Document and Entity Information
Document and Entity Information - USD ($) shares in Millions, $ in Billions | 12 Months Ended | ||
Dec. 31, 2018 | Mar. 14, 2019 | Jun. 29, 2018 | |
Document and Entity Information | |||
Entity Registrant Name | COLE CREDIT PROPERTY TRUST IV, INC. | ||
Entity Central Index Key | 0001498547 | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2018 | ||
Amendment Flag | false | ||
Document Fiscal Year Focus | 2018 | ||
Document Fiscal Period Focus | FY | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Shell Company | false | ||
Entity Emerging Growth Company | false | ||
Entity Small Business | false | ||
Entity common stock, shares outstanding (shares) | 311.3 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Public Float | $ 2.9 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Real estate assets: | ||
Land | $ 1,172,449 | $ 1,193,029 |
Buildings, fixtures and improvements | 3,271,592 | 3,371,563 |
Intangible lease assets | 554,868 | 589,930 |
Total real estate assets, at cost | 4,998,909 | 5,154,522 |
Less: accumulated depreciation and amortization | (597,756) | (526,976) |
Total real estate assets, net | 4,401,153 | 4,627,546 |
Loans held-for-investment, net | 89,762 | 0 |
Cash and cash equivalents | 10,533 | 4,745 |
Restricted cash | 9,141 | 9,098 |
Rents and tenant receivables, net | 81,686 | 71,859 |
Due from affiliates | 0 | 56 |
Derivative assets, revenue bonds, prepaid expenses and other assets | 16,229 | 12,351 |
Deferred costs, net | 2,087 | 3,034 |
Assets held for sale | 6,780 | 0 |
Total assets | 4,617,371 | 4,728,689 |
LIABILITIES AND STOCKHOLDERS’ EQUITY | ||
Notes payable and credit facility, net | 2,516,914 | 2,471,763 |
Accounts payable and accrued expenses | 25,014 | 24,635 |
Due to affiliates | 5,156 | 1,984 |
Intangible lease liabilities, net | 36,418 | 45,572 |
Distributions payable | 16,518 | 16,531 |
Deferred rental income and other liabilities | 16,254 | 11,539 |
Total liabilities | 2,616,274 | 2,572,024 |
Commitments and contingencies | ||
Redeemable common stock and noncontrolling interest | 184,247 | 186,453 |
STOCKHOLDERS’ EQUITY | ||
Preferred stock, $0.01 par value per share; 10,000,000 shares authorized, none issued and outstanding | 0 | 0 |
Common stock, $0.01 par value per share; 490,000,000 shares authorized, 311,381,396 and 311,582,319 shares issued and outstanding as of December 31, 2018 and 2017, respectively | 3,114 | 3,116 |
Capital in excess of par value | 2,607,330 | 2,607,300 |
Accumulated distributions in excess of earnings | (804,617) | (646,834) |
Accumulated other comprehensive income | 11,023 | 6,630 |
Total stockholders’ equity | 1,816,850 | 1,970,212 |
Total liabilities, redeemable common stock, noncontrolling interest and stockholders’ equity | $ 4,617,371 | $ 4,728,689 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Dec. 31, 2018 | Dec. 31, 2017 |
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) | 311,381,396 | 311,582,319 |
Common stock, shares outstanding (shares) | 311,381,396 | 311,582,319 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Revenues: | |||
Rental income | $ 371,235 | $ 371,929 | $ 356,126 |
Tenant reimbursement income | 58,401 | 52,166 | 51,325 |
Interest income | 1,640 | 0 | 0 |
Total revenues | 431,276 | 424,095 | 407,451 |
Operating expenses: | |||
General and administrative | 14,127 | 13,716 | 12,502 |
Property operating | 30,267 | 29,777 | 23,176 |
Real estate tax | 37,898 | 37,489 | 35,063 |
Advisory fees and expenses | 43,399 | 44,072 | 41,926 |
Transaction-related | 2,601 | 1,599 | 4,191 |
Depreciation and amortization | 140,979 | 141,392 | 134,672 |
Impairment | 32,975 | 2,855 | 6,737 |
Total operating expenses | 302,246 | 270,900 | 258,267 |
Gain on disposition of real estate, net | 6,299 | 17,044 | 2,907 |
Operating income | 135,329 | 170,239 | 152,091 |
Other income (expense): | |||
Interest expense and other, net | (97,917) | (90,688) | (79,465) |
Loss recognized on equity interest remeasured to fair value | 0 | 0 | (647) |
Total other income (expense) | (97,917) | (90,688) | (80,112) |
Net income | 37,412 | 79,551 | 71,979 |
Net income allocated to noncontrolling interest | 134 | 131 | 137 |
Net income attributable to the Company | $ 37,278 | $ 79,420 | $ 71,842 |
Weighted average number of common shares outstanding: | |||
Basic and diluted (shares) | 311,478,665 | 311,677,149 | 311,863,844 |
Net income per common share: | |||
Basic and diluted (USD per share) | $ 0.12 | $ 0.25 | $ 0.23 |
Consolidated Statement of Compr
Consolidated Statement of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Statement of Comprehensive Income [Abstract] | |||
Net income | $ 37,412 | $ 79,551 | $ 71,979 |
Other comprehensive income: | |||
Unrealized gain (loss) on interest rate swaps | 8,210 | 4,551 | (4,422) |
Amount of (gain) loss reclassified from other comprehensive income into income as interest expense and other, net | (4,305) | 3,103 | 8,757 |
Total other comprehensive income | 3,905 | 7,654 | 4,335 |
Comprehensive income | 41,317 | 87,205 | 76,314 |
Comprehensive income allocated to noncontrolling interest | 134 | 131 | 137 |
Comprehensive income attributable to the Company | $ 41,183 | $ 87,074 | $ 76,177 |
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 Income |
Balance (shares) at Dec. 31, 2015 | 312,093,211 | ||||
Balance at Dec. 31, 2015 | $ 2,196,554 | $ 3,121 | $ 2,607,367 | $ (408,575) | $ (5,359) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Issuance of common stock (shares) | 11,234,006 | ||||
Issuance of common stock | 109,166 | $ 112 | 109,054 | ||
Distributions declared on common stock — $0.625 per common share | (194,834) | (194,834) | |||
Offering costs related to DRIP Offerings | (68) | (68) | |||
Redemptions of common stock (shares) | (11,510,213) | ||||
Redemptions of common stock | (110,655) | $ (115) | (110,540) | ||
Changes in redeemable common stock | 1,491 | 1,491 | |||
Comprehensive income | 76,177 | 71,842 | 4,335 | ||
Balance (shares) at Dec. 31, 2016 | 311,817,004 | ||||
Balance at Dec. 31, 2016 | 2,077,831 | $ 3,118 | 2,607,304 | (531,567) | (1,024) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Issuance of common stock (shares) | 10,095,437 | ||||
Issuance of common stock | 101,344 | $ 101 | 101,243 | ||
Distributions declared on common stock — $0.625 per common share | (194,687) | (194,687) | |||
Redemptions of common stock (shares) | (10,330,122) | ||||
Redemptions of common stock | (103,675) | $ (103) | (103,572) | ||
Changes in redeemable common stock | 2,325 | 2,325 | |||
Comprehensive income | $ 87,074 | 79,420 | 7,654 | ||
Balance (shares) at Dec. 31, 2017 | 311,582,319 | 311,582,319 | |||
Balance at Dec. 31, 2017 | $ 1,970,212 | $ 3,116 | 2,607,300 | (646,834) | 6,630 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Issuance of common stock (shares) | 9,615,850 | ||||
Issuance of common stock | 91,764 | $ 96 | 91,668 | ||
Equity-based compensation (shares) | 14,008 | ||||
Equity-based compensation | 33 | 33 | |||
Distributions declared on common stock — $0.625 per common share | (194,573) | (194,573) | |||
Redemptions of common stock (shares) | (9,830,781) | ||||
Redemptions of common stock | (93,830) | $ (98) | (93,732) | ||
Changes in redeemable common stock | 2,061 | 2,061 | |||
Comprehensive income | $ 41,183 | 37,278 | 3,905 | ||
Balance (shares) at Dec. 31, 2018 | 311,381,396 | 311,381,396 | |||
Balance at Dec. 31, 2018 | $ 1,816,850 | $ 3,114 | $ 2,607,330 | $ (804,617) | $ 11,023 |
Consolidated Statements of St_2
Consolidated Statements of Stockholders' Equity (Parenthetical) - $ / shares | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Statement of Stockholders' Equity [Abstract] | |||
Distributions declared per common share (USD per share) | $ 0.625 | $ 0.625 | $ 0.625 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | |
Cash flows from operating activities: | |||
Net income | $ 37,412 | $ 79,551 | $ 71,979 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization, net | 139,330 | 139,253 | 133,549 |
Amortization of deferred financing costs | 5,351 | 5,313 | 5,711 |
Amortization of fair value adjustments of mortgage notes payable assumed | (88) | (86) | (84) |
Amortization and (accretion) on deferred loan fees | (268) | 0 | 0 |
Equity-based compensation | 33 | 0 | 0 |
Straight-line rental income | (8,077) | (10,082) | (11,555) |
Bad debt expense | 522 | 1,908 | 9 |
Equity in income of unconsolidated joint venture | 0 | 0 | (615) |
Return on investment from unconsolidated joint venture | 0 | 0 | 615 |
Gain on disposition of real estate assets, net | (6,299) | (17,044) | (2,907) |
Impairment of real estate assets | 32,975 | 2,855 | 6,737 |
Fair value adjustment to contingent consideration | 0 | (337) | (2,667) |
Ineffectiveness of interest rate swaps | 0 | (488) | 0 |
Write-off of deferred financing costs | 46 | 896 | 0 |
Loss recognized on equity interest remeasured to fair value | 0 | 0 | 647 |
Changes in assets and liabilities: | |||
Rents and tenant receivables | (2,432) | 862 | (4,023) |
Prepaid expenses and other assets | (833) | (67) | (884) |
Accounts payable and accrued expenses | 14 | (192) | 958 |
Deferred rental income and other liabilities | 4,921 | (70) | (4,883) |
Due from affiliates | 56 | 2 | (11) |
Due to affiliates | 3,172 | (3,349) | (280) |
Net cash provided by operating activities | 205,835 | 198,925 | 192,296 |
Cash flows from investing activities: | |||
Investment in real estate assets and capital expenditures | (19,202) | (320,700) | (219,502) |
Origination of loans held-for-investment | (89,295) | 0 | 0 |
Origination fees received on loans held-for-investment | 185 | 0 | 0 |
Investment in revenue bonds | 0 | (2,081) | 0 |
Return of investment in unconsolidated joint venture | 0 | 0 | 1,033 |
Acquisition of unconsolidated joint venture partner’s interest | 0 | 0 | (1,626) |
Net proceeds from disposition of real estate assets | 64,180 | 99,013 | 30,811 |
Payment of property escrow deposits | (1,100) | (11,472) | (5,854) |
Refund of property escrow deposits | 1,100 | 11,722 | 6,604 |
Proceeds from the settlement of insurance claims | 240 | 132 | 788 |
Net cash used in investing activities | (43,892) | (223,386) | (187,746) |
Cash flows from financing activities: | |||
Redemptions of common stock | (93,830) | (103,675) | (110,655) |
Offering costs related to DRIP Offerings | 0 | 0 | (68) |
Distributions to stockholders | (102,822) | (93,310) | (85,740) |
Proceeds from notes payable and credit facility | 268,000 | 1,572,706 | 493,420 |
Repayments of notes payable and credit facility, net of swap termination payments received | (227,181) | (1,341,617) | (313,426) |
Payment of loan deposits | 0 | (1,139) | (3,378) |
Refund of loan deposits | 0 | 1,064 | 3,378 |
Deferred financing costs paid | 0 | (13,228) | (3,344) |
Distributions to noncontrolling interest | (279) | (291) | (269) |
Earnout liability paid | 0 | 0 | (1,264) |
Net cash (used in) provided by financing activities | (156,112) | 20,510 | (21,346) |
Net increase (decrease) in cash and cash equivalents and restricted cash | 5,831 | (3,951) | (16,796) |
Cash and cash equivalents and restricted cash, beginning of period | 13,843 | 17,794 | 34,590 |
Cash and cash equivalents and restricted cash, end of period | 19,674 | 13,843 | 17,794 |
Reconciliation of cash and cash equivalents and restricted cash to the consolidated balance sheets: | |||
Cash and cash equivalents | 10,533 | 4,745 | 9,754 |
Restricted cash | $ 9,141 | $ 9,098 | $ 8,040 |
Organization and Business
Organization and Business | 12 Months Ended |
Dec. 31, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
ORGANIZATION AND BUSINESS | ORGANIZATION AND BUSINESS Cole Credit Property Trust IV, Inc. (the “Company”) is a non-exchange traded real estate investment trust (“REIT”) formed as a Maryland corporation, incorporated on July 27, 2010, that elected to be taxed, and currently qualifies, as a REIT for U.S. federal income tax purposes beginning with its taxable year ended December 31, 2012. Substantially all of the Company’s business is conducted through Cole Operating Partnership IV, LP, a Delaware limited partnership, of which the Company is the sole general partner and owns, directly or indirectly, 100% of the partnership interests. The Company is externally managed by Cole REIT Management IV, LLC, a Delaware limited liability company (“CR IV Management”) (formerly known as Cole REIT Advisors IV, LLC), an affiliate of CIM Group, LLC (“CIM”), a vertically-integrated owner and operator of real assets with multidisciplinary expertise and in-house research, acquisition, credit analysis, development, finance, leasing, and asset management capabilities headquartered in Los Angeles, California with offices in Oakland, California; Bethesda, Maryland; Dallas, Texas; New York, New York; Chicago, Illinois; and Phoenix, Arizona. On February 1, 2018, CIM acquired CCO Group, LLC and its subsidiaries (collectively, “CCO Group”) from VEREIT Operating Partnership, L.P. (“VEREIT OP”), a subsidiary of VEREIT, Inc. (“VEREIT”) (the “Transaction”). CCO Group, LLC owns and controls CR IV Management, the Company’s advisor, and is the indirect owner of CCO Capital, LLC (“CCO Capital”), the Company’s dealer manager, and CREI Advisors, LLC (“CREI Advisors”), the Company’s property manager. CCO Group serves as the Company’s sponsor and as a sponsor to Cole Credit Property Trust V, Inc. (“CCPT V”), Cole Office & Industrial REIT (CCIT II), Inc. (“CCIT II”), Cole Office & Industrial REIT (CCIT III), Inc. (“CCIT III”), and CIM Income NAV, Inc. (formerly known as Cole Real Estate Income Strategy (Daily NAV), Inc.). On January 26, 2012 , 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”). The Company ceased issuing shares in the Offering on April 4, 2014. The Company registered $247.0 million of shares of common stock under the distribution reinvestment plan (the “DRIP”) (the “Initial DRIP Offering”), 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 ceased issuing shares under the Initial DRIP Offering effective as of June 30, 2016. The Company registered an additional $600.0 million of shares of common stock under the DRIP (the “Secondary DRIP Offering,” and together with the Initial DRIP Offering, the “DRIP Offerings,” and the DRIP Offerings collectively with the Offering, the “Offerings”), which was filed with the SEC on August 2, 2016 and automatically became effective with the SEC upon filing. The Company began to issue shares under the Secondary DRIP Offering on August 2, 2016 and will continue to issue shares under the Secondary DRIP Offering. The Company’s board of directors (the “Board”) establishes an updated estimated per share net asset value (“NAV”) of the Company’s common stock for purposes of assisting broker-dealers that participated in the Offering in meeting their customer account reporting obligations under National Association of Securities Dealers Conduct Rule 2340. Distributions are reinvested in shares of the Company’s common stock under the DRIP at the estimated per share NAV as determined by the Board. Additionally, the estimated per share NAV as determined by the Board serves as the per share NAV for purposes of the share redemption program. As of December 31, 2018, the estimated per share NAV was $9.37 per share, which was established on March 28, 2018 using a valuation date of December 31, 2017. On March 20, 2019, the Board established an updated estimated per share NAV of the Company’s common stock, using a valuation date of December 31, 2018, of $8.65 per share. Commencing on March 26, 2019, distributions are reinvested in shares of the Company’s common stock under the DRIP at a price of $8.65 per share. The Board establishes an updated per share NAV of the Company’s common stock on an annual basis, having previously established a per share NAV as of August 31, 2015, September 30, 2016, December 31, 2016 and December 31, 2017. The Company’s estimated per share NAVs are not audited or reviewed by its independent registered public accounting firm. As of December 31, 2018 , the Company had issued approximately 348.8 million shares of its common stock in the Offerings, including 50.5 million shares issued in the DRIP Offerings, for gross offering proceeds of $3.5 billion before organization and offering costs, selling commissions and dealer manager fees of $306.0 million . As of December 31, 2018 , the Company owned 890 properties, including nine properties owned through a consolidated joint venture arrangement (the “Consolidated Joint Venture”), comprising 26.5 million rentable square feet of commercial space located in 45 states. As of December 31, 2018 , the rentable square feet at these properties was 96.2% leased, including month-to-month agreements, if any. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2018 | |
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 accompanying 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”). VIEs are entities where investors lack sufficient equity at risk for the entity to finance its activities without additional subordinated financial support or where equity investors, as a group, lack one of the following characteristics: (a) the power to direct the activities that most significantly impact the entity’s economic performance, (b) the obligation to absorb the expected losses of the entity, or (c) the right to receive the expected returns of the entity. The Company consolidates any VIEs when it is determined to be the primary beneficiary of the VIE’s operations. For legal entities being evaluated for consolidation, the Company must first determine whether the interests that it holds and fees it receives qualify as variable interests in the entity. 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. The Company’s evaluation includes consideration of fees paid to the Company where the Company acts as a decision maker or service provider to the entity being evaluated. If the Company determines that it holds a variable interest in an entity, it evaluates whether that entity is a VIE. 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 any VIEs based on standards set forth in GAAP as described above. As of December 31, 2018 and 2017 , the Company determined that it had a controlling interest in the Consolidated Joint Venture and therefore met the GAAP requirements for consolidation. Reclassifications In November 2018, the SEC finalized the Disclosure Update Simplification Project, which eliminated Rule 3-15(a)(1) reporting of Gain or Loss on Sale of Properties by REITs. To conform with Accounting Standards Codification (“ASC”) 360, Property, Plant, and Equipment and the SEC rule change, the Company has classified the gain on dispositions of real estate assets, net in operating income in the Company’s consolidated statements of operations. This change resulted in an increase in operating income of $17.0 million and $2.9 million during the years ended December 31, 2017 and 2016, respectively. The Company adopted ASU 2017-12, as defined in “Recent Accounting Pronouncements,” during the first quarter of fiscal year 2018. Accordingly, for the year ended December 31, 2018, the Company recorded a cumulative-effect adjustment related to eliminating the separate measurement of ineffectiveness to accumulated other comprehensive income with a corresponding adjustment to the opening balance of accumulated distributions in excess of earnings of $488,000 . 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 Assets Real estate assets are stated at cost, less accumulated depreciation and amortization. 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 Site improvements 15 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; changes in anticipated holding periods; 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. During the year ended December 31, 2018 , as part of the Company’s quarterly impairment review procedures, the Company recorded impairment charges of $33.0 million related to 20 properties with revised expected holding periods and two properties with vacancies. The Company’s assessment of impairment as of December 31, 2018 was based on the most current information available to the Company, including expected holding periods. If the Company’s expected holding period for assets change, subsequent tests for impairment could result in additional impairment charges in the future. The Company can provide no assurance that material impairment charges with respect to the Company’s real estate assets will not occur in 2019 or future periods. During the year ended December 31, 2017 , the Company recorded impairment charges of $2.9 million related to four properties as a result of delinquent rental payments and two tenants who had previously filed for bankruptcy. During the year ended December 31, 2016 , two tenants filed for bankruptcy, and collectively, these tenants occupied 100% of three of the Company’s properties. The Company recorded impairment charges of $6.7 million related to the three properties during the year ended December 31, 2016 . 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 Assets for further discussion regarding real estate investment activity. Over the next 12-24 months, the Company expects to sell a portion of its anchored shopping center portfolio and certain single tenant properties. These will be sold in pools or on a standalone basis. As of December 31, 2018 , the Company intended to sell properties with a net book value of at least $2.0 billion , subject to market conditions. Assets Held for Sale When a real estate asset is identified by the Company as held for sale, the Company will cease recording depreciation and amortization of the assets related to the property and estimate its 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 is then recorded to reflect the estimated fair value of the property, net of selling costs. As of December 31, 2018 , the Company identified one property with a carrying value of $6.8 million as held for sale, which was sold subsequent to December 31, 2018 , as discussed in Note 17 — Subsequent Events. There were no assets identified as held for sale as of December 31, 2017 . Disposition of Real Estate Assets Gains and losses from dispositions are recognized once the various criteria relating to the terms of sale and any subsequent involvement by the Company with the asset sold are met. A discontinued operation includes only the disposal of a component of an entity and represents a strategic shift that has (or will have) a major effect on an entity’s financial results. The disposition of the Company’s individual properties did not qualify for discontinued operations presentation, and thus, the results of the properties that have been sold remain in operating income, and any associated gains or losses from the disposition are included in gain on disposition of real estate, net. 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 to identified intangible assets and liabilities, consisting of the value of above- and below-market leases and the value of in-place leases and other intangibles, based in each case on their respective fair values. 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 leasing commissions, legal and other related expenses 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. Prior to the adoption of ASU 2017-01 (as defined below) in April 2017, contingent consideration arrangements, including amounts funded through an escrow account, were recorded upon acquisition of the respective property at their estimated fair value, and any changes to the estimated fair value subsequent to acquisition were reflected in the accompanying consolidated statements of operations in acquisition-related fees and expenses. Upon adoption of ASU 2017-01 in April 2017, contingent consideration arrangements for asset acquisitions are recognized when the contingency is resolved. 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. In April 2017, the Company elected to early adopt Accounting Standards Update (“ASU”) No. 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business (“ASU 2017-01”), which clarifies the definition of a business by adding guidance to assist entities in evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. Beginning in April 2017, all real estate acquisitions qualified as asset acquisitions, and as such, acquisition-related fees and certain acquisition-related expenses related to these asset acquisitions are now capitalized and allocated to tangible and intangible assets and liabilities as described above. Other acquisition-related expenses, such as advisor reimbursements, continue to be expensed as incurred and are included in transaction-related expenses on the accompanying consolidated statements of operations. Prior to the adoption of ASU 2017-01 in April 2017, all of the Company’s real estate acquisitions were accounted for as business combinations and, as such, acquisition-related expenses related to these business combination acquisitions were expensed as incurred. Prior to April 2017, acquisition-related expenses included within transaction-related expenses in the Company’s consolidated statements of operations primarily consisted of legal, deed transfer and other costs related to real estate purchase transactions, including costs incurred for deals that were not consummated. The Company expects its future acquisitions to qualify as asset acquisitions and, as such, the Company will allocate the purchase price to acquired tangible assets and identified intangible assets and liabilities on a relative fair value basis. Redeemable Noncontrolling 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 (the “Option”), which became effective on June 27, 2016, whereby the Company will be required to purchase the ownership interest of the joint venture partner at fair market value. As of December 31, 2018 , the Option has not been exercised. 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 $134,000 and paid distributions of $279,000 related to the noncontrolling interest during the year ended December 31, 2018 . The Company recorded the noncontrolling interest of $2.3 million and $2.4 million as of December 31, 2018 and December 31, 2017 , respectively, as temporary equity in the mezzanine section of the consolidated balance sheets, due to the ability to exercise the Option being outside the control of the Company. Cash and Cash Equivalents and Restricted Cash Cash and cash equivalents include cash in bank accounts, as well as investments in highly-liquid money market funds. The Company deposits cash with several high quality financial institutions. These deposits are guaranteed by the Federal Deposit Insurance Company (“FDIC”) up to an insurance limit of $250,000. At times, the Company’s cash and cash equivalents may exceed federally insured levels. Although the Company bears risk on amounts in excess of those insured by the FDIC, it has not experienced and does not anticipate any losses due to the high quality of the institutions where the deposits are held. The Company had $9.1 million in restricted cash as of both December 31, 2018 and 2017 . Included in restricted cash was $3.4 million and $3.7 million held by lenders in lockbox accounts, as of December 31, 2018 and 2017 , 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 $5.7 million and $5.4 million held by lenders in escrow accounts for real estate taxes and other lender reserves for certain properties, in accordance with the associated lender’s loan agreement as of December 31, 2018 and 2017 , respectively. Loans Held-for-Investment The Company has acquired, and may continue to acquire loans related to real estate assets. The Company may acquire first, second and third mortgage loans, mezzanine loans, bridge loans, wraparound mortgage loans, construction mortgage loans on real property and loans on leasehold interest mortgages. The Company intends to hold the loans held-for-investment for the foreseeable future or until maturity. Loans held-for-investment are carried on the Company’s consolidated balance sheets at amortized cost, net of any allowance for loans receivable losses. Discounts or premiums and origination fees are amortized as a component of interest income using the effective interest method over the life of the respective loans. Loan acquisition fees paid to CR IV Management or its affiliates are expensed as incurred and are included in transaction-related expenses on the accompanying consolidated statements of operations. Generally, an allowance for loan losses is provided when management determines that the Company will be unable to collect any remaining amounts due under the loan agreement. The Company evaluates the collectability of its loans held-for-investment at least quarterly. The evaluation of collectability involves judgment, estimates, and a review of the ability of the borrower to make principal and interest payments and the underlying collateral. For the year ended December 31, 2018 , the Company recorded no impairment on its loans held-for-investment. 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 is refinanced or repaid before maturity. The presentation of all deferred financing costs, other than those associated with the revolving loan portion of the credit facility, are classified such that the debt issuance costs related to a recognized debt liability are presented on the consolidated balance sheets as a direct deduction from the carrying amount of the related debt liability rather than as an asset. Debt issuance costs related to securing a revolving line of credit are 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 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, 2018 and 2017 , the Company had $2.1 million and $3.0 million , respectively, of deferred financing costs, net of accumulated amortization, related to the revolving loan portion of the credit facility. Costs incurred in seeking financing 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 Management, and certain of its affiliates, received and will continue to receive, fees, reimbursements and compensation in connection with services provided relating to the Offerings and the acquisition, management, financing and leasing of the properties of the Company. 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 derivative instrument that is designated as a hedge is recorded as other comprehensive income. 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 the maximum amount that is 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 from leasing activities 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 earned and collectability is reasonably assured. 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. Effective January 1, 2018, the Company adopted ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606) (“ASU 2014-09”), which supersedes the revenue recognition requirements in Revenue Recognition, Accounting Standards Codification Topic 605 and requires an entity to recognize revenue in a way that depicts 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. The Company records revenue for real estate taxes and insurance reimbursed by its tenants on the leased properties, with offsetting expenses in real estate taxes and property operating expenses, respectively, within the consolidated statements of operations as the Company has concluded it is the primary obligor. The Company has identified its revenue streams as rental income from leasing arrangements and tenant reimbursement income, which are outside of the scope of Topic 606. The Company adopted ASU 2014-09 using the modified retrospective approach and determined it did not have a material impact on the Company’s consolidated financial statements. The Company continually reviews receivables related to rent, including any straight-line rent, and current and future operating expense reimbursements from tenants, and determines their 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 uncertain, the Company will record an increase in the allowance for uncollectible accounts. As of December 31, 2018 and December 31, 2017 , the Company had an allowance for uncollectible accounts of $931,000 and $1.5 million , respectively. Revenue from lending activities Interest income is comprised of interest earned on loans and the accretion and amortization of net loan origination fees and discounts. Interest income on loans is accrued as earned. 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) and Distributions 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, 2018 , 2017 or 2016 . Distributions per share are calculated based on the authorized daily distribution rate. Reportable Segment The Company’s commercial real estate assets consist of income-producing necessity retail properties that are primarily single-tenant or anchored shopping centers, which are leased to creditworthy tenants under long-term net leases. The commercial 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 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. Except as otherwise stated below, the Company is currently evaluating the effect that certain new accounting requirements may have on the Company’s accounting and related reporting and disclosures in the Company’s consolidated financial statements. In February 2016, the Financial Accounting Standards Board (the “FASB”) issued ASU No. 2016-02, Leases (Topic 842) (“ASU 2016-02”). The amendments in this update require that most lease obligations be recognized as a right of use asset with a corresponding liability on the balance sheet. The guidance also requires additional qualitative and quantitative disclosures to assess the amount, timing and uncertainty of cash flows arising from leases. ASU 2016-02 is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years, with early adoption permitted. The FASB has subsequently issued other related ASU, which amend ASU 2016-02 to provide transition practical expedients that an entity may elect to apply and other guidance. In July 2018, the FASB issued ASU No. 2018-11, Leases: Targeted Improvements, which provides companies with an additional transition option that would permit the application of ASU 2016-02 as of the adoption date rather than to all periods presented. The Company will use this transition option upon adoption of the new standard on January 1, 2019 and use the effective date as the date of initial application. Consequently, financial information will not be updated and the disclosures required under the new standard will not be provided for dates and periods before January 1, 2019. The Company has finalized its assessment of its inventory of leases that will be impacted by adoption of the new guidance. The Company will elect the “package of practical expedients,” which permits the Company to not reassess under the new standard prior conclusions about lease identification, lease classification and initial direct costs. The accounting for lease components will largely be unchanged from existing GAAP and the Company will elect the practical expedient to not separate non-lease components from lease components. The Company does not expect the adoption of ASU 2016-02 to have a material impact on the accounting treatment and disclosure of the Company’s net leases, which are the primary source of the Company’s revenues. The Company does not have material leases where it is the lessee. In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments - Credit Losses (Topic 326) (“ASU 2016-13”). ASU 2016-13 is intended to improve financial reporting requiring more timely recognition of credit losses on loans and other financial instruments that are not accounted for at fa |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2018 | |
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 under current market conditions. 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. These financial instruments are valued using Level 2 inputs. As of December 31, 2018 , the estimated fair value of the Company’s debt was $2.46 billion , compared to the carrying value of $2.53 billion . The estimated fair value of the Company’s debt as of December 31, 2017 was $2.48 billion , compared to the carrying value of $2.49 billion . 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 respective 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, 2018 and 2017 , the Company assessed the significance of the impact of the credit valuation adjustments on the overall valuation of its derivative positions and 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. Contingent consideration arrangements — The contingent consideration arrangements are carried at fair value and are valued using Level 3 inputs. The fair value of additional consideration paid in connection with the acquisition of properties subject to contingent consideration arrangements is determined based on key assumptions, including, but not limited to, rental rates, discount rates and the estimated timing and probability of successfully leasing vacant space subsequent to the Company’s acquisition of certain properties. Revenue bonds — The Company’s revenue bonds were acquired in connection with the purchase of an anchored shopping center. The bonds have a 9.0% interest rate and mature on November 1, 2044. These investments are initially recognized in derivative assets, revenue bonds, prepaid expenses and other assets on the consolidated balance sheets and are subsequently measured using amortized cost. The fair value estimates of the Company’s revenue bonds are based on assumptions that management believes market participants would use in pricing, using widely accepted valuation techniques including discounted cash flow analysis. This analysis reflects the contractual terms of the bonds, including the period to maturity, and uses unobservable market-based inputs, including discount rates ranging from 7.75% to 9.0% . As a result, the Company has determined that its revenue bonds are classified in Level 3 of the fair value hierarchy. As of December 31, 2018 , the estimated fair value of the Company’s revenue bonds was $2.0 million . The Company has these investments classified as held-to-maturity securities. The Company’s investments in revenue bonds are reviewed for impairment, including the evaluation of changes in events or circumstances that may indicate that the carrying amount of the investment may not be recoverable. Loans held-for-investment — The Company’s loans held-for-investment are recorded at cost upon origination and adjusted by net loan origination fees and discounts. The Company estimates the fair value of its loans held-for-investment by performing a present value analysis for the anticipated future cash flows using an appropriate market discount rate taking into consideration the credit risk. As a result, the Company has determined that its loans held-for-investment are classified in Level 3 of the fair value hierarchy. As of December 31, 2018 , the Company determined that the estimated fair value of its loans held-for-investment was equal to its carrying value given that the loan was originated during the fourth quarter of 2018. Other financial instruments — The Company considers the carrying values of its cash and cash equivalents, restricted cash, tenant 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 as well as 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. 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, upon disposition of the financial assets and liabilities. As of December 31, 2018 and 2017 , 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, 2018 and 2017 (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) Financial assets: Interest rate swaps $ 10,993 $ — $ 10,993 $ — Total financial assets $ 10,993 $ — $ 10,993 $ — Balance as of Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Financial assets: Interest rate swaps $ 7,324 $ — $ 7,324 $ — Total financial assets $ 7,324 $ — $ 7,324 $ — Financial liabilities: Interest rate swaps $ (206 ) $ — $ (206 ) $ — Total financial liabilities $ (206 ) $ — $ (206 ) $ — The following are reconciliations of the changes in assets and liabilities with Level 3 inputs in the fair value hierarchy for the years ended December 31, 2018 and 2017 (in thousands): Revenue Bonds Beginning Balance, December 31, 2017 $ 2,067 Payments received (23 ) Ending Balance, December 31, 2018 $ 2,044 Revenue Bonds Contingent Consideration Arrangements Beginning Balance, December 31, 2016 $ — $ (337 ) Purchases, fair value adjustments and payments made: Purchases 2,081 — Fair value adjustments — 337 Payments received (14 ) — Ending Balance, December 31, 2017 $ 2,067 $ — 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 Assets, during the year ended December 31, 2018 , real estate assets related to 22 properties totaling approximately 2.3 million square feet were deemed to be impaired and their carrying values were reduced to an estimated fair value of $332.4 million , resulting in impairment charges of $33.0 million . During the year ended December 31, 2017 , real estate assets related to four properties totaling approximately 33,000 square feet were deemed to be impaired and their carrying values were reduced to an estimated fair value of $4.3 million , resulting in impairment charges of $2.9 million . During the year ended December 31, 2016 , real estate assets related to three properties totaling approximately 24,000 square feet were deemed to be impaired and their carrying values were reduced to an estimated fair value of $4.7 million , resulting in impairment charges of $6.7 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) the number of years the property will be held; (4) property operating expenses; and (5) re-leasing assumptions, including the 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 the future performance and sustainability of the Company’s tenants. The following table presents the impairment charges by asset class recorded during the years ended December 31, 2018 , 2017 and 2016 (in thousands): Year Ended December 31, 2018 2017 2016 Asset class impaired: Land $ 6,436 $ 725 $ 1,775 Buildings, fixtures and improvements 25,299 1,734 4,678 Intangible lease assets 1,385 396 284 Intangible lease liabilities (145 ) — — Total impairment loss $ 32,975 $ 2,855 $ 6,737 |
Real Estate Assets
Real Estate Assets | 12 Months Ended |
Dec. 31, 2018 | |
Business Combinations [Abstract] | |
REAL ESTATE ASSETS | REAL ESTATE ASSETS 2018 Property Acquisition During the year ended December 31, 2018 , the Company acquired a 100% interest in one commercial property for an aggregate purchase price of $11.9 million (the “ 2018 Acquisition”), which includes $277,000 of external acquisition-related expenses that were capitalized in accordance with ASU 2017-01. Prior to the adoption of ASU 2017-01, costs related to property acquisitions were expensed as incurred. The Company funded the 2018 Asset Acquisition with net cash provided by operations and available borrowings. The following table summarizes the consideration transferred for the property purchased during the year ended December 31, 2018 (in thousands): 2018 Asset Acquisition Land $ 2,107 Buildings, fixtures and improvements 9,044 Acquired in-place leases and other intangibles (1) 1,392 Intangible lease liabilities (2) (638 ) Total purchase price $ 11,905 ______________________ (1) The amortization period for acquired in-place leases and other intangibles is 19.0 years. (2) The amortization period for acquired intangible lease liabilities is 19.0 years. 2018 Property Dispositions During the year ended December 31, 2018 , the Company disposed of 21 properties, consisting of 19 retail properties and two anchored shopping centers, excluding a related outparcel of land, for an aggregate gross sales price of $66.6 million , resulting in net proceeds of $49.1 million after closing costs and the repayment of the $15.0 million variable rate debt secured by one of the disposed properties and a gain of $6.3 million . During the year ended December 31, 2018 , $478,000 was incurred for disposition fees to CR IV Management or its affiliates in connection with the sale of the properties and the Company has no continuing involvement with these properties. The gain on sale of real estate is included in gain on disposition of real estate, net in the consolidated statements of operations. The disposition of these properties did not qualify to be reported as discontinued operations since the disposition did not represent a strategic shift that had a major effect on the Company’s operations and financial results. Accordingly, the operating results of these disposed properties are reflected in the Company’s results from continuing operations for all periods presented through their respective date of disposition. 2018 Impairment of Properties The Company performs quarterly impairment review procedures, primarily through continuous monitoring of events and changes in circumstances that could indicate that the carrying value of certain of its real estate assets may not be recoverable. See Note 2 — Summary of Significant Accounting Policies for a discussion of the Company’s accounting policies regarding impairment of real estate assets. During the year ended December 31, 2018 , 22 properties with a carrying value of $365.4 million were deemed to be impaired and their carrying values were reduced to an estimated fair value of $332.4 million , resulting in impairment charges of $33.0 million , which were recorded in the consolidated statements of operations. See Note 3 — Fair Value Measurements for a further discussion regarding these impairment charges. 2017 Property Acquisitions During the year ended December 31, 2017 , the Company acquired 42 commercial properties for an aggregate purchase price of $307.4 million (the “ 2017 Acquisitions”), of which 38 were determined to be asset acquisitions and four were accounted for as business combinations as they were acquired prior to the Company’s adoption of ASU 2017-01 in April 2017. The Company funded the 2017 Acquisitions with net cash provided by operations and available borrowings. The following table summarizes the consideration transferred for the properties purchased during the year ended December 31, 2017 (in thousands): 2017 Acquisitions Real estate assets: Purchase price of asset acquisitions $ 251,999 Purchase price of business combinations 55,386 Total purchase price of real estate assets acquired (1) $ 307,385 ____________________________________ (1) The weighted average amortization period for the 2017 Acquisitions was 16.9 years for acquired in-place leases and other intangibles, 13.6 years for acquired above-market leases and 8.5 years for acquired intangible lease liabilities. During the year ended December 31, 2017 , the Company acquired a 100% interest in 38 commercial properties for an aggregate purchase price of $252.0 million , which were accounted for as asset acquisitions (the “2017 Asset Acquisitions”). The aggregate purchase price includes $6.1 million of external acquisition-related expenses that were capitalized in accordance with ASU 2017-01. Prior to the adoption of ASU 2017-01, costs related to property acquisitions were expensed as incurred. The following table summarizes the purchase price allocation for the 2017 Asset Acquisitions purchased during the year ended December 31, 2017 (in thousands): 2017 Asset Acquisitions Land $ 32,919 Buildings, fixtures and improvements 177,682 Acquired in-place leases and other intangibles 39,257 Acquired above-market leases 3,624 Revenue bonds 2,081 Intangible lease liabilities (3,564 ) Total purchase price $ 251,999 During the year ended December 31, 2017 , the Company acquired a 100% interest in four commercial properties for an aggregate purchase price of $55.4 million , which were accounted for as business combinations (the “2017 Business Combination Acquisitions”). 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 allocations for the 2017 Business Combination Acquisitions purchased during the year ended December 31, 2017 (in thousands): 2017 Business Combination Acquisitions Land $ 9,873 Buildings, fixtures and improvements 41,186 Acquired in-place leases and other intangibles 5,974 Acquired above-market leases 988 Intangible lease liabilities (2,635 ) Total purchase price $ 55,386 The Company recorded revenue for the year ended December 31, 2017 of $5.1 million and net income for the year ended December 31, 2017 of $708,000 related to the 2017 Business Combination Acquisitions. In addition, the Company recorded $1.3 million of acquisition-related expenses for the year ended December 31, 2017 , which is included in transaction-related expenses on the consolidated statements of operations. The following table summarizes selected financial information of the Company as if all of the 2017 Business Combination Acquisitions were completed on January 1, 2016 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, 2017 and 2016 (in thousands): Year Ended December 31, 2017 2016 Pro forma basis (unaudited): Revenue $ 424,416 $ 412,883 Net income $ 80,912 $ 71,301 The unaudited pro forma information for the year ended December 31, 2017 was adjusted to exclude $1.3 million of acquisition-related fees and expenses recorded during the year ended December 31, 2017 related to the 2017 Business Combination Acquisitions. Accordingly, these costs were instead recognized in the unaudited pro forma information for the year ended December 31, 2016. 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 2016, nor does it purport to represent the results of future operations. 2017 Property Dispositions During the year ended December 31, 2017 , the Company disposed of 14 retail properties and one industrial property for an aggregate gross sales price of $100.6 million , resulting in net proceeds of $65.9 million after closing costs and the repayment of the $33.0 million variable rate debt secured by one of the disposed properties and a gain of $17.0 million . No disposition fees were paid to CR IV Management or its affiliates in connection with the sale of the properties and the Company has no continuing involvement with these properties. The gain on sale of real estate is included in gain (loss) on disposition of real estate, net in the consolidated statements of operations. The disposition of these properties did not qualify to be reported as discontinued operations since the disposition did not represent a strategic shift that had a major effect on the Company’s operations and financial results. Accordingly, the operating results of these disposed properties are reflected in the Company’s results from continuing operations for all periods presented through their respective date of disposition. 2017 Impairment of Properties During the year ended December 31, 2017 , four properties with a carrying value of $7.2 million were deemed to be impaired and their carrying values were reduced to an estimated fair value of $4.3 million , resulting in impairment charges of $2.9 million , which were recorded in the consolidated statements of operations. See Note 3 — Fair Value Measurements for a further discussion regarding these impairment charges. 2016 Property Acquisitions and Unconsolidated Joint Venture During the year ended December 31, 2016 , the Company acquired 15 commercial properties for an aggregate purchase price of $216.7 million (the “2016 Acquisitions”). The 2016 Acquisitions were accounted for as business combinations. The Company funded the 2016 Acquisitions with net proceeds from the DRIP 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 allocations for the 2016 Acquisitions (in thousands): 2016 Acquisitions Land $ 48,317 Buildings, fixtures and improvements 149,859 Acquired in-place leases and other intangibles (1) 18,100 Acquired above-market leases (2) 3,764 Intangible lease liabilities (3) (3,388 ) Total purchase price $ 216,652 ____________________________________ (1) The weighted average amortization period for acquired in-place leases and other intangibles was 7.6 years. (2) The weighted average amortization period for acquired above-market leases was 6.0 years. (3) The weighted average amortization period for acquired intangible lease liabilities was 6.4 years. During the year ended December 31, 2016 , the Company acquired the joint venture partner’s (the “Unconsolidated Joint Venture Partner”) approximately 10% interest in a multi-tenant property comprising 176,000 rentable square feet of commercial space (the “Unconsolidated Joint Venture”). The Company has determined that this transaction qualified as a business combination to be accounted for under the acquisition method. Accordingly, the assets and liabilities of this transaction were recorded in the Company’s consolidated balance sheets at their estimated fair value as of the acquisition date. The fair value of the assets acquired, liabilities assumed and equity interests were estimated using significant assumptions consistent with the Company’s policy concerning the allocation of the purchase price of real estate assets, including current market rental rates, rental growth rates, capitalization and discount rates, interest rates and other variables. The results of this transaction are included in the Company’s consolidated statements of operations beginning September 22, 2016. The following table summarizes the transaction related to the business combination, including the amounts recognized for assets acquired and liabilities assumed, as indicated (in thousands): September 22, 2016 Carrying value of the Company’s equity interest before business combination (1) $ 18,952 Fair value of amounts recognized for assets acquired and liabilities assumed: Land 4,535 Buildings, fixtures and improvements 11,826 Acquired in-place leases and other intangibles 1,296 Acquired above-market leases 1,130 Intangible lease liabilities (597 ) Other assets and liabilities 115 Total net assets 18,305 Loss recognized on equity interest remeasured to fair value $ (647 ) ____________________________________ (1) Includes $1.6 million of cash paid to the Unconsolidated Joint Venture Partner. The Company recorded revenue for the year ended December 31, 2016 of $10.7 million and a net loss for the year ended December 31, 2016 of $1.4 million related to the 2016 Acquisitions, as well as the acquisition of the Unconsolidated Joint Venture Partner’s approximately 10% interest in the Unconsolidated Joint Venture. The following table summarizes selected financial information of the Company as if all of the 2016 Acquisitions, as well as the acquisitions of the Unconsolidated Joint Venture Partner’s approximately 10% interest in the Unconsolidated Joint Venture, were completed on January 1, 2015 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, 2016 and 2015 (in thousands): Year Ended December 31, 2016 2015 Pro forma basis (unaudited): Revenue $ 418,798 $ 389,780 Net income $ 74,052 $ 64,662 The unaudited pro forma information for the year ended December 31, 2016 was adjusted to exclude $4.2 million of acquisition-related fees and expenses recorded during the year ended December 31, 2016 . Accordingly, these costs were instead recognized in the unaudited pro forma information for the year ended December 31, 2015 . 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 2015 , nor does it purport to represent the results of future operations. 2016 Property Dispositions During the year ended December 31, 2016 , the Company disposed of four retail properties and one anchored shopping center for an aggregate gross sales price of $31.6 million , resulting in net proceeds of $30.8 million after closing costs and a gain of $2.9 million . No disposition fees were paid to CR IV Management or its affiliates in connection with the sale of the properties and the Company has no continuing involvement with these properties. The gain on sale of real estate is included in gain (loss) on disposition of real estate, net in the consolidated statements of operations for all periods presented. The disposition of these properties did not qualify to be reported as discontinued operations since the disposition did not represent a strategic shift that had a major effect on the Company’s operations and financial results. Accordingly, the operating results of these disposed properties are reflected in the Company’s results from continuing operations for all periods presented through their respective date of disposition. 2016 Impairment of Properties During the year ended December 31, 2016 , three properties with a carrying value of $11.4 million were deemed to be impaired and their carrying values were reduced to an estimated fair value of $4.7 million , resulting in impairment charges of $6.7 million , which were recorded in the consolidated statement of operations. See Note 3 — Fair Value Measurements for a further discussion on these impairment charges. Consolidated Joint Venture As of December 31, 2018 , the Company had an interest in a Consolidated Joint Venture that owns and manages nine properties, with total assets of $50.9 million , which included $9.3 million of land, $42.0 million of buildings and improvements, and $5.6 million of intangible lease assets, net of accumulated depreciation and amortization of $6.9 million , and total liabilities of $789,000 . The Consolidated Joint Venture does not have any debt outstanding as of December 31, 2018 . The Company has the ability to control operating and financial policies of the Consolidated Joint Venture. There are restrictions on the use of these assets as the Company would generally be required to obtain the partner’s (the “Consolidated Joint Venture Partner”) approval in accordance with the joint venture agreement for any major transactions. The Company and the Consolidated Joint Venture Partner are subject to the provisions of the joint venture agreement, which includes provisions for when additional contributions may be required to fund certain cash shortfalls. |
Intangible Lease Assets and Lia
Intangible Lease Assets and Liabilities | 12 Months Ended |
Dec. 31, 2018 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
INTANGIBLE LEASE ASSETS AND LIABILITIES | INTANGIBLE LEASE ASSETS AND LIABILITIES Intangible lease assets and liabilities consisted of the following as of December 31, 2018 and 2017 (in thousands, except weighted average life remaining): As of December 31, 2018 2017 Intangible lease assets: In-place leases and other intangibles, net of accumulated amortization of $184,532 and $166,874, respectively (with a weighted average life remaining of 10.1 years and 10.5 years, respectively) $ 307,895 $ 355,683 Acquired above-market leases, net of accumulated amortization of $27,979 and $25,626, respectively (with a weighted average life remaining of 8.4 years and 8.7 years, respectively) 34,462 41,747 Total intangible lease assets, net $ 342,357 $ 397,430 Intangible lease liabilities: Acquired below-market leases, net of accumulated amortization of $34,732 and $31,330, respectively (with a weighted average life remaining of 7.2 years and 7.5 years, respectively) $ 36,418 $ 45,572 Amortization of the above-market leases is recorded as a reduction to rental revenue, and amortization expense for the in-place leases and other intangibles is included in depreciation and amortization in the accompanying consolidated statements of operations. Amortization of below-market leases is recorded as an increase to rental revenue in the accompanying consolidated statements of operations. The following table summarizes the amortization related to the intangible lease assets and liabilities for the years ended December 31, 2018 , 2017 , and 2016 (in thousands): Year Ended December 31, 2018 2017 2016 In-place lease and other intangible amortization $ 45,559 $ 46,602 $ 45,944 Above-market lease amortization $ 6,740 $ 7,304 $ 6,638 Below-market lease amortization $ 8,448 $ 9,503 $ 7,821 As of December 31, 2018 , the estimated amortization relating to the intangible lease assets and liabilities for each of the five succeeding fiscal years is as follows (in thousands): Amortization Year Ending December 31, In-Place Leases and Other Intangibles Above-Market Leases Below-Market Leases 2019 $ 37,322 $ 4,981 $ 7,316 2020 $ 35,164 $ 4,451 $ 6,501 2021 $ 31,862 $ 3,835 $ 4,398 2022 $ 29,990 $ 3,590 $ 3,710 2023 $ 26,868 $ 3,221 $ 2,899 |
Loans Held-For-Investment
Loans Held-For-Investment | 12 Months Ended |
Dec. 31, 2018 | |
Receivables [Abstract] | |
LOANS HELD-FOR-INVESTMENT | LOANS HELD-FOR-INVESTMENT During the year ended December 31, 2018 , the Company originated four junior mezzanine loans to fund the repayment of existing construction loans, as well as additional construction costs for renovation of four condominium properties, secured by a pledge of the equity interests in the portfolio of four condominium properties (the “Junior Mezzanine Loans”). The following table details overall statistics for the Company’s loans held-for-investment as of December 31, 2018 (dollar amounts in thousands): As of December 31, 2018 Number of loans 4 Principal balance $ 89,679 Net book value $ 89,762 Weighted-average interest rate (1) 17.2 % Weighted-average maximum years to maturity (2) 2.4 ____________________________________ (1) As of December 31, 2018 , the Junior Mezzanine Loans were indexed to one-month LIBOR plus an interest rate spread of 14.85% . (2) Maximum maturity assumes all extension options are exercised by the borrower, however the Company’s loans may be repaid prior to such date. Activity relating to the Company’s loans held-for-investment portfolio was as follows (dollar amounts in thousands): Principal Balance Deferred Fees / Other Items (1) Net Book Value Beginning Balance, December 31, 2017 $ — $ — $ — Loan fundings 89,295 — 89,295 Capitalized interest (2) 384 — 384 Deferred fees and other items — (185 ) (185 ) Accretion (amortization) of fees and other items — 268 268 Ending Balance, December 31, 2018 $ 89,679 $ 83 $ 89,762 ____________________________________ (1) Other items primarily consist of purchase discounts or premiums, exit fees and deferred origination expenses. (2) Represents accrued interest on loans whose terms do not require a current cash payment of interest. |
Derivative Instruments and Hedg
Derivative Instruments and Hedging Activities | 12 Months Ended |
Dec. 31, 2018 | |
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, 2018 , three of the Company’s interest rate swap agreements matured. In addition, one of the Company’s interest rate swap agreements was terminated prior to its maturity date due to the disposition of the underlying multi-tenant property. As of December 31, 2018 , the Company had seven executed 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, 2018 and 2017 (dollar amounts in thousands): Outstanding Notional Fair Value of Assets Balance Sheet Amount as of Interest Effective Maturity December 31, December 31, Location December 31, 2018 Rates (1) Dates Dates 2018 2017 Interest Rate Swaps Derivative assets, revenue bonds, prepaid expenses and other assets (2) $ 990,066 2.55% to 3.91% 10/1/2015 to 8/15/2018 3/1/2019 to 7/1/2021 $ 10,993 $ 7,324 ____________________________________ (1) The interest rates consist of the underlying index swapped to a fixed rate and the applicable interest rate spread as of December 31, 2018 . (2) As of December 31, 2017, two of the interest rate swaps, with an aggregate outstanding notional amount of $38.7 million , were in a liability position with an aggregate fair value balance of $206,000 and are included in deferred rental income and other liabilities in the accompanying consolidated balance sheets. 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 in order to hedge the variability of the anticipated cash flows on its variable rate debt. The change in fair value of the derivative instruments that are designated as hedges is recorded in other comprehensive income, 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, 2018 , 2017 , and 2016 , the amounts reclassified were a gain of $4.3 million , and losses of $3.1 million and $8.8 million , respectively. During the next 12 months, the Company estimates that an additional $5.9 million will be reclassified from other comprehensive income as a decrease to interest expense. The Company includes cash flows from interest rate swap agreements in cash flows provided by operating activities on its consolidated statements of cash flows, as the Company’s accounting policy is to present cash flows from hedging instruments in the same category in its consolidated statements of cash flows as the category for cash flows from the hedged items. The Company has agreements with each of its derivative counterparties that contain provisions 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 and accrued interest. As of December 31, 2018 , all derivatives were in an asset position. Therefore, there was no termination value as of December 31, 2018 . 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 credit quality of the Company and the respective counterparty. There were no termination events or events of default related to the interest rate swaps as of December 31, 2018 . |
Notes Payable And Credit Facili
Notes Payable And Credit Facility | 12 Months Ended |
Dec. 31, 2018 | |
Debt Disclosure [Abstract] | |
NOTES PAYABLE AND CREDIT FACILITY | NOTES PAYABLE AND CREDIT FACILITY As of December 31, 2018 , the Company had $2.5 billion of debt outstanding, including net deferred financing costs, with a weighted average years to maturity of 3.2 years and a weighted average interest rate of 3.9% . The weighted average years to maturity is computed using the scheduled repayment date as specified in each loan agreement where applicable. The weighted average interest rate is computed using the interest rate in effect until the scheduled repayment date. Should a loan not be repaid by its scheduled repayment date, the applicable interest rate will increase as specified in the respective loan agreement. The following table summarizes the debt balances as of December 31, 2018 and 2017 , and the debt activity for the year ended December 31, 2018 (in thousands): During the Year Ended December 31, 2018 Balance as of December 31, 2017 Debt Issuances and Assumptions (1) Repayments and Modifications Accretion and (Amortization) Balance as of December 31, 2018 Fixed rate debt $ 1,217,377 $ — $ (39,211 ) $ — $ 1,178,166 Variable rate debt 20,500 — — — 20,500 Credit facility 1,251,000 268,000 (188,000 ) — 1,331,000 Total debt 2,488,877 268,000 (227,211 ) — 2,529,666 Net premiums (2) 419 — — (88 ) 331 Deferred costs - credit facility (3) (8,828 ) — — 2,097 (6,731 ) Deferred costs - fixed rate debt (8,705 ) — 46 2,307 (6,352 ) Total debt, net $ 2,471,763 $ 268,000 $ (227,165 ) $ 4,316 $ 2,516,914 ____________________________________ (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 the term portion of the Credit Facility (as defined below). As of December 31, 2018 , the fixed rate debt outstanding of $1.2 billion included $178.4 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 2.6% to 5.0% per annum. The fixed rate debt outstanding matures on various dates from September 1, 2019 through October 1, 2025 . The aggregate balance of gross real estate assets, net of gross intangible lease liabilities, securing the fixed rate debt outstanding was $2.1 billion as of December 31, 2018 . 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, 2018 , the variable rate debt outstanding of $20.5 million had a weighted average interest rate of 5.6% . The variable rate debt outstanding matures on February 26, 2020 . With respect to the Company’s $49.8 million of debt maturing within the next year, the Company expects to use borrowings available under the Credit Facility or enter into new financing arrangements in order to meet its debt obligations. The aggregate balance of gross real estate assets, net of gross intangible lease liabilities, securing the variable rate debt outstanding was $40.8 million as of December 31, 2018 . Credit Facility The Company has a second amended and restated unsecured credit agreement (the “Second Amended and Restated Credit Agreement”) with JPMorgan Chase Bank, N.A. as administrative agent (“JPMorgan Chase”), and the other lenders party thereto that provides for borrowings of up to $1.40 billion , which includes a $1.05 billion unsecured term loan (the “Term Loan”) and up to $350.0 million in unsecured revolving loans (the “Revolving Loans” and collectively, with the Term Loan, the “Credit Facility”). The Term Loan matures on March 15, 2022 and the Revolving Loans mature on March 15, 2021 ; however, the Company has the right to extend the maturity date of the Revolving Loans to March 15, 2022 . Depending upon the type of loan specified and overall leverage ratio, the Credit Facility bears interest at (i) the one-month, two-month, three-month or six-month LIBOR multiplied by the statutory reserve rate (the “Eurodollar Rate”) plus an interest rate spread ranging from 1.65% to 2.25% or (ii) a base rate, ranging from 0.65% to 1.25% , plus the greater of: (a) JPMorgan Chase’s Prime Rate; (b) the Federal Funds Effective Rate (as defined in the Second 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, 2018 , the Revolving Loans outstanding totaled $281.0 million at a weighted average interest rate of 4.2% . As of December 31, 2018 , the Term Loan outstanding totaled $1.05 billion , $811.7 million of which is subject to interest rate swap agreements (the “Swapped Term Loan”). The interest rate swap agreements had the effect of fixing the Eurodollar Rate per annum of the Swapped Term Loan at an all-in rate of 3.8% . As of December 31, 2018 , the Company had $1.33 billion outstanding under the Credit Facility at a weighted average interest rate of 4.0% and $67.2 million in unused capacity, subject to borrowing availability. The Second 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 Second Amended and Restated Credit Agreement requires the Company to maintain a minimum consolidated net worth greater than or equal to the sum of (i) $2.0 billion plus (ii) 75% of the equity issued minus (iii) the aggregate amount of any redemptions or similar transaction from the date of the Second Amended and Restated Credit Agreement, a leverage ratio less than or equal to 60% , a fixed charge coverage ratio greater than 1.50 , an unsecured debt to unencumbered asset value ratio equal to or less than 60% , an unsecured debt service coverage ratio greater than 1.75 , a secured debt ratio equal to or less than 40% and the amount of secured debt that is recourse debt at no greater than 15% of total asset value. The Company believes it was in compliance with the financial covenants under the Second Amended and Restated Credit Agreement, as well as the financial covenants under the Company’s various fixed and variable rate debt agreements, as of December 31, 2018 . Maturities The following table summarizes the scheduled aggregate principal repayments for the Company’s outstanding debt as of December 31, 2018 for each of the five succeeding fiscal years and the period thereafter (in thousands): Year Ending December 31, Principal Repayments 2019 $ 49,799 2020 318,215 2021 381,603 2022 1,092,464 2023 491,375 Thereafter 196,210 Total $ 2,529,666 |
Supplemental Cash Flow Disclosu
Supplemental Cash Flow Disclosures | 12 Months Ended |
Dec. 31, 2018 | |
Supplemental Cash Flow Elements [Abstract] | |
SUPPLEMENTAL CASH FLOW DISCLOSURES | SUPPLEMENTAL CASH FLOW DISCLOSURES Supplemental cash flow disclosures for the years ended December 31, 2018 , 2017 and 2016 are as follows (in thousands): Year Ended December 31, 2018 2017 2016 Supplemental Disclosures of Non-Cash Investing and Financing Activities: Distributions declared and unpaid $ 16,518 $ 16,531 $ 16,498 Accrued capital expenditures $ 557 $ 192 $ 675 Common stock issued through distribution reinvestment plan $ 91,764 $ 101,344 $ 109,166 Change in fair value of interest rate swaps $ 3,875 $ 7,654 $ 4,335 Contingent consideration recorded upon property acquisitions $ — $ — $ 332 Consolidation of real estate joint venture $ — $ — $ 18,305 Supplemental Cash Flow Disclosures: Interest paid $ 93,424 $ 85,140 $ 74,034 Cash paid for income taxes $ 1,475 $ 1,555 $ 1,887 |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2018 | |
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. 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, 2018 | |
Related Party Transactions [Abstract] | |
RELATED-PARTY TRANSACTIONS AND ARRANGEMENTS | RELATED-PARTY TRANSACTIONS AND ARRANGEMENTS The Company has incurred fees and expenses payable to CR IV Management and certain of its affiliates in connection with the acquisition, management and disposition of its assets. Acquisition fees and expenses The Company pays CR IV Management or its affiliates 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. In addition, the Company reimburses CR IV Management or its affiliates 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, unless otherwise approved by a majority of the Board, including a majority of the Company’s independent directors, as commercially competitive, fair and reasonable to the Company. Advisory fees and expenses The Company pays CR IV Management a monthly advisory fee based upon the Company’s monthly average invested assets, which, effective January 1, 2018, is based on the estimated market value of such assets used to determine the Company’s estimated per share NAV as of December 31, 2017, as discussed in Note 1 — Organization and Business, and for those assets acquired subsequent to December 31, 2017, is based on the purchase price. The monthly advisory fee is equal to the following amounts: (1) an annualized rate of 0.75% paid on the Company’s average invested assets that are between $0 and $2.0 billion ; (2) an annualized rate of 0.70% paid on the Company’s average invested assets that are between $2.0 billion and $4.0 billion ; and (3) an annualized rate of 0.65% paid on the Company’s average invested assets that are over $4.0 billion . Operating expenses The Company reimburses CR IV Management or its affiliates for certain expenses CR IV Management 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 Management or its affiliates for any amount by which the 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 excluding 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 CR IV Management or its affiliates for the salaries and benefits paid to personnel in connection with the services for which CR IV Management receives acquisition fees, and the Company will not reimburse CR IV Management for salaries and benefits paid to the Company’s executive officers. Disposition fees If CR IV Management 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 Management 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 third parties on the sale of such property, not to exceed 1.0% of the contract price of the property sold; provided, however, in no event may the total disposition fees paid to CR IV Management, its affiliates and 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. Subordinated performance fees If the Company is sold or its assets are liquidated, CR IV Management will be entitled to receive a subordinated performance fee equal to 15.0% of the net sale proceeds remaining after stockholders have received, from regular distributions plus special distributions paid from proceeds of such sale, 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 Management 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 stockholders and the amount of distributions necessary to generate an 8.0% annual cumulative, non-compounded return to stockholders. As an additional alternative, upon termination of the advisory agreement, CR IV Management may be entitled to a subordinated performance fee similar to the fee to which CR IV Management 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, 2018 , 2017 and 2016 , no subordinated performance fees were incurred related to any such events. The Company recorded fees and expense reimbursements as shown in the table below for services provided by CR IV Management or its affiliates related to the services described above during the periods indicated (in thousands): Year Ended December 31, 2018 2017 2016 Acquisition fees and expenses $ 2,749 $ 6,532 $ 4,960 Disposition fees $ 478 $ — $ — Advisory fees and expenses $ 43,399 $ 44,072 $ 41,926 Operating expenses $ 5,163 $ 4,494 $ 4,119 Of the amounts shown above, $5.2 million and $2.0 million had been incurred, but not yet paid, for services provided by CR IV Management or its affiliates in connection with the acquisition, disposition and operations activities during the years ended December 31, 2018 and 2017 , respectively, and such amounts were recorded as liabilities of the Company as of such dates. Due to/from Affiliates As of December 31, 2018 and 2017 , $5.2 million and $2.0 million , respectively, had been incurred primarily for advisory fees and operating expenses by CR IV Management 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 for such periods. As of December 31, 2017 , $56,000 was due from CR IV Management or its affiliates related to amounts received by affiliates of the advisor which were due to the Company. No such amounts were due to the Company as of December 31, 2018 . |
Economic Dependency
Economic Dependency | 12 Months Ended |
Dec. 31, 2018 | |
Economic Dependency [Abstract] | |
ECONOMIC DEPENDENCY | ECONOMIC DEPENDENCY Under various agreements, the Company has engaged and may in the future engage CR IV Management or 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, as well as other administrative responsibilities for the Company including accounting services and stockholder relations. As a result of these relationships, the Company is dependent upon CR IV Management or 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. Services Agreement VEREIT OP, a former affiliated entity of the Company’s sponsor, is obligated to provide certain services to CCO Group and to the Company, including operational real estate support (the “Services Agreement”) through March 31, 2019 (or, if later, the date of the last government filing other than a tax filing made by the Company, CCPT V, CCIT II, CCIT III and/or CIM Income NAV with respect to its 2018 fiscal year) (the “Initial Services Term”), and is obligated to provide consulting and research services through December 31, 2023 as requested by CCO Group, LLC. The services provided by VEREIT OP during the Initial Services Term, including but not limited to any advisory, dealer manager and property management services, have been, or by March 31, 2019, will be, transitioned to, and will be provided directly by, our sponsor, advisor, dealer manager or an affiliate thereof. |
Stockholders' Equity
Stockholders' Equity | 12 Months Ended |
Dec. 31, 2018 | |
Equity [Abstract] | |
STOCKHOLDERS' EQUITY | STOCKHOLDERS’ EQUITY As of December 31, 2018, 2017 and 2016, the Company was authorized to issue $600.0 million of shares of common stock under the Secondary DRIP Offering. All shares of such stock have a par value of $0.01 per share. The par value of stockholder proceeds raised from the DRIP Offerings is classified as common stock, with the remainder allocated to capital in excess of par value. 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 CR IV Management. On February 7, 2014, the ownership of such shares was transferred to VEREIT OP. Upon completion of the Transaction on February 1, 2018, the ownership of such shares was transferred by VEREIT OP to CR IV Management. Pursuant to the Company’s charter, CR IV Management is prohibited from selling the 20,000 shares of the common stock that represents the initial investment in the Company for so long as CCO Group remains the Company’s sponsor; provided, however, that CR IV Management 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. 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 at the most recent estimated per share NAV as determined by the Board. The Board may terminate or amend the Secondary 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, 2018 , 2017 and 2016 , approximately 9.6 million , 10.1 million and 11.2 million shares were purchased under the DRIP Offerings for approximately $91.8 million , $101.3 million and $109.2 million , respectively, which were recorded as redeemable common stock on the consolidated balance sheets. 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, among other things, to the net proceeds the Company receives from the sale of shares under the DRIP Offerings, net of shares redeemed to date. 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 Offerings. In accordance with the Company’s share redemption program, the per share redemption price (other than for shares purchased pursuant to the DRIP portion of the Offering and the DRIP Offerings) will depend on the length of time the redeeming stockholder has held such shares as follows: 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 portion of the Offering and the DRIP Offerings will be 100% of the most recent estimated value of each share, as determined by the Board. See the discussion of the updated estimated per share NAV of the Company’s common stock effective March 26, 2019 in Note 17 — Subsequent Events. 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 quarterly 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’ prior written notice to the stockholders. During the years ended December 31, 2018 , 2017 and 2016 , the Company redeemed approximately 9.8 million , 10.3 million and 11.5 million shares, respectively, under the share redemption program for $93.8 million , $103.7 million and $110.7 million , respectively. During the year ended December 31, 2018 , redemption requests relating to approximately 58.5 million shares went unfulfilled. Distributions Payable and Distribution Policy The Board authorized a daily distribution, based on 365 days in the calendar year, of $0.001711452 per share for stockholders of record as of the close of business on each day of the period commencing on January 1, 2018 and ending on June 30, 2019 . As of December 31, 2018 , the Company had distributions payable of $16.5 million . Equity-Based Compensation On August 10, 2018, the Board approved the adoption of the Cole Credit Property Trust IV, Inc. 2018 Equity Incentive Plan (the “Plan”), under which 400,000 of the Company’s common shares were reserved for issuance and share awards of 386,000 are available for future grant at December 31, 2018. Under the Plan, the Board or a committee designated by the Board has the authority to grant restricted stock awards or deferred stock awards to non-employee directors of the Company, which will further align such directors’ interests with the interests of the Company’s stockholders. The Board or committee also has the authority to determine the terms of any award granted pursuant to the Plan, including vesting schedules, restrictions and acceleration of any restrictions. The Plan may be amended or terminated by the Board at any time. The Plan expires on August 9, 2028. On October 1, 2018, the Company granted awards of approximately 3,500 restricted shares to each of the independent members of the Board (approximately 14,000 restricted shares in aggregate) under the Plan, which fully vest on October 1, 2019 based on one year of continuous service. As of December 31, 2018, none of the restricted shares had vested or been forfeited. The fair value of the Company’s share awards is determined using the Company’s NAV per share on the date of grant. Compensation expense related to these restricted shares is recognized over the vesting period. The Company recorded compensation expense of $33,000 for the year ended December 31, 2018 related to these restricted shares included in general and administrative expenses on the accompanying consolidated statement of operations. As of December 31, 2018, there was $98,000 of total unrecognized compensation expense related to shares which will be recognized ratably over the remaining period of service prior to October 1, 2019. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2018 | |
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 nondividend distributions. Nondividend 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, 2018 , 2017 and 2016 : Year Ended December 31, Character of Distributions: 2018 2017 2016 Ordinary dividends 52 % 51 % 53 % Nondividend distributions 48 % 42 % 46 % Capital gain distributions — % 7 % 1 % Total 100 % 100 % 100 % During the years ended December 31, 2018 , 2017 and 2016 , the Company incurred state and local income and franchise taxes of $1.4 million , $1.6 million , and $1.2 million , 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, 2018 and 2017 . 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, 2018 | |
Leases [Abstract] | |
OPERATING LEASES | OPERATING LEASES The Company’s real estate assets are leased to tenants under operating leases for which the terms and expirations vary. As of December 31, 2018 , the leases had a weighted-average remaining term of 9.1 years. Certain leases include 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 negotiated terms and conditions. The Company retains substantially all of the risks and benefits of ownership of the real estate assets leased to tenants. As of December 31, 2018 , the future minimum rental income from the Company’s real estate assets under non-cancelable operating leases, assuming no exercise of renewal options for the succeeding five fiscal years and thereafter, was as follows (in thousands): Year Ending December 31, Future Minimum Rental Income 2019 $ 352,699 2020 343,991 2021 327,661 2022 311,858 2023 284,510 Thereafter 1,718,650 Total $ 3,339,369 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, 2018 , 2017 and 2016 , the amount of the contingent rent earned by the Company was not significant. |
Quarterly Results (Unaudited)
Quarterly Results (Unaudited) | 12 Months Ended |
Dec. 31, 2018 | |
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, 2018 and 2017 (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, 2018 First Quarter Second Quarter Third Quarter Fourth Quarter Revenues $ 109,503 $ 107,395 $ 105,705 $ 108,673 Net income (loss) $ 19,073 $ 17,825 $ 14,905 $ (14,391 ) Net income (loss) attributable to the Company $ 19,039 $ 17,792 $ 14,872 $ (14,425 ) Basic and diluted net income (loss) per common share (1) $ 0.06 $ 0.06 $ 0.05 $ (0.05 ) ____________________________________ (1) The Company calculates net income 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, 2017 First Quarter Second Quarter Third Quarter Fourth Quarter Revenues $ 104,780 $ 104,504 $ 107,024 $ 107,787 Net income $ 16,251 $ 18,107 $ 29,769 $ 15,424 Net income attributable to the Company $ 16,217 $ 18,075 $ 29,736 $ 15,392 Basic and diluted net income per common share (1) $ 0.05 $ 0.06 $ 0.10 $ 0.05 ____________________________________ (1) The Company calculates net income 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, 2018 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | SUBSEQUENT EVENTS The following events occurred subsequent to December 31, 2018 : Redemption of Shares of Common Stock Subsequent to December 31, 2018 , the Company redeemed approximately 2.3 million shares pursuant to the Company’s share redemption program for $21.7 million (at an average price per share of $9.37 ). Management, in its discretion, limited the amount of shares redeemed for the three months ended December 31, 2018 to an amount equal to net proceeds the Company received from the sale of shares in the DRIP Offerings during the respective period. The remaining redemption requests received during the three months ended December 31, 2018 totaling approximately 16.1 million shares went unfulfilled. Property Disposition Subsequent to December 31, 2018 , the Company disposed of 33 commercial real estate property for a gross sales price of $109.1 million , resulting in proceeds of $105.8 million after closing costs and a gain of $5.0 million . In addition, $534,000 was incurred for disposition fees to CR IV Management or its affiliates in connection with the sale of the property and the Company has no continuing involvement with this property. Estimated Per Share NAV On March 20, 2019, the Board established an estimated per share NAV of the Company’s common stock as of December 31, 2018 , of $8.65 per share. Commencing on March 26, 2019, distributions will be reinvested in shares of the Company’s common stock under the Secondary DRIP Offering at a price of $8.65 per share. Pursuant to the terms of the Company’s share redemption program, commencing on March 26, 2019, the updated estimated per share NAV of $8.65 , as of December 31, 2018 , will serve as the most recent estimated value for purposes of the share redemption program going forward, until such time as the Board determines a new estimated per share NAV. |
Schedule III - Real Estate Asse
Schedule III - Real Estate Assets and Accumulated Depreciation | 12 Months Ended |
Dec. 31, 2018 | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract] | |
Schedule III - Real Estate Assets and Accumulated Depreciation | Initial Costs to Company Gross Amount at Buildings, Total Which Carried Accumulated Fixtures and Adjustment At December 31, 2018 Depreciation Date Date Description (a) Encumbrances Land Improvements to Basis (b) (c) (d) (e) (e) (f) (g) Acquired Constructed Real Estate Held for Investment: 10Box Cost-Plus: Conway, AR $ — $ 733 $ 1,654 $ — $ 2,387 $ 67 9/5/2017 1989 Russellville, AR — 990 1,470 — 2,460 83 3/20/2017 1989 24 Hour Fitness: Beaverton, OR (h) 2,609 9,974 — 12,583 1,070 9/30/2014 2009 Fort Worth, TX (h) 1,519 7,449 — 8,968 1,041 9/27/2013 2008 Aaron’s: Hillsboro, OH (h) 279 829 — 1,108 145 8/26/2013 2013 Mountain Home, AR (h) 183 872 — 1,055 72 10/1/2015 2015 Wilmington, OH (h) 249 1,134 — 1,383 132 2/26/2015 2014 Academy Sports: Clarksville, TN (h) 1,811 6,603 — 8,414 814 6/17/2014 2014 Cookeville, TN 49,300 — 23,847 73,371 97,218 7,274 9/30/2014 2015 Douglasville, GA (h) 1,360 8,593 — 9,953 1,046 6/12/2014 2014 Flowood, MS (h) 1,534 7,864 — 9,398 1,025 6/27/2014 2014 Greenville, NC (h) 1,968 7,054 — 9,022 419 1/12/2017 2016 McDonough, GA (h) 1,846 5,626 — 7,472 735 4/24/2014 2010 Valdosta, GA 5,838 2,482 5,922 — 8,404 991 5/10/2013 2012 Advance Auto: Corydon, IN (h) 190 1,219 — 1,409 206 10/26/2012 2012 Dearborn Heights, MI (h) 385 1,090 — 1,475 146 8/30/2013 2013 Decatur, GA (h) 606 1,053 — 1,659 147 12/20/2013 2012 Lake Geneva, WI 1,062 381 1,181 — 1,562 181 2/6/2013 2012 Lawton, OK (h) 387 1,000 — 1,387 97 6/12/2015 2005 Mattoon, IL (h) 261 1,063 — 1,324 81 12/4/2015 2015 Mt. Pleasant, IA (h) 122 1,069 — 1,191 153 4/29/2014 2013 North Ridgeville, OH (h) 218 1,284 — 1,502 219 4/13/2012 2008 Rutherfordton, NC (h) 220 944 — 1,164 131 10/22/2013 2013 Starkville, MS (h) 447 756 — 1,203 140 6/29/2012 2011 Willmar, MN (h) 200 1,279 — 1,479 123 3/25/2015 2014 Albany Square: Albany, GA 4,600 1,606 7,113 373 9,092 1,153 2/26/2014 2013 Almeda Crossing: Houston, TX (h) 4,738 26,245 375 31,358 3,155 8/7/2014 2006 Applebee’s: Lithonia, GA (h) 1,234 2,613 — 3,847 313 3/28/2014 2002 Savannah, GA (h) 818 1,686 — 2,504 204 5/22/2014 2006 At Home: Kissimmee, FL (h) 2,512 5,594 — 8,106 429 9/9/2016 1992 AutoZone: Philipsburg, PA (h) 152 1,304 — 1,456 224 7/30/2012 2010 Poughkeepsie, NY (h) 699 1,356 — 2,055 123 8/20/2015 2005 Sheffield, OH — 815 — 770 1,585 74 10/15/2014 2014 Bass Pro Shops: Tallahassee, FL (h) 945 5,713 — 6,658 867 8/20/2013 2013 Beavercreek Shopping Center: Beavercreek, OH 17,200 5,504 25,178 538 31,220 3,704 10/31/2013 2013 Initial Costs to Company Gross Amount at Buildings, Total Which Carried Accumulated Fixtures and Adjustment At December 31, 2018 Depreciation Date Date Description (a) Encumbrances Land Improvements to Basis (b) (c) (d) (e) (e) (f) (g) Acquired Constructed Bed Bath & Beyond/Golfsmith: Schaumburg, IL $ 7,300 $ 4,786 $ 6,149 $ (1,372 ) $ 9,563 $ — 3/8/2013 1997 Benihana: Golden Valley, MN (h) 1,510 2,934 — 4,444 486 8/21/2012 1980 Lauderdale by the Sea, FL (h) 2,181 2,014 — 4,195 342 8/21/2012 1971 Lombard, IL (h) 1,390 2,343 — 3,733 464 8/21/2012 1984 Woodlands, TX (h) 1,151 968 — 2,119 167 8/21/2012 2001 Big Lots: San Angelo, TX (h) 1,043 1,947 — 2,990 465 12/19/2012 2012 Waco, TX (h) 1,069 1,326 124 2,519 347 12/10/2012 2012 Biolife Plasma Services: Bellingham, WA — 2,397 6,264 — 8,661 758 11/21/2014 2014 Grandville, MI — 959 4,791 — 5,750 537 11/21/2014 2014 Loveland, CO — 651 5,645 — 6,296 620 11/21/2014 2014 Bloomington, IN — 696 3,900 — 4,596 464 6/26/2014 2014 Fort Wayne, IN — 660 3,749 — 4,409 446 6/26/2014 2013 St. Cloud, MN — 889 3,633 — 4,522 474 6/26/2014 2013 St. George, UT — 1,195 5,561 — 6,756 564 3/12/2015 2014 Waterloo, IA — 489 3,380 — 3,869 448 6/26/2014 2013 West Fargo, ND — 1,379 5,052 — 6,431 540 3/12/2015 2014 Bob Evans: Akron, OH — 447 1,537 — 1,984 81 4/28/2017 2007 Anderson, IN — 912 1,455 — 2,367 78 4/28/2017 1984 Austintown, OH — 305 1,426 — 1,731 81 4/28/2017 1995 Birch Run, MI — 733 1,192 — 1,925 66 4/28/2017 2008 Blue Ash, OH — 628 1,429 — 2,057 88 4/28/2017 1994 Chardon, OH — 333 682 — 1,015 41 4/28/2017 2003 Chillicothe, OH — 557 1,524 — 2,081 84 4/28/2017 1998 Columbus, OH — 523 1,376 — 1,899 78 4/28/2017 2003 Dayton, OH — 325 1,438 — 1,763 84 4/28/2017 1998 Eldersburg, MD — 557 876 — 1,433 47 4/28/2017 2000 Florence, KY — 496 1,876 — 2,372 107 4/28/2017 1991 Holland, MI — 314 1,367 — 1,681 77 4/28/2017 2004 Huntersville, NC — 751 657 — 1,408 36 4/28/2017 2008 Hurricane, WV — 297 1,654 — 1,951 85 4/28/2017 1993 Milford, OH — 271 1,498 — 1,769 86 4/28/2017 1987 Monroeville, PA — 1,340 848 — 2,188 44 4/28/2017 1995 Nicholasville, KY — 731 693 — 1,424 37 4/28/2017 1989 North Canton, OH — 859 1,393 — 2,252 79 4/28/2017 2006 Ripley, WV — 269 1,304 — 1,573 72 4/28/2017 1988 Tipp City, OH — 554 1,120 — 1,674 66 4/28/2017 1989 Warsaw, IN — 684 1,222 — 1,906 67 4/28/2017 1993 Bojangles: Pelham, AL (h) 219 1,216 — 1,435 149 6/30/2014 2010 Boston Commons: Springfield, MA 5,400 3,101 7,042 280 10,423 877 8/19/2014 2004 Initial Costs to Company Gross Amount at Buildings, Total Which Carried Accumulated Fixtures and Adjustment At December 31, 2018 Depreciation Date Date Description (a) Encumbrances Land Improvements to Basis (b) (c) (d) (e) (e) (f) (g) Acquired Constructed Bottom Dollar Grocery: Ambridge, PA $ — $ 519 $ 2,985 $ — $ 3,504 $ 394 11/5/2013 2012 Brownsville Plaza: Baldwin, PA — 627 2,702 — 3,329 375 2/28/2014 2012 Bryan Crossing: Kodak, TN 4,958 863 6,523 — 7,386 756 9/9/2014 2008 Buffalo Wild Wings: Idaho Falls, ID (h) 712 1,336 — 2,048 151 7/29/2014 2008 Warrenville, IL (h) 1,208 1,420 — 2,628 275 3/28/2013 2004 Woodridge, IL (h) 1,139 1,484 — 2,623 285 3/28/2013 2005 Cabela’s: Acworth, GA (h) 4,979 18,775 — 23,754 665 9/25/2017 2014 Avon, OH (h) 2,755 10,751 — 13,506 387 9/25/2017 2016 La Vista, NE (h) 3,260 16,923 — 20,183 576 9/25/2017 2006 Sun Prairie, WI (h) 3,373 14,058 — 17,431 525 9/25/2017 2015 Caliber Collision Center: Frisco, TX (h) 1,484 2,038 — 3,522 252 9/16/2014 2014 Las Cruces, NM (h) 673 1,949 — 2,622 236 3/21/2014 2014 Midwest City, OK (h) 259 1,165 — 1,424 147 2/21/2014 2013 Denver, CO (h) 855 658 — 1,513 77 6/25/2014 1975 San Antonio, TX (h) 622 832 — 1,454 97 6/4/2014 2014 Wylie, TX (h) 816 2,690 — 3,506 299 2/10/2015 2014 Camping World: Pensacola, FL (h) 2,152 3,831 — 5,983 491 4/29/2014 2014 Canton Marketplace: Canton, GA 32,000 8,310 48,667 930 57,907 9,251 3/28/2013 2009 Carlisle Crossing: Carlisle, PA — 4,491 15,817 — 20,308 2,114 9/18/2014 2006 Canarsie Plaza: Brooklyn, NY 75,000 37,970 71,267 790 110,027 10,988 12/5/2012 2011 Century Plaza: Orlando, FL (h) 3,094 6,178 797 10,069 1,095 7/21/2014 2008 Chase: Hanover Township, NJ (h) 2,192 — — 2,192 — 12/18/2013 2012 Chestnut Square: Brevard, NC 3,727 425 5,037 92 5,554 757 6/7/2013 2008 Chili’s: Forest City, NC (h) 233 1,936 — 2,169 210 9/3/2014 2003 Coosa Town Center: Gadsden, AL (h) 3,246 7,799 — 11,045 1,135 12/20/2013 2004 Cost Plus World Market: Kansas City, MO (h) 1,378 2,396 42 3,816 536 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 28,881 196 34,063 4,168 7/19/2013 2013 Coventry Crossing: Coventry, RI 6,000 3,462 5,899 59 9,420 901 9/12/2013 2008 Initial Costs to Company Gross Amount at Buildings, Total Which Carried Accumulated Fixtures and Adjustment At December 31, 2018 Depreciation Date Date Description (a) Encumbrances Land Improvements to Basis (b) (c) (d) (e) (e) (f) (g) Acquired Constructed Crosspoint: Hagerstown, MD (h) $ 12,285 $ 14,359 $ (1,024 ) $ 25,620 $ 2,049 9/30/2014 2000 Crossroads Annex: Lafayette, LA (h) 1,659 7,091 — 8,750 1,025 12/4/2013 2013 Crossroads Commons: Plover, WI (h) 1,000 4,515 75 5,590 764 12/10/2013 2012 CVS: Arnold, MO (h) 2,043 2,367 — 4,410 307 12/13/2013 2013 Asheville, NC (h) 1,108 1,084 — 2,192 191 4/26/2012 1998 Austin, TX (h) 1,076 3,475 — 4,551 448 12/13/2013 2013 Bainbridge, GA (h) 444 1,682 47 2,173 292 6/27/2012 1998 Bloomington, IN (h) 1,620 2,957 — 4,577 384 12/13/2013 2012 Blue Springs, MO (h) 395 2,722 — 3,117 353 12/13/2013 2013 Bridgeton, MO (h) 2,056 2,362 — 4,418 306 12/13/2013 2013 Cartersville, GA (h) 2,547 — — 2,547 — 10/22/2012 2009 Charleston, SC (h) 869 1,009 — 1,878 179 4/26/2012 1998 Chesapeake, VA (h) 1,044 3,053 — 4,097 404 12/13/2013 2013 Chicago, IL (h) 1,832 4,255 — 6,087 616 3/20/2013 2008 Cicero, IN (h) 487 3,099 — 3,586 401 12/13/2013 2013 Corpus Christi, TX (h) 648 2,557 — 3,205 436 4/19/2012 1998 Danville, IN (h) 424 2,105 76 2,605 253 7/16/2014 1998 Eminence, KY (h) 872 2,511 — 3,383 322 12/13/2013 2013 Florence, AL $ 1,735 1,030 1,446 — 2,476 218 3/27/2013 2000 Goose Creek, SC (h) 1,022 1,980 — 3,002 254 12/13/2013 2013 Greenwood, IN (h) 912 3,549 61 4,522 489 7/11/2013 1999 Hanover Township, NJ (h) 4,746 — — 4,746 — 12/18/2013 2012 Hazlet, NJ (h) 3,047 3,610 — 6,657 466 12/13/2013 2013 Honesdale, PA (h) 1,206 3,342 — 4,548 444 12/13/2013 2013 Independence, MO (h) 359 2,242 — 2,601 292 12/13/2013 2013 Indianapolis, IN (h) 1,110 2,484 — 3,594 322 12/13/2013 2013 Irving, TX (h) 745 3,034 — 3,779 484 10/5/2012 2000 Jacksonville, FL (h) 2,182 3,817 — 5,999 438 7/16/2014 2004 Janesville, WI (h) 736 2,545 — 3,281 330 12/13/2013 2013 Katy, TX (h) 1,149 2,462 — 3,611 312 12/13/2013 2013 Lincoln, NE (h) 2,534 3,014 — 5,548 389 12/13/2013 2013 London, KY (h) 1,445 2,661 — 4,106 362 9/10/2013 2013 Middletown, NY (h) 665 5,483 — 6,148 701 12/13/2013 2013 North Wilkesboro, NC (h) 332 2,369 — 2,701 312 10/25/2013 1999 Poplar Bluff, MO (h) 1,861 2,211 — 4,072 288 12/13/2013 2013 Salem, NH (h) 3,456 2,351 — 5,807 303 11/18/2013 2013 San Antonio, TX (h) 1,893 1,848 — 3,741 243 12/13/2013 2013 Sand Springs, OK (h) 1,765 2,283 — 4,048 298 12/13/2013 2013 Santa Fe, NM (h) 2,243 4,619 — 6,862 589 12/13/2013 2013 Sedalia, MO (h) 466 2,318 — 2,784 301 12/13/2013 2013 St. John, MO (h) 1,546 2,601 — 4,147 337 12/13/2013 2013 Temple Hills, MD (h) 1,817 2,989 — 4,806 400 9/30/2013 2001 Initial Costs to Company Gross Amount at Buildings, Total Which Carried Accumulated Fixtures and Adjustment At December 31, 2018 Depreciation Date Date Description (a) Encumbrances Land Improvements to Basis (b) (c) (d) (e) (e) (f) (g) Acquired Constructed CVS (continued): Vineland, NJ (h) $ 813 $ 2,926 $ — $ 3,739 $ 391 12/13/2013 2010 Waynesboro, VA (h) 986 2,708 — 3,694 351 12/13/2013 2013 West Monroe, LA (h) 1,738 2,136 — 3,874 279 12/13/2013 2013 Darien Towne Center: Darien, IL $ 12,200 6,718 11,951 915 19,584 2,263 12/17/2013 1994 DaVita: Riverview, MI (h) 199 2,322 — 2,521 315 9/4/2014 2012 Decatur Commons: Decatur, AL 7,000 2,478 9,333 848 12,659 1,479 7/10/2013 2004 Deltona Commons: Deltona, FL 4,767 1,424 7,760 32 9,216 1,100 6/18/2013 2007 Dick’s PetSmart Center: Oshkosh, WI (h) 1,445 6,599 (696 ) 7,348 — 9/23/2016 2015 Dick’s Sporting Goods: Oklahoma City, OK (h) 1,198 7,838 — 9,036 1,352 12/21/2012 2012 Oklahoma City, OK 5,858 685 10,587 — 11,272 1,782 12/31/2012 2012 Dollar General: Abbeville, AL (h) 294 1,302 — 1,596 148 10/3/2014 2014 Akron, AL (h) 69 771 — 840 113 8/6/2013 2013 Akron, OH (h) 112 1,099 — 1,211 159 11/1/2013 2013 Alliance, NE (h) 97 812 — 909 136 4/9/2013 2013 Alton, TX (h) 94 922 — 1,016 106 9/5/2014 2014 Arapahoe, NE (h) 44 873 — 917 102 9/5/2014 2014 Asheville, NC (h) 379 753 — 1,132 124 6/17/2013 2013 Ashville, AL — 255 678 — 933 123 12/21/2012 2012 Atmore, AL (h) 243 858 — 1,101 113 2/25/2014 2014 Bainbridge, OH (h) 106 1,175 — 1,281 182 9/13/2013 2013 Belle, MO (h) 51 880 — 931 102 9/5/2014 2014 Berry, AL (h) 104 1,196 — 1,300 139 9/26/2014 2014 Bessemer, AL (h) 142 941 — 1,083 135 9/27/2013 2013 Bloomfield, NE (h) 50 845 — 895 92 12/16/2014 2014 Blue Rapids, KS (h) 52 880 — 932 101 10/22/2014 2014 Bluefield, WV (h) 337 686 — 1,023 77 10/15/2014 2014 Bokchito, OK (h) 59 859 — 918 148 2/27/2013 2013 Botkins, OH (h) 130 991 — 1,121 150 9/27/2013 2013 Brandon, SD (h) 292 871 — 1,163 100 10/31/2014 2014 Breaux Bridge, LA — 225 1,007 — 1,232 166 11/30/2012 2012 Broken Bow, NE (h) 91 878 — 969 116 11/1/2013 2013 Brownsville, TX — 264 943 — 1,207 147 11/30/2012 2012 Buffalo, NY (h) 122 1,099 — 1,221 118 12/5/2014 2014 Clay, AL — 305 768 — 1,073 135 2/8/2013 2012 Cleveland, TX — 158 856 — 1,014 133 11/30/2012 2012 Columbus, OH (h) 279 1,248 — 1,527 181 11/7/2013 2013 Conroe, TX — 167 946 — 1,113 148 12/18/2012 2012 Initial Costs to Company Gross Amount at Buildings, Total Which Carried Accumulated Fixtures and Adjustment At December 31, 2018 Depreciation Date Date Description (a) Encumbrances Land Improvements to Basis (b) (c) (d) (e) (e) (f) (g) Acquired Constructed Dollar General (continued): Crystal Springs, MS (h) $ 463 $ 3,027 $ — $ 3,490 $ 350 8/6/2014 2013 Cullman, AL (h) 159 824 — 983 98 8/4/2014 2014 Decatur, IL (h) 133 986 — 1,119 117 6/18/2014 2014 Decatur, IL (h) 219 964 — 1,183 108 9/8/2014 2014 Delcambre, LA (h) 169 1,025 — 1,194 145 9/27/2013 2013 Delhi, LA (h) 301 1,033 — 1,334 148 8/9/2013 2013 Deridder, LA (h) 135 923 — 1,058 131 9/27/2013 2013 Deridder, LA (h) 176 905 — 1,081 130 8/9/2013 2013 Des Moines, IA (h) 166 943 — 1,109 137 8/9/2013 2012 Dora, AL (h) 124 935 — 1,059 108 9/26/2014 2014 Dundee, MI (h) 296 1,047 — 1,343 138 11/26/2013 2013 Edinburg, TX (h) 146 809 — 955 98 7/31/2014 2014 Eight Mile, AL (h) 110 865 — 975 106 6/23/2014 2014 Elk Point, SD (h) 97 839 — 936 99 9/22/2014 2014 Ellerslie, GA (h) 247 797 — 1,044 102 4/17/2014 2014 Eufaula, AL (h) 300 930 — 1,230 112 7/22/2014 2014 Farmington, NM (h) 175 919 — 1,094 106 8/22/2014 2014 Fort Valley, GA (h) 514 2,436 — 2,950 381 7/9/2013 2013 Fred, TX (h) 93 929 — 1,022 126 12/19/2013 2013 Fruitport, MI (h) 100 968 — 1,068 112 6/25/2014 2014 Geneva, AL $ — 204 815 — 1,019 146 12/21/2012 2012 Geraldine, AL (h) 220 1,146 — 1,366 144 5/30/2014 2014 Greenwell Springs, LA — 444 841 — 1,285 141 11/30/2012 2012 Groveport, OH — 416 813 — 1,229 137 3/15/2013 2013 Hamilton, AL (h) 208 1,024 — 1,232 116 10/16/2014 2014 Hanceville, AL — 1,232 1,488 — 2,720 280 11/21/2012 2012 Harlingen, TX (h) 144 853 — 997 105 6/20/2014 2014 Harvest, AL — 261 691 — 952 126 12/21/2012 2012 Harviell, MO (h) 50 818 — 868 107 3/31/2014 2014 Hastings, NE (h) 177 850 — 1,027 98 10/22/2014 2014 Hayneville, AL (h) 249 1,181 — 1,430 141 8/15/2014 2014 Hillsboro, OH (h) 262 956 — 1,218 105 9/25/2014 2014 Hinton, WV (h) 199 1,367 — 1,566 152 8/18/2014 2014 Homeworth, OH (h) 110 1,057 — 1,167 142 10/18/2013 2013 Houston, TX — 311 1,102 — 1,413 172 12/18/2012 2012 Houston, TX (h) 255 1,393 — 1,648 187 10/18/2013 2013 Huntsville, AL — 177 847 — 1,024 151 12/21/2012 2012 Independence, MO — 170 1,072 — 1,242 174 12/18/2012 2012 Kansas City, MO (h) 283 1,068 — 1,351 149 10/18/2013 2013 Kansas City, MO (h) 233 1,054 — 1,287 145 11/1/2013 2013 Kasson, MN (h) 138 888 — 1,026 112 8/15/2014 2014 Kearney, NE (h) 141 851 — 992 118 11/20/2013 2013 Kinston, AL — 170 718 — 888 131 12/21/2012 2012 Kolona, IA (h) 81 868 — 949 102 8/15/2014 2014 Initial Costs to Company Gross Amount at Buildings, Total Which Carried Accumulated Fixtures and Adjustment At December 31, 2018 Depreciation Date Date Description (a) Encumbrances Land Improvements to Basis (b) (c) (d) (e) (e) (f) (g) Acquired Constructed Dollar General (continued): Lake Charles, LA (h) $ 146 $ 989 $ — $ 1,135 $ 142 8/9/2013 2013 Lamesa, TX (h) 75 803 — 878 97 7/31/2014 2014 Lansing, MI (h) 232 939 — 1,171 109 6/25/2014 2014 Lebanon, TN (h) 177 882 — 1,059 103 6/30/2014 2012 Leicester, NC (h) 134 800 — 934 121 6/17/2013 2013 Lima, OH $ — 156 1,040 — 1,196 164 11/30/2012 2012 Linden, AL (h) 317 746 — 1,063 112 7/11/2013 2013 Lone Jack, MO (h) 152 960 — 1,112 120 5/16/2014 2014 Los Fresnos, TX (h) 55 867 — 922 100 9/19/2014 2014 Los Lunas, NM (h) 113 857 — 970 108 5/14/2014 2014 Louisburg, KS (h) 324 936 — 1,260 115 6/25/2014 2014 Loveland, OH (h) 241 1,065 — 1,306 155 12/12/2013 2013 Lubbock, TX — 468 641 — 1,109 107 12/18/2012 2012 Manhattan, KS (h) 194 921 — 1,115 129 11/20/2013 2013 Mansfield, OH (h) 72 1,226 — 1,298 158 12/12/2013 2013 Maple Lake, MN (h) 92 893 — 985 108 10/10/2014 2014 Maynardville, TN — 238 754 — 992 139 11/30/2012 2012 Millbrook, AL (h) 320 1,175 — 1,495 142 7/22/2014 2014 Mission, TX (h) 182 858 — 1,040 99 9/5/2014 2014 Mobile, AL (h) 139 1,005 — 1,144 142 10/18/2013 2013 Mobile, AL (h) 410 1,059 — 1,469 161 6/17/2013 2013 Monroeville, OH (h) 131 1,069 — 1,200 143 10/4/2013 2013 Montgomery, AL (h) 140 909 — 1,049 103 10/24/2014 2014 Moose Lake, MN (h) 140 937 — 1,077 113 10/10/2014 2014 Moroa, IL (h) 111 921 — 1,032 109 6/26/2014 2014 Mt. Vernon, IL (h) 177 985 — 1,162 119 5/30/2014 2014 Nashville, GA — 215 2,533 — 2,748 420 3/1/2013 2013 Nashville, MI (h) 103 1,255 — 1,358 156 1/24/2014 2013 Navarre, OH (h) 153 1,005 — 1,158 137 9/27/2013 2013 Neoga, IL (h) 94 860 — 954 97 8/8/2014 2010 Ness City, KS (h) 21 860 — 881 113 3/20/2014 2014 New Philadelphia, OH (h) 129 1,100 — 1,229 149 9/27/2013 2013 New Washington, OH (h) 99 975 — 1,074 148 9/13/2013 2013 Newark, OH — 222 946 — 1,168 159 3/15/2013 2013 Nitro, WV (h) 451 1,034 — 1,485 120 6/30/2014 2013 Nixa, MO (h) 235 806 — 1,041 103 4/3/2014 2014 North Lewisburg, OH (h) 59 1,008 — 1,067 148 11/22/2013 2013 Onawa, IA (h) 176 842 — 1,018 104 6/26/2014 2014 Opelousas, LA (h) 92 947 — 1,039 132 10/4/2013 2013 Ortonville, MN (h) 113 907 — 1,020 112 9/5/2014 2014 Osceola, NE (h) 194 835 — 1,029 84 4/2/2015 2014 Oxford, AL (h) 465 783 — 1,248 113 10/18/2013 2013 Palestine, IL (h) 155 893 — 1,048 106 6/26/2014 2014 Parchment, MI (h) 168 1,162 — 1,330 134 6/25/2014 2014 Initial Costs to Company Gross Amount at Buildings, Total Which Carried Accumulated Fixtures and Adjustment At December 31, 2018 Depreciation Date Date Description (a) Encumbrances Land Improvements to Basis (b) (c) (d) (e) (e) (f) (g) Acquired Constructed Dollar General (continued): Park Hill, OK (h) $ 91 $ 887 $ — $ 978 $ 143 1/4/2013 2012 Parsons, TN (h) 166 1,136 — 1,302 139 7/16/2014 2013 Phenix City, AL (h) 331 718 — 1,049 110 6/17/2013 2013 Piedmont, AL $ — 1,037 1,579 — 2,616 299 11/21/2012 2012 Pike Road, AL (h) 477 772 — 1,249 114 8/21/2013 2013 Plain City, OH (h) 187 1,097 — 1,284 144 11/26/2013 2013 Port Clinton, OH (h) 120 1,070 — 1,190 141 11/22/2013 2013 Princeton, MO (h) 155 1,159 — 1,314 132 10/10/2014 2014 Pueblo, CO (h) 144 909 — 1,053 140 1/4/2013 2012 Ragley, LA (h) 196 877 — 1,073 128 8/9/2013 2013 Rainsville, AL (h) 290 1,267 — 1,557 149 8/13/2014 2014 Ravenna, MI (h) 199 958 — 1,157 119 1/24/2014 2013 Rayne, LA — 125 910 — 1,035 149 12/18/2012 2012 Roanoke, IL (h) 93 846 — 939 103 5/16/2014 2014 Romney, IN (h) 87 827 — 914 94 7/7/2014 2011 Romulus, MI (h) 274 1,171 — 1,445 144 3/7/2014 2013 Russell, KS (h) 54 899 — 953 107 8/5/2014 2014 San Carlos, TX (h) 70 1,063 — 1,133 129 6/20/2014 2014 Seale, AL (h) 259 767 — 1,026 110 10/28/2013 2013 Seminole, AL (h) 175 829 — 1,004 124 7/15/2013 2013 Shelby, MI (h) 128 1,033 — 1,161 128 1/24/2014 2013 Slocomb, AL (h) 124 918 — 1,042 121 2/25/2014 2014 Snead, AL (h) 126 1,137 — 1,263 132 9/26/2014 2014 South Bay, FL (h) 258 1,262 — 1,520 151 5/7/2014 2013 Spring, TX (h) 277 1,132 — 1,409 154 9/30/2013 2013 Springfield, IL (h) 205 934 — 1,139 105 9/17/2014 2014 Springfield, NE (h) 172 864 — 1,036 108 5/12/2014 2014 Springfield, OH (h) 125 1,000 — 1,125 142 9/27/2013 2013 St. Louis, MO (h) 229 1,102 — 1,331 148 12/31/2013 2013 St. Louis, MO (h) 240 1,118 — 1,358 148 1/15/2014 2013 Superior, NE (h) 230 917 — 1,147 127 11/26/2013 2013 Temple, GA (h) 200 917 — 1,117 139 5/15/2013 2013 Theodore, AL (h) 248 763 — 1,011 118 5/15/2013 2013 Thibodaux, LA (h) 211 1,083 — 1,294 153 9/27/2013 2013 Toney, AL — 86 792 — 878 137 3/21/2013 2012 Topeka, KS (h) 159 873 — 1,032 93 2/25/2015 2014 Urbana, OH (h) 133 1,051 — 1,184 132 5/29/2014 2013 Volga, SD (h) 51 784 — 835 92 9/5/2014 2014 Wagener, SC (h) 477 1,169 — 1,646 128 9/16/2014 2014 Wakefield, KS (h) 78 929 — 1,007 133 9/30/2013 2013 Waterloo, IA (h) 330 908 — 1,238 101 11/5/2014 2014 Initial Costs to Company Gross Amount at Buildings, Total Which Carried Accumulated Fixtures and Adjustment At December 31, 2018 Depreciation Date Date Description (a) Encumbrances Land Improvements to Basis (b) (c) (d) (e) (e) (f) (g) Acquired Constructed Dollar General (continued): Weslaco, TX (h) $ 141 $ 848 $ — $ 989 $ 98 9/5/2014 2014 Weston, MO (h) 117 1,012 — 1,129 148 7/17/2013 2013 Wetumpka, AL (h) 290 779 — 1,069 99 5/29/2014 2014 Whitehouse, OH (h) 134 1,144 — 1,278 153 10/18/2013 2013 Whitwell, TN $ — 159 1,035 — 1,194 190 11/30/2012 2012 Wilmer, AL (h) 99 775 — 874 114 8/5/2013 2013 Winsted, MN (h) 152 841 — 993 105 9/29/2014 2014 Wisner, NE (h) 37 773 — 810 97 5/12/2014 2014 Woodville, OH — 169 1,009 — 1,178 169 2/8/2013 2013 Yatesville, GA — 120 797 — 917 138 3/25/2013 2013 Dollar Tree/Petco: Humble, TX (h) 720 2,543 — 3,263 403 2/11/2013 2011 Earth Fare: Huntersville, NC 3,183 1,439 2,973 — 4,412 488 2/28/2013 2011 East Manchester Village Center: Manchester, PA 8,300 2,517 12,672 183 15,372 1,773 12/19/2013 2009 East West Commons: Austell, GA 13,000 10,094 16,034 3,844 29,972 2,251 9/30/2014 2002 Emerald Place: Greenwood, SC 6,250 2,042 9,942 — 11,984 1,471 6/28/2013 2012 Evergreen Marketplace: Evergreen Park, IL (h) 2,823 6,239 — 9,062 1,079 9/6/2013 2013 Family Center: Riverdale, UT (h) 21,716 29,454 (709 ) 50,461 4,391 2/28/2014 2008 Family Dollar: Adelanto, GA (h) 463 1,711 — 2,174 185 11/14/2014 2014 Aguila, AZ (h) 129 1,290 — 1,419 128 2/13/2015 2014 Albany, GA — 347 925 — 1,272 101 11/7/2014 2014 Apple Springs, TX — 91 804 — 895 89 11/14/2014 2014 Arkadelphia, AR (h) 113 738 — 851 75 2/12/2015 2014 Auburn, ME (h) 217 1,261 — 1,478 140 4/15/2015 2014 Bagley, MN (h) 95 1,114 — 1,209 142 6/27/2014 2014 Benavides, TX (h) 27 1,065 — 1,092 148 2/26/2014 2013 Berry, AL — 122 880 — 1,002 98 11/14/2014 2014 Bessemer, AL (h) 201 1,043 — 1,244 140 12/27/2013 2013 Broadway, VA — 213 1,153 — 1,366 132 11/7/2014 2014 Birmingham, AL (h) 500 831 — 1,331 114 12/27/2013 2013 Brooksville, FL (h) 206 791 — 997 107 12/18/2013 2013 Cascade, ID (h) 267 1,147 — 1,414 140 2/4/2014 2013 Cass Lake, MN (h) 157 1,107 — 1,264 141 6/27/2014 2013 Cathedral City, CA (h) 658 1,908 — 2,566 215 9/19/2014 2014 Charlotte, TX (h) 118 970 — 1,088 136 2/26/2014 2014 Initial Costs to Company Gross Amount at Buildings, Total Which Carried Accumulated Fixtures and Adjustment At December 31, 2018 Depreciation Date Date Description (a) Encumbrances Land Improvements to Basis (b) (c) (d) (e) (e) (f) (g) Acquired Constructed Family Dollar (continued): Cheyenne, WY (h) $ 148 $ 986 $ — $ 1,134 $ 124 4/23/2014 2014 Coachella, CA (h) 450 1,634 — 2,084 208 2/19/2014 2013 Colmesneil, TX (h) 172 858 — 1,030 105 2/4/2014 2013 Comanche, TX (h) 176 1,145 — 1,321 133 8/6/2014 2014 Cordes Lakes, AZ (h) 380 1,421 — 1,801 156 9/19/2014 2014 Davenport, FL (h) 298 964 — 1,262 104 12/5/2014 2014 Davenport, IA (h) 167 918 — 1,085 101 11/25/2014 2014 Dawson, TX $ — 41 799 — 840 89 11/14/2014 2014 Deadwood, SD (h) 132 1,139 — 1,271 128 9/18/2014 2014 Des Moines, IA (h) 290 1,126 — 1,416 123 11/25/2014 2014 East Millinocket, ME (h) 161 1,004 — 1,165 121 2/26/2015 2014 Eden, TX (h) 82 903 — 985 118 2/26/2014 2013 Elizabethtown, NY (h) 107 671 — 778 83 1/31/2014 2008 Eloy, AZ (h) 86 1,587 — 1,673 170 10/24/2014 2014 Empire, CA (h) 239 1,527 — 1,766 181 6/27/2014 2014 Erwinville, LA (h) 146 765 — 911 76 7/7/2015 2015 Evans, CO (h) 201 817 — 1,018 91 9/29/2014 2014 Findlay, OH (h) 326 1,271 — 1,597 173 2/26/2014 2013 Ft. Lauderdale, FL (h) 443 1,361 — 1,804 175 12/18/2013 2013 Fort Thomas, AZ (h) 49 1,173 — 1,222 146 2/26/2014 2013 Fort Worth, TX (h) 532 1,346 — 1,878 153 9/5/2014 2014 Franklin, NH (h) 307 1,214 — 1,521 117 10/15/2015 2014 Frederica, DE (h) 392 1,164 — 1,556 113 3/6/2015 2014 Fresno, CA (h) 488 1,553 — 2,041 200 2/19/2014 2013 Garrison, TX (h) 61 1,306 — 1,367 136 12/18/2014 2014 Georgetown, KY (h) 607 905 — 1,512 101 11/21/2014 2014 Gering, NE (h) 244 913 — 1,157 106 9/26/2014 2014 Greene, ME (h) 251 940 — 1,191 112 3/25/2015 2014 Greenwood, WI (h) 154 920 — 1,074 109 6/27/2014 2013 Hawkins, TX (h) 49 1,288 — 1,337 147 9/5/2014 2014 Hempstead, TX (h) 219 943 — 1,162 99 12/18/2014 2014 Hettinger, ND (h) 214 1,077 — 1,291 148 2/26/2014 2013 Hodgenville, KY (h) 202 783 — 985 91 9/19/2014 2014 Holtville, CA (h) 317 1,609 — 1,926 205 2/19/2014 2013 Homestead, FL (h) 325 1,001 — 1,326 107 12/12/2014 2014 Homosassa, FL (h) 575 1,470 — 2,045 122 12/9/2015 2014 Immokalee, FL (h) 458 1,248 — 1,706 142 11/4/2014 2014 Indio, CA (h) 393 1,636 — 2,029 194 6/25/2014 2014 Irvington, AL (h) 217 814 — 1,031 112 12/27/2013 2013 Jacksonville, FL — 134 1,157 — 1,291 126 11/7/2014 2014 Initial Costs to Company Gross Amount at Buildings, Total Which Carried Accumulated Fixtures and Adjustment At December 31, 2018 Depreciation Date Date Description (a) Encumbrances Land Improvements to Basis (b) (c) (d) (e) (e) (f) (g) Acquired Constructed Family Dollar (continued): Jay, FL (h) $ 190 $ 1,002 $ — $ 1,192 $ 139 2/25/2014 2013 Jonesboro, GA (h) 297 1,098 — 1,395 143 2/14/2014 2013 Keller, TX (h) 749 1,550 — 2,299 192 4/14/2014 2014 Kersey, CO (h) 238 904 — 1,142 112 5/29/2014 2014 Kiowa, OK (h) 193 947 — 1,140 110 9/5/2014 2014 Kissimmee, FL (h) 622 1,226 — 1,848 145 8/27/2014 2014 La Salle, CO (h) 239 890 — 1,129 99 11/4/2014 2013 LaBelle, FL (h) 268 1,037 — 1,305 141 2/28/2014 2014 Lake Elsinor, CA (h) 417 1,682 — 2,099 210 3/3/2014 2013 Lakeland, FL (h) 353 937 — 1,290 116 6/30/2014 2014 Laredo, TX (h) 302 1,039 — 1,341 117 10/3/2014 2013 Levelland, TX (h) 264 952 — 1,216 110 9/30/2014 2014 Little Rock, CA (h) 499 1,730 — 2,229 176 2/19/2015 2014 Lorain, OH (h) 320 995 — 1,315 122 6/27/2014 2014 Louisville, KY (h) 578 919 — 1,497 119 3/26/2014 2013 Louisville, KY (h) 480 934 — 1,414 115 6/4/2014 2014 Mansfield, TX (h) 849 1,189 — 2,038 155 2/26/2014 2013 Melbourne, FL (h) 362 883 — 1,245 115 2/28/2014 2014 Mertzon, TX (h) 149 995 — 1,144 124 9/19/2014 2014 Mesa, AZ (h) 627 1,468 — 2,095 179 3/31/2014 2014 Miami, FL (h) 584 1,490 — 2,074 144 2/25/2015 2014 Milo, ME (h) 138 1,122 — 1,260 130 3/19/2015 2014 Monroe, UT $ — 272 985 — 1,257 110 10/24/2014 2013 Moore Haven, FL (h) 348 1,016 — 1,364 132 5/29/2014 2014 Moulton, TX (h) 102 973 — 1,075 136 2/26/2014 2014 Naubinway, MI (h) 47 1,180 — 1,227 144 2/4/2014 2013 New Summerfield, TX (h) 230 851 — 1,081 104 6/6/2014 2014 Nicholasville, KY (h) 464 826 — 1,290 107 3/26/2014 2013 North Charleston, SC — 386 997 — 1,383 109 11/14/2014 2014 Omaha, NE (h) 86 1,427 — 1,513 143 3/2/2015 2014 Ordway, CO (h) 81 993 — 1,074 112 10/30/2014 2014 Oshkosh, WI (h) 361 815 — 1,176 107 2/25/2014 2013 Ossineke, MI (h) 85 898 — 983 108 3/14/2014 2014 Palmdale, CA (h) 372 1,822 — 2,194 180 3/30/2015 2014 Penitas, TX (h) 182 1,053 — 1,235 135 3/26/2014 2014 Pensacola, FL (h) 509 791 — 1,300 104 3/27/2014 2014 Pine Lake, GA (h) 639 897 — 1,536 108 8/26/2014 2014 Pittsfield, ME (h) 334 1,258 — 1,592 130 8/12/2015 2014 Plainview, NE (h) 112 774 — 886 100 4/25/2014 2014 Poinciana, FL (h) 501 1,186 — 1,687 135 9/19/2014 2014 Pojoaque, NM (h) 545 909 41 1,495 105 8/25/2014 2013 Posen, MI (h) 101 896 — 997 107 3/14/2014 2014 Preston, MN (h) 161 1,159 — 1,320 147 6/27/2014 2014 Initial Costs to Company Gross Amount at Buildings, Total Which Carried Accumulated Fixtures and Adjustment At December 31, 2018 Depreciation Date Date Description (a) Encumbrances Land Improvements to Basis (b) (c) (d) (e) (e) (f) (g) Acquired Constructed Family Dollar (continued): Punta Gorda, FL (h) $ 345 $ 1,018 $ — $ 1,363 $ 83 12/17/2015 2014 Radium Springs, NM (h) 129 1,086 — 1,215 141 2/26/2014 2013 Ramah, NM (h) 217 1,105 — 1,322 135 2/4/2014 2013 Rex, GA $ — 294 1,393 — 1,687 151 11/7/2014 2014 Richmond, ME (h) 252 1,026 — 1,278 120 3/25/2015 2014 Riverside, CA (h) 736 1,558 — 2,294 192 4/4/2014 2014 Robert Lee, TX (h) 94 904 — 998 118 2/26/2014 2014 Rushford, MN (h) 163 844 — 1,007 112 6/27/2014 2014 Saginaw, MI (h) 240 956 — 1,196 108 10/30/2014 2014 San Antonio, TX — 421 951 — 1,372 113 11/14/2014 2014 San Jacinto, CA (h) 430 1,682 — 2,112 195 7/18/2014 2014 Schuyler, NE (h) 260 708 — 968 90 5/5/2014 2014 Shreveport, LA (h) 406 978 — 1,384 121 5/29/2014 2014 Shreveport, LA (h) 272 1,113 — 1,385 132 7/22/2014 2014 Shreveport, LA (h) 423 1,099 — 1,522 122 10/8/2014 2014 South Paris, ME (h) 173 1,240 — 1,413 144 2/25/2015 2014 Spring Hill, FL (h) 278 1,249 — 1,527 100 12/4/2015 2015 Spurger, TX (h) 86 905 — 991 106 9/18/2014 2014 Statesboro, GA (h) 347 800 — 1,147 107 2/14/2014 2013 Sterling City, TX (h) 78 889 — 967 117 2/26/2014 2013 Stockton, CA (h) 202 1,817 — 2,019 203 9/19/2014 2014 Taft, CA (h) 255 1,422 — 1,677 200 8/23/2013 2013 Tampa, FL (h) 563 737 — 1,300 101 12/18/2013 2013 Tampa, FL (h) 482 920 — 1,402 124 12/18/2013 2013 Tampa, FL (h) 568 1,137 — 1,705 141 7/2/2014 2014 Terra Bella, CA (h) 332 1,394 — 1,726 178 2/19/2014 2013 Topeka, KS (h) 419 1,327 — 1,746 165 4/17/2014 2014 Tucson, AZ (h) 399 1,599 — 1,998 166 1/27/2015 2014 Tyler, MN (h) 73 895 — 968 117 6/27/2014 2014 Tuscaloosa, AL (h) 534 817 — 1,351 113 12/27/2013 2013 Valdosta, GA (h) 424 849 — 1,273 111 2/26/2014 2014 Vine Grove, KY (h) 205 966 — 1,171 101 2/13/2015 2014 Waelder, TX (h) 136 788 — 924 98 6/4/2014 2014 Waldoboro, ME (h) 211 1,123 — 1,334 103 1/13/2016 2015 Wayne, OK (h) 37 937 — 974 115 6/27/2014 2014 Wild Rose, WI (h) 133 866 — 999 103 6/27/2014 2013 Fleet Pride: Birmingham, AL (h) 376 2,607 — 2,983 311 8/3/2015 2014 Flower Foods: Orlando, FL (h) 418 387 — 805 44 9/11/2014 2013 Waldorf, MD (h) 398 1,045 — 1,443 132 9/11/2014 2013 Food 4 Less: Atwater, CA (h) 1,383 5,271 4 6,658 769 11/27/2013 2002 Initial Costs to Company Gross Amount at Buildings, Total Which Carried Accumulated Fixtures and Adjustment At December 31, 2018 Depreciation Date Date Description (a) Encumbrances Land Improvements to Basis (b) (c) (d) (e) (e) (f) (g) Acquired Constructed Fountain Square: Brookfield, WI $ — $ 6,508 $ 28,634 $ — $ 35,142 $ 1,827 1/17/2017 2006 Fourth Creek Landing: Statesville, NC 5,700 1,375 7,795 — 9,170 1,543 3/26/2013 2012 Fresenius Medical Care: West Plains, MI (h) 557 3,097 — 3,654 359 7/2/2014 2014 Fresh Market Center: Glen Ellyn, IL 4,750 2,767 6,403 (1,863 ) 7,307 — 9/30/2014 2014 Fresh Thyme: Indianapolis, IN (h) 1,087 6,019 — 7,106 738 10/31/2014 2014 Northville, MI (h) 1,598 7,796 — 9,394 660 12/21/2015 2015 Fresh Thyme & DSW: Fort Wayne, IN — 1,740 4,153 612 6,505 550 9/30/2014 1985 Gabe’s Hobby Lobby: Harrisonburg, VA (h) 2,796 7,637 — 10,433 546 9/19/2016 1972 Giant Eagle: Seven Fields, PA 7,530 1,574 13,659 — 15,233 1,637 5/7/2014 2005 Gold's Gym: Corpus Christi, TX (h) 1,498 6,346 — 7,844 996 3/6/2013 2006 Golden Corral: Garland, TX (h) 1,255 2,435 — 3,690 414 9/21/2012 2012 Houston, TX (h) 1,375 2,350 — 3,725 388 12/12/2012 2012 Victoria, TX (h) 673 2,857 — 3,530 330 6/27/2014 2013 Goodyear: Pooler, GA (h) 569 1,484 — 2,053 238 6/18/2013 2008 Harbor Town Center: Manitowoc, WI 9,750 3,568 13,209 (1,884 ) 14,893 — 4/24/2015 2005 Harps Foods: Gentry, AR — 224 2,680 — 2,904 104 10/12/2017 1994 Green Forest, AR — 96 3,163 — 3,259 98 12/14/2017 2017 Lincoln, AR — 329 3,668 — 3,997 159 7/6/2017 2017 Noel, MO — 78 885 — 963 34 9/7/2017 2014 Pocahontas, AR — 557 3,379 — 3,936 174 4/13/2017 2016 Vilonia, AR — 406 4,028 — 4,434 204 3/20/2017 2016 Haverty Furniture: Midland, TX (h) 709 1,294 — 2,003 280 8/7/2013 2012 HEB Center: Waxahachie, TX 7,000 3,465 7,952 273 11,690 1,401 6/27/2012 1997 Hickory Flat Commons: Canton, GA 9,850 4,482 13,174 164 17,820 2,221 12/18/2012 2008 Initial Costs to Company Gross Amount at Buildings, Total Which Carried Accumulated Fixtures and Adjustment At December 31, 2018 Depreciation Date Date Description (a) Encumbrances Land Improvements to Basis (b) (c) (d) (e) (e) (f) (g) Acquired Constructed Hobby Lobby: Burlington, IA (h) $ 629 $ 1,890 $ — $ 2,519 $ 176 7/30/2015 1988 Dickson City, PA $ — 1,113 7,946 (1,728 ) 7,331 166 6/30/2014 2013 Lewisville, TX (h) 2,184 8,977 — 11,161 1,264 11/26/2013 2013 Mooresville, NC (h) 869 4,249 — 5,118 907 11/30/2012 2012 Home Depot: Lincoln, NE (h) 6,339 5,937 — 12,276 513 10/22/2015 1993 North Canton, OH 7,234 2,203 12,012 — 14,215 1,958 12/20/2012 1998 Plainwell, MI (h) 521 11,905 — 12,426 1,705 5/16/2013 2002 IHOP: Rio Rancho, NM (h) 599 2,314 — 2,913 277 3/28/2014 2011 Inglewood Plaza: Inglewood, CA 12,700 9,880 14,099 — 23,979 1,638 9/12/2014 2008 Jewel-Osco Plainfield, IL (h) 2,107 9,044 — 11,151 34 11/14/2018 2001 Kirklands: Dothan, AL (h) 486 946 — 1,432 145 8/5/2014 2014 Jonesboro, AR (h) 696 1,990 — 2,686 305 11/27/2012 2012 Kohl’s: Cedar Falls, IA (h) 1,600 5,796 406 7,802 949 12/7/2012 2001 Chartlottesville, VA 8,745 3,929 12,280 — |
Schedule IV - Mortgage Loans He
Schedule IV - Mortgage Loans Held On Real Estate Schedule IV - Mortgage Loans Held On Real Estate | 12 Months Ended |
Dec. 31, 2018 | |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Abstract] | |
Schedule IV - Mortgage Loans on Real Estate | Principal Amount of Loans Subject Final Periodic Face Carrying to Delinquent Interest Maturity Payment Prior Amount of Amount of Principal or Description Rate (a) Date Terms (b) Liens Mortgages Mortgages "Interest" Junior Mezzanine Loans: Astor — New York, New York L + 14.85% 5/9/2021 P/I N/A $ 38,756 $ 38,915 $ — 88 Lex — New York, New York L + 14.85% 5/9/2021 P/I N/A 24,961 25,102 — 90 Lex — New York, New York L + 14.85% 5/9/2021 P/I N/A 15,440 15,523 — Metro — New York, New York L + 14.85% 5/9/2021 P/I N/A 10,138 10,222 — $ 89,295 $ 89,762 $ — ____________________________________ (a) L = one month LIBOR rate. (b) P/I = principal and interest. The following table reconciles mortgage loans on real estate for the years ended December 31 (in thousands): Year Ended December 31, 2018 Balance, beginning of period $ — Additions during period: New loans 89,295 Capitalized interest 384 Accretion of fees and other items 268 Total additions $ 89,947 Less: Deductions during period: Deferred fees and other items (185 ) Total deductions (185 ) Balance, end of period $ 89,762 |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2018 | |
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 accompanying 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”). VIEs are entities where investors lack sufficient equity at risk for the entity to finance its activities without additional subordinated financial support or where equity investors, as a group, lack one of the following characteristics: (a) the power to direct the activities that most significantly impact the entity’s economic performance, (b) the obligation to absorb the expected losses of the entity, or (c) the right to receive the expected returns of the entity. The Company consolidates any VIEs when it is determined to be the primary beneficiary of the VIE’s operations. For legal entities being evaluated for consolidation, the Company must first determine whether the interests that it holds and fees it receives qualify as variable interests in the entity. 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. The Company’s evaluation includes consideration of fees paid to the Company where the Company acts as a decision maker or service provider to the entity being evaluated. If the Company determines that it holds a variable interest in an entity, it evaluates whether that entity is a VIE. 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 any VIEs based on standards set forth in GAAP as described above. As of December 31, 2018 and 2017 , the Company determined that it had a controlling interest in the Consolidated Joint Venture and therefore met the GAAP requirements for consolidation. |
Reclassifications | Reclassifications In November 2018, the SEC finalized the Disclosure Update Simplification Project, which eliminated Rule 3-15(a)(1) reporting of Gain or Loss on Sale of Properties by REITs. To conform with Accounting Standards Codification (“ASC”) 360, Property, Plant, and Equipment and the SEC rule change, the Company has classified the gain on dispositions of real estate assets, net in operating income in the Company’s consolidated statements of operations. This change resulted in an increase in operating income of $17.0 million and $2.9 million during the years ended December 31, 2017 and 2016, respectively. The Company adopted ASU 2017-12, as defined in “Recent Accounting Pronouncements,” during the first quarter of fiscal year 2018. Accordingly, for the year ended December 31, 2018, the Company recorded a cumulative-effect adjustment related to eliminating the separate measurement of ineffectiveness to accumulated other comprehensive income with a corresponding adjustment to the opening balance of accumulated distributions in excess of earnings of $488,000 . |
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 Assets, Recoverability of Real Estate Assets, Assets Held for Sale, and Dispositions of Real Estate Assets | Real Estate Assets Real estate assets are stated at cost, less accumulated depreciation and amortization. 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 Site improvements 15 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; changes in anticipated holding periods; 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. During the year ended December 31, 2018 , as part of the Company’s quarterly impairment review procedures, the Company recorded impairment charges of $33.0 million related to 20 properties with revised expected holding periods and two properties with vacancies. The Company’s assessment of impairment as of December 31, 2018 was based on the most current information available to the Company, including expected holding periods. If the Company’s expected holding period for assets change, subsequent tests for impairment could result in additional impairment charges in the future. The Company can provide no assurance that material impairment charges with respect to the Company’s real estate assets will not occur in 2019 or future periods. During the year ended December 31, 2017 , the Company recorded impairment charges of $2.9 million related to four properties as a result of delinquent rental payments and two tenants who had previously filed for bankruptcy. During the year ended December 31, 2016 , two tenants filed for bankruptcy, and collectively, these tenants occupied 100% of three of the Company’s properties. The Company recorded impairment charges of $6.7 million related to the three properties during the year ended December 31, 2016 . 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 Assets for further discussion regarding real estate investment activity. Over the next 12-24 months, the Company expects to sell a portion of its anchored shopping center portfolio and certain single tenant properties. These will be sold in pools or on a standalone basis. As of December 31, 2018 , the Company intended to sell properties with a net book value of at least $2.0 billion , subject to market conditions. Assets Held for Sale When a real estate asset is identified by the Company as held for sale, the Company will cease recording depreciation and amortization of the assets related to the property and estimate its 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 is then recorded to reflect the estimated fair value of the property, net of selling costs. As of December 31, 2018 , the Company identified one property with a carrying value of $6.8 million as held for sale, which was sold subsequent to December 31, 2018 , as discussed in Note 17 — Subsequent Events. There were no assets identified as held for sale as of December 31, 2017 . Disposition of Real Estate Assets Gains and losses from dispositions are recognized once the various criteria relating to the terms of sale and any subsequent involvement by the Company with the asset sold are met. A discontinued operation includes only the disposal of a component of an entity and represents a strategic shift that has (or will have) a major effect on an entity’s financial results. The disposition of the Company’s individual properties did not qualify for discontinued operations presentation, and thus, the results of the properties that have been sold remain in operating income, and any associated gains or losses from the disposition are included in gain on disposition of real estate, net. |
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 to identified intangible assets and liabilities, consisting of the value of above- and below-market leases and the value of in-place leases and other intangibles, based in each case on their respective fair values. 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 leasing commissions, legal and other related expenses 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. Prior to the adoption of ASU 2017-01 (as defined below) in April 2017, contingent consideration arrangements, including amounts funded through an escrow account, were recorded upon acquisition of the respective property at their estimated fair value, and any changes to the estimated fair value subsequent to acquisition were reflected in the accompanying consolidated statements of operations in acquisition-related fees and expenses. Upon adoption of ASU 2017-01 in April 2017, contingent consideration arrangements for asset acquisitions are recognized when the contingency is resolved. 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. In April 2017, the Company elected to early adopt Accounting Standards Update (“ASU”) No. 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business (“ASU 2017-01”), which clarifies the definition of a business by adding guidance to assist entities in evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. Beginning in April 2017, all real estate acquisitions qualified as asset acquisitions, and as such, acquisition-related fees and certain acquisition-related expenses related to these asset acquisitions are now capitalized and allocated to tangible and intangible assets and liabilities as described above. Other acquisition-related expenses, such as advisor reimbursements, continue to be expensed as incurred and are included in transaction-related expenses on the accompanying consolidated statements of operations. Prior to the adoption of ASU 2017-01 in April 2017, all of the Company’s real estate acquisitions were accounted for as business combinations and, as such, acquisition-related expenses related to these business combination acquisitions were expensed as incurred. Prior to April 2017, acquisition-related expenses included within transaction-related expenses in the Company’s consolidated statements of operations primarily consisted of legal, deed transfer and other costs related to real estate purchase transactions, including costs incurred for deals that were not consummated. The Company expects its future acquisitions to qualify as asset acquisitions and, as such, the Company will allocate the purchase price to acquired tangible assets and identified intangible assets and liabilities on a relative fair value basis. |
Redeemable Noncontrolling Interest in Consolidated Joint Venture | Redeemable Noncontrolling 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 (the “Option”), which became effective on June 27, 2016, whereby the Company will be required to purchase the ownership interest of the joint venture partner at fair market value. As of December 31, 2018 , the Option has not been exercised. 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 $134,000 and paid distributions of $279,000 related to the noncontrolling interest during the year ended December 31, 2018 . The Company recorded the noncontrolling interest of $2.3 million and $2.4 million as of December 31, 2018 and December 31, 2017 , respectively, as temporary equity in the mezzanine section of the consolidated balance sheets, due to the ability to exercise the Option being outside the control of the Company. |
Cash and Cash Equivalents and Restricted Cash | Cash and Cash Equivalents and Restricted Cash Cash and cash equivalents include cash in bank accounts, as well as investments in highly-liquid money market funds. The Company deposits cash with several high quality financial institutions. These deposits are guaranteed by the Federal Deposit Insurance Company (“FDIC”) up to an insurance limit of $250,000. At times, the Company’s cash and cash equivalents may exceed federally insured levels. Although the Company bears risk on amounts in excess of those insured by the FDIC, it has not experienced and does not anticipate any losses due to the high quality of the institutions where the deposits are held. |
Loans Held-for-Investment | Loans Held-for-Investment The Company has acquired, and may continue to acquire loans related to real estate assets. The Company may acquire first, second and third mortgage loans, mezzanine loans, bridge loans, wraparound mortgage loans, construction mortgage loans on real property and loans on leasehold interest mortgages. The Company intends to hold the loans held-for-investment for the foreseeable future or until maturity. Loans held-for-investment are carried on the Company’s consolidated balance sheets at amortized cost, net of any allowance for loans receivable losses. Discounts or premiums and origination fees are amortized as a component of interest income using the effective interest method over the life of the respective loans. Loan acquisition fees paid to CR IV Management or its affiliates are expensed as incurred and are included in transaction-related expenses on the accompanying consolidated statements of operations. Generally, an allowance for loan losses is provided when management determines that the Company will be unable to collect any remaining amounts due under the loan agreement. The Company evaluates the collectability of its loans held-for-investment at least quarterly. The evaluation of collectability involves judgment, estimates, and a review of the ability of the borrower to make principal and interest payments and the underlying collateral. |
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 is refinanced or repaid before maturity. The presentation of all deferred financing costs, other than those associated with the revolving loan portion of the credit facility, are classified such that the debt issuance costs related to a recognized debt liability are presented on the consolidated balance sheets as a direct deduction from the carrying amount of the related debt liability rather than as an asset. Debt issuance costs related to securing a revolving line of credit are 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 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, 2018 and 2017 , the Company had $2.1 million and $3.0 million , respectively, of deferred financing costs, net of accumulated amortization, related to the revolving loan portion of the credit facility. Costs incurred in seeking financing transactions that do not close are expensed in the period in which it is determined the financing will not close. |
Due to Affiliates | Due to Affiliates CR IV Management, and certain of its affiliates, received and will continue to receive, fees, reimbursements and compensation in connection with services provided relating to the Offerings and the acquisition, management, financing and leasing of the properties of the Company. |
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 derivative instrument that is designated as a hedge is recorded as other comprehensive income. 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 the maximum amount that is 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 Revenue from leasing activities 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 earned and collectability is reasonably assured. 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. Effective January 1, 2018, the Company adopted ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606) (“ASU 2014-09”), which supersedes the revenue recognition requirements in Revenue Recognition, Accounting Standards Codification Topic 605 and requires an entity to recognize revenue in a way that depicts 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. The Company records revenue for real estate taxes and insurance reimbursed by its tenants on the leased properties, with offsetting expenses in real estate taxes and property operating expenses, respectively, within the consolidated statements of operations as the Company has concluded it is the primary obligor. The Company has identified its revenue streams as rental income from leasing arrangements and tenant reimbursement income, which are outside of the scope of Topic 606. The Company adopted ASU 2014-09 using the modified retrospective approach and determined it did not have a material impact on the Company’s consolidated financial statements. The Company continually reviews receivables related to rent, including any straight-line rent, and current and future operating expense reimbursements from tenants, and determines their 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 uncertain, the Company will record an increase in the allowance for uncollectible accounts. As of December 31, 2018 and December 31, 2017 , the Company had an allowance for uncollectible accounts of $931,000 and $1.5 million , respectively. Revenue from lending activities Interest income is comprised of interest earned on loans and the accretion and amortization of net loan origination fees and discounts. Interest income on loans is accrued as earned. |
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) and Distributions 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, 2018 , 2017 or 2016 . |
Distributions Per Share | Distributions per share are calculated based on the authorized daily distribution rate. |
Reportable Segment | Reportable Segment The Company’s commercial real estate assets consist of income-producing necessity retail properties that are primarily single-tenant or anchored shopping centers, which are leased to creditworthy tenants under long-term net leases. The commercial 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 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. Except as otherwise stated below, the Company is currently evaluating the effect that certain new accounting requirements may have on the Company’s accounting and related reporting and disclosures in the Company’s consolidated financial statements. In February 2016, the Financial Accounting Standards Board (the “FASB”) issued ASU No. 2016-02, Leases (Topic 842) (“ASU 2016-02”). The amendments in this update require that most lease obligations be recognized as a right of use asset with a corresponding liability on the balance sheet. The guidance also requires additional qualitative and quantitative disclosures to assess the amount, timing and uncertainty of cash flows arising from leases. ASU 2016-02 is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years, with early adoption permitted. The FASB has subsequently issued other related ASU, which amend ASU 2016-02 to provide transition practical expedients that an entity may elect to apply and other guidance. In July 2018, the FASB issued ASU No. 2018-11, Leases: Targeted Improvements, which provides companies with an additional transition option that would permit the application of ASU 2016-02 as of the adoption date rather than to all periods presented. The Company will use this transition option upon adoption of the new standard on January 1, 2019 and use the effective date as the date of initial application. Consequently, financial information will not be updated and the disclosures required under the new standard will not be provided for dates and periods before January 1, 2019. The Company has finalized its assessment of its inventory of leases that will be impacted by adoption of the new guidance. The Company will elect the “package of practical expedients,” which permits the Company to not reassess under the new standard prior conclusions about lease identification, lease classification and initial direct costs. The accounting for lease components will largely be unchanged from existing GAAP and the Company will elect the practical expedient to not separate non-lease components from lease components. The Company does not expect the adoption of ASU 2016-02 to have a material impact on the accounting treatment and disclosure of the Company’s net leases, which are the primary source of the Company’s revenues. The Company does not have material leases where it is the lessee. In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments - Credit Losses (Topic 326) (“ASU 2016-13”). ASU 2016-13 is intended to improve financial reporting requiring more timely recognition of credit losses on loans and other financial instruments that are not accounted for at fair value through net income, including loans held for investment, held-to-maturity debt securities, trade and other receivables, net investment in leases and other such commitments. ASU 2016-13 requires that financial assets measured at amortized cost be presented at the net amount expected to be collected, through an allowance for credit losses that is deducted from the amortized cost basis. The amendments in ASU 2016-13 require the Company to measure all expected credit losses based upon historical experience, current conditions, and reasonable and supportable forecasts that affect the collectability of the financial assets and eliminates the “incurred loss” methodology under current GAAP. ASU 2016-13 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2019. Early adoption is permitted for fiscal years, and interim periods within those years, beginning after December 15, 2018. The Company is currently evaluating the impact this amendment will have on its consolidated financial statements. In August 2017, the FASB issued ASU No. 2017-12, Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities (“ASU 2017-12”). The targeted amendments in this ASU are designed to help simplify certain aspects of hedge accounting and result in a more accurate portrayal of the economics of an entity’s risk management activities in its financial statements. ASU 2017-12 applies to the Company’s interest rate swaps designated as cash flow hedges. ASU 2017-12 requires all changes in the fair value of highly effective cash flow hedges to be recorded in accumulated other comprehensive income. Under GAAP, the ineffective portion of the change in fair value of cash flow hedges is recognized directly in earnings. This eliminates the requirement to separately measure and disclose ineffectiveness for qualifying cash flow hedges. ASU 2017-12 is effective for public entities for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years. ASU 2017-12 is required to be adopted using a modified retrospective approach with early adoption permitted. The Company early adopted ASU 2017-12 during the first quarter of fiscal year 2018. Accordingly, during the year ended December 31, 2018 , the Company recorded a cumulative-effect adjustment related to eliminating the separate measurement of ineffectiveness to accumulated other comprehensive income with a corresponding adjustment to the opening balance of accumulated distributions in excess of earnings of $488,000 . In August 2018, the FASB issued ASU No. 2018-13, Changes to the Disclosure Requirements for Fair Value Measurement (“ASU 2018-13”). This ASU amends and removes several disclosure requirements including the valuation processes for Level 3 fair value measurements. ASU 2018-13 also modifies some disclosure requirements and requires additional disclosures for changes in unrealized gains and losses included in other comprehensive income for recurring Level 3 fair value measurements and requires the range and weighted average of significant unobservable inputs used to develop Level 3 fair value measurements. The provisions of ASU 2018-13 are effective January 1, 2020 using a prospective transition method for amendments effecting changes in unrealized gains and losses, significant unobservable inputs used to develop Level 3 fair value measurements and narrative description on uncertainty of measurements. The remaining provisions of the ASU are to be applied retrospectively, and early adoption is permitted. The Company is evaluating the impact of this ASU’s adoption, and does not believe this ASU will have a material impact on its consolidated financial statements. In October 2018, the FASB issued ASU No. 2018-16, Inclusion of the Secured Overnight Financing Rate (“SOFR”) Overnight Index Swap (“OIS”) Rate as a Benchmark Interest Rate for Hedge Accounting Purposes (“ASU 2018-16”). The amendments in this ASU permit the use of the OIS rate based on SOFR as a U.S. benchmark interest rate for hedge accounting purposes. The SOFR is a volume-weighted median interest rate that is calculated daily based on overnight transactions from the prior day’s activity in specified segments of the U.S. Treasury repo market. It has been selected as the preferred replacement for the U.S. dollar London Interbank Offered Rate (“LIBOR”), which will be phased out by the end of 2021. ASU 2018-16 is effective for public entities for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. ASU 2018-16 is required to be adopted on a prospective basis for qualifying new or redesignated hedging relationships entered into on or after the date of adoption. The Company currently uses LIBOR as its benchmark interest rate in the Company’s interest rate swaps associated with the Company’s LIBOR-based variable rate borrowings. The Company has not entered into any new or redesignated hedging relationships on or after the date of adoption of ASU 2018-16; as such, the Company is currently evaluating the potential effect this new benchmark interest rate option will have on its consolidated financial statements. |
Fair Value Measurements | 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. These financial instruments are valued using Level 2 inputs. As of December 31, 2018 , the estimated fair value of the Company’s debt was $2.46 billion , compared to the carrying value of $2.53 billion . The estimated fair value of the Company’s debt as of December 31, 2017 was $2.48 billion , compared to the carrying value of $2.49 billion . 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 respective 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, 2018 and 2017 , the Company assessed the significance of the impact of the credit valuation adjustments on the overall valuation of its derivative positions and 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. Contingent consideration arrangements — The contingent consideration arrangements are carried at fair value and are valued using Level 3 inputs. The fair value of additional consideration paid in connection with the acquisition of properties subject to contingent consideration arrangements is determined based on key assumptions, including, but not limited to, rental rates, discount rates and the estimated timing and probability of successfully leasing vacant space subsequent to the Company’s acquisition of certain properties. Revenue bonds — The Company’s revenue bonds were acquired in connection with the purchase of an anchored shopping center. The bonds have a 9.0% interest rate and mature on November 1, 2044. These investments are initially recognized in derivative assets, revenue bonds, prepaid expenses and other assets on the consolidated balance sheets and are subsequently measured using amortized cost. The fair value estimates of the Company’s revenue bonds are based on assumptions that management believes market participants would use in pricing, using widely accepted valuation techniques including discounted cash flow analysis. This analysis reflects the contractual terms of the bonds, including the period to maturity, and uses unobservable market-based inputs, including discount rates ranging from 7.75% to 9.0% . As a result, the Company has determined that its revenue bonds are classified in Level 3 of the fair value hierarchy. As of December 31, 2018 , the estimated fair value of the Company’s revenue bonds was $2.0 million . The Company has these investments classified as held-to-maturity securities. The Company’s investments in revenue bonds are reviewed for impairment, including the evaluation of changes in events or circumstances that may indicate that the carrying amount of the investment may not be recoverable. Loans held-for-investment — The Company’s loans held-for-investment are recorded at cost upon origination and adjusted by net loan origination fees and discounts. The Company estimates the fair value of its loans held-for-investment by performing a present value analysis for the anticipated future cash flows using an appropriate market discount rate taking into consideration the credit risk. As a result, the Company has determined that its loans held-for-investment are classified in Level 3 of the fair value hierarchy. As of December 31, 2018 , the Company determined that the estimated fair value of its loans held-for-investment was equal to its carrying value given that the loan was originated during the fourth quarter of 2018. Other financial instruments — The Company considers the carrying values of its cash and cash equivalents, restricted cash, tenant 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 as well as 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. 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, upon disposition of the financial assets and liabilities. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Accounting Policies [Abstract] | |
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 Site improvements 15 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, 2018 | |
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, 2018 and 2017 (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) Financial assets: Interest rate swaps $ 10,993 $ — $ 10,993 $ — Total financial assets $ 10,993 $ — $ 10,993 $ — Balance as of Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Financial assets: Interest rate swaps $ 7,324 $ — $ 7,324 $ — Total financial assets $ 7,324 $ — $ 7,324 $ — Financial liabilities: Interest rate swaps $ (206 ) $ — $ (206 ) $ — Total financial liabilities $ (206 ) $ — $ (206 ) $ — |
Reconciliations of the Changes in Liabilities with Level 3 Inputs | The following are reconciliations of the changes in assets and liabilities with Level 3 inputs in the fair value hierarchy for the years ended December 31, 2018 and 2017 (in thousands): Revenue Bonds Beginning Balance, December 31, 2017 $ 2,067 Payments received (23 ) Ending Balance, December 31, 2018 $ 2,044 Revenue Bonds Contingent Consideration Arrangements Beginning Balance, December 31, 2016 $ — $ (337 ) Purchases, fair value adjustments and payments made: Purchases 2,081 — Fair value adjustments — 337 Payments received (14 ) — Ending Balance, December 31, 2017 $ 2,067 $ — |
Summary of Impairment Charges by Asset Class | The following table presents the impairment charges by asset class recorded during the years ended December 31, 2018 , 2017 and 2016 (in thousands): Year Ended December 31, 2018 2017 2016 Asset class impaired: Land $ 6,436 $ 725 $ 1,775 Buildings, fixtures and improvements 25,299 1,734 4,678 Intangible lease assets 1,385 396 284 Intangible lease liabilities (145 ) — — Total impairment loss $ 32,975 $ 2,855 $ 6,737 |
Real Estate Assets (Tables)
Real Estate Assets (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Real Estate [Abstract] | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | The following table summarizes the purchase price allocation for the 2017 Asset Acquisitions purchased during the year ended December 31, 2017 (in thousands): 2017 Asset Acquisitions Land $ 32,919 Buildings, fixtures and improvements 177,682 Acquired in-place leases and other intangibles 39,257 Acquired above-market leases 3,624 Revenue bonds 2,081 Intangible lease liabilities (3,564 ) Total purchase price $ 251,999 The following table summarizes the consideration transferred for the properties purchased during the year ended December 31, 2017 (in thousands): 2017 Acquisitions Real estate assets: Purchase price of asset acquisitions $ 251,999 Purchase price of business combinations 55,386 Total purchase price of real estate assets acquired (1) $ 307,385 ____________________________________ (1) The weighted average amortization period for the 2017 Acquisitions was 16.9 years for acquired in-place leases and other intangibles, 13.6 years for acquired above-market leases and 8.5 years for acquired intangible lease liabilities. The following table summarizes the consideration transferred for the property purchased during the year ended December 31, 2018 (in thousands): 2018 Asset Acquisition Land $ 2,107 Buildings, fixtures and improvements 9,044 Acquired in-place leases and other intangibles (1) 1,392 Intangible lease liabilities (2) (638 ) Total purchase price $ 11,905 ______________________ (1) The amortization period for acquired in-place leases and other intangibles is 19.0 years. (2) The amortization period for acquired intangible lease liabilities is 19.0 years. The following table summarizes the purchase price allocations for the 2016 Acquisitions (in thousands): 2016 Acquisitions Land $ 48,317 Buildings, fixtures and improvements 149,859 Acquired in-place leases and other intangibles (1) 18,100 Acquired above-market leases (2) 3,764 Intangible lease liabilities (3) (3,388 ) Total purchase price $ 216,652 ____________________________________ (1) The weighted average amortization period for acquired in-place leases and other intangibles was 7.6 years. (2) The weighted average amortization period for acquired above-market leases was 6.0 years. (3) The weighted average amortization period for acquired intangible lease liabilities was 6.4 years. The following table summarizes the purchase price allocations for the 2017 Business Combination Acquisitions purchased during the year ended December 31, 2017 (in thousands): 2017 Business Combination Acquisitions Land $ 9,873 Buildings, fixtures and improvements 41,186 Acquired in-place leases and other intangibles 5,974 Acquired above-market leases 988 Intangible lease liabilities (2,635 ) Total purchase price $ 55,386 The following table summarizes the transaction related to the business combination, including the amounts recognized for assets acquired and liabilities assumed, as indicated (in thousands): September 22, 2016 Carrying value of the Company’s equity interest before business combination (1) $ 18,952 Fair value of amounts recognized for assets acquired and liabilities assumed: Land 4,535 Buildings, fixtures and improvements 11,826 Acquired in-place leases and other intangibles 1,296 Acquired above-market leases 1,130 Intangible lease liabilities (597 ) Other assets and liabilities 115 Total net assets 18,305 Loss recognized on equity interest remeasured to fair value $ (647 ) ____________________________________ (1) Includes $1.6 million of cash paid to the Unconsolidated Joint Venture Partner. |
Business Acquisition, Pro Forma Information | The table below presents the Company’s estimated revenue and net income, on a pro forma basis, for the years ended December 31, 2017 and 2016 (in thousands): Year Ended December 31, 2017 2016 Pro forma basis (unaudited): Revenue $ 424,416 $ 412,883 Net income $ 80,912 $ 71,301 The table below presents the Company’s estimated revenue and net income, on a pro forma basis, for the years ended December 31, 2016 and 2015 (in thousands): Year Ended December 31, 2016 2015 Pro forma basis (unaudited): Revenue $ 418,798 $ 389,780 Net income $ 74,052 $ 64,662 |
Intangible Lease Assets and L_2
Intangible Lease Assets and Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Finite-lived Intangible Assets and Liabilities | Intangible lease assets and liabilities consisted of the following as of December 31, 2018 and 2017 (in thousands, except weighted average life remaining): As of December 31, 2018 2017 Intangible lease assets: In-place leases and other intangibles, net of accumulated amortization of $184,532 and $166,874, respectively (with a weighted average life remaining of 10.1 years and 10.5 years, respectively) $ 307,895 $ 355,683 Acquired above-market leases, net of accumulated amortization of $27,979 and $25,626, respectively (with a weighted average life remaining of 8.4 years and 8.7 years, respectively) 34,462 41,747 Total intangible lease assets, net $ 342,357 $ 397,430 Intangible lease liabilities: Acquired below-market leases, net of accumulated amortization of $34,732 and $31,330, respectively (with a weighted average life remaining of 7.2 years and 7.5 years, respectively) $ 36,418 $ 45,572 |
Schedule of amortization expense related to the intangible lease assets | The following table summarizes the amortization related to the intangible lease assets and liabilities for the years ended December 31, 2018 , 2017 , and 2016 (in thousands): Year Ended December 31, 2018 2017 2016 In-place lease and other intangible amortization $ 45,559 $ 46,602 $ 45,944 Above-market lease amortization $ 6,740 $ 7,304 $ 6,638 Below-market lease amortization $ 8,448 $ 9,503 $ 7,821 |
Schedule of Finite-lived Intangible Assets, Future Amortization Expense | As of December 31, 2018 , the estimated amortization relating to the intangible lease assets and liabilities for each of the five succeeding fiscal years is as follows (in thousands): Amortization Year Ending December 31, In-Place Leases and Other Intangibles Above-Market Leases Below-Market Leases 2019 $ 37,322 $ 4,981 $ 7,316 2020 $ 35,164 $ 4,451 $ 6,501 2021 $ 31,862 $ 3,835 $ 4,398 2022 $ 29,990 $ 3,590 $ 3,710 2023 $ 26,868 $ 3,221 $ 2,899 |
Loans Held-For-Investment (Tabl
Loans Held-For-Investment (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Receivables [Abstract] | |
Schedule of Accounts, Notes, Loans and Financing Receivable | The following table details overall statistics for the Company’s loans held-for-investment as of December 31, 2018 (dollar amounts in thousands): As of December 31, 2018 Number of loans 4 Principal balance $ 89,679 Net book value $ 89,762 Weighted-average interest rate (1) 17.2 % Weighted-average maximum years to maturity (2) 2.4 ____________________________________ (1) As of December 31, 2018 , the Junior Mezzanine Loans were indexed to one-month LIBOR plus an interest rate spread of 14.85% . (2) Maximum maturity assumes all extension options are exercised by the borrower, however the Company’s loans may be repaid prior to such date. Activity relating to the Company’s loans held-for-investment portfolio was as follows (dollar amounts in thousands): Principal Balance Deferred Fees / Other Items (1) Net Book Value Beginning Balance, December 31, 2017 $ — $ — $ — Loan fundings 89,295 — 89,295 Capitalized interest (2) 384 — 384 Deferred fees and other items — (185 ) (185 ) Accretion (amortization) of fees and other items — 268 268 Ending Balance, December 31, 2018 $ 89,679 $ 83 $ 89,762 ____________________________________ (1) Other items primarily consist of purchase discounts or premiums, exit fees and deferred origination expenses. (2) Represents accrued interest on loans whose terms do not require a current cash payment of interest. |
Derivative Instruments and He_2
Derivative Instruments and Hedging Activities (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
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, 2018 and 2017 (dollar amounts in thousands): Outstanding Notional Fair Value of Assets Balance Sheet Amount as of Interest Effective Maturity December 31, December 31, Location December 31, 2018 Rates (1) Dates Dates 2018 2017 Interest Rate Swaps Derivative assets, revenue bonds, prepaid expenses and other assets (2) $ 990,066 2.55% to 3.91% 10/1/2015 to 8/15/2018 3/1/2019 to 7/1/2021 $ 10,993 $ 7,324 ____________________________________ (1) The interest rates consist of the underlying index swapped to a fixed rate and the applicable interest rate spread as of December 31, 2018 . (2) As of December 31, 2017, two of the interest rate swaps, with an aggregate outstanding notional amount of $38.7 million , were in a liability position with an aggregate fair value balance of $206,000 and are included in deferred rental income and other liabilities in the accompanying consolidated balance sheets. |
Notes Payable And Credit Faci_2
Notes Payable And Credit Facility (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Debt Disclosure [Abstract] | |
Schedule of Debt | The following table summarizes the debt balances as of December 31, 2018 and 2017 , and the debt activity for the year ended December 31, 2018 (in thousands): During the Year Ended December 31, 2018 Balance as of December 31, 2017 Debt Issuances and Assumptions (1) Repayments and Modifications Accretion and (Amortization) Balance as of December 31, 2018 Fixed rate debt $ 1,217,377 $ — $ (39,211 ) $ — $ 1,178,166 Variable rate debt 20,500 — — — 20,500 Credit facility 1,251,000 268,000 (188,000 ) — 1,331,000 Total debt 2,488,877 268,000 (227,211 ) — 2,529,666 Net premiums (2) 419 — — (88 ) 331 Deferred costs - credit facility (3) (8,828 ) — — 2,097 (6,731 ) Deferred costs - fixed rate debt (8,705 ) — 46 2,307 (6,352 ) Total debt, net $ 2,471,763 $ 268,000 $ (227,165 ) $ 4,316 $ 2,516,914 ____________________________________ (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 the term portion of the Credit Facility (as defined below). |
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, 2018 for each of the five succeeding fiscal years and the period thereafter (in thousands): Year Ending December 31, Principal Repayments 2019 $ 49,799 2020 318,215 2021 381,603 2022 1,092,464 2023 491,375 Thereafter 196,210 Total $ 2,529,666 |
Supplemental Cash Flow Disclo_2
Supplemental Cash Flow Disclosures (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Supplemental Cash Flow Elements [Abstract] | |
Schedule of Cash Flow, Supplemental Disclosures | Supplemental cash flow disclosures for the years ended December 31, 2018 , 2017 and 2016 are as follows (in thousands): Year Ended December 31, 2018 2017 2016 Supplemental Disclosures of Non-Cash Investing and Financing Activities: Distributions declared and unpaid $ 16,518 $ 16,531 $ 16,498 Accrued capital expenditures $ 557 $ 192 $ 675 Common stock issued through distribution reinvestment plan $ 91,764 $ 101,344 $ 109,166 Change in fair value of interest rate swaps $ 3,875 $ 7,654 $ 4,335 Contingent consideration recorded upon property acquisitions $ — $ — $ 332 Consolidation of real estate joint venture $ — $ — $ 18,305 Supplemental Cash Flow Disclosures: Interest paid $ 93,424 $ 85,140 $ 74,034 Cash paid for income taxes $ 1,475 $ 1,555 $ 1,887 |
Related-Party Transactions and
Related-Party Transactions and Arrangements - (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Related Party Transactions [Abstract] | |
Schedule of Related Party Transactions | The Company recorded fees and expense reimbursements as shown in the table below for services provided by CR IV Management or its affiliates related to the services described above during the periods indicated (in thousands): Year Ended December 31, 2018 2017 2016 Acquisition fees and expenses $ 2,749 $ 6,532 $ 4,960 Disposition fees $ 478 $ — $ — Advisory fees and expenses $ 43,399 $ 44,072 $ 41,926 Operating expenses $ 5,163 $ 4,494 $ 4,119 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
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, 2018 , 2017 and 2016 : Year Ended December 31, Character of Distributions: 2018 2017 2016 Ordinary dividends 52 % 51 % 53 % Nondividend distributions 48 % 42 % 46 % Capital gain distributions — % 7 % 1 % Total 100 % 100 % 100 % |
Operating Leases (Tables)
Operating Leases (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Leases [Abstract] | |
Schedule of Future Minimum Rental Payments for Operating Leases | As of December 31, 2018 , the future minimum rental income from the Company’s real estate assets under non-cancelable operating leases, assuming no exercise of renewal options for the succeeding five fiscal years and thereafter, was as follows (in thousands): Year Ending December 31, Future Minimum Rental Income 2019 $ 352,699 2020 343,991 2021 327,661 2022 311,858 2023 284,510 Thereafter 1,718,650 Total $ 3,339,369 |
Quarterly Results (Unaudited) (
Quarterly Results (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
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, 2018 and 2017 (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, 2018 First Quarter Second Quarter Third Quarter Fourth Quarter Revenues $ 109,503 $ 107,395 $ 105,705 $ 108,673 Net income (loss) $ 19,073 $ 17,825 $ 14,905 $ (14,391 ) Net income (loss) attributable to the Company $ 19,039 $ 17,792 $ 14,872 $ (14,425 ) Basic and diluted net income (loss) per common share (1) $ 0.06 $ 0.06 $ 0.05 $ (0.05 ) ____________________________________ (1) The Company calculates net income 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, 2017 First Quarter Second Quarter Third Quarter Fourth Quarter Revenues $ 104,780 $ 104,504 $ 107,024 $ 107,787 Net income $ 16,251 $ 18,107 $ 29,769 $ 15,424 Net income attributable to the Company $ 16,217 $ 18,075 $ 29,736 $ 15,392 Basic and diluted net income per common share (1) $ 0.05 $ 0.06 $ 0.10 $ 0.05 ____________________________________ (1) The Company calculates net income 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 (Shar
Organization and Business (Shares offering) (Details) - USD ($) $ / shares in Units, shares in Millions | 12 Months Ended | 83 Months Ended | ||||||
Dec. 31, 2018 | Dec. 31, 2018 | Mar. 26, 2019 | Dec. 31, 2017 | Dec. 31, 2016 | Aug. 02, 2016 | Dec. 19, 2013 | Jan. 26, 2012 | |
Organization and business [Line Items] | ||||||||
NAV per share (USD per share) | $ 8.65 | $ 8.65 | $ 9.37 | |||||
IPO | ||||||||
Organization and business [Line Items] | ||||||||
Common stock, shares authorized | $ 2,975,000,000 | |||||||
Shares outstanding | 348.8 | 348.8 | ||||||
Proceeds from issuance of common stock | $ 3,500,000,000 | |||||||
Offering costs, selling commissions, and dealer management fees | $ 306,000,000 | |||||||
Distribution reinvestment plan | ||||||||
Organization and business [Line Items] | ||||||||
Common stock, shares authorized | $ 600,000,000 | $ 600,000,000 | $ 600,000,000 | $ 247,000,000 | ||||
Shares outstanding | 50.5 | 50.5 | ||||||
CCPT IV OP | ||||||||
Organization and business [Line Items] | ||||||||
General partner partnership interest percentage | 100.00% | |||||||
Subsequent Event | Distribution reinvestment plan | ||||||||
Organization and business [Line Items] | ||||||||
Share price (USD per share) | $ 8.65 |
Organization and Business (Real
Organization and Business (Real Estate Property) (Details) ft² in Millions | Dec. 31, 2018ft²propertystates |
Real Estate Properties [Line Items] | |
Number of owned properties | 890 |
Rentable commercial space (sqft) | ft² | 26.5 |
Number of states in which entity owns properties | states | 45 |
Percentage of rentable space leased | 96.20% |
Consolidated Joint Venture | |
Real Estate Properties [Line Items] | |
Number of owned properties | 9 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies (Reclassification) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Jan. 01, 2018 | |
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||
Operating income | $ 135,329 | $ 170,239 | $ 152,091 | |
Reclassification | ||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||
Operating income | $ 17,000 | $ 2,900 | ||
Accumulated Other Comprehensive Income | ||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||
Cumulative effect of accounting changes | $ 488 | |||
Accumulated Other Comprehensive Income | Accounting Standards Update 2017-12 | ||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||
Cumulative effect of accounting changes | 488 | |||
Accumulated Distributions in Excess of Earnings | ||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||
Cumulative effect of accounting changes | (488) | |||
Accumulated Distributions in Excess of Earnings | Accounting Standards Update 2017-12 | ||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||
Cumulative effect of accounting changes | $ (488) |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies (Real Estate Assets) (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018USD ($)property | Dec. 31, 2017USD ($)tenantproperty | Dec. 31, 2016USD ($)tenantproperty | |
Real Estate Properties [Line Items] | |||
Impairment | $ | $ 32,975 | $ 2,855 | $ 6,737 |
Impairment of real estate, number of properties | 4 | 3 | |
Number of tenants that filed bankruptcy | tenant | 2 | 2 | |
Percentage of property occupied by tenants that filed bankruptcy (percent) | 100.00% | ||
Real estate held-for-sale | $ | $ 2,000,000 | ||
Number of real estate properties held for sale (property) | 1 | ||
Assets held for sale | $ | $ 6,780 | $ 0 | |
Building | |||
Real Estate Properties [Line Items] | |||
Acquired real estate asset, useful life | 40 years | ||
Site Improvements | |||
Real Estate Properties [Line Items] | |||
Acquired real estate asset, useful life | 15 years | ||
Revised Expected Holding Properties | |||
Real Estate Properties [Line Items] | |||
Impairment of real estate, number of properties | 20 | ||
Vacant | |||
Real Estate Properties [Line Items] | |||
Impairment of real estate, number of properties | 2 |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies (Redeemable Noncontrolling interest in Consolidated Joint Venture) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Accounting Policies [Abstract] | |||
Net income (loss) allocated to noncontrolling interest | $ 134 | $ 131 | $ 137 |
Distributions to noncontrolling interest | 279 | 291 | $ 269 |
Equity attributable to noncontrolling interest | $ 2,300 | $ 2,400 |
Summary of Significant Accoun_7
Summary of Significant Accounting Policies (Cash and Cash Equivalents and Restricted Cash) (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Restricted Cash and Cash Equivalents Items [Line Items] | |||
Restricted cash | $ 9,141 | $ 9,098 | $ 8,040 |
Restricted Lockbox Accounts | |||
Restricted Cash and Cash Equivalents Items [Line Items] | |||
Restricted cash | 3,400 | 3,700 | |
Escrow Deposits | |||
Restricted Cash and Cash Equivalents Items [Line Items] | |||
Restricted cash | $ 5,700 | $ 5,400 |
Summary of Significant Accoun_8
Summary of Significant Accounting Policies (Other Narrative) (Details) | 12 Months Ended | |||
Dec. 31, 2018USD ($)segmentshares | Dec. 31, 2017USD ($)shares | Dec. 31, 2016shares | Jan. 01, 2018USD ($) | |
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||
Loans receivable held-for-investment, impairments | $ 0 | |||
Deferred costs, net | 2,087,000 | $ 3,034,000 | ||
Allowance for doubtful accounts | $ 931,000 | $ 1,500,000 | ||
Weighted average number diluted shares outstanding adjustment (shares) | shares | 0 | 0 | 0 | |
Number of reportable segments | segment | 1 | |||
Accumulated Distributions in Excess of Earnings | ||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||
Cumulative effect of accounting changes | $ (488,000) | |||
Accumulated Other Comprehensive Income | ||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||
Cumulative effect of accounting changes | 488,000 | |||
Accounting Standards Update 2017-12 | Accumulated Distributions in Excess of Earnings | ||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||
Cumulative effect of accounting changes | (488,000) | |||
Accounting Standards Update 2017-12 | Accumulated Other Comprehensive Income | ||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||
Cumulative effect of accounting changes | $ 488,000 |
Fair Value Measurements (Narrat
Fair Value Measurements (Narrative) (Details) ft² in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018USD ($)ft²property | Dec. 31, 2017USD ($)ft²property | Dec. 31, 2016USD ($)ft²property | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Interest rate | 9.00% | ||
Number of impaired properties | property | 22 | 4 | 3 |
Impairment of real estate, area (sqft) | ft² | 2,300 | 33 | 24 |
Impairment of real estate, number of properties | property | 4 | 3 | |
Impairment | $ 32,975 | $ 2,855 | $ 6,737 |
Estimate of Fair Value Measurement | Significant Other Observable Inputs (Level 2) | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Company's debt | 2,460,000 | 2,480,000 | |
Estimate of Fair Value Measurement | Significant Unobservable Inputs (Level 3) | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Held-to-maturity securities, fair value | 2,000 | ||
Carrying Value | Significant Other Observable Inputs (Level 2) | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Company's debt | 2,530,000 | 2,490,000 | |
Land and Building | Estimate of Fair Value Measurement | Fair Value, Measurements, Nonrecurring | Significant Unobservable Inputs (Level 3) | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair value of real estate assets | $ 332,400 | $ 4,300 | $ 4,700 |
Discount rate | Investments | Minimum | Significant Unobservable Inputs (Level 3) | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Measurement input | 0.0775 | ||
Discount rate | Investments | Maximum | Significant Unobservable Inputs (Level 3) | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Measurement input | 0.090 |
Fair Value Measurements (Schedu
Fair Value Measurements (Schedule of Fair Value, Assets and Liabilities Measured on a Recurring Basis) (Details) - Fair value, measurements, recurring - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Financial assets: | ||
Interest rate swaps | $ 10,993 | $ 7,324 |
Total financial assets | 10,993 | 7,324 |
Financial liabilities: | ||
Interest rate swaps | (206) | |
Total financial liabilities | (206) | |
Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Financial assets: | ||
Interest rate swaps | 0 | 0 |
Total financial assets | 0 | 0 |
Financial liabilities: | ||
Interest rate swaps | 0 | |
Total financial liabilities | 0 | |
Significant Other Observable Inputs (Level 2) | ||
Financial assets: | ||
Interest rate swaps | 10,993 | 7,324 |
Total financial assets | 10,993 | 7,324 |
Financial liabilities: | ||
Interest rate swaps | (206) | |
Total financial liabilities | (206) | |
Significant Unobservable Inputs (Level 3) | ||
Financial assets: | ||
Interest rate swaps | 0 | 0 |
Total financial assets | $ 0 | 0 |
Financial liabilities: | ||
Interest rate swaps | 0 | |
Total financial liabilities | $ 0 |
Fair Value Measurements (Liabil
Fair Value Measurements (Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Revenue Bonds [Roll Forward] | ||
Capitalized interest | $ 337 | |
Contingent Consideration [Roll Forward] | ||
Beginning balance | $ 0 | (337) |
Purchases | 0 | |
Fair value adjustments | 337 | |
Payments received | 0 | |
Ending balance | 0 | |
Revenue Bonds | ||
Revenue Bonds [Roll Forward] | ||
Beginning balance | 2,067 | 0 |
Purchases / originations | 2,081 | |
Capitalized interest | 0 | |
Payments received | (23) | (14) |
Ending balance | $ 2,044 | 2,067 |
Contingent Consideration [Roll Forward] | ||
Fair value adjustments | $ 0 |
Fair Value Measurements (Summar
Fair Value Measurements (Summary of Impairment Charges by Asset Class) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Impairment of long-lived assets held-for-use | $ 32,975 | $ 2,855 | $ 6,737 |
Impairment of intangible lease liabilities | (145) | 0 | 0 |
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 | 1,385 | 396 | 284 |
Land | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Impairment of long-lived assets held-for-use | 6,436 | 725 | 1,775 |
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 | $ 25,299 | $ 1,734 | $ 4,678 |
Real Estate Assets (Narrative)
Real Estate Assets (Narrative) (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018USD ($)property | Dec. 31, 2017USD ($)property | Dec. 31, 2016USD ($)property | |
Business Acquisition [Line Items] | |||
Total purchase price | $ 307,400 | ||
Number of properties acquired | property | 42 | ||
Below market lease, weighted average useful life | 7 years 2 months 12 days | 7 years 6 months | |
Acquisition-related expenses | $ 2,601 | $ 1,599 | $ 4,191 |
2017 Acquisitions | |||
Business Acquisition [Line Items] | |||
Percentage of voting interests acquired and percent of assets acquired | 100.00% | ||
Number of businesses acquired (property) | property | 4 | ||
Below market lease, weighted average useful life | 8 years 6 months | ||
Purchase price of business combinations | $ 55,386 | ||
Acquisition-related expenses | 1,300 | ||
Revenue | 5,100 | ||
Net income (loss) | $ 708 | ||
2016 Acquisitions | |||
Business Acquisition [Line Items] | |||
Number of businesses acquired (property) | property | 15 | ||
Acquired finite-lived intangible assets, weighted average useful life | 6 years 4 months 24 days | ||
Purchase price of business combinations | $ 216,700 | ||
Acquisition-related expenses | 4,200 | ||
Revenue | 10,700 | ||
Net income (loss) | $ (1,400) | ||
2018 Asset Acquisition | |||
Business Acquisition [Line Items] | |||
Percentage of voting interests acquired and percent of assets acquired | 100.00% | ||
Number of properties acquired | property | 1 | ||
Total purchase price | $ 11,905 | ||
External acquisition-related expense | $ 277 | ||
Below market lease, weighted average useful life | 19 years | ||
2017 Asset Acquisitions | |||
Business Acquisition [Line Items] | |||
Percentage of voting interests acquired and percent of assets acquired | 100.00% | ||
Number of properties acquired | property | 38 | ||
Total purchase price | $ 251,999 | ||
External acquisition-related expense | $ 6,100 | ||
Acquired in-place leases and other intangibles | 2017 Acquisitions | |||
Business Acquisition [Line Items] | |||
Acquired finite-lived intangible assets, weighted average useful life | 16 years 10 months 23 days | ||
Acquired in-place leases and other intangibles | 2016 Acquisitions | |||
Business Acquisition [Line Items] | |||
Acquired finite-lived intangible assets, weighted average useful life | 7 years 7 months 6 days | ||
Acquired in-place leases and other intangibles | 2018 Asset Acquisition | |||
Business Acquisition [Line Items] | |||
Acquired finite-lived intangible assets, weighted average useful life | 19 years | ||
Acquired above-market leases | 2017 Acquisitions | |||
Business Acquisition [Line Items] | |||
Acquired finite-lived intangible assets, weighted average useful life | 13 years 7 months 5 days | ||
Acquired above-market leases | 2016 Acquisitions | |||
Business Acquisition [Line Items] | |||
Acquired finite-lived intangible assets, weighted average useful life | 6 years |
Real Estate Assets (Schedule of
Real Estate Assets (Schedule of Recognized Identified Assets Acquired and Liabilities Assumed) (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Business Acquisition [Line Items] | |||
Land | $ 1,172,449 | $ 1,193,029 | |
Total purchase price | 307,400 | ||
2018 Asset Acquisition | |||
Business Acquisition [Line Items] | |||
Land | 2,107 | ||
Buildings, fixtures and improvements | 9,044 | ||
Acquired in-place leases and other intangibles | 1,392 | ||
Intangible lease liabilities | (638) | ||
Total purchase price | $ 11,905 | ||
2017 Asset Acquisitions | |||
Business Acquisition [Line Items] | |||
Land | 32,919 | ||
Buildings, fixtures and improvements | 177,682 | ||
Acquired in-place leases and other intangibles | 39,257 | ||
Acquired above-market leases | 3,624 | ||
Revenue bonds | 2,081 | ||
Intangible lease liabilities | (3,564) | ||
Total purchase price | 251,999 | ||
2017 Acquisitions | |||
Business Acquisition, Purchase Price Allocation [Abstract] | |||
Land | 9,873 | ||
Buildings, fixtures and improvements | 41,186 | ||
Intangible lease liabilities | (2,635) | ||
Total purchase price | 55,386 | ||
2016 Acquisitions | |||
Business Acquisition, Purchase Price Allocation [Abstract] | |||
Land | $ 48,317 | ||
Buildings, fixtures and improvements | 149,859 | ||
Intangible lease liabilities | (3,388) | ||
Total purchase price | 216,652 | ||
Acquired in-place leases and other intangibles | 2017 Acquisitions | |||
Business Acquisition, Purchase Price Allocation [Abstract] | |||
Acquired finite-lived intangible asset - leases, amount | 5,974 | ||
Acquired in-place leases and other intangibles | 2016 Acquisitions | |||
Business Acquisition, Purchase Price Allocation [Abstract] | |||
Acquired finite-lived intangible asset - leases, amount | 18,100 | ||
Acquired above-market leases | 2017 Acquisitions | |||
Business Acquisition, Purchase Price Allocation [Abstract] | |||
Acquired finite-lived intangible asset - leases, amount | $ 988 | ||
Acquired above-market leases | 2016 Acquisitions | |||
Business Acquisition, Purchase Price Allocation [Abstract] | |||
Acquired finite-lived intangible asset - leases, amount | $ 3,764 |
Real Estate Assets (Purchase Pr
Real Estate Assets (Purchase Price of Real Estate Investment) (Details) $ in Thousands | Dec. 31, 2017USD ($) |
Business Acquisition [Line Items] | |
Purchase price of asset acquisitions | $ 307,400 |
Total purchase price of real estate assets acquired | 307,385 |
2017 Acquisitions | |
Business Acquisition [Line Items] | |
Purchase price of business combinations | 55,386 |
2017 Asset Acquisitions | |
Business Acquisition [Line Items] | |
Purchase price of asset acquisitions | $ 251,999 |
Real Estate Assets (Business Ac
Real Estate Assets (Business Acquisition, Pro Forma Information) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
2017 Acquisitions | |||
Pro forma basis (unaudited) | |||
Revenue | $ 424,416 | $ 412,883 | |
Net income | $ 80,912 | 71,301 | |
2016 Acquisitions | |||
Pro forma basis (unaudited) | |||
Revenue | 418,798 | $ 389,780 | |
Net income | $ 74,052 | $ 64,662 |
Real Estate Assets (Property Di
Real Estate Assets (Property Dispositions) (Details) | 12 Months Ended | ||
Dec. 31, 2018USD ($)property | Dec. 31, 2017USD ($)property | Dec. 31, 2016USD ($)propertyshopping_center | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Proceeds from disposition of properties | $ 64,180,000 | $ 99,013,000 | $ 30,811,000 |
Repayments of debt | 227,211,000 | ||
Gain on disposition of real estate, net | $ 6,299,000 | 17,044,000 | 2,907,000 |
Property Disposition 2018 | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Number of properties disposed | property | 21 | ||
Aggregate gross sales price | $ 66,600,000 | ||
Proceeds from disposition of properties | 49,100,000 | ||
Repayments of debt | 15,000,000 | ||
Gain on disposition of real estate, net | 6,300,000 | ||
Property Dispositions, 2017 | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Aggregate gross sales price | 100,600,000 | ||
Proceeds from disposition of properties | 65,900,000 | ||
Repayments of debt | 33,000,000 | ||
Gain on disposition of real estate, net | 17,000,000 | ||
Property Dispositions, 2016 | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Aggregate gross sales price | 31,600,000 | ||
Proceeds from disposition of properties | 30,800,000 | ||
Gain on disposition of real estate, net | $ 2,900,000 | ||
Affiliated entity | Disposition fee | Property Disposition 2018 | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Related party transaction, expenses from transactions with related party | $ 478,000 | ||
Affiliated entity | Disposition fee | Property Dispositions, 2017 | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Related party transaction, expenses from transactions with related party | $ 0 | ||
Retail Property | Property Disposition 2018 | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Number of properties disposed | property | 19 | ||
Retail Property | Property Dispositions, 2017 | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Number of properties disposed | property | 14 | ||
Retail Property | Property Dispositions, 2016 | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Number of properties disposed | property | 4 | ||
Anchored Shopping Center | Property Disposition 2018 | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Number of properties disposed | property | 2 | ||
Anchored Shopping Center | Property Dispositions, 2016 | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Number of properties disposed | shopping_center | 1 | ||
Industrial Property | Property Dispositions, 2017 | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Number of properties disposed | property | 1 |
Real Estate Assets (Impairment
Real Estate Assets (Impairment of Property) (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018USD ($)property | Dec. 31, 2017USD ($)property | Dec. 31, 2016USD ($)property | |
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31) | |||
Number of impaired properties | property | 22 | 4 | 3 |
Impairment of real estate assets | $ 32,975 | $ 2,855 | $ 6,737 |
Estimate of Fair Value Measurement | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31) | |||
Real estate investment | 332,400 | 4,300 | 4,700 |
Carrying Value | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31) | |||
Real estate investment | $ 365,400 | $ 7,200 | $ 11,400 |
Real Estate Assets (Consolidate
Real Estate Assets (Consolidated Joint Venture) (Details) $ in Thousands | Dec. 31, 2018USD ($)property | Dec. 31, 2017USD ($) |
Business Acquisition [Line Items] | ||
Number of owned properties | property | 890 | |
Assets | $ 4,617,371 | $ 4,728,689 |
Real estate asset property, accumulated depreciation | 597,756 | 526,976 |
Liabilities | $ 2,616,274 | $ 2,572,024 |
Corporate Joint Venture | ||
Business Acquisition [Line Items] | ||
Number of owned properties | property | 9 | |
Assets | $ 50,900 | |
Real estate asset property, accumulated depreciation | 6,900 | |
Liabilities | 789 | |
Land | Corporate Joint Venture | ||
Business Acquisition [Line Items] | ||
Assets | 9,300 | |
Building and Building Improvements | Corporate Joint Venture | ||
Business Acquisition [Line Items] | ||
Assets | 42,000 | |
Intangible Lease Assets | Corporate Joint Venture | ||
Business Acquisition [Line Items] | ||
Assets | $ 5,600 |
Real Estate Assets (Unconsolida
Real Estate Assets (Unconsolidated Joint Ventures) (Details) ft² in Thousands, $ in Thousands | Sep. 22, 2016USD ($) | Dec. 31, 2018USD ($)ft² | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($)ft² |
Business Acquisition [Line Items] | ||||
Rentable space (sqft) | ft² | 26,500 | |||
Loss recognized on equity interest remeasured to fair value | $ 0 | $ 0 | $ 647 | |
Unconsolidated Joint Venture | ||||
Business Acquisition [Line Items] | ||||
Voting interest acquired | 10.00% | |||
Rentable space (sqft) | ft² | 176 | |||
Carrying value of the Company’s equity interest before business combination | $ 18,952 | |||
Land | 4,535 | |||
Buildings, fixtures and improvements | 11,826 | |||
Intangible lease liabilities | (597) | |||
Other assets and liabilities | 115 | |||
Purchase price of business combinations | 18,305 | |||
Loss recognized on equity interest remeasured to fair value | (647) | |||
Cash paid to Unconsolidated Joint Venture Partner | 1,600 | |||
Acquired in-place leases and other intangibles | Unconsolidated Joint Venture | ||||
Business Acquisition [Line Items] | ||||
Acquired finite-lived intangible asset - leases, amount | 1,296 | |||
Acquired above-market leases | Unconsolidated Joint Venture | ||||
Business Acquisition [Line Items] | ||||
Acquired finite-lived intangible asset - leases, amount | $ 1,130 |
Intangible Lease Assets and L_3
Intangible Lease Assets and Liabilities (Schedule of Finite-lived Intangible Assets and Liabilities) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Finite-Lived Intangible Assets [Line Items] | ||
Intangible lease assets | $ 342,357 | $ 397,430 |
Acquired below market liabilities, net | 36,418 | 45,572 |
Below market lease accumulated amortization | $ 34,732 | $ 31,330 |
Below market lease, weighted average useful life | 7 years 2 months 12 days | 7 years 6 months |
Acquired in-place leases | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible lease assets | $ 307,895 | $ 355,683 |
Accumulated amortization of intangible lease assets | $ 184,523 | $ 166,874 |
Useful life | 10 years 1 month 6 days | 10 years 6 months |
Acquired above-market leases | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible lease assets | $ 34,462 | $ 41,747 |
Accumulated amortization of intangible lease assets | $ 27,979 | $ 25,626 |
Useful life | 8 years 4 months 24 days | 8 years 8 months 12 days |
Intangible Lease Assets and L_4
Intangible Lease Assets and Liabilities (Schedule of finite-lived intangible assets amortization expense) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Finite-Lived Intangible Assets [Line Items] | |||
Amortization of below-market leases | $ 8,448 | $ 9,503 | $ 7,821 |
Acquired in-place leases | |||
Finite-Lived Intangible Assets [Line Items] | |||
Amortization of Intangible Assets | 45,559 | 46,602 | 45,944 |
Acquired above-market leases | |||
Finite-Lived Intangible Assets [Line Items] | |||
Amortization of Intangible Assets | $ 6,740 | $ 7,304 | $ 6,638 |
Intangible Lease Assets and L_5
Intangible Lease Assets and Liabilities (Schedule of Finite-lived Intangible Assets and Liabilities, Future Amortization Expense) (Details) $ in Thousands | Dec. 31, 2018USD ($) |
Below Market Lease, Amortization Income, Maturity Schedule [Abstract] | |
2019 | $ 7,316 |
2020 | 6,501 |
2021 | 4,398 |
2022 | 3,710 |
2023 | 2,899 |
Acquired in-place leases | |
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | |
2019 | 37,322 |
2020 | 35,164 |
2021 | 31,862 |
2022 | 29,990 |
2023 | 26,868 |
Above market leases | |
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | |
2019 | 4,981 |
2020 | 4,451 |
2021 | 3,835 |
2022 | 3,590 |
2023 | $ 3,221 |
Loans Held-For-Investment (Deta
Loans Held-For-Investment (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2018USD ($) | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Number of loans | 4 |
Principal balance | $ 89,679 |
Net book value | $ 89,762 |
Weighted-average interest rate | 17.20% |
Weighted-average years to maturity | 2 years 4 months 9 days |
One-Month LIBOR | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Basis spread on variable rate | 14.85% |
Loans Held-For-Investment Activ
Loans Held-For-Investment Activity (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2018USD ($) | |
Loans Held-for-Investment [Roll Forward] | |
Principal balance, beginning | $ 0 |
Net book value, beginning | 0 |
Loan fundings | 89,295 |
Capitalized interest | 384 |
Deferred fees and other items | (185) |
Accretion (amortization) of fees and other items | 268 |
Principal balance, ending | 89,679 |
Deferred fees and other items, ending | 83 |
Net book value, ending | $ 89,762 |
Derivative Instruments and He_3
Derivative Instruments and Hedging Activities (Narrative) (Details) | 12 Months Ended | ||
Dec. 31, 2018USD ($)derivative | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | |
Derivative [Line Items] | |||
Amount of (gain) loss reclassified from other comprehensive income into income as interest expense and other, net | $ | $ (4,305,000) | $ 3,103,000 | $ 8,757,000 |
Interest rate cash flow hedge gain (loss) to be reclassified during next 12 months | $ | $ 5,900,000 | ||
Interest Rate Swaps | |||
Derivative [Line Items] | |||
Number of interest rate derivatives matured | derivative | 3 | ||
Derivative, number of instruments terminated | derivative | 1 | ||
Derivative, number of instruments held (derivative) | derivative | 7 | ||
Interest Rate Swaps | Cash flow hedging | |||
Derivative [Line Items] | |||
Derivative liability, event of default, termination amount | $ | $ 0 |
Derivative Instruments and He_4
Derivative Instruments and Hedging Activities (Schedule of Derivative Instruments) (Details) $ in Thousands | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($)derivative |
Interest Rate Swaps | Deferred Rental Income, Derivative LIabilities and Other Liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Outstanding notional amount | $ 38,700 | |
Number of derivative instruments in liability position | derivative | 2 | |
Derivative liability, fair value | $ 206 | |
Cash flow hedging | Derivative assets, revenue bonds, prepaid expenses and other assets | ||
Derivatives, Fair Value [Line Items] | ||
Outstanding notional amount | $ 990,066 | |
Derivative asset, fair value | $ 10,993 | $ 7,324 |
Cash flow hedging | Derivative assets, revenue bonds, prepaid expenses and other assets | Minimum | ||
Derivatives, Fair Value [Line Items] | ||
Interest Rate | 2.55% | |
Cash flow hedging | Derivative assets, revenue bonds, prepaid expenses and other assets | Maximum | ||
Derivatives, Fair Value [Line Items] | ||
Interest Rate | 3.91% |
Notes Payable And Credit Faci_3
Notes Payable And Credit Facility (Fixed rate debt) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Debt Instrument [Line Items] | ||
Notes payable and credit facility, net | $ 2,516,914 | $ 2,471,763 |
Debt, weighted average interest rate | 3.90% | |
Debt instrument, weighted average years to maturity | 3 years 2 months 12 days | |
Long-term debt | $ 2,529,666 | 2,488,877 |
Debt maturities within next year | 49,799 | |
Fixed rate debt | ||
Debt Instrument [Line Items] | ||
Long-term debt | 1,178,166 | 1,217,377 |
Debt instrument, collateral amount | $ 2,100,000 | |
Variable Rate Debt | ||
Debt Instrument [Line Items] | ||
Debt, weighted average interest rate | 5.60% | |
Long-term debt | $ 20,500 | $ 20,500 |
Debt instrument, collateral amount | $ 40,800 | |
Minimum | Fixed rate debt | ||
Debt Instrument [Line Items] | ||
Stated interest rate (percentage) | 2.60% | |
Maximum | Fixed rate debt | ||
Debt Instrument [Line Items] | ||
Stated interest rate (percentage) | 4.98% | |
Interest Rate Swaps | Variable Rate Debt | ||
Debt Instrument [Line Items] | ||
Long-term debt | $ 178,400 |
Notes Payable And Credit Faci_4
Notes Payable And Credit Facility (Schedule of Debt) (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2018USD ($) | |
Short-Term and Long-Term Debt [Roll Forward] | |
Long-term debt, gross, beginning balance | $ 2,488,877 |
Net premiums, beginning of the period | 419 |
Total debt, net beginning of period | 2,471,763 |
Debt Issuance and Assumptions | 268,000 |
Proceeds from debt, bet of issuance costs | 268,000 |
Repayments and Modifications | (227,211) |
Repayments, Extinguishment and Assumptions of Debt, Net | (227,165) |
Amortization of premium | (88) |
Accretion and (Amortization) | 4,316 |
Long-term debt, gross, ending balance | 2,529,666 |
Net premiums, end of the period | 331 |
Total debt, net end of period | 2,516,914 |
Fixed rate debt | |
Short-Term and Long-Term Debt [Roll Forward] | |
Long-term debt, gross, beginning balance | 1,217,377 |
Deferred costs, beginning of period | (8,705) |
Repayments and Modifications | (39,211) |
Repayments and Modifications, Deferred costs | 46 |
Amortization of deferred financing costs | 2,307 |
Long-term debt, gross, ending balance | 1,178,166 |
Deferred costs, end of period | (6,352) |
Variable Rate Debt | |
Short-Term and Long-Term Debt [Roll Forward] | |
Long-term debt, gross, beginning balance | 20,500 |
Long-term debt, gross, ending balance | 20,500 |
Line of Credit | |
Short-Term and Long-Term Debt [Roll Forward] | |
Long-term debt, gross, beginning balance | 1,251,000 |
Deferred costs, beginning of period | (8,828) |
Debt Issuance and Assumptions | 268,000 |
Repayments and Modifications | (188,000) |
Amortization of deferred financing costs | 2,097 |
Long-term debt, gross, ending balance | 1,331,000 |
Deferred costs, end of period | $ (6,731) |
Notes Payable And Credit Faci_5
Notes Payable And Credit Facility (Credit Facility) (Details) | 12 Months Ended |
Dec. 31, 2018USD ($) | |
Debt Instrument [Line Items] | |
Debt, weighted average interest rate | 3.90% |
JPMorgan Chase Bank, N.A. | Line of Credit | |
Debt Instrument [Line Items] | |
Line of credit, maximum borrowing capacity | $ 1,400,000,000 |
Long-term line of credit | $ 1,330,000,000 |
Debt, weighted average interest rate | 4.00% |
Line of credit, current borrowing capacity | $ 67,200,000 |
Line of credit facility, covenant, minimum consolidated net worth | $ 2,000,000,000 |
Line of credit facility, covenant, minimum consolidated net worth, percentage of equity issuance | 75.00% |
Debt instrument, covenant, fixed charge coverage ratio | 1.50 |
JPMorgan Chase Bank, N.A. | Line of Credit | Federal funds rate plus | |
Debt Instrument [Line Items] | |
Debt instrument, basis spread on variable rate | 0.50% |
JPMorgan Chase Bank, N.A. | Line of Credit | One-Month LIBOR | |
Debt Instrument [Line Items] | |
Debt instrument, basis spread on variable rate | 1.00% |
JPMorgan Chase Bank, N.A. | Line of Credit | Revolving Credit Facility | |
Debt Instrument [Line Items] | |
Line of credit, maximum borrowing capacity | $ 350,000,000 |
Long-term line of credit | $ 281,000,000 |
JPMorgan Chase Bank, N.A. | Line of Credit | Revolving Credit Facility | Interest Rate Swaps | |
Debt Instrument [Line Items] | |
Debt, weighted average interest rate | 4.20% |
JPMorgan Chase Bank, N.A. | Line of Credit | Term loan | |
Debt Instrument [Line Items] | |
Line of credit, maximum borrowing capacity | $ 1,050,000,000 |
Long-term line of credit | 1,050,000,000 |
JPMorgan Chase Bank, N.A. | Line of Credit | Term loan | Interest Rate Swaps | |
Debt Instrument [Line Items] | |
Long-term line of credit | $ 811,700,000 |
Debt, weighted average interest rate | 3.80% |
JPMorgan Chase Bank, N.A. | Line of Credit | Minimum | |
Debt Instrument [Line Items] | |
Stated interest rate (percentage) | 0.65% |
Line of credit facility, covenant, unsecured debt service coverage ratio | 175.00% |
JPMorgan Chase Bank, N.A. | Line of Credit | Minimum | London Interbank Offered Rate (LIBOR) | |
Debt Instrument [Line Items] | |
Derivative, basis spread on variable rate | 1.65% |
JPMorgan Chase Bank, N.A. | Line of Credit | Maximum | |
Debt Instrument [Line Items] | |
Stated interest rate (percentage) | 1.25% |
Line of credit facility, covenant, leverage ratio | 60.00% |
Debt instrument, covenant, unsecured debt to unencumbered asset value ratio | 60.00% |
Line of credit facility, covenant, secured debt ratio | 40.00% |
Line of credit facility, covenant, ratio of secured debt to total asset value | 15.00% |
JPMorgan Chase Bank, N.A. | Line of Credit | Maximum | London Interbank Offered Rate (LIBOR) | |
Debt Instrument [Line Items] | |
Derivative, basis spread on variable rate | 2.25% |
Notes Payable And Credit Faci_6
Notes Payable And Credit Facility (Schedule of Maturities of Long-term Debt) (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Debt Disclosure [Abstract] | ||
2019 | $ 49,799 | |
2020 | 318,215 | |
2021 | 381,603 | |
2022 | 1,092,464 | |
2023 | 491,375 | |
Thereafter | 196,210 | |
Total | $ 2,529,666 | $ 2,488,877 |
Supplemental Cash Flow Disclo_3
Supplemental Cash Flow Disclosures (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Supplemental Cash Flow Elements [Abstract] | |||
Distributions declared and unpaid | $ 16,518 | $ 16,531 | $ 16,498 |
Accrued capital expenditures | 557 | 192 | 675 |
Common stock issued through distribution reinvestment plan | 91,764 | 101,344 | 109,166 |
Change in fair value of interest rate swaps | 3,875 | 7,654 | 4,335 |
Contingent consideration recorded upon property acquisitions | 0 | 0 | 332 |
Consolidation of real estate joint venture | 0 | 0 | 18,305 |
Supplemental Cash Flow Disclosures: | |||
Interest paid | 93,424 | 85,140 | 74,034 |
Cash paid for income taxes | $ 1,475 | $ 1,555 | $ 1,887 |
Related Party Transactions an_2
Related Party Transactions and Arrangements (Acquisition fees and expenses) (Details) - Maximum - Advisors | Dec. 31, 2018 |
Acquisition Fee | |
Related Party Transaction [Line Items] | |
Expenses from transactions with related party, percent of contract price | 2.00% |
Acquisition fees and expenses | |
Related Party Transaction [Line Items] | |
Expenses from transactions with related party, percent of contract price | 6.00% |
Related Party Transactions an_3
Related Party Transactions and Arrangements (Advisory fees and expenses) (Details) - Advisors | Dec. 31, 2018USD ($) |
Average invested assets between $0 to $2 billion | Advisory Fee | |
Related Party Transaction [Line Items] | |
Expense from transactions with related party, percentage of average invested assets (percent) | 0.75% |
Average invested assets between $2 billion to $4 billion | Advisory Fee | |
Related Party Transaction [Line Items] | |
Expense from transactions with related party, percentage of average invested assets (percent) | 0.70% |
Average invested assets over $4 billion | Advisory Fee | |
Related Party Transaction [Line Items] | |
Expense from transactions with related party, percentage of average invested assets (percent) | 0.65% |
Minimum | Average invested assets between $0 to $2 billion | |
Related Party Transaction [Line Items] | |
Average invested assets | $ 0 |
Minimum | Average invested assets between $2 billion to $4 billion | |
Related Party Transaction [Line Items] | |
Average invested assets | 2,000,000,000 |
Minimum | Average invested assets over $4 billion | |
Related Party Transaction [Line Items] | |
Average invested assets | 4,000,000,000 |
Maximum | Average invested assets between $0 to $2 billion | |
Related Party Transaction [Line Items] | |
Average invested assets | 2,000,000,000 |
Maximum | Average invested assets between $2 billion to $4 billion | |
Related Party Transaction [Line Items] | |
Average invested assets | $ 4,000,000,000 |
Related Party Transactions an_4
Related Party Transactions and Arrangements (Operating expenses) (Details) - Maximum - Advisors - Operating expenses | Dec. 31, 2018 |
Related Party Transaction [Line Items] | |
Operating expense reimbursement (percent) | 2.00% |
Operating expense reimbursement percent of net income (percent) | 25.00% |
Related Party Transactions an_5
Related Party Transactions and Arrangements (Disposition fees) (Details) - Maximum - Advisors | Dec. 31, 2018 |
Disposition Fee for Sale of Real Estate | |
Related Party Transaction [Line Items] | |
Expenses from transactions with related party, percent of contract price | 1.00% |
Brokerage Commissions And Disposition Fees | |
Related Party Transaction [Line Items] | |
Expenses from transactions with related party, percent of contract price | 50.00% |
Expenses from transactions with related party, percent of contract price | 6.00% |
Related Party Transactions an_6
Related Party Transactions and Arrangements (Subordinated performance fees) (Details) - Advisors - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Related Party Transaction [Line Items] | |||
Cumulative noncompounded annual return (percent) | 8.00% | ||
Subordinated Performance Fees [Member] | |||
Related Party Transaction [Line Items] | |||
Related party transaction, expenses from transactions with related party | $ 0 | $ 0 | $ 0 |
Subordinate Performance Fees for Listing | |||
Related Party Transaction [Line Items] | |||
Expense from transactions (percent) | 15.00% | ||
Subordinate Performance Fee in Event of Liquidation | |||
Related Party Transaction [Line Items] | |||
Expense from transactions (percent) | 15.00% |
Related Party Transactions an_7
Related Party Transactions and Arrangements (Schedule of related party transaction) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Related Party Transaction [Line Items] | |||
Due to affiliates | $ 5,156 | $ 1,984 | |
Acquisition, Disposition and Operating Activities Fees and Expenses | Advisors | |||
Related Party Transaction [Line Items] | |||
Due to affiliates | 5,200 | 2,000 | |
Acquisition fees and expenses | Advisors | |||
Related Party Transaction [Line Items] | |||
Related party transaction, expenses from transactions with related party | 2,749 | 6,532 | $ 4,960 |
Disposition fee | Advisors | |||
Related Party Transaction [Line Items] | |||
Related party transaction, expenses from transactions with related party | 478 | 0 | 0 |
Advisory fees and expenses | Advisors | |||
Related Party Transaction [Line Items] | |||
Related party transaction, expenses from transactions with related party | 43,399 | 44,072 | 41,926 |
Operating expenses | Advisors | |||
Related Party Transaction [Line Items] | |||
Related party transaction, expenses from transactions with related party | $ 5,163 | $ 4,494 | $ 4,119 |
Related Party Transactions an_8
Related Party Transactions and Arrangements (Due to/from Affiliates Narrative) (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Related Party Transaction [Line Items] | ||
Due from affiliates | $ 0 | $ 56 |
Affiliated entity | ||
Related Party Transaction [Line Items] | ||
Due to related parties | $ 5,200 | $ 2,000 |
Stockholders' Equity (Narrative
Stockholders' Equity (Narrative) (Details) - USD ($) $ / shares in Units, $ in Millions | Aug. 11, 2010 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Aug. 02, 2016 | Dec. 19, 2013 |
Class of Stock [Line Items] | ||||||
Common stock, par value (USD per share) | $ 0.01 | $ 0.01 | ||||
Common Stock | ||||||
Class of Stock [Line Items] | ||||||
Issuance of common stock (shares) | 20,000 | 9,615,850 | 10,095,437 | 11,234,006 | ||
Share price (USD per share) | $ 10 | |||||
Distribution reinvestment plan | ||||||
Class of Stock [Line Items] | ||||||
Common stock, shares authorized | $ 600 | $ 600 | $ 600 | $ 247 | ||
Common stock, par value (USD per share) | $ 0.01 |
Stockholders' Equity (Distribut
Stockholders' Equity (Distribution Reinvestment Plan) (Details) - USD ($) $ in Thousands, shares in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Class of Stock [Line Items] | |||
Common stock issued through distribution reinvestment plan | $ 91,764 | $ 101,344 | $ 109,166 |
Distribution reinvestment plan | |||
Class of Stock [Line Items] | |||
Dividend reinvestment plan, termination notice period | 10 days | ||
Shares issued pursuant to a distribution reinvestment plan (in shares) | 9.6 | 10.1 | 11.2 |
Common stock issued through distribution reinvestment plan | $ 91,800 | $ 101,300 | $ 109,200 |
Stockholders' Equity (Share Red
Stockholders' Equity (Share Redemption Program) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Equity, Class of Treasury Stock [Line Items] | ||||
Redemptions of common stock | $ 93,830 | $ 103,675 | $ 110,655 | |
Unfulfilled redemption requests, shares | 16,100,000 | |||
The Share Redemption Program | ||||
Equity, Class of Treasury Stock [Line Items] | ||||
Stock repurchase program, required holding period | 1 year | |||
Stock redemption program, plan redemption price per share, percentage of amount paid per share, after two year (percent) | 97.50% | |||
Stock redemption program, plan redemption price per share, percentage of amount paid per share, after three year (percent) | 100.00% | |||
Stock repurchase program, termination notice period | 30 days | |||
Stock repurchased and retired during period, shares | 9,800,000 | 10,300,000 | 11,500,000 | |
Redemptions of common stock | $ 93,800 | $ 103,700 | $ 110,700 | |
Unfulfilled redemption requests, shares | 58,500,000 | |||
The Share Redemption Program | 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 (percent) | 5.00% | |||
Stock repurchase program, number of shares authorized to be repurchased per quarter, prior year percentage of weighted average number of shares outstanding (percent) | 1.25% | |||
Stock redemption program, redemption priority, shares | 250 | |||
The Share Redemption Program | Distribution reinvestment plan | ||||
Equity, Class of Treasury Stock [Line Items] | ||||
DRIP portion of the Offering as a percentage of most recent estimated value of each share (percent) | 100.00% |
Stockholders' Equity (Distrib_2
Stockholders' Equity (Distributions Payable and Distribution Policy) (Details) - USD ($) $ / shares in Units, $ in Thousands | 18 Months Ended | |||
Jun. 30, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Class of Stock [Line Items] | ||||
Distributions payable | $ 16,518 | $ 16,531 | $ 16,498 | |
Subsequent Event | ||||
Class of Stock [Line Items] | ||||
Common stock, dividends, daily amount per share authorized (USD per share) | $ 0.001711452 |
Stockholders' Equity (Equity-Ba
Stockholders' Equity (Equity-Based Compensation) (Details) - CCPT IV 2018 Equity Incentive Plan - USD ($) $ in Thousands | Oct. 01, 2018 | Dec. 31, 2018 |
Common Stock | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Shares reserved for issuance | 400,000 | |
Shares available for future grant | 386,000 | |
Restricted shares | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Shares granted to each of the independent members of the Board | 3,500 | |
Grants in period (shares) | 14,000 | |
Award requisite service period | 1 year | |
Unrecognized compensation expense | $ 98 | |
General and Administrative Expense | Restricted shares | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Compensation expense | $ 33 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |||
Ordinary dividends (percent) | 52.00% | 51.00% | 53.00% |
Nondividend distributions (percent) | 48.00% | 42.00% | 46.00% |
Capital gain distributions (percent) | 0.00% | 7.00% | 1.00% |
Total (percent) | 100.00% | 100.00% | 100.00% |
State and local income tax and franchise tax expense (benefit), continuing operations | $ 1,400,000 | $ 1,600,000 | $ 1,200,000 |
Unrecognized tax benefits | $ 0 | $ 0 |
Operating Leases (Details)
Operating Leases (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2018USD ($) | |
Leases [Abstract] | |
Operating leases of lessor, weighted average remaining lease term | 9 years 28 days |
Future Minimum Rental Income | |
2019 | $ 352,699 |
2020 | 343,991 |
2021 | 327,661 |
2022 | 311,858 |
2023 | 284,510 |
Thereafter | 1,718,650 |
Total future minimum rental income | $ 3,339,369 |
Quarterly Results (Unaudited)_2
Quarterly Results (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Revenues | $ 108,673 | $ 105,705 | $ 107,395 | $ 109,503 | $ 107,787 | $ 107,024 | $ 104,504 | $ 104,780 | $ 431,276 | $ 424,095 | $ 407,451 |
Net income (loss) | (14,391) | 14,905 | 17,825 | 19,073 | 15,424 | 29,769 | 18,107 | 16,251 | 37,412 | 79,551 | 71,979 |
Net income (loss) attributable to the Company | $ (14,425) | $ 14,872 | $ 17,792 | $ 19,039 | $ 15,392 | $ 29,736 | $ 18,075 | $ 16,217 | $ 37,278 | $ 79,420 | $ 71,842 |
Basic and diluted net income (loss) per common share (USD per share) | $ (0.05) | $ 0.05 | $ 0.06 | $ 0.06 | $ 0.05 | $ 0.10 | $ 0.06 | $ 0.05 | $ 0.12 | $ 0.25 | $ 0.23 |
Subsequent Events - (Details)
Subsequent Events - (Details) $ / shares in Units, $ in Thousands, shares in Millions | 3 Months Ended | 12 Months Ended | |||
Mar. 26, 2019USD ($)property$ / sharesshares | Dec. 31, 2018$ / sharesshares | Dec. 31, 2018USD ($)$ / sharesshares | Dec. 31, 2017USD ($)$ / shares | Dec. 31, 2016USD ($) | |
Subsequent Event | |||||
Redemptions of common stock | $ 93,830 | $ 103,675 | $ 110,655 | ||
Unfulfilled redemption requests (shares) | shares | 16.1 | ||||
Net proceeds from disposition of real estate assets | 64,180 | 99,013 | 30,811 | ||
Gain on disposition of real estate, net | $ 6,299 | $ 17,044 | 2,907 | ||
NAV per share (USD per share) | $ / shares | $ 8.65 | $ 8.65 | $ 9.37 | ||
Subsequent Event | |||||
Subsequent Event | |||||
Redemptions of common stock (shares) | shares | 2.3 | ||||
Redemptions of common stock | $ 21,700 | ||||
Common stock average redemption price per share | $ / shares | $ 9.37 | ||||
Distribution reinvestment plan | Subsequent Event | |||||
Subsequent Event | |||||
Share price (USD per share) | $ / shares | $ 8.65 | ||||
Commercial Real Estate | Subsequent Event | |||||
Subsequent Event | |||||
Number of properties disposed | property | 33 | ||||
Aggregate gross sales price | $ 109,100 | ||||
Net proceeds from disposition of real estate assets | 105,800 | ||||
Gain on disposition of real estate, net | 5,000 | ||||
Advisors | Disposition fee | |||||
Subsequent Event | |||||
Related party transaction, expenses from transactions with related party | $ 478 | $ 0 | 0 | ||
Advisors | Disposition fee | Subsequent Event | |||||
Subsequent Event | |||||
Related party transaction, expenses from transactions with related party | $ 534 | ||||
The Share Redemption Program | |||||
Subsequent Event | |||||
Redemptions of common stock | $ 93,800 | $ 103,700 | $ 110,700 | ||
Unfulfilled redemption requests (shares) | shares | 58.5 | ||||
The Share Redemption Program | Subsequent Event | |||||
Subsequent Event | |||||
Share price (USD per share) | $ / shares | $ 8.650 |
Schedule III - Real Estate As_2
Schedule III - Real Estate Assets and Accumulated Depreciation - 1 (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 1,198,666 | |||
Land | 1,182,345 | |||
Buildings and Improvements | 3,238,953 | |||
Total Adjustment to Basis | 22,743 | |||
Gross Amount at Which Carried At December 31, 2018 | 4,444,041 | $ 4,564,592 | $ 4,370,629 | $ 4,185,605 |
Accumulated Depreciation | 385,245 | $ 334,476 | $ 245,425 | $ 158,805 |
10Box Cost-Plus: | Conway, AR | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 733 | |||
Buildings and Improvements | 1,654 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2018 | 2,387 | |||
Accumulated Depreciation | 67 | |||
10Box Cost-Plus: | Russellville, AR | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 990 | |||
Buildings and Improvements | 1,470 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2018 | 2,460 | |||
Accumulated Depreciation | 83 | |||
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, 2018 | 12,583 | |||
Accumulated Depreciation | 1,070 | |||
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, 2018 | 8,968 | |||
Accumulated Depreciation | 1,041 | |||
Aaron’s: | 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, 2018 | 1,108 | |||
Accumulated Depreciation | 145 | |||
Aaron’s: | 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, 2018 | 1,055 | |||
Accumulated Depreciation | 72 | |||
Aaron’s: | 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, 2018 | 1,383 | |||
Accumulated Depreciation | 132 | |||
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, 2018 | 8,414 | |||
Accumulated Depreciation | 814 | |||
Academy Sports: | Cookeville, TN | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 49,300 | |||
Land | 0 | |||
Buildings and Improvements | 23,847 | |||
Total Adjustment to Basis | 73,371 | |||
Gross Amount at Which Carried At December 31, 2018 | 97,218 | |||
Accumulated Depreciation | 7,274 | |||
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, 2018 | 9,953 | |||
Accumulated Depreciation | 1,046 | |||
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, 2018 | 9,398 | |||
Accumulated Depreciation | 1,025 | |||
Academy Sports: | Greenville, NC | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 1,968 | |||
Buildings and Improvements | 7,054 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2018 | 9,022 | |||
Accumulated Depreciation | 419 | |||
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, 2018 | 7,472 | |||
Accumulated Depreciation | 735 | |||
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, 2018 | 8,404 | |||
Accumulated Depreciation | 991 | |||
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, 2018 | 1,409 | |||
Accumulated Depreciation | 206 | |||
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, 2018 | 1,475 | |||
Accumulated Depreciation | 146 | |||
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, 2018 | 1,659 | |||
Accumulated Depreciation | 147 | |||
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, 2018 | 1,562 | |||
Accumulated Depreciation | 181 | |||
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, 2018 | 1,387 | |||
Accumulated Depreciation | 97 | |||
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, 2018 | 1,324 | |||
Accumulated Depreciation | 81 | |||
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, 2018 | 1,191 | |||
Accumulated Depreciation | 153 | |||
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, 2018 | 1,502 | |||
Accumulated Depreciation | 219 | |||
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, 2018 | 1,164 | |||
Accumulated Depreciation | 131 | |||
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, 2018 | 1,203 | |||
Accumulated Depreciation | 140 | |||
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, 2018 | 1,479 | |||
Accumulated Depreciation | 123 | |||
Albany Square: | Albany, GA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 4,600 | |||
Land | 1,606 | |||
Buildings and Improvements | 7,113 | |||
Total Adjustment to Basis | 373 | |||
Gross Amount at Which Carried At December 31, 2018 | 9,092 | |||
Accumulated Depreciation | 1,153 | |||
Almeda Crossing: | Houston, TX | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 4,738 | |||
Buildings and Improvements | 26,245 | |||
Total Adjustment to Basis | 375 | |||
Gross Amount at Which Carried At December 31, 2018 | 31,358 | |||
Accumulated Depreciation | 3,155 | |||
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, 2018 | 3,847 | |||
Accumulated Depreciation | 313 | |||
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, 2018 | 2,504 | |||
Accumulated Depreciation | 204 | |||
At Home: | Kissimmee, FL | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 2,512 | |||
Buildings and Improvements | 5,594 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2018 | 8,106 | |||
Accumulated Depreciation | 429 | |||
AutoZone: | Philipsburg, 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, 2018 | 1,456 | |||
Accumulated Depreciation | 224 | |||
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, 2018 | 2,055 | |||
Accumulated Depreciation | 123 | |||
AutoZone: | Sheffield, OH | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 815 | |||
Buildings and Improvements | 0 | |||
Total Adjustment to Basis | 770 | |||
Gross Amount at Which Carried At December 31, 2018 | 1,585 | |||
Accumulated Depreciation | 74 | |||
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, 2018 | 6,658 | |||
Accumulated Depreciation | 867 | |||
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 | 538 | |||
Gross Amount at Which Carried At December 31, 2018 | 31,220 | |||
Accumulated Depreciation | 3,704 | |||
Bed Bath & Beyond/Golfsmith: | Schaumburg, IL | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 7,300 | |||
Land | 4,786 | |||
Buildings and Improvements | 6,149 | |||
Total Adjustment to Basis | (1,372) | |||
Gross Amount at Which Carried At December 31, 2018 | 9,563 | |||
Accumulated Depreciation | 0 | |||
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, 2018 | 4,444 | |||
Accumulated Depreciation | 486 | |||
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, 2018 | 4,195 | |||
Accumulated Depreciation | 342 | |||
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, 2018 | 3,733 | |||
Accumulated Depreciation | 464 | |||
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, 2018 | 2,119 | |||
Accumulated Depreciation | 167 | |||
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, 2018 | 2,990 | |||
Accumulated Depreciation | 465 | |||
Big Lots: | Waco, TX | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 1,069 | |||
Buildings and Improvements | 1,326 | |||
Total Adjustment to Basis | 124 | |||
Gross Amount at Which Carried At December 31, 2018 | 2,519 | |||
Accumulated Depreciation | 347 | |||
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, 2018 | 8,661 | |||
Accumulated Depreciation | 758 | |||
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, 2018 | 5,750 | |||
Accumulated Depreciation | 537 | |||
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, 2018 | 6,296 | |||
Accumulated Depreciation | 620 | |||
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, 2018 | 4,596 | |||
Accumulated Depreciation | 464 | |||
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, 2018 | 4,409 | |||
Accumulated Depreciation | 446 | |||
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, 2018 | 4,522 | |||
Accumulated Depreciation | 474 | |||
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, 2018 | 6,756 | |||
Accumulated Depreciation | 564 | |||
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, 2018 | 3,869 | |||
Accumulated Depreciation | 448 | |||
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, 2018 | 6,431 | |||
Accumulated Depreciation | 540 | |||
Bob Evans: | Akron, OH | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land | 447 | |||
Buildings and Improvements | 1,537 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2018 | 1,984 | |||
Accumulated Depreciation | 81 | |||
Bob Evans: | Anderson, IN | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land | 912 | |||
Buildings and Improvements | 1,455 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2018 | 2,367 | |||
Accumulated Depreciation | 78 | |||
Bob Evans: | Austintown, OH | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land | 305 | |||
Buildings and Improvements | 1,426 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2018 | 1,731 | |||
Accumulated Depreciation | 81 | |||
Bob Evans: | Birch Run, MI | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land | 733 | |||
Buildings and Improvements | 1,192 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2018 | 1,925 | |||
Accumulated Depreciation | 66 | |||
Bob Evans: | Blue Ash, OH | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land | 628 | |||
Buildings and Improvements | 1,429 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2018 | 2,057 | |||
Accumulated Depreciation | 88 | |||
Bob Evans: | Chardon, OH | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land | 333 | |||
Buildings and Improvements | 682 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2018 | 1,015 | |||
Accumulated Depreciation | 41 | |||
Bob Evans: | Chillicothe, OH | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land | 557 | |||
Buildings and Improvements | 1,524 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2018 | 2,081 | |||
Accumulated Depreciation | 84 | |||
Bob Evans: | Columbus, OH | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land | 523 | |||
Buildings and Improvements | 1,376 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2018 | 1,899 | |||
Accumulated Depreciation | 78 | |||
Bob Evans: | Dayton, OH | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land | 325 | |||
Buildings and Improvements | 1,438 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2018 | 1,763 | |||
Accumulated Depreciation | 84 | |||
Bob Evans: | Eldersburg, MD | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land | 557 | |||
Buildings and Improvements | 876 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2018 | 1,433 | |||
Accumulated Depreciation | 47 | |||
Bob Evans: | Florence, KY | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land | 496 | |||
Buildings and Improvements | 1,876 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2018 | 2,372 | |||
Accumulated Depreciation | 107 | |||
Bob Evans: | Holland, MI | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land | 314 | |||
Buildings and Improvements | 1,367 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2018 | 1,681 | |||
Accumulated Depreciation | 77 | |||
Bob Evans: | Huntersville, NC | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land | 751 | |||
Buildings and Improvements | 657 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2018 | 1,408 | |||
Accumulated Depreciation | 36 | |||
Bob Evans: | Hurricane, WV | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land | 297 | |||
Buildings and Improvements | 1,654 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2018 | 1,951 | |||
Accumulated Depreciation | 85 | |||
Bob Evans: | Milford, OH | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land | 271 | |||
Buildings and Improvements | 1,498 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2018 | 1,769 | |||
Accumulated Depreciation | 86 | |||
Bob Evans: | Monroeville, PA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land | 1,340 | |||
Buildings and Improvements | 848 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2018 | 2,188 | |||
Accumulated Depreciation | 44 | |||
Bob Evans: | Nicholasville, KY | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land | 731 | |||
Buildings and Improvements | 693 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2018 | 1,424 | |||
Accumulated Depreciation | 37 | |||
Bob Evans: | North Canton, OH | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land | 859 | |||
Buildings and Improvements | 1,393 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2018 | 2,252 | |||
Accumulated Depreciation | 79 | |||
Bob Evans: | Ripley, WV | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land | 269 | |||
Buildings and Improvements | 1,304 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2018 | 1,573 | |||
Accumulated Depreciation | 72 | |||
Bob Evans: | Tipp City, OH | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land | 554 | |||
Buildings and Improvements | 1,120 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2018 | 1,674 | |||
Accumulated Depreciation | 66 | |||
Bob Evans: | Warsaw, IN | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land | 684 | |||
Buildings and Improvements | 1,222 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2018 | 1,906 | |||
Accumulated Depreciation | 67 | |||
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, 2018 | 1,435 | |||
Accumulated Depreciation | 149 | |||
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 | 280 | |||
Gross Amount at Which Carried At December 31, 2018 | 10,423 | |||
Accumulated Depreciation | 877 | |||
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, 2018 | 3,504 | |||
Accumulated Depreciation | 394 | |||
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, 2018 | 3,329 | |||
Accumulated Depreciation | 375 | |||
Bryan Crossing: | Kodak, TN | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 4,958 | |||
Land | 863 | |||
Buildings and Improvements | 6,523 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2018 | 7,386 | |||
Accumulated Depreciation | 756 | |||
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, 2018 | 2,048 | |||
Accumulated Depreciation | 151 | |||
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, 2018 | 2,628 | |||
Accumulated Depreciation | 275 | |||
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, 2018 | 2,623 | |||
Accumulated Depreciation | 285 | |||
Cabela’s: | Acworth, GA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 4,979 | |||
Buildings and Improvements | 18,775 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2018 | 23,754 | |||
Accumulated Depreciation | 665 | |||
Cabela’s: | Avon, OH | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 2,755 | |||
Buildings and Improvements | 10,751 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2018 | 13,506 | |||
Accumulated Depreciation | 387 | |||
Cabela’s: | La Vista, NE | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 3,260 | |||
Buildings and Improvements | 16,923 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2018 | 20,183 | |||
Accumulated Depreciation | 576 | |||
Cabela’s: | Sun Prairie, WI | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 3,373 | |||
Buildings and Improvements | 14,058 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2018 | 17,431 | |||
Accumulated Depreciation | 525 | |||
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, 2018 | 3,522 | |||
Accumulated Depreciation | 252 | |||
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, 2018 | 2,622 | |||
Accumulated Depreciation | 236 | |||
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, 2018 | 1,424 | |||
Accumulated Depreciation | 147 | |||
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, 2018 | 1,513 | |||
Accumulated Depreciation | 77 | |||
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, 2018 | 1,454 | |||
Accumulated Depreciation | 97 | |||
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, 2018 | 3,506 | |||
Accumulated Depreciation | 299 | |||
Camping World: | 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, 2018 | 5,983 | |||
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 | 930 | |||
Gross Amount at Which Carried At December 31, 2018 | 57,907 | |||
Accumulated Depreciation | 9,251 | |||
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, 2018 | 20,308 | |||
Accumulated Depreciation | 2,114 | |||
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, 2018 | 110,027 | |||
Accumulated Depreciation | 10,988 | |||
Century Plaza: | Orlando, FL | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 3,094 | |||
Buildings and Improvements | 6,178 | |||
Total Adjustment to Basis | 797 | |||
Gross Amount at Which Carried At December 31, 2018 | 10,069 | |||
Accumulated Depreciation | 1,095 | |||
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, 2018 | 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 | 92 | |||
Gross Amount at Which Carried At December 31, 2018 | 5,554 | |||
Accumulated Depreciation | 757 | |||
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, 2018 | 2,169 | |||
Accumulated Depreciation | 210 | |||
Coosa Town Center: | Gadsden, AL | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 3,246 | |||
Buildings and Improvements | 7,799 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2018 | 11,045 | |||
Accumulated Depreciation | 1,135 | |||
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 | 42 | |||
Gross Amount at Which Carried At December 31, 2018 | 3,816 | |||
Accumulated Depreciation | 536 | |||
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, 2018 | 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 | 196 | |||
Gross Amount at Which Carried At December 31, 2018 | 34,063 | |||
Accumulated Depreciation | 4,168 | |||
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 | 59 | |||
Gross Amount at Which Carried At December 31, 2018 | 9,420 | |||
Accumulated Depreciation | 901 | |||
Crosspoint: | Hagerstown, MD | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 12,285 | |||
Buildings and Improvements | 14,359 | |||
Total Adjustment to Basis | (1,024) | |||
Gross Amount at Which Carried At December 31, 2018 | 25,620 | |||
Accumulated Depreciation | 2,049 | |||
Crossroads Annex: | Lafayette, LA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 1,659 | |||
Buildings and Improvements | 7,091 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2018 | 8,750 | |||
Accumulated Depreciation | 1,025 | |||
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, 2018 | 5,590 | |||
Accumulated Depreciation | 764 | |||
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, 2018 | 4,410 | |||
Accumulated Depreciation | 307 | |||
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, 2018 | 2,192 | |||
Accumulated Depreciation | 191 | |||
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, 2018 | 4,551 | |||
Accumulated Depreciation | 448 | |||
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, 2018 | 2,173 | |||
Accumulated Depreciation | 292 | |||
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, 2018 | 4,577 | |||
Accumulated Depreciation | 384 | |||
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, 2018 | 3,117 | |||
Accumulated Depreciation | 353 | |||
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, 2018 | 4,418 | |||
Accumulated Depreciation | 306 | |||
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, 2018 | 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, 2018 | 1,878 | |||
Accumulated Depreciation | 179 | |||
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, 2018 | 4,097 | |||
Accumulated Depreciation | 404 | |||
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, 2018 | 6,087 | |||
Accumulated Depreciation | 616 | |||
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, 2018 | 3,586 | |||
Accumulated Depreciation | 401 | |||
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, 2018 | 3,205 | |||
Accumulated Depreciation | 436 | |||
CVS: | Danville, IN | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 424 | |||
Buildings and Improvements | 2,105 | |||
Total Adjustment to Basis | 76 | |||
Gross Amount at Which Carried At December 31, 2018 | 2,605 | |||
Accumulated Depreciation | 253 | |||
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, 2018 | 3,383 | |||
Accumulated Depreciation | 322 | |||
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, 2018 | 2,476 | |||
Accumulated Depreciation | 218 | |||
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, 2018 | 3,002 | |||
Accumulated Depreciation | 254 | |||
CVS: | Greenwood, IN | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 912 | |||
Buildings and Improvements | 3,549 | |||
Total Adjustment to Basis | 61 | |||
Gross Amount at Which Carried At December 31, 2018 | 4,522 | |||
Accumulated Depreciation | 489 | |||
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, 2018 | 4,746 | |||
Accumulated Depreciation | 0 | |||
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, 2018 | 6,657 | |||
Accumulated Depreciation | 466 | |||
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, 2018 | 4,548 | |||
Accumulated Depreciation | 444 | |||
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, 2018 | 2,601 | |||
Accumulated Depreciation | 292 | |||
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, 2018 | 3,594 | |||
Accumulated Depreciation | 322 | |||
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, 2018 | 3,779 | |||
Accumulated Depreciation | 484 | |||
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, 2018 | 5,999 | |||
Accumulated Depreciation | 438 | |||
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, 2018 | 3,281 | |||
Accumulated Depreciation | 330 | |||
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, 2018 | 3,611 | |||
Accumulated Depreciation | 312 | |||
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, 2018 | 5,548 | |||
Accumulated Depreciation | 389 | |||
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, 2018 | 4,106 | |||
Accumulated Depreciation | 362 | |||
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, 2018 | 6,148 | |||
Accumulated Depreciation | 701 | |||
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, 2018 | 2,701 | |||
Accumulated Depreciation | 312 | |||
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, 2018 | 4,072 | |||
Accumulated Depreciation | 288 | |||
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, 2018 | 5,807 | |||
Accumulated Depreciation | 303 | |||
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, 2018 | 3,741 | |||
Accumulated Depreciation | 243 | |||
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, 2018 | 4,048 | |||
Accumulated Depreciation | 298 | |||
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, 2018 | 6,862 | |||
Accumulated Depreciation | 589 | |||
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, 2018 | 2,784 | |||
Accumulated Depreciation | 301 | |||
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, 2018 | 4,147 | |||
Accumulated Depreciation | 337 | |||
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, 2018 | 4,806 | |||
Accumulated Depreciation | $ 400 |
Schedule III - Real Estate As_3
Schedule III - Real Estate Assets and Accumulated Depreciation - 2 (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 1,198,666 | |||
Land | 1,182,345 | |||
Buildings and Improvements | 3,238,953 | |||
Total Adjustment to Basis | 22,743 | |||
Gross Amount at Which Carried At December 31, 2018 | 4,444,041 | $ 4,564,592 | $ 4,370,629 | $ 4,185,605 |
Accumulated Depreciation | 385,245 | $ 334,476 | $ 245,425 | $ 158,805 |
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, 2018 | 3,739 | |||
Accumulated Depreciation | 391 | |||
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, 2018 | 3,694 | |||
Accumulated Depreciation | 351 | |||
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, 2018 | 3,874 | |||
Accumulated Depreciation | 279 | |||
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 | 915 | |||
Gross Amount at Which Carried At December 31, 2018 | 19,584 | |||
Accumulated Depreciation | 2,263 | |||
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, 2018 | 2,521 | |||
Accumulated Depreciation | 315 | |||
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 | 848 | |||
Gross Amount at Which Carried At December 31, 2018 | 12,659 | |||
Accumulated Depreciation | 1,479 | |||
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 | 32 | |||
Gross Amount at Which Carried At December 31, 2018 | 9,216 | |||
Accumulated Depreciation | 1,100 | |||
Dick’s PetSmart Center: | Oshkosh, WI | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 1,445 | |||
Buildings and Improvements | 6,599 | |||
Total Adjustment to Basis | (696) | |||
Gross Amount at Which Carried At December 31, 2018 | 7,348 | |||
Accumulated Depreciation | 0 | |||
Dick’s Sporting Goods: | Oklahoma City, 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, 2018 | 9,036 | |||
Accumulated Depreciation | 1,352 | |||
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, 2018 | 11,272 | |||
Accumulated Depreciation | 1,782 | |||
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, 2018 | 1,596 | |||
Accumulated Depreciation | 148 | |||
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, 2018 | 840 | |||
Accumulated Depreciation | 113 | |||
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, 2018 | 1,211 | |||
Accumulated Depreciation | 159 | |||
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, 2018 | 909 | |||
Accumulated Depreciation | 136 | |||
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, 2018 | 1,016 | |||
Accumulated Depreciation | 106 | |||
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, 2018 | 917 | |||
Accumulated Depreciation | 102 | |||
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, 2018 | 1,132 | |||
Accumulated Depreciation | 124 | |||
Dollar General: | Ashville, AL | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land | 255 | |||
Buildings and Improvements | 678 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2018 | 933 | |||
Accumulated Depreciation | 123 | |||
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, 2018 | 1,101 | |||
Accumulated Depreciation | 113 | |||
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, 2018 | 1,281 | |||
Accumulated Depreciation | 182 | |||
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, 2018 | 931 | |||
Accumulated Depreciation | 102 | |||
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, 2018 | 1,300 | |||
Accumulated Depreciation | 139 | |||
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, 2018 | 1,083 | |||
Accumulated Depreciation | 135 | |||
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, 2018 | 895 | |||
Accumulated Depreciation | 92 | |||
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, 2018 | 932 | |||
Accumulated Depreciation | 101 | |||
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, 2018 | 1,023 | |||
Accumulated Depreciation | 77 | |||
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, 2018 | 918 | |||
Accumulated Depreciation | 148 | |||
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, 2018 | 1,121 | |||
Accumulated Depreciation | 150 | |||
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, 2018 | 1,163 | |||
Accumulated Depreciation | 100 | |||
Dollar General: | Breaux Bridge, LA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land | 225 | |||
Buildings and Improvements | 1,007 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2018 | 1,232 | |||
Accumulated Depreciation | 166 | |||
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, 2018 | 969 | |||
Accumulated Depreciation | 116 | |||
Dollar General: | Brownsville, TX | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land | 264 | |||
Buildings and Improvements | 943 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2018 | 1,207 | |||
Accumulated Depreciation | 147 | |||
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, 2018 | 1,221 | |||
Accumulated Depreciation | 118 | |||
Dollar General: | Clay, AL | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land | 305 | |||
Buildings and Improvements | 768 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2018 | 1,073 | |||
Accumulated Depreciation | 135 | |||
Dollar General: | Cleveland, TX | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land | 158 | |||
Buildings and Improvements | 856 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2018 | 1,014 | |||
Accumulated Depreciation | 133 | |||
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, 2018 | 1,527 | |||
Accumulated Depreciation | 181 | |||
Dollar General: | Conroe, TX | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land | 167 | |||
Buildings and Improvements | 946 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2018 | 1,113 | |||
Accumulated Depreciation | 148 | |||
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, 2018 | 3,490 | |||
Accumulated Depreciation | 350 | |||
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, 2018 | 983 | |||
Accumulated Depreciation | 98 | |||
Dollar General: | Decatur, IL | ||||
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, 2018 | 1,119 | |||
Accumulated Depreciation | 117 | |||
Dollar General: | Decatur, IL | ||||
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, 2018 | 1,183 | |||
Accumulated Depreciation | 108 | |||
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, 2018 | 1,194 | |||
Accumulated Depreciation | 145 | |||
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, 2018 | 1,334 | |||
Accumulated Depreciation | 148 | |||
Dollar General: | Deridder, 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, 2018 | 1,058 | |||
Accumulated Depreciation | 131 | |||
Dollar General: | Deridder, 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, 2018 | 1,081 | |||
Accumulated Depreciation | 130 | |||
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, 2018 | 1,109 | |||
Accumulated Depreciation | 137 | |||
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, 2018 | 1,059 | |||
Accumulated Depreciation | 108 | |||
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, 2018 | 1,343 | |||
Accumulated Depreciation | 138 | |||
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, 2018 | 955 | |||
Accumulated Depreciation | 98 | |||
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, 2018 | 975 | |||
Accumulated Depreciation | 106 | |||
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, 2018 | 936 | |||
Accumulated Depreciation | 99 | |||
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, 2018 | 1,044 | |||
Accumulated Depreciation | 102 | |||
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, 2018 | 1,230 | |||
Accumulated Depreciation | 112 | |||
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, 2018 | 1,094 | |||
Accumulated Depreciation | 106 | |||
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, 2018 | 2,950 | |||
Accumulated Depreciation | 381 | |||
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, 2018 | 1,022 | |||
Accumulated Depreciation | 126 | |||
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, 2018 | 1,068 | |||
Accumulated Depreciation | 112 | |||
Dollar General: | Geneva, AL | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land | 204 | |||
Buildings and Improvements | 815 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2018 | 1,019 | |||
Accumulated Depreciation | 146 | |||
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, 2018 | 1,366 | |||
Accumulated Depreciation | 144 | |||
Dollar General: | Greenwell Springs, LA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land | 444 | |||
Buildings and Improvements | 841 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2018 | 1,285 | |||
Accumulated Depreciation | 141 | |||
Dollar General: | Groveport, OH | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land | 416 | |||
Buildings and Improvements | 813 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2018 | 1,229 | |||
Accumulated Depreciation | 137 | |||
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, 2018 | 1,232 | |||
Accumulated Depreciation | 116 | |||
Dollar General: | Hanceville, AL | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land | 1,232 | |||
Buildings and Improvements | 1,488 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2018 | 2,720 | |||
Accumulated Depreciation | 280 | |||
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, 2018 | 997 | |||
Accumulated Depreciation | 105 | |||
Dollar General: | Harvest, AL | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land | 261 | |||
Buildings and Improvements | 691 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2018 | 952 | |||
Accumulated Depreciation | 126 | |||
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, 2018 | 868 | |||
Accumulated Depreciation | 107 | |||
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, 2018 | 1,027 | |||
Accumulated Depreciation | 98 | |||
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, 2018 | 1,430 | |||
Accumulated Depreciation | 141 | |||
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, 2018 | 1,218 | |||
Accumulated Depreciation | 105 | |||
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, 2018 | 1,566 | |||
Accumulated Depreciation | 152 | |||
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, 2018 | 1,167 | |||
Accumulated Depreciation | 142 | |||
Dollar General: | Houston, TX | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land | 311 | |||
Buildings and Improvements | 1,102 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2018 | 1,413 | |||
Accumulated Depreciation | 172 | |||
Dollar General: | Houston, 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, 2018 | 1,648 | |||
Accumulated Depreciation | 187 | |||
Dollar General: | Huntsville, AL | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land | 177 | |||
Buildings and Improvements | 847 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2018 | 1,024 | |||
Accumulated Depreciation | 151 | |||
Dollar General: | Independence, MO | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land | 170 | |||
Buildings and Improvements | 1,072 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2018 | 1,242 | |||
Accumulated Depreciation | 174 | |||
Dollar General: | Kansas City, 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, 2018 | 1,351 | |||
Accumulated Depreciation | 149 | |||
Dollar General: | Kansas City, 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, 2018 | 1,287 | |||
Accumulated Depreciation | 145 | |||
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, 2018 | 1,026 | |||
Accumulated Depreciation | 112 | |||
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, 2018 | 992 | |||
Accumulated Depreciation | 118 | |||
Dollar General: | Kinston, AL | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land | 170 | |||
Buildings and Improvements | 718 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2018 | 888 | |||
Accumulated Depreciation | 131 | |||
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, 2018 | 949 | |||
Accumulated Depreciation | 102 | |||
Dollar General: | Lake Charles, 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, 2018 | 1,135 | |||
Accumulated Depreciation | 142 | |||
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, 2018 | 878 | |||
Accumulated Depreciation | 97 | |||
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, 2018 | 1,171 | |||
Accumulated Depreciation | 109 | |||
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, 2018 | 1,059 | |||
Accumulated Depreciation | 103 | |||
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, 2018 | 934 | |||
Accumulated Depreciation | 121 | |||
Dollar General: | Lima, OH | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land | 156 | |||
Buildings and Improvements | 1,040 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2018 | 1,196 | |||
Accumulated Depreciation | 164 | |||
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, 2018 | 1,063 | |||
Accumulated Depreciation | 112 | |||
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, 2018 | 1,112 | |||
Accumulated Depreciation | 120 | |||
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, 2018 | 922 | |||
Accumulated Depreciation | 100 | |||
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, 2018 | 970 | |||
Accumulated Depreciation | 108 | |||
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, 2018 | 1,260 | |||
Accumulated Depreciation | 115 | |||
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, 2018 | 1,306 | |||
Accumulated Depreciation | 155 | |||
Dollar General: | Lubbock, TX | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land | 468 | |||
Buildings and Improvements | 641 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2018 | 1,109 | |||
Accumulated Depreciation | 107 | |||
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, 2018 | 1,115 | |||
Accumulated Depreciation | 129 | |||
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, 2018 | 1,298 | |||
Accumulated Depreciation | 158 | |||
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, 2018 | 985 | |||
Accumulated Depreciation | 108 | |||
Dollar General: | Maynardville, TN | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land | 238 | |||
Buildings and Improvements | 754 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2018 | 992 | |||
Accumulated Depreciation | 139 | |||
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, 2018 | 1,495 | |||
Accumulated Depreciation | 142 | |||
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, 2018 | 1,040 | |||
Accumulated Depreciation | 99 | |||
Dollar General: | Mobile, 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, 2018 | 1,144 | |||
Accumulated Depreciation | 142 | |||
Dollar General: | Mobile, 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, 2018 | 1,469 | |||
Accumulated Depreciation | 161 | |||
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, 2018 | 1,200 | |||
Accumulated Depreciation | 143 | |||
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, 2018 | 1,049 | |||
Accumulated Depreciation | 103 | |||
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, 2018 | 1,077 | |||
Accumulated Depreciation | 113 | |||
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, 2018 | 1,032 | |||
Accumulated Depreciation | 109 | |||
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, 2018 | 1,162 | |||
Accumulated Depreciation | 119 | |||
Dollar General: | Nashville, GA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land | 215 | |||
Buildings and Improvements | 2,533 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2018 | 2,748 | |||
Accumulated Depreciation | 420 | |||
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, 2018 | 1,358 | |||
Accumulated Depreciation | 156 | |||
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, 2018 | 1,158 | |||
Accumulated Depreciation | 137 | |||
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, 2018 | 954 | |||
Accumulated Depreciation | 97 | |||
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, 2018 | 881 | |||
Accumulated Depreciation | 113 | |||
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, 2018 | 1,229 | |||
Accumulated Depreciation | 149 | |||
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, 2018 | 1,074 | |||
Accumulated Depreciation | 148 | |||
Dollar General: | Newark, OH | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land | 222 | |||
Buildings and Improvements | 946 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2018 | 1,168 | |||
Accumulated Depreciation | 159 | |||
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, 2018 | 1,485 | |||
Accumulated Depreciation | 120 | |||
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, 2018 | 1,041 | |||
Accumulated Depreciation | 103 | |||
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, 2018 | 1,067 | |||
Accumulated Depreciation | 148 | |||
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, 2018 | 1,018 | |||
Accumulated Depreciation | 104 | |||
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, 2018 | 1,039 | |||
Accumulated Depreciation | 132 | |||
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, 2018 | 1,020 | |||
Accumulated Depreciation | 112 | |||
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, 2018 | 1,029 | |||
Accumulated Depreciation | 84 | |||
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, 2018 | 1,248 | |||
Accumulated Depreciation | 113 | |||
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, 2018 | 1,048 | |||
Accumulated Depreciation | 106 | |||
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, 2018 | 1,330 | |||
Accumulated Depreciation | $ 134 |
Schedule III - Real Estate As_4
Schedule III - Real Estate Assets and Accumulated Depreciation - 3 (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 1,198,666 | |||
Land | 1,182,345 | |||
Buildings and Improvements | 3,238,953 | |||
Total Adjustment to Basis | 22,743 | |||
Gross Amount at Which Carried At December 31, 2018 | 4,444,041 | $ 4,564,592 | $ 4,370,629 | $ 4,185,605 |
Accumulated Depreciation | 385,245 | $ 334,476 | $ 245,425 | $ 158,805 |
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, 2018 | 978 | |||
Accumulated Depreciation | 143 | |||
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, 2018 | 1,302 | |||
Accumulated Depreciation | 139 | |||
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, 2018 | 1,049 | |||
Accumulated Depreciation | 110 | |||
Dollar General: | Piedmont, AL | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land | 1,037 | |||
Buildings and Improvements | 1,579 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2018 | 2,616 | |||
Accumulated Depreciation | 299 | |||
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, 2018 | 1,249 | |||
Accumulated Depreciation | 114 | |||
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, 2018 | 1,284 | |||
Accumulated Depreciation | 144 | |||
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, 2018 | 1,190 | |||
Accumulated Depreciation | 141 | |||
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, 2018 | 1,314 | |||
Accumulated Depreciation | 132 | |||
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, 2018 | 1,053 | |||
Accumulated Depreciation | 140 | |||
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, 2018 | 1,073 | |||
Accumulated Depreciation | 128 | |||
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, 2018 | 1,557 | |||
Accumulated Depreciation | 149 | |||
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, 2018 | 1,157 | |||
Accumulated Depreciation | 119 | |||
Dollar General: | Rayne, LA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land | 125 | |||
Buildings and Improvements | 910 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2018 | 1,035 | |||
Accumulated Depreciation | 149 | |||
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, 2018 | 939 | |||
Accumulated Depreciation | 103 | |||
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, 2018 | 914 | |||
Accumulated Depreciation | 94 | |||
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, 2018 | 1,445 | |||
Accumulated Depreciation | 144 | |||
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, 2018 | 953 | |||
Accumulated Depreciation | 107 | |||
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, 2018 | 1,133 | |||
Accumulated Depreciation | 129 | |||
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, 2018 | 1,026 | |||
Accumulated Depreciation | 110 | |||
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, 2018 | 1,004 | |||
Accumulated Depreciation | 124 | |||
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, 2018 | 1,161 | |||
Accumulated Depreciation | 128 | |||
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, 2018 | 1,042 | |||
Accumulated Depreciation | 121 | |||
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, 2018 | 1,263 | |||
Accumulated Depreciation | 132 | |||
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, 2018 | 1,520 | |||
Accumulated Depreciation | 151 | |||
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, 2018 | 1,409 | |||
Accumulated Depreciation | 154 | |||
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, 2018 | 1,139 | |||
Accumulated Depreciation | 105 | |||
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, 2018 | 1,036 | |||
Accumulated Depreciation | 108 | |||
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, 2018 | 1,125 | |||
Accumulated Depreciation | 142 | |||
Dollar General: | St. Louis, MO | ||||
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, 2018 | 1,331 | |||
Accumulated Depreciation | 148 | |||
Dollar General: | St. Louis, MO | ||||
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, 2018 | 1,358 | |||
Accumulated Depreciation | 148 | |||
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, 2018 | 1,147 | |||
Accumulated Depreciation | 127 | |||
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, 2018 | 1,117 | |||
Accumulated Depreciation | 139 | |||
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, 2018 | 1,011 | |||
Accumulated Depreciation | 118 | |||
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, 2018 | 1,294 | |||
Accumulated Depreciation | 153 | |||
Dollar General: | Toney, AL | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land | 86 | |||
Buildings and Improvements | 792 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2018 | 878 | |||
Accumulated Depreciation | 137 | |||
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, 2018 | 1,032 | |||
Accumulated Depreciation | 93 | |||
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, 2018 | 1,184 | |||
Accumulated Depreciation | 132 | |||
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, 2018 | 835 | |||
Accumulated Depreciation | 92 | |||
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, 2018 | 1,646 | |||
Accumulated Depreciation | 128 | |||
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, 2018 | 1,007 | |||
Accumulated Depreciation | 133 | |||
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, 2018 | 1,238 | |||
Accumulated Depreciation | 101 | |||
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, 2018 | 989 | |||
Accumulated Depreciation | 98 | |||
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, 2018 | 1,129 | |||
Accumulated Depreciation | 148 | |||
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, 2018 | 1,069 | |||
Accumulated Depreciation | 99 | |||
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, 2018 | 1,278 | |||
Accumulated Depreciation | 153 | |||
Dollar General: | Whitwell, TN | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land | 159 | |||
Buildings and Improvements | 1,035 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2018 | 1,194 | |||
Accumulated Depreciation | 190 | |||
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, 2018 | 874 | |||
Accumulated Depreciation | 114 | |||
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, 2018 | 993 | |||
Accumulated Depreciation | 105 | |||
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, 2018 | 810 | |||
Accumulated Depreciation | 97 | |||
Dollar General: | Woodville, OH | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land | 169 | |||
Buildings and Improvements | 1,009 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2018 | 1,178 | |||
Accumulated Depreciation | 169 | |||
Dollar General: | Yatesville, GA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land | 120 | |||
Buildings and Improvements | 797 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2018 | 917 | |||
Accumulated Depreciation | 138 | |||
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, 2018 | 1,300 | |||
Accumulated Depreciation | 139 | |||
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, 2018 | 3,263 | |||
Accumulated Depreciation | 403 | |||
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, 2018 | 4,412 | |||
Accumulated Depreciation | 488 | |||
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 | 183 | |||
Gross Amount at Which Carried At December 31, 2018 | 15,372 | |||
Accumulated Depreciation | 1,773 | |||
East West Commons: | Austell, GA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 13,000 | |||
Land | 10,094 | |||
Buildings and Improvements | 16,034 | |||
Total Adjustment to Basis | 3,844 | |||
Gross Amount at Which Carried At December 31, 2018 | 29,972 | |||
Accumulated Depreciation | 2,251 | |||
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, 2018 | 11,984 | |||
Accumulated Depreciation | 1,471 | |||
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, 2018 | 9,062 | |||
Accumulated Depreciation | 1,079 | |||
Family Center: | Riverdale, UT | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 21,716 | |||
Buildings and Improvements | 29,454 | |||
Total Adjustment to Basis | (709) | |||
Gross Amount at Which Carried At December 31, 2018 | 50,461 | |||
Accumulated Depreciation | 4,391 | |||
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, 2018 | 1,746 | |||
Accumulated Depreciation | 165 | |||
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, 2018 | 2,174 | |||
Accumulated Depreciation | 185 | |||
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, 2018 | 1,419 | |||
Accumulated Depreciation | 128 | |||
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, 2018 | 1,272 | |||
Accumulated Depreciation | 101 | |||
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, 2018 | 895 | |||
Accumulated Depreciation | 89 | |||
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, 2018 | 851 | |||
Accumulated Depreciation | 75 | |||
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, 2018 | 1,478 | |||
Accumulated Depreciation | 140 | |||
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, 2018 | 1,209 | |||
Accumulated Depreciation | 142 | |||
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, 2018 | 1,092 | |||
Accumulated Depreciation | 148 | |||
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, 2018 | 1,002 | |||
Accumulated Depreciation | 98 | |||
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, 2018 | 1,244 | |||
Accumulated Depreciation | 140 | |||
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, 2018 | 1,366 | |||
Accumulated Depreciation | 132 | |||
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, 2018 | 1,331 | |||
Accumulated Depreciation | 114 | |||
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, 2018 | 997 | |||
Accumulated Depreciation | 107 | |||
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, 2018 | 1,414 | |||
Accumulated Depreciation | 140 | |||
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, 2018 | 1,264 | |||
Accumulated Depreciation | 141 | |||
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, 2018 | 2,566 | |||
Accumulated Depreciation | 215 | |||
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, 2018 | 1,088 | |||
Accumulated Depreciation | 136 | |||
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, 2018 | 1,134 | |||
Accumulated Depreciation | 124 | |||
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, 2018 | 2,084 | |||
Accumulated Depreciation | 208 | |||
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, 2018 | 1,030 | |||
Accumulated Depreciation | 105 | |||
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, 2018 | 1,321 | |||
Accumulated Depreciation | 133 | |||
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, 2018 | 1,801 | |||
Accumulated Depreciation | 156 | |||
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, 2018 | 1,262 | |||
Accumulated Depreciation | 104 | |||
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, 2018 | 1,085 | |||
Accumulated Depreciation | 101 | |||
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, 2018 | 840 | |||
Accumulated Depreciation | 89 | |||
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, 2018 | 1,271 | |||
Accumulated Depreciation | 128 | |||
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, 2018 | 1,416 | |||
Accumulated Depreciation | 123 | |||
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, 2018 | 1,165 | |||
Accumulated Depreciation | 121 | |||
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, 2018 | 985 | |||
Accumulated Depreciation | 118 | |||
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, 2018 | 778 | |||
Accumulated Depreciation | 83 | |||
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, 2018 | 1,673 | |||
Accumulated Depreciation | 170 | |||
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, 2018 | 1,766 | |||
Accumulated Depreciation | 181 | |||
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, 2018 | 911 | |||
Accumulated Depreciation | 76 | |||
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, 2018 | 1,018 | |||
Accumulated Depreciation | 91 | |||
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, 2018 | 1,597 | |||
Accumulated Depreciation | 173 | |||
Family Dollar: | Ft. 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, 2018 | 1,804 | |||
Accumulated Depreciation | 175 | |||
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, 2018 | 1,222 | |||
Accumulated Depreciation | 146 | |||
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, 2018 | 1,878 | |||
Accumulated Depreciation | 153 | |||
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, 2018 | 1,521 | |||
Accumulated Depreciation | 117 | |||
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, 2018 | 1,556 | |||
Accumulated Depreciation | 113 | |||
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, 2018 | 2,041 | |||
Accumulated Depreciation | 200 | |||
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, 2018 | 1,367 | |||
Accumulated Depreciation | 136 | |||
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, 2018 | 1,512 | |||
Accumulated Depreciation | 101 | |||
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, 2018 | 1,157 | |||
Accumulated Depreciation | 106 | |||
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, 2018 | 1,191 | |||
Accumulated Depreciation | 112 | |||
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, 2018 | 1,074 | |||
Accumulated Depreciation | 109 | |||
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, 2018 | 1,337 | |||
Accumulated Depreciation | 147 | |||
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, 2018 | 1,162 | |||
Accumulated Depreciation | 99 | |||
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, 2018 | 1,291 | |||
Accumulated Depreciation | 148 | |||
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, 2018 | 985 | |||
Accumulated Depreciation | 91 | |||
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, 2018 | 1,926 | |||
Accumulated Depreciation | 205 | |||
Family Dollar: | Homestead, 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, 2018 | 1,326 | |||
Accumulated Depreciation | 107 | |||
Family Dollar: | Homosassa, FL | ||||
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, 2018 | 2,045 | |||
Accumulated Depreciation | 122 | |||
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, 2018 | 1,706 | |||
Accumulated Depreciation | 142 | |||
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, 2018 | 2,029 | |||
Accumulated Depreciation | 194 | |||
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, 2018 | 1,031 | |||
Accumulated Depreciation | 112 | |||
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, 2018 | 1,291 | |||
Accumulated Depreciation | $ 126 |
Schedule III - Real Estate As_5
Schedule III - Real Estate Assets and Accumulated Depreciation - 4 (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 1,198,666 | |||
Land | 1,182,345 | |||
Buildings and Improvements | 3,238,953 | |||
Total Adjustment to Basis | 22,743 | |||
Gross Amount at Which Carried At December 31, 2018 | 4,444,041 | $ 4,564,592 | $ 4,370,629 | $ 4,185,605 |
Accumulated Depreciation | 385,245 | $ 334,476 | $ 245,425 | $ 158,805 |
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, 2018 | 1,192 | |||
Accumulated Depreciation | 139 | |||
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, 2018 | 1,395 | |||
Accumulated Depreciation | 143 | |||
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, 2018 | 2,299 | |||
Accumulated Depreciation | 192 | |||
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, 2018 | 1,142 | |||
Accumulated Depreciation | 112 | |||
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, 2018 | 1,140 | |||
Accumulated Depreciation | 110 | |||
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, 2018 | 1,848 | |||
Accumulated Depreciation | 145 | |||
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, 2018 | 1,129 | |||
Accumulated Depreciation | 99 | |||
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, 2018 | 1,305 | |||
Accumulated Depreciation | 141 | |||
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, 2018 | 2,099 | |||
Accumulated Depreciation | 210 | |||
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, 2018 | 1,290 | |||
Accumulated Depreciation | 116 | |||
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, 2018 | 1,341 | |||
Accumulated Depreciation | 117 | |||
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, 2018 | 1,216 | |||
Accumulated Depreciation | 110 | |||
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, 2018 | 2,229 | |||
Accumulated Depreciation | 176 | |||
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, 2018 | 1,315 | |||
Accumulated Depreciation | 122 | |||
Family Dollar: | Louisville, 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, 2018 | 1,497 | |||
Accumulated Depreciation | 119 | |||
Family Dollar: | Louisville, 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, 2018 | 1,414 | |||
Accumulated Depreciation | 115 | |||
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, 2018 | 2,038 | |||
Accumulated Depreciation | 155 | |||
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, 2018 | 1,245 | |||
Accumulated Depreciation | 115 | |||
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, 2018 | 1,144 | |||
Accumulated Depreciation | 124 | |||
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, 2018 | 2,095 | |||
Accumulated Depreciation | 179 | |||
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, 2018 | 2,074 | |||
Accumulated Depreciation | 144 | |||
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, 2018 | 1,260 | |||
Accumulated Depreciation | 130 | |||
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, 2018 | 1,257 | |||
Accumulated Depreciation | 110 | |||
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, 2018 | 1,364 | |||
Accumulated Depreciation | 132 | |||
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, 2018 | 1,075 | |||
Accumulated Depreciation | 136 | |||
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, 2018 | 1,227 | |||
Accumulated Depreciation | 144 | |||
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, 2018 | 1,081 | |||
Accumulated Depreciation | 104 | |||
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, 2018 | 1,290 | |||
Accumulated Depreciation | 107 | |||
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, 2018 | 1,383 | |||
Accumulated Depreciation | 109 | |||
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, 2018 | 1,513 | |||
Accumulated Depreciation | 143 | |||
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, 2018 | 1,074 | |||
Accumulated Depreciation | 112 | |||
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, 2018 | 1,176 | |||
Accumulated Depreciation | 107 | |||
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, 2018 | 983 | |||
Accumulated Depreciation | 108 | |||
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, 2018 | 2,194 | |||
Accumulated Depreciation | 180 | |||
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, 2018 | 1,235 | |||
Accumulated Depreciation | 135 | |||
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, 2018 | 1,300 | |||
Accumulated Depreciation | 104 | |||
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, 2018 | 1,536 | |||
Accumulated Depreciation | 108 | |||
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, 2018 | 1,592 | |||
Accumulated Depreciation | 130 | |||
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, 2018 | 886 | |||
Accumulated Depreciation | 100 | |||
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, 2018 | 1,687 | |||
Accumulated Depreciation | 135 | |||
Family Dollar: | Pojoaque, NM | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 545 | |||
Buildings and Improvements | 909 | |||
Total Adjustment to Basis | 41 | |||
Gross Amount at Which Carried At December 31, 2018 | 1,495 | |||
Accumulated Depreciation | 105 | |||
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, 2018 | 997 | |||
Accumulated Depreciation | 107 | |||
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, 2018 | 1,320 | |||
Accumulated Depreciation | 147 | |||
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, 2018 | 1,363 | |||
Accumulated Depreciation | 83 | |||
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, 2018 | 1,215 | |||
Accumulated Depreciation | 141 | |||
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, 2018 | 1,322 | |||
Accumulated Depreciation | 135 | |||
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, 2018 | 1,687 | |||
Accumulated Depreciation | 151 | |||
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, 2018 | 1,278 | |||
Accumulated Depreciation | 120 | |||
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, 2018 | 2,294 | |||
Accumulated Depreciation | 192 | |||
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, 2018 | 998 | |||
Accumulated Depreciation | 118 | |||
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, 2018 | 1,007 | |||
Accumulated Depreciation | 112 | |||
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, 2018 | 1,196 | |||
Accumulated Depreciation | 108 | |||
Family Dollar: | San Antonio, TX | ||||
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, 2018 | 1,372 | |||
Accumulated Depreciation | 113 | |||
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, 2018 | 2,112 | |||
Accumulated Depreciation | 195 | |||
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, 2018 | 968 | |||
Accumulated Depreciation | 90 | |||
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, 2018 | 1,384 | |||
Accumulated Depreciation | 121 | |||
Family Dollar: | Shreveport, LA | ||||
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, 2018 | 1,385 | |||
Accumulated Depreciation | 132 | |||
Family Dollar: | Shreveport, LA | ||||
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, 2018 | 1,522 | |||
Accumulated Depreciation | 122 | |||
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, 2018 | 1,413 | |||
Accumulated Depreciation | 144 | |||
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, 2018 | 1,527 | |||
Accumulated Depreciation | 100 | |||
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, 2018 | 991 | |||
Accumulated Depreciation | 106 | |||
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, 2018 | 1,147 | |||
Accumulated Depreciation | 107 | |||
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, 2018 | 967 | |||
Accumulated Depreciation | 117 | |||
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, 2018 | 2,019 | |||
Accumulated Depreciation | 203 | |||
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, 2018 | 1,677 | |||
Accumulated Depreciation | 200 | |||
Family Dollar: | Tampa, 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, 2018 | 1,300 | |||
Accumulated Depreciation | 101 | |||
Family Dollar: | Tampa, 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, 2018 | 1,402 | |||
Accumulated Depreciation | 124 | |||
Family Dollar: | Tampa, 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, 2018 | 1,705 | |||
Accumulated Depreciation | 141 | |||
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, 2018 | 1,726 | |||
Accumulated Depreciation | 178 | |||
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, 2018 | 1,746 | |||
Accumulated Depreciation | 165 | |||
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, 2018 | 1,998 | |||
Accumulated Depreciation | 166 | |||
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, 2018 | 968 | |||
Accumulated Depreciation | 117 | |||
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, 2018 | 1,351 | |||
Accumulated Depreciation | 113 | |||
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, 2018 | 1,273 | |||
Accumulated Depreciation | 111 | |||
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, 2018 | 1,171 | |||
Accumulated Depreciation | 101 | |||
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, 2018 | 924 | |||
Accumulated Depreciation | 98 | |||
Family Dollar: | Waldoboro, ME | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 211 | |||
Buildings and Improvements | 1,123 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2018 | 1,334 | |||
Accumulated Depreciation | 103 | |||
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, 2018 | 974 | |||
Accumulated Depreciation | 115 | |||
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, 2018 | 999 | |||
Accumulated Depreciation | 103 | |||
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, 2018 | 2,983 | |||
Accumulated Depreciation | 311 | |||
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, 2018 | 805 | |||
Accumulated Depreciation | 44 | |||
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, 2018 | 1,443 | |||
Accumulated Depreciation | 132 | |||
Food 4 Less: | Atwater, CA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 1,383 | |||
Buildings and Improvements | 5,271 | |||
Total Adjustment to Basis | 4 | |||
Gross Amount at Which Carried At December 31, 2018 | 6,658 | |||
Accumulated Depreciation | 769 | |||
Fountain Square: | Brookfield, WI | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 6,508 | |||
Buildings and Improvements | 28,634 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2018 | 35,142 | |||
Accumulated Depreciation | 1,827 | |||
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, 2018 | 9,170 | |||
Accumulated Depreciation | 1,543 | |||
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, 2018 | 3,654 | |||
Accumulated Depreciation | 359 | |||
Fresh Market Center: | Glen Ellyn, IL | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 4,750 | |||
Land | 2,767 | |||
Buildings and Improvements | 6,403 | |||
Total Adjustment to Basis | (1,863) | |||
Gross Amount at Which Carried At December 31, 2018 | 7,307 | |||
Accumulated Depreciation | 0 | |||
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, 2018 | 7,106 | |||
Accumulated Depreciation | 738 | |||
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, 2018 | 9,394 | |||
Accumulated Depreciation | 660 | |||
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 | 612 | |||
Gross Amount at Which Carried At December 31, 2018 | 6,505 | |||
Accumulated Depreciation | 550 | |||
Gabe’s Hobby Lobby: | Harrisonburg, VA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 2,796 | |||
Buildings and Improvements | 7,637 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2018 | 10,433 | |||
Accumulated Depreciation | 546 | |||
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, 2018 | 15,233 | |||
Accumulated Depreciation | 1,637 | |||
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, 2018 | 7,844 | |||
Accumulated Depreciation | 996 | |||
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, 2018 | 3,690 | |||
Accumulated Depreciation | 414 | |||
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, 2018 | 3,725 | |||
Accumulated Depreciation | 388 | |||
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, 2018 | 3,530 | |||
Accumulated Depreciation | 330 | |||
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, 2018 | 2,053 | |||
Accumulated Depreciation | 238 | |||
Harbor Town Center: | Manitowoc, WI | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 9,750 | |||
Land | 3,568 | |||
Buildings and Improvements | 13,209 | |||
Total Adjustment to Basis | (1,884) | |||
Gross Amount at Which Carried At December 31, 2018 | 14,893 | |||
Accumulated Depreciation | 0 | |||
Harps Foods: | Gentry, AR | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 224 | |||
Buildings and Improvements | 2,680 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2018 | 2,904 | |||
Accumulated Depreciation | 104 | |||
Harps Foods: | Green Forest, AR | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 96 | |||
Buildings and Improvements | 3,163 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2018 | 3,259 | |||
Accumulated Depreciation | 98 | |||
Harps Foods: | Lincoln, AR | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 329 | |||
Buildings and Improvements | 3,668 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2018 | 3,997 | |||
Accumulated Depreciation | 159 | |||
Harps Foods: | Noel, MO | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 78 | |||
Buildings and Improvements | 885 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2018 | 963 | |||
Accumulated Depreciation | 34 | |||
Harps Foods: | Pocahontas, AR | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 557 | |||
Buildings and Improvements | 3,379 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2018 | 3,936 | |||
Accumulated Depreciation | 174 | |||
Harps Foods: | Vilonia, AR | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 406 | |||
Buildings and Improvements | 4,028 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2018 | 4,434 | |||
Accumulated Depreciation | 204 | |||
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, 2018 | 2,003 | |||
Accumulated Depreciation | 280 | |||
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 | 273 | |||
Gross Amount at Which Carried At December 31, 2018 | 11,690 | |||
Accumulated Depreciation | 1,401 | |||
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 | 164 | |||
Gross Amount at Which Carried At December 31, 2018 | 17,820 | |||
Accumulated Depreciation | 2,221 | |||
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, 2018 | 2,519 | |||
Accumulated Depreciation | 176 | |||
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 | (1,728) | |||
Gross Amount at Which Carried At December 31, 2018 | 7,331 | |||
Accumulated Depreciation | 166 | |||
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, 2018 | 11,161 | |||
Accumulated Depreciation | 1,264 | |||
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, 2018 | 5,118 | |||
Accumulated Depreciation | 907 | |||
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, 2018 | 12,276 | |||
Accumulated Depreciation | 513 | |||
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, 2018 | 14,215 | |||
Accumulated Depreciation | 1,958 | |||
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, 2018 | 12,426 | |||
Accumulated Depreciation | 1,705 | |||
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, 2018 | 2,913 | |||
Accumulated Depreciation | 277 | |||
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, 2018 | 23,979 | |||
Accumulated Depreciation | 1,638 | |||
Jewel-Osco | Plainfield, IL | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 2,107 | |||
Buildings and Improvements | 9,044 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2018 | 11,151 | |||
Accumulated Depreciation | 34 | |||
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, 2018 | 1,432 | |||
Accumulated Depreciation | 145 | |||
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, 2018 | 2,686 | |||
Accumulated Depreciation | 305 | |||
Kohl’s: | Cedar Falls, IA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 1,600 | |||
Buildings and Improvements | 5,796 | |||
Total Adjustment to Basis | 406 | |||
Gross Amount at Which Carried At December 31, 2018 | 7,802 | |||
Accumulated Depreciation | 949 | |||
Kohl’s: | Chartlottesville, 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, 2018 | 16,209 | |||
Accumulated Depreciation | 1,420 | |||
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, 2018 | 5,623 | |||
Accumulated Depreciation | 202 | |||
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, 2018 | 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 | 7 | |||
Gross Amount at Which Carried At December 31, 2018 | 12,227 | |||
Accumulated Depreciation | 1,509 | |||
Kroger: | Whitehall, OH | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 4,066 | |||
Land | 581 | |||
Buildings and Improvements | 6,628 | |||
Total Adjustment to Basis | 224 | |||
Gross Amount at Which Carried At December 31, 2018 | 7,433 | |||
Accumulated Depreciation | 971 | |||
Kum & Go: | Bentonville, 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, 2018 | 2,780 | |||
Accumulated Depreciation | 276 | |||
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, 2018 | 3,087 | |||
Accumulated Depreciation | 297 | |||
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, 2018 | 2,335 | |||
Accumulated Depreciation | 285 | |||
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, 2018 | 2,464 | |||
Accumulated Depreciation | 261 | |||
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, 2018 | 2,380 | |||
Accumulated Depreciation | 248 | |||
LA 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, 2018 | 9,103 | |||
Accumulated Depreciation | 1,222 | |||
LA 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, 2018 | 12,508 | |||
Accumulated Depreciation | 1,440 | |||
LA 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, 2018 | 8,866 | |||
Accumulated Depreciation | 907 | |||
LA 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, 2018 | 11,758 | |||
Accumulated Depreciation | 843 | |||
LA 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, 2018 | 12,362 | |||
Accumulated Depreciation | 1,573 | |||
LA 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, 2018 | 7,747 | |||
Accumulated Depreciation | 688 | |||
LA 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, 2018 | 8,222 | |||
Accumulated Depreciation | 497 | |||
LA Fitness: | Ocoee, FL | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 1,173 | |||
Buildings and Improvements | 6,876 | |||
Total Adjustment to Basis | 231 | |||
Gross Amount at Which Carried At December 31, 2018 | 8,280 | |||
Accumulated Depreciation | 1,029 | |||
Lafayette Pavilions: | Lafayette, IN | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 7,632 | |||
Buildings and Improvements | 42,497 | |||
Total Adjustment to Basis | 6,057 | |||
Gross Amount at Which Carried At December 31, 2018 | 56,186 | |||
Accumulated Depreciation | $ 5,416 |
Schedule III - Real Estate As_6
Schedule III - Real Estate Assets and Accumulated Depreciation - 5 (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 1,198,666 | |||
Land | 1,182,345 | |||
Buildings and Improvements | 3,238,953 | |||
Total Adjustment to Basis | 22,743 | |||
Gross Amount at Which Carried At December 31, 2018 | 4,444,041 | $ 4,564,592 | $ 4,370,629 | $ 4,185,605 |
Accumulated Depreciation | 385,245 | $ 334,476 | $ 245,425 | $ 158,805 |
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, 2018 | 3,551 | |||
Accumulated Depreciation | 424 | |||
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, 2018 | 3,566 | |||
Accumulated Depreciation | 323 | |||
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, 2018 | 2,823 | |||
Accumulated Depreciation | 273 | |||
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, 2018 | 3,108 | |||
Accumulated Depreciation | 289 | |||
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, 2018 | 2,344 | |||
Accumulated Depreciation | 257 | |||
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, 2018 | 2,838 | |||
Accumulated Depreciation | 306 | |||
Logan’s Roadhouse: | Troy, OH | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 992 | |||
Buildings and Improvements | 1,577 | |||
Total Adjustment to Basis | (1,383) | |||
Gross Amount at Which Carried At December 31, 2018 | 1,186 | |||
Accumulated Depreciation | 46 | |||
Longhorn Steakhouse: | Chesterfield, VA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land | 2,695 | |||
Buildings and Improvements | 0 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2018 | 2,695 | |||
Accumulated Depreciation | 0 | |||
Lord Salisbury Center: | Salisbury, MD | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 6,949 | |||
Buildings and Improvements | 12,179 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2018 | 19,128 | |||
Accumulated Depreciation | 1,426 | |||
Lowe’s: | Adrian, MI | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 2,604 | |||
Buildings and Improvements | 5,036 | |||
Total Adjustment to Basis | 30 | |||
Gross Amount at Which Carried At December 31, 2018 | 7,670 | |||
Accumulated Depreciation | 922 | |||
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, 2018 | 18,012 | |||
Accumulated Depreciation | 1,022 | |||
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, 2018 | 7,820 | |||
Accumulated Depreciation | 824 | |||
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, 2018 | 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, 2018 | 11,046 | |||
Accumulated Depreciation | 1,058 | |||
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, 2018 | 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 | 20 | |||
Gross Amount at Which Carried At December 31, 2018 | 11,782 | |||
Accumulated Depreciation | 679 | |||
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, 2018 | 18,582 | |||
Accumulated Depreciation | 990 | |||
Lowe’s: | Mansfield, OH | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 873 | |||
Buildings and Improvements | 8,256 | |||
Total Adjustment to Basis | 26 | |||
Gross Amount at Which Carried At December 31, 2018 | 9,155 | |||
Accumulated Depreciation | 1,033 | |||
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, 2018 | 16,267 | |||
Accumulated Depreciation | 900 | |||
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, 2018 | 9,659 | |||
Accumulated Depreciation | 1,324 | |||
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, 2018 | 9,703 | |||
Accumulated Depreciation | 712 | |||
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, 2018 | 16,587 | |||
Accumulated Depreciation | 949 | |||
Lowe’s: | Zanesville, OH | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 2,161 | |||
Buildings and Improvements | 8,375 | |||
Total Adjustment to Basis | 298 | |||
Gross Amount at Which Carried At December 31, 2018 | 10,834 | |||
Accumulated Depreciation | 1,159 | |||
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 | 641 | |||
Gross Amount at Which Carried At December 31, 2018 | 77,634 | |||
Accumulated Depreciation | 10,214 | |||
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 | 12 | |||
Gross Amount at Which Carried At December 31, 2018 | 18,696 | |||
Accumulated Depreciation | 2,403 | |||
Matteson Center: | Matteson, IL | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 1,243 | |||
Buildings and Improvements | 17,427 | |||
Total Adjustment to Basis | (2,736) | |||
Gross Amount at Which Carried At December 31, 2018 | 15,934 | |||
Accumulated Depreciation | 0 | |||
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, 2018 | 1,289 | |||
Accumulated Depreciation | 115 | |||
Mattress Firm: | Ashtabula, OH | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 301 | |||
Buildings and Improvements | 1,965 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2018 | 2,266 | |||
Accumulated Depreciation | 159 | |||
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, 2018 | 2,077 | |||
Accumulated Depreciation | 195 | |||
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, 2018 | 1,383 | |||
Accumulated Depreciation | 157 | |||
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, 2018 | 1,757 | |||
Accumulated Depreciation | 111 | |||
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, 2018 | 1,923 | |||
Accumulated Depreciation | 252 | |||
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, 2018 | 1,366 | |||
Accumulated Depreciation | 144 | |||
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, 2018 | 1,769 | |||
Accumulated Depreciation | 154 | |||
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, 2018 | 1,526 | |||
Accumulated Depreciation | 128 | |||
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, 2018 | 1,776 | |||
Accumulated Depreciation | 164 | |||
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, 2018 | 2,755 | |||
Accumulated Depreciation | 226 | |||
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, 2018 | 1,593 | |||
Accumulated Depreciation | 143 | |||
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, 2018 | 2,163 | |||
Accumulated Depreciation | 117 | |||
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, 2018 | 3,240 | |||
Accumulated Depreciation | 356 | |||
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, 2018 | 2,579 | |||
Accumulated Depreciation | 205 | |||
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, 2018 | 1,862 | |||
Accumulated Depreciation | 136 | |||
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, 2018 | 1,525 | |||
Accumulated Depreciation | 166 | |||
McGowin Park: | Mobile, AL | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 42,765 | |||
Land | 2,243 | |||
Buildings and Improvements | 69,357 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2018 | 71,600 | |||
Accumulated Depreciation | 3,775 | |||
Melody Mountain: | Ashland, KY | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 7,376 | |||
Land | 1,286 | |||
Buildings and Improvements | 9,879 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2018 | 11,165 | |||
Accumulated Depreciation | 871 | |||
Men’s Wearhouse: | Fort Wayne, IN | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 421 | |||
Buildings and Improvements | 2,125 | |||
Total Adjustment to Basis | 78 | |||
Gross Amount at Which Carried At December 31, 2018 | 2,624 | |||
Accumulated Depreciation | 154 | |||
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, 2018 | 2,512 | |||
Accumulated Depreciation | 150 | |||
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, 2018 | 2,579 | |||
Accumulated Depreciation | 378 | |||
Mister Car Wash: | Athens, AL | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 383 | |||
Buildings and Improvements | 1,150 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2018 | 1,533 | |||
Accumulated Depreciation | 43 | |||
Mister Car Wash: | Decatur, AL | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 257 | |||
Buildings and Improvements | 559 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2018 | 816 | |||
Accumulated Depreciation | 23 | |||
Mister Car Wash: | Decatur, AL | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 486 | |||
Buildings and Improvements | 1,253 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2018 | 1,739 | |||
Accumulated Depreciation | 54 | |||
Mister Car Wash: | Decatur, AL | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 359 | |||
Buildings and Improvements | 1,152 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2018 | 1,511 | |||
Accumulated Depreciation | 49 | |||
Mister Car Wash: | Hartselle, AL | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 360 | |||
Buildings and Improvements | 569 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2018 | 929 | |||
Accumulated Depreciation | 24 | |||
Mister Car Wash: | Madison, AL | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 562 | |||
Buildings and Improvements | 1,139 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2018 | 1,701 | |||
Accumulated Depreciation | 49 | |||
Morganton Heights: | Morganton, NC | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 22,800 | |||
Land | 7,032 | |||
Buildings and Improvements | 29,763 | |||
Total Adjustment to Basis | 30 | |||
Gross Amount at Which Carried At December 31, 2018 | 36,825 | |||
Accumulated Depreciation | 4,393 | |||
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, 2018 | 2,420 | |||
Accumulated Depreciation | 302 | |||
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, 2018 | 3,134 | |||
Accumulated Depreciation | 207 | |||
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, 2018 | 3,228 | |||
Accumulated Depreciation | 218 | |||
National Tire & Battery: | Fort Worth, TX | ||||
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, 2018 | 2,170 | |||
Accumulated Depreciation | 176 | |||
National Tire & Battery: | Fort Worth, TX | ||||
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, 2018 | 3,039 | |||
Accumulated Depreciation | 206 | |||
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, 2018 | 2,452 | |||
Accumulated Depreciation | 228 | |||
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, 2018 | 3,010 | |||
Accumulated Depreciation | 387 | |||
National Tire & Battery: | North 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, 2018 | 3,092 | |||
Accumulated Depreciation | 236 | |||
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, 2018 | 3,215 | |||
Accumulated Depreciation | 214 | |||
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, 2018 | 3,056 | |||
Accumulated Depreciation | 185 | |||
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, 2018 | 3,489 | |||
Accumulated Depreciation | 199 | |||
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, 2018 | 3,067 | |||
Accumulated Depreciation | 201 | |||
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, 2018 | 3,503 | |||
Accumulated Depreciation | 318 | |||
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, 2018 | 4,460 | |||
Accumulated Depreciation | 455 | |||
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, 2018 | 3,149 | |||
Accumulated Depreciation | 299 | |||
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, 2018 | 4,714 | |||
Accumulated Depreciation | 532 | |||
Nordstrom Rack: | Tampa, FL | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 6,880 | |||
Land | 3,371 | |||
Buildings and Improvements | 6,402 | |||
Total Adjustment to Basis | (980) | |||
Gross Amount at Which Carried At December 31, 2018 | 8,793 | |||
Accumulated Depreciation | 317 | |||
North Logan Commons: | Loganville, GA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 4,535 | |||
Buildings and Improvements | 11,826 | |||
Total Adjustment to Basis | 28 | |||
Gross Amount at Which Carried At December 31, 2018 | 16,389 | |||
Accumulated Depreciation | 1,124 | |||
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 | (6,650) | |||
Gross Amount at Which Carried At December 31, 2018 | 0 | |||
Accumulated Depreciation | 0 | |||
O’Reilly Auto Parts: | 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, 2018 | 857 | |||
Accumulated Depreciation | 148 | |||
O’Reilly Auto Parts: | Clayton, GA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 501 | |||
Buildings and Improvements | 945 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2018 | 1,446 | |||
Accumulated Depreciation | 72 | |||
O’Reilly Auto Parts: | 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, 2018 | 1,017 | |||
Accumulated Depreciation | 127 | |||
O’Reilly Auto Parts: | 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, 2018 | 672 | |||
Accumulated Depreciation | 63 | |||
O’Reilly Auto Parts: | 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, 2018 | 985 | |||
Accumulated Depreciation | 74 | |||
Owensboro Towne Center: | Owensboro, KY | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 14,027 | |||
Land | 3,807 | |||
Buildings and Improvements | 16,259 | |||
Total Adjustment to Basis | 788 | |||
Gross Amount at Which Carried At December 31, 2018 | 20,854 | |||
Accumulated Depreciation | 1,450 | |||
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, 2018 | 9,526 | |||
Accumulated Depreciation | 1,203 | |||
Parkway Centre South: | Grove City, OH | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 14,250 | |||
Land | 7,027 | |||
Buildings and Improvements | 18,223 | |||
Total Adjustment to Basis | (2,893) | |||
Gross Amount at Which Carried At December 31, 2018 | 22,357 | |||
Accumulated Depreciation | 0 | |||
Pecanland Plaza: | Monroe, LA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 2,206 | |||
Buildings and Improvements | 18,957 | |||
Total Adjustment to Basis | (2,410) | |||
Gross Amount at Which Carried At December 31, 2018 | 18,753 | |||
Accumulated Depreciation | 0 | |||
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, 2018 | 2,792 | |||
Accumulated Depreciation | 301 | |||
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, 2018 | 2,841 | |||
Accumulated Depreciation | 312 | |||
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, 2018 | 3,732 | |||
Accumulated Depreciation | 568 | |||
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, 2018 | 2,499 | |||
Accumulated Depreciation | 385 | |||
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, 2018 | 4,342 | |||
Accumulated Depreciation | 374 | |||
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, 2018 | 3,309 | |||
Accumulated Depreciation | 306 | |||
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, 2018 | 4,082 | |||
Accumulated Depreciation | 518 | |||
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, 2018 | 3,118 | |||
Accumulated Depreciation | 254 | |||
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, 2018 | 4,206 | |||
Accumulated Depreciation | 309 | |||
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, 2018 | 2,769 | |||
Accumulated Depreciation | 456 | |||
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, 2018 | 3,983 | |||
Accumulated Depreciation | 460 | |||
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, 2018 | 2,157 | |||
Accumulated Depreciation | 309 | |||
PetSmart/Old Navy: | Reynoldsburg, OH | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 3,658 | |||
Land | 1,295 | |||
Buildings and Improvements | 4,077 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2018 | 5,372 | |||
Accumulated Depreciation | 737 | |||
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, 2018 | 8,084 | |||
Accumulated Depreciation | 894 | |||
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, 2018 | 12,698 | |||
Accumulated Depreciation | 1,777 | |||
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, 2018 | 6,832 | |||
Accumulated Depreciation | 760 | |||
Plainfield Plaza: | Plainfield, IL | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 3,167 | |||
Buildings and Improvements | 14,788 | |||
Total Adjustment to Basis | (2,385) | |||
Gross Amount at Which Carried At December 31, 2018 | 15,570 | |||
Accumulated Depreciation | 0 | |||
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 | (1,913) | |||
Gross Amount at Which Carried At December 31, 2018 | 12,536 | |||
Accumulated Depreciation | 0 | |||
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, 2018 | 1,013 | |||
Accumulated Depreciation | 80 | |||
Poplar Springs Plaza: | Duncan, SC | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 5,000 | |||
Land | 1,862 | |||
Buildings and Improvements | 5,277 | |||
Total Adjustment to Basis | 478 | |||
Gross Amount at Which Carried At December 31, 2018 | 7,617 | |||
Accumulated Depreciation | 924 | |||
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, 2018 | 13,029 | |||
Accumulated Depreciation | 1,346 | |||
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, 2018 | 6,614 | |||
Accumulated Depreciation | 832 | |||
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, 2018 | 6,076 | |||
Accumulated Depreciation | 643 | |||
Quick Chek: | Middletown, 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, 2018 | 7,067 | |||
Accumulated Depreciation | 824 | |||
Quick Chek: | Middletown, NY | ||||
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, 2018 | 7,260 | |||
Accumulated Depreciation | 856 | |||
Quick Chek: | Middletown, NY | ||||
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, 2018 | 6,093 | |||
Accumulated Depreciation | 673 | |||
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, 2018 | 6,614 | |||
Accumulated Depreciation | 774 | |||
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, 2018 | 2,127 | |||
Accumulated Depreciation | 155 | |||
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, 2018 | 2,733 | |||
Accumulated Depreciation | 236 | |||
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, 2018 | 2,373 | |||
Accumulated Depreciation | 232 | |||
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, 2018 | 3,135 | |||
Accumulated Depreciation | 310 | |||
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, 2018 | 1,929 | |||
Accumulated Depreciation | 192 | |||
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, 2018 | 5,605 | |||
Accumulated Depreciation | 381 | |||
Rolling Acres Plaza: | Lady Lake, FL | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 21,930 | |||
Land | 7,540 | |||
Buildings and Improvements | 26,839 | |||
Total Adjustment to Basis | (4,093) | |||
Gross Amount at Which Carried At December 31, 2018 | 30,286 | |||
Accumulated Depreciation | 0 | |||
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, 2018 | 4,430 | |||
Accumulated Depreciation | 556 | |||
Rushmore Crossing: | Rapid City, SD | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 23,067 | |||
Land | 7,066 | |||
Buildings and Improvements | 33,019 | |||
Total Adjustment to Basis | 229 | |||
Gross Amount at Which Carried At December 31, 2018 | 40,314 | |||
Accumulated Depreciation | 5,589 | |||
Rushmore Crossing: | Rapid City, SD | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 883 | |||
Buildings and Improvements | 4,128 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2018 | 5,011 | |||
Accumulated Depreciation | 776 | |||
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, 2018 | 718 | |||
Accumulated Depreciation | 64 | |||
Shippensburg Market Place: | Shippensburg, PA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 1,917 | |||
Buildings and Improvements | 9,263 | |||
Total Adjustment to Basis | (2,600) | |||
Gross Amount at Which Carried At December 31, 2018 | 8,580 | |||
Accumulated Depreciation | $ 0 |
Schedule III - Real Estate As_7
Schedule III - Real Estate Assets and Accumulated Depreciation - 6 (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 1,198,666 | |||
Land | 1,182,345 | |||
Buildings and Improvements | 3,238,953 | |||
Total Adjustment to Basis | 22,743 | |||
Gross Amount at Which Carried At December 31, 2018 | 4,444,041 | $ 4,564,592 | $ 4,370,629 | $ 4,185,605 |
Accumulated Depreciation | 385,245 | $ 334,476 | $ 245,425 | $ 158,805 |
Shopko: | Ballard, UT | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 334 | |||
Buildings and Improvements | 2,865 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2018 | 3,199 | |||
Accumulated Depreciation | 216 | |||
Shopko: | Broken 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, 2018 | 1,977 | |||
Accumulated Depreciation | 231 | |||
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, 2018 | 3,543 | |||
Accumulated Depreciation | 264 | |||
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, 2018 | 3,587 | |||
Accumulated Depreciation | 277 | |||
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, 2018 | 3,944 | |||
Accumulated Depreciation | 475 | |||
Shopko: | Webster City, IA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 656 | |||
Buildings and Improvements | 2,868 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2018 | 3,524 | |||
Accumulated Depreciation | 216 | |||
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 | 21 | |||
Gross Amount at Which Carried At December 31, 2018 | 20,785 | |||
Accumulated Depreciation | 2,539 | |||
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 | (2,620) | |||
Gross Amount at Which Carried At December 31, 2018 | 23,748 | |||
Accumulated Depreciation | 0 | |||
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, 2018 | 2,041 | |||
Accumulated Depreciation | 159 | |||
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, 2018 | 1,839 | |||
Accumulated Depreciation | 152 | |||
Southwest Plaza: | Springfield, IL | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 2,992 | |||
Buildings and Improvements | 48,935 | |||
Total Adjustment to Basis | (10,543) | |||
Gross Amount at Which Carried At December 31, 2018 | 41,384 | |||
Accumulated Depreciation | 0 | |||
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, 2018 | 1,560 | |||
Accumulated Depreciation | 145 | |||
Springfield Commons: | Springfield, OH | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 11,250 | |||
Land | 3,745 | |||
Buildings and Improvements | 15,049 | |||
Total Adjustment to Basis | 187 | |||
Gross Amount at Which Carried At December 31, 2018 | 18,981 | |||
Accumulated Depreciation | 1,635 | |||
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, 2018 | 8,437 | |||
Accumulated Depreciation | 1,000 | |||
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, 2018 | 2,499 | |||
Accumulated Depreciation | 221 | |||
Stoneridge Village: | Jefferson City, MO | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 6,500 | |||
Land | 1,830 | |||
Buildings and Improvements | 9,351 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2018 | 11,181 | |||
Accumulated Depreciation | 1,321 | |||
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, 2018 | 17,544 | |||
Accumulated Depreciation | 1,477 | |||
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, 2018 | 2,596 | |||
Accumulated Depreciation | 445 | |||
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, 2018 | 3,570 | |||
Accumulated Depreciation | 555 | |||
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, 2018 | 2,513 | |||
Accumulated Depreciation | 413 | |||
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, 2018 | 6,171 | |||
Accumulated Depreciation | 924 | |||
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, 2018 | 5,509 | |||
Accumulated Depreciation | 818 | |||
Summerfield Crossing: | Riverview, FL | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 7,310 | |||
Land | 6,130 | |||
Buildings and Improvements | 6,753 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2018 | 12,883 | |||
Accumulated Depreciation | 1,022 | |||
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, 2018 | 1,826 | |||
Accumulated Depreciation | 299 | |||
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, 2018 | 2,199 | |||
Accumulated Depreciation | 202 | |||
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, 2018 | 1,687 | |||
Accumulated Depreciation | 153 | |||
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, 2018 | 1,289 | |||
Accumulated Depreciation | 86 | |||
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, 2018 | 1,733 | |||
Accumulated Depreciation | 161 | |||
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, 2018 | 3,717 | |||
Accumulated Depreciation | 381 | |||
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, 2018 | 2,365 | |||
Accumulated Depreciation | 244 | |||
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, 2018 | 2,487 | |||
Accumulated Depreciation | 273 | |||
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, 2018 | 2,618 | |||
Accumulated Depreciation | 305 | |||
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, 2018 | 3,160 | |||
Accumulated Depreciation | 363 | |||
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, 2018 | 1,080 | |||
Accumulated Depreciation | 64 | |||
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 | 282 | |||
Gross Amount at Which Carried At December 31, 2018 | 4,356 | |||
Accumulated Depreciation | 427 | |||
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 | (1,026) | |||
Gross Amount at Which Carried At December 31, 2018 | 9,505 | |||
Accumulated Depreciation | 0 | |||
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, 2018 | 14,264 | |||
Accumulated Depreciation | 1,606 | |||
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, 2018 | 2,605 | |||
Accumulated Depreciation | 168 | |||
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, 2018 | 2,654 | |||
Accumulated Depreciation | 119 | |||
The Center at Hobbs Brook: | Sturbridge, MA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 21,500 | |||
Land | 11,241 | |||
Buildings and Improvements | 29,152 | |||
Total Adjustment to Basis | 918 | |||
Gross Amount at Which Carried At December 31, 2018 | 41,311 | |||
Accumulated Depreciation | 2,614 | |||
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 | 104 | |||
Gross Amount at Which Carried At December 31, 2018 | 19,081 | |||
Accumulated Depreciation | 3,524 | |||
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 | (14,124) | |||
Gross Amount at Which Carried At December 31, 2018 | 39,406 | |||
Accumulated Depreciation | 0 | |||
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, 2018 | 14,021 | |||
Accumulated Depreciation | 1,980 | |||
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 | 401 | |||
Gross Amount at Which Carried At December 31, 2018 | 176,200 | |||
Accumulated Depreciation | 18,402 | |||
The Ridge at Turtle Creek: | Hattiesburg, MS | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 9,900 | |||
Land | 2,749 | |||
Buildings and Improvements | 12,434 | |||
Total Adjustment to Basis | (2,974) | |||
Gross Amount at Which Carried At December 31, 2018 | 12,209 | |||
Accumulated Depreciation | 0 | |||
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, 2018 | 2,886 | |||
Accumulated Depreciation | 175 | |||
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, 2018 | 2,333 | |||
Accumulated Depreciation | 146 | |||
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, 2018 | 2,441 | |||
Accumulated Depreciation | 111 | |||
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, 2018 | 1,885 | |||
Accumulated Depreciation | 231 | |||
Tire Kingdom & Starbucks: | Mount Pleasant, SC | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 2,400 | |||
Land | 1,291 | |||
Buildings and Improvements | 3,149 | |||
Total Adjustment to Basis | (502) | |||
Gross Amount at Which Carried At December 31, 2018 | 3,938 | |||
Accumulated Depreciation | 0 | |||
TJ Maxx/Dollar Tree: | Oxford, OH | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 641 | |||
Buildings and Improvements | 2,673 | |||
Total Adjustment to Basis | 90 | |||
Gross Amount at Which Carried At December 31, 2018 | 3,404 | |||
Accumulated Depreciation | 497 | |||
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, 2018 | 3,196 | |||
Accumulated Depreciation | 367 | |||
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, 2018 | 2,722 | |||
Accumulated Depreciation | 306 | |||
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, 2018 | 2,079 | |||
Accumulated Depreciation | 259 | |||
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, 2018 | 3,124 | |||
Accumulated Depreciation | 387 | |||
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, 2018 | 4,387 | |||
Accumulated Depreciation | 468 | |||
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, 2018 | 2,618 | |||
Accumulated Depreciation | 323 | |||
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, 2018 | 2,635 | |||
Accumulated Depreciation | 157 | |||
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, 2018 | 2,364 | |||
Accumulated Depreciation | 305 | |||
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, 2018 | 3,132 | |||
Accumulated Depreciation | 325 | |||
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, 2018 | 2,809 | |||
Accumulated Depreciation | 327 | |||
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, 2018 | 2,643 | |||
Accumulated Depreciation | 384 | |||
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, 2018 | 2,566 | |||
Accumulated Depreciation | 381 | |||
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, 2018 | 4,005 | |||
Accumulated Depreciation | 453 | |||
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, 2018 | 2,419 | |||
Accumulated Depreciation | 289 | |||
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, 2018 | 4,905 | |||
Accumulated Depreciation | 441 | |||
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, 2018 | 6,536 | |||
Accumulated Depreciation | 538 | |||
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, 2018 | 4,535 | |||
Accumulated Depreciation | 463 | |||
Turfway Crossing: | Florence, KY | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 8,480 | |||
Land | 2,261 | |||
Buildings and Improvements | 10,323 | |||
Total Adjustment to Basis | 418 | |||
Gross Amount at Which Carried At December 31, 2018 | 13,002 | |||
Accumulated Depreciation | 1,520 | |||
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, 2018 | 2,198 | |||
Accumulated Depreciation | 219 | |||
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, 2018 | 2,631 | |||
Accumulated Depreciation | 206 | |||
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, 2018 | 3,777 | |||
Accumulated Depreciation | 81 | |||
United Oil: | Bellflower, 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, 2018 | 1,888 | |||
Accumulated Depreciation | 62 | |||
United Oil: | Bellflower, 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, 2018 | 2,034 | |||
Accumulated Depreciation | 85 | |||
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, 2018 | 3,051 | |||
Accumulated Depreciation | 71 | |||
United Oil: | Burbank, 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, 2018 | 4,068 | |||
Accumulated Depreciation | 64 | |||
United Oil: | Burbank, 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, 2018 | 2,324 | |||
Accumulated Depreciation | 62 | |||
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, 2018 | 2,179 | |||
Accumulated Depreciation | 79 | |||
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, 2018 | 1,452 | |||
Accumulated Depreciation | 50 | |||
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, 2018 | 2,101 | |||
Accumulated Depreciation | 61 | |||
United Oil: | El Cajon, 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, 2018 | 1,593 | |||
Accumulated Depreciation | 40 | |||
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, 2018 | 1,276 | |||
Accumulated Depreciation | 55 | |||
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, 2018 | 1,148 | |||
Accumulated Depreciation | 51 | |||
United Oil: | Escondido, 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, 2018 | 4,576 | |||
Accumulated Depreciation | 115 | |||
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, 2018 | 2,615 | |||
Accumulated Depreciation | 87 | |||
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, 2018 | 5,666 | |||
Accumulated Depreciation | 86 | |||
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, 2018 | 2,687 | |||
Accumulated Depreciation | 95 | |||
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, 2018 | 2,542 | |||
Accumulated Depreciation | 61 | |||
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, 2018 | 2,324 | |||
Accumulated Depreciation | 93 | |||
United Oil: | Long Beach, 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, 2018 | 1,746 | |||
Accumulated Depreciation | 83 | |||
United Oil: | Long Beach, 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, 2018 | 3,661 | |||
Accumulated Depreciation | 95 | |||
United Oil: | Long Beach, 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, 2018 | 2,615 | |||
Accumulated Depreciation | 69 | |||
United Oil: | Los Angeles, 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, 2018 | 3,051 | |||
Accumulated Depreciation | 77 | |||
United Oil: | Los Angeles, 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, 2018 | 4,794 | |||
Accumulated Depreciation | 134 | |||
United Oil: | Los Angeles, 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, 2018 | 3,414 | |||
Accumulated Depreciation | $ 72 |
Schedule III - Real Estate As_8
Schedule III - Real Estate Assets and Accumulated Depreciation - 7 (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 1,198,666 | |||
Land | 1,182,345 | |||
Buildings and Improvements | 3,238,953 | |||
Total Adjustment to Basis | 22,743 | |||
Gross Amount at Which Carried At December 31, 2018 | 4,444,041 | $ 4,564,592 | $ 4,370,629 | $ 4,185,605 |
Accumulated Depreciation | 385,245 | 334,476 | $ 245,425 | $ 158,805 |
United Oil: | Los Angeles, 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, 2018 | 4,648 | |||
Accumulated Depreciation | 89 | |||
United Oil: | Los Angeles, 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, 2018 | 4,358 | |||
Accumulated Depreciation | 46 | |||
United Oil: | Los Angeles, 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, 2018 | 2,615 | |||
Accumulated Depreciation | 98 | |||
United Oil: | Los Angeles, 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, 2018 | 3,411 | |||
Accumulated Depreciation | 160 | |||
United Oil: | Los Angeles, 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, 2018 | 2,883 | |||
Accumulated Depreciation | 76 | |||
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, 2018 | 3,123 | |||
Accumulated Depreciation | 79 | |||
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, 2018 | 3,777 | |||
Accumulated Depreciation | 100 | |||
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, 2018 | 3,051 | |||
Accumulated Depreciation | 74 | |||
United Oil: | Norco, 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, 2018 | 3,341 | |||
Accumulated Depreciation | 161 | |||
United Oil: | Norco, 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, 2018 | 2,760 | |||
Accumulated Depreciation | 96 | |||
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, 2018 | 5,521 | |||
Accumulated Depreciation | 92 | |||
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, 2018 | 3,411 | |||
Accumulated Depreciation | 135 | |||
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, 2018 | 2,325 | |||
Accumulated Depreciation | 111 | |||
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, 2018 | 2,470 | |||
Accumulated Depreciation | 79 | |||
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, 2018 | 3,777 | |||
Accumulated Depreciation | 76 | |||
United Oil: | San Diego, 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, 2018 | 4,425 | |||
Accumulated Depreciation | 156 | |||
United Oil: | San Diego, 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, 2018 | 2,760 | |||
Accumulated Depreciation | 95 | |||
United Oil: | San Diego, 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, 2018 | 2,056 | |||
Accumulated Depreciation | 91 | |||
United Oil: | San Diego, 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, 2018 | 2,206 | |||
Accumulated Depreciation | 42 | |||
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, 2018 | 2,761 | |||
Accumulated Depreciation | 73 | |||
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, 2018 | 5,520 | |||
Accumulated Depreciation | 79 | |||
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, 2018 | 2,557 | |||
Accumulated Depreciation | 153 | |||
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, 2018 | 4,286 | |||
Accumulated Depreciation | 173 | |||
United Oil: | 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, 2018 | 3,341 | |||
Accumulated Depreciation | 97 | |||
United Oil: | Van Nuys, 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, 2018 | 2,470 | |||
Accumulated Depreciation | 74 | |||
United Oil: | Van Nuys, 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, 2018 | 4,721 | |||
Accumulated Depreciation | 80 | |||
United Oil: | Vista, 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, 2018 | 2,397 | |||
Accumulated Depreciation | 36 | |||
United Oil: | 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, 2018 | 2,446 | |||
Accumulated Depreciation | 45 | |||
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, 2018 | 2,614 | |||
Accumulated Depreciation | 106 | |||
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, 2018 | 2,760 | |||
Accumulated Depreciation | 123 | |||
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, 2018 | 5,593 | |||
Accumulated Depreciation | 70 | |||
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, 2018 | 7,693 | |||
Accumulated Depreciation | 1,339 | |||
Vacant: | 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, 2018 | 1,921 | |||
Accumulated Depreciation | 97 | |||
Vacant: | Georgetown, KY | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 1,048 | |||
Buildings and Improvements | 1,452 | |||
Total Adjustment to Basis | (1,800) | |||
Gross Amount at Which Carried At December 31, 2018 | 700 | |||
Accumulated Depreciation | 0 | |||
Vacant: | Greenville, SC | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 672 | |||
Buildings and Improvements | 1,737 | |||
Total Adjustment to Basis | (1,405) | |||
Gross Amount at Which Carried At December 31, 2018 | 1,004 | |||
Accumulated Depreciation | 21 | |||
Vacant: | 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, 2018 | 2,662 | |||
Accumulated Depreciation | 278 | |||
Vacant: | St. Louis, MO | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land | 1,254 | |||
Buildings and Improvements | 3,354 | |||
Total Adjustment to Basis | (3,409) | |||
Gross Amount at Which Carried At December 31, 2018 | 1,199 | |||
Accumulated Depreciation | $ 22 | |||
Vacant: | 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, 2018 | 16,326 | |||
Accumulated Depreciation | 1,402 | |||
Vacant: | Danville, VA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 274 | |||
Buildings and Improvements | 1,514 | |||
Total Adjustment to Basis | (1,062) | |||
Gross Amount at Which Carried At December 31, 2018 | 726 | |||
Accumulated Depreciation | 0 | |||
Vacant: | Pensacola, FL | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Accumulated Depreciation | 491 | |||
Ventura Place: | Albuquerque, NM | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 5,203 | |||
Buildings and Improvements | 7,998 | |||
Total Adjustment to Basis | 72 | |||
Gross Amount at Which Carried At December 31, 2018 | 13,273 | |||
Accumulated Depreciation | 940 | |||
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, 2018 | 7,134 | |||
Accumulated Depreciation | 688 | |||
Waite Park Center: | Waite Park, MN | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 10,441 | |||
Land | 2,576 | |||
Buildings and Improvements | 15,484 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2018 | 18,060 | |||
Accumulated Depreciation | 883 | |||
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, 2018 | 12,143 | |||
Accumulated Depreciation | 763 | |||
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, 2018 | 11,238 | |||
Accumulated Depreciation | 721 | |||
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, 2018 | 13,323 | |||
Accumulated Depreciation | 1,737 | |||
Wal-Mart: | Summerville, SC | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 4,300 | |||
Land | 2,410 | |||
Buildings and Improvements | 2,098 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2018 | 4,508 | |||
Accumulated Depreciation | 193 | |||
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, 2018 | 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, 2018 | 13,323 | |||
Accumulated Depreciation | 1,782 | |||
Walgreens: | Andover, KS | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 630 | |||
Buildings and Improvements | 3,057 | |||
Total Adjustment to Basis | 9 | |||
Gross Amount at Which Carried At December 31, 2018 | 3,696 | |||
Accumulated Depreciation | 469 | |||
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, 2018 | 5,413 | |||
Accumulated Depreciation | 483 | |||
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, 2018 | 4,810 | |||
Accumulated Depreciation | 568 | |||
Walgreens: | Bartlett, 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, 2018 | 5,407 | |||
Accumulated Depreciation | 473 | |||
Walgreens: | Bartlett, 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, 2018 | 5,407 | |||
Accumulated Depreciation | 503 | |||
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, 2018 | 5,923 | |||
Accumulated Depreciation | 718 | |||
Walgreens: | Birmingham, 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, 2018 | 5,582 | |||
Accumulated Depreciation | 528 | |||
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, 2018 | 3,879 | |||
Accumulated Depreciation | 603 | |||
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, 2018 | 7,039 | |||
Accumulated Depreciation | 523 | |||
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, 2018 | 5,461 | |||
Accumulated Depreciation | 369 | |||
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, 2018 | 4,977 | |||
Accumulated Depreciation | 506 | |||
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, 2018 | 5,071 | |||
Accumulated Depreciation | 573 | |||
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, 2018 | 5,536 | |||
Accumulated Depreciation | 735 | |||
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, 2018 | 5,647 | |||
Accumulated Depreciation | 481 | |||
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, 2018 | 4,792 | |||
Accumulated Depreciation | 454 | |||
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, 2018 | 4,643 | |||
Accumulated Depreciation | 480 | |||
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, 2018 | 5,573 | |||
Accumulated Depreciation | 576 | |||
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, 2018 | 4,683 | |||
Accumulated Depreciation | 422 | |||
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, 2018 | 5,251 | |||
Accumulated Depreciation | 488 | |||
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, 2018 | 5,292 | |||
Accumulated Depreciation | 446 | |||
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, 2018 | 5,930 | |||
Accumulated Depreciation | 576 | |||
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, 2018 | 4,237 | |||
Accumulated Depreciation | 508 | |||
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, 2018 | 5,532 | |||
Accumulated Depreciation | 447 | |||
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, 2018 | 5,043 | |||
Accumulated Depreciation | 544 | |||
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, 2018 | 5,341 | |||
Accumulated Depreciation | 647 | |||
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, 2018 | 5,120 | |||
Accumulated Depreciation | 492 | |||
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, 2018 | 4,388 | |||
Accumulated Depreciation | 394 | |||
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, 2018 | 6,511 | |||
Accumulated Depreciation | 718 | |||
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, 2018 | 4,889 | |||
Accumulated Depreciation | 410 | |||
Walgreens: | Las Vegas, NV | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 2,325 | |||
Buildings and Improvements | 3,262 | |||
Total Adjustment to Basis | 70 | |||
Gross Amount at Which Carried At December 31, 2018 | 5,657 | |||
Accumulated Depreciation | 453 | |||
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, 2018 | 3,399 | |||
Accumulated Depreciation | 359 | |||
Walgreens: | Little Rock, 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, 2018 | 5,224 | |||
Accumulated Depreciation | 533 | |||
Walgreens: | Little Rock, 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, 2018 | 5,363 | |||
Accumulated Depreciation | 465 | |||
Walgreens: | Lubbock, TX | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 565 | |||
Buildings and Improvements | 3,257 | |||
Total Adjustment to Basis | 102 | |||
Gross Amount at Which Carried At December 31, 2018 | 3,924 | |||
Accumulated Depreciation | 517 | |||
Walgreens: | Lubbock, TX | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 531 | |||
Buildings and Improvements | 2,951 | |||
Total Adjustment to Basis | 101 | |||
Gross Amount at Which Carried At December 31, 2018 | 3,583 | |||
Accumulated Depreciation | 465 | |||
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, 2018 | 5,332 | |||
Accumulated Depreciation | 452 | |||
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, 2018 | 4,942 | |||
Accumulated Depreciation | 455 | |||
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, 2018 | 5,275 | |||
Accumulated Depreciation | 548 | |||
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, 2018 | 4,182 | |||
Accumulated Depreciation | 401 | |||
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, 2018 | 4,764 | |||
Accumulated Depreciation | 425 | |||
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, 2018 | 5,370 | |||
Accumulated Depreciation | 525 | |||
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, 2018 | 4,915 | |||
Accumulated Depreciation | 459 | |||
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, 2018 | 5,225 | |||
Accumulated Depreciation | 433 | |||
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, 2018 | 5,313 | |||
Accumulated Depreciation | 441 | |||
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, 2018 | 4,046 | |||
Accumulated Depreciation | 285 | |||
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, 2018 | 5,477 | |||
Accumulated Depreciation | 713 | |||
Walgreens: | Ralston, 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, 2018 | 5,587 | |||
Accumulated Depreciation | 504 | |||
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, 2018 | 5,771 | |||
Accumulated Depreciation | 555 | |||
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, 2018 | 2,993 | |||
Accumulated Depreciation | 318 | |||
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, 2018 | 4,922 | |||
Accumulated Depreciation | 416 | |||
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, 2018 | 5,681 | |||
Accumulated Depreciation | 599 | |||
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, 2018 | 4,449 | |||
Accumulated Depreciation | 617 | |||
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, 2018 | 6,008 | |||
Accumulated Depreciation | 478 | |||
Walgreens: | St. Louis, 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, 2018 | 5,988 | |||
Accumulated Depreciation | 499 | |||
Walgreens: | St. Louis, 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, 2018 | 6,036 | |||
Accumulated Depreciation | 505 | |||
Walgreens: | Suffolk, VA | ||||
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, 2018 | 4,722 | |||
Accumulated Depreciation | 620 | |||
Walgreens: | Sun City, AZ | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 837 | |||
Buildings and Improvements | 2,484 | |||
Total Adjustment to Basis | 7 | |||
Gross Amount at Which Carried At December 31, 2018 | 3,328 | |||
Accumulated Depreciation | 309 | |||
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, 2018 | 4,389 | |||
Accumulated Depreciation | 408 | |||
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, 2018 | 5,438 | |||
Accumulated Depreciation | 383 | |||
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, 2018 | 4,623 | |||
Accumulated Depreciation | 457 | |||
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, 2018 | 4,531 | |||
Accumulated Depreciation | 381 | |||
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, 2018 | 8,721 | |||
Accumulated Depreciation | 720 | |||
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, 2018 | 11,323 | |||
Accumulated Depreciation | 1,271 | |||
Wallace Commons II: | 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, 2018 | 10,710 | |||
Accumulated Depreciation | 1,162 | |||
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, 2018 | 8,051 | |||
Accumulated Depreciation | 1,080 | |||
Waterford South Park: | Clarksville, IN | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 7,200 | |||
Land | 2,946 | |||
Buildings and Improvements | 8,564 | |||
Total Adjustment to Basis | 45 | |||
Gross Amount at Which Carried At December 31, 2018 | 11,555 | |||
Accumulated Depreciation | 1,565 | |||
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, 2018 | 7,366 | |||
Accumulated Depreciation | 955 | |||
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, 2018 | 7,829 | |||
Accumulated Depreciation | 1,005 | |||
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, 2018 | 1,433 | |||
Accumulated Depreciation | 106 | |||
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, 2018 | 1,704 | |||
Accumulated Depreciation | 131 | |||
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, 2018 | 2,895 | |||
Accumulated Depreciation | 259 | |||
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, 2018 | 4,505 | |||
Accumulated Depreciation | $ 392 |
Schedule III - Real Estate As_9
Schedule III - Real Estate Assets and Accumulated Depreciation - 8 (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 1,198,666 | |||
Land | 1,182,345 | |||
Buildings and Improvements | 3,238,953 | |||
Total Adjustment to Basis | 22,743 | |||
Gross Amount at Which Carried At December 31, 2018 | 4,444,041 | $ 4,564,592 | $ 4,370,629 | $ 4,185,605 |
Accumulated Depreciation | 385,245 | $ 334,476 | $ 245,425 | $ 158,805 |
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, 2018 | 696 | |||
Accumulated Depreciation | 50 | |||
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, 2018 | 226 | |||
Accumulated Depreciation | 29 | |||
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, 2018 | 861 | |||
Accumulated Depreciation | 45 | |||
Western Refining, Inc: | Douglas, 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, 2018 | 1,216 | |||
Accumulated Depreciation | 107 | |||
Western Refining, Inc: | Douglas, 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, 2018 | 474 | |||
Accumulated Depreciation | 54 | |||
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, 2018 | 701 | |||
Accumulated Depreciation | 43 | |||
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, 2018 | 883 | |||
Accumulated Depreciation | 59 | |||
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, 2018 | 1,182 | |||
Accumulated Depreciation | 93 | |||
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, 2018 | 882 | |||
Accumulated Depreciation | 56 | |||
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, 2018 | 496 | |||
Accumulated Depreciation | 48 | |||
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, 2018 | 734 | |||
Accumulated Depreciation | 53 | |||
Western Refining, Inc: | Safford, 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, 2018 | 358 | |||
Accumulated Depreciation | 28 | |||
Western Refining, Inc: | Safford, 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, 2018 | 503 | |||
Accumulated Depreciation | 38 | |||
Western Refining, Inc: | Safford, 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, 2018 | 515 | |||
Accumulated Depreciation | 40 | |||
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, 2018 | 810 | |||
Accumulated Depreciation | 80 | |||
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, 2018 | 701 | |||
Accumulated Depreciation | 64 | |||
Western Refining, Inc: | Tucson, 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, 2018 | 1,022 | |||
Accumulated Depreciation | 54 | |||
Western Refining, Inc: | Tucson, 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, 2018 | 861 | |||
Accumulated Depreciation | 61 | |||
Western Refining, Inc: | Tucson, 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, 2018 | 433 | |||
Accumulated Depreciation | 25 | |||
Western Refining, Inc: | Tucson, 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, 2018 | 1,102 | |||
Accumulated Depreciation | 42 | |||
Western Refining, Inc: | Tucson, 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, 2018 | 500 | |||
Accumulated Depreciation | 17 | |||
Western Refining, Inc: | Tucson, 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, 2018 | 939 | |||
Accumulated Depreciation | 61 | |||
Western Refining, Inc: | Tucson, 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, 2018 | 1,131 | |||
Accumulated Depreciation | 69 | |||
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, 2018 | 690 | |||
Accumulated Depreciation | 50 | |||
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 | (1,985) | |||
Gross Amount at Which Carried At December 31, 2018 | 8,679 | |||
Accumulated Depreciation | 0 | |||
Whole Foods Center: | 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, 2018 | 19,830 | |||
Accumulated Depreciation | 2,096 | |||
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, 2018 | 5,558 | |||
Accumulated Depreciation | 442 | |||
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, 2018 | 4,809 | |||
Accumulated Depreciation | 456 | |||
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, 2018 | 6,049 | |||
Accumulated Depreciation | $ 682 |
Schedule III - Real Estate A_10
Schedule III - Real Estate Assets and Accumulated Depreciation (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018USD ($)property | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | |
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Balance, beginning of period | $ 4,564,592 | $ 4,370,629 | $ 4,185,605 |
Additions | |||
Acquisitions | 11,151 | 261,660 | 198,176 |
Joint Venture Purchased | 0 | 0 | 16,361 |
Improvements | 6,135 | 13,708 | 3,827 |
Adjustment to basis | 0 | 0 | 962 |
Total additions | 17,286 | 275,368 | 219,326 |
Less: Deductions | |||
Cost of real estate sold | 61,891 | 78,700 | 27,144 |
Adjustment to basis | 0 | 0 | 51 |
Other (including provisions for impairment of real estate assets) | 75,946 | 2,705 | 7,107 |
Total deductions | 137,837 | 81,405 | 34,302 |
Balance, end of period | 4,444,041 | 4,564,592 | 4,370,629 |
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Balance, beginning of period | 334,476 | 245,425 | 158,805 |
Additions | |||
Acquisitions - Depreciation expense for building, acquisitions costs and tenant improvements acquired | 92,998 | 93,170 | 88,202 |
Improvements - Depreciation expense for tenant improvements and building equipment | 2,481 | 1,679 | 586 |
Total additions | 95,479 | 94,849 | 88,788 |
Deductions | |||
Cost of real estate sold | 6,901 | 5,552 | 1,514 |
Other (including provisions for impairment of real estate assets) | 37,809 | 246 | 654 |
Total deductions | 44,710 | 5,798 | 2,168 |
Balance, end of period | 385,245 | 334,476 | $ 245,425 |
Property, plant and equipment, land and real estate assets, net tax basis | 5,100,000 | ||
Gross intangible lease assets | $ 554,868 | $ 589,930 | |
Building | |||
Deductions | |||
Acquired real estate asset, useful life | 40 years | ||
Tenant Improvements | |||
Deductions | |||
Acquired real estate asset, useful life | 15 years | ||
Retail Property | |||
Deductions | |||
Number of properties owned | property | 814 | ||
Anchored Shopping Center | |||
Deductions | |||
Number of properties owned | property | 72 | ||
Industrial Property | |||
Deductions | |||
Number of properties owned | property | 4 | ||
JPMorgan Chase Bank, N.A. | Line of Credit | |||
Deductions | |||
Long-term line of credit | $ 1,330,000 | ||
Intangible Lease Assets | |||
Deductions | |||
Gross intangible lease assets | 554,900 | ||
Accumulated amortization of intangible lease assets | $ 212,500 |
Schedule IV - Mortgage Loans _2
Schedule IV - Mortgage Loans Held On Real Estate Schedule IV - Mortgage Loans on Real Estate (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Face amount of Mortgages | $ 89,295 | |
Carrying Amount of Mortgages | 89,762 | $ 0 |
Principal Amount of Loans Subject to Delinquent Principal or Interest | 0 | |
Astor — New York, New York | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Face amount of Mortgages | 38,756 | |
Carrying Amount of Mortgages | 38,915 | |
Principal Amount of Loans Subject to Delinquent Principal or Interest | 0 | |
88 Lex — New York, New York | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Face amount of Mortgages | 24,961 | |
Carrying Amount of Mortgages | 25,102 | |
Principal Amount of Loans Subject to Delinquent Principal or Interest | 0 | |
90 Lex — New York, New York | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Face amount of Mortgages | 15,440 | |
Carrying Amount of Mortgages | 15,523 | |
Principal Amount of Loans Subject to Delinquent Principal or Interest | 0 | |
Metro — New York, New York | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Face amount of Mortgages | 10,138 | |
Carrying Amount of Mortgages | 10,222 | |
Principal Amount of Loans Subject to Delinquent Principal or Interest | $ 0 | |
One-Month LIBOR | Astor — New York, New York | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Basis spread on interest rate | 14.85% | |
One-Month LIBOR | 88 Lex — New York, New York | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Basis spread on interest rate | 14.85% | |
One-Month LIBOR | 90 Lex — New York, New York | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Basis spread on interest rate | 14.85% | |
One-Month LIBOR | Metro — New York, New York | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Basis spread on interest rate | 14.85% |
Schedule IV - Mortgage Loans _3
Schedule IV - Mortgage Loans Held On Real Estate Schedule IV - Movement in Mortgage Loans on Real Estate (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2018USD ($) | |
SEC Schedule, 12-29, Real Estate Companies, Investment in Movement in Mortgage Loans on Real Estate [Roll Forward] | |
Balance, beginning of period | $ 0 |
Additions during period: | |
New loans | 89,295 |
Capitalized interest | 384 |
Accretion of fees and other items | 268 |
Total additions | 89,947 |
Less: Deductions during period: | |
Deferred fees and other items | (185) |
Total deductions | (185) |
Balance, end of period | $ 89,762 |