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| Condensed Consolidated Balance Sheets December 31, $ thousands, except share and per share data 2014 2013 Assets (unaudited) (audited) Investments: Real estate investments: Land and improvements $ 843,843 $ 562,085 Buildings and improvements 1,790,530 1,042,244 Intangible lease assets 60,184 29,917 Total real estate investments 2,694,557 1,634,246 Less accumulated depreciation and amortization (98,671 ) (41,976 ) 2,595,886 1,592,270 Real estate investments held for sale, net - 9,023 Loans and direct financing receivables 111,354 66,917 Net investments 2,707,240 1,668,210 Cash and cash equivalents 136,313 61,814 Restricted cash and other assets 32,923 24,556 Deferred costs, net 37,136 31,520 Total assets $ 2,913,612 $ 1,786,100 Liabilities and stockholders’ equity Liabilities: Credit facilities $ - $ - Non-recourse debt obligations of consolidated special purpose entities, net 1,284,151 991,577 Dividends payable 13,123 - Accounts payable and accrued expenses 30,486 13,263 Other liabilities 3,168 7,346 Total liabilities 1,330,928 1,012,186 Stockholders’ equity Preferred stock, $0.01 par value per share, 125,000,000 shares authorized, no shares and 125 shares issued and outstanding, respectively - - Common stock, $0.01 par value per share, 375,000,000 shares authorized, 115,212,541 shares and 62,966,920 shares issued and outstanding, respectively 1,152 630 Capital in excess of par value 1,636,203 798,228 Distributions in excess of retained earnings (54,405 ) (24,816 ) Accumulated other comprehensive loss (266 ) (128 ) Total stockholders’ equity 1,582,684 773,914 Total liabilities and stockholders’ equity $ 2,913,612 $ 1,786,100 |