Document_and_Entity_Informatio
Document and Entity Information (USD $) | 11 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Dec. 31, 2013 | Feb. 28, 2014 | Jun. 30, 2013 |
Document - Document and Entity Information [Abstract] | ' | ' | ' |
Entity Registrant Name | 'AMERICAN REALTY CAPITAL TRUST V, INC. | ' | ' |
Entity Central Index Key | '0001568162 | ' | ' |
Current Fiscal Year End Date | '--12-31 | ' | ' |
Entity Filer Category | 'Non-accelerated Filer | ' | ' |
Document Type | '10-K | ' | ' |
Document Period End Date | 31-Dec-13 | ' | ' |
Document Fiscal Year Focus | '2013 | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
Amendment Flag | 'false | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 63,416,335 | ' |
Entity Well-known Seasoned Issuer | 'No | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Public Float | ' | ' | $410.50 |
CONSOLIDATED_BALANCE_SHEETS
CONSOLIDATED BALANCE SHEETS (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Real estate investments, at cost: | ' |
Land | $147,899 |
Buildings, fixtures and improvements | 868,700 |
Acquired intangible lease assets | 130,473 |
Total real estate investments, at cost | 1,147,072 |
Less: accumulated depreciation and amortization | -14,947 |
Total real estate investments, net | 1,132,125 |
Cash and cash equivalents | 101,176 |
Investment securities, at fair value | 58,566 |
Deposits for real estate acquisitions | 33,035 |
Prepaid expenses and other assets | 14,584 |
Deferred costs, net | 7,889 |
Total assets | 1,347,375 |
LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT) | ' |
Mortgage note payable | 8,830 |
Mortgage premium, net | 334 |
Below-market lease liabilities, net | 909 |
Accounts payable and accrued expenses | 15,447 |
Deferred rent | 1,216 |
Distributions payable | 8,825 |
Total liabilities | 35,561 |
Preferred stock, $0.01 par value per share, 50,000,000 shares authorized, none issued and outstanding | 0 |
Common stock, $0.01 par value per share, 300,000,000 shares authorized, 62,985,937 shares issued and outstanding as of December 31, 2013 | 630 |
Additional paid-in capital | 1,383,066 |
Accumulated other comprehensive loss | -6,981 |
Accumulated deficit | -64,901 |
Total stockholders' equity | 1,311,814 |
Total liabilities and stockholders' equity | $1,347,375 |
CONSOLIDATED_BALANCE_SHEETS_Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $) | Dec. 31, 2013 |
Preferred stock, par value | $0.01 |
Preferred stock, authorized | 50,000,000 |
Preferred stock, issued | 0 |
Preferred stock, outstanding | 0 |
Common stock, par value | $0.01 |
Common stock, authorized | 300,000,000 |
Common stock, issued | 62,985,937 |
Common stock, outstanding | 62,985,937 |
CONSOLIDATED_STATEMENTS_OF_OPE
CONSOLIDATED STATEMENTS OF OPERATIONS (USD $) | 11 Months Ended |
Dec. 31, 2013 | |
Revenues: | ' |
Rental income | $21,892,000 |
Operating expense reimbursements | 2,397,000 |
Total revenues | 24,289,000 |
Operating expenses: | ' |
Property operating | 2,794,000 |
Acquisition and transaction related | 26,934,000 |
General and administrative | 2,430,000 |
Depreciation and amortization | 14,947,000 |
Total operating expenses | 47,105,000 |
Operating loss | -22,816,000 |
Other income (expense): | ' |
Interest expense | -485,000 |
Interest income | 107,000 |
Income from investment securities | 2,272,000 |
Gain on sale of investment securities | 125,000 |
Total other income, net | 2,019,000 |
Net loss | -20,797,000 |
Other comprehensive loss: | ' |
Unrealized loss on investment securities | -6,981,000 |
Comprehensive loss | ($27,778,000) |
Basic and diluted weighted-average shares outstanding | 28,954,769 |
Basic and diluted net loss per share | ($0.72) |
CONSOLIDATED_STATEMENT_OF_STOC
CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY (DEFICIT) (USD $) | Total | Common Stock | Additional Paid-in Capital | Accumulated Other Comprehensive Loss | Accumulated Deficit |
Beginning Balance at Jan. 21, 2013 | $0 | $0 | $0 | $0 | $0 |
Beginning Balance (in shares) at Jan. 21, 2013 | ' | 0 | ' | ' | ' |
Issuances of common stock (in shares) | ' | 62,124,433 | ' | ' | ' |
Issuances of common stock | 1,537,291,000 | 621,000 | 1,536,670,000 | ' | ' |
Common stock offering costs, commissions and dealer manager fees | -173,959,000 | ' | -173,959,000 | ' | ' |
Common stock issued through distribution reinvestment plan (in shares) | 900,000 | 860,139 | ' | ' | ' |
Common stock issued through distribution reinvestment plan | 20,429,000 | 9,000 | 20,420,000 | ' | ' |
Common stock repurchases (in shares) | ' | -8,082 | ' | ' | ' |
Common stock repurchases | -202,000 | ' | -202,000 | ' | ' |
Share-based compensation (in shares) | ' | 9,447 | ' | ' | ' |
Share-based compensation | 137,000 | ' | 137,000 | ' | ' |
Distributions declared | -44,104,000 | ' | ' | ' | -44,104,000 |
Net loss | -20,797,000 | ' | ' | ' | -20,797,000 |
Other comprehensive loss | -6,981,000 | ' | ' | -6,981,000 | ' |
Ending Balance at Dec. 31, 2013 | $1,311,814,000 | $630,000 | $1,383,066,000 | ($6,981,000) | ($64,901,000) |
Ending Balance (in shares) at Dec. 31, 2013 | ' | 62,985,937 | ' | ' | ' |
CONSOLIDATED_STATEMENTS_OF_CAS
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 11 Months Ended |
Dec. 31, 2013 | |
Cash flows from operating activities: | ' |
Net loss | ($20,797,000) |
Adjustment to reconcile net loss to net cash used in operating activities: | ' |
Depreciation | 12,077,000 |
Amortization of intangible lease assets | 2,870,000 |
Amortization of deferred financing costs | 291,000 |
Accretion of below-market lease liabilities | -22,000 |
Share-based compensation | 137,000 |
Gain on sale of investment securities | -125,000 |
Changes in assets and liabilities: | ' |
Prepaid expenses and other assets | -14,457,000 |
Accounts payable and accrued expenses | 5,193,000 |
Deferred rent | 1,216,000 |
Net cash used in operating activities | -13,617,000 |
Cash flows from investing activities: | ' |
Investment in real estate and other assets | -1,127,075,000 |
Deposits for real estate acquisitions | -33,035,000 |
Proceeds from investment securities | 51,160,000 |
Payments for purchase of investment securities | -116,582,000 |
Net cash used in investing activities | -1,225,532,000 |
Cash flows from financing activities: | ' |
Payments of deferred financing costs | -8,180,000 |
Proceeds from issuances of common stock | 1,537,164,000 |
Payments of offering costs and fees related to stock issuances | -173,721,000 |
Common stock repurchases | -88,000 |
Distributions paid | -14,850,000 |
Net cash provided by financing activities | 1,340,325,000 |
Net change in cash and cash equivalents | 101,176,000 |
Cash and cash equivalents, beginning of period | 0 |
Cash and cash equivalents, end of period | 101,176,000 |
Cash paid for interest | 178,000 |
Cash paid for taxes | 1,000 |
Proceeds from mortgage note payable used to acquire investments in real estate | 8,830,000 |
Premium on mortgage note payable | 334,000 |
Common stock issued through distribution reinvestment plan | 20,429,000 |
Real estate investments financed through accounts payable | $9,902,000 |
Organization
Organization | 11 Months Ended |
Dec. 31, 2013 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
Organization | ' |
Organization | |
American Realty Capital Trust V, Inc. (the "Company"), incorporated on January 22, 2013, is a Maryland corporation that qualified as a real estate investment trust ("REIT") for U.S. federal income tax purposes beginning with the taxable year ended December 31, 2013. On April 4, 2013, the Company commenced its ongoing initial public offering (the "IPO") on a "reasonable best efforts" basis of up to 68.0 million shares of common stock, $0.01 par value per share, at a price of $25.00 per share, subject to certain volume and other discounts, pursuant to a registration statement on Form S-11, as amended (File No. 333-187092) (the "Registration Statement"), filed with the U.S. Securities and Exchange Commission (the "SEC") under the Securities Act of 1933, as amended. The Registration Statement also covers up to 14.7 million shares of common stock available pursuant to a distribution reinvestment plan (the "DRIP") under which the Company's common stockholders may elect to have their distributions reinvested in additional shares of the Company's common stock. | |
On April 25, 2013, the Company received and accepted aggregate subscriptions in excess of the minimum of $2.0 million in shares of common stock, broke escrow and issued shares of common stock to its initial investors who were admitted as stockholders. As permitted under the Company's Registration Statement, the Company reallocated the remaining 14.5 million DRIP shares available under the Registration Statement to the primary offering. Concurrent with such reallocation, the Company registered an additional 14.7 million shares to be issued under the DRIP pursuant to a registration statement on Form S-11, as amended (File No. 333-191255), which became effective on October 5, 2013. The IPO closed on October 31, 2013. As of December 31, 2013, the Company had 63.0 million shares of common stock outstanding, including unvested restricted shares and shares issued pursuant to the DRIP, and had received total gross proceeds from the IPO and the DRIP of $1.6 billion. As of December 31, 2013, the aggregate value of all share issuances and subscriptions of common stock outstanding was $1.6 billion, based on a per share value of $25.00 (or $23.75 for shares issued pursuant to the DRIP). | |
Until the date (the "NAV pricing date") on which the Company files its second quarterly financial filing with the SEC, pursuant to the Securities Exchange Act of 1934, as amended (the "Exchange Act"), following the earlier to occur of (i) the Company's acquisition of at least $1.4 billion in total portfolio assets and (ii) April 4, 2015, which is two years from the effective date of the IPO, the purchase price per share for shares issued pursuant to the DRIP are initially equal to $23.75 per share, or 95.0% of the purchase price of shares of common stock in the IPO. Thereafter, the per share purchase price pursuant to the DRIP will vary quarterly and will be equal to the Company's net asset value ("NAV") divided by the number of shares outstanding as of the end of business on the first day of each fiscal quarter after giving effect to any share purchases or repurchases effected in the prior quarter or per share NAV. | |
The Company was formed to acquire a diversified portfolio of commercial properties comprised primarily of freestanding single-tenant retail properties that are net leased to investment grade and other creditworthy tenants. All such properties may be acquired and operated by the Company alone or jointly with another party. The Company may also originate or acquire first mortgage loans secured by real estate. The Company purchased its first property and commenced active operations on April 29, 2013. As of December 31, 2013, the Company owned 239 properties with an aggregate purchase price of $1.1 billion, comprised of 7.5 million rentable square feet which were 100.0% leased with a weighted-average remaining lease term of 12.1 years. | |
Substantially all of the Company's business is conducted through American Realty Capital Operating Partnership V, L.P. (the "OP"), a Delaware limited partnership. The Company is the sole general partner and holds substantially all the units of limited partner interests in the OP ("OP Units"). American Realty Capital Trust V Special Limited Partner, LLC (the "Special Limited Partner"), an entity wholly owned by AR Capital, LLC (the "Sponsor"), contributed $2,020 to the OP in exchange for 90 OP Units, which represents a nominal percentage of the aggregate OP ownership. After holding the OP Units for a period of one year, or upon liquidation of the OP or sale of substantially all of the assets of the OP, holders of OP Units have the right to convert OP Units for the cash value of a corresponding number of shares of the Company's common stock or, at the option of the OP, a corresponding number of shares of the Company's common stock, in accordance with the limited partnership agreement of the OP. The remaining rights of the limited partner interests are limited, however, and do not include the ability to replace the general partner or to approve the sale, purchase or refinancing of the OP's assets. | |
The Company has no employees. The Company has retained American Realty Capital Advisors V, LLC (the "Advisor") to manage the Company's affairs on a day-to-day basis. American Realty Capital Properties V, LLC (the "Property Manager") serves as the Company's property manager. Realty Capital Securities, LLC (the "Dealer Manager") served as the dealer manager of the IPO. The Advisor and the Property Manager are wholly owned subsidiaries of, and the Dealer Manager is under common ownership with, the Sponsor, and, as a result of which, they are related parties of the Company. Each has received and/or may receive compensation, fees and other expense reimbursements for services related to the IPO and the investment and management of the Company's assets. Such entities have received or may receive, as applicable, fees during the offering, acquisition, operational and liquidation stages. |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 11 Months Ended | ||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||
Accounting Policies [Abstract] | ' | ||||||||||||||||||||||
Summary of Significant Accounting Policies | ' | ||||||||||||||||||||||
Summary of Significant Accounting Policies | |||||||||||||||||||||||
Basis of Accounting and Presentation | |||||||||||||||||||||||
The accompanying consolidated financial statements of the Company are prepared on the accrual basis of accounting in accordance with accounting principles generally accepted in the United States of America ("GAAP"). | |||||||||||||||||||||||
Principles of Consolidation | |||||||||||||||||||||||
The consolidated financial statements include the accounts of the Company, the OP and its wholly-owned subsidiaries and those subsidiaries in which the Company owns a majority voting interest with the ability to control operations of the subsidiaries and where approval, veto or other important rights have been granted to the non-controlling shareholders. All inter-company accounts and transactions have been eliminated in consolidation. | |||||||||||||||||||||||
Development Stage Company | |||||||||||||||||||||||
On April 25, 2013, the Company raised proceeds sufficient to break escrow in connection with its IPO on a reasonable best efforts basis. The Company received and accepted aggregate subscriptions in excess of the minimum $2.0 million, broke escrow and issued shares of common stock to its initial investors who were admitted as stockholders. The Company purchased its first property and commenced active operations on April 29, 2013, and as of such date was no longer considered to be a development stage company. | |||||||||||||||||||||||
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 financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Management makes significant estimates regarding revenue recognition, purchase price allocations to record investments in real estate, and derivative financial instruments and hedging activities, as applicable. | |||||||||||||||||||||||
Real Estate Investments | |||||||||||||||||||||||
Investments in real estate are recorded at cost. Improvements and replacements are capitalized when they extend the useful life of the asset. Costs of repairs and maintenance are expensed as incurred. Depreciation is computed using the straight-line method over the estimated useful lives of up to 40 years for buildings, 15 years for land improvements, five years for fixtures and the shorter of the useful life or the remaining lease term for tenant improvements and leasehold interests. | |||||||||||||||||||||||
The Company is required to make subjective assessments as to the useful lives of the Company's properties for purposes of determining the amount of depreciation to record on an annual basis with respect to the Company's investments in real estate. These assessments have a direct impact on the Company's net income because if the Company were to shorten the expected useful lives of the Company's investments in real estate, the Company would depreciate these investments over fewer years, resulting in more depreciation expense and lower net income on an annual basis. | |||||||||||||||||||||||
The Company is required to present the operations related to properties that have been sold or properties that are intended to be sold as discontinued operations in the statement of operations for all periods presented. Properties that are intended to be sold are to be designated as "held for sale" on the consolidated balance sheet. There are no properties held for sale as of December 31, 2013. | |||||||||||||||||||||||
Impairment of Long Lived Assets | |||||||||||||||||||||||
When circumstances indicate the carrying value of a property may not be recoverable, the Company reviews the asset for impairment. This review is based on an estimate of the future undiscounted cash flows, excluding interest charges, expected to result from the property's use and eventual disposition. These estimates consider factors such as expected future operating income, market and other applicable trends and residual value, as well as the effects of leasing demand, competition and other factors. If impairment exists, due to the inability to recover the carrying value of a property, an impairment loss is recorded to the extent that the carrying value exceeds the estimated fair value of the property for properties to be held and used. For properties held for sale, the impairment loss is the adjustment to fair value less estimated cost to dispose of the asset. These assessments have a direct impact on net income because recording an impairment loss results in an immediate negative adjustment to net income. | |||||||||||||||||||||||
Purchase Price Allocation | |||||||||||||||||||||||
The Company allocates the purchase price of acquired properties to tangible and identifiable intangible assets acquired based on their respective fair values. Tangible assets include land, land improvements, buildings, fixtures and tenant improvements on an as-if vacant basis. The Company utilizes various estimates, processes and information to determine the as-if vacant property value. Estimates of value are made using customary methods, including data from appraisals, comparable sales, discounted cash flow analysis and other methods. Amounts allocated to land, land improvements, buildings and fixtures are based on cost segregation studies performed by independent third parties or on the Company's analysis of comparable properties in the Company's portfolio. Identifiable intangible assets and liabilities, as applicable, include amounts allocated to acquire leases for above- and below-market lease rates, the value of in-place leases, and the value of customer relationships, as applicable. | |||||||||||||||||||||||
The aggregate value of intangible assets and liabilities, as applicable, related to in-place leases is primarily the difference between the property valued with existing in-place leases adjusted to market rental rates and the property valued as if vacant. Factors considered by the Company in its analysis of the in-place lease intangibles include an estimate of carrying costs during the expected lease-up period for each property, taking into account current market conditions and costs to execute similar leases. In estimating carrying costs, the Company includes real estate taxes, insurance and other operating expenses and estimates of lost rentals at market rates during the expected lease-up period, which typically ranges from six to 12 months. Estimates of costs to execute similar leases including leasing commissions, legal and other related expenses are also utilized. | |||||||||||||||||||||||
Above-market and below-market in-place lease values for owned properties are recorded based on the present value (using an interest rate which reflects the risks associated with the leases acquired) of the difference between the contractual amounts to be paid pursuant to the in-place leases and management's estimate of fair market lease rates for the corresponding in-place leases, measured over a period equal to the remaining non-cancelable term of the lease. The capitalized above-market lease intangibles are amortized as a decrease to rental income over the remaining term of the lease. The capitalized below-market lease values are amortized as an increase to rental income over the remaining term and any fixed rate renewal periods provided within the respective leases. In determining the amortization period for below-market lease intangibles, the Company initially will consider, and periodically evaluate on a quarterly basis, the likelihood that a lessee will execute the renewal option. The likelihood that a lessee will execute the renewal option is determined by taking into consideration the tenant's payment history, the financial condition of the tenant, business conditions in the industry in which the tenant operates and economic conditions in the area in which the property is located. | |||||||||||||||||||||||
The aggregate value of intangibles assets related to customer relationships, as applicable, is measured based on the Company's evaluation of the specific characteristics of each tenant's lease and the Company's overall relationship with the tenant. Characteristics considered by the Company in determining these values include the nature and extent of its existing business relationships with the tenant, growth prospects for developing new business with the tenant, the tenant's credit quality and expectations of lease renewals, among other factors. | |||||||||||||||||||||||
The value of in-place leases is amortized to expense over the initial term of the respective leases, which is approximately four to 24 years. The value of customer relationship intangibles is amortized to expense over the initial term and any renewal periods in the respective leases, but in no event does the amortization period for intangible assets exceed the remaining depreciable life of the building. If a tenant terminates its lease, the unamortized portion of the in-place lease value and customer relationship intangibles is charged to expense. | |||||||||||||||||||||||
In making estimates of fair values for purposes of allocating purchase price, the Company utilizes a number of sources, including independent appraisals that may be obtained in connection with the acquisition or financing of the respective property and other market data. The Company also considers information obtained about each property as a result of the Company's pre-acquisition due diligence, as well as subsequent marketing and leasing activities, in estimating the fair value of the tangible and intangible assets acquired and intangible liabilities assumed. | |||||||||||||||||||||||
Intangible assets and acquired lease liabilities, as applicable, consist of following: | |||||||||||||||||||||||
(In thousands) | December 31, 2013 | ||||||||||||||||||||||
Intangible assets: | |||||||||||||||||||||||
In-place leases, net of accumulated amortization of $2,870 at December 31, 2013 | $ | 127,223 | |||||||||||||||||||||
Above-market leases, net of accumulated amortization of $0 at December 31, 2013 | 380 | ||||||||||||||||||||||
Total intangible lease assets, net | $ | 127,603 | |||||||||||||||||||||
Intangible liabilities: | |||||||||||||||||||||||
Below-market leases, net of accumulated accretion of $22 at December 31, 2013 | $ | 909 | |||||||||||||||||||||
Total intangible lease liabilities, net | $ | 909 | |||||||||||||||||||||
The following table provides the weighted-average amortization and accretion periods as of December 31, 2013 for intangible assets and liabilities, as applicable, and the projected amortization expense and adjustments to rental income for the next five years: | |||||||||||||||||||||||
(In thousands) | Weighted-Average Amortization Period | 2014 | 2015 | 2016 | 2017 | 2018 | |||||||||||||||||
In-place leases | 12.4 years | $ | 11,823 | $ | 11,823 | $ | 11,823 | $ | 11,823 | $ | 10,772 | ||||||||||||
Above-market lease assets | 10.0 years | $ | 38 | $ | 38 | $ | 38 | $ | 38 | $ | 38 | ||||||||||||
Below-market lease liabilities | 13.3 years | (70 | ) | (70 | ) | (70 | ) | (70 | ) | (70 | ) | ||||||||||||
Total to be included in rental income | $ | (32 | ) | $ | (32 | ) | $ | (32 | ) | $ | (32 | ) | $ | (32 | ) | ||||||||
Cash and Cash Equivalents | |||||||||||||||||||||||
Cash and cash equivalents include cash in bank accounts as well as investments in highly-liquid money market funds with original maturities of three months or less. | |||||||||||||||||||||||
The Company deposits cash with high quality financial institutions. These deposits are guaranteed by the Federal Deposit Insurance Company ("FDIC") up to an insurance limit. At December 31, 2013 the Company had deposits of $101.2 million of which $100.4 million were in excess of the amount insured by the FDIC. Although the Company bears risk to amounts in excess of those insured by the FDIC, it does not anticipate any losses as a result thereof. | |||||||||||||||||||||||
Deferred Costs, Net | |||||||||||||||||||||||
Deferred costs, net, consists of deferred financing costs. Deferred financing costs represent commitment fees, legal fees, and other costs associated with obtaining commitments for financing. These costs are amortized over the terms of the respective financing agreements using the effective interest method and included in interest expense on the accompanying consolidated statement of operations and comprehensive loss. Unamortized deferred financing costs are expensed when the associated debt is refinanced or repaid before maturity. Costs incurred in seeking financial transactions that do not close are expensed in the period in which it is determined that the financing will not close. | |||||||||||||||||||||||
Share Repurchase Program | |||||||||||||||||||||||
The Company's board of directors has adopted a Share Repurchase Program ("SRP") that enables stockholders to sell their shares to the Company under limited circumstances. The SRP permits 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. | |||||||||||||||||||||||
Until the NAV pricing date, a stockholder must have beneficially held the shares for at least one year prior to offering them for sale to the Company through the SRP, although if a stockholder sells back all of its shares, the Company's board of directors has the discretion to exempt shares purchased pursuant to the DRIP from this one year requirement. In addition, upon the death or disability of a stockholder, upon request, the Company will waive the one-year holding requirement as discussed below. | |||||||||||||||||||||||
Prior to the NAV pricing date, the number of shares repurchased may not exceed 5.0% of the weighted-average number of shares of common stock outstanding at the end of the previous calendar year and the price per share for repurchases of shares of common stock will be as follows: | |||||||||||||||||||||||
• | the lower of $23.13 and 92.5% of the price paid to acquire the shares, for stockholders who have continuously held their shares for at least one year; | ||||||||||||||||||||||
• | the lower of $23.75 and 95.0% of the price paid to acquire the shares for stockholders who have continuously held their shares for at least two years; | ||||||||||||||||||||||
• | the lower of $24.78 and 97.5% of the price paid to acquire the shares for stockholders who have continuously held their shares for at least three years; and | ||||||||||||||||||||||
• | the lower of $25.00 and 100.0% of the price paid to acquire the shares for stockholders who have continuously held their shares for at least four years (in each case, as adjusted for any stock dividends, combinations, splits, recapitalizations and the like with respect to the Company's common stock). | ||||||||||||||||||||||
Subject to limited exceptions, stockholders who request the repurchase of shares of the Company's common stock within the first four months from the date of purchase will be subject to a short-term trading fee of 2.0%. | |||||||||||||||||||||||
Commencing with the NAV pricing date, the repurchase price for shares under the SRP will be based on NAV. Only those stockholders who purchased their shares from the Company or received their shares from the Company (directly or indirectly) through one or more non-cash transactions may be able to participate in the SRP. The repurchase of shares will occur on the last business day prior to the filing of each quarterly financial filing (and in all events on a date other than a dividend payment date). Purchases under the SRP will be limited in any calendar quarter to 1.25% of the Company's NAV as of the last day of the previous calendar quarter, or approximately 5.0% of the Company's NAV in any 12 month period. If the Company reaches the 1.25% limit on repurchases during any quarter, the Company will not accept any additional repurchase requests for the remainder of such quarter. The SRP will automatically resume on the first day of the next calendar quarter, unless the board of directors determines to suspend the SRP. | |||||||||||||||||||||||
Prior to the NAV pricing date, upon the death or disability of a stockholder, upon request, the Company will waive the one-year holding requirement that otherwise will apply to redemption requests made prior to such time. Following the NAV pricing date, no holding period will be required. Shares repurchased in connection with the death or disability of a stockholder will be repurchased at a purchase price equal to the greater of the price paid for such shares and the then-current NAV (as adjusted for any stock dividends, combinations, splits, recapitalizations and the like with respect to the Company's common stock). The board of directors has the discretion to exempt shares purchased pursuant to the DRIP from the one-year holding requirement, if a stockholder sells back all of his or her shares. In addition, the Company may waive the holding period in the event of a stockholder's bankruptcy or other exigent circumstances. | |||||||||||||||||||||||
When a stockholder requests repurchases and the repurchases are approved, the Company will reclassify such obligation from equity to a liability based on the settlement value of the obligation. Shares purchased under the SRP will have the status of authorized but unissued shares. The following table summarizes the repurchases of shares under the SRP cumulatively through December 31, 2013: | |||||||||||||||||||||||
Number of Requests | Number of Shares Repurchased | Weighted-Average Price per Share | |||||||||||||||||||||
Cumulative repurchase requests as of December 31, 2013 (1) | 10 | 8,082 | $ | 24.98 | |||||||||||||||||||
_____________________________ | |||||||||||||||||||||||
-1 | Includes four unfulfilled repurchase requests consisting of 4,566 shares at a weighted-average repurchase price per share of $24.99, which were approved for repurchase as of December 31, 2013 and completed during the first quarter of 2014. This liability is included in accounts payable and accrued expenses on the Company's consolidated balance sheet. | ||||||||||||||||||||||
Distribution Reinvestment Plan | |||||||||||||||||||||||
Pursuant to the DRIP, stockholders may elect to reinvest distributions by purchasing shares of common stock in lieu of receiving cash. No dealer manager fees or selling commissions are paid with respect to shares purchased pursuant to the DRIP. Participants purchasing shares pursuant to the DRIP have the same rights and are treated in the same manner as if such shares were issued pursuant to the IPO. The board of directors may designate that certain cash or other distributions be excluded from the DRIP. The Company has the right to amend any aspect of the DRIP or terminate the DRIP with ten days' notice to participants. Shares issued pursuant to the DRIP are recorded within stockholders' equity in the accompanying consolidated balance sheet in the period distributions are declared. During the period from January 22, 2013 (date of inception) to December 31, 2013, the Company issued 0.9 million shares of common stock with a value of $20.4 million and a par value per share of $0.01 under the DRIP. | |||||||||||||||||||||||
Derivative Instruments | |||||||||||||||||||||||
The Company may use derivative financial instruments to hedge all or a portion of the interest rate risk associated with its borrowings. Certain of the techniques used to hedge exposure to interest rate fluctuations may also be used to protect against declines in the market value of assets that result from general trends in debt markets. The principal objective of such agreements is to minimize the risks and/or costs associated with the Company's operating and financial structure as well as to hedge specific anticipated transactions. | |||||||||||||||||||||||
The Company records all derivatives on the consolidated balance sheet at fair value. The accounting for changes in the fair value of derivatives depends on the intended use of the derivative, whether the Company has elected to designate a derivative in a hedging relationship and apply hedge accounting and whether the hedging relationship has satisfied the criteria necessary to apply hedge accounting. Derivatives designated and qualifying as a hedge of the exposure to changes in the fair value of an asset, liability, or firm commitment attributable to a particular risk, such as interest rate risk, are considered fair value hedges. Derivatives designated and qualifying as a hedge of the exposure to variability in expected future cash flows, or other types of forecasted transactions, are considered cash flow hedges. Derivatives may also be designated as hedges of the foreign currency exposure of a net investment in a foreign operation. Hedge accounting generally provides for the matching of the timing of gain or loss recognition on the hedging instrument with the recognition of the changes in the fair value of the hedged asset or liability that are attributable to the hedged risk in a fair value hedge or the earnings effect of the hedged forecasted transactions in a cash flow hedge. The Company may enter into derivative contracts that are intended to economically hedge certain of its risk, even though hedge accounting does not apply or the Company elects not to apply hedge accounting. | |||||||||||||||||||||||
The accounting for subsequent changes in the fair value of these derivatives depends on whether each has been designated and qualifies for hedge accounting treatment. If the Company elects not to apply hedge accounting treatment, any change in the fair value of these derivative instruments is recognized immediately in gains (losses) on derivative instruments in the accompanying consolidated statement of operations. If the derivative is designated and qualifies for hedge accounting treatment, the change in the estimated fair value of the derivative is recorded in other comprehensive income (loss) to the extent that it is effective. Any ineffective portion of a derivative's change in fair value will be immediately recognized in earnings. | |||||||||||||||||||||||
Revenue Recognition | |||||||||||||||||||||||
The Company's revenues, which are derived primarily from rental income, include rents that each tenant pays in accordance with the terms of each lease reported on a straight-line basis over the initial term of the lease. Since many of the Company's leases provide for rental increases at specified intervals, straight-line basis accounting requires the Company to record a receivable, and include in revenues, unbilled rent receivables that the Company will only receive if the tenant makes all rent payments required through the expiration of the initial term of the lease. The Company defers the revenue related to lease payments received from tenants in advance of their due dates. When the Company acquires a property, the term of existing leases is considered to commence as of the acquisition date for the purposes of this calculation. | |||||||||||||||||||||||
The Company owns certain properties with leases that include provisions for the tenant to pay contingent rental income based on a percent of the tenant's sales upon the achievement of certain sales thresholds or other targets which may be monthly, quarterly or annual targets. As the lessor to the aforementioned leases, the Company defers the recognition of contingent rental income, until the specified target that triggered the contingent rental income is achieved, or until such sales upon which percentage rent is based are known. Contingent rental income is included in rental income on the accompanying consolidated statement of operations. | |||||||||||||||||||||||
Cost recoveries from tenants are included in operating expense reimbursements on the accompanying consolidated statement of operations in the period the related costs are incurred, as applicable. | |||||||||||||||||||||||
The Company continually reviews receivables related to rent and unbilled rent receivables and determine collectability by taking into consideration the tenant's payment history, the financial condition of the tenant, business conditions in the industry in which the tenant operates and economic conditions in the area in which the property is located. In the event that the collectability of a receivable is in doubt, the Company records an increase in the Company's allowance for uncollectible accounts or record a direct write-off of the receivable in the Company's consolidated statement of operations. | |||||||||||||||||||||||
Offering and Related Costs | |||||||||||||||||||||||
Offering and related costs include all expenses incurred in connection with the Company's IPO. Offering costs (other than selling commissions and the dealer manager fee) of the Company may be paid by the Advisor, the Dealer Manager or their affiliates on behalf of the Company. These costs include but are not limited to (i) legal, accounting, printing, mailing, and filing fees; (ii) escrow related fees; (iii) reimbursement of the Dealer Manager for amounts it may pay to reimburse the bona fide diligence expenses of broker-dealers; and (iv) reimbursement to the Advisor for the costs of its employees and other costs in connection with preparing supplemental sales materials and related offering activities. The Company is obligated to reimburse the Advisor or its affiliates, as applicable, for organization and offering costs paid by them on behalf of the Company, provided that the Advisor is obligated to reimburse the Company to the extent organization and offering costs (excluding selling commissions and the dealer manager fee) incurred by the Company in its offering exceed 2.0% of gross offering proceeds. As a result, these costs are only a liability of the Company to the extent selling commissions, the dealer manager fees and other organization and offering costs do not exceed 12.0% of the gross proceeds determined at the end of the IPO. As of the end of the IPO, offering costs were less than 12.0% of the gross proceeds received in the IPO (See Note 10 — Related Party Transactions and Arrangements). | |||||||||||||||||||||||
Share-Based Compensation | |||||||||||||||||||||||
The Company has a stock-based award plan, which is accounted for under the guidance for share based payments. The expense for such awards is included in general and administrative expenses and is recognized over the vesting period or when the requirements for exercise of the award have been met (See Note 12 — Share-Based Compensation). | |||||||||||||||||||||||
Income Taxes | |||||||||||||||||||||||
The Company intends to elect and qualify to be taxed as a REIT under Sections 856 through 860 of the Internal Revenue Code of 1986, as amended, commencing with the taxable year ended December 31, 2013. If the Company qualifies for taxation as a REIT, it generally will not be subject to federal corporate income tax to the extent it distributes all of its REIT taxable income to its stockholders, and so long as it distributes at least 90% of its REIT taxable income. REITs are subject to a number of other organizational and operational requirements. Even if the Company qualifies to be taxed as a REIT, it may be subject to certain state and local taxes on its income and property, and federal income and excise taxes on its undistributed income. | |||||||||||||||||||||||
Per Share Data | |||||||||||||||||||||||
Basic net income (loss) per share of common stock is calculated by dividing net income (loss) by the weighted-average number of shares of common stock issued and outstanding during such period. Diluted net income (loss) per share of common stock considers the effect of potentially dilutive instruments outstanding during such period. | |||||||||||||||||||||||
Reportable Segments | |||||||||||||||||||||||
The Company has determined that it has one reportable segment, with activities related to investing in real estate. The Company's investments in real estate generate rental revenue and other income through the leasing of properties, which comprised 100% of total consolidated revenues. Management evaluates the operating performance of the Company's investments in real estate on an individual property level. | |||||||||||||||||||||||
Recently Issued Accounting Pronouncements | |||||||||||||||||||||||
In December 2011, the Financial Accounting Standards Board ("FASB") issued guidance regarding disclosures about offsetting assets and liabilities, which requires entities to disclose information about offsetting and related arrangements to enable users of its financial statements to understand the effect of those arrangements on its financial position. The guidance was effective for fiscal years and interim periods beginning on or after January 1, 2013 with retrospective application for all comparative periods presented. The adoption of this guidance, which is related to disclosure only, did not have a material impact on the Company's consolidated financial position, results of operations or cash flows. | |||||||||||||||||||||||
In July 2012, the FASB issued revised guidance intended to simplify how an entity tests indefinite-lived intangible assets for impairment. The amendments allow an entity to initially assess qualitative factors to determine whether it is necessary to perform a quantitative impairment test. An entity is no longer required to calculate the fair value of an indefinite-lived intangible asset and perform the quantitative test unless the entity determines, based on a qualitative assessment, that it is more likely than not that its fair value is less than its carrying amount. The amendments were effective for annual and interim indefinite-lived intangible asset impairment tests performed for fiscal years beginning after September 15, 2012. The adoption of this guidance did not have a material impact on the Company's consolidated financial position, results of operations or cash flows. | |||||||||||||||||||||||
In February 2013, the FASB issued guidance which requires an entity to provide information about the amounts reclassified out of accumulated other comprehensive income by component. The guidance was effective for annual and interim periods beginning after December 15, 2012. The adoption of this guidance, which is related to disclosure only, did not have a material impact on the Company's consolidated financial position, results of operations or cash flows. | |||||||||||||||||||||||
In February 2013, the FASB issued guidance clarifying the accounting and disclosure requirements for obligations resulting from joint and several liability arrangements for which the total amount under the arrangement is fixed at the reporting date. The new guidance is effective for fiscal years, and interim periods within those fiscal years, beginning on or after December 15, 2013. The Company does not expect the adoption of this guidance to have a material impact on the Company's consolidated financial position, results of operations or cash flows. |
Real_Estate_Investments
Real Estate Investments | 11 Months Ended | ||||
Dec. 31, 2013 | |||||
Real Estate Investments, Net [Abstract] | ' | ||||
Real Estate Investments | ' | ||||
Real Estate Investments | |||||
The following table presents the allocation of assets acquired and liabilities assumed during the period from January 22, 2013 (date of inception) to December 31, 2013: | |||||
(Dollar amounts in thousands) | Period from January 22, 2013 (date of inception) to December 31, 2013 | ||||
Real estate investments, at cost: | |||||
Land | $ | 147,899 | |||
Buildings, fixtures and improvements | 868,700 | ||||
Total tangible assets | 1,016,599 | ||||
Acquired intangibles: | |||||
In-place leases | 130,093 | ||||
Above-market lease assets | 380 | ||||
Below-market lease liabilities | (931 | ) | |||
Total intangibles | 129,542 | ||||
Total assets acquired, net | 1,146,141 | ||||
Mortgage note payable assumed | (8,830 | ) | |||
Premium on mortgage assumed | (334 | ) | |||
Real estate investments financed through accounts payable | (9,902 | ) | |||
Cash paid for acquired real estate investments, at cost | $ | 1,127,075 | |||
Number of properties purchased | 239 | ||||
Real estate investments, at cost of $795.2 million have been provisionally assigned to land, buildings, fixtures and improvements and in-place lease intangibles pending receipt of the final appraisals and/or other information being prepared by a third-party specialist. | |||||
The following table presents unaudited pro forma information as if the acquisitions during the period from January 22, 2013 (date of inception) to December 31, 2013 had been consummated on January 22, 2013 (date of inception): | |||||
(In thousands) | Period from January 22, 2013 (date of inception) to December 31, 2013 | ||||
Pro forma revenues | $ | 89,817 | |||
Pro forma net income | $ | 4,442 | |||
As of December 31, 2013, the Company had deposits for potential acquisitions of $33.0 million which are included in prepaid expenses and other assets on the accompanying consolidated balance sheet. | |||||
The following table presents future minimum base rent payments on a cash basis due to the Company over the next five years and thereafter. These amounts exclude contingent rent payments, as applicable, that may be collected from certain tenants based on provisions related to sales thresholds and increases in annual rent based on exceeding certain economic indexes among other items. | |||||
(In thousands) | Future Minimum | ||||
Base Rent Payments | |||||
2014 | $ | 81,876 | |||
2015 | 83,052 | ||||
2016 | 83,961 | ||||
2017 | 84,826 | ||||
2018 | 81,738 | ||||
Thereafter | 647,578 | ||||
$ | 1,063,031 | ||||
The following table lists the tenants whose annualized rental income on a straight-line basis represented 10.0% or greater of consolidated annualized rental income on a straight-line basis for all portfolio properties as of December 31, 2013: | |||||
Tenant | December 31, 2013 | ||||
Americold | 14.5 | % | |||
Merrill Lynch | 14.5 | % | |||
The termination, delinquency or non-renewal of leases by one or more of the above tenants may have a material adverse effect on revenues. No other tenant represented 10.0% or greater of consolidated annualized rental income on a straight-line basis as of December 31, 2013. | |||||
The following table lists the states where the Company has concentrations of properties where annualized rental income on a straight-line basis represented 10.0% or greater of consolidated annualized rental income on a straight-line basis as of December 31, 2013: | |||||
State | December 31, 2013 | ||||
Georgia | 14.7 | % | |||
New Jersey | 15.1 | % | |||
The Company did not own properties in any other state that in total represented 10.0% or greater of consolidated annualized rental income on a straight-line basis as of December 31, 2013. | |||||
Inland Portfolio Acquisition | |||||
On August 8, 2013 the Company's Sponsor entered into an equity interest purchase agreement (the "Agreement") with Inland American Real Estate Trust, Inc. ("Inland") for the purchase and sale of the equity interests of 67 entities owned by Inland for an aggregate contract purchase price of approximately $2.3 billion, subject to adjustments set forth in the Agreement and exclusive of closing costs. Of the 67 entities, the equity interests of 42 entities (the "Inland Portfolio") will be acquired by the Company from Inland for a purchase price of approximately $1.5 billion, subject to adjustments set forth in the Agreement and exclusive of closing costs, which was allocated to the Company based on the pro-rata fair value of the Inland Portfolio relative to the fair value of all 67 companies to be acquired by the Company and other entities sponsored directly or indirectly by the Company's Sponsor from Inland. The Inland Portfolio is comprised of 244 properties. As of December 31, 2013, the Company had closed on 48 of the 244 properties for a total purchase price of $507.3 million, exclusive of closing costs. As of March 6, 2014, the Company has closed on 83 of the 244 properties for a total purchase price of $768.8 million. |
Investment_Securities
Investment Securities | 11 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Investments Securities [Abstract] | ' | ||||||||||||||||
Investment Securities | ' | ||||||||||||||||
Investment Securities | |||||||||||||||||
As of December 31, 2013, the Company has investments in redeemable preferred stock and senior notes, with an aggregate fair value of $58.6 million. These investments are considered available-for-sale securities and therefore increases or decreases in the fair value of these investments are recorded in accumulated other comprehensive loss as a component of stockholders' equity on the consolidated balance sheet unless the securities are considered to be permanently impaired at which time the losses would be reclassified to expense. | |||||||||||||||||
The following table details the unrealized gains and losses on investment securities as of December 31, 2013: | |||||||||||||||||
December 31, 2013 | |||||||||||||||||
(In thousands) | Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | |||||||||||||
Investment securities | $ | 65,547 | $ | — | $ | (6,981 | ) | $ | 58,566 | ||||||||
Unrealized losses as of December 31, 2013 were considered temporary and therefore no impairment was recorded during the period from January 22, 2013 (date of inception) to December 31, 2013. | |||||||||||||||||
During the fourth quarter of 2013, the Company sold an investment in common stock with a cost basis of $0.4 million for $0.5 million resulting in a realized gain on sale of investment securities of $0.1 million. | |||||||||||||||||
The Company's preferred stock investments are redeemable at the respective issuer's option after five years from issuance. The senior notes have a weighted-average maturity of 28.8 years and a weighted-average interest rate of 5.6% as of December 31, 2013. |
Revolving_Credit_Facility
Revolving Credit Facility | 11 Months Ended |
Dec. 31, 2013 | |
Revolving Credit Facility [Abstract] | ' |
Revolving Credit Facility | ' |
Revolving Credit Facility | |
On September 23, 2013, the Company, through the OP, entered into a credit agreement (the "Credit Agreement") relating to a new revolving credit facility (the "Credit Facility") which provides for aggregate revolving loan borrowings of up to $200.0 million (subject to borrowing base availability), with a $25.0 million swingline subfacility and a $20.0 million letter of credit subfacility. Through an uncommitted "accordion feature," the OP, subject to certain conditions, may increase commitments under the Credit Facility to up to $750.0 million. During the fourth quarter of 2013, the Company entered into arrangements that increased the commitments under the Credit Facility to $455.0 million as of December 31, 2013. During February 2014, the Company increased the commitments under the Credit Facility to $630.0 million and drew $333.0 million on the Credit Facility to partially fund acquisition activity. | |
J.P. Morgan Securities LLC acted as joint bookrunner and joint lead arranger for the Credit Facility and its affiliate, JPMorgan Chase Bank, N.A., is the administrative agent, letter of credit issuer, swingline lender and a lender thereunder. Regions Capital Markets acted as joint bookrunner, joint lead arranger and syndication agent for the Credit Facility and its affiliate, Regions Bank, is a lender thereunder. | |
Borrowings under the Credit Facility bear interest, at the OP's election, at either (i) base rate (which is defined in the Credit Agreement as the greatest of (a) the prime rate in effect on such day, (b) the federal funds effective rate in effect on such day plus 0.50%, and (c) LIBOR for a one month interest period plus 1.0%) plus an applicable spread ranging from 0.60% to 1.20%, depending on the Company's consolidated leverage ratio, or (ii) LIBOR plus an applicable spread ranging from 1.60% to 2.20%, depending on the Company's consolidated leverage ratio. The Credit Facility requires an unused fee per annum of 0.25% and 0.15%, if the unused balance of the Credit Facility exceeds or is equal to or less than 50.0% of the available facility, respectively. | |
The Credit Facility provides for monthly interest payments for each base rate loan and periodic interest payments for each LIBOR loan, based upon the applicable interest period with respect to such LIBOR loan, with all principal outstanding being due on the maturity date. The Credit Facility will mature on September 23, 2017, provided that the OP, subject to certain conditions, may elect to extend the maturity date one year to September 23, 2018. The Credit Facility may be prepaid at any time, in whole or in part, without premium or penalty. In the event of a default, the lenders have the right to terminate their obligations under the Credit Facility and to accelerate the payment on any unpaid principal amount of all outstanding loans. | |
As of December 31, 2013, the Company had no outstanding borrowings under the Credit Facility. The Company incurred $0.2 million in unused borrowing fees during the period from January 22, 2013 (date of inception) to December 31, 2013. The Credit Facility requires the Company to meet certain financial covenants, including the maintenance of certain financial ratios (such as specified debt to equity and debt service coverage ratios) as well as the maintenance of a minimum net worth. As of December 31, 2013, the Company was in compliance with the financial covenants under the Credit Agreement. |
Mortgage_Note_Payable
Mortgage Note Payable | 11 Months Ended | ||||
Dec. 31, 2013 | |||||
Mortgage Notes Payable [Abstract] | ' | ||||
Mortgage Notes Payable | ' | ||||
Mortgage Note Payable | |||||
On December 23, 2013, the Company assumed a $8.8 million mortgage note payable in connection with its acquisition of the SAAB Sensis property. The mortgage note bears interest at a fixed effective interest rate of 6.01% and requires monthly payments of principal and interest with the remaining principal due at maturity in April 2025. | |||||
The following table summarizes the scheduled aggregate principal payments for the Company's mortgage note payable subsequent to December 31, 2013: | |||||
(In thousands) | Future Principal Payments | ||||
2014 | $ | 311 | |||
2015 | 329 | ||||
2016 | 349 | ||||
2017 | 371 | ||||
2018 | 393 | ||||
Thereafter | 7,077 | ||||
$ | 8,830 | ||||
The Company's mortgage note payable agreement requires the compliance of certain property-level financial covenants including debt service coverage ratios. As of December 31, 2013, the Company was in compliance with the financial covenants under the mortgage note payable agreement. |
Fair_Value_of_Financial_Instru
Fair Value of Financial Instruments | 11 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||
Fair Value of Financial Instruments | ' | ||||||||||||||||
Fair Value of Financial Instruments | |||||||||||||||||
The Company determines fair value based on quoted prices when available or through the use of alternative approaches, such as discounting the expected cash flows using market interest rates commensurate with the credit quality and duration of the investment. The guidance defines three levels of inputs that may be used to measure fair value: | |||||||||||||||||
Level 1 — Quoted prices in active markets for identical assets and liabilities that the reporting entity has the ability to access at the measurement date. | |||||||||||||||||
Level 2 — Inputs other than quoted prices included within Level 1 that are observable for the asset and liability or can be corroborated with observable market data for substantially the entire contractual term of the asset or liability. | |||||||||||||||||
Level 3 — Unobservable inputs that reflect the entity's own assumptions about the assumptions that market participants would use in the pricing of the asset or liability and are consequently not based on market activity, but rather through particular valuation techniques. | |||||||||||||||||
The determination of where an asset or liability falls in the hierarchy requires significant judgment and considers factors specific to the asset or liability. In instances where the determination of the fair value measurement is based on inputs from different levels of the fair value hierarchy, the level in the fair value hierarchy within which the entire fair value measurement falls is based on the lowest level input that is significant to the fair value measurement in its entirety. The Company evaluates its hierarchy disclosures each quarter and depending on various factors, it is possible that an asset or liability may be classified differently from quarter to quarter. However, the Company expects that changes in classifications between levels will be rare. | |||||||||||||||||
The Company has investments in redeemable preferred stock and senior notes that are traded in active markets and therefore, due to the availability of quoted market prices in active markets, classified these investments as Level 1 in the fair value hierarchy. | |||||||||||||||||
The following table presents information about the Company's assets measured at fair value on a recurring basis as of December 31, 2013, aggregated by the level in the fair value hierarchy within which those instruments fall: | |||||||||||||||||
(In thousands) | Quoted Prices | Significant Other | Significant | Total | |||||||||||||
in Active | Observable | Unobservable | |||||||||||||||
Markets | Inputs | Inputs | |||||||||||||||
Level 1 | Level 2 | Level 3 | |||||||||||||||
Investment securities | $ | 58,566 | $ | — | $ | — | $ | 58,566 | |||||||||
A review of the fair value hierarchy classification is conducted on a quarterly basis. Changes in the type of inputs may result in a reclassification for certain assets. There were no transfers between Level 1 and Level 2 of the fair value hierarchy during the period from January 22, 2013 (date of inception) to December 31, 2013. | |||||||||||||||||
The Company is required to disclose the fair value of financial instruments for which it is practicable to estimate that value. The fair value of short-term financial instruments such as cash and cash equivalents, restricted cash, other receivables, accounts payable and distributions payable approximates their carrying value on the consolidated balance sheet due to their short-term nature. The fair values of the Company's remaining financial instruments that are not reported at fair value on the consolidated balance sheet as of December 31, 2013 are reported below. | |||||||||||||||||
Carrying Amount at | Fair Value at | ||||||||||||||||
(In thousands) | Level | December 31, 2013 | December 31, 2013 | ||||||||||||||
Mortgage note payable and premium, net | 3 | $ | 9,164 | $ | 9,164 | ||||||||||||
The fair value of the mortgage note payable is estimated using a discounted cash flow analysis, based on the Advisor's experience with similar types of borrowing arrangements. |
Common_Stock
Common Stock | 11 Months Ended |
Dec. 31, 2013 | |
Stockholders' Equity Note [Abstract] | ' |
Common Stock | ' |
Common Stock | |
As of December 31, 2013, the Company had 63.0 million shares of common stock outstanding, including unvested restricted shares and shares issued pursuant to the DRIP, and had received total proceeds from the IPO and the DRIP of $1.6 billion. | |
On April 9, 2013, the Company's board of directors authorized, and the Company declared, a distribution rate, which is calculated based on stockholders of record each day during the applicable period at a rate of $0.004520548 per day, based on $25.00 price per share of common stock. Distributions began to accrue on May 13, 2013, 15 days following the Company's initial property acquisition. Distributions are payable by the 5th day following each month end to stockholders of record at the close of business each day during the prior month. Distribution payments are dependent on the availability of funds. The board of directors may reduce the amount of distributions paid or suspend distribution payments at any time and therefore distributions payments are not assured. |
Commitments_and_Contingencies
Commitments and Contingencies | 11 Months Ended | ||||
Dec. 31, 2013 | |||||
Commitments and Contingencies Disclosure [Abstract] | ' | ||||
Commitments and Contingencies | ' | ||||
Commitments and Contingencies | |||||
Future Minimum Lease Payments | |||||
The Company entered into lease agreements related to certain acquisitions under leasehold interest arrangements. The following table reflects the minimum base cash rental payments due from the Company over the next five years and thereafter. These amounts exclude contingent rent payments, as applicable, that may be payable based on provisions related to increases in annual rent based on exceeding certain economic indexes among other items. | |||||
(In thousands) | Future Minimum Base Rent Payments | ||||
2014 | $ | 824 | |||
2015 | 827 | ||||
2016 | 835 | ||||
2017 | 840 | ||||
2018 | 822 | ||||
Thereafter | 6,302 | ||||
$ | 10,450 | ||||
Litigation | |||||
In the ordinary course of business, the Company may become subject to litigation or claims. There are no material legal proceedings pending or known to be contemplated against the Company or its properties. | |||||
Environmental Matters | |||||
In connection with the ownership and operation of real estate, the Company may potentially be liable for costs and damages related to environmental matters. The Company has not been notified by any governmental authority of any non-compliance, liability or other claim, and is not aware of any other environmental condition that it believes will have a material adverse effect on its financial position or results of operations. |
Related_Party_Transactions_and
Related Party Transactions and Arrangements | 11 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Related Party Transactions [Abstract] | ' | ||||||||||||
Related Party Transactions and Arrangements | ' | ||||||||||||
Related Party Transactions and Arrangements | |||||||||||||
As of December 31, 2013, the Special Limited Partner, an entity wholly owned by the Sponsor, owned 8,888 shares of the Company's outstanding common stock and 90 OP Units. | |||||||||||||
Fees Paid in Connection with the IPO | |||||||||||||
The Dealer Manager received fees and compensation in connection with the sale of the Company's common stock in the IPO. The Dealer Manager received selling commissions of up to 7.0% of gross offering proceeds before reallowance of commissions earned by participating broker-dealers. In addition, the Dealer Manager received up to 3.0% of the gross proceeds from the sale of shares, before reallowance to participating broker-dealers, as a dealer-manager fee. The Dealer Manager was permitted to reallow its dealer-manager fee to such participating broker-dealers. A participating broker dealer was permitted to elect to receive a fee equal to 7.5% of the gross proceeds from the sale of common stock (not including selling commissions and dealer manager fees) by such participating broker dealer, with 2.5% thereof paid at the time of such sale and 1.0% thereof paid on each anniversary of the closing of such sale up to and including the fifth anniversary of the closing of such sale. If this option was elected, the dealer manager fee would have been reduced to 2.5% of gross proceeds (not including selling commissions and dealer manager fees). The following table details total selling commissions and dealer manager fees incurred from and due to the Dealer Manager as of and for the periods presented: | |||||||||||||
(In thousands) | Period from January 22, 2013 (date of inception) to December 31, 2013 | Payable as of | |||||||||||
31-Dec-13 | |||||||||||||
Total commissions and fees from the Dealer Manager | $ | 143,009 | $ | 2 | |||||||||
The Advisor and its affiliates receive compensation and expense reimbursements for services relating to the IPO, including transfer agent services provided by an affiliate of the Dealer Manager. All offering costs incurred by the Company or its affiliated entities on behalf of the Company are charged to additional paid-in capital on the accompanying consolidated balance sheet as of December 31, 2013. The following table details offering costs and reimbursements incurred from and due to the Advisor and Dealer Manager as of and for the period presented: | |||||||||||||
(In thousands) | Period from January 22, 2013 (date of inception) to December 31, 2013 | Payable as of | |||||||||||
31-Dec-13 | |||||||||||||
Fees and expense reimbursements from the Advisor and Dealer Manager | $ | 30,482 | $ | 226 | |||||||||
The Company is responsible for offering and related costs from the IPO, excluding selling commissions and dealer manager fees, up to a maximum of 2.0% of gross proceeds received from the IPO, measured at the end of the IPO. Offering costs, excluding selling commissions and dealer manager fees, in excess of the 2.0% cap as of the end of the IPO are the Advisor's responsibility. As of the end of the IPO, cumulative offering and related costs, excluding selling commissions and dealer manager fees, did not exceed the 2.0% threshold. | |||||||||||||
The Advisor has elected to cap cumulative offering costs incurred by the Company, net of unpaid amounts, to 15.0% of gross common stock proceeds received from the IPO. As of the end of the IPO, cumulative offering costs, net of unpaid amounts, were less than the 15.0% threshold. | |||||||||||||
Fees Paid in Connection With the Operations of the Company | |||||||||||||
The Advisor receives an acquisition fee of 1.0% of the contract purchase price of each acquired property and 1.0% of the amount advanced for a loan or other investment. The Advisor is also paid for services provided for which they incur investment-related expenses, or insourced expenses. Such insourced expenses will be fixed initially at, and may not exceed, 0.5% of the contract purchase price and 0.5% of the amount advanced for a loan or other investment. Additionally, the Company pays third party acquisition expenses. Once the proceeds from the IPO have been fully invested, the aggregate amount of acquisition fees and financing coordination fees (as described below) shall not exceed 1.5% of the contract purchase price and the amount advanced for a loan or other investment for all the assets acquired. In no event will the total of all acquisition fees, acquisition expenses and any financing coordination fees payable with respect to a particular investment or reinvestment exceed 4.5% of the contract purchase price to be measured at the close of the acquisition phase or 4.5% of the amount advanced for a loan or other investment. | |||||||||||||
If the Advisor provides services in connection with the origination or refinancing of any debt that the Company obtains and uses to acquire properties or to make other permitted investments, or that is assumed, directly or indirectly, in connection with the acquisition of properties, the Company will pay the Advisor a financing coordination fee equal to 0.75% of the amount available and/or outstanding under such financing, subject to certain limitations. | |||||||||||||
In connection with providing strategic advisory services related to certain portfolio acquisitions, the Company has entered into arrangements in which the investment banking division of the Dealer Manager receives a transaction fee of 0.25% of the Transaction Value for certain portfolio acquisition transactions. Pursuant to such arrangements to date, Transaction Value has been defined as (i) the value of the consideration paid or to be paid for all the equity securities or assets in connection with the sale transaction or acquisition transaction (including consideration payable with respect to convertible or exchangeable securities and option, warrants or other exercisable securities and including dividends or distributions and equity security repurchases made in anticipation of or in connection with the sale transaction or acquisition transaction), or the implied value for all the equity securities or assets of the Company or acquisition target, as applicable, if a partial sale or purchase is undertaken, plus (ii) the aggregate value of any debt, capital lease and preferred equity security obligations (whether consolidated, off-balance sheet or otherwise) of the Company or acquisition target, as applicable, outstanding at the closing of the sale transaction or acquisition transaction), plus (iii) the amount of any fees, expenses and promote paid by the buyer(s) on behalf of the Company or the acquisition target, as applicable. Should the Dealer Manager provide strategic advisory services related to additional portfolio acquisition transactions, the Company will enter into new arrangements with the Dealer Manager on such terms as may be agreed upon between the two parties. | |||||||||||||
In connection with the asset management services provided by the Advisor, the Company issues and expects to issue (subject to periodic approval by the board of directors) to the Advisor performance-based restricted partnership units of the OP designated as "Class B Units," which are intended to be profit interests and will vest, and no longer be subject to forfeiture, at such time as: (a) the value of the OP's assets plus all distributions made equals or exceeds the total amount of capital contributed by investors plus a 6.0% cumulative, pretax, non-compounded annual return thereon (the "economic hurdle"); (b) any one of the following events occurs concurrently with or subsequently to the achievement of the economic hurdle described above: (i) a listing; (ii) a transaction to which the Company, or the OP, shall be a party, as a result of which OP Units or the Company's common stock shall be exchanged for, or converted into, the right, or the holders of such securities shall otherwise be entitled, to receive cash, securities or other property or any combination thereof; or (iii) the termination of the advisory agreement without cause; and (c) the Advisor pursuant to the advisory agreement is providing services to the Company immediately prior to the occurrence of an event of the type described in clause (b) above, unless the failure to provide such services is attributable to the termination without cause of the advisory agreement by an affirmative vote of a majority of the Company's independent directors after the economic hurdle described above has been met. Any outstanding Class B Units will be forfeited immediately if the advisory agreement is terminated for any reason other than a termination without cause. Any outstanding Class B Units will be forfeited immediately if the advisory agreement is terminated without cause by an affirmative vote of a majority of our board of directors before the economic hurdle described above has been met. | |||||||||||||
The Class B Units will be issued in an amount equal to the cost of the Company's assets multiplied by 0.1875%, divided by the value of one share of common stock as of the last day of such calendar quarter, which is equal initially to $22.50 (the initial offering price in the IPO minus selling commissions and dealer manager fees) and, at such time as the Company calculates NAV, to per share NAV. When and if approved by the board of directors, the Class B Units are expected to be issued to the Advisor quarterly in arrears pursuant to the terms of the limited partnership agreement of the OP. As of December 31, 2013, the Company cannot determine the probability of achieving the performance condition. The value of issued Class B Units will be determined and expensed when the Company deems the achievement of the performance condition to be probable. The Advisor receives distributions on the vested and unvested Class B Units it receives in connection with its asset management subordinated participation at the same rate as distributions received on the Company's common stock. Such distributions on issued Class B Units are included in general and administrative expenses in the consolidated statement of operations and comprehensive loss until the performance condition is considered probable to occur. During the period from January 22, 2013 (date of inception) to December 31, 2013, the board of directors approved the issuance of 75,430 Class B Units to the Advisor in connection with this arrangement. | |||||||||||||
Effective August 1, 2013, the Company entered into an agreement with the Dealer Manager to provide strategic advisory services and investment banking services required in the ordinary course of the Company's business, such as performing financial analysis, evaluating publicly traded comparable companies and assisting in developing a portfolio composition strategy, a capitalization structure to optimize future liquidity options and structuring operations. Strategic advisory fees were fully amortized over three months and are included in general and administrative expenses on the consolidated statement of operations and comprehensive loss. | |||||||||||||
The following table details amounts incurred, forgiven and payable to related parties in connection with the operations-related services described above as of and for the period presented: | |||||||||||||
Period from January 22, 2013 (date of inception) to December 31, 2013 | Payable as of | ||||||||||||
(In thousands) | Incurred | Forgiven | December 31, 2013 | ||||||||||
One-time fees and reimbursements: | |||||||||||||
Acquisition fees and related cost reimbursements | $ | 13,126 | $ | — | $ | — | |||||||
Financing coordination fees | 3,479 | — | — | ||||||||||
Transaction fees | 4,423 | — | 2,630 | ||||||||||
Ongoing fees: | |||||||||||||
Strategic advisory fees | 920 | — | — | ||||||||||
Distributions on Class B Units | 71 | — | 71 | ||||||||||
Total related party operation fees and reimbursements | $ | 22,019 | $ | — | $ | 2,701 | |||||||
The Company reimburses the Advisor's costs of providing administrative services, subject to the limitation that the Company will not reimburse the Advisor for any amount by which the Company's operating expenses at the end of the four preceding fiscal quarters exceeds the greater of (a) 2.0% of average invested assets and (b) 25.0% of net income other than any additions to reserves for depreciation, bad debt or other similar non-cash reserves and excluding any gain from the sale of assets for that period. The Company may not reimburse the Advisor for personnel costs in connection with services for which the Advisor receives acquisition fees or real estate commissions. No reimbursements were incurred from the Advisor for providing services during the period from January 22, 2013 (date of inception) to December 31, 2013. | |||||||||||||
In order to improve operating cash flows and the ability to pay distributions from operating cash flows, the Advisor may elect to waive certain fees. Because the Advisor may waive certain fees, cash flows from operations that would have been paid to the Advisor may be available to pay distributions to stockholders. The fees that are forgiven are not deferrals and, accordingly, will not be paid to the Advisor. In certain instances, to improve the Company's working capital, the Advisor may elect to absorb a portion of the Company's general and administrative costs and/or property operating costs. The Advisor absorbed $0.1 million of general and administrative costs during the period from January 22, 2013 (date of inception) to December 31, 2013. General and administrative expenses are presented net of costs absorbed by the Advisor, where applicable, on the consolidated statement of operations and comprehensive loss. | |||||||||||||
Fees Paid in Connection with the Liquidation or Listing of the Company's Real Estate Assets | |||||||||||||
The Company may pay the Advisor a subordinated performance fee calculated on the basis of the Company's total return to stockholders, payable annually in arrears, such that for any year in which the Company's total return on stockholders' capital exceeds 6.0% per annum, the Advisor will be entitled to 15.0% of the excess total return, provided that the annual subordinated performance fee paid to the Advisor does not exceed 10.0% of the aggregate total return for such year. This fee will be payable only upon the sale of assets, distributions or other event which results in the return on stockholders' capital exceeding 6.0% per annum. No subordinated performance fees were incurred during the period from January 22, 2013 (date of inception) to December 31, 2013. | |||||||||||||
The Company will pay a brokerage commission on the sale of property, not to exceed the lesser of 2.0% of the contract sale price of the property and one-half of the total brokerage commission paid, if a third party broker is also involved; provided, however, that in no event may the real estate commissions paid to the Advisor, its affiliates and unaffiliated third parties exceed the lesser of 6.0% of the contract sales price and a reasonable, customary and competitive real estate commission, in each case, payable to the Advisor if the Advisor or its affiliates, as determined by a majority of the independent directors, provided a substantial amount of services in connection with the sale. No such fees were incurred during the period from January 22, 2013 (date of inception) to December 31, 2013. | |||||||||||||
If the Company is not simultaneously listed on an exchange, the Company intends to pay a subordinated participation in the net sales proceeds of the sale of real estate assets of 15.0% of remaining net sales proceeds after return of capital contributions to investors plus payment to investors of an annual 6.0% cumulative, pre-tax, non-compounded return on the capital contributed by investors. The Company cannot assure that it will provide this 6.0% return but the Special Limited Partner will not be entitled to the subordinated participation in net sale proceeds unless the Company's investors have received an annual 6.0% cumulative, pre-tax, non-compounded return on their capital contributions. No such fees were incurred during the period from January 22, 2013 (date of inception) to December 31, 2013. | |||||||||||||
If the common stock of the Company is listed on a national stock exchange, the Company expects to pay a subordinated incentive listing distribution from the OP of 15.0% of the amount by which the Company's market value plus distributions exceeds the aggregate capital contributed by investors plus an amount equal to an annual 6.0% cumulative, pre-tax, non-compounded annual return to investors. The Company cannot assure that it will provide this 6.0% return but the Special Limited Partner will not be entitled to the subordinated incentive listing fee unless investors have received an annual 6.0% cumulative, pre-tax, non-compounded return on their capital contributions. No such fees were incurred during the period from January 22, 2013 (date of inception) to December 31, 2013. Neither the Advisor nor any of its affiliates can earn both the subordination participation in the net proceeds and the subordinated incentive listing distribution. | |||||||||||||
Upon termination or non-renewal of the advisory agreement with or without cause, the Special Limited Partner will be entitled to receive distributions from the OP equal to 15.0% of the amount by which the sum of the Company's market value plus distributions exceeds the sum of the aggregate capital contributed by investors plus an amount equal to an annual 6.0% cumulative, pre-tax, non-compounded return to investors. The Advisor may elect to defer its right to receive a subordinated distribution upon termination until either a listing on a national securities exchange or other liquidity event occurs. |
Economic_Dependency
Economic Dependency | 11 Months Ended |
Dec. 31, 2013 | |
Economic Dependency [Abstract] | ' |
Economic Dependency | ' |
Economic Dependency | |
Under various agreements, the Company has engaged or will engage the Advisor, its affiliates and entities under common ownership with the Advisor 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 issue, transfer agency services, as well as other administrative responsibilities for the Company including accounting services, transaction management services and investor relations. | |
As a result of these relationships, the Company is dependent upon the Advisor and its affiliates. In the event that these companies are unable to provide the Company with the respective services, the Company will be required to find alternative providers of these services. |
ShareBased_Compensation
Share-Based Compensation | 11 Months Ended | ||||||
Dec. 31, 2013 | |||||||
Share-based Compensation [Abstract] | ' | ||||||
Share-Based Compensation | ' | ||||||
Share-Based Compensation | |||||||
Restricted Share Plan | |||||||
The Company has an employee and director incentive restricted share plan (the "RSP"), which provides for the automatic grant of 1,333 restricted shares of common stock to each of the independent directors, without any further action by the Company's board of directors or the stockholders, on the date of initial election to the board of directors and on the date of each annual stockholders' meeting. Restricted stock issued to independent directors will vest over a five-year period following the first anniversary or the date of grant in increments of 20.0% per annum. The RSP provides the Company with the ability to grant awards of restricted shares to the Company's directors, officers and employees (if the Company ever has employees), employees of the Advisor and its affiliates, employees of entities that provide services to the Company, directors of the Advisor or of entities that provide services to the Company, certain consultants to the Company and the Advisor and its affiliates or to entities that provide services to the Company. The total number of shares of common stock granted under the RSP shall not exceed 5.0% of the Company's shares of common stock on a fully diluted basis at any time and in any event will not exceed 3.4 million shares (as such number may be adjusted for stock splits, stock dividends, combinations and similar events). | |||||||
Restricted share awards entitle the recipient to receive shares of common stock from the Company under terms that provide for vesting over a specified period of time. Such awards would typically be forfeited with respect to the unvested shares upon the termination of the recipient's employment or other relationship with the Company. Restricted shares may not, in general, be sold or otherwise transferred until restrictions are removed and the shares have vested. Holders of restricted shares may receive cash distributions prior to the time that the restrictions on the restricted shares have lapsed. Any distributions payable in shares of common stock shall be subject to the same restrictions as the underlying restricted shares. | |||||||
The following table reflects restricted share award activity for the period from January 22, 2013 (date of inception) to December 31, 2013: | |||||||
Number of Shares of Common Stock | Weighted-Average Issue Price | ||||||
Unvested, January 22, 2013 (date of inception) | — | $ | — | ||||
Granted | 5,333 | 22.5 | |||||
Vested | (1,333 | ) | 22.5 | ||||
Unvested, December 31, 2013 | 4,000 | $ | 22.5 | ||||
The fair value of the restricted shares is being expensed over the vesting period of five years. Compensation expense related to restricted stock was approximately $44,000 for the period from January 22, 2013 (date of inception) to December 31, 2013 and is recorded to general and administrative expenses in the accompanying consolidated statement of operations. | |||||||
As of December 31, 2013, the Company had $0.1 million of unrecognized compensation cost related to unvested restricted share awards granted under the Company's RSP. That cost is expected to be recognized over a weighted-average period of 4.3 years. | |||||||
Other Share-Based Compensation | |||||||
The Company may issue common stock in lieu of cash to pay fees earned by the Company's directors at each director's election. There are no restrictions on the shares issued since these payments in lieu of cash relate to fees earned for services performed. The following table reflects the shares of common stock issued to directors in lieu of cash compensation: | |||||||
(Dollar amounts in thousands) | Period from January 22, 2013 (date of inception) to December 31, 2013 | ||||||
Value of shares issued in lieu of cash | $ | 93 | |||||
Shares issued in lieu of cash | 4,114 | ||||||
Net_Loss_Per_Share
Net Loss Per Share | 11 Months Ended | ||||
Dec. 31, 2013 | |||||
Net Loss Per Share [Abstract] | ' | ||||
Net Loss Per Share | ' | ||||
Net Loss Per Share | |||||
The following is a summary of the basic and diluted net loss per share computation for the period from January 22, 2013 (date of inception) to December 31, 2013: | |||||
Period from January 22, 2013 (date of inception) to December 31, 2013 | |||||
Net loss (in thousands) | $ | (20,797 | ) | ||
Basic and diluted weighted-average shares outstanding | 28,954,769 | ||||
Basic and diluted net loss per share | $ | (0.72 | ) | ||
The following common stock equivalents as of December 31, 2013 were excluded from diluted net loss per share computations as their effect would have been antidilutive: | |||||
December 31, 2013 | |||||
Unvested restricted stock | 4,000 | ||||
OP Units | 90 | ||||
Class B Units | 75,430 | ||||
Total common stock equivalents | 79,520 | ||||
Quarterly_Results_Unaudited
Quarterly Results (Unaudited) | 11 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Quarterly Results (Unaudited) [Abstract] | ' | ||||||||||||
Quarterly Results (Unaudited) | ' | ||||||||||||
Quarterly Results (Unaudited) | |||||||||||||
The Company had a net loss of approximately $29,000 during the period from January 22, 2013 (date of inception) to March 31, 2013 and 8,888 basic and diluted weighted-average shares outstanding as of March 31, 2013. Presented below is a summary of the unaudited quarterly financial information for the period from April 1, 2013 to December 31, 2013. | |||||||||||||
Quarters Ended | |||||||||||||
(In thousands, except share and per share amounts) | June 30, 2013 | September 30, 2013 | December 31, 2013 | ||||||||||
Total revenues | $ | 35 | $ | 2,093 | $ | 22,161 | |||||||
Net loss | (215 | ) | (17,014 | ) | (3,539 | ) | |||||||
Basic and diluted weighted-average shares outstanding | 5,173,574 | 38,295,114 | 62,329,506 | ||||||||||
Basic and diluted net loss per share | $ | (0.04 | ) | $ | (0.44 | ) | $ | (0.06 | ) |
Subsequent_Events
Subsequent Events | 11 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Subsequent Events [Abstract] | ' | ||||||||||||
Subsequent Events | ' | ||||||||||||
Subsequent Events | |||||||||||||
The Company has evaluated subsequent events through the filing of this Annual Report on Form 10-K, and determined that there have not been any events that have occurred that would require adjustments to, or disclosures in, the consolidated financial statements except for the following disclosures: | |||||||||||||
Sales of Common Stock | |||||||||||||
As of February 28, 2014, the Company had 63.4 million shares of common stock outstanding, including unvested restricted shares and shares issued pursuant to the DRIP, and had received total proceeds from the IPO and the DRIP of $1.6 billion. As of February 28, 2014, the aggregate value of all shares outstanding was $1.6 billion, based on a per share value of $25.00 (or $23.75 for shares issued pursuant to the DRIP). | |||||||||||||
Total capital raised to date from the IPO and the DRIP is as follows: | |||||||||||||
Source of Capital (In thousands) | Period from January 22, 2013 (date of inception) to December 31, 2013 | January 1, 2014 to | Total as of | ||||||||||
28-Feb-14 | 28-Feb-14 | ||||||||||||
Common stock | $ | 1,557,511 | $ | 10,351 | $ | 1,567,862 | |||||||
Acquisitions | |||||||||||||
The following table presents certain information about the properties that the Company acquired from January 1, 2014 to March 6, 2014: | |||||||||||||
(Dollar amounts in thousands) | Number of Properties | Base Purchase Price (1) | Rentable Square Feet | ||||||||||
Total portfolio — December 31, 2013 | 239 | $ | 1,146,141 | 7,473,631 | |||||||||
Acquisitions | 49 | 291,040 | 3,340,553 | ||||||||||
Total portfolio — March 6, 2014 | 288 | $ | 1,437,181 | 10,814,184 | |||||||||
_______________________________ | |||||||||||||
(1) Contract purchase price, excluding acquisition related costs. | |||||||||||||
Mortgage Financings | |||||||||||||
From January 1, 2014 to March 6, 2014, the Company assumed $107.3 million of mortgage notes payable in connection with the property acquisitions during such period. | |||||||||||||
Investment Securities | |||||||||||||
From January 1, 2014 to March 6, 2014, the Company sold $7.3 million of investments in redeemable preferred stock and senior notes for a realized loss of $0.2 million. |
Real_Estate_and_Accumulated_De
Real Estate and Accumulated Depreciation - Schedule III | 11 Months Ended | ||||||||||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||||||||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure [Abstract] | ' | ||||||||||||||||||||||||||||||||||
Real Estate and Accumulated Depreciation - Schedule III | ' | ||||||||||||||||||||||||||||||||||
(In thousands) | Initial Costs | Costs Capitalized Subsequent to Acquisition | Gross Amount Carried at | ||||||||||||||||||||||||||||||||
Property | City | State | Acquisition | Encumbrances at December 31, 2013 | Land | Building and | Land | Building and | December 31, 2013 (1) (2) | Accumulated | |||||||||||||||||||||||||
Date | Improvements | Improvements | Depreciation (3) (4) | ||||||||||||||||||||||||||||||||
Dollar General | Sullivan | MO | 5/3/13 | $ | — | $ | 146 | $ | 825 | $ | — | $ | — | $ | 971 | $ | 31 | ||||||||||||||||||
Dollar General | Mission | TX | 4/29/13 | — | 142 | 807 | — | — | 949 | 30 | |||||||||||||||||||||||||
Walgreens | Pine Bluff | AR | 7/8/13 | — | 159 | 3,016 | — | — | 3,175 | 90 | |||||||||||||||||||||||||
Dollar General II | Bogalusa | LA | 7/12/13 | — | 107 | 965 | — | — | 1,072 | 27 | |||||||||||||||||||||||||
Dollar General II | Donaldsonville | LA | 7/12/13 | — | 97 | 871 | — | — | 968 | 24 | |||||||||||||||||||||||||
Auto Zone | Cut Off | LA | 7/16/13 | — | 67 | 1,282 | — | — | 1,349 | 30 | |||||||||||||||||||||||||
Dollar General III | Athens | MI | 7/16/13 | — | 48 | 907 | — | — | 955 | 21 | |||||||||||||||||||||||||
Dollar General III | Fowler | MI | 7/16/13 | — | 49 | 940 | — | — | 989 | 22 | |||||||||||||||||||||||||
Dollar General III | Hudson | MI | 7/16/13 | — | 102 | 922 | — | — | 1,024 | 22 | |||||||||||||||||||||||||
Dollar General III | Muskegon | MI | 7/16/13 | — | 49 | 939 | — | — | 988 | 22 | |||||||||||||||||||||||||
Dollar General III | Reese | MI | 7/16/13 | — | 150 | 848 | — | — | 998 | 20 | |||||||||||||||||||||||||
BSFS I | Ft Myers | FL | 7/18/13 | — | 1,215 | 1,822 | — | — | 3,037 | 44 | |||||||||||||||||||||||||
Dollar General IV | Bainbridge | GA | 7/29/13 | — | 233 | 700 | — | — | 933 | 16 | |||||||||||||||||||||||||
Dollar General IV | Vanleer | TN | 7/29/13 | — | 78 | 705 | — | — | 783 | 16 | |||||||||||||||||||||||||
Tractor Supply I | Vernon | CT | 8/1/13 | — | 358 | 3,220 | — | — | 3,578 | 64 | |||||||||||||||||||||||||
Dollar General V | Meruax | LA | 8/2/13 | — | 708 | 1,315 | — | — | 2,023 | 31 | |||||||||||||||||||||||||
Mattress Firm I | Tallahassee | FL | 8/7/13 | — | 1,015 | 1,241 | — | — | 2,256 | 29 | |||||||||||||||||||||||||
Mattress Firm I | McDonough | GA | 11/22/13 | — | 185 | 1,663 | — | — | 1,848 | 8 | |||||||||||||||||||||||||
Family Dollar I | Butler | KY | 8/12/13 | — | 126 | 711 | — | — | 837 | 17 | |||||||||||||||||||||||||
Lowes I | Macon | GA | 8/19/13 | — | — | 8,420 | — | — | 8,420 | 132 | |||||||||||||||||||||||||
Lowes I | Fayetteville | NC | 8/19/13 | — | — | 6,422 | — | — | 6,422 | 101 | |||||||||||||||||||||||||
Lowes I | New Bern | NC | 8/19/13 | — | 1,812 | 10,269 | — | — | 12,081 | 161 | |||||||||||||||||||||||||
Lowes I | Rocky MT | NC | 8/19/13 | — | 1,931 | 10,940 | — | — | 12,871 | 172 | |||||||||||||||||||||||||
Lowes I | Aiken | SC | 8/21/13 | — | 1,764 | 7,056 | — | — | 8,820 | 111 | |||||||||||||||||||||||||
O'Reilly Auto I | Maintowoc | WI | 8/19/13 | — | 85 | 761 | — | — | 846 | 14 | |||||||||||||||||||||||||
Food Lion I | Charlotte | NC | 8/19/13 | — | 3,132 | 4,697 | — | — | 7,829 | 77 | |||||||||||||||||||||||||
Family Dollar II | Danville | AR | 8/22/13 | — | 170 | 679 | — | — | 849 | 13 | |||||||||||||||||||||||||
Walgreens II | Tucker | GA | 8/23/13 | — | — | 2,524 | — | — | 2,524 | 50 | |||||||||||||||||||||||||
Dollar General VI | Natalbany | LA | 8/23/13 | — | 379 | 883 | — | — | 1,262 | 17 | |||||||||||||||||||||||||
Dollar General VII | Gasburg | VA | 8/23/13 | — | 52 | 993 | — | — | 1,045 | 19 | |||||||||||||||||||||||||
Family Dollar III | Challis | ID | 8/27/13 | — | 44 | 828 | — | — | 872 | 15 | |||||||||||||||||||||||||
Chili's I | Lake Jackson | TX | 8/30/13 | — | 746 | 1,741 | — | — | 2,487 | 41 | |||||||||||||||||||||||||
Chili's I | Victoria | TX | 8/30/13 | — | 813 | 1,897 | — | — | 2,710 | 45 | |||||||||||||||||||||||||
CVS I | Anniston | AL | 8/30/13 | — | 472 | 1,887 | — | — | 2,359 | 38 | |||||||||||||||||||||||||
(In thousands) | Initial Costs | Costs Capitalized Subsequent to Acquisition | Gross Amount Carried at | ||||||||||||||||||||||||||||||||
Property | City | State | Acquisition | Encumbrances at December 31, 2013 | Land | Building and | Land | Building and | December 31, 2013 (1) (2) | Accumulated | |||||||||||||||||||||||||
Date | Improvements | Improvements | Depreciation (3) (4) | ||||||||||||||||||||||||||||||||
Joe's Crab Shack I | Westminster | CO | 8/30/13 | — | 1,136 | 2,650 | — | — | 3,786 | 62 | |||||||||||||||||||||||||
Joe's Crab Shack I | Houston | TX | 8/30/13 | — | 1,169 | 2,171 | — | — | 3,340 | 51 | |||||||||||||||||||||||||
Tire Kingdom I | Lake Wales | FL | 9/4/13 | — | 556 | 1,296 | — | — | 1,852 | 25 | |||||||||||||||||||||||||
Dollar General VIII | Stanleytown | VA | 9/6/13 | — | 185 | 1,049 | — | — | 1,234 | 20 | |||||||||||||||||||||||||
Auto Zone II | Temple | VA | 9/6/13 | — | 569 | 854 | — | — | 1,423 | 16 | |||||||||||||||||||||||||
Family Dollar IV | Oil City | LA | 9/9/13 | — | 76 | 685 | — | — | 761 | 13 | |||||||||||||||||||||||||
Fresenius I | Montevalo | AL | 9/12/13 | — | 300 | 1,699 | — | — | 1,999 | 27 | |||||||||||||||||||||||||
Dollar General IX | Mabelvale | AR | 9/13/13 | — | 38 | 723 | — | — | 761 | 14 | |||||||||||||||||||||||||
Advance Auto I | Angola | IN | 9/19/13 | — | 35 | 671 | — | — | 706 | 9 | |||||||||||||||||||||||||
Walgreens III | Lansing | MI | 9/19/13 | — | 216 | 4,099 | — | — | 4,315 | 61 | |||||||||||||||||||||||||
Walgreens IV | Beaumont | TX | 9/20/13 | — | 499 | 1,995 | — | — | 2,494 | 30 | |||||||||||||||||||||||||
CVS II | Holyoke | MA | 9/19/13 | — | — | 2,258 | — | — | 2,258 | 34 | |||||||||||||||||||||||||
Arby's I | Hernando | MS | 9/19/13 | — | 624 | 1,455 | — | — | 2,079 | 26 | |||||||||||||||||||||||||
Dollar General X | Greenwell | LA | 9/24/13 | — | 114 | 1,029 | — | — | 1,143 | 14 | |||||||||||||||||||||||||
National Tire & Battery I | San Antonio | TX | 9/24/13 | — | 577 | 577 | — | — | 1,154 | 8 | |||||||||||||||||||||||||
Circle K I | Burlington | IA | 9/25/13 | — | 224 | 523 | — | — | 747 | 7 | |||||||||||||||||||||||||
Circle K I | Clinton | IA | 9/25/13 | — | 334 | 779 | — | — | 1,113 | 11 | |||||||||||||||||||||||||
Circle K I | Muscatine | IA | 9/25/13 | — | 274 | 821 | — | — | 1,095 | 12 | |||||||||||||||||||||||||
Circle K I | Aledo | IL | 9/25/13 | — | 427 | 1,709 | — | — | 2,136 | 24 | |||||||||||||||||||||||||
Circle K I | Bloomington | IL | 9/25/13 | — | 316 | 586 | — | — | 902 | 8 | |||||||||||||||||||||||||
Circle K I | Bloomington | IL | 9/25/13 | — | 395 | 592 | — | — | 987 | 8 | |||||||||||||||||||||||||
Circle K I | Champaign | IL | 9/25/13 | — | 412 | 504 | — | — | 916 | 7 | |||||||||||||||||||||||||
Circle K I | Galesburg | IL | 9/25/13 | — | 355 | 829 | — | — | 1,184 | 12 | |||||||||||||||||||||||||
Circle K I | Jacksonville | FL | 9/25/13 | — | 351 | 818 | — | — | 1,169 | 11 | |||||||||||||||||||||||||
Circle K I | Jacksonville | FL | 9/25/13 | — | 316 | 474 | — | — | 790 | 7 | |||||||||||||||||||||||||
Circle K I | Mattoon | IL | 9/25/13 | — | 608 | 1,129 | — | — | 1,737 | 16 | |||||||||||||||||||||||||
Circle K I | Morton | IL | 9/25/13 | — | 350 | 525 | — | — | 875 | 7 | |||||||||||||||||||||||||
Circle K I | Paris | IL | 9/25/13 | — | 429 | 797 | — | — | 1,226 | 11 | |||||||||||||||||||||||||
Circle K I | Staunton | IL | 9/25/13 | — | 467 | 1,867 | — | — | 2,334 | 26 | |||||||||||||||||||||||||
Circle K I | Vandalia | IL | 9/25/13 | — | 529 | 983 | — | — | 1,512 | 14 | |||||||||||||||||||||||||
Circle K I | Virden | IL | 9/25/13 | — | 302 | 1,208 | — | — | 1,510 | 17 | |||||||||||||||||||||||||
Circle K I | Lafayette | IN | 9/25/13 | — | 401 | 746 | — | — | 1,147 | 10 | |||||||||||||||||||||||||
Circle K I | Bedford | OH | 9/25/13 | — | 702 | 702 | — | — | 1,404 | 10 | |||||||||||||||||||||||||
Circle K I | Streetsboro | OH | 9/25/13 | — | 540 | 540 | — | — | 1,080 | 8 | |||||||||||||||||||||||||
(In thousands) | Initial Costs | Costs Capitalized Subsequent to Acquisition | Gross Amount Carried at | ||||||||||||||||||||||||||||||||
Property | City | State | Acquisition | Encumbrances at December 31, 2013 | Land | Building and | Land | Building and | December 31, 2013 (1) (2) | Accumulated | |||||||||||||||||||||||||
Date | Improvements | Improvements | Depreciation (3) (4) | ||||||||||||||||||||||||||||||||
Walgreens V | Oklahoma City | OK | 9/27/13 | — | 1,295 | 3,884 | — | — | 5,179 | 58 | |||||||||||||||||||||||||
Walgreens VI | Gillette | WY | 9/27/13 | — | 1,198 | 2,796 | — | — | 3,994 | 42 | |||||||||||||||||||||||||
FedEx I | Watertown | SD | 9/30/13 | — | 136 | 2,581 | — | — | 2,717 | 39 | |||||||||||||||||||||||||
Tractor Supply II | Houghton | MI | 10/3/13 | — | 204 | 1,158 | — | — | 1,362 | 14 | |||||||||||||||||||||||||
National Tire & Battery II | Mundelein | IL | 10/4/13 | — | — | 1,742 | — | — | 1,742 | 25 | |||||||||||||||||||||||||
Tractor Supply III | Harland | KY | 10/16/13 | — | 248 | 2,232 | — | — | 2,480 | 18 | |||||||||||||||||||||||||
Mattress Firm II | Knoxville | TN | 10/18/13 | — | 189 | 754 | — | — | 943 | 7 | |||||||||||||||||||||||||
Dollar General XI | Greenville | MS | 10/23/13 | — | 192 | 769 | — | — | 961 | 7 | |||||||||||||||||||||||||
Academy Sports I | Cape Girard | MO | 10/29/13 | — | 384 | 7,292 | — | — | 7,676 | 58 | |||||||||||||||||||||||||
Talecris Plasma I | Eagle Pass | TX | 10/29/13 | — | 286 | 2,577 | — | — | 2,863 | 20 | |||||||||||||||||||||||||
Amazon I | Winchester | KY | 10/30/13 | — | 362 | 8,070 | — | — | 8,432 | 69 | |||||||||||||||||||||||||
Fresenius II | Montclair | NJ | 10/31/13 | — | 1,214 | 2,255 | — | — | 3,469 | 18 | |||||||||||||||||||||||||
Fresenius II | Sharon Hill | PA | 10/31/13 | — | 345 | 1,956 | — | — | 2,301 | 15 | |||||||||||||||||||||||||
Dollar General XII | Le Center | MN | 11/1/13 | — | 47 | 886 | — | — | 933 | 8 | |||||||||||||||||||||||||
Dollar General XIII | Vidor | TX | 11/7/13 | — | 46 | 875 | — | — | 921 | 8 | |||||||||||||||||||||||||
Advance Auto II | Bunnell | FL | 11/7/13 | — | 92 | 1,741 | — | — | 1,833 | 16 | |||||||||||||||||||||||||
Advance Auto II | Washington | GA | 11/7/13 | — | 55 | 1,042 | — | — | 1,097 | 10 | |||||||||||||||||||||||||
FedEx II | Leland | MS | 11/12/13 | — | 220 | 4,186 | — | — | 4,406 | 43 | |||||||||||||||||||||||||
Burger King I | Algonquin | IL | 11/14/13 | — | 798 | 798 | — | — | 1,596 | 7 | |||||||||||||||||||||||||
Burger King I | Antioch | IL | 11/14/13 | — | 706 | 471 | — | — | 1,177 | 4 | |||||||||||||||||||||||||
Burger King I | Crystal Lake | IL | 11/14/13 | — | 541 | 232 | — | — | 773 | 2 | |||||||||||||||||||||||||
Burger King I | Grayslake | IL | 11/14/13 | — | 582 | 476 | — | — | 1,058 | 4 | |||||||||||||||||||||||||
Burger King I | Gurnee | IL | 11/14/13 | — | 931 | 931 | — | — | 1,862 | 9 | |||||||||||||||||||||||||
Burger King I | McHenry | IL | 11/14/13 | — | 742 | 318 | — | — | 1,060 | 3 | |||||||||||||||||||||||||
Burger King I | Lake Beach | IL | 11/14/13 | — | 1,273 | 1,042 | — | — | 2,315 | 10 | |||||||||||||||||||||||||
Burger King I | Waukegan | IL | 11/14/13 | — | 611 | 611 | — | — | 1,222 | 6 | |||||||||||||||||||||||||
Burger King I | Woodstock | IL | 11/14/13 | — | 869 | 290 | — | — | 1,159 | 3 | |||||||||||||||||||||||||
Burger King I | Austintown | OH | 11/14/13 | — | 221 | 1,251 | — | — | 1,472 | 12 | |||||||||||||||||||||||||
Burger King I | Beavercreek | OH | 11/14/13 | — | 410 | 761 | — | — | 1,171 | 7 | |||||||||||||||||||||||||
Burger King I | Celina | OH | 11/14/13 | — | 233 | 932 | — | — | 1,165 | 9 | |||||||||||||||||||||||||
Burger King I | Chardon | OH | 11/14/13 | — | 332 | 497 | — | — | 829 | 5 | |||||||||||||||||||||||||
Burger King I | Chesterland | OH | 11/14/13 | — | 320 | 747 | — | — | 1,067 | 7 | |||||||||||||||||||||||||
Burger King I | Cortland | OH | 11/14/13 | — | 118 | 1,063 | — | — | 1,181 | 10 | |||||||||||||||||||||||||
Burger King I | Dayton | OH | 11/14/13 | — | 464 | 862 | — | — | 1,326 | 8 | |||||||||||||||||||||||||
(In thousands) | Initial Costs | Costs Capitalized Subsequent to Acquisition | Gross Amount Carried at | ||||||||||||||||||||||||||||||||
Property | City | State | Acquisition | Encumbrances at December 31, 2013 | Land | Building and | Land | Building and | December 31, 2013 (1) (2) | Accumulated | |||||||||||||||||||||||||
Date | Improvements | Improvements | Depreciation (3) (4) | ||||||||||||||||||||||||||||||||
Burger King I | Fairborn | OH | 11/14/13 | — | 421 | 982 | — | — | 1,403 | 9 | |||||||||||||||||||||||||
Burger King I | Girard | OH | 11/14/13 | — | 421 | 1,264 | — | — | 1,685 | 12 | |||||||||||||||||||||||||
Burger King I | Greenville | OH | 11/14/13 | — | 248 | 993 | — | — | 1,241 | 9 | |||||||||||||||||||||||||
Burger King I | Madison | OH | 11/14/13 | — | 282 | 845 | — | — | 1,127 | 8 | |||||||||||||||||||||||||
Burger King I | Mentor | OH | 11/14/13 | — | 196 | 786 | — | — | 982 | 7 | |||||||||||||||||||||||||
Burger King I | Niles | OH | 11/14/13 | — | 304 | 1,214 | — | — | 1,518 | 11 | |||||||||||||||||||||||||
Burger King I | Royalton | OH | 11/14/13 | — | 156 | 886 | — | — | 1,042 | 8 | |||||||||||||||||||||||||
Burger King I | Painesville | OH | 11/14/13 | — | 170 | 965 | — | — | 1,135 | 9 | |||||||||||||||||||||||||
Burger King I | Poland | OH | 11/14/13 | — | 212 | 847 | — | — | 1,059 | 8 | |||||||||||||||||||||||||
Burger King I | Ravenna | OH | 11/14/13 | — | 391 | 1,172 | — | — | 1,563 | 11 | |||||||||||||||||||||||||
Burger King I | Salem | OH | 11/14/13 | — | 352 | 1,408 | — | — | 1,760 | 13 | |||||||||||||||||||||||||
Burger King I | Trotwood | OH | 11/14/13 | — | 266 | 798 | — | — | 1,064 | 7 | |||||||||||||||||||||||||
Burger King I | Twinsburg | OH | 11/14/13 | — | 458 | 850 | — | — | 1,308 | 8 | |||||||||||||||||||||||||
Burger King I | Vandalia | OH | 11/14/13 | — | 182 | 728 | — | — | 910 | 7 | |||||||||||||||||||||||||
Burger King I | Warren | OH | 11/14/13 | — | 176 | 997 | — | — | 1,173 | 9 | |||||||||||||||||||||||||
Burger King I | Warren | OH | 11/14/13 | — | 168 | 1,516 | — | — | 1,684 | 14 | |||||||||||||||||||||||||
Burger King I | Willoughby | OH | 11/14/13 | — | 394 | 920 | — | — | 1,314 | 8 | |||||||||||||||||||||||||
Burger King I | Youngstown | OH | 11/14/13 | — | 300 | 901 | — | — | 1,201 | 8 | |||||||||||||||||||||||||
Burger King I | Youngstown | OH | 11/14/13 | — | 186 | 1,675 | — | — | 1,861 | 15 | |||||||||||||||||||||||||
Burger King I | Youngstown | OH | 11/14/13 | — | 147 | 1,324 | — | — | 1,471 | 12 | |||||||||||||||||||||||||
Burger King I | Youngstown | OH | 11/14/13 | — | 370 | 1,481 | — | — | 1,851 | 14 | |||||||||||||||||||||||||
Burger King I | Bethel Park | PA | 11/14/13 | — | 342 | 634 | — | — | 976 | 6 | |||||||||||||||||||||||||
Burger King I | N Fayette | PA | 11/14/13 | — | 463 | 1,388 | — | — | 1,851 | 13 | |||||||||||||||||||||||||
Burger King I | N Versailles | PA | 11/14/13 | — | 553 | 1,659 | — | — | 2,212 | 15 | |||||||||||||||||||||||||
Burger King I | Columbiana | OH | 11/14/13 | — | 581 | 871 | — | — | 1,452 | 8 | |||||||||||||||||||||||||
Dollar General XIV | Ft Smith | AR | 11/20/13 | — | 184 | 1,042 | — | — | 1,226 | 5 | |||||||||||||||||||||||||
Dollar General XIV | Hot Springs | AR | 11/20/13 | — | 287 | 862 | — | — | 1,149 | 4 | |||||||||||||||||||||||||
Dollar General XIV | Royal | AR | 11/20/13 | — | 137 | 777 | — | — | 914 | 4 | |||||||||||||||||||||||||
Dollar General XV | Wilson | NY | 11/20/13 | — | 172 | 972 | — | — | 1,144 | 5 | |||||||||||||||||||||||||
FedEx III | Bismarck | ND | 11/25/13 | — | 554 | 3,139 | — | — | 3,693 | 16 | |||||||||||||||||||||||||
Dollar General XVI | LaFollette | TN | 11/27/13 | — | 43 | 824 | — | — | 867 | 4 | |||||||||||||||||||||||||
Family Dollar V | Carrollton | MO | 11/27/13 | — | 37 | 713 | — | — | 750 | 3 | |||||||||||||||||||||||||
Walgreens VIII | Bettendorf | IA | 12/6/13 | — | 1,398 | 3,261 | — | — | 4,659 | 16 | |||||||||||||||||||||||||
CVS III | Detroit | MI | 12/10/13 | — | 447 | 2,533 | — | — | 2,980 | 13 | |||||||||||||||||||||||||
(In thousands) | Initial Costs | Costs Capitalized Subsequent to Acquisition | Gross Amount Carried at | ||||||||||||||||||||||||||||||||
Property | City | State | Acquisition | Encumbrances at December 31, 2013 | Land | Building and | Land | Building and | December 31, 2013 (1) (2) | Accumulated | |||||||||||||||||||||||||
Date | Improvements | Improvements | Depreciation (3) (4) | ||||||||||||||||||||||||||||||||
Arby's II | Virginia | MN | 12/23/13 | — | 117 | 1,056 | — | — | 1,173 | — | |||||||||||||||||||||||||
Mattress Firm III | Valdosta | GA | 12/17/13 | — | 169 | 1,522 | — | — | 1,691 | — | |||||||||||||||||||||||||
Family Dollar VI | Kremling | CO | 12/23/13 | — | 194 | 778 | — | — | 972 | — | |||||||||||||||||||||||||
Family Dollar VI | Walden | CO | 12/10/13 | — | 100 | 568 | — | — | 668 | 3 | |||||||||||||||||||||||||
Citizens Bank I | Doylestown | PA | 12/27/13 | — | 588 | 1,373 | — | — | 1,961 | — | |||||||||||||||||||||||||
Citizens Bank I | Lansdale | PA | 12/27/13 | — | 531 | 1,238 | — | — | 1,769 | — | |||||||||||||||||||||||||
Citizens Bank I | Lima | PA | 12/27/13 | — | 1,376 | 1,682 | — | — | 3,058 | — | |||||||||||||||||||||||||
Citizens Bank I | Philadelphia | PA | 12/27/13 | — | 473 | 2,680 | — | — | 3,153 | — | |||||||||||||||||||||||||
Citizens Bank I | Philadelphia | PA | 12/27/13 | — | 412 | 2,337 | — | — | 2,749 | — | |||||||||||||||||||||||||
Citizens Bank I | Philadelphia | PA | 12/27/13 | — | 321 | 2,889 | — | — | 3,210 | — | |||||||||||||||||||||||||
Citizens Bank I | Philadelphia | PA | 12/27/13 | — | 388 | 1,551 | — | — | 1,939 | — | |||||||||||||||||||||||||
Citizens Bank I | Richboro | PA | 12/27/13 | — | 642 | 1,193 | — | — | 1,835 | — | |||||||||||||||||||||||||
Citizens Bank I | Wayne | PA | 12/27/13 | — | 1,923 | 1,923 | — | — | 3,846 | — | |||||||||||||||||||||||||
American Tire Distributors I | Chatanooga | TN | 9/30/13 | — | 382 | 7,249 | — | — | 7,631 | (5) | 111 | ||||||||||||||||||||||||
SAAB Sensis I | Syracuse | NY | 12/23/13 | 8,830 | 1,731 | 15,580 | — | — | 17,311 | (5) | — | ||||||||||||||||||||||||
Merrill Lynch Pierce Fenner & Smith I | Hopewell | NJ | 9/30/13 | — | 1,854 | 40,257 | — | — | 42,111 | (5) | 538 | ||||||||||||||||||||||||
Merrill Lynch Pierce Fenner & Smith I | Hopewell | NJ | 9/30/13 | — | 651 | 14,125 | — | — | 14,776 | (5) | 189 | ||||||||||||||||||||||||
Merrill Lynch Pierce Fenner & Smith I | Hopewell | NJ | 9/30/13 | — | 3,619 | 78,581 | — | — | 82,200 | (5) | 1,049 | ||||||||||||||||||||||||
Krystal Burgers Corporation I | Jacksonville | FL | 9/30/13 | — | 547 | 821 | — | — | 1,368 | (5) | 14 | ||||||||||||||||||||||||
Krystal Burgers Corporation I | Columbus | GA | 9/30/13 | — | 136 | 1,220 | — | — | 1,356 | (5) | 21 | ||||||||||||||||||||||||
Krystal Burgers Corporation I | Ft. Oglethorpe | GA | 9/30/13 | — | 185 | 1,051 | — | — | 1,236 | (5) | 19 | ||||||||||||||||||||||||
Krystal Burgers Corporation I | Chatanooga | TN | 9/30/13 | — | 292 | 877 | — | — | 1,169 | (5) | 15 | ||||||||||||||||||||||||
Krystal Burgers Corporation I | Cleveland | TN | 9/30/13 | — | 211 | 1,197 | — | — | 1,408 | (5) | 21 | ||||||||||||||||||||||||
Krystal Burgers Corporation I | Madison | TN | 9/30/13 | — | 427 | 640 | — | — | 1,067 | (5) | 11 | ||||||||||||||||||||||||
O'Charley's I | Lexington | KY | 9/30/13 | — | 675 | 1,574 | — | — | 2,249 | (5) | 28 | ||||||||||||||||||||||||
O'Charley's I | Conyers | GA | 9/30/13 | — | 315 | 1,784 | — | — | 2,099 | (5) | 31 | ||||||||||||||||||||||||
O'Charley's I | Southaven | MS | 9/30/13 | — | 756 | 1,405 | — | — | 2,161 | (5) | 25 | ||||||||||||||||||||||||
O'Charley's I | Daphne | AL | 9/30/13 | — | 225 | 2,026 | — | — | 2,251 | (5) | 36 | ||||||||||||||||||||||||
O'Charley's I | Kennesaw | GA | 9/30/13 | — | 225 | 2,022 | — | — | 2,247 | (5) | 36 | ||||||||||||||||||||||||
O'Charley's I | Springfield | OH | 9/30/13 | — | 329 | 1,864 | — | — | 2,193 | (5) | 33 | ||||||||||||||||||||||||
O'Charley's I | Murfreesboro | TN | 9/30/13 | — | 775 | 1,439 | — | — | 2,214 | (5) | 25 | ||||||||||||||||||||||||
O'Charley's I | McDonough | GA | 9/30/13 | — | 322 | 1,823 | — | — | 2,145 | (5) | 32 | ||||||||||||||||||||||||
O'Charley's I | Simpsonville | SC | 9/30/13 | — | 440 | 1,760 | — | — | 2,200 | (5) | 31 | ||||||||||||||||||||||||
(In thousands) | Initial Costs | Costs Capitalized Subsequent to Acquisition | Gross Amount Carried at | ||||||||||||||||||||||||||||||||
Property | City | State | Acquisition | Encumbrances at December 31, 2013 | Land | Building and | Land | Building and | December 31, 2013 (1) (2) | Accumulated | |||||||||||||||||||||||||
Date | Improvements | Improvements | Depreciation (3) (4) | ||||||||||||||||||||||||||||||||
O'Charley's I | Grove City | OH | 9/30/13 | — | 436 | 1,745 | — | — | 2,181 | (5) | 31 | ||||||||||||||||||||||||
O'Charley's I | Clarksville | TN | 9/30/13 | — | 858 | 1,287 | — | — | 2,145 | (5) | 23 | ||||||||||||||||||||||||
O'Charley's I | Champaign | IL | 9/30/13 | — | 330 | 1,872 | — | — | 2,202 | (5) | 33 | ||||||||||||||||||||||||
O'Charley's I | Columbus | OH | 9/30/13 | — | 329 | 1,862 | — | — | 2,191 | (5) | 33 | ||||||||||||||||||||||||
O'Charley's I | Foley | AL | 9/30/13 | — | 331 | 1,875 | — | — | 2,206 | (5) | 33 | ||||||||||||||||||||||||
O'Charley's I | Corydon | IN | 9/30/13 | — | 330 | 1,870 | — | — | 2,200 | (5) | 33 | ||||||||||||||||||||||||
O'Charley's I | Salisbury | NC | 9/30/13 | — | 671 | 1,567 | — | — | 2,238 | (5) | 28 | ||||||||||||||||||||||||
O'Charley's I | Carollton | GA | 9/30/13 | — | 672 | 1,568 | — | — | 2,240 | (5) | 28 | ||||||||||||||||||||||||
O'Charley's I | Lake Charles | LA | 9/30/13 | — | 948 | 1,159 | — | — | 2,107 | (5) | 20 | ||||||||||||||||||||||||
O'Charley's I | Hattiesburg | MS | 9/30/13 | — | 433 | 1,731 | — | — | 2,164 | (5) | 30 | ||||||||||||||||||||||||
O'Charley's I | Greenfield | IN | 9/30/13 | — | 665 | 1,552 | — | — | 2,217 | (5) | 27 | ||||||||||||||||||||||||
Walgreens VII | Monroe | MI | 9/30/13 | — | 1,212 | 2,827 | — | — | 4,039 | (5) | 42 | ||||||||||||||||||||||||
Walgreens VII | St. Louis | MO | 9/30/13 | — | 955 | 2,228 | — | — | 3,183 | (5) | 33 | ||||||||||||||||||||||||
Walgreens VII | Rockledge | FL | 9/30/13 | — | 1,093 | 2,030 | — | — | 3,123 | (5) | 30 | ||||||||||||||||||||||||
Walgreens VII | Florrisant | MO | 9/30/13 | — | 503 | 1,510 | — | — | 2,013 | (5) | 23 | ||||||||||||||||||||||||
Walgreens VII | Florrisant | MO | 9/30/13 | — | 596 | 1,391 | — | — | 1,987 | (5) | 21 | ||||||||||||||||||||||||
Walgreens VII | Alton | IL | 9/30/13 | — | 1,216 | 3,649 | — | — | 4,865 | (5) | 55 | ||||||||||||||||||||||||
Walgreens VII | Springfield | IL | 9/30/13 | — | 1,386 | 3,235 | — | — | 4,621 | (5) | 49 | ||||||||||||||||||||||||
Walgreens VII | Washington | IL | 9/30/13 | — | 1,014 | 3,041 | — | — | 4,055 | (5) | 46 | ||||||||||||||||||||||||
Walgreens VII | Bloomington | IL | 9/30/13 | — | 1,649 | 3,848 | — | — | 5,497 | (5) | 58 | ||||||||||||||||||||||||
Walgreens VII | Mahomet | IL | 9/30/13 | — | 1,506 | 2,796 | — | — | 4,302 | (5) | 42 | ||||||||||||||||||||||||
1st Constitution Bancorp I | Highstown | NJ | 9/30/13 | — | 253 | 1,431 | — | — | 1,684 | (5) | 19 | ||||||||||||||||||||||||
American Express Travel Related Services I | Greensboro | NC | 9/24/13 | — | 1,620 | 41,401 | — | — | 43,021 | (5) | 752 | ||||||||||||||||||||||||
American Express Travel Related Services I | Salt Lake City | UT | 9/24/13 | — | 4,150 | 32,789 | — | — | 36,939 | (5) | 642 | ||||||||||||||||||||||||
AmeriCold I | Belvidere | IL | 9/24/13 | — | 2,170 | 17,843 | — | — | 20,013 | (5) | 272 | ||||||||||||||||||||||||
AmeriCold I | Brooklyn Park | MN | 9/24/13 | — | 1,590 | 11,940 | — | — | 13,530 | (5) | 182 | ||||||||||||||||||||||||
AmeriCold I | Cartersville | GA | 9/24/13 | — | 1,640 | 14,533 | — | — | 16,173 | (5) | 222 | ||||||||||||||||||||||||
AmeriCold I | Douglas | GA | 9/24/13 | — | 750 | 7,076 | — | — | 7,826 | (5) | 108 | ||||||||||||||||||||||||
AmeriCold I | Gaffney | SC | 9/24/13 | — | 1,360 | 5,666 | — | — | 7,026 | (5) | 86 | ||||||||||||||||||||||||
AmeriCold I | Gainesville | GA | 9/24/13 | — | 1,580 | 13,838 | — | — | 15,418 | (5) | 211 | ||||||||||||||||||||||||
AmeriCold I | Pendergrass | GA | 9/24/13 | — | 2,810 | 26,572 | — | — | 29,382 | (5) | 405 | ||||||||||||||||||||||||
AmeriCold I | Piedmont | SC | 9/24/13 | — | 3,030 | 24,067 | — | — | 27,097 | (5) | 367 | ||||||||||||||||||||||||
AmeriCold I | Zumbrota | MN | 9/24/13 | — | 2,440 | 18,152 | — | — | 20,592 | (5) | 277 | ||||||||||||||||||||||||
(In thousands) | Initial Costs | Costs Capitalized Subsequent to Acquisition | Gross Amount Carried at | ||||||||||||||||||||||||||||||||
Property | City | State | Acquisition | Encumbrances at December 31, 2013 | Land | Building and | Land | Building and | December 31, 2013 (1) (2) | Accumulated | |||||||||||||||||||||||||
Date | Improvements | Improvements | Depreciation (3) (4) | ||||||||||||||||||||||||||||||||
Home Depot I | Valdosta | GA | 9/24/13 | — | 2,930 | 30,538 | — | — | 33,468 | (5) | 359 | ||||||||||||||||||||||||
Home Depot I | Birmingham | AL | 9/24/13 | — | 3,660 | 33,667 | — | — | 37,327 | (5) | 396 | ||||||||||||||||||||||||
L.A. Fitness I | Houston | TX | 9/24/13 | — | 2,540 | 8,379 | — | — | 10,919 | (5) | 105 | ||||||||||||||||||||||||
New Breed Logistics I | Hanahan | SC | 9/24/13 | — | 2,940 | 19,171 | — | — | 22,111 | (5) | 292 | ||||||||||||||||||||||||
Sun Trust Bank I | Washington | DC | 9/24/13 | — | 590 | 2,366 | — | — | 2,956 | (5) | 32 | ||||||||||||||||||||||||
Sun Trust Bank I | Brooksville | FL | 9/24/13 | — | 360 | 127 | — | — | 487 | (5) | 2 | ||||||||||||||||||||||||
Sun Trust Bank I | Ft Pierce | FL | 9/24/13 | — | 720 | 1,434 | — | — | 2,154 | (5) | 19 | ||||||||||||||||||||||||
Sun Trust Bank I | New Smyrna Beach | FL | 9/24/13 | — | 740 | 2,859 | — | — | 3,599 | (5) | 38 | ||||||||||||||||||||||||
Sun Trust Bank I | Orlando | FL | 9/24/13 | — | 540 | 3,069 | — | — | 3,609 | (5) | 41 | ||||||||||||||||||||||||
Sun Trust Bank I | Orlando | FL | 9/24/13 | — | 410 | 2,078 | — | — | 2,488 | (5) | 28 | ||||||||||||||||||||||||
Sun Trust Bank I | West Palm Beach | FL | 9/24/13 | — | 520 | 2,264 | — | — | 2,784 | (5) | 30 | ||||||||||||||||||||||||
Sun Trust Bank I | Athens | GA | 9/24/13 | — | 610 | 1,662 | — | — | 2,272 | (5) | 22 | ||||||||||||||||||||||||
Sun Trust Bank I | Atlanta | GA | 9/24/13 | — | 2,190 | 5,666 | — | — | 7,856 | (5) | 65 | ||||||||||||||||||||||||
Sun Trust Bank I | Atlanta | GA | 9/24/13 | — | 570 | 1,152 | — | — | 1,722 | (5) | 15 | ||||||||||||||||||||||||
Sun Trust Bank I | Brunswick | GA | 9/24/13 | — | 80 | 249 | — | — | 329 | (5) | 3 | ||||||||||||||||||||||||
Sun Trust Bank I | Dunwoody | GA | 9/24/13 | — | 460 | 2,714 | — | — | 3,174 | (5) | 36 | ||||||||||||||||||||||||
Sun Trust Bank I | Thomson | GA | 9/24/13 | — | 480 | 1,015 | — | — | 1,495 | (5) | 14 | ||||||||||||||||||||||||
Sun Trust Bank I | Waycross | GA | 9/24/13 | — | 300 | 1,425 | — | — | 1,725 | (5) | 19 | ||||||||||||||||||||||||
Sun Trust Bank I | Landover | MD | 9/24/13 | — | 630 | 1,310 | — | — | 1,940 | (5) | 18 | ||||||||||||||||||||||||
Sun Trust Bank I | Burlington | NC | 9/24/13 | — | 200 | 497 | — | — | 697 | (5) | 7 | ||||||||||||||||||||||||
Sun Trust Bank I | Cary | NC | 9/24/13 | — | 370 | 841 | — | — | 1,211 | (5) | 11 | ||||||||||||||||||||||||
Sun Trust Bank I | Pittsboro | NC | 9/24/13 | — | 100 | 304 | — | — | 404 | (5) | 4 | ||||||||||||||||||||||||
Sun Trust Bank I | Spencer | NC | 9/24/13 | — | 280 | 717 | — | — | 997 | (5) | 10 | ||||||||||||||||||||||||
Sun Trust Bank I | Stokesdale | NC | 9/24/13 | — | 230 | 581 | — | — | 811 | (5) | 8 | ||||||||||||||||||||||||
Sun Trust Bank I | Summerfield | NC | 9/24/13 | — | 210 | 605 | — | — | 815 | (5) | 8 | ||||||||||||||||||||||||
Sun Trust Bank I | Waynesville | NC | 9/24/13 | — | 200 | 874 | — | — | 1,074 | (5) | 12 | ||||||||||||||||||||||||
Sun Trust Bank I | Fountain Inn | SC | 9/24/13 | — | 290 | 1,086 | — | — | 1,376 | (5) | 15 | ||||||||||||||||||||||||
Sun Trust Bank I | Chattanooga | TN | 9/24/13 | — | 220 | 781 | — | — | 1,001 | (5) | 10 | ||||||||||||||||||||||||
Sun Trust Bank I | Cleveland | TN | 9/24/13 | — | 170 | 461 | — | — | 631 | (5) | 6 | ||||||||||||||||||||||||
Sun Trust Bank I | Nashville | TN | 9/24/13 | — | 190 | 666 | — | — | 856 | (5) | 9 | ||||||||||||||||||||||||
Sun Trust Bank I | Oak Ridge | TN | 9/24/13 | — | 500 | 1,277 | — | — | 1,777 | (5) | 17 | ||||||||||||||||||||||||
Sun Trust Bank I | Savannah | TN | 9/24/13 | — | 390 | 1,179 | — | — | 1,569 | (5) | 16 | ||||||||||||||||||||||||
Sun Trust Bank I | Doswell | VA | 9/24/13 | — | 190 | 510 | — | — | 700 | (5) | 7 | ||||||||||||||||||||||||
Sun Trust Bank I | Nassawado | VA | 9/24/13 | — | 70 | 484 | — | — | 554 | (5) | 6 | ||||||||||||||||||||||||
(In thousands) | Initial Costs | Costs Capitalized Subsequent to Acquisition | Gross Amount Carried at | ||||||||||||||||||||||||||||||||
Property | City | State | Acquisition | Encumbrances at December 31, 2013 | Land | Building and | Land | Building and | December 31, 2013 (1) (2) | Accumulated | |||||||||||||||||||||||||
Date | Improvements | Improvements | Depreciation (3) (4) | ||||||||||||||||||||||||||||||||
Sun Trust Bank I | New Market | VA | 9/24/13 | — | 330 | 948 | — | — | 1,278 | (5) | 13 | ||||||||||||||||||||||||
Sun Trust Bank I | Vinton | VA | 9/24/13 | — | 120 | 366 | — | — | 486 | (5) | 5 | ||||||||||||||||||||||||
United Health I | Howard | WI | 10/7/13 | — | 3,790 | 54,998 | — | — | 58,788 | (5) | 744 | ||||||||||||||||||||||||
Total | $ | 8,830 | $ | 147,899 | $ | 868,700 | $ | — | $ | — | $ | 1,016,599 | $ | 12,077 | |||||||||||||||||||||
___________________________________ | |||||||||||||||||||||||||||||||||||
-1 | Acquired intangible lease assets allocated to individual properties in the amount of $130.5 million are not reflected in the table above. | ||||||||||||||||||||||||||||||||||
-2 | The tax basis of aggregate land, buildings and improvements as of December 31, 2013 is $1.2 billion. | ||||||||||||||||||||||||||||||||||
-3 | The accumulated depreciation column excludes $2.9 million of accumulated amortization associated with acquired intangible lease assets. | ||||||||||||||||||||||||||||||||||
-4 | Depreciation is computed using the straight-line method over the estimated useful lives of up to 40 years for buildings, 15 years for land improvements and five years for fixtures. | ||||||||||||||||||||||||||||||||||
-5 | The gross amount for the property has been provisionally assigned to land, buildings, fixtures and improvements pending receipt of the final appraisals and/or other information being prepared by a third-party specialist. | ||||||||||||||||||||||||||||||||||
A summary of activity for real estate and accumulated depreciation for the period from January 22, 2013 (date of inception) to December 31, 2013: | |||||||||||||||||||||||||||||||||||
(In thousands) | Period from January 22, 2013 (date of inception) to December 31, 2013 | ||||||||||||||||||||||||||||||||||
Real estate investments, at cost: | |||||||||||||||||||||||||||||||||||
Balance at January 22, 2013 (date of inception) | $ | — | |||||||||||||||||||||||||||||||||
Additions - acquisitions | 1,016,599 | ||||||||||||||||||||||||||||||||||
Disposals | — | ||||||||||||||||||||||||||||||||||
Balance at December 31, 2013 | $ | 1,016,599 | |||||||||||||||||||||||||||||||||
Accumulated depreciation: | |||||||||||||||||||||||||||||||||||
Balance at January 22, 2013 (date of inception) | $ | — | |||||||||||||||||||||||||||||||||
Depreciation expense | 12,077 | ||||||||||||||||||||||||||||||||||
Disposals | — | ||||||||||||||||||||||||||||||||||
Balance at December 31, 2013 | $ | 12,077 | |||||||||||||||||||||||||||||||||
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 11 Months Ended | ||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||
Accounting Policies [Abstract] | ' | ||||||||||||||||||||||
Basis of Accounting and Presentation | ' | ||||||||||||||||||||||
Basis of Accounting and Presentation | |||||||||||||||||||||||
The accompanying consolidated financial statements of the Company are prepared on the accrual basis of accounting in accordance with accounting principles generally accepted in the United States of America ("GAAP"). | |||||||||||||||||||||||
Principles of Consolidation | ' | ||||||||||||||||||||||
Principles of Consolidation | |||||||||||||||||||||||
The consolidated financial statements include the accounts of the Company, the OP and its wholly-owned subsidiaries and those subsidiaries in which the Company owns a majority voting interest with the ability to control operations of the subsidiaries and where approval, veto or other important rights have been granted to the non-controlling shareholders. All inter-company accounts and transactions have been eliminated in consolidation. | |||||||||||||||||||||||
Development Stage Company | ' | ||||||||||||||||||||||
Development Stage Company | |||||||||||||||||||||||
On April 25, 2013, the Company raised proceeds sufficient to break escrow in connection with its IPO on a reasonable best efforts basis. The Company received and accepted aggregate subscriptions in excess of the minimum $2.0 million, broke escrow and issued shares of common stock to its initial investors who were admitted as stockholders. The Company purchased its first property and commenced active operations on April 29, 2013, and as of such date was no longer considered to be a development stage company. | |||||||||||||||||||||||
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 financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Management makes significant estimates regarding revenue recognition, purchase price allocations to record investments in real estate, and derivative financial instruments and hedging activities, as applicable. | |||||||||||||||||||||||
Real Estate Investments | ' | ||||||||||||||||||||||
Real Estate Investments | |||||||||||||||||||||||
Investments in real estate are recorded at cost. Improvements and replacements are capitalized when they extend the useful life of the asset. Costs of repairs and maintenance are expensed as incurred. Depreciation is computed using the straight-line method over the estimated useful lives of up to 40 years for buildings, 15 years for land improvements, five years for fixtures and the shorter of the useful life or the remaining lease term for tenant improvements and leasehold interests. | |||||||||||||||||||||||
The Company is required to make subjective assessments as to the useful lives of the Company's properties for purposes of determining the amount of depreciation to record on an annual basis with respect to the Company's investments in real estate. These assessments have a direct impact on the Company's net income because if the Company were to shorten the expected useful lives of the Company's investments in real estate, the Company would depreciate these investments over fewer years, resulting in more depreciation expense and lower net income on an annual basis. | |||||||||||||||||||||||
The Company is required to present the operations related to properties that have been sold or properties that are intended to be sold as discontinued operations in the statement of operations for all periods presented. Properties that are intended to be sold are to be designated as "held for sale" on the consolidated balance sheet. There are no properties held for sale as of December 31, 2013. | |||||||||||||||||||||||
Impairment of Long Lived Assets | ' | ||||||||||||||||||||||
Impairment of Long Lived Assets | |||||||||||||||||||||||
When circumstances indicate the carrying value of a property may not be recoverable, the Company reviews the asset for impairment. This review is based on an estimate of the future undiscounted cash flows, excluding interest charges, expected to result from the property's use and eventual disposition. These estimates consider factors such as expected future operating income, market and other applicable trends and residual value, as well as the effects of leasing demand, competition and other factors. If impairment exists, due to the inability to recover the carrying value of a property, an impairment loss is recorded to the extent that the carrying value exceeds the estimated fair value of the property for properties to be held and used. For properties held for sale, the impairment loss is the adjustment to fair value less estimated cost to dispose of the asset. These assessments have a direct impact on net income because recording an impairment loss results in an immediate negative adjustment to net income. | |||||||||||||||||||||||
Purchase Price Allocation | ' | ||||||||||||||||||||||
Purchase Price Allocation | |||||||||||||||||||||||
The Company allocates the purchase price of acquired properties to tangible and identifiable intangible assets acquired based on their respective fair values. Tangible assets include land, land improvements, buildings, fixtures and tenant improvements on an as-if vacant basis. The Company utilizes various estimates, processes and information to determine the as-if vacant property value. Estimates of value are made using customary methods, including data from appraisals, comparable sales, discounted cash flow analysis and other methods. Amounts allocated to land, land improvements, buildings and fixtures are based on cost segregation studies performed by independent third parties or on the Company's analysis of comparable properties in the Company's portfolio. Identifiable intangible assets and liabilities, as applicable, include amounts allocated to acquire leases for above- and below-market lease rates, the value of in-place leases, and the value of customer relationships, as applicable. | |||||||||||||||||||||||
The aggregate value of intangible assets and liabilities, as applicable, related to in-place leases is primarily the difference between the property valued with existing in-place leases adjusted to market rental rates and the property valued as if vacant. Factors considered by the Company in its analysis of the in-place lease intangibles include an estimate of carrying costs during the expected lease-up period for each property, taking into account current market conditions and costs to execute similar leases. In estimating carrying costs, the Company includes real estate taxes, insurance and other operating expenses and estimates of lost rentals at market rates during the expected lease-up period, which typically ranges from six to 12 months. Estimates of costs to execute similar leases including leasing commissions, legal and other related expenses are also utilized. | |||||||||||||||||||||||
Above-market and below-market in-place lease values for owned properties are recorded based on the present value (using an interest rate which reflects the risks associated with the leases acquired) of the difference between the contractual amounts to be paid pursuant to the in-place leases and management's estimate of fair market lease rates for the corresponding in-place leases, measured over a period equal to the remaining non-cancelable term of the lease. The capitalized above-market lease intangibles are amortized as a decrease to rental income over the remaining term of the lease. The capitalized below-market lease values are amortized as an increase to rental income over the remaining term and any fixed rate renewal periods provided within the respective leases. In determining the amortization period for below-market lease intangibles, the Company initially will consider, and periodically evaluate on a quarterly basis, the likelihood that a lessee will execute the renewal option. The likelihood that a lessee will execute the renewal option is determined by taking into consideration the tenant's payment history, the financial condition of the tenant, business conditions in the industry in which the tenant operates and economic conditions in the area in which the property is located. | |||||||||||||||||||||||
The aggregate value of intangibles assets related to customer relationships, as applicable, is measured based on the Company's evaluation of the specific characteristics of each tenant's lease and the Company's overall relationship with the tenant. Characteristics considered by the Company in determining these values include the nature and extent of its existing business relationships with the tenant, growth prospects for developing new business with the tenant, the tenant's credit quality and expectations of lease renewals, among other factors. | |||||||||||||||||||||||
The value of in-place leases is amortized to expense over the initial term of the respective leases, which is approximately four to 24 years. The value of customer relationship intangibles is amortized to expense over the initial term and any renewal periods in the respective leases, but in no event does the amortization period for intangible assets exceed the remaining depreciable life of the building. If a tenant terminates its lease, the unamortized portion of the in-place lease value and customer relationship intangibles is charged to expense. | |||||||||||||||||||||||
In making estimates of fair values for purposes of allocating purchase price, the Company utilizes a number of sources, including independent appraisals that may be obtained in connection with the acquisition or financing of the respective property and other market data. The Company also considers information obtained about each property as a result of the Company's pre-acquisition due diligence, as well as subsequent marketing and leasing activities, in estimating the fair value of the tangible and intangible assets acquired and intangible liabilities assumed. | |||||||||||||||||||||||
Intangible assets and acquired lease liabilities, as applicable, consist of following: | |||||||||||||||||||||||
(In thousands) | December 31, 2013 | ||||||||||||||||||||||
Intangible assets: | |||||||||||||||||||||||
In-place leases, net of accumulated amortization of $2,870 at December 31, 2013 | $ | 127,223 | |||||||||||||||||||||
Above-market leases, net of accumulated amortization of $0 at December 31, 2013 | 380 | ||||||||||||||||||||||
Total intangible lease assets, net | $ | 127,603 | |||||||||||||||||||||
Intangible liabilities: | |||||||||||||||||||||||
Below-market leases, net of accumulated accretion of $22 at December 31, 2013 | $ | 909 | |||||||||||||||||||||
Total intangible lease liabilities, net | $ | 909 | |||||||||||||||||||||
The following table provides the weighted-average amortization and accretion periods as of December 31, 2013 for intangible assets and liabilities, as applicable, and the projected amortization expense and adjustments to rental income for the next five years: | |||||||||||||||||||||||
(In thousands) | Weighted-Average Amortization Period | 2014 | 2015 | 2016 | 2017 | 2018 | |||||||||||||||||
In-place leases | 12.4 years | $ | 11,823 | $ | 11,823 | $ | 11,823 | $ | 11,823 | $ | 10,772 | ||||||||||||
Above-market lease assets | 10.0 years | $ | 38 | $ | 38 | $ | 38 | $ | 38 | $ | 38 | ||||||||||||
Below-market lease liabilities | 13.3 years | (70 | ) | (70 | ) | (70 | ) | (70 | ) | (70 | ) | ||||||||||||
Total to be included in rental income | $ | (32 | ) | $ | (32 | ) | $ | (32 | ) | $ | (32 | ) | $ | (32 | ) | ||||||||
Cash and Cash Equivalents | ' | ||||||||||||||||||||||
Cash and Cash Equivalents | |||||||||||||||||||||||
Cash and cash equivalents include cash in bank accounts as well as investments in highly-liquid money market funds with original maturities of three months or less. | |||||||||||||||||||||||
The Company deposits cash with high quality financial institutions. These deposits are guaranteed by the Federal Deposit Insurance Company ("FDIC") up to an insurance limit. At December 31, 2013 the Company had deposits of $101.2 million of which $100.4 million were in excess of the amount insured by the FDIC. Although the Company bears risk to amounts in excess of those insured by the FDIC, it does not anticipate any losses as a result thereof. | |||||||||||||||||||||||
Deferred Costs, Net | ' | ||||||||||||||||||||||
Deferred Costs, Net | |||||||||||||||||||||||
Deferred costs, net, consists of deferred financing costs. Deferred financing costs represent commitment fees, legal fees, and other costs associated with obtaining commitments for financing. These costs are amortized over the terms of the respective financing agreements using the effective interest method and included in interest expense on the accompanying consolidated statement of operations and comprehensive loss. Unamortized deferred financing costs are expensed when the associated debt is refinanced or repaid before maturity. Costs incurred in seeking financial transactions that do not close are expensed in the period in which it is determined that the financing will not close. | |||||||||||||||||||||||
Share Repurchase Program | ' | ||||||||||||||||||||||
Share Repurchase Program | |||||||||||||||||||||||
The Company's board of directors has adopted a Share Repurchase Program ("SRP") that enables stockholders to sell their shares to the Company under limited circumstances. The SRP permits 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. | |||||||||||||||||||||||
Until the NAV pricing date, a stockholder must have beneficially held the shares for at least one year prior to offering them for sale to the Company through the SRP, although if a stockholder sells back all of its shares, the Company's board of directors has the discretion to exempt shares purchased pursuant to the DRIP from this one year requirement. In addition, upon the death or disability of a stockholder, upon request, the Company will waive the one-year holding requirement as discussed below. | |||||||||||||||||||||||
Prior to the NAV pricing date, the number of shares repurchased may not exceed 5.0% of the weighted-average number of shares of common stock outstanding at the end of the previous calendar year and the price per share for repurchases of shares of common stock will be as follows: | |||||||||||||||||||||||
• | the lower of $23.13 and 92.5% of the price paid to acquire the shares, for stockholders who have continuously held their shares for at least one year; | ||||||||||||||||||||||
• | the lower of $23.75 and 95.0% of the price paid to acquire the shares for stockholders who have continuously held their shares for at least two years; | ||||||||||||||||||||||
• | the lower of $24.78 and 97.5% of the price paid to acquire the shares for stockholders who have continuously held their shares for at least three years; and | ||||||||||||||||||||||
• | the lower of $25.00 and 100.0% of the price paid to acquire the shares for stockholders who have continuously held their shares for at least four years (in each case, as adjusted for any stock dividends, combinations, splits, recapitalizations and the like with respect to the Company's common stock). | ||||||||||||||||||||||
Subject to limited exceptions, stockholders who request the repurchase of shares of the Company's common stock within the first four months from the date of purchase will be subject to a short-term trading fee of 2.0%. | |||||||||||||||||||||||
Commencing with the NAV pricing date, the repurchase price for shares under the SRP will be based on NAV. Only those stockholders who purchased their shares from the Company or received their shares from the Company (directly or indirectly) through one or more non-cash transactions may be able to participate in the SRP. The repurchase of shares will occur on the last business day prior to the filing of each quarterly financial filing (and in all events on a date other than a dividend payment date). Purchases under the SRP will be limited in any calendar quarter to 1.25% of the Company's NAV as of the last day of the previous calendar quarter, or approximately 5.0% of the Company's NAV in any 12 month period. If the Company reaches the 1.25% limit on repurchases during any quarter, the Company will not accept any additional repurchase requests for the remainder of such quarter. The SRP will automatically resume on the first day of the next calendar quarter, unless the board of directors determines to suspend the SRP. | |||||||||||||||||||||||
Prior to the NAV pricing date, upon the death or disability of a stockholder, upon request, the Company will waive the one-year holding requirement that otherwise will apply to redemption requests made prior to such time. Following the NAV pricing date, no holding period will be required. Shares repurchased in connection with the death or disability of a stockholder will be repurchased at a purchase price equal to the greater of the price paid for such shares and the then-current NAV (as adjusted for any stock dividends, combinations, splits, recapitalizations and the like with respect to the Company's common stock). The board of directors has the discretion to exempt shares purchased pursuant to the DRIP from the one-year holding requirement, if a stockholder sells back all of his or her shares. In addition, the Company may waive the holding period in the event of a stockholder's bankruptcy or other exigent circumstances. | |||||||||||||||||||||||
When a stockholder requests repurchases and the repurchases are approved, the Company will reclassify such obligation from equity to a liability based on the settlement value of the obligation. Shares purchased under the SRP will have the status of authorized but unissued shares. The following table summarizes the repurchases of shares under the SRP cumulatively through December 31, 2013: | |||||||||||||||||||||||
Number of Requests | Number of Shares Repurchased | Weighted-Average Price per Share | |||||||||||||||||||||
Cumulative repurchase requests as of December 31, 2013 (1) | 10 | 8,082 | $ | 24.98 | |||||||||||||||||||
_____________________________ | |||||||||||||||||||||||
-1 | Includes four unfulfilled repurchase requests consisting of 4,566 shares at a weighted-average repurchase price per share of $24.99, which were approved for repurchase as of December 31, 2013 and completed during the first quarter of 2014. This liability is included in accounts payable and accrued expenses on the Company's consolidated balance sheet. | ||||||||||||||||||||||
Distribution Reinvestment Plan | ' | ||||||||||||||||||||||
Distribution Reinvestment Plan | |||||||||||||||||||||||
Pursuant to the DRIP, stockholders may elect to reinvest distributions by purchasing shares of common stock in lieu of receiving cash. No dealer manager fees or selling commissions are paid with respect to shares purchased pursuant to the DRIP. Participants purchasing shares pursuant to the DRIP have the same rights and are treated in the same manner as if such shares were issued pursuant to the IPO. The board of directors may designate that certain cash or other distributions be excluded from the DRIP. The Company has the right to amend any aspect of the DRIP or terminate the DRIP with ten days' notice to participants. Shares issued pursuant to the DRIP are recorded within stockholders' equity in the accompanying consolidated balance sheet in the period distributions are declared. During the period from January 22, 2013 (date of inception) to December 31, 2013, the Company issued 0.9 million shares of common stock with a value of $20.4 million and a par value per share of $0.01 under the DRIP. | |||||||||||||||||||||||
Derivatives Instruments | ' | ||||||||||||||||||||||
Derivative Instruments | |||||||||||||||||||||||
The Company may use derivative financial instruments to hedge all or a portion of the interest rate risk associated with its borrowings. Certain of the techniques used to hedge exposure to interest rate fluctuations may also be used to protect against declines in the market value of assets that result from general trends in debt markets. The principal objective of such agreements is to minimize the risks and/or costs associated with the Company's operating and financial structure as well as to hedge specific anticipated transactions. | |||||||||||||||||||||||
The Company records all derivatives on the consolidated balance sheet at fair value. The accounting for changes in the fair value of derivatives depends on the intended use of the derivative, whether the Company has elected to designate a derivative in a hedging relationship and apply hedge accounting and whether the hedging relationship has satisfied the criteria necessary to apply hedge accounting. Derivatives designated and qualifying as a hedge of the exposure to changes in the fair value of an asset, liability, or firm commitment attributable to a particular risk, such as interest rate risk, are considered fair value hedges. Derivatives designated and qualifying as a hedge of the exposure to variability in expected future cash flows, or other types of forecasted transactions, are considered cash flow hedges. Derivatives may also be designated as hedges of the foreign currency exposure of a net investment in a foreign operation. Hedge accounting generally provides for the matching of the timing of gain or loss recognition on the hedging instrument with the recognition of the changes in the fair value of the hedged asset or liability that are attributable to the hedged risk in a fair value hedge or the earnings effect of the hedged forecasted transactions in a cash flow hedge. The Company may enter into derivative contracts that are intended to economically hedge certain of its risk, even though hedge accounting does not apply or the Company elects not to apply hedge accounting. | |||||||||||||||||||||||
The accounting for subsequent changes in the fair value of these derivatives depends on whether each has been designated and qualifies for hedge accounting treatment. If the Company elects not to apply hedge accounting treatment, any change in the fair value of these derivative instruments is recognized immediately in gains (losses) on derivative instruments in the accompanying consolidated statement of operations. If the derivative is designated and qualifies for hedge accounting treatment, the change in the estimated fair value of the derivative is recorded in other comprehensive income (loss) to the extent that it is effective. Any ineffective portion of a derivative's change in fair value will be immediately recognized in earnings. | |||||||||||||||||||||||
Revenue Recognition | ' | ||||||||||||||||||||||
Revenue Recognition | |||||||||||||||||||||||
The Company's revenues, which are derived primarily from rental income, include rents that each tenant pays in accordance with the terms of each lease reported on a straight-line basis over the initial term of the lease. Since many of the Company's leases provide for rental increases at specified intervals, straight-line basis accounting requires the Company to record a receivable, and include in revenues, unbilled rent receivables that the Company will only receive if the tenant makes all rent payments required through the expiration of the initial term of the lease. The Company defers the revenue related to lease payments received from tenants in advance of their due dates. When the Company acquires a property, the term of existing leases is considered to commence as of the acquisition date for the purposes of this calculation. | |||||||||||||||||||||||
The Company owns certain properties with leases that include provisions for the tenant to pay contingent rental income based on a percent of the tenant's sales upon the achievement of certain sales thresholds or other targets which may be monthly, quarterly or annual targets. As the lessor to the aforementioned leases, the Company defers the recognition of contingent rental income, until the specified target that triggered the contingent rental income is achieved, or until such sales upon which percentage rent is based are known. Contingent rental income is included in rental income on the accompanying consolidated statement of operations. | |||||||||||||||||||||||
Cost recoveries from tenants are included in operating expense reimbursements on the accompanying consolidated statement of operations in the period the related costs are incurred, as applicable. | |||||||||||||||||||||||
The Company continually reviews receivables related to rent and unbilled rent receivables and determine collectability by taking into consideration the tenant's payment history, the financial condition of the tenant, business conditions in the industry in which the tenant operates and economic conditions in the area in which the property is located. In the event that the collectability of a receivable is in doubt, the Company records an increase in the Company's allowance for uncollectible accounts or record a direct write-off of the receivable in the Company's consolidated statement of operations. | |||||||||||||||||||||||
Offering and Related Costs | ' | ||||||||||||||||||||||
Offering and Related Costs | |||||||||||||||||||||||
Offering and related costs include all expenses incurred in connection with the Company's IPO. Offering costs (other than selling commissions and the dealer manager fee) of the Company may be paid by the Advisor, the Dealer Manager or their affiliates on behalf of the Company. These costs include but are not limited to (i) legal, accounting, printing, mailing, and filing fees; (ii) escrow related fees; (iii) reimbursement of the Dealer Manager for amounts it may pay to reimburse the bona fide diligence expenses of broker-dealers; and (iv) reimbursement to the Advisor for the costs of its employees and other costs in connection with preparing supplemental sales materials and related offering activities. The Company is obligated to reimburse the Advisor or its affiliates, as applicable, for organization and offering costs paid by them on behalf of the Company, provided that the Advisor is obligated to reimburse the Company to the extent organization and offering costs (excluding selling commissions and the dealer manager fee) incurred by the Company in its offering exceed 2.0% of gross offering proceeds. As a result, these costs are only a liability of the Company to the extent selling commissions, the dealer manager fees and other organization and offering costs do not exceed 12.0% of the gross proceeds determined at the end of the IPO. As of the end of the IPO, offering costs were less than 12.0% of the gross proceeds received in the IPO (See Note 10 — Related Party Transactions and Arrangements). | |||||||||||||||||||||||
Share-based Compensation | ' | ||||||||||||||||||||||
Share-Based Compensation | |||||||||||||||||||||||
The Company has a stock-based award plan, which is accounted for under the guidance for share based payments. The expense for such awards is included in general and administrative expenses and is recognized over the vesting period or when the requirements for exercise of the award have been met (See Note 12 — Share-Based Compensation). | |||||||||||||||||||||||
Income Taxes | ' | ||||||||||||||||||||||
Income Taxes | |||||||||||||||||||||||
The Company intends to elect and qualify to be taxed as a REIT under Sections 856 through 860 of the Internal Revenue Code of 1986, as amended, commencing with the taxable year ended December 31, 2013. If the Company qualifies for taxation as a REIT, it generally will not be subject to federal corporate income tax to the extent it distributes all of its REIT taxable income to its stockholders, and so long as it distributes at least 90% of its REIT taxable income. REITs are subject to a number of other organizational and operational requirements. Even if the Company qualifies to be taxed as a REIT, it may be subject to certain state and local taxes on its income and property, and federal income and excise taxes on its undistributed income. | |||||||||||||||||||||||
Per Share Data | ' | ||||||||||||||||||||||
Per Share Data | |||||||||||||||||||||||
Basic net income (loss) per share of common stock is calculated by dividing net income (loss) by the weighted-average number of shares of common stock issued and outstanding during such period. Diluted net income (loss) per share of common stock considers the effect of potentially dilutive instruments outstanding during such period. | |||||||||||||||||||||||
Reportable Segments | ' | ||||||||||||||||||||||
Reportable Segments | |||||||||||||||||||||||
The Company has determined that it has one reportable segment, with activities related to investing in real estate. The Company's investments in real estate generate rental revenue and other income through the leasing of properties, which comprised 100% of total consolidated revenues. Management evaluates the operating performance of the Company's investments in real estate on an individual property level. | |||||||||||||||||||||||
Recently Issued Accounting Pronouncements | ' | ||||||||||||||||||||||
Recently Issued Accounting Pronouncements | |||||||||||||||||||||||
In December 2011, the Financial Accounting Standards Board ("FASB") issued guidance regarding disclosures about offsetting assets and liabilities, which requires entities to disclose information about offsetting and related arrangements to enable users of its financial statements to understand the effect of those arrangements on its financial position. The guidance was effective for fiscal years and interim periods beginning on or after January 1, 2013 with retrospective application for all comparative periods presented. The adoption of this guidance, which is related to disclosure only, did not have a material impact on the Company's consolidated financial position, results of operations or cash flows. | |||||||||||||||||||||||
In July 2012, the FASB issued revised guidance intended to simplify how an entity tests indefinite-lived intangible assets for impairment. The amendments allow an entity to initially assess qualitative factors to determine whether it is necessary to perform a quantitative impairment test. An entity is no longer required to calculate the fair value of an indefinite-lived intangible asset and perform the quantitative test unless the entity determines, based on a qualitative assessment, that it is more likely than not that its fair value is less than its carrying amount. The amendments were effective for annual and interim indefinite-lived intangible asset impairment tests performed for fiscal years beginning after September 15, 2012. The adoption of this guidance did not have a material impact on the Company's consolidated financial position, results of operations or cash flows. | |||||||||||||||||||||||
In February 2013, the FASB issued guidance which requires an entity to provide information about the amounts reclassified out of accumulated other comprehensive income by component. The guidance was effective for annual and interim periods beginning after December 15, 2012. The adoption of this guidance, which is related to disclosure only, did not have a material impact on the Company's consolidated financial position, results of operations or cash flows. | |||||||||||||||||||||||
In February 2013, the FASB issued guidance clarifying the accounting and disclosure requirements for obligations resulting from joint and several liability arrangements for which the total amount under the arrangement is fixed at the reporting date. The new guidance is effective for fiscal years, and interim periods within those fiscal years, beginning on or after December 15, 2013. The Company does not expect the adoption of this guidance to have a material impact on the Company's consolidated financial position, results of operations or cash flows. |
Summary_of_Significant_Account2
Summary of Significant Accounting Policies Summary of Significant Accounting Policies (Tables) | 11 Months Ended | ||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||
Accounting Policies [Abstract] | ' | ||||||||||||||||||||||
Schedule of Intangible Assets and Goodwill | ' | ||||||||||||||||||||||
Intangible assets and acquired lease liabilities, as applicable, consist of following: | |||||||||||||||||||||||
(In thousands) | December 31, 2013 | ||||||||||||||||||||||
Intangible assets: | |||||||||||||||||||||||
In-place leases, net of accumulated amortization of $2,870 at December 31, 2013 | $ | 127,223 | |||||||||||||||||||||
Above-market leases, net of accumulated amortization of $0 at December 31, 2013 | 380 | ||||||||||||||||||||||
Total intangible lease assets, net | $ | 127,603 | |||||||||||||||||||||
Intangible liabilities: | |||||||||||||||||||||||
Below-market leases, net of accumulated accretion of $22 at December 31, 2013 | $ | 909 | |||||||||||||||||||||
Total intangible lease liabilities, net | $ | 909 | |||||||||||||||||||||
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense | ' | ||||||||||||||||||||||
The following table provides the weighted-average amortization and accretion periods as of December 31, 2013 for intangible assets and liabilities, as applicable, and the projected amortization expense and adjustments to rental income for the next five years: | |||||||||||||||||||||||
(In thousands) | Weighted-Average Amortization Period | 2014 | 2015 | 2016 | 2017 | 2018 | |||||||||||||||||
In-place leases | 12.4 years | $ | 11,823 | $ | 11,823 | $ | 11,823 | $ | 11,823 | $ | 10,772 | ||||||||||||
Above-market lease assets | 10.0 years | $ | 38 | $ | 38 | $ | 38 | $ | 38 | $ | 38 | ||||||||||||
Below-market lease liabilities | 13.3 years | (70 | ) | (70 | ) | (70 | ) | (70 | ) | (70 | ) | ||||||||||||
Total to be included in rental income | $ | (32 | ) | $ | (32 | ) | $ | (32 | ) | $ | (32 | ) | $ | (32 | ) | ||||||||
Schedule of Treasury Stock by Class | ' | ||||||||||||||||||||||
The following table summarizes the repurchases of shares under the SRP cumulatively through December 31, 2013: | |||||||||||||||||||||||
Number of Requests | Number of Shares Repurchased | Weighted-Average Price per Share | |||||||||||||||||||||
Cumulative repurchase requests as of December 31, 2013 (1) | 10 | 8,082 | $ | 24.98 | |||||||||||||||||||
_____________________________ | |||||||||||||||||||||||
-1 | Includes four unfulfilled repurchase requests consisting of 4,566 shares at a weighted-average repurchase price per share of $24.99, which were approved for repurchase as of December 31, 2013 and completed during the first quarter of 2014. This liability is included in accounts payable and accrued expenses on the Company's consolidated balance sheet. |
Real_Estate_Investments_Tables
Real Estate Investments (Tables) | 11 Months Ended | ||||
Dec. 31, 2013 | |||||
Real Estate Investments, Net [Abstract] | ' | ||||
Schedule of Business Acquisitions, by Acquisition | ' | ||||
The following table presents the allocation of assets acquired and liabilities assumed during the period from January 22, 2013 (date of inception) to December 31, 2013: | |||||
(Dollar amounts in thousands) | Period from January 22, 2013 (date of inception) to December 31, 2013 | ||||
Real estate investments, at cost: | |||||
Land | $ | 147,899 | |||
Buildings, fixtures and improvements | 868,700 | ||||
Total tangible assets | 1,016,599 | ||||
Acquired intangibles: | |||||
In-place leases | 130,093 | ||||
Above-market lease assets | 380 | ||||
Below-market lease liabilities | (931 | ) | |||
Total intangibles | 129,542 | ||||
Total assets acquired, net | 1,146,141 | ||||
Mortgage note payable assumed | (8,830 | ) | |||
Premium on mortgage assumed | (334 | ) | |||
Real estate investments financed through accounts payable | (9,902 | ) | |||
Cash paid for acquired real estate investments, at cost | $ | 1,127,075 | |||
Number of properties purchased | 239 | ||||
Business Acquisition, Pro Forma Information | ' | ||||
The following table presents unaudited pro forma information as if the acquisitions during the period from January 22, 2013 (date of inception) to December 31, 2013 had been consummated on January 22, 2013 (date of inception): | |||||
(In thousands) | Period from January 22, 2013 (date of inception) to December 31, 2013 | ||||
Pro forma revenues | $ | 89,817 | |||
Pro forma net income | $ | 4,442 | |||
Schedule of Future Minimum Rental Payments for Operating Leases | ' | ||||
The following table presents future minimum base rent payments on a cash basis due to the Company over the next five years and thereafter. These amounts exclude contingent rent payments, as applicable, that may be collected from certain tenants based on provisions related to sales thresholds and increases in annual rent based on exceeding certain economic indexes among other items. | |||||
(In thousands) | Future Minimum | ||||
Base Rent Payments | |||||
2014 | $ | 81,876 | |||
2015 | 83,052 | ||||
2016 | 83,961 | ||||
2017 | 84,826 | ||||
2018 | 81,738 | ||||
Thereafter | 647,578 | ||||
$ | 1,063,031 | ||||
Schedule of Annualized Rental Income by Major Tenants | ' | ||||
The following table lists the tenants whose annualized rental income on a straight-line basis represented 10.0% or greater of consolidated annualized rental income on a straight-line basis for all portfolio properties as of December 31, 2013: | |||||
Tenant | December 31, 2013 | ||||
Americold | 14.5 | % | |||
Merrill Lynch | 14.5 | % | |||
Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas | ' | ||||
The following table lists the states where the Company has concentrations of properties where annualized rental income on a straight-line basis represented 10.0% or greater of consolidated annualized rental income on a straight-line basis as of December 31, 2013: | |||||
State | December 31, 2013 | ||||
Georgia | 14.7 | % | |||
New Jersey | 15.1 | % |
Investment_Securities_Tables
Investment Securities (Tables) | 11 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Investments Securities [Abstract] | ' | ||||||||||||||||
Schedule of Available-for-sale Securities Reconciliation | ' | ||||||||||||||||
The following table details the unrealized gains and losses on investment securities as of December 31, 2013: | |||||||||||||||||
December 31, 2013 | |||||||||||||||||
(In thousands) | Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | |||||||||||||
Investment securities | $ | 65,547 | $ | — | $ | (6,981 | ) | $ | 58,566 | ||||||||
Mortgage_Note_Payable_Tables
Mortgage Note Payable (Tables) | 11 Months Ended | ||||
Dec. 31, 2013 | |||||
Mortgage Notes Payable [Abstract] | ' | ||||
Schedule of Maturities of Long-term Debt | ' | ||||
The following table summarizes the scheduled aggregate principal payments for the Company's mortgage note payable subsequent to December 31, 2013: | |||||
(In thousands) | Future Principal Payments | ||||
2014 | $ | 311 | |||
2015 | 329 | ||||
2016 | 349 | ||||
2017 | 371 | ||||
2018 | 393 | ||||
Thereafter | 7,077 | ||||
$ | 8,830 | ||||
Fair_Value_of_Financial_Instru1
Fair Value of Financial Instruments (Tables) | 11 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Fair Value [Abstract] | ' | ||||||||||||||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation | ' | ||||||||||||||||
The following table presents information about the Company's assets measured at fair value on a recurring basis as of December 31, 2013, aggregated by the level in the fair value hierarchy within which those instruments fall: | |||||||||||||||||
(In thousands) | Quoted Prices | Significant Other | Significant | Total | |||||||||||||
in Active | Observable | Unobservable | |||||||||||||||
Markets | Inputs | Inputs | |||||||||||||||
Level 1 | Level 2 | Level 3 | |||||||||||||||
Investment securities | $ | 58,566 | $ | — | $ | — | $ | 58,566 | |||||||||
Fair Value, by Balance Sheet Grouping | ' | ||||||||||||||||
The fair values of the Company's remaining financial instruments that are not reported at fair value on the consolidated balance sheet as of December 31, 2013 are reported below. | |||||||||||||||||
Carrying Amount at | Fair Value at | ||||||||||||||||
(In thousands) | Level | December 31, 2013 | December 31, 2013 | ||||||||||||||
Mortgage note payable and premium, net | 3 | $ | 9,164 | $ | 9,164 | ||||||||||||
Commitments_and_Contingencies_
Commitments and Contingencies (Tables) | 11 Months Ended | ||||
Dec. 31, 2013 | |||||
Future Minimum Rent Payments [Abstract] | ' | ||||
Schedule of Future Minimum Rental Payments for Master Leases | ' | ||||
The following table reflects the minimum base cash rental payments due from the Company over the next five years and thereafter. These amounts exclude contingent rent payments, as applicable, that may be payable based on provisions related to increases in annual rent based on exceeding certain economic indexes among other items. | |||||
(In thousands) | Future Minimum Base Rent Payments | ||||
2014 | $ | 824 | |||
2015 | 827 | ||||
2016 | 835 | ||||
2017 | 840 | ||||
2018 | 822 | ||||
Thereafter | 6,302 | ||||
$ | 10,450 | ||||
Related_Party_Transactions_and1
Related Party Transactions and Arrangements Related Party Transactions (Tables) | 11 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Related Party Transactions [Abstract] | ' | ||||||||||||
Schedule of Selling Commissions and Dealer Manager Fees Payable to Affiliate | ' | ||||||||||||
The following table details total selling commissions and dealer manager fees incurred from and due to the Dealer Manager as of and for the periods presented: | |||||||||||||
(In thousands) | Period from January 22, 2013 (date of inception) to December 31, 2013 | Payable as of | |||||||||||
31-Dec-13 | |||||||||||||
Total commissions and fees from the Dealer Manager | $ | 143,009 | $ | 2 | |||||||||
Schedule Of Offering Costs Reimbursements to Related Party | ' | ||||||||||||
The following table details offering costs and reimbursements incurred from and due to the Advisor and Dealer Manager as of and for the period presented: | |||||||||||||
(In thousands) | Period from January 22, 2013 (date of inception) to December 31, 2013 | Payable as of | |||||||||||
31-Dec-13 | |||||||||||||
Fees and expense reimbursements from the Advisor and Dealer Manager | $ | 30,482 | $ | 226 | |||||||||
Schedule of Amount Contractually Due and Forgiven in Connection With Operation Related Services | ' | ||||||||||||
The following table details amounts incurred, forgiven and payable to related parties in connection with the operations-related services described above as of and for the period presented: | |||||||||||||
Period from January 22, 2013 (date of inception) to December 31, 2013 | Payable as of | ||||||||||||
(In thousands) | Incurred | Forgiven | December 31, 2013 | ||||||||||
One-time fees and reimbursements: | |||||||||||||
Acquisition fees and related cost reimbursements | $ | 13,126 | $ | — | $ | — | |||||||
Financing coordination fees | 3,479 | — | — | ||||||||||
Transaction fees | 4,423 | — | 2,630 | ||||||||||
Ongoing fees: | |||||||||||||
Strategic advisory fees | 920 | — | — | ||||||||||
Distributions on Class B Units | 71 | — | 71 | ||||||||||
Total related party operation fees and reimbursements | $ | 22,019 | $ | — | $ | 2,701 | |||||||
Share_Based_Compensation_Table
Share Based Compensation (Tables) | 11 Months Ended | ||||||
Dec. 31, 2013 | |||||||
Share-based Compensation [Abstract] | ' | ||||||
Schedule of Share-based Compensation, Stock Options, Activity | ' | ||||||
The following table reflects restricted share award activity for the period from January 22, 2013 (date of inception) to December 31, 2013: | |||||||
Number of Shares of Common Stock | Weighted-Average Issue Price | ||||||
Unvested, January 22, 2013 (date of inception) | — | $ | — | ||||
Granted | 5,333 | 22.5 | |||||
Vested | (1,333 | ) | 22.5 | ||||
Unvested, December 31, 2013 | 4,000 | $ | 22.5 | ||||
Schedule of Share-based Compensation, Activity for Services | ' | ||||||
The following table reflects the shares of common stock issued to directors in lieu of cash compensation: | |||||||
(Dollar amounts in thousands) | Period from January 22, 2013 (date of inception) to December 31, 2013 | ||||||
Value of shares issued in lieu of cash | $ | 93 | |||||
Shares issued in lieu of cash | 4,114 | ||||||
Net_Loss_Per_Share_Tables
Net Loss Per Share (Tables) | 11 Months Ended | ||||
Dec. 31, 2013 | |||||
Net Loss Per Share [Abstract] | ' | ||||
Schedule of Earnings Per Share, Basic and Diluted | ' | ||||
The following is a summary of the basic and diluted net loss per share computation for the period from January 22, 2013 (date of inception) to December 31, 2013: | |||||
Period from January 22, 2013 (date of inception) to December 31, 2013 | |||||
Net loss (in thousands) | $ | (20,797 | ) | ||
Basic and diluted weighted-average shares outstanding | 28,954,769 | ||||
Basic and diluted net loss per share | $ | (0.72 | ) | ||
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share | ' | ||||
The following common stock equivalents as of December 31, 2013 were excluded from diluted net loss per share computations as their effect would have been antidilutive: | |||||
December 31, 2013 | |||||
Unvested restricted stock | 4,000 | ||||
OP Units | 90 | ||||
Class B Units | 75,430 | ||||
Total common stock equivalents | 79,520 | ||||
Quarterly_Results_Unaudited_Ta
Quarterly Results (Unaudited) (Tables) | 11 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Quarterly Results (Unaudited) [Abstract] | ' | ||||||||||||
Schedule of Quarterly Financial Information | ' | ||||||||||||
Presented below is a summary of the unaudited quarterly financial information for the period from April 1, 2013 to December 31, 2013. | |||||||||||||
Quarters Ended | |||||||||||||
(In thousands, except share and per share amounts) | June 30, 2013 | September 30, 2013 | December 31, 2013 | ||||||||||
Total revenues | $ | 35 | $ | 2,093 | $ | 22,161 | |||||||
Net loss | (215 | ) | (17,014 | ) | (3,539 | ) | |||||||
Basic and diluted weighted-average shares outstanding | 5,173,574 | 38,295,114 | 62,329,506 | ||||||||||
Basic and diluted net loss per share | $ | (0.04 | ) | $ | (0.44 | ) | $ | (0.06 | ) |
Subsequent_Events_Tables
Subsequent Events (Tables) | 11 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Subsequent Events [Abstract] | ' | ||||||||||||
Schedule of Subsequent Events | ' | ||||||||||||
Total capital raised to date from the IPO and the DRIP is as follows: | |||||||||||||
Source of Capital (In thousands) | Period from January 22, 2013 (date of inception) to December 31, 2013 | January 1, 2014 to | Total as of | ||||||||||
28-Feb-14 | 28-Feb-14 | ||||||||||||
Common stock | $ | 1,557,511 | $ | 10,351 | $ | 1,567,862 | |||||||
Schedule of Real Estate Properties | ' | ||||||||||||
The following table presents certain information about the properties that the Company acquired from January 1, 2014 to March 6, 2014: | |||||||||||||
(Dollar amounts in thousands) | Number of Properties | Base Purchase Price (1) | Rentable Square Feet | ||||||||||
Total portfolio — December 31, 2013 | 239 | $ | 1,146,141 | 7,473,631 | |||||||||
Acquisitions | 49 | 291,040 | 3,340,553 | ||||||||||
Total portfolio — March 6, 2014 | 288 | $ | 1,437,181 | 10,814,184 | |||||||||
_______________________________ | |||||||||||||
(1) Contract purchase price, excluding acquisition related costs. |
Organization_Details
Organization (Details) (USD $) | 3 Months Ended | 11 Months Ended | 11 Months Ended | 11 Months Ended | |||||
Apr. 25, 2013 | Dec. 31, 2013 | Apr. 04, 2013 | Dec. 31, 2013 | Apr. 04, 2013 | Dec. 31, 2013 | Apr. 04, 2013 | Dec. 31, 2013 | Jul. 31, 2013 | |
sqft | Common Stock [Member] | Common Stock [Member] | Minimum [Member] | Minimum [Member] | American Realty Capital Trust V Special Limited Partner, LLC [Member] | American Realty Capital Trust V Special Limited Partner, LLC [Member] | |||
property | Common Stock [Member] | Special Limited Partner [Member] | Special Limited Partner [Member] | ||||||
Operations [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock Available for Issuance, Shares, Initial Public Offering | ' | ' | ' | ' | 68,000,000 | ' | ' | ' | ' |
Common stock, par value, in dollars per share | ' | $0.01 | $0.01 | ' | ' | ' | ' | ' | ' |
Share Price | ' | ' | ' | $25 | $25 | ' | ' | ' | ' |
Shares available for issuance under a distribution reinvestment plan, shares | ' | ' | ' | 14,700,000 | 14,700,000 | ' | ' | ' | ' |
Initial Public Offering, Subscriptions Required To Break Escrow, Minimum | $2,000,000 | ' | ' | ' | ' | ' | ' | ' | ' |
SharesReallocatedFromDRIPtoPrimaryIPO | ' | ' | ' | 14,500,000 | ' | ' | ' | ' | ' |
Common stock, outstanding | ' | 62,985,937 | ' | ' | ' | ' | ' | ' | ' |
Proceeds from issuances of common stock | ' | 1,537,164,000 | ' | 1,600,000,000 | ' | ' | ' | ' | ' |
Common Stock, Value, Outstanding | ' | 1,600,000,000 | ' | ' | ' | ' | ' | ' | ' |
Share Price, Dividend Reinvestment Plan | ' | ' | ' | $23.75 | $23.75 | ' | ' | ' | ' |
Proceeds from issuance of common stock | ' | 1,127,075,000 | ' | ' | ' | 1,400,000,000 | ' | ' | ' |
Share Price, Dividend Reinvestment Plan, Percentage of Estimated Value of Common Stock | ' | ' | ' | ' | ' | ' | 95.00% | ' | ' |
Number of Real Estate Properties | ' | 239 | ' | ' | ' | ' | ' | ' | ' |
Real Estate Investment, Aggregate Purchase Price | ' | 1,100,000,000 | ' | ' | ' | ' | ' | ' | ' |
Area of Real Estate Property | ' | 7,500,000 | ' | ' | ' | ' | ' | ' | ' |
Real Estate Property, Occupancy Rate | ' | 100.00% | ' | ' | ' | ' | ' | ' | ' |
Real Estate Property, Weighted Average Remaining Lease Term | ' | '12 years 1 month 18 days | ' | ' | ' | '4 years | ' | ' | ' |
Limited Partners' Contributed Capital | ' | ' | ' | ' | ' | ' | ' | ' | $2,020 |
Limited Liability Company (LLC) or Limited Partnership (LP), Members or Limited Partners, Ownership Interest, Units | ' | ' | ' | ' | ' | ' | ' | 90 | ' |
Summary_of_Significant_Account3
Summary of Significant Accounting Policies Details (Details) (USD $) | 3 Months Ended | 11 Months Ended | 11 Months Ended | 11 Months Ended | 11 Months Ended | 12 Months Ended | 11 Months Ended | 12 Months Ended | 11 Months Ended | 12 Months Ended | 11 Months Ended | ||||||||||||||||||||||||||||||
Apr. 25, 2013 | Dec. 31, 2013 | Apr. 04, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | ||
Additional Paid-in Capital [Member] | Distribution Reinvestment Plan [Member] | Approved [Member] | Unfunded [Member] | Minimum [Member] | Maximum [Member] | One Year [Member] | One Year [Member] | Two Years [Member] | Two Years [Member] | Three Years [Member] | Three Years [Member] | Four Years [Member] | Four Years [Member] | One Year [Member] | Two Years [Member] | Three Years [Member] | Four Years [Member] | Five Years [Member] | Leases, Acquired-in-Place [Member] | Leases, Acquired-in-Place [Member] | Leases, Acquired-in-Place [Member] | Leases, Acquired-in-Place [Member] | Leases, Acquired-in-Place [Member] | Leases, Acquired-in-Place [Member] | Above Market Leases [Member] | Above Market Leases [Member] | Above Market Leases [Member] | Above Market Leases [Member] | Above Market Leases [Member] | Above Market Leases [Member] | Below Market Lease [Member] | Below Market Lease [Member] | Below Market Lease [Member] | Below Market Lease [Member] | Below Market Lease [Member] | Below Market Lease [Member] | |||||
Minimum [Member] | Maximum [Member] | Minimum [Member] | Maximum [Member] | Minimum [Member] | Maximum [Member] | Minimum [Member] | Maximum [Member] | One Year [Member] | Two Years [Member] | Three Years [Member] | Four Years [Member] | Five Years [Member] | One Year [Member] | Two Years [Member] | Three Years [Member] | Four Years [Member] | Five Years [Member] | One Year [Member] | Two Years [Member] | Three Years [Member] | Four Years [Member] | Five Years [Member] | |||||||||||||||||||
Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Initial Public Offering, Subscriptions Required To Break Escrow, Minimum | $2,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Buildings, Useful Life | ' | '40 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Land Improvements, Useful Life | ' | '15 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Fixtures, Useful life | ' | '5 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Lease Up Period | ' | ' | ' | ' | ' | ' | ' | '6 months | '12 months | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Real Estate Property, Weighted Average Remaining Lease Term | ' | '12 years 1 month 18 days | ' | ' | ' | ' | ' | '4 years | '24 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
In-place leases, net of accumulated amortization of $2,870 at December 31, 2013 | ' | 127,223,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Above-market leases, net of accumulated amortization of $0 at December 31, 2013 | ' | 380,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Total intangible lease assets, net | ' | 127,603,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Below-market leases, net of accumulated accretion of $22 at December 31, 2013 | ' | 909,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Total intangible lease liabilities, net | ' | 909,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Accumulated Amortization, Finite-Lived Intangible Asset, Acquired-in-Place-Leases | ' | 2,870,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Accumulated Amortization, Finite-Lived Intangible Asset, Off-Market Lease, Favorable | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Accumulated Amortization, Finite-Lived Intangible Liabilities, Off-Market Lease, Unfavorable | ' | 22,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Period of Amortization for Intangible Asset | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '12 years 5 months 5 days | ' | ' | ' | ' | ' | '10 years | ' | ' | ' | ' | ' | '13 years 3 months 30 days | ' | ' | ' | ' | ' | |
Amortization of intangible lease assets | ' | 2,870,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -32,000 | -32,000 | -32,000 | -32,000 | -32,000 | ' | 11,823,000 | 11,823,000 | 11,823,000 | 11,823,000 | 10,772,000 | ' | 38,000 | 38,000 | 38,000 | 38,000 | 38,000 | ' | -70,000 | -70,000 | -70,000 | -70,000 | -70,000 | |
Cash and cash equivalents | ' | 101,176,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Cash in excess of FDIC limit | ' | 100,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Repurchase Price, Share Repurchase Program | ' | ' | ' | ' | ' | ' | ' | ' | ' | $23.13 | ' | $23.75 | ' | $24.78 | ' | $25 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Repurchase Price, Share Repurchase Program, Percentage of Value of Capital Paid | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 92.50% | ' | 95.00% | ' | 97.50% | ' | 100.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Common Stock, Short-term Trading Fee, Percentage of Aggregate Net Asset Value of Shares Repurchased | ' | 2.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Stock Repurchase Program, Quarterly Authorized Amount as a Percentage of Net Asset Value | ' | 1.25% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Stock Repurchase Program, Annual Authorized Amount as a Percentage of Net Asset Value | ' | 5.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Number of Share Repurchase Requests | ' | ' | ' | ' | ' | 10 | [1] | 4 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock repurchases (in shares) | ' | ' | ' | ' | ' | 8,082 | [1] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Treasury Stock Acquired, Average Cost Per Share | ' | ' | ' | ' | ' | $24.98 | [1] | $24.99 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock Repurchase Program, Remaining Number of Shares Authorized to be Repurchased | ' | ' | ' | ' | ' | ' | 4,566 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Period Of Right To Amend Or Terminate DRIP | ' | '10 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Common stock issued through distribution reinvestment plan (in shares) | ' | 900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Common stock issued through distribution reinvestment plan | ' | $20,429,000 | ' | $20,420,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Common stock, par value, in dollars per share | ' | $0.01 | $0.01 | ' | $0.01 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Liability for offering and related costs from IPO | ' | ' | ' | ' | ' | ' | ' | ' | 2.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Liability for Gross Initial Public Offering Costs, Percentage of Gross Proceeds | ' | ' | ' | ' | ' | ' | ' | ' | 12.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
[1] | Includes four unfulfilled repurchase requests consisting ofB 4,566B shares at a weighted-average repurchase price per share ofB $24.99, which were approved for repurchase as of DecemberB 31, 2013 and completed during the first quarter of 2014. This liability is included in accounts payable and accrued expenses on the Company's consolidated balance sheet. |
Real_Estate_Investments_Narrat
Real Estate Investments Narrative (Details) (USD $) | 2 Months Ended | 11 Months Ended | |
In Thousands, unless otherwise specified | Mar. 06, 2014 | Dec. 31, 2013 | Aug. 09, 2013 |
property | property | company | |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Payments for Deposits on Real Estate Acquisitions | ' | $33,035 | ' |
Number of Companies | ' | ' | 67 |
Real Estate Investment Property, at Cost | ' | 1,147,072 | 2,300,000 |
Number of properties purchased | ' | 239 | ' |
ARCT V Inland Portfolio [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Number of Companies | ' | ' | 42 |
Real Estate Investment Property, at Cost | $768,800 | $507,300 | $1,500,000 |
Number of Properties to be Acquired | ' | 244 | ' |
Number of properties purchased | 83 | 48 | ' |
Real_Estate_Investments_Schedu
Real Estate Investments (Schedule of Assets Acquired and Liabilities Assumed) (Details) (USD $) | 11 Months Ended |
Dec. 31, 2013 | |
property | |
Property, Plant and Equipment [Line Items] | ' |
Land | $147,899,000 |
Buildings, fixtures and improvements | 868,700,000 |
Total tangible assets | 1,016,599,000 |
Total intangibles | 129,542,000 |
Total assets acquired, net | 1,146,141,000 |
Mortgage note payable assumed | -8,830,000 |
Premium on mortgage assumed | -334,000 |
Real estate investments financed through accounts payable | -9,902,000 |
Cash paid for acquired real estate investments, at cost | 1,127,075,000 |
Number of properties purchased | 239 |
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Consideration Transferred | 795,200,000 |
Leases, Acquired-in-Place [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Acquired Intangibles | 130,093,000 |
Above Market Leases [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Acquired Intangibles | 380,000 |
Below Market Lease [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Acquired Intangibles | ($931,000) |
Real_Estate_Investments_Real_E
Real Estate Investments Real Estate Investments (Pro Forma Revenues and Losses) (Details) (USD $) | 11 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2013 |
Real Estate [Abstract] | ' |
Pro forma revenues | $89,817 |
Pro forma net income | $4,442 |
Real_Estate_Investments_Schedu1
Real Estate Investments (Schedule of Future Minimum Rental Payments for Operating Leases) (Details) (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Real Estate Investments, Net [Abstract] | ' |
2014 | $81,876 |
2015 | 83,052 |
2016 | 83,961 |
2017 | 84,826 |
2018 | 81,738 |
Thereafter | 647,578 |
Total | $1,063,031 |
Real_Estate_Investments_Real_E1
Real Estate Investments Real Estate Investments (Annualized Rental Income by Major Tenants) (Details) | 11 Months Ended |
Dec. 31, 2013 | |
Americold | ' |
Revenue, Major Customer [Line Items] | ' |
Entity-Wide Revenue, Major Customer, Percentage | 14.50% |
Merrill Lynch | ' |
Revenue, Major Customer [Line Items] | ' |
Entity-Wide Revenue, Major Customer, Percentage | 14.50% |
Real_Estate_Investments_Real_E2
Real Estate Investments Real Estate Investments (Annualized Rental Income by Geographic Location) (Details) | 11 Months Ended |
Dec. 31, 2013 | |
Georgia | ' |
Entity Wide Revenue, Major State, Percentage | 14.70% |
New Jersey | ' |
Entity Wide Revenue, Major State, Percentage | 15.10% |
Investment_Securities_Details
Investment Securities (Details) (USD $) | 2 Months Ended | 11 Months Ended |
Mar. 06, 2014 | Dec. 31, 2013 | |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Available-for-sale Equity Securities, Amortized Cost Basis | ' | $65,547,000 |
Available-for-sale Securities, Gross Unrealized Gain | ' | 0 |
Available-for-sale Securities, Gross Unrealized Loss | ' | -6,981,000 |
Investment securities, at fair value | ' | 58,566,000 |
Proceeds from Sale of Short-term Investments | ' | 500,000 |
Gain (Loss) on Sale of Securities, Net | 200,000 | 100,000 |
Preferred Stock [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Period From Issuance When nvestments Become Redeemable | ' | '5 years |
Available For Sale Securities, Weighted Average Maturity | ' | '28 years 10 months 1 day |
Available For Sale Securities, Weighted Average Interest Rate | ' | 5.60% |
Securities Sold [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Available-for-sale Equity Securities, Amortized Cost Basis | $7,300,000 | $400,000 |
Revolving_Credit_Facility_Deta
Revolving Credit Facility (Details) (Revolving Credit Facility [Member], JPMorgan Chase Bank, N.A. [Member], USD $) | 2 Months Ended | 11 Months Ended | |
In Millions, unless otherwise specified | Feb. 28, 2014 | Dec. 31, 2013 | Sep. 23, 2013 |
Line of Credit Facility [Line Items] | ' | ' | ' |
Line of Credit Facility, Maximum Borrowing Capacity | $630 | $455 | $200 |
Line of Credit Maximum Borrowing Capacity, Contingent Upon Commitments | ' | ' | 750 |
Proceeds from Lines of Credit | 333 | ' | ' |
Debt Instrument, Unused Borrowing Minimum Percentage | ' | 50.00% | ' |
Debt Instrument, Unused Borrowing Capacity, Fee | ' | 0.2 | ' |
Swing Line [Member] | ' | ' | ' |
Line of Credit Facility [Line Items] | ' | ' | ' |
Line of Credit Facility, Maximum Borrowing Capacity | ' | ' | 25 |
Letter of Credit [Member] | ' | ' | ' |
Line of Credit Facility [Line Items] | ' | ' | ' |
Line of Credit Facility, Maximum Borrowing Capacity | ' | ' | $20 |
Minimum [Member] | ' | ' | ' |
Line of Credit Facility [Line Items] | ' | ' | ' |
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | ' | 0.25% | ' |
Maximum [Member] | ' | ' | ' |
Line of Credit Facility [Line Items] | ' | ' | ' |
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | ' | 0.15% | ' |
Federal Funds Effective Rate [Member] | Line of Credit Facility, Interest Rate, Option One [Member] | ' | ' | ' |
Line of Credit Facility [Line Items] | ' | ' | ' |
Derivative, Basis Spread on Variable Rate | ' | 0.50% | ' |
London Interbank Offered Rate (LIBOR) [Member] | Line of Credit Facility, Interest Rate, Option One [Member] | ' | ' | ' |
Line of Credit Facility [Line Items] | ' | ' | ' |
Derivative, Basis Spread on Variable Rate | ' | 1.00% | ' |
Interest Rate Period | ' | '1 month | ' |
London Interbank Offered Rate (LIBOR) [Member] | Minimum [Member] | Line of Credit Facility, Interest Rate, Option One [Member] | ' | ' | ' |
Line of Credit Facility [Line Items] | ' | ' | ' |
Debt Instrument, Basis Spread on Variable Rate | ' | 0.60% | ' |
London Interbank Offered Rate (LIBOR) [Member] | Minimum [Member] | Line of Credit Facility, Interest Rate, Option Two [Member] | ' | ' | ' |
Line of Credit Facility [Line Items] | ' | ' | ' |
Debt Instrument, Basis Spread on Variable Rate | ' | 1.60% | ' |
London Interbank Offered Rate (LIBOR) [Member] | Maximum [Member] | Line of Credit Facility, Interest Rate, Option One [Member] | ' | ' | ' |
Line of Credit Facility [Line Items] | ' | ' | ' |
Debt Instrument, Basis Spread on Variable Rate | ' | 1.20% | ' |
London Interbank Offered Rate (LIBOR) [Member] | Maximum [Member] | Line of Credit Facility, Interest Rate, Option Two [Member] | ' | ' | ' |
Line of Credit Facility [Line Items] | ' | ' | ' |
Debt Instrument, Basis Spread on Variable Rate | ' | 2.20% | ' |
Mortgage_Note_Payable_Details
Mortgage Note Payable (Details) (USD $) | 2 Months Ended | 11 Months Ended | ||
Mar. 06, 2014 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | |
Mortgages [Member] | Mortgages [Member] | |||
SAAB Sensis I [Member] | ||||
Mortgage Loans on Real Estate [Line Items] | ' | ' | ' | ' |
Mortgages Assumed In Real Estate Acquisitions | $107,300,000 | ' | ' | $8,800,000 |
Debt Instrument, Interest Rate, Effective Percentage | ' | ' | ' | 6.01% |
2014 | ' | ' | 311,000 | ' |
2015 | ' | ' | 329,000 | ' |
2016 | ' | ' | 349,000 | ' |
2017 | ' | ' | 371,000 | ' |
2018 | ' | ' | 393,000 | ' |
Thereafter | ' | ' | 7,077,000 | ' |
Total | ' | $8,830,000 | $8,830,000 | ' |
Fair_Value_of_Financial_Instru2
Fair Value of Financial Instruments (Details) (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' |
Investment securities, at fair value | $58,566 |
Fair Value, Inputs, Level 3 [Member] | Reported Value Measurement [Member] | Mortgages [Member] | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' |
Debt Instrument, Fair Value Disclosure | 9,164 |
Fair Value, Inputs, Level 3 [Member] | Estimate of Fair Value Measurement [Member] | Mortgages [Member] | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' |
Debt Instrument, Fair Value Disclosure | 9,164 |
Available-for-sale Securities [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' |
Investment securities, at fair value | 58,566 |
Available-for-sale Securities [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' |
Investment securities, at fair value | 0 |
Available-for-sale Securities [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' |
Investment securities, at fair value | 0 |
Available-for-sale Securities [Member] | Fair Value, Measurements, Recurring [Member] | Estimate of Fair Value Measurement [Member] | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' |
Investment securities, at fair value | $58,566 |
Common_Stock_Details
Common Stock (Details) (USD $) | 0 Months Ended | 11 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Apr. 10, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Apr. 04, 2013 |
Common Stock [Member] | Common Stock [Member] | |||
Class of Stock [Line Items] | ' | ' | ' | ' |
Common stock, outstanding | ' | 62,985,937 | ' | ' |
Proceeds from issuances of common stock | ' | $1,537,164 | $1,600,000 | ' |
Common Stock, Dividends, Per Share Per Day, Declared | $0.00 | ' | ' | ' |
Share Price | ' | ' | $25 | $25 |
Commitments_and_Contingencies_1
Commitments and Contingencies Future Minimum Rent Payments (Details) (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Future Minimum Rent Payments [Abstract] | ' |
2014 | $824 |
2015 | 827 |
2016 | 835 |
2017 | 840 |
2018 | 822 |
Thereafter | 6,302 |
Total | $10,450 |
Related_Party_Transactions_and2
Related Party Transactions and Arrangements (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Apr. 04, 2013 |
Special Limited Partner [Member] | Maximum [Member] | Gross Proceeds, Common Stock [Member] | Contract Purchase Price [Member] | Contract Purchase Price [Member] | Advance on Loan or Other Investment [Member] | Advance on Loan or Other Investment [Member] | Amount Available or Outstanding Under Financing Arrangement [Member] | Contract Purchase Price, All Assets Acquired [Member] | Pre-tax Non-compounded Return on Capital Contribution [Member] | Pre-tax Non-compounded Return on Capital Contribution [Member] | Pre-tax Non-compounded Return on Capital Contribution [Member] | Excess of Adjusted Market Value of Real Estate Assets Plus Distributions Over Aggregate Contributed Investor Capital [Member] | Sales Commissions and Dealer Manager Fees [Member] | Fees and Expense Reimbursement, Stock Offering [Member] | Annual Targeted Investor Return [Member] | Strategic Advisory Fees [Member] | Absorbed General and Administrative Expenses [Member] | Brokerage Commission Fees [Member] | Real Estate Commissions [Member] | Option One [Member] | Option One [Member] | Option Two [Member] | Greater Of [Member] | Greater Of [Member] | Greater Of [Member] | Sales Commissions and Dealer Manager Fees [Member] | ||
American Realty Capital Trust V Special Limited Partner, LLC [Member] | Maximum [Member] | Advisor [Member] | Maximum [Member] | Advisor [Member] | Maximum [Member] | Advisor [Member] | Maximum [Member] | Special Limited Partner [Member] | Advisor [Member] | Maximum [Member] | Special Limited Partner [Member] | Dealer Manager [Member] | Advisor and Dealer Manager [Member] | Pre-tax Non-compounded Return on Capital Contribution [Member] | Advisor [Member] | Contract Sales Price [Member] | Contract Sales Price [Member] | Gross Proceeds, Common Stock [Member] | Gross Proceeds, Common Stock [Member] | Gross Proceeds, Common Stock [Member] | Average Invested Assets [Member] | Net Income, Excluding Additions to Non-cash Reserves and Gains on Sales of Assets [Member] | Transaction Value [Member] | |||||
Dealer Manager [Member] | American Realty Capital Advisors V, LLC [Member] | Advisor [Member] | American Realty Capital Advisors V, LLC [Member] | Advisor [Member] | American Realty Capital Advisors V, LLC [Member] | Advisor [Member] | American Realty Capital Trust V Special Limited Partner, LLC [Member] | American Realty Capital Advisors V, LLC [Member] | Advisor [Member] | American Realty Capital Trust V Special Limited Partner, LLC [Member] | Realty Capital Securities, LLC [Member] | American Realty Capital Advisors V, LLC (Advisor) and Realty Capital Securities, LLC (Dealer Manager) [Member] | Advisor [Member] | American Realty Capital Advisors V, LLC [Member] | Maximum [Member] | Maximum [Member] | Maximum [Member] | Maximum [Member] | Dealer Manager [Member] | Maximum [Member] | Maximum [Member] | Dealer Manager [Member] | ||||||
Realty Capital Securities, LLC [Member] | American Realty Capital Advisors V, LLC [Member] | American Realty Capital Advisors V, LLC [Member] | American Realty Capital Advisors V, LLC [Member] | American Realty Capital Advisors V, LLC [Member] | American Realty Capital Advisors V, LLC [Member] | Advisor [Member] | Advisor [Member] | Dealer Manager [Member] | Participating Broker-Dealer [Member] | Realty Capital Securities, LLC [Member] | Advisor [Member] | Advisor [Member] | Realty Capital Securities, LLC [Member] | |||||||||||||||
American Realty Capital Advisors V, LLC [Member] | American Realty Capital Advisors V, LLC [Member] | Realty Capital Securities, LLC [Member] | American Realty Capital Advisors V, LLC [Member] | American Realty Capital Advisors V, LLC [Member] | ||||||||||||||||||||||||
Related Party Transaction [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock held by related party, in shares | ' | 8,888 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Limited Liability Company (LLC) or Limited Partnership (LP), Members or Limited Partners, Ownership Interest, Units | ' | 90 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Sales commissions as a percentage of benchmark | ' | ' | ' | 7.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.50% | ' | ' | ' | ' |
Related Party Transaction, Gross Proceeds from the Salse of Common Stock, Before Allowances, Percentage of Benchmark | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3.00% | ' | ' | ' | ' | ' | ' |
Brokerage fee as a percentage of benchmark | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7.50% | ' | ' | ' | ' | ' |
Brokerage fees as a percentage of benchmark, initial grant | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.50% | ' | ' | ' | ' | ' |
Brokerage fees as a percentage of benchmark, periodic payment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.00% | ' | ' | ' | ' | ' |
Related Party Transaction, Expenses from Transactions with Related Party | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $143,009,000 | $30,482,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Due to Affiliate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,000 | 226,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Liability for offering and related costs from IPO | ' | ' | 2.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cumulative offering cost cap | 15.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Acquisition fees as a percentage of benchmark | ' | ' | ' | ' | 1.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Financing advance fees as a percentage of benchmark | ' | ' | ' | ' | 1.00% | ' | ' | 4.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Related Party Transaction, Expected Third Party Acquisition Costs Remibursable to Related Party, Percentage of Benchmark | ' | ' | ' | ' | 0.50% | ' | 0.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Aggregate acquisition fees and acquisition related expenses as a percentage of benchmark | ' | ' | ' | ' | ' | 4.50% | ' | ' | ' | 1.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Related Party Transaction, Financing Coordination Fees Earned by Related Party, Percentage of Benchmark | ' | ' | ' | ' | ' | ' | ' | ' | 0.75% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Related Party Transaction, Listing Advisory Fee Earned By Related Party, Percentage of Benchmark | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.25% | ' |
Related Party Transaction, Cumulative Capital Investment Return, as a Percentage of Benchmark | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Related Party Transaction, Quarterly Asset Management Fee Earned By Related Party, Percentage of Benchmark | ' | ' | ' | ' | 0.19% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share Price | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $22.50 |
Unearned Class B Units, in Lieu of Asset Management Fees Paid in Cash | ' | ' | ' | ' | 75,430 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Operating expenses as a percentage of benchmark | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.00% | 25.00% | ' | ' |
Related Party Transaction, Amounts of Transaction | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Related Party Transaction, Subordinated Performance Fee Earned by Related Party, Percentage of Benchmark | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 15.00% | 10.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Real estate commissions as a percentage of benchmark | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.00% | 6.00% | ' | ' | ' | ' | ' | ' | ' |
Subordinated participation fees as a percentage of benchmark | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 15.00% | ' | ' | 15.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amortization Period of Related Party Fee, In Months | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '3 months | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Related_Party_Transactions_and3
Related Party Transactions and Arrangements Related Party Transactions (Fees Incurred Forgiven and Due) (Details) (USD $) | 11 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2013 |
Operation Fees and Reimbursements [Member] | ' |
Related Party Transaction [Line Items] | ' |
Due to Affiliate | $2,701 |
Incurred [Member] | Operation Fees and Reimbursements [Member] | ' |
Related Party Transaction [Line Items] | ' |
Related Party Transaction, Expenses from Transactions with Related Party | 22,019 |
Forgiven [Member] | Operation Fees and Reimbursements [Member] | ' |
Related Party Transaction [Line Items] | ' |
Related Party Transaction, Expenses from Transactions with Related Party | 0 |
Nonrecurring Fees [Member] | Acquisition and Related Expenses [Member] | ' |
Related Party Transaction [Line Items] | ' |
Due to Affiliate | 0 |
Nonrecurring Fees [Member] | Financing Coordination Fees [Member] | ' |
Related Party Transaction [Line Items] | ' |
Due to Affiliate | 0 |
Nonrecurring Fees [Member] | Transaction Fee [Member] | ' |
Related Party Transaction [Line Items] | ' |
Due to Affiliate | 2,630 |
Nonrecurring Fees [Member] | Incurred [Member] | Acquisition and Related Expenses [Member] | ' |
Related Party Transaction [Line Items] | ' |
Related Party Transaction, Expenses from Transactions with Related Party | 13,126 |
Nonrecurring Fees [Member] | Incurred [Member] | Financing Coordination Fees [Member] | ' |
Related Party Transaction [Line Items] | ' |
Related Party Transaction, Expenses from Transactions with Related Party | 3,479 |
Nonrecurring Fees [Member] | Incurred [Member] | Transaction Fee [Member] | ' |
Related Party Transaction [Line Items] | ' |
Related Party Transaction, Expenses from Transactions with Related Party | 4,423 |
Nonrecurring Fees [Member] | Forgiven [Member] | Acquisition and Related Expenses [Member] | ' |
Related Party Transaction [Line Items] | ' |
Related Party Transaction, Expenses from Transactions with Related Party | 0 |
Nonrecurring Fees [Member] | Forgiven [Member] | Financing Coordination Fees [Member] | ' |
Related Party Transaction [Line Items] | ' |
Related Party Transaction, Expenses from Transactions with Related Party | 0 |
Nonrecurring Fees [Member] | Forgiven [Member] | Transaction Fee [Member] | ' |
Related Party Transaction [Line Items] | ' |
Related Party Transaction, Expenses from Transactions with Related Party | 0 |
Recurring Fees [Member] | Strategic Advisory Fees [Member] | ' |
Related Party Transaction [Line Items] | ' |
Due to Affiliate | 0 |
Recurring Fees [Member] | Distributions On Class B Units [Member] | ' |
Related Party Transaction [Line Items] | ' |
Due to Affiliate | 71 |
Recurring Fees [Member] | Incurred [Member] | Strategic Advisory Fees [Member] | ' |
Related Party Transaction [Line Items] | ' |
Related Party Transaction, Expenses from Transactions with Related Party | 920 |
Recurring Fees [Member] | Incurred [Member] | Distributions On Class B Units [Member] | ' |
Related Party Transaction [Line Items] | ' |
Related Party Transaction, Expenses from Transactions with Related Party | 71 |
Recurring Fees [Member] | Forgiven [Member] | Strategic Advisory Fees [Member] | ' |
Related Party Transaction [Line Items] | ' |
Related Party Transaction, Expenses from Transactions with Related Party | 0 |
Recurring Fees [Member] | Forgiven [Member] | Distributions On Class B Units [Member] | ' |
Related Party Transaction [Line Items] | ' |
Related Party Transaction, Expenses from Transactions with Related Party | $0 |
ShareBased_Compensation_Detail
Share-Based Compensation (Details) (USD $) | 11 Months Ended | |
Dec. 31, 2013 | Jan. 21, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Stock Issued During Period, Value, Issued for Services | $93,000 | ' |
Stock Issued During Period, Shares, Issued for Services | 4,114 | ' |
Restricted Share Plan [Member] | Restricted Stock [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Shares granted automatically upon election to board of directors, in shares | 1,333 | ' |
Restricted share vesting period | '5 years | ' |
Periodic vesting percentage | 20.00% | ' |
Maximum authorized amount as a percentage of shares authorized | 5.00% | ' |
Number of shares authorized, in shares | 3,400,000 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding, Number | 4,000 | 0 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value | $22.50 | $0 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 5,333 | ' |
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $22.50 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | -1,333 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value | $22.50 | ' |
Allocated Share-based Compensation Expense | 44,000 | ' |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | $100,000 | ' |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | '4 years 3 months 4 days | ' |
Net_Loss_Per_Share_Details
Net Loss Per Share (Details) (USD $) | 2 Months Ended | 3 Months Ended | 11 Months Ended | ||
Mar. 31, 2013 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Dec. 31, 2013 | |
Schedule of Earnings Per Share, Basic and Diluted, by Common Class, Including Two Class Method [Line Items] | ' | ' | ' | ' | ' |
Net loss | ($29,000) | ($3,539,000) | ($17,014,000) | ($215,000) | ($20,797,000) |
Basic and diluted weighted-average shares outstanding | 8,888 | 62,329,506 | 38,295,114 | 5,173,574 | 28,954,769 |
Basic and diluted net loss per share | ' | ($0.06) | ($0.44) | ($0.04) | ($0.72) |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | ' | ' | ' | ' | 79,520 |
Restricted Stock [Member] | ' | ' | ' | ' | ' |
Schedule of Earnings Per Share, Basic and Diluted, by Common Class, Including Two Class Method [Line Items] | ' | ' | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | ' | ' | ' | ' | 4,000 |
OP Units [Member] | ' | ' | ' | ' | ' |
Schedule of Earnings Per Share, Basic and Diluted, by Common Class, Including Two Class Method [Line Items] | ' | ' | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | ' | ' | ' | ' | 90 |
Class B Units [Member] | Contract Purchase Price [Member] | Advisor [Member] | American Realty Capital Advisors V, LLC [Member] | ' | ' | ' | ' | ' |
Schedule of Earnings Per Share, Basic and Diluted, by Common Class, Including Two Class Method [Line Items] | ' | ' | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | ' | ' | ' | ' | 75,430 |
Quarterly_Results_Unaudited_De
Quarterly Results (Unaudited) (Details) (USD $) | 2 Months Ended | 3 Months Ended | 11 Months Ended | ||
Mar. 31, 2013 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Dec. 31, 2013 | |
Quarterly Results (Unaudited) [Abstract] | ' | ' | ' | ' | ' |
Revenues | ' | $22,161,000 | $2,093,000 | $35,000 | $24,289,000 |
Net loss | ($29,000) | ($3,539,000) | ($17,014,000) | ($215,000) | ($20,797,000) |
Basic and diluted weighted-average shares outstanding | 8,888 | 62,329,506 | 38,295,114 | 5,173,574 | 28,954,769 |
Basic and diluted net loss per share | ' | ($0.06) | ($0.44) | ($0.04) | ($0.72) |
Subsequent_Events_Details
Subsequent Events (Details) (USD $) | 2 Months Ended | 11 Months Ended | 2 Months Ended | 11 Months Ended | 11 Months Ended | 2 Months Ended | 13 Months Ended | 11 Months Ended | |||||||||
Mar. 06, 2014 | Dec. 31, 2013 | Mar. 06, 2014 | Dec. 31, 2013 | Feb. 28, 2014 | Dec. 31, 2013 | Apr. 04, 2013 | Feb. 28, 2014 | Feb. 28, 2014 | Dec. 31, 2013 | Dec. 31, 2013 | Mar. 06, 2014 | Mar. 06, 2014 | Dec. 31, 2013 | ||||
property | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Common Stock [Member] | Common Stock [Member] | Common Stock [Member] | Common Stock [Member] | Common Stock [Member] | Total Portfolio, As of Document End Date [Member] | Total Portfolio, End of Subsequent Events Period [Member] | Securities Sold [Member] | Securities Sold [Member] | |||||
sqft | sqft | Subsequent Event [Member] | Subsequent Event [Member] | sqft | Subsequent Event [Member] | ||||||||||||
property | property | property | |||||||||||||||
sqft | |||||||||||||||||
Subsequent Event [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Common stock, outstanding | ' | 62,985,937 | ' | ' | 63,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Proceeds from issuances of common stock | ' | $1,537,164,000 | ' | $1,600,000,000 | ' | $1,600,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | |||
Common Stock, Value, Outstanding | ' | 1,600,000,000 | ' | ' | 1,600,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Share Price | ' | ' | ' | ' | ' | $25 | $25 | $25 | $25 | ' | ' | ' | ' | ' | |||
Share Price, Dividend Reinvestment Plan | ' | ' | ' | ' | ' | $23.75 | $23.75 | $23.75 | $23.75 | ' | ' | ' | ' | ' | |||
Issuances of common stock | ' | 1,537,291,000 | ' | ' | ' | 1,557,511,000 | ' | 10,351,000 | 1,567,862,000 | 621,000 | ' | ' | ' | ' | |||
Number of Real Estate Properties | ' | 239 | ' | ' | ' | ' | ' | ' | ' | ' | 239 | 288 | ' | ' | |||
Real Estate Investment, Aggregate Purchase Price | ' | 1,100,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | 1,146,141,000 | [1] | 1,437,181,000 | [1] | ' | ' | |
Area of Real Estate Property | ' | 7,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | 7,473,631 | 10,814,184 | ' | ' | |||
Number of Businesses Acquired | ' | 239 | 49 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Acquisitions, Purchase Price | ' | 1,016,599,000 | 291,040,000 | [1] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Area of Real Estate Property, Acquisitions | ' | ' | 3,340,553 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Mortgages Assumed In Real Estate Acquisitions | 107,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Available-for-sale Equity Securities, Amortized Cost Basis | ' | 65,547,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7,300,000 | 400,000 | |||
Gain (Loss) on Sale of Securities, Net | $200,000 | $100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
[1] | Contract purchase price, excluding acquisition related costs. |
Real_Estate_and_Accumulated_De1
Real Estate and Accumulated Depreciation - Schedule III (Details) (USD $) | 11 Months Ended | ||
Dec. 31, 2013 | Jan. 21, 2013 | ||
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | |
Encumbrances at December 31, 2013 | $8,830,000 | ' | |
Land, Initial Cost | 147,899,000 | ' | |
Buildings and Improvements, Initial Cost | 868,700,000 | ' | |
Land, Subsequent to Acquisition | 0 | ' | |
Building and Improvements, Subsequent to Acquisition | 0 | ' | |
Gross Amount at December 31, 2013 | 1,016,599,000 | [1],[2] | ' |
Accumulated Depreciation | 12,077,000 | [3],[4] | 0 |
Real Estate Investments, Acquired Intangible Assets, Total | 130,473,000 | ' | |
SEC Schedule III, Real Estate, Federal Income Tax Basis | 1,200,000,000 | ' | |
Finite-Lived Intangible Assets, Accumulated Amortization | 2,900,000 | ' | |
Buildings, Useful Life | '40 years | ' | |
Land Improvements, Useful Life | '15 years | ' | |
Fixtures, Useful life | '5 years | ' | |
Sullivan, MO [Member] | Dollar General [Member] | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | |
Encumbrances at December 31, 2013 | 0 | ' | |
Land, Initial Cost | 146,000 | ' | |
Buildings and Improvements, Initial Cost | 825,000 | ' | |
Land, Subsequent to Acquisition | 0 | ' | |
Building and Improvements, Subsequent to Acquisition | 0 | ' | |
Gross Amount at December 31, 2013 | 971,000 | [1],[2] | ' |
Accumulated Depreciation | 31,000 | [3],[4] | ' |
Mission, TX [Member] | Dollar General [Member] | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | |
Encumbrances at December 31, 2013 | 0 | ' | |
Land, Initial Cost | 142,000 | ' | |
Buildings and Improvements, Initial Cost | 807,000 | ' | |
Land, Subsequent to Acquisition | 0 | ' | |
Building and Improvements, Subsequent to Acquisition | 0 | ' | |
Gross Amount at December 31, 2013 | 949,000 | [1],[2] | ' |
Accumulated Depreciation | 30,000 | [3],[4] | ' |
Pine Bluff, AR [Member] | Walgreens [Member] | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | |
Encumbrances at December 31, 2013 | 0 | ' | |
Land, Initial Cost | 159,000 | ' | |
Buildings and Improvements, Initial Cost | 3,016,000 | ' | |
Land, Subsequent to Acquisition | 0 | ' | |
Building and Improvements, Subsequent to Acquisition | 0 | ' | |
Gross Amount at December 31, 2013 | 3,175,000 | [1],[2] | ' |
Accumulated Depreciation | 90,000 | [3],[4] | ' |
Bogalusa, LA [Member] | Dollar General, II [Member] | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | |
Encumbrances at December 31, 2013 | 0 | ' | |
Land, Initial Cost | 107,000 | ' | |
Buildings and Improvements, Initial Cost | 965,000 | ' | |
Land, Subsequent to Acquisition | 0 | ' | |
Building and Improvements, Subsequent to Acquisition | 0 | ' | |
Gross Amount at December 31, 2013 | 1,072,000 | [1],[2] | ' |
Accumulated Depreciation | 27,000 | [3],[4] | ' |
Donaldsonville, LA [Member] | Dollar General, II [Member] | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | |
Encumbrances at December 31, 2013 | 0 | ' | |
Land, Initial Cost | 97,000 | ' | |
Buildings and Improvements, Initial Cost | 871,000 | ' | |
Land, Subsequent to Acquisition | 0 | ' | |
Building and Improvements, Subsequent to Acquisition | 0 | ' | |
Gross Amount at December 31, 2013 | 968,000 | [1],[2] | ' |
Accumulated Depreciation | 24,000 | [3],[4] | ' |
Cut Off, LA [Member] | Auto Zone [Member] | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | |
Encumbrances at December 31, 2013 | 0 | ' | |
Land, Initial Cost | 67,000 | ' | |
Buildings and Improvements, Initial Cost | 1,282,000 | ' | |
Land, Subsequent to Acquisition | 0 | ' | |
Building and Improvements, Subsequent to Acquisition | 0 | ' | |
Gross Amount at December 31, 2013 | 1,349,000 | [1],[2] | ' |
Accumulated Depreciation | 30,000 | [3],[4] | ' |
Athens, MI [Member] | Dollar General III [Member] | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | |
Encumbrances at December 31, 2013 | 0 | ' | |
Land, Initial Cost | 48,000 | ' | |
Buildings and Improvements, Initial Cost | 907,000 | ' | |
Land, Subsequent to Acquisition | 0 | ' | |
Building and Improvements, Subsequent to Acquisition | 0 | ' | |
Gross Amount at December 31, 2013 | 955,000 | [1],[2] | ' |
Accumulated Depreciation | 21,000 | [3],[4] | ' |
Fowler, MI [Member] | Dollar General III [Member] | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | |
Encumbrances at December 31, 2013 | 0 | ' | |
Land, Initial Cost | 49,000 | ' | |
Buildings and Improvements, Initial Cost | 940,000 | ' | |
Land, Subsequent to Acquisition | 0 | ' | |
Building and Improvements, Subsequent to Acquisition | 0 | ' | |
Gross Amount at December 31, 2013 | 989,000 | [1],[2] | ' |
Accumulated Depreciation | 22,000 | [3],[4] | ' |
Hudson, MI [Member] | Dollar General III [Member] | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | |
Encumbrances at December 31, 2013 | 0 | ' | |
Land, Initial Cost | 102,000 | ' | |
Buildings and Improvements, Initial Cost | 922,000 | ' | |
Land, Subsequent to Acquisition | 0 | ' | |
Building and Improvements, Subsequent to Acquisition | 0 | ' | |
Gross Amount at December 31, 2013 | 1,024,000 | [1],[2] | ' |
Accumulated Depreciation | 22,000 | [3],[4] | ' |
Muskegon, MI [Member] | Dollar General III [Member] | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | |
Encumbrances at December 31, 2013 | 0 | ' | |
Land, Initial Cost | 49,000 | ' | |
Buildings and Improvements, Initial Cost | 939,000 | ' | |
Land, Subsequent to Acquisition | 0 | ' | |
Building and Improvements, Subsequent to Acquisition | 0 | ' | |
Gross Amount at December 31, 2013 | 988,000 | [1],[2] | ' |
Accumulated Depreciation | 22,000 | [3],[4] | ' |
Reese, MI [Member] | Dollar General III [Member] | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | |
Encumbrances at December 31, 2013 | 0 | ' | |
Land, Initial Cost | 150,000 | ' | |
Buildings and Improvements, Initial Cost | 848,000 | ' | |
Land, Subsequent to Acquisition | 0 | ' | |
Building and Improvements, Subsequent to Acquisition | 0 | ' | |
Gross Amount at December 31, 2013 | 998,000 | [1],[2] | ' |
Accumulated Depreciation | 20,000 | [3],[4] | ' |
Ft Myers, FL [Member] | BSFS I [Member] | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | |
Encumbrances at December 31, 2013 | 0 | ' | |
Land, Initial Cost | 1,215,000 | ' | |
Buildings and Improvements, Initial Cost | 1,822,000 | ' | |
Land, Subsequent to Acquisition | 0 | ' | |
Building and Improvements, Subsequent to Acquisition | 0 | ' | |
Gross Amount at December 31, 2013 | 3,037,000 | [1],[2] | ' |
Accumulated Depreciation | 44,000 | [3],[4] | ' |
Bainbridge, GA [Member] | Dollar General IV [Member] | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | |
Encumbrances at December 31, 2013 | 0 | ' | |
Land, Initial Cost | 233,000 | ' | |
Buildings and Improvements, Initial Cost | 700,000 | ' | |
Land, Subsequent to Acquisition | 0 | ' | |
Building and Improvements, Subsequent to Acquisition | 0 | ' | |
Gross Amount at December 31, 2013 | 933,000 | [1],[2] | ' |
Accumulated Depreciation | 16,000 | [3],[4] | ' |
Vanleer, TN [Member] | Dollar General IV [Member] | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | |
Encumbrances at December 31, 2013 | 0 | ' | |
Land, Initial Cost | 78,000 | ' | |
Buildings and Improvements, Initial Cost | 705,000 | ' | |
Land, Subsequent to Acquisition | 0 | ' | |
Building and Improvements, Subsequent to Acquisition | 0 | ' | |
Gross Amount at December 31, 2013 | 783,000 | [1],[2] | ' |
Accumulated Depreciation | 16,000 | [3],[4] | ' |
Vernon, CT [Member] | Tractor Supply I [Member] | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | |
Encumbrances at December 31, 2013 | 0 | ' | |
Land, Initial Cost | 358,000 | ' | |
Buildings and Improvements, Initial Cost | 3,220,000 | ' | |
Land, Subsequent to Acquisition | 0 | ' | |
Building and Improvements, Subsequent to Acquisition | 0 | ' | |
Gross Amount at December 31, 2013 | 3,578,000 | [1],[2] | ' |
Accumulated Depreciation | 64,000 | [3],[4] | ' |
Meruax, LA [Member] | Dollar General V [Member] | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | |
Encumbrances at December 31, 2013 | 0 | ' | |
Land, Initial Cost | 708,000 | ' | |
Buildings and Improvements, Initial Cost | 1,315,000 | ' | |
Land, Subsequent to Acquisition | 0 | ' | |
Building and Improvements, Subsequent to Acquisition | 0 | ' | |
Gross Amount at December 31, 2013 | 2,023,000 | [1],[2] | ' |
Accumulated Depreciation | 31,000 | [3],[4] | ' |
Tallahassee, FL [Member] | Matress Firm I [Member] | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | |
Encumbrances at December 31, 2013 | 0 | ' | |
Land, Initial Cost | 1,015,000 | ' | |
Buildings and Improvements, Initial Cost | 1,241,000 | ' | |
Land, Subsequent to Acquisition | 0 | ' | |
Building and Improvements, Subsequent to Acquisition | 0 | ' | |
Gross Amount at December 31, 2013 | 2,256,000 | [1],[2] | ' |
Accumulated Depreciation | 29,000 | [3],[4] | ' |
McDonough, GA [Member] | Matress Firm I [Member] | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | |
Encumbrances at December 31, 2013 | 0 | ' | |
Land, Initial Cost | 185,000 | ' | |
Buildings and Improvements, Initial Cost | 1,663,000 | ' | |
Land, Subsequent to Acquisition | 0 | ' | |
Building and Improvements, Subsequent to Acquisition | 0 | ' | |
Gross Amount at December 31, 2013 | 1,848,000 | [1],[2] | ' |
Accumulated Depreciation | 8,000 | [3],[4] | ' |
McDonough, GA [Member] | O'Charley's I [Member] | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | |
Encumbrances at December 31, 2013 | 0 | ' | |
Land, Initial Cost | 322,000 | ' | |
Buildings and Improvements, Initial Cost | 1,823,000 | ' | |
Land, Subsequent to Acquisition | 0 | ' | |
Building and Improvements, Subsequent to Acquisition | 0 | ' | |
Gross Amount at December 31, 2013 | 2,145,000 | [1],[2],[5] | ' |
Accumulated Depreciation | 32,000 | [3],[4] | ' |
Butler, KY [Member] | Family Dollar I [Member] | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | |
Encumbrances at December 31, 2013 | 0 | ' | |
Land, Initial Cost | 126,000 | ' | |
Buildings and Improvements, Initial Cost | 711,000 | ' | |
Land, Subsequent to Acquisition | 0 | ' | |
Building and Improvements, Subsequent to Acquisition | 0 | ' | |
Gross Amount at December 31, 2013 | 837,000 | [1],[2] | ' |
Accumulated Depreciation | 17,000 | [3],[4] | ' |
Macon, GA [Member] | Lowes I [Member] | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | |
Encumbrances at December 31, 2013 | 0 | ' | |
Land, Initial Cost | 0 | ' | |
Buildings and Improvements, Initial Cost | 8,420,000 | ' | |
Land, Subsequent to Acquisition | 0 | ' | |
Building and Improvements, Subsequent to Acquisition | 0 | ' | |
Gross Amount at December 31, 2013 | 8,420,000 | [1],[2] | ' |
Accumulated Depreciation | 132,000 | [3],[4] | ' |
Fayetteville, NC [Member] | Lowes I [Member] | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | |
Encumbrances at December 31, 2013 | 0 | ' | |
Land, Initial Cost | 0 | ' | |
Buildings and Improvements, Initial Cost | 6,422,000 | ' | |
Land, Subsequent to Acquisition | 0 | ' | |
Building and Improvements, Subsequent to Acquisition | 0 | ' | |
Gross Amount at December 31, 2013 | 6,422,000 | [1],[2] | ' |
Accumulated Depreciation | 101,000 | [3],[4] | ' |
New Bern, NC [Member] | Lowes I [Member] | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | |
Encumbrances at December 31, 2013 | 0 | ' | |
Land, Initial Cost | 1,812,000 | ' | |
Buildings and Improvements, Initial Cost | 10,269,000 | ' | |
Land, Subsequent to Acquisition | 0 | ' | |
Building and Improvements, Subsequent to Acquisition | 0 | ' | |
Gross Amount at December 31, 2013 | 12,081,000 | [1],[2] | ' |
Accumulated Depreciation | 161,000 | [3],[4] | ' |
Rocky MT, NC [Member] | Lowes I [Member] | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | |
Encumbrances at December 31, 2013 | 0 | ' | |
Land, Initial Cost | 1,931,000 | ' | |
Buildings and Improvements, Initial Cost | 10,940,000 | ' | |
Land, Subsequent to Acquisition | 0 | ' | |
Building and Improvements, Subsequent to Acquisition | 0 | ' | |
Gross Amount at December 31, 2013 | 12,871,000 | [1],[2] | ' |
Accumulated Depreciation | 172,000 | [3],[4] | ' |
Aiken, SC [Member] | Lowes I [Member] | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | |
Encumbrances at December 31, 2013 | 0 | ' | |
Land, Initial Cost | 1,764,000 | ' | |
Buildings and Improvements, Initial Cost | 7,056,000 | ' | |
Land, Subsequent to Acquisition | 0 | ' | |
Building and Improvements, Subsequent to Acquisition | 0 | ' | |
Gross Amount at December 31, 2013 | 8,820,000 | [1],[2] | ' |
Accumulated Depreciation | 111,000 | [3],[4] | ' |
Maintowoc, WI [Member] | O'Reilly Auto [Member] | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | |
Encumbrances at December 31, 2013 | 0 | ' | |
Land, Initial Cost | 85,000 | ' | |
Buildings and Improvements, Initial Cost | 761,000 | ' | |
Land, Subsequent to Acquisition | 0 | ' | |
Building and Improvements, Subsequent to Acquisition | 0 | ' | |
Gross Amount at December 31, 2013 | 846,000 | [1],[2] | ' |
Accumulated Depreciation | 14,000 | [3],[4] | ' |
Charlotte, NC [Member] | Food Lion I [Member] | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | |
Encumbrances at December 31, 2013 | 0 | ' | |
Land, Initial Cost | 3,132,000 | ' | |
Buildings and Improvements, Initial Cost | 4,697,000 | ' | |
Land, Subsequent to Acquisition | 0 | ' | |
Building and Improvements, Subsequent to Acquisition | 0 | ' | |
Gross Amount at December 31, 2013 | 7,829,000 | [1],[2] | ' |
Accumulated Depreciation | 77,000 | [3],[4] | ' |
Danville, AR [Member] | Family Dollar II [Member] | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | |
Encumbrances at December 31, 2013 | 0 | ' | |
Land, Initial Cost | 170,000 | ' | |
Buildings and Improvements, Initial Cost | 679,000 | ' | |
Land, Subsequent to Acquisition | 0 | ' | |
Building and Improvements, Subsequent to Acquisition | 0 | ' | |
Gross Amount at December 31, 2013 | 849,000 | [1],[2] | ' |
Accumulated Depreciation | 13,000 | [3],[4] | ' |
Tucker, GA [Member] | Walgreens II [Member] | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | |
Encumbrances at December 31, 2013 | 0 | ' | |
Land, Initial Cost | 0 | ' | |
Buildings and Improvements, Initial Cost | 2,524,000 | ' | |
Land, Subsequent to Acquisition | 0 | ' | |
Building and Improvements, Subsequent to Acquisition | 0 | ' | |
Gross Amount at December 31, 2013 | 2,524,000 | [1],[2] | ' |
Accumulated Depreciation | 50,000 | [3],[4] | ' |
Natalbany, LA [Member] | Dollar General VI [Member] | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | |
Encumbrances at December 31, 2013 | 0 | ' | |
Land, Initial Cost | 379,000 | ' | |
Buildings and Improvements, Initial Cost | 883,000 | ' | |
Land, Subsequent to Acquisition | 0 | ' | |
Building and Improvements, Subsequent to Acquisition | 0 | ' | |
Gross Amount at December 31, 2013 | 1,262,000 | [1],[2] | ' |
Accumulated Depreciation | 17,000 | [3],[4] | ' |
Gasburg, VA [Member] | Dollar General VII [Member] | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | |
Encumbrances at December 31, 2013 | 0 | ' | |
Land, Initial Cost | 52,000 | ' | |
Buildings and Improvements, Initial Cost | 993,000 | ' | |
Land, Subsequent to Acquisition | 0 | ' | |
Building and Improvements, Subsequent to Acquisition | 0 | ' | |
Gross Amount at December 31, 2013 | 1,045,000 | [1],[2] | ' |
Accumulated Depreciation | 19,000 | [3],[4] | ' |
Challis, ID [Member] | Family Dollar III [Member] | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | |
Encumbrances at December 31, 2013 | 0 | ' | |
Land, Initial Cost | 44,000 | ' | |
Buildings and Improvements, Initial Cost | 828,000 | ' | |
Land, Subsequent to Acquisition | 0 | ' | |
Building and Improvements, Subsequent to Acquisition | 0 | ' | |
Gross Amount at December 31, 2013 | 872,000 | [1],[2] | ' |
Accumulated Depreciation | 15,000 | [3],[4] | ' |
Lake Jackson, TX [Member] | Chili's I [Member] | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | |
Encumbrances at December 31, 2013 | 0 | ' | |
Land, Initial Cost | 746,000 | ' | |
Buildings and Improvements, Initial Cost | 1,741,000 | ' | |
Land, Subsequent to Acquisition | 0 | ' | |
Building and Improvements, Subsequent to Acquisition | 0 | ' | |
Gross Amount at December 31, 2013 | 2,487,000 | [1],[2] | ' |
Accumulated Depreciation | 41,000 | [3],[4] | ' |
Victoria, TX [Member] | Chili's I [Member] | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | |
Encumbrances at December 31, 2013 | 0 | ' | |
Land, Initial Cost | 813,000 | ' | |
Buildings and Improvements, Initial Cost | 1,897,000 | ' | |
Land, Subsequent to Acquisition | 0 | ' | |
Building and Improvements, Subsequent to Acquisition | 0 | ' | |
Gross Amount at December 31, 2013 | 2,710,000 | [1],[2] | ' |
Accumulated Depreciation | 45,000 | [3],[4] | ' |
Anniston, AL [Member] | CVS I [Member] | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | |
Encumbrances at December 31, 2013 | 0 | ' | |
Land, Initial Cost | 472,000 | ' | |
Buildings and Improvements, Initial Cost | 1,887,000 | ' | |
Land, Subsequent to Acquisition | 0 | ' | |
Building and Improvements, Subsequent to Acquisition | 0 | ' | |
Gross Amount at December 31, 2013 | 2,359,000 | [1],[2] | ' |
Accumulated Depreciation | 38,000 | [3],[4] | ' |
Westminster, CO [Member] | Joe's Crab Shack I [Member] | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | |
Encumbrances at December 31, 2013 | 0 | ' | |
Land, Initial Cost | 1,136,000 | ' | |
Buildings and Improvements, Initial Cost | 2,650,000 | ' | |
Land, Subsequent to Acquisition | 0 | ' | |
Building and Improvements, Subsequent to Acquisition | 0 | ' | |
Gross Amount at December 31, 2013 | 3,786,000 | [1],[2] | ' |
Accumulated Depreciation | 62,000 | [3],[4] | ' |
Houston, TX [Member] | Joe's Crab Shack I [Member] | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | |
Encumbrances at December 31, 2013 | 0 | ' | |
Land, Initial Cost | 1,169,000 | ' | |
Buildings and Improvements, Initial Cost | 2,171,000 | ' | |
Land, Subsequent to Acquisition | 0 | ' | |
Building and Improvements, Subsequent to Acquisition | 0 | ' | |
Gross Amount at December 31, 2013 | 3,340,000 | [1],[2] | ' |
Accumulated Depreciation | 51,000 | [3],[4] | ' |
Houston, TX [Member] | L.A. Fitness I [Member] | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | |
Encumbrances at December 31, 2013 | 0 | ' | |
Land, Initial Cost | 2,540,000 | ' | |
Buildings and Improvements, Initial Cost | 8,379,000 | ' | |
Land, Subsequent to Acquisition | 0 | ' | |
Building and Improvements, Subsequent to Acquisition | 0 | ' | |
Gross Amount at December 31, 2013 | 10,919,000 | [1],[2],[5] | ' |
Accumulated Depreciation | 105,000 | [3],[4] | ' |
Lake Wales, FL [Member] | Tire Kingdom I [Member] | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | |
Encumbrances at December 31, 2013 | 0 | ' | |
Land, Initial Cost | 556,000 | ' | |
Buildings and Improvements, Initial Cost | 1,296,000 | ' | |
Land, Subsequent to Acquisition | 0 | ' | |
Building and Improvements, Subsequent to Acquisition | 0 | ' | |
Gross Amount at December 31, 2013 | 1,852,000 | [1],[2] | ' |
Accumulated Depreciation | 25,000 | [3],[4] | ' |
Stanleytown, VA [Member] | Dollar General VIII [Member] | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | |
Encumbrances at December 31, 2013 | 0 | ' | |
Land, Initial Cost | 185,000 | ' | |
Buildings and Improvements, Initial Cost | 1,049,000 | ' | |
Land, Subsequent to Acquisition | 0 | ' | |
Building and Improvements, Subsequent to Acquisition | 0 | ' | |
Gross Amount at December 31, 2013 | 1,234,000 | [1],[2] | ' |
Accumulated Depreciation | 20,000 | [3],[4] | ' |
Temple, VA [Member] | Auto Zone II [Member] | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | |
Encumbrances at December 31, 2013 | 0 | ' | |
Land, Initial Cost | 569,000 | ' | |
Buildings and Improvements, Initial Cost | 854,000 | ' | |
Land, Subsequent to Acquisition | 0 | ' | |
Building and Improvements, Subsequent to Acquisition | 0 | ' | |
Gross Amount at December 31, 2013 | 1,423,000 | [1],[2] | ' |
Accumulated Depreciation | 16,000 | [3],[4] | ' |
Oil City, LA [Member] | Family Dollar IV [Member] | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | |
Encumbrances at December 31, 2013 | 0 | ' | |
Land, Initial Cost | 76,000 | ' | |
Buildings and Improvements, Initial Cost | 685,000 | ' | |
Land, Subsequent to Acquisition | 0 | ' | |
Building and Improvements, Subsequent to Acquisition | 0 | ' | |
Gross Amount at December 31, 2013 | 761,000 | [1],[2] | ' |
Accumulated Depreciation | 13,000 | [3],[4] | ' |
Montevalo, AL [Member] | Fresenius I [Member] | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | |
Encumbrances at December 31, 2013 | 0 | ' | |
Land, Initial Cost | 300,000 | ' | |
Buildings and Improvements, Initial Cost | 1,699,000 | ' | |
Land, Subsequent to Acquisition | 0 | ' | |
Building and Improvements, Subsequent to Acquisition | 0 | ' | |
Gross Amount at December 31, 2013 | 1,999,000 | [1],[2] | ' |
Accumulated Depreciation | 27,000 | [3],[4] | ' |
Mabelvale, AR [Member] | Dollar General IX [Member] | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | |
Encumbrances at December 31, 2013 | 0 | ' | |
Land, Initial Cost | 38,000 | ' | |
Buildings and Improvements, Initial Cost | 723,000 | ' | |
Land, Subsequent to Acquisition | 0 | ' | |
Building and Improvements, Subsequent to Acquisition | 0 | ' | |
Gross Amount at December 31, 2013 | 761,000 | [1],[2] | ' |
Accumulated Depreciation | 14,000 | [3],[4] | ' |
Angola, IN [Member] | Advance Auto I [Member] | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | |
Encumbrances at December 31, 2013 | 0 | ' | |
Land, Initial Cost | 35,000 | ' | |
Buildings and Improvements, Initial Cost | 671,000 | ' | |
Land, Subsequent to Acquisition | 0 | ' | |
Building and Improvements, Subsequent to Acquisition | 0 | ' | |
Gross Amount at December 31, 2013 | 706,000 | [1],[2] | ' |
Accumulated Depreciation | 9,000 | [3],[4] | ' |
Lansing, MI [Member] | Walgreens III [Member] | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | |
Encumbrances at December 31, 2013 | 0 | ' | |
Land, Initial Cost | 216,000 | ' | |
Buildings and Improvements, Initial Cost | 4,099,000 | ' | |
Land, Subsequent to Acquisition | 0 | ' | |
Building and Improvements, Subsequent to Acquisition | 0 | ' | |
Gross Amount at December 31, 2013 | 4,315,000 | [1],[2] | ' |
Accumulated Depreciation | 61,000 | [3],[4] | ' |
Beaumont, TX [Member] | Walgreens IV [Member] | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | |
Encumbrances at December 31, 2013 | 0 | ' | |
Land, Initial Cost | 499,000 | ' | |
Buildings and Improvements, Initial Cost | 1,995,000 | ' | |
Land, Subsequent to Acquisition | 0 | ' | |
Building and Improvements, Subsequent to Acquisition | 0 | ' | |
Gross Amount at December 31, 2013 | 2,494,000 | [1],[2] | ' |
Accumulated Depreciation | 30,000 | [3],[4] | ' |
Holyoke, MA [Member] | CVS II [Member] | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | |
Encumbrances at December 31, 2013 | 0 | ' | |
Land, Initial Cost | 0 | ' | |
Buildings and Improvements, Initial Cost | 2,258,000 | ' | |
Land, Subsequent to Acquisition | 0 | ' | |
Building and Improvements, Subsequent to Acquisition | 0 | ' | |
Gross Amount at December 31, 2013 | 2,258,000 | [1],[2] | ' |
Accumulated Depreciation | 34,000 | [3],[4] | ' |
Hernando, MS [Member] | Arby's I [Member] | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | |
Encumbrances at December 31, 2013 | 0 | ' | |
Land, Initial Cost | 624,000 | ' | |
Buildings and Improvements, Initial Cost | 1,455,000 | ' | |
Land, Subsequent to Acquisition | 0 | ' | |
Building and Improvements, Subsequent to Acquisition | 0 | ' | |
Gross Amount at December 31, 2013 | 2,079,000 | [1],[2] | ' |
Accumulated Depreciation | 26,000 | [3],[4] | ' |
Greenwell, LA [Member] | Dollar General X [Member] | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | |
Encumbrances at December 31, 2013 | 0 | ' | |
Land, Initial Cost | 114,000 | ' | |
Buildings and Improvements, Initial Cost | 1,029,000 | ' | |
Land, Subsequent to Acquisition | 0 | ' | |
Building and Improvements, Subsequent to Acquisition | 0 | ' | |
Gross Amount at December 31, 2013 | 1,143,000 | [1],[2] | ' |
Accumulated Depreciation | 14,000 | [3],[4] | ' |
San Antonio, TX [Member] | National Tire & Battery I [Member] | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | |
Encumbrances at December 31, 2013 | 0 | ' | |
Land, Initial Cost | 577,000 | ' | |
Buildings and Improvements, Initial Cost | 577,000 | ' | |
Land, Subsequent to Acquisition | 0 | ' | |
Building and Improvements, Subsequent to Acquisition | 0 | ' | |
Gross Amount at December 31, 2013 | 1,154,000 | [1],[2] | ' |
Accumulated Depreciation | 8,000 | [3],[4] | ' |
Burlington, IA [Member] | Circle K I [Member] | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | |
Encumbrances at December 31, 2013 | 0 | ' | |
Land, Initial Cost | 224,000 | ' | |
Buildings and Improvements, Initial Cost | 523,000 | ' | |
Land, Subsequent to Acquisition | 0 | ' | |
Building and Improvements, Subsequent to Acquisition | 0 | ' | |
Gross Amount at December 31, 2013 | 747,000 | [1],[2] | ' |
Accumulated Depreciation | 7,000 | [3],[4] | ' |
Clinton, IA [Member] | Circle K I [Member] | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | |
Encumbrances at December 31, 2013 | 0 | ' | |
Land, Initial Cost | 334,000 | ' | |
Buildings and Improvements, Initial Cost | 779,000 | ' | |
Land, Subsequent to Acquisition | 0 | ' | |
Building and Improvements, Subsequent to Acquisition | 0 | ' | |
Gross Amount at December 31, 2013 | 1,113,000 | [1],[2] | ' |
Accumulated Depreciation | 11,000 | [3],[4] | ' |
Muscatine, IA [Member] | Circle K I [Member] | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | |
Encumbrances at December 31, 2013 | 0 | ' | |
Land, Initial Cost | 274,000 | ' | |
Buildings and Improvements, Initial Cost | 821,000 | ' | |
Land, Subsequent to Acquisition | 0 | ' | |
Building and Improvements, Subsequent to Acquisition | 0 | ' | |
Gross Amount at December 31, 2013 | 1,095,000 | [1],[2] | ' |
Accumulated Depreciation | 12,000 | [3],[4] | ' |
Aledo, IL [Member] | Circle K I [Member] | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | |
Encumbrances at December 31, 2013 | 0 | ' | |
Land, Initial Cost | 427,000 | ' | |
Buildings and Improvements, Initial Cost | 1,709,000 | ' | |
Land, Subsequent to Acquisition | 0 | ' | |
Building and Improvements, Subsequent to Acquisition | 0 | ' | |
Gross Amount at December 31, 2013 | 2,136,000 | [1],[2] | ' |
Accumulated Depreciation | 24,000 | [3],[4] | ' |
Bloomington, IL (S. Clinton) [Member] | Circle K I [Member] | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | |
Encumbrances at December 31, 2013 | 0 | ' | |
Land, Initial Cost | 316,000 | ' | |
Buildings and Improvements, Initial Cost | 586,000 | ' | |
Land, Subsequent to Acquisition | 0 | ' | |
Building and Improvements, Subsequent to Acquisition | 0 | ' | |
Gross Amount at December 31, 2013 | 902,000 | [1],[2] | ' |
Accumulated Depreciation | 8,000 | [3],[4] | ' |
Bloomington, IL (W. Market) [Member] | Circle K I [Member] | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | |
Encumbrances at December 31, 2013 | 0 | ' | |
Land, Initial Cost | 395,000 | ' | |
Buildings and Improvements, Initial Cost | 592,000 | ' | |
Land, Subsequent to Acquisition | 0 | ' | |
Building and Improvements, Subsequent to Acquisition | 0 | ' | |
Gross Amount at December 31, 2013 | 987,000 | [1],[2] | ' |
Accumulated Depreciation | 8,000 | [3],[4] | ' |
Champaign, IL [Member] | Circle K I [Member] | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | |
Encumbrances at December 31, 2013 | 0 | ' | |
Land, Initial Cost | 412,000 | ' | |
Buildings and Improvements, Initial Cost | 504,000 | ' | |
Land, Subsequent to Acquisition | 0 | ' | |
Building and Improvements, Subsequent to Acquisition | 0 | ' | |
Gross Amount at December 31, 2013 | 916,000 | [1],[2] | ' |
Accumulated Depreciation | 7,000 | [3],[4] | ' |
Champaign, IL [Member] | O'Charley's I [Member] | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | |
Encumbrances at December 31, 2013 | 0 | ' | |
Land, Initial Cost | 330,000 | ' | |
Buildings and Improvements, Initial Cost | 1,872,000 | ' | |
Land, Subsequent to Acquisition | 0 | ' | |
Building and Improvements, Subsequent to Acquisition | 0 | ' | |
Gross Amount at December 31, 2013 | 2,202,000 | [1],[2],[5] | ' |
Accumulated Depreciation | 33,000 | [3],[4] | ' |
Galesburg, IL [Member] | Circle K I [Member] | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | |
Encumbrances at December 31, 2013 | 0 | ' | |
Land, Initial Cost | 355,000 | ' | |
Buildings and Improvements, Initial Cost | 829,000 | ' | |
Land, Subsequent to Acquisition | 0 | ' | |
Building and Improvements, Subsequent to Acquisition | 0 | ' | |
Gross Amount at December 31, 2013 | 1,184,000 | [1],[2] | ' |
Accumulated Depreciation | 12,000 | [3],[4] | ' |
Jacksonville, FL (E. Morton) [Member] | Circle K I [Member] | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | |
Encumbrances at December 31, 2013 | 0 | ' | |
Land, Initial Cost | 351,000 | ' | |
Buildings and Improvements, Initial Cost | 818,000 | ' | |
Land, Subsequent to Acquisition | 0 | ' | |
Building and Improvements, Subsequent to Acquisition | 0 | ' | |
Gross Amount at December 31, 2013 | 1,169,000 | [1],[2] | ' |
Accumulated Depreciation | 11,000 | [3],[4] | ' |
Jacksonville, FL (S. Main) [Member] | Circle K I [Member] | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | |
Encumbrances at December 31, 2013 | 0 | ' | |
Land, Initial Cost | 316,000 | ' | |
Buildings and Improvements, Initial Cost | 474,000 | ' | |
Land, Subsequent to Acquisition | 0 | ' | |
Building and Improvements, Subsequent to Acquisition | 0 | ' | |
Gross Amount at December 31, 2013 | 790,000 | [1],[2] | ' |
Accumulated Depreciation | 7,000 | [3],[4] | ' |
Mattoon, IL [Member] | Circle K I [Member] | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | |
Encumbrances at December 31, 2013 | 0 | ' | |
Land, Initial Cost | 608,000 | ' | |
Buildings and Improvements, Initial Cost | 1,129,000 | ' | |
Land, Subsequent to Acquisition | 0 | ' | |
Building and Improvements, Subsequent to Acquisition | 0 | ' | |
Gross Amount at December 31, 2013 | 1,737,000 | [1],[2] | ' |
Accumulated Depreciation | 16,000 | [3],[4] | ' |
Morton, IL [Member] | Circle K I [Member] | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | |
Encumbrances at December 31, 2013 | 0 | ' | |
Land, Initial Cost | 350,000 | ' | |
Buildings and Improvements, Initial Cost | 525,000 | ' | |
Land, Subsequent to Acquisition | 0 | ' | |
Building and Improvements, Subsequent to Acquisition | 0 | ' | |
Gross Amount at December 31, 2013 | 875,000 | [1],[2] | ' |
Accumulated Depreciation | 7,000 | [3],[4] | ' |
Paris, IL [Member] | Circle K I [Member] | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | |
Encumbrances at December 31, 2013 | 0 | ' | |
Land, Initial Cost | 429,000 | ' | |
Buildings and Improvements, Initial Cost | 797,000 | ' | |
Land, Subsequent to Acquisition | 0 | ' | |
Building and Improvements, Subsequent to Acquisition | 0 | ' | |
Gross Amount at December 31, 2013 | 1,226,000 | [1],[2] | ' |
Accumulated Depreciation | 11,000 | [3],[4] | ' |
Staunton, IL [Member] | Circle K I [Member] | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | |
Encumbrances at December 31, 2013 | 0 | ' | |
Land, Initial Cost | 467,000 | ' | |
Buildings and Improvements, Initial Cost | 1,867,000 | ' | |
Land, Subsequent to Acquisition | 0 | ' | |
Building and Improvements, Subsequent to Acquisition | 0 | ' | |
Gross Amount at December 31, 2013 | 2,334,000 | [1],[2] | ' |
Accumulated Depreciation | 26,000 | [3],[4] | ' |
Vandalia, IL [Member] | Circle K I [Member] | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | |
Encumbrances at December 31, 2013 | 0 | ' | |
Land, Initial Cost | 529,000 | ' | |
Buildings and Improvements, Initial Cost | 983,000 | ' | |
Land, Subsequent to Acquisition | 0 | ' | |
Building and Improvements, Subsequent to Acquisition | 0 | ' | |
Gross Amount at December 31, 2013 | 1,512,000 | [1],[2] | ' |
Accumulated Depreciation | 14,000 | [3],[4] | ' |
Virden, IL [Member] | Circle K I [Member] | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | |
Encumbrances at December 31, 2013 | 0 | ' | |
Land, Initial Cost | 302,000 | ' | |
Buildings and Improvements, Initial Cost | 1,208,000 | ' | |
Land, Subsequent to Acquisition | 0 | ' | |
Building and Improvements, Subsequent to Acquisition | 0 | ' | |
Gross Amount at December 31, 2013 | 1,510,000 | [1],[2] | ' |
Accumulated Depreciation | 17,000 | [3],[4] | ' |
Lafayette, IN [Member] | Circle K I [Member] | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | |
Encumbrances at December 31, 2013 | 0 | ' | |
Land, Initial Cost | 401,000 | ' | |
Buildings and Improvements, Initial Cost | 746,000 | ' | |
Land, Subsequent to Acquisition | 0 | ' | |
Building and Improvements, Subsequent to Acquisition | 0 | ' | |
Gross Amount at December 31, 2013 | 1,147,000 | [1],[2] | ' |
Accumulated Depreciation | 10,000 | [3],[4] | ' |
Bedford, OH [Member] | Circle K I [Member] | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | |
Encumbrances at December 31, 2013 | 0 | ' | |
Land, Initial Cost | 702,000 | ' | |
Buildings and Improvements, Initial Cost | 702,000 | ' | |
Land, Subsequent to Acquisition | 0 | ' | |
Building and Improvements, Subsequent to Acquisition | 0 | ' | |
Gross Amount at December 31, 2013 | 1,404,000 | [1],[2] | ' |
Accumulated Depreciation | 10,000 | [3],[4] | ' |
Streetsboro, OH [Member] | Circle K I [Member] | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | |
Encumbrances at December 31, 2013 | 0 | ' | |
Land, Initial Cost | 540,000 | ' | |
Buildings and Improvements, Initial Cost | 540,000 | ' | |
Land, Subsequent to Acquisition | 0 | ' | |
Building and Improvements, Subsequent to Acquisition | 0 | ' | |
Gross Amount at December 31, 2013 | 1,080,000 | [1],[2] | ' |
Accumulated Depreciation | 8,000 | [3],[4] | ' |
Oklahoma City, OK [Member] | Walgreens V [Member] | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | |
Encumbrances at December 31, 2013 | 0 | ' | |
Land, Initial Cost | 1,295,000 | ' | |
Buildings and Improvements, Initial Cost | 3,884,000 | ' | |
Land, Subsequent to Acquisition | 0 | ' | |
Building and Improvements, Subsequent to Acquisition | 0 | ' | |
Gross Amount at December 31, 2013 | 5,179,000 | [1],[2] | ' |
Accumulated Depreciation | 58,000 | [3],[4] | ' |
Gillette, WY [Member] | Walgreens VI [Member] | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | |
Encumbrances at December 31, 2013 | 0 | ' | |
Land, Initial Cost | 1,198,000 | ' | |
Buildings and Improvements, Initial Cost | 2,796,000 | ' | |
Land, Subsequent to Acquisition | 0 | ' | |
Building and Improvements, Subsequent to Acquisition | 0 | ' | |
Gross Amount at December 31, 2013 | 3,994,000 | [1],[2] | ' |
Accumulated Depreciation | 42,000 | [3],[4] | ' |
Watertown, SD [Member] | FedEx I [Member] | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | |
Encumbrances at December 31, 2013 | 0 | ' | |
Land, Initial Cost | 136,000 | ' | |
Buildings and Improvements, Initial Cost | 2,581,000 | ' | |
Land, Subsequent to Acquisition | 0 | ' | |
Building and Improvements, Subsequent to Acquisition | 0 | ' | |
Gross Amount at December 31, 2013 | 2,717,000 | [1],[2] | ' |
Accumulated Depreciation | 39,000 | [3],[4] | ' |
Houghton, MI [Member] | Tractor Supply II [Member] | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | |
Encumbrances at December 31, 2013 | 0 | ' | |
Land, Initial Cost | 204,000 | ' | |
Buildings and Improvements, Initial Cost | 1,158,000 | ' | |
Land, Subsequent to Acquisition | 0 | ' | |
Building and Improvements, Subsequent to Acquisition | 0 | ' | |
Gross Amount at December 31, 2013 | 1,362,000 | [1],[2] | ' |
Accumulated Depreciation | 14,000 | [3],[4] | ' |
Mundelein, IL [Member] | National Tire & Battery II [Member] | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | |
Encumbrances at December 31, 2013 | 0 | ' | |
Land, Initial Cost | 0 | ' | |
Buildings and Improvements, Initial Cost | 1,742,000 | ' | |
Land, Subsequent to Acquisition | 0 | ' | |
Building and Improvements, Subsequent to Acquisition | 0 | ' | |
Gross Amount at December 31, 2013 | 1,742,000 | [1],[2] | ' |
Accumulated Depreciation | 25,000 | [3],[4] | ' |
Harland, KY [Member] | Tractor Supply III [Member] | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | |
Encumbrances at December 31, 2013 | 0 | ' | |
Land, Initial Cost | 248,000 | ' | |
Buildings and Improvements, Initial Cost | 2,232,000 | ' | |
Land, Subsequent to Acquisition | 0 | ' | |
Building and Improvements, Subsequent to Acquisition | 0 | ' | |
Gross Amount at December 31, 2013 | 2,480,000 | [1],[2] | ' |
Accumulated Depreciation | 18,000 | [3],[4] | ' |
Knoxville, TN [Member] | Matress Firm II [Member] | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | |
Encumbrances at December 31, 2013 | 0 | ' | |
Land, Initial Cost | 189,000 | ' | |
Buildings and Improvements, Initial Cost | 754,000 | ' | |
Land, Subsequent to Acquisition | 0 | ' | |
Building and Improvements, Subsequent to Acquisition | 0 | ' | |
Gross Amount at December 31, 2013 | 943,000 | [1],[2] | ' |
Accumulated Depreciation | 7,000 | [3],[4] | ' |
Greenville, MS [Member] | Dollar General XI [Member] | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | |
Encumbrances at December 31, 2013 | 0 | ' | |
Land, Initial Cost | 192,000 | ' | |
Buildings and Improvements, Initial Cost | 769,000 | ' | |
Land, Subsequent to Acquisition | 0 | ' | |
Building and Improvements, Subsequent to Acquisition | 0 | ' | |
Gross Amount at December 31, 2013 | 961,000 | [1],[2] | ' |
Accumulated Depreciation | 7,000 | [3],[4] | ' |
Cape Girard, MO [Member] | Academy Sports I [Member] | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | |
Encumbrances at December 31, 2013 | 0 | ' | |
Land, Initial Cost | 384,000 | ' | |
Buildings and Improvements, Initial Cost | 7,292,000 | ' | |
Land, Subsequent to Acquisition | 0 | ' | |
Building and Improvements, Subsequent to Acquisition | 0 | ' | |
Gross Amount at December 31, 2013 | 7,676,000 | [1],[2] | ' |
Accumulated Depreciation | 58,000 | [3],[4] | ' |
Eagle Pass, TX [Member] | Talecris Plasma I [Member] | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | |
Encumbrances at December 31, 2013 | 0 | ' | |
Land, Initial Cost | 286,000 | ' | |
Buildings and Improvements, Initial Cost | 2,577,000 | ' | |
Land, Subsequent to Acquisition | 0 | ' | |
Building and Improvements, Subsequent to Acquisition | 0 | ' | |
Gross Amount at December 31, 2013 | 2,863,000 | [1],[2] | ' |
Accumulated Depreciation | 20,000 | [3],[4] | ' |
Winchester, KY [Member] | Amazon I [Member] | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | |
Encumbrances at December 31, 2013 | 0 | ' | |
Land, Initial Cost | 362,000 | ' | |
Buildings and Improvements, Initial Cost | 8,070,000 | ' | |
Land, Subsequent to Acquisition | 0 | ' | |
Building and Improvements, Subsequent to Acquisition | 0 | ' | |
Gross Amount at December 31, 2013 | 8,432,000 | [1],[2] | ' |
Accumulated Depreciation | 69,000 | [3],[4] | ' |
Montclair, NJ [Member] | Fresenius II [Member] | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | |
Encumbrances at December 31, 2013 | 0 | ' | |
Land, Initial Cost | 1,214,000 | ' | |
Buildings and Improvements, Initial Cost | 2,255,000 | ' | |
Land, Subsequent to Acquisition | 0 | ' | |
Building and Improvements, Subsequent to Acquisition | 0 | ' | |
Gross Amount at December 31, 2013 | 3,469,000 | [1],[2] | ' |
Accumulated Depreciation | 18,000 | [3],[4] | ' |
Sharon Hill, PA [Member] | Fresenius II [Member] | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | |
Encumbrances at December 31, 2013 | 0 | ' | |
Land, Initial Cost | 345,000 | ' | |
Buildings and Improvements, Initial Cost | 1,956,000 | ' | |
Land, Subsequent to Acquisition | 0 | ' | |
Building and Improvements, Subsequent to Acquisition | 0 | ' | |
Gross Amount at December 31, 2013 | 2,301,000 | [1],[2] | ' |
Accumulated Depreciation | 15,000 | [3],[4] | ' |
Le Center, MN [Member] | Dollar General XII [Member] | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | |
Encumbrances at December 31, 2013 | 0 | ' | |
Land, Initial Cost | 47,000 | ' | |
Buildings and Improvements, Initial Cost | 886,000 | ' | |
Land, Subsequent to Acquisition | 0 | ' | |
Building and Improvements, Subsequent to Acquisition | 0 | ' | |
Gross Amount at December 31, 2013 | 933,000 | [1],[2] | ' |
Accumulated Depreciation | 8,000 | [3],[4] | ' |
Vidor, TX [Member] | Dollar General XIII [Member] | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | |
Encumbrances at December 31, 2013 | 0 | ' | |
Land, Initial Cost | 46,000 | ' | |
Buildings and Improvements, Initial Cost | 875,000 | ' | |
Land, Subsequent to Acquisition | 0 | ' | |
Building and Improvements, Subsequent to Acquisition | 0 | ' | |
Gross Amount at December 31, 2013 | 921,000 | [1],[2] | ' |
Accumulated Depreciation | 8,000 | [3],[4] | ' |
Bunnell, FL [Member] | Advance Auto II [Member] | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | |
Encumbrances at December 31, 2013 | 0 | ' | |
Land, Initial Cost | 92,000 | ' | |
Buildings and Improvements, Initial Cost | 1,741,000 | ' | |
Land, Subsequent to Acquisition | 0 | ' | |
Building and Improvements, Subsequent to Acquisition | 0 | ' | |
Gross Amount at December 31, 2013 | 1,833,000 | [1],[2] | ' |
Accumulated Depreciation | 16,000 | [3],[4] | ' |
Washington, GA [Member] | Advance Auto II [Member] | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | |
Encumbrances at December 31, 2013 | 0 | ' | |
Land, Initial Cost | 55,000 | ' | |
Buildings and Improvements, Initial Cost | 1,042,000 | ' | |
Land, Subsequent to Acquisition | 0 | ' | |
Building and Improvements, Subsequent to Acquisition | 0 | ' | |
Gross Amount at December 31, 2013 | 1,097,000 | [1],[2] | ' |
Accumulated Depreciation | 10,000 | [3],[4] | ' |
Leland, MS [Member] | FedEx II [Member] | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | |
Encumbrances at December 31, 2013 | 0 | ' | |
Land, Initial Cost | 220,000 | ' | |
Buildings and Improvements, Initial Cost | 4,186,000 | ' | |
Land, Subsequent to Acquisition | 0 | ' | |
Building and Improvements, Subsequent to Acquisition | 0 | ' | |
Gross Amount at December 31, 2013 | 4,406,000 | [1],[2] | ' |
Accumulated Depreciation | 43,000 | [3],[4] | ' |
Algonquin, IL [Member] | Burger King I [Member] | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | |
Encumbrances at December 31, 2013 | 0 | ' | |
Land, Initial Cost | 798,000 | ' | |
Buildings and Improvements, Initial Cost | 798,000 | ' | |
Land, Subsequent to Acquisition | 0 | ' | |
Building and Improvements, Subsequent to Acquisition | 0 | ' | |
Gross Amount at December 31, 2013 | 1,596,000 | [1],[2] | ' |
Accumulated Depreciation | 7,000 | [3],[4] | ' |
Antioch, IL [Member] | Burger King I [Member] | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | |
Encumbrances at December 31, 2013 | 0 | ' | |
Land, Initial Cost | 706,000 | ' | |
Buildings and Improvements, Initial Cost | 471,000 | ' | |
Land, Subsequent to Acquisition | 0 | ' | |
Building and Improvements, Subsequent to Acquisition | 0 | ' | |
Gross Amount at December 31, 2013 | 1,177,000 | [1],[2] | ' |
Accumulated Depreciation | 4,000 | [3],[4] | ' |
Crystal Lake, IL [Member] | Burger King I [Member] | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | |
Encumbrances at December 31, 2013 | 0 | ' | |
Land, Initial Cost | 541,000 | ' | |
Buildings and Improvements, Initial Cost | 232,000 | ' | |
Land, Subsequent to Acquisition | 0 | ' | |
Building and Improvements, Subsequent to Acquisition | 0 | ' | |
Gross Amount at December 31, 2013 | 773,000 | [1],[2] | ' |
Accumulated Depreciation | 2,000 | [3],[4] | ' |
Grayslake, IL [Member] | Burger King I [Member] | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | |
Encumbrances at December 31, 2013 | 0 | ' | |
Land, Initial Cost | 582,000 | ' | |
Buildings and Improvements, Initial Cost | 476,000 | ' | |
Land, Subsequent to Acquisition | 0 | ' | |
Building and Improvements, Subsequent to Acquisition | 0 | ' | |
Gross Amount at December 31, 2013 | 1,058,000 | [1],[2] | ' |
Accumulated Depreciation | 4,000 | [3],[4] | ' |
Gurnee, IL [Member] | Burger King I [Member] | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | |
Encumbrances at December 31, 2013 | 0 | ' | |
Land, Initial Cost | 931,000 | ' | |
Buildings and Improvements, Initial Cost | 931,000 | ' | |
Land, Subsequent to Acquisition | 0 | ' | |
Building and Improvements, Subsequent to Acquisition | 0 | ' | |
Gross Amount at December 31, 2013 | 1,862,000 | [1],[2] | ' |
Accumulated Depreciation | 9,000 | [3],[4] | ' |
McHenry, IL [Member] | Burger King I [Member] | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | |
Encumbrances at December 31, 2013 | 0 | ' | |
Land, Initial Cost | 742,000 | ' | |
Buildings and Improvements, Initial Cost | 318,000 | ' | |
Land, Subsequent to Acquisition | 0 | ' | |
Building and Improvements, Subsequent to Acquisition | 0 | ' | |
Gross Amount at December 31, 2013 | 1,060,000 | [1],[2] | ' |
Accumulated Depreciation | 3,000 | [3],[4] | ' |
Lake Beach, IL [Member] | Burger King I [Member] | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | |
Encumbrances at December 31, 2013 | 0 | ' | |
Land, Initial Cost | 1,273,000 | ' | |
Buildings and Improvements, Initial Cost | 1,042,000 | ' | |
Land, Subsequent to Acquisition | 0 | ' | |
Building and Improvements, Subsequent to Acquisition | 0 | ' | |
Gross Amount at December 31, 2013 | 2,315,000 | [1],[2] | ' |
Accumulated Depreciation | 10,000 | [3],[4] | ' |
Waukegan, IL [Member] | Burger King I [Member] | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | |
Encumbrances at December 31, 2013 | 0 | ' | |
Land, Initial Cost | 611,000 | ' | |
Buildings and Improvements, Initial Cost | 611,000 | ' | |
Land, Subsequent to Acquisition | 0 | ' | |
Building and Improvements, Subsequent to Acquisition | 0 | ' | |
Gross Amount at December 31, 2013 | 1,222,000 | [1],[2] | ' |
Accumulated Depreciation | 6,000 | [3],[4] | ' |
Woodstock, IL [Member] | Burger King I [Member] | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | |
Encumbrances at December 31, 2013 | 0 | ' | |
Land, Initial Cost | 869,000 | ' | |
Buildings and Improvements, Initial Cost | 290,000 | ' | |
Land, Subsequent to Acquisition | 0 | ' | |
Building and Improvements, Subsequent to Acquisition | 0 | ' | |
Gross Amount at December 31, 2013 | 1,159,000 | [1],[2] | ' |
Accumulated Depreciation | 3,000 | [3],[4] | ' |
Austintown, OH [Member] | Burger King I [Member] | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | |
Encumbrances at December 31, 2013 | 0 | ' | |
Land, Initial Cost | 221,000 | ' | |
Buildings and Improvements, Initial Cost | 1,251,000 | ' | |
Land, Subsequent to Acquisition | 0 | ' | |
Building and Improvements, Subsequent to Acquisition | 0 | ' | |
Gross Amount at December 31, 2013 | 1,472,000 | [1],[2] | ' |
Accumulated Depreciation | 12,000 | [3],[4] | ' |
Beavercreek, OH [Member] | Burger King I [Member] | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | |
Encumbrances at December 31, 2013 | 0 | ' | |
Land, Initial Cost | 410,000 | ' | |
Buildings and Improvements, Initial Cost | 761,000 | ' | |
Land, Subsequent to Acquisition | 0 | ' | |
Building and Improvements, Subsequent to Acquisition | 0 | ' | |
Gross Amount at December 31, 2013 | 1,171,000 | [1],[2] | ' |
Accumulated Depreciation | 7,000 | [3],[4] | ' |
Celina, OH [Member] | Burger King I [Member] | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | |
Encumbrances at December 31, 2013 | 0 | ' | |
Land, Initial Cost | 233,000 | ' | |
Buildings and Improvements, Initial Cost | 932,000 | ' | |
Land, Subsequent to Acquisition | 0 | ' | |
Building and Improvements, Subsequent to Acquisition | 0 | ' | |
Gross Amount at December 31, 2013 | 1,165,000 | [1],[2] | ' |
Accumulated Depreciation | 9,000 | [3],[4] | ' |
Chardon, OH [Member] | Burger King I [Member] | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | |
Encumbrances at December 31, 2013 | 0 | ' | |
Land, Initial Cost | 332,000 | ' | |
Buildings and Improvements, Initial Cost | 497,000 | ' | |
Land, Subsequent to Acquisition | 0 | ' | |
Building and Improvements, Subsequent to Acquisition | 0 | ' | |
Gross Amount at December 31, 2013 | 829,000 | [1],[2] | ' |
Accumulated Depreciation | 5,000 | [3],[4] | ' |
Chesterland, OH [Member] | Burger King I [Member] | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | |
Encumbrances at December 31, 2013 | 0 | ' | |
Land, Initial Cost | 320,000 | ' | |
Buildings and Improvements, Initial Cost | 747,000 | ' | |
Land, Subsequent to Acquisition | 0 | ' | |
Building and Improvements, Subsequent to Acquisition | 0 | ' | |
Gross Amount at December 31, 2013 | 1,067,000 | [1],[2] | ' |
Accumulated Depreciation | 7,000 | [3],[4] | ' |
Cortland, OH [Member] | Burger King I [Member] | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | |
Encumbrances at December 31, 2013 | 0 | ' | |
Land, Initial Cost | 118,000 | ' | |
Buildings and Improvements, Initial Cost | 1,063,000 | ' | |
Land, Subsequent to Acquisition | 0 | ' | |
Building and Improvements, Subsequent to Acquisition | 0 | ' | |
Gross Amount at December 31, 2013 | 1,181,000 | [1],[2] | ' |
Accumulated Depreciation | 10,000 | [3],[4] | ' |
Dayton, OH [Member] | Burger King I [Member] | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | |
Encumbrances at December 31, 2013 | 0 | ' | |
Land, Initial Cost | 464,000 | ' | |
Buildings and Improvements, Initial Cost | 862,000 | ' | |
Land, Subsequent to Acquisition | 0 | ' | |
Building and Improvements, Subsequent to Acquisition | 0 | ' | |
Gross Amount at December 31, 2013 | 1,326,000 | [1],[2] | ' |
Accumulated Depreciation | 8,000 | [3],[4] | ' |
Fairborn, OH [Member] | Burger King I [Member] | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | |
Encumbrances at December 31, 2013 | 0 | ' | |
Land, Initial Cost | 421,000 | ' | |
Buildings and Improvements, Initial Cost | 982,000 | ' | |
Land, Subsequent to Acquisition | 0 | ' | |
Building and Improvements, Subsequent to Acquisition | 0 | ' | |
Gross Amount at December 31, 2013 | 1,403,000 | [1],[2] | ' |
Accumulated Depreciation | 9,000 | [3],[4] | ' |
Girard, OH [Member] | Burger King I [Member] | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | |
Encumbrances at December 31, 2013 | 0 | ' | |
Land, Initial Cost | 421,000 | ' | |
Buildings and Improvements, Initial Cost | 1,264,000 | ' | |
Land, Subsequent to Acquisition | 0 | ' | |
Building and Improvements, Subsequent to Acquisition | 0 | ' | |
Gross Amount at December 31, 2013 | 1,685,000 | [1],[2] | ' |
Accumulated Depreciation | 12,000 | [3],[4] | ' |
Greenville, OH [Member] | Burger King I [Member] | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | |
Encumbrances at December 31, 2013 | 0 | ' | |
Land, Initial Cost | 248,000 | ' | |
Buildings and Improvements, Initial Cost | 993,000 | ' | |
Land, Subsequent to Acquisition | 0 | ' | |
Building and Improvements, Subsequent to Acquisition | 0 | ' | |
Gross Amount at December 31, 2013 | 1,241,000 | [1],[2] | ' |
Accumulated Depreciation | 9,000 | [3],[4] | ' |
Madison, OH [Member] | Burger King I [Member] | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | |
Encumbrances at December 31, 2013 | 0 | ' | |
Land, Initial Cost | 282,000 | ' | |
Buildings and Improvements, Initial Cost | 845,000 | ' | |
Land, Subsequent to Acquisition | 0 | ' | |
Building and Improvements, Subsequent to Acquisition | 0 | ' | |
Gross Amount at December 31, 2013 | 1,127,000 | [1],[2] | ' |
Accumulated Depreciation | 8,000 | [3],[4] | ' |
Mentor, OH [Member] | Burger King I [Member] | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | |
Encumbrances at December 31, 2013 | 0 | ' | |
Land, Initial Cost | 196,000 | ' | |
Buildings and Improvements, Initial Cost | 786,000 | ' | |
Land, Subsequent to Acquisition | 0 | ' | |
Building and Improvements, Subsequent to Acquisition | 0 | ' | |
Gross Amount at December 31, 2013 | 982,000 | [1],[2] | ' |
Accumulated Depreciation | 7,000 | [3],[4] | ' |
Niles, OH [Member] | Burger King I [Member] | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | |
Encumbrances at December 31, 2013 | 0 | ' | |
Land, Initial Cost | 304,000 | ' | |
Buildings and Improvements, Initial Cost | 1,214,000 | ' | |
Land, Subsequent to Acquisition | 0 | ' | |
Building and Improvements, Subsequent to Acquisition | 0 | ' | |
Gross Amount at December 31, 2013 | 1,518,000 | [1],[2] | ' |
Accumulated Depreciation | 11,000 | [3],[4] | ' |
Royalton, OH [Member] | Burger King I [Member] | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | |
Encumbrances at December 31, 2013 | 0 | ' | |
Land, Initial Cost | 156,000 | ' | |
Buildings and Improvements, Initial Cost | 886,000 | ' | |
Land, Subsequent to Acquisition | 0 | ' | |
Building and Improvements, Subsequent to Acquisition | 0 | ' | |
Gross Amount at December 31, 2013 | 1,042,000 | [1],[2] | ' |
Accumulated Depreciation | 8,000 | [3],[4] | ' |
Painesville, OH [Member] | Burger King I [Member] | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | |
Encumbrances at December 31, 2013 | 0 | ' | |
Land, Initial Cost | 170,000 | ' | |
Buildings and Improvements, Initial Cost | 965,000 | ' | |
Land, Subsequent to Acquisition | 0 | ' | |
Building and Improvements, Subsequent to Acquisition | 0 | ' | |
Gross Amount at December 31, 2013 | 1,135,000 | [1],[2] | ' |
Accumulated Depreciation | 9,000 | [3],[4] | ' |
Poland, OH [Member] | Burger King I [Member] | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | |
Encumbrances at December 31, 2013 | 0 | ' | |
Land, Initial Cost | 212,000 | ' | |
Buildings and Improvements, Initial Cost | 847,000 | ' | |
Land, Subsequent to Acquisition | 0 | ' | |
Building and Improvements, Subsequent to Acquisition | 0 | ' | |
Gross Amount at December 31, 2013 | 1,059,000 | [1],[2] | ' |
Accumulated Depreciation | 8,000 | [3],[4] | ' |
Ravenna, OH [Member] | Burger King I [Member] | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | |
Encumbrances at December 31, 2013 | 0 | ' | |
Land, Initial Cost | 391,000 | ' | |
Buildings and Improvements, Initial Cost | 1,172,000 | ' | |
Land, Subsequent to Acquisition | 0 | ' | |
Building and Improvements, Subsequent to Acquisition | 0 | ' | |
Gross Amount at December 31, 2013 | 1,563,000 | [1],[2] | ' |
Accumulated Depreciation | 11,000 | [3],[4] | ' |
Salem, OH [Member] | Burger King I [Member] | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | |
Encumbrances at December 31, 2013 | 0 | ' | |
Land, Initial Cost | 352,000 | ' | |
Buildings and Improvements, Initial Cost | 1,408,000 | ' | |
Land, Subsequent to Acquisition | 0 | ' | |
Building and Improvements, Subsequent to Acquisition | 0 | ' | |
Gross Amount at December 31, 2013 | 1,760,000 | [1],[2] | ' |
Accumulated Depreciation | 13,000 | [3],[4] | ' |
Trotwood, OH [Member] | Burger King I [Member] | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | |
Encumbrances at December 31, 2013 | 0 | ' | |
Land, Initial Cost | 266,000 | ' | |
Buildings and Improvements, Initial Cost | 798,000 | ' | |
Land, Subsequent to Acquisition | 0 | ' | |
Building and Improvements, Subsequent to Acquisition | 0 | ' | |
Gross Amount at December 31, 2013 | 1,064,000 | [1],[2] | ' |
Accumulated Depreciation | 7,000 | [3],[4] | ' |
Twinsburg, OH [Member] | Burger King I [Member] | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | |
Encumbrances at December 31, 2013 | 0 | ' | |
Land, Initial Cost | 458,000 | ' | |
Buildings and Improvements, Initial Cost | 850,000 | ' | |
Land, Subsequent to Acquisition | 0 | ' | |
Building and Improvements, Subsequent to Acquisition | 0 | ' | |
Gross Amount at December 31, 2013 | 1,308,000 | [1],[2] | ' |
Accumulated Depreciation | 8,000 | [3],[4] | ' |
Vandalia, OH [Member] | Burger King I [Member] | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | |
Encumbrances at December 31, 2013 | 0 | ' | |
Land, Initial Cost | 182,000 | ' | |
Buildings and Improvements, Initial Cost | 728,000 | ' | |
Land, Subsequent to Acquisition | 0 | ' | |
Building and Improvements, Subsequent to Acquisition | 0 | ' | |
Gross Amount at December 31, 2013 | 910,000 | [1],[2] | ' |
Accumulated Depreciation | 7,000 | [3],[4] | ' |
Warren, OH (E Market) [Member] | Burger King I [Member] | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | |
Encumbrances at December 31, 2013 | 0 | ' | |
Land, Initial Cost | 176,000 | ' | |
Buildings and Improvements, Initial Cost | 997,000 | ' | |
Land, Subsequent to Acquisition | 0 | ' | |
Building and Improvements, Subsequent to Acquisition | 0 | ' | |
Gross Amount at December 31, 2013 | 1,173,000 | [1],[2] | ' |
Accumulated Depreciation | 9,000 | [3],[4] | ' |
Warren, OH (Main) [Member] | Burger King I [Member] | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | |
Encumbrances at December 31, 2013 | 0 | ' | |
Land, Initial Cost | 168,000 | ' | |
Buildings and Improvements, Initial Cost | 1,516,000 | ' | |
Land, Subsequent to Acquisition | 0 | ' | |
Building and Improvements, Subsequent to Acquisition | 0 | ' | |
Gross Amount at December 31, 2013 | 1,684,000 | [1],[2] | ' |
Accumulated Depreciation | 14,000 | [3],[4] | ' |
Willoughby, OH [Member] | Burger King I [Member] | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | |
Encumbrances at December 31, 2013 | 0 | ' | |
Land, Initial Cost | 394,000 | ' | |
Buildings and Improvements, Initial Cost | 920,000 | ' | |
Land, Subsequent to Acquisition | 0 | ' | |
Building and Improvements, Subsequent to Acquisition | 0 | ' | |
Gross Amount at December 31, 2013 | 1,314,000 | [1],[2] | ' |
Accumulated Depreciation | 8,000 | [3],[4] | ' |
Youngstown, OH (Boardman-Poland) [Member] | Burger King I [Member] | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | |
Encumbrances at December 31, 2013 | 0 | ' | |
Land, Initial Cost | 300,000 | ' | |
Buildings and Improvements, Initial Cost | 901,000 | ' | |
Land, Subsequent to Acquisition | 0 | ' | |
Building and Improvements, Subsequent to Acquisition | 0 | ' | |
Gross Amount at December 31, 2013 | 1,201,000 | [1],[2] | ' |
Accumulated Depreciation | 8,000 | [3],[4] | ' |
Youngstown, OH (Mahoning) [Member] | Burger King I [Member] | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | |
Encumbrances at December 31, 2013 | 0 | ' | |
Land, Initial Cost | 186,000 | ' | |
Buildings and Improvements, Initial Cost | 1,675,000 | ' | |
Land, Subsequent to Acquisition | 0 | ' | |
Building and Improvements, Subsequent to Acquisition | 0 | ' | |
Gross Amount at December 31, 2013 | 1,861,000 | [1],[2] | ' |
Accumulated Depreciation | 15,000 | [3],[4] | ' |
Youngstown, OH (McCartney) [Member] | Burger King I [Member] | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | |
Encumbrances at December 31, 2013 | 0 | ' | |
Land, Initial Cost | 147,000 | ' | |
Buildings and Improvements, Initial Cost | 1,324,000 | ' | |
Land, Subsequent to Acquisition | 0 | ' | |
Building and Improvements, Subsequent to Acquisition | 0 | ' | |
Gross Amount at December 31, 2013 | 1,471,000 | [1],[2] | ' |
Accumulated Depreciation | 12,000 | [3],[4] | ' |
Youngstown, OH (W Midlothian) [Member] | Burger King I [Member] | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | |
Encumbrances at December 31, 2013 | 0 | ' | |
Land, Initial Cost | 370,000 | ' | |
Buildings and Improvements, Initial Cost | 1,481,000 | ' | |
Land, Subsequent to Acquisition | 0 | ' | |
Building and Improvements, Subsequent to Acquisition | 0 | ' | |
Gross Amount at December 31, 2013 | 1,851,000 | [1],[2] | ' |
Accumulated Depreciation | 14,000 | [3],[4] | ' |
Bethel Park, PA [Member] | Burger King I [Member] | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | |
Encumbrances at December 31, 2013 | 0 | ' | |
Land, Initial Cost | 342,000 | ' | |
Buildings and Improvements, Initial Cost | 634,000 | ' | |
Land, Subsequent to Acquisition | 0 | ' | |
Building and Improvements, Subsequent to Acquisition | 0 | ' | |
Gross Amount at December 31, 2013 | 976,000 | [1],[2] | ' |
Accumulated Depreciation | 6,000 | [3],[4] | ' |
N Fayette, PA [Member] | Burger King I [Member] | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | |
Encumbrances at December 31, 2013 | 0 | ' | |
Land, Initial Cost | 463,000 | ' | |
Buildings and Improvements, Initial Cost | 1,388,000 | ' | |
Land, Subsequent to Acquisition | 0 | ' | |
Building and Improvements, Subsequent to Acquisition | 0 | ' | |
Gross Amount at December 31, 2013 | 1,851,000 | [1],[2] | ' |
Accumulated Depreciation | 13,000 | [3],[4] | ' |
N Versailles, PA [Member] | Burger King I [Member] | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | |
Encumbrances at December 31, 2013 | 0 | ' | |
Land, Initial Cost | 553,000 | ' | |
Buildings and Improvements, Initial Cost | 1,659,000 | ' | |
Land, Subsequent to Acquisition | 0 | ' | |
Building and Improvements, Subsequent to Acquisition | 0 | ' | |
Gross Amount at December 31, 2013 | 2,212,000 | [1],[2] | ' |
Accumulated Depreciation | 15,000 | [3],[4] | ' |
Columbiana, OH [Member] | Burger King I [Member] | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | |
Encumbrances at December 31, 2013 | 0 | ' | |
Land, Initial Cost | 581,000 | ' | |
Buildings and Improvements, Initial Cost | 871,000 | ' | |
Land, Subsequent to Acquisition | 0 | ' | |
Building and Improvements, Subsequent to Acquisition | 0 | ' | |
Gross Amount at December 31, 2013 | 1,452,000 | [1],[2] | ' |
Accumulated Depreciation | 8,000 | [3],[4] | ' |
Ft Smith, AR [Member] | Dollar General XIV [Member] | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | |
Encumbrances at December 31, 2013 | 0 | ' | |
Land, Initial Cost | 184,000 | ' | |
Buildings and Improvements, Initial Cost | 1,042,000 | ' | |
Land, Subsequent to Acquisition | 0 | ' | |
Building and Improvements, Subsequent to Acquisition | 0 | ' | |
Gross Amount at December 31, 2013 | 1,226,000 | [1],[2] | ' |
Accumulated Depreciation | 5,000 | [3],[4] | ' |
Hot Springs, AR [Member] | Dollar General XIV [Member] | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | |
Encumbrances at December 31, 2013 | 0 | ' | |
Land, Initial Cost | 287,000 | ' | |
Buildings and Improvements, Initial Cost | 862,000 | ' | |
Land, Subsequent to Acquisition | 0 | ' | |
Building and Improvements, Subsequent to Acquisition | 0 | ' | |
Gross Amount at December 31, 2013 | 1,149,000 | [1],[2] | ' |
Accumulated Depreciation | 4,000 | [3],[4] | ' |
Royal, AR [Member] | Dollar General XIV [Member] | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | |
Encumbrances at December 31, 2013 | 0 | ' | |
Land, Initial Cost | 137,000 | ' | |
Buildings and Improvements, Initial Cost | 777,000 | ' | |
Land, Subsequent to Acquisition | 0 | ' | |
Building and Improvements, Subsequent to Acquisition | 0 | ' | |
Gross Amount at December 31, 2013 | 914,000 | [1],[2] | ' |
Accumulated Depreciation | 4,000 | [3],[4] | ' |
Wilson, NY [Member] | Dollar General XV [Member] | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | |
Encumbrances at December 31, 2013 | 0 | ' | |
Land, Initial Cost | 172,000 | ' | |
Buildings and Improvements, Initial Cost | 972,000 | ' | |
Land, Subsequent to Acquisition | 0 | ' | |
Building and Improvements, Subsequent to Acquisition | 0 | ' | |
Gross Amount at December 31, 2013 | 1,144,000 | [1],[2] | ' |
Accumulated Depreciation | 5,000 | [3],[4] | ' |
Bismarck, ND [Member] | FedEx III [Member] | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | |
Encumbrances at December 31, 2013 | 0 | ' | |
Land, Initial Cost | 554,000 | ' | |
Buildings and Improvements, Initial Cost | 3,139,000 | ' | |
Land, Subsequent to Acquisition | 0 | ' | |
Building and Improvements, Subsequent to Acquisition | 0 | ' | |
Gross Amount at December 31, 2013 | 3,693,000 | [1],[2] | ' |
Accumulated Depreciation | 16,000 | [3],[4] | ' |
LaFollette, TN [Member] | Dollar General XVI [Member] | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | |
Encumbrances at December 31, 2013 | 0 | ' | |
Land, Initial Cost | 43,000 | ' | |
Buildings and Improvements, Initial Cost | 824,000 | ' | |
Land, Subsequent to Acquisition | 0 | ' | |
Building and Improvements, Subsequent to Acquisition | 0 | ' | |
Gross Amount at December 31, 2013 | 867,000 | [1],[2] | ' |
Accumulated Depreciation | 4,000 | [3],[4] | ' |
Carrollton, MO [Member] | Family Dollar V [Member] | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | |
Encumbrances at December 31, 2013 | 0 | ' | |
Land, Initial Cost | 37,000 | ' | |
Buildings and Improvements, Initial Cost | 713,000 | ' | |
Land, Subsequent to Acquisition | 0 | ' | |
Building and Improvements, Subsequent to Acquisition | 0 | ' | |
Gross Amount at December 31, 2013 | 750,000 | [1],[2] | ' |
Accumulated Depreciation | 3,000 | [3],[4] | ' |
Bettendorf, IA [Member] | Walgreens VIII [Member] | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | |
Encumbrances at December 31, 2013 | 0 | ' | |
Land, Initial Cost | 1,398,000 | ' | |
Buildings and Improvements, Initial Cost | 3,261,000 | ' | |
Land, Subsequent to Acquisition | 0 | ' | |
Building and Improvements, Subsequent to Acquisition | 0 | ' | |
Gross Amount at December 31, 2013 | 4,659,000 | [1],[2] | ' |
Accumulated Depreciation | 16,000 | [3],[4] | ' |
Detroit, MI [Member] | CVS III [Member] | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | |
Encumbrances at December 31, 2013 | 0 | ' | |
Land, Initial Cost | 447,000 | ' | |
Buildings and Improvements, Initial Cost | 2,533,000 | ' | |
Land, Subsequent to Acquisition | 0 | ' | |
Building and Improvements, Subsequent to Acquisition | 0 | ' | |
Gross Amount at December 31, 2013 | 2,980,000 | [1],[2] | ' |
Accumulated Depreciation | 13,000 | [3],[4] | ' |
Virginia, MN [Member] | Arby's II [Member] | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | |
Encumbrances at December 31, 2013 | 0 | ' | |
Land, Initial Cost | 117,000 | ' | |
Buildings and Improvements, Initial Cost | 1,056,000 | ' | |
Land, Subsequent to Acquisition | 0 | ' | |
Building and Improvements, Subsequent to Acquisition | 0 | ' | |
Gross Amount at December 31, 2013 | 1,173,000 | [1],[2] | ' |
Accumulated Depreciation | 0 | [3],[4] | ' |
Valdosta, GA [Member] | Mattress Firm III [Member] | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | |
Encumbrances at December 31, 2013 | 0 | ' | |
Land, Initial Cost | 169,000 | ' | |
Buildings and Improvements, Initial Cost | 1,522,000 | ' | |
Land, Subsequent to Acquisition | 0 | ' | |
Building and Improvements, Subsequent to Acquisition | 0 | ' | |
Gross Amount at December 31, 2013 | 1,691,000 | [1],[2] | ' |
Accumulated Depreciation | 0 | [3],[4] | ' |
Valdosta, GA [Member] | Home Depot I [Member] | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | |
Encumbrances at December 31, 2013 | 0 | ' | |
Land, Initial Cost | 2,930,000 | ' | |
Buildings and Improvements, Initial Cost | 30,538,000 | ' | |
Land, Subsequent to Acquisition | 0 | ' | |
Building and Improvements, Subsequent to Acquisition | 0 | ' | |
Gross Amount at December 31, 2013 | 33,468,000 | [1],[2],[5] | ' |
Accumulated Depreciation | 359,000 | [3],[4] | ' |
Kremling, CO [Member] | Family Dollar VI [Member] | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | |
Encumbrances at December 31, 2013 | 0 | ' | |
Land, Initial Cost | 194,000 | ' | |
Buildings and Improvements, Initial Cost | 778,000 | ' | |
Land, Subsequent to Acquisition | 0 | ' | |
Building and Improvements, Subsequent to Acquisition | 0 | ' | |
Gross Amount at December 31, 2013 | 972,000 | [1],[2] | ' |
Accumulated Depreciation | 0 | [3],[4] | ' |
Walden, CO [Member] | Family Dollar VI [Member] | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | |
Encumbrances at December 31, 2013 | 0 | ' | |
Land, Initial Cost | 100,000 | ' | |
Buildings and Improvements, Initial Cost | 568,000 | ' | |
Land, Subsequent to Acquisition | 0 | ' | |
Building and Improvements, Subsequent to Acquisition | 0 | ' | |
Gross Amount at December 31, 2013 | 668,000 | [1],[2] | ' |
Accumulated Depreciation | 3,000 | [3],[4] | ' |
Doylestown, PA [Member] | Citizens Bank I [Member] | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | |
Encumbrances at December 31, 2013 | 0 | ' | |
Land, Initial Cost | 588,000 | ' | |
Buildings and Improvements, Initial Cost | 1,373,000 | ' | |
Land, Subsequent to Acquisition | 0 | ' | |
Building and Improvements, Subsequent to Acquisition | 0 | ' | |
Gross Amount at December 31, 2013 | 1,961,000 | [1],[2] | ' |
Accumulated Depreciation | 0 | [3],[4] | ' |
Lansdale, PA [Member] | Citizens Bank I [Member] | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | |
Encumbrances at December 31, 2013 | 0 | ' | |
Land, Initial Cost | 531,000 | ' | |
Buildings and Improvements, Initial Cost | 1,238,000 | ' | |
Land, Subsequent to Acquisition | 0 | ' | |
Building and Improvements, Subsequent to Acquisition | 0 | ' | |
Gross Amount at December 31, 2013 | 1,769,000 | [1],[2] | ' |
Accumulated Depreciation | 0 | [3],[4] | ' |
Lima, PA [Member] | Citizens Bank I [Member] | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | |
Encumbrances at December 31, 2013 | 0 | ' | |
Land, Initial Cost | 1,376,000 | ' | |
Buildings and Improvements, Initial Cost | 1,682,000 | ' | |
Land, Subsequent to Acquisition | 0 | ' | |
Building and Improvements, Subsequent to Acquisition | 0 | ' | |
Gross Amount at December 31, 2013 | 3,058,000 | [1],[2] | ' |
Accumulated Depreciation | 0 | [3],[4] | ' |
Philadelphia, PA (Broad) [Member] | Citizens Bank I [Member] | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | |
Encumbrances at December 31, 2013 | 0 | ' | |
Land, Initial Cost | 473,000 | ' | |
Buildings and Improvements, Initial Cost | 2,680,000 | ' | |
Land, Subsequent to Acquisition | 0 | ' | |
Building and Improvements, Subsequent to Acquisition | 0 | ' | |
Gross Amount at December 31, 2013 | 3,153,000 | [1],[2] | ' |
Accumulated Depreciation | 0 | [3],[4] | ' |
Philadelphia, PA (Cottman) [Member] | Citizens Bank I [Member] | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | |
Encumbrances at December 31, 2013 | 0 | ' | |
Land, Initial Cost | 412,000 | ' | |
Buildings and Improvements, Initial Cost | 2,337,000 | ' | |
Land, Subsequent to Acquisition | 0 | ' | |
Building and Improvements, Subsequent to Acquisition | 0 | ' | |
Gross Amount at December 31, 2013 | 2,749,000 | [1],[2] | ' |
Accumulated Depreciation | 0 | [3],[4] | ' |
Philadelphia, PA (Frankford) [Member] | Citizens Bank I [Member] | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | |
Encumbrances at December 31, 2013 | 0 | ' | |
Land, Initial Cost | 321,000 | ' | |
Buildings and Improvements, Initial Cost | 2,889,000 | ' | |
Land, Subsequent to Acquisition | 0 | ' | |
Building and Improvements, Subsequent to Acquisition | 0 | ' | |
Gross Amount at December 31, 2013 | 3,210,000 | [1],[2] | ' |
Accumulated Depreciation | 0 | [3],[4] | ' |
Philadelphia, PA (Bustleton) [Member] | Citizens Bank I [Member] | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | |
Encumbrances at December 31, 2013 | 0 | ' | |
Land, Initial Cost | 388,000 | ' | |
Buildings and Improvements, Initial Cost | 1,551,000 | ' | |
Land, Subsequent to Acquisition | 0 | ' | |
Building and Improvements, Subsequent to Acquisition | 0 | ' | |
Gross Amount at December 31, 2013 | 1,939,000 | [1],[2] | ' |
Accumulated Depreciation | 0 | [3],[4] | ' |
Richboro, PA [Member] | Citizens Bank I [Member] | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | |
Encumbrances at December 31, 2013 | 0 | ' | |
Land, Initial Cost | 642,000 | ' | |
Buildings and Improvements, Initial Cost | 1,193,000 | ' | |
Land, Subsequent to Acquisition | 0 | ' | |
Building and Improvements, Subsequent to Acquisition | 0 | ' | |
Gross Amount at December 31, 2013 | 1,835,000 | [1],[2] | ' |
Accumulated Depreciation | 0 | [3],[4] | ' |
Wayne, PA [Member] | Citizens Bank I [Member] | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | |
Encumbrances at December 31, 2013 | 0 | ' | |
Land, Initial Cost | 1,923,000 | ' | |
Buildings and Improvements, Initial Cost | 1,923,000 | ' | |
Land, Subsequent to Acquisition | 0 | ' | |
Building and Improvements, Subsequent to Acquisition | 0 | ' | |
Gross Amount at December 31, 2013 | 3,846,000 | [1],[2] | ' |
Accumulated Depreciation | 0 | [3],[4] | ' |
Chatanooga, TN [Member] | American Tire Distributors I [Member] | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | |
Encumbrances at December 31, 2013 | 0 | ' | |
Land, Initial Cost | 382,000 | ' | |
Buildings and Improvements, Initial Cost | 7,249,000 | ' | |
Land, Subsequent to Acquisition | 0 | ' | |
Building and Improvements, Subsequent to Acquisition | 0 | ' | |
Gross Amount at December 31, 2013 | 7,631,000 | [1],[2],[5] | ' |
Accumulated Depreciation | 111,000 | [3],[4] | ' |
Chatanooga, TN [Member] | Krystal Burgers Corporation I [Member] | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | |
Encumbrances at December 31, 2013 | 0 | ' | |
Land, Initial Cost | 292,000 | ' | |
Buildings and Improvements, Initial Cost | 877,000 | ' | |
Land, Subsequent to Acquisition | 0 | ' | |
Building and Improvements, Subsequent to Acquisition | 0 | ' | |
Gross Amount at December 31, 2013 | 1,169,000 | [1],[2],[5] | ' |
Accumulated Depreciation | 15,000 | [3],[4] | ' |
Chatanooga, TN [Member] | Sun Trust Bank I [Member] | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | |
Encumbrances at December 31, 2013 | 0 | ' | |
Land, Initial Cost | 220,000 | ' | |
Buildings and Improvements, Initial Cost | 781,000 | ' | |
Land, Subsequent to Acquisition | 0 | ' | |
Building and Improvements, Subsequent to Acquisition | 0 | ' | |
Gross Amount at December 31, 2013 | 1,001,000 | [1],[2],[5] | ' |
Accumulated Depreciation | 10,000 | [3],[4] | ' |
Syracuse, NY [Member] | SAAB Sensis I [Member] | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | |
Encumbrances at December 31, 2013 | 8,830,000 | ' | |
Land, Initial Cost | 1,731,000 | ' | |
Buildings and Improvements, Initial Cost | 15,580,000 | ' | |
Land, Subsequent to Acquisition | 0 | ' | |
Building and Improvements, Subsequent to Acquisition | 0 | ' | |
Gross Amount at December 31, 2013 | 17,311,000 | [1],[2],[5] | ' |
Accumulated Depreciation | 0 | [3],[4] | ' |
Hopewell, NJ (1300 Merrill Lynch) [Member] | Merrill Lynch Pierce Fenner & Smith I [Member] | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | |
Encumbrances at December 31, 2013 | 0 | ' | |
Land, Initial Cost | 1,854,000 | ' | |
Buildings and Improvements, Initial Cost | 40,257,000 | ' | |
Land, Subsequent to Acquisition | 0 | ' | |
Building and Improvements, Subsequent to Acquisition | 0 | ' | |
Gross Amount at December 31, 2013 | 42,111,000 | [1],[2],[5] | ' |
Accumulated Depreciation | 538,000 | [3],[4] | ' |
Hopewell, NJ (1350 Merrill Lynch) [Member] | Merrill Lynch Pierce Fenner & Smith I [Member] | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | |
Encumbrances at December 31, 2013 | 0 | ' | |
Land, Initial Cost | 651,000 | ' | |
Buildings and Improvements, Initial Cost | 14,125,000 | ' | |
Land, Subsequent to Acquisition | 0 | ' | |
Building and Improvements, Subsequent to Acquisition | 0 | ' | |
Gross Amount at December 31, 2013 | 14,776,000 | [1],[2],[5] | ' |
Accumulated Depreciation | 189,000 | [3],[4] | ' |
Hopewell, NJ [Member] | Merrill Lynch Pierce Fenner & Smith I [Member] | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | |
Encumbrances at December 31, 2013 | 0 | ' | |
Land, Initial Cost | 3,619,000 | ' | |
Buildings and Improvements, Initial Cost | 78,581,000 | ' | |
Land, Subsequent to Acquisition | 0 | ' | |
Building and Improvements, Subsequent to Acquisition | 0 | ' | |
Gross Amount at December 31, 2013 | 82,200,000 | [1],[2],[5] | ' |
Accumulated Depreciation | 1,049,000 | [3],[4] | ' |
Jacksonville, FL [Member] | Krystal Burgers Corporation I [Member] | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | |
Encumbrances at December 31, 2013 | 0 | ' | |
Land, Initial Cost | 547,000 | ' | |
Buildings and Improvements, Initial Cost | 821,000 | ' | |
Land, Subsequent to Acquisition | 0 | ' | |
Building and Improvements, Subsequent to Acquisition | 0 | ' | |
Gross Amount at December 31, 2013 | 1,368,000 | [1],[2],[5] | ' |
Accumulated Depreciation | 14,000 | [3],[4] | ' |
Columbus, GA [Member] | Krystal Burgers Corporation I [Member] | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | |
Encumbrances at December 31, 2013 | 0 | ' | |
Land, Initial Cost | 136,000 | ' | |
Buildings and Improvements, Initial Cost | 1,220,000 | ' | |
Land, Subsequent to Acquisition | 0 | ' | |
Building and Improvements, Subsequent to Acquisition | 0 | ' | |
Gross Amount at December 31, 2013 | 1,356,000 | [1],[2],[5] | ' |
Accumulated Depreciation | 21,000 | [3],[4] | ' |
Ft. Oglethorpe, GA [Member] | Krystal Burgers Corporation I [Member] | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | |
Encumbrances at December 31, 2013 | 0 | ' | |
Land, Initial Cost | 185,000 | ' | |
Buildings and Improvements, Initial Cost | 1,051,000 | ' | |
Land, Subsequent to Acquisition | 0 | ' | |
Building and Improvements, Subsequent to Acquisition | 0 | ' | |
Gross Amount at December 31, 2013 | 1,236,000 | [1],[2],[5] | ' |
Accumulated Depreciation | 19,000 | [3],[4] | ' |
Cleveland, TN [Member] | Krystal Burgers Corporation I [Member] | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | |
Encumbrances at December 31, 2013 | 0 | ' | |
Land, Initial Cost | 211,000 | ' | |
Buildings and Improvements, Initial Cost | 1,197,000 | ' | |
Land, Subsequent to Acquisition | 0 | ' | |
Building and Improvements, Subsequent to Acquisition | 0 | ' | |
Gross Amount at December 31, 2013 | 1,408,000 | [1],[2],[5] | ' |
Accumulated Depreciation | 21,000 | [3],[4] | ' |
Cleveland, TN [Member] | Sun Trust Bank I [Member] | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | |
Encumbrances at December 31, 2013 | 0 | ' | |
Land, Initial Cost | 170,000 | ' | |
Buildings and Improvements, Initial Cost | 461,000 | ' | |
Land, Subsequent to Acquisition | 0 | ' | |
Building and Improvements, Subsequent to Acquisition | 0 | ' | |
Gross Amount at December 31, 2013 | 631,000 | [1],[2],[5] | ' |
Accumulated Depreciation | 6,000 | [3],[4] | ' |
Madison, TN [Member] | Krystal Burgers Corporation I [Member] | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | |
Encumbrances at December 31, 2013 | 0 | ' | |
Land, Initial Cost | 427,000 | ' | |
Buildings and Improvements, Initial Cost | 640,000 | ' | |
Land, Subsequent to Acquisition | 0 | ' | |
Building and Improvements, Subsequent to Acquisition | 0 | ' | |
Gross Amount at December 31, 2013 | 1,067,000 | [1],[2],[5] | ' |
Accumulated Depreciation | 11,000 | [3],[4] | ' |
Lexington, KY [Member] | O'Charley's I [Member] | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | |
Encumbrances at December 31, 2013 | 0 | ' | |
Land, Initial Cost | 675,000 | ' | |
Buildings and Improvements, Initial Cost | 1,574,000 | ' | |
Land, Subsequent to Acquisition | 0 | ' | |
Building and Improvements, Subsequent to Acquisition | 0 | ' | |
Gross Amount at December 31, 2013 | 2,249,000 | [1],[2],[5] | ' |
Accumulated Depreciation | 28,000 | [3],[4] | ' |
Conyers, GA [Member] | O'Charley's I [Member] | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | |
Encumbrances at December 31, 2013 | 0 | ' | |
Land, Initial Cost | 315,000 | ' | |
Buildings and Improvements, Initial Cost | 1,784,000 | ' | |
Land, Subsequent to Acquisition | 0 | ' | |
Building and Improvements, Subsequent to Acquisition | 0 | ' | |
Gross Amount at December 31, 2013 | 2,099,000 | [1],[2],[5] | ' |
Accumulated Depreciation | 31,000 | [3],[4] | ' |
Southaven, MS [Member] | O'Charley's I [Member] | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | |
Encumbrances at December 31, 2013 | 0 | ' | |
Land, Initial Cost | 756,000 | ' | |
Buildings and Improvements, Initial Cost | 1,405,000 | ' | |
Land, Subsequent to Acquisition | 0 | ' | |
Building and Improvements, Subsequent to Acquisition | 0 | ' | |
Gross Amount at December 31, 2013 | 2,161,000 | [1],[2],[5] | ' |
Accumulated Depreciation | 25,000 | [3],[4] | ' |
Daphne, AL [Member] | O'Charley's I [Member] | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | |
Encumbrances at December 31, 2013 | 0 | ' | |
Land, Initial Cost | 225,000 | ' | |
Buildings and Improvements, Initial Cost | 2,026,000 | ' | |
Land, Subsequent to Acquisition | 0 | ' | |
Building and Improvements, Subsequent to Acquisition | 0 | ' | |
Gross Amount at December 31, 2013 | 2,251,000 | [1],[2],[5] | ' |
Accumulated Depreciation | 36,000 | [3],[4] | ' |
Kennesaw, GA [Member] | O'Charley's I [Member] | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | |
Encumbrances at December 31, 2013 | 0 | ' | |
Land, Initial Cost | 225,000 | ' | |
Buildings and Improvements, Initial Cost | 2,022,000 | ' | |
Land, Subsequent to Acquisition | 0 | ' | |
Building and Improvements, Subsequent to Acquisition | 0 | ' | |
Gross Amount at December 31, 2013 | 2,247,000 | [1],[2],[5] | ' |
Accumulated Depreciation | 36,000 | [3],[4] | ' |
Springfield, OH [Member] | O'Charley's I [Member] | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | |
Encumbrances at December 31, 2013 | 0 | ' | |
Land, Initial Cost | 329,000 | ' | |
Buildings and Improvements, Initial Cost | 1,864,000 | ' | |
Land, Subsequent to Acquisition | 0 | ' | |
Building and Improvements, Subsequent to Acquisition | 0 | ' | |
Gross Amount at December 31, 2013 | 2,193,000 | [1],[2],[5] | ' |
Accumulated Depreciation | 33,000 | [3],[4] | ' |
Murfreesboro, TN [Member] | O'Charley's I [Member] | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | |
Encumbrances at December 31, 2013 | 0 | ' | |
Land, Initial Cost | 775,000 | ' | |
Buildings and Improvements, Initial Cost | 1,439,000 | ' | |
Land, Subsequent to Acquisition | 0 | ' | |
Building and Improvements, Subsequent to Acquisition | 0 | ' | |
Gross Amount at December 31, 2013 | 2,214,000 | [1],[2],[5] | ' |
Accumulated Depreciation | 25,000 | [3],[4] | ' |
Simpsonville, SC [Member] | O'Charley's I [Member] | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | |
Encumbrances at December 31, 2013 | 0 | ' | |
Land, Initial Cost | 440,000 | ' | |
Buildings and Improvements, Initial Cost | 1,760,000 | ' | |
Land, Subsequent to Acquisition | 0 | ' | |
Building and Improvements, Subsequent to Acquisition | 0 | ' | |
Gross Amount at December 31, 2013 | 2,200,000 | [1],[2],[5] | ' |
Accumulated Depreciation | 31,000 | [3],[4] | ' |
Grove City, OH [Member] | O'Charley's I [Member] | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | |
Encumbrances at December 31, 2013 | 0 | ' | |
Land, Initial Cost | 436,000 | ' | |
Buildings and Improvements, Initial Cost | 1,745,000 | ' | |
Land, Subsequent to Acquisition | 0 | ' | |
Building and Improvements, Subsequent to Acquisition | 0 | ' | |
Gross Amount at December 31, 2013 | 2,181,000 | [1],[2],[5] | ' |
Accumulated Depreciation | 31,000 | [3],[4] | ' |
Clarksville, TN [Member] | O'Charley's I [Member] | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | |
Encumbrances at December 31, 2013 | 0 | ' | |
Land, Initial Cost | 858,000 | ' | |
Buildings and Improvements, Initial Cost | 1,287,000 | ' | |
Land, Subsequent to Acquisition | 0 | ' | |
Building and Improvements, Subsequent to Acquisition | 0 | ' | |
Gross Amount at December 31, 2013 | 2,145,000 | [1],[2],[5] | ' |
Accumulated Depreciation | 23,000 | [3],[4] | ' |
Columbus, OH [Member] | O'Charley's I [Member] | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | |
Encumbrances at December 31, 2013 | 0 | ' | |
Land, Initial Cost | 329,000 | ' | |
Buildings and Improvements, Initial Cost | 1,862,000 | ' | |
Land, Subsequent to Acquisition | 0 | ' | |
Building and Improvements, Subsequent to Acquisition | 0 | ' | |
Gross Amount at December 31, 2013 | 2,191,000 | [1],[2],[5] | ' |
Accumulated Depreciation | 33,000 | [3],[4] | ' |
Foley, AL [Member] | O'Charley's I [Member] | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | |
Encumbrances at December 31, 2013 | 0 | ' | |
Land, Initial Cost | 331,000 | ' | |
Buildings and Improvements, Initial Cost | 1,875,000 | ' | |
Land, Subsequent to Acquisition | 0 | ' | |
Building and Improvements, Subsequent to Acquisition | 0 | ' | |
Gross Amount at December 31, 2013 | 2,206,000 | [1],[2],[5] | ' |
Accumulated Depreciation | 33,000 | [3],[4] | ' |
Corydon, IN [Member] | O'Charley's I [Member] | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | |
Encumbrances at December 31, 2013 | 0 | ' | |
Land, Initial Cost | 330,000 | ' | |
Buildings and Improvements, Initial Cost | 1,870,000 | ' | |
Land, Subsequent to Acquisition | 0 | ' | |
Building and Improvements, Subsequent to Acquisition | 0 | ' | |
Gross Amount at December 31, 2013 | 2,200,000 | [1],[2],[5] | ' |
Accumulated Depreciation | 33,000 | [3],[4] | ' |
Salisbury, NC [Member] | O'Charley's I [Member] | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | |
Encumbrances at December 31, 2013 | 0 | ' | |
Land, Initial Cost | 671,000 | ' | |
Buildings and Improvements, Initial Cost | 1,567,000 | ' | |
Land, Subsequent to Acquisition | 0 | ' | |
Building and Improvements, Subsequent to Acquisition | 0 | ' | |
Gross Amount at December 31, 2013 | 2,238,000 | [1],[2],[5] | ' |
Accumulated Depreciation | 28,000 | [3],[4] | ' |
Carollton, GA [Member] | O'Charley's I [Member] | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | |
Encumbrances at December 31, 2013 | 0 | ' | |
Land, Initial Cost | 672,000 | ' | |
Buildings and Improvements, Initial Cost | 1,568,000 | ' | |
Land, Subsequent to Acquisition | 0 | ' | |
Building and Improvements, Subsequent to Acquisition | 0 | ' | |
Gross Amount at December 31, 2013 | 2,240,000 | [1],[2],[5] | ' |
Accumulated Depreciation | 28,000 | [3],[4] | ' |
Lake Charles, LA [Member] | O'Charley's I [Member] | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | |
Encumbrances at December 31, 2013 | 0 | ' | |
Land, Initial Cost | 948,000 | ' | |
Buildings and Improvements, Initial Cost | 1,159,000 | ' | |
Land, Subsequent to Acquisition | 0 | ' | |
Building and Improvements, Subsequent to Acquisition | 0 | ' | |
Gross Amount at December 31, 2013 | 2,107,000 | [1],[2],[5] | ' |
Accumulated Depreciation | 20,000 | [3],[4] | ' |
Hattiesburg, MS [Member] | O'Charley's I [Member] | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | |
Encumbrances at December 31, 2013 | 0 | ' | |
Land, Initial Cost | 433,000 | ' | |
Buildings and Improvements, Initial Cost | 1,731,000 | ' | |
Land, Subsequent to Acquisition | 0 | ' | |
Building and Improvements, Subsequent to Acquisition | 0 | ' | |
Gross Amount at December 31, 2013 | 2,164,000 | [1],[2],[5] | ' |
Accumulated Depreciation | 30,000 | [3],[4] | ' |
Greenfield, IN [Member] | O'Charley's I [Member] | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | |
Encumbrances at December 31, 2013 | 0 | ' | |
Land, Initial Cost | 665,000 | ' | |
Buildings and Improvements, Initial Cost | 1,552,000 | ' | |
Land, Subsequent to Acquisition | 0 | ' | |
Building and Improvements, Subsequent to Acquisition | 0 | ' | |
Gross Amount at December 31, 2013 | 2,217,000 | [1],[2],[5] | ' |
Accumulated Depreciation | 27,000 | [3],[4] | ' |
Monroe, MI [Member] | Walgreens VII [Member] | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | |
Encumbrances at December 31, 2013 | 0 | ' | |
Land, Initial Cost | 1,212,000 | ' | |
Buildings and Improvements, Initial Cost | 2,827,000 | ' | |
Land, Subsequent to Acquisition | 0 | ' | |
Building and Improvements, Subsequent to Acquisition | 0 | ' | |
Gross Amount at December 31, 2013 | 4,039,000 | [1],[2],[5] | ' |
Accumulated Depreciation | 42,000 | [3],[4] | ' |
St. Louis, MO [Member] | Walgreens VII [Member] | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | |
Encumbrances at December 31, 2013 | 0 | ' | |
Land, Initial Cost | 955,000 | ' | |
Buildings and Improvements, Initial Cost | 2,228,000 | ' | |
Land, Subsequent to Acquisition | 0 | ' | |
Building and Improvements, Subsequent to Acquisition | 0 | ' | |
Gross Amount at December 31, 2013 | 3,183,000 | [1],[2],[5] | ' |
Accumulated Depreciation | 33,000 | [3],[4] | ' |
Rockledge, FL [Member] | Walgreens VII [Member] | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | |
Encumbrances at December 31, 2013 | 0 | ' | |
Land, Initial Cost | 1,093,000 | ' | |
Buildings and Improvements, Initial Cost | 2,030,000 | ' | |
Land, Subsequent to Acquisition | 0 | ' | |
Building and Improvements, Subsequent to Acquisition | 0 | ' | |
Gross Amount at December 31, 2013 | 3,123,000 | [1],[2],[5] | ' |
Accumulated Depreciation | 30,000 | [3],[4] | ' |
Florissant, MO (Shackleford) [Member] | Walgreens VII [Member] | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | |
Encumbrances at December 31, 2013 | 0 | ' | |
Land, Initial Cost | 503,000 | ' | |
Buildings and Improvements, Initial Cost | 1,510,000 | ' | |
Land, Subsequent to Acquisition | 0 | ' | |
Building and Improvements, Subsequent to Acquisition | 0 | ' | |
Gross Amount at December 31, 2013 | 2,013,000 | [1],[2],[5] | ' |
Accumulated Depreciation | 23,000 | [3],[4] | ' |
Florissant, MO (Old Halls Ferry) [Member] | Walgreens VII [Member] | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | |
Encumbrances at December 31, 2013 | 0 | ' | |
Land, Initial Cost | 596,000 | ' | |
Buildings and Improvements, Initial Cost | 1,391,000 | ' | |
Land, Subsequent to Acquisition | 0 | ' | |
Building and Improvements, Subsequent to Acquisition | 0 | ' | |
Gross Amount at December 31, 2013 | 1,987,000 | [1],[2],[5] | ' |
Accumulated Depreciation | 21,000 | [3],[4] | ' |
Alton, IL [Member] | Walgreens VII [Member] | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | |
Encumbrances at December 31, 2013 | 0 | ' | |
Land, Initial Cost | 1,216,000 | ' | |
Buildings and Improvements, Initial Cost | 3,649,000 | ' | |
Land, Subsequent to Acquisition | 0 | ' | |
Building and Improvements, Subsequent to Acquisition | 0 | ' | |
Gross Amount at December 31, 2013 | 4,865,000 | [1],[2],[5] | ' |
Accumulated Depreciation | 55,000 | [3],[4] | ' |
Springfield, IL [Member] | Walgreens VII [Member] | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | |
Encumbrances at December 31, 2013 | 0 | ' | |
Land, Initial Cost | 1,386,000 | ' | |
Buildings and Improvements, Initial Cost | 3,235,000 | ' | |
Land, Subsequent to Acquisition | 0 | ' | |
Building and Improvements, Subsequent to Acquisition | 0 | ' | |
Gross Amount at December 31, 2013 | 4,621,000 | [1],[2],[5] | ' |
Accumulated Depreciation | 49,000 | [3],[4] | ' |
Washington, IL [Member] | Walgreens VII [Member] | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | |
Encumbrances at December 31, 2013 | 0 | ' | |
Land, Initial Cost | 1,014,000 | ' | |
Buildings and Improvements, Initial Cost | 3,041,000 | ' | |
Land, Subsequent to Acquisition | 0 | ' | |
Building and Improvements, Subsequent to Acquisition | 0 | ' | |
Gross Amount at December 31, 2013 | 4,055,000 | [1],[2],[5] | ' |
Accumulated Depreciation | 46,000 | [3],[4] | ' |
Bloomington, IL [Member] | Walgreens VII [Member] | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | |
Encumbrances at December 31, 2013 | 0 | ' | |
Land, Initial Cost | 1,649,000 | ' | |
Buildings and Improvements, Initial Cost | 3,848,000 | ' | |
Land, Subsequent to Acquisition | 0 | ' | |
Building and Improvements, Subsequent to Acquisition | 0 | ' | |
Gross Amount at December 31, 2013 | 5,497,000 | [1],[2],[5] | ' |
Accumulated Depreciation | 58,000 | [3],[4] | ' |
Mahomet, IL [Member] | Walgreens VII [Member] | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | |
Encumbrances at December 31, 2013 | 0 | ' | |
Land, Initial Cost | 1,506,000 | ' | |
Buildings and Improvements, Initial Cost | 2,796,000 | ' | |
Land, Subsequent to Acquisition | 0 | ' | |
Building and Improvements, Subsequent to Acquisition | 0 | ' | |
Gross Amount at December 31, 2013 | 4,302,000 | [1],[2],[5] | ' |
Accumulated Depreciation | 42,000 | [3],[4] | ' |
Highstown, NJ [Member] | 1st Constitution Bancorp I [Member] | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | |
Encumbrances at December 31, 2013 | 0 | ' | |
Land, Initial Cost | 253,000 | ' | |
Buildings and Improvements, Initial Cost | 1,431,000 | ' | |
Land, Subsequent to Acquisition | 0 | ' | |
Building and Improvements, Subsequent to Acquisition | 0 | ' | |
Gross Amount at December 31, 2013 | 1,684,000 | [1],[2],[5] | ' |
Accumulated Depreciation | 19,000 | [3],[4] | ' |
Greensboro, NC [Member] | American Express Travel Related Services I [Member] | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | |
Encumbrances at December 31, 2013 | 0 | ' | |
Land, Initial Cost | 1,620,000 | ' | |
Buildings and Improvements, Initial Cost | 41,401,000 | ' | |
Land, Subsequent to Acquisition | 0 | ' | |
Building and Improvements, Subsequent to Acquisition | 0 | ' | |
Gross Amount at December 31, 2013 | 43,021,000 | [1],[2],[5] | ' |
Accumulated Depreciation | 752,000 | [3],[4] | ' |
Salt Lake City, UT [Member] | American Express Travel Related Services I [Member] | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | |
Encumbrances at December 31, 2013 | 0 | ' | |
Land, Initial Cost | 4,150,000 | ' | |
Buildings and Improvements, Initial Cost | 32,789,000 | ' | |
Land, Subsequent to Acquisition | 0 | ' | |
Building and Improvements, Subsequent to Acquisition | 0 | ' | |
Gross Amount at December 31, 2013 | 36,939,000 | [1],[2],[5] | ' |
Accumulated Depreciation | 642,000 | [3],[4] | ' |
Belvidere, IL [Member] | AmeriCold I [Member] | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | |
Encumbrances at December 31, 2013 | 0 | ' | |
Land, Initial Cost | 2,170,000 | ' | |
Buildings and Improvements, Initial Cost | 17,843,000 | ' | |
Land, Subsequent to Acquisition | 0 | ' | |
Building and Improvements, Subsequent to Acquisition | 0 | ' | |
Gross Amount at December 31, 2013 | 20,013,000 | [1],[2],[5] | ' |
Accumulated Depreciation | 272,000 | [3],[4] | ' |
Brooklyn Park, MN [Member] | AmeriCold I [Member] | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | |
Encumbrances at December 31, 2013 | 0 | ' | |
Land, Initial Cost | 1,590,000 | ' | |
Buildings and Improvements, Initial Cost | 11,940,000 | ' | |
Land, Subsequent to Acquisition | 0 | ' | |
Building and Improvements, Subsequent to Acquisition | 0 | ' | |
Gross Amount at December 31, 2013 | 13,530,000 | [1],[2],[5] | ' |
Accumulated Depreciation | 182,000 | [3],[4] | ' |
Cartersville, GA [Member] | AmeriCold I [Member] | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | |
Encumbrances at December 31, 2013 | 0 | ' | |
Land, Initial Cost | 1,640,000 | ' | |
Buildings and Improvements, Initial Cost | 14,533,000 | ' | |
Land, Subsequent to Acquisition | 0 | ' | |
Building and Improvements, Subsequent to Acquisition | 0 | ' | |
Gross Amount at December 31, 2013 | 16,173,000 | [1],[2],[5] | ' |
Accumulated Depreciation | 222,000 | [3],[4] | ' |
Douglas, GA [Member] | AmeriCold I [Member] | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | |
Encumbrances at December 31, 2013 | 0 | ' | |
Land, Initial Cost | 750,000 | ' | |
Buildings and Improvements, Initial Cost | 7,076,000 | ' | |
Land, Subsequent to Acquisition | 0 | ' | |
Building and Improvements, Subsequent to Acquisition | 0 | ' | |
Gross Amount at December 31, 2013 | 7,826,000 | [1],[2],[5] | ' |
Accumulated Depreciation | 108,000 | [3],[4] | ' |
Gaffney, SC [Member] | AmeriCold I [Member] | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | |
Encumbrances at December 31, 2013 | 0 | ' | |
Land, Initial Cost | 1,360,000 | ' | |
Buildings and Improvements, Initial Cost | 5,666,000 | ' | |
Land, Subsequent to Acquisition | 0 | ' | |
Building and Improvements, Subsequent to Acquisition | 0 | ' | |
Gross Amount at December 31, 2013 | 7,026,000 | [1],[2],[5] | ' |
Accumulated Depreciation | 86,000 | [3],[4] | ' |
Gainesville, GA [Member] | AmeriCold I [Member] | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | |
Encumbrances at December 31, 2013 | 0 | ' | |
Land, Initial Cost | 1,580,000 | ' | |
Buildings and Improvements, Initial Cost | 13,838,000 | ' | |
Land, Subsequent to Acquisition | 0 | ' | |
Building and Improvements, Subsequent to Acquisition | 0 | ' | |
Gross Amount at December 31, 2013 | 15,418,000 | [1],[2],[5] | ' |
Accumulated Depreciation | 211,000 | [3],[4] | ' |
Pendergrass, GA [Member] | AmeriCold I [Member] | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | |
Encumbrances at December 31, 2013 | 0 | ' | |
Land, Initial Cost | 2,810,000 | ' | |
Buildings and Improvements, Initial Cost | 26,572,000 | ' | |
Land, Subsequent to Acquisition | 0 | ' | |
Building and Improvements, Subsequent to Acquisition | 0 | ' | |
Gross Amount at December 31, 2013 | 29,382,000 | [1],[2],[5] | ' |
Accumulated Depreciation | 405,000 | [3],[4] | ' |
Piedmont, SC [Member] | AmeriCold I [Member] | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | |
Encumbrances at December 31, 2013 | 0 | ' | |
Land, Initial Cost | 3,030,000 | ' | |
Buildings and Improvements, Initial Cost | 24,067,000 | ' | |
Land, Subsequent to Acquisition | 0 | ' | |
Building and Improvements, Subsequent to Acquisition | 0 | ' | |
Gross Amount at December 31, 2013 | 27,097,000 | [1],[2],[5] | ' |
Accumulated Depreciation | 367,000 | [3],[4] | ' |
Zumbrota, MN [Member] | AmeriCold I [Member] | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | |
Encumbrances at December 31, 2013 | 0 | ' | |
Land, Initial Cost | 2,440,000 | ' | |
Buildings and Improvements, Initial Cost | 18,152,000 | ' | |
Land, Subsequent to Acquisition | 0 | ' | |
Building and Improvements, Subsequent to Acquisition | 0 | ' | |
Gross Amount at December 31, 2013 | 20,592,000 | [1],[2],[5] | ' |
Accumulated Depreciation | 277,000 | [3],[4] | ' |
Birmingham, AL [Member] | Home Depot I [Member] | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | |
Encumbrances at December 31, 2013 | 0 | ' | |
Land, Initial Cost | 3,660,000 | ' | |
Buildings and Improvements, Initial Cost | 33,667,000 | ' | |
Land, Subsequent to Acquisition | 0 | ' | |
Building and Improvements, Subsequent to Acquisition | 0 | ' | |
Gross Amount at December 31, 2013 | 37,327,000 | [1],[2],[5] | ' |
Accumulated Depreciation | 396,000 | [3],[4] | ' |
Hanahan, SC [Member] | New Breed Logistics I [Member] | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | |
Encumbrances at December 31, 2013 | 0 | ' | |
Land, Initial Cost | 2,940,000 | ' | |
Buildings and Improvements, Initial Cost | 19,171,000 | ' | |
Land, Subsequent to Acquisition | 0 | ' | |
Building and Improvements, Subsequent to Acquisition | 0 | ' | |
Gross Amount at December 31, 2013 | 22,111,000 | [1],[2],[5] | ' |
Accumulated Depreciation | 292,000 | [3],[4] | ' |
Washington, DC [Member] | Sun Trust Bank I [Member] | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | |
Encumbrances at December 31, 2013 | 0 | ' | |
Land, Initial Cost | 590,000 | ' | |
Buildings and Improvements, Initial Cost | 2,366,000 | ' | |
Land, Subsequent to Acquisition | 0 | ' | |
Building and Improvements, Subsequent to Acquisition | 0 | ' | |
Gross Amount at December 31, 2013 | 2,956,000 | [1],[2],[5] | ' |
Accumulated Depreciation | 32,000 | [3],[4] | ' |
Brooksville, FL [Member] | Sun Trust Bank I [Member] | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | |
Encumbrances at December 31, 2013 | 0 | ' | |
Land, Initial Cost | 360,000 | ' | |
Buildings and Improvements, Initial Cost | 127,000 | ' | |
Land, Subsequent to Acquisition | 0 | ' | |
Building and Improvements, Subsequent to Acquisition | 0 | ' | |
Gross Amount at December 31, 2013 | 487,000 | [1],[2],[5] | ' |
Accumulated Depreciation | 2,000 | [3],[4] | ' |
Ft Pierce, FL [Member] | Sun Trust Bank I [Member] | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | |
Encumbrances at December 31, 2013 | 0 | ' | |
Land, Initial Cost | 720,000 | ' | |
Buildings and Improvements, Initial Cost | 1,434,000 | ' | |
Land, Subsequent to Acquisition | 0 | ' | |
Building and Improvements, Subsequent to Acquisition | 0 | ' | |
Gross Amount at December 31, 2013 | 2,154,000 | [1],[2],[5] | ' |
Accumulated Depreciation | 19,000 | [3],[4] | ' |
New Smyrna Beach [Member] | Sun Trust Bank I [Member] | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | |
Encumbrances at December 31, 2013 | 0 | ' | |
Land, Initial Cost | 740,000 | ' | |
Buildings and Improvements, Initial Cost | 2,859,000 | ' | |
Land, Subsequent to Acquisition | 0 | ' | |
Building and Improvements, Subsequent to Acquisition | 0 | ' | |
Gross Amount at December 31, 2013 | 3,599,000 | [1],[2],[5] | ' |
Accumulated Depreciation | 38,000 | [3],[4] | ' |
Orlando, FL (East Michigan) [Member] | Sun Trust Bank I [Member] | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | |
Encumbrances at December 31, 2013 | 0 | ' | |
Land, Initial Cost | 540,000 | ' | |
Buildings and Improvements, Initial Cost | 3,069,000 | ' | |
Land, Subsequent to Acquisition | 0 | ' | |
Building and Improvements, Subsequent to Acquisition | 0 | ' | |
Gross Amount at December 31, 2013 | 3,609,000 | [1],[2],[5] | ' |
Accumulated Depreciation | 41,000 | [3],[4] | ' |
Orlando, FL (Alafaya) [Member] | Sun Trust Bank I [Member] | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | |
Encumbrances at December 31, 2013 | 0 | ' | |
Land, Initial Cost | 410,000 | ' | |
Buildings and Improvements, Initial Cost | 2,078,000 | ' | |
Land, Subsequent to Acquisition | 0 | ' | |
Building and Improvements, Subsequent to Acquisition | 0 | ' | |
Gross Amount at December 31, 2013 | 2,488,000 | [1],[2],[5] | ' |
Accumulated Depreciation | 28,000 | [3],[4] | ' |
West Palm Beach, FL [Member] | Sun Trust Bank I [Member] | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | |
Encumbrances at December 31, 2013 | 0 | ' | |
Land, Initial Cost | 520,000 | ' | |
Buildings and Improvements, Initial Cost | 2,264,000 | ' | |
Land, Subsequent to Acquisition | 0 | ' | |
Building and Improvements, Subsequent to Acquisition | 0 | ' | |
Gross Amount at December 31, 2013 | 2,784,000 | [1],[2],[5] | ' |
Accumulated Depreciation | 30,000 | [3],[4] | ' |
Athens, GA [Member] | Sun Trust Bank I [Member] | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | |
Encumbrances at December 31, 2013 | 0 | ' | |
Land, Initial Cost | 610,000 | ' | |
Buildings and Improvements, Initial Cost | 1,662,000 | ' | |
Land, Subsequent to Acquisition | 0 | ' | |
Building and Improvements, Subsequent to Acquisition | 0 | ' | |
Gross Amount at December 31, 2013 | 2,272,000 | [1],[2],[5] | ' |
Accumulated Depreciation | 22,000 | [3],[4] | ' |
Atlanta, GA (The Exchange) [Member] | Sun Trust Bank I [Member] | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | |
Encumbrances at December 31, 2013 | 0 | ' | |
Land, Initial Cost | 2,190,000 | ' | |
Buildings and Improvements, Initial Cost | 5,666,000 | ' | |
Land, Subsequent to Acquisition | 0 | ' | |
Building and Improvements, Subsequent to Acquisition | 0 | ' | |
Gross Amount at December 31, 2013 | 7,856,000 | [1],[2],[5] | ' |
Accumulated Depreciation | 65,000 | [3],[4] | ' |
Atlanta, GA (Greenbriar) [Member] | Sun Trust Bank I [Member] | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | |
Encumbrances at December 31, 2013 | 0 | ' | |
Land, Initial Cost | 570,000 | ' | |
Buildings and Improvements, Initial Cost | 1,152,000 | ' | |
Land, Subsequent to Acquisition | 0 | ' | |
Building and Improvements, Subsequent to Acquisition | 0 | ' | |
Gross Amount at December 31, 2013 | 1,722,000 | [1],[2],[5] | ' |
Accumulated Depreciation | 15,000 | [3],[4] | ' |
Brunswick, GA [Member] | Sun Trust Bank I [Member] | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | |
Encumbrances at December 31, 2013 | 0 | ' | |
Land, Initial Cost | 80,000 | ' | |
Buildings and Improvements, Initial Cost | 249,000 | ' | |
Land, Subsequent to Acquisition | 0 | ' | |
Building and Improvements, Subsequent to Acquisition | 0 | ' | |
Gross Amount at December 31, 2013 | 329,000 | [1],[2],[5] | ' |
Accumulated Depreciation | 3,000 | [3],[4] | ' |
Dunwoody, GA [Member] | Sun Trust Bank I [Member] | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | |
Encumbrances at December 31, 2013 | 0 | ' | |
Land, Initial Cost | 460,000 | ' | |
Buildings and Improvements, Initial Cost | 2,714,000 | ' | |
Land, Subsequent to Acquisition | 0 | ' | |
Building and Improvements, Subsequent to Acquisition | 0 | ' | |
Gross Amount at December 31, 2013 | 3,174,000 | [1],[2],[5] | ' |
Accumulated Depreciation | 36,000 | [3],[4] | ' |
Thomson, GA [Member] | Sun Trust Bank I [Member] | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | |
Encumbrances at December 31, 2013 | 0 | ' | |
Land, Initial Cost | 480,000 | ' | |
Buildings and Improvements, Initial Cost | 1,015,000 | ' | |
Land, Subsequent to Acquisition | 0 | ' | |
Building and Improvements, Subsequent to Acquisition | 0 | ' | |
Gross Amount at December 31, 2013 | 1,495,000 | [1],[2],[5] | ' |
Accumulated Depreciation | 14,000 | [3],[4] | ' |
Waycross, GA [Member] | Sun Trust Bank I [Member] | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | |
Encumbrances at December 31, 2013 | 0 | ' | |
Land, Initial Cost | 300,000 | ' | |
Buildings and Improvements, Initial Cost | 1,425,000 | ' | |
Land, Subsequent to Acquisition | 0 | ' | |
Building and Improvements, Subsequent to Acquisition | 0 | ' | |
Gross Amount at December 31, 2013 | 1,725,000 | [1],[2],[5] | ' |
Accumulated Depreciation | 19,000 | [3],[4] | ' |
Landover, MD [Member] | Sun Trust Bank I [Member] | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | |
Encumbrances at December 31, 2013 | 0 | ' | |
Land, Initial Cost | 630,000 | ' | |
Buildings and Improvements, Initial Cost | 1,310,000 | ' | |
Land, Subsequent to Acquisition | 0 | ' | |
Building and Improvements, Subsequent to Acquisition | 0 | ' | |
Gross Amount at December 31, 2013 | 1,940,000 | [1],[2],[5] | ' |
Accumulated Depreciation | 18,000 | [3],[4] | ' |
Burlington, NC [Member] | Sun Trust Bank I [Member] | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | |
Encumbrances at December 31, 2013 | 0 | ' | |
Land, Initial Cost | 200,000 | ' | |
Buildings and Improvements, Initial Cost | 497,000 | ' | |
Land, Subsequent to Acquisition | 0 | ' | |
Building and Improvements, Subsequent to Acquisition | 0 | ' | |
Gross Amount at December 31, 2013 | 697,000 | [1],[2],[5] | ' |
Accumulated Depreciation | 7,000 | [3],[4] | ' |
Cary, NC [Member] | Sun Trust Bank I [Member] | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | |
Encumbrances at December 31, 2013 | 0 | ' | |
Land, Initial Cost | 370,000 | ' | |
Buildings and Improvements, Initial Cost | 841,000 | ' | |
Land, Subsequent to Acquisition | 0 | ' | |
Building and Improvements, Subsequent to Acquisition | 0 | ' | |
Gross Amount at December 31, 2013 | 1,211,000 | [1],[2],[5] | ' |
Accumulated Depreciation | 11,000 | [3],[4] | ' |
Pittsboro, NC [Member] | Sun Trust Bank I [Member] | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | |
Encumbrances at December 31, 2013 | 0 | ' | |
Land, Initial Cost | 100,000 | ' | |
Buildings and Improvements, Initial Cost | 304,000 | ' | |
Land, Subsequent to Acquisition | 0 | ' | |
Building and Improvements, Subsequent to Acquisition | 0 | ' | |
Gross Amount at December 31, 2013 | 404,000 | [1],[2],[5] | ' |
Accumulated Depreciation | 4,000 | [3],[4] | ' |
Spencer, NC [Member] | Sun Trust Bank I [Member] | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | |
Encumbrances at December 31, 2013 | 0 | ' | |
Land, Initial Cost | 280,000 | ' | |
Buildings and Improvements, Initial Cost | 717,000 | ' | |
Land, Subsequent to Acquisition | 0 | ' | |
Building and Improvements, Subsequent to Acquisition | 0 | ' | |
Gross Amount at December 31, 2013 | 997,000 | [1],[2],[5] | ' |
Accumulated Depreciation | 10,000 | [3],[4] | ' |
Stokesdale, NC [Member] | Sun Trust Bank I [Member] | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | |
Encumbrances at December 31, 2013 | 0 | ' | |
Land, Initial Cost | 230,000 | ' | |
Buildings and Improvements, Initial Cost | 581,000 | ' | |
Land, Subsequent to Acquisition | 0 | ' | |
Building and Improvements, Subsequent to Acquisition | 0 | ' | |
Gross Amount at December 31, 2013 | 811,000 | [1],[2],[5] | ' |
Accumulated Depreciation | 8,000 | [3],[4] | ' |
Summerfield, NC [Member] | Sun Trust Bank I [Member] | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | |
Encumbrances at December 31, 2013 | 0 | ' | |
Land, Initial Cost | 210,000 | ' | |
Buildings and Improvements, Initial Cost | 605,000 | ' | |
Land, Subsequent to Acquisition | 0 | ' | |
Building and Improvements, Subsequent to Acquisition | 0 | ' | |
Gross Amount at December 31, 2013 | 815,000 | [1],[2],[5] | ' |
Accumulated Depreciation | 8,000 | [3],[4] | ' |
Waynesville, NC [Member] | Sun Trust Bank I [Member] | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | |
Encumbrances at December 31, 2013 | 0 | ' | |
Land, Initial Cost | 200,000 | ' | |
Buildings and Improvements, Initial Cost | 874,000 | ' | |
Land, Subsequent to Acquisition | 0 | ' | |
Building and Improvements, Subsequent to Acquisition | 0 | ' | |
Gross Amount at December 31, 2013 | 1,074,000 | [1],[2],[5] | ' |
Accumulated Depreciation | 12,000 | [3],[4] | ' |
Fountain Inn, SC [Member] | Sun Trust Bank I [Member] | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | |
Encumbrances at December 31, 2013 | 0 | ' | |
Land, Initial Cost | 290,000 | ' | |
Buildings and Improvements, Initial Cost | 1,086,000 | ' | |
Land, Subsequent to Acquisition | 0 | ' | |
Building and Improvements, Subsequent to Acquisition | 0 | ' | |
Gross Amount at December 31, 2013 | 1,376,000 | [1],[2],[5] | ' |
Accumulated Depreciation | 15,000 | [3],[4] | ' |
Nashville, TN [Member] | Sun Trust Bank I [Member] | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | |
Encumbrances at December 31, 2013 | 0 | ' | |
Land, Initial Cost | 190,000 | ' | |
Buildings and Improvements, Initial Cost | 666,000 | ' | |
Land, Subsequent to Acquisition | 0 | ' | |
Building and Improvements, Subsequent to Acquisition | 0 | ' | |
Gross Amount at December 31, 2013 | 856,000 | [1],[2],[5] | ' |
Accumulated Depreciation | 9,000 | [3],[4] | ' |
Oak Ridge, TN [Member] | Sun Trust Bank I [Member] | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | |
Encumbrances at December 31, 2013 | 0 | ' | |
Land, Initial Cost | 500,000 | ' | |
Buildings and Improvements, Initial Cost | 1,277,000 | ' | |
Land, Subsequent to Acquisition | 0 | ' | |
Building and Improvements, Subsequent to Acquisition | 0 | ' | |
Gross Amount at December 31, 2013 | 1,777,000 | [1],[2],[5] | ' |
Accumulated Depreciation | 17,000 | [3],[4] | ' |
Savannah, TN [Member] | Sun Trust Bank I [Member] | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | |
Encumbrances at December 31, 2013 | 0 | ' | |
Land, Initial Cost | 390,000 | ' | |
Buildings and Improvements, Initial Cost | 1,179,000 | ' | |
Land, Subsequent to Acquisition | 0 | ' | |
Building and Improvements, Subsequent to Acquisition | 0 | ' | |
Gross Amount at December 31, 2013 | 1,569,000 | [1],[2],[5] | ' |
Accumulated Depreciation | 16,000 | [3],[4] | ' |
Doswell, VA [Member] | Sun Trust Bank I [Member] | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | |
Encumbrances at December 31, 2013 | 0 | ' | |
Land, Initial Cost | 190,000 | ' | |
Buildings and Improvements, Initial Cost | 510,000 | ' | |
Land, Subsequent to Acquisition | 0 | ' | |
Building and Improvements, Subsequent to Acquisition | 0 | ' | |
Gross Amount at December 31, 2013 | 700,000 | [1],[2],[5] | ' |
Accumulated Depreciation | 7,000 | [3],[4] | ' |
Nassawado, VA [Member] | Sun Trust Bank I [Member] | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | |
Encumbrances at December 31, 2013 | 0 | ' | |
Land, Initial Cost | 70,000 | ' | |
Buildings and Improvements, Initial Cost | 484,000 | ' | |
Land, Subsequent to Acquisition | 0 | ' | |
Building and Improvements, Subsequent to Acquisition | 0 | ' | |
Gross Amount at December 31, 2013 | 554,000 | [1],[2],[5] | ' |
Accumulated Depreciation | 6,000 | [3],[4] | ' |
New Market, VA [Member] | Sun Trust Bank I [Member] | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | |
Encumbrances at December 31, 2013 | 0 | ' | |
Land, Initial Cost | 330,000 | ' | |
Buildings and Improvements, Initial Cost | 948,000 | ' | |
Land, Subsequent to Acquisition | 0 | ' | |
Building and Improvements, Subsequent to Acquisition | 0 | ' | |
Gross Amount at December 31, 2013 | 1,278,000 | [1],[2],[5] | ' |
Accumulated Depreciation | 13,000 | [3],[4] | ' |
Vinton, VA [Member] | Sun Trust Bank I [Member] | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | |
Encumbrances at December 31, 2013 | 0 | ' | |
Land, Initial Cost | 120,000 | ' | |
Buildings and Improvements, Initial Cost | 366,000 | ' | |
Land, Subsequent to Acquisition | 0 | ' | |
Building and Improvements, Subsequent to Acquisition | 0 | ' | |
Gross Amount at December 31, 2013 | 486,000 | [1],[2],[5] | ' |
Accumulated Depreciation | 5,000 | [3],[4] | ' |
Howard, WI [Member] | United Health I [Member] | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | |
Encumbrances at December 31, 2013 | 0 | ' | |
Land, Initial Cost | 3,790,000 | ' | |
Buildings and Improvements, Initial Cost | 54,998,000 | ' | |
Land, Subsequent to Acquisition | 0 | ' | |
Building and Improvements, Subsequent to Acquisition | 0 | ' | |
Gross Amount at December 31, 2013 | 58,788,000 | [1],[2],[5] | ' |
Accumulated Depreciation | $744,000 | [3],[4] | ' |
[1] | The tax basis of aggregate land, buildings and improvements as of DecemberB 31, 2013 is $1.2 billion. | ||
[2] | Acquired intangible lease assets allocated to individual propertiesB in the amount of $130.5 million are notB reflected in the table above. | ||
[3] | The accumulated depreciation column excludes $2.9 million of accumulated amortization associated with acquired intangible lease assets. | ||
[4] | Depreciation is computed using the straight-line method over the estimated useful lives of up toB 40 years for buildings,B 15 years for land improvements andB five years for fixtures. | ||
[5] | The gross amount for the property has been provisionally assigned to land, buildings, fixtures and improvements pending receipt of the final appraisals and/or other information being prepared by a third-party specialist. |
Real_Estate_and_Accumulated_De2
Real Estate and Accumulated Depreciation - Schedule III Changes in Accumulated Depreciation (Details) (USD $) | 11 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | |
Real estate investments, at cost: | ' | |
Balance at beginning of year | $0 | |
Additions - acquisitions | 1,016,599 | |
Disposals | 0 | |
Balance at end of year | 1,016,599 | |
Accumulated depreciation: | ' | |
Balance at beginning of year | 0 | |
Depreciation expense | 12,077 | |
Balance at end of year | 12,077 | [1],[2] |
Disposal [Member] | ' | |
Accumulated depreciation: | ' | |
Disposals | $0 | |
[1] | The accumulated depreciation column excludes $2.9 million of accumulated amortization associated with acquired intangible lease assets. | |
[2] | Depreciation is computed using the straight-line method over the estimated useful lives of up toB 40 years for buildings,B 15 years for land improvements andB five years for fixtures. |