Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
In Billions, except Share data in Millions, unless otherwise specified | Dec. 31, 2014 | Mar. 25, 2015 | Jun. 30, 2014 |
Document and Entity Information [Abstract] | |||
Entity Registrant Name | COLE CREDIT PROPERTY TRUST IV, INC. | ||
Entity Central Index Key | 1498547 | ||
Document Type | 10-K | ||
Document Period End Date | 31-Dec-14 | ||
Amendment Flag | FALSE | ||
Document Fiscal Year Focus | 2014 | ||
Document Fiscal Period Focus | FY | ||
Current Fiscal Year End Date | -19 | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity common stock, shares outstanding | 307 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Public Float | $3 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Investment in real estate assets: | ||
Land | $972,983 | $537,714 |
Buildings and improvements, less accumulated depreciation of $78,186 and $23,377, respectively | 2,539,770 | 1,399,617 |
Intangible lease assets, less accumulated amortization of $48,085 and $14,498, respectively | 391,917 | 246,601 |
Total investment in real estate assets, net | 3,904,670 | 2,183,932 |
Investment in unconsolidated joint venture | 19,170 | 19,124 |
Total investment in real estate and related assets, net | 3,923,840 | 2,203,056 |
Cash and cash equivalents | 55,287 | 300,574 |
Restricted cash | 4,560 | 8,193 |
Rents and tenant receivables, less allowance for doubtful accounts of $67 and $50, respectively | 34,929 | 14,440 |
Due from affiliates | 470 | 0 |
Property escrow deposits, prepaid expenses and other assets | 7,137 | 10,942 |
Deferred financing costs, less accumulated amortization of $6,781 and $3,580, respectively | 12,924 | 14,444 |
Total assets | 4,039,147 | 2,551,649 |
LIABILITIES AND STOCKHOLDERS’ EQUITY | ||
Notes payable and credit facility | 1,466,507 | 696,946 |
Accounts payable and accrued expenses | 25,355 | 12,675 |
Escrowed investor proceeds | 0 | 5,147 |
Due to affiliates | 5,473 | 7,512 |
Acquired below market lease intangibles, less accumulated amortization of $8,807 and $2,237, respectively | 55,535 | 37,485 |
Distributions payable | 16,189 | 10,569 |
Deferred rental income and other liabilities | 21,710 | 12,859 |
Total liabilities | 1,590,769 | 783,193 |
Commitments and contingencies | ||
Redeemable common stock and noncontrolling interest | 121,972 | 26,484 |
STOCKHOLDERS’ EQUITY | ||
Preferred stock, $0.01 par value, 10,000,000 shares authorized, none issued and outstanding | 0 | 0 |
Common stock, $0.01 par value; 490,000,000 shares authorized, 304,950,000 and 211,026,672 shares issued and outstanding, respectively | 3,050 | 2,110 |
Capital in excess of par value | 2,607,448 | 1,850,702 |
Accumulated distributions in excess of earnings | -280,035 | -108,588 |
Accumulated other comprehensive loss | -4,057 | -2,252 |
Total stockholders’ equity | 2,326,406 | 1,741,972 |
Total liabilities and stockholders’ equity | $4,039,147 | $2,551,649 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, except Share data, unless otherwise specified | ||
Statement of Financial Position [Abstract] | ||
Accumulated depreciation of building and improvements | $78,186 | $23,377 |
Accumulated amortization of intangible lease assets | 48,085 | 14,498 |
Allowance for doubtful accounts | 67 | 50 |
Accumulated amortization of deferred financing costs | 6,781 | 3,580 |
Accumulated amortization of acquired below market lease intangible | $8,807 | $2,237 |
Preferred stock, par value | $0.01 | $0.01 |
Preferred stock, shares authorized | 10,000,000 | 10,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value | $0.01 | $0.01 |
Common stock, shares authorized | 490,000,000 | 490,000,000 |
Common stock, shares issued | 304,950,000 | 211,026,672 |
Common stock, shares outstanding | 304,950,000 | 211,026,672 |
Consolidated_Statement_of_Oper
Consolidated Statement of Operations (USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Revenues: | |||
Rental and other property income | $221,909 | $90,680 | $7,303 |
Tenant reimbursement income | 34,373 | 11,877 | 534 |
Total revenue | 256,282 | 102,557 | 7,837 |
Expenses: | |||
General and administrative expenses | 11,510 | 7,566 | 1,503 |
Property operating expenses | 39,035 | 13,507 | 553 |
Advisory fees and expenses | 24,142 | 10,549 | 812 |
Acquisition-related expenses | 51,763 | 48,286 | 14,371 |
Depreciation | 54,809 | 21,633 | 1,743 |
Amortization | 29,593 | 11,712 | 871 |
Total operating expenses | 210,852 | 113,253 | 19,853 |
Operating income (loss) | 45,430 | -10,696 | -12,016 |
Other expense: | |||
Interest expense and other | -34,260 | -22,184 | -1,728 |
Net income (loss) | 11,170 | -32,880 | -13,744 |
Net loss allocated to noncontrolling interest | -20 | 0 | 0 |
Net income (loss) attributable to the Company | $11,190 | ($32,880) | ($13,744) |
Weighted average number of common shares outstanding: | |||
Basic and diluted (shares) | 292,072,088 | 90,330,927 | 8,578,494 |
Net income (loss) per common share: | |||
Basic and diluted (in dollars per share) | $0.04 | ($0.36) | ($1.60) |
Consolidated_Statement_of_Comp
Consolidated Statement of Comprehensive Income (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Statement of Comprehensive Income [Abstract] | |||||||||||
Net income (loss) | $9,181 | ($4,147) | $3,190 | $2,946 | ($10,828) | ($6,588) | ($11,669) | ($3,795) | $11,170 | ($32,880) | ($13,744) |
Net loss allocated to noncontrolling interest | -20 | 0 | 0 | ||||||||
Net income (loss) attributable to the Company | 9,196 | -4,156 | 3,204 | 2,946 | -10,828 | -6,588 | -11,669 | -3,795 | 11,190 | -32,880 | -13,744 |
Other comprehensive loss: | |||||||||||
Unrealized loss on interest rate swaps | -1,805 | -2,252 | 0 | ||||||||
Total comprehensive income (loss) | $9,385 | ($35,132) | ($13,744) |
Consolidated_Statements_of_Sto
Consolidated Statements of Stockholder's Equity (USD $) | Total | Common Stock | Capital in Excess of Par Value | Accumulated Distributions in Excess of Earnings | Accumulated Other Comprehensive Loss |
In Thousands, except Share data, unless otherwise specified | |||||
Balance at Dec. 31, 2011 | $200 | $0 | $200 | $0 | $0 |
Balance, shares at Dec. 31, 2011 | 20,000 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Issuance of common stock, shares | 29,923,549 | ||||
Issuance of common stock | 298,438 | 299 | 298,139 | ||
Distributions to investors | -5,381 | -5,381 | |||
Commissions on stock sales and related dealer manager fees | -26,051 | -26,051 | |||
Other offering costs | -5,983 | -5,983 | |||
Changes in redeemable common stock | -1,964 | -1,964 | |||
Comprehensive loss | -13,744 | -13,744 | |||
Balance at Dec. 31, 2012 | 245,515 | 299 | 264,341 | -19,125 | 0 |
Balance, shares at Dec. 31, 2012 | 29,943,549 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Issuance of common stock, shares | 181,205,760 | ||||
Issuance of common stock | 1,807,820 | 1,811 | 1,806,009 | ||
Distributions to investors | -56,583 | -56,583 | |||
Commissions on stock sales and related dealer manager fees | -157,767 | -157,767 | |||
Other offering costs | -36,179 | -36,179 | |||
Redemptions of common stock, shares | -122,637 | ||||
Redemptions of common stock | -1,182 | -1,182 | |||
Changes in redeemable common stock | -24,520 | -24,520 | |||
Comprehensive loss | -35,132 | -32,880 | -2,252 | ||
Balance at Dec. 31, 2013 | 1,741,972 | 2,110 | 1,850,702 | -108,588 | -2,252 |
Balance, shares at Dec. 31, 2013 | 211,026,672 | 211,026,672 | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Issuance of common stock, shares | 95,036,480 | ||||
Issuance of common stock | 941,930 | 951 | 940,979 | ||
Distributions to investors | -182,637 | -182,637 | |||
Commissions on stock sales and related dealer manager fees | -72,706 | -72,706 | |||
Other offering costs | -7,277 | -7,277 | |||
Redemptions of common stock, shares | -1,113,152 | ||||
Redemptions of common stock | -10,849 | -11 | -10,838 | ||
Changes in redeemable common stock | -93,412 | -93,412 | |||
Comprehensive loss | 9,385 | 11,190 | -1,805 | ||
Balance at Dec. 31, 2014 | $2,326,406 | $3,050 | $2,607,448 | ($280,035) | ($4,057) |
Balance, shares at Dec. 31, 2014 | 304,950,000 | 304,950,000 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Cash flows from operating activities: | |||
Net income (loss) | $11,170 | ($32,880) | ($13,744) |
Adjustments to reconcile net loss to net cash provided by (used in) operating activities: | |||
Depreciation | 54,809 | 21,633 | 1,743 |
Amortization of intangible lease assets and below market lease intangible, net | 27,334 | 11,523 | 797 |
Amortization of deferred financing costs | 3,201 | 3,056 | 524 |
Amortization of fair value adjustment of mortgage notes payable assumed | -94 | 0 | 0 |
Bad debt expense | 113 | 59 | 0 |
Equity in income of unconsolidated joint venture | -765 | -324 | 0 |
Return on investment from unconsolidated joint venture | 719 | 130 | 0 |
Loss on sale of real estate | 157 | 0 | 0 |
Changes in assets and liabilities: | |||
Rents and tenant receivables | -20,602 | -13,034 | -1,465 |
Prepaid expenses and other assets | -480 | -730 | -1,142 |
Accounts payable and accrued expenses | 6,741 | 8,688 | 2,227 |
Deferred rental income and other liabilities | 4,355 | 7,369 | 1,848 |
Due from affiliates | -470 | 0 | 0 |
Due to affiliates | 2,898 | 2,080 | 495 |
Net cash provided by (used in) operating activities | 89,086 | 7,570 | -8,717 |
Cash flows from investing activities: | |||
Investment in real estate assets and capital expenditures | -1,749,486 | -1,667,832 | -510,700 |
Investment in unconsolidated joint venture | 0 | -18,930 | 0 |
Proceeds from sale of real estate | 1,758 | 0 | 0 |
Escrowed funds for acquisition of real estate investment | -70,254 | 0 | 0 |
Release of escrowed funds for acquisition of real estate investment | 70,254 | 0 | 0 |
Payment of property escrow deposits | -6,148 | -28,978 | 0 |
Refund of property escrow deposits | 9,888 | 20,453 | 0 |
Change in restricted cash | 3,633 | -7,670 | -523 |
Net cash used in investing activities | -1,740,355 | -1,702,957 | -511,223 |
Cash flows from financing activities: | |||
Proceeds from issuance of common stock | 837,669 | 1,782,118 | 296,474 |
Redemptions of common stock | -10,849 | -1,182 | 0 |
Offering costs on issuance of common stock | -84,920 | -190,670 | -30,373 |
Distributions to investors | -72,756 | -21,768 | -1,961 |
Proceeds from borrowing facilities and notes payable | 744,064 | 970,842 | 316,054 |
Repayments of borrowing facilities | -388 | -548,490 | -41,460 |
Proceeds from affiliate line of credit | 0 | 0 | 11,700 |
Repayments of affiliate line of credit | 0 | 0 | -11,700 |
Payment of loan deposits | -523 | -1,406 | -50 |
Refund of loan deposits | 1,068 | 861 | 50 |
Change in escrowed investor proceeds | -5,147 | 4,624 | 523 |
Deferred financing costs paid | -1,681 | -12,408 | -5,616 |
Contributions from noncontrolling interests | 2,096 | 0 | 0 |
Other financing activities | -2,651 | -455 | -6 |
Net cash provided by financing activities | 1,405,982 | 1,982,066 | 533,635 |
Net (decrease) increase in cash and cash equivalents | -245,287 | 286,679 | 13,695 |
Cash and cash equivalents, beginning of period | 300,574 | 13,895 | 200 |
Cash and cash equivalents, end of period | $55,287 | $300,574 | $13,895 |
Organization_and_Business
Organization and Business | 12 Months Ended |
Dec. 31, 2014 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
ORGANIZATION AND BUSINESS | ORGANIZATION AND BUSINESS |
Cole Credit Property Trust IV, Inc. (the “Company”) is a Maryland corporation that was formed on July 27, 2010, which has elected to be taxed, and currently qualifies, as a real estate investment trust (“REIT”) for federal income tax purposes. The Company is the sole general partner of and owns, directly or indirectly, 100% of the partnership interests in Cole Operating Partnership IV, LP, a Delaware limited partnership. The Company is externally managed by Cole REIT Advisors IV, LLC (“CR IV Advisors”), an affiliate of the Company’s sponsor, Cole Capital®, which is a trade name used to refer to a group of affiliated entities directly or indirectly controlled by American Realty Capital Properties, Inc. (“ARCP”), a self-managed publicly traded REIT, organized as a Maryland corporation and listed on The NASDAQ Global Select Market. On February 7, 2014, ARCP acquired Cole Real Estate Investments, Inc. (“Cole”), which, prior to its acquisition, indirectly owned and/or controlled the Company’s external advisor, CR IV Advisors, the Company’s dealer manager for the Offering (as defined below), Cole Capital Corporation (“CCC”), the Company’s property manager, CREI Advisors, LLC (“CREI Advisors”), and the Company’s sponsor, Cole Capital. As a result of ARCP’s acquisition of Cole, ARCP indirectly owns and/or controls CR IV Advisors, CCC, CREI Advisors and Cole Capital. | |
On January 26, 2012, pursuant to a Registration Statement on Form S-11 (Registration No. 333-169533) (the “Registration Statement”) filed under the Securities Act of 1933, as amended (the “Securities Act”), the Company commenced its initial public offering on a “best efforts” basis of up to a maximum of $2.975 billion in shares of common stock (the “Offering”). On November 25, 2013, the Company reallocated $400.0 million in shares from its distribution reinvestment plan (the “DRIP”) to the primary portion of the Offering, and on February 18, 2014, the Company reallocated an additional $23.0 million in shares from the DRIP to the primary portion of the Offering. As a result of these reallocations, the Offering offered up to a maximum of approximately 292.3 million shares of common stock at a price of $10.00 per share in the primary portion of the Offering and up to approximately 5.5 million additional shares pursuant to the DRIP under which the Company’s stockholders could have elected to have distributions reinvested in additional shares of common stock at a price of $9.50 per share. | |
As of February 25, 2014, the Company no longer accepted subscription agreements in connection with the Offering because it had received subscription agreements that allowed it to reach the maximum primary offering. The Company ceased issuing shares in the Offering on April 4, 2014. At the completion of the Offering, a total of approximately 297.4 million shares of common stock had been issued, including approximately 292.3 million shares of common stock sold to the public pursuant to the primary portion of the Offering and approximately 5.1 million shares of common stock sold pursuant to the DRIP. The remaining approximately 404,000 unsold shares from the Offering were deregistered. | |
In addition, the Company registered 26.0 million shares of common stock under the DRIP pursuant to a Registration Statement filed on Form S-3 (Registration No. 333-192958) (the “DRIP Offering” and collectively with the Offering, the “Offerings”), which was filed with the U.S. Securities and Exchange Commission (the “SEC”) on December 19, 2013 and automatically became effective with the SEC upon filing. The Company has issued, and expects that it will continue to issue, shares of common stock in the DRIP Offering. | |
Effective as of December 12, 2014, Nicholas S. Schorsch resigned as a director, the chairman of the Board of Directors of the Company (the "Board"), the chief executive officer and the president of the Company. In addition, effective as of December 12, 2014, Mr. Schorsch resigned as the chief executive officer of CR IV Advisors, and as the executive chairman of ARCP. Effective December 17, 2014, Thomas W. Roberts was appointed as a director, the chief executive officer and the president of the Company by the Board. Effective September 5, 2014, Simon J. Misselbrook was appointed chief financial officer and treasurer of the Company by the Board, replacing D. Kirk McAllaster, Jr. On March 24, 2015, Christine T. Brown was appointed principal accounting officer of the Company by the Board. | |
An affiliate of ARCP entered into a definitive agreement (the “RCAP Agreement”), dated as of September 30, 2014, with RCS Capital Corporation (“RCAP”) pursuant to which RCAP would have acquired Cole Capital. The acquisition would have included CR IV Advisors and CCC. Additionally, the parties entered into a strategic arrangement by which an indirect wholly-owned subsidiary of ARCP would have acted as sub-advisor to the non-traded REITs sponsored by Cole Capital (the “Managed Funds”), including the Company, and would have acquired and property managed real estate assets for the Managed Funds. | |
On November 3, 2014, RCAP publicly announced that it had notified ARCP of its purported termination of the RCAP Agreement, and that no subsidiary would act as the Company’s sub-advisor. On November 11, 2014, ARCP filed a complaint in the Court of Chancery of the State of Delaware against RCAP alleging that RCAP’s attempt to terminate the RCAP Agreement constituted a breach of the RCAP Agreement and seeking, among other things, specific performance of the RCAP Agreement or, in the alternative, money damages. On December 4, 2014, ARCP announced that it had entered into a settlement agreement with RCAP that resolved the dispute over RCAP’s attempt to terminate the RCAP Agreement. ARCP received $60.0 million in the settlement. | |
As of December 31, 2014, the Company had issued approximately 306.1 million shares of its common stock in the Offerings, including 8.8 million shares issued in the DRIP Offering, for gross offering proceeds of $3.0 billion before organization and offering costs, selling commissions and dealer manager fees of $306.0 million. As of December 31, 2014, the Company owned 759 properties, which include properties owned through a consolidated joint venture arrangement (the “Consolidated Joint Venture”), comprising 20.2 million rentable square feet of commercial space located in 45 states. As of December 31, 2014, the rentable space at these properties was 99% leased. In addition, through an unconsolidated joint venture arrangement, as of December 31, 2014, the Company had an interest in one property comprising 176,000 rentable square feet of commercial space (the “Unconsolidated Joint Venture”). |
Fair_Value_Measurements
Fair Value Measurements | 12 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Fair Value Disclosures [Abstract] | ||||||||||||||||
FAIR VALUE MEASUREMENTS | FAIR VALUE MEASUREMENTS | |||||||||||||||
GAAP defines fair value, establishes a framework for measuring fair value, and requires disclosures about fair value measurements. GAAP emphasizes that fair value is intended to be a market-based measurement, as opposed to a transaction-specific measurement. | ||||||||||||||||
Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Depending on the nature of the asset or liability, various techniques and assumptions can be used to estimate the fair value. Assets and liabilities are measured using inputs from three levels of the fair value hierarchy, as follows: | ||||||||||||||||
Level 1 – Inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date. An active market is defined as a market in which transactions for the assets or liabilities occur with sufficient frequency and volume to provide pricing information on an ongoing basis. | ||||||||||||||||
Level 2 – Inputs include quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active (markets with few transactions), inputs other than quoted prices that are observable for the asset or liability (i.e. interest rates, yield curves, etc.), and inputs that are derived principally from or corroborated by observable market data correlation or other means (market corroborated inputs). | ||||||||||||||||
Level 3 – Unobservable inputs, which are only used to the extent that observable inputs are not available, reflect the Company’s assumptions about the pricing of an asset or liability. | ||||||||||||||||
The following describes the methods the Company uses to estimate the fair value of the Company’s financial assets and liabilities: | ||||||||||||||||
Cash and cash equivalents and restricted cash – The Company considers the carrying values of these financial assets to approximate fair value because of the short period of time between their origination and their expected realization. These financial assets are considered Level 1. | ||||||||||||||||
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. These financial instruments are considered Level 2. As of December 31, 2014, the estimated fair value of the Company’s debt was $1.5 billion which approximated the carrying value of $1.5 billion. As of December 31, 2013, the estimated fair value of the Company’s debt was $682.1 million compared to the carrying value of $696.9 million. | ||||||||||||||||
Derivative instruments – The Company’s derivative instruments represent 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. The Company includes the impact of credit valuation adjustments on derivative instruments measured at fair value. | ||||||||||||||||
Contingent consideration arrangements – The contingent consideration arrangements are carried at fair value and are valued using Level 3 inputs. The fair value of the Contingent Payments is determined based on the estimated timing and probability of successfully leasing vacant space subsequent to the Company’s acquisition of certain properties. The total estimated fair value of contingent consideration arrangements was $3.4 million and $784,000 as of December 31, 2014 and 2013, respectively, and is included in the accompanying consolidated balance sheets in deferred rental income and other liabilities. During the year ended December 31, 2014, the Company recorded additional obligations with an aggregate estimated fair value of $5.3 million upon purchase of certain properties. In addition, during the year ended December 31, 2014, the fair value of the outstanding contingent consideration arrangements had a net decrease of $70,000, which resulted in a reduction to acquisition-related expenses in the accompanying consolidated statements of operations. The Company also paid an aggregate of $2.6 million to multiple sellers as certain contingent consideration arrangements of the Contingent Payments were satisfied. | ||||||||||||||||
Considerable judgment is necessary to develop estimated fair values of financial assets and liabilities. Accordingly, the estimates presented herein are not necessarily indicative of the amounts the Company could realize, or be liable for, on disposition of the financial assets and liabilities. As of December 31, 2014 and 2013, there have been no transfers of financial assets or liabilities between fair value hierarchy levels. | ||||||||||||||||
In accordance with the fair value hierarchy described above, the following tables show the fair value of the Company’s financial liabilities that are required to be measured at fair value on a recurring basis as of December 31, 2014 and 2013 (in thousands): | ||||||||||||||||
Balance as of | Quoted Prices in | Significant Other | Significant | |||||||||||||
31-Dec-14 | Active Markets for | Observable Inputs | Unobservable | |||||||||||||
Identical Assets | (Level 2) | Inputs | ||||||||||||||
(Level 1) | (Level 3) | |||||||||||||||
Liabilities: | ||||||||||||||||
Interest rate swaps | $ | (4,057 | ) | $ | — | $ | (4,057 | ) | $ | — | ||||||
Contingent consideration | (3,405 | ) | — | — | (3,405 | ) | ||||||||||
Total liabilities | $ | (7,462 | ) | $ | — | $ | (4,057 | ) | $ | (3,405 | ) | |||||
Balance as of | Quoted Prices in | Significant Other | Significant | |||||||||||||
December 31, 2013 | Active Markets for | Observable Inputs | Unobservable | |||||||||||||
Identical Assets | (Level 2) | Inputs | ||||||||||||||
(Level 1) | (Level 3) | |||||||||||||||
Liabilities: | ||||||||||||||||
Interest rate swaps | $ | (2,252 | ) | $ | — | $ | (2,252 | ) | $ | — | ||||||
Contingent consideration | (784 | ) | — | — | (784 | ) | ||||||||||
Total liabilities | $ | (3,036 | ) | $ | — | $ | (2,252 | ) | $ | (784 | ) | |||||
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 12 Months Ended | |
Dec. 31, 2014 | ||
Accounting Policies [Abstract] | ||
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |
The summary of significant accounting policies presented below is designed to assist in understanding the Company’s consolidated financial statements. These accounting policies conform to accounting principles generally accepted in the United States of America (“GAAP”) in all material respects, and have been consistently applied in preparing the accompanying consolidated financial statements. | ||
Principles of Consolidation and Basis of Presentation | ||
The consolidated financial statements include the accounts of the Company, its wholly-owned subsidiaries and the Consolidated Joint Venture in which the Company has a controlling financial interest. All intercompany balances and transactions have been eliminated in consolidation. Certain prior year balances have been combined in the consolidated statements of operations and statements of cash flows. | ||
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”). A VIE is broadly defined as an entity where either (1) the equity investors as a group, if any, lack the power through voting or similar rights to direct the activities of an entity that most significantly impact the entity’s economic performance or (2) the equity investment at risk is insufficient to finance that entity’s activities without additional subordinated financial support. The Company consolidates any VIEs when it is determined to be the primary beneficiary of the VIE’s operations. | ||
A variable interest holder is considered to be the primary beneficiary of a VIE if it has the power to direct the activities of a VIE that most significantly impact the entity’s economic performance and has the obligation to absorb losses of, or the right to receive benefits from, the entity that could potentially be significant to 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, its form of ownership interest, its representation on the entity’s governing body, the size and seniority of its investment, its ability and the rights of other investors to participate in policy making decisions and to replace the manager of and/or liquidate the entity. | ||
The Company continually evaluates the need to consolidate its joint venture arrangements based on standards set forth in GAAP. In determining whether the Company has a controlling interest in a joint venture arrangement and the requirement to consolidate the accounts of that entity, management considers factors such as ownership interest, power to make decisions and contractual and substantive participating rights of the partners/members as well as whether the entity is a VIE for which the Company may be the primary beneficiary. As of December 31, 2014, the Company determined that it had a controlling interest in the Consolidated Joint Venture and therefore met the GAAP requirements for consolidation. As of December 31, 2014, the Consolidated Joint Venture held real estate assets with an aggregate book value of $18.9 million. As of December 31, 2014 and December 31, 2013, the Company was not required to consolidate the Unconsolidated Joint Venture as the applicable joint venture entity did not qualify as a VIE and the Company did not meet the control requirement for consolidation. | ||
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. | ||
Investment in and Valuation of Real Estate Assets | ||
Real estate assets are stated at cost, less accumulated depreciation and amortization. Amounts capitalized to real estate assets consist of the cost of acquisition, excluding acquisition-related expenses, construction and any tenant improvements, major improvements and betterments that extend the useful life of the real estate assets and leasing costs. All repairs and maintenance are expensed as incurred. | ||
The Company is required to make subjective assessments as to the useful lives of its depreciable assets. The Company considers the period of future benefit of each respective asset to determine the appropriate useful life of the assets. Real estate assets, other than land, are depreciated or amortized on a straight-line basis. The estimated useful lives of the Company’s real estate assets by class are generally as follows: | ||
Buildings | 40 years | |
Tenant improvements | Lesser of useful life or lease term | |
Intangible lease assets | Lease term | |
The Company continually monitors events and changes in circumstances that could indicate that the carrying amounts of its real estate assets may not be recoverable. Impairment indicators that the Company considers include, but are not limited to, bankruptcy or other credit concerns of a property’s major tenant, such as a history of late payments, rental concessions and other factors, a significant decrease in a property’s revenues due to lease terminations, vacancies, co-tenancy clauses, reduced lease rates or other circumstances. When indicators of potential impairment are present, the Company assesses the recoverability of the assets by determining whether the carrying amount of the assets will be recovered through the undiscounted future cash flows expected from the use of the assets and their eventual disposition. In the event that such expected undiscounted future cash flows do not exceed the carrying amount, the Company will adjust the real estate assets to their respective fair values and recognize an impairment loss. Generally, fair value is determined using a discounted cash flow analysis and recent comparable sales transactions. No impairment indicators were identified and no impairment losses were recorded during the years ended December 31, 2014, 2013, or 2012. | ||
When developing estimates of expected future cash flows, the Company makes certain assumptions regarding future market rental income amounts subsequent to the expiration of current lease agreements, property operating expenses, terminal capitalization and discount rates, the expected number of months it takes to re-lease the property, required tenant improvements and the number of years the property will be held for investment. The use of alternative assumptions in estimating expected future cash flows could result in a different determination of the property’s expected future cash flows and a different conclusion regarding the existence of an impairment, the extent of such loss, if any, as well as the fair value of the real estate assets. | ||
When a real estate asset is identified by the Company as held for sale, the Company will cease depreciation and amortization of the assets related to the property and estimate the fair value, net of selling costs. If, in management’s opinion, the fair value, net of selling costs, of the asset is less than the carrying amount of the asset, an adjustment to the carrying amount would be recorded to reflect the estimated fair value of the property, net of selling costs. There were no assets identified as held for sale as of December 31, 2014, 2013, or 2012. | ||
Allocation of Purchase Price of Real Estate Assets | ||
Upon the acquisition of real properties, the Company allocates the purchase price to acquired tangible assets, consisting of land, buildings and improvements, and identified intangible assets and liabilities, consisting of the value of above market and below market leases and the value of in-place leases, based in each case on their respective fair values. Acquisition-related expenses are expensed as incurred. The Company utilizes independent appraisals to assist in the determination of the fair values of the tangible assets of an acquired property (which includes land and buildings). The Company obtains an independent appraisal for each real property acquisition. 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 market 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 any bargain renewal periods, with respect to a below market lease. The above market 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, 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 market or below market lease intangibles relating to that lease would be recorded as an adjustment to rental income. | ||
The fair values of in-place leases include estimates of direct costs associated with obtaining a new tenant and opportunity costs associated with lost rental and other property income, which are avoided by acquiring a property with an in-place lease. Direct costs associated with obtaining a new tenant include commissions and other direct costs and are estimated in part by utilizing information obtained from independent appraisals and management’s consideration of current market costs to execute a similar lease. The intangible values of opportunity costs, which are calculated using the contractual amounts to be paid pursuant to the in-place leases over a market absorption period for a similar lease, are capitalized as intangible lease assets and are amortized to expense over the remaining term of the respective leases. If a lease were to be terminated prior to its stated expiration, all unamortized amounts of in-place lease assets relating to that lease would be expensed. | ||
The Company has acquired, and may continue to acquire, certain properties subject to contingent consideration arrangements that may obligate the Company to pay additional consideration to the seller based on the outcome of future events (the “Contingent Payments”). Additionally, the Company may acquire certain properties for which it funds certain contingent consideration amounts into an escrow account pending the outcome of certain future events. The outcome may result in the release of all or a portion of the escrowed funds to the Company or the seller or a combination thereof. Contingent consideration arrangements are based on a predetermined formula and have set time periods regarding the obligation to make future payments, including funds released to the seller from escrow accounts, or the right to receive escrowed funds as set forth in the respective purchase and sale agreement. Contingent consideration arrangements, including amounts funded through an escrow account, are recorded upon acquisition of the respective property at their estimated fair values, and any changes to the estimated fair values, subsequent to acquisition, are reflected in the accompanying consolidated statements of operations. The determination of the amount of contingent consideration arrangements is based on the probability of several possible outcomes as identified by management. | ||
The Company estimates the fair value of assumed mortgage notes payable based upon indications of current market pricing for similar types of debt financing with similar maturities. Assumed mortgage notes payable are initially recorded at their estimated fair value as of the assumption date, and any difference between such estimated fair value and the mortgage note’s outstanding principal balance is amortized 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 impact the Company’s results of operations. | ||
Noncontrolling Interest-Redeemable Interest in Consolidated Joint Venture | ||
On June 27, 2014, the Company completed the formation of the Consolidated Joint Venture. Pursuant to the joint venture agreement, the joint venture partner has a right to exercise an option after two years whereby the Company will be required to purchase the ownership interest of the joint venture partner at fair market value. The Company determined it had a controlling interest in the Consolidated Joint Venture and therefore met the GAAP requirements for consolidation. The Company recorded the noncontrolling interest of $2.1 million as temporary equity, in the mezzanine section of the balance sheet, due to the redemption option existing outside the control of the Company. | ||
Investment in Unconsolidated Joint Venture | ||
The Company accounts for its unconsolidated joint venture arrangement using the equity method of accounting as the Company has the ability to exercise significant influence, but not control, over operating and financial policies of this investment. The equity method of accounting requires the investment to be initially recorded at cost and subsequently adjusted for the Company’s share of equity in the Unconsolidated Joint Venture’s earnings and distributions. The Company is required to determine whether an event or change in circumstances has occurred that may have a significant adverse effect on the fair value of its investment in the Unconsolidated Joint Venture. If an event or change in circumstance has occurred, the Company is required to evaluate the Unconsolidated Joint Venture for potential impairment and determine if the carrying amount of its investment exceeds its fair value. An impairment charge is recorded when an impairment is deemed to be other-than-temporary. To determine whether an impairment is other-than-temporary, the Company considers whether it has the ability and intent to hold the investment until the carrying amount is fully recovered. The evaluation of an investment in an Unconsolidated Joint Venture for potential impairment requires the Company’s management to exercise significant judgment and to make certain assumptions. The use of different judgments and assumptions could result in different conclusions. No impairment indicators were identified and no impairment losses were recorded related to the Unconsolidated Joint Venture during the years ended December 31, 2014 and December 31, 2013. | ||
Cash and Cash Equivalents | ||
The Company considers all highly liquid instruments with maturities when purchased of three months or less to be cash equivalents. The Company considers investments in highly liquid money market accounts to be cash equivalents. | ||
Restricted Cash and Escrows | ||
Included in restricted cash was $2.7 million and $2.6 million held by lenders in lockbox accounts, as of December 31, 2014 and 2013. 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 $1.9 million and $513,000 held by lenders in escrow accounts for real estate taxes and other lender reserves for certain properties, in accordance with the respective lender’s loan agreement as of December 31, 2014 and 2013, respectively. The Company also had $5.1 million of escrowed investor proceeds for which shares of common stock had not been issued as of December 31, 2013. | ||
Rents and Tenant Receivables | ||
Rents and tenant receivables primarily include amounts to be collected in future periods related to the recognition of rental income on a straight-line basis over the lease term and cost recoveries due from tenants. The Company makes estimates of the uncollectability of its accounts receivable related to base rents, expense reimbursements and other revenues. The Company analyzes accounts receivable and historical bad debt levels, customer creditworthiness and current economic trends when evaluating the adequacy of the allowance for doubtful accounts. In addition, tenants in bankruptcy, if any, are analyzed and estimates are made in connection with the expected recovery of pre-petition and post-petition claims. The Company’s reported net income or loss is directly affected by management’s estimate of the collectability of accounts receivable. The Company records allowances for those balances that the Company deems to be uncollectible, including any amounts relating to straight-line rent receivables. | ||
Prepaid Expenses | ||
Prepaid expenses include expenses paid as of the balance sheet date that relate to future periods and will be expensed or reclassified to another account during the period to which the costs relate. Any amounts with no future economic benefit are charged to earnings when identified. | ||
Due from Affiliates | ||
As of December 31, 2014, $470,000 was due from CR IV Advisors and its affiliates primarily related to amounts paid by the Company on dead deals which are reimbursable by the advisor. As of December 31, 2013, there was no amount due from CR IV Advisors and its affiliates. | ||
Deferred Financing Costs | ||
Deferred financing costs are capitalized and amortized on a straight-line basis over the term of the related financing arrangement, which approximates the effective interest method. If a note payable is prepaid, any unamortized deferred financing costs related to the note payable would be expensed. Amortization of deferred financing costs was $3.2 million and $3.1 million for the years ended December 31, 2014 and 2013, respectively, and was included in interest expense in the consolidated statements of operations. | ||
Concentration of Credit Risk | ||
As of December 31, 2014, the Company had cash on deposit, including restricted cash, at ten financial institutions, in three of which the Company had deposits in excess of federally insured levels totaling $58.7 million; however, the Company has not experienced any losses in such accounts. The Company limits significant cash deposits to accounts held by financial institutions with high credit standing; therefore, the Company believes it is not exposed to any significant credit risk on its cash deposits. | ||
As of December 31, 2014, no single tenant accounted for greater than 10% of the Company’s 2014 gross annualized rental revenues. The Company had certain geographic concentrations in its property holdings. In particular, as of December 31, 2014, 75 of the Company’s properties were located in California and 92 were located in Texas, which accounted for 12% and 10%, respectively, of the Company’s 2014 gross annualized rental revenues. In addition, the Company had tenants in the discount store and pharmacy industries, which comprised 15% and 13%, respectively, of the Company’s 2014 gross annualized rental revenues. | ||
Offering and Related Costs | ||
CR IV Advisors funded all of the organization and offering costs on the Company’s behalf (excluding selling commissions and dealer manager fees) and was reimbursed for such costs up to 2.0% of aggregate gross proceeds from the Offering. As of December 31, 2014 and 2013, CR IV Advisors had paid organization and offering costs in excess of the 2.0% in connection with the Offering. These excess costs were not included in the financial statements of the Company because such costs were not a liability of the Company as they exceeded 2.0% of aggregate gross proceeds from the Offering. When recorded by the Company, organization costs are expensed as incurred and offering costs, which include items such as legal and accounting fees, marketing and personnel, promotional and printing costs are recorded as a reduction of capital in excess of par value, along with selling commissions and dealer manager fees in the period in which they become payable. | ||
Due to Affiliates | ||
Certain affiliates of CR IV Advisors received fees, reimbursements and compensation in connection with services provided relating to the Offering and the acquisition, management, financing and leasing of the properties of the Company. | ||
Derivative Instruments and Hedging Activities | ||
The Company accounts for its derivative instruments at fair value. Accounting for changes in the fair value of a derivative instrument depends on the intended use of the derivative instrument and the designation of the derivative instrument. The change in fair value of the effective portion of the derivative instrument that is designated as a hedge is recorded as other comprehensive income (loss). The changes in fair value for derivative instruments that are not designated as hedges or that do not meet the hedge accounting criteria are recorded as a gain or loss to operations. | ||
Redeemable Common Stock | ||
Under the Company’s share redemption program, the Company’s requirement to redeem shares of its outstanding common stock is limited, among other things, to the net proceeds received by the Company from the sale of shares under the DRIP, net of shares redeemed to date. The Company records amounts that are redeemable under the share redemption program as redeemable common stock outside of permanent equity in its consolidated balance sheets. Changes in the amount of redeemable common stock from period to period are recorded as an adjustment to capital in excess of par value. | ||
Interest | ||
Interest is charged to interest expense as it accrues. No interest costs were capitalized during the years ended December 31, 2014, 2013 or 2012. | ||
Distributions Payable and Distribution Policy | ||
In order to maintain its status as a REIT, the Company is required to, among other things, make distributions each taxable year equal to at least 90% of its taxable income (computed without regard to the dividends paid deduction and excluding net capital gains). To the extent that funds are available, the Company intends to pay regular distributions to stockholders. Distributions are paid to stockholders of record as of applicable record dates. | ||
The Board authorized a daily distribution, based on 365 days in the calendar year, of $0.001712523 per share (which equates to 6.25% on an annualized basis calculated at the current rate, assuming a $10.00 per share purchase price) for stockholders of record as of the close of business on each day of the period commencing on January 1, 2014 and ending on December 31, 2014. In addition, our board of directors authorized a daily distribution, based on 365 days in the calendar year, of $0.001712523 per share (which equates to 6.25% on an annualized basis calculated at the current rate, assuming a $10.00 per share purchase price) for stockholders of record as of the close of business on each day of the period commencing on January 1, 2015 and ending on June 30, 2015. As of December 31, 2014, the Company had distributions payable of $16.2 million. | ||
Reportable Segments | ||
The Company’s commercial real estate investments primarily consist of income-producing necessity retail properties that are single-tenant or multi-tenant “power centers”, which are leased to national and regional creditworthy tenants under long-term net leases, and are strategically located throughout the United States and U.S. protectorates. The commercial properties are geographically diversified throughout the United States and have similar economic characteristics. The Company evaluates operating performance on an overall portfolio level; therefore, the Company’s properties are one reportable segment. | ||
Revenue Recognition | ||
Certain properties have leases where minimum rental payments increase during the term of the lease. The Company records rental income for the full term of each lease on a straight-line basis. When the Company acquires a property, the terms of existing leases are considered to commence as of the acquisition date for the purpose of this calculation. The Company defers the recognition of contingent rental income, such as percentage rents, until the specific target that triggers the contingent rental income is achieved. Expected reimbursements from tenants for recoverable real estate taxes and operating expenses are included in tenant reimbursement income in the period when such costs are incurred. | ||
Earnings (Loss) Per Share | ||
Earnings (loss) per share are calculated based on the weighted average number of common shares outstanding during each period presented. Diluted income (loss) per share considers the effect of any potentially dilutive share equivalents, of which the Company had none for each of the years ended December 31, 2014, 2013 or 2012. | ||
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. | ||
Recent Accounting Pronouncements | ||
In April 2014, the U.S. Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) 2014-08, Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360): Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity (“ASU 2014-08”), which amends the reporting requirements for discontinued operations by updating the definition of a discontinued operation to be a component of an entity that represents a strategic shift that has (or will have) a major effect on an entity’s operations and financial results, resulting in fewer disposals that qualify for discontinued operations reporting; yet, the pronouncement also requires expanded disclosures for discontinued operations. The adoption of ASU 2014-08 did not have a material impact on the Company’s consolidated unaudited financial statements because the Company did not have any discontinued operations. | ||
In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (“ASU 2014-09”), which supersedes the revenue recognition requirements in Revenue Recognition (Topic 605), and requires an entity to recognize revenue in a way that depicts the transfer of promised goods or services to customers, including real estate sales, in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. ASU 2014-09 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2016, and is to be applied retrospectively, with early application not permitted. The Company does not believe ASU 2014-09, when effective, will have a material impact on the Company’s consolidated financial statements. | ||
In August 2014, the FASB issued ASU 2014-15, Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern (“ASU 2014-15”), which requires management to assess an entity’s ability to continue as a going concern, and to provide related footnote disclosures in certain circumstances. ASU 2014-15 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2016, with early application permitted. The Company does not believe ASU 2014-15, when effective, will have a material impact on the Company’s consolidated financial statements because the Company currently does not have any conditions that give rise to substantial doubt about its ability to continue as a going concern. | ||
In February 2015, the FASB issued ASU No. 2015-02, Consolidation (Topic 810): Amendments to the Consolidation Analysis (“ASU 2015-02”), which eliminates the deferral of FAS 167 and makes changes to both the variable interest model and the voting model. These changes will require re-evaluation of certain entities for consolidation and will require the Company to revise its documentation regarding the consolidation or deconsolidation of such entities. ASU 2015-02 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2015, and is to be applied retrospectively, with early adoption permitted. The Company is currently evaluating the impact of the new standard on its consolidated financial statements. |
Real_Estate_Acquisitions
Real Estate Acquisitions | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Business Combinations [Abstract] | ||||||||
REAL ESTATE ACQUISITIONS | REAL ESTATE ACQUISITIONS | |||||||
2014 Property Acquisitions | ||||||||
During the year ended December 31, 2014, the Company acquired 422 commercial properties, including properties held in the Consolidated Joint Venture, for an aggregate purchase price of $1.8 billion (the “2014 Acquisitions”). The Company purchased the 2014 Acquisitions with net proceeds from the Offerings and available borrowings. The Company allocated the purchase price of these properties to the fair value of the assets acquired and liabilities assumed. The following table summarizes the purchase price allocation for acquisitions purchased during the year ended December 31, 2014 (in thousands): | ||||||||
December 31, 2014 | ||||||||
Land | $ | 437,206 | ||||||
Building and improvements | 1,152,148 | |||||||
Acquired in-place leases | 154,972 | |||||||
Acquired above market leases | 23,430 | |||||||
Acquired below market leases | 24,620 | |||||||
Fair value adjustment of assumed notes payable | (765 | ) | ||||||
Total purchase price | $ | 1,791,611 | ||||||
The Company recorded revenue for the year ended December 31, 2014 of $61.2 million and a net loss for the year ended December 31, 2014 of $25.7 million related to the 2014 Acquisitions. | ||||||||
The following information summarizes selected financial information of the Company as if all of the 2014 Acquisitions were completed on January 1, 2013 for each period presented below. The table below presents the Company’s estimated revenue and net income (loss), on a pro forma basis, for the years ended December 31, 2014 and 2013 (in thousands): | ||||||||
Year Ended December 31, | ||||||||
2014 | 2013 | |||||||
Pro forma basis (unaudited): | ||||||||
Revenue | $ | 332,860 | $ | 245,969 | ||||
Net income (loss) | $ | 131,001 | $ | (53,805 | ) | |||
The unaudited pro forma information for the year ended December 31, 2014 was adjusted to exclude $51.8 million of acquisition-related expenses recorded during the year ended December 31, 2014. These costs were recognized in the unaudited pro forma information for the year ended December 31, 2013. The unaudited pro forma information is presented for informational purposes only and may not be indicative of what actual results of operations would have been had the transactions occurred at the beginning of 2013, nor does it purport to represent the results of future operations. | ||||||||
2014 Development Project | ||||||||
During the year ended December 31, 2014, the Company acquired one land parcel, upon which a 1.6 million square foot industrial property is expected to be constructed. The land, acquired for an aggregate amount of $23.9 million, is included in buildings and improvements on the accompanying consolidated balance sheets and excluded from the 2014 Acquisitions. As of December 31, 2014, the Company had a total investment of $36.7 million and has committed to invest an additional estimated amount of $66.7 million related to the development project. | ||||||||
2014 Land Disposition | ||||||||
During the year ended December 31, 2014, the Company sold one undeveloped land parcel for a gross sales price of $1.9 million, resulting in net cash proceeds of $1.8 million to the Company and a loss of $157,000. | ||||||||
Escrowed Funds for Acquisition of Real Estate Investments | ||||||||
In anticipation of closing on two properties, the Company funded $70.3 million to an escrow account on September 30, 2014, which was returned when the both of the properties closed and the title was transfered during the quarter ended December 31, 2014. As of December 31, 2014, there were no amounts included in escrowed funds for acquisition of real estate investments on the accompanying consolidated balance sheets. | ||||||||
2013 Property Acquisitions | ||||||||
During the year ended December 31, 2013, the Company acquired 248 commercial properties for an aggregate purchase price of $1.7 billion (the “2013 Acquisitions”). The Company purchased the 2013 Acquisitions with net proceeds from the Offering and available borrowings. The Company allocated the purchase price of these properties to the fair value of the assets acquired and liabilities assumed. The following table summarizes the purchase price allocation (in thousands): | ||||||||
December 31, 2013 | ||||||||
Land | $ | 390,781 | ||||||
Building and improvements | 1,103,390 | |||||||
Acquired in-place leases | 175,520 | |||||||
Acquired above market leases | 26,921 | |||||||
Acquired below market leases | (31,802 | ) | ||||||
Total purchase price | $ | 1,664,810 | ||||||
The Company recorded revenue for the year ended December 31, 2013 of $60.4 million and a net loss for the year ended December 31, 2013 of $25.7 million related to the 2013 Acquisitions. | ||||||||
The following information summarizes selected financial information of the Company as if all of the 2013 Acquisitions were completed on January 1, 2012 for each period presented below. The table below presents the Company’s estimated revenue and net income, on a pro forma basis, for the years ended December 31, 2013 and 2012 (in thousands): | ||||||||
Year Ended December 31, | ||||||||
2013 | 2012 | |||||||
Pro forma basis (unaudited): | ||||||||
Revenue | $ | 181,859 | $ | 147,515 | ||||
Net income | $ | 44,490 | $ | (30,842 | ) | |||
The unaudited pro forma information for the year ended December 31, 2013 was adjusted to exclude $48.3 million of acquisition-related expenses recorded during the year ended December 31, 2013. These costs were recognized in the unaudited pro forma information for the year ended December 31, 2012. The unaudited pro forma information is presented for informational purposes only and may not be indicative of what actual results of operations would have been had the transactions occurred at the beginning of 2012, nor does it purport to represent the results of future operations. |
Intangible_Lease_Assets
Intangible Lease Assets | 12 Months Ended | |||||||||
Dec. 31, 2014 | ||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ||||||||||
INTANGIBLE LEASE ASSETS | INTANGIBLE LEASE ASSETS | |||||||||
Intangible lease assets consisted of the following (in thousands, except weighted average life amounts): | ||||||||||
As of December 31, | ||||||||||
2014 | 2013 | |||||||||
In-place leases, net of accumulated amortization of $41,739 and | ||||||||||
$12,523, respectively (with a weighted average life remaining of 12.4 years | ||||||||||
and 13.4 years, respectively) | $ | 344,664 | $ | 218,407 | ||||||
Acquired above market leases, net of accumulated amortization of $6,346 and | ||||||||||
$1,975, respectively (with a weighted average life remaining of 10.5 years and | ||||||||||
11.4 years, respectively) | 47,253 | 28,194 | ||||||||
$ | 391,917 | $ | 246,601 | |||||||
Amortization expense related to the in-place lease assets for the years ended December 31, 2014, 2013 and 2012, was $29.6 million, $11.7 million and $871,000, respectively. Amortization expense related to the acquired above market lease assets for the years ended December 31, 2014, 2013 and 2012, was $4.4 million, $1.9 million and $36,000, respectively, and was recorded as a reduction to rental and other property income in the consolidated statements of operations. | ||||||||||
Estimated amortization expense related to the intangible lease assets as of December 31, 2014 for each of the five succeeding fiscal years is as follows (in thousands): | ||||||||||
Amortization | ||||||||||
Year Ending December 31, | In-Place Leases | Above Market Leases | ||||||||
2015 | $ | 37,291 | $ | 5,835 | ||||||
2016 | $ | 34,768 | $ | 5,568 | ||||||
2017 | $ | 33,022 | $ | 5,305 | ||||||
2018 | $ | 30,945 | $ | 4,471 | ||||||
2019 | $ | 28,069 | $ | 3,556 | ||||||
Derivative_Instruments_and_Hed
Derivative Instruments and Hedging Activities (Notes) | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||
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 risks. The following table summarizes the terms of the Company’s executed swap agreements designated as hedging instruments as of December 31, 2014 and 2013 (in thousands): | ||||||||||||||||||||
Outstanding Notional | Fair Value of Liabilities | |||||||||||||||||||
Balance Sheet | Amount as of | Interest | Effective | Maturity | December 31, | December 31, | ||||||||||||||
Location | 31-Dec-14 | Rates (1) | Dates | Dates | 2014 | 2013 | ||||||||||||||
Interest Rate Swaps | Deferred rental income and other liabilities | $ | 338,737 | 3.36% to 4.75% | 6/24/2013 to 8/23/2013 | 6/24/2018 to 8/24/2020 | $ | (4,057 | ) | $ | (2,252 | ) | ||||||||
-1 | The interest rates consist of the underlying index swapped to a fixed rate and the applicable interest rate spread. | |||||||||||||||||||
Additional disclosures related to the fair value of the Company’s derivative instruments are included in Note 3. The notional amount under the interest rate swap agreements is an indication of the extent of the Company’s involvement in each instrument, but does not represent exposure to credit, interest rate or market risks. | ||||||||||||||||||||
Accounting for changes in the fair value of a derivative instrument depends on the intended use and designation of the derivative instrument. The Company designated the interest rate swaps as cash flow hedges, to hedge the variability of the anticipated cash flows on its variable rate debt. The change in fair value of the effective portion of the derivative instruments that is designated as hedges are recorded in other comprehensive income (loss). Any ineffective portion of the change in fair value of the derivative instruments is recorded in interest expense. | ||||||||||||||||||||
The following table summarizes the unrealized losses on the Company’s derivative instruments and hedging activities during the years ended December 31, 2014 and 2013 (in thousands). The Company did not own any derivative instruments during the year ended December 31, 2012. | ||||||||||||||||||||
Amount of Loss Recognized in Other | ||||||||||||||||||||
Comprehensive Loss | ||||||||||||||||||||
Year Ended December 31, | ||||||||||||||||||||
Derivatives in Cash Flow Hedging Relationships | 2014 | 2013 | ||||||||||||||||||
Interest Rate Swaps (1) | $ | (1,805 | ) | $ | (2,252 | ) | ||||||||||||||
-1 | There were no portions of the change in the fair value of the interest rate swap agreements that were considered | |||||||||||||||||||
ineffective during the year ended December 31, 2014. No previously effective portions of the losses | ||||||||||||||||||||
that were recorded in accumulated other comprehensive loss during the term of the hedging relationships were | ||||||||||||||||||||
reclassified into earnings during the year ended December 31, 2014. | ||||||||||||||||||||
The Company has agreements with each of its derivative counterparties that contain a provision whereby if the Company defaults on certain of its unsecured indebtedness, then 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 of $4.6 million at December 31, 2014. In addition, the Company is exposed to credit risk in the event of non-performance by its derivative counterparties. The Company believes it mitigates its credit risk by entering into agreements with creditworthy counterparties. The Company records credit risk valuation adjustments on its interest rate swaps based on the respective credit quality of the Company and the counterparty. During the year ended December 31, 2014, there were no termination events or events of default related to the interest rate swaps. |
Notes_Payable_And_Credit_Facil
Notes Payable And Credit Facility | 12 Months Ended | ||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||
Debt Disclosure [Abstract] | |||||||||||||||||||
NOTES PAYABLE AND CREDIT FACILITY | NOTES PAYABLE AND CREDIT FACILITY | ||||||||||||||||||
As of December 31, 2014, the Company had $1.5 billion of debt outstanding, with a weighted average years to maturity of 5.0 years and weighted average interest rate of 3.1%. The following table summarizes the debt balances as of December 31, 2014 and 2013, and the debt activity for the year ended December 31, 2014 (in thousands): | |||||||||||||||||||
During the Year Ended December 31, 2014 | |||||||||||||||||||
Balance as of December 31, 2013 | Debt Issuances and Assumptions | Repayments | Other (1) | Balance as of December 31, 2014 | |||||||||||||||
Fixed rate debt | $ | 396,946 | $ | 169,278 | $ | (388 | ) | 671 | $ | 566,507 | |||||||||
Credit facility | 300,000 | 600,000 | — | — | 900,000 | ||||||||||||||
Total | $ | 696,946 | $ | 769,278 | $ | (388 | ) | 671 | $ | 1,466,507 | |||||||||
-1 | Represents fair value adjustment of an assumed mortgage note payable, net of amortization. | ||||||||||||||||||
As of December 31, 2014, the fixed rate debt outstanding of $566.5 million included $38.7 million of variable rate debt subject to interest rate swap agreements, which had the effect of fixing the variable interest rates per annum through the maturity date of the variable rate debt. In addition, the fixed rate debt includes a mortgage note assumed with a face amount of $25.2 million and a fair value of $26.0 million at the date of assumption. The fixed rate debt has interest rates ranging from 3.35% to 4.98% per annum. The debt outstanding matures on various dates from June 2018 through December 2024. The aggregate balance of gross real estate assets, net of gross intangible lease liabilities, securing the fixed rate debt outstanding was $944.6 million as of December 31, 2014. Each of the mortgage notes payable comprising the fixed rate debt is secured by the respective properties on which the debt was placed. | |||||||||||||||||||
The Company has an amended and restated unsecured credit facility (the “Credit Facility”) with JPMorgan Chase Bank, N.A., as administrative agent (“JPMorgan Chase”), which during 2014 provides for borrowings of up to $900.0 million, which includes a $300.0 million unsecured term loan (the “Term Loan”) and up to $600.0 million in unsecured revolving loans (the “Revolving Loans”). The Credit Facility may be increased up to a maximum of $1.6 billion. The Term Loan matures on August 15, 2018 and the Revolving Loans mature on August 15, 2017; however, the Company may elect to extend the maturity date for the Revolving Loans to August 15, 2018 subject to satisfying certain conditions set forth in the amended and restated unsecured credit agreement among CCPT IV OP and JPMorgan Chase, as administrative agent (as amended prior to the date hereof, the “Amended and Restated Credit Agreement”). Depending upon the type of loan specified and overall leverage ratio, the Revolving Loans bear interest at 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 2.50% (the “Spread”) or a base rate, ranging from 0.65% to 1.50%, plus the greater of (a) JPMorgan Chase’s Prime Rate; (b) the Federal Funds Effective Rate (as defined in the Amended and Restated Credit Agreement) plus 0.50%; or (c) the Eurodollar Rate plus 1.00%. The Company executed a swap agreement associated with the Term Loan, which had the effect of fixing the variable interest rate per annum on August 15, 2013 through the maturity date of the loan at 1.713% (the “Swap Rate”). Based on the Company’s leverage ratio, the Term Loan bears interest at the Swap Rate plus the Spread, which totaled 3.36% as of December 31, 2014, and the Revolving Loans had an interest rate of 1.97% as of December 31, 2014. As of December 31, 2014, the Company had $900 million outstanding under the Credit Facility. | |||||||||||||||||||
The Amended and Restated Credit Agreement contains provisions with respect to covenants, events of default and remedies customary for facilities of this nature. In particular, the Amended and Restated Credit Agreement requires the Company to maintain a minimum consolidated net worth of at least $2.0 billion as of December 31, 2014, a leverage ratio less than 60%, a fixed charge coverage ratio greater than 1.50, an unsecured debt to unencumbered asset value ratio equal to or less than 50%, an unsecured debt service coverage ratio greater than 1.75 and a secured debt ratio equal to or less than 30%. The Company was in compliance with the covenants under the Amended and Restated Credit Agreement as of December 31, 2014. | |||||||||||||||||||
The following table summarizes the scheduled aggregate principal repayments for the Company’s outstanding debt as of December 31, 2014 for each of the five succeeding fiscal years and the period thereafter (in thousands): | |||||||||||||||||||
Year Ending December 31, | Principal Repayments | ||||||||||||||||||
2015 | $ | 408 | |||||||||||||||||
2016 | 425 | ||||||||||||||||||
2017 | 600,451 | ||||||||||||||||||
2018 | 324,211 | ||||||||||||||||||
2019 | 499 | ||||||||||||||||||
Thereafter | 539,842 | ||||||||||||||||||
Total | $ | 1,465,836 | |||||||||||||||||
Acquired_Below_Market_Lease_In
Acquired Below Market Lease Intangibles | 12 Months Ended | |||||||||
Dec. 31, 2014 | ||||||||||
Intangible Liabilities Disclosure [Abstract] | ||||||||||
ACQUIRED BELOW MARKET LEASE INTANGIBLES | ACQUIRED BELOW MARKET LEASE INTANGIBLES | |||||||||
Acquired below market lease intangibles consisted of the following (in thousands, except weighted average life amounts): | ||||||||||
As of December 31, | ||||||||||
2014 | 2013 | |||||||||
Acquired below market leases, net of accumulated amortization of $8,807 | ||||||||||
and $2,237, respectively (with a weighted average life remaining of 9.2 | ||||||||||
years and 11.6 years, respectively) | $ | 55,535 | $ | 37,485 | ||||||
Amortization of the intangible lease liabilities during the years ended December 31, 2014 and 2013, was $6.6 million and $2.1 million, respectively, and was recorded as an addition to rental and other property income in the consolidated statements of operations. | ||||||||||
Estimated amortization of the intangible lease liabilities as of December 31, 2014 for each of the five succeeding fiscal years is as follows (in thousands): | ||||||||||
Year Ending December 31, | Amortization of Below Market Leases | |||||||||
2015 | $ | 8,570 | ||||||||
2016 | $ | 8,122 | ||||||||
2017 | $ | 7,908 | ||||||||
2018 | $ | 7,588 | ||||||||
2019 | $ | 6,999 | ||||||||
Supplemental_Cash_Flow_Disclos
Supplemental Cash Flow Disclosures | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Supplemental Cash Flow Elements [Abstract] | ||||||||||||
SUPPLEMENTAL CASH FLOW DISCLOSURES | SUPPLEMENTAL CASH FLOW DISCLOSURES | |||||||||||
Supplemental cash flow disclosures for the years ended December 31, 2014, 2013 and 2012 are as follows (in thousands): | ||||||||||||
Year Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Supplemental Disclosures of Non-Cash Investing and Financing Activities: | ||||||||||||
Distributions declared and unpaid | $ | 16,189 | $ | 10,569 | $ | 1,456 | ||||||
Accrued other offering costs due to affiliates | $ | — | $ | 4,937 | $ | 1,661 | ||||||
Accrued capital expenditures | $ | 7,721 | $ | 1,760 | $ | 2,815 | ||||||
Common stock issued through distribution reinvestment plan | $ | 104,261 | $ | 25,702 | $ | 1,964 | ||||||
Net unrealized loss on interest rate swaps | $ | (1,805 | ) | $ | (2,252 | ) | $ | — | ||||
Contingent consideration recorded upon property acquisitions | $ | 5,342 | $ | 553 | $ | 708 | ||||||
Fair value of assumed bond obligations | $ | 25,979 | $ | — | $ | 591 | ||||||
Supplemental Cash Flow Disclosures: | ||||||||||||
Interest paid | $ | 31,159 | $ | 17,474 | $ | 783 | ||||||
Commitments_and_Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2014 | |
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 or claims. The Company is not aware of any pending legal proceedings of which the outcome is reasonably possible to have a material effect on its results of operations, financial condition or liquidity. | |
Purchase Commitments | |
As of December 31, 2014, the Company had entered into purchase agreements with unaffiliated third-party sellers to acquire a 100% interest in 36 retail properties, subject to meeting certain criteria, for an aggregate purchase price of $86.4 million, exclusive of closing costs. As of December 31, 2014, the Company had $4.8 million of property escrow deposits held by escrow agents in connection with these future property acquisitions, of which $4.8 million will be forfeited if the transactions are not completed under certain circumstances. In connection with one of these purchase and sale agreements, the Company is contractually obligated to purchase 25 properties, of which the Company had purchased 22 properties as of December 31, 2014 and expects to purchase the remaining three properties. If the remaining three properties are not purchased, the Company will be obligated to pay the seller $10.0 million. These deposits are included in the consolidated balance sheets in property escrow deposits, prepaid expenses and other assets. None of these escrow deposits have been forfeited. | |
Environmental Matters | |
In connection with the ownership and operation of real estate, the Company potentially may be liable for costs and damages related to environmental matters. The Company owns certain properties that are subject to environmental remediation. In each case, the seller of the property, the tenant of the property and/or another third party has been identified as the responsible party for environmental remediation costs related to the respective property. Additionally, in connection with the purchases of certain of the properties, the respective sellers and/or tenants have indemnified the Company against future remediation costs. In addition, the Company carries environmental liability insurance on its properties that provides limited coverage for remediation liability and pollution liability for third-party bodily injury and property damage claims. Accordingly, the Company does not believe that it is reasonably possible that the environmental matters identified at such properties will have a material effect on its results of operations, financial condition or liquidity, nor is it aware of any environmental matters at other properties which it believes are reasonably possible to have a material effect on its results of operations, financial condition or liquidity. |
RelatedParty_Transactions_and_
Related-Party Transactions and Arrangements | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Related Party Transactions [Abstract] | ||||||||||||
RELATED-PARTY TRANSACTIONS AND ARRANGEMENTS | RELATED-PARTY TRANSACTIONS AND ARRANGEMENTS | |||||||||||
The Company has incurred commissions, fees and expenses payable to CR IV Advisors and certain of its affiliates in connection with the Offering and the acquisition, management and disposition of its assets. | ||||||||||||
Offering | ||||||||||||
In connection with the Offering, CCC, the Company’s dealer manager for the Offering, received selling commissions of up to 7.0% of gross offering proceeds before reallowance of commissions earned by participating broker-dealers. CCC reallowed 100% of selling commissions earned to participating broker-dealers. In addition, CCC received up to 2.0% of gross offering proceeds before reallowance to participating broker-dealers as a dealer manager fee in connection with the primary portion of the Offering. CCC, in its sole discretion, could have reallowed a portion of its dealer manager fee to such participating broker-dealers. No selling commissions or dealer manager fees are or were paid to CCC or other broker-dealers with respect to shares sold pursuant to the DRIP portion of the Offering or the DRIP Offering. | ||||||||||||
All other organization and offering expenses associated with the sale of the Company’s common stock in the Offering (excluding selling commissions and dealer manager fees) were paid by CR IV Advisors or its affiliates and were reimbursed by the Company up to 2.0% of aggregate gross offering proceeds. A portion of the other organization and offering expenses were considered to be underwriting compensation. | ||||||||||||
The Company recorded commissions, fees and expense reimbursements as shown in the table below for services provided by CR IV Advisors or its affiliates related to the services described above during the periods indicated (in thousands): | ||||||||||||
Year Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Offering: | ||||||||||||
Selling commissions (1) | $ | 55,921 | $ | 122,082 | $ | 20,107 | ||||||
Selling commissions reallowed by CCC | $ | 55,921 | $ | 122,082 | $ | 20,107 | ||||||
Dealer manager fees (1) | $ | 16,780 | $ | 35,685 | $ | 5,944 | ||||||
Dealer manager fees reallowed by CCC | $ | 9,326 | $ | 20,183 | $ | 3,104 | ||||||
Other organization and offering expenses | $ | 7,277 | $ | 36,179 | $ | 5,983 | ||||||
-1 | Selling commissions and dealer manager fees are reduced by amounts recouped in connection with cancellations of common stock during the year ended December 31, 2014. These amounts are included in redemptions and net cancellations of common stock in the accompanying consolidated statements of stockholders’ equity. | |||||||||||
For the year ended December 31, 2014, none of the amounts shown above had been incurred, but not yet paid, for services provided by CR IV Advisors or its affiliates in connection with the offering stage of the Offering. For the years ended December 31, 2013 and 2012, approximately $4.9 million and $1.7 million of the amounts shown above had been incurred, but not yet paid, for services provided by CR IV Advisors or its affiliates in connection with the offering stage of the Offering. | ||||||||||||
Acquisitions and Operations | ||||||||||||
CR IV Advisors or its affiliates also receive acquisition fees of up to 2.0% of: (1) the contract purchase price of each property or asset the Company acquires; (2) the amount paid in respect of the development, construction or improvement of each asset the Company acquires; (3) the purchase price of any loan the Company acquires; and (4) the principal amount of any loan the Company originates. Additionally, CR IV Advisors or its affiliates are reimbursed for acquisition-related expenses incurred in the process of acquiring properties, so long as the total acquisition fees and expenses relating to the transaction do not exceed 6.0% of the contract purchase price. | ||||||||||||
The Company pays CR IV Advisors a monthly advisory fee based upon the Company’s monthly average invested assets, which is equal to the following amounts: (1) an annualized rate of 0.75% paid on the Company’s average invested assets that are between $0 to $2.0 billion; (2) an annualized rate of 0.70% paid on the Company’s average invested assets that are between $2.0 billion to $4.0 billion; and (3) an annualized rate of 0.65% paid on the Company’s average invested assets that are over $4.0 billion. | ||||||||||||
The Company reimburses CR IV Advisors for the expenses it paid or incurred in connection with the services provided to the Company, subject to the limitation that the Company will not reimburse for any amount by which its operating expenses (including the advisory fee) at the end of the four preceding fiscal quarters exceeds the greater of: (1) 2.0% of average invested assets, or (2) 25.0% of net income other than any additions to reserves for depreciation, bad debts or other similar non-cash reserves and excluding any gain from the sale of assets for that period. The Company will not reimburse for personnel costs in connection with services for which CR IV Advisors receives acquisition fees. | ||||||||||||
The Company recorded fees and expense reimbursements as shown in the table below for services provided by CR IV Advisors or its affiliates related to the services described above during the periods indicated (in thousands): | ||||||||||||
Year Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Acquisition and Operations: | ||||||||||||
Acquisition fees and expenses | $ | 38,483 | $ | 35,109 | $ | 10,342 | ||||||
Advisory fees and expenses | $ | 24,152 | $ | 10,549 | $ | 812 | ||||||
Operating expenses | $ | 3,383 | $ | 2,905 | $ | 138 | ||||||
Of the amounts shown above, $5.5 million, $2.6 million and $268,000 had been incurred, but not yet paid, for services provided by CR IV Advisors or its affiliates in connection with the acquisition and operations stage during the years ended December 31, 2014, 2013 and 2012 respectively, and the $5.5 million incurred but not yet paid as of December 31, 2014 was a liability to the Company as of such date. | ||||||||||||
Liquidation/Listing | ||||||||||||
If CR IV Advisors or its affiliates provide a substantial amount of services (as determined by a majority of the Company’s independent directors) in connection with the sale of properties, the Company will pay CR IV Advisors or its affiliates a disposition fee in an amount equal to up to one-half of the brokerage commission paid on the sale of the property, not to exceed 1.0% of the contract price of the property sold; provided, however, in no event may the disposition fee paid to CR IV Advisors or its affiliates, when added to the real estate commissions paid to unaffiliated third parties, exceed the lesser of the customary competitive real estate commission or an amount equal to 6.0% of the contract sales price. | ||||||||||||
If the Company is sold or its assets are liquidated, CR IV Advisors will be entitled to receive a subordinated performance fee equal to 15.0% of the net sale proceeds remaining after investors have received a return of their net capital invested and an 8.0% annual cumulative, non-compounded return. Alternatively, if the Company’s shares are listed on a national securities exchange, CR IV Advisors will be entitled to a subordinated performance fee equal to 15.0% of the amount by which the market value of the Company’s outstanding stock plus all distributions paid by the Company prior to listing, exceeds the sum of the total amount of capital raised from investors and the amount of distributions necessary to generate an 8.0% annual cumulative, non-compounded return to investors. As an additional alternative, upon termination of the advisory agreement, CR IV Advisors may be entitled to a subordinated performance fee similar to the fee to which CR IV Advisors would have been entitled had the portfolio been liquidated (based on an independent appraised value of the portfolio) on the date of termination. | ||||||||||||
During each of the years ended December 31, 2014, 2013 and 2012, no commissions or fees were incurred for any services provided by CR IV Advisors and its affiliates in connection with the liquidation/listing stage. | ||||||||||||
Due to Affiliates | ||||||||||||
As of December 31, 2014, $5.5 million had been incurred primarily for advisory, operating and acquisition-related expenses by CR IV Advisors or its affiliates, but had not yet been reimbursed by the Company. As of December 31, 2013, $7.5 million had been incurred primarily for offering, advisory, operating and acquisition-related expenses by CR IV Advisors or its affiliates, but had not yet been reimbursed by the Company. These amounts were included in due to affiliates in the consolidated balance sheets as of such periods. |
Economic_Dependency
Economic Dependency | 12 Months Ended |
Dec. 31, 2014 | |
Economic Dependency [Abstract] | |
ECONOMIC DEPENDENCY | ECONOMIC DEPENDENCY |
Under various agreements, the Company has engaged or will engage CR IV Advisors and its affiliates to provide certain services that are essential to the Company, including asset management services, supervision of the management and leasing of properties owned by the Company, asset acquisition and disposition decisions, the sale of shares of the Company’s common stock available for issuance, as well as other administrative responsibilities for the Company including accounting services and investor relations. As a result of these relationships, the Company is dependent upon CR IV Advisors and its affiliates. In the event that these companies are unable to provide the Company with these services, the Company would be required to find alternative providers of these services. |
Stockholders_Equity
Stockholders' Equity | 12 Months Ended |
Dec. 31, 2014 | |
Equity [Abstract] | |
STOCKHOLDERS' EQUITY | STOCKHOLDERS’ EQUITY |
As of December 31, 2014, the Company registered 26.0 million shares of common stock pursuant to the DRIP Offering. All shares of such stock have a par value of $0.01 per share. The par value of investor proceeds raised from the DRIP Offering is classified as common stock, with the remainder allocated to capital in excess of par value. | |
As of December 31, 2013 and 2012, the Company was authorized to issue 490.0 million shares of common stock and 10.0 million shares of preferred stock. All shares of such stock have a par value of $0.01 per share. On August 11, 2010, the Company sold 20,000 shares of common stock, at $10.00 per share, to Cole Holdings Corporation (“CHC”). On April 5, 2013, the ownership of such shares was transferred to CREInvestments, LLC (“CREI”). On February 7, 2014, the ownership of such shares was transferred to ARC Properties Operating Partnership, L.P. (“ARCP OP”). Pursuant to the Company’s charter, ARCP OP is prohibited from selling the 20,000 shares of the common stock that represents the initial investment in the Company for so long as Cole Capital remains the Company’s sponsor; provided, however, that ARCP OP may transfer ownership of all or a portion of these 20,000 shares of the Company’s common stock to other affiliates of the Company’s sponsor. The Company ceased offering shares of its common stock in the Offering on April 4, 2014 and registered 26.0 million shares of common stock under the DRIP Offering. | |
Distribution Reinvestment Plan | |
Pursuant to the DRIP, the Company allows stockholders to elect to have their distributions reinvested in additional shares of the Company’s common stock. The purchase price per share under the DRIP Offering is $9.50 per share. The Company’s board of directors may terminate or amend the DRIP Offering at the Company’s discretion at any time upon ten days prior written notice to the stockholders. During the years ended December 31, 2014, 2013 and 2012, approximately 11.0 million, 2.7 million and 207,000 shares were purchased under the DRIP portion of the Offering and the DRIP Offering for approximately $104.3 million, $25.7 million and $2.0 million, respectively. | |
Share Redemption Program | |
The Company’s share redemption program permits its stockholders to sell their shares back to the Company after they have held them for at least one year, subject to the significant conditions and limitations described below. | |
The share redemption program provides that the Company will redeem shares of its common stock from requesting stockholders, subject to the terms and conditions of the share redemption program. The Company will limit the number of shares redeemed pursuant to the share redemption program as follows: (1) the Company will not redeem in excess of 5% of the weighted average number of shares outstanding during the trailing 12 months prior to the end of the fiscal quarter for which the redemptions are being paid; and (2) funding for the redemption of shares will be limited to the net proceeds the Company receives from the sale of shares under the DRIP. In an effort to accommodate redemption requests throughout the calendar year, the Company intends to limit quarterly redemptions to approximately 1.25% of the weighted average number of shares outstanding during the trailing 12 month period ending on the last day of the fiscal quarter, and funding for redemptions for each quarter generally will be limited to the net proceeds the Company receives from the sale of shares in the respective quarter under the DRIP. | |
Until such time as the Company's shares are listed on a national securities exchange or, if the shares are not listed, until such time as the Board determines a reasonable estimate of the value of the Company’s shares, the redemption price per share (other than for shares purchased pursuant to the DRIP) will depend on the price paid for the shares and the length of time the stockholder has held such shares as follows: after one year from the purchase date, 95% of the amount paid for each share; after two years from the purchase date, 97.5% of the amount paid for each share; and after three years from the purchase date, 100% of the amount paid for each share. During this time period, the redemption price for shares purchased pursuant to the DRIP will be the amount paid for such shares. (In each case, the redemption price will be adjusted for any stock dividends, combinations, splits, recapitalizations and the like with respect to the Company’s common stock). Accordingly, the redemption price will reflect a stockholder’s reduced purchase price if such stockholder received discounted or waived selling commissions and/or a waived dealer manager fee. At any time the Company is engaged in an offering of shares, the per share price for shares purchased under the redemption program will always be equal to or lower than the applicable per share offering price. | |
Upon receipt of a request for redemption, the Company may conduct a Uniform Commercial Code search to ensure that no liens are held against the shares. If the Company cannot purchase all shares presented for redemption in any fiscal quarter, based upon insufficient cash available and/or the limit on the number of shares the Company may redeem during any quarter or year, the Company will give priority to the redemption of deceased stockholders’ shares. The Company next will give priority to requests for full redemption of accounts with a balance of 250 shares or less at the time the Company receives the request, in order to reduce the expense of maintaining small accounts. Thereafter, the Company will honor the remaining redemption requests on a pro rata basis. Following such quarterly redemption period, the unsatisfied portion of the prior redemption request must be resubmitted, prior to the last day of the new quarter. Unfulfilled requests for redemption will not be carried over automatically to subsequent redemption periods. | |
The Company redeems shares no later than the end of the month following the end of each fiscal quarter. Requests for redemption must be received on or prior to the end of the fiscal quarter in order for the Company to repurchase the shares in the month following the end of that fiscal quarter. The Board may amend, suspend or terminate the share redemption program at any time upon 30 days’ notice to the stockholders. During the years ended December 31, 2014 and 2013, the Company redeemed approximately 1.1 million and 123,000 shares, respectively, under the share redemption program for $10.6 million and $1.2 million, respectively. The Company did not redeem any shares during the year ended December 31, 2012. |
Income_Taxes
Income Taxes | 12 Months Ended | |||||||||
Dec. 31, 2014 | ||||||||||
Income Tax Disclosure [Abstract] | ||||||||||
INCOME TAX DISCLOSURE | INCOME TAXES | |||||||||
For federal income tax purposes, distributions to stockholders are characterized as ordinary dividends, capital gain distributions, or nontaxable distributions. Nontaxable distributions will reduce U.S stockholders’ basis (but not below zero) in their shares. The following table shows the character of the distributions the Company paid on a percentage basis for the years ended December 31, 2014, 2013 and 2012: | ||||||||||
Year Ended December 31, | ||||||||||
Character of Distributions (Unaudited): | 2014 | 2013 | 2012 | |||||||
Ordinary dividends | 47 | % | 60 | % | 72 | % | ||||
Nontaxable distributions | 53 | % | 40 | % | 28 | % | ||||
Total | 100 | % | 100 | % | 100 | % | ||||
As of December 31, 2014, the tax basis carrying value of the Company’s land and depreciable real estate assets was $3.9 billion. During the years ended December 31, 2014, 2013 and 2012, the Company distributed as dividends to its shareholders 100% of its taxable income for federal income tax purposes. Accordingly, no provision for federal income taxes related to such taxable income was recorded on the Company’s financial statements. During the years ended December 31, 2014, 2013 and 2012, the Company incurred state and local income and franchise taxes of $1.3 million, $473,000, and $113,000, respectively, which were recorded in general and administrative expenses in the consolidated statements of operations. | ||||||||||
The Company had no unrecognized tax benefits as of or during the years ended December 31, 2014 and 2013. 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, 2014 | |||||
Leases [Abstract] | |||||
OPERATING LEASES | OPERATING LEASES | ||||
The Company’s real estate properties are leased to tenants under operating leases for which the terms and expirations vary. As of December 31, 2014, the leases had a weighted-average remaining term of 11.6 years. The leases may have provisions to extend the lease agreements, options for early termination after paying a specified penalty, rights of first refusal to purchase the property at competitive market rates, and other terms and conditions as negotiated. The Company retains substantially all of the risks and benefits of ownership of the real estate assets leased to tenants. | |||||
The future minimum rental income from the Company’s investment in real estate assets under non-cancelable operating leases, assuming no exercise of renewal options, as of December 31, 2014, was as follows (in thousands): | |||||
Year Ending December 31, | Future Minimum Rental Income | ||||
2015 | $ | 293,566 | |||
2016 | 287,849 | ||||
2017 | 281,864 | ||||
2018 | 271,222 | ||||
2019 | 254,989 | ||||
Thereafter | 2,040,528 | ||||
$ | 3,430,018 | ||||
Quarterly_Results_Unaudited
Quarterly Results (Unaudited) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
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, 2014 and 2013 (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. | |||||||||||||||||
31-Dec-14 | |||||||||||||||||
First Quarter | Second Quarter | Third Quarter | Fourth Quarter | ||||||||||||||
Revenues | $ | 51,551 | $ | 56,861 | $ | 64,591 | $ | 83,279 | |||||||||
Acquisition-related expenses | $ | 8,633 | $ | 10,113 | $ | 21,009 | $ | 12,008 | |||||||||
Operating income | $ | 10,564 | $ | 10,790 | $ | 3,698 | $ | 20,378 | |||||||||
Net income (loss) | $ | 2,946 | $ | 3,190 | $ | (4,147 | ) | $ | 9,181 | ||||||||
Net income (loss) attributable to the Company | $ | 2,946 | $ | 3,204 | $ | (4,156 | ) | $ | 9,196 | ||||||||
Basic and diluted net income (loss) per common share (1) | $ | 0.01 | $ | 0.01 | $ | (0.01 | ) | $ | 0.03 | ||||||||
Distributions declared per common share | $ | 0.15 | $ | 0.16 | $ | 0.16 | $ | 0.16 | |||||||||
(1) Based on the weighted average number of shares outstanding as of December 31, 2014. | |||||||||||||||||
31-Dec-13 | |||||||||||||||||
First Quarter | Second Quarter | Third Quarter | Fourth Quarter | ||||||||||||||
Revenues | $ | 11,405 | $ | 21,773 | $ | 30,326 | $ | 39,053 | |||||||||
Acquisition-related expenses | $ | 5,639 | $ | 14,551 | $ | 10,356 | $ | 17,740 | |||||||||
Operating (loss) income | $ | (1,055 | ) | $ | (6,051 | ) | $ | 552 | $ | (4,142 | ) | ||||||
Net loss | $ | (3,795 | ) | $ | (11,669 | ) | $ | (6,588 | ) | $ | (10,828 | ) | |||||
Net loss attributable to the Company | $ | (3,795 | ) | $ | (11,669 | ) | $ | (6,588 | ) | $ | (10,828 | ) | |||||
Basic and diluted net loss per common share (1) | $ | (0.04 | ) | $ | (0.13 | ) | $ | (0.07 | ) | $ | (0.12 | ) | |||||
Distributions declared per common share | $ | 0.15 | $ | 0.16 | $ | 0.16 | $ | 0.16 | |||||||||
(1) Based on the weighted average number of shares outstanding as of December 31, 2013. |
Subsequent_Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2014 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | SUBSEQUENT EVENTS |
Issuance of Shares of Common Stock in the DRIP Offering | |
The Company continues to issue shares of common stock in the DRIP Offering. As of March 25, 2015, the Company had issued approximately 11.7 million shares pursuant to the DRIP Offering, resulting in gross proceeds to the Company of $111.4 million. | |
Redemption of Shares of Common Stock | |
Subsequent to December 31, 2014 through March 25, 2015, the Company redeemed approximately 834,000 shares for $8.0 million (at an average price per share of $9.64). | |
Credit Facility | |
Subsequent to December 31, 2014 through March 25, 2015, the Company increased its Credit Facility, which now provides for borrowings of up to $1.0 billion, which includes a $386.7 million Term Loan and up to $643.3 million in Revolving Loans. As of March 25, 2015, the Company had $949.7 million outstanding under the Credit Facility. The Company also entered into two notes payable totaling $53.5 million, with a weighted average interest rate of 2.84% as of March 25, 2015. | |
Investment in Real Estate Assets | |
Subsequent to December 31, 2014 through March 25, 2015, the Company acquired 52 commercial real estate properties for an aggregate purchase price of $169.9 million. The acquisitions were funded with net proceeds from the Offering and available borrowings. Acquisition-related expenses totaling $3.4 million were expensed as incurred. The Company has not completed its initial purchase price allocations with respect to these properties and therefore cannot provide similar disclosures to those included in Note 4 in these consolidated financial statements for these properties. | |
Officer Appointment | |
Effective March 24, 2015, Thomas W. Roberts was appointed chairman of the board of directors by the Board. | |
Effective March 24, 2015, Christine T. Brown was appointed principal accounting officer of the Company by the Board, replacing Simon J. Misselbrook as principal accounting officer of the Company. Mr. Misselbrook remains the chief financial officer, treasurer and principal financial officer of the Company. |
Schedule_III_Real_Estate_Asset
Schedule III - Real Estate Assets and Accumulated Depreciated | 12 Months Ended | ||||||||||
Dec. 31, 2014 | |||||||||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure [Abstract] | |||||||||||
Schedule III - Real Estate Assets and Accumulated Depreciation | As of December 31, 2014, the Company owned 672 single-tenant, freestanding retail properties, 77 multi-tenant retail properties, seven office/industrial properties, and three medical office buildings. | ||||||||||
(b) The aggregate cost for federal income tax purposes was $3.9 billion. | |||||||||||
(c) The following is a reconciliation of total real estate carrying value for the years ended December 31 (in thousands): | |||||||||||
2014 | 2013 | ||||||||||
Balance, beginning of period | $ | 1,960,708 | $ | 464,539 | |||||||
Additions | |||||||||||
Acquisitions | 1,613,201 | 1,494,171 | |||||||||
Improvements | 18,967 | 1,998 | |||||||||
Total additions | $ | 1,632,168 | $ | 1,496,169 | |||||||
Deductions | |||||||||||
Cost of real estate sold | 1,937 | — | |||||||||
Adjustment to basis | — | — | |||||||||
Other (including provisions for impairment of real estate assets) | — | — | |||||||||
Total deductions | 1,937 | — | |||||||||
Balance, end of period | $ | 3,590,939 | $ | 1,960,708 | |||||||
(d) The following is a reconciliation of accumulated depreciation for the years ended December 31 (in thousands): | |||||||||||
2014 | 2013 | ||||||||||
Balance, beginning of period | $ | 23,377 | $ | 1,743 | |||||||
Additions | |||||||||||
Acquisitions - Depreciation Expense for Building, Acquisitions Costs & Tenant Improvements Acquired | 54,656 | 21,624 | |||||||||
Improvements - Depreciation Expense for Tenant Improvements and Building Equipment | 153 | 10 | |||||||||
Total additions | $ | 54,809 | $ | 21,634 | |||||||
Deductions | |||||||||||
Cost of real estate sold | — | — | |||||||||
Other (including provisions for impairment of real estate assets) | — | — | |||||||||
Total deductions | — | — | |||||||||
Balance, end of period | $ | 78,186 | $ | 23,377 | |||||||
(e) The Company’s assets are depreciated or amortized using the straight-line method over the useful lives of the assets by class. Generally, tenant improvements are amortized over the respective lease term and buildings are depreciated over 40 years. | |||||||||||
(f) Subject to ground lease and therefore date constructed is not applicable. | |||||||||||
(g) Property is included in the Credit Facility’s borrowing base. As of December 31, 2014, the Company had $900.0 million outstanding under the Credit Facility. |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 12 Months Ended | |
Dec. 31, 2014 | ||
Accounting Policies [Abstract] | ||
Basis of accounting | The summary of significant accounting policies presented below is designed to assist in understanding the Company’s consolidated financial statements. These accounting policies conform to accounting principles generally accepted in the United States of America (“GAAP”) in all material respects, and have been consistently applied in preparing the accompanying consolidated financial statements. | |
Principles of consolidation and basis of presentation | Principles of Consolidation and Basis of Presentation | |
The consolidated financial statements include the accounts of the Company, its wholly-owned subsidiaries and the Consolidated Joint Venture in which the Company has a controlling financial interest. All intercompany balances and transactions have been eliminated in consolidation. Certain prior year balances have been combined in the consolidated statements of operations and statements of cash flows. | ||
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”). A VIE is broadly defined as an entity where either (1) the equity investors as a group, if any, lack the power through voting or similar rights to direct the activities of an entity that most significantly impact the entity’s economic performance or (2) the equity investment at risk is insufficient to finance that entity’s activities without additional subordinated financial support. The Company consolidates any VIEs when it is determined to be the primary beneficiary of the VIE’s operations. | ||
A variable interest holder is considered to be the primary beneficiary of a VIE if it has the power to direct the activities of a VIE that most significantly impact the entity’s economic performance and has the obligation to absorb losses of, or the right to receive benefits from, the entity that could potentially be significant to 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, its form of ownership interest, its representation on the entity’s governing body, the size and seniority of its investment, its ability and the rights of other investors to participate in policy making decisions and to replace the manager of and/or liquidate the entity. | ||
The Company continually evaluates the need to consolidate its joint venture arrangements based on standards set forth in GAAP. In determining whether the Company has a controlling interest in a joint venture arrangement and the requirement to consolidate the accounts of that entity, management considers factors such as ownership interest, power to make decisions and contractual and substantive participating rights of the partners/members as well as whether the entity is a VIE for which the Company may be the primary beneficiary. As of December 31, 2014, the Company determined that it had a controlling interest in the Consolidated Joint Venture and therefore met the GAAP requirements for consolidation. As of December 31, 2014, the Consolidated Joint Venture held real estate assets with an aggregate book value of $18.9 million. As of December 31, 2014 and December 31, 2013, the Company was not required to consolidate the Unconsolidated Joint Venture as the applicable joint venture entity did not qualify as a VIE and the Company did not meet the control requirement for consolidation. | ||
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. | ||
Investment in and valuation of real estate assets | Investment in and Valuation of Real Estate Assets | |
Real estate assets are stated at cost, less accumulated depreciation and amortization. Amounts capitalized to real estate assets consist of the cost of acquisition, excluding acquisition-related expenses, construction and any tenant improvements, major improvements and betterments that extend the useful life of the real estate assets and leasing costs. All repairs and maintenance are expensed as incurred. | ||
The Company is required to make subjective assessments as to the useful lives of its depreciable assets. The Company considers the period of future benefit of each respective asset to determine the appropriate useful life of the assets. Real estate assets, other than land, are depreciated or amortized on a straight-line basis. The estimated useful lives of the Company’s real estate assets by class are generally as follows: | ||
Buildings | 40 years | |
Tenant improvements | Lesser of useful life or lease term | |
Intangible lease assets | Lease term | |
The Company continually monitors events and changes in circumstances that could indicate that the carrying amounts of its real estate assets may not be recoverable. Impairment indicators that the Company considers include, but are not limited to, bankruptcy or other credit concerns of a property’s major tenant, such as a history of late payments, rental concessions and other factors, a significant decrease in a property’s revenues due to lease terminations, vacancies, co-tenancy clauses, reduced lease rates or other circumstances. When indicators of potential impairment are present, the Company assesses the recoverability of the assets by determining whether the carrying amount of the assets will be recovered through the undiscounted future cash flows expected from the use of the assets and their eventual disposition. In the event that such expected undiscounted future cash flows do not exceed the carrying amount, the Company will adjust the real estate assets to their respective fair values and recognize an impairment loss. Generally, fair value is determined using a discounted cash flow analysis and recent comparable sales transactions. No impairment indicators were identified and no impairment losses were recorded during the years ended December 31, 2014, 2013, or 2012. | ||
When developing estimates of expected future cash flows, the Company makes certain assumptions regarding future market rental income amounts subsequent to the expiration of current lease agreements, property operating expenses, terminal capitalization and discount rates, the expected number of months it takes to re-lease the property, required tenant improvements and the number of years the property will be held for investment. The use of alternative assumptions in estimating expected future cash flows could result in a different determination of the property’s expected future cash flows and a different conclusion regarding the existence of an impairment, the extent of such loss, if any, as well as the fair value of the real estate assets. | ||
When a real estate asset is identified by the Company as held for sale, the Company will cease depreciation and amortization of the assets related to the property and estimate the fair value, net of selling costs. If, in management’s opinion, the fair value, net of selling costs, of the asset is less than the carrying amount of the asset, an adjustment to the carrying amount would be recorded to reflect the estimated fair value of the property, net of selling costs. There were no assets identified as held for sale as of December 31, 2014, 2013, or 2012. | ||
Allocation of purchase price of real estate assets | Allocation of Purchase Price of Real Estate Assets | |
Upon the acquisition of real properties, the Company allocates the purchase price to acquired tangible assets, consisting of land, buildings and improvements, and identified intangible assets and liabilities, consisting of the value of above market and below market leases and the value of in-place leases, based in each case on their respective fair values. Acquisition-related expenses are expensed as incurred. The Company utilizes independent appraisals to assist in the determination of the fair values of the tangible assets of an acquired property (which includes land and buildings). The Company obtains an independent appraisal for each real property acquisition. 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 market 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 any bargain renewal periods, with respect to a below market lease. The above market 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, 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 market or below market lease intangibles relating to that lease would be recorded as an adjustment to rental income. | ||
The fair values of in-place leases include estimates of direct costs associated with obtaining a new tenant and opportunity costs associated with lost rental and other property income, which are avoided by acquiring a property with an in-place lease. Direct costs associated with obtaining a new tenant include commissions and other direct costs and are estimated in part by utilizing information obtained from independent appraisals and management’s consideration of current market costs to execute a similar lease. The intangible values of opportunity costs, which are calculated using the contractual amounts to be paid pursuant to the in-place leases over a market absorption period for a similar lease, are capitalized as intangible lease assets and are amortized to expense over the remaining term of the respective leases. If a lease were to be terminated prior to its stated expiration, all unamortized amounts of in-place lease assets relating to that lease would be expensed. | ||
The Company has acquired, and may continue to acquire, certain properties subject to contingent consideration arrangements that may obligate the Company to pay additional consideration to the seller based on the outcome of future events (the “Contingent Payments”). Additionally, the Company may acquire certain properties for which it funds certain contingent consideration amounts into an escrow account pending the outcome of certain future events. The outcome may result in the release of all or a portion of the escrowed funds to the Company or the seller or a combination thereof. Contingent consideration arrangements are based on a predetermined formula and have set time periods regarding the obligation to make future payments, including funds released to the seller from escrow accounts, or the right to receive escrowed funds as set forth in the respective purchase and sale agreement. Contingent consideration arrangements, including amounts funded through an escrow account, are recorded upon acquisition of the respective property at their estimated fair values, and any changes to the estimated fair values, subsequent to acquisition, are reflected in the accompanying consolidated statements of operations. The determination of the amount of contingent consideration arrangements is based on the probability of several possible outcomes as identified by management. | ||
The Company estimates the fair value of assumed mortgage notes payable based upon indications of current market pricing for similar types of debt financing with similar maturities. Assumed mortgage notes payable are initially recorded at their estimated fair value as of the assumption date, and any difference between such estimated fair value and the mortgage note’s outstanding principal balance is amortized 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 impact the Company’s results of operations. | ||
Investment in unconsolidated joint ventures | Investment in Unconsolidated Joint Venture | |
The Company accounts for its unconsolidated joint venture arrangement using the equity method of accounting as the Company has the ability to exercise significant influence, but not control, over operating and financial policies of this investment. The equity method of accounting requires the investment to be initially recorded at cost and subsequently adjusted for the Company’s share of equity in the Unconsolidated Joint Venture’s earnings and distributions. The Company is required to determine whether an event or change in circumstances has occurred that may have a significant adverse effect on the fair value of its investment in the Unconsolidated Joint Venture. If an event or change in circumstance has occurred, the Company is required to evaluate the Unconsolidated Joint Venture for potential impairment and determine if the carrying amount of its investment exceeds its fair value. An impairment charge is recorded when an impairment is deemed to be other-than-temporary. To determine whether an impairment is other-than-temporary, the Company considers whether it has the ability and intent to hold the investment until the carrying amount is fully recovered. The evaluation of an investment in an Unconsolidated Joint Venture for potential impairment requires the Company’s management to exercise significant judgment and to make certain assumptions. The use of different judgments and assumptions could result in different conclusions. No impairment indicators were identified and no impairment losses were recorded related to the Unconsolidated Joint Venture during the years ended December 31, 2014 and December 31, 2013. | ||
Cash and cash equivalents | Cash and Cash Equivalents | |
The Company considers all highly liquid instruments with maturities when purchased of three months or less to be cash equivalents. The Company considers investments in highly liquid money market accounts to be cash equivalents. | ||
Restricted cash and escrows | Restricted Cash and Escrows | |
Included in restricted cash was $2.7 million and $2.6 million held by lenders in lockbox accounts, as of December 31, 2014 and 2013. 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 $1.9 million and $513,000 held by lenders in escrow accounts for real estate taxes and other lender reserves for certain properties, in accordance with the respective lender’s loan agreement as of December 31, 2014 and 2013, respectively. The Company also had $5.1 million of escrowed investor proceeds for which shares of common stock had not been issued as of December 31, 2013. | ||
Rents and tenant receivables | Rents and Tenant Receivables | |
Rents and tenant receivables primarily include amounts to be collected in future periods related to the recognition of rental income on a straight-line basis over the lease term and cost recoveries due from tenants. The Company makes estimates of the uncollectability of its accounts receivable related to base rents, expense reimbursements and other revenues. The Company analyzes accounts receivable and historical bad debt levels, customer creditworthiness and current economic trends when evaluating the adequacy of the allowance for doubtful accounts. In addition, tenants in bankruptcy, if any, are analyzed and estimates are made in connection with the expected recovery of pre-petition and post-petition claims. The Company’s reported net income or loss is directly affected by management’s estimate of the collectability of accounts receivable. The Company records allowances for those balances that the Company deems to be uncollectible, including any amounts relating to straight-line rent receivables. | ||
Prepaid expenses | Prepaid Expenses | |
Prepaid expenses include expenses paid as of the balance sheet date that relate to future periods and will be expensed or reclassified to another account during the period to which the costs relate. Any amounts with no future economic benefit are charged to earnings when identified. | ||
Deferred financing costs | Deferred Financing Costs | |
Deferred financing costs are capitalized and amortized on a straight-line basis over the term of the related financing arrangement, which approximates the effective interest method. If a note payable is prepaid, any unamortized deferred financing costs related to the note payable would be expensed. Amortization of deferred financing costs was $3.2 million and $3.1 million for the years ended December 31, 2014 and 2013, respectively, and was included in interest expense in the consolidated statements of operations. | ||
Concentration of credit risk | Concentration of Credit Risk | |
As of December 31, 2014, the Company had cash on deposit, including restricted cash, at ten financial institutions, in three of which the Company had deposits in excess of federally insured levels totaling $58.7 million; however, the Company has not experienced any losses in such accounts. The Company limits significant cash deposits to accounts held by financial institutions with high credit standing; therefore, the Company believes it is not exposed to any significant credit risk on its cash deposits. | ||
As of December 31, 2014, no single tenant accounted for greater than 10% of the Company’s 2014 gross annualized rental revenues. The Company had certain geographic concentrations in its property holdings. In particular, as of December 31, 2014, 75 of the Company’s properties were located in California and 92 were located in Texas, which accounted for 12% and 10%, respectively, of the Company’s 2014 gross annualized rental revenues. In addition, the Company had tenants in the discount store and pharmacy industries, which comprised 15% and 13%, respectively, of the Company’s 2014 gross annualized rental revenues. | ||
Offering and related costs | Offering and Related Costs | |
CR IV Advisors funded all of the organization and offering costs on the Company’s behalf (excluding selling commissions and dealer manager fees) and was reimbursed for such costs up to 2.0% of aggregate gross proceeds from the Offering. As of December 31, 2014 and 2013, CR IV Advisors had paid organization and offering costs in excess of the 2.0% in connection with the Offering. These excess costs were not included in the financial statements of the Company because such costs were not a liability of the Company as they exceeded 2.0% of aggregate gross proceeds from the Offering. When recorded by the Company, organization costs are expensed as incurred and offering costs, which include items such as legal and accounting fees, marketing and personnel, promotional and printing costs are recorded as a reduction of capital in excess of par value, along with selling commissions and dealer manager fees in the period in which they become payable. | ||
Due to affiliates | Due to Affiliates | |
Certain affiliates of CR IV Advisors received fees, reimbursements and compensation in connection with services provided relating to the Offering and the acquisition, management, financing and leasing of the properties of the Company. | ||
Derivative Instruments and Hedging Activities | Derivative Instruments and Hedging Activities | |
The Company accounts for its derivative instruments at fair value. Accounting for changes in the fair value of a derivative instrument depends on the intended use of the derivative instrument and the designation of the derivative instrument. The change in fair value of the effective portion of the derivative instrument that is designated as a hedge is recorded as other comprehensive income (loss). The changes in fair value for derivative instruments that are not designated as hedges or that do not meet the hedge accounting criteria are recorded as a gain or loss to operations. | ||
Redeemable common stock | Redeemable Common Stock | |
Under the Company’s share redemption program, the Company’s requirement to redeem shares of its outstanding common stock is limited, among other things, to the net proceeds received by the Company from the sale of shares under the DRIP, net of shares redeemed to date. The Company records amounts that are redeemable under the share redemption program as redeemable common stock outside of permanent equity in its consolidated balance sheets. Changes in the amount of redeemable common stock from period to period are recorded as an adjustment to capital in excess of par value. | ||
Interest | Interest | |
Interest is charged to interest expense as it accrues. No interest costs were capitalized during the years ended December 31, 2014, 2013 or 2012. | ||
Distributions payable and distribution policy | Distributions Payable and Distribution Policy | |
In order to maintain its status as a REIT, the Company is required to, among other things, make distributions each taxable year equal to at least 90% of its taxable income (computed without regard to the dividends paid deduction and excluding net capital gains). To the extent that funds are available, the Company intends to pay regular distributions to stockholders. Distributions are paid to stockholders of record as of applicable record dates. | ||
The Board authorized a daily distribution, based on 365 days in the calendar year, of $0.001712523 per share (which equates to 6.25% on an annualized basis calculated at the current rate, assuming a $10.00 per share purchase price) for stockholders of record as of the close of business on each day of the period commencing on January 1, 2014 and ending on December 31, 2014. In addition, our board of directors authorized a daily distribution, based on 365 days in the calendar year, of $0.001712523 per share (which equates to 6.25% on an annualized basis calculated at the current rate, assuming a $10.00 per share purchase price) for stockholders of record as of the close of business on each day of the period commencing on January 1, 2015 and ending on June 30, 2015. As of December 31, 2014, the Company had distributions payable of $16.2 million. | ||
Reportable segments | Reportable Segments | |
The Company’s commercial real estate investments primarily consist of income-producing necessity retail properties that are single-tenant or multi-tenant “power centers”, which are leased to national and regional creditworthy tenants under long-term net leases, and are strategically located throughout the United States and U.S. protectorates. The commercial properties are geographically diversified throughout the United States and have similar economic characteristics. The Company evaluates operating performance on an overall portfolio level; therefore, the Company’s properties are one reportable segment. | ||
Revenue recognition | Revenue Recognition | |
Certain properties have leases where minimum rental payments increase during the term of the lease. The Company records rental income for the full term of each lease on a straight-line basis. When the Company acquires a property, the terms of existing leases are considered to commence as of the acquisition date for the purpose of this calculation. The Company defers the recognition of contingent rental income, such as percentage rents, until the specific target that triggers the contingent rental income is achieved. Expected reimbursements from tenants for recoverable real estate taxes and operating expenses are included in tenant reimbursement income in the period when such costs are incurred. | ||
Earnings (loss) Per Share | Earnings (Loss) Per Share | |
Earnings (loss) per share are calculated based on the weighted average number of common shares outstanding during each period presented. 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, 2014, 2013 or 2012. | ||
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. | ||
Recent accounting pronouncements | Recent Accounting Pronouncements | |
In April 2014, the U.S. Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) 2014-08, Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360): Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity (“ASU 2014-08”), which amends the reporting requirements for discontinued operations by updating the definition of a discontinued operation to be a component of an entity that represents a strategic shift that has (or will have) a major effect on an entity’s operations and financial results, resulting in fewer disposals that qualify for discontinued operations reporting; yet, the pronouncement also requires expanded disclosures for discontinued operations. The adoption of ASU 2014-08 did not have a material impact on the Company’s consolidated unaudited financial statements because the Company did not have any discontinued operations. | ||
In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (“ASU 2014-09”), which supersedes the revenue recognition requirements in Revenue Recognition (Topic 605), and requires an entity to recognize revenue in a way that depicts the transfer of promised goods or services to customers, including real estate sales, in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. ASU 2014-09 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2016, and is to be applied retrospectively, with early application not permitted. The Company does not believe ASU 2014-09, when effective, will have a material impact on the Company’s consolidated financial statements. | ||
In August 2014, the FASB issued ASU 2014-15, Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern (“ASU 2014-15”), which requires management to assess an entity’s ability to continue as a going concern, and to provide related footnote disclosures in certain circumstances. ASU 2014-15 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2016, with early application permitted. The Company does not believe ASU 2014-15, when effective, will have a material impact on the Company’s consolidated financial statements because the Company currently does not have any conditions that give rise to substantial doubt about its ability to continue as a going concern. | ||
In February 2015, the FASB issued ASU No. 2015-02, Consolidation (Topic 810): Amendments to the Consolidation Analysis (“ASU 2015-02”), which eliminates the deferral of FAS 167 and makes changes to both the variable interest model and the voting model. These changes will require re-evaluation of certain entities for consolidation and will require the Company to revise its documentation regarding the consolidation or deconsolidation of such entities. ASU 2015-02 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2015, and is to be applied retrospectively, with early adoption permitted. The Company is currently evaluating the impact of the new standard on its consolidated financial statements. |
Fair_Value_Measurements_Fair_V
Fair Value Measurements Fair Value Measurements (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Fair Value Disclosures [Abstract] | ||||||||||||||||
Schedule of fair value, assets and liabilities measured on recurring basis | In accordance with the fair value hierarchy described above, the following tables show the fair value of the Company’s financial liabilities that are required to be measured at fair value on a recurring basis as of December 31, 2014 and 2013 (in thousands): | |||||||||||||||
Balance as of | Quoted Prices in | Significant Other | Significant | |||||||||||||
31-Dec-14 | Active Markets for | Observable Inputs | Unobservable | |||||||||||||
Identical Assets | (Level 2) | Inputs | ||||||||||||||
(Level 1) | (Level 3) | |||||||||||||||
Liabilities: | ||||||||||||||||
Interest rate swaps | $ | (4,057 | ) | $ | — | $ | (4,057 | ) | $ | — | ||||||
Contingent consideration | (3,405 | ) | — | — | (3,405 | ) | ||||||||||
Total liabilities | $ | (7,462 | ) | $ | — | $ | (4,057 | ) | $ | (3,405 | ) | |||||
Balance as of | Quoted Prices in | Significant Other | Significant | |||||||||||||
December 31, 2013 | Active Markets for | Observable Inputs | Unobservable | |||||||||||||
Identical Assets | (Level 2) | Inputs | ||||||||||||||
(Level 1) | (Level 3) | |||||||||||||||
Liabilities: | ||||||||||||||||
Interest rate swaps | $ | (2,252 | ) | $ | — | $ | (2,252 | ) | $ | — | ||||||
Contingent consideration | (784 | ) | — | — | (784 | ) | ||||||||||
Total liabilities | $ | (3,036 | ) | $ | — | $ | (2,252 | ) | $ | (784 | ) | |||||
Summary_of_Significant_Account2
Summary of Significant Accounting Policies (Tables) | 12 Months Ended | |
Dec. 31, 2014 | ||
Accounting Policies [Abstract] | ||
Investment in and valuation of real estate | Real estate assets, other than land, are depreciated or amortized on a straight-line basis. The estimated useful lives of the Company’s real estate assets by class are generally as follows: | |
Buildings | 40 years | |
Tenant improvements | Lesser of useful life or lease term | |
Intangible lease assets | Lease term |
Real_Estate_Acquistions_Tables
Real Estate Acquistions (Tables) | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Business Combinations [Abstract] | ||||||||
Schedule of purchase price allocation | The following table summarizes the purchase price allocation for acquisitions purchased during the year ended December 31, 2014 (in thousands): | |||||||
December 31, 2014 | ||||||||
Land | $ | 437,206 | ||||||
Building and improvements | 1,152,148 | |||||||
Acquired in-place leases | 154,972 | |||||||
Acquired above market leases | 23,430 | |||||||
Acquired below market leases | 24,620 | |||||||
Fair value adjustment of assumed notes payable | (765 | ) | ||||||
Total purchase price | $ | 1,791,611 | ||||||
The following table summarizes the purchase price allocation (in thousands): | ||||||||
December 31, 2013 | ||||||||
Land | $ | 390,781 | ||||||
Building and improvements | 1,103,390 | |||||||
Acquired in-place leases | 175,520 | |||||||
Acquired above market leases | 26,921 | |||||||
Acquired below market leases | (31,802 | ) | ||||||
Total purchase price | $ | 1,664,810 | ||||||
Business acquisition, pro forma information | The table below presents the Company’s estimated revenue and net income (loss), on a pro forma basis, for the years ended December 31, 2014 and 2013 (in thousands): | |||||||
Year Ended December 31, | ||||||||
2014 | 2013 | |||||||
Pro forma basis (unaudited): | ||||||||
Revenue | $ | 332,860 | $ | 245,969 | ||||
Net income (loss) | $ | 131,001 | $ | (53,805 | ) | |||
The table below presents the Company’s estimated revenue and net income, on a pro forma basis, for the years ended December 31, 2013 and 2012 (in thousands): | ||||||||
Year Ended December 31, | ||||||||
2013 | 2012 | |||||||
Pro forma basis (unaudited): | ||||||||
Revenue | $ | 181,859 | $ | 147,515 | ||||
Net income | $ | 44,490 | $ | (30,842 | ) | |||
Intangible_Lease_Assets_Tables
Intangible Lease Assets (Tables) | 12 Months Ended | |||||||||
Dec. 31, 2014 | ||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ||||||||||
Schedule of finite-lived intangible assets | Intangible lease assets consisted of the following (in thousands, except weighted average life amounts): | |||||||||
As of December 31, | ||||||||||
2014 | 2013 | |||||||||
In-place leases, net of accumulated amortization of $41,739 and | ||||||||||
$12,523, respectively (with a weighted average life remaining of 12.4 years | ||||||||||
and 13.4 years, respectively) | $ | 344,664 | $ | 218,407 | ||||||
Acquired above market leases, net of accumulated amortization of $6,346 and | ||||||||||
$1,975, respectively (with a weighted average life remaining of 10.5 years and | ||||||||||
11.4 years, respectively) | 47,253 | 28,194 | ||||||||
$ | 391,917 | $ | 246,601 | |||||||
Schedule of finite-lived intangible assets, future amortization expense | Estimated amortization expense related to the intangible lease assets as of December 31, 2014 for each of the five succeeding fiscal years is as follows (in thousands): | |||||||||
Amortization | ||||||||||
Year Ending December 31, | In-Place Leases | Above Market Leases | ||||||||
2015 | $ | 37,291 | $ | 5,835 | ||||||
2016 | $ | 34,768 | $ | 5,568 | ||||||
2017 | $ | 33,022 | $ | 5,305 | ||||||
2018 | $ | 30,945 | $ | 4,471 | ||||||
2019 | $ | 28,069 | $ | 3,556 | ||||||
Derivative_Instruments_and_Hed1
Derivative Instruments and Hedging Activities (Tables) | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||||||||||||||||||||
Schedule of derivative instruments | The following table summarizes the terms of the Company’s executed swap agreements designated as hedging instruments as of December 31, 2014 and 2013 (in thousands): | |||||||||||||||||||
Outstanding Notional | Fair Value of Liabilities | |||||||||||||||||||
Balance Sheet | Amount as of | Interest | Effective | Maturity | December 31, | December 31, | ||||||||||||||
Location | 31-Dec-14 | Rates (1) | Dates | Dates | 2014 | 2013 | ||||||||||||||
Interest Rate Swaps | Deferred rental income and other liabilities | $ | 338,737 | 3.36% to 4.75% | 6/24/2013 to 8/23/2013 | 6/24/2018 to 8/24/2020 | $ | (4,057 | ) | $ | (2,252 | ) | ||||||||
-1 | The interest rates consist of the underlying index swapped to a fixed rate and the applicable interest rate spread. | |||||||||||||||||||
Schedule of derivative instruments, gain (loss) in statement of financial performance | The following table summarizes the unrealized losses on the Company’s derivative instruments and hedging activities during the years ended December 31, 2014 and 2013 (in thousands). The Company did not own any derivative instruments during the year ended December 31, 2012. | |||||||||||||||||||
Amount of Loss Recognized in Other | ||||||||||||||||||||
Comprehensive Loss | ||||||||||||||||||||
Year Ended December 31, | ||||||||||||||||||||
Derivatives in Cash Flow Hedging Relationships | 2014 | 2013 | ||||||||||||||||||
Interest Rate Swaps (1) | $ | (1,805 | ) | $ | (2,252 | ) | ||||||||||||||
-1 | There were no portions of the change in the fair value of the interest rate swap agreements that were considered | |||||||||||||||||||
ineffective during the year ended December 31, 2014. No previously effective portions of the losses | ||||||||||||||||||||
that were recorded in accumulated other comprehensive loss during the term of the hedging relationships were | ||||||||||||||||||||
reclassified into earnings during the year ended December 31, 2014. |
Notes_Payable_And_Credit_Facil1
Notes Payable And Credit Facility Notes Payable And Credit Facility (Tables) | 12 Months Ended | ||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||
Debt Disclosure [Abstract] | |||||||||||||||||||
Schedule of debt | As of December 31, 2014, the Company had $1.5 billion of debt outstanding, with a weighted average years to maturity of 5.0 years and weighted average interest rate of 3.1%. The following table summarizes the debt balances as of December 31, 2014 and 2013, and the debt activity for the year ended December 31, 2014 (in thousands): | ||||||||||||||||||
During the Year Ended December 31, 2014 | |||||||||||||||||||
Balance as of December 31, 2013 | Debt Issuances and Assumptions | Repayments | Other (1) | Balance as of December 31, 2014 | |||||||||||||||
Fixed rate debt | $ | 396,946 | $ | 169,278 | $ | (388 | ) | 671 | $ | 566,507 | |||||||||
Credit facility | 300,000 | 600,000 | — | — | 900,000 | ||||||||||||||
Total | $ | 696,946 | $ | 769,278 | $ | (388 | ) | 671 | $ | 1,466,507 | |||||||||
-1 | Represents fair value adjustment of an assumed mortgage note payable, net of amortization. | ||||||||||||||||||
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, 2014 for each of the five succeeding fiscal years and the period thereafter (in thousands): | ||||||||||||||||||
Year Ending December 31, | Principal Repayments | ||||||||||||||||||
2015 | $ | 408 | |||||||||||||||||
2016 | 425 | ||||||||||||||||||
2017 | 600,451 | ||||||||||||||||||
2018 | 324,211 | ||||||||||||||||||
2019 | 499 | ||||||||||||||||||
Thereafter | 539,842 | ||||||||||||||||||
Total | $ | 1,465,836 | |||||||||||||||||
Acquired_Below_Market_Lease_In1
Acquired Below Market Lease Intangibles (Tables) | 12 Months Ended | |||||||||
Dec. 31, 2014 | ||||||||||
Intangible Liabilities Disclosure [Abstract] | ||||||||||
Schedule of finite-lived intangible liabilities | Acquired below market lease intangibles consisted of the following (in thousands, except weighted average life amounts): | |||||||||
As of December 31, | ||||||||||
2014 | 2013 | |||||||||
Acquired below market leases, net of accumulated amortization of $8,807 | ||||||||||
and $2,237, respectively (with a weighted average life remaining of 9.2 | ||||||||||
years and 11.6 years, respectively) | $ | 55,535 | $ | 37,485 | ||||||
Schedule of finite-lived intangible assets, future amortization expense | Estimated amortization of the intangible lease liabilities as of December 31, 2014 for each of the five succeeding fiscal years is as follows (in thousands): | |||||||||
Year Ending December 31, | Amortization of Below Market Leases | |||||||||
2015 | $ | 8,570 | ||||||||
2016 | $ | 8,122 | ||||||||
2017 | $ | 7,908 | ||||||||
2018 | $ | 7,588 | ||||||||
2019 | $ | 6,999 | ||||||||
Supplemental_Cash_Flow_Disclos1
Supplemental Cash Flow Disclosures (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Supplemental Cash Flow Elements [Abstract] | ||||||||||||
Schedule of cash flow, supplemental disclosures | Supplemental cash flow disclosures for the years ended December 31, 2014, 2013 and 2012 are as follows (in thousands): | |||||||||||
Year Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Supplemental Disclosures of Non-Cash Investing and Financing Activities: | ||||||||||||
Distributions declared and unpaid | $ | 16,189 | $ | 10,569 | $ | 1,456 | ||||||
Accrued other offering costs due to affiliates | $ | — | $ | 4,937 | $ | 1,661 | ||||||
Accrued capital expenditures | $ | 7,721 | $ | 1,760 | $ | 2,815 | ||||||
Common stock issued through distribution reinvestment plan | $ | 104,261 | $ | 25,702 | $ | 1,964 | ||||||
Net unrealized loss on interest rate swaps | $ | (1,805 | ) | $ | (2,252 | ) | $ | — | ||||
Contingent consideration recorded upon property acquisitions | $ | 5,342 | $ | 553 | $ | 708 | ||||||
Fair value of assumed bond obligations | $ | 25,979 | $ | — | $ | 591 | ||||||
Supplemental Cash Flow Disclosures: | ||||||||||||
Interest paid | $ | 31,159 | $ | 17,474 | $ | 783 | ||||||
RelatedParty_Transactions_and_1
Related-Party Transactions and Arrangements - (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Related Party Transactions [Abstract] | ||||||||||||
Schedule of related party transactions | The Company recorded commissions, fees and expense reimbursements as shown in the table below for services provided by CR IV Advisors or its affiliates related to the services described above during the periods indicated (in thousands): | |||||||||||
Year Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Offering: | ||||||||||||
Selling commissions (1) | $ | 55,921 | $ | 122,082 | $ | 20,107 | ||||||
Selling commissions reallowed by CCC | $ | 55,921 | $ | 122,082 | $ | 20,107 | ||||||
Dealer manager fees (1) | $ | 16,780 | $ | 35,685 | $ | 5,944 | ||||||
Dealer manager fees reallowed by CCC | $ | 9,326 | $ | 20,183 | $ | 3,104 | ||||||
Other organization and offering expenses | $ | 7,277 | $ | 36,179 | $ | 5,983 | ||||||
-1 | Selling commissions and dealer manager fees are reduced by amounts recouped in connection with cancellations of common stock during the year ended December 31, 2014. These amounts are included in redemptions and net cancellations of common stock in the accompanying consolidated statements of stockholders’ equity. | |||||||||||
The Company recorded fees and expense reimbursements as shown in the table below for services provided by CR IV Advisors or its affiliates related to the services described above during the periods indicated (in thousands): | ||||||||||||
Year Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Acquisition and Operations: | ||||||||||||
Acquisition fees and expenses | $ | 38,483 | $ | 35,109 | $ | 10,342 | ||||||
Advisory fees and expenses | $ | 24,152 | $ | 10,549 | $ | 812 | ||||||
Operating expenses | $ | 3,383 | $ | 2,905 | $ | 138 | ||||||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | |||||||||
Dec. 31, 2014 | ||||||||||
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, 2014, 2013 and 2012: | |||||||||
Year Ended December 31, | ||||||||||
Character of Distributions (Unaudited): | 2014 | 2013 | 2012 | |||||||
Ordinary dividends | 47 | % | 60 | % | 72 | % | ||||
Nontaxable distributions | 53 | % | 40 | % | 28 | % | ||||
Total | 100 | % | 100 | % | 100 | % |
Operating_Leases_Operating_Lea
Operating Leases Operating Leases (Tables) | 12 Months Ended | ||||
Dec. 31, 2014 | |||||
Leases [Abstract] | |||||
Schedule of future minimum rental payments for operating leases | The future minimum rental income from the Company’s investment in real estate assets under non-cancelable operating leases, assuming no exercise of renewal options, as of December 31, 2014, was as follows (in thousands): | ||||
Year Ending December 31, | Future Minimum Rental Income | ||||
2015 | $ | 293,566 | |||
2016 | 287,849 | ||||
2017 | 281,864 | ||||
2018 | 271,222 | ||||
2019 | 254,989 | ||||
Thereafter | 2,040,528 | ||||
$ | 3,430,018 | ||||
Quarterly_Results_Unaudited_Ta
Quarterly Results (Unaudited) (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
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, 2014 and 2013 (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. | ||||||||||||||||
31-Dec-14 | |||||||||||||||||
First Quarter | Second Quarter | Third Quarter | Fourth Quarter | ||||||||||||||
Revenues | $ | 51,551 | $ | 56,861 | $ | 64,591 | $ | 83,279 | |||||||||
Acquisition-related expenses | $ | 8,633 | $ | 10,113 | $ | 21,009 | $ | 12,008 | |||||||||
Operating income | $ | 10,564 | $ | 10,790 | $ | 3,698 | $ | 20,378 | |||||||||
Net income (loss) | $ | 2,946 | $ | 3,190 | $ | (4,147 | ) | $ | 9,181 | ||||||||
Net income (loss) attributable to the Company | $ | 2,946 | $ | 3,204 | $ | (4,156 | ) | $ | 9,196 | ||||||||
Basic and diluted net income (loss) per common share (1) | $ | 0.01 | $ | 0.01 | $ | (0.01 | ) | $ | 0.03 | ||||||||
Distributions declared per common share | $ | 0.15 | $ | 0.16 | $ | 0.16 | $ | 0.16 | |||||||||
(1) Based on the weighted average number of shares outstanding as of December 31, 2014. | |||||||||||||||||
31-Dec-13 | |||||||||||||||||
First Quarter | Second Quarter | Third Quarter | Fourth Quarter | ||||||||||||||
Revenues | $ | 11,405 | $ | 21,773 | $ | 30,326 | $ | 39,053 | |||||||||
Acquisition-related expenses | $ | 5,639 | $ | 14,551 | $ | 10,356 | $ | 17,740 | |||||||||
Operating (loss) income | $ | (1,055 | ) | $ | (6,051 | ) | $ | 552 | $ | (4,142 | ) | ||||||
Net loss | $ | (3,795 | ) | $ | (11,669 | ) | $ | (6,588 | ) | $ | (10,828 | ) | |||||
Net loss attributable to the Company | $ | (3,795 | ) | $ | (11,669 | ) | $ | (6,588 | ) | $ | (10,828 | ) | |||||
Basic and diluted net loss per common share (1) | $ | (0.04 | ) | $ | (0.13 | ) | $ | (0.07 | ) | $ | (0.12 | ) | |||||
Distributions declared per common share | $ | 0.15 | $ | 0.16 | $ | 0.16 | $ | 0.16 | |||||||||
(1) Based on the weighted average number of shares outstanding as of December 31, 2013. |
Organization_and_Business_Deta
Organization and Business (Details) (USD $) | 12 Months Ended | 3 Months Ended | 23 Months Ended | 24 Months Ended | 0 Months Ended | ||||||||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Mar. 25, 2015 | Dec. 31, 2013 | Apr. 04, 2014 | Feb. 18, 2014 | Nov. 25, 2013 | Dec. 04, 2014 | Mar. 30, 2015 | Mar. 25, 2014 | Dec. 19, 2013 | Jan. 26, 2012 | |
sqft | |||||||||||||
states | |||||||||||||
Property | |||||||||||||
Organization and business [Line Items] | |||||||||||||
Common stock, shares authorized (in shares) | 490,000,000 | 490,000,000 | 490,000,000 | 490,000,000 | |||||||||
Share price (in dollars per share) | $10 | ||||||||||||
Issuance of common stock | $941,930,000 | $1,807,820,000 | $298,438,000 | ||||||||||
Common stock shares registered dividend reinvestment plan | 26,000,000 | ||||||||||||
Number of owned properties (in number of properties) | 759 | ||||||||||||
Net Rentable Area | 20,200,000 | ||||||||||||
Number of states in which entity owns properties (in number of states) | 45 | ||||||||||||
Percentage of rentable space leased | 99.00% | ||||||||||||
Subsequent event | |||||||||||||
Organization and business [Line Items] | |||||||||||||
Share price (in dollars per share) | $10 | ||||||||||||
Issuance of common stock, shares (in shares) | 11,700,000 | ||||||||||||
Issuance of common stock | 111,400,000 | ||||||||||||
Primary offering | |||||||||||||
Organization and business [Line Items] | |||||||||||||
Common stock, shares subscribed but unissued | 292,300,000 | ||||||||||||
Distribution reinvestment plan | |||||||||||||
Organization and business [Line Items] | |||||||||||||
Shares issued pursuant to a distribution reinvestment plan (in shares) | 11,000,000 | 2,700,000 | 207,000 | ||||||||||
Common stock, shares subscribed but unissued | 5,100,000 | ||||||||||||
Common stock shares registered dividend reinvestment plan | 26,000,000 | ||||||||||||
CCPT IV OP | |||||||||||||
Organization and business [Line Items] | |||||||||||||
General partner partnership interest percentage | 100.00% | ||||||||||||
Unconsolidated joint venture | |||||||||||||
Organization and business [Line Items] | |||||||||||||
Number of owned properties (in number of properties) | 1 | ||||||||||||
Net Rentable Area | 176,000 | ||||||||||||
IPO And Secondary Offering | Distribution reinvestment plan | |||||||||||||
Organization and business [Line Items] | |||||||||||||
Shares issued pursuant to a distribution reinvestment plan (in shares) | 8,800,000 | ||||||||||||
IPO | |||||||||||||
Organization and business [Line Items] | |||||||||||||
Common stock, shares issued | 2,975,000,000 | ||||||||||||
Issuance of common stock, shares (in shares) | 306,100,000 | 297,400,000 | |||||||||||
Issuance of common stock | 3,000,000,000 | ||||||||||||
Offering costs, selling commissions, and dealer management fees | 306,000,000 | ||||||||||||
Unsold shares deregistered | 404,000 | ||||||||||||
IPO | Distribution reinvestment plan | |||||||||||||
Organization and business [Line Items] | |||||||||||||
Common stock, shares authorized (in shares) | 5,500,000 | ||||||||||||
Share price (in dollars per share) | $9.50 | ||||||||||||
IPO | Maximum | |||||||||||||
Organization and business [Line Items] | |||||||||||||
Common stock, shares authorized (in shares) | 292,300,000 | ||||||||||||
IPO | Maximum | Distribution reinvestment plan | |||||||||||||
Organization and business [Line Items] | |||||||||||||
Common stock, shares authorized value reallocated | 23,000,000 | 400,000,000 | |||||||||||
RCAP Purchase Agreement | ARCP | |||||||||||||
Organization and business [Line Items] | |||||||||||||
Litigation amount settlement | $60,000,000 |
Fair_Value_Measurements_Detail
Fair Value Measurements (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Contingent consideration, liabilities increase (decrease) in fair value | $5,342,000 | $553,000 | $708,000 |
Fair value, measurements, recurring | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Interest rate swaps | -4,057,000 | -2,252,000 | |
Contingent consideration | -3,405,000 | -784,000 | |
Total liabilities | -7,462,000 | -3,036,000 | |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Fair value, measurements, recurring | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Interest rate swaps | 0 | 0 | |
Contingent consideration | 0 | 0 | |
Total liabilities | 0 | 0 | |
Significant Other Observable Inputs (Level 2) | Fair value, measurements, recurring | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Interest rate swaps | -4,057,000 | -2,252,000 | |
Contingent consideration | 0 | 0 | |
Total liabilities | -4,057,000 | -2,252,000 | |
Significant Unobservable Inputs (Level 3) | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair value assets and liabilities, transfers amount | 0 | 0 | |
Significant Unobservable Inputs (Level 3) | Fair value, measurements, recurring | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Interest rate swaps | 0 | 0 | |
Contingent consideration | -3,405,000 | -784,000 | |
Total liabilities | -3,405,000 | -784,000 | |
Estimate of fair value | Significant Other Observable Inputs (Level 2) | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Lines of credit, fair value disclosure | 1,500,000,000 | 682,100,000 | |
Estimate of fair value | Significant Unobservable Inputs (Level 3) | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Contingent consideration, additional consideration expected to be received | 5,300,000 | ||
Contingent consideration, liabilities increase (decrease) in fair value | -70,000 | ||
Business Combination, Contingent Consideration Assets And Liabilities, Purchase, Sale, Issuances and Transfers | -2,600,000 | ||
Contingent consideration | -3,400,000 | -784,000 | |
Carrying value | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Lines of credit, fair value disclosure | $1,500,000,000 | $696,900,000 |
Summary_of_Significant_Account3
Summary of Significant Accounting Policies - Narative (Details) (USD $) | 12 Months Ended | 3 Months Ended | |||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Mar. 30, 2015 | Jun. 27, 2014 | |
Valuation of real estate and related assets [Line Items] | |||||
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures, Real Estate Assets, Aggregate Book Value | $18,900,000 | ||||
Equity attributable to noncontrolling interest | 2,076,000 | ||||
Restricted cash | 4,560,000 | 8,193,000 | |||
Due from affiliates | 470,000 | 0 | |||
Amortization of deferred financing costs | 3,201,000 | 3,056,000 | 524,000 | ||
Dividend, common stock and preferred stock, number of days in the calendar year for the daily distribution | 365 days | ||||
Common stock and preferred stock, dividends, daily amount per share authorized (in dollars per share) | $0.00 | ||||
Dividends, yield | 6.25% | ||||
Share price (in dollars per share) | $10 | ||||
Distributions payable | 16,189,000 | 10,569,000 | 1,456,000 | ||
Advisors | |||||
Valuation of real estate and related assets [Line Items] | |||||
Due from affiliates | 470,000 | 0 | |||
Advisors | Other organization and offering expenses | Maximum | |||||
Valuation of real estate and related assets [Line Items] | |||||
Organization and offering expense | 2.00% | ||||
Restricted cash, investor proceeds for which shares of common stock had not been issued | |||||
Valuation of real estate and related assets [Line Items] | |||||
Restricted cash | 5,100,000 | ||||
Restricted cash, rents from certain encumbered properties | |||||
Valuation of real estate and related assets [Line Items] | |||||
Restricted cash | 2,700,000 | 2,600,000 | |||
Restricted cash, tenant and capital improvements, leasing commissions, repairs and maintenance and other lender reserves for certain properties | |||||
Valuation of real estate and related assets [Line Items] | |||||
Restricted cash | $1,900,000 | $513,000 | |||
Building | |||||
Valuation of real estate and related assets [Line Items] | |||||
Acquired real estate asset, useful life | 40 years | ||||
Subsequent event | |||||
Valuation of real estate and related assets [Line Items] | |||||
Dividend, common stock and preferred stock, number of days in the calendar year for the daily distribution | 365 days | ||||
Common stock and preferred stock, dividends, daily amount per share authorized (in dollars per share) | $0.00 | ||||
Dividends, yield | 6.25% | ||||
Share price (in dollars per share) | $10 |
Summary_of_Significant_Account4
Summary of Significant Accounting Policies - Concentration of credit risk (Details) (USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Dec. 31, 2014 |
Property | |
financial_institutions | |
Concentration Risk [Line Items] | |
Cash on deposit, number of financial institutions | 10 |
Cash on deposit, number of financial institutions which had deposits in excess of current federally insured limits | 3 |
Concentration risk, credit risk, financial instrument, maximum exposure | $58.70 |
Number of owned properties (in number of properties) | 759 |
Texas | |
Concentration Risk [Line Items] | |
Number of owned properties (in number of properties) | 92 |
California | |
Concentration Risk [Line Items] | |
Number of owned properties (in number of properties) | 75 |
Gross annualized rental revenue | Credit concentration risk | Texas | |
Concentration Risk [Line Items] | |
Concentration risk, percentage | 10.00% |
Gross annualized rental revenue | Credit concentration risk | California | |
Concentration Risk [Line Items] | |
Concentration risk, percentage | 12.00% |
Gross annualized rental revenue | Customer concentration risk | |
Concentration Risk [Line Items] | |
Concentration risk, percentage | 10.00% |
Gross annualized rental revenue | Customer concentration risk | Drugstore industry | |
Concentration Risk [Line Items] | |
Concentration risk, percentage | 15.00% |
Gross annualized rental revenue | Customer concentration risk | Discount store industry | |
Concentration Risk [Line Items] | |
Concentration risk, percentage | 13.00% |
Real_Estate_Acquisitions_Detai
Real Estate Acquisitions (Details) (USD $) | 3 Months Ended | 12 Months Ended | 0 Months Ended | 9 Months Ended | |||||||||
Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2014 | Sep. 30, 2014 | |
sqft | land_parcel | property | |||||||||||
sqft | |||||||||||||
Pro forma basis (unaudited) | |||||||||||||
Acquisition-related expenses | $12,008,000 | $21,009,000 | $10,113,000 | $8,633,000 | $17,740,000 | $10,356,000 | $14,551,000 | $5,639,000 | $51,763,000 | $48,286,000 | $14,371,000 | ||
Net Rentable Area | 20,200,000 | 20,200,000 | 20,200,000 | ||||||||||
Number of Land Parcels Disposed | 1 | ||||||||||||
Proceeds from sale of real estate | 1,758,000 | 0 | 0 | ||||||||||
Property Escrow Deposits Due to Affiliates | 70,254,000 | 0 | 0 | ||||||||||
2014 acquisitions | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Number of businesses acquired (in properties) | 422 | ||||||||||||
Aggregate purchase price | 1,791,600,000 | ||||||||||||
Business Acquisition, Purchase Price Allocation [Abstract] | |||||||||||||
Land | 437,206,000 | 437,206,000 | 437,206,000 | ||||||||||
Building and improvements | 1,152,148,000 | 1,152,148,000 | 1,152,148,000 | ||||||||||
Fair value adjustment of assumed notes payable | -765,000 | -765,000 | -765,000 | ||||||||||
Total purchase price | 1,791,611,000 | 1,791,611,000 | 1,791,611,000 | ||||||||||
Pro forma basis (unaudited) | |||||||||||||
Revenue | 332,860,000 | 245,969,000 | |||||||||||
Net income (loss) | 131,001,000 | -53,805,000 | |||||||||||
Revenue of acquiree since acquisition date | 61,200,000 | ||||||||||||
Loss of acquiree since acquisition date | -25,700,000 | ||||||||||||
Acquisition-related expenses | 51,800,000 | ||||||||||||
2014 acquisitions | Acquired in-place leases | |||||||||||||
Business Acquisition, Purchase Price Allocation [Abstract] | |||||||||||||
Acquired in-place and above market leases | 154,972,000 | 154,972,000 | 154,972,000 | ||||||||||
2014 acquisitions | Acquired above market leases | |||||||||||||
Business Acquisition, Purchase Price Allocation [Abstract] | |||||||||||||
Acquired in-place and above market leases | 23,430,000 | 23,430,000 | 23,430,000 | ||||||||||
2014 acquisitions | Acquired below market leases | |||||||||||||
Business Acquisition, Purchase Price Allocation [Abstract] | |||||||||||||
Acquired below market leases | -24,620,000 | -24,620,000 | -24,620,000 | ||||||||||
2014 Development Project | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Aggregate purchase price | 23,900,000 | ||||||||||||
Pro forma basis (unaudited) | |||||||||||||
Number of Land Parcels | 1 | 1 | 1 | ||||||||||
Net Rentable Area | 1,600,000 | 1,600,000 | 1,600,000 | ||||||||||
Total investment in development project | 36,700,000 | 36,700,000 | 36,700,000 | ||||||||||
Commitment to invest in development project | 66,700,000 | ||||||||||||
Property Acquisition | |||||||||||||
Pro forma basis (unaudited) | |||||||||||||
Business Combination, Initial Agreement, Number of Businesses Acquired | 2 | ||||||||||||
Property Escrow Deposits Due to Affiliates | 70,300,000 | ||||||||||||
2013 acquisitions | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Number of businesses acquired (in properties) | 248 | ||||||||||||
Aggregate purchase price | 1,664,800,000 | ||||||||||||
Business Acquisition, Purchase Price Allocation [Abstract] | |||||||||||||
Land | 390,781,000 | 390,781,000 | |||||||||||
Building and improvements | 1,103,390,000 | 1,103,390,000 | |||||||||||
Total purchase price | 1,664,810,000 | 1,664,810,000 | |||||||||||
Pro forma basis (unaudited) | |||||||||||||
Revenue | 181,859,000 | 147,515,000 | |||||||||||
Net income (loss) | 44,490,000 | -30,842,000 | |||||||||||
Revenue of acquiree since acquisition date | 60,400,000 | ||||||||||||
Loss of acquiree since acquisition date | 25,700,000 | ||||||||||||
Acquisition-related expenses | 48,300,000 | ||||||||||||
2013 acquisitions | Acquired in-place leases | |||||||||||||
Business Acquisition, Purchase Price Allocation [Abstract] | |||||||||||||
Acquired in-place and above market leases | 175,520,000 | 175,520,000 | |||||||||||
2013 acquisitions | Acquired above market leases | |||||||||||||
Business Acquisition, Purchase Price Allocation [Abstract] | |||||||||||||
Acquired in-place and above market leases | 26,921,000 | 26,921,000 | |||||||||||
2013 acquisitions | Acquired below market leases | |||||||||||||
Business Acquisition, Purchase Price Allocation [Abstract] | |||||||||||||
Acquired below market leases | -31,802,000 | -31,802,000 | |||||||||||
Land | |||||||||||||
Pro forma basis (unaudited) | |||||||||||||
Land Sales | 1,900,000 | 1,900,000 | 1,900,000 | ||||||||||
Proceeds from sale of real estate | 1,800,000 | ||||||||||||
Loss on sale of properties, before tax | $157,000 |
Intangible_Lease_Assets_Detail
Intangible Lease Assets (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Finite-Lived Intangible Assets, Net [Abstract] | |||
Intangible lease assets, less accumulated amortization of $48,085 and $14,498, respectively | $391,917 | $246,601 | |
Accumulated amortization of intangible lease assets | 48,085 | 14,498 | |
In-place leases | |||
Finite-Lived Intangible Assets, Net [Abstract] | |||
Intangible lease assets, less accumulated amortization of $48,085 and $14,498, respectively | 344,664 | 218,407 | |
Accumulated amortization of intangible lease assets | 41,739 | 12,523 | |
Finitel-lived intangible asset, useful life | 12 years 8 months 12 days | 13 years 4 months 24 days | |
Amortization of intangible assets | 29,600 | 11,700 | 871 |
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | |||
2015 | 37,291 | ||
2016 | 34,768 | ||
2017 | 33,022 | ||
2018 | 30,945 | ||
2019 | 28,069 | ||
Above market leases | |||
Finite-Lived Intangible Assets, Net [Abstract] | |||
Intangible lease assets, less accumulated amortization of $48,085 and $14,498, respectively | 47,253 | 28,194 | |
Accumulated amortization of intangible lease assets | 6,346 | 1,975 | |
Finitel-lived intangible asset, useful life | 10 years 6 months | 11 years 4 months 24 days | |
Amortization of intangible assets | 4,400 | 1,900 | 36 |
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | |||
2015 | 5,835 | ||
2016 | 5,568 | ||
2017 | 5,305 | ||
2018 | 4,471 | ||
2019 | $3,556 |
Derivative_Instrument_Details
Derivative Instrument (Details) (Cash flow hedging, Interest Rate Swaps, USD $) | 12 Months Ended | |||
Dec. 31, 2014 | Dec. 31, 2013 | |||
Derivatives, Fair Value [Line Items] | ||||
Amount of Loss Recognized in Other Comprehensive Loss | ($1,805,000) | [1] | ($2,252,000) | [1] |
Derivative liability, event of default, termination amount | 4,600,000 | |||
Deferred rental income and other liabilities | ||||
Derivatives, Fair Value [Line Items] | ||||
Outstanding Notional Amount | 338,737,000 | |||
Interest Rate | 1.71% | |||
Fair Value of Liabilities | ($4,057,000) | ($2,252,000) | ||
Deferred rental income and other liabilities | Minimum | ||||
Derivatives, Fair Value [Line Items] | ||||
Interest Rate | 3.36% | [2] | ||
Effective Date | 24-Jun-13 | |||
Maturity Date | 24-Jun-18 | |||
Deferred rental income and other liabilities | Maximum | ||||
Derivatives, Fair Value [Line Items] | ||||
Interest Rate | 4.75% | [2] | ||
Effective Date | 23-Aug-13 | |||
Maturity Date | 24-Aug-20 | |||
[1] | (1)There were no portions of the change in the fair value of the interest rate swap agreements that were considered ineffective during the year ended December 31, 2014. No previously effective portions of the losses that were recorded in accumulated other comprehensive loss during the term of the hedging relationships were reclassified into earnings during the year ended December 31, 2014. | |||
[2] | (1)The interest rates consist of the underlying index swapped to a fixed rate and the applicable interest rate spread. |
Notes_Payable_And_Credit_Facil2
Notes Payable And Credit Facility Notes Payable And Credit Facility (Details) (USD $) | 12 Months Ended | |||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | ||
Debt [Roll Forward] | ||||
Notes payable and credit facility, beginning balance | $696,946,000 | |||
Debt issuances and assumptions | 769,278,000 | |||
Repayments | -388,000 | |||
Notes payable and credit facility, ending balance | 1,466,507,000 | 696,946,000 | ||
Debt instrument, weighted average years to maturity | 5 years | |||
Debt, weighted average interest rate | 3.10% | |||
Fair value at the date of assumption | 25,979,000 | 0 | 591,000 | |
Long-term Debt, Fiscal Year Maturity [Abstract] | ||||
2015 | 408,000 | |||
2016 | 425,000 | |||
2017 | 600,451,000 | |||
2018 | 324,211,000 | |||
2019 | 499,000 | |||
Thereafter | 539,842,000 | |||
Total | 1,465,836,000 | |||
Mortgage notes payable | ||||
Debt [Roll Forward] | ||||
Debt security, amount, aggregate gross real estate assets net of gross intangible lease liabilities | 944,600,000 | |||
Mortgage notes payable | Fixed rate debt | ||||
Debt [Roll Forward] | ||||
Notes payable and credit facility, ending balance | 25,200,000 | |||
Mortgage notes payable | Fixed rate debt | Minimum | ||||
Debt [Roll Forward] | ||||
Line of credit fixed interest rate | 3.35% | |||
Mortgage notes payable | Fixed rate debt | Maximum | ||||
Debt [Roll Forward] | ||||
Line of credit fixed interest rate | 4.98% | |||
Mortgage notes payable | Fixed rate debt, variable rate debt fixed through the use of interest rate swaps | ||||
Debt [Roll Forward] | ||||
Notes payable and credit facility, ending balance | 38,700,000 | |||
Notes payable | Fixed rate debt | ||||
Debt [Roll Forward] | ||||
Notes payable and credit facility, beginning balance | 396,946,000 | |||
Debt issuances and assumptions | 169,278,000 | |||
Repayments | -388,000 | |||
Other | 671,000 | [1] | ||
Notes payable and credit facility, ending balance | 566,507,000 | |||
Line of credit | JPMorgan Chase, Revolving credit facility | Revolving credit facility | ||||
Debt [Roll Forward] | ||||
Notes payable and credit facility, beginning balance | 300,000,000 | |||
Debt issuances and assumptions | 600,000,000 | |||
Repayments | 0 | |||
Other | 0 | [1] | ||
Notes payable and credit facility, ending balance | 900,000,000 | |||
Debt, weighted average interest rate | 1.97% | |||
Line of credit, maximum borrowing capacity | 1,600,000,000 | |||
Line of credit facility, covenant, minimum consolidated net worth | 2,000,000,000 | |||
Line of credit | JPMorgan Chase, Revolving credit facility | Revolving credit facility | Maximum | ||||
Debt [Roll Forward] | ||||
Debt instrument, covenant, fixed charge coverage ratio | 1.5 | |||
Line of credit facility, covenant, unsecured debt service coverage ratio | 1.75 | |||
Line of credit | JPMorgan Chase, Revolving credit facility | Revolving credit facility | From and after August 15, 2014 | Minimum | ||||
Debt [Roll Forward] | ||||
Line of credit facility, covenant, leverage ratio | 60.00% | |||
Debt instrument, covenant, unsecured debt to unencumbered asset value ratio | 50.00% | |||
Line of credit | JPMorgan Chase, Revolving credit facility | Revolving credit facility | From and after August 15, 2014, but prior to August 15, 2016 | Minimum | ||||
Debt [Roll Forward] | ||||
Line of credit facility, covenant, secured debt ratio | 30.00% | |||
Line of credit | Eurodollar rate loan | Revolving credit facility | Leverage Ratio Not to Exceed Sixty-Five Percent or Sixty Percent on or Subsequent to August Fifteenth, 2018 | Minimum | London Interbank Offered Rate (LIBOR) | ||||
Debt [Roll Forward] | ||||
Derivative, basis spread on variable rate | 1.65% | |||
Line of credit | Eurodollar rate loan | Revolving credit facility | Leverage Ratio Not to Exceed Sixty-Five Percent or Sixty Percent on or Subsequent to August Fifteenth, 2018 | Maximum | London Interbank Offered Rate (LIBOR) | ||||
Debt [Roll Forward] | ||||
Derivative, basis spread on variable rate | 2.50% | |||
Line of credit | Base rate committed loans | Revolving credit facility | Leverage Ratio Not to Exceed Sixty-Five Percent or Sixty Percent on or Subsequent to August Fifteenth, 2018 | Minimum | Base Rate | ||||
Debt [Roll Forward] | ||||
Derivative, basis spread on variable rate | 0.65% | |||
Line of credit | Base rate committed loans | Revolving credit facility | Leverage Ratio Not to Exceed Sixty-Five Percent or Sixty Percent on or Subsequent to August Fifteenth, 2018 | Maximum | Base Rate | ||||
Debt [Roll Forward] | ||||
Derivative, basis spread on variable rate | 1.50% | |||
Line of credit | Floating rate loan | Revolving credit facility | Federal funds rate plus | ||||
Debt [Roll Forward] | ||||
Debt instrument, basis spread on variable rate | 0.50% | |||
Line of credit | Floating rate loan | Revolving credit facility | One-Month LIBOR | ||||
Debt [Roll Forward] | ||||
Debt instrument, basis spread on variable rate | 1.00% | |||
Unsecured debt | JPMorgan Chase, Revolving credit facility | Term loan | ||||
Debt [Roll Forward] | ||||
Debt, weighted average interest rate | 3.36% | |||
Line of credit, current borrowing capacity | 300,000,000 | |||
Unsecured debt | JPMorgan Chase, Revolving credit facility | Revolving loans | ||||
Debt [Roll Forward] | ||||
Line of credit, maximum borrowing capacity | $600,000,000 | |||
Cash flow hedging | Deferred rental income and other liabilities | Interest Rate Swaps | ||||
Debt [Roll Forward] | ||||
Interest Rate | 1.71% | |||
Cash flow hedging | Deferred rental income and other liabilities | Interest Rate Swaps | Minimum | ||||
Debt [Roll Forward] | ||||
Interest Rate | 3.36% | [2] | ||
Cash flow hedging | Deferred rental income and other liabilities | Interest Rate Swaps | Maximum | ||||
Debt [Roll Forward] | ||||
Interest Rate | 4.75% | [2] | ||
[1] | Represents fair value adjustment of an assumed mortgage note payable, net of amortization. | |||
[2] | (1)The interest rates consist of the underlying index swapped to a fixed rate and the applicable interest rate spread. |
Acquired_Below_Market_Lease_In2
Acquired Below Market Lease Intangibles (Details) (Acquired below market leases, USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Acquired below market leases | ||
Finite-Lived Intangible Liabilities, Net [Abstract] | ||
Acquired below-market leases, net of accumulated amortization | $55,535,000 | $37,485,000 |
Amortization of intangible liabilities | 6,600,000 | 2,100,000 |
Accumulated amortization | 8,807,000 | 2,237,000 |
Useful life | 9 years 2 months 12 days | 11 years 7 months 6 days |
Finite-Lived Intangible Liabilities, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | ||
2015 | 8,570,000 | |
2016 | 8,122,000 | |
2017 | 7,908,000 | |
2018 | 7,588,000 | |
2019 | $6,999,000 |
Supplemental_Cash_Flow_Disclos2
Supplemental Cash Flow Disclosures (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Supplemental Cash Flow Elements [Abstract] | |||
Distributions declared and unpaid | $16,189 | $10,569 | $1,456 |
Accrued other offering costs due to affiliates | 0 | 4,937 | 1,661 |
Accrued capital expenditures | 7,721 | 1,760 | 2,815 |
Common stock issued through distribution reinvestment plan | 104,261 | 25,702 | 1,964 |
Net unrealized loss on interest rate swaps | -1,805 | -2,252 | 0 |
Contingent consideration recorded upon property acquisitions | 5,342 | 553 | 708 |
Fair value of assumed bond obligations | 25,979 | 0 | 591 |
Supplemental Cash Flow Disclosures: | |||
Interest paid | $31,159 | $17,474 | $783 |
Commitments_and_Contingencies_
Commitments and Contingencies (Details) (USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Dec. 31, 2014 |
Property | |
Capital addition purchase commitments | |
Unrecorded Unconditional Purchase Obligation [Line Items] | |
Ownership interest acquired | 100.00% |
Number of businesses acquired (in properties) | 36 |
Aggregate purchase price | $86.40 |
Escrow deposit, property acquisition | 4.8 |
Escrow deposit, potential forfeiture amount | 4.8 |
Purchase agreement for twenty-five properties | |
Unrecorded Unconditional Purchase Obligation [Line Items] | |
Number of businesses acquired (in properties) | 22 |
Number of remaining properties committed to purchase | 3 |
Number of additional purchase agreements | 1 |
Number of properties committed to purchase | 25 |
Long-term purchase committment, contract non-purchase, amount | $10 |
RelatedParty_Transactions_and_2
Related-Party Transactions and Arrangements (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Related Party Transaction [Line Items] | |||
Due to affiliates | $5,473,000 | $7,512,000 | |
Advisors | |||
Related Party Transaction [Line Items] | |||
Cumulative noncompounded annual return | 8.00% | ||
Advisors | Listing commission | |||
Related Party Transaction [Line Items] | |||
Commissions performance and other fees percent | 15.00% | ||
Advisors | Minimum | |||
Related Party Transaction [Line Items] | |||
Operating expense reimbursement percent | 2.00% | ||
Operating expense reimbursement percent of net income | 25.00% | ||
Offering Costs [Member] | Advisors | |||
Related Party Transaction [Line Items] | |||
Due to affiliates | 0 | 4,900,000 | 1,700,000 |
Selling commissions (1) | Dealer manager commission | Maximum | |||
Related Party Transaction [Line Items] | |||
Commissions percentage on stock sales and related dealer manager fees | 7.00% | ||
Selling commissions (1) | Advisors | |||
Related Party Transaction [Line Items] | |||
Related party transaction, expenses from transactions with related party | 55,921,000 | 122,082,000 | 20,107,000 |
Selling commissions reallowed by CCC | Dealer manager commission reallowed | |||
Related Party Transaction [Line Items] | |||
Commissions percentage on stock sales and related dealer manager fees | 100.00% | ||
Selling commissions reallowed by CCC | Advisors | |||
Related Party Transaction [Line Items] | |||
Related party transaction, expenses from transactions with related party | 55,921,000 | 122,082,000 | 20,107,000 |
Dealer manager fees (1) | Dealer manager | |||
Related Party Transaction [Line Items] | |||
Commissions percentage on stock sales and related dealer manager fees | 2.00% | ||
Dealer manager fees (1) | Advisors | |||
Related Party Transaction [Line Items] | |||
Related party transaction, expenses from transactions with related party | 16,780,000 | 35,685,000 | 5,944,000 |
Dealer manager fees reallowed by CCC | Advisors | |||
Related Party Transaction [Line Items] | |||
Related party transaction, expenses from transactions with related party | 9,326,000 | 20,183,000 | 3,104,000 |
Other organization and offering expenses | Advisors | |||
Related Party Transaction [Line Items] | |||
Related party transaction, expenses from transactions with related party | 7,277,000 | 36,179,000 | 5,983,000 |
Other organization and offering expenses | Advisors | Maximum | |||
Related Party Transaction [Line Items] | |||
Organization and offering expense | 2.00% | ||
Acquisitions and Operations Costs | Advisors | |||
Related Party Transaction [Line Items] | |||
Due to affiliates | 5,500,000 | 2,600,000 | 268,000 |
Acquisition fees and expenses | Advisors | |||
Related Party Transaction [Line Items] | |||
Related party transaction, expenses from transactions with related party | 38,483,000 | 35,109,000 | 10,342,000 |
Acquisition fees and expenses | Advisors | Maximum | |||
Related Party Transaction [Line Items] | |||
Acquisition and advisory fee | 6.00% | ||
Acquisition fees and expenses | Advisors | Maximum | Contract purchase price of each asset | |||
Related Party Transaction [Line Items] | |||
Acquisition and advisory fee | 2.00% | ||
Advisory fees and expenses | Advisors | |||
Related Party Transaction [Line Items] | |||
Related party transaction, expenses from transactions with related party | 24,152,000 | 10,549,000 | 812,000 |
Operating expenses | Advisors | |||
Related Party Transaction [Line Items] | |||
Related party transaction, expenses from transactions with related party | 3,383,000 | 2,905,000 | 138,000 |
Property sales commission | Advisors | Contract sale price of each property | |||
Related Party Transaction [Line Items] | |||
Commissions performance and other fees percent | 1.00% | ||
Property portfolio | Advisors | Maximum | |||
Related Party Transaction [Line Items] | |||
Commissions performance and other fees percent | 6.00% | ||
Performance fee | Advisors | |||
Related Party Transaction [Line Items] | |||
Commissions performance and other fees percent | 15.00% | ||
Average invested assets between $0 to $2 billion | Advisors | |||
Related Party Transaction [Line Items] | |||
Asset management or advisory fees percent | 0.75% | ||
Average invested assets between $0 to $2 billion | Advisors | Maximum | |||
Related Party Transaction [Line Items] | |||
Average invested assets | 2,000,000,000 | ||
Average invested assets between $0 to $2 billion | Advisors | Minimum | |||
Related Party Transaction [Line Items] | |||
Average invested assets | 0 | ||
Average invested assets between $2 billion to $4 billion | Advisors | |||
Related Party Transaction [Line Items] | |||
Asset management or advisory fees percent | 0.70% | ||
Average invested assets between $2 billion to $4 billion | Advisors | Maximum | |||
Related Party Transaction [Line Items] | |||
Average invested assets | 4,000,000,000 | ||
Average invested assets between $2 billion to $4 billion | Advisors | Minimum | |||
Related Party Transaction [Line Items] | |||
Average invested assets | 2,000,000,000 | ||
Average invested assets over $4 billion | Advisors | |||
Related Party Transaction [Line Items] | |||
Asset management or advisory fees percent | 0.65% | ||
Average invested assets over $4 billion | Advisors | Minimum | |||
Related Party Transaction [Line Items] | |||
Average invested assets | $4,000,000,000 |
Stockholders_Equity_Details
Stockholders' Equity (Details) (USD $) | 12 Months Ended | 3 Months Ended | 0 Months Ended | |||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Aug. 11, 2010 | Dec. 19, 2013 |
Equity, Class of Treasury Stock [Line Items] | ||||||
Common stock shares registered dividend reinvestment plan | 26,000,000 | |||||
Common stock, shares authorized (in shares) | 490,000,000 | 490,000,000 | 490,000,000 | 490,000,000 | ||
Preferred stock, shares authorized (in shares) | 10,000,000 | 10,000,000 | 10,000,000 | 10,000,000 | ||
Common stock, var value (in dollars per share) | $0.01 | $0.01 | 0.01 | |||
Preferred stock, par value (in dollars per share) | $0.01 | $0.01 | 0.01 | |||
Share price (in dollars per share) | $10 | |||||
Common stock issued through distribution reinvestment plan | $104,261 | $25,702 | $1,964 | |||
Redemptions of common stock | -10,849 | -1,182 | ||||
Stock repurchase program, required holding period | 1 year | |||||
Stock redemption program, redemption price per share, percentage of amount paid per share, after one year | 95.00% | |||||
Stock redemption program, plan redemption price per share, percentage of amount paid per share, after two year | 97.50% | |||||
Stock redemption program, plan redemption price per share, percentage of amount paid per share, after three year | 100.00% | |||||
Stock repurchase program, termination notice period | 30 days | |||||
Stock repurchased and retired during period, shares | 1,100,000 | 123,000 | ||||
Distribution reinvestment plan | ||||||
Equity, Class of Treasury Stock [Line Items] | ||||||
Common stock shares registered dividend reinvestment plan | 26,000,000 | |||||
Dividend reinvestment plan, reinvestment share price | $9.50 | |||||
Dividend reinvestment plan, termination notice period | 10 days | |||||
Shares issued pursuant to a distribution reinvestment plan (in shares) | 11,000,000 | 2,700,000 | 207,000 | |||
Common stock issued through distribution reinvestment plan | 104,300 | 25,700 | 2,000 | |||
Redemptions of common stock | -10,600 | -1,200 | ||||
Maximum | ||||||
Equity, Class of Treasury Stock [Line Items] | ||||||
Stock redemption program, number of shares authorized to be repurchased, percentage of weighted average number of shares outstanding | 5.00% | 1.25% | ||||
Stock redemption program, redemption priority, shares | 250 | |||||
Common Stock | ||||||
Equity, Class of Treasury Stock [Line Items] | ||||||
Issuance of common stock, shares (in shares) | 95,036,480 | 181,205,760 | 29,923,549 | 20,000 | ||
Share price (in dollars per share) | $10 | |||||
Redemptions of common stock | ($11) |
Income_Taxes_Details
Income Taxes (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Income Tax Disclosure [Abstract] | |||
Ordinary dividends | 47.00% | 60.00% | 72.00% |
Nontaxable distributions | 53.00% | 40.00% | 28.00% |
Total | 100.00% | 100.00% | 100.00% |
Property, plant and equipment, land and real estate assets, net tax basis | $3,900,000,000 | ||
State and local income tax and franchise tax expense (benefit), continuing operations | $1,300,000 | $473,000 | $113,000 |
Operating_Leases_Operating_Lea1
Operating Leases Operating Leases (Details) (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2014 |
Leases [Abstract] | |
Operating leases of lessor, weighted average remaining lease term | 11 years 7 months 6 days |
2015 | $293,566 |
2016 | 287,849 |
2017 | 281,864 |
2018 | 271,222 |
2019 | 254,989 |
Thereafter | 2,040,528 |
Total future minimum rental income | $3,430,018 |
Quarterly_Results_Unaudited_De
Quarterly Results (Unaudited) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | ||||||||
Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||||||
Revenues | $83,279 | $64,591 | $56,861 | $51,551 | $39,053 | $30,326 | $21,773 | $11,405 | $256,282 | $102,557 | $7,837 | ||||||||
Acquisition-related expenses | 12,008 | 21,009 | 10,113 | 8,633 | 17,740 | 10,356 | 14,551 | 5,639 | 51,763 | 48,286 | 14,371 | ||||||||
Operating income | 20,378 | 3,698 | 10,790 | 10,564 | -4,142 | 552 | -6,051 | -1,055 | 45,430 | -10,696 | -12,016 | ||||||||
Net income (loss) | 9,181 | -4,147 | 3,190 | 2,946 | -10,828 | -6,588 | -11,669 | -3,795 | 11,170 | -32,880 | -13,744 | ||||||||
Net income (loss) attributable to the Company | $9,196 | ($4,156) | $3,204 | $2,946 | ($10,828) | ($6,588) | ($11,669) | ($3,795) | $11,190 | ($32,880) | ($13,744) | ||||||||
Basic and diluted net loss per common share (in dollars per share) | $0.03 | [1] | ($0.01) | [1] | $0.01 | [1] | $0.01 | [1] | ($0.12) | [2] | ($0.07) | [2] | ($0.13) | [2] | ($0.04) | [2] | $0.04 | ($0.36) | ($1.60) |
Distributions declared per common share (in dollars per share) | $0.16 | $0.16 | $0.16 | $0.15 | $0.16 | $0.16 | $0.16 | $0.15 | |||||||||||
[1] | Based on the weighted average number of shares outstanding as of December 31, 2014. | ||||||||||||||||||
[2] | Based on the weighted average number of shares outstanding as of December 31, 2013. |
Subsequent_Events_Details
Subsequent Events - (Details) (USD $) | 3 Months Ended | 12 Months Ended | 3 Months Ended | |||||||||
Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Mar. 25, 2015 | |
Property | ||||||||||||
Subsequent Event | ||||||||||||
Issuance of common stock | $941,930,000 | $1,807,820,000 | $298,438,000 | |||||||||
Redemptions of common stock | 10,849,000 | 1,182,000 | ||||||||||
Notes payable and credit facility | 1,466,507,000 | 696,946,000 | 1,466,507,000 | 696,946,000 | ||||||||
Debt, weighted average interest rate | 3.10% | 3.10% | ||||||||||
Acquisition-related expenses | 12,008,000 | 21,009,000 | 10,113,000 | 8,633,000 | 17,740,000 | 10,356,000 | 14,551,000 | 5,639,000 | 51,763,000 | 48,286,000 | 14,371,000 | |
Line of credit | JPMorgan Chase, Revolving credit facility | Revolving credit facility | ||||||||||||
Subsequent Event | ||||||||||||
Line of credit, maximum borrowing capacity | 1,600,000,000 | 1,600,000,000 | ||||||||||
Notes payable and credit facility | 900,000,000 | 300,000,000 | 900,000,000 | 300,000,000 | ||||||||
Debt, weighted average interest rate | 1.97% | 1.97% | ||||||||||
Unsecured debt | JPMorgan Chase, Revolving credit facility | Term loan | ||||||||||||
Subsequent Event | ||||||||||||
Debt, weighted average interest rate | 3.36% | 3.36% | ||||||||||
Unsecured debt | JPMorgan Chase, Revolving credit facility | Revolving loans | ||||||||||||
Subsequent Event | ||||||||||||
Line of credit, maximum borrowing capacity | 600,000,000 | 600,000,000 | ||||||||||
Subsequent event | ||||||||||||
Subsequent Event | ||||||||||||
Issuance of common stock, shares (in shares) | 11,700,000 | |||||||||||
Issuance of common stock | 111,400,000 | |||||||||||
Redemptions of common stock, shares | 834,000 | |||||||||||
Redemptions of common stock | 8,000,000 | |||||||||||
Common stock average redemption price per share | $9.64 | |||||||||||
Number of businesses acquired (in properties) | 52 | |||||||||||
Aggregate purchase price | 169,900,000 | |||||||||||
Acquisition-related expenses | 3,400,000 | |||||||||||
Subsequent event | Line of credit | JPMorgan Chase, Revolving credit facility | Revolving credit facility | ||||||||||||
Subsequent Event | ||||||||||||
Line of credit, maximum borrowing capacity | 1,030,000,000 | |||||||||||
Notes payable and credit facility | 949,700,000 | |||||||||||
Subsequent event | Unsecured debt | JPMorgan Chase, Revolving credit facility | Term loan | ||||||||||||
Subsequent Event | ||||||||||||
Line of credit, maximum borrowing capacity | 386,700,000 | |||||||||||
Subsequent event | Unsecured debt | JPMorgan Chase, Revolving credit facility | Revolving loans | ||||||||||||
Subsequent Event | ||||||||||||
Line of credit, maximum borrowing capacity | 643,300,000 | |||||||||||
Subsequent event | Notes payable | ||||||||||||
Subsequent Event | ||||||||||||
Debt Instrument, Face Amount | $53,500,000 | |||||||||||
Debt, weighted average interest rate | 2.84% |
Schedule_III_Real_Estate_Asset1
Schedule III - Real Estate Assets and Accumulated Depreciated (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Property | |||
office_industrial_property | |||
medical_office_property | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Balance, beginning of period | $1,960,708,000 | $464,539,000 | |
Additions | |||
Acquisitions | 1,613,201,000 | 1,494,171,000 | |
Improvements | 18,967,000 | 1,998,000 | |
Total additions | 1,632,168,000 | 1,496,169,000 | |
Deductions | |||
Cost of real estate sold | 1,937,000 | 0 | |
Adjustment to basis | 0 | 0 | |
Other (including provisions for impairment of real estate assets) | 0 | 0 | |
Total deductions | 1,937,000 | 0 | |
Balance, end of period | 3,590,939,000 | 1,960,708,000 | 464,539,000 |
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Balance, beginning of period | 78,186,000 | 23,377,000 | 1,743,000 |
Additions | |||
Acquisitions - Depreciation Expense for Building, Acquisitions Costs & Tenant Improvements Acquired | 54,656,000 | 21,624,000 | |
Improvements - Depreciation Expense for Tenant Improvements and Building Equipment | 153,000 | 10,000 | |
Total additions | 54,809,000 | 21,634,000 | |
Deductions | |||
Cost of real estate sold | 0 | 0 | |
Other (including provisions for impairment of real estate assets) | 0 | 0 | |
Total deductions | 0 | 0 | |
Balance, end of period | 78,186,000 | 78,186,000 | 23,377,000 |
Number of single-tenant freestanding retail properties, owned | 672 | ||
Number of multi-tenant retail properties, owned | 77 | ||
Number of office/industrial properties owned | 7 | ||
Number of medical offices owned | 3 | ||
Property, plant and equipment, land and real estate assets, net tax basis | 3,900,000,000 | ||
Notes payable and credit facility | 1,466,507,000 | 696,946,000 | |
Building | |||
Deductions | |||
Acquired real estate asset, useful life | 40 years | ||
Line of credit | Revolving credit facility | JPMorgan Chase, Revolving credit facility | |||
Deductions | |||
Notes payable and credit facility | $900,000,000 | $300,000,000 |
Schedule_III_Real_Estate_Asset2
Schedule III - Real Estate Assets and Accumulated Depreciated Schedule III - Real Estate Assets and Accumulated Deprecation - 1 (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $565,836 | |||
Land | 974,920 | |||
Buildings and Improvements | 2,596,981 | |||
Total Adjustment to Basis | 19,038 | |||
Gross Amount at Which Carried At December 31, 2014 | 3,590,939 | 1,960,708 | 464,539 | |
Accumulated Depreciation | 78,186 | 78,186 | 23,377 | 1,743 |
24 Hour Fitness: | Beaverton, OR | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 2,609 | |||
Buildings and Improvements | 9,974 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2014 | 12,583 | |||
Accumulated Depreciation | 73 | |||
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, 2014 | 8,968 | |||
Accumulated Depreciation | 254 | |||
Aaron Rents: | Hillsboro , OH | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 279 | |||
Buildings and Improvements | 829 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2014 | 1,108 | |||
Accumulated Depreciation | 37 | |||
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, 2014 | 8,414 | |||
Accumulated Depreciation | 97 | |||
Academy Sports: | Cookeville, TN | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | ||||
Land | 0 | |||
Buildings and Improvements | 23,847 | |||
Total Adjustment to Basis | 12,841 | |||
Gross Amount at Which Carried At December 31, 2014 | 36,688 | |||
Accumulated Depreciation | 0 | |||
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, 2014 | 9,953 | |||
Accumulated Depreciation | 131 | |||
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, 2014 | 9,398 | |||
Accumulated Depreciation | 122 | |||
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, 2014 | 7,472 | |||
Accumulated Depreciation | 111 | |||
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, 2014 | 8,404 | |||
Accumulated Depreciation | 286 | |||
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, 2014 | 1,409 | |||
Accumulated Depreciation | 73 | |||
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, 2014 | 1,475 | |||
Accumulated Depreciation | 37 | |||
Advance Auto: | Decatur, AL | ||||
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, 2014 | 1,659 | |||
Accumulated Depreciation | 30 | |||
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, 2014 | 1,562 | |||
Accumulated Depreciation | 58 | |||
Advance Auto: | Mt. Pleasant, IA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land | 122 | |||
Buildings and Improvements | 1,069 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2014 | 1,191 | |||
Accumulated Depreciation | 23 | |||
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, 2014 | 1,502 | |||
Accumulated Depreciation | 88 | |||
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, 2014 | 1,164 | |||
Accumulated Depreciation | 30 | |||
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, 2014 | 1,203 | |||
Accumulated Depreciation | 55 | |||
Albany Square: | Albany, GA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land | 1,606 | |||
Buildings and Improvements | 7,113 | |||
Total Adjustment to Basis | 300 | |||
Gross Amount at Which Carried At December 31, 2014 | 9,019 | |||
Accumulated Depreciation | 208 | |||
Almeda Crossing: | Houston, TX | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land | 4,738 | |||
Buildings and Improvements | 26,245 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2014 | 30,983 | |||
Accumulated Depreciation | 270 | |||
Amazon: | Lebanon, TN | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 1,934 | |||
Buildings and Improvements | 56,286 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2014 | 58,220 | |||
Accumulated Depreciation | 313 | |||
Applebee's: | Greenville, SC | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land | 672 | |||
Buildings and Improvements | 1,737 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2014 | 2,409 | |||
Accumulated Depreciation | 24 | |||
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, 2014 | 3,847 | |||
Accumulated Depreciation | 52 | |||
Applebee's: | Savannah, GA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land | 818 | |||
Buildings and Improvements | 1,686 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2014 | 2,504 | |||
Accumulated Depreciation | 28 | |||
Auto Zone: | Philipburg, PA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land | 815 | |||
Buildings and Improvements | 0 | |||
Total Adjustment to Basis | 112 | |||
Gross Amount at Which Carried At December 31, 2014 | 927 | |||
Accumulated Depreciation | 0 | |||
Auto Zone: | Sheffield, OH | ||||
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, 2014 | 1,456 | |||
Accumulated Depreciation | 85 | |||
Bass Pro Shop: | 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, 2014 | 6,658 | |||
Accumulated Depreciation | 222 | |||
Beavercreek Shopping Center: | Beavercreek, OH | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 5,504 | |||
Buildings and Improvements | 25,178 | |||
Total Adjustment to Basis | 485 | |||
Gross Amount at Which Carried At December 31, 2014 | 31,167 | |||
Accumulated Depreciation | 848 | |||
Bed Bath & Beyond/Golf Smith: | Schaumburg, IL | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land | 4,786 | |||
Buildings and Improvements | 6,149 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2014 | 10,935 | |||
Accumulated Depreciation | 380 | |||
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, 2014 | 4,444 | |||
Accumulated Depreciation | 181 | |||
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, 2014 | 4,195 | |||
Accumulated Depreciation | 127 | |||
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, 2014 | 3,733 | |||
Accumulated Depreciation | 173 | |||
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, 2014 | 2,119 | |||
Accumulated Depreciation | 62 | |||
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, 2014 | 2,990 | |||
Accumulated Depreciation | 157 | |||
Big Lots: | Waco, TX | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 1,069 | |||
Buildings and Improvements | 1,326 | |||
Total Adjustment to Basis | 56 | |||
Gross Amount at Which Carried At December 31, 2014 | 2,451 | |||
Accumulated Depreciation | 114 | |||
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, 2014 | 8,661 | |||
Accumulated Depreciation | 23 | |||
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, 2014 | 5,750 | |||
Accumulated Depreciation | 16 | |||
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, 2014 | 6,296 | |||
Accumulated Depreciation | 19 | |||
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, 2014 | 4,596 | |||
Accumulated Depreciation | 55 | |||
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, 2014 | 4,409 | |||
Accumulated Depreciation | 53 | |||
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, 2014 | 4,522 | |||
Accumulated Depreciation | 57 | |||
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, 2014 | 3,869 | |||
Accumulated Depreciation | 53 | |||
Bojangles: | Pelham, AL | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land | 219 | |||
Buildings and Improvements | 1,216 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2014 | 1,435 | |||
Accumulated Depreciation | 18 | |||
Boston Commons: | Springfield, MA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land | 3,101 | |||
Buildings and Improvements | 7,042 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2014 | 10,143 | |||
Accumulated Depreciation | 83 | |||
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, 2014 | 3,504 | |||
Accumulated Depreciation | 87 | |||
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, 2014 | 3,329 | |||
Accumulated Depreciation | 70 | |||
Bryan Crossing: | Kodak, TN | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land | 863 | |||
Buildings and Improvements | 6,523 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2014 | 7,386 | |||
Accumulated Depreciation | 53 | |||
Buffalo Wild Wings: | Idaho Falls, ID | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land | 712 | |||
Buildings and Improvements | 1,336 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2014 | 2,048 | |||
Accumulated Depreciation | 16 | |||
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, 2014 | 2,628 | |||
Accumulated Depreciation | 85 | |||
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, 2014 | 2,623 | |||
Accumulated Depreciation | 88 | |||
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, 2014 | 3,522 | |||
Accumulated Depreciation | 17 | |||
Caliber Collision Center: | Las Cruces, MN | ||||
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, 2014 | 2,622 | |||
Accumulated Depreciation | 39 | |||
Caliber Collision Center: | Midwest City, OK | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land | 259 | |||
Buildings and Improvements | 1,165 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2014 | 1,424 | |||
Accumulated Depreciation | 26 | |||
Caliber Collision Center: | Denver, CO | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land | 855 | |||
Buildings and Improvements | 658 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2014 | 1,513 | |||
Accumulated Depreciation | 9 | |||
Caliber Collision Center: | San Antonio, TX | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land | 622 | |||
Buildings and Improvements | 832 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2014 | 1,454 | |||
Accumulated Depreciation | 12 | |||
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 | 780 | |||
Gross Amount at Which Carried At December 31, 2014 | 57,757 | |||
Accumulated Depreciation | 2,838 | |||
Carlisle Crossing: | Carlisle, PA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land | 4,491 | |||
Buildings and Improvements | 15,817 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2014 | 20,308 | |||
Accumulated Depreciation | 177 | |||
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, 2014 | 110,027 | |||
Accumulated Depreciation | 3,680 | |||
Century Plaza: | Orlando, FL | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land | 3,094 | |||
Buildings and Improvements | 6,178 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2014 | 9,272 | |||
Accumulated Depreciation | 114 | |||
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, 2014 | 2,192 | |||
Accumulated Depreciation | 0 | |||
Chestnut Square: | Brevard, NC | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 425 | |||
Buildings and Improvements | 5,037 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2014 | 5,462 | |||
Accumulated Depreciation | 216 | |||
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, 2014 | 2,169 | |||
Accumulated Depreciation | 14 | |||
Coosa Town Center: | Gadsden, AL | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land | 3,246 | |||
Buildings and Improvements | 7,799 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2014 | 11,045 | |||
Accumulated Depreciation | 244 | |||
Cost Plus World Market: | Kansas City, MO | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 1,378 | |||
Buildings and Improvements | 2,396 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2014 | 3,774 | |||
Accumulated Depreciation | 185 | |||
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, 2014 | 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 | 519 | |||
Gross Amount at Which Carried At December 31, 2014 | 34,386 | |||
Accumulated Depreciation | 1,139 | |||
Coventry Crossing: | Coventry , RI | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 6,000 | |||
Land | 3,462 | |||
Buildings and Improvements | 5,899 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2014 | 9,361 | |||
Accumulated Depreciation | 219 | |||
Crosspoint: | Hagerstown, MD | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 12,285 | |||
Buildings and Improvements | 14,359 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2014 | 26,644 | |||
Accumulated Depreciation | 140 | |||
Crossroads Annex: | Lafayette, LA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land | 1,659 | |||
Buildings and Improvements | 7,091 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2014 | 8,750 | |||
Accumulated Depreciation | 212 | |||
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, 2014 | 5,590 | |||
Accumulated Depreciation | 155 | |||
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, 2014 | 4,746 | |||
Accumulated Depreciation | 0 | |||
CVS: | Arnold, MO | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 2,043 | |||
Buildings and Improvements | 2,367 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2014 | 4,410 | |||
Accumulated Depreciation | 63 | |||
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, 2014 | 2,192 | |||
Accumulated Depreciation | 77 | |||
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, 2014 | 4,551 | |||
Accumulated Depreciation | 93 | |||
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, 2014 | 2,173 | |||
Accumulated Depreciation | 112 | |||
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, 2014 | 4,577 | |||
Accumulated Depreciation | 79 | |||
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, 2014 | 3,117 | |||
Accumulated Depreciation | 73 | |||
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, 2014 | 4,418 | |||
Accumulated Depreciation | 63 | |||
CVS: | Cartersville, GA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land | 2,547 | |||
Buildings and Improvements | 0 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2014 | 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, 2014 | 1,878 | |||
Accumulated Depreciation | 72 | |||
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, 2014 | 4,097 | |||
Accumulated Depreciation | 83 | |||
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, 2014 | 6,087 | |||
Accumulated Depreciation | 191 | |||
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, 2014 | 3,586 | |||
Accumulated Depreciation | 83 | |||
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, 2014 | 3,205 | |||
Accumulated Depreciation | 176 | |||
CVS: | Danville, IN | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land | 424 | |||
Buildings and Improvements | 2,105 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2014 | 2,529 | |||
Accumulated Depreciation | 26 | |||
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, 2014 | 3,383 | |||
Accumulated Depreciation | 66 | |||
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, 2014 | 2,476 | |||
Accumulated Depreciation | 68 | |||
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, 2014 | 3,002 | |||
Accumulated Depreciation | 53 | |||
CVS: | Greenwood, IN | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 912 | |||
Buildings and Improvements | 3,549 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2014 | 4,461 | |||
Accumulated Depreciation | 130 | |||
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, 2014 | 6,657 | |||
Accumulated Depreciation | 96 | |||
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, 2014 | 4,548 | |||
Accumulated Depreciation | 92 | |||
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, 2014 | 2,601 | |||
Accumulated Depreciation | 60 | |||
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, 2014 | 3,594 | |||
Accumulated Depreciation | 67 | |||
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, 2014 | 3,779 | |||
Accumulated Depreciation | 172 | |||
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, 2014 | 5,999 | |||
Accumulated Depreciation | 45 | |||
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, 2014 | 3,281 | |||
Accumulated Depreciation | 68 | |||
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, 2014 | 3,611 | |||
Accumulated Depreciation | 65 | |||
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, 2014 | 5,548 | |||
Accumulated Depreciation | $80 |
Schedule_III_Real_Estate_Asset3
Schedule III - Real Estate Assets and Accumulated Depreciated Schedule III - Real Estate Assets and Accumulated Depreciation - 2 (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $565,836 | |||
Land | 974,920 | |||
Buildings and Improvements | 2,596,981 | |||
Total Adjustment to Basis | 19,038 | |||
Gross Amount at Which Carried At December 31, 2014 | 3,590,939 | 1,960,708 | 464,539 | |
Accumulated Depreciation | 78,186 | 78,186 | 23,377 | 1,743 |
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, 2014 | 4,106 | |||
Accumulated Depreciation | 88 | |||
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, 2014 | 6,148 | |||
Accumulated Depreciation | 145 | |||
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, 2014 | 2,701 | |||
Accumulated Depreciation | 72 | |||
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, 2014 | 4,072 | |||
Accumulated Depreciation | 60 | |||
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, 2014 | 5,807 | |||
Accumulated Depreciation | 67 | |||
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, 2014 | 3,741 | |||
Accumulated Depreciation | 50 | |||
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, 2014 | 4,048 | |||
Accumulated Depreciation | 62 | |||
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, 2014 | 6,862 | |||
Accumulated Depreciation | 122 | |||
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, 2014 | 2,784 | |||
Accumulated Depreciation | 62 | |||
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, 2014 | 4,147 | |||
Accumulated Depreciation | 70 | |||
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, 2014 | 4,806 | |||
Accumulated Depreciation | 98 | |||
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, 2014 | 3,739 | |||
Accumulated Depreciation | 81 | |||
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, 2014 | 3,694 | |||
Accumulated Depreciation | 73 | |||
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, 2014 | 3,874 | |||
Accumulated Depreciation | 58 | |||
Darien Towne Center: | Darien, IL | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 6,718 | |||
Buildings and Improvements | 11,951 | |||
Total Adjustment to Basis | 871 | |||
Gross Amount at Which Carried At December 31, 2014 | 19,540 | |||
Accumulated Depreciation | 427 | |||
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, 2014 | 2,521 | |||
Accumulated Depreciation | 21 | |||
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 | 0 | |||
Gross Amount at Which Carried At December 31, 2014 | 11,811 | |||
Accumulated Depreciation | 372 | |||
Deltona Commons: | Deltona, FL | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 1,424 | |||
Buildings and Improvements | 7,760 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2014 | 9,184 | |||
Accumulated Depreciation | 313 | |||
Dick’s Sporting Goods: | Oklahoma City (3rd), OK | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 1,198 | |||
Buildings and Improvements | 7,838 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2014 | 9,036 | |||
Accumulated Depreciation | 457 | |||
Dick’s Sporting Goods: | Oklahoma City, OK | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 685 | |||
Buildings and Improvements | 10,587 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2014 | 11,272 | |||
Accumulated Depreciation | 602 | |||
Dollar General: | Abbeville, AL | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land | 294 | |||
Buildings and Improvements | 1,302 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2014 | 1,596 | |||
Accumulated Depreciation | 7 | |||
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, 2014 | 840 | |||
Accumulated Depreciation | 29 | |||
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, 2014 | 1,211 | |||
Accumulated Depreciation | 35 | |||
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, 2014 | 909 | |||
Accumulated Depreciation | 41 | |||
Dollar General: | Alton, TX | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land | 94 | |||
Buildings and Improvements | 922 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2014 | 1,016 | |||
Accumulated Depreciation | 7 | |||
Dollar General: | Arapahoe, NE | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land | 44 | |||
Buildings and Improvements | 873 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2014 | 917 | |||
Accumulated Depreciation | 7 | |||
Dollar General: | Asheville, NC | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land | 379 | |||
Buildings and Improvements | 753 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2014 | 1,132 | |||
Accumulated Depreciation | 34 | |||
Dollar General: | Ashville, AL | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 666 | |||
Land | 255 | |||
Buildings and Improvements | 678 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2014 | 933 | |||
Accumulated Depreciation | 42 | |||
Dollar General: | Atmore, AL | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land | 243 | |||
Buildings and Improvements | 858 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2014 | 1,101 | |||
Accumulated Depreciation | 20 | |||
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, 2014 | 1,281 | |||
Accumulated Depreciation | 44 | |||
Dollar General: | Belle, MO | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land | 51 | |||
Buildings and Improvements | 880 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2014 | 931 | |||
Accumulated Depreciation | 7 | |||
Dollar General: | Berry, AL | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land | 104 | |||
Buildings and Improvements | 1,196 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2014 | 1,300 | |||
Accumulated Depreciation | 9 | |||
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, 2014 | 1,083 | |||
Accumulated Depreciation | 33 | |||
Dollar General: | Bloomfield, NE | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land | 50 | |||
Buildings and Improvements | 845 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2014 | 895 | |||
Accumulated Depreciation | 1 | |||
Dollar General: | Blue Rapids, KS | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land | 52 | |||
Buildings and Improvements | 880 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2014 | 932 | |||
Accumulated Depreciation | 5 | |||
Dollar General: | Bluefield, WV | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land | 337 | |||
Buildings and Improvements | 686 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2014 | 1,023 | |||
Accumulated Depreciation | 4 | |||
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, 2014 | 918 | |||
Accumulated Depreciation | 47 | |||
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, 2014 | 1,121 | |||
Accumulated Depreciation | 37 | |||
Dollar General: | Brandon, SD | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land | 292 | |||
Buildings and Improvements | 871 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2014 | 1,163 | |||
Accumulated Depreciation | 5 | |||
Dollar General: | Breaux Bridge, LA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 840 | |||
Land | 225 | |||
Buildings and Improvements | 1,007 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2014 | 1,232 | |||
Accumulated Depreciation | 58 | |||
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, 2014 | 969 | |||
Accumulated Depreciation | 26 | |||
Dollar General: | Brownsville, TX | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 822 | |||
Land | 264 | |||
Buildings and Improvements | 943 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2014 | 1,207 | |||
Accumulated Depreciation | 51 | |||
Dollar General: | Buffalo, NY | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land | 122 | |||
Buildings and Improvements | 1,099 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2014 | 1,221 | |||
Accumulated Depreciation | 1 | |||
Dollar General: | Clay, AL | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 792 | |||
Land | 305 | |||
Buildings and Improvements | 768 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2014 | 1,073 | |||
Accumulated Depreciation | 43 | |||
Dollar General: | Cleveland, TX | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 684 | |||
Land | 158 | |||
Buildings and Improvements | 856 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2014 | 1,014 | |||
Accumulated Depreciation | 46 | |||
Dollar General: | Columbus, OH | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land | 279 | |||
Buildings and Improvements | 1,248 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2014 | 1,527 | |||
Accumulated Depreciation | 40 | |||
Dollar General: | Conroe, TX | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 756 | |||
Land | 167 | |||
Buildings and Improvements | 946 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2014 | 1,113 | |||
Accumulated Depreciation | 50 | |||
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, 2014 | 3,490 | |||
Accumulated Depreciation | 30 | |||
Dollar General: | Cullman, AL | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land | 159 | |||
Buildings and Improvements | 824 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2014 | 983 | |||
Accumulated Depreciation | 8 | |||
Dollar General: | Decatur, IL (Taylorville) | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land | 133 | |||
Buildings and Improvements | 986 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2014 | 1,119 | |||
Accumulated Depreciation | 14 | |||
Dollar General: | Decatur, IL (Eldorado) | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land | 219 | |||
Buildings and Improvements | 964 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2014 | 1,183 | |||
Accumulated Depreciation | 7 | |||
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, 2014 | 1,194 | |||
Accumulated Depreciation | 35 | |||
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, 2014 | 1,334 | |||
Accumulated Depreciation | 38 | |||
Dollar General: | Deridder (Hwy 26), LA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 135 | |||
Buildings and Improvements | 923 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2014 | 1,058 | |||
Accumulated Depreciation | 32 | |||
Dollar General: | Deridder (Hwy 190), LA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 176 | |||
Buildings and Improvements | 905 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2014 | 1,081 | |||
Accumulated Depreciation | 33 | |||
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, 2014 | 1,109 | |||
Accumulated Depreciation | 35 | |||
Dollar General: | Dora, AL | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land | 124 | |||
Buildings and Improvements | 935 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2014 | 1,059 | |||
Accumulated Depreciation | 7 | |||
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, 2014 | 1,343 | |||
Accumulated Depreciation | 30 | |||
Dollar General: | Edinburg, TX | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land | 146 | |||
Buildings and Improvements | 809 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2014 | 955 | |||
Accumulated Depreciation | 10 | |||
Dollar General: | Eight Mile, AL | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land | 110 | |||
Buildings and Improvements | 865 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2014 | 975 | |||
Accumulated Depreciation | 13 | |||
Dollar General: | Elk Point, SD | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land | 97 | |||
Buildings and Improvements | 839 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2014 | 936 | |||
Accumulated Depreciation | 7 | |||
Dollar General: | Ellerslie, GA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land | 247 | |||
Buildings and Improvements | 797 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2014 | 1,044 | |||
Accumulated Depreciation | 15 | |||
Dollar General: | Eufaula, AL | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land | 300 | |||
Buildings and Improvements | 930 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2014 | 1,230 | |||
Accumulated Depreciation | 12 | |||
Dollar General: | Farmington, NM | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land | 175 | |||
Buildings and Improvements | 919 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2014 | 1,094 | |||
Accumulated Depreciation | 7 | |||
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, 2014 | 1,022 | |||
Accumulated Depreciation | 26 | |||
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, 2014 | 2,950 | |||
Accumulated Depreciation | 102 | |||
Dollar General: | Fruitport, MI | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land | 100 | |||
Buildings and Improvements | 968 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2014 | 1,068 | |||
Accumulated Depreciation | 13 | |||
Dollar General: | Geneva, AL | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 738 | |||
Land | 204 | |||
Buildings and Improvements | 815 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2014 | 1,019 | |||
Accumulated Depreciation | 49 | |||
Dollar General: | Geraldine, AL | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land | 220 | |||
Buildings and Improvements | 1,146 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2014 | 1,366 | |||
Accumulated Depreciation | 19 | |||
Dollar General: | Greenwell Springs, LA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 870 | |||
Land | 444 | |||
Buildings and Improvements | 841 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2014 | 1,285 | |||
Accumulated Depreciation | 49 | |||
Dollar General: | Groveport, OH | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 822 | |||
Land | 416 | |||
Buildings and Improvements | 813 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2014 | 1,229 | |||
Accumulated Depreciation | 42 | |||
Dollar General: | Hamilton, AL | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land | 208 | |||
Buildings and Improvements | 1,024 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2014 | 1,232 | |||
Accumulated Depreciation | 6 | |||
Dollar General: | Hanceville, AL | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 2,029 | |||
Land | 1,232 | |||
Buildings and Improvements | 1,488 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2014 | 2,720 | |||
Accumulated Depreciation | 97 | |||
Dollar General: | Harlingen, TX | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land | 144 | |||
Buildings and Improvements | 853 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2014 | 997 | |||
Accumulated Depreciation | 13 | |||
Dollar General: | Harvest, AL | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 684 | |||
Land | 261 | |||
Buildings and Improvements | 691 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2014 | 952 | |||
Accumulated Depreciation | 43 | |||
Dollar General: | Harviell, MO | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land | 50 | |||
Buildings and Improvements | 818 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2014 | 868 | |||
Accumulated Depreciation | 18 | |||
Dollar General: | Hastings, NE | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land | 177 | |||
Buildings and Improvements | 850 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2014 | 1,027 | |||
Accumulated Depreciation | 5 | |||
Dollar General: | Hayneville, AL | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land | 249 | |||
Buildings and Improvements | 1,181 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2014 | 1,430 | |||
Accumulated Depreciation | 12 | |||
Dollar General: | Hillsboro, OH | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land | 262 | |||
Buildings and Improvements | 956 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2014 | 1,218 | |||
Accumulated Depreciation | 7 | |||
Dollar General: | Hinton, WV | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land | 199 | |||
Buildings and Improvements | 1,367 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2014 | 1,566 | |||
Accumulated Depreciation | 13 | |||
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, 2014 | 1,167 | |||
Accumulated Depreciation | 33 | |||
Dollar General: | Houston, TX | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 966 | |||
Land | 311 | |||
Buildings and Improvements | 1,102 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2014 | 1,413 | |||
Accumulated Depreciation | 58 | |||
Dollar General: | Houston (Gears), TX | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 255 | |||
Buildings and Improvements | 1,393 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2014 | 1,648 | |||
Accumulated Depreciation | 43 | |||
Dollar General: | Huntsville, AL | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 768 | |||
Land | 177 | |||
Buildings and Improvements | 847 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2014 | 1,024 | |||
Accumulated Depreciation | 51 | |||
Dollar General: | Independence, MO | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 828 | |||
Land | 170 | |||
Buildings and Improvements | 1,072 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2014 | 1,242 | |||
Accumulated Depreciation | 59 | |||
Dollar General: | Kansas City (Oak), MO | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 283 | |||
Buildings and Improvements | 1,068 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2014 | 1,351 | |||
Accumulated Depreciation | 35 | |||
Dollar General: | Kansas City (Troost), MO | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 233 | |||
Buildings and Improvements | 1,054 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2014 | 1,287 | |||
Accumulated Depreciation | 32 | |||
Dollar General: | Kasson, MN | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land | 138 | |||
Buildings and Improvements | 888 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2014 | 1,026 | |||
Accumulated Depreciation | 10 | |||
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, 2014 | 992 | |||
Accumulated Depreciation | 26 | |||
Dollar General: | Kinston, AL | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 642 | |||
Land | 170 | |||
Buildings and Improvements | 718 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2014 | 888 | |||
Accumulated Depreciation | 44 | |||
Dollar General: | Kolona, IA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land | 81 | |||
Buildings and Improvements | 868 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2014 | 949 | |||
Accumulated Depreciation | 9 | |||
Dollar General: | Lake Charles (Broad), LA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 146 | |||
Buildings and Improvements | 989 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2014 | 1,135 | |||
Accumulated Depreciation | 36 | |||
Dollar General: | Lamesa, TX | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land | 75 | |||
Buildings and Improvements | 803 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2014 | 878 | |||
Accumulated Depreciation | 10 | |||
Dollar General: | Lansing, MI | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land | 232 | |||
Buildings and Improvements | 939 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2014 | 1,171 | |||
Accumulated Depreciation | 13 | |||
Dollar General: | Lebanon, TN | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land | 177 | |||
Buildings and Improvements | 882 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2014 | 1,059 | |||
Accumulated Depreciation | 12 | |||
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, 2014 | 934 | |||
Accumulated Depreciation | 34 | |||
Dollar General: | Lima, OH | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 810 | |||
Land | 156 | |||
Buildings and Improvements | 1,040 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2014 | 1,196 | |||
Accumulated Depreciation | 57 | |||
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, 2014 | 1,063 | |||
Accumulated Depreciation | 30 | |||
Dollar General: | Lone Jack, MO | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land | 152 | |||
Buildings and Improvements | 960 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2014 | 1,112 | |||
Accumulated Depreciation | 16 | |||
Dollar General: | Los Fresnos, TX | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land | 55 | |||
Buildings and Improvements | 867 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2014 | 922 | |||
Accumulated Depreciation | 7 | |||
Dollar General: | Los Lunas, NM | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land | 113 | |||
Buildings and Improvements | 857 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2014 | 970 | |||
Accumulated Depreciation | 15 | |||
Dollar General: | Louisburg, KS | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land | 324 | |||
Buildings and Improvements | 936 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2014 | 1,260 | |||
Accumulated Depreciation | 14 | |||
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, 2014 | 1,306 | |||
Accumulated Depreciation | 32 | |||
Dollar General: | Lubbock, TX | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 744 | |||
Land | 468 | |||
Buildings and Improvements | 641 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2014 | 1,109 | |||
Accumulated Depreciation | 36 | |||
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, 2014 | 1,115 | |||
Accumulated Depreciation | 28 | |||
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, 2014 | 1,298 | |||
Accumulated Depreciation | 33 | |||
Dollar General: | Maple Lake, MN | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land | 92 | |||
Buildings and Improvements | 893 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2014 | 985 | |||
Accumulated Depreciation | 5 | |||
Dollar General: | Millbrook, AL | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land | 320 | |||
Buildings and Improvements | 1,175 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2014 | 1,495 | |||
Accumulated Depreciation | 15 | |||
Dollar General: | Mission, TX | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land | 182 | |||
Buildings and Improvements | 858 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2014 | 1,040 | |||
Accumulated Depreciation | 7 | |||
Dollar General: | Maynardville, TN | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 750 | |||
Land | 238 | |||
Buildings and Improvements | 754 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2014 | 992 | |||
Accumulated Depreciation | 48 | |||
Dollar General: | Mobile (Newman), AL | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 139 | |||
Buildings and Improvements | 1,005 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2014 | 1,144 | |||
Accumulated Depreciation | 33 | |||
Dollar General: | Mobile (Schillinger), AL | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 410 | |||
Buildings and Improvements | 1,059 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2014 | 1,469 | |||
Accumulated Depreciation | 45 | |||
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, 2014 | 1,200 | |||
Accumulated Depreciation | 33 | |||
Dollar General: | Montgomery, AL | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land | 140 | |||
Buildings and Improvements | 909 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2014 | 1,049 | |||
Accumulated Depreciation | 5 | |||
Dollar General: | Moose Lake, MN | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land | 140 | |||
Buildings and Improvements | 937 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2014 | 1,077 | |||
Accumulated Depreciation | 6 | |||
Dollar General: | Moroa, IL | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land | 111 | |||
Buildings and Improvements | 921 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2014 | 1,032 | |||
Accumulated Depreciation | 13 | |||
Dollar General: | Mt. Vernon, IL | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land | 177 | |||
Buildings and Improvements | 985 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2014 | 1,162 | |||
Accumulated Depreciation | 16 | |||
Dollar General: | Nashville, GA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 2,088 | |||
Land | 215 | |||
Buildings and Improvements | 2,533 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2014 | 2,748 | |||
Accumulated Depreciation | 130 | |||
Dollar General: | Nashville, MI | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land | 103 | |||
Buildings and Improvements | 1,255 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2014 | 1,358 | |||
Accumulated Depreciation | 30 | |||
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, 2014 | 1,158 | |||
Accumulated Depreciation | 33 | |||
Dollar General: | Neoga, IL | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land | 94 | |||
Buildings and Improvements | 860 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2014 | 954 | |||
Accumulated Depreciation | 8 | |||
Dollar General: | Ness City, KS | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land | 21 | |||
Buildings and Improvements | 860 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2014 | 881 | |||
Accumulated Depreciation | $19 |
Schedule_III_Real_Estate_Asset4
Schedule III - Real Estate Assets and Accumulated Depreciated Schedule III - Real Estate Assets and Accumulated Deprecation - 3 (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $565,836 | |||
Land | 974,920 | |||
Buildings and Improvements | 2,596,981 | |||
Total Adjustment to Basis | 19,038 | |||
Gross Amount at Which Carried At December 31, 2014 | 3,590,939 | 1,960,708 | 464,539 | |
Accumulated Depreciation | 78,186 | 78,186 | 23,377 | 1,743 |
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, 2014 | 1,229 | |||
Accumulated Depreciation | 36 | |||
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, 2014 | 1,074 | |||
Accumulated Depreciation | 36 | |||
Dollar General: | Nitro, WV | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land | 451 | |||
Buildings and Improvements | 1,034 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2014 | 1,485 | |||
Accumulated Depreciation | 14 | |||
Dollar General: | Nixa, MO | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land | 235 | |||
Buildings and Improvements | 806 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2014 | 1,041 | |||
Accumulated Depreciation | 16 | |||
Dollar General: | Newark, OH | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 792 | |||
Land | 222 | |||
Buildings and Improvements | 946 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2014 | 1,168 | |||
Accumulated Depreciation | 49 | |||
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, 2014 | 1,067 | |||
Accumulated Depreciation | 33 | |||
Dollar General: | Onawa, IA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land | 176 | |||
Buildings and Improvements | 842 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2014 | 1,018 | |||
Accumulated Depreciation | 12 | |||
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, 2014 | 1,039 | |||
Accumulated Depreciation | 31 | |||
Dollar General: | Ortonville, MN | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land | 113 | |||
Buildings and Improvements | 907 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2014 | 1,020 | |||
Accumulated Depreciation | 8 | |||
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, 2014 | 1,248 | |||
Accumulated Depreciation | 26 | |||
Dollar General: | Palestine, IL | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land | 155 | |||
Buildings and Improvements | 893 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2014 | 1,048 | |||
Accumulated Depreciation | 13 | |||
Dollar General: | Parchment, MI | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land | 168 | |||
Buildings and Improvements | 1,162 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2014 | 1,330 | |||
Accumulated Depreciation | 16 | |||
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, 2014 | 978 | |||
Accumulated Depreciation | 47 | |||
Dollar General: | Parsons, TN | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land | 166 | |||
Buildings and Improvements | 1,136 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2014 | 1,302 | |||
Accumulated Depreciation | 14 | |||
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, 2014 | 1,049 | |||
Accumulated Depreciation | 31 | |||
Dollar General: | Piedmont, AL | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 1,980 | |||
Land | 1,037 | |||
Buildings and Improvements | 1,579 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2014 | 2,616 | |||
Accumulated Depreciation | 104 | |||
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, 2014 | 1,249 | |||
Accumulated Depreciation | 29 | |||
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, 2014 | 1,284 | |||
Accumulated Depreciation | 32 | |||
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, 2014 | 1,190 | |||
Accumulated Depreciation | 31 | |||
Dollar General: | Princeton, MO | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land | 155 | |||
Buildings and Improvements | 1,159 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2014 | 1,314 | |||
Accumulated Depreciation | 7 | |||
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, 2014 | 1,053 | |||
Accumulated Depreciation | 46 | |||
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, 2014 | 1,073 | |||
Accumulated Depreciation | 33 | |||
Dollar General: | Rainsville, AL | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land | 290 | |||
Buildings and Improvements | 1,267 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2014 | 1,557 | |||
Accumulated Depreciation | 13 | |||
Dollar General: | Ravenna, MI | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land | 199 | |||
Buildings and Improvements | 958 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2014 | 1,157 | |||
Accumulated Depreciation | 23 | |||
Dollar General: | Rayne, LA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 702 | |||
Land | 125 | |||
Buildings and Improvements | 910 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2014 | 1,035 | |||
Accumulated Depreciation | 50 | |||
Dollar General: | Roanoke, IL | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land | 93 | |||
Buildings and Improvements | 846 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2014 | 939 | |||
Accumulated Depreciation | 14 | |||
Dollar General: | Romney, IN | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land | 87 | |||
Buildings and Improvements | 827 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2014 | 914 | |||
Accumulated Depreciation | 10 | |||
Dollar General: | Romulus, MI | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land | 274 | |||
Buildings and Improvements | 1,171 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2014 | 1,445 | |||
Accumulated Depreciation | 24 | |||
Dollar General: | Russell, KS | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land | 54 | |||
Buildings and Improvements | 899 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2014 | 953 | |||
Accumulated Depreciation | 9 | |||
Dollar General: | San Antonio, TX | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land | 295 | |||
Buildings and Improvements | 743 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2014 | 1,038 | |||
Accumulated Depreciation | 10 | |||
Dollar General: | San Carlos, TX | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land | 70 | |||
Buildings and Improvements | 1,063 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2014 | 1,133 | |||
Accumulated Depreciation | 15 | |||
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, 2014 | 1,026 | |||
Accumulated Depreciation | 25 | |||
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, 2014 | 1,004 | |||
Accumulated Depreciation | 33 | |||
Dollar General: | Shelby, MI | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land | 128 | |||
Buildings and Improvements | 1,033 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2014 | 1,161 | |||
Accumulated Depreciation | 25 | |||
Dollar General: | Slocomb, AL | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land | 124 | |||
Buildings and Improvements | 918 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2014 | 1,042 | |||
Accumulated Depreciation | 22 | |||
Dollar General: | Snead, AL | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land | 126 | |||
Buildings and Improvements | 1,137 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2014 | 1,263 | |||
Accumulated Depreciation | 9 | |||
Dollar General: | South Bay, FL | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land | 258 | |||
Buildings and Improvements | 1,262 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2014 | 1,520 | |||
Accumulated Depreciation | 20 | |||
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, 2014 | 1,409 | |||
Accumulated Depreciation | 38 | |||
Dollar General: | Springfield, IL | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land | 205 | |||
Buildings and Improvements | 934 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2014 | 1,139 | |||
Accumulated Depreciation | 7 | |||
Dollar General: | Springfield, MO | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land | 171 | |||
Buildings and Improvements | 810 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2014 | 981 | |||
Accumulated Depreciation | 10 | |||
Dollar General: | Springfield, NE | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land | 172 | |||
Buildings and Improvements | 864 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2014 | 1,036 | |||
Accumulated Depreciation | 15 | |||
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, 2014 | 1,125 | |||
Accumulated Depreciation | 35 | |||
Dollar General: | St. Louis, MO (Grand) | ||||
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, 2014 | 1,331 | |||
Accumulated Depreciation | 31 | |||
Dollar General: | St. Louis, MO (Lewis & Clark) | ||||
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, 2014 | 1,358 | |||
Accumulated Depreciation | 29 | |||
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, 2014 | 1,147 | |||
Accumulated Depreciation | 28 | |||
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, 2014 | 1,117 | |||
Accumulated Depreciation | 40 | |||
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, 2014 | 1,011 | |||
Accumulated Depreciation | 34 | |||
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, 2014 | 1,294 | |||
Accumulated Depreciation | 37 | |||
Dollar General: | Toney, AL | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 642 | |||
Land | 86 | |||
Buildings and Improvements | 792 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2014 | 878 | |||
Accumulated Depreciation | 42 | |||
Dollar General: | Urbana, OH | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land | 133 | |||
Buildings and Improvements | 1,051 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2014 | 1,184 | |||
Accumulated Depreciation | 18 | |||
Dollar General: | Volga, SD | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land | 51 | |||
Buildings and Improvements | 784 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2014 | 835 | |||
Accumulated Depreciation | 6 | |||
Dollar General: | Waco, TX | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land | 26 | |||
Buildings and Improvements | 922 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2014 | 948 | |||
Accumulated Depreciation | 15 | |||
Dollar General: | Wagener, SC | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land | 477 | |||
Buildings and Improvements | 1,169 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2014 | 1,646 | |||
Accumulated Depreciation | 9 | |||
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, 2014 | 1,007 | |||
Accumulated Depreciation | 33 | |||
Dollar General: | Waterloo, IA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land | 330 | |||
Buildings and Improvements | 908 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2014 | 1,238 | |||
Accumulated Depreciation | 3 | |||
Dollar General: | Weslaco, TX | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land | 141 | |||
Buildings and Improvements | 848 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2014 | 989 | |||
Accumulated Depreciation | 7 | |||
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, 2014 | 1,129 | |||
Accumulated Depreciation | 40 | |||
Dollar General: | Wetumpka, AL | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land | 290 | |||
Buildings and Improvements | 779 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2014 | 1,069 | |||
Accumulated Depreciation | 13 | |||
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, 2014 | 1,278 | |||
Accumulated Depreciation | 35 | |||
Dollar General: | Whitwell, TN | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 870 | |||
Land | 159 | |||
Buildings and Improvements | 1,035 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2014 | 1,194 | |||
Accumulated Depreciation | 66 | |||
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, 2014 | 874 | |||
Accumulated Depreciation | 29 | |||
Dollar General: | Winsted, MN | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land | 152 | |||
Buildings and Improvements | 841 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2014 | 993 | |||
Accumulated Depreciation | 7 | |||
Dollar General: | Wisner, NE | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land | 37 | |||
Buildings and Improvements | 773 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2014 | 810 | |||
Accumulated Depreciation | 13 | |||
Dollar General: | Woodville, OH | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 786 | |||
Land | 169 | |||
Buildings and Improvements | 1,009 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2014 | 1,178 | |||
Accumulated Depreciation | 54 | |||
Dollar General: | Yatesville, GA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 666 | |||
Land | 120 | |||
Buildings and Improvements | 797 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2014 | 917 | |||
Accumulated Depreciation | 43 | |||
Dollar General: | Berry, AL | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land | 104 | |||
Buildings and Improvements | 1,196 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2014 | 1,300 | |||
Accumulated Depreciation | 9 | |||
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, 2014 | 3,263 | |||
Accumulated Depreciation | 133 | |||
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, 2014 | 4,412 | |||
Accumulated Depreciation | 156 | |||
East Manchester Village Center: | Manchester, PA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land | 2,517 | |||
Buildings and Improvements | 12,672 | |||
Total Adjustment to Basis | 202 | |||
Gross Amount at Which Carried At December 31, 2014 | 15,391 | |||
Accumulated Depreciation | 365 | |||
East West Commons: | Austell, GA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land | 10,094 | |||
Buildings and Improvements | 16,034 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2014 | 26,128 | |||
Accumulated Depreciation | 150 | |||
Emerald Place: | Greenwood, SC | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 2,042 | |||
Buildings and Improvements | 9,942 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2014 | 11,984 | |||
Accumulated Depreciation | 411 | |||
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, 2014 | 9,062 | |||
Accumulated Depreciation | 263 | |||
Fairview Village: | Cary, NC | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 2,514 | |||
Buildings and Improvements | 3,557 | |||
Total Adjustment to Basis | 52 | |||
Gross Amount at Which Carried At December 31, 2014 | 6,123 | |||
Accumulated Depreciation | 206 | |||
Family Center: | Riverdale, UT | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 21,716 | |||
Buildings and Improvements | 29,454 | |||
Total Adjustment to Basis | -1,028 | |||
Gross Amount at Which Carried At December 31, 2014 | 50,142 | |||
Accumulated Depreciation | 786 | |||
Family Dollar: | San Antonio, TX | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land | 54 | |||
Buildings and Improvements | 900 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2014 | 954 | |||
Accumulated Depreciation | 8 | |||
Family Dollar: | Aberdeen, ID | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land | 101 | |||
Buildings and Improvements | 1,054 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2014 | 1,155 | |||
Accumulated Depreciation | 6 | |||
Family Dollar: | Adelanto, GA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land | 463 | |||
Buildings and Improvements | 1,711 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2014 | 2,174 | |||
Accumulated Depreciation | 6 | |||
Family Dollar: | Albany, GA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land | 347 | |||
Buildings and Improvements | 925 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2014 | 1,272 | |||
Accumulated Depreciation | 3 | |||
Family Dollar: | Apple Springs, TX | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land | 91 | |||
Buildings and Improvements | 804 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2014 | 895 | |||
Accumulated Depreciation | 3 | |||
Family Dollar: | Bagley, MN | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land | 95 | |||
Buildings and Improvements | 1,114 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2014 | 1,209 | |||
Accumulated Depreciation | 17 | |||
Family Dollar: | Benavides, TX | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land | 27 | |||
Buildings and Improvements | 1,065 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2014 | 1,092 | |||
Accumulated Depreciation | 27 | |||
Family Dollar: | Berry, AL | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land | 122 | |||
Buildings and Improvements | 880 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2014 | 1,002 | |||
Accumulated Depreciation | 3 | |||
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, 2014 | 1,244 | |||
Accumulated Depreciation | 29 | |||
Family Dollar: | Broadway, VA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land | 213 | |||
Buildings and Improvements | 1,153 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2014 | 1,366 | |||
Accumulated Depreciation | 4 | |||
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, 2014 | 1,331 | |||
Accumulated Depreciation | 24 | |||
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, 2014 | 997 | |||
Accumulated Depreciation | 22 | |||
Family Dollar: | Burkeville, TX | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land | 357 | |||
Buildings and Improvements | 966 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2014 | 1,323 | |||
Accumulated Depreciation | 8 | |||
Family Dollar: | Cascade, ID | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land | 267 | |||
Buildings and Improvements | 1,147 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2014 | 1,414 | |||
Accumulated Depreciation | 25 | |||
Family Dollar: | Cass Lake, MN | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land | 157 | |||
Buildings and Improvements | 1,107 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2014 | 1,264 | |||
Accumulated Depreciation | 17 | |||
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, 2014 | 2,566 | |||
Accumulated Depreciation | 15 | |||
Family Dollar: | Charlotte, TX | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land | 118 | |||
Buildings and Improvements | 970 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2014 | 1,088 | |||
Accumulated Depreciation | 24 | |||
Family Dollar: | Cheyenne, WY | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land | 148 | |||
Buildings and Improvements | 986 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2014 | 1,134 | |||
Accumulated Depreciation | 19 | |||
Family Dollar: | Coachella, CA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land | 450 | |||
Buildings and Improvements | 1,634 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2014 | 2,084 | |||
Accumulated Depreciation | 37 | |||
Family Dollar: | Cocoa, FL | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land | 370 | |||
Buildings and Improvements | 1,092 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2014 | 1,462 | |||
Accumulated Depreciation | 8 | |||
Family Dollar: | Colmesnell, TX | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land | 172 | |||
Buildings and Improvements | 858 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2014 | 1,030 | |||
Accumulated Depreciation | 19 | |||
Family Dollar: | Columbia, SC | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land | 294 | |||
Buildings and Improvements | 824 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2014 | 1,118 | |||
Accumulated Depreciation | 5 | |||
Family Dollar: | Columbia, SC | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land | 332 | |||
Buildings and Improvements | 1,044 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2014 | 1,376 | |||
Accumulated Depreciation | 6 | |||
Family Dollar: | Comanche, TX | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land | 176 | |||
Buildings and Improvements | 1,145 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2014 | 1,321 | |||
Accumulated Depreciation | 11 | |||
Family Dollar: | Cordes Lakes, AZ | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land | 380 | |||
Buildings and Improvements | 1,421 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2014 | 1,801 | |||
Accumulated Depreciation | 11 | |||
Family Dollar: | Davenport, FL | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land | 298 | |||
Buildings and Improvements | 964 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2014 | 1,262 | |||
Accumulated Depreciation | 1 | |||
Family Dollar: | Davenport, IA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land | 167 | |||
Buildings and Improvements | 918 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2014 | 1,085 | |||
Accumulated Depreciation | 3 | |||
Family Dollar: | Dawson, TX | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land | 41 | |||
Buildings and Improvements | 799 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2014 | 840 | |||
Accumulated Depreciation | 3 | |||
Family Dollar: | Deadwood, SD | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land | 132 | |||
Buildings and Improvements | 1,139 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2014 | 1,271 | |||
Accumulated Depreciation | 9 | |||
Family Dollar: | Des Moines, IA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land | 290 | |||
Buildings and Improvements | 1,126 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2014 | 1,416 | |||
Accumulated Depreciation | 4 | |||
Family Dollar: | Eden, TX | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land | 82 | |||
Buildings and Improvements | 903 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2014 | 985 | |||
Accumulated Depreciation | 21 | |||
Family Dollar: | Elizabethtown, NY | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land | 107 | |||
Buildings and Improvements | 671 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2014 | 778 | |||
Accumulated Depreciation | 16 | |||
Family Dollar: | Eloy, AZ | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land | 86 | |||
Buildings and Improvements | 1,587 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2014 | 1,673 | |||
Accumulated Depreciation | 8 | |||
Family Dollar: | Empire, CA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land | 239 | |||
Buildings and Improvements | 1,527 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2014 | 1,766 | |||
Accumulated Depreciation | 22 | |||
Family Dollar: | Evans, CO | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land | 201 | |||
Buildings and Improvements | 817 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2014 | 1,018 | |||
Accumulated Depreciation | 6 | |||
Family Dollar: | Findlay, OH | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land | 326 | |||
Buildings and Improvements | 1,271 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2014 | 1,597 | |||
Accumulated Depreciation | 31 | |||
Family Dollar: | Folsom, LA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land | 325 | |||
Buildings and Improvements | 788 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2014 | 1,113 | |||
Accumulated Depreciation | 6 | |||
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, 2014 | 1,804 | |||
Accumulated Depreciation | 36 | |||
Family Dollar: | Fort Thomas, AZ | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land | 49 | |||
Buildings and Improvements | 1,173 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2014 | 1,222 | |||
Accumulated Depreciation | 26 | |||
Family Dollar: | Fort Worth, TX | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land | 532 | |||
Buildings and Improvements | 1,346 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2014 | 1,878 | |||
Accumulated Depreciation | 10 | |||
Family Dollar: | Fresno, CA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land | 488 | |||
Buildings and Improvements | 1,553 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2014 | 2,041 | |||
Accumulated Depreciation | 36 | |||
Family Dollar: | Garrison, TX | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land | 61 | |||
Buildings and Improvements | 1,306 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2014 | 1,367 | |||
Accumulated Depreciation | 1 | |||
Family Dollar: | Georgetown, KY | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land | 607 | |||
Buildings and Improvements | 905 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2014 | 1,512 | |||
Accumulated Depreciation | 3 | |||
Family Dollar: | Gering, NE | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land | 244 | |||
Buildings and Improvements | 913 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2014 | 1,157 | |||
Accumulated Depreciation | 7 | |||
Family Dollar: | Greenwood, WI | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land | 154 | |||
Buildings and Improvements | 920 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2014 | 1,074 | |||
Accumulated Depreciation | 13 | |||
Family Dollar: | Harrisonburg, VA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land | 229 | |||
Buildings and Improvements | 1,073 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2014 | 1,302 | |||
Accumulated Depreciation | 1 | |||
Family Dollar: | Hawkins, TX | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land | 49 | |||
Buildings and Improvements | 1,288 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2014 | 1,337 | |||
Accumulated Depreciation | 10 | |||
Family Dollar: | Hempstead, TX | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land | 219 | |||
Buildings and Improvements | 943 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2014 | 1,162 | |||
Accumulated Depreciation | 1 | |||
Family Dollar: | Hettinger, ND | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land | 214 | |||
Buildings and Improvements | 1,077 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2014 | 1,291 | |||
Accumulated Depreciation | $27 |
Schedule_III_Real_Estate_Asset5
Schedule III - Real Estate Assets and Accumulated Depreciated Schedule III - Real Estate Assets and Accumulated Depreciation - 4 (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $565,836 | |||
Land | 974,920 | |||
Buildings and Improvements | 2,596,981 | |||
Total Adjustment to Basis | 19,038 | |||
Gross Amount at Which Carried At December 31, 2014 | 3,590,939 | 1,960,708 | 464,539 | |
Accumulated Depreciation | 78,186 | 78,186 | 23,377 | 1,743 |
Family Dollar: | Hodgenville, KY | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land | 202 | |||
Buildings and Improvements | 783 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2014 | 985 | |||
Accumulated Depreciation | 6 | |||
Family Dollar: | Holtville, CA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land | 317 | |||
Buildings and Improvements | 1,609 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2014 | 1,926 | |||
Accumulated Depreciation | 37 | |||
Family Dollar: | Homosassa, FL | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land | 325 | |||
Buildings and Improvements | 1,001 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2014 | 1,326 | |||
Accumulated Depreciation | 1 | |||
Family Dollar: | Immokalee, FL | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land | 458 | |||
Buildings and Improvements | 1,248 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2014 | 1,706 | |||
Accumulated Depreciation | 4 | |||
Family Dollar: | Indianapolis, IN | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land | 238 | |||
Buildings and Improvements | 1,117 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2014 | 1,355 | |||
Accumulated Depreciation | 4 | |||
Family Dollar: | Indio, CA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land | 393 | |||
Buildings and Improvements | 1,636 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2014 | 2,029 | |||
Accumulated Depreciation | 23 | |||
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, 2014 | 1,031 | |||
Accumulated Depreciation | 23 | |||
Family Dollar: | Jacksonville, FL | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land | 134 | |||
Buildings and Improvements | 1,157 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2014 | 1,291 | |||
Accumulated Depreciation | 4 | |||
Family Dollar: | Jay, FL | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land | 190 | |||
Buildings and Improvements | 1,002 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2014 | 1,192 | |||
Accumulated Depreciation | 25 | |||
Family Dollar: | Jonesboro, GA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land | 297 | |||
Buildings and Improvements | 1,098 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2014 | 1,395 | |||
Accumulated Depreciation | 26 | |||
Family Dollar: | Keller, TX | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land | 749 | |||
Buildings and Improvements | 1,550 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2014 | 2,299 | |||
Accumulated Depreciation | 29 | |||
Family Dollar: | Kersey, CO | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land | 238 | |||
Buildings and Improvements | 904 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2014 | 1,142 | |||
Accumulated Depreciation | 15 | |||
Family Dollar: | Kiowa, OK | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land | 193 | |||
Buildings and Improvements | 947 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2014 | 1,140 | |||
Accumulated Depreciation | 8 | |||
Family Dollar: | Kissimmee, FL | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land | 622 | |||
Buildings and Improvements | 1,226 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2014 | 1,848 | |||
Accumulated Depreciation | 12 | |||
Family Dollar: | La Salle, CO | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land | 239 | |||
Buildings and Improvements | 890 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2014 | 1,129 | |||
Accumulated Depreciation | 3 | |||
Family Dollar: | LaBelle, FL | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land | 268 | |||
Buildings and Improvements | 1,037 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2014 | 1,305 | |||
Accumulated Depreciation | 25 | |||
Family Dollar: | Lake Elsinor, CA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land | 417 | |||
Buildings and Improvements | 1,682 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2014 | 2,099 | |||
Accumulated Depreciation | 35 | |||
Family Dollar: | Lakeland, FL | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land | 353 | |||
Buildings and Improvements | 937 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2014 | 1,290 | |||
Accumulated Depreciation | 14 | |||
Family Dollar: | Laredo, TX | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land | 302 | |||
Buildings and Improvements | 1,039 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2014 | 1,341 | |||
Accumulated Depreciation | 6 | |||
Family Dollar: | Levelland, TX | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land | 264 | |||
Buildings and Improvements | 952 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2014 | 1,216 | |||
Accumulated Depreciation | 7 | |||
Family Dollar: | Lorain, OH | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land | 320 | |||
Buildings and Improvements | 995 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2014 | 1,315 | |||
Accumulated Depreciation | 15 | |||
Family Dollar: | Louisville (Bank), KY | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land | 578 | |||
Buildings and Improvements | 919 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2014 | 1,497 | |||
Accumulated Depreciation | 20 | |||
Family Dollar: | Louisville (Cane), KY | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land | 480 | |||
Buildings and Improvements | 934 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2014 | 1,414 | |||
Accumulated Depreciation | 14 | |||
Family Dollar: | Mansfield, TX | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land | 849 | |||
Buildings and Improvements | 1,189 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2014 | 2,038 | |||
Accumulated Depreciation | 28 | |||
Family Dollar: | Melbourne, FL | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land | 362 | |||
Buildings and Improvements | 883 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2014 | 1,245 | |||
Accumulated Depreciation | 21 | |||
Family Dollar: | Melrose, FL | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land | 124 | |||
Buildings and Improvements | 929 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2014 | 1,053 | |||
Accumulated Depreciation | 7 | |||
Family Dollar: | Mertzon, TX | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land | 149 | |||
Buildings and Improvements | 995 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2014 | 1,144 | |||
Accumulated Depreciation | 8 | |||
Family Dollar: | Mesa, AZ | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land | 627 | |||
Buildings and Improvements | 1,468 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2014 | 2,095 | |||
Accumulated Depreciation | 30 | |||
Family Dollar: | Monroe, UT | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land | 272 | |||
Buildings and Improvements | 985 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2014 | 1,257 | |||
Accumulated Depreciation | 5 | |||
Family Dollar: | Moore Haven, FL | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land | 348 | |||
Buildings and Improvements | 1,016 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2014 | 1,364 | |||
Accumulated Depreciation | 18 | |||
Family Dollar: | Moulton, TX | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land | 102 | |||
Buildings and Improvements | 973 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2014 | 1,075 | |||
Accumulated Depreciation | 24 | |||
Family Dollar: | Naubinway, MI | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land | 47 | |||
Buildings and Improvements | 1,180 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2014 | 1,227 | |||
Accumulated Depreciation | 26 | |||
Family Dollar: | New Ellenton, SC | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land | 160 | |||
Buildings and Improvements | 800 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2014 | 960 | |||
Accumulated Depreciation | 1 | |||
Family Dollar: | New Summerfield, TX | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land | 230 | |||
Buildings and Improvements | 851 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2014 | 1,081 | |||
Accumulated Depreciation | 12 | |||
Family Dollar: | Nicholasville, KY | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land | 464 | |||
Buildings and Improvements | 826 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2014 | 1,290 | |||
Accumulated Depreciation | 18 | |||
Family Dollar: | North Charleston, SC | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land | 386 | |||
Buildings and Improvements | 997 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2014 | 1,383 | |||
Accumulated Depreciation | 3 | |||
Family Dollar: | Ocoee, FL | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land | 462 | |||
Buildings and Improvements | 1,173 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2014 | 1,635 | |||
Accumulated Depreciation | 4 | |||
Family Dollar: | Ordway, CO | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land | 81 | |||
Buildings and Improvements | 993 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2014 | 1,074 | |||
Accumulated Depreciation | 6 | |||
Family Dollar: | Oshkosh, WI | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land | 361 | |||
Buildings and Improvements | 815 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2014 | 1,176 | |||
Accumulated Depreciation | 19 | |||
Family Dollar: | Ossineke, MI | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land | 85 | |||
Buildings and Improvements | 898 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2014 | 983 | |||
Accumulated Depreciation | 18 | |||
Family Dollar: | Penitas, TX | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land | 182 | |||
Buildings and Improvements | 1,053 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2014 | 1,235 | |||
Accumulated Depreciation | 22 | |||
Family Dollar: | Pensacola, FL | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land | 509 | |||
Buildings and Improvements | 791 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2014 | 1,300 | |||
Accumulated Depreciation | 17 | |||
Family Dollar: | Pine Lake, GA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land | 639 | |||
Buildings and Improvements | 897 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2014 | 1,536 | |||
Accumulated Depreciation | 9 | |||
Family Dollar: | Plainview, NE | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land | 112 | |||
Buildings and Improvements | 774 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2014 | 886 | |||
Accumulated Depreciation | 15 | |||
Family Dollar: | Poinciana, FL | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land | 501 | |||
Buildings and Improvements | 1,186 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2014 | 1,687 | |||
Accumulated Depreciation | 9 | |||
Family Dollar: | Pojoaque, NM | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land | 545 | |||
Buildings and Improvements | 909 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2014 | 1,454 | |||
Accumulated Depreciation | 9 | |||
Family Dollar: | Posen, MI | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land | 101 | |||
Buildings and Improvements | 896 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2014 | 997 | |||
Accumulated Depreciation | 18 | |||
Family Dollar: | Preston, MN | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land | 161 | |||
Buildings and Improvements | 1,159 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2014 | 1,320 | |||
Accumulated Depreciation | 18 | |||
Family Dollar: | Radium Springs, NM | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land | 129 | |||
Buildings and Improvements | 1,086 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2014 | 1,215 | |||
Accumulated Depreciation | 25 | |||
Family Dollar: | Ramah, NM | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land | 217 | |||
Buildings and Improvements | 1,105 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2014 | 1,322 | |||
Accumulated Depreciation | 24 | |||
Family Dollar: | Rex, GA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land | 294 | |||
Buildings and Improvements | 1,393 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2014 | 1,687 | |||
Accumulated Depreciation | 5 | |||
Family Dollar: | Riverside, CA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land | 736 | |||
Buildings and Improvements | 1,558 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2014 | 2,294 | |||
Accumulated Depreciation | 29 | |||
Family Dollar: | Robert Lee, TX | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land | 94 | |||
Buildings and Improvements | 904 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2014 | 998 | |||
Accumulated Depreciation | 21 | |||
Family Dollar: | Rushford, MN | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land | 163 | |||
Buildings and Improvements | 844 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2014 | 1,007 | |||
Accumulated Depreciation | 13 | |||
Family Dollar: | Saginaw, MI | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land | 240 | |||
Buildings and Improvements | 956 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2014 | 1,196 | |||
Accumulated Depreciation | 5 | |||
Family Dollar: | San Antonio, TX | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land | 54 | |||
Buildings and Improvements | 900 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2014 | 954 | |||
Accumulated Depreciation | 8 | |||
Family Dollar: | San Antonio, TX 2 | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land | 421 | |||
Buildings and Improvements | 951 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2014 | 1,372 | |||
Accumulated Depreciation | 3 | |||
Family Dollar: | San Jacinto, CA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land | 430 | |||
Buildings and Improvements | 1,682 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2014 | 2,112 | |||
Accumulated Depreciation | 20 | |||
Family Dollar: | Schuyler, NE | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land | 260 | |||
Buildings and Improvements | 708 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2014 | 968 | |||
Accumulated Depreciation | 12 | |||
Family Dollar: | Shreveport, LA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land | 406 | |||
Buildings and Improvements | 978 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2014 | 1,384 | |||
Accumulated Depreciation | 16 | |||
Family Dollar: | Shreveport, LA 2 | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land | 272 | |||
Buildings and Improvements | 1,113 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2014 | 1,385 | |||
Accumulated Depreciation | 14 | |||
Family Dollar: | Shreveport, LA 3 | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land | 423 | |||
Buildings and Improvements | 1,099 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2014 | 1,522 | |||
Accumulated Depreciation | 6 | |||
Family Dollar: | Spurger, TX | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land | 86 | |||
Buildings and Improvements | 905 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2014 | 991 | |||
Accumulated Depreciation | 7 | |||
Family Dollar: | Statesboro, GA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land | 347 | |||
Buildings and Improvements | 800 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2014 | 1,147 | |||
Accumulated Depreciation | 19 | |||
Family Dollar: | Sterling City, TX | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land | 78 | |||
Buildings and Improvements | 889 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2014 | 967 | |||
Accumulated Depreciation | 21 | |||
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, 2014 | 2,019 | |||
Accumulated Depreciation | 14 | |||
Family Dollar: | Summerfield, FL | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 271 | |||
Buildings and Improvements | 978 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2014 | 1,249 | |||
Accumulated Depreciation | 1 | |||
Family Dollar: | Tallahassee, FL | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land | 189 | |||
Buildings and Improvements | 1,212 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2014 | 1,401 | |||
Accumulated Depreciation | 4 | |||
Family Dollar: | Taft, CA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land | 255 | |||
Buildings and Improvements | 1,422 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2014 | 1,677 | |||
Accumulated Depreciation | 51 | |||
Family Dollar: | Tampa (Cragmont), FL | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 563 | |||
Buildings and Improvements | 737 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2014 | 1,300 | |||
Accumulated Depreciation | 21 | |||
Family Dollar: | Tampa (Forest), FL | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 482 | |||
Buildings and Improvements | 920 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2014 | 1,402 | |||
Accumulated Depreciation | 26 | |||
Family Dollar: | Tampa (Hunt), FL | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land | 568 | |||
Buildings and Improvements | 1,137 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2014 | 1,705 | |||
Accumulated Depreciation | 14 | |||
Family Dollar: | Terra Bella, CA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land | 332 | |||
Buildings and Improvements | 1,394 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2014 | 1,726 | |||
Accumulated Depreciation | 32 | |||
Family Dollar: | Topeka, KS | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land | 419 | |||
Buildings and Improvements | 1,327 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2014 | 1,746 | |||
Accumulated Depreciation | 25 | |||
Family Dollar: | Tyler, MN | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land | 73 | |||
Buildings and Improvements | 895 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2014 | 968 | |||
Accumulated Depreciation | 14 | |||
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, 2014 | 1,351 | |||
Accumulated Depreciation | 23 | |||
Family Dollar: | Valdosta, GA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land | 424 | |||
Buildings and Improvements | 849 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2014 | 1,273 | |||
Accumulated Depreciation | 20 | |||
Family Dollar: | Waelder, TX | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land | 136 | |||
Buildings and Improvements | 788 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2014 | 924 | |||
Accumulated Depreciation | 12 | |||
Family Dollar: | Walker, LA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land | 294 | |||
Buildings and Improvements | 966 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2014 | 1,260 | |||
Accumulated Depreciation | 7 | |||
Family Dollar: | Wayne, OK | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land | 37 | |||
Buildings and Improvements | 937 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2014 | 974 | |||
Accumulated Depreciation | 14 | |||
Family Dollar: | Waynesburg, KY | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land | 150 | |||
Buildings and Improvements | 955 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2014 | 1,105 | |||
Accumulated Depreciation | 5 | |||
Family Dollar: | Wild Rose, WI | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land | 133 | |||
Buildings and Improvements | 866 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2014 | 999 | |||
Accumulated Depreciation | 12 | |||
Family Dollar: | Georgetown, KY | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land | 607 | |||
Buildings and Improvements | 905 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2014 | 1,512 | |||
Accumulated Depreciation | 3 | |||
Fargo Plaza: | Fargo, ND | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 2,097 | |||
Buildings and Improvements | 4,774 | |||
Total Adjustment to Basis | 376 | |||
Gross Amount at Which Carried At December 31, 2014 | 7,247 | |||
Accumulated Depreciation | 265 | |||
Flower Foods: | Orlando, FL | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land | 418 | |||
Buildings and Improvements | 387 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2014 | 805 | |||
Accumulated Depreciation | 3 | |||
Flower Foods: | Waldorf, MD | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land | 398 | |||
Buildings and Improvements | 1,045 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2014 | 1,443 | |||
Accumulated Depreciation | 9 | |||
Food 4 Less: | Atwater, CA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 1,383 | |||
Buildings and Improvements | 5,271 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2014 | 6,654 | |||
Accumulated Depreciation | 169 | |||
Fourth Creek Landing: | Stateville, 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, 2014 | 9,170 | |||
Accumulated Depreciation | 477 | |||
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, 2014 | 3,654 | |||
Accumulated Depreciation | 37 | |||
Fresh Market Center: | Glen Ellyn, IL | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land | 2,767 | |||
Buildings and Improvements | 6,403 | |||
Total Adjustment to Basis | 15 | |||
Gross Amount at Which Carried At December 31, 2014 | 9,185 | |||
Accumulated Depreciation | 52 | |||
Fresh Thyme: | Indianapolis, IN | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land | 1,087 | |||
Buildings and Improvements | 6,019 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2014 | 7,106 | |||
Accumulated Depreciation | 37 | |||
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 | 0 | |||
Gross Amount at Which Carried At December 31, 2014 | 5,893 | |||
Accumulated Depreciation | 35 | |||
Gander Mountain: | Pensacola, FL | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 2,152 | |||
Buildings and Improvements | 3,831 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2014 | 5,983 | |||
Accumulated Depreciation | 74 | |||
Gander Mountain: | Waukesha, WI | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 3,408 | |||
Buildings and Improvements | 12,918 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2014 | 16,326 | |||
Accumulated Depreciation | 95 | |||
Giant Eagle: | Seven Fields, PA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 1,574 | |||
Buildings and Improvements | 13,659 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2014 | 15,233 | |||
Accumulated Depreciation | 221 | |||
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, 2014 | 7,844 | |||
Accumulated Depreciation | 308 | |||
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, 2014 | 3,690 | |||
Accumulated Depreciation | 151 | |||
Golden Corral: | Georgetown, KY | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land | 1,048 | |||
Buildings and Improvements | 1,452 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2014 | 2,500 | |||
Accumulated Depreciation | 20 | |||
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, 2014 | 3,725 | |||
Accumulated Depreciation | 131 | |||
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, 2014 | 3,530 | |||
Accumulated Depreciation | 39 | |||
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, 2014 | 2,053 | |||
Accumulated Depreciation | 66 | |||
Hancock Village: | Chesterfield, VA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 15,000 | |||
Land | 8,874 | |||
Buildings and Improvements | 17,287 | |||
Total Adjustment to Basis | 96 | |||
Gross Amount at Which Carried At December 31, 2014 | 26,257 | |||
Accumulated Depreciation | 897 | |||
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, 2014 | 2,003 | |||
Accumulated Depreciation | 72 | |||
HEB Center: | Waxahachie, TX | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 7,000 | |||
Land | 3,465 | |||
Buildings and Improvements | 7,952 | |||
Total Adjustment to Basis | 287 | |||
Gross Amount at Which Carried At December 31, 2014 | 11,704 | |||
Accumulated Depreciation | 542 | |||
Hickory Flat Commons: | Canton, GA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 4,482 | |||
Buildings and Improvements | 13,174 | |||
Total Adjustment to Basis | 9 | |||
Gross Amount at Which Carried At December 31, 2014 | 17,665 | |||
Accumulated Depreciation | 790 | |||
Hobby Lobby: | Dickson City, PA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land | 1,113 | |||
Buildings and Improvements | 7,946 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2014 | 9,059 | |||
Accumulated Depreciation | 165 | |||
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, 2014 | 11,161 | |||
Accumulated Depreciation | 278 | |||
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, 2014 | 5,118 | |||
Accumulated Depreciation | 315 | |||
Home Depot: | North Canton, OH | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 2,203 | |||
Buildings and Improvements | 12,012 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2014 | 14,215 | |||
Accumulated Depreciation | 662 | |||
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, 2014 | 12,426 | |||
Accumulated Depreciation | 493 | |||
IHOP: | Anderson, IN | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land | 54 | |||
Buildings and Improvements | 1,633 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2014 | 1,687 | |||
Accumulated Depreciation | 22 | |||
IHOP: | Columbus, OH | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land | 408 | |||
Buildings and Improvements | 1,783 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2014 | 2,191 | |||
Accumulated Depreciation | 24 | |||
IHOP: | Columbus, OH 2 | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land | 315 | |||
Buildings and Improvements | 1,864 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2014 | 2,179 | |||
Accumulated Depreciation | $25 |
Schedule_III_Real_Estate_Asset6
Schedule III - Real Estate Assets and Accumulated Depreciated Schedule III - Real Estate Assets and Accumulated Depreciation - 5 (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $565,836 | |||
Land | 974,920 | |||
Buildings and Improvements | 2,596,981 | |||
Total Adjustment to Basis | 19,038 | |||
Gross Amount at Which Carried At December 31, 2014 | 3,590,939 | 1,960,708 | 464,539 | |
Accumulated Depreciation | 78,186 | 78,186 | 23,377 | 1,743 |
IHOP: | Lancaster, OH | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land | 157 | |||
Buildings and Improvements | 1,497 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2014 | 1,654 | |||
Accumulated Depreciation | 20 | |||
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, 2014 | 2,913 | |||
Accumulated Depreciation | 46 | |||
IHOP: | Richmond, IN | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land | 106 | |||
Buildings and Improvements | 1,428 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2014 | 1,534 | |||
Accumulated Depreciation | 20 | |||
Inglewood Plaza: | Inglewood, CA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 9,880 | |||
Buildings and Improvements | 14,099 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2014 | 23,979 | |||
Accumulated Depreciation | 111 | |||
Kirklands: | Dothan, AL | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land | 486 | |||
Buildings and Improvements | 946 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2014 | 1,432 | |||
Accumulated Depreciation | 12 | |||
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, 2014 | 2,686 | |||
Accumulated Depreciation | 106 | |||
Kohl’s: | Cedar Falls, IA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 1,600 | |||
Buildings and Improvements | 5,796 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2014 | 7,396 | |||
Accumulated Depreciation | 321 | |||
Kohl’s: | Charlottesville, VA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 3,929 | |||
Buildings and Improvements | 12,280 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2014 | 16,209 | |||
Accumulated Depreciation | 146 | |||
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, 2014 | 3,290 | |||
Accumulated Depreciation | 0 | |||
Kroger: | Shelton, WA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 1,180 | |||
Buildings and Improvements | 11,040 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2014 | 12,220 | |||
Accumulated Depreciation | 227 | |||
Kroger: | Whitehall, OH | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 581 | |||
Buildings and Improvements | 6,628 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2014 | 7,209 | |||
Accumulated Depreciation | 198 | |||
Kum & Go: | Bentonville (Central), AR | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 916 | |||
Buildings and Improvements | 1,864 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2014 | 2,780 | |||
Accumulated Depreciation | 80 | |||
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, 2014 | 3,087 | |||
Accumulated Depreciation | 35 | |||
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, 2014 | 2,335 | |||
Accumulated Depreciation | 82 | |||
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, 2014 | 2,464 | |||
Accumulated Depreciation | 75 | |||
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, 2014 | 2,380 | |||
Accumulated Depreciation | 72 | |||
L.A. Fitness: | Bloomfield Township, MI | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 2,287 | |||
Buildings and Improvements | 10,075 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2014 | 12,362 | |||
Accumulated Depreciation | 438 | |||
L.A. Fitness: | Garland, TX | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 2,005 | |||
Buildings and Improvements | 6,861 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2014 | 8,866 | |||
Accumulated Depreciation | 187 | |||
L.A. Fitness: | Houston, TX | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 5,764 | |||
Buildings and Improvements | 5,994 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2014 | 11,758 | |||
Accumulated Depreciation | 206 | |||
L.A. Fitness: | Mesa, AZ | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 1,353 | |||
Buildings and Improvements | 7,730 | |||
Total Adjustment to Basis | 20 | |||
Gross Amount at Which Carried At December 31, 2014 | 9,103 | |||
Accumulated Depreciation | 352 | |||
L.A. Fitness: | Ocoee, FL | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 1,173 | |||
Buildings and Improvements | 6,876 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2014 | 8,049 | |||
Accumulated Depreciation | 263 | |||
L.A. Fitness: | Riverside, CA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 2,557 | |||
Buildings and Improvements | 9,951 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2014 | 12,508 | |||
Accumulated Depreciation | 368 | |||
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, 2014 | 3,551 | |||
Accumulated Depreciation | 139 | |||
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, 2014 | 3,566 | |||
Accumulated Depreciation | 53 | |||
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, 2014 | 2,823 | |||
Accumulated Depreciation | 97 | |||
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, 2014 | 3,108 | |||
Accumulated Depreciation | 67 | |||
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, 2014 | 2,344 | |||
Accumulated Depreciation | 91 | |||
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, 2014 | 2,838 | |||
Accumulated Depreciation | 109 | |||
Logan’s Roadhouse: | Troy, OH | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 992 | |||
Buildings and Improvements | 1,577 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2014 | 2,569 | |||
Accumulated Depreciation | 94 | |||
Lowe’s: | Adrian, MI | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 2,604 | |||
Buildings and Improvements | 5,036 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2014 | 7,640 | |||
Accumulated Depreciation | 225 | |||
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, 2014 | 7,820 | |||
Accumulated Depreciation | 98 | |||
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, 2014 | 14,092 | |||
Accumulated Depreciation | 0 | |||
Lowe’s: | Columbia, SC | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 3,943 | |||
Buildings and Improvements | 6,353 | |||
Total Adjustment to Basis | 750 | |||
Gross Amount at Which Carried At December 31, 2014 | 11,046 | |||
Accumulated Depreciation | 240 | |||
Lowe’s: | Covington, LA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 10,233 | |||
Buildings and Improvements | 0 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2014 | 10,233 | |||
Accumulated Depreciation | 0 | |||
Lowe’s: | Mansfield, OH | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 873 | |||
Buildings and Improvements | 8,256 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2014 | 9,129 | |||
Accumulated Depreciation | 123 | |||
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, 2014 | 9,659 | |||
Accumulated Depreciation | 365 | |||
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, 2014 | 9,703 | |||
Accumulated Depreciation | 165 | |||
Lowe’s: | Zanesville, OH | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 2,161 | |||
Buildings and Improvements | 8,375 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2014 | 10,536 | |||
Accumulated Depreciation | 235 | |||
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 | 3 | |||
Gross Amount at Which Carried At December 31, 2014 | 76,996 | |||
Accumulated Depreciation | 2,325 | |||
Marketplace at the Lakes: | West Covina, CA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 10,020 | |||
Buildings and Improvements | 8,664 | |||
Total Adjustment to Basis | 1 | |||
Gross Amount at Which Carried At December 31, 2014 | 18,685 | |||
Accumulated Depreciation | 586 | |||
Matteson Center: | Matteson, IL | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 1,243 | |||
Buildings and Improvements | 17,427 | |||
Total Adjustment to Basis | 393 | |||
Gross Amount at Which Carried At December 31, 2014 | 19,063 | |||
Accumulated Depreciation | 673 | |||
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, 2014 | 1,923 | |||
Accumulated Depreciation | 90 | |||
Mattress Firm: | Cincinnati, OH | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land | 323 | |||
Buildings and Improvements | 966 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2014 | 1,289 | |||
Accumulated Depreciation | 12 | |||
Mattress Firm: | Augusta, ME | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land | 723 | |||
Buildings and Improvements | 1,354 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2014 | 2,077 | |||
Accumulated Depreciation | 26 | |||
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, 2014 | 1,383 | |||
Accumulated Depreciation | 40 | |||
Mattress Firm: | Danville, VA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land | 274 | |||
Buildings and Improvements | 1,514 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2014 | 1,788 | |||
Accumulated Depreciation | 29 | |||
Mattress Firm: | Huber Heights, OH | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land | 854 | |||
Buildings and Improvements | 903 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2014 | 1,757 | |||
Accumulated Depreciation | 13 | |||
Mattress Firm: | Lakeland, FL | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land | 259 | |||
Buildings and Improvements | 1,107 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2014 | 1,366 | |||
Accumulated Depreciation | 15 | |||
Mattress Firm: | Nampa, ID | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land | 449 | |||
Buildings and Improvements | 2,213 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2014 | 2,662 | |||
Accumulated Depreciation | 46 | |||
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, 2014 | 1,776 | |||
Accumulated Depreciation | 11 | |||
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, 2014 | 2,755 | |||
Accumulated Depreciation | 80 | |||
Mattress Firm: | Port Charlotte, FL | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land | 382 | |||
Buildings and Improvements | 1,211 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2014 | 1,593 | |||
Accumulated Depreciation | 12 | |||
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, 2014 | 3,240 | |||
Accumulated Depreciation | 24 | |||
Mattress Firm & Five Guys: | Muskegon, MI | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land | 813 | |||
Buildings and Improvements | 1,766 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2014 | 2,579 | |||
Accumulated Depreciation | 18 | |||
McAlister's Deli: | Lawton, OK | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land | 805 | |||
Buildings and Improvements | 1,057 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2014 | 1,862 | |||
Accumulated Depreciation | 18 | |||
McAlister's Deli: | Port Arthur, TX | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land | 379 | |||
Buildings and Improvements | 1,146 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2014 | 1,525 | |||
Accumulated Depreciation | 27 | |||
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, 2014 | 2,579 | |||
Accumulated Depreciation | 131 | |||
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, 2014 | 2,420 | |||
Accumulated Depreciation | 102 | |||
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, 2014 | 2,170 | |||
Accumulated Depreciation | 45 | |||
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, 2014 | 2,452 | |||
Accumulated Depreciation | 58 | |||
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, 2014 | 3,010 | |||
Accumulated Depreciation | 127 | |||
Native Wings: | San Antonio, TX | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land | 821 | |||
Buildings and Improvements | 2,682 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2014 | 3,503 | |||
Accumulated Depreciation | 27 | |||
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, 2014 | 4,460 | |||
Accumulated Depreciation | 122 | |||
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, 2014 | 3,149 | |||
Accumulated Depreciation | 54 | |||
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, 2014 | 4,714 | |||
Accumulated Depreciation | 159 | |||
Nordstrom Rack: | Tampa, FL | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 3,371 | |||
Buildings and Improvements | 6,402 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2014 | 9,773 | |||
Accumulated Depreciation | 540 | |||
O’Reilly Automotive: | Brownfield, TX | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 22 | |||
Buildings and Improvements | 835 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2014 | 857 | |||
Accumulated Depreciation | 59 | |||
O’Reilly Automotive: | Columbus, TX | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 260 | |||
Buildings and Improvements | 757 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2014 | 1,017 | |||
Accumulated Depreciation | 50 | |||
O’Reilly Automotive: | Lamesa, TX | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land | 64 | |||
Buildings and Improvements | 608 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2014 | 672 | |||
Accumulated Depreciation | 1 | |||
O’Reilly Automotive: | Stanley, ND | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land | 323 | |||
Buildings and Improvements | 662 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2014 | 985 | |||
Accumulated Depreciation | 6 | |||
Park Place: | Enterprise, AL | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 931 | |||
Buildings and Improvements | 8,595 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2014 | 9,526 | |||
Accumulated Depreciation | 308 | |||
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, 2014 | 2,792 | |||
Accumulated Depreciation | 84 | |||
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, 2014 | 2,841 | |||
Accumulated Depreciation | 72 | |||
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, 2014 | 3,732 | |||
Accumulated Depreciation | 200 | |||
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, 2014 | 2,499 | |||
Accumulated Depreciation | 119 | |||
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, 2014 | 4,342 | |||
Accumulated Depreciation | 11 | |||
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, 2014 | 3,309 | |||
Accumulated Depreciation | 71 | |||
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, 2014 | 4,082 | |||
Accumulated Depreciation | 170 | |||
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, 2014 | 3,118 | |||
Accumulated Depreciation | 71 | |||
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, 2014 | 4,206 | |||
Accumulated Depreciation | 72 | |||
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, 2014 | 2,769 | |||
Accumulated Depreciation | 127 | |||
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, 2014 | 3,983 | |||
Accumulated Depreciation | 99 | |||
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, 2014 | 2,157 | |||
Accumulated Depreciation | 125 | |||
Petsmart/Old Navy: | Reynoldsburg, OH | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 1,295 | |||
Buildings and Improvements | 4,077 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2014 | 5,372 | |||
Accumulated Depreciation | 249 | |||
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, 2014 | 8,084 | |||
Accumulated Depreciation | 77 | |||
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, 2014 | 12,698 | |||
Accumulated Depreciation | 647 | |||
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, 2014 | 6,832 | |||
Accumulated Depreciation | 167 | |||
Plaza San Mateo: | Albuquerque, NM | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land | 2,867 | |||
Buildings and Improvements | 11,582 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2014 | 14,449 | |||
Accumulated Depreciation | 196 | |||
Popeyes: | Independence, MO | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land | 333 | |||
Buildings and Improvements | 680 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2014 | 1,013 | |||
Accumulated Depreciation | 10 | |||
Popular Springs Plaza: | Duncan, SC | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 1,862 | |||
Buildings and Improvements | 5,277 | |||
Total Adjustment to Basis | 149 | |||
Gross Amount at Which Carried At December 31, 2014 | 7,288 | |||
Accumulated Depreciation | 256 | |||
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, 2014 | 13,029 | |||
Accumulated Depreciation | 91 | |||
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, 2014 | 6,614 | |||
Accumulated Depreciation | 240 | |||
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, 2014 | 6,076 | |||
Accumulated Depreciation | 186 | |||
Quick Chek: | Middletown (Main), NY | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 1,335 | |||
Buildings and Improvements | 5,732 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2014 | 7,067 | |||
Accumulated Depreciation | 238 | |||
Quick Chek: | Middletown, NY 1 | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 1,297 | |||
Buildings and Improvements | 5,963 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2014 | 7,260 | |||
Accumulated Depreciation | 247 | |||
Quick Chek: | Middletown, NY 2 | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 1,437 | |||
Buildings and Improvements | 4,656 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2014 | 6,093 | |||
Accumulated Depreciation | 195 | |||
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, 2014 | 6,614 | |||
Accumulated Depreciation | 224 | |||
Raising Canes: | 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, 2014 | 2,127 | |||
Accumulated Depreciation | $16 |
Schedule_III_Real_Estate_Asset7
Schedule III - Real Estate Assets and Accumulated Depreciated Schedule III - Real Estate Assets and Accumulated Depreciation - 6 (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $565,836 | |||
Land | 974,920 | |||
Buildings and Improvements | 2,596,981 | |||
Total Adjustment to Basis | 19,038 | |||
Gross Amount at Which Carried At December 31, 2014 | 3,590,939 | 1,960,708 | 464,539 | |
Accumulated Depreciation | 78,186 | 78,186 | 23,377 | 1,743 |
Raising Canes: | 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, 2014 | 2,733 | |||
Accumulated Depreciation | 39 | |||
Raising Canes: | Wichita Falls, TX | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land | 426 | |||
Buildings and Improvements | 1,947 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2014 | 2,373 | |||
Accumulated Depreciation | 35 | |||
Regent Towne Center: | Fort Mill, SC | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 1,455 | |||
Buildings and Improvements | 5,063 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2014 | 6,518 | |||
Accumulated Depreciation | 242 | |||
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, 2014 | 3,135 | |||
Accumulated Depreciation | 64 | |||
Rite Aid: | Jenison, MI | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land | 438 | |||
Buildings and Improvements | 1,491 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2014 | 1,929 | |||
Accumulated Depreciation | 23 | |||
Rocky River Promenade: | Mooresville, NC | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land | 2,446 | |||
Buildings and Improvements | 3,159 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2014 | 5,605 | |||
Accumulated Depreciation | 33 | |||
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, 2014 | 4,430 | |||
Accumulated Depreciation | 198 | |||
Rushmore Crossing: | Rapid City, SD | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 24,825 | |||
Land | 7,066 | |||
Buildings and Improvements | 33,019 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2014 | 40,085 | |||
Accumulated Depreciation | 1,142 | |||
Rushmore Crossing: | Rapid City, SD 2 | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land | 883 | |||
Buildings and Improvements | 4,128 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2014 | 5,011 | |||
Accumulated Depreciation | 151 | |||
Shippensburg Market Place: | Shippensburg, PA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land | 1,917 | |||
Buildings and Improvements | 9,263 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2014 | 11,180 | |||
Accumulated Depreciation | 76 | |||
Shopko: | Brokem Bow, NE | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land | 244 | |||
Buildings and Improvements | 1,733 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2014 | 1,977 | |||
Accumulated Depreciation | 28 | |||
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, 2014 | 3,944 | |||
Accumulated Depreciation | 57 | |||
Shoppes at Lake Andrew: | Melbourne, FL | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land | 3,924 | |||
Buildings and Improvements | 16,840 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2014 | 20,764 | |||
Accumulated Depreciation | 568 | |||
Shoppes at Stroud: | Stroud Township, PA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land | 3,754 | |||
Buildings and Improvements | 22,614 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2014 | 26,368 | |||
Accumulated Depreciation | 140 | |||
Southwest Plaza: | Springfield, IL | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 2,992 | |||
Buildings and Improvements | 48,935 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2014 | 51,927 | |||
Accumulated Depreciation | 487 | |||
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, 2014 | 1,560 | |||
Accumulated Depreciation | 48 | |||
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, 2014 | 8,437 | |||
Accumulated Depreciation | 267 | |||
Stoneridge Village: | Jefferson City, MO | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land | 1,830 | |||
Buildings and Improvements | 9,351 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2014 | 11,181 | |||
Accumulated Depreciation | 159 | |||
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, 2014 | 2,596 | |||
Accumulated Depreciation | 166 | |||
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, 2014 | 3,570 | |||
Accumulated Depreciation | 207 | |||
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, 2014 | 2,513 | |||
Accumulated Depreciation | 154 | |||
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, 2014 | 6,171 | |||
Accumulated Depreciation | 344 | |||
Stripes: | Mission, TX | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 215 | |||
Buildings and Improvements | 2,170 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2014 | 2,385 | |||
Accumulated Depreciation | 151 | |||
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, 2014 | 5,509 | |||
Accumulated Depreciation | 305 | |||
Summerfield Crossing: | Riverview, FL | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 6,130 | |||
Buildings and Improvements | 6,753 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2014 | 12,883 | |||
Accumulated Depreciation | 276 | |||
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, 2014 | 1,826 | |||
Accumulated Depreciation | 69 | |||
Sunbelt Rentals: | Houston, TX | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land | 535 | |||
Buildings and Improvements | 1,664 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2014 | 2,199 | |||
Accumulated Depreciation | 33 | |||
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, 2014 | 1,687 | |||
Accumulated Depreciation | 46 | |||
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, 2014 | 1,289 | |||
Accumulated Depreciation | 26 | |||
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, 2014 | 1,733 | |||
Accumulated Depreciation | 48 | |||
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, 2014 | 3,717 | |||
Accumulated Depreciation | 114 | |||
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, 2014 | 2,365 | |||
Accumulated Depreciation | 73 | |||
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, 2014 | 2,487 | |||
Accumulated Depreciation | 82 | |||
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, 2014 | 2,618 | |||
Accumulated Depreciation | 91 | |||
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, 2014 | 3,160 | |||
Accumulated Depreciation | 109 | |||
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, 2014 | 1,080 | |||
Accumulated Depreciation | 19 | |||
Sunoco Center: | Titusville (Sisson), FL | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 799 | |||
Buildings and Improvements | 587 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2014 | 1,386 | |||
Accumulated Depreciation | 26 | |||
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 | 0 | |||
Gross Amount at Which Carried At December 31, 2014 | 4,074 | |||
Accumulated Depreciation | 83 | |||
Sweet Tomatoes: | Overland Park, KS | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 806 | |||
Buildings and Improvements | 3,600 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2014 | 4,406 | |||
Accumulated Depreciation | 71 | |||
Sweet Tomatoes: | St. Louis, MO | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 1,254 | |||
Buildings and Improvements | 3,354 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2014 | 4,608 | |||
Accumulated Depreciation | 66 | |||
Target Center: | Columbia, SC | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land | 3,234 | |||
Buildings and Improvements | 7,297 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2014 | 10,531 | |||
Accumulated Depreciation | 158 | |||
Terrell Mill Village: | Marieta, GA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land | 3,079 | |||
Buildings and Improvements | 11,185 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2014 | 14,264 | |||
Accumulated Depreciation | 315 | |||
TGI Fridays: | 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, 2014 | 2,605 | |||
Accumulated Depreciation | 20 | |||
TGI Fridays: | 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, 2014 | 2,654 | |||
Accumulated Depreciation | 14 | |||
The Market at Clifty Crossing: | Columbus, IN | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land | 2,669 | |||
Buildings and Improvements | 16,308 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2014 | 18,977 | |||
Accumulated Depreciation | 179 | |||
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 | 93 | |||
Gross Amount at Which Carried At December 31, 2014 | 53,623 | |||
Accumulated Depreciation | 1,254 | |||
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, 2014 | 14,021 | |||
Accumulated Depreciation | 721 | |||
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 | 73 | |||
Gross Amount at Which Carried At December 31, 2014 | 175,872 | |||
Accumulated Depreciation | 5,685 | |||
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, 2014 | 2,886 | |||
Accumulated Depreciation | 18 | |||
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, 2014 | 1,885 | |||
Accumulated Depreciation | 80 | |||
TJ Maxx/Dollar Tree: | Oxford, OH | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 641 | |||
Buildings and Improvements | 2,673 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2014 | 3,314 | |||
Accumulated Depreciation | 149 | |||
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, 2014 | 3,196 | |||
Accumulated Depreciation | 80 | |||
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, 2014 | 2,722 | |||
Accumulated Depreciation | 59 | |||
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, 2014 | 2,079 | |||
Accumulated Depreciation | 103 | |||
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, 2014 | 3,124 | |||
Accumulated Depreciation | 134 | |||
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, 2014 | 4,387 | |||
Accumulated Depreciation | 56 | |||
Tractor Supply: | Lumberton, NC | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land | 611 | |||
Buildings and Improvements | 2,007 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2014 | 2,618 | |||
Accumulated Depreciation | 93 | |||
Tractor Supply: | Marion, IN | ||||
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, 2014 | 2,364 | |||
Accumulated Depreciation | 85 | |||
Tractor Supply: | Monticello, FL | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land | 1,536 | |||
Buildings and Improvements | 1,099 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2014 | 2,635 | |||
Accumulated Depreciation | 28 | |||
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, 2014 | 3,132 | |||
Accumulated Depreciation | 113 | |||
Tractor Supply: | Petersburg, VA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 514 | |||
Buildings and Improvements | 2,439 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2014 | 2,953 | |||
Accumulated Depreciation | 78 | |||
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, 2014 | 2,809 | |||
Accumulated Depreciation | 91 | |||
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, 2014 | 2,643 | |||
Accumulated Depreciation | 133 | |||
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, 2014 | 2,566 | |||
Accumulated Depreciation | 114 | |||
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, 2014 | 4,005 | |||
Accumulated Depreciation | 110 | |||
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, 2014 | 2,419 | |||
Accumulated Depreciation | 64 | |||
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, 2014 | 4,905 | |||
Accumulated Depreciation | 137 | |||
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, 2014 | 6,536 | |||
Accumulated Depreciation | 125 | |||
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, 2014 | 4,535 | |||
Accumulated Depreciation | 129 | |||
Turfway Crossing: | Florence, KY | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land | 2,261 | |||
Buildings and Improvements | 10,323 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2014 | 12,584 | |||
Accumulated Depreciation | 206 | |||
Ulta Salon: | Albany, GA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land | 441 | |||
Buildings and Improvements | 1,757 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2014 | 2,198 | |||
Accumulated Depreciation | 30 | |||
United Oil: | Alhambra, CA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 3,026 | |||
Buildings and Improvements | 751 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2014 | 3,777 | |||
Accumulated Depreciation | 6 | |||
United Oil: | Bellflower (Alondra), CA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 1,312 | |||
Buildings and Improvements | 576 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2014 | 1,888 | |||
Accumulated Depreciation | 4 | |||
United Oil: | Bellflower (Lakewood), CA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 1,246 | |||
Buildings and Improvements | 788 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2014 | 2,034 | |||
Accumulated Depreciation | 6 | |||
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, 2014 | 3,051 | |||
Accumulated Depreciation | 9 | |||
United Oil: | Burbank (Glenoaks), CA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 3,474 | |||
Buildings and Improvements | 594 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2014 | 4,068 | |||
Accumulated Depreciation | 4 | |||
United Oil: | Burbank (Magnolia), CA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 1,750 | |||
Buildings and Improvements | 574 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2014 | 2,324 | |||
Accumulated Depreciation | 4 | |||
United Oil: | Chino, CA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 1,449 | |||
Buildings and Improvements | 730 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2014 | 2,179 | |||
Accumulated Depreciation | 5 | |||
United Oil: | Compton, CA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 992 | |||
Buildings and Improvements | 460 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2014 | 1,452 | |||
Accumulated Depreciation | 3 | |||
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, 2014 | 2,101 | |||
Accumulated Depreciation | 4 | |||
United Oil: | El Cajon (Second), CA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 1,225 | |||
Buildings and Improvements | 368 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2014 | 1,593 | |||
Accumulated Depreciation | 3 | |||
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, 2014 | 1,276 | |||
Accumulated Depreciation | 0 | |||
United Oil: | Escondido, CA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 678 | |||
Buildings and Improvements | 470 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2014 | 1,148 | |||
Accumulated Depreciation | 3 | |||
United Oil: | Escondido (Mission), CA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 3,514 | |||
Buildings and Improvements | 1,062 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2014 | 4,576 | |||
Accumulated Depreciation | 16 | |||
United Oil: | Fountain Valley, CA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 1,809 | |||
Buildings and Improvements | 806 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2014 | 2,615 | |||
Accumulated Depreciation | 6 | |||
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, 2014 | 5,666 | |||
Accumulated Depreciation | 6 | |||
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, 2014 | 2,687 | |||
Accumulated Depreciation | 6 | |||
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, 2014 | 2,542 | |||
Accumulated Depreciation | 4 | |||
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, 2014 | 2,324 | |||
Accumulated Depreciation | 6 | |||
United Oil: | Long Beach (Anaheim), CA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 974 | |||
Buildings and Improvements | 772 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2014 | 1,746 | |||
Accumulated Depreciation | 6 | |||
United Oil: | Long Beach (Atlantic), CA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 2,778 | |||
Buildings and Improvements | 883 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2014 | 3,661 | |||
Accumulated Depreciation | $6 |
Schedule_III_Real_Estate_Asset8
Schedule III - Real Estate Assets and Accumulated Depreciated Schedule III - Real Estate Assets and Accumulated Depreciation - 7 (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $565,836 | |||
Land | 974,920 | |||
Buildings and Improvements | 2,596,981 | |||
Total Adjustment to Basis | 19,038 | |||
Gross Amount at Which Carried At December 31, 2014 | 3,590,939 | 1,960,708 | 464,539 | |
Accumulated Depreciation | 78,186 | 78,186 | 23,377 | 1,743 |
United Oil: | Long Beach (Santa Fe), CA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 1,972 | |||
Buildings and Improvements | 643 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2014 | 2,615 | |||
Accumulated Depreciation | 5 | |||
United Oil: | Los Angeles (2503 W. Pico), CA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 2,334 | |||
Buildings and Improvements | 717 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2014 | 3,051 | |||
Accumulated Depreciation | 5 | |||
United Oil: | Los Angeles (4931 W. Pico), CA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 3,552 | |||
Buildings and Improvements | 1,242 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2014 | 4,794 | |||
Accumulated Depreciation | 9 | |||
United Oil: | Los Angeles (Eastern), CA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 2,745 | |||
Buildings and Improvements | 669 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2014 | 3,414 | |||
Accumulated Depreciation | 5 | |||
United Oil: | Los Angeles (Jefferson), CA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 3,823 | |||
Buildings and Improvements | 825 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2014 | 4,648 | |||
Accumulated Depreciation | 6 | |||
United Oil: | Los Angeles (Marina Del R), CA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 3,930 | |||
Buildings and Improvements | 428 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2014 | 4,358 | |||
Accumulated Depreciation | 3 | |||
United Oil: | Los Angeles (Olympic), CA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 1,710 | |||
Buildings and Improvements | 905 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2014 | 2,615 | |||
Accumulated Depreciation | 7 | |||
United Oil: | Los Angeles (Slauson), CA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 1,927 | |||
Buildings and Improvements | 1,484 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2014 | 3,411 | |||
Accumulated Depreciation | 0 | |||
United Oil: | Los Angeles (Western), CA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 2,182 | |||
Buildings and Improvements | 701 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2014 | 2,883 | |||
Accumulated Depreciation | 0 | |||
United Oil: | Lynwood, CA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 2,386 | |||
Buildings and Improvements | 737 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2014 | 3,123 | |||
Accumulated Depreciation | 5 | |||
United Oil: | Menifee, CA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 2,853 | |||
Buildings and Improvements | 924 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2014 | 3,777 | |||
Accumulated Depreciation | 7 | |||
United Oil: | Monrovia, CA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 2,365 | |||
Buildings and Improvements | 686 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2014 | 3,051 | |||
Accumulated Depreciation | 5 | |||
United Oil: | Norco (Hidden Valley), CA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 1,852 | |||
Buildings and Improvements | 1,489 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2014 | 3,341 | |||
Accumulated Depreciation | 11 | |||
United Oil: | Norco (Sixth), CA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 1,869 | |||
Buildings and Improvements | 891 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2014 | 2,760 | |||
Accumulated Depreciation | 7 | |||
United Oil: | North Hollywood, CA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 4,663 | |||
Buildings and Improvements | 858 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2014 | 5,521 | |||
Accumulated Depreciation | 6 | |||
United Oil: | Oceanside, CA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 2,163 | |||
Buildings and Improvements | 1,248 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2014 | 3,411 | |||
Accumulated Depreciation | 9 | |||
United Oil: | Paramount, CA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 1,301 | |||
Buildings and Improvements | 1,024 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2014 | 2,325 | |||
Accumulated Depreciation | 8 | |||
United Oil: | Pomona, CA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 1,740 | |||
Buildings and Improvements | 730 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2014 | 2,470 | |||
Accumulated Depreciation | 5 | |||
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, 2014 | 3,777 | |||
Accumulated Depreciation | 9 | |||
United Oil: | San Diego (47th St), CA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 2,977 | |||
Buildings and Improvements | 1,448 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2014 | 4,425 | |||
Accumulated Depreciation | 11 | |||
United Oil: | San Diego (Governor), CA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 1,877 | |||
Buildings and Improvements | 883 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2014 | 2,760 | |||
Accumulated Depreciation | 9 | |||
United Oil: | San Diego (Rancho Penasquitos), CA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 1,215 | |||
Buildings and Improvements | 841 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2014 | 2,056 | |||
Accumulated Depreciation | 0 | |||
United Oil: | San Diego (Sunset Cliffs), CA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 1,824 | |||
Buildings and Improvements | 382 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2014 | 2,206 | |||
Accumulated Depreciation | 3 | |||
United Oil: | San Pedro, CA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 2,086 | |||
Buildings and Improvements | 675 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2014 | 2,761 | |||
Accumulated Depreciation | 5 | |||
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, 2014 | 5,520 | |||
Accumulated Depreciation | 5 | |||
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, 2014 | 2,557 | |||
Accumulated Depreciation | 0 | |||
United Oil: | Valley Center, CA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 2,680 | |||
Buildings and Improvements | 1,606 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2014 | 4,286 | |||
Accumulated Depreciation | 19 | |||
United Oil: | Van Nuys (Van Nuys), CA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 2,439 | |||
Buildings and Improvements | 902 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2014 | 3,341 | |||
Accumulated Depreciation | 7 | |||
United Oil: | Van Nuys (Victory), CA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 1,786 | |||
Buildings and Improvements | 684 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2014 | 2,470 | |||
Accumulated Depreciation | 5 | |||
United Oil: | Van Nuys (Woodman), CA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 3,980 | |||
Buildings and Improvements | 741 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2014 | 4,721 | |||
Accumulated Depreciation | 5 | |||
United Oil: | Vista (Civic Center), CA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 2,063 | |||
Buildings and Improvements | 334 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2014 | 2,397 | |||
Accumulated Depreciation | 2 | |||
United Oil: | Vista (Vista), CA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 2,028 | |||
Buildings and Improvements | 418 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2014 | 2,446 | |||
Accumulated Depreciation | 3 | |||
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, 2014 | 2,614 | |||
Accumulated Depreciation | 7 | |||
United Oil: | Wilmington, CA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 1,615 | |||
Buildings and Improvements | 1,145 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2014 | 2,760 | |||
Accumulated Depreciation | 8 | |||
United Oil: | Woodland Hills, CA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 4,946 | |||
Buildings and Improvements | 647 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2014 | 5,593 | |||
Accumulated Depreciation | 5 | |||
University Marketplace: | Marion, IN | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 850 | |||
Buildings and Improvements | 6,722 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2014 | 7,572 | |||
Accumulated Depreciation | 411 | |||
Village at Hereford Farms: | Grovetown , GA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land | 1,222 | |||
Buildings and Improvements | 5,912 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2014 | 7,134 | |||
Accumulated Depreciation | 48 | |||
Wal-Mart: | Perry, GA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 2,270 | |||
Buildings and Improvements | 11,053 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2014 | 13,323 | |||
Accumulated Depreciation | 483 | |||
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, 2014 | 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, 2014 | 13,323 | |||
Accumulated Depreciation | 496 | |||
Walgreens: | Andover, KS | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 630 | |||
Buildings and Improvements | 3,057 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2014 | 3,687 | |||
Accumulated Depreciation | 109 | |||
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, 2014 | 5,413 | |||
Accumulated Depreciation | 14 | |||
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, 2014 | 4,810 | |||
Accumulated Depreciation | 145 | |||
Walgreens: | Bartlett (5950 Stage), TN | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 4,150 | |||
Land | 1,086 | |||
Buildings and Improvements | 4,321 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2014 | 5,407 | |||
Accumulated Depreciation | 13 | |||
Walgreens: | Bartlett (6697 Stage), TN | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 4,150 | |||
Land | 799 | |||
Buildings and Improvements | 4,608 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2014 | 5,407 | |||
Accumulated Depreciation | 14 | |||
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, 2014 | 5,923 | |||
Accumulated Depreciation | 215 | |||
Walgreens: | Birmingham (Green Springs), AL | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 4,300 | |||
Land | 738 | |||
Buildings and Improvements | 4,844 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2014 | 5,582 | |||
Accumulated Depreciation | 15 | |||
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, 2014 | 3,879 | |||
Accumulated Depreciation | 243 | |||
Walgreens: | Chicopee, MA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 2,094 | |||
Buildings and Improvements | 4,945 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2014 | 7,039 | |||
Accumulated Depreciation | 26 | |||
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, 2014 | 5,461 | |||
Accumulated Depreciation | 10 | |||
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, 2014 | 4,977 | |||
Accumulated Depreciation | 129 | |||
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, 2014 | 5,071 | |||
Accumulated Depreciation | 183 | |||
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, 2014 | 5,536 | |||
Accumulated Depreciation | 248 | |||
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, 2014 | 5,647 | |||
Accumulated Depreciation | 129 | |||
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, 2014 | 4,792 | |||
Accumulated Depreciation | 14 | |||
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, 2014 | 4,643 | |||
Accumulated Depreciation | 57 | |||
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, 2014 | 5,573 | |||
Accumulated Depreciation | 49 | |||
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, 2014 | 4,683 | |||
Accumulated Depreciation | 12 | |||
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, 2014 | 5,251 | |||
Accumulated Depreciation | 14 | |||
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, 2014 | 5,292 | |||
Accumulated Depreciation | 13 | |||
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, 2014 | 5,930 | |||
Accumulated Depreciation | 16 | |||
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, 2014 | 4,237 | |||
Accumulated Depreciation | 124 | |||
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, 2014 | 5,532 | |||
Accumulated Depreciation | 13 | |||
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, 2014 | 5,043 | |||
Accumulated Depreciation | 74 | |||
Walgreens: | Hazelwood, MO | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 2,505 | |||
Buildings and Improvements | 4,866 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2014 | 7,371 | |||
Accumulated Depreciation | 158 | |||
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, 2014 | 5,341 | |||
Accumulated Depreciation | 207 | |||
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, 2014 | 5,120 | |||
Accumulated Depreciation | 15 | |||
Walgreens: | Hockessin, DE | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 1,586 | |||
Buildings and Improvements | 3,555 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2014 | 5,141 | |||
Accumulated Depreciation | 104 | |||
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, 2014 | 4,388 | |||
Accumulated Depreciation | 122 | |||
Walgreens: | Kannapolis, NC | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 1,480 | |||
Buildings and Improvements | 5,031 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2014 | 6,511 | |||
Accumulated Depreciation | 200 | |||
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, 2014 | 4,889 | |||
Accumulated Depreciation | 11 | |||
Walgreens: | Las Vegas, NV | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 2,325 | |||
Buildings and Improvements | 3,262 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2014 | 5,587 | |||
Accumulated Depreciation | 110 | |||
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, 2014 | 3,399 | |||
Accumulated Depreciation | 96 | |||
Walgreens: | Little Rock (Main), AR | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 548 | |||
Buildings and Improvements | 4,676 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2014 | 5,224 | |||
Accumulated Depreciation | 64 | |||
Walgreens: | Little Rock (Bowman), AR | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 4,100 | |||
Land | 1,115 | |||
Buildings and Improvements | 4,248 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2014 | 5,363 | |||
Accumulated Depreciation | 13 | |||
Walgreens: | Lubbock (82nd), TX | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 565 | |||
Buildings and Improvements | 3,257 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2014 | 3,822 | |||
Accumulated Depreciation | 184 | |||
Walgreens: | Lubbock (Indiana), TX | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 531 | |||
Buildings and Improvements | 2,951 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2014 | 3,482 | |||
Accumulated Depreciation | 165 | |||
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, 2014 | 5,332 | |||
Accumulated Depreciation | 14 | |||
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, 2014 | 4,942 | |||
Accumulated Depreciation | 13 | |||
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, 2014 | 5,275 | |||
Accumulated Depreciation | 47 | |||
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, 2014 | 4,182 | |||
Accumulated Depreciation | 12 | |||
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, 2014 | 4,764 | |||
Accumulated Depreciation | 93 | |||
Walgreens: | Montgomery, AL | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 1,110 | |||
Buildings and Improvements | 2,949 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2014 | 4,059 | |||
Accumulated Depreciation | 203 | |||
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, 2014 | 5,370 | |||
Accumulated Depreciation | 16 | |||
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, 2014 | 4,915 | |||
Accumulated Depreciation | 13 | |||
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, 2014 | 5,225 | |||
Accumulated Depreciation | 13 | |||
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, 2014 | 5,313 | |||
Accumulated Depreciation | 12 | |||
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, 2014 | 4,046 | |||
Accumulated Depreciation | 88 | |||
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, 2014 | 5,477 | |||
Accumulated Depreciation | 174 | |||
Walgreens: | Ralston (La Vista), NE | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 4,265 | |||
Land | 967 | |||
Buildings and Improvements | 4,620 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2014 | 5,587 | |||
Accumulated Depreciation | 14 | |||
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, 2014 | 5,771 | |||
Accumulated Depreciation | 16 | |||
Walgreens: | Roanoke, VA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 677 | |||
Buildings and Improvements | 3,825 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2014 | 4,502 | |||
Accumulated Depreciation | 61 | |||
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, 2014 | 2,993 | |||
Accumulated Depreciation | 38 | |||
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, 2014 | 4,922 | |||
Accumulated Depreciation | 12 | |||
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, 2014 | 5,681 | |||
Accumulated Depreciation | 139 | |||
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, 2014 | 4,449 | |||
Accumulated Depreciation | 244 | |||
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, 2014 | 6,008 | |||
Accumulated Depreciation | 14 | |||
Walgreens: | St. Louis (Lemay Ferry), MO | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 4,600 | |||
Land | 1,432 | |||
Buildings and Improvements | 4,556 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2014 | 5,988 | |||
Accumulated Depreciation | 14 | |||
Walgreens: | St. Louis (Lusher), MO | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 4,790 | |||
Land | 1,414 | |||
Buildings and Improvements | 4,622 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2014 | 6,036 | |||
Accumulated Depreciation | 15 | |||
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, 2014 | 4,722 | |||
Accumulated Depreciation | 246 | |||
Walgreens: | Sun City, AZ | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 837 | |||
Buildings and Improvements | 2,484 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2014 | 3,321 | |||
Accumulated Depreciation | 42 | |||
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, 2014 | 4,389 | |||
Accumulated Depreciation | 35 | |||
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, 2014 | 5,438 | |||
Accumulated Depreciation | 12 | |||
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, 2014 | 4,623 | |||
Accumulated Depreciation | 47 | |||
Walgreens: | Tulsa, OK | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 3,350 | |||
Land | 1,078 | |||
Buildings and Improvements | 3,452 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2014 | 4,530 | |||
Accumulated Depreciation | 11 | |||
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, 2014 | 8,721 | |||
Accumulated Depreciation | 176 | |||
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, 2014 | 11,323 | |||
Accumulated Depreciation | 439 | |||
Wallace Commons II: | Salisbury, NC | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land | 2,231 | |||
Buildings and Improvements | 8,479 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2014 | 10,710 | |||
Accumulated Depreciation | 209 | |||
Warrenton Highlands: | Warrenton, OR | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 2,139 | |||
Buildings and Improvements | 5,774 | |||
Total Adjustment to Basis | 37 | |||
Gross Amount at Which Carried At December 31, 2014 | 7,950 | |||
Accumulated Depreciation | $302 |
Schedule_III_Real_Estate_Asset9
Schedule III - Real Estate Assets and Accumulated Depreciated Schedule III - Real Estate Assets and Accumulated Depreciation - 8 (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $565,836 | |||
Land | 974,920 | |||
Buildings and Improvements | 2,596,981 | |||
Total Adjustment to Basis | 19,038 | |||
Gross Amount at Which Carried At December 31, 2014 | 3,590,939 | 1,960,708 | 464,539 | |
Accumulated Depreciation | 78,186 | 78,186 | 23,377 | 1,743 |
Waterford South Park: | Clarksville, IN | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 2,946 | |||
Buildings and Improvements | 8,564 | |||
Total Adjustment to Basis | 45 | |||
Gross Amount at Which Carried At December 31, 2014 | 11,555 | |||
Accumulated Depreciation | 484 | |||
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, 2014 | 7,366 | |||
Accumulated Depreciation | 356 | |||
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, 2014 | 7,829 | |||
Accumulated Depreciation | 374 | |||
Wendy's: | Grafton, VA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land | 539 | |||
Buildings and Improvements | 894 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2014 | 1,433 | |||
Accumulated Depreciation | 13 | |||
Wendy's: | Westminster, CO | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land | 596 | |||
Buildings and Improvements | 1,108 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2014 | 1,704 | |||
Accumulated Depreciation | 16 | |||
Westover Market: | San Antonio, TX | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 2,705 | |||
Buildings and Improvements | 7,959 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2014 | 10,664 | |||
Accumulated Depreciation | 351 | |||
Whole Foods: | Fort Collins, CO | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land | 2,664 | |||
Buildings and Improvements | 17,166 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried At December 31, 2014 | 19,830 | |||
Accumulated Depreciation | 148 | |||
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, 2014 | 5,558 | |||
Accumulated Depreciation | 53 | |||
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, 2014 | 4,809 | |||
Accumulated Depreciation | 54 | |||
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, 2014 | 6,049 | |||
Accumulated Depreciation | $167 |