1,119 | |||
Accumulated Depreciation | 40 | |||
Dollar General: | Decatur, IL (Eldorado) | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 219 | |||
Buildings and Improvements | 964 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 1,183 | |||
Accumulated Depreciation | 33 | |||
Dollar General: | Delcambre, LA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 169 | |||
Buildings and Improvements | 1,025 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 1,194 | |||
Accumulated Depreciation | 63 | |||
Dollar General: | Delhi, LA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 301 | |||
Buildings and Improvements | 1,033 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 1,334 | |||
Accumulated Depreciation | 65 | |||
Dollar General: | Deridder (Hwy 26), LA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 135 | |||
Buildings and Improvements | 923 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 1,058 | |||
Accumulated Depreciation | 57 | |||
Dollar General: | Deridder (Hwy 190), LA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 176 | |||
Buildings and Improvements | 905 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 1,081 | |||
Accumulated Depreciation | 58 | |||
Dollar General: | Des Moines, IA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 166 | |||
Buildings and Improvements | 943 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 1,109 | |||
Accumulated Depreciation | 60 | |||
Dollar General: | Dora, AL | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 124 | |||
Buildings and Improvements | 935 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 1,059 | |||
Accumulated Depreciation | 32 | |||
Dollar General: | Dundee, MI | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 296 | |||
Buildings and Improvements | 1,047 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 1,343 | |||
Accumulated Depreciation | 57 | |||
Dollar General: | Edinburg, TX | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 146 | |||
Buildings and Improvements | 809 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 955 | |||
Accumulated Depreciation | 32 | |||
Dollar General: | Eight Mile, AL | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 110 | |||
Buildings and Improvements | 865 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 975 | |||
Accumulated Depreciation | 36 | |||
Dollar General: | Elk Point, SD | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 97 | |||
Buildings and Improvements | 839 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 936 | |||
Accumulated Depreciation | 30 | |||
Dollar General: | Ellerslie, GA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 247 | |||
Buildings and Improvements | 797 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 1,044 | |||
Accumulated Depreciation | 37 | |||
Dollar General: | Eufaula, AL | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 300 | |||
Buildings and Improvements | 930 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 1,230 | |||
Accumulated Depreciation | 37 | |||
Dollar General: | Farmington, NM | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 175 | |||
Buildings and Improvements | 919 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 1,094 | |||
Accumulated Depreciation | 32 | |||
Dollar General: | Fort Valley, GA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 514 | |||
Buildings and Improvements | 2,436 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 2,950 | |||
Accumulated Depreciation | 172 | |||
Dollar General: | Fred, TX | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 93 | |||
Buildings and Improvements | 929 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 1,022 | |||
Accumulated Depreciation | 51 | |||
Dollar General: | Fruitport, MI | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 100 | |||
Buildings and Improvements | 968 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 1,068 | |||
Accumulated Depreciation | 38 | |||
Dollar General: | Geneva, AL | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 738 | |||
Land | 204 | |||
Buildings and Improvements | 815 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 1,019 | |||
Accumulated Depreciation | 74 | |||
Dollar General: | Geraldine, AL | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 220 | |||
Buildings and Improvements | 1,146 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 1,366 | |||
Accumulated Depreciation | 51 | |||
Dollar General: | Greenwell Springs, LA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 870 | |||
Land | 444 | |||
Buildings and Improvements | 841 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 1,285 | |||
Accumulated Depreciation | 72 | |||
Dollar General: | Groveport, OH | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 822 | |||
Land | 416 | |||
Buildings and Improvements | 813 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 1,229 | |||
Accumulated Depreciation | 66 | |||
Dollar General: | Hamilton, AL | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 208 | |||
Buildings and Improvements | 1,024 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 1,232 | |||
Accumulated Depreciation | 33 | |||
Dollar General: | Hanceville, AL | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 2,029 | |||
Land | 1,232 | |||
Buildings and Improvements | 1,488 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 2,720 | |||
Accumulated Depreciation | 143 | |||
Dollar General: | Harlingen, TX | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 144 | |||
Buildings and Improvements | 853 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 997 | |||
Accumulated Depreciation | 36 | |||
Dollar General: | Harvest, AL | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 684 | |||
Land | 261 | |||
Buildings and Improvements | 691 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 952 | |||
Accumulated Depreciation | 63 | |||
Dollar General: | Harviell, MO | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 50 | |||
Buildings and Improvements | 818 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 868 | |||
Accumulated Depreciation | 40 | |||
Dollar General: | Hastings, NE | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 177 | |||
Buildings and Improvements | 850 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 1,027 | |||
Accumulated Depreciation | 28 | |||
Dollar General: | Hayneville, AL | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 249 | |||
Buildings and Improvements | 1,181 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 1,430 | |||
Accumulated Depreciation | 44 | |||
Dollar General: | Hillsboro, OH | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 262 | |||
Buildings and Improvements | 956 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 1,218 | |||
Accumulated Depreciation | 32 | |||
Dollar General: | Hinton, WV | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 199 | |||
Buildings and Improvements | 1,367 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 1,566 | |||
Accumulated Depreciation | 48 | |||
Dollar General: | Homeworth, OH | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 110 | |||
Buildings and Improvements | 1,057 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 1,167 | |||
Accumulated Depreciation | 60 | |||
Dollar General: | Houston, TX | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 966 | |||
Land | 311 | |||
Buildings and Improvements | 1,102 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 1,413 | |||
Accumulated Depreciation | 86 | |||
Dollar General: | Houston (Gears), TX | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 255 | |||
Buildings and Improvements | 1,393 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 1,648 | |||
Accumulated Depreciation | 79 | |||
Dollar General: | Huntsville, AL | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 768 | |||
Land | 177 | |||
Buildings and Improvements | 847 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 1,024 | |||
Accumulated Depreciation | 76 | |||
Dollar General: | Independence, MO | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 828 | |||
Land | 170 | |||
Buildings and Improvements | 1,072 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 1,242 | |||
Accumulated Depreciation | 88 | |||
Dollar General: | Kansas City (Oak), MO | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 283 | |||
Buildings and Improvements | 1,068 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 1,351 | |||
Accumulated Depreciation | 63 | |||
Dollar General: | Kansas City (Troost), MO | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 233 | |||
Buildings and Improvements | 1,054 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 1,287 | |||
Accumulated Depreciation | 60 | |||
Dollar General: | Kasson, MN | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 138 | |||
Buildings and Improvements | 888 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 1,026 | |||
Accumulated Depreciation | 35 | |||
Dollar General: | Kearney, NE | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 141 | |||
Buildings and Improvements | 851 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 992 | |||
Accumulated Depreciation | 49 | |||
Dollar General: | Kinston, AL | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 642 | |||
Land | 170 | |||
Buildings and Improvements | 718 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 888 | |||
Accumulated Depreciation | 66 | |||
Dollar General: | Kolona, IA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 81 | |||
Buildings and Improvements | 868 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 949 | |||
Accumulated Depreciation | 32 | |||
Dollar General: | Lake Charles (Broad), LA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 146 | |||
Buildings and Improvements | 989 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 1,135 | |||
Accumulated Depreciation | 63 | |||
Dollar General: | Lamesa, TX | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 75 | |||
Buildings and Improvements | 803 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 878 | |||
Accumulated Depreciation | 32 | |||
Dollar General: | Lansing, MI | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 232 | |||
Buildings and Improvements | 939 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 1,171 | |||
Accumulated Depreciation | 37 | |||
Dollar General: | Lebanon, TN | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 177 | |||
Buildings and Improvements | 882 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 1,059 | |||
Accumulated Depreciation | 35 | |||
Dollar General: | Leicester, NC | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 134 | |||
Buildings and Improvements | 800 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 934 | |||
Accumulated Depreciation | 56 | |||
Dollar General: | Lima, OH | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 810 | |||
Land | 156 | |||
Buildings and Improvements | 1,040 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 1,196 | |||
Accumulated Depreciation | 84 | |||
Dollar General: | Linden, AL | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 317 | |||
Buildings and Improvements | 746 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 1,063 | |||
Accumulated Depreciation | 51 | |||
Dollar General: | Lone Jack, MO | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 152 | |||
Buildings and Improvements | 960 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 1,112 | |||
Accumulated Depreciation | 42 | |||
Dollar General: | Los Fresnos, TX | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 55 | |||
Buildings and Improvements | 867 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 922 | |||
Accumulated Depreciation | 30 | |||
Dollar General: | Los Lunas, NM | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 113 | |||
Buildings and Improvements | 857 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 970 | |||
Accumulated Depreciation | 38 | |||
Dollar General: | Louisburg, KS | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 324 | |||
Buildings and Improvements | 936 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 1,260 | |||
Accumulated Depreciation | 39 | |||
Dollar General: | Loveland, OH | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 241 | |||
Buildings and Improvements | 1,065 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 1,306 | |||
Accumulated Depreciation | 63 | |||
Dollar General: | Lubbock, TX | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 744 | |||
Land | 468 | |||
Buildings and Improvements | 641 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 1,109 | |||
Accumulated Depreciation | 54 | |||
Dollar General: | Manhattan, KS | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 194 | |||
Buildings and Improvements | 921 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 1,115 | |||
Accumulated Depreciation | 53 | |||
Dollar General: | Mansfield, OH | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 72 | |||
Buildings and Improvements | 1,226 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 1,298 | |||
Accumulated Depreciation | 64 | |||
Dollar General: | Maple Lake, MN | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 92 | |||
Buildings and Improvements | 893 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 985 | |||
Accumulated Depreciation | 31 | |||
Dollar General: | Maynardville, TN | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 750 | |||
Land | 238 | |||
Buildings and Improvements | 754 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 992 | |||
Accumulated Depreciation | 71 | |||
Dollar General: | Millbrook, AL | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 320 | |||
Buildings and Improvements | 1,175 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 1,495 | |||
Accumulated Depreciation | 46 | |||
Dollar General: | Mission, TX | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 182 | |||
Buildings and Improvements | 858 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 1,040 | |||
Accumulated Depreciation | 30 | |||
Dollar General: | Mobile (Newman), AL | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 139 | |||
Buildings and Improvements | 1,005 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 1,144 | |||
Accumulated Depreciation | 60 | |||
Dollar General: | Mobile (Schillinger), AL | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 410 | |||
Buildings and Improvements | 1,059 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 1,469 | |||
Accumulated Depreciation | 74 | |||
Dollar General: | Monroeville, OH | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 131 | |||
Buildings and Improvements | 1,069 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 1,200 | |||
Accumulated Depreciation | 61 | |||
Dollar General: | Montgomery, AL | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 140 | |||
Buildings and Improvements | 909 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 1,049 | |||
Accumulated Depreciation | 30 | |||
Dollar General: | Moose Lake, MN | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 140 | |||
Buildings and Improvements | 937 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 1,077 | |||
Accumulated Depreciation | $ 33 |
Schedule III - Real Estate As64
Schedule III - Real Estate Assets and Accumulated Depreciation - 3 (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 950,128 | |||
Land | 1,113,456 | |||
Buildings and Improvements | 2,990,901 | |||
Total Adjustment to Basis | 81,248 | |||
Gross Amount at Which Carried At December 31, 2015 | 4,185,605 | $ 3,590,939 | $ 1,960,708 | $ 464,539 |
Accumulated Depreciation | 158,805 | $ 78,186 | $ 23,377 | $ 1,743 |
Dollar General: | Moroa, IL | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 111 | |||
Buildings and Improvements | 921 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 1,032 | |||
Accumulated Depreciation | 37 | |||
Dollar General: | Mt. Vernon, IL | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 177 | |||
Buildings and Improvements | 985 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 1,162 | |||
Accumulated Depreciation | 42 | |||
Dollar General: | Nashville, GA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 2,088 | |||
Land | 215 | |||
Buildings and Improvements | 2,533 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 2,748 | |||
Accumulated Depreciation | 203 | |||
Dollar General: | Nashville, MI | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 103 | |||
Buildings and Improvements | 1,255 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 1,358 | |||
Accumulated Depreciation | 61 | |||
Dollar General: | Navarre, OH | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 153 | |||
Buildings and Improvements | 1,005 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 1,158 | |||
Accumulated Depreciation | 59 | |||
Dollar General: | Neoga, IL | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 94 | |||
Buildings and Improvements | 860 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 954 | |||
Accumulated Depreciation | 30 | |||
Dollar General: | Ness City, KS | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 21 | |||
Buildings and Improvements | 860 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 881 | |||
Accumulated Depreciation | 42 | |||
Dollar General: | New Philadelphia, OH | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 129 | |||
Buildings and Improvements | 1,100 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 1,229 | |||
Accumulated Depreciation | 65 | |||
Dollar General: | New Washington, OH | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 99 | |||
Buildings and Improvements | 975 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 1,074 | |||
Accumulated Depreciation | 64 | |||
Dollar General: | Newark, OH | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 792 | |||
Land | 222 | |||
Buildings and Improvements | 946 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 1,168 | |||
Accumulated Depreciation | 77 | |||
Dollar General: | Nitro, WV | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 451 | |||
Buildings and Improvements | 1,034 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 1,485 | |||
Accumulated Depreciation | 41 | |||
Dollar General: | Nixa, MO | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 235 | |||
Buildings and Improvements | 806 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 1,041 | |||
Accumulated Depreciation | 38 | |||
Dollar General: | North Lewisburg, OH | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 59 | |||
Buildings and Improvements | 1,008 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 1,067 | |||
Accumulated Depreciation | 61 | |||
Dollar General: | Onawa, IA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 176 | |||
Buildings and Improvements | 842 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 1,018 | |||
Accumulated Depreciation | 35 | |||
Dollar General: | Opelousas, LA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 92 | |||
Buildings and Improvements | 947 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 1,039 | |||
Accumulated Depreciation | 56 | |||
Dollar General: | Ortonville, MN | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 113 | |||
Buildings and Improvements | 907 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 1,020 | |||
Accumulated Depreciation | 34 | |||
Dollar General: | Osceola, NE | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 194 | |||
Buildings and Improvements | 835 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 1,029 | |||
Accumulated Depreciation | 16 | |||
Dollar General: | Oxford, AL | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 465 | |||
Buildings and Improvements | 783 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 1,248 | |||
Accumulated Depreciation | 48 | |||
Dollar General: | Palestine, IL | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 155 | |||
Buildings and Improvements | 893 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 1,048 | |||
Accumulated Depreciation | 36 | |||
Dollar General: | Parchment, MI | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 168 | |||
Buildings and Improvements | 1,162 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 1,330 | |||
Accumulated Depreciation | 46 | |||
Dollar General: | Park Hill, OK | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 91 | |||
Buildings and Improvements | 887 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 978 | |||
Accumulated Depreciation | 71 | |||
Dollar General: | Parsons, TN | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 166 | |||
Buildings and Improvements | 1,136 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 1,302 | |||
Accumulated Depreciation | 46 | |||
Dollar General: | Phenix City, AL | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 331 | |||
Buildings and Improvements | 718 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 1,049 | |||
Accumulated Depreciation | 50 | |||
Dollar General: | Piedmont, AL | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 1,980 | |||
Land | 1,037 | |||
Buildings and Improvements | 1,579 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 2,616 | |||
Accumulated Depreciation | 153 | |||
Dollar General: | Pike Road, AL | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 477 | |||
Buildings and Improvements | 772 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 1,249 | |||
Accumulated Depreciation | 50 | |||
Dollar General: | Plain City, OH | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 187 | |||
Buildings and Improvements | 1,097 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 1,284 | |||
Accumulated Depreciation | 60 | |||
Dollar General: | Port Clinton, OH | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 120 | |||
Buildings and Improvements | 1,070 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 1,190 | |||
Accumulated Depreciation | 58 | |||
Dollar General: | Princeton, MO | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 155 | |||
Buildings and Improvements | 1,159 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 1,314 | |||
Accumulated Depreciation | 38 | |||
Dollar General: | Pueblo, CO | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 144 | |||
Buildings and Improvements | 909 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 1,053 | |||
Accumulated Depreciation | 69 | |||
Dollar General: | Ragley, LA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 196 | |||
Buildings and Improvements | 877 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 1,073 | |||
Accumulated Depreciation | 56 | |||
Dollar General: | Rainsville, AL | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 290 | |||
Buildings and Improvements | 1,267 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 1,557 | |||
Accumulated Depreciation | 47 | |||
Dollar General: | Ravenna, MI | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 199 | |||
Buildings and Improvements | 958 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 1,157 | |||
Accumulated Depreciation | 47 | |||
Dollar General: | Rayne, LA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 702 | |||
Land | 125 | |||
Buildings and Improvements | 910 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 1,035 | |||
Accumulated Depreciation | 75 | |||
Dollar General: | Roanoke, IL | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 93 | |||
Buildings and Improvements | 846 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 939 | |||
Accumulated Depreciation | 36 | |||
Dollar General: | Romney, IN | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 87 | |||
Buildings and Improvements | 827 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 914 | |||
Accumulated Depreciation | 31 | |||
Dollar General: | Romulus, MI | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 274 | |||
Buildings and Improvements | 1,171 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 1,445 | |||
Accumulated Depreciation | 54 | |||
Dollar General: | Russell, KS | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 54 | |||
Buildings and Improvements | 899 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 953 | |||
Accumulated Depreciation | 34 | |||
Dollar General: | San Antonio, TX | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 295 | |||
Buildings and Improvements | 743 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 1,038 | |||
Accumulated Depreciation | 32 | |||
Dollar General: | San Carlos, TX | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 70 | |||
Buildings and Improvements | 1,063 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 1,133 | |||
Accumulated Depreciation | 44 | |||
Dollar General: | Seale, AL | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 259 | |||
Buildings and Improvements | 767 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 1,026 | |||
Accumulated Depreciation | 46 | |||
Dollar General: | Seminole, AL | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 175 | |||
Buildings and Improvements | 829 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 1,004 | |||
Accumulated Depreciation | 56 | |||
Dollar General: | Shelby, MI | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 128 | |||
Buildings and Improvements | 1,033 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 1,161 | |||
Accumulated Depreciation | 51 | |||
Dollar General: | Slocomb, AL | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 124 | |||
Buildings and Improvements | 918 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 1,042 | |||
Accumulated Depreciation | 47 | |||
Dollar General: | Snead, AL | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 126 | |||
Buildings and Improvements | 1,137 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 1,263 | |||
Accumulated Depreciation | 40 | |||
Dollar General: | South Bay, FL | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 258 | |||
Buildings and Improvements | 1,262 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 1,520 | |||
Accumulated Depreciation | 53 | |||
Dollar General: | Spring, TX | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 277 | |||
Buildings and Improvements | 1,132 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 1,409 | |||
Accumulated Depreciation | 67 | |||
Dollar General: | Springfield, IL | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 205 | |||
Buildings and Improvements | 934 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 1,139 | |||
Accumulated Depreciation | 31 | |||
Dollar General: | Springfield, MO | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 171 | |||
Buildings and Improvements | 810 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 981 | |||
Accumulated Depreciation | 32 | |||
Dollar General: | Springfield, NE | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 172 | |||
Buildings and Improvements | 864 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 1,036 | |||
Accumulated Depreciation | 38 | |||
Dollar General: | Springfield, OH | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 125 | |||
Buildings and Improvements | 1,000 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 1,125 | |||
Accumulated Depreciation | 61 | |||
Dollar General: | St. Louis, MO (Grand) | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 240 | |||
Buildings and Improvements | 1,118 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 1,358 | |||
Accumulated Depreciation | 59 | |||
Dollar General: | St. Louis, MO (Lewis & Clark) | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 229 | |||
Buildings and Improvements | 1,102 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 1,331 | |||
Accumulated Depreciation | 60 | |||
Dollar General: | Superior, NE | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 230 | |||
Buildings and Improvements | 917 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 1,147 | |||
Accumulated Depreciation | 52 | |||
Dollar General: | Temple, GA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 200 | |||
Buildings and Improvements | 917 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 1,117 | |||
Accumulated Depreciation | 65 | |||
Dollar General: | Theodore, AL | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 248 | |||
Buildings and Improvements | 763 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 1,011 | |||
Accumulated Depreciation | 55 | |||
Dollar General: | Thibodaux, LA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 211 | |||
Buildings and Improvements | 1,083 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 1,294 | |||
Accumulated Depreciation | 66 | |||
Dollar General: | Toney, AL | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 642 | |||
Land | 86 | |||
Buildings and Improvements | 792 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 878 | |||
Accumulated Depreciation | 66 | |||
Dollar General: | Topeka, KS | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 159 | |||
Buildings and Improvements | 873 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 1,032 | |||
Accumulated Depreciation | 21 | |||
Dollar General: | Urbana, OH | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 133 | |||
Buildings and Improvements | 1,051 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 1,184 | |||
Accumulated Depreciation | 46 | |||
Dollar General: | Volga, SD | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 51 | |||
Buildings and Improvements | 784 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 835 | |||
Accumulated Depreciation | 28 | |||
Dollar General: | Waco, TX | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 26 | |||
Buildings and Improvements | 922 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 948 | |||
Accumulated Depreciation | 41 | |||
Dollar General: | Wagener, SC | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 477 | |||
Buildings and Improvements | 1,169 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 1,646 | |||
Accumulated Depreciation | 39 | |||
Dollar General: | Wakefield, KS | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 78 | |||
Buildings and Improvements | 929 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 1,007 | |||
Accumulated Depreciation | 58 | |||
Dollar General: | Waterloo, IA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 330 | |||
Buildings and Improvements | 908 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 1,238 | |||
Accumulated Depreciation | 27 | |||
Dollar General: | Weslaco, TX | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 141 | |||
Buildings and Improvements | 848 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 989 | |||
Accumulated Depreciation | 30 | |||
Dollar General: | Weston, MO | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 117 | |||
Buildings and Improvements | 1,012 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 1,129 | |||
Accumulated Depreciation | 67 | |||
Dollar General: | Wetumpka, AL | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 290 | |||
Buildings and Improvements | 779 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 1,069 | |||
Accumulated Depreciation | 35 | |||
Dollar General: | Whitehouse, OH | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 134 | |||
Buildings and Improvements | 1,144 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 1,278 | |||
Accumulated Depreciation | 65 | |||
Dollar General: | Whitwell, TN | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 870 | |||
Land | 159 | |||
Buildings and Improvements | 1,035 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 1,194 | |||
Accumulated Depreciation | 97 | |||
Dollar General: | Wilmer, AL | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 99 | |||
Buildings and Improvements | 775 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 874 | |||
Accumulated Depreciation | 50 | |||
Dollar General: | Winsted, MN | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 152 | |||
Buildings and Improvements | 841 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 993 | |||
Accumulated Depreciation | 32 | |||
Dollar General: | Wisner, NE | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 37 | |||
Buildings and Improvements | 773 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 810 | |||
Accumulated Depreciation | 34 | |||
Dollar General: | Woodville, OH | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 786 | |||
Land | 169 | |||
Buildings and Improvements | 1,009 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 1,178 | |||
Accumulated Depreciation | 83 | |||
Dollar General: | Yatesville, GA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 666 | |||
Land | 120 | |||
Buildings and Improvements | 797 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 917 | |||
Accumulated Depreciation | 67 | |||
Dollar General: | Berry, AL | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 104 | |||
Buildings and Improvements | 1,196 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 1,300 | |||
Accumulated Depreciation | 42 | |||
Dollar Tree/Petco: | Humble, TX | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 720 | |||
Buildings and Improvements | 2,543 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 3,263 | |||
Accumulated Depreciation | 200 | |||
Earth Fare: | Huntersville, NC | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 3,183 | |||
Land | 1,439 | |||
Buildings and Improvements | 2,973 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 4,412 | |||
Accumulated Depreciation | 239 | |||
East Manchester Village Center: | Manchester, PA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 8,300 | |||
Land | 2,517 | |||
Buildings and Improvements | 12,672 | |||
Total Adjustment to Basis | 202 | |||
Gross Amount at Which Carried At December 31, 2015 | 15,391 | |||
Accumulated Depreciation | 720 | |||
East West Commons: | Austell, GA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 10,094 | |||
Buildings and Improvements | 16,034 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 26,128 | |||
Accumulated Depreciation | 659 | |||
Emerald Place: | Greenwood, SC | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 6,250 | |||
Land | 2,042 | |||
Buildings and Improvements | 9,942 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 11,984 | |||
Accumulated Depreciation | 677 | |||
Evergreen Marketplace: | Evergreen Park, IL | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 2,823 | |||
Buildings and Improvements | 6,239 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 9,062 | |||
Accumulated Depreciation | 467 | |||
Fairview Village: | Cary, NC | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 2,514 | |||
Buildings and Improvements | 3,557 | |||
Total Adjustment to Basis | 52 | |||
Gross Amount at Which Carried At December 31, 2015 | 6,123 | |||
Accumulated Depreciation | 306 | |||
Family Center: | Riverdale, UT | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 21,716 | |||
Buildings and Improvements | 29,454 | |||
Total Adjustment to Basis | (1,013) | |||
Gross Amount at Which Carried At December 31, 2015 | 50,157 | |||
Accumulated Depreciation | 1,701 | |||
Family Dollar: | San Antonio, TX | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 357 | |||
Buildings and Improvements | 966 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 1,323 | |||
Accumulated Depreciation | 36 | |||
Family Dollar: | Topeka, KS | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 419 | |||
Buildings and Improvements | 1,327 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 1,746 | |||
Accumulated Depreciation | 60 | |||
Family Dollar: | Aberdeen, ID | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 101 | |||
Buildings and Improvements | 1,054 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 1,155 | |||
Accumulated Depreciation | 34 | |||
Family Dollar: | Adelanto, GA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 463 | |||
Buildings and Improvements | 1,711 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 2,174 | |||
Accumulated Depreciation | 50 | |||
Family Dollar: | Aguila, AZ | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 129 | |||
Buildings and Improvements | 1,290 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 1,419 | |||
Accumulated Depreciation | 29 | |||
Family Dollar: | Albany, GA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 347 | |||
Buildings and Improvements | 925 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 1,272 | |||
Accumulated Depreciation | 28 | |||
Family Dollar: | Apple Springs, TX | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 91 | |||
Buildings and Improvements | 804 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 895 | |||
Accumulated Depreciation | 24 | |||
Family Dollar: | Arkadelphia, AR | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 113 | |||
Buildings and Improvements | 738 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 851 | |||
Accumulated Depreciation | 17 | |||
Family Dollar: | Auburn, ME | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 217 | |||
Buildings and Improvements | 1,261 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 1,478 | |||
Accumulated Depreciation | 27 | |||
Family Dollar: | Bagley, MN | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 95 | |||
Buildings and Improvements | 1,114 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 1,209 | |||
Accumulated Depreciation | 48 | |||
Family Dollar: | Benavides, TX | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 27 | |||
Buildings and Improvements | 1,065 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 1,092 | |||
Accumulated Depreciation | 57 | |||
Family Dollar: | Berry, AL | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 122 | |||
Buildings and Improvements | 880 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 1,002 | |||
Accumulated Depreciation | 27 | |||
Family Dollar: | Bessemer, AL | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 201 | |||
Buildings and Improvements | 1,043 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 1,244 | |||
Accumulated Depreciation | 57 | |||
Family Dollar: | Broadway, VA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 213 | |||
Buildings and Improvements | 1,153 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 1,366 | |||
Accumulated Depreciation | 36 | |||
Family Dollar: | Birmingham, AL | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 500 | |||
Buildings and Improvements | 831 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 1,331 | |||
Accumulated Depreciation | 46 | |||
Family Dollar: | Brooksville, FL | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 206 | |||
Buildings and Improvements | 791 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 997 | |||
Accumulated Depreciation | 44 | |||
Family Dollar: | Burkeville, TX | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 54 | |||
Buildings and Improvements | 900 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 954 | |||
Accumulated Depreciation | 34 | |||
Family Dollar: | Cascade, ID | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 267 | |||
Buildings and Improvements | 1,147 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 1,414 | |||
Accumulated Depreciation | 54 | |||
Family Dollar: | Cass Lake, MN | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 157 | |||
Buildings and Improvements | 1,107 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 1,264 | |||
Accumulated Depreciation | 48 | |||
Family Dollar: | Cathedral City, CA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 658 | |||
Buildings and Improvements | 1,908 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 2,566 | |||
Accumulated Depreciation | 65 | |||
Family Dollar: | Charlotte, TX | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 118 | |||
Buildings and Improvements | 970 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 1,088 | |||
Accumulated Depreciation | 52 | |||
Family Dollar: | Cheyenne, WY | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 148 | |||
Buildings and Improvements | 986 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 1,134 | |||
Accumulated Depreciation | 45 | |||
Family Dollar: | Coachella, CA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 450 | |||
Buildings and Improvements | 1,634 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 2,084 | |||
Accumulated Depreciation | 80 | |||
Family Dollar: | Cocoa, FL | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 370 | |||
Buildings and Improvements | 1,092 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 1,462 | |||
Accumulated Depreciation | 37 | |||
Family Dollar: | Colmesneil, TX | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 172 | |||
Buildings and Improvements | 858 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 1,030 | |||
Accumulated Depreciation | 40 | |||
Family Dollar: | Columbia, SC | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 294 | |||
Buildings and Improvements | 824 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 1,118 | |||
Accumulated Depreciation | 27 | |||
Family Dollar: | Columbia, SC | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 332 | |||
Buildings and Improvements | 1,044 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 1,376 | |||
Accumulated Depreciation | 33 | |||
Family Dollar: | Comanche, TX | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 176 | |||
Buildings and Improvements | 1,145 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 1,321 | |||
Accumulated Depreciation | 42 | |||
Family Dollar: | Cordes Lakes, AZ | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 380 | |||
Buildings and Improvements | 1,421 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 1,801 | |||
Accumulated Depreciation | 47 | |||
Family Dollar: | Davenport, FL | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 298 | |||
Buildings and Improvements | 964 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 1,262 | |||
Accumulated Depreciation | 27 | |||
Family Dollar: | Davenport, IA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 167 | |||
Buildings and Improvements | 918 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 1,085 | |||
Accumulated Depreciation | 28 | |||
Family Dollar: | Dawson, TX | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 41 | |||
Buildings and Improvements | 799 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 840 | |||
Accumulated Depreciation | 24 | |||
Family Dollar: | Deadwood, SD | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 132 | |||
Buildings and Improvements | 1,139 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 1,271 | |||
Accumulated Depreciation | 38 | |||
Family Dollar: | Des Moines, IA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 290 | |||
Buildings and Improvements | 1,126 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 1,416 | |||
Accumulated Depreciation | 34 | |||
Family Dollar: | East Millinocket, ME | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 161 | |||
Buildings and Improvements | 1,004 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 1,165 | |||
Accumulated Depreciation | 27 | |||
Family Dollar: | Eden, TX | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 82 | |||
Buildings and Improvements | 903 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 985 | |||
Accumulated Depreciation | 46 | |||
Family Dollar: | Elizabethtown, NY | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 107 | |||
Buildings and Improvements | 671 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 778 | |||
Accumulated Depreciation | 33 | |||
Family Dollar: | Eloy, AZ | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 86 | |||
Buildings and Improvements | 1,587 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 1,673 | |||
Accumulated Depreciation | 49 | |||
Family Dollar: | Empire, CA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 239 | |||
Buildings and Improvements | 1,527 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 1,766 | |||
Accumulated Depreciation | 62 | |||
Family Dollar: | Erwinville, LA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 146 | |||
Buildings and Improvements | 765 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 911 | |||
Accumulated Depreciation | 10 | |||
Family Dollar: | Evans, CO | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 201 | |||
Buildings and Improvements | 817 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 1,018 | |||
Accumulated Depreciation | 27 | |||
Family Dollar: | Findlay, OH | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 326 | |||
Buildings and Improvements | 1,271 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 1,597 | |||
Accumulated Depreciation | 66 | |||
Family Dollar: | Folsom, LA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 325 | |||
Buildings and Improvements | 788 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 1,113 | |||
Accumulated Depreciation | $ 27 |
Schedule III - Real Estate As65
Schedule III - Real Estate Assets and Accumulated Depreciation - 4 (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 950,128 | |||
Land | 1,113,456 | |||
Buildings and Improvements | 2,990,901 | |||
Total Adjustment to Basis | 81,248 | |||
Gross Amount at Which Carried At December 31, 2015 | 4,185,605 | $ 3,590,939 | $ 1,960,708 | $ 464,539 |
Accumulated Depreciation | 158,805 | $ 78,186 | $ 23,377 | $ 1,743 |
Family Dollar: | Fort Lauderdale, FL | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 443 | |||
Buildings and Improvements | 1,361 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 1,804 | |||
Accumulated Depreciation | 71 | |||
Family Dollar: | Fort Thomas, AZ | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 49 | |||
Buildings and Improvements | 1,173 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 1,222 | |||
Accumulated Depreciation | 56 | |||
Family Dollar: | Fort Wayne, IN | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 258 | |||
Buildings and Improvements | 1,096 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 1,354 | |||
Accumulated Depreciation | 24 | |||
Family Dollar: | Fort Worth, TX | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 532 | |||
Buildings and Improvements | 1,346 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 1,878 | |||
Accumulated Depreciation | 46 | |||
Family Dollar: | Franklin, NH | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 307 | |||
Buildings and Improvements | 1,214 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 1,521 | |||
Accumulated Depreciation | 8 | |||
Family Dollar: | Frederica, DE | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 392 | |||
Buildings and Improvements | 1,164 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 1,556 | |||
Accumulated Depreciation | 24 | |||
Family Dollar: | Freeport, OH | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 322 | |||
Buildings and Improvements | 959 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 1,281 | |||
Accumulated Depreciation | 24 | |||
Family Dollar: | Fresno, CA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 488 | |||
Buildings and Improvements | 1,553 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 2,041 | |||
Accumulated Depreciation | 77 | |||
Family Dollar: | Garrison, TX | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 61 | |||
Buildings and Improvements | 1,306 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 1,367 | |||
Accumulated Depreciation | 35 | |||
Family Dollar: | Georgetown, KY | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 607 | |||
Buildings and Improvements | 905 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 1,512 | |||
Accumulated Depreciation | 28 | |||
Family Dollar: | Gering, NE | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 244 | |||
Buildings and Improvements | 913 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 1,157 | |||
Accumulated Depreciation | 32 | |||
Family Dollar: | Greene, ME | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 251 | |||
Buildings and Improvements | 940 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 1,191 | |||
Accumulated Depreciation | 23 | |||
Family Dollar: | Greenwood, WI | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 154 | |||
Buildings and Improvements | 920 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 1,074 | |||
Accumulated Depreciation | 37 | |||
Family Dollar: | Harrisonburg, VA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 229 | |||
Buildings and Improvements | 1,073 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 1,302 | |||
Accumulated Depreciation | 31 | |||
Family Dollar: | Hawkins, TX | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 49 | |||
Buildings and Improvements | 1,288 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 1,337 | |||
Accumulated Depreciation | 44 | |||
Family Dollar: | Hempstead, TX | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 219 | |||
Buildings and Improvements | 943 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 1,162 | |||
Accumulated Depreciation | 25 | |||
Family Dollar: | Hettinger, ND | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 214 | |||
Buildings and Improvements | 1,077 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 1,291 | |||
Accumulated Depreciation | 57 | |||
Family Dollar: | Hodgenville, KY | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 202 | |||
Buildings and Improvements | 783 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 985 | |||
Accumulated Depreciation | 27 | |||
Family Dollar: | Holtville, CA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 317 | |||
Buildings and Improvements | 1,609 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 1,926 | |||
Accumulated Depreciation | 79 | |||
Family Dollar: | Homestead, FL [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 575 | |||
Buildings and Improvements | 1,470 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 2,045 | |||
Accumulated Depreciation | 2 | |||
Family Dollar: | Homosassa, FL | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 325 | |||
Buildings and Improvements | 1,001 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 1,326 | |||
Accumulated Depreciation | 28 | |||
Family Dollar: | Immokalee, FL | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 458 | |||
Buildings and Improvements | 1,248 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 1,706 | |||
Accumulated Depreciation | 39 | |||
Family Dollar: | Indianapolis, IN | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 238 | |||
Buildings and Improvements | 1,117 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 1,355 | |||
Accumulated Depreciation | 35 | |||
Family Dollar: | Indio, CA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 393 | |||
Buildings and Improvements | 1,636 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 2,029 | |||
Accumulated Depreciation | 66 | |||
Family Dollar: | Irvington, AL | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 217 | |||
Buildings and Improvements | 814 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 1,031 | |||
Accumulated Depreciation | 45 | |||
Family Dollar: | Jacksonville, FL | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 134 | |||
Buildings and Improvements | 1,157 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 1,291 | |||
Accumulated Depreciation | 34 | |||
Family Dollar: | Jay, FL | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 190 | |||
Buildings and Improvements | 1,002 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 1,192 | |||
Accumulated Depreciation | 53 | |||
Family Dollar: | Jonesboro, GA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 297 | |||
Buildings and Improvements | 1,098 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 1,395 | |||
Accumulated Depreciation | 55 | |||
Family Dollar: | Keller, TX | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 749 | |||
Buildings and Improvements | 1,550 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 2,299 | |||
Accumulated Depreciation | 70 | |||
Family Dollar: | Kersey, CO | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 238 | |||
Buildings and Improvements | 904 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 1,142 | |||
Accumulated Depreciation | 39 | |||
Family Dollar: | Kiowa, OK | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 193 | |||
Buildings and Improvements | 947 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 1,140 | |||
Accumulated Depreciation | 33 | |||
Family Dollar: | Kissimmee, FL | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 622 | |||
Buildings and Improvements | 1,226 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 1,848 | |||
Accumulated Depreciation | 45 | |||
Family Dollar: | La Salle, CO | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 239 | |||
Buildings and Improvements | 890 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 1,129 | |||
Accumulated Depreciation | 27 | |||
Family Dollar: | LaBelle, FL | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 268 | |||
Buildings and Improvements | 1,037 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 1,305 | |||
Accumulated Depreciation | 54 | |||
Family Dollar: | Lake Elsinor, CA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 417 | |||
Buildings and Improvements | 1,682 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 2,099 | |||
Accumulated Depreciation | 79 | |||
Family Dollar: | Lakeland, FL | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 353 | |||
Buildings and Improvements | 937 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 1,290 | |||
Accumulated Depreciation | 39 | |||
Family Dollar: | Laredo, TX | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 302 | |||
Buildings and Improvements | 1,039 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 1,341 | |||
Accumulated Depreciation | 34 | |||
Family Dollar: | Levelland, TX | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 264 | |||
Buildings and Improvements | 952 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 1,216 | |||
Accumulated Depreciation | 33 | |||
Family Dollar: | Little Rock, CA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 499 | |||
Buildings and Improvements | 1,730 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 2,229 | |||
Accumulated Depreciation | 40 | |||
Family Dollar: | Lorain, OH | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 320 | |||
Buildings and Improvements | 995 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 1,315 | |||
Accumulated Depreciation | 41 | |||
Family Dollar: | Louisville (Bank), KY | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 578 | |||
Buildings and Improvements | 919 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 1,497 | |||
Accumulated Depreciation | 45 | |||
Family Dollar: | Louisville (Cane), KY | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 480 | |||
Buildings and Improvements | 934 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 1,414 | |||
Accumulated Depreciation | 39 | |||
Family Dollar: | Mahanoy City, PA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 209 | |||
Buildings and Improvements | 1,112 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 1,321 | |||
Accumulated Depreciation | 25 | |||
Family Dollar: | Mansfield, TX | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 849 | |||
Buildings and Improvements | 1,189 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 2,038 | |||
Accumulated Depreciation | 59 | |||
Family Dollar: | Melbourne, FL | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 362 | |||
Buildings and Improvements | 883 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 1,245 | |||
Accumulated Depreciation | 44 | |||
Family Dollar: | Melrose, FL | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 124 | |||
Buildings and Improvements | 929 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 1,053 | |||
Accumulated Depreciation | 32 | |||
Family Dollar: | Mertzon, TX | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 149 | |||
Buildings and Improvements | 995 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 1,144 | |||
Accumulated Depreciation | 37 | |||
Family Dollar: | Mesa, AZ | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 627 | |||
Buildings and Improvements | 1,468 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 2,095 | |||
Accumulated Depreciation | 67 | |||
Family Dollar: | Miami, FL | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 584 | |||
Buildings and Improvements | 1,490 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 2,074 | |||
Accumulated Depreciation | 33 | |||
Family Dollar: | Milo, ME | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 138 | |||
Buildings and Improvements | 1,122 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 1,260 | |||
Accumulated Depreciation | 27 | |||
Family Dollar: | Monroe, UT | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 272 | |||
Buildings and Improvements | 985 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 1,257 | |||
Accumulated Depreciation | 32 | |||
Family Dollar: | Moore Haven, FL | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 348 | |||
Buildings and Improvements | 1,016 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 1,364 | |||
Accumulated Depreciation | 46 | |||
Family Dollar: | Moulton, TX | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 102 | |||
Buildings and Improvements | 973 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 1,075 | |||
Accumulated Depreciation | 52 | |||
Family Dollar: | Naubinway, MI | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 47 | |||
Buildings and Improvements | 1,180 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 1,227 | |||
Accumulated Depreciation | 55 | |||
Family Dollar: | New Ellenton, SC | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 160 | |||
Buildings and Improvements | 800 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 960 | |||
Accumulated Depreciation | 22 | |||
Family Dollar: | New Summerfield, TX | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 230 | |||
Buildings and Improvements | 851 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 1,081 | |||
Accumulated Depreciation | 35 | |||
Family Dollar: | Nicholasville, KY | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 464 | |||
Buildings and Improvements | 826 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 1,290 | |||
Accumulated Depreciation | 40 | |||
Family Dollar: | North Charleston, SC | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 386 | |||
Buildings and Improvements | 997 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 1,383 | |||
Accumulated Depreciation | 30 | |||
Family Dollar: | North Hampton, OH | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 200 | |||
Buildings and Improvements | 867 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 1,067 | |||
Accumulated Depreciation | 22 | |||
Family Dollar: | Ocoee, FL | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 462 | |||
Buildings and Improvements | 1,173 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 1,635 | |||
Accumulated Depreciation | 35 | |||
Family Dollar: | Omaha, NE | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 86 | |||
Buildings and Improvements | 1,427 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 1,513 | |||
Accumulated Depreciation | 30 | |||
Family Dollar: | Ordway, CO | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 81 | |||
Buildings and Improvements | 993 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 1,074 | |||
Accumulated Depreciation | 32 | |||
Family Dollar: | Oshkosh, WI | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 361 | |||
Buildings and Improvements | 815 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 1,176 | |||
Accumulated Depreciation | 41 | |||
Family Dollar: | Ossineke, MI | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 85 | |||
Buildings and Improvements | 898 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 983 | |||
Accumulated Depreciation | 40 | |||
Family Dollar: | Palmdale, CA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 372 | |||
Buildings and Improvements | 1,822 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 2,194 | |||
Accumulated Depreciation | 38 | |||
Family Dollar: | Penitas, TX | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 182 | |||
Buildings and Improvements | 1,053 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 1,235 | |||
Accumulated Depreciation | 50 | |||
Family Dollar: | Pensacola, FL | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 509 | |||
Buildings and Improvements | 791 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 1,300 | |||
Accumulated Depreciation | 39 | |||
Family Dollar: | Pine Lake, GA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 639 | |||
Buildings and Improvements | 897 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 1,536 | |||
Accumulated Depreciation | 34 | |||
Family Dollar: | Pittsfield, ME | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 334 | |||
Buildings and Improvements | 1,258 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 1,592 | |||
Accumulated Depreciation | 14 | |||
Family Dollar: | Plainview, NE | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 112 | |||
Buildings and Improvements | 774 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 886 | |||
Accumulated Depreciation | 36 | |||
Family Dollar: | Poinciana, FL | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 501 | |||
Buildings and Improvements | 1,186 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 1,687 | |||
Accumulated Depreciation | 41 | |||
Family Dollar: | Pojoaque, NM | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 545 | |||
Buildings and Improvements | 909 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 1,454 | |||
Accumulated Depreciation | 33 | |||
Family Dollar: | Posen, MI | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 101 | |||
Buildings and Improvements | 896 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 997 | |||
Accumulated Depreciation | 40 | |||
Family Dollar: | Preston, MN | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 161 | |||
Buildings and Improvements | 1,159 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 1,320 | |||
Accumulated Depreciation | 50 | |||
Family Dollar: | Punta Gorda, FL | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 345 | |||
Buildings and Improvements | 1,018 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 1,363 | |||
Accumulated Depreciation | 1 | |||
Family Dollar: | Radium Springs, NM | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 129 | |||
Buildings and Improvements | 1,086 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 1,215 | |||
Accumulated Depreciation | 54 | |||
Family Dollar: | Ramah, NM | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 217 | |||
Buildings and Improvements | 1,105 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 1,322 | |||
Accumulated Depreciation | 52 | |||
Family Dollar: | Rex, GA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 294 | |||
Buildings and Improvements | 1,393 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 1,687 | |||
Accumulated Depreciation | 41 | |||
Family Dollar: | Richmond, ME | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 252 | |||
Buildings and Improvements | 1,026 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 1,278 | |||
Accumulated Depreciation | 25 | |||
Family Dollar: | Riverside, CA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 736 | |||
Buildings and Improvements | 1,558 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 2,294 | |||
Accumulated Depreciation | 70 | |||
Family Dollar: | Robert Lee, TX | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 94 | |||
Buildings and Improvements | 904 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 998 | |||
Accumulated Depreciation | 45 | |||
Family Dollar: | Rushford, MN | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 163 | |||
Buildings and Improvements | 844 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 1,007 | |||
Accumulated Depreciation | 38 | |||
Family Dollar: | Saginaw, MI | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 240 | |||
Buildings and Improvements | 956 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 1,196 | |||
Accumulated Depreciation | 31 | |||
Family Dollar: | San Antonio, TX | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 357 | |||
Buildings and Improvements | 966 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 1,323 | |||
Accumulated Depreciation | 36 | |||
Family Dollar: | San Antonio, TX 2 | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 421 | |||
Buildings and Improvements | 951 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 1,372 | |||
Accumulated Depreciation | 31 | |||
Family Dollar: | San Jacinto, CA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 430 | |||
Buildings and Improvements | 1,682 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 2,112 | |||
Accumulated Depreciation | 64 | |||
Family Dollar: | Schuyler, NE | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 260 | |||
Buildings and Improvements | 708 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 968 | |||
Accumulated Depreciation | 32 | |||
Family Dollar: | Shreveport, LA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 406 | |||
Buildings and Improvements | 978 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 1,384 | |||
Accumulated Depreciation | 43 | |||
Family Dollar: | Shreveport, LA 2 | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 272 | |||
Buildings and Improvements | 1,113 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 1,385 | |||
Accumulated Depreciation | 43 | |||
Family Dollar: | Shreveport, LA 3 | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 423 | |||
Buildings and Improvements | 1,099 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 1,522 | |||
Accumulated Depreciation | 35 | |||
Family Dollar: | South Paris, ME | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 173 | |||
Buildings and Improvements | 1,240 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 1,413 | |||
Accumulated Depreciation | 33 | |||
Family Dollar: | Spring Hill, FL | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 278 | |||
Buildings and Improvements | 1,249 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 1,527 | |||
Accumulated Depreciation | 1 | |||
Family Dollar: | Spurger, TX | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 86 | |||
Buildings and Improvements | 905 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 991 | |||
Accumulated Depreciation | 32 | |||
Family Dollar: | Statesboro, GA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 347 | |||
Buildings and Improvements | 800 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 1,147 | |||
Accumulated Depreciation | 41 | |||
Family Dollar: | Sterling City, TX | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 78 | |||
Buildings and Improvements | 889 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 967 | |||
Accumulated Depreciation | 45 | |||
Family Dollar: | Stockton, CA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 202 | |||
Buildings and Improvements | 1,817 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 2,019 | |||
Accumulated Depreciation | 61 | |||
Family Dollar: | Summerfield, FL | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 271 | |||
Buildings and Improvements | 978 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 1,249 | |||
Accumulated Depreciation | 27 | |||
Family Dollar: | Tallahassee, FL | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 189 | |||
Buildings and Improvements | 1,212 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 1,401 | |||
Accumulated Depreciation | 36 | |||
Family Dollar: | Taft, CA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 255 | |||
Buildings and Improvements | 1,422 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 1,677 | |||
Accumulated Depreciation | 88 | |||
Family Dollar: | Tampa (Cragmont), FL | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 563 | |||
Buildings and Improvements | 737 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 1,300 | |||
Accumulated Depreciation | 41 | |||
Family Dollar: | Tampa (Forest), FL | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 482 | |||
Buildings and Improvements | 920 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 1,402 | |||
Accumulated Depreciation | 50 | |||
Family Dollar: | Tampa (Hunt), FL | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 568 | |||
Buildings and Improvements | 1,137 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 1,705 | |||
Accumulated Depreciation | 46 | |||
Family Dollar: | Terra Bella, CA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 332 | |||
Buildings and Improvements | 1,394 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 1,726 | |||
Accumulated Depreciation | 69 | |||
Family Dollar: | Topeka, KS | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 419 | |||
Buildings and Improvements | 1,327 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 1,746 | |||
Accumulated Depreciation | 60 | |||
Family Dollar: | Tucson, AZ | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 399 | |||
Buildings and Improvements | 1,599 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 1,998 | |||
Accumulated Depreciation | 40 | |||
Family Dollar: | Tyler, MN | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 73 | |||
Buildings and Improvements | 895 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 968 | |||
Accumulated Depreciation | 40 | |||
Family Dollar: | Tuscaloosa, AL | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 534 | |||
Buildings and Improvements | 817 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 1,351 | |||
Accumulated Depreciation | 46 | |||
Family Dollar: | Valdosta, GA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 424 | |||
Buildings and Improvements | 849 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 1,273 | |||
Accumulated Depreciation | 43 | |||
Family Dollar: | Vine Grove, KY | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 205 | |||
Buildings and Improvements | 966 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 1,171 | |||
Accumulated Depreciation | 23 | |||
Family Dollar: | Waelder, TX | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 136 | |||
Buildings and Improvements | 788 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 924 | |||
Accumulated Depreciation | 33 | |||
Family Dollar: | Walker, LA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 294 | |||
Buildings and Improvements | 966 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 1,260 | |||
Accumulated Depreciation | 33 | |||
Family Dollar: | Wayne, OK | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 37 | |||
Buildings and Improvements | 937 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 974 | |||
Accumulated Depreciation | 39 | |||
Family Dollar: | Waynesburg, KY | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 150 | |||
Buildings and Improvements | 955 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 1,105 | |||
Accumulated Depreciation | 31 | |||
Family Dollar: | Wild Rose, WI | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 133 | |||
Buildings and Improvements | 866 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 999 | |||
Accumulated Depreciation | 35 | |||
Fargo Plaza: | Fargo, ND | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 2,097 | |||
Buildings and Improvements | 4,774 | |||
Total Adjustment to Basis | 376 | |||
Gross Amount at Which Carried At December 31, 2015 | 7,247 | |||
Accumulated Depreciation | 429 | |||
Fleet Pride | Birmingham, AL | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 376 | |||
Buildings and Improvements | 2,607 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 2,983 | |||
Accumulated Depreciation | 35 | |||
Flower Foods: | Orlando, FL | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 418 | |||
Buildings and Improvements | 387 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 805 | |||
Accumulated Depreciation | 13 | |||
Flower Foods: | Waldorf, MD | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 398 | |||
Buildings and Improvements | 1,045 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 1,443 | |||
Accumulated Depreciation | 40 | |||
Food 4 Less: | Atwater, CA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 1,383 | |||
Buildings and Improvements | 5,271 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 6,654 | |||
Accumulated Depreciation | 319 | |||
Fourth Creek Landing: | Statesville, NC | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 5,700 | |||
Land | 1,375 | |||
Buildings and Improvements | 7,795 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 9,170 | |||
Accumulated Depreciation | 744 | |||
Fresenius Medical Care: | West Plains, MI | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 557 | |||
Buildings and Improvements | 3,097 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 3,654 | |||
Accumulated Depreciation | 117 | |||
Fresh Market Center: | Glen Ellyn, IL | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land | 2,767 | |||
Buildings and Improvements | 6,403 | |||
Total Adjustment to Basis | 48 | |||
Gross Amount at Which Carried At December 31, 2015 | 9,218 | |||
Accumulated Depreciation | 231 | |||
Fresh Thyme: | Indianapolis, IN | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 1,087 | |||
Buildings and Improvements | 6,019 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 7,106 | |||
Accumulated Depreciation | 212 | |||
Fresh Thyme: | Northville, MI | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 1,598 | |||
Buildings and Improvements | 7,796 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 9,394 | |||
Accumulated Depreciation | 9 | |||
Fresh Thyme & DSW: | Fort Wayne, IN | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land | 1,740 | |||
Buildings and Improvements | 4,153 | |||
Total Adjustment to Basis | 101 | |||
Gross Amount at Which Carried At December 31, 2015 | 5,994 | |||
Accumulated Depreciation | 154 | |||
Gander Mountain: | Pensacola, FL | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 2,152 | |||
Buildings and Improvements | 3,831 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 5,983 | |||
Accumulated Depreciation | 178 | |||
Gander Mountain: | Waukesha, WI | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 3,408 | |||
Buildings and Improvements | 12,918 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 16,326 | |||
Accumulated Depreciation | 422 | |||
Giant Eagle: | Seven Fields, PA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 7,530 | |||
Land | 1,574 | |||
Buildings and Improvements | 13,659 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 15,233 | |||
Accumulated Depreciation | 575 | |||
Gold's Gym: | Corpus Christi, TX | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 1,498 | |||
Buildings and Improvements | 6,346 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 7,844 | |||
Accumulated Depreciation | 480 | |||
Golden Corral: | Georgetown, KY | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 1,048 | |||
Buildings and Improvements | 1,452 | |||
Total Adjustment to Basis | (1,217) | |||
Gross Amount at Which Carried At December 31, 2015 | 1,283 | |||
Accumulated Depreciation | 0 | |||
Golden Corral: | Garland, TX | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 1,255 | |||
Buildings and Improvements | 2,435 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 3,690 | |||
Accumulated Depreciation | 217 | |||
Golden Corral: | Houston, TX | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 1,375 | |||
Buildings and Improvements | 2,350 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 3,725 | |||
Accumulated Depreciation | 195 | |||
Golden Corral: | Victoria, TX | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 673 | |||
Buildings and Improvements | 2,857 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 3,530 | |||
Accumulated Depreciation | 112 | |||
Goodyear: | Pooler, GA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 569 | |||
Buildings and Improvements | 1,484 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 2,053 | |||
Accumulated Depreciation | 109 | |||
Hancock Village: | Chesterfield, VA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 15,000 | |||
Land | 8,874 | |||
Buildings and Improvements | 17,287 | |||
Total Adjustment to Basis | 96 | |||
Gross Amount at Which Carried At December 31, 2015 | 26,257 | |||
Accumulated Depreciation | 1,443 | |||
Harbor Town Center | Manitowoc, WI | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 3,568 | |||
Buildings and Improvements | 13,209 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 16,777 | |||
Accumulated Depreciation | 296 | |||
Haverty Furniture: | Midland, TX | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 709 | |||
Buildings and Improvements | 1,294 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 2,003 | |||
Accumulated Depreciation | 124 | |||
HEB Center: | Waxahachie, TX | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 7,000 | |||
Land | 3,465 | |||
Buildings and Improvements | 7,952 | |||
Total Adjustment to Basis | 287 | |||
Gross Amount at Which Carried At December 31, 2015 | 11,704 | |||
Accumulated Depreciation | 763 | |||
Hickory Flat Commons: | Canton, GA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 9,850 | |||
Land | 4,482 | |||
Buildings and Improvements | 13,174 | |||
Total Adjustment to Basis | 9 | |||
Gross Amount at Which Carried At December 31, 2015 | 17,665 | |||
Accumulated Depreciation | 1,151 | |||
Hobby Lobby: | Burlington, IA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 629 | |||
Buildings and Improvements | 1,890 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 2,519 | |||
Accumulated Depreciation | 23 | |||
Hobby Lobby: | Dickson City, PA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land | 1,113 | |||
Buildings and Improvements | 7,946 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 9,059 | |||
Accumulated Depreciation | 470 | |||
Hobby Lobby: | Lewisville, TX | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 2,184 | |||
Buildings and Improvements | 8,977 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 11,161 | |||
Accumulated Depreciation | 524 | |||
Hobby Lobby: | Mooresville, NC | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 869 | |||
Buildings and Improvements | 4,249 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 5,118 | |||
Accumulated Depreciation | 463 | |||
Home Depot: | Lincoln, NE | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 6,339 | |||
Buildings and Improvements | 5,937 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 12,276 | |||
Accumulated Depreciation | 33 | |||
Home Depot: | North Canton, OH | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 7,234 | |||
Land | 2,203 | |||
Buildings and Improvements | 12,012 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 14,215 | |||
Accumulated Depreciation | 986 | |||
Home Depot: | Plainwell, MI | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 521 | |||
Buildings and Improvements | 11,905 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 12,426 | |||
Accumulated Depreciation | 796 | |||
IHOP: | Anderson, IN | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 54 | |||
Buildings and Improvements | 1,633 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 1,687 | |||
Accumulated Depreciation | 64 | |||
IHOP: | Columbus, OH | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 408 | |||
Buildings and Improvements | 1,783 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 2,191 | |||
Accumulated Depreciation | 69 | |||
IHOP: | Columbus, OH 2 | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 315 | |||
Buildings and Improvements | 1,864 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 2,179 | |||
Accumulated Depreciation | 72 | |||
IHOP: | Lancaster, OH | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 157 | |||
Buildings and Improvements | 1,497 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 1,654 | |||
Accumulated Depreciation | 58 | |||
IHOP: | Rio Rancho, NM | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 599 | |||
Buildings and Improvements | 2,314 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 2,913 | |||
Accumulated Depreciation | 104 | |||
IHOP: | Richmond, IN | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 106 | |||
Buildings and Improvements | 1,428 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 1,534 | |||
Accumulated Depreciation | 56 | |||
Inglewood Plaza: | Inglewood, CA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 12,700 | |||
Land | 9,880 | |||
Buildings and Improvements | 14,099 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 23,979 | |||
Accumulated Depreciation | $ 493 |
Schedule III - Real Estate As66
Schedule III - Real Estate Assets and Accumulated Depreciation - 5 (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 950,128 | |||
Land | 1,113,456 | |||
Buildings and Improvements | 2,990,901 | |||
Total Adjustment to Basis | 81,248 | |||
Gross Amount at Which Carried At December 31, 2015 | 4,185,605 | $ 3,590,939 | $ 1,960,708 | $ 464,539 |
Accumulated Depreciation | 158,805 | $ 78,186 | $ 23,377 | $ 1,743 |
Kirklands: | Dothan, AL | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 486 | |||
Buildings and Improvements | 946 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 1,432 | |||
Accumulated Depreciation | 46 | |||
Kirklands: | Jonesboro, AR | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 696 | |||
Buildings and Improvements | 1,990 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 2,686 | |||
Accumulated Depreciation | 155 | |||
Kohl’s: | Cedar Falls, IA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 1,600 | |||
Buildings and Improvements | 5,796 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 7,396 | |||
Accumulated Depreciation | 478 | |||
Kohl’s: | Charlottesville, VA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 8,745 | |||
Land | 3,929 | |||
Buildings and Improvements | 12,280 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 16,209 | |||
Accumulated Depreciation | 465 | |||
Kohl’s: | Easton, MD | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 2,962 | |||
Buildings and Improvements | 2,661 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 5,623 | |||
Accumulated Depreciation | 3 | |||
Kohl’s: | Hutchinson, KS | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 3,290 | |||
Buildings and Improvements | 0 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 3,290 | |||
Accumulated Depreciation | 0 | |||
Kroger: | Shelton, WA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 1,180 | |||
Buildings and Improvements | 11,040 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 12,220 | |||
Accumulated Depreciation | 548 | |||
Kroger: | Whitehall, OH | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 4,066 | |||
Land | 581 | |||
Buildings and Improvements | 6,628 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 7,209 | |||
Accumulated Depreciation | 388 | |||
Kum & Go: | Bentonville (Central), AR | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 916 | |||
Buildings and Improvements | 1,864 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 2,780 | |||
Accumulated Depreciation | 129 | |||
Kum & Go: | Conway, AR | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 510 | |||
Buildings and Improvements | 2,577 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 3,087 | |||
Accumulated Depreciation | 101 | |||
Kum & Go: | Fairfield, IA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 422 | |||
Buildings and Improvements | 1,913 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 2,335 | |||
Accumulated Depreciation | 133 | |||
Kum & Go: | Mount Vernon, MO | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 708 | |||
Buildings and Improvements | 1,756 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 2,464 | |||
Accumulated Depreciation | 122 | |||
Kum & Go: | Urbandale, IA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 722 | |||
Buildings and Improvements | 1,658 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 2,380 | |||
Accumulated Depreciation | 116 | |||
L.A. Fitness: | Bloomfield Township, MI | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 2,287 | |||
Buildings and Improvements | 10,075 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 12,362 | |||
Accumulated Depreciation | 722 | |||
L.A. Fitness: | Columbus, OH | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 1,013 | |||
Buildings and Improvements | 6,734 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 7,747 | |||
Accumulated Depreciation | 131 | |||
L.A. Fitness: | Garland, TX | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 2,005 | |||
Buildings and Improvements | 6,861 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 8,866 | |||
Accumulated Depreciation | 367 | |||
L.A. Fitness: | Houston, TX | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 5,764 | |||
Buildings and Improvements | 5,994 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 11,758 | |||
Accumulated Depreciation | 365 | |||
L.A. Fitness: | Mesa, AZ | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 1,353 | |||
Buildings and Improvements | 7,730 | |||
Total Adjustment to Basis | 20 | |||
Gross Amount at Which Carried At December 31, 2015 | 9,103 | |||
Accumulated Depreciation | 570 | |||
L.A. Fitness: | New Lenox, IL | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 1,965 | |||
Buildings and Improvements | 6,257 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 8,222 | |||
Accumulated Depreciation | 7 | |||
L.A. Fitness: | Ocoee, FL | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 1,173 | |||
Buildings and Improvements | 6,876 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 8,049 | |||
Accumulated Depreciation | 454 | |||
L.A. Fitness: | Riverside, CA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 2,557 | |||
Buildings and Improvements | 9,951 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 12,508 | |||
Accumulated Depreciation | 636 | |||
Lafayette Pavilions | Lafayette, IN | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 7,632 | |||
Buildings and Improvements | 42,497 | |||
Total Adjustment to Basis | 3 | |||
Gross Amount at Which Carried At December 31, 2015 | 50,132 | |||
Accumulated Depreciation | 1,260 | |||
Logan’s Roadhouse: | Bristol, VA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 991 | |||
Buildings and Improvements | 2,560 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 3,551 | |||
Accumulated Depreciation | 211 | |||
Logan’s Roadhouse: | Fort Wayne, IN | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 868 | |||
Buildings and Improvements | 2,698 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 3,566 | |||
Accumulated Depreciation | 121 | |||
Logan’s Roadhouse: | Lancaster, TX | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 1,203 | |||
Buildings and Improvements | 1,620 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 2,823 | |||
Accumulated Depreciation | 141 | |||
Logan’s Roadhouse: | Martinsburg, WV | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 925 | |||
Buildings and Improvements | 2,183 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 3,108 | |||
Accumulated Depreciation | 123 | |||
Logan’s Roadhouse: | Opelika, AL | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 836 | |||
Buildings and Improvements | 1,508 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 2,344 | |||
Accumulated Depreciation | 133 | |||
Logan’s Roadhouse: | Sanford, FL | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 1,031 | |||
Buildings and Improvements | 1,807 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 2,838 | |||
Accumulated Depreciation | 158 | |||
Logan’s Roadhouse: | Troy, OH | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 992 | |||
Buildings and Improvements | 1,577 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 2,569 | |||
Accumulated Depreciation | 136 | |||
Lowe’s: | Adrian, MI | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 2,604 | |||
Buildings and Improvements | 5,036 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 7,640 | |||
Accumulated Depreciation | 399 | |||
Lowe’s: | Alpharetta, GA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 12,300 | |||
Land | 7,979 | |||
Buildings and Improvements | 9,630 | |||
Total Adjustment to Basis | 403 | |||
Gross Amount at Which Carried At December 31, 2015 | 18,012 | |||
Accumulated Depreciation | 171 | |||
Lowe’s: | Asheboro, NC | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 1,098 | |||
Buildings and Improvements | 6,722 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 7,820 | |||
Accumulated Depreciation | 280 | |||
Lowe’s: | Cincinnati, OH | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 14,092 | |||
Buildings and Improvements | 0 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 14,092 | |||
Accumulated Depreciation | 0 | |||
Lowe’s: | Columbia, SC | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 5,964 | |||
Land | 3,943 | |||
Buildings and Improvements | 6,353 | |||
Total Adjustment to Basis | 750 | |||
Gross Amount at Which Carried At December 31, 2015 | 11,046 | |||
Accumulated Depreciation | 445 | |||
Lowe’s: | Covington, LA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 5,648 | |||
Land | 10,233 | |||
Buildings and Improvements | 0 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 10,233 | |||
Accumulated Depreciation | 0 | |||
Lowe’s: | Hilliard, OH | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 7,859 | |||
Land | 5,474 | |||
Buildings and Improvements | 6,288 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 11,762 | |||
Accumulated Depreciation | 75 | |||
Lowe’s: | Lilburn, GA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 12,500 | |||
Land | 8,817 | |||
Buildings and Improvements | 9,380 | |||
Total Adjustment to Basis | 385 | |||
Gross Amount at Which Carried At December 31, 2015 | 18,582 | |||
Accumulated Depreciation | 167 | |||
Lowe’s: | Mansfield, OH | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 873 | |||
Buildings and Improvements | 8,256 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 9,129 | |||
Accumulated Depreciation | 351 | |||
Lowe’s: | Marietta, GA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 11,000 | |||
Land | 7,471 | |||
Buildings and Improvements | 8,404 | |||
Total Adjustment to Basis | 392 | |||
Gross Amount at Which Carried At December 31, 2015 | 16,267 | |||
Accumulated Depreciation | 150 | |||
Lowe’s: | Oxford, AL | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 1,668 | |||
Buildings and Improvements | 7,622 | |||
Total Adjustment to Basis | 369 | |||
Gross Amount at Which Carried At December 31, 2015 | 9,659 | |||
Accumulated Depreciation | 604 | |||
Lowe’s: | Tuscaloosa, AL | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 4,908 | |||
Buildings and Improvements | 4,786 | |||
Total Adjustment to Basis | 9 | |||
Gross Amount at Which Carried At December 31, 2015 | 9,703 | |||
Accumulated Depreciation | 302 | |||
Lowe’s: | Woodstock, GA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 11,200 | |||
Land | 7,316 | |||
Buildings and Improvements | 8,879 | |||
Total Adjustment to Basis | 392 | |||
Gross Amount at Which Carried At December 31, 2015 | 16,587 | |||
Accumulated Depreciation | 159 | |||
Lowe’s: | Zanesville, OH | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 2,161 | |||
Buildings and Improvements | 8,375 | |||
Total Adjustment to Basis | 282 | |||
Gross Amount at Which Carried At December 31, 2015 | 10,818 | |||
Accumulated Depreciation | 461 | |||
Market Heights Shopping Center: | Harker Heights, TX | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 47,000 | |||
Land | 12,888 | |||
Buildings and Improvements | 64,105 | |||
Total Adjustment to Basis | 194 | |||
Gross Amount at Which Carried At December 31, 2015 | 77,187 | |||
Accumulated Depreciation | 4,343 | |||
Marketplace at the Lakes: | West Covina, CA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 11,300 | |||
Land | 10,020 | |||
Buildings and Improvements | 8,664 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 18,684 | |||
Accumulated Depreciation | 1,041 | |||
Matteson Center: | Matteson, IL | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 1,243 | |||
Buildings and Improvements | 17,427 | |||
Total Adjustment to Basis | 420 | |||
Gross Amount at Which Carried At December 31, 2015 | 19,090 | |||
Accumulated Depreciation | 1,248 | |||
Mattress Firm: | Jonesboro, AR | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 729 | |||
Buildings and Improvements | 1,194 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 1,923 | |||
Accumulated Depreciation | 130 | |||
Mattress Firm: | Cincinnati, OH | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 323 | |||
Buildings and Improvements | 966 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 1,289 | |||
Accumulated Depreciation | 38 | |||
Mattress Firm: | Appleton, WI | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 895 | |||
Buildings and Improvements | 1,026 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 1,921 | |||
Accumulated Depreciation | 4 | |||
Mattress Firm: | Augusta, ME | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 723 | |||
Buildings and Improvements | 1,354 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 2,077 | |||
Accumulated Depreciation | 68 | |||
Mattress Firm: | Brunswick, GA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 343 | |||
Buildings and Improvements | 1,040 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 1,383 | |||
Accumulated Depreciation | 69 | |||
Mattress Firm: | Danville, VA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 274 | |||
Buildings and Improvements | 1,514 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 1,788 | |||
Accumulated Depreciation | 69 | |||
Mattress Firm: | Huber Heights, OH | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 854 | |||
Buildings and Improvements | 903 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 1,757 | |||
Accumulated Depreciation | 38 | |||
Mattress Firm: | Lakeland, FL | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 259 | |||
Buildings and Improvements | 1,107 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 1,366 | |||
Accumulated Depreciation | 47 | |||
Mattress Firm: | Martinsville, VA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 259 | |||
Buildings and Improvements | 1,510 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 1,769 | |||
Accumulated Depreciation | 14 | |||
Mattress Firm: | Middletown, OH | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 142 | |||
Buildings and Improvements | 1,384 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 1,526 | |||
Accumulated Depreciation | 14 | |||
Mattress Firm: | Nampa, ID | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 449 | |||
Buildings and Improvements | 2,213 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 2,662 | |||
Accumulated Depreciation | 104 | |||
Mattress Firm: | New Bern, NC | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 340 | |||
Buildings and Improvements | 1,436 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 1,776 | |||
Accumulated Depreciation | 49 | |||
Mattress Firm: | Pineville, NC | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 1,557 | |||
Buildings and Improvements | 1,198 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 2,755 | |||
Accumulated Depreciation | 117 | |||
Mattress Firm: | Port Charlotte, FL | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 382 | |||
Buildings and Improvements | 1,211 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 1,593 | |||
Accumulated Depreciation | 45 | |||
Mattress Firm: | Thomasville, GA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 694 | |||
Buildings and Improvements | 1,469 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 2,163 | |||
Accumulated Depreciation | 2 | |||
Mattress FIrm & Aspen Dental: | Vienna, WV | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land | 774 | |||
Buildings and Improvements | 2,466 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 3,240 | |||
Accumulated Depreciation | 107 | |||
Mattress Firm & Five Guys: | Muskegon, MI | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 813 | |||
Buildings and Improvements | 1,766 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 2,579 | |||
Accumulated Depreciation | 65 | |||
McAlister's Deli: | Lawton, OK | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 805 | |||
Buildings and Improvements | 1,057 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 1,862 | |||
Accumulated Depreciation | 48 | |||
McAlister's Deli: | Port Arthur, TX | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 379 | |||
Buildings and Improvements | 1,146 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 1,525 | |||
Accumulated Depreciation | 62 | |||
Melody Mountain | Ashland, KY | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land | 1,286 | |||
Buildings and Improvements | 9,879 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 11,165 | |||
Accumulated Depreciation | 77 | |||
Merchants Tire & Auto | Wake Forest, NC | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 782 | |||
Buildings and Improvements | 1,730 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 2,512 | |||
Accumulated Depreciation | 13 | |||
Michael’s: | Bowling Green, KY | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 587 | |||
Buildings and Improvements | 1,992 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 2,579 | |||
Accumulated Depreciation | 193 | |||
Morganton Heights | Morganton, NC | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 7,032 | |||
Buildings and Improvements | 29,763 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 36,795 | |||
Accumulated Depreciation | 897 | |||
National Tire & Battery: | Cedar Hill, TX | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 469 | |||
Buildings and Improvements | 1,951 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 2,420 | |||
Accumulated Depreciation | 152 | |||
National Tire & Battery: | Cypress, TX | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 910 | |||
Buildings and Improvements | 2,224 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 3,134 | |||
Accumulated Depreciation | 18 | |||
National Tire & Battery: | Flower Mound, TX | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 779 | |||
Buildings and Improvements | 2,449 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 3,228 | |||
Accumulated Depreciation | 19 | |||
National Tire & Battery: | Fort Worth, TX (Freeway) | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 936 | |||
Buildings and Improvements | 1,234 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 2,170 | |||
Accumulated Depreciation | 78 | |||
National Tire & Battery: | Fort Worth, TX (Quebec St.) | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 730 | |||
Buildings and Improvements | 2,309 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 3,039 | |||
Accumulated Depreciation | 18 | |||
National Tire & Battery: | Frisco, TX | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 844 | |||
Buildings and Improvements | 1,608 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 2,452 | |||
Accumulated Depreciation | 101 | |||
National Tire & Battery: | Montgomery, IL | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 516 | |||
Buildings and Improvements | 2,494 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 3,010 | |||
Accumulated Depreciation | 192 | |||
National Tire & Battery: | N. Richland Hills, TX | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 513 | |||
Buildings and Improvements | 2,579 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 3,092 | |||
Accumulated Depreciation | 21 | |||
National Tire & Battery: | Pasadena, TX | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 908 | |||
Buildings and Improvements | 2,307 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 3,215 | |||
Accumulated Depreciation | 19 | |||
National Tire & Battery: | Pearland, TX | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 1,016 | |||
Buildings and Improvements | 2,040 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 3,056 | |||
Accumulated Depreciation | 16 | |||
National Tire & Battery: | Plano, TX | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 1,292 | |||
Buildings and Improvements | 2,197 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 3,489 | |||
Accumulated Depreciation | 18 | |||
National Tire & Battery: | Tomball, TX | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 838 | |||
Buildings and Improvements | 2,229 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 3,067 | |||
Accumulated Depreciation | 18 | |||
Native Wings: | San Antonio, TX | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 821 | |||
Buildings and Improvements | 2,682 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 3,503 | |||
Accumulated Depreciation | 100 | |||
Natural Grocers: | Denton, TX | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 1,326 | |||
Buildings and Improvements | 3,134 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 4,460 | |||
Accumulated Depreciation | 205 | |||
Natural Grocers: | Idaho Falls, ID | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 833 | |||
Buildings and Improvements | 2,316 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 3,149 | |||
Accumulated Depreciation | 115 | |||
Natural Grocers: | Lubbock, TX | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 1,093 | |||
Buildings and Improvements | 3,621 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 4,714 | |||
Accumulated Depreciation | 253 | |||
Nordstrom Rack: | Tampa, FL | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 3,371 | |||
Buildings and Improvements | 6,402 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 9,773 | |||
Accumulated Depreciation | 740 | |||
Northwest Plaza | Tampa, FL | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land | 1,816 | |||
Buildings and Improvements | 4,834 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 6,650 | |||
Accumulated Depreciation | 56 | |||
O’Reilly Automotive: | Brownfield, TX | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 22 | |||
Buildings and Improvements | 835 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 857 | |||
Accumulated Depreciation | 81 | |||
O’Reilly Automotive: | Columbus, TX | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 260 | |||
Buildings and Improvements | 757 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 1,017 | |||
Accumulated Depreciation | 70 | |||
O’Reilly Automotive: | Lamesa, TX | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 64 | |||
Buildings and Improvements | 608 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 672 | |||
Accumulated Depreciation | 16 | |||
O’Reilly Automotive: | Stanley, ND | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 323 | |||
Buildings and Improvements | 662 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 985 | |||
Accumulated Depreciation | 23 | |||
Park Place: | Enterprise, AL | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 6,505 | |||
Land | 931 | |||
Buildings and Improvements | 8,595 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 9,526 | |||
Accumulated Depreciation | 532 | |||
Pecanland Place | Monroe, LA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 2,206 | |||
Buildings and Improvements | 18,957 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 21,163 | |||
Accumulated Depreciation | 114 | |||
Pep Boys: | Clermont, FL | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 799 | |||
Buildings and Improvements | 1,993 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 2,792 | |||
Accumulated Depreciation | 138 | |||
Pep Boys: | Oviedo, FL | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 669 | |||
Buildings and Improvements | 2,172 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 2,841 | |||
Accumulated Depreciation | 132 | |||
PetSmart: | Baton Rouge, LA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 2,509 | |||
Land | 651 | |||
Buildings and Improvements | 2,968 | |||
Total Adjustment to Basis | 113 | |||
Gross Amount at Which Carried At December 31, 2015 | 3,732 | |||
Accumulated Depreciation | 292 | |||
PetSmart: | Commerce Township, MI | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 539 | |||
Buildings and Improvements | 1,960 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 2,499 | |||
Accumulated Depreciation | 186 | |||
PetSmart: | East Peoria, IL | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 997 | |||
Buildings and Improvements | 3,345 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 4,342 | |||
Accumulated Depreciation | 102 | |||
PetSmart: | Eden Prairie, MN | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 1,279 | |||
Buildings and Improvements | 2,030 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 3,309 | |||
Accumulated Depreciation | 130 | |||
PetSmart: | Edmond, OK | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 816 | |||
Buildings and Improvements | 3,266 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 4,082 | |||
Accumulated Depreciation | 257 | |||
PetSmart: | North Fayette Township, PA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 1,615 | |||
Buildings and Improvements | 1,503 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 3,118 | |||
Accumulated Depreciation | 116 | |||
PetSmart: | Overland Park, KS | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 2,025 | |||
Buildings and Improvements | 2,181 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 4,206 | |||
Accumulated Depreciation | 131 | |||
PetSmart: | Taylor, MI | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 331 | |||
Buildings and Improvements | 2,438 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 2,769 | |||
Accumulated Depreciation | 209 | |||
PetSmart: | Tucson, AZ | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 1,114 | |||
Buildings and Improvements | 2,771 | |||
Total Adjustment to Basis | 98 | |||
Gross Amount at Which Carried At December 31, 2015 | 3,983 | |||
Accumulated Depreciation | 190 | |||
PetSmart: | Wilkesboro, NC | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 447 | |||
Buildings and Improvements | 1,710 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 2,157 | |||
Accumulated Depreciation | 171 | |||
Petsmart/Old Navy: | Reynoldsburg, OH | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 1,295 | |||
Buildings and Improvements | 4,077 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 5,372 | |||
Accumulated Depreciation | 371 | |||
Pick’N Save: | Pewaukee, WI | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 1,323 | |||
Buildings and Improvements | 6,761 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 8,084 | |||
Accumulated Depreciation | 281 | |||
Pick’N Save: | Sheboygan, WI | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 2,003 | |||
Buildings and Improvements | 10,695 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 12,698 | |||
Accumulated Depreciation | 929 | |||
Pick’N Save: | South Milwaukee, WI | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 1,126 | |||
Buildings and Improvements | 5,706 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 6,832 | |||
Accumulated Depreciation | 315 | |||
Plainfield Plaza | Plainfield, IL | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 3,167 | |||
Buildings and Improvements | 14,788 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 17,955 | |||
Accumulated Depreciation | 18 | |||
Plaza San Mateo: | Albuquerque, NM | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 6,950 | |||
Land | 2,867 | |||
Buildings and Improvements | 11,582 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 14,449 | |||
Accumulated Depreciation | 509 | |||
Popeyes: | Independence, MO | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 333 | |||
Buildings and Improvements | 680 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 1,013 | |||
Accumulated Depreciation | 27 | |||
Poplar Springs Plaza: | Duncan, SC | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 1,862 | |||
Buildings and Improvements | 5,277 | |||
Total Adjustment to Basis | 149 | |||
Gross Amount at Which Carried At December 31, 2015 | 7,288 | |||
Accumulated Depreciation | 421 | |||
Price Chopper: | Gardner, MA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 858 | |||
Buildings and Improvements | 12,171 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 13,029 | |||
Accumulated Depreciation | 405 | |||
Quick Chek: | Kingston, NY | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 831 | |||
Buildings and Improvements | 5,783 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 6,614 | |||
Accumulated Depreciation | 388 | |||
Quick Chek: | Lake Katrine, NY | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 1,507 | |||
Buildings and Improvements | 4,569 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 6,076 | |||
Accumulated Depreciation | 300 | |||
Quick Chek: | Middletown (Main), NY | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 1,335 | |||
Buildings and Improvements | 5,732 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 7,067 | |||
Accumulated Depreciation | 384 | |||
Quick Chek: | Middletown, NY 1 | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 1,297 | |||
Buildings and Improvements | 5,963 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 7,260 | |||
Accumulated Depreciation | 400 | |||
Quick Chek: | Middletown, NY 2 | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 1,437 | |||
Buildings and Improvements | 4,656 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 6,093 | |||
Accumulated Depreciation | 314 | |||
Quick Chek: | Sagerties, NY | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 1,242 | |||
Buildings and Improvements | 5,372 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 6,614 | |||
Accumulated Depreciation | 361 | |||
Raising Cane's: | Beaumont, TX | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 839 | |||
Buildings and Improvements | 1,288 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 2,127 | |||
Accumulated Depreciation | 51 | |||
Raising Cane's: | Phoenix, AZ | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 761 | |||
Buildings and Improvements | 1,972 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 2,733 | |||
Accumulated Depreciation | 88 | |||
Raising Cane's: | Wichita Falls, TX | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 426 | |||
Buildings and Improvements | 1,947 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 2,373 | |||
Accumulated Depreciation | 84 | |||
Regent Towne Center | Fort Mill, SC | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 1,455 | |||
Buildings and Improvements | 5,063 | |||
Total Adjustment to Basis | 29 | |||
Gross Amount at Which Carried At December 31, 2015 | 6,547 | |||
Accumulated Depreciation | 396 | |||
Rite Aid | Columbia, SC | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 854 | |||
Buildings and Improvements | 2,281 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 3,135 | |||
Accumulated Depreciation | 125 | |||
Rite Aid | Jenison, MI | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 438 | |||
Buildings and Improvements | 1,491 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 1,929 | |||
Accumulated Depreciation | 65 | |||
Rocky River Promenade | Mooresville, NC | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 3,989 | |||
Land | 2,446 | |||
Buildings and Improvements | 3,159 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 5,605 | |||
Accumulated Depreciation | 121 | |||
Ross | Fort Worth, TX | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 1,273 | |||
Buildings and Improvements | 3,157 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 4,430 | |||
Accumulated Depreciation | $ 287 |
Schedule III - Real Estate As67
Schedule III - Real Estate Assets and Accumulated Depreciation - 6 (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 950,128 | |||
Land | 1,113,456 | |||
Buildings and Improvements | 2,990,901 | |||
Total Adjustment to Basis | 81,248 | |||
Gross Amount at Which Carried At December 31, 2015 | 4,185,605 | $ 3,590,939 | $ 1,960,708 | $ 464,539 |
Accumulated Depreciation | 158,805 | $ 78,186 | $ 23,377 | $ 1,743 |
Rushmore Crossing: | Rapid City, SD | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 24,417 | |||
Land | 7,066 | |||
Buildings and Improvements | 33,019 | |||
Total Adjustment to Basis | 66 | |||
Gross Amount at Which Carried At December 31, 2015 | 40,151 | |||
Accumulated Depreciation | 2,316 | |||
Rushmore Crossing: | Rapid City, SD 2 | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land | 883 | |||
Buildings and Improvements | 4,128 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 5,011 | |||
Accumulated Depreciation | 308 | |||
Sherwin-Williams | Macon, GA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 59 | |||
Buildings and Improvements | 659 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 718 | |||
Accumulated Depreciation | 12 | |||
Shippensburg Market Place: | Shippensburg, PA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land | 1,917 | |||
Buildings and Improvements | 9,263 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 11,180 | |||
Accumulated Depreciation | 335 | |||
Shopko: | Brokem Bow, NE | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 244 | |||
Buildings and Improvements | 1,733 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 1,977 | |||
Accumulated Depreciation | 79 | |||
Shopko: | Cherokee, IA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 217 | |||
Buildings and Improvements | 3,326 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 3,543 | |||
Accumulated Depreciation | 4 | |||
Shopko: | Cokato, MN | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 358 | |||
Buildings and Improvements | 3,229 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 3,587 | |||
Accumulated Depreciation | 4 | |||
Shopko: | Valentine, NE | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 395 | |||
Buildings and Improvements | 3,549 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 3,944 | |||
Accumulated Depreciation | 161 | |||
Shoppes at Lake Andrew: | Melbourne, FL | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 3,924 | |||
Buildings and Improvements | 16,840 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 20,764 | |||
Accumulated Depreciation | 1,079 | |||
Shoppes at Stroud: | Stroud Township, PA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 3,754 | |||
Buildings and Improvements | 22,614 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 26,368 | |||
Accumulated Depreciation | 808 | |||
Sleepy's | Joliet, IL | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 287 | |||
Buildings and Improvements | 1,552 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 1,839 | |||
Accumulated Depreciation | 34 | |||
Sleepy's | Burlington, NC | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 393 | |||
Buildings and Improvements | 1,648 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 2,041 | |||
Accumulated Depreciation | 33 | |||
Southwest Plaza: | Springfield, IL | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 2,992 | |||
Buildings and Improvements | 48,935 | |||
Total Adjustment to Basis | 7 | |||
Gross Amount at Which Carried At December 31, 2015 | 51,934 | |||
Accumulated Depreciation | 2,158 | |||
Spinx: | Simpsonville, SC | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 591 | |||
Buildings and Improvements | 969 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 1,560 | |||
Accumulated Depreciation | 72 | |||
Springfield Commons | Springfield, OH | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land | 3,745 | |||
Buildings and Improvements | 15,049 | |||
Total Adjustment to Basis | 52 | |||
Gross Amount at Which Carried At December 31, 2015 | 18,846 | |||
Accumulated Depreciation | 285 | |||
Sprouts: | Bixby, OK | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 1,320 | |||
Buildings and Improvements | 7,117 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 8,437 | |||
Accumulated Depreciation | 451 | |||
Staples | Plainfield, IN | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 400 | |||
Buildings and Improvements | 2,099 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 2,499 | |||
Accumulated Depreciation | 50 | |||
Stoneridge Village: | Jefferson City, MO | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land | 1,830 | |||
Buildings and Improvements | 9,351 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 11,181 | |||
Accumulated Depreciation | 451 | |||
Stop & Shop | Brockton, MA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 11,241 | |||
Land | 4,259 | |||
Buildings and Improvements | 13,285 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 17,544 | |||
Accumulated Depreciation | 197 | |||
Stripes: | Brownsville, TX | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 210 | |||
Buildings and Improvements | 2,386 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 2,596 | |||
Accumulated Depreciation | 236 | |||
Stripes: | Brownwood, TX | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 484 | |||
Buildings and Improvements | 3,086 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 3,570 | |||
Accumulated Depreciation | 294 | |||
Stripes: | Mcallen, TX | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 604 | |||
Buildings and Improvements | 1,909 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 2,513 | |||
Accumulated Depreciation | 219 | |||
Stripes: | Midland, TX | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 620 | |||
Buildings and Improvements | 5,551 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 6,171 | |||
Accumulated Depreciation | 489 | |||
Stripes: | Mission, TX | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 215 | |||
Buildings and Improvements | 2,170 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 2,385 | |||
Accumulated Depreciation | 215 | |||
Stripes: | Odessa, TX | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 569 | |||
Buildings and Improvements | 4,940 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 5,509 | |||
Accumulated Depreciation | 433 | |||
Summerfield Crossing: | Riverview, FL | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 6,130 | |||
Buildings and Improvements | 6,753 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 12,883 | |||
Accumulated Depreciation | 466 | |||
Sunbelt Rentals: | Canton, OH | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 147 | |||
Buildings and Improvements | 1,679 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 1,826 | |||
Accumulated Depreciation | 127 | |||
Sunbelt Rentals: | Houston, TX | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 535 | |||
Buildings and Improvements | 1,664 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 2,199 | |||
Accumulated Depreciation | 75 | |||
Sunoco: | Cocoa, FL | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 625 | |||
Buildings and Improvements | 1,062 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 1,687 | |||
Accumulated Depreciation | 73 | |||
Sunoco: | Mangonia Park, FL | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 689 | |||
Buildings and Improvements | 600 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 1,289 | |||
Accumulated Depreciation | 41 | |||
Sunoco: | Merritt Island, FL | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 610 | |||
Buildings and Improvements | 1,123 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 1,733 | |||
Accumulated Depreciation | 77 | |||
Sunoco: | Palm Beach Gardens, FL | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 1,050 | |||
Buildings and Improvements | 2,667 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 3,717 | |||
Accumulated Depreciation | 181 | |||
Sunoco: | Palm City, FL | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 667 | |||
Buildings and Improvements | 1,698 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 2,365 | |||
Accumulated Depreciation | 116 | |||
Sunoco: | Palm Springs, FL | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 580 | |||
Buildings and Improvements | 1,907 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 2,487 | |||
Accumulated Depreciation | 130 | |||
Sunoco: | Sebastian, FL | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 490 | |||
Buildings and Improvements | 2,128 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 2,618 | |||
Accumulated Depreciation | 145 | |||
Sunoco: | Titusville, FL | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 626 | |||
Buildings and Improvements | 2,534 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 3,160 | |||
Accumulated Depreciation | 172 | |||
Sunoco: | West Palm Beach, FL | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 637 | |||
Buildings and Improvements | 443 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 1,080 | |||
Accumulated Depreciation | 30 | |||
Sunoco Center: | Titusville (Sisson), FL | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 799 | |||
Buildings and Improvements | 587 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 1,386 | |||
Accumulated Depreciation | 41 | |||
Sutters Creek: | Rocky Mount, NC | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land | 1,458 | |||
Buildings and Improvements | 2,616 | |||
Total Adjustment to Basis | 154 | |||
Gross Amount at Which Carried At December 31, 2015 | 4,228 | |||
Accumulated Depreciation | 162 | |||
Sweet Tomatoes: | Overland Park, KS | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 806 | |||
Buildings and Improvements | 3,600 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 4,406 | |||
Accumulated Depreciation | 161 | |||
Sweet Tomatoes: | St. Louis, MO | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 1,254 | |||
Buildings and Improvements | 3,354 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 4,608 | |||
Accumulated Depreciation | 150 | |||
Target Center: | Columbia, SC | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 5,450 | |||
Land | 3,234 | |||
Buildings and Improvements | 7,297 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 10,531 | |||
Accumulated Depreciation | 358 | |||
Terrell Mill Village: | Marietta, GA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 7,500 | |||
Land | 3,079 | |||
Buildings and Improvements | 11,185 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 14,264 | |||
Accumulated Depreciation | 643 | |||
TGI Friday's: | Chesapeake, VA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 1,217 | |||
Buildings and Improvements | 1,388 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 2,605 | |||
Accumulated Depreciation | 57 | |||
TGI Friday's: | Wilmington, DE | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 1,685 | |||
Buildings and Improvements | 969 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 2,654 | |||
Accumulated Depreciation | 41 | |||
The Market at Clifty Crossing: | Columbus, IN | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 2,669 | |||
Buildings and Improvements | 16,308 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 18,977 | |||
Accumulated Depreciation | 1,039 | |||
The Market at Polaris: | Columbus, OH | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 11,828 | |||
Buildings and Improvements | 41,702 | |||
Total Adjustment to Basis | 302 | |||
Gross Amount at Which Carried At December 31, 2015 | 53,832 | |||
Accumulated Depreciation | 2,463 | |||
The Marquis: | Williamsburg, VA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 8,556 | |||
Land | 2,615 | |||
Buildings and Improvements | 11,406 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 14,021 | |||
Accumulated Depreciation | 1,036 | |||
The Plant: | San Jose, CA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 123,000 | |||
Land | 67,596 | |||
Buildings and Improvements | 108,203 | |||
Total Adjustment to Basis | 270 | |||
Gross Amount at Which Carried At December 31, 2015 | 176,069 | |||
Accumulated Depreciation | 8,952 | |||
The Ridge at Turtle Creek | Hattiesburg, MS | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 2,749 | |||
Buildings and Improvements | 12,434 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 15,183 | |||
Accumulated Depreciation | 293 | |||
Tilted Kilt: | Killeen, TX | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 1,378 | |||
Buildings and Improvements | 1,508 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 2,886 | |||
Accumulated Depreciation | 57 | |||
Tire Kingdom: | Bluffton, SC | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 645 | |||
Buildings and Improvements | 1,688 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 2,333 | |||
Accumulated Depreciation | 13 | |||
Tire Kingdom: | Summerville, SC | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 1,208 | |||
Buildings and Improvements | 1,233 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 2,441 | |||
Accumulated Depreciation | 10 | |||
Tire Kingdom: | Tarpon Springs, FL | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 427 | |||
Buildings and Improvements | 1,458 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 1,885 | |||
Accumulated Depreciation | 118 | |||
Tire Kingdom & Starbucks | Mt Pleasant, SC | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land | 1,291 | |||
Buildings and Improvements | 3,149 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 4,440 | |||
Accumulated Depreciation | 24 | |||
TJ Maxx/Dollar Tree: | Oxford, OH | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 641 | |||
Buildings and Improvements | 2,673 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 3,314 | |||
Accumulated Depreciation | 241 | |||
Tractor Supply: | Ashland, VA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 500 | |||
Buildings and Improvements | 2,696 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 3,196 | |||
Accumulated Depreciation | 152 | |||
Tractor Supply: | Augusta, KS | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 407 | |||
Buildings and Improvements | 2,315 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 2,722 | |||
Accumulated Depreciation | 121 | |||
Tractor Supply: | Cambridge, MN | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 807 | |||
Buildings and Improvements | 1,272 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 2,079 | |||
Accumulated Depreciation | 142 | |||
Tractor Supply: | Canon City, CO | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 597 | |||
Buildings and Improvements | 2,527 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 3,124 | |||
Accumulated Depreciation | 197 | |||
Tractor Supply: | Fortuna, CA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 568 | |||
Buildings and Improvements | 3,819 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 4,387 | |||
Accumulated Depreciation | 159 | |||
Tractor Supply: | Lumberton, NC | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 611 | |||
Buildings and Improvements | 2,007 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 2,618 | |||
Accumulated Depreciation | 151 | |||
Tractor Supply: | Marion, IN | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 1,536 | |||
Buildings and Improvements | 1,099 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 2,635 | |||
Accumulated Depreciation | 60 | |||
Tractor Supply: | Monticello, FL | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 448 | |||
Buildings and Improvements | 1,916 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 2,364 | |||
Accumulated Depreciation | 140 | |||
Tractor Supply: | Newnan, GA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 1,182 | |||
Buildings and Improvements | 1,950 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 3,132 | |||
Accumulated Depreciation | 166 | |||
Tractor Supply: | Petersburg, VA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 514 | |||
Buildings and Improvements | 2,439 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 2,953 | |||
Accumulated Depreciation | 143 | |||
Tractor Supply: | South Hill, VA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 630 | |||
Buildings and Improvements | 2,179 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 2,809 | |||
Accumulated Depreciation | 150 | |||
Tractor Supply: | Spencer, WV | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 1,659 | |||
Land | 455 | |||
Buildings and Improvements | 2,188 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 2,643 | |||
Accumulated Depreciation | 196 | |||
Tractor Supply: | Stuttgart, AR | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 1,543 | |||
Land | 47 | |||
Buildings and Improvements | 2,519 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 2,566 | |||
Accumulated Depreciation | 181 | |||
Tractor Supply: | Weaverville, NC | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 867 | |||
Buildings and Improvements | 3,138 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 4,005 | |||
Accumulated Depreciation | 196 | |||
Tractor Supply: | Woodward, OK | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 446 | |||
Buildings and Improvements | 1,973 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 2,419 | |||
Accumulated Depreciation | 120 | |||
Trader Joe's: | Asheville, NC | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 2,770 | |||
Buildings and Improvements | 3,766 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 6,536 | |||
Accumulated Depreciation | 228 | |||
Trader Joe's: | Columbia, SC | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 2,308 | |||
Buildings and Improvements | 2,597 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 4,905 | |||
Accumulated Depreciation | 213 | |||
Trader Joe's: | Wilmington, NC | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 2,016 | |||
Buildings and Improvements | 2,519 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 4,535 | |||
Accumulated Depreciation | 212 | |||
Turfway Crossing: | Florence, KY | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land | 2,261 | |||
Buildings and Improvements | 10,323 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 12,584 | |||
Accumulated Depreciation | 537 | |||
Ulta Salon: | Albany, GA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 441 | |||
Buildings and Improvements | 1,757 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 2,198 | |||
Accumulated Depreciation | 77 | |||
Ulta Salon: | Greeley, CO | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 596 | |||
Buildings and Improvements | 2,035 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 2,631 | |||
Accumulated Depreciation | 43 | |||
United Oil: | Alhambra, CA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 2,032 | |||
Land | 3,026 | |||
Buildings and Improvements | 751 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 3,777 | |||
Accumulated Depreciation | 24 | |||
United Oil: | Bellflower (Alondra), CA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 755 | |||
Land | 1,312 | |||
Buildings and Improvements | 576 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 1,888 | |||
Accumulated Depreciation | 19 | |||
United Oil: | Bellflower (Lakewood), CA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 1,246 | |||
Buildings and Improvements | 788 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 2,034 | |||
Accumulated Depreciation | 26 | |||
United Oil: | Brea, CA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 2,393 | |||
Buildings and Improvements | 658 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 3,051 | |||
Accumulated Depreciation | 21 | |||
United Oil: | Burbank (Glenoaks), CA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 2,193 | |||
Land | 3,474 | |||
Buildings and Improvements | 594 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 4,068 | |||
Accumulated Depreciation | 19 | |||
United Oil: | Burbank (Magnolia), CA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 1,484 | |||
Land | 1,750 | |||
Buildings and Improvements | 574 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 2,324 | |||
Accumulated Depreciation | 19 | |||
United Oil: | Chino, CA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 1,167 | |||
Land | 1,449 | |||
Buildings and Improvements | 730 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 2,179 | |||
Accumulated Depreciation | 24 | |||
United Oil: | Compton, CA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 805 | |||
Land | 992 | |||
Buildings and Improvements | 460 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 1,452 | |||
Accumulated Depreciation | 15 | |||
United Oil: | El Cajon, CA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 1,533 | |||
Buildings and Improvements | 568 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 2,101 | |||
Accumulated Depreciation | 18 | |||
United Oil: | El Cajon (Second), CA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 1,225 | |||
Buildings and Improvements | 368 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 1,593 | |||
Accumulated Depreciation | 12 | |||
United Oil: | El Monte, CA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 766 | |||
Buildings and Improvements | 510 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 1,276 | |||
Accumulated Depreciation | 16 | |||
United Oil: | Escondido, CA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 1,107 | |||
Land | 678 | |||
Buildings and Improvements | 470 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 1,148 | |||
Accumulated Depreciation | 15 | |||
United Oil: | Escondido (Mission), CA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 3,514 | |||
Buildings and Improvements | 1,062 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 4,576 | |||
Accumulated Depreciation | $ 34 |
Schedule III - Real Estate As68
Schedule III - Real Estate Assets and Accumulated Depreciation - 7 (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 950,128 | |||
Land | 1,113,456 | |||
Buildings and Improvements | 2,990,901 | |||
Total Adjustment to Basis | 81,248 | |||
Gross Amount at Which Carried At December 31, 2015 | 4,185,605 | $ 3,590,939 | $ 1,960,708 | $ 464,539 |
Accumulated Depreciation | 158,805 | $ 78,186 | $ 23,377 | $ 1,743 |
United Oil: | Fountain Valley, CA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 1,459 | |||
Land | 1,809 | |||
Buildings and Improvements | 806 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 2,615 | |||
Accumulated Depreciation | 26 | |||
United Oil: | Glendale, CA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 4,871 | |||
Buildings and Improvements | 795 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 5,666 | |||
Accumulated Depreciation | 26 | |||
United Oil: | Inglewood, CA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 1,809 | |||
Buildings and Improvements | 878 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 2,687 | |||
Accumulated Depreciation | 29 | |||
United Oil: | La Habra, CA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 1,971 | |||
Buildings and Improvements | 571 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 2,542 | |||
Accumulated Depreciation | 18 | |||
United Oil: | Lawndale, CA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 1,462 | |||
Buildings and Improvements | 862 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 2,324 | |||
Accumulated Depreciation | 28 | |||
United Oil: | Long Beach (Anaheim), CA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 1,061 | |||
Land | 974 | |||
Buildings and Improvements | 772 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 1,746 | |||
Accumulated Depreciation | 25 | |||
United Oil: | Long Beach (Atlantic), CA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 2,778 | |||
Buildings and Improvements | 883 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 3,661 | |||
Accumulated Depreciation | 29 | |||
United Oil: | Long Beach (Santa Fe), CA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 1,288 | |||
Land | 1,972 | |||
Buildings and Improvements | 643 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 2,615 | |||
Accumulated Depreciation | 21 | |||
United Oil: | Los Angeles (2503 W. Pico), CA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 2,334 | |||
Buildings and Improvements | 717 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 3,051 | |||
Accumulated Depreciation | 23 | |||
United Oil: | Los Angeles (4931 W. Pico), CA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 3,552 | |||
Buildings and Improvements | 1,242 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 4,794 | |||
Accumulated Depreciation | 40 | |||
United Oil: | Los Angeles (Eastern), CA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 2,745 | |||
Buildings and Improvements | 669 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 3,414 | |||
Accumulated Depreciation | 22 | |||
United Oil: | Los Angeles (Jefferson), CA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 2,923 | |||
Land | 3,823 | |||
Buildings and Improvements | 825 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 4,648 | |||
Accumulated Depreciation | 27 | |||
United Oil: | Los Angeles (Marina Del R), CA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 3,930 | |||
Buildings and Improvements | 428 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 4,358 | |||
Accumulated Depreciation | 14 | |||
United Oil: | Los Angeles (Olympic), CA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 1,590 | |||
Land | 1,710 | |||
Buildings and Improvements | 905 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 2,615 | |||
Accumulated Depreciation | 29 | |||
United Oil: | Los Angeles (Slauson), CA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 1,927 | |||
Buildings and Improvements | 1,484 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 3,411 | |||
Accumulated Depreciation | 48 | |||
United Oil: | Los Angeles (Western), CA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 2,182 | |||
Buildings and Improvements | 701 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 2,883 | |||
Accumulated Depreciation | 23 | |||
United Oil: | Lynwood, CA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 1,640 | |||
Land | 2,386 | |||
Buildings and Improvements | 737 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 3,123 | |||
Accumulated Depreciation | 24 | |||
United Oil: | Menifee, CA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 2,284 | |||
Land | 2,853 | |||
Buildings and Improvements | 924 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 3,777 | |||
Accumulated Depreciation | 30 | |||
United Oil: | Monrovia, CA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 1,660 | |||
Land | 2,365 | |||
Buildings and Improvements | 686 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 3,051 | |||
Accumulated Depreciation | 22 | |||
United Oil: | Norco (Hidden Valley), CA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 1,852 | |||
Buildings and Improvements | 1,489 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 3,341 | |||
Accumulated Depreciation | 48 | |||
United Oil: | Norco (Sixth), CA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 1,424 | |||
Land | 1,869 | |||
Buildings and Improvements | 891 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 2,760 | |||
Accumulated Depreciation | 29 | |||
United Oil: | North Hollywood, CA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 2,998 | |||
Land | 4,663 | |||
Buildings and Improvements | 858 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 5,521 | |||
Accumulated Depreciation | 28 | |||
United Oil: | Oceanside, CA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 2,264 | |||
Land | 2,163 | |||
Buildings and Improvements | 1,248 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 3,411 | |||
Accumulated Depreciation | 41 | |||
United Oil: | Paramount, CA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 664 | |||
Land | 1,301 | |||
Buildings and Improvements | 1,024 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 2,325 | |||
Accumulated Depreciation | 33 | |||
United Oil: | Pomona, CA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 1,273 | |||
Land | 1,740 | |||
Buildings and Improvements | 730 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 2,470 | |||
Accumulated Depreciation | 24 | |||
United Oil: | Poway, CA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 3,072 | |||
Buildings and Improvements | 705 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 3,777 | |||
Accumulated Depreciation | 23 | |||
United Oil: | San Diego (47th St), CA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 2,977 | |||
Buildings and Improvements | 1,448 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 4,425 | |||
Accumulated Depreciation | 47 | |||
United Oil: | San Diego (Governor), CA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 1,877 | |||
Buildings and Improvements | 883 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 2,760 | |||
Accumulated Depreciation | 29 | |||
United Oil: | San Diego (Rancho Penasquitos), CA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 3,038 | |||
Land | 1,215 | |||
Buildings and Improvements | 841 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 2,056 | |||
Accumulated Depreciation | 27 | |||
United Oil: | San Diego (Sunset Cliffs), CA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 1,824 | |||
Buildings and Improvements | 382 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 2,206 | |||
Accumulated Depreciation | 12 | |||
United Oil: | San Pedro, CA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 1,655 | |||
Land | 2,086 | |||
Buildings and Improvements | 675 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 2,761 | |||
Accumulated Depreciation | 22 | |||
United Oil: | Santa Clarita, CA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 4,787 | |||
Buildings and Improvements | 733 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 5,520 | |||
Accumulated Depreciation | 24 | |||
United Oil: | Sun City, CA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 1,136 | |||
Buildings and Improvements | 1,421 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 2,557 | |||
Accumulated Depreciation | 46 | |||
United Oil: | Valley Center, CA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 2,284 | |||
Land | 2,680 | |||
Buildings and Improvements | 1,606 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 4,286 | |||
Accumulated Depreciation | 52 | |||
United Oil: | Van Nuys (Van Nuys), CA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 2,284 | |||
Land | 2,439 | |||
Buildings and Improvements | 902 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 3,341 | |||
Accumulated Depreciation | 29 | |||
United Oil: | Van Nuys (Victory), CA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 1,152 | |||
Land | 1,786 | |||
Buildings and Improvements | 684 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 2,470 | |||
Accumulated Depreciation | 22 | |||
United Oil: | Van Nuys (Woodman), CA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 2,681 | |||
Land | 3,980 | |||
Buildings and Improvements | 741 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 4,721 | |||
Accumulated Depreciation | 24 | |||
United Oil: | Vista (Civic Center), CA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 2,063 | |||
Buildings and Improvements | 334 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 2,397 | |||
Accumulated Depreciation | 11 | |||
United Oil: | Vista (Vista), CA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 2,028 | |||
Buildings and Improvements | 418 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 2,446 | |||
Accumulated Depreciation | 14 | |||
United Oil: | Whittier, CA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 1,629 | |||
Buildings and Improvements | 985 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 2,614 | |||
Accumulated Depreciation | 32 | |||
United Oil: | Wilmington, CA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 1,680 | |||
Land | 1,615 | |||
Buildings and Improvements | 1,145 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 2,760 | |||
Accumulated Depreciation | 37 | |||
United Oil: | Woodland Hills, CA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 3,159 | |||
Land | 4,946 | |||
Buildings and Improvements | 647 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 5,593 | |||
Accumulated Depreciation | 21 | |||
University Marketplace: | Marion, IN | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 4,050 | |||
Land | 850 | |||
Buildings and Improvements | 6,722 | |||
Total Adjustment to Basis | 121 | |||
Gross Amount at Which Carried At December 31, 2015 | 7,693 | |||
Accumulated Depreciation | 642 | |||
Ventura Place | Albuquerque, NM | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land | 5,203 | |||
Buildings and Improvements | 7,998 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 13,201 | |||
Accumulated Depreciation | 189 | |||
Village at Hereford Farms: | Grovetown, GA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 4,250 | |||
Land | 1,222 | |||
Buildings and Improvements | 5,912 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 7,134 | |||
Accumulated Depreciation | 212 | |||
Wal-Mart: | Anderson, SC | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 2,424 | |||
Buildings and Improvements | 9,719 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 12,143 | |||
Accumulated Depreciation | 31 | |||
Wal-Mart: | Florence, SC | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 2,013 | |||
Buildings and Improvements | 9,225 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 11,238 | |||
Accumulated Depreciation | 29 | |||
Wal-Mart: | Perry, GA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 7,095 | |||
Land | 2,270 | |||
Buildings and Improvements | 11,053 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 13,323 | |||
Accumulated Depreciation | 797 | |||
Wal-Mart: | Summerville, SC | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 2,410 | |||
Buildings and Improvements | 2,098 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 4,508 | |||
Accumulated Depreciation | 17 | |||
Wal-Mart: | Tallahassee, FL | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 8,157 | |||
Land | 14,823 | |||
Buildings and Improvements | 0 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 14,823 | |||
Accumulated Depreciation | 0 | |||
Wal-Mart: | York, SC | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 1,913 | |||
Buildings and Improvements | 11,410 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 13,323 | |||
Accumulated Depreciation | 817 | |||
Walgreens | Andover, KS | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 630 | |||
Buildings and Improvements | 3,057 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 3,687 | |||
Accumulated Depreciation | 199 | |||
Walgreens | Arkadelphia, AR | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 4,225 | |||
Land | 787 | |||
Buildings and Improvements | 4,626 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 5,413 | |||
Accumulated Depreciation | 132 | |||
Walgreens | Austintown, OH | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 637 | |||
Buildings and Improvements | 4,173 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 4,810 | |||
Accumulated Depreciation | 251 | |||
Walgreens | Bartlett (5950 Stage), TN | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 4,150 | |||
Land | 1,086 | |||
Buildings and Improvements | 4,321 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 5,407 | |||
Accumulated Depreciation | 129 | |||
Walgreens | Bartlett (6697 Stage), TN | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 4,150 | |||
Land | 799 | |||
Buildings and Improvements | 4,608 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 5,407 | |||
Accumulated Depreciation | 137 | |||
Walgreens | Birmingham, AL | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 985 | |||
Buildings and Improvements | 4,938 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 5,923 | |||
Accumulated Depreciation | 341 | |||
Walgreens | Birmingham (Green Springs), AL | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 4,300 | |||
Land | 738 | |||
Buildings and Improvements | 4,844 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 5,582 | |||
Accumulated Depreciation | 144 | |||
Walgreens | Blair, NE | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 2,466 | |||
Land | 335 | |||
Buildings and Improvements | 3,544 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 3,879 | |||
Accumulated Depreciation | 333 | |||
Walgreens | Chicopee, MA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 3,894 | |||
Land | 2,094 | |||
Buildings and Improvements | 4,945 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 7,039 | |||
Accumulated Depreciation | 150 | |||
Walgreens | Colerain Township, OH | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 4,200 | |||
Land | 1,991 | |||
Buildings and Improvements | 3,470 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 5,461 | |||
Accumulated Depreciation | 101 | |||
Walgreens | Connelly Springs, NC | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 1,349 | |||
Buildings and Improvements | 3,628 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 4,977 | |||
Accumulated Depreciation | 223 | |||
Walgreens | Cullman, AL | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 3,542 | |||
Land | 1,292 | |||
Buildings and Improvements | 3,779 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 5,071 | |||
Accumulated Depreciation | 280 | |||
Walgreens | Danville, VA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 989 | |||
Buildings and Improvements | 4,547 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 5,536 | |||
Accumulated Depreciation | 370 | |||
Walgreens | Dearborn Heights, MI | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 2,236 | |||
Buildings and Improvements | 3,411 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 5,647 | |||
Accumulated Depreciation | 217 | |||
Walgreens | Decatur, AL | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 3,625 | |||
Land | 631 | |||
Buildings and Improvements | 4,161 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 4,792 | |||
Accumulated Depreciation | 124 | |||
Walgreens | Dyersburg, TN | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 555 | |||
Buildings and Improvements | 4,088 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 4,643 | |||
Accumulated Depreciation | 163 | |||
Walgreens | East Chicago, IN | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 331 | |||
Buildings and Improvements | 5,242 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 5,573 | |||
Accumulated Depreciation | 181 | |||
Walgreens | Enterprise, AL | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 3,575 | |||
Land | 839 | |||
Buildings and Improvements | 3,844 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 4,683 | |||
Accumulated Depreciation | 115 | |||
Walgreens | Evansville, IN | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 4,040 | |||
Land | 812 | |||
Buildings and Improvements | 4,439 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 5,251 | |||
Accumulated Depreciation | 133 | |||
Walgreens | Florence, KY | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 4,125 | |||
Land | 1,086 | |||
Buildings and Improvements | 4,206 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 5,292 | |||
Accumulated Depreciation | 122 | |||
Walgreens | Forrest City, AR | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 4,825 | |||
Land | 643 | |||
Buildings and Improvements | 5,287 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 5,930 | |||
Accumulated Depreciation | 157 | |||
Walgreens | Fort Madison, IA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 514 | |||
Buildings and Improvements | 3,723 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 4,237 | |||
Accumulated Depreciation | 220 | |||
Walgreens | Franklin, TN | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 4,200 | |||
Land | 1,457 | |||
Buildings and Improvements | 4,075 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 5,532 | |||
Accumulated Depreciation | 122 | |||
Walgreens | Fraser, MI | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 518 | |||
Buildings and Improvements | 4,525 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 5,043 | |||
Accumulated Depreciation | 191 | |||
Walgreens | Hazelwood, MO | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 2,505 | |||
Buildings and Improvements | 4,866 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 7,371 | |||
Accumulated Depreciation | 280 | |||
Walgreens | Hickory, NC | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 1,100 | |||
Buildings and Improvements | 4,241 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 5,341 | |||
Accumulated Depreciation | 317 | |||
Walgreens | Hobart, IN | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 3,875 | |||
Land | 594 | |||
Buildings and Improvements | 4,526 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 5,120 | |||
Accumulated Depreciation | 134 | |||
Walgreens | Hockessin, DE | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 1,586 | |||
Buildings and Improvements | 3,555 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 5,141 | |||
Accumulated Depreciation | 203 | |||
Walgreens | Huntsville, AL | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 3,273 | |||
Land | 1,931 | |||
Buildings and Improvements | 2,457 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 4,388 | |||
Accumulated Depreciation | 190 | |||
Walgreens | Kannapolis, NC | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 3,966 | |||
Land | 1,480 | |||
Buildings and Improvements | 5,031 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 6,511 | |||
Accumulated Depreciation | 329 | |||
Walgreens | Knoxville, TN | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 3,725 | |||
Land | 1,139 | |||
Buildings and Improvements | 3,750 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 4,889 | |||
Accumulated Depreciation | 112 | |||
Walgreens | Las Vegas, NV | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 2,325 | |||
Buildings and Improvements | 3,262 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 5,587 | |||
Accumulated Depreciation | 195 | |||
Walgreens | Lawton, OK | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 860 | |||
Buildings and Improvements | 2,539 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 3,399 | |||
Accumulated Depreciation | 162 | |||
Walgreens | Little Rock (Main), AR | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 548 | |||
Buildings and Improvements | 4,676 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 5,224 | |||
Accumulated Depreciation | 181 | |||
Walgreens | Little Rock (Bowman), AR | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 4,100 | |||
Land | 1,115 | |||
Buildings and Improvements | 4,248 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 5,363 | |||
Accumulated Depreciation | 127 | |||
Walgreens | Lubbock (82nd), TX | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 565 | |||
Buildings and Improvements | 3,257 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 3,822 | |||
Accumulated Depreciation | 267 | |||
Walgreens | Lubbock (Indiana), TX | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 531 | |||
Buildings and Improvements | 2,951 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 3,482 | |||
Accumulated Depreciation | 240 | |||
Walgreens | Malvern, AR | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 4,165 | |||
Land | 1,007 | |||
Buildings and Improvements | 4,325 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 5,332 | |||
Accumulated Depreciation | 123 | |||
Walgreens | Memphis, TN | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 3,775 | |||
Land | 776 | |||
Buildings and Improvements | 4,166 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 4,942 | |||
Accumulated Depreciation | 124 | |||
Walgreens | Metropolis, IL | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 284 | |||
Buildings and Improvements | 4,991 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 5,275 | |||
Accumulated Depreciation | 172 | |||
Walgreens | Michigan City, IN | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 3,200 | |||
Land | 567 | |||
Buildings and Improvements | 3,615 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 4,182 | |||
Accumulated Depreciation | 109 | |||
Walgreens | Mobile, AL | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 1,603 | |||
Buildings and Improvements | 3,161 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 4,764 | |||
Accumulated Depreciation | 176 | |||
Walgreens | Montgomery, AL | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 1,110 | |||
Buildings and Improvements | 2,949 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 4,059 | |||
Accumulated Depreciation | 280 | |||
Walgreens | Mount Washington, KY | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 4,125 | |||
Land | 545 | |||
Buildings and Improvements | 4,825 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 5,370 | |||
Accumulated Depreciation | 143 | |||
Walgreens | Oakland, TN | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 3,750 | |||
Land | 689 | |||
Buildings and Improvements | 4,226 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 4,915 | |||
Accumulated Depreciation | 125 | |||
Walgreens | Oklahoma City, OK | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 3,950 | |||
Land | 1,356 | |||
Buildings and Improvements | 3,869 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 5,225 | |||
Accumulated Depreciation | 118 | |||
Walgreens | Olathe, KS | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 4,230 | |||
Land | 1,266 | |||
Buildings and Improvements | 4,047 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 5,313 | |||
Accumulated Depreciation | 120 | |||
Walgreens | Phoenix, AZ | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 2,216 | |||
Buildings and Improvements | 1,830 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 4,046 | |||
Accumulated Depreciation | 137 | |||
Walgreens | Pine Bluff, AR | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 248 | |||
Buildings and Improvements | 5,229 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 5,477 | |||
Accumulated Depreciation | 309 | |||
Walgreens | Ralston (La Vista), NE | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 4,265 | |||
Land | 967 | |||
Buildings and Improvements | 4,620 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 5,587 | |||
Accumulated Depreciation | 137 | |||
Walgreens | River Falls, WI | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 5,200 | |||
Land | 634 | |||
Buildings and Improvements | 5,137 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 5,771 | |||
Accumulated Depreciation | 151 | |||
Walgreens | Roanoke, VA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 677 | |||
Buildings and Improvements | 3,825 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 4,502 | |||
Accumulated Depreciation | 161 | |||
Walgreens | Sacramento, CA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 324 | |||
Buildings and Improvements | 2,669 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 2,993 | |||
Accumulated Depreciation | 108 | |||
Walgreens | Sioux Falls, SD | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 3,625 | |||
Land | 1,138 | |||
Buildings and Improvements | 3,784 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 4,922 | |||
Accumulated Depreciation | 113 | |||
Walgreens | Springdale, AR | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 1,172 | |||
Buildings and Improvements | 4,509 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 5,681 | |||
Accumulated Depreciation | 254 | |||
Walgreens | Springfield, IL | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 830 | |||
Buildings and Improvements | 3,619 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 4,449 | |||
Accumulated Depreciation | 338 | |||
Walgreens | St. Charles, MO | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 4,600 | |||
Land | 1,644 | |||
Buildings and Improvements | 4,364 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 6,008 | |||
Accumulated Depreciation | 130 | |||
Walgreens | St. Louis (Lemay Ferry), MO | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 4,600 | |||
Land | 1,432 | |||
Buildings and Improvements | 4,556 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 5,988 | |||
Accumulated Depreciation | 136 | |||
Walgreens | St. Louis (Lusher), MO | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 4,790 | |||
Land | 1,414 | |||
Buildings and Improvements | 4,622 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 6,036 | |||
Accumulated Depreciation | $ 138 |
Schedule III - Real Estate As69
Schedule III - Real Estate Assets and Accumulated Depreciation - 8 (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 950,128 | |||
Land | 1,113,456 | |||
Buildings and Improvements | 2,990,901 | |||
Total Adjustment to Basis | 81,248 | |||
Gross Amount at Which Carried At December 31, 2015 | 4,185,605 | $ 3,590,939 | $ 1,960,708 | $ 464,539 |
Accumulated Depreciation | 158,805 | $ 78,186 | $ 23,377 | $ 1,743 |
Walgreens | Suffolk Virgina | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 1,261 | |||
Buildings and Improvements | 3,461 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 4,722 | |||
Accumulated Depreciation | 339 | |||
Walgreens | Sun City, AZ | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 837 | |||
Buildings and Improvements | 2,484 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 3,321 | |||
Accumulated Depreciation | 109 | |||
Walgreens | Tarboro, NC | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 755 | |||
Buildings and Improvements | 3,634 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 4,389 | |||
Accumulated Depreciation | 128 | |||
Walgreens | Toledo, OH | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 4,325 | |||
Land | 1,993 | |||
Buildings and Improvements | 3,445 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 5,438 | |||
Accumulated Depreciation | 104 | |||
Walgreens | Troy, OH | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 547 | |||
Buildings and Improvements | 4,076 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 4,623 | |||
Accumulated Depreciation | 149 | |||
Walgreens | Tulsa, OK | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 3,350 | |||
Land | 1,078 | |||
Buildings and Improvements | 3,453 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 4,531 | |||
Accumulated Depreciation | 104 | |||
Walgreens/KeyBank | Newburgh, NY | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 5,000 | |||
Land | 3,280 | |||
Buildings and Improvements | 5,441 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 8,721 | |||
Accumulated Depreciation | 312 | |||
Wallace Commons | Salisbury, NC | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 7,590 | |||
Land | 3,265 | |||
Buildings and Improvements | 8,058 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 11,323 | |||
Accumulated Depreciation | 654 | |||
Wallace Commons 2 [Member] | Salisbury, NC | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 6,012 | |||
Land | 2,231 | |||
Buildings and Improvements | 8,479 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 10,710 | |||
Accumulated Depreciation | 447 | |||
Warrenton Highlands | Warrenton, OR | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 2,139 | |||
Buildings and Improvements | 5,774 | |||
Total Adjustment to Basis | 138 | |||
Gross Amount at Which Carried At December 31, 2015 | 8,051 | |||
Accumulated Depreciation | 491 | |||
Waterford South Park: | Clarksville, IN | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 2,946 | |||
Buildings and Improvements | 8,564 | |||
Total Adjustment to Basis | 45 | |||
Gross Amount at Which Carried At December 31, 2015 | 11,555 | |||
Accumulated Depreciation | 761 | |||
Wawa: | Cape May, NJ | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 1,576 | |||
Buildings and Improvements | 5,790 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 7,366 | |||
Accumulated Depreciation | 504 | |||
Wawa: | Galloway, NJ | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 1,724 | |||
Buildings and Improvements | 6,105 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 7,829 | |||
Accumulated Depreciation | 531 | |||
Wendy's: | Grafton, VA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 539 | |||
Buildings and Improvements | 894 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 1,433 | |||
Accumulated Depreciation | 35 | |||
Wendy's: | Westminster, CO | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 596 | |||
Buildings and Improvements | 1,108 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 1,704 | |||
Accumulated Depreciation | 43 | |||
Western Refining Inc | Benson, AZ | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 566 | |||
Land | 186 | |||
Buildings and Improvements | 510 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 696 | |||
Accumulated Depreciation | 33 | |||
Western Refining Inc | Bisbee, AZ | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 399 | |||
Land | 89 | |||
Buildings and Improvements | 137 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 226 | |||
Accumulated Depreciation | 10 | |||
Western Refining Inc | Coolidge, AZ | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 472 | |||
Land | 578 | |||
Buildings and Improvements | 283 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 861 | |||
Accumulated Depreciation | 26 | |||
Western Refining Inc | Douglas (16th St.), AZ | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 913 | |||
Land | 136 | |||
Buildings and Improvements | 1,080 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 1,216 | |||
Accumulated Depreciation | 54 | |||
Western Refining Inc | Douglas (18th St.), AZ | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 718 | |||
Land | 89 | |||
Buildings and Improvements | 385 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 474 | |||
Accumulated Depreciation | 20 | |||
Western Refining Inc | Florence, AZ | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 446 | |||
Land | 363 | |||
Buildings and Improvements | 338 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 701 | |||
Accumulated Depreciation | 25 | |||
Western Refining Inc | Globe, AZ | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 1,264 | |||
Land | 572 | |||
Buildings and Improvements | 311 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 883 | |||
Accumulated Depreciation | 27 | |||
Western Refining Inc | Hereford, AZ | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 1,531 | |||
Land | 303 | |||
Buildings and Improvements | 879 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 1,182 | |||
Accumulated Depreciation | 50 | |||
Western Refining Inc | Marana, AZ | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 1,458 | |||
Land | 389 | |||
Buildings and Improvements | 493 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 882 | |||
Accumulated Depreciation | 30 | |||
Western Refining Inc | Pearce, AZ | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 750 | |||
Land | 116 | |||
Buildings and Improvements | 380 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 496 | |||
Accumulated Depreciation | 23 | |||
Western Refining Inc | Pima, AZ | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 1,196 | |||
Land | 372 | |||
Buildings and Improvements | 362 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 734 | |||
Accumulated Depreciation | 36 | |||
Western Refining Inc | Safford (Hwy 70), AZ | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 1,054 | |||
Land | 77 | |||
Buildings and Improvements | 281 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 358 | |||
Accumulated Depreciation | 24 | |||
Western Refining Inc | Safford (Thatcher Blvd.), AZ | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 1,169 | |||
Land | 204 | |||
Buildings and Improvements | 299 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 503 | |||
Accumulated Depreciation | 18 | |||
Western Refining Inc | Safford (8th Ave.), AZ | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 1,280 | |||
Land | 107 | |||
Buildings and Improvements | 408 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 515 | |||
Accumulated Depreciation | 24 | |||
Western Refining Inc | Sierra Vista, AZ | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 488 | |||
Land | 87 | |||
Buildings and Improvements | 723 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 810 | |||
Accumulated Depreciation | 32 | |||
Western Refining Inc | Thatcher, AZ | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 1,180 | |||
Land | 140 | |||
Buildings and Improvements | 561 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 701 | |||
Accumulated Depreciation | 40 | |||
Western Refining Inc | Tucson (Sierrita Mountain), AZ | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 524 | |||
Land | 569 | |||
Buildings and Improvements | 453 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 1,022 | |||
Accumulated Depreciation | 35 | |||
Western Refining Inc | Tucson (Speedway), AZ | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 603 | |||
Land | 473 | |||
Buildings and Improvements | 388 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 861 | |||
Accumulated Depreciation | 30 | |||
Western Refining Inc | Tucson (4301 Broadway), AZ | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 582 | |||
Land | 263 | |||
Buildings and Improvements | 170 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 433 | |||
Accumulated Depreciation | 18 | |||
Western Refining Inc | Tucson (Ajo Hwy), AZ | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 666 | |||
Land | 770 | |||
Buildings and Improvements | 332 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 1,102 | |||
Accumulated Depreciation | 34 | |||
Western Refining Inc | Tucson (6280 Broadway), AZ | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 571 | |||
Land | 333 | |||
Buildings and Improvements | 167 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 500 | |||
Accumulated Depreciation | 21 | |||
Western Refining Inc | Tucson (6777 Sandario), AZ | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 1,190 | |||
Land | 397 | |||
Buildings and Improvements | 542 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 939 | |||
Accumulated Depreciation | 43 | |||
Western Refining Inc | Tucson (6890 Sandario), AZ | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 523 | |||
Land | 525 | |||
Buildings and Improvements | 606 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 1,131 | |||
Accumulated Depreciation | 36 | |||
Western Refining Inc | Winkelman, AZ | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 953 | |||
Land | 287 | |||
Buildings and Improvements | 403 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 690 | |||
Accumulated Depreciation | 29 | |||
West Marine | Panama City, FL | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 676 | |||
Buildings and Improvements | 2,219 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 2,895 | |||
Accumulated Depreciation | 50 | |||
West Marine | Pensacola, FL | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 1,107 | |||
Buildings and Improvements | 3,398 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 4,505 | |||
Accumulated Depreciation | 89 | |||
Westover Market: | San Antonio, TX | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 6,200 | |||
Land | 2,705 | |||
Buildings and Improvements | 7,959 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 10,664 | |||
Accumulated Depreciation | 591 | |||
Whole Foods: | Fort Collins, CO | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 12,500 | |||
Land | 2,664 | |||
Buildings and Improvements | 17,166 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 19,830 | |||
Accumulated Depreciation | 630 | |||
Winn-Dixie: | Baton Rouge, LA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 1,782 | |||
Buildings and Improvements | 3,776 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 5,558 | |||
Accumulated Depreciation | 149 | |||
Winn-Dixie: | Walker, LA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 900 | |||
Buildings and Improvements | 3,909 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 4,809 | |||
Accumulated Depreciation | 154 | |||
Woods Supermarket: | Sunrise Beach, MO | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 1,044 | |||
Buildings and Improvements | 5,005 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2015 | 6,049 | |||
Accumulated Depreciation | $ 296 |